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: 0 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:
- 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.
- 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
- HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
- RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/ AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ
AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND. TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT).
IN GOLD, THE OPEN INTEREST ROSE BY A 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 ISSUANCE AND IT TOTALED A FAIR SIZED 2507 CONTRACTS:
AUGUST HAD AN ISSUANCE OF 0 CONTRACTS, OCTOBER HAD 0 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: 1 notice(s) filed upon for 100 oz of gold at the comex.
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With respect to our two criminal funds, the GLD and the SLV:
GLD...
WITH GOLD DOWN $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
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
6 .GLOBAL ISSUES
( 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
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.
( 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.
Let us head over to the comex:
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
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!
China suggests it wants no more devaluation of yuan
Submitted by cpowell on Mon, 2018-08-27 12:50. Section: Daily Dispatches
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
Submitted by cpowell on Mon, 2018-08-27 13:12. Section: Daily Dispatches
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
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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
Submitted by cpowell on Mon, 2018-08-27 23:44. Section: Daily Dispatches
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…
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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
Submitted by cpowell on Tue, 2018-08-28 01:00. Section: Daily Dispatches
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…
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