 Good morning to CMCS Pressel. The amount of euro-cash circulating around in Europe has risen fivefold since the inception of the common currency in the year 2002. The yearly growth rate of euro-cash circulating is at 10%. Many think that the plans of the ECB to get rid of the 500 euro banknote will be a constraint of personal freedom. And it could be a precursor of even more negative interest rates. As we approach the midpoint of the earnings season, statistics from JPMorgan show 39% of companies having already reported in the US and 33% in Europe, 17% in Japan. In the United States, 80% of S&P 500 companies beat earnings per share estimates, surprisingly positively by 3%. The actual EPS is running at minus 8%, year over year for the overall market, and at minus 7%, excluding the energy sector. In Europe, 57% of stock 600 companies beat EPS estimates, surprising positively by 4%. In Japan, the earnings season is at an earlier stage, so far only 40%, 40% of companies beat EPS estimates, recording year over year growth of minus 11%. All in all, this has been a really dismal quarter, but bad news are good news for the markets and as soon as the GDP numbers will come out yesterday out of the US, showing that the US economy only grew half a percentage point in the first quarter, stocks were soaring. And this was seen as a sign that the Fed is going to leave rates lower for longer. Interestingly, just hours after the Fed said that global risks are no longer an influence on US monetary policy anymore, those global risks returned when stocks in Japan went into a nosedive. One must wonder if Japan could become the next China in the sense of becoming a source of market volatility going forward. The Japanese economy has had five recessions in the past seven years and economics have done nothing so far to really improve the situation. There is one clear winner of the uncertainty in the world economy, and that is gold. The price rose strongly yesterday. In March, China imported 64.1 tons of the yellow metal from Hong Kong alone. In February, this figure was at 42.9 tons. This represents an increase of close to 50% month over month. But you must think in the big picture. In 2015, global gold production was 3,000 tons or 250 tons per month. So in March, assuming output is the same, which should be China imported 25% of all monthly global production. In addition, one must know that China is already the biggest gold producer in the world itself. If it has to import more gold, it should be taken very serious.