I only read just now the excellent report by Paul Mylchreest about Japanese QE-Nikkei and USD/YEN carry trade suppressing gold. Painful to see how and where we have been screwed.

http://fr.scribd.com/doc/249160453/Nikkei-Gold-Danger

To see where this may end and how the upcoming election in Japan will influence the markets I had a look at wat currency stategists say and found a nice article.

http://www.dailyfx.com/forex/fundamental/forecast/weekly/jpy/2014/12/06/Yen-to-Look-Past-Japan-Election-with-US-Policy-Seasonal-Forces-Key.html

The next quote is particularly interesting.

"Risk-taking has been well-supported in the past year but markets would be wise to question the likelihood of more of the same in 2015. While the precise timing of the first post-QE Fed interest rate hike is a matter of some debate, the general likelihood of stimulus withdrawal in the year ahead is increasingly seen as a given. That may drive liquidation of risk-geared exposure ahead of the calendar year turn as market participants move to lock in performance numbers ahead of a more difficult 12-month stretch ahead.

For currency markets, such a scenario may take the form of an exodus from carry trades, which a usually funded in terms of the perennially low-yielding Japanese unit. That would imply a wave of short-covering on anti-Yen exposure, pushing prices higher."

Again, that coincides well with the total lack of physical gold to sustain a continuation of this carry trade.