Expectedly, given the incursion in the Middle East, Gold gapped notably higher at last night’s open and the Spoo notably lower. The latter along along with the Euro are at present below today’s Neutral Zones, whilst above same are the Bond, Metals Triumvirate and Oil; BEGOS Markets’ volatility is moderate. The Gold Update looks to 1800 as support: whilst the geo-political event has given Gold the typical boost, history reminds us that such spikes tend to reverse themselves as the ensuing days unfold; still (in real-time) Gold now at 1865 is -66 points below its smooth valuation line (see Market Values). And of course broadly, Gold remains vastly undervalued by currency debasement and the S&P 500 vastly overvalued by unsupportive earnings.