Gold & Silver Are Really Loving Fed Chairman Jerome Powell… -

Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.
Coming up we’ll hear from our good friend David Morgan of <a href="https://www.themorganreport.com/">The Morgan Report</a>. And while many precious metals bulls may be frustrated with the recent sideways action in the prices of gold and silver, David tells us why he believes the recent consolidation should be viewed as a very good thing. But with that said, David also shares what he thinks it will take for prices to break one way or the other and gives some very valuable advice about when is the best time to buy the metals.
So, be sure to stick around for a wonderful conversation between Mike Maharrey and the man they affectionally dub the Silver Guru as they discuss that and a whole lot more, coming up after this week’s market update.
Well, Fed Chairman Jerome Powell has given an "all-clear signal" for gold and silver to move higher with his remarks at Jackson Hole on Friday.
It appears the Fed is now almost certain to resume its rate-cutting campaign in September. In reaction, the Federal Reserve note is moving down sharply in relation to other fiat currencies and precious metals are already buoyant.
Gold is up 1.0% now on the week, with virtually all of that gain coming here today since Powell’s comments hit the wires, and currently checks in at $3,384 an ounce.
Silver is up sharply today and now posts a 2.5% gain for the week, having added close to $1, and trades at $39.15 as of this Friday morning recording.
Platinum is up 1.8% to come in at $1,379 and finally palladium is up 0.6% to check in at $1,147 an ounce.
Inflation is still a problem, but the Fed can't seem to hold the line on rates anymore. This means the negative real return on holding dollars will steepen, and that's rocket fuel for gold.
Gold seems to have so many ways to win in the current economic environment. War, tariff turmoil, debt problems, inflation, and stock market volatility are all reasons to buy gold… and many of these things keep happening at once.
As we've talked about repeatedly on the Money Metals podcast, American investors have been mostly sitting on the sidelines as the dollar price of gold has risen by nearly 80% over the past two years. Things could get interesting if that changes, unless the demand for gold by central banks, Asia, and the Middle East suddenly slows down.
Earlier this week, another big bank, UBS, followed Citi and Bank of America in getting more bullish on gold.
The Swiss investment bank nudged its Q1 2026 forecast gold price by $100 to $3,600 an ounce. This would mean new record highs over the next six months or so.
Gold reached its current record high of $3,500 in April. The yellow metal has since consolidated and has generally traded sideways in the $3,300 to $3,400 range over the last few months.
UBS also raised its Q2 2026 gold forecast by $200 to $3,700 and added a third quarter ’26 target at the same level.
UBS analysts cited several factors influencing their bullish outlook, including U.S. macroeconomic risk, <a href="https://www.moneymetals.com/news/2025/03/11/de-dollarization-gold-and-a-shift-to-a-multipolar-world-003898">de-dollarization</a>, <a href="https://www.moneymetals.com/news/2025/08/04/central-bank-gold-buying-slows-in-q2-but-remains-far-above-historical-average-004241">central bank gold buying</a>, and strong <a href="https://www.moneymetals.com/news/2025/08/01/strong-physical-investment-demand-in-asia-drives-overall-gold-demand-higher-in-h1-004235">investment demand globally</a>.
UBS analysts anticipate a stagflationary environment with “below trend” economic growth and <a href="https://www.moneymetals.com/news/2025/08/17/you-cant-blame-the-big-surge-in-producer-prices-entirely-on-tariffs-004274">sticky price inflation</a>. Despite the inflation issue, they too expect the Federal Reserve to cut interest rates soon and they said this combination of factors will lead to lower <a href="https://www.moneymetals.com/news/2024/06/21/real-interest-rates-and-why-they-matter-003271">real interest rates</a>, making gold a more attractive option.
Meanwhile, UBS analysts expect central bank buying to continue to support the gold market.
As for tariffs, analysts at UBS expect rates to settle around 15 percent as more countries enter into trade agreements with the U.S., reducing some of the uncertainty surrounding trade.
Well now, without further delay, let’s get right to this week’s exclusive interview.
