April 24.2018/THE DOW TANKS!!/GOLD RISES $9.90 TO $1331.30/ SILVER ADVANCES BY 8 CENTS TO $16.72/HUGE GOLD ISSUANCE OF 15,916 DESPITE THE RAID/SILVER EFP ISSUANCE A HUGE: 5413 CONTRACTS/TWO BIG BELLWETHERS ADD DOOM TO THE MARKETS: A HUGE MARKET SUPPLIER TO APPLE FALTERS AND CATERPILLAR/

 

 

GOLD: $1331.30  UP $ 9.90  (COMEX TO COMEX CLOSINGS)

Silver: $16.72 UP 8 CENTS (COMEX TO COMEX CLOSINGS)

Closing access prices:

Gold $1331.00

silver: $16.70

For comex gold:

APRIL/

NUMBER OF NOTICES FILED TODAY FOR APRIL CONTRACT:96 NOTICE(S) FOR 9600 OZ.

TOTAL NOTICES SO FAR 967 FOR 696700 OZ (3.007 tonnes)

ACTUALLY THERE WERE TWO LOTS FILED;  LATE THIS AFTERNOON:  198 AND LATE TONIGHT: 96

THE COMEX IS OUT OF GOLD

For silver:

APRIL

11 NOTICE(S) FILED TODAY FOR

55,000 OZ/

Total number of notices filed so far this month: 477 for 2,385,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: BID $9301/OFFER $9401: up $390(morning)

Bitcoin: BID/ $9409/offer 9509: UP $502  (CLOSING/5 PM)

 

end

First Shanghai gold fix comes at 10 pm est

The second Shanghai gold fix:  2:15 pm

First Shanghai gold fix gold: 10 pm est:  1334.58

NY price  at the same time: 1326.80

PREMIUM TO NY SPOT: $7.00

ss

Second gold fix early this morning:  1334.46

USA gold at the exact same time:  1327.20

PREMIUM TO NY SPOT:  $7.26

AGAIN, SHANGHAI REJECTS NEW YORK PRICING.

WE WILL NOT PROVIDE LONDON FIXES AS THEY ARE NOT ACCURATE AS TO WHAT IS GOING ON AT THE SAME TIME FRAME.

Let us have a look at the data for today

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In silver, the total OPEN INTEREST FELL BY A CONSIDERABLE 6923 CONTRACTS FROM  221,503  FALLING TO 214,580  ACCOMPANYING YESTERDAY’S HUGE  50 CENT LOSS IN SILVER PRICING. AFTER A  STRING OF 4 CONSECUTIVE OI GAINS, WE FINALLY REGISTER TWO CONSECUTIVE DROPS IN OI. HOWEVER WE WERE AGAIN NOTIFIED THAT WE HAD AN HUMONGOUS SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP : 0 EFP CONTRACTS FOR APRIL5220 EFP’S FOR MAY , 193 EFP’S FOR JULY AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE OF 5413 CONTRACTS. WITH THE TRANSFER OF 5413 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 5413 EFP CONTRACTS TRANSLATES INTO 27.065 MILLION OZ  ACCOMPANYING 1.THE FALL IN  SILVER PRICE (50 CENTS) AT THE COMEX AND 2. 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:

62,177 CONTRACTS (FOR 17 TRADING DAYS TOTAL 62,177 CONTRACTS) OR 310.885 MILLION OZ: AVERAGE PER DAY: 3,657 CONTRACTS OR 18.287 MILLION OZ/DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH:  310.885 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 44.41% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S1.028950      BILLION 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 FALL IN COMEX OI SILVER COMEX OF 6923  ACCOMPANYING THE LARGE 50 CENT LOSS IN SILVER PRICE.    THE CME NOTIFIED US THAT WE HAD AN HUMONGOUS  SIZED EFP ISSUANCE OF 5413 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 (SEE COMEX DATA) . FROM THE CME DATA:  0 CONTRACTS WERE ISSUED FOR APRIL, 5220  EFP’S WERE ISSUED  FOR THE  MONTH OF MAY, AND 193 EFP CONTRACTS FOR JULY,   FOR  A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS (TOTAL: 5413). SURPRISINGLY  WITH THE HUGE WHACK YESTERDAY WE LOST ONLY  1510 OI CONTRACTS ON THE TWO EXCHANGES: i.e. 5413 open interest contracts headed for London (EFP’s) TOGETHER WITH AN DECREASE OF 6923  OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE  FALL IN PRICE OF SILVER OF 50 CENTS AND A CLOSING PRICE OF $16.64 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A STRONG 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. 1.073 BILLION TO BE EXACT or 155% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT APRIL MONTH/ THEY FILED: 11 NOTICE(S) FOR 55,000 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  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 RECORD OPEN INTEREST IN SILVER  243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
  4. RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 310.885 MILLION OZ/ (SO FAR)

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  FELL BY 4629 CONTRACTS DOWN TO 510,233 ACCOMPANYING THE FALL IN PRICE/YESTERDAY’S TRADING ( DROP OF $14.00).  WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF APRIL. THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GIGANTIC SIZED 15,916 CONTRACTS :   JUNE SAW THE ISSUANCE OF 15,851 CONTRACTS , MAY SAW THE ISSUANCE OF 0 CONTRACTS  AND AUGUST SAW THE ISSUANCE OF: 65 CONTRACTS (REPORTED LATE YESTERDAY) WITH ALL OTHER MONTHS ZERO.  The new OI for the gold complex rests at 510,233. 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 LARGE SIZED  OI GAIN IN CONTRACTS ON THE TWO EXCHANGES: 4629 OI CONTRACTS DECREASED AT THE COMEX AND AN GIGANTIC SIZED 15,916 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.THUS  TOTAL OI GAIN: 11,287 CONTRACTS OR 1,128,700 OZ = 35.107 TONNES.

YESTERDAY, WE HAD 11,451  EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF APRIL : 191,803 CONTRACTS OR 191,80,300  OZ OR 596.58 TONNES (17 TRADING DAYS AND THUS AVERAGING: 11,282 EFP CONTRACTS PER TRADING DAY OR 1,128,200 OZ/ TRADING DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS :   SO FAR THIS MONTH IN 17 TRADING DAYS IN  TONNES: 596.58 TONNES

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

THUS EFP TRANSFERS REPRESENTS 596.58/2550 x 100% TONNES =  23.39% 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 2,642.005*  TONNES   *SURPASSED ANNUAL PROD’N

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  DECREASE IN OI AT THE COMEX OF 4629 WITH THE FALL IN PRICE // GOLD TRADING YESTERDAY ($14.00 DROP). WE ALSO HAD A GIGANTIC SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 15,916 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 11,451 EFP CONTRACTS ISSUED, WE HAD A STRONG SIZED NET GAIN OF 12,757 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES: 

15,916 CONTRACTS MOVE TO LONDON AND 4619 CONTRACTS DECREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 35.107 TONNES).

we had:96 notice(s) filed upon for 9600 oz of gold at the comex.

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

GLD

WITH GOLD UP  $9.90 :  WE HAD NO  CHANGES IN GOLD INVENTORY AT THE GLD/

Inventory rests tonight: 865.89 tonnes.

SLV/

WITH SILVER UP 8 CENTS TODAY: ANOTHER HUGE  CHANGE/SOMETHING SPOOKED THE CROOKS: A DEPOSIT OF 1.601 MILLION OZ

/INVENTORY RESTS AT 316.899 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 6923 CONTRACTS from 221,503 UP TO 214,580 (AND CLOSER TO THE  NEW COMEX RECORD SET /APRIL 9/2017 AT 243,411). 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. AFTER WE HAVE HAD FOUR CONSECUTIVE OI GAINS WE FINALLY HAVE TWO  CONSECUTIVE OI DROPS.  HOWEVER OUR BANKERS ALSO USED THEIR EMERGENCY PROCEDURE TO ISSUE: 0 EFP CONTRACTS FOR APRIL, 5220 EFP CONTRACTS FOR MAY  (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM), AND 193 EFP’S FOR JULY AND ALL OTHER MONTHS ZERO. TOTAL EFP ISSUANCE:  5413 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  OI LOSS AT THE COMEX OF 6923 CONTRACTS TO THE 5413 OI TRANSFERRED TO LONDON THROUGH EFP’S, SURPRISINGLY WE OBTAIN A LOSS OF 1510 OPEN INTEREST CONTRACTS.  THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES:  7.55 MILLION OZ!!! AND THIS OCCURRED DESPITE A HUGE  FALL IN PRICE OF 50 CENTS.  THE BANKERS ORCHESTRATED THEIR RAID YESTERDAY TO DESPERATELY TRY AND PARE THEIR GIGANTIC OPEN INTEREST SHORT ON BOTH EXCHANGES BUT TO NO AVAIL: ON A NET BASIS NOBODY LET THE SILVER ARENA.   

