GOLD: $1321.50 DOWN $ 9.80 (COMEX TO COMEX CLOSINGS)
Silver: $16.54 DOWN 18 CENTS (COMEX TO COMEX CLOSINGS)
Closing access prices:
Gold $1323.30
silver: $16.55
For comex gold:
APRIL/
NUMBER OF NOTICES FILED TODAY FOR APRIL CONTRACT:2 NOTICE(S) FOR 200 OZ.
TOTAL NOTICES SO FAR 969 FOR 9690000 OZ (3.013 tonnes)
THE COMEX IS OUT OF GOLD
For silver:
APRIL
5 NOTICE(S) FILED TODAY FOR
25,000 OZ/
Total number of notices filed so far this month: 482 for 2,410,000 oz
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Bitcoin: BID $9301/OFFER $9401: up $390(morning)
Bitcoin: BID/ $9049/offer 9149: DOWN $554 (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: 1337.28
NY price at the same time: 1328.25
PREMIUM TO NY SPOT: $9.03
ss
Second gold fix early this morning: 1331.16
USA gold at the exact same time: 1325150
PREMIUM TO NY SPOT: $6.01
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 SURPRISINGLY FELL BY A GIGANTIC 12,873 CONTRACTS FROM 214,580 FALLING TO 201,707 DESPITE YESTERDAY’S 8 CENT GAIN IN SILVER PRICING. AFTER A STRING OF 4 CONSECUTIVE OI GAINS, WE FINALLY REGISTER 3 CONSECUTIVE DROPS IN OI WITH TODAY BEING A DOOZY!!. WE ARE NOW WITNESSING OUR USUAL AND CUSTOMARY COMEX LONG LIQUIDATION AS WE HEAD INTO THE ACTIVE DELIVERY MONTH OF MAY AS LONGS PACK THEIR BAGS AND MIGRATE OVER TO LONDON. WE WERE NOTIFIED THAT WE HAD AN HUMONGOUS SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP : 0 EFP CONTRACTS FOR APRIL, 6030 EFP’S FOR MAY , 267 EFP’S FOR JULY AND ZERO FOR ALL OTHER MONTHS AND THEREFORE TOTAL ISSUANCE OF 6297 CONTRACTS. WITH THE TRANSFER OF 6217 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 6297 EFP CONTRACTS TRANSLATES INTO 31.485 MILLION OZ ACCOMPANYING 1.THE RISE IN SILVER PRICE (8 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:
68,474 CONTRACTS (FOR 18 TRADING DAYS TOTAL 68,474 CONTRACTS) OR 342.370 MILLION OZ: AVERAGE PER DAY: 3804 CONTRACTS OR 19.020 MILLION OZ/DAY
TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 342.270 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 48.89% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)
ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 1.0604 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 HUGE SIZED FALL IN COMEX OI SILVER COMEX OF 12,873 DESPITE THE 8 CENT GAIN IN SILVER PRICE AS OUR CUSTOMARY LONG MIGRATION OF LONGS INTO THE NEW ACTIVE MONTH OF MAY COMMENCED. THE CME NOTIFIED US THAT IN FACT WE HAD AN HUMONGOUS SIZED EFP ISSUANCE OF 6297 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, 6030 EFP’S WERE ISSUED FOR THE MONTH OF MAY, AND 267 EFP CONTRACTS FOR JULY, FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS (TOTAL: 6297). TODAY WE LOST 6,576 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: i.e. 6297 OPEN INTEREST CONTRACTS HEADED FOR LONDON (EFP’s) TOGETHER WITH AN DECREASE OF 12,873 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE RISE IN PRICE OF SILVER OF 8 CENTS AND A CLOSING PRICE OF $16.72 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. 1.008 BILLION TO BE EXACT or 144% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT APRIL MONTH/ THEY FILED: 5 NOTICE(S) FOR 25,000 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:
- HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY (MARCH 27 MILLION OZ AND APRIL 1.8 MILLION OZ)
- HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018
- HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
- RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 342.4 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 2175 CONTRACTS DOWN TO 506,410 DESPITE THE RISE IN PRICE/YESTERDAY’S TRADING ( RISE OF $9.90). WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF APRIL HEADING INTO THE NON ACTIVE MONTH OF MAY. THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 8,946 CONTRACTS : JUNE SAW THE ISSUANCE OF 8946 CONTRACTS , MAY SAW THE ISSUANCE OF 0 CONTRACTS AND AUGUST SAW THE ISSUANCE OF: 0 CONTRACTS (REPORTED LATE YESTERDAY) WITH ALL OTHER MONTHS ZERO. The new OI for the gold complex rests at 506,410. 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: 3813 OI CONTRACTS DECREASED AT THE COMEX AND AN GOOD SIZED 8946 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.THUS TOTAL OI GAIN: 5133 CONTRACTS OR 513,300 OZ = 15.965 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 : 200,749 CONTRACTS OR 20,074,900 OZ OR 624.41 TONNES (18 TRADING DAYS AND THUS AVERAGING: 11,152 EFP CONTRACTS PER TRADING DAY OR 1,115,200 OZ/ TRADING DAY)
TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 18 TRADING DAYS IN TONNES: 624.41 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES
THUS EFP TRANSFERS REPRESENTS 624.41/2550 x 100% TONNES = 24.48% 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: 2,664.083* 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 3813 DESPITE THE RISE IN PRICE // GOLD TRADING YESTERDAY ($9.90 GAIN). WE ALSO HAD A GOOD SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 8946 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 8946 EFP CONTRACTS ISSUED, WE HAD A STRONG SIZED NET GAIN OF 5133 CONTRACTS IN TOTAL OPEN INTEREST ON THE TWO EXCHANGES:
8946 CONTRACTS MOVE TO LONDON AND 3813 CONTRACTS DECREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 15.965 TONNES).
we had:2 notice(s) filed upon for 200 oz of gold at the comex.
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With respect to our two criminal funds, the GLD and the SLV:
GLD…WHAT!!!
WITH GOLD DOWN $9.80 AND AFTER 9 STRAIGHT DAYS OF NO MOVEMENT IN GLD/WE HAD A SURPRISING DEPOSIT OF 5.31 TONNES OF GOLD INTO THE GLD
Inventory rests tonight: 871.20 tonnes.
SLV/
WITH SILVER DOWN 18 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/
/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 GIGANTIC 12,873 CONTRACTS from 214,580 DOWN TO 201,707 (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 THREE CONSECUTIVE OI DROPS WITH TODAY’S DROP A DOOZY! AS OUR CUSTOMARY MIGRATION OF COMEX LONGS TO LONDON FORWARDS COMMENCED AS WE MARCH INTO THE STRONG MAY DELIVERY MONTH AT THE COMEX. TRUE TO FORM OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE: 0 EFP CONTRACTS FOR APRIL, 6030 EFP CONTRACTS FOR MAY (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM), AND 267 EFP’S FOR JULY AND ALL OTHER MONTHS ZERO. TOTAL EFP ISSUANCE: 6297 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 12,873 CONTRACTS TO THE 6297 OI TRANSFERRED TO LONDON THROUGH EFP’S, SURPRISINGLY WE OBTAIN A LOSS OF 6576 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES: 32.89 MILLION OZ!!! AND THIS OCCURRED DESPITE A RISE IN PRICE OF 8 CENTS. THE BANKERS ORCHESTRATED THEIR RAID ON MONDAY TO DESPERATELY TRY AND PARE THEIR GIGANTIC OPEN INTEREST SHORT ON BOTH EXCHANGES BUT TO NO AVAIL. JUDGING BY THE RECORD NUMBER OF ISSUANCE DURING THIS MONTH OF APRIL AT 342.4 MILLION OZ. I DO NOT THINK THAT OUR BANKERS HAVE BEEN TOO SUCCESSFUL. PLEASE REMEMBER THAT THERE CAN BE DELAY OF 24 TO 48 HOURS IN THE ISSUANCE OF THESE EFP’S, SO EXPECT THE NUMBERS ANNOUNCED (EFP’S) WILL INCREASE STEADILY AS WE HEAD INTO FIRST DAY NOTICE THIS MONDAY APRIL 30.
RESULT: A HUMONGOUS SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE RISE IN SILVER PRICING / YESTERDAY (8 CENTS/) . BUT WE ALSO HAD ANOTHER HUMONGOUS SIZED 6297 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 CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON. EXPECT EFP ISSUANCE TO INCREASE DURING THIS WEEK AS WE HEAD INTO THE ACTIVE DELIVERY MONTH OF MAY.
(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
)WEDNESDAY MORNING/TUESDAY NIGHT: Shanghai closed DOWN 10.95 POINTS OR 0.35% /Hang Sang CLOSED DOWN 308.09 POINTS OR 1.01% / The Nikkei closed DOWN 62.90 POINTS OR 0.28%/Australia’s all ordinaires CLOSED HOLIDAY /Chinese yuan (ONSHORE) closed DOWN at 6.3202/Oil DOWN to 67.88 dollars per barrel for WTI and 73.73 for Brent. Stocks in Europe OPENED DEEPLY IN THE RED. ONSHORE YUAN CLOSED DOWN AT 6.3202 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3279/ONSHORE YUAN TRADING STRONGER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING MUCH 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/
North Korea’s nuclear test site has now collapsed with Japan reporting that more than 200 North Korean citizens have died when a tunnel collapsed at the site. Now there is danger of nuclear material escaping into the atmosphere
( zerohedge)
b) REPORT ON JAPAN
3 c CHINA
4. EUROPEAN AFFAIRS
Is Belgium turning Islamic?
( Meotti/Gatestone Institute)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
( Tom Luongo)
ii)Investigators reportedly find no evidence of chemical weapons at the Syrian facilities bombed by the uSA
6 .GLOBAL ISSUES
Bill Blain discusses the big fears that surround the global economy
(courtesy Bill Blain/Mint partners)
7. OIL ISSUES
Crude and Gasoline slide after a buildup in inventories in both crude and gasoline. Also production continues to set records:
( zerohedge)
8. EMERGING MARKET
i)Venezuela
Chevron executives evacuate the country as two of its employees have been arrested and are about to be charged with treason as a dispute is arising with PDVSA and Chevron. It looks like all foreign workers for all companies will now leave
( zerohedge)
ii)Reuters: Chevron executives evacuate the country as two of its employees have been arrested and are about to be charged with treason as a dispute is arising with PDVSA and Chevron. It looks like all foreign workers for all companies will now leave
(zerohedge)
9. PHYSICAL MARKETS
iiRonan Manly emphasizes why both Turkey and Russia place a huge strategic importance on gold( Ronan Manly/Bullionstar)
iii)And here is that important article from Money Metals News Service on Representative Alex Mooney of West Virginia
a must view/2 commentaries
(courtesy Stefan Gleeson/Rep. Alex Mooney/R W.V/Chris Powell/GATA.)
10. USA stories which will influence the price of gold/silver
i)This morning’s early trading:
momentum following strategy is just not working any more with respect to the Dow/Nasdaq
( zerohedge)
ii)After announcing a big earnings jump due to a tax rate of only 12%l, Boeing falters and so does the Dow
( zerohedge)
iii)Generics price fixing? It cannot be so!!
( zerohedge)
iv)This ought to be fun: Democrats having started a phony lawsuit has been served with a demand to preserve evidence with respect to those servers we have been talking about these past two years.
iii)SWAMP STORIES
a)McCabe launches a brand new legal defense fund (whatever happened to the last one). He will need every penny
( zerohedge)
b)All of those missing Strzok and Page texts will be released tonight or tomorrow
( zerohedge)
c)This ought to be good: it seems that McCabe ordered his FBI agents to “stand down” on early Clinton email investigation on orders from a Dept of Justice official
( zerohedge)
iv)Quite a story as Alan Dershowitz describes a major case involving Mueller when he was director of the FBI in which 4 innocent FBI agents were jailed.
