15 June 2016 — Wednesday
YESTERDAY in GOLD, SILVER, PLATINUM and PALLADIUM
The gold price sold quietly lower during most of the Far East trading session on their Tuesday, with the low tick of the day coming minutes after 9 a.m. BST in London. The subsequent rally got capped about shortly after 9 a.m. in New York yesterday, with the New York low coming minutes before 12:30 p.m. EDT. The rally that followed got capped ten minutes after the COMEX close — and it sold off a few dollars from that point before chopping quietly sideways for the remainder of the after-hours trading session.
The low and high tick were recorded as $1,278.60 and $1,293.00 in the August contract.
Gold was closed in New York on Tuesday at $1,285.50 spot, up $1.70 from Monday. Net volume was very heavy once again at around 184,000 contracts.
Here’s the 5-minute gold tick chart courtesy of Brad Robertson once again. There was spotty volume in morning trading in the Far East on their Tuesday.. But starting around 2 p.m. HKT, volume picked up a bit—and remained slightly elevated until the COMEX open, which is 6:20 a.m. Denver time on the chart below. Then, as usual, the real price/volume activity kicked in as the New York bullion banks went to work — and volume wasn’t back to background levels until around 1 p.m. MDT, which was 3 p.m. EDT.
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.
Silver was forced to follow the exact same trading pattern as gold on Tuesday, so I shall spare you the play-by-play.
The low and high ticks in that precious metal were reported by the CME Group as $17.225 and $17.50 in the July contract.
Silver finished the Tuesday session at $17.345 spot, down 6 cents on the day. Net volume was nothing special at just over 35,000 contracts.
It was the same pattern in platinum, at least up until shortly after 9 a.m. in New York. Then ‘da boyz’ showed up — and the low tick was set during the New York lunch hour. It rallied a bit until about 2:30 p.m. EDT, before chopping sideways for the rest of the day. Platinum got clocked for another $15, closing at $974 spot.
Kitco’s palladium chart still isn’t right, but the chart shows that it was sold down 10 bucks on the day — and after the hammering the platinum got, I don’t doubt the $534 spot closing price. The 6-month palladium chart in The Wrap section more or less confirms what’s on the chart below.
The dollar index closed late on Monday afternoon in New York at 94.39 — and didn’t do a lot until very early in the morning in the Far East, as it began to slowly climb higher. The rally developed some legs starting at 2 p.m. HKT — and ran out of gas at, or just before 11 a.m. BST in London. It sold off a bit until shortly after 9 a.m. in New York — and around 10:45 a.m. EDT it hit its 95.03 high tick. The index chopped a bit lower from there before trading sideways, finishing the Tuesday session in New York at 94.93 — up 54 basis points from Monday’s close.
It’s obvious, at least to me, that JPMorgan et al hit the “prop up the dollar index/sell the precious metals” button at 9:10 a.m. EDT yesterday. Both gold and silver were rallying strongly despite what was happening in the currencies — and if they’d waited to cap them at the London p.m. gold fix, it’s obvious that precious metal prices would have broken out to new highs by then.
Here’s the 6-month U.S. dollar chart — and after a day off on Monday, the index continues to ‘rally’ anew.
The gold stocks opened in the green by a bit, but were obviously struggling — and by 10:30 a.m. in New York they began to head lower for good. Most of the loses were in by 11:40 a.m. EDT — and after that they chopped a bit higher into the close. The HUI finished the Tuesday session down 2.06 percent.
It was more or less the same chart pattern for the silver equities, except they opened down — and never got a sniff of positive territory. Their low ticks came shortly before 11:30 a.m. EDT — and from there they worked their way higher until the close, as Nick Laird’s Intraday Silver Sentiment/Silver 7 Index closed down by 2.49 percent. Click to enlarge if necessary.
The CME Daily Delivery Report showed that 297 gold and zero silver contracts were posted for delivery within the COMEX-approved depositories on Thursday. HSBC USA was the biggest long/stopper with 247 contracts out of its own account — and International F.C. Stone was an ‘also ran’ with 50 contracts. It was the JPMorgan/Goldman show as long/stoppers once again, as JPMorgan stopped 107 contracts for itself, plus another 151 for its client account. Goldman Sachs was a very distant second with 24 contracts for its client account. The link to yesterday’s Issuers and Stoppers Report is here.
The Preliminary Report for the Tuesday trading session showed that gold open interest in the June contracts declined by 347 contracts, leaving 1,204 still around, minus the 297 mentioned in the previous paragraph. Tuesday’s Daily Delivery Report showed that 348 contracts were posted for delivery today, so some long/stopper added one lonely gold contract to the June delivery month — 348-347=1 contract. And it was another day where June o.i. in silver remained unchanged at 339 contracts.
As the June delivery month rolls along, I’m becoming more and more intrigued as to who the short/issuer and long/stopper is going to be in silver. It’s my opinion that only one or two market participants will be involved in this delivery when it does come to pass.
There were deposits in both GLD and SLV yesterday. In GLD, an authorized participant added another 76,401 troy ounces. But on further checking, I noticed that the amount deposited yesterday was exactly the same [right to the troy ounce] that was deposited on Monday, so we’ll see if there’s an ‘adjustment’ today. I’ll keep you posted.
Over at SLV, a very chunky 2,376,620 troy ounces was added — and it’s an excellent bet that the a.p. here was the also the SLV custodian — JPMorgan.
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, May 10 — and this is what they had to report. They added 24,512 troy ounces of gold, along with 323,823 troy ounces of silver. These are the biggest one-week inflows in many a moon.
For the second day in a row there was no sales report from the U.S. Mint.
There was ‘in’ movement in gold over at the COMEX-approved depositories on Monday, but nothing was shipped out. In total, there was 20,452 troy ounces received. Of that amount 4,522 troy ounces were deposited in JPMorgan’s vault — and the rest went into Brink’s, Inc. The link to that activity is here.
It was another busy day in silver, as 651,307 troy ounces were received — and 639,041 troy ounces were shipped out the door for parts unknown. Of the amount received, there was 357,362 troy ounces deposited at JPMorgan. The link to that action is here.
Over at the COMEX-approved gold kilobar depositories in Hong Kong on their Monday, they reported receiving 1,340 kilobars — and shipped out 3,421 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 had a brief e-mail exchange with Jim Rickards in the wee hours of yesterday morning Denver time. He’s in Zurich right now — and he sent me this photo of himself and Egon von Greyerz standing beside a big stash of good delivery silver bars. I asked him if I could share this photo with you — and he said “sure” — so here it is.
Here are two charts showing Turkey’s gold and silver imports updated with May’s data — and they’re courtesy of Nick Laird. It’s obvious that they haven’t been importing much gold lately.
I have an average number of stories for you today — and I hope you’ll find a few that you consider worth your while.
CRITICAL READS
Bubble News From The Nosebleed Section — David Stockman
For months the talking heads had been saying that the economy is resilient owing to the “strong” monthly jobs numbers. But this morning one of Bubblevision’s usual suspects pivoted to the reverse. The May jobs barf-bag can be safely ignored, he advised, because a bunch of other stuff is “strong” including industrial production, autos and today’s retail sales report for May.
Let’s see. May retail sales were actually up just 2.5% over prior year, and that was down from the prior three month average, which was up by 2.8% from the comparable 2015 period. That looks more like deceleration than rebound, and most definitely not evidence that consumers are fixing to shop until the drop at any time soon.
Besides, with inflation in the 1.5%-2.0% zone—-or even higher by our more accurate Flyover CPI—–what’s so strong about real spending growth of less than 1%?
Likewise, there is nothing which spells a steaming rebound in the industrial production data. The overall index is down nearly 4% from last summer’s peak, while mining and oil production are down 12%. Even consumer goods production is flat, and still nearly 10% lower than its pre-crisis level.
This commentary by David put in an appearance on his Internet site yesterday sometime — and I thank Roy Stephens for bringing it to our attention. Another link to this chart-filled commentary is here.
Tyranny of the PhDs — David Stockman
Sad to say, you haven’t seen nothin’ yet. The world is drifting into financial entropy, and it is going to get steadily worse. That’s because the emerging stock market slump isn’t just another cyclical correction; it’s the opening phase of the end-game.
That is, the end game of the PhD Tyranny.
During the last two decades the major central banks of the world have been colonized lock, stock and barrel by Keynesian crackpots. These academic scribblers and power-hungry apparatchiks have now pushed interest rate repression, massive monetization (QE) and relentless rigging of the financial markets to the limits of sanity and beyond. Honest, market-driven price discovery is dead as a door nail.
In fact, modern welfare state democracies have a veritable fiscal death wish.
This is another [longish] commentary by David that was posted on his website yesterday — and I thank Roy Stephens for pointing it out as well. Another link to this article is here.
DoubleLine’s Gundlach says ‘central banks are losing control‘
Jeffrey Gundlach, the chief executive of DoubleLine Capital, said on Tuesday investors are dropping risky assets and turning to safer securities including Treasuries and gold because they are losing faith in central banks.
The man known on Wall Street as the ‘Bond King’ is one of the first heavyweight investors to publicly raise red flags about the credibility of major central banks, including the U.S. Federal Reserve, as countries struggle to manage economic growth.
Last year, Gundlach correctly predicted that oil prices would plunge, junk bonds would live up to their name and China’s slowing economy would pressure emerging markets. In 2014, he forecast U.S. Treasury yields would fall, not rise as many others had expected.
“Central banks are losing control and they don’t know what to do … just like the Republican establishment and Donald Trump,” Gundlach told Reuters in a telephone interview, referring to the Republic Party’s unpredictable presumptive nominee for U.S. President.
This Reuters news item, filed from New York, is datelined 8:21 p.m. EDT last evening, but has obviously been updated since it was originally filed, as I received it from Richard Saler at 4:37 p.m. EDT. Another link to this story is here.
Yellen Faces Rate Dilemma as U.S. Economy Runs Short of Workers
Kelly Services Inc. executive George Corona started noticing the change about six months ago. The $5.5 billion staffing company was finding it tougher to come up with workers to fill beginner positions at warehouses and call centers run by its clients.
”It’s becoming harder and harder to attract people to do these entry-level jobs unless you raise the wages,” said Corona, chief operating officer for the Troy, Michigan-based Kelly.
Seven years into the economic expansion, the U.S. is showing some signs of running short of people who want jobs and are qualified to fill existing openings. The shortfall, which has been evident for some time for highly skilled workers such as computer software developers, is starting to spread to those with lesser talents as unemployment falls further.
“We are now close to eliminating the slack that has weighed on the labor market since the recession,” Federal Reserve Chair Janet Yellen said in a June 6 speech in Philadelphia.
Say what? Elliot Simon sent me this Bloomberg story from 3:00 a.m. Denver time on Tuesday morning — and he made the following comment in the covering e-mail: “Hi Ed, An amazing bouquet of bull feathers this one. Best, Elliot.” That’s a big 10-4 good buddy! Another link to this ‘news item’, if you wish to dignify it with that name, is here.
Supreme Court Rejects Puerto Rico Law in Debt Restructuring Case
The Supreme Court on Monday rejected an effort in Puerto Rico to allow public utilities there to restructure $20 billion in debt, striking down a 2014 Puerto Rico law.
Justice Clarence Thomas, writing for the majority in the 5-to-2 decision, said the law was at odds with the federal bankruptcy code, which bars states and lower units of government from enacting their own versions of bankruptcy law.
Puerto Rico is struggling with $72 billion in debt and has argued that it needs to restructure at least some of it under Chapter 9, the part of the bankruptcy code for insolvent local governments. But Puerto Rico is not permitted to do so, because Chapter 9 specifically excludes it, although it is unclear why.
This New York Times article, filed from Washington, was posted on their website on Monday sometime — and I thank Patricia Caulfield for finding it for us. Another link to this news item is here.
Polls show increasing support for Brexit; Murdoch’s Sun backs ‘Leave’
Britain’s “Leave” campaign opened up a 7-point lead over “Remain” ahead of a referendum on membership of the European Union an opinion poll showed late Monday, while the nation’s biggest-selling newspaper urged readers to vote to quit the bloc.
The result of the June 23 referendum will have far-reaching consequences for politics, the economy, defense, migration and diplomacy in Britain and elsewhere.
Recent polls are suggesting that momentum has swung towards the “Leave” camp, or a so called Brexit, unsettling investors. “Leave” in recent days has focused its campaign on the issue of immigration.
According to the YouGov poll for The Times, “Leave” held 46 percent support compared with 39 percent support for “Remain.” Undecided voters were 11 percent, while 4 percent won’t vote.
This Reuters article from yesterday is datelined 8:29 p.m. EDT, but I got from Brad Robertson via Zero Hedge at 10:10 a.m. EDT yesterday morning — so it’s obviously seen at least one revision since it was first filed. Another link to this story is here.
Brexit is reopening euro zone sovereign wounds
Brexit fear is starting to reopen the euro zone’s sovereign wounds. France’s bond yields are rising while Germany’s are falling. It’s a warning from markets about what could await the euro zone if the U.K. leaves the European Union after the June 23 referendum.
The moves in euro zone government debt markets are small compared to 2011, when the euro zone nearly fell apart, but they show markets are not treating euro zone debt equally. Investors are now willing to pay to lend to the government in Berlin for 10 years – which is to say, yields on its debt are negative. But they are charging Paris relatively more to borrow. The French 10-year spread over Germany is the highest since mid-February, when markets were spooked over trouble in the Chinese economy.
There’s no doubt Brexit would be bad for the rest of the E,U. The bigger issue is whether it would trigger copycat referendums. Were that to happen in a euro zone country – France, say – it could trigger the breakup of the whole bloc.
This opinion piece by Reuters columnist Neil Unmack was posted on their Internet site yesterday — and it’s worth reading. It’s the second contribution from Richard Saler — another link to this ‘editorial’ is here.
Britain’s ‘Brexit’ Debate Inflamed by Worries That Turkey Will Join E.U.
With nine days left before Britain votes on whether to remain in the European Union, the possibility of Turkey’s becoming a member of the bloc has inflamed the debate, injecting divisive issues of race, religion and tolerance openly into the campaign.
Supporters of a British exit from the European Union say allowing Turkey in would leave Britain exposed to a new wave of Muslim immigration and more vulnerable to Islamic radicals. While Turkey has been pushing for membership, it faces considerable hurdles, and its entry, if it ever happens, would be many years, if not decades, away.
The debate over the vote, which has split Prime Minister David Cameron’s Conservative Party, has largely played out around fear so far. Those in favor of remaining in the bloc, including Mr. Cameron, have emphasized the economic risks of a vote to leave.
This story, filed from London, appeared on The New York Times website on Monday — and it’s the second offering of the day from Patricia Caulfield. Another link to this news item is here.
European Funding Stress Emerges as Credit Suisse, Deutsche Bank Collapse to Record Lows
It is becoming increasingly impossible for the glad-handing, cheer-leading members of the status-quo-hugging club to ignore the fact that Europe’s banking system is collapsing.
Today’s weakness has sent both Deutsche Bank and Credit Suisse (not some tin-pot Italian banks) to record lows (“worse than Lehman” lows)…
And, in the short end of the EUR curve, we are seeing funding stresses in the form of widening Libor/OIS spreads… (basically a measure of short-term counterparty risk)
While not at full panic mode yet, things are escalating rapidly…
This brief 4-chart Zero Hedge article was posted on their Internet site at 9:56 a.m. on Tuesday morning EDT — and it’s the third offering of the day from Richard Saler. Another link to this story is here.
ECB corporate bond buys start on a strong note, data show
The European Central Bank bought €348 million ($392 million) worth of corporate bonds in the first three days of such purchases last week, it said on Monday, as part of its €1.74 trillion scheme to revive growth and inflation.
The figures are at the upper end of analyst predictions, indicating a strong start for the program and suggesting that the ECB was keen to show it can buy significant volumes.
The ECB added investment grade, non-bank corporate bonds to its asset-buying programme from June 8 to make borrowing cheaper, induce companies to spend and lift a sluggish euro zone economy, which is recovery only slowly from a debt crisis.
This Reuters article from late Monday morning EDT, was picked up by the cnbc.com Internet site — and it’s a story that I found in yesterday’s edition of the King Report. Another link to this news item is here.
‘Smoldering Bonfire’ Shows Where Kyle Bass May Be Right on China
Kyle Bass, the U.S. investor known for betting against subprime mortgages, is among famous money managers who expect turmoil in a Chinese banking industry struggling with bad loans. It’s in the least-known corners of the financial system that their predictions could start to come true.
Dotted across the country from Harbin in the north to the tropical island of Hainan in the south, China’s 134 city commercial banks have multiplied their risks by piling into opaque investment products just as bad loans are rising. Warning signs are flashing at lenders such as China Resources Bank of Zhuhai Co., which posted a 90 percent slump in profit in 2015 after almost tripling loan-loss provisions.
“It’s a smoldering bonfire,” said Keith Pogson, a senior partner for Asia-Pacific financial services at Ernst & Young LLP. “If the wind changes and inflames it rapidly it could burst into flames quite easily.”
City commercial banks are the legacy of a 1990s clean-up of thousands of struggling credit unions, and many of them are vulnerable in part because their fortunes are closely tied to areas suffering the most from China’s economic slowdown. While analysts say it’s unlikely that the collapse of a small lender would spark a financial panic, the repercussions could be substantial — from a loss of confidence to disruptions in the inter-bank funding market.
This Bloomberg offering put in an appearance on their website at 10:00 a.m. MST on Monday morning — and it’s the final contribution of the day from Richard Saler. I thank him on your behalf. Another link to this new item is here.
Banks Turn to Blockchain to Fight Cyber-Crime
For more than four decades, the SWIFT system has standardized the global bank messaging system, allowing institutions to transfer funds and letters of credit as well as to make security transactions quickly and securely. In 2015, operating out of data centers in Belgium and the United States, SWIFT counted more than 11,000 member institutions in 200 countries and routed 24 million messages daily using unique 8- or 11-character codes.
Although SWIFT held no member funds, bankers came to rely on the automated message system. It was beyond reproach until details leaked about a cyber-heist at the Bangladesh central bank where thieves had penetrated the SWIFT system and looted member banks.
The SWIFT weaknesses are fodder for calls to overhaul the banking system with something far more robust, like Blockchain. Ironically, getting there will involve surrendering the control member firms sought when they created SWIFT in Brussels decades ago.
Forty-two of the largest banks, including Goldman Sachs, JP Morgan, Citigroup, Wells Fargo and Bank of America, have already begun testing Blockchain. The motivation is largely economic. The banks believe Blockchain will lead to annual back office cost savings of $20 billion. Stumping cyber-criminals would be an extra benefit.
This very interesting story showed up on the moneyandmarkets.com Internet site at 7:30 a.m. EDT yesterday morning — and it’s certainly worth reading if you have the interest. Another link to this new item is here. It’s the second contribution of the day from Elliot Simon.
Saville loves his charts but they don’t answer the market-rigging question
Another technical analyst, newsletter writer Steve Saville of The Speculative Investor, tries this week to defend TA [technical analysis] by arguing that manipulation of the gold market has not affected gold’s price by much.
In an essay titled “Four Charts that Invalidate the Gold-Price Suppression Story” — Saville writes: “Every experienced trader knows that the financial markets are manipulated. They always have been manipulated and they always will be manipulated. Railing against gold-market manipulation is therefore akin to railing against the Earth revolving around the sun.”
But are all markets always manipulated by the government? If so, it’s a story that has yet to be reported by mainstream financial news organizations — or, for that matter, by Saville himself.
Like Doug Casey and Rick Rule, Steve Saville appears to be a card-carrying member of the Flat Earth Society. No matter what the evidence, or who presents it, the price management scheme by central and bullion banks does not exist. With this scheme now proven beyond all doubt, all he and his ilk can do, is make themselves look totally out of touch with the real world when they write stuff like this. I’d like to see him explain the short positions of the Big 8 commercial traders in gold, silver and platinum — and what prices would be if these big banks weren’t holding them. This commentary shows up on his website on Monday. I haven’t read it — and have no interest in doing so. Another link to his blog is here. I found this story on the gata.org Internet site — and I thank Chris Powell for writing the first three paragraphs of introduction.
Alarming Evidence of Gold Supply Tightness, Chinese Hoarding: Mike Gleason interviews Jim Rickards
Jim Rickards reports on some alarming evidence of a gold supply shortage developing across the world and the increasingly dangerous folly of central bankers.
Mike Gleason: You talk a lot about currency wars and have written a book on the subject as we talked about last time we had you on. At some point, it will be in some major players interest for gold to be repriced much higher than it is today, and presumably they will have amassed a large inventory of physical gold by that point. Do you envision China or Russia, for instance, making any kind of gold related power-play at some point? What would motivate a major player to break ranks and essentially force a global repricing of gold? And what impact would such a scenario have?
