SEPT 27/GOLD DOWN $10.90 TO $1183.70 AND SILVER DOWN 10 CENTS TO $14.27/ARGENTINA RECEIVES ANOTHER 7 BILLION DOLLARS FROM THE IMF/KAVANAUGH HEARINGS/

 

GOLD: $1183.70 DOWN  $10.90 (COMEX TO COMEX CLOSINGS)

Silver:   $14.27  DOWN 10 CENTS (COMEX TO COMEX CLOSING)

 

Closing access prices:

Gold $1194.50

silver: $14.33

 

 

 

 

 

For comex gold:

SEPT/

 

And now Sept:

 

 

NUMBER OF NOTICES FILED TODAY FOR SEPT CONTRACT:  4 NOTICE(S) FOR 400 OZ 

Total number of notices filed so far for Sept:  627 for 62700 (1.9502 tonnes)

 

For silver: 

Sept

 

 

18 NOTICE(S) FILED TODAY FOR

90,000 OZ/

Total number of notices filed so far this month: 7411 for 37,055,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE  $6474: UP  $9

 

Bitcoin: FINAL EVENING TRADE: $6696  UP 230.00

 

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: $1203.06

NY price  at the same time:$1197.00

 

PREMIUM TO NY SPOT: $6.06

XX

Second gold fix early this morning: $ 1202.44

 

 

USA gold at the exact same time:$1195.55

 

PREMIUM TO NY SPOT:  $6.89

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

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

In silver, the total OPEN INTEREST FELL BY A TINY SIZED 312 CONTRACTS FROM 203,413 DOWN TO  204,196 WITH YESTERDAY’S  9 CENT FALL IN SILVER PRICING AT THE COMEX. TODAY WE  MOVED A LITTLE  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 STRONG SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:

EFP’S FOR SEPT.  1343 EFP’S FOR DECEMBER AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE: OF 1343 CONTRACTS. WITH THE TRANSFER OF 1343 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 1343 EFP CONTRACTS TRANSLATES INTO 6.715 MILLION OZ  ACCOMPANYING:

1.THE 9 CENT FALL IN SILVER PRICE AT THE COMEX AND

2. THE STRONG AMOUNT OF SILVER OUNCES WHICH STOOD FOR THE JUNE/2018 COMEX DELIVERY MONTH. (5.420 MILLION OZ);  30.370 MILLION OZ  STANDING FOR DELIVERY IN JULY, FOR AUGUST: 6.065 MILLION OZ AND NOW 39.505 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: 

31,858 CONTRACTS (FOR 18 TRADING DAYS TOTAL 31,858 CONTRACTS) OR 159.290 MILLION OZ: (AVERAGE PER DAY: 1770 CONTRACTS OR 8.850 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF SEPT:  159.29 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 22.74% 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:           2,206.10    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 TINY SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 312 WITH THE 9 CENT FALL IN SILVER PRICING AT THE COMEX YESTERDAY. THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 1343  CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) .

TODAY WE GAINED A VERY GOOD SIZED: 1031 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:

i.e 1343 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH DECREASE OF 320  OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 9 CENT FALL IN PRICE OF SILVER  AND A CLOSING PRICE OF $14.37 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 39.505 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. 1.021 MILLION OZ TO BE EXACT or 145% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT AUGUST MONTH/ THEY FILED AT THE COMEX: 18 NOTICE(S) FOR 90,0000 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 39.505 MILLION OZ.
  2. HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018:  244,196 CONTRACTS,  WITH A SILVER PRICE OF $14.78.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
  4. RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

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

IN GOLD, THE OPEN INTEREST FELL BY A HUGE SIZED 7092 CONTRACTS DOWN TO 453,187 WITH THE DROP IN THE COMEX GOLD PRICE/YESTERDAY’S TRADING (A FALL IN PRICE OF $6.05). THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A VERY STRONG SIZED 10,883 CONTRACTS: ALWAYS, ON THE WEEK PRIOR TO FIRST DAY NOTICE IN ANY ACTIVE MONTH WHETHER GOLD OR SILVER THE OI COLLAPSES.  IT IS HERE THAT THE MIGRANTS RECEIVE THEIR FIAT BONUS FOR ENGAGING IN THIS EXERCISE.

OCTOBER HAD EFP’S ISSUED AND, DECEMBER HAD AN ISSUANCE OF 10993 CONTACTS  AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 454,581. 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 GOOD SIZED OI GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3901 CONTRACTS:  7092 OI CONTRACTS DECREASED AT THE COMEX AND 10,993 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN:  3901 CONTRACTS OR  390,100 OZ = 12.13 TONNES.  AND ALL OF THIS DEMAND  OCCURRED WITH A FALL IN THE PRICE OF GOLD/ YESTERDAY TO THE TUNE OF $6.05???

 

 

 

YESTERDAY, WE HAD 4151 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF SEPT : 134,526 CONTRACTS OR 13,452,600 OZ OR 418.43 TONNES (18 TRADING DAYS AND THUS AVERAGING: 7473 EFP CONTRACTS PER TRADING DAY OR 747,300 OZ/ TRADING DAY),,

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 18 TRADING DAYS IN  TONNES: 418.43 TONNES

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

THUS EFP TRANSFERS REPRESENTS 418.43/2550 x 100% TONNES =  16.40% OF GLOBAL ANNUAL PRODUCTION SO FAR IN JULY ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE:     5,615.26*  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 HUGE SIZED DECREASE IN OI AT THE COMEX OF 5718 DESPITE THE LOSS IN PRICING ($6.05 THAT GOLD UNDERTOOK YESTERDAY) /.  WE ALSO HAD A VERY GOOD SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 10,993 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 10,993 EFP CONTRACTS ISSUED, WE HAD A CONSIDERABLE GAIN OF 5275 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

10993 CONTRACTS MOVE TO LONDON AND 7092 CONTRACTS DECREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 12.13 TONNES). ..AND ALL OF DEMAND OCCURRED WITH A LOSS OF $6.05 IN YESTERDAY’S TRADING AT THE COMEX.???

 

 

we had: 4 notice(s) filed upon for 400 oz of gold at the comex.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD...

WITH GOLD DOWN $10.90  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 10  CENTS TODAY

 

 

WE HAD A HUGE CHANGES FOR SILVER : A WITHDRAWAL OF 1.457 MILLION OZ

 

 

 

 

 

 

/INVENTORY RESTS AT 333.563 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 TINY SIZED 312 CONTRACTS from 204,508 DOWN TO  204,196  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, 1343 CONTRACTS FOR DECEMBER AND  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1343 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 312 CONTRACTS TO THE 1343 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A GOOD NET GAIN OF 1031 OPEN INTEREST CONTRACTS.  THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 5.155 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 39.505  MILLION OZ INITIALLY STAND FOR SILVER IN SEPTEMBER….

 

 

RESULT: A SMALL SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE 9 CENT PRICING LOSS THAT SILVER UNDERTOOK IN PRICING YESTERDAY.BUT WE ALSO HAD A GOOD SIZED 1343 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) THURSDAY MORNING/ WEDNESDAY NIGHT: Shanghai closed DOWN 15.04 POINTS OR .54% //Hang Sang CLOSED DOWN 101.20 POINTS OR 0.36%//The Nikkei closed DOWN 237.05 POINTS OR .99%/ Australia’s all ordinaires CLOSED DOWN 0.13%  /Chinese yuan (ONSHORE) closed DOWN  at 6.8787 AS POBC RESUMES  ITS HUGE DEVALUATION  /DELEGATION COMING TO THE USA TO SEE TRUMP IN NOVEMBER CANCELLED/Oil UP to 72.34dollars per barrel for WTI and 81.73 for Brent. Stocks in Europe OPENED RED EXCEPT LONDON FTSE//.  ONSHORE YUAN CLOSED DOWN AT 6.8787 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8802: HUGE DEVALUATION/PAST SEVERAL DAYS RESUMES// TRADE TALKS STOPPED   : /ONSHORE YUAN TRADING STRONGER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW A FULL TRADE WAR COMMENCED

 

 

 

 

 

 

 

 

 

 

3A/NORTH KOREA/SOUTH KOREA

i)North Korea/South Korea/USA/

 

 

 

b) REPORT ON JAPAN

3 C/  CHINA

i)China demands that Trump must stop its unceasing criticism and slander
( zerohedge)

4/EUROPEAN AFFAIRS

i)GREECE
Interesting:  Greeks owe the government a stunning 182 billion euros in tax arrears although 80 billion of that is in interest. Hopeless situation
(courtesy zerohedge)

ii)Macron is demanding that there be no trade deals with the USA after they opted out of the Paris climate accord

( zerohedge)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

TURKEY/USA

Supposedly USA and Turkey are quietly making progress on the release of American Pastor Brunson

( zerohedge)

 

6. GLOBAL ISSUES

 

 

 

7. OIL ISSUES

The Saudis heed to the wishes of Trump and will pump additional 550,000 barrels per day.

(courtesy zerohedge)

 

8 EMERGING MARKET ISSUES

i)ARGENTINA

Argentina is to be receive another 7 billion dollars as the IMF boosts the bailout.  However they state that the government of Argentina cannot intervene, by using these funds to stabilize their currency

( zerohedge)

 

 

 

9. PHYSICAL MARKETS

i)Canadian miner Barrick now draws closer to Chinese government owned and largest miner Shandong Gold.  This should be interesting

( Zack’s Investment Research/GATA)

 

 

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

 

 

MARKET TRADING

The 7 yr auction was not received well as their was a huge rise (tail) in the rate to 3.025 %

(courtesy zerohedge)

 

 

ii)Market data

a)Final numbers for Q2 are now in and it came in at 4.2%

( zerohedge)

b)Usually the USA trade deficit is around 45 to 48 billion dollars.  With the trade war it has now risen to almost 76 billion dollars and this will be a huge negative to GDP for the 4th quarter
( zerohedge)

 

iii)USA ECONOMIC/GENERAL STORIES

a)Ford CEO is now saying that the tariffs have cost the company one billion dollars in profits
( zerohedge)

b)The Fed according to Graham Summers is ready to pierce the stock bubble to get investors into the bond market i.e. to drive yields down.  If he does not all countries go broke…

( Graham Summers/Phoenix Research Capital)
c)A good commentary from zerohedge as they outline how the tariffs initiated by China and Europe could trigger a downward cycle and slash 715,000 USA jobs.
( zerohedge)

iv)SWAMP STORIES

a)The rhetoric from the left is now turning to demanding an FBI report.  The problem is that in 1991 Joe Biden stated that an FBI report isn’t worth anything.

( zerohedge)

b)The Avanatti accuser has been exposed as there has been a restraining order on her by her former boyfriend who basically said that she is nuts and is not to be believed.  In other strange circumstances, she filed a  sexual harassment case against her former employee New York Life and believe it or not but her lawyer was Debra Katz, the same lawyer of Ford..small world..

( zerohedge)

 

 

c)Totally unreal:  a 4th woman accuses Kavanaugh but remains anonymous and also there is no corroboration witnesses

( zerohedge)

 

d)Whoaa! this is getting good:  Two men have now revealed that it was them that fondled Ford’s breasts contradicting her accusation.  These two guys have told their story to the Republican committee on Monday without knowledge from the Democrats.

This should be very interesting how this plays out..

( zerohedge)

 

e)She will not make a good witness…she was promiscuous in her early life and attended many parties.

Her year books are now with the Republican committee

(courtesy zerohedge)

f)MORE SWAM STORIES FOR YOUR TONIGHT COURTESY OF THE KING REPORT

Let us head over to the comex:

 

The total gold comex open interest FELL BY A HUGE SIZED 7092 CONTRACTS DOWN to an OI level 453,187 DESPITE THE FALL IN THE PRICE OF GOLD ($6.05 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. THE BOYS DID NOT DISAPPOINT US TODAY AS WE DID INDEED SEE THE OPEN INTEREST IN GOLD COLLAPSE.

 

WE ARE NOW IN THE  NON ACTIVE DELIVERY MONTH OF SEPT..  THE CME REPORTS THAT THE BANKERS ISSUED A VERY  GOOD SIZED COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 10,993 EFP CONTRACTS WERE ISSUED:

OCTOBER: 0 EFP’S AND DECEMBER:  410,993 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  10,993 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 3901 TOTAL CONTRACTS IN THAT 10,993 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST 7092 COMEX CONTRACTS.

NET GAIN ON THE TWO EXCHANGES:  3901 contracts OR 390,100 OZ OR 12.13 TONNES.

Result: A GOOD SIZED DECREASE IN COMEX OPEN INTEREST WITH THE LOSS IN PRICE/ YESTERDAY (ENDING UP WITH THE FALL IN PRICE OF $6.05). THE  TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES:  3913 OI CONTRACTS..

We are now in the active contract month of SEPTEMBER. For the September contract month, we lost 12 contract and thus the number of  open interest contracts standing for gold in this front month is 4 contracts. We had 14 notice filed  yesterday so we gained 2 contracts or an additional 200 oz will stand for gold and these guys refused to accept a fiat bonus as well as a London based gold forward.

 

 

 

 

 

THE NEXT ACTIVE DELIVERY MONTH IS  OCTOBER AND HERE THE OI LOST 9527 CONTRACTS DOWN TO 6414. NOVEMBER SAW A 160 CONTRACT GAIN TO STAND AT 427. DECEMBER SAW ITS OPEN INTEREST GAIN BY 2692 CONTRACTS UP TO 369,653. WE HAVE ONE MORE READING DAY BEFORE FIRST DAY NOTICE.

WE HAD 4 NOTICES FILED AT THE COMEX FOR 400 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 TINY SIZED 312 CONTRACTS FROM 204,508 DOWN TO 204,196 (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 9 CENT LOSS IN PRICING.

 

WE ARE NOW INTO THE ACTIVE DELIVERY MONTH OF SEPT.AND, WE WERE  INFORMED THAT WE HAD A STRONG SIZED 1343 EFP CONTRACTS:

FOR SEPT:  0 CONTRACTS  AND FOR DECEMBER: 1343 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: 1343.  ON A NET BASIS WE GAINED 1031 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 312 CONTRACT LOSS AT THE COMEX COMBINING WITH THE ADDITION OF 1343 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN ON THE TWO EXCHANGES:   1031 CONTRACTS…AND ALL OF DEMAND OCCURRED WITH A 9 CENT LOSS

 

 

 

The next active delivery month after August for silver is September and here the OI FELL by 2 contracts DOWN to 508.

We had 3 notices filed on yesterday so we gained another 1 contract or 5,000 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 27  contracts to stand at 241. November saw a GAIN of 126 contracts to stand at 441.

After Nov., the next big delivery month is December and here the OI FELL by 419 contracts down to 173,090 contracts.

We had 18 notice(s) filed for 90,000 OZ for the SEPTEMBER 2018 COMEX contract for silver

 

Trading Volumes on the COMEX

 

PRELIMINARY COMEX VOLUME FOR TODAY: 333,670 contracts

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  367,086 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 39.500 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. 27-/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 1,157.426 oz

Brinks

Deposits to the Customer Inventory, in oz  

nil

 

oz

 

 

 

No of oz served (contracts) today
4 notice(s)
 400 OZ
No of oz to be served (notices)
0 contracts
(0 oz)
Total monthly oz gold served (contracts) so far this month
627 notices
62700 OZ
1.9502 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 tiny activity at  the comex as a small amount of gold enters the dealer

i)Into Brinks:  1,157.436 oz

total amount of gold entering the dealer:  1,157.436 oz

 

we had 0 kilobar transaction/
We had 0 inventory movement at the dealer accounts
total inventory deposit into the dealer accounts:  1,157.436  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 0 customer deposit
total customer deposits: nil oz
we had 0 adjustments

FOR THE SEPTEMBER 2018 CONTRACT MONTH)

Today, 0 notice(s) were issued from JPMorgan dealer account and 1 notices were issued from their client or customer account. The total of all issuance by all participants equates to 4 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 1 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.

