April 12/GOLD AND SILVER RAID TODAY: GOLD DOWN $17.40 TO $1338.95/SILVER DOWN/ 37 CENTS TO $16.40/UNBELIEVABLE DATA AT THE COMEX TODAY: OPEN INTEREST RISES BY OVER 32,000 CONTRACTS IN GOLD BUT FALLS ALMOST 3,000 CONTRACTS IN SILVER/GOLD ETF ISSUANCE A HUGE 21,000 CONTRACTS/IN SILVER A HUGE 8500 CONTRACTS/USA DEFICIT ALREADY AT 1/2 TRILLION FOR 6 MONTHS IN THE 2018 FISCAL YEAR./PLENTY OF SWAMP STORIES FOR YOU TONIGHT/

 

 

GOLD: $1338.95  DOWN $17.40  (COMEX TO COMEX CLOSINGS)

Silver: $16.50 DOWN 27 CENTS (COMEX TO COMEX CLOSINGS)

Closing access prices:

Gold $1335.20

silver: $16.46

For comex gold:

APRIL/

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

TOTAL NOTICES SO FAR 660 FOR 66000 OZ (2.053 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: 144 for 720,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: BID $7445/OFFER $7579: up $586(morning)

Bitcoin: BID/ $7642/offer 7742: up $752  (CLOSING/5 PM)

 

end

Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

In silver, the total open interest SURPRISINGLY FELL AGAIN  BY A CONSIDERABLE  2989 contracts from 227,175  FALLING TO 224,186  DESPITE YESTERDAY’S 16 CENT RISE IN SILVER PRICING. . WE AGAIN HAD CONSIDERABLE COMEX LIQUIDATION.  BUT DUE TO THE RISE IN PRICE, WE MUST HAVE AGAIN WITNESSED CONSIDERABLE COMEX SHORT COVERING BY OUR BANKERS AS THEY HAVE NOW CAPITULATED AND WE SHOULD START TO SEE SILVER MOVE ON A HUGE NORTHERLY TRAJECTORY. WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER HUMONGOUS SIZED (ATMOSPHERIC?) NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP :  8408 EFP’S FOR MAY AND 153 FOR JULY AND ZERO FOR ALL  OTHER MONTHS  AND THUS TOTAL ISSUANCE OF 8561 CONTRACTS.  WITH THE TRANSFER OF 8561 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 8561 CONTRACTS TRANSLATES INTO 42.80 MILLION OZ  ACCOMPANYING THE FALL 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:

28,301 CONTRACTS (FOR 9 TRADING DAYS TOTAL 28301 CONTRACTS) OR 141.505 MILLION OZ: AVERAGE PER DAY: 3,144 CONTRACTS OR 15.722 MILLION OZ/DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH:  141.505 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 20.21% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S859.99 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 CONSIDERABLE SIZED LOSS IN COMEX OI SILVER COMEX OF 2989  DESPITE THE 16 CENT RISE IN SILVER PRICE. WE MUST HAVE HAD A LOT MORE SHORTCOVERING BY THE BANKERS.  WE ALSO HAD ANOTHER STRONG SIZED EFP ISSUANCE OF 8561 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 8408  EFP’S  FOR THE  MONTH OF MAY AND 153 EFP CONTRACTS FOR JULY,  WERE ISSUED FOR  A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS.   WE GAINED A CONSIDERABLE 5572  OI CONTRACTS ON THE TWO EXCHANGES: i.e. 8561 open interest contracts headed for London (EFP’s) TOGETHER WITH AN DECREASE OF 2989  OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE RISE IN PRICE OF SILVER OF 16 CENTS AND A CLOSING PRICE OF $16.77 WITH RESPECT TO YESTERDAY’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 WELL OVER 1 BILLION oz i.e. 1.120 BILLION TO BE EXACT or 160% 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 243,411 AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51 WITH TRADING ON APRIL 9.2018.

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  243,411 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 LOW 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). IT ALSO LOOKS LIKE BANKER CAPITULATION IN SILVER AS THEY STRUGGLE TO REMOVE SOME OF THEIR HUGE OBLIGATIONS.

In gold, the open interest  ROSE BY AN ATMOSPHERIC SIZED 32,161 CONTRACTS UP TO 531,749 WITH THE GOOD SIZED GAIN IN PRICE/YESTERDAY’S TRADING ( GAIN OF $13.85).  WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF APRIL. THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED AN UNBELIEVABLY SIZED 21,936 CONTRACTS :   JUNE SAW THE ISSUANCE OF 21,786 CONTRACTS , MAY SAW THE ISSUANCE OF 150 CONTRACTS  AND ALL OTHER MONTHS ZERO.  The new OI for the gold complex rests at 533,931. 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 FAIRY TALE  OI GAIN IN CONTRACTS ON THE TWO EXCHANGES: 32,161 OI CONTRACTS INCREASED AT THE COMEX AND AN ATMOSPHERIC  SIZED 21,936 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.THUS  TOTAL OI GAIN: 54,097 CONTRACTS OR 5,409,700 OZ =168.26 TONNES

YESTERDAY, WE HAD 5003  EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF APRIL : 94,115 CONTRACTS OR 9,411,500  OZ OR 292.73 TONNES (9 TRADING DAYS AND THUS AVERAGING: 10,457 EFP CONTRACTS PER TRADING DAY OR 10,45,700 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: 292.73 TONNES

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

THUS EFP TRANSFERS REPRESENTS 292.73/2550 x 100% TONNES =  11.47% 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 2,337.21 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: AN UNBELIEVABLY SIZED INCREASE IN OI AT THE COMEX WITH THE  GAIN IN PRICE // GOLD TRADING YESTERDAY ($13.85 GAIN). WE HAD A FAIRY TALE  SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 21,936 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED.   THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX.  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 21,936 EFP CONTRACTS ISSUED, WE PROBABLY HAD THE LARGEST NET GAIN IN  RECORDED HISTORY OF TOTAL OPEN INTEREST OF 54,097 contracts ON THE TWO EXCHANGES:

21,936 CONTRACTS MOVE TO LONDON AND 32,161 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 168.26 TONNES).

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

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD

WITH GOLD DOWN  $17.40 :  WE HAD NO  CHANGES IN GOLD INVENTORY AT THE GLD/

Inventory rests tonight: 859.99 tonnes.

SLV/

WITH SILVER DOWN 27 CENTS TODAY: NO  CHANGES/ 

/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 FELL BY A CONSIDERABLE 2989 CONTRACTS from 227,175 DOWN TO 224,186 (AND AWAY FROM THE  NEW COMEX RECORD SET YESTERDAY/APRIL 9/2017). THE PREVIOUS RECORD OTHER THAN WAS ESTABLISHED AT: 234,787, SET ON APRIL 21.2017 ALMOST ONE YEAR AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

TODAY’S TRADING WITH THE RATHER LARGE COMEX LOSS OF CONTRACTS, SURPRISINGLY OCCURRED AGAIN WITH THE  RISE IN PRICE OF SILVER (16 CENTS//). THUS FOR THREE STRAIGHT DAYS WE MUST HAVE HAD SOME CONSIDERABLE BANKER SHORT COVERING AT THE COMEX.  OUR BANKERS ALSO USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER 8408 EFP CONTRACTS FOR MAY  (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 153 EFP’S FOR JULY AND 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 LOSS AT THE COMEX OF 2989 CONTRACTS TO THE 8561 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A  HUMONGOUS GAIN  5577  OPEN INTEREST CONTRACTS.  WE STILL HAVE A GOOD AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN APRIL (SEE BELOW). THE NET GAIN IN OI TODAY IN OZ ON THE TWO EXCHANGES:  27.860 MILLION OZ!!!

RESULT: A LARGE SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE  RISE IN SILVER PRICING / YESTERDAY (16 CENTS/BANKER SHORTCOVERING) . BUT WE ALSO HAD ANOTHER VERY FAIRY TALE SIZED 8561 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG  SIZED AMOUNT OF SILVER OUNCES STANDING FOR APRIL, 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)WEDNESDAY MORNING/TUESDAY NIGHT: Shanghai closed DOWN 27.92 POINTS OR 0.87%  /Hang Sang CLOSED DOWN 66.43 POINTS OR 0.43%   / The Nikkei closed DOWN 26.82 POINTS OR 0.12%/Australia’s all ordinaires CLOSED DOWN .24% /Chinese yuan (ONSHORE) closed UP at 6.2844/Oil UP to 66.71 dollars per barrel for WTI and 71.83 for Brent. Stocks in Europe OPENED IN THE GREEN    .   ONSHORE YUAN CLOSED UP AT 6.2844 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.2786 /ONSHORE YUAN TRADING WEAKER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING  MUCH STRONGER AGAINST THE DOLLAR /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

i)HONG KONG

The extremely high libor in the uSA is causing havoc to the Hong kong dollar as investors borrow heavily against a low HIBOR and buying higher yielding assets like the uSA dollar

( zerohedge)

ii)Trump will not be happy with this:  China initiates a massive combat drill in Hainan as war with Taiwan becomes more probable.  Good reason for gold to go down today. 

( zerohedge)

4. EUROPEAN AFFAIRS

i)GREAT BRITAIN/ GERMANY, ITALY/FRANCE

Smart move on the part of Germany and Italy as they will not join the Syrian airstrikes as the do not want to confront Russia that supplies a major portion of their heating natural gas

( zerohedge)

ii)Germany/Deutsche bank
Our good friends over at Deutsche bank are not having a good month.  Today S and P is warning them of a possible downgrade:
( zerohedge)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)The move by Russia to cause its warships to leave Tartus is meant to avoid losing multiple ships on an incoming barrage of missiles

( zerohedge)

ii)Good reason to whack gold today: Russia cannot exclude the possibility of war with the USA

( zerohedge)

6 .GLOBAL ISSUES

7. OIL ISSUES

8. EMERGING MARKET

9. PHYSICAL MARKETS

i)The Bundesbank is going to showcase German gold and prove that it is real.  The problem is that only half is real…the other half at the FRBNY is nothing but paper obligations

( Bloomberg/Look/GATA)

ii)Bullion star interviews Chris Powell of GATA

( Chris Powell/GATA)

iii)We brought you this story yesterday:  Iran is desperately searching for dollar.

(courtesy/GATA/AP.)

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

i)Early USA trading/ECB Comments:  

unexpectedly dovish and that sent the Euro down/gold down.

( zerohedge)

ii)the markets both in Europe and the USA became green on Trump’s tweet: the Syrian attack “could take place very soon or not at all”

( zerohedge)
iii)Interesting reading by tom Luongo as he states that the Deep State as gotten to Trump and his days are numbered( TomLuongo)

iv)Luongo emphasizes how the Deep State have placed their tentacles on Trump”

( Tom Luongo)

v)IMPORTANT USA DATA REPORTS

This is not good for the USA as already in this fiscal yr 2108, their USA budgetary deficit rises to 600 billion and the spending has not yet been implemented.  Not only that but the interest payments already are north of 525 billion rising from last yr’s 424 billion.  The interest payments are also set to climb so the uSA will surely surpass the 1.2 trillion deficit projection for the upcoming fiscal year 2019 starting in Oct

( zerohedge)

vi)SWAMP STORIES

a)After months of continual stalling at the last second Rosenstein hands the memo over that kick started the Russian probe.  House Intelligence Committee Chairman Nunes received the mostly unredacted communication document.

( zerohedge)

b)The Cohen raid is after after bank records, taxes paid and deals with women that Trump may have had a relationship with and payments made to hush up that relationship

( zerohedge)

c)Bannon urges Trump to fire Rosenstein to cripple the Mueller witchhunt

(courtesy zerohedge)

d)Mueller plans to proceed without interviewing  Trump
(courtesy zerohedge)

Let us head over to the comex:

The total gold comex open interest ROSE BY AN ATMOSPHERIC SIZED 32,161 CONTRACTS UP to an OI level 531,749 WITH THE RISE IN THE PRICE OF GOLD ($13.85 GAIN/ YESTERDAY’S TRADING)  FOR TWO YEARS STRAIGHT WE HAVE NOTICED THAT ONE WEEK PRIOR TO FIRST DAY NOTICE OF AN ACTIVE DELIVERY MONTH THE COMEX OPEN INTEREST CONTRACTS AND EFP’S NOTICES EXPONENTIALLY INCREASE.   THE CME REPORTS THAT  THE BANKERS ISSUED A HUGE SIZED  COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. WE HAD 21,786 FOR  JUNE, 150 CONTRACTS ISSUED FOR MAY (AS SOMEBODY NEEDED GOLD BADLY ) AND ZERO FOR ALL OTHER MONTHS:  TOTAL  21,936 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 THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 54,097 OI CONTRACTS IN THAT 21,936 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED 32,161 COMEX CONTRACTS.

NET GAIN ON THE TWO EXCHANGES: 54,097 contracts OR 5,409,700  OZ OR 168.26 TONNES.

Result: AN ATMOSPHERIC SIZED INCREASE IN COMEX OPEN INTEREST WITH THE  RISE IN PRICE YESTERDAY  (ENDING UP WITH A GAIN OF $13.85)THE  TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES: 54,097 OI CONTRACTS..

We have now entered the  active contract month of APRIL where we LOST 42 contracts LOWERING TO  1348 contracts.  We had 3 notices served  yesterday, so we lost 39  contracts or an additional 3900 oz will not stand for delivery in this active delivery month of April and these lost contracts will morph into EXCHANGE FOR PHYSICAL (EFP’S) ONCE THEY HAVE BEEN NEGOTIATED, WRITTEN UP AND SEALED. (i.e. London based forwards)

May saw A GAIN of 663 contracts to stand at 1730. The really big June contract month saw a GAIN of 28,560 contracts UP to 402,010 contracts.   The next big delivery month after June is August and here the OI ROSE BY 1715 contracts UP to 53,559.

We had 0 notice(s) filed upon today for  nil oz at the comex

THERE IS NO QUESTION THAT THE COMEX DOES NOT HAVE ANY  GOLD TO SATISFY UPON OUR LONGS.

Trading Volumes on the COMEX

PRELIMINARY COMEX VOLUME FOR TODAY:377,297  contracts

CONFIRMED COMEX VOL. FOR YESTERDAY: 517,871 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:

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And now for the wild silver comex results.

Total silver OI FELL AGAIN BY A TOTALLY UNEXPECTED 2989 CONTRACTS FROM 227,175 DOWN TO 224,186 (AND AWAY FROM THE NEW RECORD OI FOR SILVER SET APRIL 9.2018) DESPITE ANOTHER 16 CENT RISE IN SILVER PRICING. WE  ALSO WERE ALSO INFORMED THAT WE HAD A STRONG 8408 EMERGENCY EFP’S FOR MAY ISSUED BY OUR BANKERS, 150 EFP CONTRACTS ISSUED FOR JULY 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: 8561.   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 CONTINUAL LONG COMEX SILVER LIQUIDATION WITH OUR HIGH SILVER OPEN INTEREST .  AS A RESULT WE HAVE A HUMONGOUS 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 6047 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A  2989 CONTRACT LOSS AT THE COMEX COMBINING WITH THE ADDITION OF 8561 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN ON THE TWO EXCHANGES:5572 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 4 contracts LOWERING TO  217 contracts.  We had 4 notices filed upon  so in essence we GAINED 0 contracts or NIL additional ounces of silver will stand for delivery in this non active delivery month of April.

The next big active delivery month for silver will be May and here the OI LOST 8885 contracts DOWN to 118,807. June saw a GAIN of 6 contracts to stand at 54.  The next big delivery month for silver is July and here the OI ROSE by 5213 contracts UP to 68497.

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

INITIAL standings for APRIL/GOLD

APRIL 12/2018.

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)
 nil OZ
No of oz to be served (notices)
1348 contracts
(134,800 oz)
Total monthly oz gold served (contracts) so far this month
660 notices
66,000 OZ
2.053 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
 from the last week of March til today, we have had only 2 small entries for gold and they both were “kilobars”
From my vantage point, the comex is void of gold.  This rarely happens in a delivery month as gold is called upon to deliver.
***
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)

For APRIL:
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.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the INITIAL total number of gold ounces standing for the APRIL. contract month, we take the total number of notices filed so far for the month (660) x 100 oz or 66000 oz, to which we add the difference between the open interest for the front month of APRIL. (1348 contracts) minus the number of notices served upon today (0 x 100 oz per contract) equals 200,800 oz, the number of ounces standing in this active month of APRIL (6.245 tonnes)

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

No of notices served (660 x 100 oz or ounces + {(1348)OI for the front month minus the number of notices served upon today (0 x 100 oz )which equals 200,800 oz standing in this  active delivery month of APRIL . THERE IS 12.003 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.

WE LOST 39 COMEX OI CONTRACTS OR 3900 OZ OF GOLD WILL NOT STAND BUT  THESE GUYS  MORPHED INTO LONDON BASED FORWARDS.

total registered or dealer gold:  385,923.014 oz or 12.003 tonnes
total registered and eligible (customer) gold;   9,062,198.720 oz 281.87 tones
THE COMEX IS AGAIN IN STRESS AS ONLY 12.003 TONNES OF GOLD ARE LEFT TO SERVICE DELIVERIES. THERE IS HARDLY ANY GOLD AT THE COMEX TO SERVE UPON LONGS AND THUS THE REASON FOR THE EFP TRANSFER OVER TO LONDON.

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

APRIL 12/ 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
 995.098
  oz
Delaware
Deposits to the Dealer Inventory
nil
oz
Deposits to the Customer Inventory
 nil oz
No of oz served today (contracts)
0
CONTRACT(S
nil OZ)
No of oz to be served (notices)
217 contracts
(1,085,000 oz)
Total monthly oz silver served (contracts) 144 contracts

(720,000 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 dealer deposits:  nil oz

we had 1 deposits into the customer account

i) Into JPMorgan: nil 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 did not  deposit  into its warehouses (official) today.

ii) into Delaware:995.098  oz

total deposits today: 995.098  oz

we had 0 withdrawals from the customer account;

total withdrawals;  nil   oz

we had 0 adjustment

total dealer silver:  59.452 million

total dealer + customer silver:  263.567 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 144 x 5,000 oz = 720,000 oz to which we add the difference between the open interest for the front month of April. (217) 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: 140(notices served so far)x 5000 oz + OI for front month of April(217) -number of notices served upon today (0)x 5000 oz equals 1,805,000 oz of silver standing for the April contract month 

WE GAINED 0  SILVER CONTRACT OR NIL ADDITIONAL OUNCES WILL STAND IN THIS NON ACTIVE DELIVERY MONTH OF APRIL 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

ESTIMATED VOLUME FOR TODAY: 116,933 CONTRACTS

CONFIRMED VOLUME FOR YESTERDAY: 169,344 CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF 169,344 CONTRACTS EQUATES TO  846 MILLION OZ OR 120.9% 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 -1.96% (APRIL 12/2018)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.67% to NAV (APRIL 12/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -1.96%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.67%/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 FALLS TO -2.27%: NAV 13.73/TRADING 13.42//DISCOUNT 2.27.

END

And now the Gold inventory at the GLD/

April 12/WITH GOLD DOWN $17.40/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 859.99 TONNES

April 11/WITH GOLD UP $13.85/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 859,99 TONNES

APRIL 10/WITH GOLD UP $5.25/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 859.99 TONNES

APRIL 9/WITH GOLD UP$4.50/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 859.99 TONNES

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

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

APRIL 12/2018/ Inventory rests tonight at 859.99 tonnes

*IN LAST 361 TRADING DAYS: 81.05 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 311 TRADING DAYS: A NET 75.25 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.

end

Now the SLV Inventory/

April 12/WITH SILVER DOWN 27 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ/

April 11/2018/WITH SILVER UP 16 CENTS:  NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ/

APRIL 10/WITH GOLD UP 8 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ/

APRIL 9/WITH SILVER UP 12 CENTS/WE HAD NO CHANGES IN SILVER INVENTORY/INVENTORY RESTS AT 320.196 MILLION OZ/

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/

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

APRIL 12/2018:  A NO CHANGES IN SILVER INVENTORY:  

Inventory 320.196 million oz

end

6 Month MM GOFO 2.07/ and libor 6 month duration 2.49

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

G0FO+ 2.07%

libor 2.49 FOR 6 MONTHS/

GOLD LENDING RATE: .42%

XXXXXXXX

12 Month MM GOFO
+ 2.71%

LIBOR FOR 12 MONTH DURATION: 2.47

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.24

end

Major gold/silver trading /commentaries for THURSDAY

GOLDCORE/BLOG/MARK O’BYRNE.

GOLD/SILVER

Trump Tweets Russia “Get Ready” For Missiles In Syria – Gold, Oil Rise and Stocks Fall

– Dow set to drop 300 points at open after Trump tweet today
– Stocks see sell off and gold pops to test resistance at $1,350/oz
– US stock futures suggest over 1% losses at New York open
– Oil surged to a two-week high and has surged nearly 7% this week
– U.S. bombing Syria may provoke escalation of conflict with Russia and wider conflict in volatile Middle East

President Donald Trump warned Russia in the last hour to “get ready” as U.S. missiles would soon be sent into Syria in response to a suspected chemical weapons attack.

Donald J. Trump

@realDonaldTrump

Russia vows to shoot down any and all missiles fired at Syria. Get ready Russia, because they will be coming, nice and new and “smart!” You shouldn’t be partners with a Gas Killing Animal who kills his people and enjoys it!

Oil prices surged and extended gains after touching their highest levels in more than three years as geopolitical concerns and concerns of war in the Middle East rose.

Brent crude, the international benchmark, was up 1 per cent to over $71.68 per barrel. West Texas Intermediate, the US benchmark, was 1.3 per cent lower to $66.37.

Spot gold was up 0.8 per cent to $1,349.60 an ounce. Spot silver rose just 0.2% to $16.67/oz. Platinum and palladium were both 0.4% higher.

Listen on SoundCloud , Blubrry & iTunesWatch on YouTube below

Related Content

Trump Making ‘Major Decisions’ on Syria, Iran and Russia Response ‘Very Quickly’

 

News and Commentary

Gold up a third session to settle at 1-week high (MarketWatch.com)

Gold up on a softer dollar; U.S. CPI, Fed minutes in focus (Reuters.com)

Stocks Rally Amid U.S., China Conciliatory Remarks (Bloomberg.com)

Sterling basks at 2-week highs but risks grow (Reuters.com)

Global Debt Hits Record $237 Trillion, Up $21TN In 2017 (Bloomberg.com)

It’s time to buy gold, sell U.S. chip companies as U.S.-China trade dispute intensifies (MarketWatch.com)

Blain: “Market Stability Worries Me: It Feels Like We’re Sitting On Top Of A Volcano” (ZeroHedge.com)

Gold’s Dot Plot Is Positive for Gold (Tocqueville.com)

US Congressman Pushes Bill To Reinstate Gold Standard (ZeroHedge.com)

Trump Is About To Make Us Gold Bugs Very Wealthy Again (ZeroHedge.com)

Is Silver Setting Up to Outshine Gold in the Near-Term? (Bloomberg.com)

Gold Prices (LBMA AM)

10 Apr: USD 1,335.95, GBP 942.25 & EUR 1,083.46 per ounce
09 Apr: USD 1,328.50, GBP 941.91 & EUR 1,082.33 per ounce
06 Apr: USD 1,325.60, GBP 946.08 & EUR 1,082.75 per ounce
05 Apr: USD 1,327.05, GBP 943.67 & EUR 1,080.75 per ounce
04 Apr: USD 1,343.15, GBP 955.52 & EUR 1,092.79 per ounce
03 Apr: USD 1,336.60, GBP 949.65 & EUR 1,085.99 per ounce

Silver Prices (LBMA)

10 Apr: USD 16.49, GBP 11.65 & EUR 13.38 per ounce
09 Apr: USD 16.34, GBP 11.59 & EUR 13.32 per ounce
06 Apr: USD 16.28, GBP 11.61 & EUR 13.30 per ounce
05 Apr: USD 16.31, GBP 11.59 & EUR 13.28 per ounce
04 Apr: USD 16.46, GBP 11.72 & EUR 13.40 per ounce
03 Apr: USD 16.52, GBP 11.78 & EUR 13.44 per ounce


Recent Market Updates

– Trump Making ‘Major Decisions’ on Syria, Iran and Russia Response ‘Very Quickly’
– Gold Out Performs Stocks In 2018 and This Century By Ratio Of Two To One
– Jamie Dimon Warns Of Potential ‘Market Panic’
– Silver Bullion: Should We Be Worried About Silver?
– Martin Luther King Jr. Anniversary: Reminds Us Of Costs Of War To Society and Financial System
– Gold Outperforms Stocks In Q1, 2018
– Brexit, Stagflation Pressures UK High Street
– Gold Is Money While Currencies Today Are “IOU Nothings”
– “Stars Are Slowly Aligning For Gold” – Frisby
– Uncle Sam Issuing $300 Billion In New Debt This Week Alone
– Eurozone Faces Many Threats Including Trade Wars and “Eurozone Time-Bomb” In Italy
– Silver Futures Report and JP Morgan Record Silver Bullion Holding Is Extremely Bullish
– London House Prices Falling Sharply – UK’s Much Needed Wake-Up Call

end

April 12/Goldcore

EU and Euro Exposed To Risks Including Trade Wars and War With Russia In Middle East

– EU and euro face growing risks including trade wars, energy independence and war with Russia in Middle East
– Middle East war involving Russia may badly impact energy dependent & fragile EU
– Trade and actual wars on European doorstep show the strategic weakness of the EU
– Toxic combination due to growing anti-EU and anti-Euro sentiment in many EU nations
– Investors should diversify to hedge investment, currency and systemic risk

Source: Bloomberg

Recent economic data in the Eurozone has pointed to slowing economies. Retail sales and industrial production is down in many nations (see Bloomberg chart above – source). Germany, the prime driver of growth in the region has seen  exports plunge due to the euro strengthening against the dollar and due to the risk of tariffs and a potential global trade war on the horizon.

Brexit has disappeared from the headlines, debt crises are yesterday’s news and frequent terrorist attacks in different EU nations seem to be taken in their stride. So one might think that things are on the up for the European Union.

This could not be further from the truth. The single-economic area has a major flaw: it is in a permanent state of dependence. Whether on democratically elected national leaders to tow the EU line, governments not to overspend, the rest of the world to tolerate the EU’s current account surpluses, Russia to supply energy and the powder keg that is the Middle East not to explode into a major conflagration and war.

Not to mention many chronically indebted nations with still fragile banks and banking systems. Contrary to perceptions, systemic risk has not gone away.

Many events going on both within and around the EU have exposed these major cracks in what is supposed to be the answer for peace and economic prosperity in Europe. The dangers to the union right now are manifold and look soon to manifest.

Going to war with our energy supplier

In recent days, we have covered the tragic state of affairs that is Syria, Trump tweets and the risks that a ‘Franz Ferdinand’ moment leads to a wider world war involving many nations who appear gung ho to eschew diplomacy and adopt military options.

Many western governments, media and indeed social media such as Facebook are keen to finger blame on Russia for literally everything they don’t like right now – whether a chemical attack on civilians or meddling in national elections on Facebook and Twitter.

One problem the EU in particular has with adopting a very aggressive U.S. military stance with Russia in Syria is that it is the EU’s largest supplier of gas. There is also the risk from the fact that Turkey appears to be breaking away from the EU and this could result in war at the borders of the EU. War, terrorism and new immigrant crisis on a scale of what was seen in recent years would be very destabilising.

Russia supplies of gas have been growing each year.  2017 was a stellar year for Gazprom who delivered record stocks of gas to the EU, with Germany and Austria responsible for record sales. This is despite sanctions.

The EU is much more dependent on Russia then is realised in this regard. For all the talk by France’s and the UK’s foreign secretaries of coming down hard on Russia’s involvement in Syria, Putin knows they can only go so far given the gas tap is in his backyard.

Politico reminds us:

Of far greater concern should be the fact that Slovakia, the Czech Republic and even Hungary, are nearly wholly reliant on Russian gas imports to fuel their economies — an arguably far greater risk to their economies and to their security. 

Trade surplus and wars are a danger to the EU

Last week European stocks tanked as China and the US traded angry words with one another regarding tariffs. Europe is firmly caught in the crossfire. The threat is twofold – firstly we are hugely exposed to any trade war between the world’s biggest economies but secondly Trump may decide to impose his own sanctions on the EU too.

