AUGUST 28/GOLD DOWN ONLY $1.60 TO $1208.10 AT COMEX CLOSING TIME AND SILVER IS DOWN 5 CENTS BUT IN THE ACCESS MARKET, GOLD IS DOWN ANOTHER 8 DOLLARS TO 1200.00 DOLLARS PER OZ AND SILVER IS DOWN ANOTHER 16 CENTS TO $14.69 AS THE CROOKS LAUNCHED ANOTHER RAID/IRAN ANNOUNCES THAT THEY HAVE CONTROL OVER THE STRAIT OF HORMUZ: HOWEVER TRAFFIC IS NORMAL AND NO INTERRUPTIONS YET/WE NOW HAVE THE “GENESIS” OF THE PHONY RUSSIAN COLLUSION SCHEME INFILTRATING THE USA ELECTION SCHEME..A MUST READ BY SARA CARTER/

 

GOLD: $1208.10 DOWN  $1.60 (COMEX TO COMEX CLOSINGS)

Silver:   $14.84   DOWN 5 CENTS (COMEX TO COMEX CLOSING)

 

Closing access prices:

Gold $1200.95

silver: $14.72

It is interesting that the crooks have decided to start whacking after the comex options expiry.  Of course the much bigger options are the LBMA/OTC  options which expire this Friday.  So expect gold/silver volatility and whacking until at least Friday night

 

 

For comex gold:

AUGUST/

NUMBER OF NOTICES FILED TODAY FOR AUGUST CONTRACT:  1 NOTICE(S) FOR 100  oz 

TOTAL NOTICES SO FAR 2324 FOR 232400 OZ (7.2286 tonnes)

For silver:

AUGUST

0 NOTICE(S) FILED TODAY FOR

nil OZ/

Total number of notices filed so far this month: 1211 for 6,055,000 oz

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Bitcoin: BID $6906/OFFER $6992: UP  $197(morning)

Bitcoin: BID/ $7070/offer $7155: UP  $360(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: $1215.28

NY price  at the same time:$1209.35

 

PREMIUM TO NY SPOT: $5/93

XX

Second gold fix early this morning: $ 1216.47

 

 

USA gold at the exact same time:$1209.60

 

PREMIUM TO NY SPOT:  $6.07

 

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 SURPRISINGLY FELL BY A VERY CONSIDERABLE 1895 CONTRACTS FROM 237,613 DOWN TO 235,718 DESPITE YESTERDAY’S  6 CENT RISE IN SILVER PRICING AT THE COMEX. WE MUST HAVE HAD CONTINUAL BANKER AND SPECULATOR SHORT COVERING TO A HIGH DEGREE!! 

TODAY WE MOVED A LITTLE AWAY FROM LAST WEEK’S RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS.

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 6 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 VERY STRONG SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:

1881 EFP’S FOR SEPT. , 0 EFP’S FOR DECEMBER AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE: OF 1881 CONTRACTS. WITH THE TRANSFER OF 1881 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 1881 EFP CONTRACTS TRANSLATES INTO 9.51MILLION OZ AND ACCOMPANYING:

1.THE 6 CENT RISE 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  STANDING FOR DELIVERY IN JULY, AND NOW 6.065 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: 

30,761 CONTRACTS (FOR 20 TRADING DAYS TOTAL 30,761 CONTRACTS) OR 153.805 MILLION OZ: (AVERAGE PER DAY: 1538 CONTRACTS OR 7.690 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JULY:  153.805 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 21.97% 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:           1,9835.65    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 1895 DESPITE THE 6 CENT RISE IN SILVER PRICING AT THE COMEX YESTERDAY. THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 1881  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) .

TODAY WE LOST A SMALL SIZED: 14 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:

i.e 1881 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A DECREASE OF 1895  OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A SMALL 6 CENT GAIN IN PRICE OF SILVER  AND A CLOSING PRICE OF $14.89 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 6.065 MILLION OZ IN A NON ACTIVE MONTH. IT SURE LOOKS LIKE ANOTHER FAILED BANKER AND SPECULATOR SHORT COVERING EXERCISE AS THESE GUYS ARE SCRAMBLING TO COVER THEIR HUGE SHORTFALL IN SILVER.

In ounces AT THE COMEX, the OI is still represented by OVER 1 BILLION oz i.e. 1.189 MILLION OZ TO BE EXACT or 170% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT AUGUST MONTH/ THEY FILED AT THE COMEX: NOTICE(S) FOR NIL OZ OF SILVER

IN SILVER,PRIOR TO TODAY, 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.  

AND NOW WE RECORD FOR POSTERITY ANOTHER ALL TIME RECORD OPEN INTEREST AT THE COMEX OF 244,196 CONTRACTS ON AUGUST 22/2018 AND AGAIN WHEN THIS RECORD WAS SET, THE PRICE OF SILVER WAS $14.78

AND LOWER IN PRICE THAN PREVIOUS RECORDS.

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

  1. 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) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ   ) AND NOW FOR AUGUST 6.065 MILLION OZ.
  2. HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018:  244,196 CONTRACTS,  WITH A SILVER PRICE OF $14.78
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
  4. RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  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 FAIR SIZED 1108 CONTRACTS UP TO 482,348 WITH THE GAIN IN THE COMEX GOLD PRICE/YESTERDAY’S TRADING (A RISE IN PRICE OF $3.00). THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A FAIR SIZED 2507 CONTRACTS:

AUGUST HAD AN ISSUANCE OF 0 CONTRACTS, OCTOBER HAD EFP’S ISSUED AND, DECEMBER HAD AN ISSUANCE OF 2507 CONTACTS  AND  ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 482,348. 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 AN A GOOD OI GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3615 CONTRACTS:  1108 OI CONTRACTS INCREASED AT THE COMEX AND 2507 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN:  3615 CONTRACTS OR 361,500 OZ = 11.24 TONNES.  AND ALL OF THIS STRONG DEMAND OCCURRED WITH A SMALL SIZED GAIN IN THE PRICE OF GOLD/ YESTERDAY TO THE TUNE OF $3.00.

 

 

YESTERDAY, WE HAD 6616 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JUNE : 133,110 CONTRACTS OR 13,311,000 OZ OR 414.02 TONNES (20 TRADING DAYS AND THUS AVERAGING: 6655 EFP CONTRACTS PER TRADING DAY OR 665500 OZ/ TRADING DAY),,

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 20 TRADING DAYS IN  TONNES: 414.02 TONNES

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

THUS EFP TRANSFERS REPRESENTS 414.02/2550 x 100% TONNES =  16.23% OF GLOBAL ANNUAL PRODUCTION SO FAR IN JULY ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE:     5,131.71*  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 FAIR SIZED INCREASE IN OI AT THE COMEX OF 1108 WITH THE SMALL SIZED GAIN IN PRICING ($3.00 THAT GOLD UNDERTOOK YESTERDAY) // .  WE ALSO HAD A  SMALL SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 2507 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 2507 EFP CONTRACTS ISSUED, WE HAD A GOOD GAIN OF 3615 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

2507 CONTRACTS MOVE TO LONDON AND 1108 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 11.24 TONNES). ..AND THIS GOOD DEMAND OCCURRED WITH THE SMALL GAIN OF $3.00 IN YESTERDAY’S TRADING AT THE COMEX!!!.

 

 

we had: notice(s) filed upon for 10oz 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 $1.60  TODAY: / 

NO CHANGE IN GOLD INVENTORY AT THE GLD

 

 

/GLD INVENTORY   764.58 TONNES

Inventory rests tonight: 764.58 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 5  CENTS TODAY

NO CHANGE IN SILVER INVENTORY AT THE SLV

/INVENTORY RESTS AT 329.104 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 CONSIDERABLE SIZED 1881 CONTRACTS from 237.928 DOWN TO  235,718  AND MOVING A LITTLE AWAY FROM THE NEW COMEX RECORD SET LAST WEEK AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..WE MUST HAVE HAD BOTH BANKER AND HEDGE FUND SHORT COVERING OCCURRING TO A HIGH DEGREE. THE PREVIOUS RECORD WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  1 1/3 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.  AS YOU CAN SEE, WE HAVE RECORD HIGH OPEN INTERESTS IN SILVER  ACCOMPANIED BY A CONTINUAL LOWER PRICE WHEN THAT RECORD WAS SET…..

 

.

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:

 

0 EFP CONTRACTS FOR AUGUST., 1881 EFP CONTRACTS FOR SEPTEMBER, 90 CONTRACTS FOR DECEMBER AND  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1887 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 1895 CONTRACTS TO THE 1881 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A NET LOSS OF 14 OPEN INTEREST CONTRACTS.  THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES: 0.070 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 6.065 MILLION OZ FOR AUGUST... AND ALL OF THIS HUGE PHYSICAL DEMAND OCCURRED WITH A  26 CENT PRICING GAIN AT THE SILVER COMEX!!!!

 

RESULT: A CONSIDERABLE SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE SMALL 6 CENT PRICING GAIN THAT SILVER UNDERTOOK IN PRICING YESTERDAY. BUT WE ALSO HAD A  GOOD SIZED 1881 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) TUESDAY MORNING/ MONDAY NIGHT: Shanghai closed DOWN 2.92 POINTS OR 0.10%   /Hang Sang CLOSED UP 80.35 POINTS OR 0.28%/   / The Nikkei closed UP 13.83 POINTS OR 0.06%/Australia’s all ordinaires CLOSED UP 0.51%  /Chinese yuan (ONSHORE) closed UP  at 6.8036 AS POBC HALTS ITS HUGE DEVALUATION  /DELEGATION COMING TO THE USA TO SEE TRUMP IN NOVEMBER/Oil UP to 68.97 dollars per barrel for WTI and 75.63 for Brent. Stocks in Europe OPENED  IN THE GREEN //.  ONSHORE YUAN CLOSED  UP AT 6.8036 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7926: HUGE DEVALUATION/PAST SEVERAL DAYS STOPS// TRADE TALKS NOT DOING TOO GOOD   : /ONSHORE YUAN TRADING STRONGER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING MUCH STRONGER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW A FULL TRADE WAR COMMENCED

 

 

 

 

 

/NORTH KOREA/SOUTH KOREA

i)North Korea/South Korea/USA/

 

 

 

b) REPORT ON JAPAN

 

3 c CHINA

 

 

 

4. EUROPEAN AFFAIRS

i)Seems that the Germans and the French may provide limited help to Turkey if they become desperate as this is to prevent a full blown economic crisis

( zerohedge)

ii)Czech PM now calls for all illegal immigrants to stop entering Europe

( zerohedge)

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Although it seems that passage through the Straits of Hormuz is normal, the Iranians have claimed that they control the key oil passageway.  If they block the Strait, this would be an act of War

(courtesy zerohedge)

 

6 .GLOBAL ISSUES

i)I guess we should not have expected anything more from Prime Minister Trudeau:  Mexico just stabbed Canada in the back

( zerohedge)

ii)As we have indicated to you, global demand has been slowing down this past quarter.  We now are witnessing global car sales tumble due to this slower demand and of course the trade wars
( zerohedge)

7. OIL ISSUES

The goal: can the USA bring Iranian oil exports to zero? Probably not but major countries are cutting back and iran will try and retaliate:  how;  by cutting of the Strait of Hormuz  (see above)

(courtesy Gregory Brew/OilPrice.com)

8. EMERGING MARKET

 

SOUTH AFRICA

 

I can assure you that nobody will hand in their weapons as land confiscations run supreme across the land

(courtesy Jose Nino/via GunPowderMagazine.com)

9. PHYSICAL MARKETS

Steve Hanke who has promoted the use of currency boards for quite some time believes that Iran Russia and Turkey could use these boards to issue gold backed currency which would stop their precipitous falling

( Steve Hanke)

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

 

i)Market trading /GOLD/MARKET MOVERS:

MARKET TRADING

 

ii)Market data

a)Another ominous sign:  the advance goods trade deficit surges to over 72 billion dollars on expectations of 69 billion dollars.  No doubt it was the spike in the USA dollar as Powell raised interest rates which in turn caused the dollar to rise.  This is generally what you would expect when the dollar rises

( zerohedge)

 

b)This should be a good start for Q 3 GDP as inventories surge.

( zerohedge)

 

c)In the uSA we are now witnessing all levels of housing data disappointments: first home sales, then mortgage apps, then starts and now home prices.

It sure seems that the USA economy turned on a dime.

( zerohedge)

iii)USA ECONOMIC/GENERAL STORIES

I guess people would rather get their news from the internet.  Pittsburg, becomes the largest city without a daily print newspaper
( zerohedge)

iv)SWAMP STORIES

a)Not good:  the GOP has received a copy of what the Democrats are intent on doing if they get control of the House.  It does not look pretty for Trump  et al

(courtesy zerohedge)

b)Lanny Davis admits that he is the source for the CNN Trump story and then he tells CNN that the story is not true

( zerohedge)

c)This is a most important read for those of you who are following the swamp stories. We now have the “genesis” of Russian collusion.  It was started by the Democrats with the hiring of Stefan Halper who had huge connections with Russian oligarchs.  He infiltrated the Trump camp i.e. Carter Page and George Papadopoulos and used these connections to start the Russian collusion narrative as if it was the Trump team that infiltrated the Russian connections to aid in the election of Trump

(king report/Sara Carter)

d)Interesting:  Mueller might not be able to publish the Trump-Russia report to congress thanks to a 50 yr old murder case

( zerohedge)

e)Mark Meadows learns of new information which suggests that the FBI and the Dept of Justice leaked to press old articles to obtain a fresh FISA warrant

( zerohedge)

f)The Daily Caller now confirms that it was China that obtained all of Clinton’s email on her private at home computer.

( zerohedge)

Let us head over to the comex:

 

The total gold comex open interest ROSE BY A SMALL SIZED 1108 CONTRACTS UP to an OI level 482,348 WITH THE RISE IN THE PRICE OF GOLD ($3.00 GAIN/ 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 SMALL SIZED COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 2507 EFP CONTRACTS WERE ISSUED:

OCTOBER: 0 EFP’S AND DECEMBER:  2507 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  2507 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  3615 TOTAL CONTRACTS IN THAT 2507 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED 1108 COMEX CONTRACTS.

NET GAIN ON THE TWO EXCHANGES:  3615 contracts OR 361,500  OZ OR 11.24 TONNES.

Result: A GOOD SIZED INCREASE IN COMEX OPEN INTEREST DESPITE THE CONSIDERABLE RISE IN PRICE/ YESTERDAY (ENDING UP WITH THE GAIN IN PRICE OF $3.00)THE  TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES:  3615 OI CONTRACTS..

We are now in the active contract month of AUGUST. For the August contract month, we lost 27 contracts to stand at 113 contracts. The number of notices filed for yesterday was 27 contracts so we lost 0 contacts or an additional NIL oz will stand at the comex as these investors refused to morph into London based forwards and receive a fiat bonus for their efforts.

 

 

AFTER AUGUST, SEPTEMBER LOST 243 CONTRACTS AND THUS FALLS TO  1333 CONTRACTS.

THE NEXT ACTIVE DELIVERY MONTH IS  OCTOBER AND HERE THE OI LOST ONLY 294 CONTRACTS DOWN TO 55,733 CONTRACTS. DECEMBER SAW ITS OPEN INTEREST RISE BY 1655 CONTRACTS UP TO 366,042.

WE HAD 1 NOTICES FILED AT THE COMEX FOR 100 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.

FOR THE UPCOMING SEPT GOLD CONTRACT MONTH;

ON AUGUST 28.2017: (3 MORE READING DAYS BEFORE FIRST DAY NOTICE) 1167 CONTRACTS WERE OPEN FOR THE UPCOMING SEPT CONTRACT VS TODAY, AUG. 28.2018: (3 MORE READING DAYS) 1333

FOR COMEX SEPT  FIRST DAY NOTICE GOLD STANDING:  80,700 OZ OR 2.696 TONNES.

BY THE END OF SEPTEMBER:  57,700 OZ OR 1.797 TONNES FINALLY STOOD AS THE OTHERS MORPHED INTO LONDON BASED FORWARDS.

 

 

Trading Volumes on the COMEX

PRELIMINARY COMEX VOLUME FOR TODAY: 252,872  contracts

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  214,765 contracts

 

 

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And now for the wild silver comex results.

Total silver OI FELL BY A CONSIDERABLE SIZED 1895 CONTRACTS FROM 237,613 DOWN TO 235,718 (AND A LITTLE FURTHER FROM THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018.  (THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S OI COMEX LOSS OCCURRED DESPITE A 6 CENT GAIN IN PRICING.AS WE MUST HAVE HAD CONSIDERABLE BANKER AND HEDGE FUND SHORT COVERING

WE ARE NOW INTO THE NON – ACTIVE DELIVERY MONTH OF AUGUST, WE WERE  INFORMED THAT WE HAD A GOOD SIZED 1881 EFP CONTRACTS: FOR AUGUST: 0 EFP CONTRACTS, FOR SEPT:  1881 CONTRACTS  AND FOR DECEMBER: 0 CONTRACTS 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: 1881.  ON A NET BASIS WE LOST 14 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED 1895 CONTRACT LOSS AT THE COMEX COMBINING WITH THE ADDITION OF 1881 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET LOSS ON THE TWO EXCHANGES:  14 CONTRACTS.

 

.

FOR THE FRONT MONTH OF AUGUST WE HAD A NET LOSS OF 33 CONTRACTS FALLING TO 2 CONTRACTS. WE HAD 33 NOTICES FILED YESTERDAY SO WE GAINED 0  CONTRACTS STANDING OR AN ADDITIONAL NIL OZ WILL STAND AT THE COMEX AS THESE GUYS AGAIN 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 LITTLE QUEUE JUMPING AT THE GOLD COMEX FOR THE SIMPLE REASON THAT THERE IS HARDLY ANY GOLD THERE.

 

 

 

The next active delivery month after August for silver is September and here the OI FELL by 10,763 contracts DOWN to 50,651.  October PICKED UP 101 contracts to stand at 574

After October, the next big delivery month is December and here the OI rose by 8,722 contracts up to 163,862 contracts.

We had notice(s) filed for NIL 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.

 

AND NOW FOR THE ACTIVE SEPTEMBER SILVER CONTRACT AND COMPARISON TO LAST YR:

 

AUGUST 28.2017:(3 MORE READING DAYS) 57,700 OPEN INTEREST CONTACTS STILL OPEN FOR THE UPCOMING SEPT ACTIVE CONTRACT MONTH VS TODAY AUG 28.2018:(3 MORE READING DAYS)  50,651 CONTRACTS.

 

ON FIRST DAY NOTICE FOR THE SEPT/2017 SILVER CONTRACT MONTH:  20.515 MILLION OZ STOOD FOR DELIVERY AND BY MONTH’S END:  A HUGE 32.875 MILLION OZ WAS THE FINAL STANDING AS WE WERE WELL INTO THE PHENOMENON OF QUEUE JUMPING IN SILVER

 

 

 

 

 

 

 

INITIAL standings for AUGUST/GOLD

AUGUST 28-/2018.

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
nil
Deposits to the Dealer Inventory in oz NIL oz
Deposits to the Customer Inventory, in oz  

nil

oz

 

 

No of oz served (contracts) today
1 notice(s)
 100 OZ
No of oz to be served (notices)
112 contracts
(11,200 oz)
Total monthly oz gold served (contracts) so far this month
2324 notices
232,400 OZ
7.2288 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

today we have no pulse at  the comex and as usual 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 1 kilobar transaction/
We had 0 inventory movement at the dealer accounts
total inventory deposit into the dealer accounts:  NIL  oz
total inventory withdrawals out of dealer accounts; nil oz
we had 0 withdrawals out of the customer account:
total customer withdrawals:  nil oz
we had 0 customer deposit
total customer deposits: nil oz
we had 0 adjustment

For AUGUST/2018:

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 1 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 1 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 (2324) x 100 oz or 232,400 oz, to which we add the difference between the open interest for the front month of AUGUST. (113 contracts) minus the number of notices served upon today (1 x 100 oz per contract) equals 243,600 OZ OR 7.576 TONNES) the number of ounces standing in this non active month of AUGUST

 

Thus the INITIAL standings for gold for the AUGUST/2018 contract month:

No of notices served (2324 x 100 oz)  + {(113)OI for the front month minus the number of notices served upon today (1 x 100 oz )which equals 243,600 oz standing OR 7.576 TONNES in this  active delivery month of AUGUST.

WE LOST 0 COMEX CONTRACTS OR AN ADDITIONAL NIL OZ WILL  STAND AS THESE GUYS REFUSED INTO LONDON BASED FORWARDS AND RECEIVED A FIAT BONUS FOR THEIR EFFORTS.

 

 

 

 

 

THERE ARE ONLY 8.793 TONNES OF REGISTERED COMEX GOLD AVAILABLE FOR DELIVERY AGAINST 7.576 TONNES STANDING FOR AUGUST  

 

 

 

total registered or dealer gold:  282,724.026 oz or   8.793 tonnes
total registered and eligible (customer) gold;   8,432,741.736 oz 262.29 tonnes

IN THE LAST 24 MONTHS 93 NET TONNES HAS LEFT THE COMEX.

end

And now for silver

AND NOW THE AUGUST DELIVERY MONTH

AUGUST INITIAL standings/SILVER

AUGUST 28/ 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
 nil oz

 

 

Deposits to the Dealer Inventory
NIL
oz
Deposits to the Customer Inventory
1,200,075.396 oz
CNT
No of oz served today (contracts)
0
CONTRACT(S)
(NIL OZ)
No of oz to be served (notices)
2 contracts
(10,000 oz)
Total monthly oz silver served (contracts) 1211 contracts

(6,055,000 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 1 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 145.4 million oz of  total silver inventory or 50.8% of all official comex silver. (145 million/286 million)

 

 

ii) Into CNT:  1,200,075.396 oz

 

 

 

 

 

total customer deposits today: 1,200,075.396 oz

we had  0 withdrawals from the customer account;

 

 

 

 

 

total withdrawals: nil oz

we had 1  adjustment

i) Out of Brinks:

15,106.890 oz was adjusted out the customer account and this landed into the dealer account

 

 

 

 

 

 

 

total dealer silver:  83.597 million

total dealer + customer silver:  292.224 million oz

The total number of notices filed today for the AUGUST. contract month is represented by 0 contract(s) FOR NIL 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 1211 x 5,000 oz = 6.055,000 oz to which we add the difference between the open interest for the front month of AUGUST. (2) and the number of notices served upon today (0 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the AUGUST/2018 contract month: 1211(notices served so far)x 5000 oz + OI for front month of AUGUST(2) -number of notices served upon today (0)x 5000 oz equals 6,065,000 oz of silver standing for the AUGUST contract month

WE GAINED 0 CONTRACTS OR AN ADDITIONAL NIL OZ WILL STAND FOR DELIVERY AT THE COMEX AS THESE GUYS REFUSED TO MORPH INTO A LONDON BASED FORWARDS

 

 

 

 

 

 

 

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ESTIMATED VOLUME FOR TODAY:  107,624 CONTRACTS  criminal 

 

 

CONFIRMED VOLUME FOR YESTERDAY: 143,337 CONTRACTS..criminal  

 

YESTERDAY’S CONFIRMED VOLUME OF 143,337 CONTRACTS EQUATES TO 716 million OZ  OR 102.4.% 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 -3/94% (AUGUST 28/2018)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -1.26% to NAV (AUGUST 28/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -3.94%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

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

NAV 12.28/TRADING 11.84/DISCOUNT 3.57.

END

And now the Gold inventory at the GLD/

AUGUST 28/WITH GOLD DOWN $1.60: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 764.58 TONNES

AUGUST 27/WITH GOLD UP ANOTHER $3.00: ANOTHER SURPRISE WITHDRAWAL OF 2.65 TONNES FROM THE GLD/SHAREHOLDERS OF GLD ARE DUMB OWING THIS CRAP/INVENTORY RESTS AT 764.58 TONNES

AUGUST 24/WITH GOLD UP $18.65 TODAY/A SURPRISE WITHDRAWAL OF 1.53 TONNES FROM THE GLD/INVENTORY RESTS AT 767.23 TONNES

AUGUST 23/WITH GOLD DOWN $9.20: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 768.70 TONNES

AUGUST 22/WITH GOLD UP $3.45: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTSAT 768.70 TONNES

AUGUST 21: WITH GOLD UP $5.75/A  BIG CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.54 TONNES/INVENTORY RESTS AT 768.70 TONNES

AUGUST 20/WITH GOLD UP $10.20./ANOTHER HUGE WITHDRAWAL OF 1.17 TONNES FROM THE GLD/INVENTORY RESTS AT 772.24 TONNES

 

AUGUST 17/WITH GOLD UP 20 CENTS: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 773.41 TONNES

AUGUST 16/LATE LAST NIGHT, WITH GOLD DOWN $1.05: THE CROOKS RAIDED THE COOKIE JAR ONCE AGAIN: THIS TIME BY 2.06 TONNES/INVENTORY RESTS AT 774.59 TONNES, AND THEN JUST NOW ANOTHER 1.18 TONNES OF GOLD WITHDRAWN TO LEAVE THE INVENTORY LEVEL OF 773.41 TONNES/

AUGUST 15/WITH GOLD DOWN $15.15/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 776.65 TONNES

AUGUST 14/WITH GOLD DOWN $0.45, A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 9.43 TONNES//INVENTORY RESTS AT 776.65 TONNES

AUGUST 13/with gold down $18.00: no changes in gold inventory at the crooked GLD/inventory rests at 786.08 tonnes

AUGUST 10/WITH GOLD DOWN 55 CENTS: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 786.08 TONNES

AUGUST 9/WITH GOLD DOWN BY 70 CENTS, OUR BANKERS AGAIN RAIDED THE GOLD COOKIE JAR TO THE TUNE OF 1.45 TONNES AND THUS THE INVENTORY RESTS AT 786.08 TONNES.ANYBODY HOLDING GOLD AT THE COMEX MUST REMOVE THEIR GOLD IMMEDIATELY AND PLACE IT IN A PRIVATE NON BANK  OR CALL ANDREW MAGUIRE AT KINESIS

AUGUST 8/WITH GOLD UP ANOTHER $2.75, OUR BANKERS MUST BE DESPERATE AS THEY RAIDED THE GOLD COOKIE JAR AGAIN TO THE TUNE OF 1.18 TONNES/INVENTORY RESTS TONIGHT AT 788.71 TONNES. ANYBODY WHO KEEPS HIS GOLD AT THE COMEX IS VERY FOOLISH..ALL GOLD AT THE COMEX IS UNALLOCATED.

AUGUST 7/WITH GOLD UP 0.75 TODAY/ANOTHER GIGANTIC WITHDRAWAL OF 6.04 TONNES AND THIS GOLD WAS TO BE USED IN AN ATTEMPTED RAID TODAY AND FAILED/INVENTORY RESTS AT 788.71 TONNES

AUGUST 6/WITH GOLD DOWN $5.30 TODAY: ANOTHER WITHDRAWAL OF 2.06 TONNES AND THIS GOLD WAS USED IN THE RAID TODAY/GLD INVENTORY RESTS TODAY AT 794.90 TONNES

AUGUST 3/WITH GOLD UP $3.10/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 796.96 TONNES

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

 

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AUGUST 28/2018/ Inventory rests tonight at 764.58 tonnes

*IN LAST 444 TRADING DAYS: 166.43 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 344 TRADING DAYS: A NET 9.89 TONNES HAVE NOW BEEN REMOVED FROM GLD INVENTORY.

