12 March 2019 — Tuesday
YESTERDAY in GOLD, SILVER, PLATINUM and PALLADIUM
Once trading began at 6:00 p.m. EST in New York on Sunday evening, the gold price edged a few dollars lower until shortly after 10 a.m. China Standard Time on their Monday morning. It began to crawl higher from there — and minutes after the gold price broke above unchanged, which occurred very shortly before the London open, it was sold quietly lower until the low of the day was set a very few minutes before 2 p.m. EST in after-hours trading in New York. It crawled a few dollars higher into the 5:00 p.m. EST close from there.
The high and low ticks aren’t worth looking up.
Gold was closed on Monday in New York at $1,292.90 spot, down $4.80 from Friday. Net volume was exceedingly quiet at just over 154,000 contracts — and there was around 46,500 contracts worth of roll-over/switch volume in this precious metal.
The price pattern in silver was similar in just about every way to gold’s price path yesterday. The only glaring exception was that silver’s low tick was set about fifteen minutes before the 11 a.m. EST London close — and it crept higher into the 5:00 p.m. close from there.
The high and low ticks aren’t worth looking up in this precious metal, either.
Silver finished the Monday session in New York at $15.28 spot, down 3 cents on the day. Net volume, like for gold, was pretty quiet at 45,000 contracts — and there was 3,850 contracts worth of roll-over/switch volume on top of that.
Platinum had a down/up move in Far East trading similar to silver and gold’s. It also lasted until just before the Zurich open — and the price didn’t do much from that juncture until at, or just before, the afternoon gold fix in London. It was hammered lower from that point until a few minutes before the Zurich close — and rallied sharply from there. That rally petered out around 2:30 p.m. in the very thinly-traded after-hours market — and then proceeded to trade sideways into the 5:00 p.m. close from there. Platinum finished the day at $816 spot, up a dollar from Friday.
The palladium price traded very unsteadily sideways a handful of dollar either side of unchanged until moments before the Zurich close. Then away it went to the upside. That lasted until 3 p.m. in after-hours trading and, like platinum, didn’t do much after that. Palladium closed on Monday at $1,514 spot, up 21 dollars on the day.
The dollar index closed very late on Friday afternoon in New York at 97.31 — and opened up 8 basis points once trading commenced at 6:30 p.m. EST on Sunday evening in New York, which was 6:30 a.m. China Standard Time on their Monday morning. Its 97.45 high tick of the day was set at 8:40 a.m. CST — and it was then very quietly and very unevenly down hill from there for the remainder of the Monday trading session. The dollar index finished the day at 97.22…down 9 basis points from its close on Friday.
Despite the soft dollar index, it was not allowed to be reflected in precious metal prices.
Here’s the DXY chart courtesy of Bloomberg. Click to enlarge.
And here’s the 6-month U.S. dollar index chart from the folks over at the stockcharts.com Internet site — and the delta between its close…97.17…and the close on the DXY chart above, was 5 basis points on Monday. Click to enlarge.
The gold shares ticked up a bit at the open, but then headed quickly lower to their respective lows, which came a few minutes before the 11 a.m. EST London close. They rallied rather unevenly higher from that point until trading ended at 4:00 pm…as the HUI closed down 0.42 percent.
The silver equities opened about unchanged — and then sank to their lows of the day, which was when the low tick in the silver price was set, a few minutes before 11 a.m. in New York trading. They made it back to almost unchanged by around 2:45 p.m. EST — and then sagged a bit into the close from there. Nick Laird’s Intraday Silver Sentiment/Silver 7 Index closed down 0.59 percent. Click to enlarge if necessary.
Here’s Nick’s 1-year Silver Sentiment/Silver 7 Index chart as well. Click to enlarge.
The CME Daily Delivery Report showed that 8 gold and 14 silver contracts were posted for delivery within the COMEX-approved depositories on Wednesday.
In gold, the largest short/issuer was Advantage, with 7 contracts out of its client account. The two largest long/stoppers were JPMorgan and Advantage, with 4 and 3 contracts for their respective client accounts as well.
In silver, Advantage and ADM issued 11 and 3 contracts out of their respective client accounts. JPMorgan, not surprisingly, was the biggest long/stopper, picking up 10 contracts in total…4 for its own account, plus another 6 contracts for clients. Advantage picked up the other 4 contracts for its client account.
