A Monster Conversion of SLV Shares for Physical Silver

 28 October 2016 — Friday


There’s not much to talk about in the precious metals today, as it was pretty much the ‘same old, same old’.  The flat line in all four of Kitco’s precious metal charts below was probably a data feed problem.  It happens sometimes.

Gold traded flat until about 12:20 p.m. China Standard Time on their Thursday afternoon — and then rallied quietly until the morning gold fix in London, which appeared to occur shortly after 10:30 a.m. BST.  It got sold down a couple of bucks into the COMEX open, blasted higher — and got capped within twenty minutes — and was then sold down to its New York low around 12:20 p.m. EDT.  The gains from the tiny rally after that, mostly disappeared by the 5:00 p.m. EDT close.

Once again, the low and high ticks aren’t worth the effort to look up, as gold was forced to trade in a 7 dollar price range for the entire Thursday session.

Gold was closed in New York yesterday at $1,268.10 spot, up $1.40 from Wednesday.  Net volume was a bit over 114,000 contracts, which was nothing special.161028gold

The price action in silver was just about the same as it was in gold, as ‘da boyz’ managed the price of this precious metal to perfection as well — and the high and low ticks aren’t worth looking up, either.

Silver finished the Thursday session at $17.59 spot, down a penny on the day.  Net volume was a hair over 36,500 contracts, which was fairly quiet.161028silver

Ditto for platinum — and it finished up a buck.161028platinum

Palladium continues to get worked over pretty good.  It chopped around a dollar or two either side of unchanged on Thursday, but that state of affairs ended at 9 a.m. in New York — and by the time JPMorgan and their buddies were done with it, it was down 10 dollars on the day, closing at $610 spot.161028palladium

The dollar index closed very late on Wednesday afternoon in New York at 98.62 — and made it as high as the 98.75 mark by 9:25 a.m. China Standard time on their Thursday morning.  From there it chopped quietly lower, with the 98.50 low tick coming just minutes after 12 o’clock noon BST in London, which was the same time as the silver fix.  It began to chop higher from there, but took a 45 minute/20 basis point nose dive once the London p.m. gold fix was done.  It was blasted higher from there, with the 99.03 high tick coming around 12:35 p.m. in New York.  But it couldn’t hold that value — and it traded about 15 basis points lower by 3 p.m. EDT — and then didn’t do a lot after that.  The dollar index was closed in New York yesterday at 98.91 — which was up 29 basis points from its Wednesday close.161028intraday-gif

Here’s the 6-month U.S. dollar index chart — and it remains to be seen how long the powers-that-be can keep it at this lofty level.161028-6-month-usd

The gold stocks opened a bit above unchanged — and then rallied a hair into what was gold’s high tick, which occurred minutes after the equity markets opened in New York yesterday morning.  Their respective low ticks came around 11:15 a.m. EDT — and after that they mostly followed the gold price for the rest of the day.  The HUI closed down another 2.10 percent.161028hui

It was generally the same price pattern for the silver equities — and Nick Laird’s Intraday Silver Sentiment/Silver 7 Index closed lower by 1.43 percent.  Click to enlarge if necessary.161028silver-7

The CME Daily Delivery Report showed that 1 gold and 13 silver contracts were posted for delivery within the COMEX-approved depositories on Monday.  The 13 silver contracts were issued by ADM — they also stopped 9 of them — and Goldman picked up the other 4.

The CME Preliminary Report for the Thursday trading session showed that gold open interest for October rose yet again, this time by 202 contracts, leaving 309 still open, minus the 1 mentioned in the previous paragraph.  Wednesday’s Daily Delivery Report showed that 20 gold contracts were posted for delivery today, so that means that another 20+202=222 gold contracts were actually added to the October delivery month.  And since the remaining gold contracts are still open, it means that they’ll be delivered on Monday — and the issuers and stoppers on them will be in this evening’s Daily Delivery Report.  As I said yesterday, I’m really interested in who the short/issuer[s] are on these remaining gold contracts.  Silver o.i. in October also rose…by 5 contracts, leaving 41 still around.  Wednesday’s Daily Delivery Report showed that 3 silver contracts were posted for delivery today, so that means that another 3+5=8 silver contracts were added to the October delivery month and, like the gold contracts mentioned just above, these will be in tonight’s Daily Delivery Report for delivery on Monday.

The October delivery month is going out with a bang, especially in gold — almost 10,000 contracts worth delivered — and deliveries, which have been added to every day for weeks now, are being dragged out right until the very last day.  The scramble for physical metal from the COMEX this month has been impressive to watch.

November open interest in gold dropped by 67 contracts, leaving only 1,816 left — and in November silver, o.i. fell by 6 contracts, leaving 334 still open.  Unless a lot are added as the month progresses, November should be pretty quiet from a delivery perspective.  First Day Notice numbers should be on the CME’s website by 10 p.m. EDT tonight — and I’ll have them for you tomorrow.

After Wednesday’s big drop, there were no reported changes in GLD.  However there was a huge, but not surprising, conversion of SLV shares into physical metal to the tune of 5,693,532 troy ounces yesterday.  This would be one of Ted Butler’s “large entities” — and he would pin this on JP Morgan I’m sure — and I’m not about to argue the point.

As I stated in yesterday’s column: “If you can remember, I made the comment some time ago that even though JPMorgan et al engineered the gold price lower by a hundred bucks or so, there was very little in the way of withdrawals from GLD during that event.  I also said that “strong hands with deep pockets” were buying every GLD and SLV share that John Q. Public was selling.  It’s obvious now that they were — and now they’ve exchanged them for physical metal twice in one week, most likely to avoid SEC reporting requirements.  Now we wait for that event to occur in SLV as well.”

We didn’t have long to wait, now did we?  And is this all there is to be converted, or will there be more to come?

There was a smallish sales report from the U.S. Mint yesterday, as they sold 4,000 troy ounces of gold eagles — 500 one-ounce 24K gold buffaloes — but no silver eagles.

There was very little gold movement at the COMEX-approved depositories on the U.S. east coast on Wednesday, as only 11,894 troy ounces were received in two different depositories — and nothing was shipped out.  I shan’t bother linking this small amount.

It was much busier in silver.  Nothing was reported received — but 1,224,531 troy ounces were shipped out for parts unknown, with one container load coming out of both Delaware and Canada’s Scotiabank.  The link to that activity is here.

The frantic in/out activity continues at the COMEX-approved gold kilobar depositories in Hong Kong on their Wednesday.  They received 4,809 of them — and shipped out another 12,489.  All of this action was at Brink’s, Inc. — and the link to that, in troy ounces, is here.

And except for the U.S. election circus, there wasn’t much in the way of stories yesterday, so that makes your editing job about as easy as it was on Thursday.


Orders for U.S. Capital Goods Decline by Most Since February

Orders for U.S. business equipment fell in September by the most in seven months, indicating corporate investment is having trouble gaining traction.

Bookings for non-military capital goods excluding aircraft dropped 1.2 percent, erasing a 1.2 percent August gain that was stronger than previously reported, Commerce Department data showed Thursday. The median forecast of economists surveyed by Bloomberg called for a 0.1 percent drop. Demand for all durable goods eased 0.1 percent.

Business investment remained slow in the third quarter as moderating demand and weakness overseas prompted companies to hold back. Even with stability in the oil sector, an inventory correction and growth in consumer spending, manufacturing will probably see little more than a gradual improvement.

Business investment has been mired in a slump for more than a year and there’s nothing in these numbers to suggest it’s about to break out,” said Omair Sharif, senior U.S. economist at Societe Generale in New York. “It’ll still be a small drag on third-quarter growth.”

This news item was posted on the Bloomberg website at 6:30 a.m. MDT on Thursday morning — and was updated about three hours later.  I found it on Doug Noland’s Internet site — and another link to it is here.

Donald Trump’s Speech about the “Deep State”/”New World Order” Crowd

This 5:01 minute video clip was posted on the youtube.com Internet site on Monday — and I don’t know about you, dear reader, but he sounds like a real straight shooter to me.  I’d be happy to vote for him based on this speech alone, but you be the judge.  I thank Brad Robertson for pointing it out.

Don’t Let Bad Information Doom Your 401K and Retirement Dreams — Dennis Miller

Investors relying on the mainstream media for investment research better rethink their strategy, and quickly. Garbage in, garbage out can ruin your 401K and destroy your retirement dreams.

