29 January 2019 — Tuesday
YESTERDAY in GOLD, SILVER, PLATINUM and PALLADIUM
The gold price didn’t do much of anything everywhere on Planet Earth on Monday. It crept quietly higher until around 1:30 p.m. China Standard Time on their Monday afternoon — and then crept equally quietly lower…and back below $1,300 spot. That tiny decline lasted until shortly after the noon silver fix in London — and at that juncture, it popped back above $1,300 spot — and then didn’t do much of anything after that.
The high and low ticks certainly aren’t worth looking up.
Gold finished the Monday session in New York at $1,320.80 spot, up 20 cents from Friday’s close. Net volume was literally fumes and vapours at 99,500 contracts but, not surprisingly, roll-over/switch volume out of February and into futures months was over the moon at a bit over 144,000 contracts.
It was mostly the same price action in silver, except the sell-off that began at 1:30 p.m. CST was somewhat more substantial — and silver’s low, like for gold’s, came a few minutes after the noon silver fix as well. From there it rallied quietly back to a penny or so above unchanged by around 1 p.m. in New York — and traded pretty flat into the 5:00 p.m. EST close from there.
The high and low ticks in this precious metal, such as they were, were recorded by the CME Group as $15.83 and $15.61 in the February contract.
Silver was closed at $15.75 spot, up half a cent on the day. Net volume was about average at a hair under 54,000 contracts — and there was 4,043 contracts worth of roll-over/switch volume on top of that.
Platinum rallied a few dollars in Monday morning trading in the Far East and, like silver and gold, its high came around 1:30 p.m. China Standard Time as well. It was sold quietly lower from there until 11 a.m. CET in Zurich trading — and chopped mostly quietly sideways for the rest of the Monday session. It finished the day at $810 spot, down 6 bucks from Friday’s close.
The palladium price traded pretty flat until around 1:30 p.m. CST as well — and except for a few hours-long bump up in price during morning trading in Zurich, traded lower until around noon in New York — and didn’t do a thing after that. Palladium was closed at $1,315.00 spot, down 29 dollars from Friday.
The dollar index closed very late on Friday afternoon in New York at 95.79 — and opened about unchanged once trading began at 6:30 p.m. EST on Sunday evening. From that juncture it traded about 15 basis points either side of unchanged for the remainder of the day. The 95.92 high tick was printed at 8:30 a.m. in London — and the 95.64 low tick came at 11:45 a.m. in New York. From that low, it chopped quietly and unsteadily higher until around 2:55 p.m. EST — and then traded flat into the close. The dollar index finished the Monday session at 95.75…down 4 basis points on the day.
Here’s the DXY chart courtesy of Bloomberg once again. Click to enlarge.
And here’s the 6-month U.S. dollar index chart — and the delta between is close..95.42…and the close on the DXY chart above, was 33 basis points yesterday. Click to enlarge.
The gold stocks rallied a bit under two percent at the open — and their respective highs came around 10:15 a.m. in New York trading. It promptly gave some of that back during the next fifteen minutes or so — and then chopped quietly sideways for the remainder of the Monday session. The HUI closed up 1.52 percent.
The silver equities followed the gold shares almost like a shadow yesterday, but didn’t rally quite as much at the New York open. A bit over half the opening gains were gone by around 10:30 a.m. — and they chopped quietly sideways until 2:30 p.m., before edging a bit higher into the close. Nick Laird’s Intraday Silver Sentiment/Silver 7 Index closed up by 0.96 percent. Click to enlarge.
Here’s Nick’s 1-year Silver Sentiment/Silver 7 Index chart as well. Click to enlarge.
The fact that the precious metal shares were higher on the day in the face of down-to-flat price action in the underlying precious metals themselves…PLUS the weakness in the equity markets on Monday…was a result that I drew some comfort from.
The CME Daily Delivery Report showed that 25 gold and 351 silver contracts were posted for delivery within the COMEX-approved depositories on Wednesday. In gold, the two largest short/issuers were ADM and JPMorgan with 12 and 10 contracts out of their respective client accounts. There were five long/stoppers in total, with no real stand-outs, although JPMorgan picked up 7 contracts for its client account. All contracts, both issued and stopped involved their respective firm’s client accounts. In silver, the only short/issuer that mattered was International F.C. Stone, with 344 contracts out of their client account. There were seven long/stoppers in total. JPMorgan was the largest with 117 contracts…65 for its client account — and 52 for its own account. Goldman and Advantage came in second and third, with 74 and 72 contracts for their respective client accounts. The link to yesterday’s Issuers and Stoppers Report is here.