RESULT: A GOOD SIZED DECREASE IN SILVER OI AT THE COMEX ACCOMPANYING THE  FALL IN SILVER PRICING / YESTERDAY (50 CENTS/) . BUT WE ALSO HAD ANOTHER HUMONGOUS SIZED 5413 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)TUESDAY MORNING/MONDAY NIGHT: Shanghai closed UP 60.92 POINTS OR 1.99%  /Hang Sang CLOSED UP 381.94 POINTS OR 1.26%   / The Nikkei closed UP 190.08 POINTS OR 0.86%/Australia’s all ordinaires CLOSED UP .56% /Chinese yuan (ONSHORE) closed UP at 6.3070/Oil UP to 69,07 dollars per barrel for WTI and 74.73 for Brent. Stocks in Europe OPENED MIXED.   ONSHORE YUAN CLOSED UP AT 6.3070 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3068/ONSHORE YUAN TRADING WEAKER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING  WEAKER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW LOOKS LIKE A FULL TRADE WAR IS BEGINNING/

/NORTH KOREA/SOUTH KOREA

 

i)North Korea/

b) REPORT ON JAPAN

3 c CHINA

4. EUROPEAN AFFAIRS

GERMANY

A must read if you want to understand what is going on in Europe.  As i have pointed out the key is the Nord Stream 2 project and that will bring Germany closer to Russia than the USA.

a very important commentary

( Tom Luongo)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)ISRAEL/USAIsrael has a red line with respect to the S 300 defense system which has a range of 120 miles and thus well within the airspace of Lebanon and Israel itself. Russia has stated that it may wish to provide Syria with these S 300 missile defense system.  Israel will no doubt strike to remove this threat.

( zerohedge)

ii)TURKEY/USA/SYRIA

Turkey is upset with the USA in that they are providing 5,000 trucks loaded with weapons to the Kurds in Northern Syria and yet the USA refuses to supply defensive weapons to Turkey. No wonder Turkey wants to repatriate its gold from the Federal Reserve Bank of New York  (FRBNY)

( zerohedge)

iii)IRAN/EUROPE/USA

Iran again threatens trouble for the west if Trump leaves the Nonproliferation treaty

( zerohedge)

 France/Iran/USAiii b)Macron could not break Trump as he states that the Iran deal is insane:

( zerohedge)

6 .GLOBAL ISSUES

i)The following spectacular miss by a key Apple supplier certainly paints a picture for 1) i phone demand2) the general state of the global economy:

( zerohedge)

ii)Bellwether Caterpillar, a good indicator of global growth had good earnings but stunned the market as the basically stated that the economy turned on a dime

( zerohedge)

7. OIL ISSUES

Oil drops on Macron’s proposal of a new Iranian deal

( zerohedge)

8. EMERGING MARKET

9. PHYSICAL MARKETS

i)Ted Butler tears into the CFTC chairman
( Ted Butler/CFTC)

ii)The rise in the price of oil is helping save global asset prices according to these two reporters at Bloomberg( Bloomberg/GATA)

iii) FRBNY earmarked gold report

(Harvey)

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

i)Trading this morning:
( zerohedge)
i b)Delayed reaction to the rise of the 10 yr yield to 3%: markets are tanking
(courtesy zerohedge)

ic)AFTERNOON TRADING: THINGS GET UGLY

(courtesy zerohedge)

ii)This morning’s data reports:

a)Hard data Case Shiller home prices are rising at the fastest pace in 4 years and at record highs
(courtesy zerohedge/Case Shiller)

b)Soft data Richmond Fed sinks to a 25 yr lows: it does not look good for the USA economy(courtesy zerohedge)

iii)SWAMP STORIES

a)A deep state operative and friend of Rosenstein will  not recuse himself from the Trump Cohen probe

(courtesy zerohedge)

b)This is interesting:  a former Obama DOJ made a dramatic call to McCabe to quash the Clinton probe

(courtesy zerohedge)

Let us head over to the comex:

The total gold comex open interest  FELL  BY 4629 CONTRACTS DOWN to an OI level 510,233 WITH THE FALL IN THE PRICE OF GOLD ($14.00 LOSS/ 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 HUMONGOUS SIZED  COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. WE HAD 15,851 FOR  JUNE, 0 CONTRACTS ISSUED FOR MAY, 65 EFP CONTRACTS FOR AUGUST AND ZERO FOR ALL OTHER MONTHS:  TOTAL  15,916 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 BASED FORWARD.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 11,287 OI CONTRACTS IN THAT 15,916 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST 4629 COMEX CONTRACTS.

NET GAIN ON THE TWO EXCHANGES: 11,287 contracts OR 1,128,700  OZ OR 35.103 TONNES.

Result: AN DECREASE IN COMEX OPEN INTEREST WITH THE FALL IN PRICE YESTERDAY  (ENDING UP WITH A LOSS OF $14.00)THE  TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES: 11,287 OI CONTRACTS..

We have now entered the  active contract month of APRIL where we LOST 201 contracts LOWERING TO  626 contracts.  We had 198 notices served  yesterday, so we LOST 3  contracts or an additional 300 oz will NOT  stand for delivery in this active delivery month of April AND THESE GUYS MORPHED INTO LONDON BASED FORWARDS.

May saw A LOSS of 117 contracts to stand at 1045. The really big June contract month saw a LOSS of 9084 contracts DOWN to 377,441 contracts.   The next big delivery month after June is August and here the OI ROSE BY 3804 contracts UP to 51,602.

We had 96 notice(s) filed upon today for  9600  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:266,471  contracts

CONFIRMED COMEX VOL. FOR YESTERDAY: 312,630 contracts

comex gold volumes are RISING AGAIN

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

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

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

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And now for the wild silver comex results.

Total silver OI FELL BY A CONSIDERABLE 6923 CONTRACTS FROM 221,503 DOWN TO 214,580 (AND CLOSER TO THE NEW RECORD OI FOR SILVER SET APRIL 9.2018/ 243,411 CONTRACTS)  WITH THE 50 CENT FALL IN SILVER PRICING.  WE ALSO WERE ALSO INFORMED THAT WE HAD A 0 EFP CONTRACTS ISSUED FOR APRIL,  5220 EMERGENCY EFP’S FOR MAY ISSUED BY OUR BANKERS,  AND 193 EFP CONTRACTS ISSUED FOR JULY AND ZERO FOR ALL OTHER MONTHS.  THESE EFPS WERE ISSUED TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  THE TOTAL EFP’S ISSUED: 5413.   ON A NET BASIS WE LOST 1510 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 6923 CONTRACT LOSS AT THE COMEX COMBINING WITH THE ADDITION OF 5,413 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET LOSS  ON THE TWO EXCHANGES:   1510   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 115 contracts FALLING TO 31 contracts.  We had 5 notices filed upon  so in essence we LOST 120 contracts or 600,000 additional ounces of silver will NOT  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 17,874 contracts DOWN to 67,226. June saw a GAIN of 208 contracts to stand at 382.  The next big delivery month for silver is July and here the OI ROSE by 7396 contracts UP to 104,008.

We had 11 notice(s) filed for 55,000 OZ for the APRIL 2018 contract for silver

INITIAL standings for APRIL/GOLD

APRIL 24/2018.

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
96 notice(s)
 9600 OZ
No of oz to be served (notices)
530 contracts
(53,000 oz)
Total monthly oz gold served (contracts) so far this month
967 notices
96700 OZ
3.007 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 5 small entries for gold and they were all of the “kilobars” variety
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:
 i
total customer withdrawals:  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  96 contract(s) of which 95 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.

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To calculate the INITIAL total number of gold ounces standing for the APRIL. contract month, we take the total number of notices filed so far for the month (967) x 100 oz or 96700 oz, to which we add the difference between the open interest for the front month of APRIL. (626 contracts) minus the number of notices served upon today (96 x 100 oz per contract) equals 149,700 oz, the number of ounces standing in this active month of APRIL (4.656 tonnes)

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

No of notices served (967 x 100 oz or ounces + {(626)OI for the front month minus the number of notices served upon today (96 x 100 oz )which equals 149,700 oz standing in this  active delivery month of APRIL . THERE IS 12.003 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.

WE LOST 3 COMEX OI CONTRACTS OR 300 OZ OF GOLD WILL STAND

total registered or dealer gold:  386.220.357 oz or 12.013 tonnes
total registered and eligible (customer) gold;   9,049,756.666 oz 281.48 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 73 NET TONNES HAS LEFT THE COMEX.

end

And now for silver

AND NOW THE APRIL DELIVERY MONTH

APRIL INITIAL standings/SILVER

APRIL 24/ 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
 703,334.924  oz
Brinks
Delaware
CNT
HSBC
SCOTIA
Deposits to the Dealer Inventory
nil
oz
Deposits to the Customer Inventory
  nil oz
No of oz served today (contracts)
11
CONTRACT(S)
(55,000 OZ)
No of oz to be served (notices)
20 contracts
(100,000 oz)
Total monthly oz silver served (contracts) 477 contracts

(2,385,000 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 0 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) everybody else: OZ

total deposits today: nil  oz

we had 5 withdrawals from the customer account;

i) out of Brinks: 2000.35 oz

ii) Out of Delaware:  1001.00 oz

iii) Out of CNT 615,084.157 oz

iv) Out of HSBC: 20,014.380

v) Out of Scotia:  65,235.037 oz

total withdrawals;  703,334.924  oz

we had 0 adjustment

total dealer silver:  62.576 million

total dealer + customer silver:  261.751 million oz

The total number of notices filed today for the APRIL. contract month is represented by 11 contract(s) FOR 55,000 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 477 x 5,000 oz = 2,385,000 oz to which we add the difference between the open interest for the front month of April. (31) and the number of notices served upon today (11 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the APRIL contract month: 477(notices served so far)x 5000 oz + OI for front month of April(31) -number of notices served upon today (11)x 5000 oz equals 2,485,000 oz of silver standing for the April contract month 

WE LOST 120  SILVER CONTRACT OR 600,000 ADDITIONAL OUNCES WILL NOT STAND IN THIS NON ACTIVE DELIVERY MONTH OF APRIL AND THESE GUYS GAVE UP AT THE COMEX AND TRAVELED TO LONDON IN AN ATTEMPT TO OBTAIN METAL. 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

CRIMINALS!!

ESTIMATED VOLUME FOR TODAY: 163,430 CONTRACTS (WOW)  817 MILLION OZ OR 116% OF ANNUAL PRODUCTION.

CONFIRMED VOLUME FOR YESTERDAY: 206,603 CONTRACTS (my goodness)

YESTERDAY’S CONFIRMED VOLUME OF  206,603 CONTRACTS EQUATES TO 1,033 MILLION OZ (1.033 billion oz) OR 148% OF ANNUAL GLOBAL PRODUCTION OF SILVER

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

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

end

NPV for Sprott 

1. Sprott silver fund (PSLV): NAV FALLS TO -2.22% (APRIL 24/2018)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.51% to NAV (APRIL 24/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -2.22%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.51%/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 -2.12%: NAV 13.77/TRADING 13.47//DISCOUNT 2.12.

END

And now the Gold inventory at the GLD/

APRIL 24./WITH GOLD UP $9.90, WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES/

APRIL 23.2018/WITH GOLD DOWN $14.00/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES.

APRIL 20/WITH GOLD DOWN $10.20: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES

APRIL 19/WITH GOLD DOWN $4.25: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES/

APRIL 18/WITH GOLD UP $3.65: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES

APRIL 17/WITH GOLD DOWN $1.00 NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES/

April 16/WITH GOLD UP$2.80/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES/

April 13/WITH GOLD UP $6.15, A HUGE DEPOSIT OF 5.90 TONNES INTO THE GLD INVENTORY/INVENTORY RESTS AT 865.89 TONNES

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 24/2018/ Inventory rests tonight at 865.89 tonnes

*IN LAST 368 TRADING DAYS: 75.15 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 318 TRADING DAYS: A NET 81.15 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.

end

Now the SLV Inventory/

APRIL 24./WITH SILVER UP 8 CENTS/SOMETHING SPOOKED OUR CROOKS TO ADD SOME PAPER SILVER: A DEPOSIT OF 1.601 MILLION OZ/INVENTORY RESTS AT 316.899 MILLION OZ/

APRIL 23.2018/WITH SILVER DOWN 50 CENTS, ANOTHER HUGE WITHDRAWAL FROM THE SLV INVENTORY: A WITHDRAWAL OF 1.413 MILLION OZ/INVENTORY RESTS AT 315.298 MILLION OZ.

APRIL 20/WITH SILVER DOWN 11 CENTS: ANOTHER HUGE CHANGE IN SILVER INVENTORY: A WITHDRAWAL OF 1.13 MILLION OZ//SLV RESTS TONIGHT AT 316.711 MILLION OZ/

APRIL 19/WITH SILVER UP 3 CENTS TODAY: WE HAD A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.355 MILLION OZ/ MAKES ABSOLUTELY NO SENSE!!/INVENTORY RESTS AT 317.841 MILLION OZ

APRIL 18/WITH SILVER UP 44 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ

APRIL 17/WITH SILVER UP 10 CENTS TODAY/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS  AT 320.196 MILLION OZ

April 16/WITH SILVER UP 7 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ/

April 13/WITH SILVER UP 17 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ.

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 24/2018:  A BIG  CHANGE IN SILVER INVENTORY:  A DEPOSIT OF 1.601 MILLION OZ 

Inventory 316.899 million oz

end

6 Month MM GOFO 2.01/ and libor 6 month duration 2.52

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

G0FO+ 2.01%

libor 2.52 FOR 6 MONTHS/

GOLD LENDING RATE: .51%

XXXXXXXX

12 Month MM GOFO
+ 2.77%

LIBOR FOR 12 MONTH DURATION: 2.48

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.29

end

Major gold/silver trading /commentaries for TUESDAY

GOLDCORE/BLOG/MARK O’BYRNE.

GOLD/SILVER

Russia Buys 300,000 Ounces Of Gold In March – Nears 2,000 Tons In Gold Reserves

– Russia buys 300,000 ounces of gold in March and nears 2,000t in gold reserves
– Russia now holds just over 1,861 tonnes, more than officially reported by China at 1,842t
– Both Russia and China have the power to destabilise US dollar by dumping dollar-denominated assets
– Turkey has removed all gold held in the U.S. opting for Bank of England and BIS 
– Turkey follows trend set by both Germany, Netherlands and others to remove gold reserves stored in the United States
– Central bank decisions regarding gold reserves are examples of countries becoming nervous about the outlook for the dollar under the Trump administration

Russia bought another 300,000 troy ounces of gold in March bringing Russia’s total gold reserves to 1,861 tonnes or 60.8 million troy ounces as of the start of April, the central bank announced loudly at the weekend.

The continuing robust and steady accumulation of gold reserves continues and it was notable how Russian media channels loudly (more loudly than usual it seemed with many outlets covering) pronounced the continuing diversification into gold bullion by the Russian central bank. It suggests that gold is being used as a bulwark to protect Russia from the stealth financial, trade and currency wars which appear to be deepening.

Russia is not the only country diversifying into gold and many other countries are doing so as they seek to protect themselves from the coming devaluation of the US dollar and U.S. dollar hegemony. This is evidenced both by gold purchases and also in many strategic decisions regarding the storage of national gold reserves.

While Russia was adding to its gold reserves, taking it above China’s holdings, Russia’s new ally Turkey was busy removing all gold bullion reserves held in the United States.

Both are clear moves against US dollar hegemony. Gold reserve changes combined with the news that Russia and China have agreed to settle some trades in ruble and yuan is a clear step that the world’s super powers are looking to reduce dependence on the US dollar and the increasing move away from the US dollar as global reserve currency.

Whilst it can be difficult to look past the Western media rhetoric regarding the likes of Russia, Turkey and China, there are lessons to be learnt by the everyday investor and saver.

These moves have also been seen by western nations such as the Netherlands and Germany who recently made the decision to bring some (if not all) of their reserves back to Europe.

The Gold Mission 

Putin has long been on a mission to build up the country’s gold reserves after previous Russian governments ran the country’s reserves down to less than 300 tonnes.

The current president has made it clear that the country should be holding gold, rather than US dollars. For many years, the Russian central bank has consistently bought gold, driven by Putin’s believe in the financial sovereignty offered by gold and its protection against geopolitical and economic risks.

“Under the instruction by President Putin, the Bank of Russia has been implementing the program of increasing the absolute share of gold in the gold and currency reserves of Russia for many years.”
First Deputy Chairman of the Russian regulator Sergey Shvetsov

Putin first came to power in 2000 and since then the country has had more months than not, when it has purchased gold bullion. A large jump in reserves was seen in 2014 after Western sanctions were imposed and Russia has been the world’s largest gold buyer ever since. It is now the fifth largest gold holder after the United States, Germany, Italy, and France.

Russia is also the third largest producer of the precious metal. As a result, the majority of its purchases are locally sourced, giving the country an additional edge when it comes to protecting its finances. This is something that China is also wise to. It does not allow the export of any gold mined in the country, further evidence of the desire to protect the country’s financial system and economy and position the yuan as an alternative to the dollar in the long term.

Listen on SoundCloud , Blubrry & iTunesWatch on YouTube below

The golden noose?

The build-up of gold reserves by non-Western countries is something which could end up tipping the scales of the global order.

Many believe that should bad relations continue between the US and these nations then US-denominated assets currently held in forex holdings by the relevant central banks, could be dumped for alternatives. Nations may opt to diversify into the Chinese yuan (in the case of Russia) but also gold. Most likely it would just take either Russia or China to do this, before many others followed suit.

We know from recent comments by the likes of Erdogan and Putin that this is a possibility not far from their minds:

“With the dollar the world is always under exchange rate pressure. We should save states and nations from this exchange rate pressure. Gold has never been a tool of oppression throughout history.”  Turkish PM Erdogan, April 2018

At the same conference Erdogan explained how he was pushing for international loans to no longer be made in dollars, but instead gold:

“I made a suggestion at a G20 meeting. I asked: Why do we make all loans in dollars? Let’s use another currency. I suggest that the loans should be made based on gold.”

When loans are made in dollars, the debtor is instantly taken hostage by the issuing central banks’ policies. The central bank determines the price of dollar through monetary policy and it’s value thanks to currency printing. Were loans to be issued in gold these huge counter party pressures would no longer be a feature of the largely dollar based debt-system.

Hands off our gold

China for many years has made it clear that gold purchased in China is to stay in China. Russia and Turkey are of the same belief.

The news broke last month that Erdogan’s central bank had decided to call back its gold reserves held in the United States. There were reportedly 220 tonnes stored in the country. The move was followed by the country’s largest private banks also moving their gold from the country. One example was Halk Bankasi bank  which transferred 29 tons of gold back to Turkey

The decision followed Erdogan’s call to “to get rid of exchange rate’s pressure and to use gold against the dollar.”

Speaking to RT about Turkey’s decision to repatriate its gold from the US Federal Reserve, Anatoly Aksakov (chairman of the State Duma Committee on Financial Markets) said: “We do not have a gold reserve in the US, we have only Forex (foreign exchange) reserves abroadNo one can lay hands on our gold.

