09 November 2017 — Thursday
YESTERDAY in GOLD, SILVER, PLATINUM and PALLIUM
The gold price rallied a few dollars until a few minutes after 1 p.m. China Standard Time on their Wednesday afternoon. It was sold off a dollar and a bit until around 2:30 p.m. over there — and then began to rally quietly and unevenly until the high tick of the day was set just minutes before 11:30 a.m. in New York. Quiet selling pressure appeared at that point — and lasted until 4 p.m. EST in the after-hours session — and it didn’t do much after that.
The low and high ticks aren’t worth looking up.
Gold finished the Wednesday session in New York at $1,280.80 spot, up an even $6.00 from Tuesday’s close. Volume was enormous once again, especially on the 9:15 a.m. EST price spike — and again on the short 30-minute rally that began right at the London close, which was 11:00 a.m. in New York. Net volume was recorded as something under 314,000 contracts — and roll-over/switch volume out of December was fairly substantial.
Here’s the 5-minute tick chart from Brad Robertson — and I’m only including it so you can see the massive volume spike at 9:45 a.m. EST during the COMEX trading session. Once COMEX trading was done for the day, volume levels decreased substantially, but weren’t back to background until after 14:00 Denver time/4:00 p.m. EST on the chart below.
The vertical gray line is 10:00 p.m. Denver time, midnight in New York – and noon China Standard Time [CST] the following day in Shanghai-and don’t forget to add two hours for EDT. The ‘click to enlarge‘ feature is a must.
The price action in silver was the same as gold’s right up until the rally began at 2:30 p.m. CST. That rally was very erratic — and even though it broke above $17 spot during the first hour of London trading, the attempts to keep it at that price or below, were more than obvious. The 9:15 a.m. price spike in silver was barely noticeable, but the one starting at the London close was the standout. However, that rally was capped at the same moment as gold — and ‘da boyz’ quietly sold it lower until 4 p.m. in after-hours trading, just like gold — and it didn’t do much from there into the 5:00 p.m. close of trading.
The low and high ticks in this precious metal were recorded by the CME Group as $16.95 and $17.265 in the December contract.
Silver was closed back below $17 spot at $16.99…up only 8 cents on the day. Net volume was very heavy at a bit under 81,000 contracts — and roll-over/switch volume out of December was fairly substantial as well.
Platinum, like silver and gold, also rallied a bit the moment that trading began in New York at 6:00 p.m. EST on Tuesday evening — and then traded mostly flat from there until the Zurich open. It began to chop quietly higher from there, with the high tick coming minutes after 12 o’clock noon in New York. Then, also like gold and silver, it was sold quietly lower until 4 p.m. in after-hours trading — and moved sideways from there until trading ended at 5:00 p.m. Platinum finished the day at $930 spot — and up at even 10 bucks from Tuesday’s close.
Palladium was up 4 dollar or so by the time the Zurich open rolled around. It edged a few dollars higher from there until 9 a.m. EST in New York. Then away it went to the upside, blasting through the $1,000 spot mark in the process. The price appeared to have been capped at the $1,011 spot mark shortly after the Zurich close — and it didn’t do much after that. Palladium finished the Wednesday session in New York at $1,009 spot — and up 21 dollars on the day.
The dollar index closed very late on Tuesday afternoon in New York at 94.85 — and then fell a small handful of basis points the moment that trading began at 6:00 p.m. EST on Tuesday evening. It rallied a tiny bit from there by around 2:30 p.m. CST on their Wednesday afternoon — and then chopped sideways in a very tight range for the rest of the day. The closest the index got to the 95.00 mark was a spike that began about ten minutes before 11 a.m. in New York — and got capped and then sold down hard right at the 11:00 a.m. EST/4:00 p.m. GMT London close ten minutes later. The high tick at that point was reported as 94.97. The index finished the Wednesday session at 94.88…up 3 basis points on the day.
And here’s the 6-month U.S. dollar index chart — and yesterday’s action makes it nine days in a row where the index has failed in its attempt to close above the 95.00 mark.
The gold shares gapped up a percent and change at the open in New York yesterday morning. Their highs came at gold’s high tick — and from that point they chopped quietly lower until the 1:30 p.m. COMEX close. They traded sideways for the rest of the Wednesday session. The HUI closed up only 0.74 percent.
The silver equities opened about unchanged, but were immediately sold down to their low ticks of the day within the first ten minutes of trading. They rallied sharply to their respective high ticks — and that came shortly after 10:45 a.m. in New York. Then, like their golden brethren, they were sold lower — and back into negative territory, just before the COMEX close. They also chopped sideways for the rest of the day from there. Nick Laird’s Intraday Silver Sentiment/Silver 7 Index closed down a disappointing 0.63 percent. One of the reasons for it, Silver Standard Resources, which is one of the components of Nick’s Silver 7 Index, took a big haircut yesterday. Click to enlarge if necessary.
And here’s the 1-year Silver Sentiment/Silver 7 Index chart. Click to enlarge.
The CME Daily Delivery Report showed that 2 gold and 5 silver contracts were posted for delivery within the COMEX-approved depositories on Friday. JPMorgan and Scotiabank stopped all the gold and silver contracts between them. The link to yesterday’s Issuers and Stoppers Report is here.
The CME Preliminary Report for the Wednesday trading session showed that gold open interest in November declined by 7 contracts, leaving 77 still around, minus the 2 contracts mentioned just above. Tuesday’s Daily Delivery Report showed that 7 gold contracts were actually posted for delivery today, so the deliveries and change in open interest match for a change. Silver o.i. in November rose 4 contracts, leaving 7 still around, minus the 5 mentioned in the previous paragraph. Wednesday’s Daily Delivery Report showed that only 1 silver contract was posted for delivery today, so that means that 4+1=5 more silver contracts were added to the November delivery month.
There was another withdrawal from GLD yesterday. This time an authorized participant removed 37,987 troy ounces. And as of 6:49 p.m. EST yesterday evening, there were no reported changes in SLV.
Once again there was no sales report from the U.S. Mint.
There was some activity in gold over at the COMEX-approved depositories on the U.S. east coast on Tuesday. There was 86,974 troy ounces received — and nothing was shipped out. All of the ‘in’ activity was at Canada’s Scotiabank — and the link to that is here.
The only activity in silver was one truck load…603,004 troy ounces… that was shipped out of CNT. There was no ‘in’ activity. The link to that is here.
It was fairly quiet over at the COMEX-approved gold kilobar depositories in Hong Kong on their Tuesday. They received 200 of them — and shipped out 511. All of this activity was at Brink’s, Inc. — and the link to that, in troy ounces, is here.
Here are two more charts that Nick Laird passed around on Sunday. They show the total gold and silver holdings of all known depositories, ETFs and mutual funds updated as of the close of business on Friday, November 3 — and there are no signs that anyone is dumping precious metal in a panic from what these charts show. Click to enlarge for both.
Once again I don’t have much in the way of news for you today.
The so-called retail apocalypse has become so ingrained in the U.S. that it now has the distinction of its own Wikipedia entry.
The industry’s response to that kind of doomsday description has included blaming the media for hyping the troubles of a few well-known chains as proof of a systemic meltdown. There is some truth to that. In the U.S., retailers announced more than 3,000 store openings in the first three quarters of this year.
But chains also said 6,800 would close. And this comes when there’s sky-high consumer confidence, unemployment is historically low and the U.S. economy keeps growing. Those are normally all ingredients for a retail boom, yet more chains are filing for bankruptcy and rated distressed than during the financial crisis. That’s caused an increase in the number of delinquent loan payments by malls and shopping centers.
The reason isn’t as simple as Amazon.com Inc. taking market share or twenty-somethings spending more on experiences than things. The root cause is that many of these long-standing chains are overloaded with debt—often from leveraged buyouts led by private equity firms. There are billions in borrowings on the balance sheets of troubled retailers, and sustaining that load is only going to become harder—even for healthy chains.
The debt coming due, along with America’s over-stored suburbs and the continued gains of online shopping, has all the makings of a disaster. The spillover will likely flow far and wide across the U.S. economy. There will be displaced low-income workers, shrinking local tax bases and investor losses on stocks, bonds and real estate. If today is considered a retail apocalypse, then what’s coming next could truly be scary.
This longish chart-filled essay put in an appearance on the Bloomberg website yesterday sometime — and I thank Swedish reader Patrik Ekdahl for pointing it out. It’s worth your while if you have the time and/or interest — and another link to it is here.
Analysis of the wealth of America’s richest people found that Gates, Bezos and Buffett were sitting on a combined $248.5bn (£190bn) fortune. The Institute for Policy Studies said the growing gap between rich and poor had created a “moral crisis”.
In a report, the Billionaire Bonanza, the think tank said Donald Trump’s tax change proposals would “exacerbate existing wealth disparities” as 80% of tax benefits would end up going to the wealthiest 1% of households.
“Wealth inequality is on the rise,” said Chuck Collins, an economist and co-author of the report. “Now is the time for actions that reduce inequality, not tax cuts for the very wealthy.”
The study found that the billionaires included in Forbes magazine’s list of the 400 richest people in the U.S. were worth a combined $2.68 trillion – more than the gross domestic product (GDP) of the U.K.
“Our wealthiest 400 now have more wealth combined than the bottom 64% of the U.S. population, an estimated 80m households or 204 million people,” the report says. “That’s more people than the population of Canada and Mexico combined.”
This article was posted on theguardian.com Internet site at 11:01 p.m. GMT on Wednesday night, which was 6:01 p.m. in Washington — EDT plus 5 hours. I thank Patricia Caulfield for sharing it with us — and another link to it is here.
Billionaire Ray Dalio: There are two realities in this country—for the bottom 60 percent it’s a “miserable economy“
Billionaire entrepreneur and financier Ray Dalio says there are two very different economic realities in the United States right now. That divide is threatening the nation’s stability, the Bridgewater Associates founder says, and it’s only going to get worse as technology replaces workers.
“[T]here are two economies. We talk of ‘the economy.’ Recognize that you can’t talk about the economy … there are two economies,” says Dalio, speaking to Recode executive editor Kara Swisher on her podcast, Recode Decode, published Monday.
There’s the “top 40 percent” and “the bottom 60 percent,” says Dalio. And for those at the bottom, life is hard without a lot of hope.
“If you look at the economy of the bottom 60 percent, it is a miserable economy. Not only hasn’t it had growth and economic movement and so on, it has the highest rising death rates, it is the only place in the world where death rates are rising because of a combination of opiates, other drugs and suicides,” Dalio says.
Meanwhile, the most privileged at the top have a radically disproportionate amount of wealth. This article was posted on the cnbc.com Internet site at 11:51 a.m. EST on Tuesday — and I found it in yesterday’s edition of the King Report. Another link to it is here.
I’ve been writing from Australia recently, meeting with over 30 of the largest institutional investors and hedge funds in the country.
In addition to giving presentations to these investors about Fed policy and the potential for war in North Korea, I was able to learn quite a bit about their views on both developed and emerging markets.
Traveling to foreign countries and taking the local pulse gives you insights that you can’t get from the papers or TV. You can learn so much from private conversations over drinks or dinner. I then pass along these insights to my readers.
Meanwhile, even when I’m over 9,500 miles from Washington, D.C., it’s hard to escape the news that broke late last week. That news — which affects investors even here in Australia — is the appointment by President Trump of Jerome “Jay” Powell as new chairman of the Federal Reserve to replace Janet Yellen beginning next February.
I worked with Jay Powell when he was at the U.S. Treasury and I was general counsel of a major primary dealer in government securities. The primary dealers act as underwriters at auctions of U.S. Treasury securities, so in effect, Jay was my firm’s biggest customer.
This article by Jim appeared on the dailyreckoning.com Internet site on Tuesday — and it comes courtesy of Brad Robertson. Another link to it is here.
The waste, incompetence, and dysfunction is a reflection of how the U.S. itself has lost its way, becoming a shambling empire rather than the utopian Republic it began as…
Since the inauguration of U.S. President D. J. Trump in January 2017, along with his contingent of generals, Washington has rattled its nuclear and other military sabers in most every direction, threatening to totally destroy North Korea, ramping up weapons deliveries to Syrian opposition groups, scaling up AFRICOM military actions, sending its naval fleets in every imaginable direction from the South China Sea to the Baltic, building up troops along the borders to Russia, threatening Iran…
Behind all the bluster is a U.S. military with morale at an all-time low, with preparedness in many cases abysmally inadequate, and using technologies that are costly to taxpayers and far behind the state of the art of other potential adversaries.
All are symptoms of a failing former sole superpower whose military is being gravely abused and misused, far from the intent for defense of the nation.
This very worthwhile commentary by Engdahl showed up on the russia-insider.com Internet site on Monday — and it’s a must read if you have the interest. I thank reader M.A. for sending it our way — and another link to it is here.
In what is sure to stir up a media storm of over analysis, the Kremlin has commented that there is a strong possibility that Donald Trump and Vladimir Putin will meet on the sidelines of the upcoming international summit in Vietnam.
“Both Putin and Trump have extensive plans for bilateral meetings, which have been agreed upon long beforehand. There is also the APEC summit program, so the relevant offices are trying to choose an appropriate timing and format,” he said, adding that the likeliness of a Trump-Putin meeting was high.
Donald Trump’s trip comes at a time the Asia-Pacific policy goals require clarification against the background of the U.S. withdrawing from the Trans-Pacific Partnership (TPP) agreement. President Trump is pushing bilateral trade deals to replace the TPP, but Asian countries are reluctant to open negotiations, while South Korea is balking at his demand to renegotiate the existing trade accord. The relations with China and the problem of North Korea top the agenda. In Vietnam, the U.S. president will articulate a new policy for Asia built on the concept of a “free and open Indo-Pacific” region. The idea presupposes bringing together Japan, Australia, and India to contain a rising China.
Putin and Trump first met at the G20 summit in Hamburg in July when they discussed allegations of Russian meddling in the U.S. presidential election. Back then, the leaders agreed to focus on better ties. However, the relations have soured further since that time as the diplomatic scandal broke out. In August, the president signed new sanctions against Russia. During the election campaign, Donald Trump pitched himself as a leader who would normalize the relationship. The American voters backed this stance. But the promised improvement has not materialized.
This Zero Hedge article appeared on their Internet site at 11:09 a.m. EST on Wednesday morning — and it comes courtesy of Brad Robertson. Another link to it is here.
Yesterday The Duran reported on the latest, simmering crises in the Middle East, where Lebanon finds “itself in the thick of things as Saudi Arabia on Monday accused it of declaring war on the Kingdom through aggression by the Iran-backed Shiite group, Hezbollah.”
This accusation comes days after Lebanese Prime Minister, Saad Hariri resigned while sitting in Saudi Arabia, citing the interference of Iran and Hezbollah as the reason.
The Arab country has thus been opened up as yet another territory of conflict between Iran and Saudi Arabia.Saudi Gulf affairs minister Thamer al-Sabhan said the Lebanese government would “be dealt with as one that is declaring war on Saudi Arabia” because of what he termed as aggression by Hezbollah. Sabhan blamed the Hariri-led government for failing to rein-in Hezbollah.
Now that Syria is off the table for regime change, effectively blocking a Saudi pipeline into the European market, Saudi Arabia and the United Arab Emirates are zeroing in on Lebanon.
The Great Gas War has already two distinct fronts: The now relatively quiet Northern Front in Ukraine and the Southern Front in Syria in which the Western empire has been losing. It looks to me that Lebanon is being targeted as the next front where the West hopes its loses might be recouped.
This very worthwhile commentary showed up on theduran.com Internet site at 1:31 p.m. EST on Wednesday afternoon — and I thank Roy Stephens for sending it along. Another link to it is here.
Saudi Arabian authorities have made further arrests and frozen more bank accounts in an expanding anti-corruption crackdown on the kingdom’s political and business elite, sources familiar with the matter said on Wednesday.
Dozens of royal family members, officials and business executives have already been held in the purge announced on Saturday. They face allegations of money laundering, bribery, extortion and exploiting public office for personal gain.
But the sources, speaking on Wednesday, said a number of other individuals suspected of wrongdoing were detained in an expansion of the crackdown, widely seen as an initiative of the powerful heir to the throne, Crown Prince Mohammed bin Salman.
Others under scrutiny are being telephoned by investigators about their finances but appear to remain at liberty, one of the sources said, adding that the number of people targeted by the crackdown was expected eventually to rise into the hundreds.
The number of domestic bank accounts frozen as a result of the purge is over 1,700 and rising, up from 1,200 reported on Tuesday, banking sources said.
A number of those held most recently include individuals with links to the immediate family of the late Crown Prince and Defence Minister Prince Sultan bin Abdulaziz who died in 2011, the sources said.
This Reuters news item, filed from Riyadh, put in an appearance on their Internet site at 4:29 a.m. EST on Wednesday morning — and was updated about four hours later. It’s the second contribution in a row from Roy Stephens — and another link to it is here.
Cameco Corp.’s decision to temporarily shut down two uranium operations in northern Saskatchewan, leaving around 845 people without work for at least 10 months, is shocking, according to the head of the union representing the company’s employees.
The Saskatoon-based company attributed its decision to stop production at the McArthur River mine and Key Lake mill to “unsustainably” low prices, but United Steelworkers Local 8914 interim president Denis O’Hara said workers were blindsided.
“Employees on site would be in total shock as well, because there was no indication that this was going to happen, especially to the extent of 10 months,” O’Hara said, adding that the two facilities 550 kilometres north of Saskatoon spent much of the summer shut down.
Cameco told its employees late Wednesday afternoon that 210 workers will be retained once the mine and mill are in a “safe shutdown state” by the end of January, but additional temporary layoffs could follow as it reviews corporate support for the idled operations.
“There’s just today too much uranium out there,” Cameco President and CEO Tim Gitzel said in an interview Wednesday evening, hours after what he described as “sombre” meetings at the two affected sites.
This story was posted on the Saskatoon Star Phoenix website early on Wednesday evening Central Standard Time — and it was picked up by the msn.com Internet site. Another link to it is here.
As we’ve noted in our just published article on the Shanghai Gold Exchange’s October figures, Asian gold demand this year to date is definitely trending higher. Chinese gold demand figures look to be advancing this year compared with last, but India’s even more so. While the latter probably won’t get back to its old level of 1,000 tonnes as it was only a few years ago, before it was superseded by China as the world’s largest gold consumer, it looks as though 2017 imports may reach 900 tonnes if imports in the final three months of the year come in at a similar level to last year, although mixed reports out of India do suggest demand at this time of year may be running 10-15% lower than in 2016, in part due to the imposition across the country of the new Goods and Services tax (GST).
In the first nine months of this year, though, India’s known gold imports have already totalled some 667 tonnes compared with only 510 tonnes for the whole of last year, and October and November in particular tend to be strong months for Indian gold demand encompassing the biggest of the Hindu Festivals in Diwali and the peak wedding season which runs through the final quarter of the calendar year. And for Indian weddings gold is particularly important.
Diwali – the 5-day Festival of Lights – took place this year in late October. As well as being celebrated by Hindus it is also an important Festival for some other Indian minority religions – Sikhism and Jainism – so the Diwali celebrations draw in perhaps around 1 billion people in the Indian subcontinent alone, as well as several millions of others living elsewhere in the world. An important part of the Festival is the worship of Lakshmi, the Hindu goddess of wealth, as the bringer of blessings for the New Year. And in India wealth is inextricably linked with the possession and the gifting of gold. Indian weddings too tend to involve gifting of gold.
This commentary by Lawrie was posted on the Sharps Pixley website yesterday — and it’s certainly worth reading. Another link to it is here.
The PHOTOS and the FUNNIES
While I was sitting down at the pond on October 4…this bird flew overhead…registration number C-GTWS. It’s a WestJet 737-700 with flaps and gear down turning from base onto final approach into Edmonton International Airport [YEG]. It was delivered to WestJet back in July of 2002. The second photo is of it sitting on the tarmac at Fort Lauderdale/Hollywood International Airport [FLL] back on April 15, 2015…photo credit Mark Pasqualino. And as I type this paragraph at 12:09 p.m. EDT yesterday evening — and according to the folks over at flightradar24.com it’s sitting at Edmonton International Airport right now after a quick return flight to Fort MacKay in northern Alberta yesterday evening. It had been on a Toronto/Edmonton run early yesterday morning, so it really gets around. And if you want to see what it’s up to now, you can click here. The ‘click to enlarge‘ feature helps with both shots.
Let me make it easy for those who refuse to acknowledge the silver manipulation. Simply explain why 8 traders, mostly domestic and foreign banks, would hold short the equivalent of 60% of the world’s annual silver production—and 50 percent of all the silver bullion that exists (plus JPMorgan owns another 500 million oz on top of the 115 million oz they hold on the COMEX) at prices below the average primary cost of production — and nearly 70% below the price levels of six years ago.
How could such a concentrated short position be explained in legitimate terms — and what would be its purpose? What effect would such a large short position have on the price of any commodity — and how do you see it being resolved if it wasn’t permanent?
