SEPT 10 A/GOLD DOWN 80 CENTS TO $1194.60/SILVER IS UP 2 CENTS TO $14.16/GLD CONTINUES TO LOSE GOLD INVENTORY WITH TODAY’S WITHDRAWAL OF 1.44 TONNES. HOWEVER WILVER INVENTORY AT THE SLV RISES BY 940,000 OZ/AS EXPECTED CHINA REPORTS A HUGE TRADE SURPLUS WITH THE USA PROBABLY DUE TO EXCESSIVE SELLING TO USA INTERESTS PRIOR TO TARIFFS KICKING IN/GEFIRA EXPLAINS WHY EUROPE’S IMMIGRATION IS NOT HELPING GROWTH (GDP)/TWO GOOD COMMENTARIES TONIGHT FOR YOU FROM TOM LUONGO AND ALSO DR DAVE JANDA/TRUMP IS SET TO DECLASSIFY THE OHR AND FISA COURT DOCUMENTS/

 

GOLD: $1194.60 DOWN  $0.80 (COMEX TO COMEX CLOSINGS)

Silver:   $14.16   UP 2 CENTS (COMEX TO COMEX CLOSING)

 

Closing access prices:

Gold $1195.80

silver: $14.18

 

 

 

 

 

For comex gold:

SEPT/

 

And now Sept:

NUMBER OF NOTICES FILED TODAY FOR SEPT CONTRACT:  28 NOTICE(S) FOR 2800  oz

Total number of notices filed so far for Sept:  526 for 52600 (1.636 tonnes)

 

 

For silver: 

Sept

347 NOTICE(S) FILED TODAY FOR

1,735,000 OZ/

Total number of notices filed so far this month: 5601 for 28,005,000 oz

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Bitcoin: BID $6254/OFFER $6341: DOWN  $14(morning)

Bitcoin: BID/ $6262/offer $6347: DOWN  $115(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: $1201.30

NY price  at the same time:$1194.90

 

PREMIUM TO NY SPOT: $6.40

XX

Second gold fix early this morning: $ 1199.71

 

 

USA gold at the exact same time:$1193.50

 

PREMIUM TO NY SPOT:  $4.76

XXXX

 

China is controlling the gold market

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

Let us have a look at the data for today

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In silver, the total OPEN INTEREST FELL BY A SMALL 840 CONTRACTS FROM 210,462 DOWN TO 209,945 WITH FRIDAY’S TINY 2 CENT FALL IN SILVER PRICING AT THE COMEX. TODAY WE  MOVED CONSIDERABLY FURTHER AWAY FROM LAST MONTH’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 , 6 MILLION OZ FOR AUGUST AND NOW JUST LESS THAN 31 MILLION OZ STANDING IN SEPTEMBER. AS WELL WE ARE WITNESSING 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 HUMONGOUS SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:

EFP’S FOR SEPT.  3419 EFP’S FOR DECEMBER AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE: OF 3419 CONTRACTS. WITH THE TRANSFER OF 3419 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 3419 EFP CONTRACTS TRANSLATES INTO 17.09MILLION OZ  ACCOMPANYING:

1.THE 2 CENT FALL 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, FOR AUGUST: 6.065 MILLION OZ AND NOW 30.265 MILLION  OZ STANDING SO FAR IN SEPT.

 

 

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

15,445 CONTRACTS (FOR 5 TRADING DAYS TOTAL 15,445 CONTRACTS) OR 77.225 MILLION OZ: (AVERAGE PER DAY: 3089 CONTRACTS OR 15.445 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF SEPT:  77.225 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 11.03% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)*  JUNE’S 345.43 MILLION OZ IS THE SECOND HIGHEST RECORDED ISSUANCE OF EFP’S AND IT FOLLOWED THE RECORD SET IN APRIL 2018 OF 385.75 MILLION OZ.

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S:           2,115.05    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

ACCUMULATION FOR AUGUST 2018:                                      205.23          MILLION OZ.

RESULT: WE HAD A SMALL SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 840 WITH THE 2 CENT FALL IN SILVER PRICING AT THE COMEX YESTERDAY. THE CME NOTIFIED US THAT WE HAD A HUMONGOUS SIZED EFP ISSUANCE OF 3419  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 GAINED A STRONG SIZED: 2579 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:

i.e 3419 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A DECREASE OF 840  OI COMEX CONTRACTS. AND ALL OF THIS GAIN IN DEMAND HAPPENED WITH A SMALL 2 CENT LOSS IN PRICE OF SILVER  AND A CLOSING PRICE OF $14.14 WITH RESPECT TO FRIDAY’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, IN AUGUST ANOTHER BIG 6.065 MILLION OZ IN A NON ACTIVE MONTH AND NOW IN SEPTEMBER AN INITIAL MONSTROUS 30.265 MILLION OZ OF SILVER STANDING FOR DELIVERY… NOBODY IS PAYING ATTENTION TO THE HUGE NUMBER OF PHYSICAL OUNCES STANDING FOR SILVER THESE PAST SEVERAL MONTHS.

 

In ounces AT THE COMEX, the OI is still represented by OVER 1 BILLION oz i.e. 1.048 MILLION OZ TO BE EXACT or 150% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT AUGUST MONTH/ THEY FILED AT THE COMEX: 347 NOTICE(S) FOR 1,735,000 OZ OF SILVER

IN SILVER,PRIOR TO TODAY, WE  SET THE NEW COMEX 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   )  FOR AUGUST 6.065 MILLION OZ. AND NOW SEPT:  AN INITIAL HUGE 30.265 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 FELL BY A FAIR SIZED 2583 CONTRACTS UP TO 467.260 WITH THE LOSS IN THE COMEX GOLD PRICE/YESTERDAY’S TRADING (A FALL IN PRICE OF $3.75)THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A HUMONGOUS  SIZED 13,723 CONTRACTS:

OCTOBER HAD EFP’S ISSUED AND, DECEMBER HAD AN ISSUANCE OF 13,723 CONTACTS  AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 467.260. 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 VERY STRONG SIZED OI GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 11,140 CONTRACTS:  2583 OI CONTRACTS DECREASED AT THE COMEX AND 13,723 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN:  11,140 CONTRACTS OR 1,114,000 OZ = 34.65 TONNES.  AND ALL OF THIS HUGE  DEMAND  OCCURRED WITH A FALL IN THE PRICE OF GOLD/ FRIDAY TO THE TUNE OF $3.75???

 

 

 

FRIDAY, WE HAD 4749 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF SEPT : 43,757 CONTRACTS OR 4,375,700 OZ OR 136.10 TONNES (5 TRADING DAYS AND THUS AVERAGING: 8752 EFP CONTRACTS PER TRADING DAY OR 875,200 OZ/ TRADING DAY),,

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 5 TRADING DAYS IN  TONNES: 136.10 TONNES

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

THUS EFP TRANSFERS REPRESENTS 136.10/2550 x 100% TONNES =  5.33% OF GLOBAL ANNUAL PRODUCTION SO FAR IN JULY ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE:     5,333.04*  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)

ACCUMULATION OF GOLD EFP FOR AUG. 2018                       488.54  TONNES  (23 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 DECREASE IN OI AT THE COMEX OF 2583 WITH THE LOSS IN PRICING ($3.75 THAT GOLD UNDERTOOK FRIDAY) // .  WE ALSO HAD A HUMONGOUS NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 13,723 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 13,723 EFP CONTRACTS ISSUED, WE HAD A GAIN OF 11,140 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

13,723 CONTRACTS MOVE TO LONDON AND 2583 CONTRACTS DECREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 34.65 TONNES). ..AND THIS HUGE DEMAND OCCURRED DESPITE THE  FALL OF $3.75 IN FRIDAY’S TRADING AT THE COMEX.

 

 

we had: 28 notice(s) filed upon for 2800 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 $0.80  TODAY: / 

ANOTHER BIG CHANGE IN GOLD INVENTORY AT THE GLD/A WITHDRAWAL OF 1.44 TONNES

 

 

 

/GLD INVENTORY   745.44 TONNES

Inventory rests tonight: 745.44 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 2  CENTS TODAY

ANOTHER REAL SHOCKER: DESPITE GLD LOSING GOLD

WE HAD A  GOOD DEPOSIT OF: 940,000 OZ OF SILVER INTO THE SLV

 

 

 

 

/INVENTORY RESTS AT 332.717 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 SMALL SIZED 840 CONTRACTS from 210,462 UP TO  209,622  AND MOVING A LITTLE FURTHER FROM  THE NEW COMEX RECORD SET LAST  MONTH AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..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:

 

EFP CONTRACTS FOR SEPTEMBER, 3419 CONTRACTS FOR DECEMBER AND  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 3419 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 840 CONTRACTS TO THE 3419 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A NET GAIN OF 2579 OPEN INTEREST CONTRACTS.  THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 12.895 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, A STRONG 6.065 MILLION OZ FOR AUGUST.. AND NOW A HUGE 30.265  MILLION OZ INITIALLY STAND FOR SILVER IN SEPTEMBER….

 

 

RESULT: A SMALL SIZED DECREASE IN SILVER OI AT THE COMEX WITH THE 2 CENT PRICING LOSS THAT SILVER UNDERTOOK IN PRICING YESTERDAY. BUT WE ALSO HAD A  GOOD SIZED 3419 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG  SIZED AMOUNT OF SILVER OUNCES STANDING FOR SEPTEMBER, 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) MONDAY MORNING/ SUNDAY NIGHT: Shanghai closed DOWN 32.82 POINTS OR 1.21%   /Hang Sang CLOSED DOWN 360.05 POINTS OR 1.33%/   / The Nikkei closed UP 66.03 POINTS OR 0.30%/Australia’s all ordinaires CLOSED DOWN 0.04%  /Chinese yuan (ONSHORE) closed DOWN  at 6.8631 AS POBC RESUMES  ITS HUGE DEVALUATION  /DELEGATION COMING TO THE USA TO SEE TRUMP IN NOVEMBER/Oil UP to 68.01 dollars per barrel for WTI and 77.14 for Brent. Stocks in Europe OPENED GREEN //.  ONSHORE YUAN CLOSED DOWN AT 6.8631 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8715: HUGE DEVALUATION/PAST SEVERAL DAYS RESUMES// TRADE TALKS NOT DOING TOO GOOD   : /ONSHORE YUAN TRADING  STRONGER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING  WEAKER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW A FULL TRADE WAR COMMENCED

 

 

 

 

 

3A/NORTH KOREA/SOUTH KOREA

i)North Korea/South Korea/USA/

 

 

 

 

b) REPORT ON JAPAN

 

3 C/  CHINA

i)This is occurring not at the best time for China has its trade surplus hits a record high.  Trump is on the record to initiate another 267 billion in tariffs and that would put it at exactly all of Chinese exports to the USA

( zerohedge)

ii)This will definitely not last.  China reports that inflation last month came in red hot at 2.3% much higher than the consensus 2.1%.The fall in the yuan certainly was a major contributing factor in the rise in inflation.  However China is slowing down so this will probably not last, as commodity prices are well down. Also China’s all important credit impulse is also declining which lends to the theory that inflation will not last inside China.

 

(courtesy zerohedge)

 

 

 

4/EUROPEAN AFFAIRS

i)Our resident expert on European affairs explains why Europe’s immigration is just not working.   Non indigenous folks have a much higher fertility rate (5) that whites but on balance they are receiving a much greater share of social benefits.  This will explain the increasing population but a decreasing GDP

( GEFIRA)

ii)UK

THE pound rises after Barnier states that a Brexit deal is realistic in the next 60 to 8 weeks

(courtesy zerohedge)

 

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)Syria/USA/Russia

USA is preparing military options if the Syrians “use” chemical weapons. No doubt that the rebels will “stage” the event in order for the uSA/France to enter the conflict

( zerohedge)

ii)Here we go again:  The USA has now accused Assad of approving a gas attack in Idlib which no doubt will set the stage for a major military conflict.  Also good reason for gold to go down
( zerohedge)

ii b)Seems that the USA used banned chemicals in an attack on the town of Hajin, in Idlib province(courtesy zerohedge)

iii)LIBYA

militants attack the headquarters of Libya’s National Oil Corporation responsible for exporting 70% of the countries oil

This will no doubt propel oil higher in price

( zerohedge)

6. GLOBAL ISSUES

The tariff/trade war seems to have hit global trade as supply chains are seizing up. Our Bellwether indicator, the Baltic Dry Index is also faltering badly indicating goods are not travelling across routes in the same fashion as before
(courtesy zerohedge)

 

 

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

ARGENTINA
Argentines are pulling huge amounts of dollars from their dollar accounts. In the last two days of August a record 490 million dollars were removed from the banking system.  This occured when the Peso hit a record 41.6 to the dollar.  The country is running out of dollars and this is occuring with the nation having record current account deficits.
( zerohedge)

 

9. PHYSICAL MARKETS

i)We reported to you last week, that citizens from India have been smuggling gold into the country due to the high taxes.  Now it is Japan’s turn to smuggle due to impending increase in sales taxes

( Royal Hall/Daily Coin)

ii)John Authers fails to explain why the press cannot talk about gold price rigging.  They surely talk about other rigging but not gold/silver

( Authers/London’s Financial times)

iii)Bill Murphy discusses the gold cartel with Portfolio Wealth Global

( GATA)

 

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

 

i)Market trading /GOLD/MARKET MOVERS:

MARKET TRADING

 
ii)Market data

 

iii)USA ECONOMIC/GENERAL STORIES

a)Because of the strong global interrelationship of trade, the tariffs and trade wars are hurting the USA and according to the Association press that the war can effect 10% of imports.
(courtesy zerohedge)
b)A powerful commentary from Luongo on how the deep state’s effort on destroying Trump is destroying America more as there is a loss of confidence. He states that big money just does not know whether to face west or east.  Big money has always sought yield but that will no doubt come back to haunt them

c)When will the USA finally feel the pain from the trade wars?  Deutsche bank answers:  the moment the uSA initiates its next 200 billion dollars worth of tariffs on China.

( zerohedge)

“The fuse has been lit on debt bombs sitting on the balance sheets of insolvent European banks.”

and

“And all of that capital that flowed out of the U.S. and Europe over the past decade searching for yield in a world where risk was suppressed to save the banks is coming back like a Tsunami”

( Tom Luongo)

 

iv)SWAMP STORIES

a)I feel sorry for this individual.  The Democrats set him up and he now has a felony as he must serve 14 days in prison for lying to the FBI.

( zerohedge)

b)The Genesis of the Russian collusion story laid out in full

( zerohedge)

c)It seems that the anonymous op-ed is rattling the New York times.  They have come out and stated that this would be a blatant abuse of power.  Trump is afraid that “if this individual” had clearance, he does not want him in the room when major stuff is discussed.

I may be wrong but I do not think it is a senior White House Official but a deep stater like Brennan or the NYTimes themselves.

let us see how this plays out..

( zerohedge)

 

d)Michael Cohen wants his 130,000 returned.  I guess there is no case..so what is next?

( zerohedge)

e)Supposedly the list is narrowed down to a few individuals.  Is somebody being set up as a patsy  (e.g. Sessions)

(c zerohedge)

f)the biggy:  Trump is set to declassify the key Bruce Ohr documents along with the Fisa court Carter page stuff as early as this week

( zerohedge)

 

Let us head over to the comex:

 

The total gold comex open interest FELL BY A FAIR SIZED 2583 CONTRACTS DOWN to an OI level 467.260 WITH THE FALL IN THE PRICE OF GOLD ($3.75 LOSS/ FRIDAY’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. IT IS UNUSUAL TO SEE THE OPEN INTEREST IN GOLD CONTINUE TO CONTRACT AS WE START A NEW MONTH (SIMILAR TO WHAT WE ARE WITNESSING IN SILVER).  MAYBE THE BANKS ARE TRYING TO UNLOAD AS MANY AS POSSIBLE OF THEIR SHORT PAPER GOLD/SILVER CONTRACTS.

 

WE ARE NOW IN THE  NON ACTIVE DELIVERY MONTH OF SEPT..  THE CME REPORTS THAT THE BANKERS ISSUED A  HUMONGOUS SIZED COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 13,723 EFCONTRACTS WERE ISSUED:

OCTOBER: 0 EFP’S AND DECEMBER:  13,723 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  13,723 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 11,140 TOTAL CONTRACTS IN THAT 13,723 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST 2583 COMEX CONTRACTS.

NET GAIN ON THE TWO EXCHANGES:  11,140 contracts OR 1,114,000  OZ OR 34.65 TONNES.

Result: A FAIR SIZED DECREASE IN COMEX OPEN INTEREST WITH THE FALL IN PRICE/ FRIDAY (ENDING UP WITH THE LOSS IN PRICE OF $3.75)THE  TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES:  11,140 OI CONTRACTS..

We are now in the active contract month of SEPTEMBER. For the September contract month, we lost 44 contracts and thus the number of  open interest contracts standing for gold in this front month is 45 contracts. We had 63 notices filed  yesterday so we surprisingly again gained 19 contracts or an additional 1900 oz will stand for gold and these guys refused to accept a fiat bonus and transfer to London.  This is very strange for gold to see queue jumping so early in  the delivery cycle.  We have been witnessing this phenomenon for the past 17 months in silver.

 

 

 

 

 

THE NEXT ACTIVE DELIVERY MONTH IS  OCTOBER AND HERE THE OI LOST 1898 CONTRACTS DOWN TO 41,838. NOVEMBER SAW A 5 CONTRACT GAIN TO STAND AT 24. DECEMBER SAW ITS OPEN INTEREST FALL BY 1914 CONTRACTS UP TO 358,305.

WE HAD 28 NOTICES FILED AT THE COMEX FOR 2800 OZ.

 

FOR THE UPCOMING SEPT GOLD CONTRACT MONTH;

 

FOR COMEX SEPT/2017  FIRST DAY NOTICE GOLD:  80,700 OZ OR 2.696 TONNES INITIALLY STOOD

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

 

 

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And now for the wild silver comex results.

Total silver OI FELL BY A SMALL SIZED 840 CONTRACTS FROM 210,462 DOWN TO 209,622 (AND 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 WITH A 2 CENT LOSS IN PRICING.

 

WE ARE NOW INTO THE ACTIVE DELIVERY MONTH OF SEPT.AND, WE WERE  INFORMED THAT WE HAD A HUMONGOUS SIZED 3419 EFP CONTRACTS:

FOR SEPT:  0 CONTRACTS  AND FOR DECEMBER: 3419 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: 3419.  ON A NET BASIS WE GAINED 2902 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED 840 CONTRACT LOSS AT THE COMEX COMBINING WITH THE ADDITION OF 3419 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN ON THE TWO EXCHANGES:  A GOOD 2579 CONTRACTS…AND ALL OF THIS STRONG DEMAND OCCURRED WITH A TINY 2 CENT LOSS??

 

 

 

The next active delivery month after August for silver is September and here the OI FELL by 311 contracts DOWN to 799.

We had 295 notices filed on yesterday so we lost 16  number of contracts or 80,000 oz will not  stand at the comex as these guys accepted a fiat bonus on top of a London based forwards. For the past 17 months starting in April 2017, we have been witnessing on a constant basis queue jumping as the commercials seek physical silver immediately after first day notice. Today queue jumping has taken a little holiday.

 

 

 

 

October lost 45  contracts to stand at 630. November saw a gain of 17 contracts to stand at 31.

After Nov., the next big delivery month is December and here the OI fell by 751 contracts UP to 184,182 contracts.

