 Good morning to CMC Espresso from the Frankfurt office of CMC markets Wow, what a rebound in market prices and what a rebound in a negative sense for gold Draw came out of nothing for many traders who first didn't really grasp what was behind that move Actually, it was real tragic development in the UK as you might all know Joe Cox was murdered on the street and Strategic as that is it all stopped the Brexit fears for the markets They believe and they have reason to believe that the referendum could be delayed because the campaigning of all the parties Have has also been delayed. The Sun has stopped its campaign Others have stopped campaigning for or against the Brexit And so markets have reason to believe that the referendum on next Thursday will also be delayed That is just an expectation. That's not a fact, but that has some Motivated some to go out of their short positions and step into that momentum rally that started yesterday As you look at the openings of the DAX and open they are very close Late evening yesterday, so there was nothing coming on top of that first Yeah reaction So now it will be interesting to see if The Brexit was just a trigger of the latest correction in stocks or if it was the reason If it was only the trigger and the reason is a different one then the correction will just continue if The Brexit is the trigger and the reason then we might stabilize and even Gain ground from here above all of that You have to look at Bank of America, which published a research note And they found out that stock of funds funds worldwide global funds have their highest cash Stacks since the year 2001 so it's even higher than at Lehman Brothers. It's even higher as the Euro crisis in 2012 So it's the highest since 2001 and so sooner or later It is clear that this money has to be brought back to the markets because fund managers are not there to just Store the money. There are no money market funds, but they have to work with it They have to invest it and so sooner or later this money will need to go back to the markets And so it's very interesting To see this in combination with Wall Street, which is near its all-time highs Although we came back a little of course, but if that money is put to work, they could be new all-time highs Easily on Wall Street. So the question is when will this money be brought back to the markets and we'll be reinvested Very interesting to see if you look at the chart in gold yesterday There was from a technical perspective if you look at the trend follow-in and Dow theory of Lower lows and lower highs that series of that downtrend in gold has been intact since year 2011 and At 1307 US dollars per ounce in gold There has been a technical resistance from a Dow theory perspective And so we tackle that and we try to break that resistance, but it didn't work We fell back was gold was at 1315 at the high and a close below 1290 so that is a major reversal for gold and might be a major reversal for stocks So very interesting to see what this day will bring. There's nothing really more to say at this point from my side so watch the markets and Be aware of more volatility to still to come