NUMBER OF NOTICES FILED TODAY FOR AUGUST CONTRACT:35 NOTICE(S) FOR 3500 oz

TOTAL NOTICES SO FAR 106 FOR 10600 OZ (0.3297 tonnes)

For silver:

AUGUST

20 NOTICE(S) FILED TODAY FOR

20,000 OZ/

Total number of notices filed so far this month: 556 for 2,780,000 oz

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Bitcoin: BID $7526/OFFER $7611: DOWN $19(morning)

Bitcoin: BID/ $7583/offer $7668: DOWN $71 (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: $not available

NY price at the same time:xxx

PREMIUM TO NY SPOT: $xxx

Second gold fix early this morning: $not available

USA gold at the exact same time:$xxx

PREMIUM TO NY SPOT: $xx

China is controlling the gold market

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

Let us have a look at the data for today

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In silver, the total OPEN INTEREST FELL BY A CONSIDERABLE SIZED 2081 CONTRACTS FROM 226,512 DOWN TO 224,431 WITH YESTERDAY’S SMALL 12 CENT LOSS IN SILVER PRICING AT THE COMEX. WE HAVE NOW WITNESSED A SLOW COMEX ACCUMULATION THESE PAST SEVERAL DAYS. ON TOP OF THIS WE HAVE ALSO WITNESSED A LARGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY(WELL OVER 30 MILLION OZ AT THE COMEX FOR JULY AND OVER 4 MILLION OZ FOR AUGUST) AS WELL AS CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S. WE WERE NOTIFIED THAT WE HAD A SMALL SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP: 401 EFP’S FOR SEPT. , 0 EFP’S FOR DECEMBER AND ZERO FOR ALL OTHER MONTHS AND THEREFORE TOTAL ISSUANCE: OF 401 CONTRACTS. WITH THE TRANSFER OF 1401 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 401 EFP CONTRACTS TRANSLATES INTO 2.005 MILLION OZ AND ACCOMPANYING:

1.THE 12 CENT LOSS IN SILVER PRICE AT THE COMEX AND

2. THE STRONG AMOUNT OF SILVER OUNCES WHICH STOOD FOR THE JUNE/2018 COMEX DELIVERY MONTH. (5.420 MILLION OZ) 30.370 MILLION OZ FINALLY STANDING FOR DELIVERY IN JULY, AND NOW 4.095 MILLION OZ FOR AUGUST.

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

1435 CONTRACTS (FOR 2 TRADING DAYS TOTAL 1435 CONTRACTS) OR 7.175 MILLION OZ: (AVERAGE PER DAY: 718 CONTRACTS OR 3.587 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH OF JULY: 7.175 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 1.03% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)* JUNE’S 345.43 MILLION OZ IS THE SECOND HIGHEST RECORDED ISSUANCE OF EFP’S AND IT FOLLOWED THE RECORD SET IN APRIL 2018 OF 385.75 MILLION OZ.

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 1,839.74 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

ACCUMULATION FOR MAY 2018: 210.05 MILLION OZ

ACCUMULATION FOR JUNE 2018: 345.43 MILLION OZ

ACCUMULATION FOR JULY 2018: 172.84 MILLION OZ

RESULT: WE HAD A CONSIDERABLE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2081 WITH THE 12 CENT LOSS IN SILVER PRICING AT THE COMEX YESTERDAY. THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 401 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: 401 EFP’S FOR SEPT, 0 EFP’S FOR DECEMBER AND ZERO FOR ALL OVER MONTHS FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS (TOTAL: 401). TODAY WE LOST A FAIR SIZED: 1680 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:

i.e 401 OPEN INTEREST CONTRACTS HEADED FOR LONDON (EFP’s) TOGETHER WITH A DECREASE OF 2081 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 12 CENT GAIN IN PRICE OF SILVER AND A CLOSING PRICE OF $15.44 WITH RESPECT TO YESTERDAY’S TRADING. YET WE HAD A GIGANTIC AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY IN THE BIG JULY DELIVERY MONTH OF SLIGHTLY OVER 30 MILLION OZ AND NOW IN AUGUST ANOTHER BIG 4.085 MILLION OZ IN A NON ACTIVE MONTH. IT SURE LOOKS LIKE ANOTHER FAILED BANKER SHORT COVERING EXERCISE AS BANKERS ARE SCRAMBLING TO COVER THEIR HUGE SHORTFALL.

In ounces AT THE COMEX, the OI is still represented by OVER 1 BILLION oz i.e. 1.123 MILLION OZ TO BE EXACT or 160% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT JULY MONTH/ THEY FILED AT THE COMEX: 20 NOTICE(S) FOR 100,000 OZ OF SILVER

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

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ MAY: 36.285 MILLION OZ ; JUNE/2018 (5.420 MILLION OZ) AND JULY 2018 AMOUNT FINALLY STANDING: 30.370 MILLION OZ ) AND NOW FOR AUGUST 4.095 MILLION OZ.
HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018
HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/ AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

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).

IN GOLD, THE OPEN INTEREST ROSE BY A tiny SIZED 777 CONTRACTS UP TO 453,432 DESPITE THE FALL IN THE COMEX GOLD PRICE/YESTERDAY’S TRADING (A LOSS IN PRICE OF $4.65). THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 7943 CONTRACTS:

AUGUST HAD AN ISSUANCE OF 190 CONTRACTS,DECEMBER HAD AN ISSUANCE OF 7753 CONTACTS AND THEN ALL OTHER MONTHS ZERO. The new COMEX OI for the gold complex rests at 453,432. 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 STRONG OI GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 8520 CONTRACTS: 2356 OI CONTRACTS INCREASED AT THE COMEX AND 7943 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN: 8520 CONTRACTS OR 852,000 OZ = 26.50 TONNES. AND ALL OF THIS STRONG DEMAND OCCURRED WITH THE FALL IN THE PRICE OF GOLD/ YESTERDAY TO THE TUNE OF $4.65.

YESTERDAY, WE HAD 8486 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JUNE : 16,429 CONTRACTS OR 1,642,900 OZ OR 51.10 TONNES (2 TRADING DAYS AND THUS AVERAGING: 8215 EFP CONTRACTS PER TRADING DAY OR 821,500 OZ/ TRADING DAY),,

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 2 TRADING DAYS IN TONNES: 51.10 TONNES

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

THUS EFP TRANSFERS REPRESENTS 51.10/2550 x 100% TONNES = 2.00% OF GLOBAL ANNUAL PRODUCTION SO FAR IN JULY ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 4,761.15* TONNES *SURPASSED ANNUAL PROD’N

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22 TONNES (21 TRADING DAYS)

ACCUMULATION OF GOLD EFP’S FOR FEBRUARY 2018: 649.45 TONNES (20 TRADING DAYS)

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)

ACCUMULATION OF GOLD EFP’S FOR MAY 2018: 693.80 TONNES ( 22 TRADING DAYS)

ACCUMULATION OF GOLD EFP FOR JUNE 2018 650.71 TONNES (21 TRADING DAYS)

ACCUMULATION OF GOLD EFP FOR JULY 2018 605.5 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 tiny SIZED INCREASE IN OI AT THE COMEX OF 777 DESPITE THE LOSS IN PRICING ($4.65 THAT GOLD UNDERTOOK ON YESTERDAY) // . WE ALSO HAD A GOOD SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 7943 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 7943 EFP CONTRACTS ISSUED, WE HAD A VERY STRONG NET GAIN OF 8520 CONTRACTS IN TOTAL OPEN INTEREST ON THE TWO EXCHANGES:

7943 CONTRACTS MOVE TO LONDON AND 777 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 26.50 TONNES). ..AND THIS STRONG DEMAND OCCURRED WITH LOSS OF $4.65 IN YESTERDAY’S TRADING AT THE COMEX!!!.

we had: 35 notice(s) filed upon for 3500 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 DOWN $7.20 TODAY: /

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/ A WITHDRAWAL OF 3,24 TONNES FROM THE GLD.

/GLD INVENTORY 796.96 TONNES

Inventory rests tonight: 796.96 tonnes.

TO ALL INVESTORS THINKING OF BUYING GOLD THROUGH THE GLD ROUTE: YOU ARE MAKING A TERRIBLE MISTAKE AS THE CROOKS ARE USING WHATEVER GOLD COMES IN TO ATTACK BY SELLING THAT GOLD. IT SURE SEEMS TO ME THAT THE GOLD OBLIGATIONS AT THE GLD EXCEED THEIR INVENTORY

SLV/

WITH SILVER DOWN 6 CENTS TODAY :

A SMALL CHANGE IN SILVER INVENTORY TONIGHT: A WITHDRAWAL OF 141,000 OZ AND THAT WOULD BE TO PAY FOR STORAGE AND INSURANCE FEES

/INVENTORY RESTS AT 329.292 MILLION OZ/

NOTE THE DIFFERENCE BETWEEN THE GLD AND SLV: THE CROOKS CAN RAID GOLD BECAUSE THEY DO HAVE SOME PHYSICAL. THEY DO NOT RAID SILVER PROBABLY BECAUSE THERE IS NO REAL SILVER INVENTORIES BEHIND THEM

end

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

1. Today, we had the open interest in SILVER FELL BY A FAIR SIZED 2081 CONTRACTS from 226,512 UP TO 224,431 (AND MUCH FURTHER FROM 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:

401 EFP CONTRACTS FOR SEPT., 0 EFP CONTRACTS FOR DECEMBER AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 401 CONTRACTS . EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE OI LOSS AT THE COMEX OF 2081 CONTRACTS TO THE 401 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A NET LOSS OF 1680 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES: 8.40 MILLION OZ!!! AND YET WE ALSO HAVE A STRONG DEMAND FOR PHYSICAL AS WE WITNESSED A FINAL STANDING OF GREATER THAN 30 MILLION OZ FOR JULY AND NOW ANOTHER STRONG 4.095 MILLION OZ FOR AUGUST... AND YET ALL OF THIS HUGE DEMAND OCCURRED DESPITE A A 12 CENT PRICING LOSS AT THE SILVER COMEX.

RESULT: A CONSIDERABLE SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE 12 CENT PRICING LOSS THAT SILVER UNDERTOOK IN PRICING YESTERDAY. BUT WE ALSO HAD A FAIR SIZED 401 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR AUGUST, 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)THURSDAY MORNING/WEDNESDAY NIGHT: Shanghai closed DOWN 56.51 POINTS OR 2.00% /Hang Sang CLOSED DOWN 626.18 POINTS OR 2.21%/ / The Nikkei closed DOWN 234.17 POINTS OR 1.03%/Australia’s all ordinaires CLOSED DOWN 0.54% /Chinese yuan (ONSHORE) closed DOWN at 6.8401 AS POBC RESUMES ITS HUGE DEVALUATION /Oil DOWN to 67.05 dollars per barrel for WTI and 71.92 for Brent. Stocks in Europe OPENED DEEPLY IN THE RED//. ONSHORE YUAN CLOSED WELL DOWN AT 6.8401 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8595: HUGE DEVALUATION/PAST SEVERAL DAYS RESUMES : /ONSHORE YUAN TRADING STRONGER 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 A FULL TRADE WAR COMMENCED

/NORTH KOREA/SOUTH KOREA

i)North Korea/South Korea/USA/Russia

b) REPORT ON JAPAN

Turmoil at the Central Bank of Japan: with rates climbing to 13.5% and a poor Japanese auction, the central bank did a purchase of bonds which never happens right after an auction. It seems that the pOBC wants to raise the 10 yr rate purchase to .20% but that will have tremendous risks.

a must read.

(courtesy zerohedge)

3 c CHINA

i)A very important commentary. The yuan falters badly as Trump is thinking to raise the next proposed tariffs to 25%. This would cause China to again lower its yuan value. The risk to the Chinese will be if the firewalls for capital controls break. With a debt to GDP of 300% China does have huge financial problems if the debt dam breaks

( zerohedge)

ii)Another important commentary: China is going to report its first ever first half current account deficit. These results do not include any of the tariff wars yet but for the latter part of 2018, 2018 and 2020, they expect that its current account surplus will be zero and thus they must act like the uSA and cause foreigners to finance its debt.. It must have an open economy something that it is loathe to do.

( zerohedge)

4. EUROPEAN AFFAIRS

As expected (but a surprise unanimous decision) the central bank of England raised its rate by 25 basis points to .75%

( zerohedge)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

6 .GLOBAL ISSUES

7. OIL ISSUES

8. EMERGING MARKET

i)SOUTH AFRICA

This will be the kiss of death to South Africa which will turn into an Zimbabwe (Rhodesia). Gold production will plummet.

South Africa will now amend its constitution to allow land expropriation from the white farmers

( zerohedge)_

ii)VENEZUELA

A brilliant observation from Venezuela’s leader Maduro that the socialist model has failed

(courtesy zerohedge)

9. PHYSICAL MARKETS

i)Craig Hemke describes how China may be controlling the gold market through off shore accounts and then they will be using off shore yuan )CNH) to short gold and thus lowering the paper price of gold while picking up physical gold through Switzerland and London. a must read

(Craig Hemke/Sprott Money)

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

i)Market trading /GOLD/MARKET MOVERS:

ii)Market data

Another key data point which shows the uSA slowing down: core factory order growth is the slowest since February. Also durable goods revised lower

(courtesy zero hedge)

iii)USA ECONOMIC/GENERAL STORIES

a)Car sales are tumbling as the big automakers slash discounts for the first time in 5 years. Just like housing affordability is the key issue

(courtesy zerohedge)

iv)SWAMP STORIES

a)Mueller wants to ask Trump about obstruction of justice and that has zero chance of happening

(courtesy zerohedge)

Let us head over to the comex:

The total gold comex open interest ROSE BY A TINY SIZED 777 CONTRACTS UP to an OI level 453,432 DESPITE THE FALL IN THE PRICE OF GOLD ($4.65 LOSS/ YESTERDAY’S COMEX 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 AS WELL AS WE WITNESS THE COMEX OPEN INTEREST COLLAPSE. ONCE WE START A NEW MONTH, WE WILL NOW SEE THE OPEN INTEREST RISE AS THE CROOKS PLAY THEIR RIGGED GAME.

WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF AUGUST. THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 7943 EFP CONTRACTS WERE ISSUED:

DECEMBER ISSUANCE OF 7753, AUGUST 190 CONTRACTS AND ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 7943 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: A STRONG 8520 TOTAL CONTRACTS IN THAT 7943 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED 2356 COMEX CONTRACTS.

NET GAIN ON THE TWO EXCHANGES: 8520 contracts OR 852,000 OZ OR 26.50 TONNES.

Result: A TINY SIZED INCREASE IN COMEX OPEN INTEREST DESPITE THE FALL IN PRICE/YESTERDAY (ENDING UP WITH A DROP IN PRICE OF $4.65). THE TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES: 8520 OI CONTRACTS..

We have now entered the active contract month of AUGUST where we witnessed the highest obliteration of contracts on record for the first day notice i.e. 33,938 contracts for an open interest standing of only 4,765 contracts. It continues today with reckless abandon as the longs know that there is no gold present at the comex. We lost another 468 contracts down to 3382 contracts. The number of notices filed for yesterday was 34 contracts so we lost 434 contacts or an additional 43,400 oz will not stand at the comex (because there is no gold) and these investors morphed into London based forwards and received a fiat bonus for their efforts.

AFTER AUGUST, SEPTEMBER LOST 1 CONTRACT AND THUS FALLS TO 2612 CONTRACTS. THE NEXT NON ACTIVE DELIVERY MONTH IS SEPTEMBER AND HERE THE oi LOST 13 CONTRACTS DOWN TO 2600. THE NEXT ACTIVE DELIVERY MONTH IS OCTOBER AND HERE THE OI ROSE BY 904 CONTRACTS UP TO 55,151 CONTRACTS. DECEMBER SAW ITS OPEN INTEREST FALL BY 554 CONTRACTS DOWN TO 339,616.

WE HAD 35 NOTICES FILED AT THE COMEX FOR 3400 OZ.

INITIALLY FOR THE AUGUST 2017 CONTRACT WE HAD A STRONG 831,100 OZ STAND (25.85 TONNES)

BY MONTH END ONLY 524,500 OZ EVENTUALLY STOOD (16.33 TONNES) AS MANY MORPHED INTO LONDON BASED FORWARDS.

Trading Volumes on the COMEX

PRELIMINARY COMEX VOLUME FOR TODAY: 211,575 contracts

CONFIRMED COMEX VOL. FOR YESTERDAY: 229,852 contracts

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And now for the wild silver comex results.

Total silver OI FELL BY A CONSIDERABLE SIZED 2080 CONTRACTS FROM 226,512 DOWN TO 224,431 (AND A LITTLE FURTHER FROM THE THE NEW RECORD OI FOR SILVER SET APRIL 9.2018/ 243,411 CONTRACTS)WITH THE 12 CENT GAIN IN PRICING THAT SILVER UNDERTOOK YESTERDAY. SINCE WE ARE NOW INTO THE NON – ACTIVE DELIVERY MONTH OF AUGUST, WE WERE INFORMED THAT WE HAD A SMALL SIZED 401 EFP CONTRACTS FOR SEPT., 0 EFP CONTRACTS FOR DECEMBER 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: 401. ON A NET BASIS WE LOST 1680 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED 2081 CONTRACT LOSS AT THE COMEX COMBINING WITH THE ADDITION OF 401 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET LOSS ON THE TWO EXCHANGES: 1680 CONTRACTS

FOR THE FRONT MONTH OF AUGUST WE HAD A NET LOSS OF 269 CONTRACTS. WE HAD 281 NOTICES FILED YESTERDAY SO WE CONTINUE WHERE WE LEFT OFF LAST MONTH IN THAT WE GAINED 12 CONTRACTS STANDING OR AN ADDITIONAL 60,000 OZ WILL STAND AT THE COMEX AS THESE GUYS REFUSED TO MORPH INTO LONDON BASED FORWARDS AND RECEIVE A FIAT BONUS. QUEUE JUMPING AT THE SILVER COMEX IS THE NORM AS THERE IS CONSIDERABLE AMOUNT OF PHYSICAL LOCATED HERE. THERE IS NO QUEUE JUMPING AT THE GOLD COMEX FOR THE SIMPLE REASON THAT THERE IS NO GOLD THERE.

The next active delivery month after August for silver is September and here the OI FELL by 2283 contracts DOWN to 155,426. October received another 25 contracts to stand at 27

After October, the next big delivery month is December and here the OI rose by 420 contracts up to 57,407 contracts.

We had 20 notice(s) filed for 100,000 OZ for the AUGUST 2018 COMEX contract for silver

AND NOW COMPARISON VS AUGUST LAST YR:

ON FIRST DAY NOTICE JULY 31/2017: 1,965,000 OZ STOOD FOR DELIVERY

THE FINAL AMOUNT OF SILVER STANDING: AUGUST 30.2017: 6,245,000 OZ AS WE HAD CONSIDERABLE QUEUE JUMPING.

INITIAL standings for AUGUST/GOLD

AUGUST 2/2018.

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	35 notice(s) 3,500 OZ
No of oz to be served (notices)	3347 contracts (334,700 oz)
Total monthly oz gold served (contracts) so far this month	106 notices 10600 OZ .3287 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

UNBELIEVABLE!!! ON 3rd DAY NOTICE FOR A BIG GOLD DELIVERY MONTH OF AUGUST:

we have a NO pulse today, AND zero gold enters the comex

THIS IS RATHER SURPRISING: FOR THE SECOND STRAIGHT BIG DELIVERY MONTHS

I.E. JUNE AND AUGUST, NO GOLD ENTERS THE COMEX TO SETTLE UPON LONGS STANDING FOR DELIVERY AND NO ACTIVITY WHATSOEVER WITH RESPECT TO INVENTORY CHANGES.

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 adjustments

For AUGUST:

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 35 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 24 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.

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To calculate the INITIAL total number of gold ounces standing for the AUGUST. contract month, we take the total number of notices filed so far for the month (106) x 100 oz or 10600 oz, to which we add the difference between the open interest for the front month of AUGUST. (3382 contracts) minus the number of notices served upon today (35 x 100 oz per contract) equals 345,300 OZ OR 10.740 TONNES) the number of ounces standing in this non active month of AUGUST

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

No of notices served (106 x 100 oz) + {(3382)OI for the front month minus the number of notices served upon today (35 x 100 oz )which equals 345,300 oz standing OR 10.740 TONNES in this active delivery month of AUGUST.

WE LOST 433 COMEX CONTRACTS OR AN ADDITIONAL 43300 OZ WILL NOT STAND AND THESE GUYS MORPHED INTO LONDON BASED FORWARDS. THERE WAS NO REASON TO HANG AROUND THE COMEX AS THERE IS NO GOLD THERE TO SETTLE UPON.

THERE ARE ONLY 7.8648 TONNES OF REGISTERED COMEX GOLD AVAILABLE FOR DELIVERY AGAINST 10.740 TONNES STANDING FOR JULY

total registered or dealer gold: 252,854.765 oz or 7.8648 tonnes

total registered and eligible (customer) gold; 8,661,381.883 oz 269,39 tonnes

IN THE LAST 24 MONTHS 85 NET TONNES HAS LEFT THE COMEX.

end

And now for silver

AND NOW THE AUGUST DELIVERY MONTH

AUGUST INITIAL standings/SILVER

AUGUST 2/ 2018

Silver	Ounces
Withdrawals from Dealers* Inventory*	nil oz
Withdrawals from Customer Inventory	60,030.600 oz BRINKS
Deposits to the Dealer* Inventory*	nil oz
Deposits to the Customer Inventory	nil oz
No of oz served today (contracts)	20 CONTRACT(S) (100,000 OZ)
No of oz to be served (notices)	263 contracts (1,315,000 oz)
Total monthly oz silver served (contracts)	556 contracts (2,780,000 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

total dealer withdrawals: nil oz

we had 0 deposit 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 144 million oz of total silver inventory or 51.0% of all official comex silver. (144 million/283 million)

iii) into everybody else; 0 oz

total customer deposits today: nil oz

we had 1 withdrawals from the customer account;

i) out of BRINKS: 60,030.800 OZ

total withdrawals: 60,030.800 oz

we had 1 adjustment/

i) Out of CNT:

29,588.400 oz was adjusted out of the customer and this landed into the dealer account of CNT

total dealer silver: 80.109 million

total dealer + customer silver: 283.608 million oz

The total number of notices filed today for the AUGUST. contract month is represented by 20 contract(s) FOR 100,000 oz. To calculate the number of silver ounces that will stand for delivery in AUGUST., we take the total number of notices filed for the month so far at 556 x 5,000 oz = 2,780,000 oz to which we add the difference between the open interest for the front month of AUGUST. (283) and the number of notices served upon today (20 x 5000 oz) equals the number of ounces standing.

Thus the INITIAL standings for silver for the AUGUST/2018 contract month: 556(notices served so far)x 5000 oz + OI for front month of AUGUST(283) -number of notices served upon today (20)x 5000 oz equals 4,095,000 oz of silver standing for the AUGUST contract month

WE GAINED 12 CONTRACTS OR AN ADDITIONAL 60,000 OZ WILL STAND FOR DELIVERY AT THE COMEX AND THESE GUYS REFUSED TO MORPH INTO A LONDON BASED FORWARDS AND THUS THEY WILL NOT TAKE THE FIAT BONUS.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

ESTIMATED VOLUME FOR TODAY:61,549 CONTRACTS

CONFIRMED VOLUME FOR YESTERDAY: 65,976 CONTRACTS absolutely criminal

YESTERDAY’S CONFIRMED VOLUME OF 65,976 CONTRACTS EQUATES TO 299 million OZ OR 42.68% OF ANNUAL GLOBAL PRODUCTION OF SILVER

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

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV RISES TO -2.80% (AUGUST 2/2018)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -1.00% to NAV (AUGUST 2/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -2.80%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA):

NAV 12.59/TRADING 12.15//DISCOUNT 3.50.

