APRIL 2/I AM REDOING THE COMEX REPORT

 TO ALL;

 

I AM SORRY…I DO NOT KNOW WHAT HAPPENED BUT AS SOON AS I PRESSED PUBLISH MY ENTIRE SCREEN VANISHED

 

I JUST RE DID THE ENTIRE COMEX/GLD/SLV  REPORT AS IT IS THE MOST IMPORTANT

 

THE REST WAS NOT SO IMPORTANT

 

EXCEPT THE TURKISH REPORT AND THE IMPORTANT CHRIS POWELL PRESENTATION WHICH I WILL INCLUDE

 

I WILL ALSO INCLUDE THE FULL KING REPORT WHICH ENCOMPASSES ALL THE MAJOR STORIES FOR THE LAST TWO DAYS.

 

I WILL SEE YOU TOMORROW

 

YOUR DATA

 

 

GOLD: $1291.05  UP $1.50 (COMEX TO COMEX CLOSING)

Silver:  $15.11 DOWN 1 CENT (COMEX TO COMEX CLOSING)

Closing access prices:

Gold :  $XXX

 

 

silver: $XXX

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NUMBER OF NOTICES FILED TODAY FOR  APRIL CONTRACT: 1103 NOTICE(S) FOR 112300 OZ (3.493 tonnes

TOTAL NUMBER OF NOTICES FILED SO FAR:  1780 NOTICES FOR 178,000 OZ  (5.5365 TONNES)

 

 

SILVER

 

FOR APRIL

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

 

121 NOTICE(S) FILED TODAY FOR 605,000  OZ/

 

total number of notices filed so far this month: 675 for 3,375,000  oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE XXX

 

 

Bitcoin: FINAL EVENING TRADE: $XXX

 

 

end

 

XXXX

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

today

 

 

 

 

Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

In silver, THE SILVER COMEX IS PRELIMINARY DATA//THE JERKS AT THE CME STILL CANNOT GET THEIR FINAL DATA

THIS TIME BY A STRONG  SIZED 3845 CONTRACTS FROM 195,711 UP TO 199,556 DESPITE YESTERDAY’S 1 CENT FALL IN SILVER PRICING AT THE COMEXTODAY WE ARRIVED CLOSER TO 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 STRONG SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:

0 EFP’S FOR MARCH,  0 FOR APRIL,  0 FOR MAY, 379 FOR MARCH 2020  0 AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE: OF 379 CONTRACTS. WITH THE TRANSFER OF 379 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 3119 EFP CONTRACTS TRANSLATES INTO 1.895 MILLION OZ  ACCOMPANYING:

1.THE 12 CENT FALL 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.:

27.120 MILLION OZ STANDING IN MARCH.

AND NOW 3.755 MILLION OZ STANDING FOR SILVER IN APRIL.

 

 

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

3498 CONTRACTS (FOR 2 TRADING DAYS TOTAL 3498 CONTRACTS) OR 17.49 MILLION OZ: (AVERAGE PER DAY: 1749 CONTRACTS OR 8.745 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR:  17.49 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 4.59% 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:          590.175    MILLION OZ.

JANUARY 2019 EFP TOTALS:                                                      217.455. MILLION OZ

FEB 2019 TOTALS:                                                                       147.4       MILLION OZ/

MARCH 2019 TOTAL EFP ISSUANCE:                                           207.835   MILLION OZ

 

 

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3845 DESPITE THE 1 CENT LOSS IN SILVER PRICING AT THE COMEX /YESTERDAY..THE CME NOTIFIED US THAT WE HAD   A STRONG SIZED EFP ISSUANCE OF 379 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) .

TODAY WE GAINED A VERY CONSIDERABLE SIZED: 4224 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 3799 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH INCREASE OF 3845 OI COMEX CONTRACTSAND ALL OF THIS  DEMAND HAPPENED WITH A 1 CENT LOSS IN PRICE OF SILVER ????  AND A CLOSING PRICE OF $15.11 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. 0.988 BILLION OZ TO BE EXACT or 141% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MARCH MONTH/ THEY FILED AT THE COMEX: 121 NOTICE(S) FOR  605,000 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/ MARCH: 27.120 MILLION OZ/ AND NOW APRIL AT 3.755 MILLION OZ/
  2. HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018:  244,196 CONTRACTS,  WITH A SILVER PRICE OF $14.78.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
  4. RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

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

 

IN GOLD, THE OPEN INTEREST FELL BY ANOTHER UNBELIEVABLE SIZED 2903 CONTRACTS, TO 442,811 WITH THE FALL IN THE COMEX GOLD PRICE/(A LOSS IN PRICE OF $3.80//YESTERDAY’S TRADING).  

 WE JUST HAD OUR FIFTH STRAIGHT DAY OF AN OPEN INTEREST COLLAPSE DUE TO THE ANTICS OF THE SPREADERS. IT LOOKS LIKE THE SPREADERS LIQUIDATE THEIR CONTRACTS NOT SIMULTANEOUSLY BUT AT DIFFERENT TIMES DURING THE TRADING DAY TO CAUSE THE CASCADE OF PRICING IN OUR PRECIOUS METALS AND THAT IS HOW THEY ALWAYS WIN ON OPTION EXPIRY..THEY ARE SO CROOKED. AT THE END OF THE DAY THEY ELIMINATE THE OTHER HALF OF THE SPREAD TRADE. THE COLLAPSE OF OPEN INTEREST SHOULD END WITH THIS READING AND ADVANCE FROM TUESDAY ON..

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A STRONG SIZED 7,677 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 4350 CONTRACTS DECEMBER: 0 CONTRACTS, JUNE 2020l  0 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 442,811. 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 NET GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1447 CONTRACTS: 2903 OI CONTRACTS DECREASED AT THE COMEX AND 4350 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 1477 CONTRACTS OR 147,700OZ OR  4.5000 TONNES. YESTERDAY WE HAD A FALL IN THE PRICE OF GOLD TO THE TUNE OF $3.80….AND YET WITH THAT, WE HAD A STRONG LOSS IN TONNAGE OF 4.5000 TONNES!!!!!!. 

 

 

 

 

 

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF APRIL : 12,027 CONTRACTS OR 1,212,700 OR 37,41 TONNES (2 TRADING DAYS AND THUS AVERAGING: 6013 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 2 TRADING DAYS IN  TONNES: 37.41 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2018, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 37.41/2550 x 100% TONNES = 1.05% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     1414.46 TONNES

JANUARY 2019 TOTAL EFP ISSUANCE;   531.20 TONNES

FEB 2019 TOTAL EFP ISSUANCE:             344.36 TONNES

MARCH 2019 TOTAL EFP ISSUANCE:       497.16 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 FAIR SIZED  DECREASE IN OI AT THE COMEX OF 2903 WITH THE LOSS IN PRICING ($3.80) THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A VERY STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 4350 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 4350 EFP CONTRACTS ISSUED, WE  HAD A GOOD GAIN OF 1447 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

4350 CONTRACTS MOVE TO LONDON AND 2,903 CONTRACTS DECREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 4.5000 TONNES). ..AND ALL OF THIS  DEMAND OCCURRED WITH A FALL IN PRICE OF $3.80 IN YESTERDAY’S TRADING AT THE COMEX!!!!!

 

 

 

we had:  1103 notice(s) filed upon for 110,300 oz of gold at the comex. (I THINK..FROM MY MEMORY/WILL CORRECT LATER WHEN CME COMES BACK ON LINE)

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD...

 

WITH GOLD UP $1.50  TODAY 

 

A MASSIVE 16.16 TONNES OF GOLD REMOVED FROM THE GLD

THIS GOLD WAS USED AT THE COMEX FOR RAIDING PURPOSES.  NO QUESTION ABOUT IT; THE COMEX IS VOID OF GOLD…

 

 

 

 

 

 

 

INVENTORY RESTS AT 768.10 TONNES

 

 

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

 

SLV/

WITH SILVER DOWN 1 CENT  IN PRICE  TODAY:

WE LOST 134,000 OZ THROUGH A WITHDRAWAL

 

 

 

 

/INVENTORY RESTS AT 309.167 MILLION OZ.

 

 

end

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

1. Today, we had the open interest in SILVER ROSE BY A STRONG SIZED 3845 CONTRACTS from 195,711 UP TO 199,556 AND CLOSER TO THE NEW COMEX RECORD SET LAST IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  1 1/3 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.  AS YOU CAN SEE, WE HAVE RECORD HIGH OPEN INTERESTS IN SILVER  ACCOMPANIED BY A CONTINUAL LOWER PRICE WHEN THAT RECORD WAS SET…..

 

.

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:

 

0 CONTRACTS FOR MARCH. 0 CONTRACTS FOR APRIL., 379 FOR MAY AND MARCH 2020: 0 CONTRACTS  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 379 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  OI GAIN AT THE COMEX OF 3845 CONTRACTS TO THE 379 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE  OBTAIN A CONSIDERABLE GAIN OF 4427  OPEN INTEREST CONTRACTS.  THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 21.125 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,  27.120 MILLION OZ FOR MARCH. AND NOW 3.755 MILLION OZ FOR APRIL.

