South Korea bought 25 tons of gold, not 4 as I wrote last night, sorry was probably a little too tired to be doing work from memory. Thailand bought almost 19 tons, Russia, Kazakhstan, Greece, Ukraine and Tajikistan also added to their reserves as per the IMF in the last 2 months.

Overnight, the Swiss National Bank lowered it's interest rates to between 0 and 0.25% as their currency was appreciating too fast against other currencies threatening their economy. They have only surpluses scheduled from here to 2015, no deficits in sight. However, even this strong economy has to devalue it's currency to protect their economy. So this race by most countries to devalue their currencies and keep interest rates at near zero will also be very supportive of gold going forward.

The junior gold index has been climbing (forget where I saw that, if someone can post a link, that would be great). So with that backdrop, if GAX delivers the assays that match the visuals, we should be in for a very nice up swing.

Glorieux