19 January 2019 — Saturday
YESTERDAY in GOLD, SILVER, PLATINUM and PALLADIUM
The gold price chopped quietly sideways in Far East trading on their Friday — and that state of affairs lasted until exactly 3:00 p.m. China Standard Time. From that point, the price was stair-stepped lower for the remainder of the Friday session — and the low tick of the day was set minutes before 4 p.m. in the thinly-traded after-hours market in New York. It ticked a hair higher into the 5:00 p.m. close from there.
Gold traded within a one percent price range on Friday, so I won’t bother with the high and low ticks in this precious metal.
Gold was closed in New York on Friday afternoon at $1,281.30 spot, down an even $10.00 on the day. Net volume was pretty quiet at 183,000 contracts — and there was around 34,300 contracts worth of roll-over/switch volume in this precious metal.
The silver price didn’t do much until the 2:15 p.m. CST afternoon gold fix in Shanghai was done for the day. Then, like gold, it was stair-stepped lower in price for the remainder of the Friday session, closing a penny off its low tick — and back below its 200-day moving average by about a nickel.
The high and low ticks in silver were recorded by the CME Group as $15.605 and $15.38 in the March contract.
Silver was closed on Friday afternoon at $15.31 spot, down 19.5 cents on the day. Net volume was pretty quiet as well, at a bit under 53,000 contracts — and there was 2,293 contracts worth of roll-over/switch volume on top of that.
The platinum price was up five bucks by 3 p.m. CST on their Friday afternoon, but all of that gain was gone by around 10:30 a.m. in Zurich. From that juncture, it traded sideways until 8:00 a.m. in New York — and like silver and gold, got smacked lower until the afternoon gold fix in London was done for the day. From there it traded traded quietly sideways with a slight negative bias for the remainder of the Friday session…expect for the down/up price spike shortly before noon in New York. Palladium was closed back below $800 spot, at $797 spot, down 12 bucks on the day.
The palladium price was up about 15 dollars or so by shortly before 10 a.m. China Standard Time on their Friday morning. It traded mostly sideways from there — an its brief sojourn above $1,400 spot at 3 p.m. CST wasn’t allowed to last very long. It drifted very quietly lower until 8 a.m. in New York and, like the other three precious metals, got smacked lower into the afternoon gold fix. It crept a few dollars higher over the next hour or so, before trading flat for the remainder of the Friday session. Palladium was closed at $1,359 spot, down 18 dollars on the day — and 43 bucks off its high tick.
The dollar index closed very late on Thursday afternoon in New York at 96.07 — and opened flat once trading began at 7:45 p.m. EST on Thursday evening, which was 8:45 a.m. China Standard Time on their Friday morning. From that juncture, it chopped quietly sideways in a very tight range right up until 9:05 a.m. EST in New York yesterday morning. It began to head higher from there — and the 96.39 high was set at precisely 1:00 p.m. EST. From there, it chopped and flopped around a bit, closing at 96.34…up 27 basis points on the day.
It should be very obvious that Friday’s trading session in the precious metals was completely divorced from what was happening in the currency market — and precious metals price action was strictly a COMEX futures market affair…not currency related at all.
Here’s the DXY chart from Bloomberg once again. Click to enlarge.
And here’s the 6-month U.S. dollar index chart — and the delta between its close…95.99…and the close on the DXY chart above, was 35 basis points on Friday. Click to enlarge.
The gold shares gapped down a bit at the open — and then crawled higher until around 11:45 a.m. in New York trading. At that point, they began to head quietly lower until about 3:25 p.m. EST — and caught a bit of a bid going into the 4:00 p.m close of trading. The HUI finished down 1.91 percent.
The price path for the silver equities was very similar to the one followed by their golden brethren, expect there was no tiny rally in the last thirty minutes of trading — and they closed virtually on their low ticks of the day. Nick Laird’s Intraday Silver Sentiment/Silver 7 Index closed down 2.69 percent. Click to enlarge if necessary.
And here’s Nick’s 1-year Silver Sentiment/Silver 7 Index. Click to enlarge as well.
Here are the usual charts from Nick that show what’s been happening for the week, month-to-date — and year-to-date. The first one shows the changes in gold, silver, platinum and palladium for the past trading week, in both percent and dollar and cents terms, as of their Friday closes in New York — along with the changes in the HUI and the Silver 7 Index.
Here’s the weekly chart — and there’s no way to sugar-coat this one. Although both gold and silver were closed down a bit on the week, their shares were crushed out of all proportions to the underlying declines in the precious metals. Most of the damage occurred on Tuesday when a major hedge/mutual fund dumped a whole boat-load of shares on the market. That day along accounted for about 6 percent of the decline. Click to enlarge.
Here is the month/year-to-date chart — and even though gold and silver prices are down very tiny amounts month/year-to-date, the silver equities are ‘outperforming’ their golden cousins by a country mile so far…relative to the declines in their respective underlying precious metals. Click to enlarge.
Until we get into February, the month-to-date — and year-to-date charts show the same data, so I’m not posting it.
With still no COT or Bank Participation Reports, it’s impossible to tell what’s really going on under the hood — and what JPMorgan may or may not be doing on the short side. Ted has been commenting recently on the big increases in open interest in gold, which are out of all proportions to the price action — and he’s wondering what that’s all about. This is one of many reasons why not having a COT/BPR Report to look at is so damn frustrating. Then, of course is this DoJ investigation into JPMorgan’s price management schemes in the precious metals which is still ongoing. So we’ll just have to wait and see how things turn out with that.
The CME Daily Delivery Report showed that 2 gold and 13 silver contracts were posted for delivery within the COMEX-approved depositories on Tuesday. In gold, ADM issued — and JPMorgan stopped. Both transactions involved their respective client accounts. In silver, the sole/short issuer was Advantage. JPMorgan picked up 5 contracts in total…3 for clients — and 2 for its own account. In second and third spots were Goldman Sachs with 4 — and Advantage with 3. Both amounts were for their respective client accounts. The link to yesterday’s Issuers and Stoppers Report is here.
The CME Preliminary Report for the Friday trading session showed that gold open interest in January dropped by 2 contracts, leaving 50 still open, minus the 2 mentioned just above. Thursday’s Daily Delivery Report showed that only 1 gold contracts was posted for delivery on Monday, so that means that 2-1=1 gold contracts disappeared from the January delivery month. Silver o.i. in January declined by 10 contracts, leaving 367 still around, minus the 13 contracts mentioned in the previous paragraph. Thursday’s Daily Delivery Report showed that 23 silver contracts were actually posted for delivery on Monday, so that means that 23-10=13 more silver contracts just got added to January.
So far in January, there have been 544 gold contracts issued and stopped — and that number in silver is 804.
There was a big deposit into GLD on Friday, as an authorized participant added 387,512 troy ounces and, for a change, there was no activity in SLV.
There was no sales report from the U.S. Mint yesterday.
Month/year-to-date the mint has sold 57,000 troy ounces of gold eagles — 21,000 one-ounce 24K gold buffaloes — 3,441,000 silver eagles — and 23,800 one-ounce platinum eagles.
There wasn’t much activity in gold over at the COMEX-approved depositories on the U.S. east coast on Thursday. Nothing was reported received — and only 2,089.750 troy ounces/65 kilobars [U.K./U.S. kilobar weight] was shipped out of Canada’s Scotiabank. I won’t bother linking this amount.
But it was a monster day in silver, as 3,148,638 troy ounces were received — and 471,112 troy ounces shipped out. In the ‘in’ category, two trucks and then some…1,427,219 troy ounces…was left at CNT — and two truckloads…1,226,386 troy ounces…was dropped off at Brink’s, Inc. The remaining 495,032 troy ounces found a home over at JPMorgan. In the ‘out’ category, the largest amount…389,295 troy ounces…departed Scotiabank — and 80,894 troy ounces and 921 troy ounces were shipped out of CNT and Delaware respectively. The link to all this activity is here.
There was some activity over at the COMEX-approved gold kilobar depositories in Hong Kong on their Thursday. There were 300 reported received — and 350 shipped out. All of this occurred at Brink’s, Inc. — and the link to that, in troy ounces, is here.
Since the twentieth of January occurs on a weekend…this weekend, the good folks over at The Central Bank of the Russian Federation updated their website with December’s data. During that month, they reported adding another 300,000 troy ounces of gold to their reserves. I was hoping for much more than that, but it is what it is.
That brings their total gold reserves up to the 67.9 million troy ounce mark…2,112 metric tonnes. Here’s Nick’s most excellent chart, updated with December’s data. Click to enlarge.