By removing gold from one jurisdiction to another you are making one very loud and political statement – we can look after our gold and we don’t want you anywhere near it.

Decisions by both western and non western countries to repatriate their gold tells the US that they will no longer have power over their foreign reserves and that they do not trust them to look after them.

Conclusion – Be your own central bank and take delivery or own in safest vaults, in safest jurisdictions in the world

Russia and increasingly Turkey and China are countries that are increasingly seen as threats to the West, in one form or another. As a result various measures have been taken against them to make international trade and negotiations very difficult.

Whether through sanctions or trade tariffs countries are beginning to really feel the weight of the US and its allies’ powers. As a result, they are using gold to protect themselves and to protect their foreign exchange reserves and hard earned national savings.

Investors can learn something here. Fiat currencies will always have a counterparty that is far more powerful than the saver or pension holder. There is rarely little interest by the fiat issuer to take note of how it’s currency management is affecting the individual’s savings and investments.

Gold removes this risk. Central banks are unable to impact the supply or holding of physical gold that an investor holds legal title to and stores in a safe jurisdiction.

The likes of Russia, Turkey and China recognise the financial independence holding gold bullion can bring, they also understand the importance of storing it at a location that cannot be compromised by western sanctions, central bank screw-ups, political targeting and nationalisation of gold assets and gold companies.

Investors should follow suit and act as their own central bank. Prepare financially by having a sensible allocation to physical gold so that it is protected from central banks massive monetary experiment that risks destroying all hard earned wealth.

Gold also serves to protect in times of heightened geopolitical risk, terrorism and war. Follow the same steps as these aforementioned countries – own physical gold, store in a safe jurisdiction and ensure you have legal title to your bullion through allocated and segregated bullion ownership.

Listen on SoundCloud , Blubrry & iTunesWatch on YouTube below

Recommended reading

Gold Bullion Is “100% Guarantee from Legal and Political Risks” – Russia

Turkey, Gold and the End of US Dollar Hegemony

China, Russia Alliance Deepens Against American Overstretch

News and Commentary

Gold steady but buoyant dollar, Treasury yields weigh (Reuters.com)

U.S. existing home sales rise; inventory remains tight (Reuters.com)

Trade war negative for economy says Fed’s Williams: El Pais (Reuters.com)

After Weeks of Chaos, U.S. Throws Aluminum Industry Lifeline (Bloomberg.com)

Deutsche Bank’s Bad News Gets Worse With $35 Billion Flub (Bloomberg.com)


Image source: US Investors

Trump Stress-Tests the World Economy (Bloomberg.com)

Oil Rises on Flaring Geopolitical Risks and Shrinking Stockpiles (Bloomberg.com)

The Pension Crisis Gets A Catchy Name: “Silver Tsunami” (DollarCollapse.com)

SWOT Analysis: Hindu Celebration Could Push Gold Price Higher By 10 Percent (GoldSeek.com)

ECB Capitulates On Defusing Eurozone’s “$1 Trillion Ticking Time Bomb” (ZeroHedge.com)

Listen on SoundCloud , Blubrry & iTunesWatch on YouTube below

Gold Prices (LBMA AM)

23 Apr: USD 1,328.00, GBP 950.45 & EUR 1,085.64 per ounce
20 Apr: USD 1,340.15, GBP 953.52 & EUR 1,089.14 per ounce
19 Apr: USD 1,347.90, GBP 950.54 & EUR 1,090.59 per ounce
18 Apr: USD 1,346.55, GBP 949.59 & EUR 1,088.95 per ounce
17 Apr: USD 1,342.95, GBP 937.24 & EUR 1,084.57 per ounce
16 Apr: USD 1,344.40, GBP 941.21 & EUR 1,087.62 per ounce

Silver Prices (LBMA)

23 Apr: USD 16.94, GBP 12.14 & EUR 13.85 per ounce
20 Apr: USD 17.11, GBP 12.15 & EUR 13.91 per ounce
19 Apr: USD 17.20, GBP 12.09 & EUR 13.91 per ounce
18 Apr: USD 16.95, GBP 11.93 & EUR 13.70 per ounce
17 Apr: USD 16.63, GBP 11.60 & EUR 13.44 per ounce
16 Apr: USD 16.60, GBP 11.61 & EUR 13.42 per ounce


Recent Market Updates

– Family Offices and HNWs Invest In Gold Again
– New All Time Record Highs For Gold In 2019
– Palladium Bullion Surges 17% In 9 Days On Russian Supply Concerns
– Silver Bullion Remains Good Value On Positive Supply And Demand Factors
– London House Prices See Fastest Quarterly Fall Since 2009 Crisis
– Global Debt Bubble Hits New All Time High – One Quadrillion Reasons To Buy Gold
– Oil Surges Over 8%, Gold and Silver Marginally Higher, Stocks Gain In Volatile Week
– EU and Euro Exposed To Risks Including Trade Wars and War With Russia In Middle East
– Trump Tweets Russia “Get Ready” For Missiles In Syria – Gold, Oil Rise and Stocks Fall
– Private: EU and Euro Exposed To Trade Wars, Energy Dependence, Anti-EU and Anti-Euro Movements
– 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’

Mark O’Byrne

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

_________________
___________________________________________________________________

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

 

i) Chinese yuan vs USA dollar/CLOSED UP 6.3070  /shanghai bourse CLOSED DOWN 60.92 POINTS OR 1.99%   / HANG SANG CLOSED UP 381.84 POINTS OR 1.26%
2. Nikkei closed UP 190.08 POINTS OR 0.86%/  /USA: YEN RISES TO 108.81/  

3. Europe stocks OPENED RED/MIXED     /USA dollar index FALLS TO 90.88/Euro RISES TO 1.2213

3b Japan 10 year bond yield: FALLS TO . +.058/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.81/ 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:: 69.03  and Brent: 74.73

3f Gold UP/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 RISES TO +.631%/Italian 10 yr bond yield UP to 1.801% /SPAIN 10 YR BOND YIELD UP TO 1.3181%

3j Greek 10 year bond yield FALLS TO : 4.006?????????????????

3k Gold at $1326.05 silver at:16.64     7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 21/100 in roubles/dollar) 61/66

3m oil into the 69 dollar handle for WTI and 74 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 108.81 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 0.9777 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1943 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 +0.625%

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 2.9677% early this morning (THIS IS DEADLY TO ALL MARKETS). Thirty year rate at 3.1344% /

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

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

Global Stocks Jump As Treasuries Rebound; China Surges On PBOC Easing Rumors

If the big story yesterday was the surge in 10Y TSY yields to just shy of 3.00% (2.996% to be precise), then it is only reasonable that the failure of the 10Y yield to rise above 3.00% overnight is today’s “big story”, and indeed as shown in the chart below, US benchmark treasuries edged higher, leading most European government bonds, as traders hit pause on the rates selloff amid extremely oversold conditions.

The U.S. yield spike story has been a theme for the last 24 hours but we don’t expect a sharp surge as the U.S. continues to be in a late economic cycle,” said Danske Bank FX strategist Christin Tuxen.

Recall that just as investors are curious what happens once yields breach 3.00%, so they want to know how low they could drop if the 10Y fails to penetrate the key level for the 2nd time in 2 months, a question which Morgan Stanley yesterday answered, saying the next stop could be a reversal back to 2.70%. And while we wait to see what happens next, the Treasury curve flattened slightly as the 2-year sector underperformed ahead of today’s supply.

Traders have been weighing the implications of climbing bond yields that were in part spurred by higher commodity prices and concern surrounding their inflationary impact on the wider economy. But, as noted yesterday, so far the volatility in interest-rate markets remains low and equity price swings are well off the highs seen earlier this year, indicating investors believe rising borrowing costs may not be enough to cause outsized pain to equities, for now.

“For us it’s more the reasons why we’re seeing the move: better growth outlook, a little bit more inflation and faster rate hikes being priced in by the market,” Kerry Craig, a JPM Asset Mgmt strategist told Bloomberg TV. “It should be reaffirming the fact that we see a global economy that’s looking relatively healthy.”

The bid for bonds, together with strong earnings from Google overnight, helped restore risk sentiment, and global equity markets steadied overnight, with European stocks climbing following gains for most Asian markets as the earnings season picked up steam while Chinese equities soared (Shanghai Comp +2%) following an overnight report from the China Securities Journal that liquidity tensions in China may ease while fiscal spending will increase this week; speculation of further easing from Beijing re-emerged with subsequent similar reports of RRR cuts follow in European morning.

After hugging the flatline, US equity futures enjoyed a burst of buying as Europe came online, sending the E-Mini to session highs, up 0.6%, or 16.00 points, to 2,687, and above yesterday’s highs.

Meanwhile, WTI oil, which according to many has been a key driver behind the move in both bonds and FX, continued grinding higher, rising above $69 overnight, the highest price since late 2014. Still, keep in mind that just as the oil surge propelled risk, and inflation sentiment, so a sharp spike in oil from here could lead to renewed market volatility according to Deutsche Bank.

“It is this move higher in crude oil prices, along with the rise in demand, that is helping fuel the recent rise in yields as well as the positive tone for equity markets,” said Michael Hewson, chief market analyst at CMC Markets in London. “However if it continues too far we could start to see it act as a drag on equity markets, if prices along with yields start to move even higher.”

