Yeah, as above. Was just thinking before ya worry about higher up like plug coil--see if the points are making & breaking on your meter. Can connect the meter to the black by disconnecting from the loom-- just because-- that eliminates main switch & the loom. Black ends up at the plug coil in a roundabout way so 'if you wanted' you could connect the black straight to the plug coil after you've captured spark. I'm woffling--sorry--wet depressing sunday here.

Just reading back to your first post. Was wiring the new source coil straight forward--one end to earth on the mount screw & other over to the points or condenser?. Or did those have the earth side of the source coil connected into the lighting coil--which somehow magically earths it. Or yet again did it have its earth fixed to a tab on the coil so no separate earthing required.

RT325 The earth is fixed to a tab on the source coil. Finally getting a chance for some shop time so I will take everyones suggestions and see if I can work it out. FYI I do have brand new points installed.

The faces of even new points can still be dirty - many here have advised to run a piece of white card between them until dirt is removed.

Make sure that your points are from recognised decent suppliers - ie original Yamaha (usually Hitachi or Mitsubishi) or Daiichi. Many modern points are crap.

Yes again as Al says,points are coated with an anti corrosion solution and that needs removing before use.Cardboard in between the srfaces and that cleans it .

Shyted and Al I did clean the new points. I have also tried the old points. This bike was running great right up unitl the screw came out of the lighting coil and broke the windings in both coils. I am going to post some pictures shortly. My thanks for these suggestions and any others. This has me sooo frustrated. I am betting it is something stupidly simple but as I have said before I am electrically challenged.

First of all thank you to everyone for the ideas and suggestions. Unfortunetly I still have no spark. I have gone to the extreme of rewiring everything in the mag, installed 2 sets of new points, both the source and lighting coils and the condenser. Please keep in mind that this was a one kick great running bike until the bottom lighting coil screw came out and broke the windings in both coils. The mag has a couple of scratch's but mostly seems undamaged. I have attached a few pictures of where I am at. Really at a loss here and about to seek out a local mechanic and I am not one to give up easily.

Can you post a better picture of the points? Look to be sure the INSULATORS are in place where the wire attaches to the screw and the spring arm... Sometimes its not correct... thusly grounding the whole ingniton... leaving you with out any spark... 
Maybe that was as much help as a box of rocks..
Sneezles61

OK, think i've solved it--"he said hopefully haha". In pic4 i only see one wire to the condenser. Where do you have the "out" wire from the coil. Coil wire must go to the condenser along with the wire from the points. From "there" another wire goes up to the loom--or plug coil if you want to shortcut everything initially to try.

Edit to explain--I'm sort of guessing you have the coil wire straight to the loom & just the points wire to condenser. Happy to be wrong but hope i'm right for your sake. Let there be spark!!.
Also is condenser solder ok & not dribbled over to the side--shorting.

Sneezles61 There is 1 wire from the source coil to the condenser, 1 wire from the points to the condenser and 1 wire from the black wire on the loom to the condenser. Also the points in the photo I posted was the wrong picture, That was actually the old points. I am posting a new picture as it is now. Note I used a red wire from the condenser to the points so it is easily seen. Still no spark. I am just not sure what to try next. It is probably something really easy that I am just not seeing.