Alan Dershowitz..
v)Seems are supposed pick to dead the Dept of Veteran Affairs is known as “candy man” for handing out drugs like it was candy.
(courtesy zerohedge)
Trading Volumes on the COMEX
PRELIMINARY COMEX VOLUME FOR TODAY:254,809 contracts
CONFIRMED COMEX VOL. FOR YESTERDAY: 290,841 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 12,873 CONTRACTS FROM 214,580 DOWN TO 201,707 (AND FURTHER FROM THE NEW RECORD OI FOR SILVER SET APRIL 9.2018/ 243,411 CONTRACTS) DESPITE THE 8 CENT RISE IN SILVER PRICING. SINCE WE ARE HEADING INTO AN ACTIVE DELIVERY MONTH OF MAY, WE HAVE NOW WITNESSED OUR USUAL AND CUSTOMARY COMEX LIQUIDATION AND WE SHOULD SEE A GREATER MIGRATION OVER TO LONDON DURING THIS WEEK. AS A MATTER OF FACT, WE WERE INFORMED THAT WE HAD A MONSTROUS 6030 EFP CONTRACTS ISSUED FOR MAY, A SMALLER 267 EFP CONTRACT ISSUANCE 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: 6297. ON A NET BASIS WE LOST 6576 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 12,873 CONTRACT LOSS AT THE COMEX COMBINING WITH THE ADDITION OF 6297 OI CONTRACTS NAVIGATING OVER TO LONDON. DUE TO THE FACT THAT THE BOYS WERE VERY BUSY NEGOTIATING LONG COMEX CONTRACTS EMIGRATING TO LONDON,(AND WAITING FOR THEIR PASSPORTS) DO NOT BE SURPRISED TO SEE A HUGE ISSUANCE OVER THIS WEEK AS THE DELAY IN ISSUANCE CAN BE IN EXCESS OF 24 TO 48 HRS.
NET LOSS ON THE TWO EXCHANGES: 6576 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 11 contracts FALLING TO 20 contracts. We had 11 notices filed upon so in essence we LOST 0 contracts or NIL additional ounces of silver will stand for delivery in this non active delivery month of April .
The next big active delivery month for silver will be May and here the OI LOST 26,310 contracts DOWN to 40,916. June saw a GAIN of 6 contracts to stand at 388. The next big delivery month for silver is July and here the OI ROSE by 8197 contracts UP to 112,205.
We had 5 notice(s) filed for 25,000 OZ for the APRIL 2018 contract for silver
INITIAL standings for APRIL/GOLD
APRIL 25/2018.
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 |
2 notice(s)
200 OZ
|
No of oz to be served (notices) |
526 contracts
(52,600 oz)
|
Total monthly oz gold served (contracts) so far this month |
969 notices
96900 OZ
3.013 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 |
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 2 contract(s) of which 2 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 (969) x 100 oz or 96900 oz, to which we add the difference between the open interest for the front month of APRIL. (528 contracts) minus the number of notices served upon today (2 x 100 oz per contract) equals 149,500 oz, the number of ounces standing in this active month of APRIL (4.650 tonnes)
Thus the INITIAL standings for gold for the APRIL contract month:
No of notices served (969 x 100 oz or ounces + {(528)OI for the front month minus the number of notices served upon today (2 x 100 oz )which equals 149,500 oz standing in this active delivery month of APRIL . THERE IS 12.003 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.
WE LOST 2 COMEX OI CONTRACTS OR 200 OZ OF GOLD WILL STAND
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
Silver | Ounces |
Withdrawals from Dealers Inventory | nil oz |
Withdrawals from Customer Inventory |
605,523.233 oz
Delaware
CNT
|
Deposits to the Dealer Inventory |
591,435.100
SCOTIA
oz
|
Deposits to the Customer Inventory |
5225.898 oz
DELAWARE
|
No of oz served today (contracts) |
5
CONTRACT(S)
(25,000 OZ)
|
No of oz to be served (notices) |
15 contracts
(75,000 oz)
|
Total monthly oz silver served (contracts) | 482 contracts
(2,410,000 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 1 inventory movement at the dealer side of things
i) Into dealer Scotia: 591,435,100 oz
total dealer deposits: 591,435.100l oz
we had 1 deposits into the customer account
i) Into JPMorgan: nil oz
*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.
JPMorgan now has 140 million oz of total silver inventory or 53.4% of all official comex silver. (140 million/263 million)
JPMorgan did not deposit into its warehouses (official) today.
ii) Delaware: 5225.898: OZ
total deposits today: 5225.898 oz
we had 2 withdrawals from the customer account;
i) Out of Delaware: 1042.400 oz
ii) Out of CNT 604,481.233 oz
total withdrawals; 605,523.633 oz
we had 1 adjustment
i) Out of Brinks: 24,990.870 oz was adjusted out of the customer and this landed into the dealer side of things.
total dealer silver: 63.192 million
total dealer + customer silver: 261.039 million oz
The total number of notices filed today for the APRIL. contract month is represented by 5 contract(s) FOR 25,000 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 482 x 5,000 oz = 2,410,000 oz to which we add the difference between the open interest for the front month of April. (20) and the number of notices served upon today (5 x 5000 oz) equals the number of ounces standing.
.
Thus the INITIAL standings for silver for the APRIL contract month: 482(notices served so far)x 5000 oz + OI for front month of April(20) -number of notices served upon today (5)x 5000 oz equals 2,485,000 oz of silver standing for the April contract month
WE LOST 0 SILVER CONTRACT OR NIL ADDITIONAL OUNCES WILL STAND IN THIS NON ACTIVE DELIVERY MONTH OF APRIL
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CRIMINALS!!
ESTIMATED VOLUME FOR TODAY: 125,293 CONTRACTS (WOW) 626 MILLION OZ OR 89% OF ANNUAL PRODUCTION.
CONFIRMED VOLUME FOR YESTERDAY: 187,349 CONTRACTS (my goodness)
YESTERDAY’S CONFIRMED VOLUME OF 187,349 CONTRACTS EQUATES TO 9367 MILLION OZ (0.9367 billion oz) OR 133% OF ANNUAL GLOBAL PRODUCTION OF SILVER
COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.
The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44
end
NPV for Sprott
1. Sprott silver fund (PSLV): NAV RISES TO -1.69% (APRIL 24/2018)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -0.61% to NAV (APRIL 24/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -1.69%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.61%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott WINS hostile 3.1 billion bid to take over Central Fund of Canada
(courtesy Sprott/GATA)
3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA): NAV RISES TO -2.11%: NAV 13.67/TRADING 13.38//DISCOUNT 2.11.
END
And now the Gold inventory at the GLD/
APRIL 25/AFTER 9 CONSECUTIVE DAYS OF NO MOVEMENT OF GOLD INTO OUT OF THE GLD, WE HAD A HUGE DEPOSIT OF 5.31 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 871.20 TONNES.
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 25/2018/ Inventory rests tonight at 871.20 tonnes
*IN LAST 369 TRADING DAYS: 69.84 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 319 TRADING DAYS: A NET 86.46 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.
end
Now the SLV Inventory/
APRIL 25./WITH SILVER DOWN 18 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.899 MILLION OZ/
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 25/2018: NO CHANGES IN SILVER INVENTORY:
Inventory 316.899 million oz
end
6 Month MM GOFO 2.01/ and libor 6 month duration 2.51
Indicative gold forward offer rate for a 6 month duration/calculation:
G0FO+ 2.01%
libor 2.51 FOR 6 MONTHS/
GOLD LENDING RATE: .50%
XXXXXXXX
12 Month MM GOFO
+ 2.77%
LIBOR FOR 12 MONTH DURATION: 2.49
GOFO = LIBOR – GOLD LENDING RATE
GOLD LENDING RATE = +.28
end
Major gold/silver trading /commentaries for WEDNESDAY
GOLDCORE/BLOG/MARK O’BYRNE.
GOLD/SILVER
QUITE A STORY!!
Cash “Vanishes” From Bank Accounts In Ireland
Cash “Vanishes” From Bank Accounts In Ireland
– Emergency cash offered by Ulster Bank as cash vanishes from accounts
– Bank makes €500 available to customers whose deposits vanish
– Bank investigates after hundreds of complaints on social media
– “My salary has disappeared from my account today and my wife had her card declined when trying to pay for a GP visit and medication”
– Cyber attacks and Brexit are biggest threats to the securities, insurance and banking sectors
– Exposes risks posed to cash deposits in age of hacking, cyber fraud and terrorism
– Conclusion: Take some of your savings and wealth off line?
Editor: Mark O’Byrne
Your money in your bank account can vanish. That is the lesson from yesterday’s enormous screw-up by Ulster Bank that saw payments and bank account balances suddenly vanish.
Customers were left out of pocket and struggling for funds. Payments including salaries were not made, cards were declined and customers were unable to pay for urgent goods and services.
Ulster Bank has blamed the issue on ‘human error’ and claims this morning that the issue has been rectified. Although it has taken some customers four days to be able to make urgent payments.
This was a weekend of bank ‘errors’. In the UK, TSB faced a ‘meltdown’ after scheduled IT maintenance went somewhat awry. Many customers found themselves unable to access their accounts, whilst some even had access to other peoples’ money.
The fallout will last for some time. We have all fallen victim to bank charges at some point or another – whether for missed direct debits or unauthorised overdraft charges.
Lets hope that the onus will not be on the customers to prove that it is not their fault that their account and their balances are not what they should be. Credit scores and ratings could be damaged and relationships with individuals’ creditors may be impacted.
Rather than be seen as an inconvenience for customers, bank users everywhere should see this as a reminder that ‘money’ in the form of digital pounds, euros, dollars and other fiat currencies can just ‘disappear’ whether due to human error or more nefarious causes such as hacking.
We might have mentioned this might happen
This weekend’s ‘magic money moments’ in both Ireland and the UK are the most recent example of something we have long discussed – cash in the bank is not your cash. You are an unsecured creditor and your cash can just disappear and there is very little you can do about it.
You can make a lot of noise on Twitter, Facebook and in the media and sometimes that may work but not with a lasting impact.
The customers of both Ulster Bank and TSB can rant on Twitter or shout down helplines all they like but legally they have very little rights when it comes to accessing their money.
This week politicians have enjoyed their soapbox moments, demanding investigations be done, apologies be made and new regulations to prevent this from happening again.
Sadly we all know that by the end of the week this news will be Friday night’s kebab paper. Banking customers will have lost motivation and politicians will have found another righteous cause.
The simple fact is that banks hold far more power over the cash in your bank account than you or any other party.
Some will decide to change banks (guaranteed not as many as said they would) but it will be a difference in name only. Cash, savings and pensions will still be held in the inter-connected web that is the global financial and banking system and no one’s rights will have improved.
From one bank to the next, the risks to cash still remain. Disappearing cash is a reality which will likely come to bank accounts everywhere with increasing frequency.
Listen on SoundCloud , Blubrry & iTunes. Watch on YouTube below
Human error is less risky than increasing digital risks
Whilst it not might not feel like it to those inconvenienced this weekend, a banking problem caused by a fat-fingered or forgetful human is the best kind of problem a banking customer can have.
However these are rare compared to the number of malicious attacks from outside sources which are silent in their assaults and lengthy in their recovery time.
Banks are consistently playing catch-up to the potential threats that they face on an hour-by-hour basis. Last month financial watchdog FINMA warned Swiss banks that the biggest threat they face are cyber attacks. The threat is so great that Switzerland has been called upon to step up its national defence of cyber warfare.
KPMG UK’s cyber defence unit have warned in a report which showed how unimpressive the UK’s tactics and defences are in the facing these rising threats:
UK banks alone spent $360m on IT in 2016, but the report said approaches are often slow and constrained by regulation, while cyber criminals, who can operate beyond borders and the law, are constantly updating their methods.