A recent Gallup Poll concluded:

Americans’ trust and confidence in the mass media “to report the news fully, accurately and fairly” has dropped to its lowest level in Gallup polling history, with 32{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} saying they have a great deal or fair amount of trust in the media. This is down eight percentage points from last year.

… Americans’ trust and confidence hit its highest point in 1976, at 72{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e}, in the wake of widely lauded examples of investigative journalism (Emphasis mine) regarding Vietnam and the Watergate scandal.

When it comes to politics, the major newspapers, television networks and websites present the information to steer the reader toward their desired political conclusion. This is done by their headlines, selectively presenting facts, while omitting others.

The main stream media is owned by the “deep state”, so you’ll never hear the real truth from them.  This commentary by my friend Dennis showed up on his website yesterday — and another link to it is here.

Putin Says U.S. Isn’t a Banana Republic, Must Get Over Itself

Vladimir Putin dismissed U.S. “hysteria” over alleged Russian interference in its presidential elections, saying it was impossible to influence voters’ choice between Donald Trump and Hillary Clinton.

Does anyone seriously think that Russia can influence the choice of the American people?” President Putin told the annual Valdai discussion forum of international analysts and academics in Sochi on Thursday. “Is America some kind of banana republic? America is a great power. If I’m wrong, correct me.”

Amid rising confrontation with NATO, Putin insisted that Russia isn’t planning to attack anyone and said it was a “myth” that it poses a military threat. The North Atlantic Treaty Organization has outlived its usefulness, while Russia wants all nations to have equal security and isn’t striving for global domination, he said.

Trump behaves “extravagantly, we all see it” though it’s not without purpose, since he represents a “significant” section of society in the U.S. “that’s tired of the elite who’ve been in power for decades,” Putin said.

It’s “complete rubbish” to say that Trump is the Kremlin’s preferred candidate, which was an idea invented by supporters of Clinton, Putin said. Russia doesn’t have a favorite candidate and is “by and large indifferent” about who wins the election because it’ll work with any U.S. president who’s prepared to offer cooperation, he said.

Well, give Bloomberg some credit here, they pretty much got his story right — and didn’t leave much out.  This news item appeared on their Internet site at 9:06 a.m. Denver time on Thursday morning — and it’s definitely worth reading.  I thank Swedish subscriber Patrik Ekdahl for finding it for us — and another link to it is here.

Venezuela Throws in the Towel on Hyperinflation: Will Print 200x Higher-Denominated Bills

While several years ago it was perhaps debatable in polite society that Venezuela’s socialist economy would collapse ultimately unleashing hyperinflation, any doubt was put to rest early this year when the IMF’s own inflationary forecast confirmed as much.

However, while the international community had long accepted the inevitable fate of Maduro’s socialist paradise, the local government sternly refused to admit reality and to avoid confirming what the local population already knew, it insisted on keeping the highest denomination bill in circulation at 100 bolivars, whose worth is approximately 8 cents on the black market, turning the most basic transactions into logistical nightmares and saddling banks with crippling money-handling costs. Economists and central bank employees say Mr. Maduro didn’t want to acknowledge the country’s inflation problem by printing bigger notes.

This has finally changed, and as the WSJ reports, Venezuela’s government, slammed by hyperinflation has finally thrown in the towel, and is planning to issue new bills in December with larger denominations—up to 200 times higher than the current biggest bill, according to people familiar with the plans. The move marks an implicit acknowledgment by the government that skyrocketing prices have slashed the value of the currency

The new coins and notes will go up to 20,000 bolivars, according to people close to the central bank, the finance ministry, the country’s banks and bill suppliers. This would make the biggest note worth $15 on the black market.

This Zero Hedge item is its spin on a Wall Street Journal article that came out yesterday.  This ZH piece put in an appearance on their Internet site at 12:43 p.m. on Thursday afternoon — and it’s certainly worth your time.  I thank reader U.D. for passing it around — and another link to it is here.