END

And now the Gold inventory at the GLD/

AUGUST 2/WITH GOLD DOWN $7.20/A HUGE WITHDRAWAL OF 3.24 TONNES FROM THE GLD WHICH NO DOUBT WAS USED IN THE RAID TODAY/INVENTORY RESTS AT 796.96 TONNES

AUGUST 1/WITH GOLD DOWN $4.65/NO CHANGE IN GOLD INVENTORY AT THE GLD.INVENTORY RESTS AT 800.20 TONNES

JULY 31/WITH GOLD UP $2.05/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 800.20

JULY 30/WITH GOLD DOWN $0.95/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 800.20 TONNES

july 27/WITH GOLD DOWN $2.85 TODAY, NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 800.20 TONNES

JULY 26./WITH GOLD DOWN $5.65: A WITHDRAWAL OF 2.35 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 800.20 TONNES

JULY 25/WITH GOLD UP $6.45; NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 802.55 TONNES

JULY 24/ WITH GOLD DOWN 10 CENTS: A HUGE DEPOSIT OF 4.42 TONNES INTO THE GLD/INVENTORY RESTS AT 802.55 TONNES

JULY 23/WITH GOLD DOWN $5.55: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 798.13 TONNES

JULY 20/WITH GOLD UP $4.15 A HUGE DEPOSIT OF 4.12 TONNES OF GOLD INTO THE GLD.INVENTORY RESTS AT 798.13 TONNES

JULY 19./WITH GOLD DOWN $1.00: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 794.01 TONNES

JULY 18/WITH GOLD UP 0.40: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 794.01 TONNES

JULY 17/WITH GOLD DOWN $12.40, WE HAD A BIG WITHDRAWAL OF 1.18 TONNES FROM THE GLD/INVENTORY RESTS AT 794.01 TONNES

JULY 16/WITH GOLD DOWN $1.55/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 795.19 TONNES

JULY 13/WITH GOLD DOWN $5.35 THE CROOKS RAID THE COOKIE JAR AGAIN TO THE TUNE OF 3.83 TONNES/INVENTORY RESTS AT 795.19 TONNES

JULY 12/WITH GOLD UP $2.30: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 799.02 TONNES

JULY 11/WITH GOLD DOWN $10.75 THE CROOKS RAIDED THE COOKIE JAR AGAIN TO THE TUNE OF 1.75 TONNES/INVENTORY RESTS AT 799.02 TONNES

JULY 10/WITH GOLD DOWN $3.85: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 800.77 TONNES

july 9/WITH GOLD UP $4.00/ANOTHER RAID ON THE GOLD COOKIE JAR: TWO WITHDRAWALS OF 1.18 TONNES THIS MORNING AND 1.47 TONNES THIS AFTERNOON/INVENTORY RESTS AT 800.77 TONNES

JULY 6/WITH GOLD DOWN $2.45: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 803.42 TONNES

JULY 5/WITH GOLD UP ANOTHER $5.15, THE CROOKS RAIDED THE COOKIE JAR AGAIN TO THE TUNE OF 5.89 TONNES/INVENTORY RESTS AT 803.42 TONNES IN THE LAST 10 TRADING DAYS GLD HAS LOST A HUGE 25.34 TONNES WITH A LOSS OF ONLY $15.25 IN PRICE

July 3/WITH GOLD UP $11.15/THE CROOKS RAIDED THE GLD INVENTORY AGAIN TO THE TUNE OF 9.73 TONNES/INVENTORY RESTS AT 809.31 TONNES

JULY 2/WITH GOLD DOWN $12.15, THE CROOKS RAIDED THE GLD INVENTORY AGAIN BY 1.47 TONNES DOWN./INVENTORY RESTS AT 819.04 TONNES

JUNE 29/WITH GOLD UP $3.70/A WITHDRAWAL OF 1.18 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 820.51 TONNES

JUNE 28/WITH GOLD DOWN $5.15/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 821.69 TONNES

June 27/WITH GOLD DOWN $3.60// TWO ENTRIES:/STRANGELY THE CROOKS RETURNED THE WITHDRAWAL OF 4.42 TONNES LAST NIGHT (THUS WE HAD A DEPOSIT OF 4.42 TONNES/INVENTORY RESTS AT 824.63 TONNES. /THEN LATE THIS AFTERNOON A WITHDRAWAL OF 2.94 TONNES

INVENTORY RESTS AT 821.69 TONNES/THIS VEHICLE IS AN OUTRIGHT FRAUD.

june 26/LATE LAST NIGHT, WITH GOLD DOWN $9.10 WE HAD A HUGE WITHDRAWAL OF 4.42 TONNES OF GOLD/INVENTORY RESTS AT 820.21 TONES

JUNE 25/WITH GOLD DOWN $1.45/NO CHANGE IN GOLD INVENTORY AT THE GLD.INVENTORY RESTS AT 824.63 TONNES

JUNE 22/WITH GOLD UP 25 CENTS TODAY, THE CROOKS WITHDREW A MASSIVE 4.13 TONNES OF GOLD/INVENTORY RESTS AT 824.63 TONNES

JUNE 21/WITH GOLD DOWN $4.00/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 828.76 TONNES

JUNE 20/WITH GOLD DOWN $3.55/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 828.76 TONNES

JUNE 19/WITH GOLD DOWN $1.50/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 828.76 TONES

JUNE 18/WITH GOLD UP $1.90/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 828.76 TONNES

JUNE 15/WITH GOLD DOWN $28.90/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 828.76 TONNES

JUNE 14/WITH GOLD UP $7.10/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 828.76 TONNES/

JUNE 13/WITH GOLD UP $2.20/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 828.76 TONNES

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

AUGUST 2/2018/ Inventory rests tonight at 796.96 tonnes

*IN LAST 423 TRADING DAYS: 133.97 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 373 TRADING DAYS: A NET 22.57 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.

end

Now the SLV Inventory/

AUGUST 2 WITH SILVER DOWN 6 CENTS TODAY/A SMALL CHANGE IN SILVER INVENTORY AT THE SLV/ A WITHDRAWAL OF 141,000 OZ FOR THEIR MONTHLY STORAGE AND INSURANCE FEES:INVENTORY RESTS AT 329.292 MILLION OZ/

AUGUST 1/WITH SILVER DOWN 12 CENTS TODAY, NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 329.433 MILLION OZ/

JULY 31/WITH SILVER UP 5 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 329.433 MILLION OZ/

JULY 30/WITH SILVER UP 3 CENTS TODAY; NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 329.433 MILLION OZ.

JULY 27/WITH SILVER FLAT TODAY, NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 329.433 MILLION OZ/

JULY 26/WITH SILVER DOWN 10 CENTS: STRANGE: A BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.046 MILLION OZ OF SILVER/INVENTORY RESTS AT 329.433 MILLION OZ

JULY 25: WITH SILVER UP 8 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV/ A WITHDRAWAL OF 658,000 INVENTORY RESTS AT 328.304 MILLION OZ/

JULY 24/WITH SILVER UP 8 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 328.962 MILLION OZ/

JULY 23/WITH SILVER DOWN 11 CENTS/NO CHANGES IN SILVER INVENTORY INTO THE SLV/INVENTORY RESTS AT 328.962 MILLION OZ/

JULY 20/WITH SILVER UP 10 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.411 MILLION OZ INTO THE SLV INVENTORY

INVENTORY RESTS AT 328.962 MILLION OZ

JULY 19/WITH SILVER DOWN 17 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 752,000 OZ INTO THE SLV INVENTORY/INVENTORY RESTS AT 327.551 MILLION OZ/

JULY 18/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 326.799 MILLION OZ/

JULY 17/WITH SILVER DOWN 20 CENTS TODAY: A CHANGE IN SILVER INVENTORY A WITHDRAWAL OF 1.001 MILLION OZ FROM THE SLV: INVENTORY RESTS AT 326.799 MILLION OZ/

JULY 16/WITH SILVER FLAT TODAY, A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.128 MILLION OZ//INVENTORY RESTS AT 327.880 MILLION OZ

JULY 13/WITH SILVER DOWN 16 CENTS TODAY/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 326.752 MILLION OZ.

JULY 12/WITH SILVER UP 12 CENTS TODAY: ANOTHER BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.035 MILLION OZ/INVENTORY RESTS AT 326.752 MILLION OZ/

JULY 11/WITH SILVER DOWN 22 CENTS TODAY: ANOTHER HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 565,000/INVENTORY RESTS AT 325.717 MILLION OZ

JULY 10/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 325.151 MILLION OZ

july 9/WITH SILVER UP 5 CENTS: ANOTHER BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 847,000 OZ ADDED TO INVENTORY/INVENTORY RESTS AT 825.151 MILLION OZ/

JULY 6/WITH SILVER DOWN 2 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 324.305 MILLION OZ/

JULY 5/WITH SILVER UP 6 CENTS, A GOOD CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 470,000 OZ/INVENTORY RESTS AT 324.305 MILLION OZ/ FOR THE PAST 10 TRADING DAYS, SILVER INVENTORY HAS ADVANCED BY 4.945 MILLION OZ WITH A LOSS OF 33 CENTS/PLEASE COMPARE THIS WITH THE GLD.

JULY 3/WITH SILVER UP 17 CENTS, A HUGE DEPOSIT OF 1.37 MILLION OZ ADDED TO THE SLV/INVENTORY RESTS AT 323.835 MILLION OZ.

JULY 2/WITH SILVER DOWN 31 CENTS/A HUGE 2.070 MILLION OZ DEPOSIT AT THE SLV/INVENTORY RESTS AT 322.465 MILLION OZ/

JUNE 29/WITH SILVER UP 14 CENTS TODAY, NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS THIS WEEKEND AT 320.395 MILLION OZ/

JUNE 28/WITH SILVER DOWN 18 CENTS, THE CROOKS ADDED 1.035 MILLION OZ OF SILVER INTO THE SLV/INVENTORY RESTS AT 320.395 MILLION OZ

JUNE 27.2018/WITH SILVER DOWN 8 CENTS/NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 819.360 MILLION OZ/

june 26./2018/WITH SILVER DOWN 8 CENTS, THE CROOKS WITHDREW THE DEPOSIT OF TWO DAYS AGO; 941,000 OZ OUT OF INVENTORY/INVENTORY RESTS AT 819.360 OZ

JUNE 25/WITH SILVER DOWN 12 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.301 MILLION OZ/

JUNE 22/WITH SILVER UP 12 CENTS TODAY,ANOTHER BIG CHANGE IN SILVER INVENTORY AT THE SLV” A DEPOSIT OF 941,000 OZ INTO INVENTORY/INVENTORY RESTS THIS WEEKEND AT 320.301 MILLION OZ/

JUNE 21/WITH SILVER UP ONE CENT/ANOTHER CHANGE IN SILVER INVENTORY AT THE SLV/: A DEPOSIT OF 2.918 MILLION OZ/INVENTORY RESTS AT 319.360 MILLION OZ/ THUS FOR TWO STRAIGHT DAYS A TOTAL OF 5.26 MILLION OZ OF SILVER HAS BEEN ADDED WITH NO CHANGE IN PRICE.

JUNE 20/WITH SILVER DOWN ONE CENT/A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY / A DEPOSIT OF 2.35 MILLION OZ/INVENTORY RESTS AT 316.442 MILLION OZ/

JUNE 19/2018/WITH SILVER DOWN 11 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.090 MILLION OZ/

JUNE 18/WITH SILVER DOWN 6 CENTS TODAY/NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.090 MILLION OZ/

JUNE 15/WITH SILVER DOWN 75 CENTS/A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.788 MILLION OZ//INVENTORY RESTS AT 314.090 MILLION OZ

JUNE 14/WITH SILVER UP 30 CENTS, THE CROOKS DECIDED THAT THEY NEEDED SILVER INVENTORY BADLY SO THEY RAID THE SLV OF 1.412 MILLION OZ/INVENTORY RESTS AT 315.878 MILLION OZ/

JUNE 13/WITH SILVER UP 11 CENTS TODAY/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 317.290 MILLION OZ/

AUGUST 2/2018:

Inventory 329.292 MILLION OZ

6 Month MM GOFO 1.96/ and libor 6 month duration 2.53

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

G0FO+ 1.96%

libor 2.53 FOR 6 MONTHS/

GOLD LENDING RATE: .57%

XXXXXXXX

12 Month MM GOFO
+ 2.83%

LIBOR FOR 12 MONTH DURATION: 2.43

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE = +.40

end

Major gold/silver trading /commentaries for THURSDAY

GOLDCORE/BLOG/MARK O’BYRNE.

Gold to Enter New Bull Market – Charles Nenner

2, August

Gold to Enter New Bull Market – Charles Nenner

“Gold is going to enter a new bull market”
“The first cycle will bottom after the summer”
“$1,212 per ounce is our downside target”
“It’s going to top $2,500 per ounce . . . in about two years or so”
“Gold is in a bull market even though it came down from $1,900 per ounce”

In our featured video today, Greg Hunter interviews Charles Nenner, President of The Charles Nenner Research Centre. Previously of Goldman Sachs Nenner has since become one of the world’s leading researchers of market cycles.