The CME Preliminary Report for the Monday trading session showed that gold open interest in January fell by 23 contract, leaving 25 still open, minus the 25 mentioned just above. Friday’s Daily Delivery Report showed that zero gold contracts were posted for delivery today, so that means that zero contracts are left to delivery in January, so gold is done for the month. Silver o.i. in January fell by 1 contract, leaving 357 still open, minus the 351 contracts mentioned in the previous paragraph. Friday’s Daily Delivery Report showed that 5 silver contracts were actually posted for delivery today, so that means that 5-1=4 more silver contracts just got added to the January delivery month.
There was a decent addition to GLD on Monday, as an authorized participant deposited 189,010 troy ounces of gold. And, not surprisingly, there were no additions to SLV.
The folks over at the shortsqueeze.com Internet site updated their short position data for both SLV and GLD as of the close of business on Tuesday, January 15 — and this is what they had to report. The short position in SLV rose by 1,511,700 shares/troy ounces, which translates into an increase of 16.1 percent since December 31…and up to January 15. The short position in GLD also rose…from 1,319,140 troy ounces, up to 1,661,430 troy ounces, which is an increase of 25.9 percent over the same two-week time period.
This data was out on their website last Thursday, but it just skipped my mind, as I was expecting the data to come out early this week — and I never thought about it again until I saw Ted mention it in his weekly review on Saturday. He had this to say about it: “…the short position in either ETF wouldn’t appear to be significant at this time (assuming the short positions are fully reported).”
The folks over at Switzerland’s Zürcher Kantonalbank updated their website with the goings-on inside their gold and silver ETFs as of the close of business on Friday, January 25 — and this is what they had to report. There was 8,229 troy ounces of gold — and 10,609 troy ounces of silver added.
There was a small sales report from the U.S. Mint on Monday. They sold 1,000 troy ounces of gold eagles — 60,000 silver eagles — and 1,000 one-ounce platinum eagles…but no gold buffaloes.
There wasn’t much activity in gold over at the COMEX-approved depositories on the U.S. east coast on Friday. Nothing was reported received — and only 96.450 troy ounces/3 kilobars [U.K./U.S. kilobar weight] were shipped out. In the paper movement category, the 1,999.970 troy ounces that Delaware received on Thursday, was transferred from the Eligible category — and in Registered on Friday. I won’t bother linking these amounts.
It was far busier in silver, as 1,332,798 troy ounces were received, but only 28,548 troy ounces were shipped out. In the ‘in’ category, there was 744,983 troy ounces dropped off at Brink’s, Inc. — and a truckload…587,815 troy ounces…was left outside the door at CNT. In the ‘out’ category, there were three different depositories involved…14,607 troy ounces from the International Depository Services of Delaware…10,894 troy ounces from Canada’s Scotiabank…and 3,046 troy ounces from HSBC USA. The link to all this is here.
It was another busy day over at the COMEX-approved gold kilobar depositories in Hong Kong on their Friday. They received another 4,500 of them — and shipped out 5,650. All of this action was at Brink’s, Inc. as per usual — and the link to that, in troy ounces, is here.
Here are four charts that I dug up from Nick Laird’s website yesterday afternoon. You’ve seen these charts for gold and silver in the 2-year chart format almost every week, but this time I though I’d show all four precious metals on a longer time-line. They show the amount of gold, silver, platinum and palladium in all know depositories, mutual funds and ETFs over a 10-year time period.
The first two are for gold and silver — and they are remarkably different in almost every respect, especially compared to their underlying price patterns…which is something I’ve pointed out before on numerous occasions over the years. During the last six months, gold has been pouring in — and silver inventories have been shrinking over the same period of time…something that Ted Butler has been talking about for months now. Click to enlarge.
Here’s the 10-year chart for platinum in all known depositories, ETFs and mutual funds. And even though the platinum price has been in almost continual decline since the fall of 2011…the amount of platinum in all these warehouses has either increased, or stayed about the same. Click to enlarge.
But the 10-year chart for Weekly Transparent Palladium Holdings is a horse of an entirely different colour.
