29 April 2016 — Friday
YESTERDAY in GOLD, SILVER, PLATINUM and PALLADIUM
The gold price traded quietly sideways for the first two hours after New York opened on Wednesday evening. At that point the price began to head lower into the Bank of Japan news. Once it was released in Tokyo at noon local time on their Thursday morning, gold took off to the upside—as the dollar index fell like a stone. COMEX volume exploded, as the not-for-profit sellers were all over the rally like white on rice. By the London open, the price was up only 9 dollars the ounce, with the London high coming minutes before 10 a.m. BST. Gold chopped more or less sideways from there, but shortly after London closed, the price jumped another 7 or 8 bucks—and then added another 6 dollars in the after-hours market. However, it’s certainly noticeable from the Kitco chart below, that the price ran into ‘da boyz’ at 4 p.m. EDT as well.
The low and high tick were reported as $1,239.10 and $1,271.70 in the June contract.
Gold closed in New York yesterday afternoon at $1,266.40 spot, up $20.60 from Wednesday’s close. Net volume was a mind-blowing 202,000 contracts.
And here’s the 5-minute gold tick chart courtesy of Brad Robertson. It’s easy to spot the JPMorgan et al intervention at 9 p.m. Denver time Wednesday night, which was 11 p.m. in New York—and noon on Thursday in Tokyo. Volume picked up again about 2 p.m. HKT—and never died off after that. Of course the volume picked up again at the COMEX open, which is 6:30 a.m. MDT on the chart below—and is pretty strong right up until the chart ends at 4 p.m. EDT when the tiny after-hours rally got dealt with. The vertical gray line is midnight in New York, noon the following day in Hong Kong—and don’t forget to add two hours for EDT.
The ‘click to enlarge‘ feature still doesn’t work with Internet Explorer, but a right mouse click with Google Chrome or the Firefox browsers should allow you to view this chart full-screen size.
The silver price followed more or less the same price path as gold, complete with the post-London close rally—and the tiny rally at 4 p.m. in the after-hours market. From it’s high tick of the day at that point, it got sold down a dime into the 5:00 p.m. EDT close.
The low and high ticks in this precious metal were reported by the CME Group as $17.14 and $17.66 in the May contract. May silver went off the board yesterday at the COMEX close, so tomorrow’s highs and lows will be from the new front month, which is July.
Silver finished the Thursday session at $17.53 spot, up 31.5 cents from Thursday’s close. Even subtracting all the roll-overs, net volume was very chunky at something north of 44,000 contracts.
Platinum followed the same price as gold and silver up until 11 a.m. Hong Kong time—and then crawled higher until the COMEX close. It then traded sideways during the after-hours market. It closed the day up $25 the ounce at $1,051 spot.
Palladium rallied until about 1 p.m. HKT on their Thursday morning—and then was sold down to its low tick shortly after 1 p.m. Zurich time. The subsequent rally lasted until just before the COMEX close, although the quick up/down spike high tick came shortly before 2 p.m. in after-hours trading. Palladium closed in New York yesterday afternoon at $621 spot, up 12 dollars from Wednesday.
The dollar index closed late on Wednesday afternoon in New York at 94.41—and it’s 94.57 high tick came minutes before the BoJ news. Once the ‘word’ came down, the dollar index dropped 40 basis points in a flash—and the usual ‘gentle hands’ were there to prevent it from crashing through the 94.00 mark shortly after that. That effort lasted until just before 2 p.m. HKT—and at that juncture, the index rolled over, hitting its 93.69 low tick around 8:15 a.m. in London trading. The subsequent rally made it to its 94.08 New York high minutes after 11 a.m. EDT, which was minutes after precious metal trading ended in London. By 3:30 p.m. in New York it was back down to around the 93.70 mark—and it rallied a handful of basis points from there. The index finished the day at 93.76—down 65 basis points from Wednesday’s close.
And here’s the 6-month U.S. dollar index chart—and if it’s allowed to fall much more than this, the decline could certainly turn into a rout in short order. China would not be amused—and a yuan devaluation, with or without advance warning, would ensue very shortly after. Then Jim Rickards’ Currency Wars would be on in earnest.
The gold stocks opened unchanged, but blasted higher immediately, with their respective high ticks coming at precisely noon in New York. They sold off a bit during the next thirty minutes of trading–and then chopped sideways into the close. The HUI finished up a very respectable 4.99 percent.
The silver equities performed in an almost identical manner up until about 2:45 p.m. EDT. Then they swooned a bit until 3:30 p.m., but managed to finish off their lows by a bit. Nick Laird’s Intraday Silver Sentiment Index closed higher by 3.26 percent—and about 2 percent below their highs. Not that I wish to appear ungrateful or unappreciative, but I was expecting better. Two silver stocks actually managed to close lower yesterday—one was a component of the Silver Sentiment Index, First Majestic Silver, which probably explains why the ISSI did so poorly—and the other was Silvercorp Metals.
The CME Daily Delivery Report showed that on First Day Notice for the May delivery month, there were 25 gold and 783 silver contracts posted for delivery within the COMEX-approved depositories on Monday. In gold, ADM was the only short/issuer—and Canada’s Scotiabank and JPMorgan were the only long/stoppers, with 17 and 8 contracts respectively. All contracts were picked up for their respective in-house [proprietary] trading accounts. In silver, the surprise issuer was none other than Goldman Sachs, with 728 contracts out of its own account, with ADM as an ‘also ran’ with the other 55 contracts issued. There were 15 long/stoppers in total, with the tallest hog being JPMorgan as expected, with 254 contracts for its own account, plus another 99 for clients. ABN Amro stopped 177 contracts for its client account—and in distant third place was Canada’s Scotiabank with 72 contracts for its own account. Scotiabank doesn’t have a client account—and never has. The link to yesterday’s Issuers and Stoppers Report is here—and it’s certainly worth a minute of your time.
The CME Preliminary Report for the Thursday trading session showed that with April done, May open interest in gold fell by 200 contracts, down to 1,823 still open—of which 25 are posted for delivery on Monday as per the previous paragraph. I would expect another decent decline in May open interest in gold in tonight’s Preliminary Report, as the CME Group gets caught up in processing Thursday’s volume. In silver, May open interest crashed by 5,837 contracts, down to 5,653 contracts still open, of which 783 contracts were posted for delivery on Monday. For the same reasons I mentioned for gold, I expect a decent decline in silver o.i. with tonight’s report.
But, having said ‘all of the above’, there are still lots of silver contracts to deliver against next month—and if one can use First Day Notice numbers as prologue, JPMorgan will be gobbling up everything it can get—and it only remains to be seen who the rest of the short/issuers are—and whether they have the physical silver backing their short positions or not. JPMorgan really had to back off taking deliveries in March, because a large percentage of the short/issuers had no physical silver backing their positions—and it remains to be see if that occurs again in May. Stay tuned.
After three days of no activity there was finally a deposit made into GLD to the tune of 47,774 troy ounces. And as of 8:00 p.m. EDT yesterday evening, there were no reported changes in SLV.
There was a tiny sales report from the U.S. Mint yesterday, as they sold 34,000 silver eagles—and nothing else.
There was a little activity in gold over at the COMEX-approved depositories on Wednesday. There was 10,297 troy ounces reported received—and only 1,671.800 troy ounces/52 kilobars shipped out. With the exception of 2 kilobars shipped out of Manfra, Tordella & Brookes, Inc.—the remainder of the in/out activity was at Canada’s Scotiabank. The link to that activity is here.
It was much busier in silver, as 600,381 troy ounces were reported received—and 375,800 troy ounces were shipped out. All of the action occurred at the CNT depository—and the link to that action is here.
It was another busy day over at the COMEX-approved gold kilobar depositories in Hong Kong on their Wednesday, as they received 5,732 kilobars—and shipped out 4,753 of them. All of the activity was at Brink’s, Inc. as per usual—and the link to that, in troy ounces, is here.
Here are a couple of charts that Nick Laird passed around in the wee hours of this morning. They show the gains in gold and silver prices in various world currencies. ARS is Argentina, BRL: Brazil, IDR: Indonesia, INR: India, KRW: South Korea—and TRY: Turkey. You should be able to figure out the rest of the abbreviations on your own.
It was another quiet news day again yesterday—and I hope you’ll find something worth reading as you pick through the list.
CRITICAL READS
‘Suck It Up and Deal With It‘: Fed’s Fisher Warns Next Rate Hike Will Cause Correction
The central bank’s next interest rate hike will surely cause market pain, but the Federal Reserve should just get it over with as soon as possible, former Dallas Fed President Richard Fisher said Wednesday.
