The gold price chopped around unchanged in a very right range during all of Far East and most of London trading on Friday---and that state of affairs lasted until just minutes before 9 a.m. EDT. At that point the selling pressure began anew---and JPMorgan et al had the gold price down to a new low by around 1:35 p.m. EDT, just a few minutes after the close of Comex trading. After that, the price rallied a few dollars into the close.
The high and low ticks were recorded by the CME Group as $1,229.20 and $1,214.20 in the December contract.
Gold finished the Friday session in New York at $1,216.20 spot, down $8.60 from Thursday's close. Net volume was very decent at 167,000 contracts.
Brad Robertson sent us the 5-minute tick gold chart once again---and you can see the big volume spike that occurred at 10:45 a.m. in New York, which shows as 8:45 a.m.MDT on this chart. The big volume spike was on the secondary low, not the absolute low.
After the obligatory down tick at the 6 p.m. open in New York on Thursday evening, the silver price never got a sniff of positive territory after that---and followed almost an identical path to gold except for the fact that the HFT boyz and their algorithms really put the boots to the technical funds, as they closed silver just off its low tick of the day.
The high and low were recorded as $18.595 and $17.78 in the December contract.
Silver closed in New York yesterday at $17.79 spot, down a whopping 73 cents from Thursday's close. Net volume was very heavy at 64,000 contracts.
Platinum was up a few bucks by noon in Hong Kong trading, but that was its high---and it slowly got sold down, hitting its low about 12:45 p.m. EDT---and about 45 minutes after the Zurich close. The boyz close platinum down 9 bucks.
Palladium's high was also at noon in Hong Kong---and the decline in price from there was very orderly until around 10:20 a.m. EDT. The HFT boyz and their algorithms showed up---and that was that, as they hit palladium for another 18 bucks.
The dollar index closed late on Thursday afternoon in New York at 84.29---and then traded flat until a few minutes after 12 o'clock noon Hong Kong time---and then away it went to the upside once again. By the close of trading, the index had gained 49 basis point, everything it lost on Thursday, and closed at 84.78.
The gold stocks opened down a bit---and continued lower, hitting their low tick a few minutes before 2 p.m. EDT, which more or less coincided with the low tick in gold. The HUI closed down another 1.69%.
The silver equities also opened down a hair, but hung in there until around 10:15 a.m. before heading lower with a vengeance---and there was no recovery at all, as they close on their absolute low tick. Nick Laird's Intraday Silver Sentiment Index closed down another 3.32%. The silver stocks have now given back all of their gains for 2014.
The CME Daily Delivery Report showed that 5 gold and 149 silver contracts were posted for delivery within the Comex-approved depositories on Tuesday. The biggest short/issuer was Jefferies with 147 contracts---and there were about a dozen long/stoppers---and you can take a look at yesterday's Issuers and Stoppers Report linked here, if you wish to see the list.
The CME Preliminary Report for the Friday trading session showed that 24 gold and 403 silver contracts are still open in the September contract---and don't forget to subtract the figures in the previous paragraph to get the up-to-date number.
There was a withdrawal from GLD yesterday. This time it was 250,032 troy ounces---8 metric tonnes of the stuff. And as of 1:18 a.m. EDT this morning, there were no reported changes in SLV.
The U.S. Mint had a sales report. They sold 2,000 troy ounces of gold eagles---500 one-ounce 24K gold buffaloes---and 100,000 silver eagles.
Month-to-date the mint has sold 39,500 troy ounces of gold eagles---8,000 one-ounce 24K gold buffaloes---1,760,000 silver eagles---and 400 platinum eagles. Based on these sales numbers, the silver/gold ratio for the month stands at 37 to 1.
There was a very decent amount of gold shipped out of the Comex-approved depositories on Thursday---160,755 troy ounces to be exact---with virtually all of it coming out of Canada's Scotiabank. Nothing was reported received---and the link to that activity is here.
In silver, it was almost the same thing, as 282,291 troy ounces were shipped out---and with the exception of a few thousand ounces, it came out of Scotiabank as well. Nothing was reported received there, either---and the link to that activity is here.
Here's a very sad looking 5-year silver chart---and what it shows is that the closing price on Friday was the lowest in four year---and it takes us all the way back to the beginning of the runaway bull market in silver in September of 2010. All the gains in the interim have vanished thanks to JPMorgan et al.
The Commitment of Traders Report, for positions held at the close of Comex trading on Tuesday, was pretty much in line with the expectations that both Ted Butler and I had.
The Commercial net short position in silver fell by 6,394 contracts, or 32.0 million troy ounces. The Commercial net short position is now down to 117.8 million troy ounces, which is still shy of its low back in late May/early June. The managed money long selling/short buying accounted for 5,925 contracts of the decline during the reporting week. Ted pegs JPMorgan's short-side corner in the Comex gold market at 13,000 contracts, down a thousand from the prior week's report.
The Commercial net short position in gold dropped by 21,712 contracts or 2.17 million ounces---and the new and improved Commercial net short position now stands at 7.62 million troy ounces. The Managed Money in the technical fund category accounted for 19,912 contracts of the total amount. As Ted Butler says, it's the Commercial traders running the Managed Money up and down through the moving averages that is determining the price, which they do for fun, profit---and price management purposes. Supply and demand fundamentals no longer matter. Ted says that JPMorgan's long-side corner in the Comex gold market was unchanged at 25,000 contracts, or 2.5 million ounces, compared to the prior week's report.
And, without doubt, there has been massive improvement since the Tuesday cut-off. Of course we'll have to wait until next Friday's report before we see how much it was.
Here's Nick Laird's "Day of World Production to Cover Comex Short Positions" of the 4 and 8 largest traders in all physical commodities traded on the Comex. Three of the four precious metals are still permanently pinned to the right-hand side of this chart---and gold would be there as well, except for JPMorgan's long-side corner in that metal.
Since the 20th of the month fell on a weekend, the good folks over at The Central Bank of the Russian Federation updated their website with August's data yesterday. It showed that they increased their physical gold reserves by another 300,000 troy ounces during that period---and they now hold 35.8 million troy ounces in their reserves. Here's Nick's most excellent chart showing that change.
Despite my best efforts, I have a decent number of stories for you today.
Even after the Dow and the S&P 500 closed at new all-time highs, closely followed contrarian Marc Faber keeps sounding the alarm.
"We have a bubble in everything, everywhere," the publisher of The Gloom, Boom & Doom Report told CNBC's "Squawk Box" on Friday. Faber has long argued that the Federal Reserve's massive asset purchasing programs and near-zero interest rates have inflated stock prices.
The catalyst for a market decline, as he sees it, could be a "raise in interest rates, not engineered by the Fed," referring an increase in bond yield
There are two short interviews back to back here, both totaling a bit over 4 minutes---and they run concurrently. The first reader through the door with this CNBC video clip yesterday, was Ken Hurt.
[Early Thursday], the Fed released its latest Z.1 (Flow of Funds report) for the second quarter, there were no surprises: thanks to the relentless liquidity injections by global central banks (charted here) resulting in record stock market levels, total household net worth rose once more, increasing by $1.4 billion in the quarter (up from a downward revised $1.2 billion in the previous quarter) to a new record high $81.5 billion.
This was the result of a $95.4 trillion in total assets, offset by $13.9 trillion in liabilities, mostly mortgage debt of $9.4 trillion, as well as some $3.2 trillion in consumer credit, which may or may not account entirely for the student debt bubble.
But perhaps most importantly, the percentage of financial assets as a percentage of total, just rose to the record high level it has never in the past surpassed: 70.3%. As the chart below shows, this is the highest proportion that financial assets have ever hit in the entire history of modern US society. Every time financial assets hit 70.3% of total, either housing values finally pick up and offset the disproportional increase in financial assets, or there has been a crash in financial asset values themselves.
This article, with some excellent charts, appeared on the Zero Hedge website at 1:46 p.m. EDT on Thursday---and it's the first of two stories in a row that I found in yesterday's King Report.
Of late, talk has been that the ECB’s balance sheet would come to the rescue. Count me as deeply skeptical of all the bullish ECB “QE” liquidity propaganda. As such, I see a world of somewhat waning liquidity abundance with an increasingly destabilizing King Dollar bias. There’s risk that escalating EM stress and attendant “hot money” outflows lead to a self-reinforcing de-risking/de-leveraging dynamic. EM companies and countries at this point have way too much dollar-denominated debt. At some point, contagion might negatively impact market expectations for the global economy at large, perhaps leading to a more generalized global “risk off” backdrop.
From the Z.1 we know that Security Credit was up $161bn year-over-year, or 13.7%, to a record $1.333 TN. Fed Funds and Repurchase Agreements were little changed y-o-y at $3.792 TN. Security Broker/Dealer Assets were actually down about 5% y-o-y to $3.388 TN. Funding Corps were down 3.3% y-o-y to $1.312 TN. Clearly, securities leveraging remains integral to overall Credit system operations.
At the same time, there are important sources of global leverage outside the purview of Fed monitoring and Z.1 reporting. There are myriad avenues for “carry trades,” securities shorting and “off-shore” securities financing vehicles, not to mention the murky world of (hundreds of Trillions of) derivatives.
Doug's commentary was posted on the prudentbear.com Internet site on Friday evening---and it's a must read that I'll deal with later today. I thank reader U.D. for sending it along.
The following post-referendum poll from Lord Ashcroft does a good summary of who voted how and why. However, the most telling distinction is the following:
How will last night's vote look like in 5, 10 or 15 years when today's 17 year olds are Scotland's prime demographic?
This short Zero Hedge article has an excellent set of numbers---and it's worth a minute of your time. I thank reader U.D. for sharing it with us. There was a story about this subject as well posted on the euobserver.com Internet site yesterday. It's headlined "Scotland's referendum - nothing and everything changes". My thanks go out to Roy Stephens for that one.
The Scots have lost their stab at independence by a tiny 10-percent margin. Analysts predicted that only a ‘yes’ vote would send waves throughout Europe, but the dire economic situation of other independence-seeking regions can’t be eclipsed so easily.
In a historic referendum on Thursday, Scotland voted 55 to 45 percent to stay in the four-nation United Kingdom.
This 'yes' vote, many have said, would become a major precedent for others to follow - but can this apparent loss by an already prosperous Scotland serve as a demotivator for others? After all, according to the Venetians, or the Catalans, the far more centralized nature of their own main governments - just one factor to consider here - puts them in a markedly different situation to that of Scotland.
This article appeared on the Russia Today website at 9:47 a.m. Moscow time on their Friday morning, which was 1:47 a.m. EDT---and it's courtesy of Roy Stephens.
Catalan leader Artur Mas has said the Scottish referendum has reinforced his plan to hold a similar vote at home.
Speaking in Barcelona on Friday (19 September), he noted that the devolved Catalan parliament is likely to pass a law on the referendum later the same day.
“I will sign the decree on this consultation in Catalonia. In fact, I will call this consultation on 9 November as agreed some months ago with the majority of Catalan political forces”.
He said he would have preferred it if Scotland had voted Yes.
This news item showed up on the euobserver.com Internet site at 4:06 p.m. Europe time yesterday---and it's the second story in a row from Roy Stephens.
Banks borrowed less than expected from the European Central Bank in a disappointing start for a program intended to encourage more lending to businesses and households and to pump money into the ailing eurozone economy.
The central bank said on Thursday that it would allot nearly 83 billion euros, or about $107 billion, to 255 commercial banks next week. Estimates of how much money banks would borrow had varied widely, but many analysts said before the announcement that anything less than €100 billion would be a disappointment.
The program is part of a broader effort by the central bank to inject as much as €1 trillion into the eurozone economy, and the borrowing data on Thursday was closely watched as an indicator of whether the central bank would be able to meet its goal. The loans are meant to drive down the cost of borrowing and encourage lending, especially in countries like Italy and Portugal, where a lack of credit has impeded economic growth.
This article appeared on The New York Times website on Thursday sometime---and it's something I found in yesterday's edition of the King Report.
The CIA’s European Division has halted its operations in Western Europe in response to several spying scandals in Germany and the continent’s negative reaction to the revelations of spying by the National Security Agency on European leaders and citizens.
The stand-down order has been in effect for two months. It was designed to give CIA officers time to examine whether they were being careful enough and to evaluate whether spying on allies is worth running the risk of discovery, a U.S. official who has been briefed on the situation told the Associated Press.
Case officers in friendly European countries have largely forbidden from undertaking "unilateral operations" such as meeting with sources they have recruited within allied governments. The continent’s countries have long been used as safe venues to conduct meetings between CIA officers and sources from the Middle East and other high priority areas; those encounters have been rerouted to other locales.
The spying stand-down comes at an inopportune time, AP reported, citing worries over Western extremists heading to Syria and Iraq to join with the Islamic State, as well as the standoff with Russia over influence on Ukraine and the independence movement in the eastern part of the country. Tensions have grown between the US and its European allies since Edward Snowden's NSA revelations in June 2013.
This very interesting story appeared on the Russia Today website at 6:20 p.m. Moscow time on their Friday evening---and it's another contribution from Roy Stephens.
Kiev and self-defense forces signed a memorandum aimed at effectively halting all fighting in eastern Ukraine after talks in Minsk. It creates a buffer zone, demands a pullback of troops and mercenaries, and bans military aviation flybys over the area.
The signed memorandum consists of nine points, former Ukrainian president Leonid Kuchma told journalists following peace talks in Minsk, Belarus.
“The first one is stopping the use of weapons by both sides, the second is terminating new formations of units on military bases as of September 19. The third is banning the use of all types of weapons and offensive action,” Kuchma said.
The agreement outlines a buffer zone of 30 km (18.6 miles) and bans all military aircraft from flying over part of eastern Ukrainian territory, except for the OSCE's aerial vehicles, Kuchma told RIA Novosti following the meeting.
This story showed up on the Russia Today website at one minute to midnight Moscow time on their Friday night, which as 3:59 p.m. EDT. I thank Roy Stephens for sending it our way.
The 200 trucks are carrying foods, including cereals and canned products, power generators, medical supplies, warm clothes and bottled drinking water - 2,000 tonnes all in all.
Before the convoy’s departure Ukrainian customs officials and International Red Cross representatives were repeatedly invited to inspect the cargo. Both refused without offering any reasons.
It is a third batch of Russian humanitarian aid being delivered to the southeast of Ukraine by truck The first two convoys delivered a total of four thousand tonnes humanitarian supplies to Lugansk.
This article showed up on the itar-tass.com Internet site at 5:22 a.m. Moscow time on their Saturday morning---and once again I thank Roy Stephens for finding it for us.
The Group of Twenty (G20) members have supported Russia’s participation in the G20, Australian chief treasurer Joe Hockey told reporters on Friday. He will preside over the G20 meeting of foreign ministers and heads of Central Banks that will be held on September 20 -21.
Asked whether Australia would try to block Russia’s participation in the G20 summit in Brisbane due in November, Hockey said not Australia, but G20 members take decisions on anybody’s participation in G20 work.
The G20 member countries say the door should not be closed, and Russia should take part in the forum. The dialogue should be continued, according to all the G20 member countries. He said G20 is an economic, not a political forum.
This article appeared on the itar-tass.com Internet site at 8:34 a.m. on Friday morning Moscow time---and it's another story from Roy Stephens.
Drug maker GlaxoSmithKline was fined $492 million on Friday for bribing doctors in China in the biggest such penalty ever imposed by a Chinese court.
The court sentenced the company's former China manager, Briton Mark Reilly, and four Chinese co-defendants to prison but postponed the sentences for two to four years, suggesting they may never be served. The court said it granted leniency because the defendants confessed.
The case, first publicized in mid-2013, highlighted the widespread use of payments to doctors and hospitals by sellers of drugs and medical equipment in a poorly funded health system that Chinese leaders have promised to improve. The fine is the largest such penalty ever imposed by a Chinese court.
This very interesting article showed up on the newsmax.com Internet site at 7:38 a.m. EDT on Friday---and it's the first offering of the day from West Virginia reader Elliot Simon.
Japan has decided to delay the announcement of a new round of sanctions against Russia over the Ukraine crisis, which had been earlier planned for Friday, senior government sources have told ITAR-TASS.
The postponement comes as Tokyo wants to follow Moscow’s reaction towards the move. However, Japan has not yet decided to call off the sanctions and is expected to detail the restrictions later.
The announcement could be made next week during the visit of Japanese Prime Minister Shinzo Abe to New York, where he will attend the session of the United Nations General Assembly.
Japanese media reports said Tokyo was due to announce the expansion of sanctions against a range of individuals from Russia and the self-proclaimed Luhansk and Donetsk People’s Republics, to be subject to the asset freeze and visa ban.
This article put in an appearance on the itar-tass.com Internet site on Friday morning Moscow time---and it's the final offering of the day from Roy Stephens, for which I thank him.
Japan's government cut its overall economic assessment for the first time in five months as private consumption is struggling to recover from the slump caused by April's sales tax hike, clouding the outlook for a sustained recovery.
The government on Friday cut its view on private consumption, which accounts for about 60 percent of the economy, saying that consumer spending is seen pausing although a pick-up trend remains intact.
The assessment followed a run of weak indicators, including falling household spending, which raised doubt about the strength of an expected bounce in the current quarter - a crucial factor for Prime Minister Shinzo Abe's decision in December on whether to proceed with a second tax rise next year.
So much for rampant money printing. A Japanese bond isn't worth the paper it's printed on. This Reuters story, filed from Tokyo, was posted on their website at 12:25 p.m. EDT on Friday---and it's another article I found in yesterday's edition of the King Report. It's worth reading.
1. Art Cashin: "The Next 7 Days May Trigger a Global Stock Market Crash" 2. Bill Fleckenstein: "Responds to Outrageous CNBC Interview" 3. John Ing: "Russians Stunned as Chinese Leader Pushed Gold Backed Yuan"
[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]
At an event [on Thursday] to mark the start of Shanghai Gold Exchange’s gold trading in the city’s free-trade zone (SFTZ) and the creation of the International Board, the Shanghai Gold Exchange and the World Gold Council have stated they will be actively cooperating to develop the SFTZ as an international hub for gold and to work together to develop the gold market in the region. The event was attended by Zhou Xiaochuan, Governor of the People’s Bank of China, Mr. Xu Luode, the Chairman of Shanghai Gold Exchange and Aram Shishmanian, CEO of the World Gold Council.
This collaboration follows on from a partnership signed between the China Gold Association and the World Gold Council in Beijing last week at the China Gold Congress and Expo, which they jointly sponsored. This partnership seeks to promote further international enterprise in China and to enhance the global understanding of China’s role within the global supply chain.
As we commented on the report concerning WGC and PBoC co-operation, one hopes these co-operations are close and will thus help lift the veil on some of the statistical anomalies that beset analytical reports on the massive Chinese gold sector.
This commentary by Lawrie was posted on the mineweb.com Internet site on Thursday---and is worth reading.
In his latest commentary about gold market manipulation, Julian Phillips of the Gold Forecaster letter reviews the establishment of the London Gold Pool, the gold market-rigging mechanism of the Western central banks in the 1960s. The U.S. dollar survived the gold pool's collapse, Phillips writes, because the dollar was still required to purchase oil from the Middle East.
I found this gold-related story embedded in a GATA release yesterday---and I thank Chris Powell for writing the above paragraph of introduction.
GATA again will have a big part in the New Orleans Investment Conference this year, what with GATA Chairman Bill Murphy and your secretary/treasurer making presentations, your secretary/treasurer debating Casey Research founder Doug Casey about whether the gold market is manipulated, and former Federal Reserve Chairman Alan Greenspan not only speaking but taking questions from the audience.
Conference sponsor Brien Lundin of Gold Newsletter and the Jefferson Companies in Louisiana is asking for help in devising questions for Greenspan, and GATA has appended his appeal.
This GATA release from yesterday is worth your time, if you have any left, that is.
Investors in exchange-traded funds backed by silver have stayed loyal to the metal longer than those who bought gold.
The CHART OF THE DAY shows shares outstanding for the biggest U.S. silver ETF surpassing those for the nation’s largest gold fund by the most since 2006, when the iShares Silver Trust was created. Retail buyers are sticking with silver even as prices fell 4.4 percent this year, the most of any precious metal. Gold’s 2 percent gain wasn’t enough to halt declines in selling, and assets in the SPDR Gold Trust are set for a second annual loss.
“The perception is that silver will do well, and should outperform gold as the economic recovery strengthens,” Tom Kendall, the head of commodities research at Credit Suisse in London, said in a telephone interview. “Belief in silver’s dual properties, as a financial asset and also as an industrial metal, appears to remain strong.”
Well, dear reader, there's nothing in here that you don't already know, as Ted Butler and I have been talking about this for several months already. The reasons given for why silver is pouring into SLV is mostly bulls hit, but it's nice to see that at least one news outlet has considered it worth featuring. This silver-related article was posted on the Bloomberg website at 5 p.m. MDT on Thursday---and I thank Elliot Simon for bringing it to our attention.
The first photo is of an osprey that reader Mark O'Brien sent me yesterday. We met at the Casey Conference here in San Antonio---and he's provided a photo for us before---and this one is certainly worth sharing as well. The second is an echidna that Nick Laird found wandering around his yard---and since most won't have the foggiest idea of what they are, it's worth posting as well.
Drilling Intersects 102 Meters of 1.97 gpt Gold at Columbus Gold’s Paul Isnard Gold Project; Drilling Confirms Depth Extension of Gold Mineralization
Columbus Gold Corporation (CGT: TSX-V) (“Columbus Gold”) is pleased to announce results of the initial five (5) core drill holes at its Paul Isnard gold project in French Guiana. The holes confirm depth extension of gold mineralization below shallow holes drilled on the 43-101 compliant 1.9 million ounce Montagne d’Or inferred gold deposit at Paul Isnard in the 1990’s and support the current program of resource expansion through offsetting open-ended gold mineralization indicated by the earlier holes.
Robert Giustra, CEO of Columbus Gold, commented: “These drill results validate Columbus Gold’s approach to adding ounces with a lower-risk drilling program designed to infill and to extend the mineralized zones to 200 m vertical depth from surface; a depth amenable to open pit mining.”
Fourteen (14) holes have been completed (assays pending) by Columbus Gold in the current program and drilling is progressing at the rate of about 3,000 meters per month with one drill-rig on a 24 hour basis. Columbus Gold plans to accelerate the current program by engaging a second drill-rig as soon as one can be obtained. Please visit our website for more information.
It occurred to me that there were two separate warm up games in which silver ran to $50; in April 2011 and thirty years before that in 1980, when the Hunt Brothers were found to have manipulated the price of silver higher. In fact, the long term chart of silver is defined by the two sharp surges to $50 on those two occasions, amid years of flat or declining prices, not dissimilar to the past three and a half years. To my knowledge, few other commodities have that unusual double spike in price that exists in silver.
More remarkable is that each silver price run to $50 came from extremely low price levels existing in the years before the two price spikes. In other words, when silver does run, history indicates that it runs like it is on fire; racking up the biggest percentage gains of all. Those two facts alone – that silver ran to $50 twice and the gains far exceeded the historic gains of any commodity (or market) – should be enough to attract investors at current depressed prices. After all, no one can deny that silver can’t go to $50 again, seeing how it’s been there twice already. And if it does run again, the percentage gains will likely exceed any other commodity or market. - Silver analyst Ted Butler: 17 August 2014
While I was sitting around the dinner table with a group of my readers who were kind enough to come to the conference, two names came up while we were talking about my pop 'blasts from the past'. Those names were Paul Anka and Carlos Santana. So rather than choose, here's one by each. For Paul Anka click here---and for Carlos Santana click here.
The subject of classical guitar also came up, as did one of my recent 'blast from the past' featuring that instrument, so here's another. It's not exactly classical---but it's a gas! The link is here.
Well, it was another unhappy day for precious metal enthusiasts as da boyz and their algorithms worked their magic once again---and even I was taken aback by the pounding that JPMorgan et al handed to silver. But that is their problem child---and the only question remaining is "are we at the bottom yet?"
As both Ted and I have mentioned on several occasions, it's not the price at the low---it's the number of long contracts that JPMorgan et al can get the brain-dead/black-box technical funds to sell, along with the number of short contracts that they can entice them into buying at the same time. We weren't there with yesterday's COT Report, but we should be there now.
And there should be no question as to how we got where we are---and that's because of the paper games played in the Comex futures market, all aided and abetted by the CME Group and the CFTC. It's flat out illegal, but who's going to stop them?
Here are the 2-year charts for all four precious metals that show you where we are vs. where we've been over the longer term.
But looking forward as I did several times last week, we should now only concern ourselves with how da boyz react when the technical funds begin to cover as the next rally commences. Will they let the tech funds off easy like they did last time, or will this time be different?
I'm done for the day---and the week.
I'll be here on Tuesday, but that report will be brief as well, as Monday is a travel day---and I get back into Edmonton in the evening.