 Good morning to CMC Espresso. Financial newspapers these days are full of almost apocalyptic forecasts about world financial markets. There is the 50 and 100 week moving average, which is showing a death cross on the S&P 500 index. The last time it did, the world's largest stock index dropped by 51%. Then there is the Salt Hedge Fund Conference in Las Vegas these days. Kyle Beis, one hedge funds manager voicing concerns about China and he's heavily short on China, is of the opinion that we are actually in a late stage of a cycle which is comparable, so today is comparable to March or April of the year 2007. Activist investor Carl Eichen sold all his Apple shares and expect a stock market correction, a major one. Former George Soros' colleague Stan Druckenmiller thinks the bull market in stocks is exhausted and the only thing worth buying right now would be gold. Jeff Gundlach thinks negative interest rates are leading economies into deflation. As he sees it, they are a form of a tax on wealth. If you invest 100 pounds and get back 98, then that is money shrinking and that's deflation as Gundlach sees it. Paul Singer, another hedge fund manager from a billion dollar hedge fund company called Elliott Management thinks that gold is only in the very early stages of a big bull market. Run as investors are increasingly starting to process the fact that the world's central bankers are completely focused on debasing their currencies. He said that if investors confidence in central bankers judgment continues to weaken, the effect on gold could be very powerful. JP Morgan meanwhile is recommending its clients to position for a new and very long bull market for gold. After seeing three back-to-back years of losses, $1,400 per ounce in the price of gold is very much in the cards this year, JP thinks. As a non-yielding asset gold, right now does have a minimal storage cost. So when you compare it to negative yielding assets, it actually has a positive carry. Meanwhile, within the Fed up reserve something is starting to cook which I have been expecting a while ago. They are rising to the possibility that the US elections with Trump and Sanders and Clinton might have an effect on their monetary policy. So there is the Fed president of Dallas Kaplan saying that consumers could because of political rhetoric slow their spending or just pausing it a little bit or capex is slowing down because of that and that I've got to take into account Kaplan said. His colleague Lockhart from Atlanta said the election could be a factor in this year's economy. So there we have it. This might be excuse the Fed reserve might be using in the second half of the year to completely step back for any further rate hike plans.