Jim Rickards: I think something like that will happen, but I don’t believe it will come about because of some unilateral power-play on the part of China and Russia. Look, China and Russia are acquiring thousands of tons of gold. It’s very clear. We don’t have to guess. The Central Bank of Russia is fairly transparent. The People’s Bank of China is much less transparent, but we have good information from mining output and Hong Kong exports into China, and the split between retail and government demand to form a reasonable estimate of how much China’s getting, probably they have 4,000 tons, perhaps more versus about 1,700 tons that they admit to. So they have a lot more gold than they admit.
This written interview appeared on the commoditytrademantra.com Internet site on Monday — and I found it on the Sharps Pixley website. If you’re a Jim Rickards fan like myself, there’s not much in here that you haven’t heard before, but a refresher is always nice. Another link to this transcript is here.
The PHOTOS and the FUNNIES
Here are the last two shots of those red-necked grebes that I photographed on Sunday, along with their about week-old babies that come complete with Hallowe’en outfits. This cute stage doesn’t last long — and hopefully I’ll have more photos of them as the summer advances and they grow larger. The ‘click/double-click to enlarge’ feature makes a world of difference.
The WRAP
I knew before I even picked up the phone to talk to Ted yesterday, what he was going to tell me — and I was right. With the big volume in gold, it is to be assumed that the Managed Money traders were reducing their short positions, plus adding to their long positions, like the trained monkeys they are. Of course JPMorgan et al were taking the other side of these trades to prevent prices from launching skyward, which is what they were in the process of doing until ‘da boyz’ hit the ‘ramp the dollar index/spin the precious metal algorithm’ button around 9:10 a.m. in New York yesterday morning.
They also took the opportunity of setting new lows for this move down in both platinum and palladium as well.
Here are the 6-month charts for all four precious metals, so you can see their respective progress to the upside, or downside, as the case may be.
Ted figured that not much happened in silver yesterday vis-à-vis the Managed Money traders and JPMorgan et al — and the volume certainly lent credence to that.
And as I type this paragraph, the London open is less than ten minutes away–and I note that gold isn’t doing much–and is unchanged at the moment. Silver is up a nickel. Platinum was sold down a few dollars in early Far East trading, but has been rallying since–and it’s currently up 6 bucks an ounce. The Kitco palladium chart seems to be behaving itself at the moment — and that precious metal is up 5 dollars.
Net HFT gold volume is just under 25,000 contracts — and that number in silver is just over 6,500 contracts. The dollar index climbed above the 95.00 mark very briefly just before 9:30 a.m. HKT on their Wednesday morning — and has been chopping lower ever since. It’s currently down 13 basis points as London opens.
Yesterday, at the close of COMEX trading, was the cut-off for this Friday’s Commitment of Traders Report and, without doubt, we’ll see big increases in the short positions of the Commercial traders in both gold and silver. That’s because the 50-day moving averages were broken to the upside in both during the reporting week–which certainly brought out the usual response from both sets of traders.
And as I post today’s column on the website at 4:00 a.m. EDT, I see that there’s a bit of price pressure on gold now that London has been open about an hour — and it’s currently down 3 bucks. All of silver’s earlier gains are gone — and it’s back to unchanged from its’ Tuesday close in New York. Platinum showed some life going into the 10 a.m. Zurich open, but that was dealt with in the usual manner — and it’s currently up 6 dollars. The palladium price hasn’t done much since the Zurich open — and it’s up 4 bucks the ounce at the moment.
Net HFT gold volume is just over 32,000 contracts — and that number in silver is up to 8,200 contracts. The dollar index turned on a dime at the London open — and is down only 4 basis points on the day. Is another ‘ramp the dollar index/sell the precious metals’ scenario in the cards again?
Today at 2:00 p.m. EDT, the smoke goes up the chimney on the latest FOMC meeting and, without doubt, there will be a ‘response’ to that in the precious metal market. But whether it’s up or down remains to be seen–and my usual ten dollar bet on which way its going to go remains firmly in my wallet.
That’s all I have for today–and I’ll see you here tomorrow.
Ed
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