Oct 25/GOLD AND SILVER WITHSTAND ANOTHER ATTACK AND CLOSE IN GREEN TERRITORY FOR GOLD/FLAT FOR SILVER/TROUBLE IN SPAIN AS PUIGDEMONT CANCELS TRIP TO MADRID AND WILL CONVENE CATALAN PARLIAMENT/GERMANY SET TO CUT OFF FUNDING FOR TURKEY WHICH WILL BE VIEWED BY ERDOGAN AS A SLAP IN THE FACE/COURT DOCUMENTS STATE THAT HILLARY CLINTON AND THE DEMOCRATIC PARTY PAID FOR THE “TRUMP DOSSIER”/CHUCK GRASSLEY CALLS FOR SPECIAL PROSECUTORS TO DELVE INTO THE URANIUM ONE MESS/

 

GOLD: $1277.80 UP $0.70

Silver: $16.95 FLAT  cents

Closing access prices:

Gold $1277.80

silver: $16.95

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: $1292.03 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME:  $1274.40

PREMIUM FIRST FIX:  $17.63(premiums getting larger)

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SECOND SHANGHAI GOLD FIX: $1289.01

NY GOLD PRICE AT THE EXACT SAME TIME: $1731.70

Premium of Shanghai 2nd fix/NY:$15.31 PREMIUMS GETTING LARGER)  

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LONDON FIRST GOLD FIX:  5:30 am est  $1273.00

NY PRICING AT THE EXACT SAME TIME: $1272.10

LONDON SECOND GOLD FIX  10 AM: $1275.00

NY PRICING AT THE EXACT SAME TIME. 1276.00 ??

For comex gold:

OCTOBER/

NOTICES FILINGS TODAY FOR OCT CONTRACT MONTH: 83 NOTICE(S) FOR  8300  OZ.

TOTAL NOTICES SO FAR: 3088  FOR 308,800 OZ  (9.605TONNES)

For silver:

OCTOBER

 64 NOTICES FILED TODAY FOR

320,000  OZ/

Total number of notices filed so far this month: 1029 for 5,145,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin:  $5564 bid /$5784 offer UP $68.00  (MORNING)

BITCOIN CLOSING;$5562 BID:5582. OFFER  up $65.00

end

Let us have a look at the data for today

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In silver, the total open interest SURPRISINGLY ROSE BY  1775 contracts from  192 ,124 UP TO 193,899 DESPITE  YESTERDAY’S DOWNDRAFT IN TRADING (DOWN  10 CENTS).  THE CROOKS ARE STILL HAVING AN AWFUL TIME TRYING TO COVER THEIR MASSIVE SILVER SHORTS SO THEY ONCE AGAIN ORGANIZE ANOTHER ATTEMPTED RAID ON OUR PRECIOUS METALS THIS MORNING TO WHICH THEY HAD ANOTHER FAILURE. 

RESULT: A GOOD SIZED RISE IN OI COMEX  DESPITE THE  10 CENT PRICE FALL.  OUR BANKERS COULD NOT COVER ANY OF THEIR HUGE SHORTFALL SO ANOTHER RAID WAS CALLED UPON EARLY THIS MORNING..AND THAT ENDED IN FAILURE

 In ounces, the OI is still represented by just UNDER 1 BILLION oz i.e.  0.970 BILLION TO BE EXACT or 139% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT OCT MONTH/ THEY FILED: 64 NOTICE(S) FOR 320,000  OZ OF SILVER.

In gold, the open interest  FELL BY ONLY 716 CONTRACTS WITH THE  FALL IN PRICE OF GOLD ($2.15) .  The new OI for the gold complex rests at 526,674. OUR BANKER FRIENDS COULD NOT COVER MUCH OF THEIR SHORTFALL DESPITE THE CONSTANT WHACKING AND THE RESULTANT FALL IN PRICE.  THIS IS OPTIONS EXPIRY WEEK SO IT IS FITTING THAT THE BANKERS CALLED FOR ANOTHER RAID TRYING TO SHAKE MORE GOLD/SILVER LEAVES TO FALL THIS MORNING AND THAT ENDED IN FAILURE.

 

Result: A SMALL SIZED  DECREASE IN OI WITH FALL IN PRICE IN GOLD ($2.15). WE HAD MINIMAL BANKER GOLD SHORT COVERING AS THE BANKERS FAILED MISERABLY TO LOOSEN ANY GOLD LEAVES FROM THE GOLD TREE YESTERDAY..SO THEY ORGANIZED ANOTHER RAID THIS MORNING AND THAT AGAIN ENDED IN FAILURE AS WELL.

we had: 83 notice(s) filed upon for 8300  oz of gold.

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

GLD:   

Tonight , NO CHANGES  in gold inventory at the GLD/

Inventory rests tonight: 853.13 tonnes.

SLV

Today: NO CHANGE IN SILVER INVENTORY AT THE SLV

INVENTORY RESTS AT 320.288 MILLION OZ

end

.

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

1. Today, we had the open interest in silver SURPRISINGLY ROSE   BY  1775 contracts from 192,124  UP TO 193,899(AND now A LITTLE FURTHER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) .  OUR BANKERS WERE AGAIN UNSUCCESSFUL IN THEIR ATTEMPT TO COVER ANY OF THEIR SILVER SHORTS.

RESULT:  A GOOD SIZED INCREASE IN SILVER OI  AT THE COMEX DESPITE THE  FALL IN PRICE OF 10 CENTS (WITH RESPECT TO YESTERDAY’S TRADING). OUR BANKER FRIENDS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO COVER ANY OF OUR SILVER SHORTS SO ANOTHER RAID WAS ORCHESTRATED THIS MORNING AND THAT ENDED IN FAILURE AS WELL.

(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

)Late TUESDAY night/WEDNESDAY morning: Shanghai closed UP 8.65 points or .24% /Hang Sang CLOSED UP 147.92 pts or 0.53% / The Nikkei closed DOWN 97.55 POINTS OR .45/Australia’s all ordinaires CLOSED UP 0.17%/Chinese yuan (ONSHORE) closed DOWN  at 6.645/Oil UP to 52.39 dollars per barrel for WTI and 58.41 for Brent. Stocks in Europe OPENED IN THE GREEN EXCEPT LONDON  .  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.645. OFFSHORE YUAN CLOSED WEAKER TO THE ONSHORE YUAN AT 6.647 AND //ONSHORE YUAN  WEAKER AGAINST THE DOLLAR/OFF SHORE WEAKER TO THE DOLLAR/. THE DOLLAR (INDEX) IS STRONGER AGAINST ALL MAJOR CURRENCIES. CHINA IS NOT HAPPY TODAY.

3a)THAILAND/SOUTH KOREA/NORTH KOREA

i)North Korea/USA/UK

b) REPORT ON JAPAN

c) REPORT ON CHINA

It sure looks like Xi could rule for years as China unveiled its new leadership team at the close of the 19th Congress.  We have highlighted the team that walked out with Xi:

( zerohedge)

4. EUROPEAN AFFAIRS

 
( zerohedge)
ii)Spain
It certainly looks like trouble is brewing here:  Charles Puigdemont suddenly cancels his Parliamentary visit to Madrid on Thursday as he was suppose to explain whether they want independence. Instead the plenary session of the Catalan parliament will convene where they will now react to Madrid’s invoking article 155
( zerohedge)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)Although a bombshell to mainstream media, but not to us. In a hacked memo we discover officially that Saudi Arabia along with the USA ordered an attack on the Damascus International Airport in 2013 and that was the forerunner to the proxy war

( zerohedge)

This will not be good for Turkey as the key German reconstructive bank which loans money for projects in foreign countries has received pressure from Merkel and company to cut off Turkey funding. This will infuriate Erdogan who then might release the 3 million migrants on its soil and send them off to Greece who can ill afford to house them

(courtesy zerohedge)

6 .GLOBAL ISSUES

 i)MEXICO

Mexico reports dismal retail sales drop of .2% year over year with the market expecting a gain of .5% y/y. Then the Central Bank of Mexico announces that it is increasing the amount of auctions for hedging and that caused the peso to spike higher

( zerohedge)

( zerohedge)

iii)Canadian real estate prices drop the largest in over 7 years led by the drop in Toronto
(courtesy Wong/Better Dwelling)

7. OIL ISSUES

Oil rises despite a surprise inventory build and a good production rebound

(courtesy zerohedge)

8. EMERGING MARKET

Venezuela’s inflation rate as calculated by Prof Steve Hanke is 3,286% per annum

( Steve Hanke)

9.   PHYSICAL MARKETS

( Chris Powell/GATA)

10. USA Stories

i)Last night:

The big story of the day:  Hillary Clinton and the DNC paid for the “Trump Dossier.” It was the Democrats that were trying to send spurious information on Trump and it was they who were trying to sway the election.

The FBI paid money for a copy of the Dossier and that was the initial reason for the democrats clamoring that Trump used Russian influence in the election. Mueller was hired to “seek out the truth” on this.

This is a must read..you will see that when this is all over, Hillary and Bill Clinton will be charged, along with Mueller and possibly Rosenstein.

( zerohedge)

ii)This morning: The Senate Intelligence Chair, Chuck Grassley calls for a special prosecutor to look into the Uranium One deal. Also other House intelligence chairs are looking into this matter:

( zerohedge)

iii)No wonder Illinois is losing so many citizens to other states:

After raising an income tax in July they are now ready to hit citizens with a 30 cent tax on gasoline as well as raise property taxes

( Mish Shedlock/Mishtalk)

ivStrange data points:  New home sales explode by 18.9% month over month and a 9 standard deviation move.

(courtesy zerohedge)

v)This will not go over well with the public if they cap 401 k plans

( zerohedge)

vi)The markets will not like this:  Cohn set to leave after they pass the tax reform bill. Cohn remarks that he will not be the next Fed Governor

( zero hedge)

Let us head over to the comex:

The total gold comex open interest FELL BY ONLY 716 CONTRACTS DOWN to an OI level of 526,674 DESPITE THE FALL IN THE PRICE OF GOLD ($2.15 FALL IN YESTERDAY’S TRADING).   OUR BANKER FRIENDS HAD MINIMAL SUCCESS IN THEIR ATTEMPT  TO COVER  THEIR HUGE GOLD SHORTFALL   THEY THUS CALLED FOR ANOTHER RAID THIS MORNING HOPING MORE GOLD/SILVER LEAVES WILL FALL AS THEY SEEM TO BE TARGETING THE 200 DAY MOVING AVERAGE PRICE ($1266). ALSO REMEMBER THAT THIS IS OPTIONS EXPIRY WEEK ALTHOUGH NOVEMBER IS A VERY WEEK DELIVERY MONTH FOR BOTH GOLD AND SILVER.

OCTOBER IS AN ACTIVE DELIVERY MONTH ALTHOUGH IT IS THE WEAKEST IN TERMS OF ACTUAL DELIVERIES AND OPEN INTEREST.  WE  VISUALIZED THAT THROUGHOUT THE MONTH OF SEPTEMBER, THE CROOKS UTILIZED THE EMERGENCY EFP SCHEME TO TRANSFER OBLIGATIONS OVER TO LONDON. IT THEN STANDS TO REASON THAT IF THE EMERGENCY WAS IN FORCE THROUGHOUT THE MONTH OF SEPTEMBER IT WOULD CONTINUE ON FIRST DAY NOTICE WHEREBY ANOTHER 7200 LONG COMEX CONTRACTS WERE GIVEN 7200 EFP’S.

Result: a  SMALL SIZED open interest DECREASE  WITH THE  FALL IN THE PRICE OF GOLD ($2.15.)  .THERE WAS MINIMAL SHORT COVERING YESTERDAY SO THE BANKERS CONTINUED ON WITH THEIR TORMENT ONLY TO END IN FAILURE AGAIN.

 

We have now entered the active contract month of Oct and here we saw a LOSS of 518 contracts DOWN TO 234 contracts.  We had 562 notices filed yesterday so we GAINED 44 contracts or an additional 4400 oz will stand for delivery at the comex in this active delivery month of October and 0 EFP notices were given. The low number of notices early in the delivery cycle is evidence of a lack of physical gold. We have just witnessed yet another queue jumping in the gold comex which is another indicator of physical shortage. TO SEE THIS IN BOTH GOLD AND SILVER MUST BE HEARTENING TO US!!

The November contract saw A loss OF 19 contracts down to 869.

The very big active December contract month saw it’s OI loss OF 2008 contracts DOWN to 392,827

.

We had 83 notice(s) filed upon today for  8300 oz

 VOLUME FOR TODAY (PRELIMINARY) N/A

CONFIRMED VOLUME YESTERDAY: 276,271

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And now for the wild silver comex results.  Total silver OI SURPRISINGLY ROSE BY A GOOD SIZED 1775 CONTRACTS FROM 192,124 UP TO 193,899 DESPITE YESTERDAY’S 10 CENT FALL IN PRICE. WE  HAD ZERO BANKER SHORT COVERING AS THE CROOKS TRIED AND FAILED IN THEIR ATTEMPT TO  LOOSEN ANY SILVER LONGS FROM THE SILVER TREE  YESTERDAY. THE BANKERS WERE NOT HAPPY WITH THEIR POOR RESULT YESTERDAY SO THEY CONTINUE WITH THEIR TORMENT THIS MORNING.
We have now entered the non active contract month of October and here the OI LOST 118 contacts DOWN TO 110.  We had 167 notices filed on yesterday so we gained 57 contracts or AN ADDITIONAL 285,000 oz will stand for delivery and 0 EFP’s were issued.   November saw a GAIN of 54 contract(s) and thus RISING TO  415 After November, the NEXT big active contract month is December and here the OI GAINED 201 contracts UP to 142,668 contracts.

We had 64 notice(s) filed for  320,000 oz for the OCT. 2017 contract

INITIAL standings for OCTOBER

 Oct.25/2017.

Gold Ounces
Withdrawals from Dealers Inventory in oz   nil oz
Withdrawals from Customer Inventory in oz  
nil oz
Deposits to the Dealer Inventory in oz    nil oz
Deposits to the Customer Inventory, in oz 
 nil oz
No of oz served (contracts) today
 
83 notice(s)
8300 OZ
No of oz to be served (notices)
151 contracts
(15,100 oz)
Total monthly oz gold served (contracts) so far this month
3088 notices
308,800 oz
9.605 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     xxx oz
Today we HAD  0 kilobar transaction(s)/ 
 WE HAD nil DEALER DEPOSIT:
total dealer deposits: nil oz
We had nil dealer withdrawals:
total dealer withdrawals:  nil oz
we had nil customer deposit(s):
total customer deposits;nil oz
We had nil customer withdrawal(s)
total customer withdrawals; nil  oz
 we had nil adjustment(s)
For OCT:

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 83 contract(s)  of which 0 notices were stopped (received) by j.P. Morgan dealer and 15 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 OCTOBER. contract month, we take the total number of notices filed so far for the month (3088) x 100 oz or 308,800 oz, to which we add the difference between the open interest for the front month of OCT. (234 contracts) minus the number of notices served upon today (83 x 100 oz per contract equals 323,900  oz, the number of ounces standing in this active month of OCT.
 
Thus the INITIAL standings for gold for the OCTOBER contract month:
No of notices served  (3088) x 100 oz  or ounces + {(234)OI for the front month  minus the number of  notices served upon today (83) x 100 oz which equals 323,900 oz standing in this  active delivery month of OCTOBER  (10.074tonnes)
.
FOR OCTOBER THIS IS A GREAT SHOWING FOR PHYSICAL DELIVERY . OCTOBER IS A VERY  POOR DELIVERY MONTH DESPITE IT BEING AN ACTIVE MONTH
WE GAINED 44 CONTRACTS OR AN ADDITIONAL 4400 OZ WILL  STAND FOR DELIVERY
 IT WAS OBVIOUS THAT  THERE WAS HARDLY ANY  PHYSICAL GOLD TO DELIVER UPON LONGS IN SEPTEMBER AND THIS CONTINUES ON IN OCTOBER.   THE CROOKS USE THE EFP’S TO TRANSFER THEIR OBLIGATION TO ANOTHER EXCHANGE. THIS IS WHY ANOTHER 5400 EFP’S WERE ISSUED FOR OCTOBER GOLD ON FIRST DAY NOTICE AND IT ALSO EXPLAINS THE LACK OF DELIVERY NOTICES IN THE EARLY PART OF THIS DELIVERY ACTIVE MONTH. QUEUE JUMPING IS ANOTHER INDICATOR OF PHYSICAL SCARCITY AND THIS EVENT HAPPENED AGAIN THIS MORNING.
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Total dealer inventory 601,432.522 or 18.707 tonnes  (dealer gold continues to disappear)
Total gold inventory (dealer and customer) = 8,511,328.736 or 264.73 tonnes 
 
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 14 MONTHS  88 NET TONNES HAS LEFT THE COMEX.
end
And now for silver
AND NOW THE OCTOBER DELIVERY MONTH
OCTOBER INITIAL standings
 Oct 25/ 2017
Silver Ounces
Withdrawals from Dealers Inventory  nil
Withdrawals from Customer Inventory
 73,250.220 oz
Brinks
Delaware
Scotia
Deposits to the Dealer Inventory
 nil oz
Deposits to the Customer Inventory 
 nil
oz
No of oz served today (contracts)
64 CONTRACT(S)
(320,000,OZ)
No of oz to be served (notices)
46contracts
(230,000 oz)
Total monthly oz silver served (contracts) 1029contracts

(5,145,000 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    xx 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  3 customer withdrawal(s):
i) Out of Brinks:  10,204.980 oz
ii) Out of Delaware: 1000.100 oz
iii) Out of Scotia: 60,045.190
TOTAL CUSTOMER WITHDRAWALS: 71,250.220  oz
We had 0 Customer deposit(s):
***deposits into JPMorgan have stopped  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: nil   oz
 
 we had 0 adjustment(s)
 i
The total number of notices filed today for the OCTOBER. contract month is represented by 64 contracts FOR 320,000 oz. To calculate the number of silver ounces that will stand for delivery in OCTOBER., we take the total number of notices filed for the month so far at 1029 x 5,000 oz  = 5,145,0000 oz to which we add the difference between the open interest for the front month of OCT. (110) and the number of notices served upon today (64 x 5000 oz) equals the number of ounces standing.
 

 

.
 
Thus the INITIAL standings for silver for the OCTOBER contract month:  1029 (notices served so far)x 5000 oz  + OI for front month of OCTOBER(110) -number of notices served upon today (64)x 5000 oz  equals  5,375,000 oz  of silver standing for the OCTOBER contract month. This is HUGE for this NON active delivery month. THE INCREASE IN TOTAL OZ STANDING FOR SILVER CONTINUES TO ADVANCE
 
WE GAINED 57  CONTRACTS OR AN ADDITIONAL 285,000 OZ WILL  STAND FOR DELIVERY.
 ESTIMATED VOLUME FOR TODAY:   44,882
CONFIRMED VOLUME FOR YESTERDAY:  90,581 CONTRACTS
YESTERDAY’S CONFIRMED VOLUME OF 90,581 CONTRACTS EQUATES TO 492 MILLION OZ OR 64.7% OF ANNUAL GLOBAL PRODUCTION OF SILVER
 
 
Total dealer silver:  43.538 million (close to record low inventory  
Total number of dealer and customer silver:   226.190 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

 WILL UPDATE LATER TONIGHT

NPV for Sprott and Central Fund of Canada

will update later tonight

1. Central Fund of Canada: traded at Negative 2.4 percent to NAV usa funds and Negative 1.9% to NAV for Cdn funds!!!! 
Percentage of fund in gold 62.6%
Percentage of fund in silver:37.5%
cash .-0.1%( Oct25/2017) 
2. Sprott silver fund (PSLV): STOCK   FALLS TO -0.55% (Oct 25/2017) 
3. Sprott gold fund (PHYS): premium to NAV FALLS TO -0.58% to NAV  (Oct 25/2017 )
Note: Sprott silver trust back  into NEGATIVE territory at -0.55%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.58%/Central fund of Canada’s is still in jail  but being rescued by Sprott.

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

(courtesy Sprott/GATA)

Sprott Inc. to take control of rival gold holder Central Fund of Canada

by THE CANADIAN PRESS

Posted Oct 2, 2017 8:43 am PDT

Last Updated Oct 2, 2017 at 9:20 am PDT

TORONTO – Sprott Inc. (TSX:SII) says it has struck a deal to take control of rival gold-holding firm Central Fund of Canada Ltd. (TSX:CEF.A) after a protracted takeover effort.

Toronto-based Sprott said Monday it will pay $120 million in cash and stock for Central Fund of Canada Ltd.’s common shares and for the right to administer and manage the fund’s assets.

The deal, which requires approval from Central Fund shareholders, would see its class A shareholders transferred to a new Sprott Physical Gold and Silver Trust.

Sprott says the deal would add $4.3 billion to its assets under management, which are focused largely on holding physical precious metals on behalf of clients, and 90,000 investors to its client base.

In March, Sprott tried to go through the Court of Queen’s Bench of Alberta to allow Central Fund’s class A shareholders to swap their shares to Sprott after the family that controls Central Fund rebuffed their attempt to make a deal.

Last year Sprott took over Central GoldTrust, a similar fund controlled by the same family, after securing support from more than 96 per cent of shareholder votes cast.

END

And now the Gold inventory at the GLD

Oct 25/NO CHANGE (SO FAR) IN GOLD INVENTORY/INVENTORY RESTS AT 853.13 TONNES

Oct 24./no change in gold inventory at the GLD/inventory rests at 853.13 tonnes

OCT 23./NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 853.13 TONNES

OCT 20/NO CHANGE IN GOLD INVENTORY AT THE GLD/ INVENTORY REMAINS AT 853.13 TONNES

oCT 19/NO CHANGE/853.13 TONNES

Oct 18 /no change in gold inventory at the GLD/ inventory rests at 853.13 tonnes

Oct 17./no change in gold inventory at the GLD/inventory rests at 853.13 tonnes

Oct 16/A HUGE WITHDRAWAL OF  5.32 TONNES FROM THE GLD/INVENTORY RESTS AT 853.13 TONNES

0CT 13/ NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 858.45 TONNES

Oct 12/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 858.45 TONNES

Oct 10/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 858.45 TONNES

Oct 9/ANOTHER DEPOSIT OF 4.43 TONNES INTO GLD/INVENTORY RESTS AT 858.45 TONNES

Oct 6/A DEPOSIT OF 2.96 TONNES OF GOLD INVENTORY INTO THE GLD/TONIGHT IT RESTS AT 854.02 TONNES

Oct 5/A LOSS OF 3.24 TONNES OF GOLD INVENTORY FROM THE GLD/INVENTORY RESTS AT 851.06 TONNES

Oct 4/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 854.30 TONNES

oCT 3/ A HUGE WITHDRAWAL OF 10.35 TONNES FROM THE GLD/INVENTORY RESTS AT  854.30 TONNES

Oct 2/STRANGE/WITH GOLD’S CONTINUAL WHACKING WE GOT A BIG FAT ZERO OZ LEAVING THE GLD/INVENTORY RESTS AT 864.65 TONNES

SEPTEMBER 29/no changes in gold inventory at the GLD/Inventor rests at 864.65 tonnes

Sept 28/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 864.65 TONNES

Sept 27/WOW!! WITH GOLD DOWN $13.25, WE HAD A HUGE 8.57 TONNES OF GOLD ADDED TO THE GLD/

Sept 26/no changes in gold inventory at the GLD/Inventory rests at 856.08 tonnes

Sept 25./Another big deposit of 3.84 tonnes into GLD/Inventory rests tonight at 856.08 tonnes

Sept 22/with gold up only 1 dollar on the day we had a massive 6.21 tonnes of gold added to the GLD/.this is a good sign that gold will advance nicely this coming week.

Sept 21/no change in gold inventory tonight/inventory rests at 846.03 tonnes

Sept 20/no change in gold inventory tonight/inventory rests at 846.03 tonnes

Sept 19/another deposit of 2.07 tonnes of gold into the GLD/inventory rests at 846.03 tonnes

Sept 18/a huge 5.32 tonnes of gold deposit into the GLD despite gold’s whack today/inventory rests at 843.96 tonnes

Sept 15./strange!!no change in GLD after the whacking of gold/inventory remains at 838.64 tonnes

Sept 14./no changes at the GLD/inventory rests at 838.64 tonnes

Sept 13/late last night a huge 4.14 tonnes of gold was added to the GLD inventory/inventory rests at 838.64 tonnes.

Sept 12/as of 5: 40 pm est, no changes in gold inventory at the GLD/Inventory rests at 834.50 tonnes

Sept 11/Today we had a rather large 2.37 tonnes of gold removed from the GLD/Inventory rests at 834.50 tonnes

Sept 8/we had a tiny withdrawal of .34 tonnes and probably that would be to pay for fees like insurance etc.

Inventory rests at 836.87 tonnes

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Oct 25/2017/ Inventory rests tonight at 853.13 tonnes
*IN LAST 258 TRADING DAYS: 87.82 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 193 TRADING DAYS: A NET  69,46 TONNES HAVE NOW BEEN ADDED INTO  GLD INVENTORY.
*FROM FEB 1/2017: A NET  38,35 TONNES HAVE BEEN ADDED.

end

Now the SLV Inventory

Oct 25/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.288 MILLION OZ

Oct 24/no change in inventory at the SLV/inventory rests at 320.288 million oz/

oCT 23./STRANGE!!WITH SILVER RISING TODAY WE HAD A HUGE WITHDRAWAL OF 1.039 MILLION OZ/inventory rests at 320.288 million oz/

OCT 20NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 321.327 MILLION OZ

oCT 19/INVENTORY LOWERS TO 321.327 MILLION OZ

Oct 18 no change in silver inventory at the SLV/inventory rest at 322.271 million oz

Oct 17/ A MONSTROUS WITHDRAWAL OF 3.494 MILLION OZ FROM THE SLV/INVENTORY RESTS AT 322.271 MILLION OZ

Oct 16/  NO CHANGES IN SILVER INVENTORY AT THE SLV.INVENTORY RESTS AT 325.765 MILLION OZ

oCT 13/ NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 325.765 MILLION OZ

Oct 12/THE LAST TWO DAYS WE LOST 1.113 MILLION OZ FROM THE SLV/INVENTORY RESTS AT 325.765 MILLION OZ

Oct 10/NO CHANGE IN INVENTORY AT THE SLV/INVENTORY RESTS AT 326.898 MILLION OZ/

Oct 9/A HUGE DEPOSIT OF 1.227 MILLION OZ INTO THE INVENTORY OF THE SLV/INVENTORY RESTS AT 326.898 MILLION OZ

Oct 6/NO CHANGE IN SILVER INVENTORY/ INVENTORY RESTS AT 325.671 MILLON OZ

Oct 5/ANOTHER WITHDRAWAL OF 944,000 OZ FROM THE SLV/INVENTORY RESTS AT 325.671 MILLION OZ

OCT 4/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 326.615 MILLION Z

Oct 3/A TINY WITHDRAWAL OF 143,000 FROM THE SLV FOR FEES/INVENTORY RESTS AT 326.615  MILLION OZ

Oct 2/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 326,757 MILLION OZ

SEPTEMBER 29/no changes in silver inventory at the SLV/inventory rests at 326.757 million oz/

Sept 28/NO CHANGES IN SILVER INVENTORY/INVENTORY RESTS AT 326.757 MILLION OZ/

Sept 27/STRANGE!! SILVER IS HIT FOR 24 CENTS YESTERDAY AND. 9 CENTS TODAY AND YET NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 326.757 MILLION OZ

Sept 26./no change in silver inventory at the SLV/.inventory rests at 326.757 million oz

Sept 25./ a big deposit of 1.842 million oz into the SLV/inventory rests at 326.757 million oz/

Sept 22/no change in silver inventory at the SLV/Inventory rests at 324.915 million oz/

Sept 21/no change in silver inventory at the SLV/Inventory rests at 324.915 million oz

Sept 20/no changes in silver inventory/Inventory remains at 324.915 million oz

Sept 19/strange!! another withdrawal of 1.134 million oz despite the rise in silver/inventory rests at 324.915 million oz

Sept 18/a withdrawal of 1.039 million oz from the SLV/Inventory rests at 326.049 million oz

Sept 15./no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/

Sept 14/no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/

Sept 13/no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/

Sept 12.2017/no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/

Sept 11.2017: no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/

Sept 8/no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/

Oct 25/2017:

Inventory 320.288 million oz
end
  • 6 Month MM GOFO

    Indicative gold forward offer rate for a 6 month duration

    + 1.39%
  • 12 Month MM GOFO
    + 1.60%
  • 30 day trend

end

 

Major gold/silver trading/commentaries for WEDNESDAY

GOLDCORE/BLOG/MARK O’BYRNE.

GOLD/SILVER

Gold Is Valuable Due to “Extreme Rarity” – Must See CNN Video

– Gold’s value due to exceptional rarity: 0.00000002% of earth’s crust is gold
– Gold’s allure and psychology behind it are steeped in history

– Gold’s colour and texture appeals to basic human survival instincts
– Gold’s sheen resembles water and “humans need water in order to survive” 

– Gold remains a sign of wealth but today is also a sign of prudence

Video Player

Source: Colorscope via CNN

Why do we love gold?

There are so many given reasons. From its presence throughout history, to its role as money, to its status as a symbol of wealth. But what is the psychology behind the human race’s ever-present love for gold? How did it begin, why has it survived for so long?

CNN’s Colourscope series has recently addressed this question in ‘The psychology of gold and why it has that allure’ video which is well worth a watch.

Who would have thought that the material we seek to gift to our love ones, store in vaults or even use in medical products first grabbed our attention because of its texture glistening like water? Or, that at its most basic level of attraction we are motivated by its colour?

The following article covers these points and more as it takes us through gold’s psychological impact on humanity, throughout history.

The article is of interest even to those who are familiar with the economic reasons as to why we invest in gold and hold it in such high financial regard. Most interestingly, our love for gold comes down to a very basic fact: the colour and its role as a material are intertwined.

You can read the article below and watch the accompanying video here.

“When you think of the color gold, images of grandeur and extravagance are likely to come to mind.
For millennia, the metal has adorned crowns and hilts of swords. It has been used to enhance paintings and ornaments to increase their value.
In some cultures, gold is a predominant feature of festivals and celebrations. In Eastern cultures, the metal is an integral part of auspicious occasions like marriages and festivals by way of gifts and sacred rituals. Gold also features heavily on the attires of brides and grooms throughout South Asia.
Humans’ fascination with gold is as old as time itself. The scarce material has a certain appeal to it.
Empires have flourished by possessing gold, wars have been fought to control regions harboring rich deposits of the metal and treasure hunters and explorers have spent a lifetime in search of it.
gold materials
But were they fascinated by the metal or its color? The two can be hard to distinguish, said Peter Oakley from the Royal College of Arts in the UK. There is crossover between gold as a material and gold as a color, he said.
“The two feed off each other. The idea of gold as a color is intimately connected with our idea of gold as a material,” he explained. So, when we think of it as a color, we unconsciously relate to the precious metal — which in turn conjures images of wealth and success.

‘Excrement of the gods’

In the book “Gold: Nature and Culture,” art historian Rebecca Zorach and filmmaker and critic Michael Phillips Jr. write that in the Andean region, “the sharp, eye-catching visual effects of shine, gleam, glint, glitter, glow, and strong colors were all considered the phenomena of sacredness.”

That led to the metal being associated with a shining, otherworldly character attributed to the gods in the religions of many different cultures. “Some of these were bodily associations,” the authors write.
The Aztecs described gold as the “excrement of the gods,” while the Incas thought of it as the “sweat of the sun.” In ancient Egypt, gold was considered the “flesh of the gods.” Across cultures, it was a sacred material.
The book goes on to illustrate the importance of gold in health and medicine. Chinese alchemists believed that drinking potable gold in the form of elixirs, eating from gold plates and using gold utensils helped attain longevity.
“Before the 20th century, gold was used to treat conditions as varied as syphilis, heart disease, smallpox and melancholia,” the book notes.
Today, gold compounds are still thought to have some anti-inflammatory effects.
gold medicine

Attracting the eye

The incorruptible nature of gold has an otherworldly allure to it and the reflective quality of the metal gives the impression that it glows from the inside, said Oakley.

When viewed by candlelight, gilded medieval manuscripts, statues and icons in the Eastern Orthodox Church exuded a transcendental quality, glowing as if they were illuminated from the inside.
“The color gold causes the eye to move because of the glistening and seemingly moveable surface, similar to the way water moves,” said Leatrice Eiseman, executive director of Pantone Color Institute. “Human eyes are always attracted to any surface that has that glistening or undulating movement. This is because humans need water in order to survive.”
The origin of gold is closely tied to the sun, adds Eiseman. “Gold is connected to all things that grow and thrive as the sun enables that growth.”

Evoking emotion

Human vision can discriminate millions of colors, but it can discriminate trillions of chromatures — colored textures, said Donald Hoffman, professor of cognitive science at University of California, Irvine.

“It is the chromature that targets the human emotions more specifically than uniform color patches,” he said.
Hoffman believes the reason chromatures can target human emotions more specifically than uniform color patches is that they contain far more information than color patches.
He demonstrated the concept with two pictures — a section of brown grizzly bear fur and the same brown color in plain background. When looking at the chromature, our mind can immediately grasp that we are looking at a bear, he explained.
“Evolution would have more success training the emotional system to be wary of the bear fur chromature than to be wary of the uniform color patch of the same average color.”
Similarly, when we look at a gold ring versus a standard patch of uniform color, we see interesting highlights on the ring because the metal is highly reflective.
“Companies are using genetic algorithms to evolve chromatures and target specific emotions they want people to experience with respect to their product or brand. It turns out to be quite powerful,” he adds. For example, “A company might, for instance, want to convey the idea that their product is soft and warm. Then we would start with closeup images of patches of soft things, such as the fur of a rabbit and the down of a goose, and warm things, such as glowing embers of charcoal or a warm sunset,” Hoffman explained.
The same could be applied to evoke emotions linked to gold — how does it make you feel?

A sign of success and achievement

In ancient Rome and medieval Europe, sumptuary laws prohibited people from wearing too much gold — or not wearing it at all unless they were from a noble family.
Gold leaf has been used liberally in artwork which hinted at the status of the patron who commissioned it.
All societies value gold and investing in gold has survived for centuries through marketing — even glorified.
“(Gold) carries with it the messaging that you should own it. It is a learned, conditioned response,” said Eiseman — but not so much that it becomes tacky, she adds.
gold bling rapper
In popular culture, musicians flaunt their gold bling. The underlying message being that they are good at what they do and have amassed a lot of wealth. “In a lot of cultures, the word for money derives from the word for gold. In China, the ideogram for money is the ideogram for gold,” Oakley said.
Gold continues to be featured heavily in religion and religious rituals alike. It decorates the papal regalia, spires, domes and minarets of temples, churches, monasteries and mosques worldwide.

Golden trophies like Olympic medals, the Nobel Prize, Oscars and Emmys are presented to people who display a unique talent. “The idea is the prize made of a rare material is given to people with display talent as rare as the material,” said Sally Augustin, an environmental and design psychologist.

Psychologically, this results in gold being a color of motivation.

Are you motivated?”

People have achieved financial freedom with gold throughout history and the prudent one’s are doing so today.

News and Commentary

Gold slips on firmer equities, dollar amid Fed chair speculation (Reuters.com)

Investors Are Dumping This Silver ETF at the Fastest Pace Since 2011 (Bloomberg.com)

U.S. Stocks on Record Run After Strong Earnings (Bloomberg.com)

Bitcoin Retreats as Another Cryptocurrency Offshoot Appears (Bloomberg.com)

Noble Group’s Next Battle Will Be Over $3 Billion Debt Pile (Bloomberg.com)

U.S. jury finds ex-HSBC executive guilty of fraud in $3.5 billion currency trade (Reuters.com)


Source: Bloomberg

Here’s Why Bitcoin Won’t Replace Gold So Easily (Forbes.com)

Americans Have More Debt Than Ever — Creating An Economic Trap (BusinessInsider.com)

Here Is The IMF’s Global Financial Crash Scenario (ZeroHedge.com)

Politicians and Unfolding Pensions Disaster – Are You Infuriated Yet? (GoldSeek.com)

History Of Gold and Silver Flows From South America to Medieval Europe and Today (LMBA.org)

Gold Prices (LBMA AM)

25 Oct: USD 1,273.00, GBP 964.81 & EUR 1,081.67 per ounce
24 Oct: USD 1,278.30, GBP 970.36 & EUR 1,087.32 per ounce
23 Oct: USD 1,275.25, GBP 967.79 & EUR 1,085.62 per ounce
20 Oct: USD 1,280.25, GBP 974.27 & EUR 1,084.76 per ounce
20 Oct: USD 1,280.25, GBP 974.27 & EUR 1,084.76 per ounce
19 Oct: USD 1,283.40, GBP 975.64 & EUR 1,087.42 per ounce
18 Oct: USD 1,280.65, GBP 972.53 & EUR 1,090.47 per ounce

Silver Prices (LBMA)

25 Oct: USD 16.89, GBP 12.75 & EUR 14.34 per ounce
24 Oct: USD 17.04, GBP 12.92 & EUR 14.49 per ounce
23 Oct: USD 17.00, GBP 12.90 & EUR 14.47 per ounce
20 Oct: USD 17.08, GBP 12.96 & EUR 14.46 per ounce
20 Oct: USD 17.08, GBP 12.96 & EUR 14.46 per ounce
19 Oct: USD 17.03, GBP 12.93 & EUR 14.40 per ounce
18 Oct: USD 16.95, GBP 12.86 & EUR 14.42 per ounce


Recent Market Updates

– Gold Is Better Store of Value Than Bitcoin – Goldman Sachs
– Next Wall Street Crash Looms? Lessons On Anniversary Of 1987 Crash
– Key Charts: Gold is Cheap and US Recession May Be Closer Than Think
– Gold Up 74% Since Last Market Peak 10 Years Ago
– How Gold Bullion Protects From Conflict And War
– Silver Bullion Prices Set to Soar
– Brexit UK Vulnerable As Gold Bar Exports Distort UK Trade Figures
– Puerto Rico Without Electricity, Wifi, ATMs Shows Importance of Cash, Gold and Silver
– U.S. Mint Gold Coin Sales and VIX Point To Increased Market Volatility and Higher Gold
– Global Outlook – Mad, Mad, Mad, MAD World: News in Charts
– Young Guns of Gold Podcast – ‘The Everything Bubble’
– London House Prices Are Falling – Time to Buckle Up
– Perth Mint Gold Coins Sales Double In September

end

Gold trading this morning:

Someone Just Panic-Bid For Over $2 Billion Notional In Gold Futures…

Shortly after Mexico announced it would increase its FX hedging program due to inflation fears, someone decided it was the right time to buy over 17,000 gold futures contracts (over $2 billion notional), driving the precious metal up to its 100DMA once again

Gold has been hovering around its 100DMA for 6 days…

And silver is also spiking…

The gold crime technical analysis can’t see or defend against

 Section: 

12:42p CT Tuesday, October 24, 2017

Dear Friend of GATA and Gold:

There’s a little progress this week in the field of gold market analysis, for in his latest commentary, headlined “Motive, Means, and Opportunity, But No Crime” —

http://tsi-blog.com/2017/10/motive-means-and-opportunity-but-no-crime/

— The Speculative Investor’s Steve Saville has acknowledged that governments and central banks have an interest in knocking the gold price down and the ability to do it.

But Saville insists that there is no evidence that they have been doing it, no evidence of any crime, and he is sure that no crime has been committed because the gold price is following his predictive model.

Of course if governments and central banks agreed with Saville’s model, they would not be constantly intervening surreptitiously in the gold market just for fun. They do it for policy purposes, as the Reserve Bank of Australia acknowledged until GATA started calling attention to it:

“Foreign currency reserve assets and gold,” the Reserve Bank of Australia said in its annual report in 2003, “are held primarily to support intervention in the foreign exchange market.”

See: http://www.gata.org/files/ReserveBankOfAustralia-AnnualReport2003.p

Consumed by his technical analysis, Saville dares not address any of the documentation of this intervention, like the documentation available in the bowels of reports from the Bank for International Settlements.

For the documents are indisputable.

Here on its internet site the BIS acknowledges its operations as the gold and gold derivatives broker for central banks:

http://www.bis.org/banking/finserv.htm

The relevant section is isolated in PDF format here:

http://www.gata.org/files/BISForex&GoldServices.pdf

Here on Page 191 of its 2017 annual report the BIS discloses its return to the gold swap business in the preceding 12 months, having moved suddenly from zero tonnage in swaps to 438 tonnes:

http://www.bis.org/publ/arpdf/ar2017e.pdf

The relevant page is isolated in PDF format here:

http://www.gata.org/files/BISGold&GoldLoans2017.pdf

In this page from a presentation made by the BIS to prospective central bank members at a meeting at BIS headquarters in Basle, Switzerland, in June 2008, the bank actually advertises that its services include secret interventions in the gold market:

http://www.gata.org/files/BISAdvertisesGoldInterventions_0.pdf

What does Saville suppose is the purpose of these interventions if not to affect gold’s price, especially amid all the records in government archives found by GATA and its friends affirming the objective of Western central banks to remove gold from the international financial system?

Does any gold investor who lived through the price smash of April 2013 really feel that the monetary metal resolutely follows Saville’s idea of its “fundamentals”?

The crime that Saville doesn’t see is far bigger than any particular price movement that might not accord with his model. The crime is the surreptitious intervention itself, regardless of whether it fully achieves its objectives. Interventions by governments in supposedly free markets should be open and acknowledged so that governments can be held accountable and investors are not deceived.

Nobody’s technical analysis of markets can defend against that.

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

end

For those of you who are following Agnico Eagle, they have come up with another huge quarter with record production of 454,000 oz.  Next year they will hit their target of 2.0 million per year.  They increased their dividend to 11 cents usa per quarter.

Agnico Eagle Reports Third Quarter 2017 Results Including Record Quarterly Gold Production; Improved 2017 Production and Cost Guidance; Nunavut Projects Remain on Schedule and on Budget; Dividend Increased by 10%

October 25, 2017

Stock Symbol: AEM (NYSE and TSX)
(All amounts expressed in U.S. dollars unless otherwise noted)

TORONTO, Oct. 25, 2017 /PRNewswire/ – Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) (“Agnico Eagle” or the “Company”) today reported quarterly net income of $71.0 million, or $0.31 per share, for the third quarter of 2017.  This result includes non-cash foreign currency translation gains on deferred tax liabilities of $5.7 million ($0.03 per share), unrealized gains on financial instruments (net of tax) of $5.3 million ($0.02 per share), non-cash foreign currency translation losses of $4.3 million ($0.02 per share) and various mark-to-market and other adjustment losses (net of tax) of $2.2 million ($0.01 per share).  Excluding these items would result in adjusted net income1 of $66.5 million or $0.29 per share for the third quarter of 2017.  In the third quarter of 2016, the Company reported net income of $49.4 million or $0.22 per share.

Not included in the third quarter of 2017 adjusted net income is non-cash stock option expense of $3.7 million ($0.02 per share).

For the first nine months of 2017, the Company reported net income of $208.8 million, or $0.91 per share.  This compares with the first nine months of 2016 when net income was $96.2 million, or $0.43 per share.  Financial results in the 2017 period were positively affected by higher gold sales volumes (approximately 3%) and lower depreciation expense partly offset by lower realized gold prices.

In the third quarter of 2017, cash provided by operating activities decreased to $194.1 million ($207.9 million before changes in non-cash components of working capital) compared with cash provided by operating activities of $282.9 million in the third quarter of 2016 ($233.7 million before changes in non-cash components of working capital).  The decrease in cash provided by operating activities before changes in non-cash components of working capital during the current period was largely due to lower realized gold prices.

________________________

1Adjusted net income is a non-GAAP measure. For a discussion regarding the Company’s use of non-GAAP measures, see “Note Regarding Certain Measures of Performance”.

For the first nine months of 2017, cash provided by operating activities was $600.6 million($629.9 million before changes in non-cash components of working capital), as compared with the first nine months of 2016 when cash provided by operating activities was $658.0 million ($593.9 million before changes in non-cash components of working capital).  The increase in cash provided by operating activities before changes in working capital during the first nine months of 2017 was mainly due to a combination of higher gold and by-product metals sales volumes partly offset by lower realized gold prices.

“We continued to see strong operating performance in the third quarter, culminating in record gold production and strong cash flow generation.  Given these strong results, we have increased our 2017 production guidance and have increased our dividend by 10%”, said Sean Boyd, Agnico Eagle’s Chief Executive Officer.  “Our major projects in Nunavutcontinue to advance on time and on budget and we are excited by the significant growth in gold production and the related cash flows that these projects are forecast to provide”, added Mr. Boyd.

Third quarter 2017 highlights include:

  • Continued strong operating performance yields record quarterly gold production – Payable gold production2 in the third quarter of 2017 was 454,362 ounces at production costs per ounce of $578, total cash costs3 per ounce of $546 and all-in sustaining costs per ounce 4 (“AISC”) of $789
  • Higher than expected grades and tonnage drive record quarterly gold production at the LaRonde mine – Payable gold production in the third quarter of 2017 was 105,345 ounces at production costs per ounce of $377 and total cash costs per ounce of $328
  • Full year production guidance increased and unit cost forecasts reduced – Given the strong nine month operational performance, 2017 production is now expected to exceed 1.68 million ounces of gold compared to previous guidance of 1.62 million ounces of gold. Total cash costs per ounce are now expected to be $570 to $600(previously $580 to $610) and AISC are expected to be $820 to $870 per ounce (previously $830 to $880)
  • Meliadine project continues to advance on schedule and on budget – Surface construction activities are progressing well, with outside cladding and roofing expected to be completed on the mill facility, multi-service building and powerhouse in November 2017. Underground development is on plan and critical mining equipment, which was received during the 2017 summer sealift, is currently being commissioned
  • Drilling at Amaruq extends Whale Tail mineralization at depth, and demonstrates continuity and improving grades in the eastern part of V Zone – Significant results include: 7.3 grams per tonne (“g/t”) over 16.1 metres at a depth of 627 metres at Whale Tail and 20.6 g/t gold over 6.2 metres at the V Zone at 452 metres depth, beneath the current planned pit outline
  • Quarterly dividend increased by 10% – Company has declared an $0.11 quarterly dividend. The previous quarterly dividend was $0.10

end


Your early WEDNESDAY morning currency, Asian stock market results,  important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/9 AM EST

 
 i) Chinese yuan vs USA dollar/CLOSED DOWN AT 6.6450/shanghai bourse CLOSED UP AT 8.65 POINTS .24%   / HANG SANG CLOSED UP 147.92 POINTS OR 0.53% 

2. Nikkei closed DOWN 97.55 POINTS OR 0.45%     /USA: YEN RISES TO 114.14

3. Europe stocks OPENED IN THE GREEN/EXCEPT LONDON ( /USA dollar index RISES TO  93.84/Euro UP to 1.1775

3b Japan 10 year bond yield: RISES  TO  -+.07/ GOVERNMENT INTERVENTION    !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 113.72/ 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::  52.39 and Brent: 58.41

3f Gold DOWN/Yen DOWN

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 U[ or Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO  +.488%/Italian 10 yr bond yield UP to 2.06%  /SPAIN 10 YR BOND YIELD DOWN TO 1.639%  

3j Greek 10 year bond yield RISES TO  : 5.58???  

3k Gold at $1273.20 silver at:16.87:  6 am est)   SILVER NEXT RESISTANCE LEVEL AT $18.50 

3l USA vs Russian rouble; (Russian rouble UP 10/100 in  roubles/dollar) 57.54

3m oil into the 52 dollar handle for WTI and 58 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 114.14 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  0.9926 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1689 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 RISING to  +0.488%

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 2.444% early this morning. Thirty year rate  at 2.957% /

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

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

Bond Yields Break Out Around The World As Japan’s Record Stock Rally Ends

S&P futures are fractionally in the red while traders await President Trump’s pick for Fed chair and more clues on the fate of tax reform; Asian stocks slide, European shares are little changed ahead of tomorrow’s ECB tapering announcement as US 10Y yields finally break out of their multi-month range below 2.40%…

 

… pushing wider to 2.45%, the highest since March, following a rout in Chinese government bonds markets, where the 10-year yield rose by 6 basis points, the most since May 10, to 3.79% the highest level since December 2014 as the central bank halted cash injections and after comparable U.S. yields surged 5 bps on Tuesday. Of note, traders were concerned about the sudden shift in the PBOC posture, which did not inject money on a net basis for the first time in 6 days.

In addition to China, in the US, 10Y yields climbed toward 2.45% , while those of most government bonds in Europe followed the move higher after data showed German Ifo business confidence unexpectedly rose to a record high in October.

The record jump in the Ifo prompted some to wonder if a Bund crash is imminent:

Bond bubble in one chart: 10y Bund yields remain at depressed levels despite Ifo business index at all-time high. Is a Bund crash imminent?

 The breakout in yields also prompted Jeff Gundlach to tweet on Tuesday night that “the moment of truth has arrived for secular bond bull market! Need to start rallying effective immediately or obituaries need to be written.

The moment of truth has arrived for secular bond bull market! Need to start rallying effective immediately or obituaries need to be written.

On Tuesday, a source familiar with the matter said U.S. President Donald Trump had polled Republicans on whether they would prefer Stanford University economist John Taylor or current Fed Governor Jerome Powell to be the next U.S. central bank chief, and more senators preferred Taylor. That helped send the index that measures the dollar against a basket of peers up 0.3 percent, pushing the USDJPY above 114.

The dollar also got support from the yield on the U.S. 10-year Treasury. It was at 2.42 percent having finally broken above the long-standing 2.4 percent barrier this week.  For Fed-focused traders, Taylor is seen as someone who could quicken the pace of interest rate increases compared with Fed Chair Janet Yellen, whose term expires next February.

“Anything that reduces the probability of Yellen being reappointed necessarily means the Fed looks more hawkish than it would otherwise,” said the RBC’s head of currency strategy Adam Cole, in London. “The general perception is that there’s no one more dovish than Yellen,” he said.

The sell-off in Treasuries gained momentum as gilts slid after better-than-expected U.K. GDP, pushing the 10-year yield above 2.45% for the first time in seven months. The Bloomberg Dollar Spot Index’s gains were held back by a rally in cable as the U.K. growth data kept BOE November-hike odds intact. The same didn’t apply for RBA as the latest Australian inflation data missed estimates and the Aussie hit a three-month low. The euro flat lined as all eyes are now on the ECB decision Thursday; bunds dropped a second day.

Sterling got a boost after data showed Britain’s economy picked up speed in the third quarter, bolstering the case for the Bank of England to raise UK interest rates next week for the first time in more than a decade.

There were several notable developments in Europe:

  • Spanish Senate summoned the Catalan President for 10:00am local time this Friday.
  • Spanish PM Rajoy states that the only option now is for elections in Catalonia.
  • UK GDP Prelim QQ (Q3) 0.4% vs. Exp. 0.3% (Prev. 0.3%); UK GDP Prelim YY (Q3) 1.5% vs. Exp. 1.4% (Prev. 1.5%)
  • German Ifo Expectations (Oct) 109.1 vs. Exp. 107.3 (Prev. 107.4, Rev. 107.5); German Ifo Current Conditions (Oct) 124.8 vs. Exp. 123.5 (Prev. 123.6, Rev. 123.7)
  • The ECB are divided over the wisdom of declaring an end to QE with hawks admitting that the door cannot be locked when it comes to QE but it must be clear that the door is nowhere near as open as it once was. (FT)

Europe’s Stoxx Europe 600 Index swung before advancing as companies in the region reported mixed results. Benchmarks in Asia were mixed with the MSCI Asia Pacific Index trading sideways, but all attention was on Japan where Japanese stocks fell for the first time in 13 days while the Nikkei 225 snapped its record 16-day rally, as technical indicators suggested the advance was too rapid. Defensive stocks, including telecommunications and pharmaceutical companies, were among the heaviest drags on the Topix. Still, even after Wednesday’s declines, the 14-day relative strength indexes for both the Nikkei 225 and Topix remained well above the level of 70 that indicates shares are overbought.

“The stock market is wary of the rally, which could prompt some investors to take on profits,” said Hiroaki Hiwada, a strategist at Toyo Securities Co. in Tokyo. “Yet, there are some investors who want to buy on price dips.” Stocks gained earlier in the session, with banks providing the biggest support for the broad market, after the yen traded near a three-month low against the dollar and the Dow Jones Industrial Average reached a record high.

Also in Asia, India’s S&P BSE Sensex soared as much as 1.6% after Prime Minister Narendra Modi’s government said late on Tuesday it will inject an unprecedented 2.11 trillion rupees ($32 billion) into the banks over two years to revive growth.

As the Chinese Party Congress concluded, President Xi Jinping was renamed as Communist Party General Secretary as expected. Furthermore, China kept the Politburo Standing Committee to 7 members with only President Xi and Premier Li retaining their positions in the highest body of the central committee, while there was also no clear successor for President Xi Jinping, suggesting he may remain in control for decades.

Back in the US, with equities at or near records globally, investors are looking hard at earnings and economic data for indications of broadening growth that may keep the rally alive. The big U.S. results from Tuesday certainly helped, with more to come this week as well as the latest American GDP reading. Whether the global economy is stable enough to exist on its own is a key question as the Federal Reserve and other central banks start to pull back on emergency monetary stimulus. The ECB will announce a reduction in the size of its monthly bond buying at its policy meeting Thursday, the biggest scheduled event for markets this week.

“Calling the end of this market at the moment is very, very tricky because interest rates are going to remain low, earnings are OK,” Neil Dwane, global strategist at Allianz Global Investors, said on Bloomberg Television. “‘We are seeing good economic performance out of Europe, but all the equity markets now need earnings to rise.”

In commodities, Crude oil futures caught their breath after rising more than 1 percent overnight after top exporter Saudi Arabia said it was determined to end a supply glut. Prices also drew support from forecasts of a further drop in U.S. crude inventories as well as nervousness over tensions in Iraqi Kurdistan. Brent crude was up 0.2 percent at $58.41 a barrel, while U.S. crude was down 0.3 percent at $52.31. Spot gold decreased 0.4 percent to $1,272.20 an ounce, the weakest in almost three weeks. Copper declined 0.7 percent to $3.18 a pound, the biggest fall in more than a week. LME nickel decreased 1.1 percent to $11,865 per metric ton, the largest dip in four weeks.

In currencies, the Bloomberg Dollar Spot Index increased 0.1 percent to the highest in almost 15 weeks. The euro climbed 0.1 percent to $1.1767. The British pound gained 0.6 percent to $1.3209, the strongest in more than a week on the largest climb in more than two weeks

In rates, as noted above, it’s been a rout, The yield on 10-year Treasuries increased three basis points to 2.45 percent, the highest in about seven months. Germany’s 10-year yield climbed one basis point to 0.49 percent, the highest in 12 weeks. Britain’s 10-year yield gained four basis points to 1.397 percent, the highest in almost nine months.

Economic data include durable goods orders, new home sales. Scheduled earnings include Visa, Coca-Cola, Boeing.

Bulletin Headline Summary from RanSquawk

  • UK beat expectations on both Y/Y and Q/Q GDP figures resulting in GBP buying.
  • AUD/USD slid following softer than expected Australian Q3 CPI in which all components of the release missed estimates
  • Looking ahead, highlights include US Durables, New Home Sales, BoC, DoEs and US 5yr Auction

Market Snapshot

  • S&P 500 futures down 0.2% to 2,563.50
  • STOXX Europe 600 down 0.07% to 389.05
  • MSCI Asia down 0.01% to 166.94
  • MSCI Asia ex Japan up 0.2% to 548.47
  • Nikkei down 0.5% to 21,707.62
  • Topix down 0.3% to 1,751.43
  • Hang Seng Index up 0.5% to 28,302.89
  • Shanghai Composite up 0.3% to 3,396.90
  • Sensex up 1.4% to 33,072.26
  • Australia S&P/ASX 200 up 0.1% to 5,905.60
  • Kospi up 0.08% to 2,492.50
  • German 10Y yield unchanged at 0.475%
  • Euro up 0.06% to $1.1768
  • Brent Futures down 0.2% to $58.20/bbl
  • Italian 10Y yield rose 5.5 bps to 1.792%
  • Spanish 10Y yield fell 3.5 bps to 1.622%
  • Gold spot down 0.3% to $1,273.37
  • U.S. Dollar Index up 0.1% to 93.90

Top Overnight News

  • Australia’s core inflation unexpectedly slowed in the September quarter as electricity prices spiked by less than forecast
  • German Ifo business confidence unexpectedly rose to a record high of 116.7 in October, signaling that growth momentum in Europe’s largest economy remains far from waning; that was up from a revised 115.3 in September while economists surveyed by Bloomberg expected a drop to 115.1
  • Saudi Arabia’s sovereign- wealth fund will borrow to boost returns from its investments as it seeks to diversify the kingdom’s oil-dependent economy
  • China’s twice-a-decade meeting of the Communist Party ended in triumph for President Xi Jinping. Not only was his name and ideology elevated into the party’s constitution, he broke with convention in the new leadership lineup unveiled Wednesday and chose not to anoint a successor
  • U.K. Brexit Secretary David Davis sees Brexit breakdown with no deal at all as very unlikely
  • Janet Yellen’s only advocate in the White House may be the one person who matters most: President Donald Trump. The incumbent Federal Reserve chair was impressive in an Oval Office interview with Trump on Thursday, several people familiar with the matter said.
  • The U.S. Senate moved Tuesday to overturn a rule aimed at making it easier for customers to sue banks, handing financial firms a big win in their battle against post-crisis regulations
  • Chinese President Xi Jinping unveiled a new leadership line-up that didn’t include a clear potential heir, breaking with a quarter-century-old succession system and raising the chances that he might seek to stay in office beyond 2022
  • Blackstone May Double Assets to $800 Billion in Five Years
  • Starbucks Is in Hot Water Over California’s Toxic Warning Law
  • AT&T Outpaced in Subscriber Additions by T-Mobile, Verizon
  • Innotek ’Just Starting’ IPhone X Camera Module Mass Production

Asia-Pac stock markets were mixed after another record setting day for the DJIA which was underpinned by industrials after strong Caterpillar results and with outperformance in financials on rising yields amid prospects of a hawkish Fed Chair. However, gains in the Asia-Pac region were minimal for want of a catalyst, with ASX 200 (+0.1%) and Nikkei 225 (-0.4%) mixed. Hang Seng (+0.6%) and Shanghai Comp. (+0.1%) traded the green amid continued liquidity efforts by the PBoC, but with upside contained in the mainland as China remained focused on stability and earnings, as well as the unveiling of the nation’s politburo standing committee. Finally, 10yr JGBs were flat with demand subdued after the downside seen in USTs and as the win streak in Japanese stocks remained intact, although losses were also stemmed amid the BoJ’s Rinban operation for JPY 880bln in JGBs across the curve. PBoC injected CNY 100bln via 7-day reverse repos and CNY 60bln via 14-day reverse repos. PBoC set CNY mid-point at 6.6322 (Prev. 6.6268)

Top Asian News

  • Japan Stock Boom Seen Driven by Profits That Still Hinge on Yen
  • Japanese Stocks Fall, Bringing Nikkei 225’s Record Run to End
  • Japanese Insurers Plan to Pour More Funds Into Foreign Bonds
  • New Zealand’s Ardern Unveils Cabinet as New Blood Takes the Helm
  • How India’s $32 Billion Bank Recap Plan Is Expected to Play Out
  • China Communist Party’s New Leadership Lineup: What We Learned

In Europe, the 9.30 UK data was highly anticipated as there was outside chatter that a miss in the UK GDP data would drastically diminish the chance of a 2017 hike from the BoE. The beats across the board from the data resulted in weight in Equity markets, sectors have been weighed on, with the exception of financials, which have scampered into the green. European equities continue the week in being dictated by earning, with Kering seeing out-performance following their Q3 figures. Gilts and Short Sterling contracts declined on the firmer than expected ONS release, which naturally raises the prospect of a November hike (now seen at 80%+ against 78.5% pre-GDP data and as low as 60% recently). The 10 year benchmark has now been down to 123.77 on a second wave of selling, while the 3 month strip is 1-2 ticks in the red, but as much as 3 ticks below Tuesday closes at one stage (6.5k lot buyers seen before 9.30BST – Mar18 at 99.360 most recently – perhaps liquidating positions swiftly). Focus now switches to the German Bund auction, with the Bund future now trading through 161.00.The core Eurex bond was already on the wane again in wake of an upbeat German Ifo survey, but extended its reversal from early session peaks (161.31) largely in sympathy with UK Gilts, which have now posted another fresh session base at 123.63 and are still wilting. Bunds have finally broken down through 161.00 to a low of 160.92, with the corresponding 10 year cash yield heading for 0.5% and as noted previously this could also be due to some supply hedging. Ironically, the extra concession may entice buyers and a solid auction result could see hedges unwind to the benefit of the German benchmark future, not to mention a bullish option trade that saw Nov 162 calls bought outright from 15-19 ticks in some 20k or even 23750 lots.

Top European News

  • Capgemini CEO Says IT and Ad Sectors Together Is Culture Stretch
  • The Seven Men Who Will Rule China for the Next Five Years
  • Nordea To Be Systematic Internalizer in FX, Bonds, Derivatives
  • Barclays May Face Investor Jitters on Credit-Card Defaults
  • Swiss Fund Manager Vontobel Plans Active Role in Geneva Bank M&A
  • Lloyds Drops as Rising Impairments Outweigh ‘Solid’ 3Q Results

In FX, the aforementioned UK data led to volatility in GBP pairs, which the majority of FX traders waiting for the 9.30 figures, with many of the other pairs seeing subdued trade. Following the figures, GBP/USD saw a 50-pip bullish push, spiking through 1.3170, as EUR/GBP looks toward 0.8930. The main mover overnight was the AUD in which the currency fell to a low of 0.7715 after the latest inflation figures fell across the board. In turn, the subdued CPI figures are likely to push back RBA tightening expectations. Levels to look out for to the downside is the 200DMA at 0.7694. The move in AUD has replaced NZD as being the driver for AUD/NZD which has pulled back from its recent highs to trip through 1.12. Mexican Economy Minister says has no issue with any NAFTA pledge to prevent FX manipulation, provided it doesn’t affect domestic monetary policy. New Zealand PM designate Ardern names Grant Robertson as Finance Minister

In commodities, oil has seen a downtick in the European morning, as many of the API gains have been retraced. The offers were fuelled by the rejection of yesterday’s 52.60 WTI high, with a push for 52.00 now likely. Elsewhere, gold has followed the recent tone and seen selling pressure alongside treasuries, as the global hawkish tone growing, supported by outside chances of a hawkish Fed Chair, alongside the increased likelihood of BoE  tightening. With Gold’s break of the weekly low, a bearish attack of October’s 1261.07 low.  Crude oil flow rate through Iraqi Kurdistan pipeline to
Turkey up slightly at around 250kbpd from 300kbpd, according to
Shipping source.

Looking at the day ahead, it’s a fairly busy day for data. In the morning the
German IFO survey for October and advance reading of Q3 GDP for the UK are
due, both of which beat expectations, with German IFO hitting record highs on both expectations and current conditions. In the US the flash durable and capital goods orders data for September are
due, along with September new home sales and the August FHFA house price
index.  Coca-Cola, Boeing and
Lloyds are among the companies due to release earnings.

US Event Calendar

  • 7am: MBA Mortgage Applications, prior 3.6%
  • 8:30am: Durable Goods Orders, est. 1.0%, prior 2.0%; Durables Ex Transportation, est. 0.5%, prior 0.5%
    • Cap Goods Orders Nondef Ex Air, est. 0.3%, prior 1.1%; Cap Goods Ship Nondef Ex Air, est. 0.1%, prior 1.1%
  • 9am: FHFA House Price Index MoM, est. 0.4%, prior 0.2%
  • 10am: New Home Sales, est. 554,000, prior 560,000; New Home Sales MoM, est. -1.07%, prior -3.4%

DB’s Jim Reid concludes the overnight wrap

(SEE ZEROHEDGE)

end

3. ASIAN AFFAIRS

i)Late TUESDAY night/WEDNESDAY morning: Shanghai closed UP 8.65 points or .24% /Hang Sang CLOSED UP 147.92 pts or 0.53% / The Nikkei closed DOWN 97.55 POINTS OR .45/Australia’s all ordinaires CLOSED UP 0.17%/Chinese yuan (ONSHORE) closed DOWN  at 6.645/Oil UP to 52.39 dollars per barrel for WTI and 58.41 for Brent. Stocks in Europe OPENED IN THE GREEN EXCEPT LONDON  .  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.645. OFFSHORE YUAN CLOSED WEAKER TO THE ONSHORE YUAN AT 6.647 AND //ONSHORE YUAN  WEAKER AGAINST THE DOLLAR/OFF SHORE WEAKER TO THE DOLLAR/. THE DOLLAR (INDEX) IS STRONGER AGAINST ALL MAJOR CURRENCIES. CHINA IS NOT HAPPY TODAY.

3a)THAILAND/SOUTH KOREA/NORTH KOREA

NORTH KOREA/BRITAIN/USA

END

3b) REPORT ON JAPAN

3C. CHINA REPORT.

It sure looks like Xi could rule for years as China unveiled its new leadership team at the close of the 19th Congress.  We have highlighted the team that walked out with Xi:

(courtesy zerohedge)

Xi Could Rule For “Decades” As China’s New Leadership Team Unveiled

Xi solidified his power base with loyalists without signalling a successor. It’s looking increasingly like China and the rest of the world will be stuck with Xi Jinping beyond 2022.

As the BBC reports, China has revealed its new senior leadership committee, breaking with tradition by not including a clear successor to President Xi Jinping. The omission cements Mr Xi’s grip on China for the next five years and possibly beyond, a day after his name was written into the constitution.

Five new appointments were made to the seven-member Politburo Standing Committee, China’s most powerful body, while the absence of an heir raises questions over how long Mr Xi intends to rule…Apart from 64-year-old Mr Xi, premier Li Keqiang, 62, was the only committee member to retain his position. Chinese leaders have in recent decades hinted at one or more possible heirs to the Standing Committee at the beginning of their final term, indicating a clear line of succession. There had been speculation that Mr Xi would elevate his protégé Chen Miner and Guangdong party secretary Hu Chunhua, both of whom are in their 50s – young enough to be credible successors. But the six dark-suited men who walked out on stage on Wednesday were all in their 60s and are all likely to retire at the end of this five-year term. The absence of any younger members will fuel speculation about Mr Xi’s long-term intentions and his eventual successor. There had been rumors that Mr Xi would reduce the size of the Standing Committee from seven to five, further tightening his control, but they proved unfounded.

The apparent absence of potential successors in the Standing Committee consolidates power with Mr Xi for the next five years, and points to a continued role for him after 2022.

Meanwhile, several of the world’s highest profile media organizations were excluded from the event as the BBC lamented: news organisations, including the BBC, Financial Times and The New York Times were denied access to the announcement, at Beijing’s Great Hall of the People. The Foreign Correspondent’s Club of China said in a statement it was “gross violation of the principles of press freedom”.

Did they expect press freedom?

* * *

Back to Xi, who in Bloomberg’s opinion, could rule China for “decades.”

Chinese President Xi Jinping unveiled a new leadership line-up that included no clear potential heirs, breaking with a quarter-century-old succession system and raising the chances that he might seek to stay in office beyond 2022. All five men appointed to join Xi and Premier Li Keqiang on the Politburo Standing Committee will be too old to rule for a decade after Xi finishes his second term. Those promoted were Xi chief of staff Li Zhanshu, 67; Vice Premier Wang Yang, 62; party theorist Wang Huning, 62; party personnel chief Zhao Leji, 60; and Shanghai party secretary Han Zheng, 63. “Forty years of reform and opening up has made it possible for our people to lead decent, even comfortable lives,” Xi said in remarks to reporters in Beijing. “It’s my conviction that the great rejuvenation of the Chinese nation will become a reality.” The new line up — coupled with revisions to the party charter that elevated Xi’s status — lays the groundwork for him to influence the world’s second-biggest economy for decades to come. Last week he outlined a vision to turn China into a leading global power by 2050, with a thriving middle class, strong military and clean environment. “Xi’s strength also means he does not have to accept a designated successor from his predecessors,” said Dali Yang, a political scientist with the University of Chicago. “Now that he is the undisputed leader, the next five years should be calmer than the last five.”

On the Politburo, however, there are some potential successors according to Bloomberg.

The Politburo featured three younger officials who could potentially succeed Xi. They included Chen Miner, 57, Chongqing party chief and former Xi aide; Ding Xuexiang, 55, who appears in line to become Xi’s new chief of staff; and Hu Chunhua, 54, Guangdong party chief and the protege of Xi’s predecessor. The group also included Liu He, one of Xi’s closest financial and economic advisers, and Yang Jiechi, a former foreign minister who becomes the first top diplomat on the Politburo since 1992…While Xi could still promote a successor at any point, Wednesday’s announcement signalled a willingness to depart from the norms established by Deng and return China to a personality-driven model that allocates him even greater authority. Joseph Fewsmith, a political science professor at Boston University who has studied China’s elite politics for more than three decades, said that naming an heir now would’ve weakened Xi as the future leader acquires political power. “Doing so would make Xi something of a lame duck,” Fewsmith said before the announcement. “I’ve always believed Xi Jinping is a three-term guy. It’s quite clear Xi sees himself as one of the big three leaders, after Mao Zedong and Deng Xiaoping.”

Bloomberg provides more details of the other six members of the Politburo Standing Committee who followed Xi (in order of rank) on to the stage of the Great Hall of the People.

The new line-up chosen after the Communist Party’s twice-a-decade congress surrounds Xi with proven loyalists to advance his ambitious plans to cement one-party rule and complete China reemergence as a great power. Here’s a look at the officials who will help Xi run China for the next five years, in the order they appeared:

Li Keqiang, 62

Once seen as a contender for the presidency, Li Keqiang watched Xi win the top job and instead became premier, overseeing the day-to-day affairs of the government. The job appeared a natural fit for Li who holds a Ph.D in economics and served as top lieutenant to former Premier Wen Jiabao. During his tenure, Li has advocated a radical reduction in bureaucracy, and once said that unleashing market forces would be “very painful and even feel like cutting one’s wrist.” His image took a hit during the 2015 stock market rout and Xi has quickly assumed many economic and diplomatic roles held by past premiers. Still, if there’s any gap between Xi’s vision and Li’s, outsiders haven’t been allowed to see it. Li remains one of the most public voices for the president’s economic policies.

Li Zhanshu, 67

Before becoming Xi’s chief of staff in 2012, Li Zhanshu toiled for decades in rural obscurity, writing poetry and serving in positions spanning from China’s ancient heartland of Shaanxi to the rust belt province of Heilongjiang. His ties with Xi stretch back to the 1980s, when they served in adjacent counties in the the central province of Hebei. That relationship came in handy, when he was plucked to lead the party’s General Office, a powerful agency that oversees the itineraries of all top leaders and serves as the president’s de facto chief of staff. Li’s portfolio has since expanded even further. Not only is he among an exclusive group of top officials who accompany Xi’s on diplomatic visits, he’s also become the leader’s personal liaison to Russian President Vladimir Putin.

Wang Yang, 62

Wang Yang rose to prominence before the 2012 party congress as a leading voice in an unusually public debate about China’s economy. He supported a relatively liberal package of policies — called the “Guangdong model,” for the southern industrial province he ran at the time — that allowed a greater role for non-profits and trade unions. He even made Time Magazine’s most-influential list after bringing pro-democracy protests in the fishing village of Wukan to a peaceful resolution. His approach contrasted with Bo Xilai’s “Chongqing model,” which emphasized social cohesion and the role of the state. Both seemed destined for the Standing Committee, before Bo’s spectacular fall amid graft allegations. Wang also missed the cut, but ended up a vice premier in charge of economic policies and a key liaison to the U.S.

Wang Huning, 62

After two decades in Beijing quietly shaping China’s most consequential policies, Wang Huning has reached the pinnacle of power. The former dean of Fudan University Law School has long been China’s preeminent political theorist and foreign policy guru, advising three presidents. Wang helped draft Jiang Zemin’s “Three Represents,” which drew entrepreneurs, capitalists and intellectuals under the party’s umbrella. As an academic, he studied power transitions and legal systems and advocated the strengths of strong central leadership over fractious democratic systems. Having served as the Central Committee’s Policy Research Office for the past 15 years, his ascension to the Standing Committee dovetails with Xi’s increased emphasis on communist ideology.

Zhao Leji, 60

Zhao Leji is among a handful of officials who have risen recently from far outside the political power centers of Beijing and Shanghai. Zhao spent almost three decades climbing the ranks in Qinghai, a northwestern province bigger than Texas at the crossroads of some of the country’s largest ethnic groups. He eventually become the country’s youngest provincial leader, overseeing the doubling of Qinghai’s economy. After a stint running nearby Shaanxi province, he was catapulted to the top of one of the party’s most powerful offices, the Organization Department. The office holds sway over appointments to senior patronage jobs across the country, from provinces to central party agencies. That made him instrumental in Xi’s efforts to position allies ahead of the current reshuffle.

Han Zheng, 63

For the first time in a three-decade career, Han Zheng is leaving Shanghai. His rise through a single city — even one as prestigious as the eastern financial center — is unusual for a party that grooms leaders by transferring them around the country. Han’s ascension to the Standing Committee is all the more remarkable after the shocking 2006 downfall of his then boss Chen Liangyu amid bribery charges and clashes with party central. Han has overseen the once-gray former colony transformed into a shimmering monument to modernity. As mayor, he led a $44 billion infrastructure makeover for the 2010 Shanghai Expo. He has faced challenges since taking over as Shanghai party chief in 2012, from runaway property prices to lackluster interest in a new free-trade zone to a New Year’s stampede that killed 36.

end

(courtesy zerohedge)
Spain
It certainly looks like trouble is brewing here:  Charles Puigdemont suddenly cancels his Parliamentary visit to Madrid on Thursday as he was suppose to explain whether they want independence. Instead the plenary session of the Catalan parliament will convene where they will now react to Madrid’s invoking article 155
(courtesy zerohedge)

Catalan Separatists Warn “The Moment Has Come” As Puigdemont Suddenly Cancels Parliament Appearance

In a sudden, and perhaps ominous, last minute change, the First Minister of Catalonia, Carles Puigdemont, will now not travel to Madrid on Thursday evening to appear before the Senate, and has brought forward the Catalan Parliament plenary session to vote on a response to Madrid’s application of Article 155.

Just hours after a PP spokesman confirmed that elections are no longer enough to stop Article 155 process to suspend home rule in Catalonia, El Pais reports, Catalan president Carles Puigdemont won’t appear before the Senate Thursday, citing unidentified people in PDeCAT party in the Congress.

The Catalan Parliament plenary session is now to start Thursday, and will vote response to application of article 155 of the Spanish constitution.

Bloomberg also reports that Catalan Separatists tell supporters that“the moment has come,” to “defend the republic.”

end

5. RUSSIA AND MIDDLE EASTERN AFFAIRS

Although a bombshell to mainstream media, but not to us. In a hacked memo we discover officially that Saudi Arabia along with the USA ordered an attack on the Damascus International Airport in 2013 and that was the forerunner to the proxy war

(courtesy zerohedge)

Bombshell NSA Memo: Saudi Arabia Ordered Attack On Damascus International Airport With US Knowledge

The Intercept has just released a new top-secret NSA documentunearthed from leaked intelligence files provided by Edward Snowden which reveals in stunning clarity that the armed opposition in Syria was under the direct command of foreign governments from the early years of the war which has now claimed half a million lives.

The US intelligence memo – marked “Top Secret” – is arguably the most damning piece of evidence to date which gives internal US government confirmation of the direct role that both the Saudi and US governments played in fueling an armed insurgency which launched massive and well-coordinated attacks on civilians, civilian infrastructure, as well as military targets in pursuit of regime change. The NSA report is sourced to the intelligence agency’s controversial PRISM program – which gives the NSA the ability to sweep up all communications and data exchanged through major US internet service providers like Google. The memo focuses on events that unfolded outside Damascus in March of 2013.

Damascus International Airport: a major civilian transport hub targeted by the Saudi government with knowledge of US intelligence. Image source: AFP/Getty

One of the videos that Saudi-backed FSA fighters uploaded to YouTube identified by The Intercept as showing rockets launched on civilian areas of Damascus on March 18, 2013. US intelligence knew of the secret operation three days in advance yet did not stop it.  

According to the document, the Free Syrian Army (FSA) wasordered to “light up Damascus” and “flatten” the Syrian capital’s international airport by Prince Salman bin Sultan – a prominent member of the Saudi royal family tasked with overseeing operations in Syria as a top Saudi intelligence officer. The document further reveals that the “Saudis sent 120 tons of explosives/weapons to opposition forces” – presumably in the lead up to the operation.

The report not only confirms that the assault happened, but that the Saudi government was “very pleased” with the outcome: “Attacks against airport, Presidential palace and other locations occurred on 18 March,” the memo reads. Also significant is that the memo confirms US intelligence foreknowledge of the attack on a major civilian airport: “Reports gave U.S. three days warning about 18 March 2013 attacks (2 year anniversary of revolution).”

Prince Salman bin Sultan, who is currently the Saudi Deputy Defense Minister. Image source: Wikimedia Commons

According to The Intercept, various news reports from the time confirmed significant attacks and damage from FSA-fired rockets upon civilian areas. Not only is Damascus International Airport Syria’s main civilian transport hub – which was used by millions each year before the war – but it remained in daily operation for commercial flights in March 2013, when Saudi intelligence ordered the attacks with knowledge of US intelligence.

As The Intercept reports:

A number of videos posted by Syrian opposition media on the day of the attacks purport to show rebel fighters firing rockets at the same sites mentioned in the U.S. document. The March 2013 attacks in Damascus provide a concrete example of the role that foreign powers played in the day-to-day reality of the conflict. A number of videos posted by Syrian opposition media on the day of the attacks purport to show rebel fighters firing rockets at the same sites mentioned in the U.S. document. Local media reports from that day described an attack in which rockets struck within the areas of the presidential palace, a local government security branch, and the airport. A representative of the U.K.-based Syrian Observatory for Human Rights quoted in a story the next day reporting the attacks, stating that they were unable to confirm whether they resulted in casualties.

However, The Intercept’s commentary is inaccurate in claiming that the Syrian Observatory (SOHR) did not report casualties from the attack as one of the Arabic news sources it links to above (Middle East based Alwatan News), reports:

“The Free Syrian Army targeted Kafr Sousa [an area of Damascus near Mezzeh] and they fired 24 missiles on Damascus airport… 60 people died in yesterday’s attacks, according to the Syrian Observatory.” [as translated by Zero Hedge]

And intense attacks continued through April and into the summer of 2013 according to international media reports from the time, also confirmed by a photo circulated through the AFP showing civilian passengers waiting in airport lounges the month following the initial March 2013 rocket attacks.

While the Saudi-US role in fueling the jihadist insurgency from the earliest days of the war in Syria has long been thoroughly documented, this latest leaked NSA bombshell report provides astoundingly clear proof that the relationship between the anti-Assad insurgents and foreign intelligence was even more direct, and existed earlier in time than most analyst and mainstream pundits led the public to believe. 

 

*****

Below is the leaked National Security Agency document published by The Intercept earlier today:

Leaked NSA document contents in text format:

This will not be good for Turkey as the key German reconstructive bank KfW which loans money for projects in foreign countries has received pressure from Merkel and company to cut off Turkey funding. This will infuriate Erdogan who then might release the 3 million migrants on its soil and send them off to Greece who can ill afford to house them

(courtesy zerohedge)

Lira Tanks As Germany Pressures Banks To Cut Turkey Funding

Yesterday’s US decision to decline a visa for a Justice ministry delegation, it was Germany’s turn today to put the screws to Turkey. As Bloomberg reports, Germany is actively working to cut funding to Turkey from the country’s state-owned KfW bank, the European Investment Bank and the European Bank for Reconstruction and Development, people familiar with the matter say.

Germany’s government “is closely following the political and legal developments in Turkey,” the Finance Ministry says in a statement to Bloomberg; ministries coordinate positions “and possible conclusions for the investment policy of international development banks,” while loans for private-sector projects are subject to appraisal on a case-by-case basis.

While none of the institutions or banks have imposed a formal freeze on funding, they’ve all imposed tighter restrictions, the people said, asking not to be named, as the matter is sensitive.

Increased scrutiny affects financing for companies and banks seen as being tied to or influenced by the Turkish government.

Some German commercial banks are also reviewing their exposure to Turkey, amid deteriorating ties between the governments of Berlin and Ankara, the officials said.

Commerzbank is altering its relations with some Turkish banks to mitigate reputational risk that could occur through those links, according to one person.

EIB “is exercising utmost care in conducting due diligence appraisal of new projects in Turkey,” a spokeswoman for EU’s bank says, adding that financing volume in 2017 will turn out to be lower than in previous years; “EIB views current political developments in Turkey with concern”

And that has sent Lira back to new lows…

6 .GLOBAL ISSUES

MEXICO

Mexico reports dismal retail sales drop of .2% year over year with the market expecting a gain of .5% y/y. Then the Central Bank of Mexico announces that it is increasing the amount of auctions for hedging and that caused the peso to spike higher

(courtesy zerohedge)

(courtesy zerohedge)

Loonie Plunges After Bank Of Canada Keeps Rates Unchanged

After two rate hikes earlier in the year, once in July and an unexpected rate hike in September, the Bank of Canada decided to tread lightly, and kept its overnight rate at 1%, as everyone expected stating that “the current stance of monetary policy is appropriate” and changes its hiking tune, warning that “less monetary policy stimulus will likely be required over time.”

Some more details from the statement:

Based on this outlook and the risks and uncertainties identified in today’s MPR, Governing Council judges that the current stance of monetary policy is appropriate. While less monetary policy stimulus will likely be required over timeGoverning Council will be cautious in making future adjustments to the policy rate. In particular, the Bank will be guided by incoming data to assess the sensitivity of the economy to interest rates, the evolution of economic capacity, and the dynamics of both wage growth and inflation.

The BOC also said that “inflation has picked up in recent months, as anticipated in the Bank’s July Monetary Policy Report (MPR), reflecting stronger economic activity and higher gasoline prices. Measures of core inflation have edged up, in line with a narrowing output gap and the diminishing effects of lower food prices. The Bank projects inflation will rise to 2 per cent in the second half of 2018. This is a little later than anticipated in July because of the recent strength in the Canadian dollar. The Bank is also mindful that global structural factors could be weighing on inflation in Canada and other advanced economies.”

Looking ahead, the BOC expects growth to moderate in 2H 2017 and “remain close to potential over the next two years” while real GDP is expected to expand 3.1% in 2017, 2.1% in 2018 and 1.5% in 2019, from 2.8%, 2.0% and 1.6% respectively. Inflation expected to reach 2% by second half of 2018, later than expected in July because of “recent strength in the Canadian dollar.” More:

Canada’s economic growth in the second quarter was stronger than expected, and was more broad-based across regions and sectors. Growth is expected to moderate to a more sustainable pace in the second half of 2017 and remain close to potential over the next two years, with real GDP expanding at 3.1 per cent in 2017, 2.1 per cent in 2018 and 1.5 per cent in 2019. Exports and business investment are both expected to continue to make a solid contribution to GDP growth. However, projected export growth is slightly slower than before, in part because of a stronger Canadian dollar than assumed in July. Housing and consumption are forecast to slow in light of policy changes affecting housing markets and higher interest rates. Because of high debt levels, household spending is likely more sensitive to interest rates than in the past.

The BOC also notes that exports and business investment are still expected to make a “solid contribution” to GDP growth

  • Contribution of consumption and residential investment to growth is expected to decline due to higher interest rates and policy measures affecting housing markets
  • Higher debt levels mean “household spending is likely more sensitive to interest rates than in the past”
  • Global growth to average 3.5% from 2017-19, though outlook is influenced by “substantial uncertainty” about geopolitical developments and fiscal and trade polices, including NAFTA

The immediate reaction was a plunge in the loonie, with the USDCAD surging over 100 pips from the pre-kneejerk move.

Full statement here.

end

Canadian real estate prices drop the largest in over 7 years led by the drop in Toronto
(courtesy Wong/Better Dwelling)

7.OIL ISSUES

Oil rises despite a surprise inventory build and a good production rebound

(courtesy zerohedge)

WTI Jumps Despite Surprise Inventory Build, Production Rebound

Following last night’s (API-reported) big product draws (and crude build), WTI slid lower (RBOB higher) into this morning’s DOE data, but both WTI/RBOB prices jumped after the report showed major product draws (and a Cushing destocking). WTI rallied despite a big surprise build (+856k vs -3mm exp) and a major rebound in production after Hurricane Nate.

API

  • Crude +519k (-3mm exp)
  • Cushing -55k
  • Gasoline  -5.753mm (+1.7mm exp)
  • Distillates -4.949mm

DOE

  • Crude +856k (-3mm exp)
  • Cushing -237k
  • Gasoline  -5.47mm (+1.7mm exp)
  • Distillates -5.246mm

“Seasonally, you’d expect crude inventories to grow,” Michael Hiley, head of over-the-counter energy trading at LPS Partners, told Bloomberg, and it did  – well above expectations. However the big product draws were more notable

Gasoline exports soared, Distillates exports jumped, and total crude/product exports hit a new record high…

Following last week’s collapse in production due to Hurricane Nate, production surged back…

WTI prices had slid after an initial bounce following API overnight (and RBOB held gains) into the DOE print, and both rallied initialy after the print…

Prices have been “trading elevated because of the OPEC comments that they will do whatever it takes to bring the market into balance.”

8. EMERGING MARKET

Venezuela’s inflation rate as calculated by Prof Steve Hanke is 3,286% per annum

(courtesy Steve Hanke)

Venezuela’s Grim Reaper: A Current Inflation Measurement – Current Annual Rate 3286%

Steve H. Hanke's picture

Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke.

The Grim Reaper has taken his scythe to the Venezuelan bolivar. The death of the bolivar is depicted in the following chart. A bolivar is worthless, and with its collapse, Venezuela is witnessing the world’s worst inflation.

As the bolivar collapsed and inflation accelerated, the Banco Central de Venezuela (BCV) became an unreliable source of inflation data. Indeed, from December 2014 until January 2016, the BCV did not report inflation statistics. Then, the BCV pulled a rabbit out of its hat in January 2016 and reported a phony annual inflation rate for the third quarter of 2015. So, the last official inflation data reported by the BCV is almost two years old. To remedy this problem, the Johns Hopkins – Cato Institute Troubled Currencies Project, which I direct, began to measure Venezuela’s inflation in 2013.

The most important price in an economy is the exchange rate between the local currency and the world’s reserve currency — the U.S. dollar. As long as there is an active black market (read: free market) for currency and the black market data are available, changes in the black market exchange rate can be reliably transformed into accurate estimates of countrywide inflation rates. The economic principle of Purchasing Power Parity (PPP) allows for this transformation.

I compute the implied annual inflation rate on a daily basis by using PPP to translate changes in the VEF/USD exchange rate into an annual inflation rate. The chart below shows the course of that annual rate, which last peaked at 2662% (yr/yr) in the beginning of October 2017. At present, Venezuela’s annual inflation rate is 3286%, the highest in the world (see the chart below).

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

Euro/USA   1.1775 UP.0016/ REACTING TO SPAIN VS CATALONIA/REACTING TO  +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems + USA election:/TRUMP HEALTH CARE DEFEAT//ITALIAN REFERENDUM DEFEAT/AND NOW ECB TAPERING BOND PURCHASES/ /USA FALLING INTEREST RATES AGAIN/HOUSTON FLOODING/EUROPE BOURSES  ALL GREEN except LONDON   

USA/JAPAN YEN 114.14 UP 0.197(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/   

GBP/USA 1.3246 DOWN .01164 (Brexit  March 29/ 2017/ARTICLE 50 SIGNED

THERESA MAY FORMS A NEW GOVERNMENT/STARTS BREXIT TALKS/MAY IN TROUBLE WITH HER OWN PARTY/

USA/CAN 1.2714 UP .0041(CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA)

Early THIS WEDNESDAY morning in Europe, the Euro ROSE by 16 basis points, trading now ABOVE the important 1.08 level  RISING to 1.1775; / Last night the Shanghai composite CLOSED UP 8.65 POINTS OR .26%      / Hang Sang  CLOSED UP 147.92 PTS OR 0.53%   /AUSTRALIA  CLOSED UP 0.17% / EUROPEAN BOURSES OPENED GREEN EXCEPT LONDON 

The NIKKEI: this WEDNESDAY morning CLOSED DOWN 97.55 POINTS OR 0.45% 

Trading from Europe and Asia:
1. Europe stocks  OPENED GREEN \EXCEPT LONDON

2/ CHINESE BOURSES / : Hang Sang CLOSED UP 147.92 POINTS OR 0.53%  / SHANGHAI CLOSED UP 8.65 POINTS OR .24%    /Australia BOURSE CLOSED UP 0.17% /Nikkei (Japan)CLOSED DOWN 97.55 POINTS OR 0.45%    / INDIA’S SENSEX IN THE GREEN

Gold very early morning trading: 1273.30

silver:$16.89

Early WEDNESDAY morning USA 10 year bond yield:  2.444% !!! UP 2 IN POINTS from TUESDAY night in basis points and it is trading JUST BELOW resistance at 2.27-2.32%. (POLICY FED ERROR)

The 30 yr bond yield  2.957 UP 2 IN BASIS POINTS  from TUESDAY night. (POLICY FED ERROR)

USA dollar index early WEDNESDAY morning: 93.84 UP 6 CENT(S) from YESTERDAY’s close. 

This ends early morning numbers  WEDNESDAY MORNING

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And now your closing WEDNESDAY NUMBERS  \1 PM

Portuguese 10 year bond yield: 2.304% DOWN 1 in basis point(s) yield from TUESDAY 

JAPANESE BOND YIELD: +.070%  UP 1/10  in   basis point yield from TUESDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 1.646% DOWN 1 IN basis point yield from TUESDAY 

ITALIAN 10 YR BOND YIELD: 2.038 DOWN 2 POINTS  in basis point yield from TUESDAY 

the Italian 10 yr bond yield is trading 40 points HIGHER than Spain.

GERMAN 10 YR BOND YIELD: +.482% UP 1 IN  BASIS POINTS ON THE DAY

END

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IMPORTANT CURRENCY CLOSES FOR WEDNESDAY 

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

Euro/USA 1.1806 UP 47 (Euro UP 47 Basis points/ represents to DRAGHI A COMPLETE POLICY FAILURE/

USA/Japan: 113.59 DOWN 0.355(Yen UP 36  basis points/ 

Great Britain/USA 1.3249 UP  0.01202( POUND UP 120 BASIS POINTS)

USA/Canada 1.2804 UP.0135 Canadian dollar DOWN 135 basis points AS OIL FELL TO $52.20

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This afternoon, the Euro was UP 47 to trade at 1.1806

The Yen ROSE to 113.59 for a GAIN of 36  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  

The POUND ROSE BY 120 basis points, trading at 1.3249/ 

The Canadian dollar FELL by 135 basis points to 1.2804  WITH WTI OIL FALLING TO :  $52.20

The USA/Yuan closed AT 6.6391
the 10 yr Japanese bond yield closed at +.070% UP 1/10  IN  BASIS POINTS / yield/ 

Your closing 10 yr USA bond yield UP 3  IN basis points from TUESDAY at 2.433% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic  USA 30 yr bond yield: 2.947 UP 2 in basis points on the day /

Your closing USA dollar index, 93.67  DOWN 10 CENT(S)  ON THE DAY/5.00 PM/BREAKS RESISTANCE OF 92.00 

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

London:  CLOSED DOWN  79.33 POINTS OR 1.05%
German Dax :CLOSED DOWN 59.78 POINTS OR .46%
Paris Cac  CLOSED DOWN 19.91 POINTS OR 0.37% 
Spain IBEX CLOSED DOWN 52.40 POINTS OR 0.51%

Italian MIB: CLOSED DOWN 183.18 POINTS OR 0.81% 

The Dow closed DOWN 112.30 POINTS OR .48%

NASDAQ WAS closed DOWN 34.54 PTS OR .52%  4.00 PM EST

WTI Oil price;   52.40   1:00 pm; 

Brent Oil: 58.06  1:00 EST

USA /RUSSIAN ROUBLE CROSS:  57.64 UP 10/100 ROUBLES/DOLLAR (ROUBLE LOWER BY 10 BASIS PTS)

TODAY THE GERMAN YIELD RISES TO  +.482%  FOR THE 10 YR BOND  5.00 PM EST EST

END

This ends the stock indices, oil price, currency crosses and interest rate closes for today 4:30 PM

Closing Price for Oil, 4:30 pm/and 10 year USA interest rate:

WTI CRUDE OIL PRICE 4:30 PM:$52.20

BRENT: $58.40

USA 10 YR BOND YIELD: 2.433%  (ANYTHING HIGHER THAN 2.70% BLOWS UP THE GLOBE)

USA 30 YR BOND YIELD: 2.946% 

EURO/USA DOLLAR CROSS:  1.1807 up .0048

USA/JAPANESE YEN:113.72   down  0.217

USA DOLLAR INDEX: 93.69 DOWN83 cent(s)/

The British pound at 5 pm: Great Britain Pound/USA: 1.3252 : UP 122 POINTS FROM LAST NIGHT  

Canadian dollar: 1.2801 DOWN 130 BASIS pts 

German 10 yr bond yield at 5 pm: +0.482%

END

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

TRADING IN GRAPH FORM FOR THE DAY

Stocks, Bonds, Dollar, & Credit Dump As VIX Jumps To 6-Week High

 

Well that escalated quickly…

“Not” a record high… Trannies were worst on the day (not off the lows) but Boeing, Goldman, IBM, and Caterpillar weighed on the Dow. NOTE – Dow bounced off unch from Monday.

All Implied Vols spiked today (S&P VIX topped 13 – above its 200DMA)…but then it had to finish with a big VIX puke…

But the pattern is the same across every major index… a complete decoupling between risk and price…

Financials took a dip this afternoon on Gary Cohn headlines (but all S&P sectors ended red)…

FANG stocks erased yesterday’s bounce…

Of course, the big mover of the day was Chipotle… which crashed to its lowest since Jan 2013, costing Bill Ackman a tidy $140 Million

Today certainly had the smell of a Risk-Parity deleveraging day… (RP funds have been down for the last six days – the longest losing streak since July)

HY bond prices fell most in a month, finds support (again) at the 50/100DMAs…

Treasury yields ended the day higher with early selling pressure giving way to buying as US equities stumbled…

The Dollar Index rolled over today…

Gold and silver bounced (after an early panic bid through key technical levels), crude and copper dropped…

Are copper futures (two gap downs) starting to lose that speculative froth?

WTI bounced back above $52 after testing lower on DOE data…

Gold ended right at its 100DMA…

END

Last night:

The big story of the day:  Hillary Clinton and the DNC paid for the “Trump Dossier.” It was the Democrats that were trying to send spurious information on Trump and it was they who were trying to sway the election.

The FBI paid money for a copy of the Dossier and that was the initial reason for the democrats clamoring that Trump used Russian influence in the election. Mueller was hired to “seek out the truth” on this.

This is a must read..you will see that when this is all over, Hillary and Bill Clinton will be charged, along with Mueller and possibly Rosenstein.

(courtesy zerohedge)

Hillary Clinton Lied, Paid For “Trump Dossier”

What was previously widely suspected has now been confirmed. In its latest bombshell report that – for once – doesn’t include some nefarious allegations of wrongdoing or incompetence involving President Donald Trump or members of his administration, the Washington Postreported Tuesday that the Democratic National Committee and the Clinton campaign jointly financed the creation of the infamous “Trump dossier,” which helped inspire the launch of the floundering investigations into whether the Trump campaign colluded with the Russians.

Though neither the DNC nor the Clinton campaign worked directly with former British spy Christopher Steele as he compiled the document, the fact that Democrats funded the dossier – which includes information primarily gleaned from sources in Russia – ironically suggests the Democrats indirectly leveraged Russian sources to try and spread information of dubious veracity about a political opponent to try and sway an election.

Sound familiar?

Even though the scandalous accusations contained within the dossier weren’t made public until after the vote, presumably waiting to see what foot the shoe would end up on, this would’ve provided serious grist for the collusion narrative, which we imagine would’ve been stretched to include the entire Republican establishment as accomplices.

While it’s impossible to determine exactly how much money was spent on the dossier, the Clinton campaign paid Perkins Coie – the law firm of Clinton superattorney Marc Elias – $5.6 million in legal fees from June 2015 to December 2016, according to campaign finance records, and the DNC paid the firm $3.6 million in “legal and compliance consulting’’ since Nov. 2015.Some of that money was presumably used to pay for the dossier.

Fusion GPS’s work researching Trump began during the Republican presidential primaries when an unidentified GOP donor reportedly hired the firm to dig into Trump’s background. The Republicans who were involved in the early stages of Fusion’s efforts have not yet been identified. Fusion GPS did not start off looking at Trump’s Russia ties, but quickly realized that those relationships would be a fruitful place to start, WaPo reported.

Steele previously worked in Russia for British intelligence. The dossier, which was primarily compiled in Moscow, is a compilation of reports Steele prepared for Fusion. Allegations contained in the dossier included claims the Russian government collected compromising information about Trump and the Kremlin was engaged in an active effort to assist his campaign for president.

Fusion turned over Steele’s reports and other research documents to Elias, and it’s unclear how much of it he shared with the campaign.

The revelation about who funded the dossier comes just days after Trump tweeted that the FBI and DOJ should publicly reveal who hired Fusion GPS. And lo and behold, that information has now been made public.

Officials behind the now discredited “Dossier” plead the Fifth. Justice Department and/or FBI should immediately release who paid for it.

House Intelligence Committee Chairman Devin Dunes has tried to compel Fusion’s founders to disclose who paid for the dossier, but all three of them pled the fifth during public testimony last week. Nunes has also tried subpoenaing the firm’s bank records.

The most salacious accusations contained in the dossier have not been verified, and may never be. Still, after the election, the FBI agreed to pay Steele to continue gathering intelligence about Trump and Russia, but the bureau pulled out of the arrangement after Steele was publicly identified in news reports. Officials also decided to withhold information from the dossier in an intelligence community report published in January alleging that Russian entities had tried to sway the US election on behalf of the Russian government.

Of course, we still don’t know who leaked the dossier to Buzzfeed and CNN back in January. John McCain – one of the primary suspects – has repeatedly denied it, and Fusion GPS has said in court documents that it didn’t share the document with Buzzfeed. However, we do known that in early January, then-FBI Director James B. Comey presented a two-page summary of Steele’s dossier to President Barack Obama and President-elect Trump.

It therefore strongly suggests that it was the FBI that was instrumental in spreading the dossier to the media, most of which was too embarrassed to publish it until Buzzfeed came along and did it… for the clicks.

So to summarize:

  • Hillary Clinton and the DNC paid to uncover and package dirt, whether factual or not, on Trump which eventually found its way in the Trump dossier
  • In doing so, the Clintons and the DNC were effectively collaborating with “deep” sources, both among the UK spy apparatus and inside Russia
  • Once Trump won, the FBI was instrumental in “leaking” the dossier to the mainstream media and select still unknown recipients (the same way Comey “leaked” his personal notebooks just a few months later, following his termination, to launch a probe of Trump).
  • The former head of the FBI (Mueller) who was supposed to probe Clinton’s State Department – and the Clinton Foundation – for a bribery and kickback scheme involving Russia’s U.S. nuclear business, is now investigating Trump for Russia collusion instead.

But wait, it gets better: as Ken Vogel, formerly the chief investigative reporter at Politico and currently at the NY Times just reported, “When I tried to report this story, Clinton campaign lawyer @marceelias pushed back vigorously, saying “You (or your sources) are wrong.”

When I tried to report this story, Clinton campaign lawyer @marceelias pushed back vigorously, saying “You (or your sources) are wrong.” https://twitter.com/kenvogel/status/922954944071852032 

Another NYT reporter, Maggie Haberman, confirmed as much saying “Folks involved in funding this, lied about it, and with sanctimony, for a year“, and by folks she ultimately means Hillary Clinton herself.

Folks involved in funding this lied about it, and with sanctimony, for a year https://www.washingtonpost.com/world/national-security/clinton-campaign-dnc-paid-for-research-that-led-to-russia-dossier/2017/10/24/226fabf0-b8e4-11e7-a908-a3470754bbb9_story.html 

Clinton campaign, DNC paid for research that led to Russia dossier

Fusion GPS was hired by a Democratic lawyer acting on behalf of campaign, committee.

washingtonpost.com

Which in light of the latest news suggests that Clinton was lying, which is not surprising, especially when considering the recent “revelations” that the Clintons may themselves have been involved in collusion with Russia over the infamous uranium deal.

Which brings us to the questionable role played by the FBI in all of this, and ultimately, the role still being played by Robert Mueller. Here is the WSJ,

Let’s give plausible accounts of the known facts, then explain why demands that Robert Mueller recuse himself from the Russia investigation may not be the fanciful partisan grandstanding you imagine.

Here’s a story consistent with what has been reported in the press—how reliably reported is uncertain. Democratic political opponents of Donald Trump financed a British former spook who spread money among contacts in Russia, who in turn over drinks solicited stories from their supposedly “connected” sources in Moscow. If these people were really connected in any meaningful sense, then they made sure the stories they spun were consistent with the interests of the regime, if not actually scripted by the regime. The resulting Trump dossier then became a factor in Obama administration decisions to launch an FBI counterintelligence investigation of the Trump campaign, and after the election to trumpet suspicions of Trump collusion with Russia.

We know of a second, possibly even more consequential way the FBI was effectively a vehicle for Russian meddling in U.S. politics. Authoritative news reports say FBI chief James Comey’s intervention in the Hillary Clinton email matter was prompted by a Russian intelligence document that his colleagues suspected was a Russian plant.

OK, Mr. Mueller was a former close colleague and leader but no longer part of the FBI when these events occurred. This may or may not make him a questionable person to lead a Russia-meddling investigation in which the FBI’s own actions are necessarily a concern.  But now we come to the Rosatom disclosures last week in The Hill, a newspaper that covers Congress.

Here’s another story as plausible as we can make it based on credible reporting. After the Cold War, in its own interest, the U.S. wanted to build bridges to the Russian nuclear establishment. The Putin government, for national or commercial purposes, agreed and sought to expand its nuclear business in the U.S.

Ah yes, the Clinton’s own Russia collusion narrative which recently emerged to the surface and which as of today is being investigated by the House:

The purchase and consolidation of certain assets were facilitated by Canadian entrepreneurs who gave large sums to the Clinton Foundation, and perhaps arranged a Bill Clinton speech in Moscow for $500,000. A key transaction had to be approved by Hillary Clinton’s State Department.

Now we learn that, before and during these transactions, the FBI had uncovered a bribery and kickback scheme involving Russia’s U.S. nuclear business, and also received reports of Russian officials seeking to curry favor through donations to the Clinton Foundation

This criminal activity was apparently not disclosed to agencies vetting the 2010 transfer of U.S. commercial nuclear assets to Russia. The FBI made no move to break up the scheme until long after the transaction closed. Only five years later, the Justice Department, in 2015, disclosed a plea deal with the Russian perpetrator so quietly that its significance was missed until The Hill reported on the FBI investigation last week.

As the WSJ correctly notes, “for anyone who cares to look, the real problem here is that the FBI itself is so thoroughly implicated in the Russia meddling story.”

Which then shifts the focus to the person who was, and again is, in charge of it all: former FBI director, and current special prosecutor Robert Mueller:

The agency, when Mr. Mueller headed it, soft-pedaled an investigation highly embarrassing to Mrs. Clinton as well as the Obama Russia reset policy. More recently, if just one of two things is true—Russia sponsored the Trump Dossier, or Russian fake intelligence prompted Mr. Comey’s email intervention—then Russian operations, via their impact on the FBI, influenced and continue to influence our politics in a way far more consequential than any Facebook ad, the preoccupation of John McCain, who apparently cannot behold a mountain if there’s a molehill anywhere nearby.

Which means that Mr. Mueller has the means, motive and opportunity to obfuscate and distract from matters embarrassing to the FBI, while pleasing a large part of the political spectrum. He need only confine his focus to the flimsy, disingenuous but popular (with the media) accusation that the shambolic Trump campaign colluded with the Kremlin.

Mr. Mueller’s tenure may not have bridged the two investigations, but James Comey’s, Rod Rosenstein’s , Andrew Weissmann’s , and Andrew McCabe’s did. Mr. Rosenstein appointed Mr. Mueller as special counsel. Mr. Weissmann now serves on Mr. Mueller’s team. Mr. McCabe remains deputy FBI director. All were involved in the nuclear racketeering matter and the Russia meddling matter.

The punchline: it’s not the Clintons that should be looked at, at least not at first – their time will come. It’s the FBI:

By any normal evidentiary, probative or journalistic measure, the big story here is the FBI—its politicized handling of Russian matters, and not competently soTo put it bluntly, whatever its hip-pocket rationales along the way, the FBI would not have so much to cover up now if it had not helped give us Mrs. Clinton as Democratic nominee and then, in all likelihood, inadvertently helped Mr. Trump to the presidency.

We eagerly look forward to Trump’s furious tweetstorm once he learns of all of this… and how long before he fires Mueller, in this case with cause.

(courtesy zerohedge)

This will not go over well with the public if they cap 401 k plans

(courtesy zerohedge)

Stocks Slide On Report House Considering Capping 401(k) Plans Despite Trump Vow

After a NYT report last Friday that as part of Trump tax reform, 401(k) plan contributions could be capped at $2,400 annually, Trump was quick to deny tweeting on Monday that “There will be NO change to your 401(k). This has always been a great and popular middle class tax break that works, and it stays!”

There will be NO change to your 401(k). This has always been a great and popular middle class tax break that works, and it stays!

That, however, appears not to be the case because as NBC and the WSJ report, Republicans are still weighing adjustments the 401(k) program, according to the chief of the House tax writing committee, contradicting Trump’s statement this week that it would be unchanged in the forthcoming tax overhaul proposal.

Speaking at a Christian Science Monitor breakfast with reporters, House Ways and Means Chairman Kevin Brady, R-Texas, declined to rule out changes when asked whether Trump’s position had killed the idea. “We think in tax reform we can create incentives for Americans to save more and save sooner which can help,” Brady said. “We are exploring a number of ideas in those areas.” While he did not offer details, Brady said there were “continuing discussions with the president” on the topic.

That could be a signal that Republicans might pinch pretax savings for high-income households and use the money to beef up an underused tax break known as the saver’s credit, which acts like a government matching contribution to retirement accounts for low-and middle-income Americans.

The saver’s credit gives taxpayers an amount of up to 50% of their contributions and is limited to individuals with incomes below $31,000 and married couples with incomes below $62,000. It isn’t refundable, which means it can’t be used by households without income tax liability, and studies and surveys have shown many eligible people don’t claim it.

It would also be very market negative: considering that the roughly 86% reduction in 401(k) contributions would prove dire for stocks should the original proposal pass, it is easy to see why some have speculated that this is the catalyst for the recent market drop.

More from NBC:

While Brady said decision had yet to be made on that and several other key issues, he emphasized that a final bill was coming soon. If the House passes a budget this week, he plans to release legislation on taxes the next week. Brady predicted there would soon be an agreement among House Republicans on one of the most contested elements of tax reform so far: The state and local deduction.

Republicans from states like New York, California, and New Jersey with higher tax burdens have complained eliminating the deduction would raise overall taxes on many residents, but it’s a crucial revenue raiser to help pay for the GOP plan.

Brady said he was close to a deal with these members that would limit the changes and suggested the key might be maintaining certain benefits for property taxes. “I do expect to reach an agreement with our high tax lawmakers because I think it’s vitally important that we help Americans keep more of what they earn regardless of what they live,” Brady said.

Brady was coy on many details of the tax legislation expected to be unveiled next week. He didn’t guarantee that every American’s rates would go down, but he said he could “guarantee that every American will be better off because of a simpler, fairer tax code.”

The GOP tax framework, released last month, would establish just three individual tax rates, with an optional fourth higher rate on the highest-income households. Brady said Wednesday no decision had been made yet on that highest rate.

For now, however, stocks are getting nervous that with tax reform once again up in the air after yesterday’s Trump feuds and Senatorial scandals, a 401(k) cap is all the market needs to realize just how dislocated with reality it has become: US equities are fading fast ahead of the European close.

VIX topped 12 for the first time since September 8th (and is above its 200DMA).

As High yield bond prices plunge to crucial 50-/100-DMA support.

Cohn Said “Likely To Leave The White House” After Tax Plan, Won’t Be Fed Chair

While bookies’ odds for Gary Cohn to be the next Fed Chair were already low to minimal, Bloomberg reports that, according to three people familar with the mater, President Donald Trump does not intend to appoint National Economic Council Director Gary Cohn to lead the Federal Reserve. ,

As Bloomberg reports, Trump said in at least one private meeting last week that Cohn has no chance of being Fed chair, according to a person present for the remarks.

Trump has privately told advisers that Cohn is doing a great job in his current role and that he wants to keep him at the White House through congressional consideration of his proposed tax overhaul, according to a person familiar with the conversations.

“No decision has been made and no candidate has been ruled out but Gary’s role is too crucial to getting tax reform done,” a senior administration official familiar with the president’s thinking said. It may be “too important for him to continue to be the lead, for him to announce a change at this time.”

Cohn’s odds have been tumbling since Charlottesville…

Leaving Powell the clear favorite..

President Trump, in and interview with Lou Dobbs to air on Fox Business Network, says the Fed search is down to two or three people. When asked about the Fed chair search…

 “In one way, I’d have to say, you’d like to make your own mark,” he said, “which is maybe one of the things she’s got a little bit against” Janet Yellen.

“But I think she’s terrific, we had a great talk,” Trump said.

“And we’re obviously doing very well together if you look at the markets”

But the bigger news from the ‘people familiar with the matter’ is, as Bloomberg reports, Cohn is likely to leave the White House soon after Congress disposes with the tax plan, two people said.

Cohn declined to comment.

 END

Illinois Eyes 30 Cent Gas Tax Hike, Chicago Faces Yet Another Property Tax Hike

Authored by Mike Shedlock via TheMaven.net/MishTalk,

The Illinois legislature is in recess right now. Other than disbanding the body, that’s the best place for them.

When they return, they are going after your pocketbook in the form a gas tax hike. Not to be outdone, Chicago Mayor Rahm Emanuel is pondering property tax hikes.

In July, the State legislature overrode Governor Rauner’s veto and passed the largest tax hike in history. The hike raised the individual rate to 4.95 percent from 3.75 percent and the corporate rate to 7 percent from 5.25 percent.

With those hikes, households making about $100,000 will pay an additional $1,200 in taxes each year.

But that was not enough. It never will be.

Today, the Illinois Policy Institute CEO John Tillman emailed, “The Illinois General Assembly will be back in session next week. And guess what? They’re already talking about raising your taxes again. This time, they’re discussing increasing gas taxes. Lawmakers haven’t released specific numbers yet, but talks have ranged anywhere from an additional $0.05 to $0.30 a gallon.”

Tax Hikes in Chicago

Chicago taxpayers face yet another property tax increase for police and fire pensions in 2020 — and another hike the following year in the tax tacked onto water and sewer bills to save the Municipal Employees pension fund, aldermen learned on the first day of City Council budget hearings.By the city’s own estimate, police and fire pension costs will rise by $297.3 million, or 36 percent, in 2020. The Municipal and Laborers plan costs will grow by $330.4 million, or 50 percent, in 2022.

“We’ve done the biggest [property tax] increases,” Chicago Chief Financial Officer Carole Brown said Monday.

“But there will be an increase in 2020 for police and fire. The increase for Muni and Laborers will happen a couple years later.“

When this Council passed the water and sewer tax last year, there were assumed increases in the tax from the first year to correspond to increases in the ramp. We would anticipate that if those were the revenue sources assigned on a going-forward basis after we got to actuarial funding, there would need to be increases in those revenues.”

Big Round of Thanks

Neighboring governors are offering their thanks to Illinois.

In a fundraiser for Rauner, three neighboring GOP governors, Scott Walker of Wisconsin, Eric Greitens of Missouri, and Eric Holcomb of Indiana each delivered a sarcastic “thank you” to Illinois House Speaker Mike Madigan for “raising Illinois taxes” and “helping create new jobs” in their states.

  • “For raising Illinois’ taxes, our economy’s on fire,” Scott Walker stated.
  • Missouri Governor Eric Greitens chided Madigan, “We’re growing good jobs.”
  • Indiana Gov. Eric Holcomb offered, “We’re growing union jobs faster than Illinois. So, we owe you.”
  • Holcomb added, “Hoosiers love you, Mike Madigan.”

end

Strange data points:  New home sales explode by 18.9% month over month and a 9 standard deviation move.

(courtesy zerohedge)

Well that about does it for tonight

I will see you THURSDAY night

HARVEY

 

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