This requires a quicker and more collaborative response, the report said. “Ultimately, the financial sector as a community needs to organise this itself.”
EU regulators agree that IT systems are slow and out of date. A report this month by the Joint Committee of the European Supervisory Authorities (ESAs) concluded that cyber security attacks are considered alongside Brexit as the biggest threat to the securities, banking and insurance sectors.
Many of us imagine hacking and malware to come courtesy of an under-socialised teenager who lives in his mother’s spare bedroom. This is no longer the case. Sadly cyber-warfare is a growing business and one that is for hire.
Following sanctions on Russia and wildly flung accusations regarding poisoning and participation in chemical attacks many are now more concerned about cyber terror and war and the ability of all nation states to make life online a real misery.
EU regulations – more nefarious than the hackers?
After more than two decades of the internet most of us are vaguely aware of the threats it brings (although few do anything about it). What we have not accepted quite yet are the threats brought about by the very same people who are supposed to protect us – governments and regulators.
These two mega powers overshadow your savings as much (if not more so) than hackers and cyber war. Money can disappear courtesy of governments and regulators not because of human error or malware gone awry but because they have in recent years created laws that allow them to do so.
Bail-ins were approved just over two years ago. It effectively means that depositors’ cash can be taken in order to prop up individual banks and the banking system. How much is taken, if it is returned to you and what access to funds you may soon be at the discretion of the banks and central banks who control the regulators.
Imagine waking up this weekend to find no money in your account. A quick check of the news and emails does not alert you to any problems with the bank’s IT or of a malware attack or indeed of “human error”.
Instead you are horrified to learn that your own government has sanctioned the taking of your savings some of which you need as your day-to-day living expenses.
Conclusion – Take some of your savings off line
The lesson here is that investors, savers and indeed companies should consider taking some of their hard earned savings and capital ‘off line’.
It is nearly impossible to operate day-to-day without a bank account, but for the long-term you can certainly make sure your pension cash and savings are better protected from the number of risks which now face digital assets including digital deposits.
Physical gold that is allocated and segregated is about as out-of-the-system as you can get when it comes to investments and savings. Of course you can hide some cash under the mattress lor in a safe deposit box but even this is not safe from the decisions made on-high by central banks and governments.
Cash notes in your house are at risk of theft and cash notes in safe deposit boxes are at risk of theft as was seen in the Hatton Garden robbery and indeed raids by police on safe deposit box providers suspected of not running their companies in the safest of ways, not being AML compliant and of potentially aiding criminals. This happened with the Park Lane safe deposit box provider in 2008.
Cash is consistently losing value especially in this time of record low interest rates and indeed negative interest rates. Another risk is that cash notes can be deemed non-legal tender and new notes or coins can be created to simply replace those you hold.
When it comes to physical gold, it does not rely on your banks IT or having to comply with IT updates or indeed having the safest chip in your smartphone.
Gold is becoming more relevant today than ever before because of these risks. But it is specifically allocated, segregated physical gold which will protect from these risks – not paper gold, digital gold or platform gold.
Owning gold coins and bars either in one’s possession or in allocated and segregated storage will protect people and will be accessible, liquid and keenly priced in terms of premiums. It will protect investors and savers and those who use online banking from malicious attacks, ‘human errors’ and bank bail-ins.
The Ulster Bank debacle is the most recent example of this and it shows these risks are very real and not set to go away anytime soon.
News and Commentary
Gold prices inch up as equities slide (Reuters.com)
Asia Stocks Decline as Treasuries Extend Losses (Bloomberg.com)
Gold snaps 3-day losing streak as stock-market selloff sparks haven demand (MarketWatch.com)
Consumer confidence in April rebounds close to 18-year high (MarketWatch.com)
Sales of New Homes in U.S. Advance to a Four-Month High (Bloomberg.com)
Home prices surge to a near four-year high, Case-Shiller shows (MarketWatch.com)
Something Big Is Happening… It’s Getting Exciting – Gundlach On Gold (ZeroHedge.com)
DoubleLine’s Gundlach says U.S. Treasuries ‘not attractive’ (Reuters.com)
What To Do As Quantitative Easing Becomes Quantitative Tightening (MoneyWeek.com)
History: More Fake News (BonnerAndPartners.com)
What Hyperinflation In Venezuela Really Looks Like (ZeroHedge.com)
Listen on SoundCloud , Blubrry & iTunes. Watch on YouTube below
Gold Prices (LBMA AM)
24 Apr: USD 1,327.35, GBP 951.84 & EUR 1,087.76 per ounce
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)
24 Apr: USD 16.60, GBP 11.90 & EUR 13.59 per ounce
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
– Cash “Vanishes” From Bank Accounts In Ireland
– Russia Buys 300,000 Ounces Of Gold In March – Nears 2,000 Tons In Gold Reserves
– 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’
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)
|
2:57 PM (1 hour ago) | ||
|
Harvey
Here It is my friend! https://kinesis.money/#/ Please let everyone know.
Let catch up on Monday if you have time. We have billions in the hopper ready to be allocated on the 1st day of trading. The paper market days are over.
Warm regards
Andy
END
Movement of earmarked gold and no doubt that the gold is heading to Turkey
(Harvey)
Federal reserve bank of NY earmarked gold departures:
Gundlach On Gold: “Something Big Is Happening… It’s Getting Exciting”
Picking up where DoubleLine CEO Jeff Gundlach left off yesterday with his Ira Sohn recommendation, which as a reminder was to short Facebook on concerns of regulatory crackdown and go long commodities ahead of a late-cycle inflationary boom, on Tuesday Gundlach spoke at an event for DoubleLine clients and reiterated his late-cycle skepticism, warning that treasuries are still “not attractive” even though the benchmark 10Y yield briefly crossed the key 3% threshold earlier in the day.
The bond king said he is in no rush to buy, well, bonds, because he expects that, based on recent Core CPI prints and the NY Fed underlying inflation gauge, that US inflation will go even higher, sending Treasury prices lower. The fund manager said some indicators are suggesting 3% inflation, and noted that while it might not get there, “something higher than the current rate is sensible.”
Quoted by Reuters, Gundlach said the Fed’s “quantitative tightening”, which as we described earlier today is already taking the high-grade corporate market by storm where “cash-rich” companies haven’t issued a single bond YTD, was a factor in rising Treasury yields.
Furthermore, picking up on another previously covered topic, namely the recent surge in USD funding costs, Gundlach warned that the rising yields will continue as foreigners will be averse to purchasing U.S. Tsys because of hedging costs which have made the US 30Y Treasury the least economical of all govt bonds.
Still, the DoubleLine CEO said he has little conviction the 10Y will break hard above the 3% level:
“Maybe this level will hold on the 10-year. I’m not in that camp, but my conviction is low. My conviction on breaking above 3 is low. I don’t think you need conviction – let the market prove your opinion.”
More curiously, unlike a growing chorus on Wall Street, and even the market itself where forward OIS curves have already inverted, Gundlach said that he does not think the yield curve will invert before the next recession. This likely goes to Gundlach’s thesis, which he proposed in January, that in the next recession we won’t see a bid for safety out of stocks and into bonds. In other words “we won’t see a bond market rally.”
If so, he is right: there would be no inversion; there would be just an epic cross-asset crash, that incidentally will blow up all risk-parity funds in the process.
Which leads us to the final two points.
First, Gundlach said he thinks that Fed chair Jerome Powell is “not going to bail out the market.” Here he may be referring to what Zero Hedge first observed in January, when in the recently declassified 2012 FOMC transcripts, we found the following gem:
[W]hen it is time for us to sell, or even to stop buying, the response could be quite strong; there is every reason to expect a strong response. So there are a couple of ways to look at it. It is about $1.2 trillion in sales; you take 60 months, you get about $20 billion a month. That is a very doable thing, it sounds like, in a market where the norm by the middle of next year is $80 billion a month. Another way to look at it, though, is that it’s not so much the sale, the duration; it’s also unloading our short volatility position.
Second, Gundlach said that the next big move will likely be in gold prices which have broken their downtrend line, and are on the verge of breaking out to the upside. “It’s getting almost exciting… something big is happening,” he said cryptically.
He then revealed his target, saying that based on classic chart reading, an “explosive, potential energy” of a huge “head-and-shoulders bottom” base was signaling a move of $1,000 in gold prices, and added that “Gold is maintaining an upward pattern above its rising 200-day moving average, which is extremely good
end
Lawrie Williams also talks about the Bond King, Gundlach’s signalling a 1000 dollar price rise for gold
(courtesy Williams/Gundlach)
LAWRIE WILLIAMS – Gold signalling a $1,000 price rise – Gundlach
Speaking on Tuesday this week, Jeffrey Gundlach, founder of the big DoubleLine Fund in the U.S. and with control of assets under management estimated at nearly $120 billion, commented that the gold price had broken its downtrend line and was on the verge of breaking out to the upside. “Something big is happening” Reuters quotes him as saying. Reuters goes on to report that Guindlach said further that based on classic chart reading an “explosive, potential energy” of a huge “head-and-shoulders bottom” base was signalling a move of $1,000 in gold prices. The gold price had breached the $1,350 level on the upside a few times recently which will have prompted his forecast.
But, perhaps Gundlach spoke too soon as since the last time gold soared through $1,350. Only a week ago, the gold price has been pulled back to the low $1,320s, stymied by a sharp rise in the dollar index to over 91 – its highest level since January. It had fallen as low as 89.4, also only around a week ago, before recovering strongly. The dollar recovery has probably been due to the apparent easing of trade war tensions, particularly with respect to China, and the Syrian missile adventure does not appear to have excited a seriously hostile response from Russia. Indeed it looks like the U.S. may even be easing its Russian sanctions position a little, but any of these could flare up at any time – particularly given President Trump’s unpredictable propensity to tweet off the cuff before checking with his advisers.
But even so, the dollar rally, which many have put down to short covering, may not have much further to run and may well turn downwards again. How much and how far will likely set the pattern for the gold price as the two tend to be inversely related.
Gundlach, in his Tuesday presentation, seized on the likely path in the near future for inflation to move upwards which can affect the price of government bonds and thereby reduce foreign interest in them due to hedging costs. Major purchasers of U.S. Treasuries like Russia and China, and some other countries too, are also seen to be reducing their buying for both political and economic reasons which will affect medium to long term dollar strength.
Weaker bond purchases and a Jerome Powell-led Fed which may be less keen to intervene to support equities, could see equity markets drop and safe haven investment move into precious metals. Even at current levels gold has outperformed equities so far this year which is certainly not the impression given by mainstream media.
https://www.sharpspixley.com/articles/lawrie-williams- gold-signalling-a-$1-000-price-rise- gundlach_278964.html
25 Apr 2018
Ronan Manly emphasizes why both Turkey and Russia place a huge strategic importance on gold
(courtesy Ronan Manly/Bullionstar)
Ronan Manly: Turkey and Russia emphasize gold’s strategic importance
Submitted by cpowell on Tue, 2018-04-24 22:26. Section: Daily Dispatches
6:27p ET Tuesday, April 24, 2018
Dear Friend of GATA and Gold:
Bullion Star gold researcher Ronan Manly today notes the strategic importance increasingly placed on their gold reserves by Turkey and Russia. Manly’s analysis is headlined “Turkey and Russia Highlight Gold’s Role as a Strategically Important Asset” and it’s posted at Bullion Star here:
https://www.bullionstar.com/blogs/ronan-manly/turkey-russia-highlight-go…
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
END
Surprisingly the court finds the Legend not guilty of spoofing due to the fact that the two witnesses were not credible. For some unknown reason, with copious evidence of collusion, front running etc., the government decided not to pursue those in court and only the spoofing. They now have egg on their face..
