MAY 4/GOLD AND SILVER ADVANCE DESPITE REPEATED CARTEL ATTEMPTS TO CONTROL ITS PRICE/GOLD UP $2.05 TO $1314.10/SILVER UP 5 CENTS TO $16.48/WEAK JOBS REPORT/NO TRADE DEAL WITH CHINA/JUDGE BERMAN ANNOYED WITH THE MANFORT CONVICTION: STATES THEY OVERREACHED AND SHE NOW DEMANDS THAT THEY SEND PROOF OF RUSSIAN ELECTION COLLUSION/ARGENTINA IN DEEP TROUBLE: RAISED ITS RATE TO 40%/ ARGENTINA SUFFERS FROM HUGE INFLATION AND HUGE EXTERNAL DEFICITS AS THEY LACK DOLLARS/

 

 

GOLD: $1314.10  UP $ 2.05  (COMEX TO COMEX CLOSINGS)

Silver: $16.48 UP 5 CENTS (COMEX TO COMEX CLOSINGS)

Closing access prices:

Gold $1315.10

silver: $16.52

For comex gold:

MAY/

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

TOTAL NOTICES SO FAR 14 FOR 1400 OZ (0.0435 tonnes)

For silver:

MAY

287 NOTICE(S) FILED TODAY FOR

1,435,000 OZ/

Total number of notices filed so far this month: 5034 for 25,170,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: BID $9588/OFFER $9686: DOWN $91(morning)

Bitcoin: BID/ $9598/offer $9698: DOWN $78  (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:  1319.50

NY price  at the same time: 1312.80

PREMIUM TO NY SPOT: $6.70

ss

Second gold fix early this morning:  1319.50

USA gold at the exact same time:  1311.50

PREMIUM TO NY SPOT:  $8.00

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.

 FEDERAL RESERVE OF NEW YORK/EARMARKED GOLD REPORT
The Federal Reserve Bank of New York releases a report on the 29th of every month as to what foreign gold that is stored there is repatriated back to its mother country. They generally report that a country wishes to repatriate like they did with Germany, Holland and Venezuela.  Turkey announced that it has told the FRBNY to repatriate its gold back to Turkey.  The FRBNY did not make an announcement on that issue:
Here is the report for March 29.2018:
The total number of oz of gold that left the FRBNY during the month March was $17 million  and  the gold leaving was priced at $42.22 per oz
Thus  $42.22 dollars equals one oz
17 million dollars equals 402,652.77 oz
Thus a measly 12.524 tonnes leaves the shores of NY for Instanbul
Turkey has in excess of 300 tonnes of gold stored in NY
end

Let us have a look at the data for today

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In silver, the total OPEN INTEREST ROSE BY A SMALL  290 CONTRACTS FROM  193,395  RISING TO 193,878  WITH YESTERDAY’S 7 CENT GAIN IN SILVER PRICING   WE ARE NOW WITNESSING OUR USUAL AND CUSTOMARY COMEX LONG LIQUIDATION AS WE ENTERED INTO THE ACTIVE DELIVERY MONTH OF MAY AS LONGS PACK THEIR BAGS AND MIGRATE OVER TO LONDON.  WE WERE  NOTIFIED THAT WE HAD A SMALL SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP :  , 995 EFP’S FOR JULY AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE OF 995 CONTRACTS. WITH THE TRANSFER OF 995 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 995 EFP CONTRACTS TRANSLATES INTO 4.975MILLION OZ  ACCOMPANYING:

1.THE RISE IN  SILVER PRICE (7 CENTS) AT THE COMEX AND

2. THE STRONG AMOUNT OF SILVER OUNCES STANDING FOR MAY COMEX DELIVERY. (28.165 MILLION OZ)

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

9877 CONTRACTS (FOR 4 TRADING DAYS TOTAL 9877 CONTRACTS) OR 49.39 MILLION OZ: AVERAGE PER DAY: 2469 CONTRACTS OR 12.346 MILLION OZ/DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH:  49.39 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 7.055% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S1,194.8      MILLION OZ.

ACCUMULATION FOR JAN 2018:                                               236.879     MILLION OZ

ACCUMULATION FOR FEB 2018:                                               244.95         MILLION OZ

ACCUMULATION FOR MARCH 2018:                                       236.67         MILLION OZ

ACCUMULATION FOR APRIL 2018:                                          385.75         MILLION OZ

RESULT: WE HAD A SMALL SIZED RISE IN COMEX OI SILVER COMEX OF 290 WITH THE  7 CENT GAIN IN SILVER PRICE. WE HAVE NOW ENTERED THE NEW ACTIVE MONTH OF MAY.   THE CME NOTIFIED US THAT IN FACT WE HAD AN SMALL  SIZED EFP ISSUANCE OF 995 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:  995 EFP CONTRACTS FOR JULY, AND ZERO FOR ALL OVER MONTHS   FOR  A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS (TOTAL: 995). TODAY WE GAINED 1285  TOTAL OI CONTRACTS  ON THE TWO EXCHANGES: i.e. 290 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH AN INCREASE OF 995  OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE RISE IN PRICE OF SILVER OF 7 CENTS AND A CLOSING PRICE OF $16.42 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY IN THIS  ACTIVE MAY DELIVERY MONTH. IT SURE SEEMS THAT WE MUST HAVE HAD SOME BANKER SHORT COVERING ON BOTH EXCHANGES.

In ounces AT THE COMEX, the OI is still represented by UNDER 1 BILLION oz i.e. .968 MILLION OZ TO BE EXACT or 138% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MAY MONTH/ THEY FILED AT THE COMEX: 287 NOTICE(S) FOR 1,435,000 OZ OF SILVER

IN SILVER, WE HAVE NOW SET THE NEW RECORD OF OPEN INTEREST AT 243,411 AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51  ON APRIL 9.2018.

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

  1. HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY  (MARCH: 27 MILLION OZ , APRIL: 2.485 MILLION OZ  AND MAY: 28.165 MILLION OZ )
  2. HUGE RECORD OPEN INTEREST IN SILVER  243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
  4. RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/ (FINAL)

AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, 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 A CONSIDERABLE 3940 CONTRACTS DOWN TO 497,125 DESPITE THE RISE IN THE GOLD PRICE/YESTERDAY’S TRADING (GAIN OF $7.05) WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF MAY.  THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 6729 CONTRACTS :   JUNE SAW THE ISSUANCE OF 6729 CONTRACTS , MAY SAW THE ISSUANCE OF 0 CONTRACTS  AND AUGUST SAW THE ISSUANCE OF: 0 CONTRACTS WITH ALL OTHER MONTHS ZERO.  The new OI for the gold complex rests at 497,125. 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. . 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 FAIR SIZED  OI GAIN IN CONTRACTS ON THE TWO EXCHANGES: 3940  OI CONTRACTS DECREASED AT THE COMEX AND AN FAIR SIZED 6729 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.THUS  TOTAL OI GAIN: 2789 CONTRACTS OR 278,900 OZ = 9.67 TONNES. AND ALL OF THIS OCCURRED WITH A GAIN OF $7.05

YESTERDAY, WE HAD 17,429  EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAY : 43,162 CONTRACTS OR 4,316,200  OZ OR 134.25 TONNES (4 TRADING DAYS AND THUS AVERAGING: 10,791EFP CONTRACTS PER TRADING DAY OR 1,079,100 OZ/ TRADING DAY),

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS :    THIS MONTH IN 4 TRADING DAYS IN  TONNES: 134.25 TONNES

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

THUS EFP TRANSFERS REPRESENTS 134.25/2550 x 100% TONNES =  5.26% OF GLOBAL ANNUAL PRODUCTION SO FAR IN APRIL ALONE.*** THE ACCUMULATION OF EFP CONTRACTS IS RISING PER MONTH.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE 2,892.20*  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  (22 TRADING DAYS)

ACCUMULATION OF GOLD EFP’S FOR APRIL 2018:                   713.84 TONNES  (21 TRADING DAYS)

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

Result: A LARGE DECREASE IN OI AT THE COMEX OF 3940  DESPITE THE GAIN  IN PRICE // GOLD TRADING YESTERDAY ($7.05 GAIN). HOWEVER WE ALSO HAD A FAIR SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 6729 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 6729 EFP CONTRACTS ISSUED, WE HAD A FAIR SIZED NET GAIN OF 2789 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES: 

3940 CONTRACTS MOVE TO LONDON AND 6729 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 8.67 TONNES).

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

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

GLD…

WITH GOLD UP  $7205 /A CHANGE IN GOLD INVENTORY AT THE GLD/A WITHDRAWAL OF 1.13 TONNES FROM THE GLD

Inventory rests tonight: 865.60 tonnes.

SLV/

WITH SILVER UP 5 CENTS  TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV/ A DEPOSIT OF 1.224 MILLION OZ OF SILVER/ 

/INVENTORY RESTS AT 324.205 MILLION OZ/

end

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

1. Today, we had the open interest in SILVER ROSE BY A SMALL 290 CONTRACTS from 193,395 UP TO 193,685 (AND, CLOSER TO THE  NEW COMEX RECORD SET /APRIL 9/2017 AT 243,411/SILVER PRICE AT THAT DAY: $16.53). THE PREVIOUS RECORD OTHER THAN WAS ESTABLISHED AT: 234,787, SET ON APRIL 21.2017 OVER ONE YEAR AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.   OUR CUSTOMARY MIGRATION OF COMEX LONGS MORPH INTO LONDON FORWARDS CONTINUES AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE: 0 EFP CONTRACTS FOR APRIL, 0 EFP CONTRACTS FOR MAY  (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM), AND 995 EFP’S FOR JULY AND ALL OTHER MONTHS ZERO. TOTAL EFP ISSUANCE:  995 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  OI GAIN AT THE COMEX OF 290 CONTRACTS TO THE 995 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A  GAIN OF 1285 OPEN INTEREST CONTRACTS.  THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES:  6.475 MILLION OZ!!! AND THIS OCCURRED WITH THE  RISE IN PRICE OF 7 CENTS.  THE BANKERS ORCHESTRATED THEIR RAID THROUGHOUT LAST WEEK  DESPERATELY TRYING TO PARE THEIR GIGANTIC OPEN INTEREST SHORT ON BOTH EXCHANGES BUT TO NO AVAIL. JUDGING BY THE RECORD NUMBER OF EFP ISSUANCE DURING LAST MONTH OF APRIL AT 385.75 MILLION OZ AND THE TOTAL OI GAIN ON THE TWO EXCHANGES, I DO NOT THINK THAT OUR BANKERS HAVE BEEN TOO SUCCESSFUL. THE CONSTANT RAIDS ARE NOW BEING CALLED UPON BY OUR BANKER FRIENDS ARE DONE IN AN ATTEMPT TO SHAKE AS MANY SILVER LEAVES FROM THE SILVER TREE AS POSSIBLE.

RESULT: A SMALL SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE RISE  IN SILVER PRICING / YESTERDAY (7 CENTS/) . BUT WE ALSO HAD ANOTHER GOOD SIZED 995 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.

(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)FRIDAY MORNING/THURSDAY NIGHT: Shanghai closed DOWN 9.83 points or .32%   /Hang Sang CLOSED down 386.87 points or 1.27%    / The Nikkei closed DOWN 35.25 POINTS OR .16% /Australia’s all ordinaires CLOSED DOWN .51%  /Chinese yuan (ONSHORE) closed DOWN at 6.3605/Oil UP to 68.77 dollars per barrel for WTI and 73.91for Brent. Stocks in Europe OPENED DEEPLY IN THE GREEN.   ONSHORE YUAN CLOSED DOWN AT 6.3605 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3598/ONSHORE YUAN TRADING WEAKER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING  WEAKER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW LOOKS LIKE A FULL TRADE WAR IS BEGINNING/

/NORTH KOREA/SOUTH KOREA

 

i)North Korea/South Korea/USA

b) REPORT ON JAPAN

3 c CHINA

i)Trump is not going to like this;  China secretly installs cruise missiles on the hotly contested Spratly Islands

( zerohedge)

ii)You will recall that the Dow reversed and jumped 500 points on “good” talks with the Chinese.  That just ended as there is no deal in sight.  The USA is demanding that China cut its bilateral trade with the USA by 200 billion dollars.

This is not going to  happen…

( zerohedge)

iii)And here is the official response that nothing was accomplished and now the next month will be trump’s

( zerohedge)

4. EUROPEAN AFFAIRS

Our biggest derivative banker: Deutsche bank has now shuttered its Houston office as the company sheds USA bankers as part of it’s plan to pare its balance sheet.

( zerohedge)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Turkey/Greece

This is not good;  Turkey, a NATO ally rams a Greek warship in Greek territorial waters.  Is Turkey ready to invade Greece?:

( zerohedge

6 .GLOBAL ISSUES

ARGENTINA

The kiss of death for Argentina:

  1. Government raises short term interest rates to 40%
  2. Argentina Peso has dropped 17% this year to 22.25 to the dollar
  3.  huge external debt denominated in dollars and dollars are scarce
  4. demand for Argentina bonds waning due to high inflation

thus..the kiss of death..

( zerohedge)

7. OIL ISSUES

8. EMERGING MARKET

i)Venezuela

 

9. PHYSICAL MARKETS

i)Bill Murphy and Keith Neumeyer interviewed by Ken Amediuri/Crush the street as they both talk about manipulation in the gold/silver sector
( GATA/Crush the Street)

ii)The BIS is late on its report for March( GATA)

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

i)Official report on the job report:  Economy only added 164,000 jobs in April/unemployment lowest since 2000.
(courtesy the Hill/Vick Neeham/)

ii)Zero hedge discusses the payroll report:

1. hourly earnings miss and thus the Fed does not obtain its badly needed wage gains
2. payroll gains of 164,000 but they need 220,000 just to stay even
3. the unemployment drops to 3.9% due to the fact that many dropped out of the labour pool
thus this is a poor report..
(courtesy zerohedge)
iii)We actually did receive some wage inflation through the number of overtime hours worked. Generally when you see overtime hrs increase it means that companies cannot get capable workers..thus it seems that we are in a tight labour market

( zerohedge)

iv)Initial morning trading just after release of the payroll report:

( zerohedge)

v)SWAMP STORIES

a)The real truth about Robert Mueller as researched by House Representative Louis Gohmert
( Louis Gohmert)

b)Judge Amy Berman gets it: she will now mull her decision on whether to dismiss all charges against Manafort as she quantified Mueller’s tactics as overreaching.  Mueller has two weeks to supply evidence that Manafort was engaged in Russian collusion with respect to the 2016 election.  No doubt nothing will come forward and Manafort will finally be set free.  This will be a huge setback to Mueller and it certainly will influence the other cases such as Flynn and Papadopoulous and others.(courtesy zerohedge)

c)Trump is about to change his official story on the Cohen hush money payment.  He continues to slam Mueller

( zerohedge)

d)Giuliani clarifies his previous comments

( zerohedge)

Let us head over to the comex:

The total gold comex open interest FELL BY A FAIR SIZED 3940  CONTRACTS DOWN to an OI level 497,125 DESPITE THE GAIN IN THE PRICE OF GOLD ($7.05 GAIN/ YESTERDAY’S TRADING)  FOR TWO YEARS STRAIGHT WE HAVE NOTICED THAT ONE WEEK PRIOR TO FIRST DAY NOTICE OF AN ACTIVE DELIVERY MONTH THE COMEX OPEN INTEREST CONTRACTS AND EFP’S NOTICES EXPONENTIALLY INCREASE.   THE CME REPORTS THAT  THE BANKERS ISSUED A FAIR SIZED  COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. WE HAD A FAIR SIZED 6729 CONTRACTS ISSUED: FOR  JUNE, 6729 CONTRACTS ISSUED,  FOR AUGUST ZERO AND ZERO FOR ALL OTHER MONTHS:  TOTAL  6729 CONTRACTS.  THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST  48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON BASED FORWARD.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 2789 OI CONTRACTS IN THAT 6729 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST 3940  COMEX CONTRACTS.

