Silver Enjoys Rare Day of Optimism as Markets Rebalance After Last Week’s Sell-Off

Silver investors can for a change look at the charts with a hint of optimism with the metal trading in green territory above $21 an ounce. In fact, the bulk of equities and commodities are pointing upwards at the start of a new week of trading with the recent sell-offs deemed overly aggressive with some rebalancing of levels required. Live Silver Price - $/oz Silver’s slump has mainly been a result of central banks, in particular the Federal Reserve, tightening their monetary policies in recent months by winding in stimulus packages and increasing interest rates. Yet today’s brief pause for reflection on the true state of the markets is a reminder that silver has been meted some particularly harsh treatment by traders. Later this week the heads of the European Central Bank, the Bank of England and the Fed will all be speaking so silver holders will be fearful of any indication that even more aggressive policies may be required to curb runaway inflation. So while silver’s tentative gains today are long overdue given the medium-term outlook for the metal that still points to ever-increasing industrial demand, the heavy cloud of further interest rate hikes continues to overshadow the metal’s prospects. Rupert is a Market Analyst for Kinesis Money, responsible for updating the community with insights and analysis on the gold and silver markets. He brings with him a breadth of experience in writing about energy and commodities having worked as an oil markets reporter and then precious metals reporter during the seven years he worked at Bloomberg News.  As well as market analysis, Rupert writes longer-form thought leadership pieces on topics ranging from carbon markets, the growth of renewable energy and the challenges of avoiding greenwashing while investing sustainably. This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.

Rupert Rowling
Rupert Rowling

27/06/2022

G-7’s Ban on Russian Gold Gives Traders Nudge Required to Claw Back Recent Losses

Gold has started the new trading week on the front foot and is regaining some of the losses it suffered last week. While some of the move is merely a slight rebalancing with equities also recovering slightly, the price of gold was given a further boost by the Group of Seven nations planning to announce a ban on new gold imports from Russia. Live Gold Price - $/oz Russia has already been effectively barred from selling its gold for a number of months since the London Bullion Market Association, which sets the standards for gold trading, removed Russian refiners from its Good Delivery list back in March. So while the G-7’s announcement is more symbolic than having a material impact on the availability of gold supplies, it gives traders a fresh motive to push the price of gold back upwards having drifted towards the bottom end of its trading range last week. Later this week there is a slew of speeches from key central bankers, including Christine Lagarde, Andrew Bailey and Jerome Powell, which should provide markets with a clearer indication of how hawkish the policies of their respective banks are likely to be over the coming months. With gold having seen its gains capped and the price forced down as a result of the series of interest rate hikes the Federal Reserve in particular has imposed, holders of the precious metal will be hoping the bankers give indicators that there is no need to increase the expected pace of the planned rate rises. Rupert is a Market Analyst for Kinesis Money, responsible for updating the community with insights and analysis on the gold and silver markets. He brings with him a breadth of experience in writing about energy and commodities having worked as an oil markets reporter and then precious metals reporter during the seven years he worked at Bloomberg News.  As well as market analysis, Rupert writes longer-form thought leadership pieces on topics ranging from carbon markets, the growth of renewable energy and the challenges of avoiding greenwashing while investing sustainably. This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.

Rupert Rowling
Rupert Rowling

27/06/2022

Why is gold so valuable and what makes it so precious?

