 Good morning to CMC Espresso. US traders are buying and selling more metal than they have in years on Chinese and American exchanges. In London, the heart of the global market more than a century, it's just the opposite. During the first four months of the year, futures trading on the London metals exchange fell a combined 10% for its six main contracts like Nickel, Lead and Copper for example. A share of the LME sank from 83% three years ago to 76% now. Everybody who is seeking for example LME Nickel prices on the internet will not find them anymore since the start of this month as the LME significantly increased fees for websites that like to show real-time prices. Those developments bring significant ramifications with them as the transparency of Chinese futures exchanges and the order books there which are really sought for isn't as good as those from London, New York or Chicago. So what a billionaire investor like George Soros really does with his money nobody will ever really know as he might be able to sell shares in the US which he reportedly did in the past quarter but he might buy some in China at the same time without ever having to report it. This assumption has been further borne out by leaked documents which show that George Soros used a controversial Panama law firm to establish a web of offshore investment partnership. So in the end we don't know what large investors really do with their money. But for now it is said that from the 13F filings to the Securities and Exchange Commission in the United States that Soros has decreased his share portfolio by 25% and has doubled up his S&P 500 put positions. He also bought over a million call options into the US Gold Fund GLD that's the SPDR Gold Trust and took a share in Barrick Gold, the largest gold miner in the world. Apart from this logic we must say that gold has become a crowded trade. The safe haven gold has been a relatively silent place for just five months ago with only those people camping there that have been there for years. Today a queue of potential new gold buyers has built our breach in far out to the sea. So my gold is definitely exciting right now. It might be an overcrowded trade and if everybody bought who should follow as an additional buyer. Meanwhile Bank of America Merrill Lynch clients were net sellers of US stocks for the 16th consecutive week continuing the longest uninterrupted selling streak in the bank's dacha history which began in the year 2008. There has been net buying in telecom and energy stocks so this is a defensive sector and one that is right now bouncing because of strong crude prices but selling has occurred in mostly everything else. That might be the result of the fact that stocks become increasingly difficult to value in an environment where 35% of all G10 debt is negative yielding debt, 60% of the still and yet positive yielding debt is coming out of the US and of this 89% is debt which has a 10 year of less than one year. So based on those statistics one could argue that the hope of another upcoming rate hike by the Federal Reserve and the hope for the normalization of monetary policy in the United States is the only anchor holding back most of the global debt to fall into the negative. Should markets lose faith the ability of the Fed to normalize its monetary policy investors should therefore praise for a potential strong adaption of market prices and portfolio positions. There might come a time where traders which we regard or trades which we regard as crowded today will become ever more crowded with any potential extreme ramifications that might be the result of this.