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 March remained unchanged at 46 contracts, minus the 8 contracts mentioned just above. Friday’s Daily Delivery Report showed that 8 gold contracts were actually posted for delivery today, so that means that 8 more gold contracts just got added to March deliveries. Silver o.i. in March rose by 4 contracts, leaving 414 still open, minus the 14 mentioned a few paragraphs ago. Friday’s Daily Delivery Report showed that 10 silver contracts were actually posted for delivery today, so that means that 10+4=14 more silver contracts were just added to the March delivery month.
I also noted that there was a fairly chunky increase in gold open interest in yesterday’s Preliminary Report…9,259 contracts…which is somewhat surprising considering the fact that the gold price closed lower yesterday. That’s the third time in a week that there’s been an out-of-the blue jump in total open interest in gold…while o.i. in silver has dropped. I suppose it could be spread-trade related, but we won’t know for sure until this Friday’s Commitment of Traders Report. Ted commented on this in his weekly review on Saturday as well.
There were additions to both GLD and SLV on Monday. An authorized participant added 94,462 troy ounces of gold to GLD — and a.p. added 515,757 troy ounces to SLV.
The folks over at the shortsqueeze.com Internet site updated their short position data for both GLD and SLV as of the close of trading on Thursday, February 28 — and this is what they had to report. The short position in SLV rose from 9,946,200 shares/troy ounces, up to 10,467,900 shares/troy ounces…an increase of 5.2 percent. The short position in GLD dropped from 1,731,790 troy ounces, down to 1,550,010 troy ounces, a decline of 10.5 percent.
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, March 8 — and this is what they had to report. Both ETFs reported withdrawals during the week, as 12,796 troy ounces came out of their gold ETF — and 98,863 troy ounces was withdrawn from their silver ETF. I would suspect that JPMorgan owns all of that now, as their the custodian for those ETFs as well.
The U.S. Mint finally had a sales report worthy of the name. They sold 7,000 troy ounces of gold eagles — 4,000 one-ounce 24K gold buffaloes — 1,000 one-ounce platinum eagles — and 779,000 silver eagles.
We’re already well into March, but so far no 4th quarter/annual report from the Royal Canadian Mint — and I’ve been checking their website daily for the last three weeks.
There was no in/out activity in gold over at the COMEX-approved depositories on the U.S. east coast on Friday.
It was very quiet in silver, as nothing was reported received — and only 83,282 troy ounces was reported shipped out…43,142 troy ounces from the International Depository Services of Delaware — and the remaining 40,139 troy ounces left CNT. I won’t bother linking this amount.
There was a fair amount of activity over at the COMEX-approved gold kilobar depositories in Hong Kong on their Friday. They received 2,000 of them — and shipped out 2,084. All this occurred at Brink’s, Inc. — and the link to that, in troy ounces, is here.
The folks over at the Shanghai Gold Exchange updated their numbers for February — and they reported that only 99.8 metric tonnes were withdrawn that month, which is not a lot. Their total withdrawals since the beginning of 2008 adds up to 17,432 metric tonnes. Here’s Nick Laird’s chart updated with that data. Click to enlarge.
Lawrie Williams over at Sharps Pixley had a story about this on Friday that was headlined “China’s gold demand looks to be slowing this year so far“. I posted that in my Saturday column, but another link to it is here…if you wish to refresh your memory. Lawrie has another story about China’s gold reserves in today’s Critical Reads section as well.
I have an average number of stories for you today.
While the market was delighted two weeks ago to see a delayed Q4 GDP print of 2.6%, which came in well above the expected 2.2% consensus number, we warned that “while Q4 was clearly a stronger than expected print, the real question is what happens in Q1, when most banks and nowcasts expect GDP to print below 1%, in some cases concerningly so.”
Moments ago we got another confirmation of this, when following the latest retail sales report which saw a dramatic cut to December retail sales even as January surprised modestly to the upside, the Atlanta Fed slashed its Q1 GDP nowcast, and after rebounding modestly from 0.3% to 0.5% a week ago, it has once again slumped, and is now at the lowest recorded level, and just 0.2% away from economic contraction. Click to enlarge.
This is how the Atlanta Fed justified its latest Q1 GDP cut, which as of March 11 was just 0.2 percent, down from 0.5 percent on March 8: “After this morning’s retail sales report from the U.S. Census Bureau, the nowcast of first-quarter real personal consumption expenditures growth declined from 1.5 percent to 1.0 percent.”
Meanwhile, while stocks continue to ignore the economic slowdown, bond yields were well ahead of the slide in the Atlanta Fed’s increasingly gloomy forecast.
It appears that the now-certain Q1 earnings recession won’t be in isolation, with the broader U.S. economy also on the verge of contracting, if only for just one quarter. The question then becomes whether China’s ongoing reflation attempts will be successful (although the February total credit injection was a major disappointment), and lead to a rebound in U.S. growth in the second quarter. If not, what was expected to become the longest U.S. expansion in history in June 2019, will be prematurely terminated by a technical recession just as Donald Trump was set to make a new economic record.
This tiny 2-chart Zero Hedge story showed up on their Internet site at 11:58 a.m. EST on Monday morning — and it comes courtesy of Brad Robertson. Another link to it is here.
A Washington Post headline caught our eye on the weekend: “Trump to slash spending”
At last! Our eyes lit up. Our pulse raced. Finally, the Great Disruptor was disrupting something that really matters.
Slash spending! Cut the budget! Fire federal employees! Eliminate agencies. Kill departments. Bring home the troops. Curb the Deep State. MAGA!
It wasn’t much of a slash… just 5%. But at least the president finally had the razor in his hand.
But wait… what’s this?
This commentary from Bill appeared on the bonnerandpartners.com Internet site on Monday morning EST — and another link to it is here. Another story about the 2020 U.S. budget comes from Zero Hedge. It’s headlined “Trump 2020 Budget Raises Military Spending, Cuts Everything Else” — and I thank Brad Robertson for that one.
On Thursday, Venezuela’s Guri dam hydroelectric power plant was cyber-attacked at 5:00 PM during the late afternoon rush hour to cause maximum disruption.
Up to 80% of the country was affected, damage done more severe than initially thought. Weeks or months of planning likely preceded what happened – U.S. dark forces almost certainly behind it, considerable expertise needed to pull it off.
On Friday, another cyber-attack occurred, followed by a third one on Saturday, affecting parts of the country where power was restored, further complicating resolution of the problem, Maduro saying:
After power was restored to about 70% of the country, “we received another attack, of a cybernetic nature, at midday…that disturbed the reconnection process and knocked out everything that had been achieved until noon,” adding: “(O)ne of the sources of generation that was working perfectly” was sabotaged again…infiltrators…attacking the electric company from the inside.”
Power is being restored “manually,” efforts continuing to learn precisely why computerized systems failed – things further complicated after a Bolivar state substation transformer exploded and burned, suggesting more sabotage.
What’s happening in Venezuela is similar to infecting Iran’s Bushehr and Natanz nuclear power facilities with a Stuxnet malware computer virus in 2010, a likely joint U.S./Israeli intelligence operation. Edward Snowden blamed them for what happened.
Another blatant and unprecedented attack on a sovereign nation. There is no rule of international law that the U.S. won’t break. This is international terrorism on a national scale. This worthwhile commentary from Stephen Lendman showed up on his website on Sunday — and I thank Brad Robertson for pointing it out. Another link to it is here.
Scour the history books and you will struggle to find an act of imperialism more brazen than U.S. President Donald Trump’s de-recognition of Nicolas Maduro as Venezuela’s president.
In a scathing denouncement of the Mexican-American War of 1846-48, famed U.S. Civil War General (and later president) Ulysses S. Grant told a reporter, “We had no claim on Mexico. Texas had no claim beyond the Nueces River, and yet we pushed on to the Rio Grande and crossed it. I am always ashamed of my country when I think of that invasion.”
The Mexican-American War was a war of plunder and conquest on the part of a U.S. ruling class for whom every country south of the Rio Grande was then, as if by divine right, deemed subservient to Washington. From then to now the U.S. has regarded Latin America as a wholly owned subsidiary, its primary function to serve Washington’s economic interests.
Any Latin American government that dared assert its country’s right to sovereign independence of the U.S. in the years since has found itself subjected to a campaign of subversion and attack, so blatant in gangsterism it would have made Al Capone blush.
