My Dear Friends,

Do not overly concern yourselves.

You are witnessing a titanic battle between the flash traders of the gold banks on the Comex and now countries in cash markets.

The price of gold is all in the US dollar, nowhere else.

The USDX can be manipulated a few 100ths of a point, but not too much more because of the universal desire for an alternative.

China is not a dollar prisoner. That view shared by many is simply wrong. .7600 is the most powerful nearby magnet for the USDX.

What I know fundamentally about November is quietly working its way around the trading and investment world. Alf fields and no other will again distinguish himself as the quintessential Elliot Wave expert.

I can’t answer the amount of calls incoming, nor return the avalanche of emails, but I can write to you here on the site.

Stay the course.

The gold banks, just as in the 70s, will not beat countries. The best they can do is pick the pockets of the option speculators.

Respectfully yours,
Jim