 

 

RESULT: A STRONG SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE 1 CENT FALL IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A STRONG SIZED 379 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG  SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, 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)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED UP 79.60 POINTS OR 2.58% //Hang Sang CLOSED UP 510.66 POINTS OR 1.76%  /The Nikkei closed UP 303.02 POINTS OR 1.43%/ Australia’s all ordinaires CLOSED UP 0.61%

/Chinese yuan (ONSHORE) closed UP  at 6.7117 AS TRUCE DECLARED FOR 3 MONTHS /Oil UP to 60.62 dollars per barrel for WTI and 68.53 for Brent. Stocks in Europe OPENED GREEN

ONSHORE YUAN CLOSED UP // LAST AT 6.7117 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7193 / TRADE TALKS NOW ON/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW A FULL TRADE WAR COMMENCED

 

 

 

 

 

 

 

 

 

 

 

 

3A//NORTH KOREA

 

 

 

 

b) REPORT ON JAPAN

 

 

 

3 C/  CHINA

 

4/EUROPEAN AFFAIRS

 

 

i)BREXIT

 

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)TURKEY

 

6. GLOBAL ISSUES

 

 

 

 

7. OIL ISSUES

 

 

 

 

 

8 EMERGING MARKET ISSUES

 

VENEZUELA

 

 

 

9. PHYSICAL MARKETS

 

 

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

 

 

MARKET TRADING//early this morning

 

 

 

 

ii)Market data

 

ii)USA ECONOMIC/GENERAL STORIES

 

 

 

 

iv)SWAMP STORIES

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

 

end

 

 

 

Let us head over to the comex:

 

THE TOTAL COMEX GOLD OPEN INTEREST COLLAPSED FOR THE 5TH STRAIGHT DAY AS IT FELL BY A STRONG SIZED 2,903 CONTRACTS DOWN TO A LEVEL OF 442,811 WITH THE LOSS IN THE PRICE OF GOLD ($3.80) IN YESTERDAY’S // COMEX TRADING) 

 

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF APRIL..  THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 4350 EFP CONTRACTS WERE ISSUED:

FOR APRIL 0 FOR JUNE ’19: 4350 CONTRACTS , DEC; 0 CONTRACTS: 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  4350 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: 1477 TOTAL CONTRACTS IN THAT 4350 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST AN CONSIDERABLE SIZED 2903 COMEX CONTRACTS.

 

NET LOSS ON THE TWO EXCHANGES ::1447 contracts OR 147700 OZ OR 4.50 TONNES.

 

We are now in the active contract month of APRIL and here the open interest stands at 2454 contracts, having lost 356 contracts.

We had 823 notices filed upon yesterday, so we GAINED 467 contracts or an additional 46,700 oz will  stand as these guys REFUSED TO  morph into London based forwards as well as NEGATING a fiat bonus.  THE GOLD COMEX IS VOID OF GOLD.

 

The next non active delivery month after  APRIL is the NON active delivery month is MAY and here the OI GAINED 111 contracts UP to 2125 contracts. The next contract month after May is June and it is an active month.  Here the open interest FELL by 2791 contracts DOWN to 328,403 contracts.

 

 

 

 

TODAY’S NOTICES FILED:

WE HAD 1103 NOTICES FILED TODAY AT THE COMEX FOR 110300 OZ. (

 

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now for the wild silver comex results.

Total COMEX silver OI ROSE BY A STRONG SIZED 3845 CONTRACTS FROM 195711 UP TO 199,556(AND CLOSER TO 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 STRONG OI COMEX GAIN  OCCURRED DESPITE A 1 CENT FALL IN PRICING.//YESTERDAY 

 

 

WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF APRIL AND THE  OPEN INTEREST IN THIS FRONT MONTH RESTS AT 197 CONTRACTS FOR A LOSS OF 375 CONTRACTS ON THE DAY.

WE HAD 413 NOTICES SERVED UP YESTERDAY, SO WE GAINED  38 CONTRACTS OR AN ADDITIONAL 190,000 OZ OF SILVER WILL STAND AT THE COMEX AS THEY REFUSED TO MORPH INTO LONDON BASED FORWARDS AS WELL AS NEGATING A FIAT BONUS.

 

 

 

 

 

AFTER APRIL, WE HAVE THE ACTIVE DELIVERY MONTH OF MAY AND HERE THE OI FELL BY 272 CONTRACTS DOWN TO 133,177. CONTRACTS.. THE NEXT MONTH OF JUNE ADDED ONE CONTRACT TO TOTAL 2. AFTER JUNE, THE VERY BIG DELIVERY MONTH OF JULY HAD A GAIN OF 4073 CONTRACTS UP TO 39,310 CONTRACTS.

 

 

 

 

 

 

ON A NET BASIS WE GAINED A STRONG 4224 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 4224 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 379 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN ON THE TWO EXCHANGES:  4224 CONTRACTS...AND ALL OF THIS STRONG  DEMAND OCCURRED WITH A 1 CENT LOSS IN PRICING// YESTERDAY 

 

 

 

 

 

 

 

 

 

TODAY’S NUMBER OF NOTICES FILED:

 

We, today, had 121 notice(s) filed for 605,000OZ for the MARCH, 2019 COMEX contract for silver

 

 

Trading Volumes on the COMEX TODAY:  192,323  CONTRACTS

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  442,811  contracts (volume high due to raid)

 

 

 

 

 

 

 

 

INITIAL standings for  APRIL/GOLD

APRIL 2 /2019.

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
5002.32
oz
Scotia
Deposits to the Dealer Inventory in oz nil

oz

 

 

 

 

 

 

 

Deposits to the Customer Inventory, in oz  

 

 

 

nil

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No of oz served (contracts) today
1103 notice(s)
 110300 OZ
(3.43 TONNES)
No of oz to be served (notices)
1351 contracts
(135100 oz)
4.202 TONNES
Total monthly oz gold served (contracts) so far this month
2883 notices
2883,00 OZ
9.05 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

inventory movements not given today by the CME as they cannot balance any of the crooked data!!

we had 0 dealer entries:

 

total dealer deposits: nil oz

total dealer withdrawals: nil oz

We had 0 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

 

 very little gold arrives from outside/ zero amount today

we had 1 gold withdrawals from the customer account:

 

i) Out of Scotia:  5002,32 oz

 

total gold withdrawals;  5002.32 oz

 

we had 1 adjustments…
where a small amount of gold moved from a customer account into a dealer account

FOR THE APRIL 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  1103 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid  (Goldman Sachs)

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the INITIAL total number of gold ounces standing for the APRIL /2019. contract month, we take the total number of notices filed so far for the month (2454) x 100 oz , to which we add the difference between the open interest for the front month of APRIL. (2454 contract) minus the number of notices served upon today (1103 x 100 oz per contract) equals 443,400 OZ OR 13.79 TONNES) the number of ounces standing in this active month of APRIL

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

No of notices served (2883 x 100 oz)  + (2454)OI for the front month minus the number of notices served upon today (1103 x 100 oz )which equals 443,400oz standing OR 13.79 TONNES in this  active delivery month of APRIL.

WE GAINED 446 CONTRACTS OR 446,000 OZ WILL STAND AT THE COMEX AND THESE GUYS REFUSED TO MORPHED INTO LONDON BASED FORWARDS.(AS WELL AS NEGATING A FIAT BONUS FOR THEIR EFFORTS)

 

 

SURPRISINGLY LITTLE 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:  365,695.225 oz or  11.37 tonnes
total registered and eligible (customer) gold;   8,034,023.799 oz 249.89 tonnes

FOR COMPARISON FIRST DAY NOTICE FOR APRIL 2018 AND FINAL STANDING APRIL 30 2018

AT FIRST DAY NOTICE APRIL 1.201819.897 TONNES STOOD FOR DELIVERY

AT CONCLUSION APRIL 30/2018:  ONLY 4.6407 TONNES STOOD AS THE REST MIGRATED TO LONDON THROUGH EFP’S.  IT LOOKS LIKE WE ARE GOING TO HAVE A REPEAT OF LAST YEAR WHERE MANY MORPH TO LONDON BECAUSE THERE IS NO METAL AT THE COMEX.

 

 

IN THE LAST 30 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 OF APRIL

INITIAL  standings/SILVER

APRIL 1 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
101,640.34 oz
Brinks
CNT

 

 

Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
1,197,608.736
CNT
oz
No of oz served today (contracts)
121
CONTRACT(S)
605,000 OZ)
No of oz to be served (notices)
76 contracts
380,000 oz)
Total monthly oz silver served (contracts) 675 contracts

3,375,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

we had 0 inventory movement at the dealer side of things

 

 

total dealer deposits: nil  oz

total dealer withdrawals: 0 oz

we had  1 deposits into the customer account

 

i) Into JPMorgan:  nil  oz

 

*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.

JPMorgan now has 147.825 million oz of  total silver inventory or 49.12% of all official comex silver. (147 million/300.8 million)

 

i) Into everybody CNT:  1,197,608.736  oz

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

total customer deposits today:  1,197,608.736  oz

 

we had 2 withdrawals out of the customer account:

i) Out of Brinks:  4923.53 oz

ii) Out of CNT:  96,716.811 oz

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

total withdrawals: 101,640.34  oz

 

we had 0 adjustments.

 

 

 

 

total dealer silver:  90.47million

total dealer + customer silver:  305.542 million oz

 

 

 

 

The total number of notices filed today for the APRIL 2019. contract month is represented by 121 contract(s) FOR  605,000  oz

To calculate the number of silver ounces that will stand for delivery in APRIL, we take the total number of notices filed for the month so far at 675 x 5,000 oz = 3,375,000 oz to which we add the difference between the open interest for the front month of APRIL. (197) and the number of notices served upon today (121 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the APRIL/2019 contract month:675(notices served so far)x 5000 oz + OI for front month of APRIL( 197) -number of notices served upon today (121)x 5000 oz equals 3,755,000 oz of silver standing for the APRIL contract month.  This is a strong number of oz standing for an off delivery month.

We gained 38 contracts or an additional 190,000 oz will stand at the comex as these guys refused to morph into London based forwards as well as negating a fiat bonus.

 

 

 

 

FOR COMPARISON VS LAST YEAR:

 

 

ON  FIRST DAY NOTICE MARCH 29/2018: WE HAD 1,805,000 OZ STAND FOR DELIVERY FOR THE  APRIL 2018 DELIVERY MONTH

AT CONCLUSION OF APRIL 2018: 2,485,000 OZ STOOD FOR DELIVERY AS QUEUE JUMPING WAS ALREADY WELL DEVELOPED IN SILVER. (APRIL IS A NON ACTIVE SILVER DELIVERY MONTH)

 

 

 

 

 

 

 

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

TODAY’S SILVER VOLUME:  XXX CONTRACTS

 

 

 

CONFIRMED VOLUME FOR YESTERDAY: XXX CONTRACTS… (volume high due to raid)

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF XXXCONTRACTS EQUATES to 472 million OZ  67.40% 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 FALLS TO -2.53% (APRIL 1/2019)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -0.83% to NAV (APRIL 1/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -2.53%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

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

NAV 12.95/TRADING 12.45/DISCOUNT 3.89

END

And now the Gold inventory at the GLD/

APRIL 2//WOW! WE LOST A WHOPPING 16.16 TONNES OF GOLD WITH A RISE IN PRICE OF $1.80//INVENTORY RESTS AT 768.10

APRIL 1/WITH GOLD DOWN $3.80: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 784.26 TONNES

MARCH 29/WITH GOLD UP $2.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 784.26 TONNES

MARCH 28/WITH GOLD DOWN $20.60: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 784.26 TONNES

 

MARCH 27/SURPRISING! WITH GOLD DOWN AGAIN BY $4.05, THE CROOKS NEEDED TO PUT GOLD BACK INTO THE GLD: THEY ADDED 3.23 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 784.26 TONNES

MARCH 26/WITH GOLD DOWN $7.30 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 781.03 TONNES

MARCH 25/WITH GOLD UP $9.85: A STRONG 2.94 TONNES DEPOSIT INTO THE GLD/INVENTORY RESTS AT 781.03 TONNES

MARCH 22/WITH GOLD UP $5.00 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 778.09 TONNES

MARCH 21/WITH GOLD UP $7.00 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 778.09 TONNES

March 20/WITH GOLD DOWN $5.15 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 778.09 TONNES

MARCH 19/WITH GOLD UP $4.60 TODAY: A MASSIVE 8.23 TONNES OF PAPER GOLD ADDED TO THE GLD INVENTORY/INVENTORY RESTS AT 779.27 TONNES AND THEN A WITHDRAWAL OF 1..18 TONNES OF GOLD REMOVED:  TOTAL GLD INVENTORY REMAINING:  778.09 TONNES

MARCH 18/WITH GOLD DOWN  $0.70: A BIG CHANGE TODAY: A WITHDRAWAL OF 1.32 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 771.04 TONNES

MARCH 15/WITH GOLD UP $7.50 TODAY; NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 772.46 TONNES

MARCH 14/WITH GOLD DOWN $13.60 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 772.46 TONNES

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

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

APRIL 2/2019/ Inventory rests tonight at 768.10 tonnes

*IN LAST 570 TRADING DAYS: 166.85 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 470 TRADING DAYS: A NET 0.03TONNES HAVE NOW BEEN LOST INTO THE GLD INVENTORY.

 

end

 

Now the SLV Inventory/

APRIL 2/ WITH SILVER DOWN ONE CENT TODAY: A SMALL WITHDRAWAL OF 134,000 OZ FROM THE SLV TO PAY FOR FEES/INVENTORY RESTS AT 309.167

APRIL 1/WITH SILVER DOWN ONE CENT TODAY: A SMALL WITHDRAWAL OF 656,000 OZ FROM THE SLV/INVENTORY RESTS AT 309.301 MILLION OZ//

MARCH 29/WITH SILVER UP 12 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.957 MILLION OZ/

MARCH 28/WITH SILVER DOWN 31 CENTS TODAY: A BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 469,000 OZ INTO THE SLV INVENTORY//INVENTORY RESTS AT 309.957 MILLION OZ/

MARCH 27/WITH SILVER DOWN 12 CENTS; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.488 MILLION OZ//

MARCH 26/WITH SILVER DOWN 13 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.488 MILLION OZ//

MARCH 25/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.488 MILLION OZ////

MARCH 22/WITH SILVER DOWN 7 CENTS TODAY: A BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.356 MILLION OZ///INVENTORY RESTS AT 309.488 MILLION OZ///

MARCH 21/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 310.848 MILLION OZ/

March 20/WITH SILVER DOWN 4 CENTS TODAY: NO CHANGES  IN SILVER INVENTORY//INVENTORY RESTS AT 310.848 MILLION OZ//

MARCH 19/WITH SILVER UP 6 CENTS TODAY: NO CHANGES IN SILVER INVENTORY/INVENTORY RESTS AT 310.848 MILLION OZ/

MARCH 18/WITH SILVER DOWN 2 CENTS TODAY: NO CHANGES IN SILVER INVENTORY//INVENTORY RESTS AT 310.848 MILLION OZ///

MARCH 15/WITH SILVER UP 16 CENTS: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS TODAY AT 310.848 MILLION OZ//

MARCH 14/WITH SILVER DOWN 30 CENTS: A SURPRISING DEPOSIT OF 1.17 MILLION OZ OF SILVER INTO THE SLV//INVENTORY RESTS AT 310.848 MILLION OZ//

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/

 

APRIL 1/2019:

 

Inventory 309.301 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 2.10/ and libor 6 month duration 2.66

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

G0LD LENDING RATE: + .56

 

 

XXXXXXXX

12 Month MM GOFO
+ 2.44%

LIBOR FOR 12 MONTH DURATION: 2.71

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.27

end

 

PHYSICAL GOLD/SILVER STORIES

end
i) GOLDCORE BLOG/Mark O’Byrne

I

 

 

GATA STORIES WITH RESPECT TO GOLD/PRECIOUS METALS.

Chris Powell: Gold market manipulation update, April 2019

 Section: 

The slides for the PowerPoint presentation accompanying these remarks can be found here:

http://gata.org/files/GATA-HongKong-Slides-04-02-2019.pdf

* * *

[SLIDE 1: Introduction]

Remarks by Chris Powell, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Mines and Money Asia Conference
Hong Kong Convention and Exhibition Centre
Tuesday, April 2, 2019

Mining Investment Asia Conference
InterContinental Singapore Bugis Hotel
Singapore
Thursday, March 28, 2019

Most of us come to this conference to discover what mining assets are worth financially. Most people go to financial conferences generally to discover what various assets are worth.

For almost 20 years my organization, the Gold Anti-Trust Action Committee, has documented why mining assets particularly and other assets generally can not be valued accurately or even valued at all without first taking into account the largely surreptitious intervention in the markets by governments and central banks, surreptitious intervention that lately has become almost comprehensive.

… 

Government intervention against the price of gold is not mere “conspiracy theory” but an old story fully documented in government’s own archives. It is official policy going back to the United States government’s enactment of the Gold Reserve Act of 1934, which created the U.S. government’s Exchange Stabilization Fund. This policy of gold price suppression continued through the London Gold Pool of the 1960s, a coordinated scheme of gold reserve dishoarding by the U.S. government and seven allied governments to hold the international gold price at $35 per ounce.

The objective of these interventions always has been to defend government currencies and bonds against competition from gold as a currency and store of value. But by the early 1970s the governments participating in gold price suppression had lost too much of their gold reserves to continue suppressing the gold price by dishoarding in the open. So they began operating against gold mostly in secret, through gold leasing, swapping, and futures market manipulation, usually shorting the futures through the large investment banks that trade the monetary metals and execute other market interventions for governments.

In recent years this scheme has been admitted many times by central bankers themselves — sometimes when they think no one outside their circle is listening, sometimes when they have written their memoirs. This and other documentation is archived at GATA’s internet site —

http://gata.org/taxonomy/term/21

— and several days would be needed to review it all with you. Today I will try to summarize the most important documentation and developments of the last year.

* * *

Let me start with what is perhaps the documentation of the last year that most clearly establishes the comprehensiveness of market rigging by governments and central banks.

[SLIDE 2: CME Group Central Bank Incentive Program]

It is the schedule of discounts provided to governments and central banks by CME Group, operator of the major futures exchanges in the United States, for their secret trading of all major futures contracts. This schedule is posted on CME Group’s internet site and copied to GATA’s internet site:

http://www.gata.org/files/CMEGroup-CentralBankIncentiveProgram-Feb2019.p…

The discount trading program has been in effect for several years now and a few weeks ago it was renewed for another year with slightly changed rates.

The current discounts range from a mere 3 percent for bitcoin futures contracts and 7 percent for two-year U.S. Treasury futures contracts to a whopping 52 percent for interest rate futures. The huge discount for central banks and government trading of interest rate futures implies that they do a lot of secret trading there, apparently to defeat speculators shorting bonds and driving up interest rates.

Discounts of 15 percent are offered to governments and central banks for secretly trading gold and silver futures as well as metals and energy futures. Discounts of 14 percent are available to them even for secretly trading agricultural futures.

Of course the trading discount schedule doesn’t prove that such secret trading by governments and central banks is actually occurring.

[SLIDE 3: CME Group’s 10-k report]

The proof of such secret trading comes from CME Group’s annual 10-k form filings with the U.S. Securities and Exchange Commission, wherein CME Group specifies that its customers include “governments and central banks”:

http://investor.cmegroup.com/node/43571/html

Mainstream financial news organizations refuse to report this secret trading by governments and central banks, even though it implies the overthrow of the market economy throughout the world. It implies the suppression of the prices of all mining products.

* * *

Throughout the last year the Bank for International Settlements, the central bank of the central banks, has continued to trade secretly in the gold market on behalf of its members. As far as I can determine, only one person in the world outside of central banking documents this secret trading — GATA consultant Robert Lambourne.

[SLIDE 4: BIS headquarters and February statement of account]

The trading is confirmed not by any regular and candid announcement by the BIS but by changes in the line item for gold in the bank’s monthly statement of account, which is obscurely posted at the bank’s internet site. Subtracting the gold owned by the BIS itself from the valuation reported by the bank for gold loans and swaps, Lambourne concludes that the BIS is swapping dozens of tonnes of gold every month, 56 in February alone:

http://www.gata.org/node/18923

What is the purpose of these swaps? What is the BIS aiming to achieve in the gold market and for whom? Are Lambourne’s calculations correct?

GATA put those questions to the BIS in November 2017. The bank promptly replied that it provides no information about its activity in the gold market. The BIS referred GATA to its member central banks, which, of course, also refuse to provide information about their activity in the gold market:

http://www.gata.org/node/17793

A few weeks ago Craig Hemke of the TF Metals Report noticed that Lambourne’s calculation of 56 tonnes of BIS gold swaps in February corresponded almost exactly with the decline in the gold inventory held by the gold exchange-traded fund GLD over about the same period, 57 tonnes:

http://www.gata.org/node/18937

Had the BIS borrowed gold from GLD to dump it into the market in February and March to push the gold price down, or is the similarity of the numbers here just a coincidence?

When powerful government organizations refuse to answer for themselves, it becomes less likely that suspicious developments involving them are mere coincidence.

* * *

Also recently refusing to answer GATA’s questions about its operations is the U.S. Commodity Futures Trading Commission.

By letter in September GATA asked the CFTC if it has jurisdiction over manipulation of a commodities market that is undertaken by the U.S. government itself, directly or through intermediaries, or whether market manipulation instigated by the government is authorized by federal law. After all, such manipulation seems to be authorized by the Gold Reserve Act of 1934, which established the Treasury Department’s Exchange Stabilization Fund and authorized it to trade secretly in any market in the world:

https://home.treasury.gov/policy-issues/international/exchange-stabiliza…

The CFTC has refused to answer GATA’s questions, which may be construed as confirmation that the U.S. government indeed is authorized to rig the commodity markets and indeed is doing so.

U.S. Rep. Alex Mooney, R-West Virginia, objected to the CFTC’s refusal to answer GATA’s questions. In February he wrote to the CFTC himself, making GATA’s questions his own:

http://gata.org/node/18832

[SLIDE 5: Rep. Mooney’s letter to CFTC]

Mooney also asked the CFTC why its own investigation of the silver market from 2008 through 2013 could find no manipulation when the U.S. Justice Department and FBI recently obtained a confession from a former trader for JPMorganChase that he had manipulated the silver market and the gold market during that period. Further, Mooney asked whether, in light of that trader’s confession to manipulation, the CFTC will reopen its investigation of silver market manipulation:

http://www.gata.org/files/Mooney-Letter-CFTC-2-5-2019.pdf

Two months have passed and the CFTC has not replied to the congressman either.

* * *

Last April Mooney performed an even greater service to accountability in government. He wrote to the Federal Reserve and Treasury Department and asked them to specify which markets they are trading in:

[SLIDE 6: Rep. Mooney’s letter to the Federal Reserve and Treasury Department]

http://gata.org/node/18210

http://gata.org/files/MooneyLetter-04-24-2018.pdf

Mooney wrote: “Records in the archives of the historian of the U.S. State Department describe U.S. government policy in recent decades as aiming to drive gold out of the world financial system in favor of the Federal Reserve Note or Special Drawing Rights issued by the International Monetary Fund.

“Is this still U.S. government policy toward gold? If not, what is the U.S. government’s current policy toward gold?”

Mooney continued: “I have heard complaints that the U.S. gold reserve has not been fully audited for many decades, particularly as there seems to have been no acknowledgement of — or account for — ‘swaps’ and leases of gold or arrangements for such to which the U.S. government has been a party.

“Does the U.S. government, through the Treasury Department, the Federal Reserve System, or any other agency or entity transact in gold or gold derivatives either directly or through intermediaries? If so, what are those transactions and what are their objectives?

“Does the U.S. government undertake any transactions in gold or gold derivatives through the Bank for International Settlements, Bank of England, or other central banks or governments? If so, what are these transactions and their objectives?”

Federal Reserve Chairman Jerome Powell replied to Mooney but only in part. Powell denied that the Fed is trading gold but failed to answer whether the Fed is trading in other markets and, if so, which ones. Powell said the Treasury Department would reply on its own behalf, but a year has passed and the Treasury has not replied.

Apparently an honest answer about secret market intervention by the U.S. government would be against the U.S. government’s interests. An honest answer might reveal that complaints of such secret intervention are far more than “conspiracy theory.”

* * *

Then there have been the usual criminal activities in the gold and silver markets by agents of big investment banks, banks that are commonly brokers for the U.S. government.

[SLIDE 7: CNBC page about JPM trader Edmonds’ confession]

In November last year former JPMorganChase trader John Edmonds pleaded guilty in federal court to manipulating the gold and silver markets for about seven years. In his confession he says his superiors and other traders at JPMorganChase knew what he was doing and conspired with him:

http://gata.org/node/18596

[SLIDE 8: CFTC order against Bank of Nova Scotia]

In October last year the Bank of Nova Scotia, whose metals division, Scotia Mocatta, is renowned in the gold and silver business, a bank that has participated in the daily London gold price-setting mechanism, admitted to the U.S. Commodity Futures Trading Commission that its traders had used “spoofing” trades to manipulate the gold and silver markets from 2013 through 2016:

http://gata.org/node/18531

For this “spoofing” the CFTC fined the Bank of Nova Scotia a mere $800,000, maintaining that the bank deserved such leniency because it had reported itself.

And Deutsche Bank, which in 2016 agreed to pay nearly $100 million to settle class-action lawsuits in the United States charging manipulation of the gold and silver futures markets, also agreeing to provide evidence against other banks —

https://www.reuters.com/article/us-deutsche-bank-settlement-silver-idUSK…

https://www.reuters.com/article/us-deutsche-bank-settlement-gold-idUSKBN…

— agreed in February to settle a similar class-action lawsuit in Canada. In Canada Deutsche Bank will pay C$5.5 million and, as in the United States, provide evidence against other market manipulators:

http://gata.org/node/18857

* * *

[SLIDE 9: Page from Volcker autobiography]

In November last year former Federal Reserve Chairman Paul Volcker published an updated edition of his autobiography, excerpts of which first saw print in the Nikkei Weekly in Japan in 2004. In the new edition Volcker recalls his desire for central bank intervention against gold during an international currency revaluation in 1973 while he was an assistant secretary of the treasury:

http://gata.org/node/18622

Volcker writes: “The newly agreed exchange rates and gold price ($42.22), in my view, would be highly vulnerable to renewed speculation. To convey a sense of confidence, we should be prepared to intervene collectively to stabilize the gold market: in effect to create a new gold pool. That, unfortunately, was not agreed.”

* * *

While all of this is hard documentation, not mere speculation or “conspiracy theory,” few mainstream news organizations will touch it, apparently because it is too sensitive to their governments.

But sometimes some notice slips through.

[SLIDE 10: Hong Kong Economic Journal’s article]

In August last year the Hong Kong Economic Journal took note of GATA’s work in a commentary headlined “GATA Is Not Wrong”:

http://gata.org/node/18701

The Hong Kong Economic Journal’s essayist, Shin Lin Shu, wrote: “Gold prices are often artificially depressed.”

Indeed, as shown by the U.S. State Department cables exposed by Wikileaks in 2011, China long has known about gold price suppression by the United States and the U.S. government knows that China knows:

http://www.gata.org/node/10380

[SLIDE 11: Article from Il Sole / 24 Ore]

Three weeks ago a major newspaper in Italy, Il Sole / 24 Ore — The Sun / 24 Hours — asserted plainly that central banks have been manipulating the gold futures market to push the gold price down so they more easily can acquire real metal to build their reserves:

http://www.gata.org/node/18930

This, the Italian newspaper said, was being done in anticipation of the formal remonetization of gold under the so-called Basel 3 standards devised by the Bank for International Settlements, whereby, as of last Friday, gold in the vault is to be considered an asset as good as cash and government bonds.

The newspaper’s premise echoed the hypothesis published in 2012 by the U.S. economists Paul Brodsky and Lee Quaintance — that central banks were redistributing gold reserves in favor of countries with large U.S.-dollar-denominated foreign-exchange positions to hedge those countries against the devaluation of the dollar and an upward revaluation of gold that would reliquefy dollar-overweight central banks:

http://www.gata.org/node/11373

* * *

What does all this mean to mining companies and their investors?

First, it means that metals and minerals are underpriced, along with most commodities, because of the price suppression engineered by central banks to defend their currencies and government bonds. Central banks and governments in the developed world don’t want gold, silver, other metals, and other commodities to compete with their currencies as stores of value.

As the recent acquisition of gold by Russia, China, and other governments suggests, gold price suppression has been figured out at last and certain countries are turning to gold to regain financial sovereignty.

Second, it means that there is a vast and uncoverable short position in the monetary metals and other strategic commodities. Thus they have great potential for price appreciation.

Third, it means that Western central banks are not likely to surrender this short position without a fight or another negotiated international currency revaluation.

Fourth, since governments can create infinite money, it means that if you are trading against secret trading by the government, you are likely to lose.

Fifth, it means that if commodity prices ever regain free markets, commodity producers should be prepared for stiffer royalty requirements and windfall profits taxes.

And sixth, it means that people in the mining and commodities businesses may have an obligation to their investors and clients to inform them of the opposition of major governments to free markets and higher commodity prices. It means we all may have an obligation to clamor for governments to tell us the truth about their surreptitious interventions in the markets. For this price suppression works only through deception.

Because it depends entirely on government for its mining claims, royalty requirements, and enforcement of environmental regulations, the mining industry is the industry most vulnerable to government. Any government can shut down any mining company on any pretext at any time.

And since the mining industry is also the most capital-intensive industry, with a billion dollars or more required to start a large mine, the industry is also the most dependent for its financing on the major investment banks that are the agents of government in the markets.