NET GAIN ON THE TWO EXCHANGES: 2789 contracts OR 278900  OZ OR 8.67 TONNES.

Result: A DECREASE IN COMEX OPEN INTEREST DESPITE THE RISE  IN PRICE YESTERDAY  (ENDING UP WITH A GAIN OF $7.05)THE  TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES: 2789 OI CONTRACTS..

We have now entered the non  active contract month of MAY where we LOST 3 contracts LOWERING TO  364 contracts. We had 0 notices filed upon yesterday, so we LOST 3 contracts or an additional 300 oz will NOT  stand in this non active delivery month of May AS THEY MORPHED INTO LONDON BASED FORWARDS.

The really big June contract month saw a LOSS of 9,772 contracts DOWN to 318,357 contracts. JULY saw a GAIN of 62 contracts to stand at 77.   The next big delivery month after June is August and here the OI ROSE BY 5674 contracts UP to 93,060.

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

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

Trading Volumes on the COMEX

PRELIMINARY COMEX VOLUME FOR TODAY: 303,246  contracts

CONFIRMED COMEX VOL. FOR YESTERDAY: 324,577 contracts

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And now for the wild silver comex results.

Total silver OI ROSE BY A SMALL 290 CONTRACTS FROM 193,395 DOWN TO 193,685 (AND CLOSER TO THE NEW RECORD OI FOR SILVER SET APRIL 9.2018/ 243,411 CONTRACTS)  WITH THE  7  CENT GAIN IN SILVER PRICING. SINCE WE ARE NOW INTO THE  ACTIVE DELIVERY MONTH OF MAY. WE  WERE  INFORMED THAT WE HAD A SMALL SIZED  995 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: 995.   ON A NET BASIS WE GAINED 1285  SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 290 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 995 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)

NET GAIN  ON THE TWO EXCHANGES:   1285  CONTRACTS 

AMOUNT STANDING FOR SILVER AT THE COMEX

We are now in the  active delivery month of MAY and here the front month LOST 249 contracts FALLING TO 879 contracts. We had 482 notices filed upon yesterday so we SURPRISINGLY AGAIN GAINED 233 contracts or 1,165000 additional ounces will  stand for delivery in this  active delivery month of May AS SOMEBODY AGAIN WAS DESPERATE FOR PHYSICAL SILVER..

June saw a LOSS of 12 contracts to stand at 778.  The next big delivery month for silver is July and here the OI ROSE by 237 contracts UP to 141,722. The next active delivery month after July for silver is September and here the OI ROSE by 178 contracts UP to 20,338

We had 287 notice(s) filed for 1,435,000 OZ for the MAY 2018 contract for silver

INITIAL standings for MAY/GOLD

MAY 4/2018.

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
NIL OZ
Deposits to the Dealer Inventory in oz NIL oz
Deposits to the Customer Inventory, in oz  nil OZ
No of oz served (contracts) today
0 notice(s)
 NIL OZ
No of oz to be served (notices)
364 contracts
(36400 oz)
Total monthly oz gold served (contracts) so far this month
14 notices
1400 OZ
0.0435 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
we had 0 kilobar transaction/
We had 0 inventory movement at the dealer accounts
total inventory deposit into the dealer accounts:  NIL  oz
total inventory withdrawals out of dealer accounts; nil oz
we had 0 withdrawals out of the customer account:
total customer withdrawals:  NIL oz
we had 0 customer deposit
total customer deposits: nil oz
we had 0 adjustment(s)

For MAY:
Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to  0 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the INITIAL total number of gold ounces standing for the MAY. contract month, we take the total number of notices filed so far for the month (14) x 100 oz or 1400 oz, to which we add the difference between the open interest for the front month of MAY. (364 contracts) minus the number of notices served upon today (0 x 100 oz per contract) equals 37,800 oz, the number of ounces standing in this active month of APRIL (1.1850 tonnes)

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

No of notices served (14 x 100 oz or ounces + {(364)OI for the front month minus the number of notices served upon today (0 x 100 oz )which equals 37,800 oz standing in this  active delivery month of MAY . THERE IS 10.382 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.

WE LOST 300 OZ OF GOLD THAT WILL NOT STAND AT THE COMEX AND THESE GUYS MORPHED INTO LONDON BASED FORWARDS

total registered or dealer gold:  306,237.466 oz or 9.525 tonnes
total registered and eligible (customer) gold;   9,049,523.232 oz 281.47 tones
THE COMEX IS AGAIN IN STRESS AS ONLY 9.525 TONNES OF GOLD ARE LEFT TO SERVICE DELIVERIES. THERE IS HARDLY ANY GOLD AT THE COMEX TO SERVE UPON LONGS AND THUS THE REASON FOR THE EFP TRANSFER OVER TO LONDON.

IN THE LAST 18 MONTHS 73 NET TONNES HAS LEFT THE COMEX.

end

And now for silver

AND NOW THE APRIL DELIVERY MONTH

MAY INITIAL standings/SILVER

MAY 4/ 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
 201,934.53 oz
Delaware
Scotia
Deposits to the Dealer Inventory
nil
oz
Deposits to the Customer Inventory
NIL  oz
No of oz served today (contracts)
287
CONTRACT(S)
(1,435000 OZ)
No of oz to be served (notices)
591 contracts
(2,955,000 oz)
Total monthly oz silver served (contracts) 5034 contracts

(25,170,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

we had 0 inventory movement at the dealer side of things

total dealer deposits: nil oz

we had 0 deposits into the customer account

i) Into JPMorgan: nil oz

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

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

JPMorgan did not  deposit  into its warehouses (official) today.

ii) EVERYBODY ELSE:  ZERO OZ

total deposits today: nil oz

we had 2 withdrawals from the customer account;

i) out of Delaware: 987.800 oz

ii() Out of Scotia: 200,946.730 oz

total withdrawals;  201,934.53  oz

we had 0 adjustment

.

total dealer silver:  67,568 million

total dealer + customer silver:  266.5979 million oz

The total number of notices filed today for the MAY. contract month is represented by 287 contract(s) FOR 1,435,000 oz. To calculate the number of silver ounces that will stand for delivery in MAY., we take the total number of notices filed for the month so far at 5034 x 5,000 oz = 25,170000 oz to which we add the difference between the open interest for the front month of MAY. (879) and the number of notices served upon today (287 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the MAY contract month: 5034(notices served so far)x 5000 oz + OI for front month of MAY(879) -number of notices served upon today (287)x 5000 oz equals 28,165,000 oz of silver standing for the MAY contract month 

WE GAINED 233 CONTRACTS OR AN ADDITIONAL 1,165000 OZ WILL  STAND AT THE COMEX AND THESE GUYS DID NOT MORPH INTO LONDON BASED FORWARDS BUT ARE STANDING FOR PHYSICAL METAL AT THE COMEX.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

ESTIMATED VOLUME FOR TODAY: 45,625 CONTRACTS

CONFIRMED VOLUME FOR YESTERDAY: 71,921 CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF  71921 CONTRACTS EQUATES TO 359 MILLION OZ  OR 51.3% OF ANNUAL GLOBAL PRODUCTION OF SILVER

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

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

end

NPV for Sprott 

1. Sprott silver fund (PSLV): NAV FALLS TO -1.70% (MAY4/2018)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.34% to NAV (MAY 4/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -1.70%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.34%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott WINS hostile 3.1 billion bid to take over Central Fund of Canada

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA): NAV FALLS TO -2.50`%: NAV 13.62/TRADING 13.27//DISCOUNT 2.50.

END

And now the Gold inventory at the GLD/

MAY 4/WITH GOLD UP $2.05/A WITHDRAWAL OF 1.13 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 865.60 TONNES

MAY 3/WITH GOLD UP $7.05/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 866.77 TONNES

MAY 2/WITH GOLD DOWN $1.15/ A HUGE WITHDRAWAL OF 4.43 TONNES FROM THE GLD/INVENTORY RESTS AT 866.77 TONNES

MAY 1/WITH GOLD DOWN $12.15/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 871.20 TONNES

APRIL 30/WITH GOLD DOWN $4.05/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 871.20 TONNES.

APRIL 27./WITH GOLD UP $5.90/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 871.20 TONNES/

APRIL 26/WITH GOLD DOWN $4.90/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 871.20 TONNES

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

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

MAY 4/2018/ Inventory rests tonight at 866.77 tonnes

*IN LAST 376 TRADING DAYS: 75.40 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 326 TRADING DAYS: A NET 80.90 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.

end

Now the SLV Inventory/

MAY4/WITH SILVER UP 5 CENTS/A BIG CHANGES IN SILVER INVENTORY AT THE SLV/ A DEPOSIT OF 1.224 MILLION OZ/INVENTORY RESTS AT 324.205 MILLION OZ/

MAY 2/WITH SILVER UP 24 CENTS/A HUGE CHANGE IN SILVER INVENTORY AT THE SLV// A DEPOSIT OF 6.082 MILLION OZ INTO THE SLV/INVENTORY RESTS AT 322.981 MILLION OZ/

MAY 1/WITH SILVER DOWN 24 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.899 MILLION OZ/

APRIL 30/WITH SILVER DOWN 11 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.899 MILLION OZ/

APRIL 27/WITH SILVER DOWN 5 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.899 MILLION OZ/

APRIL 26/WITH SILVER DOWN 2 CENT/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316,899 MILLION OZ/

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

MAY 4/2018:  A BIG  CHANGES IN SILVER INVENTORY: A DEPOSIT OF 1.224 MILLION OZ/

Inventory 324.205 million oz

end

6 Month MM GOFO 2.02/ and libor 6 month duration 2.51

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

G0FO+ 2.02%

libor 2.51 FOR 6 MONTHS/

GOLD LENDING RATE: .49%

XXXXXXXX

12 Month MM GOFO
+ 2.77%

LIBOR FOR 12 MONTH DURATION: 2.50

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.27

end

And now for your totally useless COT report which offers no value to anybody:

First: the Gold COT

Gold COT Report – Futures
Large Speculators Commercial Total
Long Short Spreading Long Short Long Short
209,577 102,798 66,156 179,735 311,607 455,468 480,561
Change from Prior Reporting Period
-16,227 13,640 11,802 4,020 -25,908 -405 -466
Traders
195 86 90 51 53 288 191
 
Small Speculators  
Long Short Open Interest  
52,288 27,195 507,756  
1,751 1,812 1,346  
non reportable positions Change from the previous reporting period
COT Gold Report – Positions as of

Our large speculators

those large specs that have been long in gold pitched (transferred) 16,227 contracts from their long side  (through efp)

those large specs that have been short in gold added 13,640 contracts to their short side

Our Commercials

those commercials who have been long in gold added 4020 contracts to their short side

those commercials who have been short in gold covered (transferred) 25,908 contracts from their short side (efp)

Our Small Speculators

those small specs who have been long in gold added 1751 contracts to their long side

those small specs who have been short in gold added 1812 contracts to their short side.

end

Now for our silver COT

Silver COT Report: Futures
Large Speculators Commercial
Long Short Spreading Long Short
68,528 75,724 15,403 78,011 89,989
726 19,889 -11,321 2,625 -16,962
Traders
110 64 43 38 34
Small Speculators Open Interest Total
Long Short 194,685 Long Short
32,743 13,569 161,942 181,116
948 1,372 -7,022 -7,970 -8,394
non reportable positions Positions as of: 167 128
Tuesday, May 1, 2018

Our large speculators

those large specs that are long in silver added 726 contracts to their long side

those large specs that have been short in silver added a whopping 19,889 contracts to their short side

Our Commercials

those large specs that have been long in silver added 2625 contracts to their long side

those large specs that have been short in silver covered (transferred) 16,962 contracts from their short side

Our Small Speculators

those small specs that have been long in silver added 1432 contracts to their long side

those small specs that have been short in silver added 1520 contracts to their short side.

Conclusions:

a complete waste of time in looking at this worthless trash.

Major gold/silver trading /commentaries for WEDNESDAY

GOLDCORE/BLOG/MARK O’BYRNE.

GOLD/SILVER

Own Some Gold and Avoid Overvalued Assets

We could be heading for a golden age – or a return to the 1970s

By John Stepek of Money Week

The cost to the US government of borrowing money for a decade came within sniffing distance of 3% yesterday.

The US ten-year Treasury yield is sitting at 2.96% as I write this morning, having got to 2.99% yesterday.

Does this really matter? After all, 3% is just another number.

On the one hand, you’d be right to think that. On the other, it’s not so much the number as the direction that’s significant.

What the end of the bond bull market implies
If the US ten-year Treasury yield does breach 3%, we’ll be at heady heights not seen since 2013.

The big issue here is that bonds have been in a bull market since the early 1980s. In other words, yields (interest rates) have been falling, and bond prices have been rising.

This bull market in bonds has been accompanied by an almost equally long-lived bull market in equities. Stocks have suffered more painful crashes along the way, but broadly speaking, we had almost 20 years of good times up to 2000, then a crash to 2003, a rebound to 2007, another crash to 2009, and then near-enough another decade of good times.

So the question now is: if bond yields are really turning up now (having reached unprecedentedly low levels), then what does that imply for everything else?

After all, as bond yields have gone down, pretty much everything else has gone up. That’s logical. When bond yields are at 10%, a property that rents at an annual yield of around 12% is not very appealing. When bond yields fall to 5%, suddenly that property looks a lot more attractive. As a result, more money flows into property (say) and prices there go up (driving yields down).

That’s the basic mechanism at work here. So that, in turn, implies that if bond yields go up, then yields on everything else have to go up too. And rising yields on most assets (bonds mostly pay a fixed income) imply that either prices have to fall or profits have to rise (or both).

For example, if I own a property with a rental yield of 5% and I can get 8% from a risk-free government bond, then one of two things is going to happen: either I push the rent up so that I’m earning a better yield, or the market value of my property is going to slide sharply.

Listen on SoundCloud , Blubrry & iTunesWatch on YouTube below

Or if I own a share that yields 5%, and I can get 8% from a government bond, I’ll either want to see management raise the dividend payout, or at least demonstrate that profitability has risen in such a way that a higher dividend could be funded; or the share price will fall to reflect the fact that you’re getting a better reward for taking less risk elsewhere.

So what does this mean?

What we want is some “good inflation”
The only real way to get sustained improvements in profitability is via productivity gains – doing more with the same, or fewer, resources. So if we’re going to get a productivity boom, then we can cope with higher interest rates and still enjoy decent investment returns.

In this case, rising inflation implies that we are reaching the limits of what we can currently get out of the resources that are being used. The idea is that companies (mainly) then invest to increase productivity and efficiency, and things improve.

So if inflation rises because you’ve got healthy growth which is driving higher demand, then it’s not so bad. Rising borrowing costs might cause problems for over-leveraged companies and individuals. But as long as the broader economic strength is there, then while there will be a few potholes in the road, it’s hard to complain.

It’s true that stocks tend not to like it when inflation starts to risk getting out of hand – maybe around the 4% mark. By that time, central banks are taking notice and perhaps raising short-term borrowing costs, and eventually bringing the whole thing to a grinding halt, as everyone who over-leveraged themselves in the boom suddenly has to cough up money they don’t have.

However, that’s still a problem for tomorrow. Particularly if the Federal Reserve and other central banks (as I suspect) wouldn’t mind a wee bit of inflation to take the edge off the huge debts we’ve built up in recent years.

What you don’t want is “bad inflation”
What you really don’t want though, is “stagflation”. That’s where you get rising raw material costs, accompanied by weak or non-existent economic growth. That’s what characterised the 1970s, and it really wasn’t fun for investors.

This is the sort of environment that could be brought on by global trade wars, say. It becomes harder and more to do business with one another, and it also becomes harder and more expensive to secure the supplies of raw materials that everyone needs. Sales fall, costs rise – that’s a nasty combination.

In a way, stagflation is what you get when an economy becomes less productive. Prices are rising at the same time as efficiency is deteriorating.

Between a golden age and the 1970s
So, getting back to the point in hand, what does the 3% mark portend?

There are three main options. The US Treasury bumps its head against the 3% mark again, falls back down, and we get a recession before any of this can become an issue. We fall back into the deflationary pit. I think that’s unlikely.

The other option is that yields rise above 3% and it’s OK because we’re embarking on a world where productivity will improve. Technology leads us to the sunny uplands where workers and robots working together in harmony creates a more efficient, more profitable workplace, and companies make more profits, and everyone gets higher pay rises, and inflation rises just enough to take the edge off our debts but not enough to make us all miserable. A new golden age.

That sounds nice.

The final option is that yields go above 3% because commodity prices are rising fast. They’re rising fast because globalisation is being unwound. Wages start rising too – but not because companies have more profits, instead it’s because voters are fed up with slow-rising wages and fast-rising asset prices. So asset prices crash and certain groups of workers (the most politically sensitive) get pay hikes, while those on the margins get laid off.

That’s your “return to the 1970s” scenario.

Conclusion

I’m hoping for the golden age. But I’m preparing for the less enjoyable option. My advice on what it means for your portfolio stays the same.

Avoid what’s overvalued. And own some gold.

Money Week have a free daily investment email called Money Morning. Sign up here

GoldCore Editors Note: Given the scale of debt in the global financial system and threatening the global economy, we see stagflation as increasingly likely. In that scenario, gold will likely outperform most assets as it did in the 1970s when it rose 2,300% in just nine years.

Listen on SoundCloud , Blubrry & iTunesWatch on YouTube below

News and Commentary

Gold prices steady ahead of U.S. payrolls data (Reuters.com)

Asia Stocks Drop as Trade Talks Held; Dollar Slips (Bloomberg.com)

U.S. Trade Gap Narrows, Claims Remain Low, Productivity Tepid (Bloomberg.com)

U.S. factory orders rise, but business equipment spending slowing (Reuters.com)

ISM non-manufacturing index slows to four-month low in April (MarketWatch.com)

Don’t Be Afraid Of Fed, Gold Price To Touch $1,600 (Forbes.com)

PREPARING FOR A RECESSION (RealVision.com)

Has the Fed really turned hawkish? Or is it just an act? (MoneyWeek.com)

Global RESET Challenge: Ultimate Twist (GoldSeek.com)

Jeffrey Gundlach: Gold to explode (MoneyWeek.com)

Listen on SoundCloud , Blubrry & iTunesWatch on YouTube below

Gold Prices (LBMA AM)

03 May: USD 1,313.30, GBP 966.19 & EUR 1,094.64 per ounce
02 May: USD 1,310.75, GBP 960.52 & EUR 1,091.99 per ounce
01 May: USD 1,309.20, GBP 956.37 & EUR 1,087.68 per ounce
30 Apr: USD 1,316.25, GBP 958.62 & EUR 1,087.62 per ounce
27 Apr: USD 1,317.70, GBP 954.41 & EUR 1,090.79 per ounce
26 Apr: USD 1,321.90, GBP 949.52 & EUR 1,085.94 per ounce
25 Apr: USD 1,325.70, GBP 949.47 & EUR 1,085.48 per ounce

Silver Prices (LBMA)

03 May: USD 16.47, GBP 12.12 & EUR 13.74 per ounce
02 May: USD 16.35, GBP 11.98 & EUR 13.62 per ounce
01 May: USD 16.25, GBP 11.87 & EUR 13.51 per ounce
30 Apr: USD 16.38, GBP 11.93 & EUR 13.54 per ounce
27 Apr: USD 16.53, GBP 12.01 & EUR 13.68 per ounce
26 Apr: USD 16.58, GBP 11.87 & EUR 13.61 per ounce
25 Apr: USD 16.57, GBP 11.87 & EUR 13.57 per ounce


Recent Market Updates

– Gold Demand Falls In Q1 Despite Robust Central Bank and Investment Demand and Surging Demand In Turkey and Iran
– Smart Money Diversifying Into Gold – One Billionaire Invests Half His Net Worth
– “Blood In The Streets” Of U.S. Gold Bullion Market As Sale Of Gold Coins Collapse
– Most Important Chart Of The Century For Investors?
– Gold Mining Shares Are Speculative Making Gold Bullion A Better Investment
– Gold Price Increasingly Influenced By Declining Dollar Rather Than Interest Rates
– 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

Mark O’Byrne
Executive Director

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

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

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

(Andrew Maguire)

Andrew Maguire

2:57 PM (1 hour ago)
to me

Harvey

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

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

Warm regards

Andy

 END
Bill Murphy and Keith Neumeyer interviewed by Ken Amediuri/Crush the street as they both talk about manipulation in the gold/silver sector
(courtesy GATA/Crush the Street)

GATA Chairman Murphy, mining entrepreneur Neumeyer interviewed on manipulation

 Section: 

7:51p ET Thursday, May 3, 2018

Dear Friend of GATA and Gold:

GATA Chairman Bill Murphy and mining entrepreneur Keith Neumeyer, interviewed by Ken Ameduri for Crush the Street, discuss the manipulation of the monetary metals market and the prospects for the manipulation to be ended by a reset of the international financial system. The interview is a half-hour long and can be viewed at You Tube here:

https://www.youtube.com/watch?v=6c3q-ArfYGI&t=2s

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

END

The BIS is late on its report for March

(courtesy GATA)

(GATA) The BIS press office may be the new Maytag repairman

Submitted by cpowell on 01:44PM ET Friday, May 4, 2018. Section: Daily Dispatches

9:54a ET Friday, May 4, 2018

Dear Friend of GATA and Gold:

GATA consultant Robert Lambourne, our expert on the Bank for International Settlements, noted this week that the BIS is late in posting its monthly statement of account for March, which typically contains obscure data about the bank’s largely surreptitious interventions in the gold market on behalf of its client central banks.

So your secretary/treasurer e-mailed the bank’s press office to ask if the March statement was available.

The BIS press office kindly responded just nine minutes later, acknowledging that the report is not yet available but is expected to be posted next week.

Lambourne thought the bank’s speedy response was remarkable, an indication that the BIS takes GATA seriously.

Your secretary/treasurer replied that it is far more likely that the BIS press office is like the repairman in the old television commercials for Maytag washing machines, its people sitting around all day with nothing to do.

Maytag created the lonely character to emphasize the reliability of its products:

https://www.youtube.com/watch? v=rXJ0rAyE_mQ

As for the BIS press office, who queries it other than GATA, which is always trolling for documentation of gold market manipulation?

Not mainstream financial news organizations. A Google search today for BIS-related news items turns up little if anything that is current:

https://news.google.com/news/search/section/q /Bank%20for%20International...

No, mainstream financial news organizations are too scared to inquire or too instructed not to inquire about market rigging by central banks, though these days that rigging is the only “market” activity that matters and its documentation is lying around in the open in various places, freely available to anyone who has an interest in looking and thereby democratizing the world financial system.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

* * *


___________________________________________________________________

Your early FRIDAY 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 6.3605  /shanghai bourse CLOSED DOWN 9.83 POINTS OR .32%    / HANG SANG CLOSED DOWN 386.87 POINTS OR 1.27%
2. Nikkei closed DOWN 35.25 POINTS OR .16% /  /USA: YEN FALLS TO 108.98/  

3. Europe stocks OPENED GREEN     /USA dollar index RISES TO 92.55/Euro FALLS TO 1.1962

3b Japan 10 year bond yield: FALLS TO . +.04/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.43/ 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:: 68.77  and Brent: 73.91

3f Gold DOWN/Yen UP

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 FALLS TO +.53%/Italian 10 yr bond yield DOWN to 1.76% /SPAIN 10 YR BOND YIELD DOWN TO 1.25%

3j Greek 10 year bond yield RISES TO : 4.08?????????????????

3k Gold at $1311.40 silver at:16.493    7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 11/100 in roubles/dollar) 63.11

3m oil into the 68 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 108.98 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 0.9983 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1943 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now POSITIVE territory with the 10 year FALLING to +0.53%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 2.93% early this morning (THIS IS DEADLY TO ALL MARKETS). Thirty year rate at 3.11%

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

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

All Eyes On Payrolls, But The Real Story Is The Ongoing EM Rout

While US equities surged on Thursday, reversing a nearly 400 point drop in Dow Jones after several reports predicted that today’s US-China trade talks were going well would have a successful conclusion, hours ago the Mnuchin-led delegation departed Beijing having accomplished nothing. So far, however, this has had no impact on US equity futures (it has hit the Chinese Yuan however), which are hugging the flatline, while Asian stocks dropped and Europe edged higher ahead of the April payroll report due shortly (full preview here).

Europe’s Stoxx 600 Index was modestly in the green ahead of US payrolls data, with the outperforming bourse the SMI (+0.6%). The CAC (-0.1%) underperforming due to disappointing results from Société Générale (-6.9%). This  alongside further financial misses for HSBC (-3%) and BNP Paribas (-2.7%) is dragging on the financial sector, currently down -0.4%. Basic materials and technology companies offset the financial weakness and led gains in the Stoxx Europe 600 index as the euro slipped amid mounting concern about the region’s economic outlook.

Stocks from Sydney to Hong Kong retreated earlier.

Meanwhile, the dollar initially slumped only to bounce back sharply ahead of today’s main event, the nonfarm payrolls report due at 830am EDT. Bloomberg’s Dollar Spot Index rose 0.1%, after slipping 0.1% in Asia; the dollar is set to strengthen versus all of its G-10 peers this week, and is heading for a third week of gains.

The euro slipped after economic data from the region continued to disappoint, while the pound stayed above 200-DMA support against the greenback amid discussions within the U.K. government about the need to extend the Brexit transition period. The Japanese yen was the only currency to edge higher versus the dollar on Friday; The Japanese yen was the only currency to edge higher versus the dollar on Friday as Japan remained closed for a holiday, with local Treasury trading shut.

The key overnight news was the lack of news after the 2-day trade talks in China, where the US asked China to narrow trade surplus by USD 200bln by 2020 to halt its subsidies in manufacturing planthis was revealed in a document issued to China in advance of trade talks this week. This comes as well as Chinese officials believing that the US trade delegations proposals were unfair. The US trade delegation has now left Beijing.

How will the USD react to today’s payroll print: “Given the fears of higher inflation and what that means for the Fed, it will be the hourly earnings data that will determine financial market reaction,” said Derek Halpenny, European head of global markets research at MUFG. “But, with equity markets so fragile, it is not clear how the dollar would respond to a strong wage print.”

However, while payrolls will come and go, the big story remains the recent surge in the dollar and the accelerating rout in Emerging Marketswhere a bevy of currencies, including the TRY, ZAR, INR, IDR and especially the Argentina Peso most recently, have all gotten crushed, in many cases sliding to all time lows, prompting some to ask if another 1997-style EM crisis is on the horizon.

The biggest – and most important – wildcard remains Turkey, where inflation is soaring yet where dictator president Erdogan has made it very clear any rate hikes will be severely frowned upon. Meanwhile, the country’s FX crisis, which has seen the lira plunge to all time lows…

… is now starting to spread to Egypt.

It’s not just FX however, as Emerging Market Bond markets are now also getting crushed, with the EMB tumbling to a level not seen since the Chinese post-deval crisis in late 2015. A few more point of decline here, and we will have big problems.

There was no instability in U.S. Treasuries, whose yields dropped modestly overnight, trading in a tight range between 2.93% and 2.95%, and Gartman is just 1 basis point away from being stopped out.

In commodities, oil is taking a breather from its recent bull run, with WTI (-0.2%) and Brent (-0.2%) off recent highs. Price action has been supported by the looming geological risk from possible new US sanctions against Iran. Iran’s foreign minister said yesterday that US’s demand to change its 2015 nuclear agreement was unacceptable as the May 12th deadline set by US President Trump approaches. Looking ahead, the weekly Baker Hughes rig count  will take focus later in the session.

In the latest Brexit news, Ireland reportedly has the support of EU leaders to veto Brexit trade agreement and collapse discussions next month if PM May fails to push through a customs agreement which averts a hard border for Northern Ireland. Furthermore, reports added that EU officials warned that negotiations on future partnership will be suspended at European summit next month until there is a solution to the customs issue. Ministers were told during a briefing earlier this week that UK may not be able to leave customs union for another 5 years as it may take that long to prepare the technology required to operate the border.

In geopolitical developments, President Trump was said to order the Pentagon to consider a reduction in the number of US troops in South Korea, while there were also reports from South Korean press that North Korea agreed to fully denuclearize by 2020.

Looking at the day ahead, in the US the April employment report will be due. The Fed’s Quarles, Dudley, Williams, Bostic, George and Kaplan are all due to speak. Berkshire Hathaway, Alibaba, HSBC, BNP Paribas and Societe Generale are due to report earnings.