Stalled E.U.-Canada Trade Deal Gets Green Light Following Belgium Approval

One week after Canada demonstratively walked out of European trade talks, with Canada’s Chrystia Freeland saying that “the European Union is not capable right now to have an international agreement, even with a country that has European values like Canada“, moments ago a planned trade deal between the European Union and Canada overcame a key hurdle Thursday when Belgium said it would approve the accord, marking the end of a contentious process that threatened to derail the E.U.’s trade agenda.

The so-called Comprehensive Economic and Trade Agreement, or CETA, had been on the verge (and perhaps beyond) the very of collapse in recent weeks after opposition by Wallonia, Belgium’s French-speaking region, kept the country’s leadership from supporting the deal. “Belgian agreement on CETA,” Belgian Prime Minister Charles Michel wrote on his Twitter account. “All parliaments are now able to approve by tomorrow at midnight. Important step for EU and Canada.

The tentative deal took place just hours after Canadian PM Trudeau cancelled a trip to sign the so-called Ceta pact at a ceremony in Brussels. In question now is when the regional Belgian parliaments that have objected to the trade deal will vote to allow the country’s government to support it.  The accord needs the full backing of all 28 member states. But while the Belgian federal government supports the trade pact, it still needed the green light from its five regional authorities before it could give its official approval.

This story showed up on the Zero Hedge website at 7:02 a.m. on Thursday morning EDT — and another link to it is here.

Nigel Farage getting in trouble at the E.U. Parliament again

Nigel is up on his high horse again — and tells it like it is, even though nobody wants to hear it.  This 5:50 minute youtube.com video clip was posted on that website on Thursday — and it’s worth watching.  I thank Roy Stephens for dropping it into my in-box very late last night Denver time.

Bank Jog: Deutsche Bank’s Demand Deposits Tumble by 13{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} in Q3

One month ago when we showed that while Deutsche Bank is seriously undercapitalized it still has access to copious amounts of liquidity, which at June 30 stood at €223 billion but according to today’s Q3 report has since dropped by some 10{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} to €200 billion, we pointed out one way that DB’s currently safe liquidity position could turn precarious: it has deposits, and thus there is an all too real threat depositors may get nervous and start pulling them out.

Which is why we mostly ignored today’s better than expected headline financial data reported by the German lender, (as did most of Wall Street it appears judging by the stock’s tepid reaction), especially after the recent disclosure that DB is currently probing its derivative book for potential mis-marking, something which would drastically change the bank’s reported P&L and balance sheet, and instead focused on something far simpler: its deposits.

What we found was troubling: in the just concluded quarter, Deutsche reported that its total deposit base had shrunk by a very substantial 5{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e}, sliding from €565.645 to €540.609. But even more concering was the most liquid “sight deposit” category, which DB tracks as “interest-bearing demand deposits on its books. It was this that plunged by a whopping 13{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} from Q2 to Q3, sliding from €156.2 billion to €135.9 billion as of Sept. 30.

On its face, this data means that in the third quarter, DB’s depositors pulled a substantial amount of savings held at the bank, precisely the outcome that the bank was eager to avoid, and hints of the start of a very unpleasant bank “jog” by the bank’s depositors. And since deposits declined, assets had to be impacted as well, and sure enough, total cash and central bank balances declined from $123 billion to $108 billion.

As of this moment there was no update from DB management, whether the documented deposit flight continued into the month of October when DB’s woes became particularly acute, and whether the jog had become a run.

This news item was posted on the Zero Hedge website at 11:27 a.m. EDT yesterday morning — and I thank West Virginia reader Elliot Simon for sending it our way.  Another link to it is here.

The vexed question of the dollar — Alasdair Macleod

America runs a record trade deficit with China, and the only major economies where China’s terms of trade have improved are with the US, excepting Japan. Therefore, the Fed is bound to be very sensitive to the dollar’s exchange rate with China’s yuan Furthermore, on two occasions when the Fed had signalled it was going to raise the Fed Funds Rate, it backed off when the Chinese lowered the rate at which it had pegged the yuan to the dollar. Chinese devaluation against the dollar is obviously a prime concern for the Fed.

The situation becomes better understood when the Peoples Bank’s position is taken into account. The bank has been selling US Treasury stock in large quantities, stockpiling commodities and oil with the proceeds, though it has been diversifying into Japanese Government bonds as well. China’s dollars have been welcomed by markets, which are short of both quality collateral and raw currency. However, China’s supply of both has failed to stop the dollar rising against the yuan. Furthermore, China isn’t the only Asian and Middle Eastern state selling American paper, so the demand from other international players on the buy side has been immense, enough to determine the underlying direction of the dollar’s exchange rate.

