The top themes in November, in addition to the continuation of a taperless US equity rally that tracks the Fed's balance sheet with an R-square of 1.000, were the expectation of even more QE out of Japan to be announced some time in April, as well as rumors of fresh QE in Europe (since 5 years after the start of the great monetary experiment the global economy is growing less and less, so more of what has failed so far must be tried). Of course, for that to happen gold and silver had to be pounded some more. Which is why as the chart below shows it is no surprise that the best performing assets in November were the Nikkei and assorted trash equities in Europe, offset by another miserable performance month for gold and silver.
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