GOLD: $1218.45 DOWN $4.35 (COMEX TO COMEX CLOSINGS)
Silver: $14.60 UP 3 CENTS (COMEX TO COMEX CLOSING)
Closing access prices:
Gold : 1217.80
silver: $14.61
FOR THE NEXT TWO WEEKS, MY COMMENTARIES WILL BE DELIVERED BUT NOT AT MY USUAL TIME. I WILL GET IT DONE BUT IT IS INCREASINGLY MORE DIFFICULT TO WRITE
SO TRY AND CLICK ON AFTER 6:30 PM
THANKS
H
For comex gold and silver:
OCT
NUMBER OF NOTICES FILED TODAY FOR OCT CONTRACT: 2 NOTICE(S) FOR 200 OZ
Total number of notices filed so far for OCT: 854 for 85400 OZ (2.6562 TONNES)
FOR OCTOBER
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
3 NOTICE(S) FILED TODAY FOR
15,000 OZ/
Total number of notices filed so far this month: 316 for 1,595,000 oz
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Bitcoin: OPENING MORNING TRADE $6205: UP $59
Bitcoin: FINAL EVENING TRADE: $6322 UP 68
end
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 ROSE BY A SMALLER THAN EXPECTED 844 CONTRACTS FROM 201,029 UP TO 201,873 DESPITE YESTERDAY’S STRONG 25 CENT RISE IN SILVER PRICING AT THE COMEX. TODAY WE MOVED CLOSER TO AUGUST’S RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS.
WE HAVE ALSO WITNESSED A LARGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY(WELL OVER 30 MILLION OZ AT THE COMEX FOR JULY , 6 MILLION OZ FOR AUGUST AND NOW JUST LESS THAN 31 MILLION OZ STANDING IN SEPTEMBER. AS WELL WE ARE WITNESSING CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S. WE WERE NOTIFIED THAT WE HAD A STRONG SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:
0 EFP’S FOR OCT. 1771 EFP’S FOR DECEMBER AND ZERO FOR ALL OTHER MONTHS AND THEREFORE TOTAL ISSUANCE: OF 1526 CONTRACTS. WITH THE TRANSFER OF 1771 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 1771 EFP CONTRACTS TRANSLATES INTO 8.855 MILLION OZ ACCOMPANYING:
1.THE 25 CENT RISE IN SILVER PRICE AT THE COMEX AND
2. THE STRONG AMOUNT OF SILVER OUNCES WHICH STOOD FOR THE JUNE/2018 COMEX DELIVERY MONTH. (5.420 MILLION OZ); 30.370 MILLION OZ STANDING FOR DELIVERY IN JULY, FOR AUGUST: 6.065 MILLION OZ AND 39.505 MILLION OZ STANDING IN SEPT. AND 1,605,000 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:
21,949 CONTRACTS (FOR 10 TRADING DAYS TOTAL 21,949 CONTRACTS) OR 109.75 MILLION OZ: (AVERAGE PER DAY: 2194 CONTRACTS OR 10.970 MILLION OZ/DAY)
TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH OF SEPT: 109.75 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 15.57% 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: 2,329.27 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 SMALLER THAN EXPECTED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 844 DESPITE THE STRONG 25 CENT GAIN IN SILVER PRICING AT THE COMEX //YESTERDAY. THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 1771 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) .
TODAY WE GAINED A GOOD SIZED: 2615 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:
i.e 1771 OPEN INTEREST CONTRACTS HEADED FOR LONDON (EFP’s) TOGETHER WITH INCREASE OF 844 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 25 CENT RISE IN PRICE OF SILVER AND A CLOSING PRICE OF $14.57 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 IN SEPTEMBER AN FINAL 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 JUST OVER 1 BILLION oz i.e. 1.0105 BILLION OZ TO BE EXACT or 144% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT AUGUST MONTH/ THEY FILED AT THE COMEX: 3 NOTICE(S) FOR 15,000 OZ OF SILVER
IN SILVER,PRIOR TO TODAY, WE SET THE NEW COMEX RECORD OF OPEN INTEREST AT 243,411 CONTRACTS ON APRIL 9.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51.
AND NOW WE RECORD FOR POSTERITY ANOTHER ALL TIME RECORD OPEN INTEREST AT THE COMEX OF 244,196 CONTRACTS ON AUGUST 22/2018 AND AGAIN WHEN THIS RECORD WAS SET, THE PRICE OF SILVER WAS $14.78 AND LOWER IN PRICE THAN PREVIOUS RECORDS.
ON THE DEMAND SIDE WE HAVE THE FOLLOWING:
- 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:1,605,000 oz
- HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018: 244,196 CONTRACTS, WITH A SILVER PRICE OF $14.78.
- HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
- RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/ AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ
AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND. TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT).
IN GOLD, THE OPEN INTEREST ROSE BY AN UNBELIEVABLE SIZED 24,477 CONTRACTS UP TO 483,084 WITH THE RISE IN THE COMEX GOLD PRICE/YESTERDAY’S TRADING (A GAIN IN PRICE OF $35.20.THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A VERY HUMONGOUS SIZED 23,348 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 0 EFP’S ISSUED AND, DECEMBER HAD AN ISSUANCE OF 23,348 CONTACTS AND ALL OTHER MONTHS ZERO. The NEW COMEX OI for the gold complex rests at 483,084. 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 OUT OF THIS WORLD OI GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 47,825 CONTRACTS: 24,477 OI CONTRACTS INCREASED AT THE COMEX AND 23,348 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN: 47,895 CONTRACTS OR 5,103,900 OZ = 148.75 TONNES. AND ALL OF THIS HUGE DEMAND OCCURRED WITH A RISE IN THE PRICE OF GOLD/ YESTERDAY TO THE TUNE OF $35.20. THE CROOKS SUPPLIED A HUGE AMOUNT OF NON BACKED PAPER GOLD AND THAT HELPED TO GET THE GOLD PRICE FROM ESCALATING TO DIZZYING HEIGHTS.
YESTERDAY, WE HAD 4446 EFP’S ISSUED.
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF SEPT : 91,110 CONTRACTS OR 9,111,000 OZ OR 283.39 TONNES (10 TRADING DAYS AND THUS AVERAGING: 9,111 EFP CONTRACTS PER TRADING DAY OR 752,900 OZ/ TRADING DAY),,
TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 10 TRADING DAYS IN TONNES: 283.39 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES
THUS EFP TRANSFERS REPRESENTS 283.39/2550 x 100% TONNES = 11.11% OF GLOBAL ANNUAL PRODUCTION SO FAR IN JULY ALONE.***
ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 5,959.21* 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 HUMONGOUS SIZED INCREASE IN OI AT THE COMEX OF 24,477 WITH THE GAIN IN PRICING ($35.20) THAT GOLD UNDERTOOK YESTERDAY) //. WE ALSO HAD AN ATMOSPHERIC SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 23,348 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 23,348 EFP CONTRACTS ISSUED, WE HAD AN OUT OF THIS WORLD OF 47,825 CONTRACTS IN TOTAL OPEN INTEREST ON THE TWO EXCHANGES:
23,348 CONTRACTS MOVE TO LONDON AND 24,477 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 148.75 TONNES). ..AND ALL OF THIS DEMAND OCCURRED WITH A GAIN OF $35.20 IN YESTERDAY’S TRADING AT THE COMEX.???
we had: 2 notice(s) filed upon for 200 oz of gold at the comex.
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With respect to our two criminal funds, the GLD and the SLV:
GLD...
WITH GOLD DOWN $4.35 TODAY: /
NO CHANGES IN INVENTORY
/GLD INVENTORY 738.99 TONNES
Inventory rests tonight: 738.99 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 3 CENTS TODAY
NO CHANGES IN SILVER INVENTORY AT THE SLV
/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 ROSE BY A LESS THAN EXPECTED 844 CONTRACTS from 201,029 UP TO 201,873 AND MOVING A LITTLE CLOSER TO THE NEW COMEX RECORD SET LAST IN AUG.2018 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:
1771 CONTRACTS FOR DECEMBER AND AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1771 CONTRACTS . EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE OI GAIN AT THE COMEX OF 844 CONTRACTS TO THE 1771 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A STRONG NET GAIN OF 2615 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 13.075 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 1.605 million OZ STANDING FOR THE NON ACTIVE MONTH OF OCTOBER.
RESULT: A SMALLER THAN EXPECTED INCREASE IN SILVER OI AT THE COMEX DESPITE THE STRONG 25 CENT PRICING GAIN THAT SILVER UNDERTOOK IN PRICING YESTERDAY.BUT WE ALSO HAD A GOOD SIZED 1771 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
) FRIDAY MORNING/ THURSDAY NIGHT:
SHANGHAI CLOSED UP 23.45 POINTS OR 0.91% //Hang Sang CLOSED UP 535.12 POINTS OR 2.12% //The Nikkei closed UP 103.80 OR 0.46%/ Australia’s all ordinaires CLOSED UP 0.22% /Chinese yuan (ONSHORE) closed DOWN at 6.9165 AS POBC RESUMES ITS HUGE DEVALUATION /DELEGATION COMING TO THE USA TO SEE TRUMP IN NOVEMBER CANCELLED/Oil UP to 71.49 dollars per barrel for WTI and 80.47 for Brent. Stocks in Europe OPENED GREEN//. ONSHORE YUAN CLOSED SLIGHTLY DOW AT 6.9165 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED SLIGHTLY UP ON THE DOLLAR AT 6.9078: HUGE DEVALUATION/PAST SEVERAL DAYS RESUMES// TRADE TALKS STOPPED : /ONSHORE YUAN TRADING WEAKER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER 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
i)China responds to Trump: it fixes the yuan sharply weaker for the 3rd day in a row..So much for that olive branch..
( zerohedge)
ii)China’s latest trade data suggests that Trump is not winning the war
4/EUROPEAN AFFAIRS
i)The ECB issues Italy an ultimatum: if you do not obey the EU budget rules, then the central bank will not save Italy. The key here is whether the rating agencies downgrades Italy’s debt to junk. If they do so, then all of the Italian sovereign debt must be sold and there will be nobody there to buy the worthless paper
( zerohedge)
ii)A good paper from GEFIRA our European experts. Here they discuss Trump’s plan to put more men into Poland next to Russia’s border. This will not only annoy Russia but will cause Germany to increase military spending to defend itself
(courtesy GEFIRA)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)TURKEY/SAUDI ARABIA
There is now evidence that the Saudi consulate was bugged with an audio devise
another continuing story
( zerohedge)
ii)Pastor Brunson released
( zerohedge)
6. GLOBAL ISSUES
7. OIL ISSUES
8 EMERGING MARKET ISSUES
9. PHYSICAL MARKETS
i)This will no doubt have an effect on our gold price if the yuan weakens past 7 per dollar
( Bloomberg news)
ii)Another great article from Alasdair Macleod
( Alasdair Macleod/GATA)
iii)Bank of America is calling for gold to climb over 1300$
( Tom Lewis/GoldTelegraph)
10. USA stories which will influence the price of gold/silver)
MARKET TRADING
a)Trading early afternoon:
(zerohedge)
b)late afternoon:
c)Peter Schiff’s 47 words of wisdom
b)The devastation that hit the Florida Panhandle:( zerohedge)
c)This will not look good for future jobs numbers as Sears may shut as many as 400 stores. They will operate under chapter 11 and hope for a reorganization…good luck to them..
( zerohedge)
iv)SWAMP STORIES
a)Senator Cotton suggests that the Kavanaugh hit job started in July and it was Schumer that was in the lead. There is no doubt a connection between Ford’s good FBI friend Monica McClean and the democrats..
this will be a continuing story.
b)Oh!! this is a good one! Both McCabe and Rosenstein wanted each to recuse themselves from the Russian probe.
(courtesy zerohedge)
c) the King report/SWAMP STORIES
Let us head over to the comex:
We are now in the non active delivery month of October and here we had a GAIN of 1 contract to stand at 5 contracts. We had 1 notices filed YESTERDAY so we gained 2 contracts or 10,000 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 16 contracts up to 471 contracts. After November, we have a December contract and here we LOST 990 contracts down to 163,119
AND NOW COMPARISON FOR OCTOBER:
Signs suggest China may tolerate yuan’s weakening past 7 per dollar
Submitted by cpowell on Thu, 2018-10-11 13:04. Section: Daily Dispatches
By Emma Dai and Tian Chen
Bloomberg News
Wednesday, October 10, 2018
There are growing signs China’s yuan may weaken past 7 per dollar, a key psychological level it hasn’t breached in a decade.
The latest came in a China Securities Journal commentary Wednesday, where former central bank adviser Yu Yongding said authorities should refrain from market intervention and that tolerance of yuan weakness is needed for exchange-rate reform. The currency has already crossed the long-defended level of 6.9 against the dollar and is near its lowest since 2008.
“Yu’s commentary is likely part of China’s efforts to shape expectation and prepare for the yuan to breach 7 per dollar, so that the market wouldn’t panic when it happens,” said Xia Le, Hong Kong-based chief Asia economist at Banco Bilbao Vizcaya Argentaria SA. …
… For the remainder of the report:
https://www.bloomberg.com/news/articles/2018-10-10/signs-suggest-china-m…
end
Another great article from Alasdair Macleod
(courtesy Alasdair Macleod/GATA)
Alasdair Macleod: The credit cycle is on the turn
Submitted by cpowell on Thu, 2018-10-11 16:30. Section: Daily Dispatches
12:30p ET Thursday, October 11, 2018
Dear Friend of GATA and Gold:
GoldMoney research director Alasdair Macleod today reports that the world credit cycle is turning emphatically toward higher interest rates, increasing the likelihood of a credit crisis and revealing gold as the superior form of money. Macleod’s analysis is headlined “The Credit Cycle Is on the Turn” and it’s posted at GoldMoney here;
https://www.goldmoney.com/research/goldmoney-insights/the-credit-cycle-i…
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
end
Bank of America is calling for gold to climb over 1300$
(courtesy Tom Lewis/GoldTelegraph)
Gold Set To Climb Over $1300? BofA Thinks So
Authored by Tom Lewis via GoldTelegraph.com,
According to the Bank of America Merrill Lynch, gold is set to take a run over the next year due to the constant cloud of uncertainty with regards to the U.S budget deficit alongside concerns over trade wars.
The head of global commodities and derivatives research, Francisco Blanch has stated that gold could average $1,350 an ounce of 2019 due to the U.S fiscal balance.
“We’re still pretty constructive longer term on gold,” because of worries over the future of the U.S. economy even though it’s performing relatively well right now, said New York-based Blanch.
“In the short run, the effects of a strong dollar, higher rates dominate. But in the long run, a huge U.S. government budget deficit is pretty positive for gold,” he said.
The tax changes are lowering the revenue base, said Blanch.
“That means the Treasury has to borrow more so that puts pressure on rates, which in the short run has not been good for gold,” he said from Hong Kong.
“However, in the long run, it basically begs the question, can this go on for much longer? Can the U.S. borrow its way out of the next downturn and at what cost?”
“Eventually the trade wars are going to come back to bite the U.S.,” said Blanch.
“It could take longer, it could take shorter, eventually it’s going to happen, but maybe the Fed acknowledges it sooner, which is what people are going to be looking for in terms of getting more bullish on gold. We know that trade wars are not good for the economy.”
One of the world’s most successful hedge fund managers Ray Dalio has also gone on record to express his concern over the budget. Mr. Dalio has predicted that the US economy is nearly 2 years away from a downturn, which will result in the dollar plunging as the government prints money to fund the growing deficit.
Goldman Sachs has also expressed their concern and has recently turned bullish on gold as they have forecasted a price target of $1,325 in 12 months.
With the US budget deficit set to swell to roughly $1 trillion by fiscal 2019, it’s worth noting that the interest owed by the government is set to exponentially increase as it set to triple over the next 10 years according to the Congressional Budget Office.
Whatever the case is, it’s only a matter of time before the short term trick of printing money doesn’t come back to haunt the United States economy.
END
_________________________________________________________________________________________________
I hope you’re feeling well!!!
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