GOLD: $1332.70  UP $7.50  (COMEX TO COMEX CLOSINGS)

Silver: $16.40 UP 4 CENTS (COMEX TO COMEX CLOSINGS)

Closing access prices:

Gold $1333.70

silver: $16.40

For comex gold:

APRIL/

NUMBER OF NOTICES FILED TODAY FOR APRIL CONTRACT:60 NOTICE(S) FOR 6000 OZ.

TOTAL NOTICES SO FAR 655 FOR 65500 OZ (2.0373 tonnes)

THE COMEX IS OUT OF GOLD

For silver:

APRIL

0 NOTICE(S) FILED TODAY FOR

nil OZ/

Total number of notices filed so far this month: 19 for 90,000 oz

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Bitcoin: BID $6571/OFFER $6671: DOWN $144(morning)

Bitcoin: BID/ $6552/offer $6652: DOWN $163  (CLOSING/5 PM)

 

end

Let us have a look at the data for today

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In silver, the total open interest SURPRISINGLY  ROSE  AGAIN BY 1760 contracts from 241,135  RISING TO 242,895  WITH YESTERDAY’S TINY  6 CENT RISE IN SILVER PRICING. TODAY WE SET ANOTHER NEW ALL TIME RECORD FOR SILVER OPEN INTEREST . OBVIOUSLY, WE AGAIN HAD ZERO COMEX LIQUIDATION.  ALSO WE WITNESSED ZERO COMEX SHORT COVERING AS THE RAID FAILED TRYING TO SHAKE SOME OF THE SILVER LEAVES FROM THE SILVER TREE. WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER STRONG SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP :  2261 EFP’S FOR MAY AND ZERO FOR ALL  OTHER MONTHS  AND THUS TOTAL ISSUANCE OF 2261 CONTRACTS.  WITH THE TRANSFER OF 2261 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 2261 CONTRACTS TRANSLATES INTO 11.309 MILLION OZ  ON TOP OF THE RISE IN OPEN INTEREST IN SILVER AT THE COMEX AND THE STRONG AMOUNT OF SILVER OUNCES STANDING FOR APRIL COMEX DELIVERY.

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

11,255 CONTRACTS (FOR 5 TRADING DAYS TOTAL 11,255 CONTRACTS) OR 56.28 MILLION OZ: AVERAGE PER DAY: 2251 CONTRACTS OR 11.255 MILLION OZ/DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH:  56.28 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 8.04% OF ANNUAL GLOBAL PRODUCTION

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S:  774.77 MILLION OZ.

ACCUMULATION FOR JAN 2018:                        236.879 MILLION OZ

ACCUMULATION FOR FEB 2018:                        244.95 MILLION OZ

ACCUMULATION FOR MARCH 2018:                236.67 MILLION OZ

RESULT: WE HAD A GIGANTIC SIZED GAIN IN COMEX OI SILVER COMEX OF 4511  DESPITE THE tiny 6 CENT RISE IN SILVER PRICE.   WE ALSO HAD ANOTHER STRONG SIZED EFP ISSUANCE OF 2261 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 2261  EFP’S  FOR THE  MONTH OF MAY WERE ISSUED FOR  A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS.   WE GAINED A STRONG  4021 OI CONTRACTS ON THE TWO EXCHANGES: i.e. 2261 open interest contracts headed for London (EFP’s) TOGETHER WITH AN INCREASE OF 1760  OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE TINY RISE IN PRICE OF SILVER OF 6 CENTS AND A CLOSING PRICE OF $16.36 WITH RESPECT TO THURSDAY’S TRADING. YET WE STILL HAVE A GOOD AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY IN THIS NON ACTIVE APRIL DELIVERY  MONTH.

In ounces AT THE COMEX, the OI is still represented by just OVER 1 BILLION oz i.e. 1.215 BILLION TO BE EXACT or 173% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT APRIL MONTH/ THEY FILED: 0 NOTICE(S) FOR NIL OZ OF SILVER

IN SILVER, WE HAVE NOW SET THE NEW RECORD OF OPEN INTEREST AT 242,895 AND AGAIN THIS HAS BEEN SET WITH A  LOWE PRICE.  THE PREVIOUS RECORD WAS YESTERDAY AT 241,135 CONTRACTS WITH A SILVER PRICE CLOSING OF $16.36.

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

1. HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY  (MARCH 27 MILLION OZ AND APRIL 1.8 MILLION OZ)
2. HUGE OPEN INTEREST IN SILVER  242,895 CONTRACTS (OR 1.217 BILLION OZ/
3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION

AND YET WE HAVE A CONTINUAL LOWE PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND.  TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN  (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT)

In gold, the open interest  FELL BY A CONSIDERABLE SIZED 6393 CONTRACTS DOWN TO 493,317 ACCOMPANYING THE GOOD SIZED FALL IN PRICE/YESTERDAY’S TRADING ( LOSS OF $8.20).  WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF APRIL. THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A RATHER LARGE SIZED 11,895 CONTRACTS :   JUNE SAW THE ISSUANCE OF 11,895 CONTRACTS  AND ALL OTHER MONTHS ZERO.  The new OI for the gold complex rests at 493,317. 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 ON THE TWO EXCHANGES: 6393 OI CONTRACTS DECREASED AT THE COMEX AND A STRONG  SIZED 11,895 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.THUS  TOTAL OI GAIN: 5502 CONTRACTS OR 550,200 OZ =17.113 TONNES

YESTERDAY, WE HAD 12098  EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF APRIL : 51,625 CONTRACTS OR 5,162,500  OZ OR 160.57 TONNES (5 TRADING DAYS AND THUS AVERAGING: 10,325 EFP CONTRACTS PER TRADING DAY OR 1,032,500 OZ/ TRADING DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS :   SO FAR THIS MONTH IN 5 TRADING DAYS IN  TONNES: 160.57 TONNES

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

THUS EFP TRANSFERS REPRESENTS 160.57/2550 x 100% TONNES =  6.29% OF GLOBAL ANNUAL PRODUCTION SO FAR IN MARCH ALONE.*** THE ACCUMULATION OF EFP CONTRACTS IS RISING PER MONTH.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE:  2205.06 TONNES

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

ACCUMULATION OF GOLD EFP’S FOR FEBRUARY 2018:         649.45 TONNES

ACCUMULATION OF GOLD EFP’S FOR MARCH 2018:                741.89 TONNES

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS.  ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM.  IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE. 

Result: A LARGE SIZED DECREASE IN OI AT THE COMEX WITH THE GOOD SIZED FALL IN PRICE IN GOLD TRADING YESTERDAY ($8.20 LOSS). WE HAD A VERY LARGE SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 11,895 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 11895 EFP CONTRACTS ISSUED, WE HAD A GOOD NET GAIN IN OPEN INTEREST OF 5502 contracts ON THE TWO EXCHANGES:

11,895 CONTRACTS MOVE TO LONDON AND 6393 CONTRACTS DECREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 17.113 TONNES).

we had: 60 notice(s) filed upon for 6000 oz of gold.

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

GLD

WITH GOLD UP  $7.50 :  WE HAD  A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/ A DEPOSIT OF 5.90 TONNES

Inventory rests tonight: 859.99 tonnes.

