Both the Japanese and Swiss are intervening heavily to make their currencies weaker. The CHF/EUR reaching 1.245 after having been fixed at 1.208 for more than a year. The Japanese must be buying Euro's and Europaper like hell today, because so far today the EUR/JPY added more than 1.50 and is closing in on 120. These are no small interventions but huge ones and it all reeks of more volatility and chaos to come.

Obviously there is another intervention going on. In spite of a lot of upward pressure, gold is kept under $1684 and silver under $31.50. At least, so far. Something is brewing.