The situation is being exploited by the Peoples Bank. In effect, the Peoples Bank is in a position to dictate Fed policy by adjusting the rate at which it is prepared to supply dollars into the market. So long as the dollar remains fundamentally strong, it only has to slow the pace of Treasury and dollar sales for the dollar to rise, and therefore the Fed’s planned interest rate rises to be deferred. This is not understood properly by western commentators, who erroneously think China is being forced to defend a declining yuan. Nothing could be further from the truth. It will be interesting to see whether this happens again ahead of the December FOMC meeting, when for the umpteenth time we have been promised a rise in the Fed Funds Rate.

This commentary/opinion piece by Alasdair appeared on the goldmoney.com Internet site yesterday sometime — and I found it embedded in a GATA release.  Another link to this article is here.

The World Is Out of [Policy] Weapons

No one likes to admit defeat. But global policymakers, who continue to insist that there’s more they can do to revive growth and inflation, are starting to sound like Monty Python’s Black Knight, the limbless and mortally wounded warrior who threatens to bleed on his victorious opponent. The truth is that governments and central banks have very few weapons left — and have probably lost any chance they once had of averting a prolonged stagnation.

Clearly, the real economy hasn’t responded as hoped to zero and now negative interest rates. A whole host of factors continue to depress personal spending — high debt, stagnant incomes, unemployment and under-employment, and economic uncertainty. Even the rich, who have benefited immensely from the runup in asset prices, can’t really spend much more than they already are.

Slowing demand globally and overcapacity in many industries have in turn crimped investment. Despite the mountains of cheap money made available by central banks, lending hasn’t picked up. The velocity of money remains low.

Banks are hurting as low and negative rates damage their funding and their profits. Slashing rates even further would simply encourage depositors to transfer their savings elsewhere or convert them into cash, unless governments somehow banned such measures. Already negative rates are calling into question the ability of insurance companies and pension funds to meet contracted retirement payments.

This excellent right-on-the-money commentary is certainly a must read.  It put in an appearance on the bloombergview.com Internet site at 6:00 p.m. on Wednesday evening EDT — and I found it on the goldcore.com Internet site last night.  Another link to it is here.

Has World War 3 Already Started?

It took 3 million soldiers, 3,000 tanks, 7,000 artillery pieces, and 2,500 aircraft…

Operation Barbarossa” was the code name for Nazi Germany’s invasion of the Soviet Union in 1941.

It was the largest military operation in human history.

The Nazis had already conquered most of Europe. Hitler had grown overconfident from his recent military victories. Now he was hunting for big game… Stalin’s USSR.

Throughout history, many European invaders, including Napoleon, suffered monumental defeats when they took on Russia. Despite this, Hitler thought he could succeed where they had failed.

This commentary appeared on the internationalman.com Internet site last week I think — and I passed on it at the time.  Now it’s been posted as a Casey Daily Dispatch — and I’ve had second thoughts about it, so here it is.  I thank Steve Buttinger for passing it along — and another link to it is here.

As Yuan Slumps, China Boosts Purchases of Gold From Overseas

As the yuan retreats, China is taking in more gold. The world’s biggest consumer of the precious metal raised bullion imports from Hong Kong in September for the first time in four months as investors sought to diversify their assets on prospects for further currency weakness.

Net purchases were 44.9 metric tons from 41.9 tonnes in August, according to data on Thursday from the Hong Kong Census and Statistics Department compiled by Bloomberg. The mainland bought 64.8 tonnes compared with 55.2 tonnes in August, while exports were 19.9 tonnes from 13.2 tonnes. Mainland China doesn’t publish the figures.

The offshore yuan sank to a record this week as Chinese policy makers signaled they are willing to allow greater currency flexibility amid a slump in exports and rise in the dollar. Further losses in China’s currency, as well as investors’ concerns over the outlook for the nation’s property market, may spur gold demand in China, Goldman Sachs Group Inc. said in a note.

