6/27/2024
Gold and silver rebound from Wednesday's losses with focus on presidential debate and inflation data
OUTSIDE MARKET DEVELOPMENTS: The dollar has eased from yesterday's 8-week high, providing some relief for the precious metals. The pullback is seen as corrective in nature with interest rate differentials expected to remain broadly supportive to the greenback.
Sweden's Riksbank held steady on rates as expected, but the messaging was quite dovish with inflation seemingly in check and the economy slowing. "If inflation prospects remain the same, the policy rate can be cut two or three times during the second half," said Riksbank Governor Erik Thedeen.
U.S. market focus remains squarely on tonight's presidential debate and Friday's personal income and PCE data for May. Particular attention will be paid to the PCE chain price index as it is the Fed's preferred measure of inflation. Median expectations are unchanged, and an uptick of 0.1% in the core reading.
U.S. durable goods new orders rose 0.1% in May on expectations of +0.2%, versus a negative revised +0.2% in Apr (was +0.7%). Ex-transportation fell 0.1% and shipments came in at -0.3%.
Initial jobless claims fell 6k to 233k in the week ended 22-Jun, versus an upward revised 239k in the previous week.
U.S. advance goods trade deficit expanded to -$100.6 bln in May, outside expectations of -$96.0 bln, versus -$97.9 bln in Apr.
U.S. Q1 GDP was revised up to 1.4% in the third report in line with expectations, versus 1.3% previously. The GDP chain price index was revised to 3.1% from 3.0%. Core was revised up to 3.7% from 3.6%.
GOLD
OVERNIGHT CHANGE THROUGH 6:00 AM CDT: +$17.11 (+0.74%)
5-Day Change: -$41.80 (-1.77%)
YTD Range: $1,986.16 - $2,449.34
52-Week Range: $1,812.39 - $2,449.34
Weighted Alpha: +21.84
Gold has retraced all of yesterday's losses and then some, buoyed by a setback in the dollar. Important short-term support at $2,287.64 was left untested yesterday as the trade awaits tomorrow's inflation data.
A downtick in inflation would likely be a positive for gold as it would heighten expectations for a sooner-than-later Fed rate cut. On the other hand, a hot inflation print would keep the Fed on hold and continue to pose a headwind for the yellow metal.
China's net imports of gold through Hong Kong fell 22.7% to 26.722 tonnes in May, versus 34.575 tonnes in Apr. This may be attributable to record high prices in May.
The CEO of MKS PAMP, the fabricators of the Fortuna gold bar being sold at Costco, says he has "not seen such dynamic physical markets." Certainly, Costco's entrance into the bar and coin market last year is having an outsized impact on the space.
Wells Fargo estimates that Costco is selling $200M worth of gold per month. That's more than 80,000 ounces every month, and that's being throttled by availability. Costco inventory typically sells out "within a few hours."
The following is a fascinating graphic from the latest Costco article, showing the decline in Americans' confidence in political and social institutions. The implication is that this broad-based loss of confidence is driving average investors to seek shelter in "the old-school store of value."
A recently commissioned World Gold Council survey shows that gold ownership is also on the rise among professional investors. "A staggering 85% reported an allocation to some type of gold investment, up from 69% in 2018," said the WGC. The survey suggests gold allocations will be steady to higher over the next 12-18 months.
SILVER
OVERNIGHT CHANGE THROUGH 6:00 AM CDT: +$0.126 (+0.44%)
5-Day Change: -$1.638 (-5.33%)
YTD Range: $21.945 - $32.379
52-Week Range: $20.704 - $32.379
Weighted Alpha: +31.30
Silver has bounced from the 6-week low set yesterday at $28.618. However, the new cycle lows set this week leave the downside vulnerable heading into the end of Q2 and H1.
It would take a rebound above $29.714/$29.721 to set a more favorable short-term tone. This level is defined by the high for the week from Monday and the halfway back point of the decline from last week's high at $30.824.
Such a move seems unlikely in advance of Friday's inflation data and the intraday overbought condition that has developed. Below-expectations inflation tomorrow could open the upside to more serious tests. Alternatively, hot inflation would keep focus on the downside.
Action tomorrow should be telling. Will corrective forces continue to dominate, or will the long-term up-trend reexert itself early in Q3?