Bulletin Headline Summary from RanSquawk

  • Cautious trade seen ahead to key US NFP data
  • US trade delegation leaves Beijing with no take-aways
  • Looking ahead, highlights include US jobs and Fed’s Quarles, Dudley, Williams, Bostic, George and Kaplan speaking

Market Snapshot

  • S&P 500 futures down 0.2% to 2,627.75
  • STOXX Europe 600 up 0.3% to 385.62
  • MXAP down 0.4% to 172.36
  • MXAPJ down 0.7% to 559.60
  • Nikkei down 0.2% to 22,472.78
  • Topix down 0.2% to 1,771.52
  • Hang Seng Index down 1.3% to 29,926.50
  • Shanghai Composite down 0.3% to 3,091.03
  • Sensex down 0.5% to 34,934.03
  • Australia S&P/ASX 200 down 0.6% to 6,062.89
  • Kospi down 1% to 2,461.38
  • German 10Y yield rose 0.4 bps to 0.536%
  • Euro down 0.2% to $1.1967
  • Brent Futures down 0.3% to $73.39/bbl
  • Italian 10Y yield fell 5.0 bps to 1.485%
  • Spanish 10Y yield fell 0.4 bps to 1.25%
  • Brent Futures down 0.3% to $73.42/bbl
  • Gold spot down 0.2% to $1,309.28
  • U.S. Dollar Index up 0.2% to 92.55

Top Overnight News from Bloomberg

  • The odds of a deal between the U.S. and China reduced — the U.S. delegation, led by Treasury Secretary Steven Mnuchin, asked China to decrease the trade deficit by at least $200 billion by the end of 2020 compared with 2018, according to a document seen by Bloomberg News that was sent ahead of the trade talks in Beijing
  • Donald Trump seems set on pulling out of the Iran nuclear deal next week, with U.S. officials suggesting that any initial diplomatic turbulence will be followed by negotiations for a new accord
  • The Brexit transition period will need to be extended potentially for years because any new customs regime will not be ready to come into force in time, according to senior British officials; In local council elections, Britain’s main political parties benefited from the collapse of the U.K. Independence Party, but results saw Jeremy Corbyn’s Labour continue to struggle outside London
  • President Mauricio Macri of Argentina is starting to try the patience of global investors. More than two years into his efforts to revive South America’s second- largest economy, his government is suddenly being tested by an abrupt decline in the peso
  • Bank of England will refrain from raising rates next week but is still set to start normalizing policy, according to the National Institute of Economic and Social Research
  • RBA sees slightly higher core inflation and unemployment in 2018 as it edged up core inflation and unemployment forecasts for 2018 and reaffirmed that tighter policy will be needed “at some point”
  • Barclays, which stood firm last week as banks tore up their outlooks, has joined the exodus after the purchasing managers index showed the sector failed to “rebound convincingly” last month
  • HSBC’s new Chief Executive Officer John Flint announced a $2b share buyback to placate investors as he works to bolster growth
  • The euro-area economy looks set for further weakness in May after private-sector activity slowed for a third month in April, further adding doubts on the ECB’s plan to end its stimulus program

Asia stocks traded with a subdued tone following a yo-yo session in US where stocks finished mostly negative although well off worst levels, while the absence of Japan and looming US NFP jobs data added to the lacklustre tone. ASX 200 (-0.5%) was negative with the index dragged by financials and most commodity-related sectors, while KOSPI (-0.7%) also traded downbeat as index heavyweight Samsung Electronics slumped on its re-open from a 50-to-1 stock split. Elsewhere, Shanghai Comp. (-0.1%) and Hang Seng (-0.3%) conformed to the gloom following another liquidity drain by the PBoC and amid IPO activity in which Ping An Insurance unit Good Doctor failed to set-off fireworks on its debut, however mainland losses were stemmed amid encouraging Caixin Composite and Services PMI data. PBoC injected CNY 20bln via 7-day reverse repos for a net weekly drain of CNY 110bln

Top Asian News

  • Samsung Electronics’ Post-Split Comeback Drags Korea Equities
  • There’s a Bond ETF Boom in Taiwan, Thanks to Life Insurers

European equities tracking higher ahead of US NFP data later on in the day, with the outperforming bourse the SMI (+0.6%). The CAC (-0.1%) underperforming due to disappointing results from Société Générale (-6.9%). This alongside further financial misses for HSBC (-3%) and BNP Paribas (-2.7%) is dragging on the financial sector, currently down -0.4%. Some encouragement found in BASF (+1.1%), as well as EDF (+0.8%), whom announced the largest energy acquisition of the year.

Top European News

  • Euro-Area Economy Heads for More Weakness After April Slowdown
  • Corbyn Has Little to Celebrate in Britain’s Local Elections
  • Constancio: Unconventional Tools Should Be Used Whenever Needed

In FX, the dollar remains relatively firm overall, and especially against EM currencies that continue to collapse (ie Lira slumping to fresh record lows vs the Greenback near 4.2600). However, the DXY is still consolidating off recent peaks set before the FOMC (new 2018 high around 92.800), with bulls perhaps wary about getting too carried away after hawkish Fed expectations were somewhat overdone, or at least undone by the shift to a symmetrical inflation target. Technically, the aforementioned new ytd best forms nearest resistance, while there is little of note on the downside ahead of 92.000. JPY: A marginal outperformer within the G10 basket and pulling back further from highs just above 110.00 to test bids/buying interest at 109.00 and briefly below overnight, but with trading volumes still impacted by the lack of Japanese participants. Decent 108.75-85 option expiry interest (1 bn) could come into play on a weak US jobs report or bad news on the US-China trade talks front. AUD/NZD: The tussle down under rages on, and the Aud is stretching its legs having overtaken the Kiwi late yesterday with the cross staging a firmer rebound above 1.0700 and Eur/Usd down through 1.5900 in wake of firmer than forecast Chinese Caixin PMIs, rather than anything fresh or Aud supportive from the RBA’s SOMP. Meanwhile, Nzd/Usd is looking precarious again close to 0.7000. CHF/GBP/EUR/CAD: All softer vs the Dollar after Usd/Chf dabbled with parity again on Thursday, while Cable is testing reported bidding interest between 1.3550-20 again and only a few pips off the 200 DMA (1.3539) on more negative Brexit impulses and another UK GDP downgrade. Eur/Usd capped by its 200 DMA (1.2015-20) and a 1.2000 expiry, but still looking ‘comfortably’ supported ahead of a major Fib (1.1936) and the 2018 base (1.1916). Usd/Cad remains bid circa 1.2800 and toppy near 1.2900, but the Loonie is still suffering to an extent after yesterday’s trade data revealed a record deficit – IVEY PMI due later

In commodities, oil is taking a breather from its recent bull run, with WTI (-0.2%) and Brent (-0.2%) off recent highs. Price action has been supported by the looming geological risk from possible new US sanctions against Iran. Iran’s foreign minister said yesterday that US’s demand to change its 2015 nuclear agreement was unacceptable as the May 12th deadline set by US President Trump approaches. Looking ahead, the weekly Baker Hughes rig count (1800BST/1200CDT) will take focus later in the session. Moving onto metals, gold (-0.1%) prices have steadied ahead of key US jobs data due later today. In terms of base metals, copper has seen modest gains, while the red metal also weathered an early wobble seen in Dalian iron ore futures which slipped 2% at the open during the 1st day foreign investors were permitted to trade Chinese iron futures. Elsewhere, London base metal prices rose today, led by the rise in aluminium, climbing as much as 1.9% having fallen 2.3% in the previous session.

US Event Calendar

  • 8:30am: Change in Nonfarm Payrolls, est. 192,000, prior 103,000;
    • Change in Private Payrolls, est. 190,000, prior 102,000
    • Change in Manufact. Payrolls, est. 20,000, prior 22,00
  • Unemployment Rate, est. 4.0%, prior 4.1%; Underemployment Rate, prior 8.0%
  • Average Hourly Earnings MoM, est. 0.2%, prior 0.3%; YoY, est. 2.7%, prior 2.7%
  • Average Weekly Hours All Employees, est. 34.5, prior 34.5
  • Labor Force Participation Rate, est. 62.9%, prior 62.9%

DB’s Jim Reid concludes the overnight wrap

Today we’ll learn more about the state of the US labour market with special attention focused at the moment on earnings. As of this morning the market consensus for the payrolls print is 192k. As a reminder this follows that much lower than expected 103k reading in March and the bumper 326k reading in February. Random number generation at its finest. Our US economists have a 185k forecast for this afternoon and expect payrolls to rebound from last month’s weather distorted data, especially as the construction sector experienced the largest drop since April 2007 last time out. Given all the talk in markets is about US inflation and wages at the moment, arguably the more significant aspect of today’s report will be the average hourly earnings number. The consensus for that is +0.2% mom which would keep the annual rate at +2.7% yoy. Our colleagues expect a slightly stronger +0.3% mom to send a broadly consistent signal to the stronger ECI data last week (which hit a post crisis high). If this expectation is correct, our economists’ estimate would actually push the annual rate up to +2.8% yoy and just below the hurricane-induced spike in September 2017 that set the high water mark for this recovery. The other important data to watch is the unemployment rate which is expected to fall to 4.0% after remaining stuck at 4.1% for the last six months, the longest streak with a stable unemployment rate since the late 1960s. Our economists note that four percent unemployment could be an important development, as they have previously noted that the wage Phillips curve tends to steepen around this level, suggesting that further unemployment declines will begin to exert increasing upside pressure on wages. Anyway, that data is due at 1.30pm BST this afternoon.

Ahead of this there were a lot of mildly negative news around yesterday which compounded up to create a decent slug of global risk off that peaked just before Europe went home. At this point the S&P 500 traded down -1.56%. However from there stronger tech stocks and White House economist Mark Calabria’s comments on US-China trade talks being “fairly positive” so far seemed to help the S&P recover and to close at -0.23%, while the Dow also recovered c400pts to end higher for the day (+0.02%).

Knocking sentiment earlier, we had Euro CPI sharply lower, some downplaying rhetoric from China and the US about the chances of success at their trade summits, Tesla and AIG falling -8.6% and -9.6% respectively after results, the ISM non-manufacturing a bit weaker, the US bank index trading down to c5 month lows as yields fell, and Argentina dragging down EM with a 300bps hike to go with the same seen last week.

There was a similar mini-roller coaster ride over in government bonds, the yield on 10y Bunds initially increased a couple of bps early in the session to 0.589%, but dropped as much as -6.6bp following the softer than expected CPI print (more below), ending the day at 0.528% (-4.9bp). Elsewhere, yields on UST 10y (-2bp) and OATs (-4.2bp) were also lower while Gilts fell -7bp after a weaker than expected rebound in the services sector PMI.

The Argentinian story was fascinating. Their central bank hiked rates 300bps to 33.25% only 6 days after the same sized move, as the bank took the action to “guarantee the process of disinflation and is ready to act again if necessary”. The Peso dropped -5.6% vs. the Greenback yesterday (-20.2% YTD), while yields on its 10y bond (USD) jumped 30.7bp to 7.535%. Remember it was only around a year ago that Argentina did a 100 year bond. This traded down -1.94 to a cash price of 85.697 during the day. One to keep an eye on.

This morning in Asia, markets are trading lower with the Kospi (-0.64%), Hang Seng (-0.35%) and Shanghai Comp. (-0.12%) all modestly down while Japanese markets are closed for holidays. In Beijing, Treasury Secretary Mnuchin said the US and China are having a “very good conversation” ahead of the today’s meetings. Datawise, China’s April Caixin composite PMI edged up 0.5pt mom to 52.3 while the services PMI was also better than expected at 52.9 (vs. 52.3).

Now recapping other markets performance from yesterday. The US dollar index weakened for the first time in four days (-0.11%) while the Euro rose +0.31% and Sterling ended broadly flat. European bourses were all lower, weighed down by the stronger Euro and softer than expected corporate results. Across the region, the Stoxx 600 (-0.73%), DAX (-0.88%) and FTSE (-0.54%) were all softer. WTI oil firmed +0.74% to $68.43/bbl following further tensions between US and Iran.

Away from the markets, the European Commission has kept its latest forecasts for 2018 and 2019 GDP growth unchanged at 2.3% and 2% respectively. In terms of the recent softening in economic indicators, the ECB’s Praet noted that “temporary factors may also be at work. We will also need to monitor whether…these developments reflect a more durable softening in demand”. He also reiterated that inflation developments remain subdued and an ample degree of monetary stimulus remains necessary. Elsewhere, the ECB’s Hansson seemed relatively upbeat and sees “moderate wage growth pressure” that will ultimately allow the bank to exit QE.

Before we take a look at today’s calendar, we wrap up with other data releases from yesterday. In the US, the macro data was mixed. The April ISM nonmanufacturing index fell 2pts mom to a four month low (56.8 vs. 58 expected) but  still consistent with US growth being above trend. In the details, the activity index fell 1.5pts to 59.1 but the new export orders index jumped 2.5pts to a 12-month high of 61.5. The March trade deficit narrowed to a six month low (-$49bln vs. -$50bln expected) as growth in exports outpaced imports. Elsewhere, the 1Q nonfarm productivity came in below market at 0.7% (vs. 0.9% expected) while the March factory orders was above expectations at 1.6% mom (vs. 1.4%). In labour markets, the weekly initial jobless (211k vs. 225k expected) & continuing claims (1,756k vs. 1,835k expected) were both lower than expectations, with the former hovering near its 48 year low. Lastly, the final reading for April Markit composite and service PMI was revised up 0.1-0.2ppt to 54.9 and 54.6 respectively, while the core capital goods orders was revised down by 0.3ppt to -0.4% mom. Following the above, the Atlanta Fed’s GDPNow estimate for Q2 GDP growth is now at 4.0% saar.

The Eurozone’s April core CPI was weaker than expected at 0.7% yoy (vs 0.9%) and fell 0.3ppt mom. Our European economists believe this mainly reflects the impact of Easter timing on services prices (core goods inflation rose a tenth to 0.3% yoy), so they expect core inflation to rebound to around 1.0% yoy in May. Elsewhere, the March PPI was in line at 2.1% yoy. In the UK, the April Markit services PMI (52.8 vs. 53.5 expected) and composite PMI (53.2 vs. 53.7 expected) were both softer than expected as it continues to show the weaker momentum trend of late.

Looking at the day ahead, in the US the April employment report will be due. In Europe the final April services and composite PMIs will be released, while France’s March trade balance and the Euro area’s March retail sales data will also be out. The Fed’s Dudley and ECB’s Constancio are due to speak. Berkshire Hathaway, Alibaba, HSBC, BNP Paribas and Societe Generale are due to report earnings.

