“I’m encouraged” around markets, says Jim Iuorio, but we’re not “out of the woods yet.” There’s “serious” risk around Japan’s bond market, including if it was forced to liquidate U.S. Treasuries. It would hit the U.S. bond market first, and then equities, he explains. However, it’s “amazing” how Japan has managed to keep trucking even with so many threats to their market and economy. Turning to metals, Jim discusses the “pure play” of gold and the record moves in silver.