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 (627) x 100 oz or 62,700 oz, to which we add the difference between the open interest for the front month of SEPT. (4 contracts) minus the number of notices served upon today (4 x 100 oz per contract) equals 62,700 OZ OR 1.9502 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 (627 x 100 oz)  + {4)OI for the front month minus the number of notices served upon today (4 x 100 oz )which equals 62,700 oz standing OR 1.9502 TONNES in this NON  active delivery month of SEPTEMBER.

We gained 2 contract or an additional 200 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. After a one day  holiday  queue jumping returns at the gold comex arena

 

 

 

 

 

 

THERE ARE ONLY 4.547 TONNES OF REGISTERED COMEX GOLD AVAILABLE FOR DELIVERY AGAINST 1.9502 TONNES STANDING FOR SEPTEMBER  

 

 

 

total registered or dealer gold:  145,041.066 oz or   4.547 tonnes
total registered and eligible (customer) gold;   8,332,732.721 oz 259.18 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. 27/ 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
 2,258,592.290 oz
CNT
Brinks
JPMorgan

 

 

Deposits to the Dealer Inventory
120,855.610
oz
Brinks
Deposits to the Customer Inventory
228,321.720
oz
Brinks
HSBC
No of oz served today (contracts)
18
CONTRACT(S)
90,000 OZ)
No of oz to be served (notices)
490 contract
(2,450,000 oz)
Total monthly oz silver served (contracts) 7411 contracts

(37,055,000 oz)

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

we had 0 inventory movement at the dealer side of things

 

total dealer deposits: nil oz

total dealer withdrawals: nil oz

we had 2 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 HSBC: 223,064.380 oz

iii) Into Brinks: 5,257.32 oz

 

 

 

 

 

 

 

 

 

 

 

total customer deposits today: 228,321.720 oz

we had  3 withdrawals from the customer account;

i) Out of CNT:  25,154.260 oz

ii) Out of Brinks:  449,218.620 oz

iii) Out of jPMorgan: 1,784,219.410 oz

 

 

 

 

 

 

 

 

total withdrawals: 2,258,592.290  oz

we had 1  adjustment

i) Out of Brinks:  120,855.610 oz was adjusted out of the dealer and into the customer

 

 

total dealer silver:  83.532 million

total dealer + customer silver:  289.081 million oz

The total number of notices filed today for the SEPTEMBER 2018. contract month is represented by 18 contract(s) FOR 90,000 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 7411 x 5,000 oz = 37,055,000 oz to which we add the difference between the open interest for the front month of SEPTEMBER. (508) and the number of notices served upon today (18 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the SEPT/2018 contract month: 7393(notices served so far)x 5000 oz + OI for front month of SEPTEMBER(508) -number of notices served upon today (18)x 5000 oz equals 39,505,000 oz of silver standing for the SEPT contract month.  This is a huge number of oz standing!!

We gained 1 contracts or an additional 5,000 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:  84,339 CONTRACTS   

 

 

CONFIRMED VOLUME FOR YESTERDAY: 91,103 CONTRACTS..

 

 

YESTERDAY’S CONFIRMED VOLUME OF 91,103 CONTRACTS EQUATES TO 455 million OZ  OR 65.1% 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 FALLS TO -3.13% (SEPT.27/2018)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -1.69% to NAV (SEPT 27/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -3.13%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

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

NAV 12.02/TRADING 11.54/DISCOUNT 4.07.

END

And now the Gold inventory at the GLD/

SEPT 27/WITH GOLD DOWN $10.90: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 742.23 TONNES

SEPT 26/WITH GOLD DOWN $6.05: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 742.23 TONNES

SEPT 25/WITH GOLD UP 0.75: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 742.23 TONNES

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 RESTS AT 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 27/2018/ Inventory rests tonight at 742.23 tonnes

*IN LAST 465 TRADING DAYS: 188,48 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 365 TRADING DAYS: A NET 31.94 TONNES HAVE NOW BEEN REMOVED FROM GLD INVENTORY.

 

end

 

Now the SLV Inventory/

SEPT 27/WITH SILVER DOWN 10 CENTS: A HUGE WITHDRAWAL OF 1.457 MILLION OZ AT THE SLV/INVENTORY RESTS AT 333.563 MILLION OZ/

SEPT 26/WITH SILVER DOWN 9 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 335.020 MILLION OZ/

SEPT 25/WITH SILVER UP 16 CENTS: STRANGE!! A BIG CHANGE IN SILVER INVENTORY AT THE SVL: A WITHDRAWAL OF 1.645 MILLION OZ/.INVENTORY RESTS AT 335.020 MILLION OZ/

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 SILVER UP 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 27/2018:

Inventory 333.563 MILLION OZ

 

6 Month MM GOFO 2.13/ and libor 6 month duration 2.59

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

G0FO+ 2.13

 

libor 2.59 FOR 6 MONTHS/

GOLD LENDING RATE: .46%

XXXXXXXX

12 Month MM GOFO
+ 2.53%

LIBOR FOR 12 MONTH DURATION: 2.92

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.39

end

 

 

Major gold/silver trading /commentaries for THURSDAY

GOLDCORE/BLOG/MARK O’BYRNE.

 

Europe Unv

 

END

 

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

Andrew Maguire’s Kinesis money which is a “bitcoin” but backed 100% by allocated gold and silver is set to go.

it think it would be a great idea to look at this!

please read at:  https://kinesis.money/#/

(Andrew Maguire)

 Dear Harvey Organ,

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

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

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

https://t.me/kinesismoney

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

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

Kinesis Webinar

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

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

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

Kind Regards,

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

 

The following is self explanatory

(courtesy GATA/Chris Powell and Harvey Organ)

GATA asks bank regulator to check risks of gold

futures maneuver

 Section: 

12:21p ET Sunday, June 10, 2018

Dear Friend of GATA and Gold:

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

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

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

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

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

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

* * *

May 5, 2018

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

Dear Comptroller Otting:

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

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

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

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

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

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

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

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

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

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

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

Sincerely,

CHRIS POWELL
Secretary/Treasurer

HARVEY ORGAN
Consultant

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

end

Finally, they replied and it was a complete brush off

(courtesy zerohedge)

Currency comptroller brushes off GATA’s inquiry on

gold, silver EFPs

 Section: 

11:35a ET Friday, August 10, 2018

Dear Friend of GATA and Gold:

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

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

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

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

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

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

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

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

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

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

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

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

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

END

Canadian miner Barrick now draws closer to Chinese government owned and largest miner Shandong Gold.  This should be interesting

(courtesy Zack’s Investment Research/GATA)

 

Barrick draws closer to Chinese government-owned

Shandong Gold

 Section: 

Barrick and Shandong Gold Enter Cross-Shareholding Deal

From Zacks Investment Research, Chicago
via NASDAQ.com, New York
Wednesday, September 25, 2018

Barrick Gold Corp. has inked a mutual investment agreement with Shandong Gold Group Co. Ltd. The move strengthens the company’s partnership with one of the leading mining companies in China.

Per the deal, Shandong Gold will acquire up to $300 million of Barrick’s shares. Barrick will invest an equivalent amount in shares of Shandong Gold Mining Co. Ltd., which is controlled by Shandong Gold. The shares will be purchased in the open market. The companies, through the partnership, expect to leverage collective strengths to unlock long-term value for respective shareholders.

In July 2018 Barrick and Shandong Gold entered into an enhanced strategic cooperation agreement. The latest cross shareholding deal builds on this agreement.

Notably, Barrick and Shandong Gold are partners in a 50-50 joint venture in the Argentina-based Veladero mine. Also, Shandong Gold is presently conducting an independent evaluation of Barrick’s Lama project, which includes analysis of potential synergies between the Lama and the adjacently-located Veladero operation. Moreover, the companies have formed internal working groups that are sharing technical expertise and best practices, which are focused on best-in-class mining practices and innovation. …

… For the remainder of the report:

https://www.nasdaq.com/article/barrick-shandong-gold-enter-into-cross-sh…

END

A judge has ruled that virtual currencies are a commodity and that regulation falls into the hands of the CFTC

(courtesy Reuters/GATA)

Judge sides with CFTC on virtual currency oversight

 Section: 

By Michelle Price
Reuters
Wednesday, September 26, 2018

WASHINGTON — A federal judge said on Wednesday that virtual currencies meet the definition of a commodity and fall within the jurisdiction of the U.S. derivatives regulator, allowing the agency to pursue fraud allegations against My Big Coin Pay Inc.

The closely watched decision by a U.S. District Court should allow the Commodity Futures Trading Commission to continue to police virtual currency frauds, regulation of which has fallen among several different agencies. …

… For the remainder of the report:

https://www.reuters.com/article/us-usa-cftc-bitcoin/u-s-judge-sides-with…

END

______________________________________________________________________________________________________________________________________________________

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

i) Chinese yuan vs USA dollar/CLOSED DOWN TO 6.8787/HUGE DEVALUATION FOR THE PAST FOUR WEEKS RESUMES/CHINESE COMING TO USA FOR TRADE TALKS IN NOVEMBER CANCELLED //OFFSHORE YUAN:  6.8802   /shanghai bourse CLOSED DOWN 15.04 POINTS OR .54%/HANG SANG CLOSED DOWN 101.20 POINTS OR 0.36%

2. Nikkei closed DOWN 237.05  POINTS OR .99%/USA: YEN RISES TO 112.79/

3. Europe stocks OPENED  IN THE RED EXCEPT LONDON FTSE

 

 

/USA dollar index RISES TO 94.48/Euro FALLS TO 1.1711

3b Japan 10 year bond yield: FALLS TO. +.12/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 112.79/ 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:: 72.34  and Brent: 81.73

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

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

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

3h Oil UP for WTI and UP FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO +.510%/Italian 10 yr bond yield UP to 2.91% /SPAIN 10 YR BOND YIELD UP TO 1.51%

3j Greek 10 year bond yield RISES TO : 4.07

3k Gold at $1193.90 silver at:14.37   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 17/100 in roubles/dollar) 65.70

3m oil into the 72 dollar handle for WTI and 81 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 112.79DESTROYING 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 0.9707 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1370 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now POSITIVE territory with the 10 year FALLING to +0.51%

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 3.04% early this morning. Thirty year rate at 3.18%

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

6.  TURKISH LIRA:  UP  TO 6.0639

European Markets Rocked By Last-Minute Italian

Budget Turmoil

European stock markets and the euro tumbled on Thursday after an early morning report that Italy’s long-awaited budget was facing a delay added to a groggy post-FOMC global mood after the third U.S. interest rate hike of the year.

Italian bonds and stocks fell along with the euro as the Italian budget process, and its looming midnight deadline, were thrown into turmoil after League leader Matteo Salvini decided to support a last minute push by Luigi Di Maio of the Five Star Movement for extra spending in the form of a 2.4% budget deficit next year, while Finance Minister Giovanni Tria is fighting to keep the shortfall below 2%, and is reportedly ready to resign.

The nation’s benchmark stock index tumbled as much as 2%, the most in more than a month…

… and the nation’s two-year yield jumped as much as 20 basis points to 0.97 percent, after Corriere della Sera reported on Thursday morning that the meeting on the 2019 budget may be postponed owing to “the new complications” in reaching agreement on the deficit with the League said to join the Five Star Movement in seeking a 2.4% deficit target for 2019.

Italy’s populist deputy prime ministers, Luigi Di Maio and Matteo Salvini, have been pitted against Finance Minister Giovanni Tria over how far public finances in the country can be stretched to meet election pledges made by Di Maio’s Five Star Movement and Salvini’s League parties. The two demand a budget deficit of 2.4% meanwhile Italy’s technocratic Finance Minister Giovanni Tria – who has been seeking to hold the deficit to 1.6% of GDP – is said to be ready to resign and is sticking to his deficit target.

“If Tria is no longer part of the project, we’ll find another finance minister,” Riccardo Molinari, head of League lawmakers in the lower house of parliament, tells RAI television according to newswire Ansa.

According to the latest news, a full cabinet budget meeting will take place at 8 p.m. local time, while a top government pre-meeting is scheduled for 4 p.m. local time, although this may change. Speaking from Tunis, Salvini says that it worth pushing the deficit beyond 2 percent to deliver for voters. “Italians’ right to work and happiness is much more important that numbers,” he said.

Meanwhile, Di Maio, who leads the biggest party in the coalition, said there’s no point being in government if you can’t deliver on your policy pledges, Ansa newswire reports.

As a result of the latest Italian turmoil, the yield on 10-year bonds increased 10 basis points to 2.96%, the highest level since Sept. 17. The yield spread over German bunds climbed 10 basis points to 243 basis points.

Following the initial selloff, Italian Deputy Minister Luigi Di Maio confirmed that a cabinet meeting over budget targets was still planned for later, dismissing the Corriere newspaper which said it could be delayed, but it couldn’t soothe the markets, especially after conflicting reports that the economy ministry was forced to deny its chief Giovanni Tria, an academic who doesn’t belong to any one party, had threatened to resign.

“It is very fluid and it is changing by the minute it seems,” State Street Global Advisers’ head of EMEA macro strategy Tim Graf said. “Even if things get resolved positively today, Italy is not a situation that is going to go away,” he added, pointing to the still growing popularity of the country’s fractious anti-establishment coalition government.

The return of Italian budget turmoil weighed on the rest of Europe too. Europe’s STOXX 600 index was down 0.5% while the euro skidded all the way down past $1.17.

European banking stocks dropped as much as 1.5%, making it the worst-performing sector within the Stoxx Europe 600. Italian banks lead the decline with UBI -3.3%, Intesa Sanpaolo -3%, Banco BPM -3% and Unicredit -2.9% the worst-performing stocks. The headline risk has threatened the Stoxx 600 Banks Index’s recent recovery as it is getting closer to its dominating 2018-downtrend again after leaving the bearish area just six trading days ago.

Earlier Asian markets showed a guarded response to Fed’s forward guidance with the Hang Seng index reversing gains after Hong Kong banks raised lending rates first time in over a decade. Japan’s Topix index lost 0.8%, while the Shanghai Composite slips 0.4%.

The return of the Italian drama gave the dollar a boost after it had only managed a lazy gain overnight after the Federal Reserve hiked U.S. interest rates by another 25 basis points to a range of 2 percent to 2.25 percent. The dollar index rose above 94.5, while the Bloomberg Dollar Spot Index rose to the highest level in more than a week as Italian politics weighed on the euro, which managed to pare some losses on finding support from strong German regional inflation data. The greenback advanced versus all Group-of-10 peers except the yen amid stronger Treasuries and with stock markets in defensive mode. Emerging-market currencies lingered near a three-week high as commodities consolidated recent gains.

The Australian dollar seen as a barometer of global investor risk appetite and Chinese demand for goods, fell 0.4 percent to $0.7226, its lowest since Sept. 19 and not far off its 2-1/2 year lows of $0.7085 hit earlier this month. The Canadian loonie fell after Trump slams Canada trade negotiations, kiwi weakens as RBNZ keeps door open for rate cut. KRW leads Asian emerging-currency gains after BOK chief calls for less monetary easing.  The Yuan strengthened against the dollar as PBOC drained 60 billion of liquidity and refrained from following Fed hike.

The US 10-year TSY yield hovered near 3.05%, while Germany’s 10-year yield sank 2bps to 0.51 percent, the biggest drop ion more than two weeks. The spread of Italy’s 10-year bonds over Germany’s climbed 10 basis points.

In the latest Brexit news, UK PM May Spokesman said PM May and US President Trump agreed that Brexit provides a wonderful opportunity for an ambitious UK-US free trade deal. More notably, May is reportedly losing support for a no-deal Brexit if EU discussions fail, according to sources. Sources suggest there are concerns that May will stick to her promise to force a no-deal Brexit if Europe rejects her Chequers plan again.

The oil market is still in positive territory, with Brent trading around the USD 82/bbl area. Some pressure was offered to the fossil fuel, however, by source reports from Saudi Arabia saying that they are set to increase production by 200-300k BPD to make up for lost Iranian supply for the next 2 months. In the metals scope, gold is in the green and trading within a thin range after the yellow metal hit 2 week lows in the previous session. Chinese steel rebar has fallen by over 1%, hitting a two week low, with aluminium also slipping to a month long low as demand continues to dry up for the construction materials ahead of the week-long Chinese holiday,

Market Snapshot

  • S&P 500 futures little changed at 2,910.75
  • STOXX Europe 600 down 0.4% to 383.65
  • MXAP down 0.4% to 165.14
  • MXAPJ down 0.09% to 525.77
  • Nikkei down 1% to 23,796.74
  • Topix down 1.2% to 1,800.11
  • Hang Seng Index down 0.4% to 27,715.67
  • Shanghai Composite down 0.5% to 2,791.78
  • Sensex down 0.5% to 36,376.61
  • Australia S&P/ASX 200 down 0.2% to 6,181.22
  • Kospi up 0.7% to 2,355.43
  • Brent futures up 0.6% to $81.80/bbl
  • Gold spot up 0.2% to $1,196.40
  • U.S. Dollar Index up 0.3% to 94.51
  • German 10Y yield fell 2.3 bps to 0.503%
  • Euro down 0.2% to $1.1714
  • Italian 10Y yield fell 1.8 bps to 2.499%
  • Spanish 10Y yield rose 0.7 bps to 1.53%

Top Overnight News from Bloomberg

  • Italy’s government is due to decide on targets for the 2019 budget deficit, debt level and growth by midnight Thursday, but negotiations have been hit by a last-minute demand for extra spending by the coalition’s two deputy prime ministers
  • Fed Chair Jerome Powell praised the value of gradual rate increases, which have allowed the Fed to watch their policy moves play out, after the central bank raised rates by 25bps. In their statement, Fed officials dropped a reference to “accommodative” policy
  • U.S. President Donald Trump announced he has reached an agreement with Japan Prime Minister Shinzo Abe to open trade talks. The two countries have agreed that sanctions on auto exports won’t be applied while the talks take place, Abe said
  • Trump said he and Chinese President Xi Jinping might not be friends anymore after he accused Beijing of trying to interfere in U.S. congressional elections in November
  • New Zealand’s central bank held interest rates at a record low and signaled it’s prepared to cut them if the economy fails to gather pace
  • The European Union has started exploring what emergency measures it may need to take without the U.K.’s cooperation in the case of a “no deal” Brexit, according to people familiar with a meeting between the bloc’s 27 remaining governments
  • French President Emmanuel Macron said he’d welcome Britain back should its voters decide in a second referendum to stay in the European Union
  • Euro-area economic confidence slid for a ninth month, the longest streak of declines since 2011, as protectionism and political uncertainty cast a cloud over the outlook

Asian stocks were indecisive following a lacklustre lead from Wall St. where the major bourses ended the day with losses after a mixed-perceived FOMC. ASX 200 (Unch) was subdued by a pullback in commodity names, while Nikkei 225 (-0.5%) swung between gains and losses at the whim of a choppy currency. Shanghai Comp (-0.4%) and Hang Seng (-0.4%) also flip-flopped with the region somewhat cautious as it digested the FOMC and a lock-step hike by the HKMA, while the PBoC skipped open market operations again for a net daily drain of CNY 60bln. Finally, 10yr JGBs tracked US Treasuries higher with prices also supported amid the BoJ’s Rinban announcement for JPY 880bln in JGBs across the curve before hitting resistance at 150.20.

Top Asian News

  • HSBC Raises Hong Kong Lending Rate for First Time in 12 Years
  • Bank Indonesia Hikes Rates for Fifth Time to Curb Currency Rout
  • India’s RBI Announces Measures to Ease Bank Liquidity Shortage
  • Philippines Delivers Another 50 Basis-Point Rate Hike

European equities have been driven by mixed reports from Italy this morning ahead of their upcoming budget. This led equities to start the day in the red on suggestions of possible resignation of the Italian Finance Minister, and/or a delay to today’s presentation.  Some reprieve was offered by a rejection of these reports, but most major bourses are still in the red, with the FTSE MIB leading the losses. The FTSE is bucking the trend as a result of the softer GBP. Italian banks have been hit the hardest by the budget dispute reports from Italy, as the rise in Italian yields has pushed Unicredit (-3%), Banco BPM (-2.8%) and Intesa Sanpaolo (-2.7%) close to the foot of the Stoxx 600. These stocks are languishing in the red alongside Indivior (-10%), who is leading the losses in the Stoxx 600, after a guidance cut in late European trade yesterday

Top European News

  • Euro-Area Economic Confidence Slides as Global Risks Increase
  • Germany Feels the Trade-War Heat as Economic Outlook Slashed
  • AMS Drops After UBS Cuts PT on Outlook for 3D Sensing in Android
  • Mediobanca Says Bollore Group Is Leaving Shareholder Pact

In currencies, EUR was not the biggest G10 lose in the FOMC aftermath vs a broadly firm USD (DXY back above 94.500 and up to 94.645 at best), but struggling to maintain 1.1700+ status amidst more Italian fiscal bickering in Rome between Economy Minister Tria and the more anti-austerity factions of the coalition Government. The single currency has derived some underlying support from firmer than expected German state CPI reports implying an upside skew to the national print, while hefty option expiry interest at 1.1700-05 (1.35 bn) may also be keeping the headline pair afloat. GBP/AUD/CHF/CAD/NZD – The major underperformers against the Greenback, partly on Fed policy guidance reaffirming a final and 4th 25 bp hike this year, followed by 3 more in 2019 and another the year after, but also on other factors. Cable is teetering above 1.3100 as Brexit uncertainty persists, while Aud/Usd is slipping from the 0.7250 level that has been pivotal amidst the ongoing US-China trade rift. The Franc is only just holding circa 0.9700 and around 1.1350 vs the Eur, conscious that the SNB will be watching out for any Roman repercussions and ready to intervene if the Chf strengthens excessively on safe-haven grounds. Elsewhere, the Loonie has lost much of its crude traction following latest NAFTA news that suggests little prospect of a deal anytime soon, with Usd/Cad up over 1.3050 ahead of Canadian average weekly earnings data and a speech from BoC’s Poloz later tonight, while the Kiwi only got a fleeting boost from a relatively upbeat RNBZ assessment of the economy and core inflation as the OCR outlook remained neutral. Hence, Nzd/Usd has reverted to its 0.6650 axis and veering south. JPY – Holding up much better than the rest in contrast to recent sessions, even though BoJ Governor Kuroda has maintained a dovish stance with powerful easing still appropriate, and it appears that technical impulses may be impacting after the latest rejection of 113.00+ levels. The headline pair retreated towards 112.50 before finding some underlying bids ahead of a 112.35 Fib and a decent expiry between 112.50-40 (1.1 bn), while Eur/Jpy topped out in advance of 133.00 and a quadruple top just above the big figure.

In commodities, the oil market is still in positive territory, with Brent trading around the USD 82/bbl area. Some pressure was offered to the fossil fuel, however, by source reports from Saudi Arabia saying that they are set to increase production by 200-300k BPD to make up for lost Iranian supply for the next 2 months. In the metals scope, gold is in the green and trading within a thin range after the yellow metal hit 2 week lows in the previous session. Chinese steel rebar has fallen by over 1%, hitting a two week low, with aluminium also slipping to a month long low as demand continues to dry up for the construction materials ahead of the week-long Chinese holiday.

Looking at the day ahead, we get the third and final Q2 GDP (+4.2% qoq saar expected) and core PCE (+2.0% qoq saar expected) revisions, August advance goods trade balance, August wholesale inventories, preliminary August durable and capital goods orders, weekly initial jobless claims, August pending home sales and September Kansas City Fed manufacturing survey. It’s a busy day ahead for central bank speak too. Over at the BoE we’re due to hear separately from Haldane and Carney, while at the ECB we’ve got Draghi, Lane and Praet all due to speak. At the Fed Kaplan is due to speak at a minority banking forum this evening followed by Powell when he is due to make brief remarks on the US economy at a senate event. This may well all play second fiddle to Italy though depending on what happens with their budget. The 10y BTP auction just prior to this should be an interesting event to watch also to gauge appetite.

US Event Calendar

  • 8:30am: Advance Goods Trade Balance, est. $70.6b deficit, prior $72.2b deficit, revised $72.0b deficit
  • 8:30am: Wholesale Inventories MoM, est. 0.3%, prior 0.6%; Retail Inventories MoM, prior 0.4%, revised 0.5%
  • 8:30am: GDP Annualized QoQ, est. 4.2%, prior 4.2%; Personal Consumption, est. 3.8%, prior 3.8%
  • 8:30am: Core PCE QoQ, est. 2.0%, prior 2.0%
  • 8:30am: Durable Goods Orders, est. 2.0%, prior -1.7%; Durables Ex Transportation, est. 0.4%, prior 0.1%
  • 8:30am: Cap Goods Orders Nondef Ex Air, est. 0.35%, prior 1.6%; Cap Goods Ship Nondef Ex Air, est. 0.5%, prior 1.0%
  • 8:30am: Initial Jobless Claims, est. 210,000, prior 201,000; Continuing Claims, est. 1.68m, prior 1.65m
  • 9:45am: Bloomberg Consumer Comfort, prior 60.2
  • 10am: Pending Home Sales MoM, est. -0.5%, prior -0.7%; Pending Home Sales NSA YoY, est. -1.0%, prior -0.5%
  • 11am: Kansas City Fed Manf. Activity, est. 16.5, prior 14

DB’s Jim Reid concludes the overnight wrap

Today is all about the long awaited Italian budget and to a lesser extent German inflation but last night was all about the Fed. We’ll get to the Fed in a second but the latest on the Italian budget may come out just after we go to print as it often does. Before that here’s what we know at the moment on another day of conflicting headlines. Finance Minister Tria did say that the budget will include citizens’ income measures which likely pushes it above his desired 1.6%. Perhaps more notable was the comment from EU Commissioner Moscovici before that. Quoted in la Stampa, Moscovici said that Italy’s deficit must stay below 2%. So that would imply some breathing room for Tria above his 1.6% target and therefore potentially defuse the various political pressures. Just as Europe was going home though on-line editions of the main local newspapers (Corriere, Repubblica, Messaggero) reported that the M5S and the NL have actually already agreed on a 2.4% deficit, some 0.8% above Tria’s target and 0.4% above where the EU seem just about willing to tolerate. There’s been no subsequent headlines overnight but they’ve tended to come out just as we go to print so we may see a fresh round shortly. Are yesterday’s developments posturing ahead of a negotiated compromise later today? We shall hopefully see this afternoon when things all come to a head. The press has reported that the cabinet is due to meet this afternoon, with a press release with the new fiscal targets and growth projections likely to be released by this evening. Tria and President Conte may hold a press conference to present the plan as well. Yesterday, 10 year BTPs again outperformed (-1.9bps) but were comfortably off the lows for the day as a few nerves set in late in the session. Still, they remain 37.7bps off their August peaks.

Back to the Fed and as expected the FOMC raised short-term interest rates by 25 basis points and dropped the reference to monetary policy being “accommodative”. The dot plot showed firmer expectations by committee members for another rate hike in December, with 12 of 16 dots agreeing with our expectations for another hike. The committee also nudged up their median forecast for the long-run fed funds rate to 3% from 2.9%. Chair Powell also discussed tariffs, the counter-cyclical capital buffer, and another potential tweak to the IOER rate to ensure that fed funds continues to trade in its target band, but mostly avoided saying anything new and left the door open for future decisions.

At the margin, these changes could be seen as either dovish or hawkish. Dovish, because by removing the reference to “accommodative,” policymakers are implicitly suggesting that we are closer to neutral and therefore closer to the eventual end of the tightening cycle. Hawkish, because the dots moved up slightly and Chair Powell said that the neutral interest rate may be being underestimated. Net-net, the decision and subsequent press conference confirmed our expectations and did not spark much volatility in markets even if yields fell afterwards indicating the market saw it more dovishly. DB’s Peter Hooper last night confirmed that the meeting reaffirmed his view for a hike in December and then a roughly quarterly pace of rate hikes through 2019.

Fed funds futures were also marginally lower, with the implied-rate by end-2019 around 2 basis points lower. The market continues to undershoot the Fed’s median dot, with around 1.8 hikes currently priced in for 2019. The dollar vacillated after the decision and during the press conference, but ultimately closed +0.06% stronger. Yields rallied, with the 10-year Treasury yield down 4.8bps (4.2bps after the rate hike) and the 2s10s curve 2.4bps flatter. Equities shed intraday gains to close lower, with the S&P 500, DOW, and NADAQ closing -0.33%, -0.40%, and -0.21%, respectively. Interest-rate sensitive sectors led declines, with banks shedding -1.52%.

Asia has largely followed the lead from those post-FOMC declines on Wall Street last night. The Nikkei (-0.61%), Hang Seng (-0.45%), Shanghai Comp (-0.39%) and ASX (-0.05%) are all lower with only the KOSPI (+0.36%) currently holding onto gains (albeit reopening following a holiday). Futures in the US are broadly flat while Asia FX is having a stronger overnight session with the likes of the South Korean Won (+0.42%) and Taiwanese Dollar (+0.37%) advancing.

News yesterday that China was to reduce import tariffs on some products starting from November hasn’t seen much follow through in markets while the other news overnight has come from the sidelines of the UN meeting where President Trump and Japan PM Abe have reached an agreement to open bilateral trade talks. On the flip side of that Trump confirmed last night that he had rejected a one-on-one meeting with Canada PM Trudeau at the UN meeting due to dissatisfaction over trade negotiations – which clearly won’t help Canada’s NAFTA hopes.

Prior to the Fed yesterday, markets elsewhere spent much of the session treading water. The bond sell-off finally abated with  Bunds ending yesterday 1.7bps lower at 0.524% with yields elsewhere in Europe generally down a similar amount. Treasuries were also very modestly stronger going into the Fed before rallying further as noted above.

As for equity markets yesterday in Europe, the STOXX 600 settled for a +0.30% gain and the DAX a +0.09% gain. The FTSE MIB (-0.10%) actually spent the whole session in the red despite BTPs having a decent day. Comments from President Trump at the UN Security Council briefing saying that “we found that China has been attempting to interfere in our upcoming 2018 election” did little to impact markets despite the headlines looking like a reasonable ratchet up in pressure on China considering it was at a UN meeting. Elsewhere, the euro (-0.24%) – although paring heavier losses – struggled for much of the session. A  spokesman for German Chancellor Angela Merkel said that the Chancellor is not considering a confidence vote despite the defeat of her caucus leader candidate. It is however a situation clearly worth watching closely now with a potential confidence vote now being talked about a lot more in the wake of that setback.

Brexit headlines also got some more attention yesterday. Media outlets reported that the EU is intensifying work on its “no-deal” plans while simultaneously pushing back against Prime Minister May’s Chequers proposal, as they consider it to deviate too much from EU single market rules. Adding another layer of complexity was opposition leader Jeremy Corbyn, who reportedly told May that any Brexit deal must also keep the UK in the EU’s customs union.

After markets closed yesterday, Argentina and the IMF announced adjustments to the ongoing bailout program. The size of the credit line will increase from $50bn to $57bn over the next 3 years, with more front-loading of disbursements. Another $19bn will be available before end-2019, more than doubling the previously-available firepower. The authorities will allow the currency to float more, though the central bank reserves the right to intervene in response to “extreme overshooting.” They will also target monetary aggregates instead of interest rates, and it will be interesting to see how the market responds to the new regime when the Peso opens for trading at 2pm BST.

Elsewhere, the economic data that was out yesterday prior to the Fed did little to move the dial. In the US, August new home sales printed at a stronger than expected +3.5% mom (vs. +0.5% expected). In Europe, the UK’s CBI retail reported sales data for September – while down from August – still came in at a better than expected +23 (vs. +19 expected). In France, consumer confidence for September fell slightly to 94 from 97.

Finally to the day ahead, which is a busy one for data releases. This morning in Europe we’ve got the October consumer confidence print in Germany followed by the August M3 money supply reading for the euro area. September confidence indicators for the euro area follow and then in the early afternoon we get the flash September CPI reading for Germany. A +0.1% mom reading is expected which should hold the annual reading at +1.9% yoy. In the US, we then get the third and final Q2 GDP (+4.2% qoq saar expected) and core PCE (+2.0% qoq saar expected) revisions, August advance goods trade balance, August wholesale inventories, preliminary August durable and capital goods orders, weekly initial jobless claims, August pending home sales and September Kansas City Fed manufacturing survey. It’s a busy day ahead for central bank speak too. Over at the BoE we’re due to hear separately from Haldane and Carney, while at the ECB we’ve got Draghi, Lane and Praet all due to speak. At the Fed Kaplan is due to speak at a minority banking forum this evening followed by Powell when he is due to make brief remarks on the US economy at a senate event. This may well all play second fiddle to Italy though depending on what happens with their budget. The 10y BTP auction just prior to this should be an interesting event to watch also to gauge appetite.

 

 

3. ASIAN AFFAIRS

i) THURSDAY MORNING/ WEDNESDAY NIGHT: Shanghai closed DOWN 15.04 POINTS OR .54% //Hang Sang CLOSED DOWN 101.20 POINTS OR 0.36%//The Nikkei closed DOWN 237.05 POINTS OR .99%/ Australia’s all ordinaires CLOSED DOWN 0.13%  /Chinese yuan (ONSHORE) closed DOWN  at 6.8787 AS POBC RESUMES  ITS HUGE DEVALUATION  /DELEGATION COMING TO THE USA TO SEE TRUMP IN NOVEMBER CANCELLED/Oil UP to 72.34dollars per barrel for WTI and 81.73 for Brent. Stocks inEurope OPENED RED EXCEPT LONDON FTSE//.  ONSHORE YUAN CLOSED DOWN AT 6.8787 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8802: HUGE DEVALUATION/PAST SEVERAL DAYS RESUMES// TRADE TALKS STOPPED   : /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 demands that Trump must stop its unceasing criticism and slander
(courtesy zerohedge)

Beijing Demands Trump “Stop Unceasing Criticism And Slander Of China”

One day after President Trump unexpectedly said that he might not be friends anymore with China’s president Xi Jinping during a “wild”, unscripted news conference, during which he also said he has “evidence” of Beijing trying to interfere in U.S. congressional elections in November – a move that further raises tensions as the world’s biggest economies fight a trade war –  China denied Trump’s accusations and said that it urges the U.S. “to stop smearing and accusing China.”

Speaking in a media briefing on Thursday, Foreign Ministry spokesman Geng Shuang said that “China has all along followed the principle of non-interference and refuses to accept any groundless accusations.”

“We advise the United States to stop this unceasing criticism and slander of China,” Geng said. “Stop these wrong words and deeds that damage bilateral relations and the basic interests of both countries’ peoples.”

Trump’s remark was seen as a signal of further deterioration in ties, feeding fears that the two countries are heading toward a longer term confrontation that could have widespread geopolitical ramifications. And despite claiming that he has it, Trump provided no evidence at the UN Security Council meeting.

Chinese Defence Ministry spokesman Ren GuoqiangAlso on Thursday, China’s defense ministry spokesman Ren Guoqiang demanded the United States “dispel obstacles” and “take a reasonable and sincere attitude” to improving military ties and stop slandering it, amid growing tensions over trade, Taiwan, the South China Sea and – most recently – Trump’s claims of China meddling in the upcoming U.S. election.

The two countries, which are already embroiled in an acrimonious trade war, have continued to butt heads over a list of sensitive issues including the disputed South China Sea and self-ruled Taiwan, armed by Washington but claimed by Beijing. On Saturday, China summoned the U.S. ambassador in Beijing and postponed joint military talks to protest Washington’s decision to sanction a Chinese military agency and its director for buying Russian fighter jets and a surface-to-air missile system.

“Arms sales undermine trust between the U.S. and Chinese militaries,” Guoqiang told reporters quoted by Bloomberg. He reiterated China’s opposition to U.S. arms sales to Taiwan, saying Xi’s government had a problem with the “nature” of the sales and not the “quantity.”

Asked about the latest round of U.S. sanctions on some $200 billion worth of Chinese goods, Ren said the U.S. should “solely be blamed for the current problems and bear the full consequences. We demand that the U.S. side take a reasonable and mature attitude and act with sincerity, taking concrete actions to improve bilateral military to military relations.”

Guoqiang told a monthly briefing that the United States should take steps to improve military relations and expressed China’s firm opposition to “provocative” U.S. air force flights over the South China Sea, after U.S. B-52s flew in the vicinity of the waterway this week. He also hinted a planned visit to the United States later this year for Defense Minister Wei Fenghe could be in doubt.

“The United States is to blame for the present problem, so the United States must immediately correct its mistakes, and withdraw the so-called sanctions to dispel obstacles that interfere in the healthy development of relations between the two militaries,” Ren said, when asked about Wei’s trip.

In its latest retaliatory response, Beijing denied a request for a U.S. warship to visit Hong Kong, although Ren said he had no further information on that. Adding fuel to the flames, China was angered this week when the United States approved the sale of spare parts for F-16 fighter planes and other military aircraft worth up to $330 million to Taiwan, which China considers a “wayward province.”

Before his UN speech, Trump tweeted that China was “placing propaganda ads” in U.S. newspapers, referring to a Chinese government-run media company’s four-page supplement in the Sunday Des Moines Register promoting the mutual benefits of U.S.-China trade. Asked about the tweet, Geng said that such advertisements by foreign media were commonplace and allowed by U.S. law.

“To say that this regular cooperation is China’s government interfering in the U.S. elections is totally far-fetched and without foundation in facts.”

* * *

China’s commerce ministry said it was “ridiculous” for the United States to think that pressure could force concessions from China, sparked by Trump’s blaming China for stealing U.S. intellectual property, limiting access to its own market and unfairly subsidizing state-owned companies.

“I want to stress that bullying and maximum pressure will not scare China and will not cause China’s economy to collapse,” ministry spokesman Gao Feng told reporters.

Gao was answering a question about comments by former White House strategist Steve Bannon, who last week told the Hong Kong-based South China Morning Post that Trump planned to make the trade war “unbearably painful” for Beijing and would not back down.

end

4.EUROPEAN AFFAIRS

GREECE
Interesting:  Greeks owe the government a stunning 182 billion euros in tax arrears although 80 billion of that is in interest. Hopeless situation
(courtesy zerohedge)

Greeks Owe A Stunning €182 Billion In Tax Arrears To

The State

Data from the Independent Authority for Public Revenue show tax arrears totaled 182.5 billion euros ($214 billion) on Aug. 10, according to a note sent from the agency to parliament last week and seen by The Associated Press Wednesday.

“The Greek government is owed so much in tax arrears from households and companies that it could pay off more than half its massive public debts if it collected it all,” writes AP, adding “unfortunately for the government, that’s unlikely to ever happen.”

However, as KeepTalkingGreece.com reports, more than 80 billion euros of that represents interest and fines on delayed payments from debtors that include companies that have been out of business for decades.

The arrears come close to Greece’s total economic output, estimated at 184.7 billion euros ($217 billion) this year, and Greece’s total public debt is worth about 180% of these arrears.

Eurozone-member Greece repeatedly raised taxes during its international bailouts between 2010 and August 2018.

Some 3.7 million Greeks – about 60 percent of the total – are behind on tax payments, and while the EU governments have attempted to crack down on the so-called shadow economy, black market activity still thrives in Greece.

As Statista’s Niall McCarthy notesexamples of black market activity are pretty common, whether it’s a warehouse worker driving an unlicensed taxi between shifts, an electrician accepting cash payments without declaring his earnings or a simple drug deal in a shady alleyway.

However, the level of black market activity, also defined as the shadow economy, depends highly on your country of residence. Generally defined as businesses and individuals engaging in inappropriate practices without complying with certain legal obligations such as paying tax or maintaining acceptable standards of employment, the shadow economy costs governments around the world trillions of dollars every year.

According to the IMF, heavily regulated economies with weaker administration tend to have well-established shadow economies. It’s far smaller in natons with strong, well-regulated and efficient government institutions. Back in the late 1990s, this was readily apparent in former Soviet states like Georgia where the shadow economy was estimated at 64 percent of GDP.

Today, the shadow economy is booming across southern Europe, though the scale of underground activity can only be measured indirectly.

Infographic: Where Shadow Economies Are Well Established | Statista

You will find more infographics at Statista

According to a new study published by the Institute for Applied Economic Research at the University of Tübingen in Germany (IAW),Greece’s shadow economy is estimated to average 21.5 percent of GDP. In the United States, undeclared cash transactions seem to be rarer with IAW’s study placing U.S. shadow economic activity at 5.4 percent of the country’s GDP.

end

Italy defies Brussels as they agree to the higher budget deficit of 2.4% of GDP. Brussels is angry!!

(courtesy zerohedge)

Italy Defies Europe, Agrees On 2019 Budget Deficit At

2.4% Of GDP

Despite the resistance of Italy’s finance minister Giovanni Tria who had pushed back against demands by the League and the Five Star Movement to push Italy’s budget deficit above 2% in 2019, demanding a hard stop at 1.6%, moments ago the Italian budget negotiations reached a successful conclusion, when Italy’s Deputy Premier Matteo Salvini, and League leader, said that agreement had been reached on the 2019 deficit to be at 2.4% of GDP, as he and Di Maio demanded in recent days to fund what had emerged as key sticking point, namely Universal Basic Income for the people.

Commenting on the outcome, Italy’s other deputy premier Luigi Di Maio, said he had succeeded in a “budget for the people” adding that the budget cancels poverty thanks to “citizen’s income,” at a cost of €10 billion. He added that other measures include reform of job centers, pension reform, and a €1.5 billion fund for victims of bank crises.

Salvini and Di Maio said that Italy’s government is united on the budget goal, although it was unclear if Finmin Tria would stay on after his “fiscally prudent” position had been rejected although Bloomberg reports that according to a League official, Tria had agreed with the 2.4% budget deficit target.

Attention now turns to how Brussels will respond as it will certainly not be excited. Ahead of the decision, EU Commissioner Moscovici was quoted in la Stampa, saying that Italy’s deficit must stay below 2%, while the final number is 0.4% above this.

For now, there has been little reaction in assets, with Italian debt yields unchanged on the news after getting hit earlier, while EURUSD dipped slightly and continuing to trade near session lows.

end

 

 

Macron is demanding that there be no trade deals with the USA after they opted out of the Paris climate accord

(courtesy zerohedge)

Macron: No Trade Deals With US After Trump Rejected

Paris Accord

French President Emmanuel Macron has insisted that countries avoid signing trade deals with any other country which refuses to abide by the Paris Climate Accord – of which the US is not a signatory, according to The Independent.

 

Speaking at the UN General Assembly in New York, Macron said that France will no longer accept “commercial agreements” with countries that do not “respect” the global warming accord.

The French president called for the upholding of trade rules that “guarantee fair competition on equal footing” during his Tuesday speech, following a Monday afternoon meeting with Donald Trump and the US president’s speech on Monday morning. Mr Macron appeared defiant towards Mr Trump, suggesting he’d no longer negotiate trade deals with the US after its withdrawal from the climate agreement last year.

“We will no longer sign commercial agreements with powers that do not respect the Paris accord,” Mr Macron said without directly referencing Mr Trump or the US. –Independent

The Independent notes that the US is reportedly the only nation in the world which remains opposed to the Paris agreement, following Trump’s decision to pull out of it last year.

Macron also took a shot at Trump’s “America First” policies, suggesting that international superpowers should pursue peaceful resolutions to global issues, from Iran’s nuclear program to the Syrian conflict.

“As I was saying a year ago, today we should not aggravate regional tensions but rather through dialogue and multilateralism pursue a broader agenda that allows us to address all the concerns caused by Iranian policies,” Macron said Monday, adding “nuclear, ballistic, regional.”

He also criticised the president’s decision to pull out of the Iran Nuclear deal, touting its success in preventing the country’s “nuclear military path”.

“What will bring a real solution to the situation in Iran and what has already stabilised it? The law of the strongest? Pressure from only one side? No!“ he said. “We know that Iran was on a nuclear military path but what stopped it? The 2015 Vienna accord.”

The speech deeply contrasted that of Mr Trump, who spoke on Monday about “America’s policy of principled realism,” while criticising components of the United Nations. –Independent

We will not return to the Human Rights Council until real reform is enacted. We will also not provide any support to the International Criminal Court,” said Trump, adding that “the ICC has no authority. It violates all principles of justice and due process.”

 

“We will never surrender America’s sovereignty,” Trump said. “We reject the ideology of globalism. America is governed by Americans.”

Aaron Rupar

@atrupar

TRUMP: “Moving forward, we are only going to give foreign aid to those who respect us and, frankly, are our friends… I have told our negotiators that the United States will not pay more than 25% of the UN Peacekeeping budget.”

end

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS

TURKEY/USA

Supposedly USA and Turkey are quietly making progress on the release of American Pastor Brunson

(courtesy zeorhedge)

US And Turkey “Quietly” Making Progress At “Highest Levels” On Release Of American Pastor

A new report in Middle East Eye says Pastor Andrew Brunson could very soon be released from Turkish detention after months of immense US pressure on Ankara has sent the Turkish lira into a nosedive.

In the past weeks the issue has been out of the public eye compared to the heated and seemingly constant back and forth between US and Turkish leaders concerning the detained American citizen over the summer.

The new report, citing Turkish and US government sources, suggests the relative cooling down in public statements surrounding Brunson’s fate is due to behind the scenes progress being made in the case. Notably, President Trump did not once mention Turkey or the Brunson issue during his major speech before the UN General Assembly on Tuesday, after being very vocal in prior months.

Andrew Brunson has been held in Turkey since 2016. Image source: APAccording to Middle East Eye:

But the shrill tone and tit-for-tat tariff slapping has lulled lately.

The calm, according to a Turkish diplomat, comes after Ankara, under pressure to stem the country’s economic freefall, told Washington that the conflict could only be resolved if the public squabbling stopped.

The Turkish diplomat said further, “We knew we had to solve the problem and normalize our relations with the US for the sake of Turkey’s economy, but it was not possible to do that amid challenging statements.” He continued, “So we both decided to prevent any more escalation and solve the problem quietly.”

Turkey’s President Recep Tayyip Erdogan mentioned in statements this week that Pastor Brunson’s fate is a judicial matter, distancing himself from the contentious issue which effectively led to a summer long diplomatic war with Washington, resulting in the Turkish lira losing more than 45 percent of its value this year.

There was a moment of hope this week, however, when on Monday US Secretary of State Mike Pompeo told reporters at the UN General Assembly that Brunson could be released this month, immediately after which the lira value jumped to a one-week high.

“As the president, I don’t have the right to order his release. Our judiciary is independent. Let’s wait and see what the court will decide,” Erdogan told Reuters on Wednesday. Erdogan also claimed the severely ailing economy had nothing to do with the diplomatic feud with the US: “The Brunson case is not even closely related to Turkey’s economy. The current economic challenges have been exaggerated more than necessary and Turkey will overcome these challenges with its own resources,” he said.

Meanwhile a US diplomat confirmed that the Brunson case is being discussed at “the highest levels” between Washington and Ankara.

“There is a will on both sides to solve this problem,” the American diplomat told Middle East Eye. “We both want to leave this problem behind and focus on other areas to further our cooperation; especially Manbij, trade relations, and so on.”

Pastor Brunson, a 50-year-old evangelical pastor from Black Mountain, North Carolina was detained starting in 2016, and is undergoing trial in Turkey while under “house arrest” and is facing charges of espionage and aiding terrorist groups after being accused of cooperating with “Kurdish terrorists” and colluding with the Gulenist Islamic movement to mount a failed coup against Erdogan in 2016. He faces up to 35 years in prison if found guilty, and has now been in Turkish custody for two years.

Trump has made it a personal mission to free Brunson, previously issuing statements via Twitter condemning his detention. For example last July, Trump stated, while addressing the Turkish president directly“A total disgrace that Turkey will not release a respected U.S. Pastor, Andrew Brunson, from prison. He has been held hostage far too long. Erdogan should do something to free this wonderful Christian husband & father. He has done nothing wrong, and his family needs him.”

Congress has also held up transfer of F-35 fighters which were set to be delivered to Turkey, citing its horrible human rights record and the detention of Brunson.

It appears that Turkey has now been brought to breaking point as it seeks to revive the nosediving lira, but will seek to keep its acquiescence to the White House as quiet as possible.

END

6. GLOBAL ISSUES

7  OIL ISSUES

The Saudis heed to the wishes of Trump and will pump additional 550,000 barrels per day.

(courtesy zerohedge)

Oil Drops After Saudis Say Ready To Pump Additional 550K Barrels

One week after President Trump tweeted his latest demand for OPEC to cut oil prices (presumably by boosting production), Saudi Arabia is reportedly considering doing just that.

Donald J. Trump

@realDonaldTrump

We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember. The OPEC monopoly must get prices down now!

CNBC reported early Monday that Saudi Arabia would be willing to pump as many as 550,000 additional barrels of oil per day if demand merits it. Of those, 250k would come from the Kurais field and 300,000 from resumed capacity from its pipeline at Manifa.

Brian Sullivan

@SullyCNBC

Sources confirm to CNBC that Saudi Arabia is able & willing to add as many as 550,000 new barrels of #oil onto the market *if* demand merits it.

250k barrels from Kurais field and 300,000 from resumed capacity from pipeline issues at Manifa.

Brynne Kelly@BrynneKKelly

SAUDI’S MAY ADD UP TO 550K BBLS/DAY TO MARKET @CNBC

Meanwhile, Reuters reports that Saudi Arabia is planning to “quietly” pump more oil to offset an expected drop in Iranian production, even as it worries that it might need to restrict supply next year as US shale producers expand their output. Saudi is still weighing whether to go ahead with the production hike, with officials saying the Kingdom is worried about maintaining unity in the OPEC+ production block (which includes non-OPEC producers like Russia). The anonymous officials were reportedly familiar with private discussions at the OPEC meeting in Algiers earlier this month.

Two sources familiar with OPEC policy said Saudi Arabia and other producers discussed a possible production increase of about 500,000 barrels per day (bpd) among the Organization of the Petroleum Exporting Countries and non-OPEC allies.

But Riyadh decided against pressing for an official increase now as it realized it would not secure agreement from all producers present at the talks, some of which lack spare production capacity and would be unable to boost output quickly.

Such a move would have unsettled relations among producers, the sources said, with the Saudis keen to maintain unity among the so-called OPEC+ alliance in case Riyadh wants to change course in future and seek their collaboration on an output cut.

“There are only two months left until the end of the year, so why create tensions now between Saudi Arabia, Iran and Russia?” one source familiar with the Algiers discussions said.

The report comes after Saudi Energy Minister Khalid al-Falih said over the weekend that he’s concerned an oil production ramp in the US could push prices lower again as supply outstrips demand.

Brent crude dropped from session highs on the news:

Oil

END

*  *  *

 

 

8 EMERGING MARKET ISSUES.

i)ARGENTINA

Argentina is to be receive another 7 billion dollars as the IMF boosts the bailout.  However they state that the government of Argentina cannot intervene, by using these funds to stabilize their currency

(courtesy zerohedge)

Argentina Gets Record $57 Billion As IMF Boosts

Bailout, Creates “No Intervention” Zone For The Peso

Just a few months after the IMF announced in June what was a record-setting $50 billion, 36-month bailout agreement with Argentina, the International Monetary Fund said it would expand the credit line to $57 billion in an attempt to halt the economic and financial crisis that has sent the country’s currency plunging over 50% this year, and pummeled the third-largest Latin American economy. In exchange, Argentina will set a “no intervention” zone for the peso from 34 to 44, meaning the exchange rate will be flexible but not floating.

The revised standby agreement is “aimed at bolstering confidence and stabilizing the economy,” IMF chief Christine Lagarde said Wednesday in a joint statement with Argentine Economy Minister Nicolas Dujovne.

The agreement, which is subject to IMF Executive Board approval, “front loads IMF financing, increasing available resources by US$19 billion through the end of 2019, and brings the total amount available under the program to US$57.1 billion through 2021,” according to statement.

Argentina had started renegotiating the terms of the bailout deal last month when it became obvious that the original funds would be insufficient, and when President Mauricio Macri asked to speed up payments in the original agreement. Meanwhile, as part of the deal, Argentina would be required to fulfill certain stipulations under the agreement, which would need congressional approval by way of the 2019 budget. In exchange, the IMF would cover a significant portion of Argentina’s financing through next year, according to Moody’s.

As part of the government’s efforts to cut its debt, which is projected to reach 70% of GDP next year. Macri and finance minister, Nicolas Dujovne unveiled economic reforms earlier this month, including highly unpopular spending cuts and export tax increases demanded by the IMF. However, balancing the budget as Buenos Aires has promised, will prove difficult for Macri as elections near and the program will be frowned upon by all local politicians. According to the local media, with an approval rating that tumbled below 40% this year, there’s a possibility the conservative, whose campaign focused on free-market reforms, may not be re-elected.

Meanwhile, Argentina is expected to slide into recession this years as a result of the currency collapse and the economic slowdown. GDP has already tumbled in the second quarter, marking the first economic contraction in more than a year, and is expected to continue to slide in coming quarters. With the economy sliding 2.7% Y/Y in July, Capital Economics predicted that the full year GDP drop would be 4% in 2018.

Meanwhile, Lagarde said that “a central element of the authorities’ plan will be to reach budgetary balance by 2019, one year earlier than previously intended, and to move to a 1 percent primary surplus in 2020.” She added that “to tackle inflation, the authorities will shift towards a stronger, simpler, and verifiable monetary policy regime, replacing the inflation targeting regime with a monetary base target.”

“This new framework will contain the supply of money, and keep short-term interest rates at their currently high levels, aiming to bring down inflation and inflation expectations decisively and rapidly” said the IMF head.

But while the IMF expects the economy will stabilize by the end of the year and begin a recovery as soon as 2019, analysts are skeptical: “The worsening of the situation in Argentina despite the rate hikes and government efforts to restore market confidence confirms our view that the situation is far from being solved,” Craig Chan of Nomura wrote in a research report.

Making matters worse, Argentina’s labor unions have already called for a nationwide strike to protest austerity measures and economic conditions, which will further slowdown the economy. Many citizens have spoken out against involvement with the IMF, which was criticized for its involvement in Argentina’s 2001 crisis which culminated in a sovereign default.

But what is the biggest question is how the market will respond: the $7 billion tack-on to the bailout fund may be seen as insufficient as the expectation had been for an increase in the range of $5-$20 billion, with some calling for as much as $30 billion, according to Bloomberg.

As part of the revised bailout agreement, the Central Bank of Argentina will adopt a floating exchange rate regime without intervention as long as the Argentine Peso is in the 34-44 rangeIn the event of extreme overshooting of the exchange rate, the BCRA may conduct limited intervention in foreign exchange markets to prevent disorderly market conditions.

It is unclear if the flexible exchange rate will be seen as a positive. While the central bank will be able to intervene under extreme conditions to control volatility, it would also be a drain on reserves, and the market will likely push the currency low enough on short notice.

Keep a close eye on the ARS tomorrow when it opens for the market reaction: if it is negative, the IMF may have to quickly expand its bailout yet again.

END

 

 

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

Euro/USA 1.1743 DOWN .0036/ 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 EXCEPT LONDON FTSE 

 

 

 

USA/JAPAN YEN 112.79   UP 0.088  (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 1.3136 DOWN   0.0034  (Brexit March 29/ 2017/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED

USA/CAN 1.3060  UP .0023(CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS THURSDAY morning in Europe, the Euro FELL by 36 basis point, trading now ABOVE the important 1.08 level RISING to 1.1762; / Last night Shanghai composite CLOSED DOWN 15.04 POINTS OR .54%//Hang Sang CLOSED DOWN 101.20 POINTS OR 0.36% 

/AUSTRALIA CLOSED DOWN  0.13% / EUROPEAN BOURSES ALL RED EXCEPT LONDON FTSE  

 

 

The NIKKEI: this THURSDAY morning CLOSED DOWN 237.05 POINTS OR .99% 

 

 

 

Trading from Europe and Asia

1/EUROPE OPENED ALL RED EXCEPT LONDON FTSE

 

 

 

 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 101.20 POINTS OR 0.36%/SHANGHAI CLOSED DOWN 15.04 POINTS OR .54%

 

Australia BOURSE CLOSED DOWN 0.13%

Nikkei (Japan) CLOSED DOWN 237.05 POINTS OR .99% 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1195.05

silver:$14.40

Early THURSDAY morning USA 10 year bond yield: 3.04% !!! DOWN 1 IN POINTS from WEDNESDAY night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%. (POLICY FED ERROR)/

The 30 yr bond yield 3.18 DOWN 0  IN BASIS POINTS from WEDNESDAY night. (POLICY FED ERROR)/

USA dollar index early THURSDAY morning: 94.48 UP 29  CENT(S) from WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing THURSDAY NUMBERS \1: 00 PM

 

Portuguese 10 year bond yield: 1.87% DOWN 3    in basis point(s) yield from WEDNESDAY/

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

SPANISH 10 YR BOND YIELD: 1.50% DOWN 2  IN basis point yield from WEDNESDAY/

ITALIAN 10 YR BOND YIELD: 2.89 UP 3   POINTS in basis point yield from WEDNESDAY/

 

 

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

GERMAN 10 YR BOND YIELD: FALLS UP TO +.53%   IN BASIS POINTS ON THE DAY//(OMINOUS!!)

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY

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

Euro/USA 1.1675 DOWN .0072 (Euro DOWN 72 Basis points/ represents to DRAGHI A COMPLETE POLICY FAILURE/

USA/Japan: 113.40 UP 0.669 Yen DOWN 67 basis points/

Great Britain/USA 1.3105 DOWN .0065( POUND DOWN 65 BASIS POINTS)

USA/Canada 1.30300  Canadian dollar DOWN 7  Basis points AS OIL ROSE TO $72.09

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

This afternoon, the Euro was FELL BY 72 BASIS POINTS  to trade at 1.1675

The Yen FELL to 113.40 for a LOSS of 67 Basis points as NIRP is STILL a big failure for the Japanese central bank/HELICOPTER MONEY IS NOW DELAYED/BANK OF JAPAN NOW WORRIED AS AS THEY ARE RUNNING OUT OF BONDS TO BUY AS BOND YIELDS RISE

The POUND LOST 65 basis points, trading at 1.3105/

The Canadian dollar LOST 7 basis points to 1.30300/ WITH WTI FALLING TO 72.09

The USA/Yuan,CNY closed DOWN AT 6.8903-  ON SHORE  (YUAN DOWN)

THE USA/YUAN OFFSHORE:  6.8805 (  YUAN DOWN)

TURKISH LIRA:  5.9765

the 10 yr Japanese bond yield closed at +.12%   DOWN 1  BASIS POINT FROM YESTERDAY

 

 

Your closing 10 yr USA bond yield DOWN 1  IN basis points from WEDNESDAY at 3.07 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 3.20 DOWN 2  in basis points on the day /

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

Your closing USA dollar index, 94.81 UP  61 CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 33.95 POINTS OR 0.45%

German Dax : CLOSED UP 49.70 POINTS  OR 0.40%
Paris Cac CLOSED UP 27.68 POINTS OR 0.50%
Spain IBEX CLOSED UP 2.70 POINTS OR 0.03%

Italian MIB: CLOSED DOWN:  135.27 POINTS OR 0.62%/

 

 

WTI Oil price; 72.09  1:00 pm;

Brent Oil: 81.74 1:00 EST

USA /RUSSIAN /   ROUBLE CROSS:    65.49/ THE CROSS LOWER BY  0.38 ROUBLES/DOLLAR (ROUBLE HIGHER BY 38 BASIS PTS)

USA DOLLAR VS TURKISH LIRA:  5.9765 PER ONE USA DOLLAR.

TODAY THE GERMAN YIELD FALLS +.53 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:$72.18

BRENT: $81.55

USA 10 YR BOND YIELD: 3.05%

USA 30 YR BOND YIELD: 3.18%/

EURO/USA DOLLAR CROSS: 1.1646 DOWN .01008 ( DOWN 100 BASIS POINTS)

USA/JAPANESE YEN:113.38 UP 0.679 (YEN DOWN 68 BASIS POINTS/ .

USA DOLLAR INDEX: 94.95 UP 76 cent(s)/

The British pound at 5 pm: Great Britain Pound/USA: 1.3078 DOWN 92 POINTS FROM YESTERDAY

the Turkish lira close: 6.0160

the Russian rouble:  65.55 DOWN 0.32 roubles against the uSA dollar.(UP 32 BASIS POINTS)

 

Canadian dollar: 1.3046 UP 9 BASIS pts

USA/CHINESE YUAN (CNY) : 6.8903  (ONSHORE)

USA/CHINESE YUAN(CNH):  6.8864 (OFFSHORE)

German 10 yr bond yield at 5 pm: ,0.53%

 

The Dow closed  UP  54.65 POINTS OR 0.40%

NASDAQ closed UP 51.60  points or 0.65% 4.00 PM EST


VOLATILITY INDEX:  12.41  CLOSED DOWN 0.48

LIBOR 3 MONTH DURATION: 2.386%  .LIBOR  RATES ARE RISING/big jump today

(from 2.381 yesterday)

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

TRADING IN GRAPH FORM FOR THE DAY

 

Tech Stocks Erase Powell-Plunge, Dollar Soars On Global

Liquidity Panic

Just seemed appropriate…

.

 

 

China stocks gave up all their gains for the week following Powell’s rate-hike (which we note China did not respond to)…

 

European stocks were panic-bid all day after Italy plunged out of the gate on budget headlines once again…

 

US Equity Futures drifted lower after the cash close yesterday then levitated as Europe opened and into the US cash open when a panic bid hit Nasdaq (but nothing else)…Nasdaq futures managed to hold gains post-Powell but S&P and Dow rolled back over…

 

Cash indices on the week shows Nasdaq touching unchanged before being bid, rest of the US majors all red on the week…

 

Interestingly – with Small Caps so ugly this month – “Most Shorted” stocks tumbled after Powell yesterday and held those losses today…

 

With one day left in the month, Nasdaq (and Small Caps) remain in the red for September…

 

FANG Stocks continued their melt-up from Monday’s ugly gap down open…

 

Tech has dominated financials for the last few days..

 

Treasury yields are very modestly higher on the day (well unch at the long-end and up just over 1bps from 5Y in)…

 

The yield curve continued its flattening, back near cycle flats…

 

The Dollar Index surged back up to 2-week highs, extending post-Powell plunge bounce…

 

USD gains were largely prompted by EUR weakness as Italian budget headlines didn’t help (EUR down most in over 6 weeks)…

 

Some questioned whether the EUR weakness was prompted by what appeared to be a dollar liquidity panic into quarter-end as basis swaps blew out (3m EUR-USD basis spiked most since Lehman). Likely this is due to quarter-end dollar funding demand.

 

Despite a record bailout from The IMF and pulling forward the borrowing, Argentina’s Peso tumbled today…

 

On the other end of the scale, the Turkish Lira surged to 6-week highs…

 

Bitcoin was flat today but Bitcoin Cash and Litecoin surged…

 

Dollar gains weighed on commodities broadly today with Copper and PMs ugly, WTI held up…

 

WTI Crude had quite a volatile day, whipped higher on Perry SPR comments and back down on Saudi comments

 

Gold futures tripped back below $1200…

 

Finally, we note that the gap between hope and reality is now at a 11-month high…

 

 

END

 

 

market trading

The 7 yr auction was not received well as their was a huge rise (tail) in the rate to 3.025 %

(courtesy zerohedge)

 

Ugly 7 Year Auction Draws Huge Tail As Bid To Cover

Slides

After two ugly auction to start the week, with both the 2Y and 5Y sales tailing badly, today’s 7Y was even worse>

Stopping at 3.034%, the auction tailed by a whopping 0.9bps to the 3.025% When Issued, and also was the first 3%+ 7 Year auction since March 2010.

The internals were also very ugly, with the Bid to Cover sliding from 2.65 to 2.45, below the 2.53 six auction average, and the lowest since March 2018. The takedown was lukewarm, with Direct interest sliding, and taking down just 12.8%, down from 19.0% last month, while Indirects saw a modest lift from 59.5% in August to 62.0% currently right on top of the 6 month average; dealers were left with 25.3%.

Yet despite the auction’s poor performance, the bond market appears to have looked past through and there was no negative reaction in the secondary market as yet another chunk of US debt was easily digested by the market.

 

 

market data

Final numbers for Q2 are now in and it came in at 4.2%

(courtesy zerohedge)

Final Q2 GDP Estimate At 4.2%, Strongest In 4 years

After bursting higher in second quarter, when according to the first estimate of Q2 GDP, the US economy grew at an annualized 4.1% rate, a number which rose to 4.2% in the second estimate in August, moments ago the BEA reported that according to its final estimate of second quarter GDP, US growth remained unchanged at a 4.2% annualized rate, or technically 4.15% – in line with consensus and still the highest since the summer of 2016 – at a time when the Trump’s $1.5 trillion fiscal stimulus was boosting the US economy.

While overall GDP growth was unrevised from the second estimate, there were small revisions in the subcomponents, reflecting upward revisions in most categories, which were offset by a downward revision to inventory investment.

After last month’s modest drop in Personal Consumption (from 4.0% initially reported to 3.8%), in the final revision, this number remained unchanged at 3.8%, and in line with expectations.

In terms of contribution to the bottom line, the various line items were as follows:

  • Personal Consumption: 2.57%, up from 2.55%
  • Fixed Investment:1.10%, up from 1.07%
  • Change in Private Inventories: -1.17%, down from -1.07%
  • Exports: 1.12%, up from 1.10%
  • Imports: 0.10%, up from 0.07%
  • Government consumption: 0.43%, up from 0.41%

A big contributor to growth was nonresidential fixed investment, or spending on equipment, structures and intellectual property rose 8.7% in 2Q after rising 11.5% prior quarter

Separately, the GDP price index rose 3.0% in 2Q after rising 2.0% prior quarter, while core PCE q/q surprised modestly by rising 2.1% in 2Q after the prior report showed a 2.0% increase.

Also in today’s report, the BEA said that corporate profits rose 1.2% in prior quarter; y/y corporate profits were revised somewhat lower up 7.3% in 2Q after rising 5.9% prior quarter, and were broken down as follows:

  • Financial industry profits increased 3.7% Q/q in 2Q after falling 2.1% prior quarter
  • Federal Reserve bank profits down 4.7% in 2Q after falling 2.8% prior quarter
  • Nonfinancial sector profits rose 4.2% Q/q in 2Q after rising 2.7% prior quarter, and a notable downward revision from the 5.1% print in the last estimate.

Finally, while the number is largely irrelevant, as it references a period nearly 4 months old, it confirms that the economy was heating up headed into the summer. The bigger question of what GDP will do this quarter will be answered in one month, however according to high frequency economic indicators and the latest FOMC projections, all signs point to a continuation of the trend, especially since the impact of Trump’s fiscal boost is expected to peak some time around now.

 end
Usually the USA trade deficit is around 45 to 48 billion dollars.  With the trade war it has now risen to almost 76 billion dollars and this will be a huge negative to GDP for the 4th quarter
(courtesy zerohedge)

US Goods Trade Deficit Surges Near Record High (Don’t Tell Trump)

Do not show this to President Trump, he will not be happy…

In the few months since President Trump unleashed his trade war, predicated on managing back America’s massive merchandise trade deficit, things have gone very wrong, judging by the numbers.

Against expectations of a $70.6 billion deficit, August’s goods trade balance plunged to $75.8 billion – just shy of July 2008’s record high deficit of $76.025 billion…

Notably, the trade deficit was worse than the forecast range $68b to $73.9b from 36 economists.

Whether this reflects pre-emptive actions ahead of actual tariffs is unclear:

  • Exports fell 1.6% in Aug. to $137.912b from $140.199b in the prior month
  • Imports rose 0.7% to $213.742b in Aug. from $212.246b in July

With exports of food and beverage and Industrial supplies plunging in August (and consumer goods surging).

Imports were dominated by a 3.2% increase in Automotives.

end

 

USA economic/general stories
Ford CEO is now saying that the tariffs have cost the company one billion dollars in profits
(courtesy zerohedge)

Ford CEO Says Trump Tariffs Cost Company $1 Billion In Profits

Ford’s Chief Executive Officer, James Hackett, became the latest in a long line of executives to claim that that President Trump’s trade war is hurting his company, and specifically that the tariffs on metals have cost Ford $1 billion in profits. He made the comments on Wednesday at a Bloomberg conference in New York City.

“From Ford’s perspective the metals tariffs took about $1 billion in profit from us. The irony of which is we source most of that in the U.S. today anyway. If it goes on any longer, it will do more damage,” he said,  and warned that domestic commodity prices could move even higher as a result of the tariffs.

As has happened with home prices and with farmers, the effect of tariffs has sometimes hurt U.S. consumers and U.S. businesses. In response, the Trump administration even implemented a short term $12 billion stimulus plan for farmers who were negatively affected. One way or another, the costs of the tariffs have been passed down to consumers.

And automakers in the past had warned that these costs would be passed down to consumers because the price of commodities would rise for manufacturing.

The Association of Global Automakers representing major foreign automakers stated then that “the greatest threat to the U.S. automotive industry at this time is the possibility the administration will impose duties on imports in connection with this investigation. Such duties would raise prices for American consumers, limit their choices, and suppress sales and U.S. production of vehicles.”

The auto industry is still waiting to see if there will be a new round of tariffs following a order in May by President Trump to investigate whether or not he should impose a 25% tariff on parts imported from the European Union.

Section 232 of the US Trade Expansion Act basically allows the President carte blanche to adjust imports by using tariffs “if they threaten national security”. This additional tariff would have far-reaching consequences, according to analytics data firm IHS Markit. According to them, it could also wind up costing about 300,000 automotive related jobs in both factories in dealerships across the country.

The EU has threatened $300 billion in retaliation for such tariffs.

end
A good commentary from zerohedge as they outline how the tariffs initiated by China and Europe could trigger a downward cycle and slash 715,000 USA jobs.
(courtesy zerohedge)

Trade Wars Could Collapse US Car Sales And Slash 715K Jobs: It Would Trigger A “Downward Cycle”

The most significant and dangerous risks stem from policymaking. And on top of the list is, of course, the protectionist crusade of the Trump administration to disrupt the post–World War II global economic order the US was instrumental in building.

The impact of President Trump’s escalating trade war with China is already being felt, auto experts warn, and not in a good way.

Retaliation by China to tariffs already in place have made some American auto exports uncompetitive, and could collapse US auto sales by 2 million vehicles per year, resulting in the loss of up to 715,000 American jobs and a devastating hit of as much as $62 billion to the US GDP.

As per NBC News, the Center for Automotive Research (CAR) warns that the auto industry could receive a devastating blow if Section 232 declares foreign-made cars and car parts a threat to national security.

Kristin Dziczek, a vice president and senior economist at CAR, said if Section 232 is enacted, it could trigger a “downward cycle” in the auto industry – not seen since the last great recession.

The latest research from CAR demonstrates how the trade war is disrupting the complex web of international supply chains, the repair of which will be expensive, and the jump in automobile costs could damage global and US markets. The uncertainty surrounding the trade war is also seen as extremely disruptive to business planning and hence investment plans.

The indirect effects on business investment may damage the auto industry on a medium-term basis.

Already announced tariffs on imported aluminum and steel have added about $240 to the cost of producing a new automobile in the US, said Peter Nagle, a senior economist at IHS Markit. The first round of tariffs with China has also increased the cost of foreign parts used on American assembly lines. Nagle added that the series of trade tariffs would “exacerbate” the difficulties the auto industry currently faces as it struggles to thwart the first downturn in sales since the last recession.

President Trump activating tariffs using Section 232 rules would be disastrous, he warned.

Nagel estimated consumers would be “looking at price increases of $1,300 for a typical mass-market product, up to $5,800 for a luxury vehicle.” He said those increases would not be limited to just imported vehicles. Toyota, for example, has forecast the price of a US-manufactured Camry would jump by about $1,600.

The report from CAR and IHS confirms that new auto sales would plunge by around 2 million vehicles annually, to 16.5 million per year from 2019 to 2025. In other words, America’s auto industry is on the cusp of a nasty recession. Caught in the crossfire, some medium-sized and smaller parts suppliers could be forced into bankruptcy, unable to afford the expenses of relocating their operations back to the US. That could result in disruptions at assembly plants, said Nagle.

Auto experts said that China is the leading supplier to the automotive aftermarket, with parts such as tires, wheels, filters, and wiper blades.

The consumer who is currently experiencing negative real wage growth will be shocked when parts for their vehicles become much more expensive.

And when it comes to auto exports, the US is already starting to feel the shock. Before the Trump administration enacted the first round of tariffs on Chinese goods, Beijing announced plans to reduce its duties on imported vehicles from 25 percent to 15 percent. Chinese imports of US autos are now subjected to 40 percent tariffs, making them even less competitive with auto imports from Europe and or Japan.

The escalating trade war with China “will further harm the U.S. auto industry and American workers and consumers,” said John Bozzella, CEO of the Association of Global Automakers. “Retaliation by China to tariffs already in place has made U.S. auto exports uncompetitive and will eliminate our bilateral auto trade surplus.”

There are no winners in trade wars, even if the ultimate goal is a noble one. The immediate impact is likely to ripple through the entire US auto industry, experts warn, even at the dealership level. The CAR study estimates as many as 117,000 employees at the country’s 17,000 new car dealerships could lose their jobs.

Lessons from past trade wars signal that the US auto industry is in for a wallopin

END

The Fed according to Graham Summers is ready to pierce the stock bubble to get investors into the bond market i.e. to drive yields down.  If he does not all countries go broke…
(courtesy Graham Summers/Phoenix Research Capital)

The Fed is Facing Two Bubbles… And It Can Only Save One

Yesterday, the Federal Reserve stated it would no longer be “accommodative” with its monetary policy.

On that same day Fed chair Jerome Powell stated that stock market valuations were in the “upper reaches of historic ranges” i.e. bubbly.

And most importantly, the Fed stated it would likely hike rates again in 2018… with another three rate hikes in 2019. If each rate hike were for 0.25%, the Fed is targeting an interest rate of 3.25% before it’s done.

Why is the Fed acting so aggressively? Remember, both the Bank of Japan and the European Central Bank are running NEGATIVE interest rates while also engaging in Quantitative Easing policies.

Meanwhile, the Fed is planning a total of 12 rate hikes before it’s finished… while engaging in a Quantitative Tightening program that would drain an amount equal to Sweden’s GDP from its balance sheetevery single year.

Why is this?

Because the Fed is trying to get the bond market under control.

In chart form, the Fed’s primary concern is this…

GPC926181.png

The yield on the 10-Year Treasury bond, the single most important bond in the world, has broken a multi-decade downtrend. If this does not reverse soon it means the 30+ year bull market in bonds is OVER.

 ————————————————-

 

That is a MUCH bigger deal for the Fed than this…

GPC92718.png

Yes, stocks get the attention because they are more volatile, but it is the BOND BUBBLE, AKA the Everything Bubble, that is Fed’s primary concern.

If stocks drop, investors lose money…if bonds drops, entire countries go broke.

Which is why the Fed is engaging in its most aggressive rate hike cycle in history. It NEEDS to get bond yields back below their long-term trendline one way or another. And if collapsing stocks to force capital into bonds is the way it has to be… so be it.

Again, this is a MASSIVE deal. And while 99% of investors are focusing on stocks… it is BONDS that are flashing a major warning.

end

Another indicator showing the USA economy is faltering:  pending home sales plunged in August. The West lead the fall

(courtesy zerohedge)

Pending Home Sales Plunge In August Led By Collapse In West

Pending home sales plunged in August, dropping 1.8% MoM (almost four times worse than expected) to its lowest since Oct 2014 (and fell 2.5% YoY) – the fourth month of annual declines in a row…

As Bloomberg notes, the decline, which was broad-based across all four regions, shows that higher mortgage rates, rising prices and a shortage of affordable homes continue to squeeze buyers. Existing-home sales in August matched the lowest in more than two years, while revisions to new-home sales showed a slower market than thought, according to previously released figures.

NAR continues to blame low inventory and affordability

“Pending home sales continued a slow drip downward,” Lawrence Yun, NAR’s chief economist, said in a statement.

“The greatest decline occurred in the West region where prices have shot up significantly, which clearly indicates that affordability is hindering buyers and those affordability issues come from lack of inventory, particularly in moderate price points.”

On a non-seasonally adjusted basis, sales In The West collapse 9.9% YoY…

As a reminder, economists consider pending-home sales a leading indicator because they track contract signings; purchases of existing homes are tabulated when a deal closes, typically a month or two later

END
Jeffrey Snider talks about the hawks at the Fed who are scared out of their minds
(courtesy Jeffrey Snider/Alhambra Investments partners)

Alhambra Exposes The Chicken Hawks At The Fed

Authored by Jeffrey Snider via Alhambra Investment Partners,

There had been whispers that the FOMC would have to undertake a second “technical adjustment” this year. Is it coincidence that the eurodollar futures curve inverted on the same day, June 13, Jay Powell announced the first one? Perhaps, but given what we are talking about here there is a fair chance they are related, especially in the close aftermath of May 29.

What are we talking about? The effective federal funds rate (EFF) has spent much of this year vexing US central bankers. For reasons they can’t seem to pin down the rate has moved upward inside the policy “range.” That range is defined by the reverse repo (RRP) “floor” on the bottom. On top is, or was, IOER.

As EFF began to make officials squirm on its way up toward the upper parts of the range the FOMC in June voted for this “technical adjustment” to get it back under control, or try. IOER would be set 5 bps less than the upper bound so as to pressure the effective rate lower (under the theory of money alternatives). Thus, at the last “rate hike” RRP was raised by 25 bps while IOER only 20 bps.

In the months since, EFF has squeezed a little higher still. As of last week, it was 3 bps underneath IOER. At such a close level, some were wondering if the FOMC might vote for another adjustment to IOER the same as in June. EFF apparently needs another official push, the first one didn’t really do much.

Practically daring policymakers to do something about it, EFF moved up to 1.93% on Monday. It was the same just 2 bps less than IOER Tuesday, too (we don’t know what it was today, the last day before the current “rate hikes” are carried out, since FRBNY won’t publish the official calculations until tomorrow morning).

Though the Committee voted to raise the corridor yesterday, they will move both RRP and IOER by 25 bps – no second “technical adjustment” yet despite where EFF in all likelihood sits right now.

Why not?

To be candid, I think they are scared. After all, why make the first adjustment? The answer is any rebellion in federal funds. If EFF continues to behave independent of policy levers, corridors, and all moral suasion, then that sends the same chaotic signal as chaotic money markets have been sending since the initial breakdown in August 2007. In other words, if the Fed can’t control federal funds, what can it?

Nothing.

If they adjusted IOER a second time and EFF remained 8 bps or now 7 bps below the top, that would be 2 bps or possibly 3 bps above IOER. It would instead prove IOER is useless (not that we really need any more proof). That would further show that the Fed, by sticking with something so comprehensively and consistently ineffective, is in a tough spot with few actual control levers in just money markets – forget about anything else outside of the mechanical.

At this juncture, why risk placing a spotlight on IOER and having it blow up (again) in their faces? Better to watch EFF slowly boil up to it than to give this dysfunction signal a big push toward the wrong kind of confirmation at a crucial juncture.

Chicken hawks.

Better to be thought powerless and impotent than to adjust technically and remove all doubt. Central banks aren’t central, and you have to wonder if central bankers are finally starting to suspect this truth. 

END
How the Chinese stole USA trade secrets
(courtesy zerohedge)

Bombshell WSJ Story Confirms “Systematic And Methodical” Chinese Theft Of US Trade Secrets

A deep dive into how China “systematically pries technology from U.S. Companies” by the Wall Street Journal gives essential context to President Trump’s rising trade war with Beijing at a moment that both Chinese and American mainstream media relentlessly bash the president for his unprecedentedly tough stance on China.

And yet such a bombshell story exhaustively documenting multiple major instances of China caught in brazen acts of theft of American technology and trade secrets has barely made a splash in the rest of major media, and likely won’t hit the network news shows with so much as a whimper: after all it may confirm that Trump is right, and admitting this will certainly not gain ratings.

Foremost among Trump’s demands after he announced tariffs on about half of all US imports from China while threatening to impose tariffs on the second half, is that China cease requiring American companies turn over trade secrets in order to do business there. Trump has consistently blasted China’s “unfair trade practices” which includes stealing US intellectual property.

In fact the Commission on the Theft of American Intellectual Property, an independent US body including representatives from the public and private sectors, has recently estimated that $600bn worth of US intellectual property is stolen every year, led by China, and the bipartisan body has called for a “decisive response”.

But the WSJ story gives flesh to prior allegations and statistics, including shocking instances of raids on American offices in Chinese cities, revealing that Beijing authorities have erected an entire system geared toward prying the most innovative technologies and secrets from American companies while passing it off merely as the fair and routine cost of tapping into a new market of over a billion people.

The report begins by recounting a raid on DuPont’s Shanghai offices, which interestingly the Chinese have since tried to pass off as but normal procedure and their prerogative:

DuPont Co. suspected its onetime partner in China was getting hold of its prized chemical technology, and spent more than a year fighting in arbitration trying to make it stop.

Then, 20 investigators from China’s antitrust authority showed up.

For four days this past December, they fanned out through DuPont’s Shanghai offices, demanding passwords to the company’s world-wide research network, say people briefed on the raid. Investigators printed documents, seized computers and intimidated employees, accompanying some to the bathroom.

The WSJ describes this as one of the multiple tactics that “reveal how systemic and methodical Beijing’s extraction of technology has become” event while Chinese officials consider the complaints against such coercion “unfair”.

Reports the WSJ further, “China’s tactics, these interviews and documents show, include pressuring U.S. partners in joint ventures to relinquish technology, using local courts to invalidate American firms’ patents and licensing arrangements, dispatching antitrust and other investigators, and filling regulatory panels with experts who may pass trade secrets to Chinese competitors.”

With DuPont, its former Chinese partner, Zhangjiagang Glory Chemical Industry Co., continues to sell chemicals used to make fibers that it allegedly ripped off from the American conglomerate. Yet China stacked the deck against it in local courts over years of the company seeking remediation over the technology theft, and its antitrust board has further warned DuPont to drop its lawsuits.

This is one of many examples of a whole system of “coerced technology transfer” which the White House says inflicts $50 billion yearly in damages to US companies, and more broadly disincentivizing American innovation and crippling US economic growth.

Via the WSJBut China pitches what it sees as up-front and voluntary technology sharing as the cost of lucrative expansion into its markets, though White House officials hold this up as clear evidence of China’s economic aggression.

A formal Chinese government statement to the WSJ in response to allegations of systematic technology theft reads as follows: “American companies in China have received huge returns through technology transfer and licensing, and are the biggest beneficiaries of technical cooperation.”

Chinese officials have further long claimed that “U.S. companies enter partnerships voluntarily,”according to the WSJ.

Via the WSJWhite House trade adviser Peter Navarro, meanwhile, described “The combination of naiveté and hubris on the part of U.S. companies seeking to enter the Chinese market, coupled with a sophisticated Chinese effort to extract technology has been a lethal combination.”

But another Beijing policy maker cited in the report claimed, “China’s offer to the world has been straightforward,” and that “Foreign companies are allowed to access China’s markets but they would need to contribute something in return: their technology.”

Other examples of such “straightforward” practices outlined by the WSJ report are as follows:

  • About one in five members of the American Chamber of Commerce in Shanghai say they have been pressured to transfer technology, according to a survey conducted in the spring. Of those companies, 44% in aerospace and 41% in chemicals report “notable pressure.” China considers both industries strategically important.
  • China mandates that foreign companies wanting to open or expand in 35 sectors do it through joint ventures, though it announced a plan in April to phase out rules requiring foreign auto makers to share factory ownership and profits with Chinese companies by 2022.
  • When China set out to build its first large commercial passenger jet in 2008, state-owned Commercial Aircraft Corp. of China made clear it would buy components only from joint ventures whose foreign partners would share technology. General Electric Co. agreed.
  • Chinese leaders see innovative technologies as forces to propel its industries up the value chain into more sophisticated sectors and the country into rich-nation ranks. To ensure foreigners bring their best, phalanxes of regulatory panels scrutinize foreign investments to make sure they meet government goals.

The report cites Texas-based chemical producer Huntsman Corp as being recently targeted by such “regulatory panels” which ultimately was able to procure “enough information to duplicate the product” under the guise of “approving” chemicals prior to production in China, which required the US company to submit its own chemical formulas and production process for review.

And likely there are many dozens more of such technology thefts within a “trade partnership” system designed from start to finish to ensure American secrets flow into Beijing’s hands.

Amidst the ratcheting trade war, chances are growing that over the next year we will hear of more sensational raids on American company offices in Chinese cities – perhaps even Apple which the local propaganda press recently threatened with “anger and nationalist sentiment” – and heightened threats against them from anti-trust and regulatory committees.

SWAMP STORIES

The rhetoric from the left is now turning to demanding an FBI report.  The problem is that in 1991 Joe Biden stated that an FBI report isn’t worth anything.

(courtesy zerohedge)

Joe Biden Explains To Democrats Why “An FBI Report Isn’t Worth Anything”

Well this is awkward…

With leftists up and down the country triggered at the prospect of the confirmation Judge Brett Kavanaugh to the Supreme Court, the tactic has switched to character assassination and delay in a last ditch effort to hold up the vote into and beyond the midterms.

As the various sexual abuse allegations have crept out of the woodwork from registered Democrats sudden memory flashes from over 35 years ago, Democratic politicians across the land have demanded a full FBI investigation to get to the bottom of all this (which is an utter lie if any one of them were telling the truth, since the real goal is simply to delay and an FBI probe of something as ancient as this will take months).

The calls for an FBI probe are everywhere…

In a letter addressed to Senate Judiciary Chairman Chuck Grassley of Iowa, Christine Blasey Ford‘s attorneys argue that “a full investigation by law enforcement officials will ensure that the crucial facts and witnesses in this matter are assessed in a non-partisan manner, and that the Committee is fully informed before conducting any hearing or making any decisions.”

Sen. Kamala Harris (D-Calif.), who is on the committee, said she believes Ford is telling the truth, asserted that agents in the FBI “are really well equipped to do this kind of investigation, but they’re not being given the authority to do it” by the Justice Department or the Trump White House. “I believe that the FBI… should be compelled to do its job in terms of completing their background investigation and that’s not being done.”

While Sen. Dianne Feinstein (D-Calif.), the top Democrat on the committee, has been criticized for how she’s handled the allegations, also called for the FBI “to reopen and complete the background investigation.”

Today, following a second (or third) set of allegations, Chuck Schumer demanded that Republicans suspend the Kavanaugh process and called for an FBI probe.

And finally there’s Joe Biden, who piped in to insist that a sexual misconduct allegation from 35 years ago made by Christine Blasey Ford against Supreme Court Justice nominee Brett Kavanaugh should be probed by the FBI. “We did that for Anita Hill,” Biden told anchors on the Today Show last Friday.

Which is odd…

Since in 1991, former Vice President Joe Biden, as the Senate Judiciary Committee Chairman during the Clarence Thomas Anita-Hill hearings, dismissed any conclusions the FBI came to in their report about the sexual harassment allegations Hill made against Thomas at the time.

The next person who refers to an FBI report as being worth anything obviously doesn’t understand anything. The FBI explicitly does not in this or any other case reach a conclusion… period. So, judge, there is no reason why you should know this…

The reason why we cannot rely on the FBI report – you wouldn’t like it if we did, because it is inconclusive,” Biden stated at the 1991 Committee hearing.

He continued,  “They say he said, she said, and they said, period…

So when people wave an FBI report before you, understand they do not, they do not, they do not reach conclusions. They do not make, as my friend points out more accurately, they do not make recommendations.

So it seems that when you’re defending an African American judge accused of sexual misconduct, The FBI is useless; but when it comes to sexual misconduct allegations against a Republican (or as Joe put it ‘dregs of society’), it’s time to throw the FBI book at them?

end

The Avanatti accuser has been exposed as there has been a restraining order on her by her former boyfriend who basically said that she is nuts and is not to be believed.  In other strange circumstances, she filed a  sexual harassment case against her former employee New York Life and believe it or not but her lawyer was Debra Katz, the same lawyer of Ford..small world..

(courtesy zerohedge)

Kavanaugh “Gang Bang” Accuser Exposed: Restraining Order, Link To Blasey-Ford

Brett Kavanaugh’s fourth accuser, Julie Swetnick, has just had an ominous cloud of doubt cast over her allegations against the Supreme Court nominee.

Less than 24 hours after her attorney, Michael Avenatti, revealed Swetnick’s salacious claim that Kavanaugh and a friend ran a date-rape “gang bang” operation at 10 high school parties she attended as an adult (yet never reported to the authorities), Politico reports that Swetnick’s ex-boyfriend, Richard Vinneccy – a registered Democrat, took out a restraining order against her, and says he has evidence that she’s lying.

“Right after I broke up with her, she was threatening my family, threatening my wife and threatening to do harm to my baby at that time,” Vinneccy said in a telephone interview with POLITICO. “I know a lot about her.” –Politico

I have a lot of facts, evidence, that what she’s saying is not true at all,” he said. “I would rather speak to my attorney first before saying more.”

Avenatti called the claims “outrageous” and hilariously accused the press of “digging into the past” of a woman levying a claim against Kavanaugh from over 35 years ago.

New York Life

Earlier Wednesday, researcher and journalist Thomas Wictor discovered that a report about Swetnick by The Guardian had mysteriously been altered to remove a reference to her former employer, New York Life:

Thomas Wictor@ThomasWictor

(2) Here’s the Google result. pic.twitter.com/C7sd58Y7ik

View image on Twitter

Thomas Wictor@ThomasWictor

(3) The original Guardian article has been edited.

They took out THIS sentence.

“A 2007 report in a New Jersey newspaper, in which she was quoted as a member of the public preparing for that year’s Super Bowl, said she then worked for New York Life, the insurance company.”

Lo and behold, Swetnick made a sexual harassment claim against New York Life – and used the firm run by Christine Blasey Ford’s attorney to represent her.

Rebecca Ballhaus

@rebeccaballhaus

New: A decade ago, Julie Swetnick made a sexual harassment complaint against her former employer, New York Life Insurance. Representing her was the firm run by Debra Katz, who now reps Christine Blasey Ford. She was ultimately paid a financial settlement. https://www.wsj.com/articles/attorney-avenatti-releases-affidavit-from-woman-describing-kavanaugh-at-parties-in-1980s-1537974634 

Thomas Wictor@ThomasWictor

(3) The press TRIED TO HIDE the fact that the accuser worked for New York Life.

It’s because the lawyer in her lawsuit against New York Life is the same lawyer NOW representing the FIRST Kavanaugh accuser.

Thomas Wictor@ThomasWictor

(4) The accuser also doesn’t list her time at New York Life on her resume.

So this was a TOTALLY coordinated hit job.

BUT.

What a small world…

end

Totally unreal:  a 4th woman accuses Kavanaugh but remains anonymous and also there is no corroboration witnesses

(courtesy zerohedge)

 

 

Fourth Woman Accuses Kavanaugh

First it was Christine Blasey Ford who will testify tomorrow alongside Brett Kavanaugh whom she accused of sexual assault in 1982; then it was Deborah Ramirez, the second accuser who claims Kavanaugh exposed himself to her at a drunken party when they were freshmen at Yale University; then on Wednesday Julie Swetnick, defended by pop lawyer Michael Avenatti, said that Kavanaugh took part in efforts during high school to get girls intoxicated so that a group of boys could have sex with them. Kavanaugh rejected the latest claim Wednesday as “ridiculous and from the Twilight Zone.”

Then, late on Wednesday an anonymous fourth woman accuser emerged when NBC reported that the Senate Judiciary Committee was inquiring about at least one additional allegation of misconduct against Supreme Court nominee Brett Kavanaugh. Republican Senate investigators asked Kavanaugh about an anonymous complaint alleging that he physically assaulted a woman in 1998, according to a transcript from that phone call.

The complaint was originally sent to Sen. Cory Gardner (R-Co.). Gardner’s office did not immediately respond to The Hill’s request for comment. An investigator during the phone call read parts of the complaint to Kavanaugh, who denied the allegation.

“I will remain anonymous, but I feel obligated to inform you of this 1998 incident involving Brett Kavanaugh,” the complaint says, according to the transcript. The complaint’s author, who wished to remain unnamed, wrote that the incident involved her daughter and several other people.

“[My daughter’s] friend was dating him, and they left the bar under the influence of alcohol,” the complaint reads. “They were all shocked when Brett Kavanaugh shoved her friend up against the wall very aggressively and sexually.”

“There were at least four witnesses, including my daughter,” it continues. “Her friend, still traumatized, called my daughter yesterday, September 21, 2018, wondering what to do about it. They decided to remain anonymous.”

The letter’s author did not provide any names. According to NBC, Kavanaugh said he had read the letter and denied the account.

“Did the events described in the letter occur?” one investigator asked.

“No, and we’re dealing with an anonymous letter about an anonymous person and an anonymous friend,” Kavanaugh said. “It’s ridiculous. Total twilight zone. And no, I’ve never done anything like that.”

* * *

Excluding the latest accusation, Kavanaugh had been publicly accused of sexual misconduct by three women, two of whom allege he violated them while under the influence of alcohol. In a statement published earlier on Wednesday, he denied all of the allegations.

In prepared testimony to the Judiciary Committee, Kavanaugh said he “categorically and unequivocally” denied Ford’s allegations. “I have never done that to her or to anyone. I am innocent of this charge.” Kavanaugh called other allegations against him “last-minute smears” and “grotesque and obvious character assassination.”

Senators say they’ve gotten multiple alleged incidents, ranging in credibility, brought to their staffs’ attention since Ford went public with her allegation earlier this month.

Sen. Dick Durbin recalling how his staff found out about a second woman, Deborah Ramirez’s allegation, told reporters that “people call with rumors.”

“Some of these are completely incredible and the staff dismisses it,” he said. “I asked the same thing [about the Ramirez allegation], ‘Why did you tell me this?’ They said, ‘Do you know how many calls we get?’ You’ve got to be careful because it is it not above someone to plant some stupid idea, then have us say it, and have it blow up in our face.”

* * *

Trump, defending his nomination of Kavanaugh, told reporters on Wednesday that Senate Republicans “could’ve pushed it through two and a half weeks ago, and you wouldn’t be talking about it right now, which is frankly what I would’ve preferred, but they didn’t do that.”

A spokesman for Senate Judiciary Committee Chairman Chuck Grassley, R-Iowa, said Wednesday morning that while attorneys for Ford have provided them with the sworn declarations supporting Ford’s allegations, the therapist’s notes and the polygraph results cited in the original report by The Washington Post had not yet been turned over.

“They were conspicuously absent although they were both requested,” George Hartmann told NBC News.

According to The Hill, Grassley told reporters Wednesday that his committee looks into any allegation about Kavanaugh brought to their attention as long as they could find the name of the accuser or the lawyer.

“All I can tell you is we’re handling it exactly like we’ve handled every newspaper report or everybody contacting our office or anonymous even, if we can get the name and or the lawyer we’ve followed up with the usual staff interrogation,” Grassley added asked about the latest allegation from a woman represented by lawyer Michael Avenatti.

Grassley said on Twitter he has about 20 investigators, including agents on loan from federal agencies, “tracking down all allegations/leads & talking to all witnesses & gathering all evidence.” Second-ranking Senate Republican John Cornyn of Texas said the committee has asked Avenatti to produce his client for a sworn interview.

* * *

All 10 Democrats on the Judiciary Committee called on Trump in a statement to withdraw Kavanaugh’s nomination or order an FBI investigation into all allegations against him.

And so with new accusers emerging by the day, if not the hour, Senator John Thune of South Dakota, a member of Republican leadership, said party leaders still intend to hold the Judiciary vote on Friday, stay through the weekend and confirm Kavanaugh on the Senate floor next week. He declined to say if there are 50 votes for Kavanaugh at this point, though he predicted the nominee will “get confirmed in the end.”

It was unclear if there would be rioting if Kavanaugh was confirmed early next week.

 

end

 

Whoaa! this is getting good:  Two men have now revealed that it was them that fondled Ford’s breasts contradicting her accusation.  These two guys have told their story to the Republican committee on Monday without knowledge from the Democrats.

This should be very interesting how this plays out..

(courtesy zerohedge)

Kavanaugh Mayhem: Two Men Cop To Feeling Christine Ford’s Breasts, Contradicting Her Accusation

The Senate Judiciary Committee on Wednesday night released a time of their efforts to responded to various accusations against Supreme Court nominee Brett Kavanaugh – including two men who say they they were the basis for the “groping” allegation. 

The claims also include a new allegation from a San Diego woman who alleges that Kavanaugh and others raped her in the backseat of a car, though it does not specify the place, date or identities of the alleged accomplices.

View image on TwitterView image on TwitterView image on Twitter

David Martosko

@dmartosko

Whoa. Senate Judiciary Committee Republicans say they have spoken to two men who think they, not Kavanaugh, had the 1982 encounter that formed the basis for her sexual abuse claim. (These tables are from a timeline the committee majority published 15 minutes ago.)

Matt Hall@cmhall277

Wow. To follow this timeline by judiciary committee is eye opening. Jud Comm lawyers interview 2 men who claim they maybe been assailant against Ford in 82. Investigate claims of assault by Kavanaugh’s in RI in 85.Kavanaugh denies being in RI in 85.Anonymous letter from CA. Crazy

David Martosko

@dmartosko

Whoa. Senate Judiciary Committee Republicans say they have spoken to two men who think they, not Kavanaugh, had the 1982 encounter that formed the basis for her sexual abuse claim. (These tables are from a timeline the committee majority published 15 minutes ago.)

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

Seung Min Kim

@seungminkim

Democrats, who have already been furious over the handling of the investigation of these allegations, had not been told of the following interviews by GOP until info was publicly released tonight, per senior Democratic official. Ds had asked for all relevant evidence pic.twitter.com/AabHjf4TsQ

Last week, former Scalia clerk Ed Whelan floated a theory over Twitter in a series of now-deleted tweets, suggesting that Blasey Ford had confused Kavanaugh with another high school student who looked almost identical to him. Ford claims “there is zero chance that I would confuse him.”

And earlier Wednesday, another Kavanaugh accuser – Julie Swetnick, had an ominous cloud of doubt cast over her allegation that the Supreme Court nominee and a friend were operating a date-rape “gang bang” operation at 10 high school parties she attended as a legal adult three years older than Kavanaugh (yet didn’t report once).

Politico reports that Swetnick’s ex-boyfriend, Richard Vinneccy – a registered Democrat, took out a restraining order against her, and says he has evidence that she’s lying.

“Right after I broke up with her, she was threatening my family, threatening my wife and threatening to do harm to my baby at that time,” Vinneccy said in a telephone interview with POLITICO. “I know a lot about her.” –Politico

I have a lot of facts, evidence, that what she’s saying is not true at all,” he said. “I would rather speak to my attorney first before saying more.”

Alana Mastrangelo

@ARmastrangelo

BREAKING: Julie Swetnick’s ex-boyfriend filed a restraining order against her: “She was threatening my family, threatening my wife, and threatening to harm my baby,” said Richard Vinneccy, “I know a lot about her. She’s not credible at all. Not at all.” —Politico

Avenatti called the claims “outrageous” and hilariously accused the press of “digging into the past” of a woman levying a claim against Kavanaugh from over 35 years ago.

Meanwhile, Swetnick has now been linked to Blasey Ford – as she utilized the law firm run by Ford to sue her previous employer, New York Life Insurance Co. for sexual harassment.

Rebecca Ballhaus

@rebeccaballhaus

New: A decade ago, Julie Swetnick made a sexual harassment complaint against her former employer, New York Life Insurance. Representing her was the firm run by Debra Katz, who now reps Christine Blasey Ford. She was ultimately paid a financial settlement. https://www.wsj.com/articles/attorney-avenatti-releases-affidavit-from-woman-describing-kavanaugh-at-parties-in-1980s-1537974634 

Ford and Kavanaugh are scheduled to testify before the Judiciary Committee on Thursday. If it even happens at this point, will one – or both of the “mystery gropers” make an appearance?

end

She will not make a good witness…she was promiscuous in her early life and attended many parties.

Her year books are now with the Republican committee

(courtesy zerohedge)

 

 

“She Will Not Make A Good Witness”: Judicial Committee Has Blasey Ford’s Scrubbed Yearbook

While Democrats are planning to try and use Brett Kavanaugh’s high school yearbooks to suggest that he was a drunken sex fiend, Congressional GOP have reportedly obtained a copy of Christine Blasey Ford’s yearbook – which had been mysteriously scrubbed from the internet prior to her coming forward with sexual assault allegations against the Supreme Court nominee.

 

Unfortunately for Ford, this may not bode well for her credibility. Paul Sperry of RealClearInvestigations reports that a GOP committee staffer said “We have her yearbooks … She will not make a good witness.

The source, who spoke on the condition of anonymity, noted that the annual class books feature a photo of an underage Ford attending at least one party, alongside a caption boasting of girls passing out from binge drinking. Her yearbooks also openly reference sexually promiscuous behavior by the girls, including targeting boys at Kavanaugh’s alma mater, Georgetown Prep, an all-boys school in the affluent Maryland suburbs of Washington, D.C. Ford attended neighboring Holton-Arms School, an all-girls academy. –RealClaearInvestigations

That said, while Ford’s yearbook could be an exhibit at the hearing, it could be risky for congressional GOP to use it against her. Congressional sources told Sperry “That’s a minefield, especially given the #MeToo movement.”

Evidence reportedly exists that Ford, a “popular cheerleader at the time, was immersed in an alcohol-fueled party culture and no stranger to “keg parties” in the D.C. area – or the “bar scene” along the Maryland and Delaware coast.

Ford was known as a “party girl” on the Delaware shore during summer breaks, another source with direct knowledge of the congressional investigation said.

classmates said the former cheerleader, who was known as “Chrissy,” was part of the underage drinking tradition that was no secret among Maryland prep schools in the early 1980s, when the drinking age was 18.

Her own school yearbooks (in which parents took out paid ads) celebrated “boys [and] beer” and pictured beer bottles and beer cans and scenes of boys and girls drinking at parties. One published a photo of Ford and other girls at a Halloween party alongside a caption boasting of “pass[ing] out” after playing “Quarters” and other binge-drinking games. Her father, Ralph Blasey, was president of the local country club.

One section, “While the Parents Were Out,” talked about partying with boys at area house parties where kids got so drunk they “ruined” their parents’ “heirloom Persian rugs” with vomit.

The tenth grade taught us how to party,” the girls bragged in another section. And, “Loss of consciousness is often an integral part of the party scene.”

A caption on another page talked about girls having “their choice of men” at the neighboring boys schools, including Georgetown Prep: “No longer confining ourselves to the walls of Landon and Prep, we plunged into the waters of St. John and Gonzaga with much success.” –RealClaearInvestigations

In one case, Ford was involved in “a romantic triangle” at Dewey Beach resulting in two men getting into a fistfight over her.

“She was not the wholesome Catholic girl they’re trying to portray her as,” said one source, who added that Blasey Ford (then just Blasey) was known by a sexually derogatory nickname playing off her maiden name, which suggests she was promiscuous.

Ford and her attorney – and her adviser Ricki Seidman – a former Clinton and Obama White House official and Democratic operative who advised Anita Hill during the Clarence Thomas hearings, have argued that Kavanaugh and other boys from Georgetown Prep were in fact aggressively targeting Ford and other girls from her school while getting them drunk. Ford has specifically accused Kavanaugh of groping her in a room while Kavanaugh’s friend watched.

She says she has suffered post-traumatic stress disorder from the alleged attack, which she says involved an inebriated Kavanaugh forcefully groping her on a bed over her clothes while clapping his hand over her mouth to keep her from screaming for help. She added that she has had to seek therapy and other medical treatment to deal with “panic attacks” and “anxiety” from the incident, which she did not report to authorities. –RealClaearInvestigations

That said, two men have independently told the Judiciary Committee that Ford may be misremembering events, and that they in fact groped her.

Unfortunately, Ford cannot provide much detail surrounding her claim thanks to a hazy memory; including the location of the house, the date of the party or how she got there. She does, interestingly, remember only consuming “one beer” at the event, and that she didn’t tell anyone about the alleged assault at the time – including her close girlfriend who she says was at the party. Her friend, however – and everyone else Ford says was at the party, have denied any recollection of it.

Sperry notes that neither Ford’s parents nor her two siblings have come out in support of Ford, and they did not sign a family letter of support circulated by her husband.

Jay Martin, a local who went to school in the area at the time, said that the Holton-Arms girls in the 1980s were hardly angels.

“I am her age,” he said of Ford. “I went to high school next to Prep and knew lots of Holton-Arms girls. This is pure false memory syndrome.”

Added Martin: “One of my best women friends had Kavanaugh ask her out [and] she said he was ‘one of the nice ones.’ His mom was a judge. I mean, seriously?”

end
Very strange:  she has no idea who funded her polygraph…she has no idea as to what date the polygraph was done other than it was either the day of the grandmother’s funeral or the next day…
so…
We learned today that Ford cannot remember:
– Time/date/location of party
– Who drove her to party
– Who was at party
– Who pushed her into room
– Who drove her from party
– Date/who paid for her polygraph
– Grandmother’s funeral date?But “100% sure” it was Kavanaugh 36 yrs ago

Kavanaugh Accuser Has No Idea Who Funded Her Polygraph Test, Then Her Lawyers Chime In

California psychology professor Christine Blasey Ford says she doesn’t “think” she paid for a polygraph examination concerning her sexual assault allegations against Brett Kavanaugh.

When asked by prosecutor Rachel Mitchell Thursday afternoon who did pay for it, Ford stated that did “not yet” know who picked up the tab for the August 7 exam at the Maryland Hilton Hotel – which Ford attended after flying to Maryland.

MITCHELL: Did you pay for the polygraph yourself?

FORD: I don’t think so.

MITCHELL: Do you know who paid for the polygraph?

FORD: Not yet, no.

Fox News

@FoxNews

Christine Blasey Ford, in Senate testimony, says she doesn’t know who paid for her polygraph test regarding sexual assault allegations against Brett Kavanaugh https://fxn.ws/2R6JEFN

Mitchell then asked why polygraph administrator Jerry Hanafin did not conduct the exam in his Virginia office, and instead held it at a hotel next to Washington International Airport, Ford said: “I had left my grandmother’s funeral at that point at Fort Lincoln Cemetery that day and I was on a tight scheduled to get to make a plane to Manchester, New Hampshire.”

Mitchell then asked “So you were administered a polygraph on the day that you attended your grand mother’s funeral?” to which Ford replied “Correct, or it might have been the next day.” In a subsequent hot-mic moment, Ford then turned to her attorney, Debra Katz, and said “I don’t remember the exact day.”

Following a lunch break, Ford was once again asked who paid for the test – at which point her attorneys jumped in and said “Her lawyers” paid for it, “as is routine” he added.

Stephen Miller

@redsteeze

How do you not know if you paid for your polygraph or not?

Thomas Hern@ThomasMHern

I minored in psychology while in college and the idea that a professor of psychology knows NOTHING about polygraph tests is absolutely ridiculous.

If she truly doesn’t know anything about polygraph tests she shouldn’t be teaching psychology.#KavanaughHearings

Benny

@bennyjohnson

We learned today that Ford cannot remember:
– Time/date/location of party
– Who drove her to party
– Who was at party
– Who pushed her into room
– Who drove her from party
– Date/who paid for her polygraph
– Grandmother’s funeral date?

But “100% sure” it was Kavanaugh 36 yrs ago

end

 

AND FINALLY HERE IS A SUMMARY OF IMPORTANT SWAMP STORIES FROM THE KING REPORT

and special thanks to Chris Powell of GATA for sending these to us:

(KingReport)

Australian Government Gives No Comment on Trump Campaign Spying Accusations
The Australian Government does not comment on matters relevant to active investigations,” said the spokesperson… [Tacit acknowledgement of a very sensitive problem?]
Democratic Operative Admits Derailing Kavanaugh is Really About ‘Saving’ the Supreme Court from Trump          https://townhall.com/tipsheet/guybenson/2018/09/26/surprise-democratic-activist-admits-defeating-kavanaugh-is-really-about-saving-the-supreme-court-from-trumps-clutches-n2522458
Just when you think the Kavanaugh situation and America could not sink any lower, NBC reports this:
NBC: According to an anonymous complaint sent to Republican Sen. Cory Gardner of Colorado, Kavanaugh physically assaulted a woman he socialized with in the Washington, D.C., area in 1998 while he was inebriated… [No names, no addresses, no contact info in the letter]
“[My daughter’s] friend was dating him, and they left the bar under the influence of alcohol,” the complaint reads. “They were all shocked when Brett Kavanaugh shoved her friend up against the wall very aggressively and sexually.”…
George Soros Funded Fusion GPS, His Spokesman Confirms
  • Sources have told The Daily Caller News Foundation in the past that Soros helped fund Fusion’s post-election work on Russian interference in the election process
  • Soros’ spokesman told The Washington Post that Soros donated to the Democracy Integrity Project, a group founded by a former staffer to Sen. Dianne Feinste
end

WE WILL SEE YOU ON FRIDAY NIGHT.

AS A LITTLE HEADS UP, I WILL NOT BE DOING  MY USUAL LENGTHY COMMENTARIES NEXT WEEK AS I WILL TAKE A LITTLE BREAK.

HOWEVER, I WILL DO THE COMEX DATA AND PUT IN THE MAJOR STORIES OF THE DAY.

 

ALL THE BEST

 

 

HARVEY

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: