04 November 2016 — Friday
YESTERDAY in GOLD, SILVER, PLATINUM and PALLADIUM
The gold price chopped sideways until around 8:30 a.m. China Standard Time on their Thursday morning — and at the juncture the dollar index began to head lower — and the precious metals headed higher. That state of affairs lasted until just before noon CST — and by around 1 p.m. the price began to sag. But the real engineered price decline began minutes after 10 a.m. GMT in London — and minutes after I’d posted Thursday column on the website — with the low tick of the day coming around 1:30 p.m. GMT. The gold price began to rally quietly from there — and back into positive territory. The rally ended around 4 p.m. EDT — and it traded flat for the last hour or so.
The low and high ticks were reported by the CME Group as $1,286.20 and $1,308.00 in the December contract.
Gold finished the Thursday session in New York at $1,302.20 spot, up $5.70 on the day. Net volume was sky-high once again at 198,000 contracts, as the Managed Money trader got skinned big time by JPMorgan et al.
Here’s the 5-minute gold tick chart courtesy of Brad Robertson once again. Volume was pretty decent from one end of the Thursday session to the other, although it’s obvious that most of it occurred starting with the beginning of the engineered price decline in London trading, which is shortly after 2 a.m. Denver time on the chart below — and things didn’t really quiet down until shortly after 12:00 p.m. MDT, which was 2 p.m. in New York.
The vertical gray line is 10:00 p.m. Denver time, midnight in New York — and noon China Standard Time [CST] the following day in Shanghai—and don’t forget to add two hours for EDT. The ‘click to enlarge‘ is a must here.
The price path for silver was almost identical to that of gold’s, although much more severe, so I shall dispense with the play-by-play, except to point out that the rally that developed around 1 p.m. in the COMEX session in New York, was stepped on at the COMEX close — and then rolled back by 2 p.m. EDT. The price didn’t do a lot after that.
The low and high ticks in this precious metal were recorded by the CME Group as $17.995 and $18.645 in the December contract.
Silver was closed on Thursday at $18.325 spot, down 13.5 cents on the day. Net volume was enormous once again at just over 74,000 contacts, as ‘da boyz’ skinned the Managed Money traders in this precious metal for a princely sum as well.
And here’s the 5-minute tick chart for silver courtesy of Brad as well. It looks somewhat similar to the 5-minute gold chart. But I should point out the big volume spike around the early afternoon rally/price capping in New York — and that shows up staring minutes after 11:00 a.m. Denver time on the chart below, which was minutes after 1:00 p.m. in COMEX trading in New York. An hour after that, volume was back to background levels.
The vertical gray line is 10:00 p.m. Denver time, midnight in New York — and noon China Standard Time [CST] the following day in Shanghai—and don’t forget to add two hours for EDT. The ‘click to enlarge‘ is a must here as well.
Platinum took the same engineered roller coaster ride that gold and silver got — and from its $972 spot low tick, it was allowed to rally back to slightly above unchanged by noon in New York. The price didn’t do a lot after that. Platinum finished the Thursday session at $994 spot, up 6 bucks from Wednesday’s close.
Palladium chopped more or less sideways until 2 p.m. Europe time. The long knives came out at that point — and it was hammered down to its $615 spot low tick at 1 p.m. in New York. Like the other three precious metals, the price rallied until the COMEX close thirty minutes later, but palladium was driven back to its low tick — and held there for the rest of the day. Palladium was closed down 11 dollars at $616 spot.
The dollar index closed very late on Wednesday afternoon in New York at 97.38 — and traded flat until 8:30 a.m. China Standard Time on their Thursday morning. It began to head lower at that point, hitting its 97.04 low tick just minutes after the London open. And as I said in my closing comments in The Wrap yesterday, ‘gentle hands’ appeared — and the subsequent rally topped out at the 97.46 mark at, or minutes after, the London p.m. gold fix was put to bed. It headed sharply lower from there, but got ‘saved’ once again at the 97.09 mark at 2 p.m. EDT — and chopped quietly sideways for the rest of the day. The dollar was closed at 97.15 — down 23 basis points from its Wednesday close.
It should be obvious to anyone with even half a brain, that what was happening in the currency markets had little to do with what was occurring in the precious metals — and that was particularly obvious once the powers-that-be stepped into that market at 10 a.m. in London.