“I would be prepared when they move — and I hope they move some time in June — there’ll be a settling in of the market place. There will be a correction. Suck it up. Deal with it. That’s reality,” he told CNBC.
Fisher said the Fed has been unwilling to tighten monetary policy because it fears the potential resulting market volatility and economic weakness.
“The Fed has the markets on Ritalin, trying to keep the mood very smooth, keep volatility down as much as possible. As soon as they hint that they might remove that, then they create the problems that they’re afraid of,” he said.
This news item put in an appearance on the newsmax.com Internet site at 7:35 a.m. on Thursday morning EDT—and today’s first story is courtesy of Brad Robertson. Another link to this story is here.
Debt is Growing Faster Than Cash Flow By the Most on Record
By now it is a well-known fact that corporations have no real way of generating organic growth in this economy, so they are relying on two things to boost share prices: multiple expansion (courtesy of central banks) and debt-funded buybacks (courtesy of central banks), the latter of which requires the firm to generate excess incremental cash. Incidentally, as SocGen showed last year, all the newly created debt in the 20th century has gone for just one thing: to fund stock buybacks.
The problem with this is that if a firm is going to continue to add debt to its balance sheet in order to fund buybacks (and dividends), then it needs to be able to generate enough operational cash flow in order to service the debt. Even if one makes the argument that debt is cheap right now, which may be true, or that central banks are backstopping it, which is certainly true in Europe as of a month ago, the fact remains that principal balances come due eventually also, and while debt can be rolled over, at some point the inability to generate cash from the operations catches up with them; furthermore even a small increase in rates means the rolling debt strategy is dies a painful death, as early 2016 showed.
In the following chart we can see net debt growth skyrocketing nearly 30% y/y, while EBITDA (cash flow) has been contracting for the past year. In fact, as SocGen shows below, the difference in the growth rate between these two most critical data series is now over 35% — the biggest negative differential in recent history.
This 2-chart Zero Hedge article showed up on their Internet site at 9:25 p.m. on Wednesday evening EDT—and I thank Richard Saler for finding it for us. Another link to this story is here.
Michael Burry, Real-Life Market Genius From The Big Short, Thinks Another Financial Crisis is Looming
The movie portrays all of you as kind of swashbuckling heroes in some ways, but McKay suggested to me that you were very troubled by what happened. Is that the case?
I felt I was watching a plane crash. I actually had that dream again and again. I knew what was happening, but there was nothing I, or anyone else, could do to stop it. The last day of 2007, I couldn’t come home. I was in the office till late at night, I couldn’t calm down. I wrote my wife an email and just said, “I can’t come home; it’s just too upsetting what’s happening, and I didn’t want to come home to my kids like this.” As for punishment of those responsible, borrowers were punished for their overindulgences — they lost homes and lives. Let’s not forget that. But the executives at the lenders simply got rich.
Were you surprised no one went to jail?
I am shocked that executives at some of the worst lenders were not punished for what they did. But this is the nature of these things. The ones running the machine did not get punished after the dot-com bubble either — all those VCs and dot-com executives still live in their mansions lining the 280 corridor on the San Francisco peninsula. The little guy will pay for it — the small investor, the borrower. Which is why the little guy needs to be warned to be more diligent and to be more suspicious of society’s sanctioned suits offering free money. It will always be seductive, but that’s the devil that wants your soul.
This very interesting interview from the nymag.com Internet site is from way back on December 28—and it’s the first time I’ve seen it. Even though it’s sort of ancient history in a way, it’s just as prescient now as it was then. It’s certainly worth reading—and I thank Bill Moomau for pointing it out. Another link to this interview is here.
Puerto Rico Risks Historic Default as Congress Chooses Inaction
Even if Puerto Rico manages to strike a last-minute deal to defer bond payments due in three days, the commonwealth’s financial collapse is about to enter an unprecedented phase.
Anything short of making the $422 million payment that Puerto Rico says it can’t afford would be considered a technical default. More importantly, it opens the door to larger and more consequential defaults on debt protected by the island’s constitution, and raises the risk of putting efforts to resolve the biggest crisis ever in the $3.7 trillion municipal market into turmoil.
Nearly 10 months after Governor Alejandro Garcia Padilla said the commonwealth was unable to repay all its obligations, Puerto Rico has failed to reach an accord on a broad restructuring deal presented to bondholders. During that time the administration has delayed payments to suppliers, postponed tax refunds, grabbed revenue originally used to repay other bonds and missed payments on smaller agency debt. With its options drying up, no bondholder agreement in sight and Congressional action delayed, defaulting may be the next step for Puerto Rico.
This story was posted on the Bloomberg Internet site at 3:00 a.m. Denver time on Thursday morning—and I thank Doug Clark for bringing it to our attention. Another link to this news item is here.
Syria’s peace talks begin to look like a cover for more war
Bombs hitting hospitals, doctors and rescue workers killed, civilians starving, scores of dead and injured every day – the raw, bleeding statistics of Syria’s unending war are making a nonsense of an already fragile truce and destroying the slim hopes that peace talks can even carry on.
Staffan de Mistura, the U.N. envoy for Syria, is a consummate diplomat, but this week he has struggled to mask a sense of rising panic – appealing to the U.S. and Russia to come together to stave off what his humanitarian coordinator warned on Thursday would be a new “catastrophe” if violence did not stop.
De Mistura reported privately to the U.N. security council on Wednesday on the latest “proximity” talks in Geneva, where he met the two Syrian sides separately. Opposition negotiators walked out last week, insisting they could not stay in the Palais des Nations while their people were suffering on the ground.
“How can you have substantial talks when you have only news about bombing and shelling?” De Mistura asked journalists afterwards. “Barely alive” was his blunt characterisation of the truce. And diplomats said he spoke far more forcefully on the video link to New York.
This alarming, but not entirely surprising news item showed up on theguardian.com Internet site at 5:49 p.m. BST on Thursday afternoon, which was 12:49 p.m. in Washington—EDT plus 5 hours. It’s courtesy of Patricia Caulfield, for which I thank her—and it’s definitely worth reading, especially if you’re a serious student of the New Great Game. Another link to this story is here.
Taking the petro out of the dollar — Alasdair Macleod
With China moving to internationalize its currency—and with Saudi Arabia looking for another sugar daddy, Alasdair Macleod writes, the oil trade’s decades-long support of the U.S. dollar may be coming to an end.
Macleod’s longish commentary is headlined “Taking the Petro Out of the Dollar” and it was posted on the goldmoney.com Internet site yesterday. It’s certainly worth reading as well—and I found the article on the gata.org Internet site yesterday. Another link to this essay is here.
Speculation Reds Ponzi Style—-Daily Iron Ore Trading Exceeds Annual Imports!
Goldman Sachs Group Inc. has expressed its concern about the surge in speculative trading in iron ore futures in China, saying that daily volumes are now so large that they sometimes exceed annual imports.
The increase in futures trading in the world’s largest importer was among factors that have lifted prices, according to a report from analysts Matthew Ross and Jie Ma received on Tuesday. Iron ore volumes traded on the Dalian Commodity Exchange are up more than 400 percent from a year ago, they said.
“While increased fixed-asset investment in China, a bring-forward of steel production (ahead of a government curtailment) and mining disruptions help to explain the strong rally in the iron ore price, the one driver that concerns us the most is the increased speculation in the Chinese iron ore futures market,” they wrote.
This sounds similar to the over-the-top gold and silver trading volumes on the LBMA! This Bloomberg article from Wednesday was reposted on David Stockman’s website—and is worth reading. I thank Kathmandu reader Nitin Agrawal for sharing it with us. Another link to this news item is here.
Volume Collapses as China Commodity Exchanges Ordered to “Curb Speculation“
We have been warning about China’s speculative commodity trading bubble – spewing false signals around the world about the strength of the real economy – and now, as we suggested previously, Chinese authorities have decided to burst yet another bubble they created. Reuters reports that China’s Securities regulator has ordered three major commodity exchanges to “control intraday speculation in commodity markets,” ordering them to “curb trading for investors with no commodity industry background.” Volume has crashed…and just as it did in the equity markets, prices will follow.
As Reuters reports, China’s securities regulator ordered the country’s major commodity futures exchanges this week to control speculative trading activity, sources told Reuters, after a surge in prices sparked fears of a boom-and-bust cycle.
The result…Party’s Over!
This 3-chart Zero Hedge piece appeared on their website at 12:32 p.m. EDT yesterday—and I thank ‘David in California’ for finding it for us. It’s worth skimming. Another link to this new item is here.