It was U.S. Marine General Smedley Butler who famously said after retiring in 1931: “I was a racketeer, a gangster for capitalism. I helped make Mexico and especially Tampico safe for American oil interests in 1914. I helped make Haiti and Cuba a decent place for the National City Bank boys to collect revenues in. I helped in the raping of half a dozen Central American republics for the benefit of Wall Street.”
This commentary by John is definitely worth reading. It was posted on the rt.com Internet site way back on January 24 — and is even more relevant now than it was then. I thank Roy Stephens for sending it along — and another link to it is here.
Following intense pressure from the U.S. on its European allies to boycott the use of Huawei products in the rollout of next-generation 5G products and shut out the Chinese telecom giant from local markets, Germany was the first nation to rebuke Washington, with Handeslblatt reportingone months ago that the German government wanted to avoid excluding products offered by Huawei.
Then it was the U.K.’s turn, and as we reported three weeks ago, in the latest “serious blow” to U.S. efforts to persuade allies to ban the Chinese supplier from high-speed telecommunications systems, the Financial Times reported that the British government has concluded that it can “mitigate the risk from using Huawei equipment in 5G networks.” The U.K. National Cyber Security Centre had reportedly determined that “there are ways to limit the risks from using Huawei in future 5G ultra-fast networks” and in doing so it was ignoring escalating U.S. efforts to persuade countries to bar Huawei from their networks on the basis that it could help China conduct espionage or cyber sabotage.
Now, it is the U.S.’ turn to respond to these “insurgencies” by western ally nations, and as The Wall Street Journal reports, the Trump administration has told the German government it would limit the intelligence it shares with German security agencies if Berlin allows Huawei to build Germany’s next-generation mobile-internet infrastructure.
Needless to say, the warning is “likely to cause alarm among German security circles” amid persistent terror threat, largely the result of Merkel’s disastrous “Open Door” policies which allowed over 1 million middle eastern immigrants into he country.
Citing a letter dated Friday from U.S. Ambassador to Germany Richard A. Grenell and addressed to Germany’s economics minister, the U.S. diplomat said that the U.S. “wouldn’t be able to keep intelligence and other information sharing at their current level if Germany allowed Huawei or other Chinese vendors to participate in building the country’s 5G network.”
Wow! Jeff Thomas’s commentary further up about “Now Is the Time of Monsters” is even spreading to the U.S.’s so-called allies. This Zero Hedge article showed up on their website at 10:57 a.m. EST on Monday morning — and another link to it is here.
China has gone to great lengths to support its currency and would not devalue the renminbi to spur exports or combat trade frictions, the governor of the central bank said Sunday.
Speaking on the sidelines of China’s annual parliamentary session, Yi Gang said Washington and Beijing had discussed exchange rates in recent trade talks and reached a consensus on many “crucial” issues.
U.S. President Donald Trump has long accused Beijing of manipulating its currency to gain a trade advantage and Washington has been seeking assurances on the exchange rate in the ongoing trade talks between the two nations.
“Let me stress here that we will never use the exchange rate for the purpose of competition, nor will we use the exchange rate to increase China’s exports or as a tool in handling trade frictions,” said Yi.
“We have committed not to do this,” Yi told reporters.
Well, dear reader, I would suspect that they’re “committed” until push really becomes shove, because at some point they’ll be forced to do so in their best interest, especially if there’s a huge decline in the U.S. dollar index. This AFP news story, picked up by yahoo.com, put in an appearance on their Internet site on Sunday — and I found it embedded in a GATA dispatch on Sunday night. Another link to it is here.
In ancient Rome, interregnum was the term given to the period between stable governments when anything untoward might occur, and sometimes did – civil unrest, warfare between warlords, power vacuums and, finally, succession wars.
But eventually the dust would settle and the victors, whoever they might be, would at some point restabilise the empire, often with a new map, showing the latest lines of geographic possession.
In 1929, the Italian Antonio Gramsci was in a fascist prison, writing about what he considered to be a new interregnum – a Europe that was tearing itself apart. He anticipated civil unrest, war between nations and repeated changes in the lines of geographic possession.
At that time, he was attributed as saying, “The old world is dying and the new world struggles to be born. Now is the time of monsters.”
And, of course, looking back from our vantage point in the twenty-first century, we have no difficulty in confirming that he was correct in his prognosis. The world war that followed brought forward the worst traits in mankind. The sociopaths of the world came centre stage. By the time the dust had settled, tens of millions were dead.