The history of man’s relationship with gold dates back many millennia with its golden colour immediately catching the eye. Over time it evolved from a desirable decorative asset to a currency used the world over. While gold no longer underpins the world’s currencies, it retains its investment appeal as an asset class that investors are encouraged to own a stake of to diversify their portfolio with the daily price of the metal closely monitored. But what is it that has led to gold’s enduring appeal lasting for thousands of years and why is it deemed a precious metal? Why is gold so valuable? A key reason for gold’s value is the finite amount of supply of the metal. It is estimated that just over 200,000 tons of gold have been mined over the course of history, the bulk of which has been in the last 70 years, according to the World Gold Council. Ever since it first caught the eye of man, its shine and colour have given gold considerable decorative appeal and this is reflected in the fact that almost half of this mined gold has been made into jewellery. This love of gold is true across the world with the metal even associated with the gods. In South America, the Incas and other Andean communities considered gold to be “the sweat of the sun”. In Ancient Egypt, where gold is thought to have first been discovered, the people thought the metal was the flesh of the sun god Ra. In India, gold is considered to be auspicious, particularly among the Hindu and Jain communities, with the metal used to adorn gods and to celebrate births and marriages. Gold symbolises wealth and prosperity with India one of the largest buyers of the metal today. As well as its decorative qualities and association with the gods, the metal also possesses a unique blend of chemical qualities that add to its value. Crucially, it is unreactive with other elements so retains its same lustre and quality over centuries. It doesn’t tarnish or corrode over time, it isn’t toxic while its strength makes it tough to break. Gold also has a relatively low melting point that enabled the early communities that first discovered it to work the metal into items such as jewellery. For other elements, the high temperatures needed to melt them have only recently made them accessible. In recent times, these qualities have seen it used in a wide range of technological and scientific applications, including in tests for diseases including coronavirus, in astronauts’ visors as well as in the circuit board of iPhones. Why is gold so expensive? Gold’s value is only derived from what we as humans place on it. Yet this long-lasting appeal for this golden, shiny metal allied to its widespread adoption as a currency and then more recently as a key component in certain industries has resulted in the price of an ounce of gold topping $2,000 an ounce at times. The relative rarity of gold is a key factor in its high price. Yet there is more to gold’s price than purely fundamental supply and demand economics. Silver, which shares many of the qualities of gold, has an annual production of about 1 billion ounces compared with about 150 million ounces for gold. However, rather than trade at a multiple of about 8 times greater than silver, which this supply difference would imply, gold trades for between 75 times to 90 times the price of silver. This is down to the huge investment market that surrounds gold with the amount of gold traded daily far outweighing the total physical supply of the metal. Gold as an investment Gold’s investment case is built on its lack of correlation with other asset classes and its proven ability to hold its value over centuries. The finite amount of supply, in contrast to fiat currencies controlled by central banks who can print more money as needed, has led to gold to be considered a good hedge against inflation. For many decades, many of the world’s currencies were backed against gold, with the central banks required to have the equivalent amount of gold for each dollar or other currency in circulation. This was known as the Gold Standard and while governments moved away from this in the 1970s, the central banks continue to hoard vast quantities of gold, amounting to about 35,000 tons, or about a fifth of the amount of gold ever mined. At times of crisis, be that war or economic slowdown, investors have often fled to “safe-haven” assets such as gold with an ounce of physical gold more attractive while the share of an individual stock or indeed the broader index is plunging. While global equities, and the individual companies they are comprised of, typically move on the same drivers such as economic data, gold’s relatively small industrial usage means it is driven more by sentiment than hard numbers. This lack of correlation to other asset classes is a key reason why investors typically consider holding between 5 and 10 per cent of their portfolio in gold. When other assets are plunging, gold can be relied upon to continue ticking over steadily in the background, preserving a chunk of an investor’s wealth. In summary, gold’s value and preciousness is almost entirely down to the desirability humans have placed upon it. But with this attraction having passed down from the Ancient Egyptians through to modern-day India, the chances of that appeal dwindling any time soon seem remote. Rupert is a Market Analyst for Kinesis Money, responsible for updating the community with insights and analysis on the gold and silver markets. He brings with him a breadth of experience in writing about energy and commodities having worked as an oil markets reporter and then precious metals reporter during the seven years he worked at Bloomberg News.  As well as market analysis, Rupert writes longer-form thought leadership pieces on topics ranging from carbon markets, the growth of renewable energy and the challenges of avoiding greenwash while investing sustainably. This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.

Rupert Rowling
Rupert Rowling

24/06/2022

Gold’s Small Gains Can’t Hide Weekly Drop Amid Prospect of More Fed Rate Hikes

Gold is making small gains on Friday but is still set for a considerable weekly loss after finding itself dragged down by the broader sell-off on equities.  With inflation running at levels not seen for 40 years on both sides of the Atlantic, central banks are being forced to keep on raising interest rates to try and reduce the rise in consumer prices. Federal Reserve Chair Jerome Powell reiterated earlier this week that the central bank is “strongly committed” to bringing down inflation, suggesting that further rate hikes are near certain with another 75 basis point increase in July the next step on the way to a benchmark rate of between 3% and 3.5%. Live Gold Price - $/oz  It is this likelihood of further significant interest hikes that has stalled gold’s potential to make any gains from the risk-off sentiment seen across markets that has seen equities suffer further bleeds to the stock prices. Indeed for the time being, gold is making similar moves to equity markets, rather than its usual inversely correlated relationship as the prospect of further tightening by central banks reduces the appeal of growth stocks and the non-yield bearing gold alike. Rupert is a Market Analyst for Kinesis Money, responsible for updating the community with insights and analysis on the gold and silver markets. He brings with him a breadth of experience in writing about energy and commodities having worked as an oil markets reporter and then precious metals reporter during the seven years he worked at Bloomberg News.  As well as market analysis, Rupert writes longer-form thought leadership pieces on topics ranging from carbon markets, the growth of renewable energy and the challenges of avoiding greenwashing while investing sustainably. This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.

Rupert Rowling
Rupert Rowling

24/06/2022

Silver Struggles to Hold on to $21 as Likelihood of More Rate Hikes Diminishes Appeal

Silver is hovering around $21 an ounce having dipped under the threshold earlier in Friday’s trading session.  The latest downward price pressure for silver came from Federal Reserve Chair’s Jerome Powell’s comments this week in which he made clear that the central bank is determined to bring runaway inflation back under control and will keep on raising interest rates in order to do so. Another 75 basis point move seems near-certain in July with further hikes expected over the coming months.  Live Silver Price - $/oz It was the prospect of central banks needing to adopt more hawkish monetary policies that sparked silver’s initial price plunge back in mid-April. From that point on the precious metal has struggled to find any support with the metal now trading close to its lowest in almost two years.  Rising interest rates make non-yield-bearing assets such as physical silver less attractive with silver’s fall from grace exacerbated by concerns over inflation turning into a global recession, diminishing the metal’s industrial appeal. It has been a sorry ride for silver holders over the last two months and the pain may not be over yet.  For those brave enough to look over the short-term horizon however, the fundamental case still remains strong in the medium-term with physical demand for the metal likely to reach a fresh record high this year. Rupert is a Market Analyst for Kinesis Money, responsible for updating the community with insights and analysis on the gold and silver markets. He brings with him a breadth of experience in writing about energy and commodities having worked as an oil markets reporter and then precious metals reporter during the seven years he worked at Bloomberg News.  As well as market analysis, Rupert writes longer-form thought leadership pieces on topics ranging from carbon markets, the growth of renewable energy and the challenges of avoiding greenwashing while investing sustainably. This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.

Rupert Rowling
Rupert Rowling

24/06/2022

Silver Slips Close to $21 as Recession Fears Allied to Interest Rate Hikes Dwindle its Appeal

