Gold and silver didn’t do a lot in early Far East trading on Tuesday. The price for both metals bottomed very early in London…and from there a solid rally in both metals ensued…which ended shortly after the Comex opened for business…and that was it for the day.

The usual NY gold commentator had the following yesterday…”News reports indicate that Turkey imported 15 tonnes of gold in November. Considering that the Turkish currency has slumped by some 30% in the last couple of months, this is actually quite remarkable. Probably it reflects the volume of Turkish imports subsequently re-exported to countries to the south…Today’s ECB (European Central Bank) weekly statement of condition reports that ‘gold and gold receivables’ dropped E115 Mm, which ‘reflected’ gold sales by two captive CBs. At 5.7 tonnes, this is somewhat higher than of late (last week’s quantum was 2.83 tonnes), but is still small even compared to