I don’t expect any serious answers to such questions, as it appears to be easier to malign the questioner as a conspiracy theorist instead, but I know these questions have never been addressed in a straightforward manner by anyone who denies the silver manipulation. — Silver analyst Ted Butler: 24 October 2017
It was another rather strange trading day in the precious metals on Wednesday. Gold and silver prices weren’t allowed to get far, with any and all rallies running into huge volume from the sellers of last resort…JPMorgan et al. Although platinum and palladium also ran into ‘da boyz’ during the COMEX trading session, they tacked on some impressive gains…particularly palladium. But since the financial system won’t come under any kind of stress if those two precious metals blast higher, they’re allowed to do pretty much what they want…but within reason, of course.
Here are the 6-month charts for all four precious metals, plus copper, as usual. Silver broke above $17 spot, plus both its 50 and 200-day moving averages yesterday. But as you already know, it wasn’t allowed to close above any of them — and I would suspect that the Managed Money traders were going long in droves in all four precious metals on Wednesday. The ‘click to enlarge‘ feature helps a bit with the first four charts.
And as I type this paragraph, the London open is less than ten minutes away — and I note that the gold price traded pretty flat until shortly before 1 p.m. China Standard Time on their Thursday afternoon. It rallied a few dollars at that point before chopping sideways until 3 p.m. CST. It’s edged higher from there — and at the moment, gold is up $3.00 an ounce. The silver price crept unsteadily higher during morning trading in the Far East — and after trading flat like gold did for a couple of hours in early afternoon trading in the Far East, it began to inch a bit higher as well. Silver is up 8 cents. It’s obvious from the price action that these rallies are being met with some ferocity by the long and short sellers of last resort. Platinum and palladium traded sideways until just before 1 p.m. — and both jumped up a dollar or so at that time as well, with platinum up 2 dollars — and palladium up 3 bucks as Zurich opens.
Net HFT gold volume is coming up on 62,000 contracts, with no roll-over or switch volume worthy of the name. Net HFT silver volume is sitting right at the 9,000 contract mark — and roll-over/switch volume is heavier in this precious metal.
The dollar index took another stab at the 95.00 mark as soon as trading began at 6:00 p.m. EST in New York yesterday evening. It made it up to the 94.98 mark minutes after 9:30 a.m. CST on their Thursday morning — and has been heading sharply lower since. The dollar index is currently down 18 basis points at 94.70 as London opens.
I received an interesting e-mail from subscriber Tolling Jennings — and this is what he had to say, which I thought worth sharing…”Hi Ed, Kay and I arrived in Mexico yesterday — and went to BanaMex to exchange some Canadian dollars for Pesos. We were told there will not be any more exchange of U.S. or Canadian dollars for Pesos from BanaMex!!!! Fortunately we have an account at Aztec Bank so we could exchange. You might wish to post this info for those who are heading south so they can be ready for this new situation. Peace, Tolling”
I was awaiting Friday’s Commitment of Traders Report/Bank Participation report with great interest, only to have them crushed yesterday by reader Bob Murphy, who kindly pointed out that because of the Remembrance Day holiday, which falls on Saturday, a day off in lieu-of will be tomorrow, November 10th. The reports won’t be released until 3:30 p.m. EST on Monday afternoon. I was not amused.
And as I post today’s column on the website at 4:02 a.m. EST, I see that gold, silver and platinum all got sold down a bit the moment that London and Zurich opened. Gold is only up $2.30 at the moment — and silver is only up 4 cents. Platinum is up 2 dollars — and palladium continues to power higher by a bit –and is up 5 bucks currently.
Gross gold volume is about 77,000 contracts — and net of what little December roll-over/switch volume there is, net HFT gold volume is around 75,500 contracts. Net HFT silver volume is a hair under 12,000 contracts. With volumes such as these at this time of day, it’s obvious that ‘da boyz’ are out and about.
The dollar index was turned higher starting about ten minutes before the London open — and is now down only 6 basis points, so it looks like it was another one of those ‘ramp-the-dollar-index/lean-on-precious-metal-prices’ moments…again.
That’s it for yet another day. If you’re one of the fortunate few that gets to partake of that long weekend, I hope you enjoy it…but I’ll be here tomorrow regardless — and I’ll see you then.