Some analysts think that China and Saudi Arabia have accumulated far more gold than they're reporting and are accumulating still more gold surreptitiously -- China to hedge its dollar foreign exchange surplus, Saudi Arabia to hedge both its dollar surplus and the depletion of its oil reserves -- but that China and Saudi Arabia can't acknowledge this accumulation lest they spook the currency markets, explode the gold market, and devalue their dollar surpluses before those surpluses are fully hedged.

In May this year Mexico's central bank announced that it recently had purchased 93 tonnes of gold, bringing its gold reserves to 100 tonnes. But last month the Mexican journalist Guillermo Barba reported that the Bank of Mexico refuses to disclose where it is keeping those 93 tonnes ????

Monster Prediction From BofA: Another US Debt Downgrade Is Coming In Just A Few Weeks

The credit rating agencies have strongly suggested that further rating cuts are likely if Congress does not come up with a credible long-run plan. Hence, we expect at least one credit downgrade in late November or early December when the super Committee crashes.

In an analyst note, Bofa/ML Ethan S. Harris drops a bit of a bombshell prediction: ..well if true and this analsyst notes

.... Gold $3500 Silver $150 here we come!!!