 

end

 

Now the SLV Inventory/

AUGUST 28/WITH SILVER DOWN 5 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 329.104 MILLION OZ/

AUGUST 27/WITH SILVERUP 6 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 329.104 MILLION OZ/

AUGUST 24./WITH SILVER UP 26 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 329.104 MILLION OZ/

AUGUST 23/WITH SILVER DOWN 20 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 329.104 MILLION OZ/

AUGUST 22/WITH SILVER DOWN 1 CENT/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 329.104 MILLION OZ/

AUGUST 21/WITH SILVER UP 2 CENTS: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 329.104 MILLION OZ/

AUGUST 20/WITH SILVER UP 6 CENTS: NO CHANGE IN SILVER INVENTORY AT THE SLV/.INVENTORY RESTS AT 329.104 MILLION OZ.

AUGUST 17/WITH SILVER DOWN 4 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 329.104 MILLION OZ

AUGUST 16/WITH SILVER UP 14 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV” A DEPOSIT OF 1.881 MILLION OZ//INVENTORY RESTS AT 329.104 MILLION OZ/

AUGUST 15/WITH SILVER DOWN 56 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 327.223 MILLION OZ/

AUGUST 14/WITH SILVER UP 6 CENTS TODAY/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 327.223 MILLION OZ

AUGUST 13./with silver down 31 cents today: no changes in silver inventory/inventory rests at 327.223 million oz/

AUGUST 10/WITH SILVER DOWN 15 CENTS: A BIG CHANGE IN SILVER INVENTOR: A WITHDRAWAL OF 1.222 MILLION OZ  FROM THE SLV INVENTORY /INVENTORY RESTS AT 327.223 MILLION OZ/

AUGUST 9/WITH SILVER UP 3 CENTS TODAY:NO CHANGE IN SILVER INVENTORY /INVENTORY RESTS AT 328.445 MILLION OZ/

AUGUST 8/WITH SILVER UP 5 CENTS TODAY: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 328.445 MILLION OZ

AUGUST 7/WITH SILVER UP 3 CENTS, A RAID OF 1.78 MILLION OZ (A WITHDRAWAL) AT THE SLV.INVENTORY RESTS AT 328.445 MILLION OZ/

AUGUST 6/WITH SILVER DOWN 11 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.034 MILLION OZ INTO THE SLV INVENTORY/INVENTORY RESTS AT 330.326 MILLION OZ/

AUGUST 3/WITH SILVER UP 7 CENTS TODAY/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 329.292 MILLION OZ/.

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/

 

 

 

AUGUST 28/2018:

Inventory 329.104 MILLION OZ

 

6 Month MM GOFO 1.92/ and libor 6 month duration 2.52

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

G0FO+ 1.92

 

libor 2.52 FOR 6 MONTHS/

GOLD LENDING RATE: .60%

XXXXXXXX

12 Month MM GOFO
+ 2.40%

LIBOR FOR 12 MONTH DURATION: 2.82

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.42

end

 

 

Major gold/silver trading /commentaries for TUESDAY

GOLDCORE/BLOG/MARK O’BYRNE.

This is huge:  Russia buys 24 tonnes of gold in July. They mine about 20 tonnes so they took in 4 tonnes from the west

 

10 Incredible Photos From Venezuela Show The Severe Risks Of Currency Devaluation

– Paper currency in Venezuela is now worth less than toilet paper
– Incredible Reuters photos highlight the disaster that can become of fiat (both paper & digital) currency devaluations
– 2,600,000 paper or electronic bolivars for one roll of toilet paper

– 14,000,000 bolivars for one chicken highlights the disastrous decline in the standard of living in the socialist dictatorship
– One gold coin (1 ounce) could buy over 1,200 chickens or a small chicken farm producing poultry and eggs
– Economists including the IMF are predicting that Venezuela’s inflation rate could exceed 1,000,000% this year
– Huge amounts of currency to buy basic food supplies and necessities such as toilet paper and babies nappies
– Venezuelans who own livestock, food, farms, land, bitcoin and hard assets such as gold and silver have protected their standard of living in the hyperinflation

 

A roll of toilet paper next to 5,000,000 bolivars which is its price today: The equivalent of less than 1/1,200th an ounce of gold bullion with gold trading at just over $1,200/oz today. Image source: Reuters

 

A kilogram of tomatoes next to 5,000,000 bolivars, its price today. One ounce of gold in coin or bar format could buy 1,200 kilos of tomatoes. Image source: Reuters

 

A chicken next to 14,600,000 bolivars, its price today. One gold coin or gold bar (1 ounce) could buy over 1,200 chickens or a small chicken farm producing poultry and eggs. Image source: Reuters

Pictures: Carlos Garcia Rawlins. Source: 10 Must See Photos from Reuters The Wider Image


Editors Note: The lesson of history, especially the history of currency and money, is that we never learn from history. With currency devaluations being seen throughout the world today, we are repeating that errors of the past. Fail to prepare, prepare to fail.

 

 


Market Updates and News This Week

Russia Buys 800,000 Ounces Of Gold In July

Bears Pile Into Gold – Exactly The Wrong Time?

Banks Now Long Gold, Short Dollar. What Do They Know?

Chinese, Asian and European ETF Investors Buy Gold As US Sells

Gold Gains on Bargain Hunting; U.S.-China Trade Talks In Focus

It’s Time for Contrarians to Get Bullish on Gold

 

Charts This Week

Source: Bloomberg

 

Source: ZeroHedge

 

Source: Bloomberg

 

News and Commentary

Gold prices edge up as Fed chair’s speech weighs on US dollar (Reuters.com)

Hedge Funds Kept Betting Against Gold Even as Prices Began Rally (Bloomberg.com)

Mexico, U.S. likely ‘hours’ away from agreement on NAFTA: minister (Reuters.com)

Gold traders see price floor amid rising open-interest in options (Reuters.com)

Gold falls 12% during the last four months; but may bounce back later this year (ScrapRegister.com)


Source: SRSRocco

Gold and Silver Setup Today vs. 2008 Means Breakout Coming (SRSRoccoReport.com)

Revolution and major economic pain coming but we have a prosperous economic future – Mauldin (MauldinEconomics.com)

Another inflation gauge is set to enter the red zone, but no worries at the Fed (MarketWatch.com)

Russia is buying lots of gold to shield it from sanctions (CNN.com)

CNN Video: Russian banker Andrey Kostin responds to sanctions (CNN.com)

 

Listen on SoundCloud , Blubrry & iTunesWatch on YouTube below


Gold Prices (LBMA AM)

24 Aug: USD 1,189.95, GBP 928.76 & EUR 1,029.43 per ounce
23 Aug: USD 1,187.30, GBP 923.24 & EUR 1,027.61 per ounce
22 Aug: USD 1,196.85, GBP 928.25 & EUR 1,032.88 per ounce
21 Aug: USD 1,194.10, GBP 931.28 & EUR 1,036.12 per ounce
20 Aug: USD 1,188.75, GBP 933.29 & EUR 1,042.41 per ounce
17 Aug: USD 1,176.70, GBP 925.59 & EUR 1,032.79 per ounce

Silver Prices (LBMA)

24 Aug: USD 14.62, GBP 11.37 & EUR 12.63 per ounce
23 Aug: USD 14.63, GBP 11.34 & EUR 12.62 per ounce
22 Aug: USD 14.81, GBP 11.49 & EUR 12.77 per ounce
21 Aug: USD 14.78, GBP 11.52 & EUR 12.83 per ounce
20 Aug: USD 14.76, GBP 11.57 & EUR 12.93 per ounce
17 Aug: USD 14.66, GBP 11.54 & EUR 12.87 per ounce


Recent Market Updates

– This Week’s Golden Nuggets
– Video: Is Silver Set for a Massive Breakout?
– Banks Now Long Gold, Short Dollar. What Do They Know?
– Russia Buys 800,000 Ounces Of Gold In July
– Gold Season – Is This It?
– This Week’s Golden Nuggets
– Gold And Silver Prices Fall 1.6% and 4.3% To Near 2 Year Lows
– London House Prices Fall At Fastest Annual Rate Since Height Of Financial Crisis
– Jim Rogers on Gold, Silver, Bitcoin and Blockchain’s “Spectacular Future”
– This Week’s Golden Nuggets
– The Stock Market is Stretched to Double Tech-Bubble Extremes
– Jim Rogers and the World’s New Reserve Currency
– Gold—Even at its Lowest Levels in 2018—is Behaving Just as Prescribed

Mark O’Byrne
Executive Director

End Of Dollar Hegemony May Happen Soon and Badly Impact Indebted America

 

– Trump’s America waging economic warfare against most of the world and 2 billion people with a combined GDP of more than $15 trillion
– Targeted nations include China, Russia, Iran, Venezuela, Pakistan, Turkey, Cuba, Sudan, Zimbabwe, Myanmar, the Democratic Republic of Congo, North Korea and others…
– “Bull markets eventually come to an end and with a national debt of $21 trillion and growing at a rate of a trillion dollars a year, the awakening could be ruder and sooner than most economists predict”

via CNBC

The United States is currently waging economic warfare against one tenth of the world’s countries with cumulative population of nearly 2 billion people and combined gross domestic product (GDP) of more than $15 trillion.

These include Russia, Iran, Venezuela, Cuba, Sudan, Zimbabwe, Myanmar, the Democratic Republic of Congo, North Korea and others on which Washington has imposed sanctions over the years, but also countries like China, Pakistan and Turkey which are not under full sanctions but rather targets of other punitive economic measures.

In addition, thousands of individuals from scores of countries are included in the Treasury Department’s list of Specially Designated Nationals who are effectively blocked from the U.S.-dominated global financial system. Many of those designated are either part of or closely linked to their countries’ leadership.

From a U.S. perspective, each one of the economic entities is targeted for a good reason be it human rights violations, terrorism, crime, nuclear trade, corruption or in the case of China, unfair trade practices and intellectual property theft.

But in recent months it seems that America’s unwavering commitment to fight all of the world’s scourges has brought all those governments and the wealthy individuals who support them to a critical mass, joining forces to create a parallel financial system which would be out of reach of America’s long arm. Should they succeed, the impact on America’s global posture would be transformational.

America’s global supremacy has been made possible not only thanks to its military power and its alliance system but also due to its control over the plumbing of global finance and particularly the broad acceptance of the dollar as the world’s reserve currency. The unique status of the U.S. currency has anchored the global financial system since World War II.

Any transaction done in U.S. dollars or using a U.S. bank automatically brings the trading parties under American legal jurisdiction. When the U.S. decides to impose unilateral sanctions, as in the case of Iran, it essentially tells the world’s governments, corporations and individuals they must choose between halting business with the sanctioned country or be shut off from the world’s number one economy. This is a powerful stick.

Not many companies or banks can afford to give up on the U.S. market or be denied access to U.S. financial institutions.

Revisionist countries that wish to challenge the U.S.-led system see this as an affront to their economic sovereignty. Which is why both Russia and China have developed their own versions of the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the global network that allows cross-border financial transactions among thousands of banks. Both countries are also urging their trading partners to ditch the dollar in their bilateral trade in favor of indigenous currencies.

The remainder of the report on CNBC here

 


Market Updates and News This Week

Russia Buys 800,000 Ounces Of Gold In July

Bears Pile Into Gold – Exactly The Wrong Time?

Banks Now Long Gold, Short Dollar. What Do They Know?

Chinese, Asian and European ETF Investors Buy Gold As US Sells

Gold Gains on Bargain Hunting; U.S.-China Trade Talks In Focus

It’s Time for Contrarians to Get Bullish on Gold

 
 

 

end
 
 
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.

Kind Regards,

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

 

The following is self explanatory

(courtesy GATA/Chris Powell and Harvey Organ)

GATA asks bank regulator to check risks of gold

futures maneuver

 Section: 

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

Finally, they replied and it was a complete brush off

(courtesy zerohedge)

Currency comptroller brushes off GATA’s inquiry on

gold, silver EFPs

 Section: 

11:35a ET Friday, August 10, 2018

Dear Friend of GATA and Gold:

The U.S. comptroller of the currency, a bank regulator, has declined GATA’s request to inquire into the strange explosion of the use of the emergency procedure of “exchange for physicals” in the settlement by banks of the gold and silver futures contracts they have sold on the New York Commodities Exchange.

Your secretary/treasurer and GATA’s consultant about the Comex, Harvey Organ, wrote to the comptroller, James M. Otting, on May 5, calling attention to the recent enormous use of EFPs, which implies derivatives risks being undertaken by U.S. banks that could cause the banks to fail:

http://www.gata.org/node/18303

“Our concern is that your office may not be aware of large unreported derivative exposure by banks,” GATA wrote.

As months passed without any acknowledgment from the comptroller’s office, your secretary/treasurer appealed to his U.S. representative, John B. Larson, D-Connecticut, to ask the comptroller’s office to reply. The congressman’s office made a second inquiry on Monday this week and today the comptroller’s office provided Larson with a copy of a reply written and mailed Wednesday.

The comptroller’s reply, signed by the deputy comptroller for public affairs, Bryan Hubbard, said only that the comptroller’s office has “dedicated examiners” at the largest banks who “continuously evaluate the credit, market, operational, reputation, and compliance risks of bank trading and derivative activities.”

The reply did not say anything about the use of the “exchange for physicals” procedure for settling futures contracts. That is, the reply was a begrudged brushoff and GATA’s letter would have been ignored completely if not for Representative Larson’s repeated intervention.

Of course GATA hardly expected a conscientious reply to its letter, the comptroller’s office being not an independent regulator but part of the Treasury Department, whose mandate includes administration of the Gold Reserve Act of 1934, which, as amended in the 1970s, authorizes the department’s Exchange Stabilization Fund to secretly intervene in and rig any market in the world, directly or through intermediaries:

https://www.treasury.gov/resource-center/international/ESF/Pages/esf-ind…

But there’s always value in demonstrating government’s lack of candor about what it is doing, especially in regard to the monetary metals.

A PDF copy of the reply from the comptroller’s office is posted at GATA’s internet site here:

http://www.gata.org/files/ComptrollerOfCurrencyReply-08-08-2018.pdf

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

END

Steve Hanke who has promoted the use of currency boards for quite some time believes that Iran Russia and Turkey could use these boards to issue gold backed currency which would stop their precipitous falling

(courtesy Steve Hanke)

 

A Gold Bloc For Iran, Russia, And Turkey…Oh My!

Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke.

 

How will Iran, Russia, and Turkey react to the plethora of financial sanctions being placed on them by the United States? Well, they will do what anyone being beaten with a stick would do: they will try to escape.

An escape is always available. That is one reason why sanctions are weapons used only by losers. Indeed, the escape has been dubbed, by my good friend, mentor, and Nobelist Robert “Bob” Mundell, as the “Afghan Effect.”  Following the Soviet Invasion of Afghanistan, the United States imposed a grain embargo on the Soviets in January 1980. With that, American farmers were prohibited from selling grain to the Soviets who had a huge grain deficit. President Jimmy Carter, on the ill-conceived advice of his National Security Advisor Zbigniew Brzezinski, weaponized grain.

In response, the Soviets looked for an escape. They found one in Argentina. Indeed, the Argentines were delighted to cut a deal with the Soviets. The Argentine farmers sold large quantities of grain, the Soviets obtained a good price, and American farmers were left out to dry. The icing on the cake (read: Bob Mundell’s Afghan Effect) was the fact that the Argentine military junta was handed an enormous benefit on a silver platter.

This brings me to today’s favorite weapon of war: financial sanctions. With each passing day, the U.S. Treasury rolls out, or threatens to roll out, more sanctions. We all know about the sanctions that cover Iran like a wet blanket. We also recently witnessed the imposition of sanctions on Turkey, where the pretense for imposing them was a U.S. pastor who was allegedly not tending his Turkish flock properly. When it comes to Russia, new U.S. sanctions are an almost daily affair.

The weight of sanctions has clearly created great difficulties for the Iranian rial, Russian ruble, and Turkish lira. Indeed, even in the best of times, these are all half-baked currencies with long troubled histories. They are all vulnerable to sanctions. Indeed, their vulnerability should be viewed as threats to national security.

So, how can Iran, Russia, and Turkey escape the sanctions stick? They could make their currencies as good as gold. This would provide an attractive escape. Gold is already an international currency that holds its purchasing power over time. It is also a currency that is not issued by a sovereign. So, it has no political baggage to carry. In addition, gold is already widely revered and used in Iran, Russia, and Turkey.

In 1997, Bob Mundell predicted that “Gold will be part of the structure of the international monetary system in the twenty-first century.” As has often been the case, Mundell’s prediction might just be prescient. Indeed, Iran, Russia, and Turkey could, and just might, make Mundell’s prediction a reality. One foolproof way to do that is via gold-based currency boards. Currency boards have existed in more than 70 countries, and a number are in operation today. Countries with such monetary institutions have experienced more fiscal discipline, superior price stability, and higher growth rates than comparable countries with central banks.

A currency board is a monetary institution that only issues notes and coins. These monetary liabilities are freely convertible into a reserve currency (also called the anchor currency) at a fixed rate on demand. The reserve currency is a convertible foreign currency or a commodity chosen for its expected stability. For reserves, such a currency board holds low-risk, interest-earning securities and other assets payable in the reserve currency.

By law, a currency board is required to maintain a fixed exchange rate with the reserve currency and hold foreign reserves equal to 100% of the monetary base. This prevents the currency board from increasing or decreasing the monetary base at its own discretion. A currency board system is passive and is characterized by automaticity.

Currency boards have existed in some 70 countries. The first was installed in the British Indian Ocean colony of Mauritius in 1849. No currency board has failed. Yes, no failures. Argentina’s Convertibility system (1991-2001) was not a currency board.

Currency boards’ perfect record includes the National Emission Caisse, established in northern Russia in 1918 during Russia’s civil war. The Caisse issued “British ruble” notes, backed by pounds sterling and convertible into pounds at a fixed rate. The father of the British ruble was none other than John Maynard Keynes, a British Treasury official at the time.

Despite the civil war, the British ruble never deviated from its fixed exchange rate with the pound. In contrast to other Russian rubles, the British ruble was a reliable store of value. Naturally, the British ruble drove other rubles out of circulation. Unfortunately, its life was brief: The National Emission Caisse ceased operation in 1920 after allied troops withdrew from Russia.

The “Great Escape” from U.S. financial sanctions for Iran, Russia, and Turkey would be to establish gold-backed currency boards. By doing so, the rial, ruble, and lira would literally be as good as gold. And from one day to the next, a significant gold bloc would be established. Oh My!

This piece was originally published on Forbes.com

END
It sure seems that China does not want any more devaluation of the yuan.  They are afraid of a massive outflow of dollars.
(courtesy Reuters/GATA)

China suggests it wants no more devaluation of yuan

 Section: 

Yuan Hits Four-Week High as China Signals Support, Revives X-Factor for Fixing

From Reuters
Sunday, August 26, 2018

SHANGHAI — China’s yuan finished Monday afternoon trade at a near four-week high to the dollar after the central bank revived a “counter-cyclical factor” in its daily fixing to support the currency, halting a record 10-week slide that rattled global markets and irritated Washington.

The announcement was seen as the latest signal from the People’s Bank of China that is not comfortable with further depreciation in the yuan, which could spark capital outflows from the cooling economy. …

… For the remainder of the report:

https://www.reuters.com/article/us-china-yuan-spot/yuan-hits-four-week-h.

END

With Deutsche bank in trouble, more and more people are talking about a merger with Commerzbank:  two sick operations joining together will not make them better

(courtesy London’s Financial times)

Deutsche Bank merger with Commerzbank considered likely

 Section: 

Deutsche-Commerzbank Deal Seen as a Question of When, Not If

By Olaf Storbeck
Financial Times, London
Monday, August 27, 2018

FRANKFURT, Germany — To many observers in Frankfurt a tie-up between Deutsche Bank and Commerzbank is not seen as a question of if, but when.

The prevailing view among the banking cognoscenti in Germany’s financial capital is that the country’s two largest listed lenders are very likely to merge eventually. The common opinion, backed by large investors in Deutsche, is that the bank first has to successfully integrate Postbank and restructure its ailing investment bank division before it can do a deal with Commerzbank.

“Lumping together two sick men doesn’t create a healthy one,” said a person familiar with the thoughts of an influential Deutsche shareholder.There are two scenarios that could accelerate the potential merger. One is that Deutsche realizes that it is unable to turn itself round under its own steam; the other is that a foreign peer tables a bid for Commerzbank, forcing Deutsche’s chief executive Christian Sewing to make a counteroffer. …

… For the remainder of the report:

https://www.ft.com/content/cbc8410c-a5e8-11e8-8ecf-a7ae1beff35b

END

This is a big story which I brought to your attention yesterday. The EU is looking to sidestep USA sanctions as they are developing their own “SWIFT system”  This will be a dagger into the heart of USA hegemony

(courtesy Bloomberg/GATA)

EU looking to sidestep U.S. sanctions with payment system plan

 Section: 

By William Horobin and Birgit Jennen
Bloomberg News
Monday, August 27, 2018

Germany and France said they’re working on financing solutions to sidestep U.S. sanctions against countries such as Iran, including a possible role for central banks.

The discussions, which also involve the U.K., are a signal that European powers are trying to get serious about demonstrating greater independence from the U.S. as President Donald Trump pursues his “America First” agenda.

“With Germany, we are determined to work on an independent European or Franco-German financing tool that would allow us to avoid being the collateral victims of U.S. extra-territorial sanctions,” French Finance Minister Bruno Le Maire said today during a meeting with press association AJEF. “I want Europe to be a sovereign continent, not a vassal, and that means having totally independent financing instruments that do not today exist.” …… For the remainder of the report:

https://www.bloomberg.com/news/articles/2018-08-27/eu-looking-to-sideste…

END

More talk of anti dollar. As we have pointed out to you, this will have a devastating effect on the world economy

(Luft/CNBC)

Gal Luft: The anti-dollar awakening could be ruder and sooner than most think

 Section: 

By Gal Luft
CNBC, New York
Monday, August 27, 2018

The United States is waging economic warfare against one tenth of the world’s countries with cumulative population of nearly 2 billion people and combined gross domestic product of more than $15 trillion.

These include Russia, Iran, Venezuela, Cuba, Sudan, Zimbabwe, Myanmar, the Democratic Republic of Congo, North Korea, and others on which Washington has imposed sanctions over the years, but also countries like China, Pakistan, and Turkey, which are not under full sanctions but rather targets of other punitive economic measures.

In addition, thousands of individuals from scores of countries are included in the Treasury Department’s list of Specially Designated Nationals who are effectively blocked from the U.S.-dominated global financial system. Many of those designated are either part of or closely linked to their countries’ leadership. …… in recent months it seems that America’s unwavering commitment to fight all of the world’s scourges has brought all those governments and the wealthy individuals who support them to a critical mass, joining forces to create a parallel financial system that would be out of reach of America’s long arm. Should they succeed, the impact on America’s global posture would be transformational. …

… For the remainder of the report:

https://www.cnbc.com/2018/08/27/the-anti-dollar-awakening-could-be-ruder…

* * *

_______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

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

i) Chinese yuan vs USA dollar/CLOSED UP TO 6.8036/HUGE DEVALUATION FOR THE PAST FOUR WEEKS STOPS/CHINESE COMING TO USA FOR TRADE TALKS //OFFSHORE YUAN:  6.7926  /shanghai bourse CLOSED DOWN 2.92 POINTS OR 0.10% /HANG SANG CLOSED UP 80.36 POINTS OR 0.28%
2. Nikkei closed UP 13.83 POINTS OR 0.06%/USA: YEN FALLS TO 111.07/

3. Europe stocks OPENED ALL GREEN EXCEPT SPAIN

/USA dollar index FALLS TO 94.67/Euro RISES TO 1.1697

3b Japan 10 year bond yield: REMAINS AT . +.10/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 111.07/ 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:: 68.87  and Brent: 76.58

3f Gold UP/JAPANESE Yen UP/ CHINESE YUAN  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 UP for WTI and UP FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO +.370%/Italian 10 yr bond yield DOWN to 3.13% /SPAIN 10 YR BOND YIELD UP TO 1.42%

3j Greek 10 year bond yield FALLS TO : 4.17

3k Gold at $1211.45silver at:14.90   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 17 /100 in roubles/dollar) 67.58

3m oil into the 68 dollar handle for WTI and 76 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 111.07 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 0.9764 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1423 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now POSITIVE territory with the 10 year RISING to +0.37%

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 2.85% early this morning (THIS IS DEADLY TO ALL MARKETS). Thirty year rate at 3.00%

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

Relief rally in the Turkish lira…no developments at all…

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

 

S&P Above 2,900, Global Stocks Hit 6 Month High As

Dollar Slide Accelerates

US index futures rose higher into record territory rising above 2,900, as European stocks pared muted gains after the EURUSD rose above 1.17, pressuring exporters, while Asian shares were broadly higher with the exception of China; but the key theme of the session was another day of USD weakness.

World stocks rose to a six-month high on Tuesday, lifted by optimism that the U.S.-Mexico deal to replace the North American Free Trade Agreement will help with averting a global trade war. Investors expect Canada will agree to join the three-nation pact, while Trump and Merkel spoke by telephone and the two leaders “strongly supported ongoing discussions” on trade, according to the White House.

European and Asian shares followed Wall Street’s Monday lead, inching to multi-month highs after the S&P 500 and Nasdaq indexes surged to fresh records on Monday led by gains in technology stocks.

 

The Bloomberg Dollar index extended its recent slump, sliding to the lowest level in 4 weeks and implied volatility across currencies and equity markets also eased amid bullish risk sentiment and stabilization in the Chinese Yuan.

 

The ongoing slump in the dollar ever since China re-introduced the countercyclical factor has helped boost emerging market currencies, although the clear outlier overnight was the Turkish lira which slumped 1.4% and was back down to 6.21 vs the USD.

 

Optimism around the U.S.-Mexico deal has been key in helping shift market sentiment and the news agenda in the wake of Trump’s legal woes last week, while the Federal Reserve’s “gradualist” outlook has also boosted sentiment. Gains for risk assets remain fragile, however, as hopes for a similar trade breakthrough between American and China fade and a host of threats remain, from U.S. relations with Russia and North Korea, to Chinese growth prospects.

For now, the US remains immune to global trade woes, with the daily record highs in US stocks persisting even as the US economy appears to have hit a downward inflection point, with US economic surprises underperforming the world over the past three months.

 

The Euro Stoxx 50 was unchanged with gains in mining shares offset by a drop in banks and telecoms, while E-mini futures looked to extend on the 0.8% Monday gain, with the S&P500 set to open above 2,900 in cash trading after the U.S. and Mexico moved closer to a deal on trade. Italian stocks and bonds fell, while Treasuries and German bunds were steady.

Stocks in Japan extended a recent increase as the yen round-tripped an early decline, while China A-shares underperformed amid concerns that a Mexico trade deal made a similar deal with China less likely. JPMorgan and other analysts said the trade deal was not necessarily positive for the outcome of talks with China, though they said risks of a generalized global trade war had abated somewhat. “Despite this, Asia-Pacific equities including HK/China should benefit from the weaker U.S. dollar and risk-on moves.”

The Chinese yuan edged higher Chinese central bank strengthened the daily fixing against the greenback by the most in more than 14 months, even as President Donald Trump said it’s not the right time for trade negotiations with China.

Speaking to reporters during his announcement Monday of the new Mexico accord, Trump said he is rejecting overtures from China to negotiate as he tries to achieve a less “one-sided” trade policy. “They want to talk but it’s just not the right time to talk right now, to be honest” Trump said. As Bloomberg notes, Trump’s remarks are his latest in recent weeks to suggest he doesn’t see a quick end to trade tensions with China, stoking concerns in Beijing that his actions are part of a wider plan to contain the nation’s rise. Fears are growing that the spat between the world’s biggest economies may spill over into geopolitical flash points, from North Korea to Taiwan.

The Mexico breakthrough will embolden Trump’s trade hawks to double down on demands for concessions from China, according Rob Carnell and Prakash Sakpal, economists at ING Bank NV in Singapore.

“So as far as China and Asia are concerned, this new Mexico deal solves nothing,” they wrote in a note. “It strengthens the U.S. position to play hard-ball with China. This doesn’t look good for the region.”

 

Elsewhere, the Mexican peso fell after initially rallying on the deal news as investors clamored for details and clarity on where it leaves Canada. “It could be because a dose of reality is sinking in after the initial euphoria,” said TD Securities EM strategist Mitul Kotecha. “There is still some way to go before the deal is concluded, including political hurdles in both the the U.S. and Mexico and the question of how Canada will be added to a broader deal.”

U.K. stocks rose in sympathy, catching-up rally as traders returned from a holiday, while the pound steadied as Prime Minister Theresa May said a no-deal break with Europe wouldn’t be the end of the world.

“On a broad sense, if markets were worried about trade tensions and trade talks escalating into full-blown wars at least this is one sign that there is a cooling off period and that some parts of the global trade space will still be connected and as free markets would hope,” said JPM global market strategist Nandini Ramakrishnan. “Another good example: European discussions this summer came down to a very conciliatory, almost non-issue.”

Elsewhere, South Africa’s rand has pulled off two-year lows hit earlier this month while the Australian dollar, often used as a liquid hedge for global growth, is well above recent 1-1/2 year troughs. Reversing the EM trend this morning was the Turkish lira which fell another 1.5% against the dollar, adding to Monday’s 2% fall as concerns have not abated about Turkey’s rift with Washington and its monetary policies.

The yield on 10-year Treasuries was unchanged at 2.85%, the highest in more than a week. Germany 10-year yield dropped 1 bp to 0.37%.

WTI oil hovered around $69 a barrel. Bitcoin climbed for the fourth successive weekday, breaking above its 50-day moving average.

Italian BTPs initially underperformed as supply concession is priced in, later futures spike higher as block trade crosses. Earlier, Italian interest rates rose to three-month highs after Deputy Prime Minister Luigi Di Maio said the country’s public deficit could exceed the European Union’s ceiling of 3% of gross domestic product next year.

In commodities, gold increased 0.1 percent to $1,213.19 an ounce, the highest in almost three weeks. Brent crude advanced 0.6 percent to $76.66 a barrel, the highest in seven weeks. LME copper gained 0.5 percent to $6,136.00 per metric ton, the highest in more than two weeks.

U.S. economic data – with consumer confidence figures due later in the day and the latest estimate for second-quarter gross domestic product expected on Wednesday – could determine the dollar’s further moves. Best Buy and Tiffany are among companies reporting earnings.

Market Snapshot

  • S&P 500 futures little changed at 2,899.50
  • STOXX Europe 600 up 0.2% to 386.28
  • MXAP up 0.4% to 166.45
  • MXAPJ up 0.5% to 540.13
  • Nikkei up 0.06% to 22,813.47
  • Topix up 0.2% to 1,731.63
  • Hang Seng Index up 0.3% to 28,351.62
  • Shanghai Composite down 0.1% to 2,777.98
  • Sensex up 0.5% to 38,878.05
  • Australia S&P/ASX 200 up 0.6% to 6,304.65
  • Kospi up 0.2% to 2,303.12
  • German 10Y yield fell 0.9 bps to 0.367%
  • Euro up 0.1% to $1.1690
  • Italian 10Y yield rose 0.4 bps to 2.882%
  • Spanish 10Y yield rose 0.7 bps to 1.417%
  • Brent futures up 0.6% to $76.70/bbl
  • Gold spot up 0.1% to $1,213.07
  • U.S. Dollar Index down 0.1% to 94.70

Top Overnight News from Bloomberg

  • President Donald Trump said it’s not the right time for trade negotiations with China, denting expectations for a near term deal after a breakthrough agreement between the U.S. and Mexico
  • President Donald Trump said the U.S. is pursuing a new trade accord with Mexico to replace the North American Free Trade Agreement and called on Canada to join the deal soon or risk being left out. Trump, Trudeau agree to continue ‘productive’ trade talks
  • The earliest indicators for China’s economy show that the pace of expansion slowed for a fourth month in August, highlighting the pressure for the government to push through pro-growth policies
  • The French government will prepare contingency plans in case the European Union and the U.K. fail to agree on terms of their divorce
  • The Federal Reserve Bank of San Francisco has bad news for those declaring an inverted yield curve is no longer a recession predictor. Adjusting for the compensation investors demand to hold longer-dated bonds doesn’t invalidate the curve’s prognosis powers, according to a new research post published Monday

Asian equity markets traded mostly higher as the region got a tailwind from US where the S&P 500 and Nasdaq extended on record highs with sentiment supported after US and Mexico reached a trade agreement. This lifted the ASX 200 (+0.7%) back above the 6300 level with gains led by outperformance in financials, while Nikkei 225 (+0.4%) was underpinned by a weaker currency but with upside capped by resistance around 23000. Shanghai Comp. (Unch) and Hang Seng (+0.3%) both initially conformed to the positive tone although the mainland then failed to sustain gains amid ongoing US-China trade uncertainty and as focus shifts to earnings with 3 of China’s big 4 banks to announce results today. Finally, 10yr JGBs traded subdued with demand sapped as focus centred on riskier assets and following weaker demand at the enhanced liquidity auction for longer dated JGBs.

Top Asian News

  • The $4.4 Billion Hong Kong Residential Enclave That Cost $41,000
  • Early Indicators Show China’s Economy Weakening Again in August
  • Ex-Temasek Executive Warns Debt Deal Won’t Fix Noble Group
  • Lira Extends Slide as Investors See Policy Concerns Unaddressed
  • Aramco’s IPO Delay Brings Silver Lining for Saudi Stocks

European equities trade mixed (Eurostoxx 50 +0.02%) with underperformance in Italy’s FTSE MIB with Italian banks plumbing the depths while UK’s FTSE 100 outperforms as it plays catch-up following a public holiday on Monday. In terms of sectors, material names outperform on the back of firmer base metal prices while telecom names underperform. For stock specifics, Faurecia (+4.4%) climbed to the top if the Stoxx 600 following an upgrade at Kepler Cheuvreux while Sybank (-9.8%) and Baloise (-3.4%) share fell amid disappointing earnings

Top European News

  • Italy May Breach Deficit Limit for Income Support Tool: Fatto
  • Italian Bonds Fall as Budget Concerns Continue to Hit Investors
  • French Energy Minister Hulot Resigns in Clash With Macron
  • Swedish Retail Sales Plunge Raises Doubts on Economic Momentum
  • Altice Is Said to Mandate Lazard on SFR Network Finance: Figaro

In FX, the Dollar has lost more ground vs most G10/major rivals, but remains mixed vs EMs, as the Try continues to weaken in contrast to the Cny (and Cnh in response) that saw the strongest fixing in more than a year overnight. Hence, the index has been drifting down further below 95.000 within a new 94.920-665 range, with nearest supports seen at early August lows (circa  94.610 and 94.491). CHF – The Franc is benefiting most from the weaker Greenback and trading above 0.9800, though not really outperforming in cross terms as Eur/Chf holds firmly above 1.1400. GBP – Mixed fortunes for the Pound as Cable revisits 1.2900 by virtue of the aforementioned broad Usd downturn, but Eur/Gbp climbs towards 0.9075 on heightened prospects of a no deal Brexit. AUD/JPY – Narrowly mixed vs the Usd around 0.7350 and 111.00 respectively, with the Aud undermined by the ongoing US-China import tariff stand-off, but Jpy gleaning some support due to its safe-haven status, the Dollar’s demise and key chart levels/supply (unlike Eur/Jpy that touched 130.00 earlier amidst macro, leverage and fast money buying).

Commodities are benefitting from the pullback of the dollar with Brent futures marginally higher while WTI futures test the USD 69/bbl level to the upside. Saudi Energy Adviser stated the current US sanctions are unlikely to completely stop Iranian exports, ahead of oil-related sanctions are to come into effect in November. News flow has be relatively light, traders will be keeping an eye on the API crude inventories released after-market today; the Street expects crude stocks to draw by 500k bbls in the week, distillates are seen building by 1.4mln, and gasoline is expected to build by 400k bbls; according to a Reuters poll. Traders are also citing reports on Monday that showed OPEC+ compliance fell, though output still remains below target.  Elsewhere, gold has gained a firmer footing above USD 1200/oz, attributed to the ongoing dollar weaker.

Looking ahead to today’s calendar, we’ll get the July advance goods trade balance, preliminary July wholesale inventories report, the August Richmond Fed manufacturing index print and the August Conference Board consumer confidence survey. Away from the data we’ll also hear from ECB board member Peter Praet when he speaks around lunchtime in Germany. European Commissioner Gunther Oettinger will also discuss the EU budget at a conference in Brussels. Finally the UK’s Secretary of State for international trade Mr Fox will address the British Chamber of Commerce in Singapore.

US Event Calendar

  • 8:30am: Advance Goods Trade Balance, est. $69.0b deficit, prior $68.3b deficit, revised $67.9b deficit
  • 8:30am: Wholesale Inventories MoM, est. 0.2%, prior 0.1%; Retail Inventories MoM, prior 0.0%, revised 0.1%
  • 9am: Case Shiller 20-City MoM SA, est. 0.2%, prior 0.2%; CS 20-City YoY NSA, est. 6.4%, prior 6.51%
  • 10am: Richmond Fed Manufact. Index, est. 17, prior 20
  • 10am: Conf. Board Consumer Confidence, est. 126.6, prior 127.4; Present Situation, prior 165.9; Expectations, prior 101.7

DB’s Jim Reid concludes the overnight wrap

The sun was well and truly shining out on global equities yesterday albeit in thin trading volumes with London on holiday. The Shanghai Composite (+1.89%) started the gains early on, while the Euro Stoxx 600 advanced +0.52%. In the US, the S&P 500 (+0.77%), NASDAQ (+0.91%), and Russell 2000 (+0.16%) all reached new all-time highs while the Dow gained +1.01% but still remains just below its January peak. Cyclical sectors led gains on both sides of the Atlantic, with materials, car makers, financials, and IT outperforming. The dollar index shed -0.39%, supporting commodity prices, with Brent crude oil up +0.22%. The risk on tone weighed on bonds with treasury yields higher across the curve. 10-year  yields were up +3.6bps while Bunds also weakened (+3.2bp), in part as a firmer than expected IFO reading added to the upbeat mood (more below).

The real outperformers yesterday, however, were in Latin America and Asia. In LatAm, sentiment was boosted by the announcement that the US had reached a new NAFTA agreement with Mexico. Any deal would need Congressional approval in the US but it was encouraging to the market that some of these trade disputes can be resolved. Bloomberg reported that the Canadian Foreign Minister and chief negotiator Chrystia Freeland will travel to the US today to join the discussions, while the Mexican President Nieto was “quite hopeful” that Canada would soon join in the revised agreement. The Mexican Peso gained 0.77% versus the dollar and Mexico’s benchmark index, the S&P/BMV index, rallied +1.58% to reach its highest level since February. Elsewhere the MSCI EM index jumped +1.81% while most EM currencies also advanced, although the Turkish Lira fell -1.96% as trading resumed post last week’s holidays. This morning in Asia, markets are consolidating on Monday’s gains with the Nikkei (+0.41%), Kospi (+0.19%) and Hang Seng (+0.24%) all modestly up while Chinese bourses are broadly flat following stronger gains yesterday. Elsewhere the Yuan is little changed while futures on the S&P are also pointing to a firmer start.

Back to yesterday, given the U.K. holiday its worth expanding on the Asia equity advance. The Nikkei, Hang Seng, and CSI 300 gaining +0.88%, +2.17%, and +2.44%, respectively. It was the first trading day since last Friday’s news that  the PBoC would reintroduce the “counter-cyclical buffer” in its daily formulation of the Yuan’s exchange rate fixing. The buffer allows the central bank to use more discretion when setting currency policy, potentially leaning against prevailing trends to moderate FX swings. The offshore Yuan had gained 1.30% versus the dollar on Friday, its biggest gain since January 2017 and its third best day since offshore trading began in 2010. The apparent effort by policymakers to arrest  the currency’s decline may signal a potential concession to US policymakers amid the ongoing trade dispute between the two countries, which, if realised, would also prove to be positive for risk assets.

Staying with the trade theme, DB’s Quinn Brody and Torsten Slok have looked at the five popular myths around US trade, including: i) that China’s large imbalances take advantage of the system, ii) trade imbalances are driven by tariffs, iii) the US has broadly lower tariffs on goods imports than its partners, iv) US services trade is more open than the rest of the world, and v) the US has fewer non-tariff barriers than competitors. Amongst other findings, they conclude that the US is generally as open to trade as other DM countries and that tariffs or nontariffs barriers, are actually not the main source of the US trade deficit. Refer to their note for details.

Meanwhile in Europe yesterday, yields on 10y Italian BTPs slightly outperformed (+0.5bp), though they remain within 1bp off their year-to-date highs. Italian politicians seems to have continued to escalate their rhetoric regarding potential budget conflict with the European Union. Deputy Prime Minister Di Maio, leader of the Five Star Movement, said that Italy has no intention of withdrawing from the union or the currency zone, but that “we will look at all measures in discussions regarding the European budget and will block what doesn’t work for us.” The other Deputy Prime Minister, from the Northern League, Matteo Salvini, echoed Di Maio’s sentiments, saying “it’s time to cut financing to a useless entity.” The principle point of contention is immigration policy, with Italian leaders arguing that the rest of Europe needs to do more to assist Italy with their influx of migrants. This issue is likely to remain a big topic for markets as we go into autumn/fall although judging from the weather we’ve gone straight to winter in the U.K.

Elsewhere for those interested in empirical research on the yield curve. The latest research from the San Francisco Fed concluded the yield curve has been a reliable predictor of recessions and that the best summary measure is the spread between the 10y and 3m yields. That said, the authors Mr Bauer and Mr Mertens added that “the flattening yield curve provides no sign of an impending recession”, in part as long term rates, while falling remains above short term rates (3m-10y spread of c75bp).

Yesterday’s economic calendar was light, but the data was mostly positive. Germany’s August IFO business survey printed at 103.8, its first monthly increase since last November and its highest level since February. Improvements were concentrated in the forward-looking expectations subsection, boding well for H2 growth. The strong reading may have been driven by the weaker euro or by stronger domestic demand. In the US, the July Chicago Fed National Activity Index printed at 0.13 (a positive value signals above average growth) while the August Dallas Fed manufacturing activity survey came in at 30.9. Both of the US indexes were lower than last month, but they remain near the cyclical highs.

Looking ahead to today’s calendar, we’ll get August consumer confidence data for France and July M3 money supply data for the Euro area. Data in the US will include the July advance goods trade balance, preliminary July wholesale inventories report, the August Richmond Fed manufacturing index print and the August Conference Board consumer confidence survey. Away from the data we’ll also hear from ECB board member Peter Praet when he speaks around lunchtime in Germany. European Commissioner Gunther Oettinger will also discuss the EU budget at a conference in Brussels. Finally the UK’s Secretary of State for international trade Mr Fox will address the British Chamber of Commerce in Singapore.

 

 

 

3. ASIAN AFFAIRS

i) TUESDAY MORNING/ MONDAY NIGHT: Shanghai closed DOWN 2.92 POINTS OR 0.10%   /Hang Sang CLOSED UP 80.35 POINTS OR 0.28%/   / The Nikkei closed UP 13.83 POINTS OR 0.06%/Australia’s all ordinaires CLOSED UP 0.51%  /Chinese yuan (ONSHORE) closed UP  at 6.8036 AS POBC HALTS ITS HUGE DEVALUATION  /DELEGATION COMING TO THE USA TO SEE TRUMP IN NOVEMBER/Oil UP to 68.97 dollars per barrel for WTI and 75.63 for Brent. Stocks in Europe OPENED  IN THE GREEN //.  ONSHORE YUAN CLOSED  UP AT 6.8036 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7926: HUGE DEVALUATION/PAST SEVERAL DAYS STOPS// TRADE TALKS NOT DOING TOO GOOD   : /ONSHORE YUAN TRADING STRONGER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING MUCH STRONGER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW A FULL TRADE WAR COMMENCED

 

3 a NORTH KOREA/USA

 

North Korea/South Korea/USA/China

 

3 b JAPAN AFFAIRS

 

 

end

c) REPORT ON CHINA/HONG KONG

4. EUROPEAN AFFAIRS

8. EMERGING MARKET

SOUTH AFRICA

I can assure you that nobody will hand in their weapons as land confiscations run supreme across the land

(courtesy Jose Nino/via GunPowderMagazine.com)

As Land Confiscations Loom, South Africa Rules 300,000 Gun-Owners Turn Over Their Weapons

Authored by Jose Nino via GunPowderMagazine.com,

South Africa is opening the door for tyranny.

The Constitutional Court of South Africa recently ruled that 300,000 gun owners must turn in their firearms.

This judgement came in response to the North Gauteng High Court’s ruling in 2017 which said Section 24 and Section 28 of the Firearm’s Control Act were unconstitutional.

A report from The Citizen explains what Section 24 and Section 28 entail:

“Section 24 of the Act requires that any person who seeks to renew a licence must do so 90 days before its expiry date Section 28 stipulates that if a firearm licence has been cancelled‚ the firearm must be disposed of or forfeited to the state. A 60-day time frame was placed on its disposal, which was to be done through a dealer.”

Now that the High Court’s initial ruling has been overturned, gun owners who failed to renew their firearms licenses must hand in their firearms to the nearest police station, where authorities will then proceed to destroy them.

Many naïve political observers will paint this event as a casual gun control scheme, but any astute student of politics will recognize that the floodgates are now open for further encroachments – not only on the gun rights of South Africans, but also on others facets of theirs lives.

A look at South Africa’s current political climate will give us an idea of the potential ramifications of this gun control scheme.

Political Trouble Brewing in South Africa?

Though South Africa witnessed rising levels of economic freedom shortly after Apartheid ended in 1994, the country has taken a more interventionist path to economic development in recent years.

This situation is becoming more pronounced with the South African National Assembly recently voting 241-83 to amend the South African constitution to allow for land expropriation without compensation.

The socialist-leaning African National Congress (ANC) and the Economic Freedom Fighters (EFF) parties are leading the charge for expropriation under the banner of fixing racial disparities that have supposedly remained intact since Apartheid’s conclusion.

While land confiscation has not been officially finalized, South Africans should worry about the direction their country is going.

And how does gun control fit into this equation?

Gun Control: A Tool for Tyranny

No matter how socialist apologists rationalize it, the redistributionist agenda the South African government is pursuing will not be implemented passively. Ultimately, it must be carried out by force.

The kind of force socialists seek is a monopolized kind, which extreme forms of gun control like gun confiscation help facilitate.

The history of gun confiscation is one of repeated cases of tyranny.

From countries such as Cuba to the Soviet Union, aspiring demagogues have used gun confiscation to disarm the populace. Logically, an unarmed populace will put up little resistance against their tyrannical acts.

In South Africa’s case, farmers and their workers are already suffering ongoing attacks against their property. One could only imagine what it would be like for these persecuted farmers once they are stripped of their right to self-defense.

For many Americans who have enjoyed historically unprecedented gun rights, South Africa’s gun control experience may seem distant and strange.

But make no mistake about it, South Africa’s latest flirtation with gun control is not based on good intentions, especially when considering the political climate the country is enduring.

South Africa should serve as a fair warning to Americans of the dangerous consequences gun control poses.

end

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

Euro/USA 1.1697 UP .0013/ 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 GREEN EXCEPT SPAIN

 

USA/JAPAN YEN 111.07   DOWN 0.067  (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 1.2893 UP   0.0002  (Brexit March 29/ 2017/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED

USA/CAN 1.2939  DOWN .0024(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 TUESDAY morning in Europe, the Euro ROSE by 13 basis points, trading now ABOVE the important 1.08 level RISING to 1.1697; / Last night Shanghai composite CLOSED DOWN 2.92 POINTS OR 0.10%  /Hang Sang CLOSED UP 599.40 POINTS OR 2.17% /AUSTRALIA CLOSED UP  .36% / EUROPEAN BOURSES ALL IN THE GREEN  EXCEPT SPAIN

 

The NIKKEI: this TUESDAY morning CLOSED UP 13.83 POINTS OR 0.06%

 

Trading from Europe and Asia

1/EUROPE OPENED ALL GREEN EXCEPT SPAIN 

 

 

 

 

2/ CHINESE BOURSES / :Hang Sang UP 80.35 POINTS OR 0.29%  /SHANGHAI CLOSED UP 2.92 POINTS OR 0.10% 

Australia BOURSE CLOSED UP .51%

Nikkei (Japan) CLOSED UP 13.83 POINTS OR 0.06%

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1212.45

silver:$14.93

Early TUESDAY morning USA 10 year bond yield: 2.85% !!! UP 1 IN POINTS from MONDAY night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%. (POLICY FED ERROR)/

The 30 yr bond yield 3.00 UP 1  IN BASIS POINTS from MONDAY night. (POLICY FED ERROR)/

USA dollar index early TUESDAY morning: 94.67 DOWN 11  CENT(S) from MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

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And now your closing TUESDAY NUMBERS \1: 00 PM

 

Portuguese 10 year bond yield: 1.88% UP 5    in basis point(s) yield from MONDAY/

JAPANESE BOND YIELD: +.10%  UP 0 BASIS POINTS from MONDAY/JAPAN losing control of its yield curve/EXTREMELY VOLATILE YESTERDAY

SPANISH 10 YR BOND YIELD: 146% UP 5  IN basis point yield from MONDAY/

ITALIAN 10 YR BOND YIELD: 3.19 UP 3   POINTS in basis point yield from MONDAY/DANGEROUS!!

 

the Italian 10 yr bond yield is trading 173 points HIGHER than Spain.

GERMAN 10 YR BOND YIELD: RISES UP TO +.38%   IN BASIS POINTS ON THE DAY

END

IMPORTANT CURRENCY CLOSES FOR TUESDAY

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

Euro/USA 1.1720  UP .0036(Euro UP 36 Basis points/ represents to DRAGHI A COMPLETE POLICY FAILURE/

USA/Japan: 111.04 DOWN 0.094 Yen UP 9 basis points/

Great Britain/USA 1.2886 DOWN .0011( POUND DOWN 11 BASIS POINTS)

USA/Canada 1.2922  Canadian dollar UP 41  Basis points AS OIL FELL TO $68.69

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

This afternoon, the Euro was ROSE 36 BASIS POINTS  to trade at 1.1720

The Yen ROSE to 111.04 for a GAIN of 9 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 11 basis points, trading at 1.2886/

The Canadian dollar GAINED 41 basis points to 1.2922/ WITH WTI OIL FALLING TO 68.69

The USA/Yuan,CNY closed UP AT 6.8031  ON SHORE  (YUAN UP)

THE USA/YUAN OFFSHORE:  6.7988 (  YUAN UP)

TURKISH LIRA:  6.2514

the 10 yr Japanese bond yield closed at +.10%   UP 0  BASIS POINTS FROM YESTERDAY

 

 

Your closing 10 yr USA bond yield UP 3  IN basis points from MONDAY at 2.87 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 3.02 UP 4  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, 94.55 DOWN 23 CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED U[ 39.73 POINTS OR .52%

German Dax : CLOSED DOWN 10.89 POINTS  OR 0.09%
Paris Cac CLOSED UP 5.89 POINTS OR 0.11%
Spain IBEX CLOSED DOWN 53.20 POINTS OR 0.55%

Italian MIB: CLOSED DOWN:  177.77 POINTS OR 0.85%/

 

The Dow closed UP  14.38 POINTS OR 0.06%

NASDAQ closed UP 12.14 points or 0.15% 4.00 PM EST 

 

WTI Oil price; 68.69  1:00 pm;

Brent Oil: 76.28 1:00 EST

USA /RUSSIAN /   ROUBLE CROSS:    67.74/ THE CROSS HIGHER BY 33/100 ROUBLES/DOLLAR (ROUBLE LOWER BY 33 BASIS PTS)

USA DOLLAR VS TURKISH LIRA:  6.2514 PER ONE USA DOLLAR.

TODAY THE GERMAN YIELD RISES +.38 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:$68.61

BRENT: $76.03

USA 10 YR BOND YIELD: 2.88%

USA 30 YR BOND YIELD: 3.03%/

EURO/USA DOLLAR CROSS: 1.1695 UP .0011 ( UP 11 BASIS POINTS)

USA/JAPANESE YEN:111.19 UP 0.057 (YEN DOWN 6 BASIS POINT/ .

USA DOLLAR INDEX: 94.72 DOWN 6 cent(s)/

The British pound at 5 pm: Great Britain Pound/USA: 1.2869 DOWN 28 POINTS FROM YESTERDAY

the Turkish lira close: 6.2697

the Russian rouble:  67.89 DOWN .48 roubles against the uSA dollar.

 

Canadian dollar: 1.2932 UP 31 BASIS pts

USA/CHINESE YUAN (CNY) : 6.8831  (ONSHORE)

USA/CHINESE YUAN(CNH):  6.8005 (OFFSHORE)

German 10 yr bond yield at 5 pm: ,0.38%


VOLATILITY INDEX:  12.16  CLOSED DOWN 0.12

LIBOR 3 MONTH DURATION: 2.317%  .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

Stocks Flat, VIX Up As Emerging Market Rout Returns

Record-er and Record-er…

China stocks limped lower overnight but ended unch thanks to a late surge…

 

But US equities could not hold a solid momo ignition no matter what…

 

With cash equities sliding into the red near the close… (Nasdaq was the day’s leader, and Trannies the laggard)

 

VIX has decoupled from stocks in the last two days…

 

Things are not getting any better for Elon…

 

Bonds and Stocks remain decoupled also…

 

Treasury yields continued their rise…

 

With 30Y back above 3.00%…

 

The Dollar Index rebounded into the green this afternoon

 

EM FX was ugly…

 

LatAm currencies were clubbed today (less so Asia and Eastern Europe)…

 

But The Turkish Lira, disappointed after the Germany bailout headlines turned into nothing, tumbled…

 

Yuan and stocks have decoupled…

 

Cryptos are rallying strongly today…

 

With Bitcoin up for the 4th straight day, back about $7,000…

 

In commodity-land, things went a little pear-shaped as the dollar rebounded today…

 

*CME HOG FUTURES FOR OCTOBER TUMBLE 5.3%, HEAD FOR RECORD DROP

 

Gold tested down to $1200 today…

 

Still, while US Stocks went nowhere, maybe ‘active’ investors should consider Venezuela (IBVC +30,000% YTD!)

And yes we know its all FX

 

 

END

 

market trading/this morning

Treasury Yields Suddenly Spike As Dollar Dumps To 1-Mo Lows

As the dollar index tumbles, erasing all of August’s gains, so Treasury yields are suddenly spiking (with 30Y busting back above 3.00%)…

The Dollar Index is back at one-month lows…

And has pushed 30Y Yields back above 3.00%…

 

Market data

Another ominous sign:  the advance goods trade deficit surges to over 72 billion dollars on expectations of 69 billion dollars.  No doubt it was the spike in the USA dollar as Powell raised interest rates which in turn caused the dollar to rise.  This is generally what you would expect when the dollar rises

(courtesy zerohedge)

More Bad News For Trump: Goods Trade Deficit Surges Most In Over Three Years

While Trump is pushing to reform NAFTA even as the trade war with China gets worse, there was more bad news for Trump’s trade agenda this morning, when the Advance Goods Trade Deficit came in at $72.2BN, worse than the $69BN consensus print, and just shy of the highest forecast (the range was $66BN to $72.5BN). It was also the biggest deficit since the record hit in March, and is fast approaching the record deficit print of $76 billion.

Imports rose 0.9% in July to $212.2BN from $210.4BN in June, while exports fell 1.7% in July to $140.0BN from $142.5BN in June.

But more troubling is that this was the biggest monthly in crease since March 2015.

Needless to say, for an administration that is desperate to shrink the US trade balance, this is an ominous sign and an indication that after some initial success in early 2018, Trump’s policies appear to have reversed, perhaps as a result of the recent spike in the US Dollar, which may explain Trump’s recent eagerness – and Powell’s commentary – to moderate the strength of the greenback.

end

This should be a good start for Q 3 GDP as inventories surge.

(courtesy zerohedge)

Inventory Surge Signals Good Start For Q3 GDP

After a solid Q2, GDP ‘guesses’ for Q3 are likely set to jump on the back of a huge beat in wholesale inventories (+0.7% MoM vs +0.2% exp).

Additionally retail inventories popped 0.4% MoM

Inventory-to-Sales ratio remains flat on the month at 1.25x…

 

end

In the uSA we are now witnessing all levels of housing data disappointments: first home sales, then mortgage apps, then starts and now home prices.

It sure seems that the USA economy turned on a dime.

(courtesy zerohedge)

Case-Shiller Home Prices Signal Weakest Gain Since 2017, Despite Vegas Spike

Home sales, mortgage apps, starts, permits, buying sentiment, and now home prices…all disappointing expectations and sliding.

S&P CoreLogic (Case-Shiller) 20-City home price index rose just 0.11% MoM (half the expected 0.2% rise) and slowed to a 6.31% YoY gain – the weakest since Dec 2017

After seasonal adjustment, Las Vegas had biggest month-over-month rise at 1.4 percent, followed by Cleveland, Detroit and Minneapolis, each with a 1 percent increase. After New York’s decline, Dallas had smallest gain at 0.4 percent.

The national home-price gauge advanced 6.2% YoY in July after 6.4%, and as Bloomberg notes, the figures reinforce other recent signs that the residential real estate market is softening.

“Even as home prices keep climbing, we are seeing signs that growth is easing in the housing market,” David Blitzer, chairman of the S&P index committee, said in a statement.

“Sales of both new and existing homes are roughly flat over the last six months amidst news stories of an increase in the number of homes for sale in some markets.”

It’s been an ugly month (or eight) for US housing data

As we warned previously, some scary housing market numbers were published over the past few weeks, or as Robert Shiller told Bloomberg“This could be the very beginning of a turning point.” 

end

 

USA economic/general stories
I guess people would rather get their news from the internet.  Pittsburg, becomes the largest city without a daily print newspaper
(courtesy zerohedge)

Print-pocalypse: Pittsburgh Becomes Largest City Without A Daily Print Newspaper

Pittsburgh’s last remaining daily newspaper, the 232-year-old Pittsburgh Post-Gazette, notified readers that it is discontinuing publication of its Tuesday and Saturday newspapers as it prepares for a digital transition, said The Hill.

The Post-Gazette had announced plans in June to consolidate the paper from seven days a week to five days, as the industry as a whole continues to shrink.

The Post-Gazette, which dates back to 1786, is following a trend that we warned about earlier this month, in which, newspapers around the country are collapsing as the print-apocalypse expands.

“It’s the year 2018, and with the way people review and expect to review information and news, we think we’re doing the right thing,” said Keith Wilkowski, vice president of legal and government affairs for Block Communications Inc., the company based in Toledo, Ohio, that owns the Post-Gazette, on June 27.

“We will be publishing a (digital) newspaper seven days a week,” Wilkowski added. “And, frankly, we reach more people via online than through the print publication.”

A union that represents roughly 150 Post-Gazette newsroom employees, The Guild of Pittsburgh, lashed out at the newspaper in a tweet, calling the cutback “an insane, misguided plan” and “the beginning of the end.”

Michael A. Fuoco@michaelafuoco

I am so sad. This inane, misguided plan is the beginning of the end for the ⁦@PittsburghPG⁩. Allan Block cares nothing for Pittsburgh, its people, its newspaper of 232 years. All he cares about is $$$, which is what this is all about—dumping jobs. http://www.post-gazette.com/local/region/2018/08/12/Post-Gazette-embarks-on-new-profile/stories/201808120103 

Post-Gazette embarks on new profile

From the Executive Editor’s desk: In two weeks, the Post-Gazette takes a dramatic step into the digital future of news.

post-gazette.com

According to a Pew Research report published in early August, there were about 88,000 newsroom employees – reporters, editors, photographers, and videographers – working across five industries that generate news: broadcast news, cable, newspapers, radio, and other information services in 2017. That number is down from 114,000 employees in 2008, which represents a loss of about 27,000 jobs (-23.6 percent).

Glancing through the report, what caught our attention — is the decline in newspaper employees. So it is not a coincidence that Pittsburgh Post-Gazette has made cuts to its daily operations.

Pew mentioned the number of employees at newspapers across the US collapsed -45 percent over the last ten years. Citing the Bureau of Labor Statistics’ Occupational Employment Statistics survey data, the nonpartisan American fact tank reports roughly 71,000 workers were employed at newspapers in 2008, while the number stands at only 39,000 in 2017.

“Of the five industries studied, notable job growth occurred only in the digital-native news sector,” reported Pew.

“Since 2008, the number of digital-native newsroom employees increased by 79%, from about 7,400 workers to about 13,000 in 2017. This increase of about 6,000 total jobs, however, fell far short of offsetting the loss of about 32,000 newspaper newsroom jobs during the same period,” the fact tank added.

The decline in newspaper employment also means the industry is rapidly shrinking. In 2008, newspaper newsroom employees were about 62 percent of all news workers. By 2017, they stand at only 45 percent.

That study found that nine of the 16 newspapers nationwide with circulations of 250,000 or more, or 56 percent, had experienced layoffs during a 16-month period ending in April.

The print side of newspapers has continued struggling to stay afloat as free and more convenient digital options are readily available for consumers, which explains precisely why the Pittsburgh Post-Gazette had to eliminate two days of print from its weekly rotation and transition into digital news. What happened in Pittsburgh is only the beginning, the print-apocalypse is here, and it is coming to a city near you.

SWAMP STORIES

 

Not good:  the GOP has received a copy of what the Democrats are intent on doing if they get control of the HOuse.  It does not look pretty for Trump  et al

(courtesy zerohedge)

GOP Prepares For “Coming Hell” If Democrats Take House In Midterms

While Congressional Republicans are putting on a good face in public going into the November midterms, they are privately panicking over the House flipping to the Democrats this November – a possibility which Compass Point analyst Isaac Boltansky places at 70%.

Axios has obtained a spreadsheet circulating through Republican circles “on and off Capitol Hill – including at least one leadership office,” which catalogs a list of probes they expect Democrats to launch if they regain control of the House.

The spreadsheet includes requests for administration officials to be grilled by committee staff, requests for hearings to obtain sworn testimony, efforts to seize communications about controversial policies and personnel decisions, and subpoena threats. –Axios

  • President Trump’s tax returns
  • Trump family businesses — and whether they comply with the Constitution’s emoluments clause, including the Chinese trademark grant to the Trump Organization
  • Trump’s dealings with Russia, including the president’s preparation for his meeting with Vladimir Putin
  • The payment to Stephanie Clifford — a.k.a. Stormy Daniels
  • James Comey’s firing
  • Trump’s firing of U.S. attorneys
  • Trump’s proposed transgender ban for the military
  • Treasury Secretary Steven Mnuchin’s business dealings
  • White House staff’s personal email use
  • Cabinet secretary travel, office expenses, and other misused perks
  • Discussion of classified information at Mar-a-Lago
  • Jared Kushner’s ethics law compliance
  • Dismissal of members of the EPA board of scientific counselors
  • The travel ban
  • Family separation policy
  • Hurricane response in Puerto Rico
  • Election security and hacking attempts
  • White House security clearances

Boltansky, meanwhile, says he expects Rep. Maxine Waters (D-CA) to chair the House Financial Services Committee, where in addition to the above she’s likely to focus on Jared Kushner’s family finances, businesses and lenders such as Deutsche Bank, Citigroup, Signature Bank and Ladder Capital. Also in focus will be “aggressive” oversight of the Trump administration’s financial regulators and big bank oversight.

In short, “These demands would turn the Trump White House into a 24/7 legal defense operation,” according to Axios‘ Jonathan Swann.

END

Lanny Davis admits that he is the source for the CNN Trump story and then he tells CNN that the story is not true

(courtesy zerohedge)

 

Lanny Davis Admits Being Source For CNN Trump Tower “Bombshell” Fake News

The plot thickens…

On July 26th, CNN unleashed a “bombshell” report that Michael Cohen was claiming that candidate Trump knew in advance about the infamous 2016 Trump Tower meeting.

Dropping this line in the middle of their story: “Contacted by CNN, one of Cohen’s attorneys, Lanny Davis, declined to comment.”

Then, last week, amid the deafening euphoria of the ‘anti-Trump’-ers, Davis told Anderson Cooper:

“I think the reporting of the story got mixed up in the course of a criminal investigation. We were not the source of the story.

Davis increasingly backed away from the story in recent days, telling the Washington Post that he isnot certain if the claim is accurate, and that he could not independently corroborate it.

Destroying CNN’s “bombshell” story, crushing the hopes of millions of ‘not my president’-ers.

 

As Buzzfeed notes, after Davis publicly backtracked from the claims, the New York Post and the Washington Post outed him as their confirming source and published apologies from Davis

But, of course, CNN was giving up such a great story so easily (whether it’s true or fake news), and followed up anxiously by none other than Brian Stelter who gushed over Twitter in the face of Davis’ refutation of their entire story that:

” Re: CNN’s July 27 story about Cohen claiming that Trump knew in advance about the Trump Tower meeting:“We stand by our story, and are confident in our reporting of it.”

All of which brings up to date, safe in the knowledge that despite Davis’ denial that CNN’s story ever occurred, CNN has “a source” that confirmed it and that’s good enough for them.

BUT…

Now, after all that pre-amble, double-talk, and utterly bullshit fake news reporting, Lanny Davis – who we perhaps need to remind readers once again is an extremely well-paid f**king lawyer and communications expert– has  told Buzzfeed that he was the anonymous source in a July CNN story.

Tonight, Davis told BuzzFeed News that he regrets both his role as an anonymous source and his subsequent denial of his own involvement.

Davis told BuzzFeed News that he did, in fact, speak anonymously to CNN for its story, which cited “sources with knowledge” — meaning more than one person.

“I made a mistake,” Davis said.

Regarding his comments about a month later to Cooper, he added, “I did not mean to be cute.”

As Buzzfeed concludesDavis’ role in the CNN story also offers a window into the kind of anonymous sourcing common across newsrooms. Some news outlets have a policy to not let sources speak “on background” — that is, as a “person familiar with the matter” or some other unnamed moniker — and also be allowed to decline to comment on the record.

“We should address Lanny Davis’s comments in our reporting and be more transparent with our readers about our reporting,” one CNN staffer told BuzzFeed News.

Buzzfeed’s Steven Perlberg tweeted later that “Lanny Davis called to add that he did not lie to Anderson Cooper, but says he “unintentionally misspoke” re his role in the CNN Trump Tower story

Steven Perlberg

@perlberg

Lanny Davis has told BuzzFeed News that he was an anonymous source for CNN’s Trump Tower bombshell, a story he now disputes. He also regrets lying about his involvement, on CNN’s own air, in an interview with Anderson Cooper last week https://www.buzzfeednews.com/article/stevenperlberg/lanny-davis-cnn-trump-tower-story 

Lanny Davis Says He Was A Source For CNN’s Trump Tower Story

Davis, Cohen’s lawyer and spokesperson, said he also regrets lying about his involvement in the story on CNN’s air last week.

buzzfeednews.com

Steven Perlberg

@perlberg

Lanny Davis called to add that he did not lie to Anderson Cooper, but says he “unintentionally misspoke” re his role in the CNN Trump Tower story https://www.buzzfeednews.com/article/stevenperlberg/lanny-davis-cnn-trump-tower-story 

Lanny Davis Says He Was A Source For CNN’s Trump Tower Story

Davis, Cohen’s lawyer and spokesperson, said he also regrets lying about his involvement in the story on CNN’s air last week.

buzzfeednews.com

And while Davis looks bad, it is CNN whose credibility is getting crushed (admittedly from record lows).

Indeed – but what will be more fun is CNN’s official response to this, Brain Stelter’s squirming, and President Trump’s tweet.

And here’s the TL;DR version…

Andrew Surabian@Surabees

1. CNN reports Cohen has info on POTUS having advanced knowledge of Trump tower meeting.

2. @jonathanvswan reports Cohen told House Committee he had no such info.

3. Cohen’s lawyer confirms Swan’s reporting.

4. CNN refuses to correct their “reporting”

5. @brianstelter silent.

Finally, we have one quick question for Brian Stelter: “Is truth truth yet?”

END

Mueller Might Be Barred From Publishing Trump-Russia Report Thanks To Obscure Court Case

A six-decade old murder case working its way through a Washington D.C. Court of Appeals may set a precedent that would prevent special counsel Robert Mueller from publishing any information from stemming from the Trump-Russia investigation, reports Politico.

Columbia University professor Jesus Galindez disappeared in 1956, and was believed to be possibly kidnapped to the Dominican Republic and murdered. His body was never found. The case inspired a 2003 film starring Harvey Keitel, “The Galindez File.”

Attorney and author Stuart McKeever has been pursuing the case, and has asked the D.C. court to release secret testimony given to a DC-based grand jury, however the Department of Justice (DOJ) has argued that judges don’t have “inherent authority” to release said information unless Congress approves.

As Politico‘s Josh Gerstein notes, McKeever’s success or failure to obtain the documents may have far reaching implications for other investigations – including Mueller’s probe of President Trump and those in his orbit

 

 

[I]f a Washington appeals court set to hear the murder-related case next month sides with the Justice Department and rules that judges don’t have the freedom to release grand jury information that is usually kept secret, it could throw a monkey wrench into any plans Mueller has to issue a public report on his probe’s findings, lawyers following the issue said.

And it might even keep the special counsel from sending a report to Congress, shaking Democrats’ hopes that such a document could provide the impetus for impeachment proceedings against the president. –Politico

This means of course that if Mueller can’t nail Trump for anything outside of porn-star payoffs and parking tickets, he will conveniently avoid an embarrassing public disclosure after more than two years of DOJ investigation. On the other hand, if Trump is found guilty of being a Putin-puppet, it would similarly hinder public disclosure.

“It is a sleeper case,” says Harvard Law professor Alex Whiting. “If the D.C. Circuit were to accept the Department of Justice’s arguments…that would have potentially enormous implications for the future of the information from the Mueller investigation. That could close out a path by which that information becomes public.

 

This is a most important read for those of you who are following the swamp stories. We now have the “genesis” of Russian collusion.  It was started by the Democrats with the hiring of Stefan Halper who had huge connections with Russian oligarchs.  He infiltrated the Trump camp i.e. Carter Page and George Papadopoulos and used these connections to start the Russian collusion narrative as if it was the Trump team that infiltrated the Russian connections to aid in the election of Trump

 

(king report/Sara Carter)

Whistleblower Exposes Key Player in FBI Russia Probe: “It was all a Set-up”
Lovinger, a whistleblower, is now battling to save his career. The Pentagon suspended his top-secret security clearance May 1, 2017, when he exposed through an internal review that Stefan Halper, who was then an emeritus Cambridge professor, had received roughly $1 million in tax-payer funded money to write Defense Department foreign policy reports…
     Halper… was believed to have worked with the CIA and part of the matrix of players in the bureau’s ‘CrossFire Hurricane’ investigation into Trump’s 2016 presidential campaign. Halper, who assisted the FBI in the Russia investigation, appears to also have significant ties to the Russian government, as well as sources connected directly to President Vladimir Putin
     “Mr. Lovinger unwittingly shined a spotlight on the deep state’s secret weapon – Stefan Halper – and threatened to expose the truth about the Trump-Russia collusion narrative than being plotted: that it was all a set-up.”… A former senior intelligence official told this news outlet, “It’s all smoke and mirrors… it’s Halper who has the real connection to Russia.”

 

Mark Meadows learns of new information which suggests that the FBI and the Dept of Justice leaked to press old articles to obtain a fresh FISA warrant

(courtesy zerohedge)

 

Meadows: “We’ve Learned NEW Information” Suggesting FBI/DOJ Leaked To Press, Used Articles To Obtain FISA Warrants

Freedom Caucus Chairman Mark Meadows (R-NC) dropped a late-night bombshell on Monday suggesting there’s evidence that the FBI and DOJ rigged their own FISA spy warrants by leaking information to the press, then using the resultant articles to obtain court authorization to surveil targets.

 

“We’ve learned NEW information suggesting our suspicions are true: FBI/DOJ have previously leaked info to the press, and then used those same press stories as a separate source to justify FISA’s,” tweeted Meadows.

Mark Meadows

@RepMarkMeadows

We’ve learned NEW information suggesting our suspicions are true: FBI/DOJ have previously leaked info to the press, and then used those same press stories as a separate source to justify FISA’s

Unreal. Tomorrow’s Bruce Ohr interview is even more critical. Did he ever do this?

Until now, we’ve known that the creator of the so-called Steele Dossier, former UK spy Christopher Steele, leaked information directly to Yahoo! News journalist Michael Isikoff – whose article became a supporting piece of evidence in the FBI’s FISA warrant application and subsequent renewals for Trump adviser Carter Page.

So while we’ve known that Steele seeded Isikoff with information from his dubious dossier, and that the FBI then used both Steele’s dossier and Isikoff’s Steele-inspired article to game the FISA system, Rep. Mark Meadows now says that the FBI/DOJ directly leaked information to the press, which they then used for the same type of FISA scheme.

Strong evidence was discovered in January suggesting that former FBI employee Lisa Page leaked privileged information to Devlin Barrett, formerly of the Wall Street Journal and now with the Washington Post. Whether any of Barrett’s reporting was subsequently used to obtain a FISA warrant is unknown.

 

Meanwhile, Rep. Meadows’s Monday night tweet comes hours before twice-demoted DOJ employee Bruce Ohr is set to give closed-door testimony to the House Oversight Committee. Ohr was caught lying about his involvement with opposition research firm Fusion GPS co-founder Glenn Simpson – who employed Steele. Ohr’s CIA-linked wife, Nellie, was also  employed by Fusion as part of the firm’s anti-Trump efforts, and had ongoing communications with the ex-UK spy, Christopher Steele as well.

Mark Meadows

@RepMarkMeadows

– Bruce Ohr’s wife, Nellie, worked for the firm hired by the Clinton campaign to write the dossier
– Bruce Ohr gave the dossier to the FBI
– The FBI then used the same dossier to spy on the Trump campaign

When he comes to Congress tomorrow, Bruce Ohr has some explaining to do

Based on new emails recently turned over to Congressional investigators, Ohr was revealed to have been feeding information to the FBI from Steele, long after the FBI had officially cut Steele off for inappropriate leaks to the press. 

Mark Meadows

@RepMarkMeadows

“Conspiracy theorists” ? We have emails showing Bruce Ohr and Chris Steele, Clinton-paid dossier author, were frequently communicating. Ohr was getting info from Steele long after the FBI claimed Steele was formally ‘terminated’ as a source. They had 60+ contacts.

The New York Times

@nytimes

President Trump attacked Bruce Ohr, a little-known Justice Department official who has been targeted by conservative conspiracy theorists https://nyti.ms/2Pj7CMY

Ohr’s role as a conduit between Steele and the FBI continued for months and resulted in 12 separate FBI interviews, including several after Trump’s inauguration. According to Ohr’s then-supervisor, Deputy Attorney General Rod Rosenstein, Ohr worked on the Russia probe without his permission and without his knowledge. –The Federalist

 

House Oversight and Government Reform Committee Chairman Trey Gowdy vowed that Tuesday’s Ohr testimony would “get to the bottom of what he did, why he did it, who he did it in concert with, whether he had the permission of the supervisors at the Department of Justice.” 

Last week, President Trump called for Attorney General Jeff Sessions to fire Ohr after his and Nellie’s relationship with Simpson emerged. Trump tweeted: “Will Bruce Ohr, whose family received big money for helping to create the phony, dirty and discredited Dossier, ever be fired from the Jeff Sessions  ‘Justice’ Department? A total joke!”

Donald J. Trump

@realDonaldTrump

Will Bruce Ohr, whose family received big money for helping to create the phony, dirty and discredited Dossier, ever be fired from the Jeff Sessions “Justice” Department? A total joke!

Earlier in August, Trump called Ohr a “disgrace,” and warned that he may be pulling his security clearance “very quickly.”

Trump’s threat came one day after two tweets about Ohr, noting a connection to former FBI agent Peter Strzok, as well as a text sent by Ohr after former FBI Director James Comey was fired in which Ohr says “afraid they will be exposed.”

Donald J. Trump

@realDonaldTrump

“Very concerned about Comey’s firing, afraid they will be exposed,” said Bruce Ohr. DOJ’s Emails & Notes show Bruce Ohr’s connection to (phony & discredited) Trump Dossier. A creep thinking he would get caught in a dishonest act. Rigged Witch Hunt!

Donald J. Trump

@realDonaldTrump

“The FBI received documents from Bruce Ohr (of the Justice Department & whose wife Nelly worked for Fusion GPS).” Disgraced and fired FBI Agent Peter Strzok. This is too crazy to be believed! The Rigged Witch Hunt has zero credibility.

More Ohr questions remain. For example, why did Nellie Ohr obtain a Ham Radio license right in May, 2016? As Ham enthusiast George Parry wondered in The Federalist in March, was it to avoid detection while working on the anti-Trump effort?

So, was Nellie Ohr’s late-in-life foray into ham radio an effort to evade the Rogers-led NSA detecting her participation in compiling the Russian-sourced Steele dossier? Just as her husband’s omissions on his DOJ ethics forms raise an inference of improper motive, any competent prosecutor could use the circumstantial evidence of her taking up ham radio while digging for dirt on Trump to prove her consciousness of guilt and intention to conceal illegal activities. –The Federalist

And since none of this apparently justifies the appointment of a second special counsel by the DOJ, perhaps Bruce can offer up some answers during Tuesday’s session? Of course, we’ll never know what he said unless someone leaks.

END
The Daily Caller now confirms that it was China that obtained all of Clinton’s email on her private at home computer.
(courtesy zerohedge)

China Hacked Clinton’s Private Email Server: Daily Caller

A Chinese-owned firm with operations in Washington D.C. hacked Hillary Clinton’s private server “throughout her term as secretary of state and obtained nearly all her emails,” reports the Daily Callers Richard Pollock.

The Chinese firm obtained Clinton’s emails in real time as she sent and received communications and documents through her personal server, according to the sources, who said the hacking was conducted as part of an intelligence operation.

The Chinese wrote code that was embedded in the server, which was kept in Clinton’s residence in upstate New York. The code generated an instant “courtesy copy” for nearly all of her emails and forwarded them to the Chinese company, according to the sources. –Daily Caller

During a July 12 House Committee on the Judiciary hearing, Texas Rep. Louie Gohmert (R) disclosed that the Intelligence Community Inspector General (ICIG) found that virtually all of Clinton’s emails from her homebrew server were funneled to a “foreign entity.” Gohmert did not reveal the entity’s identity – however he said it wasn’t Russia.

A government staff official briefed on the ICIG’s findings told the Daily Caller that the Chinese firm which hacked Clinton’s emails operates in Washington’s northern Virginia suburbs, and that it was not a technology firm – but a “front group” for the Chinese government.

Warnings ignored

Two ICIG officials, investigator Frank Ruckner and attorney Janette McMillan, repeatedly warned FBI officials of the Chinese intrusion during several meetings, according to the Daily Caller, citing a “former intelligence officer with expertise in cybersecurity issues who was briefed on the matter.”

Among the FBI officials warned was Peter Strzok – who was fired earlier this month from the agency over anti-Trump text messages he sent while spearheading an investigation of Trump’s 2016 campaign. Strzok did not act on the ICIG’s warning according to Gohmert – who added that Strzok and three other top FBI officials knew about an “anomaly” on Clinton’s server.

In other words; Strzok, while investigating Clinton’s email server, completely ignored the fact that most of Clinton’s emails were sent to a foreign entity – while IG Horowitz simply didn’t want to know about it.

The Intelligence Community Inspector General (ICIG) found an “anomaly on Hillary Clinton’s emails going through their private server, and when they had done the forensic analysis, they found that her emails, every single one except four, over 30,000, were going to an address that was not on the distribution list,” Republican Rep. Louie Gohmert of Texas said during a hearing with FBI official Peter Strzok. –Daily Caller

Gohmert: “It was going to an unauthorized source that was a foreign entity unrelated to Russia.

Strzok admitted to meeting with Ruckner but said he couldn’t remember the “specific” content of their discussion. 

“The forensic examination was done by the ICIG and they can document that,” Gohmert said, “but you were given that information and you did nothing with it.”

Meanwhile, four separate attempts were also made to notify DOJ Inspector General Michael Horowitz to brief him on the massive security breach, however Horowitz “never returned the call.”

Internal Pushback 

In November of 2017, IG McCullough – an Obama appointee – revealed to Fox News that he received pushback when he tried to tell former DNI James Clapper about the foreign entity which had Clinton’s emails and other anomalies.

Instead of being embraced for trying to expose an illegal act, seven senators including Dianne Feinstein (D-Ca) wrote a letter accusing him of politicizing the issue.

Fox News

@FoxNews

McCullough on @HillaryClinton emails: “Even if the information isn’t marked properly when it’s disseminated, it’s still classified.”

“It’s absolutely irrelevant whether something is marked classified, it is the character of the information,” he said.

McCullough said that from that point forward, he received only criticism and an “adversarial posture” from Congress when he tried to rectify the situation.

“I expected to be embraced and protected,” he said, adding that a Hill staffer “chided” him for failing to consider the “political consequences” of the information he was blowing the whistle on. –Fox News

Katica@GOPPollAnalyst

30,000+ Hillary Clinton emails were sent to an unauthorized foreign entity, not

Obama was one of 13 individuals who sent AT LEAST 100 emails to Hillary

At least 100 Obama emails are in the hands of a foreign entity 👇 Where’s the outrage?https://twitter.com/GOPPollAnalyst/status/1007806731911614464 

Katica@GOPPollAnalyst

Reminder: IC IG has proof of 30,000+ Hillary Clinton to/from emails going to an unauthorized foreign source, that was NOT #RussianHacking. FBI Lover Peter Strzok failed to act on it.

Someone get this video to @realDonaldTrump!

END

WE WILL SEE YOU ON WEDNESDAY NIGHT.

 

 

HARVEY

 

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