And here’s the 6-month U.S. dollar index chart — and one can only imagine what gold and silver prices would have closed at yesterday if JPMorgan et al, along with the BIS most likely, hadn’t been actively involved during the entire Thursday trading session.
The gold stocks opened unchanged — and then rallied about 2 percent by the London p.m. gold fix. From that point onwards, they basically chopped sideways for the rest of the day. The HUI closed up 1.81 percent.
The silver stocks opened down a hair, but quickly rallied to their highs by 10 a.m. EDT, then gave up some of those gains in the next hour or so, before trading sideways in a fairly wide range for the rest of the Thursday session. Nick Laird’s Intraday Silver Sentiment/Silver 7 Index closed higher by 0.83 percent, which was pretty impressive considering the fact the underlying metal closed lower by a decent amount. Click to enlarge if necessary.
The CME Daily Delivery Report showed that 70 gold and 2 silver contracts were posted for delivery within the COMEX-approved depositories on Monday. The two largest short/issuers in gold were Goldman Sachs with 37 contracts — and ABN Amro with 30 contracts, with all these contracts coming from their respective client accounts. The only short/issuer that mattered was Canada’s Scotiabank with 64 contracts. In silver, JPMorgan stopped both contracts for its client account. A link to yesterday’s Issuers and Stoppers Report is here.
The CME Preliminary Report for the Thursday trading session showed that gold open interest in November fell by 30 contracts, leaving 88 left, minus the 70 mentioned in the previous paragraph. Wednesday’s Daily Delivery Report showed that 26 gold contracts were actually posted for delivery today, so that means that 30-26=4 short/issuers in gold were let off the delivery hook by those entities holding the long side of their trade. Silver o.i. in November actually rose by 1 contract, leaving 47 still around, minus the 2 silver contracts mentioned above. Wednesday’s Daily Delivery Report showed that zero silver contracts were posted for delivery today, so that means that 1 lonely silver contract was added to November open interest.
There was a deposit in GLD yesterday, as an authorized participant added 142,395 troy ounces. And as of 6:32 p.m. EDT yesterday evening, there were no reported changes in SLV.
The U.S. Mint had a smallish sales report yesterday. They sold 2,500 troy ounces of gold eagles — 500 one-ounce 24K gold buffaloes — and no silver eagles.
There wasn’t a lot of movement in gold over at the COMEX-approved depositories on the U.S. east coast on Wednesday. They received 1,200 troy ounces — and shipped 9,227 troy ounces out the door for parts unknown. All the ‘in’ activity was at Brink’s, Inc. — and 3,761.667 troy ounces/117 kilobars [SGE gold kilobar weight] was shipped out of Malca-Amit USA, plus another 5,465.500 troy ounces/170 kilobars [U.K./U.S. kilobar weight] was shipped out of Canada’s Scotiabank. A link to all the activity is here.
There was very little action in silver either, as nothing was reported received — and only 30,386 troy ounces was shipped out of Scotiabank. I won’t bother linking this volume.
But the frantic activity continues at the COMEX-approved gold kilobar depositories in Hong Kong on their Wednesday, as 2,698 kilobars were received — and another 7,389 were shipped out. All of this activity was at Brink’s, Inc. as per usual — and the link to that, in troy ounces, is here.
Here are two charts that Nick Laird passed around yesterday evening. They show U.S. mint sales for gold eagles and buffaloes, plus a separate chart for silver eagles. These charts have been updated with October’s sales data. The slow-but-sure increase in gold eagles sales is obviously the result of Ted’s “big buyer” showing up. And the huge jump in silver eagle sales last month is the stand-out feature on the second chart — and that increase would be partially due to that “big buyer” showing up there as well.
Except for the usual shenanigans around the U.S. election campaign, plus the Clinton Foundation, it was another very slow news day, so I don’t have much once again.
CRITICAL READS
More Signs of the “Strong U.S. Consumer” Emerge as Auto Repossessions Soar
A quick glance at recent U.S. auto sales would imply that all is well in auto world. Sure, sales have stagnated for about a year but they’re still near all-time highs, right?
That said, a look just beneath the surface reveals a slightly different take on the U.S. auto industry. As the Financial Times recently pointed out, auto repossessions in the U.S. are soaring and, with the exception of the “great recession” in 2008 and 2009, stand at the highest levels recorded in 20 years.