(courtesy zerohedge)
Ex-UBS Trader Found Not Guilty Of Spoofing Precious Metals Markets
It’s no wonder Andre Flotron has such a big smile on his face…
As we detailed previously, following news coverage of the charging of five precious metals traders and three banks in January, Commodities Futures Trading Commission and Department of Justice documents reveal a global criminal cabal of 16 traders operating in at least four major financial institutions between 2008 and 2015 to defraud COMEX gold and silver futures markets.
Of the many examples published, one reveals a UBS AG precious metals trader known as “The Legend,” spoofed sell orders to push down the price of gold futures on September 6, 2011, the day the gold market attained, and commenced a lengthy retreat, from its historic peak of US $1,923.70.
Flotron, a Swiss citizen, worked at UBS in Stamford and then in Zurich. He was arrested in 2017 while visiting his girlfriend in New Jersey. As Bloomberg notes,prosecutors say Flotron manipulated markets by placing “trick” buy or sell orders, and quickly canceling them to either shift prices up or down.
He was charged with scheming to engage in the practice with a subordinate, whom he trained to “spoof,” and another trader over a period of about five years starting in 2008. Economic turmoil at the time led to historic rallies in the prices of precious metals, especially gold.
Witnesses for the government included the former trainee, Mike Chan, 35, who testified that he learned Flotron’s methods while the two were working at the Swiss bank’s Stamford, Connecticut, office in 2008. Chan said he sat next to Flotron and learned to spoof by watching over his shoulder.
Chan then took those skills and applied them when he was transferred to the bank’s Singapore office, where he engaged in a separate conspiracy with a former trader for Deutsche Bank AG.
So having got that background out of the way, the big news of the day is…
Bloomberg reports that Andre Flotron was found not guilty of scheming to manipulate futures markets through a practice known as spoofing.
Andre Flotron, 54, was cleared of wrongdoing by a federal jury in New Haven, Connecticut, on Wednesday of a single count of conspiracy to engage in commodities fraud.
Bloomberg reports that Flotron’s defense attorney Marc Mukasey said in closing arguments that the government’s case was “prosecution by statistics” through charts and graphs and relied on testimony from two former traders who cooperated in exchange for agreements that they wouldn’t be prosecuted, and couldn’t be trusted.
“You can’t take their word for anything,” Mukasey said, noting that neither cooperator told jurors they explicitly agreed to spoof with Flotron. The practice entailed placing and quickly canceling orders to shift prices up or down.
“They’ve got a motive to tell the story the government wants.”
He could have faced as long as 25 years in prison if convicted, but now he is free to go back to not-spoofing precious metals markets.
“We’re extremely pleased with the jury’s verdict,” Mukasey said.
“Justice has been done.”
Nope – nothing to see here, move along average joes.
end
Come clean about gold, congressman tells Treasury and Fed
Submitted by cpowell on Wed, 2018-04-25 15:35. Section: Daily Dispatches
11:41a ET Wednesday, April 25, 2018
Dear Friend of GATA and Gold:
A member of Congress this week asked the U.S. Treasury Department and Federal Reserve to come clean about government policy toward gold.
The congressman, U.S. Rep. Alex X. Mooney, R-West Virginia, sent a letter to Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell raising issues similar to those GATA long has been raising about the U.S. government’s surreptitious involvement in the gold market.
Mooney wrote: “Records in the archives of the historian of the U.S. State Department describe U.S. government policy in recent decades as aiming to drive gold out of the world financial system in favor of the Federal Reserve Note or Special Drawing Rights issued by the International Monetary Fund.
“Is this still U.S. government policy toward gold? If not, what is the U.S. government’s current policy toward gold?
“I have heard complaints that the U.S. gold reserve has not been fully audited for many decades, particularly as there seems to have been no acknowledgement of — or account for — ‘swaps’ and leases of gold or arrangements for such to which the U.S. government has been a party.
“Does the U.S. government, through the Treasury Department, the Federal Reserve System, or any other agency or entity, transact in gold or gold derivatives either directly or through intermediaries? If so, what are those transactions and what are their objectives?
“Does the U.S. government undertake any transactions in gold or gold derivatives through the Bank for International Settlements, Bank of England, or other central banks or governments? If so, what are these transactions and their objectives?”
Mooney asked for responses in writing.
The West Virginian, a member of the House Financial Services Committee and its Subcommittee on Monetary Policy and Trade, lately has come to national notice for introducing legislation to return the United States to a gold standard for its monetary system —
— and for criticizing the U.S. Mint’s seeming indifference to the counterfeiting of gold coins:
The Federal Reserve’s involvement in gold swaps with foreign banks was disclosed in the course of GATA’s freedom-of-information litigation against the Fed in 2009, when a member of the Fed’s Board of Governors, Kevin M. Warsh, wrote to GATA’s lawyer that gold swap arrangements were among the documents the Fed was refusing to make public:
GATA often has called attention to the surreptitious activity of the Bank for International Settlements in the gold market on behalf of its member central banks, which include the Federal Reserve.
Stefan Gleason of bullion dealer Money Metals Exchange in Idaho, executive director of the Sound Money Defense League, which has been supporting Mooney’s work on gold issues, said today that central bank efforts to demonetize gold have had “disastrous effects, particularly for the average American.”
“A return to sound money – that is, gold and silver — would usher in a new era of investment, savings, stable prices, and fiscal discipline,” Gleason said, adding: “We look forward to an explanation from Secretary Mnuchin and Chairman Powell regarding the government’s activities using America’s gold, including to what extent America’s gold reserves have been put at risk or used for what might be viewed as dubious purposes.”
Gleason’s statement is posted here:
https://www.moneymetals.com/news/2018/04/25/house-member-questions-treas…
The willingness of a member of Congress to put to the Treasury Department and Federal Reserve specific questions like the ones GATA long has been pressing is especially encouraging. Not even Congress’ last great gold advocate, former U.S. Rep. Ron Paul, R-Texas, could be persuaded to do that, the issue apparently being considered too sensitive to the international position of the United States and the U.S. dollar’s status as the world reserve currency.
Mooney’s letter to the Treasury Department and Federal Reserve is posted here:
http://gata.org/files/MooneyLetter-04-24-2018.pdf
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
end
And here is that important article from Money Metals News Service on Representative Alex Mooney of West Virginia
a must view
(courtesy Stefan Gleeson/Rep. Alex Mooney/R W.V.)
House Monetary Policy Committee Member Questions Treasury and Fed about Their Gold Activities
Money Metals News Service
April 25th, 2018
Washington, DC (April 25th, 2018) – A Member of Congress posed some pointed questions to the Federal Reserve and the U.S. Treasury this week about their activities involving America’s gold reserves, including, apparently, efforts to “drive gold out of the world financial system in favor of the Federal Reserve Note or Special Drawing Rights issued by the International Monetary Fund.”
In a letter dated April 24, Representative Alex Mooney (R-WV) wrote to Jerome Powell, Chairman of the Federal Reserve, and Steven Mnuchin, Secretary of the U.S. Treasury, raising concerns about their formal policy to devalue the Federal Reserve Note (e.g. “inflation targeting”) and requesting information about the United States’ use of, and position on, gold.
“The purchasing power of our currency has fallen some 97% since Congress passed the Federal Reserve Act in 1913, with an acceleration in the rate of decline occurring since the early 1970s when the final link to gold was severed,” wrote Mooney while also pointing out there had been almost no inflation in the U.S. prior to the creation of the Federal Reserve System.
“This Fed policy of creating inflation has the effect of driving up the cost of virtually everything my West Virginia constituents consume, while simultaneously reducing the real value of their pensions, savings, and fixed income payments,” Mooney continued.
In his capacity as a member of the House Financial Services Committee and its Monetary Policy and Trade subcommittee, Mooney has asked the Fed and Treasury to answer the following questions in writing:
Records in the archives of the historian of the U.S. State Department describe U.S. government policy in recent decades as aiming to drive gold out of the world financial system in favor of the Federal Reserve Note or Special Drawing Rights issued by the International Monetary Fund.
Is this still U.S. government policy toward gold? If not, what IS the U.S. government’s current policy toward gold?
I have heard complains that the U.S. gold reserve has not been fully audited for many decades, particularly as there seems to have been no acknowledgement of – or account for – “swaps” and leases of gold or arrangements for such to which the U.S. government has been a party.
Does the U.S. government, through the Treasury Department, the Federal Reserve System, or any other agency or entity, transact in gold or gold derivatives either directly or through intermediaries? If so, what are those transactions and what are their objectives?
Does the U.S. government undertake any transactions in gold or gold derivatives through the Bank for International Settlements, Bank of England, or other central banks or governments? If so, what are these transactions and their objectives?
Stefan Gleason, Executive Director of the Sound Money Defense League said, “In recent decades, government officials and central banks have almost entirely kicked gold out of the monetary system with disastrous effects, particularly for the average American.”
“A return to sound money, i.e. gold and silver, would usher in a new era of investment, savings, stable prices, and fiscal discipline.”
“We look forward to an explanation from Secretary Mnuchin and Chairman Powell regarding the government’s activities using America’s gold, including to what extent America’s gold reserves have been put at risk or used for what might be viewed as dubious purposes.”
Congressman Mooney’s letter can be accessed here.
https://www.moneymetals.com/news/2018/04/25/house- member-questions-treasury-fed-001463
end
I guess we will never hear from Otting as this financial watchdog continues to buy stock even while in office
(courtesy GATA)
Trump’s bank watchdog bought financial stocks up until taking office
Submitted by cpowell on Wed, 2018-04-25 16:27. Section: Daily Dispatches
By Michelle Price and Patrick Rucker
Reuters
Wednesday, April 25, 2018
WASHINGTON — U.S. President Donald Trump’s nominee for Wall Street regulator Comptroller of the Currency bought financial stocks until he took office in November, according to financial disclosure documents filed with the Office of Government Ethics.
While not illegal, the trading activity by Joseph Otting’s money manager could violate the spirit of ethics rules designed to prevent conflicts of interest, five experts in U.S. government ethics standards said. Nominees are required by law to disclose all assets to the Office of Government Ethics and divest any deemed a conflict of interest, or having the appearance of one, once they are confirmed. Otting gave the ethics office a tally of his investments in March 2017 and agreed upon his June nomination to unwind millions of dollars in financial stocks within 90 days of being confirmed.
Your early WEDNESDAY morning currency, Asian stock market results, important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/9 AM EST
i) Chinese yuan vs USA dollar/CLOSED DOWN 6.3202 /shanghai bourse CLOSED DOWN 10.95 POINTS OR 0.35% / HANG SANG CLOSED UP 308.09 POINTS OR 1.01%
2. Nikkei closed DOWN 62.90 POINTS OR 0.28%/ /USA: YEN RISES TO 109.07/
3. Europe stocks OPENED RED /USA dollar index RISES TO 91.01/Euro FALLS TO 1.2201
3b Japan 10 year bond yield: RISES TO . +.07/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.01/ 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:: 67.88 and Brent: 73.73
3f Gold DOWN/Yen DOWN
3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END
Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.
3h Oil DOWN for WTI and DOWN FOR Brent this morning
3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO +.64%/Italian 10 yr bond yield DOWN to 1.78% /SPAIN 10 YR BOND YIELD DOWN TO 1.30%
3j Greek 10 year bond yield FALLS TO : 4.00?????????????????
