June 23/Gold up $7.60/silver up 8 cents/ Amount of silver standing increases (or stands pat) for 17 consecutive trading sessions/Saudi Arabia issues quite an ultimatum on Qatar/Both USA mfg and USA service PMI plummet/Senate Judiciary Committee now probing Loretta Lynch/

GOLD: $1256.20  UP $7.60

Silver: $16.63  up 8  cent(s)

Closing access prices:

Gold $1256.75

silver: $16.72

SHANGHAI GOLD FIX:  FIRST FIX  10 15 PM EST  (2:15 SHANGHAI LOCAL TIME)

SECOND FIX:  2:15 AM EST  (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1262.38 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME:  $1251.35

PREMIUM FIRST FIX:  $11.03

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SECOND SHANGHAI GOLD FIX: $1263.21

NY GOLD PRICE AT THE EXACT SAME TIME: $1253.50

Premium of Shanghai 2nd fix/NY:$9.71

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LONDON FIRST GOLD FIX:  5:30 am est  $1256.30

NY PRICING AT THE EXACT SAME TIME: $1256.50  

LONDON SECOND GOLD FIX  10 AM: $1255.70

NY PRICING AT THE EXACT SAME TIME. $1256.50 ??

For comex gold:

JUNE/

NOTICES FILINGS TODAY FOR APRIL CONTRACT MONTH:  42 NOTICE(S) FOR 4200  OZ.

TOTAL NOTICES SO FAR: 2670 FOR 267,000 OZ    (8.304 TONNES)

For silver:

JUNE

 3 NOTICES FILED TODAY FOR

15,000  OZ/

Total number of notices filed so far this month: 991 for 4,905,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

END

Over at the comex, the amount standing for the silver metal again rose in similar fashion to what we witnessed last month and also in April. It is up for the 17th consecutive trading day. We certainly have a determined entity trying to get its hands on whatever silver is available.

We have now officially entered options expiry week:

comex options expiry: Tuesday June 27

London options expiry: Friday June 30

first day notice  Friday June 30

expect continual whacking by the crooked banks UNTIL NEXT FRIDAY MORNING.

Here is something interesting on our last 3 huge waterfalls in gold
1. On Dec 15 2016, gold finished at its nadir at $1125.60.  The comex OI on that day:  402,111 contracts. The OI on silver:  164,500.
On Dec 16:  The comex OI on that day: 401,798 contracts.  The OI on silver: 164,479
2.On March 9 2017: gold finished its nadir fall to $1200.00. The comex OI on that day: 427,627.  The comex OI for silver:  191,422
On March 10: 2017: The comex OI on that day: 425,837.  The comex OI for silver: 189,548
3. On April 18/2017 gold finished at its nadir: $1226.90.  the comex OI on that day: 474,257.  silver comex OI 227,755
On April 19.2017:the comex OI on that day: 472,263.  Silver comex OI: 227,954
today:  gold at $1250.00 so far/comex gold OI 446,700/silver comex OI 201,000 (approx)
it seems that we are having in gold higher lows and close to higher lows on the OI.
In silver, the comex OI is all over the board.

end

Let us have a look at the data for today

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This is where we are heading:  (JB Slear/Jim Sinclair)

According to JB Slear, this is what the future holds. Why should I write words. Get into the cellar as fast as you can!

Jim

unnamed

In silver, the total open interest  ROSE BY A LARGE 4688  contract(s)UP to 205,870 WITH THE RISE IN PRICE OF SILVER THAT TOOK PLACE WITH YESTERDAY’S TRADING (UP 18 CENT(S). In ounces, the OI is still represented by just OVER 1 BILLION oz i.e.  1.0290 BILLION TO BE EXACT or 147% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MAY MONTH/ THEY FILED: 3 NOTICE(S) FOR 15,000  OZ OF SILVER

In gold, the total comex gold  ROSE BY  A  CONSIDERABLE 4887 CONTRACTS WITH THE RISE IN PRICE OF GOLD   ($5.10 with YESTERDAY’S TRADING). The total gold OI stands at 451,590 contracts.

we had 42 notice(s) filed upon for 4200 oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD:

We had no changes in tonnes of gold at the GLD:

Inventory rests tonight: 853.68 tonnes

.

SLV

Today: no change  in silver inventory at the SLV:

THE SLV Inventory rests at: 339.888 million oz

end

.

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in silver ROSE BY 4688 contracts UP TO 205,870 (AND now A LITTLE CLOSER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787), DESPITE THE RISE IN PRICE FOR SILVER WITH YESTERDAY’S TRADING  (UP 18 CENTS).We LOST NOBODY AS EVERYBODY remains firm and determined.

(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

 

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY:  Bloomberg

3. ASIAN AFFAIRS

i)Late THURSDAY night/FRIDAY morning: Shanghai closed UP 10.42 POINTS OR 0.33%   / /Hang Sang CLOSED DOWN 4.48 POINTS OR 0.02% The Nikkei closed UP 22.16 POINTS OR 0.11%/Australia’s all ordinaires CLOSED UP 0.21%/Chinese yuan (ONSHORE) closed DOWN at 6.83830/Oil UP to 42.82 dollars per barrel for WTI and 45.29 for Brent. Stocks in Europe OPENED ALL IN THE RED,,      ..Offshore yuan trades  6.8388 yuan to the dollar vs 6.8383 for onshore yuan. NOW  THE OFFSHORE IS WEAKER TO THE ONSHORE YUAN/ ONSHORE YUAN  WEAKER (TO THE DOLLAR)  AND THE OFFSHORE YUAN IS A LITTLE WEAKER TO THE DOLLAR AND THIS IS COUPLED WITH THE WEAKER DOLLAR. CHINA IS RELATIVELY HAPPY TODAY

3a)THAILAND/SOUTH KOREA/NORTH KOREA

i)NORTH KOREA

 Strange! North Korea blames the Obama Administration for not asking for the return of Warmbier:( zero hedge)

b) REPORT ON JAPAN

c) REPORT ON CHINA

4. EUROPEAN AFFAIRS

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Quite an ultimatum.  These terms will certainly not be met.  Will the Gulf states cause a regime change? Oust el Thani?

grab your popcorn on this one

( zero hedge)

6 .GLOBAL ISSUES

7. OIL ISSUES

i)Northeast Colonial Pipeline, the largest USS fuel pipeline system has stated that gasoline demand is crashing

( zero hedge)

ii)Rig counts rise again for the 23rd straight week.  Production has also increased but the higher acreage costs in the Permian basin has driven out some investors

( zero hedge)

8. EMERGING MARKET

9.   PHYSICAL MARKETS

i)The one problem with cryptocurrencies: you can have a flash crash

 

( Karpal/CNBC)

 

ii)The question:  Is Bitcoin money? I would say almost. You still need to touch it or hold it but it is close to money.  The ultimate would be a bitcoin backed by gold/silver. This platform after many months of formulation has become a reality with Andrew Maguire’s ABX platform of using blockchain and his “bitcoin” is called “Bullion coin” backed by gold and silver.

( Valentin Schmid/EpochTimes)

 

iii)Such a shame!! Peter Hambro ousted from the gold mine operation he founded:

( Yeomans/London Telegraph)

iv) A welcome change from Neumeyer.  He discusses the manipulation of the precious metals and his disdain of criminal activity by the bankers

 

( KeithNeumeyer/First Majestic/SilverDoctors)

 

v)Chris Powell of Ledbetter’s analysis of investors who covet gold

 

( Chris Powell/GATA/Ledbetter)

vi)I brought this to your attention yesterday but it is worth repeating

 

( Ted Butler/GATA)

vii) Bill Murphy discusses cryptos vs monetary metals

 

( GATA)

viii)As I promised you, India would be a large importer of gold once their currency mess has been sorted out.  India imported 68 tonnes of gold last month. Switzerland has generally been the favourite route for India but not for all of their gold needs

( Platts/London)

10. USA Stories

i)Moody’s has come out with a great report on pensions suggesting that a slight downfall (5% in one yr) could cause a surge of 3 Trillion in additional pension liabilities

( zero hedge)

ii)Cheerleader Bank of American has finally thrown in the towel on 2017 and 2018.  It’s forecast for all of 2017: just 2.1%

( zero hedge)

( zero hedge)

iv)If there is one fellow to always follow it is David Stockman who never misses as to what is going on inside Washington the following is a must see/read..

( David Stockman/Craig Wilson/Daily Reckoning)

v)This is going to be great for the job market as 2,500 human cashiers are being replaced with digital kiosks

( zero hedge)

vi)What took them so long!  Senate Judiciary Committee opens a probe into Loretta Lynch

( zero hedge)

 

Let us head over to the comex:

The total gold comex open interest  ROSE BY 4,688 CONTRACTS UP to an OI level of 451,590 WITH THE RISE IN THE PRICE OF GOLD ($5.10 with YESTERDAY’S trading). An open interest of around 390,000 to 400,000 is core and nothing will move these guys from their contracts.

We are now in the contract month of JUNE and it is one of the BETTER delivery months  of the year. In this JUNE delivery month we had A LOSS OF 54 contract(s)FALLING TO  518.  We had 7 notices filed yesterday so we LOST 47  contract(s) or an additional 4700 oz will NOT  stand for delivery in this very active delivery month of June AND  47 CONTRACT(S) RECEIVED AN EFP CONTRACT WHICH ENTITLES THEM TO A FIAT BONUS PLUS A FUTURE GOLD CONTRACT/OR A LONG CALL OR MOST LIKELY A LONDON BASED FORWARD GOLD CONTRACT. THESE EFP’S ARE PRIVATE OFF COMEX TRANSACTIONS. THE STUBBORN LONGS WHO ARE REMAINING STOIC AT THE COMEX ARE SO FAR REFUSING THAT FIAT BONUS (JUST UNDER 10 TONNES STANDING)

Below is a little background on the EFP contracts  initiated by our bankers:
We now know for certain that private EFP contracts are given by the bankers when faced with an upcoming active delivery month and they state that this is for emergency purposes only and that they do not have actual physical metal to deliver upon in the front month.  We just do not know the makeup of that private deal.  It is my contention that the longs in GOLD FOR INSTANCE at the end of MAY(for June contracts) were given a fiat bonus plus a long “in the money” call for a  future July contract or a August FUTURE contract or MAYBE EVEN A LONDON BASED FORWARD GOLD CONTRACT. . and this is why the total comex open interest complex obliterates as we enter first day notice.  So now everything makes sense: the obliteration of OI as we enter first day notice has not really occurred in the real sense but replaced with a future long contract call and/or an off -comex London based gold contract  with some bonus money for their effort.

The non active July contract LOST 193 contracts to stand at 1196 contracts. The next big active month is August and here the OI LOST 1355 contracts DOWN to 305,897,  as the bankers trying to keep this month down to manageable size.

We had 42 notice(s) filed upon today for 4200 oz

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And now for the wild silver comex results.  Total silver OI  ROSE BY A HUGE 4688 contracts FROM 201,182 UP TO 205.870 WITH YESTERDAY’S 18 CENT GAIN. OUR BANKER FRIENDS ARE DESPERATELY TRYING TO COVER THEIR SHORTS IN SILVER BUT AS YOU CAN SEE  THEY HAVE NOT BEEN AS SUCCESSFUL AS THEY WOULD HAVE LIKED.
We are in the NON active delivery month is JUNE  Here the open interest LOST 17 contract(s) FALLING TO 6 contracts. We had 21 notices served upon yesterday so we  GAINED ANOTHER 4 CONTRACTS OR AN ADDITIONAL  20,000 OZ OF SILVER WILL STAND FOR DELIVERY IN THIS NON ACTIVE DELIVERY MONTH OF JUNE AND 0 EFP CONTRACTS WERE ISSUED.  IT SEEMS WE ARE CONTINUING WHERE WE LEFT OFF LAST MONTH IN SILVER AS INVESTORS ARE WILLING TO FORGO THE FIAT PROFIT JUST TO SECURE PHYSICAL SILVER METAL.

