 Good morning to CMC Espresso, your news update which comes at a daily basis from your Frankfurt office of CMC. Fed President Yellen actually said nothing really new before she was testifying before the US Senate yesterday. She reiterated that rates will be lower for longer, which naturally should have been a positive for gold. But the urge to invest in this momentum-driven rally in equities seems to be so strong now that markets play the stay campaign in the UK referendum and that the stay campaign will be the winning party. In the end, that gives stocks upside momentum and so trend followers invest and continue to invest with every higher high the market is making. And as low as this, uptrend is intact, they will stay. Everyone is chomping on to the bandwagon as long as the party lasts, everyone wants to be in. In the end, you've got to be in it to win it, isn't it? So for the moment, one can assume that the equity markets have bottomed out. It seems that markets have already left the Brexit scare behind. Now, when you take a look at the uptrend in the S&P 500 index, a long-term update, you'll find we broke out of a multi-month consolidation pattern to the upside. And the correction in equity prices in the month of June, so the start of this month until now, was just a simple retest of this breakout. The breakout itself is then a continuation of the still intact uptrend in the S&P 500 since the year 2009. So look at the multi-month chart. Since the year 2009, the uptrend is intact. We had one and a half years of consolidation. We broke out in the first half of this year out of this consolidation. We made a retest in June and now we are rising with strong momentum. So that might be a signal that markets are up to test the all-time highs on Wall Street. Combine that with the highest investment fund cash stacks since the year 2001 and quickly you will find out that potentially a big move to the upside could just be around the corner. But when you look at the rich valuations, doubt is advisable. Perhaps funds stay out of the market even more than in the year 2007 because valuations are even higher than they were back then. Actually, it was the Fed itself warning investors yesterday that stocks forward PE ratios. That's the price earnings ratios are well above their three decade median and that stocks are vulnerable to a term premium return to normal. So if you look at the present price revenue ratio, investors pay $2.3 per average dollar of revenue and average S&P 500 stock generates. Back in the year 2000, this ratio was only at 1.5. So are we poised for a 30% drop in the S&P 500 as the Fed has just warned in its half-year report before Senate yesterday? The question is, would the Fed let that happen? It has just yesterday confirmed, so the Fed has just yesterday confirmed, it has the legal basis for the introduction of negative interest rates to the United States and the ECB. Has been granted the legal basis for targeted bond purchases within the OMT program from the German Constitutional Court yesterday. These are two major developments, one must not overlook. Be that as it may, for now investors keep the risk bottom really pushed and that means that gold drops, so do government bonds, interest rates rise, so do stocks while the Bitcoin is being sold.