Dear Reader,

Welcome to the weekend edition of Casey Daily Dispatch, a compilation of our favorite stories from the week for the time-stressed readers.

Of course, if you want to read all of the Daily Dispatches from the week, you may do so in the archives at CaseyResearch.com.

Why You’ll Still Be Buying Gold at $2,000

By Jeff Clark

I was recently asked in an interview if I thought gold was going to $5,000 an ounce. “No,” I said bluntly. “I think it’s going higher.”

“You’re that optimistic?”

“No,” I replied. “I’m that pessimistic.”

Imagine the condition of our world if gold reached $5,000 an ounce – and kept soaring. We’ll likely be in a mania if that happens – but what kind of mania will it be? There’ll be some greed to be sure, but I think there’s a good chance a deeper reason will be at play. And it’s the same reason that will drive you to keep buying gold at $2,000 an ounce.

You’ll have to.

There are 101 reasons to own gold right now. You might buy because of the debt turmoil you see around the globe. You may think it wise, like the Chinese and others, to keep some of your savings in gold. Negative real interest rates may draw you to gold. You might buy because of the mere fact that demand is overwhelming supply. Or you fear inflation. Or deflation.

But most of these factors are missing one critical element: They’re not yet personal.

Most reading this have not had to flee their country, been the victim of hyperinflation, or watched helplessly as their currency went poof! Longtime investors have made money on their gold investments, to be sure, but most of us bought the yellow metal as an investment and not because of a do-or-die situation.

It’s doom and gloom to say this, but I think it’s possible and perhaps even probable that at some point we’ll all feel forced to buy gold, almost irrespective of price, due to a sudden and rapid depreciation of the U.S. dollar.

How do we get to that point? Simple: You go to buy something and realize you’ve just been priced out of the market, not because the item is too expensive, but because you suddenly realize the money in your hand no longer has purchasing power. Your reaction to that event is predictable: You feel cornered, maybe even scared, and the urgency to seek an alternative takes over.

This is obviously an inflation scenario, but it’s not exactly a stretch to get there from where we are today. Here’s why.

The following chart tracks the dollar and gold adjusted by the CPI from 2000 to present. It catches many people off guard, once they realize its implications. Look what’s happened to the greenback in the past 11+ years:

(Click on image to enlarge)

Since the Y2K scare, the dollar has lost an incredible 25% of its purchasing power. Even adding the measly interest one would earn in a traditional savings account doesn’t make up for this loss. This isn’t a picture of the dollar since the creation of the Fed or since Nixon took us off the gold standard. This is what’s happening right now – a gross devaluation of your dollar-based savings. Gold, on the other hand, has not only preserved but increased one’s purchasing power.

Now, imagine this scenario on fast forward. Instead of a 25% loss in 11 years, what if it occurs in, say, two years? That’s what can happen in a highly inflationary environment. At some point, given the baked-in consequences for our currency and the unwillingness of politicians to effectively deal with the problem, you one day instinctively realize, as you hand money to a cashier to buy milk and she asks for more, that it is a depreciating asset and no longer a stable form of exchange.

In other words, you won’t buy gold at $2,000 an ounce because you think it’s going to $6,000; you’ll buy gold because you fear the dollar will continue losing its ability to meet basic monetary requirements and you’ll need a substitute, something that will retain its value.

Regardless of whether the downward trend with the dollar continues at the same pace or speeds up, one thing is clear: It will continue. You must portion some of your savings in gold.

Sooner or later I think we all will have an epiphany about money that pushes us to buy gold, even if it’s at levels that would seem expensive today. When that time comes, you won’t be focused on the price of gold but on the absolute need to acquire a more lasting asset.

If I’m right, $1,700 is not a high price to pay.

[For many, $1,700 at a pop is a lot of money to come up with for an ounce of gold. But Jeff found a way to buy gold and silver for $100/month, and was so impressed with the programs that he uses them himself. Check out his top two recommendations in the brand-new issue of BIG GOLD and start accumulating enough gold and silver to protect your savings from ongoing devaluation.]

Gold Hedging in Q111 Positive, but Not Dangerous

by Andrey Dashkov

In the first quarter of 2011 (Q111), net gold hedging was reported by GFMS and Société Générale. A gold mining company may hedge its production on expectations of falling gold prices in order to lock in high prices and possibly avoid losses. As gold hits one nominal high after another, is such behavior a sign that the bull market in gold is over?