What we do have difficulty with is recognizing that the same pattern is again with us. National leaders and their advisors are spoiling for war, building up weaponry, creating senseless proxy wars in other nations’ backyards and playing a dangerous game of “chicken” with other major powers
This very worthwhile commentary from Jeff was posted on the internationalman.com Internet site on Monday sometime — and another link to it is here.
Sound money advocates rejoiced today as the West Virginia legislature overwhelmingly passed Senate Bill 502 and sent it to Governor Jim Justice for his signature.
First passed in the West Virginia senate unanimously last month, the measure removes state sales taxation of precious metals, specifically on gold, silver, platinum, and palladium bullion and coins.
State Senator Craig Blair (R-District 15) introduced SB 502 with the goal of encouraging precious metals purchasers to keep their investment dollars in the state rather making investments elsewhere. The bill impacts purchases of platinum, gold, palladium, or silver bullion valued upon its precious metal content, whether in coin, bar, or ingot form.
The Sound Money Defense League helped make the case to West Virginia legislators, explaining why charging sales taxes on money itself is beyond the pale. In effect, those states that collect taxes on purchases of precious metals are inherently saying gold and silver are not money at all.
“West Virginia’s legislature has taken a huge step forward with the passage of SB 502. Thanks to the efforts of Senator Blair and other groups, Governor Justice can sign a measure eliminating obstacles in the way of West Virginia citizens to protect themselves from the inflationary practices of the Federal Reserve,” said Jp Cortez, Policy Director of the Sound Money Defense League.
But according to very politically-savvy reader Elliot Simon, there’s no guarantee that the governor will sign it. This precious metal-related news item was posted on the moneymetals.com Internet site last Friday — and it’s another article I found on the gata.org Internet site. Another link to it is here.
Barrick Gold Corp. is withdrawing its US$17.8 billion hostile takeover bid for Newmont Mining Corp., with the companies opting instead to forge a joint venture around their Nevada projects.
The change came weeks after Barrick proposed an all-share offer that would have created the world’s largest gold producer. After Newmont’s board rejected the bid, Newmont Chief Executive Officer Gary Goldberg proposed the joint venture as an alternative both companies could gain from.
Barrick’s decision ends two weeks of animosity between the gold producers, and helps Newmont focus on securing shareholder approval for its previously announced offer to buy Goldcorp Inc. Newmont raised doubts about the Barrick bid from the start, saying its Goldcorp move offered better benefits.
“We listened to our shareholders and agreed with them that this was the best way to realize the enormous potential of the Nevada goldfields’ unequaled mineral endowment, and to maximize the returns from our operations there,” Barrick CEO Mark Bristow said in a statement Monday.
This Bloomberg story from Monday was picked up by the wealthprofessionals.ca Internet site — and I thank Brad Robertson for that one. Another link to it is here.
Latest figures from the People’s Bank of China, the country’s central bank, claim that the nation increased its gold reserves again in February by a somewhat conservative 320,000 troy ounces (9.95 tonnes). It is only recently that the Asian Dragon has started re-reporting monthly gold reserve increases – but are these an any more accurate guide to the true size of the nation’s gold reserves than past announcements? After all China has a pretty dismal record in reporting the size of its gold reserve leading many to believe, ourselves included, that the size of its gold reserves as reported to the IMF is more fiction than fact.
If we add the latest 9.95 tonne figure to its previously reported gold reserve this now stands at some 1,862 tonnes, the world’s sixth largest holding, but only equivalent in value to around 2.4% of the country’s total Forex holding value. By contrast, all of the top four nations, and also the Netherlands at No.9 hold more than 60% of their Forex holdings in gold.
However the Chinese central bank is not thought to be the only official government entity which holds gold on its behalf. These probably include the State Agency for Foreign Exchange, China Investment Corporation (the nation’s sovereign wealth fund) and the military, and we can probably add the commercial banks to this list as they are all state-owned.
