12 September 2018 — Wednesday
YESTERDAY in GOLD, SILVER, PLATINUM and PALLADIUM
The gold price was down a couple of bucks by shortly before 11 a.m. China Standard Time on their Tuesday — and then didn’t do much until around 2:30 p.m. CST on their Tuesday afternoon. It rallied a bit at that point, but ran into ‘something’ around 8:30 a.m. BST in London. It was sold lower until around 1 p.m. BST/8 a.m. EDT — and then got hammered to its low tick of the day during the next forty minutes of trading. It chopped higher in fits and starts from there, but the moment it showed signs of breaking above $1,200 spot, it was tapped lower — and the gold market closed for the day a few minutes after that.
The low and high ticks, which really aren’t worth looking up, were reported by the CME Group as $1,187.40 and $1,199.50 in the October contract — and $1,192.70 and $1,204.80 in December.
Gold finished the Tuesday trading session in New York at $1,198.10 spot, up $2.70 on the day. Net volume was nothing too much out of the ordinary at a bit under 252,000 contracts — and roll-over/switch volume was a hair under 12,000 contracts on top of that.
It was the same general price path for silver, except the high tick of the day came shortly before 8:30 a.m. in London. But when the hammer fell at the COMEX open, JPMorgan et al drove silver to a new intraday low for this engineered move down. It rallied rather impressively off that low, but that was stopped cold at the 1:30 p.m. EDT COMEX close before it could get back to unchanged on the day. It wasn’t allowed to do anything after that.
The high and low ticks in silver were recorded as $14.265 and $13.965 in the December contract.
Silver was closed at $14.12 spot, down 4 cents on the day. Net volume was very decent at a bit under 75,000 contracts — and roll-over/switch volume in this precious metal was 6,650 contracts.
Platinum chopped mostly sideways until around 1:30 p.m. CST — and then began to tick higher. That lasted until shortly after 10 a.m. CEST in Zurich — and then it was sold lower until shortly before 9 a.m. in New York. It chopped unsteadily higher until shortly before 1 p.m. EDT, but a decent chunk of those gains were gone by the 1:30 p.m. COMEX close. It picked up a couple of dollars after that — and finished the Tuesday session at $790 spot, up 5 bucks on the day.
It was mostly similar for palladium on Tuesday, at least until shortly before 10 a.m. in Zurich. It was sold lower from there — and then appeared to go ‘no ask’ minutes before 11 a.m. over there. The $965 spot low tick was printed at that point. Its subsequent rally attempt from there — and again at the COMEX open, was driven back to its low tick of the day a couple of more times around 9 a.m. in New York. Its ensuing rally from that point was capped around 12:30 p.m. EDT. It was sold lower into the COMEX close from there — and then traded flat for the remainder of the Tuesday session. Palladium was closed at $972 spot, down 3 dollars from Monday’s close.
The dollar index closed very late on Monday afternoon in New York at 95.14 — and began to creep higher as soon as trading began a few minutes later at 6:00 p.m. EDT. The rally picked up more momentum starting minutes before 9 a.m. China Standard Time on their Tuesday morning — and it topped out around the 95.29 mark around 9:35 a.m. CST. It began to head lower from there — and then sharply lower starting around 1:30 p.m. CST on their Tuesday afternoon. The 94.88 low tick was set around 8:10 a.m. in London — and it should be obvious to all and sundry that the usual ‘gentle hands’ were there to save it at that point. The ensuing rally topped out at the 95.35 mark [its high tick of the day] about 8:35 a.m. in New York — and it chopped quietly lower until minutes before 4 p.m. EDT. During the next forty-five minutes of trading, the index made a noble effort to fall back below the 95.00 mark once again, but was turned higher in the nick of the time. The dollar index finished the Tuesday session in New York at 95.11…down 3 basis points from Monday’s close.
Here’s the 6-month U.S. dollar index — and Tuesday’s trading action was just another day where, if left to its own devices, would have crashed and burned.
The gold shares gapped down 2 percent during the first ten minutes of trading in New York on Tuesday morning, but began to chop higher from there. They were back at the unchanged mark by shortly before 1 p.m. EDT — and chopped unevenly sideways into the close from there. The HUI finished higher by 0.07 percent…basically unchanged on the day.
The silver equities gapped down a bit more than 2 percent at the open. But they rallied very unevenly from there until around 12:40 p.m. in New York trading and, also like the gold stocks, chopped sideways into the close from that point onwards. Nick Lairds’ Intraday Silver Sentiment Index closed down another 0.58 percent. Click to enlarge if necessary.
And here’s the 1-year Silver Sentiment/Silver 7 Index courtesy of Nick Laird. Click to enlarge as well.
The CME Daily Delivery Report showed that 14 gold and 15 silver contracts were posted for delivery within the COMEX-approved depositories on Thursday. In gold, the two short/issuers were Advantage and ADM with 9 and 5 contracts out of their respective client accounts. There were four long/stoppers in total. JPMorgan stopped 8 for its client account — and Advantage picked up 4 for its client account as well. In silver, the two short/issuers were Advantage and R.J. O’Brien with 12 and 3 contracts out of their respective client accounts. There were four long/stoppers in total, with the largest being JPMorgan. They picked up 6 for their own account, plus 1 contract for their client account. In number two spot was HSBC USA. They stopped 4 contracts for their own in-house/proprietary trading account. The link to yesterday’s Issuers and Stoppers Report is here.
The CME Preliminary Report for the Tuesday trading session showed that gold open interest in September rose by 3 contracts, leaving 31 still open, minus the 14 mentioned just above. Monday’s Daily Delivery Report showed that 11 gold contracts were actually posted for delivery today, so that means that 11+3=14 more gold contracts were added to the September delivery month. Silver o.i. in September rose by 10 contracts, leaving 462 still around, minus the 15 contracts mentioned in the previous paragraph. Monday’s Daily Delivery Report showed that 24 silver contracts were actually posted for delivery today, so that means that 24+10=34 more silver contracts were added to September.
There was a tiny withdrawal from GLD yesterday, as an authorized participant took out 8,580 troy ounces. Without doubt, this amount would represent a fee payment of some type. There were no reported changes in SLV.
The folks over at Switzerland’s Zürcher Kantonalbank finally got around to updating their website with the changes in their gold and silver ETFs as of the close of business on Friday, September 7 — and this is what they had to report. For the fourth straight week there have been increases in both ETFs. This past week they added 5,109 troy ounces of gold, plus another 125,935 troy ounces of silver.
There was another small sales report from the U.S. Mint. They sold 2,500 troy ounces of gold eagles — and that was all.
It was very quiet in gold over at the COMEX-approved depositories on the U.S. east coast on Monday. Nothing was reported received — and only 707.300 troy ounces/22 kilobars [U.K./U.S. kilobar weight] were shipped out. That activity was at JPMorgan — and I won’t bother linking it.
There was a decent amount of activity in silver. Nothing was reported received, but 1,204,80 troy ounces were shipped out. One truck load…607,308 troy ounces…departed HSBC USA — and one truck load…597,499 troy ounces…left Canada’s Scotiabank. There was also 1,152,972 troy ounces transferred from the Eligible category — and into Registered. There was 797,020 at Scotiabank — and the remaining 355,966 troy ounces was at Brink’s, Inc. These amounts would certainly be for September delivery. The link to that activity is here.
There was some activity over at the COMEX-approved gold kilobar depositories in Hong Kong on their Monday. They reported receiving 2,650 of them — and shipped out 112. All of this occurred at Brink’s, Inc. — and the link to that, in troy ounces, is here.
Here’s a chart that Nick Laird passed around on Sunday. It shows the withdrawals from the Shanghai Gold Exchange going back to the beginning of 2008. It’s been updated with August’s data — and the withdrawal that month was 190.59 tonnes. Click to enlarge.
I have an average number of stories for you today.
Last week, we wrote about the Whimper and the Bang. The Whimper – a credit deflation… with falling stock prices and a recession – is inevitable. Every credit-fueled boom eventually runs out of gas… and then turns into a bust.
As for Making America Great Again… you can forget about it until this debt bubble issue is resolved.
And you’re not going to do that by increasing the military budget, cutting taxes (unless you’re willing to cut spending, too), or getting into pointless trade wars with everyone from Canada to China.
All of the blather about “more than full employment”… 4% growth… and the tax cut “paying for itself”… is just a distraction. Look at the numbers more carefully – they are almost all misleading or irrelevant.
So are the endless feuds and fantasies coming out of Washington. Soon, it won’t matter who ratted out the president in The New York Times.