Silver has slipped closer to $21 an ounce amid another down day for stock markets as fears mount that runaway inflation will tip over into a global recession as central banks face the unenviable task of curbing rising prices without choking economic activity.  The metal has fallen out of favour among investors with every negative driver leapt on to prompt often exacerbated declines for silver. Take today for example: risk-off sentiment typically sees haven assets such as gold and silver benefit, yet the broader concern that interest rates will need to keep on rising has denuded these potential gains. However, while gold is down about 0.4%, silver has been hit with a 1.8% plunge currently. Live Silver Price - $/oz While this reflects the reduced trading volumes of silver versus gold that do leave silver more prone to sharper and more volatile moves, it also demonstrates the willingness of investors to kick the boot in against the metal. The prospect, and indeed the reality, of rising interest rates are undoubtedly detrimental for the appeal of the non-yield bearing asset of silver while economic slowdown will also reduce the metal’s industrial appeal. However, given the metal derives a lot of its industrial demand from two of the key sectors of our time: batteries for electric vehicles and photovoltaics for solar energy; the negative case for silver looks to be overplayed and in the medium-term the metal has plenty of potential to return to the $27 an ounce level seen as recently as March.  Rupert is a Market Analyst for Kinesis Money, responsible for updating the community with insights and analysis on the gold and silver markets. He brings with him a breadth of experience in writing about energy and commodities having worked as an oil markets reporter and then precious metals reporter during the seven years he worked at Bloomberg News.  As well as market analysis, Rupert writes longer-form thought leadership pieces on topics ranging from carbon markets, the growth of renewable energy and the challenges of avoiding greenwashing while investing sustainably. This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.

Rupert Rowling
Rupert Rowling

22/06/2022

Gold Isn’t Immune to Stock Market Plunge Amid Likelihood of More Rate Rises Needed

A bad day on equities has also seen gold fall too with the precious metal failing to benefit from haven-seeking investors. Concerns over a recession has triggered plunges in the price of oil and global equity markets yet while gold hasn’t suffered as steep a decline, the prospect of further tightening needed by central banks has dragged its price down too. Live Gold Price - $/oz Risk-off sentiment typically sees gold be one of the few beneficiaries but instead it has slipped below $1,830 an ounce. The latest figures from the UK confirmed that inflation continues to rise, with it now at a 40-year high, with Canadian data set to confirm that consumer prices are yet to peak there too.  Already central banks, notably the Bank of England and the Federal Reserve, have been forced into a series of interest rate hikes and with inflation far from being tamed, the pressure to continue acting keeps on mounting. In this environment, the non-yield bearing asset of physical gold becomes less attractive with interest-paying assets favoured instead. However, the broader context of a market fearing a global recession is likely to cap how far gold will fall with the asset having endured through countless previous recessions and proven a reliable store of value over time.  Rupert is a Market Analyst for Kinesis Money, responsible for updating the community with insights and analysis on the gold and silver markets. He brings with him a breadth of experience in writing about energy and commodities having worked as an oil markets reporter and then precious metals reporter during the seven years he worked at Bloomberg News.  As well as market analysis, Rupert writes longer-form thought leadership pieces on topics ranging from carbon markets, the growth of renewable energy and the challenges of avoiding greenwashing while investing sustainably. This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.

Rupert Rowling
Rupert Rowling

22/06/2022

Silver Struggles to Make Gains as Investors Switch Off to Any of Metal’s Appealing Factors

Silver is struggling to make any headway with the price trading around $21.50 an ounce. After the painful run of losses from mid-April to mid-May that saw the price fall by more than $5, the brief attempt to recover some of those losses was stopped in its tracks by the Federal Reserve’s 75 basis points move last week. Silver can draw on multiple factors to drive its price but unfortunately, none of those are looking particularly compelling in the short term. Its perceived role of being a hedge against inflation is failing against aggressive tightening monetary policies from central banks to try and curb rising prices. Live Silver Price - $/oz Similarly, investors look to be choosing other haven assets to protect against sharp plunges on equity markets. While silver’s industrial appeal is dwindling against the context of a potential global recession looming. Put all that together and it explains why silver is trading close to two-year lows. However, as soon as a shift in sentiment emerges, there is a strong fundamental case for silver to climb in the medium-term given its use in the key technologies and industries of our time, notably solar energy and in batteries for electric cars. Rupert is a Market Analyst for Kinesis Money, responsible for updating the community with insights and analysis on the gold and silver markets. He brings with him a breadth of experience in writing about energy and commodities having worked as an oil markets reporter and then precious metals reporter during the seven years he worked at Bloomberg News.  As well as market analysis, Rupert writes longer-form thought leadership pieces on topics ranging from carbon markets, the growth of renewable energy and the challenges of avoiding greenwashing while investing sustainably. This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.

Rupert Rowling
Rupert Rowling

20/06/2022

Gold Finds Sufficient Support from Flight to Haven Assets to Offset Aggressive Fed

Gold starts a new week hovering around the $1,840 an ounce mark, a level that feels like the precious metal’s natural territory right now. While ever rising interest rates are a strong negative driver for gold, the fact the price has rebounded back to its pre-Fed rate announcement just a few days later highlights the strength of the current major market mover: rising fears of a recession. Live Gold Price - $/oz At first glance, gold’s performance could be deemed unspectacular as this supposed haven asset has oscillated around $1,840 an ounce (admittedly in a fairly wide range) since the middle of May. However, given the sharp falls seen on other asset classes, standing still represents a good return. Certainly holders of gold will be much happier than owners of cryptocurrencies. Later this week we have the latest inflation data out from the UK and Canada, both of which are expected to show price pressures are continuing to rise, while everyone will be paying close attention to Federal Reserve Chair Jerome Powell when he speaks to try and predict the trajectory of the US central bank’s next rate moves following last week’s biggest rate hike in almost 30 years. For central banks, striking the right balance between sufficient action to curb inflation while not choking economic growth is proving an almost impossible job to get right.  Rupert is a Market Analyst for Kinesis Money, responsible for updating the community with insights and analysis on the gold and silver markets. He brings with him a breadth of experience in writing about energy and commodities having worked as an oil markets reporter and then precious metals reporter during the seven years he worked at Bloomberg News.  As well as market analysis, Rupert writes longer-form thought leadership pieces on topics ranging from carbon markets, the growth of renewable energy and the challenges of avoiding greenwashing while investing sustainably. This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.

Rupert Rowling
Rupert Rowling

20/06/2022

Is Silver A Good Investment in The Long Term?