<div class="pl-3"><img class="mx-auto md:float-right p-3" src="https://www.moneymetals.com/uploads/content/mike-maharrey-and-dr-vieira-podcast-img.jpg" alt="Mike Maharrey and David Morgan" width="450" height="180" loading="lazy" />
Mike Maharrey: I'm Mike Maharrey, a reporter and analyst here at Money Metals, and I'm joined today by David Morgan, the publisher and CEO of the Morgan Report, the author of the Silver Manifesto, and a widely recognized analyst who quite frankly is in high demand and I really appreciate the fact, David, that you take a little bit of time to talk to us. How are you doing today?
David Morgan: I'm doing well, thank you.
Mike Maharrey: Well, a lot going on out there in the market since we have last spoken, and I want to start with silver. And we saw a big surge in the silver price recently and actually briefly touched 40 bucks, but over the last several weeks we've kind of been bouncing around in that $38 range, plus or minus, and so definitely some consolidation going on there. So I'm curious, what is in your view, the next move and what do you think it's going to take to break out of this sideways pattern?
David Morgan: Alright, Michael, well first I will say that I'm happy with this consolidation. The reason I am is the last thing you want if you're a long-term investor – so be it real estate, be it the stock market, be it collectibles – is an acceleration phase that goes parabolic. So, every day, oh my god, silver's up a buck. Oh, it's up two bucks. Oh, it's up three bucks. You don't want that. What you want is what I call a stair step. So you go from the $30 level, remember we got there, I think it was $33 something, I'll have to look at a chart. I don’t have one in front of me, I'm just doing it from memory. But the idea is correct. The numbers may be wrong, but it consolidates around that level.
Then it makes another $2 move up and it consolidates around that level, and then it makes another dollar up and it consolidates. So, remember we had trouble getting into the thirties and then we consolidated and then, all of a sudden, we're getting near 40 and everybody expected it to do it the next day, but now we've been consolidated. But what that means is you've got a lot of buyers and sellers, and if it's going sideways, they're equal. So, the buying pressure and the selling pressure equal. So, the market's more or less in equilibrium. I'm not talking about short selling or any of that stuff. We're leaving that to the side. We're just going by what we see. So you could say the derivatives market is an equilibrium, I don't care. But the point is, you got a base, you build from that and move up.
You build a base, and you move up from that. So, that's good. So, what's it going to take to the end of the summer at least because the summer doldrums continue to hold seasonality wise. The worst or the best time to buy gold, the worst time to sell it is almost always in August. We're halfway through August. We may not see the low in the current configuration, not like an all-time low, but a low from this consolidation in gold, which is around $3,300 and change. So, we may see it just continue sideways and usually the old adage, sell at May, come back come back after Labor Day, which I think is about 22nd of September or thereabouts. So, I think that's the earliest I expect to see any real movement in the precious metals. And the other thing is geopolitical. If there's a bad news in the geopolitical front, which take your pick, I wouldn't even name any. I'll leave the audience to conger up something.
But if we get good news on the geopolitical front like the Ukraine war ended or that we're going to sign the peace treaty soon or we're in a ceasefire or any of those types of things, I think we'll see the metals continue sideways. Maybe they'll blip down for a day, two or three, as kind of a knee jerk reaction, but markets usually anticipate the future. So I think the price of the metals have already kind of considered that there will be some kind of, let's say peace offering made here pretty soon. So obviously, the smarty answer is, well, we need more buying pressure, which is a true statement, but well, who's buying and why? And the answer is because of fill in the blank geopolitical issues, monetary concerns. It could be at this point in the game where it's a physical demand required by fill in the blank, AI data center, solar panels, EVs, I mean anything that uses silver and size, even semiconductors, any of those could say, wait a minute, we're low on our silver supply. It's below $40. Oh, wait a minute, you're six weeks out. And I'm not saying that's going to take place as I'm outlining as far as end of September or something, but at some point it will take place. And when that happens, we will probably get some indications in the market itself. And if the cat gets let out of the bag so to speak, then we could see where the momentum investors come in heavily because the industrial side needs metal that they have a delay on.
Mike Maharrey: Yeah, there's a couple of people that I've talked to that have talked about that dynamic that we've got this market or structural market deficit that we've seen for the last three or four years and that basically what that means is you need to pull silver that already exists out of some people's hands and into the hands of those who need it on the industrial side. And so, they kind of view that as a potential catalyst for upward price pressure. Do you kind of see that as well?
David Morgan: I do. I went through a pretty big analysis on that and I did it for a money show that I was speaking out live about a month ago. And real briefly, if you look at the World Silver Survey, they'll tell you there are 3.6 billion ounces of silver above ground basically in investment form. But if you take out all the government coins, that's 1.1 billion, all the privately minted coins, that's about 850 million. So that's 2 billion, so 3.6 minus two down to 1.6 billion. And of that it's less than that, it's 1.3 billion. I forget how I got to the number. The government is like 1.2 billion. So anyway, you're left with 1.3 billion in bar form. So, that's the silver market. But the way the Silver Institute does it, they say 1.6, it's 1.3 anyway, 300 million of that is in small bars, a hundred ounce bars, 10-ounce bars, one-ounce bars, kilo bars. So that's 300. So, you down to about a billion plus or minus in commercial bars, 600 million of that is in the ETFs. And the leftover number, I did the math wrong in front of you, it's roughly 600 million.
Well, 600 million is what the industrial side uses in any given year. So really what that's saying, it's actually more than that. So really, what that's saying is we've got a year's supply of above ground silver and a commercial bar form before the market in theory runs out. Of course it won't. We're mining more people will sell. I'm selling a lot of retails sold back at these levels. So, that replenishes the commercial bar form, but it's got to go from a hundred-ounce bars remelted in a thousand-ounce bars. So I didn't want to get too technical. Point being is that you think, well, wait a minute, why am I in the silver market? There's almost 4 billion ounces sitting there to be eaten away and we're eating away 200 million a year. That's going to take a long time. But when you analyze it the way I just did, it's a lot tighter than that.
Mike Maharrey: Yeah, yeah. I've heard similar numbers quoted in other places that align exactly with what you're saying. So yeah, it's interesting. It'll be interesting to see how that plays out because I don't see industrial demand fading anytime soon. In fact, it seems to be going up. I mean, you've got the pressure of solar manufacturing, which continues to grow the electronic sector, what's necessary for ai. And then I think that the kind of retooling of the defense industry in Europe and whatnot is also going to probably pull some industrial silver as well. So there's a lot of
David Morgan: Military use. You're right. Sorry if I cut you off.
Mike Maharrey: No, that's fine.
David Morgan: It's just really an unknown and it's a big unknown. It's not a little unknown.
Mike Maharrey: Nobody seems to be able to put their finger on exactly how much, but everybody's like, oh yeah, the military has used a lot of silver. So, you touched a little bit on gold, kind of the same thing. You've kind of lumped them together. What are some of the dynamics that you like that are kind of supporting the gold market right now? I know central bank buying is still strong. Is that one of things you look at?
David Morgan: That's number one – they continue to buy. And the East has really come in strongly into the gold sector as you well know. I mean gold is actually more coveted in India and China than silver by far. I mean silver used to be like the go-to for India, just the population. But they've become much more wealthy over the last decade or so. And because of that, they lean toward gold more often. However, they still do import. But one of the biggest moves on the investment side for India has been into an ETF, which always have a little suspicion around the ETF quantifier, but I'll leave it at that in the East for Asia, I just did an interview with Eric Young, and he's in Hong Kong and very tied to the Chinese market. And some of the more wealthy investors will buy commercial bar silver in size as an asset. But the man on the street in China really doesn't have a lot of access to silver, but they do have access to gold. So that will change over time, I believe. But it isn't there yet.
Mike Maharrey: It's interesting kind of dovetailing with what you mentioned with the ETFs in India, there's also been somewhat of a pivot from jewelry demand toward more bar and silver demand. I mean, jewelry has long been kind of an investment option for Indians, particularly in rural areas. But lately the jewelry market's kind of been having some headwinds I guess from the higher prices. But gold bar and coin has really picked up in India over the last year, and it's kind of interesting to see how that dynamic is working in that particular market.
David Morgan: I just add to that briefly. You're correct and that I think the mindset is becoming more Western. We in the West pay a huge premium for jewelry, but they don't, in the East, in Asia, China, they basically are buying silver jewelry for melt value a little bit more, but you don't have a hundred or two or 300% premium I can do in the west. But having said that, they really want know an ounces and ounce, and this is investment. It's not my ring or my necklace or my bracelet that I'm going to have to melt down or trade or whatever. So, I think that shift is well noted by you, and I think it'll continue much stronger in the future.
Mike Maharrey: So, let's talk a little bit about inflation because that's something that I've had my eye on a lot over the last couple of months, and I think the mainstream view seems to me to be kind of, well inflation's pretty much under control, but maybe some tariff pressure. But basically everything's, I think the last CPI report really kind of bolstered that. And we'll talk about the PPI here in a second. If you look closely at the data, I think it really suggests something different that at best, disinflation has stalled and may even be picking up again. How do you see the inflation environment right now?
David Morgan: I go from being upset to angry. I'm pushing toward angry right now because both food and energy are taken out of the equation. The two things humans need the most,
Mike Maharrey: Right? I always say I wish I could do that. If I could X food and energy out of my household budget, it'd be awesome.
David Morgan: Yeah, it would. So I drive both gas and diesel and diesel here in my town has gone up almost a dollar over the last month. So that's a huge increase, like 20, 25%. And then food continues to go up much higher than what they tell us the mainstream news says. So those are unabated right now. And then you look at things that are unreported, like healthcare costs for example, or rents or that type of thing. So it's really much greater than it's being reported. As Mike Maloney says, I'll tell him, shut 'em out here. It's not the CPI, it's the CP-lie.
But government runs by those numbers. And of course I heard a pretty well-known but more establishment leaning financial analysts. I have a lot of respect for this guy, but he says with authority that the numbers out of the United States are the whole world trusts them and believes them. They're so accurate and all that well, they trust and believe them, but they're not accurate. And he actually alluded to something like Shadow Stats. I don't think he used that term. I digress. Inflation's a lot worse than reported. Is it less than it was? Yes. Is it mitigating perhaps in some areas. Why? Because the economy is contracting. Do a Google search on corporate restaurants that are going bankrupt or cutting back. You'll get a list of about 40 of 'em.
Look at the retail that have gone out of business since the illness of the dash 19 timeframe. And you'll see that the overall health of the economic situation worldwide, US definitely included, is going down, down, down. And so, to continue to inflate, you've got to print more money, which we all know, but we also have any chance of catching up, which we don't. You want a growing economy, not a contracting economy. So, those pressures alone are putting more heat on the average budget out there. I watched a YouTube recently and it just random, and it was a woman that works two jobs and it seems sincere to me. And even if she wasn't, there's many out there that are, and she's saying, I'm working two jobs, I just can't make end meet, the electric bill, the just to eat, pay the rent, pay utility bills, and this is just continuing. So it's very, very sad what has happened across the board, but we're talking to the monetary system right now. Stay there for now.
Mike Maharrey: Yeah. Do you watch the money supply very closely?
David Morgan: I used to watch it very closely in the old days, US metals heads watched the M1 actually, when, it came out, not as much as I used to, but I still keep my eye on it. Yes.
Mike Maharrey: Yeah, it's interesting because that's something I've been paying a lot of attention to over the last year or so, and M two money supply has been increasing, and I say all the time that really, that is by definition inflation, right? They're inflating the money supply and that's going to impact prices somewhere along the line, whether it's in consumers or consumer prices or asset prices. And so when people say, oh, the inflation is inflation is low, no, it's not. They've been ramping it up for the last year, and the Fed’s own financial conditions index indicates that monetary policy is still loose and has been, it never got tight. If you look at the chart, it's pretty amazing. Even at the peak of their hiking cycle, it was never tight from historical standards. So, I'm like you when I hear all of this, ‘Oh, inflation's fine,’ and it doesn't match up with the reality of people in their lives, and it also doesn't match up with a lot of the data if you ask me.
David Morgan: Yeah.
Mike Maharrey: It's interesting. We had the PPI report, and that kind of freaked a lot of people out because it showed a big surge in wholesale prices. But a lot of that was on the services side. I think it was over 1% on a monthly basis in terms of service wholesale prices rising. And to me that indicates that it's not all about tariffs because if you listen to the mainstream, this inflation is all about the tariffs. What is your kind of take on that? Is there something else going on here that people are kind of missing that maybe this PPI is hinting at?
David Morgan: Yeah, I think that we're in a situation as you outline. It's more than the tariffs. I mean, it's a complete supply chain pressure from the bricks. The dollar de-dollarization continues and the momentum is carrying through. So once a trend in motion starts, it continues until it actually stops. So there's this trend that's taking place throughout that sector, and I think it's really starting to, again, use the word contract. I mean, we're seeing more and more problems with trade, but not because of just the tariffs. It's kind of the catchall. It's not just that. And this is problems that start to compound because once you stop something, it's much more difficult to start it back up. That's why some mines, for example, will go and continue to mine at a loss. Why would you mine at a loss? Because the loss is more or less known, it might be hedged. And if they shut down and put the mine on care and maintenance, it takes a lot to start up a dead situation. You got to hire people back. You've got water supply, you've got all kinds of things. So, you're actually better running than you are stopping. In some cases. The mine's a perfect example. Not in all cases. In a retail store, you probably wholesale out all the goods that you possibly can give the rest of the Salvation Army turn out the lights and walk away.
But in other businesses, it actually, you have to maintain it. Otherwise the startup costs are just too great.
Mike Maharrey: Yeah, that makes sense to me. I see that in my own life with working out and my body. It's way easier to keep going even if I don't feel good than it is to stop and try to start again. Okay, I'm going to let you put on your prognosticator cap here. Fed rate cut in September, or no?
David Morgan: Yeah, the Fed wants to cut, but the credibility is very, very thin. If they cut too soon into the sticky inflation, they risk a dollar sell off and probably pop. The metals markets have pretty much priced in the cuts. So the bigger story is whether the Fed blinks or delays causing volatility, bond market turbulence signals a credit stress building underneath. So all this goes to the debt markets, which are the most important markets. I always have said that bonds hold the key, especially the US bond markets, the treasury markets safest investments in the world. Give me a break. They're not. And because of this, they're really showing stress. So, I think the Fed could make a mistake either way, meaning if they do cut in September, inflation may take off. Not that inflation changes, perceived inflation changes. So the markets will anticipate, and again, metals will go up. Commodity sector will probably go up. If they don't cut, then you might get the same reaction. You might hold the dollar or the metals for a while, but the long bond may not react accordingly. So, they're in a mess and they know it and they're pretending with a poker face that they have it all under control. I'll bet you any of the Fed governors does not sleep well at night currently.
Mike Maharrey: Yeah, I can't imagine. It's kind of a classic Catch-22, isn't it? I mean, I could sit here and make a really good case for rate cuts and I can make a really good case for holding rates steady. I could even make the case for raising rates. And obviously you can't do all of those things at the same time, and I wouldn't want to be in that situation to have to make that decision. You mentioned something in an email that I was not familiar with and I wanted to ask you about the ramifications of this, and that's ISO 2 0 0 2 2, and I may have not said that the way it is, but that's basically what it is. ISO 20 0 22, and basically it's a new global standard for financial messaging. And you mentioned that to me. What are the ramifications of this?
David Morgan: Well, basically it's supersedes SWIFT, and I did a lecture at the money show some time ago. No, it wasn't. It was at the 50th anniversary of the Gold Show in New Orleans. And I talked about the new monetary system. And basically my whole lecture was based on the BIS Bank of International settlements and what the bankers bank, the BIS says the new monetary system is going to be. And in that, this ISO20022 is the new SWIFT. It's the way all payment systems go through. So people say the bricks is mitigating the dollar. I will agree with that. It is, but the final payment is going to go through this new system, whether it's gold or a currency or a new currency or A-C-B-D-C or whatever. So, they still are keeping control. So, my point is that people that say that the BRICS are going to break away from the dollar, I don't agree with that part.
It might de-dollarize a great deal and there'd be a lot more transactions outside of the dollar, but when everything clears, it's clear to the master bankers, no one else. So, hopefully I explain that carefully because it's sort of like the internet. You could have a different email service from AOL if it still exists, or EarthLink, I think they still exist, or your normal carrier in town. We all have different email addresses, but we all go through the internet. Same thing here. You might be using yuan or rupees or euros or whatever, or CBDC or gold, but it all clears through them.
Mike Maharrey: Yeah, interesting. So, do you think that this will have an impact on the dollar in any way, or is it going to kind of just be a transition business as usual? How do you see it playing out?
David Morgan: Well, I've seen it for the last couple of years, is they're at the end game. The financial powers, the banking elite cannot continue on the system. They know it's broken. They know it's failing, and they've got to mitigate it somehow. And that's why we keep hearing all this talk about a new digital system. We're going to tokenize everything. It's more efficient, it's less friction, it's more instantaneous. And that's why the power elite have jumped on the, I'll say Bitcoin bandwagon and they have, but it's more on the digital asset side of things where we tokenize everything.
