13 May 2016 — Friday
YESTERDAY in GOLD, SILVER, PLATINUM and PALLADIUM
[NOTE: After eleven months without missing a column, I’m taking next week off, as we have a house full of company coming from overseas—and there’s just no way that I’m going to be able to spend the 7 to 8 hours it takes to put together each daily column. But if something does go ‘bump’ in the night during the week, I’ll have some charts, along with a few comments as well, but they will be very brief. — Ed]
The gold price took two steps lower during Far East and early London trading—and was down 12 bucks or so by 8:30 a.m. in New York on Thursday morning. It rallied sharply from there—and back to just above unchanged, but was capped at the London p.m. gold fix. However, by 11:15 a.m. EDT, all those gains had vanished—and gold was down 11 bucks. It crawled higher until shortly after 2:30 p.m. in after-hours trading—and then was sold off into the 5:00 p.m. close, finishing the day virtually on its low tick.
The CME Group recorded the high and low ticks as $1,282.50 and $1,262.90 in the June contract.
Gold finished the Thursday session at $1,263.20 spot, down $13.50 from Wednesday’s close. Net volume was just over 166,000 contracts—and roll-over volume out of the June contract was decent.
Here’s the 5-minute gold tick chart courtesy of Brad Robertson once again. There was noticeable volume surrounding the two price steps lower in gold—one before noon in Far East trading—and the other starting around 10 a.m. BST in London—which was 3 a.m. Denver time on the chart below. Of course the real volume began at 6:30 a.m. MDT, which was the beginning of the rally in New York. And although volume dropped off considerably after the COMEX close, it picked up a bit as the after-hours trading session moved along—and as the gold price continued to get sold lower.
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‘ is a must here if you wish to see the fine detail.
After trading flat until 9 a.m. HKT, the silver price began to chop lower until minutes after 8 a.m. EDT in New York. It’s rally that began at that point, certainly didn’t have the legs that gold had but, like gold, the price was capped at the London p.m. gold fix. Then at 10:45 a.m. EDT, ‘da boyz’ and their algorithms showed up—and they had the price down to $17 spot thirty minutes later. Like gold, the price crawled higher from there until 2:30 p.m. before the not-for-profit sellers showed up again—and they closed silver on its absolute low tick of the day.
The high and low in this precious metal was recorded as $17.485 and $17.00 in the July contract.
Silver was closed in New York yesterday at $16.95 spot, down 45 cents from Wednesday’s close. Net volume was on the heavier side at just under 49,500 contracts.
Platinum was also sold lower in Far East and early Zurich trading. Then, like gold, it began to rally at the COMEX open. It was capped at the p.m. gold fix—and then JPMorgan et al struck at 10:45 a.m. EDT and had the price down 15 dollars within thirty minutes. Like told and silver, its price crawled higher until 2:30 p.m. EDT—and ‘da boyz’ were there to make sure it closed on its low tick as well—$1,045 spot, down 18 bucks from Wednesday.
Palladium was up 4 dollars by the Zurich open but, shortly before 11 a.m. EDT, ‘da boyz’ took it and platinum lower in lock step. Palladium was down 10 bucks in twenty minutes. It chopped quietly lower from there, closing at $592 spot, down 14 dollars from it’s close on Wednesday.
The dollar index closed late on Wednesday afternoon in New York at 93.83—and began to head higher almost the moment that trading began at 6 p.m. EDT yesterday evening. It hit its pre-New York open high tick a minute or so before 8 a.m. EDT—and then plunged to unchanged by the London p.m. gold fix. Then by 12:25 p.m. it was almost back to its 8 a.m. high once again. It behaved after that, with the 94.19 high tick coming shortly after 4 p.m. EDT, as the dollar index finished the day at 94.16—up 33 basis points from Wednesday’s close.
The rally in all four precious metals began the moment that dollar index reversed course at 8 a.m. in New York—and the rally ended the moment that ‘gentle hands’ appeared to prevent the dollar index from really taking a header. The precious metals didn’t declined as the dollar rallied off its p.m. gold fix low, so they got some help shortly after that.
And here’s the 6-month U.S. dollar index chart, complete with yesterday’s ‘action’. This dollar index thingy is turning into a real dog and pony show, as it’s value is a computer generated prop job—the same as the precious metals, except in reverse.