A wire fence topped with barbed wire surrounds a packed plot of land, housing a white Jeep, an orange Audi and a host of other repossessed cars. Sergio Tavano, owner of T-Birds Automotive in Red Hook, Brooklyn, sits in his car outside the lot with two of his employees. “The number of repossessions we are doing has definitely risen,” he says. “It’s the highest I have ever seen it.”
Repossessions in the U.S. hit 1.6m in 2015, the third highest level on record for data going back 20 years, falling short of the 1.8m and 1.9m peaks seen in 2008 and 2009, respectively.
That number is predicted to rise to 1.7m this year, according to Tom Webb, chief economist at Cox’s Automotive.
This Zero Hedge article put in an appearance on their Internet site at 8:15 a.m. EDT on Thursday morning — and another link to it is here.
It’s Time to Boot the Federal Reserve — Dennis Miller
It’s FREXIT time! It’s time for American’s to give the Federal Reserve the boot; send them packing, once and for all. They are too politicized, working against the will of the majority, and much too powerful.
In July I explained why the British severed their ties with the European Union (E.U.). Here are some damning quotes from BREXIT the Movie:
It’s like heaven for the political bureaucrat because it is power without accountability.
It was devised to make sure that the great mass of the people could not control government ever again.
It bears the mindset among the cultural elite that their role on the planet is to direct the lives of the rest.
This commentary by Dennis appeared on his website yesterday — and another link to it is here.
Jay Taylor Interviews Jim Rickards
Jim Rickards talks about the global elites’ secret plan for the next financial crisis as they seek to remove national sovereignty and install a one world government. He also explains why Donald Trump may be the last chance to avoid the total destruction of capitalism and impoverishment of the masses.
This 37:30 minute audio presentation was posted on the youtube.com Internet site on Thursday — and I’ve already listened to it from one end to the other. If you’ve followed Jim’s work for any length of time, there’s not much in here that you haven’t heard before, but it’s certainly worth your while if you’re a Rickards fan. And if you don’t have time for it today, it will make a reappearance in Saturday’s missive as well.
Brexit court defeat for U.K. government
Parliament must vote on whether the U.K. can start the process of leaving the E.U., the High Court has ruled.
This means the government cannot trigger Article 50 of the Lisbon Treaty – beginning formal exit negotiations with the E.U. – on its own.
Theresa May says the referendum – and existing ministerial powers – mean MPs do not need to vote, but campaigners called this unconstitutional.
The government is appealing, with a further hearing expected next month.
This BBC news item was set to me by U.K. reader “Teresa” just after I’d filed yesterday’s column, so it had to wait for today — and another link to it is here. U.K. reader Peter Simpson sent along another story on this several hours later that was posted on the skynews.com Internet site, which was subsequently picked up by uk.news.yahoo.com Internet site. It’s headlined “Brexit court case: Government loses, May cannot trigger Article 50“.
Nigel Farage Warns of Untold “Public Anger” After U.K. High Court Decision as Deutsche Now Sees 2017 Elections
This longish commentary, which includes a recap of what was posted in the previous two stories linked just above, showed up on the Zero Hedge website at 3:39 p.m. yesterday afternoon EDT.
If you scroll down a bit, you’ll find the 2:11 minute audio clip that the headline refers to. Another link to this article is here.
Supremacy of Parliament is the whole point of Brexit — Ambrose Evans-Pritchard
Let us toast the High Court with Kentish sparkling wines. Its ruling on Article 50 today is a service to the nation.
The elemental purpose of Brexit is and has always been to restore the supremacy of Parliament – and to return legal authority to British courts – not to introduce a lawless dictatorship of plebiscites.
It is up to the Members of Parliament – acting under the Burkean principles of Bristol – to discern the will of the nation and to discern the broader collective interest, imposing its constitutional authority as it sees fit.
Assuming that this ruling is upheld by the U.K. Supreme Court in January or soon after – and there is every reason to suppose it will be – the Government has effectively lost its power to impose its own Brexit predilections.
This must read commentary by Ambrose put in an appearance on the telegraph.co.uk Internet site at 8:00 p.m. GMT on Thursday evening, which was 2:00 p.m. in Washington — EDT plus 6 hours. I thank Roy Stephens for sending it along in the wee hours of this morning — and another link to it is here. The Telegraph now has a subscription wall on its website — and depending how much time you’ve spent on it recently, you may or may not be able to read the whole article.