The next big active month will be July and here the OI LOST 8042 contracts DOWN to 58,849 as we start to wind down before first day notice Friday, June 30.  July will be interesting to watch in silver as we witness fewer players pitching for EFP contracts than with gold. We have 5 trading days left before first day notice

The month of August, a non active month picked up 24 contracts to stand at 149.  The next big active delivery month for silver will be September and here the OI already jumped by another 12,716 contracts up to 104,798.

I will give you a snapshot as to what happened last year at the exact number of days before first day notice:

  June 23.2016:  57,465 contracts were still outstanding vs 58,849 contracts June 23.2017

At the conclusion of June, the final standing for physical silver was 3,080,000 oz and we have already surpassed that number this year  (4,595,000 oz).

The line in the sand is $18.50 for silver and again it has been defended by the criminal bankers.  Once this level is pierced, the monstrous billion oz of silver shorts will blow up. The bankers are defending the Alamo with their last stand at the $18.50 mark. THE NEW RECORD HIGH IN OPEN INTEREST WAS SET FRIDAY APRIL 21/2017 AT:  234,787.

As for the July contracts:

Initial amount that stood for silver for the July 2016 contract:  14.785 million  oz

Final standing:  12.370 million with the difference being EFP’s taking delivery in London.

We had 3 notice(s) filed for 15,000 oz for the June 2017 contract

VOLUMES: for the gold comex

Today the estimated volume was 154,441 contracts which is  FAIR

Yesterday’s confirmed volume was 203,227 contracts  which is fair

volumes on gold are STILL HIGHER THAN NORMAL!

INITIAL standings for JUNE
 June 23/2017.
Gold Ounces
Withdrawals from Dealers Inventory in oz   nil
Withdrawals from Customer Inventory in oz  
nil
Deposits to the Dealer Inventory in oz 1697.32  oz
Deposits to the Customer Inventory, in oz 
nil oz
No of oz served (contracts) today
 
42 notice(s)
4200 OZ
No of oz to be served (notices)
476 contracts
47,600 oz
Total monthly oz gold served (contracts) so far this month
2670 notices
267,000 oz
8.304 tonnes
Total accumulative withdrawals  of gold from the Dealers inventory this month   NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month   326,769.0 oz
Today we HAD  0 kilobar transaction(s)/ 
We had 1 deposit into the dealer:
 i) Into Brinks:  1697.32 oz
total dealer deposits: 1697.32 oz
We had NIL dealer withdrawals:
total dealer withdrawals:  NIL oz
we had no dealer deposits:
total dealer deposits:  nil oz
we had 0  customer deposit(s):
total customer deposits; nil  oz
We had 0 customer withdrawal(s)
total customer withdrawal: nil  oz
 we had 0 adjustment(s):
 
For JUNE:

Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 42  contract(s)  of which 0 notices were stopped (received) by j.P. Morgan dealer and 22 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.

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To calculate the initial total number of gold ounces standing for the JUNE. contract month, we take the total number of notices filed so far for the month (2670) x 100 oz or 267,000 oz, to which we add the difference between the open interest for the front month of JUNE (518 contracts) minus the number of notices served upon today (42) x 100 oz per contract equals 314,600  oz, the number of ounces standing in this active month of JUNE.
 
Thus the INITIAL standings for gold for the JUNE contract month:
No of notices served so far (2670) x 100 oz  or ounces + {(518)OI for the front month  minus the number of  notices served upon today (42) x 100 oz which equals 314,600 oz standing in this  active delivery month of JUNE  (9.7853 tonnes)
.
WE LOST 47 CONTRACTS OR AN ADDITIONAL 4700 OZ WILL NOT STAND AT THE COMEX AND 47 CONTRACT WAS GIVEN AN EFP CONTRACTS WHICH ENTITLES THEM TO A FIAT BONUS PLUS A FUTURES GOLD CONTRACT OR A LONG CALL ON A GOLD CONTRACT OR MOST LIKELY A LONDON BASED GOLD FORWARD CONTRACT. YOU CAN NOW SEE WHY THE COT REPORTS ARE DISTORTED DUE TO THE ISSUANCE OF THESE EFP CONTRACTS 
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Total dealer inventory 850,783.09 or 26.460 tonnes DEALER RAPIDLY LOSING GOLD
Total gold inventory (dealer and customer) = 8,627,522.549 or 268.35 tonnes 
 
Over a year ago the comex had 303 tonnes of total gold. Today the total inventory rests at 268.35 tonnes for a  loss of 35  tonnes over that period.  Since August 8/2016 we have lost 86 tonnes leaving the comex. However I am including kilobar transactions and they are very suspect at best
I have a sneaky feeling that these withdrawals of gold in kilobars are being used in the hypothecating process  and are being used in the raiding of gold!

The gold comex is an absolute fraud.  The use of kilobars and exact weights makes the data totally absurd and fraudulent! To me, the only thing that makes sense is the fact that “kilobars: are entries of hypothecated gold sent to other jurisdictions so that they will not be short with their underwritten derivatives in that jurisdiction.  This would be similar to the rehypothecated gold used by Jon Corzine at MF Global.
 
IN THE LAST 10 MONTHS  85 NET TONNES HAS LEFT THE COMEX.
end
And now for silver
AND NOW THE June DELIVERY MONTH
 
June INITIAL standings
 June 23 2017
Silver Ounces
Withdrawals from Dealers Inventory  nil
Withdrawals from Customer Inventory
 9,996.300  oz
Brinks
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory 
 1,202,191.463 oz
CNT
HSBC
No of oz served today (contracts)
 3 CONTRACT(S)
(15,000 OZ)
No of oz to be served (notices)
3 contracts
( 15,000 oz)
Total monthly oz silver served (contracts) 981 contracts (4,905,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month  NIL oz
Total accumulative withdrawal  of silver from the Customer inventory this month 5,994,370.4 oz
today, we had  0 deposit(s) into the dealer account:
total dealer deposit: nil  oz
we had Nil dealer withdrawals:
total dealer withdrawals: nil oz
we had 1 customer withdrawal(s):
 i)Out of Brinks: 9996.30 oz
TOTAL CUSTOMER WITHDRAWALS: 9996.300 oz
We had 2 Customer deposit(s):
i)Into CNT:  600,148.793 oz
ii) Into CNT: 602,042.67  oz
***deposits into JPMorgan have now resumed again
In the month of March and February, JPMorgan stopped (received) almost all of the comex silver contracts.
why is JPMorgan bringing in so much silver??? why is this not criminal in that they are also the massive short in silver
total customer deposits: 1,202,191.463 oz
 
 we had 0 adjustment(s)
The total number of notices filed today for the JUNE. contract month is represented by 3 contract(s) for 15,000 oz. To calculate the number of silver ounces that will stand for delivery in JUNE., we take the total number of notices filed for the month so far at 981 x 5,000 oz  = 4,905,000 oz to which we add the difference between the open interest for the front month of JUNE (6) and the number of notices served upon today (3) x 5000 oz equals the number of ounces standing
 

 

.
 
Thus the initial standings for silver for the JUNE contract month:  981 (notices served so far)x 5000 oz  + OI for front month of JUNE.(6 ) -number of notices served upon today (3)x 5000 oz  equals  4,920,000 oz  of silver standing for the JUNE contract month.
 
We gained 4 contracts or an additional 20,000 oz will stand for delivery. WE ALSO HAD 0 EFP CONTRACTS THAT WERE ISSUED AS THE LONGS REFUSED A FIAT BONUS: THEY WANT THEIR PHYSICAL SILVER. THIS IS THE 17TH CONSECUTIVE TRADING DAY THAT WE EITHER GAINED NOR DID WE LOSE ANY SILVER CONTRACTS THROUGH THE EFP ROUTE.
 
 
Volumes: for silver comex
Today the estimated volume was 104,504 which is GIGANTIC
Yesterday’s  confirmed volume was 131,696 contracts which is GIGANTIC
YESTERDAY’S ESTIMATED VOLUME OF 131,696 CONTRACTS EQUATES TO 658 MILLION OZ OF SILVER OR 94% OF ANNUAL GLOBAL PRODUCTION OF SILVER EX CHINA EX RUSSIA). IN OUR HEARINGS THE COMMISSIONERS STRESSED THAT THE OPEN INTEREST SHOULD BE AROUND 3% OF THE MARKET.
 
Total dealer silver:  34.912 million (close to record low inventory  
Total number of dealer and customer silver:   205.766 million oz
The record level of silver open interest is 234,787 contracts set on April 21./2017  with the price at that day at  $18.42
The previous record was 224,540 contracts with the price at that time of $20.44
end

NPV for Sprott and Central Fund of Canada

1. Central Fund of Canada: traded at Negative 7.6 percent to NAV usa funds and Negative 7.5% to NAV for Cdn funds!!!! 
Percentage of fund in gold 62.3%
Percentage of fund in silver:37.5%
cash .+0.2%( June 23/2017) 
 
2. Sprott silver fund (PSLV): STOCK   NAV  RISES TO +.64% (june 23/2017) 
3. Sprott gold fund (PHYS): premium to NAV RISES TO -0.45% to NAV  (June 23/2017 )
Note: Sprott silver trust back  into POSITIVE territory at +0.64 /Sprott physical gold trust is back into NEGATIVE/ territory at -0.45%/Central fund of Canada’s is still in jail  but being rescued by Sprott.

Sprott’s hostile 3.1 billion bid to take over Central Fund of Canada

(courtesy Sprott/GATA)

Sprott makes hostile $3.1 billion bid for Central Fund of Canada

 Section: Daily Dispatches

From the Canadian Press
via Canadian Broadcasting Corp. News, Toronto
Wednesday, March 8, 2017

http://www.cbc.ca/news/canada/calgary/sprott-takeover-bid-central-fund-c…

Toronto-based Sprott Inc. said Wednesday it’s making an all-share hostile takeover bid worth $3.1 billion US for rival bullion holder Central Fund of Canada Ltd.

The money-management firm has filed an application with the Court of Queen’s Bench of Alberta seeking to allow shareholders of Calgary-based Central Fund to swap their shares for ones in a newly-formed trust that would be substantially similar to Sprott’s existing precious metal holding entities.

The company is going through the courts after its efforts to strike a friendly deal were rebuffed by the Spicer family that controls Central Fund, said Sprott spokesman Glen Williams.

“They weren’t interested in having those discussions,” Williams said.

 Sprott is using the courts to try to give holders of the 252 million non-voting class A shares a say in takeover bids, which Central Fund explicitly states they have no right to participate in. That voting right is reserved for the 40,000 common shares outstanding, which the family of J.C. Stefan Spicer, chairman and CEO of Central Fund, control.

If successful through the courts, Sprott would then need the support of two-thirds of shareholder votes to close the takeover deal, but there’s no guarantee they will make it that far.

“It is unusual to go this route,” said Williams. “There’s no specific precedent where this has worked.”

Sprott did have success last year in taking over Central GoldTrust, a similar fund that was controlled by the Spicer family, after securing support from more than 96 percent of shareholder votes cast.

The firm says Central Fund’s shares are trading at a discount to net asset value and a takeover by Sprott could unlock US$304 million in shareholder value.

Central Fund did not have any immediate comment on the unsolicited offer. Williams said Sprott had not yet heard from Central Fund on the proposal but that some shareholders had already contacted them to voice their support.