Jack Ewing in the New York Times explains the dilemma currently facing the single-market:

One is a good customer, a military ally and an old friend, although lately its behavior has been erratic.

The other is also a good customer, and despite a few spats and some lingering mistrust, it’s getting to be a more lucrative and dependable business partner all the time.

A spiralling war of tariffs and counter-tariffs would interfere with the global flow of raw materials and components for manufactured goods, disrupting the European economy. And some European companies, like the German carmaker BMW, manufacture in the United States and export to China. Such companies would see their sales suffer if China were to slap tariffs on American goods.

The EU cannot afford to have its trading relationships screwed up by Trump or Xi Jinping. The recovery, post-crisis, is now losing momentum and industrial production figures are slowing down. There is a danger that countries within the EU will be forced to negotiate separately with both China and the US, rather than collectively, as each fights to protect their economy.

As a collective the EU will have to work hard to persuade trading partners that it should not face trade tariffs. But this will be tricky given its trade surplus and Germany’s trade surplus in particular, which (until now) countries have  put up with.

The macroeconomic dependency is more subtle, but it shows up in trade policy. The eurozone had a current account surplus of 3.5 per cent of GDP in 2017 — almost €400bn — a sum that needs to be absorbed by offsetting deficits in the rest of the world. The trade surplus explains why the EU is not keen to impose counter-sanctions to the US steel and aluminium tariffs once the temporary exemption ends on May 1. Wolfgang Munchau, FT.

Collective action with singular mindsets

The fault with the EU (and one that so many in Brussels are keen to ignore) is that the model only works if based on a singular mindset. However, how can this work when it is formed of so many small countries with their own singular mindsets and national interests?

When the Dutch far-right party failed to win the election in 2017, many Eurocrats decided this signalled that populism and the anti- establishment movement were in decline. In fact, this couldn’t be further from the truth

Take, for example, Victor Orban in Hungary. His eight-year rule has established him as the role-model for the anti-establishment movement that is sweeping across Europe, from Poland to Serbia to France.

The two-thirds parliamentary majority secured on Sunday by Orban is something the EU would like to make go away, so polar opposite to its own values is the Fidesz party.

But some politicians of the EU are not so sure. Following the victory French National Front leader Marine Le Pen said Orban’s win was rejection of “the change of values and the mass immigration extolled by the EU.”

Even in Germany there was some support from on high as reported by Bloomberg:

“I’m pleased with the election victory, it’s once again a very clear win for Viktor Orban,” Horst Seehofer, German federal interior minister, told reporters in Munich. He fired a volley at the EU to stop lecturing the Hungarian government over its shift to the right, adding: “I’ve always thought that this policy of arrogance and paternalism with respect to other member states is wrong.” 

Italy is another example. And an extreme one. It is a country that has a serious tug-of-war with its own mindset and that of the EU. The tug-of-war that is the country’s current coalition government is made up of various parties, elected because of discontent regarding pretty much everything that is going on in Italy.

The same can be said in Hungary and Poland.

Poland has been at loggerheads with the EU establishment for over two years now over Polish national interests. Like Orban’s party, the ruling Law and Justice Party (PiS) has capitalized on the frustration with the post- communist transition. They are fed up with what they view as unequal economic paths and a lack of progress in catching up with the advances of the West.

In Italy they are tired of falling behind. The March 4 vote saw the anti- establishment 5-Star Movement take the most votes for a single party, but it wasn’t enough to secure leadership. Meanwhile a rightist alliance, including the League, Brothers of Italy and Berlusconi’s Forza Italia (Go Italy!) group won the biggest bloc of seats.

Coalitions have been formed but egos are now firmly in the way, in both the Italian parliament and in Brussels which is determined to prevent the 5 Star Movement from having any power, at all.

The problem is that no one comes close to the 5-Star Movement’s 26-30% majority. But this doesn’t seem to matter to the ivory tower residents in Brussels, who are deaf to the cries of the unemployed and economically fed up and blind to see the irony with which they bang on about democracy while ignoring the wishes of the citizens of the member states.

Even if the rightist alliance does manage to secure power, the major flaw is that Berlusconi and the League’s Salvini do not see eye to eye on much at all. Not the euro, taxes or immigration…

Salvini is an admirer of Orban. Following Sunday’s victory the party leader tweeted: “Hungary voted with the heart and with the head, ignoring the threats of Brussels and Soros’s billions…”

For all of the EU’s dismissal of these parties, they fail to miss one vital point – they keep winning elections and gaining in popularity.

We’re forgetting one important risk …the Euro

A few years ago we were considering how the euro itself might be the downfall of the Eurozone. It still might well be. Amongst the rising populism, outside threats and trade wars, the risks posed by the single currency will also challenge the EU in the coming months and years. As Sebastian Mallaby recently wrote in the Washington Post:

“The economic obstacles, including the reality that a single currency and a single interest rate are unlikely to serve a territory as large and varied as Europe. The monetary policy that suits Germany at any given time probably won’t be the one that happens also to suit Italy or Ireland. To manage this problem, you need large budgetary transfers from booming areas to depressed ones. You also need central insurance against banking crises in weak countries.”

The EU has economists, policy wonks and many and varied proposals as to how best to protect the euro. The problem is they all rely on everyone agreeing.

Why would the wealthier economies such as Germany allow their currency to continue to be debased in order to keep a dysfunctional monetary union intact?

The EU and indeed the monetary union in its current state is totally unsustainable. The political uprisings across the Union are one of the results of the single currency union itself, the union of political rule and the union of values – none of which have worked.

This weakness now leaves Europe hugely exposed to wider global events such as trade wars and actual wars on our doorstep in the Middle East.

This is the absolute opposite of the initial goals and vision of those who dreamt up this economic ‘solution’ post World Wars.

It is now not difficult to see the looming threats to the stability of the European financial and political systems.

Protect yourself from EU banking and euro risk

Investors and savers in the EU should be aware that these risks have not gone away and are merely dormant.

They should focus their energies on diversifying and protecting themselves from banks in the EU, the ongoing debasement of the euro and the not inconsequential risk of European monetary dis-union.

European banks, including Deutsche bank in Germany, remain vulnerable and the risk of bail-ins and the confiscation of deposits from savings account remains real.

Two years ago, the ECB approved the bail-in tool. In simple terms it gave them the right to bail out banks using the cash of unsecured creditors including individuals’ and companies.

Besides banking and currency risk, there is also the risk of  national stock markets, bond markets and property markets under performing as they did during the financial crisis.

Savers need to consider counter party risk and diversify accordingly. Gold and silver bullion, if owned in the safest manner, remain one of the best options in this regard as if owned in the safest ways, it is very difficult indeed to confiscate them.

Physical, allocated and segregated bullion coin and bars ownership ensures all important liquidity, gives outright legal ownership and protection from counter party risk.

There is no dependency on single company websites and platforms and there are no counter parties who can claim it is legally theirs or legislation that rules that deposits can be confiscated to bail out failing banks.

Gold and silver bullion are important hedges and financial insurance against bail-ins, political mismanagement, and overreaching government and financial institutions.

-END- 

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

The Bundesbank is going to showcase German gold and prove that it is real.  The problem is that only half is real…the other half at the FRBNY is nothing but paper obligations

(courtesy Bloomberg/Look/GATA)

____________________________________________________________________________________

Your early THURSDAY 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 6.2844  /shanghai bourse CLOSED UP 27.92 POINTS OR 0.87%   / HANG SANG CLOSED DOWN 66.43 POINTS OR 0.43%
2. Nikkei closed DOWN 26.82 POINTS OR 0.12%/  /USA: YEN RISES TO 107.11/  

3. Europe stocks OPENED IN THE GREEN     /USA dollar index RISES TO 89.74/Euro FALLS TO 1.2348

3b Japan 10 year bond yield: RISES TO . +.037/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 107.11/ 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:: 66.71  and Brent: 71.83

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 UP FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO +.491%/Italian 10 yr bond yield UP to 1.784% /SPAIN 10 YR BOND YIELD UP TO 1.260%

3j Greek 10 year bond yield FALLS TO : 4.031?????????????????

3k Gold at $1346.90 silver at:16.65     7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 109/100 in roubles/dollar) 61.63

3m oil into the 66 dollar handle for WTI and 71 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 107.11 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 0.9622 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1882 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now POSITIVE territory with the 10 year RISING to +0.512%

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 2.7936% early this morning (THIS IS DEADLY TO ALL MARKETS). Thirty year rate at 3.0102% /

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

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

Futures Jump, Global Stocks Extend Advance After Trump Tweet

It was a relatively subdued trading session, with markets treading water amid modest volumes awaiting news of action in Syria, until just after 6am ET when as we reported previously, Trump reversed on his Wednesday morning tweet, and in his latest tweetstorm, said that he Never said when an attack on Syria would take place. Could be very soon or not so soon at all!”

Well, that certainly is one way to try and regain the “element of surprise”, even if it makes the whole fiasco even worse.

While implicitly Trump’s tweet makes the market confusion about Syria even worse, as instead of the original timetable of “72 hours before a strike”, this leaves the now-certain Syrian strike as open-ended, delaying the risk of a global selloff once Trump does launch, so far world stock markets, and US index futures, are loving what they see as a sign of de-escalation, and following Trump’s tweet, stocks in Europe and the UK, along with U.S. stock futures have jumped…

… after Trump’s tweet:

  • Stoxx Europe 600 Index gains as much as 0.3%
  • In London, the FTSE 100 gains as much as to 0.1%
  • E-Mini futures on S&P and Dow Jones up 0.4%

That said, the situation in Syria is still problematic, and overnight we got reports that the US-led coalition was asking all Middle East flight companies to change itinerary for next 48 hours amid possible strike, according to Kurdistan24. Additionally, French President Macron says chemical weapons were used in Syria and that a reaction is coming in days.  All Syria military bases are said to be on high alert as a US attack is expected, according to sources.

Trump’s Tweet was more than sufficient to make markets forget that, as China explained overnight, the reason for the torrid Tuesday rally was – as we said – wrong after Beijing warned that Xi speech wasn’t a concession to US and added it was ready to hit back at any escalation. Of course, that was Tuesday’s fake news, and who cares if it catalyzed a huge surge in the stock market.

Meanwhile European stocks got an extra lift earlier in the session after the Euro weakened to session lows after industrial output unexpectedly declined for a third consecutive month. In other news, bad news is good again, as the world’s “global coordinated recovery and reflation” phase slowly but surely ends. European equities began the day trading slightly lower with the risk-on sentiment seen in yesterday’s trade not being echoed early on, as market sentiment was largely being guided by increased tensions in Syria amid potentially imminent – or not so imminent now – military action by the US. European equity sector performance has largely been driven by company specific news with Deutsche Telekom (+4%) driving the telecoms sector higher (+0.7%) as T-Mobile, a company in which they own 64% of shares, has restarted deal talks with Sprint.

In Asia, Australia’s ASX 200 (-0.4%) failed to sustain mild opening gains as softer Australian consumer sentiment data and weaker than expected Chinese inflation figures clouded the upside seen in commodity related sectors. Nikkei 225 (-0.5%) was also lacklustre with J Front the worst off among the retailers on expectations of weaker profits this year, while SoftBank outperformed on M&A hopes after reports its unit Sprint and T-Mobile renewed merger talks. The Hang Seng (+0.5%) and Shanghai Comp. (+0.5%) were initially choppy as participants digested the miss on Chinese CPI and PPI data, although stocks gradually found some comfort from efforts by PBoC Governor Yi Gang to build upon the momentum from President Xi at the Boao forum in which the PBoC Governor talked about opening up and announced to increase stock connect quotas.

Meanwhile, geopolitical fears are not only stressing stocks, but oil too, although rising to the highest price in over 3 years, West Texas crude turned modestly lower overnight following recent big gains. As Bloomberg notes, oil has been advancing on growing concerns that the U.S. will take military action in the Middle East, and after Saudi Arabia intercepted a ballistic missile and shot down drones.

While that pushed down most of the main stock benchmarks in the region, it gave a break to oil-rich Russia, where the ruble bounced back from the lowest level in 15 months.

Elsewhere, markets were additionally pressured by Wednesday’s Fed hawkish minutes which showed officials leaned toward a slightly faster pace of policy tightening at their March meeting, even as they saw clear “downside risks” for the biggest economy from retaliatory trade duties, in other words, all Trump needs to avoid more rate hikes is escalate the trade war with China to nuclear.

Overnight, RBA Governor Lowe said his board does not see a strong case for raising interest rates in the near term; more likely next move in cash rate will be up rather than down. While some central banks are hiking rates, Australian circumstances are different. Serious escalation of trade tensions would risk health of the economy. Meanwhile, in Japan, BoJ Governor Kuroda says BoJ will continue powerful QE to meet inflation target, adds that there are expectations for consumer prices to keep rising.

Today’s data include jobless claims and earnings from BlackRock, Delta Air Lines, and Rite Aid. The U.S. won’t tolerate Russian aggression any more, Secretary of State nominee Mike Pompeo will say at his confirmation hearing Thursday, according to prepared remarks. He’ll make it a “personal priority” to work with allies to see if it’s possible to fix the Iran nuclear deal.

Market Snapshot

  • S&P 500 futures up 0.4% to 2,656.00
  • STOXX Europe 600 up 0.1% to 376.5
  • MXAP down 0.4% to 173.84
  • MXAPJ down 0.3% to 570.91
  • Nikkei down 0.1% to 21,660.28
  • Topix down 0.4% to 1,718.52
  • Hang Seng Index down 0.2% to 30,831.28
  • Shanghai Composite down 0.9% to 3,180.16
  • Sensex up 0.5% to 34,123.36
  • Australia S&P/ASX 200 down 0.2% to 5,815.53
  • Kospi down 0.06% to 2,442.71
  • German 10Y yield fell 0.2 bps to 0.497%
  • Euro unchanged at $1.2367
  • Italian 10Y yield rose 0.7 bps to 1.548%
  • Spanish 10Y yield fell 0.4 bps to 1.268%
  • Brent futures down 0.1% to $71.99/bbl
  • Gold spot down 0.5% to $1,346.01
  • U.S. Dollar Index up 0.2% to 89.77

Top Overnight News

  • Congressional Republicans moved to head off any attempt by President Trump to fire special counsel Robert Mueller as the president continued to attack the Russia investigation and the Justice Department.
  • China will “unquestionably” retaliate if the U.S. further escalates trade tension, and authorities have prepared a detailed, comprehensive counter-punch plan
  • Federal Reserve officials leaned toward a slightly faster pace of policy tightening at their March meeting as their growth outlook and confidence in hitting their inflation target strengthened, according to minutes of the gathering released Wednesday
  • Germany is leading a drive within the European Central Bank’s oversight arm for tough action this year to deal with nearly $1 trillion of bad loans on banks’ books, according to people with knowledge of the discussions
  • President Donald Trump is still weighing options for U.S. military action against Syria as Western powers rallied against Syrian President Bashar al- Assad over an apparent chemical weapons attack near Damascus
  • Theresa May’s officials could be lining up to keep the U.K. in the European customs union after Brexit, according to a new analysis that chimes with the views of parts of the British government
  • Saudi Arabia said it intercepted a ballistic missile over Riyadh and shot down two drones in another part of the country on Wednesday

Asian equity markets traded mixed as sentiment settled down from the bullishness seen from President Xi Jinping’s conciliatory tone on Tuesday which resulted to a solid performance on Wall St, while attention turned to the geopolitical climate with a possible announcement on Syria said to be imminent. ASX 200 (-0.4%) failed to sustain mild opening gains as softer Australian consumer sentiment data and weaker than expected Chinese inflation figures clouded the upside seen in commodity related sectors. Nikkei 225 (-0.5%) was also lacklustre with J Front the worst off amongst the retailers on expectations of weaker profits this year, while SoftBank outperformed on M&A hopes after reports its unit Sprint and T-Mobile renewed merger talks. Hang Seng (+0.5%) and Shanghai Comp. (+0.5%) were initially choppy as participants digested the miss on Chinese CPI and PPI data, although stocks gradually found some comfort from efforts by PBoC Governor Yi Gang to build upon the momentum from President Xi at the Boao forum in which the PBoC Governor talked about opening up and announced to increase stock connect quotas. Finally, 10yr JGBs were flat as prices lacked direction amid an indecisive risk tone in the region, while the BoJ also kept the amounts of its Rinban announcement unchanged at just over JPY 1tln of JGBs in 1yr-10yr maturities.

Top Asian News

  • IMF Aims to Nudge Xi’s Silk Road Plan Away From Spending Splurge
  • Hong Kong Dollar Touches Weak End of Band, First Time Since 2005
  • SoftBank in $25-Billion Plan to Reshape World Soccer, FT Reports
  • IHH Said to Propose Up to $1.3 Billion Fortis Bid to Top TPG

European Equities began the day trading slightly lower (Stoxx 600 -0.2%) with the risk-on sentiment seen in yesterday’s trade not being echoed early on. This comes to fruition despite the revelations from Chinese president Xi mentioning a preference to implement auto tariff cuts as soon as possible (this relating to a possible reduction on import taxes on autos by half from 25% currently). Market sentiment is largely being guided by increased tensions in Syria amid potentially imminent military action by the US. This  follows on from overnight news of increased air traffic over Syrian airspace and condemnation from the international community. EU equity sector performance has largely been driven by company specific news with Deutsche Telekom (+4%) driving the telecoms sector higher (+0.7%) as T-Mobile, a company in which they own 64% of shares, has restarted deal talks with Sprint. Elsewhere, Tesco are seen higher (+6.2%) amid encouraging earnings, whilst Hammerson shares are seen lower (-1.9%) post the rejection of a revised proposal from Klepierre for GBP 3.65/share and finally CHR Hansen also lag their peers (-4%) amid a miss on earnings.

Top European News

  • Core Inflation Shows Riksbank Will Have a Hard Time Tightening
  • Euro-Area Output Slump Adds to Concerns Over Economic Prospects
  • Avast’s $1 Billion Listing to Be One of U.K.’s Largest Tech IPOs
  • Sulzer Rebounds as Vekselberg’s Stake Cut Eases U.S. Sanctions

In currenices, remains narrowly mixed against G10 peers, but the Index looks prone to another downturn and test of near term chart support ahead of 89.000, with the late March low around 89.250 an obvious target. Optimism  surrounding US-China trade negotiations have been somewhat neutralised or even negated by the Syrian situation. However, the Dollar could receive a reprieve from upcoming headline inflation data and or FOMC minutes. Several factors appear to have lifted GBP ahead of data with market observers still noting the bullish April seasonal element (even though the weather is still far from favourable), and of course Tuesday’s promptings from BoE hawk McCafferty. Reports suggesting an olive branch offered by chief EU Brexit negotiator Barnier may also be impacting as Cable climbed above 1.4200 and tested the next tech resistance zone 1.4215-25 (above the 10 DMA). Note, contacts reported selling in EUR/GBP from 0.8710 down to 0.8703 in the run up to the 9.30BST releases but in the event buyers were thwarted by weak output numbers vs an encouraging smaller trade shortfall. Renowned safe-havens have diverged yet again, as USD/JPY continues to hug 107.00 amidst option expiry interest at the strike, but with a more offered tone on the aforementioned geopolitical jitters. Conversely, USD/CHF is back up near 0.9600 vs circa 0.9550 at one stage, while EUR/CHF has rallied to fresh post-SNB floor removal highs around 1.1880, with M&A related flows perhaps impacting alongside more official activity, according to others. EUR is edging more gains towards 1.2400, but hampered by offers ahead of the next big figure and also wary of decent expiries between 1.2345-60 (1.8bn). ECB minutes and speeches may provide more independent direction after hawkish comments from Nowotny on Tuesday were confirmed as personal rather than a collective policy view

In commodities, WTI and Brent crude futures trade relatively flat following yesterday’s circa 3.7% gains. Downside was initially seen in the wake of last night’s unexpected build in the API inventories (+1.758mln vs. Exp. -0.200mln) with comments from the Iranian oil minster stating that USD 60/bbl is a good price for oil given current conditions with USD 70/bbl too high a level. Note, the comments appear to be at odds with reports yesterday suggesting that Saudi are to seek an oil price of around USD 80/bbl. However, losses were short-lived with traders mindful of any geopolitical developments with US military officials saying that the US is ready to attack Syria upon orders from President Trump which could come at any time. In metals markets, spot gold has benefitted from the modest risk aversion seen in markets thus far with the slightly softer USD also giving prices a helping hand. Elsewhere, copper was initially firmer overnight alongside early gains in Chinese metals amid restocking demand and expectations of increased construction activity in the upcoming month before staging a retreat. Finally, iron ore prices were seen lower overnight amid concerns over steel margins, whilst aluminium is once again seen higher in London trade as the fallout from Russian sanctions continues to guide price action.

Looking at the day ahead, France’s March CPI and the February industrial production print for the Euro area are due. The BoE’s credit conditions and bank liabilities survey will also be out. In the US, data includes the latest weekly    initial jobless claims print, and March import price index reading. In the evening the Bundesbank’s Weidmann and Fed’s Kashkari are due to speak at separate events. The ECB’s Coeure is also due to speak in Paris.

US event calendar

  • 8:30am: Initial Jobless Claims, est. 230,000, prior 242,000; Continuing Claims, est. 1.84m, prior 1.81m
  • 8:30am: Import Price Index MoM, est. 0.1%, prior 0.4%; Export Price Index MoM, est. 0.15%, prior 0.2%
  • 9:45am: Bloomberg Consumer Comfort, prior 57.2

DB’s Jim Reid concludes the overnight wrap

As we await the almost inevitable response from the US and others in the West to the Syrian situation, markets are moving from the relief that the trade war rhetoric has stepped back for now to a realisation that the Middle East rhetoric is stepping up. Mr Trump fired off two somewhat conflicting tweets aimed at Russia yesterday. The first very provocative, the second more conciliatory and quite profound! Firstly he said “Russia vows to shoot down any and all missiles fired at Syria. Get ready Russia because they will be coming, nice and new and smart. You shouldn’t be partners with a gas killing animal who kills his people and enjoys it”. Secondly, “Our relationship with Russia is worse now than it has ever been, and that includes the Cold War. There is no reason for this. Russia needs us to help with their economy, something that would be very easy to do, and we need all nations to work together”.

Anyway, the short-term geo-political fear has been the dominant theme over the last 24 hours, overshadowing an in line US CPI print and a slightly hawkish set of Fed minutes. The risk off tone saw the Stoxx 600 fall for the first time in three days (-0.59%) while losses in the S&P accelerated during the day following the slightly hawkish FOMC minutes before eventually closing at -0.55%. Safe haven assets were in vogue with gold up +1.03%, bonds firming (UST 10y yields -2bp; Bunds -1.6bp), while WTI oil jumped to the highest in c3 years (+2.0% to $66.82/bbl). The latter partly helped by news that Yemen rebels have fired a ballistic missile at Saudi Arabia’s capital before being intercepted.

Back to Syria, sources told Bloomberg that President Trump is still weighing options while White House spokeswoman Sanders noted “…we have a number of options and all those options are still on the table” and when asked whether military actions were possible, she said “final decisions haven’t been made yet on that front”. In the UK, the Daily Telegraph has cited unnamed sources that PM May has ordered submarines to move within missile range of Syria while the BBC reported earlier that the PM is ready to join military actions in Syria without seeking parliamentary consent first.

Moving onto the FOMC minutes now. They indicated that “all participants agreed that the outlook for the economy  beyond the current quarter had strengthened in recent months” and that “all participants expected inflation on a 12-month basis to move up in coming months”, which should not be too surprising given prior commentaries, but then the minutes also added that “a number of participants indicated….the appropriate path for the federal funds rate over the next few years would likely be slightly steeper than they had previously expected”.

Notably, the minutes also indicated that participants discussed the possibility of revising the statement’s language “at some point” to acknowledge that monetary policy “would gradually move from an accommodative stance to being a neutral or restraining factor for economic activity”. Elsewhere on trade, “participants did not see the steel tariffs, by themselves….as likely to have a significant effect on the national economic outlook….but a strong majority of participants viewed the prospects of retaliatory trade actions by other countries as a downside risk”.

This morning in Asia, markets are mixed with the Kospi (+0.22%) slightly up while the Nikkei (-0.20%), Hang Seng (-0.23%) and Shanghai Comp. (-0.60%) are down as we type. In Japan, BOJ Governor Kuroda noted”…we expect inflation to accelerate as a trend and head towards 2%” while the BOJ will maintain its stimulus program “until needed to stably and sustainably achieve” its target.

Now recapping other markets performance from yesterday. US bourses weakened (Dow -0.90%; Nasdaq -0.36%) and within the S&P, only the energy and real estate sectors were up while losses were led by telcos, financials and healthcare stocks. In tech, the Congressional hearings involving Facebook’s CEO seemed to be gone relatively well with little consensus on potential regulations.

Facebook’s shares rose +0.78% yesterday while the Nasdaq 100 index dipped -0.49%. Across Europe, markets were also modestly lower with the DAX (-0.83%) and FTSE (-0.13%) both down while Russia’s MOEX rose for the second consecutive day (+0.85%). The VIX traded within a c2pt range before closing -1.1% lower to 20.24.

Over in government bonds, the curve has flattened further with the 2s10s and 5s30s down -2bp and -1.4bp respectively and back near its 10 year low. Elsewhere, Italian BTPs slightly underperformed as Bloomberg reported the Italian President may give a preliminary mandate to League Party leader Salvini to form the next government if no progress in coalition talks is made by early next week (10y yields +0.7bp). In FX, the US dollar index weakened for the fourth consecutive day (-0.02%) while the Euro and Sterling were marginally higher. In commodities, LME aluminium prices rose for the sixth consecutive day and are now at the highest since early January (+13.8% on a cumulative basis), in part due to the potential disruption of Russian supply.

Turning now to Draghi’s latest comments on trade and inflation. He reiterated that the direct impact from announced protectionist measures are not big, but “we’ve be especially mindful of another more subtle channel which can affect the economy (ie: the potential hit to confidence)”, which “can be very important in the coming months”. Elsewhere, he has broadly stuck to script and is confident wages will pick up and inflation will eventually move towards the ECB goal as the economy improves. Finally, the ECB’s Hansson noted the ECB should move ahead with policy normalisation “maybe with a little bit more courage, but I think that all these changes need to be gradual”.

Before we take a look at today’s calendar, we wrap up with other data releases from yesterday. In the US, the March core CPI was in line at 0.2% mom. As last year’s big decline in mobile services prices dropped out of the calculation, the annual core CPI rose to a 13 month high of 2.1% yoy – also in line with expectations. Notably, on a 3 and 6 month annualised basis, inflation momentum is stronger at 2.9% yoy and 2.6% yoy respectively. Elsewhere, the NY Fed’s underlying inflation gauge was steady in March with the prices index up 2.2% yoy while the Cleveland Fed reported a 2.5% yoy rise in the weighted median. Our US economists viewed this month’s CPI as consistent with their forecast that core CPI will rise to 2.3% yoy this year. Finally, the March monthly budget deficit was wider than expected at -$209bln (vs. -$186bln expected).

The UK’s February IP was below market at 0.1% mom (vs. 0.4% expected), leading to annual growth of 2.2% yoy, while manufacturing output fell for the first time in 11 months (-0.2% mom vs. 0.2% expected). The February trade deficit was narrower than expected at -£1.0bln (vs. -£2.6bln) as growth in exports outpaced imports. Italy’s February retail sales was slightly above market at 0.4% mom (vs. 0.3%) while the Bank of France’s March industrial sentiment index was 103 (vs. 104 expected).

Looking at the day ahead, France’s March CPI and the February industrial production print for the Euro area are due. The BoE’s credit conditions and bank liabilities survey will also be out. In the US, data includes the latest weekly    initial jobless claims print, and March import price index reading. In the evening the Bundesbank’s Weidmann and Fed’s Kashkari are due to speak at separate events. The ECB’s Coeure is also due to speak in Paris.