Up until early 2016, the amount of palladium held by all these depositories, followed the palladium price very closely. But all that came to an end starting in mid-2016. As the price rallied, the amount of physical palladium in these ETFs began to decline precipitously. At its high, there was about 3.35 million troy ounces of palladium in all these depositories, ETFs and mutual funds. But as of the close of business last Friday, the amount of palladium held is now down to 862,000 troy ounces, a drop of just under 75 percent.
Ted wrote a piece about palladium a few weeks ago — and he pointed out that the reason for this precipitous decline was the fact that companies or individuals that required palladium on an urgent basis, because of the ongoing physical supply shortage, were purchasing shares in these ETFs — and then converting those shares into physical metal immediately.
This chart shows this in stark detail. And there’s no reason to think that this number can’t shrink down to zero…because it just might. That would mean that all these various ETFs, mutual funds, et al would have no physical metal left at all…but only [hopefully] the cash that they received in payment.
But it may not come to that, because some of these mutual funds or ETFs may not allow for physical redemptions, so the well may already be dry for anyone looking for physical palladium on a moments notice. If that’s the case now, or turns out to be the case in the very near future, then look out above for palladium in the spot market! Click to enlarge.
I have a decent number of stories for you today.
The U.S. Treasury Department is set to maintain elevated sales of long-term debt to finance the government’s widening budget deficit, with new issuance projected to top $1 trillion for a second-straight year.
Many strategists at primary-dealer firms predict that this Wednesday’s quarterly refunding announcement will see the Treasury maintain note and bond sales at the record high levels they have boosted them to in recent months.
The total amount of 3-, 10- and 30-year securities to be offered at next week’s refunding auctions is seen by most at $84 billion. While that’s $1 billion more than the total for these maturities three months ago, that’s only because the size of the three-year sale was already nudged higher in December.
A heightened supply of Treasury securities follows tax cuts and government spending increases implemented under the current administration. That’s darkening a fiscal outlook already made worrisome by rising entitlement-program expenses and higher costs to service America’s nearly $16 trillion in debt. The Federal Reserve’s balance-sheet runoff is also adding to supply, forcing Treasury Secretary Steven Mnuchin to tap the public for more funding.
“We’ve seen deficits continue to blow out,” said Brian Edmonds, head of interest-rates trading at Cantor Fitzgerald in New York. “We are going to see more and more supply.”
This Bloomberg news item appeared on their website at 9:00 p.m. Pacific Standard Time [PST] on Sunday evening — and was updated about eight hours later. I found it in a GATA dispatch — and another link to it is here.
Americans seem to be getting on board the “tax the rich” train faster than they can sell tickets for it.
We thought it would take at least a couple of years… and a recession… to bring them around.
Envy is readily disguised as “virtue signaling,” and larceny is easily confused with reducing “inequality.”
And now, rich people are the new pariahs. Behind every one of them is a crime, the liberals say; and if it’s not a crime now, they’ll make it one.
Bill’s daily missive showed up on the bonnerandpartners.com Internet site on Monday morning sometime — and another link to it is here.
It came as no surprise this past week when the U.S. Administration made good on their promises to attempt to Regime Change Venezuela, the third part of John Bolton’s Troika of Tyranny, the other parts being Cuba and Nicaragua.
But there were a few surprises.
Saker readers would be familiar with John Perkins’ Confession of an Economic Hitman where he explained how Latin American leaders compliant to Western hegemony are bought and non-compliant leaders are removed, frequently with extreme prejudice. In Perkins’ time, these adventures were hidden, because they are illegal.
The first surprise here is the open and flagrant manner in which this coup d’état is proceeding, as if it is a great accomplishment. The Regime Changers are proud and beating their chests like gorillas with their illegal action as if the accomplishment is already in the bag. But is it? Despite Venezuela being a socially divided country between poor and rich, I believe there has been enough knowledge transfer to the ordinary Venezuelan so that this time, the Regime Change is not yet ‘in the bag’.
The second surprise was the sheer theatrical component of this attempted coup d’état, and the script and the technology of regime change is openly visible. The ones that are supporting the coup d’état, acted in concert, as a bunch of bullies would, with each part nicely scripted down to the 5 minutes. This will become clearer as we continue.
The third surprise is that in the UNSC meeting yesterday (Saturday, January 26) there probably has never been a more thorough listing of regime-change operations in Latin America. This was listed both by the Russian Representative and the Venezuelan Foreign Minister. This history is now clear and public, for all to see.
I’ve recommended John Perkins’ book many, many times in this column over the years. But now this Imperialist skullduggery is out in the open — and on TV. This long, but very worthwhile commentary [if you have the interest, that is] put in an appearance on thesaker.is Internet site on Sunday sometime — and the first person through the door with it was U.K. reader Tariq Khan. Another link to it is here. A very related story from Zero Hedge late Monday afternoon is headlined “John Bolton Openly Admits He Wants Maduro Out, American Oil Companies In” — and I thank Brad Robertson for that one.
Here we have an eighteenth century depiction of two-thirds of the motto of the French Revolution – Liberté, Égalité, Fraternité, or “Liberty, Equality, Fraternity.”
It’s significant that Karl Marx was inspired by the French Revolution to form his concept of a utopian society. He envisioned a worldwide revolution in which all people everywhere would do away with the rich and everyone would then be equal. He felt that this could be achieved by peaceful means in England and America, but would require force in Germany and Russia, and a “temporary” dictatorship by the proletariat in order to create the ideal society. The utopia, he said, would from then on be self-sustaining.
As we now know, his utopia was a bit naïve, as revolutionary leaders, once exposed to the heady thrill of achieving power, are extremely reluctant to then give it up. They tend to become far more autocratic and ruthless than their predecessors and, rejecting socialist abnegation for themselves, ultimately become the next aristocracy.
It’s a pity that Mr. Marx didn’t see this coming. It was certainly evident during the French revolution, as is seen in the contemporary banner above, with its prominently featured skull and crossbones. (In case the observer didn’t get the point, the artist further accentuated his composition with the addition of two guillotines.)
Had Mr. Marx been paying attention to the actual results of the revolution, he might have noticed that the “Liberty” was never intended to be liberty for all, merely for some. (The others were meant to offer up their heads to the cause.)
This very interesting commentary from Jeff was posted on the internationalman.com Internet site on Monday sometime — and another link to it is here.
This week, the global elite descended private jets to their version of winter ski-camp – the lifestyles of the rich and powerful version. The World Economic Forum’s (WEF) five-day annual networking extravaganza kicked off in the upscale ski resort town of Davos, Switzerland.
Every year, the powers-that-be join the WEF, select a theme, uniting some 3,000 participants ranging from public office holders to private company executives to the few organizations that truly do help fix the world that they mess up. This year’s theme is “Globalization 4.0”, or the digital revolution. The idea being, the potential tech take-over of jobs, and what wealthier countries are doing to lesser developed ones in the process.
While the topic might be focused on the future, the present is just as troubling, if not more so, than the future. Such is the disconnect between real people and corporations. That’s what the estimated 600,000 Swiss Franc membership to be a part of the WEF constellation gets you as a CEO at the Davos table.
Government leaders like German Chancellor Angela Merkel, Brazil’s president, Jair Bolsonaro and Chinese Vice President, Wang Qishan are in attendance this week. Business leaders like Microsoft co-founder Bill Gates and JPMorgan Chase CEO, Jamie Dimon will also take part in the festivities.
Yet, even though the various leaders will likely promote their achievements, what’s lurking behind the pristine snowcapped Alps, is a dark foreboding of a less secure world. Nearly every major forecast from around the world is projecting an economic slowdown. As one Bloomberg article reports, “companies are the most bearish since 2016 as economic data falls short of expectations and political risks mount amid an international trade war, U.S. government shutdown and Brexit.”
The list of non-attendees includes U.S. President Donald Trump, UK Prime Minister Theresa May and French President, Emmanuel Macron. They are too busy dealing with complex political problems in their own government institutions and domestic home fronts to make the trek.
This commentary from Nomi was posted on the dailyreckoning.com Internet site on Saturday sometime — and another link to it is here.
Venezuelan opposition leader and self-declared president Juan Guaido has asked British authorities to stop President Nicolas Maduro gaining access to gold reserves held in the Bank of England, according to letters released by his party on Sunday.
Maduro has been disavowed by a broad group of Western nations and Latin American neighbors that accuse him of undermining democracy, and a growing number of countries have recognized Guaido as legitimate interim leader of the troubled OPEC nation.
Since last year Maduro’s government has been trying to repatriate gold from the Bank of England, fearing it could be caught up in international sanctions against his administration.
In letters to British Prime Minister Theresa May and Bank of England Governor Mark Carney, Guaido said Maduro government officials were seeking to sell the gold and move the proceeds to Venezuela’s central bank.
“I am writing to ask you to stop this illegitimate transaction,” wrote Guaido. “If the money is transferred … it will be used by the illegitimate and kleptocratic regime of Nicolas Maduro to repress and brutalize the Venezuelan people.”
What bulls hit, dear reader! This gold-related news story appeared on the Reuters website at 5:21 p.m. EST on Sunday afternoon — and I found it on the gata.org Internet site. Another link to it is here.
The U.K. government said it is up to the Bank of England to decide what to do with the “significant amount” of gold it is holding under contract for the embattled Venezuelan regime of Nicolas Maduro.
“This is a decision for the Bank of England, not for government,” Foreign Office Minister Alan Duncan told Parliament Monday during an urgent question on Venezuela. “It is they who have to make a decision on this, but no doubt they will take into account when they do so, that a large number of countries across the world are now questioning the legitimacy of Nicolas Maduro.”
The Bank of England holds about $1.2 billion worth of gold for Venezuela, a significant chunk of the $8 billion in foreign reserves held by the nation’s central bank. That’s put the British regulator at the center of the growing international opposition to Maduro’s government. U.S. officials are trying to steer Venezuela’s assets to National Assembly leader Juan Guaido to bolster his chances of taking power.
Retrieving the gold from the BOE has been a major priority for the Maduro regime for weeks. Back in mid-December, Calixto Ortega, the president of Venezuela’s central bank, led a delegation to London that sought to gain access to it, according to two people with knowledge of the matter.
Well, dear reader, if you believe the headline to this Bloomberg story, then you’re more naïve than I thought…LOL! This is all hard-ball international politics at its worst. Chris Powell’s headline in the GATA dispatch from which I pulled it, reads “U.K. government pretends Bank of England is some independent entity“. It appeared on the Bloomberg Internet site at 9:12 a.m. PST on Monday morning — and another link to it is here. Then, at 9:30 p.m. EST yesterday evening, came this Zero Hedge piece headlined…”Bank of England Urged to Hand Over Venezuela’s Gold to Guaidó”
Factors directly affecting gold
- Geopolitics – Asia, and Russia publicly, have swapped reserve dollars for gold. Given Russia is the world’s largest energy exporter, she will continue to have dollars to sell for gold. Also, Central Europeans, notably Hungary and Poland, are accumulating gold reserves. It is clear which way the Asian wind is blowing, and the Asians know gold is America’s weak point.
- Price inflation has been badly misrepresented by CPI figures and have been averaging closer to about 8% annually since gold topped in Sept 2011. Since then the purchasing power of the dollar has declined by about 43%, so that in 2011 dollars the gold price is $740. No one seems to have noticed, leaving gold extremely cheap.
- Monetary inflation post-Lehman crisis has not been fully absorbed. FMQ is still over $5tn above the pre-Lehman long-term expansion trend, and the Fed is unable to bring it down. Rather, they are likely to increase the fiat money quantity to save the government from having to borrow at market rates as the recession bites.
- These are exactly the conditions faced by the German government between 1918 and 1923, and the likely response by the Fed will be the same. Print money to fund government deficits. Result, wealth transferred from the productive economy to be destroyed in government spending. The only difference is U.S. and other welfare states have a stronger tax base than post-war Germany, so the rate of monetary expansion relative to the size of the economy will be less. Nevertheless, we are on the slippery slope to currency destruction and it will take much more political courage to address the inflation issue than the current political class appear to be capable of.
- Gold is massively under-owned in the west.
Regardless of “all of the above”, precious metal prices won’t be going anywhere until JPMorgan allows it, is told to…or forced to step aside. End of story. This very brief article from Alasdair showed up on the goldmoney.com Internet site on Monday sometime — and I found it on the gata.org Internet site. Another link to it is here.
The PHOTOS and the FUNNIES
Here are two more photos from The Guardian — and courtesy of Patricia Caulfield. This series is headlined “The best of 2018 wildlife photography awards“.
This first shot is entitled: ‘High Rise Falcons’…taken by Luke Massey. The caption reads: “High Rise Falcons follows Linda and Steve Perry, two peregrine falcons in the urban jungles and on the skyscraper ‘cliffs’ of Chicago, and the community of volunteers helping the Chicago Peregrine Program to study the falcons.” Click to enlarge.
This second shot is entitled ‘A sand tiger shark surrounded by tiny bait fish’…photographed by Tanya Houppermans. The caption on this picture reads: “Houppermans caught this dramatic shot – which also won the 2018 Bigpicture Competition – in the wreck of the Caribsea, off North Carolina. On this particular day millions of tiny fish were grouped together in an enormous bait ball above the wreck. As the photographer moved with the shark through the water the bait fish parted, giving a clear shot of the underside of this beautiful shark.” Click to enlarge.
A very quiet trading day in the precious metals on Monday, as January comes to an end — and the traders roll out of the February delivery month in gold. This is the sort of price activity I was expecting on Friday as well, until ‘something’ happened. I’m still not sure what set off the rallies in all four precious metals at the exact same moment, but it obviously did not carry through into the Monday trading session.
Here are the 6-month charts for all four precious metals, plus copper and WTIC. The high ticks show on Monday’s dojis in gold, silver and platinum were actually the high closes from Friday. But because they occurred after the COMEX close on that day, they don’t show up until Monday. Click to enlarge for all six.
And as I type this paragraph, the London open is ten minutes away — and I note that after trading sideways in the Far East on their Tuesday morning, the gold price began to chop quietly higher starting a few minutes before 2 p.m. China Standard Time on their Tuesday afternoon. At the moment, gold is up $4.10 an ounce. It was the same price pattern for silver — and it’s up 9 cents. Platinum began to creep quietly but unsteadily higher starting just before 9 a.m. CST on their Tuesday morning — and it’s up 4 bucks currently. Palladium has spent most of the Tuesday trading session in the Far East down a few dollars — and it’s down a dollar as Zurich opens.
Net HFT gold volume is virtually nonexistent at a bit over 7,400 contracts, but roll-over/switch volume out of February and into future months is already pretty chunky at just under 24,000 contracts. Net HFT silver volume is getting up there at around 11,200 contracts — and there’s only 285 contracts worth of roll-over/switch volume in that precious metal.
The dollar index opened unchanged once trading began at 7:45 p.m. EST in New York on Monday evening, which was 8:45 a.m. CST in Shanghai on their Tuesday morning. It was up 5 basis points by 9:25 a.m. CST, but has been chopping unevenly lower ever since — and is currently down 6 basis points as of 7:45 a.m. GMT in London.
All the large traders that aren’t standing for delivery in gold and silver in the February contract, have to sell or roll their positions by the close of COMEX trading today. Normally, this is the biggest gross volume day of the month, but I’ll be surprised if yesterday’s gross gold volume…388,065 contracts…is topped by much.
All of the remaining COMEX futures contracts holders in those two precious metals that aren’t standing for delivery, have to be out by the close of COMEX trading on Wednesday.
First Day Notice numbers for February deliveries will be posted on the CME’s website around 10 p.m. EST on Wednesday evening — and I’ll have all that for you in my Thursday missive.
And as I post today’s column on the website at 4:02 a.m. EST, I see that the gold price continues to edge quietly higher as the first hour of London trading draws to a close. It’s now up $5.70 the ounce — and silver is now up 12 cents. Platinum is now up 6 dollars — and palladium is up 2 dollars as the first hour of Zurich trading ends.
Gross gold volume is about 73,500 contracts — and minus the considerable roll-over/switch volume, net HFT gold volume is only 8,500 contracts. Net HFT silver volume is now up to a bit over 15,000 contracts — and there’s still only 676 contracts worth of roll-over/switch volume on top of that.
The dollar index has done very little during the first hour of London trading — and it’s down 10 basis points as of 8:45 a.m. GMT/9:45 a.m. CET.
Also at the close of COMEX trading today, is the cut-off for this Friday’s Commitment of Traders Report…if there is to be one. And just checking the CFTC’s website now at 12:56 a.m. EST this morning, I don’t see any notice…one way or another…whether there will be one or not. If there is any change in status, I’ll keep you posted on it.
That’s all I have for today, which is more than enough. The Tuesday price action in late Far East and early London trading today is certainly more than I expected to see — and I’ll be very interested in what’s going on when I power up my computer after I roll out of bed later this morning.
See you here tomorrow.