The gold price didn't do much on Monday until shortly after the noon silver fix in London. The subsequent rally lasted until 15 minutes before the London close before getting sold down a hair by 12:30 p.m. in New York. Then the gold price rallied anew, and really took off shortly after 3 p.m. in electronic trading in what looked like the beginnings of a "no ask" market, but got capped at 3:15 p.m. EST. After that, the price didn't do much.
The low and high ticks according to the CME were $1,224.60 and $1,242.60 in the February contract.
Gold closed on Monday afternoon in New York at $1,240.40 spot, which was up $9.70 from Friday. Net volume was extremely light at only 84,000 contracts.
It was more or less that same price action in silver, except for the fact that early rally ended at 10 a.m. in New York, and then rallied again once the 1:30 Comex close was in. That rally also got cut off at the knees as the price threatened to break above the $20 spot price mark and go vertical at 3:15 p.m. EST. From there it got sold down into the 5:15 p.m. electronic close.
The low and high in silver were $19.435 and $19.98 in the March contract.
Silver finished the Monday session at $19.84 spot, up 30 cents from Friday's close. Compared to gold's light volume, silver's net volume was pretty decent at 34,000 contracts.
Platinum had three separate rallies on Monday, and it, too, got capped around 3 p.m. in electronic trading, and finished the day up about a percent. Palladium had just one rally, the same one the other three precious metals enjoyed that started shortly after the noon silver fix in London. That rally ended/got capped at 9:30 a.m. in New York as the equity markets opened. Here are the charts.
The dollar index closed late Friday afternoon in New York at 80.26, and spent all of Monday chopping quietly lower and finished the session around 80.16, which was down 10 basis points. Nothing to see here.
The gold stocks gapped up about 2% by the London p.m. fix at 10 a.m. EST, and then traded more or less sideways for the remainder of the day. The HUI finished up 2.16%.
It was more or less the same chart pattern in the silver shares up until about 2:30 p.m. in New York. Then, as the silver price began to move higher, the equities followed. Nick Laird's Intraday Silver Sentiment Index closed up 2.47%.
The CME Daily Delivery Report showed that 206 gold and an eye-popping 1,089 silver contracts were posted for delivery within the Comex-approved depositories on Wednesday.
In gold, the short/issuer was Canada's Bank of Nova Scotia with 200 contracts. The only long/stopper of note was JPMorgan Chase in it's in-house [proprietary] trading account. The number of contracts that they stood for delivery on was -- 200 contracts!
But the shocker was in silver, as sitting in the bushes as short/issuer was none other than the "Vampire Squid" themselves---Goldman Sachs---with 1,037 contracts, over 5 million ounces. Not surprisingly, the two biggest long/stoppers were the two biggest Comex silver shorts; JPMorgan Chase and Canada's Bank of Nova Scotia. JPM stopped 737 contracts, and Canada's Scotiabank stopped 209 contracts. ABM Amro was a distant third with 74 contracts stopped.
My first reaction when I saw GS as the big short/issuer was -- what client's face did they rip off on that trade so JPMorgan could pick up this silver? Or maybe a "Friend of the Shorts" arranged this. Nothing would surprise me, dear reader, as the red flags are flying on this one.
Yesterday's Issuers and Stoppers Report is a must to view here, and to me it reeks of collusion.
There were no reported changes in GLD, and as of 9:24 p.m. yesterday evening, there were no reported changes in SLV, either.
Since yesterday was Monday, the U.S. Mint had a sales report. They sold 4,000 troy ounces of gold eagles; 4,000 one-ounce 24K gold buffaloes; and 526,000 silver eagles. Very decent.
Over at the Comex-approved depositories on Friday, they reported receiving precisely one metric tonne of gold: 32,150 troy ounces. I would guess that would be 1,000 kilobars at 32.15 troy ounces a copy. They also reported shipping out a smallish 898 troy ounces. The big receipt was at HSBC USA, and the link to all this activity is here.
In silver on Friday, these same depositories didn't report receiving any, but they did ship out 498,474 troy ounces of the stuff. The link to that action is here.
The news that China imported about 130 tonnes of gold through Hong Kong came out about two weeks ago from an inside source and is now old news. But now that the numbers have been "officially" released, here's Nick Laird's chart of the situation as it stands as of October 31. Note that the "Cumulative Imports" from this one official source is now double what China has stated they have in reserves. Without doubt they have more they haven't told us about, and probably much more.