We had 347 notice(s) filed for 1,735,000 OZ for the SEPTEMBER 2018 COMEX contract for silver

 

 

 

Trading Volumes on the COMEX

 

PRELIMINARY COMEX VOLUME FOR TODAY: 208,959 contracts

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  300,050 contracts

 

 

 

 

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

 

 

 

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. THUS WE ARE WAY AHEAD OF LAST YEAR AS ALREADY WE HAVE 30.265 MILLION OZ OF SILVER INITIALLY STAND. WE WILL NO DOUBT PASS LAST YEAR’S TOTAL OF 32.875 MILLION OZ ONCE SEPTEMBER ENDS AS THE BANKS SCRAMBLE FOR PHYSICAL SILVER.

 

 

 

 

 

 

 

INITIAL standings for SEPTEMBER/GOLD

SEPT. 7-/2018.

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

nil

oz

 

 

No of oz served (contracts) today
28 notice(s)
 2800 OZ
No of oz to be served (notices)
17 contracts
(1700 oz)
Total monthly oz gold served (contracts) so far this month
526 notices
52600 OZ
1.636 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 a tiny pulse at  the comex and still no goldentering the comex vaults.  Lately but not today  we have witnessing some investors leaving the comex because they are afraid that the gold there is unallocated.  Also for the first time ever we dropped below 5 tonnes in the registered gold category.

we had 0 kilobar transaction/
We had 0 inventory movement at the dealer accounts
total inventory deposit into the dealer accounts:  NIL  oz
total inventory withdrawals out of dealer accounts; nil oz
we had 0 withdrawals out of the customer account:
total customer withdrawals:  nil oz
we had 0 customer deposit
total customer deposits: nil oz
we had 1 adjustments
and it may indicate a settlement for gold:
ii) Out of Int Delaware:  578.18 oz leaves the dealer and enters the customer account of Int. Delaware

FOR THE SEPTEMBER CONTRACT MONTH)

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 28 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 3 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the INITIAL total number of gold ounces standing for the SEPT. contract month, we take the total number of notices filed so far for the month (526) x 100 oz or 49,800 oz, to which we add the difference between the open interest for the front month of SEPT. (45 contracts) minus the number of notices served upon today (28 x 100 oz per contract) equals 54,300 OZ OR 1.6889 TONNES) the number of ounces standing in this non active month of SEPT

 

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

No of notices served (526 x 100 oz)  + {89)OI for the front month minus the number of notices served upon today (28 x 100 oz )which equals 54,300 oz standing OR 1.6889 TONNES in this NON  active delivery month of SEPTEMBER.

Strangely, we added 19 contracts or an additional 1900 oz will stand for physical gold at the comex and these guys refused to accept a fiat bonus to move their contracts over to London.  Let us see if this continues throughout the month as the commercials may be scrambling to obtain any physical gold they can.

 

 

 

 

 

THERE ARE ONLY 4.511 TONNES OF REGISTERED COMEX GOLD AVAILABLE FOR DELIVERY AGAINST 1.6889 TONNES STANDING FOR SEPTEMBER  

 

 

 

total registered or dealer gold:  146,102.034 oz or   4.511tonnes
total registered and eligible (customer) gold;   8,380,049.816 oz 260.65 tonnes

IN THE LAST 25 MONTHS 94 NET TONNES HAS LEFT THE COMEX.

end

And now for silver

AND NOW THE AUGUST DELIVERY MONTH

SEPTEMBER INITIAL standings/SILVER

SEPT. 7/ 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
 75,478.364 oz CNT
Delaware

 

 

Deposits to the Dealer Inventory
nil
oz
Deposits to the Customer Inventory
nil
oz
No of oz served today (contracts)
347
CONTRACT(S)
(1,735,000 OZ)
No of oz to be served (notices)
452 contract
(2,260,000 oz)
Total monthly oz silver served (contracts) 5601 contracts

(28,005,000 oz)

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

we had 0 inventory movement at the dealer side of things

 

 

total dealer deposits: nil oz

total dealer withdrawals: nil oz

we had 0 deposit into the customer account

i) Into JPMorgan: nil oz

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

JPMorgan now has 145.4 million oz of  total silver inventory or 50.8% of all official comex silver. (145 million/286 million)

 

 

ii) Into everybody else:  nil oz

 

 

 

 

 

 

 

 

total customer deposits today: nil oz

we had  2 withdrawals from the customer account;

i) Out of CNT: 64,404.594 oz

ii) out of Int. Delaware: 15,073.770 oz

 

 

 

 

total withdrawals: 75,478.364 oz

we had 1  adjustment

i) out of CNT: 1,576,009..580 oz was adjusted out of the customer and this landed into the dealer account of CNT

 

 

 

 

 

 

 

total dealer silver:  91.057 million

total dealer + customer silver:  296.236 million oz

The total number of notices filed today for the SEPTEMBER. contract month is represented by 347 contract(s) FOR 1,735,000 oz. To calculate the number of silver ounces that will stand for delivery in SEPT., we take the total number of notices filed for the month so far at 5601 x 5,000 oz = 28,005,000 oz to which we add the difference between the open interest for the front month of SEPTEMBER. (799) and the number of notices served upon today (347 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the SEPT/2018 contract month: 5601(notices served so far)x 5000 oz + OI for front month of SEPTEMBER(799) -number of notices served upon today (347)x 5000 oz equals 30,265,000 oz of silver standing for the SEPT contract month.  This is a huge number of oz standing!!

We LOST 16 contracts or an additional 80,000 oz will NOT stand at the comex as these guys morphed into London based forwards as well as accepting a fiat bonus for their effort.

 

 

 

 

 

 

 

 

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ESTIMATED VOLUME FOR TODAY:  55,105 CONTRACTS   

 

 

CONFIRMED VOLUME FOR YESTERDAY: 84,843 CONTRACTS..

 

 

YESTERDAY’S CONFIRMED VOLUME OF 84,843 CONTRACTS EQUATES TO 424 million OZ  OR 60.6% 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 -3.79% (SEPT.10/2018)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -1.66% to NAV (SEPT 10/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -3.79%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

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

NAV 12.09/TRADING 11.57/DISCOUNT 4.16.

END

And now the Gold inventory at the GLD/

SEPT 10/WITH GOLD DOWN 80 CENTS/ANOTHER HUGE 1.44 TONNES OF WITHDRAWAL FROM THE GLD/INVENTORY RESTS AT 745.44 TONNES

SEPT 7/WITH GOLD DOWN $3.75: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 746.92 TONNES

SEPT 6/WITH GOLD UP $3.05 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 746.92

SEPT 5/WITH GOLD UP $2.30 TODAY, WE HAD ANOTHER WHOPPER OF A WITHDRAWAL:  6.24 TONNES/INVENTORY RESTS AT 746.92 TONNES

SEPT 4/WITH GOLD DOWN $2.65: ANOTHER 2.65 TONNES OF GOLD LEAVE THE GLD/INVENTORY RESTS AT 755.16 TONNES/

AUGUST 31/WITH GOLD UP $2.15:ANOTHER WITHDRAWAL OF 2.06 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 757.81 TONNES

AUGUST 30/WITH GOLD DOWN $6.90: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 759.87 TONNES

AUGUST 29/WITH GOLD DOWN $2.90 (COMEX TO COMEX BUT UP 6.00 DOLLARS FROM ACCESS CLOSING) THE CROOKS RAIDED THE COOKIE JAR ONCE AGAIN TO THE TUNE OF 4.71 TONNES/INVENTORY RESTS AT 759.87 TONNES AFTER THE WITHDRAWAL.

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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SEPT 7/2018/ Inventory rests tonight at 745.44 tonnes

*IN LAST 452 TRADING DAYS: 185.53 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 352 TRADING DAYS: A NET 28,99 TONNES HAVE NOW BEEN REMOVED FROM GLD INVENTORY.

 

end

 

Now the SLV Inventory/

WITH SILVER DOWN 2 CENTS TODAY, WE HAD ANOTHER DEPOSIT OF 940,000 OZ/INVENTORY RESTS AT 333.657 MILLION OZ/

SEPT 7/WITH SILVER DOWN 2 CENTS (AND DOWN 48 CENTS FOR THE WEEK): WE HAD A HUGE DEPOSIT OF 3.008 MILLION OZ INTO THE SLV/

SEPT 6/WITH SILVER DOWN 4 CENTS TO: A SLIGHT CHANGE, A WITHDRAWAL OF 147,000 OZ AND THIS IS TO PAY FOR FEES/INVENTORY RESTS AT 329.709 MILLION OZ/

 

SEPT 5./WITH SILVER UP 4 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 329.856 MILLION OZ/

SEPT 4/WITH SILVER DOWN 37 CENTS TODAY/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 329.856 MILLION OZ/

AUGUST 31/WITH SILVER DOWN ONE CENT TODAY/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 329.856 MILLION OZ/

AUGUST 30/WITH SILVER DOWN 20 CENTS TODAY, A BIG CHANGE IN SILVER INVENTORY: A DEPOSIT OF 742,000 AT THE SLV.INVENTORY RESTS AT 329.856 MILLION OZ/

AUGUST 29/WITH SILVER DOWN 10 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 329.104 MILLION OZ/

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/

 

 

 

SEPT 10/2018:

Inventory 333.657 MILLION OZ

 

6 Month MM GOFO 2.00/ and libor 6 month duration 2.54

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

G0FO+ 2.00

 

libor 2.54 FOR 6 MONTHS/

GOLD LENDING RATE: .54%

XXXXXXXX

12 Month MM GOFO
+ 2.42%

LIBOR FOR 12 MONTH DURATION: 2.85

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.43

end

 

Major gold/silver trading /commentaries for MONDAY

GOLDCORE/BLOG/MARK O’BYRNE.

 

London Property: Here Comes the Crash

by Bloomberg News

– Jitters surrounding London property are finally starting to show up in home prices
– Brexit uncertainty, rising interest rates, higher sales tax and stretched affordability
– Islington suffered the biggest declines, with home prices falling 7.8 pct in 12 months as per official data
– Surveys have shown declines for several months, but now the end of the boom is clear in official statistics too according to Bloomberg analysis


London median, Islington, Wandsworth & Southwark prices. Must See Interactive Graphic Piece From Bloomberg News


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Gold Surges to Record Highs in Emerging Market Currencies

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Source: @CharlieBillelo

Is gold set for a much brighter future? (TheNational.ae)

Financial crisis upturned politics – and it’s not done yet (MoneyWeek.com)

Major Currencies All Over The World Are In “Complete Meltdown” As The $63 Trillion EM Debt Bubble Implodes (TheEconomicCollapseBlog.com)

Tensions With Russia Are Higher Now Than During the Cold War Risking War – PCR (PaulCraigRoberts.com)

Even Mortgage Lenders Are Repeating Their 2006 Mistakes (DollarCollapse.com)

How the Great Recession turned America’s student-loan problem into a $1.5 trillion crisis (MarketWatch.com)

Gold Prices (LBMA AM)

07 Sep: USD 1,200.75, GBP 928.30 & EUR 1,031.32 per ounce
06 Sep: USD 1,204.30, GBP 931.65 & EUR 1,035.82 per ounce
05 Sep: USD 1,194.70, GBP 932.46 & EUR 1,031.74 per ounce
04 Sep: USD 1,195.75, GBP 932.57 & EUR 1,034.20 per ounce
03 Sep: USD 1,201.70, GBP 933.00 & EUR 1,035.75 per ounce
31 Aug: USD 1,206.85, GBP 927.58 & EUR 1,034.03 per ounce

Silver Prices (LBMA)

07 Sep: USD 14.19, GBP 10.90 & EUR 12.20 per ounce
06 Sep: USD 14.27, GBP 11.03 & EUR 12.27 per ounce
05 Sep: USD 14.17, GBP 11.05 & EUR 12.22 per ounce
04 Sep: USD 14.25, GBP 11.11 & EUR 12.33 per ounce
03 Sep: USD 14.53, GBP 11.27 & EUR 12.50 per ounce
31 Aug: USD 14.66, GBP 11.27 & EUR 12.56 per ounce


Recent Market Updates

– This Week’s Golden Nuggets
– Gold Remains An “Excellent Way to Hedge” for Longer Term – BNP Interview
– Video: Gold Surges To Record Highs In Emerging Market Currencies – New Highs In USD, EUR, GBP In the Coming Months?
– September Is The Best Month For Gold and Worst Month For Stocks
– Pound Investors Face Months of Volatility Into Brexit Endgame
– This Week’s Golden Nuggets
– Video: “Financial War” Deepens as Russia Buys Gold and Dollar Hegemony At Risk – Rickards on CNN
– Will Indebted Nations Globally Follow Venezuela Into Hyperinflation?
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– 10 Incredible Photos From Venezuela Show The Disastrous Risks Of Currency Devaluation
– This Week’s Golden Nuggets
– Video: Is Silver Set for a Massive Breakout?

Listen on SoundCloud , Blubrry & iTunesWatch on YouTube below

Mark O’Byrne
Executive Director

 

 
 
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(Andrew Maguire)

 Dear Harvey Organ,

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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

We reported to you last week, that citizens from India have been smuggling gold into the country due to the high taxes.  Now it is Japan’s turn to smuggle due to impending increase in sales taxes

(courtesy Royal Hall/Daily Coin)

First India, Now Japan – Gold Smuggling On The Rise

Authored by Rory Hall via The Daily Coin,

We have known, really since the beginning of time, that India has a healthy gold smuggling crime racket.

Now we learn that Japan, too, has gold smuggling operations and they are on the rise in light of rising taxes. If these governments would stop stealing everything from the people and leave them enough to live on, the gold smugglers would dry up and go away. But, idiot government officials will remain idiot government officials and continue pushing for more and more taxes creating a larger and larger black market for gold.

Gold is on the rise everywhere but western developed economies. The eastern economies are acquiring gold, literally, by hook or by crook.

As the Asian Nikkei Review recently reported:

Another potential bonanza for organized crime unless loopholes closed

TOKYO — As Japan prepares to raise the consumption tax for the first time in half a decade next year, the Ministry of Finance worries that gold smuggling will also get a boost.

When the tax was last increased in 2014, to 8% from 5%, smuggling of the precious metal jumped as criminal organizations quickly realized how to game the system for their own enrichment.

The scheme works like this:

  • Procure gold in places like Hong Kong, which does not tax it.
  • Have mules hide it in their luggage and blend in with tourists, traveling to Japan to sell to stores that buy gold from the public.
  • The stores pay for both the gold itself and the consumption tax.
  • The tax component becomes pure profit.

And with the consumption tax set to rise to 10% in October 2019, margins will grow even fatter.

Japan has an unflattering reputation as a ‘go-to place’ for gold smugglers. In 2017, there were 1,347 cases discovered by law enforcement – 112 times the tally from 2013, the year before the last tax hike.

Seized gold last year amounted to 6,236 kg, a 47-fold increase.

“It looks like the break-even point for smugglers is between 5 and 8%,” a government source said of the sudden spike.

Will this trend continue? Will the smugglers stop having their wares stolen by the authorities? Are they going to come up with better ways to get the gold into Japan? Losing 6,236 kilos of gold is a lot of gold, a massive amount of fiat down the drain.

Are the Japanese citizens reading the “tea leaves” regarding the BRI and other eastern economic alliances’ and the potential impact on currencies in the not too distant future? Westerners do not begin hoarding gold, acquiring gold and even recognizing that gold exist because the government raises taxes or there is some type of monetary change. No, westerners simply roll over and proclaim – “thank you, sir, may I have another?”

-END-

John Authers fails to explain why the press cannot talk about gold price rigging.  They surely talk about other rigging but not gold/silver

(courtesy Authers/London’s Financial times)

_

Financial Times explains why it can’t report gold price rigging

 Section: 

It’s the cornerstone of the rigging of all markets, and exposing it would overthrow the world financial system.

* * *

In a Crisis, Sometimes You Don’t Tell the Whole Story

By John Authers
Financial Times, London
Friday, September 7, 2018

https://www.ft.com/content/1fcb4d60-b1df-11e8-99ca-68cf89602132

It is time to admit that I once deliberately withheld important information from readers. It was 10 years ago, the financial crisis was at its worst, and I think I did the right thing. But a decade on from the 2008 crisis (our front pages from the period are at ft.com/financialcrisis), I need to discuss it.

The moment came on September 17, two days after Lehman declared bankruptcy. That Wednesday was — for me — the scariest day of the crisis, when world finance came closest to all-out collapse. But I did not write as much in the Financial Times.

Two critical news items had broken on Tuesday night. First, AIG received an $8.5 billion bailout. It needed it because it had to pay up for credit default swap transactions it had guaranteed. Without those guarantees, bonds sitting on banks’ balance sheets and assumed to be of no risk would instead be deemed worthless. That would instantly render many of the banks holding them technically insolvent. A failure of AIG, many believed, would mean an instantaneous collapse of the European banking system, which held much impaired US credit.

That the US had coughed up so much money suggested that AIG’s guarantees could not be trusted — so what collateral could possibly be good for a loan?

Meanwhile, the Reserve Fund, the largest US independent money market mutual fund, announced a loss on its holdings of Lehman bonds. As a result, its price would fall below $1 per share.

This was terrifying because money market funds, which hold short-term bonds, were treated as guaranteed. No money market fund had ever “broken the buck” (or fallen below a price of $1).

The funds were vital customers for short-term debt. Without them, how could banks or big companies fund themselves? Investors rushed to pull money out of money funds, while the funds’ managers dumped corporate bonds for the safety of Treasury bills.

This was a run on the bank. The solvency of Wall Street’s biggest banks was in question. Amid chaos, the yield on Treasury bills fell to its lowest since Pearl Harbor. Desperate people needed safety; interest rates did not matter.

Unlike 2007’s run on Northern Rock in the UK, none of this was visible. Queues do not form around the block to buy T-bills. But Wall Streeters I spoke to thought the banking system was at risk of failing.

As it happened, I had a lot of cash in my bank account, at Citibank. I was above the limit covered by US deposit insurance, so if Citi went bust, a once inconceivable event that I could now imagine, I would lose money for good.

At lunch hour I headed to Citi, planning to take out half my money and put it into an account at the Chase branch next door. That would double the money that I had insured.

We were in midtown Manhattan, surrounded by investment banking offices. At Citi, I found a long queue, all well-dressed Wall Streeters. They were doing the same as me. Next door, Chase was also full of anxious-looking bankers.

Once I reached the relationship officer, who was great, she told me that she and her opposite number at Chase had agreed a plan of action. I need not open an account at another bank.

Using bullet points, she asked if I was married, and had children. Then she opened accounts for each of my children in trust, and a joint account with my wife. In just a few minutes I had quadrupled my deposit insurance coverage. I was now exposed to Uncle Sam, not Citi. With a smile she told me she had been doing this all morning. Neither she nor her friend at Chase had ever had requests to do this until that week.

I was finding it a little hard to breathe. There was a bank run happening, in New York’s financial district. The people panicking were the Wall Streeters who best understood what was going on.

All I needed was to get a photographer to take a few shots of the well-dressed bankers queueing for their money, and write a caption explaining it.

We did not do this. Such a story on the FT’s front page might have been enough to push the system over the edge. Our readers went unwarned, and the system went without that final prod into panic.

Was this the right call? I think so. All our competitors also shunned any photos of Manhattan bank branches. The right to free speech does not give us right to shout fire in a crowded cinema; there was the risk of a fire, and we might have lit the spark by shouting about it.

A few weeks later, the deposit protection limit was raised from $100,000 to $250,000 via an emergency economic stabilisation bill passed by Congress.

Ten years on, US banks are virtually the only players in the financial world plainly more secure than they were before. They have delivered and built up capital, and the risk of a sudden collapse is now far more distant.

The problem now is that disposing of that risk has obstructed the task of reducing other risks. Now, risks lie in bloated asset prices, levered investments, and in pension funds that hold them. The next crisis will not be about banking, but the insidious danger that pension funds deflate, leaving a generation without enough money to retire.

The bad news is that it is a crisis whose solution can always wait another day. Politicians can ignore it. The good news: I need not stay quiet this time.

—–

John Authers is the chief markets commentator and associate editor for the Financial Times.

* * *

end

Bill Murphy discusses the gold cartel with Portfolio Wealth Global

(courtesy GATA)

GATA Chairman Murphy discusses gold cartel in interview

with Portfolio Wealth Global

 Section: 

9:24p ET Sunday, September 9, 2018

Dear Friend of GATA and Gold:

GATA Chairman Bill Murphy discusses the gold cartel — the U.S. Treasury Department, Federal Reserve, Exchange Stabilization Fund, Bank for International Settlements, bullion banks, et al. — in an interview with Michelle Holiday of Portfolio Wealth Global. The interview is 20 minutes long and can be heard at YouTube here:

https://www.youtube.com/watch?v=dXglp8eIhEI&t=3s

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

end

India’s Gold imports shoot up in August

India’s citizens have again increased their gold imports, this time by 92 tonnes-100 tonnes in August. This is terrific that we have 3 countries massively buying gold:  India, China and Russia.  Good reason to see gold go down

(courtesy Scrap Register)

MUMBAI (Scrap Register): India’s gold imports have risen, said Commerzbank in a snippet.

Along with China, the country is one of the world’s largest two gold-consuming nations. Analysts cited preliminary data from the Ministry of Finance showing that India imported 92 tons of gold in August, more than twice as much as a year earlier.

Analysts added that Thomson Reuters GFMS puts Indian gold imports in August at 100 tons. GFMS believes that Indian gold manufacturers took advantage of the low prices – in mid-August, gold in Indian rupees was priced at its lowest level since the end of last year – to replenish their stocks.

“After a subdued first half year, Indian gold demand has picked up noticeably again since July.” Nevertheless, analysts added, GFMS data put Indian gold imports in the first eight months of the year nearly 13% lower year-on-year at 532 tons.

https://www.scrapregister.com/news/45122/indias-gold- imports-shoot-up-in-augustns.

-END-

Bill Holter:  tackling the “truth is being extracted”

 

 

 

*

.

Bill Holter:  tackling the “truth is being extracted”

 

 

___________________________________________________________________________________________________________________________________________________________________________________

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

i) Chinese yuan vs USA dollar/CLOSED DOWN TO 6.8631/HUGE DEVALUATION FOR THE PAST FOUR WEEKS RESUMES/CHINESE COMING TO USA FOR TRADE TALKS IN NOVEMBER //OFFSHORE YUAN:  6.8715   /shanghai bourse CLOSED DOWN 32.82 POINTS OR 1.21% /HANG SANG CLOSED DOWN 360.05 POINTS OR 1.33%
2. Nikkei closed UP 66.03 POINTS OR 0.30%/USA: YEN RISES TO 111.10/

3. Europe stocks OPENED  IN THE GREEN  

 

/USA dollar index FALLS TO 95.34/Euro RISES TO 1.1573

3b Japan 10 year bond yield: RISES TO. +.12/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 111.10/ 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:: 68.04  and Brent: 77.14

3f Gold DOWN/JAPANESE Yen DOWN/ CHINESE YUAN:   ON SHORE DOWN/OFF- SHORE: DOWN

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3h Oil 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 +.400%/Italian 10 yr bond yield DOWN to 2.94% /SPAIN 10 YR BOND YIELD UP TO 1.45%

3j Greek 10 year bond yield FALLS TO : 4.20

3k Gold at $1193.70 silver at:14.19   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 34 /100 in roubles/dollar) 70.24

3m oil into the 68 dollar handle for WTI and 77 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 111.10DESTROYING 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 0.9739 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1278 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 2.94% early this morning (THIS IS DEADLY TO ALL MARKETS). Thirty year rate at 3.10%

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

6.  TURKISH LIRA:  UP  TO 6.4578

S&P Futures Bounce As World Stocks Hit By Longest

Losing Streak Since Jan 2016

It has been a session of two halves in which Emerging markets, Asian stocks and Chinese indexes all slumped in early trading followed by a rebound in European shares led by Italian markets over optimism about Rome’s budget process while US equity futures erased most of Friday’s losses as trade concerns appeared to fade after Trump failed to enact the anticipated $200BN in new Chinese import tariffs.

Ahead of the US open, world shares flirted with their longest run of declines since early 2016 on Monday, hit by rising anxiety about the U.S.-China trade war as traders braced for a potential escalation in the China-U.S. tariff row after Trump said on Friday he was ready to impose tariffs on virtually all Chinese imports into the United States, threatening duties on another $267 billion of goods in addition to the $200 billion already facing threatened tariffs. Meanwhile a sharp rise in average hourly earnings reported by the BLS on Friday bolstered bets on a higher dollar on expectations the Federal Reserve will keep raising U.S. interest rates.

“It’s more of the same, markets continue to be under pressure from a whole host of headwinds,” said GAM’s Investment Director of emerging market equities, Tim Love. He highlighted the latest fall in China’s yuan, which is now down almost 9% versus the dollar since April and asked “You are back to the highly politically charged question – is this currency manipulation or not?”

The previously profiled Chinese plunge-protecting “National Team” was nowhere to be found as equities sank in Shanghai and Hong Kong, with the latter’s benchmark index nearing bear-market territory amid trade concerns led by Apple suppliers amid concerns that trade war raise Apple product prices and hurt demand. Beijing once again warned of retaliation if Washington launches any new trade measures, but as Reuters notes China is running out of room to match US actions dollar-for-dollar, raising concern it would resort to other measures, such as weakening the yuan or taking action against U.S. companies – such as Apple – in China. Chinese shares were battered with the blue-chip index off 1.4%. The Shanghai Composite fell 1.2% and Hong Kong’s Hang Seng index shed 1.3% as the offshore yuan traded mixed.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.9% to the lowest since July 2017, extending losses from last week when it dropped 3.5 percent for its worst weekly showing since mid-March.

It was not all gloom in Asia as Japan’s Nikkei closed 0.3% higher after revised Q2 GDP data showed the world’s third-biggest economy grew at its fastest pace since 2016. This may change, however, after Trump also expressed displeasure about the large U.S. trade deficit with Japan. Stocks also climbed South Korea and were little changed in Australia.

Meanwhile, the emerging market rout continued, as EM stocks hit a fresh 14-month low amid turbulence in Argentina, Turkey, Brazil, Russia and South Africa, where currencies have been routed recently. The Australian dollar, a proxy for Chinese growth, hovered near its lowest in 2 1/2 years and was last at $0.7115 despite stronger than expected Chinese CPI and PPI data reported overnight (Chinese CPI Y/Y 2.3% vs. Exp. 2.2%, and Prev. 2.1%; Chinese PPI Y/Y 4.1% vs. Exp. 4.0% and Prev. 4.6%).

The Indian rupee hit a record low of 72.50 per dollar and Indonesia’s rupiah, Asia’s second-worst performer this year, weakened 0.4%, near an all-time low.

Also in EM, after a sharp rally on Friday ahead of the upcoming rate hike in Ankara, the Turkish Lira resumed its slide after Q2 GDP disappointed, sliding from a downward revised 7.3% in Q1 to 5.2% in the second quarter.

For now, there remains no end in sight for the EM rout as the rising dollar is set for more gains as the Fed tightening cycle is expected to continue well into 2019: “Given the latest comments from Trump, investors are likely to see the potential for further depreciation in EM currencies with the trade war cranking up yet another notch,” said Nick Twidale at Rakuten Securities Australia.

Worries about trade war and tariffs have led to the latest bout of emerging-market turmoil, which not only mars the outlook for global equities, but last week the contagion spread to U.S. stocks after Trump’s signaled that he’s ready to target a sum of goods more than all imports from China while the BLS showed a healthy – if even overheating – American labor market with signs of wage inflation that could clear the way for two more Federal Reserve interest rate hikes this year, and more into 2019.

“Defensive positioning is still warranted at the moment,” said Tribeca Investment Partners direct Sean Fenton on Bloomberg Television. On trade, “markets had some hope that as we got to that deadline there would be some concessions, but there’s really escalation.”

There was little defensive positioning in Europe, however, as the Stoxx Europe 600 Index fluctuated in early trading before rebounding to session highs, up as much as 0.4%, driven higher by banks, utilities and telecom companies.

Europe’s rebound to Asia’s gloom was led by Milan, which jumped 1.5% following soothing comments on Italy’s upcoming budget by Economy Minister Giovanni Tria pushed down the country’s borrowing costs in the bond markets. “The Italian budget law should be more market friendly than initially feared from investors, leading to a narrowing bond spread versus Germany, while ‘it’s too early to celebrate,” according to comments to clients from Mediobanca Head of Equity Markets Antonio Guglielmi.

Stockholm also strengthened along with the Swedish crown amid broad short covering in Swedish assets after the nationalist Sweden Democrats gained less ground than expected in weekend elections. The Swedish crona rose about 0.6% against the euro to 10.43 crowns. The euro was up 0.1 percent against the dollar at $1.1566 after falling more than half a percent on Friday following the U.S. jobs data.

In currencies, the euro benefited from the dollar giving up earlier gains and as Italian bonds rallied, after the country’s Finance Minister Giovanni Tria said over the weekend the nation must cut its debt and keep the budget deficit in check.  The pound stayed near session highs after data showed the U.K. economy grew at the fastest pace in almost a year between May and July, as construction output rebounded and a heatwave boosted retail sales and services. The Norwegian krone rallied against all G-10 peers after better-than-forecast inflation data supported the case for further policy tightening, beyond a widely expected rate increase next week.

As noted above, a relief rally in Sweden’s krona lost steam as markets began to digest an inconclusive result in Sunday’s general election, even though an anti-establishment party didn’t advance as much as many had anticipated.

Meanwhile, the one currency everyone is watching closely, the US dollar, took a breather after it fell from an earlier high as markets awaited more detail on the escalation in the U.S. trade war with China. The Bloomberg Dollar Spot Index was little changed on Monday after earlier touching the highest since Wednesday.

“We still believe a trade war escalation won’t be positive for the USD, which has been buoyed by cyclical U.S. economic sentiment and related portfolio inflows,” wrote ING Grope’s FX strategist Viraj Patel. “These would go into reverse if the U.S. and China slap further tariffs on each other – and we prefer to play this via short USD/JPY positions.”

In commodities, Chinese weakness pressured copper which tumbled over 1.2% to solidify the 20% bear market drop it has seen already this year. Spot gold was lower at $1,193.01. Oil prices bucked the trend, after three straight days of losses. U.S. crude futures were up 44 cents at $68.20 per barrel and Brent crude futures added 52 cents to $77.35 a barrel.

In the latest Brexit developments, a draft Brexit plan proposed by Eurosceptics in the Conservative party includes significant tax cuts, a new military expeditionary and a domestic-built missile defence system, according to leaked documents, thus confirming expectations for the proposal of a Canada-style trade deal. This would go against the proposals made in the Chequer’s agreement, with the article suggesting that if the new proposals were rejected, Eurosecptics would prefer to leave with EU without a deal, on WTO terms. As a guide, Jacob Rees-Mogg is due to speak on Tuesday.

In central bank news, Fed’s Rosengren (non-voter, hawk) says strengthening economy will likely need mildly restrictive policy and he would not be surprised if Fed forecasts for neutral rate and rate path shift upwards, adds no need to quicken pace of hikes & inflation justifies continued hikes.

In geopolitical developments, US officials stated Syrian President Assad has approved gas attack in Idlib, while reports added that Trump has not decided whether to target Iranian or Russian forces aiding Assad. North Korea held a military parade for the 70th anniversary of its Foundation Day in which no ICBMs were displayed and North Korean Leader Kim refrained from delivering a speech.

On today’s calendar, we get consumer credit data for July; scheduled earnings include Casey’s General Stores and Sonos.

Market Snapshot

  • S&P 500 futures up 0.3% to 2,882.25
  • STOXX Europe 600 up 0.2% to 374.38
  • MXAP down 0.5% to 159.33
  • MXAPJ down 0.9% to 511.46
  • Nikkei up 0.3% to 22,373.09
  • Topix up 0.2% to 1,687.61
  • Hang Seng Index down 1.3% to 26,613.42
  • Shanghai Composite down 1.2% to 2,669.49
  • Sensex down 0.8% to 38,082.31
  • Australia S&P/ASX 200 down 0.03% to 6,141.70
  • Kospi up 0.3% to 2,288.66
  • German 10Y yield rose 1.3 bps to 0.4%
  • Euro up 0.1% to $1.1564
  • Italian 10Y yield fell 2.3 bps to 2.671%
  • Spanish 10Y yield fell 0.9 bps to 1.452%
  • Brent Futures up 1.3% to $77.82/bbl
  • Gold spot down 0.2% to $1,194.60
  • U.S. Dollar Index down 0.01% to 95.36

Top Global News

  • Sweden may face weeks or even months of political gridlock after an inconclusive election result left the biggest Scandinavian economy without a clear candidate to form a government
  • The Italian government knows it must cut its debt load and keep the budget deficit in check in order to promote growth and gradually implement its sweeping government spending program, Finance Minister Giovanni Tria said Sunday
  • U.S. President Donald Trump doubled down on his threats to impose higher tariffs on China’s goods, saying he’s ready to tax all imports “at short notice”
  • Fed’s Rosengren wants two more hikes this year. With unemployment low and likely to keep falling, and with inflation at the central bank’s 2 percent target and likely to rise, he said Saturday “I don’t see any reason why we wouldn’t continue to gradually increase rates”
  • For President Donald Trump, the nightmare scenario if Democrats win control of the U.S. House would be the death of his legislative agenda, aggressive investigations of his inner circle, and potential impeachment
  • Donald Trump’s defenders, led by Vice President Mike Pence, were out in force on Sunday following a turbulent week capped by the publication of an anonymous New York Times opinion piece savaging the president
  • China’s consumer inflation rose for a third month in August while producer prices eased. Spreading swine fever, floods in a key vegetable-producing region and soaring rent in big cities all have economists concerned about rising inflation risks amid the slowing economy, although the consumer price index still remains well below the government ceiling of 3 percent
  • The Bank of Japan made a clear commitment to keep interest rates low for an extended period in its decision at the July policy meeting, Governor Haruhiko Kuroda said in an interview with Shizuoka Shimbun, a newspaper

Asian equity markets began the week mostly subdued following the lacklustre performance on Wall St last Friday where sentiment was dampened after Trump doubled-down on his tariff threats against China, while participants also digested a slew of key data including US NFP, Chinese Trade Data and Japanese GDP. ASX 200 (Unch.) was flat as strength in tech and healthcare was counterbalanced by weakness in financials heading into a fresh round of grilling by the banking royal commission, while Nikkei 225 (+0.2%) was choppy amid similar indecision in the local currency and with mild support seen following a stronger than expected upward revision in the Final Annualized Q2 GDP data. Elsewhere, Hang Seng (-0.9%) and Shanghai Comp. (-0.6%) underperformed after further tariff threats from US President Trump and as participants digested mixed trade data in which Trade Balance and Exports missed expectations. Finally, 10yr JGBs were flat with price action subdued despite the indecisive risk tone and BoJ’s presence in the market for JPY 1.1tln in 1yr-10yr JGBs.

Top Asian News

  • China Calls for Controlled ‘Tweaks’ to Current Monetary Policy
  • Japan’s Ramped-Up Business Spending Fuels Faster GDP Growth
  • Emerging-Market Rout Takes Aim at India Amid Widening Deficit
  • India Govt Worried on Rupee Fall, Official Says

European equities are marginally higher (Eurostoxx 50 +0.4%) with Italy’s FTSE MIB outperforming its peers as the Italian banks benefit from recent BTP price action. Mediobanca (+7.0%), Banco BPM (+5.6%) and Intesa Sanpaolo (+5.0%) all stand at the top of the index. In terms of sectors, utility names outperform while underperformance is seen across material names due to the weaker base metal prices. In terms of individual stocks, Swiss listed Richemont (+1.4%) appointed a new Chief Executive after the company ran without a CEO for almost two years. Richemont also reported 5-month sale figures which dragged up rival watchmaker Swatch (+1.1%) in sympathy. Over in Italy, Leonardo (+4.7%) shares are higher after reports the company is in talks with other buyers for the remaining ATR planes tied in a EUR 1bln deal with Iran (which cannot be delivered due to sanctions)

Top European News

  • A Guide to Sweden’s Next Government After Inconclusive Election
  • U.K. Economy Posts Fastest Growth in Almost a Year on Services
  • Blackstone Is Said to Ready Bid for Santander HQ: Confidencial
  • Dignity Slips as Co-Op ‘Ups the Ante’ on Funeral Price War

In FX, we start with the DXY where volatile price action in the index and broad Dollar, between 95.570-297 parameters, as an early EU advance was quickly reversed amidst buy/sell orders in some pairings ahead of major technical levels, data and positioning for potentially pivotal events. AUD/GBP/EUR – Relatively firm within the G10 community, or to be precise all recovering well from bouts of downside pressure with the Aud finding support overnight around 0.7100, Cable bouncing firmly from circa 1.2900 and the single currency finding traction after reports of heavy buying at 1.1525 (just above 1.1518 technical support and stops said to be in place below 1.1520). Note also, a very big option expiry at the 1.1500 strike (2.1 bn) may have impacted price action as the headline pair rebounds towards 1.1600. CHF – The marked underperformer, and possibly due to official intervention following rallies through 0.9700 vs the Greenback and 1.1200 against the Eur. EM – Contrasting fortunes for regional currencies, with the Lira and Rand at opposite ends of the spectrum after Turkish Q2 GDP
slowed sharply and reports circulated that Lula could be behind an ANC plot to oust current SA President Ramaphosa.  Usd/Try is off recent lows and almost hit 6.5000 again, even though expectations are running high for aggressive CBRT action on Thursday, while Usd/Zar has retreated from 15.3000+ in contrast. Elsewhere, Usd/Rub is holding just below 70.0000 in the run up to Friday’s CBR policy meeting with markets also looking for a hike.

In commodities, WTI and Brent futures continue to edge higher in European trade with the former eyeing USD 68.50/bbl to the upside with recent gains in the complex attributed to ongoing hurricane season. NHC reported Florence continues to strengthen rapidly and is expected to become a major hurricane soon, the hurricane is expected to remain an extremely dangerous major hurricane as it is expected to hit land on Thursday. Traders will be also mindful of events in Libya where there has been a shooting incident at the NOC headquarters in Tripoli. Over in the North Sea, the Buzzard oilfield did not restart operations as planned over the weekend, operations should restart on Monday. Elsewhere, gold marginally nurses post-NFP losses as the greenback eases off highs, while copper is kept lacklustre by the ongoing trade concerns and underperformance in China.