Sprott’s existing precious metal holding companies are designed to allow investors to own gold and other metals without having to worry about taking care of the physical bullion.

end

And now the Gold inventory at the GLD

June 23/no change in gold inventory at the GLD/Inventory rests at 853.68 tonnes

June 22/no change in gold inventory at the GLD/Inventory rests at 853.68 tonnes

June 21/no change in gold inventory at the GLD/Inventory rests at 853.68 tonnes

June 20/no  change in gold inventory at the GLD//Inventory rests at 853.68 tonnes

June 19/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 853.68 TONNES

June 16/no changes in gold inventory at the GLD/Inventory rests at 853.68 tonnes

June 15/ a monstrous “paper” withdrawal of 13.32 tonnes/Inventory rests at 853.68 tonnes

June 14./NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 867.00 TONNES

June 13. No change in gold inventory at the GLD/Inventory rests at 867.00 tonnes

June 12/No change in gold inventory at the GLD/Inventory rests at 867.00 tonnes

June 9/no change in inventory at the GLD/Inventory rests at 867.00 tonnes

June 8/AN ADDITION OF 3.07 TONNES OF GOLD ADDED TO THE GLD/INVENTORY RESTS AT 867.00 TONNES

June 7 a huge change in inventory/a deposit of 13.93 tonnes/inventory rests at 864.93 tonnes

June 6/ no changes in inventory at the GLD/Inventory remains at 851.00 tonnes

June 5.2017/no changes at the GLD/Inventory remain at 851.00 tonnes

June 2/2017/a huge deposit of 3.55 tonnes of gold into the GLD/Inventory rests at 851.00 tonnes

June 1/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 847.45 TONNES

May 31./ no change in gold inventory at the GLD/Inventory rests at 847.45 tonnes

May 30/no change in gold inventory at the GLD/Inventory rests at 847.45 tonnes

May 26./no change in inventory at the GLD/Inventory rests at 847.45 tonnes

May 25./no change in inventory at the GLD/Inventory rests at 847.45 tonnes

May 24/no change in inventory at the GLD/inventory rests at 847.45 tonnes

May 23/a paper withdrawal of 5.03 tonnes of gold from the GLD/Inventory rests at 847.45 tonnes

May 22/A DEPOSIT OF 1.77 TONNES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 852.48 TONNES

May 19/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 850.71 TONNES

May 18/a withdrawal of 1.18 tonnes of gold from the GLD/Inventory rests at 850.71

May 17/no change in the GLD inventory/inventory rests at 851.89 tonnes

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June 23 /2017/ Inventory rests tonight at 853.68 tonnes
*IN LAST 179 TRADING DAYS: 93.45 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 121 TRADING DAYS: A NET  33.98 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.
*FROM FEB 1/2017: A NET  47.32 TONNES HAVE BEEN ADDED.

end

Now the SLV Inventory

June 23/no change in silver inventory at the SLV/Inventory rests at 339.888 million oz

June 22/ a big change; a huge deposit of 2.175 million oz into the SLV/Inventory rests at 339.888 million oz

June 21/no change in silver inventory at the SLV/inventory rests at 337.713 million oz

June 20/a deposit of 1.513 million oz/inventory rests at 337.713 million oz/.

June 19/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 336.200 MILLION OZ

June 16/no changes in inventory at the SLV/inventory rests at 336.200 million oz

June 15/ a massive “paper withdrawal” of 3.405 million oz of silver/Inventory rests at 336.200 million oz/

June 14/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 339.605 MILLION OZ/

June 13/no change in silver inventory at the SLV/Inventory rests at 339.605 million oz

June 12/no change in silver inventory at the SLV/Inventory rests at 339.605 million oz/

June 9/no change in silver inventory at the SLV/Inventory rests at 339.605 million oz/

June 8/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 339.605 MILLION OZ/

June 7/no change in inventory at the SLV/inventory rests at 339.605 million oz/

June 6/no change in inventory at the SLV/Inventory rests at 339.605 million oz.

June 5/a huge change at the SLV/a withdrawal of 1.371 million oz /inventory rests at 339.605 million oz/

June 2/no change in silver inventory at the SLV/Inventory rests at 340.976 million oz/

June 1/NO CHANGE IN INVENTORY AT THE SLV/INVENTORY RESTS AT 340.976 MILLION OZ

May 31./ no change in silver inventory at the SLV/inventory rests at 340.976 million oz/

May 30/no change in silver inventory at the SLV/inventory rests at 340.976 million oz

May 26/another paper withdrawal of 946,000 oz of silver from the SLV with silver rising/inventory rests at 340.976 million oz

May 25/no change in silver inventory at the SLV/Inventory rests at 341.922 million oz

May 24./a “paper” withdrawal of 1.893 million oz from the SLV/inventory rests tonight at 341.922 million oz

May 23/no change in silver inventory at the SLV/inventory rests at 343.815 million oz

May 19/no change in silver inventory at the SLV/Inventory rests at 343.815 million oz.

may 18/2017/another big deposit of 1.42 million oz added to the SLV/inventory rests at 343.815 million oz.

may 17/no change in silver inventory at the SLV/Inventory rests at 342.395 million oz/

June 23.2017: Inventory 339.888  million oz
end
At 3:30 pm we receive the COT report
Due to the fact that many contracts are not settled in gold or silver  but transferred to London through EFP’s these have very little value.  However I will still report on them:
Gold COT Report – Futures
Large Speculators Commercial Total
Long Short Spreading Long Short Long Short
252,620 101,945 39,733 110,287 275,303 402,640 416,981
Change from Prior Reporting Period
-44,558 -4,959 11,156 5,094 -33,501 -28,308 -27,304
Traders
168 94 79 50 55 250 201
 
Small Speculators  
Long Short Open Interest  
43,201 28,860 445,841  
3,015 2,011 -25,293  
non reportable positions Change from the previous reporting period
COT Gold Report – Positions as of Tuesday, June 20, 2017

OUR LARGE SPECULATORS

I just about seen everything!!

Those large specs that have been long in gold liquidated 44,558 contracts from their long side

those large specs that have been short in gold added 4959 contracts to their short side

 

OUR COMMERCIALS

those commercials that have been long in gold added 5094 contracts to their long side

those commercials that have been short in gold covered 33,501 contracts from their short side

 

OUR SMALL SPECS

those small specs that have been long in gold added 3015 contracts to their long side

those small specs that have been short in gold added 2011 contracts to their short side

Conclusions:

none..

 

AND NOW FOR OUR SILVER COT

Silver COT Report: Futures
Large Speculators Commercial
Long Short Spreading Long Short
96,000 49,319 21,467 56,301 115,135
-6,702 7,275 -493 4,684 -8,395
Traders
96 50 57 40 37
Small Speculators Open Interest Total
Long Short 199,929 Long Short
26,161 14,008 173,768 185,921
1,226 328 -1,285 -2,511 -1,613
non reportable positions Positions as of: 160 127
Tuesday, June 20, 2017

OUR LARGE SPECULATORS

those large speculators who have been long in silver pitched 6702 contracts from their long side

those large speculators who have been short in silver added 7275 contracts to their short side??

OUR COMMERCIALS

those commercials who have been long in silver added 4684 contracts to their long side

those commercials who have been short in silver covered 8395 contracts from their short side

OUR SMALL SPECS

those small specs who have been long in silver added 1226 contracts to their long side

those small specs who have been short in silver added 328 contracts to their long side

Conclusions;

please note the difference between gold and silver.  In gold EFP’s were issued to specs/in silver none and just look at the make up of the COT

end

We are going to provide GOFO rates  (gold) each day and shortly silver
courtesy of Bron Suchecki of Monetary Metals
and here is today’s figures:

The actual figures can be found on our home page https://monetary-metals.com/

with this box in the left side

GOFO

6 month: 1.19%  (yesterday 1.19%)

12 month:  1.41% (yesterday 1.41%)

BRON SUCHECKI | VP Operations
Unlocking the Productivity of Gold
MONETARY METALS & CO
M: +61 4 1210 1912 | bron@monetary-metals.com
Skype: bron.suchecki
Twitter: @bronsuchecki
Website: monetary-metals.com
Use this link to encrypt and safely send confidential documents to Monetary Metals®
https://cloud.sookasa.com/upload_page/f840a3c3-54e5-42b0-85b4-15c9e94ea5e

 end

Major gold/silver trading/commentaries for FRIDAY

GOLDCORE/BLOG/MARK O’BYRNE.

GOLD/SILVER

Go for Gold – Win a beautiful Gold Sovereign coin

Go for Gold – Win a beautiful Gold Sovereign coin

The Irish Times has teamed up with GoldCore, Ireland’s first and leading gold broker, to offer you the chance to win a beautiful, freshly minted Gold Sovereign coin (2017) which contains nearly one quarter of an ounce of gold and is ‘investment grade’ 22 carat pure gold.

Gold Sovereigns can be bought for insured delivery or in ultra secure vaults and remain one of the safest ways for investors and savers to diversify into gold. They are tax free (no VAT) highly liquid stores of value in these uncertain times. They are capital gains tax (CGT) free in the UK. Gold Sovereigns also make great gifts and are a good way to pass on wealth to the next generation.

To be in with a chance to win this fantastic prize, answer a simple question here:


News and Commentary

Gold “likely test and surpass the $1,300 per ounce resistance level in the course of the summer” – GoldCore (Marketwatch)

Gold tallies back-to-back gains, and claws out from 5-week low (Marketwatch)

Gold Rises a Second Day as Declining Yields Boost Haven Appeal (Bloomberg)

U.S. Stocks End Mixed, Bonds Gain as Oil Advances: Markets Wrap (Bloomberg)

Ethereum briefly crashed from $319 to 10 cents in seconds on one exchange after ‘multimillion dollar’ trade (CNBC)

7RealRisksBlogBanner

America Is Now a ‘Second Tier’ Country (Bloomberg)

Recession Could Be Closer Than Most Realize (Daily Reckoning)

When the System Thwarts Sincere, Hard-Working People, the System Has Failed (Charles Hugh Smith)

Doomsday Prep for the Super-Rich (New Yorker)

Stockman Warns “A Great Big Coup Is On The Way” (Daily Reckoning)

Gold Prices (LBMA AM)

23 Jun: USD 1,256.30, GBP 987.70 & EUR 1,125.27 per ounce
22 Jun: USD 1,251.40, GBP 988.36 & EUR 1,120.13 per ounce
21 Jun: USD 1,247.05, GBP 989.04 & EUR 1,118.98 per ounce
20 Jun: USD 1,246.50, GBP 981.99 & EUR 1,117.24 per ounce
19 Jun: USD 1,251.10, GBP 976.86 & EUR 1,117.73 per ounce
16 Jun: USD 1,256.60, GBP 984.04 & EUR 1,124.03 per ounce
15 Jun: USD 1,260.25, GBP 992.57 & EUR 1,127.67 per ounce

Silver Prices (LBMA)

23 Jun: USD 16.71, GBP 13.12 & EUR 14.97 per ounce
22 Jun: USD 16.58, GBP 13.09 & EUR 14.85 per ounce
21 Jun: USD 16.51, GBP 13.03 & EUR 14.81 per ounce
20 Jun: USD 16.59, GBP 13.10 & EUR 14.88 per ounce
19 Jun: USD 16.67, GBP 13.02 & EUR 14.87 per ounce
16 Jun: USD 16.76, GBP 13.11 & EUR 14.99 per ounce
15 Jun: USD 16.86, GBP 13.19 & EUR 15.10 per ounce


Recent Market Updates

– Your Future Depends on What You Decide to Keep and Invest in Now
– Inflation is no longer in stealth mode
– James Rickards: Gold Will Start Heading Higher On “Dwindling” Supply
– Billionaires Invest In Gold
– Brexit and UK election impact UK housing
– In Gold we Trust: Must See Gold Charts and Research
– Pension Funds, Sovereign Wealth Funds, Central Banks “Stock Up” on Gold “Amid Uncertainty”
– 4 Charts Show Gold May Be Heading Much Higher
– Gold in Pounds Surges 1.5% To £1,001/oz – UK Political Turmoil Likely
– Gold Prices Steady On UK Election Risk; ECB Meeting and Geopolitical Risk
– Gold Breaks 6-Year Downtrend On Safe Haven and 50% Surge In Chinese Demand
– Deposit Bail In Risk as Spanish Bank’s Stocks Crash
– Terrorist attacks see Gold Stay Firm

end

 

As I promised you, India would be a large importer of gold once their currency mess has been sorted out.  India imported 68 tonnes of gold last month. Switzerland has generally been the favourite route for India but not for all of their gold needs

 

 

(courtesy Platts/London)

Swiss gold exports jump 39% to 170 mt in May on Indian demand, a five-month high

London (Platts)–23 Jun 2017 839 am EDT/1239 GMT

Gold exports from Switzerland totaled 170 mt in May, up 39% from 122 mt in April, Swiss federal customs data showed Thursday.

The total is largely unchanged from a year earlier, down 2% from 174 mt in May 2016, but is the highest volume of the year so far.

India was the largest destination for Switzerland’s gold for the fifth straight month, with 68 mt exported in May, up from 18.5 mt in May 2016.

The volume is up 40% from April and is the largest export volume to the country for 18 months.

Exports are believed to have climbed in anticipation of widespread tax reforms to India’s economy, which include a new 3% goods and service tax on gold, to be levied from July 1.

Year to date, volumes to India totaled 236 mt, up 105% from the same period a year earlier and the highest for at least three years.

Exports to China totaled 28 mt in May, up 47% from 19 mt a year earlier, but down 30% from 40 mt in April.

Flows to Hong Kong totaled 23 mt, up 71% from 14 mt in April and its highest volume since December, but down 3% from 24 mt a year earlier.

Combined, total exports to China and Hong Kong for the first five months of the year totaled 221 mt, up 1.3% from 219 mt in 2016.

Exports to Singapore totaled 10 mt in May, up from just 3 mt in April and 4 mt a year earlier.

Flows west remain low, with exports to the UK below 1 mt for the second month, compared with 66 mt a year earlier.

The UK was the largest destination for Switzerland’s gold last year due to a surge in investor demand, especially via gold-backed ETFs, but has fallen away significantly this year.

Exports to the US were up slightly at just under 1 mt, having been below 0.5 mt all year.

Gold prices averaged $1,245/oz in May, according to London Bullion Market Association data, down from $1,265.60/oz in April.

Spot gold was priced at $1,250/oz Thursday at 1430 GMT, up around $2 day on day.

–END-

 

The one problem with cryptocurrencies: you can have a flash crash

 

(courtesy Karpal/CNBC)

 

At least the gold coins under your mattress won’t do this while you sleep

Section:

Ethereum Briefly Crashed from $319 to 10 Cents in Seconds on One Exchange After ‘Mmultimillion-Dollar’ Trade

By Arjun Kharpal
CNBC, New York
Thursday, June 22, 2017

The price of ethereum crashed as low as 10 cents from around $319 in about a second on the GDAX cryptocurrency exchange on Wednesday, a move that is being blamed on a “multimillion dollar market sell” order.

Ethereum is an alternative digital currency to bitcoin and had been trading as high as $352 on Wednesday. It has since rebounded from its flash-crash lows to trade to about $325 on the GDAX exchange. According to industry and price tracking website Coinmarketcap, which takes into account the price on several exchanges, ethereum was trading around $338.

Adam White, the vice president of GDAX which is run by U.S. firm Coinbase, posted on the exchange’s blog, outlining what took place at around 12:30 p.m. PT on Wednesday. According to White, the multimillion dollar market sell order resulted in a number of orders being filled from $317.81 to $224.48.

As the price continued to fall, another 800 stop loss orders and margin funding liquidations caused ethereum to trade as low as 10 cents.

… For the remainder of the report:

http://www.cnbc.com/2017/06/22/ethereum-price-crash-10-cents-gdax-exchan…

 

END

 

The question:  Is Bitcoin money? I would say almost. You still need to touch it or hold it but it is close to money.  The ultimate would be a bitcoin backed by gold/silver. This platform after many months of formulation has become a reality with Andrew Maguire’s ABX platform of using blockchain and his “bitcoin” is called “Bullion coin” backed by gold and silver.

 

 

 

(courtesy Valentin Schmid/EpochTimes)

 

Is Bitcoin Money?

Authored by Valentin Schmid via The Epoch Times,

Up 158 percent against the U.S. dollar this year, bitcoin is now the best-performing currency. Many are confused as to how this mathematical protocol can be worth more than $2,600, and why it keeps going up. The short answer: Bitcoin is money, just a little better and cheaper than the alternatives.

If you don’t understand money, you cannot understand bitcoin. For most of us, money is the U.S. dollar, the fiat currency of the United States issued by the Federal Reserve and maintained by the commercial banking system.

But even this system is confusing. Most people don’t hold Federal Reserve notes anymore; they hold money in checking accounts or use their credit cards to buy things. This is electronic fiat money, stored on the servers of banks like JPMorgan Chase and Bank of America.

This type of money is a great medium of exchange. Because the state mandates the acceptance of fiat money by all commercial actors, you can pay everywhere with dollars and, as a bonus, the prices of consumer goods seldom change more than a few percent per year.

Other attributes that make the dollar useful as a medium of exchange are its divisibility, recognizability, and indestructability—at least in electronic form—and the ease with which it can be exchanged.

consumer_price_index

However, there is a problem with the dollar as a medium of exchange over time. Since the creation of the Federal Reserve in 1913, the dollar has lost about 95 percent of its purchasing power. This devaluation is hardly visible over the course of days, months, and even years, but it is painfully felt over the span of decades.

So it’s hard, if not impossible, to exchange the same value over time with the U.S. dollar, and investors need to expose themselves to other assets to protect purchasing power. This is a general problem of fiat currencies and bank money, which are both prone to mismanagement by the state and banks, mostly because they can be reproduced at will. More dollars chasing the same amount of goods leads to rising prices.

Value Over Time

This is the reason why people have traditionally resorted to gold to protect themselves from monetary inflation. Gold is also easily recognizable, divisible, durable, and concentrates a lot of value in little space. One troy ounce now costs about $1,250.

However, its uses as legal tender have been limited since the demise of the true gold standard at the beginning of the 20th century, and it is not easily transferred in physical form like the electronic dollar. Furthermore, its price is relatively volatile when measured in dollars in the short term, and the IRS collects tax on gains in dollars, making gold even less exchangeable.

But gold cannot be replicated at will and therefore is a better way of exchanging value over time. One dollar bought almost 20 bottles of Coca-Cola in the 1930s. It now buys less than one. One ounce of gold bought 700 bottles of Coke in the 1930s; it now buys almost 800.

Decentralized Electronic Money

Once one understands that money needs to be able to exchange value in time and space, it is easier to see why bitcoin is so attractive.

Although it cannot handle as many transactions as the banking system, it is relatively easy and cheap to transfer. Hundreds of thousands of businesses and individuals voluntarily accept bitcoin as payment. Its mathematical properties are recognizable, infinitely divisible, and indestructible.

As a medium of exchange, mainly because of legal tender laws, bitcoin is not as widely accepted as the dollar or other fiat currencies, but it is easier to transfer than gold and it is also subject to taxation.

bitcoin2

In the long term, bitcoin has similar properties to gold because it cannot be replicated at will and the number of coins is limited to 21 million. This means that bitcoin is better than the dollar for transferring purchasing power through time.  It is similar to gold, although gold has a far longer track record.

Its decentralized management is another factor making it attractive for people who distrust fiat currency and the banks.

Cheap Alternative

Given that bitcoin is better than gold in the short term and much better than the dollar in the long term across the dimensions we have described, it’s not surprising that people chose to diversify their money holdings into this independent currency due to frustration with the mismanagement of fiat money and manipulation of gold prices.

There is another reason why bitcoin is attractive as a currency. Despite its record high in dollar terms, it is still cheap in aggregate. All Bitcoins are only worth $43 billion. All gold ever mined is worth around $7.5 to $10 trillion, although estimates vary. As for the U.S. dollar, just the M2 measure of bank money, including checking accounts, puts its worth at $13.5 trillion.

If bitcoin were to establish itself as an alternative currency and store of value alongside gold and the dollar, a total valuation of $1 trillion would not be inconceivable. That’s $47,600 per coin.

end

 

Such a shame!! Peter Hambro ousted from the gold mine operation he founded:

 

(courtesy Yeomans/London Telegraph)

 

Hambro ousted from gold miner Petropavlovsk after battle with Russian investors

Section:

By Jon Yeomans
The Telegraph, London
Thursday, June 22, 2017

Peter Hambro has lost his bid to stop a major Russian investor from filleting the board of Petropavlovsk, the gold mining company he co-founded more than 20 years ago.

Shareholders at the London-listed miner’s annual general meeting voted in favour of a resolution by Renova to oppose the reappointment of Mr. Hambro and three independent non-executive directors.

Renova’s attempt to appoint two new directors to the board also succeeded, as did an effort by fellow investors M&G — part of Prudential — and Sothic to have two of their nominees appointed.

The result means that Mr Hambro is no longer a director of Petropavlovsk, and his choice to replace him as chairman, Andrew Vickerman, has also been ousted. …

… For the remainder of the report:

http://www.telegraph.co.uk/business/2017/06/22/peter-hambro-ousted-gold-.

 

 

 

END

 

 

Chris Powell of Ledbetter’s analysis of investors who covet gold

 

(courtesy Chris Powell/GATA/Ledbetter)

 

 

The fog around gold really isn’t so obsolete at all

Section:

2:15p ET Thursday, June 22, 2017

Dear Friend of GATA and Gold:

“One Nation Under Gold” author James Ledbetter writes in the Los Angeles Times today that the wealthier people are, the less likely they are to own gold, and that gold is best regarded as an investment by people who can’t afford it. Ledbetter observes that Americans still own a lot of gold even as nobody is sure how much.

Indeed, his essay is most interesting for acknowledging the fog that continues to surround gold.

Ledbetter writes: “While we may think that we live in a more accountable era, our lack of knowledge about gold ownership suggests otherwise. Back when all major currencies were tied to gold, there were economic (and, arguably, national security) reasons to be vague about how much metal resided where. Yet even after a half-century of a floating currency in this country, a legacy of secrecy still surrounds the metal.

“One price of this information void is conspiratorial thinking. Some of the conservative and libertarian figures who demand that the Federal Reserve be audited, for example, grumble that there may be a lot less gold — maybe none! — in Fort Knox than official numbers allow. Perhaps that lacuna does only minimal damage to the body politic, but it’s hard to think of any good purpose that is served by perpetuating our ignorance about gold.”

Ledbetter doesn’t realize that the “information void” with gold is maintained precisely because all major currencies really still are tied to gold, or at least to gold price suppression by governments and central banks, because, since gold remains money, the gold price is always the reciprocal of the price of government currencies. Thus gold remains a “national security” issue for any country that values government power over free markets.

Ledbetter could write a book on that subject as well, starting with the documentation GATA has summarized here:

http://www.gata.org/node/14839

His essay in the L.A. Times is headlined “How Much Gold Do Americans Own?” and it’s posted here:

http://www.latimes.com/opinion/op-ed/la-oe-ledbetter-gold-count-20170622…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

END

 

I brought this to your attention yesterday but it is worth repeating

 

(courtesy Ted Butler/GATA)

 

Ted Butler: JPMorganChase keeps winning a rigged game in silver

Section:

2:35p ET Thursday, June 22, 2017

Dear Friend of GATA and Gold:

Silver market analyst Ted Butler today examines JPMorganChase’s seemingly perfect record trading silver year after year without a loss. His commentary is headlined “A Rigged Game” and it’s posted at GoldSeek’s companion site, SilverSeek, here —

http://silverseek.com/commentary/rigged-game-16689

— and at 24hGold here:

http://www.24hgold.com/english/news-gold-silver-a-rigged-game.aspx?contr…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

 

end

A welcome change from Neumeyer.  He discusses the manipulation of the precious metals and his disdain of criminal activity by the bankers

 

(courtesy KeithNeumeyer/First Majestic/SilverDoctors)

 

First Majestic’s Keith Neumeyer discusses monetary metals market manipulation

Section:

9:20p ET Thursday, June 22, 2017

Dear Friend of GATA and Gold:

First Majestic Silver CEO Keith Neumeyer, interviewed by Elijah Johnson for Silver Doctors, discusses manipulation of the monetary metals markets, his agitation against it, what metals investors can do to oppose it, and the prospects for silver and his company in particular. The interview is 23 minutes long and can be heard at Silver Doctors here:

http://www.silverdoctors.com/silver/silver-news/mining-ceo-predicts-130-…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

end

Bill Murphy discusses cryptos vs monetary metals

 

(courtesy GATA)

GATA chairman contrasts performance of cryptos and monetary metals

Section:

9:35p ET Thursday, June 22, 2017

Dear Friend of GATA and Gold:

GATA Chairman Bill Murphy, interviewed by Elijah Johnson for Silver Doctors, contrasts the performance of cryptocurrencies with the suppression of gold and silver prices and argues that the potential for the monetary metals is great. The interview is 13 minutes long and can be heard at You Tube here:

https://www.youtube.com/watch?v=q3cz1AbQsfU&feature=youtu.be

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

 

 

end

Your early FRIDAY morning currency, Asian stock market results,  important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight

 
 

1 Chinese yuan vs USA dollar/yuan  WEAKER 6.83830(DEVALUATION SOUTHBOUND   /OFFSHORE YUAN MOVES  A LITTLE WEAKER TO ONSHORE AT   6.8388/ Shanghai bourse CLOSED UP 10.42 POINTS OR 0.33%  / HANG SANG CLOSED DOWN 4.48 POINTS OR 0.02% 

2. Nikkei closed UP 22.16 POINTS OR 0.11%   /USA: YEN FALLS TO 111.22

3. Europe stocks OPENED ALL IN THE RED        ( /USA dollar index FALLS TO  97.42/Euro UP to 1.1166

3b Japan 10 year bond yield: FALLS TO   +.057%/     !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 110.06/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD FINALLY IN THE POSITIVE/BANK OF JAPAN LOSING CONTROL OF THEIR YIELD CURVE AS THEY PURCHASE ALL BONDS TO GET TO ZERO RATE!!

3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI::  42.82 and Brent: 45.29

3f Gold UP/Yen UP

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS  AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3h Oil UP for WTI and UP for Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO  +.255%/Italian 10 yr bond yield UP  to 1.915%    

3j Greek 10 year bond yield FALLS to  : 5.53???  

3k Gold at $1257.40  silver at:16.76 (8:15 am est)   SILVER BELOW  RESISTANCE AT $18.50 

3l USA vs Russian rouble; (Russian rouble UP 34/100 in  roubles/dollar) 59.65-

3m oil into the 42 dollar handle for WTI and 45 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation  (already upon us). This can spell financial disaster for the rest of the world/China forced to do QE!! as it lowers its yuan value to the dollar/GOT A SMALL SIZED DEVALUATION SOUTHBOUND 

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 111.22 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning  0.9713 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0846 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017 

3r the 10 Year German bund now POSITIVE territory with the 10 year FALLING to  +0.255%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”.  Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 2.158% early this morning. Thirty year rate  at 2.729% /POLICY ERROR)GETTING DANGEROUSLY HIGH

5. Details Ransquawk, Bloomberg, Deutsche bank/Jim Reid.

(courtesy Jim Reid/Bloomberg/Deutsche bank/zero hedge)

Prepare For A Surge In Volume: Russell Rebalance Day Is Here

 

Welcome to the one year anniversary of the Brexit vote. Welcome also to the annual Russell rebalance, traditionally one of the busiest trading days of the year: according to Bloomberg, last year’s rebalance helped propel a near record turnover of over 15 billion shares, as a result of the $8.5 trillion in stocks linked to the various Russell indices, many of which will be forced to find new owners after today’s index recomposition. In fact, in four of the last five years, reconstitution day ranked in the 10 busiest trading sessions.

Yet despite the traditional annual surge in volume, the rebal rarely leads to spikes in volatility or major market moves: since 2008, the S&P 500 has moved more than 0.5% on the day of rebalancing only twice, in 2011 and 2016. According to Jefferies’ Steven DeSanctis, the reason why the transition at the end of the day on June 23 rarely leads to turmoil is because investors are prepared for the changes, . For the broader Russell 3000 index, DeSanctis sees 196 additions this year compared with 183 in 2016.

“Russell rebalancing gives the small-cap market a bit more liquidity and trading volume, and managers could take advantage of the better volume,” DeSanctis said. “We could also see some swings in performance from a handful of individual names, and that too can help active managers.”

A boost in volume is what this somnolent market urgently needs, with little of note taking place in the overnight trading session as European stocks drop -0.3%, set to end the week lower. While Asian stocks rose, U.S. futures slide fractionally into the red moments ago after Retuers quoted a souce saying that the “scarcity of Bunds makes extending Qe difficult for the ECB and will be a factor for consideration when deciding whether to taper or extend existing program.”

And as another central bank hints that the Fed is not alone in its tapering intentions, a reminder that global stocks have never been higher. The two are probably linked, as Bank of America and many others have hinted recently.

Looking at regional markets, there was little of note in the Asian session which saw the MSCI Asia Pacific Index rise 0.2%. ASX 200 (+0.1%) and Nikkei 225 (+0.1%) traded relatively flat, with the former restricted by weakness in its largest-weighted financial sector. Shanghai Comp (-0.7%) and Hang Seng (+0.1 %) fared no better amid increased regulatory scrutiny with the CBRC probing loans to the large deal-making firms and after the PBoC refrained from open market operations due to current high liquidity levels. PBOC weakened the daily CNY fixing for fourth straight day; skipping open market operations and draining another 50 billion yuan in
liquidity after the PBOC said liquidity levels are sufficient. Bank of Japan keeps bond purchases unchanged; Nikkei and yen little changed.

European equities slipped, extending the longest run of weekly losses in a year as U.K.-listed stocks struggled on the anniversary of Britain’s vote to leave the European Union. The Stoxx Europe 600 index dropped for a third week, with food and beverage companies leading declines after Stifel Financial Corp. downgraded brewer Heineken NV’s stock. Shares in the U.K. were were set for a fourth day of losses, while the pound pared its weekly decline with Brexit negotiations under way.  The FTSE 100 Index was down 0.3 percent on Friday, heading for a 0.6 percent weekly decline.

The dollar is a tad softer and many benchmark sovereign yields are not far from seven-month lows after Bullard became on Thursday the fifth Fed speaker this week to urge rate hike patience; The pound rose 0.4 percent to $1.2734, paring drop this week to 0.4 percent. The euro rose 0.2 percent to $1.1169. The yen rose less than 0.1 percent to 111.27 per dollar.

Futures on the S&P 500 Index fell less than 0.1 percent. The underlying gauge fell less than 0.1 percent on Thursday.

In politics, UK PM May unveiled proposals for EU citizens at Brussels summit including a proposal that would allow 3 million EU citizens to stay in the UK Permanently. There were later comments German Chancellor Merkel who stated that UK PM May’s offer on EU citizens’ rights was a good start but many issues still need to be resolved, while Austrian Chancellor Kern stated UK PM May’s offer leaves a long, long way for negotiations, with many citizens’ concerns not covered.

WTI crude nears $43 after halting a three-day losing streak although it is poised for a fifth weekly decline after sinking into a bear market.  In China, Dalian iron ore modestly firmer. Gold rose 0.5 percent to $1,256.77 an ounce, for a third day of gains.

In rates, the yield on 10-year Treasuries rose one basis point to 2.16 percent. U.K. 10-year gilt yields rose two basis points to 1.04 percent, led by losses in shorter-dated securities as U.K. money markets push odds of a rate hike by the end of 2017 over sixty percent.

Economic data today includes new home sales and the Markit U.S. Services PMI.

Market Snapshot

  • S&P 500 futures down less than 0.1% to 2,431.00
  • STOXX Europe 600 down 0.4% to 387.01
  • MXAP up 0.2% to 155.17
  • MXAPJ up 0.2% to 504.96
  • Nikkei up 0.1% to 20,132.67
  • Topix up 0.06% to 1,611.34
  • Hang Seng Index down 0.02% to 25,670.05
  • Shanghai Composite up 0.3% to 3,157.87
  • Sensex down 0.2% to 31,221.04
  • Australia S&P/ASX 200 up 0.2% to 5,715.88
  • Kospi up 0.4% to 2,378.60
  • German 10Y yield rose 1.1 bps to 0.263%
  • Euro up 0.3% to 1.1182 per US$
  • Italian 10Y yield unchanged at 1.617%
  • Spanish 10Y yield fell 0.2 bps to 1.384%
  • Brent Futures up 0.6% to $45.51/bbl
  • Gold spot up 0.5% to $1,256.56
  • U.S. Dollar Index down 0.3% to 97.31

Top Overnight News

  • Bullard says Fed’s current rate hike path unnecessarily aggressive: WSJ
  • Fed’s stress test shows all 34 banks exceed minimum requirement
  • Fed Tests Show Better Real Estate Credit Quality, Cards Stress
  • Theresa May says 3 million EU citizens in the U.K. can stay after Brexit
  • BOE Forbes: Lift-off of U.K. rates should not be delayed any longer
  • China is willing to coordinate with U.S. on North Korean issue: Xinhua
  • PBOC says Chinese banks confident about ample end-June liquidity
  • Mexico rate pause could last through another Fed hike, Carstens says
  • Senate Holdouts Seek Upper Hand in Perilous Health Bill Talks
  • Obamacare Taxes Torched in Senate Bill, Drawing Democratic Ire
  • Bed Bath & Beyond Falls After Comps Miss, Dragging Peers Lower
  • Tokyo Exchange to Demote Toshiba to Second Section From Aug. 1

Looking at Asian equity markets, there was little activity amid quiet newsflow and after a subdued Wall St. close in which stocks posted a 3rd consecutive day of losses. ASX 200 (+0.1%) and Nikkei 225 (+0.1%) traded relatively flat, with the former restricted by weakness in its largest-weighted financial sector. Shanghai Comp (-0.7%) and Hang Seng (+0.1 %) fared no better amid increased regulatory scrutiny with the CBRC probing loans to the large deal-making firms and after the PBoC refrained from open market operations due to current high liquidity levels. 10yr JGBs edged gains in late trade, although
upside has only been minimal despite an indecisive risk tone and the BoJ in the market for JPY 880b1n in JGBs. PBoC refrained from open market operations for a net weekly drain of CNY 60bIn vs. CNY 410bIn injection last week.

Top Asian News

  • Noble Group Lures Goldilocks as Major Holder as Bears Prowl
  • China Webcasting Crackdown Seen Dragging on Weibo Stock: Roundup
  • $100 Billion Chinese City in the Sea Is Hit by Capital Controls
  • China Steel Scrap Exports Surge Amid Illegal Furnace Crackdown
  • China Fines Russian Speed Trader $101 Million, Issues Jail Terms
  • Saudi- Led Bloc Presents 13 Demands to End Qatar Crisis, AP Says
  • Hong Kong Needs Close China Ties to Prosper, Next Leader Says
  • Carlyle Co-CEO: Asia Valuations About 20% Lower Than U.S.
  • ACCC Says Won’t Allow Tobacco Companies to Act Together
  • China Says Trump Open to Cooperating on Silk Road Projects

In Europe, In equities, major EU bourses trade lower, albeit modestly so with the Eurostoxx 50 lower by just 0.3%. Sector performance downside is somewhat broad-based with some slight underperformance in energy names in what has been a tough week for oil prices. In terms of stock specifics, major moves are on the light side with IN (+2.1%) top of the FTSE 100 after a broker upgrade at Morgan Stanley.
In fixed income markets, it’s been a quiet end to the week with Bunds modestly lower and Gilts underperforming after gapping lower at the open as participants continue to try and gauge the future path of BoE policy and what kind of a deal PM May will walk away with from Brussels. Peripheral yields trade lower with yields softer by circa 1-2bps with Bonos leading the way.

Top European News

  • Euro-Area Momentum Eases as Best Quarter in Over Six Years Ends
  • Juncker Calls May’s Citizens-Rights Proposal ‘Not Sufficient’
  • Ireland Raises 3 Billion Euros in Allied Irish Banks Sale
  • Bank Risk Is in Demand as $113 Billion Fund Strikes ‘Big’ Deals
  • ECB Demands Power Over Clearing as Brexit Talks Start: Chart
  • Gilts Dip as BOE Hike Pricing Rises; Citigroup Recommend Fading
  • ‘Everything Appears Bad’ for ITV, But Valuation Attractive: MS
  • Lagardere, Solocal, SFR, Les Echos in Online Ad. Alliance

In currencies, The early FX flow was dominated by GBP buying as the market reacted to news that PM May was to unveil proposals that will allow 3 million EU citizens to remain in the UK. Such concessions augur well for the EU talks ahead, but a mixed response so far from leading figures, but a softer approach from the UK will benefit the Pound. Cable has rallied, but stalled into the 1.2740-60 zone. EUR/GBP remains offered neared the session lows, but this is down to EUR/USD pulling back again from the daily highs just in front of 1.1190, but modestly so as yet. EU PMIs are lower in the composite on weakness in the services component, but manufacturing exceeded expectations. The US PMIs due later today, and may have some impact on the USD which continues to range against the EUR, JPY and CHF as US Treasury yields meander inside near term ranges. USD/JPY support ahead of 111.00, having met with demand after the brief dip under here yesterday.

In commodities, widespread gains across the commodity spectrum today, and with focus on the Oil price rout, the near-term stabilisation in WTI circa USD43.00 may add some relief to the energy sector. Amid the volatility, the WTI/Brent spread widen briefly to around USD3.00, but this has since narrowed back to the uniform USD2.50 level as specs take a breather on Light Texas. There is still little prospect of a significant recovery as the sell-off is based largely on US production, and this shows no signs of slowing. Metals have had a healthy second half to the week as Copper has pushed higher with a little more verve through the USD2.60 mark. The gains today have been matched by Zinc and Nickel, the former up 8% from the early Jun lows. Gold is now edging higher to settle into a near term range circa USD1250-65, having based off the low USD1240’s and reacting to recent, but modest USD weakness.

Looking at the day ahead, we’ll also receive the flash PMIs along with new home sales for June. Away from the data a busy week for Fedspeak continues with Bullard (11.15am), Mester (12.40pm) and Powell (7.15pm 2;15) all scheduled to speak. It’s worth noting that Dudley will also speak this Sunday.

US event calendar

  • 9:45am: Markit US Manufacturing PMI, est. 53, prior 52.7
    • Markit US Services PMI, est. 53.5, prior 53.6
    • Markit US Composite PMI, prior 53.6
  • 10am: New Home Sales, est. 590,000, prior 569,000; New Home Sales MoM, est. 3.69%, prior -11.4%
  • 11:15am: Fed’s Bullard Speaks about Monetary Policy in Nashville
  • 12:40pm: Fed’s Mester Speaks in Cleveland
  • 2:15pm: Fed’s Powell Speaks in Chicago on Central Clearing

* * *

DB’s Jim Reid concludes the overnight wrap

Today is a bit of a landmark day. Indeed it is exactly one year since the UK held the historic referendum vote on EU membership. Whether you think that has passed quickly or not probably depends on if you’re a Sterling FX trader, in which case it’s more than likely been a long year. It’s been an impressive rally for risk despite an outcome which has seen political Europe enter unknown territory. On that any hopes that the UK political situation would be resolved or at least stabilise essentially came to an end following the snap election earlier this month. The possibility of another election in the future hasn’t necessarily gone away either while the Conservatives and DUP parties are still to come to an agreement. What that means for Brexit talks is also still a bit of an unknown which is why there is a fair bit of focus on the two-day EU summit which kicked off yesterday. This is the first summit since the election for Theresa May and also coincides with Brexit negotiations having kicked off on Monday. Yesterday May proposed a “fair and serious” offer to guarantee the rights of EU citizens living in Britain, telling leaders of the EU that no EU citizens living in Britain lawfully at the time in which Britain leaves the EU would be asked to leave. The Austrian Chancellor was noted after the meeting saying that many of the details are still however left open so negotiations still have a long long way to go. Germany’s Merkel also reiterated this point. It’s worth noting that May is due to make a statement to Parliament on Monday afternoon.

The summit continues for a second day today so it’s worth keeping an eye on any further headlines which emerge from that. Also of note today are the global flash PMIs for June. These should provide an early indication of how the global economy has tracked into the end of Q2. The market consensus is for a very modest decline in the manufacturing reading for the Euro area (-0.2pts to 56.8) while the US is expected to show a slight improvement (+0.3pts to 53.0). This morning in Japan the manufacturing reading was revealed as declining 1.1pts in June to 52.0 and to the lowest since November last year.

Over in markets yesterday it had looked like US equities would finally snap back following two consecutive days of declines but markets seemingly ran out of steam in the final hour of trading with the S&P 500 (-0.05%) and Dow (-0.06%) both slipping to small losses. A decent rally for Biotech stocks (Nasdaq Biotech +1.30% and the highest in 18 months) helped after the long awaited US healthcare proposal for replacing Obamacare was issued and indicated an additional $50bn in spending over four years to stabilize insurance exchanges. However four Republican senators also immediately opposed the bill which threatens to derail the passage to clearing the Senate with Republicans only able to afford to lose two GOP votes.

In other markets yesterday Oil prices finally stabilized (WTI +0.49%) although still remain well down over the week. European equities were also little changed (Stoxx 600 +0.01%) after recovering into the close while sovereign bond markets were quiet with 10y Treasury and Bund yields finishing 1.6bps and 1.3bps lower, respectively. This morning in Asia markets have been fairly directionless. With Oil stabilizing for a second day (WTI just below $43/bbl) the Hang Seng (+0.28%), Kospi (+0.07%) and ASX (+0.03%) are a touch firmer and the Nikkei and Shanghai flat to very slightly lower. Elsewhere US equity index futures are +0.10% after the Fed Bank Stress Test results last night revealed that all 34 of the largest banks in the US had passed.

Moving on. Following a quiet week there was a reasonable amount of data out yesterday although none of which particularly moved the dial. In the US the Kansas City Fed’s manufacturing index in June jumped 3pts and more than expected to +11. The conference board’s leading indicator rose +0.3% mom which lifted the six-month annualised growth rate to a new high. Initial jobless claims were confirmed as edging up a modest 3k to 241k last week and finally the FHFA house price index rose +0.7% mom in April. Meanwhile in Europe the European Commission’s flash consumer confidence index for June rose 2pts to -1.3 and in doing so hit a fresh 16-year high. Confidence indicators in France also tracked higher while in the UK the CBI Industrial Trends survey revealed that total orders rose to 16 in June (from 9) and in fact hit their highest since 1988. The export gauge is also now at the highest reading in 22 years. Before we wrap up, there was a bit of Fedspeak to note yesterday too. Governor Powell spoke on bank regulation in front of the Banking Senate Committee and said “we should assess whether we can adjust regulation in common-sense ways that will simplify rules and reduce unnecessary regulatory burden without compromising safety and soundness”. Meanwhile the Fed’s Bullard (a non-voter) argued that the projected path of tightening is aggressive and also that the softness in inflation is more widespread than expected.

Looking at the day ahead now. This morning in Europe we’ll be kicking off with the aforementioned flash PMIs for June where the consensus is for a very modest decline in the composite PMI of the Euro area to 56.6. Away from that we’ll also get the final Q1 GDP revisions in France this morning. This afternoon in the US we’ll also receive the flash PMIs along with new home sales for June. Away from the data a busy week for Fedspeak continues with Bullard (4.15pm BST), Mester (5.40pm BST) and Powell (7.15pm BST) all scheduled to speak. It’s worth noting that Dudley will also speak this Sunday.

 END

3. ASIAN AFFAIRS

i)Late THURSDAY night/FRIDAY morning: Shanghai closed UP 10.42 POINTS OR 0.33%   / /Hang Sang CLOSED DOWN 4.48 POINTS OR 0.02% The Nikkei closed UP 22.16 POINTS OR 0.11%/Australia’s all ordinaires CLOSED UP 0.21%/Chinese yuan (ONSHORE) closed DOWN at 6.83830/Oil UP to 42.82 dollars per barrel for WTI and 45.29 for Brent. Stocks in Europe OPENED ALL IN THE RED,,      ..Offshore yuan trades  6.8388 yuan to the dollar vs 6.8383 for onshore yuan. NOW  THE OFFSHORE IS WEAKER TO THE ONSHORE YUAN/ ONSHORE YUAN  WEAKER (TO THE DOLLAR)  AND THE OFFSHORE YUAN IS A LITTLE WEAKER TO THE DOLLAR AND THIS IS COUPLED WITH THE WEAKER DOLLAR. CHINA IS RELATIVELY HAPPY TODAY

3a)THAILAND/SOUTH KOREA/NORTH KOREA

NORTH KOREA

Strange! North Korea blames the Obama Administration for not asking for the return of Warmbier:

(courtesy zero hedge)

North Korea Blames Obama Administration For Warmbier’s Death

A day after US student Otto Warmbier was laid to rest at a funeral service in his home town of Cincinnati on Thursday, the North Korean foreign ministry released a statement to local state-controlled television saying his death was a mystery and dismissing accusations that he had died because he was tortured and beaten during his captivity, according to Reuters.

Instead, the North’s foreign ministry blamed the Obama administration for Warmbier’s death, which never formally requested Warmbier’s release, claiming Warmbier was “a victim of the policy of strategic patience.”

“The fact that Warmbier died suddenly in less than a week just after his return to the U.S. in his normal state of health indicators is a mystery to us as well,” the foreign ministry was quoted by KCNA as saying.

Warmbier, 22, was arrested in the reclusive country while visiting as a tourist. He was sentenced to 15 years of hard labor for trying to steal an item bearing a propaganda slogan from his hotel, North Korea state media said. He was brought back to the United States last week with brain damage, in what doctors described as state of “unresponsive wakefulness”, and died on Monday. US doctors who had traveled to the North last week to evacuate him had recognized that the former student had been provided with medical treatment, according to a ministry official.

“Although Warmbier was a criminal who committed a hostile act against the DPRK, we accepted the repeated requests of the present US administration and, in consideration of his bad health, sent him back home on humanitarian grounds,” the spokesman said.

The exact cause of Warmbier’s death remains unclear. Officials at the University of Cincinnati Medical Center, where he was treated after his return from the North, declined to provide details, and his family asked the Hamilton County Coroner on Tuesday not to perform an autopsy.

In a written statement, the foreign ministry claimed the US was spreading lies about North Korea’s role in Warmbier’s death.

“The smear campaign against DPRK staged in the US compels us to make firm determination that humanitarianism and benevolence for the enemy are a taboo and we should further sharpen the blade of law.”

 

“The US should ponder over the consequences to be entailed from its reckless and rash act.”

foreign ministry says Otto Warmbier was a criminal and it’s America’s fault he died.

end

b) REPORT ON JAPAN

c) REPORT ON CHINA

4. EUROPEAN AFFAIRS

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Quite an ultimatum.  These terms will certainly not be met.  Will the Gulf states cause a regime change? Oust el Thani?

grab your popcorn on this one

(courtesy zero hedge)

Arab States Issue 13-Point Ultimatum To Qatar: Cut Ties With Iran, Close Al-Jazeera, Shutter Turkish Base

By ZeroPointNow, originally published at iBankCoin

Two days after a confused US State Department formally inquired about what is going on between Arab States and Qatar, the countries of Egypt, Saudi Arabia, Baahrain, and the UAE sent a list of 13 demands to the tiny Gulf nation to be met within 10 days in order to lift their total blockade of the country.

Among them – reducing diplomatic relations with Iran, shutting down broadcaster Al Jazeera (and affiliates), and immediately cease working to open a Turkish military base announced in May of 2016 and halt military co-operation with Ankara. Also interesting is the demand that Qatar give up their intel on terrorist groups they have supported and “provide all databases related to oppositionists…” (Scroll down for full list of demands)

This formal list comes on the heels of a June 6th rumor that Arab States issued a list of 10 demands to be fulfilled within 24 hours, however Qatar said they never received them according to Al Jazeera journalists who are now dusting off their resumes.

The list of demands encompasses other accusations that have already been denied by Qatari officials, raising the prospect of deadlock in the worst crisis to hit the Gulf in decades. Qatar’s foreign minister previously said any demand to close Al Jazeera would be rejected, describing the channel as an “internal affair” linked to Qatar’s sovereignty that should not be the subject of external interference. Arab states have long complained that Al Jazeera’s Arabic language channel is a propaganda tool that stokes tensions in the region. Al Jazeera insists it has editorial independence

The list specifies that Doha sever ties to radical jihadist groups such as Isis, al-Qaeda and its branch in Syria, as well as Lebanon’s Shia group Hizbollah. Qatar, the world’s top exporter of liquefied natural gas, admits that it supports Islamist groups, but denies backing or financing terrorism.

“These requirements must be met within 10 days from the date of delivery or they will be considered void,” the Arab states said in their list of demands. Their document added that compliance would be heavily monitored — once a month for the first year, every three months the second year and once a year for 10 years after that.

Embargo

On June 5th, news broke that Bahrain, the UAE, Saudi Arabia, and Egypt had cut off diplomatic ties with Qatar over accusations of ‘spreading chaos’ by ‘funding terrorism and supporting Iran’ – shutting down all land, sea, and air crossings with the tiny energy-rich nation that has the highest per capita income in the world. Qatari visitors and residents were given two weeks to leave – while diplomats had just 48 hours.

While Qatar has been friendly with Iran for years, the prelude to the embargo began after a broadcast which showed Qatari Emir Tamim bin Hamad Al Thani speaking with no audio – and scrolling text at the bottom of the screen which stated his support for Iran and terrorist groups. Qatar claims the broadcast was ‘hacked.’

After the broadcast, Saudi Arabia and the UAE blocked Qatari news organization Al-Jazeera.

Amid Qatar’s denials, Saudi-owned satellite television networks immediately began airing repeated stories about the disputed comments. By early Wednesday morning, those living in the UAE and subscribers to local cable providers couldn’t access the channels of Al-Jazeera, the pan-Arab satellite broadcaster based in the Qatari capital, Doha.

 

Attempts to reach its websites brought up a warning from the UAE’s Telecommunications Regulatory Authority saying the site “contains content that is prohibited.”

 

In Saudi Arabia, internet users also found Al-Jazeera websites blocked with a warning from the kingdom’s Culture and Information Ministry.

WaPo

Full List of demands (translated by @hxhassan)

  1. Qatar must reduce diplomatic representation with Iran
  2. Qatar must immediately shut down the Turkish military base that is being established
  3. Qatar must announce severance of ties with terrorist, ideological & sectarian orgs: MB, ISIS, AQ, HTS, Hizbollah
  4. Qatar must cease any funding activities to extremist and terrorist individuals
  5. Qatar must hand over all designated terrorists
  6. Qatar must shut down Al Jazeera and all affiliated channels
  7. Qatar must stop interference in these countries’ domestic and foreign affairs; stop naturalisation of their citizens; extradite such citizens
  8. Qatar must provide reparations to these countries for any opportunity costs incurred over the past few years because of Qatari policies. (How do they even begin to comply with this in 10 days?)
  9. Qatar must become in sync with its Gulf and Arab neighbourhood on all levels, and to activate Riyadh Agreement 2013/2014
  10. Qatar must provide all databases related to oppositionists that it provided support to & clarify what help was provided.
  11. Qatar must all media outlets backed by it directly or indirectly, like Arabi21, Rasd, New Arab, Middle East Eye, Mkamlin, Sharq etc
  12. These demands must be agreed within 10 days, otherwise they would be invalidated.
  13. Agreement will involve clear goals and mechanism, monthly reports in the first year, every three months the next & annually for 10 years

If these demands are not met, and they likely won’t be – it may only be a matter of time before Qatar catches a case of regime change now that the Saudi alliance will have a “pretext” demonstrating Qatari non-compliance with a “goodwill” offer.

end

6 .GLOBAL ISSUES

7. OIL ISSUES

Northeast Colonial Pipeline, the largest USS fuel pipeline system has stated that gasoline demand is crashing

(courtesy zero hedge)

Largest East Coast Pipeline Reveals Demand For Gasoline Is Crashing

There’s a reason this week’s EIA survey showing gasoline and oil supplies declining has failed to stop RBOB prices from collapsing to 7-month lows: The start of the summer has done nothing to revive sluggish demand. That’s because despite what the EIA survey said, little has been done to reduce record fuel inventories.

The squeeze has gotten so bad, Northeast Colonial Pipeline Co., the operator of the biggest US fuel pipeline system, said that demand to transport gasoline to the country’s populous northeast is the weakest in six years, the latest symptom of a global oil market grappling with oversupply. It’s notable that this peak has arrived despite the advent of the summer driving season, which has seen gasoline demand pull back from last year’s record highs, according to Reuters.

Because of the oversupply in the northeast, “line space”… the cost of renting “space” on the pipeline to assure one’s ability to get supplies of gasoline when necessary… has gone negative, according to Reuters. What can be more exemplary of excess inventories and of reduced demand for gasoline than this?

Refiners are in part to blame for the problem – they have continued to pump motor fuel at record levels for the second year in a row, worsening the oversupply problem, for fear of losing access to pipeline capacity.

More broadly, attempts by large producers to reduce global supplies have failed to meaningfully raise the price of oil.  And with good reason: Traders have been skeptical of an agreement between OPEC and non-OPEC producers, including Russia, to extend last year’s supply cut, and already they’re concerns are being validated: Iraq has said it plans to increase production later this year despite the agreement.

The existence of negative capacity is a reversal of the typical dynamic, where refiners are forced to supplement their deliveries with tanker shipments or imports.

“The only reason [the pipelines] wouldn’t be full is clearly that inventory levels are high enough that there is no incentive to move product to New York,” said Sandy Fielder, director of oil and products research, Morningstar in Austin, Texas.

 

“The situation is quite unusual,” he said.

Even when high inventories make it unprofitable to do so, refiners typically keep pumping full volumes just to ensure they keep their rights to the line space, said Fielden.

But it appears as if refiners have finally reached the point where the financial pain outweighs the necessity of keepig their lease on some pipeline space – after all, Colonial has capacity to spare right now.

“It’s purely economic – why ship into a negative arb(itrage) for that long,” one trader said.

Colonial connects Gulf Coast refineries with markets across the southern and eastern United States through more than 5,500 miles (8,850 km) of pipelines, delivering gasoline, diesel, jet fuel and other refined products. Colonial indicated it did not expect demand to exceed capacity for the next five-day cycle through the line, and informed shippers it would therefore not follow the typical process for rationing space.

Oil traders who insist on staying long can hold out hope that production shutdowns related to Tropical Storm Cindy could lift the price of oil for a short period. It’s also worth noting that  Dennis Gartman, who recently said oil wouldn’t rise above $44 a barrel again in his lifetime, just turned bullish folllowing a wave of downgrades from energy analyst. That could be good news…or maybe not.

While the cause of the supply is obvious, whatever has caused demand to fall off is less clear. Barclays has suggested that President Donald Trump’s immigrant crackdown has made millions of illegal immigrants living in the US afraid to get behind the wheel for fear of being detained and deported. If this is true, that means Trump is to thank for gasoline prices falling to their lowest levels since February, despite the start of the summer driving season?

END

Rig counts rise again for the 23rd straight week.  Production has also increased but the higher acreage costs in the Permian basin has driven out some investors
(courtesy zero hedge)

US Oil Rig Count Rises For 23rd Straight Week But High Costs Drive Investors Out Of The Permian

The number of oil rigs in America has now risen for 23 straight weeks (and 50 of the last 52 weeks), up 11 to 758 in the last week – the highest since April 2015.

“It’s becoming bearish mania,” said Phil Flynn, senior market analyst at Price Futures Group Inc. in Chicago. “If we keep going down, we’re not going to be adding rigs in a few months, we’re not going to be adding production”

And we suspect, given the lagged reaction to prices, that inflection point in rig counts is close…

 

And the last chance for the week for the bulls just left…

US crude production (in the Lower 48) has been on a tear (with one brief interruption) tracking the lagged rise in rig counts almost perfectly…

 

And the rising rig count has been driven mainly by The Permian…

But as Oil & Gas 360 notes, high acreage costs beginning to affect economics in the Delaware, driving investors away from The Permian.

The Permian has enjoyed a rush of capital since oil prices began to recover from a low of $26.21 in February of last year.

The play is home to some of the best economics in the country, making it a prime target for E&P companies looking to maximize profit in a lower price environment. But the surge in land costs is leaving little room for new investors to profit.

The Delaware basin, the Permian’s hottest zone, is beginning to become a victim of its own success. EnerCom Analytics’ well economic models indicate that the internal rates of return (IRRs) in the Delaware are now lower than those seen in the Midland due to the high cost of land.

At $45 WTI, EnerCom’s well economics models show IRRs in the Midland of 22.8 percent compared to 21.5 percent in the Delaware when acreage costs are included in the equation. The cost per-acre in the Delaware is 65 percent higher than in the Midland at an average of $33,000 per acre.

(Click to enlarge)

Economics in every basin are expected to see pressure as oil prices remain in the low- to mid-$40 range and oilfield service providers, who are in high demand for well completions and drilling, look to increase their prices. Combined with the high premiums in the Permian, this barrage of pressuring factors is making it more difficult for new investors to enter the play, and those with exposure are beginning to pull back.

Service costs are expected to increase between 10 percent and 15 percent, according to EnerCom Analytics, with some E&P companies saying they could increase as much as 20 percent. In EnerCom’s March Energy Industry Data & Trends, the firm found that most basins could absorb even the high-end of those estimates at $50 per barrel WTI, but with prices floating around $45 per barrel, it will be much more difficult for E&Ps to continue generating 20 percent IRRs or better.

(Click to enlarge)

Based on EnerCom’s models, only the Midland could handle more than a 10 percent increase in service costs at $45 per barrel with the high per-acreage cost of the Delaware pushing the play’s IRRs beneath the 20 percent IRR threshold.

Eight hedge funds have reduced the size of their positions in ten shale firms with exposure to the Permian by over $400 million, according to information from Reuters. The value of these funds’ positions in the 10 Permian companies declined by 14 percent, to $2.66 billion in the first quarter 2017 from $3.08 billion in the fourth quarter of 2016.

Less room to run

Investors continue to give Permian players a premium multiple compared to companies in other parts of the country, but some firms are beginning to worry operations in the region do not merit the higher valuations.

Concern about inflated land costs and weakness in oil prices has some firms worried Permian players may not fly much higher. The 10 companies examined by Reuters were down 18 percent already this year compared to a 13 percent decrease in the S&P 500 energy sector.

EnerCom’s analysis of a peer group of Permian pure-play companies found the companies were struggling more than the Reuters information indicated. Looking at the performance of seven Permian players compared to the XOI index, companies with operations in the region were underperforming the wider energy index in all cases.

The XOI is down 12 percent YTD while the seven Permian companies averaged a loss of 34 percent so far in 2017. WTI is down 15 percent over the same time period.

8. EMERGING MARKET

end

Your early morning currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings FRIDAY morning 7:00 am

Euro/USA   1.1166 UP .0017/REACTING TO  + huge Deutsche bank problems + USA election:/TRUMP HEALTH CARE DEFEAT//ITALIAN REFERENDUM DEFEAT/AND NOW ECB TAPERING BOND PURCHASES/ /USA RAISING INTEREST RATES AGAIN/EUROPE BOURSES ALL IN THE RED 

USA/JAPAN YEN 111.22 DOWN 0.077(Abe’s new negative interest rate (NIRP), a total DISASTER/SIGNALS U TURN WITH INCREASED NEGATIVITY IN NIRP/JAPAN OUT OF WEAPONS TO FIGHT ECONOMIC DISASTER/KURODA:  HELICOPTER MONEY  ON THE TABLE AND DECISION ON SEPT 21 DISAPPOINTS WITH STIMULUS/OPERATION REVERSE TWIST

GBP/USA 1.2734 UP .0058 (Brexit  March 29/ 2017/ARTICLE 50 SIGNED

THERESA MAY FORMS A NEW GOVERNMENT/STARTS BREXIT TALKS

USA/CAN 1.3234 UP .0003 (CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/TRUMP INITIATES LUMBER TARIFFS ON CANADA)

Early THIS FRIDAY morning in Europe, the Euro FELL by 4 basis points, trading now ABOVE the important 1.08 level  FALLING to 1.1163; Europe is still reacting to Gr Britain HARD BREXIT,deflation, announcements of massive stimulation (QE), a proxy middle east war, and the ramifications of a default at the Austrian Hypo bank, an imminent default of Greece, Glencore, Nysmark and the Ukraine, along with rising peripheral bond yield further stimulation as the EU is moving more into NIRP, and now the Italian referendum defeat AND NOW THE ECB TAPERING OF ITS PURCHASES/ THE USA’S NON tightening by FAILING TO RAISE THEIR INTEREST RATE AND NOW THE HUGE PROBLEMS FACING TOO BIG TO FAIL DEUTSCHE BANK + THE ELECTION OF TRUMP IN THE USA+ TRUMP HEALTH CARE BILL DEFEAT AND MONTE DEI PASCHI NATIONALIZATION / Last night the Shanghai composite CLOSED  UP 10.42 POINTS OR 0.33%     / Hang Sang  CLOSED DOWN 4.48 POINTS OR 0.02% /AUSTRALIA  CLOSED UP 0.21% / EUROPEAN BOURSES OPENED ALL  IN THE RED 

We are seeing that the 3 major global carry trades are being unwound. The BIGGY is the first one;

1. the total dollar global short is 9 trillion USA and as such we are now witnessing a sea of red blood on the streets as derivatives blow up with the massive rise in the rise in the dollar against all paper currencies and especially with the fall of the yuan carry trade. The emerging market which house close to 50% of the 9 trillion dollar short is feeling the massive pain as their debt is quite unmanageable.

2, the Nikkei average vs gold carry trade ( NIKKEI blowing up and the yen carry trade HAS BLOWN up/and now NIRP)

3. Short Swiss franc/long assets blew up ( Eastern European housing/Nikkei etc.

These massive carry trades are terribly offside as they are being unwound. It is causing global deflation ( we are at debt saturation already) as the world reacts to lack of demand and a scarcity of debt collateral. Bourses around the globe are reacting in kind to these events as well as the potential for a GREXIT>

The NIKKEI: this FRIDAY morning CLOSED UP 22.16 POINTS OR 0.11%

Trading from Europe and Asia:
1. Europe stocks  OPENED ALL IN THE RED

2/ CHINESE BOURSES / : Hang Sang CLOSED DOWN 4,48 POINTS OR 0.02%  / SHANGHAI CLOSED UP 10.42 POINTS OR 0.33%   /Australia BOURSE CLOSED UP 0.21% /Nikkei (Japan)CLOSED UP 22.16 POINTS OR 0.11%    / INDIA’S SENSEX IN THE RED

Gold very early morning trading: 1256.90

silver:$16.74

Early FRIDAY morning USA 10 year bond yield: 2.158% !!! UP 1 IN POINTS from THURSDAY night in basis points and it is trading JUST BELOW resistance at 2.27-2.32%.

 The 30 yr bond yield  2.729, UP 1  IN BASIS POINTS  from THURSDAY night.

USA dollar index early FRIDAY morning: 97.42 DOWN 18  CENT(S) from THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

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And now your closing FRIDAY NUMBERS

Portuguese 10 year bond yield: 2.924%  DOWN 3 in basis point(s) yield from THURSDAY 

JAPANESE BOND YIELD: +.057%  DOWN 1/10  in   basis point yield from THURSDAY/JAPAN losing control of its yield curve

SPANISH 10 YR BOND YIELD: 1.381%  DOWN 1/ 2 IN basis point yield from THURSDAY (this is totally nuts!!/

ITALIAN 10 YR BOND YIELD: 1.916 UP 1   POINTS  in basis point yield from THURSDAY 

the Italian 10 yr bond yield is trading 54 points HIGHER than Spain.

GERMAN 10 YR BOND YIELD: +.255% UP 3/10 IN  BASIS POINTS ON THE DAY

END

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IMPORTANT CURRENCY CLOSES FOR FRIDAY

Closing currency crosses for FRIDAY night/USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM 

Euro/USA 1.1196 UP .0047 (Euro UP 47 Basis points/ represents to DRAGHI A COMPLETE POLICY FAILURE/

USA/Japan: 111.25 DOWN  0.044 (Yen UP 5 basis points/ 

Great Britain/USA 1.2728 UP 0.0050( POUND DOWN 50 basis points) 

USA/Canada 1.3268 UP .0037 (Canadian dollar DOWN 37 basis points AS OIL ROSE TO $43.04

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This afternoon, the Euro was UP  by 47 basis points to trade at 1.1196

The Yen FELL to 111.25 for a GAIN of 5  Basis points as NIRP is STILL a big failure for the Japanese central bank/HELICOPTER MONEY IS NOW DELAYED/BANK OF JAPAN NOW WORRIED AS AS THEY ARE RUNNING OUT OF BONDS TO BUY AS BOND YIELDS RISE  /OPERATION REVERSE TWIST ANNOUNCED SEPT 21.2016

The POUND ROSE BY 50  basis points, trading at 1.2728/ 

The Canadian dollar FELL by 37 basis points to 1.3225,  WITH WTI OIL RISING TO :  $43.04

The USA/Yuan closed at 6.8366/
the 10 yr Japanese bond yield closed at +.057% DOWN 1/10 IN  BASIS POINTS / yield/ 

Your closing 10 yr USA bond yield DOWN 1/2 IN basis points from THURSDAY at 2.151% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic  USA 30 yr bond yield: 2.721  DOWN 7/10 in basis points on the day /

Your closing USA dollar index, 97.25  DOWN 35 CENT(S)  ON THE DAY/1.00 PM 

Your closing bourses for Europe and the Dow along with the USA dollar index closing and interest rates for FRIDAY: 1:00 PM EST

London:  CLOSED DOWN 15.16 POINTS OR 0.20%
German Dax :CLOSED DOWN 60.59 POINTS OR 0.47%
Paris Cac  CLOSED DOWN 15.81 POINTS OR 0.30% 
Spain IBEX CLOSED DOWN 79.10 POINTS OR 0.74%

Italian MIB: CLOSED  DOWN 96.38 POINTS/OR 0.46%

The Dow closed DOWN 2.53 OR 0.01%

NASDAQ WAS closed UP 28.57 POINTS OR 0.46%  4.00 PM EST
WTI Oil price;  43.04 at 1:00 pm; 

Brent Oil: 45.55 1:00 EST

USA /RUSSIAN ROUBLE CROSS:  59.37 UP 62/100 ROUBLES/DOLLAR 

TODAY THE GERMAN YIELD FALLS TO  +0.255%  FOR THE 10 YR BOND  4.PM EST EST

END

This ends the stock indices, oil price, currency crosses and interest rate closes for today

Closing Price for Oil, 5 pm/and 10 year USA interest rate:

WTI CRUDE OIL PRICE 5:00 PM:$43.10

BRENT: $45.65

USA 10 YR BOND YIELD: 2.142%  (ANYTHING HIGHER THAN 2.70% BLOWS UP THE GLOBE)

USA 30 YR BOND YIELD: 2.715%

EURO/USA DOLLAR CROSS:  1.1195 UP .0047

USA/JAPANESE YEN:111.28  DOWN 0.010

USA DOLLAR INDEX: 97.27  DOWN 32  cent(s) ( HUGE resistance at 101.80 broken TO THE DOWNSIDE)

The British pound at 5 pm: Great Britain Pound/USA: 1.2720 : UP 43 POINTS FROM last NIGHT  

Canadian dollar: 1.3267 DOWN 36  BASIS pts 

German 10 yr bond yield at 5 pm: +0.255%

END

And now your more important USA stories which will influence the price of gold/silver

TRADING IN GRAPH FORM FOR THE DAY

Banks Battered, Biotechs Best As Yield Curve Crashes To 10-Year Lows

Tech investors the last 2 days…

 

Lots of chatter again this week about shrinking The Fed’s balance sheet… it’s gonna happen no matter what and it is looming…

so The fed will be shrinking at $20-50bn a month going forward, will The ECB or BOJ step up and increase their buying to keep the ignorant dream alive?

For now, it appears not – this week saw G-3 Central Bank Balance Sheets drop the most in 2017…

 

Which perhaps explains why the dip-buyers were absent in the banks – the Big 4 Banks all suffered post-CCAR and all but JPM had a tough week… (Financials had their worst week in the last 10)

 

On the week, investors panicced back into Tech stocks (Nasdaq’s 3rd best week of the year)… Trannies ended the week red, Dow down 4 days in a row (to end the week unchanged), S&P managed to close green today to break its losing streak

 

Driven by a collapse back to a 9 handle in VIX, S&P was pumped green for the day/week… (despite a small rise into the close, VIX remains below last Friday Quad-Witch close)

 

Dow down 4 days in a row as they just could not rescue it all the way today…

 

But we note that Nasdaq remains well below the FANG Crash levels…

 

Healthcare (Biotechs) and Tech (FANGs) were the only sectors green this week as Energy lagged (and financials flondered)…

 

Today saw a surge back into FANG stocks (retracing 75% of the Tech-Wreck drop) but the slightly broaders FANTASIA (FB, AMZN, NFLX, TSLA, GOOGL, CRM, INTL, AAPL) started to rol over after tagging the Fib 61.8% retracement of the tech wreck

 

This was the biggest 2-day short squeeze in over 4 months…

 

And “Growth” dramatically outperformed “Value” this week…

 

Biotech stocks dropped very modestly today but spiked 9% on the week to 17 month highs – the best week since the election…

 

As Biotechs ripped, bank stocks slipped on a collapsing yield curve and loss of hope after CCAR…

 

30Y Yields dropped notably this week – (to 2.70% – the lowest since Nov 9th) as the short-end rose modestly…

 

The US Treasury yield curve slumps for the 6th straight week (longest streak since March 2016) to its lowest weekly close since 2007…

 

The Dollar Index ended the week modestly higher but closed down for the last 3 days…

 

Gold managed to eke out a small gain on the week, rallying for the last 3 days back above its 100- and 200-day moving averages…

 

Gold and Silver danced around each other to end with the same small gains…

 

Of course, the week was also headlined by the bloodbath in black gold… This is the 5th weekly drop in a row (the longest losing streak since Aug 2015); RBOB also fell for the 5th week in a row to lowest close since Nov 2016

 

A quiet week for macro data but both soft and hard data hit new cycle lows…

 

NASDAQ rallied on fun-durr-mentals…

 

Bonus Chart: Nothing bad happens anymore.. since BAML’s Global Financial Stress Index has collapsed to 3-year lows… however, judging by China’s leading credit impulse, things are about to get exciting…

end

Moody’s has come out with a great report suggesting that a slight downfall (5% in one yr) could cause a surge of 3 Trillion in additional pension liabilities

(courtesy zero hedge)

Middle East Dog Fight, Economic Update Not Good, 6 Million Vote Illegally

on: 06/23/2017 by Greg Hunter

The Middle East had near dogfight aerial combat in the skies over Syria. The U.S. shot down a Syrian fighter jet and an Iranian drone. Russia immediately halted cooperation with the U.S. in Syria, and warned it would “intercept” any aircraft in areas it controlled. Russia also charged the U.S. that America was “supporting terrorists.” One former Obama Administration insider says, “The risk of a big war is rising.”

If you want to measure how well the economy is doing, you should take a look at the hard data and the soft data. The soft data shows the so-called “Trump Bump” has decidedly turned negative, and the hard data of the real economy has also taken a plunge. In the real world, the State of Illinois has joined the ranks of Puerto Rico for major money problems. The Illinois Comptroller says “The state can no longer function.” Illinois has no money to pay its bills or interest payments and for all intents and purposes is insolvent. Powerball has cut off Illinois from selling its lottery tickets because the state is dead broke. Many other states are going to be in the same shape as Illinois in the not-so-distant future.

Donald Trump had it right when he said if were not for the three to five million illegal votes, he would have won the popular vote in 2016. According to a new study by the nonpartisan group “Just Facts,” 5.7 million noncitizens “may have cast illegal votes.” Keep in mind, this does not take into account massive voter and election fraud in places like Detroit, where there were as many as 6 times more votes than registered voters.

Join Greg Hunter as he looks back at the week’s top stories in the Weekly News Wrap-Up.

Video Link

http://usawatchdog.com/middle-east-dog-fight- economic-update-not-good-6-million-vote-illegally/

end

 

We will see you MONDAY night

Have a wonderful weekend

Harvey.

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