3k Gold at $1321.00 silver at:16.54 7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50
3l USA vs Russian rouble; (Russian rouble DOWN 36/100 in roubles/dollar) 61.88
3m oil into the 67 dollar handle for WTI and 73 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 109.01 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 0.9827 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1987 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 +0.64%
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 3.01% early this morning (THIS IS DEADLY TO ALL MARKETS). Thirty year rate at 3.19% /
5. Details Ransquawk, Bloomberg, Deutsche bank/Jim Reid.
(courtesy Jim Reid/Bloomberg/Deutsche bank/zero hedge)
Futures Slide As 10Y Breaks Above 3%; Dollar Surge Resumes
After closing Tuesday just a fraction away from 3.00% (2.9995% to be precise), the drama over the 10Y yield continuedovernight, with a block seller appearing in early trading, pushing the yield as high as 3.03%. Then gamma hedgers emerged around 119-00 in 10Y TSY futures according to Bloomberg, due to large put open interest at that strike, pinning the yield around 3.01% for now.
Meanwhile, in the absence of any real data or speakers, the market decided to stick with what it knows, and the USD buying has resumed in earnest; sending the USD to the highest level in three months. The euro was among the losers a day before the ECB’s next rate decision, however Euro weakness was no tonic for equities, and the Stoxx Europe 600 Index fell along with U.S. futures and the MSCI Asia Pacific Index. European equity markets sell-off led by miners and industrial stocks, mirroring yesterdays move on Wall St. sparked by Caterpillar warning. European stocks fell along with U.S. equity-index futures following the slide in stocks across Asia as technology shares faltered.
Positions are being lightened up across the board ahead of the week’s crunch events tomorrow and Friday (US data, ECB, Riksbank, BoJ etc.). The symbiotic relationship means that US fixed income also continues to be sold off, with yields pounding higher and sitting once again on the brink of some major levels. As NY walks in, as we have so often seen before, some of the moves are retracing a little, but USD remains higher on the day.
The Bloomberg Dollar Spot Index climbs 0.4% to its highest level since mid-January as the dollar gains against all major peers. Elsewhere in FX, the biggest declines were seen in the Australian and New Zealand dollars while the yen touched its weakest level in two and a half months. Emerging-market currencies mostly weakened, led by South Africa’s rand, but Turkey’s lira gained ahead of a key rate decision by the country’s central bank.
As Bloomberg notes, the upward momentum in the dollar looks set to force a rethink on many of the most popular trades just now: most notably, it may spell more turmoil for equity markets, which have been roiled by rising yields and threats to global trade in recent weeks and had been looking to earnings for some cheer. Instead, a mixed bag of results across market-driving tech shares and industrial bellwethers is doing little to calm Wall Street nerves over the fate of global growth.
Still, there was a silver lining for the bulls, as Wednesday’s moves weren’t entirely risk-off and established safe-haven assets including gold and the yen retreated.
Crude futures and metals markets trade with small losses within tight ranges.
While there is nothing on the economic calendar today, it is extremely busy among companies reporting earnings with Boeing, Twitter, AT&T, eBay, Facebook, Ford, Las Vegas Sands, PayPal, Qualcomm, and Visa all on deck.
Bulletin Headline Summary From RanSquawk
- Treasury yields continue rise putting pressure on European bourses
- Oil prices consolidate after Tuesdays highs
- Looking ahead, highlights include, the Turkish rate decision, DoEs and a slew of speakers
Top Overnight News
- The European Union would be prepared to offer Britain a better trade deal than the one it gave Turkey if it decides to stay in the customs union after Brexit, and would listen to U.K. views on trade policy, according to an EU official
- Bloomberg calculations show the ECB’s prediction for a 2.4 percent economic expansion this year already factors in weaker underlying momentum, a likely reason why officials including President Mario Draghi have done nothing to counter market expectations that their bond-buying program will end this year
- French President Emmanuel Macron is discovering the limits of cooperation with Donald Trump on foreign policy, as his last- ditch appeal to salvage the Iran nuclear deal was met with intransigence by the U.S. president
- ECB’s Mersch: confidence on inflation has risen recently; inflation has not weakened as much as ECB predicted
- China raises amount domestic funds can invest overseas by ~$8b to total of $98.3b, first increase since March 2015
- Japan’s LDP official says dissolving lower house is an option if the motion on no confidence against the Cabinet is submitted; Cabinet Secretary Suga declines to comment on snap election
- China official expects RRR cuts of 6-8% in 3 years: 21st Century
- As Trump says Nafta talks are “doing very nicely,” negotiations between ministers from the U.S., Mexico, Canada are ramping up in Washington in a redoubled push for a deal
- Tidjane Thiam is reaping the rewards of Credit Suisse Group AG’s pivot to wealth management after the bank attracted new assets at the fastest pace in seven years
- Takeda Pharmaceutical Co. reached a preliminary agreement to buy Shire Plc with a sweetened takeover offer of about 46 billion pounds ($64 billion), closing in on a takeover that would vault it into the ranks of the world’s top pharma companies
Market Snapshot
- S&P 500 futures down 0.4% to 2,625.25
- STOXX Europe 600 down 0.8% to 380.25
- MXAP down 0.6% to 172.03
- MXAPJ down 0.8% to 558.60
- Nikkei down 0.3% to 22,215.32
- Topix down 0.1% to 1,767.73
- Hang Seng Index down 1% to 30,328.15
- Shanghai Composite down 0.4% to 3,117.97
- Sensex down 0.3% to 34,513.22
- Australia S&P/ASX 200 up 0.6% to 5,921.55
- Kospi down 0.6% to 2,448.81
- German 10Y yield rose 2.1 bps to 0.652%
- Euro down 0.3% to $1.2201
- Italian 10Y yield fell 2.7 bps to 1.513%
- Spanish 10Y yield rose 1.1 bps to 1.31%
- Brent futures up 0.2% to $74.04/bbl
- Gold spot down 0.4% to $1,325.60
- U.S. Dollar Index up 0.2% to 90.95
Asian stocks traded negative across the board as the region followed suit from the broad weakness on Wall St amid rising US yields, in which the Nasdaq 100 underperformed with losses of over 2% and industrials led the DJIA lower after Caterpillar suggested that Q1 could be the apex for the year. Nikkei 225 (-0.3%) and KOSPI (-0.6%) were lower with participants also digesting earnings releases, while Takeda was among the worst performers in Japan after the Co. further sweetened its offer in pursuit of Shire. ASX and NZX were shut for ANZAC Day, while Shanghai Comp. (-0.3%) and Hang Seng (-1.0%) conformed to the downbeat tone after the PBoC skipped open market operations which resulted to a net daily drain of CNY 150bln, However, the losses in the mainland were contained amid continued chatter regarding further RRR cuts and as the previously announced cut took effect from today. Finally, 10yr JGBs were uneventful and have failed to benefit from the broad risk averse tone as well as the BoJ’s presence in the market for JPY 710bln in the belly to super-long end, while USTs were choppy overnight with early pressure seen after the US 10yr yield continued to test the 3.000% level which it had earlier reclaimed for the 1st time since January 2014. China researcher noted that deflation in China is possible as soon as Q4 this year and added that further reductions in RRR are expected, while there were also reports that a Chinese official sees large room for RRR reductions and sees it lowered by between 600-800bps in 3 years. PBoC skipped open market operations for a daily net drain of CNY 150bln.
Top Asian News
- CEFC China May Cut Half Its Workers But Rosneft Deal Still Alive
- China Loosens Grip on Outflows, Raises Outbound Investing Quota
- Noble Group Creditors See ‘Irreparable Damage’ If Deal Drags
- China is Taking on the U.S. to Fill its $1.4 Trillion Stock Hole
European equities are seeing a lacklustre start following on from the sentiment seen yesterday on Wall Street and overnight during Asia-Pac trade. In terms of stock specifics, Shire (+0.2%) shares have been supported after recommending Takeda’s revised GBP 46bln takeover offer to its shareholders. In the earnings scope, markets have seen positive results from Kering, (6.4%) and Credit Suisse (+3.3%) with negative reports from Mediaset (-0.8%). Significant news later in the session from Comcast (CMCSA) whom make a superior cash offer for Sky (SKY LN), implying a value of GBP 22.0bln.
Top European News
- EU Said to Be Ready to Give U.K. a Say on Trade in Customs Union
- Osram Tumbles Most in More Than Two Years After Profit Warning
- Handelsbanken Sinks After Weak Results and Nordea Fund Warning
- Nordea Warns 2018 Goals Looking Tough After ‘Soft’ First Quarter
In FX, the DXY continues to piggy-back rising US Treasury yields after a relatively brief pause for breath as bond bears and bulls tussled for supremacy around the 3% mark in 10s. A more decisive break above has given the Dollar further impetus and the index has reclaimed 91.000+ status as a result, with fair resistance around 91.526 back on the radar ahead of 91.751 and a few more upside chart levels before early 2018 highs. EUR/JPY/CHF: The renowned safe-havens are not deriving any real support, or much from the latest decline in global equity markets against the more compelling Usd ascent, mainly on the aforementioned ratchet up in US rates, but also perhaps amidst some early month-end positioning as rebalancing models point to net Dollar demand. Eur/Usd is pivoting 1.2200 where huge option expiries roll off on ECB day tomorrow (3+ bn), with Fib support around 1.2173 still underpinning the pair, but the upside capped ahead of 1.2250. Usd/Jpy has carved out a fresh multi-month top circa 109.25 after a brief dip below 109.00 and is back above the 100 DMA at 108.98 eyeing offers at 109.50 before a major fib at 109.65. Usd/Chf remains above 0.9800 and Eur/Chf is rebounding towards 1.2000 again with the Franc hardly helped by a sharp deterioration in ZEW’s Swiss Investor Sentiment index
In commodities, oil has pulled back from Q4 2014 highs and remains flat on the day as the bullish market was slowed by US inventories increasing by 1.1mln barrels as according to API and traders taking profits following highs hit on Tuesday. Gold is currently seen around five week lows amid currency effects and rising treasury yields. Aluminium also maintained its recent slide due to the aforementioned effects as well as the Rusal sanctions announcement on Monday, with a fall noted for the 5th session in a row. Libya’s oil output at the Waha oil field said to be back up to 300k bpd.
In terms of the day ahead, there’s very little scheduled in terms of data with nothing of note in the US and the only release in Europe being the April consumer confidence print in France. The ECB’s Villeroy, Knot and Lane are all due to speak in Paris this morning at the Bank of France financial stability review. Earnings will likely be the bigger focus for markets with Facebook, Boeing, AT&T, GlaxoSmithKline, Credit Suisse, Ford Motor and eBay all due to report over the course of the day.
US Event Calendar:
- 7am: MBA Mortgage Applications: -0.2%; prior 4.9%
DB’s Jim Reid concludes the overnight wrap
Blink and you may have missed it, but yesterday at exactly 2.48pm BST the 10y Treasury finally passed the much hyped 3% level, topping out at 3.001%. It was certainly brief with the move only lasting a matter of seconds but it was the first time in 1567 days (since January 8th 2014) that 10y yields have gone above 3%. What has perhaps been most interesting about the recent leg higher in yields is the relatively muted level of Treasury volatility still. Indeed the 10y Treasury volatility index is at 3.99 which compares to the 3.44 to 6.07 range in 2018 so far and 4.50 average through 2017.
As well as the 10y move, the 2s10s curve also finished a shade steeper yesterday at 52bps and is now 11bps off its tights last week. The USD index on other hand was a little weaker (-0.20%). Equity markets were a lot more volatile all things considered. The Stoxx 600 (-0.02%) closed little changed but wiped out early gains while last night the S&P 500, Dow and Nasdaq slumped to losses of -1.34%, -1.74% and -1.70% respectively. This now means the Dow is on a five-day losing streak – the longest since March 2017 – and the S&P 500 has joined the Dow in being back to negative year to date again.
Blaming the weakness in US stocks entirely on moves in the Treasury market feels like a stretch and rather it was the busy slate of earnings which really appeared to be dictating sentiment. Indeed Alphabet shares closed down -4.77% after analysts combed through the details in the report which in turn weighed on the wider tech sector. It was industrials which really struggled though in the wake of Caterpillar’s numbers. Shares in the industrial bellwether closed down -6.20% after being up as much as +4.54% following what was a decent set of numbers. Management actually raised the outlook for the year ahead but on the conference call the comment that Q1 was likely to be the “high water mark” for the year was enough to spook the market and fuel prospects that we’ve seen the peak. Caterpillar’s results are generally seen as a decent barometer for global growth hence the sensitivity. In any case the industrials sector ended up being the biggest underperformer in the S&P 500 yesterday, falling -2.82%.
Meanwhile, at the margin President Trump’s comment saying that Iran “will pay a price like few countries have ever paid” should they threaten the US didn’t appear to help sentiment although Oil did finish the day broadly 1% lower, perhaps helped by French President Macron suggesting that he wants to negotiate a new accord with Iran to curb its development of missiles. Trump was much more conciliatory in his comments about North Korea’s Kim Jong Un, calling him “very honourable” so far and describing conversations as being “very good” between the two sides during a meeting with Macron.
With little in the way of new newsflow overnight, this morning in Asia bourses have taken the lead from the US and are lower across the board. That’s the case for the Nikkei (-0.59%), Hang Seng (-0.82%), Shanghai Comp (-0.31%) and Kospi (-0.99%). The 10y Treasury has passed 3% in the early going again however is failing to break higher, while commodity markets on the whole are little changed.
Moving on. Yesterday’s data highlight in the US was the April consumer confidence print which came in at a much better than expected 128.7 (vs. 126.0 expected) and the second highest reading since 2000. Notably, that was up 1.7pts from March while the expectations component also rose 1.9pts to 108.1. The labour differential reading (difference between jobs plentiful and hard to get) did fall to 22.9 and a three-month low but still remains at overall strong levels. Meanwhile, new home sales in March were reported as climbing +4.0% mom (vs. +1.9% expected) and the Richmond Fed PMI for April fell a surprising 18pts to -3 (vs. +16 expected).
The data in Europe was a bit more mixed. Of most interest for us was the ECB Bank Lending Survey which on the whole was relatively positive. Indeed, credit standards were reported as easing “considerably” for loans to enterprises and housing loans in Q1 while demand also increased across all loan categories. In terms of the details, the net percentage of banks reporting an easing in standards for large enterprises in the Euro area was 7.8% compared to 0.5% in Q4 2017
For house purchases the net percentage of banks reporting an easing rose to 11.4% from 6.2% while consumer credit rose to 3.4% from 0.7%. Also worth highlighting is that banks expect a net easing of credit standards across the three loan categories in Q2. It’s worth noting that the ECB keeps a close eye on this survey and in addition to the stabilising PMIs out on Monday it should help to provide a decent degree of comfort for the market with regards to the Euro area cyclical position right now.
The data that was a slight disappointment yesterday in Europe was the IFO survey in Germany. The April IFO business climate reading fell 1.2pts to 102.1 and a bit more than expected (102.8 expected). That’s now the lowest reading since January last year. Expectations also fell 1.3pts to 98.7 putting it at a 23-month low with the index also down for 5 months in succession now. Despite the softer data, our economists note that the IFO index still indicates positive expansion in Q1 although three consecutive declines in a row are often interpreted as a signal for a cyclical turning point.
Closer to home there was a milestone moment for the UK’s finances as the latest UK government budget deficit figure revealed that the deficit has narrowed to the smallest in 11 years at £42.6bn compared to expectations for £45.2bn. In the last 12 months, the UK actually achieved a small surplus – the first in a full fiscal year since 2002-03. Staying with the UK it’s worth noting that the April CBI data was less supportive with industrial business optimism falling sharply by 17pts to -4.
Away from the data, Italy bucked the trend for bonds yesterday with BTP yields falling 2.7bps after headlines hit the wires (Bloomberg) reporting that the acting leader of the Democratic Party, Maurizio Martina, said that the PD could be open to talks with the 5SM about forming a government as long as the 5SM drops its alliance with the League. The FTSE MIB also closed +0.22% and outperformed most other bourses as the market saw the development as positive given that a government with the participation of the PD would be seen as a moderating influence, compared to a 5SM-League alliance.
In terms of the day ahead, there’s very little scheduled in terms of data with nothing of note in the US and the only release in Europe being the April consumer confidence print in France. The ECB’s Villeroy, Knot and Lane are all due to speak in Paris this morning at the Bank of France financial stability review. Earnings will likely be the bigger focus for markets with Facebook, Boeing, AT&T, GlaxoSmithKline, Credit Suisse, Ford Motor and eBay all due to report over the course of the day.
3. ASIAN AFFAIRS
i)WEDNESDAY MORNING/TUESDAY NIGHT: Shanghai closed DOWN 10.95 POINTS OR 0.35% /Hang Sang CLOSED DOWN 308.09 POINTS OR 1.01% / The Nikkei closed DOWN 62.90 POINTS OR 0.28%/Australia’s all ordinaires CLOSED HOLIDAY /Chinese yuan (ONSHORE) closed DOWN at 6.3202/Oil DOWN to 67.88 dollars per barrel for WTI and 73.73 for Brent. Stocks in Europe OPENED DEEPLY IN THE RED. ONSHORE YUAN CLOSED DOWN AT 6.3202 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3279/ONSHORE YUAN TRADING STRONGER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING MUCH 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
North Korea’s nuclear test site has now collapsed with Japan reporting that more than 200 North Korean citizens have died when a tunnel collapsed at the site. Now there is danger of nuclear material escaping into the atmosphere
(courtesy zerohedge)
North Korean Nuclear Test Site Has Collapsed, Explaining Kim’s “Suspension” Of Further Tests
It finally happened.
Six months after a group of Chinese scientists warned that the North Korean Punggye-ri nuclear test site was on the verge of collapse, and following reports from Japan’s Asahi TV that more than 200 North Koreans had died when a tunnel collapsed at the test site, the South China Morning Post reported today that North Korea’s mountain nuclear test site has completely collapsed, putting China and other nearby nations at unprecedented risk of radioactive exposure, two separate groups of Chinese scientists studying the issue have confirmed.
The collapse also likely explains the sudden willingness of North Korean leader Kim Jong-un to declare last Friday that he would freeze the state’s nuclear and missile tests and shut down the site, a researcher cited by the SCMP said.
At least five of North Korea’s last six nuclear tests all took place under Mount Mantap at the Punggye-ri nuclear test site in North Korea’s northwest; in the process they unleashed artificial earthquakes and destabilized the mountain to the point of no return.
According to the SCMP report, a group of researchers found that the most recent blast tore open a hole in the mountain, which then collapsed upon itself. A second group concluded that the breakdown created a “chimney” that could allow radioactive fallout from the blast zone below to rise into the air.
A research team led by Wen Lianxing, a geologist with the University of Science and Technology of China in Hefei, concluded that the collapse occurred following the detonation last autumn of North Korea’s most powerful thermal nuclear warhead in a tunnel about 700 metres (2,296 feet) below the mountain’s peak. The test turned the mountain into fragile fragments, the researchers found.
The mountain’s collapse, and the prospect of radioactive exposure in the aftermath, confirms a series of exclusive reports by the South China Morning Post on China’s fears that Pyongyang’s latest nuclear test had caused a fallout leak. The scientists warned that radioactive dust could escape through holes or cracks in the damaged mountain.
“It is necessary to continue monitoring possible leaks of radioactive materials caused by the collapse incident,” Wen’s team said in the statement.
As the SCMP notes, the official findings will be published on the website of the peer-reviewed journal, Geophysical Research Letters, likely next month.
North Korea saw the mountain as an ideal location for underground nuclear experiments because of its elevation – it stood more than 2,100 meters (6,888 feet) above sea level – and its terrain of thick, gentle slopes that seemed capable of resisting structural damage.
While the mountain’s surface had shown no visible damage after four underground nuclear tests before 2017, the 100-kilotonne bomb that went off on September 3 vaporised surrounding rocks with unprecedented heat and opened a space that was up to 200 metres (656 feet) in diameter, according to a statement posted on the Wen team’s website on Monday.
And as shock waves tore through and loosened more rocks, a large section of the mountain’s ridge, less than half a kilometre (0.3 mile) from the peak, slipped down into the empty pocket created by the blast, leaving a scar visible in satellite images. Wen concluded that the mountain had collapsed after analysing data collected from nearly 2,000 seismic stations.
Three small earthquakes that hit nearby regions in the wake of the collapse added credence to his conclusion, suggesting the test site had lost its geological stability.
A second team led by Liu Junqing at the Jilin Earthquake Agency with the China Earthquake Administration in Changchun reached similar conclusions to the Wen team.
The “rock collapse … was for the first time documented in North Korea’s test site,” Liu’s team wrote in a paper published last month in Geophysical Research Letters. The breakdown not only took off part of the mountain’s summit but also created a “chimney” that could allow fallout to rise from the blast centre into the air, they said.
Zhao Lianfeng, a researcher with the Institute of Earth Science at the Chinese Academy of Sciences in Beijing, said the two studies supported a consensus among scientists that “the site was wrecked” beyond repair. “Their findings are in agreement to our observations,” he said. “Different teams using different data have come up with similar conclusions,” Zhao said. “The only difference was in some technical details. This is the best guess that can be made by the world outside.”
As we reported previously, speculation grew that North Korea’s site was in trouble when Lee Doh-sik, the top North Korean geologist, visited Zhao’s institute about two weeks after the test and met privately with senior Chinese government geologists. Although the purpose of Lee’s visit was not disclosed, two days later Pyongyang announced it would no longer conduct land-based nuclear tests.
Hu Xingdou, a Beijing-based scholar who follows North Korea’s nuclear programme, said it was highly likely that Pyongyang had received a stark warning from Beijing.
“The test was not only destabilising the site but increasing the risk of eruption of the Changbai Mountain,” a large, active volcano at China-Korean border, said Hu, who asked that his university affiliation not be disclosed for this article because of the topic’s sensitivity.
The mountain’s collapse has likely dealt a huge blow to North Korea’s nuclear programme, Hu said.
Hit by crippling international economic sanctions over its nuclear ambitions, the country might lack sufficient resources to soon resume testing at a new site, he said. “But there are other sites suitable for testing,” Hu said. “They must be closely monitored.”
Guo Qiuju, a Peking University professor who has belonged to a panel that has advised the Chinese government on emergency responses to radioactive hazards, said that if fallout escaped through cracks, it could be carried by wind over the Chinese border.
“So far we have not detected an abnormal increase of radioactivity levels,” Guo said. “But we will continue to monitor the surrounding region with a large [amount] of highly sensitive equipment and analyse the data in state-of-the-art laboratories.”
Zhao Guodong, a government nuclear waste confinement specialist at the University of South China, said that the North Korean government should allow scientists from China and other countries to enter the test site and evaluate the damage.
* * *
It remains unclear what if any impact the news will have on Trump’s eagerness to sit down with Kim and discuss a denculearization of North Korea, if it emerges that the rogue nation only agreed to negotiate because it no longer had the ability to conduct further tests, and thus had no more leverage, as opposed to a voluntary decision by Kim Jong Un
end.
3 b JAPAN AFFAIRS
end
c) REPORT ON CHINA/HONG KONG
4. EUROPEAN AFFAIRS
Is Belgium turning Islamic?
(courtesy Meotti/Gatestone Institute_
Belgium: First Islamic State In Europe?
Authored by Giulio Meotti via The Gatestone Institute,
- The leaders of Belgium’s ISLAM Party apparently want to turn Belgium into an Islamic State. They call it “Islamist democracy” and have set a target date: 2030.
- “The program is confusingly simple: replace all the civil and penal codes with sharia law. Period“. — French magazine Causeur.
- “The European capital [Brussels] will be Muslim in twenty years”. — Le Figaro.
The French acronym of Belgium’s ISLAM Party stands for “Integrity, Solidarity, Liberty, Authenticity, Morality”. The leaders of the ISLAM Party apparently want to turn Belgium into an Islamic State. They call it “Islamist democracy” and have set a target date: 2030.
According to the French magazine Causeur, “the program is confusingly simple: replace all the civil and penal codes with sharia law. Period”. Created on the eve of the 2012 municipal ballot, the ISLAM Party immediately received impressive results. Its numbers are alarming.
The effect of this new party, according to Michaël Privot, an expert on Islam, and Sebastien Boussois, a political scientist, could be the “implosion of the social body“. Some Belgian politicians, such as Richard Miller, are now advocating banning the ISLAM Party.
The French weekly magazine Le Point details the plans of the ISLAM Party: It would like to “prevent vice by banning gaming establishments (casinos, gaming halls and betting agencies) and the lottery”. Along with authorizing the wearing the Muslim headscarf at school and an agreement about the Islamic religious holidays, the party wants all schools in Belgium to offer halal meat on their school menus. Redouane Ahrouch, one of the party’s three founders, also proposed segregating men and women on public transport. Ahrouch belonged in the 1990s to the Belgian Islamic Center, a nest of Islamic fundamentalism where candidates for jihad in Afghanistan and Iraq were recruited.
The ISLAM Party knows that demography is on its side. Ahrouch has said, “in 12 years, Brussels will principally be composed of Muslims”. In the upcoming Belgian elections, the ISLAM Party is now set to run candidates in 28 municipalities. On first glance, that looks like a derisory proportion compared to 589 Belgian municipalities, but it demonstrates the progress and ambitions of this new party. In Brussels, the party will be represented on 14 lists out of a possible 19.
That is most likely why the Socialist Party now fears the rise of the ISLAM Party. In 2012, the party succeeded, when running in just three Brussels districts, in obtaining an elected representative in two of them (Molenbeek and Anderlecht), and failing only narrowly in Brussels-City.
Two years later, during the 2014 parliamentary elections, the ISLAM Party tried to expand its base in two constituencies, Brussels-City and Liège. Once again, the results were impressive for a party that favors the introduction of sharia, Islamic law, into Belgium. In Brussels, they won 9,421 votes (almost 2%).
This political movement apparently started in Molenbeek, “the Belgian radicals’ den“, a “hotbed of recruiters for the Islamic State of Iraq and the Levant”. Jihadists there were apparently plotting terror attacks all over Europe and even in Afghanistan. The French author Éric Zemmour, facetiously suggested that instead of bombing Raqqa, Syria, France should “bomb Molenbeek“. At the moment in Molenbeek, 21 municipal officials out of 46 are Muslim.
Riot police guard a road in the Molenbeek district of Brussels, after raids in which several people, including Salah Abdeslam, one of the perpetrators of the November 2015 Paris attacks, were arrested on March 18, 2016. (Photo by Carl Court/Getty Images)
“The European capital,” wrote Le Figaro, “will be Muslim in twenty years”.
“Nearly a third of the population of Brussels already is Muslim, indicated Olivier Servais, a sociologist at the Catholic University of Louvain. “The practitioners of Islam, due to their high birth rate, should be the majority ‘in fifteen or twenty years’. Since 2001… Mohamed is the most common name given to boys born in Brussels”.
The ISLAM Party is working in a favorable environment. According to the mayor of Brussels, Yvan Mayeur, all the mosques in the European capital are now “in the hands of the Salafists“. A few weeks ago, the Belgian government terminated the long-term lease of the country’s largest and oldest mosque, the Grand Mosque of Brussels, to the Saudi royal family, “as part of what officials say is an effort to combat radicalization”. Officials said that the mosque, was a “hotbed for extremism“.
A confidential report last year revealed that the police had uncovered 51 organizations in Molenbeek with suspected ties to jihadism.
Perhaps it is time for sleepy Belgium to begin to wake up?
end
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
Tom Luongo describes the problems inside Armenia and it certainly looks identical to events that happened in the Ukraine. Neo conservatives are trying to torpedo the government. Armenia is very important to Russia on its southern flank. The Neocons want Armenia in the NATO fold.
(courtesy Tom Luongo)
Armenia Heats Up As The Proxy War Continues
Armenia is an important part Russia’s long-term plans. A member of the Eurasian Economic Union Armenia is key to protecting Russia’s southern flank.
So, I was not shocked back in 2016 when the disputed region of Nagorno-Karabakh was activated by the U.S. after a brief visit by then Secretary of State John Kerry as punishment for Russia’s intervention into Syria.
Nagorno-Karabakh had been peaceful for more than twenty years before Kerry’s visit. And within days, fighting broke out on the Azeri side of the region which lies between the two countries.
So, color me not shocked that as the Neoconservatives take control of the Trump White House that they activate a color revolution in Armenia while simultaneously pushing Russia in Ukraine, Syria, the U.K., the financial markets and seemingly everywhere else at the same time.
The story at Zerohedge this morning gives us the political picture, former president Serzh Sargsyan, was elected as Prime Minister creating the facade of a transfer of power. This sparked protests which grew to a point where Sargsyan had to resign.
Color Revolutions created by western NGOs stoke mild opposition to a sitting government and turns it into a lynch mob by escalating the violence in the streets.
Why would Armenians now begin trashing Turkish stores in Aleppo (that’s right in Syria) over an internal Armenian political matter?
Because it’ll give Turkish President Erdogan an excuse to finish the Armenian genocide (which Erdogan and Israel refuse to acknowledge happened) his predecessors started a hundred years ago.
And the hope is that this provocation will drive a wedge between Turkey and Russia at a time when everyone’s nerves are frayed to the point of breaking.
Turkey announces over the weekend it is repatriating all of its gold from the Federal Reserve vaults in New York.
Iran announces it no longer accepts dollars in its business dealings and switches to the euro for international trade, in preparation for Trump decertifying the JCPOA and re-establishing sanctions from 2012 which includes SWIFT expulsion again.
If Armenia’s government falls here there will be an immediate push to get them into NATO and create an absolute nightmare in the region.
So, that puts everyone in a bind because Russia has to continue backing the existing government which it shares a very strategic military integration with. Remember, Armenia is a member of the CSTO and has a joint military command agreement with Moscow.
So, this coup attempt at this point in time is quite a cynical and inflammatory move in the wake of Azeri elections which sees Russian-Azeri relations continue improving. The latest being a commitment to triple Azeri exports to Russia over the next few years.
Russia has skillfully managed its relationship with both countries under Putin with Armenia obviously the more important of the two strategically since it protects Russia’s southern flank.
And a stable Armenia means a much slower flow of ‘terrorists’ coming into Russia.
The goal of Syria, among other things, is the creation of a failed state and terrorist stronghold to destabilize the region, including Iraq, Iran and Turkey, but with the ultimate goal of bleeding Russia white over time.
And as each domino falls, the harder it is for Russia to defend its positions in the former Soviet republics. This is why Putin has been so focused on developing stronger defense and economic ties with these countries. He’s been skillful in his diplomacy with Ukbezistan, for example, after the death of its long-time leader Karimov in September of 2016.
The same can be said for how he and Iranian President Rouhani have handled relations with Azerbaijan, despite the open wound of Nagorno-Karabakh.
So, as things ratchet up in Armenia, the question over the next few days will be whether the removal of long-time Russian ally Sargsyan from Armenia politics will be enough to dissipate the current anger.
I don’t know but I do know that this situation will be escalated a la the Maidan in Kiev if it begins to flag in intensity.
OPCW Investigators Reportedly Found “No Evidence” Of Chemical Weapons At Syrian Facilities Bombed By US
While it will likely take the Organization for the Prohibition of Chemical Weapons weeks or even months to issue their final report on the alleged gas attack in Douma (an attack for which journalists and other independent parties have failed to find any evidence), the organization’s investigators have apparently spoken with Russian military officials after visiting the site of the Barzeh research center in Damascus – one of the three facilities targeted by the strikes.
The Barzah Research and Development Center in Damascus, Syria, before it was struck by coalition forces on Saturday.
This satellite image, taken Monday morning, shows the Barzah Research and Development Center in Damascus after it was struck by coalition forces.
At the time we noted Paul Craig Roberts’ ‘awkward question’ to Washington’s warmongers:
If this were true, would not a lethal cloud have been released that would have taken the lives of far more people than claimed in the alleged Syrian chemical attack on Douma?
Would not the US missile attack be identical to a chemical weapons attack and thus place the US and its vassals in the same category as Washington is attempting to place Assad and Putin?
And now, according to Sputnik, the investigators, who spoke with Russian General Staff Col. Gen. Sergey Rudskoy, revealed that they had found no evidence of chemical weapons in the remains of research facilities that were supposedly integral to the Syrian Army’s chemical weapons program. Of course, this shouldn’t come as a surprise: After all, if the US, France and the UK really did bomb a building filled with chemical weapons, there would’ve been thousands – possibly tens of thousands – of bodies to show for it.
“Immediately after the attacks, many people who worked at these destroyed facilities and just bystanders without any protective equipment visited them. None of them got poisoned with toxic agents,” Rudskoy said.
Rudskoy said there was similarly scant evidence of chemical weapons exposure at the Han Shinshar facility, located in the province of Homs. Russia registered only seven missiles had struck the facility, while the Pentagon claimed that it had successfully fired 22 missiles. Russia has previously claimed that only 71 of 103 missiles launched by the coalition made it past Syria’s antiquated air defenses.
“According to the statements of the Pentagon’s representatives, 22 missiles hit the above-ground facilities.We registered no more than seven hits, which is shown in the space image,” he told a briefing.
Furthermore, the Russian Reconciliation Center for Syria said its representatives had questioned local doctors and investigated the site of the attacks. The doctors confirmed that they hadn’t recently treated any patients with signs of exposure to chemical agents, and investigators searching the area found nothing suspicious. Moscow had said the April 7 gas attack that purportedly took place in Douma, part of the Eastern Ghouta region that was recently reclaimed following a military victory over the last rebel forces in the area, was in fact staged by the White Helmets, an NGO that supports US interests in Syria under the guise of altruism. While the US has refused to share the supposedly “slam dunk” evidence that the Syrian government was behind the attack, US and French authorities have cited videos posted to YouTube by the White Helmets as sufficient proof of an attack.
But as Ron Paul argued in a recent column, even if the Syrian army did carry out the gas attack in Douma, evidence of this still wouldn’t justify the US, UK and France bombing targets inside a foreign country.
The Syrian civil war has been a bloody one. Hundreds of thousands of combatants (and tens of thousands of civilians) have been blown up by airstrikes, ripped to pieces by shrapnel or mutilated and murdered in some other grotesque fashion. The problem is, the US intervention wasn’t motivated by humanitarian instincts – rather, Washington’s outrage is very selective and politically motivated.
We are not the policemen of the world, Paul added. Bad leaders do terrible things all the time – and this is true even in the US. The US has neither the moral authority – or the money – to carry out overseas bombings. Especially now that it has become clear the Trump administration didn’t have sound evidence of an attack, the hasty decision to resort to force was a foolish one.
Macron Tells Trump To Reject Nationalism; Says France Will Not Leave Iran Deal
Speaking before a joint meeting of Congress on Tuesday, French president Emmanuel Macron reiterated that Paris wants to work on a new nuclear deal with Iran, which as we discussed earlier prompted confusion and anger among his European allies, and that France is not going to withdraw from the Iranian nuclear deal, also known as the Joint Comprehensive Plan of Action, which was signed in 2015 by president Obama and remains his landmark foreign policy achievement.
“France will not leave the JCPOA because we’ve signed it,” Macron said. “We can work on a more comprehensive deal.”
Macron’s vow followed statement from the US State Department and EU foreign police chief Federica Mogherini, who reiterated their commitment to the agreement. On Tuesday, Macron prompted a drop in the price of oil, when during a joint presser with Donald Trump he urged the US president not to “tear apart” the current deal, instead advising to build on it to develop a broader deal. He noted that Paris wanted to work on a new nuclear deal with Iran that would include international players like Russia and Turkey.
Macron has pushed for a new approach that would see the United States and Europe agree to block any Iranian nuclear activity until 2025 and beyond, address Iran’s ballistic missile program and generate conditions for a political solution to contain Iran in Yemen, Syria, Iraq and Lebanon.
As a reminder, oil has surged in recent weeks over concerns that should Trump tear up the Iran Nuclear deal, that as much as 1 million barrels of Iranian exports would be eliminated from the market as a result of trade sanctions. It is also the reason why Europe – which has found a cheap source of oil in Tehran – has been fighting hard to preserve the deal.
Trump, who has consistently criticized the 2015 deal and called the accord, which stipulates the gradual lifting of anti-Tehran sanctions in exchange for Iran maintaining the peaceful nature of its nuclear program, the “worst deal ever”, last October, Trump refused to re-certify the nuclear deal, accusing Tehran of violating the spirit of the agreement.
“Whatever the decision of the United States will be, we will not leave the floor to the actions of rogues. We will not leave the floor to this conflict of powers in the Middle East,” Macron told Congress. “I think we can work together to build this comprehensive deal for the whole region, for our people, because I think it fairly addresses our concerns.”
In remarks on Tuesday, Trump said that “nobody knows what I’m going to do on Iran deal” until the deadline on May 12. Not even he.
Separately, Macron also urged the IS to reject narrow nationalism and engage the world, telling U.S. lawmakers on Wednesday that modern economic and security challenges must be a shared responsibility.
During the same Congressional address, Macron said that isolationism and nationalism were “a tempting remedy for our fears.” But he said international engagement was the only solution. “This requires — more than ever — the United States’ involvement as your role was decisive for creating and guarding today’s free world. The United States is the one who invented this multilateralism. You are the one now who has to help preserve and reinvent it,” he said.
Trump has yet to respond.
6 .GLOBAL ISSUES
Bill Blain discusses the big fears that surround the global economy
(courtesy Bill Blain/Mint partners)
Crude and Gasoline slide after a buildup in inventories in both crude and gasoline. Also production continues to set records:
(courtesy zerohedge)
8. EMERGING MARKET
Venezuela
Chevron executives evacuate the country as two of its employees have been arrested and are about to be charged with treason as a dispute is arising with PDVSA and Chevron. It looks like all foreign workers for all companies will now leave
(courtesy zerohedge)
Chevron Evacuates Venezuelan Executives As Two Workers Face Treason Charges
Following the arrest (and imprisonment on treason charges over a contract dispute with PDVSA) of two of its workers, Reuters reports, citing four people familiar, that Chevron has evacuated executives from Venezuela.
Tensions have been rising for over a week as OilPrice.com’s Julianne Geiger reported two Chevron Corp. workers arrested in Venezuela last week could face treason charges, according to sources quoted by Reuters on Monday.
The draft charges that used the word treason, seen by Chevon’s own lawyers last week, may put Chevron squarely in the middle of the escalating feud between PDVSA and foreign oil companies at best, and between the Trump Administration and Maduro’s socialist regime at worst.
The employees, who oversaw the Petropiar project co-owned by PDVSA and Chevron, were jailed when they allegedly refused to sign supply contracts concocted by PDVSA that skipped the normal competitive bidding process, according to multiple sources. The parts mentioned in the contract were reportedly double the fair market price.
The Petropiar joint venture consists of PDVSA’s 70 percent share, along with Chrevron’s 30 percent. It was reported a year ago that PDVSA had offered Rosneft a 10 percent stake in the project—a stake worth $600 million-$800 million, according to valuations of similar deals as reported by Reuters back in August.
With Venezuela already in turmoil as oil production continues to fall in the crisis-stricken country, strong-arming the already-dwindling foreign players in-country may prove unwise.
Another foreign oil major doing business in Venezuela, French Total SA, announced just last week that despite the near-economic collapse, it would stick it out there—even as the European Union discussed stricter sanctions on the Latin American country.
Other oil majors have given up on Venezuela already, after in mid-2000, then Venezuelan President Hugo Chavez confiscated a 60-percent share in all oil projects in country and turned them over to PDVSA.
Other oil majors operating there have recently spirited employees out of the country, citing safety concerns—a move that now seems particularly prudent given the treason charges that two Chevron employees may soon find themselves up against.
Chevron did remove an unspecified number of employees from Venezuela back in August 2017.
But now, as Reuters reports, having evacuated a number of executives from Venezuela, Chevron asked other employees to avoid the facilities of its joint venture with the OPEC nation’s oil firm, the sources said.
Chevron’s move to evacuate its expatriate workforce underscores the how arduous it has become for foreign oil firms and their workers to sustain operations through Venezuela’s accelerating political and economic meltdown.
The affected staff numbers about 30 people in the coastal city of Puerto la Cruz, although it is unclear how many people Chevron has already removed from the country.
Chevron refused to comment, advising that these were “personnel matters.”
Chevron has no plans to exit the country, Reuters reports according to a company employee familiar with the thinking of its board of directors. The oil company has not pulled out of other tough environments in the past, the person said – citing the jailing of employees in Indonesia in 2013 – and the firm believes Venezuela will eventually stabilize.
As Venezuelan production crashes, the arrests mark an escalation of tensions between PDVSA and foreign companies over control of supply contracts and the joint ventures’ governance, sources familiar with the dispute told Reuters.
end
This is worth watching: PDVSA has a bond due in 2020 but payment of interest of 107 million dollars on Friday may be in jeopardy. Venezuela has defaulted on many bonds this year but not PDVSA. Somehow they scrap enough dollars to pay the loans. The loans are backed by 50.1% stake in CITGO. Russia is the largest debt holder of PDVSA and this could get quite interesting if Russia takes control of USA based CITGO
Venezuela: (Reuters)
Holders of secured PDVSA debt are organizing ahead of Friday’s interest payment: Bloomberg reported that bondholders of PDVSA’s $2.5B of secured notes due in 2020 are preparing for the possibility the state oil company does not pay a $107M payment due Friday, and could enforce their collateral rights after a grace period. The bonds are backed by a lien on a 50.1% stake in CITGO, PDVSA’s US refining arm. The article also noted that the 2020 secured notes are trading at around 86 cents on the dollar, about 50 cents higher than the rest of the company’s notes, which are unsecured
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 1.2201 DOWN .0037/ 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 DEEPLY IN THE RED
USA/JAPAN YEN 109.07 UP 0.271 (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 1.3953 DOWN .0051 (Brexit March 29/ 2017/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED
USA/CAN 1.2879 UP .0057 (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 WEDNESDAY morning in Europe, the Euro FELL by 37 basis points, trading now ABOVE the important 1.08 level RISING to 1.2201; / Last night Shanghai composite CLOSED DOWN 10.95 POINTS OR 0.35% / Hang Sang CLOSED DOWN 308.09 POINTS OR 1.01% /AUSTRALIA CLOSED HOLIDAY / EUROPEAN BOURSES OPENED MIXED
The NIKKEI: this WEDNESDAY morning CLOSED DOWN 62.90 POINTS OR 0.28%
Trading from Europe and Asia
1/EUROPE OPENED DEEPLY IN THE RED
2/ CHINESE BOURSES / : Hang Sang CLOSED DOWN 308.09 POINTS OR 1.01% / SHANGHAI CLOSED DOWN 10.95 POINTS OR 0.35% /
Australia BOURSE CLOSED HOLIDAY
Nikkei (Japan) CLOSED DOWN 62.90 POINTS OR 0.28%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 1324.00
silver:$16.58
Early WEDNESDAY morning USA 10 year bond yield: 3.01% !!! UP 1 IN POINTS from TUESDAY night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%. (POLICY FED ERROR)/
The 30 yr bond yield 3.19 UP 1 IN BASIS POINTS from MONDAY night. (POLICY FED ERROR)/
USA dollar index early WEDNESDAY morning: 91.01 UP 24 CENT(S) from TUESDAY’s close.
This ends early morning numbersWEDNESDAY MORNING
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And now your closing WEDNESDAY NUMBERS \1: 00 PM
Portuguese 10 year bond yield: 1.712% UP 4 in basis point(s) yield from TUESDAY/
JAPANESE BOND YIELD: +.0.067% UP 1 in basis points yield from TUESDAY/JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 1.302% UP 1/4 IN basis point yield from TUESDAY/
ITALIAN 10 YR BOND YIELD: 1.777 UP 1 POINTS in basis point yield from TUESDAY/
the Italian 10 yr bond yield is trading 48 points HIGHER than Spain.
GERMAN 10 YR BOND YIELD:RISES TO +.634% IN BASIS POINTS ON THE DAY
END
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IMPORTANT CURRENCY CLOSES FOR WEDNESDAY
Closing currency crosses for WEDNESDAY night/USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.21711 DOWN .0066 (Euro DOWN 66 Basis points/ represents to DRAGHI A COMPLETE POLICY FAILURE/
USA/Japan: 109.33 UP 0.524 Yen DOWN 52 basis points/
Great Britain/USA 1.3936 DOWN .0057( POUND DOWN 57 BASIS POINTS)
USA/Canada 1.2868 UP .0048 Canadian dollar DOWN 48 Basis points AS OIL FELL TO $67.82
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This afternoon, the Euro was DOWN 66 to trade at 1.21711
The Yen FELL to 109.33 for a LOSS of 52 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 FELL BY 57 basis points, trading at 1.3936/
The Canadian dollar FELL by 48 basis points to 1.2868/ WITH WTI OIL FALLING TO : $67.82
The USA/Yuan closed AT 6.3266
the 10 yr Japanese bond yield closed at +.067% UP 1 IN BASIS POINTS / yield/
Your closing 10 yr USA bond yield UP 5 IN basis points from TUESDAY at 3.017% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 3.2043 UP 7 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, 91.20 UP 36 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 WEDNESDAY: 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 UP 59.70 POINTS OR 0.25%
NASDAQ closed DOWN 3.61 Points OR 0.05% 4.00 PM EST
WTI Oil price; 67.82 1:00 pm;
Brent Oil: 73.41 1:00 EST
USA /RUSSIAN ROUBLE CROSS: 62.43 UP 91/100 ROUBLES/DOLLAR (ROUBLE LOWER BY 91 BASIS PTS)
TODAY THE GERMAN YIELD RISES TO +.634% 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:$68.01
BRENT: $73.98
USA 10 YR BOND YIELD: 3.030% THIS RAPID RISE IN YIELD IS ALSO VERY DANGEROUS/RECESSION COMING/DERIVATIVES FRY!!
USA 30 YR BOND YIELD: 3.21%/DEADLY
EURO/USA DOLLAR CROSS: 1.2161 DOWN .0076 (DOWN 76 BASIS POINTS)
USA/JAPANESE YEN:109.39 UP 0.595/ YEN DOWN 60 BASIS POINTS/ .
USA DOLLAR INDEX: 91.2570 UP 49 cent(s)/dangerous as the lower the dollar the higher the inflation.
The British pound at 5 pm: Great Britain Pound/USA: 1.3925: DOWN 0.0068 (FROM YESTERDAY NIGHT DOWN 68 POINTS)
Canadian dollar: 1.2840 DOWN 19 BASIS pts
German 10 yr bond yield at 5 pm: +0.634%
VOLATILITY INDEX: 17.84 CLOSED down 0.18
LIBOR 3 MONTH DURATION: 2.3612% .
And now your more important USA stories which will influence the price of gold/silver
TRADING IN GRAPH FORM FOR THE DAY
HARVEY
Harvey, you are amazing! Thank you very much for your hard work on behalf of the honest part of humanity.
Regards, Edward
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