The depreciation of the yuan and the property investment clampdown were both positive factors for the rebound in imports as domestic investors seek to diversify portfolios,” said Wayne Gordon, executive director for commodities and foreign exchange at the wealth management unit at UBS Group AG.

Shipments of gold from Switzerland to China rose to 35.5 tonnes last month from 19.9 tonnes in August while exports to Hong Kong fell to 11.5 tonnes from 24 tonnes, according to data from the Swiss Federal Customs Administration. The European country is a major gold-trading center and home to several refineries.

This gold-related news item put in an appearance on the Bloomberg Internet site at 3:03 a.m. Denver time on Thursday morning — and was subsequently updated about eight hours later.  I found it on the Sharps Pixley website — and another link to it is here.

The PHOTOS and the FUNNIES161028photo-2



I sincerely believe that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.” ― Thomas Jefferson

It was just another day where ‘da boyz’ kept everything quiet once again…no excitement allowed, even though it should be obvious that the precious metals want to rally.  It appears that nothing is being left to chance in the lead-up to the U.S. presidential election — and that’s certainly obvious when you look at the price ‘performance’ of both silver and gold in the 6-month charts posted below.  The prices of both have been allowed to crawl quietly higher for the last three weeks in a row, with hardly a bump.  No wonder I haven’t had to post the high and low ticks in these two precious metals lately.

Here’s the 6-month charts for all four — and you’ll note that they set a new low close for palladium once again.161028-6-month-gold


And as I type this paragraph, the London open is about ten minutes away — and I see that gold rallied about three bucks and change in morning trading in the Far East on their Friday.  But almost all of that vanished by shortly after 2 p.m. China Standard Time.  Gold is up 60 cents currently.  The price pattern in silver was identical — and it’s up only 4 cents at the moment, which is better than the alternative, I suppose.  Platinum rallied sharply until it was capped at the $670 spot mark at noon in Shanghai — and then got sold off a bit like silver and gold, but it’s still up 8 bucks the ounce.  Palladium rallied 5 bucks by noon over there as well — and is now up only 3 dollars.

Net HFT gold volume is a bit under 20,000 — which is very light — and that number in silver is a bit over 6,500 contracts, which is light as well, so not much should be read into the current price action.  However, it’s more than obvious that the four precious metals are being kept on a tight leash.  The dollar index has been trading a bit lower during the Far East session — and is down 4 basis points as London opens.

Today we get the latest and greatest COT Report for positions held at the close of COMEX trading on Tuesday — and as I mentioned in Wednesday’s column, the best we can hope for is unchanged.

In his mid-week column on Wednesday, Ted said the following about what might be in today’s report: “…after three consecutive reporting weeks that featured sizable reductions in the total commercial net short position in both markets, it seems to me that we went the other way this week by a bit.  Accordingly, I’d expect an increase in net commercial selling of about 10,000 contracts in gold and 5,000 contracts or so in silver.

Whatever the numbers are, I’ll have them all for you in Saturday’s column.

I don’t have much to add to what I’ve already said in The Wrap sections of my columns of earlier this week.  As I send out each column with my comments on the daily squiggles of each precious metal, it should never be forgotten that the until the current configuration of the COMEX futures market in all four precious metals in general, but silver and gold in particular, are resolved one way or another, nothing is going to change from a price perspective.  Any other commentary on the precious metals is just noise and speculation, as the COMEX is still ‘Ground Zero’ where prices are set — mostly between JPMorgan et al on one side, and the Managed Money traders on the other — and until that changes, nothing changes.

Nothing else matters, except for a possible ‘black swan’ somewhere out of left field.

And as I post today’s column on the website at 4:00 a.m. EDT, I note that the gold price has continued to slide a little and is down 90 cents at the moment.  Silver is back to unchanged, platinum is now up only 2 dollars — and they’ve got palladium back to unchanged as well.

Net HFT gold volume is up to 26,500 contracts, which isn’t exactly heavy — and that number in silver has risen to just under 8,000 contracts.  The dollar index took a bit of a header starting at 2:00 p.m. China Standard Time for the second day in a row — and is down 14 basis points.

Today is Friday — and absolutely nothing will surprise me when I check the charts after I roll out of bed later this morning.

Have a good weekend — and I’ll see you here tomorrow.


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