The gold stocks spent a brief time in positive territory surrounding the London p.m. gold fix, but once the HFT traders and their algos showed up, that was it, with their low ticks coming shortly after 11 a.m. EDT on the engineered price decline in gold that occurred during that time. After that, the gold stocks continued to follow the metal’s price like a proverbial shadow—and the HUI closed slightly off its low tick, down 2.68 percent.
The silver stocks did quite a bit better, as they spent the entire trading session in the green, although they did get sold off a fair bit during silver’s engineered price decline. The larger silver producers are the ones that did OK, but the junior producers got hit hardest. Nick Laird’s Intraday Silver Sentiment Index closed up 1.99 percent, which is quite an accomplishment considering how hard the silver price got smacked by JPMorgan et al. Click to enlarge.
The CME Daily Delivery Report showed that 73 gold and 119 silver contracts were posted for delivery within the COMEX-approved depositories on Monday. HSBC USA was the only short/issuer of note with 72 contracts—and the two largest long/stoppers were, once again, Canada’s Scotiabank and JPMorgan, both out of their respective house accounts, with 52 and 12 contracts respectively. The link to yesterday’s Issuers and Stoppers Report is here.
The CME Preliminary Report for the Thursday trading session showed that May open interest in gold dropped by 23 contracts, leaving 1,194 still open. And since Wednesday’s daily delivery report showed 27 gold contracts posted for delivery on Friday, that means that another 27-23=4 gold contracts were added to the May delivery month. May open interest in silver actually rose 31 contracts—and since Wednesday’s daily delivery report only showed that 2 silver contracts were actually posted for delivery today, that means that 31+2=33 silver contracts were added to the May delivery month. This is proving to be an very interesting delivery month in both gold and silver—and we’re still have a long way to go before month end.
Another day–and another deposit into GLD. This time an authorized participant added 105,089 troy ounces. And as of 7:46 p.m. EDT yesterday evening, there were no reported changes in SLV.
After three days of nothing, there was finally a sales report from the U.S. Mint. They sold 9,000 troy ounces of gold eagles—3,500 one-once 24K gold buffaloes—and 972,500 silver eagles.
There was very decent activity in gold over at the COMEX-approved depositories on Wednesday, as 99,152 troy ounces were reported received, but only 5 kilobars were shipped out. Of the amount received, there was 96,453.000 troy ounces/3,000 kilobars taken by HSBC USA. The interesting part about this particular receipt of gold is that it was received using the Chinese gold kilobar weight of 32.151 troy ounces—and not the usual U.S./British 32.150 troy ounces per kilobar. That’s the first time I’ve seen this unit of measure show up in the New York depositories—and I’ve been checking the deposits for quite a while. As I said at the outset when the COMEX-approved depositories came to being in Hong Kong a bit over two years ago—there would come a time when the Chinese kilobar weight and the U.S. kilobar weight would have to merge—and this may be the first hint of that outcome. The rest of Wednesday’s gold deposit went into Brink’s, Inc.—and the 5 kilobars shipped out, came from Manfra, Tordella & Brookes, Inc. The link to that activity is here.
There was very decent silver movement once again, as 597,057 troy ounces were reported received—and 800,672 troy ounces were shipped out. All of the ‘in’ activity was at JPMorgan—and it will be interesting to see how much more will be deposited. I know that Ted Butler has been waiting for the six million ounces of March deliveries that they’re owed, to show up in JPMorgan’s warehouse at some point—and this may be the start. Although it might be deliveries for May already, but that’s a bit of a stretch. Of the amount shipped out—690,000 came from CNT—and the remaining 111,000 from Canada’s Scotiabank. The link to this action is here.
It wasn’t overly busy at the COMEX-approved gold kilobar depositories in Hong Kong on their Wednesday, as they only reported receiving 323—and shipped out 554 of them. All of the activity was at Brink’s, Inc. as per usual—and the link to that, in troy ounces, is here.
I have an average number of stories for you today—and there should be some in here that you’ll find of interest.
CRITICAL READS
More Frogs Boiling: Why Trillion Dollar Deficits Are Coming Back Soon — David Stockman
Yesterday I noted that the frogs of Wall Street linger in the boiling pot because they are under the delusion that stocks are cheap based on the sell-side hockey sticks that always show $135 per share of S&P earnings and a 15X multiple in the next year ahead. Besides that, should anything go awry with the economy, Washington purportedly stands ready to bail-out the stock market with a new round of fiscal stimulus after the election.