To answer that question, we had a look into Boliden’s (T.BLS) latest interim report. The GFMS study mentions that in Q111, Boliden was one of the most active hedgers; it was accountable for 58% of gross hedging activity during that period. Let’s have a closer look at the company.

Boliden is not a pure gold mining company. Gold is metal number three in Boliden’s portfolio, after copper and zinc. In the second quarter of 2011, Boliden produced 158.5 million pounds of zinc and 45.2 million pounds of copper in concentrates. Gold production in Q211 amounted only to 35,062 ounces; silver, 1.9 million ounces. Boliden is a regular hedger.

Under the current gold price environment, in the beginning of 2011 Boliden decided to increase its gold production. It plans to accomplish this by expanding operations at its Garpenberg zinc-copper-lead-gold-silver mine and by starting up a new mine, Kankberg, which would produce tellurium and gold. Both are located in Sweden.

Boliden used hedging to insure its planned US$614-million (SEK3.9-billion) investment into Garpenberg and US$75-million (SEK475-million) investment into Kankberg. At Kankberg, it hedged all future tellurium production and 80 percent of the gold output. The company wants to leverage on the current high gold and tellurium prices to make sure Kankberg operations remain profitable.

Boliden’s case is quite understandable. Hedging has been the company’s policy for quite a long time and the need to insure two large new production initiatives resulted in an unusual amount of new contracts.

While Boliden seems to continue committing a significant portion of their future sales in the form of forward contracts, about 60% of all deals at the end of the first quarter make use of a different vehicle: collar options.

The collar-option strategy provides the seller with a balance of limited downside and more flexibility on the upside. The strategy in essence provides a trader (a mining company in our case) with a price corridor for the contracts to fluctuate within. This is more flexible than setting up a fixed forward price.

It is quite interesting to see what the current price corridor for future gold sales looks like, judging by the option positions held by gold hedgers. Have a look at the following table:

Company Downside Cap Upside Cap
Minera Frisco, S.A.B. de C.V. 1,229.52 1,799.45
Industrias Peñoles, S.A.B. de C.V. 1,100 2,140-2,622
Golden Star Resources 1,050-1,200 1,457-1,930
Coeur d’Alene Mines 940.35 1,852.62

The numbers seem quite familiar. The “floors” remind one of some of the more conservative gold prices used in the current economic assessments of gold projects: US$940.35 is close to what Exeter Mines (T.XRC) used as the lowest gold price in its prefeasibility study on the company’s monster Caspiche deposit (US$1,000). The highest “ceiling,” US$2,622, is higher than most of the “best-case” mine scenarios, but is understandable as a gold price projection based on how the metal has been performing so far in 2011. In short, these numbers do not seem to reveal anything that we don’t already know… the timing, however, is quite interesting.

Timing is an important parameter in option pricing. As it turns out, on average the hedgers’ contracts span over quite a short-term period. Quoting the GFMS report:

While the industry as a whole appears to be less vehemently opposed to hedging than was the case a couple of years ago, we note that most hedging is still being undertaken over a short to medium time frame: little hedge cover extends beyond 2013.

There are outliers, however; and Boliden is one of them.

It is interesting to note that around half of [Boliden’s] contracts are scheduled for delivery between 2014-2017; the longest dated contracts seen for quite some time, put in place to secure the long term viability of the Garpenberg expansion.

As we see, the reasons behind the increase in hedging are understandable. There are no signs of a tectonic shift in producer attitudes towards gold. The most cautious ones take advantage of the metal’s price increase, but their actions are largely company- and even project-specific. Hedging can be a good way to increase investor confidence in a mining project, to insure their investments, or to secure a bank loan. We do not see that positive net hedging in the first quarter is alarming – the economic problems bubbling to the surface now should provide a lot of reasons for the gold price to continue rising for quite some time.

Finally, most of the global hedge book is comprised of recent contracts, the report says. They were entered into when gold hit nominal highs and some of the mining companies started acting protective of their future revenues.

[As company managers seek ways to guard their profits, we seek opportunities to profit from the best companies in the sector. International Speculator covers the best junior mining companies. Subscribe now to get information about the best picks from our experts.]

The Market Panic’s Effect on Oil

By the Casey Research Energy Team

It hit. The panic, the mania we were all worried about – it has arrived.