SLV/

WITH SILVER UP 4 CENTS TODAY: A HUGE  CHANGE/ A MASSIVE DEPOSIT OF 1.319 MILLION OZ INTO THE SLV

/INVENTORY RESTS AT 320.196 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 AN STRONG 1760 CONTRACTS from 241,135 UP TO 242,895 (AND A  NEW COMEX RECORD SET TODAY/APRIL 6/2017. THE PREVIOUS RECORD OTHER THAN WAS ESTABLISHED YESTERDAY WAS 234,787 SET ON APRIL 21.2017 ALMOST ONE YEAR AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89).  THIS ALL OCCURRED SURPRISINGLY WITH THE TINY  RISE IN PRICE OF SILVER (6 CENTS//  YESTERDAY’S TRADING).   OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER 2261 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 AGAIN ZERO COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE  OI GAIN AT THE COMEX OF 1760 CONTRACTS TO THE 2261 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN AN GIGANTIC  GAIN OF 4021  OPEN INTEREST CONTRACTS.  WE STILL HAVE A GOOD AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN APRIL (SEE BELOW). THE NET GAIN TODAY IN OZ ON THE TWO EXCHANGES:  20.105 MILLION OZ!!!

RESULT: A STRONG SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE TINY RISE IN SILVER PRICING / YESTERDAY (6 CENTS) . BUT WE ALSO HAD ANOTHER VERY GOOD SIZED 2261 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)FRIDAY MORNING/THURSDAY NIGHT: Shanghai closed HOLIDAY  /Hang Sang CLOSED HOLIDAY   / The Nikkei closed DOWN 77,90 POINTS OR 0.36%/Australia’s all ordinaires CLOSED DOWN .02% /Chinese yuan (ONSHORE) closed UP at 6.3033/Oil DOWN to 63.09 dollars per barrel for WTI and 67.83 for Brent. Stocks in Europe OPENED DEEPLY IN THE RED   .   ONSHORE YUAN CLOSED UP AT 6.3033 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3198 /ONSHORE YUAN TRADING STRONGER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING  MUCH WEAKER AGAINST THE DOLLAR CHINA ON HOLIDAY TODAY/CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW LOOKS LIKE A FULL TRADE WAR IS BEGINNING/

SOUTH KOREA/NORTH KOREA

i)North Korea/South Korea

b) REPORT ON JAPAN

3 c CHINA

ii)THIS MORNING 2 AM

China vows to attack the Trump tariffs at any cost.  China urges the EU to join in the fight against the USA.  The real problem:  there is just not enough USA goods entering China that could be subject to tariffs:

( zerohedge)

4. EUROPEAN AFFAIRS

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

6 .GLOBAL ISSUES

7. OIL ISSUES

8. EMERGING MARKET

9. PHYSICAL MARKETS

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

Trading Volumes on the COMEX

PRELIMINARY COMEX VOLUME FOR TODAY:353,217  contracts

CONFIRMED COMEX VOL. FOR YESTERDAY: 289,042 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:

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And now for the wild silver comex results.

Total silver OI ROSE BY AN STRONG 1760  CONTRACTS FROM 241,135 UP TO 242,895 AND A NEW RECORD OI FOR SILVER,  WITH OUR 6 CENT RISE IN SILVER PRICING/ YESTERDAY).   ALSO,WE WERE ALSO INFORMED THAT WE HAD A STRONG  2261 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: 2261.   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  SURPRISINGLY AND SHOCKINGLY HAD ZERO LONG COMEX SILVER LIQUIDATION.  WE ALSO HAVE A GIGANTIC 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 OF APRIL AS WELL AS THE 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 4021 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A  2250 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 2261 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN ON THE TWO EXCHANGES:4021 CONTRACTS 

AMOUNT STANDING FOR SILVER AT THE COMEX

We are now in the non active delivery month of April and here the front month LOST 1 contract LOWERING TO 336 contracts.  We had 0 notices filed upon (CME correction last Thursday night) so in essence we lost 1 contract or 5,000 additional ounces of silver will NOT stand for delivery in this non active delivery month of April.(AND THESE GUYS MORPHED INTO LONDON BASED FORWARDS)

The next big active delivery month for silver will be May and here the OI LOST 1510 contracts DOWN to 151,047. June saw a loss of 1 contract to stand at 42.  The next big delivery month for silver is July and here the OI rose by 1936 contracts up to 54,207.

We had 0 notice(s) filed for NIL OZ for the APRIL 2018 contract for silver

IN THE LAST 18 MONTHS 72 NET TONNES HAS LEFT THE COMEX.

end

And now for silver

AND NOW THE APRIL DELIVERY MONTH

APRIL INITIAL standings/SILVER

we had 0 inventory movement at the dealer side of things

total dealer deposits:  nil oz

we had 2 deposits into the customer account

i) Into JPMorgan: 605,295.100 oz

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

JPMorgan now has 140 million oz of  total silver inventory or 53.4% of all official comex silver. (140 million/263 million)

JPMorgan  deposited  into its warehouses (official) today.

ii) Into Scotia: 64,221.430 oz

total deposits today:  669,516.53  oz

we had 1 withdrawals from the customer account;

i) Out of Scotia: 633,255.380 oz

total withdrawals;  633,255.380   oz

we had 0 adjustment

total dealer silver:  58.8561 million

total dealer + customer silver:  263.369 million oz

The total number of notices filed today for the APRIL. contract month is represented by 0 contract(s) FOR NIL oz. To calculate the number of silver ounces that will stand for delivery in APRIL., we take the total number of notices filed for the month so far at 19 x 5,000 oz = 95,000 oz to which we add the difference between the open interest for the front month of April. (336) and the number of notices served upon today (0 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the APRIL contract month: 19(notices served so far)x 5000 oz + OI for front month of April(336) -number of notices served upon today (0)x 5000 oz equals 1,775,000 oz of silver standing for the April contract month

WE  LOST 1  SILVER CONTRACTS OR 5,000 ADDITIONAL OUNCES WILL NOT STAND IN THIS NON ACTIVE DELIVERY MONTH OF APRIL AND THESE GUYS MORPHED INTO LONDON BASED FORWARDS. 

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ESTIMATED VOLUME FOR TODAY: 88,023 CONTRACTS

CONFIRMED VOLUME FOR YESTERDAY: 85,557 CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF 85,557 CONTRACTS EQUATES TO  427 MILLION OZ OR 61.12% 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 RISES TO -2.48% (APRIL 6/2018)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -0.78% to NAV (APRIL 6/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -2.48%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.78%/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 -2.48%: NAV 13.70/TRADING 13.29//DISCOUNT 2.48.

END

And now the Gold inventory at the GLD/

APRIL 6/WITH GOLD UP $7.50 ,A HUGE CHANGE IN INVENTORY AT THE GLD/ A DEPOSIT OF 5.90 TONNES/INVENTORY RESTS AT 859.99 TONNES

APRIL 5/WITH GOLD DOWN $8.20 WE HAD TWO ENTRIES: 1) TINY WITHDRAWAL OF .28 TONNES TO PAY FOR FEES AND 2) A DEPOSIT OF 2.06 TONNES//INVENTORY RESTS AT 854.09 TONNES

April 4/WITH GOLD UP $2.90 WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 852.31 TONNES

APRIL 3./WITH GOLD DOWN $9.30 WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 852.31 TONNES

APRIL 2/WITH GOLD UP $19.50, WE HAD A BIG  CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 6.19 TONNES/INVENTORY RESTS AT 852.31 TONNES

MARCH 29/WITH GOLD DOWN $3.20 AND OPTIONS EXPIRY FINISHED, WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS A 846.12 TONNES

March 28/WITH GOLD DOWN $16.70, ANOTHER RAID ORCHESTRATED, AGAIN NO SURPRISES AS WE WITNESS ANOTHER 1.18 TONNES OF GOLD REMOVED/INVENTORY RESTS AT 846.12 TONNES