US Event Calendar

  • 3pm: Consumer Credit, est. $14.4b, prior $10.2b
  • 12pm: Fed’s Bostic Discusses Economic Outlook

DB’s Jim Reid concludes the overnight wrap

The Swedish electorate yesterday pulled back from going too far to the right as the nationalistic anti-immigration Swedish Democrats didn’t do quite as well as feared in the run up to the elections. With 99.7% of the votes accounted for, they polled 17.6%, up from 12.9% at the last elections but as the various news outlets are suggesting overnight, short of the 20% that some of the polls had suggested. The ruling Social Democrats polled 28.4% – their worst results since 1908 but still making the party the largest single vote-getter. The centre-right Moderate party was second at 19.8% which makes for an uncertain outlook given that the two traditional party blocs are neck-and-neck.

Indeed, the current Red-Green government obtained 40.6% of the vote and the centre-right Alliance 40.3%. Therefore neither bloc can command a majority in Parliament with both sides previously rejecting any possibility of dealing with the Sweden Democrats. DB’s Robin Winkler noted this morning that a period of political deadlock is now likely with a realistic risk of early elections. So another incident of rising populism but not as an extreme a shift as thought last week. The Swedish Krona has been relatively well behaved overnight and is little changed versus either the Euro or Dollar.

The other main story has been Chinese CPI and PPI overnight. The former came in at 2.3% for August compared to expectations for 2.1%. That’s also the highest reading since February. PPI also came in a shade higher than expected at 4.1% (vs. 4.0% expected) albeit down from 4.6% in July. This data follows stronger than expected imports data over the weekend (20.0% yoy vs. 17.7% expected in dollar terms) with exports data largely in line at 9.8% yoy. A talking point however was China’s widening bilateral surplus with the US to a new record high.

Following all that markets in Asia have kicked off the week fairly mixed. China is actually the notable underperformer with the Shanghai Comp down -0.63% while the Hang Seng is -0.89%. That compares to modest gains for the Nikkei (+0.36%), Kospi (+0.20%) and ASX (+0.04%). Futures in the US are slightly higher while bond markets have been fairly quiet. It’s worth also noting the weekend newsflow out of Italy where Finance Minister Tria was quoted as saying on the sidelines of the Ambrosetti Forum that “it makes no sense to seek two or three billion euros of extra deficit if we than have to pay three of four billion more due to higher yields”. He also added that all cabinet members are “fully aware of that”.

Looking forward now, we’re coming into a 10-day stretch of big central meetings culminating in the Fed and the BoJ next week. This week ‘Super Thursday’ sees the ECB, BoE and CBT policy meetings as well as another monthly US CPI release which will be very interesting in light of the AHE beat in Friday’s employment report. It is also worth keeping an eye out for the Argentinian and Russian central bank meetings tomorrow and Friday respectively given the recent EM fall out and their sensitivity to it. The ECB is expected to announce the phasing out of purchases at the end of the year this week and the Turkish CB is expected to hike the one-week repo rate by 300bps to 20.75%. Our house view is that the CBT raises the repo rate to 22% while also returning back to full funding from the policy rate. See the following report here ( link ) for a deep-dive into Turkey and our views going forward. Ahead of this Turkey’s Q2 GDP print today should be a big focus with the consensus expectation for a big drop from +7.4% yoy to +5.3% yoy.

The big news from Friday was that after 7 months of relative calm, average hourly earnings in the US employment report finally picked up where it left off in the early February report (+0.4% mom vs. +0.2% expected and +2.9% yoy – the
highest since 2009. Payrolls 201k vs 190k expected). Bond markets received a jolt with 10-year and 2-year Treasuries selling off 6.7bps and 7.0bps, respectively, while sovereign yields in Europe rose around 2-4bps. The exception was Italy, where BTPs rallied another 2.4 bps to take their weekly gain to 20.1 bps.

US equities (S&P 500 – 0.22%) surrendered intraday gains after trade-related headlines returned. President Trump told reporters that, after implementing tariffs on $200bn of Chinese imports, he stands ready to expand the tariffs to another $267bn of goods, which would presumably cover just about all imports from China. The $200bn tranche of tariffs is still pending, but the comment period has closed and they could be implemented imminently with Trump saying specifically that they could come “at short notice”. On the week the S&P 500 (-1.03%) and DOW (-0.19%) were a bit lower, although more pain was concentrated in the tech sector with the NASDAQ down -2.55%.

In other markets last week, the dollar snapped a three-week losing streak to gain +0.24%, while the euro fell -0.21% and the yen traded flat. EMs remained under pressure, with the EM currency index trading -1.18%, its 6th consecutive week without gaining although we did have a better second half of the week. The Turkish Lira appreciated +2.52%, but most other EM currencies lost ground on the week, led by the South African Rand (-3.53%) and Russian Ruble (-3.39%). EM equities also underperformed, shedding -3.12% on the week, while Brent crude oil fell -0.82%. In Europe, the Stoxx 600 fell -2.34%, with most countries’ indexes lower except Italy, which outperformed this week to gain +0.88%. Bourses across Asia fell last week as well, with the Hang Seng (-3.28%), KOSPI (-1.78%), and Nikkei (-2.44%) all trading lower.

It’s a busy start to the week today. In Europe we’ll get the August Bank of France industry sentiment print while in the UK data due out includes the July trade balance, July industrial and manufacturing production, and the July GDP reading. The September Sentix investor confidence print for the Euro area is also due in the morning while it’s also worth keeping an eye on Turkey’s Q2 GDP print. In the US, the only data release is July consumer credit. Away from that the Fed’s Bostic will be speaking on the economic outlook. EU Chief Brexit Negotiator Michel Barnier is also due to speak at the Bled Strategic Forum while EU and US Trade Chiefs Cecilia Malmstrom and Robert Lighthizer are scheduled to meet. Russia President Putin is also due to meet Japan PM Abe.

 

 

3. ASIAN AFFAIRS

i) MONDAY MORNING/ SUNDAY NIGHT: Shanghai closed DOWN 32.82 POINTS OR 1.21%   /Hang Sang CLOSED DOWN 360.05 POINTS OR 1.33%/   / The Nikkei closed UP 66.03 POINTS OR 0.30%/Australia’s all ordinaires CLOSED DOWN 0.04%  /Chinese yuan (ONSHORE) closed DOWN  at 6.8631 AS POBC RESUMES  ITS HUGE DEVALUATION  /DELEGATION COMING TO THE USA TO SEE TRUMP IN NOVEMBER/Oil UP to 68.01 dollars per barrel for WTI and 77.14 for Brent. Stocks in Europe OPENED GREEN //.  ONSHORE YUAN CLOSED DOWN AT 6.8631 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8715: HUGE DEVALUATION/PAST SEVERAL DAYS RESUMES// TRADE TALKS NOT DOING TOO GOOD   : /ONSHORE YUAN TRADING  STRONGER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING  WEAKER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW A FULL TRADE WAR COMMENCED

 

3 a NORTH KOREA/USA

 

North Korea/South Korea/USA/China

3 b JAPAN AFFAIRS

 
END

3C CHINA

This is occurring not at the best time for China has its trade surplus hits a record high.  Trump is on the record to initiate another 267 billion in tariffs and that would put it at exactly all of Chinese exports to the USA

 

(courtesy zerohedge)

China’s Trade Surplus With US Hits Record High At Worst Possible Time

Three days after the US reported a record trade deficit with China, overnight Beijing confirmed this record print when the General Administration of Customs announced that China’s trade surplus with the U.S. hit another record monthly high in August, rising to $31.05 billion from $28.09 billion in July, and surpassing the previous record set in June as the world’s second-largest economy faced the threat of more tariffs from the Trump administration.

 

A key reason for the latest record print was the sharp slowdown in US outbound trade, as China’s imports from the US grew only 2.7% in August, a sharp slowdown from 11.1% in July. At the same time, China’s exports to the United States accelerated, growing 13.2% from a year earlier from 11.2% in July, even as U.S. tariffs targeting $50 billion of Chinese exports took full effect for their first full month in August.

Over the first eight months of the year, China’s trade surplus with the US – its largest export market – has risen nearly 15% arguably at the worst possible time, as the number will surely add to tensions in the trade relationship between the world’s two largest economies which culminated with Trump’s announcement on Friday that he is planning to slap tariffs on virtually all Chinese goods entering the US.

Behind China’s export boost a combination of factors: i)the weaker Chinese yuan and ii) exporters’ frontloading of shipments in anticipation of more tariffs, both of which contributed to the worsening trade imbalance according to Liu Xuezhi, an economist with Bank of Communications.

Chinese officials acknowledged Chinese exporters have been rushing out shipments to beat new U.S. tariffs, artificially buoying the headline growth readings, while some companies such as steel mills are diversifying and selling more products to other countries. “In the short term, it is difficult for the trade gap to narrow because American buyers cannot easily find alternatives to Chinese products,” Liu said. This suggests that the trade war, which has been escalating, won’t be resolved quickly, the Shanghai-based economist said.

A more optimistic take came from Zhang Yi, an economist at Zhonghai Shengrong Capital Management, who told Reutersthat “there is still an impact from front-loading of exports, but the main reason (for still-solid export growth) is strong growth in the U.S. economy.”

Whatever the reason, for Trump the growing trade deficit with China is confirmation that his trade policies have failed to yield results in boosting trade; this has prompted the US president to roll out increasingly more aggressive tactics to pressure Chinese trade. A summary timeline of the trade tensions between the US and China is laid out below.

 

President Trump said Friday the administration is ready to announce tariffs on another $267 billion in Chinese goods, on top of levies on $200 billion of Chinese products it has been preparing. If enacted, the third round of tariffs would bring the total amount of goods subject to levies to more than the $505 billion of products the U.S. imported from China in 2017, according to the U.S. Census Bureau.

Aside from the US, overall Chinese trade in August posted a modest slowdown, as China reported a trade surplus of $27.91 billion in August, narrowing from a surplus of $28.05 billion a month earlier, and below the $31 billion consensus estimate.

Exports growth for China moderated to 9.8% from 12.2% in July, below the 10% estimate. Imports growth decelerated as well to 20.0% yoy in August, from a strong increase of 27.3% yoy in July, but above the 18.7% consensus estimate, boosted by the cut in import duties for some consumer goods from July 1, 2018.  In sequential terms, exports momentum weakened to a contraction of 0.8% M/M non-annualized, the first time since April, from +0.2% in July. Imports declined as well by 1.0% M/M non-annualized, down from +5.6% in July.

And here a curious observation: China’s trade surplus with the United States was larger than China’s total net surplus for the month, which means China would be running a deficit if trade with the world’s largest economy was excluded.

 

While no one has predicted a sudden, sharp blow from U.S. tariffs, China’s official export data has been surprisingly resilient so far, with growth exceeding analysts’ expectations for five months in a row.

Yet while economists have noted that disruptions in supply chains are likely to be more company specific, and will take time to be reflected in broad economic data and corporate earnings reports, anecdotal evidence of mounting trade damage on both sides of the Pacific is on the rise. Official and private manufacturing surveys for China show global demand for Chinese goods is clearly on the wane, with export orders shrinking for months in a row.

“Risks have increased due to the negative impacts of China-U.S. trade friction. The impact on exports may gradually start to show up, with future export growth possible declining,” said Liu Xuezhi said.

For now however, the tenuous stalemate remains: while Trump is winning the trade war as represented by the capital markets, China continues to win in what really matters: a growing trade surplus with the US.

end

This will definitely not last.  China reports that inflation last month came in red hot at 2.3% much higher than the consensus 2.1%.The fall in the yuan certainly was a major contributing factor in the rise in inflation.  However China is slowing down so this will probably not last, as commodity prices are well down. Also China’s all important credit impulse is also declining which lends to the theory that inflation will not last inside China.

 

(courtesy zerohedge)

China’s Inflation Comes In Hot; Here’s Why It Won’t Last

With China launching an aggressive fiscal and monetary stimulus over the past 2 months to keep its economy humming in response to Trump’s trade wars, coupled with the sharp depreciation in the Chinese Yuan ever since Trump launched his first round of tariffs on Chinese imports, whisper expectations ahead of today’s CPI and PPI data out of China were of an upside surprise to consensus expectations even as some analysts were concerned that China’s trade war-driven slowdown would hit its inflation data.

Well, this time the “whispers’ won, with both August CPI and PPI coming in stronger than expected, as consumer prices rose 2.3%, higher than the 2.1% consensus (at the top end of the forecast range of 1.6% to 2.3%) above last month’s 2.1% and the highest since February; PPI also came in stronger, printing at 4.1% above the 4.0% expected, if well below July’s 4.6%.

 

The modestly stronger (than expected) CPI will bolster the case for PBOC support of the Yuan, as continued currency weakness would only lead to further gains in inflation (just ask Erdogan). That said, the offshore Yuan was largely unchanged on the news, as despite the small uptick inflation remains muted, and will not be a major concern for the central bank.

As for PPI, despite today’s beat expect further weakness, because as go China’s commodities, and especially coal, so goes PPI, and in light of the ongoing commodity market weakness (once again courtesy of Trump’s trade wars) there is no reason to expect wholesale Chinese inflation to rebound any time soon:

 

Finally, while inflation this month may have come in hotter than expected, the far bigger risk is one of deflation, largely as a result of the ongoing collapse in China’s credit impulse, which leads the industrial metals commodity index with a 15 month lead, suggesting that commodity prices are set for a sharp drop in the coming year.

 

And speaking of China’s credit impulse, recall the dire forecast laid out by Goldman yesterday, which expects a sharp – and deflationary – collapse in Chinese consumption as a result of what the bank expects to be the worst credit impulse print this decade as soon as next quarter.

https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/china%20credit%20slowdown%20gs.jpg?itok=fryobIPo

In other words, enjoy the “stronger than expected” inflation prints out of China. They won’t last.

 

END

 

4.EUROPEAN AFFAIRS

Our resident expert on European affairs explains why Europe’s immigration is just not working.   Non indigenous folks have a much higher fertility rate (5) that whites but on balance they are receiving a much greater share of social benefits.  This will explain the increasing population but a decreasing GDP

(courtesy GEFIRA)

 

The New Normal In Europe: Increasing Population, Decreasing GDP

Via GEFIRA,

Leading European politicians and economists argue that the influx of immigrants is an economic necessity.

Naturalization of foreigners implemented for the purpose of executing a re-population program (resembling the Sinicization of Tibet) has become a national policy in most European countries. Replacing the dying European population with workers from Africa and the Middle East is supposed not only to save national economies and support the pension systems but also to boost economic growth.

Basic economic indicators, however, show that the opposite is true.

A year ago The Economist wrote that migration is beneficial to the global economy.

The Gefira team has shown that economic immigrants are more frequently beneficiaries of social benefits, and are less professionally active than non-native Europeans.

Our analysis is also validated by the scientists from the University of Basel. The result is that indigenous Europeans have to provide for immigrants.

The fertility rate among indigenous (i.e. white) Europeans has been below replacement for nearly half a century, while that in African countries is approaching 5. It is because of the continuous inflow of high-fertility people 4) that the populations of France, Sweden, the United Kingdom and other European countries enlarge, but the hard fact is that it does not translate into a higher GDP, which in France and the UK has been in decline since 2008, and in Sweden – since 2014. Not only is the GDP dwindling, but also GDP per capita.

Unemployable Africans and Central Asians will be an additional burden on the aging and shrinking European population slowing down economic growth even further.

end

UK

THE pound rises after Barnier states that a Brexit deal is realistic in the next 60 to 8 weeks

(courtesy zerohedge)

Pound Surges After Barnier Says Brexit Deal “Realistic” In 6-8 Weeks

The British pound surged, the euro hit session highs and the dollar slumped following a comment from the EU’s chief Brexit negotiator Michel Barnier, speaking at conference in Bled, Slovenia, who said it’s “realistic” and “possible” to get a Brexit deal within eight weeks.  As Bloomberg notes, this was the first specific indication of a time frame on a deal since Germany and the U.K. reportedly abandoned key Brexit demands on Sept. 5.

Cable jumped as as much as 1% against the dollar, back above 1.30, and now up 3% since the low it hit in mid-August.

Quoted by Bloomberg, Barnier, who was  speaking at a conference in Bled, Slovenia, said an agreement is needed to be reached by the start of November. He also warned that several issues were still outstanding, including measures to prevent the re-emergence of a hard Irish border and protection of the names of food and agriculture products.

In kneejerk response, 10Y gilts yields erase 1.5bps of outperformance against Bunds, with the U.K. 10y yield rising 2bps to 1.48%. And with the pound spiking, the FTSE 100 promptly erased all session gains, down -0.1% after rising 0.4% earlier, pressured by the stronger currency.

The potentially good news comes in the aftermath of the latest Brexit developments, in which a draft Brexit plan proposed by Eurosceptics in the Conservative party included significant tax cuts, a new military expeditionary and a domestic-built missile defence system, thus confirming expectations for the proposal of a “Canada-style” trade deal. This would go against the proposals made in Theresa May’s “Chequers” agreement, with media reports suggesting that if the new proposals were rejected, Euroseptics would prefer to leave with EU without a deal, on WTO terms, making a hard Brexit an increasingly likely possibility.

Meanwhile, amid the confusion, there are seven months to go until the UK formally leaves the EU, and there are a number of big questions still unanswered. The biggest of them all, of course, is whether a deal will be agreed in time to avoid the UK crashing out of Europe on World Trade Organisation terms? But even if a deal is reached, will the UK parliament vote in favour of it – and when will we know for sure that ‘no deal’ has been averted?

Here’s a guide to the timeline of negotiations between now and March 2019, courtesy of ING.

And below are the four potential scenarios for Brexit talks in early 2019.

END

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS

Syria/USA/Russia

USA is preparing military options if the Syrians “use” chemical weapons. No doubt that the rebels will “stage” the event in order for the uSA/France to enter the conflict

(courtesy zerohedge)

US Military Preparing For “Options” In Syria

Events are moving rapidly in Syria as Russian jets pound insurgent positions in Idlib Province and as the Syrian Army initiates a ground invasion which Damascus has described as coming in a “phased” approach.

The White House responded to the Syrian and Russian bombing campaign by vowing it would act “swiftly and vigorously should chemical weapons be used, and a day ago claimed there’s “lots of evidence” chemical weapons are being prepared by the Syrian forces, citing intelligence of such activities. 

And now America’s top general has confirmed the Pentagon is drawing up military options to attack Syriaand is in currently in close discussion with the White House over the plans.  Marine General Joseph Dunford, chairman of the Joint Chiefs of Staff told reporters on Saturday during a trip to India, according to Reuters:

he was involved in “routine dialogue” with the White House about military optionsshould Syria ignore U.S. warnings against using chemical weapons in an expected assault on the enclave of Idlib.

President Trump has already ordered Tomahawk missile attacks on Syria twice, in the past 2 Aprils.

However, Gen. Dunford noted that no decision has been made to intervene militarily in response to Idlib.

“But we are in a dialogue, a routine dialogue, with the president to make sure he knows where we are with regard to planning in the event that chemical weapons are used,” he told a group of reporters.

Dunford added in reference to his talks with President Trump: “He expects us to have military options and we have provided updates to him on the development of those military options.”

Trump had previously bombed Syria twice after allegations that Assad ordered a chemical weapons attack  in April 2017 and April 2018 — the former was in response to a claimed sarin attack on Idlib.

White House officials have vowed to hold Assad responsible for any chemical attack allegations that emerge.

Leith Abou Infidel

@leithfadel

YouTube has shut down all Syrian government channels today.

France also indicated last week that it too would respond with military force should chemical weapons be deployed.