Global markets dragged themselves through July, slogging through one potential catastrophe after another. Greece’s financial troubles, worries about Italy, Ireland, and Portugal, slowing manufacturing and persistently high unemployment in the United States, inflation in China – troubling economic news dominated the headlines for the entire month, overshadowed only by Norway’s tragic terrorist attacks. Yet the markets managed, mostly matching losses with gains to maintain forward momentum. Similarly, crude oil prices generally climbed and then fell, climbed and then fell, staying range-bound amidst the uncertainty.

Then came the circus around the U.S. debt ceiling, followed by Standard & Poor’s downgrading of America’s credit rating. In the week around those events, the S&P 500 dropped 7.2%. And the price of oil (West Texas Intermediate, or WTI) fell 17% from July 26 to August 8, hitting a low of US$81.31. Ten percent of that fall happened in the two days following S&P’s downgrading of U.S. debt. On August 9 the price bottomed at US$75.71 before regaining some ground. In April, U.S. crude traded as high as US$115 per barrel.

And things are not very different in Europe. Serious national debt concerns in several European Union countries are pulling Brent North Sea crude prices down as well – Brent lost US$5.63 on August 8 alone, and then lost another US$5 in intraday trading on August 9 to touch below US$99 a barrel. It is a stark contrast to its mid-April peak above US$125, and even starker when you think that Brent still cost almost US$120 just ten days ago.

The U.S. Energy Information Administration (EIA) trimmed its forecasts for oil prices in the wake of the recent pullbacks in crude prices. The agency now expects WTI prices to average US$96 per barrel in 2011 and US$101 per barrels in 2012, down $2 a barrel each from its previous outlook. Even then, the agency essentially warned that things might actually be worse, writing, “These assumptions do not fully reflect recent economic and financial developments that point towards a weaker economic outlook and also contributed to a sharp drop in world crude oil prices during the first week of August. There is a significant downside risk for oil prices if economic and financial market conditions become more widespread or take hold.”

Similarly, the Organization of Petroleum Exporting Countries (OPEC) cut its global oil demand growth forecast for 2011 and warned that it could cut the outlook further if conditions in major economies do not stabilize. In its monthly report, OPEC reduced the global demand growth forecast for the year by 150,000 barrels per day, citing poor U.S. economic growth forecasts and weakening Chinese prospects. If conditions in the United States, China, and Europe continue to worsen, OPEC says it will trim another 200,000 barrels off of its demand growth forecast. By way of context, that still leaves demand growth sitting between 1 and 1.2 million barrels per day for the year.

Nevertheless, if prices remain at current levels OPEC may start cutting production rates. According to Wall Street bank Merrill Lynch, Saudi Arabia’s break-even budget price is US$95 per barrel this year and US$85 next. If prices settle close to those levels, the most important oil-exporting nation in the world will have little incentive to pump its oil out. Specifically, Merrill analysts believe that a Brent price below US$80 per barrel would trigger a “substantial output reduction.”

The long and short of it is that oil prices have corrected – significantly and dramatically – amidst a global economy that is terrified of another U.S. recession and seriously concerned that the European Union will crumble because a few strong countries cannot save a raft of bankrupt ones. Add to that new data showing that Chinese inflation hit 6.5% in July, and we have a recipe for continued volatility for some time. Within that volatility, we do predict that the next few weeks will reveal more downside than upside for crude prices – there is just too much uncertainty, both real (in terms of major global economic questions that need to be answered) and emotional (in terms of investors, from individuals to institutions), for anything to sort itself out quickly or positively in the short term.

However, in the long term we remain bullish on oil, and falling crude prices will create buying opportunities for investors willing to take on the risk. The world’s population is growing and demanding more energy every day; the two main sources of that energy are crude oil and coal. As such we see strong futures for both, even if the present is far from bright. (We also believe in uranium, as we’ve written about several times in these pages, but that is a story for another day.)

So what is an investor to do? Two key points jump to mind.

First, accept that this uncertainty, this panic, this mayhem, is going to last for some time. This is a crisis of confidence in economic stewardship – citizens around the world are realizing that national governments can and do lead their countries astray, and that many have been spending far more money than they’ve had for many years. Just like personal financial crises, there is no quick fix for serious national indebtedness.

Second, think about how you might be able to profit from the situation. If you have some cash on hand – cash that you don’t need to pay the mortgage or buy the groceries, that is – there will be some serious bargain shopping opportunities cropping up. When investors panic they tend to throw the baby out with the bathwater, meaning they see a sour market and ditch all of their investments, even those that don’t deserve the toss. That creates buying opportunities, as shares in good companies become available for less than they should be.

But bargain shopping in an economic crisis requires even more due diligence than usual. Look for companies that can boast at least one of these three traits: lots of cash; low production costs; and low to zero debt. Cash enables a company to keep on keeping on even if their debt vehicle hits a pothole or the general markets plunge, and allows the company to jump on acquisition opportunities. Low production costs give a producer breathing space when commodity prices fall – a project based on US$100/barrel oil is already floundering, but one based on US$50/barrel is still doing just fine. And like so many homeowners have discovered over the last few years, it doesn’t matter how much one makes if one simply can’t pay one’s bills.

It is very easy to feel lost in this kind of chaos, to feel that things are so complicated and so broken that there is nothing an individual could do to change the outcome. Well, perhaps you can’t change the overall outcome for the European Union, or figure out a way to fix the major disparity between the amount of money the American government takes in and the amount it spends, but you can move to protect you and yours. If you don’t, no one else will.

[Don’t let yourself get carried away by investor panic. Casey Energy Report brings subscribers in-depth analyses, stock picks that are positioned for big returns across all energy sectors, and timing recommendations for entering and exiting plays. A trial subscription is risk-free for ninety days.]

U.S. Dollar Versus Euro

By Vedran Vuk

With almost every pullback in the market, the headlines have listed brief overviews of the daily winners. For example, a headline might read, “Stocks Decline, Treasuries, Gold, and Dollar Rally.” These broad headlines miss the more nuanced picture, especially of the gainers – some aren’t exactly doing so hot. One in particular is the dollar.

Sure, it has seen gains, but considering the large drops in the market the gains aren’t that impressive. In fact, these small advances shouldn’t reassure U.S. investors; they should frighten them. Consider that in mid-July the dollar crossed below the $1.40 threshold against the euro. Even with massive flights to safety, we’re still above the $1.40 mark now. Here’s a quick look at the EUR/USD over the last few months:

(Click on image to enlarge)

After looking at this chart, one must ask, “Where are the gains in the dollar from flights to safety?” The USD has mostly stayed within a volatile range of $1.40 to $1.46. In light of the recent market crash, the dollar has strengthened only minimally. In fact, a few periods have showed stronger dollar rallies with much less activity in the market. Compare the beginning of May, June, and July to the current movements in the dollar – all of those periods saw bigger gains.

However, the next chart is the most unsettling one. Let’s compare the current price action to the dollar’s strengthening during the 2008 crash. The difference is enormous.

(Click on image to enlarge)

Now that’s what I call a flight to safety. The dollar makes leaps in value in a clear trend. Only when the market calms down after this period does the dollar begin to slip against the euro.

In the recent selloff, we should be extremely concerned about the USD. With this sort of market environment and the serious problems in the eurozone, the dollar should be making enormous gains against the troubled euro, but it’s not. Instead, it’s barely inching forward. So, what’s going to happen when the risk-on environment returns? In my opinion, it could send the dollar tumbling.

The Upshot of the Fed’s Recent Moves

By David Galland

As readers of any duration are aware, once it became clear that the Fed was going to step away from the $600 billion binge of Treasury buying popularly referred to as QE2, I became convinced that we would see:

  • The stock market take a hit, just as was the case in Japan after they ended their first experiment in quantitative easing.
  • Treasury yields hold steady, and maybe fall, as the sea of money sloshing about planet Earth rewarded the U.S. government for pausing in its monetary madness.
  • Leading to a stronger dollar and, because of the inverse correlation…
  • Weakness in the commodity sector, including gold. While we strongly advocated holding on to bullion and buying more on dips, we also suggested dear readers consider taking profits on any resource stock positions that had risen sharply.

Well, here we are in August, just a few weeks into the post-QE period, and what have we seen?

(Click on image to enlarge)

  • The stock market has taken a hit. While so far only an “average” correction, there are signs that the correction is far from over.  
  • Treasury yields fell to new record lows, making the bubble in Treasury bonds even more acute. More on that momentarily.
  • As shown in the chart here of the Dollar Index, the dollar did strengthen, arresting its long slide. After moving up from its May lows, it has mostly traded sideways.
  • The commodity sector, shown here in the chart of the CRB Index, has fallen fairly sharply.