Here's another set of numbers that Nick sent my way yesterday. It shows the credit creation, a.k.a. money-out-of-thin-air, for these "G4" countries/geographic areas. Except for Japan, credit creation was pretty wild in 2007 before the financial crisis. In Q2 and Q3 of 2013 in these same places, it's radically different. Even Japan's "improvement" is nothing to write home about, and the situation in Europe is wildly deflationary.
I have a decent number of stories for you today, and I hope you can find the time to read the ones that are of interest to you.
As a student of market history, I’ve seen that maxim made true time and again. The cycle swings fear back to greed. The overcautious become the overzealous. And at the top, the story is always the same: Too much credit, too much speculation, the suspension of disbelief, and the spread of the idea that this time is different.
It doesn’t matter whether it was the expansion of railroads heading into the crash of 1893 or the excitement over the consolidation of the steel industry in 1901 or the mixing of speculation and banking heading into 1907. Or whether it involves an epic expansion of mortgage credit, IPO activity, or central-bank stimulus. What can’t continue forever ultimately won’t.
The weaknesses of the human heart and mind means the swings will always exist. Our rudimentary understanding of the forces of economics, which in turn, reflect ultimately reflect the fallacies of people making investing, purchasing, and saving decisions, means policymakers will never defeat the vagaries of the business cycle.
This 2-page commentary was posted on the martketwatch.com Internet site just before lunch EST last Friday...and reader Eric Gould slid it into my in-box on Saturday morning.
When U.S. regulators adopt the Volcker rule on Tuesday...[That's today. - Ed]...they will make good on a promise by politicians to rein in banks' ability to gamble with their own money.
The coordinated action by five separate regulatory agencies is seen sparking a court challenge as Wall Street tries once again to avoid one of the harshest elements of the post-financial crisis crackdown.
The rule, championed by former Fed Chairman Paul Volcker, was a last-minute addition to the 2010 Dodd-Frank Wall Street reform law and takes aim at a business that had been a big money spinner for banks before the crisis.
The measure bans banks from making bets for their own profits, an activity known as proprietary trading that regulators deemed too risky for banks that enjoy government backstops.
One wonders if that will include the precious metals, dear reader? Despite Deutsche Bank giving up commodity trading last week, it still has its precious metal trading desk, so one has to wonder. We won't have long to wait to find out. This story was posted on The New York Times website early Sunday morning EST...and it's courtesy of Phil Barlett. It's definitely worth reading.
The most curious thing of all about the November jobs report released on Friday was the huge drop in the unemployment rate — and the fact that the Labor Department chose not to disclose that the data going into that figure are under investigation for falsification.
On Nov. 19, I broke the news in my column that the Census Bureau, which collects data that goes into the jobless rate on behalf of Labor, had caught one of its enumerators fabricating interviews in 2010.
The culprit said back then (and to me during an interview) that he was told to do so by Census supervisors who were in the position to instruct others to make similar fabrications.
In fact, a source who I haven’t named but who is familiar with the Census data accumulation process has told me that falsifications have been occurring on a regular basis.
Why should anyone be surprised? This short commentary by John was posted on the New York Post website very early on Saturday morning...and it's courtesy of reader Mark Hagen.
Federal authorities have obtained confidential documents that shed new light on JPMorgan Chase's decision to hire the children of China's ruling elite, securing emails that show how the bank linked one prominent hire to "existing and potential business opportunities" from a Chinese government-run company.
The documents, which also include spreadsheets that list the bank's "track record" for converting hires into business deals, offer the most detailed account yet of JPMorgan's "Sons and Daughters" hiring program, which has been at the center of a federal bribery investigation for months. The spreadsheets and emails -- recently submitted by JPMorgan to authorities -- illuminate how the bank created the program to prevent questionable hiring practices but ultimately viewed it as a gateway to doing business with state-owned companies in China, which commonly issue stock with the help of Wall Street banks.
No surprises here, either. This news item appeared on The New York Times website early Saturday afternoon EST...and I found the story [and the headline] in a GATA release.
The world's leading technology companies have united to demand sweeping changes to U.S. surveillance laws, urging an international ban on bulk collection of data to help preserve the public's “trust in the internet”.
In their most concerted response yet to disclosures by the National Security Agency whistleblower Edward Snowden, Apple, Google, Microsoft, Facebook, Yahoo, LinkedIn, Twitter and AOL have published an open letter to Barack Obama and Congress on Monday, throwing their weight behind radical reforms already proposed by Washington politicians.
“The balance in many countries has tipped too far in favour of the state and away from the rights of the individual – rights that are enshrined in our constitution,” urges the letter signed by the eight US-based internet giants. “This undermines the freedoms we all cherish. It’s time for change.”
This longish, but must read article, was posted on theguardian.com Internet site yesterday afternoon GMT.
The head of German telecommunications giant Deutsche Telekom has called for Europe to do more to protect privacy and combat international spying. Rene Obermann's words come as eight of the world's largest technology companies appealed to President Barack Obama and the US Congress to enact sweeping changes to spying laws and put a stop to mass collection of data.
Obermann, who became chairman of the Deutsche Telekom board in 2006, told German business daily Handelsblatt that politicians in the European Union are not doing enough in response to the spying scandal uncovered by NSA whistleblower Edward Snowden earlier this year. The documents from his archive include allegations that the NSA and the British intelligence agency GCHQ hacked into internal connections between data centers belonging to Google and Yahoo, while millions of pieces of data were gathered. It was also revealed that the NSA was keeping track of mobile phones across the world -- and had even eavesdropped on German Chancellor Angela Merkel.
Obermann pulled no punches in criticizing the data gathering carried out by intelligence agencies in the US and beyond, and said: "I was angered most of all because confidence in two pillars of our society, free communication and privacy, has been shaken to such an extent. I think what is happening is in the long term even dangerous to democracy."
This article was posted on the German website spiegel.de yesterday afternoon Europe time...and I thank Roy Stephens for bringing it to our attention.
As bonds and stocks soar, and Europe's leaders continue to proclaim victory, despite Draghi's downbeat jawboning as EUR surges to growth-crushing levels, it is well known that the employment situation remains abysmal in the real economy.
However, what is worse that the red-flashing-headlines of record youth (and total) unemployment is, as Bloomberg's Niraj Shah notes, 125 million people in the E.U. were at risk of poverty or social exclusion. According to Eurostat, that is 24.8% of the population. Almost half of Bulgarians faced economic hardship and Greece had the highest poverty rate in the euro area at 34.6% (though if Stournaras was to be believed this weekend, their problems are solved).
That's all there is to this short Zero Hedge piece from yesterday morning...but the chart is a must to view. I thank Manitoba reader Ulrike Marx for sending it our way.
They are not sleeping in tents in Independence Square, but Ukraine’s ultra-wealthy businessmen, known as the oligarchs, perhaps pose as grave a threat to President Viktor F. Yanukovich as the demonstrators on the streets of this capital city.
“Do you think there is a big difference between people on the street and people with big business?” said the most visible, and the most pro-Western, of the oligarchs, Petro Poroshenko, a shipping, confectionery and agriculture magnate whose television station has been broadcasting round the clock from Independence Square.
“There is no difference in their love of their own country,” he said in an interview in the lobby of the Ukraine Hotel, overlooking the square, where the protesters appeared as miniature silent figures, waving flags and milling about bonfires. “At the end of the day, we are all talking about the modernization of the economy and the country.”
This 2-page article was posted on The New York Times website on Friday sometime...and it's definitely worth reading, especially if you're a student of the New Great Game. It's the second offering of the day from Roy Stephens.
Public protests thundered into a full-throttle civil uprising in Ukraine on Sunday, as hundreds of thousands of protesters answered President Viktor F. Yanukovich’s dismissiveness with their biggest rally so far, demanding that he and his government resign.
At the height of the unrest on Sunday night, a seething crowd toppled and smashed a statue of Lenin, the most prominent monument to the Communist leader in Kiev. The act was heavy with symbolism, underscoring the protesters’ rage at Russia over its role in the events that first prompted the protests: Mr. Yanukovich’s abrupt refusal to sign sweeping political and free-trade agreements with the European Union.
After an electrifying assembly in Independence Square in the center of Kiev, the main focus of the protests, the huge crowd surged across the capital, erecting barriers to block the streets around the presidential headquarters and pitching huge tents in strategic intersections. They were not challenged by the police, who have largely disengaged since their bloody crackdown on a group of protesters on Nov. 30 sharply increased outrage at the government.
This is another story from The New York Times. This one showed up on their Internet site on Sunday sometime...and it's another contribution from Roy Stephens. It's also a must read for all students of the New Great Game.
The French planned operation in the Central African Republic is a part of the ongoing inner-imperialist rivalry between France and the United States for control of post-colonial Africa, Abayomi Azikiwe, editor of Pan-African News Wire, told RT.
President Hollande has said that France will take immediate military action as sectarian violence escalates in the Central African Republic.
Earlier the U.N. Security Council voted to allow French troops to join an African peacekeeping force.
Fresh clashes between local militias in the capital Bangui have killed about 100 people and wounded scores more.
This story was posted on the Russia Today website during the Moscow lunch hour last Friday...and my thanks go out to South African reader B.V.
The U.S. will airlift African Union forces to the Central African Republic as part of an effort to aid French troops who are in the country to put down rising violence, defense officials said.
Defense Secretary Chuck Hagel authorized the deployment of the U.S. transport planes and pilots Sunday night, responding to a request for assistance from France. The planes will be used to carry troops from Burundi to the Central African Republic, where France has deployed 1,600 troops to try to quell rising violence.
Fighting has increased in the Central African Republic since March when a rebel group seized power. The rebel leader, Michel Djotodia, named himself president.
Turmoil has escalated in recent days, claiming 400 lives and prompting the French intervention. On Monday, French soldiers began disarming fighters in the Central African Republic.
This Zero Hedge piece was posted on their Internet site early yesterday afternoon EST...and I thank reader 'David in California' for sharing it with us.
The bulldozers started up with a rumble this year in this bucolic corner of southern Japan, unleashing a construction frenzy — and a sinking feeling of déjà vu.
The traffic cones and “under construction” signs alongside Saga’s roads and waterways are about the only visible change brought about by “Abenomics,” Prime Minister Shinzo Abe’s much-lauded plan to put Japan back on the path to growth. Residents here say the building boom is a throwback to Japan’s troubled 1990s, when far-flung regions across the country tried to build their way back to prosperity.
And they worry that, like previous attempts, growth will not last.
“How long before all this winds down again? That’s what everyone’s worried about,” said Masataka Matsuo, a construction worker reinforcing an irrigation ditch several miles away from the city center.
This very interesting 2-page New York Times essay was something Phil Barlett sent my way early Sunday evening...and it's worth your while if you have the time.
South Korea on Sunday declared an expanded air defence zone that overlaps with one recently announced by China that has sharply increased regional tensions.
Seoul's defence ministry said its new zone, which will take effect on December 15, would cover Ieodo -- a submerged rock reef in waters off its south coast which China calls Suyan.
These two paragraphs are all there is to this AFP story posted on the france24.com Internet site on Sunday evening Europe time...and it's another offering from South African reader B.V.
The US is ramping up pressure to secure a Trans-Pacific Trade Deal with conditions that could undermine the national interests of nations involved. WikiLeaks documents say talks are “paralyzed,” with the U.S. refusing to compromise on disputed issues.
Anti-secrecy group WikiLeaks has released two documents revealing the state of negotiations for the Trans-Pacific Partnership (TPP). The deal in question includes 12 countries – the United States, Japan, Mexico, Canada, Australia, Malaysia, Chile, Singapore, Peru, Vietnam, New Zealand and Brunei – which represent more than 40 percent of the world’s gross domestic product.
The 12 nations are in Singapore this week to discuss the trade agreement. Following a closed-door meeting in Singapore, Japan's trade minister Yasutoshi Nishimura told press he would like “the United States to show flexibility.”
"I've already mentioned the parts we can't budge on, so the issue is what both sides can do based on that,” Nishimura said.
"With conditions that could undermine the national interests of nations involved"...The American Empire never sleeps. This must read article was posted on the Russia Today website yesterday morning Moscow time, which was just after midnight in New York.
1. Dr. Marc Faber [#1]: "His Stunning 2014 Predictions". 2. John Embry: "This Will Bring Down the Entire Financial System". 3. Dr. Marc Faber [#2]: "The Super-Rich and Shocking Surprises For 2014". 4. Richard Russell: "U.S. May Destroy the World Monetary System". 5. Bill Fleckenstein: "How the U.S. Can Solve its Massive Problems". 6. Robert Fitzwilson: "Gold, Silver and the Desperation of Western Governments". 7. Eric Sprott: "The End Game is Absolutely Horrifying". 8. Michael Pento: "This is Going to Shock Investors Around the Globe". 9. The first audio interview is with Eric Sprott...and the second audio interview is with Bill Fleckenstein.
[Please direct any questions or comments about what is said in these interviews by either Eric King or his guests, to them, and not to me. Thank you. - Ed]
Norman Rockwell’s Saying Grace became the most expensive American painting ever sold at auction last week, fetching $46m (£28m) at Sotheby’s in New York.
The following day at Christie’s, an anonymous buyer set a record for a painting by Rockwell’s contemporary, Edward Hopper, whose Depression-era work, East Wind Over Weehawken, sold for $40.5m.
And yet, as recent sales go, both seem like small fry. Over 48 hours in November, Manhattan’s two leading auction houses saw more than $1.1bn spent on 20th-century art, setting new records for the most-expensive work ever sold at auction, the most expensive work by a living artist ever sold at auction and – with $691m splurged in a single evening at Christie’s – the highest ever total for a single auction.
You know everything is going off the rails when you read stuff like this. This news item was posted on the independent.co.uk Internet site on Sunday...and I thank reader M.A. for finding it for us.
Gold analysts are bearish for a third week, the longest stretch since February 2010, as prices approach $1,200 an ounce and a stronger U.S. economy improves the chance that the Federal Reserve will reduce fiscal stimulus.
Sixteen analysts surveyed by Bloomberg News expect gold to fall next week, 11 are bullish and two neutral. Prices tumbled 26 percent this year, heading for the first annual drop in 13 years and the biggest in more than three decades. Bullion last traded below $1,200 on June 28.
U.S. growth seems to be gathering momentum,” said Ole Hansen, the head of commodity strategy at Saxo Bank A/S in Copenhagen. “Gold has been suffering again lately as taper talk and a friendly risk environment have provided better investment opportunities elsewhere.”
This b.s. Bloomberg article about gold and its prospects was posted on their website Friday afternoon Denver time...and reader Ken Hurt sent it our way.
Revenu-Québec is seeking prison sentences and fines totalling $750-million for Kitco Metals Inc. founder Bart Kitner and directors with several other gold trading firms following one of the biggest tax fraud investigations in provincial history.
Quebec’s revenue department on Monday said it filed a total of 1,920 charges against Kitco and 11 other companies as well as their directors and an accountant implicated in an alleged fraud scheme linked to gold processing. Some 120 charges were filed against Kitco and another 120 against Mr. Kitner involving total fines of $454.6-million.
“This is an investigation that’s lasted several years and the evidence is significant,” said Revenu-Québec spokesman Stéphane Dion. “Without a doubt, it’s one of the largest investigations we’ve ever done.”
This very interesting Financial Post story, filed from Montreal, found a home on theprovince.com Internet site yesterday...and silver analyst Ted Butler was the first reader through the door with it.
An Indian wedding without gold is an unheard of thing. With the nation moving into wedding season mode, gold importers are making hay across the country, asking for extremely strong premiums from jewellers, who have been rushing to get hold of the precious metal.
"Imports are down to a trickle. There is absolutely no gold available anywhere in the country. Most jewellers have been making do with recycled gold, but given the wedding season that is upon us, many of us are finding it difficult to keep pace with the soaring demand for gold,'' said Manish Kedia, bullion retailer.
While some retailers said they paid up premiums as high as $120 an ounce last week, on December 6, premiums crossed $180 an ounce higher than London prices.
This news item, filed from Mumbai, was posted on the mineweb.com Internet site yesterday...and I thank reader M.A. for bringing it to our attention.
Economist and market analyst Alasdair Macleod today outlines what he sees as China's strategy toward the West, the Middle East, and Asia, a strategy in which gold plays what could become the decisive role.
Macleod writes: "Physical gold is being cornered, leaving Western capital markets operating as little more than casinos backed only by hot air. The dollar will one day be a bit-player in international trade, meaning that enormous quantities are becoming redundant and will have to be sold for something else. After the inevitable upward explosion in the dollar price of gold, we shall be left wondering at what price we will need to offer our goods and services to get some of it back from Asia."
It's posted at his Internet site financeandeconomics.org and it's something I found in a GATA release yesterday. It's an absolute must read...especially for all serious students of the New Great Game.
Freegold Ventures Limited is a North American gold exploration company with three gold projects in Alaska. Current projects include Golden Summit, Vinasale and Rob. Both Vinasale and Golden Summit host NI 43-101 Compliant Resource Calculations.
An updated NI 43-101 resource was calculated on Golden Summit in October 2012 and using 0.3 g/t cutoff the current resource is 73,580,000 tonnes grading 0.67 g/t Au for total of 1,576,000 contained ounces in the indicated category, and 223,300,000 tonnes grading 0.62 g/t Au for a total of 4,437,000 contained ounces in the inferred category. In addition to the Golden Summit Project the Vinasale also hosts a NI 43-101 resource calculation which was updated in March 2013. Indicated resources are 3.41 million tonnes averaging 1.48 g/t Au for 162,000 ounces, and Inferred resources are 53.25 million tonnes averaging 1.05 g/t Au for 1,799,000 ounces of gold utilizing a cutoff value of 0.5 grams/tonne (g/t) as a possible open pit cutoff. Please send us an email for more information, email@example.com
Even though JPMorgan’s gold position is “only” 70,000 contracts, that is 21.7% of the entire Comex gold market (minus spreads). It is also more than 46% of all the long contracts held by commercial traders. There is no possible legitimate explanation that could justify JPMorgan’s outsized COMEX gold market corner. By any measure, this is a concentration and market corner of scandalous proportions. - Silver analyst Ted Butler: 07 December 2013
The price action on Monday was interesting from a price perspective, especially considering the fact that in gold it was done on such light volume. Silver had the same price pattern as well, but volume was much higher, relatively speaking.
I took a quick look at the preliminary open interest/volume numbers for yesterday that are posted on the CME's website, and it shows that gold's open interest only rose by 500 contracts and silver's open interest was actually down on the day. There appears to have been considerable short covering involved in yesterday's price action.
But I've learned from hard experience that these preliminary numbers can't be totally trusted, as "da boyz" can hide their tracks well. However, if I had to bet ten bucks based on what I've seen, I'd bet that yesterday's price action was quiet short covering, and Friday's Commitment of Traders Report may, or may not, shed some light on this.
While I'm on the subject of the COT Report, the cut-off for Friday's report is at the 1:30 p.m. EST Comex close today, so I'll be more than interested to see what happens during the rest of the Tuesday trading session, particularly in New York.
The other thing I noticed when looking at the CME's preliminary report from yesterday was silver's open interest in the December delivery month. It currently sits at 1,500 contracts, but that will drop by more than a thousand contracts once Goldman Sachs delivers to JPM and Scotiabank tomorrow. I would also guess that most of the other 500 contracts still open for December will also be picked up by these two bullion banks, because I said further up, they are the two biggest Comex silver shorts on Planet Earth.
Not much happened in Far East trading on their Tuesday, but all four precious metals rallied going into the London open, and all met with same fate---a seller of last resort. London has been open for an hour as I write this paragraph, and volumes are on the lighter side, and mostly of the HFT variety. The dollar index is down a handful of basis points and clinging to the 80.00 mark by its fingernails.
And as I hit the "send" button on today's missive at 3:15 a.m. EST, none of the four precious metals have regained their London open highs. Volumes are about average for this time of day, and the dollar index is still sitting on its precarious perch a few points above the 80 level.
Before heading out the door, I'd like to remind you one more time that Doug Casey’s new book Right on the Money will be released on December 16.
Right on the Money is the second book in the Conversations with Casey series. This time, the conversations focus on speculating, economics, investing, politics, and how to profit in times of political and economic chaos.
“In it, famed speculator and New York Times best-selling author Doug Casey tackles investing head on. In his typical no-holds-barred style, Doug shares his philosophical views on economics, politics, and life itself… and his tools to turn them into actionable investment ideas.
This book is nothing less than a speculator's guide to profiting from the Greater Depression… a set of keys to a potential fortune, available only to contrarians who are brave enough to use them during a time of chaos and volatility gripping our world.”
If you want to learn more, or find out how you can order it, all you need to know is at this link here.
That's all for today, and I'll see you here tomorrow.