OCTOBER 2/GOLD UP $15.80 TO $1203.20/SILVER UP 20 CENTS TO $14.67/BIG NEWS TODAY WAS THE HUGE RISE IN ITALIAN 10 YEAR BOND YIELDS TO 3.44%/FBI FINISHES WITH THEIR INTERVIEWS WITH THEIR 3 MAIN WITNESSES/FBI REFUSE TO HAND OVER DOCUMENTS ON URANIUM ONE/HUGE SWAMP STORIES FOR YOU TONIGHT

GOLD: $1203.20 UP  $15.80 (COMEX TO COMEX CLOSINGS)

Silver:   $14.67  UP 20 CENTS (COMEX TO COMEX CLOSING)

 

Closing access prices:

Gold :  1204.40

 

silver: $14.72

 

I will try and deliver a commentary tomorrow but it will be light on stories.  I will provide the essential comex data

 

 

 

 

 

 

For comex gold and silver:

OCT

 

 

 

 

 

NUMBER OF NOTICES FILED TODAY FOR  OCT CONTRACT:  65 NOTICE(S) FOR 6500 OZ 

Total number of notices filed so far for OCT:  838 for 100 OZ  (2.606 TONNES)

 

 

 

 

 

FOR OCTOBER

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

48 NOTICE(S) FILED TODAY FOR

240,000 OZ/

Total number of notices filed so far this month: 223 for 1,115,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE  $6665: DOWN  $61

 

Bitcoin: FINAL EVENING TRADE: $6598  DOWN $17 

 

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: $1196.94

NY price  at the same time:$1190.80

 

PREMIUM TO NY SPOT: $6.14

XX

Second gold fix early this morning: $ NOT AVAILABLE

 

 

USA gold at the exact same time:$XXX

 

PREMIUM TO NY SPOT:  $XXX

XXXX

 

China is controlling the gold market

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

Let us have a look at the data for today

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In silver, the total OPEN INTEREST FELL BY A CONSIDERABLE SIZED 3225CONTRACTS FROM 203,706 UP TO  200481 WITH YESTERDAY’S  21 CENT RISE IN SILVER PRICING AT THE COMEX. TODAY WE  MOVED A LITTLE FURTHER FROM TO LAST MONTH’S RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS.

WE HAVE ALSO WITNESSED A LARGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY(WELL OVER 30 MILLION OZ AT THE COMEX FOR JULY , 6 MILLION OZ FOR AUGUST AND NOW JUST LESS THAN 31 MILLION OZ STANDING IN SEPTEMBER. AS WELL WE ARE WITNESSING CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S.  WE WERE  NOTIFIED  THAT WE HAD A FAIR SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:

EFP’S FOR OCT.  520 EFP’S FOR DECEMBER AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE: OF 520 CONTRACTS. WITH THE TRANSFER OF 520 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 2360 EFP CONTRACTS TRANSLATES INTO 2.60 MILLION OZ  ACCOMPANYING:

1.THE 21 CENT FALL IN SILVER PRICEAT 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  39.505 MILLION  OZ STANDING  IN SEPT. AND 1,105,000 OZ STANDING IN OCTOBER.

 

 

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

2880 CONTRACTS (FOR 2 TRADING DAYS TOTAL 2880 CONTRACTS) OR 14.400 MILLION OZ: (AVERAGE PER DAY: 1440 CONTRACTS OR 7.200 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF SEPT:  14.400 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 2.05% 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:           2,229.92    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.

ACCUMULATION FOR SEPTEMBER 2018:                                 167,05          MILLION OZ

RESULT: WE HAD A CONSIDERABLE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3225 WITH THE 21 CENT FALL IN SILVER PRICING AT THE COMEX //YESTERDAY. THE CME NOTIFIED US THAT WE HAD A FAIR SIZED EFP ISSUANCE OF 520CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) .

TODAY WE LOST A FAIR SIZED:2710TOTAL OI CONTRACTS ON THE TWO EXCHANGES:

i.e 520 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH DECREASE OF 3225  OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 21 CENT FALL IN PRICE OF SILVER  AND A CLOSING PRICE OF $14.49 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. 1.002 MILLION OZ TO BE EXACT or 143% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT AUGUST MONTH/ THEY FILED AT THE COMEX: 48NOTICE(S) FOR 240,000 OZ OF SILVER

IN SILVER,PRIOR TO TODAY, WE  SET THE NEW COMEX RECORD OF OPEN INTEREST AT 243,411 CONTRACTS ON APRIL 9.2018 AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51.  

AND NOW WE RECORD FOR POSTERITY ANOTHER ALL TIME RECORD OPEN INTEREST AT THE COMEX OF 244,196CONTRACTS 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. , SEPT:  AN INITIAL HUGE 39.505 MILLION OZ./AND NOW OCTOBER:1,105,000 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 SURPRISINGLY FELL BY A CONSIDERABLE SIZED 1457CONTRACTS DOWN TO 454,867 DESPITE THE FALLIN THE COMEX GOLD PRICE/FRIDAY’S TRADING (A LOSS IN PRICE OF $4.40).THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED AN GOOD SIZED 5966 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. WE HAD THE FOLLOWING EFP ISSUANCE FOR TODAY:

 

OCTOBER HAD EFP’S ISSUED AND, DECEMBER HAD AN ISSUANCE OF 5966 CONTACTS  AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 454,867. 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 FAIR SIZED OI GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4509 CONTRACTS:  1457 OI CONTRACTS DECREASED AT THE COMEX AND 5966 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN: 4509 CONTRACTS OR  450,900 OZ = 14.02 TONNES. AND ALL OF THIS HUGE DEMAND  OCCURRED WITH A FALL IN THE PRICE OF GOLD/ YESTERDAY TO THE TUNE OF $4.40

 

 

 

YESTERDAY, WE HAD 5653 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF SEPT : 11,619CONTRACTS OR 1,161,900 OZ OR 36.13 TONNES (2 TRADING DAYS AND THUS AVERAGING: 5809 EFP CONTRACTS PER TRADING DAY OR 580,900 OZ/ TRADING DAY),,

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 2 TRADING DAYS IN  TONNES: 36.13 TONNES

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

THUS EFP TRANSFERS REPRESENTS 36.13/2550 x 100% TONNES =  1.41% OF GLOBAL ANNUAL PRODUCTION SO FAR IN JULY ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE:     5,703.71*  TONNES   *SURPASSED ANNUAL PROD’N

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018:           653.22  TONNES (21 TRADING DAYS)

ACCUMULATION OF GOLD EFP’S FOR FEBRUARY 2018:         649.45 TONNES  (20 TRADING DAYS)

ACCUMULATION OF GOLD EFP’S FOR MARCH 2018:             741.89 TONNES  (22 TRADING DAYS)

ACCUMULATION OF GOLD EFP’S FOR APRIL 2018:                 713.84 TONNES  (21 TRADING DAYS)

ACCUMULATION OF GOLD EFP’S FOR MAY 2018:                   693.80 TONNES ( 22 TRADING DAYS)

ACCUMULATION OF GOLD EFP FOR JUNE 2018                      650.71 TONNES  (21 TRADING DAYS)

ACCUMULATION OF GOLD EFP FOR JULY 2018                       605.5 TONNES     (21 TRADING DAYS)

ACCUMULATION OF GOLD EFP FOR AUG. 2018                      488.54  TONNES  (23 TRADING DAYS)

ACCUMULATION OF GOLD EFP FOR SEPT 2018                       470.64 TONNES   (19 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 CONSIDERABLE SIZED DECREASE IN OI AT THE COMEX OF 1457 WITH THE LOSS IN PRICING ($4.40 THAT GOLD UNDERTOOK YESTERDAY) //. WE ALSO HAD AN GOOD SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 5966 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 5966 EFP CONTRACTS ISSUED, WE HAD A GOOD  GAIN OF 4509CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

5966 CONTRACTS MOVE TO LONDON AND 1457 CONTRACTS DECREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 14.02 TONNES). ..AND ALL OF GOOD DEMAND OCCURRED WITH A LOSS OF $4.40 IN YESTERDAY’S TRADING AT THE COMEX.???

 

 

we had: 65notice(s) filed upon for 6500 oz of gold at the comex.

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

GLD...

WITH GOLD up $15.80  TODAY: / 

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD:

A LARGE WITHDRAWAL OF 8.35 TONNES

AND GOLD WAS UP?

OBVIOUSLY THIS GOLD WAS USED TO THE RAID YESTERDAY

 

 

 

 

 

 

/GLD INVENTORY   737.82 TONNES

Inventory rests tonight: 737.82 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 UP 20 CENTS  CENTS TODAY

 

 

STRANGE. WE HAD A BIG CHANGE FOR SILVER :

A WITHDRAWAL OF 134,000 OZ AND NO DOUBT THIS WAS USED IN THE RAID YESTERDAY

 

 

 

 

 

 

 

/INVENTORY RESTS AT 332.912 MILLION OZ.

 

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

 

end

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

1. Today, we had the open interest in SILVER FELL BY A FAIR SIZED 3225 CONTRACTS from 204,706 DOWN TO  200,481  AND MOVING A LITTLE CLOSER 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:

 

 

520 CONTRACTS FOR DECEMBER AND  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 520 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 OF3225CONTRACTS TO THE 520 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A FAIR NET LOSS OF 2705 OPEN INTEREST CONTRACTS.  THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES: 13.525 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..  A HUGE 39.505  MILLION OZ  STANDING FOR SILVER IN SEPTEMBER…AND NOW 1.105 million  OZ STANDING FOR THE NON ACTIVE MONTH OF OCTOBER.

 

 

RESULT: A CONSIDERABLE SIZED DECREASE IN SILVER OI AT THE COMEX WITH THE 21 CENT PRICING FALL THAT SILVER UNDERTOOK IN PRICING YESTERDAY.BUT WE ALSO HAD A SMALL SIZED 520 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

) TUESDAY MORNING/ MONDAY NIGHT: 

Shanghai closed UP 29.57 POINTS OR 1.06 //Hang Sang CLOSED DOWN 662.14 POINTS OR 2.38% //The Nikkei closed UP 24.86 POINTS OR 0.05%/ Australia’s all ordinaires CLOSED DOWN 0.74%  /Chinese yuan (ONSHORE) closed UP  at 6.8689 AS POBC STOPS  ITS HUGE DEVALUATION  /DELEGATION COMING TO THE USA TO SEE TRUMP IN NOVEMBER CANCELLED/Oil UP to 75.23dollars per barrel for WTI and 84.7 for Brent. Stocks in Europe OPENED RED//.  ONSHORE YUAN CLOSED DOWN AT 6.8891 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.8689: HUGE DEVALUATION/PAST SEVERAL DAYS STOPS// TRADE TALKS STOPPED   : /ONSHORE YUAN TRADING STRONGER  AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER 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

 

4/EUROPEAN AFFAIRS

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

 

 

 

6. GLOBAL ISSUES

 

 

 

 

 

 

7. OIL ISSUES

 

 

8 EMERGING MARKET ISSUES

 

i)ARGENTINA

 

 

9. PHYSICAL MARKETS

 

 

 

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

 

 

MARKET TRADING

 
ii)Market data

 

iii)USA ECONOMIC/GENERAL STORIES

.

 

 

iv)SWAMP STORIES

i

 

Let us head over to the comex:

 

The total gold comex open interest FELL BY A CONSIDERABLE SIZED 1457 CONTRACTS DOWN to an OI level 454,867 WITH THE FALL IN THE PRICE OF GOLD ($4.40 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. ONCE WE GET TO FIRST DAY NOTICE, THEN THE OPEN INTEREST RISES AND AGAIN THEY DID NOT DISAPPOINT US.

 

 

WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF OCT..  THE CME REPORTS THAT THE BANKERS ISSUED AN GOOD SIZED COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 5966 EFP CONTRACTS WERE ISSUED:

OCTOBER: 0 EFP’S AND DECEMBER:  5966 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  5966 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 4509 TOTAL CONTRACTS IN THAT 5966 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST  1457COMEX CONTRACTS.

NET GAIN ON THE TWO EXCHANGES:  4509 contracts OR 450,900 OZ OR 14.02 TONNES.

Result: A CONSIDERABLE SIZED DECREASE IN COMEX OPEN INTEREST DESPITE THE LOSS IN PRICE/ YESTERDAY (ENDING UP WITH THE FALL IN PRICE OF $4.40). THE  TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES:  4509 OI CONTRACTS..

We are now in the active contract month of OCTOBER. For the October contract month, we lost only 808 contracts to fall to 3189 contracts.  We had 772 notice filed on Friday, so we lost only 36 contracts or 3600oz will not stand for delivery at the comex and these guys marched over to London as they received London based forwards on top of a fiat bonus for their hard work.

The next delivery month is the non active NOVEMBER contract month and here the OI fell by 47contracts down to 454.  The next delivery month after November is the very big December contract month and here the OI fell by 2227 contracts down to 371,215 contracts.

 

 

 

 

WE HAD 65 NOTICE FILED AT THE COMEX FOR 6500 OZ.

 

FOR COMPARISON BETWEEN LAST YR AND TODAY:

 

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. (VS 13.695 TONNES OCT 2018)

AT THE CONCLUSION OF THE OCTOBER/2017 TRADING MONTH: 333,300 OZ OR 10.367 TONNES FINALLY STOOD FOR DELIVERY

 

 

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And now for the wild silver comex results.

Total silver OI FELL BY A GOOD SIZED 3225 CONTRACTS FROM 203,706 UP TO 200,481 (AND CLOSER 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 21 CENT FALL IN PRICING.

 

WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF OCTOBER AND, WE WERE  INFORMED THAT WE HAD A FAIR SIZED 520 EFP CONTRACTS:

 

FOR DECEMBER: 520 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: 520.  ON A NET BASIS WE GAINED 230 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 2705 CONTRACT LOSS AT THE COMEX COMBINING WITH THE ADDITION OF 520 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET LOSS ON THE TWO EXCHANGES:   2705CONTRACTS…AND ALL OF DEMAND OCCURRED WITH A 21 CENT LOSS IN PRICING.

 

 

 

 

We are now in the non active delivery month of October and here we had surprisingly a drop of only 110 contracts to stand at 79 contracts.  We had 145 notices filed YESTERDAY so we gained 35 contracts or 175,000 oz will stand for delivery at the comex as these guys refused to accept a London based forward plus as well as a fiat bonus 

 

After October, is the non active delivery month of November and here we lost 53 contracts down to 454 contracts.  After November, we have a December contract and here we lost 2968 contracts down to 169,245.

 

 

 

 

 

 

 

 

We had 48 notice(s) filed for 240,000 OZ for the SEPTEMBER 2018 COMEX contract for silver

 

Trading Volumes on the COMEX

 

PRELIMINARY COMEX VOLUME FOR TODAY: 168,419 contracts,

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  229,381 contracts

 

 

 

 

 

 

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  OCT/GOLD

OCT 2-/2018.

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 xxxx oz
Deposits to the Dealer Inventory in oz xxx oz

 

Deposits to the Customer Inventory, in oz  

xxxx

 

oz

 

 

 

 

 

No of oz served (contracts) today
65 notice(s)
 6500 OZ
No of oz to be served (notices)
3124 contracts
(312400 oz)
Total monthly oz gold served (contracts) so far this month
838 notices
83800 OZ
2.606TONNES
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

 

we had xxx dealer entry:

 

total gold entering dealer:  xxx oz

total gold withdrawing from the dealer; xxxoz

 

we had 0 kilobar transaction/
we had xx withdrawal out of the customer account:
i) Out of Brinks:  xxx oz
total customer withdrawals:  xxx oz
we had xx customer deposit
i) Into xxx: xxx oz
total customer deposits: xxx oz
we had xx adjustments
i

FOR THE OCTOBER 2018 CONTRACT MONTH)

Today, 730 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 65 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 18 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 OCT/2018. contract month, we take the total number of notices filed so far for the month (838) x 100 oz or 100 oz, to which we add the difference between the open interest for the front month of OCT. (3189 contracts) minus the number of notices served upon today (65 x 100 oz per contract) equals 396,200 OZ OR 12.323 TONNES) the number of ounces standing in this non active month of OCT

 

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

No of notices served (838 x 100 oz)  + {3189)OI for the front month minus the number of notices served upon today (65x 100 oz )which equals 396,200 oz standing OR 12.323 TONNES in this active delivery month of OCTOBER.

 

 

 

 

 

THERE ARE ONLY 4.544 TONNES OF REGISTERED COMEX GOLD AVAILABLE FOR DELIVERY AGAINST 12.323 TONNES STANDING FOR OCTOBER  

 

 

 

total registered or dealer gold:  145,041.066 oz or   4.544 tonnes
total registered and eligible (customer) gold;   8,331,574.891 oz 259.14 tonnes

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

end

And now for silver

AND NOW THE AUGUST DELIVERY MONTH

OCTOBER INITIAL standings/SILVER

OCT 2 2018
Silver Ounces
Withdrawals from Dealers Inventory xxx oz
Withdrawals from Customer Inventory
 xxx oz

 

 

Deposits to the Dealer Inventory
nxxx
oz
Deposits to the Customer Inventory
xxx
oz
No of oz served today (contracts)
48
CONTRACT(S)
240,000 OZ)
No of oz to be served (notices)
31 contract
(155,000 oz)
Total monthly oz silver served (contracts) 223 contracts

(1,115,000 oz)

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

we had 0 inventory movement at the dealer side of things

 

total dealer deposits: nil oz

total dealer withdrawals: nil oz

we had 1 deposit into the customer account

i) Into JPMorgan: nil oz

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

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

ii) Into  xxx

 

 

 

 

 

 

 

 

 

 

 

 

 

total customer deposits today: XXXX  oz

we had  xxx withdrawals from the customer account;

 

 

 

 

 

 

 

 

 

 

 

 

total dealer silver:  xxx million

total dealer + customer silver:  xxx million oz

The total number of notices filed today for the OCTOBER 2018. contract month is represented by 48 contract(s) FOR 240,000 oz. To calculate the number of silver ounces that will stand for delivery in OCT., we take the total number of notices filed for the month so far at 223 x 5,000 oz = 1,115,000 oz to which we add the difference between the open interest for the front month of OCT. (79) and the number of notices served upon today (48 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the OCT/2018 contract month: 223(notices served so far)x 5000 oz + OI for front month of OCT (79) -number of notices served upon today (48)x 5000 oz equals 1,270,000 oz of silver standing for the OCT contract month.  This is a huge number of oz standing for an off delivery month.

We gained 35 contracts or 175,000 oz will  be standing at the comex as these guys refused to morph into London based forwards on top of not receiving a fiat bonus f

 

 

 

 

 

 

 

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

ESTIMATED VOLUME FOR TODAY:  41,935CONTRACTS   

 

 

CONFIRMED VOLUME FOR YESTERDAY: 88,467CONTRACTS..

 

 

YESTERDAY’S CONFIRMED VOLUME OF 88467 CONTRACTS EQUATES TO 442 million OZ  OR 63.1% 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 RISES TO -3.82% (SEPT.28/2018)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -1.88% to NAV (SEPT 28/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -3.82%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

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

NAV 12.22/TRADING 11.68/DISCOUNT 4.47.

END

And now the Gold inventory at the GLD/

OCT 2WITH GOLD UP $15.80 TODAY A HUGE WITHDRAWAL OF 8.35 TONNES

OCT 1…GOLD ADDS 3.94 TONNES TO THE GLDINVENTORY RESTS AT 746.17 TONNES

SEPT 28/WITH GOLD UP $8.90/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 742.23 TONNES

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

 

OCT 2..2018/ Inventory rests tonight at 737.82 tonnes

*IN LAST 468 TRADING DAYS: 196.83 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 368TRADING DAYS: A NET 40.28 TONNES HAVE NOW BEEN REMOVED FROM GLD INVENTORY.

 

end

 

Now the SLV Inventory/

OCT 2 A HUGE CHANGE IN SILVER INVENTOR AT THE SLV/INVENTOR RESTS AT 332.912

OCT 1.NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 333.046 MILLION  OZ.

SEPT 28/WITH SILVER UP 41 CENTS, STRANGELY WE HAD A WITHDRAWAL OF .517 MILLION OZ AT THE SLV.INVENTORY RESTS AT 333.046 MILLION OZ/

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/

 

 

 

OCT 2/2018:

Inventory 332.912 MILLION OZ

 

6 Month MM GOFO 2.09/ and libor 6 month duration 2.61

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

G0FO+ 2.09

 

libor 2.61 FOR 6 MONTHS/

GOLD LENDING RATE: .53%

XXXXXXXX

12 Month MM GOFO
+ 2.51%

LIBOR FOR 12 MONTH DURATION: 2.93

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.42

end

 

Major gold/silver trading /commentaries for TUESDAY

GOLDCORE/BLOG/MARK O’BYRNE.

 

This Week’s Golden

 

 

 
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

t

 

end______________________________________________________________________________________________________________________________________________________

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

i) Chinese yuan vs USA dollar/CLOSED UP TO 6.8689/HUGE DEVALUATION FOR THE PAST FOUR WEEKS STOPS/CHINESE COMING TO USA FOR TRADE TALKS IN NOVEMBER CANCELLED //OFFSHORE YUAN:  6.8841   /shanghai bourse CLOSED UP 29.57 POINTS OR 1.06%. HANG SANG CLOSED DOWN 662.14 POINTS OR 2.38%

 

2. Nikkei closed UP 24.86  POINTS OR 1.06%/USA: YEN FALLS TO 113.73/

3. Europe stocks OPENED  IN THE RED

 

 

/USA dollar index RISES TO 95.56/Euro FALLS TO 1.1533

3b Japan 10 year bond yield: FALLS TO. +.13/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 113.73/ 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:: 75.23  and Brent: 84.67

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO +.430%/Italian 10 yr bond yield UP to 3.38% /SPAIN 10 YR BOND YIELD UP TO 1.54%

3j Greek 10 year bond yield RISES TO : 4.31

3k Gold at $1204.00 silver at:14.88   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 29/100 in roubles/dollar) 65.28

3m oil into the 75 dollar handle for WTI and 84 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 113.73DESTROYING 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 0.9841 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1388 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 +0.43%

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 3.05% early this morning. Thirty year rate at 3.20%

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

6.  TURKISH LIRA:  UP  TO 6.0062

 

“It Will End In Tears”: World Stocks, Euro

Slide As Italian Contagion Spreads

World stocks slumped, European assets sold off and the Euro dropped to a three week low on Tuesday after anti-euro comments from an Italian party official sent renewed shockwaves across Europe and the globe, and pushed Italy’s bond yields up to multi-year highs.

Italian assets tumbled for a second day, after the economic head of the ruling League party and head of lower house budget committee – and a well-known euroskeptic – Claudio Borghi said that most of Italy’s problems could be solved by having its own currency: “I am more than convinced that Italy, with its own currency, would be able to resolve its problems,” Borghi said in an interview on Radio Anch’io, adding that the euro as common currency “is not sufficient” for Italy to solve fiscal issues. In kneejerk response, Italian 10Y yield continued their Monday selloff, spiking to 3.438%, the highest level since early 2014.

Borghi also said that like France, Italy shouldn’t be subject to attack from EU officials, adding that if France’s spread started widening, “at a certain point they would raise their hands and say ‘OK let’s intervene’.” He concluded that Italy would have declared a 3.1% budget deficit for 2019 instead of the 2.4% it has set, if it had wanted to go up against the EU, adding that the govt is aiming for a level that’s “enough for our country to feel a bit better.”

Borghi’s comments followed a statement by European Commission President Jean-Claude Juncker who compared Italy with Greece, saying “after the toughest management of the Greece crisis, we have to do everything to avoid a new Greece – this time an Italy – crisis.”

The latest comments shook markets in early trading, pushing Italian 10-year bond yields to a new 4 1/2 year high…

… and shares in Italian banks, which have large sovereign bond holdings, sold off sharply to hit a 19-month low, down 2.8 percent. Italy’s FTSE MIB tumbled as much as 2%, hitting its lowest level in 18 months amid budget concerns, before recouping some of the losses.

Subsequent attempts by Borghi to talk back his comments were unsuccessful, when he told Bloomberg TV that “there is no plan to leave the euro within this government regardless of my personal conviction.” The deficit is “not a revolutionary move” and “we are not mad, we are not Maduro Venezuela or something like this,” Borghi said.

There was little reaction to this subsequent commentary, meanwhile Euro zone banks dropped 1.3% as the comments reignited investors’ anxieties about contagion to euro zone finances from Italy’s higher budget deficit plans, which the government set out on Thursday.

“While our economists do not expect systemic implications for the global economy, contagion risks have risen,” Goldman Sachs analysts warned. “We think European risky assets remain vulnerable and there is potential for negative spillovers to the Euro area given the high trade exposure to Italy.”

In response to Goldman’s caution, the EURUSD continued its selloff for a fifth day, sliding 0.5% and touching its lowest since Aug 21 at $1.1505 and last trading at $1.1517, after hitting 1.18 late last week.

The single currency has been hurt not only by renewed redenomination fears as a result of Borghi’s comments, but also by concerns that a significant increase in the Italian budget will deepen Italy’s debt and deficit problems, and by extension the European Union’s.

“The history of the euro zone tends to be one of great fudges – think of the case of Greece,” said David Keir, manager of the global income and growth fund at Saracen. “But I would caution against any wider systemic spreading. The reality is making kneejerk reactions to big political decisions can very much be the wrong thing to do.”

The Stoxx Europe 600 Index fell for only the second time in six days as equities in Italy declined. Amid the risk-off mood the dollar climbed against almost all its major peers and emerging-market assets dropped. The pound fell as Brexit and the annual conference of the governing Conservative Party continued to dominate headlines.

Meanwhile, as Bloomberg’s Garfield Reynolds observes, Italy’s budget woes once again threaten to blow up EM FX as “the blowout in BTP-bund spreads is hammering the euro and also hurting risk proxies such as AUD and NZD.”

That threatens to send a fresh wave of contagion across EM assets just as investors were hoping they had got past the aftershocks from the crises in Turkey and Argentina.” Reynolds wrote in a Tuesday note. “A fresh burst of USD strength will be most unwelcome, with the KRW’s late slump a sign of things to come. Each Italian yield eruption makes it that much harder to conclude that this European sovereign debt dilemma won’t end in tears. It also will keep investors cautious and avoiding volatile plays, like EM assets.”

Sure enough, also overnight Indonesia’s rupiah weakened past 15,000 per dollar for the first time in 20 years as sentiment toward emerging-nation assets soured and oil prices jumped. The currency has tumbled almost 10% this year as rising U.S. interest rates have boosted the dollar and Indonesia’s current-account deficit has left the economy exposed to the financial turmoil that afflicted Turkey and Argentina. Crude prices have almost tripled since February 2016, ratcheting up the cost of imports. The currency plunge is taking place even as the central bank has raised interest rates five times since May to shield the currency from the emerging-market rout.

“Given the rise in U.S. interest rates, higher oil prices which may see a wider trade deficit, and a stronger dollar in recent days, it was proving difficult for Bank Indonesia to hold the line at 15,000,” said Khoon Goh, head of research at Australia and New Zealand Banking Group Ltd. in Singapore. “If sentiment doesn’t improve, we risk further weakness towards the 15,200 region.”

Earlier in Asia stocks in Hong Kong underperformed as traders returned from a long weekend, and equities also fell in Australia and South Korea. Japan was a bright spot as the Nikkei 225 Stock Average ticked up a day after closing at its highest since 1991. China’s financial markets remain closed for the week of Oct. 1-5 for national holidays, but China’s weaker manufacturing PMI surveys over the weekend also hit Hong Kong stocks.

As Bloomberg notes, “while a deal between the U.S. and Canada to revamp the Nafta trade deal with Mexico gave global risk appetite a boost at the start of the week, investor sentiment remains fragile amid a laundry list of threats to markets.”

Also overnight, Sino-American tensions were back in focus after the Chinese navy came within 45 years of a US Misile Destroyer from waters near South China Sea islands, in Beijing’s account of the incident. Meanwhile, political drama in Washington still swirls around President Donald Trump’s Supreme Court nominee, which may feed through to November congressional elections and affect the outlook for the administration’s agenda.

As a result of the renewed Italian jitters and the last minute renewal of the NAFTA 2 deal, the dollar traded at a three-week high, weighing on emerging markets stocks which suffered their biggest one-day losses in a month. The greenback drew support from an uptick in U.S. Treasury yields as Wall Street gains curbed demand for safe-haven debt, although so far the 3.11% level has proven insurmountable for 10Y yields, which were down 3bps on Tuesday morning.

Elsewhere, oil prices recoiled slightly, having hit nearly four-year highs in the previous session. Crude contracts surged nearly 3% to $75.77 a barrel on Monday, the highest since November 2014, as the deal to salvage NAFTA stoked economic growth expectations, with impending U.S. sanctions on Iran seen raising prices. Brent crude edged down 0.2 percent to just under the $85 a barrel level, after rallying 2.7 percent the previous day to a $85.45, highest since November 2014.

Expected data include Wards total vehicle sales. Lamb Weston, Paychex, and PepsiCo are among companies reporting earnings.

Market Snapshot

  • S&P 500 futures down 0.4% to 2,921.50
  • STOXX Europe 600 down 0.7% to 381.39
  • MXAP down 0.7% to 163.74
  • MXAPJ down 1.6% to 516.20
  • Nikkei up 0.1% to 24,270.62
  • Topix up 0.3% to 1,824.03
  • Hang Seng Index down 2.4% to 27,126.38
  • Shanghai Composite up 1.1% to 2,821.35
  • Sensex up 0.8% to 36,526.14
  • Australia S&P/ASX 200 down 0.8% to 6,126.21
  • Kospi down 1.3% to 2,309.57
  • German 10Y yield fell 4.4 bps to 0.427%
  • Euro down 0.5% to $1.1526
  • Italian 10Y yield rose 14.9 bps to 2.93%
  • Spanish 10Y yield rose 1.1 bps to 1.541%
  • Brent futures down 0.4% to $84.61/bbl
  • Gold spot up 0.4% to $1,193.94
  • U.S. Dollar Index up 0.3% to 95.61

Top Overnight News

  • Italian Finance Minister Giovanni Tria’s effort to promote his government’s new fiscal strategy ended in failure on Monday, with the head of the European Commission warning of a Greek- style crisis and the nation’s bonds dropping to their weakest level in more than four years. The euro slipped alongside Italy’s bonds on Borghi’s earlier comments
  • President Donald Trump looks to be preparing for a potentially protracted economic war with China. He’s recently struck a last-minute deal with Canada and Mexico, signed a trade agreement with South Korea and convinced Japan to begin bilateral economic negotiations. The North American accord also includes provisions seemingly aimed at keeping Chinese products out of the region.
  • Former foreign secretary Boris Johnson will arrive at the Conservative Party’s annual conference on Tuesday to make a speech that shows whether he still has a chance — or the will — to gun for the top job in British politics and be prime minister of a party at war with itself.
  • Randal Quarles, the Fed’s vice chairman for supervision, is vying with the head of the Dutch central bank, Klaas Knot, to lead a watchdog panel for the global financial system — Basel- based Financial Stability Board — after Mark Carney steps down on Dec. 1.
  • Indonesia’s rupiah weakened past 15,000 per dollar for the first time in 20 years amid a souring of sentiment toward emerging-nation assets and as oil prices jumped.

Asian stocks traded mostly lower as the upbeat sentiment from the USMCA deal seen on Wall St. faded away and trade concerns re-emerged after White House Economic Advisor Kudlow said a trade deal between US and China is not “imminent”.ASX 200 (-0.8%) was dragged lower by the financial sector as Australia’s big four traded with losses in excess of a percent after the ACCC said they will examine the banks, while Nikkei 225 (+0.1%) was cushioned on the back of currency effect. Elsewhere, Hang Seng (-2.4%) underperformed as participants come back from the long weekend to downbeat trade comments from the US, meanwhile KOSPI (-1.2%) was also weighed by the sour sentiment as the index shrugged off optimistic industrial production data. China’s narrowing interest rate spread with the US and declining current account surplus have led to some concerns regarding capital outflow. BoJ’s September Tankan Corporate Price Expectation Survey stated Japanese firms sees Y/Y inflation at 0.8% (Prev. 0.9%); 3yr and 5yr expectations unchanged at 1.1%.

Top Asian News

  • Rupiah Weakens Past 15,000 per Dollar for First Time Since 1998
  • China Gas Distributors Sink as Connection Fee Cuts Seen Planned
  • ASM Pacific Jumps as TCL Is Said Weigh Bid for $1 Billion Stake

European equities have started the day in the red. This comes after suggestions from Italian Lawmaker Borghi hinting that the country would be better off leaving the Euro. Despite an intention to leave the Euro later denied by the Deputy PM, Italian assets are seeing significant losses, with Italian Bank stocks down over 2%, and the FTSE MIB once again at the bottom of the index pile. The financial sector is lagging its peers due to the weakness in Italian banks, with the energy sector outperforming off the back of oil prices hitting 4 year highs. The FTSE is the outperforming bourse off the back of a Brexit-hit GBP, but is trading in negative territory. The index is being pressured by a collapse in Royal Mail shares after a guidance cut in Monday’s trade, with the co. extending losses in the European morning. The stock is now at the foot of the Stoxx 600 and has hit the lowest level in its lifetime.

Top European News

  • Akzo to Hand Out $6.4 Billion More to Investors After Split
  • Cinven Is Said to Plan Raising 8 Billion Euros for New Fund
  • Church Pedophilia Film Sets Box Office Record in Catholic Poland
  • Russian Oil Output Rises to Record as OPEC Cuts Rolled Back

In FX, the EUR is not the biggest G10 loser vs a generally firm USD, as the DXY rebounds to just over 95.700 amidst broad Dollar gains vs rivals, bar the safer-havens, but has been centre stage since Tuesday’s EU ‘open’ following more  Italian budget headlines underlying a defiant stance on the 2019 deficit. Indeed, members of the coalition insist that the proposed 2.4% target is fixed ahead of another budget meeting and presentation to parliament on Wednesday, while the League party’s Borghi contends that the Government would have set the bar even higher at 3.1% if it really wanted to take on the EU, adding that the country’s fiscal problems could be solved if it was not in the Eur club. GBP was another major  underperformer amidst a raft of Brexit commentary from the Tory conference, but accelerating to the downside once stops were tripped on a break of 1.3012 in Cable and that pairing failed to keep hold of the 1.3000 handle. However, the Pound was also undermined by a weaker than forecast headline UK construction PMI and is currently eyeing bids ahead of 1.2950. CAD: The Greenback’s resurgence has eroded more USMCA-inspired Loonie (and Peso) gains, with Usd/Cad rebounding a bit further above 1.2800 having held above key/strong technical support yesterday. EM – Losses across the board vs the Usd as recent recovery momentum stalls and reverses on largely negative external factors rather than anything new detrimental in the region. Indeed, even the Rub is weaker around 65.5000 and not deriving any support/impetus from the latest spike in oil prices

In the oil market, WTI is hanging around the USD 75.40/BBL level and unchanged for the day after the benchmark hit four-year highs in early European trade. Production figures were released from Russia for September, who said this stood at 11.36mln BPD vs. 11.21mln BPD in August. In the metals sector, gold is marginally in the green as the yellow metal has caught a safe-haven bid in the Italy driven risk-off tone. Copper prices have fallen for the second straight session after slowing growth in the Chinese manufacturing sector has continued to stoke concerns over demand for the construction material.

The day ahead is a fairly sparse one for data releases. In the US, the only release of note is September vehicle sales data. It is however a busy day for central bank speak. Over at the BoE both Carney and Haskel are due to chair panels at a conference in London this morning while the ECB’s Villeroy de Galhau is due to make a speech this afternoon at an OECD event. Meanwhile the Fed’s Quarles is due to testify before the Senate banking committee this afternoon after which Fed Chair Powell speaks at a NABE meeting discussing the outlook for the labour market and inflation. Dallas Fed President Kaplan is also due to speak in the evening at a separate event.

US Event Calendar

  • Wards Total Vehicle Sales, est. 16.8m, prior 16.6m
  • 10am: Fed’s Quarles Testifies to Senate Banking Committee
  • 12:45pm: Fed’s Chairman Powell Speaks at NABE Conference in Boston
  • 2pm: Fed’s Kaplan Speaks in El Paso

DB’s Jim Reid concludes the overnight wrap

Morning from the US. I’m en route to our annual Leverage Finance conference in Phoenix. It’s one of the largest if not the largest in the industry and a major gathering for investors and issuers each year. If you’re attending Wednesday and want to say hi please let me know. I landed in NY yesterday and after 23 years and 50 plus business trips here I finally tried the subway as a way of getting from JFK to downtown Manhattan to avoid chronic car sickness. Apart from getting lost, missing the express train connection to Penn St, changing trains 3 times and taking nearly 2 hours, it was a journey where my stomach remained becalmed. I love NY but the combination of bumpy roads, taxi drivers’ lack of finesse and the stop start traffic (mostly a jerky stop) makes this journey my most feared anywhere around the world. The subway it is from now on.

Staying in the US, NAFTA – or should we say USMCA – politics won out over Italy and Brexit politics yesterday in what ended up being a mixed start to the week. The S&P 500 and DOW ended +0.36% and +0.73% respectively last night, while the NASDAQ and Russell 2000 of small cap stocks underperformed, closing -0.11% and -1.39% respectively. It was the sharpest day of small cap underperformance in seven years. The STOXX 600 had earlier closed +0.20% in Europe, with energy stocks leading gains as Brent crude oil eclipsed $85 and to a new four-year high. The Canadian Dollar (+0.73%) strengthened versus the Greenback while bond markets ended up flat to slightly higher in yield, as markets priced in another 10 basis points of Bank of Canada rate hikes through end-2019. The Mexican Peso retraced gains of +1.14% to close flat, while the Argentine Peso had its second-best day of the year, gaining +4.63% as the central bank recommitted to tightening policy. Last night 10y Treasuries finished +2.2bps higher and Bunds ended flat while the rest of Europe was broadly 2 to 3bps higher. Sterling – which ended broadly unchanged at the close last night – had a fairly roundabout session meanwhile trading as high as +0.80% from the day’s lows following headlines suggesting that PM May was preparing to compromise on the Irish border situation. More on that shortly.

Elsewhere, it wasn’t quite the underperformance of Friday but Italian assets were again struggling to keep up. The FTSE MIB finished -0.49% while 2y and 10y BTP yields rose 29.4bps and 15.2bps respectively following a bit of a late session sell-off. Italian Banks (-3.05%) fell again meaning the 2-day move of -10.09% is the biggest since Aug-16 (-10.62%). This all came after criticism at a meeting of finance ministers in Luxembourg. France’s Le Maire said that budget restrictions for all EU member states must be respected by everyone while European Commissioner Moscovici said that Italy’s budget is a “very, very significant deviation from its previous projections and almost certainly violated the rules”. Dutch Finance Minister Hoekstra added that “the signals we’ve been getting so far aren’t very reassuring” while in the evening EC President Juncker warned of needing to do everything to “avoid a new Greece crisis”. Markets have been waiting for comments from the Eurozone and it’s unlikely that this is the last we hear but the next material event for markets is the approach itself from the Europeans – i.e. how quick and harsh the response is.

Back to the US, where President Trump announced a new trade deal with Canada and Mexico, which he called “the most important trade deal we’ve ever made, by far.” The agreement adjusts the existing NAFTA framework with marginal changes, and the impact should be relatively limited, though the removal of a key source of uncertainty should be beneficial to businesses in all three countries. With access to US markets secured, further trade conflict between the US and China could end up benefiting Canada and Mexico, as their exporters may be able to seize market share. Such an escalation looks likely, with Trump reiterating his preference for using tariffs, saying that they were the key catalyst that brought Canada and Mexico to the negotiating table.

The positive Brexit news yesterday was that Prime Minister May was said to be considering allowing regulatory checks on goods to take place between Northern Ireland and the UK mainland. Previously, May had rejected any barriers within the UK. In return for this concession, media outlets reported that May will aim for the whole of the UK to remain within the EU’s customs union as the backstop agreement. It’s not clear if this will be acceptable to May’s coalition partners in the DUP or to the more zealous Brexiteers, and the pound retraced it’s 0.80% intraday moves relatively quickly.

Overnight it’s been another fairly quiet session in Asia with performance across bourses also mixed. The Nikkei (+0.18%) has built on its 27-year high however the Kospi (-0.69%) and ASX (-0.73%) are both lower. The Hang Seng (-1.61%) has also reopened with a sharp decline. As a reminder bourses in China are closed this week. Elsewhere futures in the US are down slightly while currencies in Asia are generally lower led by the Indonesian Rupiah (-0.66%) and South Korean Won (-0.48%).

In other news, the final September manufacturing PMI revisions that were out around the globe yesterday didn’t reveal any great surprises. The Eurozone reading was confirmed at 53.2 which was a very modest downward revision from the 53.3 flash print. Germany and France were unrevised at 53.7 and 52.5 respectively while Italy came in slightly below expectations at  50.0 (vs. 50.2 expected) and the lowest since August 2016. Spain printed at 51.4 and also soft relative to expectations for 52.6. Meanwhile the UK surprised to the upside (53.8 vs. 52.5 expected) although the report did sound a little bit more downbeat about medium term expectations for the sector pointing to both supply constraints and Brexit uncertainty. Later in the day the US PMI was unrevised at 55.6. Shortly after that, we got the September ISM manufacturing report in the US. The 59.8 reading was a shade below expectations for 60.0 but still the third highest reading this year and above the six-month moving average of 59.2. Interestingly, the prices paid component was much softer (66.9 vs. 71.4 expected) however the employment component (58.8 vs. 58.5 expected) was still strong and indicative of a solid read-through to the employment report this Friday. So still a robust growth outlook, though ISM respondents said they were “overwhelmingly concerned” about the latest tariffs on imports from China.

That generally solid set of data at least appeared to overshadow any negative read through from comments by the IMF’s Christine Lagarde yesterday. Lagarde said that risks the IMF had highlighted six months’ ago “have begun to materialize” and suggested that global growth forecasts are likely to be cut when the fund updates its World Economic Outlook on October 9th, warning also of trade wars and tighter credit. Currently, the IMF’s 2019 global growth forecast is for 3.9%, marginally higher than our economists’ forecast for 3.7%.

Finally, the day ahead is a fairly sparse one for data releases. This morning in Europe we’ll get September house prices data in the UK followed by the August PPI report for the euro area. In the US, the only release of note is September vehicle sales data. It is however a busy day for central bank speak. Over at the BoE both Carney and Haskel are due to chair panels at a conference in London this morning while the ECB’s Villeroy de Galhau is due to make a speech this afternoon at an OECD event. Meanwhile the Fed’s Quarles is due to testify before the Senate banking committee this afternoon after which Fed Chair Powell speaks at a NABE meeting discussing the outlook for the labour market and inflation. Dallas Fed President Kaplan is also due to speak in the evening at a separate event.

 

‘.

 

 

3. ASIAN AFFAIRS

i) TUESDAY MORNING/ MONDAY NIGHT: 

Shanghai closed UP 29.57 POINTS OR 1.06 //Hang Sang CLOSED DOWN 662.14 POINTS OR 2.38% //The Nikkei closed UP 24.86 POINTS OR 0.05%/ Australia’s all ordinaires CLOSED DOWN 0.74%  /Chinese yuan (ONSHORE) closed UP  at 6.8689 AS POBC STOPS  ITS HUGE DEVALUATION  /DELEGATION COMING TO THE USA TO SEE TRUMP IN NOVEMBER CANCELLED/Oil UP to 75.23dollars per barrel for WTI and 84.7 for Brent. Stocks in Europe OPENED RED//.  ONSHORE YUAN CLOSED DOWN AT 6.8891 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.8689: HUGE DEVALUATION/PAST SEVERAL DAYS STOPS// TRADE TALKS STOPPED   : /ONSHORE YUAN TRADING STRONGER  AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW A FULL TRADE WAR COMMENCED

 

3 a NORTH KOREA/USA

 

North Korea/South Korea/USA/China

3 b JAPAN AFFAIRS

 
END

3C CHINA

Amazing!! China now blocks bad economic news from being released..their economy is now faltering badly especially their manufacturing sector

(courtesy zerohedge)

“They Are Worried About Panic”: China

Blocks Bad Economic News As Economy

Slumps

China’s Shadow-banking system is collapsing (and with its China’s economic-fuel – the credit impulse), it’s equity market has become a slow-motion train-wreck, its economic data has been serially disappointing for two years, and its bond market is starting to show signs of serious systemic risk as corporate defaults in 2018 hit a record high.

But, if you were to read the Chinese press, none of that would be evident, as The New York Times reportsa government directive sent to journalists in China on Friday named six economic topics to be “managed,” as the long hand of China’s ‘Ministry of Truth’ have now reached the business media in an effort to censor negative news about the economy.

The New York Times lists the topics that are to be “managed” as:

  • Worse-than-expected data that could show the economy is slowing.
  • Local government debt risks.
  • The impact of the trade war with the United States.
  • Signs of declining consumer confidence
  • The risks of stagflation, or rising prices coupled with slowing economic growth
  • “Hot-button issues to show the difficulties of people’s lives.”

The government’s new directive betrays a mounting anxiety among Chinese leaders that the country could be heading into a growing economic slump. Even before the trade war between the United States and China, residents of the world’s second-largest economy were showing signs of keeping a tight grip on their wallets. Industrial profit growth has slowed for four consecutive months, and China’s stock market is near its lowest level in four years.

“It’s possible that the situation is more serious than previously thought or that they want to prevent a panic,” said Zhang Ming, a retired political science professor from Renmin University in Beijing.

Mr. Zhang said the effect of the expanded censorship strategy could more readily cause people to believe rumors about the economy. “They are worried about chaos,” he added. “But in barring the media from reporting, things may get more chaotic.”

The directive didn’t appear to affect run-of-mill daily coverage of economic data, which could still be widely found online in China on Friday. Instead, the directive appeared to be aimed at easing the overall tone. Indeed, another notice sent on Friday instructed online news outlets to remove comments at the bottom of news articles that “bad-mouth the Chinese economy.”

One wonders if any “badmouthers” will automatically be accused of working for the Kremlin as is the case in the US, or simply arrested and never heard from again.

The topics that are now non grata pertain to “China’s economic downturn,” “China’s stagflation,” “new refugees,” “consumption downgrading” and “other harmful remarks that criticize the development prospects of China,” according to a copy of the notice reviewed by The Times. Consumption downgrading refers to Chinese consumers looking for ways to spend less.

What is ironic is that even before the crackdown, China’s data was already very much suspect. Mark Williams, chief Asia economist of Capital Economics, said the firm expects the Chinese economy to slow down to 5 to 5.5 percent from 6.9 percent last year. Despite the lower forecast, he stressed that it was “not a weak number” for the Chinese economy.

“One of the problems is there’s a lot of doubt about official Chinese data,” Mr. Williams said. “And when they come out with these directives, it just raises more questions.”

Censors have also erased online commentary that contained the phrases “consumption downgrade,” taxes, debt and unemployment, according to the Journalism and Media Studies Center at the University of Hong Kong, which monitors censorship on Weibo, China’s Twitter-like social media service.

One post that was removed by censors said: “The bad news in the market is exploding, pessimistic viewpoints are spreading, many retail investors are in despair.” Another read: “Will the emergence of robots free up labor or cause unemployment and poverty?”

And, as NYT notes, China is wasting no time in implementing the new directive.  On Wednesday, Phoenix News Media, a Hong Kong-based outlet with big operations in mainland China, said the Chinese authorities had instructed it to “rectify” its news portal, ifeng.com. The Cyberspace Administration of China, the country’s main internet regulator, said that Phoenix had “disseminated illegal and harmful information, distorted news headlines and shared news information in violation of rules.”

Two weeks earlier, NetEase, an online news portal, said it had to suspend updating its financial platform “because of serious problems.”

All of which is funny because in America, one can bash the economy, the deep state and the dysfunctional status quo all they want… as long as they are ready to be blacklisted as “Russian operatives”, get banned from YouTube and Twitter and watch their advertisers flee as a result of peer pressure. Meanwhile, if anyone asks what the true state of the economy is, the answer every single time is “just look at the stock market.”

end

The Italian 10 bond yield hits 3.44% and that must be scaring our central bankers to no end. Remember that Italy has a huge 20% of GDP in non performing loans and that 100% of Italian bonds are bought by the ECB

(courtesy zerohedge)

4.EUROPEAN AFFAIRS

Italian Bonds Resume Plunge, Yields Hit

Highest Since 2014

Earlier today, we laid out the three main reasons why, according to to Goldman, the Italian bond turmoil was set to get worse: in brief, these were rising government debt (as a result of the sharply higher projected budget deficit of 2.4% through 2021), fading ECB support (QE ending at the end of 2018), and diminished market liquidity (wider bid-ask spreads and declining volumes).

Well after today’s initial selloff, when euroskeptic Claudio Borghi and president of the Lower House’s budget committee commented that the country would have solved its fiscal problems if it had its own currency while Deputy PM Luigi Di Maio said he’s not concerned about spread widening, it did not take long for the market to digest Goldman’s warning and to resume the selling in Italian government bonds, with the 10Y plunging for the second time today, and pushing the yield to 3.448%, the highest since 2014…

… while “lo spread” between Italian and German 10Y paper has blown out beyond 300 bps, the widest going back to 2013.

Curiously, unlike during today’s first selloff, the late day liquidation has not been accompanied by a drop in the Euro, which however may be explained by the sharp drop in the dollar index which has slumped back to session lows.

For now the Italian bond turmoil remains relegated within its borders, but the question on every trader’s mind is “for how much longer.”

I

courtesy zerohedge)

 

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

 

end

6. GLOBAL ISSUES

 

 

 

end

7  OIL ISSUES 

8. EMERGING MARKETS

SOUTH AFRICA

As Killings Of South African Politicians Surge, ANC Ignores Pleas For Help

White South African farmers aren’t the only ones who are fearing for their lives in the face of persecution by the African National Congress. Increasingly, members of the party have been struggling to survive amid a surge in violent retribution. As the New York Times reports, South African politicians are being assassinated with alarming frequency as party members hire mercenary assassins to eliminate rivals (or, more often, anti-corruption whistleblowers). Even as murders proliferate and public outrage intensifies, prosecutions are rare. Killings soared under former President Jacob Zuma, but Cyril Ramaphosa, the “reform” candidate who ousted Zuma, has ignored calls to try and stop them, fostering suspicions that these lethal intraparty feuds extend all the way to the party’s leadership.

With political will to stamp out the killings within the ANC virtually nonexistent, they have become a potent reminder that the rule of law in one of Africa’s largest economies is virtually nonexistent.They’re also a sign of just how far the party has strayed from its roots. One politician who took a stand against corruption in a rural South African province told the NYT that he felt like he was being “hunted like an animal.” In its story, the NYT shares how one local politician, a man named Sindiso Magaqa, was ambushed in his red BMW by a hit squad who riddled him with bullets. He survived the attack, but died a few weeks later from his wounds.

ANC

Magaqa’s crime? He tried to expose ANC politicians involved in the construction of a public project to build a new Memorial Hall in Umzimkhulu after obtaining documents showing that the municipality had paid contractors more than $2 million with little to show for it. 

The documents, which were reviewed by The New York Times, showed that after the contractor won the renovation contract in 2013, worth $1.2 million, the municipality paid the company and its subcontractor nearly two-thirds of the money, even though the project was far behind schedule.

Two years later, after the company and its subcontractor failed to finish, the municipality hired a different contractor for another $1 million.

In all, the documents do not unequivocally prove corruption on their own, but they show the municipality spent nearly all of the money it had budgeted for the hall – and ended up with little to show for it.

Mr. Zulu said he had grabbed the files and promised to pursue the case with his contacts in the police. But over the following months, Mr. Magaqa brandished the documents in the council and challenged leaders of the dominant A.N.C. faction, leading Mr. Zulu to wonder whether his old friend was also trying to use the issue to his personal political advantage.

The attack that eventually killed Magaqa occurred several months later.

Meanwhile, a friend of Magaqa’s who is presently in hiding for fear he might be next on the ANC’s hit list compared the party to the Italian mafia.

All of the assassination targets had one thing in common: They were members of the African National Congress who had spoken out against corruption in the party that defined their lives.

“If you understand the Cosa Nostra, you don’t only kill the person, but you also send a strong message,” said Thabiso Zulu, another A.N.C. whistle-blower who, fearing for his life, is now in hiding.

“We broke the rule of omertà,” he added, saying that the party of Nelson Mandela had become like the Mafia.

One notable aspect of the recent spate of killings that differentiates them from the political violence of the past is that, today, ANC members are killing other ANC members as they struggle for turf and power. In the past, violence was confined mostly to members of rival political parties.

Political assassinations are rising sharply in South Africa, threatening the stability of hard-hit parts of the country and imperiling Mr. Mandela’s dream of a unified, democratic nation.

But unlike much of the political violence that upended the country in the 1990s, the recent killings are not being driven by vicious battles between rival political parties.

Quite the opposite: In most cases, A.N.C. officials are killing one another, hiring professional hit men to eliminate fellow party members in an all-or-nothing fight over money, turf and power, A.N.C. officials say.

Of all the trappings of corruption now borne by the ANC, the killings are perhaps the most serious, and the most difficult to ignore.

The party once inspired generations of South Africans and captured the imagination of millions around the world — from impoverished corners of Africa to wealthy American campuses.

But corruption and divisions have flourished within the A.N.C. in recent years, stripping much of the party of its ideals. After nearly 25 years in power, party members have increasingly turned to fighting, not over competing visions for the nation, but over influential positions and the spoils that go with them.

Since the beginning of 2016, the rate of killings has almost doubled, prompting police to release data about political killings for the first time earlier this year.

The death toll is climbing quickly. About 90 politicians have been killed since the start of 2016, more than twice the annual rate in the 16 years before that,according to researchers at the University of Cape Town and the Global Initiative Against Transnational Crime.

The murders have swelled into such a national crisis that the police began releasing data on political killings for the first time this year, while the new president, Cyril Ramaphosa, has lamented that the assassinations are tarnishing Mr. Mandela’s dream.

The wave of killings has done so much damage to the national psyche, that some believe the country was better off before it achieved democracy.

“It was better before we attained democracy, because we knew the enemy – that the enemy was the regime, the unjust regime,” said Mluleki Ndobe, the mayor of the district where Mr. Magaqa and five other A.N.C. politicians have been assassinated in the past year.

“Now, you don’t know who is the enemy,” he said.

In a sign that the people could soon act to unseat the corrupt ANC, dissatisfaction has festered even as Ramaphosa has pushed the expropriation of land from white farmers (while also tacitly endorsing violence against white farmers). Markets have lost confidence, too, sending the South African rand spiraling lower earlier this year, though it has begun to claw back some of its losses in recent days. But exactly one year from now, South Africans will have an opportunity to vote out the ANC during a general election in October 2019. But given this propensity for violence, we imagine it wouldn’t go peacefully.

 

end

 

 

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

Euro/USA 1.1533 DOWN .0044 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems + USA election:///ITALIAN CHAOS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES  IN THE  RED

 

 

 

USA/JAPAN YEN 113.73   DOWN 0.275  (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 1.2965 DOWN   0.0077  (Brexit March 29/ 2017/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED

USA/CAN 1.2826  DOWN .0013(CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS TUESDAY morning in Europe, the Euro FELL by 44 basis point, trading now ABOVE the important 1.08 level FALLING to 1.1533; / Last night Shanghai composite CLOSED UP 29.57 POINTS OR 1.06%

//Hang Sang CLOSED DOWN 662.14 POINTS OR 2.38%

 

/AUSTRALIA CLOSED DOWN  0.74% / EUROPEAN BOURSES ALL RED

 

The NIKKEI: this TUESDAY morning CLOSED UP 24.86 POINTS OR 0.05% 

 

 

 

Trading from Europe and Asia

1/EUROPE OPENED ALL RED

 

 

 

 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 662.14 POINTS OR 2.38%

 

/SHANGHAI CLOSED UP 29.57 PTS OR 1.06 %

 

 

Australia BOURSE CLOSED DOWN 0.74%

Nikkei (Japan) CLOSED UP 24.86 POINTS OR 0.05% 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1204.00

silver:$14.88

Early TUESDAY morning USA 10 year bond yield: 3.05% !!! DOWN 3 IN POINTS from MONDAY night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%. (POLICY FED ERROR)/

The 30 yr bond yield 3.20 DOWN 3  IN BASIS POINTS from MONDAY night. (POLICY FED ERROR)/

USA dollar index early TUESDAY morning: 95.5 up 27  CENT(S) from MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

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And now your closing TUESDAY NUMBERS \1: 00 PM

 

Portuguese 10 year bond yield: 1.90% UP 0    in basis point(s) yield from MONDAY/

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

SPANISH 10 YR BOND YIELD: 1.54% UP 1 IN basis point yield from MONDAY/

ITALIAN 10 YR BOND YIELD: 3.45 UP 15   POINTS in basis point yield from MONDAY/

 

 

the Italian 10 yr bond yield is trading 191 points HIGHER than Spain.

GERMAN 10 YR BOND YIELD: FALLS UP TO +.42%   IN BASIS POINTS ON THE DAY//

 

END

IMPORTANT CURRENCY CLOSES FOR TUESDAY

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

Euro/USA 1.1505 DOWN .002 (Euro DOWN 2 Basis points/ represents to DRAGHI A COMPLETE POLICY FAILURE/

USA/Japan: 113.63 down 0.316 Yen up 32 basis points/

Great Britain/USA 1.2980 DOWN .0062( POUND DOWN 62 BASIS POINTS)

USA/Canada 1.2821  Canadian dollar UP 8 Basis points AS OIL ROSE TO $75.18

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

This afternoon, the Euro was FELL BY 2 BASIS POINTS  to trade at 1.15505

The Yen rose to 113.63 for a gain of 32 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 62 basis points, trading at 1.2980/

The Canadian dollar GAINED 8 basis points to 1.2818/ WITH WTI RISING TO 75.18

 

The USA/Yuan,CNY closed DOWN AT 6.8688-  ON SHORE  (YUAN UP)

THE USA/YUAN OFFSHORE:  6.8827 (  YUAN DOWN)

TURKISH LIRA:  5.9873

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

 

 

Your closing 10 yr USA bond yield up 1 IN basis points from MONDAY at 3.0 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 3.22 up 2 in basis points on the day /

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

Your closing USA dollar index, 95.51 UP  21 CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED DOWN 21.12 POINTS OR 0.28%

German Dax : CLOSED UP 51.45 POINTS  OR 0.42%
Paris Cac CLOSED UP 38.93 POINTS OR 0.21%
Spain IBEX CLOSED UP 101.50 POINTS OR 1.08%

Italian MIB: CLOSED DOWN:  37.75 POINTS OR 0.47%/

 

 

WTI Oil price; 75.18 1:00 pm;

Brent Oil: 84.7 1:00 EST

USA /RUSSIAN /   ROUBLE CROSS:    65.43  THE CROSS LOWER BY  9xx ROUBLES/DOLLAR (ROUBLE higher by 9 BASIS PTS)

USA DOLLAR VS TURKISH LIRA:  5.9873 PER ONE USA DOLLAR.

TODAY THE GERMAN YIELD FALLS +.42FOR 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:$75.18

BRENT: $84.7

USA 10 YR BOND YIELD: 3.06%

USA 30 YR BOND YIELD: 3.22%/

EURO/USA DOLLAR CROSS: 1.5505 DOWN 26 ( DOWN 26 BASIS POINTS)

USA/JAPANESE YEN:113.3 UP 316(YEN up 32 BASIS POINTS/ .

USA DOLLAR INDEX: 95.51 UP 21 cent(s)/

The British pound at 5 pm: Great Britain Pound/USA: 1.2980 down 62POINTS FROM YESTERDAY

the Turkish lira close: 5.9873

the Russian rouble:  65.43 up 0.09 roubles against the uSA dollar.(UP 9 BASIS POINTS)

 

Canadian dollar: 1.2821 UP 8 BASIS pts

USA/CHINESE YUAN (CNY) : 6.8688  (ONSHORE)

USA/CHINESE YUAN(CNH):  6.8827 (OFFSHORE)

German 10 yr bond yield at 5 pm: ,0.42%

 

The Dow closed  UP  122.73 POINTS OR 0.4%

NASDAQ closed down 37.75  points or 0.47% 4.00 PM EST


VOLATILITY INDEX:  12.05  CLOSED up 0.05

LIBOR 3 MONTH DURATION: 2.399%  .LIBOR  RATES ARE RISING/big jump today

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

TRADING IN GRAPH FORM FOR THE DAY

Dow Hits Record High, Small Caps

Crushed, BTPs Battered, & Bullion Bid

Big Caps for the first two minutes… and then Small Caps…

then Small Caps…

 

China remains closed for Golden Week but offshore yua

 

China remains closed for Golden Week but offshore yuan was extremely active overnight, flash-crashing below key support and back…

 

And the China ETF was slammed down over 2% today…

 

Another odd day in Italian stocks – yesterday they were panic bid and slumped to unch, today panic sold and bid to unch..

 

But BTPs were blasted higher in yield to 4-year highs…

 

In the US, The Dow surged to a new record high today… but Small Caps collapsed. Powell spooked stocks very briefly at around 1245ET…rebounded, then faded… The Dow went out near HoD, Russell near LoD… (on the day, the S&P was unchanged, Dow up and the rest red)…

 

Another major divergence between big (Dow) and small (Russell 2000) stocks as the former soars relative to the latter and erases any relative performance YTD…

This is the biggest outperformance of Dow over Small Caps since Oct 2011.

Both are now up just over 8% on the year… (Trannies are worse. Nasdaq best)

This is the biggest Small Cap slump since July, and it broke below its 50- and 100-DMA…

 

Small Caps and Mid Caps have both rolled over hard, with only Big Caps holding on…

 

Nasdaq closed below 8000…

FANG Stocks are all lower today…

 

And while tech and financials were weak, the former’s relative outperformance has stalled…

 

And while all this uncertainty is swirling, the spread (risk) of US HY Corporates is at its tightest since July 2007…

 

Despite gain on the Dow, UST Bonds were also bid, with yields 1-3bps lower on the day… leaving them all lower on the week…

 

10T yields fell 3.5bps, but remain above 3.00%… (though this is the lowest yield close since 9/17 when yields were below 3.00%)

 

and the yield curve flattened…back below Fed rate hike levels…

 

The Dollar ended the day higher but sold off overnight gains into the European close before bouncing in the afternoon…

The Rand and Rupiah nudged lower on the day as Argentina’s Peso and Brazil’s Real both surged…

 

Cryptos drifted lower on the day with Ether and Ripple holding gains on the week…

 

WTI limped lower ahead of tonight’s API report, PMs and copper were higher on the day…

 

Silver briefly broke above its 50DMA and Gold broke above $1200… but notice that the moment Europe closed, the PMs were monkeyhammered lower…

 

Finally, we thought this might be interesting for some – it now costs the average worker 1164 hours work to buy The Dow (versus the average 225 hours that it costs from 1960to 1995…

 

 

 

market trading

 

 

market data

Sept auto sales plunge.  A good Bellwether were we ar eheading

(courtesy zerohedge)

September U.S. Auto Sales Plunge, Most

OEMs Miss Pessimistic Estimates

In line with the preview published here last week, auto sales numbers for September are in and, as expected, it has been an extremely ugly month for car makers. Results from Ford, Honda, Nissan, Toyota and Fiat all tell the story of an industry that had a terrible month, with few silver linings. Three of these names posted double digit percentage declines in YOY sales and three of them missed analyst estimates.

Here are the lowlights from across the industry:

  • Ford posted an 11% drop, missing analyst estimates of 9.1%. The F-Series pickup line ended a 16-month streak of sales gains. Mustang sales were down 1.3%.
  • Nissan posted a 12.2% drop in September. Nissan and Infiniti brand car sales fell by 36%, including a 28% drop for the Altima sedan as the company prepared to start selling an all-new version this week.
  • Toyota sales were down 10.4%, far below estimates of 6.7% for the month. Combined sales for Toyota and Lexus brand cars fell 25.3%. 
  • Fiat posted the only true “beat”, as sales rose 15% versus analyst estimates of 8%. However, the Chrysler brand fell 7% to 14,683 vehicles and the Fiat brand fell 46% to 1,185 vehicles. The deficit was made up on Jeep sales, which were up 14%, as well as sales of Ram pickups and minivans.
  • Volkswagen of America car sales were down 4.8%
  • GM third quarter total sales were down 11%. The company stopped reporting monthly numbers earlier this year, with many suspecting that weakness in the production pipeline is responsible; they were right.

Ford also posted an astounding drop in car sales, which fell 25.7% as a segment.

As we had previously predictedthe lack of incentive outlays seemed to be the primary driver for the poor numbers.

The impact of shrinking incentives was best observed in many of the “mainstay” sedan models among U.S. households, as many are switching to trucks and SUVs:

  • Honda Civic sales were lower by 30%
  • Honda Accord sales were lower by 15%
  • Toyota Camry sales were lower by 20%
  • Toyota Corolla sales were lower by 36%

Most manufacturers found their strongest points with trucks and SUVs. Nissan, for example, saw combined truck sales rise 6.6%. This included gains of 71% for the Frontier mid-size pickup and a 57% gain for the Titan. The Rogue SUV was down 11%. Fiat outsold Ford, 199,819 to 196,496 in cars, SUVs and light trucks.

For Toyota, Highlander and 4Runner SUV sales rose, cauterizing Toyota’s light truck sales decrease at just 0.3%.

Vehicle ASP seems to be the “silver lining” that many optimists are trying to pull from this otherwise terrible month. Kelley Blue Book reported that the industry average price paid at dealerships was $35,742, a gain of 2%, while the average Ford buyer paid $36,040, up $1,500 from last year. According to Cox Auto, the average new vehicle price rose $687, or 2%, from September last year.

That however may be at the expense of still easy loans: the average new car loan jumped $724 year-over-year to $30,958 in Q2 2018, while used vehicle loan amounts increased $520 to reach $19,708, both records.

Many OEMs blamed the poor YOY numbers on last year’s Hurricane Harvey, which spurred more buying in its aftermath to make for tougher comps and this year’s Hurricane Florence, which is being blamed for a lack of buyers.

Ford’s Mark LaNeve called September a “tale of two hurricanes” on this morning’s conference call. “Hurricane Florence was a big factor this month.”

Others chose to leave the past in the rearview mirror and focus on the future: Kurt McNeil, GM U.S. vice president for sales, was looking forward to Q4: “Our brands are very well-positioned for the fourth quarter when our next wave of new products start shipping in high volume.”

However, experts at AutoTrader still see headwinds for the industry as a result of rate hikes.

Michelle Krebs, senior analyst with researcher AutoTrader, said: “It’s a very hard comparison with last year. But we do see headwinds building, with higher interest rates being the major one.We anticipated the last part of the year would be challenging and now we’re seeing that. Wages aren’t rising fast enough to keep up with inflation and that is keeping some people out of the market.”

Just days ago, we outlined that September was shaping up to be a brutal month for auto sales. At the time, estimates released by Edmunds were expecting a new vehicle sales collapse both on a monthly basis and year-over-year basis. Edmunds predicted that 1,392,434 new cars and trucks would be sold in the U.S. in September, which equals a estimated seasonally adjusted annual rate (SAAR) of 17 million.

At the time, Jeremy Acevedo, Edmunds’ manager of industry analysis, stated: “Vehicle replacement demand following Hurricane Harvey bolstered auto sales last September, and Hurricane Florence has had a very limited impact on auto sales this month, which are the primary reasons why we’re seeing this year-over-year decline. With that said, a SAAR of 17 million is certainly not an unhealthy number — September is still shaping up to be a robust month for sales.”

On the other hand, with rates ticking up again since then and making auto loans and leases that much more expensive with the average new car payment hitting a record $525 per month…

… it is debatable whether the picture will get any more “robust” in October, or the rest of the year for that matter.

END
USA economic/general stories

 

.

SWAMP STORIES

just look what the Democrats have done with respect to Kavanaugh. He has decided not to teach at Harvard starting Jan 1..no matter what happens

(courtesy zerohedge)

 

Brett  Will Not Return To Teaching

At Harvard

Embattled Supreme Court nominee Brett Kavanaugh will not be returning to his teaching position at Harvard Law School in January.

According to Judge Kavanaugh’s biographical page says on the United States Court of Appeals District of Columbia Circuit website. he has taught full-term courses on Separation of Powers at Harvard Law School (each year from 2008 to 2015), and on the Supreme Court at Harvard Law School (2014, 2016, 2017, 2018).

The Crimson reports that according to an email administrators sent to Law students Monday evening, Associate Dean and Dean for Academic and Faculty Affairs Catherine Claypoole wrote:

“Today, Judge Kavanaugh indicated that he can no longer commit to teaching his course in January Term 2019, so the course will not be offered.”

The allegations that have roiled Kavanaugh’s confirmation process, spurred students on the Law School’s campus to call for Harvard to bar him from teaching pending a “full and fair investigation”of his alleged sexual misconduct.

It is unclear whether this decision is normal practice for a SCOTUS nominee at this stage of the process (i.e. pre-confirmation) or if this is a mutually-agreed separation from Harvard, reflecting what Judge Kavanaugh angrily exclaimed during the latest hearing that his family name “has been totally and permanently destroyed” and his prior life is now “ruined.”

END

FBI Interviews Three Kavanaugh Witnesses Who Don’t Remember Ford’s Mystery Groping Party

It would seem the Democrats had better quickly switch the Kavanaugh narrative back to him being an immature teenage drinker quickly as The Washington Post reports that, according to sources, three witnesses whom Christine Blasey Ford alleges were at the party in her testimony have told The FBI that they do not recall the gathering.

The FBI has talked to alleged party guests Patrick J. Smyth, Mark Judge and Leland Keyser:

“[Smyth] truthfully answered every question the FBI asked him and, consistent with the information he previously provided to the Senate Judiciary Committee, he indicated that he has no knowledge of the small party or gathering described by Dr. Christine Blasey Ford, nor does he have any knowledge of the allegations of improper conduct she has leveled against Brett Kavanaugh,” Smyth’s lawyer Eric B. Bruce said in a statement, according to WaPo.

Having denied the Ford and Swetnick allegations in a formal statement, Judge’s lawyer Barbara Van Gelder said in a statement Monday, according to CNN:

“Mr. Judge has been interviewed by the FBI but his interview has not been completed,”

“We request your patience as the FBI completes its investigation.”

Keyser does not remember the gathering in question but has said she believes Ford.

“Ms. Keyser does not refute Dr. Ford’s account, and she has already told the press that she believes Dr. Ford’s account,” Keyser’s attorney, Howard Walsh, wrote in a Friday statement, according to CNN.

“However, the simple and unchangeable truth is that she is unable to corroborate it because she has no recollection of the incident in question.”

Ford had yet to be interviewed b The FBI as of Monday evening, but there are plenty more interviews to come as Senate Judiciary Committee Democrats signed a letter Monday with a list of 24 additional witnesses they want interviewed by the FBI.

Tick tock… Of course, the chance they are going to stop the delay tactics now is zero. Remember Merrick!

END
He is right; NBC is a co conspirator in the destruction of Kavanaugh
(courtesy zerohedge)

NBC “A Co-Conspirator In The Destruction Of Kavanaugh” According To Lindsey Graham

Senator Lindsey Graham, who made headlines last week after excoriating Democrats over their “unethical sham” investigation of Brett Kavanaugh, now says that NBC is a “co-conspirator” in the “destruction” of the Supreme Court nominee.

In an interview with Fox News host Sean Hannity, Graham said: “NBC, they’ve been a co-conspirator in the destruction of Kavanaugh from my point of view,” he said. “… do you think NBC would’ve done that if this had been a Democratic male nominee? All I can say is that there the journalistic integrity has been destroyed over this case.”

TPM Livewire@TPMLiveWire

Lindsey Graham tells Sean Hannity NBC has been a “co-conspirator” in the “destruction of Kavanaugh.”

Graham, who sits on the Senate Judiciary Committee, lambasted his Democratic colleagues for sitting on allegations of sexual assault levied against Kavanaugh by Stanford researcher Christine Blasey Ford.

“If you wanted an FBI investigation you could have come to us. What you want to do is destroy this guy’s life, hold this seat open, and hope you win in 2020. You’ve said that, not me,” Graham seethed across the room. “This is the most unethical sham since I’ve been in politics and if you really wanted to know the truth, you certainly wouldn’t have done what you did to this guy.”

“Boy y’all want power, God I hope you never get it. I hope the American people can see through this sham, that you knew about it and you held it, you had no intention of protecting Dr. Ford, none!” he added. “I hate to say it because these have been my friends, but if you were looking for a fair process, you came to the wrong town at the wrong time.”

BBC News (World)

@BBCWorld

Tense exchanges as Brett Kavanaugh faces questions in front of Senate Judiciary Committee, after denying allegations of sexual assault#KavanaughHearings http://bbc.in/2DyZeH9 pic.twitter.com/hasomVopmN

BBC News (World)

@BBCWorld

“This is not a job interview, this is hell” – Senator Lindsey Graham offers strong support to US Supreme Court nominee Brett Kavanaugh http://bbc.in/2DyZeH9 #KavanaughHearings pic.twitter.com/bd5dplVjkp

“I’m really upset that they knew about this in August and never told anybody,” Graham continued outside the hearing room following Ford’s Thursday testimony. “I’m really upset that [Feinstein] believed this was a credible allegation, [and] that you wouldn’t do Mr. Judge Kavanaugh the service of saying, ‘I’ve got this, what’s your side of the story.’”

END
You will get a big kick out of this one:  They have now exposed Ford’s paper on creating artificial memories
(courtesy Mish Shedlock)

Kavanaugh Carnival Continues: Exposing Ford’s Paper On “Creating Artificial Memories”

Authored by Mike Shedlock via MishTalk,

The carnival continues with interesting twists such as Ford’s paper about using self-hypnosis to create memories

The Federalist reports Kavanaugh Accuser Co-Authored Study Citing Use of Hypnosis to Retrieve Memories.

Christine Blasey Ford, a California woman who has accused Supreme Court nominee Brett Kavanaugh of attempted rape in the 1980’s, co-authored an academic study that cited the use of hypnosis as a tool to retrieve memories in traumatized patients. The academic paper, entitled “Meditation With Yoga, Group Therapy With Hypnosis, and Psychoeducation for Long-Term Depressed Mood: A Randomized Pilot Trial,” described the results of a study the tested the efficacy of certain treatments on 46 depressed individuals. The study was published by the Journal of Clinical Psychology in May 2008.

While the paper by Ford and several other co-authors focused on whether various therapeutic techniques, including hypnosis, alleviate depression, it also discussed the therapeutic use of hypnosis to “assist in the retrieval of important memories” and to “create artificial situations” to assist in treatment.

Ford’s paper cited a controversial 1964 paper on the use of hypnosis to treat alcoholics and claimed that “hypnosis could be used to improve rapport in the therapeutic relationship, assist in the retrieval of important memories, and create artificial situations that would permit the client to express ego-dystonic emotions in a safe manner.” The study by Ford and her co-authors also used “self-hypnosis” to help treat their randomized sample of patients.

The 2004 text by Spiegel and Spiegel referenced by Ford and her fellow researchers discusses in detail the use of hypnotism, and even self-hypnotism, to recover memories from traumatic episodes.

“Remember that all hypnosis is really self-hypnosis,” the authors of the referenced 2004 text on hypnotism wrote. “[T]herefore, therapists are only tapping into their patients’ natural ability to enter trance state.”

The authors noted that hypnosis as a means of recovering traumatic memories could also lead to the “contamination” of those memories.

“Patients are highly suggestible and easily subject to memory contamination,” they noted.

Carnival Continues

With nearly everyone’s mind made up, despite the inconsistencies, the carnival will continue culminating in a final vote later this week or next.

This Week Says McConnell

Senate Majority Leader Mitch McConnell (R-Ky.) said the Senate will hold a Vote on Brett Kavanaugh’s Supreme Court Nomination This Week.

If the Vote Fails?

Why not start the process all over? With a new candidate?

Don’t be silly!

Lindsey Graham says If Kavanaugh Vote Fails, Trump Should Re-Nominate Him.

Demagoguery Zoo

Were Trump to renominate Kavanaugh, I believe that would constitute the ultimate political circus.

Strike that. This is neither a circus nor a carnival.

This is a purposeful media- and politically-sponsored demagoguery zoo with no cages and no zookeeper.

END

ALL 3 witnesses have no recollection on Ford’s mystery groping party

The interviews are now finished

(courtesy zerohedge)

FBI Interviews Three Kavanaugh Witnesses Who Don’t Remember Ford’s Mystery Groping Party

Update: According to AP, Mark Judge’s lawyer confirms that The FBI’s interview has now been completed.

*  *  *

It would seem the Democrats had better quickly switch the Kavanaugh narrative back to him being an immature teenage drinker quickly as The Washington Post reports that, according to sources, three witnesses whom Christine Blasey Ford alleges were at the party in her testimony have told The FBI that they do not recall the gathering.

The FBI has talked to alleged party guests Patrick J. Smyth, Mark Judge and Leland Keyser:

“[Smyth] truthfully answered every question the FBI asked him and, consistent with the information he previously provided to the Senate Judiciary Committee, he indicated that he has no knowledge of the small party or gathering described by Dr. Christine Blasey Ford, nor does he have any knowledge of the allegations of improper conduct she has leveled against Brett Kavanaugh,” Smyth’s lawyer Eric B. Bruce said in a statement, according to WaPo.

Having denied the Ford and Swetnick allegations in a formal statement, Judge’s lawyer Barbara Van Gelder said in a statement Monday, according to CNN:

“Mr. Judge has been interviewed by the FBI but his interview has not been completed,”

“We request your patience as the FBI completes its investigation.”

Keyser does not remember the gathering in question but has said she believes Ford.

“Ms. Keyser does not refute Dr. Ford’s account, and she has already told the press that she believes Dr. Ford’s account,” Keyser’s attorney, Howard Walsh, wrote in a Friday statement, according to CNN.

“However, the simple and unchangeable truth is that she is unable to corroborate it because she has no recollection of the incident in question.”

Ford had yet to be interviewed b The FBI as of Monday evening, but there are plenty more interviews to come as Senate Judiciary Committee Democrats signed a letter Monday with a list of 24 additional witnesses they want interviewed by the FBI.

Tick tock… Of course, the chance they are going to stop the delay tactics now is zero. Remember Merrick!

end

Not good:  two hospitalized after a white powdery substance was sent to Ted Cruz office

(courtesy zerohedge)

2 Hospitalized After ‘White Powdery Substance’ Discovered At Ted Cruz Campaign Office

Less than an hour after CNN reported that two envelopes tainted with the deadly poison ricin had been intercepted at a Pentagon Mail Facility (the pieces of mail were addressed to Defense Secretary Jim Mattis and Navy Admiral John Richardson), the Weekly Standard reported that an envelope containing a “white powdery substance” was received by Ted Cruz’s Houston campaign headquarters.

Multiple fire trucks and at least one hazmat truck responded to the scene after the letter was opened by campaign staff, who promptly reported it to authorities.

According to WS, two people were hospitalized following exposure to the powder, though the Houston Fire Department later confirmed that the substance didn’t test positive for anything harmful.

Houston Fire Dept

@HoustonFire

Two people were taken to the hospital after apparently being exposed to a white powdery substance in an office building at 3200 SW Fwy. The 9th floor of the Phoenix Tower has been evacuated as HFD HazMat is responding to the scene working to determine the nature of the substance.

I do not like where this is heading. It seems odd that the iRS was not aware of Trump’s tax schemes

(courtesy zerohedge)

NYTimes Accuses Trump Of Making Hundreds Of Millions From Tax Dodges And “Outright Fraud”: 11 Key Takeaways

Update: According to CNBC, the New York taxation department is reviewing allegations of fraud.

The New York State Tax officials are investigating allegations detailed in an exhaustive New York Times investigation into Donald Trump and his family’s business dealings, CNBC has learned.

The Times reported on Tuesday that Trump and his family committed “instances of outright fraud” in order to transfer millions of dollars from the real estate of empire of the presidents father, Fred Trump to his children without paying the appropriate taxes. –CNBC

“The Tax Department is reviewing the allegations in the NYT article and is vigorously pursuing all appropriate avenues of investigation,” said a NY Spate Department of Taxation and Finance spokesman to CNBC.

***

In a massive, front page story, the NYT has accused President Trump of participating in “questionable” and “dubious” tax strategies “including instances of outright fraud” that greatly increased the fortune he received from his parents and allowed him to accrue millions of dollars in additional wealth from his father’s real estate empire “much of it through tax dodges in the 1990s.”

As one of the authors, NYT reporter Susanne Craig explains, she and Russ Buettner, David Barstow “got our hands on a massive trove of confidential docs – including 200 tax returns – from Fred Trump’s empire. We found Donald Trump received hundreds of millions from his dad, some of it via fraudulent tax schemes.”

Susanne Craig

@susannecraig

NEW: Russ Buettner, David Barstow and I got our hands on a massive trove of confidential docs – including 200 tax returns – from Fred Trump’s empire. We found Donald Trump received hundreds of millions from his dad, some of it via fraudulent tax schemes. https://www.nytimes.com/interactive/2018/10/02/us/politics/donald-trump-tax-schemes-fred-trump.html 

Trump Engaged in Suspect Tax Schemes as He Reaped Riches From His Father

The president has long sold himself as a self-made billionaire, but a Times investigation found that he received at least $413 million in today’s dollars from his father’s real estate empire, much of…

nytimes.com

The NYT reported that Trump and his siblings set up a “sham” corporation to help disguise otherwise taxable income that came from gifts from their parents. The president also allegedly helped his father take improper tax deductions that amounted to millions of dollars and helped formulate strategy to undervalue his parents’ real estate holdings, with the Internal Revenue Service reportedly providing little pushback against the Trumps’ reported tactics.

According to the leaked confidential filings, Trump’s parents left more than $1 billion to their children, which would have resulted in a roughly $550 million tax bill at the time. However, the Trumps paid a total of $52.2 million on that source of income, according to the NYT report. To achieve this, the newspaper cited records that showed Trump helped undervalue his father’s real estate holdings, which led to a lower tax bill when he and his siblings inherited the properties.

In total, Trump received the equivalent today of at least $413 million from his father’s real estate empire, based on questionable tax dealings starting when he was a toddler and continuing to this day. And, in what will attract the most attention, the newspaper wrote that Trump’s behavior amounted to fraud in some cases.

Trump declined to comment to the Times for the story, and the White House did not immediately respond to a request for comments from Bloomberg or other media outlets.

As part of its investigation, The Times interviewed former employees and advisers to Trump’s father and reviewed more than 100,000 pages of documents related to the Trump family business, including bank statements, financial audits and invoices.

Charles Harder, an attorney for the president, said in a statement to The New York Times that allegations of tax evasion are “100 percent false,” adding that Trump “had virtually no involvement” with the tax strategies used by his family, and instead delegated those tasks to others. Harder also implied that the newspaper could face a defamation lawsuit if it suggested Trump participated in a fraudulent tax scheme.

“There was no fraud or tax evasion by anyone. The facts upon which The Times bases its false allegations are extremely inaccurate,” he said. “President Trump had virtually no involvement whatsoever with these matters,” he continued, saying the president had delegated those tasks to relatives and tax professionals. “The affairs were handled by other Trump family members who were not experts themselves and therefore relied entirely upon the aforementioned licensed professionals to ensure full compliance with the law.”

“The New York Times’s allegations of fraud and tax evasion are 100 percent false, and highly defamatory,” Mr. Harder said. “There was no fraud or tax evasion by anyone. The facts upon which The Times bases its false allegations are extremely inaccurate.”

The Times says that its findings “raise new questions about Mr. Trump’s refusal to release his income tax returns, breaking with decades of practice by past presidents.”

According to tax experts, it is unlikely that Mr. Trump would be vulnerable to criminal prosecution for helping his parents evade taxes, because the acts happened too long ago and are past the statute of limitations. There is no time limit, however, on civil fines for tax fraud.

Robert Trump, the president’s brother, issued a statement on behalf of the Trump family and said that all appropriate gift and estate taxes were paid after his parents passed away. Robert Trump said his father’s estate was closed in 2001 by the IRS, and that his mother’s account was closed in 2004.

“All appropriate gift and estate tax returns were filed, and the required taxes were paid,” he said.

Trump drew criticism during the 2016 presidential campaign for his refusal to release his tax returns. The decision marked a break with tradition from presidential candidates dating back decades. More recently, The Hill notes that the president’s broader financial dealings have come under scrutiny as part of special counsel Robert Mueller’s investigation into Russian interference in the 2016 election, and as his former attorney, Michael Cohen, faces legal woes.

The special counsel’s office has reportedly asked about Trump’s past financial dealings in Russia, while prosecutors have said that Cohen falsified invoice statements while working for the Trump Organization.

So far Trump tax filings have reportedly not been a focus of Mueller’s probe; after the NYT report that may change.

Here are 11 key takeaways from the NYT allegations, via the newspaper:

  • The Trumps’ tax maneuvers show a pattern of deception, tax experts say

The line between legal tax avoidance and illegal tax evasion is often murky, and there is no shortage of clever tax-avoidance tricks that have been blessed by either the courts or the Internal Revenue Service itself; the wealthiest Americans rarely pay anything close to full freight. The Trumps’ tax maneuvers met with little resistance from the I.R.S., The Times found.

But tax experts briefed on The Times’s findings said the Trumps appeared to have done more than exploit legal loopholes. They said the conduct described here represented a pattern of deception and obfuscation that repeatedly prevented the I.R.S. from taxing large transfers of wealth to Fred Trump’s children.

  • Donald Trump began reaping wealth from his father’s real estate empire as a toddler

In Donald Trump’s version of how he got rich, he was the master dealmaker who broke free from his father’s “tiny” Brooklyn and Queens real estate operation and built a $10 billion empire that would slap the Trump name on hotels, high-rises, casinos and golf courses the world over. But The Times’s investigation makes clear that in every era of Mr. Trump’s life, his finances were deeply entwined with, and dependent on, his father’s wealth. By age 3, he was earning $200,000 a year in today’s dollars from his father’s empire. He was a millionaire by age 8. In his 40s and 50s, he was receiving more than $5 million a year.

There was a clear pattern to this largess: When his son began expensive new projects, Fred Trump increased his help. In the late 1970s, when Donald Trump crossed the river into the glittering precincts of Manhattan — converting the old Commodore Hotel near Grand Central Terminal into a Grand Hyatt — his father opened a spigot of loans. When he made his first forays into Atlantic City casinos a few years later, his father devised a plan to sharply increase the flow of aid.

  • That ‘small loan’ of $1 million was actually at least $60.7 million — much of it never repaid

In Mr. Trump’s books and TV shows and on the campaign trail, a central trope of his self-mythology has been that, as he began building his own empire, the only financial help he got from his father was a $1 million loan. Not only that: “I had to pay him back with interest.”  In fact, The Times found, Fred Trump lent his son at least $60.7 million, or $140 million in today’s dollars. Much of it was never repaid, records show.

  • Fred Trump wove a safety net that rescued his son from one bad bet after another

As the 1980s ended, Donald Trump’s big bets began to go bust — Trump Shuttle, the Plaza Hotel, the Atlantic City casinos. But as he careened from one financial disaster to another, family partnerships and companies dramatically increased their payouts. Between 1989 and 1992, four of the entities that Fred Trump created paid his son today’s equivalent of $8.3 million. And when Donald Trump pleaded with bankers for an emergency line of credit, he used as collateral the stake his father had given him in a group of apartment buildings.

Tax records also reveal that at the peak of Mr. Trump’s financial distress, in 1990, his father extracted an extraordinary sum — nearly $50 million — from his empire. While The Times could find no evidence that Fred Trump made any significant debt payments, charitable donations or personal expenditures, there are indications that he wanted plenty of cash on hand to bail out his son if need be. That was what happened at Trump’s Castle casino, where an $18.4 million bond payment was due in December 1990. Fred Trump dispatched a trusted bookkeeper to Atlantic City with checks to buy $3.5 million in casino chips without placing a bet. With this ruse — an illegal loan under New Jersey gaming laws, resulting in a $65,000 civil penalty — Donald Trump narrowly avoided defaulting on his bonds.

  • The Trumps turned an $11 million loan debt into a legally questionable tax write-off

By 1987, Donald Trump’s loan debt to his father had grown to at least $11 million. Had Fred Trump simply forgiven the debt, his son would have owed millions in income taxes. They found another solution — one that appears to constitute both an unreported multimillion-dollar gift and an illegal tax write-off.

That December, records show, Fred Trump spent $15.5 million to buy a 7.5 percent stake in Trump Palace, his son’s condo tower rising on the Upper East Side of Manhattan. Four years later, tax returns and financial statements show, Fred Trump sold that stake for just $10,000. The buyer, other documents indicate, was his son.

According to tax experts, with Trump Palace condos selling briskly, selling shares worth $15.5 million to your son for a mere sliver of that would constitute a multimillion-dollar gift under I.R.S. rules. But Fred Trump’s tax returns show no such gift to Donald Trump. What they do reveal is that he used the transaction to declare an enormous tax write-off. That appears to violate federal tax law that prohibits deducting any loss from the sale or exchange of property between family members. In all, Fred Trump dodged roughly $8 million in gift taxes and $5 million in income taxes on the transaction.

  • Father and son set out to create the myth of a self-made billionaire

All told, The Times documented 295 distinct streams of revenue Fred Trump created over five decades to channel wealth to his son. But the partnership between Donald Trump and his father was about more than the pursuit, and the preservation, of riches. They were also confederates in a more ambitious project: creating the myth of Donald J. Trump, Self-Made Billionaire. If Fred Trump was the silent partner, helping finance the accouterments of wealth, it was Donald Trump who spun them into a seductive narrative.

Emblematic of this dynamic is Trump Tower, the talisman of privilege that established Donald Trump as a player in New York. Fred Trump’s money helped build it. His son recognized and exploited its iconic power as the primary stage for both “The Apprentice” and his presidential campaign.

  • Donald Trump tried to change his ailing father’s will, setting off a family reckoning

In December 1990, Donald Trump sent his father a document that left him both angered and alarmed. It was a codicil seeking to make a variety of changes to Fred Trump’s will. Among them: strengthening provisions that made Donald Trump sole executor of his estate. But amid Mr. Trump’s financial shambles — it was the month of the $3.5 million Trump’s Castle rescue — Fred Trump feared that the document potentially put his life’s work at risk, that his son might use the empire as collateral to save his own failing businesses, according to depositions given years later during a family dispute.

Fred Trump rebuffed the maneuver, refusing to sign the codicil. But the episode prompted a family reckoning: Fred Trump was aging and ailing. Without speedy intervention, he could die leaving a vast estate — not just his real estate empire, but also tens of millions of dollars in cash — vulnerable to the 55 percent inheritance tax.  So with Donald Trump playing a central role, the family formulated a plan that included unorthodox tax strategies that experts told The Times were legally dubious and, in some cases, appeared to be fraudulent.

  • The Trumps created a company that siphoned cash from the empire

The first major component was creating a company called All County Building Supply & Maintenance. On paper, All County was Fred Trump’s purchasing agent, buying everything from boilers to cleaning supplies. But All County was, in fact, a company only on paper, records and interviews show — a vehicle to siphon cash from Fred Trump’s empire by simply marking up purchases already made by his employees. Those millions in markups, effectively untaxed gifts, then flowed to All County’s owners — Donald Trump, his siblings and a cousin.

Lee-Ford Tritt, a leading expert in gift and estate tax law at the University in Florida, said the Trumps’ use of All County was highly suspicious” and could constitute criminal tax fraud. “It certainly looks like a disguised gift,” he said. All County also had an insidious downside for Fred Trump’s tenants. He used the padded invoices to justify higher rent increases in rent-regulated buildings, records show.

Mr. Harder, the president’s lawyer, disputed The Times’s reporting: “Should The Times state or imply that President Trump participated in fraud, tax evasion or any other crime, it will be exposing itself to substantial liability and damages for defamation.”

  • The Trump parents dodged hundreds of millions in gift taxes by grossly undervaluing the assets they would pass on

With the cash flowing out of Fred Trump’s empire, the Trumps began transferring ownership of the lion’s share of the empire itself to Donald Trump and his siblings. The vehicle they created to do that was a special kind of trust called a grantor-retained annuity trust, or GRAT.

The purpose of a GRAT is to pass wealth across generations without paying the 55 percent estate tax. The Trump parents did have to pay gift taxes based on one crucial number: the market value of Fred Trump’s empire. But The Times found evidence that they dodged hundreds of millions of dollars in gift taxes by submitting tax returns that grossly undervalued the assets placed in two GRATs, one for each parent.

Fred Trump’s 1995 gift tax return claimed that the 25 apartment complexes and other properties in the trusts were worth just $41.4 million. The implausibility of this claim would be made plain in 2004, when banks valued that same real estate at nearly $900 million. “They play around with valuations in extreme ways,” said Mr. Tritt, the tax law expert, who was briefed on The Times’s findings. “There are dramatic fluctuations depending on their purpose.” Mr. Harder, the president’s lawyer, said: “All estate matters were handled by licensed attorneys, licensed C.P.A.’s and licensed real estate appraisers who followed all laws and rules strictly.”

  • After Fred Trump’s death, his empire’s most valuable asset was an I.O.U. from Donald Trump

When Fred Trump died in June 1999 at the age of 93, the vast bulk of his empire was nowhere to be found in his estate — testament to the success of the tax strategies devised by the Trumps in the early 1990s. The single largest item included in his estate tax return was a $10.3 million I.O.U. from Donald Trump, money his son appears to have borrowed the year before he died. As for the remnants of empire left in Fred Trump’s estate, the tax return cited appraisals that once again grossly understated their market values.

As their father’s executors, Donald, Maryanne and Robert Trump were legally responsible for the accuracy of his estate tax return. They were obligated not only to give the I.R.S. a complete accounting of the value of his estate’s assets, but also to disclose all the taxable gifts he had made during his lifetime. If they knew anything was wrong and failed to reveal it, tax experts said, they could be in violation of tax law. Mr. Harder, the president’s lawyer, defended the tax returns filed by the Trumps. “The returns and tax positions that The Times now attacks were examined in real time by the relevant taxing authorities,” he said. “These matters have now been closed for more than a decade.”

  • Donald Trump got a windfall when the empire was sold. But he may have left money on the table.

In 2003, once again in financial trouble, Donald Trump began engineering the sale of the empire Fred Trump had hoped would never leave the family. The sale, completed in 2004, brought him his biggest payday ever from his father: His cut was $177.3 million, or $236.2 million in today’s dollars. But as it turned out, banks at the time valued the empire at hundreds of millions more than the sale price. Donald Trump, master dealmaker, had sold low.

This is major.  Trump must declassify this and if he does he will nail Hillary

(courtesy zerohedge)

Uranium One: FBI Refuses To Release Three-Dozen Secret Memos Involving Clintons, Russia And Obama

The FBI has refused to declassify 37 pages of materials related to the Uranium One deal, citing national security and the privacy issues, reports The Hill‘s John Solomon. The documents are thought to contain information regarding then-Secretary of State Hillary Clinton’s involvement, as well as the Obama administration’s knowledge of the controversial deal.

The existence of the documents became known after a recent Freedom of Information Act (FOIA) release of related material contained an entry entitled “Uranium One Transaction.” The publicly available portion includes benign material, such as public letters from members of Congress who demanded information on the Uranium One approval.

Perhaps the FBI’s unexpected “release” — and I use that word loosely, since they gave up no public information of importance — in the FOIA vault was a warning flare designed to remind America there might be evidence worth looking at.

One former U.S. official, who had access to the evidence shared with CFIUS during the Uranium One deal, said this to me: “There is definitely material that would be illuminating to the issues that have been raised. Somebody should fight to make it public.”

That somebody could be President Trump, who could add these 37 pages of now-secret documents to his declassification order he is considering in the Russia case. –The Hill

William Campbell and the FBI 

In October of 2017, John Solomon and Alison Spann broke the story of former CIA and FBI undercover agent, William D Campbell – who remained unnamed until this year. Campbell was deeply embedded in the Russian nuclear industry while Robert Mueller was the Director of the FBI – which paid him a $51,000 “thank you” award for his service.

For several years my relationship with the CIA consisted of being debriefed after foreign travel,” Campbell noted in his testimony, which was obtained by this reporter. “Gradually, the relationship evolved into the CIA tasking me to travel to specific countries to obtain specific information. In the 1990’s I developed a working relationship with Kazakhstan and Russia in their nuclear energy industries. When I told the CIA of this development, I was turned over to FBI counterintelligence agents.” –saracarter.com

While undercover, Campbell was forced by the Russians (with the FBI’s blessing) to launder large sums of money – which allowed the FBI to uncover a massive Russian “nuclear money laundering apparatus.” Campbell claims to have collected over 5,000 documents along with video evidence of money being stuffed into suitcases, Russians bragging about bribing the West, and millions of dollars routed to the Clinton foundation. 

The evidence was compiled as Secretary Clinton courted Russia for better relations, as her husband former President Clinton collected a $500,000 speech payday in Moscow, and as the Obama administration approved the sale of a U.S. mining company, Uranium One, to Rosatom. –The Hill

Campbell initially discovered that Moscow had compromised an Maryland-based uranium trucking firm, Transport Logistics International (TLI) in violation of the Foreign Corrupt Practices Act – which bribed a Russian nuclear official in exchange for a contract transport Russian-mined U.S. uranium, including “yellowcake” uranium secured in the Uranium One deal.

Yellowcake uraniumHe delivered bribes from TLI in $50,000 increments to Russian nuclear official Vadim Mikerin of Tenex. Under orders from the FBI in order to maintain his cover, Campbell fronted hundreds of thousands of dollars he says he was never reimbursed for. As a result of Campbell’s work, TLI co-president Mark Lambert was charged in an 11-count indictment in connection with the scheme, while Vadim Mikerin, who resides in Maryland, was prosecuted in 2015 and handed a four-year sentence.

Second, Campbell says that Russian nuclear officials revealed a scheme to route millions of dollars to the Clinton Global Initiative (CGI) through lobbying firm ARPCO, which was expected to funnel a portion of its annual $3 million lobbying fee to the charity.

“The contract called for four payments of $750,000 over twelve months. APCO was expected to give assistance free of charge to the Clinton Global Initiative as part of their effort to create a favorable environment to ensure the Obama administration made affirmative decisions on everything from Uranium One to the U.S.-Russia Civilian Nuclear Cooperation agreement.“ –William Campbell

Campbell told Congressional investigators that the Uranium One deal along with billions in other uranium contracts inside the United States during the Obama administration was part of a “Russian uranium dominance strategy” involving Tenex and its American arm Tenem – both subsidiaries of state-owned Russian energy company Rosatom.

“The emails and documents I intercepted during 2010 made clear that Rosatom’s purchase of Uranium One – for both its Kazakh and American assets – was part of Russia’s geopolitical strategy to gain leverage in global energy markets,” he testified.  “I obtained documentary proof that Tenex was helping Rosatom win CFIUS approval, including an October 6, 2010 email …  asking me specifically to help overcome opposition to the Uranium One deal.”

“Rosatom/Tenex threw a party to celebrate, which was widely attended by American nuclear industry officials. At the request of the FBI, I attended and recorded video footage of Tenam’s new offices,” he added.

Officials with APCO – the lobbying firm accused of funneling the money to the Clinton Global Initiative, told The Hill that its support for CGI and its work for Russia were not connected in any way, and involved different divisions of the firm.

What did Obama know?

As Solomon notes, a giant question remains that may be solved by the release of the 37-pages of classified information; what did the Obama administration know about this?

Did the FBI notify then-President Obama, Hillary Clinton and other leaders on the CFIUS board about Rosatom’s dark deeds before the Uranium One sale was approved, or did the bureau drop the ball and fail to alert policymakers?

Neither outcome is particularly comforting. Either the United States, eyes wide open, approved giving uranium assets to a corrupt Russia, or the FBI failed to give the evidence of criminality to the policymakers before such a momentous decision. –The Hill

Campbell says that his FBI handlers assured him that Obama had been briefed by then-FBI Diretor Mueller on Rosatom’s criminal activities as part of the president’s daily briefing, however “politics” was the reason that the sale was approved anyway.

Smearing Campbell

After Solomon broke the Campbell story, Democrats viciously attacked Campbell, a cancer-stricken man showered by praise by the Obama administration at a 2016 celebration dinner in Crystal City, VA. Since his undercover work in Russia, Campbell has undergone 35 intensive radiation treatments after being diagnosed with brain cancer and leukemia.

Michael IsikoffMichael Isikoffof Yahoo News wrote an article slamming Campbell – saying he would be a “disaster” as a witness because some of his claims could not be documented, an anonymous source told Isikoff (Isikoff’s Yahoo News article was used by the FBI to support the FISA spy warrant on Trump aide Carter Page, after Isikoff was fed information by Christopher Steele).

Meanwhile, in a move which can only be interpreted as an effort to protect the FBI, the Obama administration and the Clintons, AG Jeff Sessions and Deputy AG Rod Rosenstein even tried to suggest the nuclear bribery case uncovered by Campbell is not connected to the Uranium One deal.

Via John Solomon last November

Attorney General Jeff Sessions in testimony last week and Deputy Attorney General Rod Rosenstein in a letter to the Senate last month tried to suggest there was no connection between Uranium One and the nuclear bribery case. Their argument was that the criminal charges weren’t filed until 2014, while the Committee of Foreign Investment in the United States (CFIUS) approval of the Uranium One sale occurred in October 2010.” –The Hill

This rubbed several Congressional GOP the wrong way:

“Attorney General Sessions seemed to say that the bribery, racketeering and money laundering offenses involving Tenex’s Vadim Mikerin occurred after the approval of the Uranium One deal by the Obama administration. But we know that the FBI’s confidential informant was actively compiling incriminating evidence as far back as 2009,” Rep. Ron DeSantis, (R-Fla.) told The Hill, adding “It is hard to fathom how such a transaction could have been approved without the existence of the underlying corruption being disclosed”

Senate Judiciary Committee Chairman Chuck Grassley (R-IA) sent a similar rebuke to Rosenstein, saying the deputy attorney general’s first response to the committee “largely missed the point” of the congressional investigations.

Between the DOJ stonewalling Campbell and the MSM smear job he was subjected to after he went public, perhaps it’s more important than ever that those 37 pages see the light of day.

WE WILL SEE YOU ON  WEDNESDAY NIGHT.

AS A LITTLE HEADS UP, I WILL NOT BE DOING  MY USUAL LENGTHY COMMENTARIES NEXT WEEK AS I WILL TAKE A LITTLE BREAK. I WILL NOT DO INVENTORY DATA CHANGES FOR GOLD/SILVER

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

 

 

 

ALL THE BEST

 

HARVEY

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