MARCH 27/WITH GOLD DOWN $11.70 AND A RAID INITIATED, IT WAS NO SURPRISE TO SEE THAT A MASSIVE WITHDRAWAL OF 3.24 TONNES WAS USED IN THE ABOVE RAID/INVENTORY RESTS AT 847.30 TONNES

MARCH 26./WITH GOLD UP $4.60/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 850.54 TONNES

MARCH 23/WITH GOLD UP $23.30/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 850.54 TONNES

MARCH 22.WITH GOLD UP $5.90, NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 850.54 TONNES/

MARCH 21/WITH GOLD UP $9.65 NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 850.54 TONNES

March 20/WITH GOLD DOWN $5.75, A SURPRISING HUMONGOUS DEPOSIT OF 10.32 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 850.64 TONNES/

SO FAR, FOR THE MONTH OF MARCH, THE GLD HAS ADDED 19.61 TONNES WITH A NET LOSS OF $17.45

March 19/WITH GOLD UP $5.25: ANOTHER HUGE DEPOSIT OF GOLD TO THE TUNE OF 2.07 TONNES/GOLD INVENTORY RESTS TONIGHT AT 840.22 TONNES

MARCH 16/WITH GOLD DOWN $5.65/OUR CROOKS DEPOSITED ANOTHER 4.42 TONNES INTO GLD INVENTORY/INVENTORY RESTS AT 838.15 TONNES

FOR THE WEEK: GOLD LOST  $11.80, BUT GOLD INVENTORY ADVANCED:4.42 TONNES

MARCH 15/WITH GOLD DOWN $7.85, NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

MARCH 14/WITH GOLD DOWN $1.55/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

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

GOLD DOWN 5.45 TODAY.

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

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APRIL 6/2018/ Inventory rests tonight at 859.99 tonnes

*IN LAST 357 TRADING DAYS: 81.05 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 307 TRADING DAYS: A NET 75.25 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.

end

Now the SLV Inventory/

APRIL 6/WITH SILVER UP 4 CENTS, WE HAD A HUGE DEPOSIT OF 1.319 MILLION OZ INTO THE SLV INVENTORY/INVENTORY RESTS AT 320.196 MILLION OZ

APRIL 5/WITH SILVER UP 6 CENTS/NO CHANGES IN INVENTORY AT THE SLV/INVENTORY RESTS AT 318.877 MILLION OZ/

April 4/WITH SILVER DOWN 11 CENTS/A SMALL CHANGE IN SILVER INVENTORY AT THE SLV/ A WITHRAWAL OF 135,000 OZ AND THIS IS PROBABLY TO PAY FOR FEES/INVENTORY RESTS AT 318.877 MILLION OZ/

APRIL 3./WITH SILVER DOWN 16 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/

APRIL 2/WITH SILVER UP 34 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/

MARCH 29/WITH SILVER UP 6 CENTS, THE CROOKS DECIDED THAT THEY HAD BETTER ADD SOME 943,000 PAPER OZ TO THEIR INVENTORY/INVENTORY RESTS AT 319.012 MILLION OZ

March 28/WITH SILVER DOWN 27 CENTS/AGAIN NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ

MARCH 27/WITH SILVER DOWN 14 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

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

MARCH 23/WITH SILVER UP 19 CENTS, A HAD A BIG WITHDRAWAL OF 1.602 MILLION OZ.INVENTORY RESTS AT 318.069 MILLION OZ/

MARCH 22/WITH SILVER DOWN ONE CENT, NO CHANGE IN SLV INVENTORY/INVENTORY RESTS AT 319.671 MILLION OZ/

March 21/WITH SILVER UP 21 CENTS/NO CHANGE IN SLV INVENTORY/INVENTORY RESTS AT 319.671 MILLION OZ/

March 20/WITH SILVER DOWN 13 CENTS/NO CHANGE IN SLV INVENTORY/INVENTORY RESTS AT 319.671 MILLION OZ/

March 19/WITH SILVER UP 5 CENTS, THE SLV ADDS A SMALL 659,000 OZ TO ITS INVENTORY/INVENTORY RESTS AT 319.671 MILLION OZ/

MARCH 16/WITH SILVER DOWN 15 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ.

FOR THE WEEK;  SILVER IS DOWN 42 CENTS YET ADDS 943,000 OZ OF SILVER INTO THE SLV/

MARCH 15/WITH SILVER DOWN 11 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/

MARCH 14/WITH SILVER DOWN 8 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/

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./

HAD ANOTHER HUGE ADDITION OF 1.315 MILLION OZ/INVENTORY RESTS AT 316.590 MILLION OZ/

APRIL 6/2018:  A HUGE CHANGES IN SILVER INVENTORY:  A DEPOSIT OF 1.319 MILLION OZ.

Inventory 320.196 million oz

end

6 Month MM GOFO 1.96/ and libor 6 month duration 2.47

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

G0FO+ 1.96%

libor 2.47 FOR 6 MONTHS/

GOLD LENDING RATE: .51%

XXXXXXXX

12 Month MM GOFO
+ 2.70%

LIBOR FOR 12 MONTH DURATION: 2.45

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.35

IT COSTS MORE TO LEND GOLD OUT.

end

Gold COT Report – Futures
Large Speculators			Commercial		Total
Long	Short	Spreading	Long	Short	Long	Short
234,677	68,088	52,011	162,608	351,473	449,296	471,572
Change from Prior Reporting Period
-24,355	12,410	-11,385	5,165	-32,330	-30,575	-31,305
Traders
180	68	73	47	57	261	168
	Small Speculators
	Long	Short	Open Interest
	43,845	21,569	493,141
	-5,974	-5,244	-36,549
	non reportable positions		Change from the previous reporting period
COT Gold Report – Positions as of				Tuesday, April 3, 2018

At 3:30 pm we receive a totally useless report, the COT which gives position levels of our major players.  If the use of a huge number of EFP’s every day, I for life of me see any value in them.  However for completeness I will provide it for you

OUR LARGE SPECULATORS

those large specs that have been long in gold pitched (transferred through EFP) 24,355 contracts

those large specs that have been short in gold added a net 12,410 contracts to their short side

OUR COMMERICALS

those commercials that have been long in gold added 5165 contracts to their long side

those commercials that have been short in gold transferred (covered) a huge 32,330 contracts from their short side. my guess is that all of these obligations transferred to London.

OUR SMALL SPECULATORS.

those small specs that have been long in gold pitched (transferred through EFP) 5,974 contracts from their long side.

those small specs that have been short in gold covered (transferred) through EFP their obligation to London or just covered probably the former.

Conclusion

there is only one word to describe the above: FRAUD

AND NOW SILVER COT

Silver COT Report: Futures
Large Speculators			Commercial
Long	Short	Spreading	Long	Short
65,969	82,934	47,964	86,416	89,053
5,183	8,491	5,509	4,329	-386
Traders
112	62	51	46	34
Small Speculators		Open Interest		Total
Long	Short	232,682		Long	Short
32,333	12,731			200,349	219,951
-1,857	-450	13,164		15,021	13,614
non reportable positions		Positions as of:		185

INTERESTING!

OUR LARGE SPECULATORS

those large specs that have been long in silver added 5183 contracts on a net basis to their long side

those large specs that have been short in silver added 8491 contracts to their short side.

OUR COMMERCIALS

those commercials that have been long in silver added a net 4329 contracts to their long side

those commercials that have been short in silver covered (transferred) a net 386 contracts from their short side.

OUR SMALL SPECULATORS.

those small specs that have been long in silver added 5063 contracts to their long side

those small specs that have been short in silver added a huge 8259 contracts to their short side??

Conclusions:

same as gold.

Major gold/silver trading /commentaries for FRIDAY

GOLDCORE/BLOG/MARK O’BYRNE.

GOLD/SILVER

Jamie Dimon Warns Of Potential ‘Market Panic’

6, April

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)

END

India’s central bank shuts down crypto currencies

(Times of India/GATA)

(courtesy zerohedge)

(courtesy Koos Jansen)

(courtesy GATA/Allan Flynn)

(courtesy Ambrose Evans Pritchard/UKTelegraph/GATA)

Alasdair explains why the dollar collapse is inevitable..as the dollar falls so does all other currencies linked to it

(courtesy Alasdair Macleod/GATA)

Alasdair Macleod: Why a dollar collapse is inevitable

3. ASIAN AFFAIRS

i)FRIDAY MORNING/THURSDAY NIGHT: Shanghai closed HOLIDAY  /Hang Sang CLOSED HOLIDAY   / The Nikkei closed DOWN 77,90 POINTS OR 0.36%/Australia’s all ordinaires CLOSED DOWN .02% /Chinese yuan (ONSHORE) closed UP at 6.3033/Oil DOWN to 63.09 dollars per barrel for WTI and 67.83 for Brent. Stocks in Europe OPENED DEEPLY IN THE RED   .   ONSHORE YUAN CLOSED UP AT 6.3033 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3198 /ONSHORE YUAN TRADING STRONGER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING  MUCH WEAKER AGAINST THE DOLLAR CHINA ON HOLIDAY TODAY/CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW LOOKS LIKE A FULL TRADE WAR IS BEGINNING/

3 a NORTH KOREA/USA

North Korea/South Korea

 

3 b JAPAN AFFAIRS

c) REPORT ON CHINA

LAST NIGHT 6 PM

the markets do not like this:  Trump orders consideration of new 100 billion in Chinese tariffs as he intensifies the tariffs wars

(courtesy zerohedge)

 end

4. EUROPEAN AFFAIRS

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Russia/USA

I can assure you that Putin is angry as the USA unveils sanctions against 7 Russian oligarchs and 17 top Russian officials.  One is Putin’s son in law and the other is Deripaska who was the one that Paul Manafort dealt with

(courtesy zerohedge)

US Unveils Sanctions Against 7 Russian Oligarchs Including Putin Ally Oleg Deripaska

What was previewed earlier this week in a trial balloon clearly meant to burnish the Trump administration’s anti-Russia bona fides has now become a reality.

The US Treasury Department has announced sanctions against seven Russian oligarchs and 17 top Russian government officials as well as 14 entities including private and state-owned firms.

The most prominent individuals on the sanctions list include Oleg Deripaska, the aluminum magnate whose business dealings with indicted former Trump campaign executive Paul Manafort prominently factored into Manafort’s indictment, Suleyman Kerimov, Kirill Shamalov – Putin’s son-in-law – and Viktor Vekselberg.

Oleg Deripaska

Alexander Torshin, who is at the center of an inquiry into alleged funneling of Russian money to the NRA, is also on the list.

A full list of the individuals and companies that have been added to the US sanctions list can be found below, courtesy of the Treasury Department’s resource center.

The sanctions were justified based on alleged Russian activities in Ukraine and Syria. They allow the US to freeze assets held by these entities and individuals.

“The Russian government engages in a range of malign activity around the globe, including continuing to occupy Crimea and instigate violence in eastern Ukraine, supplying the Assad regime with material and weaponry as they bomb their own civilians, attempting to subvert Western democracies, and malicious cyber activities,” Treasury Secretary Steven Mnuchin said in a release. “Russian oligarchs and elites who profit from this corrupt system will no longer be insulated from the consequences of their government’s destabilizing activities.”

The sanctions follow others filed last month against 19 people and five entities, including Russian intelligence agencies, for alleged cyber attacks. Special Counsel Robert Mueller also indicted 13 Russians for interfering in the US election back in February.

The following individuals have been added to OFAC’s SDN List:

* * *

AKIMOV, Andrey Igorevich, Russia; DOB 1953; POB Leningrad, Russia; Gender Male; Chairman of the Management Board of Gazprombank (individual) [UKRAINE-EO13661].

BOGDANOV, Vladimir Leonidovich, Russia; DOB 28 May 1951; POB Suyerka, Uporovsky District, Tyumen Region, Russian Federation; Gender Male (individual) [UKRAINE-EO13662].

DERIPASKA, Oleg Vladimirovich, Moscow, Russia; 64 Severnaya Street, Oktyabrsky, Khutor, Ust-Labinsky District, Krasnodar Territory 352332, Russia; 5, Belgrave Square, Belgravia, London SW1X 8PH, United Kingdom; DOB 02 Jan 1968; POB Dzerzhinsk, Nizhny Novgorod Region, Russia; citizen Russia; alt. citizen Cyprus; Gender Male (individual) [UKRAINE-EO13661] [UKRAINE-EO13662].

DYUMIN, Alexey Gennadyevich (a.k.a. DYUMIN, Alexei), Russia; DOB 28 Aug 1972; POB Kursk, Russian Federation; Gender Male (individual) [UKRAINE-EO13661].

FRADKOV, Mikhail Efimovich (Cyrillic: ФРАДКОВ, Михаил Ефимович), Russia; DOB 01 Sep 1950; POB Kurumoch, Kuibyshev Region, Russia; Gender Male; Director of the Russian Institute for Strategic Studies (individual) [UKRAINE-EO13661].

FURSENKO, Sergei (a.k.a. FURSENKO, Sergey; a.k.a. FURSENKO, Sergey Aleksandrovich); DOB 11 Mar 1954; POB Saint-Petersburg (F.K.A. Leningrad), Russian Federation; citizen Russia; Gender Male (individual) [UKRAINE-EO13661].

GOVORUN, Oleg, Russia; DOB 15 Jan 1969; POB Bratsk, Irkutsk Region, Russia; Gender Male; Head of the Presidential Directorate for Social and Economic Cooperation with the Commonwealth of Independent States Member Countries, the Republic of Abkhazia, and the Republic of South Ossetia (individual) [UKRAINE-EO13661].

KERIMOV, Suleiman Abusaidovich (Cyrillic: КЕРИМОВ, Сулейман Абусаидович) (a.k.a. KERIMOV, Suleyman), Moscow, Russia; Antibes, France; DOB 12 Mar 1966; POB Derbent, Republic of Dagestan, Russia; citizen Russia; Gender Male (individual) [UKRAINE-EO13661].

KOLOKOLTSEV, Vladimir Alexandrovich, Russia; DOB 11 May 1961; POB Nizhny Lomov, Penza Region, Russia; Gender Male; Minister of Internal Affairs of the Russian Federation, General of the Police of the Russian Federation (individual) [UKRAINE-EO13661].

KOSACHEV, Konstantin, Russia; DOB 17 Sep 1962; POB Moscow, Russia; nationality Russia; Gender Male; Chairperson of the Council of the Federation Committee on Foreign Affairs (individual) [UKRAINE-EO13661].

KOSTIN, Andrey Leonidovich, Moscow, Russia; DOB 21 Sep 1956; POB Moscow, Russian Federation; Gender Male (individual) [UKRAINE-EO13661].

LEONE MARTINEZ, Miguel Jose (a.k.a. LEONE, Miguel), Severo Diaz 38, Col. Ladron de Guevara, Guadalajara, Jalisco 44600, Mexico; DOB 16 May 1980; citizen Italy; alt. citizen Venezuela; Website www.miguelleone.com; Gender Male; Passport YA1867648 (Italy) (individual) [SDNTK] (Linked To: LOS CUINIS).

