GOLD: $1246.80 DOWN $3.05 (COMEX TO COMEX CLOSINGS)
Silver: $14.52 DOWN 8 CENTS (COMEX TO COMEX CLOSING)
Closing access prices:
Gold : 1244.50
silver: $14.53
For comex gold and silver:
DEC
NUMBER OF NOTICES FILED TODAY FOR DEC CONTRACT: 98 NOTICE(S) FOR 9800 OZ (0.3048 tonnes)
Total number of notices filed so far for DEC: 6080 for 608000 OZ (18.911 TONNES)
Both Goldman Sachs house account and a client of JPMorgan continue to gobble up all the gold available at the gold comex: 78/98 contracts went there way!!
EXCHANGE: COMEX
CONTRACT: DECEMBER 2018 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,246.800000000 USD
INTENT DATE: 12/07/2018 DELIVERY DATE: 12/11/2018
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 H GOLDMAN 57
323 C HSBC 7
657 C MORGAN STANLEY 1
661 C JP MORGAN 21
686 C INTL FCSTONE 1
690 C ABN AMRO 33
737 C ADVANTAGE 51 10
800 C RCG 8 1
905 C ADM 5 1
____________________________________________________________________________________________
TOTAL: 98 98
MONTH TO DATE: 6,080
SILVER
FOR DECEMBER
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
91 NOTICE(S) FILED TODAY FOR 455,000 OZ/
Total number of notices filed so far this month: 3419 for 17,095,000 oz
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Bitcoin: OPENING MORNING TRADE $3622: DOWN 56
Bitcoin: FINAL EVENING TRADE: $3463 DOWN 136
end
XXXX
Let us have a look at the data for today
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In silver, the total OPEN INTEREST ROSE BY A GOOD SIZED 1185 CONTRACTS FROM 178,358 UP TO 179,473 WITH FRIDAY’S STRONG 16 CENT RISE 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 AS WE NOW HAVE JUST LESS THAN 20 MILLION OZ STANDING IN DECEMBER. 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 HUGE SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:
2491 EFP’S FOR DECEMBER AND 0 FOR MARCH AND ZERO FOR ALL OTHER MONTHS AND THEREFORE TOTAL ISSUANCE: OF 2491 CONTRACTS. WITH THE TRANSFER OF 526 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 2491 EFP CONTRACTS TRANSLATES INTO 12.46 MILLION OZ ACCOMPANYING:
1.THE 16 CENT RISE IN SILVER PRICE AT THE COMEX AND
2. THE STRONG AMOUNT OF SILVER OUNCES WHICH STOOD FOR DELIVERY IN THE LAST SIX MONTHS:
JUNE/2018. (5.420 MILLION OZ);
FOR JULY: 30.370 MILLION OZ
FOR AUG., 6.065 MILLION OZ
FOR SEPT. 39.505 MILLION OZ S
FOR OCT.2.525 MILLION OZ.
FOR NOV: A HUGE 7.440 MILLION OZ STANDING FOR NOVEMBER AND
NOW 19.465 INITIALLY STAND FOR DECEMBER.
ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF DEC: 9244 CONTRACTS (FOR 6 TRADING DAYS TOTAL 9244 CONTRACTS) OR 46.22 MILLION OZ: (AVERAGE PER DAY: 1541 CONTRACTS OR 7.70 MILLION OZ/DAY)
TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH OF DEC: 46.22 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 6.60% 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: 2,723.25 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
ACCUMULATION FOR NOVEMBER /2018: 247.18 MILLION OZ
RESULT: WE HAD A GOOD SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1115 WITH THE 16 CENT RISE 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 HUGE SIZED EFP ISSUANCE OF 2491 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) .
TODAY WE GAINED A STRONG SIZED: 3606 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:
i.e 2491 OPEN INTEREST CONTRACTS HEADED FOR LONDON (EFP’s) TOGETHER WITH INCREASE OF 1115 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 16 CENT RISE IN PRICE OF SILVER AND A CLOSING PRICE OF $14.60 WITH RESPECT TO YESTERDAY’S TRADING. YET WE HAD A GIGANTIC AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY
In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. .898 BILLION OZ TO BE EXACT or 128% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT DEC MONTH/ THEY FILED AT THE COMEX: 91 NOTICE(S) FOR 455,000 OZ OF SILVER
IN SILVER,PRIOR TO TODAY, WE SET THE NEW COMEX RECORD OF OPEN INTEREST AT 243,411 CONTRACTS ON APRIL 9.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51.
AND NOW WE RECORD FOR POSTERITY ANOTHER ALL TIME RECORD OPEN INTEREST AT THE COMEX OF 244,196 CONTRACTS ON AUGUST 22/2018 AND AGAIN WHEN THIS RECORD WAS SET, THE PRICE OF SILVER WAS $14.78 AND LOWER IN PRICE THAN PREVIOUS RECORDS.
ON THE DEMAND SIDE WE HAVE THE FOLLOWING:
- HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ MAY: 36.285 MILLION OZ ; JUNE/2018 (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ ) FOR AUGUST 6.065 MILLION OZ. , SEPT: A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz NOV AT 7.440 MILLION OZ./AND NOW DEC. AT 19.465 MILLION OZ
- HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018: 244,196 CONTRACTS, WITH A SILVER PRICE OF $14.78.
- HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
- RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/ AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ
AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND. TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT).
IN GOLD, THE OPEN INTEREST ROSE BY A VERY STRONG SIZED 10,867 CONTRACTS UP TO 407,685 WITH THE GAIN IN THE COMEX GOLD PRICE/(A RISE IN PRICE OF $8.35//.FRIDAY’S TRADING)
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 7908 CONTRACTS:
DECEMBER HAD AN ISSUANCE OF 7908 CONTACTS AND ALL OTHER MONTHS ZERO. The NEW COMEX OI for the gold complex rests at 407,685. 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 GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 18,775 CONTRACTS: 10,867 OI CONTRACTS INCREASED AT THE COMEX AND 7908 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN: 18,775 CONTRACTS OR 1,877,500 OZ = 59.39 TONNES. AND ALL OF THIS DEMAND OCCURRED WITH A GOOD RISE IN THE PRICE OF GOLD/ YESTERDAY TO THE TUNE OF $8.35
YESTERDAY, WE HAD 7979 EFP’S ISSUED.
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF DEC : 47210 CONTRACTS OR 4,721,000 OZ OR 146.84 TONNES (6 TRADING DAYS AND THUS AVERAGING: 7868 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 6 TRADING DAYS IN TONNES: 146.84 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES
THUS EFP TRANSFERS REPRESENTS 146.84/2550 x 100% TONNES = 5.75% OF GLOBAL ANNUAL PRODUCTION SO FAR IN JULY ALONE.***
ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 6,911.22 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)
ACCUMULATION OF GOLD EFP FOR NOV 2018: 552.88 TONNES (21 TRADING DAYS)
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
Result: A STRONG SIZED INCREASE IN OI AT THE COMEX OF 10,867 WITH THE GAIN IN PRICING ($8.35) THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 7908 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 7908 EFP CONTRACTS ISSUED, WE HAD AN ATMOSPHERIC GAIN OF 18,775 CONTRACTS IN TOTAL OPEN INTEREST ON THE TWO EXCHANGES:
7908 CONTRACTS MOVE TO LONDON AND 10,867 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 58 TONNES). ..AND ALL OF THIS DEMAND OCCURRED WITH THE RISE OF $8.35 IN FRIDAY’S TRADING AT THE COMEX
we had: 98 notice(s) filed upon for 9800 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 $3.05 TODAY
NO CHANGES IN GOLD INVENTORY:
/GLD INVENTORY 759.73 TONNES
Inventory rests tonight: 759.73 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 8 CENTS TODAY:
NO CHANGE IN SILVER INVENTORY AT THE SLV
/INVENTORY RESTS AT 318.735 MILLION OZ.
end
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in SILVER ROSE BY A GOOD SIZED 1115 CONTRACTS from 178,358 UP TO 179,473 AND MOVING A CLOSER TO THE NEW COMEX RECORD SET LAST IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 1 1/3 YEARS AGO. THE PRICE OF SILVER ON THAT DAY: $17.89. AS YOU CAN SEE, WE HAVE RECORD HIGH OPEN INTERESTS IN SILVER ACCOMPANIED BY A CONTINUAL LOWER PRICE WHEN THAT RECORD WAS SET…..
.
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
2491 CONTRACTS FOR DECEMBER. 0 CONTRACTS FOR MARCH AND AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2491 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE OI GAIN AT THE COMEX OF 1115 CONTRACTS TO THE 2491 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A STRONG GAIN OF 3606 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 19.09 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., 7.440 MILLION OZ FINALLY STANDING IN NOVEMBER. AND NOW 19.465 MILLION OZ STANDING IN DECEMBER.
RESULT: A GOOD SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 16 CENT PRICING GAIN THAT SILVER UNDERTOOK IN PRICING// FRIDAY.BUT WE ALSO HAD ANOTHER GOOD SIZED 2491 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR SEPTEMBER, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.
(report Harvey)
.
2.a) The Shanghai and London gold fix report
(Harvey)
2 b) Gold/silver trading overnight Europe, Goldcore
(Mark O’Byrne/zerohedge
and in NY: Bloomberg
3. ASIAN AFFAIRS
i)MONDAY MORNING/ SUNDAY NIGHT:
SHANGHAI CLOSED DOWN 21.31 POINTS OR 0.82% //Hang Sang CLOSED DOWN 311.38 POINTS OR 1.19% //The Nikkei closed DOWN 459.18 OR 2.12%/ Australia’s all ordinaires CLOSED DOWN 2.26% /Chinese yuan (ONSHORE) closed UP at 6.9117 AS TRUCE DECLARED FOR 3 MONTHS /Oil DOWN to 51.88 dollars per barrel for WTI and 60.90 for Brent. Stocks in Europe OPENED RED//. ONSHORE YUAN CLOSED UP AT 6.9117AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9117: HUGE DEVALUATION/PAST SEVERAL DAYS RESUMES// TRADE TALKS NOW ON/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED : /ONSHORE YUAN TRADING AT LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW A FULL TRADE WAR COMMENCED
3A/NORTH KOREA/SOUTH KOREA
i)North Korea/South Korea/USA/
b) REPORT ON JAPAN
This is big: Q3 GDP for Japan has contracted a huge 2.5% 2.5 q/q. As we have pointed out, Japan’s GDP must contract over the next 20 years or so as population begins to shrink. Today’s ready provides another nightmare to Japan as Cap _ex collapses….We also see contractions in Sweden, Germany, Switzerland and Italy.
( zerohedge)
3 C/ CHINA
i)China now threatens severe retaliation against Canada if Meng is not released. The threat may be the retention of a uSA executive and/or Canadian executives.
( zerohedge)
iii)Dr Stephen Leeb is none smart cookie and we must always pay attention to what he writes. Steve seems to have uncovered a rogue government official in the USA who has orchestrated the Huawei arrest to sabotage the Trump and Xi trade talks. The arrest of Meng is from a deal done in 2013. There is no evidence that Skycom was involved in any sales of Huawei products post 2013…and she is arrested? This is a big story!!!
( Dr Stephen Leeb)
iv)China is now forcing its conglomerates and other big investors into a big debt reduction program
( zero hedge)
v)a huge 25% drop in Chinese imports from the USA of 25% as the trade war certainly takes it;s toll. Also total Chinese exports decelerated to only 5.4% as the global trade slows down.
vi)Last night: China’s all important CPI misses big time, along with PPI. Inflation over there is the lowest in two years. Expect China to emit deflation throughout the globe as their yuan will collapse. Goods originating from China thus could not compete once the yuan surpasses 7.0 to one.
vii)Lighthizer sees March 1 as a “hard deadline” for trade talks. Navarro states that China’s predatory behaviour is over:
viii)Retaliation: Beijing court has just ruled that Chinese based Qualcomm wins the ban on some of Apple sales in China(/zerohedge)
ix)The uSA are constantly violating certain areas of the South China Seas and recognized as International Waters. This does not seem to matter with respect to a senior Chinese military official who states that Beijing should prepare to attack the USA naval vessels if they violate territorial waters.
4/EUROPEAN AFFAIRS
i)UK
Theresa May unleashes Fear 3.0 on Brexit no vote. She warns grocery store owners to stockpile food and she also warns wholesalers to stockpile drugs.
( zerohedge)
ii)Monday morning:
ii b) The pound crashes as May abandons Brexit vote as she steps up a No deal preparation
iv)The Netherlands
The Islamisation of Holland is huge and from it we witness huge problems
(Bergman/Gatestone Institute)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
IRAN/USA/GLOBE
IRAN argues that the west’s sanctions on it will unleash a deluge of drugs and a huge number of refugees. This will create huge terrorism on the west. As far as the drugs he may be right: Iran is the conduit for drugs coming from Afghanistan and Pakistan as they are located in between them
( zerohedge)
6. GLOBAL ISSUES
Bill Blain/from London
Bill Blain explains what is going on in Europe this morning and why he is worried
( Bill Blain)
7. OIL ISSUES
Tom explains the ins and outs of the oil cut by Saudi Arabia on Friday
(courtesy tom Luongo)
8 EMERGING MARKET ISSUES
i)Venezuela
This guy is a total nut-job..he is now planning that his oil will be sold in its cryptocurrency. This will fail as well
( Paraskova/OilPrice.com)
ii)India
The rupee collapses along with their stock market as Patel unexpectedly resigns as he demanded independence from Modi and never got it
( zerohedge)
9. PHYSICAL MARKETS
i)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
ii)Now wonder gold rose in November: the BIS swaps were down in November. However the BIS continues to trade gold in secret.
iii)Detour gold is in a battle with John Paulson in a proxy fight. Paulson wants to put his team as directors. It may end in a victory for both sides(Toronto’s National Post/GATA)
iv)Both India and the UAE are stated that they want to stop using USA dollars in trade between them. Another dagger into the heart of USA hegemony.
(GulfNews/GATA)
v)This is not good: Ronan Manly notes that the Bank of France has teemed up with JPMorgan to boost gold lending. A few months ago, it was reported that the Bank of France aided Iraq in purchasing gold and this gold no doubt was held in France. With excess gold, no wonder the crooks wanted this gold leased out…
( Ronan Manly/GATA)
10. USA stories which will influence the price of gold/silver)
MARKET TRADING
Sunday night: the reasons for the Sunday night drop:
- China summons U.S. Ambassador over the Huawei case
- Trump Chief of Staff Kelly to leave, amid a welter of fresh Mueller developments
- China reports weaker trade and inflation data
- May pushes ahead on Brexit vote despite Cabinet, DUP opposition
- Soggy U.S. payrolls, though not soggy enough to stop a December Fed hike
- France protests intensify, raising concern of economic damage
- (courtesy zerohedge)
ii)Market data/
The following is a must read. David Stockman was Reagan’s budget director so he knows a lot of budgets and trade.
In this commentary, he claims that the trade dispute with China is actually increasing the swamp and not draining it. Even if China doubles its purchase of soybeans, energy and LNG total purchases to rise to 50 billion dollars from 15 billion dollars would not put a dent into the deficit. the truth is China is already swamped with over 40 trillion USA a debt and cannot purchase much more. This debt is totally unsustainable and China will crack on its own. The USA move into China’s territory is destructive not only to the USA but also China.
( David Stockman/ContraCorner)
iv)SWAMP STORIES
a)The Mueller documents tell us that Manafort told “multiple lies” as he was in close contact with Trump officials all the time.
( zerohedge)_
(courtesy zerohedge)
Let us head over to the comex:
We are now in the non active delivery month of DECEMBER and here in this front month of December we now have 565 contracts standing for a loss of 65 contracts. We had 128 contracts stand for delivery yesterday so we gained 63 contracts or an additional 315,000 oz will stand for delivery as these guys refused to morph into London based forwards as well as negating to accept a fiat bonus. We continue where we left off last month as queue jumping in silver has been the norm for at least the past 20 months.
After December we have the non active January contract month and here we saw a loss of 28 contracts up to 1925 contracts. February saw its another 18 contract gain to stand at 69. March, the next big delivery month after December saw a WHOPPING GAIN of 2016 contracts UP to 147,858
FOR COMPARISON TO THE COMEX 2017 CONTRACT MONTH:
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 still have not had any adjustments out of the dealer to the customer account to signify a settlement
BIS gold swaps fall in November but bank continues secret trading
Submitted by cpowell on Sat, 2018-12-08 14:29. Section: Documentation
By Robert Lambourne
Saturday, December 8, 2018
November saw a continuation of significant trading in gold swaps by the Bank for International Settlements.
After falling in August and September, the BIS’ purchases of gold via gold swaps soared in October, falling back by around 64 tonnes in November.
The BIS publishes a monthly statement of account that provides enough information to estimate the bank’s level of trading in gold swaps and other gold-related derivatives. November’s statement is here:
https://www.bis.org/banking/balsheet/statofacc181130.pdf
When it comes to its activities in the gold market, the BIS provides little information on the reasons for what it is doing and for whom it is acting:
http://www.gata.org/node/17793
But it is evident that the bank continues to trade actively in gold swaps to source gold for its member central banks and other financial entities, as evidenced by the decrease in November following the increase in October.
—–
Robert Lambourne is a retired business executive in the United Kingdom who consults with GATA about the involvement of the Bank for International Settlements in the gold market.
END
Detour gold is in a battle with John Paulson in a proxy fight. Paulson wants to put his team as directors. It may end in a victory for both sides
(Toronto’s National Post/GATA)
Detour Gold’s battle with billionaire down to the wire — and both sides may claim victory
Submitted by cpowell on Sat, 2018-12-08 18:43. Section: Daily Dispatches
By Gabriel Friedman
National Post, Toronto
Friday, December 7, 2018
U.S. hedge fund billionaire John Paulson’s battle to oust the entire board of directors at Toronto-based Detour Gold Corp. and replace them with his own hand-picked group officially ends when final ballots are counted on Tuesday, but he may already claim some victory.
And perhaps Detour will too.
Regardless of whether other shareholders grant Paulson’s wish for “wholesale change” on the board, Detour’s management has already partially conceded some of his concerns by replacing two of its directors this summer. It also added at least one director whom Paulson could support. More recently, it recommended the ouster of an additional two directors, so four of the eight directors on the board when Paulson launched his campaign this summer are likely to be replaced.
While that isn’t the majority Paulson has campaigned for, it is an outcome that would give both sides cover to claim victory. …
… For the remainder of the report:
https://business.financialpost.com/commodities/mining/detour-golds-battl…
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Both India and the UAE are stated that they want to stop using USA dollars in trade between them. Another dagger into the heart of USA hegemony.
(GulfNews/GATA)
India and United Arab Emirates to stop using U.S. dollars in trade
Submitted by cpowell on Sun, 2018-12-09 15:46. Section: Daily Dispatches
India, UAE Sign Currency Swap Deal to Boost Trade Ties
By Fareed Rahman
From Gulf News, Dubai, United Arab Emirates
Tuesday, December 4, 2018
ABU DHABI, United Arab Emirates — India and the UAE today signed a currency swap agreement to boost trade and investment ties between the two countries.
The development came during the visit of Indian External Affairs Minister Sushma Swaraj to Abu Dhabi to take part in the ministerial meeting of the 12th session of the UAE-India Joint Commission Meeting and held exhaustive discussions with Shaikh Abdullah Bin Zayed Al Nahyan, the UAE’s minister of foreign affairs and international cooperation.
…
Advancing the Comprehensive Strategic Partnership, External Affairs Minister SushmaSwaraj and Foreign Minister Shaikh Abdullah Bin Zayed Al Nahyan held exhaustive discussions on cooperation in energy, security, trade, investments, space, defence, and consular issues, among others,” Raveesh Kumar, India’s external affairs ministry spokesperson tweeted.
Through the currency swap agreement, India and the UAE can make payments in their respective currency to boost and trade investment without the involvement of a third currency like the U.S. dollar. Clarifying the currency swap agreement, the Indian embassy in Abu Dhabi said the swap is for an amount of 2 billion UAE dirhams or 35 billion Indian rupees, depending on the central bank requesting the amount.
“The bilateral currency swap agreement between India and the UAE is expected to reduce the dependence on hard currencies like the U.S. dollar,” the Indian embassy said. …
… For the remainder of the report:
https://gulfnews.com/uae/government/india-uae-sign-currency-swap-deal-to…
END
This is not good: Ronan Manly notes that the Bank of France has teemed up with JPMorgan to boost gold lending. A few months ago, it was reported that the Bank of France aided Iraq in purchasing gold and this gold no doubt was held in France. With excess gold, no wonder the crooks wanted this gold leased out…
(courtesy Ronan Manly/GATA)
Ronan Manly: French central bank and JP Morgan team up to boost gold lending
Submitted by cpowell on Sun, 2018-12-09 21:56. Section: Daily Dispatches
5:04p ET Sunday, December 9, 2018
Dear Friend of GATA and Gold:
Bullion Star gold analyst Ronan Manly today examines the Banque de France’s (relatively) new partnership with JPMorganChase in gold swapping and lending — that is, the gold market-rigging business — noting connections with other central banks and the strict secrecy in which their gold business is conducted.
Manly writes: “A few months ago the World Gold Council reported that the central bank of Iraq had been active in the gold market, buying gold with the help of the Banque de France. Whether this newly purchased gold is stored in Paris was not mentioned, but it probably is. So overall there is a ready supply of gold bars, owned by both France and other central banks, with which to ramp up gold lending if the customer central banks so choose.”
…
Such expansion of the gold swapping and lending business implies that an increasing number of governments and central banks, possibly including even Russia’s and China’s, have reincarnated the London Gold Pool of the 1960s —
https://en.wikipedia.org/wiki/London_Gold_Pool
— but on a much bigger scale, moving their gold around surreptitiously, applying it to the markets as necessary to control the monetary metal’s price against their vast inflation of the world’s money and credit supply. The objective is to prevent free markets from ever developing again.
People who cannot deny the market rigging by central banks sometimes wonder: What is the end game? But the Banque de France’s partnership with JPMorganChase in the market-rigging business suggests that central banks think they already have achieved the end game, already have achieved what George Orwell predicted in “1984”: “If you want a picture of the future, imagine a boot stamping on a human face — forever.”
Manly’s analysis of the Banque de France-JPM partnership is headlined “French Central Bank and JP Morgan Team Up to Boost Gold Lending” and it’s posted at Bullion Star here:
https://www.bullionstar.com/blogs/ronan-manly/french-central-bank-and-jp…
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
END
South Africa’s gold mining business is rapidly going out of business. This year they will be mining gold equal to only 1% of its GDP down from over 3%. Now the unions are taking their miners out of strike asking for higher wages despite the fact that most South African mines are not profitable as their are mining at depths equal to 5000 feet.
(courtesy Bloomberg/GATA)
How obliging of South Africa’s miners, unions, and government not to care about gold price suppression
Submitted by cpowell on Mon, 2018-12-10 02:06. Section: Daily Dispatches
They’ll deserve what they get, but the rest of the country won’t.
* * *
South African Gold Industry Enters Final Phase of Slow Death
By Felix Njini
Bloomberg News
Sunday, December 9, 2018
Back in 1987, South African President Cyril Ramaphosa — then a 34-year-old labor union leader — led 300,000 black miners in a strike that symbolized resistance to the apartheid regime. Now striking gold workers face a less politically charged battle, but one they can’t win.
The nation’s 130-year-old gold industry — which has produced half the bullion ever mined on Earth — is locked in the final stages of a decades-long death spiral. Most of South Africa’s gold mines are unprofitable at current prices.
…
Dwindling output has cut gold’s contribution to little more than 1 percent of the South African economy, down from 3.8 percent in 1993 — the year before Nelson Mandela’s African National Congress won the country’s first democratic elections. While the industry’s demise won’t reverberate in the way it once would have, the mines minister has criticized Gold Fields Ltd.’s plan to cut jobs as the ruling ANC seeks to shore up its base before elections next year.
Mines run by Gold Fields and Sibanye Gold Ltd. have been halted by strikes over job cuts and wages respectively. Both producers cut their output projections for this year.
South Africa’s gold industry now employs just over 100,000 people, less than a fifth of the number that used to power the apartheid economy. The economic and social impact of a further contraction in the industry will be magnified as every gold miner supports between five and 10 dependents, while creating two jobs elsewhere, according to the country’s Minerals Council.
Higher wages and power prices, combined with the geological challenges of the world’s deepest mines, will mean more job losses and less production in the country over the next five years, said Gold Fields Chief Executive Officer Nick Holland.
“When you work out the math, when you keep doing that year after year, you are going to go out of business very quickly,” Holland said in an interview. “The industry will just continue to see a slow death.” …
… For the remainder of the report:
https://www.bloomberg.com/news/articles/2018-12-09/south-african-gold-in…
* * *
end
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