When pressed by reporters over whether the US actually has intelligence to back its claims, Gen. Dunford responded, “I wouldn’t comment on intelligence at all, in terms of what we have, what we don’t have.”

Meanwhile in Idlib, some truly strange theatrics have already begun, with Al Jazeera depicting locals preparing paper cups, bags and cotton, which are somehow supposed to serve as “chemical protective” gear.

AJ+

@ajplus

Chemical attack imminent? Syrians are turning charcoal and cotton into homemade masks.

Nevermind that nerve agents are absorbed through the skin, or that a little cotton and charcoal can do nothing, it’s all about setting the stage for a “provocation” in order to draw in US military intervention against Assad’s forces. 

* * *

Meanwhile Russia has cited its own intelligence saying that Syrian armed groups in Idlib are preparing for a staged chemical provocation, which Moscow says the West will use to justify a strike against Syrian government forces.

Speaking to Newsweek ahead of this week’s events, Syria analyst Joshua Landis said that there is every reason to doubt the veracity of past rebel claims regarding government chemical weapons usage a surprising admission given his prominence as speaking from within the heart of the media foreign policy establishment.

Landis said, “I don’t know what to make of the U.S. and Russian war of words over the potential use of chemical weapons in Idlib. The final reports on the use of chemical weapons in Ghouta were not definitive.”

“There was no evidence found for the use of nerve agents, but controversy over the use of chlorine gas. The rebels had reason to carry out a false flag operation, as the regime and Russians suggested, but the regime refused to let U.N. inspectors in to test for chemical weapons until after a lengthy delay, which was suspicious,” he concluded.

end
Here we go again:  The USA has now accused Assad of approving a gas attack in Idlib which no doubt will set the stage for a major military conflict.  Also good reason for gold to go down
(courtesy zerohedge)

US Says Assad Has Approved Gas Attack In Idlib, Setting Stage For Major Military Conflict

At this point there’s not even so much as feigning surprise or suspense in the now sadly all-too-familiar Syria script out of Washington.

The Wall Street Journal has just published a bombshell on Sunday evening as Russian and Syrian warplanes continue bombing raids over al-Qaeda held Idlib, citing unnamed US officials who claim President Bashar al-Assad of Syria has approved the use of chlorine gas in an offensive against the country’s last major rebel stronghold.”

And perhaps more alarming is that the report details that Trump is undecided over whether new retaliatory strikes could entail expanding the attack to hit Assad allies Russia and Iran this time around.

 

That’s right, unnamed US officials are now claiming to be in possession of intelligence which they say shows Assad has already given the order in an absolutely unprecedented level of “pre-crime” telegraphing of events on the battlefield.

And supposedly these officials have even identified the type of chemical weapon to be used: chlorine gas.

The anonymous officials told the WSJ of “new U.S. intelligence” in what appears an eerily familiar repeat of precisely how the 2003 invasion of Iraq was sold to the American public (namely, “anonymous officials” and vague assurances of unseen intelligence)  albeit posturing over Idlib is now unfolding at an intensely more rapid pace:

Fears of a massacre have been fueled by new U.S. intelligence indicating Mr. Assad has cleared the way for the military to use chlorine gas in any offensive, U.S. officials said. It wasn’t clear from the latest intelligence if Mr. Assad also had given the military permission to use sarin gas, the deadly nerve agent used several times in previous regime attacks on rebel-held areas. It is banned under international law.

It appears Washington is now saying an American attack on Syrian government forces and locations is all but inevitable.

And according to the report, President Trump may actually give the order to attack even if there’s no claim of a chemical attack, per the WSJ:

In a recent discussion about Syria, people familiar with the exchange said, President Trump threatened to conduct a massive attack against Mr. Assad if he carries out a massacre in Idlib, the northwestern province that has become the last refuge for more than three million people and as many as 70,000 opposition fighters that the regime considers to be terrorists.

And further:

The Pentagon is crafting military options, but Mr. Trump hasn’t decided what exactly would trigger a military response or whether the U.S. would target Russian or Iranian military forces aiding Mr. Assad in Syria, U.S. officials said.

Crucially, this is the first such indication of the possibility that White House and defense officials are mulling over hitting “Russian or Iranian military forces” in what would be a monumental escalation that would take the world to the brink of World War 3.

View image on TwitterView image on Twitter

Mark Ames

@MarkAmesExiled

“Lots of evidence”
Trump regime not even trying, they’re just phoning this disinformation campaign in

The WSJ report cites White House discussions of a third strike — in reference to US attacks on Syria during the last two Aprils after chemical allegations were made against Damascus —  while indicating it would “likely would be more expansive than the first two” and could include targeting Russia and Iran.

The incredibly alarming report continues:

During the debate this year over how to respond to the second attack, Mr. Trump’s national-security team weighed the idea of hitting Russian or Iranian targets in Syria, people familiar with the discussions said. But the Pentagon pushed for a more measured response, U.S. officials said, and the idea was eventually rejected as too risky.

A third U.S. strike likely would be more expansive than the first two, and Mr. Trump would again have to consider whether or not to hit targets like Russian air defensesin an effort to deliver a more punishing blow to Mr. Assad’s military.

Last week the French ambassador, whose country also vowed to strike Syria if what it deems credible chemical allegations emerge, said during a U.N. Security Council meeting on Idlib: “Syria is once again at the edge of an abyss.”

With Russia and Iran now in the West’s cross hairs over Idlib, indeed the entire world is again at the edge of the abyss.

developing…

end

Seems that the USA used banned chemicals in an attack on the town of Hajin, in Idlib province

(courtesy zerohedge)

Russia Accuses US Of White Phosphorus Attack In Syria

President Trump has continued to threaten Syrian and Russian forces planning to take back the terrorist-controlled stronghold of Idlib in northwestern Syria, potentially bringing the world to the brink of World War III,as we explained yesterday. But Trump’s tweets about the potential “humanitarian catastrophe” have exposed a guiding principle of the US’s involvement in Syria (and indeed across the Middle East): A chemical weapons attack isn’t a “catastrophe” if it’s carried out by the US.

In what Russian officials warned could be a preamble to another US-approved false flag attack, US jets on Saturday reportedly dropped white phosphorus on Hajin, a Syrian town in the Deir Ez-Zor province. When it comes in contact with oxygen, white phosphorus can cause massive fires. Because of this, it’s banned by the Geneva Convention for use in combat. Russian officials said they’re still waiting for information on casualties.

Here’s more from RT:

Two F-15 jets on Saturday bombed the town of Hajin with white phosphorus incendiary munitions, banned under the Geneva Convention, according to the Russian Center for Reconciliation in Syria.

“Following the strikes, large fires were observed in the area,” Lieutenant-General Vladimir Savchenko said Sunday. There’s still no information on casualties caused by the bombing run, he added.

The US promptly denied responsibility for the attack.

A Pentagon spokesperson denied the allegations of dropping white phosphorus bombs. “At this time, we have not received any reports of any use of white phosphorous,” Commander Sean Robertson told the media on Sunday. “None of the military units in the area are even equipped with white phosphorous munitions of any kind.”

Photos of the attack have emerged on social media:

Phosphorous

Phosphorous

Islamic State still controls a pocket of territory in Deir Ezzor between the Euphrates River and the Iraqi border, and also has outposts across the vast Syrian desert. Meanwhile, the use of any incendiary munitions in populated civilian areas was banned by Protocol III of the Convention on Certain Conventional Weapons, which the US signed the protocol back in 2009.

END

LIBYA

 

militants attack the headquarters of Libya’s National Oil Corporation responsible for exporting 70% of the countries oil

This will no doubt propel oil higher in price

(courtesy zerohedge)

Several Killed After Militants Storm Libya’s National Oil HQ In Tripoli

After weeks of escalating clashes among factions in the Libyan capital of Tripoli armed militants have stormed the headquarters of the National Oil Corporation (NOC).

Reuters reported smoke and ambulances ferrying injured away in an attack that eyewitnesses say started with five blasts and resulted in multiple people being shot. The large glass-fronted office complex is located in central Tripoli and the state-run NOC is responsible for exporting a combined 70% of the country’s oil across its subsidiaries and facilities throughout the country.

Significant casualties have been reported with early reports saying at least six have killed. According to Tripoli security officials, two NOC employees are among the dead, and two of the gunmen have been reported killed by security forces. “Three or five gunmen were shooting inside the building,” an NOC staff members who fled the building told Reuters, and added, “Several people were shot.”

And reportedly Musthafa Sanallah, NOC chairman, who was present at the time of the attack and safely evacuated from the building, immediately told reporters that “the attack won’t affect NOC operation”.

National Oil Corporation (NOC) Headquarters. Image source: Reuters

The building caught fire during Monday’s attack, and reports say local militias under the city’s Government of National Accord (GNA) authority have restored security, though the situation remains uncertain.

According to Al Jazeera:

The building in the Libyan capital’s centre caught fire on Monday, witnesses said, and security forces were smashing windows so staff could escape.

“The security services are looking for gunmen in the building, but our priority is to evacuate the civilians stuck inside,” said Ahmed Ben Salem, a spokesman for al-Redaa, an armed goup that operates as Tripoli’s police force.

NOC employees, some of whom jumped from low level windows as the attack was unfolding, say the attack started with an explosion and guards at the front of the facility came under gunfire.

NOC headquarters with smoke rising after the attack. Image source: Reuters

Al Jazeera’s correspondent on the ground said the situation is still fluid: “Special security forces have cordoned off the area surrounding the headquarters of NOC and are engaging with the gunmen inside the building,” Mahmoud Abdelwahed said from Tripoli.

He reported further, “We are also getting reports some employees trapped inside are calling for help and that people living nearby are trying to help them escape from other gates,” he added. NOC employees could be seen on top of the large building as smoke rose from burning levels below.

Unconfirmed reports say one of the attackers detonated a suicide vest during the assault:

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

Mohammed Ali@Mohammed_abdusa

| قوة الردع الخاصة تعلن إخلاء مقر المؤسسة الوطنية للنفط وتمكنها من السيطرة على الموقف وتنشر صور ترصد جانب من اقتحام قواتها وأشلاء لأحد المهاجمين الذين فجروا أنفسهم .

Though the assailants are as yet unknown, some international reports are suggesting the coordinated attack could be the work of the Islamic State in Libya, which as recently as May attacked the national election commission offices in Tripoli, and in years past has attacked landmark hotels which are popular meeting places among officials.

FranceNews24@FranceNews24

🔴 SUIVI – : Attaque en cours contre le siège de la compagnie pétrolière d’État la National Oil Corporation (NOC) à , évacuation des blessés par les secouristes.”

In late August heavy inter-factional fighting within the UN-backed Government of National Accord (GNArocked Tripoli as street battles and mortar fire engulfed whole residential neighborhoods especially in the southern suburbs of the city.

The past four or five days have witnessed an uneasy truce; however, Monday’s events mark the return of chaos which has gripped the city for the past weeks.

View image on TwitterView image on Twitter

Nadia Ramadan@NadiaR_LY

Rescue mission underway at the NOC Headquarters. The chairman Mustafa Sanalla is safe. A number of casualties reported.

Post-Gaddafi Libya has been largely forgotten about in the media after its “liberation” by NATO and Islamist militants, and since 2011 has existed in varying degrees of anarchy and chaos. Libya has remained split between rival parliaments and governments in the east and west, with militias and tribes lining up behind each, resulting in fierce periodic clashes.

Perhaps the most significant of these warring militias nationwide is Khalifa Haftar’s Libyan National Army, which controls much of eastern Libya and is the chief rival to the GNA in the western half of the country.

Haftar has reportedly been planning to make a move on Libya’s vital “oil crescent region” while bolstering his forces with Chadian mercenaries, according to local reports.

However, despite all of the political turmoil, and even sporadic attacks on oil facilities and blockades, Libyan oil production has remained somewhat stable by comparison throughout, per Reuters:

However, the NOC has continued to function relatively normally across Libya, which relies on oil exports for most of its income.

Oil production has been hit by attacks on oil facilities and blockades, though last year it partially recovered to around one million barrels per day (bpd).

But it’s entirely possible after today’s events that that is about to change.

Prior the 2011 Libyan war and NATO military intervention which ultimately led to the field execution of Muammar Gaddafi, the country produced about 1.6 million bpd, but years of turmoil and political instability in the aftermath have slashed that to 550,000 barrels per day as of June.

end

6. GLOBAL ISSUES

The tariff/trade war seems to have hit global trade as supply chains are seizing up. Our Bellwether indicator, the Baltic Dry Index is also faltering badly indicating goods are not travelling across routes in the same fashion as before
(courtesy zerohedge)

Global Trade Hit By Rare Decline As “Supply Chains Seize Up”

With the Trump administration about to slap tariffs of up to 25% on an additional $200 billion in Chinese goods, new data suggests that the global slowdown has already begun. Confirming our observations from two weeks ago, in which we showed that the latest freight data indicated global trade volumes are slowing...

…on Friday Bloomberg highlighted that the world trade monitor compiled by the CPB Netherlands Bureau for Economic Policy Analysis showed the rolling three-month trade volumes are not only in decline but have entered into negative territory, an ominous harbinger of economic trouble.

As Bloomberg notes, “the drop is particularly striking given that commodities, one of the largest and most volatile subsets of globally traded goods, have been doing quite well – the CPB’s indexes of fuels and non-fuel commodities both reached the highest levels since 2014 in May.”

Instead, confirming the ominous recent developments in Brazil, where a clustering of supply-chain linked problems has resulted in a near paralysis in the country’s shipping industry, Bloomberg notes that “the weakness is coming not from materials but from manufactured goods, as global supply chains seize up.

With the CPB index printing negative throughout the second quarter of the year, that echoes the numerous reports of a slowdown in the US. Manufactures “reported higher prices and supply disruptions that they attributed to the new trade policies,” according to the Federal Reserve’s July Beige Book, in addition to “higher input prices and shrinking margins.”

Next Wednesday, another Beige Book is due, and it is likely to show more evidence of slowing trade as a result of escalating trade wars.

While the stimulative effect of debt-fueled tax cuts and favorable fiscal policy have created a “Goldilocks economy” in the US, resulting in near record freight volumes in US ports, that temporary sugar high is most likely coming to an end, as a substantial portion of the increased volumes were related to businesses pulling forward consumption from future quarters to beat the tariffs, according to the National Retail Federation, an industry group.

Another shipping market index that tends to be an economic bellwether is the Baltic Dry Index (BDI), a composite of the Capesize, Panamax and Supramax Timecharter Averages rates. The index surged mid-summer thanks to companies getting ahead of tariffs, but following a late-July peak, the index has been steadily declining.

The fact that previous trade slumps have often coincided with a slowdown in domestic economic activity does not bode well for either the Trump administration and or republicans, with just two months left until the midterm elections.

end

7  OIL ISSUES

 

 

8 EMERGING MARKET ISSUES.

 

ARGENTINA
Argentines are pulling huge amounts of dollars from their dollar accounts. In the last two days of August a record 490 million dollars were removed from the banking system.  This occured when the Peso hit a record 41.6 to the dollar.  The country is running out of dollars and this is occuring with the nation having record current account deficits.
(courtesy zerohedge)

Visualizing Argentina’s Bank Run In 1 Crazy Chart

In case you were wondering why Argentina hit the ‘full panic’ button late last week with interventions and promises of “painful” austerity to solve its currency collapse crisis, look no further than this chart…

As Bloomberg notes, Argentines pulled about $490 million dollars from personal savings accounts in the final two days of August, when the peso reached a record of 41.6 per U.S. dollar.

 

This is the biggest drop in 15 months as Argentina’s Reserves have tumbled back to pre-IMF bailout levels…

 

It is evidently very clear that the collapse of the Argentine peso is making the country’s citizens nervous… and the bank run has begun.

END
ALL EMERGING NATIONS
Investors appetite for emerging market debt is climbing to a halt.  These nations still have some buffer but if Trump continues to raise rates, and also engage in tariff wars, then emerging nations will have some considerable problems shosrtly
(courtesy zerohedge)

“New Deals Are Being Canceled”: Emerging Markets Increasingly Locked Out From Access To Capital

Following the recent rout in emerging markets, the biggest threat that has emerged to this bloc of nations is neither their slumping currencies – after all, this is a self-correcting mechanism which makes their exports more attractive and following a period of correction which bolsters trade and current account balances, the EM economies should see a rebound in output – neither the sharp drop in local asset prices, which while painful should also rebound once the underlying economy stabilizes. Instead, what is of highest concern to emerging markets is that with local debt at nosebleed levels, and with dollar-denominated indebtedness at all time high levels and in need of being periodically rolled over, a domino effect of defaults could emerge if the countries find themselves locked out of global capital markets.

That’s exactly what is happening now, because after a record 2017, emerging-market debt issuers issued less money abroad in June, July and August than in any summer since 2013’s taper tantrum, when fears that the U.S. was rolling back monetary stimulus triggered a broad selloff across bond markets.

As the WSJ writes, “the current falloff underscores the changing dynamics for emerging markets, which benefited from years of central bank stimulus and a recent period of synchronized global growth.” Now, with U.S. interest rates rising and with the dollar surging, making debt more expensive at a time of heightened concern over trade protectionism and domestic problems in giants like Turkey and Argentina. Incidentally, as we have shown before, it is these two nations that have some of the highest current account deficits as a % of GDP, and are in greatest need of finding foreign investors who will keep injecting capital into their economies, or else risk a sharp economic contraction if not outright depression.

Some numbers: emerging-market companies raised $28 billion in bonds outside their home market, mainly in dollars, this summer, a fall of more than 60% from last yearaccording to Dealogic. At the same time, governments raised $21.2 billion, a drop of more than 40%.

Today, after a year of unbridled emerging market investor euphoria, the new issuance market appears to ground to a halt: new deals are being postponed or canceled and issuers coming to market are paying far more to generate interest for their dollar debt.

Some can’t afford what investors demand: in early August, Indonesian property developer Intiland Development pulled an up to $250 million three-year bond deal despite offering a juicy yield of 11.5%. Theresia Rustandi, the company’s corporate secretary, said they withdrew the deal because of unfavorable market conditions.

Others are still finding willing investors but this comes at a price: higher interest rates. Last week, Chinese petrochemical giant Sinopec, set out to raise $3 billion in debt but ended up with $2.4 billion as investors demanded a higher return from China’s largest oil refiner.

No imminent change in sentiment is expected, as investors and bankers expect issuance to stay subdued for the rest of the year as the turmoil raging across emerging markets continues:

“You would expect volumes to be lower than in 2017, when all the stars aligned,” said Samad Sirohey, head of debt capital markets for central and Eastern Europe, the Middle East and Africa at Citigroup . But “the last four months have been really subpar,” he said.

Making matters worse, in a toxic feedback loop, the lack of funding leads to fears about defaults, and even slower economic growth. The concern is that a falloff in credit growth will impact economic growth while making it more difficult to pay off outstanding debt. Asian companies, for instance, have $38 billion worth of publicly issued dollar-denominated debt coming due this year, according to Dealogic.

The good news is that most emerging market countries and government still have a significant buffer – either in the form of cash or reserves – to weather a relatively brief storm. But what about a protracted one?

To be sure, most bankers and economists the WSJ spoke to believe it’s still too early to say that the tougher lending conditions pose an acute risk for any but the most troubled economies. Issuance in some developing countries has held up well, including parts of Asia. Some of the more prudent companies and countries raised their money at the start of the year, expecting rates to rise, which may have front loaded issuance in 2018, bankers say.

However, as noted above, the risk is what happens should the EM turmoil persist, and with Trump engaging in a lengthy tit-for-tat trade war with China, this appears inevitable, resulting in a bear market in the MSCI Emerging Market stock index and some outright currency crashes, with Turkey’s lira and Argentina’s peso down 41% and 50% respectively against the dollar since the start of the year.

Meanwhile, in the bond market yields on hard-currency emerging-market debt have risen from 4.5% to 6% this year. And what has spooked investors is that after years of carry-funded profits, USD-denominated emerging-market debt has  recorded a negative return of 3.7% this year.

Making matters worse, emerging-market companies are more exposed to the international bond market than they were during the financial crisis, when risk appetite also dried up and emerging markets struggled to raise cash according to Charles Robertson, global chief economist at Renaissance Capital.

That is because banks in developed economies have scaled back syndicated-loan operations outside their home markets, forcing some firms in poorer countries to turn to public bonds instead.

That, and of course, the sheer amount of dollar-denominated debt that emerging markets are currently saddled with.

What happens next? Keep an eye on investor appetite, in some cases in the most obscure of locations. This week, Papua New Guinea hopes to issue a bond that will be a key test of investors’ appetite for risk in emerging markets. If it fails, the pain for emerging markets – increasingly locked out of capital markets – may get much worse before it gets better.

end

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

Euro/USA 1.1573 UP .0021/ 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  IN THE GREEN

 

USA/JAPAN YEN 111.10   UP 0.127  (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 1.2945 UP   0.0031  (Brexit March 29/ 2017/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED

USA/CAN 1.3188  UP .0037(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 MONDAY morning in Europe, the Euro FELL by 1 basis point, trading now ABOVE the important 1.08 level FALLING to 1.1619; / Last night Shanghai composite CLOSED DOWN 32.82 POINTS OR 1.21%  /Hang Sang CLOSED DOWN 360.05 POINTS OR 1.33% /AUSTRALIA CLOSED DOWN  0.04% / EUROPEAN BOURSES ALL GREEN

 

The NIKKEI: this MONDAY morning CLOSED UP 66.03 POINTS OR 0.30%

 

Trading from Europe and Asia

1/EUROPE OPENED ALL GREEN 

 

 

 

 

2/ CHINESE BOURSES / :Hang Sang DOWN 360.05 POINTS OR 1.33%  /SHANGHAI CLOSED DOWN 32.82 POINTS OR  1.21%

Australia BOURSE CLOSED DOWN 0.04%

Nikkei (Japan) CLOSED UP 66.03 POINTS OR 0.30%

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1192.85

silver:$14.17

Early MONDAY morning USA 10 year bond yield: 2.94% !!! UP 0 IN POINTS from FRIDAY night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%. (POLICY FED ERROR)/

The 30 yr bond yield 3.10 UP 0  IN BASIS POINTS from FRIDAY night. (POLICY FED ERROR)/

USA dollar index early MONDAY morning: 95.34 DOWN 3  CENT(S) from FRIDAY’s close.

This ends early morning numbers MONDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing MONDAY NUMBERS \1: 00 PM

 

Portuguese 10 year bond yield: 1.88% DOWN 2    in basis point(s) yield from FRIDAY/

JAPANESE BOND YIELD: +.12%  UP 1 BASIS POINTS from FRIDAY/JAPAN losing control of its yield curve/EXTREMELY VOLATILE YESTERDAY

SPANISH 10 YR BOND YIELD: 1.45% DOWN 1  IN basis point yield from FRIDAY/

ITALIAN 10 YR BOND YIELD: 2.91 DOWN  14   POINTS in basis point yield from FRIDAY/

 

 

the Italian 10 yr bond yield is trading 146 points HIGHER than Spain.

GERMAN 10 YR BOND YIELD: RISES UP TO +.40%   IN BASIS POINTS ON THE DAY

END

IMPORTANT CURRENCY CLOSES FOR MONDAY

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

Euro/USA 1.1594 UP .0043(Euro UP 43 Basis points/ represents to DRAGHI A COMPLETE POLICY FAILURE/

USA/Japan: 111.12 UP 0.148 Yen DOWN 15 basis points/

Great Britain/USA 1.30025 UP .01118( POUND UP 112 BASIS POINTS)

USA/Canada 1.3162  Canadian dollar DOWN 9  Basis points AS OIL FELL TO $67.56

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

This afternoon, the Euro was ROSE BY 43 BASIS POINTS  to trade at 1.1594

The Yen FELL to 111.12 for a LOSS of 15 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 GAINED 112 basis points, trading at 1.3025/

The Canadian dollar LOST 9 basis points to 1.3162/ WITH WTI OIL FALLING TO 67.56

The USA/Yuan,CNY closed DOWN AT 6.8555  ON SHORE  (YUAN DOWN)

THE USA/YUAN OFFSHORE:  6.8689 (  YUAN DOWN)

TURKISH LIRA:  6.4610

the 10 yr Japanese bond yield closed at +.12%   DOWN 0  BASIS POINTS FROM YESTERDAY

 

 

Your closing 10 yr USA bond yield DOWN 1  IN basis points from FRIDAY at 2.93 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 3.08 DOWN 2  in basis points on the day /

THE RISE IN BOTH THE 10 YR AND THE 30 YR ARE VERY PROBLEMATIC FOR VALUATIONS

Your closing USA dollar index, 95.14 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 MONDAY: 1:00 PM 

London: CLOSED UP  1.60 POINTS OR 0.02%

German Dax : CLOSED UP 26.71 POINTS  OR 0.22%
Paris Cac CLOSED UP 17.41 POINTS OR 0.33%
Spain IBEX CLOSED UP 99.60 POINTS OR 1.09%

Italian MIB: CLOSED UP:  471,21 POINTS OR 2.30%/

 

The Dow closed  DOWN  59.47 POINTS OR 0.23%

NASDAQ closed UP 21.62points or 0.22% 4.00 PM EST 

 

WTI Oil price; 67.56  1:00 pm;

Brent Oil: 77.33 1:00 EST

USA /RUSSIAN /   ROUBLE CROSS:    70.55/ THE CROSS HIGHER  0.55 ROUBLES/DOLLAR (ROUBLE LOWER BY 55 BASIS PTS)

USA DOLLAR VS TURKISH LIRA:  6.4610 PER ONE USA DOLLAR.

TODAY THE GERMAN YIELD RISES +.340 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:$67.55

BRENT: $77.32

USA 10 YR BOND YIELD: 2.93%

USA 30 YR BOND YIELD: 3.08%/

EURO/USA DOLLAR CROSS: 1.1594 UP .0043 ( UP 43 BASIS POINTS)

USA/JAPANESE YEN:111.12 UP 0.148 (YEN DOWN 15 BASIS POINT/ .

USA DOLLAR INDEX: 95.14 DOWN 23 cent(s)/

The British pound at 5 pm: Great Britain Pound/USA: 1.3025 UP 112 POINTS FROM YESTERDAY

the Turkish lira close: 6.46100

the Russian rouble:  70.55 DOWN 0.65 roubles against the uSA dollar.(DOWN 65 BASIS POINTS)

 

Canadian dollar: 1.3162 DOWN 9 BASIS pts

USA/CHINESE YUAN (CNY) : 6.85555  (ONSHORE)

USA/CHINESE YUAN(CNH):  6.8689 (OFFSHORE)

German 10 yr bond yield at 5 pm: ,0.40%


VOLATILITY INDEX:  14.16  CLOSED DOWN 0.72

LIBOR 3 MONTH DURATION: 2.331%  .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

 

FANG-Less Stocks Drift Aimlessly As Trade War Tensions

Loom

With US traders starting the new week amid concerns of more bad news on the trade front – at least those who were not out for Rosh Hashanah – and further profit taking in the FANG complex, the final result was probably better than most had expected.

The day started off with the usual trade war jitters, with Chinese stocks sliding as the Shanghai Composite slumped 1.2%, deeper into bear market territory, and approaching the cycle lows hit in mid-August.

Predictably, emerging markets followed suit, sliding overnight then limping barely higher only to reverse most of their gains.

The biggest EM losers were the usual suspects of the past month, including the Indian rupee – which dropped to a new all time low – the Argentine and Chilean peso, the Brazilian real and the Russian ruble.

Yet while Asia – with the exception of Japan which bounced after an unexpectedly strong GDP revision – set a bearish tone, everything reversed one Europe opened…

… pushed higher by Italy, after Finance Minister Giovanni Tria made some more soothing comments about the country’s budget deficit plans: “It makes no sense to seek two or three billion euros of extra deficit if we then have to pay three or four billion more due to higher yields on government bonds”, Tria said during the Ambrosetti Forum in Cernobbio, Italy on Sunday. He said that all cabinet members “are fully aware of that.

He echoed last week’s comments from key cabinet members, including Deputy Premiers Luigi Di Maio of the Five Star Movement and Matteo Salvini of the League, who also reassured investors that the 2019 budget won’t breach EU rules, resulting in the biggest weekly gain in almost three months for Italian bonds, which on Monday continued their rally with 10-year BTP yields narrowing about 10 basis points, while Italian 2Y yields tumbled.

Yet Europe’s exuberance did not exactly translate to the US, where FANGs hugged the flatline all day, unable to lead the market higher as a result of another day in which AAPL dipped by just over 1%.

Meanwhile, the S&P – which decoupled from the VIX late last month – resumed its upward trajectory, rising by a modest 0.3%.

It was a different story in US Treasurys where the long-end outperformed with the 30Y yield sliding 2bps to 3.09%…

… flattening the 2s30s curve by 3bps…

… but it was the 5s30s that once again saw the biggest bear flattening as concerns about future rate hikes kept the short-end elevated while investors dipped their toe into the long end.

Meanwhile, even as risk rebounded in Europe and the US, China refused to join the party, and the offshore yuan dropped for a third day, weakening past the 6.87 level as investors remained cautious amid threats of U.S. tariffs on a wider range of Chinese products. In fact, the offshore yuan reversed gains seen in New York morning, falling to lowest point since Aug. 23 on a closing basis despite another PBOC fixing that supported the currency.

In FX, the big move was the dive in the dollar which dropped as the pound rose sharply, boosted by EU chief negotiator Michel Barnier’s comments that getting a Brexit deal done within six to eight weeks is “realistic”, while a rally in the euro helped keep the greenback under pressure, following the abovementioned optimistic comments out of Italy’s finance minister.

There were few notable moves elsewhere, with the exception of Tesla stock which surged higher after Friday’s plunge, on the back of several upgrades; these however were ignored by TSLA bonds which barely moved higher after Friday’s drop to a new all time low.

Finally, while Art Cashing would say today was “another waste of carfare and a clean shirt”, there was some good news for the bulls: at least the 4 day losing streak in the S&P to start September – only the third time one has been observed after 1987 and 2001 – is now over. What happens next is very much in the hands, or rather twitter feed, of one Donald Trump.

END

market trading/this morning

 

 

Market data

 

end

USA economic/general stories
Because of the strong global interrelationship of trade, the tariffs and trade wars are hurting the USA and according to the Association press that the war can effect 10% of imports.
(courtesy zerohedge)

US Ports Fear Tariffs Could Collapse Ship Traffic And Reduce Jobs

President Donald Trump has repeatedly told the American people his trade war pitch: “Tariffs are the greatest!”

Except they are not — and a new report from the Associated Press (AP) indicates tariffs are stirring uncertainty at many US points of entry for imports.

Across the nation, at least 10 percent of imports at many ports could vanish if President Trump’s trade proposals take full effect, according to an exclusive investigation of government data by the AP.

 

Port officials said it is becoming a growing concern that tariffs could trigger a domestic slowdown in shipping that would ripple through the transportation industry.

Since March, President Trump unleashed new duties of up to 25 percent on $85 billion worth of aluminum, steel, and other various Chinese manufacturing related products.

Tariffs are working big time. Every country on earth wants to take wealth out of the U.S., always to our detriment. I say, as they come, Tax them. If they don’t want to be taxed, let them make or build the product in the U.S. In either event, it means jobs and great wealth,” Trump tweeted in early August.

While President Trump has claimed tariffs will protect American workers and spark an economic boom, his administration is also preparing an alarming set of tariffs of up to 25 percent on an additional $200 billion on Chinese imports — many of which are consumer based products.

US manufacturers are now starting to feel the pinch, as tariffs are causing havoc on global supply chains. On Friday, Ford stated that it would abandon plans to import a crossover version of its Focus compact car from China to the US because of tariffs that took effect in July. Ford has already warned that it will cut most of its US car business as it shifts toward trucks and SUVs.

In New Orleans, Port NOLA generates $100 million in revenue annually through four lines of business — cargo, rail, industrial real estate and cruises for the State of Louisiana. More than 90 million short tons of cargo passes through the port per year, where officials have cautioned that a tariff-related drop in shipments is coming.

Robert Landry, the port’s chief commercial officer, said steel imports had declined more than 25 percent from a year ago.

He said port officials are searching for other commodities to import, but right now, those expectations are low. “In our business, steel is the ideal commodity,” Landry said. “It’s big, it’s heavy, we charge by the ton so it pays well. You never find anything that pays as well as steel does.”

 

Adam Schlicht, the Port of Milwaukee director, said the port had been structured to import steel from the European Union and ship out agricultural products from the Midwest. He said steel imports had not halted yet becuase of multi-year contracts, but there has been “an almost immediate halt” in outbound shipments of corn because of retaliatory duties imposed by the EU on American agriculture products.

Millions of tons of corn, he said, “are just staying in silos. They are filled to the brim.”

The AP notes that many other ports saw an influx of activity during the June/July timeframe, as US businesses pulled forward consumption from 3Q to get ahead of the tariffs. Some of these orders included manufacturing goods, retail items for back-to-school, and even Christmas products.

“Some of my retail customers are forward-shipping the best they can to offset proposed tariffs,” says Peter Schneider, executive vice president of T.G.S. Transportation, a transportation firm in Fresno, California.

And now, the economic miracle of Trumponomics has been revealed: Second-quarter growth was induced by corporations accelerating purchases of soybeans, crude oil, and other items before new tariffs went into effect. In other words, the growth numbers were artificially inflated by shifts in consumption to avoid new taxes, as many analysts have pointed to weaker GDP prints into the Fall timeframe.

Port officials told the AP they continue to worry that the next round of tariffs, an additional $200 billion in Chinese imports (fish, foods, furniture, carpets, tires, rain jackets and hundreds of additional items), could trigger price shocks for Americans that would ultimately buy fewer goods, thus lead to a slump in shipping volumes at US ports.

The initial impacts would cause shockwaves at West Coast ports like Los Angeles and Long Beach.

Los Angeles Mayor Eric Garcetti, told the AP, the Port of Los Angeles could suffer a collapse in shipping volume of about 20 percent if the additional $200 billion in tariffs are imposed against Chinese goods.

 

Jock O’Connell, an economist in California who analyzes global trade, does not believe a downturn would be so severe — that would parallel the global recession of 2008, but he said, “we will see a definite impact.”

Here are some of the important findings from the AP report:

  • U.S. tariffs will cover goods that are imported at more than 250 seaports, airports and ground terminals in 48 states.
  • At 18 of 43 customs districts — including those representing ports around Los Angeles, San Francisco, New Orleans and Houston — at least 10 percent of their total import value could be covered by new tariffs if all Trump’s proposals take effect.
  • Retaliatory duties by China and other countries cover $27 billion in U.S. exports.

Eugene Seroka, executive director of the Los Angeles port, worries that “if tariffs make it too expensive to import, there will be an impact on jobs.”

Dwayne Boudreaux, an International Longshoremen’s Association official in Louisiana, said his port workers are processing about 10 percent less steel from Japan because of the new tariffs.

“We don’t think it’s going to (get) worse,” he said. But, he added, “who knows – that could change from the next press conference.”

O’Connell said the impact of  tariffs causing a slowdown in shipping volumes could be the greatest on truck drivers and warehouse workers.

Weston LaBar, CEO of the Harbor Trucking Association in Long Beach, California, said many truck drivers who deliver freight containers from the dock to warehouses are independently contracted by trucking companies and do not get paid when shipping volumes decline. A slowdown could spur a mass exodus of drivers and other job losses.

“It’s hard to retain drivers,” he said. “If we don’t have work for those drivers, we’re worried they will leave for some other segment of the trucking business or go into another business, like construction.”

Kurt Nagle, president of the American Association of Port Authorities, said less shipping means less revenue for the ports — something that could limit their ability to pay for expansion and improvement projects.

In a tit-for-tat response, China, the EU, Turkey, Canada, and Mexico imposed retaliatory duties on US farm goods — triggering the Trump administration to issue a $6 billion bailout for farmers.

In addition to the $200 billion in Chinese imports that could face US tariffs in the next several days, Trump said that if Beijing continues to retaliate, he may slap a tax on $450 billion of Chinese goods — that would equal nearly 90 percent of China’s 2017 exports to the US.

Do not worry, the risk of collapsing shipping volumes at major US ports across the country is all part of the plan of “Making America Great Again.”

 

-END-

A powerful commentary from Luongo on how the deep state’s effort on destroying Trump is destroying America more as there is a loss of confidence. He states that big money just does not know whether to face west or east.  Big money has always sought yield but that will no doubt come back to haunt them

“The fuse has been lit on debt bombs sitting on the balance sheets of insolvent European banks.”

and

When will the USA finally feel the pain from the trade wars?  Deutsche bank answers:  the moment the uSA initiates its next 200 billion dollars worth of tariffs on China.

(courtesy zerohedge)

When Will The US Finally Feel The Pain From Trade Wars? One Bank Answers

One of the oddities of the ongoing trade war between the US and China, is that while Beijing has been hammered with a stock market now deep in bear market territory, sliding commodity prices and an economy which may soon stumble as a result of a collapsing credit impulse resulting from the crackdown on shadow banking and P2P online lenders, the US has been mostly spared from the consequences of this trade feud, with stocks near all time highs and with consumer and company confidence at euphoric levels.

Which brings us to the biggest question on investor minds today: when will the US be finally feel the pain from trade war?

In a recent note, Deutsche Bank offers an answer: as soon as the $200BN in additional tariffs proposed by Trump goes live.

As the bank’s strategist Zhiwei Zhang notes, the coming round of tariff targets 200bn Chinese exports (not including the latest proposal of an additional $267bn in tariffs floated last Friday) is four times larger than the tariffs already charged on the 50bn Chinese exports. But the actual “damage” to the US economy and consumers is likely to be a lot more than four times bigger. Deutsche Bank reached this conclusion by analyzing the US government’s decisions on tariffs announced so far.

According to the analysis, it turns out there are a lot of interesting details from the US announcements that can help to gauge the coming “pains” from the trade war.

The first $50bn list contains 1,333 tariff lines of products. It was based on “extensive interagency economic analysis”, and would “target products that benefit from China’s industrial plans”, such as Made in China 2025, while “minimizing the impact on the U.S. economy”. The second $200bn list share the same considerations on US economy and consumers, though China’s industrial policy was no longer a focus. All finalized lists also took into account public comments received.

What do these criteria mean in practice? Zhiwei built a model to explore what Chinese exports the US government has preferred to target for tariff, and what they have preferred to avoid. The US government has so far made four rounds of decisions related to tariffs on China’s exports, as illustrated in the chart above. Thousands of tariff lines were considered and 1097 lines (50bn) were eventually picked in the first three rounds of decisions, and the 6031 lines (200bn) now under review for the fourth round of announcement. A number of explanatory variables seem to fit the official claims which could actually explain these tariff choices. Two factors appear critical to their choices:

  1. Current tariffs largely avoided consumer products. This is in line with the US government’s goal to limit the impact on US consumers. Among the 50bn of goods currently being tariffed, only 3.7bn are consumer products.
  2. Reliance on China exports is important too. This is measured by China’s share in total US imports of the same product. If China’s share is low, it shouldn’t be too difficult for the US to switch to suppliers in other countries. The higher China’s share is, the more difficult it would be to find substitutes, and the more disruptive the tariff would be on the US economy. Average China import share was only about 20% in the 50bn list.

So far the US have carefully avoided consumer and China dependent products. As a result, the trade war so far has had little impact on US economy and consumers.

But this is becoming harder as the tariff list expands to the next 200bn. Within the currently proposed 200bn list, about 78bn are consumer products (Figure 7). These include different types furniture (24bn), travel bags(2.2bn), vacuum cleaners (1.8bn), vinyl flooring(1.7bn), window/wall air conditioners (1.3bn), etc. Similarly, reliance on China increases sharply for the 200bn products in tariff pipeline. China import shares are above 20% for most of the products, and for about half of them, China’s share are more than 50% ( Figure 8).

Furthermore, many of the consumer products subject to tariff also happen to have very high China import share. China’s import share is about 93% for air conditioners, 78% for vacuum cleaners, and 60-90% for various types of furniture. Therefore, we believe each dollar of tariff imposed on this 200bn list is a lot more painful for the US than one dollar of tariff imposed on the first 50bn list.

Not surprisingly, US domestic resistance on the latest $200bn list appeared stronger than before. The majority of the  industry representatives were against it during the six-day public hearing. Will the US be able to accommodate their complaints by exempting these products and finding other products to tariff instead?

Meanwhile, despite Trump’s insistence of taxing virtually all (in fact more than all) Chinese imports, the scope for finding more product to tariff is very limited. This is because the rest of the products—240bn or so that have not yet been included in any tariff lists – generally appear more prone to tariff increases. To be specific, (1) they are mostly consumer goods. among the 240bn, 200bn are consumer goods. These include big items such as cell phones (43bn), personal computers (37bn), and toys (12bn); and (2) they are also difficult to substitute from other countries. China import accounts for, on average, 70% of total imports from the world.

In other words, while so far US consumers – and capital markets – have been spared from the tit-for-tat escalation, once Trump greenlights the next round of $200BN in tariffs, US purchasers of cheap Chinese imports will find them not so cheap anymore, hitting not only the pocket book of the US consumer, but also downstream corporations who will see their profit margins shrink rapidly, and which also explains the recent panic in various Fed and private sector surveys about the growing threat of ever greater tariffs.

end

“And all of that capital that flowed out of the U.S. and Europe over the past decade searching for yield in a world where risk was suppressed to save the banks is coming back like a Tsunami”(courtesy Tom Luongo)

Luongo: Destroying Trump Destroys More Than America

Authored by Tom Luongo,

The “Resistance” has morphed into the “Lynch Mob.” Having successfully been gaslit into believing Donald Trump is everything from a bad joke to a Russian spy, the Progressive left in the U.S. are embracing all the totalitarian impulses their grubby little hands can find as they climb the Cliffs of their Insanity to remove him from office.

 

This putsch is orchestrated by a now open conspiracy of members of FBI, CIA, MI-6, DNC, the U.S. corporate media and Trump’s own staff in the Oval Office as evidenced by the recent and infamous New York Times op-ed.

This expose from a Trump staffer reads like a cross between the Neoconservative Manifesto and a Little League parent complaining his kid doesn’t get enough play time.

My bet’s on Lil’ Miss AIPAC, Nikki Haley, but maybe that’s just because I hate her.

The sheer crudity of the thing was embarrassing to anyone who makes their living crafting words. But, when constructing a narrative built on a lie that lie only has to be one IQ point higher than the average target audience to get the intended response.

And since it’s demonstrably true thatthe more people gather into groups the dumber they get….

Well, ok, that rules out Haley.

So, while David Brock and George Soros openly pay people to protest on Capitol Hill, Alex Jones personally confronts his tormentors speaking inconvenient truths to power. So, they finally banned him completely from public sight.

From the outside the opera of American politics must look like someone threw a stink bomb on stage while the fat lady was singing.

All of this is undermining the faith in the U.S. political system.

And while to a libertarian like myself this is definitely an occasion that warrants a big bowl of popcorn, it should also loosen your bowels a little.

Like all good comedy should.

Because the world financial system is predicated on confidence, specifically confidence in U.S. institutions. Because confidence in U.S. political and financial institutions is the basis for global confidence in the U.S. dollar and by extension that confidence forms the backbone of the entire world economy.

Currencies are a reflection of confidence in the governments which print them. So while people starve in Venezuela “The Lynch Mob” screams “capitalism is failing” from their custom-colored iPhones.

Financial markets look calm today but they aren’t. Global capital is confused. A rising U.S. share market is a mix of the good from Trump’s reforms and a loss of confidence in his Presidency.

Capital doesn’t know whether to jump East or West. This is why the euro refuses to collapse. At this point all capital knows is that the emerging markets which made them a lot of money in an age of zero-bound interest rates on the dollar are no longer sustainable.

So, they are all crashing at the same time.

The fuse has been lit on debt bombs sitting on the balance sheets of insolvent European banks.

 

And when that bomb explodes, it will expose the nakedness of the Emperors of global institutional confidence – The Federal Reserve, The European Central Bank and the International Monetary Fund.

And all of that capital that flowed out of the U.S. and Europe over the past decade searching for yield in a world where risk was suppressed to save the banks is coming back like a Tsunami.

And guess who’s ox that gores?

The people who stoked and cultivated The Resistance to climb up those cliffs of Fortress America to destroy Trump.

So, while to the “Lynch Mob” Trump’s presidency may seem like a bad joke, the punch line is if they are successful at destroying Trump by illegally removing him from office, they not only destroy America by causing a Constitutional crisis but likely take the entire world economy with him by causing a Constitutional crisis.

And in the end no one profits from this. You only survive it.

At this point no one in the power circles of D.C. are thinking much farther than the end of their nose and the size of their lobbyist kickbacks. They want the gravy train to keep chugging along and protect themselves from their corruption being exposed to the world.

Their weakness is being exploited by people like Robert Mueller to isolate Trump, leave him without competent legal representation and force him through sheer force to resign in disgrace.

But Trump truly is a Joker figure.

He’s 1) too smart for that and 2) too damn stubborn to give in. He knows they have nothing of substance on him. He’s masterfully destroyed the media’s credibility while endearing himself to those that value the military, police and first responders which in their minds keep the lights on and the roads safe.

The question is whether there are enough of them left on his side to hand him the majority in the Legislature he needs to avert the Constitutional crisis Mueller et.al. are setting up.

So, the narrative today shifts to Trump being unfit for the job by spreading rumors and innuendo. That’s what they have been reduced to. Even if some of those things are true, we don’t care.

We elected Trump to Drain the Swamp. We didn’t need the sordid details of how he was going to do it.

It was plainly evident to a majority of Americans that the drama on Capitol Hill was closer to an episode of Arrested Development than The West Wing.

We simply knew inserting our own Michael Bluth into the mix would allow the insanity burble to the surface for everyone to finally be okay with tearing it all down.

The problem is, however, The Lynch Mob has lost their sense of irony.

So, now the laughs are all canned because this show ain’t funny anymore.

That Trump has been forced to surround himself with Israeli-Firsters and literal scumbags (or do I repeat myself) like Nikki Haley, Mike Pence and John Bolton is a testament to just how deep The Swamp is and how powerful the bureaucracies they control are.

While Trump has made some strides in improving things domestically, the big foreign policy breakthroughs have been cordoned off from him at every turn. It is obvious that many within his administration act independently and undermine him whenever they can.

The true believers of neoliberal interventionism are the ones driving the foreign policy bus off that same cliff the Lynch Mob is climbing. And that’s where this whole sordid mess comes crashing to a very ugly, chaotic conclusion.

Because the Neocons and their European counterparts, like The Lynch Mob, refuse to go quietly into the annals of history. They are still suffused with their Trotskyite dreams of world domination and revenge against the dirty Russians who betrayed the revolution nearly a century ago.

They are still aligned with the rapacious psychopaths in the financial centers that nearly destroyed Russia in the 1990’s. And they want Trump gone to continue their plan of Russian and Chinese subjugation via U.S. dollar and military diplomacy or they’ll start WWIII.

And that’s a joke that no one wants to hear the punch line of.

*  *  *

To support more work like this and get access to exclusive commentary, stock picks and analysis tailored to your needs join my more than 160 Patrons on Patreon and see if I have what it takes to help you navigate a world going slowly mad.

ene

SWAMP STORIES

 

I feel sorry for this individual.  The Democrats set him up and he now has a felony as he must serve 14 days in prison for lying to the FBI.

(courtesy zerohedge)

Papadopoulos Sentenced To 14 Days In Prison For Lying To FBI In Mueller Probe

Trump’s former campaign foreign policy adviser George Papadopoulos was sentenced to 14 days in jail, the first campaign official to be sentenced as part of Robert Mueller’s probe into Russian election interference. Papadopoulos was sentenced to one year of supervised release, 200 hours of community service and a $9,500 fine.

 

Papadopoulos pleaded guilty in October 2017 to making false statements to the FBI about his contacts with Russia nationals and efforts to arrange a meeting with the Trump campaign and the Russian government.

During the sentencing, Papadopoulos’ lawyer told the judge that he was motivated to lie in part by Trump characterizing investigation as “Fake news.”

Rosalind Helderman

@PostRoz

George Papadopoulos’ lawyer tells judge that he was motivated to lie in part by Trump characterizing investigation as “Fake news,”

Prosecutors had asked that Papadopoulos be jailed for up to six months and face a $9,500 fine for his crime. They argued in a recent court filing that his false statements “caused damage to the government’s investigation into Russian interference in the 2016 presidential election.” Papadopoulos’s defense attorneys, meanwhile, pushed for one year of probation, arguing that their client did not do deliberate harm to the investigation.

The former campaign aide attracted widespread attention last year after becoming the first Trump associate to plead guilty and cooperate with prosecutors in Mueller’s probe.

-END-

 

The Genesis of the Russian collusion story laid out in full

(courtesy zerohedge)

Papadopoulos Defends Trump, Insists He Never Told Campaign About Russian ‘Dirt’

After spending more than a year in hock to the FBI, former Trump campaign advisor George Papadopoulos has finally received his sentence – 14 days in federal prison  – for allegedly deceiving investigators pursuing operation Crossfire Hurricane, the bureau’s official pre-Mueller probe into potentially illicit connections between the Trump campaign and the Russian government. And with his involvement with the investigation behind him, Papadopoulos is free for the first time to share his side of the story with the press. And share he has.

In a pair of interviews with CNN and ABC, Pap offered convincing rebuttals to allegations that he provided the initial spark that ignited the Russia probe, and – more importantly -that he informed Trump campaign operatives about Maltese professor Joseph Mifsud’s claims that Russia had unspecified “dirt” on then-candidate Hillary Clinton.

Pap

While Papadopoulos readily admits to telling then-candidate Trump and other senior campaign officials about his efforts to organize a summit between Trump and Russian President Vladimir Putin during the now-infamous March 2016 meeting of the Trump campaign’s national security advisors, he eagerly pushed back against allegations that he told campaign officials about the alleged “dirt”, arguing that, at the time, he harbored doubts about Mifsud’s credibility and the legitimacy of his claims. Pap also pointed out that if he had indeed informed John Mashburn about Mifsud’s claims via email – as Mashburn testified – then that email would’ve been produced as evidence (and, we imagine, probably been leaked to the press). But alas, no such email has ever been entered into evidence.

In his interview with ABC’s George Stephanopoulos, Pap offered a step-by-step accounting of his April 2016 meeting with Mifsud (the meeting where Mifsud allegedly first shared news of the so-called dirt) and what Pap shared – or, crucially, didn’t share – with the Trump campaign.

STEPHANOPOULOS: And in April, that other meeting with Professor Mifsud where he said for the first time that he knew of possible hacked Hillary Clinton e-mails. What exactly did he say?

PAPADOPOULOS: So this meeting took place at the Andaz hotel by Liverpool Street Station in London. As far as I remember, what happened was Joseph Mifsud had informed me that he would be travelling to Moscow the week before we met at the Andaz hotel where he had a series of meetings at the — at the Duma, which I believe —

STEPHANOPOULOS: Russian parliament.

PAPADOPOULOS: Exactly, which I believe is the equivalent of the Russian parliament. Then he sat me down and he was quite giddy. And he told me, I have information that the Russians have thousands of Hillary Clinton’s e-mails. There’s a misunderstanding that he told me about DNC or Podesta or any of these —

STEPHANOPOULOS: Because that was right after the hack of John Podesta’s e-mails.

PAPADOPOULOS: This was late April. I think Podesta’s e-mails were hacked —

STEPHANOPOULOS: Earlier.

PAPADOPOULOS: Yes. I just — to my recollection, I never heard the name Podesta DNC. I saw him as somebody at the time — you have to — we have to understand what my impression of this individual was at the time. At the time, I was actively seeking to leverage him to meet with the Russian ambassador in London. After he promised that they would be inclined to meet, he was unable to set up any meetings with me and any senior Russian officials.

He introduced me to a low level think tank official in Moscow, Ivan Timofeev and a Russian student who he purported was the niece of Vladimir Putin.

STEPHANOPOULOS: But this news about the e-mails is pretty big.

PAPADOPOULOS: It was very big, but because of his inability to really connect me the way I wanted him to, when he did state this, you know, I guess it was a momentum statement, at the time I thought how could this person possibly hold the keys to the kingdom of such a massive conspiracy when he couldn’t even introduce me to the people I wanted.

So I was – of course I was shocked, but at the same time, this wasn’t a Russian official telling me this either.

STEPHANOPOULOS: John Mashburn, who was working on the campaign, testified that you sent an e-mail to him talking about this.

PAPADOPOULOS: If – I have no recollection of doing that, George. If I did send an e-mail and especially if others were copied on it, I’m sure that evidence would have been produced by now.

STEPHANOPOULOS: But you can’t guarantee that you did not.

PAPADOPOULOS: I could just say if that e-mail was sent, even I had deleted it, if that’s what people are – believe I did, there would be a copy somewhere else.

Pap doubled down on this claim during his interview with CNN’s Jake Tapper (which aired a day before the ABC interview), affirming that he had no recollection of telling anybody in the Trump campaign about Mifsud’s claims.

“As far as I remember, I absolutely did not share this information with anyone on the campaign,” Papadopoulos said, adding, “I might have, but I have no recollection of doing so. I can’t guarantee. All I can say is, my memory is telling me that I never shared it with anyone on the campaign.”

In fact, the only official of some important with whom Pap shared Mifsud’s claims was the Greek foreign minister (the Greek government has declined to confirm this, but it’s safe to say that this individual had no discernible connection to the Trump campaign).

Complicating these denials, Papadopoulos admitted that he told a senior Greek official about the Russian dirt while visiting the country on a trip authorized by the Trump campaign.

“He explained to me that where you are sitting right now, tomorrow Putin will be sitting there,” Papadopoulos said. “And then a nervous reaction I had, I blurted out, I heard this information.”

The Greek government confirmed to CNN that the meeting happened but declined to say what was discussed. Papadopoulos described the conversation as “gossiping among diplomats.”

Those who have been closely following the intricate drama surrounding the genesis of operation Crossfire Hurricane, the FBI’s investigation into the Trump campaign’s links to Russia, will recall that the grave mistake that landed Papadopoulos in the crosshairs of the FBI was telling a pair of investigators that he wasn’t involved with the Trump campaign when he had his fateful meeting with Mifsud. During his interview with ABC, Pap readily admitted to lying, but explained that he wasn’t protecting Trump from prosecution so much as he was trying to protect his own professional reputation – a key distinction that cuts against the mainstream media narrative.

STEPHANOPOULOS: And it was in that context on January 27, 2017 when you met with the FBI and lied to them about your meetings with Joseph Mifsud. Why did you lie to them?

PAPADOPOULOS: As you stated quite eloquently, at the time of my interview with the FBI, I think around three or four days before that, I was at the inauguration attending parties with senior level transition officials.

I understood that there was an incipient investigation into a Russian interference in the 2016 election. And I found myself, as somebody who worked incredibly hard over the past year with the campaign to actually have the candidate Trump be elected.

And then I found myself pinned between the Department of Justice and the sitting president and having probing questions that I thought might incriminate the sitting president.

STEPHANOPOULOS: You were trying to protect the president.

PAPADOPOULOS: Of course.

STEPHANOPOULOS: Why of course?

PAPADOPOULOS: Because, you know, I didn’t understand really the nature of what was going on. Of course I’m remorseful, I’m contrite and I did lie but, you know, you’re just taken off guard I guess in a such a momentous situation where you’re potentially sitting there, incriminating the president, even though of course I don’t think I did.

You know, that was probably in the back of my mind, of what exactly am I doing here talking about Russian hacking or election interference with the candidate that I just worked for.

Pap also confirmed that the Trump campaign supported his efforts to set up a summit with Putin, but during his national security meeting, Pap said that Trump appeared noncommittal. However, Pap took the opportunity to throw Attorney General Jeff Sessions under the bus by implying that Sessions lied during testimony to Congress last year.

PAPADOPOULOS: So basically what happened was we had a — a — some sort of round table where we all discussed what our backgrounds were, what we were actually going to contribute to the campaign now that we were all sitting across from the principles, Jeff Sessions and candidate Donald Trump. I explained to them that I come from a think tank background and I work in the energy industry but I do have a connection that can establish a potential summit between candidate Trump and President Putin.

STEPHANOPOULOS: What was the reaction?

PAPADOPOULOS: The reaction, of course, was mixed. There were many people in that room that came from conservative think tanks, including the Heritage Foundation, who you know, nodded in disapproval. Candidate Trump at the time nodded at me. I don’t think he was committed either way. He was open to the idea. And he deferred, of course, to then senior Senator Jeff Sessions, who I remember being quite enthusiastic about hosting —

As a tactic to help his client win a lighter sentence, Papadopoulos’s lawyer, Thomas Breen, tried to deflect some of the blame for his client’s lies toward the president (as the NYT reminds us)…

The sentencing hearing, which lasted more than 90 minutes in a packed courtroom, veered in unexpected directions. Mr. Papadopoulos’s defense lawyer, Thomas M. Breen, tried to shift some of the blame for his client’s lies to President Trump. He suggested that Mr. Papadopoulos took his cues from Mr. Trump, who has tried to discredit the inquiry by the special counsel, Robert S. Mueller III, into Russia’s interference in the election and whether any Trump associates conspired.

“The president of the United States hindered this investigation more than George Papadopoulos ever could,” Mr. Breen said. “The message for all of us is to check our loyalty, to tell the truth, to help the good guys.”

But Papadopoulos insisted to ABC that this was merely a rhetorical ploy on the part of his lawyer, and insisted again that he acted alone in pursuing his contacts with Mifsud.

STEPHANOPOULOS: Your lawyer said that President Trump hindered the investigation more than you did. Do you agree?

PAPADOPOULOS: Those are their opinions. I have no idea about that.

Furthermore, when asked for his opinion on Trump’s job performance, Papadopoulos asserted that, in his estimation, Trump has done “a good job.” Stephanopoulos, unsurprisingly, was unwilling to let this assertion go unchallenged, and promptly pushed back. But Pap stood his ground.

STEPHANOPOULOS: Do you believe — is President Trump still the candidate, been the kind of candidate, president you expected to be when you signed up?

PAPADOPOULOS: When I signed up I was a foreign policy adviser. I wasn’t dealing with social issues or economic issues for that matter. On foreign policy, I think he’s done a good job.

STEPHANOPOULOS: Done a good job.

PAPADOPOULOS: I think he’s done a good job.

STEPHANOPOULOS: How so?

PAPADOPOULOS: I see improvement on the Korean peninsula. I see NATO expanding their capabilities under President Trump. I do see a detente emerging between U.S. and Russia. I think things are stabilizing around the world.

Of course, the mainstream media will try to twist Pap’s words into an act of betrayal. But a careful reading of the transcript shows that it was anything but. Despite being written off as a “coffee boy” (a claim that infuriated his wife, Simona Mangiante), Papadopoulos had an opportunity to implicate the president, but he didn’t.

That should tell you everything you need to know about the Russia probe.

Watch an excerpt from CNN’s interview below:

And here’s the ABC interview in full:

END

It seems that the anonymous op-ed is rattling the New York times.  They have come out and stated that this would be a blatant abuse of power.  Trump is afraid that “if this individual” had clearance, he does not want him in the room when major stuff is discussed.

I may be wrong but I do not think it is a senior White House Official but a deep stater like Brennan or the NYTimes themselves.

let us see how this plays out..

(courtesy zerohedge)

NYT Says Op-Ed Investigation Would Be “Blatant Abuse Of Power”

Looks like the editors of the Grey Lady have been rattled by President Trump’s threats.

President Trump’s demands that Attorney General Jeff Sessions investigate the New York Times over its publication of a scathingly critical anonymous op-ed allegedly penned by a “senior administration official” have clearly rattled the grey lady. That much is made clear in a statement issued by the Times Friday afternoon where the paper’s editors said they’re “confident the DOJ understands that the First Amendment protects all American citizens and that they would not participate in such a blatant abuse of power.”

Michael Grynbaum, a former New York City Hall reporter who now covers media, TV and politics for the paper, tweeted the statement:

Michael M. Grynbaum

@grynbaum

Statement from ⁦@nytimes⁩:

In response to a question from a reporter aboard Air Force One on Friday, Trump said he believes Sessions and the DOJ should launch an investigation because the president believes that whoever wrote the op-ed represents a serious national security threat.

“Yeah, I would say Jeff should be investigating who the author of this piece was because I really believe it’s national security,” Trump said, according to CNN.

[…]

Asked whether any legal action would be taken against The New York Times, Trump demurred: “Well, we’re going to see.”

[…]

“We’re going to take a look at what he had, what he gave, what he’s talking about,also where he is right now,” Trump said. “Suppose I have a high level national security and he has got a clearance — we talk about clearances a lot recently — and he goes into a high-level meeting concerning China or Russia or North Korea or something and this guy goes in. I don’t want him in those meetings.”

Trump also railed against the op-ed’s anonymous author during a rally in Montana Thursday night, where he said that “for the sake of our national security, the New York Times should publish his name at once…I think their reporters should go investigate who it was – that would be a good scoop.”

For its part, the DOJ has chosen to maintain an ominous silence, with one spokeswoman refusing to confirm or deny whether an investigation has been launched.

Justice Department spokeswoman Sarah Isgur Flores declined to comment on the mater, saying “we do not confirm or deny investigations.”

Sessions is already on thin on with the president (it’s widely believed that he won’t make it to 2019), so there’s certainly some incentive for him to launch the investigation. And of course, anybody who remembers the Pentagon Papers could tell you that this wouldn’t be the first time the DOJ has investigated the New York Times…

 

 

end

Michael Cohen wants his 130,000 returned.  I guess there is no case..so what is next?

(courtesy zerohedge)

Michael Cohen Wants A Refund On $130,000 “Hush” Payment To Stormy Daniels

Michael Cohen wants his money back.

 

The former Trump attorney’s shell company, Essential Consultants, filed a status report on Friday night seeking to tear up the original 2016 agreement with Stephanie Clifford, a.k.a. Stormy Daniels to stay silent about an affair she claims to have had with President Trump over a decade ago.

“Today, Essential Consultants LLC and Michael Cohen have effectively put an end to the lawsuits filed against them by Stephanie Clifford aka Stormy Daniels,” said Brent Blakely, a lawyer for Cohen. “The rescission of the Confidential Settlement Agreement will result in Ms. Clifford returning to Essential Consultants the $130,000 she received in consideration, as required by California law.”

According to CNN, the logic behind the move is that since Cohen no longer benefits from Clifford remaining silent since her “coming out” over the alleged affair, he is entitled to a refund.

Daniels’ lawyer, Michael Avenatti, told CNN’s Cuomo Prime Time on Friday night that he only heard about the filing before going on air and hasn’t had a chance to mull it over.

 

“I haven’t had a chance to digest it, I just saw it on my email literally right before I came on,” Avenatti said, adding “What they’re trying to do is they don’t want me to get a chance to depose Michael Cohen and Donald Trump… This is a hail Mary to try and avoid that, that’s my first guess.”

Avenatti then suggested that Cohen is trying to get back into Trump’s good graces, and that the only way Daniels would pay back the money is in exchange for Cohen and Trump’s depositions.

Michael Cohen is playing a game in an attempt to avoid his deposition and that of Mr. Trump,” Avenatti said. “He is back to doing Trump’s bidding and acting as a fixer.

Cohen has found himself on the wrong side of the law after the FBI raided his office, hotel room and home in April as a part of the Southern District of New York’s investigation.

Cohen admitted in August to arranging a nondisclosure agreement with Daniels to buy her silence about her alleged affair with Trump. Cohen pleaded guilty to making an excessive campaign contribution, since the $130,000 payment was made in service of the campaign and exceeded the $2,700 federal limit for campaign donations.

Cohen has recently told friends he feels isolated from the President and told ABC News in July that his first loyalty is to the country and his family, not Trump. –CNN

Cohen operated in Trump’s inner circle for around a decade, both before and after the 2016 US election. At one point he said he was so loyal to the President that he would take a bullet for him – however he has since changed his tune.

 

 

 

end

 

Supposedly the list is narrowed down to a few individuals.  Is somebody being set up as a patsy  (e.g. Sessions)

(courtesy zerohedge)

Trump’s “Obsessive” Hunt For The NYT OP-Ed Writer Narrowed Down To “A Few Individuals”

The noose around the neck of the anonymous author of the infamous NYT op-ed is growing tighter…or at least that’s what the Trump administration wants us to think.

After all the furor over Rand Paul’s suggestion that everybody in the West Wing with a security clearance should be made to take a lie-detector test, the White House may not need to go to the trouble, if recent stories in CNNand the New York Times are to be believed (which…we’ll get to that later). According to these stories, the hunt to expose the anonymous author saboteur behind the NYT op-ed detailing the internal “resistance” to President Trump is closing in on a suspect. In just two days, the administration has narrowed down the list of suspects from a list of 18 names to just “a few individuals.”

By his own admission, Trump is still “obsessed” with smoking out the author of the op-ed and has mostly ignored pleas from Chief of Staff John Kelly and others to abandon it (Kelly allegedly believes that any more headlines about the op-ed will do little good and only remind the public of its contents). According to CNNsenior administration figures including Kellyanne Conway believe the author handles duties pertaining to national security.

So far, more than 25 senior administration officials, including Vice President Mike Pence (who was one of the earliest suspects) , have publicly denied being the author. Still, suspicions persist that either Pence, or a member of his staff, was the source. During comments to reporters aboard Air Force One on Thursday, and later during a rally in Montana, Trump has made it clear that he’s determined to uncover the source and considers the issue a matter of national security (or possibly an act of treason).

WH

For what it’s worth, CNN has said it doesn’t know the identity of the report’s author.

CNN is not aware of the identity of the individuals White House aides have zeroed in on. In an interview with CNN’s Christiane Amanpour, White House counselor Kellyanne Conway said Trump believes the individual is someone from the national security sector of the government.

The op-ed published Wednesday afternoon, just a day after excerpts from veteran journalist Bob Woodward’s new book, “Fear: Trump in the White House,” were published. The book passages published in The Washington Post and by CNN showed a White House consumed by chaos and disarray, including stories of aides insulting Trump behind his back and going so far as to steal documents off his desk in order to keep him from signing them.

The anonymous writer of the op-ed said the resistance inside Trump’s administration is not the same as the resistance from the political left. The author wrote that the resistance inside the government wants “the administration to succeed … But we believe our first duty is to this country, and the president continues to act in a manner that is detrimental to the health of our republic.”

“That is why many Trump appointees have vowed to do what we can to preserve our democratic institutions while thwarting Mr. Trump’s more misguided impulses until he is out of office.”

While these reports could be genuine, it’s interesting that Conway and others had initially suggested that the author’s “senior” status might’ve been an exaggeration, and that the author may instead be a relatively high-ranking staffer from inside one of the federal agencies. If that were the case, the author could be one of potentially hundreds of individuals, Conway had said. This begs the question: Are these leaks merely a preamble for the administration setting up a patsy, perhaps Attorney General Jeff Sessions, who will be made to take the fall for the op-ed as an excuse to clean house during one of the most sensitive periods of the Trump presidency?

Whatever the reason, we imagine the White House will produce the “culprit” in short order

end

 

the biggy:  Trump is set to declassify the key Bruce Ohr documents along with the Fisa court Carter page stuff as early as this week

(courtesy zerohedge)

Trump To Declassify Bruce Ohr, Carter Page Documents As Early As This Week

President Trump is expected to declassify documents connected to the Obama administration’s surveillance of the Trump campaign during the 2016 US election, according to Axios, citing allies of the president who say it could happen as soon as this week.

 

Specifically mentioned are documents concerning former Trump campaign adviser Carter Page, as well as the “investigative activities of Justice Department lawyer Bruce Ohr” – who was demoted twice for lying about his extensive relationship  with Christopher Steele – the former MI6 spy who assembled the sham “Steele Dossier” used by the FBI in a FISA surveillance application to spy on Page.

Republicans on the House Intelligence and Judiciary committees believe the declassification will permanently taint the Trump-Russia investigation by showing the investigation was illegitimate to begin with. Trump has been hammering the same theme for months.

  • They allege that Bruce Ohr played an improper intermediary role between the Justice Department, British spy Christopher Steele and Fusion GPS — the opposition research firm that produced the Trump-Russia dossier, funded by Democrats. (Ohr’s wife, Nellie, worked for Fusion GPS on Russia-related matters during the presidential election — a fact that Ohr did not disclose on federal forms.)
  • And they further allege that the Obama administration improperly spied on Carter Page — all to take down Trump. –Axios

Ohr, meanwhile, met with Russian billionaire Oleg Deripaska in 2015 to discuss helping the FBI with organized crime investigations, according to The Hill‘s John Solomon. The meeting with the Putin ally was facilitated by Steele.

 

Three weeks ago, Trump called Ohr a disgrace, while also tweeting: “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!

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.

According to emails turned over to Congressional investigators in August, Christopher Steele was much closer to Bruce Ohr and his wife Nellie than previously disclosed.

Steele and the Ohrs would have breakfast together on July 30, 2016 at the Mayflower Hotel in downtown Washington D.C., days after Steele turned in installments of his infamous “dossier” on July 19 and 26. The breakfast also occurred one day before the FBI formally launched operation “Crossfire Hurricane,” the agency’s counterintelligence operation into the Trump campaign.

“Great to see you and Nellie this morning Bruce,” Steele wrote shortly following their breakfast meeting. “Let’s keep in touch on the substantive issues/s (sic). Glenn is happy to speak to you on this if it would help.”

“After two years of investigations and accusations from both sides of the aisle about what documents indicate, it is past time for documents to be declassified and let the American people decide for themselves if DoJ and FBI acted properly,” Freedom Caucus chairman Mark Meadows told Axios earlier Sunday.

In early August, journalist Paul Sperry tweeted that Trump may use his presidential authority to declassify “20 redacted pages of a June, 2017 FISA renewal, “and possibly” 63 pages of emails and notes between “Ohr & Steele,” and FD-302 summaries of 12 interviews.

Paul Sperry@paulsperry_

Look this month for POTUS to declassify …

— 20 redacted pages of June 2017 FISA renewal

… and possibly …

— 63 pages of emails and notes b/t Ohr & Steele

— FD-302 summaries of 12 FBI interviews w/ Ohr re Steele

… and watch Dems and media toadies become apoplectic

On Thursday of last week, President Trump threatened to declassify documents – one day after the New York Times allegedly published an anonymous Op-Ed claiming to be from a White House official claiming to be part of an unelected “resistance” cabal within the Trump administration.

 

“The Deep State and the Left, and their vehicle, the Fake News Media, are going Crazy – & they don’t know what to do,” Trump tweeted Thursday morning, adding: “The Economy is booming like never before, Jobs are at Historic Highs, soon TWO Supreme Court Justices & maybe Declassification to find Additional Corruption. Wow!”

Donald J. Trump

@realDonaldTrump

The Deep State and the Left, and their vehicle, the Fake News Media, are going Crazy – & they don’t know what to do. The Economy is booming like never before, Jobs are at Historic Highs, soon TWO Supreme Court Justices & maybe Declassification to find Additional Corruption. Wow!

Trump’s threat comes as calls by frustrated GOP legislators to release the documents have hit a fevered pitch. Spearheading the effort are Republican Reps. Meadows, Jim Jordan, Matt Gaetz and Lee Zeldin – who have repeatedly asked Trump to declassify more of the heavily redacted FISA surveillance warrant on former Trump campaign aide Carter Page in late 2016.

Lee Zeldin

@RepLeeZeldin

At 12:45PM, I will be joined by @Jim_Jordan @RepMarkMeadows @RepMattGaetz & others to call on @realDonaldTrump to declassify & release the Page FISA apps, Ohr’s 302s & more. The FISA court was misled & the process abused to spy on Americans. We have ZERO tolerance for any of it!

In June, Republicans on the House Intelligence Committee asked President Trump to declassify key sections of Carter Page’s FISA warrant application, according to a letter obtained by Fox News.

https://www.scribd.com/embeds/384437772/content?start_page=1&view_mode=scroll&show_recommendations=false&access_key=key-8j2ijHOYRTOILz1oVS4H

Carter Page, the DOJ/FBI’s person of interest, weighed in on the matter in late August, tweeting: “The Corrupt DOJ, co-conspirators in the DNC and their high-priced consultants correctly believed they had American democracy and the FISA Court over a barrel in 2016.”

Carter Page, Ph.D.@carterwpage

BREAKING NEWS (a.k.a. what most sane reporters and other observers realized long ago): The Corrupt DOJ, co-conspirators in the DNC and their high-priced consultants correctly believed they had American democracy and the FISA Court over a barrel in 2016.
http://www.dailymail.co.uk/news/article-6119093/Justice-lawyer-told-Russia-Trump-barrel.html 

Justice Dept official: Spy said Russian intel had Trump over a barrel

Bruce Ohr, a senior Justice Dept official, told lawmakers in an interview behind closed doors that Christopher Steele told him at a breakfast meeting how Kremlin spies viewed Trump in 2016.

dailymail.co.uk

end

from the King report, some more swamp stories for you:

 

Excerpts from the New York Times Interview with George Papadopoulos – The New York Times
[PapaD had no material info; his offer to arrange a meeting with Putin was ignored or rejected.]
Ex-federal prosecutor SDNY Andy McCarthy: Mr. Rosenstein, What Is the Crime?
What’s the legal basis for his special-counsel investigation? We have a right to know.
If Rod Rosenstein would just explain what the regs call for him to explain — namely, the basis to believe that Donald Trump conspired with the Kremlin to violate a specific federal criminal law, or is somehow criminally complicit in the Kremlin’s election sabotage — then we can all get behind Robert Mueller’s investigation.  But what is the explanation? And why isn’t the Republican-controlled Congress demanding it?  [Because they are feckless cowards?]
CNN: Government erred in claiming accused Russian spy Maria Butina offered to trade sex for political access – an extraordinary admission that threatens to undercut the government’s cloak-and-dagger portrayal of the young Russian… [Prosecutorial misconduct or incompetence?]
Ex-CIA agent @Kevin_Shipp: Woodward’s dirty little secret: He had a Top Secret CIA clearance during Watergate and worked closely with the corrupt Alexander Haig.
end
Let us close out tonight with very popular Dr Dave Janda talking about the panicked Deep StateTHE KEY PASSAGE; MILITARY TRIBUNALS TO GO AFTER THE CRIMINALS OF THE DEEP STATE. NO DOUBT THAT THAT WILL INCLUDE GOLD.

(courtesy Dr Dave Janda/Greg Hunter)

Deep State Panicked About Coming Military Tribunals – Dave Janda

By Greg Hunter On September 9, 2018 In Political Analysis

By Greg Hunter’s USAWatchdog.com (Early Sunday Release)

Dr. Dave Janda retired from medicine to dedicate himself to his red hot radio show called “Operation Freedom.” Janda has top notch political, law enforcement and intelligence sources from years of consulting work in Washington D.C. on healthcare issues. Janda says the recent round of attacks on President Trump from the mainstream media (MSM) show the Deep State/Globalists are panicked that Trump is draining the swamp. Janda explains, “I believe this is not coming from a position of strength on behalf of the fake media, which is a tentacle of the Globalist syndicate. It’s a syndicate that has been responsible for multiple wars and the financial chaos that has occurred across the world.”

So, why are the Deep State/Globalists and the MSM in a panic? Janda says military tribunals for treason and sedition are coming for the players who failed to knock Trump out of office by framing him with phony evidence. Does this sound farfetched? Military tribunals were brought up in great detail in this week’s hearing for Judge Kavanaugh. Janda says it’s not been done before and explains, “Lindsey Graham was interviewing Brett Kavanaugh in the Supreme Court appointment process, and what was very interesting as this line of questioning goes on, and it went on between four and five minutes, not one individual interrupted Graham and said what are you doing talking about military tribunals. There was dead silence. Why would Lindsey Graham bring this up? On top of that, we know there are 40,000 to 50,000 sealed indictments. We have actually seen some unsealing of these indictments. . . . Do I think we are in the process of a rule of law reset? Yeah. I have said before these indictments are not going to be unsealed all at once. Some may never be unsealed, but we are seeing the ramifications of them when we see a huge number of folks within Congress, Wall Street, Hollywood just walking away from their jobs. When you look at the number of firings in the Department of Justice and in the FBI, it’s unheard of. This is all part of the reset. I think we are getting ready for a financial reset and a rule of law reset.”

Janda says the Deep State is so unhinged about loss of power, wealth and coming prosecutions that they may attack America. Janda says his Washington D.C. sources say, “Here is what they are really worried about. . . . and why there are so many people concerned about what is going on. My sources told me they are very concerned about an EMP event in the near future. That would lead to problems with the rule of law in this country and to the financial markets. . . . They are concerned about an attack from the Deep State, as an act of not power, but as an act of desperation.”

Join Greg Hunter as he goes One-on-One with Dr. Dave Janda from the popular radio show “Operation Freedom.”

(This post is about MSM desperate attacks on President Trump, an economic reset and a possible EMP attack on America.)

Video Link

https://usawatchdog.com/deep-state-panicked-about- coming-military-tribunals-dave-janda/

-END-

WE WILL SEE YOU ON TUESDAY NIGHT.

 

 

HARVEY

 

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