It won’t matter, either, whether the Russians tried to influence the 2016 presidential election. (Who didn’t?) Or, whether or not POTUS really is a moron.
These things won’t matter because people will have other things to worry about.
This worthwhile commentary by Bill put in an appearance on the bonnerandpartners.com Internet site very early on Tuesday morning EDT — and another link to it is here.
Current Fed policy will push the U.S. economy to the brink of recession, possibly by later this year. When that happens, the Fed will have to reverse course and ease monetary policy.
Meanwhile, the economic cheerleaders recite recent GDP figures and the stimulative effects of the Trump tax cuts.
There’s one problem with the happy talk about 3–4% growth. We’ve seen this movie before.
In 2009, almost every economic forecaster and commentator was talking about “green shoots.” In 2010, then-Secretary of the Treasury Tim Geithner forecast the “recovery summer.” In 2017, the global monetary elites were praising the arrival (at last) of “synchronized global growth.”
None of this wishful thinking panned out. The green shoots turned brown, the recovery summer never came and the synchronized global growth was over almost as soon as it began.
Strong quarters have been followed by much weaker quarters within six months on six separate occasions in the past nine years. There’s no reason to believe this time will be any different.
This commentary by Jim appeared on the dailyreckoning.com Internet site on Tuesday — and I thank Brad Robertson for bringing it to my attention — and now to yours. Another link to it is here.
Today, the major corporations that profit from warfare not only donate heavily to the political campaigns of both political parties, thereby assuring that there will be a proliferation of unnecessary wars; they also control both the news programmes and the film industry, assuring that there will be no equivalent of M.A.S.H. for present-day Americans to watch.
There will also be no news broadcasts that expose the U.S. government creating and funding rebel organisations such as ISIS – that create chaos that the U.S. must then come in and “control.”
If the American people were to receive such news on their televisions, they would today be asking meaningful questions as they did in the 70’s, such as, “How is it possible for the U.S., the greatest military power on earth, to invade a country like Afghanistan, fighting against disorganized sheepherders for sixteen years, spending three trillion dollars doing it, and not gaining any ground whatever – in effect, being no further ahead than when they started?”
And how can returning veterans of that war be treated by Government as being potential terrorists – classified as “threats to democracy” upon their return?
The American media of today does not present these questions to viewers and they shall not do so in the future.
This very worthwhile commentary by Jeff was posted on the internationalman.com Internet site on Tuesday — and another link to it is here.
Last week, I urged the Secretary of State and National Security Advisor to stop protecting al-Qaeda in Syria by demanding that the Syrian government leave Idlib under al-Qaeda control. While it may seem hard to believe that the U.S. government is helping al-Qaeda in Syria, it’s not as strange as it may seem: our interventionist foreign policy increasingly requires Washington to partner up with “bad guys” in pursuit of its dangerous and aggressive foreign policy goals.
Does the Trump Administration actually support al-Qaeda and ISIS? Of course not. But the “experts” who run Trump’s foreign policy have determined that a de facto alliance with these two extremist groups is, for the time being, necessary to facilitate the more long-term goals in the Middle East. And what are those goals? Regime change for Iran.
Let’s have a look at the areas where the U.S. is turning a blind eye to al-Qaeda and ISIS.
First, Idlib. As I mentioned last week, President Trump’s own Special Envoy to fight ISIS said just last year that “Idlib Province is the largest Al Qaeda safe haven since 9/11.” So why do so many U.S. officials – including President Trump himself – keep warning the Syrian government not to re-take its own territory from al-Qaeda control? Wouldn’t they be doing us a favor by ridding the area of al-Qaeda? Well, if Idlib is re-taken by Assad, it all but ends the neocon (and Saudi and Israeli) dream of “regime change” for Syria and a black eye to Syria’s ally, Iran. [That’s a big 10-4 good buddy! – Ed]
Second, one of the last groups of ISIS fighters in Syria are around the Al-Tanf U.S. military base which has operated illegally in northeastern Syria for the past two years. Last week, according to press reports, the Russians warned the U.S. military in the region that it was about to launch an assault on ISIS fighters around the U.S. base. The U.S. responded by sending in 100 more U.S. Marines and conducting a live-fire exercise as a warning. President Trump recently reversed himself (again) and announced that the US would remain at Al-Tanf “indefinitely.” Why? It is considered a strategic point from which to attack Iran. The U.S. means to stay there even if it means turning a blind eye to ISIS in the neighborhood.
Ron’s commentary is full of a lot of “inconvenient truths”, dear reader — and is certainly worth reading. It was posted on his website on Monday sometime — and I thank Sonia Marlowe-Marais for sharing it with us. Another link to it is here.
In a memo to President Trump, a group of former U.S. intelligence officers, including NSA specialists, warn that the potential for a U.S.-Russia confrontation has never been greater at a moment the White House has confirmed it’s in the planning stages of a strike on Syria, claiming “new intelligence” that Assad has already “ordered” a chemical weapons attack, according to the WSJ.
MEMORANDUM FOR: The President
FROM: Veteran Intelligence Professionals for Sanity (VIPS)
SUBJECT: Moscow Has Upped the Ante in Syria
We are concerned that you may not have been adequately briefed on the upsurge of hostilities in northwestern Syria, where Syrian armed forces with Russian support have launched a full-out campaign to take back the al-Nusra/al-Qaeda/ISIS-infested province of Idlib. The Syrians will almost certainly succeed, as they did in late 2016 in Aleppo. As in Aleppo, it will mean unspeakable carnage, unless someone finally tells the insurgents theirs is a lost cause.
That someone is you. The Israelis, Saudis, and others who want unrest to endure are egging on the insurgents, assuring them that you, Mr. President, will use U.S. forces to protect the insurgents in Idlib, and perhaps also rain hell down on Damascus. We believe that your senior advisers are encouraging the insurgents to think in those terms, and that your most senior aides are taking credit for your recent policy shift from troop withdrawal from Syria to indefinite war.
This very worthwhile commentary showed up on the Zero Hedge website at 4:45 p.m. on Tuesday afternoon EDT — and another link to it is here.
The last time time President Trump launched massive strikes on Syria in April of 2018, Jeffrey Sachs went on MSNBC‘s Morning Joe just two days before the attack to give the American public a perspective they had never heard aired on a major cable network.
Importantly, Sachs is not some random unknown blogger or obscure editorial writer, but a renowned Columbia University professor and career Harvard academic who has won numerous awards and serves as special economic adviser to the U.N.
During the panel Sachs appeared to shock his hosts with erudite analysis of how the seven-year long war in Syria has fundamentally been fueled by covert regime change from the West and its Gulf allies — a rare if not unheard of subject for the show.
In a mere two minutes Sachs cut through the soundbites even as — just like now — the Trump administration was advancing completely unverified claims of an Assad chemical attack on civilians in order to prep the public for military intervention.
There was wasn’t much the talking heads sitting across from the U.N. economist could say after that.
This absolute must watch 2:20 minute video clip from MSNBC — and is from April of this year, but it’s still the absolute truth of the matter. This clip appeared on the Zero Hedge website at 11:45 p.m. EDT last night — and another link to it is here.
The United States threatened Monday to arrest and sanction judges and other officials of the International Criminal Court if it moves to charge any American who served in Afghanistan with war crimes.
White House National Security Advisor John Bolton called the Hague-based rights body “unaccountable” and “outright dangerous” to the United States, Israel and other allies, and said any probe of U.S. service members would be “an utterly unfounded, unjustifiable investigation.”
“If the court comes after us, Israel or other U.S. allies, we will not sit quietly,” Bolton said.
He said the U.S. was prepared to slap financial sanctions and criminal charges on officials of the court if they proceed against any Americans.
“We will ban its judges and prosecutors from entering the United States. We will sanction their funds in the US financial system, and we will prosecute them in the U.S. criminal system,” he said.
“We will do the same for any company or state that assists an ICC investigation of Americans,” he said.
Wow! The U.S. deep state has really has the gloves off now — and they don’t care who they trample as they attempt to take over the entire planet. He sound like Hitler before the outset of WW2. The rest of the nations of the world must be aghast at all this, plus all the other stunts that the U.S., the U.K. and ‘others’ are pulling these days.
This story was posted on the france24.com Internet site on Tuesday sometime — and I thank Roy Stephens for pointing it out. Another link to it is here.
This 25-minute audio interview was broadcast live on Ann Arbor, Michigan’s all-talk radio WAAM 1600 on Sunday afternoon EDT — and appeared on the Good Doctor’s website on Sunday evening.
I have had an interesting life, in the course of my retirement from business; my retirement happened somewhat by chance, in the year 1988; one Friday evening I presided a meeting of a group directors of Elektra, a Mexican company the property of my father and myself. We had had some 500 of these meetings in past years; they took place every two weeks. My son Richard was present, having been with the company since 1980. (He had arrived in 1980 from Dallas, Texas, looking for a post at Elektra, after being fired from his job – he had called his supervisor a fool, if not something worse. He was probably right in his judgment of his superior officer’s decisions, but of course saying what you think is not the best way to get along in business).
Well, having risen to leave from the meeting I mention, suddenly an impulse came upon me and I announced: “This is the last meeting that I shall preside. My son Richard will take over from here. Cancel all my Powers of Attorney and my signatures in bank accounts“. Thus, I fired myself. Richard really deserved to run the family company, since he is far more able in business, than myself.
So that’s how I found myself unemployed at 56, a situation which I have thoroughly enjoyed the last 30 years, especially since Richard turned out to be a businessman of singular ability, whose efforts have made me a rather wealthy man. The shares of Elektra to my name, if their number is multiplied by their quoted value on the Mexican Stock Exchange, and divided by the current rate of exchange of the Peso against the Dollar, amount to about – well, I’d rather not say. Bad luck might ensue!
I advance the clock to 1995; a terrible financial collapse had hit Mexico with a heavy devaluation of the Mexican Peso against the Dollar.
During this crisis, I had conversations with some of my conservative friends, and the conversations turned to silver money; my friends suggested that I put my thoughts into print, and so I did. I published a tract which intended to show how a silver money could be adopted by Mexico. It was much too ambitious and impossible to consider as a serious proposal.
Consequently, I put out another tract, urging the use of silver as a means of saving for the Mexican people. There has been available, since 1982, a pure silver coin weighing one Troy ounce, with no stamped value upon it: the “Libertad” silver ounce. The Mexican people have been acquiring modest amounts of this coin, over the years. One defect that puts off many purchasers, is that the monetary value of this coin fluctuates, and at times make it seem a bad investment, especially for new investors – though over time, the value of the coin does show a constant rise.
This long, but very worthwhile commentary by Hugo put in an appearance on the plata.com.mx website on Tuesday — and I found it in a GATA dispatch last evening. Another link to it is here.
This is beginning to sound like a broken vinyl record, but the Chinese Central Bank has reported yet another zero increase in its gold reserve in August – for the 22nd month in a row! The country’s total gold reserve – as reported to the IMF – officially remains at 1,842.6 tonnes although most China followers reckon the nation’s real gold reserve is considerably in excess of this figure but held in a way that the country does not feel the need to report the true amount until it is deemed expedient to do so. When it feels the time is right, the additional gold is then moved into the official Forex data.
Thus on an official basis, the value of the country’s gold holdings fell in August by US$1.096 billion given the lower gold price, and this amounted to only 2.3% of the country’s total forex holdings, which themselves fell by $8.23 billion in August to still a massive $3.11 trillion. A fall had been anticipated by the markets but perhaps by not quite as much.
Regarding the reporting of its gold reserves China has quite a track record of delaying increases for several years at a time.
The country reported zero increase in its gold reserve from late 2002 to April 2009 and then again from April 2009 until July 2015 and on each occasion then reported massive increases, presumably built up over the previous 6 years, but held in some unspecified accounts which the Chinese government felt no need to report – at least that’s what they said at the time. Then from July 2015, somewhat cynically, the country did report monthly gold reserve increase for the 15 months prior to the yuan’s final acceptance into the IMF’s special drawing right (SDR) basket of currencies as the third largest constituent after the U.S. dollar and the euro. The other two constituents are the Japanese yen and the U.K. pound sterling. And once this acceptance was confirmed, China abruptly ceased to report any monthly increases in its gold reserve. Make of that what you may! (The SDR was initially defined in 1969 as equivalent to 0.888671 grams of fine gold—which, at the time, was also equivalent to one U.S. dollar. After the collapse of the Bretton Woods system, the SDR was redefined as a basket of currencies which has changed over the years to the five constituent currencies noted above.)
Most analysts and commentators, including this one, firmly believe that China is continuing to build its gold reserves without reporting the increases. And furthermore what is reported may equally be a fiction and nowhere near the full size of the nation’s true gold reserve figure. It has a track record of only reporting increases in its reserve figure when it feels it opportune to do so.
This interesting commentary by Lawrie appeared on the Sharp Pixley website on Sunday sometime — and another link to it is here.
The PHOTOS and the FUNNIES
Today’ ‘critter’ is the cherry-faced meadowhawk, a very common dragonfly in these parts that show up in mid summer. The first shot is of the female — and I took it a couple of minutes after those two caterpillar photos that I featured in yesterday’s column — and also taken on the same pathway. The second shot is of the male — and I took that photo a couple of summers ago. The ‘click to enlarge‘ feature only helps with the first shot.
It was another day of ‘care and maintenance’ in gold — and as I’ve already noted, it was prevented from rising above $1,200 spot in after-hours trading yesterday. JPMorgan used the opportunity to blast silver to a new intraday low for this move down — and as I said in this space in Tuesday’s column…”I also noticed that the silver price hasn’t been allowed to get too far off its current low tick — and if JPMorgan wished it, they could certainly engineer the price to another new low for this move down.” I’ll be careful not to mention that again.
Platinum has also been forced to trade sideways since its August low — and palladium has been capped and sold quietly lower just about every day since it threatened to take out its 200-day moving average early last week.
As Ted says, JPMorgan still has the precious metals in its iron grip — and until they decide, or are instructed to put their hands in their pockets, nothing will change.
Here are the 6-month charts for all four precious metals, plus copper and WTIC — and it should be noted that West Texas Intermediate blasted above — and closed above, its 50-day moving average yesterday. The ‘click to enlarge‘ feature only helps with the first four.
And as I type this paragraph, the London open is less than ten minutes away — and I note that the gold price, once again, was sold quietly lower in Far East trading until shortly before 1 p.m. China Standard Time on their Wednesday afternoon. It edged slightly higher going into the 2:15 p.m. CST afternoon gold fix in Shanghai, but was turned lower after that. At the moment, gold is down $4.90 an ounce. It was the same price path for silver — and it’s down 4 cents currently. The trading pattern in platinum and palladium was very similar, with both down 4 dollars as Zurich opens.
Net HFT gold volume is coming up on 48,000 contracts — and there’s only 777 contracts worth of roll-over/switch volume on top of that. Net HFT silver volume is pretty quiet, relatively speaking…coming up on 7,400 contracts — and the roll-over/switch volume in this precious metal is 1,767 contracts.
The dollar index continued to crawl quietly higher once trading began in New York at 6:00 p.m. EDT in New York on Tuesday evening. Its current 95.23 high tick was set a few minutes after 1:30 p.m. CST. It fell 9 basis points going into the afternoon gold fix in Shanghai — and has been turned sharply higher since. The index is up 9 basis points as London opens.
Yesterday, at the close of COMEX trading, was the cut-off for this Friday Commitment of Traders Report. Using the above charts as a guide, it certainly doesn’t appear that there will be much change in gold, but after yesterday’s new intraday low in silver, I would expect further long-selling and shorting by the two different groups of Managed Money traders. But as to how much in contract terms that will amount to, I’m not prepared to stick my neck out. Ted is the real authority on all this, plus all other things silver and gold related — and he may or may not have something to say about it in his mid-week commentary later today.
And as I post today’s column on the website at 4:10 a.m. EDT, I see that all four precious metals have rallied a bit during the first hour of London and Zurich trading. Gold is now down only $2.00 — and silver is up 3 cents. Platinum is back at unchanged — and palladium is down only 2 bucks.
Gross gold volume has jumped up to 64,500 contracts — and net of what little roll-over/switch volume there is, net HFT gold volume is 62,000 contracts. Net HFT silver volume is now up to a bit over 12,000 contracts — and roll-over/switch volume is 1,786 contracts on top of that.
The dollar index made up to the 95.28 mark a few minutes before the London open — and was up 18 basis points at that juncture, but has taken a real header since — and is down 2 basis points as the first hour of trading in London and Zurich draws to a close.
The bullish set-ups in silver and gold are now so extreme that I’m numb to it all. But when this price management scheme is brought to its inevitable end, you won’t…as Ted says…have to ask “Is this it?” or not, because it will be immediately evident in their respective prices.
See you here tomorrow.