 Good morning to Simsia Espresso. The price of gold is heavily influenced by investment demand and speculation. There is the central bank gold demand. They will or so it is forecast by between 400 and 600 tons of gold this year after 566 tons last year. Then there is China, the biggest gold producer in the world, importing around 1,000 tons of gold this year and India importing the same amount and so together India and China will pick up 3 fourth of the world gold mining production by themselves. But speculation and investment demand is the one having the most price influence on the gold price. And the fact is that speculative money in comparison to central bank and physical demand, a central bank demand and physical demand from China, speculative money goes in quickly when the macro environment is supportive but it is quick to go out again when there is no longer a supportive macro environment. In the last days gold again came under pressure. All other commodities were sold again as the Fed has virtually signaled that it will not raise interest rates. Not only then if economic data gets better but also if it doesn't worsen again. That's what Jeff Gundleg, the double line hedge fund manager said yesterday. So the status quo in his view is sufficient right now in economic data for a rate hike in June. We must therefore prepare for a hot and volatile summer on the market in which the dollar could appreciate the Chinese central bank could get more accommodative and commodity prices could become depressed again. The Chinese central bank already prepares for what seems to be in the cards. It has initiated its first debt to equity swap for the banks in China since the financial crisis in 2008 in order to secure the financial and equity coverage banks got there. This is a measure that helps to calm the situation for now. The long-term problems are not solved by that because if you think about it there are companies that are no longer able to pay down their debt and so banks now have equity and shares of those companies so that's not really stable but for now problems are solved. The same applies to the objectives of the central banks. Inflation targets, price stability mandates, a quieter labor market. Those are ultimately, as Citicroup says, only things that suggest that the market crash was avoided. New growth is not yet created by that, only the foundation. What I want to say can be very well understood if you look at the gold-silver ratio which you can get by dividing the price of gold by the price of silver. These intermarket analyses show us that silver fared far better than the yellow metal in recent weeks but this is only because macro-fire sources such as China, US recession fears, the fear of an oil crash and fracking bankruptcy waves those fire sources were extinguished for now but silver is still very cheap historically relative to gold. However, a real alignment with historical values and averages, a comeback of silver does not come merely by extinguishing fire sources or macro-trouble spots, it comes only when new real growth comes back to the world economy. So, the gold-silver ratio and the lack of silver catch-up is a good evidence that growth for now is not coming back. Gold, meanwhile, is developing into a very exciting macro-trade. The price of gold goes down quite dynamically in the past days. Anyone who does not trust the talk about the turnaround in interest rates in the United States can, with a tactical long position, buy gold, maybe even with a cherry-picker limit buy, orders way below the current price for it is clear. If the Fed doesn't act in June, speculation will jump back in gold and the price of gold could skyrocket.