MARCH 13/GOLD HAS ANOTHER STELLAR DAY UP $11.10 TO $1309.10 WITH SILVER UP 6 CENTS TO $15.47; GOLD CONTINUES TO ALMOST $1311.00 IN THE ACCESS MARKET//SILVER COMEX CONTINUES IN STRESS AS WE WITNESS CONTINUE QUEUE JUMPING BY OUR BANKER FRIENDS LOOKING FOR SILVER METAL///GLD ADVANCES ANOTHER 2.93 TONNES OF GOLD INTO ITS VAULTS//IN THE UK THEY REJECT MAY’S BREXIT PLAN BUT BARELY VOTE FOR A SUPPORT FOR A BREXIT ONLY ON A DEAL//MORE SWAMP STORIES FOR YOU TONIGHT///

 

 

 

GOLD: $1309.10 UP $11.10 (COMEX TO COMEX CLOSING)

Silver:   $15.47 UP 6 CENTS (COMEX TO COMEX CLOSING)

Closing access prices:

Gold :  $1309.50

 

silver: $15.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For comex gold and silver:

MARCH

 

 

 

NUMBER OF NOTICES FILED TODAY FOR  MAR CONTRACT: 1 NOTICE(S) FOR 100 OZ (0.0031 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  336 NOTICES FOR 33600 OZ  (1.0451 TONNES)

 

 

SILVER

 

FOR MARCH

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

 

292 NOTICE(S) FILED TODAY FOR 1,460,000  OZ/

 

total number of notices filed so far this month: 5164 for 25,820,000

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE $3854:DOWN $27

 

Bitcoin: FINAL EVENING TRADE: $3861  DOWN 21

 

end

 

XXXX

JPMorgan or Goldman Sachs are taking a huge issuance (stopping) of gold at the comex.

today 1/1

EXCHANGE: COMEX
CONTRACT: MARCH 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,296.300000000 USD
INTENT DATE: 03/12/2019 DELIVERY DATE: 03/14/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
661 C JP MORGAN 1
737 C ADVANTAGE 1
____________________________________________________________________________________________

TOTAL: 1 1
MONTH TO DATE: 336

Let us have a look at the data for today

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In silver, the total OPEN INTEREST FELL BY A CONSIDERABLE SIZED 930 CONTRACTS FROM 190,698 DOWN TO 189,768 DESPITE YESTERDAY’S STRONG 14 CENT GAIN IN SILVER PRICING AT THE COMEX.  TODAY WE ARRIVED FURTHER FROM  AUGUST’S 2018  RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS. WE MUST HAVE HAD CONSIDERABLE SHORT COVERING AGAIN TODAY.

 

WE HAVE ALSO WITNESSED A LARGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY 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 CONSIDERABLE SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:

0 EFP’S FOR MARCH,  0 FOR APRIL,  1099 FOR MAY, 0 FOR DECEMBER AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE: OF 1099 CONTRACTS. WITH THE TRANSFER OF 1099 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 1099 EFP CONTRACTS TRANSLATES INTO 5.495 MILLION OZ  ACCOMPANYING:

1.THE 14 CENT GAIN IN SILVER PRICE AT THE COMEX AND

2. THE STRONG AMOUNT OF SILVER OUNCES WHICH STOOD FOR DELIVERY IN THE LAST NINE 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  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.

AND NOW: 26.445 MILLION OZ STANDING IN MARCH.

 

 

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

20,329 CONTRACTS (FOR 9 TRADING DAYS TOTAL 20,329 CONTRACTS) OR 101.695 MILLION OZ: (AVERAGE PER DAY: 2258 CONTRACTS OR 11.290 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR:  101.695 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 14.52% 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:          466.59    MILLION OZ.

JANUARY 2019 EFP TOTALS:                                                      217.455. MILLION OZ

FEB 2019 TOTALS:                                                                       147.4       MILLION OZ/

 

 

RESULT: WE HAD A CONSIDERABLE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 930 DESPITE THE 14 CENT GAIN IN SILVER PRICING AT THE COMEX /YESTERDAY..THE CME NOTIFIED US THAT WE HAD   CONSIDERABLE SIZED EFP ISSUANCE OF 1099 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 STRANGELY GAINED A SMALL SIZED: 169 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: (DESPITE THE POWERFUL ADVANCE IN PRICE)

i.e 1099 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH DECREASE OF 930 OI COMEX CONTRACTSAND ALL OF THIS  DEMAND HAPPENED WITH A 14 CENT GAIN IN PRICE OF SILVER  AND A CLOSING PRICE OF $15.41 WITH RESPECT TO YESTERDAY’S TRADING. YET WE HAVE 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. 0.975 BILLION OZ TO BE EXACT or 139% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT FEBRUARY MONTH/ THEY FILED AT THE COMEX: 292 NOTICE(S) FOR 1,460,000 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:

  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:  A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz  NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ   JANUARY AT  5.825 MILLION OZ.AND FEB 2019:  2.955 MILLION OZ/AND NOW MARCH: 26.445 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 ROSE BY ANOTHER HUMONGOUS 11,055 CONTRACTS UP TO 533,606 WITH THE RISE IN THE COMEX GOLD PRICE/(A GAIN IN PRICE OF $7.00//YESTERDAY’S TRADING). HOWEVER…….

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A  GOOD SIZED 5208 CONTRACTS:

 

MARCH HAD AN ISSUANCE OF 0 CONTACTS  APRIL 5208 CONTRACTS,JUNE: 0 CONTRACTS DECEMBER: 0 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 530,030. 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  A HUGE SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 16,263 CONTRACTS: 11,055 OI CONTRACTS INCREASED AT THE COMEX AND 5208 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 16,263 CONTRACTS OR 1,626,300= 50.58 TONNES.

YESTERDAY WE HAD A GAIN IN THE PRICE OF GOLD TO THE TUNE OF $7.00.AND WITH THAT, WE HAD A HUMONGOUS GAIN IN TONNAGE OF 50.58 TONNES??.

 

 

 

 

YESTERDAY, WE HAD 4688 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MARCH : 67,951 CONTRACTS OR 6,795,100 OZ OR 211.36 TONNES (9 TRADING DAYS AND THUS AVERAGING: 7550 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 9 TRADING DAYS IN  TONNES: 211.36 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2018, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES

THUS EFP TRANSFERS REPRESENTS 211.36/2550 x 100% TONNES = 8,28% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     1085.3 TONNES

JANUARY 2019 TOTAL EFP ISSUANCE;   531.20 TONNES

FEB 2019 TOTAL EFP ISSUANCE:             344.36 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 SIZED INCREASE IN OI AT THE COMEX OF 11,055 WITH THE GAIN IN PRICING ($7.00) THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A GOOD SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 5208 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 5208 EFP CONTRACTS ISSUED, WE  HAD A GIGANTIC GAIN OF 16,263 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

5208 CONTRACTS MOVE TO LONDON AND 11,055 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE STRONG GAIN IN TOTAL OI EQUATES TO 50.58 TONNES). ..AND ALL OF THIS HUGE  DEMAND OCCURRED WITH A GAIN OF $7.00 IN YESTERDAY’S TRADING AT THE COMEX????

 

 

 

we had:  1 notice(s) filed upon for 100 oz of gold at the comex.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD...

 

WITH GOLD UP  $11.10 TODAY 

 

ANOTHER HUGE ADDITIONS  (DEPOSIT) TODAY:

A DEPOSIT OF 2.93 TONNES

 

 

INVENTORY RESTS AT 772.46 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 6 CENTS  IN PRICE  TODAY:

NO CHANGES IN SILVER INVENTORY AT THE SLV.

 

 

 

/INVENTORY RESTS AT 309.676 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 CONSIDERABLE SIZED 930 CONTRACTS from 190,698 DOWN TO 189,768 AND 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:

 

0 CONTRACTS FOR MARCH. 0 CONTRACTS FOR APRIL., 1,099 FOR MAY AND  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1,099 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 930 CONTRACTS TO THE 1099 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE  OBTAIN  A SMALL GAIN  OF 169  OPEN INTEREST CONTRACTS.  THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 0.845 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 , 5.845 MILLION OZ STANDING IN JANUARY. 2.955 MILLION OZ STANDING IN FEBRUARY AND NOW 26.445 MILLION OZ FOR MARCH.

 

 

RESULT: A CONSIDERABLE SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE 14 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY.BUT WE ALSO HAD A GOOD SIZED 1099 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.

BOTH THE SILVER COMEX AND THE GOLD COMEX ARE IN STRESS AS THE BANKERS SCOUR THE BOWELS OF THE EXCHANGE FOR METAL

 

 

(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)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED DOWN 33.36 POINTS OR 1.09% //Hang Sang CLOSED DOWN 113.42 POINTS OR 0.39%  /The Nikkei closed DOWN 213.45 POINTS OR 0.99%/ Australia’s all ordinaires CLOSED DOWN .23%

/Chinese yuan (ONSHORE) closed UP  at 6.7092 AS TRUCE DECLARED FOR 3 MONTHS /Oil DOWN to 57.26 dollars per barrel for WTI and 67.09 for Brent. Stocks in Europe OPENED RED EXCEPT LONDON 

ONSHORE YUAN CLOSED DOWN // LAST AT 6.7092 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7137: / 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

i

 

 

 

 

 

3A/NORTH KOREA/SOUTH KOREA

 

 

 

i)North Korea/

 

 

 

b) REPORT ON JAPAN

 

 

 

3 C/  CHINA

i)China/

 

4/EUROPEAN AFFAIRS

i)UK/Tuesday night

MPs reject the second BREXIT plan.  Now there are two more votes

(BBC)

ii)The truth behind the BREXIT proposals between Great Britain and the EU…a must read.

( Tom Luongo)

iii)the vote was close by a scant 4 votes which means that some ministers will bolt..the vote means that they do not want to leave except with a affirmative deal
(courtesy zerohedge)

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

6. GLOBAL ISSUES

i)FINLAND

This is what happens when you have to socialism:  the government collapsed under the huge weight of socialized healthcare

( Mac Slavo/SHFTPln.com

ii)The Ethiopian Airline pilot at the helm of that ill fated flight warned of “flight-control problems”/  This adds more for the USA to ground all Boeing 737 Max 8 flights.

( zerohedge)

 

 

7. OIL ISSUES

 

 

 

 

8 EMERGING MARKET ISSUES

 

 

i)VENEZUELA/

The USA continues to try and oust Maduro as Venezuela continues under darkness

(courtesy Southfront.org)

ii)China offers to help Venezuela restore power as Maduro accuses Trump and Guaido of sabotage

( zerohedge)

 

 

 

 

9. PHYSICAL MARKETS

i)Steve Forbes believes that all sales of gold and silver coins should not be taxed

(Forbes.com/Steve Forbes/GATA)

ii)USA Gold comments on the steadiness  of gold compared to other markets

( USA Gold/GATA)

 

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

 

 

MARKET TRADING

 

 

 

ii)Market data

a)Producer price growth slows down as the economy slows

(courtesy zerohedge)

b)Another indicator of a slowdown:  durable good orders slipped in January.

( zerohedge)

c)The street loved the fact that construction spending rose, but under the hood, residential spending slumped for the 6th straight month…it was government construction spending that was on the rise

(courtesy zerohedge)

ii)USA ECONOMIC/GENERAL STORIES

a)Pressure mounts on the USA’s FAA to ground all 737 Max 8’s

( zerohedge)

b)It is student debt that is killing the Millennials.  They have collectively more than one trillion dollars in debt.

( Michael Snyder//EconomicCollapseBlog)

iv)SWAMP STORIES

a)Stormy and Creepy porn lawyer Avenatti part ways

( zerohedge)

b)Ice officers are growing frustrated with the lack of progress over border security

(courtesy zerohedge)

 

c)With tongue in cheek, Trump thanks Pelosi for her no impeachment stance.  He however notes one minor fact:  he never did anything wrong

(courtesy zerohedge)

d)Manafort sentenced to another 43 months for a total of 7 1/2 years. Now the move is up to Trump to pardon him

( zerohedge)

e)Page’s testimony contradicts the timeline with Bruce Ohr’s testimony. It also outlines clearly the Dept of Justice’s interference with the probe on Hillary

( zerohedge)

E)SWAMP STORIES/MAJOR STORIES//THE KING REPORT

 

end

 

 

 

Let us head over to the comex:

 

THE TOTAL COMEX GOLD OPEN ROSE BY HUMONGOUS  SIZED 11,055 CONTRACTS UP TO A LEVEL OF 533,606 WITH THE GAIN IN THE PRICE OF GOLD ($7.00) IN YESTERDAY’S // COMEX TRADING).

WE ARE NOW IN THE  NON ACTIVE DELIVERY MONTH OF MARCH..  THE CME REPORTS THAT THE BANKERS ISSUED A GOOD SIZED COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 5208 EFP CONTRACTS WERE ISSUED:

FOR MARCH:  0. FOR APRIL 5208, FOR JUNE: 0 CONTRACTS AND FINALLY DECEMBER: 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  5208 CONTRACTS.

THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST  48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON BASED FORWARD.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 16,263 TOTAL CONTRACTS IN THAT 5208 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A HUMONGOUS SIZED 11,055 COMEX CONTRACTS.

NET GAIN ON THE TWO EXCHANGES ONLY::16,263 contracts OR 1,626,300 OZ OR 50.58 TONNES.

 

We are now in the NON active contract month of MARCH and here the open interest stands at 38 contracts  for a loss of 8 contracts.We had 8 notices served upon yesterday so we  GAINED  0 contracts or AN ADDITIONAL NIL oz will stand at the comex as these guys refused to morph into London based forwards as well as negating a fiat bonus for their effort.

 

 

 

The next non active delivery month after  March is the  active delivery month is April and here the OI lost by 6028 contracts down to 273,820 contracts. The non active month of May picked up 16 contracts for a total of 287 open interest.  After May, the next active delivery month is June and here the OI stands at 170,914 having gained 14,749 contracts.

 

 

 

 

TODAY’S NOTICES FILED:

WE HAD 1 NOTICES FILED TODAY AT THE COMEX FOR 100 OZ. (0.0031 tonnes)

 

 

 

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And now for the wild silver comex results.

Total COMEX silver OI FELL BY A CONSIDERABLE SIZED 930 CONTRACTS FROM 190,698 DOWN TO 189,768(AND FURTHER FROM THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018.  THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S SMALL OI COMEX GAIN  OCCURRED WITH A 14 CENT GAIN IN PRICING.//YESTERDAY 

 

 

WE ARE NOW INTO THE ACTIVE DELIVERY MONTH OF MARCH AND THE  OPEN INTEREST IN THIS FRONT MONTH RESTS AT 417 HAVING GAINED 3 CONTRACTS.

WE HAD 14 NOTICES FILED YESTERDAY SO WE GAINED 17 CONTRACTS OR 85,000 ADDITIONAL OZ WILL STAND AT THE SILVER COMEX AS THESE GUYS REFUSED TO MORPH INTO LONDON BASED FORWARDS AS WELL AS NEGATING A FIAT BONUS. WE HAVE BEEN WITNESSING QUEUE JUMPING IN SILVER FOR OVER 3 YEARS IN THAT THE TOTAL OZ STANDING INCREASES FROM FIRST DAY NOTICE STANDING.

TODAY THE  SILVER COMEX IS IN STRESS.!! WE HAVE HAD FOR THE 9TH CONSECUTIVE DAY QUEUE JUMPING AND THUS ANOTHER INCREASE IN THE AMOUNT OF SILVER STANDING AT THE COMEX.

 

 

 

 

AFTER MARCH, WE HAVE THE NON ACTIVE DELIVERY MONTH OF APRIL.  HERE: APRIL FELL TO 805 CONTRACTS FOR A LOSS OF 6 CONTRACTS.  AFTER APRIL, THE NEXT BIG ACTIVE DELIVERY MONTH IS MAY AND HERE THE OI FELL BY 718 CONTRACTS DOWN TO 138,180 CONTRACTS. WE HAVE WITNESSED A MASSIVE SHORT COVERING AT THE BANKS WITH RESPECT TO SILVER COUPLED WITH CONTINUE QUEUE JUMPING……SOMETHING IS SCARING THEM TO DEATH!!!

 

 

 

ON A NET BASIS WE GAINED A SMALL 169 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 930 CONTRACT LOSS AT THE COMEX COMBINING WITH THE ADDITION OF 1099 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN ON THE TWO EXCHANGES:  169 CONTRACTS...AND ALL OF THIS DEMAND OCCURRED WITH A 14 CENT GAIN IN PRICING// YESTERDAY???. 

 

 

 

 

 

 

 

 

 

TODAY’S NUMBER OF NOTICES FILED:

 

We, today, had 292 notice(s) filed for 1,460,000 OZ for the MARCH, 2019 COMEX contract for silver

 

 

Trading Volumes on the COMEX TODAY:  228,486  CONTRACTS

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  254,820  contracts

 

 

 

 

 

 

 

 

 

Initial standings for  MAR/GOLD

MAR 13 /2019.