Peter A. Grant
Vice President, Senior Metals Strategist
Zaner Metals LLC
Tornado Precious Metals Solutions by Zaner
312-549-9986 Direct/Text
[email protected]
www.ZanerPreciousMetals.com
www.TornadoBullion.com
X: @GrantOnGold
X: @ZanerMetals
Facebook: @ZanerPreciousMetals
Non-Reliance and Risk Disclosure: The opinions expressed here are for general information purposes only and should not be construed as trade recommendations, nor a solicitation of an offer to buy or sell any precious metals product. The material presented is based on information that we consider reliable, but we do not represent that it is accurate, complete, and/or up-to-date, and it should not be relied on as such. Opinions expressed are current as of the time of posting and only represent the views of the author and not those of Zaner Metals LLC unless otherwise expressly noted.
6/26/2024
Gold and silver continue to slide on strong dollar, hawkish Fed, and inflation concerns
OUTSIDE MARKET DEVELOPMENTS: The dollar remains generally well bid, buoyed by interest rate differentials. The dollar index has reached 8-week highs and appears poised to trade with a 106 handle, which it hasn't seen since 01-May.
U.S. Dollar Index Daily Chart
Hawkish FedSpeak from Fed Governor Bowman yesterday suggested there may not be a Fed rate cut at all this year. In fact, Bowman indicated she was willing to raise rates if progress on inflation stalls or reverses.
We'll get to see the Fed's favored measure of inflation on Friday. Expectations are that the chain price index for May will be unchanged, with perhaps a 0.1% increase ex-food & energy.
Fed Governor Cook said it would be appropriate to cut rates "at some point." It doesn't get much more non-committal with regard to timing than that. Certainly, it was not enough to offset Bowman's comments. Neither was the decline in Jun consumer confidence nor a weak Richmond Fed Index.
The Japanese yen has fallen to its lowest level since 1986 against the dollar, putting the market on alert for more BoJ supportive intervention. While the BoJ has recently hiked rates, they remain near zero making carry trades extremely enticing. Borrow at near-zero rates in Japan and invest in U.S. Treasuries that are yielding 4.25% to 5.49%. Seems like a no-brainer.
Japan narrowly avoided a recession last year, eking out 0.4% growth in Q4-23. However, the economy contracted at a 1.8% annualized rate in the first quarter of this year. While Japan returned to growth in Q2 (JCER forecasts +2.19%), the IMF projects 2024 GDP to be just +0.9%.
Japan's aging population and low birth rate are weighing on productivity and economic growth. This is a macro trend that Japan will have to contend with for some time.
The yuan also continues to weaken as the Chinese 10-year bond yield fell to a 22-year low. The PBoC lowered the reference rate for the yuan to 7.1248. It was the sixth consecutive cut.
ECB Governing Council member Rehn said that market data implies two more rate cuts this year. "In my view, they are reasonable expectations," said Rehn. The ECB's Panetta stressed that policy must remain data-dependent, noting that "political and geopolitical risks remain high."
Aside from a developing overbought condition, there seems to be little standing in the way of the greenback. The high for the year in the dollar index at 106.52 is within striking distance. A breach of that level would put the COVID-era high at 114.78 (Sep-2022) in play.
GOLD
OVERNIGHT CHANGE THROUGH 6:00 AM CDT: -$11.26 (-0.49%)
5-Day Change: -$15.15 (-0.65%)
YTD Range: $1,986.16 - $2,449.34
52-Week Range: $1,812.39 - $2,449.34
Weighted Alpha: +21.50
Gold slid to fresh 2-week lows in overseas trading and losses have extended early in the U.S. session. The market is still reeling somewhat from Bowman's comments yesterday, and the yellow metal's historic inverse relationship with the dollar may be re-exerting itself.
Gold had shown remarkable resilience in the face of higher interest rates and a strong dollar throughout the Fed's tightening cycle. Gains since Feb were largely the result of expectations that the Fed was on the verge of pivoting toward looser policy.
Gold set a record high on 12-Apr at $2,427.00, just days before the dollar index reached its high for the year (thus far) of 106.62. Gold went on to set another record on 20-May at $2,449.34. Even now, gold is just 6% off that all-time high.
Nonetheless, the short-term outlook has dimmed this week. The breach of support at $2,296.92 (13-Jun low) leaves the more important $2,287.64 (07-Jun) and $2,281.97 (01-May) lows vulnerable to challenges. A case can be made for a head-and-shoulders top on the daily chart with a line drawn between those lows defining a slightly upsloping neckline.
