APRIL 4/GOLD DOWN ONLY 90 CENTS TO $1290.15 AND THEN JUMPS TO $1293.80 IN THE ACCESS MARKET//SILVER FLAT AT $15.13 BUT THEN RISES BY 3 CENTS IN THE ACCESS MARKET// AN EXTREMELY IMPORTANT COMMENTARY TODAY FROM TED BUTLER AS HE COMMENTS ON THE BART CHILTON INTERVIEW WITH CHRIS MARCUS//TRUMP INFURIATES POWELL AS HE NOMINATES HERMAN CAIN TO THE LAST FED GOVERNOR SPOT//ITALY AND BRUSSELS AT ODDS AS ITALY GROWTH IS CUT TO BASICALLY ZERO AND THEIR DEFICIT PER GDP WILL RISE TO 2.4%//GERMAN INDUSTRIAL PRODUCTION COLLAPSES//WITH RESPECT TO THE LATEST AIRPLANE CRASH, THEY HAVE DETERMINED THAT BOEING IS AT FAULT//TURKEY GIVES A COUNTER ULTIMATUM AS THEY HURL TOWARDS BANKRUPTCY//JOE BIDEN’S BID FOR PRESIDENCY SEEMS TO BE ENDING AS THEY FINALLY EXPOSE HIS CROOKED DEALINGS WITH THE UKRAINE//MORE SWAMP STORIES FOR YOU TONIGHT//

 

 

 

 

 

 

GOLD: $1290.15  DOWN $0.90 (COMEX TO COMEX CLOSING)

Silver:  $15.13 DOWN 0 (COMEX TO COMEX CLOSING)

Closing access prices:

Gold :  $1292.30

 

 

silver: $15.13

 

JPMorgan has been receiving gold with reckless abandon and sometimes supplying (stopping)

today: 132/881 STOPPED/869 ISSUANCE

EXCHANGE: COMEX
CONTRACT: APRIL 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,289.900000000 USD
INTENT DATE: 04/03/2019 DELIVERY DATE: 04/05/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
132 C SG AMERICAS 1
323 H HSBC 167
657 H MORGAN STANLEY 58
661 C JP MORGAN 869 132
686 C INTL FCSTONE 5
730 C PTG DIVISION SG 2
737 C ADVANTAGE 8 61
800 C MAREX SPEC 1 16
880 H CITIGROUP 441
905 C ADM 1
____________________________________________________________________________________________
TOTAL: 881 881
MONTH TO DATE: 3,923

 

 

 

 

NUMBER OF NOTICES FILED TODAY FOR  APRIL CONTRACT: 881 NOTICE(S) FOR 88,100 OZ (2.74 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  3923 NOTICES FOR 392,300 OZ  (12.202 TONNES)

 

 

SILVER

 

FOR APRIL

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

 

2 NOTICE(S) FILED TODAY FOR 10,000  OZ/

 

total number of notices filed so far this month: 697 for 3,485,000  oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE :$5006   UP $1

 

 

Bitcoin: FINAL EVENING TRADE: $4910 DOWN 130

 

 

end

 

XXXX

 

 

 

 

 

Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE BY A STRONG  SIZED 1637 CONTRACTS FROM 199,592 UP TO 201,229 DESPITE YESTERDAY’S TINY 2 CENT RISE IN SILVER PRICING AT THE COMEX.  TODAY 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 SMALL SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:

0 EFP’S FOR MARCH,  0 FOR APRIL,  0 FOR MAY, 349 FOR MARCH 2020  0 AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE: OF 349 CONTRACTS. WITH THE TRANSFER OF 349 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 349 EFP CONTRACTS TRANSLATES INTO 1.745 MILLION OZ  ACCOMPANYING:

1.THE 2 CENT RISE 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 3.860 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:

4891 CONTRACTS (FOR 4 TRADING DAYS TOTAL 4891 CONTRACTS) OR 24.46 MILLION OZ: (AVERAGE PER DAY: 1222 CONTRACTS OR 6.114 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR:  24.46 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 3.49% 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:          597,15    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 1637 DESPITE  THE TINY 2 CENT GAIN IN SILVER PRICING AT THE COMEX /YESTERDAY..THE CME NOTIFIED US THAT WE HAD   A SMALL SIZED EFP ISSUANCE OF 349 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 CONSIDERABLE SIZED: 1986 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 349 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH INCREASE OF 1637 OI COMEX CONTRACTSAND ALL OF THIS  DEMAND HAPPENED WITH A 2 CENT GAIN IN PRICE OF SILVER ????  AND A CLOSING PRICE OF $15.13 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. 0.997 BILLION OZ TO BE EXACT or 143% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MARCH MONTH/ THEY FILED AT THE COMEX: 2 NOTICE(S) FOR  10,000 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 3.860 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 FINALLY ROSE AND THIS TIME BY A TINY SIZED 90 CONTRACTS, TO 440,260 DESPITE THE LOSS IN THE COMEX GOLD PRICE/(A FALL IN PRICE OF $0.20//YESTERDAY’S TRADING).  

 THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 2398 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 2398 CONTRACTS DECEMBER: 0 CONTRACTS, JUNE 2020l  0 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 440,260. 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 2488 CONTRACTS: 90 OI CONTRACTS INCREASED AT THE COMEX AND 2398 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 2488 CONTRACTS OR 248,800 OZ OR  7.738 TONNES. YESTERDAY WE HAD A FALL IN THE PRICE OF GOLD TO THE TUNE OF $0.20….AND YET WITH THAT, WE HAD A STRONG GAIN IN TONNAGE OF 7.738 TONNES!!!!!!. 

 

 

 

 

 

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF APRIL : 19071 CONTRACTS OR 1,907,100 OR 59.91 TONNES (4 TRADING DAYS AND THUS AVERAGING: 4767 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 4 TRADING DAYS IN  TONNES: 59.91 TONNES

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

THUS EFP TRANSFERS REPRESENTS 58.81/3550 x 100% TONNES = 1.65% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     1436.37 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 CALLEDRIAL 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  INCREASE IN OI AT THE COMEX OF 90 DESPITE THE LOSS IN PRICING ($0.20) THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A VERY SMALL SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 2398 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 2398 EFP CONTRACTS ISSUED, WE  HAD A GOOD GAIN OF 2488 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

2488 CONTRACTS MOVE TO LONDON AND 90 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 7.738 TONNES). ..AND ALL OF THIS STRONG  DEMAND OCCURRED WITH A FALL IN PRICE OF $0.20 IN YESTERDAY’S TRADING AT THE COMEX???

 

 

 

we had:  881 notice(s) filed upon for 88,100 oz of gold at the comex.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD...

 

WITH GOLD DOWN $0.90  TODAY 

 

NO CHANGE IN GOLD INVENTORY AT THE GLD

 

 

 

 

 

 

INVENTORY RESTS AT 764.29 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 FLAT   IN PRICE  TODAY:

 

NO CHANGES IN SILVER INVENTORY AT THE SLV

 

 

/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 1637 CONTRACTS from 199.592 UP TO 201,229 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…..

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST IS STARTING TO RISE IN THIS NON ACTIVE MONTH OF APRIL BUT SO IS THE OPEN INTEREST OF  SPREADERS. THE OPEN INTEREST IN SILVER WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (MAY), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.

 

.

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., 349 FOR MAY AND MARCH 2020: 0 CONTRACTS  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 349 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 1637 CONTRACTS TO THE 349 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE  OBTAIN A CONSIDERABLE GAIN OF 1986  OPEN INTEREST CONTRACTS.  THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 9.93 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 3.860 MILLION OZ FOR APRIL.

 

 

RESULT: A STRONG SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE TINY 2 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A STRONG SIZED 349 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)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 30.28 POINTS OR 0.94% //Hang Sang CLOSED DOWN 50.07 POINTS OR 0.17%  /The Nikkei closed UP 11.14 POINTS OR 0.05%/ Australia’s all ordinaires CLOSED DOWN .76%

/Chinese yuan (ONSHORE) closed DOWN  at 6.7154 AS TRUCE DECLARED FOR 3 MONTHS /Oil UP to 62.69 dollars per barrel for WTI and 69.52 for Brent. Stocks in Europe OPENED GREEN

ONSHORE YUAN CLOSED UP // LAST AT 6.7154 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7171 / 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 China/Chinese affairs

 

4/EUROPEAN AFFAIRS

i)BREXIT/EU/

The pound rallies as the commons passes a bill requiring Theresa May to request another Brexit delay.  The farce over there continues

( zerohedge)

ii)A good one:  an open letter to the UK Prime Minister on the chaos in  Brexit.  The author nails it perfectly: it is the huge costs and paperwork that make the EMU unaffordable i.e. productivity losses has been immense over the past 20 years.
a must read..
(zerohedge)

iii)Europe/5G

This does not look good health wise;  Brussels halts the 5G pilot project over radiation concerns: exactly what we have been telling you.
( zerohedge)

iv)Italy

Oh OH! this is going to be trouble for the EU: The Italian treasury has now cut its guidance for 2019 down to just .1% down from 1%.  Thus it now anticipates that its deficit per GDP will be back up to 2.3 to 2.4% of GDP and you will remember that that is unacceptable to Brussels. Remember that the guys in charge are Eurosceptics and want to leave the Eu  (ECM) because the stronger Euro is killing the country.

(courtesy zerohedge)

v)Germany

Huge miss on German manufacturing  (industrial production) slumping 4.2% month over month instead of of .3% rebound.  Germany is the juggernaut of EU growth and this is devastating
( zerohedge)

vi)Germany/Deutsche bank

This should be interesting: Deutsche bank is co operating with Maxine Waters et al in the investigation of Trump. We now learn pf decades of non compliance which is not new to us
( zerohedge)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)TURKEY

Turkey issues a counter ultimatum to Pence:  Either you stand with us fighting the terrorists or you are with the terrorists.  Pence will not fall for it.  The key problem here is the fact that the S400 is a far superior defense system that what the uSA has but the 5 35 is a far superior fighting jet.  The West is afraid that Turkey if they receive the F 35 can copy the designs and forward them onto Russia.  If Russia turns towards Russia then the west will bankrupt Turkey in dollars..so Turkey must get funding through China/Russia./

(courtesy zerohedge)

6. GLOBAL ISSUES

The World Trade Organization came out again today and slashed growth highlighting trade tensions

(courtesy zerohedge)/WTO)

 

 

 

7. OIL ISSUES

 

 

 

 

 

8 EMERGING MARKET ISSUES

 

VENEZUELA

 

 

 

9. PHYSICAL MARKETS

i)The Italian Government covets the central bank gold held outside of Italy.  However it also wants the gold to be placed under their jurisdiction and not the “peoples” gold

(Wall Street Journal)

ii)This ought to be interesting:  Trump, who discovered he cannot fire Powell, is probably making sure that all of the other

Fed governors walk_–he is nominating Herman Cain to the last Fed seat.  Herman Cain was Fed Chairman, of the Kansas City Fed and that allows him to be nominated.

I can assure you that all of the other board members are thrilled.

( zerohedge)

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

 

 

MARKET TRADING//early this morning

 

A joke:  stocks up and rumours denied

( zerohedge)

 

 

ii)Market data

 

 

ii)USA ECONOMIC/GENERAL STORIES

a)the true state of affairs of our average American: he need to borrow dollars to cover their medical bills

( Michael Snyder)

b)The devastation caused by the storms which inflicted huge damage to our farmers in the Mid west.The farmers are now in dire straits

( Grant’s Almost Daily)

c)Manhattan housing continues to falter and it is the worst ever seen in 30 years

( zerohedge)

d)Ethiopian investigators now conclude no pilot error and thus Boeing was at fault in the 737 Max creash
( zerohedge)

 

iv)SWAMP STORIES

a)It looks to be over for Biden’s attempt at becoming President

(courtesy zerohedge)

b)The Wall Street Journal are now reporting that the Democrats are now inventing something entirely new:  a coverup on the Mueller report

(Wall Street Journal)
c)My goodness! Trump punts again: gives Mexico a year to stop flow of drugs and immigrants into the USA
( zerohedge)
d)The fraud revealed as clear as day:  Biden Sr funnels aid to Ukraine while son Hunter bags sweetheart government deal. This is why Biden will not run for President!( zerohedge)

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

 

end

 

 

 

Let us head over to the comex:

 

THE TOTAL COMEX GOLD OPEN INTEREST FINALLY ROSE AFTER  6TH STRAIGHT DAYS OF LOSSES AS IT ROSE BY A TINY SIZED 90 CONTRACTS UP TO A LEVEL OF 440,260 DESPITE THE LOSS IN THE PRICE OF GOLD ($0.20) IN YESTERDAY’S // COMEX TRADING) 

 

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF APRIL..  THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 2398 EFP CONTRACTS WERE ISSUED:

FOR APRIL 0 FOR JUNE ’19: 2398 CONTRACTS , DEC; 0 CONTRACTS: 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  2398 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: 2488 TOTAL CONTRACTS IN THAT 2398 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A TINY SIZED 90 COMEX CONTRACTS.

 

NET GAIN ON THE TWO EXCHANGES ::2488 contracts OR 248,800 OZ OR 7.738 TONNES.

 

We are now in the active contract month of APRIL and here the open interest stands at 1262 contracts, having lost 73 contracts.

We had 131 notices filed upon yesterday, so we GAINED 58 contracts or an additional 5800 oz will  stand as these guys refused to morph into London based forwards as well as NEGATING a fiat bonus.  THE GOLD COMEX ,AND FOR THAT MATTER THE GLOBE, IS VOID OF GOLD AS THE CROOKS DESPERATELY SEARCH FOR BADLY NEEDED GOLD. TO PUT OUT FIRES OCCURRING ELSEWHERE!!

 

The next non active delivery month after  APRIL is the NON active delivery month is MAY and here the OI ROSE 65 contracts UP to 2154 contracts. The next contract month after May is June and it is an active month.  Here the open interest FELL by 181 contracts DOWN to 326,085 contracts.

 

 

 

 

TODAY’S NOTICES FILED:

WE HAD 881 NOTICES FILED TODAY AT THE COMEX FOR 88,100 OZ. (

 

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now for the wild silver comex results.

Total COMEX silver OI ROSE BY A STRONG SIZED 1637 CONTRACTS FROM 199,592 UP TO 201,229(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 TINY 2 CENT RISE IN PRICING.//YESTERDAY 

 

 

WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF APRIL AND THE  OPEN INTEREST IN THIS FRONT MONTH RESTS AT 77 CONTRACTS FOR A LOSS OF 20 CONTRACTS ON THE DAY.

WE HAD 20 NOTICES SERVED UP YESTERDAY, SO WE GAINED  0 CONTRACTS OR AN ADDITIONAL NIL OZ OF SILVER WILL STAND AT THE COMEX AS INVESTORS 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 216 CONTRACTS DOWN TO 128,867. CONTRACTS.. THE NEXT MONTH OF JUNE ADDED 3 CONTRACTS TO TOTAL 28. AFTER JUNE, THE VERY BIG DELIVERY MONTH OF JULY HAD A GAIN OF 1037 CONTRACTS UP TO 43,176 CONTRACTS.

 

 

 

 

 

 

ON A NET BASIS WE GAINED A STRONG 1986 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 1637 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 349 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN ON THE TWO EXCHANGES:  1986 CONTRACTS...AND ALL OF THIS STRONG  DEMAND OCCURRED WITH A TINY 2 CENT GAIN IN PRICING// YESTERDAY 

 

 

 

 

 

 

 

 

 

TODAY’S NUMBER OF NOTICES FILED:

 

We, today, had 2 notice(s) filed for 10,000OZ 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 4 /2019.

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

oz

 

 

 

 

 

 

 

Deposits to the Customer Inventory, in oz  

 

 

 

9645.000 oz

 

Scotia

 

phony entry

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No of oz served (contracts) today
881 notice(s)
 88100 OZ
(2.74 TONNES)
No of oz to be served (notices)
381 contracts
(38,100 oz)
1.185 TONNES
Total monthly oz gold served (contracts) so far this month
3923 notices
392,300 OZ
12.202 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

 

we had no dealer entries:

 

total dealer deposits: nil oz

total dealer withdrawals: nil oz

We had 2 kilobar entries

 

we had 1 deposit into the customer account

i) Into JPMorgan:  nil oz

 

ii) Into Scotia:  9645.000

phony entry

300 kilobars

 

total gold deposits: 9645.00oz

 

 very little gold arrives from outside/ phony kilobar entry  today

we had 0 gold withdrawals from the customer account:

 

 

 

total gold withdrawals;  nil oz

 

we had 1 adjustments…
and this time, the opposite of yesterday:
out of JPMorgan:
87,815.05 oz was adjusted out of the customer JPMorgan and this landed into the dealer account of JPMorgan:
the comex is in deep stress as they need to fund longs as well as put fires out elsewhere

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  131 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 (3923) x 100 oz , to which we add the difference between the open interest for the front month of APRIL. (1262 contract) minus the number of notices served upon today (881 x 100 oz per contract) equals 430,400 OZ OR 13.387 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 (3923 x 100 oz)  + (1262)OI for the front month minus the number of notices served upon today (881 x 100 oz )which equals 430.400oz standing OR 13.387 TONNES in this  active delivery month of APRIL.

THIS DATA HAS BEEN CORRECTED FROM YESTERDAY AND IS NOW ACCURATE.

WE NOW HAVE MORE GOLD STANDING VS REGISTERED OR “FOR SALE GOLD” AVAILABLE TO SETTLE AT THE COMEX.

WE GAINED 58 CONTRACTS OR 5800 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 15.628 TONNES OF REGISTERED (  GOLD OFFERED FOR SALE) VS 13.387 TONNES OF GOLD STANDING

THEY SEEM TO BE USING GOLD VAPOUR TO SETTLE UPON UNSUSPECTING LONGS.

 

 

 

 

 

 

 

 

total registered or dealer gold:  502l140.630 oz or  15.628 tonnes
total registered and eligible (customer) gold;   8,038,505.729 oz 250.03 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 4 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
27,792.326  oz
cnt

 

 

Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
nil oz
oz
No of oz served today (contracts)
2
CONTRACT(S)
10,000 OZ)
No of oz to be served (notices)
75 contracts
375,000 oz)
Total monthly oz silver served (contracts) 697 contracts

3,485,000 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: nil oz

we had  0 deposits into the customer account

 

i) Into JPMorgan:  xxx  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 else:  zero

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

total customer deposits today:  nil oz

 

we had 1 withdrawals out of the customer account:

i) Out of CNT:  27,792.326 oz

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

total withdrawals: 27,792.326  oz

 

we had 0 adjustments..

 

 

 

total dealer silver:  88.580million

total dealer + customer silver:  305.487 million oz

 

 

 

 

The total number of notices filed today for the APRIL 2019. contract month is represented by 2 contract(s) FOR  10,000  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 697 x 5,000 oz = 3,485,000 oz to which we add the difference between the open interest for the front month of APRIL. (77) and the number of notices served upon today (2 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the APRIL/2019 contract month:695(notices served so far)x 5000 oz + OI for front month of APRIL( 77) -number of notices served upon today (2)x 5000 oz equals 3,860,000 oz of silver standing for the APRIL contract month.  This is a strong number of oz standing for an off delivery month.

We gained 0 contracts or an additional NIL oz will stand at the comex as these guys refused to morph into London based forwards as well as negating a fiat bonus.

 

 

 

 

FOR 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 -3.08% (APRIL 4/2019)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.61% to NAV (APRIL 4/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -3.08%-/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 4.06

END

And now the Gold inventory at the GLD/

APRIL 4/WITH GOLD DOWN 90 CENTS TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 764.29 TONNES

APRIL 3:WITH GOLD DOWN 20 CENTS: ANOTHER WHOPPER OF A WITHDRAWAL: 3.81 TONNES FROM THE GLD//INVENTORY RESTS AT  764.29 TONNES

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 4/2019/ Inventory rests tonight at 764.29 tonnes

*IN LAST 571 TRADING DAYS: 170.66 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 471 TRADING DAYS: A NET 3.84TONNES HAVE NOW BEEN LOST INTO THE GLD INVENTORY.

WE MUST BE GETTING CLOSER TO THE BOTTOM OF THE BARREL FOR PHYSICAL GOLD AT THE GLD.

 

end

 

Now the SLV Inventory/

APRIL 4/WITH SILVER FLAT TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ/

APRIL 3/WITH SILVER UP TWO CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ/

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 4/2019:

 

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 2.13/ and libor 6 month duration 2.60

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

G0LD LENDING RATE: + .57

 

 

XXXXXXXX

12 Month MM GOFO
+ 2.44%

LIBOR FOR 12 MONTH DURATION: 2.75

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.31

end

 

PHYSICAL GOLD/SILVER STORIES

end
i) GOLDCORE BLOG/Mark O’Byrne

Perth Mint’s Gold Bullion Sales Surge 68% In March

Perth Mint’s Gold Bullion Sales Surge 68% In March

 (Reuters) – The Perth Mint said on Monday its gold products sales in March surged about 68 percent from the previous month, touching the highest level since November last year.

Sales of gold coins and minted bars in March rose to 32,757 ounces from 19,524 ounces in February, the mint said in a blog post.

Silver sales last month jumped 60.2 percent from the previous month and touched their highest since October last year at 935,819 ounces.

In March, benchmark spot gold prices posted their second straight monthly decline, falling about 1.6 percent, hurt by a strong dollar.

The Perth Mint refines more than 90 percent of newly mined gold in Australia, the world’s second-largest gold producer behind China.

 


Until April 18, when you purchase the minimum amount of 10,000 ($€£) in physical gold and or silver, you receive complimentary Storage In Zurich For 6 Months

 

News and Commentary

Gold edges higher as dollar eases, equities rally pauses (Reuters.com)

Gold little changed with risk concerns on U.S.-China trade talk (MarketWatch.com)

Escalating U.S.-China trade war would hit manufacturing, agricultural jobs: IMF (Reuters.com)

U.S. services, private payrolls data highlight slowing economy (Reuters.com)

NATO chief warns of Russia threat, urges unity in U.S. address (Reuters.com)


Source: MoneyWeek

Palladium’s rise has been epic – will platinum ever catch up? (MoneyWeek.com)

Italy’s populists covet central bank and its gold (WSJ.com)

Precious metal prices rigged down for first-quarter valuation purposes (KingWorldNews.com)

US government’s net worth is now NEGATIVE $75 TRILLION (SovereignMan.com)

More ‘Project Fear’: BoE’s Carney Says Risk Of Calamitous ‘No Deal’ Brexit Is “Alarmingly High” (ZeroHedge.com)

Gold Prices (LBMA PM)

03 Apr: USD 1,291.85, GBP 980.38 & EUR 1,148.84 per ounce
02 Apr: USD 1,287.20, GBP 984.97 & EUR 1,148.95 per ounce
01 Apr: USD 1,291.90, GBP 987.27 & EUR 1,149.15 per ounce
29 Mar: USD 1,291.15, GBP 991.09 & EUR 1,151.19 per ounce
28 Mar: USD 1,306.90, GBP 995.20 & EUR 1,161.18 per ounce
27 Mar: USD 1,318.25, GBP 997.78 & EUR 1,168.23 per ounce

Silver Prices (LBMA)

03 Apr: USD 15.16, GBP 11.51 & EUR 13.49 per ounce
02 Apr: USD 15.02, GBP 11.51 & EUR 13.42 per ounce
01 Apr: USD 15.07, GBP 11.50 & EUR 13.42 per ounce
29 Mar: USD 15.10, GBP 11.52 & EUR 13.45 per ounce
28 Mar: USD 15.19, GBP 11.58 & EUR 13.53 per ounce
27 Mar: USD 15.40, GBP 11.65 & EUR 13.65 per ounce

Recent Market Updates

– Perth Mint’s Gold Bullion Sales Surge 68% In March
– Central Banks Continue to Buy Gold at a Record Clip
– ItalExit and Cyber Risks in a Cashless World May Be Bigger Risks Than Brexit : Interview with GoldCore CEO
– Ireland and EU Countries Must Seek ECB Approval to Manage Gold Reserves – Draghi
– Global Risks Increasing – Underlining The Case For Gold in 2019 (GoldCore Video Presentation)
– Brexit and Learning To “Live With Boom and Bust Economic Cycles”
– ‘No Deal’ Brexit Risk Impacting UK and Irish Economies – Gold Gains On Recession Concerns
– America’s “Debt Crisis Is Coming Soon”

Mark O’Byrne
Executive Director

 

 

GATA STORIES WITH RESPECT TO GOLD/PRECIOUS METALS.

The Italian Government covets the central bank gold held outside of Italy.  However it also wants the gold to be placed under their jurisdiction and not the “peoples” gold

Wall Street Journal

Italy’s populists covet central bank and its gold

 Section: 

By Giovanni Legorano
The Wall Street Journal
Wednesday, April 3, 2019

https://www.wsj.com/articles/italys-populists-covet-central-bank-and-its…

ROME — Italy’s ruling populists pushed ahead this week with efforts to seize control of the central bank and its gold reserves, stepping up their confrontation with a symbol of the country’s establishment.

With two laws targeting the Bank of Italy under debate in parliament, the campaign is the latest attack on Italy’s independent institutions by leaders of the governing coalition, which is led by the antiestablishment 5 Star Movement and the nativist League.

… 

The parties depict the central bank as a symbol of a technocratic elite aloof from the needs of ordinary Italians. Hundreds of thousands of small individual investors lost billions of dollars after several Italian banks failed in recent years, causing widespread anger against the Bank of Italy and previous governments.”We need a change of course at the Bank of Italy if we think about what happened in the last years,” Deputy Prime Minister Luigi Di Maio, leader of the 5 Star Movement, said in February.

Lawmakers from 5 Star are asking Parliament to pass two draft laws that have ignited a national controversy over the independence of the Bank of Italy. While the fate of the bills is uncertain, the prolonged scrutiny is testing an institution whose credibility is crucial for the stability of the Italian economy.

One law would instruct the central bank’s owners, most of them private banks, to sell their shares to the Italian Treasury at prices from the 1930s.

The other law would declare the Italian people to be the owners of the Bank of Italy’s reserve of 2451.8 metric tons of gold, worth around $102 billion at current prices. Such a move could in theory widen the scope for selling the gold and reduce the bank’s reserves, which help underpin the financial system.

“The gold belongs to the Italians, not to the bankers,” said Giorgia Meloni, leader of the Brothers of Italy, a far-right opposition party that supports both bills. “We are ready to battle everywhere in Italy and to bring Italians to the streets if necessary.”

The 5 Star Movement and the League support public ownership of the gold reserves, and with backing from parties comprising 60% of lawmakers, the draft law has enough support to pass. Lawmakers from 5 Star also support nationalizing the central bank, while the League hasn’t decided yet, leaving the bill short of a majority with around 40% support.

Central banks, such as the U.S. Federal Reserve, the Bank of England and Bank of Japan , have become independent branches of governments in most advanced economies in recent decades, regardless of whether their formal ownership is in the public or private sector.

The Bank of Italy is a member of the European Central Bank, which sets monetary policy for the 19-country euro currency zone and supervises its banking sector. If the Italian government were to become the owner of the Bank of Italy, its independence would still be granted by Italian and European laws.

Independent institutions, however, are a bugbear of populist politicians who say that all government should be a direct expression of the popular will, which they claim they themselves represent. Italy’s leaders have consistently accused independent institutions, from the civil service and the media to supervisory authorities such as the stock-market regulator, of trying to frustrate the popular will.

Five Star and the League have repeatedly attacked the Bank of Italy for not preventing the banking crises, and blamed it for the losses suffered by mom-and-pop savers who had bought bank shares and bonds.

“If you are here with your current account in the red, it’s because the people who were supposed to control things didn’t do so,” League’s leader, Interior Minister Matteo Salvini, told a group of former investors in Banca Popolare di Vicenza, which was liquidated in 2017, in February.

That month, Messrs. Salvini and Di Maio said the central bank’s top brass should be replaced because it had failed to effectively supervise the crisis. Since then, they created an institutional standoff by withholding approval for the appointment of one of the bank’s top executives.

As of last week they had forced the creation of a parliamentary commission to look into the failure of Italian banks, launching what could be months of tense scrutiny.

President Sergio Mattarella, who as head of state is positioned above the political fray, asked leaders to make sure the commission doesn’t interfere with the activity of independent authorities, including the Bank of Italy. Central banks, he warned on Friday, can’t accept instructions from governments.

Promoters of the two draft laws argue that having private-sector banks as shareholders creates a conflict of interest for the Bank of Italy, since it is involved in supervising banks.

Critics see an attempt to undermine the Bank of Italy’s independence, and to spend the nation’s gold reserves on populist policies.

“Gold is part of the assets of the Bank of Italy and can’t be used for monetary financing of the Treasury,” said Bank of Italy Governor Ignazio Visco.

The proposals have sparked outrage among the Bank of Italy’s shareholders. The proposed nationalization would value the central bank at just €156,000—the euro equivalent of the price that fascist dictator Benito Mussolini made banks, insurers and other institutions pay for their stakes in the 1930s, when the Bank of Italy was recapitalized.

A 2014 law revalued the Bank of Italy’s share capital at E7.5 billion. Shareholders, including Italy’s biggest lenders, UniCredit SpA and Intesa Sanpaolo SpA, paid a hefty capital-gains tax after the revaluation of their stakes. Now the banks would get only the fascist-era price in compensation.

“This looks like revolutionary expropriation,” said Gianluca Garbi, chief executive of Banca Sistema SpA, which bought its central-bank stake at the new, revalued price and would see its investment wiped out.

* * *

Help keep GATA going:

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

http://www.gata.org

To contribute to GATA, please visit:

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

 

END

This ought to be interesting:  Trump, who discovered he cannot fire Powell, is probably making sure that all of the other

Fed governors walk_–he is nominating Herman Cain to the last Fed seat.  Herman Cain was Fed Chairman, of the Kansas City Fed and that allows him to be nominated.

I can assure you that all of the other board members are thrilled.

(courtesy zerohedge)

 

Trump To Nominate Herman Cain For Last Open Fed Seat

When Bloomberg reported a few months back that President Trump had interviewed former Godfather’s Pizza CEO and one-time presidential challenger Herman Cain for a seat on the Fed board of governors, Eccles watchers largely wrote him off as a novelty, and focused on cracking jokes about the monetary policy implications of Cain’s infamous 9-9-9 plan.

Cain

But others swiftly pointed out that as a former chairman of the Kansas City Fed’s board of directors, Cain was technically qualified for the position, and not really an outlandish pick.

Ellen L. Carmichael

@ellencarmichael

As the resident Herman Cain historian, it’s important to note that Herman actually has loads of experience with the Federal Reserve and a pretty strong understanding of monetary policy.

So when BBG again reported that Cain was seriously being considered for one of the two open seats – one of which has since gone to Steve Moore – Fed watchers took notice, despite concerns about Cain’s expressly hawkish views on monetary policy (which apparently wasn’t a problem for self-styled “growth hawk” Moore) and worries about the Senate confirmation process.

Jennifer Jacobs

@JenniferJJacobs

White House is considering 2 political figures for board that governs the independent central bank and conducts nation’s monetary policy: Steve Moore, Herman Cain.

Concerns in the WH, though, about whether Cain could clear Senate confirmation process.https://www.bloomberg.com/news/articles/2019-03-22/trump-said-to-consider-stephen-moore-for-federal-reserve-board?srnd=politics-vp 

Jennifer Jacobs

@JenniferJJacobs

Scoop: White House is considering @StephenMoore for a seat on the Federal Reserve Board, sources tell @SalehaMohsin and me.

Moore, a visiting fellow at Heritage Foundation, was founder of the conservative Club for Growth and served on editorial board of the Wall Street Journal.

Two weeks later, it appears Trump has made up his mind.

According to Axios, Trump has settled on Cain to fill the last remaining open seat on the board, but will wait until his background check is cleared before making the official announcement.

To be sure, there’s a possibility that the background check could pose a problem. Cain’s candidacy during the 2012 Republican primary was cut short following a sexual harassment scandal (Axios’s sources were careful to note that they would attach an “asterisk” to his candidacy). But them again, the president’s favor can often outweigh such considerations.

“He won’t formally announce until the vet is completed…But he likes Cain and wants to put him on there,” said one senior official.

The last few weeks have been crammed with Fed-related news. Not only is Trump nominating Steve Moore, who is expected to do everything in his power to keep rates low, but he reportedly once considered trying to replace Jerome Powell with Kevin Warsh, before concluding that it wasn’t worth it, and telling Powell that “I’m stuck with you.” But that hasn’t stopped him from griping about how nominating Powell was “one of the worst decisions I ever made.”

And since he can’t get rid of Powell, perhaps the president has come up with an alternative plan…

Dan Hurley@ApexHurley

After Trump learned he couldn’t fire Powell he devised a plan to make him want to walk into oncoming traffic

Then again, if Trump is so concerned about keeping interest rates low, we could think of another even more suitable candidate.

zerohedge@zerohedge

If Trump is smart he will nominate AOC for Fed chair


iii) Other Physical stories
Nicholas B comments on Basel iii

There is an article posted on the monetary-metals.com site (reproduced in Zero Hedge) titled WILL BASEL 111 SEND GOLD TO THE MOON. Extracted from this article is the following:“However, the Office of the Comptroller of the Currency, the Fed, the FDIC, and the Office of Thrift Supervision, put out a document that shows otherwise:

“A bank may assign a risk-weighted asset amount of zero … for gold bullion held in the bank’s own vaults or held in another bank’s vaults on an allocated basisto the extent the gold bullion assets are offset by gold bullion liabilities[emphasis added].”

Yes, a gold metal asset has the same zero risk-weighting as cash—if the gold asset is funded by a gold liability. What is a gold liability? It is everything that the gold commentariat hates: short gold futures positions, gold swaps, etc.

In other words, it’s the carry trade that we write about every week in our Supply and Demand Report!

Banks can own physical and sell futures, to make a small spread. In this case, the banks don’t need to reserve extra funding for gold, as the market risk of the gold price is hedged. In the parlance of our day, this whole assertion of physical gold being treated preferentially to paper is a big nothingburger“.

Unfortunately this line of argument appears to be accordance with the wording of BASEL 111.I would very much like to read a rebuttal of this argument, because ,as things stand, it appears that just about every gold commentator,including those on my most trusted list,have interpreted this BASEL 111 amendment absolutely incorrectly, and the BIS is in fact encouraging paper gold speculation, which is exactly what I would have expected all along.

Regards

 

NICHOLAS

Andrew Maguire responds telling up that Basel iii is a big time and it is causing nightmares to our bankers

All,

Aside from the fact that industry apologist Jeffery Christian is paid to sit on the Monetary Metals Advisory board https://monetary-metals.com/?s=christian  it also beggars belief that anyone, (producers included), benchmarks and makes trading decisions based on the grossly incorrect  dilutive GOFO , Basis -Cobasis ,data that Monetary Metals outputs.

There is so much else wrong with their Basil 111 ‘analysis’ as it fails to take a global view which is why it is necessary for the TBTF banks to build PHYSICAL DELIVERABLE hedges.

We already have the OCC & the BOE on its heels on record looking at these massive undeliverable mismatched paper liabilities held by our Tax payer funded banks.

I am traveling at this time but will address this in more detail when I return.

Warm regards

Andrew

 

-END-

ted Butler.. A  MUST READ….

Confirmation, Outrage and Disgust

Theodore Butler | April 4, 2019 – 11:17am

A recent interview with former CFTC Commissioner Bart Chilton nearly knocked me off my feet because it confirmed what I have alleged, starting more than 12 years ago. I’ll include the interview later, but first I will set the background of the subject and timeline in order put Chilton’s words into the proper perspective. The subject is JPMorgan’s manipulation of the silver market. The timeline is important because Chilton does misstate some facts that need to be corrected. I’m not a big fan of articles that include lots of links to past articles, but in this case it’s unavoidable.

Shortly after Bart Chilton took office as a commissioner in August 2007, he began to make public speeches in which he asserted that the CFTC was no regulatory pushover, like Barney Fife on the “Andy Griffith Show” but more like Elliot Ness or James Bond and that the agency was a tough cop on the beat. I assumed Chilton was genuine in his faith in the agency, but since he was brand new to commodity regulation I was sure that he was unaware of my allegations to the agency over the prior 20 years about a silver manipulation due to a concentrated short position on the COMEX. So I wrote to him about his claims of regulatory toughness at the agency and encouraged others to do so as well.

https://www.investmentrarities.com/ted-butler- commentary-november-13-2007/

To his credit, Commissioner Chilton, responded to my and others’ emails quickly, pointing out that CFTC staff were aware of the allegations and having responded in the past, they would do so again in the future.

https://www.investmentrarities.com/ted-butler- commentary-november-20-2007

/

I would ask you to note that my first contacts with Commissioner Chilton took place shortly after he assumed office in 2007 and the subject matter revolved around the concentrated short position in COMEX silver futures, an issue that has remained at the heart of the allegations of price manipulation to this day.

Much to his credit, Chilton always endeavored to answer each and every email sent to him from the public (provided those emails weren’t personally insulting). In fact, I continued to email him personally and encouraged others to do so as well, in addition to sending him and the other commissioners all articles I wrote. I think it’s fair to say that close to 99% of the thousands of public emails sent to Chilton concerned the silver and gold price manipulation and there can be little doubt that all of those emails came directly or indirectly at my urging. What else could possible account for the high volume of public correspondence with an official of the CFTC?

Early in 2008, Commissioner Chilton indicated to me privately that the agency would be coming out with a new finding concerning the continued numerous public allegations of a silver price manipulation. This new finding would supersede the 15 page public letter of 2004. Perhaps I misinterpreted his message, but I came to believe that the new finding would be much different than the original finding. Instead, on May 13, 2008, the CFTC published another 16 page denial that anything was wrong with the concentrated short position in COMEX silver futures.

https://www.cftc.gov/sites/default/files/idc/groups/pub lic/@newsroom/documents/file/silverfuturesmarketreport0508 .pdf

Feeling betrayed (something I don’t believe I revealed previously), I told Chilton in not-so-polite terms how I felt and ceased personal email contact with him (although I did continue to send my articles to him and all the other commissioners, since they concerned regulatory matters).

In March 2008, nearly two months before the CFTC’s 2nd public silver letter was published, the largest concentrated COMEX silver (and gold) short, Bear Stearns, failed and its short positions were assumed by JPMorgan. I certainly knew that Bear Stearns collapsed and was taken over by JPMorgan, but I had no idea at the time that Bear was the biggest single short in COMEX silver and gold or that JPMorgan assumed those short positions. I would only learn of this months later, after the August 2008 Bank Participation Report was issued and revealed for the very first time an enormous silver and gold short position held, as it turned out, by a single US bank. (The reason Bear Stearns had never appeared in the Bank Participation Report was because it was an investment, not a commercial bank like JPMorgan).

https://www.investmentrarities.com/ted-butler- commentary-august-22-2008/

Importantly, as a result of this article and others, which encouraged readers to again petition the CFTC, the agency confirmed it had initiated a formal investigation by its Enforcement Division – I believe primarily due to Chilton’s initiative (although for some reason, Chilton claims in his interview that the investigation started in 2010, at the prodding by Andrew Maguire). Fortunately the record of the timeline is clear, although the original confirmation was buried in an overall press release on Oct 2, 2008 –

https://www.cftc.gov/PressRoom/PressReleases/pr5562- 08

The termination of the investigation was more fully announced five years later –

https://www.cftc.gov/PressRoom/PressReleases/pr6709- 13

Within months of the August 2008 Bank Participation report, I had deduced that JPMorgan was the big COMEX silver and gold short and began publicly referring to the bank as the big silver and gold crook and price manipulator (albeit with more trepidation initially than as time passed). Please know that all my deductions and allegations came from studying public data and official correspondence from the CFTC to lawmakers, as many readers wrote to their elected officials about what had transpired. I never talked with anyone at the CFTC about any of this – to them, I was always persona non grata.

But in the fall of 2008 when I came to figure out that JPMorgan had been running the silver and gold manipulation since March of that year, it also dawned on me that there could be no way that the CFTC wasn’t fully aware that Bear Stearns was in deep trouble with its COMEX silver and gold short positions before the JPM takeover, since prices of each rose substantially from yearend 2007 to the day in March when JPM took over the short positions. Bear Stearns would have needed to have come up with more than a billion dollars in cash for margin calls, money it simply didn’t have.

Since the CFTC would have had to have known of Bear’s plight and of JPMorgan taking over its silver and gold short positions, it also became obvious to me that the CFTC had lied through its teeth when it failed to mention in its public letter of May 2008 that the biggest concentrated silver and gold short seller failed and needed to be taken over by JPMorgan. After all, the subject of the public letter was concentration on the short side of silver, so there was no way the Bear Stearns’ failure could have been innocently overlooked. I said so in a subsequent public article, even writing to the CFTC’s Inspector General about it –

https://www.investmentrarities.com/ted-butler- commentary-december-21-2009/

OK, that’s the background and timeline, so why am I walking you down memory lane today? It seems that Bart Chilton, whose tenure as a commissioner at the CFTC ended in early 2014, has chosen to speak out on the silver manipulation and his and the agency’s role at the time. This is the very first time that an insider has confirmed virtually everything I’ve alleged about JPMorgan. In fact, Chilton goes beyond just confirming what I’ve alleged, he paints a picture of deep concern behind the scenes, as the CFTC struggled to get JPMorgan’s silver short position reduced – to no avail. Here is the interview with Chris Marcus of Arcadia Economics –

https://www.butlerresearch.com/wp- content/uploads/2019/04/6-Bart-Chilton.m4a

Since the interview is about 42 minutes long, please allow me to highlight what I believe are the key points.

At the 3:30 minute mark, Chilton acknowledges that he first learned of the allegations of a silver manipulation from me, but then goes on to say he asked for an Enforcement Division investigation only after Andrew Maguire contacted him in 2010, which as I indicated is contrary to the verified record which indicated the investigation began in September 2008.

At the 11:40 minute mark and continuing to the 18:30 mark, it gets interesting. This is where Chilton acknowledges publicly for the first time that JPMorgan took over Bear Stearns’ silver short position and goes on to explain how the CFTC had to approve the resultant excessively large combined short position and did so on a temporary basis of no more than a few months and how JPMorgan didn’t abide by the CFTC’s waiver. He also points out how the head silver trader for Bear Stearns also went over to JPM and continue to trade the position there. Chilton states that he was shocked about how large the JPMorgan silver short position grew to and implies it was eventually worked down. Perhaps JPM’s silver short position was worked down temporarily as it rigged prices lower, but as regular readers know, JPM has continued to add shorts and buy back on lower prices to this day, a decade later.

At the 20:20 mark, Chilton acknowledges the agency had plenty of evidence of manipulation, but not enough to bring charges and asked for outside help in determining whether the evidence was enough to bring charges. Chilton claims he extended the investigation for another year and believed there was enough evidence to bring charges. It should be noted, even though I caused the investigation to be initiated in the first place, I was never contacted.

At the 36:40 mark, Chilton acknowledges for the first time that the Justice Department was involved in the five year silver investigation but dropped interest after the CFTC closed its investigation. He suggests the DOJ is understaffed. Also mentioned is that Chilton had perhaps a hundred separate meetings on the silver investigation back then, in addition to the dozens of official agency meetings on silver that the agency held. It’s remarkable with all that attention, JPMorgan was able to continue to manipulate silver prices to this day without missing a beat. And I distinctly remember all through this time, which Chilton described as full of high drama behind the scenes, not one word was offered publicly to warn anyone that there were strong official suspicions of manipulation. All I ever recall is that the CFTC found all my allegations of silver manipulation to be completely unfounded. Chilton seems to be saying something quite different in this interview.

What Chilton said confirmed just about everything I’ve written and for that I am grateful. Again, all my analysis has been based strictly on public data. While I’m happy for the confirmation, I’m also outraged and disgusted that the CFTC and DOJ failed to end the manipulation and that JPMorgan has continued on its merry and illegal way. I’ve reached the conclusion that JPMorgan is so well-connected and backed by such legal firepower that even the US Government, certainly in the form of the CFTC, but now also including the Justice Department, is no match for it. As a result, my expectations for the DOJ cracking down on JPM have been reduced to a faint hope, although it saddens me to admit to that.

That said, I do believe more than ever that it will be JPMorgan’s actions over the past decade that will power silver (and gold) higher. No one would acquire the massive amount of physical silver and gold that JPMorgan has accumulated without the expectation of a monster payday. Separately, Chilton’s confirmation that the CFTC (and DOJ) were investigating and pressuring JPM would seem to dispel any notion that it was or is the US Government behind the silver (and gold) manipulation. The CFTC and DOJ are US Government institutions, after all.

They may be no match for JPMorgan, but that’s a far cry from either being involved in some conspiracy to manipulate prices. Finally, the degree of alarm and concern by the regulators, according to Chilton, would seem to mock all the manipulation deniers who maintain there is nothing to see. According to Chilton, the regulars saw plenty to be concerned about.

Ted Butler
April 4, 2019
www.butlerresearch.com

Bill Murphy…

My two cents worth of comments…

*Ted Butler has done fine work over the years and made a yeoman effort to expose the manipulation of the silver market by JP Morgan.

*Naturally, he is not the only one who has been on the case. My colleague Chris Powell has been all over the manipulation with his GATA emails and presentations at various conferences.

*In late 2009 I met with Bart Chilton and his staff in Washington D.C. and then GATA Board member Adrian Douglas (along with Harvey Organ) and I made presentations in front of an all-day CFTC hearing (which was televised on the internet).

*Around the time of the Bear Stearn’s shifting of their silver futures positions to JPM, my commentary saluted Ted…

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 THURSDAY 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: 6.7154/

 

//OFFSHORE YUAN:  6.7171   /shanghai bourse CLOSED UP 30.28 POINTS OR 0.94% /

 

HANG SANG CLOSED DOWN 50.07 POINTS OR 0.17%

 

 

2. Nikkei closed UP 11.14 POINTS OR 0.05%

 

 

 

 

 

 

 

3. Europe stocks OPENED GREEN 

 

 

 

 

 

 

 

 

 

 

/USA dollar index RISES TO 97.18/Euro FALLS TO 1.126

3b Japan 10 year bond yield: RISES TO. –.04/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 111.42/ 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:: 62.69 and Brent: 69.52

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO –.01%/Italian 10 yr bond yield DOWN to 2.54% /SPAIN 10 YR BOND YIELD DOWN TO 1.11%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 2.55: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 3.63

3k Gold at $1289.85 silver at:15.04   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 11/100 in roubles/dollar) 65.36

3m oil into the 62 dollar handle for WTI and 69 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 111.42 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 0.9989 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1211 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 FALLING to –0.01%

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 2.50% early this morning. Thirty year rate at 2.90%

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

6.  TURKISH LIRA:  UP  TO 5.6258..GETTING DANGEROUS

 

Global Markets Flatline Ahead Of He-Trump Meeting, US Jobs Report

One day after a global “trade optimism”-inspired rally fizzled at the closing minute of US cash trading, European and Asian shares eased back from eight-month highs while bonds, the dollar and gold rallied as investors took money off the table amid, what else, “fresh concerns” about U.S.-China trade talks while dismal data from Germany signaled trouble for Europe as investors awaited further news from U.S.-China trade negotiations and tomorrow’s US jobs report.

US index futures were flat, while Asian markets and Europe’s Stoxx 600 index fell, led by declines in oil companies and miners.

 

The biggest economic news of the day was Germany’s latest industrial orders which tumbled at the fastest rate in over five years in February, driven largely by a collapse in foreign demand.

 

The report compounded fears that Europe’s largest economy, which yesterday slashed its GDP forecast by more than half from 1.9% to 0.8%, has had a feeble start to the year and left the euro stuck at $1.12, sent German Bund yields back below zero in the bond market and ended a four-day run of gains for share traders. Eslewhere, Italian shares and bonds also dropped after Bloomberg reported the country is set to slash this year’s growth forecast and raise the projected budget deficit.

 

In key company-related news, in the preliminary Ethiopian crash report of the Boeing 737 MAX, anti-stall software is not explicitly mentioned; Chief investigator says they cannot yet say if there is a structural problem with Max 8’s. Meanwhile, Tesla is tumbling after the company’s Q1 vehicle deliveries tumbled and missed badly, with just 63.0k deliveries vs. 90.7k previously.

Earlier in the session, the MSCI Asia index also lost 0.4% overnight after five straight days of gains had taken it to the highest level since late August. Losses were led by Australia and New Zealand while Hong Kong, the Philippines and Indian markets were also in red. The trend was bucked by Shanghai as Chinese shares rose 0.6% while Japan’s Nikkei paused near a recent one-month top.

Emerging-market stocks and currencies also lost momentum on Thursday after recent gains as investors awaited fresh good (or perhaps bad) data for signs the global economy is regaining a firmer footing (or else that central banks will ease more). The MSCI index of developing-market equities fell for a first day in six: the Indian rupee led declines among currencies following a rate cut and dovish outlook from the nation’s central bank. South Africa’s rand weakened after failing to strengthen beyond a key technical level, while the Indonesian rupiah rose after its monetary authority said it would allow further appreciation.

Analysts pointed to investor fatigue and a lack of fresh headlines on the Sino-U.S. trade talks for Thursday’s sell-off while disappointing U.S. economic data this week also weighed on sentiment. “We are expecting quite a constructive agreement between the U.S. and China when it comes to trade,” said AllianceBernstein China Portfolio Manager John Lin. He added it was probably now a consensus view among major investors and if it proved right, would raise other questions such as whether China’s government would “keep its foot on the (stimulus) pedal or ease off a bit.”

Risk sentiment has been supported by constant signs of progress in Sino-U.S. trade talks. White House economic adviser Larry Kudlow said on Wednesday the two sides aimed to bridge differences during talks, while Bloomberg reported that the US would grant China until 2025 to meet trade pledges.  The plan would see China committing to buy more U.S. commodities, including soybeans and energy products, and allow full foreign ownership for U.S. companies operating in China as a binding pledge.  Investors are also looking if ongoing talks lead to an earlier-than-anticipated meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping to sign an accord.

At 2pm all eyes will be on the White House, where President Trump will meet Chinese Vice Premier Liu He as trade deal negotiations enter what could be the final stages.

While investors have become more optimistic that a trade deal will be signed, Bloomberg quotes Nick Twidale, chief operating officer at Rakuten Securities Australia, who said it “may just be another step in the process.” The implementation of any deal “will most probably provide obstacles in the process and may weigh on sentiment further down the track.”

“Also an important question would be whether an agreement would be sufficient to revive business sentiment and the global trade cycle,” J.P. Morgan Asset Management Asia Pacific Chief Market Strategist Tai Hui added. “We believe on the margin it would help, but practically all investors we’ve spoken to in Asia in the past six months believe friction will still flare up from time to time.

In FX, overnight moves were muted after bigger swings overnight when all major currencies gained against the safe-haven yen. The dollar gained broadly with Treasuries while Sterling dipped after U.K. lawmakers moved to block a no-deal Brexit; the euro largely shrugged off soft German data, and was waiting for the minutes of the European Central Bank’s last meeting, when it pushed back rate hike expectations. Euro-area bonds edged higher, and the yen and equities traded with a defensive tone

In commodities, oil prices slipped a second day, with Brent edging down further from the $70 mark after weekly U.S. oil data showed a surprise build up in crude inventories and record production; Global benchmark Brent has gained nearly 30 percent this year, while WTI has gained nearly 40 percent. Prices have been underpinned by tightening global supplies and signs of demand picking up. “There is a clear bias to the upside with the supply restrictions,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney, pointing to supply cuts by OPEC and others, along with sanctions on Iran.

Spot gold traded lacklustre as markets were tentative ahead of the ECB minutes, US-China trade talks and payrolls, with investors pulling money out of gold ETFs with around $153MM removed out of the $10BN VanEck Vectors Gold Miners ETF over the last five days. Meanwhile, copper (-0.3%) succumbs to the cautious risk tone but remains above its 100 WMA of just under $2.90/lb. Finally, Dalian iron ore futures saw its best day in seven-weeks, extending its record-breaking rally, as supply-side woes (largely from cyclones in Western Australia) and a pick-up in demand (steel mills replenishing stocks) boosted the base metal to a new peak of USD 103.49/tonne.

On today’s docket, initial jobless claims are due, while companies reporting earnings include Constellation Brands and RPM International.

Market Snapshot

  • S&P 500 futures down 0.1% to 2,876.25
  • STOXX Europe 600 down 0.4% to 387.49
  • MXAP down 0.2% to 162.37
  • MXAPJ down 0.4% to 538.98
  • Nikkei up 0.05% to 21,724.95
  • Topix down 0.1% to 1,620.05
  • Hang Seng Index down 0.2% to 29,936.32
  • Shanghai Composite up 0.9% to 3,246.57
  • Sensex down 0.3% to 38,761.75
  • Australia S&P/ASX 200 down 0.8% to 6,232.80
  • Kospi up 0.2% to 2,206.53
  • German 10Y yield fell 0.9 bps to -0.001%
  • Euro up 0.04% to $1.1237
  • Brent Futures down 0.6% to $68.88/bbl
  • Italian 10Y yield rose 1.5 bps to 2.186%
  • Spanish 10Y yield fell 0.7 bps to 1.134%
  • Brent Futures down 0.4% to $69.05/bbl
  • Gold spot up 0.1% to $1,291.33
  • U.S. Dollar Index unchanged at 97.10

Top Overnight News from Bloomberg

  • U.S. President Donald Trump will meet Chinese Vice Premier Liu He at the White House on Thursday as speculation grows that negotiations over a trade deal are entering their final stages
  • Britain took a decisive step away from a damaging no-deal Brexit as members of Parliament and political leaders backed efforts to prevent a disorderly departure from the EU
  • Though the U.K. is better prepared for a no-deal Brexit than it was a number of months ago, it would still cause a large economic shock, the Times reports, citing Bank of England governor Mark Carney
  • European Union increasingly sees a long Brexit delay as the most likely outcome of an emergency leaders’ summit next week, according to EU officials
  • Trade deal that the U.S. and China are crafting would give Beijing until 2025 to meet commitments on commodity purchases and allow American companies to wholly own enterprises in the Asian nation, according to people familiar with the talks
  • Bank of Japan is likely to unveil its lowest two-year inflation forecast under Haruhiko Kuroda’s governorship at a meeting later this month, according to a former chief economist of the central bank
  • Trump administration is examining options for shutting entry points to the U.S. from Mexico in case the president follows through with his threat to close the border, a White House official said
  • Nomura will fire about 100 workers at its troubled European business as Japan’s biggest brokerage embarks on its latest attempt to achieve sustained profitability overseas; the job cuts in Europe will mostly target rates and credit traders in London, one of the people said, asking not to be identified as the numbers aren’t public
  • Italy is set to slash its growth forecast for this year and raise its projected budget deficit, according to two senior officials with knowledge of the draft outlook. Italy’s economy is set to grow just 0.1 percent this year, according to the draft, the officials said. The government’s previous forecast was for a 1 percent expansion
  • India’s central bank delivered a back-to-back interest rate cut on Thursday and fueled speculation of more policy easing after lowering inflation and economic growth forecasts

Asian equity markets traded cautiously with the region tentative ahead of looming risk events and after a positive lead from Wall St. where US-China trade optimism kept stocks afloat despite poor ISM & ADP data. ASX 200 (-0.8%) and Nikkei 225 (Unch.) were subdued with broad weakness seen across all sectors in Australia as the post-budget euphoria faded and profit-taking set in following a 7-day win streak, while the Japanese benchmark was indecisive amid a choppy currency. Chinese markets were mixed ahead of an extended weekend in which the Hang Seng (-0.2%) stalled after it briefly rose above 30k for the first time since June last year, while the Shanghai Comp. (+0.9%) was boosted on hopes US and China are nearing a trade deal and with reports also suggesting a Trump-Xi meeting date to sign off on a deal could be announced as early as today. Finally, 10yr JGBs were lower as prices tracked the recent weakness in T-notes and as Japanese stock markets held above water for most the session, while mixed results at the 30yr auction also failed to spur demand.

Top Asian News

  • India Central Bank Cuts Interest Rate to Boost Flagging Economy
  • Bank Indonesia Chief Says Rate Is on Hold Amid Global Risks
  • China Willing to Work With U.S. on Agreement Reached by Leaders
  • Japan Post Insurance to Sell $3.7 Billion Shares in Global Deal

A subdued start to the fourth European session of the week with stocks treading water thus far [Eurostoxx 50 U/C] following a mixed Asia-Pac session, ahead of key risk events including the ECB minutes and US-Sino trade talks. The FTSE 100 (-0.6%) marginally lags in the equity-space as a slew of ex-divs [Direct Line (-5.0%), St James’ Place (-3.4%) and DS Smith (-2.4%)] coupled with a firmer Pound pressure the index. Broad-based losses are seen across European sectors, although energy names are faring slightly worse amidst marginal downside in the oil complex. In terms of individual movers, Commerzbank (+2.4%) trades near the top of the Stoxx 600 amid reports that UniCredit (-1.4%) may bid on the German bank if a Deutsche Bank (-1.7%) deal fails. Meanwhile, Software AG (+3.0%) shares were bolstered by a broker upgrade at UBS. On the flip side, Maersk (-11.2%) shares declined following the separate listing of its drilling unit.

Top European News

  • Commerzbank Shares Rise on Report of Possible UniCredit Offer
  • ICG Said to Near $1.2 Billion Deal for Italy’s Doc Generici
  • German Institutes Slash 2019 Growth Forecast by More Than Half
  • Miners Fall as Iron Ore Rally Pauses on Anglo and GS Warnings

In FX, the Dollar index is holding around the 97.000 level within an extremely narrow 97.013-225 range, and symptomatic of the listless tone in the G10 currency markets overall after choppy trade from Monday through Wednesday amidst fluctuating risk on, off and on again sentiment. However, today and Friday offer some prospect of more decisive moves or at least price action if not clear direction, with the ECB Minutes, Fed speakers and NFP on the agenda.

  • GBP – The Pound remains underpinned as UK Parliament passed another motion to avoid a no deal Brexit and request that PM May go back to the EU seeking a further A 50 extension if no alternative is found to the WA by April 12 or May 22 (assuming no sudden change of heart and the current proposal with Brussels is accepted as the better of evils vs a CU). Cable has rebounded from yesterday’s sub or circa 1.3120 lows to retest 1.3200, but not quite as near the big figure this time as 21/30 DMA convergence around 1.3165 continues to exert some gravitational influence. Similarly, Eur/Gbp has retreated through 0.8550 towards 0.8500 again, though has not managed to get as close as it did on Wednesday.
  • JPY/EUR – Both firmer vs the Greenback, albeit fractionally given the relatively constrained trade noted above, with the Jpy inching higher within a 111.50-35 band and potentially capped by decent option expiry interest from 111.50-60 (1.3 bn) and the 200DMA (111.49). Meanwhile, the single currency continues to meet resistance around 1.1250 and has not been helped by abysmal German industrial orders data or confirmation that the country’s group of Economic Institutes has become the latest to slash the 2019 GDP to under 1%.
  • CHF/NZD/AUD/CAD – All underperforming, but again in context only marginally. Indeed, the Franc is meandering between 0.9987-72, Kiwi hovering from 0.6800 to 0.6773 and Aussie just keeping its head above 0.7100, and at this stage not looking likely to arouse expiry interest at 0.7140-50 in 1 bn. For choice, the Loonie is lagging against the backdrop of softer crude prices and back below 1.3350 ahead of Canada’s Ivey PMI.
  • EM – Literally no respite for the Lira it seems, as economic, fiscal and political issues continue to weigh on the currency and Turkish assets in general. Indeed, Usd/Try has nudged up to 5.6600 again after Wednesday’s mixed inflation data and another hike in swap limits, as investors eye next week’s Economic Program conscious of the fact that the CBRT may not be able to loosen its grip on the monetary policy reins given that headline CPI remains so high.

In commodities, the energy complex had consolidated following yesterdays advances and was edging lower for the majority of the session, though WTI & Brent futures have recently reverted much of this downside and are now just edging into positive territory for the day. Brent and WTI are currently trading around sesson highs of USD 69.34 and USD 62.50 respectively. Earlier in the session, Brent prices edged lower after hitting resistance at its 200 DMA around USD 69.60/bbl, meanwhile WTI remains north of its 200 DMA (USD 61.40/bbl). Elsewhere, spot gold (+0.1) trades lacklustre as markets are tentative ahead of the ECB minutes, US-China trade talks and NFP. It is also worth noting that investors are pulling money out of gold ETFs with around USD 153mln removed out of the USD 10bln VanEck Vectors Gold Miners ETF over the last five days. Meanwhile, copper (-0.3%) succumbs to the cautious risk tone but remains above its 100 WMA of just under USD 2.90/lb. Finally, Dalian iron ore futures saw its best day in seven-weeks, extending its record-breaking rally, as supply-side woes (largely from cyclones in Western Australia) and a pick-up in demand (steel mills replenishing stocks) boosted the base metal to a new peak of USD 103.49/tonne.

US Event Calendar

  • 7:30am: Challenger Job Cuts YoY, prior 117.2%
  • 8:30am: Initial Jobless Claims, est. 215,000, prior 211,000; Continuing Claims, est. 1.75m, prior 1.76m
  • 9:45am: Bloomberg Consumer Comfort, prior 60

DB’s Jim Reid concludes the overnight wrap

After a pause on Tuesday, Monday’s risk rally on stronger manufacturing PMIs extended further yesterday on the previous night’s trade news and then a mostly positive global round of non-manufacturing PMIs. It was so good that 10 year bund yields now give you a positive yield again (0.008% – up +5.7bps yesterday). Hurry while stocks last. It makes me want to work out how much the average person would have to invest in them to give them their required retirement income given the 1bps yield! The move was helped by signs of hope from the services PMIs in Europe (more on that below) and Kudlow’s comments that US and China negotiators are “making good headway”. Later in the session, Bloomberg reported that the US requested a six-year timetable for China to implement changes to its import purchases and market access reforms, possibly an indication that a deal is being formalised. The FT reported that there are still a couple of sizeable outstanding issues; 1) what happens to existing US levies on Chinese goods, which Beijing wants to see removed, and 2) the terms of a US enforcement mechanism that ensures that China abides by the deal. Overnight, the White House has said that President Trump will meet Chinese Vice Premier Liu He today in the Oval Office at 16:30 ET (21:30 UK Time). It really feels like progress is being made even if tough work remains.

The tech sector really led the charge yesterday with the NASDAQ closing up +0.60%, albeit off its highs of +1.14%, which means it’s now closed up four days in a row – good for a +2.95% spurt during that time. The FANGs weren’t to be left out with the NYSE FANG index rallying +0.93% – the fifth consecutive daily gain – to put it at the highest level since early October. Amazingly the NASDAQ is also back to being just 2.64% off its all-time highs from late August again. Meanwhile the S&P 500 climbed +0.21% and DOW +0.15%. The latter’s underperformance was entirely driven by Boeing’s -1.54% drop. The Wall Street Journal reported that last month’s 737 Max crash in Ethiopia came despite the fact that pilots followed Boeing’s instructions on how to compensate for a software defect. Ethiopian authorities will release their report on the crash today, potentially opening Boeing up to legal liability.

European equities had a better session, with the Stoxx 600 advancing +1.01% to its highest level since August 9th last year. Bourses rallied across the continent, led by the DAX (+1.70%), the IBEX (+1.33%), and by banks (+1.61%). The only major laggard was the FTSE 100 (+0.37%), which was pressured by the stronger pound on perceived positive Brexit news as well as by the sharp rise in gilt yields, which rose +9.4bps for their biggest selloff in 13 months. Treasury yields rose as well, climbing +4.5bps while the 2s10s curve steepened another 1.0bps to 18.0bps. High yield spreads were also 5bps tighter in both Europe and the US. Oil prices traded flat, though US inventory data showed a surprisingly large 7.2 million barrel increase in stockpiles last week, taking some air out of the narrative of robust demand so far this year.

On Brexit, Prime Minister May and Labour Leader Corbyn held discussions yesterday on a cross-party proposal that both sides described as “constructive” even if Mr Corbyn said that there had not been “as much change as (he) had expected” in Mrs May’s stance.

Their teams will continue negotiations today, and the most likely date for another vote is Monday or Tuesday next week. Last night, Parliament voted 313-312 to pass the Cooper-Letwin amendment, which would try to force a long Article 50 extension. The bill will now move to the House of Lords today and, assuming it is passed cleanly, will take no-deal Brexit off the table – from the U.K. side at least. That has enraged the hard-Brexit supporting wing of May’s party, but it could still push them to back her deal next week if she ends up bringing it to a vote. Prior to the May and Corbyn meeting, European markets were mostly busy watching any Parliament reaction to May’s pivot and any reaction from the EU. On the former two MPs resigned however significantly neither were Cabinet ministers. Is this the calm before the storm in terms of resignations? It’s fair to say that there are a vast number of unhappy Tory MPs over the talks with Mr Corbyn. On the latter there wasn’t too much to highlight. The EU seem to be mostly watching for now. Elsewhere, the Sun has reported overnight that PM May is likely to request 9 month delay to Brexit during the EU summit.

In Asia this morning markets are trading mixed with the Shanghai Comp (+0.56%) and Kospi (+0.19%) up while the Hang Seng (-0.52%) is down and the Nikkei is trading flat. Elsewhere, futures on S&P 500 are trading flattish (-0.06%).

Back to the PMIs where the big talking point, and in contrast to the manufacturing data, was the 0.6pt upward revision to the March services reading for the Euro Area to 53.3, helping to lift the composite to 51.6 (vs. 51.3 flash). With the services sector more domestically orientated than the manufacturing sector it helps to boost the case that the domestic European economy is generally doing ok. The positive revision was helped by a boost from most countries. Germany and France were revised up 0.5pts to 55.4 and 0.4pts to 49.1, respectively, while Italy (53.1 vs. 50.8 expected) and Spain (56.8 vs. 55.0 expected) both came in ahead of expectations.

Staying with the PMIs, yesterday DB’s Peter Sidorov highlighted the fascinating stat that while Germany’s manufacturing PMI is in the deepest downturn outside of the Great Recession, Germany’s services PMI is in the top 25% of readings since the start of the euro area recovery in late 2013. In standardised terms, that is the largest underperformance of manufacturing vs services we have seen since the start of the data in 1997.

Overall the data should be welcomed by the ECB however it doesn’t hide the fact that any recovery back to trend growth still requires the manufacturing sector to lift out of the doldrums. On the subject of the ECB yesterday we got a fresh story from MNI under the title “ECB tiering more likely if rates cut further”. A word of warning that MNI hasn’t proved to be the most reliable of sources in recent times. The headline seemed to be a bit punchier than the actual story too, with the main message being that the tiering debate is still in its infancy right now with no clear outcome.

There’s a chance that we learn a bit more about the ECB’s thinking today with the minutes from last month’s confused policy meeting. Confused in the sense that it felt like the ECB sent out various contradicting messages. A reminder that in the end that they opted to announce the bare bones of the new TLTRO replacement facility but downgraded growth and inflation without suggesting any cohesive future policy implications.

In contrast to the data in Europe yesterday it wasn’t quite so good a day for US data. The March ADP print came in at 129k versus 175k expected, and in fact was the lowest reading since September 2017. We should however caveat that the ADP reading overstated NFPs by 163k in February, which isn’t the first time we’ve seen such a big divergence. So there is a bit of a question about the ADP survey being a reliable spot indicator of payrolls. More important though was the miss in the March ISM non-manufacturing (56.1 vs. 58.0 expected) and -3.6pt drop from February. New orders was the big driver of the decline (59.0 from 65.2), however, the employment component did nudge up +0.7pts to 55.9. The gap between the US and the RoW is closing through a slight dip in the former and a welcome rise in the latter.

To the day ahead now where shortly after this hits your emails we’ll get February factory orders data out of Germany, followed by the March construction PMI. In the US this afternoon the early data release is March challenger job cuts before we get the latest weekly initial jobless claims reading. We’ve also got the aforementioned ECB minutes due out at lunchtime while the Fed’s Mester and Harker are speaking this evening. Keep an eye on potential trade headlines too with China Vice Premier Liu He now in Washington.

3. ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 30.28 POINTS OR 0.94% //Hang Sang CLOSED DOWN 50.07 POINTS OR 0.17%  /The Nikkei closed UP 11.14 POINTS OR 0.05%/ Australia’s all ordinaires CLOSED DOWN .76%

/Chinese yuan (ONSHORE) closed DOWN  at 6.7154 AS TRUCE DECLARED FOR 3 MONTHS /Oil UP to 62.69 dollars per barrel for WTI and 69.52 for Brent. Stocks in Europe OPENED GREEN

ONSHORE YUAN CLOSED UP // LAST AT 6.7154 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7171 / 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

 

i)BREXIT/EU/

The pound rallies as the commons passes a bill requiring Theresa May to request another Brexit delay.  The farce over there continues

(courtesy zerohedge)

Pound Rallies As Commons Passes Bill Requiring May To Request Another Brexit Delay

Succeeding in their latest attempt to head off a no-deal Brexit, the Commons has passed the Cooper Letwin bill legally requiring Prime Minister Theresa May to request another delay of Article 50 if the UK looks to be on the cusp of leaving the EU without a deal.

After rejecting all of the proposed amendments, the Commons passed the bill by a margin of just one vote, winning 313 to 312. It now heads to the House of Lords, which is expected to vote on the measure on Thursday.

Faisal Islam

@faisalislam

Basically unamended Cooper Letwin Bill has passed its committee stage 4 hours after its second reading….

MPs now voting on its third reading – ie the big final vote.

Peter Bone furious asking Speaker to “make this farce stop” and order “There can be no third reading”. pic.twitter.com/728OX8WN0B

The pound climbed as the bill’s passage appeared to lessen the chances of the UK leaving the EU without a deal (though, even if May does request another extension, the EU could still opt to deny her request, which European Commission Jean Claude Juncker has suggested would be the case).

GBP/USD climbed as much as 0.2% to 1.3179.

GBP

However, while top officials in Brussels have insisted that the won’t grant another extension unless the Commons passes the withdrawal agreement, anonymously sourced reports published earlier in the day on Wednesday said the EU27 was leaning toward an arrangement where they would grant an extension if the UK agrees to certain ‘conditions’ like participating in the EU Parliamentary elections next month. May is reportedly leaning toward requesting a nine-month delay, as reports published late in the day suggested that her talks with the opposition haven’t been going as well as Labour said.

Unsurprisingly given the gathering momentum for a ‘no deal’ Brexit among the Tories and DUP, the vote to demand another request for a delay has prompted some to question the Commons’ wisdom in so openly defying the referendum.

Nigel Farage

@Nigel_Farage

How can a single vote in parliament supersede the 1.3m vote majority for Brexit?

It is now clear we will have to fight our political classes again.

I’m up for it.

Press Association

@PA

#Breaking Proposed legislation to further delay the date of Brexit clears the Commons after MPs give it a third reading by 313 votes to 312

View image on Twitter

 

 

 

END
A good one:  an open letter to the UK Prime Minister on the chaos in  Brexit.  The author nails it perfectly: it is the huge costs and paperwork that make the EMU unaffordable i.e. productivity losses has been immense over the past 20 years.
a must read..
(zerohedge)

An Open Letter To The UK Prime Minister (From One Of The Seventeen Million)

Dear Prime Minister,

The main argument put forward by the Treasury etc against Brexit has been the potential economic damage which may or may not be accurate.

What is fact however is that, according to the U.S. Federal Reserve Bank – the most important central bank in the world – U.K. total factor productivity growth has fallen from 3.84% in 1973 – (2.88% per annum in the 10 years ending 1973) – to 0.14% in 2016, the most recent data, and negative 0.17% per annum in the 10 years ending 2016. Based on the difference between the 10-year average up to 1973 and the subsequent growth, productivity is just 43% of the size it would otherwise have been.  Whilst an opportunity cost rather than a real loss of wealth, the damage is all too clear.

The data gets worse. Even stripping out the 2008 and 2009 crisis years, the last 20 years of productivity is the worst since the 20 years ending 1922 which obviously encompassed WW1 and the enormous loss of capital funding the war.

Referring to U.S. Conference Board data, which allows comparisons with the rest of the world since 1990, over the 28 years to 2017, U.K. total factor productivity was up 4.8%, France was up 3.6%, Italy -5.3% and Spain -8.3%. Whilst true that Germany was up a more respectable 13.9%, over a 28-year period that is very disappointing, and most of that was catch-up productivity from Eastern Germany. The European Union has failed its people economically, and without economic strength, it has undermined its security as we have unfortunately been suffering in recent years with the growing number of terrorist attacks.

Economic growth over and above productivity is a measure of capital depletion; either under-investment if productivity growth is slowing or actual physical decline if productivity is falling as in recent years; U.K. productivity is down 5.1% since peaking in 2006. It is somewhat ironic therefore that companies are threatening to pull out of the country in the event of Brexit, because that is precisely what they have been doing through underinvestment for many years. It is also worth remembering that we are consumers as well as producers, so taking production out of the country would undermine the market for their products and would therefore be akin to shooting themselves in the foot.

The fall in productivity growth reflects an unproductive allocation of capital, either directly from government fiscal and spending policy or as a result of the regulatory and monetary boundaries imposed by the government and central bank which distort pricing signals and investment decisions.

With the greatest of respect, Nigel Farage is not to blame for the public demanding Brexit as so many politicians claim. He has simply opened a channel through which the public have been able to express their frustrations with this stagnation, and in recent years, loss of productivity, from which all the other ills stem. Even immigration stems from the underinvestment in plant and equipment that has driven the need for low paid immigration to compensate. The blame should not be put on Mr Farage therefore, but rather the politicians themselves whose values, and policies, are simply unaffordable to the population. 

Unfortunately, when I have tried to speak to politicians on this, their lack of understanding becomes obvious. This is to be expected as the politicians are the identity to their unproductive values; i.e. they wouldn’t have implemented their policies if they understood how damaging and expensive to the economy, they would end up being. It is this lack of understanding that makes me realise our whole political system is no longer fit for purpose. The electorate has been outsourcing the management of the economy and society, and the allocation of capital that entails, to people who are clearly not sufficiently skilled to be given that responsibility. The public is starting to recognise this.

Brexit will happen. It may not happen now, but it will happen as the European policies are unaffordable.  Productivity will decline further until the system is cleared of the unproductive values and allocation of capital that has been holding it back for all these years. Unless the public is willing to accept a declining standard of living, Brexit is inevitable. The clearing process will encompass government and the institution of state as it stands today, whose reach through government spending, regulations and monetary policy is far deeper than just state industries.

The Treasury may be right that there will be some economic damage in the short term from Brexit, perhaps even serious damage, but in the context of the long-term economic cost of staying in, the only sensible decision would be to leave.

I can understand that you may not want to see the economic damage on your watch, and certainly I know that was the case from some people in the City who voted Remain, but if we are thinking of the good of the country and of our children rather than ourselves, we should take that decision now and manage that process rather than have it imposed by economic events out of our control.

Yours faithfully

One of the 17.4 million

END
Europe/5G
This does not look good health wise;  Brussels halts the 5G pilot project over radiation concerns: exactly what we have been telling you.
(courtesy zerohedge)

Brussels Halts 5G Pilot Over Radiation Concerns As Verizon Clicks Heels Over US Rollout

A pilot project to provide 5G wireless internet in Brussels, Belgium has been halted by officials over health concerns for its citizens, according to the Brussels Times.

 

Brussels Environment minister Céline Fremault

In July, the government concluded an agreement with three telecom operators to relax the strict radiation standards in Brussels. But according to the Region, it is now impossible to estimate the radiation from the antennas required for the service.

I cannot welcome such technology if the radiation standards, which must protect the citizen, are not respected, 5G or not,” Environment minister Céline Fremault (CDH) told Bruzz. “The people of Brussels are not guinea pigs whose health I can sell at a profit. We cannot leave anything to doubt,” she added.

A pilot project is not feasible with the current radiation standards, and Fremault told Bruzz that she does not intend to make an exception. –Brussels Times

Belgian officials found themselves at an impasse last week over an agreement on the auctioning of 5G licenses.

As Michael Snyder noted last month5G may be incredibly dangerous – as it’s “ultra high frequency and ultra high intensity”:

5G cell towers are more dangerous than other cell towers for two main reasons. First, compared to earlier versions, 5G is ultra high frequency and ultra high intensity. 1G, 2G, 3G and 4G use between 1 to 5 gigahertz frequency. 5G uses between 24 to 90 gigahertz frequency. Within the RF Radiation portion of the electromagnetic spectrum, the higher the frequency the more dangerous it is to living organisms.

“So basically the radiation that we will constantly be absorbing will be much, much, much more powerful than before, and the sources emitting the radiation will be much closer to us,” writes Snyder.

And as Mac Slavo of SHTFplan.com notes, author and activist Arthur Robert Firstenberg recently launched an online petition calling for various world organizations, such as the such as the United Nations, World Health Organisation (WHO), and European Union to “urgently halt the development of 5G,” as they are “harmful for humans.”

Speaking with The Daily Star Online, Firstenberg said this 5G rollout is deadly.

“There is about to be as many as 20,000 satellites in the atmosphere. The FCC approved Elon Musk’s project for 12,000 satellites on November 15th and he’s going to launch his in mid-2019. I’m getting reports from various parts of the world that 5G antennas are being erected all over and people are already getting sick from what’s there now and the insect population is getting affected,” Firstenberg stated.

Meanwhile, as Brussels pulls back on 5G technology, Verizon on Wednesday announced that it has turned on its 5G wireless network in two markets; Chicago and Minneapolis – which will be compatible with the next generation of 5G-capable devices, according to CNBC.

Verizon said the wireless network will give customers access to peak speeds up to 1Gbps. That’s about 10 times faster than you might traditionally find on the LTE connection you have now. Put plainly: You’ll be able to download movies in seconds instead of minutes.

Only a select number of phones will support the network at first. Samsung will launch a Galaxy S10 5G model later this quarter that will be exclusive to Verizon to start. AT&T, T-Mobile and Sprint begin to sell it during the end of the second half of the year. That leaves the Motorola Z3 as the only phone that supports Verizon’s new 5G network right now, and it requires a separate accessory to work on it.

The Motorola Z3 costs $240 and requires a $200 “moto mod” to work on the network. –CNBC

Sprint and T-Mobile are planning 5G rollouts later this year, however neither company has activated networks yet. AT&T, meanwhile, is providing their “5G+” network in 12 markets – and has been marketing its new network by switching on an indicator for capable phones which reads “5GE” despite the devices still operating at 4G speeds.

end

 

Italy

Oh OH! this is going to be trouble for the EU: The Italian treasury has now cut its guidance for 2019 down to just .1% down from 1%.  Thus it now anticipates that its deficit per GDP will be back up to 2.3 to 2.4% of GDP and you will remember that that is unacceptable to Brussels. Remember that the guys in charge are Euroskeptics and want to leave the Eu  (ECM) because the stronger Euro is killing the country.

(courtesy zerohedge)

Italian Stocks Slide As Italy Slashes 2019 Growth Forecast

Less than a day after  Germany’s leading economic institutes cut its growth outlook for the already struggling German economy,Italy is out with a disappointing guidance cut of its own, making a mockery of last year’s EU negotiations with Italy to slash its deficit spending, which as everyone knew were nothing more than a farce.

Italian stocks tumbled on Thursday after the Italian Treasury once again slashed its forecast for economic growth for 2019, bringing the projection down to just 0.1% for the year, down from 1% previously. With growth expected to be flat for the coming year, the populist government of Europe’s third-largest economy now anticipates that its budget deficit will expand to around 2.3% or 2.4% of GDP, a level that was unacceptable to Brussels during the battle over the populists’ proposed fiscal stimulus efforts that nearly brought the founding EU member to the precipice of ‘Italeave’.

Now, just four months after Italy and Brussels reached a tenuous accord, the populists are finally coming clean, much to Brussel’s chagrin, we imagine.

  • ITALY SAID TO CUT 2019 GDP GROWTH FORECAST TO 0.1% FROM 1%
  • ITALIAN OFFICIALS COMMENT ON DRAFT OUTLOOK DUE BY APRIL 10
  • ITALY SAID TO TARGET GDP GROWTH OF 0.3% T0 0.4% FOR 2019
  • ITALY SAID TO SEE WIDER 2019 BUDGET DEFICIT AT 2.3% TO 2.4%
  • FTSE MIB DIPS AMID REPORT ITALY SAID TO CUT GDP GROWTH FORECAST

The FTSE MIB fell 0.6% on the day, hitting session lows, after the forecast, weighing on broader European stock indices, as banking stocks like UniCredit led the way (though UniCredit was also under pressure from reports that it was considering a bid for Commerzbank). The news also weighed on the euro, though both the currency and Italian stocks have steadily pared their losses, while Italian bonds rallied. Despite the gloomier outlook, the Italian government is still targeting growth of 0.3% to 0.4% for the year, but amid a broader slowdown in the global economy that even officials like the IMF’s Christine Lagarde have acknowledged is “losing momentum,” that figure could be difficult to achieve.

MIB

Compounding Brussels’ frustration with Rome, the cut follows Italy’s controversial decision to join Beijing’s”One Belt, One Road” initiative, becoming the first G7 nation and first founding EU member to join the “neocolonial” project.

The forecast cut couldn’t have come at a worse time, as the English-language financial press was once again shining a spotlight on Italy’s unsustainable debt burden – which Brussels fears will only worsen as the populist coalition ruling the country has decided the more deficit spending is the only way to jumpstart Italy’s moribund economy.

As one Bloomberg commentator wrote just hours before the guidance cut was announced, “Italy’s public debt of €2.4 trillion ($2.7 trillion) is significantly bigger than its economy and among the largest in the currency union, making it the most dangerous. This debt mountain threatens the financial stability of Italy and the future of the euro: Any plans to strengthen the single currency must solve the question of who will bear this burden.”

end
Germany
Huge miss on German manufacturing  (industrial production) slumping 4.2% month over month instead of of .3% rebound.  Germany is the juggernaut of EU growth and this is devastating
(courtesy zerohedge)

German Manufacturing Collapse: “Awful” Industrial Orders Plunge Most Since Financial Crisis

One day after Germany’s leading economic institutes slashed their forecasts for 2019 growth by more than half on Thursday (and warned that the economy could slow much more if Britain quits the European Union without an agreement), Germany again confirmed just how bad the manufacturing recession at the heart of the Eurozone is, when it reported that Industrial orders fell by the biggest margin sequentially in more than two years in February, slumping 4.2%, badly missing consensus expectations of a 0.3% rebound, and worse than last monght’s -2.1% drop, highlighting the extent of the slowdown amid ongoing global trade disputes.

On an annual basis, the collapse was almost unprecedented, with the 8.2% drop matching the worst since the global financial crisis.

The drop in orders in February was marked by a slump in foreign demand, data from the Economy Ministry showed. Across sectors, orders of capital goods fell by 6.0%, compared with a decrease of 0.9% and 3.5% for intermediate and consumer goods orders, respectively.

As Goldman recaps, the February weakness was “broad-based across regions and sectors. Foreign orders declined the most (by 7.9%mom, of which -2.9% from the Euro area countries) against a decrease of 1.6% for domestic orders.”

Digging between the numbers, the IIF’s Robin Brooks noted that contrary to consensus, it wasn’t collapsing Chinese trade that was the culprit for the drop, but rather the GDP contraction in Turkey that disproportionately hit German manufacturing: while German exports to Turkey are only 1.4% of total, they were down 22% in the year to Jan. 2019.

Robin Brooks@RobinBrooksIIF

German manufacturing has been disproportionately hit by the GDP contraction in Turkey. German exports to Turkey are only 1.4% of the total, but are down 22% in the year to Jan. 2019. So this is very idiosyncratic and not a reflection of global demand! Fade…

Long the Eurozone’s economic powerhouse, Germany barely avoided a technical recession at the end of last year and posted its weakest growth in five years in 2018 as its export-orientated economy is slowed by the trade and Brexit headwinds.

As Reuters notes, Germany’s slower-than-previously-expected growth means Finance Minister Olaf Scholz’s fiscal room for maneuver is getting tighter as tax revenues are likely to come in lower than expected this year. Last month, the cabinet passed a draft budget for 2020 that calls for a 1.7% spending increase and relies on ministries to cut costs to avoid incurring new debt in light of the slowdown.

The tighter public finances – after years of budget surpluses routinely exceeding expectations – are starting to raise tensions over spending priorities in Merkel’s awkward grand coalition, senior party officials say. Defense Minister Ursula von der Leyen said last month the ministry would have to fight next year to ensure that defense spending continues to expand as a share of the overall economy to move toward the NATO target of 2 percent of economic output.

Meanwhile as we noted yesterday, the German institutes’ forecasts were completed by March 29, the date Britain was originally due to leave the EU, when the institutes assumed it would not quit without an agreement on the terms. The deadline has since been extended to April 12. Their estimates feed into the government’s own growth projections, which will be updated later this month. In January, the government forecast growth of 1.0 percent for this year.

Economy Minister Peter Altmaier said the slowdown in Germany seen in the second half of 2018 would be overcome during the course of this year and replaced by an economic upswing. Still, officials are hopeful that once global trade disputes and Brexit are resolved, growth can pick up next year.

Summarizing all of the above, ING economist Carsten Brzeski said that “awful new-order data suggests that German industry is still suffering from Brexit woes and global uncertainties.”

end
Germany/Deutsche bank
This should be interesting: Deutsche bank is co operating with Maxine Waters et al in the investigation of Trump. We now learn pf decades of non compliance which is not new to us
(courtesy zerohedge)

Deutsche Bank’s Decades-Long History Of Compliance Failures Exposed

Christmas just came early for Maxine Waters and Adam Schiff.

As the leaders of the House Financial Services Committee and House Intelligence Committee ramp up an investigation into Deutsche Bank’s lending relationship with the Trump Organization (the first round of subpoenas has already been sent and Waters has said that DB is cooperating in the probe), Bloomberg has handed them a gift in the form of an extensive report chronicling a culture of chronic compliance failures at the bank’s US unit. At first glance, the story appears to support Waters’ claim that Deutsche is “one of the biggest money laundering banks in the country, or maybe the world.”

The report describes Deutsche’s US unit, which is headquartered inside a gleaming Wall Street tower, making it one of the few Wall Street banks still situated on Wall Street, as a “kind of legal mirage”. For years, the leaders of the US subsidiary were merely puppets, with little real power, influence or knowledge about the subsidiary’s operations. Even the distribution of bonuses was outsourced to the headquarters in Frankfurt, BBG said. Top executives couldn’t answer questions about the bank’s operations, and they had little influence over personnel decisions.

This lack of authority helped foster an atmosphere of lax compliance and AML controls, which endured even after US regulators demanded that changes be made.

DB

After DB expanded its US presence by buying out the floundering Bankers Trust, which was mired in a scandal involving sales of shady derivatives products. But DB swiftly established a shady track record of its own:

From 1999 through 2006, it handled almost $11 billion in U.S. dollar transactions for customers in nations under sanctions: Iran, Syria, Libya, Burma and Sudan. Later, it helped rich Russians move $10 billion from their country using “mirror trades” – simultaneous stock trades in separate jurisdictions that bypassed customary hoops for transferring money.

And those were just the cases where the bank was accused of wrongdoing. Here’s a roundup of other incidents where the bank managed to escape regulatory scrutiny.

  • Russia’s Sberbank PJSC while the government-controlled bank was involved in a years-long scheme that funneled millions to a man in the U.S. who admitted to smuggling $65 million worth of potential nuclear technology to Russia, according to federal prosecutors;
  • Kenyan fraudsters who scammed U.S. income tax refunds using identities stolen from Indiana sex offenders;
  • and a Colombian drug cartel that received payments from the U.S. Drug Enforcement Administration as part of an undercover operation.
  • The payments, disguised as profits from auto-parts sales, were transferred into a Deutsche account and exhibited what a DEA undercover agent called “obvious red flags.”

Through interviews with more than a dozen former employees, as well as a review of hundreds of pages of court documents, a picture emerged of why Deutsche Bank waited so long to break off its correspondent banking relationship with Danske Bank’s Estonian branch, the epicenter for one of the biggest money laundering scandals in European banking history. JPM broke off its relationship with the unit in 2013, while BofA waited until early 2016. DB didn’t sever its ties until late in 2016.

Internal documents, court records and interviews with dozens of people – including more than 20 current and former employees of the troubled German lender – show that its U.S. unit largely resisted strict money-laundering compliance for years. The insider accounts help explain why Deutsche’s U.S. subsidiary kept handling Danske’s business after competitors quit.

Although U.S. executives routinely promised regulators they’d get tough, former staffers say such efforts were often disregarded in favor of cozy relationships with overseas customers. The suspicious billions kept flowing — not just from Danske’s Estonian branch, but from various clients that would eventually be snared in other global money-laundering scandals.

And what’s worse, the bank failed to act even after managers in the bank’s Jacksonville, Fla. office, its second-largest in the US, where most of its compliance workers were stationed, confronted executives about their concerns after more than $150 billion in suspicious funds flowed through Deutsche’s correspondent banking unit. How did the executives respond?

They told the compliance workers to shut up and worry about the work in front of them.

Years before regulators learned about what may be one of the biggest money-laundering pipelines in history, low-level bank employees in Jacksonville, Florida, sounded repeated alarms.

Compliance workers for Deutsche Bank AG flagged some of at least $150 billion in transactions that the bank’s U.S. subsidiary handled for a tiny Estonian unit of Danske Bank A/S, according to a former compliance officer.

It’s not clear how urgently the Florida team warned executives at Deutsche Bank Trust Co. Americas. But when workers sought broader scrutiny of certain clients, they got a familiar response from some higher-ups, the officer said: Shut up, focus on the transaction in front of you, file your paperwork and move on.

Moving on, BBG discussed how the leaders of the bank’s US unit repeatedly broke promises to regulators to reform the bank’s AML controls. During the 2000s, the unit was led by Seth Waugh, who was later called out by the Federal Reserve Bank of New York for making “no progress” on improving the bank’s AML controls.

Employees said Waugh’s failure wasn’t surprising. They recalled how during conversations about bank operations, Waugh often couldn’t answer questions because the real decisions were made in Europe.

When that money flow began, the chief of the German lender’s US business was Seth Waugh, a perpetually tanned executive who wore his graying hair a bit long by bankers’ standards.

Waugh pledged to regulators in 2005 that he’d overhaul the bank’s money-laundering protections. But in a 2013 letter that served as a scathing review of his tenure, the Federal Reserve Bank of New York concluded that “no progress was made” on concerns first raised in 2002.

Waugh, widely described as affable and approachable, had only limited influence over staff members’ bonuses or other personnel matters – or even key points of Deutsche’s U.S. balance sheet, according to several former colleagues. Employees say he often couldn’t answer questions about bank operations or regulatory matters because the real decision-makers were sitting in Europe.

One New York executive recalled visiting Waugh’s 46th-floor office to tell him about bonus-hungry co-workers who ignored danger signs to chase risky accounts. Waugh seemed sympathetic but said he wasn’t sure what he could do, the executive recalled.

In a sign of just how much value Deutsche placed on compliance, the bank hired a former one-star general with no investment banking experience to run the locus of its compliance operations – effectively killing two birds with one stone: Showing its peers that it was serious about hiring veterans, and hamstringing its compliance operation. In a shareholder lawsuits brought against the bank in 2016, an executive who was deposed by the investors’ lawyers said compliance staff were treated as “one step above janitors.”

In 2010, Brigadier General Michael Fleming of the Florida Army National Guard began talking to Deutsche about a new career, running its veteran-recruitment program. He got a bigger job instead: running its new outpost in North Florida.

“I really didn’t have any corporate investment banking experience at that point,” the one-star general told Fox Business Network in 2013. Fleming, who left Deutsche Bank in 2014, didn’t respond to requests for comment.

Former employees said he wasn’t a hands-on leader. Before his arrival, Deutsche executives had transferred some bank functions, including anti-money-laundering efforts, to the main Jacksonville site, several low-slung concrete buildings that surround a man-made pond in a suburban office park. It grew to become the bank’s second-largest office in the U.S., with approximately 2,000 employees working in various operations. Former compliance workers there describe a disregard for their work that emanated from New York.

Throughout Deutsche Bank, compliance staff members were considered to be “one step above the janitors,” an unnamed former executive told lawyers who filed a 2016 lawsuit against the bank. The suit, in which investors claimed Deutsche Bank misled them about the effectiveness of its anti-money-laundering efforts, was later dismissed.

But in what was perhaps the most humorous detail from the story, BBG reported on how DB’s correspondent bank would hand out “excellence awards” to clients who raised the fewest number of red flags from the bank’s automated compliance system. A Cypriot bank later accused of laundering money for terrorists received one of the awards, though DB wasn’t accused of wrongdoing.

Still, some aspects of the bank’s approach raise questions. Like other correspondent banks, it relies on a largely automated system called “straight-through processing,” or STP. That system checks names and places against government risk lists and other factors. For years, executives have bestowed an “STP Excellence Award” on customers that successfully move money through Deutsche’s system while raising the fewest red flags. The awards have sometimes gone to questionable recipients.

Cyprus-based FBME Bank Ltd. won eight of them through 2013, according to news releases. The Treasury Department later accused that bank of having weak money-laundering controls that allowed customers to conduct more than $1 billion in suspicious transactions through various correspondent accounts, including one with Deutsche Bank’s U.S. unit, from 2006 to 2014. Treasury officials said FBME helped organized crime and terror groups move money, evade sanctions and develop banned weapons. Deutsche Bank wasn’t accused of wrongdoing in the case.

Ironically, though it apparently had no problem offering banking services to criminals, terrorists and sanctioned governments, DB drew the line in 2016 when it opted not to lend more money to the Trump Organization over fears of being associated with such a controversial candidate, as well as worries about being put in the awkward position of seizing assets from the president should his company default while in office.

In summary, terrorists and criminals good, Trump bad.

end

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS

Turkey

Turkey issues a counter ultimatum to Pence:  Either you stand with us fighting the terrorists or you are with the terrorists.  Pence will not fall for it.  The key problem here is the fact that the S400 is a far superior defense system that what the uSA has but the 5 35 is a far superior fighting jet.  The West is afraid that Turkey if they receive the F 35 can copy the designs and forward them onto Russia.  If Russia turns towards Russia then the west will bankrupt Turkey in dollars..so Turkey must get funding through China/Russia./

(courtesy zerohedge)

Turkey Issues Counter-Ultimatum To Pence: Either Stand With Us Or With The Terrorists

In the latest in the continuing fallout between the US and Turkey over Ankara’s plans to install Russia’s S-400 missile defense systems  for which the United States this week finally halted delivery of not only the jets but also equipment related to the stealth F-35 fighter aircraft, and canceled all future shipments of F-35 related material — Turkey has issued its own counter-ultimatum: you are either with us or with the terrorists.

In response to yesterday’s threat by Vice President Mike Pence putting Turkey on notice to either scrap the S-400 deal with Russia or say goodbye to the Lockheed F-35, Turkish Vice President Fuat Oktay tweeted, “The United States must choose. Does it want to remain Turkey’s ally or risk our friendship by joining forces with terrorists to undermine its NATO ally’s defense against its enemies?

 

File photo via RFE/RL

Ironically it’s precisely the “undermining of NATO defense” that has Washington concerned related to the S-400, given the potential for compromising the F-35 advanced radar evading and electronics capabilities as Russia could get access to the extremely advanced Joint Strike Fighter stealth aircraft, enabling Moscow to detect and exploit its vulnerabilities.

Pence said during a speech Wednesday at the “NATO Engages” summit in Washington, DC: “We’ve also made it clear that we’ll not stand idly by while NATO allies purchase weapons from our adversaries, weapons that threaten the very cohesion of this alliance.”

“Turkey’s purchase of a $2.5 billion S-400 anti-aircraft missile system from Russia poses great danger to NATO and to the strength of this alliance,” he added, warning further that Turkey could face serious consequences.

While Turkey’s VP didn’t specify which “terrorists” the US would be taking sides with as part of his response, there’s little doubt this was a reference to Syrian Kurdish militias which has also been the source of tensions given ongoing US support to the Kurdish-led Syrian Democratic Forces (SDF) just across Turkey’s border with Syria. Over the past year Washington has repeatedly warned against Turkish forces foraying deeper into Syria to fight Syrian Kurdish militants.

Fuat Oktay

@fuatoktay06

The United States must choose. Does it want to remain Turkey’s ally or risk our friendship by joining forces with terrorists to undermine its NATO ally’s defense against its enemies?

Turkey has also in the past lashed out at Washington over the fact that self-exiled Turkish cleric Fethullah Gulen has been allowed safe haven in the US. Turkey has long claimed he was a prime force behind the 2016 coup attempt targeting the Erdogan government.

On Wednesday Turkey sought to calm US fears of compromising NATO’s systems, as Foreign Minister Mevlut Cavusoglu stated“[S-400s] will not be integrated into the NATO system,” and further suggested establishing a multi-party technical group that would ensure the air defense system “will not be a threat” to any advanced western systems, the F-35 included.

Embedded video

TRT World Now

@TRTWorldNow

US Vice President Mike Pence warns Ankara against buying a Russian S-400 anti-missile system, saying Turkey must choose between remaining a critical partner in NATO or making what he called “reckless decisions”

Both the US and Turkish Vice Presidents publicly sparring this week will likely only harden Erdogan in his position. Turkey again reminded the world last Friday that, “We have signed a deal with Russia, and this deal is valid. Now we are discussing the delivery process,” according to words from the foreign ministry on Friday after he came out of a meeting with his Russian counterpart FM Lavrov.

He added that “We have an agreement with Russia and we are bound by it.” The first Russian S-400 delivery is expected in July.

Both last week President Erdogan and Turkish officials have remained unwavering in declaring “it’s a done deal” in the face of US threats.

A month ago Erdogan even colorfully told a Turkish broadcaster during an interview that, “There can never be a turning back. This would not be ethical, it would be immoral. Nobody should ask us to lick up what we spat.”

end

6.GLOBAL ISSUES

The World Trade Organization came out again today and slashed growth highlighting trade tensions

(courtesy zerohedge)/WTO)

Global Trade Growth Slashed Again As Trade Tensions Persist

The World Trade Organization published a new report that shows world trade is projected to “face strong headwinds” into 2020.

WTO economists expect merchandise trade volume growth to drop to 2.6% in 2019, down from 3% last year. The report said a rebound in global trade is possible if trade tensions dramatically ease.

The bearish forecast for 2019/2020 marks the second consecutive year that WTO economists revised their outlook and also follows similar warnings from the World Bank and the International Monetary Fund.

“With trade tensions running high, no one should be surprised by this outlook. Trade cannot play its full role in driving growth when we see such high levels of uncertainty,” WTO Director-General Roberto Azevedo said in a statement in Geneva.

“It is increasingly urgent that we resolve tensions and focus on charting a positive path forward for global trade which responds to the real challenges in today’s economy – such as the technological revolution and the imperative of creating jobs and boosting development. WTO members are working to do this and are discussing ways to strengthen and safeguard the trading system. This is vital. If we forget the fundamental importance of the rules-based trading system we would risk weakening it, which would be a historic mistake with repercussions for jobs, growth and stability around the world,” Azevedo said.

The report said current forecasts reflect downgraded GDP projections for North America, Europe, and Asia —  mostly due to waning effects of fiscal stimulus by the Trump administration.

WTO economists noted a “phase-out” of monetary stimulus in Europe and a continuing economic transition of China’s economy from manufacturing to services.

The reported noted that trade growth severely waned in 2H18 by several factors, including several rounds of tariffs and retaliatory tariffs affecting hundreds of goods, an already slowing Chinese economy, volatility in financial markets, and tighter monetary conditions by Central Banks.

Forward-looking trade indicators turned negative in 1Q19, including WTO’s World Trade Outlook Indicator (WTOI). WTOI index dropped to 96.3, below its baseline value of 100, indicating that the global slowdown will persist for some time.

The sustained loss of trade momentum highlights the urgency of the Trump administration to reduce trade tensions, which together with the rise of nationalism and financial volatility could deepen the synchronized global slowdown well into 2020.

end

7  OIL ISSUES

the real truth behind the true reserves of Ghawar

(courtesy checkpointasia)

SPECIAL THANKS TO ROBERT H FOR SENDING THIS TO US;

Bye, Bye Saudi: Saudi Arabia’s Mythical Ghawar Oil Field Is Being Depleted Faster Than Anyone Knew

Production fell from over 5 million of barrels a day to 3.8 million in just 15 years

A single oil field in the Shia east of the country used to produce more oil than the entire country of Iraq, Iran, Canada or Venezuela

It was a state secret and the source of a kingdom’s riches. It was so important that U.S. military planners once debated how to seize it by force. For oil traders, it was a source of endless speculation.

Now the market finally knows: Ghawar in Saudi Arabia, the world’s largest conventional oil field, can produce a lot less than almost anyone believed.

When Saudi Aramco on Monday published its first ever profit figures since its nationalization nearly 40 years ago, it also lifted the veil of secrecy around its mega oil fields. The company’s bond prospectus revealed that Ghawar is able to pump a maximum of 3.8 million barrels a day — well below the more than 5 million that had become conventional wisdom in the market.

“As Saudi’s largest field, a surprisingly low production capacity figure from Ghawar is the stand-out of the report,” said Virendra Chauhan, head of upstream at consultant Energy Aspects Ltd. in Singapore.

The Energy Information Administration, a U.S. government body that provides statistical information and often is used as a benchmark by the oil market, listed Ghawar’s production capacity at 5.8 million barrels a day in 2017. Aramco, in a presentation in Washington in 2004 when it tried to debunk the “peak oil” supply theories of the late U.S. oil banker Matt Simmons, also said the field was pumping more than 5 million barrels a day, and had been doing so since at least the previous decade.

In his book “Twilight in the Desert,” Simmons argued that Saudi Arabia would struggle to boost production due to the imminent depletion of Ghawar, among other factors. “Field-by-field production reports disappeared behind a wall of secrecy over two decades ago,” he wrote in his book in reference to Aramco’s nationalization.

The new details about Ghawar prove one of Simmons’s points but he missed other changes in technology that allowed Saudi Arabia — and, more importantly, U.S. shale producers — to boost output significantly, with global oil production yet to peak.

The prospectus offered no information about why Ghawar can produce today a quarter less than 15 years ago — a significant reduction for any oil field. The report also didn’t say whether capacity would continue to decline at a similar rate in the future.

In response to a request for comment, Aramco referred back to the bond prospectus without elaborating.

Lost Crown

The new maximum production rate for Ghawar means that the Permian in the U.S., which pumped 4.1 million barrels a day last month according to government data, is already the largest oil production basin. The comparison isn’t exact — the Saudi field is a conventional reservoir, while the Permian is an unconventional shale formation — yet it shows the shifting balance of power in the market.

Ghawar, which is about 174 miles long — or about the distance from New York to Baltimore — is so important for Saudi Arabia because the field has “accounted for more than half of the total cumulative crude oil production in the kingdom,” according to the bond prospectus. The country has been pumping since the discovery of the Dammam No. 7 well in 1938.

On top of Ghawar, which was found in 1948 by an American geologist, Saudi Arabia relies heavily on two other mega-fields: Khurais, which was discovered in 1957, and can pump 1.45 million barrels a day, and Safaniyah, found in 1951 and still today the world’s largest offshore oil field with capacity of 1.3 million barrels a day. In total, Aramco operates 101 oil fields.

The 470-page bond prospectus confirms that Saudi Aramco is able to pump a maximum of 12 million barrels a day — as Riyadh has said for several years. The kingdom has access to another 500,000 barrels a day of output capacity in the so-called neutral zone shared with Kuwait. That area isn’t producing anything now due a political dispute with its neighbor.

While the prospectus confirmed the overall maximum production capacity, the split among fields is different to what the market had assumed. As a policy, Saudi Arabia keeps about 1 million to 2 million barrels a day of its capacity in reserve, using it only during wars, disruptions elsewhere or unusually strong demand. Saudi Arabia briefly pumped a record of more than 11 million barrels a day in late 2018.

“The company also uses this spare capacity as an alternative supply option in case of unplanned production outages at any field and to maintain its production levels during routine field maintenance,” Aramco said in its prospectus.

Saudis say there is still enough oil in there for 34 years but what we know for sure is that production declined by a quarter in just 15

Costly Strategy

For Aramco, that’s a significant cost, as it has invested billions of dollars into facilities that aren’t regularly used. However, the company said the ability to tap its spare capacity also allows it to profit handsomely at times of market tightness, providing an extra $35.5 billion in revenue from 2013 to 2018. Last year, Saudi Energy Minister Khalid Al-Falih said maintaining this supply buffer costs about $2 billion a year.

Aramco also disclosed reserves at its top-five fields, revealing that some of them have shorter lifespans than previously thought. Ghawar, for example, has 48.2 billion barrels of oil left, which would last another 34 years at the maximum rate of production. Nonetheless, companies are often able to boost the reserves over time by deploying new techniques or technology.

In total, the kingdom has 226 billion barrels of reserves, enough for another 52 years of production at the maximum capacity of 12 million barrels a day.

The Saudis also told the world that their fields are aging better than expected, with “low depletion rates of 1 percent to 2 percent per year,” slower than the 5 percent decline some analysts suspected.

Yet, it also said that some of its reserves — about a fifth of the total — had been drilled so systematically over nearly a century that more than 40 percent of their oil has been already extracted, a considerable figure for an industry that usually struggles to recover more than half the barrels in place underground.

Source: Bloomberg

end

8. EMERGING MARKETS

VENEZUELA

 

 

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

Euro/USA 1.1226 DOWN .0018 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems + USA election:///ITALIAN CHAOS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES  GREEN 

 

USA/JAPAN YEN 111.42  UP .025 (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 1.3135    DOWN   0.0041  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED

USA/CAN 1.3354 DOWN .0009 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 THURSDAY morning in Europe, the Euro FELL by 18 basis points, trading now ABOVE the important 1.08 level  FALLING to 1.1226 Last night Shanghai composite closed UP 30.28 POINTS OR 0.94%/

 

 

 

//Hang Sang CLOSED DOWN 50.07  POINTS OR 0.17% 

 

/AUSTRALIA CLOSED DOWN 0.76%// EUROPEAN BOURSES  GREEN/

 

 

 

 

 

 

 

The NIKKEI: this THURSDAY morning CLOSED UP 11.14 POINTS OR 0.05%  

 

 

 

 

 

 

 

 

 

Trading from Europe and Asia

1/EUROPE OPENED GREEN 

 

 

 

 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 50.07 POINTS OR 0.17%

 

 

 

/SHANGHAI CLOSED UP 30.28 POINTS OR 0.94% 

 

 

 

 

 

 

Australia BOURSE CLOSED DOWN 0.76%

 

Nikkei (Japan) CLOSED UP 11.14 POINTS OR 0.05% 

 

 

 

 

 

 

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1290.40

silver:$15.05

Early THURSDAY morning USA 10 year bond yield: 2.50% !!! DOWN 2 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.92 DOWN 1  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early WEDNESDAY morning: 97.18 UP 9 CENT(S) from  WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

And now your closing  THURSDAY NUMBERS \12: 00 PM

 

Portuguese 10 year bond yield: 1.26%  DOWN 1  in basis point(s) yield from WEDNESDAY/

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

 

 

SPANISH 10 YR BOND YIELD: 1.11% DOWN 1   IN basis point yield from WEDNESDAY

ITALIAN 10 YR BOND YIELD: 2.52 UP  1    POINTS in basis point yield from WEDNESDAY/

 

 

the Italian 10 yr bond yield is trading 141 points HIGHER than Spain.

GERMAN 10 YR BOND YIELD: FALLS  TO –.01%   IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 2.53% 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 C44RENCY CLOSES FOR THURSDAY

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

Euro/USA 1.1219 DOWN    .0026 or  26 basis points

 

 

USA/Japan: 111.56 UP 0.164 OR YEN DOWN 16 basis points/

Great Britain/USA 1.3075 DOWN .0102 POUND DOWN 102  BASIS POINTS)

Canadian dollar DOWN 9 basis points to 1.3354

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY closed AT 6.7170    0N SHORE  (DOWN)

THE USA/YUAN OFFSHORE:  6.7142  YUAN DOWN)

TURKISH LIRA:  5.5761

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

 

 

 

Your closing 10 yr USA bond yield DOWN 1 IN basis points from TUESDAY at 2.51 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2,91 DOWN 1 in basis points on the day /

 

Your closing USA dollar index, 97.28 UP 9 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 THURSDAY: 12:00 PM 

London: CLOSED DOWN 16.34  0.22%

German Dax : UP 33.61 POINTS OR 0.28%

Paris Cac CLOSED DOWN 5.11 POINTS OR  0.09%

Spain IBEX CLOSED UP 46.30 POINTS OR  0.09%

Italian MIB: CLOSED DOWN 50.28 POINTS OR 0.23%

 

 

 

 

WTI Oil price; 62.55 1:00 pm;

Brent Oil: 69.66 12:00 EST

USA /RUSSIAN /   ROUBLE CROSS:    65.49  THE CROSS HIGHER BY 0.25 ROUBLES/DOLLAR (ROUBLE LOWER BY 25 BASIS PTS)

 

TODAY THE GERMAN YIELD RISES  TO –.01 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 :  62.12

 

 

BRENT :  69.23

USA 10 YR BOND YIELD: … 2.51… STILL DEADLY//

 

 

 

 

 

 

 

 

USA 30 YR BOND YIELD: 2.92..STILL DEADLY

 

 

 

 

EURO/USA DOLLAR CROSS:  1.1223 ( DOWN 21   BASIS POINTS)

USA/JAPANESE YEN:111.59 UP .195 (YEN DOWN 20 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 97.27 UP 17 cent(s)/

The British pound at 4 pm: Great Britain Pound/USA:1.3082 DOWN 94 POINTS

 

the Turkish lira close: 5.5883

the Russian rouble 65.49   DOWN .25 Roubles against the uSA dollar.( UP 25 BASIS POINTS)

Canadian dollar:  1.3352  UP 7 BASIS pts

USA/CHINESE YUAN (CNY) :  6.7170  (ONSHORE)/

 

USA/CHINESE YUAN(CNH): 6.7139  (OFFSHORE)

German 10 yr bond yield at 5 pm: ,-0.01%

 

The Dow closed UP 166.50 POINTS OR 0.64%

 

NASDAQ closed DOWN 3.77 POINTS OR 0.05%

 


VOLATILITY INDEX:  13.55 CLOSED DOWN .19 

 

LIBOR 3 MONTH DURATION: 2.598%//

 

 

 

FROM 2.602

 

 

 

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

Boeing Bounces, Bitcoin Battered As Trade-Deal Dreams Trump Dismal Data

Terrible German factory orders data added to the list of dismal global economic data of the last few months – but headlines from The FT that a trade-deal is nearing its “endgame” over-ruled all fun-durr-mentals on the day.

Probably nothing…

China had excited open thanks to the trade headlines…

 

Guess which market suffered the biggest crash in factory orders in a decade? Yep, DAX soared on no good, very bad, really terrible macro data…

 

US markets were mixed with The Dow higher (thanks to Boeing) and Nasdaq weaker. S&P up 6 days in a row…

 

Boeing bounced over 3% today (accounting for half of the Dow’s gains), despite being blamed for the Ethiopian Airlines crash, thanks to the trade hope overnight

Here’s how Bloomberg sees this farce:

Hopes that the drawn-out China trade negotiations are entering the home stretch are helping Boeing Co. shares shrug off the latest developments emanating from the Ethiopia crash that, while concerning, may only serve to provide incremental new information.”

…even as…

“Grounding of the 737 Max will slow deliveries, prompting inventories to rise, and may curb $3.2 billion in free cash flow this year. Lawsuits and reimbursements, which could add up to $1.9 billion for a hypothetical six-month delivery pause, could become potential calls on Boeing’s $8.6 billion of cash.” — Matthew Geudtner, BI Credit Analyst

VIX and stocks remain decoupled…

And before we leave equity-land, we note that Growth stocks have reversed all their losses relative to Value…what happens next?

 

Treasury yields slipped modestly lower on the day with the long-end outperforming

 

But 10Y remains just above 2.50% in a narrow range today

 

Chinese bond futures (prices) tumbled as the equity market gained – dropping to a key technical level…

 

The Dollar index rebounded after yesterday’s weakness…

 

Cable rolled over on no real headlines aside from nothing positive today…

 

Cryptos crumbled today led by a 20% decline in Bitcoin Cash (but remain well up on the week)…

 

Bitcoin is back below $5000, tumbling almost 10% today…

 

 

Some serious swings in commodity land today as PMs ended higher but WTI lower (for once)…

 

Another panic-puke in gold (and silver) today, but both dips were bought…

 

WTI found support at $62 again…

We’ll give the last word to Gluskin Sheff’s David Rosenberg, who once again points out the hypocrisy of the cognitively dissonant…

David Rosenberg@EconguyRosie

You have to admit, it’s pretty funny that when the yield curve hit its maximum steepness back in 2010, signaling a long runway for the economic cycle, nobody seemed to have too much trouble with it as a leading indicator. It’s only an irrelevant indicator when it flattens.

end

MARKET TRADING/ LATE MORNING TRADING

A joke:  stocks up and rumours denied

(courtesy zerohedge)

 

Stocks Surge On WSJ Report Trump Will Announce Summit With Xi; Ignore Reuters Denial

Update: and just like that, the report is denied, this time from Reuters

  • THE WHITE HOUSE IS NOT EXPECTED TO ANNOUNCE A DATE ON THURSDAY FOR A MEETING BETWEEN TRUMP AND XI ON TRADE -ADMINISTRATION OFFICIAL

However, with momentum ignition having been launched already, algos took one look at the Reuters headline and completely ignored it, continuing their ramp higher.

* * *

Another market open, and another panic bid right on schedule, thanks to a key mood-setting headline hitting at precisely the right time to boost animal spirits on new “China US trade talk optimism.”

And with the FT going on Tuesday, Bloomberg on Wednesday, it was the WSJ’s turn on Thursday to report just as markets opened for trading that President Trump “may announce plans for a summit with China’s President Xi Jinping on Thursday when he meets with the country’s vice premier”, signaling that the contentious trade talks between the two countries – which as Bloomberg reported last night would grant China until 2025, or when Trump is no longer president, to comply with trade demands  – may be nearing conclusion.

An announcement of a summit date is “likely” to come while Trump meets with the Chinese leader’s special envoy, Vice Premier Liu He, at the White House on Thursday, according to an unnamed administration official who likely bought OTM S&P calls; yet as the WSJ now generically adds, “discussions remain fluid and those plans could change.”

And the market loves it…even though there’s still no deal!

end

ii)Market data/

iii)USA ECONOMIC/GENERAL STORIES

the true state of affairs of our average American: he need to borrow dollars to cover their medical bills

(courtesy Michael Snyder)

SWAMP STORIES

It looks to be over for Biden’s attempt at becoming President

(courtesy zerohedge)

‘Creepy’ Biden Scrambles Into Damage Control Overdrive, Vows He’ll Be “More Respectful”

Though he may soon have bigger problems to contend withallegations of unwanted touching – including a story about him creepily approaching a woman from behind, smelling her hair, and kissing the back of her head – have sent Joe Biden’s campaign-in-waiting into defcon-five damage control mode and sparked a conversation about whether he’s fit to be a contender in the race for the 2020 Democratic nomination.

After his campaign initially blamed the scandal on “right wing troll”, and his closest advisors have privately fumed about how rival Democratic contenders might have been behind two women who have recently spoken out about Biden – with suspicions lingering on Sen. Bernie Sanders – it appears Joe Biden has finally mustered that folksy charm that so appeals to white working class voters and finally responded to the allegations.

In a two-minute video published on Biden’s twitter feed, the former vice president defended his actions as representing “just who I am” (note: that’s probably not what these women wanted to hear), and acknowledged that times and attitudes have changed, and that he must now change with them. In the future, he pledged that he will be “more mindful and respectful” of other peoples’ personal space.

“Social norms are changing…I understand that, and I’ve heard what these women are saying.”

“Politics to me has always been about making connections, but I will be more mindful about respecting personal space in the future. That’s my responsibility and I will meet it.”

“The boundaries of protecting personal space have been reset and I get it, I get it.”

We’ve got to say, it doesn’t sound like you do. But then again, ultimately, the American voter will be the judge.

Embedded video

Joe Biden

@JoeBiden

Social norms are changing. I understand that, and I’ve heard what these women are saying. Politics to me has always been about making connections, but I will be more mindful about respecting personal space in the future. That’s my responsibility and I will meet it.

After spending years burnishing his reputation for creepily caressing women, a habit that earned him the nickname “Creepy Uncle Joe”, it appears Biden has finally gotten the message:

END
The Wall Street Journal are now reporting that the Democrats are now inventing something entirely new:  a coverup on the Mueller report
(Wall Street Journal)

After Losing Big On Collusion, Democrats Are Now ‘Inventing A Coverup’: WSJ

Remember when Hillary Clinton said that it would be a ‘direct threat to democracy‘ if Donald Trump refused to say he’d respect the results of the 2016 election?

Now picture Democrats doing exactly that for over two years, then losing big again when Special Counsel Robert Mueller and his team of “13 angry Democrats” found no collusion with Russia – and then balling their fists up for extra innings in a post-Mueller ‘witch hunt’ led by Democratic Congressmen Jerry Nadler (D-NY) and Adam Schiff (D-CA).

Oh – and you can throw a spineless Richard Burr of North Carolina in there two, as the GOP-controlled Senate Intel Committee he chairs is reportedly planning to continue the Russia investigation according to Tucker Carlson.

 

So the new narrative is more or less; ‘maybe Trump didn’t collude, but there’s probably a ton of damaging information in the Mueller report that they’re nowcovering up.’

In fact, according to the New York Times, an unspecified number of Mueller’s “13 angry Democrats” have privately expressed that Attorney General William Barr failed to adequately portray the findings of the Mueller report. The Times cites “government officials and others familiar with their simmering frustrations.”

Simmering.

Amazingly, it took five reporters from the Times to cobble together an anonymously sourced 1,300-word argument for why Barr is ‘creating the narrative’ which will ‘harden’ Americans’ views before the full report is made public.

In short, Democrats lost, then they lost again, and they continue to refuse to accept the outcome of legitimate government processes.

Keep in mind they now want to add more seats on the Supreme Courtlower the voting age to 16, and let noncitizens vote. In other words, if at first you don’t succeed, and then you keep losing, throw an endless tantrum and move the goalposts.

To that end, the Wall Street Journal Editorial Board has opined on sore losers, moved goalposts and how the Trump DOJ is now inventing a cover up

Via the Wall Street Journal Editorial Board

Trolling the Mueller Report

Democrats lost on collusion. Now they’re inventing a coverup.

Democrats are still reeling from Special Counsel Robert Mueller’s conclusion that the Trump campaign did not collude with Russians in 2016. But they’ve now hit upon a political comeback strategy: Accuse Attorney General William Barr of a coverup.

That’s the context for Wednesday’s decision by House Democrats to authorize subpoenas, on a partisan vote, demanding that Mr. Barr immediately hand over the entire Mueller report and its supporting evidence. This is intended to give the impression, abetted by a press corps that was fully invested in the collusion story, that Mr. Barr is somehow lying about Mr. Mueller’s real conclusions.

That’s preposterous, since Mr. Barr’s four-page letter quotes directly from Mr. Mueller’s report. The AG surely understood on releasing the summary of conclusions last week that he would be open to contradiction by Mr. Mueller if he took such liberties. Mr. Barr also knew he’d be called to testify before Congress once the rest of the report is released.

Mr. Barr has committed to releasing as much of the report as possible subject to Justice Department rules. He’s working with the special counsel’s office to make redactions required by grand-jury rules of secrecy, intelligence sources and methods, ongoing investigations, and “the personal privacy and reputational interests of peripheral third parties.”

Under Justice rules relating to special counsels, Mr. Barr has no obligation to provide anything beyond notifying Congress when an investigation has started or concluded, and whether the AG overruled a special counsel’s decisions. Mr. Barr’s notice to Congress that Mr. Mueller had completed his investigation said Mr. Mueller was not overruled.

Congress has no automatic right to more. The final subparagraph of DOJ’s rule governing special counsels reads: “The regulations in this part are not intended to, do not, and may not be relied upon to create any rights, substantive or procedural, enforceable at law or equity, by any person or entity, in any matter, civil, criminal or administrative.”

Mr. Barr has made clear that he appreciates the public interest in seeing as much of Mr. Mueller’s report as possible. Yet his categories of information for review aren’t frivolous or political inventions. The law protecting grand-jury secrecy is especially strict, as even Democrats admit.

House Intelligence Chairman Adam Schiff recently tweeted that “Barr should seek court approval (just like in Watergate) to allow the release of grand jury material. Redactions are unacceptable.” This is an acknowledgment that the government must apply to a judge for permission to disclose grand-jury proceedings.

A judge can grant release in certain circumstances—namely to government attorneys who need the information for their duties. None of the secrecy exceptions permit disclosure to Congress or the public. The purpose of this secrecy is to protect the innocent and encourage candor in grand-jury testimony.

It’s true that in 1974 the D.C. Circuit Court of Appeals affirmed a federal judge’s decision to release a grand jury report to the House Judiciary Committee that was investigating Watergate. Such a sealed report—which juries can choose to produce—is different from raw grand-jury testimony, which is what Democrats are demanding now. The Supreme Court has never ruled on such a disclosure, so Democrats could be facing a long legal battle if Mr. Barr resists their subpoenas.

Mr. Barr should release as much of the report as possible, and on close calls he should side with public disclosure. But no one should think that Democrats are really worried about a coverup. They want to see an unredacted version before the public does so they can leak selected bits that allow them to use friendly media outlets to claim there really was collusion, or to tarnish Trump officials.

The nation is entitled to the Mueller facts in their proper context, not to selective leaks from Democrats trying to revive their dashed hopes of a collusion narrative that the Mueller probe found doesn’t exist.

Appeared in the April 4, 2019, print edition.

end

My goodness! Trump punts again: gives Mexico a year to stop flow of drugs and immigrants into the USA

(courtesy zerohedge)

Trump Punts On Border Closure, Gives Mexico A Year To Stop Flow Of Drugs & Immigrants Into US

President Trump has punted on his plans for closing the southern border, telling a group of reporters on Thursday that he will give Mexico a year to stop the flow of migrants and drugs into the US. If they fail on either count, Trump will either slap tariffs on Mexican-made cars or close the border entirely.

“You know I will do it. I don’t play games…so we’re doing it to stop people. We’re gonna give them a one year warning, and if the drugs don’t stop, or largely stop, we’re going to put tariffs on Mexico and products, in particular cars. The whole ballgame is cars….and if that doesn’t stop the drugs, we close the border.”

It was unclear whether an agreement with Congressional Democrats would also be a condition for the border closure, after Trump said Tuesday that Congress needed to get rid of chain migration, catch and release and the visa lottery and “do something about asylum” or he would still consider closing the border. “If Mexico doesn’t or we don’t make a deal with Congress, the border will be closed.”

Embedded video

POLITICO

@politico

“We’re going to give [Mexico] a 1-year warning. And if the drugs don’t stop (or largely stop), we’re going to put tariffs on Mexico,” Trump said, calling it an incentive for Mexico to address drug trafficking and migration.

“If that doesn’t stop the drugs — we close the border”

Over the past week, Trump has repeatedly threatened to close the Southern border, even saying that he might do so as soon as this week. His acting chief of staff took to the Sunday shows over the weekend to warn that Trump was serious about the threat, and media reports claimed the White House was looking into various plans.

The decision to back down from an immediate closure order followed complaints from several Republican Senators from border states, including John Cornyn and Martha McSally.

The peso has rallied on the news as pressure from a possible border closure eased.

MXN

end

The fraud revealed as clear as day:  Biden Sr funnels aid to Ukraine while son Hunter bags sweetheart government deal. This is why Biden will not run for President!

(courtesy zerohedge)

Biden Funneled $1.8 Billion To Ukraine While Son Bagged ‘Sweetheart’ Government Deal: Report

Joe Biden allegedly directed $1.8 billion in aid money to Ukraine as Vice President while his son Hunter received millions of dollars from Ukrainian energy giant Burisma Holdings, according to Peter Schweizer, president of the Government Accountability Institute and senior Breitbart editor-at-large.

As The Hill‘s John Solomon reported Monday, Hunter Biden was paid upwards of $166,000 per month to sit on the board of Burisma from spring 2014 through fall 2015.

“We’ve talked before about the deals he procured with the government for China, Schweizer said Tuesday night on SiriusXM’s Breitbart News Tonight. “The other place [Joe Biden’s] son, Hunter Biden, procured a big deal was in Ukraine. In Ukraine, it involved an energy company called Burisma, which is a very corrupt organization headed by an oligarch named Mykola Zlochevsky who is very close to Viktor Yanukovich, the pro-Russian leader.”

“There’s all kinds of questions and implications. Is there a Russian component to this, because Burisma is such a corrupt company?” Schweizer added.

“The bottom line is Joe Biden was the Obama administration’s point-person on policy towards Ukraine,” said Schweizer. “He steered $1.8 billion in aid to that government and while he was doing so, his son got a sweetheart deal with this energy company – that we’ve been able to trace over just a 14-month period – paid $3.1 million into an account where Hunter Biden was getting paid.”

Schweizer highlighted Hunter Biden’s lack of professional or experiential bona fides in terms of his board position at Burisma Holdings.

“Suffice to say, Hunter Biden has no background in Ukraine,” stated Schweizer. “He has no background in energy policy. There’s really no legitimate explanation as to why he got this deal with this energy company, other than the fact his father was responsible for doling out money in Ukraine itself.”

Schweizer went on, “It’s a huge problem, and it goes to this question of corruption and potential payoffs and bribes that these foreign entities were making to the Bidens in exchange for hopefully getting favorable treatment.”

Despite the Robert Mueller-led operation’s ostensible pursuit of “collusion” between President Donald Trump and the Russian state, Schweizer noted actual financial dealings between the Biden family and foreign interests. –Breitbart

“One of the phrases that has been tossed around as it relates to the Russian collusion hoax was ‘obstruction of justice’ by Trump, and there’s been no — at least in my mind — evidence that that ever happened, and it doesn’t seem that Mueller felt any charges should be brought on that count. But in this case, you would have a pretty clear-cut case of obstruction of justice, where Joe Biden is saying to Ukrainian officials, ‘We are not going to give you this billion-dollar loan guarantee unless you fire this guy.’” added Schweizer.

***

On Wednesday we reported that Biden bragged last year to an audience of foreign policy experts how he threatened to hurl Ukraine into bankruptcy if their top prosecutor, General Viktor Shokin, wasn’t immediately fired, according to The Hill‘s John Solomon. Shokin was investigating Burisma. 

In his own words, with video cameras rolling, Biden described how he threatened Ukrainian President Petro Poroshenko in March 2016 that the Obama administration would pull $1 billion in U.S. loan guarantees, sending the former Soviet republic toward insolvency, if it didn’t immediately fire Prosecutor General Viktor Shokin. –The Hill

“I said, ‘You’re not getting the billion.’ I’m going to be leaving here in, I think it was about six hours. I looked at them and said: ‘I’m leaving in six hours. If the prosecutor is not fired, you’re not getting the money,’” bragged Biden, recalling the conversation with Poroshenko.

Well, son of a bitch, he got fired. And they put in place someone who was solid at the time,” Biden said at the Council on Foreign Relations event – while insisting that former president Obama was complicit in the threat.

Shokin was leading a wide-ranging corruption investigation into Burisma while Hunter Biden sat on the board. 

The prosecutor he got fired was leading a wide-ranging corruption probe into the natural gas firm Burisma Holdings that employed Biden’s younger son, Hunter, as a board member.

U.S. banking records show Hunter Biden’s American-based firm, Rosemont Seneca Partners LLC, received regular transfers into one of its accounts — usually more than $166,000 a month — from Burisma from spring 2014 through fall 2015,during a period when Vice President Biden was the main U.S. official dealing with Ukraine and its tense relations with Russia. –The Hill

We wonder if Biden will grope for an excuse to explain this apparent Ukrainian “enrichment” scheme.

SWAMP STORIES/MAJOR STORIES//THE KING REPORT
and special thanks to Chris Powell of GATA for sending this down for us:

 

 

I WILL SEE YOU FRIDAY NIGHT
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