Norway Real Estate Sizzles as Oslo Gains Top 20% for First Time
Norway’s house price rally accelerated with gains topping 20 percent for the first time in the capital Oslo, lending support to central bank concerns about rising risks in the market.
Housing prices rose 12 percent nationwide and 21.7 percent in Oslo in October from a year earlier, according to monthly data from Real Estate Norway, Finn and Eiendomsverdi. In Norway’s oil capital, Stavanger, prices slid an annual 3.9 percent.
The data supports the central bank’s view that it’s done with cutting interest rates, after reaching a record low of 0.5 percent. Norges Bank Governor Oystein Olsen argues that central banks should follow a policy of leaning against the wind, or taking into potential financial imbalances, if the rest of the economy allows that.
“Today’s figures are in isolation an argument for not lowering the key policy rate further,” said Jeanette Strom Fjaere, an economist at DNB Bank in Oslo, in a note. “It supports our view that Norges Bank is done cutting.”
A rally in home prices is now gaining pace as the economy of Western Europe’s biggest oil producer managed to avoid a recession despite being battered by plunging oil prices since 2014. Record spending of oil wealth by the government and a booming housing market have been the major reasons why the economy has kept its head above water.
This Bloomberg story showed up on their website at 6:36 a.m. Mountain Daylight Time on Thursday morning — and it comes to us courtesy of Swedish subscriber Patrik Ekdahl. Another link to it is here.
Philippines’ Deal With China Pokes a Hole in U.S. Strategy
For years, the United States and its allies have struggled to contain China’s ambitions in the South China Sea, even as China steadily seeded the waters with artificial islands and military installations.
Now, by cutting its own deal with China, the Philippines has suddenly changed the calculus, persuading the Chinese to let its fishermen operate around a disputed shoal but setting a worrying precedent for the United States and its hopes of using regional alliances to preserve its place as the dominant power in the Pacific.
What had been a fairly united front against China’s expanding maritime claims, stretching from Japan to Malaysia, now has a gap in the southeast corner where the Philippines lies, and could soon have another at the southwestern end, where Malaysia is making noises about shifting its alliances.
In both cases, resentment over what is seen as American interference in unrelated problems — a wave of extrajudicial killings in the Philippines and a huge financial scandal in Malaysia — may have contributed to the shift.
This New York Times article, filed from Beijing, puts the best possible spin on the rapidly-deteriorating position of the U.S. with countries in the South China Sea area. It was posted on their Internet site on Wednesday — and I thank Patricia Caulfield for sending it our way. Another link to it is here.
State Department Denies Asian Countries Are Aligning With China — Awkward Moment Follows
Associated Press reporter Matt Lee has once again exposed the ignorance and propaganda spewing of the State Department as spokesman John Kirby struggled Tuesday when he debated over the number of Asian countries that are now aligning with China instead of the United States.
As The Washington Free Beacon‘s Jack Heretik reports, after Malaysia signed multiple new deals with China this week, including the purchase of ships and a railroad line, questions began to swirl if Malaysia was aligning more with China. The Philippines announced last month its intention to forge closer ties with China and move away from the U.S.
“I don’t want to get too conceptual here, but what do you mean it’s not born out by the facts that countries in greater numbers in Southeast Asia are becoming friendlier with China?” Lee asked at the State Department daily press briefing. “I mean it’s completely born out by the facts.”
“Name them,” Kirby said.
“Well, the Philippines for one,” Lee said before reciting a list that included Thailand, Cambodia, Laos, and Malaysia.
“Okay, so we have two or three, four, whatever,” Kirby said. “There’s a lot of nations in the Asian-Pacific region.”
“There’s only ten in ASEAN,” Lee said.
There’s also a 5:01 minute video clip in this Zero Hedge piece that covers the above conversation. This story appeared on the ZH website at 7:40 p.m. on Wednesday evening EDT — and another link to it is here.
China Prepares to Impose Curbs, “Capital Controls” on Bitcoin
Last September, when we predicted that Chinese consumers, investors and savers would flock to bitcoin as a medium of facilitating capital outflows (it was trading at $230 then, it is now three times higher), we also warned that bitcoin’s upside would ultimately be capped by Beijing, when China’s authorities realized how the digital currency was being used to bypass capital controls, and launch a crackdown on bitcoin, as they have with most other capital outflow measures .