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
160.755
oz
Brinks
5 kilobars
Deposits to the Dealer Inventory in oz nil

oz

 

 

 

 

 

 

Deposits to the Customer Inventory, in oz  

 

 

 

 

 

nil

oz

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No of oz served (contracts) today
1 notice(s)
 100 OZ
(0.0031 TONNES)
No of oz to be served (notices)
37 contracts
(3700 oz)
Total monthly oz gold served (contracts) so far this month
336 notices
33600 OZ
1.0451 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 entries:

 

 

total dealer deposits: nil oz

total dealer withdrawals: 0 oz

We had 1 kilobar entries

 

we had 0 deposit into the customer account

i) Into JPMorgan:  nil oz

ii) Into everybody else:  nil

total gold deposits: nil oz

 

no gold arrives from outside.

we had 1 gold withdrawals from the customer account:

i) out of brinks: 160.755  oz

 

 

 

total gold withdrawals;  160.755 oz

 

we had 0  adjustments…

FOR THE MAR 2019 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  1 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 1 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid  (Goldman Sachs)

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the INITIAL total number of gold ounces standing for the MARCH/2019. contract month, we take the total number of notices filed so far for the month (336) x 100 oz , to which we add the difference between the open interest for the front month of MAR. (38 contract) minus the number of notices served upon today (1 x 100 oz per contract) equals 37,500 OZ OR 1.1664 TONNES) the number of ounces standing in this active month of MARCH

Thus the INITIAL standings for gold for the MAR/2019 contract month:

No of notices served (336 x 100 oz)  + {38)OI for the front month minus the number of notices served upon today (1 x 100 oz )which equals 37,500 oz standing OR 1.1664 TONNES in this active delivery month of MARCH.

We GAINED 0 contracts or an additional NIL ADDITIONAL oz WILL STAND AT THE COMEX AS THEY REFUSED TO MORPH INTO LONDON BASED FORWARDS AS WELL AS NEGATING TO ACCEPT A FIAT BONUS.

 

HOWEVER, THE GOLD COMEX (AND SILVER COMEX) ARE NOW IN STRESS AS THE CROOKS ARE DESPERATE TO FIND PHYSICAL METAL.

SURPRISINGLY NO GOLD HAS BEEN ENTERING THE COMEX VAULTS AND WE HAVE WITNESSED THIS FOR THE PAST YEAR!!  WE HAVE ONLY 11.388 TONNES OF REGISTERED (  GOLD OFFERED FOR SALE)

 

 

 

 

 

 

 

total registered or dealer gold:  366,127.915 oz or  11.388 tonnes
total registered and eligible (customer) gold;   8,035,697.176 oz 249.943 tonnes

FOR COMPARISON

MARCH 2018 VS MARCH 2019 CONTRACTS

 

 

 

 

 

 

 

ON FIRST DAY NOTICE MARCH 1/2018: TOTAL GOLD TONNAGE STANDING FOR DELIVERY: 2.1524 TONNES

THE FINAL AMOUNT OF GOLD TONNAGE: MARCH 31/2018:  1.6114 TONNES AS THE REST MORPHED INTO LONDON BASED FORWARDS.

IN THE LAST 29 MONTHS 105 NET TONNES HAS LEFT THE COMEX.

 

THE GOLD COMEX IS NOW IN STRESS AS
1. GOLD IS LEAVING THE COMEX
2. GOLD IS LEAVING THE REGISTERED CATEGORY OF THE COMEX.

end

And now for silver

AND NOW THE  DELIVERY MONTH

MAR INITIAL standings/SILVER

MAR 13 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
nil oz

 

 

Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
307,799.800
oz
Brinks
Scotia
No of oz served today (contracts)
292
CONTRACT(S)
1,460,000 OZ)
No of oz to be served (notices)
125 contracts
625,000 oz)
Total monthly oz silver served (contracts) 5164 contracts

(25,820,000 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  2 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 147.825 million oz of  total silver inventory or 49.12% of all official comex silver. (147 million/300.8 million)

 

i) Into Brinks:: 299,222.970 oz

iii) Into Scotia: 8,,576.830 oz

 

 

 

 

 

 

 

 

 

 

 

 

 

total customer deposits today:  307,799.800    oz

 

we had 0 withdrawals out of the customer account:

 

 

 

 

 

 

 

 

 

 

 

 

total withdrawals: nil    oz

 

we had 1 adjustment

i) out of CNT:

601,621.400 oz was adjusted out of the customer CNT and this landed into the dealer account of CNT

 

total dealer silver:  95.320 million

total dealer + customer silver:  301.177 million oz

 

 

 

 

The total number of notices filed today for the MARCH 2019. contract month is represented by 292 contract(s) FOR  1,460,000  oz

To calculate the number of silver ounces that will stand for delivery in MAR, we take the total number of notices filed for the month so far at 5164 x 5,000 oz = 25,820,000 oz to which we add the difference between the open interest for the front month of MAR. (417) and the number of notices served upon today (292 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the MAR/2019 contract month: 5164(notices served so far)x 5000 oz + OI for front month of MAR( 417) -number of notices served upon today (292)x 5000 oz equals 26,445,000 oz of silver standing for the MAR contract month.  This is a strong number of oz standing for an off delivery month.

We gained  17 contracts or an additional 85,000 oz will stand as bankers queue jumped in order to receive badly needed physical metal. The silver comex is in deep stress as this is the 9TH day in a row of a huge gain in silver oz standing. WE ALSO WITNESSED HUGE SHORT COVERING BY THE BANKERS AS THEY SEEM TO BE SCARED ABOUT SOMETHING!

 

 

 

 

 

ON MARCH 1.2018 WE HAD 24.670 MILLION OZ OF SILVER STAND FOR DELIVERY. BY THE CONCLUSION OF THE DELIVERY MONTH, 27.190 MILLION OZ STOOD AS QUEUE JUMPING IN THE SILVER COMEX ARENA HAD BEEN THE NORM FOR QUITE A WHILE.

 

 

 

 

 

 

 

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

TODAY’S SILVER VOLUME:  44,489 CONTRACTS

 

 

CONFIRMED VOLUME FOR YESTERDAY: 60,716 CONTRACTS… 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 60,716 CONTRACTS EQUATES to 303 million OZ  43.3% 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 -2.50% (MAR13/2019)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.87% to NAV (MAR13/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -2.50%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

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

NAV 13.20/TRADING 12.84/DISCOUNT 2.73

END

And now the Gold inventory at the GLD/

MARCH 13/WITH GOLD UP $11.10 TODAY: A HUGE DEPOSIT AGAIN OF 2.93 TONNES INTO THE GLD INVENTORY/INVENTORY RESTS AT 772.46 TONNES

MARCH 12/WITH GOLD UP $7.00: A HUGE DEPOSIT OF 2.94 TONNES OF GOLD INTO THE GLD INVENTORY/INVENTORY RESTS AT 769.53 TONNES

MARCH 11/WITH GOLD DOWN $8.00 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 766.59 TONNES

MARCH 8/WITH GOLD UP $13.40: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 766.59 TONNES

MARCH 7/WITH GOLD DOWN $1.40 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 766.59 TONNES

MARCH 6/WITH GOLD UP $3.30 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 766.59 TONNES

MARCH 5/WITH GOLD DOWN ONLY $1.70: A HUGE WITHDRAWAL OF 5.87 TONNES FROM THE GLD INVENTORY AND THIS GOLD HAS BEEN USED IN THE WHACKING PROCESS YESTERDAY AND TODAY/INVENTORY RESTS AT 766.59 TONNES

MARCH 4/WITH GOLD ANOTHER $12.50 TODAY: A HUGE WITHDRAWAL OF 11.76 TONNES FROM THE GLD INVENTORY//INVENTORY RESTS AT 772.46 TONNES

MAR 1/WITH GOLD DOWN $16.90 TODAY; A HUGE WITHDRAWAL OF 4.11 TONNES FROM THE GLD INVENTORY//INVENTORY RESTS AT 784.22 TONNES

FEB 28/WITH GOLD DOWN $4.80: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 788.33

FEB 27/WITH GOLD DOWN $6.80: NO CHANGE IN GOLD INVENTORY//INVENTORY RESTS AT 788.33 TONNES

FEB 26  WITH GOLD DOWN $1.10: A WITHDRAWAL OF 1.18 TONNES FROM THE GLD INVENTORY/INVENTORY RESTS AT 788.33

FEB 25/WITH GOLD DOWN $3.10: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 789.51 TONNES

 

FEB 22/WITH GOLD UP $5.15 A HUGE WITHDRAWAL OF 4.99 TONNES OF GOLD FROM THE GLD INVENTORY/INVENTORY RESTS AT 789.51 TONNES

FEB 21/WITH GOLD DOWN $19.50/ A SURPRISE GAIN (DEPOSIT) OF 2.05 TONNES INTO THE GLD INVENTORY/INVENTORY RESTS AT 794.50 TONNES

FEB 20/WITH GOLD UP $3.10 TODAY: SURPRISINGLY NO CHANGE IN GOLD INVENTORY/GLD INVENTORY RESTS AT 792.45 TONNES

FEB 19/WITH GOLD UP $22.95/ TWO TRANSACTIONS: A HUGE 3.82 TONNES OF GOLD WITHDRAWAL FROM THE GLD THIS MORNING AND THEN  0.58 TONNES THIS AFTERNOON///INVENTORY RESTS AT 792,45 TONNES. FROM FEB 1/2019 UNTIL TODAY, GOLD IS UP $24.25 AND YET GOLD WITHDRAWALS ARE A HUGE 31.42 TONNES/THIS IS CRIMINAL!!

FEB 15/WITH GOLD UP $8.00 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 796.85 TONNES

FEB 14//WITH GOLD DOWN $1.10: WE HAD ANOTHER PAPER RAID (WITHDRAWAL) OF 2.04 TONNES/INVENTORY RESTS AT 796.85 TONNES/

FEB 13:/WITH GOLD UP $1.40 TODAY: ANOTHER PAPER RAID BY OUR CROOKED BANKERS AS THEY WITHDREW ANOTHER 2.23 TONNES OF GOLD FROM THE GLD. INVENTORY RESTS AT 798.89 TONNES

FEB 12: WITH GOLD UP $2.20 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 802.12 TONNES

FEB 11/WITH GOLD DOWN $6.25 TODAY: ANOTHER PAPER WITHDRAWAL OF 1.17 TONNES OF GOLD AND THIS GOLD WAS USED TO WHACK OUR PRECIOUS METAL TODAY/INVENTORY RESTS AT 802.12 TONNES

FEB 8/WITH GOLD UP $4.00/THE CROOKS WITHDREW ANOTHER HUGE 6.59 TONNES OF PAPER GOLD AND THIS GOLD WAS USED TO CONTAIN THE PRICE OF GOLD/INVENTORY RESTS AT 803.29 TONNES

FEB 7/WITH GOLD UP 35 CENTS/ANOTHER PAPER GOLD WITHDRAWAL OF 2.06 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 809.76 TONNES

FEB 6/WITH GOLD DOWN $4.85 TODAY: A STRONG PAPER WITHDRAWAL OF 1.37 TONNES FROM THE GLD/INVENTORY RESTS AT 811.82 TONNES

FEB 5/WITH GOLD UP $.30 TODAY: A HUGE PAPER WITHDRAWAL OF 4.11 TONNES/INVENTORY RESTS AT 813.29 TONNES

FEB 4/WITH GOLD DOWN $2.65: TWO TRANSACTIONS: i)A MASSIVE WITHDRAWAL OF 8.37 TONNES OF PAPER GOLD WAS REMOVED FROM THE GLD AND THEN ii) a A STRONG DEPOSIT OF 2.00 TONNES/INVENTORY RESTS AT 817.40 TONNES

FEB 1/WITH GOLD DOWN $3.00 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 823.87 TONNES

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

MAR 13/2019/ Inventory rests tonight at 769.53 tonnes

*IN LAST 558 TRADING DAYS: 162.59 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 458 TRADING DAYS: A NET 4.230 TONNES HAVE NOW BEEN ADDED INTO THE GLD INVENTORY.

 

end

 

Now the SLV Inventory/

MARCH 13/WITH SILVER UP 6 CENTS TODAY: NO CHANGES IN SILVER INVENTORY/INVENTORY AT THE SLV RESTS AT 309.676 MILLION OZ/

MARCH 12/WITH SILVER UP 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY/INVENTORY AT THE SLV RESTS AT 309.676 MILLION OZ////

MARCH 11/WITH SILVER DOWN 7 CENTS: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 516,000 OZ/INVENTORY RESTS AT 309.676 MILLION OZ///

MARCH 8/WITH SILVER UP 34 CENTS: STRANGE!! TWO TRANSACTIONS!!  IN THE MORNING A WITHDRAWAL OF 703,000 OZ FROM THE SLV/INVENTORY RESTS AT 307,800 OZ/ IN THE AFTERNOON: A DEPOSIT OF 1.56 MILLION OZ/INVENTORY FINALLY RESTS AT 309.160 MILLION OZ//

MARCH 7/WITH SILVER DOWN 4 CENTS: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 308.503 MILLION OZ//

MARCH 6/WITH SILVER DOWN 2 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 308.503 MILLION OZ

MARCH 5/WITH SILVER UP ONE CENT: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 308.503 MILLION OZ///

MARCH 4/WITH SILVER DOWN 14 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV; A WITHDRAWAL OF 871,000 OZ OF SILVER FROM THE SLV///INVENTORY RESTS AT 308.503 MILLION OZ/

MARCH 1/ WITH SILVER DOWN 38 CENTS/NO CHANGE IN SILVER INVENTORY

FEB 28/WITH SILVER DOWN 12 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.374

FEB 27/WITH SILVER DOWN 14 CENTS//A  SMALL CHANGE IN INVENTORY: A WITHDRAWAL OF 610,000 OZ//SLV INVENTORY RESTS AT 309.374 MILLION OZ/

FEB 26/WITH SILVER DOWN ONE CENT; NO CHANGE IN INVENTORY/RESTS AT 309.984

FEB 25./WITH SILVER DOWN 7 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.984 MILLION OZ/

FEB 22/WITH SILVER UP 7 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.984 MILLION OZ///

FEB 21/WITH SILVER DOWN 37 CENTS: SURPRISINGLY A DEPOSIT OF 1.688 MILLION OZ OF SILVER INVENTORY/ INTO THE SLV/INVENTORY RESTS AT 309.984 MILLION OZ///

FEB 20/WITH SILVER UP 19 CENTS AND ON A TEAR: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 308.296 MILLION OZ/

FEB 19/WITH SILVER UIP 25 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 938,000 OZ/INVENTORY RESTS AT 308.296 MILLION OZ/

FEB 15/WITH SILVER UP 19 CENTS: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 307.358 MILLION OZ/

FEB 14/WITH SILVER DOWN 11 CENTS: A DEPOSIT OF 423,000 OZ/INVENTORY RESTS AT 307.358 MILLION OZ

FEB 13/WITH SILVER DOWN 4 CENTS TODAY: ANOTHER BIG CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 938,000 OZ FROM THE SLV./INVENTORY RESTS AT 306.935 MILLION OZ/

FEB 12 WITH SILVER UP 3 CENTS TODAY:  NO CHANGE IN SILVER INVENTORY AT TH SLV/INVENTORY RESTS AT 307.873 MILLION OZ/

FEB 11/WITH SILVER DOWN 13 CENTS TODAY:A BIG CHANGE IN SILVER INVENTORY; A WITHDRAWAL OF 1.126 MILLION OZ FROM THE SLV INVENTORY/INVENTORY RESTS AT 307.873 MILLION OZ/

FEB 8/WITH SILVER UP 11 CENTS: ANOTHER WITHDRAWAL OF 657,000 OZ/INVENTORY RESTS AT 308.999  MILLION OZ/

FEB 7/WITH SILVER DOWN 1 CENT TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.656 MILLION OZ/

FEB 6/WITH SILVER DOWN 13 CENTS TODAY; A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 938,000  OZ/INVENTORY RESTS AT 309.656 MILLION OZ/

FEB 5/WITH SILVER DOWN 3 CENTS; NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 310.594 MILLION OZ.

FEB 4/WITH SILVER DOWN 4 CENTS: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 129,000 OZ TO PAY FOR FEES/.INVENTORY RESTS AT 310.594 MILLION OZ/

FEB 1/WITH SILVER DOWN 14 CENTS: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY  RESTS AT 310.723 MILLION OZ/

 

MAR 13/2019:

 

Inventory 309.676 MILLION OZ

LIBOR SCHEDULE AND GOFO RATES:

 

 

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

YOUR DATA…..

6 Month MM GOFO 2.16/ and libor 6 month duration 2.68

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

G0LD LENDING RATE: + .52

 

 

XXXXXXXX

12 Month MM GOFO
+ 2.47%

LIBOR FOR 12 MONTH DURATION: 2.87

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.40

end

 

PHYSICAL GOLD/SILVER STORIES

end
i) GOLDCORE BLOG/Mark O’Byrne

Invest In Gold

 

GATA STORIES WITH RESPECT TO GOLD/PRECIOUS METALS.

Steve Forbes believes that all sales of gold and silver coins should not be taxed

Forbes.com/Steve Forbes/GATA)

Steve Forbes: Sales of gold and silver coins should not be taxed

 Section: 

By Steve Forbes
Forbes.com, New York
Tuesday, March 12, 2019

When you exchange a 20-dollar bill for two 10-dollar bills, you don’t pay sales tax on the transaction, even though, theoretically, you are “buying” the tens. The notion is preposterous.