3. ASIAN AFFAIRS

i)FRIDAY MORNING/THURSDAY NIGHT: Shanghai closed DOWN 9.83 points or .32%   /Hang Sang CLOSED down 386.87 points or 1.27%    / The Nikkei closed DOWN 35.25 POINTS OR .16% /Australia’s all ordinaires CLOSED DOWN .51%  /Chinese yuan (ONSHORE) closed DOWN at 6.3605/Oil UP to 68.77 dollars per barrel for WTI and 73.91for Brent. Stocks in Europe OPENED DEEPLY IN THE GREEN.   ONSHORE YUAN CLOSED DOWN AT 6.3605 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3598/ONSHORE YUAN TRADING WEAKER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING  WEAKER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW LOOKS LIKE A FULL TRADE WAR IS BEGINNING/

3 a NORTH KOREA/USA

North Korea/South Korea/usa

3 b JAPAN AFFAIRS

end

c) REPORT ON CHINA/HONG KONG

Trump is not going to like this;  China secretly installs cruise missiles on the hotly contested Spratly Islands

(courtesy zerohedge)

Taiwan Livid After China Secretly Installs Cruise Missiles On Contested Spratly Islands

Tensions continue to flare up in the South China Sea, as Beijing has reportedly installed anti-ship cruise missiles and surface-to-air missile systems on three outposts in the region, as reported by CNBC on Wednesday, which cited sources with direct knowledge of U.S. intelligence reports. The missiles have reportedly been installed on Fiery Cross Reef, Subi Reef and Mischief Reef.

Fiery Cross Reef

The land-based anti-ship cruise missiles, designated as YJ-12B, allow China to strike surface vessels within 295 nautical miles of the reefs. Meanwhile, the long-range surface-to-air missiles designated as HQ-9B, have an expected range of targeting aircraft, drones and cruise missiles within 160 nautical miles. –CNBC

As we’ve documented again and again (and again and again), China’s military buildup in the Pacific, particularly surrounding the Spratly Islands, a collection of small islands, cays and atolls in the South China Sea, is one of the greatest long-term risks to peace and stability in the US and many of China’s neighbors, who have territorial claims in the region that may conflict with China’s.

Subi Reef, July 2012 vs. December 2017

If confirmed, the installations would mark the first Chinese missile deployments in the Spratly Islands – a territory with claims by several Asian countries, including Taiwan and Vietnam. Chinese foreign ministry spokeswoman Hya Chunying says that the missiles are required to protect China’s sovereignty.

China’s missile placement comes on the heels of an april deployment of radar jammers on the Spratly islands, capable of scrambling military communications and radar systems used by US ships – a clear rebuke to the US and China’s neighbors.

A US official confirmed to WSJ in April that “China has deployed military jamming equipment to its Spratly Island outposts.” Furthermore, the equipment was likely installed during the last 90 days.

The U.S. assessment is supported by a photo taken last month by the commercial satellite company DigitalGlobe and provided to The Wall Street Journal. It shows a suspected jammer system with its antenna extended on Mischief Reef, one of seven Spratly outcrops where China has built fortified artificial islands since 2014, moving sand onto rocks and reefs and paving them over with concrete.

China’s Defense Ministry didn’t respond to a request for comment. –WSJ

The move allows China to further project its rapidly growing military influence in the region – most recently approaching the government of Vanuatu to build a permanent military base on the South Pacific Island nation.

Those who do not intend to be aggressive have no need to be worried or scared,” ministry spokeswoman Hua Chunying told reporters in Beijing.

China’s Defense Ministry did not immediately respond to a request for comment on the latest report.

The foreign ministry said China has irrefutable sovereignty over the Spratly Islands and that its necessary defensive deployments were for national security needs and not aimed at any country. –Reuters

Mawanwhile, Taiwan called the new missile installations “irresponsible,” presidential office spokesman Alex Huang said on Thursday. Taiwan “will not bow down to pressure from Beijing” Foreign Minister Joseph Wu said, but “will work with friendly nations to uphold regional peace and stability and ensure our rightful place in the international community.”

In response to China’s increased provocations in the region, Tsai Shih-Ying of Taiwan’s ruling Democratic Progressive Party, asking the National Defence Minister Yen Teh-fa for details surrounding Taiwan’s military program to procure a new modern main battle tank.

Yen told Tsai that Taiwan’s military would soon make a bid to purchase M1A2 tanks, an American third-generation main battle tank — the most modern armored tank in the world, from the Pentagon in the second half of 2018.

Yen also stated that the American tanks could help transfer technology to the island’s defense industry, Taiwan’s Central News Agency reported, as quoted by South China Morning Post.

“The Taiwan Strait is very likely to replace the Korean peninsula as the hottest flashpoint in the region,” he warned.

“In response to the changing situation, Taiwan’s military has also increased its combat readiness.”

“In one or two months, China will hold more long-range military training and increase combined forces operations when engaged in such activities in waters near Taiwan,” Yen said when responding to another lawmaker Chiang Chi-chen about Beijing’s increased military exercises in the Taiwan Strait and the East China Sea.

Greg Poling, a South China Sea expert at Washington’s Center for Strategic and International Studies think-tank, said deploying missiles on the outposts would be important.

These would be the first missiles in the Spratlys, either surface to air, or anti-ship,” he said.

He added that such deployments were expected as China built missile shelters on the reefs last year and already deployed such missile systems on Woody Island further to the north.

Poling said it would be a major step on China’s road to dominating the South China Sea, a key global trade route. –Reuters

“Before this, if you were one of the other claimants … you knew that China was monitoring your every move. Now you will know that you’re operating inside Chinese missile range. That’s a pretty strong, if implicit, threat,” said Poling.

China’s increased presence in the South China Sea is “a substantial challenge to US military operations in the region,” says US Navy Adm. Philip Davidson, the expected nominee to replace US Pacific Command Chief Adm. Harry Harris.

In written testimony to the Senate Armed Services Committee, he writes that the development of China’s various forward operating bases in controversial waters appear to be complete.

“The only thing lacking are the deployed forces. Once occupied, China will be able to extend its influence thousands of miles to the south and project power deep into Oceania,” Davidson wrote. “In short, China is now capable of controlling the South China Sea in all scenarios short of war with the United States.

END

You will recall that the Dow reversed and jumped 500 points on “good” talks with the Chinese.  That just ended as there is no deal in sight.  The USA is demanding that China cut its bilateral trade with the USA by 200 billion dollars.

This is not going to  happen…

(courtesy zerohedge)

US-China Trade Talks End Without A Deal After Trump Hikes Deficit Cut Demand

Moments ago, the US trade delegation led by Treasury Sec. Steven Mnuchin, and which included Commerce Sec. Wilbur Ross, US Trade Rep. Robert Lighthizer, and White House trade adviser Peter Navarro, left China after two days of U.S.-China trade discussions ended on Friday without a concrete deal, only an agreement to keep on talking.

On Friday afternoon, China’s official Xinhua News Agency reported that both sides reached a consensus on some trade issues, without providing details. More importantly, they acknowledged major disagreements on some matters and will continue communicating to work toward making more progress.

US Treasury secretary Steven Mnuchin (centre) and US Commerce Secretary Wilbur Ross (second from right) walk through a hotel lobby as they head to Diaoyutai state guest house to meet Chinese officials in Beijing

The biggest surprise, according to the FT, is that heading into the talks the US delegation asked China to cut the bilateral trade deficit by $200BN by 2020, reduce tariffs and cut subsidies for emerging industries, according to a document seen by the Financial Times.

The surprise is that the revised $200BN target is already double the $100BN amount that President Trump demanded just two months ago be wiped from last year’s $337BN US deficit in goods and services. According to the document, the US aimed to cut the deficit by $100bn in the year beginning June 1, and by a further $100bn between June 2019 and May 2020.

Some more details on the list of US demands from the WSJ:

  • The first U.S. request was for China to reduce the bilateral trade deficit by at least $200 billion by the end of 2020. The U.S.-China bilateral deficit in goods was $375 billion last year. President Donald Trump has repeatedly said he wants China to slash the figure by $100 billion a year.
  • The U.S. also demanded that China immediately stop providing subsidies and other assistance for advanced technologies outlined in the government’s Made in China 2025 plan. The initiative aims for China to dominate future frontiers of manufacturing and industry, from robotics and aviation to new-energy vehicles.
  • The U.S. also asked China to cut tariffs on “all products in non-critical sectors” to levels that are no higher than the levels that the U.S. applies to imports, according to the document.
  • In addition, the U.S. also asked China to guarantee that it won’t hit back at the U.S. for any actions taken in the disputes over intellectual property. It also asked that China withdraw its challenges in this area at the World Trade Organization.
  • Chinese officials believed the proposal was “unfair”

By early afternoon Friday neither side had flagged plans to give a briefing on the discussions, and the American team departed shortly after.

According to Bloomberg, earlier in the day Mnuchin said that the U.S. and China had been having a “very good conversation,” without elaborating. While China hasn’t indicated any detail on what it may be prepared to agree to, a senior official sounded a defiant tone ahead of the meeting, and the state news agency warned against “unreasonable demands”, a stark difference to the CNN rumor released on Thursday that the deals would be successful, and which sent the market soaring.

Foreign ministry spokeswoman Hua Chunying said at a Friday afternoon briefing there’s no specific information on the talks.

To be sure, the U.S. tempered expectations of a major breakthrough from the discussions, which were expected to focus on concerns over China’s state-driven economy, forced technology transfers and America’s widening trade deficit with China. Underscoring the friction, the US trade report released Thursday showed the trade gap with China surged by 16 percent to more than $91 billion in the first quarter of this year.

Quoted by Bloomberg, an unnamed senior Chinese government official said before the talks the government won’t accept U.S. preconditions for negotiations such as abandoning its long-term advanced manufacturing ambitions or narrowing the trade gap by $100 billion. We can only imagine what they said when they learned the latest demand was a $200 billion deficit cut.

During the second day of discussions, across town at Beijing’s Great Hall of the People, President Xi Jinping indicated China will continue to embrace globalism, saying it wants to actively take part in world governance. Those who reject the world will be rejected by the world, he said in a speech commemorating the 200th anniversary of Karl Marx’s birth.

The disappointing outcome will probably not come as a big surprise as analysts weren’t very optimistic about the potential outcomes beyond the two countries possibly delaying on the threat of tit-for-tat tariffs.

“Our expectations are low. The U.S. negotiating position is unclear — indeed it’s not even clear if the U.S. representatives have a unified view on what they want to achieve,” Tom Orlik, chief economist at Bloomberg Economics in Beijing, wrote in a report. “The Chinese side has already made concessions and won’t rush to make more. The past few weeks have shown that markets can be roiled by tariff chatter, so that’s certainly a possibility in the next couple of days.”

If anything, the meetings were an opportunity for the two sides to exchange their views face to face after the official channel for U.S.-China high-level economic talks were suspended last year.

In response to the news, the yuan declined in the late afternoon, reversing earlier gains, and the USDCNH jumped from 6.3450 to 6.365 as news of the failure to reach an agreement spread. “The market has been disappointed as the China-U.S. trade talks failed to make a breakthrough” said Ken Cheung, Asian FX strategist at Mizuho Bank, adding that “this outcome increases the possibility for China to curb further yuan appreciation, given concerns over the negative impact from a trade conflict on the nation’s economic growth.”

Having surged on the rumor of a favorable trade talk outcome yesterday, US stocks are unchanged today after the talks ended without any tangible success.

 end
And here is the official response that nothing was accomplished and now the next month will be trump’s
(courtesy zerohedge)

US Trade Delegation Issues Statement On China Talks After Leaking “Aggressive” Position Memo

While the US trade delegation led by Steven Mnuchin that just spent two days in Beijing to achieve nothing, is currently somewhere over the Pacific on its way back to the States, that did not prevent it from issuing an official statement on the event that, until earlier this morning, was the biggest potential upside catalyst for today’s market: the status of US-China trade talks.

In the statement, the Mnuchin-led group said “U.S. trade officials had candid trade discussions with their Chinese counterparts” and added that President Donald Trump will decide the next steps.

This is what it said.

Statement on the United States Trade Delegation’s Visit to Beijing

At the invitation of Vice Premier Liu He and at the direction of President Donald J. Trump, the United States trade delegation, led by Secretary of the Treasury Steven Mnuchin and including Secretary of Commerce Wilbur Ross, U.S. Trade Representative Robert Lighthizer, Assistant to the President for Economic Policy Larry Kudlow, and Assistant to the President for Trade and Manufacturing Policy Peter Navarro, traveled to Beijing, and was joined there by Ambassador Terry Branstad.

The delegation held frank discussions with Chinese officials on rebalancing the United States-China bilateral economic relationship, improving China’s protection of intellectual property, and identifying policies that unfairly enforce technology transfers. The United States delegation affirmed that fair trade will lead to faster growth for the Chinese, United States, and world economies.

The size and high level of this delegation illustrates the importance that the Trump Administration places on securing fair trade and investment terms for American businesses and workers. There is consensus within the Administration that immediate attention is needed to bring changes to United States-China trade and investment relationship.

The delegation now returns to Washington, D.C., to brief the President and seek his decision on next steps.

The above is a wordy way of stating that the talks achieved nothing, and merely agreed to hold more negotiations in the future. Meanwhile, the Treasury faces a May 21 deadline to report on restrictions on Chinese investment in the US, as part of the response to the recent Section 301 intellectual property investigation

In other words, the clock is ticking. And just to add some more heat, earlier this morning, the US appears to have purposefully leaked the US demands that the US sent to China ahead of their trade talks (this version was leaked on Weibo), and which as the Economist’s Simon Rabinovitch described, revealed “a very aggressive opening position from the US”

View image on TwitterView image on TwitterView image on TwitterView image on Twitter

Simon Rabinovitch

@S_Rabinovitch

Here are the demands that US sent to China ahead of their trade talks (reported by WSJ and Bloomberg; this version leaked on Weibo, now deleted–person involved in talks says it’s authentic). Very aggressive opening position from the US.

For those who missed it, the WSJ summary of the above is as follows:

  • The US delegation asked China to cut the bilateral trade deficit by $200BN by 2020, double what Trump demanded back in March.
  • The first U.S. request was for China to reduce the bilateral trade deficit by at least $200 billion by the end of 2020. The U.S.-China bilateral deficit in goods was $375 billion last year. President Donald Trump has repeatedly said he wants China to slash the figure by $100 billion a year.
  • The U.S. also demanded that China immediately stop providing subsidies and other assistance for advanced technologies outlined in the government’s Made in China 2025 plan. The initiative aims for China to dominate future frontiers of manufacturing and industry, from robotics and aviation to new-energy vehicles.
  • The U.S. also asked China to cut tariffs on “all products in non-critical sectors” to levels that are no higher than the levels that the U.S. applies to imports, according to the document.
  • In addition, the U.S. also asked China to guarantee that it won’t hit back at the U.S. for any actions taken in the disputes over intellectual property. It also asked that China withdraw its challenges in this area at the World Trade Organization.

In response, and confirming that the upcoming negotiations will be very long, Chinese officials responded that the US proposal was “unfair.”

4. EUROPEAN AFFAIRS

Our biggest derivative banker: Deutsche bank has now shuttered its Houston office as the company sheds USA bankers as part of it’s plan to pare its balance sheet.

(courtesy zerohedge)

8. EMERGING MARKET

Venezuela

end

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

Euro/USA 1.1962 DOWN .0026/ 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 GREEN   

USA/JAPAN YEN 108,98 DOWN  0.121(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 1.3561 DOWN .0009  (Brexit March 29/ 2017/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED

USA/CAN 1.2873 UP .0023 (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 FRIDAY morning in Europe, the Euro FELL by 26 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1962; / Last night Shanghai composite CLOSED DOWN 9.63 POINTS OR .32%  /   Hang Sang CLOSED  DOWN 386.87 POINTS OR 1.27% /AUSTRALIA CLOSED DOWN.51% / EUROPEAN BOURSES  OPENED GREEN

The NIKKEI: this FRIIDAY morning CLOSED DOWN 35.25 OR .16% 

Trading from Europe and Asia

1/EUROPE OPENED  DEEPLY IN THE GREEN

2/ CHINESE BOURSES / : Hang Sang CLOSED DOWN 386.87 POINTS OR 1.27%   / SHANGHAI CLOSED DOWN 9.83 POINTS OR .32%  /

Australia BOURSE CLOSED DOWN .51%

Nikkei (Japan) CLOSED  DOWN 35.25 POINTS OR .16%

INDIA’S SENSEX  IN THE RED 

Gold very early morning trading: 1310.60

silver:$16.42

Early FRIDAY morning USA 10 year bond yield: 2.93% !!! DOWN 2  IN POINTS from THURSDAY night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%. (POLICY FED ERROR)/ 

The 30 yr bond yield 3.11 DOWN 1  IN BASIS POINTS from WEDNESDAY night. (POLICY FED ERROR)/

USA dollar index early  FRIDAY morning: 92.555 UP 14  CENT(S) from THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

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And now your closing FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 1.708% UP 4  in basis point(s) yield from THURSDAY/

JAPANESE BOND YIELD: +.0.045%  UP 0   in basis points yield from THURSDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 1.299% UP 5  IN basis point yield from THURSDAY/

ITALIAN 10 YR BOND YIELD: 1.7970  UP 7  POINTS in basis point yield from THURSDAY/

the Italian 10 yr bond yield is trading 50 points HIGHER than Spain.

GERMAN 10 YR BOND YIELD:RISES TO +.544%   IN BASIS POINTS ON THE DAY

END

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IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.19470 DOWN .0041(Euro DOWN 41 Basis points/ represents to DRAGHI A COMPLETE POLICY FAILURE/

USA/Japan: 109.13 UP 0.036 Yen DOWN 4 basis points/

Great Britain/USA 1.3536 DOWN .0036( POUND DOWN 36 BASIS POINTS)

USA/Canada 1.2848 DOWN  .0003 Canadian dollar UP 3 Basis points AS OIL ROSE TO $69.84

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This afternoon, the Euro was DOWN 41 to trade at 1.1947

The Yen FELL to 109.13 for a LOSS of 4 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 36 basis points, trading at 1.3536/

The Canadian dollar ROSE by 3 basis points to 1.2848/ WITH WTI OIL RISING TO : $69.84

The USA/Yuan closed AT 6.3627
the 10 yr Japanese bond yield closed at +.045%  UP 0  IN BASIS POINTS / yield/
Your closing 10 yr USA bond yield UP 2   IN basis points from THURSDAY at 2.9515% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 3.1312 UP 2      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, 92.65  UP 24 CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 64.45  POINTS OR 0.86%
German Dax :CLOSED UP 129.45 POINTS OR 1.02%
Paris Cac CLOSED UP 14.39 POINTS OR .26%
Spain IBEX CLOSED UP 65.20 POINTS OR 0.65%

Italian MIB: CLOSED UP 270.56 POINTS OR 1.12%

The Dow closed UP 322.36 POINTS OR 1.38%

NASDAQ closed UP 121.42 Points OR 1.71%      4.00 PM EST

WTI Oil price; 69.84  1:00 pm;

Brent Oil: 74.83 1:00 EST

USA /RUSSIAN ROUBLE CROSS: 62.60 DOWN 40/100 ROUBLES/DOLLAR (ROUBLE HIGHER BY 40 BASIS PTS)

TODAY THE GERMAN YIELD RISES TO +.544% 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:$69.75

BRENT: $74.94

USA 10 YR BOND YIELD: 2.95%   THIS RAPID RISE IN YIELD IS ALSO VERY DANGEROUS/RECESSION COMING/DERIVATIVES FRY!!

USA 30 YR BOND YIELD: 3.12%/DEADLY

EURO/USA DOLLAR CROSS: 1.1958 DOWN .0030  (DOWN 30 BASIS POINTS)

USA/JAPANESE YEN:109.09 DOWN 0.010/ YEN UP 1 BASIS POINTS/ .

USA DOLLAR INDEX: 92.60 UP 19 cent(s)/dangerous as the lower the dollar the higher the inflation.

The British pound at 5 pm: Great Britain Pound/USA: 1.3529: DOWN 0.0042  (FROM YESTERDAY NIGHT DOWN 42 POINTS)

Canadian dollar: 1.2849 DOWN 9 BASIS pts

German 10 yr bond yield at 5 pm: +0.544%


VOLATILITY INDEX:  14.77  CLOSED  DOWN 1.13   

LIBOR 3 MONTH DURATION: 2.363%  .

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

TRADING IN GRAPH FORM FOR THE DAY

Stocks Bounce On Biggest Short-Squeeze Since Brexit, But Banks & Bullion Bruised

Today’s miss for payrolls, drop in unemployment, weaker wage growth, and drop in participation rate was proclaimed by Bob Pisani and his like as “goldilocks”… David Rosenberg disagreed:

David Rosenberg@EconguyRosie

My grade for today’s payroll report is a big fat C-. Harsh, yes, given the apparent good news in the 3.9% u-rate, but this does not reflect job market strength as much as the symptom of an ever-depleted pool of labor (11-year low).

But for now, stocks ended the week unchanged thanks to the biggest short squeeze since Brexit to reassure everyone that…

On the week, stocks mixed (Nasdaq up, Dow down); Dollar, Oil, and Bitcoin up; Gold down, bonds unch…

Friday saw Thursday’s momo reversal extend with Nasdaq and Small Caps squeezed into the green for the week and then S&P and The Dow pumped to green for the week after Fed’s Williams comments that he’s ok overshooting 2% inflation for a while… but by the close only Nasdaq and Small Caps held gains on the week…

Futures show this was not related to payrolls – this was pure cash market short squeeze that began as Europe closed yesterday…

Of course the yuuge bounce is all technical – Dow and S&P bouncing off their 200DMA

Today was a huge 3.3% “Most Shorted Stock” short-squeeze day…

The biggest single short-squeeze day sine 6/29/16 (the post-Brexit buying panic bounce)

VIX flash-crashed to a 10-handle as payrolls printed…

and closed with a 14-handle for the first time since March 9th (payrolls day!)… and look what happened right before that low?!

Big Bank stocks ended the week red despite today’s effort to ramp… (SocGen, BNP, and HSBC all missed this week)

AAPL shares ripped to a new record high (after Buffett was buying in Q1)…

And FANG Stocks surged…

Elon had a tough week but through the magic of machines, his stocks managed to get back to even (after his short-squeeze threat)… despite TSLA bond’s collapse…

Tech strength and financial weakness sent the S&P Tech/Banks ratio to its highest since the peak of the dotcom debacle…

Stocks and Bonds decoupled this afternoon as the machines pushed the former up to unch on the week…

Mixed picture in Treasuries this week with the belly outperforming (7Y -2bps) while the tails lagged (2Y +1bp or so and 30Y lagged until the last hour or so)…

It has now been six days since the 10Y Yield traded above 3.00%…

The yield curve flattened once again

The Dollar Index rallied for the 3rd week in a row – the biggest jump since 11/25/16…

Argentine Peso was the week’s worst currency – plunging over 6%…despite a 1275bps rate-hike!!

Cable broke below its 200DMA

Cryptocurrencies surged this week with Bitcoin testing up towards $10,000 and Ethereum over $800…

WTI dominated the commodity space this week… with PMs in the red…

WTI traded within 3c of $70 today at its highest since Nov 2014…

Finally we offer this from Fed’s Kaplan: “My guess is we will eventually start to see wage pressures “

But he added “The flatness in the yield curve tells me we’re late in the cycle.. the yield curve is telling us that outyear growth looks sluggish.”

Are you reassured now?

SMART Money remains a big seller…

 END
Official report on the job report:  Economy only added 164,000 jobs in April/unemployment lowest since 2000.
(courtesy the Hill/Vick Neeham/)

Economy adds 164K jobs in April, unemployment lowest since 2000

Economy adds 164K jobs in April, unemployment lowest since 2000

The U.S. economy added 164,000 jobs in April, a modest number which was less than expected as the nation’s labor market maintains a steady pace of growth.

The unemployment rate fell to 3.9 percent, the lowest level since December 2000, the Labor Department reported on Friday.

Expectations were for an April gain of about 190,000 jobs.

Jobs growth is expected to slow down somewhat as the labor market tightens and the unemployment rate drops into rarely seen 3-percent range.

In April, average hourly earnings were up 2.6 percent for the year.

Jobs in the previous two months were 30,000 more than previously reported.

Job gains averaged 208,000 over the past three months, down from a 242,000 average in the previous estimates, which is enough to get workers off the sidelines and into the labor market.

February’s employment was lower than reported falling to 324,000 from 326,000 while March’s figure, which came in well below expectations at 103,000 was better than initially reported at 135,000.

Employers have added jobs for 91 straight months, and the economic expansion, which began in June 2009, is now in its 107th month, which is the second-longest expansion in U.S. economic history.

Mark Zandi, chief economist for Moody’s Analytics, said this week he expects the nation to break the record for the longest period of growth in June 2019.

The nation’s longest span of growth lasted 120 months, from 1991 to 2001.

This developing report will be updated.

end
Zero hedge discusses the payroll report:
1. hourly earnings miss and thus the Fed does not obtain its badly needed wage gains
2. payroll gains of 164,000 but they need 220,000 just to stay even
3. the unemployment drops to 3.9% due to the fact that many dropped out of the labour pool
thus this is a poor report..
(courtesy zerohedge)

164,000 Jobs: Payrolls, Hourly Earnings Miss As Unemployment Rate Hits 18 Year Low 3.9%

Is the Fed’s rate-hike cycle over?

Coming into today’s payrolls number, the sellside community was hoping that last month’s unexpectedly poor payrolls number would prove to be a one off. It was not, and moments ago the BLS surprised with yet another poor jobs number, when it reported that in April, the US generated only 164K jobs, missing expectations of a 190K print, if modestly better than last month’s upward revised 135K number (from 102K).

Total 164,000 April payrolls, compared with an average monthly gain of 191,000 over the prior 12 months, with most job gains occurring in professional and business services, manufacturing, health care, and mining.

February payrolls were revised down from +326,000 to +324,000, while March was revised up from +103,000 to
+135,000, netting a +30,000 job gains for the past two months. After revisions, job gains have averaged 208,000 over the last 3 months.

There was a silver lining: some of the miss could potentially be explained by harsher April weather, as workers who said they are unable to work due to bad weather was at 133K, nearly double the April historical average of 76k employees.

However, it wasn’t just the headline payrolls number that was a disappointment: the much more closely watched average hourly earnings print also missed, rising just 0.1% M/M, below the 0.2% expected, and 2.6% Y/Y, also missing the 2.7% expected.

Specifically, the average hourly earnings for all employees on private nonfarm payrolls rose by 4 cents to $26.84. Over the year, average hourly earnings have increased by 67 cents, or 2.6%.  Average weekly earnings rose a solid 2.9%, but below the 3.2% last month.

Average hourly earnings of private-sector production and nonsupervisory employees increased by 5 cents to $22.51 in April.

The average workweek for all employees was unchanged at 34.5 hours in April. In  manufacturing, the workweek increased by 0.2 hour to 41.1 hours, while overtime edged up by 0.1 hour to 3.7 hours. The average workweek for production and nonsupervisory employees increased by 0.1 hour to 33.8 hours.

The one piece of solidly good news in today’s report is that the unemployment rate dropped to a new 18 year low of 3.9%, below the 4.0% expected, and down sharply from the 4.1% in Marchwhich however was the result of a 240K drop in the labor force as the number of employed Americans (per the Household Survey) remained virtually unchanged at 155.181K

Offsetting this, the participation rate declined modestly from 62.9% to 62.8%.

Some more details from the report:

Employment in manufacturing increased by 24,000 in April. Most of the gain was in the durable goods component, with machinery adding 8,000 jobs and employment in fabricated metal products continuing to trend up (+4,000). Manufacturing employment has risen by 245,000 over the year, with about three-fourths of the growth in durable goods industries.

Health care added 24,000 jobs in April and 305,000 jobs over the year. In April, employment rose in ambulatory health care services (+17,000) and hospitals (+8,000).

In April, employment in mining increased by 8,000, with most of the gain occurring in support activities for mining (+7,000). Since a recent low in October 2016, employment in mining has risen by 86,000.

Employment changed little over the month in other major industries, including construction, wholesale trade, retail trade, transportation and warehousing, information, financial activities, leisure and hospitality, and government.

end

We actually did receive some wage inflation through the number of overtime hours worked. Generally when you see overtime hrs increase it means that companies cannot get capable workers..thus it seems that we are in a tight labour market

(courtesy zerohedge)

No Wage Inflation? Not So Fast: Overtime Hours Soar

“And just like that, wage inflation went away.”

Despite unemployment falling to 3.9% and tight labor markets, the BLS is reporting the lowest levels of annualized wage inflation in a year.

However, as Southbay Research points out, what is going on is a mirror image of the February wage inflation scare, when a drop in hours worked prompted the BLS to calculate that average hourly earnings jumped even as weekly earnings remained flat.

First, here is what the wage data revealed:

  • Accelerating inflation: Construction (0.6% m/m), Retail (0.5%), Information (0.3%), Pro Services (0.3%)
  • Decelerating inflation: Wholesale Trade (-0.1%), Transportation (-0.2%), Financial Services (-0.4%), Education & Health (-0.1%), Leisure (0.2%)

What is going on is that at the aggregate level, hourly earnings – which as the name implies are an “average” – declined. The driver was simple: a sharp jump in hours worked, specifically at the “overtime hours” level, which hit a new post crisis high.

As Southbay points out, as a sign of pressure, overtime jumped again and remain at a cyclical high.  Overtime is both costly and (in a tight labor market) a sign that employers can’t find more workers.

Combining this regular hours, and we get the answer for today’s surprising miss in wage growth, even as the unemployment rate printed a new cycle low of 3.95: the real culprit in the low AHE is the sudden jump in hours worked, which of course, is the denominator in the AHE calculation.

And judging by the sharp post-kneejerk spike in the dollar after the disappointing, post-payrolls slump, the market may have figured this out.

end

Where The Jobs Were In April: Who’s Hiring And Who Isn’t

After years of monthly payroll reports padded with excessive minimum wage waiter, bartender, educator or retail worker jobs, the just released April jobs report, disappointing as it may have been on the top-line, showed surprising strength in most components even if some negative surprises were also present.

Of note: the biggest jobs growth in April was in the higher paying job categories, such as professional services and manufacturing. The notable sector trends are as follows, via Southbay Research:

  • Continued strength in Goods Production: Oil services (+7K), Construction (+17K) & Manufacturing (+24K).
  • Trade & Transportation Slowed: Wholesale (-10K), Retail (+2K), and Transportation (+0K).

And while the retail sluggishness was expected, the weakness in Wholesale and Transportation was not, especially since it was contradicted by micro level data sourced directly from major trucking employers, all of whom have been complaining they can’t find enough people to hire, which suggests there may be an upward revision next month.

Some other highlights:

  • Professional Services were especially strong, with a balanced mix of White collar demand (Technical services +26K) and Admin & Suppport (+28K). The offset: Temp workers came in soft at just +10.3K.
  • Manufacturing also very strong at +24K: machinery added +8K jobs and fabricated metal products was up +4,000.
  • Education weak with just +1.1K: Unexplained significant weakness in this sector.
  • Healthcare was steady: +29.3K: Employment rose in ambulatory health care services (+17,000) and hospitals (+8,000).
  • Leisure & Hospitality mild: +18K
  • Mining +8K solid, most of the gain came from support activities for mining (+7,000).

Visually:

Looking over the past year, the following charts from Bloomberg show the industries with the highest and lowest rates of employment growth for the prior year. The latest month’s figures are highlighted. Wage data are shown when available.

Initial morning trading just after release of the payroll report:(courtesy zerohedge)

Dollar Spikes, VIX Flash-Crashes After Payrolls Disappointment

Following this morning’s disappointing payrolls data – if you ignore the ridiculous 3.9% unemployment rate that The Fed focuses on – the dollar index is spiking back above pre-FOMC levels.

However, it is the massive VIX flash-crash to a 10 handle is the most notable…

Stocks are sinking post-payrolls…

Not a fat finger!

end

SWAMP STORIES
The real truth about Robert Mueller as researched by House Representative Louis Gohmert.  Louie is a Republican tea party Rep. from Texas and he is judge.  He is known for his articulate reports. This expose on Mueller is extremely long but I assure you it is worth reading especially if you have some spare time tomorrow.
(courtesy Louis Gohmert)

Exposed: The Naked Truth About Robert Mueller

Authored by Rep Louis Gohmert via Director Blue blog,

Robert Mueller has a long and sordid history of illicitly targeting innocent people. His many actions are a stain upon the legacy of American jurisprudence. He lacks the judgment and credibility to lead the prosecution of anyone.

I do not make these statements lightly. Each time I prepared to question Mueller during Congressional hearings, the more concerned I became about his ethics and behavior. As I went back to begin compiling all of that information in order to recount personal interactions with Mueller, the more clearly the big picture began to come into focus.

At one point I had to make the decision to stop adding to this compilation or it would turn into a far too lengthy project. My goal was to share some firsthand experiences with Mueller — as other Republican Members of Congress had requested — adding, “You seem to know so much about him.”

This article is prepared from my viewpoint to help better inform the reader about the Special Prosecutor leading the effort to railroad President Donald J. Trump through whatever manufactured charge he can allege.

Judging by Mueller’s history, it doesn’t matter who he has to threaten, harass, prosecute or bankrupt to get to allege something or, for that matter, anything. It certainly appears Mueller will do whatever it takes to bring down his target — ethically or unethically — based on my findings.

What does former Attorney General Eric Holder say? Sounds like much the same thing I just said. Holder has stated, “I’ve known Bob Mueller for 20, 30 years; my guess is he’s just trying to make the case as good as he possibly can.”

Holder does know him. He has seen Mueller at work when Holder was obstructing justice and was therefore held in Contempt of Congress. He knows Mueller’s FBI framed innocent people and had no remorse in doing so.

Let’s look at what we know. What I have accumulated here is absolutely shocking upon the realization that Mueller’s disreputable, twisted history speaks to the character of the man placed in a position to attempt to legalize a coup against a lawfully-elected President. Any Republican who says anything resembling, “Bob Mueller will do a good job as Special Counsel,” “Bob Mueller has a great reputation for being fair,” or anything similar; either (a) wants President Trump indicted for something and removed from office regardless of his innocence; (b) is intentionally ignorant of the myriad of outrageous problems permeating Mueller’s professional history; or (c) is cultivating future Democrat votes when he or she comes before the Senate someday for a confirmation hearing.

There is simply too much clear and convincing evicdence to the contrary. Where other writers have set out information succinctly, I have quoted them, with proper attribution. My goal is to help you understand what I have found.

ROBERT MUELLER – BACKGROUND

In his early years as FBI Director, most Republican members of Congress gave Mueller a pass in oversight hearings, allowing him to avoid tough questions. After all, we were continually told, “Bush appointed him.” I gave him easy questions the first time I questioned him in 2005 out of deference to his Vietnam service. Yet, the longer I was in Congress, the more conspicuous the problems became. As I have said before of another Vietnam veteran, just because someone deserves our respect for service or our sympathy for things that happened to them in the military, that does not give them the right to harm our country later. As glaring problems came to light, I toughened up my questions in the oversight hearings. But first, let’s cover a little of Mueller’s history.

MUELLER: THE WHITEY BULGER AFFAIR

The Boston Globe noted Robert Mueller’s connection with the Whitey Bulger case in an article entitled, “One Lingering Question for FBI Director Robert Mueller.” The Globe said this: “[Mike] Albano [former Parole Board Member who was threatened by two FBI agents for considering parole for the men imprisoned for a crime they did not commit] was appalled that, later that same year, Mueller was appointed FBI director, because it was Mueller, first as an assistant US attorney then as the acting U.S. attorney in Boston, who wrote letters to the parole and pardons board throughout the 1980s opposing clemency for the four men framed by FBI lies. Of course, Mueller was also in that position while Whitey Bulger was helping the FBI cart off his criminal competitors even as he buried bodies in shallow graves along the Neponset…”

Mueller was the head of the Criminal Division as Assistant U.S. Attorney, then as Acting U.S. Attorney. I could not find any explanation online by Mueller as to why he insisted on keeping the defendants in prison that FBI agents—in the pocket of Whitey Bulger— had framed for a murder they did not commit. Make no mistake: these were not honorable people he had incarcerated. But it was part of a pattern that eventually became quite clear that Mueller was more concerned with convicting and putting people in jail he disliked, even if they were innocent of the charges, than he was with ferreting out the truth. I found no explanation as to why he did not bear any responsibility for the $100 million paid to the defendants who were framed by FBI agents under his control. The Boston Globe said, “Thanks to the FBI’s corruption, taxpayers got stuck with the $100 million bill for compensating the framed men, two of whom, Greco and Tameleo, died in prison.”

The New York Times explained the relationship this way: “In the 1980’s, while [FBI Agent] Mr. Connolly was working with Whitey Bulger, Mr. Mueller was assistant United States attorney in Boston in charge of the criminal division and for a period was the acting United States attorney here, presiding over Mr. Connolly and Mr. Bulger as a ’top echelon informant.’

Officials of the Massachusetts State Police and the Boston Police Department had long wondered why their investigations of Mr. Bulger were always compromised before they could gather evidence against him, and they suspected that the FBI was protecting him.”

If Mr. Mueller had no knowledge that the FBI agents he used were engaged in criminal activity, then he certainly was so incredibly blind that he should never be allowed back into any type of criminal case supervision. He certainly helped continue contributing to the damages of the framed individuals by working relentlessly to prevent them from being paroled out of prison even as their charges were in the process of being completely thrown out.

Notice also the evidence of a pattern throughout Mueller’s career: the leaking of information to disparage Mueller’s targets. In the Whitey Bulger case, the leaks were to organized crime — the Mafia.

One of the basic, most bedrock tenets of our Republic is that we never imprison people for being “bad” people. Anyone imprisoned has to have committed a specific crime for which they are found guilty. Not in Mueller’s world. He has the anti-Santa Claus list; and, if you are on his list, you get punished even if you are framed.

He never apologizes when the truth is learned, no matter how wrong or potentially criminal or malicious the prosecution was. In his book, you deserve what you get even if you did not commit the crime for which he helped put you away. This is but one example, though — as Al Pacino once famously said — “I’m just getting warmed up!”

REP. CURT WELDON ATTACKED AND CRUSHED BY ROBERT MUELLER

During my first term in Congress, 2005 to 2006, Congressman Curt Weldon delivered some powerful and relentless allegations about the FBI having prior knowledge that 9/11 was coming. He repeatedly alleged that there was documentary evidence to show that 9/11 could have been prevented and thousands of lives saved if the FBI had done its job. He held up documents at times while making these claims in speeches on the floor of the House of Representatives.

I was surprised that FBI Director Mueller seemed to largely ignore these allegations. It seemed to me that he should either admit the FBI made significant mistakes or refute the allegations. Little did I know Mueller’s FBI was preparing a response, but it certainly was not the kind of response that I would have expected if an honorable man had been running that once hallowed institution.

You can read two of Congressman Weldon’s speeches on the House floor that are linked below. After reading the excerpts I have provided, you may get a window into the mind of the FBI Director or someone under Mueller’s control at the FBI. The FBI literally destroyed Congressman Weldon’s public service life, which then foreclosed his ability to use a national platform to expose what he believed were major problems in the FBI fostered under the Clinton administration. Here is but one such excerpt of a speech wherein he spoke of the failure of FBI leadership, then under the direction of the Clinton administration and as came within Mueller’s control just before 9/11. Shockingly, the Mueller FBI failed to even accept from the military any information on the very terrorists who would later go on to commit the atrocities of

9/11, much less act upon it.

The U.S. gleaned this information through development of a surveillance technology called Able Danger. On October 19, 2005, Rep. Curt Weldon delivered the following statement on the House floor.

Mr. Speaker, back in 1999 when I was Chair of the Defense Research Subcommittee, the Army was doing cutting-edge work on a new type of technology to allow us to understand and predict emerging transnational terrorist threats. That technology was being done at several locations but was being led by our Special Forces Command. The work that they were doing was unprecedented. And because of what I saw there, I supported the development of a national capability of a collaborative center that the CIA would just not accept.

In fact, in November 4 of 1999, two years before 9-11, in a meeting in my office with the Deputy Secretary of Defense, Deputy Director of the CIA, Deputy Director of the FBI, we presented a nine-page proposal to create a national collaborative center.

When we finished the brief, the CIA said we did not need that capability, and so before 9/11 we did not have it. When President Bush came in after a year of research, he announced the formation of the Terrorism Threat Integration Center, exactly what I had proposed in 1999. Today it is known as the NCTC, the National Counterterrorism Center.

But, Mr. Speaker, what troubles me is not the fact that we did not take those steps. What troubles me is that I now have learned in the last four months that one of the tasks that was being done in 1999 and 2000 was a Top Secret program organized at the request of the Chairman of the Joint Chiefs of Staff, carried out by the General in charge of our Special Forces Command, a very elite unit focusing on information regarding al Qaeda. It was a military language effort to allow us to identify the key cells of al Qaeda around the world and to give the military the capability to plan actions against those cells, so they could not attack us as they did in 1993 at the Trade Center, at the Khobar Towers, the USS Cole attack, and the African embassy bombings.

What I did not know, Mr. Speaker, up until June of this year, was that this secret program called Able Danger actually identified the Brooklyn cell of al Qaeda in January and February of 2000, over one year before 9/11 ever happened.

In addition, I learned that not only did we identify the Brooklyn cell of al Qaeda, but we identified Mohamed Atta as one of the members of that Brooklyn cell along with three other terrorists who were the leadership of the 9-11 attack.

I have also learned, Mr. Speaker, that in September of 2000, again, over one year before 9-11, that [the] Able Danger team attempted on three separate occasions to provide information to the FBI about the Brooklyn cell of al Qaeda, and on three separate occasions they were denied by lawyers in the previous administration to transfer that information.

Mr. Speaker, this past Sunday on “Meet the Press,” Louis Freeh, FBI Director at the time, was interviewed by Tim Russert. The first question to Louis Freeh was in regard to the FBI’s ability to ferret out the terrorists. Louis Freeh’s response, which can be obtained by anyone in this country as a part of the official record, was, ‘Well, Tim, we are now finding out that a top-secret program of the military called Able Danger actually identified the Brooklyn cell of al Qaeda and Mohammed Atta over a year before 9/11.’

And what Louis Freeh said, Mr. Speaker, is that that kind of actionable data could have allowed us to prevent the hijackings that occurred on September 11.

So now we know, Mr. Speaker, that military intelligence officers working in a program authorized by the Chairman of the Joint Chiefs of Staff, the General in charge of Special Forces Command, identified Mohammed Atta and three terrorists a year before 9/11, tried to transfer that information to the FBI [and] were denied; and [that] the FBI Director has now said publicly if he would have had that information, the FBI could have used it to perhaps prevent the hijackings that struck the World Trade Center, the Pentagon, and the plane that landed in Pennsylvania and perhaps saved 3,000 lives and changed the course of world history.

Curt Weldon gave a series of speeches, recounting what he saw and what he knew, regarding the failures of the FBI and the Clinton administration to share information that could have prevented 9/11.

Congressman Weldon tried to hold those accountable in the FBI and CIA that he felt had mishandled actionable intelligence which he said could have thwarted the 9/11 attacks. He recounted many examples of similar intelligence failures.

In 2006, the Robert Mueller-led FBI took horrendously unjust actions to derail Curt Weldon’s reelection bid just weeks before the vote—actions that were later described as a “hit job”: “Each of Weldon’s 10 previous re-elections had been by sizable margins. Polls showed he was up by 5-7 points [in the fall of 2006]. Three weeks prior to the election, however, a national story ran about Weldon based upon anonymous sources that an investigation was underway against him and his daughter, alleging illegal activities involving his congressional work. Weldon had received no prior notification of any such investigation and was dumbfounded that such a story would run especially since he regularly briefed the FBI and intelligence agencies on his work.

A week after the news story broke, alleging a need to act quickly because of the leak, FBI agents from Washington raided the home of Weldon’s daughter at 7:00AM on a Monday morning… Local TV and print media had all been alerted to the raid in advance and were already in position to cover the story. Editor’s note: Sound familiar?

Within hours, Democratic protesters were waving “Caught Red-Handed” signs outside Weldon’s district office in Upper Darby. In the ensuing two weeks, local and national media ran multiple stories implying that Weldon must also have been under investigation. Given the coverage, Weldon lost the election… To this day, incredibly, no one in authority has asked Weldon or his daughter about the raid or the investigation. There was no follow up, no questions, no grand jury interrogation, nothing.

One year after the raid the local FBI office called Weldon’s daughter to have her come get the property that had been removed from her home. That was it…The raid ruined the career of Weldon and his daughter.”

Though some blamed the Clintons and Sandy Berger for orchestrating the FBI “hit job,” we can’t lose sight of the fact that the head of the FBI at the time was Robert Mueller. Please understand what former FBI officials have told me: the FBI would never go after a member of Congress, House or Senate, without the full disclosure to and the blessing of the FBI Director. Even if the idea on how to silence Curt Weldon did not come from Director Mueller himself, it surely had his approval and encouragement.

The early morning raid by Mueller’s FBI — with all the media outside — who had obviously been alerted by the FBI, achieved its goal of abusing the U.S. Justice system to silence Curt Weldon by ending his political career. Mueller’s tactics worked. If the Clintons and Berger manipulated Weldon’s reelection to assure his defeat, they did it with the artful aid of Mueller, all while George W. Bush was President. Does any of this sound familiar?

People say those kinds of things just don’t happen in America. They certainly seemed to when Mueller was in charge of the FBI and they certainly seem to happen now during his tenure as Special Counsel. It appears clear that President Obama and his adjutants knew of Mueller’s reputation and that he could be used to take out their political opponents should such extra-legal actions become politically necessary.

To the great dismay of the many good, decent and patriotic FBI agents, Obama begged Mueller to stay on for two years past the 10 years the law allowed. Obama then asked Congress to approve Mueller’s waiver allowing him to stay on for two extra years. Perhaps the leaders in Congress did not realize what they were doing in approving it. I did. It was a major mistake, and I said so at the time. This is also why I objected strenuously the moment I heard Deputy Attorney General Rod Rosenstein appointed his old friend Bob Mueller to be Special Counsel to go after President Trump.

ROD ROSENSTEIN

I was one of the few who were NOT surprised when Mueller started selecting his assistants in the Special Counsel’s office. Many had reputations for being bullies, for indicting people who were not guilty of the charges, for forcing people toward bankruptcy by running up their legal fees (while the bullies in the Special Counsel’s office enjoy an apparently endless government budget), or by threatening innocent family members with prosecution so the Special Counsel’s victim would agree to pleading guilty to anything to prevent the Kafka-esque prosecutors from doing more harm to their families.

AN ILLEGAL RAID ON CONGRESS BY MUELLER

There is a doctrine in our governmental system that mandates each part of government must have oversight to prevent power from corrupting — and absolute power from corrupting absolutely. The Congress and Senate are accountable to the voters as is the President. Our massive and bloated bureaucracy is supposed to be accountable to the Congress.

A good example would be complaints against the Department of Justice or, specifically, the FBI.

If constituents or whistleblowers within those entities have complaints, a Congressman’s office is a good place to contact. Our conversations or information from constituents or whistleblowers are normally privileged from review by anyone within the Executive Branch. It must be so.

If the FBI could raid our offices anytime an FBI agent were to complain to us, no FBI agent could ever afford to come forward, no matter how egregious the conduct they sought to disclose.

Whistleblowers in the FBI must know they are protected. They always have known that in the past. As I learned from talking with attorneys who had helped the House previously with this issue, if the FBI or another law enforcement entity needed to search something on the House side of the Capitol or House office buildings, they contacted the House Counsel, whether with a warrant or request. The House Counsel with approval of the Speaker, would go through the Congress Members’ documents, computers, flash drives, or anything that might have any bearing on what was being sought as part of the investigation.

They would honestly determine what was relevant and what was not, and what was both irrelevant and privileged from Executive Branch review. Normally, if there were a dispute or question, it could be presented to a federal judge for a private in-chamber review to determine if it were privileged or relevant. If the DOJ or FBI were to get a warrant and gather all of the computers and documents in a Congressman’s office without the recovered items being screened to insure they are not privileged from DOJ seizure, the DOJ would be risking that an entire case might be thrown out because of things improperly recovered and “fruit of the poisonous tree,” preventing the use of even things that were not privileged.

FBI Director Mueller, however,, seemed determined to throw over 200 years of Constitutional restraints to the wind so he could let Congress know he was the unstoppable government bully who could potentially waltz into our offices whenever he wished.

In the case of Congressman William Jefferson, Democrat of Louisiana, Mueller was willing to risk a reversal of a slam dunk criminal case just to send a message to the rest of Congress: you don’t mess with Mueller. That Congressman Jefferson was guilty of something did not surprise most observers when, amidst swirling allegations, $90,000 in cold hard cash was found in his freezer. As we understood it, the FBI had a witness who was wired and basically got Jefferson on tape taking money. They had mountains of indisputable evidence to prove their case. They had gotten an entirely appropriate warrant to search his home and had even more mountains of evidence to nail the lid on his coffin, figuratively speaking.

The FBI certainly did not need to conduct an unsupervised search of a Congressman’s office to put their unbeatable case at risk. Apparently, the risk was worth it to Mueller — he could now show the members of Congress who was in charge. Apparently, the FBI knew just the right federal judge who would disregard the Constitution and allow Mueller’s minions to do their dirty work.

I read the Application for Warrant and the accompanying Affidavit for Warrant to raid Jefferson’s office, as I did so many times as a judge.

I simply could not believe they would risk such a high-profile case just to try to intimidate Members of Congress.

In the opinion of this former prosecutor, felony judge and Appellate Court Chief Justice, they could have gotten a conviction based on what they had already spelled out in the very lengthy affidavit. The official attorneys representing the House, knowing my background, allowed me to sit in on the extremely heated discussions between attorneys for the House, DOJ attorneys, and, to my recollection, an attorney from the Bush White House, after Jefferson’s office was raided.

The FBI had gathered up virtually every kind of record, computerized or otherwise, and carted them off. I was not aware of the times that the DOJ and House attorneys, with the Speaker’s permission, had cooperated over the years. No Congressman is above the law nor is any above having search warrants issued against them which is why Jefferson’s home was searched without protest.

However, when the material is in a Congressional office, there is a critical and centuries’ old balance of power that must be preserved.

The Mueller FBI, along with the DOJ, assured everyone that all was copacetic. They would ask some of the DOJ’s attorneys review all of the material and give back anything that was privileged and unlawful for the DOJ to see. Then they would make sure none of the DOJ attorneys who participated in the review of materials (that were privileged from the DOJ’s viewing) would be allowed to be prosecutors in Jefferson’s case.

If you find that kind of thinking terribly flawed and constitutionally appalling, you would be in agreement with the former Speakers of the House, the Vice President at the time, and ultimately, the final decisions of our federal appellate court system. They found the search to be illegal and inappropriate. Fortunately for the DOJ, they did not throw the entire case out. In retrospect, we did not know at the time what a farce a DOJ “firewall” would have been. Now we do!

FOR THE REST OF THE COMMENTARY:  www.zerohedge.com/news/2018-05-03/exposed-naked-truth-about-robert-mueller?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29&utm_content=Netvibes

end

Judge Amy Berman gets it: she will now mull her decision on whether to dismiss all charges against Manafort as she quantified Mueller’s tactics as overreaching.  Mueller has two weeks to supply evidence that Manafort was engaged in Russian collusion with respect to the 2016 election.  No doubt nothing will come forward and Manafort will finally be set free.  This will be a huge setback to Mueller and it certainly will influence the other cases such as Flynn and Papadopoulous and others.

(courtesy zerohedge)

Judge Mulls Dismissal Of Manafort Charges, Sharply Questioned Mueller Overreach

Like most motions to dismiss, Paul Manafort’s was initially viewed as a long-shot bid to win the political operative his freedom and get out from under the thumb of Special Counsel Robert Mueller.

But after today’s hearing on a motion to dismiss filed by Manafort’s lawyers, it’s looking increasingly likely that Manafort could escape his charges – and finally be free of his ankle bracelets – as judge Amy Berman Jackson said Mueller shouldn’t have “unfettered power” to prosecute over charges that have nothing to do with collusion between the Trump campaign and the Russians.

Manafort

Berman said she’s concerned Mueller is only pursuing charges against Manafort (and presumably other individuals) to pressure them into turning on Trump. Berman added that the charges brought against Manafort didn’t appear to stem from Mueller’s collusion probe. Instead, they appeared to be the work of an older investigation into Manafort that was eventually dropped.

“I don’t see how this indictment has anything to do with anything the special prosecutor is authorized to investigate,” Berman said.

Berman has given prosecutors two weeks to show what evidence they have that Manafort was complicit in colluding with the Russians. If they can’t come up with any, she will presumably dismiss the case. She said she would also like to see the letter signed by Deputy AG Rod Rosenstein outlining the scope of the Mueller probe.

Of course, such a dismissal would be nothing short of groundbreaking. It would potentially make it much harder for Mueller to turn witnesses against the president.

zerohedge@zerohedge

JUDGE QUESTIONS WHY MANAFORT CASE IN VIRGINIA SHOULD NOT BE HANDLED BY U.S. ATTORNEY’S OFFICE, RATHER THAN SPECIAL COUNSEL BECAUSE IT IS NOT RUSSIA-RELATED

Rob Lee@WRRob

Uh-oh precedence if this gets dismissed…. The Judge may single handedly end the cat and mouse games by the special council and would make it much harder for Muller to turn any other parties to his side (because all charges are unrelated to Russia so far)….

We imagine President Trump will gleefully weigh in on Twitter, touting Berman’s skepticism as validation of his view.

END

Trump is about to change his official story on the Cohen hush money payment.  He continues to slam Mueller

(courtesy zerohedge)

Trump Slams Mueller/Dems “Witch Hunt”, Says “Great Guy” Giuliani Will “Get His Facts Straight”

President Trump answered some shouted questions from reporters as he headed for the helicopter this morning.

While his main focus was on how great the jobs number was and the “Witch Hunt” that is Mueller’s investigation (and the Democrat-led investigations)…

Trump said “if it was fair, he would override the advice of his lawyers not to speak to Mueller.”

“I would love to talk to Mueller or the investigations, because there was no collusion with Russia, but there are 13 democrats, 13 angry democrats, and I wouldn’t be treated fairly.”

We suspect the main headlines will be about his comments on Rudy Giuliani, after Giuliani appeared for a series of bombshell interviews on Fox News and declared that Cohen was repaid by the president for his $130,000 payment to porn star Stormy Daniels to keep quiet about an alleged affair with Trump.

“…we love Rudy, he’s a special guy but he doesn’t understand all the facts… he’s only been here a few days… he understands this is a witch hunt… he’ll get his facts straight.

NBC News

@NBCNews

President Trump on Rudy Giuliani: “He started yesterday. He’ll get his facts straight. He’s a great guy.”

Which clearly implies the White House is shifting the narrative once again. As The Hill notes, Giuliani said Trump only learned about what the payment was for recently; Trump then backed up Giuliani’s account in a series of tweets Thursday morning…  But now, Trump appears to be walking that account back, adding even more confusion about the payment that has dogged his presidency.

Finally, Trump said that the former New York City mayor is:

“working hard, he’s learning the subject matter and he’s going to be issuing a statement too.”

Trump insisted “we’re not changing any stories” and urged reporters to go back to his statements early last month, when he flatly denied knowing about the payment and claimed he had no knowledge of the source of the money.

“Rudy understands this better than everybody but when he made certain statements, he just started yesterday, so that’s it,” Trump said. “He wasn’t totally familiar with everything.”

Of course, judging by President Trump’s historical playbook of praising before firing his staff, his “special guy… great guy”comments could be ominous for Giuliani.

Additionally, Mediate is reporting that MSNBC’s Donny Deutsch dropped a bombshell on Morning Joe Friday, stating that said President Donald Trump’s personal lawyer Michael Cohen told him Rudy Giuliani “doesn’t know what he’s talking about.”

Giuliani’s comments were an effort to defend Cohen against charges his payment to Daniels violated campaign finance laws, though it’s not clear he cleaned anything up for the president’s fixer.

“The Giuliani thing is interesting,” Deutsch said. “We forget how during the campaign, Giuliani was unhinged. I mean if you showed clips of him during the campaign, there was a reason he didn’t get hired for all the jobs that he wanted to.”

“I spoke with Michael Cohen yesterday, and his remark about Giuliani, was that he doesn’t know what he’s talking about,” Deutsch said. “He also said look, there are two people that know exactly what happened. And that’s myself and the president. And you’ll be hearing my side of the story.”

“And he was obviously very frustrated with what had come out yesterday,” Deutsch added.

Finally, we note that Trump said that they have a date and location ready for the Summit with North Korean leader Kim (but would not reveal it).

END

Guiliani clarifies his previous comments

(courtesy zerohedge)

Giuliani “Clarifies” His Recent Comments

Just as President Trump earlier indicated would happen, newly minuted Trump-lawyer Rudy Giuliani has issued a brief statement ” intended to clarify the views I expressed over the past few days.”

These are his “adjusted” views:

First:

There is no campaign violation. The payment was made to resolve a personal and false allegation in order to protect the President’s family. It would have been done in any event, whether he was a candidate or not.

Second:

My references to timing were not describing my understanding of the President’s knowledge, but instead, my understanding of these matters.

Third:

It is undisputed that the President’s dismissal of former Director Comey — an inferior executive officer — was clearly within his  Article II power. Recent revelations about former Director Comey further confirm the wisdom of the President’s decision, Article II power. Recent revelations about former Director Comey further confirm the wisdom of the President’s decision, which was plainly in the best interests of our nation.

It would seem that Giuliani’s “facts” are now “straight” with President Trump’s.

end

As is our custom, let us wrap up the week with this offering courtesy of Greg hunter of USAWatchdog

(courtesy Greg Hunter)

By Greg Hunter’s USAWatchdog.com (WNW 333 5.4.18)

Israeli Prime Minister Benjamin Netanyahu is out with massive amounts of new evidence that Iran does have a nuclear weapons program. In a press conference this week, Netanyahu said Iran has been lying about the military application of its nuclear program for years. He also says the so-called Iran nuke deal to curtail Iran’s nuclear ambition is “based on lies.” Is this going to lead to war? Is Trump going to pull out of the deal which Iran did not sign?

Former New York City Mayor and federal prosecutor Rudy Giuliani has signed onto the Trump legal team to protect the President from the witch hunt of the debunked Russian collusion story. Democrats and so-called “Deep State” forces are trying anything and everything to remove Trump from office. Special Prosecutor Robert Mueller is supposed be looking into Russian interference in the 2016 election. He’s been trying to frame Trump for crimes he did not commit, while ignoring real crime of the FBI, DOJ and the Clinton-run DNC. Looks like a constitutional crisis is brewing between team Trump and the criminals trying to overthrow a duly elected President.

Did you know Democrats are socialists? Well, Hillary Clinton finally made it official by saying, “41% of Democrats are socialists.” Clinton considers herself to be a capitalist, and she says this is one of the many reasons why she lost in 2016. The list of excuses grows every week.

Join Greg Hunter as he give his take on the week’s top stories in the Weekly News Wrap-Up.

(To Donate to USAWatchdog.com Click Here)

end

I will  see you MONDAY night

HARVEY

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