I wouldn't expect the USD to top out anytime soon. Therefore, nor gold to bottom anytime soon (since it's mostly priced in USD, among other reasons). Or the Yen to bottom anytime soon. Capital is still flowing nicely (it appears to me) into the US because of the trade deficit and the current account deficit. Not to mention the loan to the US in the amount of all that US fiat currency used daily in a large number of parts of the world (a loan that hasn't been called yet). On top of those items is the fact that the advance/decline line on the NYSE has now been moving up for the first time in a couple of years, since the third week in December. The Piper just hasn't been paid yet. He's gonna get paid, though, in full. He always does. Not to worry. :) Evidence why capital is still flowing to the US: >From IBD, February 1: "Problem loans at Japan banks still stuck at high levels: agency" "Japanese banks held $273.8 billion in problem loans at the end of September, says Japan's Financial Services Agency. FSA's chief said he's worried that two years after the government spent $68.9 billion to clean up banks' balance sheets, the number of sour loans has barely changed. Tokyo's slumping stock prices have revived talk that some of Japan's debt-laden banks coud be in trouble." >From IBD, February 6: "Asia's recovery not yet complete" So says New York Federal Reserve President William McDonough. While the region has come a long way from it's 1997-98 crises, he said, "The recovery is not yet complete, and much remains to be done." ... " Some regional financial sectors are still fragile, with plenty of bad debt to worry about. And many companies are still weighted down by piles of debt." When the USD does top, it should be quite the kicker for the 'AUG Economy Infrastructure Portfolio' over at: http://www.bearerinstruments.com/ Bob "Obstacles are those frightful things you see when you take your eyes off your goal." - Henry Ford --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]