GOLD: $1304.10 UP $5.30 (COMEX TO COMEX CLOSING)
Silver: $15.75 UP 5 CENTS (COMEX TO COMEX CLOSING)
Closing access prices:
Gold : 1303.50
silver: $15.76
For comex gold and silver:
JANUARY
NUMBER OF NOTICES FILED TODAY FOR JAN CONTRACT: 0 NOTICE(S) FOR NIL OZ (0.0000 tonnes)
TOTAL NUMBER OF NOTICES FILED SO FAR: 555 NOTICES FOR 55100 OZ (1.7262 TONNES)
SILVER
FOR JANUARY
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5 NOTICE(S) FILED TODAY FOR 25,000 OZ/
total number of notices filed so far this month: 819 for 4,095,000
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Bitcoin: OPENING MORNING TRADE $3426: DOWN 124
Bitcoin: FINAL EVENING TRADE: $3429 DOWN $122
end
XXXX
JPMorgan or Goldman Sachs are taking a huge issuance (stopping) of gold at the comex.
today 0/0
Let us have a look at the data for today
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In silver, the total OPEN INTEREST ROSE BY A HUGE SIZED 4776 CONTRACTS FROM 186,697 UP TO 191,473 ACCOMPANYING YESTERDAY’S 40 CENT GAIN IN SILVER PRICING AT THE COMEX. TODAY WE ARRIVED CLOSER TO AUGUST’S 2018 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 22 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 FAIR SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:
1100 EFP’S FOR MARCH, 0 FOR APRIL, 200 FOR DECEMBER AND ZERO FOR ALL OTHER MONTHS AND THEREFORE TOTAL ISSUANCE: OF 1300 CONTRACTS. WITH THE TRANSFER OF 1300 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 1300 EFP CONTRACTS TRANSLATES INTO 6.50 MILLION OZ ACCOMPANYING:
1.THE 40 CENT GAIN 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
21.925 MILLION OZ FINALLY STAND FOR DECEMBER.
AND NOW: INITIALLY 5.805 MILLION OZ STAND IN JANUARY.
ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF JANUARY: 40,032 CONTRACTS (FOR 19 TRADING DAYS TOTAL 40,032 CONTRACTS) OR 200.01 MILLION OZ: (AVERAGE PER DAY: 2224 CONTRACTS OR 11.120 MILLION OZ/DAY)
TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH OF JAN: 200.01 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 28.57% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)* JUNE’S 345.43 MILLION OZ IS THE SECOND HIGHEST RECORDED ISSUANCE OF EFP’S AND IT FOLLOWED THE RECORD SET IN APRIL 2018 OF 385.75 MILLION OZ.
ACCUMULATION IN YEAR 2019 TO DATE SILVER EFP’S: 200.01 MILLION OZ.
RESULT: WE HAD A FAIR SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 4776 WITH THE 40 CENT GAIN IN SILVER PRICING AT THE COMEX //YESTERDAY..THE CME NOTIFIED US THAT WE HAD A GOOD SIZED EFP ISSUANCE OF 1300 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 GIGANTIC SIZED: 6076 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:
i.e 1300 OPEN INTEREST CONTRACTS HEADED FOR LONDON (EFP’s) TOGETHER WITH INCREASE OF 4887 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 40 CENT GAIN IN PRICE OF SILVER AND A CLOSING PRICE OF $15.70 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. .896 BILLION OZ TO BE EXACT or 128% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT JANUARY MONTH/ THEY FILED AT THE COMEX: 5 NOTICE(S) FOR 25,000 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./ DEC. AT 21.925 MILLION OZ AND NOW JANUARY AT 5.825 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 HUMONGOUS SIZED 14,377 CONTRACTS UP TO 537,605 WITH THE RISE IN THE COMEX GOLD PRICE/(A GAIN IN PRICE OF $17.90//YESTERDAY’S TRADING)
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 7727 CONTRACTS:
FEBRUARY HAD AN ISSUANCE OF 7585 CONTACTS APRIL 142 CONTRACTS AND ALL OTHER MONTHS ZERO. The NEW COMEX OI for the gold complex rests at 537,605. 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 22,104 CONTRACTS: 14,377 OI CONTRACTS INCREASED AT THE COMEX AND 7727 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN: 22,104 CONTRACTS OR 2,210,400 OZ = 68.75 TONNES. AND ALL OF THIS HUMONGOUS DEMAND OCCURRED WITH A RISE IN THE PRICE OF GOLD/ FRIDAY TO THE TUNE OF $17.90
YESTERDAY, WE HAD 7727 EFP’S ISSUED.
