March 13/TRUMP FIRES TILLERSON AS SEC. OF STATE AND REPLACES HIM WITH POMPEO/GOLD RISES ON THAT NEWS: GOLD UP $6.25 ON THE DAY TO $1326.75/SILVER RISES 10 CENTS TO $16.62/UK THREATENS RUSSIAN OVER THE POISONING SCANDAL/ RUSSIA RESPONDS/RUSSIA THREATENS USA OVER SYRIA/HUNGARY ASKS LONDON TO REPATRIATE ITS 3 TONNES OF GOLD BACK TO BUDAPEST/SWAMP STORIES/

 

 

GOLD: $1326.75  UP $6.25

Silver: $16.62 UP 10 CENTS

Closing access prices:

Gold $1326.50

silver: $16.61

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: $1330.53 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1323.35

PREMIUM FIRST FIX: $7.18

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SECOND SHANGHAI GOLD FIX: $1328.77

NY GOLD PRICE AT THE EXACT SAME TIME: $1320.50

PREMIUM SECOND FIX /NY:$8.27

SHANGHAI REJECTS NY PRICING OF GOLD.

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ON APRIL 1  2018 I WILL NO LONGER PROVIDE THE LONDON FIXES AS THEY ARE MANIPULATED AND THEY WILL BE PROVIDED 36 HRS AFTER THE FACT AND  THUS TOTALLY USELESS TO US!!

LONDON FIRST GOLD FIX: 5:30 am est $1318.70

NY PRICING AT THE EXACT SAME TIME: $1317.75  ??

LONDON SECOND GOLD FIX 10 AM: $1322.75

NY PRICING AT THE EXACT SAME TIME. $1326.80???

For comex gold:

MARCH/

NUMBER OF NOTICES FILED TODAY FOR MARCH CONTRACT: 0 NOTICE(S) FOR nil OZ.

TOTAL NOTICES SO FAR:4 FOR 400 OZ

For silver:

MARCH

6 NOTICE(S) FILED TODAY FOR

30,000 OZ/

Total number of notices filed so far this month: 4834 for 24,170,000 oz

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Bitcoin: BID $8934/OFFER $9,003: DOWN $155(morning)

Bitcoin: BID/ $9023/offer $9093: DOWN $65  (CLOSING/5 PM)

 

end

Let us have a look at the data for today

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In silver, the total open interest ROSE BY A CONSIDERABLE SIZED 2228 contracts from 196,956  RISING TO 199,184  DESPITE YESTERDAY’S SMALL  8 CENT FALL IN SILVER PRICING.  WE OBVIOUSLY HAD ZERO COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER SMALL SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP : 598 EFP’S FOR MAY AND ZERO FOR ALL  OTHER MONTHS  AND THUS TOTAL ISSUANCE OF 598 CONTRACTS.  WITH THE TRANSFER OF 598 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 598 CONTRACTS TRANSLATES INTO 2.990 MILLION OZ   WITH THE RISE IN OPEN INTEREST IN SILVER AT THE COMEX.

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF MARCH:

20,061 CONTRACTS (FOR 9 TRADING DAYS TOTAL 20,061 CONTRACTS OR 100.305 MILLION OZ: AVERAGE PER DAY: 2229 CONTRACTS OR 11.145 MILLION OZ/DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH:  100.305 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 14.28% OF ANNUAL GLOBAL PRODUCTION

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S:  592.78 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ

ACCUMULATION FOR MONTH OF FEBRUARY: 244.945 MILLION OZ

RESULT: WE HAD A CONSIDERABLE SIZED GAIN  IN COMEX OI SILVER COMEX OF 2228 DESPITE THE SMALL 8 CENT FALL IN SILVER PRICE WE ALSO HAD A SMALL SIZED EFP ISSUANCE OF 598 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 598 EFP’S  FOR THE  MONTH OF MAY WERE ISSUED FOR  A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS.   WE GAINED  2826 OI CONTRACTS i.e. 598 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 2228  OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE FALL IN PRICE OF SILVER OF 8 CENTS AND A CLOSING PRICE OF $16.62 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A GOOD AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.998 BILLION TO BE EXACT or 142% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT FEBRUARY MONTH/ THEY FILED: 6 NOTICE(S) FOR 30,000 OZ OF SILVER

In gold, the open interest  ROSE BY A HUGE SIZED 10,222 CONTRACTS UP TO 505,991  DESPITE THE FALL IN PRICE  YESTERDAY ( LOSS OF$3.00) HOWEVER  FOR TODAY, THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED AN GOOD SIZED  4161 CONTRACTS :  APRIL SAW THE ISSUANCE OF 4161 CONTRACTS, JUNE SAW THE ISSUANCE OF 0 CONTRACTS AND THEN ALL OTHER MONTHS ZERO.    The new OI for the gold complex rests at 505,991. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI  TOGETHER WITH  THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR FEBRUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE WE HAVE A GOOD  OI GAIN IN CONTRACTS: 10,222 OI CONTRACTS INCREASED AT THE COMEX AND A GOOD SIZED 4161 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.THUS  TOTAL OI GAIN: 14,383 CONTRACTS OR 1,438,300 OZ =44.73 TONNES

YETERDAY, WE HAD 6847 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MARCH : 79,804 CONTRACTS OR 7,980,400  OZ OR 248.22 TONNES (9 TRADING DAYS AND THUS AVERAGING: 8867 EFP CONTRACTS PER TRADING DAY OR 886,700 OZ/ TRADING DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS :   SO FAR THIS MONTH IN 9 TRADING DAYS IN  TONNES: 248.22 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES

THUS EFP TRANSFERS REPRESENTS 248.22/2550 x 100% TONNES =  9.73% OF GLOBAL ANNUAL PRODUCTION SO FAR IN MARCH ALONE.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE:  1498.56 TONNES

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22  TONNES

ACCUMULATION OF GOLD EFP’S FOR FEBRUARY: 649.45 TONNES

Result: A  HUGE SIZED INCREASE IN OI AT THE COMEX DESPITE THE FALL IN PRICE IN GOLD TRADING YESTERDAY ($3.00 LOSS).  HOWEVER, WE HAD ANOTHER FAIR SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 4161 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED.   THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 4161 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 14,383 contracts ON THE TWO EXCHANGES:

4161 CONTRACTS MOVE TO LONDON AND 10,222 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 44.73  TONNES).

we had: 0 notice(s) filed upon for nil oz of gold.

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

GLD

WITH GOLD UP $6.25 : NO  CHANGES IN GOLD INVENTORY AT THE GLD /

Inventory rests tonight: 833.73 tonnes.

SLV/

WITH SILVER UP 10 CENTS TODAY: 

NO CHANGES IN SILVER INVENTORY AT THE SLV/

/INVENTORY RESTS AT 319.012 MILLION OZ/

end

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

1. Today, we had the open interest in silver ROSE BY A CONSIDERABLE 2228  contracts from 196,956 UP TO 199,184 (AND now A LITTLE  CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE THE FALL IN PRICE OF SILVER (8 CENT LOSS WITH RESPECT TO  YESTERDAY’S TRADING).   OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER  598 EFP CONTRACTS FOR MAY  (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 0 EFP’S FOR ALL OTHER MONTHS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD SOME COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE  OI GAIN AT THE COMEX OF 2228 CONTRACTS TO THE 598 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A GAIN OF 2826  OPEN INTEREST CONTRACTS  WE STILL HAVE A STRONG AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN MARCH (SEE BELOW). THE NET GAIN TODAY IN OZ ON THE TWO EXCHANGES:  14.130 MILLION OZ!!!

RESULT: A CONSIDERABLE SIZED  INCREASE IN SILVER OI AT THE COMEX DESPITE THE FALL IN SILVER PRICING  YESTERDAY (8 CENTS LOSS IN PRICE) . BUT WE ALSO HAD ANOTHER SMALL SIZED 598 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG  SIZED AMOUNT OF SILVER OUNCES STANDING FOR MARCH, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)TUESDAY MORNING/MONDAY NIGHT: Shanghai closed DOWN 16.46 POINTS OR 0.49% /Hang Sang CLOSED UP 7.12 POINTS OR 0.02% / The Nikkei closed UP 144.07 POINTS OR 0.66%/Australia’s all ordinaires CLOSED DOWN 0.40%/Chinese yuan (ONSHORE) closed UP at 6.3268/Oil UP to 61.47 dollars per barrel for WTI and 64.86 for Brent. Stocks in Europe OPENED GREEN EXCEPT LONDON  .   ONSHORE YUAN CLOSED UP AT 6.3268 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.3287 /ONSHORE YUAN TRADING STRONGER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR . CHINA IS  VERY  HAPPY TODAY (STRONGER CURRENCY GOOD CHINESE MARKETS/BUT TRUMP TARIFFS  INITIATED/ ) 

 

3a)THAILAND/SOUTH KOREA/NORTH KOREA

 i)North Korea

b) REPORT ON JAPAN

3 c CHINA

4. EUROPEAN AFFAIRS

Brexit and the media are blamed as London house prices plunge the greatest since 2009

( zerohedge)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)Russia/USA

After Tillerson was fired, he responds that Moscow was clearly behind the Skripal poisoning and it will trigger a response

( zerohedge)

ii)Russia/UK

Russia refuses to respond to the UK ultimatum until it receives nerve toxin samples

( zerohedge)

iib)RUSSIA/UK

Russia to the UK: “One does not give 24 hours notice to a nuclear power”..the situation escalates

( zerohedge)

iii)Russia/Berezovsky/Gluskov/AeroflotThis morning, a close associate of the late oligarch Boris Berezovsky was found dead this morning. He was 69 and no official reason given for his death.

(courtesy zerohedge)

6 .GLOBAL ISSUES

7. OIL ISSUES

Both crude and gasoline rise after a smaller than expected crude build

( zerohedge)

8. EMERGING MARKET

9. PHYSICAL MARKETS

i)Congressman criticized the USA mint for inaction on the counterfeiting of gold/silver coins.  The mint states that it is not significant enough to warrant action

( GATA./Ein Presswire.com)

ii)Although tiny in numbers, the Hungarian Central Bank must have been reading Nicholas B. as they now wish to repatriate their entire 3 tonnes of gold held in London

( GoldBroker.com)

10. USA stories which will influence the price of gold/silver

i)Big news of the day: Trump fires Rex Tillerson and replaces him with the man he always wanted there:  Mike Pompeo

( zero hedge)

ii)Then stocks gain as Trump says that Kudlow has a very good chance.

( zerohedge)

iii)Then Trump fires his personal assistant, John McEntee who was escorted out of the White House yesterday.  Reasons given:  security issues.

( zerohedge)

iii b)Trump fires the top deputy, Steve Goldstein as he cleans house

(COURTESY ZEROHEDGE)

iv)Quite a stat:  The Trump White House is losing one senior staff member every 17 days

( zerohedge)

v)Confidence level for ‘Main Street’ is humming again as small business confidence surges to its highest level since 1983

( zero hedge)

vi)Not what Jay Powell wants to see: USA consumer prices slow in February.  He wants consumer prices to rise to force labour rates higher

(courtesy Reuters)

vii)China is not going to like this:  the trade war escalates as trump demands broader tariffs against China

( zerohedge)

viii)SWAMP STORIES

a)The House Intelligence Committee after 14 months of hearings is ending the Russian probe and finds no collusion

( zerohedge)

Let us head over to the comex:

The total gold comex open interest ROSE BY A HUGE SIZED 10,222 CONTRACTS UP to an OI level 505,991  DESPITE THE FALL IN THE PRICE OF GOLD ($3.00 LOSS/ YESTERDAY’S TRADING).  WE HAD MINIMAL COMEX GOLD LIQUIDATION.  HOWEVER THE CME REPORTS THAT  THE BANKERS ISSUED AN FAIR SIZED  COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. WE HAD A 4161 EFP’S ISSUED FOR APRIL ,   0 FOR JUNE AND ZERO FOR ALL OTHER MONTHS:  TOTAL  4161 CONTRACTS.  THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST  48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON FORWARD… THE COMEX IS NOW AN ABSOLUTE FRAUD!!

ON A NET BASIS IN OPEN INTEREST WE GAINED TODAY: 14,383 OI CONTRACTS IN THAT 4161 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED 10,222 COMEX CONTRACTS.

NET GAIN ON THE TWO EXCHANGES: 14,383 contracts OR 1,438,300  OZ OR 44.73 TONNES.

Result: A  HUGE SIZED INCREASE IN COMEX OPEN INTEREST DESPITE THE LOSS IN PRICE ON YESTERDAY  ENDING UP WITH A LOSS OF $3.00.   TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES: 14,383 OI CONTRACTS..

We have now entered the non active contract month of MARCH where we LOST 0 contracts REMAINING AT  543 contracts. We had 0 notices served upon yesterday, so in essence we LOST 0 contacts or an additional NIL oz will  stand for delivery at the comex

April saw a LOSS of 9,177 contracts DOWN to 251,529. May saw A GAIN of 0 contracts to stand at 358. The really big June contract month saw a GAIN of 14,695 contracts UP to 159,324 contracts.

