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Housekeeping: Good Morning.

Gold revaluation is a process, not an event

Today:

* Commentary: China Stops Buying Gold?

* Premium: DB on metals.. summary and comment

Session Recap:

US equities rallied on Wednesday, with the S&P 500 closing at a record high after weak economic data raised hopes of a Fed rate cut later this year.

Premium / Markets: China and Gold

Here is the Headline…

* CHINA HALTS GOLD BUYING FOR RESERVES AFTER 18-MONTH STRETCH.

Here is the MSM story summarized…

* Gold price falls after data unveils PBoC reserves showed no change in May compared to April, ending 18-month buying spree. 

Here is how we see it…

* Three things to consider in the big picture why China announced they were no longer buying gold. All other reasons will branch off from these in one way or another.

* One is bullish, one is bearish, and one is neutral. We will tell you those scenarios and what we think is most likely over the weekend