It appears that the time has come because, as Bloomberg reports, China’s regulators are studying measures to limit transactions that use bitcoins to take funds out of the country, citing people familiar with the matter.
According to Bloomberg sources, Chinese officials are considering policies including restricting domestic bitcoin exchanges from moving the crypto-currency to platforms outside the nation and imposing quotas on the amount of bitcoins that can be sent abroad. Further indicating that Chinese regulators were “just a little behind the curve”, they allegedly noticed only recently that some investors bought bitcoins on local exchanges and sold them offshore, evading rules on foreign exchange and cross-border fund flows, the report further reveals.
This article, based on a Bloomberg story, was posted on the Zero Hedge website at 11:36 a.m. on Thursday morning EDT — and I thank Richard Saler for bringing it to our attention. Another link to this news item is here.
Private-equity investors to acquire Swiss gold refiner Argor-Heraeus
News has just emerged in the gold market that the giant Swiss precious metals refiner, Argor-Heraeus, has held discussions to be acquired and that the likely outcome is an acquisition by a private equity group. This private equity group is believed to be London-based WRM CapInvest, part of Zurich-headquartered WRM Capital. Other interested buyers are also believed to have examined a bid for Argor-Heraeus, including Japanese refining group Asahi and Swiss refining group MKS-PAMP. However, neither of these are thought to be in the running at this stage. Since this news is developing, details of the discussions and potential acquisition are still thin on the ground.
If Argor-Heraeus is acquired, it will mean that three of the four giant Swiss gold refineries will have been taken over within less than a year and a half of each other.
This longish, but very interesting gold-related news item put in an appearance on the Singapore-based website bullionstar.com — and I found it embedded in a GATA release yesterday. Another link to it is here.
Fosun in exclusive talks to buy stake in Russian gold miner Polyus: sources
Fosun International Ltd, is in exclusive talks to buy a large minority stake in Russia’s biggest gold miner Polyus, three sources with knowledge of the matter told Reuters, in what would be the Chinese group’s maiden Russian deal.
Fosun, an aggressive buyer known internationally for its purchase of French resort operator Club Med, is keen to invest in Russia and other emerging markets such as India, as it moves away from Europe and developed markets. Reuters reported in August that Fosun is also in talks to buy a minority stake in Russian investment bank Renaissance Capital..
Fosun’s interest in Polyus comes as other Chinese companies have also been targeting gold mine acquisitions to meet domestic demand amid a recovery in prices. State-controlled Zijin Mining Group Co Ltd and state-backed Shandong Gold Mining Co Ltd held separate talks with Canada’s Barrick Gold Corp to buy a 50 percent stake in an Argentinian gold mine, Reuters reported last month.
This Reuters article, co-filed from Hong Kong and Moscow, was posted on their Internet site at 6:02 a.m. EDT yesterday morning — and it’s another story I found on the gata.org Internet site. Another link to it is here.
Russian bank aims to double its gold trade in three years
VTB Capital, the investment banking arm of Russia’s second-biggest bank, plans to double its gold-trading volumes over the next three years from around 110-150 tonnes a year currently, Atanas Djumaliev, head of global commodities at the firm, told Reuters.
VTB is one of the biggest players in the Russian gold market alongside Sberbank, Russia’s biggest lender.
“In Russia we currently trade 70-90 tonnes (of gold) a year; in the international market, another 40 to 60 tonnes, so our volumes are between 110 and 150 tonnes a year currently,” said Djumaliev, who previously worked at Goldman Sachs.
“We are looking to double this amount over the next three years mostly by growing our international operations.”
VTB Capital provides finance to gold producers in Russia, getting some of their gold output in return. VTB has to offer gold produced at home to the Russian central bank first, its biggest customer, before exporting it.
This Reuters story, filed from Moscow, showed up on their website at 4:36 p.m. India Standard Time on their their Thursday afternoon — and it’s another gold-related news story that I found in a GATA release. Another link to this news item is here.
Shanghai Gold Exchange set to reflect supply and demand relationship
Shanghai Gold Exchange, China’s first platform for trading gold, platinum, silver and other precious metals, was established in October 2002. Today, China is the biggest gold producing and importing country, as well as an important consumer of gold.