For the 2018 calendar year, according to Nick’s chart above, Russia’s central bank added 8.8 million troy ounces/273.7 metric tonnes of gold to their reserves last year. This is pretty much equal to their entire country’s forecast gold output for 2018. If that’s case, then Russia has now joined China in not exporting any of their gold production. Let’s see if that continues in 2019.
The Mildenhall Treasure is a large hoard of 34 masterpieces of Roman silver tableware from the 4th century A.D., and by far the most valuable Roman objects artistically and by weight of bullion in Britain. It was found at West Row, near Mildenhall, Suffolk, in the year 1942 — and undoubtedly belong to the first rank of Roman art and craftsmanship on an international scale of excellence. It consists of over thirty items and includes the Great Dish weighing over 8 kilograms alone.
The hoard was discovered while ploughing in January 1942 by Gordon Butcher, who removed it from the ground with help from Sydney Ford, for whom he was working at the time. Many details of the discovery remained uncertain, not least because it took place in wartime. Apparently they did not at first recognise the objects for what they were, though Ford collected ancient objects.
Ford cleaned the pieces and displayed them in his house, using some of them as daily utensils and some, such as the Great Dish, on special occasions with the family. Ford declared the hoard to the authorities in 1946 after a knowledgeable friend had seen them in his home. An inquest was held in the summer of that year, when the find was legally declared “treasure trove” and acquired by the British Museum in London. Academic opinion at the time was generally reluctant to believe that such fine-quality Roman silver could possibly have been used in Roman Britain, and so there were many imaginative rumours and even doubts that this was a genuine British find at all. The numerous well documented discoveries of high-quality Roman material in recent decades, including the Hoxne Hoard, have set all such doubts to rest.
More recently, Richard Hobbs drew the attention of the academic world to the importance of the partly-fictional account by Roald Dahl, and has addressed the issues surrounding the actual finding. In Dahl’s version of events, subsequently confirmed by Ford’s grandson, Ford was fully aware of the significance of the find, but could not bear to part with the treasure. He kept it and restored it in secret, but two of the spoons left out on display were seen by an unexpected visitor, Dr. Hugh Fawcett…a renowned collector of antiquities. Click to enlarge.
It’s another day where I only have a tiny handful of stories for you.
The intellectual drift in favor of more government debt was put forward this week in the pages of the “pink paper,” the Financial Times:
“A government can issue debt to pay for whatever it likes. It can pay to fight a war, to lower taxes for a preferred group, to soften the sharp edges of a recession. The United States has, in fact, issued debt to pay for all of these things. American politicians say that public debt crowds out private investment, that it’s unsustainable and will turn the country into Argentina. Or Greece. Or now, Venezuela. But regardless of what they say, what American politicians do is vote for more debt.”
The FT is right about that. Year in, year out… boom or bust… Democrat or Republican – they voted for more debt. Modern Monetary Theory is at least realistic about it.
Noting that politicians are not shy about going into debt – without any horrible consequences; not recently, at any rate – the MMTers fantasize about a world in which government can get as much money as it pleases. Debt shouldn’t be a limitation.
A government issues money, they reason. Why does it have to borrow at all?
This longish commentary from Bill showed up on the bonnerandpartners.com Internet site early on Friday morning EST — and another link to it is here.
While there were countless argument offered to explain December’s near-record market drubbing, we said on several occasions last month that the simplest reason for last month’s plunge was also the simplest one: faced with a mountain of redemption requests, hedge funds were forced to sell their holdings into a market that had never been more illiquid, which meant hitting each and every bid and culminating with the brief, December 24th bear market.
We now have confirmation, because according to Hedge Fund Research, investors fled hedge funds as markets plunged in the fourth quarter (or is that markets plunged as investors fled hedge funds), pulling a massive $22.5 billion, the most in more than two years. The exodus added to the total withdrawals of $34 billion in 2018, or about 1% of hedge fund industry assets, the largest quarterly outflow since Q4 2016 when investors redeemed about $70 billion.
The spike in redemptions came as hedge funds suffered their worst performance since 2011 in a year marked by two corrections, a bear market, and a spike in year-end volatility.
This Zero Hedge article was posted on their website at 3:26 p.m. EST on Friday afternoon — and I thank Brad Robertson for pointing it out. Another link to it is here.
The Powell Fed chose not to come to the market’s defense at the December 19th FOMC meeting. I viewed this as confirmation that Chairman Powell appreciated how previous hurried Fed measures to backstop the markets had bolstered speculation, distorted market functioning and fueled Bubbles. By January 4th, however, the pressure of market illiquidity had become too much to bear.
The Fed, once again, intervened and reversed the markets. Those believing in the indominable power of the “Fed put” were further emboldened. The resulting short squeeze and reversal of hedges surely played a commanding role in fueling the advance. And in a financial world dominated by trend-following and performance-chasing finance, market rallies can take on a wild life of their own. There is tremendous pressure on investment managers, the speculator community, advisors and investors not to miss out on rallies. All the makings for a wretchedly protracted bear market.
Serious illiquidity issues were unfolding a small number of trading sessions ago, as equities and fixed-income outflows – along with derivatives-related and speculative selling – began to overwhelm the marketplace. Fed assurances reversed trading dynamics. De-risking/deleveraging has, for now, given way to “risk on.” A powerful confluence of short covering and risk embracement (and leveraging) has acutely speculative markets once again perceiving liquidity abundance and unwavering central bank support. Dangerous.
At least at this point, I’m not anticipating a crisis of confidence in an individual institution (i.e. Lehman in October 2008) will dominate Crisis Dynamics. Rather, I see a more general unfolding crisis of confidence in market function and policy-making. A decade of reckless monetary expansion and near-zero rate policies unleashed Intractable Monetary Disorder. Among the myriad consequences are deep structural impairment to financial systems – certainly including global securities and derivatives markets. The world is in the midst of acute financial instability with little possibility of resolution (outside of crisis).
Doug’s weekly commentary is always a must read for me — and this one is no exception. It was posted on his Internet site in the wee hours of Saturday morning — and another link to it is here.
My broker/mentor was fond of saying; “It’s easy for investment advisers when the market is booming. When times are tough you learn who is doing their homework!” She was a veteran and the voice of experience.
We looked out her office window and counted a dozen starter BMW’s in the employee parking lot. They belonged to their cadre of freshly licensed young brokers that talked a good game.
Each morning the squawk box told them what to push – and push they did, mimicking their provided script. She predicted, “Once the market turns many will be gone.” A few months later, we sat in her office watching a tow truck repossess a BMW.
This longish but interesting commentary from Dennis appeared on his Internet site on Thursday — and another link to it is here.
A group of Wyoming legislators have introduced three bills this week to de-risk the state’s financial holdings with modest allocations to physical gold and silver in the state’s pension fund, reserve fund, and mineral trust fund.
Introduced by Representative Roy Edwards (R-Gillette) and co-sponsored by 15 others, the Wyoming Sound Money Trust Act (HB 174) empowers the State Treasurer to hold at least 10% of the Permanent Wyoming Mineral Trust Fund in the monetary metals in a depository in or near the state of Wyoming.
The Permanent Wyoming Mineral Trust Fund is the state’s oldest and most well-funded permanent fund with over $8 billion in assets.
Last year, Rep. Edwards successfully passed the ground-breaking Wyoming Legal Tender Act, a measure which reaffirmed that gold and silver are constitutional money and removed all state taxation of them.
Meanwhile, the Wyoming Sound Money Pension Act (HB 156), introduced by Representative Mark Jennings (R-Sheridan), aims to reduce financial risk and better secure state-managed pension funds by allocating a modest 10% of Wyoming Pension System assets to the monetary metals.
This precious metal-related news item, filed from Cheyenne in Wyoming, appeared on the soundmoneydefense.org Internet site on Thursday sometime — and I extracted it from a GATA dispatch yesterday. Another link to it is here.
Despite seeming efforts by the powers that be to keep the price under control, gold keeps bouncing back up into the $1,290-$1,300 range. It cannot be long before the latter level is breached, and breached comprehensively. The force seems to be with gold yet again and this time it hopefully will not be found wanting.
At the moment the dollar gold price appears to be dependent on the strength or otherwise of the mighty dollar itself. Recently the dollar has been showing occasional signs of weakness compared with a couple of months ago, but attempts to keep it from falling excessively have so far been successful but one suspects gravity will prevail as U.S. data indicators seem to be turning negative. U.S. equities are volatile after a series of upwards corrections following the heavy falls in December and early January but there does seem to be considerable intraday down and up movement in the key North American markets, while Asian and European bourses remain significantly nervous suggesting all is not well with the global economy.
So where does this leave gold? As noted above it seems to have been consolidating in the high $1,280s and low $1,290s poised to hit $1,300 and go higher in the near future we think. But for much of the rest of the world, earlier dollar strength has meant the gold price has actually already been doing rather well. As my colleague Ross Norman points out in another article published here a couple of days ago: “Popular belief has it that gold prices have not performed especially well despite some egregious geopolitical and economic factors. Well measured in 72 currencies, gold is at … or within a few percentage points … of being at an all time high for people in those countries. Not on the list are the British Pound, the Swiss Franc, the Euro and Chinese Yuan – but we are not far off in all of those currencies too. Only in USD does gold lag – and not all of us live in the US. Using the dollar gold price, as most of us do, has disguised what is actually quite a powerful bull market. If my memory serves me right, we saw the same phenomenon – a stealth rally in minor currencies – ahead of the last major gold bull run (in dollars) in the late 1990’s. Arguably this may be a very good leading indicator.”
This very worthwhile commentary by Lawrie was posted on the Sharps Pixley website on Thursday — and another link to is here.
Russia has overtaken China to become the world’s fifth largest official sector holder of gold as Western sanctions drove buying by its central bank to record highs in 2018, its data showed on Friday.
With support from President Vladimir Putin, the central bank has been betting heavily on bullion, often seen as a safe haven or a natural hedge against the dollar, with active purchases in the last 10 years.
In 2018, Russia’s buying jumped further as holdings of U.S. Treasury securities were reduced after Washington imposed sanctions on Russian entities in April, the toughest since Moscow’s 2014 annexation of Crimea from Ukraine.
The central bank bought 8.8 million troy ounces last year, it said on Friday, beating a record 7.2 million ounces set in 2017.
Of course China’s true gold reserves were known, Russia would drop back to sixth place immediately. This brief Reuters story, filed from Moscow, showed up on their website at 2:58 a.m. EST on Thursday morning. This is a bit of a surprise, as it was at least eight hours before Russia’s central bank updated their website. Another link to it is here.
Silver import has seen a sharp uptick in 2018. Analysts said that import is estimated to have gone up between 30-35 per cent. Import has seen a jump following higher consumer demand. Even import bill for silver has jumped almost 30 per cent to $3.934 billion. Average international silver price in 2018 was down by 8 per cent to $15.7 per ounce.
Traders and importers estimate the increase in import around 20-25 per cent. However, import bill in last quarter of 2018 has doubled to $1.2 bn from October quarter. Which means in last quarter huge quantities are understood to have entered India.
There was huge shortage of silver and some importers are understood to have booked chartered flights to import higher quantities, sources had said ahead of Diwali.
According to Debajit Saha, Senior Analyst – Precious Metals Demand, GFMS Thomson Reuters, said, “We estimate Silver bullion imports into India have increased quite sharply this year by 35.2 per cent to around 6,942 tonnes, compared to 5,133 tonnes in 2017”.
Viraj Didwania, director, Foresight Bullion, one of the large silver importer in India, said, “We have seen higher consumer demand in 2018 and mostly from rural consumers”.
This silver-related news item, filed from Mumbai, appeared on the business-standard.com at 1:22 a.m. IST on their Friday morning, which was 2:22 p.m. in New York on Thursday afternoon — EST plus 11 hours. I thank Mark Barooshian for sending it our way — and another link to it is here.
The PHOTOS and the FUNNIES
Here are two more photos in the series titled “Wildlife photographer of the year people’s choice award” that appeared on The Guardian‘s website back on December 26 — and they’re courtesy of Patricia Caulfield.
This first photo is entitled: “Red, Silver and Black” — and was taken by U.S. photographer Tin Man Lee. The caption reads “Tin was fortunate enough to be told about a fox den in Washington State, US, which was home to a family of red, black and silver foxes. After days of waiting for good weather he was finally rewarded with this touching moment.” Click to enlarge.
This second photo is entitled “One Toy, Three Dogs” — and was taken by Bence Mate. The caption reads “While adult African wild dogs are merciless killers, their pups are extremely cute and play all day long. Bence photographed these brothers in Mkuze, South Africa – they all wanted to play with the leg of an impala and were trying to drag it in three different directions.” Click to enlarge.
Today’s pop ‘blasts from the past’ dates from 1966/67…the start [and end] of my hippy days on Yonge Street in Toronto. This “baroque pop band” was from New York City — and they were basically ‘2-hit wonders’…both of which were cult classics back in those days. The link to them is here — and here.
Today’s classical ‘blast from the past’ is one that I’ve posted at least twice before, but it’s been long enough that I don’t mind posting it again. It’s a tone poem by Finnish composer Jean Sibelius. It’s entitled Finlandia, Op. 26. The piece was composed for the Press Celebrations of 1899 as a covert protest against increasing censorship from the Russian Empire, and was the last of seven pieces performed as an accompaniment to a tableau depicting episodes from Finnish history.
Most of the piece is taken up with rousing and turbulent music, evoking the national struggle of the Finnish people. Towards the end, a calm comes over the orchestra, and the serenely melodic Finlandia Hymn is heard.
Here’s the piece, performed in Helsinki — and it’s wall-to-wall Finns…including their home-grown maestro, Jukka-Pekka Saraste, conducting. It’s wonderful — and the link is here.
It was blindingly obvious that the long knives were out for the precious metals on Friday — and that started long before the dollar index ‘rally’ materialized in New York trading. So in some respects, it’s the same old, same old.
But with no COT Report for a month now, it’s impossible to know what JPMorgan is up to — and whether or not they are active short sellers in this market. But that matters not at the moment, as someone is actively managing the markets in the very short term. Since JPMorgan has almost always been the short seller of last resort, they haven’t really been tested in the December 2018 rally in either gold or silver.
And it’s still way too early to tell whether the price action of the last few days is the start of this engineered price decline I’ve been mentioning off and on for the last little while, or not. If ‘da boyz’ were deadly serious, they could have really pushed it yesterday, as volumes were very light — and certainly not what one would normally expect if this sell-off was the start of something more serious.
But a I’ve also stated, I don’t expect this ‘correction’ to last overly long, or be too deep. We’ll see what next week brings.
Here are the 6-month charts for the four precious metals, plus copper and WTIC. It should be noted that the low closes of the day in both silver and gold occurred after the COMEX close, so they don’t show up on Friday’s dojis on these charts. And as I stated in my discussion on silver at the top of today’s column, silver broke below — and closed below its 200-day moving average in after-hours trading. Click to enlarge for all.
The powers-that-be didn’t confine their activities to interfering with precious metal prices this past week, they were also active in the currencies and in the equity markets in New York in particular. The ‘rallies’ in the Dow Jones Industrial Average/S&P500 that began right after Christmas, are still ongoing — and that’s in the face of earnings that are far from stellar — and in most cases, very disappointing. They won’t allow the equity markets to fall — and by extension, they’re keeping all the equity markets world wide levitated in Wile E. Coyote fashion, as those short the equity markets [for very good reason] are being forced to cover. [Read Doug Noland’s commentary in the Critical Reads section for more on this.]
While I was typing the above paragraph, the April 2001 comments of British economist Peter Warburton crossed my mind on the ‘all of the above’ came to mind…
“Central banks, and particularly the U.S. Federal Reserve, are deploying their heavy artillery in the battle against a systemic collapse. This has been their primary concern for at least seven years…[1994 – Ed]. Their immediate objectives are to prevent the private sector bond market from closing its doors to new or refinancing borrowers — and to forestall a technical break in the Dow Jones Industrials. Keeping the bond markets open is absolutely vital at a time when corporate profitability is on the ropes. Keeping the equity index on an even keel is essential to protect the wealth of the household sector — and to maintain the expectation of future gains. For as long as these objectives can be achieved, the value of the U.S. dollar can also be stabilized in relation to other currencies, despite the extraordinary imbalances in external trade.”
So here we are…eighteen years later — and those words are even more frighteningly true now than they were back then, as the state of the worlds economies and finances are many orders of magnitude worse.
So, dear reader, how long can the Deep Sate keep this charade going you ask? Well, that is the $64,000 question, isn’t it? I don’t know for sure, but it’s a certainty that they can’t keep it up forever.
The day the music stops, either by circumstance…or design, will be the day that we will be happy we suffered through the precious metal pain that we’re all feeling now.
That’s it for this week — and I’ll see you here on Tuesday.