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Morning Call [6:58am ET] My trading firm's letter to clients in August was headlined: "Gold may glitter in an environment of rotating sovereign crises". We'll discuss this today as the gold market could be close to the point of lift-off.

Yesterday’s gold monitor:

Morning Call [7:29am ET] With 21 minutes remaining in yesterday’s session I sold a 30% portfolio weighting in EDZ, which is a 3x emerging markets bearing position, so my exposure was 90% of the index. I sold at 38.83 a position that had cost 38.54 a few hours earlier. For a while as you know I was underwater, putting the trade on four minutes before positive economic data had been released.

Morning Call [7:23am ET] It’s not a given, but indications are there will be a rebound in equity prices in New York today. Equity futures are clearly pointing down, and the results earlier in the day, particularly Tokyo where the Nikkei 225 dropped -3.55% and Europe where trading at this minute is down on average about -0.85%, are ugly.

But traders must learn to follow the action of central banks and their trading in currency markets. Money flow speaks volumes. In fact, in a noisy marketplace, it speaks loudest.

Morning Call [6:21am ET] In the Friday Morning Call, I gave a heads-up as to a currency market being put in play to try to stimulate economies and capital markets.

Morning Call [8:30am ET] As we await the report of the recent quarter US GDP estimate at 8:30am ET, the UK Office for National Statistics unexpectedly reported that Britain’s economy had grown faster than expected, faster they say than in any quarter year in the past nine years. Bernanke is likely to discuss a slowing US economy in his speech to a Fed sponsored gathering in Wyoming today. What impact will these events likely have on capital markets?