Yet if you purchase a gold coin that was created by the U.S. Mint and is legally usable for commercial transactions, in some states you have to pay sales tax on that coin.

… 

Uncle Sam also says people who buy and sell such coins are liable for capital gains taxes.

Of course, you would never buy a silver dollar from the mint for, say, $35 and then use it to pay for a $1 candy bar, but the point is that such coins are legal tender. ..

… For the remainder of the report:

https://www.forbes.com/sites/steveforbes/2019/03/12/sales-of-gold-and-si…

* * *

Join GATA here:

Mining Investment Asia
Marina Bay Sands Conference and Exhibition Center
Singapore
Tuesday-Thursday, March 26-28

https://www.mininginvestmentasia.com/

Mines and Money Asia
Hong Kong Conference and Exhibition Center
Wan Chai, Hong Kong
Tuesday-Thursday, April 2-4

https://asia.minesandmoney.com/

* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

 

-END-
USA Gold comments on the steadiness  of gold compared to other markets
(courtesy USA Gold/GATA)

USAGold’s News & Views letter for March

 Section: 

4:46a TT, Wednesday, March 13, 2019

Dear Friend of GATA and Gold:

USAGold’s News & Views letter for March contrasts gold’s relative steadiness against the electronic trading that has devoured most other markets. The letter also comments on the implications of the return of “quantitative easing.” It’s in the clear at USAGold here:

http://www.usagold.com/cpmforum/news-views-march19/

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

END



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.

A federal judge tells traders that they can combine cases (with the other 6 banks) as they accused JPMorgan of rigging the precious metals market
(courtesy CNBC)

Federal judge tells traders they can combine cases accusing JP Morgan of rigging metals market

  • Litigation in a separate civil case has been put on hold until at least May at the behest of the Justice Department, which is investigating a “related criminal case” that involves alleged market manipulation by precious metals traders at J. P. Morgan.
  • Judge John Koeltl of the Southern District of New York appointed the White Plains, N.Y., law firm Lowey Dannenberg as interim lead counsel for the proposed class action.

71671201

Spencer Platt | Getty Images

A group of traders from across the U.S. who allege that J. P. Morgan Chase manipulated precious metals markets for years are one step closer to bringing a class action suit against the nation’s largest bank.

Earlier this month, a federal judge said five separate lawsuits making similar allegations against the bank could be combined, potentially including thousands of people who traded in the precious metals market from Jan. 2009 through Dec. 2015.

Litigation in a separate civil case has been put on hold until at least May at the behest of the Justice Department, which is investigating a “related criminal case” that involves alleged market manipulation by precious metals traders at J. P. Morgan.

J. P. Morgan declined to comment on this story.

Judge John Koeltl of the Southern District of New York appointed the White Plains, N.Y., law firm Lowey Dannenberg as interim lead counsel for the proposed class action.

Vincent Briganti, a partner at the firm, filed the first suit seeking class action status in November on behalf of Dominick Cognata, a trader who alleges he suffered losses due to J.P. Morgan’s illegal trading conduct in the silver and gold futures and options markets.

That was after the federal court in Connecticut unsealed a criminal plea agreement by John Edmonds, a former J.P. Morgan metals trader. In his guilty plea, Edmonds, who is 36-years old, admitted that he and other “unnamed co-conspirators” fraudulently manipulated the precious metals markets while they were employed at J. P. Morgan from 2009 to 2015.

Edmonds said he had learned the illegal trading tactics from senior traders, and then used them hundreds of times with the knowledge of and consent of his immediate supervisors.

Briganti’s lawsuit also names John Edmonds and a group of yet-to-be-identified precious metals traders and the bank as defendants.

On Wednesday, the lawyers sent a letter to Judge Koeltl saying they were having difficulty locating Edmonds to serve him legal papers and requested a 30-day extension to do so, which the judge granted on Thursday. Briganti noted that they have been in contact with Edmonds’ attorney in the criminal case. Edmonds’ attorney and Briganti could not be reached for comment.

“We are hopeful that this extension will result in completing service on Mr. Edmonds without formal motion practice and a request for alternative means of service,” Briganti said in the letter.

The next step in the civil case is for the plaintiffs to file an amended class action complaint and set a schedule for defendants to respond.

In addition to the proposed class action, J. P. Morgan also faces a separate civil suit which also accuses the bank of rigging precious metals markets.

end

March 4.2019

Parker City News

JP Morgan faces potential class action lawsuit after guilty pleas by a former metals trader

Traders from across the U.S. are banding together to accuse J. P. Morgan Chase of manipulating precious metals markets for years.

At least six lawsuits, all making similar allegations against the nation‘s largest bank, have been filed in New York federal court in the past month, since federal prosecutors in Connecticut with a former J. P. Morgan Chase metals trader.

The cases could potentially include thousands of people who traded in the precious metals market. The White Plains, N.Y., law firm Lowey Dannenberg is asking the court to combine the cases and name it as the lead.

The law firm‘s commodities group is led by Vincent Briganti, the attorney who filed the first lawsuit on behalf of Dominick Cognata, a New York resident who alleges he suffered losses due to J. P. Morgan‘s trading conduct in the silver and gold futures and options markets.

A combined case, seeking class action status, would include anyone who purchased or sold futures contracts or an option on NYMEX platinum or palladium or COMEX silver or gold between at least Jan. 1, 2009, and Dec. 31, 2015. The lawyers believe that “at least hundreds, if not thousands” of traders would be eligible to join the case.

Named as defendants in all of the lawsuits are John Edmonds, a 36-year old former metals trader at J. P. Morgan, a group of yet-to-be-identified precious metals traders and the bank.

Edmonds, a New York resident, pleaded guilty in October to one count of conspiracy to defraud the market and manipulate prices of precious metals futures contracts and one count of commodities fraud. In the criminal plea, Edmonds admitted that he and other “unnamed co- conspirators” at J. P. Morgan, fraudulently manipulated precious metals markets from 2009 to 2015, the same time frame covered in the class action suits.

Briganti filed the initial class action on Nov. 7, just one day after the Justice Department unsealed Edmonds‘ plea in the U.S. District Court of Connecticut.

Edmonds admitted in his guilty plea that he deployed the illegal trading scheme hundreds of times with the direct knowledge and consent of his immediate supervisors. Plaintiffs say they have suffered economic injury, including monetary losses, as a direct result of actions by Edmonds and the other unnamed J. P. Morgan metals traders in the futures and options contracts.

One of the suits alleges that “the number of unlawful trades that JP Morgan traders executed in precious metals futures markets is at least in the thousands.”

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

The Justice Department‘s criminal investigation is still ongoing and recently caused a separate related civil case to be put on hold for at least six months while the government continues its investigation. That civil lawsuit, which also accuses J. P. Morgan of rigging the precious metals market, was filed in 2015 by hedge fund manager Daniel Shak and two commodity traders.

After reviewing the details of the plea agreement, David Kovel, the attorney for Shak‘s suit, sought to re- interview Edmonds, along with two other current and former senior traders at the bank. However, the government argued that reopening questioning would be detrimental to the ongoing criminal investigation. The federal judge overseeing the proceedings ordered a six-month stay in the civil case.

Kovel declined to comment.

Edmonds was originally scheduled to be sentenced in Hartford, Conn., on Wednesday, Dec. 19, but a court filing on Nov. 27 shows the sentencing has been postponed until June. A spokesman for the U.S. Attorney for Connecticut could not elaborate on why the sentencing was postponed since the court filing is under seal.

-END-

Justice Department stalls another class action in gold market rigging, this one against JPM

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

Proceedings in the federal class-action anti-trust lawsuit against JPMorganChase charging the investment bank with manipulating the gold and silver futures markets —

http://www.gata.org/node/18844

— have been suspended for three months at the request of the U.S. Justice Department, just as the department has arranged suspension of proceedings in the class-action anti-trust lawsuit against Deutsche Bank charging similar market manipulation.

… 

In both cases the Justice Department has told U.S. District Court for the Southern District of New York that proceedings would jeopardize its criminal investigation into market rigging, which has been admitted by a former JPMorganChase trader, John Edmonds, who awaits sentencing.

According to court filings, the White Plains, New York, law firm representing the plaintiffs against JPMorganChase, Lowey Dannenberg, concurred in the government’s request to suspend proceedings. The stay is to continue for three months and may be extended.

The Justice Department’s motion, granted by the court on February 26 —

http://www.gata.org/files/JPMorganChaseClassActionStay.pdf

— said “the government is not seeking an open-ended stay that could indefinitely postpone this matter and thus jeopardize the parties’ interests in a timely resolution.” The motion added, “Any developments in the criminal case during the period the consolidated action is stayed may reduce or completely resolve the need to litigate certain issues in the consolidated action.”

Much of the Justice Department’s motion is redacted to conceal from the public evidence still under investigation. Edmonds has said he and other traders manipulated the gold and silver markets for years with the knowledge of their supervisors at JPMorganChase. In its motion to conceal that evidence, also granted by the court on February 26, the Justice Department said disclosure “could lead to destruction of evidence, flight from prosecution, and otherwise interfere with the government’s ability to conduct its investigation”:

http://www.gata.org/files/JPMorganChaseClassActionStaySeal.pdf

Monetary metals investors may be skeptical of the Justice Department’s stalling the Deutsche Bank and JPMorganChase cases, since the department and the U.S. Commodity Futures Trading Commission do not seem ever to have responded conscientiously to complaints of gold and silver market rigging until the class actions commenced.

How much time will the court give the Justice Department to delay getting to the bottom of the issue? The court might hasten matters if enough monetary metals mining companies protested the harm done to them and their shareholders by market rigging, but of course most monetary metals mining companies don’t mind at all.

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

* * *

 

-END-

Your early WEDNESDAY 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/ LAST AT: 6.7092/

 

//OFFSHORE YUAN:  6.7137   /shanghai bourse CLOSED DOWN 33.36 POINTS OR 1.09% /

 

HANG SANG CLOSED DOWN  113.42 POINTS OR 0.39%

 

 

2. Nikkei closed DOWN 213.45 POINTS OR 0.99%

 

 

 

 

 

 

3. Europe stocks OPENED GREEN

 

 

 

 

 

 

 

 

/USA dollar index FALLS TO 96.87/Euro RISES TO 1.1303

3b Japan 10 year bond yield: FALLS TO. –.04/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 111.20/ 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:: 57.42 and Brent: 67.05

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO +.07%/Italian 10 yr bond yield UP to 2.57% /SPAIN 10 YR BOND YIELD UP TO 1.19%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 2.50: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 3.83

3k Gold at $1307.25 silver at:15.48   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 14/100 in roubles/dollar) 65.46

3m oil into the 57 dollar handle for WTI and 67 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 111.20 DESTROYING 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 1.0057 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1368 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 +0.07%

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 2.62% early this morning. Thirty year rate at 3.01%

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

6.  TURKISH LIRA:  UP  TO 5.4591

 

Stocks Tread Water Ahead Of No-Deal Brexit Vote; Boeing Slide Continues

Global markets slipped on Wednesday after two days of gains amid mounting concern over world growth and trade, as S&P500 futures were coiled around the critical 2,800 “quad top” support level again, European stocks edged higher, and Asian shares declined amid mounting concern over world growth and trade and ahead of a key “no deal” Brexit vote, where optimism that lawmakers were set to eventually delay Brexit sent the pound higher.

Europe’s Stoxx 600 index jumped into positive territory, gaining as much as 0.2%, led by oil stocks after a mixed open, as gains for car makers and miners offset a slide for retailers following disappointing earnings from Inditex, owner of the Zara chain, and Adidas.

Attempts to boost European optimism were unable to shake off the somber mood in Asian trading, where last week’s optimism over U.S.-China trade talks has faded after U.S. Trade Representative Robert Lighthizer said it was unclear whether gaps between the two sides could be closed. Meanwhile, Asian data continue to reinforce the picture of a slowing world economy. Japan’s machinery orders fell in January at the fastest pace in four months, pushing the Nikkei down more than 1%.

Australia also continued its run of weak numbers, as the country’s consumer sentiment slipped in March. while U.S. monthly inflation disappointed rising at the smallest pace since September 2016.

As a result, MSCI’s Asia-Pacific equity index lost 0.3%, although sentiment appeared to reverse as the session drew on, with European markets creeping into the green and the S&P set to open just above 2,800. The question, as for the past months is “will it last?

“Markets are still hopeful for a U.S.-China trade deal — my concern is that this is not necessarily going to ride to the rescue of the weak economy … ,” said Steve Barrow, G10 strategist at Standard Bank. “That means riskier financial assets like equities are going to struggle from here.”

All that’s kept MSCI’s world index off the 4 1/2-month highs it reached when Washington and Beijing appeared close to a trade agreement. The index has failed to make headway in March after two months of gains

Meanwhile, Britain’s political chaos is also weighing on sentiment. It hasn’t been able to agree on how to exit the EU by a March 29 deadline. On Tuesday, lawmakers defeated for a second time Prime Minister Theresa May’s proposed Brexit agreement. But they are expected to reject leaving the EU without a deal following a vote scheduled later today. Those optimistic expectations boosted the pound after this week’s volatile ride. Sterling rose as high as $1.3290 and as low as $1.2945. It was trading 0.7 percent higher at $1.3150. UK stocks and government bonds were flat.

Of course, even if lawmakers rejected no-deal Brexit, the eventual outcome was still unclear, with UBS advising clients to “remain cautious, and avoid chasing short-term rallies in sterling or increasing exposure to UK equities.”

The other big narrative fascinating world markets has been Boeing’s shares, as more and more countries ground its 737 MAX 8 planes after Sunday’s crash in Ethiopia, the model’s second fatal recent crash in les than six months. Boeing’s Frankfurt-listed shares shed another 2 percent to six-week lows. A 6% fall in New York on Tuesday pushed the Dow down 0.4%; Boeing was down another 1% overnight as more countries grounded their 737 Max 8 fleets.

However, the S&P 500 and Nasdaq benchmarks closed higher after a weak inflation report for February reinforced expectations the Federal Reserve will remain patient on rates and may sound more dovish at next week’s meeting.

Those expectations had taken U.S. 10-year bond yields to 10-week lows at 2.596 percent on Tuesday and pushed the dollar lower for a fourth straight day against a basket of currencies. German 10-year bond yields also fell, getting closer to zero percent.

In geopolitics, Iran’s Defence Minister said Tehran will respond firmly if Israel Navy acts against Iran oil sales. Senior Iranian Security official says some regional countries are spending money on “suspicious nuclear projects” which would force Iran to revise its defence strategy. Elsewhere, Secretary of State Pompeo criticized China, Russia, Venezuela and Iran in comments touting increasing US energy supplies, adds will use all economic tools at disposal to deal with Venezuela crisis. Finally, North Korea reportedly appeared close to missile site restoration, with South Korea stating the launch sites restoration is almost complete.

In FX, the dollar lost steam after the London open as fresh demand helped the pound rose ahead of another key U.K. parliamentary vote on Brexit. The Australian and New Zealand dollars slid 0.3 percent, whacked by Australia’s weak consumer confidence figures. The euro was flat against the dollar around $1.129, up from the 20-month lows of $1.1174 it hit after the European Central Bank pushed back its rate-rise schedule and announced a cheap-loans program for banks.

On commodity markets, the dip in the dollar helped gold hit its highest in two weeks at almost $1,307 per ounce. Brent crude oil futures edged up around 0.3 percent to $66.88 a barrel after a Saudi official said the kingdom planned to reduce oil exports and the U.S. government cut its forecast for domestic output growth.

Expected data include mortgage applications, PPIs and durable-goods orders. Empire Co. and MongoDB are among companies reporting earnings.

Market Snapshot

  • S&P 500 futures little changed to 2,798.50
  • STOXX Europe 600 up 0.2% to 373.80
  • MXAP down 0.5% to 158.10
  • MXAPJ down 0.3% to 521.90
  • Nikkei down 1% to 21,290.24
  • Topix down 0.8% to 1,592.07
  • Hang Seng Index down 0.4% to 28,807.45
  • Shanghai Composite down 1.1% to 3,026.95
  • Sensex up 0.6% to 37,740.80
  • Australia S&P/ASX 200 down 0.2% to 6,161.19
  • Kospi down 0.4% to 2,148.41
  • German 10Y yield rose 1.1 bps to 0.066%
  • Euro up 0.07% to $1.1296
  • Italian 10Y yield fell 2.1 bps to 2.185%
  • Spanish 10Y yield rose 0.2 bps to 1.172%
  • Brent futures up 0.7% to $67.13/bbl
  • Gold spot up 0.4% to $1,306.45
  • U.S. Dollar Index little changed to 96.88

Top Overnight News

  • Britain will confront head-on the threat of a no-deal Brexit in a parliamentary vote with huge ramifications for Prime Minister Theresa May. On Wednesday, lawmakers will decide whether to tear the country out of the European Union with no agreement in place in 16 days’ time, or give themselves the chance to delay Brexit in the hope of securing better terms
  • The U.K. government won’t apply tariffs on most goods imported into the country in the event of a no-deal Brexit, under a temporary plan announced Wednesday
  • Frustration among U.K. businesses is reaching boiling point after Prime Minister Theresa May’s latest attempt to get Parliament to back her exit deal from the European Union failed again. “Enough is enough. This must be the last day of failed politics,” said Carolyn Fairbairn, director-general of the Confederation of British Industry. “It’s time for Parliament to stop this circus.”
  • The U.K. Debt Management Office is expected to announce a hike in its gilt sales to GBP123b for fiscal 2019-20, up a quarter from GBP97.5b in the past year, according to a Bloomberg survey of eight primary dealers. While this is the highest since 2016, nearly GBP100b of redemptions will make net supply the smallest for 17 years, and continued Brexit uncertainty means demand should stay robust
  • President Donald Trump’s top trade negotiator said the U.S. must keep the option of raising tariffs on Chinese imports as a way to ensure Beijing lives up to a trade agreement that could be finalized in a matter of weeks
  • Australia’s consumer confidence slumped in March as households were shaken by a slowdown in economic growth and the prolonged downturn in the property market.
  • ECB chief economist Peter Praet calls general idea behind modern monetary theory a ‘dangerous proposition’. “The general idea that government debt can be financed by central banks is a dangerous proposition. In the past, this has resulted in hyperinflation and economic turmoil. That’s why central banks are independent”
  • Japan’s machine orders released Wednesday were unexpectedly bad, a warning sign for capital investment which follows other data suggesting the economy is off to a rough start 2019
  • Industry gave the euro-area economy a surprisingly strong lift at the start of 2019 after months of disappointing data cast clouds over the region’s outlook. A 1.4% month-on-month jump in industrial output in January — higher than the 1% gain forecast — was driven by a rebound in some of the bloc’s largest economies, including France, Italy and Spain

Asian equity markets traded mostly lower following the mixed lead from Wall St and after UK PM May’s Brexit deal was voted down in parliament, while soft data releases also contributed to the subdued tone. ASX 200 (-0.2%) and Nikkei 225 (-0.9%) declined at the open as broad weakness and poor Westpac Consumer Confidence data weighed on Australia, while the Japanese benchmark underperformed on currency effects and after a larger than expected contraction in Machine Orders. Hang Seng (-0.4%) and Shanghai Comp. (-1.1%) conformed to the negative tone but with losses stemmed as the region digested some corporate updates. Finally, 10yr JGBs tracked the recent upside in T-notes which were lifted after soft US CPI numbers, while prices were also supported on safe-haven demand and with the BoJ in the market for JPY 710bln of JGBs in the belly to the super long-end.

Top Asian News

  • Japan’s Top Life Insurer Taps Derivatives to Fight Low Yields
  • China’s Hot Stocks Turn Upside Down in Widest Swings Since 2016

European Equities are marginally firmer [Euro Stoxx 50 +0.2%] shrugging off the poor performance seen overnight in Asia where the Shanghai Composite (-1.0%) finished firmly in negative territory on the risk tone following Brexit and a mixed lead from Wall Street. Sectors are mixed, with outperformance seen in energy names as the oil complex is higher by around 0.8%. Notable movers include, Stoxx 600 heavyweight Nestle (+0.4%) in the green after the Co. are said to have selected second round bidders for their skin care unit, which may be valued as high as USD 10bln. Separately, and towards the top of the Stoxx 600 are Pandora (+1.5%) as the Co. are to initiate preparations to identify a new chairman at their annual general meeting today. Elsewhere, and lagging the Stoxx 600 are Inditex (-4.0%) as their FY figures missed on some analysts’ expectations, and in spite of the Co. lifting their dividend by 17%. Adidas (-3.9%) are similarly underperforming as the Co. expect H1 to be impacted by supply chain problems, particularly in the US, may have a 1-2% impact on 2019 sales growth. On the pre-market front Spotify (SPOT) have filed a complaint against Apple (AAPL) stating that Apple abuses its market dominance and engages in anti-competitive behaviour.

Top European News

  • Inditex Drops as Earnings Growth Slows to Weakest in Five Years
  • Martin Gilbert Loses Out as Standard Life Aberdeen Picks One CEO
  • EON Promises Higher Dividend But Earnings Seen Flat in 2019
  • Ronaldo Hat-Trick Seals Another Stock Market Moving Comeback

In currencies, sterling continues to withstand Brexit-related bearish impulses/knocks and has staged another impressive looking comeback from lows vs the Usd and Eur in wake of a 2nd big defeat for UK PM May on the Withdrawal Agreement, even with legally binding assurances from the EU. In fact, the Pound sits proud at the top of the G10 rankings with Cable back above 1.3100 and briefly through technical resistance in the form of a 50% Fib (1.3148) and the psychological 1.3150 level, while Eur/Gbp has reversed from circa 0.8650 through 0.8600 again.

  • DXY – The broad Dollar and index remain on the back foot following yesterday’s benign US CPI release, as the data focus switches to PPI, durable goods and construction spending, while the Gbp resilience noted above along with similar resistance in other rival currencies is also impacting. The DXY has subsequently slipped back from 97.000+ yet again and is currently just off a 96.839 base, eyeing chart support at 96.764 (also a 50% retracement) having breached 96.987 (38.2% Fib).
  • CAD/AUD/NZD – The non-US Dollars are bucking the overall trend of gains vs the Greenback, albeit to varying degrees as the Loonie continues to hold up better around 1.3350 against the backdrop of firmer crude prices. Conversely, the Aussie and Kiwi are underperforming, with Aud/Usd slipping back towards 0.7050 following downbeat Westpac consumer sentiment overnight, and Nzd/Usd retreating through 0.6850 ahead of NZ GDP data that may miss consensus and the RBNZ’s forecast, according to Westpac. However, the Aud/Nzd cross remains weak after a sub-1.0300 dip at one stage.
  • CHF/EUR/JPY – The Franc has marginally extended recovery gains vs the Dollar to just shy of 1.0050, while the single currency has crossed 1.1300 with the aid of firmer than expected Eurozone IP and bullish near term technical impulses as the headline pair clears 200 hourly a 10 daily MAs (1.1290 and 1.1294 respectively). However, Tuesday’s 1.1305 peak remains (just) intact and the 21 DMA comes in at 1.1313, while decent expiry options sit between 1.1300-10 (2.1 bn). The Jpy has been hampered somewhat by disappointing Japanese data in the form of machinery orders and is currently close to the bottom of a 111.15-38 band.

In commodities, WTI and Brent futures are marginally firmer on the day but remain in within the March range of just over USD 3.0/bbl. WTI futures are approaching the March high of USD 57.86/bbl whilst Brent is also around USD 0.50 from this month’s highs. In terms of production numbers, Russia oil output has reportedly fallen to 11.307mln vs. 11.336mln in February. As a reminder, under the OPEC+ deal, Russia agreed to curb output by 228K BPD in Q1 2019 from the October baseline of 11.418mln. Traders will be eyeing the release of the weekly DoE inventory data which will be released at 1430GMT due to the US clock change. Metals markets are higher across the board as the complex benefits from the pullback in the Greenback. Gold hit a two week high and reclaimed USD 1300/oz to the upside whilst breaching its 50 DMA at USD 1303/oz whilst copper gains more ground above its 100 WMA (USD 2.8993/lb). Finally, zinc prices hit levels last seen eight months ago (USD 2848.50/tonne) as concern grows about an tight market for the metal.

US Event Calendar

  • 8:30am: PPI Final Demand MoM, est. 0.2%, prior -0.1%;  PPI Ex Food and Energy MoM, est. 0.2%, prior 0.3%
    • Final Demand YoY, est. 1.9%, prior 2.0%; PPI Ex Food and Energy YoY, est. 2.6%, prior 2.6%
  • 8:30am: Durable Goods Orders, est. -0.4%, prior 1.2%; Durables Ex Transportation, est. 0.1%, prior 0.1%
  • 8:30am: Cap Goods Orders Nondef Ex Air, est. 0.2%, prior -1.0%; Cap Goods Ship Nondef Ex Air, est. -0.2%, prior 0.0%
  • 10am: Construction Spending MoM, est. 0.45%, prior -0.6%

DB’s Jim Reid concludes the overnight wrap

There is only one place to start this morning and that’s with another tumultuous day in the ongoing Brexit saga. As was expected as soon as the Attorney General offered his legal advice in the morning, Prime Minister May’s amended Withdrawal Agreement was defeated in parliament – this time by a margin of 391-242. That was around a 40-swing improvement from the prior vote on her deal, but still a comprehensive defeat for May’s government.

After the vote, Prime Minister May reiterated that she believes her deal is the best and only option that can be negotiated, as long as Parliament wants to deliver both 1) an exit from the EU per the referendum result, and 2) an exit that does not result in a no-deal, disorderly Brexit. To avoid the latter, May will, as promised, table a new motion today, which will ask Parliament to commit to eliminating the possibility of a no-deal outcome. It should pass, setting up a Thursday vote on an extension to Article 50.

In her remarks, May also suggested that after the Thursday vote on an extension, Parliament needs to work out what it does want to vote on and thus hinting that indicative votes may be likely. The key moving forward will be how any ‘indicative votes’ on new options (revoke Article 50, second referendum, another attempt at a new deal) will be structured for Parliament to express its preferences. It’s not clear what type of outcome would command a majority though. At this stage it’s also difficult to rule out Withdrawal Agreement 3 returning. As someone said on Twitter last night, the WA is like the “Fast and Furious” franchise. It’s never ending.

As for the EU response, chief negotiator Barnier said “the EU has done everything it can (…) the impasse can only be solved in the UK.” Other officials took the same line, indicating zero appetite from Brussels to renegotiate the deal. Notably, a spokesman for EU Council President Donald Tusk said that the EU would consider an extension to Article 50, but it would need to include a “credible justification for a possible extension and its duration.” He also said that the EU’s “smooth functioning” was a priority, signaling that if an extension goes beyond the European Parliamentary elections in May, the UK would need to participate. So watch out for tonight’s vote and all relevant amendments.

After rallying yesterday morning, the pound had shed as much as -1.79% from its early highs following Attorney General Cox’s legal advice. His opinion suggested that the legal risks around the withdrawal were unchanged even with the newly negotiated additions to the deal, with the UK still having no internationally lawful means of exiting the protocol’s arrangements. The pound rallied back to flat on the day as rumours swirled ahead of the vote, but ultimately weakened back toward the lows as it became clear that the motion would be thoroughly defeated. This morning sterling is trading slightly higher (+0.12%).

Wider risk sentiment in Asia has turned negative this morning with the Nikkei (-1.11%), Hang Seng (-0.60%), Shanghai Comp (-0.37%) and Kospi (-0.64%) all heading down. Elsewhere, futures on the S&P 500 are down -0.18% and the Australian dollar is down -0.38% on weak consumer confidence data for March (fell -4.8% mom to 98.8). In yet another sign of the global soft patch, Japan’s January core machine orders came in at -5.4% mom (vs. -1.5% mom expected), marking the third consecutive negative monthly read. However, the series tends to be volatile.

The moves this morning come after risk assets generally stayed above water last night in the US. A slightly softer US CPI print appeared to help keep the carry trade in play, while US Trade Representative Lighthizer played a bit of a straight bat in his testimony in front of the Senate. He said that talks with China were in the final weeks but that he couldn’t predict the outcome at this point. He did reiterate however that “we are going to have an enforceable agreement or the President won’t agree”. For what it’s worth Lighthizer was quiet on the 232 auto tariffs subject however the WSJ did run a story saying that Trump was facing increasing headwinds to imposing tariffs on car imports from congressional opposition, legal challenges, and consumer opposition.

When it was all said and done, the S&P 500 finished +0.30% and NASDAQ +0.44%, however, the DOW again lagged, closing down -0.38% with Boeing (-6.13%) hit by the news of multiple countries grounding the Boeing 737 Max 8 indefinitely. The S&P 500-DOW differential, at 0.68%, joins Monday in being in the top 10 since 2009. Boeing cash bonds were fairly quiet again however, with the 3.2% 29s trading close to flat.

In Europe, the STOXX 600 finished -0.06% after passing through gains and losses with the various Brexit headlines. European Banks (-0.38%) did likewise with a bit of focus also on headlines out of the ECB. Reuters reported that the ECB did not discuss a tiered deposit system, and that only one governor expressed “deep concern” about negative rates. The same story also suggested that the plan for the TLTRO rate not going below zero was still in discussion and that growth weakness could change the terms. Further headlines also suggested that the ECB committee proposed a new TLTRO premium at 25bps above the main refi rate but it was pushed back as being too high. The comment on tiered deposits shouldn’t be a surprise at the moment, however, the TLTRO premium line didn’t appear particularly encouraging for markets.

On a related subject the ECB’s Villeroy also said that the ECB does not do “monetary policy to please banks nor to punish them”, which was notable as the Central Bank of France has been one of the more vocal on the impact of negative rates. Bunds closed (-1.2bps) at the lows of 0.052% having earlier in the session hit as high as a gravity defying 0.101%. Gilts (-1.6bps) were also well off their yield highs while Treasuries closed down -4.1bps to 2.598% post that below market inflation print. This is the lowest yield since 3 January and that was the only day it closed lower than the previous night since mid-January 2018.

Indeed core CPI came in at +0.1% mom (+0.11% unrounded), which compared to expectations for a +0.2% reading with the weakness concentrated mostly in medical care and recreation. It also nudged the year over year rate down to +2.1% from +2.2% with the headline at +1.5%. So modestly lower but unlikely to change the Fed’s view too much. The other US data yesterday was the February NFIB small business optimism reading which rose half a point to 101.7, albeit slightly behind expectations for 102.5. The only data of note in Europe came in the UK, where January industrial production (+0.6% mom vs. +0.2% expected) and January GDP (+0.5% mom vs. +0.2%) both surprised notably to the upside. Much of that was to do with the very weak December data, however, it completely played second fiddle to all the Brexit newsflow in any case.

Finally, while it should be another day of Brexit headline watching, for those wondering, there is the distraction of the January industrial production print for the Euro Area this morning, while in the US we’ll get February PPI (+0.2% mom core expected) and preliminary January durable and capital goods orders (+0.2% nondefense capital orders expected) data. The ECB’s Coeure will also speak this afternoon while EU ambassadors meet in Brussels.

3. ASIAN AFFAIRS

i)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED DOWN 33.36 POINTS OR 1.09% //Hang Sang CLOSED DOWN 113.42 POINTS OR 0.39%  /The Nikkei closed DOWN 213.45 POINTS OR 0.99%/ Australia’s all ordinaires CLOSED DOWN .23%

/Chinese yuan (ONSHORE) closed UP  at 6.7092 AS TRUCE DECLARED FOR 3 MONTHS /Oil DOWN to 57.26 dollars per barrel for WTI and 67.09 for Brent. Stocks in Europe OPENED RED EXCEPT LONDON 

ONSHORE YUAN CLOSED DOWN // LAST AT 6.7092 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7137: / 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

 

3 a NORTH KOREA/USA

 

 

 

i)North Korea/

3 b JAPAN AFFAIRS

3 C CHINA

China/

4.EUROPEAN AFFAIRS

UK/Tuesday night

MPs reject the second BREXIT plan.  Now there are two more votes

(BBC)

Brexit: MPs reject Theresa May’s deal for a second time

 

Theresa May’s EU withdrawal deal has been rejected by MPs by an overwhelming majority for a second time, with just 17 days to go to Brexit.

MPs voted down the prime minister’s deal by 149 – a smaller margin than when they rejected it in January.

Mrs May said MPs will now get a vote on whether the UK should leave the EU without a deal and, if that fails, on whether Brexit should be delayed.

She said Tory MPs will get a free vote on a no-deal Brexit.

That means they can vote with their conscience rather than following the orders of party managers – an unusual move for a vote on a major policy, with Labour saying it showed she had “given up any pretence of leading the country”.

The PM had made a last minute plea to MPs to back her deal after she had secured legal assurances on the Irish backstop from the EU.

But although she managed to convince about 40 Tory MPs to change their mind, it was not nearly enough to overturn the historic 230 vote defeat she suffered in January, throwing her Brexit strategy into fresh disarray.

Did your MP vote for or against the Brexit deal on 12 March?

 

In a statement after the defeat, Mrs May said: “I continue to believe that by far the best outcome is the UK leaves the European Union in an orderly fashion with a deal.

“And that the deal we have negotiated is the best and indeed only deal available.”

Setting out the next steps, she said MPs will vote on Wednesday on whether the UK should leave the EU without a deal or not.

If they vote against a no-deal Brexit, they will vote the following day on whether Article 50 – the legal mechanism taking the UK out of the EU on 29 March – should be extended.

Mrs May said MPs would have to decide whether they want to delay Brexit, hold another referendum, or whether they “want to leave with a deal but not this deal”.

She said that the choices facing the UK were “unenviable”, but because of the rejection of her deal, “they are choices that must be faced”.

Mrs May also told MPs the government would announce details of how the UK will manage its border with Ireland in the event of a no-deal Brexit on Wednesday.

How MPs voted

Mrs May said leaving without a deal remained the UK’s default position but Downing Street said she will tell MPs whether she will vote for no-deal when she opens Wednesday’s Commons debate on it.

The prime minister did not discuss resigning after her latest defeat because a government led by her had recently won a confidence vote in the Commons, added the PM’s spokesman.

She has no plans to return to Brussels to ask for more concessions because, as she told MPs, she still thinks her deal is the best and only one on offer, he added.