We had 0 notice(s) filed upon today for  000 oz

comex gold volumes are RISING AGAIN

Here is a summary of the latest gold trading volumes at the Comex per year

certainly the introduction of EFP’s has certainly had an effect:

Trading Volumes on the COMEX

PRELIMINARY COMEX VOLUME FOR TODAY: 356,814 contracts

CONFIRMED COMEX VOL. FOR YESTERDAY:  264,844 CONTRACTS

comex gold volumes are RISING AGAIN

Here is a summary of the latest gold trading volumes at the Comex per year

certainly the introduction of EFP’s has certainly had an effect:

Meanwhile, gold-trading volumes on the COMEX have never been higher:

end

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And now for the wild silver comex results.

Total silver OI ROSE BY A CONSIDERABLE 2228  CONTRACTS FROM 196,956 UP TO 199,184 DESPITE YESTERDAY’S 8 CENT LOSS IN YESTERDAY’S TRADING).   HOWEVER,WE WERE ALSO INFORMED THAT WE HAD  598 EMERGENCY EFP’S FOR MAY ISSUED BY OUR BANKERS AND ZERO FOR ALL OTHER MONTHS TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON: THE TOTAL EFP’S ISSUED: 598.   THE SILVER BOYS HAVE STARTED TO MIGRATE TO LONDON FROM THE START OF DELIVERY MONTH AND CONTINUING RIGHT THROUGH UNTIL FIRST DAY NOTICE JUST LIKE WE ARE WITNESSING TODAY. USUALLY WE NOTED THAT CONTRACTION IN OI OCCURRED ONLY DURING THE LAST WEEK OF AN UPCOMING ACTIVE DELIVERY MONTH AS WE HAVE JUST SEEN IN GOLD TODAY. THIS PROCESS HAS JUST BEGUN IN EARNEST IN SILVER STARTING IN SEPTEMBER 2017. HOWEVER, IN GOLD, WE HAVE BEEN WITNESSING THIS FOR THE PAST 2 YEARS. NICK LAIRD WAS KIND ENOUGH TO SUPPLY US THE TOTAL FOR 2017 GOLD EFP’S AND IT WAS 6600 TONNES FOR THE ENTIRE YEAR.  WE OBVIOUSLY HAD ZERO LONG COMEX SILVER LIQUIDATION BUT WE ALSO HAD A HUGE SIZED GAIN IN TOTAL SILVER OI FROM OUR TWO EXCHANGES. WE ARE ALSO WITNESSING A STRONG AMOUNT OF SILVER OUNCES STANDING FOR COMEX METAL IN THIS NON ACTIVE JANUARY AS WELL AS THAT CONTINUAL MIGRATION OF EFPS OVER TO LONDON. ON A PERCENTAGE BASIS THERE ARE MORE EFP’S ISSUED FOR GOLD THAN SILVER.  ON A NET BASIS WE GAINED  2826  SILVER OPEN INTEREST CONTRACTS AS  WE OBTAINED A 2228 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 598 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN ON THE TWO EXCHANGES:2826 CONTRACTS 

AMOUNT STANDING FOR SILVER AT THE COMEX

We are now in the  active delivery month of MARCH and here the front month LOST 100 contracts FALLING TO 399 contracts. We had 101 contracts filed upon yesterday, so we GAINED 1 contract or an additional 5,000 will  stand in this active delivery month of March.(AS SOMEBODY IS STILL IN GREAT NEED OF PHYSICAL SILVER)

April GAINED 16 contracts RISING TO 443 .

The next big active delivery month for silver will be May and here the OI GAINED 565 contracts UP to 143,810

We had 6 notice(s) filed for 30,000 OZ for the MARCH 2018 contract for silver

INITIAL standings for MARCH/GOLD

MARCH 13/2018.

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
0 notice(s)
 400 OZ
No of oz to be served (notices)
543 contracts
(54300 oz)
Total monthly oz gold served (contracts) so far this month
4 notices
400 oz
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
we had 0 kilobar transaction/
We had 0 inventory movement at the dealer accounts
total inventory deposit into the dealer accounts:  NIL  oz
total inventory withdrawals out of dealer accounts; nil oz
we had 0 withdrawals out of the customer account:
total withdrawal: nil   oz
we had 0 customer deposit
total customer deposits: nil oz
we had 0 adjustment(s)
total registered or dealer gold:  339,378.269 oz or 10.556 tonnes
total registered and eligible (customer) gold;   9,124,611.485 oz 283.813 tones
THE COMEX IS AGAIN IN STRESS AS ONLY 10.556 TONNES OF GOLD ARE LEFT TO SERVICE DELIVERIES
 

For MARCH:
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 0 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 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 MARCH. contract month, we take the total number of notices filed so far for the month (4) x 100 oz or 0 oz, to which we add the difference between the open interest for the front month of FEB. (543 contracts) minus the number of notices served upon today (0 x 100 oz per contract) equals 54700 oz, the number of ounces standing in this nonactive month of MARCH (1.7013 tonnes)

Thus the INITIAL standings for gold for the MARCH contract month:

No of notices served (4 x 100 oz or ounces + {(543)OI for the front month minus the number of notices served upon today (0 x 100 oz )which equals 54700 oz standing in this  nonactive delivery month of March . THERE IS 10.556 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.

WE LOST 0 CONTRACTS OR AN ADDITIONAL NIL OZ WILL STAND FOR DELIVERY IN THIS NON ACTIVE DELIVERY MONTH OF MARCH.

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XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

IN THE LAST 18 MONTHS 70 NET TONNES HAS LEFT THE COMEX.

end

And now for silver

AND NOW THE DECEMBER DELIVERY MONTH

MARCH INITIAL standings/SILVER

March 13 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
 24,053.720 oz
HSBC
CNT
Deposits to the Dealer Inventory
nil
oz
Deposits to the Customer Inventory
 1.227.412.748 oz
JPM
Brinks
No of oz served today (contracts)
6
CONTRACT(S
(30,000 OZ)
No of oz to be served (notices)
393 contracts
(1,965,000 oz)
Total monthly oz silver served (contracts) 4834 contracts

(24,170,000 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

we had 0 inventory movement at the dealer side of things

total inventory deposits/withdrawals/ into dealer: nil oz

we had 2 deposits into the customer account

i) JPMorgan:  602,667.500 oz

*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.

JPMorgan now has 135 million oz of  total silver inventory or 54% of all official comex silver.

JPMorgan  added  silver into its warehouses (official) today.

ii) into Brinks:  624,745.248 oz

total deposits today:  1,227,412.748 oz

we had 2 withdrawals from the customer account;

i) Out of HSBC 20,022.32 oz

ii) Out of CNT::  4,031.400 oz

total withdrawals; 24,053.720  oz

we had 0 adjustments

total dealer silver:  59.419 million

total dealer + customer silver:  253.313 million oz

The total number of notices filed today for the March. contract month is represented by 6 contract(s) FOR 30,000 oz. To calculate the number of silver ounces that will stand for delivery in March., we take the total number of notices filed for the month so far at 4834 x 5,000 oz = 24,170,000 oz to which we add the difference between the open interest for the front month of Mar. (399) and the number of notices served upon today (6 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the March contract month: 4834(notices served so far)x 5000 oz + OI for front month of March(399) -number of notices served upon today (6)x 5000 oz equals 26,135,000 oz of silver standing for the March contract month. 

We GAINED an additional 1 contract or 5,000 additional silver oz will stand for delivery at the comex as somebody was in urgent need of physical silver.

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ESTIMATED VOLUME FOR TODAY: 69,286 CONTRACTS

CONFIRMED VOLUME FOR YESTERDAY: 57,590 CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF 57,590 CONTRACTS EQUATES TO  287 MILLION OZ OR 41.1% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott 

1. Sprott silver fund (PSLV): NAV FALLS TO -2.49% (MARCH 13/2018)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -0.66% to NAV (March 13/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -2.49%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.66%/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)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA): NAV RISES TO -3.27%: NAV 13.72/TRADING 13.28//DISCOUNT 3.27.

END

And now the Gold inventory at the GLD/

MARCH 13/WITH GOLD UP $6.25/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

MARCH 12/WITH GOLD DOWN $3.00/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

MARCH 9/WITH GOLD UP $2.25/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

March 8/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

MARCH 7/WITH GOLD DOWN 8.00/A SLIGHT CHANGE IN GOLD INVENTORY AT THE GLD/A WITHDRAWAL OF .25 TONNES TO PAY FOR FEES//INVENTORY RESTS AT 833.73 TONNES

MARCH 6/WITH GOLD UP $15.60/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES

March 5/WITH GOLD DOWN $4.10/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES

MARCH 2/WITH GOLD UP $18.70/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES

March 1/WITH GOLD DOWN ANOTHER $12.30/A HUGE CHANGE IN GOLD INVENTORY/ A DEPOSIT OF 2.96 TONNES/INVENTORY RESTS AT 833.98 TONNES

FEB 28/WITH GOLD DOWN ANOTHER 70 CENTS/NO CHANGE IN GOLD INVENTORY/INVENTORY RESTS AT 831.03 TONNES/.

feb 27/WITH GOLD DOWN $13.80 WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 831.03 TONNES

FEB 26/WITH GOLD UP $2.40/WE HAD ANOTHER INVENTORY GAIN/THIS TIME 1.77 TONNE ADDITION TO THE GLD INVENTORY/INVENTORY RESTS AT 831.03 TONNES/WE HAVE HAD 5 INCREASES IN THE PAST 6 TRADING GOLD SESSIONS/

FEB 23/WITH GOLD DOWN $1.15, WE HAD A GOOD INVENTORY GAIN OF 1.47 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 829.26 TONNES

FEB 22/WITH GOLD UP 90 CENTS AGAIN TODAY, WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 827.79 TONNES

FEB 21/ WITH THE 90 CENT GAIN WE HAD ANOTHER DEPOSIT OF 3.15 TONNES OF GOLD INTO THE GLD INVENTORY/INVENTORY RESTS TONIGHT AT 827.79 TONNES

Feb 20/WITH GOLD DOWN BY $24.25, THE CROOKS DECIDED THAT THEY HAD BETTER RETURN (DEPOSIT) 3.34 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS TONIGHT AT 824,64 TONNES

Feb 16/WITH GOLD UP BY 25 CENTS, THE CROOKS DECIDED AGAIN TO RAID THE COOKIE JAR BY WITHDRAWING 2.36 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 821.30 TONNES

Feb 15/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 823.66 TONNES

Feb 14/AN ADDITIONAL OF 2.95 TONNES OF GOLD INTO GLD WITH THE HUGE GAIN OF 27.40 IN PRICE/INVENTORY RESTS AT 823.66 TONNES

Feb 13/WITH GOLD UP $3.40 WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 820.71 TONNES

Feb 12/STRANGE!!WITH GOLD RISING BY 12.00 DOLLARS, THE CROOKS DECIDED AGAIN TO WITHDRAW 5.6 TONNES OF GOLD FOR EMERGENCY USE ELSEWHERE/INVENTORY RESTS AT 820.71 TONNES

Feb 9/AGAIN WITH HUGE TURMOIL ON THE MARKETS, THE CROOKS WITHDREW 2 TONNES OF GOLD FROM THE GLD INVENTORY/INVENTORY RESTS AT 826.31 TONNES

Feb 8/DESPITE THE GOOD GAIN IN PRICE FOR GOLD TODAY/THE CROOKS REMOVED .96 TONNES FROM THE GLD INVENTORY/INVENTORY RESTS AT 828.31 TONNES

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

MARCH 13/2018/ Inventory rests tonight at 833.73 tonnes

*IN LAST 341 TRADING DAYS: 107,41 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 271 TRADING DAYS: A NET 48.89 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.

end

Now the SLV Inventory

MARCH 13/WITH SILVER UP 10 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/

MARCH 12/WITH SILVER DOWN 8 CENTS/A BIG CHANGES IN SILVER INVENTORY AT THE SLV/ A DEPOSIT OF 943,000 OZ/INVENTORY RESTS AT 319.012 MILLION OZ/

MARCH 9/WITH SILVER UP 21 CENTS, NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

March 8/WITH SILVER DOWN 1 CENT TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

MARCH 7/WITH SILVER DOWN 27 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

MARCH 6/WITH SILVER UP 38 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

March 5/WITH SILVER DOWN 11 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

MARCH 2/WITH SILVER UP 23 CENTS: A HUGE 1.479 MILLION OZ WAS ADDED TO SILVER’S INVENTORY/INVENTORY RESTS AT 318.069 MILLION OZ/

March 1/WITH SILVER DOWN 11 CENTS TODAY/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ./

FEB 28/WITH SILVER DOWN 5 CENTS TODAY/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ/

feb 27/WITH SILVER DOWN 17 CENTS/NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 316.590 MILLION OZ

FEB 26/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ/

FEB 23/WITH SILVER DOWN 10 CENTS TODAY, WE HAD ANOTHER HUGE ADDITION OF 1.315 MILLION OZ/INVENTORY RESTS AT 316.590 MILLION OZ/

fEB 22.2018/WITH SILVER DOWN  1 CENT TODAY, WE HAD NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 315.271 MILLION OZ/

FEB 21/WITH SILVER UP 15 CENTS TODAY, WE HAD A GOOD SIZED INVENTORY ADDITION OF 1.226 MILLION OZ/INVENTORY RESTS AT 315.271 MILLION OZ/

Feb 20/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ

Feb 16/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 15/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 14./NO CHANGE IN SILVER INVENTORY DESPITE THE HUGE RISE IN PRICE/INVENTORY RESTS AT 314.045 MILLION OZ

Feb 13./NO CHANGE IN SILVER INVENTORY TODAY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 12/AGAIN, WITH TODAY’S HUGE RISE IN SILVER PRICE, IN TOTAL CONTRAST TO GOLD: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 9/AGAIN WITH TURMOIL ON THE MARKETS, STRANGELY IN TOTAL CONTRAST TO GOLD: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 8/DESPITE THE TURMOIL TODAY AND A PRICE RISE: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

MARCH 13/2018: NO CHANGES TO SILVER INVENTORY/ 

Inventory 319.012 million oz

end

6 Month MM GOFO 2,01/ and libor 6 month duration 2.29

Indicative gold forward offer rate for a 6 month duration/calculation:

G0FO+ 2.01%

libor 2.29 FOR 6 MONTHS/

GOLD LENDING RATE: .28%

XXXXXXXX

12 Month MM GOFO
+ 2.41%

LIBOR FOR 12 MONTH DURATION: 2.56

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.17

GOLD LENDING RATES FALLING TO APPROACH ZERO AS PHYSICAL GOLD IS SCARCE/GOFO  RATES RISING

end

Major gold/silver trading /commentaries for TUESDAY

GOLDCORE/BLOG/MARK O’BYRNE.

GOLD/SILVER

Stock Market Selloff Showed Gold Can Reduce Portfolio Risk

Stock Market Selloff Showed Gold Can Reduce Portfolio Risk 

– Recent stock market selloff showed gold can deliver returns and reduce portfolio risk
– Gold’s performance during stock market selloff was consistent with historical behaviour
– Gold up nearly 10% in last year but performance during recent selloff was short-lived
– The stronger the market pullback, the stronger gold’s rally
– WGC: ‘a good time for investors to consider including or adding gold as a strategic component to their portfolios.’
– Gold remains one of the best assets outperforming treasuries and corporate bonds

A recent World Gold Council (WGC) study has concluded that the market selloff on February 5th made the case for gold as both a diversifier and an asset that protects portfolios during market downturns.

The stock market selloff of early February saw stocks tumble. But, whilst it was sharp it was also short-lived. Many watching the gold price were disappointed to see gold lose around 0.8% of its USD price between February 5th and February 12th, when both the Dow Jones and European stocks and begun to recover losses.

Yet to judge gold on its price performance alone is to misunderstand gold (or, in fact any asset’s) role in a portfolio. In order to appreciate it’s performance one must compare it to other assets as well as it’s long-term behaviour.

Gold’s protection was stronger than you realise

Whilst gold did drop by nearly 1% in USD terms it was a different story for other currencies (which account for 90% of gold demand). This was particularly the case in Europe where currencies weakened against the dollar, increasing gold prices. In euro terms old rallied by 0.9% and 1.8% in sterling, between Friday February 2nd and Monday February 12th.

The 0.8% overall drop in the gold price over the beginning and end of the stock market selloff was not reflective of gold’s performance during the period:

‘[Gold] still outperformed most assets on the week (other than treasuries) and reduced portfolio losses, providing liquidity to investors as market volatility rose.’

“Gold’s effectiveness as a hedge increases with systemic risks”

Gold and stocks are inversely correlated in market downturns. This is thanks to the behaviour of investors who typically show a ‘flight-to-quality’ behaviour.

This benefit of gold is better seen when market crises are broader or last longer than the stock market correction we saw in February.

Examples include Black Monday, the 2008–2009 financial crisis and the European sovereign debt crisis (Chart 5). But there are exceptions.

Gold has been more effective as a hedge when a market correction has been broader (i.e. affects more than one sector or region) or lasted longer.

During the 2001 dot-com bubble burst, the risk was mainly centred around tech stocks and was not enough to elicit a strong reaction from gold; it was not until the broader US economy fell into recession that the gold price responded more sharply. Similarly, investors outside of Europe discounted the possibility of a spill-over from the 2015 Greek default. In recent pullback, as stocks quickly rebounded, gold’s reaction was more muted.

However, taking a longer, more strategic view, is quite relevant.

Looking beyond the short-term stock market selloff

As we often discussed, mainstream media and market commentary have a strong bias towards short-term views. This leads to a very blinkered approach and often an all-too-easy dismissal of gold as a worthy investment.

There has been talk of a stock-market correction for a long-while. Frothy asset prices, pumped-up valuations and the ongoing uptick in stock market prices appeared to be just asking for a market selloff. We finally saw a selloff last month when the DJIA had it’s biggest drop in history. Was this the end of the bubble? Prices did recover but that doesn’t mean it wasn’t the final bell in what has been a long run.

An environment is now forming where a number of corrections are becoming more likely in the near-future. Interest rates are slowly being hiked up, how markets and economies will cope with this after a record-long period of ultra-low interest rates is something we are just beginning to get a taste of.

Trade wars are looming, inflation levels are climbing and political sabre-rattling is growing stronger. With this in mind the World Gold Council reminds us of gold’s ‘four key roles in a portfolio’:

– delivering positive long-term returns

– improving diversification

– providing liquidity, especially in downturns

– enhancing portfolio performance through higher risk-adjusted returns

So far, 2018 has been a good case in point of gold’s role as a strategic asset. It has been one of the best-performing asset classes year-to-date, besting treasuries and corporate bonds (Chart 6). It has served as a diversifier and liquidity source as stock markets tumbled. Thus, gold helped investors improve their portfolios’ performance.

‘Consider including or adding gold as a strategic component to portfolios.’

The World Gold Council notes that there has been an increase in bullish positioning in gold options. ‘In our view, this type of bullish positioning suggests that investors may be increasing their portfolio protection against further market downturns…this is as good a time as any for investors to consider including or adding gold as a strategic component to their portfolios.’

You can find out more about investing in gold as part of a diversified portfolio in our Comprehensive Guide to Investing in Gold.

All quotes and charts taken from the World Gold Council

Recommended Reading

Gold Rises As Global Stocks Plunge and Bitcoin Crashes 70%

Buy Gold, ‘Get Out Of The Stock Market’ Warns Druckenmiller

Invest In Gold Now As Stock Market To Crash – Faber

News and Commentary

Gold slips as dollar holds steady (Reuters.com)

Stocks in Asia Rally After U.S. Jobs; Yen Advances (Bloomberg.com)

S.Africa gold miners’ silicosis lawsuit settlement expected within 6 weeks (Reuters.com)

Worry about rising inflation? Sure, but there’s no reason to be scared (MarketWatch.com)

Gundlach Says Volatility ‘Genie’ May Not Be Back in Its Bottle (Bloomberg.com)


Source: Zerohedge

In Debt and in Demand: Europe’s Most-Leveraged Stocks Surge (Bloomberg.com)

Another Very Interesting COT Report (GoldSeek.com)

ICTA wins another one for coin buyers (NumismaticNews.net)

The Amazing Amount of Gold The U.S. Exported Since 2000 (GoldSeek.com)

$21 Trillion And Rising: How Central Banks Are LBOing The World In One Stunning Chart (ZeroHedge.com)

Gold Prices (LBMA AM)

12 Mar: USD 1,317.25, GBP 950.66 & EUR 1,069.87 per ounce
09 Mar: USD 1,319.35, GBP 955.21 & EUR 1,072.50 per ounce
08 Mar: USD 1,325.40, GBP 955.08 & EUR 1,070.39 per ounce
07 Mar: USD 1,332.50, GBP 960.07 & EUR 1,071.86 per ounce
06 Mar: USD 1,324.95, GBP 957.01 & EUR 1,074.00 per ounce
05 Mar: USD 1,326.30, GBP 958.78 & EUR 1,075.63 per ounce

Silver Prices (LBMA)

12 Mar: USD 16.46, GBP 11.88 & EUR 13.39 per ounce
09 Mar: USD 16.49, GBP 11.92 & EUR 13.40 per ounce
08 Mar: USD 16.48, GBP 11.89 & EUR 13.31 per ounce
07 Mar: USD 16.65, GBP 12.01 & EUR 13.42 per ounce
06 Mar: USD 16.62, GBP 11.96 & EUR 13.41 per ounce
05 Mar: USD 16.51, GBP 11.95 & EUR 13.42 per ounce


Recent Market Updates

– Gold Protects As Cashless Society Threatens Vulnerable
– Women’s Pension Crisis Highlights Dangers To Savers
– London Property Sees Brave Bet By Norway As Foxtons Profits Plunge
– Gold Does Not Fear Interest Rate Hikes
– RaboDirect Closing – Gold May Protect From Irish Banks Going “Belly Up Again” – Finuncane
– Silver bullion will likely outperform gold bullion going forward
– Gold $10,000? Goldnomics Podcast Quotations and Transcript
– Trump Risks Trade and Currency Wars – Protectionism and Economic War Loom
– Four Key Themes To Drive Gold Prices In 2018 – World Gold Council
– Is The Gold Price Going To $10,000? (Goldnomics Podcast 3)
– Gold Corridor From Dubai to China Sought By China
– Digital Gold Provide the Benefits Of Physical Gold?
– Weekly Briefing: Currency Wars – ECB Warns Re Trump, Russia and Turkey Buy Gold and BOE Bitcoin Warning

Andrew Maguire’s Kinesis money which is a “bitcoin” but backed 100% by allocated gold and silver is set to go.

it think it would be a great idea to look at this!

please read at:  https://kinesis.money/#/

(Andrew Maguire)

Andrew Maguire

2:57 PM (1 hour ago)
to me

Harvey

Here It is my friend!  https://kinesis.money/#/ Please let everyone know.

Let catch up on Monday if you have time. We have billions in the hopper ready to be allocated on the 1st day of trading. The paper market days are over.

Warm regards

Andy

end.

END

Congressman criticized the USA mint for inaction on the counterfeiting of gold/silver coins.  The mint states that it is not significant enough to warrant action

(courtesy GATA./Ein Presswire.com)

Congressman criticizes U.S. Mint for inaction on counterfeit precious metal coins

 Section: 

From EIN Presswire.com
via WVUE-TV8, New Orleans
Monday, March 12, 2018

WASHINGTON — U.S. Rep. Alex Mooney, R-West Virginia, criticized the United States Mint for its “disappointing and concerning” lack of awareness or action on the growing problem of high-quality counterfeits of U.S. precious-metals coins entering the country from China and elsewhere.

In a letter dated March 6, Rep. Mooney took the U.S. Mint to task on its perfunctory one-page response to a prior letter that he and Rep. Frank Lucas sent last October asking for information as to whether and to what extent the U.S. Mint has taken steps to protect the integrity of America’s minted coins, including reviewing and implementing the anti-counterfeiting measures already put in place by certain foreign government and private mints.

“The U.S. Mint’s response dated November 17, 2017, seemed to suggest a belief that the problem was not significant,” Mooney wrote in his March 6 letter.

“However, the U.S. Secret Service has since briefed my office about the extent of this activity and its frustration with a lack of supportive actions by other agencies, including the U.S. Mint.” …

… For the remainder of the report:

http://www.fox8live.com/story/37704978/congressman-criticizes-us-mint-fo…

end

Although tiny in numbers, the Hungarian Central Bank must have been reading Nicholas B. as they now wish to repatriate their entire 3 tonnes of gold held in London

(courtesy GoldBroker.com)

Hungary’s Central Bank To Repatriate Its Gold From London

Via GoldBroker.com,

The leadership of the Hungarian National Bank (MNB) has decided to bring back home Hungary’s gold reserves.

Up to now, 100,000 ounces (3 tons) of the precious metal were stored in London, which is in total worth some 33 billion forint ($130 million) at current gold prices.

The decision seems to be in line with international trends as storage of gold reserves out of the country is now considered risky by more and more central banksAustrianGerman, and Dutch central banks are among those who have recently decided to repatriate their gold reserves. According to MNB, this may also further strengthen market confidence towards Hungary.

MNB has been holding gold reserves since its foundation in 1924. Towards the end of World War II, it had been transported to Austria on the famous Gold Train, captured by the Americans, then repatriated in full in 1946.

The highest amount Hungary has ever had was around 65-70 tons at the beginning of the 70s. At the end of the 1980s, however, a decision was made to decrease gold reserves to the lowest possible level and rather to invest in sovereign debts, which as a consequence of the collapse of the Bretton Woods system are considered safer, more liquid and potentially of higher yields. At the beginning of 2010 this tendency changed again and central banks started to accumulate gold as a potential response to the financial crisis.

The Largest gold reserves in the world belong to the US and Germany, while in comparison to other Central-European countries Hungary has one of the tiniest amounts of the precious metal; for instance, Romania and Poland both have 103 tons, and Serbia has 13 tons. Since 1992, Hungary’s activity has remained steady, as the MNB hasn’t bought or sold any of its gold reserves.

end


 _____________________________________________________________________________________

Your early TUESDAY 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 UP 6.3268  /shanghai bourse CLOSED DOWN 16.46 POINTS OR 0.49%  / HANG SANG CLOSED UP 7.12 POINTS OR 0.02%
2. Nikkei closed UP 144.07 POINTS OR 0.66% /USA: YEN RISES TO 107.23/  

3. Europe stocks OPENED DEEPLY IN THE GREEN EXCEPT LONDON     /USA dollar index RISES TO 90.02/Euro FALLS TO 1.2335

3b Japan 10 year bond yield: FALLS TO . +.053/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 106.53/ 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:: 61.47  and Brent: 64.86

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 DOWN FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO +.624%/Italian 10 yr bond yield DOWN to 1.987% /SPAIN 10 YR BOND YIELD DOWN TO 1.377%

3j Greek 10 year bond yield FALLS TO : 4.147?????????????????

3k Gold at $1318.82 silver at:16.51     7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 2/100 in roubles/dollar) 56.93

3m oil into the 61 dollar handle for WTI and 64 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 106.53 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 0.9477 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1688 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now POSITIVE territory with the 10 year FALLING to +0.636%

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 2.87% early this morning (THIS IS DEADLY TO ALL MARKETS). Thirty year rate at 3.133% /

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

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

Global Stocks, Futures Rise Ahead Of Key Inflation Report

After yesterday’s aborted market liftoff, which saw the S&P spike at the open then fizzle lower amid easing trade tensions and a goldilocks US economy, today world stocks are going for it again, with European stocks climbing following a mostly green Asian session.

The MSCI All-Country World index of stocks was up less than 0.1%, and has recovered about half its losses from the February correction.

S&P futures were trading at session highs while the dollar strengthened with less than 90 minutes to go until the much anticipate U.S. inflation report which will provide more clues on the pace of Fed tightening. Treasury yields were fractionally higher as oil slipped.

It’s all about the CPI print today, and as Deutsche Bank notes, “will we see yields march up today or will the latest batch of US inflation data disappoint? We’ll know the answer to that with the release of the February CPI report in the US. As a reminder, market expectations for the data is for a +0.2% mom headline and core reading. Should we see that then the annual rate should nudge up one tenth at the headline to +2.2% yoy while the core should hold at +1.8% yoy. One interesting point our colleagues make is that the annual growth rate of core CPI will mechanically rise by around 20bps in the March data release just from annualizing the -10% decline in wireless telephone services. In our economists’ view this should help core CPI to exceed +2.0% yoy in March, before then rising further to +2.3% yoy by the end of this year.”

Others chimed in: “Today’s CPI inflation data is likely to add further color to the US inflation picture, however it probably won’t add any further clarity to the overall inflation outlook puzzle, given that the Fed doesn’t use CPI as its inflation benchmark,” Michael Hewson, chief markets analyst at CMC Markets in London, told Reuters. “Nonetheless it is still a useful gauge in establishing when and how the price pressures we’ve been seeing build up in US supply chains start to filter down into the wider economy.”

That said, while the CPI is closely watched by traders, it is not the primary gauge the Fed uses to determine whether it is meeting its mandate of price stability. Instead, the Fed uses the personal consumption expenditure (PCE) index, or as UBS’ Paul Donovan puts it:

US consumer price inflation is due. Markets focus on this price measure. It matters to inflation-linked US government bonds. The Federal Reserve does not focus on this price measure. A relatively large part of US consumer price inflation is prices people do not pay in the real world. These prices may start adding to inflation this year.

Back to markets where the Stoxx Europe 600 Index rose for a seventh day in Europe’s longest run since October, led by oil and mining shares. Italian and Spanish stocks rose 0.3 to 0.4 percent, while Britain’s FTSE was a laggard, down 0.1 percent, and in early trading triggered a “death cross.

MSCI’s Asia-Pacific shares ex-Japan index rose 0.2% after spending much of the day swerving in and out of negative territory, and after surging 1.5% on Monday. Japanese stocks fluctuated before closing higher, while Hong Kong and Chinese shares slipped. The yen weakened as investors digested the political fallout from a scandal embroiling Japanese Finance Minister Taro Aso, and decided – for now – that it won’t rock the Abe administration materially.

However both Asian and European trading has been muted, with modest volumes as most are waiting for U.S. CPI report. According to Bloomberg, a figure that misses or meets estimates is likely to reaffirm the case for just three rate hikes this year and give the green light to fresh appetite for risk assets.

Politics also remain in focus after President Donald Trump issued an unexpected executive order blocking Broadcom Ltd. from acquiring Qualcomm Inc., scuttling the $117 billion hostile takeover which would have been the biggest tech deal in history, and had been the subject of scrutiny over the deal’s threat to U.S. national security.

In FX, the Bloomberg Dollar Spot Index pared Monday’s drop ahead of the CPI reports as investors covered dollar-yen shorts after Aso refused to resign as part of the Moritomo scandal. Volatility remains in defensive mode with buyers yet to surface, while most major currencies stay in tight ranges in an overall quiet session. Pound traders stay sidelined, looking for headlines on Brexit and Hammond’s Spring Statement.

Overnight FX recap from Bloomberg:

  • The euro was steady against the dollar with the pair hovering below the 21-DMA resistance, while the Treasury curve bear- steepened modestly
  • The pound edged lower, slipping for the first time in three days and after failing to break the 21-DMA resistance; U.K. Chancellor Philip Hammond’s Spring Statement is seen more likely to give impetus to gilts as issuance is forecast to decline to the lowest in more than a decade
  • The yen was the worst Group-of-10 performer, with USD/JPY rising as much as 0.8% to 107.22 as gains in Japanese equities spurred traders to cover short positions and the looming U.S. inflation data drew traders’ attention from the land-sale scandal with links to Japanese Prime Minister Abe
  • New Zealand’s dollar climbed against all of its G-10 peers after the nation’s syndicated sale of April 2029 government bonds drew demand that was more than twice the expected range; NZD/USD rises as much as 0.5% to 0.7333, highest since Feb. 26

“The broader story remains that of U.S. monetary policy normalization in the backdrop of an improving economy and a further decline in currency market volatility would only fuel more risk taking appetite,” said Commerzbank’s FX strategist Thu Lan Nguyen.

The yen tends to suffer in an environment when riskier and higher-yielding assets are bid but Morgan Stanley strategists said in a note that a further deterioration in the political situation that affected the position of Abe, could see the yen“forcefully return towards its previous upward trend.”

The U.S. 10-year yield inched up to 2.88 percent after Monday’s Treasury auction was broadly in line with expectations. Gold retreated for a second day.

In Europe, Slovakia’s 10-year bond yield rose as much as five basis points and the cost of insuring exposure to its debt hit the highest in almost three months as the country’s government inched towards collapse. Slovak Prime Minister Robert Fico’s government moved closer to collapse on Monday after his junior coalition partner called for early elections amid a political crisis sparked by the killing of a journalist.

In commodities, crude oil prices staged a recovery after sliding on concerns over rising U.S. output. U.S. crude futures were up 0.2 percent to $61.51 per barrel. Brent also rose 0.2 percent to $65.08 per barrel. Spot gold fell 0.2 percent to $1,318 per ounce

Bulletin Headline Summary from RanSquawk

  • European bourses marginally in the green with newsflow relatively quiet.
  • JPY weakens across the board, USD/JPY back above 107.00
  • Looking ahead, highlights include US CPI, UK Spring Statement and a speech from BoC Governor Poloz

Market Snapshot

  • S&P 500 futures up 0.2% to 2,795
  • STOXX Europe 600 up 0.07% to 379.48
  • MXAP up 0.2% to 178.92
  • MXAPJ up 0.2% to 590.82
  • Nikkei up 0.7% to 21,968.10
  • Topix up 0.6% to 1,751.03
  • Hang Seng Index up 0.02% to 31,601.45
  • Shanghai Composite down 0.5% to 3,310.24
  • Sensex down 0.3% to 33,808.49
  • Australia S&P/ASX 200 down 0.4% to 5,974.71
  • Kospi up 0.4% to 2,494.49
  • German 10Y yield unchanged at 0.632%
  • Euro down 0.04% to $1.2329
  • Brent Futures down 0.3% to $64.78/bbl
  • Italian 10Y yield fell 0.7 bps to 1.746%
  • Spanish 10Y yield fell 1.5 bps to 1.39%
  • Brent futures up 0.2% to $61.1/bbl
  • Gold spot down 0.4% to $1,317.70
  • U.S. Dollar Index up 0.2% to 90.07

Top Overnight News

  • The EU could get an exemption from U.S. steel and aluminum tariffs if the union was to be considered a reliable partner in fighting over capacities, among other criteria, Politico reports, citing three unidentified people
  • Italy’s League senior lawmaker Giancarlo Giorgetti tells state television network RAI that the chance that the nation will have to hold a second elction this year is “more than 50%”
  • Japanese Finance Minister Taro Aso says it seems the documents were changed to fit the parliamentary testimony of a MOF official. On being asked why we won’t resign he replied that he feels it’s his responsibility to find out what happened and prevent a repeat incident
  • CNBC personality Larry Kudlow has emerged as President Donald Trump’s favorite to replace Gary Cohn, the outgoing director of the White House National Economic Council, two people familiar with the matter said
  • Treasury’s $28 billion three-year note sale, which was $4 billion larger than two months ago, offered the highest yield for that maturity at auction since 2007, while the strength of demand as measured by the bid-to-cover ratio dipped to the lowest since November. Purchasers of the $21 billion in 10-year debt demanded a rate unseen since 2014, and the appetite for that auction was around the average for the past two years
  • With his swift rejection of Broadcom Ltd.’s hostile takeover ofQualcomm Inc., Trump sent a clear signal to overseas investors: Any deal that could give China an edge in critical technology will be swatted down in the name of national security
  • China is giving its central bank the power to write the rules for the financial sector, as part of a sweeping overhaul aimed at closing regulatory loopholes and curbing risk in the $43 trillion banking and insurance industries. The China Banking Regulatory Commission and the China Insurance Regulatory Commission will be merged in the biggest industry overhaul since 2003
  • Trade wars are bad but President Donald Trump’s steel and aluminum tariffs won’t have much direct impact on the U.S. economy unless the situation escalates, according to a new survey conducted by Bloomberg News. Roughly two-thirds of the 35 economists polled by Bloomberg expect the tariffs that Trump signed last week would cause a small decrease in jobs and a small drop in U.S. economic growth
  • Prime Minister Theresa May publicly accused Russia of a chemical weapon attack on British soil and warned of retaliatory measures that will further strain relations between the West and the Kremlin

Asia stocks were mixed following a similar varied lead from Wall St where S&P 500 and DJIA finished negative as Trump tariff overhang weighed heavily on industrials, while the Nasdaq outperformed amid tech resilience to post a 7th consecutive gain and fresh record high. Furthermore, trade across the Asia-Pac region was quiet in which stocks lacked any significant drivers for price action. As such, ASX 200 (-0.4%) was subdued as mining and commodity-related stocks dragged on Australia, while the largest weighted financials sector was also lower as the royal commission began hearings on mortgage fraud. Nikkei 225 (+0.7%) spent most the session in negative territory, but later coat-tailed on a rebound in USD/JPY. Elsewhere, Hang Seng (-0.1%) and Shanghai Comp. (-0.2%) were choppy with trade indecisive after the PBoC kept its liquidity efforts tepid. Sector-wise, the Hang Seng Telecom Index underperformed following some downward broker moves, while banking names benefitted from proposals to consolidate regulatory agencies and after ‘Big 4’ AgBank reported preliminary earnings as well as a private placement to raise as much as USD 15.8bln. Finally, 10yr JGBs lack demand and retreated below the 151.00 level amid a late recovery in Japanese stocks and following mixed 5yr auction results which attracted reduced interest than prior. PBoC injected CNY 30bln via 7-day reverse repos and CNY 30bln via 28-day reverse repos.

Top Asian News

  • China’s Central Bank Gains More Power in Xi’s Regulatory Shuffle
  • $103 Billion Quant Firm Piles Into China as Foreigners Welcomed
  • Billionaire Agarwal’s Vedanta Jumps After Record Dividend Payout
  • Qatar Stocks Surge Amid Steps to Raise Foreign Ownership Limit

European equity open followed the mixed sentiment seen in Asia as investors focus on the pending US inflation data. Sectors are mixed with energy among the outperformers as oil prices recover from yesterday’s losses, despite the rise in US crude output whilst sector heavyweight Total (+1.4%) at the top of the CAC 40 following an upgrade at Barclays. Likewise, BP (+0.9%) and Royal Dutch Shell (+0.6%) are moving in sympathy. Telecom sector is underperforming after France’s Iliad (-5.7%) slumped after the company FY 2017 results miss forecast, whilst Mediaset (-3.1%) is at the foot of the FTSE MIB following a downgrade at JP Morgan. Elsewhere, German utilities company E.ON (+5.7%) is again performing strong amid reports of the company expecting as many as 5000 job cuts and EUR 600mln to EUR 800mln of synergies as part of its asset swaps with RWE (+1.3%).

Top European News

  • Steinhoff Seeks About $322 Million From KAP Share Placement
  • Greencore Will Miss Profit Expectations as U.S. Woes Grow
  • Paschi Names Rovellini CFO After Mele Unexpectedly Resigns
  • French Connection Says No Formal Offer After Approach Last Year
  • German Utility Deal Turns Coal Veteran Into Green Giant; EON to Cut 5,000 Jobs in Deal to Overhaul German Utilities

In FX, the DXY is still straddling 90.000, with the Usd largely rangebound vs G10 majors aside from the Jpy and Nzd that have broken out of Monday’s narrow bands in opposite directions. Usd/Jpy saw importer demand in the low 106.20 area and then short covering from leveraged accounts on the way up towards offers at 106.90 before eclipsing yesterday’s peak and retesting highs just over 107.00 seen after Friday’s NFP release. Follow through buying pushed the pair up to and just over nearest resistance around 107.20. Conversely, the Kiwi is looking to consolidate and build on gains above 0.7300 with the aid of some upbeat minor NZ data overnight (land prices), and ahead of tonight’s top tier Q4 GDP and current account updates. Aud/Usd continues to encounter resistance/offers in advance of 0.7900, and will look for further direction from RBA Assistant Governor Kent later. Eur/Usd remains in a tight band above 1.2300, and with a key Fib still limiting dips below the handle (1.2266), while the 30 DMA (1.2350) provides a near term cap. Cable is sticking close to the 1.3900 handle awaiting the UK Budget and any further Brexit news after some positive reports about transition implementation on Monday, while Usd/Cad is slightly firmer above 1.2850 after comments from Canada’s PM claiming that exemptions of US import tariffs are not contingent on NAFTA negotiations. Note, BoC Governor Poloz is due to speak this afternoon, and staying with Central Banks the January BoJ minutes will be released shortly before midnight.

In commodities, oil prices are taking a breather, with WTI and Brent trading with marginal gains, the latter back above USD 65/bbl from the sell-off seen yesterday fuelled by a Genscape build in stockpiles and the relentless rise in US Crude output reported by EIA. US April shale output is expected to hit record highs at 6.95mln bpd. In the metals complex, Iron ore continued the longest stretch of losses since 2016 whereas gold prices are creeping lower awaiting the US CPI data to gauge the outlook for inflation.

US Event Calendar

  • 6am: NFIB Small Business Optimism, est. 107.1, prior 106.9
  • 8:30am: US CPI MoM, est. 0.2%, prior 0.5%; Ex Food and Energy MoM, est. 0.2%, prior 0.3%
    • 8:30am: US CPI YoY, est. 2.2%, prior 2.1%; Ex Food and Energy YoY, est. 1.8%, prior 1.8%
  • 8:30am: Real Avg Weekly Earnings YoY, prior 0.44%; YoY, prior 0.8%

DB’s Jim Reid concludes the overnight wrap

Will we see yields march up today or will the latest batch of US inflation data disappoint? We’ll know the answer to that in about six hours with the release of the February CPI report in the US. As a reminder, market expectations for the data is for a +0.2% mom headline and core reading. Should we see that then the annual rate should nudge up one tenth at the headline to +2.2% yoy while the core should hold at +1.8% yoy. Our US economists are slightly below market on the headline reading at +0.1% mom however also expect a +0.2% core print. As we also noted in yesterday’s EMR, one interesting point our colleagues make is that the annual growth rate of core CPI will mechanically rise by around 20bps in the March data release just from annualizing the -10% decline in wireless  telephone services. In our economists’ view this should help core CPI to exceed +2.0% yoy in March, before then rising further to +2.3% yoy by the end of this year.

This will also be the last CPI report that the Fed will see before the March FOMC meeting next week. So potentially an opportunity for officials to sharpen their pencils with the big debate being whether or not the median dot moves from 3 to 4 rate hikes. We’ll also have the PPI report tomorrow to digest. If you’re one for excitement, then one thing we would note is that recent evidence suggest that the CPI print tends to surprise one way or another. Indeed, for the core mom reading, the actual reading has differed from the consensus in 9 out of the last 13 months (69%) since the start of 2017. So the consensus estimate has only been right on 4 occasions in that time. Most of those have been a downside miss too (7 times) but remember that last month was a rare beat and the strongest monthly reading since 2005 (+0.35% vs. 0.2% expected). In the 2 and 3 years prior to that period, economists got it wrong just 29% and 36% of the time respectively.

As we head into that big data release, markets have largely spent the last 24 hours twiddling their thumbs with newsflow pretty light on Monday. After opening up on the front foot risk assets quickly seemed to take some chips off the table. Indeed, the S&P 500 ended -0.13% last night and the Dow -0.62%. However the seemingly unbreakable Nasdaq notched up another +0.36% gain which means it’s now closed higher for 7 consecutive sessions – the longest streak since last October. In Europe markets also faded from highs but for the most part stayed just above water. The Stoxx 600 in particular finished +0.25% and up for the sixth straight day.

Meanwhile rates markets were well offered to kick start the day however by the end of play yields ended lower across the board. 10y Treasuries ended the day down 2.6bps at 2.869% after trading as high as 2.909% earlier in the session. The double auction of 3y and 10y Treasuries proved to be no hurdle in the end with solid enough demand at both. While we’re on bonds it’s worth adding that the Treasury curve has flattened substantially since the recent highs, with the 5s30s and 2s10s at 49.4bp and 60.6bp respectively and c.12bp and c.18bp flatter than the February wides.

This morning in Asia, markets are mixed with the Kospi (+0.1%) and Nikkei (+0.51%) both firmer, while the Hang Seng (-0.27%), Shanghai Comp (-0.23%) and ASX (-0.36%) are all in the red. The most interesting overnight news is the announcement by President Trump that he has issued an executive order blocking Broadcom from acquiring Qualcomm. The President stated that “there is credible evidence that leads me to believe that Broadcom’s (takeover) might take actions that threaten to impair the national security of the US”. This of course follows the President’s toughened stance of foreign takeovers of US technology companies.

Moving on. Failing to break from tradition, headlines that we did get yesterday were mostly of a political nature. One of those was a WSJ story suggesting that President Trump’s lawyers were trying to negotiate a deal with special counsel Robert Mueller “that uses an interview with the president as leverage to spur a conclusion to the Russia investigation”. The article mentioned that Trump would agree to an interview so long as Mueller commits to a date for finishing at least the Trump-related portion of the investigation”. A separate Bloomberg report suggested that Mueller was likely to refuse this while he concludes other parts of the probe.

Staying with the US, President Trump confirmed yesterday that Secretary of Commerce Wilbur Ross will speak with EU representatives about limiting tariffs and barriers used against the US. To be honest there weren’t any real developments on the trade front yesterday aside from some retaliatory comments out of the EU. Also worth noting from the White House yesterday was a Politico article suggesting that Trump had narrowed down Gary Cohn’s successor to either former GM and Microsoft CEO Chris Liddell or current NEC deputy Shahira Knight. The article suggested that Cohn favoured Knight (who is also said to be a tax expert) however unnamed sources mentioned that she wasn’t necessarily interested in the job.

Closer to home we heard from Junior Brexit Minister Robin Walker yesterday. Robin said that the UK and EU are “very close to a deal” on a Brexit implementation period. Sterling actually dipped slightly following the comments – before recovering – although the comments seemed to be largely ignored in the end with no official statements from either the UK or EU to back it up. While we’re on the UK, another reminder that today we have the Chancellor’s Spring Statement. Our UK strategists aren’t expecting any policy announcements however they expect the market reaction to be focused on the publication of the 2018-2019 Gilt remit. You can find a preview note to the Statement here.

Earlier yesterday, the ECB’s Coeure noted that Euro area economic growth “is strong and well distributed” but it is still too dependent on monetary policy with at least 50bp of Euro area growth due to monetary policy. Elsewhere, he  noted “inflation is not yet where we want it” and interest rates “will remain low long after the end” of QE.

Before we look at the day ahead, it was a very light day for economic data yesterday. In Europe we had the latest ECB CSPP data. The CSPP/PSPP ratio was 26.8% (27.9% over last 4 weeks). As a reminder, before Apr 2017 when QE was still €80bn/m the ratio was 11.5%. Between Apr-Dec 2017 (QE €60bn/m) the ratio edged up to 12.7% but since Jan 2018 (QE €30bn/m) the ratio is now 26%. Indeed, the strength of corporate vs. government purchases as proxied by the CSPP/PSPP ratio has so far surpassed our expectations of “roughly 20%”. In the US, the February monthly budget statement deficit was slightly better than expected at -$215bn (vs. -$216bn expected). Notably, the impact of recent changes in the tax code was evident in the revenue data, with net receipts down 9.4% yoy. Elsewhere, the NY Fed February survey of consumer expectations noted median one-year ahead inflation expectations rose to 2.83% from 2.71% in January, the highest reading in 12 months.

Looking at the day ahead, a reminder of the Special Congressional election in Pennsylvania which will likely be seen as a decent bellwether for the prospect of Republicans holding onto majorities in the House and Senate at the November midterms. Datawise, the big highlight is of course the February CPI report in the US, due out shortly after lunchtime. Away from that, we’ll also receive the February NFIB small business optimism reading. In Europe, the only data of note is wages data for France for Q4, while late in the evening in Japan the latest BoJ meeting minutes are due out. In the UK, Chancellor Hammond will deliver the Spring Statement at just after midday. Elsewhere, there is the European Council and European Commission statements on Brexit.

end

3. ASIAN AFFAIRS

i)TUESDAY MORNING/MONDAY NIGHT: Shanghai closed DOWN 16.46 POINTS OR 0.49% /Hang Sang CLOSED UP 7.12 POINTS OR 0.02% / The Nikkei closed UP 144.07 POINTS OR 0.66%/Australia’s all ordinaires CLOSED DOWN 0.40%/Chinese yuan (ONSHORE) closed UP at 6.3268/Oil UP to 61.47 dollars per barrel for WTI and 64.86 for Brent. Stocks in Europe OPENED GREEN EXCEPT LONDON  .   ONSHORE YUAN CLOSED UP AT 6.3268 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.3287 /ONSHORE YUAN TRADING STRONGER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR . CHINA IS  VERY  HAPPY TODAY (STRONGER CURRENCY GOOD CHINESE MARKETS/BUT TRUMP TARIFFS  INITIATED/ ) 

3 a NORTH KOREA/USA

/NORTH KOREA/USA

 

3 b JAPAN AFFAIRS

c) REPORT ON CHINA

 end

4. EUROPEAN AFFAIRS

Brexit and the media are blamed as London house prices plunge the greatest since 2009

(courtesy zerohedge)

Brexit, Media Blamed As London House Prices Plunge Most Since 2009

After a decade of soaring prices, spurred on by hot money flows from Russia and China, London’s 2017 property slowdown is accelerating in 2018 as Bloomberg reports house prices are falling at the fastest pace since the depths of the recession almost a decade ago, with the capital’s most expensive areas seeing the biggest declines.

Average prices fell 2.6% to 593,396 pounds ($820,000) in January, according to a report published by Acadata on Monday. That’s the most since August 2009.

London’s highest-priced boroughs were the biggest losers over the last year, while the largest single drop was recorded in Wandsworth, down almost 15 percent.

Wandsworth and Southwark are home to huge speculative property developments facing on to the River Thames – including the Battersea Power Station development – but the market for £1m-plus one-bed properties has shrivelled in recent years.

But, as Bloomberg reports, anecdotally it’s considerably worse according to realtors:

Business has been slow in “a lot” of offices since the start of the year, though there are more deals being done in some central outlets, Simon Aldous, a director at Savills, said in a survey published last week by the Royal Institution of Chartered Surveyors.

Offers for homes are often more than 10 percent below asking prices, James Gubbins, a partner at Dauntons in Pimlico, said in the poll.

“Uncertainty over Brexit is the issue,” Gubbins said.

Media coverage of the slowdown, including headlines about falling house prices, is making consumers nervous and holding back demand. New buyers registering with real-estate agents fell for an 11th month in February, RICS said last week.

The slump in London home prices has weighed on national prices too as home price inflation has dropped to its lowest since Feb 2012:

Increased taxes on landlords and loan limits in Singapore have also helped to damp demand from overseas, and as Lucian Cook, head of residential research at broker Savills Plc, warns, a decade of soaring prices means London’s more exposed to political and economic uncertainty, the prospect of interest rate increases and mortgage loan limits.

Interestingly, the north-west of England has now replaced the capital as the fastest-growing property market in the UK. Top of the league for price growth is Blackburn, which recorded average prices ahead by 16.4% over the last 12 months.

Ironically, especially compared to the US, with the most recent official data showing earnings growth averaging 2.5%, that means that unusually, wages are currently outpacing house prices.

END

8. EMERGING MARKET

 end

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

Euro/USA 1.2335 DOWN .0003/ REACTING TO MERKEL’S FAILED COALITION/ 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/JAPAN TAPERING BOND PURCHASES /USA FALLING INTEREST RATES AGAIN/HOUSTON FLOODING/EUROPE BOURSES ALL IN THE GREEN EXCEPT LONDON  

USA/JAPAN YEN 107.23 UP  0.947 (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/DEADLY UNWINDING OF YEN CARRY TRADE

GBP/USA 1.3887 DOWN .0018  (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 1.2882 UP .0019 (CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA)

Early THIS TUESDAY morning in Europe, the Euro FELL by 3 basis points, trading now ABOVE the important 1.08 level RISING to 1.2309; / Last night Shanghai composite CLOSED DOWN 16.46  OR 0.49% /   Hang Sang CLOSED UP 7.12 POINTS OR 0.02%  /AUSTRALIA CLOSED DOWN 0.40% / EUROPEAN BOURSES   IN THE GREEN EXCEPT LONDON

The NIKKEI: this TUESDAY morning CLOSED UP 144.07 POINTS OR 0.66%

Trading from Europe and Asia:
1. Europe stocks OPENED ALL IN THE GREEN EXCEPT LONDON 

2/ CHINESE BOURSES / : Hang Sang CLOSED UP 7.12 POINTS OR 0.02%  / SHANGHAI CLOSED DOWN 16.46 OR 0.49%   /

Australia BOURSE CLOSED DOWN 0.40% /

Nikkei (Japan)CLOSED UP 144.07 POINTS OR 0.66%

INDIA’S SENSEX  IN THE GREEN 

Gold very early morning trading: 1318.20

silver:$16.50

Early TUESDAY morning USA 10 year bond yield: 2.870% !!! UP 1  IN POINTS from MONDAY night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%. (POLICY FED ERROR)/ 

The 30 yr bond yield 3.133 UP 1  IN BASIS POINTS from MONDAY night. (POLICY FED ERROR)/

USA dollar index early  TUESDAY morning: 90.02 UP 13  CENT(S) from MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

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And now your closing TUESDAY NUMBERS \1 PM

Portuguese 10 year bond yield: 1.801% DOWN 3  in basis point(s) yield from MONDAY/

JAPANESE BOND YIELD: +.0.053% DOWN 0    in basis points yield from MONDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 1.391% DOWN 1  IN basis point yield from MONDAY/

ITALIAN 10 YR BOND YIELD: 1.988 DOWN 1 POINTS in basis point yield from MONDAY/

the Italian 10 yr bond yield is trading 60 points HIGHER than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO +.619%   IN BASIS POINTS ON THE DAY

END

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IMPORTANT CURRENCY CLOSES FOR TUESDAY

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

Euro/USA 1.2393 UP .0055 (Euro UP 55 Basis points/ represents to DRAGHI A COMPLETE POLICY FAILURE/

USA/Japan: 106.64 UP 0.358 Yen DOWN 36 basis points/

Great Britain/USA 1.3983 UP .0077( POUND UP 77 BASIS POINTS)

USA/Canada 1.2937 UP  .0093 Canadian dollar DOWN 93 Basis points AS OIL FELL TO $60.67

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This afternoon, the Euro was UP 55 to trade at 1.2393

The Yen FELL to 106.64 for a LOSS 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 77 basis points, trading at 1.3983/

The Canadian dollar FELL by 93 basis points to 1.2937/ WITH WTI OIL FALLING TO : $60.67

The USA/Yuan closed AT 6.3217
the 10 yr Japanese bond yield closed at +.053%  DOWN 0 BASIS POINTS / yield/
Your closing 10 yr USA bond yield DOWN 3 IN basis points from MONDAY at 2.8499% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 3.121  DOWN 3    in basis points on the day /

THE RISE IN BOTH THE 10 YR AND THE 30 YR ARE VERY PROBLEMATIC FOR VALUATIONS

Your closing USA dollar index, 89.65 DOWN 24 CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED DOWN 66.84 POINTS OR 0.93%
German Dax :CLOSED DOWN 190.87 POINTS OR 1.54%
Paris Cac CLOSED DOWN 36.94 POINTS OR 0.70%
Spain IBEX CLOSED DOWN 30.80 POINTS OR 0.32%

Italian MIB: CLOSED  DOWN 97.62 POINTS OR 0.43%

The Dow closed DOWN 171.58 POINTS OR 0.68%

NASDAQ WAS down 77.31 Points OR 1.02% 4.00 PM EST

WTI Oil price; 60.67 1:00 pm;

Brent Oil: 64.47 1:00 EST

USA /RUSSIAN ROUBLE CROSS: 56.87 DOWN 3/100 ROUBLES/DOLLAR (ROUBLE HIGHER BY 3 BASIS PTS)

TODAY THE GERMAN YIELD FALLS TO +.619% FOR THE 10 YR BOND 1.00 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:$60.64

BRENT: $64.53

USA 10 YR BOND YIELD: 2.843%   THIS RAPID ASSENT IN YIELD IS VERY DANGEROUS/DERIVATIVES START TO BLOW UP/ 

USA 30 YR BOND YIELD: 3.097%/BROKE GUNDLACH’S KEY 3.00% AGAIN WHERE ALL VALUATIONS ON STOCKS BLOW UP/

EURO/USA DOLLAR CROSS: 1.2386 up .0048  (UP 48 BASIS POINTS)

USA/JAPANESE YEN:106.57 UP 0.276/ YEN DOWN 28 BASIS POINTS/ very dangerous as yen carry traders are getting killed/yen continues to rise despite the NYSE rising.

USA DOLLAR INDEX: 89.74 DOWN 15 cent(s)/dangerous as the lower the dollar the higher the inflation.

The British pound at 5 pm: Great Britain Pound/USA: 1.3963: UP 0.0059  (FROM LAST NIGHT UP 59 POINTS)

Canadian dollar: 1.2973 DOWN 131 BASIS pts

German 10 yr bond yield at 5 pm: +0.619%


VOLATILITY INDEX:  16.43  CLOSED  UP   0.65

LIBOR 3 MONTH DURATION: 2.11%  

END

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

TRADING IN GRAPH FORM FOR THE DAY

Rexit Rout: Gold Pops As Tech Stocks, Bond Yields, Dollar Tumble

It appears Rexit was a bigger deal to markets than Cohn-xit…

Between Rexit, UK-Russia tensions, and Trump’s tariffs on China, bonds and bullion were bid as safe-havens while the dollar and stocks slumped…

Tech stocks were the most troubled today following the Qualcomm/Broadcom deal death and chatter from Washington of more targeted tariffs on China, but everything (except Trannies) was down…

This broke the Nasdaq’s 7-day win-streak…

Futures show the chaos a little better – a jump on CPI, some instability followed by a plunge on Rexit and Russia threats to UK, some stabilization on Kudlow chatter, then another leg lower on Trump’s China tariffs chatter… Nasdaq (green) was worst…

FANG Stocks erased most of Friday’s gains…

Bank stocks were hit hard today also – erasing much of the payrolls pump…

VIX tested up to 17 intraday…

All major US equity index Vols are higher on the week (and don’t forget its an OPEX week)

Bonds were heavily bid today, erasing all of the payrolls spike and then some with 30Y outperforming…

Breakevens and Treasury yields tumbled back to January CPI spike levels…

The last three days have seen the dollar index sold hard across the US open to EU close…

Cryptos were mixed today with Bitcoin higher and the rest of the majors lower but the range was very narrow…

PMs gained as the dollar dumped but crude was crushed…

WTI tanked on Tillerson’s Rexit, testing down towards a $59 handle ahead of tonight’s API data…

end

Big news of the day: Trump fires Rex Tillerson and replaces him with the man he always wanted there:  Mike Pompeo

(courtesy zero hedge

Trump Fires Rex Tillerson Over Iran Disagreement; Replaces Him With CIA Chief Mike Pompeo

Update 3:

President Trump tells reporters that he and Tillerson disagreed on Iran, that he made the North Korea decision himself and thinks Tillerson will be “much happier now.”

Meanwhile, according to Steve Goldstein, undersecretary for public diplomacy, said Rex Tillerson wanted to stay. The Secretary had every intention of staying, because of critical progress made in national security,” Goldstein said. “He will miss his colleagues at the Department of State and the foreign ministers that he’s worked with throughout the world.”

The official added that Tillerson didn’t get to speak with President Trump and doesn’t know why. “The Secretary did not speak to the President and is unaware of the reason,” he said. “He is grateful for the opportunity to serve and believes public service is a noble calling. He wishes secretary-designate Pompeo well.”

* * *

Update 2:

Confirming the WaPo’s reporting, a senior administration official told CNN that President Trump asked Tillerson to step aside on Friday. “POTUS thought it was the right time for the transition with the upcoming North Korea talks and various trade negotiations. POTUS asked Tillerson to step aside on Friday.”

CNN also notes that president Trump has wanted Mike Pompeo as his secretary of state for months now, and the White House began planning for him to take this job last fall.

Trump’s anger at Tillerson after it leaked that he called him “a moron” never subsided, and many in the White House saw their differences as irreconcilable.

Tillerson had few, if any, allies left in the West Wing. Though Chief of Staff John Kelly was initially on his side when he took over, he eventually grew weary of defending him — especially after the “moron” remark, which Kelly saw as insubordination on Tillerson’s part.

Ultimately, according to sources close to the President it was clear Tillerson didn’t support Trump.” They say Tillerson wanted to handle foreign policy his own way, without the President. Trump didn’t feel that Tillerson backed him, source says.

*  *  *

Update 1:

Mike Pompeo has issued the following brief statement sent to the press, saying he was “grateful” to have worked for the CIA.

“I am deeply grateful to President Trump for permitting me to serve as Director of the Central Intelligence Agency and for this opportunity to serve as Secretary of State. His leadership has made America safer and I look forward to representing him and the American people to the rest of the world to further America’s prosperity.

Serving alongside the great men and women of the CIA, the most dedicated and talented public servants I have encountered, has been one of the great honors of my life. I am proud of the work we have done on behalf of America and know that the Agency will continue to thrive under the leadership of Gina Haspel.

If confirmed, I look forward to guiding the world’s finest diplomatic corps in formulating and executing the President’s foreign policy. In my time as Director of the Central Intelligence Agency, I have worked alongside many remarkable Foreign Service officers and Department of State leaders serving here in the United States and on the very edge of freedom. I know I will learn from them and, as President Trump set out in his State of the Union Address, work hard to ensure that ‘our nation will forever be safe and strong and proud and mighty and free.'”

*  *  *

Earlier:

Back in December we asked “Will CIA Director Mike Pompeo Replace Rex Tillerson As Secretary Of State?” The answer, as of moments ago, is yes. Moments ago, the WaPo first reported, and then President Trump tweeted, that he has ousted Secretary of State Rex Tillerson and replaced him with CIA Director Mike Pompeo, launching a major change to his national security team amid delicate negotiations with North Korea.

Mike Pompeo, Director of the CIA, will become our new Secretary of State. He will do a fantastic job! Thank you to Rex Tillerson for his service! Gina Haspel will become the new Director of the CIA, and the first woman so chosen. Congratulations to all!

Tillerson had learned his fate last Friday, according to the Washington Post, when Trump asked Tillerson to step aside, causing the embattled top diplomat cut short his trip to Africa on Monday to return to Washington, using illness as an alibi.

Mike Pompeo will replace the former Exxon CEO at the State Department, while Gina Hapsel — the deputy director at the CIA — will Pompeo at the CIA, becoming the first woman to run the spy agency, if confirmed.

According to WaPo, the president — who has long clashed will Tillerson, who he believes is “too establishment” in his thinking — felt it was important to make the change now, as he prepares for talks with North Korean leader Kim Jong Un, as well as upcoming trade negotiations, three White House officials said.

Furthermore, it is worth noting that the Tillerson’s announcement comes just hours after the now former Secretary of State said that Russia is “clearly” behind the Skripal poisoning which “will trigger a response“, something he said when he already knew he was on the way out, prompting some to ask if this was an outburst meant to provoke Trump: after all Tillerson had nothing to lose at this point.

In a statement issued to The Washington Post, Trump praised both Pompeo and Haspel.

“I am proud to nominate the Director of the Central Intelligence Agency, Mike Pompeo, to be our new Secretary of State,” Trump said. “Mike graduated first in his class at West Point, served with distinction in the U.S. Army, and graduated with Honors from Harvard Law School. He went on to serve in the U.S. House of Representatives with a proven record of working across the aisle.”

The president continued, “Gina Haspel, the Deputy Director of the CIA, will be nominated to replace Director Pompeo and she will be the CIA’s first-ever female director, a historic milestone. Mike and Gina have worked together for more than a year, and have developed a great mutual respect.”

Trump also had words of praise for Tillerson: “Finally, I want to thank Rex Tillerson for his service. A great deal has been accomplished over the last fourteen months, and I wish him and his family well.”

“I am deeply grateful to President Trump for permitting me to serve as Director of the Central Intelligence Agency and for this opportunity to serve as Secretary of State,” Pompeo said in a statement. “His leadership has made America safer and I look forward to representing him and the American people to the rest of the world to further America’s prosperity. Serving alongside the great men and women of the CIA, the most dedicated and talented public servants I have encountered, has been one of the great honors of my life.”

Haspel in a statement also said she was excited for her promotion.

“After 30 years as an officer of the Central Intelligence Agency, it has been my honor to serve as its Deputy Director alongside Mike Pompeo for the past year,” she said. “I am grateful to President Trump for the opportunity, and humbled by his confidence in me, to be nominated to be the next Director of the Central Intelligence Agency.”

Finally, if it is Trump’s intention to keep crushing the dollar with every incremental announcement, he is succeeding.

end

Then stocks gain as Trump says that Kudlow has a very good chance.

(courtesy zerohedge)

Stocks Gain As Trump Says Kudlow “Has Very Good Chance” At Cohn’s Job

For the third time in 24 hours, a ‘Kudlow’ headline is sending stocks higher (for now) as President Trump told reporters that he ios looking at Larry Kudlow  “very strongly” and Kudlow “has a very good chance” of taking over Gary Cohn’s job.

Stocks liked the news (after falling on Tillerson)

end

Then Trump fires his personal assistant, John McEntee who was escorted out of the White House yesterday.  Reasons given:  security issues.

(courtesy zerohedge)

Trump Personal Assistant Fired, Escorted Out Of White House For “Security Issue”

The headlines from The White House continue their chaotic path as The Wall Street Journal reports that President Trump’s personal assistant, John McEntee, was fired and escorted out of the White House on Monday.

The cause of the firing was an unspecified security issue, said a third White House official with knowledge of the situation.

White House press secretary Sarah Sanders declined to comment saying, “We don’t comment on personnel issues.” Mr. McEntee didn’t return a call seeking comment.

The Wall Street Journal notes that Mr. McEntee was one of the longest-serving aides to Mr. Trump, dating back to the earliest days of the campaign.

Mr. McEntee wasn’t as well known as the others, but had been a constant presence at Mr. Trump’s side for the past three years. He made sure Mr. Trump had markers to sign autographs, delivered messages to him in the White House residence and, over the weekend, ensured that the clocks in the White House residence were adjusted for daylight-saving time.

“It’s not going to be great for morale,” one White House official said about Mr. McEntee’s departure.

Mr. McEntee was removed from the White House grounds on Monday afternoon without being allowed to collect his belongings, a White House official said. He left without his jacket, a second White House official said.

It wasn’t clear exactly why Mr. McEntee was fired Monday. He indicated to colleagues that it was an issue in his background.

The exits from The White House are mounting.

end

Trump fires the top deputy, Steve Goldstein as he cleans house

(COURTESY ZEROHEDGE)

Trump Fires Tillerson’s Top Deputy Steve Goldstein Amid State Department Purge

Just hours after news broke that Secretary of State Rex Tillerson was let go on Wednesday morning, the White House also fired his top deputy, Under Secretary Steve Goldstein – who earlier disputed the terms of Tillerson’s firing – amid what appears to be an unprecedented State Department purge.

According to CBS, the White House called Goldstein to tell him he is no longer needed. Goldstein was then called up to Tillerson’s office for a meeting. Tillerson spent the morning at home – after flying in from Africa early Wednesday morning – but he is now at the department. It is unclear if Tillerson will talk to the press today or not.

Under Secretary for Public Diplomacy and Public Affairs

Goldstein had largely fallen into the role as Tillerson’s spokesperson, and was unanimously confirmed by the senate last year. He has been on the job for less than three months and is known for being loyal to Tillerson according to CBS. He did attend many meetings at the White House, and consistently said Tillerson was going to bring foreign policy decision-making back to the State Department.

“The Secretary had every intention of staying because of the critical progress made in national security,” Goldstein said in a statement before his own dismissal and after President Trump tweeted that Tillerson was being replaced as Secretary of State by Mike Pompeo, who had been serving as CIA director. “He will miss his colleagues at the Department of State and the foreign ministers he has worked with throughout the world. The Secretary did not speak to the President and is unaware of the reason, but he is grateful for the opportunity to serve, and still believes strongly that public service is a noble calling.”

Goldstein was informed of the move shortly after he released the above statement which disputed the official narrative for Tillerson’s termination, which said that the former Exxon CEO was “unaware of the reason” for his termination. Goldstein had also told reporters that Tillerson learned of his firing Tuesday morning from Trump’s tweet announcing he was nominating CIA chief Mike Pompeo to lead the State Department, while the White House claimed that John Kelly had notified Tillerson on Friday evening.

END

Quite a stat:  The Trump White House is losing one senior staff member every 17 days

(courtesy zerohedge)

The Trump White House Is Now Losing One Senior Staff Member Every 17 Days

The Trump White House has seen 24 departures in its first 417 days – a rate of around one senior position every 17 days (and more first-year departures than any other president in at least 40 years).

As The Wall Street Journal reports, a chief of staff, press secretary, three communications directors, a chief strategist, a health secretary, and now a Secretary of State and Personal Assistant are among those who have left the Trump administration.

Resigned/Fired:

  • 20 White House Staff
  • 2 Executive Branch Staff
  • 2 Cabinet Members

The full list…

1. Michael Flynn

  • Title: National Security Adviser
  • Start date: Jan. 20, 2017
  • End date: Feb. 13, 2017

2. Craig Deare

  • Title: National Security Council Senior Director
  • Start date: Jan. 20, 2017
  • End date: Feb.17, 2017

3. Katie Walsh

  • Title: White House Deputy Chief of Staff
  • Start date: Jan. 20, 2017
  • End date: March 30, 2017

4. James Comey

  • Title: FBI Director
  • Start date: Sept. 4, 2013
  • End date: May 9, 2017

5. K.T. McFarland

  • Title: Deputy National Security Adviser
  • Start date: Jan. 20, 2017
  • End date: April 9, 2017

6. Michael Dubke

  • Title: Communications Director
  • Start date: March 6, 2017
  • End date: May 30, 2017

7. Sean Spicer

  • Title: Communications Director, Press Secretary
  • Start date: Jan. 20, 2017
  • End date: July 21, 2017

8. Derek Harvey

  • Title: Senior Middle East Director, National Security Council
  • Start date: Jan. 20, 2017
  • End date: July 27, 2017

9. Reince Prebius

  • Title: Chief of Staff
  • Start date: Jan. 20, 2017
  • End date: July 23, 2017

10. Anthony Scaramucci

  • Title: Communications Director
  • Start date: July 21, 2017
  • End date: July 31, 2017

11. Steve Bannon

  • Title: White House Chief Strategist
  • Start date: Jan. 20, 2017
  • End date: Aug. 18, 2017

12. Carl Icahn

  • Title: Special Adviser to the president
  • Start date: Jan. 20, 2017
  • End date: Aug. 19, 2017

13. Sebastian Gorka

  • Title: Deputy Assistant to the President
  • Start date: Jan. 20, 2017
  • End date: Aug. 25, 2017

14. Tom Price

  • Title: Secretary of Health and Human Services
  • Start date: Feb. 10, 2017
  • End date: Sept. 29, 2017

15. Dina Powell

  • Title: Deputy National Security Adviser
  • Start date: Jan. 18, 2017
  • End date: Dec. 8, 2017

16. Rick Dearborn

  • Title: Deputy Chief of Staff
  • Start date: Jan. 18, 2017
  • End date: Dec. 22, 2017

17. Omarosa Manigault Newman

  • Title: Communications Director
  • Start date: Jan. 20, 2017
  • End date: Jan. 20, 2018

18. Andrew McCabe

  • Title: Deputy Director of FBI
  • Start date: Feb. 1, 2016
  • End date: Jan. 29, 2018

19. Rob Porter

  • Title: Staff Secretary
  • Start date: Jan. 20, 2017
  • End date: Feb. 7, 2018

20. Josh Raffel

  • Title: Senior Communications Official
  • Start date: April 5, 2017
  • End date: Feb 27, 2018

21. Hope Hicks

  • Title: Director of Strategic Communications, Communications Director
  • Start date: Jan. 20, 2017
  • End date: Hicks announced on Feb. 28, 2018 that she plans to resign in the coming weeks.

22. Gary Cohn

  • Title: Director of the National Economic Council
  • Start date: Jan. 20, 2017
  • End date: Mar 6, 2018

23. Rex Tillerson

  • Title: Secretary of State
  • Start date: Feb 1, 2017 (confirmed)
  • End date: Mar 9, 2018

24. John McEntee

  • Title: Personal Assistant to President Trump
  • Start date: Jan. 20, 2017
  • End date: Mar 13, 2018

Who’s next?

 end
Early morning trading:

S&P Tops 2,800 As Goldman Says “No Place To Hide”

With the dollar dumping on the double whammy of CPI and Rex Tillerson; stocks, bonds, and gold are all surging as stocks open. The S&P 500 topped 2,800 for the first time since Feb 2nd…

The dollar was smacked down…

And Stocks, Bonds, & Gold are surging…

And as Goldman Sachs writes, as the macro backdrop has evolved, so has “safe haven” performance.

After initially moving together during the bond sell-off beginning in September, Treasuries have decoupled from gold, the Yen and the Swiss Franc.This is in contrast to the positive correlations we observed in early 2017, when we highlighted volatility differences.

No safe havens – and no assets or equity sectors – have had a positive beta to the VIX recently, and few have had a positive beta to 10-year yields (notably, equity cyclicals have had a positive beta to 10y yields), leading to diversification desperation.

We think it likely that finding effective hedges in the cash space will continue to be difficult going forward as rates rise and Goldilocks fades, and that active risk management via derivative overlay trades will become more important for portfolios.

end

Not what Jay Powell wants to see: USA consumer prices slow in February.  He wants consumer prices to rise to force labour rates higher

(courtesy Reuters)

U.S. consumer prices slow in February; rents moderate

WASHINGTON, (Reuters) – U.S. consumer prices cooled in February amid a decline in gasoline prices and a moderation in the cost of rental accommodation, the latest indication that an anticipated pickup in inflation probably will be only gradual.

The Labor Department said its Consumer Price Index rose 0.2 percent last month after jumping 0.5 percent in January. In the 12 months through February, the CPI rose 2.2 percent, up from 2.1 percent in January as the weak reading from last year dropped from the calculation.

Excluding the volatile food and energy components, the CPI gained 0.2 percent after accelerating 0.3 percent in January. The year-on-year increase in the so-called core CPI was unchanged at 1.8 percent in February.

Economists had forecast the CPI increasing 0.2 percent in February and the core CPI also rising 0.2 percent. The Federal Reserve tracks a different index, the personal consumption expenditures price index excluding food and energy, which has consistently undershot the central bank’s 2 percent target since mid-2012.

-END-

AFTERNOON TRADING

Stocks Tumble Into Red As Breakevens Plunge

The Kudlow bounce is dead (again). Early gains in stocks have evaporated in the last hour as it appears inflation hype is fading fast (and breakevens are plunging)…

And as Breakevens plunge, so stocks have all slumped into the red (led by Financials) – apart from Trannies…

 END

Confidence level for ‘Main Street’ is humming again as small business confidence surges to its highest level since 1983

(courtesy zero hedge)

“Main Street Is On Fire Again”: Small Business Confidence Surges To Highest Since 1983

While it has been accused in the past of pandering to various political organizations, the NFIB Small Business Economic Trends Survey nonetheless reflects the mood of America’s main street corporations. And according to the March release of the NFIB index, small business owners are showing “unprecedented confidence” in the economy as the optimism index continues at record high numbers, rising 0.7 points in February to 107.6 and above the 107.1 expected, the second highest level in its 45-year history, second only to the 108.0 reading in 1983.

The historically high numbers include a jump in small business owners increasing capital outlays and raising compensation. The small business outlook, or the percentage of respondents saying it is a “good time to expand” and who generally view expected business conditions favorably, rose to a record high.

“When small business owners have confidence and certainty in the economy, they’re able to hire more workers and invest in their businesses,” said NFIB President and CEO Juanita Duggan. “The historically high readings indicate that policy changes – lower taxes and fewer regulations – are transformative for small businesses. After years of standing on the sidelines and not benefiting from the so-called recovery, Main Street is on fire again.”

One would almost think that America’s small business federation absolutely loves the Trump administration.

And indeed, for the first time since 2006, the survey showed that taxes received the fewest votes as the number one business problem for small business. The February report shows several components of the Index reached noteworthy highs. In a sign that small businesses are confident and expect growth, a net 22 percent of owners are planning to raise worker compensation and 66 percent reported capital outlays, up five points from January and the highest reading since 2004.

Then again, as we have shown before it is one thing to think about raising compensation (or boosting CapEx); it is something entirely different to do it.

Additionally, small business owners are also expecting higher real sales rose three points to a net 28 percent, one of the best readings since 2007. Owners also reported higher nominal sales in the past three months at a net eight percent of all owners. The net percent of owners reporting inventory increases rose three percentage points to a net seven percent on top of a six-point rise in January.

“Small business owners are telling us loud and clear that they’re optimistic, ready to hire, and prepared to raise wages – it’s one of the strongest readings I’ve seen in the 45-year history of the Index,” said NFIB Chief Economist Bill Dunkelberg. “The fact that several components saw significant increases tells us that small businesses are flourishing in a way we haven’t seen in over a decade.”

Job creation remained strong in February, as reported in the NFIB February Jobs Report, released last week. Finding qualified workers remained as the number one problem for small business owners, surpassing taxes and regulations which have held the top two spots for years.

END

China is not going to like this:  the trade war escalates as trump demands broader tariffs against China

(courtesy zerohedge)

The Trade War Escalates: Trump Demands Broader Tariffs Against China

Just when investors thought President Trump might be easing up on his protectionist push following the uproar caused by his decision to slap tariffs on steel and aluminum imports, Politico is reporting that Trump’s next trade salvo will be explicitly directed at China.

Trump

According to Politico, Trump last week told Cabinet secretaries and top advisers during a White House meeting that he wants to hit China with steep tariffs and other restrictions as retaliation for Chinese policies blatantly designed to siphon valuable intellectual property from US companies. The measures would be a follow up to an order issued by Trump over the summer, when he ordered the Commerce Department to launch an investigation into Chinese IP theft, using an obscure law that was frequently employed by the Reagan administration.

* * *

As we explained back in August, with total bilateral trade of more than half a trillion dollars a year, the list of potential losers from Trump’s protectionist policies is notably lengthy:

  • U.S. companies such as Apple Inc., which assemble their products in China for sale in the U.S., and those tapping demand in China’s expanding consumer market.
  • U.S. agricultural and transport-equipment firms, which meet China’s demand for soy beans and aircraft.
  • Manufacturing firms from the U.S. that import intermediate products from China as an input into their production process.
  • Retailers including Wal-Mart Stores Inc. and the U.S. consumers that benefit from low-price imported consumer electronics, clothes and furniture.
  • Other trade partners caught in the crossfire of poorly-targeted tariffs. On steel, for example, U.S. direct imports from China account for less than 3% of the total — below Vietnam.

* * *

During the as-yet-unreported meeting, US Trade Representative Robert Lighthizer reportedly presented Trump with a package of tariffs that would target the equivalent of $30 billion a year in Chinese imports. In response, Trump urged Lighthizer to aim for an even bigger number, and warned everybody present that they should prepare for an announcement during the coming weeks.

That sent senior officials at the White House, Treasury Department, State Department, Justice Department, the Office of the U.S. Trade Representative and other key agencies scrambling this week to finalize the proposal. While the details were still in flux, aides said the administration is considering tariffs on more than 100 Chinese products ranging from electronics and telecommunications equipment to furniture and toys.

Shortly after Trump authorized the tariffs, trade experts speculated that the steel and aluminum tariffs might not elicit a response from China – despite senior Chinese officials’ stern threats of retaliation – because China’s industrial sector doesn’t directly send that much steel to the US (instead, it funnels its wares into other countries, where they help drive global metals prices lower).

However, we noted at the time that China could be considerably more enraged if the administration slaps tariffs on finished Chinese goods, like, for example, toys.

And if the Politico report is accurate, it appears that Trump is poised to do just that:

“Steel tariffs are one thing. Taking on the entire Chinese industrial policy apparatus that is designed to suck technology out of the world is another,” said one outside adviser to the administration who has been briefed on the planning and was not authorized to speak on the record.

An investigation conducted in 2011 by the International Trade Commission found that China’s intellectual property theft had cost US producers nearly $26 billion in losses in 2009 on copyrighted material alone.Another study from the US software industry in 2011 put software theft losses as high as $60 billion.

Trump

Furthermore, Visa restrictions being mulled over by Trump could stem the influx of Chinese undergraduate and graduate students pouring into US universities…

The visa restrictions could hit Chinese students going to school in the United States, especially graduate students in science and technology programs, as well as other Chinese nationals working in sensitive jobs like at national laboratories. But some administration officials have raised objections to the visa restrictions and it’s unclear whether they’ll be included in the final package.

Even before the Politico report – which added to investors’ worries about Trump taking a harder line on trade – the Nasdaq led the market lower as investors worried that Trump’s decision to replace Secretary of State Rex Tillerson with CIA Director Mike Pompeo could signal that he’s taking a harder line on trade and national security – the reason he cited for quashing Broadcom’s pursuit of Qualcomm… and additional Section 301 concerns.

Nasdaq

China accounts for roughly half of the US’s $800 billion trade deficit in physical goods. Nikkei reports that, after delivering a proposal to the president about imposing more tariffs and restrictions on China, US Trade Representative Robert Lighthizer has reportedly been pressuring US allies to impose their own trade restrictions against China.

Trump

However, his requests have been met with only a lukewarm response – largely because allies like Japan don’t have an equivalent to Section 301 of the Trade Act of 1974.

The Office of the U.S. Trade Representative sent a proposal to the White House seeking tariffs on various Chinese products, restrictions on investment in the U.S. by Chinese companies and limits on visas for certain Chinese nationals, a source familiar with international trade said. Tariffs would apply not only to information technology products, often the target of intellectual property theft, but also consumer goods like clothing.

But Tokyo rejected the proposal, saying hard-line policies will be difficult to adopt since Japan has no law resembling Section 301, according to a U.S. trade official. Japan instead proposed filing a joint suit against China within the World Trade Organization framework, the official said.

The USTR is also urging allied countries to take similar measures against China. The office has asked nations such as Japan, which has long opposed China’s intellectual property practices, to synchronize their policies.

As we pointed out earlier this month, the rumor floating around Washington is that the White House will seek $1 trillion in Section 301 tariffs.

END

SWAMP STORIES

The House Intelligence Committee after 14 months of hearings is ending the Russian probe and finds no collusion

(courtesy zerohedge)

House Intel Committee Ending Russia Probe, Says No Collusion Found; Trump Responds

Update 2: President Trump has responded (in ALL CAPS!)

THE HOUSE INTELLIGENCE COMMITTEE HAS, AFTER A 14 MONTH LONG IN-DEPTH INVESTIGATION, FOUND NO EVIDENCE OF COLLUSION OR COORDINATION BETWEEN THE TRUMP CAMPAIGN AND RUSSIA TO INFLUENCE THE 2016 PRESIDENTIAL ELECTION.

THE HOUSE INTELLIGENCE COMMITTEE HAS, AFTER A 14 MONTH LONG IN-DEPTH INVESTIGATION, FOUND NO EVIDENCE OF COLLUSION OR COORDINATION BETWEEN THE TRUMP CAMPAIGN AND RUSSIA TO INFLUENCE THE 2016 PRESIDENTIAL ELECTION.

*  *  *

Update 1: Rep. Schiff has responded to the Intel Committee report (via @ChadPergram) :

“The House Majority has announced it is terminating the Russia investigation, leaving to others the important work of determining the full extent of Russian interference in our election.”

“By ending  its oversight role in the only authorized investigation in the House,  the Majority has placed the interests of protecting the President over  protecting the country, and history will judge its actions harshly.”

The Majority was not willing to pursue the facts wherever they would lead, would prove afraid to compel witnesses like Steve Bannon, Hope Hicks, Jeff  Sessions, Donald Trump Jr, Corey Lewandowski… to answer questions relevant to our investigation.”

“Ironically, even while they close down the Russia investigation, they plan to continue trying to put our own government  on trial: this is a great service to the President,and a  profound disservice to the country.”

“It is not Mueller’s job to tell the American  people what happened, that is our job, and the Majority has walked away  from it.

If the Russians do have leverage over the President..the  Majority   has simply decided it would rather not know.

*  *  *

In a surprise announcement, Republican Rep. Mike Conaway – who has been overseeing the committee’s probe into whether or not Trump and his associates colluded with Russia – said that the committee is closing its probe with the conclusion that there was no collusion, as President Trump has insisted all along:

  • US HOUSE INTELLIGENCE COMMITTEE ENDING INTERVIEW PHASE OF TRUMP-RUSSIA INVESTIGATION, SENIOR REPUBLICAN COMMITTEE MEMBER CONAWAY SAYS IN FOX NEWS CHANNEL INTERVIEW
  • SENIOR HOUSE INTELLIGENCE REPUBLICAN SAYS PANEL FOUND “NO EVIDENCE OF COLLUSION” BETWEEN TRUMP CAMPAIGN AND RUSSIAN MEDDLING IN 2016 U.S. ELECTION – FOX NEWS CHANNEL INTERVIEW

Conaway made the announcement during an interview with Fox News. Per Fox, the committee will interview no more witnesses and Republicans are in the process of preparing a final report. A draft of that roughly 150-page report will be delivered to committee Democrats for review on Tuesday.

“We have found no evidence of collusion, coordination, or conspiracy between the Trump campaign and the Russians,” Conway said.

Furthermore, after an investigation that lasted more than a year, the committee came to the conclusion that the intelligence community’s assessment that Russian President Vladimir Putin had a “supposed preference” for then-candidate Trump isn’t accurate.

“The report’s completion will signify the closure of one chapter in the Committee’s robust oversight of the threat posed by Moscow—which began well before the investigation and will continue thereafter,” Conaway said.

It seems the Republicans were unable to see what Democrat Rep Schiff saw so plainly…

“There is already, in my view, ample evidence in the public domain on the issue of collusion if you’re willing to see it,” Schiff told reporters last month.

“If you want to blind yourself, then you can look the other way.”

According to the Associated Press, which was briefed by aides about the draft of the committee report, lawmakers spent hundreds of hours reviewing documents to support their contention that the US intelligence community was wrong.

According to Conaway, the report will agree with the intelligence assessment on most details, including that Russians did meddle in the election. It will detail Russian cyberattacks on U.S. institutions during the election and the use of social media to sow discord.

It will also show a pattern of Russian attacks on European allies – information that could be redacted in the final report. It will blame officials in former President Barack Obama’s administration for a “lackluster” response and look at leaks from the intelligence community to the media.

Unsurprisingly, the Democrats on the committee – led by Schiff, who never missed an opportunity to grandstand about the “lies and corruption” supposedly endemic to the Trump administration – are expected to disagree with the report.

The report is expected to deflect attention away from Trump and toward the Clinton Campaign, which had its fair share of shady dealings with the Russians. The draft report included 40 other findings, including how Russians used social media to “sow discord” in 2015 and 2016, a “lackluster” pre-election response to Russian measures, how “anti-Trump research” made its way from Russian sources to the Clinton campaign, and “problematic contacts between senior Intelligence Community officials and the media.”

It will include at least 25 recommendations, including how to improve election security, respond to cyberattacks and improve counterintelligence.

A committee source told Fox News that the “investigation” portion of the probe was complete, meaning the committee would not interview any additional witnesses as part of its effort.

“I’m sure [committee Democrats] will disagree with bringing the interview phase to a close,” Conaway told Fox News. “I’m sure they will have specific folks they wanted to interview.”

Republicans on the committee wanted to interview former Trump campaign chairman Paul Manafort, but Schiff “wanted to delay us,” Conaway said. Once Manafort was indicted in Special Counsel Robert Mueller’s investigation, the committee decided not to call him for an interview, per the Associated Press.

“We found no evidence of collusion,” Conaway told reporters Monday, suggesting that those who believe there was are reading too many spy novels.

“We found perhaps some bad judgment, inappropriate meetings, inappropriate judgment in taking meetings. But only Tom Clancy or Vince Flynn or someone else like that could take this series of inadvertent contacts with each other, or meetings or whatever, and weave that into sort of a fiction page turner, spy thriller.”

The public will not see the report until Democrats have reviewed it and the intelligence community has decided what information can become public, a process that could take weeks. Democrats are expected to issue a separate report with much different conclusions.

Conaway also said that he did not “anticipate” pursuing contempt proceedings against former Trump campaign manager Steve Bannon or any other witnesses who did not respond favorably to the committee’s questioning.

To be sure, there are two more Congressional committee investigations, each pursuing evidence into Trump and his associates’ relationships with Russian entities.

Conaway took the reins of the probe in April after House Intel Chairman Devin Nunes stepped down amid accusations of making “unauthorized disclosures of classified information, in violation of House Rules, law regulations, or other standards of conduct,” according to the House Ethics Committee which investigated the allegations.

Nunes, R-Calif., thanked Conaway and other top lawmakers for leading the investigation.

“After more than a year, the committee has finished its Russia investigation and will now work on completing our report. I’d like to thank Congressmen Trey Gowdy, Tom Rooney, and especially Mike Conaway for the excellent job they’ve done leading this investigation,” Nunes said in a statement.

“I’d also like to recognize the hard work undertaken by our other committee members as well as our staff. Once the committee’s final report is issued, we hope our findings and recommendations will be useful for improving security and integrity for the 2018 midterm elections.”

In a development bound to further infuriate Democrats, Republicans on the committee have expanded their investigation of the Trump dossier, seeking answers from a former staffer for Joe Biden and other Obama administration officials. Nunes sent a questionnaire to a former Biden staffer, whose husband worked for Fusion GPS, the firm behind the dossier, seeking answers to when the administration was made aware of the dossier.

END

I will  see you WEDNESDAY night

HARVEY

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