(Click on image to enlarge)

  • The one disconnect is that gold has gone parabolic, shown here in the chart of the GLD index.

(Click on image to enlarge)

So I think the basic premise that the Fed’s stepping back from quantitative easing would signal a shift, albeit of relatively short duration, in the long descent of the dollar has largely proved out.

Wasting a few more minutes of our collective time, I will toss out an opinion as to where things might be headed next.

As bad as the dollar is, it remains the leper with the most fingers, as one wit put it.

Specifically, as discussed last week, due to systemic flaws, the euro is increasingly looking doomed, which suggests we’ll continue to see money flow out of the euro and into the dollar.

In this regard, it’s worth noting that for better than a decade, central banks and institutions have been re-jiggering their foreign currency reserves to make room for the euro. Consequently, about 27% of the record $5.3 trillion held in foreign currency reserves by central banks is now in euros. That is $1.4 trillion, some percentage of which may soon be looking for a new address as things in the eurozone progress from bad to worse.

Thus, for a time at least, the Treasury is likely to be able to attract euro-refugees into the dollar, and maybe even be able to keep borrowing at today’s near record-low rates. How low? This week, the yield on the 10-year Treasury fell to 2.04%, the lowest ever

But there’s a rub.

As our own Bud Conrad explains in detail in the current edition of The Casey Report, the Treasury market is now the largest bubble on the planet. How big a bubble can be understood by comparing the record-low rates just mentioned against the record size of the U.S. debt and its record deficits.

This is the part where it gets exciting – at least if you are paying attention.

Once the pin hits the bubble – and that pin is the inevitable price inflation that pushes today’s negative real yields even deeper into the red – not only will the world’s central bank be scrambling for a new home, but so will a tsunami of money coming out of bonds, the world’s largest financial market by a wide margin.

As to where that money may go, you can rest assured it won’t be the yen – which is in almost as much trouble as the euro or the renminbi – at least not as long as the communists are still in control. 

Which leaves gold, the all-time indisputable champion of money.

Already we have seen a big swing in central bank reserves of gold, with the bankers collectively switching from being net sellers of millions of ounces of gold annually as recently as 2008, to being net buyers. They’ll be buying more.

The Near Term

Since we’re engaging in speculation about the future, I would add that in the near term, I expect the frenzy in gold to abate and prices to consolidate for some time. Any time a market moves as far and fast as gold has of late, it almost certainly has to take a pause. 

It’s worth remembering that just a month ago, on June 12, the price of gold was “just” $1,550. So even a fall of $200 per ounce (gasp!) would mean absolutely nothing in the overall scheme of things. That is not to say you should try to trade any pullback – there are too many black swans circling overhead – just don’t worry if gold does correct.

Turning to the junior gold stocks we tend to favor, you can see that they indeed moved down as the Fed moved to the exit on its quantitative easing, and somewhat lagged the recent run-up of bullion. I don’t see that as a particularly bad thing.

(Click on image to enlarge)

Specifically, there are a lot of very solid gold explorers and producers that offer intrinsic value that is well above their current market caps. If during a consolidation phase, we can buy more ahead of the true mania that is to come, count me in.

As to what’s next, while no one can say with anything close to certainty, there is little question that all eyes will be on Bernanke and the Fed when they next convene in Jackson Hole at the end of this month.

If they fail to step back up to the plate with more Treasury purchases – and an energetic buying spree at that – then the equities markets will remain under pressure. The dollar would likely break up out of its current plateau, keeping pressure on commodities.

While gold might remain somewhat quiet, with all the uncertainty – and flows coming into the yellow metal from the eurozone and elsewhere, including China, where inflation is beginning to run hot – gold could just as well go up as down. So, per above, no need to even think about selling your gold now.

If, on the other hand, the Fed does announce QE3, then the dollar will break down and commodities up – probably sharply so. Along with the stock market, and especially gold stocks.

While interest rates might initially fall, I don’t think they’d stay down for long as fears over the safe return of principal are overrun by fears over the losses to be suffered by the eroding dollar.

So, what’s an investor to do? I’m reminded of the classic scene from Dirty Harry. You know, the one that includes the immortal words “Do you feel lucky, punk?

Simply, you have to decide how much are you willing to risk on a bet that the Fed will or will not announce QE3, perhaps even as soon as its Jackson Hole meeting?

Personally, over the last couple of days, I have been buying select resource shares and an inverse interest rate fund – not in the hopes of a quick profit, but because I am confident in the medium- to longer-term outlook and willing to invest accordingly. But I never have (and hopefully never will) so much money in any one investment, or category of investment, to cause me to lose sleep at night if things go seriously against a position.

In the current context, I had been marshalling cash ahead of the Fed’s policy shift away from quantitative easing, and am now deploying some of that cash – though still cautiously.

This personal rule of thumb, of not investing to the point of discomfort and well away from the reef of disaster, has rarely been more important than now, given that we are in a transition period that will be marked by excessive volatility and uncertainty. And against the backdrop where the only fundamental that counts is what the schizophrenic, sociopathic U.S. government decides to do when it rolls out of bed on any given day.

Who knows, maybe it will decide to sell all the gold in Ft. Knox to pay down its debt? (Provided there is any gold, that is.) Could happen.

Simply, the world we will live in and the markets we invest in are inexorably linked to the desperate straits the world’s governments have gotten themselves into.

Absent the sort of painful reform we all know is needed but which almost no politician will champion out of fear of losing their job, we are headed for a sovereign debt smash-up that will ultimately blow apart the current monetary system.

I may be wrong, but I don’t think this smash-up will take overly long to arrive.

Two related inputs that arrived in my email box yesterday.

The first was from our own Terry Coxon.

“During the week ended Aug 1, M1 grew by 5%. Weekly numbers often throw off crazy results, but I’ve never before seen anything this crazy.”

While I haven’t had time to get to the bottom of Terry’s numbers, if he’s right, then the government has decided to forgo anything resembling monetary restraint. We’ll try to report more on this next week.

Then there’s this from Bud Conrad, yesterday.

Today’s 30-year auction came in very badly:

Bond auction stopped at 3.75% (111-3 on the CT30). Was trading bid side 3.65% at 1pm – and WI trading lower, 3.80%.

              – Bid/cover was 2.08; prior 2.8
              – Indirects 19.5%
              – Directs 12.2

The 10-year was trading at record lows of 2.1% as we went to press. This 30-year auction saw the rate jump off record lows by 10 basis points, which is very rare. The poor bid to cover and relatively low Indirects are consistent with the weak result.

So we have a jump in the monetary base and a stumbling Treasury auction ahead of the government needing to move a huge amount of Treasuries to make up for the period when it stopped borrowing – coming as it will on top of its normal/abnormal levels of borrowing.  

Paradoxically, as Nikolai Chernyshevsky succinctly put it, “the worse the better” – at least for gold investors.

Specifically, if I had to bet, I’d say that the Fed will announce QE3 by the end of the year, and perhaps as soon as the upcoming Jackson Hole meeting. At which point the race to the bottom for the euro and the dollar will turn into a sprint, as will the move in gold towards yet another record high.

For now, I would continue holding a high 33% portfolio allocation to gold, 33% in cash diversified a number of strong currencies, and 33% “other” – mostly in resource and deep-value investments.

The period between now and the end of the year is going to be very volatile. I would be especially wary of leverage, and if you have to lean in any one direction, lean in the direction of being cautious.

And, if you are able you make it, take time right away to register for our next summit titled When Money Dies, October 1-3 in Phoenix, Arizona.

On that topic, I am very pleased to announce that because of the importance of this event, for the first time ever, Casey Research is teaming up with another organization – the Sprott Group of Companies – as co-hosts for one of our summits.

You can learn more and sign up today by following this link. By signing up before August 19, you can still take advantage of our early-bird pricing and save $200.  

The alliance with Sprott for this summit is only one of a number of changes we’ll be implementing to make the event even more special. But I have to warn you, this one will sell out especially quickly, so if you want to sign up, you’ll need to do so right away.

(As I was wrapping up this edition, I just heard from Lew Rockwell that he’ll be driving half way across the country to participate. And the program just gets better…)

See you there!

And that, dear reader, is that for this week. Until next week, thank you for reading and for subscribing to a Casey Research service!

Vedran Vuk
Casey Daily Dispatch Editor