The development of the Asian gold market accelerated at the beginning of the 21st century, and China’s gold market grew rapidly with the fast and steady development of its economy, especially after the global financial crisis. Take the Shanghai Gold Exchange for example. Its transaction volume increased from 870 billion yuan in 2008 to 10.7 trillion yuan in 2015. And client scales increased from 400,000 individuals and 3,700 organizations to more than 8.6 million individuals and over 10,000 organizations.
For a long time, London has been the center of the physical gold market and New York for the gold futures market. With the rapid growth in demand for gold in emerging countries such China and India, a new global pattern is gradually taking shape. But the gold pricing doesn’t fully reflect the supply and demand relationship in the market in the East.
This commentary is by Jiao Jinpu — and he’s chairman of the Shanghai Gold Exchange. It was posted on the usa.chinadaily.com.cn Internet site yesterday sometime — and it’s an article I found on the Sharps Pixley website late last night. Another link to it is here.
The PHOTOS and the FUNNIES
Here are two more general ‘critter’ shots from Bob Anthony’s South Africa trip. As you can tell from these two photos, the drought was so bad that they had to resort to feeding hay to the browsers and grazers in the parks. The ‘Click to Enlarge‘ feature should help on these two shots.
The WRAP
I wasn’t able to talk to Ted yesterday, so I’m not sure, in dollar terms, just how much JP Morgan et al skinned the Managed Money traders for in late Wednesday/early Thursday trading in all four precious metals. But I would expect that it’s many hundreds of millions of dollars.
His comments in his Saturday column were right on the money — and very prophetic. He said that…”I can’t see the commercials intentionally allowing themselves to repeat their experience of summer in which they held record extreme open losses. That argues for a relatively quick end to this rally.”
And as of this writing, that’s the way it appears to have unfolded, at least for the moment.
Here are the 6-month charts for all four precious metals — and as you can tell, ‘da boyz’ really laid the lumber to the Managed Money traders as they ran them up, and then down, through both gold and silver’s respective 50-day moving averages — and it may not be over yet. I’m sure Ted will have lots to say about this in his weekly review tomorrow.
And as I type this paragraph, the London open is less than ten minutes away — and I note that gold had a bit of positive price bias until shortly before 10 a.m. China Standard Time on their Friday morning. At that point, the HFT boyz and their algorithms showed up — and at the moment, gold is down $7.70 the ounce. It was the same price action for silver — and it’s down 15 cents. Ditto for platinum and palladium. The former is down 5 dollars — and the latter is still up 2 dollars, but heading lower.
HFT gold volume is pretty decent already — and is sitting at 29,000 contracts currently — and that number in silver is around 8,100 contracts. The dollar index has been chopping higher in a fairly broad range all night long — and is about ten basis points off its current high tick — and up 8 basis points as London opens.
With today being the first Friday of the month, the job numbers hit the tape at 8:30 a.m. EDT — and as I said in yesterday’s column, expect some precious metal price fireworks at that juncture. But it’s severity and direction, either up or down, is impossible to know, but my bet is down — at least initially.
We also get the “yesterday’s news” Commitment of Traders Report as well, because what has happened since the Tuesday cut-off, renders whatever numbers it shows, pretty much meaningless. We also get the companion Bank Participation Report — and I’ll have all this in my Saturday missive.
And as I post today’s column on the website at 4:00 a.m. EDT, I see that the sell-off in gold has ended, at least temporarily — and is only down $4.10 the ounce now that London and Zurich have been open for an hour. Silver is now down ‘only’ 8 cents. Platinum is still down 5 bucks an ounce — and palladium is still up the same 2 bucks it was an hour ago.
Net HFT gold volume is up to just over 33,000 contract — and that number in silver is a bit above 9,300 contracts. Those aren’t big changes during the last hour of trading, so it’s obvious that ‘da boyz’ and their algos have backed off, at least for the moment. The dollar index continues to chop unsteadily higher — and is up 13 basis points now.
As for what might happen during the rest of the Friday session, I’m wide open for any eventuality — and as I said in yesterday’s column, it’s a fool’s errand to try and handicap the next three precious metal trading sessions. But you can rest assured that the powers-that-be will be behind any major price changes that occur during that time period.
I hope you have a great weekend — and I’ll see you here tomorrow.
Ed
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