MILLER, Alexey Borisovich, Moscow, Russia; DOB 31 Jan 1962; POB Saint-Petersburg, Russian Federation; Gender Male (individual) [UKRAINE-EO13661].

PATRUSHEV, Nikolai Platonovich, Russia; DOB 11 Jul 1951; POB Leningrad, Russian Federation; nationality Russia; Gender Male; Secretary of the Russian Federation Security Council (individual) [UKRAINE-EO13661].

PEREZ ALVEAR, Jesus (a.k.a. “Chucho Perez”), Guerrero, Mexico; DOB 12 Nov 1984; POB Distrito Federal, Mexico; nationality Mexico; Gender Male; R.F.C. PEAJ-841112-UD1 (Mexico); C.U.R.P. PEAJ841112HDFRLS06 (Mexico) (individual) [SDNTK] (Linked To: CARTEL DE JALISCO NUEVA GENERACION; Linked To: LOS CUINIS; Linked To: GALLISTICA DIAMANTE).

REZNIK, Vladislav Matusovich, Moscow, Russia; DOB 17 May 1954; Gender Male (individual) [UKRAINE-EO13661].

ROTENBERG, Igor Arkadyevich (a.k.a. ROTENBERG, Igor Arkadevich); DOB 09 May 1973; POB Leningrad, Russia; Gender Male (individual) [UKRAINE-EO13662].

SHAMALOV, Kirill Nikolaevich; DOB 22 Mar 1982; POB Leningrad, Russia; Gender Male (individual) [UKRAINE-EO13662]. (Harvey:  Putin’s son in law)

SHKOLOV, Evgeniy Mikhailovich, Russia; DOB 31 Aug 1955; POB Dresden, Germany; nationality Russia; Gender Male; Aide to the President of the Russian Federation (individual) [UKRAINE-EO13661].

SKOCH, Andrei Vladimirovich (a.k.a. SKOCH, Andrey), Russia; DOB 30 Jan 1966; POB Nikolsky (Moscow), Russia; Gender Male; Deputy of State Duma (individual) [UKRAINE-EO13661].

TORSHIN, Alexander Porfiryevich, Moscow, Russia; DOB 27 Nov 1953; POB Mitoga village, Ust-Bolsheretsky district, Kamchatka region, Russian Federation; Gender Male (individual) [UKRAINE-EO13661].

USTINOV, Vladimir Vasilyevich, Russia; DOB 25 Feb 1953; POB Nikolayevsk-on-Amur, Russian Federation; Gender Male (individual) [UKRAINE-EO13661].

VALIULIN, Timur Samirovich, Russia; DOB 20 Dec 1962; POB Krasnozavodsk, Zagorsk District, Moscow Region, Russia; Gender Male; Chief of the General Administration for Combating Extremism of the Ministry of Internal Affairs of the Russian Federation (individual) [UKRAINE-EO13661].

VEKSELBERG, Viktor Feliksovich, Russia; DOB 14 Apr 1957; POB Drogobych, Lviv region, Ukraine; Gender Male (individual) [UKRAINE-EO13662].

ZHAROV, Alexander Alexandrovich (a.k.a. ZHAROV, Aleksandr), Russia; DOB 11 Aug 1964; POB Chelyabinsk, Russia; Gender Male; Head of the Federal Service for Supervision of Communications, Information Technology, and Mass Media (individual) [UKRAINE-EO13661].

ZOLOTOV, Viktor Vasiliyevich, Russia; DOB 27 Jan 1954; POB Ryazanskaya oblast, Russia; nationality Russia; Gender Male; Director of the Federal Service of National Guard Troops and Commander of the National Guard Troops of the Russian Federation (individual) [UKRAINE-EO13661].

The following entities have been added to OFAC’s SDN List:

AGROHOLDING KUBAN (a.k.a. KUBAN AGRO; a.k.a. KUBAN AGROHOLDING), 77 Mira St., Ust-Labinsk, Krasnodar Territory 352330, Russia; 1 Montazhnaya St., Ust-Labinsk, Krasnodar Territory, Russia; 116 Mira St., Ust-Labinsk, Krasnodar Territory, Russia; 1 G. Konshinykh St., Krasnodar Territory, Russia; 2 Rabochaya St., Ust-Labinsk, Krasnodar Territory, Russia [UKRAINE-EO13661] [UKRAINE-EO13662] (Linked To: DERIPASKA, Oleg Vladimirovich; Linked To: BASIC ELEMENT LIMITED).

BASIC ELEMENT LIMITED (a.k.a. BAZOVY ELEMENT), Esplanade 44, Saint Helier JE4 9WG, Jersey; 30 Rochdelskaya Street, Moscow 123022, Russia; Registration ID 84039 [UKRAINE-EO13661] [UKRAINE-EO13662] (Linked To: DERIPASKA, Oleg Vladimirovich).

B-FINANCE LTD, Vanterpool Plaza, 2nd Floor, Wickhams Cay, Road Town, Tortola, Virgin Islands, British [UKRAINE-EO13661] [UKRAINE-EO13662] (Linked To: DERIPASKA, Oleg Vladimirovich).

EN+ GROUP PLC, Esplanade 44, Saint Helier JE4 9WG, Jersey; 8 Cleveland Row, London SW1A 1DH, United Kingdom; 1 Vasilisy Kozhinoy St., Moscow 121096, Russia; Registration ID 91061 [UKRAINE-EO13661] [UKRAINE-EO13662] (Linked To: DERIPASKA, Oleg Vladimirovich).

GALLISTICA DIAMANTE (a.k.a. GALLISTICA DIAMANTE S.A. DE C.V.; a.k.a. TICKET PREMIER), Aguascalientes, Aguascalientes, Mexico; Quinta Los Pirules Num. Ext. 182, Quinta Los Naranjos, Leon, Guanajuato 37210, Mexico; Website www.ticketpremier.mx [SDNTK].

GAZ GROUP, 88 Lenin Avenue, Nizhny Novgorod 603950, Russia; 15/1 Rochdelskaya Str., Moscow 123022, Russia [UKRAINE-EO13661] [UKRAINE-EO13662] (Linked To: DERIPASKA, Oleg Vladimirovich; Linked To: RUSSIAN MACHINES).

GAZPROM BURENIE, OOO (f.k.a. BUROVAYA KOMPANIYA OAO GAZPROM, DOCHERNEE OBSHCHESTVO S OGRANICHENNOI OTVETSTVENNOSTYU; a.k.a. GAZPROM BURENIYE LLC; a.k.a. GAZPROM DRILLING; a.k.a. LIMITED LIABILITY COMPANY GAZPROM BURENIYE; a.k.a. OBSHCHESTVO S OGRANICHENNOI OTVETSTVENNOSTYU GAZPROM BURENIE), 12A, ul. Nametkina, Moscow 117420, Russia; Website www.burgaz.ru; Email Address mail@burgaz.gazprom.ru; Registration ID 1028900620319; Tax ID No. 5003026493; Government Gazette Number 00156251 [UKRAINE-EO13662] (Linked To: ROTENBERG, Igor Arkadyevich).

JSC EUROSIBENERGO, 165 Chkalova Street, Divnogorsk, Krasnoyarsk Krai 663091, Russia; 1 Vasilisy Kozhinoy Street, Moscow 121096, Russia; Registration ID 5087746073817; Tax ID No. 7706697347; Identification Number 88303955 [UKRAINE-EO13661] [UKRAINE-EO13662] (Linked To: DERIPASKA, Oleg Vladimirovich; Linked To: EN+ GROUP PLC).

LADOGA MENEDZHMENT, OOO (a.k.a. OBSHCHESTVO S OGRANICHENNOI OTVETSTVENNOSTYU LADOGA MENEDZHMENT; a.k.a. OOO LADOGA MANAGEMENT), 10, naberezhnaya Presnenskaya, Moscow 123317, Russia; Registration ID 1147748143971; Tax ID No. 7729442761; Government Gazette Number 29437172 [UKRAINE-EO13662] (Linked To: SHAMALOV, Kirill Nikolaevich).

NPV ENGINEERING OPEN JOINT STOCK COMPANY (a.k.a. AKTSIONERNOE OBSHCHESTVO ENPIVI INZHINIRING; a.k.a. AO ENPIVI INZHINIRING; a.k.a. ENPIVI INZHINIRING, AO; a.k.a. NPV ENGINEERING JOINT STOCK COMPANY; a.k.a. OJSC NPV ENGINEERING), 5, per. Strochenovski B., Moscow 115054, Russia; PER. Strochenovskii B D.5, Moscow 115054, Russia; Website www.npve.narod.ru; Email Address npw@npv.su; Registration ID 106774653683; Tax ID No. 7707587805; Government Gazette Number 95533058 [UKRAINE-EO13662] (Linked To: ROTENBERG, Igor Arkadyevich).

RENOVA GROUP (a.k.a. JOINT-STOCK COMPANY RENOVA GROUP OF COMPANIES; a.k.a. JSC RENOVA GROUP OF COMPANIES), V, 28 Balaklavskiy Prospekt, Moscow 117452, Russia; 40, Malaya Ordynka, Moscow 115184, Russia; Registration ID 1047796880548; Tax ID No. 7727526670; Government Gazette Number 772701001 [UKRAINE-EO13662] (Linked To: VEKSELBERG, Viktor Feliksovich).

ROSOBORONEKSPORT OAO (a.k.a. OJSC ROSOBORONEXPORT; a.k.a. ROSOBORONEKSPORT OJSC; a.k.a. ROSOBORONEXPORT; a.k.a. ROSOBORONEXPORT JSC; a.k.a. RUSSIAN DEFENSE EXPORT ROSOBORONEXPORT), 27 Stromynka ul., Moscow 107076, Russia; Website www.roe.ru; Executive Order 13662 Directive Determination – Subject to Directive 3; Registration ID 1117746521452; Tax ID No. 7718852163; Government Gazette Number 56467052; For more information on directives, please visit the following link: http://www.treasury.gov/resource-center/sanctions/Programs/Pages/ukrain… [SYRIA] [UKRAINE-EO13662] (Linked To: ROSTEC).

RUSSIAN FINANCIAL CORPORATION (a.k.a. AO RFK-BANK; a.k.a. BANK ROSSISKAYA FINANSOVAYA KORPORATSIYA AKTSIONERNOE OBSHCHESTVO; a.k.a. RFC-BANK; a.k.a. RUSSIAN FINANCIAL CORPORATION BANK JSC), St. George’s Lane, D. 1, p. 1, Moscow 125009, Russia; d. 1 korp, 1 per. Georgievski, Moscow 125009, Russia; SWIFT/BIC RFCBRUMM; alt. SWIFT/BIC 044525257 [SYRIA].

RUSSIAN MACHINES (a.k.a. RUSSKIE MASHINY), Ul. Rochdelskaya 15, 8, Moscow 123022, Russia; Registration ID 1112373000596; Tax ID No. 2373000582; Identification Number 37100386 [UKRAINE-EO13661] [UKRAINE-EO13662] (Linked To: DERIPASKA, Oleg Vladimirovich; Linked To: BASIC ELEMENT LIMITED).

UNITED COMPANY RUSAL PLC, 44 Esplanade, St. Helier JE4 9WG, Jersey; 1 Vasilisy Kozhinoy Str., Moscow 121096, Russia; 11/F Central Twr., 28 Queen’s Rd. C, Central District, Hong Kong; Registration ID 94939; Company Number F-17314 (Hong Kong); Business Number 51566843 (Hong Kong) [UKRAINE-EO13661] [UKRAINE-EO13662] (Linked To: EN+ GROUP PLC).

end

ISRAEL/GAZA

Palestinians all over the world demand the right to return to Israel and become Israeli citizens something that Israel will never allow with their tiny population

(courtesy zerohedge

Watch Live: 5 Wounded By Live Fire Along Gazan Border As “Great Return March” Protest Begins

After more than 20 Palestinians were killed during protests along the Gaza border fence last Friday, all of whom were subsequently labeled as violent terrorists by the IDF, and hundreds more were wounded (many of them under the age of 18), thousands of Gazans marched to the border for the latest in a series of planned demonstrations leading up to the anniversary of Israel’s founding on May 15.

Palestinians have a much different interpretation of that day: For them, it’s the anniversary of the Nakba (literally “catastrophe”) when hundreds of thousands of Palestinians were forced from their land during the establishment of Israel.

The demonstrations, deemed “the Great Return March” by their organizers, are meant to agitate for “the right of return” – the ability for Palestinians to return to their ancestors’ land.

Despite urging from the United Nations to ensure that the IDF refrains from using unnecessary lethal force, Israeli forces are once again hurling tear gas and using other “riot dispersal means” to handle crowds at five locations along the border, according to a series of tweets from the IDF.

IDF✔@IDFSpokesperson

Since this morning, hundreds of Palestinians have been rioting in five locations along the Gaza-Israel border. IDF troops are responding with riot dispersal means and fire in accordance with the rules of engagement.

IDF✔@IDFSpokesperson

4h

Since this morning, hundreds of Palestinians have been rioting in five locations along the Gaza-Israel border. IDF troops are responding with riot dispersal means and fire in accordance with the rules of engagement.

IDF✔@IDFSpokesperson

The IDF will not allow any breach of security infrastructure or the security fence, which protects Israeli civilians. The IDF will act against those who are involved in these attacks.

According to RT, IDF soldiers have been given orders to shoot protesters who get too close to the border fence. The US has urged demonstrators to stay 500 meters from the fence. Meanwhile, human rights groups are urging soldiers to refuse orders to fire on demonstrators. Hamas, the party that controls Gaza, has called for the International Criminal Court to investigate last week’s deaths.

Israel’s Defense Minister Avigdor Liberman said Tuesday that anybody who comes too close to the fence “will endanger their lives.”

“We have set very clear rules [of engagement] and we have no intention of changing them,” he said. “We are determined to protect the security of Israeli citizens, of course, first and foremost, in the area of Gaza, and there will be no compromise on this issue, no flexibility.”

Liz Throssell, the UN High Commissioner for Human Rights, reminded Israel of “its obligations to ensure that excessive force is not employed against protesters and that in the context of a military occupation, as is the case in Gaza, the unjustified and unlawful recourse to firearms by law enforcement resulting in death may amount to a willful killing, a grave breach of the Fourth Geneva Convention,” per Al Jazeera.

Gazans have set up several tent encampments along the border. Hundreds gathered near Khuzaa, one area along the border, before noon prayer on Friday.

According to the latest updates from AJ, at least five Palestinians have been wounded so far by live ammunition. Palestinians are gathering hundreds of tires, which they plan to burn to create a smokescreen to stop Israeli snipers from picking off demonstrators.

END

Russia in an emergency meeting of the UN security council describes and demolishes the “hoax” of the Skripal poisoning

(courtesy Alex Christoforou/The Duran.com)

Russia Demolishes UK Poisoning ‘Hoax’ During Emergency Security Council Meeting

Authored by Alex Christoforou via TheDuran.com,

Russia’s UN envoy blasted the UK’s attempt to blame the poisoning Sergei and Yulia Skripal on Moscow, describing the entire hoax as a “theater of absurd.”

The extraordinary UN Security Council meeting was requested by Russia, following the announcement made by the secretive British Porton Down chemical laboratory, that it had not established that the Novichok nerve agent used in the poisoning was of Russian origin.

According to RT, top British officials explicitly cited the Porton Down laboratory when pinning the blame on Moscow, so following this revelation their theory started to fall apart, said Vasily Nebenzia, noting that the UK’s secret agencies rushed to help the government, producing new claims based on some “intelligence data.”

Nebenzia asked a series of questions pointing to inconsistencies of the UK’s narrative.

“I don’t even know how to comment on this. It’s some sort of the theater of absurd. You couldn’t have come up with better fake story?”

“Why did we have to wait eight years and [then] decided to [attack the Skripals] two weeks before the elections and several weeks before the world cup? Why did we release him from the country in the first place? Why do that in extremely public and dangerous fashion.”

The fact that the victims of the nerve agent, which is believed to be among the deadliest, managed to survive the attack has also raised serious questions, Nebenzia said.

As RT reports, it could be explained only if an antidote had been administered to them immediately after the exposure. British officials, however, insisted that no antidote was used, since none existed in the first place. The Skripals managed to walk around for four hours after the exposure, according to the version by the British authorities, yet the police officer who found them lost consciousness immediately.

There are also different versions of how the poison was delivered, leaked and speculated in the British media.

“There are so many versions in wake of the lack of facts and evidence. House of Skripal, the door knob, flowers, buckwheat, or, in fact, the bay leaf?” Nebenzia said.

As the cornerstone allegation that the nerve agent originated from Russia turned out to be without merit, the whole narrative fell apart, Nebenzia said. Arguments that the Novichok nerve agent family originates from Russia, and therefore it was Moscow to blame do not hold water either, the diplomat added.

“We want to state urbi et orbi, Novichok is not copyrighted by Russia,” he stressed.

While the British authorities try to make fun of different theories expressed by Russia-based experts and media, Nebenzia said, Moscow does not have any version of the events due to glaring lack of facts available.

The Russian diplomat stated that the level of intellectual justification used by the UK authorities, namely by the Foreign Secretary Boris Johnson, “does not invoke even a smile.”

“Boris Johnson, who constantly proclaims his Russophile [nature], produces an absurd, to use the nicest word I can, absurd and immoral premise that the incident was necessary for Moscow to bring the people together before the [presidential] elections,” Nebenzia stated.

“His comparison of Russia’s Football World Cup with the Berlin Olympics of 1936 was equally immoral,” he continued, adding that unlike the Soviet Union, a large British delegation took part in those Games.

UK envoy Karen Pierce stood by her government’s firm belief that there is “no plausible alternative explanation” and that that Russia was “highly likely” behind the Salisbury incident. She called it part of a “wider pattern of irresponsible Russian behavior” and accused Moscow of constant “aggression” over the recent years.

“Russia seeks to undermine the international institutions which have kept us safe since the end of the Second World War,” Pierce said.

The two envoys also resorted to literary references in sparring with each other, with Nebenzia illustrating the British position by quoting the Red Queen from Lewis Carroll’s Alice in Wonderland, who demanded “sentence first, verdict afterwards.”

Pierce retorted that another quote from the same book, about “believing six impossible things before breakfast,” suited her Russian colleague better, though it matched her own government’s case built on assertions and rhetoric.

All of which, as Tom Luongo suggests, points to the imminent demise of May’s government.

The United Kingdom is headed for a break-up.  Not today or tomorrow, mind you but, sooner than anyone would like to handicap, especially in this age of coalition government at any cost.

By responding to the alleged poisoning of former Russian double agent Sergei Skripal and his daughter Yulia with histrionics normally reserved for The View, Theresa May’s government has set the stage for its own collapse.

Government’s fall when the people lose confidence in them.  May has bungled everything she has touched as Prime Minister, from Brexit talks and her relationship with Donald Trump to her response (or lack thereof) to the escalating level of domestic terrorism and her pathetic campaign during last year’s snap election.

When I confront such obvious ineptitude it’s not hard to believe that wasn’t the plan to begin with.

Since her initial meeting with Donald Trump after his election where it looked like the two would get along, May has become more and more belligerent to both him and his base.  While he continues to affirm our special relationship “The Gypsum Lady” as I like to call her makes mistake after mistake.

The latest of which is pushing everyone east of the Dneiper River in Ukraine to denounce the Russians and President Vladimir Putin personally for this alleged poisoning in Salisbury a month ago.

The result of which was the largest round of diplomatic expulsions in a century, if not ever.

And now that the whole “Russia did it” narrative has been skewered by May’s own experts at Porton Downs, she stands alone along with her equally inept and embarrassing Foreign Secretary Boris Johnson and Defense Secretary Gavin Williamson.

The calls for their jobs will only intensify here.

6 .GLOBAL ISSUES

6AM THIS MORNING:

BILL BLAIN’S TAKE ABOUT THE EUROPEAN MARKETS THIS MORNING AND THE USA MARKETS WHICH ARE ABOUT TO OPEN

(COURTESY BILL BLAIN/MINTPARTNERS)

Blain: “Really Not Sure What To Say About Markets This Morning”

Submitted by Bill Blain of Mint Parnters

TTTs, Markets, Conviction trades vs I Believe trades, Hydrogen and whatever…

“There are some things I cannot do now: skydiving, marathon running, calculus. I can proudly say, however, that I couldn’t do them in my 20s, either, so no big loss.”

Really not sure what to say about markets this morning. They’re on fire – except for the fact they aren’t really. Strip out the noise.. and range bound would be a better description. Sure, we’ve seen dramatic ups and downs – much of it related to Triple T (Trump Tariffs and Twitter), but basically it still feels like we’re still playing through the February Correction phase. There is not so much complacency as there was, but folk still expect upside over the down. Next week will give more signals; lots of players are still on holiday and volumes are thin.

The big events today will be Powell speaking about the US economy and the US jobs number; (185k consensus), another snapshot of a full-employment economy where most folk aren’t earning enough and a few folk just don’t know what to do with all their oodles of money.. Great piece in the WSJ focused on a US unemployment hotspot and how its now struggling to find workers: I can’t help but thinking it’s setting up for a bit of a Klondike scenario: boom followed by an ultimate bust.

As I said earlier this week (and delighted so many folk spotted it as a Bob Dylan quote): “something is happening and we don’t KNOW what it is”. Its not the global economy – which seems pretty solid, its not inflation – which remains embedded in financial asset valuations, its not oil – which looks supported in the new $70s range, its not in tech stocks – which seem to be shrugging off the regulatory revaluation threats. So where is it?  There are hints – and I think they lie in the continuing drift to populist politics. Long-term, income inequality is not going to work… but we live in the now. But, for the meanwhile, it’s a risk on market!

There are some spectacular stories out there. In markets like this investors can get lucky playing hunches when everyone else is wrong. Conviction trades can win or lose massively. Sometimes flukey markets confound logic.

For instance, I’m delighted to see Boeing react very strongly to the China tariff threat and rise. Makes perfect sense to me – their plane technology is superb, new models are more efficient (and an oil shock is the major threat to airlines), so even if China puts on Tariffs, they will keep selling. Global demand for aircraft is way ahead of what the oligopoly suppliers Boeing and Airbus can supply. Buy. It’s a conviction common sense trade.

But as for Tesla? Its up 21%, back to $300, this week. I’m in a state of shock! One of the smartest analysts I know has been a Tesla Bull throughout this period of doubt – sticking to his guns that despite it producing a fraction of the global car market today, it’s the leader tomorrow because it’s the leader today in Electric Vehicles – EV.

I still don’t get it – Tesla looks, smells and tastes like its bust, but because my chum is so persuasive, I’ve still got a position in the name.. but I just can’t see why its such a screaming buy when its literally just a car company that happens to be a leader in a small sector that will become a larger sector everyone is looking to play in. And.. it needs lots more money and I’m not convinced it will get it. And.. and…and..

Meanwhile, I’ve been reading about hydrogen (H) as the green fuel of the future rather than EV. H is way more efficient that EV and getting cheaper than Petrol, and simpler to distribute. H makes more energy sense than E and could be long-term Carbon neutral. An EV truck will weigh literally tonnes more just carry its battery while a H Truck will weigh less than a conventional Internal Combustion Engine (ICE) one. A H car will take moments to fill up and beat the range of a ICE while EV requires a lengthy time charge (ok coffees rather than hours). Go figure, but H > EV > ICE.

Why am I still holding Tesla? Because… because… its complex..

The question remains – where is this market going? Although its coping today – it won’t cope forever. Something has to give.

This modern world is extremely complex. It becomes more and more difficult to understand day by day. Yet most of us make the mistake of assuming someone else knows, is doing the needful, understands the risks and is managing them. Sadly, that’s not ever the case. Markets repeatedly remind us of the old adage – no one is as smart as others might think they are. That’s why things blow up, crash in flames, and generally shock and surprise us when they go spectacularly wrong. Same thing every time.. something pretty fundamental was broken, hopelessly compromising the whole caboodle.

So collateralised mortgage obligations were a great idea right up to the moment we realised they were stuffed with hopeless sub-prime. Corporate debt is mouth-wateringly attractive to fund managers who don’t understand how to read a balance sheet right up to the moment rates rise and the company’s debt sinks it. Funding long and borrowing short improves the margin right up till the moment it doesn’t. “Till the moment it doesn’t work” sums up lots of things about the modern age…

A fascinating article on Bloomberg highlighted many of the concerns yesterday in relation to Facebook: leading Scandy bank/investment firm Nordea has slapped a blanket ban on the name because of questions on how Facebook manages its relationships with third parties.

“We realised [when Cambridge Analytica happened] that this is a case more of less like Pandora’s box,” said the CIO of the fund. He went on to add you simply can’t predict what’s going to happen down the line given the “company is lacking a lot of the underlying systems to manage this.”

Thus far, there are two approaches to understanding what’s gone wrong at Facebook. There is the shocked and horrified school of thought that is scandalised Facebook was leaking all this data and expect it to be regulated into submission. The other school is asking the simple question: “C’mon.. what did you think they were doing with all that data?”

Maybe there is a third approach – that Facebook (and by extension all the other terribly bright dot.com trillionaire companies) just wasn’t that smart, didn’t actually realise what they’d created or what the consequences were likely to be. History is littered with things that turned out not to be what they were meant to be – Radar is a great example: it was conceived as a death-ray to bring down enemy aircraft, and ended up becoming the most effective way to track them. Or Gunpowder, which made pretty fireworks until someone figured out another use…

On that unhappy note – the weather’s looking good and my boat beckons. Have a great weekend

END

7. OIL ISSUES

With the loans given by China to Venezuela, it looks like  China will be the new operators of those oil assets.  They are orchestrating this in order than their loans are repaid.  Venezuela has another 9 billion on bond payments due this year and if they default here, then the nation will be under tremendous chaos

(courtesy Nick Cunningham/OilPrice.com

Venezuela’s Oil Sector May Soon Have New Owners

Authored by Nick Cunningham via OilPrice.com,

Venezuela’s oil production fell by another 100,000 barrels per day (bpd) in March, a devastating blow that will only make the country’s economic crisis worse. Output is expected to continue its downward spiral; the only uncertainty is over the pace of decline.

As Venezuela comes apart at the seams, it will hand over more and more control of its natural resources, and even power over its institutions, to China, according to a new report from the Washington-based Center for Strategic & International Studies.

The report argues that enormous levels of foreign investment may seem beneficial, but that Venezuela’s economic predicament has actually been made much worse by China. Taking advantage of Venezuela’s desperation, China has managed to convince Caracas to sign “one-sided financial agreements” that perpetuate the economic malaise afflicting the country.

Over the past decade, China has sent an estimated $62 billion to Venezuela in one form or another, representing about half of all the money that China has lent to Latin America. For years, Venezuela has been sending oil shipments to China as repayment, and last year it shipped roughly 330,000 bpd to China, sales that earned Caracas little or no revenue.

China’s patience with Venezuela seems to have worn thin. Reuters reported last month that China is likely to roll over a current financing arrangement it has with Venezuela, allowing for lenient repayment terms, but that it won’t lend the Venezuelan government any more money than it already has. China remains Venezuela’s largest debt owner with $23 billion in outstanding debt.

But CSIS argues that China remains a key piece of the puzzle propping up President Maduro’s repressive “narco-regime.” The think tank says that China’s excessive influence is both bad for Venezuela and it also raises security concerns.

China’s hunger for commodities has led to “long-term dependency,” essentially preventing Venezuela – and other commodity-exporting countries in Latin America – from ever developing more sophisticated valued-added sectors of the economy. Venezuela will remain in a colonial-like state, serving as a place for resource extraction for China’s benefit. Indeed, China’s appetite for commodities is only expected to grow.

Moreover, China’s loans to Venezuela are particularly opaque. CSIS says that China has often routed its investment in Venezuela through Hong Kong to undisclosed locations. And oil-for-cash deals are especially difficult to track. Countries that overly dependent on oil exports have historically been prone to corruption, but China’s effort at obscuring the money trail to Venezuela has added “yet another layer to the entrenched corruption of the Maduro regime,” CSIS wrote in its report. “The international community should be skeptical of the seemingly endless amounts of untraceable money pouring into a country with a history of corruption, deep-state narcotrafficking, and without checks and balances.”

That dirty money is then spent on military weapons, rather than food and other essentials for the Venezuelan people. Even as the country crumbles and people go hungry, CSIS says that Venezuela ranks 21st in the world in terms of military expenditures, and first in Latin America. And all that hardware is often put to use against its own people.

Meanwhile, the lack of cash has already resulted in debt defaults. CSIS says that Venezuela has not paid a sovereign bond since September 2017 and is actually in a state of default on 16 sovereign bonds, totaling $1.81 billion in missed payments. Still, up until now, the totals could be miniscule compared to what might lie ahead in the near future – Venezuela has more than $9 billion in bond payments coming due in 2018.

A full-blown debt default would result in a new stage of suffering for the Venezuelan people. It would also leave Caracas with fewer options for selling its oil if creditors around the world try to seize oil shipments. This scenario would also likely result in even greater influence for China and Russia over Venezuela’s resources.

Chinese and Russian state-owned oil companies “will probably market a significant share of PDVSA’s exports and operate an increasing share of its production, guaranteeing the repayment of their loans,” according to March report from the Atlantic Council. In other words, Venezuela will have to more or less hand over its oil to Chinese and Russian companies if it wants to sell any oil on the international market at all.

Unfortunately, there are few good options. The U.S. is reportedly considering sanctions, although it is unclear when or what form those might take. While there is an urge to do something, sanctions would likely only deepen the misery in Venezuela, with uncertain odds of affecting change. Moreover, what is clear is that U.S. sanctions could knock even more oil production offline, significantly raising the odds of default, and potentially opening up Venezuela to more control by China.

8. EMERGING MARKET

end

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

TRADING IN GRAPH FORM FOR THE DAY

HARVEY