It seems unlikely that the bears will be able to take out this formidable chart level ahead of important inflation data on Friday. However, if inflation comes in hotter-than-expected further losses would be likely. Below $2,281.97 there's not much in the way of support until $2,206.03 based on a Fibonacci retracement.
Inflation at or below expectations would bode well for a rebound into the range. A short-term move above $2,334.36/$2,326.64 would ease pressure on the downside.
SILVER
OVERNIGHT CHANGE THROUGH 6:00 AM CDT: -$0.044 (-0.15%)
5-Day Change: -$1.001 (-3.36%)
YTD Range: $21.945 - $32.379
52-Week Range: $20.704 - $32.379
Weighted Alpha: +29.22
Silver is leading the metals lower in U.S. trading. The white metal has fallen to a fresh 6-week low at $28.618.
The next level of support I'm watching is $28.467 (61.8% retracement of the leg up from $26.049 to $32.379). The lower limits of a bearish channel will come in just below $28 by the time Friday's important inflation data are released.
On the optimistic side, looking at the daily and weekly charts, that bear channel has the earmarks of a bull flag. A word of caution though, the lower limits may need to survive another test and there needs to be considerable upside retracement to build confidence in this chart pattern.
The halfway back point of the decline from last week's high at $30.824 comes in at $29.05. I'd like to see this level regained to shift focus to Monday's high at $29.714 and the upper reaches of the bear channel/bull flag which are just above $30 through the end of the week.
The Royal Canadian Mint published a piece this week highlighting silver's role in the green economy. The article features data previously mentioned in this newsletter that shows strong demand for silver for use in applications such as solar panels, EVs, hydrogen fuels, 5G networks, and water purification. This demand exceeds the available supply, providing a significant long-term tailwind for silver.
Peter A. Grant
Vice President, Senior Metals Strategist
Zaner Metals LLC
Tornado Precious Metals Solutions by Zaner
312-549-9986 Direct/Text
[email protected]
www.ZanerPreciousMetals.com
www.TornadoBullion.com
X: @GrantOnGold
X: @ZanerMetals
Facebook: @ZanerPreciousMetals
Non-Reliance and Risk Disclosure: The opinions expressed here are for general information purposes only and should not be construed as trade recommendations, nor a solicitation of an offer to buy or sell any precious metals product. The material presented is based on information that we consider reliable, but we do not represent that it is accurate, complete, and/or up-to-date, and it should not be relied on as such. Opinions expressed are current as of the time of posting and only represent the views of the author and not those of Zaner Metals LLC unless otherwise expressly noted.
6/25/2024
Gold and silver retreat on hawkish FedSpeak
OUTSIDE MARKET DEVELOPMENTS: The Chinese yuan remains under pressure, falling to a 7-month low against the dollar. This puts the tightly controlled currency within striking distance of lows not seen since 2008.
The world's second-largest economy has yet to fully recover from the COVID-era, leading investors to reallocate funds elsewhere. The U.S. has been a particularly attractive destination due to high yields and strong stock market.
Businesses in China are hoarding dollars on expectations that the downtrend in the yuan will continue. They are also worried about the upcoming U.S. election and the implications for tougher trade policies should Donald Trump win.
Weakness in the euro is also helping to underpin the dollar amid diverging central bank policy. The ECB cut rates for the first time in 5 years on 06-Jun. Today the ECB's Isabel Schnabel downplayed the divergent policy as "slight" and "temporary." The differential between the ECB's deposit rate of 3.75% and the midpoint of the Fed funds target range is 162.5 basis points. That's significant.
Fed Governor Michelle Bowman said she doesn't anticipate any U.S. rate cuts this year. Rather she projects rate cuts in 2025 if inflation continues to moderate. She remains open to a rate hike should price risks escalate. “I remain willing to raise the target range for the federal funds rate at a future meeting should progress on inflation stall or even reverse,” Bowman said.
The S&P Case-Shiller home price index rose 1.4% to a new record high of 329.78 in Apr. The FHFA home price index rose 0.2% to 424.3 in Apr, also an all-time high. The unwillingness of U.S. homeowners to give up their low mortgage rates is keeping supply tight and underpinning prices.
The Chicago Fed National Activity Index rose to 0.18 in May from a negatively revised -0.26 in Apr.
Consumer Confidence and the Richmond Fed Index are out later this morning. We'll also get FedSpeak from Cook and Bowman will speak again.
GOLD
OVERNIGHT CHANGE THROUGH 6:00 AM CDT: +$1.39 (+0.06%)
5-Day Change: -$0.64 (-0.03%)
YTD Range: $1,986.16 - $2,449.34
52-Week Range: $1,812.39 - $2,449.34
Weighted Alpha: +22.64
Gold fell to fresh intraday lows after Fed Governor Bowman said she did not expect any rate cuts this year and suggested a rate hike was not off the table. Treasuries retreated in reaction, but the dollar index remains higher on the day thus far.
Chinese yuan weakness makes gold an attractive investment in the world's largest gold-consuming nation. It was the top-performing RMB-denominated asset through May with a return of more than 15%. Gold-backed ETFs saw inflows of RMB1.8bn (US$253mn) in May.
Bar and coin demand cooled in May due to record-high prices and high premiums. While the current level is arguably more attractive and premiums have moderated, some may be waiting for an even lower price. Nonetheless, I suspect that persistent yuan weakness and concerns ahead of the U.S. election will lead to improved physical demand in China.
The market is also eagerly anticipating any news on PBoC gold purchases in June. Was May's pause a one-off or is something more significant happening?
Last Friday's low at $2,317.85 marks initial support. Additional barriers are noted at $2,307.45 (18-Jun low), and $2,296.92 (13-Jun low) which protect the more important $2,287.64 low from 07-Jun.
SILVER
OVERNIGHT CHANGE THROUGH 6:00 AM CDT: +$0.027 (-0.09%)
5-Day Change: -$0.036 (-0.12%)
YTD Range: $21.945 - $32.379
52-Week Range: $20.704 - $32.379
Weighted Alpha: +33.87
Silver tumbled to new 5-session lows on this morning's hawkish FedSpeak. The inability of the white metal to regain $30 in the wake of last Friday's sell-off leaves the downside vulnerable in the short term.
I wrote yesterday that strength in the U.S. manufacturing sector should provide support to silver. However, growth risks in China may be an offsetting factor.
China's GDP grew at a 5.3% annualized pace in Q1. This better-than-expected performance prompted the IMF to upgrade its 2024 projection to 5.0% from 4.6% previously. Q2 forecasts are generally right around 5.0%.
However, government stimulus efforts don't seem to be working particularly well in the face of an ongoing property crisis and demographic pressures. The IMF warns that China's GDP could drop to 3.3% by 2029 due to an aging population and reduced productivity.
The violation of support marked by yesterday's low at $29.356 leaves $29.022 (18-Jun low) vulnerable to a challenge. The latter protects the more important $28.719 low from 13-Jun.
A rebound above $29.422 would ease intraday pressure on the downside, but $30 must still be regained to set a more positive short-term tone. Today's earlier high and Monday's high at $29.645/$29.714 respectively provide an intervening barrier.
Peter A. Grant
Vice President, Senior Metals Strategist
Zaner Metals LLC
Tornado Precious Metals Solutions by Zaner
312-549-9986 Direct/Text
[email protected]
www.ZanerPreciousMetals.com
www.TornadoBullion.com
X: @GrantOnGold
X: @ZanerMetals
Facebook: @ZanerPreciousMetals
Non-Reliance and Risk Disclosure: The opinions expressed here are for general information purposes only and should not be construed as trade recommendations, nor a solicitation of an offer to buy or sell any precious metals product. The material presented is based on information that we consider reliable, but we do not represent that it is accurate, complete, and/or up-to-date, and it should not be relied on as such. Opinions expressed are current as of the time of posting and only represent the views of the author and not those of Zaner Metals LLC unless otherwise expressly noted.
6/24/2024
Gold and silver pare last week's losses with a focus on incoming data and the Fed
OUTSIDE MARKET DEVELOPMENTS: Focus this week will be on May personal income and PCE data out on Friday. Median expectations favor a 0.4% increase in income and a 0.3% rise in spending. Most importantly, consensus on the price index is unch.
Fed funds futures continue to show that the market believes there is about a 60% chance that the Fed will cut rates at the September FOMC meeting. This defies the dot plot from the June meeting and recent FedSpeak that has tended toward "higher-for-longer."
We'll hear more FedSpeak this week from Waller, Daly Bowman, Cook, and Barkin.
Last week's PMI beats reflect the resiliency of the U.S. economy, which is underpinning the dollar. While there have been some negligible signs of cracks in the labor market, above-target inflation remains the Fed's primary concern.
The first of two presidential debates between Joe Biden and Donald Trump will happen on Thursday. Polling continues to show that the race is very tight, so the performances of the candidates could have a material impact on the outcome.
GOLD
OVERNIGHT CHANGE THROUGH 6:00 AM CDT: +$4.41 (+0.19%)
5-Day Change: +$6.92 (+0.30%)
YTD Range: $1,986.16 - $2,449.34
52-Week Range: $1,812.39 - $2,449.34
Gold ended last week with a loss of 0.5% after gains acquired earlier in the week evaporated on Friday. The yellow metal was weighed by diminished expectations of two rate cuts this year on the heels of better-than-expected PMI data.
Friday's price action prevented a second consecutive higher weekly close, raising some concerns within the bull camp. However, important support marked by the 07-Jun low at $2,287.64 remains well protected. Intervening barriers are noted at $2,317.85 (Friday's low), $2,307.45 (18-Jun low), and $2,296.92 (13-Jun low).
Indian gold demand subsided following the Akshaya Tritiya festival in May according to the World Gold Council. While buying bested expectations during the festival, it quickly waned due largely to near-record prices.
Overall, the Indian gold market appears robust with the WGC acknowledging strong RBI interest, rising ETF inflows, and a steady uptrend in gold imports. The RBI has added 30.6 tonnes of gold to reserves YTD, bringing total holdings to a record high of 834.2 tonnes.
SILVER
OVERNIGHT CHANGE THROUGH 6:00 AM CDT: +$0.052 (+0.18%)
5-Day Change: +$0.151 (+0.51%)
YTD Range: $21.945 - $32.379
52-Week Range: $20.704 - $32.379
Silver is trading modestly higher on the day, retracing some of the sharp losses seen on Friday. Like gold, the white metal succumbed at the end of last week to selling pressures stemming from the PMI beats. Silver ended last week down a scant 0.1%.
However, the signal that the U.S. manufacturing sector remains strong is arguably a positive for silver. Industrial demand was 55% of overall demand in 2023, according to The Silver Institute.
Total silver demand rose 7% last year to 1,154 Moz. Total industrial demand was 654.4 Moz, led by the electrical and electronics sector. Total supply was 1,011 Moz resulting in a structural deficit of 184 Moz.
The Silver Institute projects a 2% rise in demand this year, with a 1% dip in supply. That would result in a fourth consecutive deficit.
The supply/demand fundamentals remain broadly supportive for silver, favoring the 4-year uptrend that began with the $11.703 low in March 2020. Gains since that low have been as much as 176.7%. I think this market is still good, although further short-term corrective/consolidative price action can not be ruled out.
The overseas low at $29.356 defines initial support, which protects $29.022 (18-Jun low) and the important $28.719 low from 13-Jun.
Friday's high at $30.824 is now the level to watch on the upside. A climb back above $30 would be an encouraging technical signal.
Peter A. Grant
Vice President, Senior Metals Strategist
Zaner Metals LLC
Tornado Precious Metals Solutions by Zaner
312-549-9986 Direct/Text
[email protected]
www.ZanerPreciousMetals.com
www.TornadoBullion.com
X: @GrantOnGold
X: @ZanerMetals
Facebook: @ZanerPreciousMetals
Non-Reliance and Risk Disclosure: The opinions expressed here are for general information purposes only and should not be construed as trade recommendations, nor a solicitation of an offer to buy or sell any precious metals product. The material presented is based on information that we consider reliable, but we do not represent that it is accurate, complete, and/or up-to-date, and it should not be relied on as such. Opinions expressed are current as of the time of posting and only represent the views of the author and not those of Zaner Metals LLC unless otherwise expressly noted.
6/21/2024
Gold and silver tumble intraday on solid U.S. PMI readings
OUTSIDE MARKET DEVELOPMENTS: Weak PMI data in Europe and the UK have weighed on the euro and pound respectively. The euro is threatening the 7-week low set against the dollar last week at 1.0667 on bets that further ECB rate cuts are in store to temper rising growth risks.