Japan: What Comes Next? Krugman’s Fiscal Equivalent of War? — David Stockman
Somebody must have reinstated Paul Krugman’s passport. He was recently back in Japan to meet with the world’s leading economy-wrecking triumvirate —-Prime Minister Abe, BoJ Governor Kuroda and Finance Minister Taro Aso—–to dispense some desperately needed advice.
Japan is on the verge of a second recession during Abe’s tenure despite his plunge into full frontal Keynesian stimulus. But since March 2013 when Kuroda cranked up the BoJ’s printing press to white heat, two main things have happened. The BoJ’s already bloated balance sheet has exploded by 2X and the flat-lining Japanese economy has continued undulating to nowhere.
Professor Krugman was naturally at the ready with a solution. He recommended his hosts take a lesson from the America’s World War II playbook and declare “the fiscal equivalent of war”.
This semi-longish David Stockman piece, along with an appended Zero Hedge article on the same subject, was posted on his website yesterday sometime. Both are worth reading—and another link to this commentary is here.
CFTC has no comment on Deutsche Bank’s admission of gold, silver market rigging
The U.S. Commodity Futures Trading Commission will not answer questions arising from Deutsche Bank’s reported agreement to pay damages for and implicate other banks in the manipulation of the gold and silver markets, a commission spokesman said today.
Last week your secretary/treasurer put to the commission three questions about the development with Deutsche Bank:
— Does the commission have any reaction to Deutsche Bank’s admission to manipulating the gold and silver markets?
— Is the commission responding to Deutsche Bank’s admission in any way?
— In September 2013 the commission reported that it had been investigating the silver market for five years and had found nothing improper. In light of the development with Deutsche Bank, is the commission reconsidering that conclusion?
Today’s “no comment” from the commission spokesman also covered an additional question put to the commission today. So today’s rejected question was: Prior to GATA’s inquiry to the CFTC, was a market surveillance official for the commission contacted about the Deutsche Bank development and did he confirm that the commission was aware of it?
This commentary by GATA secretary/treasurer Chris Powell appeared on their Internet site yesterday. It, along with several embedded links, are worth reading. Another link to this GATA release is here.
SGE benchmark takes gold price higher overnight — Lawrie Williams
There will be arguments as to which came first – the overnight rise in gold price on global after-hours markets, or the Shanghai Gold Exchange (SGE) pm fix – but the latest SGE figure of CNY 261.88 was at the higher end of trading being equivalent to around US$1,258 at the current CNY/USD exchange rate. Whether the SGE gold fix is leading, or following, the general price trend is thus open to question. But perhaps the principal driver of the overnight rise in the gold price will have been the fall in the US dollar, with the Japanese central bank keeping its monetary policy steady at its latest meeting. The Japanese yen thus rose around 2% against the US dollar, which has a significant impact on the US Dollar Index, which fell around two-thirds of a percent.
Needless to say, though, the move above the $1,250 level, which had been strongly resisted on the U.S. and London spot markets yesterday, was breached in the overnight trade. The CNY price differential between the am and pm ‘fixes’ in Shanghai was around 0.7%. The big question is can gold retain these kinds of levels, or even mover higher? (At the time of writing the spot price is sitting at a little over the $1,257 level). Or will it be brought down again by the big players on the futures markets who could have a lot to lose should the gold price surge higher in having to unwind some big short positions?
This 4-paragraph commentary from Lawrie showed up on the Sharps Pixley website early on Thursday morning in London—and another link to this article is here.
Physical gold Q1 demand slumps 29% to 781 metric tonnes; lowest for 7 years: GFMS
Global physical gold demand slumped 29% in the first quarter to 781 mt, down from 1,097 mt in fourth quarter of 2015, the lowest level for six years, the latest survey by Gold Fields Mineral Services showed Wednesday.
The figure is 23.8% lower than 1,025 mt recorded in Q1 2015, the drop due primarily to weak Asian demand, according to the study.
Indian jewelery consumption was down 56.3% on the year, and 65% lower on the quarter, at 64.9 mt.
Chinese consumption was 27.3% lower on the year, down 6% on the quarter, to 130.6 mt.
