Late August. I don't know if they'll say anything more about Warriors and Bayo 2... but they could do a Direct on them.
But anyways, no matter what it's on I think we'll have one before TGS for sure.

Im going to go out on a limb and say a Virtual Console direct in July, will announce the first round of DS VC games for NA and (hopefully GameCube) VC games.

OMG you are posting. Great!

Iwata wouldn't need to be in a Bayo 2 Direct. Since they had a W101 Direct they should have one for B2 as well! I'm almost sold on the game, just need a last push.

Wouldn't they have to announce N64 VC before GC VC?

They alreadly done that, was announced with the GBA one.

Anyway, there is a lot of thing to adress:

If they intent to put out new hardware out, like a wiiu remodel or even a newer model of 3DS, they will announce before octouber(they did with 3DSXL and 2DS).

Still no Fatal Frame trailer T_T

They put out VC DS games randomly, but didn't talk about it, nor what will be the launch line -up

The same thing for the N64 VC

Still, they made that joke about mother 3, and we all know what happened last year when fans asked for earthbound. For those who don't remenber, the release was stealh and came with another stealth direct in july

So, here my bet, defitivily will be a direct before august end, but can be a stealth direct before july end, to launch minor stuff, a la earthbound.

Hopefully as soon as possible, because I am an impatient bastard! >:(

I'm not sure to be honest. I think the safest bet is late August or early-mid September for a worldwide Direct for the year's upcoming releases. It's likely that Japan will get a special Direct for Hyrule Warriors in early August since they get it a month and a half before we do.

My guess
End of July (Hyrule Warriors)
End of September (SMASH BROS)
End of October beginning of November (New announcements including price cut)

discounting the Youkai Watch 2 one this week...

First week of August for Hyrule Warriors