NOV 27/GOLD DOWN $8.60 TO $1213.95/SILVER DOWN 14 CENTS ON COMEX OPTIONS EXPIRY AS THE CROOKS STILL OPERATE FREELY DESPITE THE CRIMINAL CONVICTION OF A KEY JPMORGAN TRADER/KUDLOW ANNOUNCES THAT THERE IS NO PROGRESS IN CHINESE/USA TRADE TALK/THE RUSSIANS JAIL THE TWO UKRAINIAN SAILORS/WOES AT GENERAL ELECTRIC AND GENERAL MOTORS/MORE SWAMP STORIES FOR YOU TONIGHT/

 

 

 

 

GOLD: $1213.95 DOWN  $8.60 (COMEX TO COMEX CLOSINGS)

Silver:   $14.12 DOWN  14 CENTS (COMEX TO COMEX CLOSING)

Closing access prices:

Gold :  1215.00

 

silver: $14.16

 

today was options expiry day for the comex and as such the crooks always whack in order to make underwritten contracts expire worthless.

We now have to wait until Friday when the London, LBMA options expire.

 

 

 

 

 

 

For comex gold and silver:

NOV

 

 

 

 

 

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

Total number of notices filed so far for NOV:  215  for 21500 OZ  (0.6687 TONNES)

 

 

 

 

 

FOR NOVEMBER

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

0 NOTICE(S) FILED TODAY FOR

nil  OZ/

Total number of notices filed so far this month: 1487 for 7,435,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE  $3691: down 88

 

Bitcoin: FINAL EVENING TRADE: $3872  up $93.00 

 

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 FELL BY A HUGE 8123 CONTRACTS FROM 209,427 DOWN TO  201,304  DESPITE YESTERDAY’S TINY 1 CENT FALL IN SILVER PRICING AT THE COMEX. TODAY WE ARRIVED FURTHER FROM  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:

EFP’S FOR NOV.  710 EFP’S FOR DECEMBER AND 0 FOR MARCH AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE: OF 710 CONTRACTS. WITH THE TRANSFER OF 710 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 710 EFP CONTRACTS TRANSLATES INTO 3.55 MILLION OZ  ACCOMPANYING:

1.THE 1 CENT LOSS 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.  2,520,000 OZ STANDING IN OCTOBER. AND NOW SO FAR A HUGE 7,435,000 OZ STANDING FOR NOVEMBER

 

 

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF NOV: 44,014 CONTRACTS (FOR 18 TRADING DAYS TOTAL 43,014 CONTRACTS) OR 215.070 MILLION OZ: (AVERAGE PER DAY: 2445 CONTRACTS OR 12.22 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF NOV:  215.070 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 30.71% 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:           2,631.70    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

ACCUMULATION FOR OCTOBER 2018:                                     224.875        MILLION OZ

RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 8123 DESPITE THE TINY 1 CENT LOSS IN SILVER PRICING AT THE COMEX //FRIDAY AS THE BOYS CONTINUE WITH THEIR CUSTOMARY MIGRATION OVER TO  ETFS AT THE START OF AN ACTIVE DELIVERY MONTH. THE CME NOTIFIED US THAT WE HAD A VERY FAIR SIZED EFP ISSUANCE OF 710 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) .

TODAY WE LOST A GIGANTIC SIZED: 7413 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:

i.e 710 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH DECREASE OF 8123 OI COMEX CONTRACTS. AND ALL OF THUS LACK OF DEMAND HAPPENED WITH A 1 CENT FALL IN PRICE OF SILVER  AND A CLOSING PRICE OF $14.26 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  IN SEPTEMBER A FINAL MONSTROUS 39.05 MILLION OZ OF SILVER STANDING FOR DELIVERY, WITH HUGE DELIVERIES OF OVER 2 MILLION OZ IN OCTOBER (A NON DELIVERY MONTH) AND NOW  7.435 MILLION OZ IN NOVEMBER….... 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. 1.048 BILLION OZ TO BE EXACT or 149% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT AUGUST MONTH/ THEY FILED AT THE COMEX: 0 NOTICE(S) FOR NIL OZ OF SILVER

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

AND NOW WE RECORD FOR POSTERITY ANOTHER ALL TIME RECORD OPEN INTEREST AT THE COMEX OF 244,196 CONTRACTS ON AUGUST 22/2018 AND AGAIN WHEN THIS RECORD WAS SET, THE PRICE OF SILVER WAS $14.78 AND LOWER IN PRICE THAN PREVIOUS RECORDS.

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

  1. HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY  (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ  MAY: 36.285 MILLION OZ ; JUNE/2018  (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ   )  FOR AUGUST 6.065 MILLION OZ. , SEPT:  AN INITIAL HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz AND NOW NOV AT 7.435 MILLION OZ.
  2. HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018:  244,196 CONTRACTS,  WITH A SILVER PRICE OF $14.78.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
  4. RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

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

 

IN GOLD, THE OPEN INTEREST FELL BY AN ATMOSPHERIC  SIZED 46,809 CONTRACTS DOWN TO 462,033 DESPITE THE TINY  LOSS  IN THE COMEX GOLD PRICE/(A FALL IN PRICE OF $0.655//.YESTERDAY’S TRADING) AS THESE GUYS JOINED SILVER IN THE ROUTINE MIGRATION OVER TO ETF’S AS WE APPROACH AN ACTIVE DELIVERY MONTH.

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A STRONG SIZED 9246 CONTRACTS:

 

 

NOVEMBER HAD EFP’S ISSUED AND, DECEMBER HAD AN ISSUANCE OF 9246 CONTACTS  AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 462,033. 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 ATMOSPHERIC SIZED LOSS IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 37,563 CONTRACTS:  46,809 OI CONTRACTS DECREASED AT THE COMEX AND 9246 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS: 37,563 CONTRACTS OR 3,756,300 OZ = 116.83 TONNES. AND ALL OF THIS LACK OF  DEMAND OCCURRED WITH A TINY  FALL IN THE PRICE OF GOLD/ YESTERDAY TO THE TUNE OF $0.65

 

 

 

 

YESTERDAY, WE HAD 5072 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF NOV : 130,577 CONTRACTS OR 13,057,700 OZ OR 406.14 TONNES (18 TRADING DAYS AND THUS AVERAGING: 7254 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 18 TRADING DAY IN  TONNES: 406.14 TONNES

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

THUS EFP TRANSFERS REPRESENTS 406.14/2550 x 100% TONNES =  15.92% OF GLOBAL ANNUAL PRODUCTION SO FAR IN JULY ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE:     6,622.95  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)

ACCUMULATION OF GOLD EFP FOR OCT. 2018                        543.92 TONNES  (23 TRADING DAYS)

 

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS.  ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM.  IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE

Result: AN ATMOSPHERIC SIZED DECREASE IN OI AT THE COMEX OF 46,809 DESPITE THE TINY LOSS IN PRICING ($0.65) THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 9246 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 9246 EFP CONTRACTS ISSUED, WE HAD A GIGANTIC LOSS OF 37,563 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

9246 CONTRACTS MOVE TO LONDON AND 46,809 CONTRACTS DECREASED AT THE COMEX. (in tonnes, the LOSS in total oi equates to 116.83 TONNES). ..AND ALL OF THIS LACK OF  DEMAND OCCURRED WITH A LOSS OF $0.65 IN YESTERDAY’S TRADING AT THE COMEX

 

 

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

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

GLD...

 

WITH GOLD DOWN 8.60 TODAY: / 

 

A BIG CHANGE IN GOLD INVENTORY AT THE GLD/

A WITHDRAWAL OF 1.18 TONNES OF GOLD FROM THE GLD

 

 

 

 

 

 

 

 

 

 

/GLD INVENTORY   761.74 TONNES

Inventory rests tonight: 761.74 tonnes.

TO ALL INVESTORS THINKING OF BUYING GOLD THROUGH THE GLD ROUTE: YOU ARE MAKING A TERRIBLE MISTAKE AS THE CROOKS ARE USING WHATEVER GOLD COMES IN TO ATTACK BY SELLING THAT GOLD.  IT SURE SEEMS TO ME THAT THE GOLD OBLIGATIONS AT THE GLD EXCEED THEIR INVENTORY

SLV/

WITH SILVER DOWN 14 CENTS TODAY

 

 

 

A BIG CHANGE IN SILVER INVENTORY AT THE SLV

 

A HUGE WITHDRAWAL OF 2.301 MILLION OZ FROM THE SLV.

 

 

 

 

/INVENTORY RESTS AT 322.718 MILLION OZ.

 

 

end

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

1. Today, we had the open interest in SILVER FELL BY A HUGE 8123 CONTRACTS from 209,427 DOWN TO 201,304  AND MOVING A LITTLE FURTHER FROM 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:

i) 0 EFP’s for November… and

 

710 CONTRACTS FOR DECEMBER. 0 CONTRACTS FOR MARCH AND  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 710 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  OI LOSS AT THE COMEX OF 8123 CONTRACTS TO THE 710 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A HUGE  NET LOSS  OF 7413 OPEN INTEREST CONTRACTS.  THUS IN OUNCES, THE  LOSS ON THE TWO EXCHANGES: 37.07 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… OVER 2 million  OZ STANDING FOR THE NON ACTIVE MONTH OF OCTOBER., AND NOW 7.435 MILLION OZ STANDING IN NOVEMBER.

 

 

RESULT: A HUGE DECREASE IN SILVER OI AT THE COMEX DESPITE THE 1 CENT PRICING GAIN THAT SILVER UNDERTOOK IN PRICING// YESTERDAY.BUT WE ALSO HAD ANOTHER GOOD SIZED 710 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG  SIZED AMOUNT OF SILVER OUNCES STANDING FOR SEPTEMBER, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

 

 

(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED DOWN 1.13 POINTS OR 0.04% //Hang Sang CLOSED DOWN 44.22 POINTS OR 0.17% //The Nikkei closed UP 140.40 OR 0.64%/ Australia’s all ordinaires CLOSED UP .92%  /Chinese yuan (ONSHORE) closed DOWN  at 6.9485 AS POBC RESUMES  ITS HUGE DEVALUATION  /DELEGATION COMING TO THE USA TO SEE TRUMP IN NOVEMBER /Oil UP to 51.59 dollars per barrel for WTI and 60.43 for Brent. Stocks in Europe OPENED RED//.  ONSHORE YUAN CLOSED DOWN AT 6.9485AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9439: HUGE DEVALUATION/PAST SEVERAL DAYS RESUMES// TRADE TALKS NOW ON   : /ONSHORE YUAN TRADING  WEAKER  AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW A FULL TRADE WAR COMMENCED

 

i

 

 

 

 

 

 

 

 

3A/NORTH KOREA/SOUTH KOREA

i)North Korea/South Korea/USA/

 

 

 

b) REPORT ON JAPAN

 

3 C/  CHINA

i)The algos are going nuts as the markets reacted to a stale Nov 1 phone call. I extremely doubt that there will be a deal between China and the uSA

( zerohedge)

 

ii)As promised:  Kudlow states that there is no progress with China on any trade deal. Strangely markets respond by going higher
( zerohedge)

 

4/EUROPEAN AFFAIRS

 

ITALY

The fun now begins as the EU delegates have reportedly approved a plan to levy billions of euros in fines against Italy for their 2.4% defict.

( zerohedge)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)Russia/UKRAINE/

Interesting:  captured Ukrainian sailors admit to “provoking” the Russian navy in an interrogation video

( zerohedge)

ii)Russia jails the two Ukrainian sailors involved in the Kerch Strait confrontation. This sets up a very explosive situation between the Ukraine and Russia

(courtesy zero hedge)

6. GLOBAL ISSUES

 

 

7. OIL ISSUES

Oil back to the 50 dollar handle

( zerohedge)

 

 

8 EMERGING MARKET ISSUES

 

 

 

9. PHYSICAL MARKETS

i)Chris Powell’s comments and Butler’s commentary are totally self explanatory
( Chris Powell/GATA)

ii)Hugo again writes that the USA can return to sound money if they revalue USA silver eagles from one dollar to $30.00 dollars.a great read

( Hugo Salinas Price/GATA)

iii)To our all gold coin collectors out there.  The Saudi gold discs are extremely rare. It seems that these discs were not meant for Aramco. However in 1950, the Philadelphia mint produced saudi gold coins of weight .2354 and it was these that paid for the oil

( JPKonig/GATA)

iv)A must view:  Grant Williams states that the gold standard is now needed to restore financial ecology

( Grant Williams/GATA)

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

 

 

MARKET TRADING

LATE NIGHT/EARLY MORNING TRADING:

Trouble ahead as the President states that it is highly likely that he will move ahead with the full compliment of Chinese tariffs boost  ie. a full 267 billion dollars worth of goods that the uSA does not already apply a tariff to.

( zerohedge)

ii)Market data/

a)We have been highlighting to you, house data which shows that the USA is slowing down in all related data to housing.  Today USA home price growth is the slowest since Trump was elected.

( zerohedge)

b)Another indicator that the economy is faltering: soft data consumer confidence dips and surprisingly the “hope” category is the guilty data point that disappoints.
( zerohedge)

 

 

iii)USA ECONOMIC/GENERAL STORIES

a)Surprisingly after the stocks initially fell on the report that Trump is to unleash more auto tariffs next week, the stocks advanced.

( zerohedge)

b)Trump is angry at GM after he gets a good “NAFTA” deal for the USA auto business.
( zerohedge)
c)A great commentary from Michael Snyder of the woes of both General Electric and General Motors
(courtesy Michael Snyder)

d)Dave Kranzler on the woes of General Electric:

(courtesy Dave Kranzler IRD)

e)And now the devastation at GM

( zerohedge)

iv)SWAMP STORIES

a)Trump correctly blasts the heavily conflicted Mueller

( zerohedge)

b)This is interesting:  In 2016,  Manafort meets Julian Assange.  No wonder Mueller wants information as to what he learned from Assange.
( zerohedge)

c)Story denied by Wikileaks

(courtesy zerohedge)
E)SWAMP STORIES/MAJOR STORIES//THE KING REPORT

Let us head over to the comex:

 

The total gold comex open interest FELL BY A GIGANTIC SIZED 46,809 CONTRACTS DOWN to an OI level 462,033 DESPITE THE TINY LOSS IN THE PRICE OF GOLD ($0.65 IN 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 NON ACTIVE DELIVERY MONTH OF NOV..  THE CME REPORTS THAT THE BANKERS ISSUED A  STRONG SIZED COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 9246 EFP CONTRACTS WERE ISSUED:

NOV: 0 EFP’S AND DECEMBER:  9246 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  9246 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 LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES:  37,563 TOTAL CONTRACTS IN THAT 9246 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A HUGE 46,809 COMEX CONTRACTS.

NET LOSS ON THE TWO EXCHANGES: 37,563 contracts OR 3,756,300 OZ OR 116.83 TONNES.

 

We are now in the non active contract month of November. For the November contract month, we have 4 notices standing so we LOST 0 contracts. We had 1 notice served YESTERDAY so we gained 1 contract or an additional 100 oz of gold will stand for gold at the comex and these guys refused to morphed into London based forwards as well as negate receiving a fiat bonus for the trouble.

 

 

 

 

 

The next delivery month after November is the very big December contract month and here the OI FELL by 62,213 contracts  to 146,212 contracts.  January saw a RISE TO 4018 FOR A GAIN OF 139 CONTRACTS.  February gained 11,613 contracts to stand at 230,402 contracts.

FOR COMPARISON TO THE 2017 CONTRACT MONTH:

ON NOV 27/2017 WE HAD 127,659 OPEN INTEREST CONTRACTS (WITH 3 DAYS LEFT BEFORE FIRST DAY NOTICE) COMPARED TO THIS YEAR: 146,212.( COMPARED TO 3  READING DAYS BEFORE FIRST DAY NOTICE)

IT NOW LOOKS LIKE WE ARE GOING TO HAVE A DANDY AMOUNT OF GOLD STANDING FOR DELIVERY IN DECEMBER.

ON FIRST DAY NOTICE DEC 1/2017: 37.035 TONNES STOOD FOR DELIVERY

EVENTUALLY BY DEC 31.2017:  28.592 TONNES STOOD AND THE REST MORPHED INTO LONDON BASED FORWARDS.

AS A REMINDER WE HAVE ONLY 4.000 TONNES OF REGISTERED GOLD READY TO SERVE UPON OUR DEC LONGS.

 

 

 

 

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

 

 

 

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And now for the wild silver comex results.

Total silver OI FELL BY 8123 CONTRACTS FROM 209427 DOWN TO 201,304 (AND FURTHER FROM NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018.  (THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S GOOD  OI COMEX GAIN  OCCURRED WITH A 1 CENT LOSS IN PRICING.

 

WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOVEMBER AND, WE WERE  INFORMED THAT WE HAD A GOOD SIZED 710 EFP CONTRACTS:  FOR NOVEMBER:  0 CONTRACTS AND FOR …

 

FOR DECEMBER: 710 CONTRACTS, FOR MARCH 0 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: 710.  ON A NET BASIS WE LOST 7413 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A  8123 CONTRACT LOSS AT THE COMEX COMBINING WITH THE ADDITION OF 710 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET LOSS ON THE TWO EXCHANGES:   7413 CONTRACTS...AND ALL OF THIS LACK OF  DEMAND OCCURRED WITH A 1 TINY CENT LOSS IN PRICING// YESTERDAY

 

 

 

 

We are now in the non active delivery month of NOVEMBER and here we now have 0 notices  standing for a loss of 2 contacts.  We had 2 notices served upon yesterday so we gained 0 contracts or an additional nil oz will  stand for delivery as these longs refused to  morph into London based forwards as well as not accepting a fiat bonus for their efforts.

 

 

 

 

After November, we have a December contract and here we LOST 21,728 contracts DOWN to 52,298.  January saw a GAIN of 78 contracts up to 1715 contracts.   March, the next big delivery month after December saw a gain of 11,092 contracts  up to 120,927

FOR COMPARISON TO THE COMEX 2017 CONTRACT MONTH:

ON NOV 27. 2017 WE HAD STILL  43,560 (3 days before first day notice) OPEN  INTEREST CONTRACTS LEFT TO BE SERVED UPON AND THIS COMPARES TO TODAY: 51,154 CONTRACTS (3 days before first day notice)

IT ALSO LIKES LIKE WE ARE GOING TO HAVE A DANDY AMOUNT OF SILVER STANDING FOR DELIVERY AT THE COMEX.

ON FIRST DAY NOTICE DEC 1.2017 WE HAD A RATHER LARGE: 19.47 MILLION OZ STAND FOR DELIVERY

BY THE END OF DECEMBER:  33.295 MILLION OZ AS QUEUE JUMPING WAS THE NAME OF THE GAME IN SILVER.

.

 

 

 

 

 

 

 

 

We had 0 notice(s) filed for nil OZ for the NOV, 2018 COMEX contract for silver

 

Trading Volumes on the COMEX

 

PRELIMINARY COMEX VOLUME FOR TODAY: 220,857 contracts,

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  421,452  contracts..

 

 

 

 

 

 

 

 

 

 

 

INITIAL standings for  NOV/GOLD

NOV 27-/2018.

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 197,26  oz
Manfra
Deposits to the Dealer Inventory in oz NIL oz

 

Deposits to the Customer Inventory, in oz  

 

 

nil

 

oz

 

 

 

 

 

 

 

 

 

 

No of oz served (contracts) today
0 notice(s)
 nil OZ
No of oz to be served (notices)
4 contracts
(400 oz)
Total monthly oz gold served (contracts) so far this month
215 notices
21500 OZ
0.6687 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

 

we had 0 dealer entry:

 

total gold entering dealer:  0 oz

total gold withdrawing from the dealer;  0 oz

 

we had 0 kilobar transaction/
we had 1 withdrawal out of the customer account:
i) Out of Manfra:  197.26 oz
total customer withdrawals:  197.26 oz
and this landed in Scotia;s account:
we had 0 customer deposits
total customer deposits nil oz
we had 0  adjustments..

FOR THE NOV 2018 CONTRACT MONTH)

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

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the INITIAL total number of gold ounces standing for the NOV/2018. contract month, we take the total number of notices filed so far for the month (215) x 100 oz , to which we add the difference between the open interest for the front month of NOV. (4 contracts) minus the number of notices served upon today (0 x 100 oz per contract) equals 21,800 OZ OR 0.6781 TONNES) the number of ounces standing in this non active month of NOV

 

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

No of notices served (215 x 100 oz)  + {4)OI for the front month minus the number of notices served upon today (0 x 100 oz )which equals 21900 oz standing OR 0.6811 TONNES in this NON active delivery month of NOVEMBER.

WE GAINED 1 CONTRACT OR AN ADDITIONAL 100 OZ WILL STAND AT THE COMEX AS THESE LONGS REFUSED TO MORPH INTO LONDON BASED FORWARDS AS WELL AS RECEIVE A FIAT BONUS. QUEUE JUMPING IN GOLD DID RETURN AS THE DEALERS QUEUE JUMPING OBTAINING GOLD AS THEY TRY AND PUT OUT FIRES ELSEWHERE.

 

 

 

 

 

THERE ARE ONLY 3.995 TONNES OF REGISTERED COMEX GOLD AVAILABLE FOR DELIVERY AGAINST 0.6811 TONNES STANDING FOR NOVEMBER  

 

 

 

total registered or dealer gold:  128,451.881 oz or   3.995 tonnes
total registered and eligible (customer) gold;   8,015,563.387 oz 249.317 tonnes
 I BELIEVE THAT THIS IS THE LOWEST REGISTERED GOLD READING IN THE COMEX HISTORY..AS WELL AS THE LONGEST WE HAVE SEEN THE REGISTERED COLUMN AT 5 TONNES OR LESS. WE HAVE NOW BROKEN THE 4 TONNES BARRIER TO READ; 3.995 TONNES OF DEALER (REGISTERED) GOLD.

IN THE LAST 27 MONTHS 108 NET TONNES HAS LEFT THE COMEX.

LADIES AND GENTLEMEN: THERE IS NO GOLD AT THE COMEX..AS THE CROOKS SEEMS TO BE FORCING LONGS TO TAKE DELIVERY OF LONDON FORWARDS AND NOT TAKE POSSESSION OF ANY GOLD AT THE COMEX/

end

And now for silver

AND NOW THE NOV DELIVERY MONTH

NOV INITIAL standings/SILVER

NOV 27, 2018
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
55.536.56 oz
CNT
.

 

 

Deposits to the Dealer Inventory
nil
oz
Deposits to the Customer Inventory
607,420.100oz
hsbc
No of oz served today (contracts)
0
CONTRACT(S)
nil OZ)
No of oz to be served (notices)
0 contracts
(nil oz)
Total monthly oz silver served (contracts) 1487 contracts

(7,435,000 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: 0 oz

we had 1 deposits 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 151.7 million oz of  total silver inventory or 52.09% of all official comex silver. (152.0 million/292 million)

ii)Into HSBC:  607,420.100 oz

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

total customer deposits today: 607l420.100  oz

we had 1 withdrawal out of the customer account:
i) Out of CNT: 55,536.56 oz

 

 

 

 

 

total withdrawals: 55.536/56 oz

 

we had 0 adjustments

 

 

total dealer silver:  80.551 million

total dealer + customer silver:  292.988  million oz

The total number of notices filed today for the NOV 2018. contract month is represented by 0 contract(s) FOR nil oz. To calculate the number of silver ounces that will stand for delivery in NOV., we take the total number of notices filed for the month so far at 1487 x 5,000 oz = 7,435,000 oz to which we add the difference between the open interest for the front month of NOV. (0) and the number of notices served upon today (0 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the NOV/2018 contract month: 1487(notices served so far)x 5000 oz + OI for front month of NOV( 0) -number of notices served upon today (0)x 5000 oz equals 7,435,000 oz of silver standing for the NOV contract month.  This is a gigantic number of oz standing for an off delivery month. Somebody is after a large supply of physical silver. We GAINED 0 contracts or an additional nil OZ will  stand at the comex as these longs refused to accept a London based forwards as well as negating the right to receive a fiat bonus. As we explained above somebody was in urgent need of physical silver today.

 

 

 

 

 

 

 

 

 

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ESTIMATED VOLUME FOR TODAY: 64,173 CONTRACTS  … 

 

 

 

 

CONFIRMED VOLUME FOR YESTERDAY: 132,976 CONTRACTS… 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 132976 CONTRACTS EQUATES to 664 million OZ  94.9% 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 -4.15-% (NOV 27/2018)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -1.62% to NAV (NOV 27/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -4.15%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

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

NAV 12.19/TRADING 11.70/DISCOUNT 4.15

END

And now the Gold inventory at the GLD/

NOV 27/WITH GOLD DOWN $8.60 A WITHDRAWAL OF 1.18 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 761.74 TONNES

NOV 26/WITH GOLD DOWN 65 CENTS: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 762.92 TONNES

 

NOV 23/WITH GOLD DOWN $4.25/A HUGE DEPOSIT OF 2.06 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 762.92 TONNES

NOV 21/WITH GOLD UP $6.70 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 760.86 TONNES

NOV 20/WITH GOLD DOWN $3.95: A BIG CHANGE: A GOOD SIZED DEPOSIT OF 1.18 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 760.86 TONNES

NOV 19/WITH GOLD UP $2.05: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 759.68 TONNES

NOV 16/WITH GOLD UP $8.00: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.48 TONNES/INVENTORY RESTS AT 759.68 TONNES

NOV 15/WITH GOLD UP $5.35/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 761.16 TONNES

NOV 14/WITH GOLD UP $8.15: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 761.16 TONNES

NOV 13/WITH GOLD DOWN $1.75: A HUGE DEPOSIT OF 6.77 TONNES AT THE GLD/THAT SHOULD END THE WHACKING OF GOLD FOR NOW AND A SMALL WITHDRAWAL OF 84 TONNES: INVENTORY RESTS AT 761.16 TONNES

NOV 12/WITH GOLD DOWN $4.65: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 755.23

NOV 9/WITH GOLD DOWN $16.80: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 755.23 TONNES

NOV 8/WITH GOLD DOWN $3.30: A WITHDRAWAL OF 1.47 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 755.23 TONNES

NOV 7/WITH GOLD UP $2.60″ NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 756.70 TONNES

NOV 6/WITH GOLD DOWN $5.80 A SMALL WITHDRAWAL OF .58 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 756.70 TONES

NOV 5/WITH GOLD DOWN $1.05 TODAY: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.77 TONNES OF GOLD FROM THE GLD INVENTORY/INVENTORY RESTS AT 757.29 TONNES

NOV 2/WITH GOLD DOWN $5.05: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.76 TONNES FROM THE GLD INVENTORY//INVENTORY RESTS AT 759.06 TONNES

NOV 1/: 2 TRANSACTIONS:WITH GOLD UP $23.85,A SMALL WITHDRAWAL OF .80 TONNES OF GOLD TO PAY FOR FEES, INSURANCE AND STORAGE: INVENTORY AT THE GLD RESTS AT 754.06 TONNES THEN A DEPOSIT OF 6.76 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 760.82

OCT 31: WITH GOLD DOWN $11.35: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RE3STS AT 754.94 TONNES

OCT 30/WITH GOLD DOWN $2.00: A HUGE DEPOSIT OF 5.30 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 754.94 TONNES

OCTOBER 29/WITH GOLD DOWN $7.75 TODAY/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 749.64 TONNES

OCTOBER 26/WITH GOLD UP $3.65 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 749.64 TONNES

OCT 25/WITH GOLD UP $1.15: A DEPOSIT OF 1.76 TONNES OF GOLD INTO THE GLD INVENTORY/INVENTORY RESTS AT 749.64 TONNES. FROM ITS LOW POINT AT THE BEGINNING OF OCTOBER THE GLD HAS ADDED.19.47 TONNES OF GOLD

OCT 23/WITH GOLD UP $11.85 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 747.88 TONNES

Oct 22/WITH GOLD DOWN $3.90 TODAY: A WITHDRAWAL OF 2.97 TONNES OF GOLD FROM THE GLD INVENTORY/INVENTORY RESTS AT 745.82

AND THEN: A DEPOSIT OF 2.06 TONNES SUCH THAT THE FINAL RESTING INVENTORY IS 747.88 TONNES

OCT 19/WITH GOLD DOWN $1.70 : NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 748.76 TONNES

OCT 18/WITH GOLD UP $2.80/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RSTS AT 748.76 TONNES

OCT 16/WITH GOLD UP BY ONLY $1.00/WE HAD ANOTHER 4.12 TONNES OF GOLD ADDED TO THE GLD/INVENTORY RESTS AT 748.76 TONNES

OCT 15/WITH GOLD UP $8.45/ANOTHER 5.65 TONNES OF GOLD WAS ADDED TO THE GLD INVENTORY/INVENTORY RESTS AT 744.64 TONNES

OCT 12/WITH GOLD DOWN $4.35/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 738.99 TONNES

OCT 11/WITH GOLD UP $35.20 TODAY: A HUGE PAPER GOLD INVENTORY GAIN OF 8.82 TONNES/INVENTORY RESTS AT 738.99 TONNES

OCT 10/WITH GOLD UP $2.65 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 730.17 TONNES

OCT 9/WITH GOLD UP $2.00 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 730.17

OCT 8/WITH GOLD DOWN $18.60 NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 730.17 TONNES

 

 

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NOV 27.2018/ Inventory rests tonight at 761.74 tonnes

*IN LAST 503 TRADING DAYS: 173.41 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 403 TRADING DAYS: A NET 13.41 TONNES HAVE NOW BEEN REMOVED FROM GLD INVENTORY.

 

end

 

Now the SLV Inventory/

NOV 27/WITH SILVER DOWN 14 CENTS TODAY: A HUGE WITHDRAWAL OF 2.301 MILLION OZ FROM THE SLV/INVENTORY RESTS AT 322.718 MILLION OZ/

NOV 26/WITH SILVER DOWN ONE CENT: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 325.019 MILLION OZ

NOV 23/WITH SILVER DOWN 25 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 325.019 MILLION OZ.

NOV 21/WITH SILVER UP 23 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 325.019 MILLION OZ/

NOV 20/WITH SILVER DOWN 14 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 563,000 OZ INTO THE SLV/INVENTORY RESTS AT 325.019 MILLION OZ/

NOV 19/WITH SILVER UP 3 CENTS TODAY:NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 324.456 MILLION OZ/

NOV 16/WITH SILVER UP 9 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 324.456 MILLION OZ/

NOV 15/WITH SILVER UP 21 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 324.456 MILLION OZ

NOV 14/WITH SILVER UP 10 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 324.456 MILLION OZ

NOV 13/WITH SILVER DOWN 15 CENTS; A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 328,000 OZ FROM THE SLV/INVENTORY RESTS AT 324.456 MILLION OZ/

NOV 12/WITH SILVER DOWN 10 CENTS/ A SMALL CHANGE IN SILVER INVENTORY A THE SLV: A WITHDRAWAL OF 940,000 OZ/INVENTORY RESTS AT 324.784 MILLION OZ

NOV 9/WITH SILVER DOWN 29 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 325.724 MILLION OZ/

NOV 8/WITH SILVER DOWN 15 CENTS: A SMALL WITHDRAWAL OF 281,000 OZ FROM THE SLV/INVENTORY RESTS AT 325.724 MILLION OZ.

NOV 7: WITH SILVER UP 8 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 326.005 MILLION OZ/

NOV 6/WITH SILVER DOWN 14 CENTS: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 326.005 MILLION OZ/

NOV 5/WITH SILVER DOWN 9 CENTS TODAY: ANOTHER BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.315 MILLION OZ FROM THE SLV INVENTORY/INVENTORY RESTS AT 326.005 MILLION OZ/

NOV 2/WITH SILVER DOWN 6 CENTS TODAY: A SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 143,000 OZ/INVENTORY RESTS AT 327.320 MILLION OZ/

NOV 1/WITH SILVER UP 54 CENTS TODAY: A BIG CHANGE IN SLV” A WITHDRAWAL OF 1.033 MILLION OZ FROM THE SLV. /INVENTORY RESTS AT 327.463 MILLION OZ.

OCT 31/WITH SILVER DOWN  18 CENTS: NO CHANGES IN SLV INVENTORY/INVENTORY RESTS AT 328.496 MILLION OZ/

OCT 30/WITH SILVER UP 4 CENTS TODAY: NO CHANGES IN SLV INVENTORY/INVENTORY RESTS AT 328.496 MILLION OZ

OCTOBER 29/WITH SILVER DOWN 27 CENTS NO  A HUGE CHANGE IN SILVER INVENTORY AT THE SLV” A WITHDRAWAL OF 1.879 MILLION OZ FROM THE SLV/INVENTORY RESTS AT 328.496 MILLION OZ.

OCTOBER 26/WITH SILVER UP 7 CENTS NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 330.375 MILLION OZ

OCT 25/WITH SILVER DOWN 7 CENTS: ANOTHER HUGE WITHDRAWAL OF 1.315 MILLION OZ FROM THE SLV INVENTORY/INVENTORY RESTS AT 330.375 MILLION OZ/

OCT 23/WITH SILVER UP 22 CENTS/A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.819 MILLION OZ /INVENTORY RESTS AT 331.690 MILLION OZ.

OCT 22/WITH SILVER DOWN 8 CENTS: A SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 470,000/INVENTORY RESTS AT 334.509 MILLION OZ/

OCT 19/WITH SILVER UP 6 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INV. RESTS AT 334.039 MILLION OZ

OCT 18/WITH SILVER DOWN 6 CENTS: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.127  MILLION /RESTS AT 334.039 MILLION OZ/

OCT 16/WITH SILVER DOWN 2 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 332.912 MILLION OZ/

OCT 15/WITH SILVER UP 10 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 332.912 MILLION OZ/

OCT 12/WITH SILVER UP 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 332.912 MILLION OZ/

OCT 11/WITH SILVER UP 25 CENTS TODAY; NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 332.912 MILLION OZ/

OCT 10/WITH SILVER DOWN 7 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 332.912 MILLION OZ/

OCT 9/WITH SILVER UP 9 CENTS TODAY: NO CHANGE IN SILVER INVENTORY: SLV INVENTORY RESTS AT 332.912 MILLION OZ

OCT 8/WITH SILVER DOWN 33 CENTS, A GOOD SIZE WITHDRAWAL OF 563,000 OZ/INVENTORY RESTS AT 332.912 MILLION OZ.

 

 

NOV 27/2018:

 

Inventory 322.718 MILLION OZ

LIBOR SCHEDULE AND GOFO RATES:

SMALL JUMP IN LIBOR RATES TODAY./

 

 

THE RISE IN LIBOR IS CREATING A SCARCITY OF DOLLARS BECAUSE FOREIGN EXCHANGE SWAPS (COSTS) ARE SIMPLY PROHIBITIVE

YOUR DATA…..

6 Month MM GOFO 2.54/ and libor 6 month duration 2.90

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

G0LD LENDING RATE: + .46

 

 

XXXXXXXX

12 Month MM GOFO
+ 2.78%

LIBOR FOR 12 MONTH DURATION: 3.13

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.35

end

 

 

PHYSICAL GOLD/SILVER STORIES

end
i) GOLDCORE BLOG/Mark O’Byrne

A Worldwide Debt Default Is A Real Possibility

by John Mauldin via Forbes.com

A Worldwide Debt Default Is A Real Possibility

Is debt good or bad? The answer is “Yes.”

GoldCore: Total Global Debt since 2007

Debt is future spending pulled forward in time. It lets you buy something now for which you otherwise don’t have cash yet.

Whether it’s wise or not depends on what you buy. Debt to educate yourself so you can get a better job may be a good idea. Borrowing money to finance your vacation? Probably not.

The problem is that many people, businesses, and governments borrow because they can. It’s been possible in the last decade only because central banks made it so cheap.

It was rational in that respect. But it is growing less so as the central banks start to tighten.

Earlier this year, I wrote a series of articles (synopsis and links here) predicting a debt “train wreck” and eventual liquidation. I dubbed it “The Great Reset.” I estimated we have another year or two before the crisis becomes evident.

Now I’m having second thoughts. Recent events tell me the reckoning could be closer than I thought just a few months ago.

Debt Doesn’t Fuel Growth Anymore

Central banks enable debt because they think it will generate economic growth. Sometimes it does. The problem is they create debt with little regard for how it will be used.

That’s how we get artificial booms and subsequent busts. We are told not to worry about absolute debt levels so long as the economy is growing in line with them.

That makes sense. A country with a larger GDP can carry more debt. But that is increasingly not what is happening.

Let me give you two data points.

Hoisington Investment Management’s Lacy Hunt tracks data that shows debt is losing its ability to stimulate growth. In 2017, one dollar of non-financial debt generated only 40 cents of GDP in the US. It’s even less elsewhere. This is down from more than four dollars of growth for each dollar of debt 50 years ago.

This has seriously worsened over the last decade. China’s debt productivity dropped 42.9% between 2007 and 2017. That was the worst among major economies, but others lost ground, too. All the developed world is pushing on the same string and hoping for results.

Now, if you are used to using debt to stimulate growth, and debt loses its capacity to do so, what happens next? You guessed it: The brilliant powers-that-be add even more debt.

Here’s How Much Debt We Actually Have

This is classic addiction behavior. You have to keep raising the dose to get the same high.

But centuries of history show that every prior debt run-up eventually took its toll on the economy. There is always a Day of Reckoning.

The US economy is so huge and powerful that our current $24.5 trillion government debt (including state and local) could easily grow to $40 trillion before we meet that day. We are one recession away from having a $30 trillion U.S. government debt total.

It will happen seemingly overnight. And deficits will stay well above $1 trillion per year every year after that, not unlike now.

Even though a budget deficit is under $800 billion this year, we added over $1 trillion of actual debt. That is due to “off budget” items that Congress thinks shouldn’t be part of the normal budgetary process.

It includes things like Social Security and Medicare They vary from time to time and year to year and can be anywhere from $200 billion to almost $500 billion.

And here’s the point that you need to understand. The U.S. Treasury borrows those dollars and it goes on the total debt taxpayers owe. The true deficit that adds to the debt is actually much higher than the number you see in the news.

Household and corporate debt is growing fast, too.  And not just in the U.S.

Here’s a note from Economic Cycle Research Institute’s Lakshman Achuthan:

Notably, the combined debt of the US, Eurozone, Japan, and China has increased more than ten times as much as their combined GDP [growth] over the past year.

Yes, you read that right. In the last year, the world’s largest economies are generating debt 10X faster than economic growth. Adding debt at that pace, if it continues, will boost the debt-to-GDP ratio at an alarming rate.

Lakshman continues.

Remarkably, then, the global economy—slowing in sync despite soaring debt—finds itself in a situation reminiscent of the Red Queen Effect we referenced 15 years ago, when tax cuts boosted the US budget deficit much more than GDP. As the Red Queen says to Alice in Lewis Carroll’s Through the Looking Glass, “Now, here, you see, it takes all the running you can do, to keep in the same place. If you want to get somewhere else, you must run at least twice as fast as that!”

This Won’t End Well

I am trying to imagine a scenario where this ends in something less than chaos and crisis. The best I can conceive is a decade-long (and possibly more) stagnation while the debt gets liquidated.

But realistically, that won’t happen because debtors won’t let it. And they outnumber lenders. For this reason, something like “the Great Reset” will happen first.

The rational course would be to delay the inevitable as long as possible. Yet in the U.S. we’re rushing it.

*  *  *

John’s weekly newsletter is a must-read for investors who want to find out about the trends to watch out for. Get ‘Thoughts from the Frontline’ for free here

 

 

News and Commentary

 

Gold edges lower as dollar holds steady (Reuters.com)

Asian markets cool off as investors await Trump-Xi meeting (MarketWatch.com)

Trump refuses to condemn Russian aggression against Ukraine (CNN.com)

Gold firms on doubts over Fed rate path; focus on G20 (Reuters.com)

Stock Rally Hits Speed Bump With U.S. Tariff Alarm (Bloomberg.com)

Goldman Predicts Commodities Will Soar and Gold Benefit in 2019 (Finance.Yahoo.com)

Grim Stock Signals Piling Up as Wall Street Mulls Recession Odds (Bloomberg.com)

Gold standard is needed to restore financial ecology – Williams (RealVision.com)

Silver As Savings Would Help “Make America Great Again” (Plata.com.mx)

Are these north Wales hills sitting on a gold mine? (BBC.com)

Listen on SoundCloud , Blubrry & iTunesWatch on YouTube below

Gold Prices (LBMA AM)

26 Nov: USD 1,226.65, GBP 954.58 & EUR 1,079.33 per ounce
23 Nov: USD 1,222.15, GBP 951.69 & EUR 1,075.13 per ounce
22 Nov: USD 1,228.25, GBP 950.42 & EUR 1,074.72 per ounce
21 Nov: USD 1,224.00, GBP 957.29 & EUR 1,075.04 per ounce
20 Nov: USD 1,223.10, GBP 951.45 & EUR 1,069.97 per ounce
19 Nov: USD 1,223.55, GBP 951.07 & EUR 1,070.97 per ounce

Silver Prices (LBMA)

26 Nov: USD 14.38, GBP 11.18 & EUR 12.65 per ounce
23 Nov: USD 14.26, GBP 11.12 & EUR 12.56 per ounce
22 Nov: USD 14.52, GBP 11.26 & EUR 12.72 per ounce
21 Nov: USD 14.42, GBP 11.26 & EUR 12.65 per ounce
20 Nov: USD 14.44, GBP 11.24 & EUR 12.63 per ounce
19 Nov: USD 14.36, GBP 11.21 & EUR 12.57 per ounce


Recent Market Updates

– Risk of Lower Lows in Gold Remains Prior to Spectacular Rally to Follow
– Gold and Silver Hold Firm as Stocks and Oil Lower in to US Holiday Weekend
– Is Brexit a Massive Threat to Globalisation?
– Stock Markets Remains Extremely Overvalued – Hussman
– Stocks are Now in ‘Complete Bitcoin Territory,’ Asset Manager Says
– Brexit’s Safe Haven Is a Dangerous Place
– Gold and Silver Rise As Stocks Fall On Valuation Concerns, Italy and Brexit Risks
– Pound Falls 2.5% Against Gold as UK Government in Turmoil Over Brexit
– GoldCore Capitalising On Brexit With Dublin Gold Vault
– Store Gold In The Safest Vaults In Ireland
– Investors Set To Store Gold In Dublin Due To Brexit Risks

Mark O’Byrne
Executive Director

 

 
ii) GATA stories
Chris Powell’s comments and Butler’s commentary are totally self explanatory
(courtesy Chris Powell/GATA)

JPMorgan ignored Butler’s complaints but can’t ignore Justice Department’s

 Section: 

5:28p ET Monday, November 26, 2018

Dear Friend of GATA and Gold:

Silver market analyst Ted Butler notes today that he protested hundreds of times to JPMorganChase and the U.S. Commodity Futures Trading Commission that the investment bank was rigging the silver market. Now that a former trader for the bank has confessed in federal court to doing just what Butler long complained of and has asserted that his superiors at the investment bank knew what he was doing, Butler predicts that more prosecutions by the Justice Department involving the bank are probable — along with changes in the silver market.

Butler’s commentary is headlined “Silver Scandal” and it’s posted at GoldSeek’s companion site, SilverSeek, here:

http://silverseek.com/commentary/silver-scandal-17492

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

END

Silver Scandal

Theodore Butler

|

November 26, 2018 – 2:07pm

 

A few follow up comments about the still rather remarkable announcement by the Department of Justice concerning the guilty plea by the former JPMorgan trader for spoofing in precious metals. Contained in the announcement was the statement that the guilty plea was accepted and sealed on Oct 9, nearly a month before it was unsealed on Nov 6. With a rather short sentencing date approaching on Dec 19, and the time it took to unseal the plea, it may be assumed that the trader has already fully cooperated in the hopes of reducing his jail time, said to approach 30 years with no cooperation.

 

The thought of facing serious jail time for someone that never thought such an outcome was possible for everyday practices known to supervisors and other traders at the bank had to come as a shock. For years, the trader was riding high, a master of the trading universe in a highly respected position, now suddenly facing incarceration. Companion reporting suggested that JPMorgan itself was unaware of the guilty plea, according to a person with knowledge of the matter. It was not indicated if the CFTC was closely involved. Since the former trader left JPMorgan last year, it’s not hard to imagine how his cooperation with the DOJ could remain unknown to the bank.

 

No one in the silver market is as crooked as JPMorgan and the announcement by the Department of Justice of a guilty plea by one of its former traders is the first solid connection between my allegations of the past ten years about JPMorgan and a finding of wrongdoing by a trader for the bank in COMEX silver and gold. This goes a very long way towards vindicating my narrative of the past ten years.

 

It’s been reported by Bloomberg that the Justice Department asked a judge overseeing a civil antitrust case against JPMorgan to postpone the case for six months “to protect the integrity” of its ongoing criminal probe. This indicates that the Justice Department is serious about pursing the matter of a silver price manipulation and JPMorgan’s involvement.

 

Inside the bank, this must come as a bombshell. Further indictments appear inevitable. If the media gets wind of the full story it could turn into a momentous scandal reaching to the top. A lot of people at JPMorgan must now be sweating bullets. What they have been doing for years is clearly illegal. Nobody can get by using tactics like spoofing to suppress the price of a commodity in the futures market while loading up on the physical asset itself. How could they be so myopic as to pull of this gross manipulation in silver for almost eight years without fear of consequences? They have 150 million ounces of their silver hoard in their COMEX warehouse which is more physical silver than the Hunt Brothers acquired in the 1980 silver scandal.

 

To repeat, JPM acquired that silver and much more by suppressing the price in the futures market and scooping up physical silver at prices they manipulated lower. That’s a far more serious crime than spoofing. Another major crime in silver (and gold) committed by JPM is that it has never taken a loss in more than a decade when adding to COMEX short positions. The maintenance of a perfect trading record over a decade in something as hazardous as shorting silver is as impossible as a lifetime batting average of 1,000. Only if the game were seriously rigged could such a feat occur. I could provide the DOJ with a paint-by-the-numbers illustrated playbook documenting JPM’s impossibly perfect trading record if they should request it.

 

One thing is certain, upper management at JPMorgan can’t plead ignorance of what their underlings have pulled off in silver. I have sent my accusations and proof of wrongdoing to the board of directors, the senior management and their legal counsel time and again over the past eight years. In addition, I have sent 1,000 similar emails and letters to the Commodity Futures Trading Commission and the CME group (COMEX). It seems to me that if JPM could have answered and easily explained away the allegations, they would have done so long ago.

 

The fact that JPMorgan has essentially eliminated their manipulative short position in the past week may mean they are turning over a new leaf. That has profound implications for the silver market.

 

Ted Butler

November 26, 2018

 

www.butlerresearch.com

END

Hugo again writes that the USA can return to sound money if they revalue USA silver eagles from one dollar to $30.00 dollars.

a great read

(courtesy Hugo Salinas Price/GATA)

Hugo Salinas Price: A message for Trump

 Section: 

5:47p ET Monday, November 26, 2018

Dear Friend of GATA and Gold:

President Trump could “make American great again,” Hugo Salinas Price of the Mexican Civic Association for Silver writes today, by revaluing U.S. silver eagle coins from their $1 imprinting to $30 for payment of federal taxes. This, Salinas Price writes, would make silver a powerful savings vehicle for Americans. Salinas Price long has been advocating such a system for Mexico as well. His commentary is headlined “A Message for Trump” and it’s posted at the association’s internet site here:

http://plata.com.mx/enUS/More/364?idioma=2

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

END

To our all gold coin collectors out there.  The Saudi gold discs are extremely rare. It seems that these discs were not meant for Aramco. However in 1950, the Philadelphia mint produced saudi gold coins of weight .2354 and it was these that paid for the oil

 

 

(courtesy JPKonig/GATA)

J.P. Koning: Why the U.S. Mint once issued gold discs

to Saudi Arabia

 Section: 

9:45p ET Monday, November 26, 2018

Dear Friend of GATA and Gold:

Writing at Bullion Star, market analyst and monetary historian J.P. Koning tells the fascinating story of how in the late 1940s the U.S. Mint in Philadelphia made gold coins for the Saudi Arabian government that have become collector’s items with high premiums. But contrary to widespread belief, Koning writes, the coins, dominated only by their weight and purity, had nothing to do with the Arab-American Oil Co.

Koning’s essay is headlined “Why the U.S. Mint Once Issued Gold Discs to Saudi Arabia” and it’s posted at Bullion Star here:

https://www.bullionstar.com/blogs/jp-koning/why-us-mint-once-issued-gold…

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

END

\A must view:  Grant Williams states that the gold standard is now needed to restore financial ecology

(courtesy Grant Williams/GATA)

Grant Williams: Gold standard is needed to restore

financial ecology

 Section: 

10:04p ET Monday, November 26, 2018

Dear Friend of GATA and Gold:

Grant Williams of the “Things That Make You Go Hmmm” newsletter and the Real Vision video service has posted in the clear his presentation to the Porter Stansberry Conference in Las Vegas on October 1, and it argues that the world’s return to a gold standard is not only possible but a prerequisite for restoring the world’s financial ecology.

… Dispatch continues below …

The removal of the golden anchor of the world financial system in 1971, Williams argues, really messed things up, de-industrializing and financializing the economy of the United States and giving supreme power to bankers.

There’s always plenty of gold to fix things, Williams concludes, as it’s just a matter of price.

Williams’ presentation is titled “Cry Wolf,” is 40 minutes long, and can be viewed at Real Vision here:

https://www.realvision.com/grant-william-keynote-speech

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

end

Craig Hemke is coming to the same conclusion as Chris Powell and myself on the EFP’s: they are totally garbage

(courtesy Craig Hemke/Sprott)

GATA) Craig Hemke at Sprott Money: Those ‘exchange for physicals’ at the Comex aren’t real

Submitted by cpowell on 04:39PM ET Tuesday, November 27, 2018. Section: Daily Dispatches

11:44a ET Tuesday, November 27, 2018

Dear Friend of GATA and Gold:

The TF Metal Report’s Craig Hemke, writing today at Sprott Money, does the math on the last year’s worth of the use of the “exchange for physicals” mechanism of settling gold futures contracts on the New York Commodities Exchange. Hemke calculates that nearly 2.4 million Comex gold contracts have been settled this way since last November, totaling 7,442 tonnes of gold.

This total, Hemke notes, is 260 percent of annual gold mine supply and nearly equal to all the gold claimed to be vaulted by the members of the London Bullion Market Association, the Bank of England, and the Comex itself.

How can this be?

Hemke concludes:

“There are no ‘exchanges for physical’ taking place at all — at least not in the sense of actual, unencumbered, and allocated physical metal. Instead, EFPs are just another part of the great scam known as The Fractional Reserve and Digital Derivative Pricing Scheme, where alchemized digital and unallocated gold is foisted upon the masses, who blindly accept ‘exposure to the gold price’ as a substitute for the real thing.”

There’s another question here, which GATA has put in writing to the U.S. Commodity Futures Trading Commission without yet getting a response, despite recruiting a member of Congress to prod the agency. That is, how does the commission regard EFP reporting, since it can’t possibly be accurate in any conventional sense?

Your secretary/treasurer often has wondered if the EFP data reports only the trading back and forth of a very limited amount of gold among brokers for the U.S. government and other governments, to create illusory prices, with little if any actual net transfer of metal. If such trading is conducted at the direction or with the approval of the U.S. Treasury’s Exchange Stabilization Fund and nets to zero gold actually changing hands, it presumably would be outside any regulation or formal reporting.

There might be an excellent story in this stuff for financial journalism, if any news organization dared to attempt it in regard to gold, governments, and central banks.

Gold mining companies might want to investigate it as well if they weren’t more interested in mining their shareholders than in obtaining free-market prices for their metal.

The World Gold Council might seem obliged to be interested too, but its main purpose continues to seem to be to make sure that there never is a world gold council.

As for most gold market analysts, they are too much in love with their charts and formulas to examine any evidence that for many years now there have been no markets at all, just interventions.

Hemke’s outstanding work is headlined “One Full Year of Comex EFPs” and it’s posted at Sprott Money here:

https://www.sprottmoney.com/Blog/one-full-year-of- comex-efps-craig-hemke...

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

The Exchange for Physical, whatever it may be, is just another example of the total farce of what The Gold Cartel has turned the gold/silver markets into. I called the CFTC too and they refused to explain to me what was going on. The scene is so ridiculous there is no doubt that it is only a matter of time before those two markets blow up!




iii) Other Physical stories
Due to the criminal conviction of trader Edmonds, the USA prosecution is seeking to halt the civil lawsuit. I was misinformed: all discoveries in a civil suit are public and because of that, the prosecution gives the defendants the right to plead the 5th if their testimony incriminates them
(courtesy zerohedge/Chris Powell)

US seeks halt in civil lawsuit accusing JP Morgan of manipulating metals market, citing criminal case

  • The U.S. wants a federal judge to halt a civil lawsuit accusing J. P. Morgan of manipulating precious metals markets. The Justice Department cited an ongoing criminal case as its reason for the request.
  • A former J. P. Morgan trader pleaded guilty in Connecticut last month to manipulation charges.
  • In the guilty plea, the trader said he had learned to make bogus trade orders from senior traders at the bank and that he used the strategy hundreds of times with the knowledge and consent of his immediate supervisors.

A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in New York.

Amr Alfiky | Reuters
A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in New York.

The Justice Department is asking a judge to put the brakes on a civil lawsuit against J. P. Morgan Chase, citing an ongoing probe into a “related criminal case” that involves alleged manipulation of precious metals markets.

The department wants a six-month postponement in the proceedings of the civil lawsuit, which was filed in 2015 by hedge fund manager Daniel Shak and two commodity traders. The government also says it could ask for a longer delay in the case, according to a court filing on Monday.

The move comes days after Shak’s lawyer, David Kovel, sought permission to reopen questioning of two former J. P. Morgan traders and the bank’s current global head of base and precious metals trading.

Kovel, in making the request with the Manhattan federal judge in the civil case, cited last month’s guilty plea by one of those former traders, John Edmonds, in federal court in Connecticut.

Edmonds admitted making bogus bids on precious metals contracts while working at the bank from 2009 to 2015.

Neither J. P. Morgan Chase nor Kovel’s clients have opposed the Justice Department’s request.

In arguing for a delay, the Justice Department said Shak’s lawsuit is “related” to Edmonds’ criminal case and that Edmonds has “pleaded guilty and acknowledged his own participation in such conduct, as well as that of other traders.”

“Edmonds awaits sentencing, but the broader investigation is ongoing,” the Justice Department said. The U.S. wants to delay the civil case “to protect the integrity of its ongoing criminal investigation,” it said.

J. P. Morgan did not respond to a request for comment by CNBC. Kovel declined to comment.

Tuesday night, after this story first was published, Judge Paul Engelmayer ordered the federal prosecutors to explain in detail by Monday why postponing proceedings in the civil lawsuit would not harm those involved, and why reopening questioning “would be detrimental to the Government’s ongoing criminal investigation.”

Englemayer also wrote that he regards Edmonds’ guilty plea “as potentially highly consequential” to the civil case.

In his guilty plea, the 36-year-old Edmonds said he had learned to make bogus trade orders from senior traders at the bank and that he used the strategy hundreds of times with the knowledge and consent of his immediate supervisors. He admitted to working with “unnamed co-conspirators” at J. P. Morgan, according to the Justice Department.

Kovel wants to question Edmonds again as well as Michael Nowak, the bank’s global head of base and precious metal trading, and former J. P. Morgan Chase Managing Director Robert Gottlieb. The three had previously answered questions under oath in the civil case.

Kovel said in court filings that Nowak was the immediate supervisor of Edmonds, while Gottlieb was Edmonds’ mentor.

In his prior deposition, Edmonds said that Gottlieb sat only a “couple feet” away from him for about five years, and that he was “somebody [he] looked up to in the business,” who helped guide and train him.

Nowak is described by Edmonds as his direct supervisor, with whom he would sometimes discuss trading strategies. Nowak was also the person responsible for overseeing the performance and risk of Edmonds’ portfolio, according to the deposition.

Edmonds also stated in his prior deposition that he would enter precious metals trades for both Nowak and Gottlieb, among others.

The civil lawsuit claims Shak and his fellow plaintiffs lost tens of millions of dollars as a result of actions by J. P. Morgan’s traders.

__________________________________________

 

 

 

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 DOWN TO 6.9485/HUGE DEVALUATION FOR THE PAST FOUR WEEKS RESUMES/CHINESE COMING TO USA FOR TRADE TALKS IN NOVEMBER NOW ON //OFFSHORE YUAN:  6.9439   /shanghai bourse CLOSED DOWN 1.13 POINTS OR 0.04%

. HANG SANG CLOSED DOWN 44.22 POINTS OR 0.17%

 

 

2. Nikkei closed UP 140.40 POINTS OR 0.64%

 

3. Europe stocks OPENED ALL RED

 

 

 

 

/USA dollar index FALLS TO 97.17/Euro FALLS TO 1.1317

3b Japan 10 year bond yield: FALLS TO. +.09/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 113/24/ 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:: 51.59 and Brent: 60.43

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO +.36%/Italian 10 yr bond yield UP to 3.26% /SPAIN 10 YR BOND YIELD UP TO 1.52%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 2.90: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 4.37

3k Gold at $1224.20 silver at:14.30   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 33/100 in roubles/dollar) 66.85

3m oil into the 51 dollar handle for WTI and 60 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 113.63DESTROYING 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 0.9991 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1307 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now POSITIVE territory with the 10 year RISING to +0.36%

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 3.06% early this morning. Thirty year rate at 3.31%

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

6.  TURKISH LIRA:  UP  TO 5.2323

 

US Futures, Global Markets Slide, Spooked By Trump Trade Comments

US index futures and European shares slumped on Tuesday in a volatile, illiquid session punctuated by some headline confusion, while gains in Asian equities were limited after President Donald Trump said he still intends to go ahead with raising tariffs on China imports from 10% to 25% and that it was highly unlikely he would accept China’s request to refrain from the increase, just days before meeting with his counterpart Xi Jinping.

While ES losses were modest, it is worth noting that earlier in the session, S&P futures swung sharply, gaining as much as 0.5%, then falling back into negative territory, after algos misinterpreted comments from China foreign ministry spokesman Geng Shuang. As we reported earlier, during a media briefing Geng first said that Presidents Trump and Xi agreed to reach mutually beneficial agreements, sparking a vicious rally in futures. Just moments later, however, futures erased gains when Geng later said he was referring to a phone call on Nov. 1. The result was the following:

Following these fireworks, contracts on the Dow, S&P and Nasdaq pointed to a drop at the opening, while Treasuries and the dollar held steady before the Fed’s top two officials were set to speak in the next 48 hours.

European equities gave up initial gains and posted small losses as basic resources and travel names underperformed, with the Stoxx Europe 600 Index edging modestly lower (-0.1%), led by raw materials producers, while bonds rose across Europe and the euro currency edged lower. The pound weakened as traders mulled prospects for parliamentary approval of the Brexit deal, which Trump said could jeopardize Britain’s ability to strike a trade pact with the U.S.

Earlier in the session, Asian markets were mostly positive as the region took impetus from the performance on Wall St, where all majors finished with firm gains on return from the Thanksgiving weekend and with retailers buoyed on the back of Black Friday and Cyber Monday sales. ASX 200 (+1.0%) and Nikkei 225 (+0.6%) were lifted from the open with Australia led higher by tech and financials, while a pullback in USD/JPY limited the upside for the Japanese benchmark. Elsewhere, Hang Seng (-0.2%) and Shanghai
Comp. (+0.1%) were mixed with China somewhat dampened by Trump’s hardball tactics ahead of the meeting with Chinese President Xi at this week’s G20, in which he suggested an intention to proceed with raising tariffs on China imports from 10% to 25% and also warned to place tariffs on the remaining USD 267bln of Chinese imports if they fail to reach a favourable outcome for the US. Furthermore, a slowdown of Chinese Industrial Profit growth and concerns in the Hong Kong property sector also contributed the cautiousness in Chinese markets.

In addition to today’s 8:30am ET comments from Fed vice chair Clarida, trade remains firmly in investors’ minds before leaders of the two biggest economies meet in Buenos Aires at the end of the week. Trump’s comments that it is likely the US will slap tariffs on the remaining Chinese imports and raise tariffs on existing tariffed products have weighed on optimism for U.S. stocks, which climbed on Monday amid hopes a strong start to the holiday season thanks to record online sales will keep growth on track.

Meanwhile, Fed speakers will be closely watched for any indications of a change in Fed thinking over continued rate hikes. Today Fed vice chair’s New York speech at 8:30am will be the main attraction, while Chair Powell’s speech on Wednesday will be parsed for any hints on prospects for a pause in rate increases next year after traders reduced expectations for the pace of monetary policy tightening.

Elsewhere, emerging market currencies weakened and their shares traded little changed. Bitcoin steadied near $3,700 after plunging 14 percent Monday.

In overnight political news, US Special Counsel Mueller’s office said former Trump campaign manager Manafort lied to FBI and Special Counsel in violation of plea agreement.

In commodities, Brent (+0.2%) and WTI (Unch) are nursing initial losses as focus starts turning to the G20 summit over the weekend where markets may get initial hints of what to expect at the Dec 6th OPEC meeting in Vienna. The Saudi Crown Prince, Russian President and US President are to meet, possibly on the side-lines to decide the future of the global oil market. Talk around the market notes that Prince Mohammed Bin Salman may not able to defy US President Trump’s aim for lower oil prices after the White House stood behind the prince in regard to the killing of journalist Khashoggi. Nonetheless, traders will be watching the summit closely, while in the nearer-term, today will see the release of the weekly API where forecasts see headline crude stockpiles printing a drawdown of 0.6mln barrels.

Gold is trading relatively flat as the dollar holds steady following comments from Trump that overnight that he still intends to raise Chinese import tariffs to 25%; these comments come ahead of this week’s G20 summit. Additionally, US-China trade pessimism has caused copper prices to fall for the 3rd consecutive session due to demand concerns. Iron ore futures have dropped to their lowest level in over 4 months, dropping by 5% over concerns that steel prices are to remain pressured by slower demand.

Expected data include Conference Board Consumer Confidence. Bank of Nova Scotia, Couche-Tard, and Salesforce are among companies reporting earnings.

Market Snapshot

  • S&P 500 futures down 0.2% at 2,663.0
  • STOXX Europe 600 up 0.07% to 358.59
  • MXAP up 0.4% to 151.86
  • MXAPJ up 0.3% to 486.89
  • Nikkei up 0.6% to 21,952.40
  • Topix up 0.7% to 1,644.16
  • Hang Seng Index down 0.2% to 26,331.96
  • Shanghai Composite down 0.04% to 2,574.68
  • Sensex up 0.5% to 35,524.01
  • Australia S&P/ASX 200 up 1% to 5,728.28
  • Kospi up 0.8% to 2,099.42
  • German 10Y yield fell 1.2 bps to 0.349%
  • Euro down 0.04% to $1.1323
  • Italian 10Y yield fell 13.6 bps to 2.9%
  • Spanish 10Y yield fell 2.6 bps to 1.536%
  • Brent futures up 0.6% to $60.83/bbl
  • Gold spot little changed at $1,223.10
  • U.S. Dollar Index up 0.1% to 97.15

Top Overnight News from Bloomberg

  • President Donald Trump said he’ll likely push forward with plans to increase tariffs on $200 billion of Chinese goods, indicating he would also slap duties on all remaining imports from the Asian nation if negotiations with China’s leader Xi Jinping fail to produce a trade deal
  • U.K. Prime Minister Theresa May will put her Brexit deal to Parliament for a decisive vote on Dec. 11, but after her plan was savaged from all sides, the signs are she’s on course to lose. President Trump Says Brexit deal could hurt plans for trade pact with U.S.
  • The Brexit deal negotiated by Prime Minister Theresa May will lower economic output over the coming decade compared with staying in the European Union, researchers said. The deal would lower gross domestic product per capita by between 1.9 percent and 5.5 percent versus EU membership, according to a joint paper. Leaving without a deal could lower output per head as much as 8.7 percent.
  • Italy’s populist government failed to thrash out a new deficit target for the European Union in late night talks but cracks are starting to show in its battle with the bloc over spending
  • Donald Trump plans to keep Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross amid speculation of a broader shakeup in the president’s Cabinet, according to three people familiar with his thinking
  • European Union Trade Commissioner Cecilia Malmstrom sounds an upbeat note about EU talks with the U.S. on revamping global commercial rules while saying the verdict is out on whether President Donald Trump’s administration will stay engaged
  • The Turkish lira – – on track for its best November since 2002 — is once again turning into a favorite for fast-money investors and hedge funds. Short-term carry positions have increased by an estimated $5.4 billion since the end of August, according to QNB Finansbank, an Istanbul-based lender
  • The Brevan Howard Asia Fund bucked a difficult October for macro funds, and is posting its best return in five years, according to a person with knowledge of the matter

Asian equity markets were mostly positive as the region took impetus from the performance on Wall St, where all majors finished with firm gains on return from the Thanksgiving weekend and with retailers buoyed on the back of Black Friday and Cyber Monday sales. ASX 200 (+1.0%) and Nikkei 225 (+0.6%) were lifted from the open with Australia led higher by tech and financials, while a pullback in USD/JPY limited the upside for the Japanese benchmark. Elsewhere, Hang Seng (-0.2%) and Shanghai Comp. (+0.1%) were mixed with China somewhat dampened by Trump’s hardball tactics ahead of the meeting with Chinese President Xi at this week’s G20, in which he suggested an intention to proceed with raising tariffs on China imports from 10% to 25% and also warned to place tariffs on the remaining USD 267bln of Chinese imports if they fail to reach a favourable outcome for the US. Furthermore, a slowdown of Chinese Industrial Profit growth and concerns in the Hong Kong property sector also contributed the cautiousness in Chinese markets. Finally, 10yr JGBs were uneventful as prices took a breather from its extended but gradual uptrend and with today’s 40yr auction largely ignored despite increases in the b/c and accepted prices.

Top Asian News

  • Hong Kong’s Home Market Suffering Worst Declines Since 2016
  • Day Two Rebound in Asia Stocks Closes an Eye on Trade Rhetoric
  • Genting Malaysia Says Fox World Lawsuit Won’t Impact Operations

European cash indices gave up initial gains (Eurostoxx 50 -0.1%) following a relatively flat open after pre-market gains in index futures were short-lived. Equity futures staged a pre-cash open rally after it was reported that a Chinese Foreign Ministry spokesman was quoted as stating that US President Xi and US President Trump had agreed to mutually beneficial agreements. However gains in futures markets were pared after it was later reported that this was in reference to a November 1st phone call and thus was viewed as stale by the market, particularly considering the hardball interview by Trump in the WSJ yesterday ahead of this week’s G20 summit. On an index basis, the SMI lags its peers (-0.5%) with Credit Suisse (-1.7%) lower following a broker
downgrade at Credit Suisse. In terms of sector specifics, performance is relatively mixed with slight underperformance in material names in-fitting with recent price action in the complex. To the upside, utility names modestly outperform, albeit the moves thus far across the board are relatively small in terms of magnitude. Individual movers this morning include Dialog Semiconductor (-1.4%) amid Apple-inspired losses (post-Trump threat of potential tariffs on iPhones and laptops), Apple share are down 1.7% pre-market. Elsewhere, Rexel (+1.9%) are firmer following a broker upgrade at Credit Suisse, Thomas Cook (-24.5%) shares are notably underperforming following a disappointing trading update, dragging Tui (-4.2%) lower in sympathy.

Top European News

  • StanChart Is Said to Weigh a Simpler Structure to Control Costs
  • Bain Is Said to Explore Takeover Bid for Germany’s Osram Licht
  • UBS Takes Profit on Italy Two-Year Bonds as Budget Tensions Cool
  • Thomas Cook’s Dismal Year Gets Worse With Latest Profit Warning
  • Italy Compromise Has Convinced One Fund to Add European Banks

In FX, the DXY was overall bid vs G10 counterparts with the aid of the GBP weakness due to the latest Brexit developments. Moreover, Citi’s rebalancing model points to modest USD buying vs. peers going into month end, while Nordea also notes tomorrow’s HIA which is the cut-off date if companies wish to convert foreign currency into USD along with SOMA that happens to fall on Friday as well. The index is currently hovering above 97.000 within a narrow range around the big figure.

  • GBP – The standout underperformer vs. peers amid comments from UK Remain loyalist Fallon who said it may be possible to delay the date UK leaves the EU to renegotiate a better deal, inflicting a blow to UK PM May’s so-called “best deal”. As such Cable fell to a low print of 1.2734 ahead of the mid-November base at 1.2724, having already given up the 1.2800 handle following comments from US President Trump who noted that UK may not be able to trade with the US, in an interview last night. If the mid-November low (or Raab trough) is breached, the next levels to note are 1.2696 (October low) and 1.2662 (YTD low). However, looking further ahead Credit Suisse is more optimistic on the outlook for Sterling, with their Cable forecast at 1.4000 by end-2019
  • EUR – Holding up well vs. the pound above 0.8850 but not quite challenging the 100DMA 0.8884, though the single currency is  lower vs. the buck, with the pair tripping some stops at 1.1310. Obviously, 1.1300 is nearest support and if breached more stops  are reported at 1.1290.
  • NZD,AUD – Notable, albeit marginal G10 outperformers vs. the buck, with the Kiwi staging another recovery following the weak data (trade overnight), and now looking ahead to the RBNZ semi-annual FSR tonight. NZD/USD hovering just below 0.6800 and AUD/USD near the middle of a 0.7270-15 band.

In commodities, brent (+0.2%) and WTI (Unch) are nursing initial losses as focus starts turning to the G20 summit over the weekend where markets may get initial hints of what to expect at the Dec 6th OPEC meeting in Vienna. The Saudi Crown Prince, Russian President and US President are to meet, possibly on the side-lines to decide the future of the global oil market. Talk around the market notes that Prince Mohammed Bin Salman may not able to defy US President Trump’s aim for lower oil prices after the White House stood behind the prince in regard to the killing of journalist Khashoggi. Nonetheless, traders will be watching the summit closely, while in the nearer-term, today will see the release of the weekly API where forecasts see headline crude stockpiles printing a drawdown of 0.6mln barrels. Gold is trading relatively flat as the dollar holds steady following comments from Trump that overnight that he still intends to raise Chinese import tariffs to 25%; these comments come ahead of this week’s G20 summit. Additionally, US-China trade pessimism has caused copper prices to fall for the 3rd consecutive session due to demand concerns. Iron ore futures have dropped to their lowest level in over 4 months, dropping by 5% over concerns that steel prices are to remain pressured by slower demand.

Looking at the day ahead, we’ll get various house price data points including the September FHFA house price index reading, Q3 house price purchase index reading and September S&P CoreLogic house price data. On top of that we’ll get the November consumer confidence survey which is expected to slip nearly 2pts to 135.8 in light of the recent wobbles in the equity market. That is, however, in the context of the 18-year high that the index reached last month. Away from the data, there will be plenty of focus on Fed Vice-Chair Clarida’s speech in New York today at 8.30am ET, especially around the topics of how he characterizes recent volatility in markets and the prospects for domestic and  global growth. Fellow Fed officials Bostic, Evans and George will also speak while the ECB’s Nouy, Costa and Mersch also speak at various stages. It’s worth also noting that starting today and continuing until Thursday, the three top candidates to take over from Merkel as head of the CDU will hold panel debates.

US Event Calendar

  • 9am: S&P CoreLogic CS 20-City MoM SA, est. 0.2%, prior 0.09%; CS 20- City YoY NSA, est. 5.2%, prior 5.49%
  • 8:30am: Fed Vice Chairman Clarida Speaks in New York
  • 9am: S&P CoreLogic CS 20- City NSA Index, prior 213.7; CS US HPI NSA Index, prior 205.8
  • 10am: Conf. Board Consumer Confidence, est. 135.9, prior 137.9; Present Situation, prior 172.8; Expectations, prior 114.6
  • 2:30pm: Fed’s Bostic, Evan and George Speak on Panel

DB’s Jim Reid concludes the overnight wrap

We took our three year old Maisie to the building site that is our new house over the weekend and this may have been a mistake as over the last two days she keeps on asking us why our new house is broken. She was particularly upset that a lot of windows and walls were missing and said she doesn’t want to live there as it would be too cold. Meanwhile Daddy’s bank account feels broken this morning as there was talk yesterday that one of our big suppliers might be about to call in the administrators. They have a healthy deposit of ours so it’s very annoying. It’s fair to say that costs are escalating from all angles and the EMR may need to still be running from an old people’s home in 50 years time to fund this.

From broken houses to slightly less broken markets. Given that the two Mondays prior to yesterday had seen moves of -1.66% and -1.97% for the S&P 500, yesterday reversed the trend as better news percolated through on some of the negative stories that have dominated of late. The S&P 500 closed last night +1.56% with the DOW and NASDAQ also up +1.46% and +2.06% respectively. The NYFANG index advanced +3.72%, despite Apple’s underperformance (initially down -1.18% before rebounding to close +1.35%) as the US Supreme Court signalled its willingness to hear a class action lawsuit over its app store pricing. Financials really led the way with the S&P Banks index rallying +2.30% for its best day since July. They had their European counterparts to thank for that, with the STOXX Banks index (+2.91%) seeing its best single day performance since July 2017. The broader STOXX 600 closed +1.23% and DAX +1.45%.

Italy was the main catalyst as sentiment improved on the potential for more positive negotiations with the European Commission. As we reported yesterday, the weekend saw less confrontational remarks from Salvini and Juncker. In addition, Salvini said yesterday that the government is “not getting stuck” over the decimals in the deficit target while fellow Deputy Premier Di Maio confirmed that “if, as part of the negotiation, we need to reduce the forecast deficit slightly, that’s not important to us.” Di Maio went on to say that “the issue is not the conflict with the EU on a deficit of 2.4%, what’s important is that not even a single person is kept out of the core measures.” Prior to this, we also had headlines on Bloomberg suggesting that an official for the League had said that the Government was looking at a new deficit target of 2.2% to 2.3%. Late in the evening, political leaders Conte, Salvini, and Di Maio released a joint statement after their meeting, confirming their less confrontational tone and again  deemphasising the decimal place of the deficit number.

As we go to print headline are coming through from Italian finance minister Castelli that the deficit target is “almost certain” to be 2.2%. The question on everyone’s lips is what is the compromise number that the European Commission could realistically accept? A deficit in the 2.2% area is still unlikely to satisfy the EC, however a willingness to negotiate might be seen as the Italian government being aware of the implications of its actions. The Commission could even accept a somewhat vague framework as a rationale to defer a formal decision on Italy until into 2019, potentially alleviating some of the near-term event risk for Italy-linked
assets.

Before all this news the FTSE MIB closed yesterday up +2.77% while Italian Banks (+4.83%) had their best day since June. Two- and ten-year BTPs rallied -11.2bps and -13.8bps respectively – albeit off their yield lows for the session. Speaking of Italy, the ECB’s Peter Praet said yesterday that there has been very limited spill-over from a tightening of financial conditions in Italy to the broader Euro Area, but that conditions in Italy are “unsustainable” and “so something will have to give.” Praet’s general tone outside of this was constructive. His comments suggested that QE will finish in December as widely expected, but also that the ECB will have to clarify was it meant by “reinvesting for an extended period of time.” Praet also confirmed that guidance is “a very strong expectation” but also noted that “downside risks have increased noticeably.” This was notable as the Council has previously said that risks are “balanced.” Praet’s speech raised the anticipation levels for Draghi, who spoke in the afternoon. While his speech was virtually a copy and paste from his last on November 16th, he was later quoted as saying that “world growth  momentum has slowed considerably” which is much stronger language compared to that used in the past. The December 13 ECB meeting will be key, and our economists still expect the Governing Council to announce the end of QE. Incoming data will dictate the evolution of policy, but we still expect growth and inflation to progress sufficiently to allow for an interest rate hike in September 2019.

Praet and Draghi are scheduled to speak again this week, on Wednesday and Thursday, respectively. We’ll also get several consequential communications from Federal Reserve officials, with speeches scheduled today for Vice Chair Clarida, tomorrow for Chair Powell, and Friday for NY Fed President Williams. The bottom line so far is that he doesn’t think there is sufficient evidence to ratify the market’s dovish interpretation of recent Fed communications, though that could change depending on what the Fed leadership says about the neutral rate, financial conditions, and global growth. So an important couple of speeches today and tomorrow from Clarida and Powell.

This morning in Asia markets are largely higher with the Nikkei (+0.88%), Shanghai Comp (+0.42%) and Kospi (+0.84%) all up while the Hang Seng (+0.01%) is trading flat after erasing earlier losses. Sentiment seems to have been impacted by US President  Trump’s rhetoric, after an interview with the WSJ, that he will likely push forward with plans to increase tariffs on $200 billion of Chinese goods. He also suggested that the US would likely impose tariffs on the remainder of Chinese imports ($267bn) if the trade talks on the sidelines of the G20 fail. So the pressure builds ahead of the summit. Futures on S&P 500 (-0.18%) are pointing towards a softer start.

Back to yesterday, Bund yields edged up +2.1bps yesterday with the Italy news more important than any ECB slowdown worries. That move for BTPs and Bunds means the spread between the two yesterday was -15.9bps tighter and now at the tightest level in nearly three weeks. Meanwhile Treasury yields also backed up +2.0bps and are now sitting at 3.06%. Oil had a part to play in  that with Brent and Crude bouncing +3.13% and +2.54% respectively – despite the news that Saudi Arabia had again raised its oil output – perhaps with hopes that the oversupply condition will be addressed at the G20 this week or the OPEC meeting next week. Tensions between Russia and the Ukraine over the weekend seemed to have less of an impact.

Not hurting the decent day for equities yesterday was news of a merger in the Greek Banking sector, however a sub-index of Greek banks did give up an early morning surge of as much as +11.57% to finish flat. A pretty substantial move and retracement! In the US, the auto sector advanced +3.98% for its sixth best day of the year, after General Motors announced a broad new restructuring plan. It plans to cut over 14,000 jobs and close five North American manufacturing plants next year, barring an agreement with its unions. GM’s share price rose +4.79% to a four-month high.

Elsewhere on Brexit, Donald Trump has suggested PM May’s Brexit agreement could threaten a US-UK trade deal. He told reporters the withdrawal agreement  “sounds like a great deal for the EU” and meant the UK might not be able to trade with the US. The PM’s office insisted the deal is “very clear” the UK would be able to sign trade deals with countries around the world.

To the day ahead now, where this morning in Europe we’ll get November confidence indicators in France and Italy followed by the CBI’s retailing reported sales data in the UK for November. In the US this afternoon we’ll get various house price data points including the September FHFA house price index reading, Q3 house price purchase index reading and September S&P CoreLogic house price data. On top of that we’ll get the November consumer confidence survey which is expected to slip nearly 2pts to 135.8 in light of the recent wobbles in the equity market. That is, however, in the context of the 18-year high that the index reached last month. Away from the data, there will be plenty of focus on Fed Vice-Chair Clarida’s speech in New York today at 1.30pm GMT, especially around the topics of how he characterizes recent volatility in markets and the prospects for domestic and  global growth. Fellow Fed officials Bostic, Evans and George will also speak this evening at 7.30pm GMT while the ECB’s Nouy, Costa and Mersch also speak at various stages. It’s worth also noting that starting today and continuing until Thursday, the three top candidates to take over from Merkel as head of the CDU will hold panel debates.

 

 

3. ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED DOWN 1.13 POINTS OR 0.04% //Hang Sang CLOSED DOWN 44.22 POINTS OR 0.17% //The Nikkei closed UP 140.40 OR 0.64%/ Australia’s all ordinaires CLOSED UP .92%  /Chinese yuan (ONSHORE) closed DOWN  at 6.9485 AS POBC RESUMES  ITS HUGE DEVALUATION  /DELEGATION COMING TO THE USA TO SEE TRUMP IN NOVEMBER /Oil UP to 51.59 dollars per barrel for WTI and 60.43 for Brent. Stocks in Europe OPENED RED//.  ONSHORE YUAN CLOSED DOWN AT 6.9485AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9439: HUGE DEVALUATION/PAST SEVERAL DAYS RESUMES// TRADE TALKS NOW ON   : /ONSHORE YUAN TRADING  WEAKER  AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW A FULL TRADE WAR COMMENCED

 

3 a NORTH KOREA/USA

 

North Korea/South Korea/USA/China

3 b JAPAN AFFAIRS

END

3 C CHINA

The algos are going nuts as the markets reacted to a stale Nov 1 phone call. I extremely doubt that there will be a deal between China and the uSA

(courtesy zerohedge)

US-China Headline Confusion Sparks Overnight Market Turmoil

Demonstrating how on edge the market is over any favorable (and vice versa) developments in the ongoing US-China trade war, a couple of conflicting headlines out of China shortly before 3am ET sparked turmoil across asset classes.

Just a few hours after Trump’s interview with the WSJ, in which the president signaled that he would slap tariffs on remaining Chinese imports and he’ll likely push forward with plans to increase tariffs on $200 billion of Chinese goods, and which halted a strong Monday rally, S&P futures surged gaining as much as 0.5%, then falling back into negative territory, on comments from China foreign ministry spokesman Geng Shuang.

First, Bloomberg reported that during a briefing, Geng said that President Trump and  Chinese leader Xi Jinping agreed to reach mutually beneficial agreements, sparking a rally in futures and a plunge in the dollar.

  • TRUMP, XI AGREED TO REACH MUTUALLY BENEFICIAL AGREEMENTS: GENG

However, this quickly reversed and futures erased gains when moments later Geng said he was referring to the phone call on Nov. 1 which Trump had already tweeted about and which has now been long priced in if not forgotten.

  • CHINA’S GENG REFERS TO NOV. 1 TRUMP-XI PHONE CALL

The result was the following violent move in the overnight S&P futures, which initially surged nearly 25 points in a matter of seconds, only to reverse the entire move as it emerged that the first headline was taken out of context.

 

The Bloomberg Dollar Spot Index also went on a roundabout trip between gains and losses as algos went from one extreme to another on the trade headlines.

While nothing had actually changed or been resolved, and there was no actual news following the Chinese presser, the dramatic moves show just how sensitive algos are to any changes in rhetoric and posture, and an indication of how much “coiled” upside there is in risk assets should Trump and Xi makes some soothing comments at the upcoming G-20 summit.

end
As promised:  Kudlow states that there is no progress with China on any trade deal. Strangely markets respond by going higher
(courtesy zerohedge)

Kudlow: Trade Talks With China Haven’t Yielded Any Progress

Equity traders have apparently given up on tracking the conflicting signals emanating from the White House ahead of President Trump’s long-anticipated meeting with Xi Jinping later this week, instead clinging to the best case scenario – that the talks will hopefully forge a “pathway” to an eventual deal. Few analysts expect any meaningful progress to be made in Buenos Aires.

And while the administration has insisted that it remains “open” to a deal with China, Trump stepped up the rhetoric last night when he said he plans to move ahead with a planned tariff increase in January regardless of what happens in BA – and that, if talks go badly, he wouldn’t hesitate to slap tariffs on the remaining $267 billion in Chinese goods flowing into the US economy. Reports circulated earlier claimed that Trump’s comments angered some of the most senior officials in his administration. But on Tuesday afternoon, his chief economic advisor Larry Kudlow parroted the president’s line during a talk with reporters – reaffirming that, if things don’t work out during the summit meeting, Trump will move ahead. So far, things aren’t looking good. As Kudlow pointed out, negotiations in the run up to the talks haven’t yielded any progress, and unless something changes, the administration will move ahead with the next phase of tariffs.

Kudlow

“Things have been moving very slowly between the two countries,” Kudlow said, adding that it was up to Xi to come up with new ideas to break the deadlock.

Echoing a report from the US Trade Representative published earlier this month, Kudlow said there hasn’t been much of a change in China’s approach.

“We can’t find much change in their approach,” Mr Kudlow told reporters. “President Xi may have a lot more to say in the bilateral [with Mr Trump], I hope he does by the way, I think we all hope he does…but at the moment, we don‘t see it.”

Still, Kudlow believes there’s a “good possibility” that a deal could eventually be made, assuming that China becomes willing to accede to some of the US’s demands.

Kudlow reiterated the oft-touted narrative that:

“Our economy is in good shape, China’s is not”

Which is a problem as based on Citi’s Macro Surprise indices, that is no longer true:

But regardless of what Xi does, the US will hold out, Kudlow said, because “we are in far better shape to weather this than the Chinese are” – echoing one of Trump’s most oft-repeated lines.

“If China will come to the table with some new ideas and some new cooperation…there’s a possibility that we can make a deal.

Kudlow’s comments suggest a shift in the days before the deal from a “good cop, bad cop” approach where trade hawks like Navarro and Lighthizer would present the hard line, while Kudlow and Treasury Secretary Steven Mnuchin would offer a slightly softer approach. Now, it appears the administration has united in presenting a hard line.

We’ll see if it works.

END

China’s ambassador to the uSA warns of dire consequences in no deal..he is hinting at an all out war.

(courtesy zerohedge)

China Ambassador Warns Of “Dire Consequences” If No Deal, Hints At “All Out” War

Earlier today, Trump’s chief economic advisor Larry Kudlow poured cold water on expectations for an imminent resolution of the US-China trade war when he said that negotiations in the run up to this week’s G-20 talks “haven’t yielded any progress”, and unless something changes, the “administration will move ahead with the next phase of tariffs.”

“Things have been moving very slowly between the two countries,” Kudlow said, adding that it was up to Xi to come up with new ideas to break the deadlock. And, echoing a report from the US Trade Representative published earlier this month, Kudlow said there hasn’t been much of a change in China’s approach. “We can’t find much change in their approach,” Kudlow told reporters. “President Xi may have a lot more to say in the bilateral [with Mr Trump], I hope he does by the way, I think we all hope he does…but at the moment, we don‘t see it.”

Just a few hours later, a report by Reuters confirmed that Kudlow won’t be “seeing it” for a long time, because according to China’s ambassador to the US, Cui Tiankai, China is going to this week’s G-20 summit hoping for a deal to ease a damaging trade war with the United States, even as he warned of “dire consequences” if U.S. hardliners – read the trade hawks led by Peter Navarro – try to separate the world’s two largest economies.

China’s ambassador to the United States Cui TiankaiAsked whether he thought hardliners in the White House were seeking to separate the closely linked U.S. and Chinese economies, Cui said he did not think it was possible or helpful to do so, but warned that “I don’t know if people really realize the possible consequences – the impact, the negative impact – if there is such a decoupling.

He followed up the surprisingly strong statement with an even more shocking comment, in which Tiankai went so far as to tacitly hint that the “lessons of history” suggest that if there is no deal, what comes next could be another great depression… and conventional war.

“The lessons of history are still there. In the last century, we had two world wars, And in between them, the Great Depression. I don’t think anybody should really try to have a repetition of history. These things should never happen again, so people have to act in a responsible way.”

Still, the Chinese ambassador toned it down a bit in his next commenting: when asked whether he thought the current tensions, which have seen the two sides impose hundreds of billions of dollars of tit-for-tat tariffs on each other, could degenerate into all-out conflictCui called the outcome “unimaginable” and that the two countries should do everything to prevent it.

Note: he did not rule “all-out conflict” out.

Trying to de-escalate the verbal fireworks, Cui then said that China did not want to have a trade war – implying the current state of affairs is all Trump’s fault – and sought a negotiated solution to the current impasse stemming from President Trump’s demands for far-reaching Chinese concessions to correct a massive trade imbalance.

And yet, one appears impossible as neither side is willing to compromise or be the first to concede to the demands of the adversary. In fact, as the Chinese ambassador said, Trump’s negotiating position in which Xi Jinping is expected to agree with all US terms, “cannot be accepted.”

“But the key to this solution is a balanced approach to concerns of both sides,” Cui said. “We cannot accept that one side would put forward a number of demands and the other side just has to satisfy all these things.”

What is confusing to the Chinese diplomat, is Trump’s stubborn inability to compromise. Tiankai said the two leaders had “a very good working relationship and personal friendship” formed in three previous face-to-face meetings, including two formal summits, and this had been shown by a long phone conversation in early November.

So three briefly meetings and a phone call, and this is supposed to make the best of friends…

Alas, that’s not how the US sees it, with White House insiders saying there remain substantial differences within the Trump administration over how far to push China.

As is well-known by now, this division groups on one side anti-China hardliner and trade adviser Peter Navarro, U.S. Trade Representative Robert Lighthizer and those who favor a complete reevaluation of the relationship. While on the other side are the “globalists” led by White House chief economist Larry Kudlow and Treasury Secretary Steven Mnuchin, concerned about the harm deepening friction could do to the U.S. economy and markets.

Yet even the so-called pragmatic globalists are getting cold feet: Kudlow said on Tuesday that Trump is open to a trade deal with China but is prepared to hike tariffs on Chinese imports if there is no breakthrough on longstanding trade irritants during a planned dinner on Saturday in Buenos Aires with Xi. Worse, he said that talks with China have not yielded any progress yet.

Meanwhile, the G-20 summit begins in three days, and with no deal anywhere on the horizon, soon the only chart that matters may be the following – and most important chart of all – forecasting that China will surpass the US in total military spending in just around 20 years…

4.EUROPEAN AFFAIRS

ITALY

The fun now begins as the EU delegates have reportedly approved a plan to levy billions of euros in fines against Italy for their 2.4% defict.

(courtesy zerohedge)

EU Delegates Reportedly Approve Plan To Levy Billions Of Euros In Fines Against Italy

For a brief moment on Tuesday, it looked as if the populists running Italy’s government had finally blinked in their monthslong budget standoff with the European Commission. Deputy Prime Minister Matteo Salvini, who is effectively running Italy’s government along with fellow Deputy PM Luigi Di Maio, suggested that Italy could back off its 2.4% deficit target, so long as all of the fiscal stimulus promised by their government could be preserved.

But after meeting Monday night with Prime Minister Giuseppe Conte to discuss the country’s response to the Commission’s unprecedented rejection of Italy’s budget (as well as its decision to recommend an “Excessive Deficit Procedure”) Salvini and Di Maio clarified on Tuesday that any reduction in the deficit target would be minimal – 20 or 40 basis points on the outside, keeping it well above the Commission’s recommendation for a 0.8% deficit. For Italian bondholders and those who own Italian bank shares, this is certainly unwelcome news, evidenced by a flattening yield curve on Tuesday as bonds reversed some of their gains from the day before.

Italy

And as Italy digs in its heels, its European peers have endorsed the EC’s plan to punish the Italians. According to Reuters, delegates with the European Economic and Financial Committee have endorsed a draft letter signifying their support for the EDP. While the statement could still change, the delegates are expected to formalize it during a Thursday meeting.

“Overall, the Committee is of the Opinion that…the debt criterion should be considered as not complied with,” the draft document said.

“A debt-based EDP is thus warranted,” the document concludes, referring to the EU disciplinary process known as the Excessive Deficit Procedure.

An EU official said the draft was still subject to changes, but its conclusions were not contentious.

To be sure, the delegates aren’t responsible for making the decision to embrace the EDP. That must be left to the Eurogroup, which is expected to meet on Dec. 3 to discuss the issue, and again in January (these are regularly scheduled meetings). A majority of eurozone states must vote to pursue sanctions for the proceedings to move forward. It’s unlikely that the Eurogroup would opt to move forward in December. Rather, most analysts see January or February meetings as more likely. The group has until Feb. 15 to make a decision. If the decision is delayed until February, Italy would receive something of a reprieve because the group would likely need to wait until after European elections in May to follow through with imposing the sanctions (though the four month time limit on the Eurogroup’s endorsement still stands).

Once approved, fines under the procedure could start at 0.2% of Italy’s GDP, which would measure in the billions of euros. Though it’s difficult to imagine how this will help prevent the Italians from “sleepwalking into instability”, as the EU has warned. Any fine would be unprecedented: Eurozone rules allow for budget deficits of up to 3% of GDP, which is actually more than what the Italians are planing. However, those same rules also require national debt burdens not to exceed 60% of GDP. Italy’s debt burden is a staggering 130% of GDP, the second highest in eurozone. The EU made allowances for Italy when it first joined the euro in 1998 under the condition that it would work toward reducing its debt burden. By blowing out its deficit, Italy risk violating its pledge to reduce its debt.

Italy

Commission member Pierre Moscovici confirmed on Thursday that the commission is continuing to dialogue with the Italian government, but hasn’t changed its view on the 2019 budget. Moscovici added that the budget is a danger to the country’s economy and savers.

“The risk has a name: Italian debt,” he said during a talk in Paris. “The interest for everyone is for rules to be respected. These rules are neither rigid nor stupid,” he said. He added that a rapprochement is still possible if Italy embraces “imaginative” and “positive” solutions that would allow it to respect European rules.

The populists argue that Italy has run a primary surplus almost every year since 2000, and that its debt load pre-dated its membership in the euro. ECB stimulus helped the country recover from the 2011-2012 debt crisis by lowering its interest payments, offsetting the most painful aspects of budget austerity, but now that interest rates are rising again, the populists believe they must act to save Italy’s moribund economy with policies like tax cuts, higher pension benefit and payments of up to 780 euros a month for poor Italian families.

But whatever happens, many steps remain in the process. If the EFC approves the draft statement tomorrow, the process will move to the second rung of the latter below:

Italy

END

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS

Russia/UKRAINE/

Interesting:  captured Ukrainian sailors admit to “provoking” the Russian navy in an interrogation video

(courtesy zerohedge)

 

Captured Ukrainian Sailors Admit To “Provoking”

Russian Navy, Interrogation Video Shows

After reportedly arresting some two dozen Ukrainian sailors following Sunday’s near-confrontation in the Kerch Strait between Ukraine and Russian naval ships, Russia’s FSB security service has released video of three men admitting that they provoked Russia into forcefully halting the Ukrainian ships.

Ukraine

One of the crew members, who is identified by Russian media as Andrey Drach, an agent with the Main Directorate of Military Counterintelligence of Ukraine’s Security Service, said Russia’s Coast Guard repeatedly warned the Ukrainian ships against entering Russian water.

“On the way to Mariupol through the Kerch Strait we reached the territorial waters of the Russian Federation where the Border Service of the Russian Federation warned us that that we violated the legislation of the Russian Federation. They told us repeatedly to leave the territorial waters of the Russian Federation.”

A second sailor confirmed Drach’s statement. He was identified as Sergey Tsybizov, a sailor aboard the navy ship Nikopol:

“We sailed further on ‘Nikopol’ and Russian vessels contacted us and requested us to stop and reverse.”

And in a third released by the FSB, a man identified as Vladimir Lesovoy, a captain of the third rank, said that the sailors were aware that their actions were “provocative in nature.”

Russia detained the two artillery ships and a tugboat after using weapons to force them to stop after what Moscow described as “dangerous maneuvering” in the waters near the Kerch Strait. Russia is refusing to return the ships and has arrested members of the crew as it pursues a criminal investigation.

Since then, Ukraine has declared martial law as tensions between the neighboring countries escalate to their highest level since the annexation of Crimea.

Of course, whether these statements are genuine, or the men were speaking under duress remains an open question.

Watch the video below:

Russia: Ukrainian crew admit to ‘provocation’ in statements released by FSB

end

Russia

Not good:  Russian jets are buzzing a warship near the Crimea

(courtesy zero hedge)

As Tensions Surge, UK Releases Video Of 17 “Hostile”

Russian Jets Buzzing Warship Near Crimea

In a show of “brazen hostility,” 17 Russian fighter jets ‘buzzed’ Britain’s Royal Navy warship, HMS Duncan, in the Black Sea near Crimea.

Stunning footage of the event was broadcast on a UK Channel 5 documentary following the operations of the Type 45 destroyer in the volatile region.

Defense secretary Gavin Williamson praised the actions of the crew aboard HMS Duncan in the face of Russian aggression. Williamson said:

“Over the past year, HMS Duncan and her crew have embodied the key role the UK plays in NATO.

As NATO flagship, she has faced down brazen Russian hostility in the Black Sea with jets buzzing overhead, been stalked by Russian spy ships and played a vital role protecting NATO allies during the British, American and French strikes against Syrian chemical weapons facilities.

“Through her deployment, this world-leading ship and her crew epitomised the nation we are going to be as we exit the EU – a truly global Britain which is outward-looking and engaged on the world stage.”

Royal Navy commodore Mike Utley said the incident involving HMS Duncan shows the challenges posed by Russian military activity. He said:

“HMS Duncan is probably the only maritime asset that has seen a raid of that magnitude in the last 25 years.”

“I think their tactics are naive. What they don’t know is how capable the ship is.

“When you see that much activity, I think it reinforces the nature of what people expect at the moment and why there is a challenge from Russia.”

The footage shows the jets circling the ship before returning to Russian airspace with one of the pilots sending a message to Duncan’s crew, saying: “Good luck, guys.”

The documentary shows one of Duncan’s sailors saying they felt the message could have been a warning to the ship while another said:

“They had 17 aircraft, we have 48 missiles – I think we’re going to win that one.”

And while the headlines around this “hostile” act are sure to raise already extremely high tensions between Ukraine and Russia, pointing to Russia as the “aggressor” in an effort to solidify public opinion (in NATO) against Putin,the dramatic video is from May of this year.

end

Russia jails the two Ukrainian sailors involved in the Kerch Strait confrontation. This sets up a very explosive situation between the Ukraine and Russia

(courtesy zero hedge)

 

Russia Jails Two Ukrainian Sailors Involved In Kerch

Strait Confrontation

Ignoring Ukraine’s demands that its sailors be treated as prisoners of war, Russia has decided to jail two of the Ukrainian sailors captured on Sunday when Russian Navy ships rammed and fired on three Ukrainian vessels that Moscow said were “maneuvering dangerously” near the Kerch Strait. The Russian Coast Guard captured some two dozen sailors after commandeering the ships, which included to Ukrainian artillery ships and a tugboat. Russia has refused to release the ships and the sailors despite demands from European and US officials.

According to Radio Free Europe, a Russian court in Simferopol ruled that the men should be kept in custody for two months while Russia carries out an investigation. News of the court’s decision follows the release of interrogation footagewhere three of the sailors admitted to “provoking” Russia and said they were just following orders. In Russia “pretrial detention” typically means that the men will be locked behind bars in a jail.

Ukraine

The court would also carry out custody hearings for 12 other captured sailors on Tuesday, with nine more expected on Wednesday.

Russian law allows for the term of their detention to be extended at prosecutors’ request. It’s not clear when the sailors, who have been accused of violating Russia’s border, will face trial.

Six Ukrainians were injured on Sunday when Russian ships fired on the Ukrainian vessels, while a Russian shipped rammed the tugboat. After the ships were halted, Russian special forces stormed the vessels and took them into custody.

Map

Following comments from the leader of the British army who claimed that Russia represents a greater security risk to the UK than ISIS, a British diplomat accused Russia of trying to cement its domination of Crimea, which Russia annexed in 2014, by expanding its dominance to the Sea of Azov.

Britain’s Deputy UN Ambassador Jonathan Allen said Russia “wants to consolidate its illegal annexation of Crimea and annex the Sea of Azov,” where Ukraine has several ports.

The international community will not accept this, he said, insisting that Russia “must not be allowed to rewrite history by establishing new realities on the ground.”

During a phone call with German leader Angela Merkel, Russian President Vladimir Putin expressed concerns about Ukraine’s decision to declare martial law in ten border regions, saying it could lead to “the threat of escalation” – which, ironically, is exactly what Ukrainian President Petro Poroshenko said to justify it. As Ukraine deploys reservists to the border provinces affected by the order, opposition politicians have questioned why martial law is needed now, and not during the worst of the fighting in Eastern Ukraine during the insurgency that flared in 2014 and 2015. Still, Poroshenko’s warnings of an imminent Russian invasion helped win support for the measure in the country’s parliament.

“The imposition of martial law in various regions potentially could lead to the threat of an escalation of tension in the conflict region, in the southeast” of Ukraine, Putin’s spokesman, Dmitry Peskov, later told reporters.

Russia’s decision to jail the sailors will likely inflame the diplomatic crisis that erupted following Sunday’s confrontation. Secretary of State Mike Pompeo said Putin and Poroshenko should meet to resolve the dispute amicably. But given the developments over the past day, that doesn’t look likely.

Ukraine

(Courtesy of Radio Free Europe)

Though NATO has said it will back Ukraine no matter what, the United Nations Secretary General Antonio Guterres on Tuesday urged Russia and Ukraine to exercise “maximum restraint” to avoid further escalation. As fears of a hot war run high, the deeply unpopular Poroshenko is running to keep his seat in a March election that he is widely expected to lose. Will his stand against Russia be enough to revive his sagging popularity? Or will the Ukrainian leader need to resort to more drastic measures to convince the Ukrainian people to fall in line behind their leader during a period of crisis?

6. GLOBAL ISSUES

Canada

 

7  OIL ISSUES

Oil back to the 50 dollar handle

(courtesy zerohedge)

WTI Crude Tumbles Back To $50 Handle, Credit Markets Crack

One day after Goldman muppet’d its clients with a reassuringly bullish note, WTI Crude has crashed back to a $50 handle near its lowest levels since Oct 2017 (sending HY credit risk spiking near two-year wides)

 

USD strength is not helping…

As a reminder, here is Goldman:

Goldman Sachs Group – which has been urging its client to keep buying oil all the way down from its recent highs and well into the current bear market – remains undaunted by the sell-off in raw materials and is forecasting returns of about 17 percent in the coming months, describing the current situation as unsustainable and touting this week’s G-20 meeting in Buenos Aires as a potential turning point; specifically the bank expects an OPEC supply cut and its announcement will lead to a recovery in prices. It advises going long on short-dated Brent.

“Given the size of dislocations in commodity pricing relative to fundamentals — with oil now having joined metals in pricing below cost support — we believe commodities offer an extremely attractive entry point for longs in oil, gold and base,” Goldman’s chief commodity strategist Jeffrey Currie said in a report.

The note listed its top 10 trade ideas for 2019, including a rebound in Brent as OPEC cuts supply.

And WTI’s plunge back to $50 is a big red flag for HY Credit markets…

And OilPrice.com’s Nick Cunningham notes, $50 oil puts shale to the test.

U.S. oil production has skyrocketed this year, leaving even the most optimistic forecasts in the dust. But, the recent crash in oil prices could do what the much-hyped pipeline bottlenecks could not – slow down shale production.

Between 2015 and 2017, shale drilling activity fluctuated with oil prices (though on a several-month lag), with drillers deploying rigs and adding output when prices rose, and scrapping rigs and dialing back on activity when prices dipped. Drilling and production has always fluctuated with prices, but the much shorter lead times for shale compared to conventional drilling, meant that the oil market was responding much quicker to price changes.

The ebb and flow of drilling activity gave rise to the “shale band” theory, which dictates that oil prices had an upper and lower bound, largely decided by shale output. Whenever prices tested one of those limits, U.S. shale would steer them back into the middle of the range.

More specifically, if prices rose to, say, $60 per barrel, shale activity would ramp up and new supplies would come online, dragging prices back down below that threshold. If prices fell to $40 per barrel or below, drilling dried up and the drop (or slowdown in growth) tightened the market just enough to push prices back up.

Since late 2017, when the OPEC+ production cuts really began to bite, Brent prices reliably rose above $60 per barrel and stayed there. While prices bounced around this year, they did so above the roughly $40-$60 price range that dominated the oil market over the last several years. As such, U.S. shale continued to grow rapidly and consistently. Outages elsewhere in the world, combined with OPEC+ action, kept prices from falling.

Until this past month. The crash in oil prices – down more than a third since October – could make the shale band theory relevant again. WTI is down in the low-$50s per barrel, and is starting to flirt with levels that could impact drilling operations. At $50 per barrel, “we generate enough cash to still grow our production single digits within our cash flow,” Whiting Petroleum’s CFO Michael Stevens said at an industry conference this month, according to the Wall Street Journal. “So $50 is an important floor for us.”

Moreover, while many shale drillers have cut their breakeven prices over the past few years, pressure from shareholders on capital discipline is much stronger than it used to be. In years past, shale drillers could pile on the debt, promising to eventually be profitable, and investors went along. That is no longer the case.

That means that the pressure to cut back in order to preserve profitability is potentially higher than it used to be.

On top of that, some shale regions are still suffering from discounts because of pipeline issues. So, while WTI is now in the low-$50s, some shale operators might be fetching even less. Earlier this year, Permian discounts exceeded $10 per barrel. The Bakken is expected to see its discount worsen as pipelines fill up. The flip side is that drilling techniques have advanced considerably over the last few years, boosting production rates and lowering cost. That could allow E&Ps to weather the current downturn – should it stick around – much better than last time.

As the WSJ notes, the shale industry is in the midst of putting together drilling plans for 2019. Up until now, very few industry insiders or analyst forecasts had prices falling below $60 per barrel next year. The recent plunge could force a rethink. If the industry goes in a more conservative direction, shale output might not grow as much as previously thought.

With all of that said, OPEC+ could put an end to the latest slide in prices as early as next week. Rumors of a large production cut began circulating a few weeks ago, and the lower prices go, the more likely it is that the cartel will take action. At this point, with expectations of some sort of action largely priced in, inaction would likely drag prices down much farther. As such, it seems highly unlikely that OPEC+ will do nothing.

 

8. EMERGING MARKETS

 

 

END

 

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

Euro/USA 1.1317 DOWN .0016 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 ALL RED

 

 

 

 

 

USA/JAPAN YEN 113.63  UP 0.127 (Abe’s new negative interest rate (NIRP), a total DISASTER/NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL

GBP/USA 1.2749 DOWN   0.0064  (Brexit March 29/ 2017/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED

USA/CAN 1.3247  DOWN .0004 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS TUESDAY morning in Europe, the Euro FELL by 16 basis point, trading now ABOVE the important 1.08 level RISING to 1.1317/ Last night Shanghai composite CLOSED DOWN 1.13 POINTS OR 0.04%

 

//Hang Sang CLOSED DOWN 44.22 POINTS OR 0.17% 

 

/AUSTRALIA CLOSED UP  0.92% /EUROPEAN BOURSES RED

 

 

 

 

The NIKKEI: this TUESDAY morning CLOSED  UP 140.40 POINTS OR 0.64%

 

 

 

Trading from Europe and Asia

1/EUROPE OPENED RED

 

 

 

 

 

 

 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 44.22 POINTS OR 0.17% 

 

 

/SHANGHAI CLOSED DOWN 1.13  POINTS OR 0.04%

 

 

 

Australia BOURSE CLOSED UP  92%

Nikkei (Japan) CLOSED UP 140.40 POINTS OR 0.64%

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1223.50

silver:$14.28

Early TUESDAY morning USA 10 year bond yield: 3.06% !!! DOWN 1 IN POINTS from MONDAY’S night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%. (POLICY FED ERROR)/

The 30 yr bond yield 3.31 DOWN 1  IN BASIS POINTS from MONDAY night. (POLICY FED ERROR)/

USA dollar index early TUESDAY morning: 97.17 UP 9  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: 1.89% DOWN 0    in basis point(s) yield from MONDAY/

JAPANESE BOND YIELD: +.09%  DOWN 0  BASIS POINTS from MONDAY/JAPAN losing control of its yield curve/EXTREMELY VOLATILE YESTERDAY…

 

SPANISH 10 YR BOND YIELD: 1.55% DOWN 1  IN basis point yield from MONDAY

ITALIAN 10 YR BOND YIELD: 3.29 UP 2   POINTS in basis point yield from MONDAY/

 

 

the Italian 10 yr bond yield is trading 174 points HIGHER than Spain.

GERMAN 10 YR BOND YIELD: FALLS UP TO +.35%   IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 2.94% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A MASSIVE BANK RUN…

 

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 1.1281 DOWN .0052 or 52 basis points

 

 

USA/Japan: 113.83 UP, .328 OR 33 basis points/

Great Britain/USA 1.2727 DOWN .0086( POUND DOWN 86 BASIS POINTS)

Canadian dollar DOWN 55 basis points to 1.3309

 

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This afternoon, the Euro was FELL BY 52 BASIS POINTS  to trade at 1.1281

The Yen FELL to 113.83 for a LOSS of 33 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 86 basis points, trading at 1.2727/

The Canadian dollar LOST 55  basis points to 1.3309

 

 

The USA/Yuan,CNY closed UP AT 6.9515-  ON SHORE  (YUAN UP)

THE USA/YUAN OFFSHORE:  6.95680(  YUAN UP)

TURKISH LIRA:  5.2811

the 10 yr Japanese bond yield closed at +.09%

 

 

 

Your closing 10 yr USA bond yield DOWN 1 IN basis points from MONDAY at 3.06 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 3.32 UP 0 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, 97.26 UP 8 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: 4:00 PM 

London: CLOSED DOWN 19.15 POINTS OR 0.27%

German Dax : CLOSED DOWN 45.61 POINTS  OR 0.40%
Paris Cac CLOSED DOWN 11.83 POINTS OR 0.24%
Spain IBEX CLOSED DOWN 5,60 POINTS OR 0.06%

Italian MIB: CLOSED DOWN: 83.07 POINTS OR 0.43%/

 

 

WTI Oil price; 51.79 1:00 pm;

Brent Oil: 60,39 1:00 EST

USA /RUSSIAN /   ROUBLE CROSS:    67.26  THE CROSS HIGHER BY .08 ROUBLES/DOLLAR (ROUBLE LOWER by 08 BASIS PTS)

USA DOLLAR VS TURKISH LIRA:  5.2811 PER ONE USA DOLLAR.

TODAY THE GERMAN YIELD RISES +.35 FOR THE 10 YR BOND 1.00 PM EST EST

END

 

This ends the stock indices, oil price, currency crosses and interest rate closes for today 4:30 PM

Closing Price for Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OIL PRICE 4:30 PM:52.14

 

BRENT:60.50

USA 10 YR BOND YIELD: 3.06%..

 

 

USA 30 YR BOND YIELD: 3.32%/.

 

 

 

EURO/USA DOLLAR CROSS: 1.12939 ( down 39 BASIS POINTS)

USA/JAPANESE YEN:113.79 UP .285 (YEN DOWN 29 BASIS POINTS/ .

 

USA DOLLAR INDEX: 97.36 up 29 cent(s)/

The British pound at 5 pm: Great Britain Pound/USA: 1.2731 DOWN 82 POINTS FROM YESTERDAY

the Turkish lira close: 5.2603

the Russian rouble:  67.06 UP 11 Roubles against the uSA dollar.( UP 11 BASIS POINTS)

 

Canadian dollar: 1.3297 DOWN 43 BASIS pts

USA/CHINESE YUAN (CNY) : 6.9515  (ONSHORE)

USA/CHINESE YUAN(CNH):  6.9531 (OFFSHORE)

German 10 yr bond yield at 5 pm: ,0.35%

 

The Dow closed  UP 108.49 POINTS OR 0.44%

NASDAQ closed UP 0.85  points or 0.01% 4.00 PM EST


VOLATILITY INDEX:  19.00 CLOSED UP  0.12

LIBOR 3 MONTH DURATION: 2.707%  .LIBOR  RATES ARE RISING/GIGANTIC JUMP today

 

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

TRADING IN GRAPH FORM FOR THE DAY/WEEKLY SUMMARY/FOLLOWED BY TODAY

 

Dow Surges Despite Crude, Credit, Crypto, & Kudlow Chaos

The day started with hopeful headlines about Trump and Xi having a cozy dinner and ended with China’s US ambassador warning of “all-out conflict”…

Chinese markets see-sawed once again around unchanged on the week…

 

Early gains in European stocks faded as EU-Italy tensions rose once again…

 

Of note overnight was the chaotic spike (and dump) in stock futures on a headline that is a month old…

 

A roller-coaster day in US equities, but Small Caps were clubbed like a baby seal compared to the rest of the market…(Nasdaq was ramped into the green in the last 30 mins)

 

Futures show the overnight swings best…(again broadly speaking buying panic started as US opened)

 

GM shares tumbles as Trump threatened to remove all subsidies and erased all of yesterday’s gains…

 

FANG Stocks gave up their gains amid trade tensions…

 

Credit markets are suffering despite the ongoing drop in VIX… (now where have we seen this before)

 

With LevLoans collapsing…

 

And HY Energy bond risk soaring…

 

Treasury yields ended the day practically unchanged despite some notable intraday gap moves…

 

Notably, a brief rise in Eurodollar curves after Clarida’s hawkish comments was lost as trade concerns re-emerged…Notably there was lots of other Fed speak today and none of it hinted at any dovish tilt to the hawkish Powell rate-hike treajectory…

 

Inflation breakevens tumbled into the red for 2018, catching down to the collapse in crude…

David Rosenberg@EconguyRosie

The Conference Board survey today showed the spread between bond bears and bond bulls (70 percentage points) has hit extreme levels. This a great contrary data-point in favor of lower yields.

30 people are talking about this

The Dollar surged once again back up near 2018 highs…

 

As the USD rallied, offshore Yuan weakened notably against it…well below the Yuan fix

 

Cryptos were relatively stable for the second day in a row…

 

Dollar strength sent PMs lower and China tensions did not help copper or crude (until oil was panic bid)…

 

WTI Crude slumped back to a $50 handle…before being panic bid back above it

 

Gold broke back below its 50- and 100-DMA…

 

Finally, we note that much has been made recently of how great the US economy is and how weak China is… For instance:

Kudlow: “Our economy is in good shape, China’s is not”

As of this week, that is not true…

Either way – they are all going down the same path unless someone starts printing money again soon…

 

end

market trading

LATE NIGHT/EARLY MORNING TRADING:  9 pm est

Trouble ahead as the President states that it is highly likely that he will move ahead with the full compliment of Chinese tariffs boost  ie. a full 267 billion dollars worth of goods that the uSA does not already apply a tariff to.

(courtesy zerohedge)

Futures, Yuan, Apple Tumble After Trump Says “Highly

Likely” Will Move Ahead With China Tariff Boost

So much for any hopes that Trump will push for a trade deal with China at any cost when he meets with the Chinese president later this week.

Minutes after the market closed, the WSJ reported that with just four days to go before his summit with China’s President Xi, Donald Trump said he expects to move ahead with boosting tariff levels on $200 billion of Chinese goods to 25%, calling it “highly unlikely” that he would accept Beijing’s request to hold off on the increase.

In an interview with the WSJ, Trump said that if negotiations don’t work out, he would also put tariffs on the rest of Chinese imports that are currently not subject to duties.

“If we don’t make a deal, then I’m going to put the $267 billion additional on,” at a tariff rate of either 10% or 25%, Trump told the WSJ.

While Chinese officials have said their priority at the meeting between Trump and Xi was to convince the U.S. to suspend the planned Jan. 1 increase in tariffs on $200 billion in imports from China to 25%, from 10% currently, Trump said that the U.S. was unlikely to accede.

And confirming that the US has no intention of easing its hard line stance, no matter what Larry Kudlow says, Trump made it clear that “the only deal would be China has to open up their country to competition from the United States. As far as other countries are concerned, that’s up to them.”

Adding insult to injury, Trump said that tariffs could also be placed on iPhones and laptops imported from China, a move which would certainly provoke an angry response from China and could result in a collapse in iPhone sales on the mainland. The administration has been worried about a consumer reaction should such items be subject to levies.

“Maybe.  Maybe.  Depends on what the rate is,” the president said, referring to mobile phones and laptops. “I mean, I can make it 10%, and people could stand that very easily.”

The WSJ notes that the mounting tariffs on Chinese imports have prompted many U.S. companies that export to the U.S. from China to examine whether they should put facilities elsewhere.

“What I’d advise is for them to build factories in the United States and to make the product here,” he said. “And they have a lot of other alternatives” Trump said, just hours after GM announced its intentions to shutter numerous US plants and fire thousands of workers, prompting an angry response from the president.

As a reminder, the key reason the Trump administration made a priority of renegotiating the NAFTA was to encourage U.S. companies to shift their production from China to North America, if not the U.S.

So are Trump’s latest belligerent comments just more jawboning or is the president being serious? Judging by the futures response, which have legged sharply lower following the interview…

… coupled with the sharp drop in the Chinese Yuan…

… and Apple stock…

… the market has is not waiting around to find out.

 

 

 

market data/

We have been highlighting to you, house data which shows that the USA is slowing down in all related data to housing.  Today USA home price growth is the slowest since Trump was elected.

(courtesy zerohedge)

US Home Price Growth Slowest Since Trump Elected

The rapid slowdown in US home price appreciation is accelerating with Case-Shiller reporting a 5.15% YoY gain in September – the weakest since Nov 2016.

Missing expectations for the 3rd month in a row (5.15% vs 5.20%) and slowing for the 6th month in a row, the US housing market is suffering…

Perhaps of most note, the index of home prices actually declined MoM – the biggest drop since Jan 2016…

 

All 20 cities in the index showed year-over-year gains:

Led by a 13.5 percent increase in Las Vegas and 9.9 percent in San Francisco.

Prices in Seattle fell 0.3 percent from the prior month; annual gains have slowed to 8.4 percent from double digits earlier this year. San Diego was the only other city to record a monthly drop, at 0.1 percent.

New York, hit by new federal limits on mortgage and property-tax deductions, had the weakest annual price gain at 2.6 percent, while Washington was second-lowest at 2.9 percent.

Even more notable is the collapse in condo sales in LA, Chicago, and New York (-22%, 24%, and -17% YoY respectively)

Finally, much like NAR did this month, even the establishment hopefuls are admitting defeat…

“Home prices plus data on house sales and construction confirm the slowdown in housing,” David Blitzer, chairman of the S&P index committee, said in a statement.

Realtors, academics, and bullish shareholders are now joining the chorus of Trump demanding Powell put a hold on rate hikes.

end
Another indicator that the economy is faltering: soft data consumer confidence dips and surprisingly the “hope” category is the guilty data point that disappoints.
(courtesy zerohedge)

Consumer Confidence Dips As Hope Fades

After surging to new cycle highs in October, Conference Board consumer confidence was expected to weaken in October and it did (dropping from 137.9 to 135.7).

While the Present Situation rose modestly to new cycle highs (from a revised lower October print), Expectations (hope) in November tumbled…

Consumers’ optimism about the short-term future declined in November. The percentage of consumers expecting business conditions will improve over the next six months decreased from 26.3 percent to 22.5 percent, while those expecting business conditions will worsen increased, from 7.2 percent to 8.8 percent.

Notably only the 35-54 cohort saw overall optimism decrease (tumbling from 143.2 to 132.0) while the younger- and older-cohorts saw confidence increase.

Income expectations also fell from 16.5% net expecting an increase to 13.7% net (the lowest since June).

Finally, as a reminder, the divergence between slumping savings rates and surging consumer confidence has typically not ended well…

end

USA ECONOMIC STORIES OF INTEREST

Surprisingly after the stocks initially fell on the report that Trump is to unleash more auto tariffs next week, the stocks advanced.

(courtesy zerohedge)

Stocks Slump On Report Trump To Unleash Auto Tariffs Next Week

UpdateEurope has denied that any meeting is expected between Malmstrom and Lighthizer.

*  *  *

US equity markets and European Auto stocks are plunging after reports that President Trump may introduce car tariffs as soon as next week (suggesting little hope for optimism from the G-20).

WirthschaftsWoche reports that US President Donald Trump may impose tariffs on imported cars as early as next week.

“The investigation report of the Ministry of Commerce is on the table of the President,” reported WirtschaftsWoche, citing EU sources.

“Trump will probably decide the tariffs next week after the G20 meeting in Buenos Aires.”

The dispute over possible US tariffs on cars from the EU is not over. The Europeans have already prepared a list of retaliatory measures.

The report recommends 25 percent duty on car imports from all countries except Canada and Mexico. There will be no exceptions for certain car types.

“The report recommends as broad a policy as possible.”

EU Trade Commissioner Cecilia Malmström will travel to Washington on Wednesday to discuss the issue with US Trade Representative Robert Lighthizer. In July, US President Trump promised EU Commission President Jean-Claude Juncker that he would not impose tariffs as long as the US and EU negotiated a free trade agreement. Trump and Juncker will see themselves on the sidelines of the G20 summit, but an official meeting is not planned.

The immediate reaction was selling in the major US equity indices as hopes for any good news coming out of the G-20 are dashed…

And European auto stocks are also getting hit…

with Daimler and VW down.

And Euro is dropping to two-week lows…

 

 

end
Trump is angry at GM after he gets a good “NAFTA” deal for the USA auto business.
(courtesy zerohedge)

Trump Is “Angry, Tremendously Disappointed” With GM CEO Mary Barra: Kudlow

One day after GM CEO Mary Barra met with National Economic Council director Larry Kudlow at the White House, shortly after the US auto giant announced plans to shutter five factories in the U.S. and Canada and lay off over 14,000 employees, Donald Trump’s top economic adviser said he had conveyed to Barra the “president’s anger” over her plans to close U.S. factories and lay off thousands of workers.

The president is very cross with her and of course I transmitted that,” Kudlow told reporters on Tuesday. “Tragically, they are going to lay off a whole bunch of workers.”

Kudlow also made it clear that the “angry” President feels betrayed, and believes that General Motors “turned their back on him” in announcing layoffs and plant closures. While investors cheered the news, sending GM shares higher, but in Washington there was bipartisan anger that the company is trimming its workforce in the midst of an economic expansion.

“These are their business decisions, I just think there’s a tremendous amount of disappointment, maybe even spilling over into anger. President Trump expressed his dissatisfaction, lots of other people did, this is a bipartisan thing”, Kudlow said.

“I met with [GM CEO Mary] Barra, whom I generally like. I have no idea if she’s made the right decisions or the wrong decisions, it’s not my business. I do think, however, the president’s point of view is, we concluded the USMCA deal which really helped the American auto business and American auto workers, and was designed to do that. And the car companies supported us” Trump top econ advisor told reporters according to Axios.

“So part of the disappointment is, ‘We made this deal, we worked with you along the way, we’ve done other things — mileage standards for example and other regulations. We’ve done this to help you, and I think his disappointment is it seems like they kind of turned their back on him.”

As Axios notes, since for Trump, politics is always personal, for GM this likely means (much) less influence over future policy.

end
A great commentary from Michael Snyder of the woes of both General Electric and General Motors
(courtesy Michael Snyder)
and special thanks to G for sending this to us!

General Motors And General Electric Were Both Victimized By The Same Ponzi Scheme, And They Are Both Telling Us The U.S. Economy Is In HUGE Trouble

America’s twin economic “generals” are both in very deep trouble.  General Electric was founded in 1892, and it was once one of the most powerful corporations on the entire planet.  But now it is drowning in so much debt that it may be forced into bankruptcy.  General Motors was founded in 1908, and at one time it was the largest automaker that the world had ever seen.  But now it is closing a bunch of factories and laying off approximately 14,000 workers as it anticipates disappointing sales and a slowing economy.  If the U.S. economy really was “booming”, both of these companies would probably be thriving.  But as you will see below, both of them have been victimized by the exact same Ponzi scheme, and both firms are sending us very clear signals that the U.S. economy is heading for troubled waters.

Whenever you hear the word “restructuring”, that is always a sign that things are not going well for a company.

And it turns out that GM’s “restructuring” is actually going to cost the firm 3.8 billion dollars

General Motors said Monday it plans to effectively halt production at a number of plants in the U.S. and Canada next year and cut more than 14,000 jobs in a massive restructuring that will cost up to $3.8 billion.

Of course GM doesn’t have 3.8 billion dollars just lying around, and so they are actually going to have to borrow money in order to close these plants and lay off these workers.

Needless to say, President Trump is not very happy with General Motors right now…

Trump said he spoke Monday with GM’s CEO, Mary Barra, and ‘I told them, “you’re playing around with the wrong person”.’

He told reporters as he left the White House for a pair of political rallies in Mississippi that the United States ‘has done a lot for General Motors. They better get back to Ohio, and soon.’

There is no way that Mary Barra should have ever been made CEO of General Motors, and now the entire world is getting to see why.

In addition to the elimination of about 6,000 factory jobs, GM will also be cutting about 8,000 “white collar jobs”

In addition to the production cuts, GM said it will reduce its North American white-collar workforce by about 8,000. The deadline passed last week on a voluntary buyout for those workers, and GM spokesman Pat Morrissey told the Free Press that only 2,250 employees have asked to take the offer, meaning as many as 5,750 workers could be cut if the company keeps to its announced total. Analysts told the Free Press to expect involuntary cuts in January.

So why is General Motors doing this?

After all, if the U.S. economy really is “booming” that should mean increased sales for all of the major automakers in the coming years, right?

Unfortunately, the truth is that hard times are already here for automakers.  In fact, Bob Lutz told CNBC that “we’ve got a demand problem on cars”…

Former GM Vice Chairman Bob Lutz said the automaker historically would have raised sales incentives to try to sell more cars before resorting to plant closures.

“Nowadays GM looks at the hard reality, says we’ve got a demand problem on cars, what are we going to do about it. We have to shut some facilities and move production to truck plants,” Lutz said on CNBC’s “Halftime Report. ” “So I think what we are seeing is a fast-acting and reality-oriented GM management.”

In other words, sales are not good and so now is the time to shut down factories.

Of course GM is not the only one that is shutting down facilities and laying off workers.  If you doubt this, please see my previous article entitled “U.S. Job Losses Accelerate: Here Are 10 Big Companies That Are Cutting Jobs Or Laying Off Workers”.

But if General Motors had been much wiser with their money, they wouldn’t have had to initiate a “restructuring” so quickly.

Over the past four years, General Motors spent a staggering 13.9 billion dollars on stock buybacks.

GM executives were able to prop up the stock price for a while, but at this point the stock is down about 10 percent from where it was four years ago.  The following comes from Wolf Richter

During this four-year period in which GM blew, wasted, and annihilated nearly $14 billion on share buybacks, the price of its shares, including today’s 5.5% surge – getting rid of workers is always good news for shares – fell 10%.

These stock buybacks are a massive Ponzi scheme, and everyone that was involved in blowing such a giant mountain of cash at GM should be fired.

And now thousands of hard working Americans are going to lose their jobs, but it didn’t have to happen.

General Electric has also been victimized by the exact same Ponzi scheme, and at this point they are in a struggle for survival which they are probably going to lose.

On Monday the stock slid another couple of percent, and so far this year it is down a total of 58 percent

Not a day passes lately without GE stock getting hit by some unexpected development, and today was no exception.

GE shares, which are down 58% YTD, dropped over 2% on Monday, after sliding as much as 4.1% earlier in the session and approaching its financial crisis low of $6.66, following a research report by Gordon Haskett analyst John Inch which prompted fresh questions about the treatment of goodwill at GE Capital.

In the end, GE is probably heading for total collapse.

But if GE had not blown 40 billion dollars on stock buybacks in recent years, they would be in far, far better shape.  The following comes from the Marketwatch article that I quoted the other day…

GE was one of Wall Street’s major share buyback operators between 2015 and 2017; it repurchased $40 billion of shares at prices between $20 and $32. The share price is now $8.60, so the company has liquidated between $23 billion and $29 billion of its shareholders’ money on this utterly futile activity alone. Since the highest net income recorded by the company during those years was $8.8 billion in 2016, with 2015 and 2017 recording a loss, it has managed to lose more on its share repurchases during those three years than it made in operations, by a substantial margin.

Even more important, GE has now left itself with minus $48 billion in tangible net worth at Sept. 30, with actual genuine tangible debt of close to $100 billion. As the new CEO Larry Culp told CNBC last Monday: “We have no higher priority right now than bringing those leverage levels down.”

Combined, General Electric and General Motors have blown more than 53 billion dollars on stock buybacks, and now both companies are in huge trouble.

The executives that gutted the finances of both firms by engaging in these sorts of Ponzi tactics should all be fired and should never be hired by anyone else in the corporate world.

For years, big corporations have been borrowing massive amounts of money to fund reckless stock buybacks, and that has helped to fuel an amazing bull market run.

But now the game is imploding, and the unraveling of this massive Ponzi scheme is not going to be pretty.

About the author: Michael Snyder is a nationally syndicated writer, media personality and political activist. He is publisher of The Most Important News and the author of four books including The Beginning Of The End and Living A Life That Really Matters.

end
Dave Kranzler on the woes of General Electric:  G.E stock today: 7.44 down 14 cents.
(courtesy Dave Kranzler IRD)

Could GE’s Slow Collapse Ignite A Financial Crisis?

Will GE be the proverbial “black swan?” – It had come to my attention that General Electric was locked out of the commercial paper market three weeks ago after Moody’s downgraded GE’s short term credit rating to a ratings level (P-2) that prevents prime money market funds from investing in commercial paper. Commercial paper (CP) is an important source of short term, low-cost, liquid funding for large companies. At one point, GE was one of the largest users of CP funding. As recently as Q2 this year, 14.3% of GE’s debt consisted of CP. Now GE will have to resort to using its bank revolving credit to fund its short term liquidity needs, which is considerably more expensive than using CP.

Moody’s rationale for the downgrade was that, “the adverse impact on GE’s cash flows from the deteriorating performance of the Power business will be considerable and could last some time.” Keep in mind that the ratings agencies, especially Moody’s, are typically reluctant to downgrade highly regarded companies and almost always understate or underestimate the severity of problems faced by a company whose fundamentals are rapidly deteriorating.

As an example, Moody’s had Enron rated as investment grade until just a few days before Enron filed bankruptcy. At the beginning of November 2001, Moody’s had Enron rated at Baa1. This is three notices above a non-investment grade rating (Ba1 for Moody’s and BB+ for S&P). Currently Moody’s and S&P have GE’s long term debt rated Baa1/BBB+. In the bond market, however, GE bonds are trading almost at junk bond yields.

Once a company that relies on cheap short-term funding is locked out of the commercial paper market, it more often than not precedes the rapid financial demise of that company. Because GE is GE, it may not be rapid, but I would bet GE is on the ropes financially and could go down eventually. GE’s CEO was on CNBC two weeks ago on a Monday proclaiming that the Company’s number one priority is to bring “leverage levels down” using asset sales. One asset GE is said to be considering selling is its aviation unit, which is considered its crown jewel. This is the classic signal that a company is struggling to stay solvent – i.e. burning furniture to keep the lights on and heat the house. It’s not a bad bet that GE might file chapter 11 – or even Chapter 7 liquidation – in the next 18-24 months (maybe sooner).

I wanted to discuss this situation because I opined on Twitter recently that a sell-off in GE’s stock below $5 could trigger an avalanche of selling in the stock market. Just as significant, an event in which a company like GE is shut off from commercial paper funding is the type of “pebble” that is tossed onto an unstable financial system and starts a credit market crisis. The downgrade of GE’s short term funding rating is a reflection of rising and widespread systemic instability and the general financial deterioration of corporate America. I predict that we’ll start to hear more about GE’s collapsing operational and financial condition and we’ll start to see a lot more companies head down the same path as GE.

Note:  The above commentary is an excerpt from the November 18th Short Seller’s Journal.  Since then, GE’s stock price has dropped another 5.5%.  I had recommended shorting GE at $30 in the January 29, 2017 issue of SSJ.  GE’s tangible net worth (book value minus goodwill + intangibles) is negative $31.3 billion.

GE also has a $28.7 billion+ underfunded pension obligation. It is by far the largest underfunded pension in corporate America.  I say “$28.7 billion+” because I’m certain that if an independent auditor plowed through the pension fund assets and liabilities, it would discover that the assets are overstated and the liabilities (future beneficiary payouts) are understated.

In other words, GE’s balance sheet is the equivalent of financial Fukushima.  The previous CEO borrowed $6 billion to cover pension payments through 2020. This is like throwing napalm on a gasoline fire.

***

end
And now the devastation at GM
(courtesy zerohedge)

“It’s Going To Be Devastating”: GM Cost Cuts Hit Home In Ohio

The massive job cuts announced by General Motors have been the talk of the financial media since they were announced on Monday. Not only did the news trigger a buying frenzy of GM stock among trading desks, it also quickly made its way to the factory floors at places like Northeast Ohio, as workers found themselves trying to assess the coming impact of the decision.

The termination of 1,600 workers and the shuttering of Cruze production at GM’s Lordstown plant has already resulted in profound aftershocks. The WSJ highlighted several such stories, like Sylvester Townsend, whose company makes front and rear bumpers for the ill-fated car in nearby Youngstown. He stated that he may need to lay off all of his 32 production workers as a result of the GM decision.

“It blew me away. It’s going to be devastating,” he said.

The mayor of Lordstown has anticipated that the cuts are going to cost $1 million in annual tax revenue, which is about 25% of the town’s total budget. He is holding onto the slim hope that the plant may reopen at some point.

Mayor Arno Hill stated: “They didn’t say they were permanently shuttering the plant. So we figure that we still have a heartbeat.” And, as Trump’s latest tweets confirm, the president is doing everything in his power to make sure the mayor’s hopes come true. Until then, however, the Lordstown shut down is part of a larger cost-cutting initiative by General Motors to shed its slower-selling and lower-margin product lines.

Among other things, GM announced on Monday that it plans to end production at additional assembly plants in Michigan and in Canada, which could contribute to up to 6,700 total factory workers being laid off. The company also was planning to cut another 8,100 salaried workers in North America, many of whom are working currently in product development. GM is planning to use the billions in cost savings to help it navigate further into electric and autonomous vehicles. The company also announced it would stop producing the Chevrolet Volt hybrid, the Cadillac CT6 and the Buick LaCrosse.

Justifying her decision, on Monday GM CEO Mary Barra said that “we recognize the need to stay in front of changing market conditions and customer preferences to position our company for long-term success.”

* * *

The Lordstown plant had already seen its workload cut last year when it moved from three shifts to two – and then in June of this year, down to one. Christina Defelice, who was laid off from GM in June, passed the news on to her husband who was working at the plant when it broke on Monday. Her husband wound up returning to work after hearing that the plant will close next March – with some of his coworkers reportedly in tears. Their family may need to leave the area if they are unable to find work, she told the Wall Street Journal.

She stated: “I’m crushed, and I’m foreseeing a bunch of hardship in the next couple of weeks with the rest of my co-workers.”

The closure of this plant would be another step in the deindustrialization of the area between Pittsburgh and Cleveland. This area saw many of its jobs go up in flames during the steel bankruptcies of the 1980s.

And since these shutdowns were the exact opposite of what President Trump had promised during the his campaign, his criticism of GM over the past 24 hours has been furious.

Trump, who said he spoke with CEO Mary Barra on Sunday night and who said that he does not like’s GM’s decision on North American auto production, said that GM needs to find a replacement for the Chevy Cruze, which isn’t selling, and said he expects that GM will put something else in Ohio.

“We have a lot of pressure on them,” Trump told reporters as he left the White House for Mississippi. Trump also said that he told GM to stop making cars in China, and that he told GM “they better get back in there soon.”

Ms. Defelice concluded: “No one is asking for any handouts. Just bring us work. We’ll work.”

The Lordstown plant opened in 1966 and used to employ as many as 20,000 workers in the 1980s.

 

SWAMP STORIES

Trump correctly blasts the heavily conflicted Mueller

(courtesy zerohedge)

Trump Blasts Mueller & “Angry Democrats” – “Go

Back To The Clinton Foundation”

In a trio of increasingly angry tweets this morning, President Trump raged at special counsel Robert Mueller as “a conflicted prosecutor gone rogue” lambasting him for “doing TREMENDOUS damage to our Criminal Justice System” because of his one-sided investigation.

“The Phony Witch Hunt continues, but Mueller and his gang of Angry Dems are only looking at one side, not the other. Wait until it comes out how horribly & viciously they are treating people, ruining lives for them refusing to lie. Mueller is a conflicted prosecutor gone rogue…

...The Fake News Media builds Bob Mueller up as a Saint, when in actuality he is the exact opposite.He is doing TREMENDOUS damage to our Criminal Justice System, where he is only looking at one side and not the other. Heroes will come of this, and it won’t be Mueller and his…

…terrible Gang of Angry Democrats. Look at their past, and look where they come from. “

Trump went on to reference the FBI’s shuttered investigation into Hillary Clinton’s emails, which chastised the former Democratic nominee as “extremely careless” for her use of a private email server to do official business at the State Department.

The now $30,000,000 Witch Hunt continues and they’ve got nothing but ruined lives. Where is the Server? Let these terrible people go back to the Clinton Foundation and “Justice” Department!”

Trump has attacked and criticized Mueller’s investigation into members of his campaign for months, but this outburst comes a day after Roger Stone associate Jerome Corsi refused to sign a plea deal with Mueller.

end
This is interesting:  In 2016,  Manafort meets Julian Assange.  No wonder Mueller wants information as to what he learned from Assange.
(courtesy zerohedge)

Manafort Met In Secret With Julian Assange At

Ecuadorian Embassy: Report

Paul Manafort, Donald Trump’s former campaign manager, held secret talks with Julian Assange inside the Ecuadorian embassy in London, right around the time he joined Trump’s campaign, according to The Guardian,which as is now the norm in reports of this kind refers to unnamed “sources”

Sources have said Manafort went to see Assange in 2013, 2015 and in spring 2016 – during the period when he was made a key figure in Trump’s push for the White House.

It is unclear why Manafort wanted to see Assange and what was discussed. But the last meeting is likely to come under scrutiny and could interest Robert Mueller, the special prosecutor who is investigating alleged collusion between the Trump campaign and Russia.

A well-placed source has told the Guardian that Manafort went to see Assange around March 2016. Months later WikiLeaks released a stash of Democratic emails stolen by Russian intelligence officers. –The Guardian

The 69-year-old Manafort has denied any involvement in the release of the emails, and has said that the claim is “100% false.”

While Manafort was jailed this year under a plea agreement with special counsel Robert Mueller, on Monday, Mueller said that Manafort had repeatedly lied to the FBI, breaching his deal. According to documents filed in court, Manafort committed “crimes and lies” covering a “variety of subject matters.”

According to The Guardian, Manafort’s first visit to the Ecuadorian embassy occurred one year after Assange was granted asylum inside, according to two sources. To add icing to the cake, “a separate internal document written by Ecuador’s Senian Intelligence agency and seen by The Guardian lists “Paul Manaford [sic]” as one of Assange’s several well-known guests, along with… “Russians.” 

According to two sources, Manafort returned to the embassy in 2015. He paid another visit in spring 2016, turning up alone, around the time Trump named him as his convention manager. The visit is tentatively dated to March.

Manafort’s 2016 visit to Assange lasted about 40 minutes, one source said, adding that the American was casually dressed when he exited the embassy, wearing sandy-coloured chinos, a cardigan and a light-coloured shirt. 

Visitors normally register with embassy security guards and show their passports. Sources in Ecuador, however, say Manafort was not logged. –The Guardian

So we have Manafort allegedly visiting Assange, in sandy-coloured chinos, and that Russians also visited the WikiLeaks founder. And none of this was known until today.

The Guardian goes on to suggest that “The revelation could shed new light on the sequence of events in the run-up to summer 2016, when WikiLeaks published tens of thousands of emails hacked by the GRU, Russia’s military intelligence agency. Hillary Clinton has said the hack contributed to her defeat.

Note that The Guardian has considered the “hack” settled, which agrees with Western intelligence assessments (the same Western intelligence that conducted espionage on Donald Trump’s campaign). Nowhere to be found is the possibility that the emails were copied locally – a theory recently bolstered by a fresh analysis that flies in the face of a report commissioned by cybersecurity firm Crowdstrike – which was caught fabricating a report on Russia hacking Ukrainian munitions, and was forced to retract portions of their analysis after the government of Ukraine admonished them.

Michael Tracey

@mtracey

CrowdStrike has retracted statements it used to buttress claims of Russian hacking http://www.voanews.com/a/cyber-firm-rewrites-part-disputed-russian-hacking-report/3781411.html 

Cyber Firm Rewrites Part of Disputed Russian Hacking Report

CrowdStrike has revised, retracted statements it used to support allegations of Russian hacking during US presidential campaign; VOA reported company misrepresented data acquired from British think…

voanews.com

end
Story denied by Wikileaks
(courtesy zerohedge)

WikiLeaks Categorically Denies Assange-Manafort

Meetings

Update: WikiLeaks has fired back at the Guardian, tweeting: “Remember this day when the Guardian permitted a serial fabricator to totally destroy the paper’s reputation. @WikiLeaks is willing to bet the Guardian a million dollars and its editor’s head that Manafort never met Assange.

WikiLeaks

@wikileaks

Remember this day when the Guardian permitted a serial fabricator to totally destroy the paper’s reputation. @WikiLeaks is willing to bet the Guardian a million dollars and its editor’s head that Manafort never met Assange. https://archive.fo/pUjrj 

Manafort held secret talks with Assange in Ecuadorian embassy | US ne…

archived 27 Nov 2018 14:26:32 UTC

archive.fo

WikiLeaks

@wikileaks

This is going to be one of the most infamous news disasters since Stern published the “Hitler Diaries”.

802 people are talking about this

The Guardian‘s report was written by Luke Harding and Dan Collyns, and was based exclusively on unnamed sources.

***

SWAMP STORIES/MAJOR STORIES//THE KING REPORT
@realDonaldTrump: When Mueller does his final report, will he be covering all of his conflicts of interest in a preamble, will he be recommending action on all of the crimes of many kinds from those “on the other side” (whatever happened to Podesta?), and will he be putting in statements from hundreds of people closely involved with my campaign who never met, saw or spoke to a Russian during this period? So many campaign workers, people inside from the beginning, ask me why they have not been called (they want to be). There was NO Collusion & Mueller knows it!
‘If the shoe were on the other foot, it would be treason.’ Trump rips into Obama’s administration for ‘spying’ on his campaign, telling Corey Lewandowski in AUDIO RECORDING the former President knew about surveillance
  • The president said he believes Obama knew the then-CIA chief and director of national intelligence were spying on members of his campaign…
  • The authors claim to have documents on the FBI’s Crossfire Hurricane investigation on meetings between the FBI and top Executive Branch members
  • They write: ‘In most cases, the names of all individuals who attended these meetings are listed and unredacted, with the exception of one’
  • ‘We have sources who have informed us this redacted name is Obama. If correct, it would mean Obama had direct knowledge of the surveillance on Trump’…
@ABC: Jerome Corsi, associate of former Trump campaign adviser Roger Stone, tells @ABC News he is rejecting a plea deal he says was offered to him by the special counsel Robert Mueller.
    “The government wants me to plead to lying willfully and knowingly to the special counsel and the FBI, and I did not do that, and I will not tell a lie,” Jerome Corsi tells @ABC News.  “From the beginning, I intended to tell the full truth.”http://abcn.ws/2DZntOu
Manafort Breached Plea Deal by Repeatedly Lying, Mueller Says – Defense lawyers disagreed…
@Barnes_Law: Mueller upset Manafort wouldn’t lie for him. [Re; Don Jr., per recent reports?]
‘He has moved incredibly quickly’: Mueller nears Trump endgame
Trump Jr orchestrated the now infamous Trump Tower meeting with a group of Russians afterbeing promised “dirt” on Hillary Clinton… “If it’s what you say, I love it,” Trump Jr wrote, before bringing in his brother-in-law Jared Kushner and Manafort. He had been promised “very high-level and sensitive information” as part of Russian support for Trump…
@TreyYingst: The Ukrainian parliament passes martial law proposal submitted by President Poroshenko with 276 votes. Will start on November 30th and last for 30 days.
Poroshenko is badly trailing, ex-President Yulia Tymoshenko, in the polls for the March election.
end
I HOPE TO SEE YOU ON WEDNESDAY IF ALL GOES WELL
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One comment

  1. themagicbusguy · · Reply

    Thanks Harvey. I think the EFP (which you could think of as a long) exist to be the other side of a bunch of shorts, and are intended as a wash trade, as in, trading with one’s self, to both take the other side of the short, and give the appearance of a healthy market. Since no physical changes hands the Boys can short at will.

    Thanks for all the time you put in

    Like

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