While silver may not receive the same level of attention as gold, it shares many of the qualities as its golden peer and can claim a history that dates back almost as long.  As such, there is a multi-century trading performance of silver to reflect on when assessing its investment qualities over the long term. Indeed, it is this enduring appeal, as well as it being a physical asset with a finite amount of supply, that has given silver status as an asset that holds its value over time and is a hedge against inflation. As for the investment case for silver, that can be split into two principal categories:  first, as a safe haven asset, worth for an investor to have in their portfolios, to protect them at times of crisis; secondly, in contrast to gold, silver has considerable industrial demand, with the metal used in a wide range of technological applications, notably as a key component in photovoltaic cells for solar energy as well as a number of different elements of the drivetrain for electric vehicles such as Tesla. But how has silver actually performed versus other asset classes? And is it worth investing in the metal now? Silver performance vs stock market Both the stock market and silver are prone to periods of high volatility that can result in sharp gains and losses over a short period of time. Silver in particular is more prone to volatility than gold due to the lower trading volumes compared with its precious metal peer, which is one of the most traded commodities in the world. As such, these comparatively lower volumes can see silver suffer much wilder moves in both directions, than the steadier performer - gold. Yet while it shares the risk of volatility with equities, a crucial separating factor is that the main drivers for the stock market can often be met with a contrasting reaction on silver, making the metal a valuable diversification asset in any portfolio. For example, for the US equities, a weaker US dollar typically reduces these companies’ buying power on the export market. However, for silver, which is priced in US dollars, a weaker greenback often helps boost the metal’s price. Similarly, given silver’s perceived role as a safe haven asset, times of crisis on equity markets, when traders are seeking to take risk off the table, can be beneficial for silver. One area where these two assets can move in tandem is an improving industrial outlook with silver benefiting from the likelihood of increased demand for the metal while the companies that make up the stock market will also rise. While typically gold and silver move in close correlation, this industrial appeal of silver can see the close relationship between the two precious metals break down. Silver performance in the last 10 years Silver may have a reputation as a store of value over time but taking a snapshot of the last 10 years, dating back to 2012, holders of silver would have seen them lose money. Indeed, it was in 2011 that silver surged close to its all-time high, briefly trading above $48 an ounce, with the metal never coming close to threatening those levels since. Silver suffered a severe plunge in its price in 2013 before then trading in a broad range of between $14 an ounce to $22 an ounce from 2014 onwards before the start of the coronavirus lockdowns in March 2020 saw it sink below $13 an ounce to its nadir of the decade. The much-documented silver squeeze of early 2021 when the metal found itself the meme stock of the day among the Reddit community and broader retail investors pushed the price of silver above $30 an ounce for the first time since 2013. This squeeze highlighted both silver’s die-hard appeal among elements of the trading community as well as the metal’s potential volatility as it is difficult to conceive such a dramatic move being conducted by retail investors on gold. In early 2022, silver was a beneficiary of the rush to haven assets in the wake of Russia’s invasion of Ukraine in late February with the price climbing to close to $27 an ounce. However, the change in monetary policy by central banks to a more hawkish stance in which interest rates are set to rise over the course of this year saw silver punished, due to its lack of yield. As a result, the metal plunged to below $21 an ounce before recovering in recent weeks to near $22 an ounce. This potted history of silver’s performance highlights both the wide array of factors that can influence the price of silver as well as its volatility. Future of silver in the next 10 years Having endured a difficult last decade in which silver endured a rollercoaster that ultimately saw it lose value over that time period, what are the prospects for the precious metal to perform any better over the next decade? The key element to silver’s potential performance over the next 10 years lies in its demand from the industry. 2021 was a record year for physical demand with increased buying from the electronics sectors, notably photovoltaics, helping push consumption in excess of 1 billion ounces, according to the Silver Institute.  2022 is set to see another record year with demand growth again led by photovoltaics, which is set to more than double from where it was in 2012 to about 127 million ounces. Silver’s outlook is brightened by the fact it is used in key growth industries such as technology, solar energy and electric cars. Efforts to thrift the metal, where manufacturers try to minimise their use, have bottomed out with demand for silver now set to grow in line with the huge growth anticipated for these major sectors. Yet silver isn’t driven by industrial demand alone, with 2022 throwing up a war in Europe and the most aggressive series of interest rate hikes by central banks seen this millennium. The reflection back on the last 10 years shows how difficult future events are to foresee. Who could have predicted the rise of meme stocks for example? Where will silver be in 2032? In truth, no one knows. But the growth prospects of physical demand allied to a finite supply point to an asset that still has plenty of room to climb higher. Is silver still a good investment? Silver certainly has a role to play as a small part of an investor’s portfolio. It performs differently to other asset classes, offering diversification and its physical quality means an investor can never be left with absolutely nothing, unlike a company that goes bust for example. Silver investors have had to endure some volatile times but its relatively low entry point, with an ounce of silver costing about $20, makes it much cheaper and easier to obtain than gold. Plus the wide range of uses for silver, in some of the most attractive industrial sectors of our time, illustrates that the metal has attractions outside of the purely investment and collector crowd. Overall, a little exposure to silver at a time of burgeoning demand is surely worth the risk. But strap in and enjoy the often bumpy and volatile ride! Rupert is a Market Analyst for Kinesis Money, responsible for updating the community with insights and analysis on the gold and silver markets. He brings with him a breadth of experience in writing about energy and commodities having worked as an oil markets reporter and then precious metals reporter during the seven years he worked at Bloomberg News.  As well as market analysis, Rupert writes longer-form thought leadership pieces on topics ranging from carbon markets, the growth of renewable energy and the challenges of avoiding greenwashing while investing sustainably. This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.

Rupert Rowling
Rupert Rowling

17/06/2022