The latter delusion brings to mind what might be called the “CBO hockey stick”, which is a fiscal fantasy so unhinged from reality as to make the Wall Street stock analysts look like models of sobriety by comparison. To wit, CBO’s latest 10-year budget projection assumes that the US economy will hit full employment next year, and remain there with nary a bump or recession in sight through September 2026, at least.
Well, now. Don’t bother to say Rosy Scenario move over because the arithmetic of CBO’s fantasy speaks for itself. That is, it is advising Washington to relax——we are heading for 207 straight months without a recession. And not in the next world, but this.
This commentary by David appeared on his Internet site yesterday sometime—and I thank Roy Stephens for sharing it with us. Another link to this article is here.
Restaurant Shares Tumble After Wendy’s Warns of Slowing Sales
Restaurant stocks slid on Wednesday after Wendy’s Co. said that sales were soft in April, causing concern among investors that demand may be slowing across the fast-food industry.
Wendy’s shares fell as much as 9.1 percent to $10.16 after the company, which reported earnings Wednesday morning, said that same-store sales in the second quarter would grow less than its 3 percent target for the full-year. It was the biggest drop in Wendy’s shares since November 2013. Shares of El Pollo Loco Holdings Inc., Popeyes Louisiana Kitchen Inc., Jamba Inc., Sonic Corp., Shake Shack Inc., Dunkin’ Brands Group Inc. and Burger King owner Restaurant Brands International Inc. each slipped more than 3 percent.
Fast-food stocks have been a “place to hide” for investors in recent months, and comments from Wendy’s and other restaurant-executives about a weak April led to today’s selloff, said Will Slabaugh, an analyst at Stephens Inc.
“A decent amount of money has plowed into these stocks over the last few months, and now we heard that things might not be as rosy as we thought,” he said. “There’s been a bit of a run to the exits.”
The above four paragraphs are all there is to this brief Bloomberg article that showed up on their Internet site at 1:46 p.m. Denver time on Wednesday afternoon—and it’s something I found in yesterday’s edition of the King Report.
Outlook for oil brightens as output disruptions erode surplus: IEA
Unplanned disruptions to oil output could help run down a global overhang of unused crude this year, while demand will profit from growing gasoline consumption particularly in India and China, the International Energy Agency said on Thursday.
The IEA said output from non-OPEC producers is expected to fall by 800,000 barrels per day (bpd) in 2016, an acceleration from the agency’s previous forecast for a fall by 710,000 bpd.
On the demand front, the Paris-based IEA left its forecast for global growth broadly unchanged at 1.2 million bpd for this year, but said the risks to future forecasts lay to the upside.
“Any changes to our current 2016 global demand outlook are now more likely to be upwards than downwards, as gasoline demand grows strongly in nearly every key market, more than offsetting weakness in middle distillates,” the IEA said in its monthly Oil Market Report.
This Reuters story, filed from London, was posted on their Internet site at 4:59 p.m. EDT yesterday afternoon, but it has obviously been updated since it was originally filed, because Doug Clark sent it to me six hour prior to that. Another link to this article is here.
Brazil President Rousseff Suspended, to Be Put on Trial After Losing Impeachment Vote
In a vote whose outcome was largely expected, moments ago the Brazilian Senate concluded a marathon 21 hour session with a 55 to 22 vote to suspend President Dilma Rousseff from office to face an impeachment trial, ushering in a new government to take command of Latin America’s largest economy. Rousseff will be tried on allegations she illegally doctored fiscal accounts to mask the size of the budget deficit.
When officially notified later on Thursday morning, Brazil’s first woman president will be suspended, ending 13 years of rule by the leftist Workers Party, and the “market friendly” Vice President Michel Temer will become acting president during her trial.
As Bloomberg adds, “from the moment she receives the notification, the process of impeachment for the crime of responsibility takes effect,” Senate President Renan Calheiros said after voting ended. She is expected to be notified within hours, and give a press conference at 10 a.m. local time.
This Zero Hedge piece appeared on their Internet site at 6:10 a.m. on Thursday morning EDT—and it’s obvious that the events mentioned in the above story have already taken place. I thank Richard Saler for pointing it out. Another link to this article is here.
Brazil’s Democracy to Suffer Grievous Blow as Unelectable, Corrupt Neoliberal is Installed — Glenn Greenwald
So if you’re a plutocrat with ownership of the nation’s largest and most influential media outlets, what do you do? You dispense with democracy altogether – after all, it keeps empowering candidates and policies you dislike – by exploiting your media outlets to incite unrest and then install a candidate who could never get elected on his own, yet will faithfully serve your political agenda and ideology.
That’s exactly what Brazil is going to do today. The Brazilian Senate will vote later today to agree to a trial on the lower House’s impeachment charges, which will automatically result in Dilma’s suspension from the presidency pending the end of the trial.
Her successor will be Vice President Michel Temer of the PMDB party (pictured, above). So unlike impeachment in most other countries with a presidential system, impeachment here will empower a person from a different party than that of the elected President. In this particular case, the person to be installed is awash in corruption: accused by informants of involvement in an illegal ethanol-purchasing scheme, he was just found guilty of, and fined for, election spending violations and faces an 8-year-ban on running for any office. He’s deeply unpopular: only 2% would support him for President and almost 60% want him impeached (the same number that favors Dilma’s impeachment). But he will faithfully serve the interests of Brazil’s richest: he’s planning to appoint Goldman Sachs and IMF officials to run the economy and otherwise install a totally unrepresentative, neoliberal team (composed in part of the same party – PSDB – that has lost 4 straight elections to the PT).
This very interesting article by Glenn put in an appearance on theintercept.com Internet site at 7:48 a.m. EDT on Wednesday morning—and it’s certainly worth reading if you have the interest. I thank Roy Stephens for sending it—and another link to this news item is here.
David Cameron will not debate against any Tory ahead of E.U. referendum
David Cameron will refuse to debate against any of his Conservative rivals ahead of the European Union referendum but will appear on the same programme as Nigel Farage, The Telegraph understands.
The Prime Minister’s has set a “red line” over the prospect of a televised debate against a Tory Eurosceptic such as Boris Johnson.
Instead, he will on June 7 appear on an ITV debate against Mr Farage.
However, the two men will never be on screen together and will face separate 30-minute question sessions by Julie Etchingham, who is hosting the event.
The disclosure will come as a major blow to the BBC, which had been pushing for a TV debate featuring the Prime Minister against one of his Eurosceptic Cabinet colleagues, most likely Michael Gove, the Justice Secretary.
It will also infuriate the Vote Leave campaign, which Mr Farage is not a part of.
Cameron knows that he, along with his cause, will get blown out of the water, so he’s running away. This article was posted on the telegraph.co.uk Internet sit at 6:58 a.m. BST on Thursday morning, which was 1:58 a.m. in Washington—EDT plus 5 hours. It’s the third offering of the day from Roy—and another link to this news item is here.
Global banks bankroll battle to keep Britain in the E.U.
Prime Minister David Cameron’s bid to keep Britain in the EU is being funded by global banks to the tune of £1.5 million, in a fight which has been likened by ‘leave’ campaigners to that of David vs Goliath.
The official Britain Stronger in Europe (BSE) group, backed by Cameron, has received funds from banks including Goldman Sachs, JP Morgan, Morgan Stanley and Citibank.
The campaign has also taken major sums from wealthy businessmen, who previously insisted the UK would be “isolated” if it did not join the euro, the Daily Mail reports.
Figures on campaign donations also reveal that BSE got a £20,000 loan at a rate of just one percent from Lloyds.
The official Vote Leave campaign claims it is involved in a ‘David v Goliath’ battle, in which the global elite are pulling out all the stops to protect their own interests.
This very interesting, but not surprising news item put in an appearance on the Russia Today website at 4:34 p.m. Moscow time on their Thursday afternoon, which was 8:34 a.m. in New York—EDT plus 8 hours. It’s the fourth and final offering of the day from Roy Stephens—and I thank him on your behalf. Another link to this story is here.
Italy must choose between the euro and its own economic survival — Ambrose Evans Pritchard
Italy is running out of economic time. Seven years into an ageing global expansion, the country is still stuck in debt-deflation and still grappling with a banking crisis that it cannot combat within the paralyzing constraints of monetary union.
“We have lost nine percentage points of GDP since the peak of the crisis, and a quarter of our industrial production,” says Ignazio Visco, the rueful governor of the Banca d’Italia.
Each year Rome hopefully pencils in a fall in the ratio of public debt to GDP, and each year the ratio rises. The reason is always the same. Deflationary conditions prevent nominal GDP rising fast enough to outgrow the debt.
The putative savings from drastic fiscal austerity – cuts in public investment – were overwhelmed by the crushing arithmetic of the ‘denominator effect’. Debt was 121pc in 2011, 123pc in 2012, 129pc in 2013.
This longish, but must read commentary by Ambrose Evans-Pritchard showed up on the telegraph.co.uk Internet site at 8:18 p.m. BST on their Wednesday evening—and I thank Richard Saler for sending it along. Another link to this news item is here.
China’s planners won’t let go of the stock market
Regulators just can’t stop meddling in China’s stock market. Watchdogs have reportedly cut off fundraising in hot sectors, and may restrict overseas companies wishing to relist at home. Though their desire to avoid a repeat of last year’s bubble is understandable, bureaucratic intervention stunts China’s equity market.
Two and a half years after rulers pledged a “decisive” role for markets in the world’s second-largest economy, they remain reluctant to let supply and demand set the value of listed stocks. Last week, the China Securities Regulatory Commission said it was studying companies, currently listed overseas, which are pursuing so-called backdoor listings on the mainland. According to Caixin, the CSRC has also stopped listed firms from raising capital to invest in speculative industries like internet finance, video games and virtual reality.
The desire to prick bubbles before they inflate is forgivable. Memories of last year’s debt-fuelled stock market boom, bust and failed bailout are raw. Botching the response to the crash apparently cost the CSRC’s last boss his job. Besides, the retail investors who still hold the majority of tradeable equities are prone to blaming authorities for any losses.
This opinion piece by Reuters columnist Peter Thal Larsen appeared on their website yesterday sometime—and it’s another offering from Richard Saler. Another link to this commentary is here.
Gold Demand Jumps 21% In Q1 On Record Investor Interest: WGC
It was the culmination of five factors that helped the gold market see its strongest first quarter on record, according to the World Gold Council (WGC).
In its first quarter Gold Demand Trend Report, released Thursday, the WGC said that gold demand totaled 1,289 tonnes, an increase of 21% from the first quarter of 2015.
January to March was a resurgence of global investment demand, specifically in exchange-traded funds. The report highlighted that ETFs saw inflows of 363.7 tonnes, more than reversing the total outflows seen in 2014 and 2015.
This gold-related news item showed up on the kitco.com Internet site at 3:39 a.m. EDT yesterday morning—and I thank Brian Geisler for pointing it out. Another link to this story is here. There was also a Bloomberg article on this headlined “Gold Fund Buying Frenzy Spurs Demand to Second-Highest Ever“—and it’s linked here. I thank Doug Clark for that one.
Negative interest rates spark record gold rush as demand for safe deposit boxes jumps
Investors snapped up gold at a record pace in the first three months of 2016 as global growth fears intensified and central banks slashed interest rates deeper into negative territory.
Concerns that Britain could leave the E.U. also triggered a spike in demand across Europe where ” investors were plagued by lingering Brexit fears,” according to the World Gold Council.
Alistair Hewitt, head of market intelligence at the World Gold Council, said investors ploughed money into gold as central banks ventured further into negative territory on interest rates, global uncertainty rose and traders upped their bets that the US Federal Reserve would not raise interest rates this year.
“Investors are questioning the ability of central banks to have a significant impact on the global economy,” said Mr Hewitt.
The headline is different, but in a lot of ways, this gold-related news item is very similar to the Bloomberg piece linked in the previous article. This one appeared on The Telegraph‘s website at 5:00 a.m. BST on Thursday morning—and I thank Richard Saler for his final contribution to today’s column. Another link to this article is here.
ETF gold purchases trump Q1 Asian demand downturn — Lawrie Williams
The latest analysis by London-based precious metals consultancy, Metals Focus, on behalf of the World Gold Council (WGC) for Q1 supply and demand has only served to emphasize what we have been saying here for some time. Namely that the huge moves of gold into the big gold ETFs has dwarfed what has appeared to be a significant demand downturn over the period from India and China. Indeed, in the latest issue of the WGC’ s quarterly Demand Trends publication, for which the data was prepared, put Q1 gold demand at its HIGHEST LEVEL EVER RECORDED.
According to the WGC stats gold ETF demand globally during Q1 was a massive 386 tonnes bringing total global investment demand in at 618 tonnes – 21% higher than a year earlier. Given Q1 global new mined production was estimated at around 774 tonnes this is an enormous percentage given that jewellery demand usually dwarfs investment demand. However for the first three months of the year jewellery demand did fall back 19% to 482 tonnes. But overall this means that the total of jewellery and investment demand combined came to 1,100 tonnes – around 42% more than total newly mined gold. This is a staggering figure.
This commentary by Lawrie was posted on the Sharps Pixley website yesterday—and it’s worth reading. Another link to this gold-related story is here.
The PHOTOS and the FUNNIES
I took this photo of a pair of red-necked grebes in the same slough as I took the photo of the pelicans. The female of this breeding pair is in the foreground. This shot of the three bunches of marsh-marigolds in the second photo was a short walk from the first photo. And despite all that think otherwise, I’m still a fan of magpies, especially when they catch the light just right, as in the third shot. The ‘click/double-click to enlarge’ feature helps here.
The WRAP
I’d dearly like to know what happened between 8 and 11:15 a.m. in New York yesterday. The rallies into the p.m. gold fix, particularly in gold, probably had something to do with the dollar index dive that started at 8 a.m. But the engineered price declines in all four precious metals that began around 10:45 a.m.—and which were mostly done by 11:15 a.m., were certainly of the engineered variety, as the dollar index rally that began at the 10 a.m. EDT afternoon gold fix, didn’t top out until around 12:30 p.m.
It’s reasonably obvious that if these engineered price declines hadn’t occurred, all four precious metals would have closed up on the day. And as I’ve pointed out already, the post p.m. gold fix dollar index ‘rally’ looked engineered as well. It’s obvious that ‘da boyz’ can do whatever they want, whenever they want.
Here are the 6-month charts for all four precious metals—and not a lot has changed from Wednesday.
And as I type this paragraph, the London open is less than ten minutes away—and I see that the gold price has been chopping unsteadily higher ever since trading began in New York at 6 p.m. EDT on Thursday evening. At the moment, gold is up 11 dollars. And after a sharp down/up spike shortly after 11 a.m. HKT on their Friday morning, the silver price is currently higher by around 16 cents the ounce—and back above $17 spot for the moment. Platinum traded a bit lower in the early going in Tokyo, but is now up 10 bucks. Ditto for palladium—and it’s up 6 dollars.
Net HFT gold volume is sitting right on the 29,000 contract mark, without much roll-over activity associated with it at the moment. That number in silver is just under 11,000 contracts, which is pretty chunky for this time of day. The dollar index traded flat until precisely 2 p.m. HKT—and then headed higher like a scalded cat—and is currently up 16 basis points as London opens.
Today we get the latest and greatest Commitment of Traders Report for positions held at the close of COMEX trading on Tuesday. I mentioned in my Wednesday missive, that based on the price pattern during the reporting week, I was estimating a slight decline in the Commercial net short position in today’s report. Ted thinks it will go the other way—and if you were going to bet ten bucks, you should bet it on Ted’s judgement of the situation, not mine—as he’s the number one world authority on the Commitment of Traders Report. Because if it wasn’t for him none of the rest of us in the precious metals world would know anything about the COT—and we’d all be stumbling around in the dark trying to figure out what was going on and why—and that would include this writer.
And as I post today’s column on the website at 4:00 a.m. EDT, I see that the gold price hasn’t done much since London opened about an hour ago—and it’s still up $11 the ounce. The same can be said of the other three precious metals as they too are currently chopping sideways in a very tight price range, so there’s really not much to see.
Net HFT gold volume is now up to 34,000 contracts—and in silver that number is around 12,300 contracts. These aren’t big increases from an hour ago. The ramp job on the dollar index continues unabated—and it’s currently up 28 basis points.
Today is Friday—and Friday the 13th to boot—so we’ll find out soon enough if JPMorgan et al have some bad lack in store for us today.
That’s all I have for this column—and I’ll see you on Saturday.
Have a good weekend.
Ed
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