So objecting to price suppression will require courage from the mining industry. But if the industry united against price suppression, there would be strength in numbers. Besides, the industry’s choice may be only whether to die on its knees or risk dying on its feet.

Sometimes the truth is stronger than you think.

[SLIDE 12: Contact]

I will be delighted to answer your questions here if we have any time left, or at CPowell@GATA.org. If you can’t find any document I have mentioned today, just let me know and I’ll try to locate it for you.

Thanks for your kind attention. Good luck against our common foe.

* * *

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:

END


iii) Other Physical stories
seems that Peter Schiff was the last to be excluded from interviews by mainstream media.  I guess we became too toxic like the rest of us
(courtesy Peter Schiff/zerohedge)

Peter Schiff: This Is Permanent Debt Monetization, A Dollar Collapse Is Next

In his most recent media appearance, Peter Schiff blasts the mainstream financial media and Fed policies, which he believes to be inflating the “biggest bubble yet”. Schiff appeared on the Quoth the Raven Podcast on Sunday and spent an hour and a half explaining his case as to why the United States is heading to a currency crisis.

Schiff On the Financial Media

Schiff led off talking about why he doesn’t get any mainstream financial media attention anymore, partly responding to recent commentsby CNBC contributor Guy Adami that Schiff was “bad for TV”.

“They abruptly cancelled my appearance a day before I was supposed to go on,” he said of a scheduled interview with Rick Santelli on CNBC. “They haven’t tried to book me since. Obviously Santelli’s team didn’t get the memo that Peter Schiff’s not allowed on.”

“I think they want to shield the audience from my perspective,” he continued. “Maybe they think they’re doing their audience a favor by keeping me off the air.”

Schiff On Gold

He continues the interview, explaining why he suggests his clients constantly keep 5-10% of their capital in gold. When asked about how he personally invests versus how he advises his clients, he explains why he is the most overweight gold miner stocks that he’s ever been.

Schiff also says we will need a gold standard again, which he thinks is inevitable, much to the dispassion of the government. “When they choose gold, which is the right choice, it’ll only be because they’ve exhausted everything else that wouldn’t work. When they admit we need a gold standard, the party’s over”.

“Gold keeps government honest, which is why the government doesn’t want it,” he said.

Schiff on the Fed’s Reversal

Schiff also talked at length about the Fed’s most recent decision to not raise rates again in 2019.

“The Fed did a reversal. A complete 180,” Schiff says about the Fed’s most recent minutes. “They’re never going to complete the normalization process,” Schiff recounts saying in late 2018 interviews. “I’m one of the only people out there saying the Fed is BSing, but the markets believed it.”

Schiff said either the Fed was deliberately lying in late 2018 when they said they would continue to taper and hike, or that they just didn’t know. Either way, Schiff believes that we are now in the midst of a bear market rally – not a bull market – as a result.

“I said they were going to wait for an excuse to abort normalization because they couldn’t tell the truth. They can’t raise interest rates because there’s too much debt,” he says. “It has nothing to do with problems abroad, it has nothing to do with Brexit.”

“This is permanent debt monetization,” he says.

You can list to the full 90 minute podcast here:

https://www.podbean.com/media/player/8nkiq-ac87c1&?from=site&vjs=1&skin=1&fonts=Helvetica&auto=0&download=1

Peter Schiff is Chairman of SchiffGold, CEO and Chief Global Strategist of Euro Pacific Capital, Inc, and host of The Peter Schiff Show. Peter is an economic forecaster and investment advisor influenced by the free-market Austrian School of economics. He is one of the few forecasters who accurately and publicly predicted the 2007 housing market collapse and subsequent 2008 financial crisis.

Visit www.schiffgold.com for more on Peter Schiff. 

Visit www.quoththeravenresearch.com for more on Quoth the Raven Research. 

 

-END-

 

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 MONDAY 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: 6.7117/

 

//OFFSHORE YUAN:  6.7193   /shanghai bourse CLOSED UP 79.60 POINTS OR 2.58% /

 

HANG SANG CLOSED UP 510.66 POINTS OR 1.76%

 

 

2. Nikkei closed //UP 303.02 POINTS OR 1.43%

 

 

 

 

 

 

 

3. Europe stocks OPENED GREEN 

 

 

 

 

 

 

 

 

 

 

/USA dollar index FALLS TO 97.11/Euro RISES TO 1.1230

3b Japan 10 year bond yield: RISES TO. –.07/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 110.98/ 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//CARRY TRADERS GETTING KILLED

 

3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 60.62 and Brent: 68.53

3f Gold DOWN/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 –.04%/Italian 10 yr bond yield UP to 2.51% /SPAIN 10 YR BOND YIELD UP TO 1.13%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 2.55: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 3.71

3k Gold at $1290.80 silver at:15.09   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 13/100 in roubles/dollar) 65.54

3m oil into the 60 dollar handle for WTI and 68 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 110.98 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 0.9951 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1176 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 NEGATIVE territory with the 10 year RISING to –0.04%

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 2.44% early this morning. Thirty year rate at 2.85%

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

6.  TURKISH LIRA:  UP  TO 5.5702..GETTING DANGEROUS

 

Global St

 

3. ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED UP 79.60 POINTS OR 2.58% //Hang Sang CLOSED UP 510.66 POINTS OR 1.76%  /The Nikkei closed UP 303.02 POINTS OR 1.43%/ Australia’s all ordinaires CLOSED UP 0.61%

/Chinese yuan (ONSHORE) closed UP  at 6.7117 AS TRUCE DECLARED FOR 3 MONTHS /Oil UP to 60.62 dollars per barrel for WTI and 68.53 for Brent. Stocks in Europe OPENED GREEN

ONSHORE YUAN CLOSED UP // LAST AT 6.7117 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7193 / 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/

 

3 b JAPAN AFFAIRS

3 C CHINA

4.EUROPEAN AFFAIRS

BREXIT/EU//SATURDAY

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS

TURKEY

Turkish Lira Plunges As Funding Costs Tumble, Shorts Pounce

Commenting on recent gyrations in the Turkish currency, Rabobank’s Michael Every writes that the lira ended Monday’s volatile session on the firm footing appreciating more than 1% versus the dollar as the market continued to digest the outcome of local elections held on Sunday and tried to assess potential implications of Turkey’s biggest cities voting against President Erdogan’s AKP candidates.

That said, Every notes that he “would be careful trying to read too much into the price action in USD/TRY witnessed on Monday. Lira’s liquidity in the offshore market remains tight as reflected in the overnight swap rate sharply again to more than 300% on the day” and adds that “essentially, it is not a properly functioning market.

As a result, investors who are concerned that the Erdogan administration may turn towards populist measures – instead of prudent policies to rebalance the economy – find it prohibitively expensive to short the lira. Every concludes that “unless the overnight swap rate falls back to the levels seen before the credit crunch, i.e. around 24%, any lira’s recovery should be taken with a pinch of salt.”

Well, that’s precisely what happened on Tuesday, when the Turkish lira’s overnight funding costs tumbled once again as it has become prohibitive difficult for the central bank to continue its vendetta against the shorts, with the rate plunging from over 300% to just over 18%, below levels seen during the credit crunch, and in fact below the central bank’s prevailing rate corridor.

As a reminder, last week the overnight swap rate gyrated wildly as a result of measures designed to curb short-sellers before this weekend’s local elections drove it to a high of more than 1,300% as liquidity in the offshore market evaporated. As a result, with local banks keeping a lid on lira funding, foreign investors were forced to access the currency by selling holdings of Turkish bonds and equities, resulting in a crash in local capital markets.

Of course, as discussed before, Erdogan’s play to punish lira shorts cut both ways, as the swap market is one of the biggest sources of Turkish lira funding for money managers trading the nation’s assets and the squeeze didn’t just cripple investors trying to bet against the currency, but also those who had sold dollars and bought liras. That’s because many of them had then lent out the local currency via short-term swaps to benefit from a juicy interest rate, then suddenly found themselves unable to get the funding needed to reverse the trades.

As a result, last week’s punishing short squeeze ended up hurting longs just as much as longs, but worst of all, it has crippled foreign investor confidence in the country’s capital markets, which is a major problem for Turkey which for years has been overly reliant on offshore capital to fund its current account gap.

As a reminder, two weeks ago, the most severe bout of market turmoil since Turkey’s August crisis was triggered after a plunge in central bank reserves and a recommendation to short the currency by JPMorgan sent the lira down more than 5%. As Bloomberg wrote at the time, that raised concerns that the money that had poured Turkey to take advantage of the central bank’s 24% benchmark rate would flee.

In any case, it appears that Erdogan’s experiment in currency micro management has ended with a thud, and after spooking shorts, they were back with a vengeance on Tuesday, then the Turkish lira tumbled more than 3% to session low of 5.6806 before fractionally trimming its drop.

And while traders curious just how much further the Turkish lira will fall if indeed Erdogan’s crusade against shorts is now over, one hints comes from Turkey’s CDS, which have historically tracked the USDTRY almost perfectly, and which would imply a fair value somewhere close to 6.00…

… which while quite bad, and in line with JPMorgan’s infamous 5.90 USDTRY reco, is still a ways away from the recent TD recent price target of north of 7.00.

 

Erdogan Disputes Election Results After AKP Stunning Loss Of 3 Largest Cities

It’s official, or maybe not quite — as perhaps predictably the AK party plans to challenge the stunning defeat: Erdogan’s party has lost Turkey’s three largest cities, Istanbul, Ankara and Izmir, to the opposition Republican People’s Party, or CHP.

Ballots in the crucial local election were completely tallied on Tuesday, and the upset represents a huge setback for the president and his party amid a continued bleak and worsening economic situation.

 

People walk past by AK Party billboards with pictures of Turkish President Tayyip Erdogan and mayoral candidate Binali Yildirim in Istanbul, Turkey, via Reuters/RFI

The final results now with 100% of the ballots counted as reported by the semiofficial Anadolu news agency put opposition candidate for mayor of Istanbul, Ekrem Imamoglu, at 48.79%, barely inching out rival AKP candidate Binali Yildrim’s 48.51%. And in the capital of Ankara, CHP’s Mansur Yavas won with 50.93% of the vote, compared to AKP’s Mehmet Ozhaseki’s 47.12%.

Shooting back against critics who point out the local races were clear and biting indictments of Erdogan’s leadership amid an ailing and troubled economy, and further amid worsening relations with the United States and the West, a representative of the Turkish presidency tweeted: “They will never learn. AK Party won 44.3% and the coalition won 51.6% of the votes.” Spokesman Ibrahim Kalin lashed out further as part of the statement: “Erdogan has his mandate until 2023. Stop presenting your wishful thinking as fact and analysis.”

Ibrahim Kalin

@ikalin1

Some are servicing the ‘beginning of the end for Erdogan’ story again.
They will never learn.
AK Party won 44.3 % and the coalition won 51.6 % of the votes. Erdoğan has his mandate until 2023. No elections till then.
Stop presenting your wishful thinking as fact and analysis.

1,225 people are talking about this

The AKP spokesman, Omer Celik, claimed early on Tuesday that there were significant voting tally discrepancies between polling and the actual vote — enough to cause AKP to lodge objections.

Specifically, according to the BBC:

The AKP alleges irregularities, and is challenging the results in every Istanbul district. Officially the CHP is ahead by 25,000 votes in the city.

Giant AKP victory posters have gone up in Istanbul.

The secularist CHP (Republican People’s Party) condemned that move, accusing the Islamist-rooted AKP of trying to steal the result.

The AKP is also contesting the CHP victory in Ankara.

Parts of the largely government-controlled media are reporting allegations that stolen ballots hindered the party’s performance.

In the past, Turkish opposition parties have failed to mount a successful challenge to election results.

But few predicted that AKP would escape the downward spiraling economy unscathed:

The polls posed a major challenge for Erdogan, given a backdrop of high inflation and rising unemployment sparked by a major currency crisis last year.

Earlier this month, official statistics showed that in the last two quarters of 2018, the Turkish economy slipped into its first recession in a decade, as inflation and interest rates soared due to the currency meltdown.

In February, inflation stood at just under 20 percent, while the Central Bank’s main interest rate is currently 24 percent.

According to The New York Times, this could delay formal certification for up to a little over a week:

The head of that council, Sadi Guven, said in Ankara on Tuesday that it had shared preliminary results with political parties. For now, he said, the council will give certificates of election to candidates whose victories are not subject to appeals, which can be submitted until 3 p.m. Tuesday.

The council will rule on those challenges within eight days, he added.

However, the AKP promised to recognize the validity of the process and outcome. “The process is legitimate. Everyone should respect it,” Celik said at the party’s headquarters in Ankara. “We will respect the results regardless of the outcome, as it is our people’s choice.”

* * *

previously 

Chaos erupted late on Sunday when President Erdogan’s ruling AKP party was looking certain to lose control of the capital, Ankara, while both AKP and the opposition CHP party claimed victory in Istanbul in the culmination of a critical municipal vote that is testing the popularity of Turkey’s executive president.

As reported by various news wires, preliminary results showed the opposition flipping the capital Ankara and surrounding areas from Erdogan’s alliance, and taking control of some of Turkey’s key Mediterranean coastal cities. In a stunning (or perhaps not, after all this is Turkey) to what appears to be an extreme close vote, even before the final figures were announced, Erdogan’s ally and former prime minister Binali Yildirim said he won the race in Istanbul, Turkey’s commercial hub, a claim rejected by the opposition, which said it won.

  • TURKEY’S BINALI YILDIRIM SAYS HE WON THE RACE IN ISTANBUL
  • TURKEY OPPOSITION’S KILICDAROGLU SAYS WON IN ISTANBUL

When Yildirim declared victory, the state-run news agency reported a margin of less than 0.1 percentage point between him and his main rival Ekrem Imamoglu. That means that out of some 10 million ballots cast in the city, the difference was about 5,000 votes according to Bloomberg.

Adding to the confusion, and calls that Erdogan has stolen the election, when Yildirim spoke, the state-run news agency showed 98.8 percent of votes tallied, and then stopped reporting updated results for Istanbul after he declared victory. The opposition candidate said the result was manipulated and the party’s leader also claimed victory in televised remarks.

6.GLOBAL ISSUES

 

7  OIL ISSUES

 

8. EMERGING MARKETS

VENEZUELA

 

 

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

Euro/USA 1.1230 UP .0014 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems + USA election:///ITALIAN CHAOS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES  GREEN 

 

USA/JAPAN YEN 110.98  UP .158 (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 1.3107    UP   0.0004  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED

USA/CAN 1.3351 DOWN .0012 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 MONDAY morning in Europe, the Euro ROSE by 14 basis points, trading now ABOVE the important 1.08 level  RISING to 1.1231 Last night Shanghai composite closed UP 79.60 POINTS OR 2.58%/

 

 

 

//Hang Sang CLOSED UP 510.66  POINTS OR 1.76% 

 

/AUSTRALIA CLOSED UP 0.61%// EUROPEAN BOURSES  GREEN/

 

 

 

 

 

 

 

The NIKKEI: this MONDAY morning CLOSED UP 302.02 POINTS OR 1.43%  

 

 

 

 

 

 

 

 

 

Trading from Europe and Asia

1/EUROPE OPENED GREEN 

 

 

 

 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 510.66 POINTS OR 1.76%

 

 

 

/SHANGHAI CLOSED UP 79.60 POINTS OR 2.58% 

 

 

 

 

 

 

Australia BOURSE CLOSED UP 0.61%

 

Nikkei (Japan) CLOSED UP 302.02 POINTS OR 1.43% 

 

 

 

 

 

 

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1289.80

silver:$15.07

Early MONDAY morning USA 10 year bond yield: 2.44% !!! UP 4 IN POINTS from FRIDAY’S night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.85 UP 4  IN BASIS POINTS from FRIDAY night.

USA dollar index early MONDAY morning: 97.11 DOWN 17 CENT(S) from  FRIDAY’s close.

This ends early morning numbers MONDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

And now your closing  MONDAY NUMBERS \12: 00 PM

 

Portuguese 10 year bond yield: 1.28%  UP 32  in basis point(s) yield from FRIDAY/

JAPANESE BOND YIELD: -.07%  UP 1   BASIS POINTS from FRIDAY/JAPAN losing control of its yield curve/

 

 

SPANISH 10 YR BOND YIELD: 1.14% UP 4   IN basis point yield from FRIDAY

ITALIAN 10 YR BOND YIELD: 2.51 UP  3    POINTS in basis point yield from FRIDAY/

 

 

the Italian 10 yr bond yield is trading 139 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 2.54% 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 MONDAY

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

Euro/USA 1.1256 DOWN    .0002 or  2 basis points

 

 

USA/Japan: 111.26 UP 0.441 OR YEN DOWN 10 basis points/

Great Britain/USA 1.3140 UP .01123( POUND UP 112  BASIS POINTS)

Canadian dollar UP 2 basis points to 1.3343

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY closed AT 6.7115    0N SHORE  (UP)

THE USA/YUAN OFFSHORE:  6.7178  YUAN UP)

TURKISH LIRA:  5.4666

the 10 yr Japanese bond yield closed at -.07%

 

 

 

Your closing 10 yr USA bond yield UP 7 IN basis points from FRIDAY at 2.48 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2,88 UP 5  in basis points on the day /

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

Your closing USA dollar index, 97.22 DOWN 6 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 MONDAY: 12:00 PM 

London: CLOSED UP 38,19  0.57%

German Dax : UP 155.95 POINTS OR 1.35%

Paris Cac CLOSED UP 55.00 POINTS OR  1.03%

Spain IBEX CLOSED UP 101.40 POINTS OR  1.10%

Italian MIB: CLOSED UP 234.12 POINTS OR 1.10%

 

 

 

 

WTI Oil price; 61.07 1:00 pm;

Brent Oil: 68.69 12:00 EST

USA /RUSSIAN /   ROUBLE CROSS:    65.43  THE CROSS LOWER BY 0.24 ROUBLES/DOLLAR (ROUBLE HIGHER BY 24 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  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 :  61.68

 

 

BRENT :  67.61

USA 10 YR BOND YIELD: … 2.50… STILL DEADLY//

 

 

 

 

 

 

 

 

USA 30 YR BOND YIELD: 2.89..STILL DEADLY

 

 

 

 

EURO/USA DOLLAR CROSS:  1.1209 ( DOWN 7   BASIS POINTS)

USA/JAPANESE YEN:111.37 UP .546 (YEN DOWN 55 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 97.25 DOWN  3 cent(s)/

The British pound at 4 pm: Great Britain Pound/USA:1.3115  UP 88 POINTS

 

the Turkish lira close: 5.4918

the Russian rouble 65.17   UP .49 Roubles against the uSA dollar.( UP 49 BASIS POINTS)

 

Canadian dollar:  1.3313  UP 33 BASIS pts

USA/CHINESE YUAN (CNY) :  6.7115  (ONSHORE)/

 

USA/CHINESE YUAN(CNH): 6.7202  (OFFSHORE)

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

 

The Dow closed UP 329.74 POINTS OR 1.27%

 

NASDAQ closed UP 99.59POINTS OR 1.29%

 


VOLATILITY INDEX:  13.44 CLOSED DOWN .27 

 

LIBOR 3 MONTH DURATION: 2.599%//

 

 

 

FROM 2.591

 

 

 

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

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

China

 

end

MARKET TRADING/ LATE MORNING TRADING

 

end

ii)Market data/

 

iii)USA ECONOMIC/GENERAL STORIES

SWAMP STORIES

end
SWAMP STORIES/MAJOR STORIES//THE KING REPORT
and special thanks to Chris Powell of GATA for sending this down for us:
COMPLETE SUMMARY OF KEY STORIES, FOR ALL OF MONDAY

ECB Officials Say Significant Support Needed amid Soft Inflation

President Mario Draghi warned of a “persistence of uncertainties” and said there’s a continued need for stimulus to boost inflation. His vice president, Luis de Guindos echoed that, saying “weaker growth momentum will leave its mark on domestic price pressures, slowing the adjustment of inflation toward our aim.”… https://www.bloomberg.com/news/articles/2019-04-01/draghi-points-to-persisting-risks-in-justifying-massive-stimulus

 

Economically sensitive stocks (transports, materials, commodities and industrials) rallied sharply on short covering and new buying.  Bonds declined smartly.

 

While bonds are forecasting recession, US stocks are signaling a new economic up leg is nigh.

 

Though most people know that stocks have soared in Q1, few realize that gasoline prices have rallied even more sharply.  Like stocks, gasoline bottomed on Christmas Eve (144.27 May contract).  Yesterday, May WTI Oil hit 190.43.  This is a 32% rally.

 

While the fin media and Street barkers herald inflating stock prices, they are ignoring the deleterious effects of surging gasoline and commodity prices.  There is a huge political tradeoff in these dynamics.

 

The average American will become irate with surging gas prices, regardless of how high stocks rise.

 

China’s manufacturing PMI uptick induced most of the known world to ignore unexpectedly ugly US February retail sales.  The headline line number showed a 0.2% m/m decline; +0.2% was consensus.  Ex-Autos declined 0.4%; +0.3% was consensus.  Ex-Autos & Gas tumbled 0.6%; +0.3% was expected.  Building materials tumbled 4.4%, the biggest decline since 2012.  Food & Beverage declined 1.2%, the biggest drop since 2009.   Gasoline sales, due to surging prices, jumped 1%.  Gasoline inflation kept the headline retail sales number from being worse.

 

A huge mitigating factor in the February Retail Sales Report: January was revised to 0.7% from 0.2%.  Anyone paying attention knew something was askew when Wal-Mart and others reported great January sales but the US beancounters reported the opposite.

 

US Census Bureau: Manufacturing and Trade Inventories and Sales

U.S. total business end-of-month inventories for January 2019 were $2,013.9 billion, up 0.8 percent… from last month. U.S. total business sales were $1,449.6 billion, up 0.3 percent… from last month…   https://www.census.gov/mtis/www/data/pdf/mtis_current.pdf

 

Markit’s March US Manufacturing PMI fell 0.1 to 52.4.  52.5 was expected.  ISM’s March Manufacturing PMI increased to 55.3 from 52.3; 52.5 was expected.

 

February Construction Spending for February increased 1.0%; -0.2% was consensus.  January was revised to 2.5% from 1.3%.

 

A few weeks ago, we noted that since the Crisis of 2008-2009, there has been a tendency for unexpectedly soft economic data to appear during severe winter months.  Several Polar Vortexes and snow storms occurred during these periods.  It appears there might be a problem with seasonal adjustments.

 

Nevertheless, soft winter data this decade have yielded to surprisingly strong spring data.  If this occurs again, Powell and his buds will have a huge problem, not to mention the accompanying ridicule.  How could Powell and his buds not be aware of the trend this decade that shows soft Q1 economic data due to severe weather tend are regularly followed by solid to strong Q2 economic data?

 

Markit’s Mar Eurozone Manufacturing PMI fell to 47.5 from 47.6.  Germany’s Manf PMI dropped to 47.1 from 44.7.  Unchanged was expected.  Of course, China’s PMI obscured this ugly news, too.

 

The DJTA soared 2.4%.  It was the strongest major index despite US flights being grounded due to a ‘mass systems outage’ early Monday morning.  The problem was resolved before the NYSE open.

iPhone Prices in China are Slashed [almost 6%] – Again

The slash comes in response to China’s reduction of the tax burden for manufacturing and other sectors that began on April 1… The new regulations cut the value-added tax (VAT) for manufacturers to 13%, down from 16%, and the VAT rate for the transportation and construction sectors to 9% from 10%…

https://www.caixinglobal.com/2019-04-01/iphone-prices-in-china-are-slashed-again-101399784.html

Stocks are rallying but they may be about to hit their ‘ceiling,’ JP Morgan says

  • Adam Crisafulli, an executive director at J.P. Morgan, says the S&P 500 consensus earnings estimate for 2020 ticked down to about $181 to $182 per share in recent weeks from about $185.
  • This earnings estimate gets the S&P 500 to about 2,900 “and that should be thought of as a ceiling for the time being,” he says. “It’s not clear if improved growth will simply stabilize [the earnings estimate] at these levels or push it back up by a few dollars.”

https://www.cnbc.com/2019/04/01/stocks-rallying-but-may-be-about-to-hit-their-ceiling-jp-morgan-says.html

 

Positive aspects of previous session

Broad robust rally on China’s Manf PMI increase

The S&P 500 Index had a Golden Cross to the upside

Stocks closed near their highs

Negative aspects of previous session

Bonds tumbled

Fed rate cut expectations are about to tumble

Gasoline prices continue to surge

 

Ambiguous aspects of previous session

When will higher bond yields impact stocks?

 

First Hour/Last Hour Action [S&P 500 Index]

First Hour Up; Last Hour Up

 

Previous session S&P 500 Index High/Low2869.40; 2834.40

 

Pivot Point for S&P 500 Index [above/below indicates daily trend for traders]: 2861.74

 

UK Parliament rejects all Brexit ‘indicative votes’ to find way forward – Last time, all eight ideas were voted down, a second round has failed yet again to find a majority for the UK’s path out of the EU.

https://www.dw.com/en/uk-parliament-rejects-all-brexit-indicative-votes-to-find-way-forward/a-48149796

 

Today – The S&P 500 Index experienced a positive Golden Cross (50-DMA above 200-DMA).  Normally, after a Monday rally and the end of upward seasonal bias, a Turnaround Tuesday to the downside would be a high probability.

 

However, the hope of an economic rebound from one Chinese data point might force enough defense asset allocators out of their positions to keep the equity rally and bond decline going. PS – Somewhere, Ben Bernanke is dreaming about ‘green shoots’.

 

The S&P 500 Index is 2.57% from its intraday all-time high of 2940.91.  The index is 2.2% from its closing high of 2830.75.  We have noted that April is a great month for making an important top after a Q1 surge.  All systems are ‘Go’ for a shot at the all-time highs.

 

In coming days, traders and wise guys will try to shoot for the number in a pump & dump scheme.  The schemers hope that a new high will induce manic short covering and momentum buying.

 

The blackout period for stock buybacks ahead of Q1 earnings results might be a consideration for astute traders.  ESMs are -2.75 as we write in quiet trading.

 

The S&P 500 Index 50-day MA: 2760; 100-day MA: 2694; 150-day MA: 2743; 200-day MA: 2757

The DJIA 50-day MA: 25,500; 100-day MA: 24,923; 150-day MA: 25,243; 200-day MA: 25,196

 

S&P 500 Index support: 2860, 2850, 2840, 2819-23, 2800, 2785-87, 2770, 2762, 2757 (200 DMA)

Resistance: 2880, 2894, 2900, 2920, 2930 (closing high), 2940.91 (All-time intraday high)

 

Expected economic data: Feb Durable Goods Orders -1.8%, ex-Trans 0.2%, Nondef ex-Air 0.1%, Shipments unchanged; Wards Mar Total Vehicles 16.7m

 

S&P 500 Index – Trender trading model and MACD for key time frames

Monthly: Trender andMACD are negative – a close above 3057.16 triggers a buy signal

Weekly: Trender andMACD are positive – a close below 2587.86 triggers a sell signal

Daily: Trender is positive; MACD is negative – a close below 2774.76 triggers a sell signal

Hourly: Trender andMACD are positive – a close below 2842.40 triggers a sell signal

 

@AnnCoulter comments & excerpts from “Kushner Inc.”: Kushner assured business executives that @realDonaldTrump wouldn’t govern as he had campaigned & would take a “rational” stance on immigration. “It came across that he really believed he could control Trump.”

    … After a meme of Jared & Ivanka in black tie next to a picture refugee girl hit the Internet, “Ivanka told her father that the travel ban would never make him liked and he needed to fix it.”

Jared & Ivanka “opposed every policy Trump had campaigned on: the repeal of Obamacare, the exit from the Paris Agreement on climate change, immigration … on and on.”

    “Kushner was having secret meetings with Senators Lindsey Graham and Dick Durbin about DACA [amnesty]… Trump had vowed during his campaign that he would end DACA. But here was Kushner advocating for the exact opposite.”

 

Did you know that Comey’s daughter has been an assistant US Attorney for the SDNY since 2015?

https://www.linkedin.com/in/maurene-comey-09022897

 

The Swamp is much deeper than we thought!  This raises enormous conflict of interest issues at the least and possibly something more sinister given reports of the SDNY’s quest to get Trump.

 

@Reuters: WITHDRAWAL: A May 23, 2018, story headlined, ‘Ukraine paid Trump lawyer Cohen to arrange White House talks -BBC,’ is being withdrawn after the BBC said its report was incorrect. All tweets of this story will be deleted. [Correction ten months after the fact?!]

 

George Papadopoulos @GeorgePapa19:To be clear: a woman in London, who was the FBI’s legal attaché in the U.K., and had a personal relationship to Bob Mueller after 9/11, encouraged me to meet Joseph Mifsud in Rome in March 2016 and introduced Bruce Ohr to the top U.K. prosecutor 4 days before the Trump tower mtg.

 

Ex-DJT Nat’l Security Advisor @SebGorka: This is the KEY to #RussiaGate.  @JohnBrennan used British Intelligence- GCHQ – to get around Constitutional protections and illegally spy on @realDonaldTrump and his team.

 

John Solomon: Joe Biden successfully pressured Ukraine to fire prosecutor investigating firm where son was working – Joe Biden’s 2020 Ukrainian nightmare: A closed probe is revived

    As for Joe Biden’s intervention in getting Lutsenko’s predecessor fired in the midst of the Burisma investigation, Lutsenko suggested that was a matter to discuss with Attorney General Barr: “Of course, I would be happy to have a conversation with him about this issue.”…

https://thehill.com/opinion/white-house/436816-joe-bidens-2020-ukrainian-nightmare-a-closed-probe-is-revived

END

COMPLETE KING REPORT FOR MAJOR STORIES FOR ALL OF TUESDAY

In Tuesday’s missive we listed Markit’s March German Manf PMI at 47.1.  It was 44.1

 

ESMs declined steadily during Asian trading and through early European trading.  After hitting a bottom of 2864.50 at 3:44 ET, ESMs rallied briskly to 2873.75 at 8:24 ET.

 

@CNBCnow: Delta Air Lines jumps more than 4.5% before the bell; company now sees Q1 adjusted EPS of $0.85 to $0.95 vs. $0.80 est

 

Engine Problems Force Singapore Airlines to Ground 2 Boeing Dreamliner

https://www.zerohedge.com/news/2019-04-02/engine-problems-force-singapore-airlines-groun-2-boeing-dreamliners

 

After peaking about an hour before the NYSE open, ESMs declined until the NYSE open.  They then plunged.  Apparently the ESM rally during the usual window of manipulation was just another pump & dump scheme or an attempt to orchestrate a higher NYSE open than warranted.

 

Traders bought the opening plunge on the NYSE.  Unfortunately for conditioned traders, ESMs fell to a new regular session low within 5 minutes of the modest bounce.

 

But traders kept buying, a tug-of-war developed.  The session was only ten minutes old, but the battle lines were drawn.

 

A possible reason for the ESM action appeared: The PBoC said it would seek a police investigate into the circulation of false information that it had announced a RRR cut.  Who would do such a thing?  Putin?

 

A possible reason for the early US vacillation: NYSE Investigating Technical Issue on Connectivity

 

After forcing ESMs into positive territory near the end of the first hour of trading, ESMs and stocks tumbled until a rally materialized 15 minutes before the European close.

 

The ensuing contrived rally lasted 45 minutes.  After a midday retreat, the usual suspects orchestrated, or forced, the afternoon rally.  Trump abetted the rally with more BS/verbal intervention, stating for the umpteenth time that trade talks with China are going well. ESMs topped ten minutes before the NYSE close, equaling the full session high that appeared well before the NYSE open.

 

ESMs and stocks then declined into the close.  The ESM decline persisted until the CME session ended, 15 minutes after the NYSE close.  Barring news, when ESMs fall smartly immediately after the close, it means that too many traders got caught long and could not liquidate near the close.

 

The DJIA declined for the day because Walgreens declined 12.81% due to ugly earnings and a lower earnings guidance to flat from a previous forecast of 7% to 12% growth for 2019.

 

Walgreens stock on track for worst day since 2014 after ‘most difficult quarter’ ever

Net income fell to $1.16 billion, or $1.24 a share, from $1.35 billion, or $1.36 a share, in the same period a year ago. Excluding nonrecurring items, the company said adjusted EPS declined 5.4% to $1.64, below the $1.72 that FactSet analysts were expecting… Sales, which rose 4.6% to $34.53 billion, came in slightly below the FactSet consensus of $34.58 billion. Same-store retail sales in the U.S. fell 3.8%…

https://www.marketwatch.com/story/walgreens-stock-on-track-for-worst-day-since-2014-after-most-difficult-quarter-ever-2019-04-02

 

China’s Liu to Visit Washington April 3 as Trade Talks Continue

https://www.bloomberg.com/news/articles/2019-03-23/china-s-liu-to-visit-washington-april-3-as-trade-talks-continue

 

Tariff, enforcement issues still hurdles to U.S.-China trade deal -U.S. Chamber

A trade deal between the United States and China is now more likely to be achieved than not, a top U.S. Chamber of Commerce official said on Tuesday, adding that negotiators needed to show progress this week on an enforcement mechanism and a plan to lift U.S. tariffs on Chinese goods… “This is a critical week.”    https://www.cnbc.com/2019/04/02/reuters-america-tariff-enforcement-issues-still-hurdles-to-u-s-china-trade-deal-u-s-chamber.html

 

After the close: GameStop plunges nearly 9% after reporting revenue miss, full-year comps below Wall St. expectations.    https://www.cnbc.com/quotes/?symbol=GME

 

[US Auto] Sales drop 3.1%; SAAR jumps to 17.42 million

Detroit 3, Toyota, Nissan drop on weaker car demand; Honda, Hyundai-Kia, VW Group, Subaru buck industry slowdown behind trucks    http://dlvr.it/R22xVz

 

US Durable Goods Orders for Feb fell 1.6% due to a 31.1% tumbled in nondefense aircraft and parts. A decline of 1.8% was expected.  Nondefense Ex-Air Orders declined 0.1%; +0.1% was expected.

 

EU Delivers U.K. Tax Bill as Brexit Deal Eludes Parliament

The European Union ordered the U.K. to claw back illegal tax breaks designed to lure multinationals to the nation — in a timely reminder that the EU still calls the shots on competition rules until Britain leaves the bloc…   https://www.bloomberg.com/news/articles/2019-04-02/eu-delivers-u-k-tax-bill-as-brexit-deal-eludes-parliament

 

Positive aspects of previous session

Orchestrated ESM rallies kept stocks from larger declines

 

Negative aspects of previous session

The DJIA and DJTA declined

ESM sell off near and after the NYSE close

 

Ambiguous aspects of previous session

When will higher bond yields impact stocks?

 

First Hour/Last Hour Action [S&P 500 Index]

First Hour Up a tad; Last Hour Down a tad

 

Previous session S&P 500 Index High/Low2872.90; 2858.75

 

Pivot Point for S&P 500 Index [above/below indicates daily trend for traders]: 2866 .30

 

April Fools: Traders Chase another Unexplainable Bitcoin Rally

April Fool’s joke may have been the trigger for cryptocurrency rally [The market is really stupid!]

https://www.bloomberg.com/news/articles/2019-04-02/bitcoin-s-60-minute-surge-isn-t-changing-pros-outlook-yet

 

Ex-Secret Service agent @dbongino: Everything that’s broken, or is breaking, is either run by government or has a heavy government foot print on it: public education, healthcare, student loans, Social Security, pensions, federal, state and local budgets. Government IS the cause of your problems.

 

WSJ: Trump to Fed Chairman Powell: ‘I Guess I’m Stuck with You’

The president blasted the central bank and its leader at three meetings in the past week alone

“Mnuchin gave me this guy,”… [Why does DJT rely on so many Swamp and GS types?  Jared/Ivanka?]

https://www.wsj.com/articles/trump-to-fed-chairman-powell-i-guess-im-stuck-with-you-11554238931

 

Today – Traders and wise guys tried to jam ESMs and stocks higher on Tuesday, but negative news (see above) inhibited the effort.  It was disappointing that there was no significant follow through after Monday’s manic rally.

 

Barring overnight news, the probability is high that there will be another tug-of-war between those that have been rewarded by upward manipulation and sellers.  If an uptick in real selling appears, it should tip the scales to the downside.

 

In coming days, traders and wise guys will try to shoot for the number in a pump & dump scheme.  The schemers hope that a new high will induce manic short covering and momentum buying.

 

ESMs are +10.75 on this FT headline: US & CHINA Draw Closer to Final Trade Agreement

 

If a US-China trade deal is announced, be prepared to the formation of a significant equity top.

 

The S&P 500 Index 50-day MA: 2764; 100-day MA: 2695; 150-day MA: 2743; 200-day MA: 2757

The DJIA 50-day MA: 25,530; 100-day MA: 24,931; 150-day MA: 25,245; 200-day MA: 25,201

 

S&P 500 Index support: 2858-60, 2850, 2840, 2819-23, 2800, 2785-87, 2770, 2762, 2757 (200 DMA)

Resistance: 2873, 2880, 2894, 2900, 2920, 2930 (closing high), 2940.91 (All-time intraday high)

 

Expected economic data: March ADP Employment Change 175k; March Markit US Services PMI 54.8; ISM Non-Manf Index 58; Fed’s Bostic, George & Barkin 8:30 ET

 

S&P 500 Index – Trender trading model and MACD for key time frames

Monthly: Trender and MACD are negative – a close above 3057.16 triggers a buy signal

Weekly: Trender and MACD are positive – a close below 2587.86 triggers a sell signal

Daily: Trender and MACD are positive – a close below 2788.01 triggers a sell signal

Hourly: Trender and MACD are positive – a close below 2848.11 triggers a sell signal

 

WaPo: A woman carrying Chinese passports was arrested after entering Mar-a-Lago with thumb drive containing malware, court documents say

     A criminal complaint says that Yujing Zhang told Secret Service agents that a Chinese friend instructed her to travel from Shanghai to the president’s Florida resort and make contact with a member of President Trump’s family. She is charged with entering a restricted facility and making false statements to federal officers… https://www.washingtonpost.com/world/national-security/woman-with-chinese-passports-malware-arrested-at-trumps-mar-a-lago-resort/2019/04/02/3399e426-5583-11e9-814f-e2f46684196e_story.html

 

@BernieSanders: An incredible 525,000 people have already contributed to our campaign.  The most common profession? Teachers… [No one should be surprised; speaks volumes about US education]

 

 

I WILL SEE YOU THURSDAY NIGHT
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: