SEPT 24/GOLD UP $3.20 TO $1200.00/SILVER DOWN ONCE CENT TO $14.30/RUSSIA INCREASES ITS RESERVES BY 31.1 TONNES (20 TONNES FROM THEIR OWN PRODUCTION AND 11 TONNES OF IMPORTED GOLD/SINGAPORE ADDS 12 TONNES AND SURPRISINGLY THAILAND ADDS A HUGE 21 TONNES OF GOLD: GOLD IS DEFINITELY MOVING FROM EAST TO WEST!!/ CHINA REFUSES TO TALK TO THE USA AS THEY CANCEL THEIR NEXT MEETING..THEY WILL NOT NEGOTIATE UNDER THE THREAT OF SANCTIONS AND THE TRADE WAR/BIG STORY: DRAGHI ANNOUNCES THAT INFLATION IN THE EU AREA IS “VIGOROUS” AND THAT WILL SET THE STAGE FOR THE ECB TO RAISE RATES AND PIERCE THE DEBT BALLOON/THERESA MAY AND HER PARTY IN TURMOIL AS HER BREXIT PLAN HAS FEW TAKERS/MEGA STORIES ON THE ROSENSTEIN SITUATION AND ON THE KAVANAUGH NOMINATION!!/PLUS OTHER SWAMP STORIES/

 

 

GOLD: $1200.00 UP  $3.20 (COMEX TO COMEX CLOSINGS)

Silver:   $14.30  DOWN 1 CENT (COMEX TO COMEX CLOSING)

 

Closing access prices:

Gold $1199.10

silver: $14.28

 

 

 

 

 

For comex gold:

SEPT/

 

And now Sept:

 

 

NUMBER OF NOTICES FILED TODAY FOR SEPT CONTRACT:  0 NOTICE(S) FOR 100 OZ 

Total number of notices filed so far for Sept:  609 for 60900 (1.8942 tonnes)

 

For silver: 

Sept

 

 

392 NOTICE(S) FILED TODAY FOR

1,960,000 OZ/

Total number of notices filed so far this month: 7326 for 36,630,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

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Bitcoin: OPENING MORNING TRADE  $6590: down  $107

 

Bitcoin: FINAL EVENING TRADE: $6605  DOWN 89.00

 

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: $1213.00

NY price  at the same time:$1196.70

 

PREMIUM TO NY SPOT: $17.30

XX

Second gold fix early this morning: $ 1213.70

 

 

USA gold at the exact same time:$1197.00

 

PREMIUM TO NY SPOT:  $16.60

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 FAIR SIZED 888 CONTRACTS FROM 206,030 DOWN TO 205,142 DESPITE FRIDAY’S 2 CENT RISE IN SILVER PRICING AT THE COMEX. TODAY WE  MOVED FURTHER 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 A FAIR SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:

EFP’S FOR SEPT.  563 EFP’S FOR DECEMBER AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE: OF 563 CONTRACTS. WITH THE TRANSFER OF 563 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 563 EFP CONTRACTS TRANSLATES INTO 2.815MILLION OZ  ACCOMPANYING:

1.THE 2 CENT RISE IN SILVER PRICE AT THE COMEX AND

2. THE STRONG AMOUNT OF SILVER OUNCES WHICH STOOD FOR THE JUNE/2018 COMEX DELIVERY MONTH. (5.420 MILLION OZ);  30.370 MILLION OZ  STANDING FOR DELIVERY IN JULY, FOR AUGUST: 6.065 MILLION OZ AND NOW 39.475 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: 

27,054CONTRACTS (FOR 15 TRADING DAYS TOTAL 27.054 CONTRACTS) OR 135.270 MILLION OZ: (AVERAGE PER DAY: 1803 CONTRACTS OR 9.018 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF SEPT:  135.270 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 19.28% 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:           2,182.09    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 FAIR SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 888 DESPITE THE 2 CENT RISE IN SILVER PRICING AT THE COMEX YESTERDAY. THE CME NOTIFIED US THAT WE HAD A FAIR SIZED EFP ISSUANCE OF 563  CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) .

TODAY WE LOST A SMALL SIZED: 325 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:

i.e 563 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH DECREASE OF 888  OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 2 CENT RISE IN PRICE OF SILVER  AND A CLOSING PRICE OF $14.31 WITH RESPECT TO YESTERDAY’S TRADING. YET WE HAD A GIGANTIC AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY IN THE BIG JULY DELIVERY MONTH OF SLIGHTLY OVER 30 MILLION OZ, IN AUGUST ANOTHER BIG 6.065 MILLION OZ IN A NON ACTIVE MONTH AND NOW IN SEPTEMBER AN INITIAL MONSTROUS 39.475 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. 1.026 MILLION OZ TO BE EXACT or 147% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT AUGUST MONTH/ THEY FILED AT THE COMEX: 392 NOTICE(S) FOR 1,960,0000 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 39.475 MILLION OZ.
  2. HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018:  244,196 CONTRACTS,  WITH A SILVER PRICE OF $14.78.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
  4. RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND.  TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN  (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT).

IN GOLD, THE OPEN INTEREST ROSE BY A FAIR SIZED 1160 CONTRACTS UP TO 474,343 DESPITE THE LOSS IN THE COMEX GOLD PRICE/FRIDAY’S TRADING (A FALL IN PRICE OF $9.90). THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A VERY STRONG SIZED 10,156 CONTRACTS:

OCTOBER HAD EFP’S ISSUED AND, DECEMBER HAD AN ISSUANCE OF 10,156 CONTACTS  AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 474,343. 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 11,316 CONTRACTS:  1160 OI CONTRACTS INCREASED AT THE COMEX AND 10,156 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN:  11,316 CONTRACTS OR 1,136,000 OZ = 35.19 TONNES.  AND ALL OF THIS DEMAND  OCCURRED WITH A FALL IN THE PRICE OF GOLD/ YESTERDAY TO THE TUNE OF $9.90???

 

 

 

YESTERDAY, WE HAD 7834 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF SEPT : 112,930 CONTRACTS OR 11,293,000 OZ OR 351.25 TONNES (15 TRADING DAYS AND THUS AVERAGING: 7528 EFP CONTRACTS PER TRADING DAY OR 752,800 OZ/ TRADING DAY),,

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 15 TRADING DAYS IN  TONNES: 351.25 TONNES

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

THUS EFP TRANSFERS REPRESENTS 351.25/2550 x 100% TONNES =  13.77% OF GLOBAL ANNUAL PRODUCTION SO FAR IN JULY ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE:     5,548.03*  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 INCREASE IN OI AT THE COMEX OF 1160 DESPITE THE LOSS IN PRICING ($9.90 THAT GOLD UNDERTOOK FRIDAY) // .  WE ALSO HAD A VERY STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 10,156 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 10,156 EFP CONTRACTS ISSUED, WE HAD A VERY STRONG GAIN OF 11,316 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

10,156 CONTRACTS MOVE TO LONDON AND 1160 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 35.19 TONNES). ..AND ALL OF THIS HUGE DEMAND OCCURRED WITH A LOSS OF $9.90 IN FRIDAY’S TRADING AT THE COMEX.???

 

 

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

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

GLD...

WITH GOLD UP $3.20  TODAY: / 

NO CHANGE IN GOLD INVENTORY AT THE GLD:

 

 

 

 

 

 

/GLD INVENTORY   742.23 TONNES

Inventory rests tonight: 742.23 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 1  CENT TODAY

 

 

WE HAD A HUGE CHANGE FOR SILVER : A DEPOSIT OF 1.692 MILLION OZ

 

 

 

 

 

/INVENTORY RESTS AT 336.665 MILLION OZ.

 

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

 

end

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

1. Today, we had the open interest in SILVER FELL BY A FAIR SIZED 888 CONTRACTS from 206,030 DOWN TO  205,142  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, 563 CONTRACTS FOR DECEMBER AND  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 563 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 888 CONTRACTS TO THE 563 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A NET LOSS OF 325 OPEN INTEREST CONTRACTS.  THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES: 1.625 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 37.395  MILLION OZ INITIALLY STAND FOR SILVER IN SEPTEMBER….

 

 

RESULT: A SMALL SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE 2 CENT PRICING GAIN THAT SILVER UNDERTOOK IN PRICING FRIDAY. BUT WE ALSO HAD A GOOD SIZED 563 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 HOLIDAY //Hang Sang CLOSED DOWN 454.19 POINTS OR 1.62%/   / The Nikkei closed HOLIDAY/ Australia’s all ordinaires CLOSED DOWN 0.09%  /Chinese yuan (ONSHORE) closed DOWN  at 6.8571 AS POBC RESUMES  ITS HUGE DEVALUATION  /DELEGATION COMING TO THE USA TO SEE TRUMP IN NOVEMBER/Oil UP to 71.99 dollars per barrel for WTI and 80.67 for Brent. Stocks in Europe OPENED RED//.  ONSHORE YUAN CLOSED DOWN AT 6.8571 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8608: 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

i

 

 

 

 

 

 

 

3A/NORTH KOREA/SOUTH KOREA

i)North Korea/South Korea/USA/

 

 

 

b) REPORT ON JAPAN

3 C/  CHINA

i)China furious as they summon in the uSA ambassador in China, Branstad over sanctions by the USA for China purchasing defense armaments from Russia. China states that there will be consequences

two commentaries

( zerohedge)

ii)China threatens with “consequences” if the USA does not immediately revoke sanctions over the Russian weapons deal
( zerohedge)

iii)Last night:  The yuan slumps as well as USA futures on the cancellation of USA trade talks

( zero hedge)

iv)China threatens with “consequences” if the USA does not immediately revoke sanctions over the Russian weapons deal
( zerohedge)

v)CHINA THIS MORNINGChina states categorically that it will not negotiate under threat. China releases its “White Paper” explaining its actions.  Trump teases of a new major broadside against China with respect to election tampering and stealing intellectual property.

(zerohedge)

vi)HONG KONG/

The Hong Kong dollar explodes higher despite interventions by the city’s de facto central bank.  Short Hong Kong dollar shorts and carry traders are crushed.  This indicates that he have a Hong Kong dollar liquidity problem. Hibor rates escalate

( zerohedge)

4/EUROPEAN AFFAIRS

i)THE BIG STORY OF THE DAY

Draghi warns of a “vigorous” inflation pick up which sends the Euro higher as well as gold

( zerohedge)

ii)Looks like we have Mutiny on the Bounty as major Conservative members of May’s party are threatening to leave the party.

( zerohedge)

iii)Hungary/UK

Nigel Farage fumes at the EU’s article 7 on immigration and shows support for Orban

( zerohedge)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Iran/USA

Iran blames the USA for the attack on a parade which left 25 dead.

(courtesy zerohedge)

 

 

6. GLOBAL ISSUES

 

 

 

7. OIL ISSUES

 

 

 

8 EMERGING MARKET ISSUES

i)INDIA

We initially brought you the story for IL and FS Investment Managers Corporation a units of IL and FS Financial services defaults on one loan.  It is one of the nation’s largest “shadow banks”.  Today it announced  that it defaulted on 3 loans on Friday and key directors resigned.  India’s Non Performing loan section is in trouble

Why important:

IL&FS’s outstanding debentures and commercial paper account for 1% and 2% respectively, of India’s domestic corporate debt market as of March 31, according to Moody, while its bank loans made up about 0.5% to 0.7% of the entire banking system loans.

( zerohedge)

 

ii)Argentina

Not good for Argentina.  It seems that it has already blown through its 50 billion USA dollars worth of loans and needs more money.  It is now back to 37.45 pesos to the dollar

( zerohedge)

iii)VENEZUELA

Pompeo is now threatening a series of actions against Maduro as he tries to rescue its people from the corruption inside Venezuela.
( zerohedge)

 

 

 

9. PHYSICAL MARKETS

i)Unbelievable!!!!  4 council remembers of the new Shareholders Gold Council want to remain anonymous???

( zerohedge)

ii)Barrick is reported to merge with Randgold

(Bloomberg/GATA)

iii)China and India still active in the gold importing business and they have been joined by Singapore which imported a strong 12.6 tonnes or gold  Even more astonishing was the huge importing of gold by Thailand of 21.6 tonnes. Turkey back off due to their banking problems

( Lawrie Willliams/Sharp’s Pixley)

iv)This is big. Russia increases the amount of gold that they are bringing into their country.  The reserves increased by 31.1 tonnes.  Russia produces around 240 tonnes per year or 20 tonnes per month.  So Russia imported a further 11 tonnes to make their reserves increase by that 31.1 tonnes

( Scrap Register)

 

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

 

i)Market trading /GOLD/MARKET MOVERS:

MARKET TRADING

 

 

 

ii)Market data

A good indicator that the earnings bonanza over the past few years is over as we now have the highest percentage of negative EPS earnings preannouncements since the first quarter of  2016

( zerohedge)

 

iii)USA ECONOMIC/GENERAL STORIES

a)Michael Snyder is detailing how the housing bubble in the USA is bursting:  home sellers are slashing rpices at the fastest rate in over 8 years:
( Michael Snyder)

b)Trump now ready to investigate the big boys:  Google,Twitter and Facebook under a new executive order( zerohedge)

c)I did not realize that it was this high: 33% of all USA households are struggling to pay their energy bills

( zerohedge)

iv)SWAMP STORIES

a)Internal notes suggest that the FBI did not believe that Russia helped Trump.  So why the special prosecutor?

( zerohedge)

b)Trump states that he is hinting at firing Rosenstein.  Although Rosenstein is heavily conflicted that would be a mistake at this time.  In all probability the leak came from McCabe who wanted to stir up the White House ahead of the release of the soon to be classified documents. Unbeknownst to McCabe, Rosenstein met with Trump who agreed to let the I.G. release the documents in due time (probably much later).  McCabe threw himself and Rosenstein under the bus.

( zerohedge)

c)I strongly believe that the Rosenstein coup attempt is nothing but a setup as i described to you in the piece before this one

( zerohedge)

c i)By noon time, we are still not sure if Rosenstein resigned or is to be fired by trump

(courtesy zerohedge)
d)At 3;15  we finally have the story straight.  Rosenstein after having an extended conservation with Trump this morning, is to see him on Thursday.  So far he has not resigned nor has been been fired but it looks like he is on the way out..

(courtesy zerohedge)

e)Lifelong friends of Ford denies attending the party where the alleged assault occurred

( zerohedge)

f)Another accuser emerges alleging sexual misconduct.  This one should be easy to disprove as she names two witnesses to the event( zerohedge)

g)Sunday

Now multiple witnesses and friends contradict the new Kavanaugh accuser Ramirez

(Newsmax)

 

h)Sunday:

So far, a “nothing burger”.  Ford accepts the request to testify

( zerohedge)

i)Kim Strassel comments that the Washington Post knew the name of the 4th person and it was a girl not a boy and that they knew the name of that girl of Leland Ingham  (Keyser now).  Ford has now given two versions of the story: one that there were 4 boys attending and the other 3 boys and one girl

( zerohedge)

i  ii) It now makes sense why Ford was trying to delay as Ramirez was cooking up her story:

(courtesy Kim Strassel/Jim Kunstler/zerohedge)

j)Details on Kavanaugh’s calendars show that he was out of town when the Ford assault allegedly took place

( zerohedge)

k)Late Sunday;  Hordes of bussed in protesters are preparing for a DC disruption ahead of the Kavanaugh confirmation.

( zerohedge)

l)Kavanaugh is one brave individual and will not be initimadated into withdrawing his nomination to the Supreme Court

(courtesy zerohedge)

m)FROM THE kING REPORT:

MORE SWAMP STORIES
(courtesy King Report) and special thanks to Chris Powell of GATA for sending this to us:

Let us head over to the comex:

 

The total gold comex open interest ROSE BY A GOOD SIZED 1160 CONTRACTS DOWN to an OI level 474,343 DESPITE THE FALL IN THE PRICE OF GOLD ($9.90 LOSS/ YESTERDAY’S COMEX TRADING). FOR TWO YEARS STRAIGHT WE HAVE NOTICED THAT ONE WEEK PRIOR TO FIRST DAY NOTICE OF AN ACTIVE DELIVERY MONTH THE COMEX OPEN INTEREST CONTRACTS AND EFP’S NOTICES EXPONENTIALLY INCREASE AS WELL AS WE WITNESS THE COMEX OPEN INTEREST COLLAPSE.

 

WE ARE NOW IN THE  NON ACTIVE DELIVERY MONTH OF SEPT..  THE CME REPORTS THAT THE BANKERS ISSUED A  STRONG SIZED COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 10,156 EFP CONTRACTS WERE ISSUED:

OCTOBER: 0 EFP’S AND DECEMBER:  10,156 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  10156 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 12,349 TOTAL CONTRACTS IN THAT 10,156 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED 2193 COMEX CONTRACTS.

NET GAIN ON THE TWO EXCHANGES:  11,316 contracts OR 1,131,600 OZ OR 35.19 TONNES.

Result: A GOOD SIZED INCREASE IN COMEX OPEN INTEREST DESPITE THE FALL IN PRICE/ FRIDAY (ENDING UP WITH THE LOSS IN PRICE OF $9.90). THE  TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES:  11,316 OI CONTRACTS..

We are now in the active contract month of SEPTEMBER. For the September contract month, we lost 0 contract and thus the number of  open interest contracts standing for gold in this front month is 17 contracts. We had 0 notice filed  yesterday so we gained 0 contract or an additional NIL oz will stand for gold and these guys refused to accept a fiat bonus and transfer to London.

 

 

 

 

 

THE NEXT ACTIVE DELIVERY MONTH IS  OCTOBER AND HERE THE OI LOST 677 CONTRACTS DOWN TO 29,102. NOVEMBER SAW A 183 CONTRACT GAIN TO STAND AT 271. DECEMBER SAW ITS OPEN INTEREST RISE BY 358 CONTRACTS UP TO 369,130.

WE HAD 0 NOTICES FILED AT THE COMEX FOR NIL OZ.

 

FOR THE 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.

 

FOR THE OCTOBER CONTRACT MONTH: OCTOBER IS THE WEAKEST OF ALL DELIVERY MONTHS IN GOLD.

FOR THE COMEX OCT 2017 GOLD CONTRACT MONTH: WE INITIALLY HAD 300,600 OZ STAND FOR DELIVERY OR 9.349 TONNES.

AT THE CONCLUSION OF THE OCTOBER TRADING MONTH: 333,300 OZ OR 10.367 TONNES FINALLY STOOD FOR DELIVERY AS WE HAD ONE DAY OF QUEUE JUMPING.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now for the wild silver comex results.

Total silver OI FELL BY A FAIR SIZED 888 CONTRACTS FROM 206,660 DOWN TO 205,142 (AND FURTHER FROM TO 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 GAIN IN PRICING.

 

WE ARE NOW INTO THE ACTIVE DELIVERY MONTH OF SEPT.AND, WE WERE  INFORMED THAT WE HAD A GOOD SIZED 563 EFP CONTRACTS:

FOR SEPT:  0 CONTRACTS  AND FOR DECEMBER: 563 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: 563.  ON A NET BASIS WE LOST 325 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 888 CONTRACT LOSS AT THE COMEX COMBINING WITH THE ADDITION OF 563 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET LOSS ON THE TWO EXCHANGES:   325 CONTRACTS…AND ALL OF LACK OF DEMAND OCCURRED WITH A 2 CENT GAIN

 

 

 

The next active delivery month after August for silver is September and here the OI FELL by 22 contracts DOWN to 961.

We had 28 notices filed on yesterday so we gained another  6 contracts or 30,000 ADDITIONAL oz will stand at the comex as these guys refused a fiat bonus as well as 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. After a little holiday last week, queue jumping resumes in earnest  in the silver pits. In the past 4 days we gained a whopping 8,565 million oz as there seems to be a huge fire (shortage) of silver somewhere.

 

 

 

 

 

October LOST 115  contracts to stand at 393. November saw a GAIN of 68 contracts to stand at 268.

After Nov., the next big delivery month is December and here the OI fell by 1108 contracts down to 174,850 contracts.

We had 392 notice(s) filed for 1,960,000 OZ for the SEPTEMBER 2018 COMEX contract for silver

 

Trading Volumes on the COMEX

 

PRELIMINARY COMEX VOLUME FOR TODAY: 206,548 contracts

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  358,923 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 39.475 MILLION OZ OF SILVER INITIALLY STAND.  AS I HAVE STATED ALL MONTH: “WE WILL NO DOUBT PASS LAST YEAR’S TOTAL OF 32.875 MILLION OZ ONCE SEPTEMBER ENDS AS THE BANKS SCRAMBLE FOR PHYSICAL SILVER.”…AND WE SURELY  ACCOMPLISHED THIS FEAT.

 

 

AND NOW COMPARISON FOR OCTOBER:

 

FOR THE OCTOBER 2017 CONTRACT MONTH WE HAD 4.205,000 OZ OF SILVER INITIALLY STAND FOR DELIVERY.

BY MONTH’S END WE HAD 5,475,000 OZ FINALLY STAND AS QUEUE JUMPING IN SILVER WAS ALREADY IN THE NORM.

OCTOBER IS A NON ACTIVE DELIVERY MONTH FOR SILVER BUT AS YOU CAN SEE OCT 2017 DELIVERIES WERE PRETTY

GOOD.

 

 

 

 

 

INITIAL standings for SEPTEMBER/GOLD

SEPT. 24-/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  

60,958.296

 

oz

hsbc

 

No of oz served (contracts) today
0 notice(s)
 NIL OZ
No of oz to be served (notices)
17 contracts
(1700 oz)
Total monthly oz gold served (contracts) so far this month
609 notices
60900 OZ
1.8942 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 had ta little activity at  the comex and as gold  entered the comex vaults

today. Still no gold enter the dealer or registered side of things

 

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 withdrawal out of the customer account:
total customer withdrawals:  nil oz
we had 1 customer deposit
i) Into HSBC: 60,958.296 oz
total customer deposits: 60,958.296 oz
we had 0 adjustments

FOR THE SEPTEMBER 2018 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 0 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the INITIAL total number of gold ounces standing for the SEPT/2018. contract month, we take the total number of notices filed so far for the month (609) x 100 oz or 60,900 oz, to which we add the difference between the open interest for the front month of SEPT. (17 contracts) minus the number of notices served upon today (0 x 100 oz per contract) equals 62,600 OZ OR 1.9471 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 (609 x 100 oz)  + {17)OI for the front month minus the number of notices served upon today (0 x 100 oz )which equals 62,600 oz standing OR 1.9471 TONNES in this NON  active delivery month of SEPTEMBER.

We gained 0 contract or an additional nil 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 as queue jumping in gold intensifies.  Let us see if this continues throughout the month as it looks like the commercials are scrambling to obtain any physical gold they get a hold of.

 

 

 

 

 

THERE ARE ONLY 4.511 TONNES OF REGISTERED COMEX GOLD AVAILABLE FOR DELIVERY AGAINST 1.9471 TONNES STANDING FOR SEPTEMBER  

 

 

 

total registered or dealer gold:  145,041.066 oz or   4.511 tonnes
total registered and eligible (customer) gold;   8,331,575.291 oz 259.11 tonnes

IN THE LAST 25 MONTHS 96 NET TONNES HAS LEFT THE COMEX.

end

And now for silver

AND NOW THE AUGUST DELIVERY MONTH

SEPTEMBER INITIAL standings/SILVER

SEPT. 24/ 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
 383,922.844 oz
INT.DELAWARE
Delaware
SCOTIA

 

 

Deposits to the Dealer Inventory
nil
oz
Deposits to the Customer Inventory
99,903/335
oz
CNT
No of oz served today (contracts)
392
CONTRACT(S)
1,960,000 OZ)
No of oz to be served (notices)
569 contract
(2,845,000 oz)
Total monthly oz silver served (contracts) 7326 contracts

(36,630,000 oz)

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

we had 0 inventory movement at the dealer side of things

 

total dealer deposits: nil oz

total dealer withdrawals: nil oz

we had 1 deposit into the customer account

i) Into JPMorgan: nil oz

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

JPMorgan now has 142.435 million oz of  total silver inventory or 48.9% of all official comex silver. (142 million/291 million)

ii) Into CNT:  99,903.335 OZ

 

 

 

 

 

 

 

 

 

 

total customer deposits today: 99,903/335 oz

we had  3 withdrawals from the customer account;

i) Out of Int. Delaware:  35,102.330 oz

 

ii) Out of Delaware: 3017.250 oz

iii) Out of Scotia;  200,859..290

 

 

 

 

 

 

 

total withdrawals: 383,922.844  oz

we had 1  adjustment

i) out of CNT:  614,542.586 oz was adjusted out of the dealer CNT into the customer account of CNT

 

 

total dealer silver:  83.385 million

total dealer + customer silver:  291.277 million oz

The total number of notices filed today for the SEPTEMBER 2018. contract month is represented by 392 contract(s) FOR 1,960,000 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 7326 x 5,000 oz = 36,630,000 oz to which we add the difference between the open interest for the front month of SEPTEMBER. (983) and the number of notices served upon today (392 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the SEPT/2018 contract month: 7326(notices served so far)x 5000 oz + OI for front month of SEPTEMBER(983) -number of notices served upon today (392)x 5000 oz equals 39,475,000 oz of silver standing for the SEPT contract month.  This is a huge number of oz standing!!

We gained 6 contracts or an additional 30,000 oz will stand at the comex as these guy refused to morph into London based forwards as well as refusing a fiat bonus

 

 

 

 

 

 

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

ESTIMATED VOLUME FOR TODAY:  63,932 CONTRACTS   

 

 

CONFIRMED VOLUME FOR YESTERDAY: 105,751CONTRACTS..

 

 

YESTERDAY’S CONFIRMED VOLUME OF 105,751 CONTRACTS EQUATES TO 528 million OZ  OR 75.5% 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 -3.48% (SEPT.21/2018)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -1.70% to NAV (SEPT 21/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -3.48%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

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

NAV 12.14/TRADING 11.68/DISCOUNT 3.85.

END

And now the Gold inventory at the GLD/

SEPT 24/WITH GOLD UP $3.20: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 742.23 TONNES

SEPT 21/WITH GOLD DOWN $9.90/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 742.23 TONNES

SEPT 20/WITH GOLD DOWN $2.80/A SMALL WITHDRAWAL OF .3 TONNES AND THIS IS TO PAY FOR FEES/742.23 TONNES

SEPT 18/WITH GOLD DOWN $3.00: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 742.53 TONNES

SEPT 17/WITH GOLD UP $5.20: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 742.53 TONNES

SEPT 14/WITH GOLD DOWN $6.95 TODAY, ANOTHER HUGE 2.65 TONNES OF GOLD WAS REMOVED FROM INVENTORY AT THE GLD..PRETTY SOON WE WILL HAVE ZERO INVENTORY/INVENTORY RESTS AT 742.53 TONNES

SEPT 13/WITH GOLD DOWN $2.65:NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 745.18 TONNES

SEPT 12/WITH GOLD UP $8.00 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 745.18 TONNES

SEPT 11/WITH GOLD UP $3.00 TODAY: A SMALL CHANGE IN GOLD INVENTORY AT THE GLD; A WITHDRAWAL OF .26 TONNES/INVENTORY RESTS AT 745.18 TONNES

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

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

SEPT 24/2018/ Inventory rests tonight at 742.23 tonnes

*IN LAST 462 TRADING DAYS: 188,48 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 362 TRADING DAYS: A NET 31.94 TONNES HAVE NOW BEEN REMOVED FROM GLD INVENTORY.

 

end

 

Now the SLV Inventory/

WITH SILVER DOWN ONE CENT TODAY: A HUGE DEPOSIT OF 1.692 MILLION OZ INTO THE INVENTORY OF THE SLV

INVENTORY RESTS AT 336.665 MILLION OZ/

SEPT 21/WITH SILVER UP 2 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 334.973 MILLION OZ/

SEPT 20/WITH SILVER UP 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 334.973 MILLION OZ/

SEPT 18/WITH SILVER DOWN 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 334.973 MILLION OZ/

SEPT 17/WITH SILVER UP 8 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 334.973 MILLION OZ/

SEPT 14/WITH SILVER DOWN 11 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 334.973 MILLION OZ/

SEPT 13/WITH SILVER DOWN 2 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.316 MILLION OZ OF SILVER ENTERS SLV INVENTORY/INVENTORY RESTS AT 334.973 MILLION OZ/

SEPT 12/WITH SILVER UP 9 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 333.657 MILLION OZ/

SEPT 11./WITH SILVER DOWN ONE CENT TODAY/WE HAD NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 333.657 MILLION OZ/

SEPT 10.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/

 

 

 

SEPT 21/2018:

Inventory 336.665 MILLION OZ

 

6 Month MM GOFO 2.07/ and libor 6 month duration 2.58

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

G0FO+ 2.07

 

libor 2.58 FOR 6 MONTHS/

GOLD LENDING RATE: .51%

XXXXXXXX

12 Month MM GOFO
+ 2.49%

LIBOR FOR 12 MONTH DURATION: 2.90

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.41

end

 

 

Major gold/silver trading /commentaries for MONDAY

GOLDCORE/BLOG/MARK O’BYRNE.

 

Goldnomics Podcast: Silver Guru, David Morgan: Silver and Gold Will Protect in the Coming Currency Collapse

The “Silver Guru” David Morgan joins Mark O’Byrne for Episode 8 of the Goldnomics Podcast. How will gold and silver perform as the current fiat monetary system inevitably collapses under the pressure of currency printing, quantitative easing, trade wars, currency wars and deepening geopolitical tensions?

• The Outlook for Gold and Silver In 2019 And Coming Years
• “End of Fiat Currency” and The “End of Empire“?
•  Favoured Asset Allocation To Weather Financial Storm
•  Exit Considerations – When To Sell
•  Precious Metals Manipulation – Are GATA’s allegations True or False?
• The Safest Way To Own Bullion
•  Is Debt Jubilee Primary Solution to Financial Risks of Today?
•  Positive About The Future – Need a Spiritual Awakening Of Individuals?

Listen to the full episode here or skip directly to one of the following discussion points:

00:15 – Meet ‘Silver Guru’ David Morgan – one of the world’s leading experts on precious metals.
02:00 – Currency crisis in emerging markets and the future prospects of gold and silver.
04:30 – What’s the outlook for gold and silver, especially in areas having a currency crisis?
04:40 – Crisis expected for Anglo-American Empire’s fiat currencies. Very difficult to predict when but if forced to he believes will happen between 2020 and 2022.
05:33 – Are precious metals currently undervalued?
07:17 – When will fiat currencies end?
09:20 – Possible scenarios for the end of fiat currency regimes.
12:46 – Gold-backed Yuan: what should we expect?
13:43 – Yuan as a reserve currency, how possible?
16:00 – Global economic uncertainty, the end of fiat currencies and prudent asset allocation.
19:35 – Lending to Australian & UK banks: are European banks exposed?
20:09 – Precious metals allocation in the wealth mix. Is 20% enough?
25:14 – Upcoming crisis: what’s the right strategy for exiting the market?
26:02 – Protecting your wealth: avoid round tripping.
26:23 – Easiest way to tell if gold is overvalued.
30:10 – Precious metals manipulation and GATA’s allegations: True or false?
31:11 – Sharpe ratios, frauds and manipulations.
33:25 – Manipulated markets: making the right investment choice.
36:43 – Choosing the right storage means (allocated and segregated in safest vaults in sagest jurisdictions) and vendor for your precious metals. Morgan is a client and “owns metal” with GoldCore and refers his clients to GoldCore. If want security and real insurance “you should be willing to pay storage fees”
40:00 – Ensure you have direct access to your gold in terms of accessibility, portability, pricing and liquidity as provided by GoldCore
40:39 – Is a Debt Jubilee a solution to today’s financial challenges?
41:30 – Government debt: the worst and most unsafe asset allocation you can have.
43:00 – Is the end of the banking cartel in sight?
44:53 – Powerful creditors: Should we expect a debt jubilee?
45:54 – Is there a need to change the structure of the monetary system and how money works?
49:17 – Individual moral and spiritual awakening needed to overcome the significant financial and economic challenges in the coming years
54:04 – Join the Morgan report mailing list here and learn how to protect yourself with precious metals and access a host of other useful tools

 

 

News and Commentary

Gold inches down on firm dollar as China halts trade talks (Reuters.com)

John Paulson Joined by 15 Investors in Council to Oversee Gold Miners (Bloomberg.com)

One-Minute Gold Selling Spurt Sends the Precious Metal Reeling (Bloomberg.com)

Mortgage rates jump to four-month high as housing market hits a bump (MarketWatch.com)

Barrick Gold, Randgold in Advanced Talks on Merger (Bloomberg.com)

Gold Set to Soar Above $1,300, Bank of America Says (Bloomberg.com)


Source: Gold Industry Group

A change in central bank attitudes to gold (GoldIndustryGroup.com)

10 years after Lehman Brothers collapse, people are ‘deeply distrustful’ of Wall Street (MarketWatch.com )

Fed’s Powell between a rock and hard place: Ignore the yield curve or tight job market? (Reuters.com)

GATA asks CFTC if market rigging by U.S. govt. is legal (SilverDoctors.com)

This Is The “Last Free Generation” Says Julian Assange In Last Pre-Blackout Interview (ZeroHedge.com)

Pepe Escobar Warns “Here Comes The 30-Year Trade War” (ZeroHedge.com)

Listen on SoundCloud , Blubrry & iTunesWatch on YouTube below


Gold Prices (LBMA AM)

21 Sep: USD 1,207.60, GBP 914.88 & EUR 1,025.25 per ounce
20 Sep: USD 1,203.00, GBP 910.55 & EUR 1,027.72 per ounce
19 Sep: USD 1,203.00, GBP 912.48 & EUR 1,028.44 per ounce
18 Sep: USD 1,199.40, GBP 913.94 & EUR 1,026.81 per ounce
17 Sep: USD 1,196.80, GBP 914.00 & EUR 1,027.21 per ounce
14 Sep: USD 1,206.20, GBP 918.76 & EUR 1,030.58 per ounce

Silver Prices (LBMA)

21 Sep: USD 14.33, GBP 10.87 & EUR 12.18 per ounce
20 Sep: USD 14.23, GBP 10.75 & EUR 12.14 per ounce
19 Sep: USD 14.18, GBP 10.76 & EUR 12.13 per ounce
18 Sep: USD 14.21, GBP 10.81 & EUR 12.16 per ounce
17 Sep: USD 14.17, GBP 10.81 & EUR 12.15 per ounce
14 Sep: USD 14.22, GBP 10.83 & EUR 12.15 per ounce


Recent Market Updates

– This Week’s Golden Nuggets – Dalio’s Dollar Crisis, Fitt’s U.S. Government “Missing” $21 Trillion and Silver Guru’s End of Empire
– Dalio Warns Of Dollar Crisis – “History Is Doomed To Repeat Itself”
– Silver Guru Video: “The End of Empire and End of Fiat Currencies”
– Silver Is ‘Undervalued’ Relative to Stocks, Bonds, Gold – GoldCore
– We Are In “Never Never Land” Accounting As U.S. Government Is “Missing” $21 Trillion
– This Week’s Golden Nuggets – BOE Warns Of UK House Price Crash
– Video: BREXIT To Contribute To London Property Bubble Bursting
– Australia’s Banking System May Be The “Bloody Big Butterfly” Which Triggers Next “Financial Storm”
– Ten Years Since Lehman: Biggest Driver of 2008 Financial Crisis Has Only Got Worse

Mark O’Byrne
Executive Director
 
 
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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

Unbelievable!!!!  4 council remembers of the new Shareholders Gold Council want to remain anonymous???

(courtesy zerohedge)

Ronan Manly: How serious is the Shareholders Gold

Council?

 Section: 

4:29p ET Sunday, September 23, 2018

Dear Friend of GATA and Gold:

Bullion Star gold analyst Ronan Manly today expresses support for GATA’s bid to make a presentation to and to join the new Shareholders Gold Council but is disappointed that four council members want to remain anonymous.

Manly asks: “If they haven’t even got the courage to publicly identify themselves, then how committed and motivated are they really to effect change within the gold-mining companies they invest in?”

Manly’s commentary is headlined “Paulson’s Shareholders Gold Council Finally Launches After Initial Delays” and it’s posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/paulsons-shareholders-gold…

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

END

Barrick is reported to merge with Randgold

(Bloomberg/GATA)

Barrick reported to be about to merge with Randgold

 Section: 

By Danielle Bochove, Dinesh Nair, and Scott Deveau
Bloomberg News
Sunday, September 23, 2018

Barrick Gold Corp. is in advanced stages of negotiations to merge its operations with African rival Randgold Resources Ltd., according to people familiar with the talks.

A deal is imminent, according to one of the people who declined to provide more detail

IKN, a blog specializing in mining news, earlier reported that an announcement may come as early as today or before the opening bell Monday, adding, “multiple sources have told the desk the deal is on”:

https://incakolanews.blogspot.com/2018/09/breaking-barrick-gold-abx-abx-…

Andy Lloyd, a spokesman for Barrick, and Kathy du Plessis from Randgold declined to comment. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2018-09-23/barrick-gold-randgold…

end

China and India still active in the gold importing business and they have been joined by Singapore which imported a strong 12.6 tonnes or gold  Even more astonishing was the huge importing of gold by Thailand of 21.6 tonnes. Turkey back off due to their banking problems

(courtesy Lawrie Willliams/Sharp’s Pixley)

LAWRIE WILLIAMS: :Hong Kong an also-ran in latest Swiss gold export figures

Perhaps then biggest surprise was the enormous fall in gold exports to Hong Kong in the Ausuts Swiss gold export figures. The Chinese semi-autonomous administrative state imported only 3.4 tonnes of gold from Switzerland in August demonstrating in no uncertain terms that the Territory is being sidelined as an import routing for mainland Chinese gold imports in favour of mainland ports of entry like Beijing and Shanghai. Hong Kong gold imports can definitely no longer be considered a proxy for Chinese gold demand as we have been saying for some time, although global media still gives undue importance to the level of Hong Kong gold imports and to the Territory’s exposts to the Chinese mainland.

Mainland China was again the biggest recipient of Swiss gold in August at 45.2 tonnes, closely followed by India with 40 tonnes (see chart from Nick Laird’s www.goldchartsrus.com website below.), suggesting that gold demand in the two biggest gold consumers is holding up reasonably well, but perhaps the biggest surprises were the big rise in Swiss gold exports to Singapore (12.6 tonnes) and even more so Thailand (21.6 tonnes). Interestingly Turkey apparently imported no gold at all from Switzerland in August, but actually exported 12.8 tonnes to the small European nation at the centre of the global gold refining trade.

As usual, the Swiss figures show an ever-continuing flow of gold from West to East with Asia and the Middle East accounting for over 88% of the total export figures. (The United Arab Emirates imported 5.9 tonnes and Malaysia 2.8 tonnes being other significant gold importers from the region in August.

Germany (with 6.2 tonnes) and France (5.0 tonnes) were both significant importers of Swiss gold in August perhaps indicating some safe haven demand as Brexit negotiations, seemingly at an impasse, due to uncertainties with respect to the future of European economies in the event of a no- deal solution to the U.K.’s leaving the EU should this come about. Austria with 1.2 tonnes and Italy with 1.7 tonnes were other EU member nations to import Swiss gold last month.

Total Swiss gold exports in August at 153.1 tonnes were at their highest level since June last year, while the nation’s gold imports at 181.7 tonnes the highest since January last year. indicating something of a pick-up in global gold trade via Switzerland.

While the Chinese and Indian figures look positive for gold followers – India recorded its highest level of gold imports from Switzerland for 15 months – on analysis the Chinese figure may not be quite so encouraging. Although the mainland’s import figure could be seen as impressive it should also be recognised that most of the gold going into Hong Kong is ultimately destined for mainland China, and in combination the mainland China figure plus the Hong Kong one (a total of 48.6 tonnes) does not represent an increase in exports to what could be described as Greater China. In fact it represents something of a fall which could indicate slipping gold demand in the world’s No.1 consumer. We will probably see an indicator of this in the next couple of months of Shanghai Gold Exchange gold withdrawal figures when we compare them with prior years.

In India, however, there are rumours afloat of an impending increase in import duty for gold, so imports may continue to flourish until the rumour is laid to rest one way or the other. But gold followers should be encouraged by the very positive figures from Thailand and Singapore.

https://www.sharpspixley.com/articles/lawrie-williams- hong-kong-an-also-ran-in-latest-swiss-gold-export- figures_284417.html

24 Sep

end

This is big. Russia increases the amount of gold that they are bringing into their country.  The reserves increased by 31.1 tonnes.  Russia produces around 240 tonnes per year or 20 tonnes per month.  So Russia imported a further 11 tonnes to make their reserves increase by that 31.1 tonnes

(courtesy Scrap Register)

Russia adds further 1 million ounces of Gold to the reserve in August

MOSCOW (Scrap Register): Russia’s central bank remains a noted gold buyer while China remains conspicuous by its absence, said Commerzbank in a snippet.

By its own account, the Russian central bank topped up its gold reserves by a further 1 million ounces in August, Commerzbank added.

This equates to purchases of 31.1 tonnes. As per 1 September, its holdings totaled 64.3 million ounces (approximately 2,000 tonnes).

A few days ago, the IMF had reported a similarly high rise in Russian gold reserves. Russia’s central bank thus remains the leading official buyer. By contrast, China has purchased no gold for almost two years now.

https://www.scrapregister.com/news/45186/russia-adds- further-1-million-ounces-of-gold-to-the-reserve-in- august

-END-

______________________________________________________________________________________________________________________________________________________

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 6.8571/HUGE DEVALUATION FOR THE PAST FOUR WEEKS RESUMES/CHINESE COMING TO USA FOR TRADE TALKS IN NOVEMBER //OFFSHORE YUAN:  6.8608   /shanghai bourse CLOSED/HANG SANG CLOSED DOWN 454.19 POINTS OR 1.62%
2. Nikkei closed HOLIDAY/USA: YEN RISES TO 112.61/

3. Europe stocks OPENED  IN THE RED 

 

 

/USA dollar index RISES TO 94.04/Euro FALLS TO 1.1765

3b Japan 10 year bond yield: REMAINS AT. +.13/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 112.61/ 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:: 71,99  and Brent: 780.67

3f Gold UP/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 +.470%/Italian 10 yr bond yield UP to 2.90% /SPAIN 10 YR BOND YIELD UP TO 1.50%

3j Greek 10 year bond yield RISES TO : 4.10

3k Gold at $1199.65 silver at:14.33   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 55/100 in roubles/dollar) 65.91

3m oil into the 71 dollar handle for WTI and 80 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 112.61DESTROYING 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 0.9591 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1284 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 +0.47%

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 3.08% early this morning. Thirty year rate at 3.22%

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

6.  TURKISH LIRA:  UP  TO 6.2309

 

Global Stocks Slide As Trade War Enters New Phase; Oil

Surges

U.S. stock futures followed European and Asian shares lower in thin volume after China called off planned trade talks with the U.S. and the Trump administration imposed another $200 billion in “Phase II” China tariffs just after midnight; oil jumped 2.4% as OPEC+ members defied Trump’s calls for lower oil prices during a weekend conference, refusing to boost output.

Asia set the downbeat tone as Hong Kong stocks fell, while thinner than average volumes across Asia due to holidays in China, South Korea and Japan.  “Given that the trade talks are off, investors will be watching what happens after the implementation of the tariffs and particularly whether the U.S. will move to the next phase, which would be tariffs on a further $267 billion of Chinese goods,” said Dushyant Padmanabhan, a currency strategist at Nomura in Singapore. White House trade adviser Peter Navarro said on NPR’s Morning Edition that “the president was crystal clear in his statement: if China retaliates, the process will move forward on the additional amount.”

European stocks followed lower, with miners and carmakers, both sectors heavily exposed to global trade, among the biggest decliners in the Stoxx Europe 600 Index, while futures on the S&P 500 and Dow pointed to a weaker open. Randgold Resources and bucked the trend to rally on merger news following news of a merger with Barrick, creating the world’s largest gold miner; Sky also rose after Comcast beat Fox in the auction for the broadcaster with a $39 billion bid, a deal that has been two years in the making. Comcast will start buying Sky shares in the market in order to reach the 50% threshold before the Oct. 11 deadline. Current shareholders just got an extra 9% for their patience as Comcast will pay 1,728p for the shares. What Fox will do with its 39% stake is still unknown. Elsewhere, Carrefour denied it approached Casino Guichard-Perrachon only hours after the rival grocer said its board rebuffed a proposal for a possible merger.

Surprisingly, with a new round in the trade war now live and with the Fed set to hike rates in just a few days, the dollar initially pushed higher, but failed to sustain an early-London advance. Pound volatility was the highlight in options space for another day as Brexit headlines were in focus, while the euro advanced after stronger than expected German IFO data beat across the board, and ahead of a Mario Draghi speech Monday.

As the dollar declined, the Chinese yuan dipped even more, weakening over 200 pips to as low as 6.87 as traders were unable to trade the Shanghai Composite which was closed on Monday.

Elsewhere in overnight FX trading, the euro reversing earlier losses to edge higher in early London session. The pound strengthened on increasing talk of a second U.K. referendum on the final Brexit deal, recovering above $1.31 as some traders took profit on short positions; as Bloomberg notes, the premium to protect against losses in the pound versus the dollar over the next three months has widened to the most since January 2017 after U.K. Prime Minister Theresa May said Friday that Brexit negotiations had reached an impasse.  The Australian and New Zealand dollars declined, leading losses among the Group-of-10 peers, with the offshore yuan as China canceled trade talks with the U.S. and $200 billion of American tariffs on Chinese goods took effect after midnight Washington time.

As noted last night, JPMorgan said it was starting to factor into its strategy a growing potential for a “Phase III” of the tariff war next year affecting all Chinese imports, which would lead to weaker growth in the country and hit U.S. stocks. While the escalation in cross-Pacific trade tensions are proving a new test for global stocks which have posted two strong weeks of gains, today’s decline was virtually negligible in the context of the recent sharp move higher.

And with trade war progressing, attention now turns to the Fed’s policy meeting that will see rates increased for the third time this year, with markets pricing in another hike in December.

Elsewhere, market jitters continued in Indian shares where the rupee slid as cracks appeared in Asia’s best-performing stock market this year amid concerns about troubles in the shadow banking sector after IL&FS announced several defaults on Friday following by key management resignation.

Emerging-market shares and currencies initially weakened but have since recouped many of their losses as the dollar rally fizzled. The rupee and rupiah led a drop in Asian currencies; Hong Kong stocks fell the most in the region on a day when most North Asian markets were closed for holidays.

Treasuries declined with European sovereign bonds: the 10-year TSY yield gained 2 bps to 3.08%, hitting the highest in more than four months with its fifth straight advance. Germany’s 10-year yield increased two basis points to 0.48%.

Crude oil hit a fresh cycle high, as Brent rose above $80/barrel, a 4 year high, after OPEC shunned U.S. President Donald Trump’s calls to increase supply. Looking at the oil rally, traders are looking increasingly convinced the it has more juice, while the OPEC meeting on Sunday showed its members clearly have no urgency to boost their output.

Switching to gold, the bullion is still holding around its $1,200 level. Credit Suisse strategists have now abandoned their bearish view on the precious metal, while BofAML sees gold topping $1,300 on fiscal deficit. What’s in it for gold miners? Their valuation level is near an all-time low, the rand is weak and GEM stocks have underperformed their U.S. peers.

In the latest Brexit news, UK PM May’s aides have reportedly begun contingency planning for a snap election in November to save the Brexit talks and her job after EU leaders rebuffed the PM’s Chequers plan. Strategists have begun “war-gaming” an autumn vote to win public backing for a new plan, according to the Times. However, there were also reports UK Brexit Secretary Raab dismissed claims of a snap general election in Autumn, while playing down the chances of the government pivoting towards a Canada-style deal and EU officials are also thought to be working on a counter-proposal to Chequers, which is likely to appear in early October, the Guardian reported. Meanwhile, Telegraph said that a majority of the UK cabinet is now supporting moves towards a Canada-style Brexit deal. As such, May will now be asked to reassess her approach and opt for a free trade agreement that represents a ‘clean Brexit’. UK Cabinet Ministers will be required to grant limitless access to European Union migrants for more than two years after a “no-deal” Brexit, according to the Times. Such a move proposed by Home Secretary Javid will likely anger Brexiteers.

In central bank news, ECB’s Dolenc said that ECB’s interest rates will remain low through the summer of 2019, says he can’t comment on when they will change.

On the geopolitical front, there was a shooting at a military parade in Iran that was claimed by anti-government group as well IS militants, while Iranian President Rouhani criticised the US and Gulf states as having enabled the attack. Iran revolutionary guards threatened retaliation for the attack on the Iranian military parade; although it is not clear who they will retaliate against.

Data include Chicago Fed National Activity and Dallas Fed Manufacturing Activity. Amalgamated Bank and Ascena Retail are reporting earnings.

Market Snapshot

  • S&P 500 futures down 0.2% to 2,928.25
  • STOXX Europe 600 down 0.2% to 383.38
  • MXAP down 0.6% to 165.18
  • MXAPJ down 1% to 524.49
  • Nikkei up 0.8% to 23,869.93
  • Topix up 0.9% to 1,804.02
  • Hang Seng Index down 1.6% to 27,499.39
  • Shanghai Composite up 2.5% to 2,797.49
  • Sensex down 1.7% to 36,221.78
  • Australia S&P/ASX 200 down 0.1% to 6,186.87
  • Kospi up 0.7% to 2,339.17
  • German 10Y yield rose 1.1 bps to 0.473%
  • Euro up 0.1% to $1.1763
  • Brent Futures up 2.2% to $80.56/bbl
  • Italian 10Y yield fell 5.1 bps to 2.47%
  • Spanish 10Y yield rose 0.2 bps to 1.497%
  • Brent futures up 2.6% to $80.86/bbl
  • Gold spot down 0.1% to $1,198.99
  • U.S. Dollar Index down 0.1% to 94.15

Top Overnight News

  • China dashed hopes for a near-term resolution to the trade war with the U.S., warning Trump that his threats of further tariffs are blocking any potential negotiations. The response, which came just over an hour after the U.S. imposed new duties on $200 billion in Chinese goods on Monday, underscores a deepening gulf between both governments
  • ECB should consider tightening monetary policy sooner than originally planned, ECB Governing Council member Ewald Nowotny said Sunday on Austrian television
  • Theresa May’s fiercest critics spelt out their Brexit demands on Monday, just as the embattled Conservative leader heads into a potential showdown with her top ministers; The Sunday Times reported that May’s aides have discussed the possibility of a November general election, in which she would seek a public endorsement of a harder Brexit stance
  • Bank of England policy makers have the chance this week to share their thoughts on interest rates now that Governor Mark Carney has said he’s staying for longer
  • Donald Trump’s demand that OPEC take rapid action to reduce oil prices received a tepid response, with the group saying it would boost output only if customers requested it
  • All signs point to Prime Minister Stefan Lofven losing the first round in his battle to remain in power as Sweden seats its new parliament
  • Brett Kavanaugh’s nomination to the U.S. Supreme Court is at risk of unraveling after new sexual misconduct allegations emerged, just as the Senate Judiciary Committee prepares to hear testimony from a woman claiming he assaulted her in high school
  • The European Central Bank should consider tightening its monetary policy sooner than originally planned, ECB Governing Council member Ewald Nowotny said Sunday on Austrian television
  • The European Union’s trade chief heads to New York this week to continue negotiations with the U.S. and Japan, as the three parties seek a way to end what they see as China’s unfair commercial policies and dial down global tensions

Asian stocks traded lower with South Korea, Japan, Taiwan and mainland China away due to public holidays, with risk sentiment dampened after China cancelled trade talks with the US. In addition, fresh US-tariffs took effect from today with 10% US tariffs on USD 200bln worth of Chinese goods and China had previously announced a retaliation of 5-10% tariffs on USD 60bln of US goods. ASX 200 (-0.1%) losses were led by weakness in the metals sector, while healthcare and financial names also weighed on the index. Hang Seng (-1.6%) extended on losses from the open as trade concerns remained in focus and amid continued increases in money market rates in Hong Kong with the 3-month HIBOR at its highest in 10 years. China cancelled upcoming trade talks with the US. (WSJ) In related news, there were comments from US President Trump stating the US have a lot more tariffs if China retaliates. (Newswires)

Top Asian News

  • China Says Talks Can’t Happen Under U.S. Tariff Threat: Xinhua
  • China Beige Book Says Manufacturers Stressed Even Before Tariffs
  • Tiny Maldives Boots Out Pro-China President in Election Surprise
  • China Firms May Face Strains on 364-Day Dollar Bonds: Law Firm
  • India Said to Plan Raising $2.8 Billion by Merging Power Firms

European equities have started the day on the back foot as trade concerns have come back into the fray after US-China sanctions have taken effect and China cancelled US trade talks. The automotive sector is struggling in the wake of this, with weakness in Daimler (-1.3%) and Volkswagen (-1.0%) pressuring both the DAX and consumer discretionary sector into underperformance. This is being further exacerbated by The German Government and carmakers failing to strike a deal on hardware retrofits for older diesel vehicles. The energy sector is the outperformer and benefitting from higher oil prices as market participants digest commentary from the JMMC meeting in Algiers over the weekend. The 2 year takeover saga of Sky (+9.0%) has reached a conclusion as the Co. have accepted Comcast’s bid of GBP 17.28/share made in a blind auction over the weekend. Comcast beat out 21st Century Fox and value the UK broadcaster at over GBP 30bln. Randgold Resources (+4.9%) and Barrick Gold have confirmed they are in late stage discussions regarding a merger valued at USD 18bln.

Top European News

  • ECB on Runway to Rate Liftoff Considers What Should Happen Next
  • German Business Sentiment Slid Amid New Round in Trade Spat
  • The Secret Plot to Tie the Hands of Italy’s Populist Government
  • Italian Bonds Extend Drop Amid Budget-Deficit Concerns
  • Drax in Talks to Buy U.K Power Generation Plants From Iberdrola

In FX, the Pound has regained some composure after last week’s fall from grace, and its recovery is perhaps even more impressive given weekend UK press reports full of talk about a snap election. Moreover, some market observers are pinning the rebound on latest remarks from Raab striking a defiant message amidst all the growing criticism of and opposition to PM May’s Chequers plan as he maintains that this is the best formula for a deal with the EU, but M&A flows also look supportive given Comcast’s conquest in the battle for Sky. Cable has reclaimed 1.3100+ status, and techs are also noting the fact that a daily cloud base around 1.3055 has held on a couple of occasions, while Eur/Gbp is back below 0.8900 even though the single currency looks more solid around 1.1750 bs the Dollar. In fact, Eur/Usd is trying to probe higher towards 1.1800 in wake of Germany’s Ifo survey that saw a clean sweep of beats vs consensus and only minor moderation in components from the previous month. However, a 1.1780 Fib still needs to be breached from a chart perspective and there is decent option expiry interest from 1.1740-50 (1.4 bn) exerting a gravitational pull.  EM – In contrast to the Cad, Brent’s outperformance vs WTI and further advances towards $81/brl have boosted the Rub to test sub-66.0000 peaks vs the Usd, while the Try has resumed its recovery momentum vs the Usd and bounced off 6.3300+ lows to sit just off 6.2150.

In commodities, the oil sector is benefitting from commentary over the weekend where OPEC stated that they would only boost production should customers require it, with Saudi Energy Minister Al-Falih also saying that the “market is well supplied”, and that demand will increase in October. This commentary disregarded US President Trump’s calls to markedly increase output to reduce oil prices, and also came amid the OPEC world outlook that stated demand is expected to continue growing at a healthy rate in the mediumterm. This has seen Brent up over 2% today and with it finding a firm footing above USD 80/bbl in European trade. In reaction to this markets are gearing up for higher oil prices in the medium-term, with Bank of America Merrill Lynch revising their 2019 oil price forecasts. This has gone from USD 75/bbl to USD 80/bbl for Brent and USD 65/bbl to USD 67/bbl for WTI.  In the metals space, gold is essentially unmoved after declining over a percent on Friday, with the yellow metal trading within a thin USD 5/oz range. London copper has fallen from 10 week highs as trade concerns hit the market, with the construction material trading around USD 6,330/T in Monday’s session.

US Event Calendar

  • 8:30am: Chicago Fed Nat Activity Index, est. 0.2, prior 0.1
  • 10:30am: Dallas Fed Manf. Activity, est. 31, prior 30.9

DB’s Jim Reid concludes the overnight wrap

The Fed (Wednesday) is the main event although Italy’s draft 2019 budget (Thursday) could grab the global market spotlight away from Washington if the recent run of better political headlines proves illusory. So, Wednesday will likely see the widely anticipated 25bps rise to 2.25% (upper bound) in the Fed Funds rate but the statement and press conference will be the main market mover. A reminder that DB continue to expect 5 more hikes after this one out to the end of 2019. Thursday is the deadline for Italy’s draft 2019 budget. As has been the case of late expect daily newsflow leading up to this. Will the more market-friendly Finance Minister Tria’s recent rhetoric win out or will the populist Deputy Prime Ministers Salvini and Di Maio influence be felt? The former favours a deficit target of around 1.6% of GDP, while the latter have pushed for a target above 2%. Our economists believe that any target below 2.3% will be enough to maintain debt sustainability for now and satisfy the market, but the European Commission may be more demanding. We’ll also be attentive to any one-off measures that may act as a backdoor way of raising the deficit without affecting the headline number.

Meanwhile the main data highlights this week revolve around the inflation prints in the US and Europe. On Friday we’ll get the August PCE report in the US where the consensus expects a +0.1% mom print which would be enough to hold the annual rate at +2.0% yoy. In Europe we’ll get the September CPI report for the euro area on Friday too with the consensus expecting no  change in the +1.0% yoy core reading. Country level data in Europe is also due out in Germany (Thursday), France (Friday), Italy (Friday) and Spain (Friday).

Brexit might also grab the headlines after a turbulent end to last week which we detail below. The U.K. Labour Party (the opposition) have their annual conference this week and there’s every chance that the membership might recommend a second EU referendum which may start to shape the opposition’s actual policy on the issue. Party leader Corbyn suggested over the weekend that he would respect the membership’s vote (Tuesday) but he would prefer a general election. Talking of which, the Sunday Times reported that aides of PM May have been preparing the grounds for a snap election in November to try to break the Brexit deadlock. This was flatly denied but it shows how fluid this situation is at the moment. The FT also reported that Shadow Chancellor John McDonnell was pushing for a policy whereby every large British company would be forced to hand over 10% of the company’s equity to workers within a decade. If Labour were to get elected and if they enacted this it would be a monumental upheaval to capitalism in the U.K. There are so many permutations possible before Xmas on both Brexit and who leads the country into 2019. See the link later for the latest DB Brexit view and fresh Sterling short recommendation.

Kick starting the week, the 10% tariffs on $200bn of Chinese goods by the US took effect overnight with China set to retaliate with tariffs on $60bn of US goods imminently. Over the weekend China called off trade talks which were planned with US officials with Bloomberg reporting a source as saying that talks are unlikely to resume until after the US mid-term elections now. So any hopes of de-escalation any time soon appear low. Markets-wise, a number of holidays in Asia today means it’s been a fairly thin session for volumes although of the bourses that are open the Hang Seng (-1.25%), ASX (-0.07%), Jakarta Comp (-0.96%) and Nifty (-0.52%) are all in the red. Futures in the US are also lower along with most EM currencies.

As for last week, equity markets advanced amid mostly positive data, though PMIs in Europe disappointed slightly. The S&P 500 (-0.04% Friday) and DOW (+0.32% Friday) have hit new all-time highs during last week, though only the DOW closed at its peak. The NASDAQ (-0.51% Friday) shed -0.29% amid another tough week for the tech sector- the IT-heavy index is now down -1.51% this month versus the S&P 500’s +0.97% rally. The Euro Stoxx 600 rallied +1.70% last week, its best performance since March, with Italian stocks leading gains (FTSEMIB +3.12%).

In the US, jobless claims fell to a fresh 48-year low, while regional business surveys from the New York and the Philadelphia Federal Reserve Banks printed firmly in expansionary territory. In Japan, August CPI beat expectations at 1.3% yoy, sparking a 1.5bps selloff in JGB – not much a move in absolute terms, but it makes last week the sharpest selloff since July. Digging into the European data, the highlight was a 2pt miss for Germany’s manufacturing PMI, which fell to 53.7 from 55.9, dragging down the composite PMI as well. The new export orders sub-index dipped to 48.2, its lowest level since June 2013. Services held up though and the overall Euro Area composite PMI printed at 54.2 from 54.5 last month, consistent with still above-potential growth. The employment sub-index stayed flat at 55.3, its highest level in over a decade.

Government debt mostly soldoff last week, with Treasury yields up 6.7bps to 3.063%, their highest level since May. That marks the 4th consecutive advance for US yields, the longest streak since January-February. In Europe, yields had traded higher for most of the week, but partially retraced after Friday’s softer PMIs. German bund yields rose 1.1bps on the week, while BTPs continued to rally. Italian 10y yields are 40.6bps lower this month (-15.3bps last week), on track for their best month since July 2015 and their second-best month since 2013.

Despite the divergence in US and European yields last week, the Euro rallied +1.07% and the DXY index shed -0.74%. Both moves came off their peaks/ troughs after the softer European data caused the euro to partially retrace. Emerging market currencies mostly rallied, with the EM FX index up +1.30% on the week. The Turkish Lira retreated -1.93%, as investors were not impressed with the governments new macro plan, while the Argentine Peso (+6.91%), South African Rand (+4.27%) and Russian Ruble (+2.49%) all advanced.

The sharpest FX mover of the week was the pound, which erased gains of +1.76% to end the week virtually flat after Brexit headlines exploded on Friday. Prime Minister May declared that negotiations with the EU are “at an impasse” and reiterated that “no deal is better than a bad deal.” This follows an acrimonious EU summit on Thursday and comes ahead of the Conservative party conference on 30 Sep-1 Oct. Our economists believe that it will be hard for May to maintain her strength into the conference while simultaneously negotiating a compromise with Brussels. They still think a deal by November is possible, but downgrade the odds that Parliament approves one to 50%. There is likely to be more rhetoric and volatility ahead. Full note here.

Finally, oil markets whipped around last week amid competing reports about Saudi Arabia and OPEC’s production plans. Early in the week, reports like Bloomberg suggested that Saudi Arabia was comfortable with oil at $80/barrel, and Brent crude oil  futures duly tested that level, which has held since 2014 without breaking. On Friday, however, various reports have suggested that OPEC may support a 500k barrel per day expansion in production. After trading as much as +2.60% higher on the week, Brent retraced to close +0.91% higher. Over the weekend OPEC and its allies suggested that output would only be
increased should customers demand it.

It’s a quiet start to the week for data. In Europe, we get the September IFO survey in Germany along with September CBI Trends total orders and selling prices data for the UK. In the US, we’ll get the August Chicago Fed national activity index and  September Dallas Fed manufacturing activity index. Away from that, ECB President Draghi is due to speak in Brussels. Away from that, German Chancellor Angela Merkel will speak in Hanover, France will unveil its 2019 budget and French President Emmanuel Macron will meet US President Donald Trump in New York.

 

 

 

3. ASIAN AFFAIRS

i) MONDAY MORNING/ SUNDAY NIGHT: Shanghai closed HOLIDAY //Hang Sang CLOSED DOWN 454.19 POINTS OR 1.62%/   / The Nikkei closed HOLIDAY/ Australia’s all ordinaires CLOSED DOWN 0.09%  /Chinese yuan (ONSHORE) closed DOWN  at 6.8571 AS POBC RESUMES  ITS HUGE DEVALUATION  /DELEGATION COMING TO THE USA TO SEE TRUMP IN NOVEMBER/Oil UP to 71.99 dollars per barrel for WTI and 80.67 for Brent. Stocks in Europe OPENED RED//.  ONSHORE YUAN CLOSED DOWN AT 6.8571 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8608: 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

China furious as they summon in the uSA ambassador in China, Branstad over sanctions by the USA for China purchasing defense armaments from Russia. China states that there will be consequences

two commentaries

(courtesy zerohedge)

China Summons US Ambassador Over Sanctions Scandal

China’s foreign ministry summoned the US ambassador on Saturday to lodge an official protest over the sanctions imposed by the United States against a Chinese military organization for buying Russian fighter jets and missiles, state media reported. The announcement came just hours after a Chinese defense ministry spokesman called on the US to “immediately revoke the sanctions or “bear the consequences.”

Vice Foreign Minister Zheng Zeguang, summoned US Ambassador Terry Branstad and “lodged solemn representations over US sanctions against (the) Chinese military”, the Foreign Ministry said in a brief online statement, and added the following:

Zheng Zeguang pointed out that the US action to impose sanctions on Chinese military agency and official on the ground of relevant military cooperation between China and Russia severely violates basic norms governing the international relations. Such mean behavior is a blatant hegemonic act. The China-Russia military cooperation is normal cooperation between two sovereign states, and the US side has no right to interfere. The US act has severely harmed the state-to-state and mil-to-mil relations and affected the cooperation in international and regional affairs between China and the US. The Chinese side will take every necessary measure to firmly safeguard its national interests. We strongly urge the US side to correct its mistake immediately and withdraw so-called sanctions. Otherwise, the US side will have to bear all the consequences.

China’s central military commission also summoned an acting military attache at the U.S. embassy on Saturday night over the sanctions. The Chinese side also decided to immediately recall commander Shen Jinlong, who is in the United States for an international maritime force meeting, CCTV reported.

US Ambassador Terry BranstadQuoted by the Chinese state broadcaster, Zeguang also said that “China will take all necessary measures to firmly defend its national interests”, and added that the Chinese military reserves the right to take further countermeasures.

The last time China summoned the U.S. ambassador was in July 2016 over the deployment of the Thaad anti-missile system in South Korea according to Bloomberg. In 2015, the U.S. ambassador was summoned over U.S. warships entering Spratly islands.

As reported earlier, on Thursday, Washington placed financial sanctions on the Equipment Development Department of the Chinese Defence Ministry, and its top administrator, for its recent purchase of Russian Sukhoi Su-35 fighter jets and S-400 surface-to-air missile systems in the past two years. The Chinese military expressed “strong indignation and resolute opposition” to the sanctions, the defence ministry said Saturday, echoing a foreign ministry statement the previous day.

Ministry spokesman Wu Qian said the US move was a “a flagrant breach of basic rules of international relations” and “a stark show of hegemonism” that severely damages relations between the two countries and their militaries, according to the official Xinhua news agency.

This marks the first time a third country has been punished under the CAATSA sanctions legislation for dealing with Russia, and signaled the Trump administration’s willingness to risk relations with other countries in its campaign against Moscow. US officials said that the US could consider similar action against other countries taking delivery of Russian fighter jets and missiles, which could include such nations as Turkey, India, Saudi Arabia and Qatar.

However, a senior US administration official, speaking on condition of anonymity, insisted the ultimate target was Russia and not “the defense capabilities” of third countries.

CAATSA, or the Countering America’s Adversaries Through Sanctions Act, was passed in 2017 as a tool that gives Washington more ways to target Russia, Iran and North Korea with economic and political sanctions.

* * *

It wasn’t just China: Russia also lashed out at the US sanctions, accusing Washington of playing unfairly and using new measures to squeeze Moscow out of the global arms market. According to AFP, Kremlin spokesman Dmitry Peskov said Friday that “Washington’s continued sanctions hysterics” dealt a new blow to US-Russia ties but could not immediately say if Moscow would retaliate, or how.

United in their resentment of America’s global influence and “hegemony”, China and Russia have been tightening up their ties and this month conducted week-long joint military drills in Moscow’s largest ever war games.

end
China threatens with “consequences” if the USA does not immediately revoke sanctions over the Russian weapons deal
(courtesy zerohedge)

China Threatens US With “Consequences” If It Does Not “Immediately” Revoke Sanctions Over Russian Weapons Deal

Just hours after Beijing called off trade talks with the US in the biggest escalation of the trade feud between the two nations, the war of words between China and the US ratcheted up on Saturday, when Beijing lashed out again at Washington, saying that China’s decision to buy fighter jets and missile systems from Russia is “a normal act of cooperation between sovereign countries” and the United States has “no right to interfere”,defense ministry spokesman Wu Qian said on Saturday.

The U.S. approach is a blatant violation of the basic norms of international relations, a full manifestation of hegemony, and a serious breach of the relations between the two countries and their two militaries,” Wu said in a notice posted on the Chinese defense ministry’s official Wechat account according to Reuters.

He also warned thatthe US would face “consequences” if it did not immediately revoke the sanctions.

The comments came two days after the U.S. State Department imposed sanctions on China’s Equipment Development Department (EED), the branch of the military responsible for weapons procurement, and its director, Li Shangfu, for engaging in “significant transactions” with Rosoboronexport, Russia’s main arms exporter.

The sanctions are related to China’s purchase of 10 SU-35 combat aircraft in 2017 and S-400 surface-to-air missile system-related equipment in 2018, the State Department said. They block the Chinese agency, and Li, from applying for export licenses and participating in the U.S. financial system, Reuters reported previously.

They also followed similar comments on Friday from Foreign Ministry spokesman Geng Shuang, who told reporters in Beijing that the move seriously harmed bilateral relations and military ties.

“China expresses strong indignation at these unreasonable actions by the U.S. side and has already lodged stern representations.” Geng said. “We strongly urge the U.S. side to immediately correct the mistake and rescind the so-called sanctions, otherwise the US side will necessarily bear responsibility for the consequences,” he added without giving details.

Beijing has emerged as the first export customer of Russia’s S-400 missile system to be slapped with US sanctions over its planned purchase of the system after months of failure by Washington to persuade allies to drop interest in similar deals.

As reported previously, NATO member Turkey has refused to comply with US demands to drop its S-400 purchase. India, which has been a long-time buyer of Soviet defense equipment and a market Western arms firms are seeking to dominate, has also refused to drop its S-400 deal despite hints that it could result in sanctions.

And in a potential blow to the US military-industrial complex which thrives on weapons sales abroad from the world’s biggest exporter of weapons, even markets long dominated by the US are looking more at Russian-made equipment, with Saudi Arabia and Qatar also mulling a purchase of the system; in an ironic twist in June, Saudi Arabia’s King Salman threatened to take military action if Qatar installed the Russian-made air defence system.

Meanwhile, speaking to Russian media this week, Saudi Ambassador Raid bin Khalid Krimli jokingly said: “I hope nobody will impose any sanctions on us,” upon announcing that Moscow and Riyadh were discussing technical details over the deal. Then again, considering Saudi Arabia’s special status when it comes to US special interests, that is highly unlikely.

end

Not good;  China cancels the upcoming USA trade talks as the trade war intestifies

(courtesy zerohedge)

 

A Path To War? China Cancels US Trade Talks As ‘Skirmish’ Escalates

Following a surge in Chinese, European, and much of the US equity markets this week amid hopes that the so-called ‘trade skirmish’ was less ‘war-like’ than expected, China just dropped an early Saturday morning (local time) tape bomb that is sure to resurrect ‘trade war’ talk.

After President Trump slapped a fresh round of tariffs on Chinese goods, targeting 10 percent duties on $200 billion of goods; the two camps were scheduled to meet in order to dial back tensions. As we noted earlier in the week, China had ‘downgraded’ the team with a mid-level delegation from China due to travel to the U.S. capital to pave the way for Vice Premier Liu’s visit.

That was what sparked hope that this was just a trade skirmish (as Jamie Dimon attempted to play down), sending stocks soaring all week.

However, that is all over now.

The Journal  just reported on Friday that, according to sources, China has rescinded the proposals to send two delegations to Washington.

Chinese officials have said such pressure tactics wouldn’t induce them to cooperate.

By declining to participate in the talks, the people said, Beijing is following up on its pledge to avoid negotiating under threat.

“Everything the U.S. does hasn’t given any impression of sincerity and goodwill,” Chinese Foreign Ministry spokesman Geng Shuang said at a press briefing Friday.

“We hope that the U.S. side will take measures to correct its mistakes.”

*  *  *

 

Get ready for some Sunday night futures fun and games…

end

 

Last night:  The yuan slumps as well as USA futures on the cancellation of USA trade talks

(courtesy zero hedge)

 

Futures, Yuan Slump At Open After China Cancels US Trade Talks

Having rallied 800 points last week on hopes that US-China trade tensions were on a path to de-escalation, Dow futures are opening down just 100 points (and Yuan is lower) after China escalated and canceled two planned trade talk visits.

After President Trump slapped a fresh round of tariffs on Chinese goods, targeting 10 percent duties on $200 billion of goods; the two camps were scheduled to meet in order to dial back tensions.

That was what sparked hope that this was just a trade skirmish (as Jamie Dimon attempted to play down), sending stocks soaring all week.

However, that is all over now.

The Journal  just reported on Friday that, according to sources, China has rescinded the proposals to send two delegations to Washington.

Chinese officials have said such pressure tactics wouldn’t induce them to cooperate.

By declining to participate in the talks, the people said, Beijing is following up on its pledge to avoid negotiating under threat.

“Everything the U.S. does hasn’t given any impression of sincerity and goodwill,” Chinese Foreign Ministry spokesman Geng Shuang said at a press briefing Friday.

“We hope that the U.S. side will take measures to correct its mistakes.”

And the result at the Sunday night futures open… Dow futures are opening down…

 

As are the rest of the US equity futures markets…

And Yuan is down modestly also after ramping for four days on trade hopes…

Meanwhile, WTI futures are up over 1% following OPEC’s tepid response to President Trump’s demands to lower the oil price…

The timing of this trade tension news, after the exuberant equity week, is also noteworthy as it follows Ray Dalio’s, founder of Bridgewater, warnings that the current trade tensions mirror those of the 1930s:

“I think that the 1935-40 period is most analogous to the current period and that it is worth reflecting on what happened then when thinking about US-Chinese relations now. 

To be clear, I’m not saying that we are on a path to a shooting war, but I am saying that we have to watch what path we are on, given these cause-effect relationships that history has taught us and that are described in the template. This excerpt describes how the economic and political conditions of the late 1930s evolved into the wars that followed. “

Read more here…

We have discussed this case-effect relation before…

end

 

CHINA THIS MORNING

China states categorically that it will not negotiate under threat. China releases its “White Paper” explaining its actions.  Trump teases of a new major broadside against China with respect to election tampering and stealing intellectual property.

 

 

China Vows Not To Negotiate Under Threat, As Trump Teases “Major Broadside” Against Beijing

Investors had managed to cling on to optimism that the ‘trade skirmish’ between the US and China would reach a swift conclusion – and that the US would ultimately be better off, as China would be forced to curtail practices like its IP theft from US companies.

But as downbeat markets observed on Monday morning, hope of a harmonious resolution died when Beijing cancelled plans to send two delegations to Washington. The delegates would have engaged in the fifth round of talks since the trade conflict – war, whatever you want to call it – began earlier this year.

Meanwhile, the US formally imposed 10% tariffs on roughly $200 billion in Chinese goods just after midnight on Monday morning, pushing China to impose tariffs on roughly $60 billion of goods. Even before the tariffs took effect, US stock futures and the yuan tumbled after the start of trading Sunday night, leading European and Asian stocks lower (to be sure, these moves took place with holidays in China, Japan and South Korea, which led to much thinner trading volumes).

Those losses were exacerbated when Beijing-run Xinhua news wire published a white paper where Chinese officials revealed that they would not engage in any further negotiations while the US continues to threaten further tariffs, per Bloomberg.

“The door for trade talks is always open but negotiations must be held in an environment of mutual respect,” according to a white paper carried by the state-run Xinhua News Agency. Negotiations “cannot be carried out under the threat of tariffs.”

This confirms that “the trade war is now a reality,” according to Fitch chief economist Brian Coulton.

But to make matters more complicated, traders woke up on Monday to a new piece by Axiosclaiming that the Trump administration is planning to unveil “a major, ‘administration-wide,’ broadside against China”during the coming weeks. The broadside will reportedly include revelations of further Chinese malfeasance regarding China’s “hostile actions” against the public and private sector involving China’s “cyberattacks, election interference and industrial warfare (the Trump administration’s term for China’s IP theft practices).”

Step aside Russia: the US is preparing to accuse China of election tampering, meaning that there will soon be another “bogeyman” to whip up public hysteria about untoward foreign influence just weeks before the midterm vote.

The push will be led by senior officials on the National Security Council, as well as representatives from the Treasury, Commerce and Defense departments. We’re not just going to let Russia be the bogeyman,” one White House official told me. “It’s Russia and China.”

“The push is coming from the national security apparatus,” the source added. “Cyber theft has been appearing more often in the PDBs [President’s Daily Brief].”

Here’s more on the plan, courtesy of Axios:

  • The White House plans to unveil new information about China’s hostile actions against America’s public and private sectors, and to act on it.
  • Administration officials will call out China for its “malign activity” in cyberattacks, election interference and industrial warfare (e.g., intellectual property theft), an administration source told me.
  • The administration has marshaled tons of data to support its charges against China. “We are going to show how the Chinese have infiltrated the U.S. and what we are doing to counter it,” the source said.

Fortunately, Trump will reportedly “keep saying positive things” about Chinese President Xi Jinping to try and protect their relationship. Still, China has been engaged in many shady practices involving trade and cyberattacks for years. The question Axios asks is ‘why press these issues now?’

It could be that Trump believes taking a hard line on China will win Republican votes during the midterms (after all, it worked the first time).

According to the Wall Street Journal, the Chinese white paper cited above accused the US of being a “trade bully”, adding that the US abandoned many important channels of communication. Though, perhaps notably, the Chinese stopped short of making additional trade threats (which is unsurprising considering that China is running out of US goods to tax) only saying they wouldn’t negotiate:

The white paper from China’s cabinet stopped short of making new trade threats against the U.S., according to the summary. It pushed back on some specific concerns from the Trump administration but said China said it always answers American concerns with the greatest patience and good faith.

The report described the Trump administration’s “America First” policy as an abandonment of norms of mutual respect and consultation.

“Rather, it has brazenly preached unilateralism, protectionism and economic hegemony, making false accusations against many countries and regions, particularly China, intimidating other countries through economic measures such as imposing tariffs, and attempting to impose its own interests on China through extreme pressure, the white paper said.

In the report, China argued that US firms that “voluntarily” turned over IP to Chinese companies have reaped massive rewards on their investments in China (which should make the IP thievery all okay):

“American companies in China have received huge returns through technology transfer and licensing, and are the biggest beneficiaries of technical cooperation,” the report said.

And as China scrambles for every bit of leverage that it can use in a trade war that would allow it to avoid weakening its currency or selling its Treasury holdings at a loss, Axios added that China Daily, an English-language publication owned by the Chinese government, took out four pages of “sponsored content” in Sunday’s Des Moines Register highlighting the negative repercussions of Trump’s trade war (to wit, the bulk of the negative impact from the tariffs has been borne by US farmers).

With Trump headed to the United Nations General Assembly on Monday, expect these tensions to fester for the coming six weeks until a G-20 meeting in November.

So where does trade war with China stand currently? Edward Alden, senior fellow at the Council on Foreign Relations, told Bloomberg there was a chance the trade war could spiral out of control but that there is “a window for serious negotiation.”

“The Trump administration must get its position straight though — what does it want from China, and who is empowered as a negotiator by President Trump to bring the deal home? Unless that happens, serious negotiations will be impossible and the likelihood of continued escalation increases,” Alden said.

end

HONG KONG/

The Hong Kong dollar explodes higher despite interventions by the city’s de facto central bank.  Short Hong Kong dollar shorts and carry traders are crushed.  This indicates that he have a Hong Kong dollar liquidity problem. Hibor rates escalate

(courtesy zerohedge)

Hong Kong Money Markets Explode ‘Most Since Lehman’ As Carry Trade Unwinds

After more than five months of trading at or near the lower band of its currency peg (prompting repeated interventions by the city’s de facto central bank), the Hong Kong Dollar exploded stronger last week, imploding short-HKD carry traders and the carnage is for all to see tonight as HK liquidity markets are in crisis.

As Bloomberg reports, a shock jump in Hong Kong’s currency is signaling a decade-long liquidity party is coming to an end. That may be bad news for the city’s housing market.

The chance of local banks raising the so-called prime rate for the first time since 2006 is “extremely high,” Financial Secretary Paul Chan said.

Interbank rates from overnight to 3-months, have exploded higher as banks scramble for liquidity… overnight rates are now four times as high as they were last week…

(We note that liquidity also tends to tighten as banks hoard cash ahead of holidays this week and in early October.)

The Hong Kong dollar’s one-month interbank borrowing costs jumped the most since 2008, as the Lehman crisis escalated.

“The market has underestimated the pace of interest rate increases in Hong Kong,” said Kevin Lai, chief economist for Asia ex-Japan at Daiwa Capital Markets Hong Kong Ltd.

This “will bring pressure to the property market and leveraged home buyers.”

“We expect banks to hike prime rate twice this year by a total of 50 basis points, as Hibor rises with a shrinking liquidity pool and Fed hikes,” said Frank Lee, acting chief investment officer for North Asia at DBS Bank (HK) Ltd.

“It will hurt property market sentiment.”

And the narrowing spread with U.S. Libor (green) is making a previously profitable trade of selling Hong Kong dollars to buy higher yielding U.S. assets less appealing.

“The short-Hong Kong dollar carry trade has come to an end,” said Ken Peng, an investment strategist at Citi Private Bank in Hong Kong. “Friday’s move suggests borrowing costs in Hong Kong have tightened a lot and will tighten further.”

end

 

4.EUROPEAN AFFAIRS

Draghi warns of a “vigorous” inflation pick up which sends the Euro higher as well as gold

(courtesy zerohedge)

Bonds, Dollar Dump As Draghi Warns Of “Vigorous”

Inflation Pick-Up

The dollar and bond prices snapped lower after ECB President Draghi, answering MEP questions in Brussels, warned of a “relatively vigorous pick-up in underlying inflation” sending EURUSD and Bund yields spiking.

Draghi is alos bullish on the economy:

  • *DRAGHI SEES ONGOING BROAD-BASED ECONOMIC EXPANSION
  • *DRAGHI: PICK-UP IN WAGE GROWTH WILL CONTINUE
  • *DRAGHI RESTATES ECB GUIDANCE ON ASSET PURCHASES, INTEREST RATES

Draghi’s potentially hawkish tone sent EUR higher and the Dollar lower…

Thanks to a surge in EURUSD…

And Treasury yields are testing recent range highs…

As Bund yields spiked…

end

Looks like we have Mutiny on the Bounty as major Conservative members of May’s party are threatening to leave the party.

(courtesy zerohedge)

Theresa May Braces For Snap Election In November As Brexiteer Mutiny Erupts

UK Prime Minister Theresa May just can’t catch a break.

Her wildly unpopular “Chequers Agreement” has pushed Brexiteers in her own party to the verge of mutiny. Labour, her chief Parliamentary rivals, are pushing for a popular referendum on the final deal – a step that would massively complicate her already fraught negotiations (though Labour leaders say canceling Brexit would not be an option during the referendum) – and the European Union leaders upon whom she was depending for flexibility have so far been unwilling to cede even an inch to help buttress her floundering administration.

May

And as if all of this wasn’t bad enough, May’s aides have reportedly begun contingency planning for a snap election in November to save the Brexit talks (and May’s job) after EU leaders rejected her Chequers agreement. According to the Times of London, strategists have begun war-gaming” the outcome of a public vote to help win backing for her Brexit plan. All of this comes after May suffered a humiliation at the hands of the 27 remaining EU leaders when European Council President Donald Tusk told her last week that her Chequers plan risked “undermining the single market”, and that even her staunchest Continental allies (including Angela Merkel and France’s Emmanuel Macron) had rejected it in brusque terms.

“Everybody shared the view that while there are positive elements in the Chequers proposal, the suggested framework for economic co-operation will not work, not least because it is undermining the single market,” Tusk said. He also said that he could not “exclude” the possibility that the UK could exit the EU in March with no deal.

Bloomberg reported on Monday that pro-Brexit Tory MPs have launched their own hard-line Brexit plan ahead of next week’s Tory conference that advocates for a more aggressive negotiating stance, as well as searching for other trade agreements around the world. The proposal is backed by David Davis, the Brexit secretary who quit over the summer over his disgust with May’s Chequers plan.

Former Brexit Secretary David Davis, who quit in July because he disagreed with May, is backing the proposal published by the Institute of Economic Affairs think tank, which recommends preparing a “more aggressive” strategy for the EU negotiations, and opening trade talks with other countries around the world.

The report, which attracted the support of several prominent pro-Brexit MPs, including Jacob Rees-Mogg, chairman of the European Research Group, is predicated on the idea that the UK should pursue a European trade agreement that more closely resembles its trading arrangement with Canada. According to the Independent, roughly 12 cabinet ministers now support a “Canada-style” trade arrangement, which would be predicated on a “clean Brexit”, while six support a Norway style deal that would see the UK remain a member of the European Economic Area.

“The opportunity before the U.K. as a result of Brexit is huge: but if we squander it, the ‘new normal’ of limited economic growth will prevail, with an EU system that is failing to respond to the challenges of the modern economy,” it said. “The U.K. running its own economy will not render a deal with the EU impossible. It will bring back real growth, let the U.K. do other trade deals, and create leverage to get positive results from EU negotiations.”

The study, titled “Plan A+ – Creating a Prosperous Post-Brexit U.K.,” will add fuel to the Tory revolt against May’s so-called Chequers plan for a close “free-trade area” with the EU. Davis and former Foreign Secretary Boris Johnson both quit the Cabinet in July because they believed May’s proposal was fatally flawed and would tie the UK’s hands.

Instead, they’ve both argued for a more streamlined agreement based on the EU’s recent deal with Canada. May says this isn’t good enough and would put jobs and peace in Northern Ireland at risk. But her own plan is in trouble after EU leaders rejected key parts of it at a summit last week in Salzburg.

Plan A+ is supported by Shanker Singham, an advisor to pro-Brexit Tories, as well as influential PM Jacob Rees-Mogg.

The Institute of Economic Affairs report was written by Shanker Singham, director of the IEA trade unit and an influential adviser to pro-Brexit Tories, and it’s supported by senior Conservatives including Jacob Rees-Mogg, chairman of the party’s euroskeptic European Research Group.

The UK’s post-Brexit immigration policy is expected to be a major topic at a Tory cabinet meeting set for Thursday evening in the UK. One cabinet minister is reportedly working on a plan to distribute visas on the basis of skill. Meanwhile, preference would be given to applicants from countries that had a free-trade agreement with the UK.

At Monday’s Cabinet meeting, ministers are expected to discuss a range of issues including what immigration policy the U.K. should adopt after Brexit. According to a person familiar with his thinking, Home Secretary Sajid Javid will set out a plan for a system in which immigrants are given visas on the basis of skills or wealth.

The cabinet meeting comes roughly one week before the Tories host their annual conference, where Brexit is once again expected to dominate the conversation. Despite last week’s defeat, May continues to support her Chequers plan, saying its the only deal that would avoid a hard border in Northern Ireland.

For his part, Tusk has insisted that an October summit between May and European leaders will be the “moment of truth” for Brexit negotiations, as will – we imagine – a following summit set for November…and every successive summit up until March 29, when leaders from both sides will be forced to cobble together some last-minute contingency plan to prevent all hell from breaking lose on March 29, when the UK will leave the European Union with or without a deal.

 

Hungary/UK

Nigel Farage fumes at the EU’s article 7 on immigration and shows support for Orban

(courtesy zerohedge)

 

Farage Fumes At EU’s Article 7 “Soviet Show Trial”

Against Hungary

Hungarian Prime Minister Viktor Orban provoked a seething response from his fellow European Union members when he decided to close Hungary’s borders and passed legislation to ban foreign influence peddling funded by billionaire financier George Soros. And earlier this month, the European Parliament voted to trigger Article 7 proceedings against Hungary for “undermining democratic values and the rule of law.” Indeed, because he’s steadfastly refused to accept migrants in according with the policies of unelected bureaucrats in Brussels, Orban has been labeled a tyrant, despite Orban’s Fidesz Party securing a majority in the country’s most recent Parliamentary elections.

Despite the “extreme bullying” to which Orban has been subjected by his European colleagues, he traveled to Brussels earlier this month to face his accusers ahead of the European Parliament vote. After Orban delivered his address to the room, MEP Nigel Farage, who famously helped orchestrate the UK’s vote to leave the EU back in 2016, stepped up to say a few words in Orban’s defense.

“Thank God there’s at least one European leader who is willing to stand up for his principles, his nation, his culture and his people in the face of such extreme bullying.”

Farage argued that the vote conjured memories of Soviet-era show trials, and likened the EU Parliament to a bunch of unelected bureaucrats hypocritically lecturing Orban – whose party holds an outright majority – about democratic principles. Specifically, Farage targeted Frans Timmermans, the unelected Dutch diplomat serving as first Vice President of the European Commission. Timmermans and the rest of the Commission backed the EU Parliament in condemning Hungary for allegedly mistreating migrants and Roma communities, arguing that “democracy and the rule of law cannot exist without the protection of fundamental human rights.”

“All I can say, and I’m sure for Hungarians of a certain age, today will have brought back many dark memories. You’re here at a show trial where a bunch of political nonentities get up and point the finger and scream enjoying themselves with their afternoon hate, and the chief prosecutor, the commissar that comes from the unelected government, he has the audacity he has the audacity to lecture you on democracy. You don’t know what you’re talking about.”

Farage then compared Article 7 to an updated version of the Brezhnev Doctrine – the Cold War-era policy of overweening Soviet influence that led to the USSR’s brutal repression of the Hungarian Spring uprising.

“What is really happening here, Mr. Orban, is they’re just updating the Brezhnev Doctrine of limited sovereignty there’s no point pretending in this union you’re independent there’s no point pretending you’ve run your own country. An Article 7 is the new method of adopting that. They want to strip you of your voting rights. They want to stop giving you European funding and all of it because you have the audacity to stand up to George Soros, the man who was poured $15 billion all over the world in trying to break down the nation-states to get rid of our traditional forms of democracy.”

The authorization of Article 7 proceedings isn’t just an insult to Hungary – it is a direct insult to Orban personally, Farage said. He then suggested that Hungary follow in the UK’s footsteps and abandon the Union entirely.

“Mr. Orban you keep saying you want to stay a member of this European Union but it’s not just your country that’s been insulted today – you’ve been insulted. Come and join the Brexit club – you’ll love it.”

Watch the full speech below:

 

end

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS

Iran/USA

Iran blames the USA for the attack on a parade which left 25 dead.

(courtesy zerohedge)

 

Iran’s Supreme Leader Calls Attack On Parade A “US

Plot”; Tehran Summons Western Ambassadors

Iran’s top cleric and leader Ayatollah Khamenei has pointed the finger at the West for a terror attack on a military parade that took place early Saturday in the Southwest city of Ahvaz, which left 25 people dead and over 60 wounded.

Khamenei’s condemnation of “plots hatched by US stooges in the region” came simultaneous to Iran summoning the diplomatic envoys of Western countries including the Netherlands, Denmark and Great Britain,for harboring Iranian opposition groups in their countries.

“It is not acceptable that these groups are not listed as terrorist organizations by the European Union as long as they have not carried out a terrorist attack in Europe,” foreign ministry spokesman Bahram Qasemi was quoted as saying by IRNA, per Reuters.

Government officials also indicated the gunmen which unleashed a hail of bullets on men women and children were disguised as Iranian soldiers: “The terrorists disguised as the Islamic Revolution Guards Corps (IRGC) and Basiji (volunteer) forces opened fire at the authorities and people from behind the stand during the parade,” the regional Governor of Khuzestan Gholam-Reza Shariati told state media.

Iranian state IRNA news identified that the self-proclaimed “Saudi-affiliated” Al-Ahwaz terrorist group claimed the responsibility for the attack.

Indeed it appears that a group identifying itself as the “Ahwazi Democratic Popular Front” had announced on Twitter some 13 hours before the attack that “Al-Ahvaz will create a challenge for the Iranian occupiers with an attack,” according to a translation of the tweet.

Iran’s Foreign Minister Mohammad Javad Zarif said in the aftermath that “US masters” and regional terrorist forces should be held accountable for the bloodshed.

Nasser Atta@nasseratta5

Dramatic video of The first moments of the attack at the #Iran-ian military parade in #Ahvaz, where at least 11 people were killed and 38 injured. Video from @MehrnewsCom

Meanwhile Iran’s Supreme Leader ranted against Western and US plotting in his Saturday message, according to a translation and paraphrase by PressTV:

The Leader said the “tragic and sorrowful” incident in Ahvaz and the killing of people by mercenary terrorists once again exposed the cruelty of the enemies of the Iranian nation.

These savage mercenaries who open fire on innocent civilians, including women and children, are linked with the same liars who claim to advocate human rights, Ayatollah Khamenei added.

Khamenei then specifically identified US plotting as motivating the attack: “Their crime is the continuation of plots [hatched] by the US-led governments in the region who aim to create insecurity in our dear country.”

But on Saturday night the US State Department issued a rare statement of solidarity with Iranians in the wake of the terror attack: “We stand with the Iranian people against the scourge of radical Islamic terrorism and express our sympathy to them at this terrible time. The United States condemns all acts of terrorism and the loss of any innocent lives,” according to the official statement.

Many prominent Western and Gulf-based media outlets refused to use the word “terrorism” in relation to the attack, which reportedly included children among the casualties.

Arash Karami

@thekarami

Major media outlets not using the word “terrorism” to describe an attack on a parade in which children were killed because it happened in Iran.

Iran has in the past accused the United States, Saudi Arabia, and European countries for giving support to the MEK and using the opposition group as a proxy force for attacks withing Iran. The controversial Iranian opposition in exile Mujahideen e Khalq (MEK) isconsidered by Iran and many other countries as a terror organization (and not long ago by the US State Deptartment, though delisted as a terror group under Obama ), but is now given close support by US Congresspersons and Trump admin officials alike.

Essentially a paramilitary cult, the MEK is suspected of conducting assassinations of high level Iranian figures, especially nuclear scientists and engineers for years, likely at the bidding of foreign intelligence services.

Currently, it is unclear exactly how much external support the Al-Ahwaz separatist group, which has claimed responsibility for the terror attack, receives, if any at all  though Tehran is pointing the finger at Saudi Arabia and its allies.

 

end

Late this afternoon, Iran vows a crushing and devastating revenge on the USA and Israel for the deadly attack inside Iran, something that they did not do..it was done by their arch enemy the Saudi’s or their proxy ISIS

(courtesy zerohedg)

Iran Vows “Crushing And Devastating” Revenge On US,

Israel For Deadly Attack

As Iranians held funerals following the Saturday terror attack on a military parade in the southwestern city of Ahvaz, the acting commander of Iran’s Revolutionary Guard said that the Islamic Republic would “take revenge” against the United States and “some of its biggest regional allies,” according to CBS News.

25 people were killed and at least 60 more wounded in Iran’s largest terrorism incident in nearly a decade. Nearly half of the dead are members of the Revolutionary Guard.

Speaking at the funeral ceremony, acting commander Hossein Salami vowed to strike back against the “triangle” of Saudi Arabia, Israel and the United States.

Hossein Salami, acting commander of the Islamic Revolutionary Guard CorpsYou are responsible for these actions; you will face the repercussions,” said Salami. “We warn all of those behind the story, we will take revenge.”

Iranian supreme leader Ayatollah Ali Khamenei warned on Monday that the five attackers were paid by Saudi Arabia and the United Arab Emirates – despite the Islamic State claiming responsibility for the violence – and that Iran would “severely punish” those behind the bloodshed, by which he meant the United States and Israel, who were accused by the deputy head of Iran’s Revolutionary Guards as being involved in the attack and said they should expect a “devastating” response from Tehran.

“Based on reports, this cowardly act was done by people who the Americans come to help when they are trapped in Syria and Iraq, and are paid by Saudi Arabia and the UAE,” Khamenei said on his official website.

On Monday, thousands of mourners gathered at the Sarallah Mosque on Ahvaz’s Taleghani junction, carrying caskets in the sweltering heat.

Others, mainly young people wearing ethnic clothes of the region’s Arab minority, held large photographs of those slain in the attack. Of the 25 killed, 12 people were from Ahvaz and the rest from elsewhere in Khuzestan.

The procession walked down the Naderi and Zand Streets, many weeping and beating their chests, a traditional way of showing grief. Mourners played drums, cymbals and horns, according to local custom.

The crowd also chanted slogans of “Death to U.S.” and “Death to Israel” – chants staple at Iranian political rallies.

The attack has been claimed by Arab separatists as well as the Islamic State. Five assailants reportedly involved in the attack were all killed as Iranian troops returned fire in the attack and subsequent chase. Meanwhile, the Islamic State posted what they claim is three of its fighters preparing the attack, according to IRNA. Two of the men featured are speaking Arabic with an Iraqi accent according to the New York Times.

الجزيرة مباشر الآن

@ajmurgent

عاجل | مراسل الجزيرة: وزير الاستخبارات الإيراني يعلن اعتقال شبكة من الأفراد لصلتهم بهجوم #الأهواز

G181@G18113

ـژ #الاهواز 🔴فـيــديـو لـ[ 3 ] من منـفـ››ـذي‌ےهـجـ››ـوم مـديـنـ›ـةےالأحـ›ـواز جـنــوب إيــران‌ےأمس‌ے🎥pic.twitter.com/kPrsp4mTap

On Sunday, Iranian President Hassan Rouhani accused an unnamed US-allied regional country of supporting the attackers – thought likely to be either Saudi Arabia, the UAE or Bahrain – all close US military allies that view Iran as a regional threat for its support for militant groups.

Iran’s Foreign Ministry, meanwhile, has summoned Western diplomats and accused them of providing safe havens for the Arab separatists.

All of those small mercenary countries that we see in this region are backed by America. It is Americans who instigate them and provide them with necessary means to commit these crimes,” Rouhani said in front of the UN General Assembly in New York.

In response, US ambassador to the UN, Nikki Haley, insisted that the Trump administration has no plans for regime change in Iran – telling CNN: “He can blame us all he wants. The thing he’s got to do is look in the mirror.”

 

During Monday’s funeral ceremonies in Ahvaz, Iranian Intelligence Minister Mahmoud Alavai said that several suspects in the attack have been identified and that “a majority of them were detained.”

“We will punish the terrorists, one by one,” he promised the mourning families.

Last year, Saudi Arabia’s crown prince, Mohammed bin Salman, suggested that it was time to turn external pressure on Iran to internal pressure – and has in repeated interviews likened Iran’s supreme leader, Ayatollah Ali Khamenei to Hitler. At one point Salman said “I believe the Iranian supreme leader makes Hitler look good.

Some, such as the secretary of Iran’s National Security Council, tried to cool tempers and said Tehran needed to talk to its neighbours to avoid tensions. “It’s essential to be fully aware and increase our constructive dialogues to neutralise the plots of enemies who want to create suspicion and disagreement among regional countries,” Ali Shamkhani said.

And yet, even he criticized the United States, saying U.S. sanctions against Iran were illegal and that President Donald Trump was using them as a tool for “personal revenge”.

Meanwhile, the UAE – a close ally of Saudi Arabia and Washington – rejected Iran’s allegations alluding to its involvement in the violence. Commenting on the deadly attack, U.S. Secretary of State Mike Pompeo, when asked by a Fox News interviewer if the United States played any role in the attack, said: “When you have a security incident at home, blaming others is an enormous mistake.” He did however say that the loss of innocent lives was tragic, Pompeo added. There has been no reaction yet from Saudi Arabia or Israel.

Iran’s accusations of its Gulf neighbors will antagonize Iran’s regional foe Saudi Arabia. The oil super-powers are waging a war for influence across the Middle East, backing opposite sides in Syria, Yemen, Iraq and Lebanon, while Saudi Arabia is eager to steal Iran’s oil market share as US sanctions force clients to seek oil from other suppliers.

There was a silver lining for the economically embattled ruling regime: analysts said the violence has led to a boost in domestic support for the Guards which they could use to silence their critics, who include pragmatic President Hassan Rouhani.

Rouhani engineered Iran’s 2015 nuclear deal with world powers that ushered in a cautious detente with Washington before tensions flared anew with Trump’s decision in May to pull out of the accord and reimpose sanctions on Tehran.

Ahvaz National Resistance, an Iranian ethnic Arab opposition movement which seeks a separate state in oil-rich Khuzestan province, and Islamic State have both claimed responsibility. Both were ignored.

 

END

6. GLOBAL ISSUES

 

7  OIL ISSUES

8 EMERGING MARKET ISSUES.

INDIA

We initially brought you the story for IL and FS Investment Managers Corporation a units of IL and FS Financial services defaults on one loan.  It is one of the nation’s largest “shadow banks”.  Today it announced  that it defaulted on 3 loans on Friday and key directors resigned.  India’s Non Performing loan section is in trouble

Why important:

IL&FS’s outstanding debentures and commercial paper account for 1% and 2% respectively, of India’s domestic corporate debt market as of March 31, according to Moody, while its bank loans made up about 0.5% to 0.7% of the entire banking system loans.

(courtesy zerohedge)

India’s NPL Crisis Erupts: A Major Shadow Bank

Defaults On Three Debt Payments

IL&FS Investment Managers, a unit of India’s Infrastructure Leasing & Financial Services (IL&FS) – an Indian infrastructure development and finance company and one of the nation’s largest “shadow banks” – which announced three debt defaults on Friday, said on Saturday morning its Managing Director Ramesh Bawa had resigned as managing director and chief executive officer as a management exodus begins. The company’s independent directors – Renu Challu, Surinder Singh Kohli, Shubhalakshmi Panse and Uday Ved – had also submitted their resignation papers.

The company first defaulted on commercial paper, then on short-term borrowings known as inter-corporate deposits according to Bloomberg. It has also failed to pay Rs 4.5 billion ($62 million) in ICDs to government-backed lender Small Industries Development Bank of India.

As we noted on Friday, IL&FS revealed a series of three defaults on its non-convertible debt obligations and inter-corporate deposits.

With the meltdown of IL&FS in motion, another unit, IL&FS Transportation Networks, reported that its chief financial officer, Dilip Bhatia, was demoted to chief strategy officer, for the goal of divestment of assets. The regulatory filing said Bhatia would relinquish his responsibilities as CFO with immediate effect, and the company will search for a replacement.

The shockwaves spread further on Friday, when IL&FS Financial Services, another unit of the IL&FS group, said its managing director and chief executive had resigned.

Why is this important? IL&FS’s outstanding debentures and commercial paper account for 1% and 2% respectively, of India’s domestic corporate debt market as of March 31, according to Moody, while its bank loans made up about 0.5% to 0.7% of the entire banking system loans.

And while bad loans in the Italian banking system have received a ton of attention from investors, India is not far behind and India’s economic recovery is built on an even shakier foundation.

According to Bloomberg, India’s $1.7 trillion formal banking sector is presently struggling with $210 billion in bad loans, most of which are concentrated within its state-owned banks. During the 2018 fiscal year, growth slowed to 6.7 percent, down from the previous year’s 7.1 percent, back to its levels from 2014, before Modi came to power.

IL&FS debt problems and the mountain of NPLs have already shaken confidence in the entire Indian economy, which in turn may have been among the reasons why the Indian rupee just hit a new record low.

Meanwhile, the mounting troubles at IL&FS have shaken confidence in the country’s financial sector and rocked India’s stock markets on Friday. As we reported yesterday, investors jittery about the rare default in the nation’s money markets sold shares of financial companies. Dewan Housing Finance Corp. tumbled 43$, while the benchmark S&P BSE Sensex swung from a 1%  gain to a decline of as much as 3$ – its wildest intraday move in more than four years – before closing with a 0.8 per cent loss.

The fear of contagion has spread beyond just the banking sector and has now increased India’s sovereign risk, now at 18-month highs.

end

Argentina

Not good for Argentina.  It seems that it has already blown through its 50 billion USA dollars worth of loans and needs more money.  It is now back to 37.45 pesos to the dollar

(courtesy zerohedge)

 

Argentine Peso Plunges On Reports Of Increased IMF

Credit Line

It appears $50 billion just isn’t what it used to be…

Argentina’s La Nacion newspaper reports that the government is seeking to increase its credit line with the IMF

Th government is negotiating with The IMF for an expansion of the Stand-by Agreement: it will add $3 to $5 billion additional funds to the $50 billion figure agreed in June, according to a source close to FinMin Dujovne. This increase is considered sufficient to cover debt maturities through 2020.

This has been confirmed by official sources to La Nacion.

Having rallied the last few days, carried on a falling USDollar-driven rebound in EM FX broadly, the peso is plunging in the early market as this increased credit line throws further doubt on Argentina’s potential for a turnaround…

 

VENEZUELA
Pompeo is now threatening a series of actions against Maduro as he tries to rescue its people from the corruption inside Venezuela.
(courtesy zerohedge)

Pompeo Vows “Series Of Actions” Against Venezuela’s Maduro “In The Coming Days”

Secretary of State Mike Pompeo issued an incredible statement to Fox News on Friday, vowing to take “series of actions” in “the coming days” against Nicolas Maduro’s government in Venezuela.

The threat was couched in terms of being in the “best interest” of Venezuelans, and though Pompeo didn’t specify details, he said the US is “determined to ensure that the Venezuelan people get their say.”

“I think you’ll see in the coming days a series of actions that continue to increase the pressure level against the Venezuelan leadership folks who are working directly against the best interest of the Venezuelan people,” Pompeo told Fox.

Image via ReutersIt is the broad nature of the threat that makes it unusual, but particularly the timing and context, as it follows the early August failed assassination attempt on Maduro which interrupted a live television broadcast from Caracas. Maduro had been speaking at a military parade when two explosive-laden drones said to be flying in the direct of the podium exploded in the area.

In the aftermath the Venezuelan socialist leader blamed the United States and allied right-wing groups for being behind the attack, in a speech describing“They tried to assassinate me today,” while blaming the attack on right-wing factions specifically connected to Columbia and Florida.

He claimed at the time that “several of those intellectually responsible and the financiers of this attack live in the United States, in the state of Florida,” and called on U.S. President Donald Trump to “fight these terrorist groups”.

The live broadcast on state television showing the assassination attempt:

AlbertoNews

@AlbertoRodNews

ÚLTIMA HORA | VIDEO – Situación irregular en la avenida Bolívar de Caracas durante Cadena Nacional de Maduro en acto con la GNB.
VTV cortó de emergencia la transmisión oficial.

Washington has steadily increased sanctions on Venezuela over the past number of months after Trump administration officials have accused the Maduro government of stamping out democracy and jailing opposition leaders. Maduro for his part has blamed the country’s ills, specifically the collapsed economy and now worthless currency, on Washington plotting and subversion.

Under Maduro the country is now beset by annual inflation running at 200,000 percent, resulting in basic stables and medicines disappearing from store shelves, resulting in a significant uptick in emigration for people with means.

But lately a series of statement and stories in the media have served to fuel and confirm his suspicions that the US is planning covert regime change. Certainly Pompeo’s latest comments will add to Maduro’s fears that more major “plotting” is afoot.

Early this month the The New York Times revealed in an explosive story that the Trump White House held covert meetings with Venezuelan military coup plotters seeking to topple the Maduro government. The US had set up a “clandestine channel” which involved contacts with what were described as “rebellious officers”bent on bringing about regime change with the help of Washington.

The NYT report detailed several secret meetings between the Trump administration and military officers to talk about potential coup plans, but according to Times sources “the coup plans stalled”. The meetings were spearheaded by someone simply described as a “career diplomat”.

Pompeo’s Friday warning, which likely hints at more economic warfare and sanctions to be leveled against Venezuela, comes ahead of the annual U.N. General Assembly in New York next week. Maduro has not attended UN meetings since 2015 out of fear that he could be assassinated.

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 1.1765 UP .0022/ 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 RED 

 

 

 

USA/JAPAN YEN 112.67   UP 0.171  (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 1.3197 UDOWN   0.0073  (Brexit March 29/ 2017/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED

USA/CAN 1.2913  UP .0004(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 8 basis point, trading now ABOVE the important 1.08 level RISING to 1.1768; / Last night Shanghai composite CLOSED HOLIDAY//Hang Sang CLOSED DOWN 454.19 POINTS OR 1.62% /AUSTRALIA CLOSED DOWN  0.09%EUROPEAN BOURSES ALL RED  

 

 

The NIKKEI: this MONDAY morning CLOSED HOLIDAY  

 

 

 

Trading from Europe and Asia

1/EUROPE OPENED ALL RED 

 

 

 

 

 

 

2/ CHINESE BOURSES / :Hang Sang DOWN 454.19 POINTS OR 1.62%  /SHANGHAI CLOSED HOLIDAY 

 

Australia BOURSE CLOSED DOWN 0.09%

Nikkei (Japan) CLOSED HOLIDAY 

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1199.65

silver:$14.33

Early FRIDAY morning USA 10 year bond yield: 3.08% !!! UP 2 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 3.22 UP 2  IN BASIS POINTS from FRIDAY night. (POLICY FED ERROR)/

USA dollar index early FRIDAY morning: 94.09 DOWN 13  CENT(S) from FRIDAY’s close.

This ends early morning numbers MONDAY MORNING

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And now your closing MONDAY NUMBERS \1: 00 PM

 

Portuguese 10 year bond yield: 1.90% UP 3    in basis point(s) yield from FRIDAY/

JAPANESE BOND YIELD: +.13%  UP 0 BASIS POINTS from FRIDAY/JAPAN losing control of its yield curve/EXTREMELY VOLATILE YESTERDAY

SPANISH 10 YR BOND YIELD: 1.52% UP 2  IN basis point yield from FRIDAY/

ITALIAN 10 YR BOND YIELD: 2.95 UP 12   POINTS in basis point yield from FRIDAY/

 

 

the Italian 10 yr bond yield is trading 143 points HIGHER than Spain.

GERMAN 10 YR BOND YIELD: RISES UP TO +.51%   IN BASIS POINTS ON THE DAY//(OMINOUS!!)

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 1.1772 UP .0029(Euro UP 29 Basis points/ represents to DRAGHI A COMPLETE POLICY FAILURE/

USA/Japan: 112.62 UP 0.076 Yen DOWN 8 basis points/

Great Britain/USA 1.3125 UP .0069( POUND UP 69 BASIS POINTS)

USA/Canada 1.2939  Canadian dollar DOWN 31  Basis points AS OIL ROSE TO $72.41

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This afternoon, the Euro was ROSE BY 29 BASIS POINTS  to trade at 1.1772

The Yen FELL to 112.62 for a LOSS of 8 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 69 basis points, trading at 1.3125/

The Canadian dollar LOST 31 basis points to 1.2939/ WITH WTI RISING TO 71.41

The USA/Yuan,CNY closed DOWN AT 6.8571-  ON SHORE  (YUAN DOWN)

THE USA/YUAN OFFSHORE:  6.8643 (  YUAN DOWN)

TURKISH LIRA:  6.0857

the 10 yr Japanese bond yield closed at +.13%   UP 0  BASIS POINT FROM YESTERDAY

 

 

Your closing 10 yr USA bond yield UP 1  IN basis points from FRIDAY at 3.08 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 3.21 DOWN 1  in basis points on the day /

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

Your closing USA dollar index, 94.09 DOWN 13 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 DOWN  31.82 POINTS OR 0.42%

German Dax : CLOSED DOWN 80.06 POINTS  OR 0.64%
Paris Cac CLOSED DOWN 18.00 POINTS OR 0.33%
Spain IBEX CLOSED DOWN 77.60 POINTS OR 0.81%

Italian MIB: CLOSED DOWN:  196.87 POINTS OR 0.91%/

 

 

WTI Oil price; 72.41  1:00 pm;

Brent Oil: 81.10 1:00 EST

USA /RUSSIAN /   ROUBLE CROSS:    65.77/ THE CROSS LOWER BY  0.69 ROUBLES/DOLLAR (ROUBLE HIGHER BY 69 BASIS PTS)

USA DOLLAR VS TURKISH LIRA:  6.0857 PER ONE USA DOLLAR.

TODAY THE GERMAN YIELD RISES +.51 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:$72.26

BRENT: $80.98

USA 10 YR BOND YIELD: 3.081%

USA 30 YR BOND YIELD: 3.22%/

EURO/USA DOLLAR CROSS: 1.7771 UP .0028 ( UP 28 BASIS POINTS)

USA/JAPANESE YEN:112.59 UP 0.051 (YEN DOWN 5 BASIS POINTS/ .

USA DOLLAR INDEX: 94.26 UP 4 cent(s)/

The British pound at 5 pm: Great Britain Pound/USA: 1.3123 UP 67 POINTS FROM YESTERDAY

the Turkish lira close: 6.1429

the Russian rouble:  65.84 UP 0.62 roubles against the uSA dollar.(UP 62 BASIS POINTS)

 

Canadian dollar: 1.2944 UP 37 BASIS pts

USA/CHINESE YUAN (CNY) : 6.8571  (ONSHORE)

USA/CHINESE YUAN(CNH):  6.8699 (OFFSHORE)

German 10 yr bond yield at 5 pm: ,0.51%

 

The Dow closed  DOWN  181.45 POINTS OR 0.68%

NASDAQ closed UP 6.30  points or 0.08% 4.00 PM EST


VOLATILITY INDEX:  12.19  CLOSED UP 0.51

LIBOR 3 MONTH DURATION: 2.367%  .LIBOR  RATES ARE RISING/big jump today

(from 2.335 yesterday)

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

TRADING IN GRAPH FORM FOR THE DAY

 

US Bonds, Stocks Slump On China Trade Tensions &

Trump Turmoil

 

Skratch

@Skratch

Tiger Woods wins for the first time since 2013.

Never a doubt.

China was closed overnight, but China stocks ETF in US shows weakness after China cancels trade talks…

 

European stocks sank – led by Spain and Italy – extending losses after Draghi discussed pulling away the punchbowl…

 

US futures show the initial reaction was lower on Sunday night, then as the US cash markets opened, S&P and Dow were dumped but Nasdaq was panic-bid (underperformer last week). S&P/Dow legged lower again on Rosenstein headlines then rebounded after headlines that Trump will meet him on Thursday…

 

Nasdaq managed to get green on the day as Trannies lagged – The Dow ended near the LoD…

 

Lots of M&A today but Sirius and Pandora ended the day red…

 

But both Randgold and Barrick ended the day green…

 

For a sense of today’s manic algo-buying, here are FANG stocks…opened gap down to last week’s lows then ramping almost 4% off those lows to erase all of last week’s losses…

 

Among the biggest losers were GE – which fell to 9-year lows on turbine woes and Iraq contract threats… (trading at the same price it traded at in Nov 1995)…

 

Despite the equity selling, Treasury yields rose marginally on the day (not helped by a weak 2Y auction – lowest BtC since 2008)…

 

The 10Y Yield rose on the day to a new cycle closing high, but as the chart below shows, the last few days’ ranges have been de minimus (as stocks have pumped and dumped)… (3.055%, 3.063%, 3.063%, 3.063%, 3.081%)

 

The Dollar Index had quite a day, sliding lower as Europe opened (China closed), spiked lower on EUR gains after Draghi inflation comments, only to surge higher for rest of day on safety concerns following Rosenstein resignation headlines…

The Dollar extended gains into the close to end at the high of the day…

 

Offshore Yuan slipped lower for the 2nd day in a row (even with China closed)…

 

While HKD was relatively flat after Friday’s short-cover-carnage, Hong Kong money-market rates went a little turbo…

 

The Turkish Lira surged today (best performing currency of the day), extending gains on Pompeo comments…

 

But the Brazilian Real slumped (worst performer of the day) as the left-wing Workers’ Party is said likely to reach the runoff vote in Brazil’s election…

 

And the Argentine Peso was pummeled after returning to Lagarde to ask The IMF for more…

 

Cryptocurrencies are lower from Friday’s close…Ripple dumped…

 

WTI Crude managed gains on the day (OPEC headlines) as copper and PMs slipped lower as the dollar rebounded…

 

Brent Crude topped $81 for the first time since Nov 2014…

 

Finally, we note that Money Market Funds have dramatically shifted their allocations from Q1 (record buying in US Treasuries) to Q2 (record selling in US Treasuries)…

However, as Bloomberg points out, The Federal Reserve’s latest reading on America’s finances showed thatmoney-market mutual funds were the biggest buyers of Treasuries in the first half of 2018, according to Jay Barry, a fixed-income strategist at JPMorgan Chase & Co. The central bank’s quarterly financial accounts data showed the funds, which favor Treasury bills, purchased a net $118 billion of the government’s debt in the period. That’s a swing from 2017, when they sold $95 billion. The buying dovetailed with the government’s bias toward bill sales in the first half as it boosted borrowing to finance a widening deficit, Barry said.

END

 

market trading/this morning

Market data

A good indicator that the earnings bonanza over the past few years is over as we now have the highest percentage of negative EPS earnings preannouncements since the first quarter of  2016

(courtesy zerohedge)

Earnings Bonanza Over? Highest Percentage Of Negative EPS Preannouncements Since Q1 2016

After a spectacular Q1, and a Q2 earnings season that blew away expectations, corporations are turning decidedly sour on their own prospects, and according to FactSet data, as companies head into the end of the third quarter 98 S&P 500 companies have issued EPS guidance for the quarter. Of these 98 companies, 74 have issued negative EPS guidance and 24 companies have issued positive EPS guidance.

The percentage of companies issuing negative EPS guidance is 76% (74 out of 98), which is not only above the five-year average of 71%, but if 76% is the final percentage for the quarter, it will mark the highest percentage of S&P 500 companies issuing negative EPS guidance for a quarter since Q1 2016 (79%).

What is behind this shift in sentiment? As pessimism is rising, optimism is fast fading: while the number of companies issuing negative EPS for Q3 (74) is just 3% below the five-year average (76), the number of companies issuing positive EPS guidance for Q3 (24) is 23% below the five-year average (31).

Thus, according to Factset, the low number of S&P 500 companies issuing positive EPS guidance is the main contributor to the above-average percentage of negative EPS guidance for the quarter. And similar to the above, if 24 is the final number for the quarter, it will mark the lowest number of S&P 500 companies issuing positive EPS guidance for a quarter since Q1 2016 (also 24).

So which industries are at the forefront of this sharp reversal in sentiment?

At the sector level, the Consumer Discretionary sector has seen the largest drop in the number of companies issuing positive EPS guidance for the third quarter (2) relative to the five-year average for the sector (5.6). However, several other sectors have seen fewer companies issue positive EPS guidance for Q3 relative to their five-year averages, including healthcare, materials and financials. Only Info Tech and Real Estate have managed to keep their cheerful disposition.

end

USA economic/general stories
Michael Snyder is detailing how the housing bubble in the USA is bursting:  home sellers are slashing rpices at the fastest rate in over 8 years:
(courtesy Michael Snyder)

Evidence The Housing Bubble Is Bursting?: “Home Sellers Slashing Prices At Fastest Rate In Over Eight Years”

Authored by Michael Snyder via The Economic Collapse blog,

The housing market indicated that a crisis was coming in 2008.  Is the same thing happening once again in 2018? 

For several years, the housing market has been one of the bright spots for the U.S. economy.  Home prices, especially in the hottest markets on the east and west coasts, had been soaring.  But now that has completely changed, and home sellers are cutting prices at a pace that we have not seen since the last recession.  In case you are wondering, this is definitely a major red flag for the economy.  According to CNBC, home sellers are “slashing prices at the highest rate in at least eight years”…

After three years of soaring home prices, the heat is coming off the U.S. housing market. Home sellers are slashing prices at the highest rate in at least eight years, especially in the West, where the price gains were hottest.

It is quite interesting that prices are being cut fastest in the markets that were once the hottest, because that is exactly what happened during the subprime mortgage meltdown in 2008 too.

In a previous article, I documented the fact that experts were warning that “the U.S. housing market looks headed for its worst slowdown in years”, but even I was stunned by how bad these new numbers are.

According to Redfin, more than one out of every four homes for sale in America had a price drop within the most recent four week period…

In the four weeks ended Sept. 16, more than one-quarter of the homes listed for sale had a price drop, according to Redfin, a real estate brokerage. That is the highest level since the company began tracking the metric in 2010. Redfin defines a price drop as a reduction in the list price of more than 1 percent and less than 50 percent.

That is absolutely crazy.

I have never even heard of a number anywhere close to that in a 30 day period.

Of course the reason why prices are being dropped is because homes are not selling.  The supply of homes available for sale is shooting up, and that is good news for buyers but really bad news for sellers.

It could be argued that home prices needed to come down because they had gotten ridiculously high in recent months, and I don’t think that there are too many people that would argue with that.

But is this just an “adjustment”, or is this the beginning of another crisis for the housing market?

Just like a decade ago, millions of American families have really stretched themselves financially to get into homes that they really can’t afford.  If a new economic downturn results in large numbers of Americans losing their jobs, we are once again going to see mortgage defaults rise to stunning heights.

We live at a time when the middle class is shrinking and most families are barely making it from month to month.  The cost of living is steadily rising, but paychecks are not, and that is resulting in a huge middle class squeeze.  I really like how my good friend MN Gordon made this point in his most recent article

The general burden of the American worker is the daily task of squaring the difference between the booming economy reported by the government bureaus and the dreary economy reported in their biweekly paychecks. There is sound reason to believe that this task, this burden of the American worker, has been reduced to some sort of practical joke. An exhausting game of chase the wild goose.

How is it that the economy’s been growing for nearly a decade straight, but the average worker’s seen no meaningful increase in their income? Have workers really been sprinting in place this entire time? How did they end up in this ridiculous situation?

The fact is, for the American worker, America’s brand of a centrally planned economy doesn’t pay. The dual impediments of fake money and regulatory madness apply exactions which cannot be overcome. There are claims to the fruits of one’s labors long before they’ve been earned.

The economy, in other words, has been rigged. The value that workers produce flows to Washington and Wall Street, where it’s siphoned off and misallocated to the cadre of officials, cronies, and big bankers. What’s left is spent to merely keep the lights on, the car running, and food upon the table.

And unfortunately, things are likely to only go downhill from here.

The trade war is really starting to take a toll on the global economy, and it continues to escalate.  Back during the Great Depression we faced a similar scenario, and we would be wise to learn from history.  In a recent post, Robert Wenzel shared a quote from Dr. Benjamin M. Anderson that was pulled from his book entitled “Economics and the Public Welfare: A Financial and Economic History of the United States, 1914-1946”

[T]here came another folly of government intervention in 1930 transcending all the rest in significance. In a world staggering under a load of international debt which could be carried only if countries under pressure could produce goods and export them to their creditors, we, the great creditor nation of the world, with tariffs already far too high, raised our tariffs again. The Hawley-Smoot Tariff Act of June 1930 was the crowning folly of the who period from 1920 to 1933….

Protectionism ran wild all over the world.  Markets were cut off.  Trade lines were narrowed.  Unemployment in the export industries all over the world grew with great rapidity, and the prices of export commodities, notably farm commodities in the United States, dropped with ominous rapidity….

The dangers of this measure were so well understood in financial circles that, up to the very last, the New York financial district retained hope the President Hoover would veto the tariff bill.  But late on Sunday, June 15, it was announced that he would sign the bill. This was headline news Monday morning. The stock market broke twelve points in the New York Time averages that day and the industrials broke nearly twenty points. The market, not the President, was right.

Even though the stock market has been booming, everything else appears to indicate that the U.S. economy is slowing down.

If home prices continue to fall precipitously, that is going to put even more pressure on the system, and it won’t be too long before we reach a breaking point.

end

I did not realize that it was this high: 33% of all USA households are struggling to pay their energy bills

(courtesy zerohedge)

Nearly One-Third Of US Households Struggle To Pay Energy Bills

31 percent of US households have struggled to afford their energy bills, according to a Wednesday report by the Energy Information Administration, which notes that Hispanics and racial minorities were hit the hardest.

According to the most recent results from EIA’s Residential Energy Consumption Survey (RECS), about one in five households reported reducing or forgoing necessities such as food and medicine to pay an energy bill, and 14% reported receiving a disconnection notice for energy service. Households may also use less energy than they would prefer; 11% of households surveyed reported keeping their home at an unhealthy or unsafe temperature. –EIA.gov

Meanwhile, 11% of households surveyed keep their home at a unsafe or unhealthy temperature, whatever that means.

“Of the 25 million households that reported forgoing food and medicine to pay energy bills, 7 million faced that decision nearly every month,” reads the report. “Of the 17 million households who reported receiving a disconnection notice, 2 million reported that they received a notice nearly every month.”

The data, from the federal agency’s most recent energy consumption survey in 2015, also showed that some seven million households (6% of the national total) reported broken heating equipment, while 6 million (5%) reported the loss of air conditioning.

EIA found only minor differences across geographic regions of the country and between urban and rural respondents. These differences suggest that the structural features of a home and demographic characteristics are more likely to be associated with a household’s ability to afford energy and maintain equipment than geography and associated climates.

For instance, households that included children, that had residents who identified with a minority racial group or as Hispanic, or that were classified as low income experienced more energy insecurity. Households experiencing energy insecurity were also more likely to live in homes built before 1990. –EIA.gov

NPR adds that people of color were disproportionately affected, with about half of respondents who reported challenges paying their energy bills identified as black, while 40% identified as Latino.

2016 study conducted by the American Council for Energy-Efficient Economy and Energy Efficiency for All found that black and latino households “paid more for utilities per square foot than the average household,” partially because low income housing tends to be less energy efficient.

“Households can spend more than 20 percent of their total income on their electricity needs,” George Koutitas, CEO and co-founder of Gridmates, a crowdfunding platform told NPR. Gridmates funnels donations to utility companies for struggling customers’ energy bills.

Low-income heat assistance programs, he says, only go so far. Weatherization programs that insulate a home “take a lot of time and they are not very responsive.” Bill assistance alternatives, he says, are underfunded and have been canceled. –NPR

Last fall and winter, the Trump administration called for an end to the Low Income Home Energy Assistance Program, according to NPR.

“Please I beg you to bring back this assistance with electricity,” wrote a north Texas woman after a state assistance program called Lite-Up Texas ran out of money, according to The Texas Tribune“I am going to freeze during this cold season.”

Trump now ready to investigate the big boys:  Google,Twitter and Facebook under a new executive order

 

(courtesy zerohedge)

 

Trump To Investigate Google, Facebook Under New Executive Order: Bloomberg

According to a an early draft of an Executive Order (EO), the White House will instruct federal law enforcement and antitrust agencies to launch investigations into the business practices of Facebook, Google and other social media companies, according toBloomberg which says it has seen the draft.

While not specifically calling out companies by name, the document orders US antitrust officials to “thoroughly investigate whether any online platform has acted in violation of the antitrust laws,” while instructing other agencies to return recommendations within a month of Trump signing the EO which could potentially “protect competition among online platforms and address online platform bias.” 

The document doesn’t name any specific companies. If signed, the order would represent a significant escalation of Trump’s antipathy toward Google, Facebook, Twitter and other social media companies, whom he has publicly accused of silencing conservative voices and news sources online.

The draft order directs that any actions federal agencies take should be “consistent with other laws” — an apparent nod to concerns that it could threaten the traditional independence of U.S. law enforcement or conflict with the First Amendment, which protects political views from government regulation. –Bloomberg

Last month, Trump tweeted that “Social Media is totally discriminating against Republican/Conservative voices. Speaking loudly and clearly for the Trump Administration, we won’t let that happen. They are closing down the opinions of many people on the RIGHT, while at the same time doing nothing to others.”

Donald J. Trump

@realDonaldTrump

Social Media is totally discriminating against Republican/Conservative voices. Speaking loudly and clearly for the Trump Administration, we won’t let that happen. They are closing down the opinions of many people on the RIGHT, while at the same time doing nothing to others…….

And in a late August Bloomberg interview, the President said that Google, Amazon and Facebook may be in a “very antitrust situation,” while refusing to comment further.

Jennifer Jacobs

@JenniferJJacobs

BREAKING: Trump said some people see an “antitrust situation” with Google, Facebook and Amazon.

But he said “I just can’t comment. I won’t comment on the breaking up, of whether it’s that (Google) or Amazon or Facebook.”

“Look the conservatives have been treated very unfairly.”

According to the President, social media platforms are “treading on very, very troubled territory and they have to be careful.

I think Google has really taken advantage of a lot of people and I think that’s a very serious thing and it’s a very serious charge,” Trump told reporters following a meeting with the president of FIFA. “They better be careful because they can’t do that to people.

Saagar Enjeti

@esaagar

Trump: “Google has taken advantage of a lot of people…if you look at what is going on at Twitter, look at what is going on in Facebook, they better be careful..Google and Twitter and Facebook, they’re really treading on troubled territory”

Trump also accused Google of rigging search results against him, tweeting: “Google search results for ‘Trump News’ shows only the viewing/reporting of Fake New Media. In other words, they have it RIGGED, for me & others, so that almost all stories & news is BAD, Fake CNN is prominent. Republican/Conservative & Fair Media is shut out. Illegal,” Trump said in his latest claim of bias by the media. 96% of results on “Trump News” are from National Left-Wing Media, very dangerous.”

Trump followed up with: “Google & others are suppressing voices of Conservatives and hiding information and news that is good. They are controlling what we can & cannot see. This is a very serious situation-will be addressed!

Donald J. Trump

@realDonaldTrump

Google search results for “Trump News” shows only the viewing/reporting of Fake News Media. In other words, they have it RIGGED, for me & others, so that almost all stories & news is BAD. Fake CNN is prominent. Republican/Conservative & Fair Media is shut out. Illegal? 96% of….

Donald J. Trump

@realDonaldTrump

….results on “Trump News” are from National Left-Wing Media, very dangerous. Google & others are suppressing voices of Conservatives and hiding information and news that is good. They are controlling what we can & cannot see. This is a very serious situation-will be addressed!

According to Pew Research Center, 72% of Americans, and in particular 85% of Republicans and right-leaning independents think social media companies purposefully censor political viewpoints which run counter to their internal culture.

The belief that technology companies are politically biased and/or engaged in suppression of political speech is especially widespread among Republicans. Fully 85% of Republicans and Republican-leaning independents think it likely that social media sites intentionally censor political viewpoints, with 54% saying this is very likely. And a majority of Republicans (64%) think major technology companies as a whole support the views of liberals over conservatives. –Pew

That said, libertarian-leaning group, the American Legislative Exchange Council have expressed concern to Attorney General Jeff Sessions after he announced an upcoming meeting with state Attorneys General to discuss social media bias. The group cites concerns over abuse of antitrust laws, and that the “inquiry will be to accomplish through intimidation what the First Amendment bars: interference with edictorial judgement.”

end

 

 

SWAMP STORIES

Internal notes suggest that the FBI did not believe that Russia helped Trump.  So why the special prosecutor?

(courtesy zerohedge)

Internal Notes Show Divergence Between Obama, FBI On Whether Russia Helped Trump

Newly released FBI communications from January, 2017 confirm that the Obama administration ignored the FBI’s stance on whether Russia tried to help Donald Trump win the 2016 election, and that former FBI agent Peter Strzok was worried that the White House would misconstrue their conclusion, reports The Hill‘s John Solomon.

On Dec. 10, 2016, the FBI received an inquiry from a reporter about whether the FBI was uncertain about the emerging conclusion that Russia was trying to help Trump win. The reporter intended to report that FBI counterintelligence was “much less emphatic than the CIA about Russia intent.”

Strzok weighed in to help the FBI press office address the reporter’s question, an email that has now captured congressional investigators’ fancy because it states clearly the FBI couldn’t distinguish that any one of three possible motives drove Russia’s meddling.

“The specific point I made was we did not have information to differentiate what their ultimate goal was,” Strzok emailed, adding that then-Director James Comey told Senate Intelligence something similar.

“In other words, the activity is one-sided and clear but we can’t say the sole and primary purpose was specifically intended to help someone, hurt someone else or undermine the process. The reality is all three,” he wrote. –The Hill

It’s also clear that the FBI’s upper echelon was concerned over sharing information with the White House and then-Director of National Intelligence, James Clapper, over fears that it might result in political abuse.

“He, like us, is concerned with over sharing. Doesn’t want Clapper giving CR cuts to WHAll political, just shows our hand and potentially makes enemies,” Strzok wrote to FBI lawyer Lisa Page on Jan. 3, 2017, relating a conversation he apparently had with then-Assistant Director William Priestap, the top counterintelligence official in the bureau.

Investigators aren’t certain yet what “CR cuts” refers to. Some, though, think it could be a reference to “classified raw” intelligence, such as the unverified Steele dossier or possible intercepts. Others wonder whether it could refer to budget cuts in a “continuing resolution” though no such budget was pending at the time. Whatever the case, the political distrust of colleagues is clear. “WH,” of course, refers to the White House.

“Yeah, but keep in mind we were going to put that in the doc on Friday, with potentially larger distribution than just the dni,” Page texted back. Strzok answered back, escalating his concerns: “The question is should we, particularly to the entirety of the lame duck usic with partisan axes to grind.” “USIC” is an acronym for the United States Intelligence Community. –The Hill

The FBI’s assessment is in stark contrast to the official intelligence assessment from the Obama administration released on January 6, 2017 which declared: “We also assess Putin and the Russian Government aspired to help President-elect Trump’s election chances when possible by discrediting Secretary Clinton and publicly contrasting her unfavorably to him.”

What’s more, the National Security Agency (NSA) only had “moderate confidence” that Putin was trying to help Trump win, and the House Intelligence Committee concluded that they couldn’t validate Putin’s intentions either.

In January, Sen. Ron Johnson (R-WI) revealed a “jaw-dropping” email written in May 19 of 2017 from Strzok to his mistress, FBI lawyer Lisa Page – which reads: “You and I both know the odds are nothing. If I thought it was likely, I’d be there no question. I hesitate in part because of my gut sense and concern that there’s no big there there.

When asked by the DOJ Inspector General what he meant by that, Strzok said that he couldn’t be certain that there was a “broad, coordinated effort” to hijack the election.

The Department of Justice (DOJ) inspector general asked Strzok shortly before he was fired from the FBI what he meant by that text, and he offered a most insightful answer.

Strzok said he wasn’t certain there was a “broad, coordinated effort” to hijack the election and that the evidence of Trump campaign aides talking about getting Hillary Clinton dirt from Russians might have been just a “bunch of opportunists” talking to heighten their importance.

Strzok added that, while he raised the idea of impeachment in some of his texts to Page, “I am, again, was not, am not convinced or certain that it will,” he told the IG. –The Hill

And as we reported last week, a newly reported comment made by Page during her May testimony revealed that the FBI had no clue whether there was any collusion between Trumpworld and Russia. What’s more, ex-FBI Director James Comey told the Senate shortly after he was fired that there was “not yet evidence to justify investigating Trump for colluding with Russia.

When I left, we did not have an investigation focused on President Trump,” said Comey.

In short, James Comey, Peter Strzok and Lisa Page have all said or implied that the FBI had nothinglinking Trump to Russia. Which, as John Solomon concluded last week, raises the question: If there was no concrete evidence of collusion, why did we need a special prosecutor?

end
Trump states that he is hinting at firing Rosenstein.  Although Rosenstein is heavily conflicted that would be a mistake at this time.  In all probability the leak came from McCabe who wanted to stir up the White House ahead of the release of the soon to be classified documents. Unbeknownst to McCabe, Rosenstein met with Trump who agreed to let the I.G. release the documents in due time (probably much later).  McCabe threw himself and Rosenstein under the bus.
(courtesy zerohedge)

“A Lingering Stench…” – Trump Hints At Rosenstein Firing During Friday Night Rally

President Trump gave his clearest indication yet that he is preparing to fire Deputy Attorney General Rod Rosenstein after the NYT reported that Rosentein during a rally in Sringfield, Missouri. During the rally, Trump said that while his administration had cleaned house at the DOJ, a “lingering stench” has remained. But that too would soon be taken care of.

Trump’s comments followed a revelation published by the New York Times about an attempted palace coup orchestrated by the Deputy Attorney General during the spring of 2017. After Trump cited a letter written by Rosenstein as justification for firing former FBI Director James Comey back in May 2017, Rosenstein reportedly felt embittered and “used” by the president. So he sought revenge by attempting to persuade members of the Trump cabinet to invoke the 25th amendment and remove Trump from office. Rosenstein’s plot quickly fizzled, but not before the deputy AG had suggested that the conspirators should attempt to surreptitiously record the president in the Oval Office.

News of the conspiracy, which was reportedly drawn from memos written by former Deputy FBI Director Andrew McCabe, who was fired earlier this year and may face criminal charges after purportedly lying to the DOJ inspector general, has provoked widespread calls for Rosenstein’s ouster.

Gov. Mike Huckabee

@GovMikeHuckabee

Because source is NY Slimes not sure this is true but if so, Jeff Sessions needs to fire Rosenstein and if he won’t ⁦⁦⁦⁦⁦@realDonaldTrump⁩ needs to fire both of them since Rosenstein doesn’t seem to have the integrity to resign. https://thehill.com/policy/national-security/407807-rosenstein-discussed-secretly-recorded-conversations-with-trump 

Rosenstein discussed secretly recorded conversations with Trump, implementing 25th amendment: report

Deputy Attorney General Rod Rosenstein secretly recorded conversations in the Oval Office with President Trump last year and discussed the possibility of Cabinet officials invoking the 25th amendment…

thehill.com

During Friday’s rally, Trump emphasized that we have “great people” in the Department of Justice. And that, if his administration took a poll, “they’d probably be at 95%” support. “Butthere’s a lingering stench, and we’re going to get rid of that group.”

Trump has reportedly considered firing Rosenstein at least twice before, according to media reports, most recently after the FBI raided the home, hotel room and office of former Trump attorney Michael Cohen.

Rosenstein is in charge of the ongoing Russia probe. Attorney General Jeff Sessions recused himself last spring after Trump fired Comey, earning the enduring enmity of his boss.

Trump also continued to back his SCOTUS pick Brett Kavanaugh during the rally.

“Fantastic man. Fantastic man,” Trump said of the judge.

“And he was born – you talk about Central Casting – he was born, they were saying it 10 years ago about him, he was born for it. And it’s going to happen, it’s going to happen,” Trump said, referring to Kavanaugh’s confirmation.

The president made his appearance in the state to stump for Missouri Attorney General Josh Hawley, who is running against Democratic Sen. Claire McCaskill in the Nov. 6 midterm vote.

end

I strongly believe that the Rosenstein coup attempt is nothing but a setup as i described to you in the piece before this one

(courtesy zerohedge)

Was NYT Story About Rosenstein ‘Coup Attempt’ A Setup?

Is the FBI trying to goad President Trump into firing the man in charge of supervising the Mueller probe? That’s what Sean Hannity and a handful of  Trump’s Congressional allies think.

According to a report in Politico, Republicans in Congress are approaching a story about Deputy Attorney General Rod Rosenstein attempting to organize a palace coup with extreme caution, despite having twice nearly gathered the votes to remove him in the recent past.

On Friday, the NYT reported a bombshell story alleging that Rosenstein had tried to recruit administration officials to secretly tape conversations with the president in order to help justify removing Trump under the 25th amendment. Rosenstein vehemently denied the story, which was largely based on confidential memos written by former Deputy FBI Director Andrew McCabe. And others who were reportedly in attendance at meeting between McCabe and Rosenstein said the Deputy AG was being “sarcastic” when he suggested that the president be taped.

Rosie

Meanwhile, Trump allies including Ohio Congressman Jim Jordan and Florida Congressman Matt Gaetz are saying that the story should be treated with suspicion. Jordan and Freedom Caucus leader Mark Meadows once filed articles of impeachment against Rosenstein. But now, both Meadows and Jordan intend to proceed with caution, telling Politico that he would like to see the memos that the story was based on.

House Freedom Caucus leaders Mark Meadows and Jim Jordan, who led a charge to impeach Rosenstein this summer, have said they want to hear from Rosenstein and see documents allegedly describing the comments before they decide what to do.That’s awarded Rosenstein a courtesy they’ve never given him in the past.

“I think Rod needs to come before Congress this week and explain under oath what exactly he said and didn’t say,” Meadows said at the Values Voters Summit Saturday.

The newfound hesitation to oust Rosenstein highlights a cautious approach Trump allies have adopted as the Republican party barrels toward a potential bloodbath in the midterms. Some Republicans fear Trump firing Rosenstein now would only further energize Democrats making the case to voters that the president is corrupt and needs to be reined in by a Democratic House.

[…]

In a Friday interview, Jordan, one of Rosenstein’s fiercest critics in Congress, sidestepped questions about whether the House should revisit Rosenstein’s impeachment or try to hold him in contempt of Congress. Rather, he said, a more focused push to obtain sensitive documents from the Justice Department — which Trump’s allies say would expose anti-Trump bias and corruption the FBI — is the most urgent priority.

“I want to see those memos and evaluate them,” said Jordan, who has clashed publicly with Rosenstein over access to documents and accused him of threatening House Intelligence Committee staffers, an allegation Rosenstein denied.

Politico cites two possible explanations for lawmakers’ hesitation: Republicans are running out of time before members devote themselves full-time to their reelection campaigns. Republicans are worried that the story could have been intentionally planted to provoke Rosenstein’s firing in order to improve Democrats’ chances of retaking the Senate AND the House (Trump actively moving to crush the Mueller probe would be quite the propaganda win for the Dems).

Sean Hannity took this latter theory a step further during his show on Friday evening, where he urged Trump not to fire Rosie and instead insisted that the story could have been a “trap”. He added that he had been told by “multiple sources” that the story was planted by unspecified “enemies of Trump.”

“I have a message for the president tonight,” Hannity said Friday night. “Under zero circumstances should the president fire anybody…the president needs to know it is all a setup.”

Still, a handful of conservative commentators, including Laura Ingraham, urged Trump to fire Rosenstein immediately. And for Trump’s part, he hinted at a rally Friday night in Missouri that he planned to “get rid” of the “lingering stench” at the DOJ, which many interpreted as a hint that his firing is imminent.

end
By noon time, we are still not sure if Rosenstein resigned or is to be fired by trump
(courtesy zerohedge)

Rod Rosenstein Reportedly Resigns As Deputy Attorney General

Update: WSJ is now reporting that Rosenstein hasn’t tendered his resignation – at least not yet. “The situation is still fluid,” the paper said.

Andrew Peng@TheAPJournalist

Expect to see more headlines like this until we find out what’s going on:

*POMPEO DECLINES TO ANSWER QUESTION ABOUT DEPUTY AG ROSENSTEIN (@business)

Andrew Peng@TheAPJournalist

.@WSJ: Rosenstein is expecting to be fired by Trump, a person familiar with the matter said; but the situation remained fluid as another person familiar with the matter said Rosenstein is expected to resign, and that discussions have been underway about his departure all weekend.

Meanwhile, the Dow tumbled 155 points on the day to touch fresh lows.

* * *

After Friday night’s blockbuster NYT report in which, according to Andrew McCabe’s personal files, Deputy Attorney General Rod Rosenstein offered to record President Trump (whether in jest or not) and proposed invoking Article 25, speculation has intensified that President Trump may fire Rosenstein imminently. And while many of Trump’s allies have urged caution, fearing a trap, moments ago Axios reported that Rosenstein has decided to preempt that step by verbally resigning to Chief of Staff John Kelly in anticipation of being fired by President Trump, according to a source with direct knowledge.

Within minutes of Axios’ report hitting the tape, several other media organizations (including ABC, AP ad Bloomberg) piled on, saying Rosenstein was on his way to the White House to be fired.

Per a source close to Rosenstein: “He’s expecting to be fired,” so he plans to step down.

The exact timing of the resignation is unclear, but he isn’t expected to be in job after Monday, according to another person familiar with the matter. The move comes after reports that Rosenstein suggested to colleagues last year that he would secretly record conversations with President Donald Trump.

Mike Levine

@MLevineReports

Source says Deputy Attorney General Rod Rosenstein is currently on his way to the White House, expecting to be fired once he gets there.

However, as the NYT clarified, it wasn’t immediately clear whether Rosenstein was going to resign, or if he was heading to the White House expecting to be fired. Complicating matters further, MSNBC is reporting that Rosenstein will not resign, as he will “have” to be fired.

David Rutz

@DavidRutz

MSNBC reporting Rosenstein will NOT resign, says he’ll have to be fired

It’s worth pointing out that Trump is in New York City for the UN General Assembly. And while Bloomberg reported that Rosenstein’s resignation letter had been accepted, the NYT said it wasn’t clear whether Trump would even accept Rosie’s resignation so close to the mid-term elections, which would in effect force the Deputy AG to quit, or reluctantly stay on.

According to MSNBC, the office of the special counsel refused to comment on the story or say whether it had a new boss.

 

The news sent the S&P and the Dow to fresh session lows, leaving them on track for their biggest daily drop in a month, perhaps due to concerns the latest departure will lead to more political volatility as Trump seeks to end the Mueller probe.

Dow

If Rosenstein does leave, oversight of the Mueller probe would fall to Solicitor General Noel Francisco, who would reportedly be much more amenable to Trump. According to Bloomberg, Trump can install a temporary replacement as deputy attorney general until he nominates a successor to Rosenstein, who would have to be confirmed by the Senate.

* * *

As one Twitter user noted, the uncertainty surrounding Rosenstein’s status has made for one jam-packed news cycle…

 

Parker Molloy

@ParkerMolloy

end
At 3;15  we finally have the story straight.  Rosenstein after having an extended conservation with Trump this morning, is to see him on Thursday.  So far he has not resigned nor has been been fired but it looks like he is on the way out..
(courtesy zerohedge)

Drama Breaks Out Between Axios, Vanity Fair Over Rosenstein “Resignation” Story

Following Monday’s rollercoaster over whether Deputy Attorney General Rod Rosenstein had resigned, bickering has broken out between Axios‘ Jonathan Swann – who broke the story, and Vanity Fair’s Gabe Sherman – thanks to pot-stirrer in Chief, NBC political reporter Mike Memoli – who tweeted an article by Sherman suggesting Swan got played by White House insiders to distract from the Kavanaugh accusations.

“According to a source briefed on Trump’s thinking, Trump decided that firing Rosenstein would knock Kavanaugh out of the news, potentially saving his nomination and Republicans’ chances for keeping the Senate,” wrote Sherman, citing “a source briefed on Trump’s thinking.”

Enter NBC’s Mike Memoli, who tweeted: “So for those keeping score at home: Gabe Sherman’s “source briefed on Trump’s thinking” says that Jonathan Swan’s “source with direct knowledge” was just trying to kick Kavanaugh out of the news cycle for a few hours.

Mike Memoli

@mikememoli

So for those keeping score at home: Gabe Sherman’s “source briefed on Trump’s thinking” says that Jonathan Swan’s “source with direct knowledge” was just trying to kick Kavanaugh out of the news cycle for a few hours. https://www.vanityfair.com/news/2018/09/trump-wanted-to-nuke-rosenstein-to-save-kavanaughs-bacon?mbid=social_twitter 

Did Trump Ruffle Rosenstein to Distract From Kavanaugh?

“The strategy was to try and do something really big,” says a source briefed on Trump’s thinking. Meanwhile, Trump allies are privately imploring him to cut Kavanaugh loose to save Republicans’…

vanityfair.com

Swan swiftly responded: “This is such disgraceful bullshit. @gabrielsherman should be ashamed of himself and should stop doing stenography for Steve Bannon. Rosenstein offered his resignation to Kelly. We wrote “verbally resigned.” Justice Dept isn’t denying he offered his resignation.”

Jonathan Swan

@jonathanvswan

This is such disgraceful bullshit. @gabrielsherman should be ashamed of himself and should stop doing stenography for Steve Bannon. Rosenstein offered his resignation to Kelly. We wrote “verbally resigned.” Justice Dept isn’t denying he offered his resignation.

Mike Memoli

@mikememoli

So for those keeping score at home: Gabe Sherman’s “source briefed on Trump’s thinking” says that Jonathan Swan’s “source with direct knowledge” was just trying to kick Kavanaugh out of the news cycle for a few hours. https://www.vanityfair.com/news/2018/09/trump-wanted-to-nuke-rosenstein-to-save-kavanaughs-bacon?mbid=social_twitter 

Theories abound:

Molly Jong-Fast

@MollyJongFast

Its also possible that the White House was trying to force Rosenstein to resign.

Jack Posobiec 🇺🇸

@JackPosobiec

That is what happened…and is still happening

And jokes:

Kevin@kevin_cracknell

Jon and Gabe figuring out who is more of Bannon’s stenographer.

After several hours of mixed messages and rapidly changing headlines, the White House finally weighed in on the Rosenstein “is he in or out” controversy, with Sarah Huckabee Sanders stating that Rosenstein will meet with Trump on Thursday.

***

A source told Reuters that Rosenstein had spent the weekend contemplating whether he should resign after a shocking New York Times report last week said he had suggested secretly recording Trump in 2017 and invoking a constitutional amendment to remove him from office.

The White House announced the meeting on Monday after a flurry of conflicting reports about whether Rosenstein, a frequent target of Trump’s anger, would be leaving the post.

“At the request of Deputy Attorney General Rod Rosenstein, he and President Trump had an extended conversation to discuss the recent news stories,” White House spokeswoman Sarah Sanders said on Twitter. “Because the President is at the United Nations General Assembly and has a full schedule with leaders from around the world, they will meet on Thursday when the President returns to Washington, DC.”

She said the meeting will be on Thursday because Trump was at the U.N. General Assembly on Monday and has meetings with world leaders later in the week.

Hinting at his next steps, shortly after the Times story, Trump told supporters at a rally in Missouri that there is “a lingering stench” at the Justice Department and that “we’re going to get rid of that, too.”

Rosenstein’s departure would prompt questions about the future of Mueller’s investigation and whether Trump, who has called the probe a “witch hunt,” would seek to remove Mueller.

If Rosenstein does resign, Trump has more leeway on replacing him while firing him would make it harder for Trump to designate a successor, as Bloomberg explained here.

Rosenstein’s future ignited a series of conflicting reports on Monday, with the Axios news website cited an unidentified source with knowledge of the matter as saying he had verbally resigned to White House Chief of Staff John Kelly. Other reports said Rosenstein expected to be fired while NBC News reported Rosenstein said he would not resign and the White House would have to fire him.

 

Lifelong friends of Ford denies attending the party where the alleged assault occurred
(courtesy zerohedge)

“Lifelong Friend” Of Kavanaugh Accuser Denies Attending Party Where Alleged Sexual Assault Occurred

A woman believed to have been one of five people at a party some 35 years ago where Christine Blasey Ford claims she was sexually assaulted by Brett Kavanaugh has become the fourth person to deny any recollection of the event.

In a Saturday night email to the Senate Judiciary Committee also received by several news outlets, Leland Ingham Keyser – a “longtime friend” of Blasey Ford’s said through her attorney:

“Simply put, Ms. Keyser does not know Mr. Kavanaugh and she has no recollection of ever being at a party or gathering where he was present, with, or without, Dr. Ford,” said Keyser’s attorney Howard Walsh, who has been “engaged in the limited capacity” of corresponding with the committee on behalf of Keyser, according to Politico.

Kavanaugh and Mark Judge – the other teenager allegedly in the room during the alleged sexual assault – have both stated that they have no recollection of the incident, while a third man who Ford claims was at the party – Patrick J. Smyth, also denied any recollection of the event, telling the Judiciary Committee last week in a statement: “I understand that I have been identified by Dr. Christine Blasey Ford as the person she remembers as ‘PJ’ who supposedly was present at the party she described in her statements to the Washington Post,” Smyth wrote in his statement. “I am issuing this statement today to make it clear to all involved that I have no knowledge of the party in question; nor do I have any knowledge of the allegations of improper conduct she has leveled against Brett Kavanaugh.”

Smyth added: “Personally speaking, I have known Brett Kavanaugh since high school and I know him to be a person of great integrity, a great friend, and I have never witnessed any improper conduct by Brett Kavanaugh towards women. To safeguard my own privacy and anonymity, I respectfully request that the Committee accept this statement in response to any inquiry the Committee may have.”

On Saturday night, a tentative deal was reached for Ford to testify publicly on Thursday, according to the New York Times.

After a brief call late on Saturday, the woman’s lawyers and aides to Senator Charles E. Grassley of Iowa, the Republican chairman of the Judiciary Committee, planned to talk again Sunday morning to continue the halting negotiations over the conditions of the testimony, according to three people familiar with the call. Aides to Senator Dianne Feinstein of California, the committee’s top Democrat, were also involved. –NY Times

The Times notes, however, that Leland Keyser’s statement “seemed to eliminate any chance of corroboration of Dr. Blasey’s account by anyone who attended the high school party where she says she was assaulted.”

If no deal is reached for Blasey Ford’s testimony next week, Sen. Grassley will be left to decide on Sunday whether or not to move ahead with a scheduled vote to confirm Kavanaugh on Monday.

Grassley has engaged in a back-and-forth with Ford’s legal team, allowing them to miss several deadlines to continue negotiations. While Grassley may be trying to avoid the appearance of the Judiciary Committee panel of 11 men bullying an female victim alleging sexual assault, many conservatives have expressed frustration at the Chairman’s acquiescence to virtually every demand Ford has made.

The Columbia Bugle 🇺🇸@ColumbiaBugle

Shut this down.

Everyone at the party has said they have no idea what Christine Blasey Ford is talking about, even her longtime friend Leland Ingham Keyser!

What are you waiting for Chuck!!! Vote on Monday!!! #ConfirmKavanaugh

The Columbia Bugle 🇺🇸@ColumbiaBugle

4 witnesses (one of Ford’s longtime friends)support Brett Kavanaugh vs Christine Blasey Ford.

Time to end this and move on. #ConfirmBrettKavanaugh

The Columbia Bugle 🇺🇸@ColumbiaBugle

The Senate should be negotiating with Ford for a written apology from her to Brett Kavanaugh and his wife and children.

Also potentially damaging to Blasey Ford’s claim is a theory presented Thursday by Ed Whelan,  a former clerk to USSC Justice Antonin Scalia and currently president of the Ethics and Public Policy Center (EPPC), a conservative think tank. Using entirely circumstantial evidence which could certainly ruin the life of the man at the center of the new theory, Whelan suggested that Kavanaugh’s high school doppelgänger, Chris Garrett, may have in fact been responsible for Blasey Ford’s recollection of the alleged incident.

Brett Kavanaugh (left)Whelan apologized for publicly naming Kavanaugh’s look-alike hours later, perhaps to provide legal cover, however he did not retract his theory that Ford may be “misremembering” the incident.

Professional help

Also casting doubt on the timing and purpose of Ford’s 11th hour claim against Kavanaugh is the Friday revalation that Ford’s current political adviser – former Obama and Clinton White House official Ricky Seidman, had allegedly been working on Ford’s situation since July – outlining a plan on a newly released audio tape to use the allegation as political fodder to derail Kavanaugh’s confirmation, and if unsuccessful, at least politically harm Republicans during midterms.

“While I think at the outset, looking at the numbers in the Senate, it’s not extremely likely that the nominee can be defeated,” says Seidman. “I would absolutely withhold judgement as the process goes on. I think that I would not reach any conclusion about the outcome in advance.”

What’s more, the recording makes clear that even if Kavanaugh is confirmed, Democrats can use the doubt cast over him during midterms.

“Over the coming days and weeks, there will be a strategy that will emerge, and I think it’s possible that that strategy might ultimately defeat the nominee… whether or not it ultimately defeats the nominee, it will help people understand why it’s so important that they vote and the deeper principles that are involved in it.

Meanwhile, over 200 women have defended Kavanaugh’s moral character, including two ex-girlfriends who vouched for the Judge.

He was always a perfect gentleman, and I vouch for him completely,” Maura Fitzgerald said. “Brett Kavanaugh and I have been good friends since high school. I dated him in college and he was and is nothing like the person who has been described” by Christine Blasey Ford.

He always conducted himself honorably with me at all times when we were together,” Fitzgerald explained.

Another woman who dated Kavanaugh in high school, Maura Kane, agreed with Fitzgerald.

“I’ve been friends with Brett Kavanaugh for over 35 years, and dated him during high school,” Kane explained. “In every situation where we were together he always respectful, kind and thoughtful. The accusations leveled against him in no way represent the decent young man I knew.”

Kane concluded, “We remain good friends and I admire him as a husband, father and professional.” –PJ Media

Meanwhile, Ford has been backed largely by people with no knowledge of the situation, such as celebrities and non-public figures who simply believe her story.

END

 

Another accuser emerges alleging sexual misconduct.  This one should be easy to disprove as she names two witnesses to the event

(courtesy zerohedge)

Second Kavanaugh Accuser Emerges Alleging Sexual Misconduct; Feinstein Demands Hearing Cancelled

A second woman has come forward to accuse Supreme Court nominee Brett Kavanaugh of sexual misconduct – this time while he was a Yale university during the 1983-1984 academic year, according to a new report by Ronan Farrow of the New Yorker.

The woman, Deborah Ramirez, 53, claims that Kavanaugh waved his penis in her face during a drunken dormitory party and “caused her to touch it without her consent as she pushed him away.”

For Ramirez, the sudden attention has been unwelcome, and prompted difficult choices. She was at first hesitant to speak publicly, partly because her memories contained gaps because she had been drinking at the time of the alleged incident. In her initial conversations with The New Yorker, she was reluctant to characterize Kavanaugh’s role in the alleged incident with certainty. After six days of carefully assessing her memories and consulting with her attorney, Ramirez said that she felt confident enough of her recollections to say that she remembers Kavanaugh had exposed himself at a drunken dormitory party, thrust his penis in her face, and caused her to touch it without her consent as she pushed him away. Ramirez is now calling for the F.B.I. to investigate Kavanaugh’s role in the incident. “I would think an F.B.I. investigation would be warranted,” she said.

Specifically, Ramirez recalls “a penis being in front of my face,” and that despite being inebriated, someone encouraging her to “kiss it.”

Despite acknowledging “significant gaps in her memories of the evening” due to being incredibly drunk, Ramirez then recalls someone yelling down a hallway “Brett Kavanaugh just put his penis in Debbie’s face!”

She recalled that the party took place in a suite at Lawrance Hall, in the part of Yale known as Old Campus, and that a small group of students decided to play a drinking game together. “We were sitting in a circle,” she said. “People would pick who drank.” Ramirez was chosen repeatedly, she said, and quickly became inebriated. At one point, she said, a male student pointed a gag plastic penis in her direction. Later, she said, she was on the floor, foggy and slurring her words, as that male student and another stood nearby. (Ramirez identified the two male onlookers, but, at her request, The New Yorker is not naming them.)

A third male student then exposed himself to her. “I remember a penis being in front of my face,” she said. “I knew that’s not what I wanted, even in that state of mind.” She recalled remarking, “That’s not a real penis,” and the other students laughing at her confusion and taunting her, one encouraging her to “kiss it.” She said that she pushed the person away, touching it in the process. Ramirez, who was raised a devout Catholic, in Connecticut, said that she was shaken. “I wasn’t going to touch a penis until I was married,” she said. “I was embarrassed and ashamed and humiliated.” She remembers Kavanaugh standing to her right and laughing, pulling up his pants. “Brett was laughing,” she said. “I can still see his face, and his hips coming forward, like when you pull up your pants.” She recalled another male student shouting about the incident. “Somebody yelled down the hall, ‘Brett Kavanaugh just put his penis in Debbie’s face,’ ” she said. “It was his full name. I don’t think it was just ‘Brett.’ And I remember hearing and being mortified that this was out there.”  –New Yorker

Meanwhile, lawyer Michael Avenatti – best known for representing adult entertainer Stephanie Clifford – said on Twitter that he represents a woman “with credible information regarding Judge Kavanaugh,” and that his client is not Ramirez.

In response, Kavanaugh issued a statement saying that “This alleged event from 35 years ago did not happen. The people who knew me then know that this did not happen, and have said so. This is a smear, plain and simple. I look forward to testifying on Thursday about the truth, and defending my good name—and the reputation for character and integrity I have spent a lifetime building—against these last-minute allegations.”

Meanwhile, White House spokeswoman Kerri Kupec said in a statement: “This 35-year-old, uncorroborated claim is the latest in a coordinated smear campaign by the Democrats designed to tear down a good man. This claim is denied by all who were said to be present and is wholly inconsistent with what many women and men who knew Judge Kavanaugh at the time in college say.”

Predictably, the entire hearing narrative has now been thrown into disarray, and late on Sunday night, Dianne Feinstein tweeted that “Thursday’s hearing should be canceled in light of a disturbing new allegation of sexual misconduct against Brett Kavanaugh. The FBI must investigate ALL allegations.”

Sen Dianne Feinstein

@SenFeinstein

Thursday’s hearing should be canceled in light of a disturbing new allegation of sexual misconduct against Brett Kavanaugh. The FBI must investigate ALL allegations.

Feinstein sent the following letter to Chuck Grassley:

“I am writing to request an immediate postponement of any further proceedings related to the nomination of Brett Kavanaugh,” Feinstein wrote. “I also ask that the newest allegations of sexual misconduct be referred to the FBI for investigation, and that you join our request for the White House to direct the FBI to investigate the allegations of Christine Blasey Ford as well as these new claims.”

Her conclusion: “It is time to set politics aside. We must ensure that a thorough and fair investigation is conducted before moving forward.”

end

Sunday

Now multiple witnesses and friends contradict the new Kavanaugh accuser Ramirez

(Newsmax)

Multiple Witnesses and Friends Contradict New Kavanaugh Accuser

Sunday, 23 September 2018 09:58 PM

The Judicial Crisis Network, a conservative group that has supported Brett Kavanaugh‘s nomination to the Supreme Court, issued a statement criticizing the New Yorker magazine for its report Sunday that a second woman has accused Kavanaugh of sexual misconduct.

According to JCN, multiple friends and witnesses have strongly denied claims made by Deborah Ramirez that Kavanaugh sexually taunted her during the time both studied at Yale University.

JCN noted in its response:

  • “One of the male classmates who Ramirez said egged on Kavanaugh denied any memory of the party. “I don’t think Brett would flash himself to Debbie, or anyone, for that matter,” he said.
  • The other male classmate Ramirez said was involved in the incident commented, “I have zero recollection.”
  • Ramirez’s college best friend denies it. “This is a woman I was best friends with. We shared intimate details of our lives. And I was never told this story by her, or by anyone else. It never came up. I didn’t see it; I never heard of it happening.”

Other contemporaries deny it as well:

In a statement, two of those male classmates whom Ramirez alleged were involved in the incident, the wife of a third male student she said was involved, and three other classmates, Dino Ewing, Louisa Garry, and Dan Murphy, disputed Ramirez’s account of events:

“We were the people closest to Brett Kavanaugh during his first year at Yale. He was a roommate to some of us, and we spent a great deal of time with him, including in the dorm where this incident allegedly took place.

“Some of us were also friends with Debbie Ramirez during and after her time at Yale. We can say with confidence that if the incident Debbie alleges ever occurred, we would have seen or heard about it — and we did not. The behavior she describes would be completely out of character for Brett. In addition, some of us knew Debbie long after Yale, and she never described this incident until Brett’s Supreme Court nomination was pending. Editors from the New Yorker contacted some of us because we are the people who would know the truth, and we told them that we never saw or heard about this.”

Read Newsmax: Multiple Witnesses and Friends Contradict New Kavanaugh Accuser | Newsmax.com
Urgent: Do you approve of Pres. Trump? Vote Here in Poll

 

 end

 

Sunday:

So far, a “nothing burger”.  Ford accepts the request

 

(courtesy zerohedge)

 

Kavanaugh Accuser “Accepts Request” To Testify Next Week

Christine Blasey Ford has accepted the Senate Judiciary Committee’s request to testify on Ford’s allegation that Supreme Court nominee Brett Kavanaugh sexually assaulted her in high school, Ford’s attorneys told Senate Republicans on Saturday. Her decision came just ahead of a looming 2:30pm deadline: Judiciary Committee Chairman Chuck Grassley had given Ford’s lawyers until Saturday afternoon to decide whether she would proceed with testifying.

Still, her answer is nebulous because as on previous occasions, the exact terms and timing of her testimony remain unclear, as negotiations between Ford’s lawyers and staff for the Senate Judiciary Committee remain ongoing.

In the email Ford’s lawyers said she had accepted the panel’s “request to provide her first-hand knowledge of Brett Kavanaugh’s sexual misconduct next week” even though the legal team said it found that many of the “aspects of the [Committee’s] proposal… are fundamentally inconsistent with the Committee’s promise of a fair, impartial investigation.”

The email also didn’t specifically say that Ford was agreeing to a Wednesday hearing date, which is what the Judiciary Committee has proposed. And Debra Katz, Ford’s lawyer, explicitly said that “she is hopeful that we can reach an agreement on the details.”

“This an ask to continue ‘negotiations’ without committing to anything. It’s a clever way to push off the vote Monday without committing to appear Wednesday,”a senior White House official said Saturday quoted by The Hill.

For the past week, both sides had been wrangling over the exact day and conditions for Ford’s testimony.

Senator Orin Hatch responded to the latest proposal, saying “this is exactly where we were on Monday morning— without agreeing to a date, time, and terms we are no closer to hearing from Dr Ford then we were when her lawyers said Dr. Ford was willing to testify during their media tour.”

Senator Hatch Office

@senorrinhatch

Worth noting that this is exactly where we were on Monday morning— without agreeing to a date, time, and terms we are no closer to hearing from Dr Ford then we were when her lawyers said Dr. Ford was willing to testify during their media tour

6 days agohttps://twitter.com/chadpergram/status/1043573841983868928?s=21 

Chad Pergram

@ChadPergram

In the latest msg by Ford’s atty to cmte, they just reiterated they are willing to appear, but no committment to time or format. This doesn’t clarify things much further. Saying Ford is willing to appear is just consistent with what Ford has said before.

Commenting on the constant back and forth, conservative commentator Laura Ingraham said last week that “those who appear before a Senate Committee don’t set the terms. This is ludicrous and must be stopped. Terrible precedent.”

Grassley has agreed to limit television coverage of next week’s hearing, provide adequate police security and timely breaks. But he has rejected a request from Ford’s lawyers that outside witnesses, such as Kavanaugh’s high school friend Mark Judge, be called to testify.

The brief email is below.

end

 

Kim Strassel comments that the Washington Post knew the name of the 4th person and it was a girl not a boy and that they knew the name of that girl of Leland Ingham  (Keyser now).  Ford has now given two versions of the story: one that there were 4 boys attending and the other 3 boys and one girl
(courtesy zerohedge)

WaPo Concealed Kavanaugh Party Claim From Public After Coordinating With Accuser: Strassel

The Washington Post has been busted by WSJ columnist Kimberly Strassel for intentionally withholding information from their reporting of Christine Blasey Ford’s claim that Brett Kavanaugh sexually assaulted her at a high school party in the early 1980s, which “further undercuts the Ford accusation.”

Strassel obtained a copy of the email WaPo sent to Mark Judge, one of the teenagers Ford claims was at the party – revealing that the Post knew the names of those at the alleged party, as well as the fact that one of them was a woman – Ford’s “longtime” friend Leland Keyser (then Ingham).

Publicly, the Post reported that there were four boys at the party the same day they revealed to Judge that they knew there was a girl.

What’s more, WaPo now writes: “Before her name became public, Ford told The Post she did not think Keyser would remember the party because nothing remarkable had happened there, as far as Keyser was aware.”

And instead of reporting this, the Post allowed Ford’s claim tha there were four boys at the party stand until word of Keyser’s alleged attendance became public knowledge late last week. 

Scroll down to read:

Kimberley Strassel

@KimStrassel

1) More big breaking news, which further undercuts the Ford accusation, as well as media handling of it. A source has given me the email that WaPo reporter Emma Brown sent to Mark Judge, one person Ford claims was at the party. This email is dated Sunday, Sept. 16, 2018

2) The email wants a comment from him. The subsequent story would reveal Christine Ford’s name, and give details of the supposed “assault.”

Kimberley Strassel

@KimStrassel

3) One part of the email to Judge reads: “In addition to Brett Kavanaugh and Mark Judge, whom she called acquaintances she knew from past socializing, she recalls that her friend Leland (last name then was Ingham, now Keyser) was at the house and a friend of the boys named PJ.”

Kimberley Strassel

@KimStrassel

4) This matters for two big reasons–Ford’s credibility and WaPo’s. The subsequent WaPo story would go on to cite Ford’s name and details, and also list notes from a therapist that Ford told this to in 2012. Read carefully what WaPo reports, the same day it emails Judge:

Kimberley Strassel

@KimStrassel

5) “The notes say four boys were involved, a discrepancy Ford says was an error on the therapist’s part. Ford said there were four boys at the party but only two in the room.”

Kimberley Strassel

@KimStrassel

6) Wait, say what? WaPo reports publicly that Ford says it was “four boys,”even after WaPo reporter tells Judge that Ford had told her it was three boys and a girl.

Kimberley Strassel

@KimStrassel

7) So first, huge problem: This was just a week ago, and we have Ford giving two different accounts of who was present. Four boys. No, three boys, one girl. Either way, therapist notes from 2012 definitively say four boys, which Ford didn’t dispute. But now… a girl!

Kimberley Strassel

@KimStrassel

8) Other problem: WaPo’s reporting. Reporter has for a week had the names of those Ford listed as present. One is a woman. Yet it writes a story saying FOUR BOYS. Why? Maybe a mistake. But if so, why did WaPo never correct that narrative?

Kimberley Strassel

@KimStrassel

9) What, you can’t find Keyser? She has lived in the DC area a long time. The paper had no trouble tracking down the other two men (btw, who also denied such party). And why not publish Keyser’s name? It published the other men’s names.

Kimberley Strassel

@KimStrassel

10) In its most recent update tonight, WaPo writes: “Before her name became public, Ford told The Post she did not think Keyser would remember the party because nothing remarkable had happened there, as far as Keyser was aware.”

Kimberley Strassel

@KimStrassel

11) Wow. “Before her name became public, Ford told…” That is WaPo admitting that it had the name, and had Ford’s response to what would clearly be a Keyser denial, but NEVER PUT IT OUT THERE. Again, why? A lot of people have a lot questions to answer.

end

Details on Kavanaugh’s calendars show that he was out of town when the Ford assault allegedly took place

(courtesy zerohedge)

Calendars From 1982 Show Kavanaugh Was “Out Of Town” When Ford Assault Allegedly Took Place

In his latest attempt to clear his name following allegations from Palo Alto University Professor Christine Blasey Ford claiming that he had had attempted to sexually assault her more than 35 years ago when they were seniors in high school, Judge Brett Kavanaugh will hand over calendars from the summer of 1982 which supposedly show that he was out of town when the party described by Ford allegedly took place.

Kav

According to the New York Times, the calendars do not disprove Ford’s allegations, as he could have attended a party that he did not list on his calendar. Instead, his team intends to argue that Kavanaugh’s calendars don’t confirm Ford’s account of how an inebriated Kavanaugh allegedly pinned her to a bed and tried to remove her clothing. Ford has said she does not recall the specific date of the party.

The calendar pages from June, July and August 1982, which were examined by The New York Times, show that Judge Kavanaugh was out of town much of the summer at the beach or away with his parents. When he was at home, the calendars list his basketball games, movie outings, football workouts and college interviews. A few parties are mentioned but include names of friends other than those identified by Dr. Blasey.

The challenge for senators trying to confirm or refute the accusation against Judge Kavanaugh is that Dr. Blasey has said she does not recall the specific date or location of the house where the alleged incident occurred. She has said she believes it was during the summer of 1982, and she remembers wearing a bathing suit with other clothing on top of it, suggesting the party might have taken place after a swim outing at a local country club.

While three other people whom Ford said were also in attendance at the party have said they did not remember the incident, Ford’s lawyer Debra Katz explained that this is hardly surprising.

“It’s not surprising that Ms. Keyser has no recollection of the evening as they did not discuss it,”Ms. Katz said. “It’s also unremarkable that Ms. Keyser does not remember attending a specific gathering 30 years ago at which nothing of consequence happened to her. Dr. Ford of course will never forget this gathering because of what happened to her there.”

Kavanaugh doesn’t intend to argue that Ford wasn’t assaulted at the party; instead, his lawyers are expected to claim that the assailant wasn’t Kavanaugh, but a friend of Kavanaugh’s with whom he bore a striking resemblance.

Meanwhile, Kavanaugh’s calendars appeared to offer an unusually detailed accounting of his teenage life.

The calendar pages are one-month pages with each day in a small box. Unusual for a teenager, Judge Kavanaugh seemed to keep track of his days even during summer vacation. The pages show typical teenage activities from the era, including “beach week” after the end of the school year and nights at the theater to see “Grease II,” “Rocky III” and “Poltergeist” with friends.

Judge Kavanaugh was gone many weekends with his parents in St. Michaels, Md., and one weekend in Connecticut with his grandmother, according to the calendars. He listed an interview for Yale University, where he would eventually enroll, and the start of football camp in August, when he stayed in the dorms at Georgetown Prep. He also played summer league basketball.

Of course, given Sunday night’s bombshell report that a second accuser is coming forward, Kavanaugh’s defense team will need to come up with another strategy to defend against both of these accounts. But they were handed a reprieve Monday morning when reports surfaced that NBC, The New York Times and The Washington Post passed on Ronan Farrow’s Kavanaugh accuser story because reporters felt uneasy about the facts.

The allegations were leveled by Kavanaugh’s former Yale classmate Deborah Ramirez, who said Kavanaugh “pulled his penis out and tried to press it into her face” at a dorm-room party their freshman year. The stakes for this allegation are higher given that Kavanaugh was a legal adult at the time, and he swore during his previous testimony before the Senate Judiciary Committee that he had never committed a sexual assault as an adult.

 end
It now makes sense why Ford was trying to delay as Ramirez was cooking up her story:
(courtesy Kim Strassel/Jim Kunstler/zerohedge)

“Going Full Porn”: Jim Kunstler Fears Ramirez’s Recollections Are Declaration Of War By The ‘Resistance’

The Wall Street Journal’s Kimberley Strassel has been an outspoken voice of reasons among the establishment media and weighed in on the latest set of accusations against SCOTUS nominee Kavanaugh with the following succinct tweet:

The left made a mistake with this Ramirez story. It isn’t just how embarrassingly flimsy it is; she was inebriated; took six days to find memories; everyone denies it. But it strongly suggests the Ford delay demands were about cooking this up. Destroys credibility all around.

Her thoughts were echoed and extended by Kunstler.com’s James Howard Kunstler, who fears America is about to “Go Full Porn.”

The Resistance didn’t quite hit it out of the park with Christine Blasey Ford. After all, how effective for the purpose of character assassination is a claim of “attempted rape” without even a when-and-where piece of the story? So the DC Dem-Progs have gone to their bench and found a real thumper in Deborah Ramirez who steps forward now with the ultimate giant-killer story of Brett Kavanaugh “thrusting his penis in her face and causing her to touch it without her consent,” (as reported in The New Yorker Magazine by Ronan Farrow, America’s self-appointed great white penis-hunter, and estranged son of filmmaker Woody Allen, infamous, reputed penis-mishandler).

The charge was obviously crafted to prompt the news media to repeat the word “penis” as many times possible because the word itself has terrifying powers to shock women’s sensibilities. And understandably so. It’s not for nothing that rakes of merry old England referred to the male generative organ as “the frightful hog.” In our time, a better analog might be the ghastly interloper aboard the space-tug Nostromo in the classic sci-fi shocker Alien. Remember how it burst out of astronaut John Hurt’s chest, all slimy, drippy, and goopy, and sort of water-skied out of the sick bay to hide in the bilges? Dear me! Almost gave me a heart attack at the time and I was barely into my thirties.

Fast forward about seventy minutes to the climactic third reel where Warrant Officer Ripley (Sigourney Weaver) is preparing desperately to escape the wrecked Nostromo in her space lifeboat… and look who’s aboard starring her right in the face: the now full-grown alien beast, all goopy and tumescent, a veritable penis-of-death from another world. The movie came out in 1979, just a few years before the alleged facial penis-thrusting in the Yale freshman dorm. One wonders if Deborah Ramirez had seen the film and was possibly suffering from post-Alien-shock syndrome (PASS).

Here the Resistance has come up with a story so vivid and awful that it almost guarantees conviction without any necessary proof. I’m sure it will do the trick. It’s certainly an improvement over the old Anita Hill tale of Clarence Thomas noticing a pubic hair on his Coke can. A mere hair! The proto-Resistance of 1991 was far too timid in that case, and Mr. Thomas actually landed on the supreme court! Apparently, they learned their lesson on that one: When swinging for the fences, haul out the heavy lumber.

The part that I find interesting in the New Deborah Ramirez accusation is this:

     After six days of carefully assessing her memories and consulting with her attorney, Ramirez said that she felt confident enough of her recollections to say that she remembers Kavanaugh had exposed himself at a drunken dormitory party, thrust his penis in her face, and caused her to touch it without her consent as she pushed him away.

Six days of meditation, prayer, memory-wracking, attorney-prompting, and — no doubt — earnest and heartfelt coaching by Resistance shamans, overcame the effects of 35 years and, say, seven Jello-shots to retrieve the details of that long-ago encounter.(No one mentioned bong-hits, at least not yet, but how could there not have been, on top of the drinking games?) But the real gold in the story comes in this revelation:

      Ramirez, who was raised a devout Catholic, in Connecticut, said that she was shaken. “I wasn’t going to touch a penis until I was married.”

Really? Maybe she should have gone to the weekly meeting of the Yale Freshman Women’s Math and Physics Circle instead of an apparently mostly male dorm party convened for the purpose of getting shitfaced drunk with the greatest possible efficiency. Did she not know what was going on there? Was she forced to stick around? Did the boys make her down those shots?

Now that all American womanhood has been faced, shall we say, with the image of the looming universal horrifying penis, all bets on the Kavanaugh nomination are off. But the gambit does raise the possibility that it will be answered by some rough justice from the conservative side of the field. It will be interesting to see in the weeks and months ahead how many Democratic house and senate members will be revealed as would-be rapists and sluts. I can’t imagine that none of them have secrets to hide. In fact, I would take the Ramirez accusation as tantamount to a declaration of war by the Resistance.

And as the old saying goes, all’s fair in love and war.

END

Kavanaugh is one brave individual and will not be initimadated into withdrawing his nomination to the Supreme Court

(courtesy zerohedge)

 

Kavanaugh: “I Will Not Be Intimidated Into Withdrawing” By “Smears” And “Vile Threats”

Brett Kavanaugh defied his accusers on Monday when he said that he will “not be intimidated into withdrawing” his Supreme Court nomination after a second woman emerged late on Sunday with a sexual misconduct allegation against him. In a letter from Kavanaugh to Senators Chuck Grassley and Dianne Feinstein – the chairman and ranking member of the Judiciary Committee – the SCOTUS candidate said the accusations against him are “smears, pure and simple.”

They debase our public discourse. But they are also a threat to any man or woman who wishes to serve our country. Such grotesque and obvious character assassination – if allowed to succeed -will dissuade competent and good people of all political persuasions from service,” Kavanaugh said in the letter to Grassley and Feinstein.

“I will not be intimidated into withdrawing from this process. The coordinated effort to destroy my good name will not drive me out. The vile threats of violence against my family will not drive me out. The last-minute character assassination will not succeed,” an exasperated Kavanaugh write.

He sent the letter after The New Yorker reported that Senate Democrats are investigating a sexual misconduct allegation dating back to Kavanaugh’s freshman year at Yale University, Deborah Ramirez says Kavanaugh exposed himself in front of her during a dorm party at Yale. She told The New Yorker that Kavanaugh thrust his penis in her face, causing her to touch it without her consent. The latest allegation emerged not long after Kavanaugh had faced earlier sexual assault allegations from Christine Blasey Ford, who says that at a party in the early 1980s Kavanaugh pinned her down to a bed and tried to remove her clothing.

Kavanaugh and Ford are both scheduled to testify before the Judiciary Committee on Thursday.

Earlier, president Trump said he backs Kavanaugh “all the way” and the accusations against him “totally political”, and with other republicans joining in, it appears there will be a drawn out fight over his nomination. Republcian senator Orrin Hatch said the New Yorker piece was a “smear campaign.” Sen. Lindsey Graham (R-S.C.) meanwhile said Democrats are engaged in “wholesale character assassination.”

END

Late Sunday;  Hordes of bussed in protesters are preparing for a DC disruption ahead of the Kavanaugh confirmation.

(courtesy zerohedge)

Hordes Of Bussed-In Protesters Prepare For DC Disruption Ahead Of Kavanaugh Confirmation

Liberal activists are planning to disrupt the confirmation hearing for Supreme Court nominee Brett Kavanaugh, according to journalists Paul Sperry and Jack Posobiec.

Sperry reports: “Protesters from several radical leftwing activist groups, including Cntr for Popular Democracy,Women’s March, Indivisible, Moveon.org  &Housing Works, are being bussed into DC to march on the Senate next week & disrupt any vote on Kavanaugh. They’re meeting tonight (Sun) at 7:30 PM for training at St. Stephens of Incarnation Church, 1525 Newton Street NW in the Mount Pleasant area of DC. This church will also provide lodging for the rable and act as their staging ground throughout the week. Protesters’ jail bail, legal fees & transportation being paid for by these leftist groups, many of which are funded by liberal mega donor George Soros and are desperate to derail President Trump’s conservative SCOTUS nomination. (More details to come … )”

Paul Sperry@paulsperry_

BREAKING: Protesters from several radical leftwing activist groups, including Cntr for Popular Democracy,Women’s March,Indivisible,http://Moveon.org &Housing Works, are being bussed into DC to march on the Senate next week & disrupt any vote on Kavanaugh. They’re meeting…

MoveOn: People-Powered Progress | MoveOn.Org | Democracy In Action

MoveOn is a community of millions of Americans from all walks of life who use innovative technology to lead, participate in, and win campaigns for progressive change.

front.moveon.org

Paul Sperry@paulsperry_

… tonight (Sun) at 7:30 PM for training at St. Stephens of Incarnation Church, 1525 Newton Street NW in the Mount Pleasant area of DC. This church will also provide lodging for the rable and act as their staging ground throughout the week. Protesters’ jail bail, legal fees &…

Jack Posobiec, meanwhile, claims to have “snuck onto the conference call for organizing against Kavanaugh on Monday and got their entire protest plans.”

Jack Posobiec 🇺🇸

@JackPosobiec

So, guess who snuck onto the conference call for organizing against Kavanaugh on Monday and got their entire protest plans

View image on Twitter

Jack Posobiec 🇺🇸

@JackPosobiec

View image on Twitter

Jack Posobiec 🇺🇸

@JackPosobiec

View image on Twitter

Jack Posobiec 🇺🇸

@JackPosobiec

View image on Twitter

Jack Posobiec 🇺🇸

@JackPosobiec

Prepare for a cacophony of rage amid a sea of pink pussy hats…

 

end
FROM THE kING REPORT:
MORE SWAMP STORIES
(courtesy King Report) and special thanks to Chris Powell of GATA for sending this to us:
@realDonaldTrump [Friday]: I met with the DOJ concerning the declassification of various UNREDACTED documents. They agreed to release them but stated that so doing may have a perceived negative impact on the Russia probe. Also, key Allies’ called to ask not to release. Therefore, the Inspector General…..has been asked to review these documents on an expedited basis. I believe he will move quickly on this (and hopefully other things which he is looking at). In the end I can always declassify if it proves necessary. Speed is very important to me – and everyone!
@GeorgePapa19: After reports are finally out that the British and Australian governments were actively spying and trying to sabotage the Trump campaign, those two governments called the president to ask for him not to declassify any FISA documents. Strange.
    Alexander Downer will go down in history as a stooge for Clinton who single handedly caused irreparable damage between the USA-Australia. Congrats, buddy.
Some pundits opined that DJT’s delay had little to do with foreign objections and more to do with Horowitz and his investigation into FISA abuse and the IG’s grand jury.
On Thursday night, rumors circulated that AG Jeff Sessions had filed paper work and/or consulted with SCOTUS judges about undoing his recusal.
On Friday, House Intel Committee Chair Rep. Devin Nunes told Fox News unredacted FISA documents will show the Obama DOJ tried to use Carter Page FISA to obtain Trump campaign strategies.
FBI emails that leaked out on Thursday inferred that the Obama WH was actively involved in the spying on Team Trump operation.
On Friday afternoon the NYT’s Michael Schmitt, who has penned numerous anti-DJT stories from apparent Deep State, Team Mueller and anti-DJT forces, and Adam Goldman dropped a bombshell.
@nytmike: Rosenstein discussed invoking the 25th Amendment to oust Trump in the days after Comey was fired in May 2017. Rosenstein also discussed wearing a wire to secretly record his conversations with Trump.    https://t.co/lq3iWOqM1r
Rosenstein reportedly made the remarks to then-acting FBI Director Andrew McCabe, who detailed Rosenstein’s comments in memos…
      Rosenstein issued his own statement to the Times.  “The New York Times’s story is inaccurate and factually incorrect,” he said. “I will not further comment on a story based on anonymous sources who are obviously biased against the department and are advancing their own personal agenda.”…
WaPo: McCabe memos say Rosenstein considered secretly recording Trump
Rod Rosenstein Talk of Taping Trump Was Considered Serious By Lisa Page
Reports allege that Rosenstein signed the FISA application on Carter Page that DJT wants to release.
Report: McCabe Threatened to ‘Take People Down With Him if Fired
@OfficeOfMike: Was Rod Rosenstein the author of the anonymous NYT op-ed?  Asking for a friend.
UK Begged Trump Not to Declassify Russia Docs; Cited “Grave Concerns” over Steele Involvement – It’s understandable that the UK would prefer to hide their involvement in the “witch hunt” of Donald Trump since much of the counterintelligence investigation was conducted on UK soil. And if the Brits had knowledge of the operation, it will bolster claims that they meddled in the 2016 US election by assisting what appears to have been a set-up from the start…
@GeorgePapa19: Australia, if you are listening, do not sacrifice and damage your relationship with the USA to protect Alexander Downer. He sold you out for the sole purpose to try and sabotage Donald Trump to keep his links to the Clintons alive and well.

 

WE WILL SEE YOU ON TUESDAY NIGHT.

 

ALL THE BEST

 

 

HARVEY

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One comment

  1. You mean gold is flowing from west to east?

    Like

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