 Good morning to CMC Espresso. The World Gold Council reports that world physical gold demand in the second quarter of this year has been the second highest in history. One quarter after the price of gold had its strongest performance in 30 years. The holdings in physically backed exchange listed gold funds has increased by or to 1,822 tons the most since December of 2013 after bottoming at a seven-year low just in January of this year. In the past two weeks, as prices lost 1.6%, ETFs swelled 63 tons rising every day. The World Gold Council estimates that nations are expected to buy between 400 and 600 tons of gold this year so that essential banks compared with 566 tons in 2015 so they are still big buyers out there to diversify their FX reserves. And then there was this strange drop in gold prices yesterday by over $11 in only a few minutes after someone sold over 18,000 forward contracts or over 2.3 billion notional. There was no apparent reason for this spike in volume. The Dow Jones industrial average meanwhile managed to rise by over 200 points on low volume after activating a so-called head-and-shoulders pattern last week which is a classical technical topping formation, but signals aren't that clear. If you look at the put-call ratio in the S&P 500 for US standard shares you can see that it is almost as high as in July, September and October of last year and comparable to February of this year. If you think back those were four occasions where high values in the put-call ratio marked a low point and not a high point for the S&P 500 index. So maybe this bizarre environment of negative yields in almost all global markets has altered the way stock markets are reacting. So there is a big bearishness out there, which may be a contrarian signal. Seeking yield, buyers have been snapping up longer term treasuries as negative yields on international government securities make US debt attractive in comparison at the same time. Short-term treasuries lag behind at the end of last week on speculation that signs of US economic strength will prompt the Federal Reserve to speed up its next interest rate increase. The next yield, the extra yield that the 10-year treasuries offer over the two-year notes is right at the lowest point since the year 2007. So nobody right now is really expecting a normalization of monetary policy on the long term. When we take a look at the price of crude oil, we find that bulls have been able to morph ahead and shoulder technical top formation into a continuation pattern. Brent crude prices yesterday rose to $48 a barrel. Goldman Sachs thinks that global supply and demand has completely changed in the month of May. The investment bank said that the market likely shifted into a deficit in May driven by both sustained strong demand as well as sharply declining production. By Goldman, sounded more positive on the market than before. It also cautioned that around $50 a barrel supply could flip back into a surplus in the first half of 2017 if exploration and production activity picked up later this year.