Stocks sold off this morning, but the volumes being light, it was lacking in conviction, and equities spent the rest of the day drifting back higher.

Gold also took out the 1200 level this morning, but could not quite hold on to the 12 handle.

I have included the inventory report for the Comex Hong Kong gold warehouses, as they have once again fallen to a lower level.

When you don't have anything nice to say, it is better to say nothing else at all.

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