3. ASIAN AFFAIRS

i)WEDNESDAY MORNING/TUESDAY NIGHT: Shanghai closed DOWN 27.92 POINTS OR 0.87%  /Hang Sang CLOSED DOWN 66.43 POINTS OR 0.43%   / The Nikkei closed DOWN 26.82 POINTS OR 0.12%/Australia’s all ordinaires CLOSED DOWN .24% /Chinese yuan (ONSHORE) closed UP at 6.2844/Oil UP to 66.71 dollars per barrel for WTI and 71.83 for Brent. Stocks in Europe OPENED IN THE GREEN    .   ONSHORE YUAN CLOSED UP AT 6.2844 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.2786 /ONSHORE YUAN TRADING WEAKER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING  MUCH STRONGER AGAINST THE DOLLAR /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

end

c) REPORT ON CHINA/HONG KONG

HONG KONG

The extremely high libor in the uSA is causing havoc to the Hong kong dollar as investors borrow heavily against a low HIBOR and buying higher yielding assets like the uSA dollar

(courtesy zerohedge)

“Stay Calm” – Hong Kong Dollar Hits Peg Lower Band, 30 Year Low

Remember, the chief of the Hong Kong Monetary Authority said “stay calm!”

The Hong Kong Dollar has been in free-fall for the last year (interrupted briefly in the middle of last year) but as its drop accelerated in recent days, HKMA wrote a blog to reassure the people that their paper-money is safe:

Stay calm on the weakening of the Hong Kong dollar

There have been concerns and discussions in the market about the recent weakening of the Hong Kong dollar (HKD).

Well Chan had better “get back to work” tonight as it’s Dollar-selling time as HKD breaks below the lower band of the peg for the first time since inception in 2005…

This is the weakest against the dollar in over 30 years…

What stands behind the Hong Kong dollar? How much can they intervene until it breaks (Soros-British Pound style)?

The Hong Kong dollar is backed by the HK$4 trillion (US$513.5 billion) Exchange Fund, one of the world’s largest foreign exchange reserves. The fund, established as an asset war chest for defending the currency’s value, also makes investments, earning a record HK$252 billion in 2017 income.

So who is to blame for the HKD’s sudden demise? Simple – The Fed! (and HKMA gave you the answer in the previous paragraph)

As SCMP details, the main culprit behind the local currency’s slump is the carry trade, an arbitrage whereby investors borrow low-yielding currencies to buy high-yielding currencies.

This is an arbitrage, where traders take advantage of differences in prices, selling a low-yielding product (the Hong Kong dollar) to buy a high-yielding product (the US dollar). In this case, the price difference is between the local borrowing cost known as the Hong Kong interbank offered rate (Hibor) and the US borrowing cost known as the Libor.

Simply put, traders are borrowing against the low Hibor, selling the Hong Kong dollar to buy the US currency for investments in high-yielding US assets. The difference between the two is widest since 2008.

As more traders pile on to the carry, more pressure is placed on the Hong Kong dollar, causing it to weaken further against the US currency… and The Fed’s plan to hike rates (as many as four times) will do nothing to help ease the situation – meaning any dollars sold in defense of the weaker HKD will be battling global carry trade flows driven by The Fed’s tightening.

end

Trump will not be happy with this:  China initiates a massive combat drill in Hainan as war with Taiwan becomes more probable.  Good reason for gold to go down today.

(courtesy zerohedge)

 

China Launches Massive Combat Drill In Hainan As War With Taiwan “Becomes More Probable”

Chinese President Xi Jinping promised a more transparent China on Tuesday, during a keynote speech at an economic forum in Boao, on the southern island of Hainan. Immediately after the conference, China’s PLA Navy began a 3-day combat war drill in waters to the south of Sanya, the southern tip of China’s Hainan Island, which is about 112-miles south from the economic forum.

The Hainan Maritime Safety Administration has demarcated an area in the South China Sea that will be closed to all civilian and commercial vessels from April 10 through 13. The military exercise was made public earlier this week on the government’s website.

The warning of yet another war drill by China comes after military jets from the People’s Liberation Army’s Eastern Theater Command conducted exercises over rugged terrain in western China to simulate an invasion of Taiwan, said the Daily Express.

An editorial piece in the Global Times announced: “The mainland needs to continue to prepare for a possible military clash across the Straits.”

“Beijing cannot be led by the nose. We have to figure out more fronts to showcase our strength and to be the venue for the battle with Taiwan.

Meanwhile, the mainland needs to continue to prepare for a possible military clash across the Straits. A military showdown with Taiwan is becoming more probable and may take place sooner rather than later. Beijing needs to make clear its bottom line and inform Taiwan society of the dangerous acts which may lead to a military showdown, to avoid a war that could break out due to serious misjudgments by the US and Taiwan. Having got the upper hand strategically, the mainland won’t lose its head. Only the decisions of the mainland will count in deciding the future cross-Straits situation.”

A Twitter war observer said, “A maritime area of 8 749 km², located south of the island of Haïnan, is closed from 11 to 13 April due to military maneuvers.”

East Pendulum@HenriKenhmann

Une zone maritime de 8 749 km², située au sud de l’île de Haïnan, est fermée du 11 au 13 Avril en raison de manœuvres militaires.

The observer added, “At least 7 Chinese nuclear submarines are currently at the Sanya Naval base on Haïnan Island, which borders the South China Sea. This is also the case for a few dozen surface ships of the Chinese navy. Some things are getting ready…” (not verified)

East Pendulum@HenriKenhmann

Au moins 7 sous-marins nucléaires chinois se trouvent actuellement à la base navale de Sanya, sur l’île de Haïnan, qui borde la mer de Chine méridionale. C’est également le cas pour quelques dizaines de navire de surface de la marine chinoise. Quelques choses se préparent…

Another Twitter user said, “On the heels of the #Boao2018 Forum and Xi Jinping’s keynote speech there- looks like large-scale exercises off Hainan.”

Alexander Neill@ANeill_IISS

On the heels of the Forum and Xi Jinping’s keynote speech there- looks like large scale exercises off Hainan. https://twitter.com/duandang/status/983894278681198592 

On Tuesday, the USS Theodore Roosevelt (CVN-71), a Nimitz-class aircraft carrier, sailed through the heavily disputed waters in the South China Sea to the Philippines. As the trade war with China climaxed last week, we reported how the United States Navy deployed three carrier battle groups to face-off against China’s only aircraft carrier and 40 warships.

” Satellite images had captured China’s only aircraft carrier in deployment, the Liaoning, flanked by 40 other warships and submarines, conducting unprecedented live-fire drills in the South China Sea. This massive Chinese naval exercise was observed for the first time, with China watchers pointing out that such a forceful display of deterrence was highly unusual for the People’s Liberation Army Navy. Perhaps in light of recent events, it was merely a warning.”

Now it seems with all the chess pieces positioned around the South China Sea, the epicenter of World War III could easily be Taiwan as tensions between both countries escalate even further. China has declared Taiwan a “rogue state” and has never ruled out military intervention, said the Daily Express.

General Rolando Bautista from the Philippine army said, as quoted by the Daily Express: “It’s a showcase of the capability of the US armed forces not only by sea but also by air.”

“The Americans are our friends.

“In one way or another, they can help us to deter any threat.”

Last month it was also revealed in aerial photos of the alarming rate of expansion of Chinese military installations in the South China Sea.

The photos show the extent of Beijing’s construction in the disputed Spratly Islands, with its previously minor outposts now transformed into fortresses featuring air and naval bases.

Diplomatic relations between the five nations which have laid claim to the islands are already extremely strained, and the recent construction of bunkers on some of the atols point to China preparing to “protection against air or missile strikes”, raising the prospect of a conflict which could spark World War 3.

While we do not have a crystal ball of the precise epicenter of World War III, in recent weeks, geopolitical events/shifts have provided us with critical knowledge that a trigger point for the next global shooting war could be somewhere around the South China Sea and or Syria. War is coming, have you prepared?

end

China responds that the Xi speech was not a concession to Trump and denies that any trade talks took place

(courtesy zerohedge)

China Says Xi Speech Was “Not A Concession” To Trump, Denies Any Trade Talks Took Place

Last week, in an attempt to soothe jittery markets, Trump’s chief economic advisor Larry Kudlow said the US and China would probably strike an agreement to stop tariffs from being imposed – though he admitted that talks hadn’t started just yet.

Well, more than a week later, the two sides have apparently made zero progress toward a deal, because early Thursday, Beijing hit back with a pair of announcements that are sure to pop the bubble of trade-war optimism that has buoyed markets this week, according to CNBC.

First, China’s Ministry of Commerce confirmed that there have not been any trade negotiations between the two sides at any level recently. It added that the liberalization measures touted by President Xi Jinping and PBOC Gov. Yi Gang pertained solely to China proactively opening up its market – not trade.

Xi

But in one of the strongest hints that China doesn’t intend to surrender even an inch of ground to the US – though it recently ruled out currency manipulation as a means of retaliation – the MoC confirmed that China will not hesitate to retaliate should the US escalate its trade spat with Beijing.

When Xi said earlier this week that China intends to lower some import duties on automobiles, he wasn’t making a concession to the US – rather, lowering autos tariffs was part of China’s liberalization plan all along.

Following Xi’s speech, President Trump tweeted that he was “thankful” for the president’s kind words.

Donald J. Trump

@realDonaldTrump

Very thankful for President Xi of China’s kind words on tariffs and automobile barriers…also, his enlightenment on intellectual property and technology transfers. We will make great progress together!

Trump had earlier criticized China in a tweet for maintaining its 25% import tariffs on cars compared with the US’s 2.5% duties, touting this as an example of “stupid trade.”

MoC spokesman Gao Feng, speaking during his regular press briefing, said it’s unreasonable to have tariffs be completely equal for both sides, and that there is no requirement for tariff equalization between two countries according to the rules of the WTO. Gao added that Beijing has been unwilling to negotiate because it believes Washington hasn’t been sincere.

As the Financial Times said then, all of the measures unveiled in Xi’s speech had been announced earlier, and Xi offered no new details about how they would be implemented.

Furthermore, as we noted at the time, sell-side analysts quickly seized on this, explaining that the market and the president were both misguided in their initial interpretation of Xi’s remarks. For example, UBS explained that “President Xi’s economic speech recycled the January Davos remarks.” Citi echoed this sentiment, adding that while Xi’s conciliatory speech had surprised the market, “a careful read of the original text in Chinese reveals that the speech was more a reiteration of existing commitments rather than new major initiatives or concessions to Trump.”

Citi further added that “a 360 degree swing of attitude within one week is not improbable but highly unlikely”. And that equity traders have behaved like a substantial concession had been made.

For now stocks – which were delighted to soar on the misreading of Xi’s speech – are completely ignoring China’s clarification of what really happened.

4. EUROPEAN AFFAIRS

GREAT BRITAIN/ GERMANY, ITALY/FRANCE

Smart move on the part of Germany and Italy as they will not join the Syrian airstrikes as the do not want to confront Russia that supplies a major portion of their heating natural gas

(courtesy zerohedge)

8. EMERGING MARKET

end

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

Euro/USA 1.2348 DOWN .0024/ 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 RED    

USA/JAPAN YEN 107.11 UP  0.286 (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 1.4203 UP .0018  (Brexit March 29/ 2017/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED

USA/CAN 1.2582 UP .0012 (CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS THURSDAY morning in Europe, the Euro FELL by 24 basis points, trading now ABOVE the important 1.08 level RISING to 1.2280; / Last night Shanghai composite CLOSED DOWN 27.92 POINTS OR 0.87% /   Hang Sang CLOSED DOWN 66.43 POINTS OR 0.43% /AUSTRALIA CLOSED DOWN .24% / EUROPEAN BOURSES  OPENED IN THE GREEN

The NIKKEI: this THURSDAY morning CLOSED DOWN 26.82 POINTS OR 0.12%

Trading from Europe and Asia

1/EUROPE OPENED  IN THE RED

2/ CHINESE BOURSES / : Hang Sang CLOSED DOWN 66.43 POINTS OR 0.43%  / SHANGHAI CLOSED DOWN 27.92 POINTS OR 0.87%   /

Australia BOURSE CLOSED DOWN .24% 

Nikkei (Japan) CLOSED DOWN 26.82 POINTS OR 0.12%

INDIA’S SENSEX  IN THE GREEN 

Gold very early morning trading: 1347.00

silver:$16.63

Early THURSDAY morning USA 10 year bond yield: 2.7936% !!! UP 2  IN POINTS from WEDNESDAY night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%. (POLICY FED ERROR)/ 

The 30 yr bond yield 3.0102 UP 2  IN BASIS POINTS from WEDNESDAY night. (POLICY FED ERROR)/

USA dollar index early  THURSDAY morning: 89.74 UP 17  CENT(S) from WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing THURSDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 1.699% DOWN  0  in basis point(s) yield from WEDNESDAY/

JAPANESE BOND YIELD: +.0.037% UP 2/10    in basis points yield from WEDNESDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 1.254% DOWN 1  IN basis point yield from WEDNESDAY/

ITALIAN 10 YR BOND YIELD: 1.814  up 3  POINTS in basis point yield from WEDNESDAY/

the Italian 10 yr bond yield is trading 56 points HIGHER than Spain.

GERMAN 10 YR BOND YIELD:RISES TO +.515%   IN BASIS POINTS ON THE DAY

END

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IMPORTANT CURRENCY CLOSES FOR THURSDAY

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

Euro/USA 1.2315 DOWN .0057 (Euro DOWN 57 Basis points/ represents to DRAGHI A COMPLETE POLICY FAILURE/

USA/Japan: 107.34 UP 0.508 Yen DOWN 51 basis points/

Great Britain/USA 1.4238 UP .0053( POUND UP 53 BASIS POINTS)

USA/Canada 1.2588 UP  .0018 Canadian dollar DOWN 18 Basis points AS OIL FELL TO $66.67

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

This afternoon, the Euro was DOWN 57 to trade at 1.2315

The Yen FELL to 107.34 for a LOSS of 51 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 51 basis points, trading at 1.4238/

The Canadian dollar FELL by 18 basis points to 1.2588/ WITH WTI OIL FALLING TO : $66.67

The USA/Yuan closed AT 6.2915
the 10 yr Japanese bond yield closed at +.037%  UP 2/10   IN BASIS POINTS / yield/
Your closing 10 yr USA bond yield UP 4 IN basis points from WEDNESDAY at 2.8320% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 3.046  UP 5    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,89.80  UP 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 THURSDAY: 1:00 PM EST

London: CLOSED UP 1.20 POINTS OR 0.02%
German Dax :CLOSED UP 121.04 POINTS OR 0.96%
Paris Cac CLOSED UP 31.28  POINTS OR 0.59%
Spain IBEX CLOSED UP 11.20 POINTS OR 0.12%

Italian MIB: CLOSED UP 292.02 POINTS OR 1.27%

The Dow closed UP  293.53 POINTS OR 1.21%

NASDAQ  UP   71.22 Points OR 1.01% 4.00 PM EST

WTI Oil price; 66.67 1:00 pm;

Brent Oil: 71.81 1:00 EST

USA /RUSSIAN ROUBLE CROSS: 61.90 DOWN 53/100 ROUBLES/DOLLAR (ROUBLE HIGHER BY 53 BASIS PTS)

TODAY THE GERMAN YIELD RISES TO +.515% 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:$67.11

BRENT: $72.06

USA 10 YR BOND YIELD: 2.8358%   THIS RAPID DECENT IN YIELD IS ALSO VERY DANGEROUS/RECESSION COMING

USA 30 YR BOND YIELD: 3.0423%/

EURO/USA DOLLAR CROSS: 1.2330 DOWN .0041  (DOWN 41 BASIS POINTS)

USA/JAPANESE YEN:107.24 UP 0.411/ YEN DOWN 41 BASIS POINTS/ very dangerous as yen carry traders are getting killed/yen continues to rise despite the NYSE rising. however gold is now breaking away from yen influence.