Trump Trade and Currency Wars With China – Goldnomics Podcast

News and Commentary

Iran’s Gold Demand at Four-Year High Days Before Sanctions (Bloomberg.com)

PRECIOUS-Gold holds losses after Fed keeps interest rates unchanged (Reuters.com)

Fed signals another hike coming soon as it peppers statement with the word ‘strong’ (MarketWatch.com)

Source: Bloomberg

The Number Of Americans Living In Their Vehicles “Explodes” As The Middle Class Continues To Disappear (TheEconomicCollapseBlog.com)

Top Gold Miners Production Declined 15% While Costs Escalate (SRSRoccoReport.com)

The Crash of the Bank of the United States (24HGold.com)

Listen on SoundCloud , Blubrry & iTunes. Watch on YouTube below

Gold Prices (LBMA AM)

01 Aug: USD 1,222.75, GBP 932.47 & EUR 1,046.55 per ounce
31 Jul: USD 1,219.20, GBP 926.71 & EUR 1,039.86 per ounce
30 Jul: USD 1,222.05, GBP 931.20 & EUR 1,045.95 per ounce
27 Jul: USD 1,219.15, GBP 931.06 & EUR 1,048.10 per ounce
26 Jul: USD 1,228.35, GBP 931.46 & EUR 1,049.13 per ounce
25 Jul: USD 1,230.55, GBP 935.09 & EUR 1,051.75 per ounce

Silver Prices (LBMA)

01 Aug: USD 15.48, GBP 11.79 & EUR 13.24 per ounce
31 Jul: USD 15.43, GBP 11.72 & EUR 13.15 per ounce
30 Jul: USD 15.49, GBP 11.81 & EUR 13.25 per ounce
27 Jul: USD 15.36, GBP 11.72 & EUR 13.20 per ounce
26 Jul: USD 15.54, GBP 11.79 & EUR 13.27 per ounce
25 Jul: USD 15.57, GBP 11.83 & EUR 13.31 per ounce

Recent Market Updates

– Here’s Where the Next Crisis Starts
– House prices aren’t just slipping in the UK – this is global
– Russia Sells 80% Of Its US Treasuries
– Are China’s Gold Reserves Slowly Rising?
– Gold Outlook In H2 2018
– Gold Production In South Africa Continues To Collapse – Plummets 85% From Peak In 1970 (VIDEO)
– Physical Gold Is The “Best Defence” Against “Escalating Currency Wars”
– Trump and War With China? Goldnomics Podcast
– Weekly Digest – News, Market Updates and Videos You May Have Missed
– Financial Terrorism In The UK – Collusion between Government, Regulators & Two Bailed-Out UK Banks
– “Biggest Bubble in the History of Mankind” Is “Going To Burst” – Ron Paul
– Global Debt Time Bomb Surges To Nearly $250,000,000,000,000 – GoldCore Video
– Trump, Russia, Brexit and the Demand For Gold and Silver – GoldCore Video Interview
– Trump Is Serious About A Global Trade War
– Ponzi Economy Will Lead To Next Global Financial Crisis
– World Cup Is 200 Ounces Of Gold Worth £140,000 – 30% Less Than Harry Kane’s Weekly Wage
– Chaotic BREXIT More Likely: Risk To London, While Frankfurt, Luxembourg, Paris and Dublin Benefit

Mark O’Byrne

Executive Director

ANDREW MAGUIRE’S KINESIS WHICH IS A”BITCOIN’ BACKED 100% BY ALLOCATED GOLD AND SILVER

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)

Dear Harvey Organ,

Thank you for your participation in our webinar on June 7th with our host and CEO of Kinesis, Thomas Coughlin.

The response we received has been incredible, we appreciate you taking the time to join us and hope you found it to be beneficial.

Due to such a high influx of questions we received we were unable to have them all answered. Nevertheless, if there was anything which requires more clarification, or you have a query which needs to be rectified, we invite you to join our telegram group:

https://t.me/kinesismoney

We apologize for the technical issues we incurred during the webinar which resulted in it running a little over schedule, we hope that the next one we host will run seamlessly.

A video has been put together and uploaded onto our YouTube channel which can be found here:

Kinesis Webinar

Please share and subscribe to our YouTube channel to be notified of all the latest videos as they become available.

The rapid growth that we are currently experiencing has been incredible and with your support, is only going to get better.

We are working behind the scenes very hard to create a better experience for everyone involved! Stay tuned in as we have many more announcements to be released in the upcoming days.

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Kinesis Money

a:C/O ILS Fiduciaries (IOM) Limited, First Floor,Millennium House, Victoria Road, Douglas, Isle of Man IM2 4RW

w:kinesis.money e:info@kinesis.money

END

The following is self explanatory

(courtesy GATA/Chris Powell and Harvey Organ)

GATA asks bank regulator to check risks of gold

futures maneuver

Submitted by cpowell on Sun, 2018-06-10 16:17. Section: Daily Dispatches

12:21p ET Sunday, June 10, 2018

Dear Friend of GATA and Gold:

GATA has appealed to the U.S. comptroller of the currency, who has regulatory authority over banks, to review financial risks certain banks may have incurred through derivatives in the monetary metals markets, particularly through the recent heavy use of the “exchange for physicals” mechanism of settling gold and silver futures contracts on the New York Commodities Exchange.

The appeal was made in a letter sent May 5 to the comptroller, Joseph M. Otting, whose office is part of the U.S. Treasury Department, by your secretary/treasurer and GATA futures market consultant Harvey Organ.

“Exchange for physical” settlements of futures contracts long were considered emergency procedures when a seller was not able to deliver metal from an exchange-approved warehouse and wanted to settle with delivery elsewhere. But now such settlements appear to constitute most gold and silver futures settlements on the Comex. It is a strange development that appears to have been necessitated by the increasing difficulties of central banking’s gold and silver price suppression policy.

GATA has received no acknowledgment of the letter. Its text is below and a PDF copy of it is here:

http://www.gata.org/files/ComptrollerOfCurrencyLetter.pdf

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

* * *

May 5, 2018

Joseph M. Otting, Comptroller of the Currency
U.S. Treasury Department
400 7th Street, SW
Washington DC 20219

Dear Comptroller Otting:

Please let us bring to your attention financial risks to major banks involving their possibly unreported exposure to derivatives in the monetary metals markets.

In recent months gold and silver future contracts issued by U.S. banks on the New York Commodities Exchange have been moved off-exchange for delivery through a mechanism known as “exchange for physical” (EFP) contracts. Until recently use of this mechanism was considered an emergency procedure when a seller did not have access to metal for delivery through Comex warehouses. Now the mechanism seems to be in use for a large share of front-month contracts for which delivery is sought.

Here is an example that is happening at the Comex in the front active month of April for gold and the inactive delivery month of April for silver.

In gold, there were 229,436 EFP contracts for 713.64 tonnes, an average of 10,925 contracts and 1,092,500 ounces per trading day.

In silver, there were 77,150 EFP contracts for 385,750,000 ounces, an average of 3,673 contracts and 18,369,000 ounces per trading day.

London Bullion Market Association rules suggest that these contracts may not be reported to regulators. The LBMA’s bylaws say:

“Figures above exclude any contracts not subject to risk-based capital requirements, such as FX contracts with an original maturity of 14 days or less, futures contracts, written options, and basis swaps. Therefore, the total notional amount of derivatives by maturity will not add to the total derivatives figure in this table.”

We are told that these EFP contracts are transferred from the Comex to London as what are called “serial forwards” and their duration is always less than 14 days, which exempts them from being reported.

It is our understanding that in each quarter your office prepares a report detailing risk undertaken by the banks under the comptroller’s supervision.

These risks include derivatives undertaken by U.S. banks and other obligations that may cause a bank to fail. Our concern is that your office may not be aware of large unreported derivative exposure by banks.

Could you review this matter and let us know your conclusions?

Sincerely,

CHRIS POWELL
Secretary/Treasurer

HARVEY ORGAN
Consultant

Gold Anti-Trust Action Committee Inc.
7 Villa Louisa Road
Manchester, Connecticut 06043-7541

end

Craig Hemke describes how China may be controlling the gold market through off shore accounts and then they will be using off shore yuan )CNH) to short gold and thus lowering the paper price of gold while picking up physical gold through Switzerland and London.

(a must read

Craig Hemke/Sprott Money)

Craig Hemke at Sprott Money: Is China hiding its

gold shorts among the speculators?

Submitted by cpowell on Wed, 2018-08-01 17:47. Section: Daily Dispatches

1:49p ET Wednesday, August 1, 2018

Dear Friend of GATA and Gold:

While trader positioning in the gold futures markets seems extremely bullish, market analyst Craig Hemke of the TF Metals Report today notes the recent tight correlation of gold prices with the valuation of the Chinese yuan and wonders whether the Chinese government is hiding its short positions among those listed as belonging to speculators.

Hemke’s analysis is headlined “The Yuan-Gold Peg and the Commitment of Traders Report” and it’s posted at Sprott Money here:

https://www.sprottmoney.com/Blog/the-yuan-gold-peg-and-the-commitment-of…

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

end

___________________________________________________________________

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

i) Chinese yuan vs USA dollar/CLOSED DOWN TO 6.8401/HUGE DEVALUATION FOR THE PAST TWO WEEKS RESUMES FULLY /shanghai bourse CLOSED DOWN 56.51 POINTS OR 2,00% /HANG SANG CLOSED DOWN 626.18 POINTS OR 2.21%
2. Nikkei closed DOWN 234.17 POINTS OR 1.03%/USA: YEN FALLS TO 111.45/

3. Europe stocks OPENED DEEP INTO THE RED /

USA dollar index RISES TO 94.91/Euro FALLS TO 1.1617

3b Japan 10 year bond yield: RISES TO . +.13/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 111.45/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET

3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 67.05 and Brent: 71.92

3f Gold UP/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 +.450%/Italian 10 yr bond yield UP to 2.91% /SPAIN 10 YR BOND YIELD UP TO 1.46%

3j Greek 10 year bond yield RISES TO : 4.04

3k Gold at $1215.25 silver at:15.43 7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 34/100 in roubles/dollar) 63.29

3m oil into the 67 dollar handle for WTI and 71 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 111.45 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 0.9937 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1548 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 +0.45%

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 2.98% 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)

S&P Futures, Global Stock Tumble As Trade War

Fears Return; Yuan Plummets

It has been the case that every single day for months, the market’s mood is determined by whether trade tensions are better or worse (however subjectively this is determined). And judging by the bloodbath in the market snapshot below, today they are much worse.

For those who missed it, this is the key driver of overnight’s risk off: President Trump asked Lighthizer to consider 25% tariffs on USD 200bln of Chinese goods, while officials also commented that stronger actions are needed on China but added that President Trump is open to negotiating with the Chinese President. China Commerce Ministry said China will immediately retaliate to defend its dignity and people’s interests.

The resulting market hot takes were familiar: “fears of an escalating trade dispute between the United States and China” blasted numerous sellside notes and financial websites. And sure enough, following Trump’s threat to hike tariff rates from 10% to 25% on $200BN in Chinese imports – which incidentally was first reported on Tuesday – stocks from Asia to Europe tumbled, with S&P500 futures joining and sliding to session lows, dragging the S&P back under 2,800. The dollar climbed and bonds were mixed with central bank policy high on the agenda.

Germany’s DAX index, which is seen by as trade war proxy, fell 1.1% about an hour after the open while the broader Europe STOXX 600 was down about 0.5%, dropping for a second day, tracking sharp declines in China and Hong Kong share indexes which were triggered by Trump telling the US trade representative to consider hiking tariffs on $200 billion worth of Chinese goods as early as next month. MSCI’s index of Asia-Pacific shares ex-Japan closed 1.6% down, dragged down by a 1.8 percent fall in Chinese H-shares and a 2% plunge in the Shanghai Composite whose 2-day selloff has taken it back under 2,800.

Then shortly before 6am EDT, Beijing responded that it was ready to retaliate, sending China’s onshore yuan tumbling to 6.8676 per dollar, the weakest level in more than a year.

There was more turbulence, when as reported earlier, 10Y JGB yields touched the highest since February 2017 before paring gains as the Bank of Japan made an unscheduled offer to buy 400 billion yen in bonds.

Following the “risk off” sentiment, and thanks to the BOJ intervention, US Treasuries climbed and were trading near session lows of 2.98% after falling on Wednesday when the Fed decided to leave rates unchanged while making it clear borrowing costs are heading higher. In sympathy, Euro zone government bond yields edged down with borrowing costs in Germany and France pulling back from seven-week highs as demand for safe-haven debt grew.

The Bloomberg Dollar Spot Index extended its advance into a third day as heightened trade tensions and the Federal Reserve’s commitment Wednesday to gradual tightening helped buoy the U.S. currency. The yen pared an earlier gain, while the pound weakened even as BOE policy makers were forecast to raise rates for only the second time since the financial crisis. Turkey’s lira tumbled to a record low after the U.S. imposed sanctions on two ministers. Core euro-area bonds edged higher with Treasuries, while gilts slipped.

In commodities, oil steadied around a two-week low after a surprise gain in American crude inventories exacerbated supply concerns. Gold rose and copper extended a decline. Emerging-market currencies sold off, with South Africa’s rand dropping.

Market Snapshot

STOXX Europe 600 down 0.5% to 387.86
MXAP down 1.2% to 165.30
MXAPJ down 1.6% to 532.97
Nikkei down 1% to 22,512.53
Topix down 1% to 1,752.09
Hang Seng Index down 2.2% to 27,714.56
Shanghai Composite down 2% to 2,768.02
Sensex down 0.7% to 37,277.64
Australia S&P/ASX 200 down 0.6% to 6,240.86
Kospi down 1.6% to 2,270.20
German 10Y yield fell 0.2 bps to 0.476%
Euro down 0.3% to $1.1625
Brent Futures down 0.1% to $72.31/bbl
Italian 10Y yield rose 6.9 bps to 2.521%
Spanish 10Y yield fell 0.8 bps to 1.446%

Top overnight news

The Trump administration said it’s weighing whether to increase the proposed tariff on $200 billion of Chinese goods to 25 percent from 10 percent, stepping up pressure on Beijing to change its trade practices. China said it was ready to retaliate after latest U.S. tariff threat
Turkish markets are plunging deeper into the wild. Unprecedented sanctions imposed by the U.S., its NATO ally, have added to the cross-currents buffeting investors. They’ve already been despairing at policy makers’ failure to contain inflation and stem the slide in the lira under pressure from President Recep Tayyip Erdogan to bolster growth
The Bank of England is set to raise interest rates for only the second time since the financial crisis, even though Brexit threatens to prove a rough ride for the U.K. economy
The Bank of Japan is showing just what it means by being flexible with bond purchases. The central bank unexpectedly offered to buy 400 billion yen ($3.6 billion) of five- to 10-year bonds Thursday to stem a selloff that saw the 10-year yield touch an 18-month high of 0.145 percent
Federal Reserve officials left the benchmark interest rate unchanged while reiterating their plan to gradually lift borrowing costs to keep the economy expanding at a healthy pace
The aim of the latest steps taken by Japan’s central bank is to strengthen the sustainability of its current easing policy, taking into account its side-effects, Bank of Japan Deputy Governor Masayoshi Amamiya tells business leaders in Kyoto
The lira slumped to a record low as the U.S. imposed sanctions on two Turkish ministers over the continued detention of an American pastor
OPEC’s crude output increased last month as Saudi Arabia pumped near-record volumes to make good on a pledge to consumers that demand would be met

Asian equity markets were weaker across the board with sentiment weighed by increased global trade tensions after officials confirmed US President Trump instructed Trade Representative Lighthizer to consider a higher tariff of 25% on USD 200bln of goods from China which had earlier warned of retaliation. ASX 200 (-0.5%) and Nikkei 225 (-1.1%) were lower with the mining sector the worst performer in Australia amid losses in Rio Tinto following a miss on earnings, while a firmer currency, various corporate updates and weak US sales among automakers dampened Tokyo trade. Elsewhere, Hang Seng (-2.2%) and Shanghai Comp. (-2.0%) took the brunt of the increased US tariff threats as well as further inaction by the PBoC which refrained from conducting reverse repos for a 10th consecutive occasion. 10yr JGBs were choppy and initially continued on from yesterday’s slump at the open as the 10yr yield rose to its highest since February last year of 0.145%. However, yields then pulled back to provide much needed reprieve for JGBs which were also supported amid safe-haven flows. In addition, the latest securities flows data showed foreign investors upped their purchases of Japanese bonds by around 9-fold from the prior week, while Daiwa also suggested there should be good demand for 10yr JGBs at yields between 0.15%-0.20% at least until next BoJ policy meeting. Today’s 10yr year auction was another catalyst for price action with all metrics pointing to a weaker result which saw 10yr JGBs decline nearly 30 ticks, before bouncing back towards 150.00.

Top Asian News

Trump’s Tariff Threats Erase $220 Billion From Asia Stock Values
Citi Sees Sensex Doing Pretty Much Nothing From Now Until March
House of Fraser Seeks Lifeline After C.Banner Ends Buyout Talks
Metro Pacific Buys 12% of Air21; to Expand Warehouse Capacity

European equities trade firmly in the red (Eurostoxx 50 -1.3%) as sentiment is soured amid the rise in global trade tensions after officials confirmed US President Trump instructed Trade Representative Lighthizer to consider a higher tariff of 25% on USD 200bln of goods from China which had earlier warned of retaliation. China’s MOFCOM replied that China will fight back to defend its people’s interests and dignity. Germany’s DAX 30 is heavily underperforming, dragged down by heavyweight Siemens (-4.8%) following earnings, while Commerzbank (-4.5%), Deutsche Bank (-3.3%) and the German auto names also pressure the index. Material names continue to underperform, on the back of softer base metal prices. As such, we see UK miners resting at the bottom of the FTSE. Other notable post-earning movers include: LSE (+2.6%), Altice (-14.5%), Hugo Boss (-6.0%) and Inmarsat (-4.9%)

Top European News

BOE Rate Hike Seen Despite Brexit on Horizon: Decision Day Guide
U.K. Construction Growth Unexpectedly Jumps to Highest in a Year
ECB’s Rimsevics Says Can’t Name Substitute for Governing Council
Dialog Semi Stock Gives Up Gains as Apple Concerns Persist

In FX, The Greenback is broadly firmer in wake of the latest FOMC statement that saw growth, inflation and labour market assessments all upgraded to underpin September rate hike expectations and keep the Fed on track to deliver another ¼ point tightening by year end. Heightened trade and other global tensions have also boosted the Buck as the DXY nudges back up to95.000 having hit lows very close to the big figure below just 2 days ago. EUR – The single currency has lost more traction vs the Usd on the downturn in risk sentiment, and retreated further from 1.1700 towards 1.1600 having breached Fib support near 1.1616 and a daily cloud base at 1.1648 on the way down. However, more layered expiry interest in decent size between 1.1600-10 and 1.1625-35 (both in 1.1 bn) could exert some directional influence ahead of and into the NY cut. EM -Broad losses vs the generally bid Usd, but the Lira’s almost inevitable further depreciation on latest US sanction proposals down through 5.0000 is eye-catching as the Try tumbles to fresh all time lows (circa 5.0900 at one stage).

In commodities, WTI and Brent slip lower with the complex pressured by USD strength following the latest tariff news. Energy news flow remains light, however, sources reported that Russia, the largest oil producer, is forecasting an output around 11.2mln bpd to the yearend. Of note: Russia’s July oil production stood at 11.2mln bpd (vs. June output of 10.93mln bpd). Meanwhile, the Shanghai International Energy Exchange are looking into the possibility of setting up a market maker scheme for crude oil futures after the exchange asked brokers to help boost trading volumes and liquidity. Spot gold is flat as USD strength outweighs safe-haven flows. Copper continues its decline amid demand concerns fuelled by the rise in trade tensions.

US Event Calendar

7:30am: Challenger Job Cuts YoY, prior 19.6%
8:30am: Initial Jobless Claims, est. 220,000, prior 217,000
8:30am: Continuing Claims, est. 1.75m, prior 1.75m
9:45am: Bloomberg Consumer Comfort, prior 59
10am: Factory Orders, est. 0.7%, prior 0.4%; Factory Orders Ex Trans, prior 0.7%
10am: Durable Goods Orders, prior 1.0%; Durables Ex Transportation, prior 0.4%
10am: Cap Goods Orders Nondef Ex Air, prior 0.6%; 10am: Cap Goods Ship Nondef Ex Air, prior 1.0%

3. ASIAN AFFAIRS

3 a NORTH KOREA/USA

North Korea/South Korea/USA/China

3 b JAPAN AFFAIRS

a must read.

(courtesy zerohedge)

“Too Much Risk”: Rollercoaster Session For JGBs Ends With Bizarre Central Bank Intervention

Traders expected another rollercoaster session for what has become the “fulcrum security” in the global bond market, Japanese Government Bonds, whose every move reverberates around the globe and has been responsible for much of the global steepening action in the past two weeks… and they were not disappointed.

It started off well enough: when yesterday’s dramatic selloff in JGBs failed to resume off the bat, there was a brief short squeeze, followed by a few hours of stability which kept the yield around 0.12%.

Then just before midnight EDT, Japanese JGB futures tumbled and yields jumped following a 10Y JGB auction which was badly received by the market, and which despite a bid/cover in line with recent auctions, saw poor pricing with a tail of 0.12, which is the longest in two years; the market reaction was to send the yield sharply higher back to session highs of 0.135% around the level when yesterday Japanese market regulators called for a margin call.

At this point questions started swirling: will the BOJ let 10Y JGB yields continue rising, letting them reach the 0.20% (the level Kuroda hinted at in his press conference) or maybe above, or would he launch another fixed-rate “unlimited buying” operation?

The answer turned out to be neither, because just after 1am EDT, the Bank of Japan surprised the market by offering to buy 400BN yen of 5-10 year bonds in a Rinban open market operation, i.e. the Japanese equivalent of POMO, that was outside its regular schedule, as the benchmark 10-year yield continued its advance. Immediately, the 10-year yield erased its advance and slumped back to unchanged.

Needless to say, the demand was more than enough, and the BOJ announced that the operation to purchase 400BN yen received bids worth 1.27t yen. The BOJ also told Bloomberg after the operation that its offer to buy 5-10 year bonds outside its regular schedule on Thursday “was meant to meet its policy objective of keeping the 10-year yield at around zero percent.”

Ok, fine, but why the flip-flop by the BOJ, and why did Kuroda pick to do an unscheduled “POMO” instead of calming the market with the far more forceful “fixed rate” operation?

According to Nomura, the central bank was faxed with two distinct issues: i) the BOJ wanted to wait until 10-year yields climbed to 0.2% before announcing a fixed-rate operation but ii) it needed to slow the pace of the increase so it held an unscheduled debt-purchase operation.

Had the BOJ held a fixed-rate operation at current yield levels, traditionally seen as a yield “red line” for the central bank, it would have risked narrowing the trading range again and undoing all the verbal guidance from the latest policy meeting, while waiting for the yield to reach 0.2% “may have been a bit reckless”, said Nomura’s Takenobu Nakashima.

In other words, Thursday’s move suggests the BOJ will avoid using fixed-rate operations until the yield reaches 0.2%, and until it reaches that level it may continue to use this auction-style buying.

Others agreed, and Daisuke Uno, chief strategist at Sumitomo Mitsui said that the Bank of Japan’s unusual bond buying is aimed at removing the fixed idea about operations.

“What the BOJ sees as side-effects of its policy include a decline in market function,” he says by phone. “Today’s operation is probably meant to be like a rehabilitation to help the market regain its function given it has been in doldrums.”

“The BOJ signals to the market that it still keeps the yield curve under its control but its grip has loosened a little bit” he added.

The last part was spot on, because while the BOJ managed to preserve control, it now has the market guessing not only as to the magnitude of the yield move it will allow, but the form of intervention it will launch: what happens if the BOJ reveals there are far more bids for its rinban than clear? Would it set off an avalanche of selling? Alternatively, what happens when the BOJ has to do a constant fixed-rate operation at 0.20% should panic selling emerge as Kuroda’s control “loosens” a little more?

* * *

But what was most notable about Kuroda’s intervention is that the BOJ purchased JGBs just over an hour after they were issued, and as Mizuho observed, “the BOJ is taking too much risk,” as buying bonds on the day of an auction is usually seen as problematic: “Because the BOJ has said, in principle, it refrains from conducting purchase operations on the day of an auction, most people have thought the central bank wouldn’t do it” said Mizuho’s senior market economic Toru Suehiro… and yet that’s precisely what the BOJ did.

“Today’s operation leaves a question mark on the central bank’s communication with the market” he added.

Concluding ominous, he said that tonight’s intervention “also brings the BOJ a step closer to financing fiscal deficits even though the central bank doesn’t directly buy bonds from the government.”

Of course, monetization of fiscal deficits is how all of this ends, not just in Japan but everywhere.

For now, the good news is that the Japanese bond market remained under control -a bond market which now determines the bond yields from France to the US. But what about next time, and the time after that?

And finally, if this is the kind of drama that a simply move from 0.1% to 0.2% entails, what will happen if the BOJ truly normalizes and lets yields move freely?

c) REPORT ON CHINA/HONG KONG

A very important commentary. The yuan falters badly as Trump is thinking to raise the next proposed tariffs to 25%. This would cause China to again lower its yuan value. The risk to the Chinese will be if the firewalls for capital controls break. With a debt to GDP of 300% China does have huge financial problems if the debt dam breaks

(courtesy zerohedge)

Here’s Why Trump Is Hiking Chinese Tariffs To 25%

One of the cited reasons behind today’s market slide which started in Asia and promptly swept the rest of the globe, is a belated appreciation of Tuesday’s news that the Trump administration is now considering more than doubling proposed tariffs on a further $200 billion worth of Chinese goods to 25%, up from an original 10%.

But what exactly prompted Trump to push for the sharp reset in Chinese tariffs?

The answer was actually first given by Trump himself three weeks ago, when in a candid CNBC interview the president said that he was not only watching the US trade deficit with China, but also its currency, which was “dropping like a rock”, suggesting that trade war was morphing into currency war after he berated the Fed for hiking rates and pushing the dollar higher (when, as we explain below, Trump should be commending Powell for doing just that).

Fast forward to today, when the WSJ gives some further color, noting that while “the administration didn’t spell out a particular rationale for increasing the tariff…. the reasons include anger over the Chinese government’s failure to approve the merger of U.S.-based Qualcomm Inc. and Dutch chip maker NXP Semiconductors, which forced the companies to scrap a deal aimed at boosting Qualcomm’s reach into new markets.”

The WSJ also cites “industry officials who have discussed the move with the White House” and who said that another, perhaps far more important reason for the tariff increase “is to compensate for the decline in the value of the yuan by about 6% over the past two months.“

“It’s important countries refrain from devaluing currencies for competitive purposes,” a senior administration official said, and although he didn’t accuse China of acting in that fashion, the implication was clear.

Yet another reason that forced Trump’s hand is that as several banks have recently pointed out, the Yuan devaluation to date has effectively offset the adverse impact to Beijing from the $34 billion in tariffs enacted on Chinese goods, mainly machinery and components (to which China retaliated with tariffs on the same amount of U.S. exports, especially farm products).

But whatever the reason, the longer the trade war continues, the more Trump will find himself in a bind: on one hand he wants lower rates and a weaker dollar, on the other he keeps escalating by enacting ever bigger (and higher) tariffs on China, which are sure to prompt a broad inflationary response in the US economy requiring even higher rates, as we discussed previously. Here is the WSJ:

The proposed tariff increase poses big risks for both the U.S. and global economy. A 25% tariff would boost the cost of a range of U.S. imports at a time when inflation has begun to pick up. It would become another factor for the Federal Reserve to consider as it decides how quickly to raise interest rates.

“This gets you nothing,” said Fred Bergsten, founder of the Peterson Institute for International Economics, a Washington, D.C., free-trade think tank. “It adds to inflation pressure and interest rates and [would] strengthen the dollar, which makes trade situation even worse” for the U.S., he said.

Worse, not only are US farmers getting crushed by Trump’s tariffs, but domestic companies are starting to feel the burn:

Keith Weinberger, chief executive of Empire Today, a flooring company in Northlake, Ill., said he “might be able to offset” a 10% tariff on his purchases of Chinese vinyl flooring. “But there’s nothing you can do about 25.”

Meanwhile, in corporate America, it appears that there is just one thing executives are talking about: tariffs.

As for China’s response, there are two angles: what it says, what it does and what it could do.

Starting with the latter, and continuing the tit-for-tat retaliation in the trade/currency war, higher-than-anticipated tariffs will encourage Beijing to let the yuan slide even more, exacerbating the currency war and potentially making Trump dictate monetary policy to the Fed.

In fact, China can keep devaluing the Yuan until its capital controls “firewall” finally cracks: recall that this was the trigger that prompted a global bear market (from which the US was spared) in 2015/2016 when China lost a total of $1 trillion in reserves to defend its currency against an onslaught of capital flight.

Then there is what China says and on Thursday, Beijing urged the United States to “calm down” and return to reason after news that Trump may hike the tariffs from 10% to 25%.

Wang Yi, the Chinese government’s top diplomat, said U.S. efforts to pressure China would be in vain, urging its trade policymakers to “calm down”.

“We hope that those directly involved in the United States’ trade policies can calm down, carefully listen to the voices of U.S. consumers…and hear the collective call of the international community,” Wang, a member of the country’s state council, or cabinet, said in Singapore. “The United States’ method of adding pressure will not, I’m afraid, have any effect,”Wang told reporters on the sidelines of a regional forum.

Finally, when it comes to what China does, look no further than the Yuan, whose sharp devaluation started in mid-June, when Trump formally launched the trade war, announcing that new tariffs on $50BN in Chinese products will come into effect, followed just days later with the launch of the next, $200BN round of tariffs.

This is how China has responded so far.

And with the Yuan hitting the lowest level against the dollar in a year overnight, the ball is now in Trump’s court. Any further escalation will only accelerate the Yuan devaluation, strengthen the dollar, and – eventually – breach China’s capital control firewall at which point 2018 will finally become 2015 all over again.

And the biggest irony: it Trump really wants to defeat China, instead of criticizing the Fed for hiking, he has to encourage Powell to do precisely what he has been doing so far, as Eric Peters explained over the weekend:

“The best way to bring Beijing to its knees is by running a tight monetary policy in the US. China has the world’s most overleveraged, fragile financial system.” In 2008, China’s total debt-to-GDP was 140%. It is now roughly 300%, while GDP is slowing.

“The economy is held together by capital controls. If those fail, the whole system fails.” The capital flight in 2015/16 cost the government $1trln in reserves, and that was with ultra-dove Yellen in charge. Imagine what would have happened with Volcker at the helm. “The Chinese are dying to get their money out.”

All Trump has to do, is help them do it and watch as China’s economy crumbles from the inside.

END

Another important commentary: China is going to report its first ever first half current account deficit. These results do not include any of the tariff wars yet but for the latter part of 2018, 2018 and 2020, they expect that its current account surplus will be zero and thus they must act like the uSA and cause foreigners to finance its debt.. It must have an open economy something that it is loathe to do.

(courtesy zerohedge)

China Is About To Report Its First Ever H1 Current Account Deficit: Why It Matters

In what may represent a historic change to China’s mercantilist economy, recently we noted that in the first quarter of 2018, China had recorded its first current account deficit this century.

Now, in a note from Deutsche Bank that explains the bank’s justification to revise its USDCNH forecast higher (now expecting the Yuan to drop to 7.40 against the dollar versus 6.90 previously), the bank picks up on this observation and as chief China economist Zhiwei Zhang writes, China had a current account deficit of US$ 34bn in Q1, the first quarterly current account deficit since 2001 Q2.

He then goes on to preview that the current account balance for Q2 will be released on Aug 6, and while the monthly balance of payments data suggest that China likely has a surplus in Q2, it will be much smaller than the past years.

“Consequently the current account balance in H1 has likely turned into a deficit”, Deutsche Bank predicts.

Here are the details:

the monthly data release shows China’s balance of goods and service trade recorded a surplus of US$ 31 bn in Q2 after a large deficit of US$21 bn in Q1 ( Figure 1 ). Growth of goods exports slowed in H1 to 11% while import growth surged to 20%. The service trade deficit widened to US$149 bn in H1 from the five year average of US$90 bn ( Figure 2 ).

The Q2 income balance in the current account has not been released. To turn the current account in H1 into surplus the income balance needs to show a surplus of at least 3bn in Q2 which is quite unlikely, as it has been in deficit for most of the past three years ( Figure 3 ).

As a result, DB expects China’s current account balance to show a small deficit around US$15bn in H1 (a deficit of US$34bn in Q1 and a surplus of US$19bn in Q2), assuming the income balance in Q2 to be the average of past two years (- US$12bn).

It would be the first time China had a current account deficit on half year basis since China started to publish quarterly data in 1998.

Why is this important? As Zhivei explains, the decline of current account surplus is a structural trend which is driven by

consumption upgrade due to a strong wealth effect from the booming property market, particularly in tier 3 cities
slower growth of exports as China loses competitiveness in labor intensive products to other low income countries. The trade tension will likely put further pressure on the current account in coming years, as China tries to promote imports to avoid trade war.

He goes on to note that while the trade war has not affected China’s current account visibly yet in H1, it will certainly reinforce the downward pressure in H2 and 2019 as pressure on exports increases, especially if Trump imposes more tariffs than are already in place (which he will). Adding to the downward pressure, China is trying to promote imports to mitigate the trade tension. As a result, “the trade surplus will likely shrink in the next few years.”

Extrapolating a few years out, DB forecasts that China’s current account balance will drop to 0.6%, 0.3% and 0% of GDP in 2018, 2019 and 2020 (2017: 1.3%).

The implications of China going from current account surplus to deficit are profound: it would mean greater reliance on foreign funding, a more open capital account, a weaker CNY and deeper and less manipulated capital markets; in a nutshell it would mean that China is becoming a new America, and the Yuan would need to increasingly be seen as a legitimate reserve currency to fund the deficit. Of course, it would also mean less “ability” to massage the Chinese economy.

And as a result of the resulting downward pressure on the currency, DB revises its USDCNY forecast to 6.95 and 7.40 by the end of 2018 and 2019. However there is a twist:

We expected RMB to weaken but the pace of depreciation has turned out to be faster than we expected. The PBoC may step in to smoothen the path of depreciation but we doubt they will intervene heavily to reverse the trend of depreciation.

Actually, judging by today’s action, they are doing everything in their power to accelerate it.

Finally, there are two more reasons why the Yuan is set to keep sliding.

First, the capital outflows seem to be picking up in June after being stable for most of H1.

Second, interest rates are once again edging lower as monetary policy has aggressively loosened in recent weeks.

Of the two, the first issue is by far more the most critical variable when it comes to China’s economy, as Eric Peters recently explained, which is why DB notes that it expects China’s capital controls to be tightened in the next few years to maintain a loose liquidity condition in China without even faster depreciation.

4. EUROPEAN AFFAIRS

As expected (but a surprise unanimous decision) the central bank of England raised its rate by 25 basis points to .75%

(courtesy zerohedge)

6 .GLOBAL ISSUES

end

7. OIL ISSUES

8. EMERGING MARKET

SOUTH AFRICA

This will be the kiss of death to South Africa which will turn into an Zimbabwe (Rhodesia). Gold production will plummet.

South Africa will now amend its constitution to allow land expropriation from the white farmers

(courtesy zerohedge)_

South Africa To Amend Constitution To Allow Land Expropriation From White Farmers

Confirming long-running speculation that South Africa is on its way to becoming just another Zimbabwe, on Tuesday the country’s president Cyril Ramaphose said the ruling African National Congress should initiate a parliamentary process to amend the constitution to allow for the expropriation of land without compensation.

Back in May, the ANC had said in May it would “test the argument” that land redistribution without compensation is permitted under current laws, a plan that would have avoided the risky strategy of trying to change the constitution. Since then the expropriation movement has only accelerated, and Ramaphosa, who also vowed previously to return the lands owned by the white farmers since the 1600s to the country’s black population after he assumed office in February this year, said on Tuesday that the ANC would introduce a constitutional amendment in parliament.

“The ANC will through the parliamentary process finalize the proposed amendment to the constitution that outlines more clearly the conditions under which expropriation of land without compensation can be effected” Ramaphosa, a prominent trade union leader and a close associate of Nelson Mandela, said in a televised address on Tuesday.

The billionaire former businessman added that “it has become pertinently clear that our people want the constitution to be more explicit” about the expropriation proposal, which is viewed by the South African white minority as forceful expulsion that can incite violence against farmers.

As Reuters notes, most land remains in white hands, making it a potent symbol of lingering inequalities 25 years on from the end of apartheid. Since white minority rule ended in 1994, the ANC has followed a “willing-seller, willing-buyer” model whereby the government buys white-owned farms for redistribution to blacks. Progress has been slow.

There have been growing fears that the planned expropriation will deal a blow to commercial farming in the country and might put it on the verge of a food production crisis, like the one that struck Zimbabwe when it unleashed a similar crackdown on white farmers in 1999-2000.

Promoting his plan to boost land redistribution in March, Ramaphosa sought to assure white citizens, who constitute roughly nine percent of the total population, that the government would handle the controversial matter through “dialog, discussion, engagement, until we find good solutions that take our country forward.”

“There is no reason for anyone of us to panic and start beating war drums,” he said at the time, noting that nothing should prevent farming activities from continuing as normal.

However, many of the Boers, descendants of Dutch settlers in South Africa, do not take the government’s promises at face value, instead seeking asylum abroad from what they say is a surge in violence and government-fueled hostility against them.

Rights groups said the initiative incites violence – there were 74 farm murders and 638 attacks, primarily against white farmers, in 2016-17 in South Africa – and while the government doesn’t dispute the figures, officials say farmers are victims of crime like just other citizens of the country gripped by violence and that they are not targeted because they are white.

Last month, a call from Australian Home Affairs Minister Peter Dutton to provide emergency visas for South Africa’s white farmers, who are reportedly facing persecution at home, sparked a diplomatic scandal, with the head of the South African opposition labeling Australia “a racist country” for granting refuge to white farmers both in the Mandela era and now.

Boers have also appealed to Russia, seeking to resettle farmers who no longer feel at home in South Africa. A delegation consisting of some 30 South African farming families arrived in Russia’s farm belt Stavropol Region last month, asking the local authorities to consider resettling up to 15,000 Boers.

Moving “is a matter of life and death” for them the head of the delegation told the media.

* * *

Meanwhile, South Africa’s economy has barely grown in recent years, with the growth outlook remaining much lower than the 5 percent annual growth government is aiming for to make a dent in near-record unemployment. Tuesday data showed that South Africa’s unemployment rate rose to 27.2% of the labor force in the second quarter from 26.7% in the first quarter.

In other words, South Africa is well on its way to converting itself into a banana republic; as such confiscating the land of the whites appears to be the logical next step.

end

VENEZUELA

A brilliant observation from Venezuela’s leader Maduro that the socialist model has failed

(courtesy zerohedge)

Venezuela’s Maduro Admits Socialist Model Has

Failed

Venezuela’s President Nicolas Maduro admitted that his socialist economic model has “failed” amid food and medicine shortages as well as a failing infrastructure highlighted by Tuesday’s power failure to 80% of Caracas.

Compounding matters is the IMF’s Weimar-topping hyperinflation forecast of 1,000,000% by year end, and a GDP set to plummet 18% this year, as the government continues to simply print money to in hopes of filling the void of what was once the country’s economy.

“The production models we’ve tried so far have failed and the responsibility is ours, mine and yours,” Maduro told his ruling PSUV party congress. “Enough with the whining… we need to produce with or without (outside) aggression, with or without blockades, we need to make Venezuela an economic power.”

“No more whining, I want solutions comrades!”

No word on whether he took a bite of an empanada during his speech while his country starves on the “Maduro diet” – a phrase coined after Venezuela’s notorious food shortages gave rise to mass starvation across the country. Not even the donkeys are safe.

Meanwhile:

Venezuela’s socialist government has nationalized a wide swath of industries across the country over the past several years, such as steel and cement plants, food processing, distribution and more. In order to try and control inflation, the country has fixed prices on various goods while imposing tight regulations surrounding foreign exchange.

“I estimate it will take about two years to reach a high level of stability and see the first symptoms of new and economic prosperity, without for one second affecting social security and protection,” added the president.

Maduro plans to increase oil production to “six million barrels a day by 2025 or before,” amid a crash in output from a high of 3.2 million barrels a day in 2008 to just 1.5 million this year, a 30-year low. Venezuela’s crude oil sales comprise approximately 96% of the country’s revenue.

The economic crisis has hit so hard that the public transport system has almost ground to a halt, with the government and local councils offering free rides in unsafe and uncomfortable pick-up trucks — branded “kennels” by users — after many bus service providers couldn’t afford to keep their vehicles on the road.

Maduro, who blames Venezuela’s woes on an “economic war” waged by the United States, called on PSUV supporters to help kick-start production and resist US “aggression.” –France24

Washington, meanwhile, has imposed financial sanctions against Maduro’s government, along with state-owned oil company PDVSA.

Meanwhile, Venezuela’s industrial sector is operating at just 30% capacity, as illustrated by the farming sector, which now provides just a quarter of national consumption, after providing 75% just a few years ago according to the National Farmers Federation.

This should all make for some interesting debate questions during the next US elections, as Democratic Socialists have become the “new face” of the left. Just don’t ask any questions about economics or logistics…

end

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

Euro/USA 1.1617 DOWN .0046/ REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems + USA election:///ITALIAN CHAOS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES ALL DEEPLY IN THE RED/GLOBAL BLOODBATH

USA/JAPAN YEN 111.45 DOWN 0.186 (Abe’s new negative interest rate (NIRP), a total DISASTER/NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL

GBP/USA 1.3108 DOWN 0.0016 (Brexit March 29/ 2017/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED

USA/CAN 1.3027 UP .0029 (CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS THURSDAY morning in Europe, the Euro FELL by 46 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1617; / Last night Shanghai composite CLOSED DOWN 56.51 POINTS OR 2.00% /Hang Sang CLOSED DOWN 626.18 POINTS OR 2.21% /AUSTRALIA CLOSED DOWN 0.54% / EUROPEAN BOURSES ALL RED

The NIKKEI: this THURSDAY morning CLOSED DOWN 234.17 POINTS OR 1.03%

Trading from Europe and Asia

1/EUROPE OPENED ALL RED/GLOBAL BLOODBATH

2/ CHINESE BOURSES / :Hang Sang DOWN 626.18 POINTS OR 2.21% /SHANGHAI CLOSED DOWN 56.51 POINTS OR 2.00%

Australia BOURSE CLOSED DOWN 0.54%

Nikkei (Japan) CLOSED DOWN 234.17 POINTS OR 1.03%

INDIA’S SENSEX IN THE RED

Gold very early morning trading: 1216.20

silver:$15.46

Early THURSDAY morning USA 10 year bond yield: 2.98% !!! DOWN 2 IN POINTS from WEDNESDAY night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%. (POLICY FED ERROR)/

The 30 yr bond yield 3.11 DOWN 2 IN BASIS POINTS from WEDNESDAY night. (POLICY FED ERROR)/

USA dollar index early THURSDAY morning: 94.91 UP 25 CENT(S) from WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing THURSDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 1.79% UP 2 in basis point(s) yield from WEDNESDAY/

JAPANESE BOND YIELD: +.13% PAR FROM YESTERDAY in basis points yield from WEDNESDAY/JAPAN losing control of its yield curve/EXTREMELY VOLATILE YESTERDAY

SPANISH 10 YR BOND YIELD: 1.460% UP 1 IN basis point yield from WEDNESDAY/

ITALIAN 10 YR BOND YIELD: 2.910 11 POINTS in basis point yield from WEDNESDAY/

the Italian 10 yr bond yield is trading 134 points HIGHER than Spain.

GERMAN 10 YR BOND YIELD:FALLS TO +.460% IN BASIS POINTS ON THE DAY

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY

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

Euro/USA 1.1617 DOWN .0047(Euro DOWN 47 Basis points/ represents to DRAGHI A COMPLETE POLICY FAILURE/

USA/Japan: 111.48 DOWN 0.160 Yen UP 16 basis points/

Great Britain/USA 1.30041 DOWN .0083( POUND DOWN 83 BASIS POINTS)

USA/Canada 1.2999 UP 1 Canadian dollar DOWN 1 Basis points AS OIL ROSE TO $68.90

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

This afternoon, the Euro was DOWN 47 to trade at 1.1617

The Yen ROSE to 111.48 for a GAIN of 16 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 LOST 83 basis points, trading at 1.3041/

The Canadian dollar LOST 1 basis points to 1.2999./ WITH WTI OIL RISING TO 68.90

The USA/Yuan closed AT 6.8428 ON SHORE

THE USA/YUAN OFFSHORE: 6.8677

the 10 yr Japanese bond yield closed at +.13% AT PAR FROM YESTERDAY

Your closing 10 yr USA bond yield UP 0 IN basis points from WEDNESDAY at 2.99 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 3.12 UP 1 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, 94.98 UP 32 CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED DOWN 76.98 POINTS OR 1.01%
German Dax :CLOSED DOWN 190.72 OR 1.50%
Paris Cac CLOSED DOWN 37.39 POINTS OR 0.68%
Spain IBEX CLOSED DOWN 101.10 POINTS OR 1.03%

Italian MIB: CLOSED DOWN 376.73 POINTS OR 1.73%

The Dow closed DOWN 7.66 POINTS OR 0.03%

NASDAQ closed UP 95.40 points or 1.24% 4.00 PM EST (MAINLY APPLE)

WTI Oil price; 68.90 1:00 pm;

Brent Oil: 73.38 1:00 EST

USA /RUSSIAN ROUBLE CROSS: 63.37 UP 42/100 ROUBLES/DOLLAR (ROUBLE LOWER BY 42 BASIS PTS)

TODAY THE GERMAN YIELD FALLS TO +.460% 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, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OIL PRICE 4:30 PM:$68.98

BRENT: $73.33

USA 10 YR BOND YIELD: 2.99%

USA 30 YR BOND YIELD: 3.12%/

EURO/USA DOLLAR CROSS: 1.1588 DOWN .0077 ( DOWN 77 BASIS POINTS)

USA/JAPANESE YEN:111.65 UP 0.012 (YEN UP 1 BASIS POINT/ .

USA DOLLAR INDEX: 95.15 UP 49 cent(s)/

The British pound at 5 pm: Great Britain Pound/USA: 1.3018 DOWN 107 POINTS FROM YESTERDAY

Canadian dollar: 1.3020 DOWN 22 BASIS pts

USA/CHINESE YUAN (CNY) : 6.8428 (ONSHORE)

USA/CHINESE YUAN(CNH): 6.8826 (OFFSHORE)

German 10 yr bond yield at 5 pm: ,0.460%

VOLATILITY INDEX: 12.22 CLOSED DOWN 0.93

LIBOR 3 MONTH DURATION: 2.348% .LIBOR RATES ARE RISING

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

TRADING IN GRAPH FORM FOR THE DAY

Tim Cook Rescues US Stocks As Trump Crushes

China, Turkey

Forget the “three comma club”…

Tim Cook’s Apple just joined the four-comma-club…

AAPL rescued the entire market – “Thank you Tim Cook!!”

Apple has never been this big relative to the S&P 500…

While we are on the subject of AAPL – the spread between AAPL Bond yields and dividend yields has never been wider…

And AAPL’s panic-buyback-bid prompted an epic liftathon in the Nasdaq (blue) at the cash open (and everything else)… Dow futs (red) manage to hold onto unchanged…Can you spot the moment the cash market opened for buyback business?

In cash markets even The Dow managed to benefit from AAPL’s surge, ramping from -240 points at the open to unch… Nasdaq Composite led the charge though…

FANG stocks managed gains today…

But remain major laggards relative to “safe haven” AAPL…

And despite its biggest quarterly loss ever, Tesla bonds and stocks soared today… (we’ve seen this pattern before)

While all eyes were on Apple’s gains, the big moves were in FX markets…

As the Turkish Lira tumbled to a new record low as threats and sanctions were exchanged…

And Trump’s tariff threats prompted another plunge in the offshore Yuan…

….And China stocks tumbled.

And European stock were ugly too…

The Dollar Index rallied, extending gains off the Fed dip…

Cryptos continued their freefall…

Treasury yields drifted lower today after two ugly days…

The yield curve steepened very modestly on the day. 10Y yields closed below 3.00%…

Global bond prices popped today – JGBs (blue), Bunds (red), USTs (gold)…

While Copper and PMs continued to drift lower (as the dollar gained), WTI popped after a Genscape report suggested Cushing inventories tumbling….

Finally, while Tim Cook won, Jeff Bezos is close behind…

end

MARKET TRADING

Seriously

a farce..

And just like that, Nasdaq’s losses were gone…

It seems the open of the US equity markets is a massively bullish ‘event’?!

Apple buybacks rescuing the world with Johnny 5…

AAPL tops $204 (remember $207.05 makes it a ONE TRILLION DOLLAR company).

And as goes Apple, so goes the world… (if only AAPL share-trading never had to close)

end

Market DATA

Another key data point which shows the uSA slowing down: core factory order growth is the slowest since February. Also durable goods revised lower

(courtesy zero hedge)

Core Factory Orders Growth Slowest Since Feb,

Durable Goods Revised Lower

While headline factory orders rose 0.7% MoM (as expected), ex-transports, it rose just 0.4% in June (admittedly the 12th monthly rise in a row). Final durable goods data was all revised lower on the month.

Durable Goods Orders final for June was revised down from +1.0% to +0.8% (but has rebounded from the 0.3% drop in May).

Capital Goods New Orders (ex-defense, ex-aircraft & parts) rose just 0.2% MoM (dramatically revised down from the preliminary 0.6% rise in June) suggesting the tax-cut-driven capex-spike was not as large as expected.

USA ECONOMIC /GENERAL STORIES

Car sales are tumbling as the big automakers slash discounts for the first time in 5 years. Just like housing affordability is the key issue

(courtesy zerohedge)

Car Sales Tumble As Automakers Slash Discounts

For The First Time In 5 Years

For years, some more skeptical analysts had been stumped by the relentless US consumer demand US for new cars, despite rising household debt levels, stagnant real wages, and concerns about record subprime exposure. Today, we may have found the dynamo that drove purchases to a plateau of between 17 and 18 million units over the past three years: pervasive dealer discounts and incentives.

Almost all major manufacturers reported a sharp drop in U.S. deliveries for July, led by a 15% plunge at Nissan Motor. The reason: for the first time in 55 months, the auto industry – perhaps due to concerns about the impact of auto tariffs – cut back spending on incentives, snapping a streak of monthly consecutive increases that began 4 1/2 years ago, according to J.D. Power.

While General Motors stopped reporting its monthly numbers earlier this year, Bloomberg reports that its sales fell 3.3% last month, the same drop as Ford.

Fiat Chrysler, which recently lost its CEO Sergio Marchionne, was the rare bright spot in July, driven largely by a surge in Jeep SUV sales fueling the Italian-American company’s 5.9% jump.

However, as we reported previously, both automakers could have used some positive headlines. GM lowered its profit expectations last week largely because of rising commodity prices, which have jumped since President Donald Trump put tariffs on steel and aluminum; meanwhile Jeep’s surprisingly weak performance in China – where subsidies for new auto purchases recently ended – was a major reason Fiat Chrysler dropped its forecasts for the year.

As a result of underwhelming numbers from Nissan, Ford and Honda (and GM), the annualized industry sales rate slowed to just 16.8 million, from 17.2 million in June, and just barely above last year’s selling rate.

Fiat shares declined 2.2%, while GM fell 2% and Ford dropped 1.4% in New York trading.

* * *

While generally expected, the drop in sales caps a rough month for the auto industry during which Detroit’s carmakers all revised their earnings guidance lower and Ford embarked on a five-year restructuring plan.

Additionally, as Bloomberg adds, the sales month “will underscore investor fears that auto sales have peaked and that, without ever-higher sales incentives to keep consumers interested, demand will continue to soften.”

“The incentives we’re seeing are more targeted,” in part because inventories are lean, said Michelle Krebs, executive analyst for Autotrader. “They’re not just slathered on.”

The auto industry’s reliance on incentives is troubling for several reasons: not only are they a profit “race to the bottom” as OEMs scramble to preserve and gain market share, but they may also indicate that without at least the impression that they are getting a good deal, many cash-strapped US consumers will be reluctant to purchase autos. Meanwhile, as the tariff picture remains murky at best, changing one day to the next depending on what Trump tweets at any given moment, auto makers will be reluctant to offer the same generous discount that drove sales for the past 5 years.

One possible explanation is that carmakers may have done their discounting early this summer and decided that enough was enough, even as July’s results show some payback for promotions that fueled a better-than-expected close to the first half, according to Bloomberg.

Not everyone agrees: “an incentive pullback is rare for this time of year”, said Mark LaNeve, head of U.S. sales for Ford, which was hurt by steep drops for the Escape crossover and Fusion sedan.

“I don’t ever remember a de-escalation from June to July, as you go into the traditional summer sell-down season,” LaNeve said on a call with analysts. “June received much more benefit than July in terms of the Fourth of July business.”

However, one clear reason for the pullback is that as a result of rising rates, it’s getting prohibitively expensive to offer incentives that are tied to loans. A series of rate hikes have pushed interest rates to levels not seen in a decade, which makes subsidized interest rates more expensive to offer.

“The summer is usually a time for manufacturers to roll out the deals and clear out the inventory,” said Edmunds analyst Jeremy Acevedo. “But interest rates are peaking right now. It’s getting more expensive to offer these deals.”

Charlie Chesbrough, senior economist for Cox Automotive, pointed out another possible issue: that while automakers are pulling back on new-vehicle incentives, there are great deals on used-car lots. Returns of vehicles that have been leased are on the rise, and that added supply gives consumers more choice of lower-priced alternatives to new models.

“There is such tremendous competition from the used-car market,” Chesbrough told Bloomberg. “We have so many off-lease vehicles coming back to market and they are cheaper than new cars.”

Finally, there is the most likely reason: US consumers, dramatic upward revisions to the personal savings rate if only on paper notwithstanding, simply can not afford the extra dollars at a time when the prices of staples and other discretionary purchases are rising sharply. This, of course, is the worst case scenario because it means that even with record auto loans outstanding, many of which have crossed into subprime territory, Americans no longer feel confident enough in their financial future to make a long-term commitment.

Which incidentally is precisely what the latest UMichigan consumer sentiment survey revealed last week, when it showed that vehicle buying conditions have collapsed to the lowest level in five years. WARD’s Automotive reported a 16.68mm US auto sales SAAR for July – the weakest July sales since 2014 and set to go notably lower based on car-buying-sentiment.

While bad news for automaker sales and profits, this is even worse news for the economy, as it confirms that the latest 4.1% GDP print is merely product of some overzealous excel jockey at the BLS who was told to goalseek a 4%+ number at any cost.

END

SWAMP STORIES

Mueller wants to ask Trump about obstruction of justice and that has zero chance of happening

(courtesy zerohedge)

Mueller Wants To Ask Trump About Obstruction

Of Justice

Amid speculation that Special Counsel Robert Mueller’s investigation is approaching its end and just hours after Trump told Jeff Sessions on Twitter to end the Mueller probe “right now“, ABC reports that the Mueller wants to ask President Donald Trump about obstruction of justice, citing sources close to the White House. ABC also notes that the president learned “within the last day” that the special counsel will limit the scope of questioning and, despite Rudy Giuliani’s vehement opposition, would like to ask questions both orally and written for the President to respond to.

The ABC sources report that the genesis of Trump’s early morning tweet storm was learning of Mueller’s request. Trump took to twitter in one of his strongest attacks against the federal probe into Russian meddling in the 2016 election, saying:

“This is a terrible situation and Attorney General Jeff Sessions should stop this Rigged Witch Hunt right now, before it continues to stain our country any further. Bob Mueller is totally conflicted, and his 17 Angry Democrats that are doing his dirty work are a disgrace to USA!”

It is unlikely that the Trump team will agree to Mueller’s request. Negotiations over the scope of a potential presidential interview with the special counsel have gone on for months, through several different iterations of the Trump legal team.

Rudy Giuliani, the President’s current lead attorney, told ABC News a week ago that his team had submitted a response to Mueller asking to limit the scope of an interview with Trump especially as it relates to obstruction of justice.

“We have a list of questions that are fairly narrowed but we are waiting on the special counsel’s response,” Giuliani said..

On Wednesday, Giuliani told reporters that he had received a response from the special counsel’s office without getting into details. “They took about 10 days and yesterday we got a letter back for them. Now we’re in the process of responding to their proposal,” Giuliani said.

Then, in an interview on CNN, Giuliani said that “they should render their report,” of the special counsel and his team, adding they should “Put up or shut up. The president has done anything wrong. They don’t have any evidence he did anything wrong.”

Giuliani also echoed White House press secretary Sarah Huckabee Sander’s Wednesday assertion that Trump did not command Attorney General Jeff Sessions to end the Mueller investigation in a widely circulated tweet. Giuliani and Sanders both said Trump was merely expressing himself in the tweet.

The President has said many times he would be willing to speak with Mueller but would await his legal teams guidance.

WE WILL SEE YOU ON FRIDAY NIGHT.

HARVEY

NUMBER OF NOTICES FILED TODAY FOR AUGUST CONTRACT:35 NOTICE(S) FOR 3500 oz

20 NOTICE(S) FILED TODAY FOR

20,000 OZ/

Bitcoin: BID $7526/OFFER $7611: DOWN $19(morning)

Bitcoin: BID/ $7583/offer $7668: DOWN $71 (CLOSING/5 PM)

First Shanghai gold fix gold: 10 pm est: $not available

Second gold fix early this morning: $not available

3. ASIAN AFFAIRS

/NORTH KOREA/SOUTH KOREA

b) REPORT ON JAPAN

3 c CHINA

4. EUROPEAN AFFAIRS

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

6 .GLOBAL ISSUES

7. OIL ISSUES

8. EMERGING MARKET

9. PHYSICAL MARKETS

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

Let us head over to the comex:

Trading Volumes on the COMEX

PRELIMINARY COMEX VOLUME FOR TODAY: 211,575 contracts

CONFIRMED COMEX VOL. FOR YESTERDAY: 229,852 contracts

INITIAL standings for AUGUST/GOLD

And now for silver

AND NOW THE AUGUST DELIVERY MONTH

AUGUST INITIAL standings/SILVER

Inventory 329.292 MILLION OZ

Major gold/silver trading /commentaries for THURSDAY

GATA asks bank regulator to check risks of gold

futures maneuver

Craig Hemke at Sprott Money: Is China hiding its

gold shorts among the speculators?

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

S&P Futures, Global Stock Tumble As Trade War

Fears Return; Yuan Plummets

3. ASIAN AFFAIRS

3 a NORTH KOREA/USA

3 b JAPAN AFFAIRS

“Too Much Risk”: Rollercoaster Session For JGBs Ends With Bizarre Central Bank Intervention

c) REPORT ON CHINA/HONG KONG

Here’s Why Trump Is Hiking Chinese Tariffs To 25%

China Is About To Report Its First Ever H1 Current Account Deficit: Why It Matters

4. EUROPEAN AFFAIRS

BOE Raises Interest Rates In Surprise Unanimous Decision

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Iran Preparing Massive Military Exercise To “Demonstrate Ability” To Block Persian Gulf: Report

Israel Threatens Military Response If ‘Iran-backed’ Houthis Block Red Sea Strait

New Iran Protests, Clashes With Police Gaining Steam After Week Of Plummeting Rial

Turkish Lira Bloodbath Continues As Erdogan Threatens Retaliation

Senators Seek “Crushing” Sanctions For Russia In New Bill

6 .GLOBAL ISSUES

7. OIL ISSUES

8. EMERGING MARKET

South Africa To Amend Constitution To Allow Land Expropriation From White Farmers

Venezuela’s Maduro Admits Socialist Model Has

Failed

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

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

Closing Price for Oil, 4:00 pm/and 10 year USA interest rate:

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

TRADING IN GRAPH FORM FOR THE DAY

Tim Cook Rescues US Stocks As Trump Crushes

China, Turkey

Seriously

Core Factory Orders Growth Slowest Since Feb,

Durable Goods Revised Lower

Car Sales Tumble As Automakers Slash Discounts

For The First Time In 5 Years

Mueller Wants To Ask Trump About Obstruction

Of Justice

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