suki: that is a great way of looking at it.ee the flows in the etf -- that isends to where we have seen demand for gold materializing across the etf. we have seen some of the tactical positioning starting to pick up, but the positioning in terms of the tactical side is nowhere near over clouded -- nowhere near overcrowded. the pete was over 50%. currently we are around 30%. certainly we see short-term drivers and continue dollar weakness, real yield remaining negative, we could start to see that tactical allocation. at that point, the rally might be more fragile and we could expect to see more profit-taking. alix: prayed to catch up with you. that is suki cooper of standard chartered bank. we want to look at where european stocks have ended up. definitely risk off. volume not terrible considering it is a friday in the summer. the ftse off 1.5%. the dax the biggest loser, down two percentage points lower, date of the -- definitely negative for the year. trade tensions. there is also tech in the u.s.. there is a lot of buying int

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