After yesterday’s furious short squeeze which sent the dollar soaring the most since the election, the USD steadied in the last few hours as traders focused on whether take-profit interest will emerge after the latest gains or macro bids are enough to support the rally. As a result, the dollar was little changed at about its highest level since January.

Meanwhile, the yen decline continued, helping spur Japan’s Topix index to the highest in almost two months; similarly in Europe, the EUR dropped below the 1.22 handle as positioning ahead of the ECB meeting favors downside exposure, while the pound briefly slipped to a fresh one-month low.  Australia’s dollar was sold in a knee-jerk reaction to a headline inflation miss before erasing declines as investors were encouraged by the improvement in the core measure, while the New Zealand dollar fell against all Group-of-10 peers after leveraged funds liquidated long positions. Still, don’t read too much into today’s moves as volumes are below Monday already depressed levels in the FX market.

Looking at equity markets, European stocks opened broadly higher with blue-chip stock markets in London and Frankfurt 0.3 percent higher. Markets brushed off further signs that Europe’s biggest economy Germany is losing some of its momentum, with the Ifo business climate index falling in April to 102.1 from 114.7, missing estimates of 102.6. SAP, Europe’s largest tech company by stock market valuation, announced upbeat results in the seasonally tough first quarter. However, Chipmaker AMS reported first-quarter sales towards the lower end of its guidance range on Monday and warned of a downturn owing to weaker orders from one of its main customers.

Earlier, Chinese stocks lead Asian indexes higher after Monday’s Politburo meeting and state-backed newspaper commentary signaled liquidity conditions will improve; Shanghai Composite rose 2%, with H shares 1.9% higher.  As noted above, China roared higher amid press reports that China has further room to cut RRR and is likely to ease liquidity tension this week.

The MSCI Asia Pacific index advanced 0.4%, with Rusal shares rising by around 30% in Hong Kong on hopes of sanction relief, while the blue-chip energy and property names led the upside in the Hang Seng. Still, there remained pressure on technology shares in Asia after a slew of companies reported disappointing earnings. The Philadelphia Semiconductor Index is down more than 7 percent over the past four days.

In commodities, aluminum extended its biggest slump since 2005 after slumping 7% on Monday when the U.S. Treasury Department signaled it may lift United Co. Rusal sanctions if Oleg Deripaska divests control of the company.  Three-month aluminum on the London Metal Exchange CMAL3 last stood at $2,255 per tonne. Rusal shares in Hong Kong posted their biggest-ever gain. AS noted above, West Texas oil rose above $69 a barrel amid flaring geopolitical tensions in the Middle East and expectations for a decline in U.S. crude stockpiles.

On today’s calendar, we have data on new home sales, Case Shiller home prices, and Conference Board consumer confidence index. Amgen, Biogen, Caterpillar, Coca-Cola, Eli Lilly, Lockheed Martin, NextEra Energy, and Verizon are reporting earnings

Bulletin Headline Summary from RanSquawk

  • European equities opened on the backfoot, but have seen more choppy trade since (Eurostoxx 50 flat) amid relatively light newsflow thus far
  • DXY has cleared another key upside technical level amidst more widespread Dollar gains and has also eclipsed 91.000.
  • Looking ahead, highlights include, US consumer confidence, housing data, APIs, and a slew of speakers

Market Snapshot

  • S&P 500 futures up 0.6% to 2,687.00
  • STOXX Europe 600 up 0.2% to 383.94
  • MSCI Asia up 0.4% to 173.37
  • MSCI Asia ex Japan up 0.2% to 563.99
  • Nikkei up 0.9% to 22,278.12
  • Topix up 1.1% to 1,769.75
  • Hang Seng Index up 1.3% to 30,636.24
  • Shanghai Composite up 2% to 3,128.93
  • Sensex up 0.4% to 34,591.49
  • Australia S&P/ASX 200 up 0.6% to 5,921.55
  • Kospi down 0.4% to 2,464.14
  • German 10Y yield fell 2.1 bps to 0.615%
  • Euro down 0.1% to $1.2197
  • Italian 10Y yield rose 1.6 bps to 1.54%
  • Spanish 10Y yield fell 0.9 bps to 1.304%
  • Brent futures up 0.2% to $74.87/bbl
  • Gold spot up 0.2% to $1,327.60
  • U.S. Dollar Index little changed at 90.95

Top Overnight News

  • German Chancellor Angela Merkel is traveling to the U.S. this week to meet President Donald Trump in an effort to prevent trade war
  • German business confidence continued to slide in April as companies’ qualms over a potential trade war coincided with economic data signaling the country’s growth momentum may have peaked
  • U.S. Treasury threw a potential lifeline to United Company Rusal by making clear it’s not pushing for the company’s collapse. Treasury Secretary Mnuchin said it was considering a request to lift the sanctions against the company
  • Australia’s consumer prices rose less than forecast in the first quarter, suggesting the central bank will keep rates on hold
  • Oil extended gains toward $69 a barrel as tensions in the Middle East flared up and U.S. crude stockpiles were seen falling a second week. Saudi Arabia intercepted ballistic missiles fired by Iran-backed Houthis in Yemen
  • Germany wants to help U.K. banks get access to the European market after Brexit, but would need Britain to make concessions, according to a person familiar with the German government’s position
  • Pound’s resurgence in recent months may affect the Bank of England’s outlook for price gains in next month’s Inflation Report, complicating the case for an immediate rate hike
  • Britain was in surplus on its day-to-day budget for the first full fiscal year since the early 2000s, a milestone that is almost certain to revive calls for an end to austerity
  • An unprecedented downgrade of Poland’s investment growth is forcing a reassessment of the European Union’s largest eastern economy, with the amended data showing last year actually ended on a slight slowdown
  • Takeda Pharmaceutical Co. is nearing a preliminary agreement to acquire Shire Plc after the Japanese drugmaker sweetened its roughly $60 billion bid for the biotechnology behemoth, according to people with knowledge of the matter

Asia-Pac stock markets were mostly in the green with an improvement in tone seen in comparison to the lacklustre performance on Wall St where rising yields and declines in basic materials dampened sentiment. ASX 200 (+0.6%) and Nikkei 225 (+0.9%) traded positive with Australia supported by gains in financials and energy names, while Japanese exporters benefited from a weaker JPY. Elsewhere, Shanghai Comp. (+0.9%) and Hang Seng (+1.3%) outperformed after a mild net liquidity injection by the PBoC, as well as press reports that China has further room to cut RRR and is likely to ease liquidity tension this week. Furthermore, Rusal shares rose by around 30% in Hong Kong on hopes of sanction relief, while the blue-chip energy and property names led the upside in the Hang Seng. Finally, 10yr JGBs were relatively uneventful with demand subdued amid the improvement in risk appetite, although downside was also limited as USTs nursed losses and following a relatively uneventful 2yr auction. China has additional room to reduce RRR and repay maturing Medium-term Lending Facility loans, while it is also likely to ease liquidity tension during the week, according to reports. (China Securities Journal)

Top Asian News

  • Singapore’s Shelved IPOs Pile Up as Summit, Qualitas Struggle
  • China Concerned Trade and Debt Risk May Curb Economic Growth
  • Saudis Said to Delay Bourse IPO on Hope MSCI Will Lift Valuation
  • Hong Kong Approves Dual-Class Shares, Paving Way for Tech Titans

European equities opened on the backfoot, but have seen rebounded in the green amid relatively light newsflow thus far. Looking at the sectors, energy names are outperforming amid the rise in oil prices. Telecom names lag behind with Telenor (-2.5%) weighing on the sector following weak earnings. In terms of stock specifics, William Hill (-14.0%) are at the foot of the Stoxx 600 after reports that UK Chancellor Hammond has accepted the proposal for GBP 2 fixed-odd betting terminals limit. Semi-conductor names took a hit following earnings from AMS (-9.0%) with Dialog Semiconductors (-6.0%) and STMicroelectronics (-1.6%) lower in sympathy. On the flip side SAP (+3.2%) shares are higher post-earnings while BP (+1.4%) shares are fuelled by an upgrade at Goldman Sachs.

Top European News

  • Stronger Pound May Give BOE Hawks Further Pause for Thought
  • German Business Confidence Extends Drop as Economic Data Weakens
  • U.K. Balances Day-to-Day Budget for First Time Since 2001-02
  • Mercedes Tests Billionaires’ Appetite for Maybach With Crossover

In FX, the DXY index cleared another key upside technical level amidst more widespread Dollar gains and has also eclipsed 91.000 to expose fair resistance around 91.526 ahead of a stronger chart hurdle circa 91.751. NZD/AUD: The Kiwi has really taken fright amidst the latest Usd leg-up, but also as cross flows vs its antipodean neighbour weigh heavily. Nzd/Usd is hovering precariously just above 0.7100, while Aud/Nzd is only a few pips below 1.0700 after accelerated buying (stops and orders) on a break of 1.0660. However, Aud/Usd has breached a major downside equality level at 0.7611 after mixed/soft Aussie inflation overnight. EUR/JPY/CHF:  All pivoting or skirting key/psychological/big figure levels vs the Greenback, with Eur/Usd currently bang on 1.2200 after a slip below on soft German Ifo indices, but finding some underlying support around Monday’s low and just ahead of a 1.2173 Fib. Note, 1.1 bn option expiries at the figure and the 100 DMA at 1.2210 may also cap the upside. Usd/Jpy is edging closer towards 109.00 and its 100 DMA just a pip above, while Usd/Chf is not far from 0.9800. CAD/GBP: Relative ‘outperformers’ among the G10 community, but still weak overall vs the Usd and well off recent peaks, as Usd/Cad  dips back below 1.2850 and Cable holds above the top of a support band extending from 1.3920-1.3890.

In commodities, Oil has maintained the climb seen on Monday with the Brent front month contract hitting USD  75.27, its highest level since late 2014, following suggestions that the US may still entertain the possibility of exiting the Iran nuclear deal. Gold is uneventful, with the yellow metal remaining around the USD 1326.50/oz level, as safe-haven demand fades. In the metals complex, aluminium saw a fall following an announcement from the US of deadline extensions for Rusal, whilst Dalian iron ore prices recovered from early pressure overnight triggered by a slump in Shanghai aluminium at the open.

Looking at the day ahead, France confidence indicators for April, the IFO survey in Germany for April and March UK public sector net borrowing data and April CBI business optimism data are due. In the US, the most significant release is the April consumer confidence print, while March new home sales, February S&P/ Core Logic home prices and April Richmond Fed PMI are also due. Away from the data the BOE’s Woods, Cleland and ECB’s Villeroy are due to speak, while French President Macron and US President Trump are due to meet. The main earnings highlights are Caterpillar, Verizon and Coca-Cola.

US Event Calendar

  • 9am: FHFA House Price Index MoM, est. 0.6%, prior 0.8%
  • 9am: S&P Case Shiller 20-City MoM SA, est. 0.68%, prior 0.75%; YoY NSA, est. 6.35%, prior 6.4%
  • 10am: Conf. Board Expectations, prior 106.2
  • 10am: New Home Sales MoM, est. 1.94%, prior -0.6%; New Home Sales, est. 630,000, prior 618,000
  • 10am: Richmond Fed Manufact. Index, est. 16, prior 15
  • 10am: Conf. Board Consumer Confidence, est. 126, prior 127.7; Present Situation, prior 159.9

DB’s Jim Reid concludes the overnight wrap

Off to Stockholm as this hits your inboxes this morning and although it is a beautiful city I can’t help but wish that I was going to be at Anfield tonight for the Champions League semi-final. At least after the quarter final I now know I’ll be able to watch abroad on my iPad!! As the locals ABBA would say…. “the winner takes it all!”

Turning back to our latest credit view update, one of the big themes in it and something we’ve regularly talked about this year is the prospect for higher yields. With yesterday being a fairly quiet day for news-flow – outside of perhaps the latest round of global PMIs (more on that below) – most of the focus was on whether or not we’d break 3% for the US 10y. The morning session saw it pushed to within a whisker of that landmark with the intra-day high of 2.996% made just before 10am BST (versus the close of 2.961% on Friday). Yields largely consolidated after that though (close at 2.976%, +1.5bp) and this morning it’s edged back down to 2.96% although it certainly feels like a case of when rather than if we break 3%. Bond markets in Europe sold-off yesterday following Friday’s weak US bond close and a relief at more stable continental PMIs with yields broadly 2-4bps higher and with 10y Bunds in particular closing +4.6bps higher at 0.634% and the highest since March 9th.

Meanwhile, despite the relationship breaking down from around October last year, the USD was actually a bit  stronger yesterday as Treasury yields moved higher. Indeed the USD index closed +0.70% and at the highest since mid- January. Equity markets were also broadly stronger across the board which seemed to be down to a combination of the PMIs showing no real further signs of deterioration and the news that the US Treasury would provide some sanctions relief for Russia’s Rusal if Oleg Deripaska relinquished control. After the Stoxx 600 closed +0.35% (and +0.72% intraday from the day’s lows) the S&P 500 ended last night virtually flat (+0.01%). The VIX fell for the first time in four days to 16.34 (-3.2%). Equity markets in Russia also closed a bit higher on the news  while LME Aluminium (-7.05%) fell the most in 8 years (albeit still up 16.0% since early April when the sanctions were announced).

This morning in Asia, markets are trading higher. The Hang Seng (+1.0%) and Shanghai. Comp (+1.96%) are rallying, in part as the China Securities Journal noted liquidity tensions in China may ease while fiscal spending will increase this week. Elsewhere, the Nikkei (+0.67%), ASX200 (+0.52%) are both higher while the Kospi is down -0.18%. After the bell in the US, Google was down -0.4% after reporting higher than expected revenue growth in the quarter.

With regards to those PMIs out yesterday, for the Eurozone the flash composite print of 55.2 for April was unchanged relative to the prior month but a small beat relative to the consensus estimate of 54.8. This was driven by an upside surprise in the services sector where the 55.0 (+0.1 from March) reading compared to the consensus of 54.8. The manufacturing reading on the other hand declined 0.6pts to 56.0 (vs. 56.1 expected). For Germany and France there were similar beats at the services sector level although Germany did also see a small beat for the manufacturing print (58.1 vs. 57.5 expected; 58.2 previously). France’s manufacturing reading was closer to  expectations at 53.4 (vs. 53.5 expected; 53.7 previously). The data implies a slightly negative read through for the  noncore countries in Europe however the bigger story is evidence of some slight stabilisation in the PMIs at least given the overall composite print. Indeed a 55.2 composite reading is in line with +0.6% qoq GDP growth for the region.

Meanwhile, for the US the flash composite PMI nudged a bit higher to 54.8 from 54.2 in March. The manufacturing sector was actually the bigger surprise here with the 56.5 print up 0.9pts from March and also well above the consensus forecast for a small decline to 55.2. The services print was also up 0.4pts to 54.4 (vs. 54.1 expected). Notably, the statement also noted that “input price inflation was the quickest since July 2013, with panellists noting that the introduction of tariffs had been a key factor pushing raw material costs higher” and that “price pressures within the factory sector intensified, with the rate of input cost inflation picking up to the fastest since June 2011” with “cost increases partly linked by producers to the introduction of tariffs”. This mirrors a similar story to the prices paid components of the Philly Fed PMI and ISM series.

Finally onto Brexit. Bloomberg noted unnamed sources suggests PM May could be forced to accept staying in the EU’s customs union, in part due to pressure from parliament. Yesterday, her spokesman James Slack reiterated her commitment to “leave the customs union and we’ll be free to strike our own trade deals” while Environment Secretary Michael Gove also tweeted his support over the weekend. Looking ahead, we may get more clarity in a House of Commons vote as early as next month.

Before we take a look at today’s calendar, we wrap up with other data releases from yesterday. In the US, the March existing home sales rose 1.1% mom to a four month high (5.6m vs. 5.55m expected), while the number of homes for sale fell 7.2% yoy and the median sales price rose 5.8% yoy. Elsewhere, the March Chicago Fed national activity index was below expectations at 0.1 (vs. 0.28 expected).

Looking at the day ahead, France confidence indicators for April, the IFO survey in Germany for April and March UK public sector net borrowing data and April CBI business optimism data are due. In the US, the most significant release is the April consumer confidence print, while March new home sales, February S&P/Core Logic home prices and April Richmond Fed PMI are also due. Away from the data the BOE’s Woods, Cleland and ECB’s Villeroy are due to speak, while French President Macron and US President Trump are due to meet. The main earnings highlights are Caterpillar, Verizon and Coca-Cola.

3. ASIAN AFFAIRS

i)TUESDAY MORNING/MONDAY NIGHT: Shanghai closed UP 60.92 POINTS OR 1.99%  /Hang Sang CLOSED UP 381.94 POINTS OR 1.26%   / The Nikkei closed UP 190.08 POINTS OR 0.86%/Australia’s all ordinaires CLOSED UP .56% /Chinese yuan (ONSHORE) closed UP at 6.3070/Oil UP to 69,07 dollars per barrel for WTI and 74.73 for Brent. Stocks in Europe OPENED MIXED.   ONSHORE YUAN CLOSED UP AT 6.3070 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3068/ONSHORE YUAN TRADING WEAKER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING  WEAKER 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

 

3 b JAPAN AFFAIRS

end

c) REPORT ON CHINA/HONG KONG

4. EUROPEAN AFFAIRS

GERMANY

A must read if you want to understand what is going on in Europe.  As i have pointed out the key is the Nord Stream 2 project and that will bring Germany closer to Russia than the USA.

a very important commentary

(courtesy Tom Luongo)

8. EMERGING MARKET

end

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

Euro/USA 1.2213 DOWN .0004/ 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 MIXED    

USA/JAPAN YEN 108.81 UP  0.038 (Abe’s new negative interest rate (NIRP), a total DISASTER/SIGNALS U TURN WITH INCREASED NEGATIVITY IN NIRP/JAPAN OUT OF WEAPONS TO FIGHT ECONOMIC DISASTER/

GBP/USA 1.3954 UP .0018  (Brexit March 29/ 2017/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED

USA/CAN 1.2836 DOWN .0008 (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 MONDAY morning in Europe, the Euro FELL by 4 basis points, trading now ABOVE the important 1.08 level RISING to 1.2307; / Last night Shanghai composite CLOSED DOWN 60.92 POINTS OR 1.99% /   Hang Sang CLOSED UP 381.94 POINTS OR 1.26% /AUSTRALIA CLOSED UP .56% / EUROPEAN BOURSES  OPENED MIXED

The NIKKEI: this TUESDAY morning CLOSED UP 190.08 POINTS OR 0.86%

Trading from Europe and Asia

1/EUROPE OPENED  ALL MIXED

2/ CHINESE BOURSES / : Hang Sang CLOSED UP 381.94 POINTS OR 1.26%  / SHANGHAI CLOSED UP 60.92 POINTS OR 1.99%   /

Australia BOURSE CLOSED UP .56% 

Nikkei (Japan) CLOSED UP 190.08 POINTS OR 1.26%

INDIA’S SENSEX  IN THE GREEN 

Gold very early morning trading: 1325.85

silver:$16.62

Early TUESDAY morning USA 10 year bond yield: 2.9677% !!! DOWN 1  IN POINTS from MONDAY night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%. (POLICY FED ERROR)/ 

The 30 yr bond yield 3.1344 DOWN 1  IN BASIS POINTS from MONDAY night. (POLICY FED ERROR)/

USA dollar index early  TUESDAY morning: 90.88 DOWN 6  CENT(S) from MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

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And now your closing TUESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 1.678% DOWN 2  in basis point(s) yield from MONDAY/

JAPANESE BOND YIELD: +.0.058%  DOWN 1    in basis points yield from MONDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 1.299% DOWN 2  IN basis point yield from MONDAY/

ITALIAN 10 YR BOND YIELD: 1.767  DOWN 3  POINTS in basis point yield from MONDAY/

the Italian 10 yr bond yield is trading 47 points HIGHER than Spain.

GERMAN 10 YR BOND YIELD:FALLS TO +.631%   IN BASIS POINTS ON THE DAY

END

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IMPORTANT CURRENCY CLOSES FOR TUESDAY

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

Euro/USA 1.2224 UP .0015 (Euro UP 15 Basis points/ represents to DRAGHI A COMPLETE POLICY FAILURE/

USA/Japan: 108.98 UP 0.221 Yen DOWN 22 basis points/

Great Britain/USA 1.3977 UP .0040( POUND UP 40 BASIS POINTS)

USA/Canada 1.2823 DOWN  .0023 Canadian dollar UP 23 Basis points AS OIL ROSE TO $68.55

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This afternoon, the Euro was UP 15 to trade at 1.2224

The Yen FELL to 108.98 for a LOSS of 22 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 40 basis points, trading at 1.3977/

The Canadian dollar ROSE by 22 basis points to 1.2823/ WITH WTI OIL RISING TO : $68.55

The USA/Yuan closed AT 6.3070
the 10 yr Japanese bond yield closed at +.058%  DOWN 1   IN BASIS POINTS / yield/
Your closing 10 yr USA bond yield UP 0   IN basis points from MONDAY at 2.983% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 3.1517  UP 0     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, 90.85  DOWN 10 CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 26.73 POINTS OR 0.36%
German Dax :CLOSED DOWN 21.57 POINTS OR 0.17%
Paris Cac CLOSED UP 5.61  POINTS OR 0.10%
Spain IBEX CLOSED UP 38.60 POINTS OR 0.39%

Italian MIB: CLOSED UP 52.97 POINTS OR 0.22%

The Dow closed DOWN 424.65 POINTS OR 1.74%

NASDAQ closed DOWN  121.25 Points OR 1.70%      4.00 PM EST

WTI Oil price; 68.55 1:00 pm;

Brent Oil: 74.75 1:00 EST

USA /RUSSIAN ROUBLE CROSS: 61.38 DOWN 50/100 ROUBLES/DOLLAR (ROUBLE HIGHER BY 50 BASIS PTS)

TODAY THE GERMAN YIELD RISES TO +.631% 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:$67.72

BRENT: $73.86

USA 10 YR BOND YIELD: 3.000%   THIS RAPID DECENT IN YIELD IS ALSO VERY DANGEROUS/RECESSION COMING

USA 30 YR BOND YIELD: 3.1800%/

EURO/USA DOLLAR CROSS: 1.2233 UP .0023  (UP 23 BASIS POINTS)

USA/JAPANESE YEN:108.80 UP 0.0292/ YEN DOWN 2 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: 90.788 DOWN 16 cent(s)/dangerous as the lower the dollar the higher the inflation.

The British pound at 5 pm: Great Britain Pound/USA: 1.3977: UP 0.0040  (FROM FRIDAY NIGHT UP 40 POINTS)

Canadian dollar: 1.2827 UP 18 BASIS pts

German 10 yr bond yield at 5 pm: +0.631%


VOLATILITY INDEX:  18.02  CLOSED  UP 1.68  

LIBOR 3 MONTH DURATION: 2.3592%  .

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

TRADING IN GRAPH FORM FOR THE DAY

Tech Wrecked, Banks Battered, & CAT Crushed As Rates Rout Spooks Stocks

Weird day… but not as weird as this…

Axios@axios

Warm relations

It appears that surging bond yields finally spooked stocks enough to carry-through…

And bears were rescued…

CBSDenver@CBSDenver

Stop everything and look at these adorable bear cubs that were rescued this weekend!

As stocks plunged…

The Dow is down for the 5th day in a row – the longest losing streak since March 2017.

The S&P tested back down towards its 200DMA…

And The Dow and S&P are back in the red for 2018…

CAT’s “high water mark” comments crushed it and dragged The Dow down…

The FANG Index appears to be making an ominous head-and-shoulders pattern…

FANG-style stocks were all monkey-hammered…

And FANG bonds were hit…

Big Bank stocks were a bloodbath…

But notably Small bank stocks are significantly outerforming the broad small caps market despite the flatness of the curve…

And as crude started to slide after Macron’s comments, so Breakevens tumbled and they dragged stocks down…

Despite the stocks slump, the odds of 4 rate-hikes in 2018 (including the one from March) is surging…

The Treasury market was mixed today… with 30Y Yields jumping

But 10Y managed to top 3.00%…

And the yield curve reversed steeper this afternoon, back to unch on the month…

The Dollar Index rolled over modestly today…

And we notes that HKD was weaker, heading back down to its peg band lower limit…

Cryptocurencies continued their rise from pre-tax-day ashes with Bitcoin Cash leading the day…

Commodities were mixed with PMs higher (weaker dollar) and WTI lower ahead of tonight’s API data (following Macron’s comments on a new Iran deal)…

And finally, in case you were wondering why there was no dip-buying, no rescue, no new highs… the answer is simple – no buybacks…

Bonus Chart: There Is An Alternative… US Treasuries now offer the biggest yield advantage over US stocks since mid-2008

Bonus Bonus Chart: Americans are giving up on stocks…

Gluskin Sheff’s David Rosenberg sums it all up nicely:

“I don’t know about anyone else, but I find it humorous that the stock promoters on bubblevision who told us heading into the peak that valuations don’t matter are now talking about how cheap the equity 

 END
Trading this morning:
(courtesy zerohedge)

10Y Treasury Yield Tops 3.00% For First Time Since Jan 2014, Curve Flattening Continues

Despite near-record speculative positioning short Treasuries across the curve…

Yields are rising, and rising fast with 10Y breaking  the 3.00% Maginot Line for the first time since January 2014…

After not quite getting there yesterday, today’s selling finally pushed the 10Y over the level…

Meanwhile, 2Y Yields topped 2.5% – the highest since Sept 2008

Investors haven’t been this pessimistic on benchmark U.S. Treasuries since February’s sell-off in equities.

And as Bloomberg reports, fund managers who need to insulate their bond portfolios from higher yields are having to pay a stiffer premium for puts over calls now than at the start of the year.

For now, bond yields are running ahead of Jeff Gundlach’s favorite indicator (Copper/Gold)…

But amid all the panic about rising bond yields… the yield curve continues to flatten on the day…

end

 Delayed reaction to the rise of the 10 yr yield to 3%: markets are tanking
(courtesy zerohedge)

Stocks Are Suddenly Tanking As Market Confidence Crashes

It’s deja vu all over again…

Americans’ confidence in the stock market is crashing…

It seems like a delayed reaction to 10Y Yields hitting 3.00% sparked the initial shift…

But weakness in the FANG stocks is not helping…

As Yields enter the danger zone, so stocks rolled over…

end
AFTERNOON TRADING: THINGS GET UGLY
(courtesy zerohedge)

Dow Futures Are Down 600 Points From Overnight Highs, Nasdaq Is Plunging

Shit is starting to get real…

Dow is down 600 points from today’s highs…

The Dow is back below 24,000…

Big Bank stocks are all red…

And while the Dow is down hard, Nasdaq is the worst performer for now…

As FANGMAN stocks are tumbling…

Treasury yields have spooked stocks…

Back into the red for 2018 for the 11th time this year…

 end
This morning’s data:
Hard data Case Shiller home prices are rising at the fastest pace in 4 years and at record highs
(courtesy zerohedge/Case Shiller)

Case-Shiller Home Prices Surge At Fastest Pace Since 2014 To Record High

US National Home Prices in February are now almost 7% above the 2006 peak according to the latest Case-Shiller data and are surging at 6.8% YoY – the fastest pace since June 2014.

The data showed monthly gains in all 20 cities, including strong advances in expensive areas such as Seattle and Los Angeles, along with cheaper regions including Cleveland and Detroit.

All 20 cities in the index showed year-over-year gains, led by a 12.7 percent increase in Seattle and an 11.6 percent advance in Las Vegas; Washington was slowest at 2.4 percent

This pushed the national home price to a new record high…

“With expectations for continued economic growth and further employment gains, the current run of rising prices is likely to continue,” David Blitzer, chairman of the S&P index committee, said in a statement.

 end
And new home sales also rebound to 4 month highs:
(courtesy zerohedge/Case Shiller)

New Home Sales Rebound To 4-Month Highs As Prices Near Record High

Following yesterday’s rebound in existing home sales, new home sales followed the same path, jumping 4.0% MoM in March (more than double the 1.9% rise expected) to 4-month highs, from 667K annualized, to 694K, the highest since November.

Notably February’s -0.6% drop was revised dramatically higher to a 3.6% rise, making March’s 4.0% surge even more impressive…

Still, the geographic breakdown leads to some questions, because while most regions were flat or sharply lower, it was only new home sales in the West that rebounded sharply higher in March from February:

  • Northeast: -54.8%
  • Midwest: -2.4%
  • South: 0.8%
  • West: 28.3%

Meanwhile, the median new home sales price increased 4.8% YoY to $337,200 – just shy of its record high…

As Bloomberg notes, the March advance and revisions to the previous two months indicate sales were on better footing during the quarter, a sign that elevated prices and mortgage rates at a four-year high are having minimal impact on demand so far.

end

Soft data Richmond Fed sinks to a 25 yr lows: it does not look good for the USA economy

(courtesy zerohedge)

Richmond Fed Survey Crashes By Most In 25 Years

When hope dies… against expectations of a small rise from March to a 16 print, April came in at a disastrous -3 (the worst data since Sept 2016).

From record highs just a couple months ago, Richmond Fed manufacturing has crashed by the most in the survey’s 25 year history into contraction

It was a bloodbath below the surface too.

New orders collapsed to -9 from +17, order backlogs plunged to -4 from +10 and while wages and employees rose, workweek dropped notably.

Finally, prices paid rose once again even as new orders crashed

Must be the weather, right?

END

SWAMP STORIES

A deep state operative and friend of Rosenstein will  not recuse himself from the Trump Cohen probe

(courtesy zerohedge)

Sessions Won’t Recuse Himself From Trump-Cohen Probe

Attorney General Jeff Sessions will not recuse himself from the investigation into President Trump’s personal lawyer, Michael Cohen – however he may “step back” from “specific questions tied to the probe,” reports Bloombergciting a person familiar with the matter.

This is notable because while Sessions recused himself from special counsel Robert Mueller’s probe into Russian interference in the 2016 election, he won’t be recusing himself from one of the rabbit holes Mueller’s team has now gone down which ostensibly has nothing to do with Russia.

By remaining involved in the probe, Sessions will be entitled to briefings on the status of the investigation currently being conducted by the U.S. Attorney’s office of the Southern District of New York. As Bloomberg posits, this could put Sessions in the position of being asked by Trump, “who strongly condemned the FBI raid on his longtime lawyer,” to reveal information about the ongoing Cohen investigation. 

Sessions could also weigh in on specific decisions by prosecutors, including whether to pursue subpoenas and indictments. The attorney general may be asked about his role in the Cohen investigation when he testifies before congressional panels on Wednesday and Thursday. –Bloomberg

“The attorney general considers his potential recusal on a matter-by-matter basis as may be needed,” the department said in a statement. “To the extent a matter comes to the attention of his office that may warrant consideration of recusal, the attorney general would review the issue and consult with the appropriate Department ethics experts.

Deputy Attorney General Rod Rosenstein – who approved the raid on Cohen’s home, office and hotel room on April 9, will reportedly resolve any conflicts between the Mueller probe and the Cohen investigation.

Sessions threatens to quit

In a show of solidarity with Rosenstein, Sessions told the White House recently that he might quit if his President Trump fires Deputy AG, Rod Rosenstein over the raid – which he reportedly told White House Counsel Donald McGahn during a phone call earlier in the month according to WaPo.

Sessions’s message to the White House, which has not previously been reported, underscores the political firestorm that Trump would invite should he attempt to remove the deputy attorney general. While Trump also has railed against Sessions at times, the protest resignation of an attorney general – which would be likely to incite other departures within the administration – would create a moment of profound crisis for the White House.

Rosenstein also signed off one of the FISA spy warrant renewals on a Trump campaign associate targeted in an FBI counterintelligence operation. Another person familiar with the exchange insisted that Sessions didn’t intend on threatening the White House – rather, he wanted to convey that Rosenstein’s firing would put him in an untenable position.

During a joint press conference on Wednesday with Japan’s Prime Minister, Shinzō Abe, President Trump sought to calm fears over whether he would fire Rosenstein or Mueller.

“They’ve been saying I’m going to get rid of them for the last three months, four months, five months, and they’re still here,” said Trump – though he expressed a desire to end the Russia investigation, calling it a “very bad thing for our country.”

So we want to get the investigation over with, done with, put it behind us,” Trump added.

MSNBC@MSNBC

President Trump says Russia investigation “a hoax” during joint press conference with Japanese prime minister. Trump also appears to reference Mueller and Rosenstein, saying “they’re still here”

Over 800 former Justice Department employees have signed an open letter calling on Congress to “swiftly and forcefully respond to protect the founding principles of our Republic and the rule of law” if Rosenstein, Mueller or other senior DOJ officials are fired. Liberal advocacy group MoveOn.org has plans to organize nationwide protests if the G-men are fired.

Last Wednesday, Eleven GOP members of Congress led by Rep. Ron DeSantis (R-FL) wrote a criminal referral to Sessions, along with Attorney John Huber and FBI Director Christopher Wray – accusing James Comey, Hillary Clinton and others of a laundry list of malfeasance surrounding the 2016 U.S. presidential election, and insisting that Rosenstein “be recused from any examination of FISA abuse,” and “neither U.S. Attorney John Huber nor a special counsel (if appointed) should report to Rosenstein.”

end

This is interesting:  a former Obama DOJ made a dramatic call to McCabe to quash the Clinton probe

(courtesy zerohedge)

“Very Pissed Off” Obama DOJ Made “Dramatic” Call To McCabe To Quash Clinton Probe

As the FBI’s investigation into the Clinton Foundation pressed on during the 2016 election, a senior official with the Obama justice department, identified as Matthew Axelrod, called former FBI Deputy Director Andrew McCabe – who thought the DOJ was pressuring him to shut down the investigation, according to the recently released inspector general’s (OIG) report.

The official was “very pissed off” at the FBI, the report says, and demanded to know why the FBI was still pursuing the Clinton Foundation when the Justice Department considered the case dormant. –Washington Times

The OIG issued a criminal referral for McCabe based on findings that the former Deputy Director “made an unauthorized disclosure to the news media and lacked candor – including under oath – on multiple occasions.”

McCabe authorized a self-serving leak to the New York Times claiming that the FBI had not put the brakes on the Clinton Foundation investigation, during a period in which he was coming under fire over a $467,500 campaign donation his wife Jill took from Clinton pal Terry McAuliffe.

It is bizarre — and that word can’t be used enough — to have the Justice Department call the FBI’s deputy director and try to influence the outcome of an active corruption investigation,” said James Wedick – a former FBI official who conducted corruption investigations at the bureau. “They can have some input, but they shouldn’t be operationally in control like it appears they were from this call.”

Wedick said he’s never fielded a call from the Justice Department about any of his cases during his 35 years there – which suggests an attempt at interference by the Obama administration.

As the Washington Times Jeff Mordock points out, Although the inspector general’s report did not identify the caller, former FBI and Justice Department officials said it was Matthew Axelrod, who was the principal associate deputy attorney general — the title the IG report did use.

Mr. McCabe thought the call was out of bounds.

He told the inspector general that during the Aug. 12, 2016, call the principal associate deputy attorney general expressed concerns about FBI agents taking overt steps in the Clinton Foundation investigation during the presidential campaign. –Washington Times

“According to McCabe, he pushed back, asking ‘are you telling me that I need to shut down a validly predicated investigation?’” the report reads. “McCabe told us that the conversation was ‘very dramatic’ and he never had a similar confrontation like the PADAG call with a high-level department official in his entire FBI career.”

The Inspector General said in a footnote that the Justice official (identified separately as Matthew Alexrod) agreed to the description of the call, but objected to seeing that “the Bureau was trying to spin this conversation as some evidence of political interference, which was totally unfair.”

Axelrod quit the Justice Department on January 30, 2017, the same day his boss, Deputy AG Sally Q. Yates was fired by President Trump for failing to defend his travel ban executive order. He is now an attorney in the D.C. office of British law firm Linklaters LLP.

Axelrod told the New York Times he left the department earlier than planned.

It was always anticipated that we would stay on for only a short period,” said Alexrod of himself and Yates. “For the first week we managed, but the ban was a surprise. As soon as the travel ban was announced there were people being detained and the department was asked to defend the ban.”

The Washington Times notes that those familiar with DOJ procedures say it is unlikely Axelrod would have made the call to McCabe without Yates’ direct approval.

“In my experience these calls are rarely made in a vacuum,” said Bradley Schlozman, who worked as counsel to the PADAG during the Bush administration. “The notion that the principle deputy would have made such a decision and issued a directive without the knowledge and consent of the deputy attorney general is highly unlikely.”

Given that Andrew McCabe may now be in a legal battle with the Trump DOJ, the Obama DOJ and former FBI Director James Comey – who says McCabe never told him about the leaks which resulted in the former Deputy Director’s firing, it looks like he’s really going to need that new legal defense fund.

I will  see you  WEDNESDAY night

HARVEY

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