While the BoE held steady earlier in the week, a rate cut is widely believed to be in the offing. Sterling slid to a 5-week low of 1.2631 versus the dollar.
The gist of FedSpeak this week has been that while we're moving in the right direction, getting inflation back to the 2% target will take some time, and patience is required. This messaging combined with more dovish stances overseas is underpinning the dollar. The dollar index jumped to a fresh 7-week high, buoyed by weakness in the euro and pound.
The markets however continue to like the idea of two rate cuts this year. Fed funds future still put the probability of a Sep cut at around 60%. Former St. Louis Fed President Bullard said he sees two rate cuts this year. During his time on the FOMC, Bullard was one of its more hawkish members.
U.S. S&P flash manufacturing PMI rose to 51.7 for Jun on expectations of 51.0, versus 51.3 in May. The services PMI print was 55.1, above expectations of 54.0, versus 54.8 in May. These data offset some of the signs of weakness seen yesterday and will likely temper Sep rate cut expectations.
Leading indicators (-0.4% expected) and the Dallas Fed Index come out later this morning.
GOLD
OVERNIGHT CHANGE THROUGH 6:00 AM CDT: +4.03 (+0.17%)
5-Day Change: +33.81 (+1.45%)
YTD Range: $1,986.16 - $2,449.34
52-Week Range: $1,812.39 - $2,449.34
Gold was sustaining yesterday's gains into early U.S. trading, but rotated lower on the day following better-than-expected U.S. PMI data. A second consecutive higher weekly close is suddenly in jeopardy. The yellow metal must end the session above $2,333.05 to preserve the higher weekly close.
It looks like some of the bets on two rate hikes that were put on yesterday are now getting unwound. A breach of yesterday's low at $2,328.18 would create an outside day and would be troubling from a technical perspective.
The fact that the 07-Jun low at $2,287.64 has held for two weeks was encouraging for the bull camp. The magnitude of retracement seen through overseas trading bolstered the notion that the corrective low was in place. However, price action today suggests the bears still have some sway in the short term.
That doesn't necessarily mean new cycle lows, but possibly more consolidative trading within the range set on 07-Jun. Where we end today's session and early action next week will tell us a lot.
Perhaps not surprisingly there were 12 tonnes of North American outflows from gold-backed ETFs last week. This happened in the wake of the near-$100 sell-off of 07-Jun. Inflows from Europe were 7 tonnes amid rising economic and political concerns. The net change for the week was -4.6 tonnes.
Czech National Bank Governor Michl wants to grow the central bank's gold holdings from its current 40 tonnes to 100 tonnes over the next 5 years. This desire is consistent with the well-defined trend of robust central bank gold-buying that is expected to continue.
SILVER
OVERNIGHT CHANGE THROUGH 6:00 AM CDT: -$0.281 (-0.91%)
5-Day Change: +0.961 (+3.25%)
YTD Range: $21.945 - $32.379
52-Week Range: $20.704 - $32.379
Silver tumbled on the solid PMI data, following gold lower. Nearly all of yesterday's gains have been retraced and the $29.716 low has been pressured. It seems like a strong U.S. manufacturing sector would be good news for silver, as the white metal derives most of its demand from industrial applications, primarily electronics.
Like gold, if yesterday's low is exceeded an outside day will be confirmed. An outside day with a lower close is a rather negative chart formation. Nonetheless, barring a complete rout, silver looks like it will still notch a second consecutive higher weekly close.
Today's close will be telling from a technical perspective.
Peter A. Grant
Vice President, Senior Metals Strategist
Zaner Metals LLC
Tornado Precious Metals Solutions by Zaner
312-549-9986 Direct/Text
[email protected]
www.ZanerPreciousMetals.com
www.TornadoBullion.com
X: @GrantOnGold
X: @ZanerMetals
Facebook: @ZanerPreciousMetals
Non-Reliance and Risk Disclosure: The opinions expressed here are for general information purposes only and should not be construed as trade recommendations, nor a solicitation of an offer to buy or sell any precious metals product. The material presented is based on information that we consider reliable, but we do not represent that it is accurate, complete, and/or up-to-date, and it should not be relied on as such. Opinions expressed are current as of the time of posting and only represent the views of the author and not those of Zaner Metals LLC unless otherwise expressly noted.