Given that China has hidden its gold purchases in the past behind all kinds of screens and tended to release reports of substantial gold reserve increases only at five or six year intervals – which it explains as having moved its gold from an account it feels it does not need to report to one that it does, its real reserve figure is far from transparent. There have been utterances from Chinese politicians and academics over the years suggesting that they assume that gold will play an increasingly important role in a global reserve currency reset at some time in the future and the country needs to increase its gold reserves. Thus there is speculation that China may be building its gold reserve to match the USA’s 8,000 tonnes plus level. Some even reckon that its real holding may already be in excess of Germany’s 3,369.7 tonnes, but the truth is that no-one outside of China knows and those within China who do have been hugely successful in maintaining secrecy. Some day we will learn the true figure – but probably not yet!
This brief commentary from Lawrie showed up on the Sharps Pixley website on Saturday sometime — and another link to it is here.
The PHOTOS and the FUNNIES
I’ll take a break from my travels around Merritt to post a couple of photos that Nick Laird took a few days ago — and sent me on Monday. They’re definitely worth sharing. Introducing Mr. & Mrs. Sunbird. Click to enlarge for both.
I had an e-mail exchange with Lawrie Williams of Sharps Pixley fame in the very wee hours of Saturday morning — and he sent me this photo he took from the back yard of his country home on Friday. The daffodils are already up and blooming!
He lives only 25 miles due south of London, thus very close to the capital city . It’s in the village of Limpsfield which has some homes dating back to the 12th Century — and is on the Greenwich Meridian. The hills in the background are the North Downs. It is an attractive area of England, only a 35 minute commute by train to central London from Oxted station…a 7-minute walk away. Lots of National Trust and Woodlands Trust protected areas close by. Rated as an area of Outstanding Natural Beauty. Click to enlarge.
With volume in both silver and gold very much on the lighter side, I wouldn’t be reading too much into yesterday’s price action in anything. When volume is this light, it is…as I’ve said on many occasions…very easy for anyone with an agenda to move prices in whatever direction they so choose. That was the case yesterday — and in gold and silver, that price management was overly aggressive. It was mostly of the ‘care and maintenance’ variety — and it was obvious that ‘da boyz’ weren’t going to allow silver and gold prices to reflect the slow decline in the dollar index on Monday.
Gold was held below its 50-day moving average once again — and platinum was closed below its, for the second trading day in a row.
Here are the 6-month charts for all four precious metals, plus copper and WTIC — and there really isn’t much to see. Click to enlarge.
And as I type this paragraph, the London open is less than ten minutes away — and I note that after trading sideways for the first two hours in New York on Monday evening, the gold price began to edge a bit higher — and that lasted until shortly after 11 a.m. China Standard Time on their Tuesday morning. It then began to crawl lower starting around 2 p.m. over there — and is currently up $1.20 an ounce. It was about the same for silver, except it heading higher about an hour after gold did — and it’s up 8 cents currently. Ditto for platinum, except once it reached its 11 a.m. CST high, it has been chopping unevenly sideways since, but jumped a few more dollars going into the Zurich open — and is up 10 dollars at the moment. Palladium was up about 8 dollars at its high, which came around 12:20 p.m. in Shanghai. It was sold a bit lower at that juncture — and is up only 3 dollars as Zurich opens.
Gross gold volume is a bit over 42,000 contracts — and net of the current roll-over/switch volume, net HFT gold volume is a bit under 38,000 contracts. Net HFT silver volume is a bit over 10,800 contracts — and there’s only 371 contracts worth of roll-over/switch volume in that precious metal.
The dollar index gapped down 17 basis points the moment that trading began in New York around 7:45 p.m. on Monday evening, which was 7:45 a.m. China Standard Time on their Tuesday morning. It hasn’t done much of anything since — and is down 18 basis points as of 7:45 a.m. GMT in London/8:45 a.m. CET in Zurich.
Today, at the close of COMEX trading, is the cut-off for this Friday’s COT Report — and unless there’s a huge price move one way or another during the Tuesday trading session, I have no intention of offering a prediction of what may or may not be in it. That’s Ted’s area of expertise, as always. And if he does have some thoughts on this in his Wednesday missive, I’ll mention them in Friday’s column.
NOTE: Because of the switch over to Daylight Saving Time in North America this past Sunday, I’m not staying up the extra hour to record the first hour of London/Zurich trading. Britain and Europe don’t go on British Summer Time [BST] and Central European Summer Time [CEST] for another two weeks. Once they do the switch-over to BST and CEST, then I’ll resume the usual routine of commenting on the first hour of trading in both those markets.
That’s it for yet another day.
I’m off to bed — and I’ll see you here tomorrow.