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JANUARY : 140,464 CONTRACTS OR 14,046,400 OZ OR 436.88 TONNES (19 TRADING DAYS AND THUS AVERAGING: 7803 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 19 TRADING DAYS IN TONNES: 436/88 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES
THUS EFP TRANSFERS REPRESENTS 436.88/2550 x 100% TONNES = 17.13% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***
ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE: 436.88 TONNES
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
Result: A HUMONGOUS SIZED INCREASE IN OI AT THE COMEX OF 14,377 WITH THE GAIN IN PRICING ($17.90) THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 7727 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 7727 EFP CONTRACTS ISSUED, WE HAD ANOTHER HUMONGOUS GAIN OF 22,104 CONTRACTS IN TOTAL OPEN INTEREST ON THE TWO EXCHANGES:
7727 CONTRACTS MOVE TO LONDON AND 14,377 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 68.75 TONNES). ..AND ALL OF THIS DEMAND OCCURRED WITH THE GAIN OF $17.90 IN YESTERDAY’S TRADING AT THE COMEX??????????. THIS IS THE 9TH STRAIGHT DAY THAT WE RECORDED STRONG RISES IN OI ON BOTH EXCHANGES!
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 UP $5.30 TODAY
NO CHANGES IN GOLD INVENTORY AT THE GLD
/GLD INVENTORY 809.76 TONNES
Inventory rests tonight: 809.76 tonnes.
TO ALL INVESTORS THINKING OF BUYING GOLD THROUGH THE GLD ROUTE: YOU ARE MAKING A TERRIBLE MISTAKE AS THE CROOKS ARE USING WHATEVER GOLD COMES IN TO ATTACK BY SELLING THAT GOLD. IT SURE SEEMS TO ME THAT THE GOLD OBLIGATIONS AT THE GLD EXCEED THEIR INVENTORY
SLV/
WITH SILVER UP 5 CENTS IN PRICE TODAY:
NO CHANGES IN SILVER INVENTORY/
/INVENTORY RESTS AT 307.251 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 GIGANTIC SIZED 4776 CONTRACTS from 186,697 UP TO 191,473 AND MOVING 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:
1100 CONTRACTS FOR MARCH. 0 CONTRACTS FOR APRIL., 200 FOR DECEMBER AND AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1300 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 4776 CONTRACTS TO THE 1300 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A GIGANTIC GAIN OF 6076 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 30.38 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. 21.925 MILLION OZ STANDING IN DECEMBER AND 5.825 MILLION OZ STANDING IN JANUARY..
RESULT: A HUMONGOUS SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE 40 CENT PRICING GAIN THAT SILVER UNDERTOOK IN PRICING// FRIDAY.BUT WE ALSO HAD A GOOD SIZED 1300 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 4.75 PTS OR 0.18% //Hang Sang CLOSED UP 7.77 POINTS OR 0.03% /The Nikkei closed DOWN 124.56 PTS OR 0.60%/ Australia’s all ordinaires CLOSED UP 0.68%
/Chinese yuan (ONSHORE) closed UP at 6.7432 AS TRUCE DECLARED FOR 3 MONTHS /Oil UP to 52.70 dollars per barrel for WTI and 60.66 for Brent. Stocks in Europe OPENED RED
//. ONSHORE YUAN CLOSED UP AT 6.7432 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7566: / TRADE TALKS NOW ON/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED : /ONSHORE YUAN TRADING ABOVE 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//USA/Sweden
b) REPORT ON JAPAN
3 C/ CHINA
i) CHINA/HONG KONG
4/EUROPEAN AFFAIRS
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)/Russia
6. GLOBAL ISSUES
7. OIL ISSUES
8 EMERGING MARKET ISSUES
i)VENEZUELA
9. PHYSICAL MARKETS
10. USA stories which will influence the price of gold/silver)
MARKET TRADING
ii)Market data/
iv)SWAMP STORIES
end
Let us head over to the comex:
THE NEXT NON ACTIVE DELIVERY MONTH IS FEBRUARY AND HERE THE OI FELL BY 17 CONTRACTS DOWN TO 428. AFTER FEBRUARY IS THE VERY BIG AND ACTIVE DELIVERY MONTH OF MARCH AND HERE THE OI GAINED BY 2407 CONTRACTS UP TO 138,159 CONTRACTS.
COMPARISON VS LAST YR:
AS A COMPARISON TO LAST YEAR WITH 2 DAYS TO GO BEFORE FIRST DAY NOTICE WE HAD 148 CONTRACTS STANDING FOR DELIVERY (VS 428 TODAY/3 DAYS BEFORE FIRST DAY NOTICE).
FOR COMPARISON TO THE COMEX 2017 CONTRACT MONTH AND JANUARY 2018 CONTRACT MONTH AND FEB 2018
ON FIRST DAY NOTICE JAN 1/2018 CONTRACT MONTH WE HAD A GOOD 2.695 MILLION OZ STAND FOR DELIVERY’
AT THE CONCLUSION OF JAN/2018 WE HAD 3.650 MILLION OZ STAND AS QUEUE JUMPING WAS THE NORM FOR SILVER
.
ON FIRST DAY NOTICE FEB 1 CONTRACT MONTH WE HAD 670,000 OZ. AT THE MONTH’S CONCLUSION WE HAD 2.035 MILLION OZ STAND AS WE WITNESSED QUEUE JUMPING ON A REGULAR BASIS AT THE SILVER COMEX.
i) Out of Int Delaware: 96.45 oz
(3 kilobars)
Gold Consolid
END
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.
CNBC.com
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.
5.RUSSIAN AND MIDDLE EASTERN AFFAIRS
6. GLOBAL ISSUES
7 OIL ISSUES
8. EMERGING MARKETS
VENEZUELA
Your early morning currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings TUESDAY morning 7:00
Euro/USA 1.1415 UP .0014 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 RED
USA/JAPAN YEN 109;46 DOWN 0.063 (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…DEADLY TO OUR YEN SHORTERS
GBP/USA 1.3153 DOWN 0.0031 (Brexit March 29/ 2017/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED
USA/CAN 1.3237 UP .0023 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)
Early THIS TUESDAY morning in Europe, the Euro ROSE by 14 basis points, trading now ABOVE the important 1.08 level RISING to 1.1415/ Last night Shanghai composite CLOSED DOWN 4.75 POINTS OR 0.18%
//Hang Sang CLOSED UP 7.77POINTS OR 0.03%
/AUSTRALIA CLOSED UP 0.68% /EUROPEAN BOURSES RED
The NIKKEI: this TUESDAY morning CLOSED DOWN 124.56 POINTS OR 0.60%
Trading from Europe and Asia
1/EUROPE OPENED RED
2/ CHINESE BOURSES / :Hang Sang CLOSED UP 7.77 POINTS OR 0.03%
/SHANGHAI CLOSED DOWN 4.75 PTS OR 0.18%
Australia BOURSE CLOSED UP .68%
Nikkei (Japan) CLOSED DOWN 124.56 PTS OR 0.60%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 1300.20
silver:$15.69
Early TUESDAY morning USA 10 year bond yield: 2.76% !!! UP 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 3.07 UP 1 IN BASIS POINTS from MONDAY night. (POLICY FED ERROR)/
USA dollar index early TUESDAY morning: 95.85 DOWN 28 CENT(S) from MONDAY’s close.
This ends early morning numbers TUSDAY MORNING
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And now your closing TUESDAY NUMBERS \12: 00 PM
Portuguese 10 year bond yield: 1.65% DOWN 0 in basis point(s) yield from MONDAY/
JAPANESE BOND YIELD: +.00% DOWN 0 BASIS POINTS from MONDAY/JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 1.22% DOWN 1 IN basis point yield from MONDAY
ITALIAN 10 YR BOND YIELD: 2.67 UP 2 POINTS in basis point yield from MONDAY/
the Italian 10 yr bond yield is trading 135 points HIGHER than Spain.
GERMAN 10 YR BOND YIELD: RISES UP TO +.21% IN BASIS POINTS ON THE DAY//
THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 2.46% 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 1.1434 UP .0034 or 34 basis points
USA/Japan: 109.26 DOWN 0.2666 OR 27 basis points/
Great Britain/USA 1.3158 DOWN.0025( POUND DOWN 25 BASIS POINTS)
Canadian dollar DOWN 49 basis points to 1.3264
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The USA/Yuan,CNY closed UP AT 6.7453 0N SHORE (YUAN UP)
THE USA/YUAN OFFSHORE: 6.7571( YUAN DOWN)
TURKISH LIRA: 5.3362
the 10 yr Japanese bond yield closed at +.00%
Your closing 10 yr USA bond yield UP 0 IN basis points from MONDAY at 2.74 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 3.05 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, 95.71 DOWN 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: 12:00 PM
London: CLOSED DOWN 62.12 OR 0.91%
German Dax : DOWN 71.48 POINTS OR 0.63%
Paris Cac CLOSED DOWN 37,24 POINTS OR 0.76%
Spain IBEX CLOSED DOWN 122 POINTS OR 1.34%
Italian MIB: CLOSED DOWN 202.39 POINTS OR 1.02%
WTI Oil price; 51.56 12:00 pm;
Brent Oil: 59.77 12:00 EST
USA /RUSSIAN / ROUBLE CROSS: 66/18 THE CROSS HIGHER BY 0.17 ROUBLES/DOLLAR (ROUBLE LOWER BY 17 BASIS PTS)
USA DOLLAR VS TURKISH LIRA: 5.3362 PER ONE USA DOLLAR.
TODAY THE GERMAN YIELD RISES +.21 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 : 52.17
BRENT : 59.98
USA 10 YR BOND YIELD: … 2.74
USA 30 YR BOND YIELD: 3.07
EURO/USA DOLLAR CROSS: 1.1428 ( UP 27 BASIS POINTS)
USA/JAPANESE YEN:109.38 DOWN .146 (YEN UP 15 BASIS POINTS/..
.
USA DOLLAR INDEX: 95.74 DOWN 5 cent(s)/
The British pound at 4 pm: Great Britain Pound/USA:1.3162 DOWN 22 POINTS FROM YESTERDAY
the Turkish lira close: 5.3238
the Russian rouble 66.27: DOWN .26 Roubles against the uSA dollar.( DOWN 26 BASIS POINTS)
Canadian dollar: 1.3253 DOWN 39 BASIS pts
USA/CHINESE YUAN (CNY) : 6.7453 (ONSHORE)
USA/CHINESE YUAN(CNH): 6.7502 (OFFSHORE)
German 10 yr bond yield at 5 pm: ,0.21%
The Dow closed DOWN 208.98 POINTS OR 0.84%
NASDAQ closed DOWN 79.18 POINTS OR 1.11%
VOLATILITY INDEX: 18.95 CLOSED UP 1.53
LIBOR 3 MONTH DURATION: 2.765% .LIBOR RATES ARE RISING/
FROM 2.779
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
China, Ch
market trading/
MARKET DATA
USA ECONOMIC STORIES OF INTEREST
SWAMP STORIES
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