Analysis box by Laura Kuenssberg, political editor

Cabinet divided on next move

What isn’t clear is how the prime minister actually intends to dig herself out of this dreadful political hole.

Some of her colleagues around the Cabinet table think it shows she has to tack to a closer deal with the EU.

Some of them believe it’s time now to go hell-for-leather to leave without an overarching deal but move to make as much preparation as possible, and fast.

Other ministers believe genuinely, still with around two weeks to go, and an EU summit next week, there is still time to try to manoeuvre her deal through – somehow

 


Labour leader Jeremy Corbyn said the prime minister should now call a general election.

“The government has been defeated again by an enormous majority and it must accept its deal is clearly dead and does not have the support of this House,” he told MPs.

He said a no-deal Brexit had to be “taken off the table” – and Labour would continue to push its alternative Brexit proposals. He did not mention the party’s commitment to back another referendum.

Jacob Rees-Mogg, chairman of the European Research Group of Brexiteer MPs, said “the problem with the deal was that it didn’t deliver on the commitment to leave the EU cleanly and that the backstop would have kept us in the customs union and de facto in the single market”.

The Tory MP, who voted against Mrs May’s deal, told BBC News: “The moral authority of 17.4 million people who voted to leave means that very few people are actually standing up and saying they want to reverse Brexit. They’re calling for a second referendum, they’re calling for delay.

“But actually very few politicians are brave enough to go out and say they want to overturn the referendum result.”

Leading Conservative Remainer Dominic Grieve, who backs another referendum, said Mrs May’s deal was now “finished”.

The Tory MP, who voted against the prime minister’s plan, said he was confident the majority of MPs would now vote against a no-deal Brexit – and he hoped they would then vote to ask for an extension to Article 50.

The EU’s chief Brexit negotiator Michel Barnier said in a tweet: “The EU has done everything it can to help get the Withdrawal Agreement over the line. The impasse can only be solved in the UK. Our ‘no-deal’ preparations are now more important than ever before.”

A spokesman for European Council president Donald Tusk echoed that message, saying it was “difficult to see what more we can do”.

“With only 17 days left to 29 March, today’s vote has significantly increased the likelihood of a no-deal Brexit,” added the spokesman.

The EU would consider an extension to Brexit if the UK asked for one, he added, but the 27 other EU member states would expect “a credible justification” for it.

 

The PM’s deal was defeated by 391 to 242.

Some 75 Conservative MPs voted against it, compared with 118 who voted against it in January.

The Democratic Unionist Party’s 10 MPs also voted against the deal, as did the Labour Party, SNP and other opposition parties.

Three Labour MPs – Kevin Barron, Caroline Flint and John Mann – voted for the prime minister’s deal.

END

The truth behind the BREXIT proposals between Great Britain and the EU…a must read.

(courtesy Tom Luongo)

Blackmail, Balderdash, & The Brexit That Wasn’t

Authored by Tom Luongo,

After a lot of drama, British Prime Minister Theresa May came back from Brussels with a breakthrough on Brexit.

Only it wasn’t.

While the changes to the protocol that governs the implementation of the Irish Backstop are an improvement they are far fro enough to allay the rightful fears of Brexiteers and the Northern Irish.

From the beginning of this process, the EU has been in blackmail mode. They’ve made it clear that they would not negotiate in good faith or even at all. That much has been clear.

The biggest question has been whether May herself was working in the British people’s best interest or was she simply a stalking horse for further EU integration of the entire continent of Europe.

Never forget that the EU has imperial ambitions. Those that have been its architects saw it as regaining the mantle of the center of the world as the U.S. bankrupts itself maintaining an empire around the world, fighting against the rise of Russia and China.

It sits in the weeds, making byzantine bureaucratic law and building both a fiscal and political union through these under-handed back doors.

And the people of Europe have woken up to it. The Brits voted to leave the EU because of this. Euroskeptic parties are rising across Europe. The latest rebuke of the EU came in Austria’s Salzburg, a traditional center-left stronghold just voted for a Lega-style nationalist/populist majority.

Now people like Theresa May, who never supported Brexit, are using this negotiating period to hand to the EU everything it wants in the Withdrawal Agreement to blackmail the British people to accept an even worse arrangement than had they not voted to leave in the first place.

This point cannot be understated.

Because it is the model for how the EU will fight the rising opposition to its rule.

The withdrawal agreement was crafted by Germany and not negotiated by Jean-Claude Juncker and Michael Barnier to punish the U.K. for standing up to the inevitability of the EU.

It is a message and a warning to Italy, Hungary and Poland.

It was designed to cause irreparable damage to the U.K. with the long-term effects of destroying the majority political parties and fanning separatist instincts in Wales and Scotland.

And no one is more to blame for this mess than the members of Parliament who continue to virtue signal about the horrors of a no-deal which the British people have become less and less scared of every day. Poll after poll shows overwhelming rejection of May’s Merkel’s deal as well as growing support for a No-Deal Brexit.

And if the members of parliament who continue to go through the pantomime of an existential crisis would leave it aside and simply say that’s it, no deal it is, that would end the uncertainty and the worry that is now the dominant narrative in the press.

Businesses are relocating, shipments are stopping, etc. All because of Brexit, they argue. No, all because of MP’s who refuse to embrace the situation as it stands and face the reality that sovereignty is more important than a quarter or two of tightened belts and some annoying paperwork.

Moreover, the biggest fear now is the one which is that Britain ends up better off if they not only threw off the shackles of the EU but also its own corrupt and, frankly, traitorous leadership.

Theresa May’s performance in parliament before the latest vote was almost convincing. But, as always, when someone is giving you an ultimatum, my way or the highway, it’s masking an alternative choice.

The Dublin Unionist Party and the European Research Group within the Tories understand this. I suspect in his heart of hearts Labour Leader Jeremy Corbyn

And the reason for this is May was always on their side. It’s not a negotiation when there’s only one side represented. This is why Juncker et.al. refused to negotiate in any meaningful way.

They didn’t have to.

And that is simply blackmail.

What is obvious watching British parliamentarians at this late stage is that a majority of them are unwilling to face reality that the EU is not in their best interest. Because any organization that would blackmail rather than negotiate is not an organization anyone decent person would want to be a member of.

Fears over a No-Deal Brexit are overblown. If these same MP’s that are so worried about the uncertainty created by the Brexit process would simply end that uncertainty by backing No-Deal then certainty would return.

It might not be the certainty that is the easiest to swallow for both sides but it will be certainty.

Mr. Juncker made it clear there is nothing better forthcoming. That’s an insult and it should be treated as such by Parliament.

But it won’t be as MP’s roll over, show Juncker their bellies and hand-wring about how unfair it all is again later this week.

They cannot see the bigger picture that it is the EU that has the weak hand, not them. They are too blinded by ideology and fear to see that.

*  *  *

Join My Patreon to get ideas on how to make Brexit work for you.

end
the vote was close by a scant 4 votes which means that some ministers will bolt..the vote means that they do not want to leave except with a affirmative deal
(courtesy zerohedge)

Sterling Rallies As UK Parliament Votes To Reject No-Deal Brexit, 312 To 308

Update: The narrow margin – with a majority of just 4 – suggests that some ministers likely rebelled and voted against the government whip. FT has speculated that resignations may follow. 

The result of the previous vote will come as a shock to many. The narrow margin – a majority of just 4 – suggests some ministers are likely to have rebelled and voted against the government whip. Resignations may then follow.

The amendment is not legally binding, so does not automatically change the process. It has no mechanism for avoiding no deal, and offers no further path away from one. No deal remains the legal default.

However, the vote is a clear indication that the Commons rejects leaving without a deal at any point in time. The government will now come under enormous pressure to take concrete steps to move away from no deal.

The amendment deleted specific references in the government’s own motion to March 29 – the deadline for leaving the EU under Article 50 (and UK law) – and simply states that the house rejects leaving without “a withdrawal agreement”. –FT

Cable was extending its gains as the UK parliament headed into its vote on a no-deal brexit.

Bloomberg’s Emma Ross-Thomas points out, while lawmakers are set to walk away from the cliff’s edge by taking the threat of a no-deal Brexit off the table, in some ways the recent events amount to an “own goal” (in football parlance) for Brexiteers. For those wanting a clean break from the EU, nixing May’s deal raises the potential for a “soft” Brexit down the line, or even a second referendum on leaving at all.

So what is the government motion being voted on tonight? Here it is, in its own words:

“That this House declines to approve leaving the European Union without a Withdrawal Agreement and a Framework for the Future Relationship on 29 March 2019; and notes that leaving without a deal remains the default in UK and EU law unless this House and the EU ratify an agreement.”

And the vote is in – the UK parliament rejects a No-Deal Brexit by 312-308.

Sending Cable higher…

While this is a non-bdining vote, May has said she abide by the vote.

U.K. Prime Minister Theresa May is now planning to ask the European Union for an extension to the March 29 Brexit deadline lasting about two months, according to people familiar with the matter.

May is planning to set out next steps and how the extension to the Article 50 deadline will work with Parliament due to vote on whether to extend the deadline on Thursday.

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

END

6.GLOBAL ISSUES

This is what happens when you have to socialism:  the government collapsed under the huge weight of socialized healthcare

(courtesy Mac Slavo/SHFTPln.com

Finland’s Government Collapsed Under Weight Of Socialized Healthcare

Authored by Mac Slavo via SHTFplan.com,

Finland’s government has collapsed just weeks before the general election.  New socialist and communist reforms have failed due to the rising costs of healthcare.

Healthcare costs, which are high because of governments, have caused the collapse of the Finnish government. Prime Minister Juha Sipila and the rest of the cabinet resigned after the governing coalition failed to pass reforms in parliament to the country’s regional government and health services, the Wall Street Journalreports.

Filthy Blood stained examining room in Cumana Hospital, Cumana, Venezuela. August 2018

Finland, like much of the developed world, faces an aging population, with around 26 percent of its citizens expected to be over 65 by the year 2030, an increase of 5 percent from today.  The strain on the socialized medical system is impossible to ignore, and cannot be fixed by more government interference.

And the problems with socialism continue, as money is taken from some and given to others, eventually, the takers will outnumber the makers.

As an increasing number of people live longer in retirement, the cost of providing pension and healthcare benefits can rise. Those increased costs are paid for by taxes collected from of the working-age population – who make up a smaller percentage of the population than in decades past. -BBC

The only reform that could possibly help these failing systems is to have the government step back and let competition and the free market thrive. Of course, that’s the one thing governments cannot and will not do because it means giving up power and control over people’s lives.

Reuters reports that soaring treatment costs and longer life spans have particularly affected Nordic countries. It isn’t just Finland.  Sweden and Denmark face similar bleak outlooks for their socialism as well.

“Nordic countries, where comprehensive welfare is the cornerstone of the social model, have been among the most affected,” according to Reuters.

“But reform has been controversial and, in Finland, plans to cut costs and boost efficiency have stalled for years.”

The Kaiser Family Foundation found that 58 percent of Americans oppose “Medicare for all” if told it would eliminate private health insurance plans, and 60 percent oppose it if it requires higher taxes, according to a report by the Washington Free Beacon. Americans are general living paycheck to paycheck and already suffer under an unjust and burdensome tax system. Socialized medicine would mean one thing is for certain: more of your money will be stolen from you to pay for it. It isn’t about giving everyone healthcare, it’s about a boost in power and control for government officials and politicians who think they have the right to steal from us and run our lives.

When is enough enough?

end

The Ethiopian Airline pilot at the helm of that ill fated flight warned of “flight-control problems”/  This adds more for the USA to ground all Boeing 737 Max 8 flights.

(courtesy zerohedge)

Ethiopian Airlines Pilot Warned Of “Flight-Control Problems” Adding To Boeing/FAA Pressure

The FAA remains stoic in its defense of Boeing in the face of the rest of the world banning, grounding, and investigating their latest 737 Max8 aircraft. However, reports today from The Wall Street Journal could force Elaine Chao to take action today.

In recordings of conversations with controllers of the pilot of the Ethiopian Airlines jet that crashed Sunday, he didn’t indicate any external problems with the jet or the flight, like a bird collision, CEO Tewolde Gebremariam told The Wall Street Journal.

The pilot “reported back to air-traffic controllers that he was having flight-control problems” and wanted to return to Addis Ababa, Mr. Gebremariam said.

The executive said he had listened to the recording and there were no other problems cited by the pilot.

The U.S. Federal Aviation Administration reiterated Tuesday that the aircraft is safe.

“Our review shows no systemic performance issues and provides no basis to order grounding the aircraft,” the agency said. U.S. carriers, sticking by the FAA guidance, have said they have no plans to ground flights.

But as the black boxes are investigated and if Ethiopian Air’s CEO’s comments are true – why wouldn’t they be – then both Boeing and the FAA face a more systemic problem than is currently considered.

Boeing shares are down modestly this morning, testing post-crisis lows…

Despite American officials quietly pushing for them to be sent to the US, Ethiopia will send the black boxes from the Boeing 737 Max 8 that crashed on Sunday to Europe for analysisthe Wall Street Journal reports, citing an interview with Ethiopian Airlines CEO Tewolde GebreMariam.

end

Now Canada joins the rest of the world with the USA the only one that has not grounded the Boeing 737 Max 8

(courtesy zerohedge)

FAA Alone In The World As Canada Orders Grounding Of Boeing 737 Max 8s

This is getting a little awkward.

Following reports that Boeing asked Trump directly not to ground the 737 Max 8, Canada’s Transport Minister Marc Garneau is grounding all Boeing 737 Max 8 airplanes in Canada over safety concerns based on new information received this morning.

Garneau ordered that 737 Max 8 and 9 are barred from taking off, landing or flying through the country’s airspace as a precautionary measure.

Garneau has faced a dilemma over the aircraft that has been ordered out of the skies for the time being by the European Union, China, New Zealand, and Australia, among other countries.

Canada and the United States had been notable outliers as more and more jurisdictions have restricted the use of the planes, but now that Garneau has folded, the FAA is alone among the world’s largest regulators in not banning the aircraft.

Bloomberg’s Michael McDonough provides the best illustration of how this has affected worldwide air travel:

 

7  OIL ISSUES

8. EMERGING MARKETS

 

Venezuela

The USA continues to try and oust Maduro as Venezuela continues under darkness

(courtesy Southfront.org)

Venezuela Blackout: Cyber-Attacks, Sabotage, & ‘Mighty’ Cuban Intelligence

Via Southfront.org,

During the past few days, Venezuela was suffering a major blackout that left the country in darkness. The crisis started on March 7 with a failure at the Guri hydroelectric power plant, which produces 80% of the country’s power. Additionally, an explosion was reported at Sidor Substation in Bolivar state.

Since then, the government has been struggling to solve the crisis with varying success.

President Nicholas Maduro says that the blackout is the reason of “the electric war announced and directed by American imperialism.”

https://southfront.org/wp-content/plugins/fwduvp/content/video.php?path=https%3A%2F%2Fsouthfront.org%2Fvenezuela-blackout-cyber-attacks-sabotage-and-political-horror-movies%2F&pid=1594

According to Maduro, electrical systems were targeted by cyberattacks and “infiltrators”. He added that authorities managed to restore power to “many parts” of the country on March 8, but the restored systems were knocked down after the country’s grid was once again attacked. He noted that “one of the sources of generation that was working perfectly” had been sabotaged and accused “infiltrators of attacking the electric company from the inside.”

Communication and information minister Jorge Rodriguez described the situation as “the most brutal attack on the Venezuelan people in 200 years”. He also described the situation as the “deliberate sabotage” on behalf of the US-backed opposition.

In own turn, the US continues to reject claims accusing it of attempts to destabilize the situation in the country. Secretary of State Mike Pompeo even claimed that Washington and its allies would not hurt the “ordinary Venezuelans.” According to him, what’s hurting the people is the “Maduro regime’s incompetence.”

“No food. No medicine. Now, no power. Next, no Maduro,” Pompeo wrote in Twitter, adding that “Maduro’s policies bring nothing but darkness.” Unfortunately, the top diplomat did not explain how wide-scale economic sanctions imposed to wreck the country’s economic should help the “ordinary Venezuelans”.

The State Department attitude was expectedly supported by US-proclaimed Venezuelan Interim President Juan Guaido, who recently returned to country after an attempt to get more foreign support for US-backed regime change efforts. Guaido accused the “Maduro Regime” of turning the blackout during the night in a “horror movie” with his “gangs” terrorizing people.

Another narrative, which recently set the mainstream media on fire, is the alleged Cuban meddling in the crisis.

According to this very version of the event, “forces of democracy” were not able to overthrow the Venezuelan government because its political elite is controlled by Cuban intelligence services. President Donald Trump even said Maduro is nothing more than a “Cuban puppet.”

Taking account already existing allegations about the presence of Hezbollah and Russian mercenaries in Venezuela and an expected second attempt to stage US aid delivery provocation on the Colombian-Venezuelan border, it becomes clear that chances of US direct action to bring into power own political puppet are once again growing.

The February attempt to stage a provocation failed and make a final step toward a regime change by force failed after it was publicly revealed that the US-backed opposition was intentionally burning “aid trucks” to blame the Maduro government. Furthermore, the military backed Maduro, and the scale and intensity of protests across the country were not enough to paralyze the government.

The blackout in Venezuela was likely meant to bring the country into disorder and draw off army and security forces. Therefore, an attempt to stage a new provocation to justify a foreign intervention to overthrow the Venezuelan government could be expected anytime soon.

end

China offers to help Venezuela restore power as Maduro accuses Trump and Guaido of sabotage

(courtesy zerohedge)

China Offers To Help Venezuela Restore Power As Maduro Accuses Trump, Guaido Of “Sabotage”

China offered on Wednesday to help Venezuela repair its power grid after the country was plunged into its worst blackout on record, now in its sixth day, reports Reuters.

With the power blackout in its sixth day, hospitals struggled to keep equipment running, food rotted in the tropical heat and exports from the country’s main oil terminal were shut down.

Speaking in Beijing, Chinese Foreign Ministry Spokesman Lu Kang said China had noted reports that the power grid had gone down due to a hacking attack.

China is deeply concerned about this,” Lu said. –Reuters

“China hopes that the Venezuelan side can discover the reason for this issue as soon as possible and resume normal power supply and social order. China is willing to provide help and technical support to restore Venezuela’s power grid,” added Lu.

President Nicolas Maduro, who retains control of the country’s military and has the support of both Russia and China, has accused US President Donald Trump of cyber “sabotage.” 

The United States’ imperialist government ordered this attack,” Maduro said in a 35-minute televised address on Monday night accusing the White House of launching an imperialist “electromagnetic attack.” 

“They came with a strategy of war of the kind that only these criminals – who have been to war and have destroyed the people of Iraq, of Libya, of Afghanistan and of Syria – think up,” Maduro added.

Maduro claimed that the Trump administration conducted the attack in coordination with “puppets and clowns” from the Venezuelan opposition in order to bring about a “a state of despair, of widespread want and of conflict” to justify a foreign invasion.

Caracas-based political analyst Dimitris Pantoulas tweeted on Tuesday that Maduro appeared “worried, anxious and absolutely desperate,” adding that it’s clear that the government is not in control of the situation.

Dimitris Pantoulas@DPantoulas

It is the second time in a month that I see Maduro worried, anxious and absolutely desperate. It is clear, from what he said, that the government does not control the situation (nobody does) and they do not have any plan or strategy (but he is not the only one without a plan). pic.twitter.com/H7ZRCCiK2y

Venezuela’s chief prosecutor meanwhile has asked the country’s supreme court to open an investigation into opposition leader Juan Guaidó – who has been accused of being involved in the blackout, according to The Guardian.

Tarek Saab announced the inquiry on Tuesday, a day after the embattled president, Nicolás Maduro, accused Donald Trump of masterminding a “demonic” plot with the country’s opposition to force him from power.

Guaidó – who most western governments now recognize as Venezuela’s legitimate interim leader – is already under investigation for allegedly fomenting violence, but authorities have not tried to detain him since he violated a travel ban and then returned home from a tour of Latin American countries. –The Guardian

On Tuesday, foreign minister Jorge Arreaza ordered US diplomats to leave the country within 72 hours. “The presence on Venezuelan soil of these officials represents a risk for the peace, unity and stability of the country,” reads a government statement. On Monday night US Secretary of State, Mike Pompeo, announced that Washington was withdrawing all remaining diplomatic staff from Caracas.

Secretary Pompeo

@SecPompeo

The U.S. will withdraw all remaining personnel from @usembassyve this week. This decision reflects the deteriorating situation in as well as the conclusion that the presence of U.S. diplomatic staff at the embassy has become a constraint on U.S. policy.

Power had returned to some parts of the country on Tuesday according to witnesses and social media, however it remains out in parts of the capital city of Caracas, as well as the western region bordering Colombia. Information minister Jorge Rodriguez said that power was restored to the “vast majority” of the country, however evidence suggests otherwise.

NetBlocks.org

@netblocks

Update: 119 hours after the onset of nationwide power outages ‘s connectivity is up to 63%, marking significant progress in the restoration of utilities ⬇️https://netblocks.org/reports/slow-recovery-as-venezuela-power-outage-approaches-4th-day-GXADaLBg 

View image on Twitter

NetBlocks.org

@netblocks

Thread on regional network connectivity in right now: remains largely offline; see time lapse temporospatial network mapping showing availability from 6 March to present pic.twitter.com/lFy1wnUbsq

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Sotiri Dimpinoudis@sotiridi

: Just in – From all of the hashtags and messages i could gather and read, only has approximately 30% power back in the country! And power is not stable it cuts and comes back. And some places don’t come back again.

As independent journalist Sotiri Dimpinoudis reports, looting is taking place across the country – including the city of Maracaibo which suffered an electrical substation explosion.

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Sotiri Dimpinoudis@sotiridi

: just in – Other multiple electrical substation in have just exploded and reports of power has been lost in the state of

Sotiri Dimpinoudis@sotiridi

: Video of the Pepsi distribution plant being looted today in in . and situation is ongoing 38/

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Sotiri Dimpinoudis@sotiridi

: Just in – Reports of a Large military presence with rifles in as Martial Law is imposed to the people in the city.

Sotiri Dimpinoudis@sotiridi

: video of other facilities being looted today and right now in in and situation is still ongoing, and there will be no stopping it any time soon 35/

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Sotiri Dimpinoudis@sotiridi

: video of other facilities being looted today and right now in in and situation is still ongoing, 36/ pic.twitter.com/tlEDaJMnGD

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43 people are talking about this

According to Reuters, the “non-sabotage” version of the blackout is that it was likely caused by a technical problem with transmission lines linking the Guri hydroelectric plant in southeastern Venezuela to the national power grid.

end

Your early morning currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings WEDNESDAY morning 7:00 AM….

Euro/USA 1.1303 UP .0017 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 GREEN

 

 

 

 

 

 

USA/JAPAN YEN 111.42  UP .104 (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 1.3155    UP   0.0093  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED

USA/CAN 1.3352 DOWN .0007 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 WEDNESDAY morning in Europe, the Euro ROSE by 17 basis points, trading now ABOVE the important 1.08 level  RISING to 1.1303 Last night Shanghai composite closed DOWN 33.36 POINTS OR 1.09%/

 

 

 

//Hang Sang CLOSED DOWN 113.42   POINTS OR 0.39% 

 

/AUSTRALIA CLOSED DOWN 0.23%/EUROPEAN BOURSES GREEN 

 

 

 

 

 

 

 

 

 

The NIKKEI: this WEDNESDAY morning CLOSED DOWN 213.45 POINTS OR 0.99% 

 

 

 

 

 

 

 

 

Trading from Europe and Asia

1/EUROPE OPENED GREEN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 113.42 POINTS OR 0.38%

 

 

 

/SHANGHAI CLOSED DOWN 33.36 POINTS OR 1.09% 

 

 

 

 

 

 

Australia BOURSE CLOSED DOWN 23%

 

Nikkei (Japan) CLOSED DOWN 213.45 POINTS OR 0.99%

 

 

 

 

 

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1308.00

silver:$15.52

Early WEDNESDAY morning USA 10 year bond yield: 2.62% !!! UP 2 IN POINTS from TUESDAY’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 3.01 UP 2  IN BASIS POINTS from TUESDAY night. (POLICY FED ERROR)/

USA dollar index early WEDNESDAY morning: 96.87 DOWN 7 CENT(S) from  TUESDAY’s close.

This ends early morning numbers WEDNESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

And now your closing  WEDNESDAY NUMBERS \12: 00 PM

 

Portuguese 10 year bond yield: 1.36% UP 2  in basis point(s) yield from TUESDAY/

JAPANESE BOND YIELD: -.04%  DOWN 1   BASIS POINTS from TUESDAY/JAPAN losing control of its yield curve/

 

 

SPANISH 10 YR BOND YIELD: 1.21% UP 4   IN basis point yield from TUESDAY

ITALIAN 10 YR BOND YIELD: 2.58 UP 4    POINTS in basis point yield from TUESDAY/

 

 

the Italian 10 yr bond yield is trading 137 points HIGHER than Spain.

GERMAN 10 YR BOND YIELD: RISES  TO +.07%   IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 2.51% 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 WEDNESDAY

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

Euro/USA 1.1308 UP   .0021 or 21 basis points

 

 

USA/Japan: 111.35 UP .047 OR YEN UP 4 basis points/

Great Britain/USA 1.3207 UP .01428( POUND UP 143  BASIS POINTS)

Canadian dollar UP 41 basis points to 1.3318

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY closed AT 6.7071    0N SHORE  (UP)

 

THE USA/YUAN OFFSHORE:  6.7097(  YUAN UP)

TURKISH LIRA:  5.4661

the 10 yr Japanese bond yield closed at -.04%

 

 

 

Your closing 10 yr USA bond yield DOWN 1 IN basis points from TUESDAY at 2.62 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 3.00 DOWN 2  in basis points on the day /

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

Your closing USA dollar index, 96.77 DOWN 17 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 WEDNESDAY: 12:00 PM 

London: CLOSED UP  13.18 OR 0.18%

German Dax : UP 56.43 POINTS OR 0.49%

Paris Cac CLOSED UP 39.10 POINTS OR  0.74%

Spain IBEX CLOSED UP 40.90 POINTS OR  0.45%

Italian MIB: CLOSED UP 107.69 POINTS OR 0.52%

 

 

 

 

WTI Oil price; 57.88 1:00 pm;

Brent Oil: 67.23 12:00 EST

USA /RUSSIAN /   ROUBLE CROSS:    65.45  THE CROSS LOWER BY 0.15 ROUBLES/DOLLAR (ROUBLE HIGHER BY 15 BASIS PTS)

 

TODAY THE GERMAN YIELD RISES  TO +.07 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 :  58.40

 

 

BRENT :  67.66

USA 10 YR BOND YIELD: … 2.61.

 

 

 

 

 

 

USA 30 YR BOND YIELD: 3.01..

 

 

 

EURO/USA DOLLAR CROSS:  1.1329 ( up 44   BASIS POINTS)

USA/JAPANESE YEN:111.14 DOWN .172 (YEN UP 17  BASIS POINTS/..

 

 

USA DOLLAR INDEX: 96.48 DOWN  45 cent(s)/

The British pound at 4 pm: Great Britain Pound/USA:1.3258  UP 194 POINTS FROM YESTERDAY

the Turkish lira close: 5.4661

the Russian rouble 65.42   UP .17 Roubles against the uSA dollar.( UP 17 BASIS POINTS)

 

Canadian dollar:  1.3295 UP 64 BASIS pts

USA/CHINESE YUAN (CNY) :  6.7071  (ONSHORE)/

 

USA/CHINESE YUAN(CNH): 6.7030  (OFFSHORE)

German 10 yr bond yield at 5 pm: ,0.07%

 

The Dow closed UP 148.23POINTS OR 0.58%

 

NASDAQ closed UP 52.38 POINTS OR 0.69%

 


VOLATILITY INDEX:  13.45 CLOSED DOWN 0.32 

 

LIBOR 3 MONTH DURATION: 2.593%//

 

 

 

FROM 2.608

 

 

 

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

Stocks Short-Squeeze Higher But Bonds Bid As Quad-Witch Bias Builds

Seriously… China stocks plunge, US earnings tumbling, US macro data disappointment, Brexit uncertainty, bond yields plunge and still US stocks surge (we’ll explain why below)…)…

 

Chinese markets collapsed overnight with ChiNext plunging:

Chinese markets collapsed overnight with ChiNext plunging over 6% from Monday’s highs…

 

While China tumbled, European markets rallied with DAX outperforming on some positive economic data…

 

US equity markets surged once again (fading only on Boeing headlines and Trump China trade deal, then rebounding after UK voted against a no-deal brexit)…

 

Futures show another buying panic at the cash open

 

Boeing was ugly as Trump grounded their 737 Max planes…

And then Boeing was bid back into the green…

 

The S&P 500 broke above a key technical resistance level but ended back below it (a lower high)…

 

Wondering WTF is going on? It’s simple, as Charlie McElligott, managing director for cross-asset macro strategy at Nomura, wrote in a Tuesday note to clients:

The impending expiration of options contracts is fueling the purchase of those stockas owning options becomes ever riskier as the expiration day approaches, a process called “rolling out.”

Options-related buying “is syncing up with corporate buyback flows, which typically run at a massive pace this week as well, ahead of going into a ‘blackout’ by next week,” McElligot wrote, referring to a period of when companies and corporate insiders are prohibited from repurchasing their own shares in the month before the release of their quarterly results.

This demand double-whammy” are the “two largest catalysts” for the stock market’s upswing this week, he added.

Jeff Hirsch, editor of the Stock Trader’s Almanac and chief market strategist at Probabilities Fund Management, pointed out in a blog post that “March’s option expiration week performance is second only to December’s and has a bullish bias.”

But there’s some downside… the week after quad witch has been ugly…

Which is perhaps what bonds are worried about…

 

With stocks surging on their own on the heels of the biggest short-squeeze since the start of January..

 

And another surge in buyback-related stocks…

 

VIX and Credit collapsed further today…

 

Despite equity gains once again, bond yields were unchanged, dramatically diverging…

 

30Y Yields hovered around the 3.00% level…

 

The Dollar Index – DXY – tumbled for the 4th day in a row, well and truly breaking the 97.00 level…

 

Cable rallied notably as UK Parliament voted to rule out a no-deal brexit on March 29…

 

Cryptos broadly drifted lower on the day but Ripple rallied…

 

The drop in the dollar sparked more gains in commodities…

 

With gold extending its gains, back above $1300…

 

WTI Crude surged above $58 to 4-month highs after a surprise crude inventory draw…

 

Finally, something had to be done…

But, as we noted above, the week after quad witch usually does not end well.

MARKET TRADING/

late trading this afternoon:

US Markets Extend Drop As Trump Warns “Not In A Rush” For China Trade Deal

Dow Industrials and Transports began the drop on Boeing’s demise, but the rest of the US equity markets began to tumble when President Trump said that he “was not in a rush” to complete a US-China trade deal.

  • *TRUMP: ‘NOT IN A RUSH’ TO MAKE DEAL WITH CHINA ON TRADE
  • *TRUMP: U.S. HAS OTHER TRADE DEALS `COOKING’
  • *TRUMP: CHINA HAS NOT BEEN DOING WELL, WANTS TO MAKE A DEAL

And that extended the markets drop…

 

ii)Market data/

Producer price growth slows down as the economy slows

(courtsy zerohedge)

US Producer Price Growth Slows To 20-Month Lows

Following disappointing (for inflationists) CPI data earlier in the week, US producer prices also rose at a slower than expected rate in February.

While Final Demand PPI printed as expected at +1.9% YoY, that is the weakest growth in prices since June 2017 (and back below the key Fed-mandated 2.00%)…

Core PPI (ex Food and Energy) slowed more than expected (+2.5% YoY vs +2.6% YoY exp).

  • The index for final demand services was unchanged in February .
  • The index for final demand goods increased 0.4 percent in February following three consecutive declines.

Over 80 percent of the advance can be traced to prices for final demand energy, which rose 1.8 percent. The index for final demand goods less foods and energy edged up 0.1 percent. Conversely, prices for final demand foods fell 0.3 percent. Forty percent of the increase in the index for final demand goods is attributable to a 3.3- percent rise in gasoline prices. The indexes for diesel fuel, jet fuel, integrated microcircuits, residual fuels, and beef and veal also moved higher. In contrast, prices for fresh and dry vegetables declined 12.8 percent. The indexes for iron and steel scrap and for residential natural gas also decreased.

In February, prices for traveler accommodation services rose 5.3 percent. The indexes for machinery, equipment, parts, and supplies wholesaling; food retailing; portfolio management; and legal services also moved higher. Conversely, margins for fuels and lubricants retailing fell 10.5 percent. The indexes for apparel, jewelry, footwear, and accessories retailing; airline passenger services; health, beauty, and optical goods retailing; and nonresidential real estate services also declined.

More comforting data for The Fed to remain “patient” – the question is, is ‘bad’ news still good news for the stock market?

end
Another indicator of a slowdown:  durable good orders slipped in January.
(courtesy zerohedge)

Core Durable Goods Orders Slipped In January But Core Capex Jumped

Headline durable goods orders beat expectations notably in preliminary (delayed) January data (rising 0.4% MoM vs expectations of a 0.4% decline), however, excluding transportation-equipment demand, which is volatile and can move wildly on large orders in any given period, orders fell 0.1% – confirming the last six months of very modest growth (if any).

 

On the bright side, non-military capital goods orders excluding aircraft – a proxy for business investment – notably outperformed expectations – rising 0.8% MoM vs +0.2% expectations – the biggest jump since July.

As Bloomberg notes, the improvement in demand, underscored by orders for machinery and communications equipment, suggests a solid start to the year for manufacturers that should support economic growth in the first quarter. At the same time, other data for February give a more muted picture, with the Institute for Supply Management’s factory index falling to a two-year low in February and manufacturers adding the fewest workers since 2017.

Finally, we note that amid the ongoing Boeing debacle, total durable-goods orders, which gained 0.4 percent from December, got a boost from the volatile transportation category, reflecting a 15.9 percent rise in bookings for civilian aircraft and parts. Separate data showed Boeing’s aircraft orders fell in January to less than a quarter of the prior month’s total.

 end
The street loved the fact that construction spending rose, but under the hood, residential spending slumped for the 6th straight month…it was government construction spending that was on the rise
(courtesy zerohedge)

Residential Spending Slumps For 6th Straight Month As Infrastructure Spending Soars Most Since 2003

The headline construction spending print was celebrated, rising a better-than-expected 1.3% MoM (the most since April 2018) in January, but below the surface the story is notably mixed.

Private Residential building spending dropped 0.3% MoM – the sixth straight monthly decline (and private residential home improvement spending fell 0.3% in Jan. to $181.3b). But the headline was saved by a surge in non-residential building spending of 2.4% MoM – the biggest jump since Jan 2016.

And it was government spending that rescued the headline as public construction rose 4.9% in Jan – the largest increase since March 2004. Government construction spending was 24.5% of total in Jan thanks to a massive surge in infrastructure spending on Highway and Street improvements

So, the summary of today’s construction spending data is that non-governmental spending is extremely weak (the biggest YoY drop since Dec 2010), signaling a lack of confidence

…and only government-spending is saving  the economy.

iii)USA ECONOMIC/GENERAL STORIES

Pressure mounts on the USA’s FAA to ground all 737 Max 8’s

(courtesy zerohedge)

As Rest Of World Grounds 737 Max 8s, FAA Finds Itself Under Mounting Pressure

The Federal Aviation Administration is facing growing criticism for backing the airworthiness of Boeing’s 737 Max jetliners as the number of countries that have grounded them grows in the wake of the Ethiopian Airlines crash over the weekend, according to CBS News.

Curiously, this is a reversal of the conventional process where the rest of the world typically takes it cues from the FAA, long considered the world’s gold standard for aircraft safety. Yet aviation safety regulators in dozens of other nations have decided not to wait for the FAA to act and have grounded the planes or banned them from their airspace. In addition, at least 10 airlines worldwide have stopped flying them.

Three days after an Ethiopian Airlines jet crashed, killing all 157 people on board, just months following a deadly crash in October of another new Boeing 737 Max 8 operated by Lion Air in the sea off Indonesia, country after country ignored assessments by the U.S. Federal Aviation Administration that the plane is safe to fly. Canada agreed it was too early to act but many fell into line in growing numbers behind the first major nation to ground its 737 Max fleet – China.

In doing so, long-time American allies including the U.K. and Australia broke convention by snubbing an authority that has defined what’s airworthy for decades. New Zealand, the United Arab Emirates and Vietnam on Wednesday became the latest countries to block the 737 Max, helping legitimize China’s early verdict on March 11 that the plane could be unsafe.

“The FAA’s credibility is being tested,” Chad Ohlandt, a Rand Corp. senior engineer in Washington told Bloomberg. “The Chinese want their regulatory agency to be considered a similar gold standard.”

As we reported yesterday, the EU’s Aviation Safety Agency, which covers 32 countries, announced Tuesday it was banning the planes from flying in its airspace. Other countries that have either grounded or temporarily banned them include China, the United Kingdom, India, Indonesia, Singapore, Oman, Malaysia, Vietnam, Australia and the UAE.

One day after the Ethiopian Airlines flight plunged to the ground, the Civil Aviation Administration of China (CAAC) drew a possible connection between the crash and Lion Air’s in October. A preliminary report into the earlier disaster, which killed 189 passengers and crew, indicated pilots struggled to maintain control following an equipment malfunction. Both flights, on almost brand new planes, ended minutes after takeoff.

The CAAC asked domestic airlines to ground their 737 Max 8 fleets. “There needs to be reason for us to change that decision,” said CAAC’s deputy head Li Jian. Domestic carriers including China Southern Airlines Co. and Air China Ltd. account for about 20 percent of 737 Max deliveries worldwide through January, according to Boeing’s website.

According to Bloomberg, Ethiopian Airlines CEO Tewolde GebreMariam told CNN that the latest crash and the Lion Air tragedy had substantial similarities. Separately, the Wall Street Journal reported that Ethiopia wanted to send the flight-data and cockpit-voice recorders to the U.K., causing U.S. investigators to hold intense behind-the-scenes talks to bring the parts to America.

Rep. Peter DeFazio, D-Ore., the chairman of the House Transportation and Infrastructure Committee, said in a statement Tuesday that he’s concerned that international aviation regulators are providing more certainty to the flying public than the FAA.

“In the coming days, it is absolutely critical that we get answers as to what caused the devastating crash of Ethiopian Airlines flight 302 and whether there is any connection to what caused the Lion Air accident just five months ago,” DeFazio said.

Already several U.S. lawmakers have called for the Max jets to be grounded, including Republican Sens. Ted Cruz of Texas and Mitt Romney of Utah and Democratic Sens. Richard Blumenthal of Connecticut, Dianne Feinstein of California, Elizabeth Warren and Ed Markey of Massachusetts and Bob Menendez of New Jersey. So have Democratic Reps. Steve Cohen of Tennessee, Adriano Espaillat of New York and Shelia Jackson Lee  of Texas.

Meanwhile, both the Association of Flight Attendants and the American Airlines flight attendants’ union are urging the grounding of Max 8s, yet the FAA continues to ignore their pleas.

In a striking development, on Tuesday it emerged that pilots on at least two flights of U.S. carriers have reported that an automated system seemed to cause their Boeing planes to tilt down suddenly, the same problem suspected of contributing to the crash off Indonesia. The pilots said that soon after engaging the autopilot on Boeing 737 Max 8s, the nose tilted down sharply. In both cases, they recovered quickly after disconnecting the autopilot.

American Airlines and Southwest Airlines operate the 737 Max 8, and United Airlines flies a slightly larger version, the Max 9. All three carriers vouched for the safety of Max aircraft on Wednesday.

The pilot reports were filed last year in a data base compiled by NASA. They are voluntary safety reports and do not publicly reveal the names of pilots, the airlines or the location of the incidents. It was unclear whether the accounts led to any actions by the FAA or the pilots’ airlines.

However, leading the push against US grounding, a vice president of American, the world’s biggest carrier, which has 24 Max 8s, said it has “full confidence in the aircraft.” At the same time, the Southwest Airlines Pilots Association president Captain Jonathan L. Weaks put out a lengthy statement saying, “The data supports Southwest’s continued confidence in the airworthiness and safety of the MAX. … We fully support Southwest Airlines’ decision to continue flying the MAX and the FAA’s findings to date. I will continue to put my family, friends, and loved ones on any Southwest flight and the main reason is you, the Pilots of SWAPA.”

A United pilot echoed that sentiment, telling CBS News, “It’s a safe airplane. I’d put my family on it.”

Boeing has said it has no reason to pull the popular aircraft from the skies and it doesn’t intend to issue new recommendations about the aircraft to customers. Boeing’s CEO Dennis Muilenburg spoke with President Trump and reiterated that the 737 Max 8 is safe, the company said. Its technical team, meanwhile, joined American, Israeli, Kenyan and other aviation experts in the investigation led by Ethiopian authorities.

The FAA said it was reviewing all available data. It said it expects Boeing will soon complete software improvements to the automated anti-stall system suspected of contributing to the Lion Air crash.

“Thus far, our review shows no systemic performance issues and provides no basis to order grounding the aircraft,” acting FAA Administrator Daniel K. Elwell said in a statement. “Nor have other civil aviation authorities provided data to us that would warrant action.”

The FAA’s cavalier response has prompted accusations of “cozying” up to the industry, with Bill McGee, aviation adviser for Consumer Reports, saying the FAA has increasingly become cozy with airplane manufacturers and airlines when it should be more pro-active in safety. The magazine and website on Tuesday called on airlines and the FAA to ground the 737 Max planes until an investigation into the cause of the Ethiopian crash is completed to see if it’s related to the Lion Air crash in October.

“They have not presented any evidence that the problems that we’ve seen with these two crashes are not problems that could potentially exist here in the U.S.,” McGee said.

“Increasingly, the FAA is relying more and more on what the industry calls electronic surveillance,” added McGee, who has written about aviation for nearly two decades. “Not going out and kicking the tires, seeing the work being done, making sure it’s being done properly.”

Former Transportation Secretary Ray LaHood also called for the U.S. to ground the 737 Max, just as his agency halted flights of Boeing 787s six years ago because of overheating lithium-ion battery packs. “These planes need to be inspected before people get on them,” LaHood said Tuesday. “The flying public expects somebody in the government to look after safety, and that’s DOT’s responsibility.”

But veteran accident investigators defended the FAA, which has said there’s no data to link the two crashes.

“I don’t see the facts to justify what they’ve done,” John Goglia, an independent safety consultant and former member of the National Transportation Safety Board, said of the moves by other countries to stop the Max 8 from flying. “If they have facts, I wish they would share them with the rest of the world so we can protect the air-traveling public.”

The FAA said it was reviewing all available data, and so far had found no basis to ground the planes.

John Cox, president and CEO of the aviation consultancy Safety Operating Systems, said countries that have grounded the Max 8 may have linked the Ethiopian and Indonesian crashes even though investigators had yet to analyze the Ethiopian plane’s black boxes.

“The FAA is on solid ground so far,” said Cox, a former airline pilot and accident investigator. “But politics may overwhelm them if enough members get together and demand the planes be grounded.”

Sandy Morris, an aerospace analyst at Jefferies in London, called the string of bans on the Boeing Max jets unprecedented.

“It seems like a rebellion against the FAA,” Morris said.

end

It is student debt that is killing the Millennials.  They have collectively more than one trillion dollars in debt.

(courtesy Michael Snyder//EconomicCollapseBlog)

 

Millennials Are More Than A Trillion Dollars In Debt, And Most Of Them Don’t Even Own A Home

Authored by Michael Snyder via The Economic Collapse blog,

When compared to a similar point in time, Millennials are deeper in debt than any other generation that has come before them.  And the biggest reason why they are in so much debt may surprise you.

We’ll get to that in a minute, but first let’s talk about the giant mountain of debt that Millennials have accumulated.  According to the New York Fed, the total amount of debt that Millennials are carrying has risen by a whopping 22 percent in just the last five years

New findings from the New York Federal Reserve reveal that millennials have now racked up over US$1 trillion of debt.

This troubling amount of debt, an increase of over 22% in just five years, is more than any other generation in history. This situation may leave you wondering how millennials ended up in such a sorry state.

Many young adults are absolutely drowning in debt, but the composition of that debt is quite different when compared to previous generations at a similar point in time.

Mortgage debt and credit card debt levels are far lower for Millennials, but the level of student loan debt is far, far higher

While the debt levels accumulated by millennials eclipse those of the previous generation, Generation X, at a similar point in time, the complexion of the debt is very different.

According to a 2018 report from the St. Louis Federal Reserve Bank, mortgage debt is about 15% lower for millennials and credit card debt among millennials was about two-thirds that of Gen X.

However, student loan debt was over 300% greater.

Over the last 10 years, the total amount of student loan debt in the United States has more than doubled.

It is an absolutely enormous financial problem, and there doesn’t seem to be an easy solution.  Some politicians on the left are pledging to make college education “free” in the United States, but they never seem to explain who is going to pay for that.

But what everyone can agree on is that student loan debt levels are wildly out of control.  The following statistics come from Forbes

The latest student loan debt statistics for 2019 show how serious the student loan debt crisis has become for borrowers across all demographics and age groups. There are more than 44 million borrowers who collectively owe $1.5 trillion in student loan debt in the U.S. alone. Student loan debt is now the second highest consumer debt category – behind only mortgage debt – and higher than both credit cards and auto loans. Borrowers in the Class of 2017, on average, owe $28,650, according to the Institute for College Access and Success.

What makes all of this even more depressing is the fact that the quality of “higher education” in the U.S. has gone down the toilet in recent years.  For much more on this, please see my recent article entitled “50 Actual College Course Titles That Prove That America’s Universities Are Training Our College Students To Be Socialists”.

Our colleges and universities are not adequately preparing our young people for their future careers, but they are burdening them with gigantic financial obligations that will haunt many of them for decades to come.

We have a deeply broken system, and we desperately need a complete and total overhaul of our system of higher education.

Due to the fact that so many of them are swamped by student loan debt, the homeownership rate for Millennials is much, much lower than the homeownership rate for the generations that immediately preceded them.  The following comes from CNBC

The homeownership rate for those under 35 was just 36.5 percent in the last quarter of 2018, compared with 61 percent for those aged 35 to 44, and 70 percent for those aged 45 to 54, according to the U.S. Census. The millennial homeownership rate actually dropped in the fourth quarter compared with the third quarter, but was unchanged year over year.

This is one of the big reasons why “Housing Bubble 2” is beginning to burst.  There are not enough Millennials buying homes, and it looks like things could be even worse for Generation Z.

If you are a young adult, I would encourage you to limit your exposure to student loan debt as much as possible, because the debt that you accumulate while in school can have very serious long-term implications that you may not even be considering right now.

 
end

SWAMP STORIES

Stormy and Creepy porn lawyer Avenatti part ways

(courtesy zerohedge)

Stormy Daniels & Lawyer Michael Avenatti Sever Ties “For Undisclosed Reasons”

It’s over!!

Michael Avenatti and Stormy Daniels – the porn actress who alleged she had an affair with President Donald Trump – have severed ties.

In the last year, the duo rose to become household names in their fight against Trump, dominating cable news shows for months and taunting the president in interviews.

For posterity, let’s look back at Avenatti and Daniels track-record: (via The Hill)

Avenatti represented Daniels, whose legal name is Stephanie Clifford, in lawsuits that she filed against President Trump and Michael Cohenthe former personal attorney to Trump.

Daniels sued Trump and Cohen to void a nondisclosure agreement stemming from an alleged 2006 affair between Daniels and the president. Daniels was paid ahead of the 2016 election to keep quiet about the affair. A judge threw out the lawsuit this month, ruling that it was irrelevant because she had not been held to the terms of the agreement.

Daniels also filed a defamation suit against both men.

That lawsuit was dismissed by a federal judge in October.

But the writing was on the wall that clouds were forming over Stormy and Michael’s ‘relationship’:

In November, Daniels told the Daily Beast that Avenatti had filed a defamation case against Trump “against my wishes” and alleged that he refused to give her an accounting of the funds collected by her supporters, would not tell her how the money was spent or how much was left in the crowdsourced legal defense fund.

So Avenatti was 0 for 3 in his representation of Daniels, which is maybe not a total surprise, as AP reports, before Avenatti began representing Daniels in February 2018, he was virtually unknown outside of the California legal community. But in months, he had become known as a no-holds-barred lawyer with a media style parallel to Trump’s. Avenatti had toyed with a 2020 presidential run, but ultimately ruled that out. He’s also been involved in some of America’s biggest cases in the last year, including representing dozens of parents whose children were separated from them at the U.S. border as a result of the Trump administration’s immigration policies. More recently, he’s been representing women who said they were sexually abused by R&B star R. Kelly.

Daniels has not done quite so well, turning her hand to stand-up most recently…

The question is who fired whom? The answer is actually simple:

Stormy Daniels tweeted at 1112am that “I have retained Clark Brewster as my personal lawyer and have asked him and his firm to review all legal matters involving me.”

Stormy Daniels

@StormyDaniels

I have retained Clark Brewster as my personal lawyer and have asked him and his firm to review all legal matters involving me. Upon completion of Mr. Brewster’s review and further consultation with me, I anticipate Mr. Brewster will serve as my primary counsel on all legal issues

And Michael Avenatti quickly responded at 1123am claiming that “on February 19, we informed Stormy Daniels in writing that we were terminating our legal representation of her for various reasons that we cannot disclose publicly due to attorney-client privilege… This was not a decision we made lightly and it came only after lengthy discussion, thought and deliberation, as well as consultation with other professionals,” he added. “We wish Stormy all the best.”

Michael Avenatti

@MichaelAvenatti

Please see below statement relating to our representation of Stormy Daniels.

So why did Avenatti not – in all his any-publicity-is-great-publicity-and-I-may-still-run-for-President blufftardism – relay his severing ties with Daniels in February?

Bloomberg’s White House correspondent Jennifer Jacobs has the answer – straight from the horse’s mouth (as it were): “To an audience of women at The Wing in DC, she says her ex lawyer, Michael Avenatti, pulled the old “you can’t fire me, I quit” trick.

Jennifer Jacobs

@JenniferJJacobs

“Yes,” Stormy Daniels says when asked if she and her new attorney are planning new legal action.

To an audience of women at The Wing in DC, she says her ex lawyer, Michael Avenatti, pulled the old “you can’t fire me, I quit” trick.

And just like that, 1000s of media types around the world felt a great disturbance in the farce, cried out in terror and were suddenly silenced.

END

Page’s testimony contradicts the timeline with Bruce Ohr’s testimony. It also outlines clearly the Dept of Justice’s interference with the probe on Hillary

(courtesy zerohedge)

Explosive Lisa Page Testimony: Dossier Timeline Contradictions And DOJ Interference

Via SaraCarter.com,

Testimony provided to Congress from former FBI lawyer Lisa Page reveals contradictions as to when she learned about former British spy Christopher Steele’s anti-Trump dossier, sheds light on the “insurance policy” and exposes the Obama Justice Department’s decision not to charge Hillary Clinton with allegedly violating the Espionage Act.

Page’s testimony, which was delivered behind closed doors last July before a joint task force of the House Oversight and Judiciary committees, reveals the internal machinations between senior bureau leadership and the DOJ. Basically, her testimony adds more depth to what happened during the critical months during the FBI’s investigation into President Trump’s election campaign and the bureau’s “Midyear Exam” investigation into Clinton.

As for the Clinton investigation, Page said the bureau “did not blow over gross negligence.” She told Rep. John Ratcliffe, R-Texas, there were ongoing discussions with former FBI Director James Comey and other senior officials about the issue. She said “on its face, it did seem like, well, maybe there’s a potential here for this to be the charge. And we had multiple conversations, multiple conversations with the Justice Department about charging gross negligence,” she said.

She added “the Justice Department’s assessment was that it was both constitutionally vague, so that they did not actually feel that they could permissibly bring that charge.”

Page’s testimony does coincide with what former FBI General Counsel James Baker’s told the committee on “gross negligence.” In testimony he stated that he originally believed Hillary Clinton’s mishandling of highly classified information was “alarming” and “appalling,”  as first reported at SaraACarter.com. He also believed her use of a private server to send the classified emails was sufficient enough to secure an indictment to possibly charge her for violations under the Espionage Act, for mishandling sensitive government documents.

However, her testimony focuses on the DOJ’s push not to charge Clinton, whereas Baker puts the onus on Comey. He said Comey did not believe the charges would stick and that he argued with Comey until just before the public announcement not to charge Clinton. Baker suggested he changed his mind shortly before Comey announced publicly on July 5, 2016 not to charge the then presidential candidate.

Crossfire Hurricane

Page also expands on the FBI’s controversial “Crossfire Hurricane” investigation into members of the Trump campaign and links the investigation to controversial text messages made between her and former FBI Special Agent Peter Strzok regarding the “insurance policy” against Trump. Strzok and Page were removed from Special Counsel Robert Mueller’s investigation after their anti-Trump text messages were discovered. Page left the FBI and Strzok was fired shortly after DOJ Inspector General Michael Horowitz report was made public last year.

Page expresses in her testimony that during the investigation into the Trump campaign there was a sentiment at the time among bureau officials regarding the president’s electability: nobody believed he would win.

“So, upon the opening of the crossfire hurricane investigation, we had a number of discussions up through and including the Director regularly in which we were trying to find an answer to the question, right, which is, is there someone associated with the [Trump] campaign who is working with the Russians in order to obtain damaging information about Hillary Clinton,” states Page.

She adds, “and given that it is August, we were very aware of the speed and sensitivity that we needed to operate under.”

“[W]e don’t need to go at a total breakneck speed because so long as he doesn’t become President, there isn’t the same threat to national security, right,” Page added.

“But if he becomes President, that totally changes the game.”

Ohr and Page Testimony On Steele Don’t Match Up

Moreover, Page contradicts Ohr’s testimony regarding when she first knew about former British spy Christopher Steele’s dossier. She claims in her testimony that she did not know about the dossier in August 2016, however, Ohr’s testimony reveals that he delivered Steele’s information to the bureau shortly after meeting with Steele. In fact, he met with former Deputy Director Andrew McCabe and specifically, Page at the bureau to deliver the information.

Ohr reveals this during an exchange with then-Chairman of the House Oversight and Government Reform Committee Trey Gowdy, R-SC.

“Why? Why did you meet with them,” asks Gowdy.

“To pass the latest information that I had received,” Ohr responds.

“How did you find out who to meet with? Who did you call to find out,” questions Gowdy.

Ohr explains that prior to that meeting with McCabe and Page he had met with Steele on July 30, 2016.

“After the July 30th meeting with Chris Steele, I wanted to provide the information he had given me to the FBI. I reached out for Andrew McCabe, at that time, Deputy Director of the FBI and somebody who had previously led the organized crime, Russian organized crime squad in New York and who I had worked with in the past, and asked if he could meet with me,” he said.

“I went to his office to provide the information, and Lisa Page was there. So I provided the information to them. And some point after that, I think, I was given Peter Strzok, or somehow put in contact with Peter Strzok.”

Gowdy then asks when exactly did Ohr meet Strzok and Page.

“I don’t recall the exact date,” Ohr says.

“I’m guessing it would have been in August since I met with Chris Steele at the end of July, and I’m pretty sure I would have reached out to Andrew McCabe soon afterwards.”

end
Ice officers are growing frustrated with the lack of progress over border security(courtesy zerohedge)

ICE Officers Growing Frustrated With Trump Over Border

ICE officers who supported President Trump during the 2016 election are growing frustrated with the lack of follow through on border-related promises, reports the Washington Times‘ Stephen Dinan.

In particular, Trump’s promise to end the practice of arresting migrants, giving them court dates and then letting them go free (known as “catch-and-release”) has not only failed to pan out – it’s gone into “overdrive” according to the Times.

Instead of rounding up criminals who are in the United States illegally, Immigration and Customs Enforcement officers say they are being underutilized for mundane tasks – such as “opening the doors on vans to release immigrants already caught by Border Patrol agents.” Agents with the Border Patrol – a separate law enforcement agency from ICE – reportedly don’t fill out their own paperwork to open the doors because “the agency’s leaders don’t want to be part of catch-and-release.

Hundreds of man hours are wasted each day at a time of crisis on the border,” reads a Monday letter to President Trump from the National ICE Council – the union which represents ICE officers.

The letter was sent just hours before the Senate Homeland Security and Governmental Affairs Committee voted to approve Mr. Trump’s pick, Ronald D. Vitiello, to be the new director of ICE.

Committee Chairman Ron Johnson waved a copy of the ICE Council’s letter during the vote and called the accusations “troubling.”

“We’re going to get to the bottom of this,” he told reporters afterward.

In the letter, the ICE Council said its president, Chris Crane, personally told Mr. Trump about the situation in a January meeting, and the council was disappointed nothing has been done. –Washington Times

“You frequently speak publicly of the great public safety work ICE is doing under your leadership. To be direct Mr. President — the rhetoric doesn’t match reality and we hope that this letter shows you the complete and total nonsense that is really taking place under the Trump Administration on the southern border,” reads the letter – which comes after some 160,000 migrant children and families have been intercepted at the border over the last five months alone.

While most of them have been arrested by the Border Patrol, around 10-15 percent of those detained are encountered by Customs and Border Protection officers.

Homeland Security responds

Responding to the National ICE Council, the Department of Homeland Security said: “We have repeatedly sounded the alarm with Congress as resources are being stretched across DHS as agencies work to contain this historic surge,” adding “ICE and CBP are fully engaged on a coordinated response and continue to update Congress on the challenges faced by our agents and officers at the border.”

ICE officers countered that while Congress could change some of the big policies, the “utter nonsense” decision to make ICE come along for the van rides is something Homeland Security could stop on its own.

The ICE Council said officers are being taken from terrorism task forces, fugitive operations and the Criminal Alien Program to do paperwork and van-opening.

One field team reported being moments from arresting felons, only to be told to back off. That wasn’t as high a priority as opening the van doors, or filling out the Border Patrol’s paperwork, the letter says.

Mr. Crane said one ICE office in Texas spends perhaps a third of its manpower facilitating CBP’s catch-and-release.

The ICE officers blamed both Homeland Security Secretary Kirstjen Nielsen and Mr. Vitiello, a former Border Patrol agent who’s been serving since last June as acting director at ICE. –Washington Times

Meanwhile, Vitiello was approved by the Homeland Security Committee to become a full director in a 7-5 vote on Monday evening, however he still must pass through the Judiciary Committee for an eventual floor vote.

end

With tongue in cheek, Trump thanks Pelosi for her no impeachment stance.  He however notes one minor fact:  he never did anything wrong

(courtesy zerohedge)

Trump Thanks Pelosi For ‘No-Impeachment’ Stance, But Notes “Minor Fact That I Never Did Anything Wrong” 

President Trump started off hot on Wednesday, tweeting that while he greatly appreciates House Speaker Nancy Pelosi’s statement that she’s against impeachment, “everyone must remember the minor fact that I never did anything wrong.”

Trump boasted that the “Economy and Unemployment are the best ever, Military and Vets are great – and many other successes!”

“How do you impeach a man who is considered by many to be the President with the most successful first two years in history, especially when he has done nothing wrong and impeachment is for “high crimes and misdemeanors”?”

Donald J. Trump

@realDonaldTrump

I greatly appreciate Nancy Pelosi’s statement against impeachment, but everyone must remember the minor fact that I never did anything wrong, the Economy and Unemployment are the best ever, Military and Vets are great – and many other successes! How do you impeach….

Donald J. Trump

@realDonaldTrump

I greatly appreciate Nancy Pelosi’s statement against impeachment, but everyone must remember the minor fact that I never did anything wrong, the Economy and Unemployment are the best ever, Military and Vets are great – and many other successes! How do you impeach….

Donald J. Trump

@realDonaldTrump

….a man who is considered by many to be the President with the most successful first two years in history, especially when he has done nothing wrong and impeachment is for “high crimes and misdemeanors”?

Pelosi (D-CA) came out against impeaching President Trump in a Monday Washington Post article – telling the paper that she thinks it would be too divisive to the country, adding that Trump is “just not worth it.

I’m not for impeachment. This is news. I’m going to give you some news right now because I haven’t said this to any press person before. But since you asked, and I’ve been thinking about this: Impeachment is so divisive to the country that unless there’s something so compelling and overwhelming and bipartisan, I don’t think we should go down that path, because it divides the country. And he’s just not worth it. –Washington Post

“I don’t usually talk about him this much,” Pelosi added. “This is the most I’ve probably talked about him. I hardly ever talk about him. You know, it’s not about him. It’s about what we can do for the people to lower health-care costs, bigger paychecks, cleaner government.”

end

Manafort sentenced to another 43 months for a total of 7 1/2 years. Now the move is up to Trump to pardon him

( zerohedge)

Paul Manafort Sentenced To 43 More Mos In Second Trial

Lobbyist and former Trump campaign manager Paul Manafort was sentenced to more than six years in prison by a federal judge in the District of Columbia on two conspiracy counts. Manafort pleaded guilty last fall to the two charges which encompass a host of crimes – including money laundering and obstruction of justice.

Manafort was sentenced to 60 months on count one, with 30 months of that overlapping a 47 month sentence handed down last week in a separate trial in Virginia – and 13 months on count two.

In total, he will serve a total of 90 months, or 7.5 years. 

Zoe Tillman

@ZoeTillman

Jackson says the witness tampering count warrants a consecutive sentence, but the full five-year maximum is too much

Zoe Tillman

@ZoeTillman

BREAKING: Paul Manafort has been sentenced to:
– Count 1: 60 months, with 30 months concurrent with EDVA sentence
– Count 2: 13 months, to run consecutive to count 1 and the EDVA sentence

During the hearing, Manafort asked Judge Amy Berman Jackson for leniency during Wednesday’s hearing, saying that the criminal charges against him have “taken everything from me already,” and asking that Berman Jackson not impose any additional prison time beyond the sentence handed down last week.

Jackson agreed with Manafort that the original 19-24 year sentencing guideline “overstates the seriousness of this offense.”

“I am sorry for what I have done and all the activities that have gotten us here today,” said Manafort in a calm and steady voice as he read from a prepared statement. “While I cannot undo the past, I will ensure that the future will be very different.”

The 69-year-old Manafort – who arrived to court in a wheelchair, said that he was his wife’s primary caregiver and wanted to be able to resume their life together.

“She needs me and I need her. I ask you to think of this and our need for each other as you deliberate,” said Manafort. “This case has taken everything from me already — my properties, my cash, my life insurance, my trust accounts for my children and my grandchildren, and more.”

In response, prosecutor Andrew Weissmann suggested that Manafort should be given no quarter.

“I believe that is not reflective of someone who has learned a harsh lesson. It is not a reflection of remorse,” said Weissmann. “It is evidence that something is wrong with sort of a moral compass, that someone in that position would choose to make that decision at that moment.”

His plea for leniency followed prosecutor Andrew Weissmann’s scathing assessment of crimes that the government said spanned more than a decade and continued even while Manafort was awaiting trial. He said Manafort took steps to conceal his foreign lobbying work, laundered millions of dollars to fund a lavish lifestyle and then, while on house arrest, coached other witnesses to lie on his behalf. –AP

Before reading her decision, Berman Jackson reamed Manafort – saying that there was no good explanation for granting the leniency Manafort had requested.

Ryan J. Reilly

@ryanjreilly

Manafort, says Jackson, was trying to sustain an “opulent” lifestyle, including more homes than a family could enjoy and “more suits than one man can wear.”

Ryan J. Reilly

@ryanjreilly

Manafort’s “disregard for facts” has continued throughout the case, Jackson says. Says Manafort still isn’t being straight with court now about his contacts with witnesses.

What you were doing was lying to Congress and the American public,” said Berman Jackson, adding that Manafort had “contempt for” and “believed he had the right to manipulate these proceedings.”

“Saying I’m sorry I got caught is not an inspiring plea for leniency,” the judge said, adding that Manafort’s defense that there was “no collusion” with Russia is not related to the case.

Scott Dworkin

@funder

Manafort “squandered his chance to plead for a lighter sentence.” Judge Berman Jackson

Jackson also blasted Manafort for being “dissembling” and “less than candid” about multiple issues, and that “A significant portion of his career has been spent gaming the system.”

Carrie Johnson

@johnson_carrie

Judge Jackson blasts Manafort for “dissembling” and being “less than candid” about multiple issues throughout the case. “It’s all very problematic to me,” she said, “because court is one of those places where facts still matter.”

Kristine Phillips

@kristinegWP

Judge Jackson: “A significant portion of his career has been spent gaming the system.” Not looking good for Manafort.

Ryan J. Reilly

@ryanjreilly

Jackson: The defendant’s own conduct makes it impossible to assess the value of the information that he did provide. How do they know if he’s being truthful?

Last week’s case in which Manafort received 47 months in prison was overseen by Judge T.S. Ellis of the Federal District Court in Alexandria, VA. He was found guilty on eight felony counts of tax evasion, bank fraud and failing to disclose a foreign bank account.

 

end

SWAMP STORIES/MAJOR STORIES//THE KING REPORT
and special thanks to Chris Powell of GATA for sending this down for us:
end
Let us conclude tonight, with this offering from Greg Hunter and Peter Schiff
(courtesy greg Hunter/Peter Schiff)

Record Debt Everywhere – Peter Schiff

Money manager Peter Schiff says even though there is “record debt everywhere,” the Fed thinks the economy is fine. Schiff explains, “The actual amount of money the government is borrowing is much larger than what they pretend they are borrowing with the official budget. I think the national debt was up around $1.5 trillion in 2018. . . . It’s probably going to be even greater in 2019. . . . We have the biggest annual trade deficit ever in 2018. We’re going to beat that record in 2019. So, we have the twin deficits going off the charts. None of that worries (Fed Head Jay) Powell. We have record corporate debt, record individual debt, record student debt, auto debt, credit card debt and none of that concerns Powell.  We have record debt for state governments and municipalities. We have underfunded pensions in both the public and private sector. We also have interest rates rising. They have risen quite a bit from a few years ago, and all of that is an added cost on an over-leveraged economy. The reason the Fed did this about face, the reason they are now ‘patient’ and the reason they stopped raising interest rates . . . is all about the United States. . . . It’s all about the enormous debt we have. The Fed inflated a bubble where you had all this debt. It’s impossible to normalize interest rates in this scenario. So, they came up with an excuse to stop, but what the markets still don’t realize is it is not enough. The Fed is ultimately going to go back to 0%. The Fed is not going to shrink its balance sheet. They are going to blow it up bigger than it was before they started to shrink it. There is no way to stop the recession and no way to stop the bear market. They are going to have to go back to the QE, but I don’t think the Fed is going to succeed in blowing a bigger bubble.”

Schiff goes on to say, “I think when they start to try to reflate the assets in stocks, real estate and in bonds, they are just going to prick the dollar bubble, and that’s when we have a real crisis. . . . The dollar is going to collapse, and America’s days of living beyond its means is going to come to an end.”

On gold, Schiff says, “I think this is the calm before the storm. People don’t really perceive it. Maybe it’s like the Wile E. Coyote who has just run off a cliff, and he just hasn’t looked down yet. He doesn’t realize where he’s standing. . . . Gold shorts are going to lose an incredible amount of money. That’s probably one of the most foolish things you can do. There are a lot of great things out there to short. Gold is the last thing you should be shorting. For central banks, gold is the safest reserve asset. It’s the only asset that is not somebody else’s liability. . . . I think the world is going back to gold. . . . $5,000, $10,000 (per ounce) who knows how high it’s going to go. There is no real ceiling on the price of gold because there is no floor to the value of the dollar and other fiat currency. . . . Gold is going to skyrocket.”

And silver? Schiff says, “Look at last time. Silver went up to $50 per ounce from $3 to $4 an ounce in 2000-2001. Gold went to $1,900 per ounce, but silver went to $50 per ounce. It was a much bigger percentage gain. . . . If I am right about gold going to $5,000 to $10,000 (per ounce), I am sure the percentage gain in silver will be even bigger.”

Join Greg Hunter as he goes One-on-One with money manager Peter Schiff, founder of Euro Pacific Capital and Schiff Gold.

-END-

 

-END-

I WILL SEE YOU THURSDAY NIGHT

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