They need a new system, and with a new system, they're able to potentially clear the books. Oh, a cyberattack happened. We're so sorry you lost your bank account, but here's your universal basic income. Press the button, then we'll start over. I'm being facetious here, but what I am indicating, the part that's facetious is you'll get a free thousand dollars to start your new UBI. What I'm not being facetious about is it will be reset exactly how, I don't know when no one knows and I don't think they know. But the Euro has been, they've gone for the digital Euro understudy. We did the Fed. Now China is basically the beta test. Tencent and the other one, something are both being used in China as the only means of payment in almost all of their major cities. And the population goes along with it. It's fine. Just use your phone and you don't even need your phone. I don't know if you know this, Michael, but I did this at again, the lecture in New Orleans that talk about having the chip in your palm right hand mark or in your forehead. Well, in China, not everywhere, but in some locations you don't need the chip, just your hand print alone, there's a scanner, you put it over the scanner, it knows it's your hand. You forgot your phone and it charges your account.
Mike Maharrey: That's wild.
David Morgan: So, that's how sophisticated electronics have become. That is if you're a Bible believer, even if you're not, if you just look at Revelation as a metaphor, the technology is there already.
Mike Maharrey: Yeah, it's pretty wild to see how quickly a lot of that stuff is evolving. And especially with the AI stuff, it seems like every day there's kind of new crazy thing. You mentioned AOL just saw the other day that AOL is finally getting rid of dial-up. I didn't even know dial-up was still a thing, but apparently it is. Apparently it is. Before I go, I wanted to ask you about the documentary that you've got. I saw it on your website, and I think folks would be interested in hearing about that.
David Morgan: Well, thank you. Yeah, it's the final version. Rough Draft two. I spent most of last weekend going through it. I have a few corrections and a few areas where the audio would get loud and then soft and loud and soft. So there's a few things to clean up on it. I think I'll have the rough draft three, which will probably be the last one this next weekend. So. I'm probably going to run it for all my premium members, everybody that's paid me currently, and anyone that's ever paid me. So if you bought a book, the Silver Manifesto 10 years ago and you're in the cash for 29 bucks or 39 or whatever it was, I'm going to let you watch the movie a couple of weeks ahead before I release it everywhere.
Mike Maharrey: Nice.
David Morgan: Yeah, just kind of as a courtesy to everybody that's supported me
Mike Maharrey: Well, that's cool. I'm sure it's going to be really interesting thing to watch and excited to see it. So where can folks find you? Where's the Morgan Report?
David Morgan: Yeah, it's a very simple, the landing page is TheMorganReport.com. Get on a free newsletter. If you're interested in paid service, you can go to subscribe and read about it and get a video about it. And if you're interested in seeing some of the trailers on the movie, we just put a new one in there. It's SilverSunrise.tv.
Mike Maharrey: Awesome. And you're also active on X? Well, when you're not, your account's not hacked, but what's your X?
David Morgan: It's at Silver Guru 22.
Mike Maharrey: Yeah, I keep wanting to call it Twitter. I was about to ask you what your Twitter handle is. I cannot get my head around X. They should have just kept that.
David Morgan: I know. Me neither.
Mike Maharrey: They should have left that alone.
Well, thank you so much, David, for taking time out of your day to hang out with me. I really appreciate it, and I know you're a busy man and it's always a delight to have you on and to get your insights, and it'll be interesting to see how things play out here in the next weeks and months.
David Morgan: No, thank you so much. It's good to be with you.
Mike Maharrey: All right. Thank you.
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Always enjoy hearing from David Morgan, good stuff there as always.
And that will do it for this week. Be sure to check back next Friday for our next Weekly Market Wrap Podcast. And don’t miss our second weekly podcast, the Money Metals Midweek Memo, hosted by Mike Maharrey and available each Wednesday. To check out any of our audio programs just visit <a href="https://www.moneymetals.com/podcasts">MoneyMetals.com/podcasts</a> or find them on places like Apple Podcasts, Spotify or other podcast platforms.
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Until next time, this has been Mike Gleason with <a href="https://www.moneymetals.com/">Money Metals Exchange</a>, thanks for listening and have a wonderful weekend everybody.

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