If you’re looking for a negative and totally misleading story on gold, look no further. They quote all the negative stuff first, but then backtrack entirely by the end of the article as they talk about investment demand. This piece of bulls hit appeared on the platts.com Internet site on Wednesday—and this is certainly not the first time that the writers for this company will have been proven spectacularly wrong by future events. I found it on the Sharps Pixley website on Wednesday evening, but passed on it for yesterday’s column, so here it is today. Another link to it is here.
The PHOTOS and the FUNNIES
I took this jackrabbit photo on Sunday from the safety of my car—and I promise that it’s the last rabbit photo of the year. The other two photos were ones I took in my backyard last Tuesday, as it was more than warm enough to eat outside at lunchtime. The first is just a female English house sparrow sitting on our fence—and the other is a red-breasted nuthatch that posed for me in our neighbour’s apple tree.
The WRAP
The news from the BoJ at noon on Thursday Tokyo time certainly had an affect on the precious metal markets, but as you already know, JPMorgan et al were at battle stations to prevent prices from blowing sky high. They were mostly successful, up to a point—but like King Canute, they can’t hold back the tide forever.
I asked Ted what he thought of Thursday’s price action—and his answer was the usual smack across the side of the head with a cold dose of reality. His comment was, as always, that there was no sign that any of the the Big 8 traders on the short side were beginning to cover and run. The positive price action yesterday appeared to be the same technical fund/managed money trader going long and selling shorts, while ‘da boyz’ were taking the other side of the trade in whatever amount necessary to prevent prices from exploding.
So, it’s the same old, same old with yesterday’s price action. Of course all eyes should be on the manner in which this rally ends—another engineered price decline, or the powers-that-be throw in the towel and begin to cover. If they attempt the latter, there won’t be any need to ask if they’re doing it, because it will be evident in the price. And if they do, it will be—as Ted has said for the umpteenth time—the first time in COMEX history that it has happened. Ted also mentioned that the possibility of a double-cross is still open in silver, with Canada’s Scotiabank being the patsy if JPMorgan can pull it off. He won’t know more until he sees next week’s Bank Participation Report.
Here are the 6-month charts for all four precious metals. Silver is now hugely overbought—and palladium is getting to about the same level. Gold and platinum are heading in that general direction with all haste as well.
And as I type this paragraph, the London open is less than ten minutes away—and I see that starting around 8 a.m. HKT on their Friday morning, the gold price became more active, but the rally was capped three hours later—and it has been quietly selling off ever since. The gold price is still up 7 bucks an ounce at the moment. The price path in silver was similar—and with five minutes to go until London opens, silver is still up 15 cent, but over half of its morning gains in the Far East have already vanished. The platinum and palladium prices followed more or less similar price patterns, but far more subdued. At the moment, platinum is up 7 dollars—and palladium is up 4.
Net HFT gold volume is exactly where it was this time yesterday morning just before London opened, at just over 51,000 contracts. Wow! That number in silver is around 12,000 contracts, which is stunning number. The HFT boyz and their algorithms were at battle stations in Far East trading for the second day in a row.
The dollar index continued to decline in Far East trading, with the current 93.36 low coming shortly after 1 p.m. HKT on their Friday afternoon. As London opens, the dollar index is down another 31 basis points.
It’s Friday again already, so we get another Commitment of Traders Report this afternoon. It will be for positions held at the close of COMEX trading on Tuesday—and as I’ve already mentioned, I’m expecting some deterioration in both silver and gold in this report, it’s just a matter of how much.
Of course Wednesday’s and Thursday’s price/volume action won’t be included—and one can only fantasize in horror as to how bad it would be if we could see the COT Report as of yesterday’s COMEX close.
And as I post today’s commentary on the website at 4:00 a.m. EDT, I note that the dollar took a 15 basis point header about five minutes before the London open—and all four precious metals popped a bit on that event. At the moment, gold is up 10 dollars an ounce, silver is now up 22 cents, platinum is higher by 11 bucks—and palladium is up by 7.
Net HFT gold volume is now up to a whopping 60,500 contracts—and that number in silver is 16,500 contracts. These are huge numbers—and it’s obvious that the powers-that-be are pulling out all the stops to prevent the precious metals from exploding higher. The dollar index is currently down 35 basis points, but was down as much as 50 basis points shortly after London opened.
Since today is both Friday—and the last trading day of the month—I’m wide open for any sight that greets my eyes when I roll out of bed later this morning.
Enjoy your weekend—and I’ll see you here tomorrow.
Ed
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