USA DOLLAR INDEX: 89.77 UP 20 cent(s)/dangerous as the lower the dollar the higher the inflation.

The British pound at 5 pm: Great Britain Pound/USA: 1.4229: UP 0.0043  (FROM LAST NIGHT UP 43 POINTS)

Canadian dollar: 1.2572 DOWN 19 BASIS pts

German 10 yr bond yield at 5 pm: +0.515%


VOLATILITY INDEX:  18.55  CLOSED  DOWN  1.69

LIBOR 3 MONTH DURATION: 2.342%  ..LIBOR HAS INCREASED FOR 45 CONSECUTIVE DAYS. 

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

TRADING IN GRAPH FORM FOR THE DAY

Trump Tweet Sparks Bitcoin, HY Bond, & Stock Buying-Frenzy, World War 3 Deferred

World War III on the horizon, Russia warning of possibility of conflict with US, and a tweet that said absolutely nothing definitive sparked exuberant equity buying…

One quick question – if, as all the “smart” people say, “the market hates uncertainty,” what exactly did it find so inspiring about the President’s tweet “Never said when an attack on Syria would take place. Could be very soon or not so soon at all!” – Seems to us that stocks LOVE Trumpian uncertainty… or was it just the machines running stops again?

And if that wasn’t enough “uncertainty” for you, Bloomberg reports that Lloyd Blankfein said the U.S. economy has responded to Trump’s tax cuts, but that Americans should get used to political uncertainty for the foreseeable future. Goldman’s CEO, a frequent public critic of Brexit, also said that its opponents are becoming reconciled to Britain’s departure from the European Union, which hasn’t had as much of an impact on the economy as he would have expected.

“I would have thought that there would have been a more dramatic effect by now,” he said. He warned that the political uncertainty is still likely dissuading other companies from investing in London, as Goldman Sachs did when it committed to build a new headquarters in the city well before Brexit seemed likely.

Futures show the excitement best – futures surged on Trump’s tweet and then re-surged at the cash open – erasing all losses in all major indices post-Trump’s call for $100 billion tariffs…

Cash market stumbled on the headlines that Trump was meeting about Syria and had 8 targets and comments from Russia… and finally some headlines on Mueller were enough to send stocks lower into the close..

The S&P 500 briefly tagged unchanged for the year today…

The big banks rallied handsomely on the day (as earnings are set to begin)…

But we note that the smaller banks have been notably underperforming the market – tracking the tumble in the yield curve…

FANG Stocks gained modestly on the day, but seem to be making a large head and shoulders pattern…

Someone was very excited in HY credit today – buying over $600 million of JNK and HYG… as the former broke its 200DMA…

Treasury yields started to ‘catch up’ to stocks today… (or was China selling?)

Bonds were hit relatively hard today…

But it only too the 30Y back to Monday’s highs…

The Dollar rallied for the first day since last Thursday…

Cryptos had a big day (that’s something we haven’t said for a long time). Bitcoin topped $8,000 and its 200DMA, Ethereum and Ripple are up 25% this week as tax-related selling pressure lifts…

Some suggested that this was catch up to Nasdaq’s recent exuberance after Bitcoin was hampered by tax-based selling…

Dollar gains were not enough to spook crude, which bounced again, but PMs and copper gave up most the week’s gains…

WTI has erased about half of its plunge…trading back at Dec 2014 highs…

Finally we note there’s a lot of hope in earnings expectations…

And while we keep seing the opening ramp (8 days in a row now), there is a late-day selling pressure that is signaling ‘SMART’ money ain’t lovin’ it…

end

Early USA trading/ECB Comments:  

unexpectedly dovish and that sent the Euro down/gold down.

(courtesy zerohedge)

Euro Slumps After Unexpectedly Dovish ECB Minutes: Key Highlights

The euro has slumped to session lows following the release of the latest ECB Minutes, which were unexpectedly dovish and echoed the Fed’s worries about growing trade war, noting “widespread concern” about the the potential impact of protectionism. In other words, the more aggressive Trump is with China on trade, the fewer rate hikes and less tightening to come.

More specifically, addressing the recent rise in the Euro, the ECB said that FX is a source of uncertainty, although “past appreciation has not had a marked impact on demand” and added that euro strength was not fully due to macro environment, and worse, “may have a more negative impact on inflation.” Draghi’s henchmen also toed the party line saying that “gradual communication adjustments are required.” The minutes also revealed that the inflation path close to sustained adjustment, but “majority say it is not sufficient” and as a result “Monetary support still required after the end of bond purchases.”

A detailed breakdown:

While the text was largely token, one reason for the dovish read was the following headline:

  • ECB SAID REMOVAL OF EASING BIAS ‘SHOULD NOT BE MISUNDERSTOOD’

… although the full context was more neutral than the initial read: “it was also remarked that the removal of the easing bias should not be misunderstood as restricting the Governing Council’s capacity to react to shocks and contingencies, if necessary.”

However, the initial reason for the slump in the Euro was the ECB’s assessment that inflation still isn’t there. Indeed, unlike the Fed which is clearly comfortable that reflationary pressures have taken hold, the ECB was nowhere near as convinced.

“The view was put forward that the Governing Council’s criteria for a sustained adjustment in the path of inflation could be assessed as close to being satisfied over a medium-term horizon. However, the broadly agreed conclusion was that the evidence for a sustained rise in inflation towards levels consistent with the Governing Council’s inflation aim was still not sufficient.”

The ECB also voiced concerns of the Euro:

Some caution was voiced, as the more recent developments in the euro exchange rate and in financial conditions in part reflected changing perceptions about monetary and fiscal policies, domestically and globally, as well as rising risks of protectionism and heightened market sensitivity to communication, rather than further improvements in domestic economic fundamentals.”

Finally, going back to the key topic, the ECB’s worries about trade and wider global risks:

“the balance of risks to the global economic expansion was still assessed to be tilted to the downside, as geopolitical uncertainties and uncertainty regarding the policy outlook in some major economies – including the risk of increased trade protectionism and the uncertain impact of the United Kingdom’s withdrawal from the EU – continued to constitute downside risks.”

“There was widespread concern that the risk of trade conflicts, which could be expected to have an adverse impact on activity for all countries involved, had increased…”

In response to the unexpectedly dovish ECB minutes, the euro quickly slumped to session lows.

end

the markets both in Europe and the USA became green on Trump’s tweet: the Syrian attack “could take place very soon or not at all”
(courtesy zerohedge)

Trump: Syria Attack “Could Take Place Very Soon Or Not So Soon At All”

Having likely taken a lot of heat from none other than his chief of staff Gen. Kelly for his Wednesday morning tweet in which he rather explicitly revealed US military plans, stating that “Russia vows to shoot down any and all missiles fired at Syria. Get ready Russia,  because they will be coming, nice and new and “smart!”, president Trump is backtracking this morning, and in his third tweet of the morning (after commenting on Robert Mueller and the “failing New York Times”, and commending California Gov. Jerry Brown for sending the national guard to the border) Trump said that he never really said what he said. To wit:

Never said when an attack on Syria would take place. Could be very soon or not so soon at all! In any event, the United States, under my Administration, has done a great job of ridding the region of ISIS. Where is our “Thank you America?”

Donald J. Trump

@realDonaldTrump

Never said when an attack on Syria would take place. Could be very soon or not so soon at all! In any event, the United States, under my Administration, has done a great job of ridding the region of ISIS. Where is our “Thank you America?”

While we are confident that Putin may have an objection about the “ridding the region of ISIS” part, the first part of the statement is only adding more confusion and has made Trump’s initial threat even more nebulous, as now markets are worried about surging higher, well aware that risk-negative airstrikes on Syria are coming, but unaware when, which in turn prevents coordinated buying of stocks or other risk assets.

Of course, it may well be that Trump never strikes Syria as the US carrier Truman is roughly 2 weeks from the Syrian coast, which would mean that the UK, and/or France will be tasked with firing the cruise missiles meant to punish Assad for doing precisely the same thing he did last April when the US lobbed over 50 Tomahawks missiles at the Syrian regime.

END

MID-AFTERNOON

Stocks Stumble After Reports US Plans To Strike 8 Syrian Targets, “Confident” Of Chemical Weapons Use

After a brief pop on Trump’s conciliatory Mueller tweet, stocks are sinking after CNBC reported that US is planning to strike 8 targets, including two airfields, a research center, and a chemical weapons facility in Syria

Stocks dropped and gold and Treasury prices rose modestly…

US officials are  telling NBC that urine and blood samples have tested positive for chemical weapons in Syria.

US Official to NBC News: Syria samples test positive for chlorine gas, nerve agent.

US officials “fairly confident” attack was by Syrian regime per report by MSNBC. The officials said they were“confident” in the intelligence, though not 100 percent sure.

The assessment about the nature of this April’s chemical attack and its likely origin with the Assad regime will be presented to the president, said the official familiar with the intelligence. The president is weighing options for retaliation.

END

IMPORTANT USA DATA REPORTS

This is not good for the USA as already in this fiscal yr 2108, their USA budgetary deficit rises to 600 billion and the spending has not yet been implemented.  Not only that but the interest payments already are north of 525 billion rising from last yr’s 424 billion.  The interest payments are also set to climb so the uSA will surely surpass the 1.2 trillion deficit projection for the upcoming fiscal year 2019 starting in Oct

(courtesy zerohedge)

US Budget Deficit Hits $600 Billion In 6 Months, As Spending On Interest Explodes

The US is starting to admit that it has a spending problem.

According to the latest Monthly Treasury Statement, in March, the US collected $210.8BN in receipts – consisting of $88BN in individual income tax, $98BN in social security and payroll tax, $5BN in corporate tax and $20BN in other taxes and duties- a drop of 2.7% from the $216.6BN collected last March and a clear reversal from the recent increasing trend…

… even as Federal spending surged, rising 7% from $392.8BN last March to $420BN last month, the second highest monthly government outlay on record

… where the money was spent on social security ($85BN), defense ($58BN), Medicare ($75BN), Interest on Debt ($33BN), and Other ($170BN).

The resulting surge in spending led to a March budget deficit of $208.7 billion, far above the consensus estimate of $186BN, and over 18% higher than $176.2BN deficit recorded a year ago. This was the biggest March budget deficit in US history.

The March deficit brought the cumulative 2018F budget deficit to over $600bn during the first six month of the fiscal year, or roughly $100 billion per month; as a reminder the deficit is expected to rise further amid the tax and spending measures, and rise above $1 trillion, although at the current runrate it is expected to hit $1.2 trillion. As we showed In a recent report, CBO has also significantly raised its deficit projection over the 2018-2028 period.

But while out of control government spending is clearly a concern, an even bigger problem is what happens to not only the US debt, which recently surpassed $21 trillionbut to the interest on that debt, in a time of rising interest rates.

As the following chart shows, US government Interest Payments are already rising rapidly, and just hit an all time high in Q4 2017. That’s when Fed Funds was still in the low 1%’s. What happens when it reaches 3% as the Fed’s dot plot suggests it will?

In a note released by Goldman after the blowout in the deficit was revealed, the bank once again revised its 2018 deficit forecast higher, and now expect the federal deficit to reach $825bn (4.1% of GDP) in FY2018 and to continue to rise, reaching $1050bn (5.0%) in FY2019, $1125bn (5.4%) in FY2020, and $1250bn (5.5%) in FY2021.

Revising Our Deficit and Debt Forecasts


Goldman also notes that it expects that on its current financing schedule the Treasury still faces a financing gap of around $300bn in FY2019, rising to around $750bn by FY2021, and will thus need to raise auction sizes substantially over the next couple of years to accommodate higher deficits.

What does this mean for interest rates? The bank’s economic team explains:

The increase in Treasury issuance and the ongoing unwind of QE should put upward pressure on long-term interest rates. On issuance, the economic research literature suggests as a rule-of-thumb that a 1pp increase in the deficit/GDP ratio raises 10-year Treasury yields by 10-25bp. Multiplying the midpoint of this range by the roughly 1.5pp increase in the deficit due to the recent tax and spending bills implies a 25bp increase in the 10-year yield. On the Fed’s balance sheet reduction, our estimates suggest that about 40-45bp of upward pressure on the 10-year term premium remains.

And here a problem emerges, because while Goldman claims that “the deficit path is known to markets, but academic research suggests these effects might not be fully priced immediately… the balance sheet normalization plan is known too, but portfolio balance effect models imply that its impact should be gradual” the bank also admits that “the precise timing of these effects is uncertain.”

What this means is that it is quite likely that Treasurys fail to slide until well after they should only to plunge orders of magnitude more than they are expected to, in the process launching the biggest VaR shock in world history, because as a reminder, as of mid-2016, a 1% increase in rates would result in a $2.1 trillion loss to government bond P&L.

Meanwhile, as rates blow out, US debt is expected to keep rising, and  somehow hit $30 trillion by 2028

… without launching a debt crisis in the process.

END

Interesting reading by tom Luongo as he states that the Deep State as gotten to Trump and his days are numbered(courtesy TomLuongo)

Luongo: “The Coup Is Complete – Trump Is Done”

Authored by Tom Luongo,

If there is one thing the last 48 hours have proved to me, it’s this.  Donald Trump is no longer acting President.  The coup against Trump has been completed.

I’m going to keep this simple.  Follow the dots and try to keep up.

1. The Deep State’s lies are being unraveled in real time thanks to the collective intelligence of the ‘internet’ and our ability to synthesize data in real time.

2. The Skripal poisoning and the latest Syrian “chemical weapons” attack share the same thing — both set government officials off rushing to judgment and action before any official investigation could debunk them.

3. Trump has pissed off everyone in power on both sides of the Atlantic since coming into power.

4. He has been a material threat to powerful members of the Deep State/Shadow Government who have unmasked themselves as criminals to avoid losing power.

5. Trump needs to be neutralized.  And up to this point he hasn’t been, c.f. his tax cuts, deregulation, Executive Orders against Obamacare, TPP, TTIP.

  • He’s attacking the current managed trade schema of Wall St. and the City of London via trade war rhetoric with China and the EU.
  • Russia collusion narrative has failed completely.  Mueller’s investigation has now ‘jumped the shark.’

6. Things were falling into place for Trump, Jinping and Putin for a wider peace framework from North Korea to the Middle East.  This does not serve the entrenched powers in D.C., New York, City of London, Riyadh and Beirut.

7. The operation to destroy Syria is at least a 20 year old idea.  It will not be derailed.   It goes back to overthrowing Assad’s father.

  • John Bolton is one of the architects of this mess.

8. Trump’s tweets right after the latest announced attack rang false.  The word choice was all wrong.  Tone right.  Words wrong.

9. This morning’s tweets.  The same way.  “Gas killing Animal?”  Who’s writing his material now?  A third-grader?

10. These tweets will be used as ‘evidence’ against Trump in his upcoming either resignation or removal from office.

11. They have to in order to countermand his historical public record against intervention in Syria as well as his publicly-stated intentions to pull out of Syria ‘real soon.’

12. Trump would not telegraph his military posturing like this, c.f. Al-Shairat, MOAB.  He’s made that point abundantly clear.

13. These tweets and past events will make a case for him not being fit for office.

14. After the U.S. and the coalition Obama and David Cameron could not put together in 2013 commits serious war crimes in Syria and the reality in Douma is revealed, i.e. no chemical weapons were even used, Trump will be blamed for rushing to judgment.

15. He is Commander-in-Chief.  His military handlers will turn on him in a heartbeat and all of this will be used as ‘proof’ of his insanity.

16. The headlines are preparing us for this.  The GOP is split on him at this point, some openly wishing for him to fail.

17. At the announcement of response in Syria Trump looked defeated.  He doesn’t look like himself.   He’s done.

18. The reality is that he’s not making these decisions.  These decisions were made for him and, like every other President, he’s trapped having to sell it.

19. If he resists, his family dies.  His businesses destroyed.  Or he can go along, do what he can and after four years leave the office in disgrace.

20. And he will be blamed for it all.

I told you months ago, when you make a deal with the devil, in this case the Neoconservatives, you do so at your own peril.  When Trump reversed course on Afghanistan the fix was in then.  He would be allowed, like all presidents, to play around at the edges of domestic policy, but the foreign policy train will not be derailed.

That’s what fuels the Empire.  That’s the game.  And the events of the past four days tell you what’s what.

It’s like a nightmare rose up slouching towards Bethlehem
Like a nightmare rose up from this small strip of land
Slouching towards Bethlehem

–Marillion

END

Luongo emphasizes how the Deep State have placed their tentacles on Trump”

(courtesy Tom Luongo)

Luongo: “The Harder The Winds Of War Blow, The More They Suck”

Authored by Tom Luongo,

In Vietnam, the wind doesn’t blow… it sucks.

— Tag Line for Stanley Kubrick’s “Full Metal Jacket”

When I wrote a few weeks ago that I thought the Neocons were making the full-court press for war I thought President Trump was a reluctant player in the game.

Part of me still believes that.

Part of me also believes that Trump, like everyone else, is a slave to his passions and is easily manipulated into terrible decisions.  Case in point was last year’s bombing of the Al Shairat airbase in Syria after a similar false flag chemical weapons attack at Khan Sheikoun.

Will he fall victim to them again this year?  According to him, we’ll know soon.  Meanwhile a carrier group has been dispatched to the Eastern Mediterranean.  Chinese missile frigates are there supporting Russian vessels and the destroyer U.S.S. Donald Cook is now just off the coats of the Russian base at Tartus.

The circumstances are exactly the same as last year.  The pro-Assad coalition is winning, having made short work of the ‘rebels’ in Eastern Ghouta.  And now we are to believe they are so stupid as to gas women and children after Trump’s big light show last year?

New Russian sanctions were unveiled on Friday.  A new alleged chlorine attack on Saturday.  The Israelis lobbing missiles on Sunday.  Russian markets melt down on Monday before Special Counsel Robert Mueller orders an FBI raid of Trump’s lawyer, Steven Cohen.

This isn’t just a full-court press for war.  It is the push for a Faustian bargain with the most evil people on the planet.

The political establishment across the West is reminding us all the price of opposition to perpetual war for perpetual serfdom.  The people of Russia spoke loudly three weeks ago.

Defy the West however you have to Mr. Putin.  It’s obvious Mr. Trump isn’t up to the job.

These Neoconservative power-mongers are asking you to accept universal serfdom at their hands or World War III with Russia.  You can live as slaves in a pan-global oligarchy of overlapping corporate and bureaucratic interests or you can be nuked.

It’s your choice.  You have 24 to 48 hours to decide.

War of the Narratives

They knew where this was leading the entire time.  Last month I told you French President Emmanuel Macron and U.S. Embarrassment at the U.N. Nikki Haley were prepping the world for the events of this weekend.  They warned Syria and Russia not to use a chemical weapon.

It’s all part of the script.

It doesn’t matter that we’ve seen behind the fourth wall.  We see what they are doing and even anticipate it.  When Tucker Carlson is devoting thirteen minutes to the idiocy of the current situation you know this technique has jumped the shark.

We live in an age where the speed of communication is too much for these people to maintain their lies for very long, if at all.  They are fighting the collective intelligence of millions of people debunking the lies in real time.

They have been pushed by the existential threat posed to them to become better.

To devote their lives to unmasking the truth before the bodies have been hosed off and photographed.

Now, the question on everyone’s mind is, “Will it be enough?”

What is obvious is that the people creating these narratives, may be the smartest people in the room, but they aren’t smarter than the room itself.  That’s their problem.

Remember the Bush Adminstration jackass who said, (thanks to the great Justin Raimondo for this, which I’ve never forgotten):

We’re an empire now, and when we act, we create our own reality. And while you’re studying that reality – judiciously, as you will – we’ll act again, creating other new realities, which you can study too, and that’s how things will sort out. We’re history’s actors . . . and you, all of you, will be left to just study what we do.’”

They still think they have that level of control over information.  They create reality and everyone runs around thinking it’s real because they said it.

But, the problem is that people have reached that, “AH! BOLLOCKS!” moment.  And it doesn’t even work long enough to achieve the initial goal.

Since these reality-creating techniques don’t work anymore the social media networks are brought in to stifle the debate.

But, these are the same people who think they can take down The Pirate Bay, which they haven’t.

Tomorrow-land

Now that the latest cat is out of the bag let’s review our current status.

Every time Donald Trump notches a win in his war against, for lack of a better term, The Bad Guys, there is a follow-up event of such monumental stupidity that it defies description.

The plan?  Blame the Russians and the Syrians because most Americans are too stupid to see through the fog of war.

Accuse Syrian President Bashar al-Assad and his international coalition of what we aren’t doing and have the media to tell us that we’re the ones fighting ISIS.  A blatant lie.  When another pocket of U.S./ISrael/Saudi enabling ISIS/Al-qaeda resistance crumbles gin up a chemical weapons attack.

Call Assad an ‘animal.’  The sheer number of accusations of Assad at this point is enough for a large swath of Americans to believe he’s capable of this.

Big meet Lie.

The west has gone insane.  Israel used the chaos to take advantage of the situation to bomb Iranian targets in Syria… again.

The U.S. thumps its chest for a broader war because as the world’s indispensable bully no one can stand up to us and win.

But, amazingly, everyone stays very clear of Russian assets knowing full well what the consequences will be.  The U.S. military commanders have been very clear in three years in Syria, when the Russians stop talking and threaten shooting down U.S. planes, the U.S. listens and planes don’t fly.

But, somehow I’m to believe that S-400’s don’t work or that Israeli pilots could break a No-Fly Zone over Lebanon if the Russians implemented one if some of my most recent conversations with people are to be believed.

The MAGA crowd will be used here to support Trump if he goes along with this insanity, the same way he went along with ousting Russian diplomats over nothing, raided Russian embassies, signed the omnibus spending bill, signed a sanctions bill being used now to destabilize Russian financial markets and signed off on the Skripal inanity promoted by Theresa May.

It will be their job to stand by their man the same way liberals stood by Obama for the previous eight years.  And guess what?  The Bad Guys know this.  Hell, they count on it.  And that’s why Trump has to at some point stand up and say, “No.”  Even if they over-ride him.   Even if they impeach him.

You have to signal that you are in charge and not the paper-hangers and criminals you were elected to fight against.  You want our continued support earn it. Because this is not Making America Great Again.

This is simply another day in the reality-based empire of perpetual war.

*  *  *

To support work like this and make sense behind the headlines by getting access to my Private Blog, sign up for my Patreon Page and join the community trying to make sense of a world going quickly mad.

end

SWAMP STORIES

After months of continual stalling at the last second Rosenstein hands the memo over that kick started the Russian probe.  House Intelligence Committee Chairman Nunes received the mostly unredacted communication document.

(courtesy zerohedge)

After Months Of Stalling, DOJ Hands Over Memo That Helped Launch Russia Probe

After more than eight months of waiting – a period that saw the official closure of the committee’s probe into Russian electoral interference – House Intelligence Committee Chairman Devin Nunes has finally managed to pry the (mostly unredacted) electronic communication, shared with the FBI by one of America’s “intelligence partners”, from the grip of the DOJ.

Nunes subpoeanad the DOJ for all documents used to justify the initial FISA warrant against Trump advisor Carter Page and other threads of the initial Russia collusion probe, which was supposedly launched during the summer of 2016 shortly after Trump secured the GOP nomination. That probe has since morphed into the investigation being led by Special Counsel Robert Mueller, according to the Hill.

Nunes

While it’s widely known that the Steele dossier was one of these documents, the FBI has long contended that there was another factor – evidence that George Papadopoulos boasted about knowing of a Russian plot to release stolen Hillary campaign emails before it was carried out. Papadopoulos was later indicted and is now cooperating with the Mueller.

The document in question is a two-page “electronic communication” that was supplied to the FISA court.But here’s the catch: The Hill provides no details about the document or what it represents.

Nunes and members of his committee were supplied with a heavily redacted version of the document last year, but Nunes complained that it was virtually indecipherable. The only redactions in the draft distributed to members of the committee were “narrowly tailored” to “protect national security interests” so as not to “undermine the trust” between the US and this foreign nation.

According to a Justice Department official, the remaining redactions in the document are “narrowly tailored to protect the name of a foreign country and the name of a foreign agent.” Specifics have been replaced with identifiers like “foreign official” and “foreign government,” the official said.

“These words must remain redacted after determining that revealing the words could harm the national security of the American people by undermining the trust we have with this foreign nation,” the official continued, adding that they appear “only a limited number of times, and do no obstruct the underlying meaning of the document.”

A handful of conservatives are investigating what they say is evidence that the department’s decision-making during the 2016 election was riddled with bias—allegations that Democrats see as a transparent effort to muddy the waters around Mueller, or provide a pretext to shut him down.

This, ladies and gentlemen, can’t be attributed to anything other than lazy reporting. Because anybody who has been paying close attention to the information slowly being made public through leaks and previously through the Intel committee would know that the country in question is obviously Australia, and the person in question is Australia’s ambassador to the UK, Alexander Downer. As the New York Times reported several months ago:

WASHINGTON — During a night of heavy drinking at an upscale London bar in May 2016, George Papadopoulos, a young foreign policy adviser to the Trump campaign, made a startling revelation to Australia’s top diplomat in Britain: Russia had political dirt on Hillary Clinton.

About three weeks earlier, Mr. Papadopoulos had been told that Moscow had thousands of emails that would embarrass Mrs. Clinton, apparently stolen in an effort to try to damage her campaign.

Exactly how much Mr. Papadopoulos said that night at the Kensington Wine Rooms with the Australian, Alexander Downer, is unclear. But two months later, when leaked Democratic emails began appearing online, Australian officials passed the information about Mr. Papadopoulos to their American counterparts, according to four current and former American and foreign officials with direct knowledge of the Australians’ role.

The hacking and the revelation that a member of the Trump campaign may have had inside information about it were driving factors that led the F.B.I. to open an investigation in July 2016 into Russia’s attempts to disrupt the election and whether any of President Trump’s associates conspired.

With its investigation over, it’s unclear what Nunes intends to do with this information. And whatever it says, we look forward to the contents of this highly sensitive memo – a memo so sensitive that leaving it unredacted could have threatened a key diplomatic relationship – being slowly parceled out to the press.

END

The Cohen raid is after after bank records, taxes paid and deals with women that Trump may have had a relationship with and payments made to hush up that relationship

2 COMMENTARIES

(courtesy zerohedge)

Trump Lawyer Raid: Bank Records, Taxes And Deals With Women Sought

In perhaps the world’s biggest case of mission creep, Special Counsel Robert Mueller’s investigation has gone from Russian collusion to whether Donald Trump was shaken down allegedly paid past mistresses to keep quiet about his marital indiscretions from over a decade ago, reports ABC.

Sources told ABC News that, according to the warrant, investigators sought records related to Cohen’s interactions with adult-film star Stormy Daniels, who claims she had a one-night stand with Trump in 2006, and playboy model Karen McDougal, who claims they had a 10-month affair from 2006 to 2007. Both women said they had consensual relationships with Trump long before he was elected president. Trump has denied their accusations.

Investigators also sought records related to Cohen’s interactions with Trump campaign officials during the 2016 election cycle, according to the sources. Cohen never held an official role with the campaign, but he became deputy finance chairman of the Republican National Committee after the election. –ABC

The New York Times also reports that investigators were interested in records tied to the “Access Hollywood” tape in which Trump can be heard bragging to host Billy Bush in 2005 that women let men “grab them by the pussy” when you’re “a star.”

It’s a broad swath of documents and records with those categories and it means that those categories were approved by the Judge as that there is probable cause of a crime in each of those categories,” said Matt Olsen, a former prosecutor and ABC News contributor. “The thrust of it appears to be about potential campaign finance violations…but it’s surprisingly a broad request of documents.”

On Tuesday night, President Trump dined with famed law professor and pundit Alan Dershowitz, who told Slate‘s Isaac Chotiner:

a

I know they went after bank records, for example. Bank records could be gotten from banks. I am told they went after tax records. Tax records could be gotten from the tax authorities. –Alan Dershowitz via Slate

Perhaps most saliently put in a 13-part Tuesday Twitter thread, New Yorker staff writer Adam Davidson explains exactly why the raid on Cohen’s office is such a watershed moment in Mueller’s probe.

The upshot, is that, other than Don Jr. or Ivanka turning states’ witness against their father, Cohen is the former Trump Organization dealmaker who is most likely to provide investigators with evidence of criminality.

(Thread can be found hereknitted together below for your convenience) 

***

Michael Cohen is the most important non-Trump in the Trump business world.

He oversaw nearly all the foreign deals as the Trump Org shifted its focus to sketchy third-tier overseas oligarchs.

He was not part of the Trump Org legal team in any real sense. Trump Org lawyers either set up contracts for deals others had brought or they handled litigation.

Cohen did neither. He was a deal maker. The only non-Trump deal maker doing all those international deals. 

He, Ivanka, and Don, Jr., were the entire global development team at a time when the company was exploring dozens of deals all over the world. 

If he were to flip, it would be Ivanka and Don, Jr. who should be most worried.

We know, of course, that the Trump Org did business with corrupt politicians, sanctions-violators, money launderers, etc. The only open question is how much they knew about their partners’ activity.

Cohen knows how much they knew. He knows what he told them. 

He is also the most obvious link between Trump and Russia. He oversaw the deal in Georgia which was, explicitly, a first attempt at a former Soviet deal with the goal of a ring of Trump properties all over the CIS.

Cohen flew to Kazakhstan and negotiated the failed deal there with Timur Kulibayev, a close ally of Putin’s.

Cohen then worked on the Trump Moscow deal in 2015/2016.

In none of these deals was he acting like a traditional lawyer–simply advising, writing contracts, etc. He was in the country, meeting with the partners, structuring the deal, going back to NY and explaining the deal to the big boss and his kids.

Other than the President, nobody knows as much as Cohen. (And Cohen does seem to have a good memory).

It was stunning that Trump made Cohen his sole personal attorney post-election. Cohen left the Trump Org to form a firm with one client: the President.

But Cohen had never acted as a regular attorney for Trump. He had always been the fixer/deal-maker. So, the move to his new private firm seems solely designed to provide attorney-client privilege. To get his documents out of the Trump Org and into a private office.

This moment is what Trump has been terrified of and trying to avoid since long before Comey was fired and Mueller appointed.

Short of Ivanka or Don, Jr. flipping, Cohen is the key witness.

He knows way, way more than Manafort or Gates.

Also key: it’s been a rough year-plus for Cohen. He lost his place in Trump’s inner-circle, didn’t get the big ticket to the WH.

He has been loudly/vocally loyal, But, in my experience, nobody in Trump-world is truly loyal. It’s all transactional and a grand performance. (People have actually told me: I don’t care how you make Trump look, just make me look like I am defending him.)

We’d guess the probability of a Cohen-pardon is high and the likelihood of Mueller being fired has grown.

We would also guess that there are NY state charges.

Mueller, of course, knows all this and much more and referred the raid anyway.

It’s on now.

End.

FBI Sought Records Related To “Access Hollywood” Tape During Cohen Raid

More details about the FBI raid on Trump lawyer Michael Cohen’s hotel, home and office are slowly leaking out.

The New York Times reported that in addition to information about payoffs to two alleged Trump mistresses – former adult actress Stormy Daniels (real name Stephanie Clifford) and former playmate Karen MacDougal) – the FBI was searching for information related to the “Access Hollywood” tape, where Trump uttered the infamous phrase “grab her by the p***y”.

Specifically, the Feds were looking for evidence that Cohen tried to suppress damaging information about Trump during the campaign. The tape was published by the Washington Post a month before the election, and prompted many political pundits to write Trump off (something they would swiftly regret).

Cohen

The Feds are also seeking information about the role National Enquirer publisher David Pecker played in purportedly silencing the women. It was revealed after the raid that Cohen is being investigated for bank fraud and possible campaign finance violations.

Investigators are trying to determine the precise nature of Cohen’s role during the campaign – he wasn’t an official member of the campaign staff (instead, he was still working for the Trump Organization) – as they seek to determine whether a payment to Daniels by Cohen constituted an illegal campaign contribution.

Cohen famously said under oath that he paid Daniels $130,000 – a payment she’s described as “hush money” – on his own accord, and totally independent of Trump.

Trump is furious over these revelations, the Times said, because they cross the “red line” that Trump delineated during an interview with the Times last summer – namely, that the prosecutor stay away from his business and his family’s financial dealings.

In other Russia probe-related news, Bloomberg reported that Special Counsel Robert Mueller has asked a judge in Virginia to issue 35 sets of subpoenas to witnesses for Paul Manafort’s trial – which is set to begin on July 10. A judge said today that there would be a hearing on Manafort’s motion to dismiss the case before the trial.

Bannon urges Trump to fire Rosenstein to cripple the Mueller witchhunt

(courtesy zerohedge)

Bannon Urges Trump To Fire Rosenstein To “Cripple” Mueller Probe

An unexpected actor has re-emerged in the Trump-Mueller-Rosenstein hate triangle.

According to Bloomberg and WaPo, President Trump discussed firing Deputy Attorney General Rod Rosenstein with White House aides on Wednesday, as a “chorus advisers and allies” urges him to hinder and thwart Mueller’s investigation of Russian interference.

The biggest voice to emerge from said chorus? That of Trump’s former chief strategist, Steve Bannon, who said he told White House officials that the president should fire both his lawyer Ty Cobb and Rosenstein to cripple Mueller’s inquiry. According to Bannon, the White House should cease cooperating with Mueller and assert executive privilege to silence aides who might speak with the special counsel, even retroactively, for those who’ve already been interviewed.

In a WaPo interview Bannon said Trump “wasn’t fully briefed by his lawyers on the implications” of not invoking executive privilege and added that it was a “strategic mistake to turn over everything without due process, and executive privilege should be exerted immediately and retroactively.” Bannon also said that Trump’s lawyer Ty Cobb should be fired immediately.

“You have to get rid of Rosenstein, maybe Mueller, and Ty Cobb,” Bannon said. “Get this into the political process. You can’t fight on the Michael Cohen thing every day.”

Later, speaking to Bloomberg, Bannon added that “they crossed the red line by subpoenaing the Trump Organization records and doing the raid on Michael Cohen,” Bannon told Bloomberg News in an interview. “They’re into dark territory now. So let’s make this political, shift this thing back to Capitol Hill, take the moral high ground. Let’s take a delaying action and give voters an up-or-down vote on Trump in November.”

Bannon said believes that invoking executive privilege would hobble the investigation, shifting it back to Congress, and rally Trump’s base voters before crucial midterm elections in November.

It’s not just Bannon: other supporters of the president made their arguments on television. Roger Stone, a sometime Trump confidant, told ABC News on Wednesday that Trump should fire Attorney General Jeff Sessions and Rosenstein. Also on Wednesday, Joe diGenova, an attorney who was nearly added to Trump’s legal team last month, said on Fox News that Sessions should fire Rosenstein.

DiGenova also said that Trump should cease cooperation with the special counsel. He spoke on the Fox News show “Hannity,” a program Trump promoted in a tweet earlier in the evening. “Big show tonight,” he said.

The complains also emerge from within the Beltway as several House Republicans led by Intelligence Committee Chairman Devin Nunes of California blame Rosenstein for withholding a Justice Department document that might have sparked the FBI’s investigation of contacts between Trump’s presidential campaign and the Russian government.

The Justice Department allowed Nunes and other lawmakers to review a slightly redacted version of the document on Wednesday, a move that may have averted an effort by the Republicans to pursue contempt proceedings against Rosenstein and FBI Director Christopher Wray.

As Bloomberg notes, Bannon’s plan illustrates the conflicts swirling around Trump following the search of Cohen’s properties, which infuriated the president and raised speculation he might seek to fire Mueller, Rosenstein or both men.

Separately it also reveals just how split Trump is about the matter, because while congressional Republicans have warned Trump not to act against the Justice Department, many of the rpesident’s closest allies outside the White House are agitating for a more aggressive posture, and fire the responsible parties.

For now Trump has held his fire, although he is clearly listening. In tweets and public statements since the Cohen search, he has assailed Mueller, calling the Russia probe “disgraceful” and an “attack on our country.” Trump has criticized Rosenstein and Sessions as well, who he has suggested deceived and betrayed him by recusing himself from supervising the investigation.

“The fact is Rod Rosenstein has not done his job. He has not supervised Mueller. This whole thing is an absurdity,” former House Speaker Newt Gingrich, another Trump ally, said on Fox News on Wednesday.

To be sure, Rosenstein’s termination is hardly assured, a Bloomberg source familiar with Trump’s discussions said, but rather an idea Trump is mulling given the criticism of the deputy attorney general he has heard from allies, TV commentators and some congressional Republicans.

Some of the more sober of Trump’s top advisers, including White House counsel Don McGahn, are concerned that a move to fire Rosenstein or Mueller could prompt mass resignations at the Justice Department and spark a constitutional crisis, the Post reported.

It is certainly unclear is Trump wants to give the impression he is being swayed by Bannon. Trump fired his former chief advisor last year and their relationship was further damaged by the strategist’s cooperation with a critical book on the president published in January, Michael Wolff’s “Fire and Fury.” Bannon, who helped lead the Trump campaign to victory in 2016, hasn’t spoken with the president about his strategy to cripple Mueller’s inquiry, and he would not name the White House officials he has briefed according to Bloomberg.

After “Fire and Fury” was published, the White House pressured Trump’s allies to sever ties with Bannon. He stepped down as executive chairman of Breitbart News after losing the support of the Mercer family, his closest financial patrons, after Trump spoke with Rebekah Mercer by phone.

Meanwhile, suggesting that Trump is clearly obsessed with the Mueller probe, and what to do with Rosenstein, Trump’s first tweet on Thursday morning was about, who else, Mueller:

If I wanted to fire Robert Mueller in December, as reported by the Failing New York Times, I would have fired him. Just more Fake News from a biased newspaper!

Donald J. Trump

@realDonaldTrump

If I wanted to fire Robert Mueller in December, as reported by the Failing New York Times, I would have fired him. Just more Fake News from a biased newspaper!

end
Mueller plans to proceed without interviewing  Trump
(courtesy zerohedge)

Mueller Plans To Proceed Without Interviewing Trump: NBC

In a uniquely Washingtonian example of irony, NBC News reported Thursday just minutes before the close that Special Counsel Robert Mueller and his team are preparing to move forward with the Russia probe without interviewing the president – an announcement that comes just hours after Trump applauded his legal team’s “engagement” with the special counsel.

As recently as Monday, Trump’s legal team (weakened by the departure of John Dowd and the inability of Joe diGeneva to join because of conflicts) had been hammering out the final details surrounding an interviewwith the Mueller team.

But that reportedly changed after the FBI raided the home, office and hotel room of Trump’s personal lawyer, Michael Cohen. The raid enraged the president, who said they were “a disgrace” and “an attack on our country.”

Trump’s legal team had been lobbying for the interview to last only a few hours. They were also pushing Mueller to agree to write a report within three to four months of the interview – ensuring the investigation would swiftly come to an end.

Mueller

While Trump’s legal team is still in frequent contact with the Mueller team – and one anonymous source cautioned that we should “never say never” (the unofficial motto of the Trump White House – the raid on Cohen “significantly complicated” the ongoing negotiations.

One of NBC’s sources said Mueller’s report on whether Trump obstructed justice is going to focus on Trump’s state of mind when he fired James Comey, his misleading statement about a June 2016 meeting at Trump Tower organized by his son, and his push for Attorney General Jeff Sessions not to recuse himself from supervising the Russia probe.

Sources also said to expect a flurry of activity over the next six weeks leading up to the one year anniversary of Mueller’s appointment as special counsel.

Three sources familiar with the investigation said the findings Mueller has collected on Trump’s attempts to obstruct justice include: His intent for firing former FBI Director James Comey; his role in the crafting of a misleading public statement on the nature of a June 2016 Trump Tower meeting between his son and Russians; Trump’s dangling of pardons before grand jury witnesses who might testify against him; and pressuring Attorney General Jeff Sessions not to recuse himself from the Russia investigation.

Mueller would then likely send a confidential report to Deputy Attorney General Rod Rosenstein, who is overseeing the Russia investigation. Rosenstein could decide whether to make the report public and send its findings to Congress. From there, Congress would then decide whether to begin impeachment proceedings against the president, said two of the sources.

Rosenstein met with the president at the White House on Thursday. A White House official told reporters the meeting was about “routine department business.” A Justice Department spokeswoman said it was part of a scheduled meeting with officials from other agencies as well as DOJ.

The special counsel’s office did not respond for a request for comment on this report.

Since the FBI raid seizing Cohen’s documents and electronics, Trump has soured on the idea of sitting for an interview with Mueller, people familiar with his thinking said. Trump’s lawyers were wary of him agreeing to a sit-down, but in the days before the raid they had started initial preparations for Trump take part in a possible interview in part because the president could overrule their advice, people familiar with the discussions said.

If Trump does ultimately deny Mueller an interview, his legal team is prepared to argue that a sitting president can’t be subpoenaed or indicted. Also, NBC noted that Mueller hasn’t interviewed Mike Pence – and it’s unclear whether he intends to. It’s also unclear who else remains to be interviewed (at this point, we assume Mueller has interviewed everybody even remotely connected to the Trump campaign or administration, and their cat).

END

It remains unclear what market impact a Trump termination of Rosenstein (or Mueller) would have, but it will probably not be favorable.

I will  see you  FRIDAY night

HARVEY

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s

%d bloggers like this: