APRIL 5: GOLD UP $1.35 TO $1291.50//SILVER DOWN 2 CENTS TO $15.11//QUEUE JUMPING CONTINUES AT THE GOLD COMEX AS GOLD TONNES STANDING RISES TO 13.68 TONNES//IRAN WILL NOW HAVE A MEDITERRANEAN PORT IN SYRIA AT LATAKIA//ISRAEL TO PUT 250,000 SETTLERS INTO THE GOLAN HEIGHTS AREA//TRUMP NOMINATES HERMAN CAIN TO THE FED AND HE IS A GOLD BUG//FOMC: PAYROLLS RISE BUT HOURLY EARNINGS FALL//TRUMP SCARES THE MARKET AS HE CALLS FOR QE 4/ BOEING NIGHTMARE//MORE SWAMP STORIES FOR YOU TONIGHT//

 

 

 

 

 

 

GOLD: $1291.50  UP $1.35 (COMEX TO COMEX CLOSING)

Silver:  $15.11 DOWN 2 CENTS (COMEX TO COMEX CLOSING)

Closing access prices:

Gold :  $1291.60

 

 

silver: $15.11

 

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

today ISSUING: 25/105

EXCHANGE: COMEX
CONTRACT: APRIL 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,289.000000000 USD
INTENT DATE: 04/04/2019 DELIVERY DATE: 04/08/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
323 H HSBC 15
657 H MORGAN STANLEY 32
661 C JP MORGAN 25
686 C INTL FCSTONE 6
737 C ADVANTAGE 51 22
800 C MAREX SPEC 16 4
880 H CITIGROUP 39
____________________________________________________________________________________________

TOTAL: 105 105
MONTH TO DATE: 4,028

 

NUMBER OF NOTICES FILED TODAY FOR  APRIL CONTRACT: 105 NOTICE(S) FOR 10,500 OZ (.326 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  4028 NOTICES FOR 402,800 OZ  (12.528 TONNES)

 

 

SILVER

 

FOR APRIL

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

 

0 NOTICE(S) FILED TODAY FOR nil  OZ/

 

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

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE :$4975   UP $76

 

 

Bitcoin: FINAL EVENING TRADE: $4991 UP 92

 

 

end

 

XXXX

 

 

 

 

 

Let us have a look at the data for today

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IN SILVER THE COMEX OI ROSE BY A STRONG  SIZED 3668 CONTRACTS FROM 201,229 UP TO 204,897 DESPITE YESTERDAY’S 0 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. NO DOUBT THAT THE ENTIRE RISE AT THE COMEX WAS DUE TO THE SPREADERS.

 

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, 2716 FOR MARCH 2020  0 AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE: OF 2716 CONTRACTS. WITH THE TRANSFER OF 2716 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 2716 EFP CONTRACTS TRANSLATES INTO 13.58 MILLION OZ  ACCOMPANYING:

1.THE 0 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:

7607 CONTRACTS (FOR 5 TRADING DAYS TOTAL 7607 CONTRACTS) OR 38.04 MILLION OZ: (AVERAGE PER DAY: 1521 CONTRACTS OR 7.607MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR:  38.04 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 5.43% 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:          610.73    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 GIGANTIC SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3688 DESPITE  THE  0 CENT GAIN IN SILVER PRICING AT THE COMEX /YESTERDAY..HOWEVER AS INDICATED ABOVE, MOS OF THE GAIN IN OI WAS DUE TO SPREADERS. THE CME NOTIFIED US THAT WE HAD   A HUGE SIZED EFP ISSUANCE OF 2716 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 HUMONGOUS SIZED: 6384 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 2716 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH INCREASE OF 3604 OI COMEX CONTRACTSAND ALL OF THIS  DEMAND HAPPENED WITH A 0 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: 0 NOTICE(S) FOR  nil 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 AGAIN FELL AND THIS TIME BY A CONSIDERABLE SIZED 3604 CONTRACTS, TO 436,656 DESPITE THE TINY LOSS IN THE COMEX GOLD PRICE/(A FALL IN PRICE OF $0.90//YESTERDAY’S TRADING).  

 THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A HUMONGOUS SIZED 11,005 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 11,005 CONTRACTS DECEMBER: 0 CONTRACTS, JUNE 2020l  0 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 436,656. 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 7401 CONTRACTS: 3604 OI CONTRACTS DECREASED AT THE COMEX AND 2716 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 7401 CONTRACTS OR 740,100 OZ OR  23.02 TONNES. YESTERDAY WE HAD A FALL IN THE PRICE OF GOLD TO THE TUNE OF $0.90….AND YET WITH THAT, WE HAD A STRONG GAIN IN TONNAGE OF 23.02TONNES!!!!!!. 

 

 

 

 

 

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF APRIL : 30076 CONTRACTS OR 3,007,600 OR 93.54 TONNES (5 TRADING DAYS AND THUS AVERAGING: 6015 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 5 TRADING DAYS IN  TONNES: 93.54 TONNES

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

THUS EFP TRANSFERS REPRESENTS 93.54/3550 x 100% TONNES = 2.63% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     1470.60 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 CONSIDERABLE SIZED  DECREASE IN OI AT THE COMEX OF 3604 WITH THE LOSS IN PRICING ($0.90) THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A  HUMONGOUS SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 11005 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 11005 EFP CONTRACTS ISSUED, WE  HAD A STRONG GAIN OF 7754 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

11005 CONTRACTS MOVE TO LONDON AND 3604 CONTRACTS DECREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 24.11 TONNES). ..AND ALL OF THIS STRONG  DEMAND OCCURRED WITH A FALL IN PRICE OF $0.90 IN YESTERDAY’S TRADING AT THE COMEX???

 

 

 

we had:  105 notice(s) filed upon for 10500 oz of gold at the comex.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD...

 

WITH GOLD UP 1.35  TODAY 

 

A BIG CHANGE IN GOLD INVENTORY AT THE GLD

ANOTHER WITHDRAWAL OF GOLD FROM THE GLD: 1.74 TONNES

THE CROOKS NEED THIS GOLD TO PUT OUT DEMAND FIRES HERE AND ABROAD.

WE ARE COMING TO THE BOTTOM OF THE BARREL WITH RESPECT TO PHYSICAL GOLD HELD AT THE GLD.

 

 

 

 

 

 

INVENTORY RESTS AT 762.55 TONNES

 

 

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

 

SLV/

WITH SILVER DOWN 2 CENTS  TODAY:

 

NO CHANGES IN SILVER INVENTORY AT THE SLV
IT SURE LOOKS LIKE THERE IS NO PHYSICAL SILVER AT THE SLV TO ROB.

 

 

/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 3668 CONTRACTS from 201,229 UP TO 204,897 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….. I WROTE THE FOLLOWING YESTERDAY:

“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.”

AND TRUE TO FORM, THE COMEX OI ROSE BY A HUGE 3819 CONTRACTS YESTERDAY DESPITE THE ZERO GAIN IN PRICE AND NO DOUBT THAT MOST OF THIS GAIN WAS DUE TO THE SPREADERS.

 

.

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., 2716 FOR MAY AND MARCH 2020: 0 CONTRACTS  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2716 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 3668 CONTRACTS TO THE 2716 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE  OBTAIN AN OUT OF THIS WORLD GAIN OF 6384  OPEN INTEREST CONTRACTS.  THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 31.92MILLION 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 HUMONGOUS SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE TINY 0 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A STRONG SIZED 2716 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)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED //Hang Sang CLOSED BOTH CHINESE HOLIDAY  /The Nikkei closed UP 82.55 POINTS OR 0.38%/ Australia’s all ordinaires CLOSED DOWN .79%

/Chinese yuan (ONSHORE) closed UP  at 6.7079 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 6.7079 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7136 / 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

Where have we seen this before:  yuan and stock futures rise on substantive progress in trade

( zerohedge)_

 

4/EUROPEAN AFFAIRS

i)BREXIT/EU/

Theresa May has formally requested another short term Article 50 extension letter to Donald Tusk asking the EU 27 to delay Britain’s exit until June 30. She conditions that the UK would participate in the upcoming EU parliamentary elections.  She states that the UK could leave earlier if it passes her deal.

( zerohedge)

ii)Graham Summers points out that the ECB is going to have negative rates for quite some time.  He is also warning that the USA is heading in that direction

( Graham Summers)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)Iran/Syria/Russia//Israel

This is not a good development as Iran  is to establish its first ever Mediterranean Port on the Syrian coast next to Latakia.  This will strength its land bridge from Tehran through to Lebanon.  The Russians are not happy that they will give up some of the port to Iran.  Israel is furious and no doubt when the time comes, they will bomb the port.

( zerohedge)

ii)Israel/Golan Heights
This ought to cause a stir amongst the Syrian.  Israel is to send a huge 250,000 settlers to the Golan Heights in the next 30 years
(courtesy MiddleEast Monitor.)

6. GLOBAL ISSUES

i)This is going to heart the global production of pork as African Swine Fever breaks out.

( Michael Snyder)

 

ii)Not good:  Assange’s arrest is imminent as the Ecuadorian Embassy is about to expel him
(courtesy zerohedge)

 

7. OIL ISSUES

 

The Saudi’s are panicking as the USA is threatening anti trust action on OPEC

( zerohedge)

 

 

 

8 EMERGING MARKET ISSUES

 

VENEZUELA

 

 

 

9. PHYSICAL MARKETS

i)Trump nominates a second gold standard candidate for the Fed

(two commentaries/Wall Street Journal and Rabobank)

ii)More on the commentary by Bart Chilton where Chris Powell asserts that the evidence of manipulation was not enough for charges as it was the government itself the perpetrator

( Chris Powell/GATA)

 

iii)The Central Bank of Russia has decided it needs to bring up its gross international reserves to 500 billion dollars worth and gold will play a much bigger role

( BNE/Berlin/GATA)

 

iv)The article is outlined below under oil.  The Saudi are angry and they may ditch the dollars

( Reuters)

v)This was written prior to the Butler/Chilton commentary.  Gold and silver are manipulated constantly

(courtesy Kranzler/Hemke

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

 

 

MARKET TRADING//early this morning/FOMC

a)Wage payrolls rise by 196,000 but the all important wage growth disappoints badly.  The phony birth/death plug was 56,000.

(zerohedge)

b) the real story

(zerohedge)

 

 

 

 

ii)Market data

TRUMP is truly aware of what is going on.  He is now calling for QE 4 as yields and the dollar slide

( zerohedge)

 

ii)USA ECONOMIC/GENERAL STORIES

a)Boeing admits its software was behind the 737 max crash. I am no so sure

(zerohedge)

a ii)this will hurt GDP and the Dow: Boeing slashes 737 production by 20%

( zerohedge)

b)Meijer points out that may not be a software problem.  A must read for you techies out there;
( Raul Meijer)

c)More bricks and mortar stores bite the dust

( Mish Shedlock/Mishtalk)

iv)SWAMP STORIES

a)A good one:  Was John Brennan the ringleader?  It sure looks so

( Monica Crowley/Washington Times)

b)Interesting: The Chicago Police Dept. is suing Jussie Smollett for overtime it paid to officers investigating his case

( zerohedge)

c)Kim Strassel, of the Wall Street Journal  rails against the New York Times for shoddy reporting on the Mueller report.  She feels that the anonymous sources are not really sources at all. The big question is this:  if it is a cover up, why hasn’t anyone in the Mueller gone public with their feelings on the matter.

( zerohedge)

d)I do not know if you agree with me but I think Pelosi and her crazies move to block Trump’s border wall is treasonous

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

 

end

 

 

 

Let us head over to the comex:

 

THE TOTAL COMEX GOLD OPEN INTEREST REVERSED COURSE AGAIN BY FALLING 3604 CONTRACTS TO A LEVEL OF 436,656 DESPITE THE TINY LOSS IN THE PRICE OF GOLD ($0.90) IN YESTERDAY’S // COMEX TRADING) 

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF APRIL..  THE CME REPORTS THAT THE BANKERS ISSUED A HUMONGOUS SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 11,005 EFP CONTRACTS WERE ISSUED:

FOR APRIL 0 FOR JUNE ’19: 11,005 CONTRACTS , DEC; 0 CONTRACTS: 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  11,005 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: 7401 TOTAL CONTRACTS IN THAT 11,005 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A CONSIDERABLE SIZED 3819 COMEX CONTRACTS.

 

NET GAIN ON THE TWO EXCHANGES ::7401 contracts OR 740,100 OZ OR 23.02 TONNES.

 

We are now in the active contract month of APRIL and here the open interest stands at 476 contracts, having lost 786 contracts.

We had 881 notices filed upon yesterday, so we GAINED 95 contracts or an additional 9500 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 FELL 112 contracts DOWN to 2042 contracts. The next contract month after May is June and it is an active month.  Here the open interest FELL by 2196 contracts DOWN to 323,889 contracts.

 

 

 

 

TODAY’S NOTICES FILED:

WE HAD 105 NOTICES FILED TODAY AT THE COMEX FOR 10,500 OZ. (

 

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now for the wild silver comex results.

Total COMEX silver OI ROSE BY A HUMONGOUS SIZED 3668 CONTRACTS FROM 201,229 UP TO 204,897(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  0 CENT RISE IN PRICING.//YESTERDAY. HOWEVER MOST OF THE COMEX GAIN WAS DUE TO THE SPREADERS.

 

 

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 2 CONTRACTS ON THE DAY.

WE HAD 2 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 186 CONTRACTS DOWN TO 128,681. CONTRACTS.. THE NEXT MONTH OF JUNE ADDED 4 CONTRACTS TO TOTAL 32. AFTER JUNE, THE VERY BIG DELIVERY MONTH OF JULY HAD A GAIN OF 3125 CONTRACTS UP TO 46,299 CONTRACTS.

 

 

 

 

 

 

ON A NET BASIS WE GAINED AN ATMOSPHERIC 6384 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 3668 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 2716 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN ON THE TWO EXCHANGES:  6384 CONTRACTS...AND ALL OF THIS STRONG  DEMAND OCCURRED WITH A 0 CENT GAIN IN PRICING// YESTERDAY 

 

 

 

 

 

 

 

 

 

TODAY’S NUMBER OF NOTICES FILED:

 

We, today, had 0 notice(s) filed for nil OZ 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 5 /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  

 

 

 

nil oz

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No of oz served (contracts) today
105 notice(s)
 10,500 OZ
(.326 TONNES)
No of oz to be served (notices)
371 contracts
(37,100 oz)
1.153 TONNES
Total monthly oz gold served (contracts) so far this month
4028 notices
402800 OZ
12.528 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 0 kilobar entries

 

we had 0 deposit into the customer account

i) Into JPMorgan:  nil oz

 

ii) Into everybody else:  zero oz

 

 

total gold deposits: nil  oz

 

 very little gold arrives from outside/ zero  entries  today

we had 0 gold withdrawals from the customer account:

 

 

 

total gold withdrawals;  nil oz

 

we had 2 adjustments…
and this time, the opposite of yesterday: and indicative of a settlement:
out of HSBC
14,708.436 oz was adjusted out of the dealer HSBC and this landed into the customer account of HSBC
and:
out of Scotia:
31,907.170 oz was adjusted out of the dealer Scotia and this landed into the customer account of Scotia
total oz in gold adjusted out: 46,6156.606 oz.
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  105 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 25 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 (4028) x 100 oz , to which we add the difference between the open interest for the front month of APRIL. (476 contract) minus the number of notices served upon today (105 x 100 oz per contract) equals 439,900 OZ OR 13.681 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 (4028 x 100 oz)  + (476)OI for the front month minus the number of notices served upon today (105 x 100 oz )which equals 439,900oz standing OR 13.681 TONNES in this  active delivery month of APRIL.

 

 

WE GAINED 95 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 14.168 TONNES OF REGISTERED (  GOLD OFFERED FOR SALE) VS 13.681 TONNES OF GOLD STANDING

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

 

 

 

 

 

 

 

 

total registered or dealer gold:  455,525.024 oz or  14.168 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 5 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
635,077.771 oz

cnt

Delaware

Scotia

 

 

Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
598,468.470 oz
JPMorgan
No of oz served today (contracts)
0
CONTRACT(S)
nil 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

**a special thank yo to JB who provided the data for me in the last few days as i just did not have access to it from my computer.

he saved the day!

we had 0 inventory movement at the dealer side of things

 

 

total dealer deposits: nil  oz

total dealer withdrawals: nil oz

we had  1 deposits into the customer account

 

i) Into JPMorgan:  598,468.470  oz

 

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

JPMorgan now has 148.423 million oz of  total silver inventory or 48.59% of all official comex silver. (148 million/305 million)

 

i) Into everybody else:  zero

 

 

 

 

total customer deposits today:  598,468.470 oz

 

we had 3 withdrawals out of the customer account:

i) Out of CNT:  15,786.947 oz

ii) Out of Delaware:  19,034.604 oz

iii) Out of Scotia: 600,250.220 oz

 

total withdrawals: 635,077.771   oz

 

we had 0 adjustments..

 

 

 

total dealer silver:  89.580 million

total dealer + customer silver:  305.450 million oz

 

 

The total number of notices filed today for the APRIL 2019. contract month is represented by 0 contract(s) FOR  nil  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 (0 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the APRIL/2019 contract month:697(notices served so far)x 5000 oz + OI for front month of APRIL( 77) -number of notices served upon today (0)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:  77,259 CONTRACTS

 

 

 

CONFIRMED VOLUME FOR YESTERDAY: 88,299 CONTRACTS… 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 88,299 CONTRACTS EQUATES to 441 million OZ  63.07% 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

COT report today highlighting the activity of the spreaders from Wednesday the 27 of March through to April 2. The huge whacking and liquidation of the spreaders began on March 22

the COT report which contains the spreaders:  note the fall in spreading. of 12,381 contracts.

the gold commercial longs relinquish 21,687 contracts

the gold shorts relinquish 54,891 contacts

indicative of a forced contraction of the spreaders.

Gold COT Report – Futures
Large Speculators Commercial Total
Long Short Spreading Long Short Long Short
193,784 99,228 56,826 139,514 257,744 390,124 413,798
Change from Prior Reporting Period
-21,113 4,269 12,381 21,687 -54,891 -55,181 -63,003
Traders
188 69 77 54 52 274 169
 
Small Speculators  
Long Short Open Interest  
50,046 26,372 440,170  
-14,224 -6,402 -69,405  
non reportable positions Change from the previous reporting period
COT Gold Report – Positions as of Tuesday, April 2, 2019

NPV for Sprott 

1. Sprott silver fund (PSLV): NAV RISES TO -2.98% (APRIL 5/2019)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -0.63% to NAV (APRIL 5/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -2.98%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

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

NAV 12.98/TRADING 12.49/DISCOUNT 3.76

END

And now the Gold inventory at the GLD/\

APRIL 5/WITH GOLD UP$1.35: ANOTHER WITHDRAWAL OF 1.74 TONNES OF PHYSICAL GOLD FROM THE GLD INVENTORY: INVENTORY RESTS AT 762.55 TONNES

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

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

APRIL 5/2019/ Inventory rests tonight at 762.55 tonnes

*IN LAST 571 TRADING DAYS: 172.40 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 471 TRADING DAYS: A NET 5.58TONNES 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 5/WITH SILVER DOWN 2 CENTS: NO CHANGES IN SILVER INVENTORY:  THE CROOKS CANNOT RAID ANY SILVER BECAUSE THERE IS NONE: INVENTORY RETS AT 309.167 MILLION OZ//

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

 

 

APRIL 5/2019:

 

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 2.65

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

G0LD LENDING RATE: + .52

 

 

XXXXXXXX

12 Month MM GOFO
+ 2.45%

LIBOR FOR 12 MONTH DURATION: 2.74

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.29

end

 

PHYSICAL GOLD/SILVER STORIES

end
i) GOLDCORE BLOG/Mark O’Byrne

Silver Bullion Set to Soar to $50 an Ounce (GoldCore Video)

– Silver bullion is the most undervalued precious metal, commodity and asset today
– Silver very rarely covered in the media and thus the fundamentals are not understood
– Supply demand fundamentals are very positive indeed as seen in recent report from Capital Economics
– While industrial demand may weaken, investment and safe haven demand for silver coins and bars will surge in the next crisis
– Silver mine production falling: Dozen of the largest silver mines in the world fell by 8% in 2018
– Silver bear market was exacerbated by manipulation and pushing silver lower
– Silver is going higher and $50 per ounce is a conservative target in the next 3 or 4 years
– In 2007 and 2009 we said gold would surge in the crisis and target $50 per ounce
– Long term charts are very bullish and show undervalued versus all assets and even gold
– Gold to silver ratio over 80 to 1 today: 15 to 1 is likely in the coming years (see chart)
– Silver prices adjusted for inflation are cheaper than 1916! (see chart)
– Record high for silver adjusted for inflation is over $115/oz (based on U.S. CPI) and over $700/oz (based on John Williams of Shadow Stats inflation data and methodology)
– Silver at lowest prices in history; T ime to buy and dollar cost average into position is now
– Avoid digital and ETF gold and silver and only own coins and bars in your possession or in allocated and segregated storage

 


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 dips to four-week low as dollar rises on robust weekly jobs data (GoldReview.com)

Gold futures finish slightly lower as dollar index bucks up (MarketWatch.com)

Trump Selects Gold Standard Advocate Cain for Fed Board – Sources (Bloomberg.com)

Trump says U.S. economy strong despite ‘destructive actions’ by Fed (Reuters.com)

Italy’s ruling populists push ahead to seize central bank gold reserves (ForexLive.com)


Source: Bloomberg

Ray Dalio Sounds a New Alarm on Capitalism’s Flaws, Warns of Revolution (Bloomberg.com)

Millions of Facebook Records Found on Amazon Cloud Servers (Bloomberg.com)

The Manhattan Housing Market Is On Its Worst Streak In 30 Years (ZeroHedge.com)

Manhattan Home Sales Drop to Decade Low for a First Quarter (Bloomberg.com)

‘Evidence of manipulation but not enough for charges’ may mean government itself is the manipuator (Gata.org)

Trump nominates a second gold standard advocate for Fed (WSJ.com)

Royal Canadian Mint releases three new bullion coins (Mining.com)

Gold Prices (LBMA PM)

04 Apr: USD 1,291.60, GBP 981.87 & EUR 1,149.78 per ounce
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

Silver Prices (LBMA)

04 Apr: USD 15.08, GBP 11.48 & EUR 13.44 per ounce
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

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.

Trump nominates a second gold standard candidate for the Fed

(two commentaries/Wall Street Journal and Rabo bank)

Trump nominates a second gold-standard advocate for Fed

 Section: 

Trump Picks Herman Cain for Fed Seat

By Nick Timiraos and Alex Leary
The Wall Street Journal
Thursday, April 4, 2019

President Trump said Thursday he intends to nominate former GOP presidential candidate Herman Cain to the Federal Reserve’s board of governors, signaling his desire to remake the nation’s central bank after complaining about it for months.

The selection of Mr. Cain, following the president’s decision to nominate his former campaign adviser Stephen Moore, marks an effort to install two Fed critics and loyal Trump supporters on the central bank’s powerful seven-seat board.

… 

 

While the nominations would be subject to Senate confirmation, they would underscore Mr. Trump’s growing unhappiness with Fed policy under Jerome Powell, whom the president tapped to lead the central bank.While it has been rare in recent decades, it isn’t unprecedented for the White House to confront the Fed’s leadership through the appointment process. President Reagan reappointed Fed Chairman Paul Volcker but later packed the board with governors who outvoted him in 1986 to force a rate cut. …

Messrs. Cain and Moore both staked out positions quite critical of the Fed’s easy-money policies earlier this decade — stances that would appear to be at odds with Mr. Trump’s desire for rate cuts now. Messrs.

Cain and Moore have previously advocated, for example, a return to the gold standard. The gold standard periodically compels a central bank that is losing gold reserves to raise interest rates, even if that causes consumer-price deflation and recession. But both men are strong supporters of the president and have indicated they now favor positions in sync with his call for easier policy. …

… For the remainder of the report:

https://www.wsj.com/articles/trump-considering-herman-cain-for-position-…

* * *

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

A little background on Herman Cain according to Michael Every of Rabobank:
(courtesy Michael Every Rabobank)

Rabo: “Stocks Are Trading As If Cain Has Already Been Appointed – Everybody Wants A Slice”

Submitted by Michael Every of Rabobank

An offer he can’t refuse

More than a few news agencies are now reporting that President Trump intends to nominate former CEO of Godfather’s Pizza, Herman Cain, for a seat on the Federal Reserve Board of Governors. Mr. Cain did serve for one year as Chairman to the Federal Reserve Bank of Kansas City. Other than that he has a proven track record in food, restaurants, retail and, more recently also being a contributor to Fox News. In 2011/12 Mr. Cain even made a bid for becoming President of the United States, calling for a much simplified US tax-code, where a flat tax rate of 9% would be the key feature in corporate, income and sales taxes. Although he did well during the campaign, he was forced to abandon his bid following allegations of sexual harassment.

According the NY Times, Mr. Cain used to be a proponent of a return to the gold standard (which would actually suggest he is an inflation hawk), but that he has changed his mind and has now embraced the notion that the risk of deflation outstrips that of inflation. So whether Mr. Cain is truly the best candidate out there remains to be seen (and the Senate has to confirm Mr. Trump’s nominees), but President Trump clearly appreciates Mr. Cain’s qualities (pizza, Fox News and a proponent of low interest rates). Indeed, Mr. Trump has already called Mr. Cain “a truly outstanding individual”. Did Trump make him an offer he cannot refuse?

So picture this: everyday could be “pizza day”! Surely equities are trading as if Mr. Cain has already been appointed – everybody wants a slice! The S&P500 made a y-t-d high yesterday, although bond investors, again, showed their more bearish nature with a flattening of the German curve (3m Bills +3bp, 30y -4bp) as well as the US Treasury curve.

In addition to Trump’s dovish nominees, the conviction of sitting hawks is also slowly fading. While Ms. Mester reiterated that she doesn’t see rate cuts yet, she did admit that “it is possible” that the hiking cycle may be over. So on balance, the FOMC is starting to get more dovish, as also radiated from the March meeting.

And as we’ve noted before, the Fed isn’t alone in that respect. Yesterday’s accounts of the March ECB meeting showed no urgent concerns, but whichever way they slice or dice it, there is clearly increasing unease among the Council members. Against this background, there was support for the broad measures announced in March. In fact, some had called for a longer extension of forward guidance, into 2020Q1. This suggests that the Council isn’t yet very convinced that it will be able to hike rates early in 2020, and adds to the risk that the ECB may need to postpone its guidance at a later date.

Additionally the accounts note that “concerns were voiced” over the potential effects of persistent low rates. No conclusions were drawn, however, and thus no policy measures to address any potential effects were discussed either. As we concluded in our earlier note on tiered rates, these concerns and potential measures suggest that the Council sees rates on hold for a longer period than their guidance suggests. This also chimes with the abovementioned calls for a longer extension of guidance.

In other words, risks are clearly skewed to low(er) rates for longer, and notwithstanding the implications this may have for the economic outlook, equities are enjoying this prospect.

Day ahead

Data from Germany this morning seemingly contradicted the downside risks highlighted above, but when you dig deeper, a different picture emerges. In contrast to yesterday’s astonishingly weak German factory orders for February, industrial output for that same month actually rose 0.7%, largely offsetting the drop in production in the first month of the year. At least this takes the sharp edges of yesterday’s numbers, although we need to bear in mind that whilst the orders data tend to be more volatile, the causality usually runs from orders to output rather than the other way around. Moreover, digging deeper into the details shows that it was the construction sector that saved the day, reporting a 6.8% m/m increase in output. Since the average daily temperature in Germany was 5.8 degrees higher than in the same month last year, this probably goes quite some way in explaining the boost in construction output. Excluding the construction sector, output fell by 0.4% m/m and this seems to be a better fit with the recent data on orders as well as purchasing managers’ indices. In other words, don’t get too excited yet.

Today’s Non-Farm Payrolls in the US for March is one of the key reports to watch. The ADP figures released earlier this week surprised to the downside, but given the recent distortions due to the partial government shutdown, there is additional uncertainty surrounding the March figures. Following a slow 20K jobs gain in February, the consensus is looking for a 177K gain in March, basically re-establishing monthly jobs growth at the lower end of the range of previous years. More important perhaps are the average hourly earnings data. Last month, earnings growth reached 3.4% y/y, its highest level since April 2009 and – given the tightening labour market – providing some support for the view that the tightening labour markets is slowly but surely starting to exert upward pressure on wages. Although it would require a fairly strong monthly 0.3% gain to maintain the annual growth rate at its February rate, one can only assume that – against the backdrop of the Fed’s recent U-turn – it is the assumption among policy makers that the labour market recovery is in its final stages and will soon reverse. If not, expect an interesting debate to develop at some point.

Happy – Pizza – Friday!

end

More on the commentary by Bart Chilton where Chris Powell asserts that the evidence of manipulation was not enough for charges as it was the government itself the perpetrator

(courtesy Chris Powell/GATA)

‘Evidence of manipulation but not enough for charges’ may mean government itself is the perp

 Section: 

12:56p HKT Friday, April 5, 2019

Dear Friend of GATA and Gold:

In commentary posted this week at GoldSeek’s companion site, SilverSeek, silver market analyst Ted Butler reports confirmation from former Commodity Futures Trading Commission member Bart Chilton that JPMorganChase assumed from the collapsing investment bank Bear Stearns a massive short position in silver and has been allowed to manipulate the silver market for years right to the present day.

Butler complains that he was misled years ago by Chilton’s responses to complaints of silver market manipulation, but Butler seems to be missing a way of construing the former commissioner’s key comment. That is, Chilton has said the CFTC’s long-running investigation of the silver market found evidence of manipulation but not enough to bring charges. That could mean that the underlying manipulator hasn’t been JPMorganChase at all but the U.S. government using JPMorganChase as a broker in the market.

… 

 

After all, the CFTC repeatedly has refused to answer the question — first posed by GATA and then by U.S. Rep. Alex Mooney, R-West Virginia —

http://gata.org/node/18684

http://gata.org/node/18832

— as to whether the commission has jurisdiction over market manipulation undertaken by the U.S. government, directly or through intermediaries, or whather such manipulation is authorized by the Gold Reserve Act of 1934 as amended since then. It’s a simple yes-or-no question and the commission’s refusal to answer it even for a member of Congress is strong evidence that an honest answer would be embarrassing.

In an interview in 2012 with CNBC the head of JPMorganChase’s commodities desk, Blythe Masters, gave support to such an understanding. She said the bank had no position of its own in the monetary metals but was trading them only for clients. Unfortunately Masters was not asked whether those clients included governments and central banks:

https://www.youtube.com/watch?v=gc9Me4qFZYo

But such surreptitious trading in the monetary metals futures markets is confirmed by futures exchange operator CME Group itself:

http://gata.org/node/18925

As the founding editor of The Washington Monthly magazine, Charles Peters, often remarked: The scandal isn’t what’s illegal but what is perfectly legal.

Butler’s commentary is headlined “Confirmation, Outrage, and Disgust” and it’s posted at SilverSeek here:

http://silverseek.com/commentary/confirmation-outrage-and-disgust-17622?…

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

END

The Central Bank of Russia has decided it needs to bring up its gross international reserves to 500 billion dollars worth and gold will play a much bigger role

(courtesy BNE/Berlin/GATA)

Central bank decides Russia needs still more gold after all

 Section: 

From BNE Intellinews, Berlin
Thursday, April 4, 2019

The Central Bank of Russia is flip-flopping over the need to build up gross international reserves to $500 billion.

In its latest statements the bank said it is necessary to “increase foreign exchange and gold reserves even more” from the current highs, given the “persisting sanction risks and current economic structure,” deputy head of the bank Sergey Shvetsov told the press Wednesday.

… For the remainder of the report:

http://www.intellinews.com/russia-s-cbr-flip-flops-on-need-to-build-up-r…

END

The article is outlined below under oil.  The Saudi are angry and they may ditch the dollars

(courtesy Reuters)

Saudis consider ditching dollar in oil trading, sources tell Reuters

 Section: 

By Dmitry Zhdannikov, Rania El Gamal, and Alex Lawler
Reuters
Thursday, April 4, 2019

Saudi Arabia is threatening to sell its oil in currencies other than the U.S. dollar if Congress passes a bill exposing OPEC members to U.S. antitrust lawsuits, three sources familiar with Saudi energy policy said.

They said the option had been discussed internally by senior Saudi energy officials in recent months. Two of the sources said the plan had been discussed with OPEC members and one source briefed on Saudi oil policy said Riyadh had also communicated the threat to senior U.S. energy officials.

… 

The chances of the U.S. bill known as NOPEC coming into force are slim and Saudi Arabia would be unlikely to follow through, but the fact Riyadh is considering such a drastic step is a sign of the kingdom’s annoyance about potential U.S. legal challenges to OPEC.

In the unlikely event Riyadh were to ditch the dollar, it would undermine the its status as the world’s main reserve currency, reduce Washington’s clout in global trade and weaken its ability to enforce sanctions on nation states.

“The Saudis know they have the dollar as the nuclear option,” one of the sources familiar with the matter said. …

… For the remainder of the report:

https://www.reuters.com/article/us-saudi-usa-oil-exclusive/exclusive-sau…

END

This was written prior to the Butler/Chilton commentary.  Gold and silver are manipulated constantly

(courtesy Kranzler/Hemke)

Kranzler and Hemke: How can anyone still deny gold is manipulated?

 Section: 

4:35p HKT Friday, April 5, 2019

Dear Friend of GATA and Gold:

Discussing last week’s smashdown in the monetary metals futures markets, Craig Hemke of the TF Metals Report and Dave Kranzler of Investment Research Dynamics express wonderment that despite the documentation GATA has provided some supposed experts continue to deny that the monetary metals markets are manipulated. The discussion is 36 minutes long, is headlined “Will Gold Continue Higher Despite Efforts To Keep It Capped?,” and is posted at the IRD internet site here:

http://investmentresearchdynamics.com/will-gold-continue-higher-despite-…

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

end


iii) Other Physical stories

 

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 FRIDAY 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: 6.7079/

//OFFSHORE YUAN:  6.7139   /shanghai bourse CLOSED HOLIDAY

HANG SANG CLOSED HOLIDAY

 

2. Nikkei closed UP 82.55 POINTS OR 0.38%

 

 

 

 

3. Europe stocks OPENED GREEN EXCEPT SPAIN 

 

 

 

 

 

USA dollar index FALLS TO 97.31/Euro RISES TO 1.1229

3b Japan 10 year bond yield: RISES TO. –.03/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 111.71/ 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:: 61.96 and Brent: 69.11

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO +02%/Italian 10 yr bond yield DOWN to 2.50% /SPAIN 10 YR BOND YIELD UP TO 1.12%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 2.48: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 3.55

3k Gold at $1287.10 silver at:15.11   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 61 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 111.71 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning 1.0004 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1232 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now NEGATIVE territory with the 10 year RISING to +0.02%

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 2.54% early this morning. Thirty year rate at 2.94%

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

6.  TURKISH LIRA:  UP  TO 5.6016..GETTING DANGEROUS

 

Global Stocks Rise On, What Else, “Trade Talk Optimism”

Another day, another round of “US-China trade talk optimism.”

Global stocks continued their drift higher to close the week, with the MSCI World Index on track for a second straight week of gains while emerging-market stocks extended their winning streak to seven days, the longest stretch in more than a year, as both China and the U.S. claimed progress in trade talks.

“Buy algos” were encouraged after both China and the US claimed progress in talks to end their trade war, with President Xi Jinping pushing for a rapid conclusion and President Donald Trump talking up prospects for a “monumental” agreement that might be announced within four weeks, although he warned that it would be difficult to allow trade to continue without an agreement. Benchmark bond yields ground higher and the dollar reached a three-week high against the yen before U.S. job data. Better-than expected industrial output data out of Germany and receding fears of a disorderly Brexit also helped perk up sentiment.

While Chinese markets were closed, US equity-index futures advanced alongside Asian stocks, European bourses and Chinese stock futures after a Xinhua report that President Xi Jinping said substantial progress had been made on the text for a trade deal. “The main overnight news, which is positive if not very substantial, is around the U.S.-China trade deal,” said Mizuho strategist Antoine Bouvet. “German industrial orders yesterday added to worries in the manufacturing sector, but industrial production today actually surprised to the upside.”

“There’s a little bit of a risk that it’s a sell-on-the-news event,” Ann Miletti, a fund manager at Wells Fargo Asset Management, said of U.S.-China trade talks. “The devil is really in the details – how good is this deal going to look?”

Europe’s Stoxx 600 traded sideways, shrugging off trade optimism and Brexit news ahead of today’s U.S. payrolls. Eurostoxx 50 is little changed, Markets in Paris and London added 0.1%. German stocks were treading water, with modest gains in basic resources and autos sectors offset by weakness in real estate and telecoms, though the index was on track for its best week since December 2016. German industrial output rose by 0% percent in February, better than the 0.5% expected, as mild weather helped a surge in construction activity. But manufacturing production dipped as Germany continues to suffer from trade friction with China and Brexit angst after narrowly avoiding recession last year. Leading economic institutes slashed their forecasts for 2019 growth on Thursday and warned a long-term upswing had come to an end.

Earlier in the session, trading volumes throughout Asia were muted, with cash markets in China and Hong Kong shut for a holiday.

S&P futures pointed to modest gains for stocks on Friday, with S&P 500 edging up 0.16% to 2,887, only 1.75% away from its Sept 2019 closing high, which is prompting some caution: “Share markets have run hard and fast from their December lows and are vulnerable to a short-term pullback,” said Shane Oliver, head of investment strategy at AMP Capital. “But valuations are okay, global growth is expected to improve into the second half of the year, monetary and fiscal policy has become more supportive of markets and the trade war threat is receding.”

Attention now turns to the March payrolls report, which is forecast to rebound to 177,000 in March, following February’s surprisingly low 20,000 rise. As Jim Reid writes overnight, “how markets fare today will likely be dictated by the March employment report.”

A reminder that last month we had that huge plunge in payroll growth to just +20k which was the lowest since September 2017 and the third lowest since January 2011. Expectations are for a bounce back 177k print however that is still below the average of the last three (186k), six (190k) and twelve (212k) months. To be fair there is a decent range on the Bloomberg survey at 110k to 277k. Our US economists have a 165k forecast and they note that the hostile weather in mid-March also raises the risk of another downside miss. As for earnings, the consensus is for a solid +0.3% mom reading (DB at +0.2% mom) which should keep the annual rate at +3.4% yoy. The unemployment rate is also expected to hold steady at 3.8%. So lots to look out for as ever.

In focus will be hourly earnings, which climbed to 3.4% in February, the fastest pace since April 2009. Hopes for a solid number were boosted by data on jobless claims, which fell to a 50-year low last week. With traders betting that the next Fed move will be to lower interest rates, not raise them, the fixed-income market could be affected by any signs of wage strength in today’s report.

In other overnight news, President Trump commented that there would be a 25% tariff on car imports from Mexico if he decides to apply tariffs but also said that Mexico has done good regarding the border during past 4 days, while he added that he did not say the border would stay open for a year but that he would place tariffs first. Trump also confirmed he has recommended Herman Cain to the Fed board.

In the latest Brexit news, UK PM May sent a letter to EU’s Tusk proposing an extension for Brexit until 30th June 2019 with potential to terminate early should a deal be ratified before then. Letter states that the UK will begin to prepare to host European elections and that the UK needs to provide a clear plan by Tuesday (the day before the EU Council meeting). Separately, there were reports EU’s Tusk is preparing to offer the UK a 12-month flexible extension, according to a senior EU source; which has since been confirmd by a Senior EU Official.  EU Council President Tusk’s proposal of a year long extension to Brexit would permit the UK to leave as early as 1st July if the UK has passed with Withdrawal Agreement by that point, according to a senior EU official.

The optimistic mood again weighed on safe-haven debt, with government bond yields in Europe and the United States rising in early trade. 10 Year US and German bond yields climbed to a two-week high, the latter just above zero, the former rising to 2.535%.

In currencies, the progress on trade was enough to keep the safe-haven yen under pressure and lift the dollar to a three-week high of 111.79. The dollar steadied before the release of U.S. payrolls data, while sterling initially advanced after the U.K. asked the EU to kick the Brexit can down the road once again, only to sink below Thursday lows after.

An index of developing-nation currencies was little changed, with Indonesia’s rupiah leading gains versus the dollar along with South Africa’s rand and Mexico’s peso. President Xi Jinping reportedly said substantial progress had been made on the text for a trade deal, raising hopes of a swift end to the dispute that has weighed on the global economy

In commodities, Brent crude futures were off 23 cents at $69.17 after touching $70 a barrel for the first time since November, as expectations of tight global supply outweighed rising U.S. production. WTI priced at $62.16 a barrel. Spot gold dipped to $1,291.61 per ounce but held above a near 10-week low hit overnight.

Market Snapshot

  • S&P 500 futures up 0.2% to 2,887.00
  • STOXX Europe 600 unchanged at 387.88
  • MXAP up 0.02% to 162.40
  • MXAPJ down 0.1% to 538.85
  • Nikkei up 0.4% to 21,807.50
  • Topix up 0.4% to 1,625.75
  • Hang Seng Index down 0.2% to 29,936.32
  • Shanghai Composite up 0.9% to 3,246.57
  • Sensex up 0.3% to 38,802.54
  • Australia S&P/ASX 200 down 0.8% to 6,181.26
  • Kospi up 0.1% to 2,209.61
  • German 10Y yield rose 1.5 bps to 0.009%
  • Euro up 0.05% to $1.1227
  • Brent Futures down 0.5% to $69.08/bbl
  • Italian 10Y yield fell 2.1 bps to 2.165%
  • Spanish 10Y yield rose 0.7 bps to 1.117%
  • Brent Futures down 0.1% to $69.35/bbl
  • Gold spot down 0.2% to $1,289.19
  • U.S. Dollar Index little changed at 97.27

Top Overnight News

  • Through a message passed to U.S. President Donald Trump via Chinese Vice Premier Liu He, President Xi called for an early conclusion to trade negotiations, the official Xinhua News Agency said. Liu, who took part in talks this week in Washington, said the two sides had “reached new consensus on such important issues as the text” of a trade agreement, according to Xinhua
  • A potential U.S.- China trade agreement could face challenges from other World Trade Organization members depending on the details and whether other nations feel it unfairly hurts them, the group’s chief said.
  • May’s request for another Brexit postponement sets up a battle with the EU ahead of a key summit next week. Tusk favors a 12-month extension that could be ended early if a withdrawal deal is approved before the year is up, according to an EU official
  • German Chancellor Angela Merkel reiterated her vow to do everything she could to avoid a no-deal Brexit, while maintaining solidarity with Ireland
  • Cleveland Fed President Loretta Mester, answering a question about the likelihood the next policy move will be a cut rather than a hike, says “I’m biased to either keeping rates where they are or moving them up a little bit”
  • President Trump intends to nominate Herman Cain, the former pizza company executive who ran for the 2012 Republican presidential nomination, for a seat on the Fed Board, according to people familiar
  • China has drafted rules to regulate the nation’s $109 billion peer-to-peer lending sector as part of a plan to clean up the market by 2020, according to a document seen by Bloomberg
  • Norway’s $1 trillion sovereign wealth fund got the go-ahead to cut emerging markets from its fixed income holdings as part of an overhaul of its $310 billion bond portfolio
  • Italy’s cabinet approved a series of measures to boost the economy, even as the Treasury prepares to slash growth forecasts for the year and raise its projected budget deficit

Asian equity markets traded slightly mixed following a similar indecisive lead from Wall St. as US-China trade optimism was partially offset by pre-NFP caution and holiday thinned conditions from closures across the Greater China region. ASX 200 (-0.8%) was the laggard and extended on its pullback from 7-month highs, with the declines led by tech which mirrored the underperformance of the sector stateside. Nikkei 225 (+0.4%) was positive with the index underpinned by favourable currency moves and trade-related hopes, while the KOSPI (+0.1%) remained afloat as index giant Samsung Electronics weathered a miss on its Q1 earnings guidance. Chinese markets were shut for national holidays although there was certainly no lack of relevant news flow with trade talks remaining in the limelight, in which leaders from both sides noted substantial progress was made and President Trump suggested that a deal could be announced in the next 4 weeks. Finally, 10yr JGBs were pressured amid spill-over selling from T-notes and as stocks in Japan remained afloat, while the BoJ were only present in the market today for T-bills. US President Trump said rapid progress is being made in trade discussions with China and we’re getting very close to trade deal, but added it is not yet made and could be announced in the next 4 weeks, maybe more or less. Furthermore, US President Trump said he will hold a summit with Chinese President XI in Washington if there is a deal and that he will discuss tariffs with Chinese Vice Premier Liu He, while he cited tariffs as well as IP theft when asked about sticking points.

Top Asian News

  • Jokowi Gambles on Rural Voters as Discontent Grows in Cities
  • India Didn’t Shoot Down Pakistan’s F-16, U.S. Magazine Says
  • Energy Tycoon $1 Billion Richer as Vietnam Bet Boosts Stock
  • Lucrative Coal Trade Beckons Those Bold Enough to Test China

A cautious start for European equities [Euro Stoxx 50 Unch] after a relatively mixed Asia-Pac session, as is usually the case ahead of US jobs data. Italy’s FTSE MIB (+0.4%) modestly outperforms its peers as Saipem (+3.0%) rose to the top of the Stoxx 600 on the back of a positive JP Morgan broker move. Sectors are mixed with no clear standout.

Top European News

  • May Writes to Tusk Seeking to Delay Brexit to June 30
  • France Backs Banking Consolidation Amid German Merger Talks
  • Swedbank Chairman Quits as Scandal Rips Through Top Ranks
  • There Is an Art to Issuing a ‘Good’ Profit Warning, RBC Argues

In FX, AUD/NZD/GBP/EUR all bucked the broader trend of consolidation and sideways trading into NFP and Canada’s latest employment report, albeit not by much in terms of moves vs the Greenback. However, the Aussie has extended its rebound from post-RBA lows and outperformance vs the Kiwi in the process. Aud/Usd has retested recent 0.7100+ peaks as Aud/Nzd advances through 1.0550 towards 1.0575 and Nzd/Usd declines to new early April lows below 0.6740. The catalysts, more momentum towards a US-China trade agreement, per latest reports from Beijing especially, another rise in iron ore prices and a supportive Aussie note from GS that Is going against the grain with an unchanged RBA policy call to support its revised forecasts for Aud/Usd over 3 and 6 month horizons (0.7400 and 0.7500 from 0.7200 and 0.7300 respectively). Recall, the US bank also went long of Aud/Nzd yesterday and decent option expiry interest sits at the 0.7100 strike (1.6 bn). Elsewhere, Cable remains volatile and fixated on Brexit headlines around the 1.3100 handle amidst latest reports about a potential lengthier A 50 extension to mid-year or end March 2020 with a flexible early termination option. Eur/Usd is still rangebound between 1.1200-50 after topping out not far above a 1.1246 Fib again on Thursday, but deriving some underlying support from better than expected German IP data and Italy’s ISTAT suggesting that its leading economic indicator points to signs of a recovery or base. Note also, hefty option expiries may be keeping the headline pair in check, as 2 bn resides between 1.1185-1.1200 and 2.5 bn from 1.1240-50.

  • CHF/CAD/JPY – Minimal deviation against the Usd that is equally restrained pre-US and Canadian labour updates, with the DXY firm, but confined between 97.177-331. The Franc is pivoting parity and Loonie straddling 1.3350, while Usd/Jpy is just off a marginal new wtd high of 111.80 having breached its 200 DMA (111.49).
  • EM – Contrasting fortunes for regional currencies as the Lira continues to lick wounds amidst the ongoing political contention following local Turkish elections and wrangling with the US over its S-400 order from Russia. Moreover, Usd/Try remains elevated near 5.6000 ahead of next week’s Economic Plan and the next CBRT policy meeting, in contrast to Usd/Zar below 14.1000 and not far from the 100 DMA (14.0625) in wake of SA’s ratings reprieve for the Rand by Moody’s earlier this week.

In commodities, tentative trade in the energy complex as WTI (Unch) and Brent (-0.3%) gear up for this week’s US jobs data.  WTI rests just above its 200 DMA at 61.38, whilst its global counterpart straddles just below its 200 DMA at 69.54. Oil is on track for its longest weekly winning streak since the back-end of 2017, overall supported by the output decline in Venezuela coupled with growing hope of a US-Sino trade truce. Crude has advanced around 40% this year thus far as OPEC+ supply curbs counter record high US shale production. As a reminder, tonight will see the release of the Baker Hughes rig count, although price-action may be muted amidst macro-newsflow. Not much price action in the metals complex (thus far) with gold (U/C) treading water around yesterday’s close after briefly breaching its 200 DMA (1283) to the downside yesterday, whilst copper (-0.1%) remains tentative amidst the cautious risk-tone. Finally, Australia’s Port Hedland’s iron ore shipments to China declined by 8% M/M, totalling 30.7mln tonnes vs. 33.5mln tonnes in February after the port was shut for almost 4 days due to cyclones hitting Western Australia.

US Event Calendar

  • 8:30am: Change in Nonfarm Payrolls, est. 177,000, prior 20,000
    • Unemployment Rate, est. 3.8%, prior 3.8%
    • Average Hourly Earnings MoM, est. 0.3%, prior 0.4%; YoY, est. 3.4%, prior 3.4%
    • Average Weekly Hours All Employees, est. 34.5, prior 34.4
  • 3pm: Consumer Credit, est. $17.0b, prior $17.0b

DB’s Jim Reid concludes the overnight wrap

Good morning from Munich, one of my favourite cities in Europe and not just because Liverpool beat them in the Champions League last month. It always brings back memories when I pass the Bayerischer Hof in Munich as when I was staying there in 2002 on a work trip unbeknown to me Liam Gallagher of Oasis was also there at the same time and evidently required some major dental work after a fracas in the hotel nightclub. It was all over the newspapers on my return. Fortunately I was long tucked up in bed when it happened.

Markets were certainly waiting for something to get their teeth stuck into for most of yesterday as everyone awaited the news of the Trump-China VP Liu He meeting and also held fire ahead of today’s payrolls. The former ended after the US markets closed last night. The officials announced no major breakthrough on trade talks but the direction of travel seems to continue to be positive. Trump did float a potential timeline: four more weeks of talks, then two weeks to schedule and attend a summit with President Xi. He said that IP protections, certain tariffs, and enforcement are all still being negotiated. In the meantime, Chinese President Xi Jinping said that substantial progress has been made in trade talks with the US and called for an early conclusion of the US-China trade text.

Equity markets in the US were already shut by the time those headlines hit however sentiment overnight in Asia is slightly on the positive side with the Nikkei (+0.41%) up and Kospi (+0.04%) flatish. Markets in China and Hong Kong are closed for a holiday. Elsewhere futures on the S&P 500 are up +0.15% and 2y and 10y treasury yields are up c. 1bps this morning.

How markets fare today will likely be dictated by the March employment report in the US this afternoon. A reminder that last month we had that huge plunge in payroll growth to just +20k which was the lowest since September 2017 and the third lowest since January 2011. Expectations are for a bounce back 177k print however that is still below the average of the last three (186k), six (190k) and twelve (212k) months. To be fair there is a decent range on the Bloomberg survey at 110k to 277k. Our US economists have a 165k forecast and they note that the hostile weather in mid-March also raises the risk of another downside miss. As for earnings, the consensus is for a solid +0.3% mom reading (DB at +0.2% mom) which should keep the annual rate at +3.4% yoy. The unemployment rate is also expected to hold steady at 3.8%. So lots to look out for as ever.

Back to yesterday and it wasn’t an overly exciting day in markets with the S&P 500 (+0.21%) advancing a bit as gains for energy and materials were offset by losses for utilities and tech. The index has traded in a tight 0.93% range over the last three sessions, its second tightest of the year. The NASDAQ closed -0.05% to leave the winning run behind at five days with Tesla (-8.23%) doing some of the damage, however the DOW (+0.64%) did outperform helped by gains for Boeing (+2.89%). In Europe the STOXX 600 (-0.27%) faded to a small loss. WTI oil remained tame (-0.58%), capping its narrowest three-day trading range since last September. The moderate risk off lifted bonds with 10y Treasuries down -1.1bps and Bunds (-0.6bps) back into negative territory again. At my Munich dinner last night of 10-15 clients, I asked who thought Germany should take advantage of ultra low yields and borrow 50yr or 100yr money and invest it in their economy. Everyone raised their hands. I thought there would be a more conservative balanced response and was therefore pleasantly surprised.

Elsewhere the USD (+0.20%) was firmer which weighed on some EM currencies. The Turkish lira outperformed, advancing +0.64% (down -0.48% this morning) after Bloomberg reported that the European Bank for Reconstruction and Development as well as the World Bank’s International Finance Corporation are looking at increasing their Turkish NPL portfolios. It wasn’t clear if this was a policy change or just consistent with their standard operating procedure, but the currency rallied sharply on the headlines.

The fact that it’s taken this many paragraphs to get to Brexit suggests that there’s been a dip in the newsflow. Indeed, perhaps fitting of the current state of affairs in Parliament, the most entertaining story was a water leak forcing a debate on tax legislation in the Commons to be suspended yesterday. So a rare chance for MPs to discuss a non-Brexit topic was scuppered by rusty pipes. The only notable Brexit news was the suggestion that any more votes on Brexit proposals might not take place before PM May travels to Brussels next week. That raises the risks that Mrs May goes to Brussels next Wednesday and asks for an extension with no firm plan. That will increase the risks of a hard Brexit a week from today. I still think that’s unlikely but it will put the EU in a difficult position if no progress has been made. Talks between May and Corbyn are ongoing with Tories saying they were “productive” whereas Labour didn’t offer up any descriptive word about them. One gets the sense that both sides realise they have a lot to lose by agreeing a grand bargain however both BBC’s Laura Kuenssberg and ITV’s Robert Peston tweeted last night that their sources suggested the talks are credible and could result in something. It’s possible we’ll learn more this afternoon. Sterling closed -0.62% yesterday as the stakes were raised.

In other news, it’s worth flagging another ECB deposit tiering story yesterday, this time from the FT. The article suggested that the arguments in favour of tiering are building within the ECB camp. The story made the point that the key argument is the increasing likelihood of rates remaining at current low levels for an extended period of time. As such, tiering could be part of a package in which the ECB adjusts its forward guidance to endorse market pricing, which is no hikes until at least later in 2020.

Speaking of the ECB and tiering, the minutes from the March meeting which were out yesterday didn’t offer much in the way of new hints. The text revealed that “concerns were voiced that over time the effects of persistently low rates could depress banks’ interest margins and profitability with negative effects on bank intermediation and financial stability in the longer run. It was recalled that the consequences of low rates differed across the maturity spectrum and across banks, depending on their business models and the structure of their assets and liabilities”. Crucially, there was no direct reference to tiering.

As a final point on Europe, there were a couple of GDP downgrade headlines which hit the screens early yesterday. The first was Germany where “institutes” revised down their 2019 growth forecast to 0.8% from 1.9%. However it turned out that the 1.9% was from back in September so it wasn’t all that surprising given the six months of slowing data since then, and compares to the IFO forecast at 0.6%. Shortly after, Bloomberg reported that the Italian Treasury is set to slash its 2019 growth forecast to 0.1% from a 1.0% forecast previously. Again though, this is closer to where the market is. So both headlines were really more noise than anything else.

Turning quickly to yesterday’s Fedspeak, where the overall message was consistent with the existing policy stance. NY Fed President Williams said that “policy is in the right place” and that growth should slow to around 2% this year. Separately, two of the more hawkish committee members, Cleveland’s Mester and Philadelphia’s Harker, maintained their positions for a pause in policy for now, with Mester arguing for “no urgency to change our policy stance” and Harker saying “I continue to be in wait-and-see mode.” They both left the door open for future hikes though. Mester said if the economy evolves as she expects, then “rates may need to move a bit higher” and Harker said “my outlook for rates remains, at most, one hike for 2019 and one for 2020.” Finally, Bloomberg reported that President Trump plans to nominate former presidential candidate Herman Cain for one of the vacant Fed Governorships. He would need to be confirmed by the senate.

Wrapping up the few data prints that were out yesterday. In the US claims continued their trend of reversing the Q4 spike, dropping 10k to 202k (vs. 215k expected) and in fact to a new 49-year low. The four-week moving average is now down to 214k and the lowest since October. Prior to this, we had another disappointing factory orders print in Germany where orders fell -4.2% mom versus expectations for a +0.3% mom lift.

Finally to the day ahead now, where this morning we’ve got more data out of Germany with the February industrial production print, followed by the February trade balance print and March house price data and Q4 labour costs data in the UK. The aforementioned March employment report in the US is the highlight today while late this evening we’ll get the February consumer credit print for the US. Away from that, the Fed’s Bostic speaks this evening while the big US banks will today submit their capital plans with stress test results announced in June.

3. ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED //Hang Sang CLOSED BOTH CHINESE HOLIDAY  /The Nikkei closed UP 82.55 POINTS OR 0.38%/ Australia’s all ordinaires CLOSED DOWN .79%

/Chinese yuan (ONSHORE) closed UP  at 6.7079 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 6.7079 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7136 / 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

Where have we seen this before:  yuan and stock futures rise on substantive progress in trade

(courtesy zerohedge)_

US Futures, Yuan Surge As China’s Xi Says “Substantive Progress” Made In Trade Talks

US Futures spiked (along with Treasury yields)…

Along with the Chinese Yuan…

After Xinhua reports that Chinese President Xi Jinping calls for an early conclusion of negotiations on text of China-U.S. economic and trade and agreement.

Via Xinhuanet’s Weibo site (google translation):

Liu He, the Chinese leader of the China-US comprehensive economic dialogue. Liu He first conveyed President Xi Jinping’s sincere regards to President Trump and his message to President Trump.

In his oral letter, Xi Jinping pointed out that over the past month or so, the economic and trade teams of the two sides have conducted intensive consultations in various forms and made new substantive progress on the key issues of the texts of the economic and trade agreements between the two countries.

It is hoped that the economic and trade teams of the two sides will continue to resolve the concerns of both sides in the spirit of mutual respect, equality and mutual benefit, and complete the negotiation of the text of the Sino-US economic and trade agreement as soon as possible.

Under the current situation, the healthy and stable development of Sino-US relations is related to the interests of the Chinese and American peoples and to the interests of the people of all countries in the world.

In particular, we need to play our strategic leadership. I would like to maintain close ties with the President through various means. I believe that under the joint guidance of Mr. and President, China-US relations will surely achieve new and greater progress.

Liu He said that in the past two days, the economic and trade teams of the two sides have conducted fruitful consultations, especially on important issues such as the text of economic and trade agreements. Under the guidance of the consensus of the two heads of state, the two sides will continue to work hard, hold close consultations, make more progress on issues of mutual concern, live up to the major responsibilities of the two heads of state and the people, complete negotiations on economic and trade agreements between the two countries as soon as possible, and promote the two country’s economic and trade relations have developed in a healthy and stable manner.

Trump thanked President Xi Jinping for his oral message and asked Liu He to convey his cordial greetings to President Xi. Trump said that the current US-China relationship is developing well, strong and powerful, and at a historically high level. I am very happy to see that the economic and trade consultations between the two sides have made great progress.

I hope that the economic and trade teams of the two sides will make persistent efforts to solve the remaining problems and strive for an early and comprehensive agreement. This will not only benefit the United States and China but also the whole world. . I look forward to meeting with President Xi after the two sides reached an agreement to witness this great moment. I would also like to pay a special tribute to President Xi for making an important decision on the entire class of fentanyl substances in China. This matter is of great significance to the American people and the US-China anti-drug cooperation.

U.S. trade representatives Wright Hize, Finance Minister Mnuchin, Agriculture Minister Perdue, Commerce Secretary Ross, Presidential Senior Advisor Kushner and other US officials attended the meeting.

This comes just a few short hours after President Trump remarked that the trade deal was not done and would likely need an additional two weeks over the remaining four weeks already scheduled for negotiation.

end

4/EUROPEAN AFFAIRS

i)BREXIT/EU/

Theresa May has formally requested another short term Article 50 extension letter to Donald Tusk asking the EU 27 to delay Britain’s exit until June 30. She conditions that the UK would participate in the upcoming EU parliamentary elections.  She states that the UK could leave earlier if it passes her deal.

(courtesy zerohedge)

May Request Another Brexit Extension Until June 30

Theresa May has formally requested another short-term Article 50 extension in a letter to Donald Tusk, asking the EU27 to delay Britain;’s exit date until June 30 on the condition that the UK would participate in the upcoming EU parliamentary elections, while leaving open the possibility that the UK could leave earlier if it manages to pass her deal.

May

When May first requested a short term extension last month, the EU27 rejected her proposed date of June 30, and instead countered with an offer for a two-week extension, with a longer delay contingent on whether Parliament would manage to pass the withdrawal agreement. At the time, observers whined that a two-week extension wasn’t long enough, and…well…

View image on TwitterView image on TwitterView image on Twitter

Steven Swinford

@Steven_Swinford

Here it is:

The PM’s letter to Donald Tusk in which she ‘reluctantly’ requests an extension of Article 50 to 30 June, 2019

As analysts scramble to read the tea leaves, a team from Credit Agricole reasoned that the EU probably wouldn’t accept a short-term delay, citing the stated preference for a longer extension by some key officials.

“We will have to wait until next week to see whether we will get an extension at all,” said strategist Valentin Marinov.

“GBP is a bit weaker on the back of that potentially because the request for a lengthier extension is seen as a recognition that May may not be able to get the Withdrawal Agreement through Parliament next week as hoped.”

According to Buzzfeed, Brussels suspects May’s talks with opposition leader Jeremy Corbyn are likely to fail, and that the PM will instead be forced to hold another series of ‘indicative votes’ to try and suss out a plan that would actually have a chance of passing in the increasingly divided commons.

The extension could be until the end of the year – or even as late as March 2020.

Ultimately, whether to accept May’s request must be decided by the EU27 at next week’s summit.

The decision on whether to grant a long extension and its terms will ultimately be one for the 27 leaders when they meet in Brussels on 10 April. However, in the lead up to next week’s summit, some governments, including France, have adopted a tougher stance than others on the prospect of granting the UK a long extension to simply keep debating its options, an EU27 leader told BuzzFeed News.

One senior official, quoting Tusk, said the UK needs a “long but flexible extension” – or “flextension.”

A senior EU official quoted Tusk saying: “The only reasonable way out would be a long but flexible extension. I would call it a ‘flextension’.

How would it work in practice? We could give the UK a year-long extension, automatically terminated once the Withdrawal Agreement has been accepted and ratified by the House of Commons.”

The EU official added: “And even if this were not possible, then the UK would still have enough time to rethink its Brexit strategy. Short extension if possible and a long one if necessary. It seems to be a good scenario for both sides, as it gives the UK all the necessary flexibility, while avoiding the need to meet every few weeks to further discuss Brexit extensions.”

Still, according to reports earlier in the week, the EU wants another extension to be accompanied by commitments and a “gentleman’s agreement” with the UK that it will hold the parliamentary vote, and that May would continue to push for her thrice-rejected withdrawal agreement.

As the bloc debates May’s proposal, it’s worth remembering that any extension would need to be approved by the entire EU27. That leaves plenty of room for one reluctant party to send Britain crashing out of the EU at the end of the summit.

 

end

Graham Summers points out that the ECB is going to have negative rates for quite some time.  He is also warning that the USA is heading in that direction

(courtesy Graham Summers)

Why US-Based Investors Should Be Terrified About What the ECB Admitted About NIRP

As I have been warning for years, Central Banks CANNOT normalize the Everything Bubble they created between 2008 and 2016.

Last week, yet another major Central Bank confirmed that I was correct. In this particular case, it was the European Central Bank (ECB).

The ECB first cut interest rates to NEGATIVE in 2014. It then lowered them an additional three times to -0.4% in 2016.

With negative interest rates, this means that EU banks are forced to PAY to sit in cash. Suffice to say, this has been a major drain on EU bank profits.

The ECB was able to pull this off by promising this was only an Emergency Situation, however it’s now been three years and the ECB has yet to raise rates even once. In fact, the ECB is now revealing it will probably NEVER be able to bring rates back to positive.

Last week, ECB President Mario Draghi revealed that the ECB is current analyzing whether or not to implement a “tiered deposit rate” through which certain banks wouldn’t have to pay as much interest for sitting in cash.

This was an implicit admission that rates will have to stay NEGATIVE for a long time… possibly forever.

A so-called tiered deposit rate would mean banks are exempted in part from paying the ECB’s 0.40 percent annual charge on their excess reserves, boosting their profits as they struggle with an unexpected growth slowdown…

A problem with a tiered rate is that it would signal that rates are going to stay low for a very long time, in potential conflict with the ECB’s forward guidance, which sees rates at record lows only until next year, one of the sources added.

Source: Reuters.

Why should US-based investors care?

Because the Fed’s #2 has already stated the Fed will be forced to cut rates to NEGATIVE during the next downturn. And the ECB is showing us that when this happens rates will stay there for years… possibly forever.

This is just one part of the Great Global Wealth Grab that will soon be hitting the US shores. The fact is that there is simply too much debt in the financial system. So the political elite are looking for means of grabbing capital to prop up insolvent institutions/ governments.

That capital will come from wealth grabs and taxes.

Consider the following:

  • The IMF  has already called for a wealth tax of 10% on NET WEALTH.
  • More than one Presidential candidate for the 2020 US Presidential Race has already openly called for a wealth tax in the US.
  • Polls suggest that themajorityof Americans support a wealth tax.

And if you think this will stop with the super wealthy, you’re mistaken. You could tax 100% of the wealth of the top 1% and it would finance the US deficit for less than six months.

Which means…

Cash grabs, wealth taxes, and more will soon be coming to Main Street America.

Indeed, we’ve uncovered a secret document outlining how the Fed plans to both seize and STEAL savings during the next crisis/ recession.

 

http://phoenixcapitalmarketing.com/GWG.html

Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research

end

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS

Iran/Syria/Russia//Israel

This is not a good development as Iran  is to establish its first ever Mediterranean Port on the Syrian coast next to Latakia.  This will strength its land bridge from Tehran through to Lebanon.  The Russians are not happy that they will give up some of the port to Iran.  Israel is furious and no doubt when the time comes, they will bomb the port.

(courtesy zerohedge)

Iran To Establish First Ever Mediterranean Port On Syrian Coast

It’s a neocon nightmare come true: for the first time in modern history Iran is to set establish a Mediterranean port on the Syrian coast.

In a breaking exclusive, Asia Times reports that Iran has leased a section of the port of Latakia, on the northwest Syrian coast in close vicinity to the Russian Navy, which will end the Kremlin’s exclusive foreign presence on the coastal district. The Asia Times report provides the following details:

…from next October the Russians will no longer have the neighborhood to themselves – as Iran has leased parts of the port of Latakia

The Syrian move comes in response to an official Iranian request, presented to Damascus last February. Realizing that they were unable to establish a permanent military presence like that of the Russians, or to illegally grab territory like the Turks, the Iranians settled for long-term economic influence in Syria in order to maintain a foothold in a crucial part of the region.

 

Latakia Port in Syria, via Marine Traffic

Both counties are currently under crippling US sanctions, with Washington recently announcing that it would seek to enforce a total ban on all Iranian and Syrian oil shipping activity, even in international waters.

Iran, as a longtime ally of Syria’s Assad, has given front line assistance to the Syrian army and allied militias like Hezbollah since near the start of the war that engulfed the country which began in 2011 and exploded into nation-wide fighting and chaos by 2012.

Tehran has consistently helped Damascus weather the storm of both the externally fueled regime change war and collapsed economy that followed in its wake.

The Iranian lease of the port of Latakia is set to take effect next October, according to the Asia Times.

The Asia Times report continues:

Iran gave the Syrians a line of credit totaling $6.6 billion since 2011, and that was topped up with an additional $1 billion in 2017. However, over the past three months, relations between the two countries have become even warmer, especially after President Bashar al-Assad landed in Tehran in February to meet with President Hassan Rouhani and Supreme Leader Ali Khamenei.

Meanwhile, the US, Israel, and Saudi Arabia — on the other side of the proxy war — have long feared the so-called “Shia land bridge” connecting Tehran with pro-Shia forces from neighboring Baghdad to Damascus to Beirut.

An Iranian port on the Syrian coastline would bring this scenario to ultimate fulfillment, perhaps beyond what Washington defense planners had ever imagined in the first place.

And likely worrisome for Moscow concerning its operational security in the region, this will also put Iranian personnel noticeably close to Russian installations, specifically very near to Russia’s Hmeimim air base, which has been hit by sporadic al-Qaeda and rebel drone attacks over the past two years.

Crucially, Prime Minister Benjamin Netanyahu has long made noise over just this scenario. In May of 2018 while on a state visit to Cyprus, Netanyahu warned that Iran hopes to build naval bases in the Mediterranean.

The Israeli PM said at the time, according to the Jerusalem Post:

Iran hopes to set up a naval base on the Mediterranean Sea for its warships and submarines that would pose a “palpable threat” to everyone, Prime Minister Benjamin Netanyahu said Tuesday in Nicosia.

As apparently this Israeli greatest fear now looks to become reality, this will likely spur Israel to even greater military aggression inside Syria, after a few months of relative calm.

Iran will likely point out the exclusively civilian and peaceful nature of its new Mediterranean port; however as Asia Times comments: “The Latakia port agreement gives the Islamic Republic the right to use a Syrian harbor with 23 warehouses for economic purposes only, but once in control of the premises, nothing prevents them from transforming it into a military facility.”

And ultimately, “A foothold in Latakia fulfills a decades-long Iranian dream of having direct access to the Mediterranean Sea, from where it can ship goods, arms — and political influence — to the rest of the world,” according to the report.

All of this no doubt means things are about to turn hot once again in the Levant between Israel, Syria and Iran.

END
Israel/Golan Heights
This ought to cause a stir amongst the Syrian.  Israel is to send a huge 250,000 settlers to the Golan Heights in the next 30 years
(courtesy MiddleEast Monitor.)

Israel To Send 250,000 Settlers To Syria’s Golan Heights

Via Middle East Monitor,

Israel is planning to settle some 250,000 settlers in the occupied Syrian Golan Heights over the next 30 years, the Israeli Broadcasting Authority (IBA) revealed yesterday.

According to Anadolu, the report comes one week after US President Donald Trump signed a presidential decree recognising the Golan Heights as “Israeli territory”.

According to the IBA, the Israeli plan also includes construction of two new Jewish settlements in the occupied Golan Heights, along with thousands of new settlement units and a raft of planned transport and tourism projects.

The population of the occupied Golan Heights currently stands at some 50,000, including 22,000 settlers, according to Israeli figure

6.GLOBAL ISSUES

This is going to heart the global production of pork as African Swine Fever breaks out.

(courtesy Michael Snyder)

Food Crisis 2019: African Swine Fever Outbreak Devastates Global Pig Population, Pork Prices Skyrocket

Authored by Michael Snyder via The End of The American Dream blog,

An absolutely devastating disease is wiping out herds of pigs all over Asia, and most people in the western world don’t even realize what is happening.  Since it was first detected last August, there have been 116 officially reported outbreaks of African Swine Fever in China, and since that time it has rapidly spread to surrounding nations such as Cambodia and Vietnam.  African Swine Fever is not harmful to humans, but the vast majority of the pigs that catch it end up dead.  It spreads very quickly and there is no cure, and this outbreak has already driven global pork prices through the roof.  If this crisis continues to escalate, we are potentially talking about a crippling blow to global food production.

China raises and consumes far more pigs than anyone else in the world, and it is also the epicenter of this crisis.

At this point we don’t know exactly how many pigs that they have lost, but we have some numbers that at least give us an idea.  For example, the Chinese government admitted that China’s pig herd was 13 percent smaller in January compared to a year earlier…

China’s pig herd fell 13 percent in January compared with the same month a year earlier, while the number of breeding sows was down 15 percent from the previous year, according to data from the Ministry of Agriculture and Rural Affairs.

China once had a population of 430 million pigs, and taking 13 percent of that number would give us a total of 55.9 million pigs that have been lost.

But there have also been allegations of a “cover-up”, and some believe that the true number of pigs that have been lost is closer to 100 million.

 

In either case, we are talking about potentially apocalyptic losses.

And these losses are really starting to move global pork prices.  Over the last two weeks alone, we have witnessed a 20 percent increase

Pork prices have been creeping higher since February, as trading companies realized that there is less stock of hogs and market supply will become even less.

“(The) pork price increased to 14.55 Yuan (USD$2.17) per kilogram last week, compared to 12.11 Yuan (USD$1.80) two or three weeks ago — (price) increased 20% in two weeks,” said Jun Wang from China Agricultural University.

Hog futures are rising even faster.  Over the past month, they have gone up nearly 50 percent

U.S. hog prices have surged the past few weeks on signs that Chinese buyers have turned to the U.S. to make up for the dwindling of China’s pig herds because of African swine fever (ASF), said a Wall Street Journal (WSJ) article on March 27. U.S. hog futures prices have rocketed nearly 50% higher in the past month, as expectations rose that China would use American imports to fulfill its pork supply needs.

All over the world, anything with pork in it is going to start costing a lot more.  And when you couple this with all of the other disasters that have hit global food production in recent months, the truth is that we are potentially facing a major global food crisis later in 2019.

And remember, this outbreak of African Swine Fever is far from over.  In fact, fresh outbreaks continue to come in from all over China

Reports of another outbreak of African swine fever (ASF) in China’s Hubei province in the central part of the country were confirmed on March 31.

According to China’s Ministry of Agriculture and Rural Affairs, all 83 pigs on one farm were infected with the disease, which killed 73 of them. At the second 142-head pig farm, eight hogs were infected and five died, the statement said.

In Vietnam, the prime minister is officially freaking out as this disease pops up in various areas around his nation…

Vietnam’s prime minister has called for “drastic measures” to fight the spread of African swine fever in the Southeast Asian country, state media reported on Tuesday.

The highly contagious disease, which is incurable in pigs but harmless to humans, has spread rapidly across neighboring China since August, and has been found in seven areas in Vietnam, the state-run Vietnam News Service reported.

95 million people live in Vietnam, and pork accounts for approximately three-quarters of all meat consumption in that country.

If a large percentage of the pigs are suddenly wiped out, that is going to cause massive problems.

African Swine Fever is also ripping through pig herds in Cambodia

According to the Director General , Ministry of Agriculture, Forestry and Fisheries , General Directorate of Animal Health and Production (GDAHP), Phnom Penh, Cambodia, an ASF outbreak has been reported in backyard pigs in Rattanakiri province in northeast Cambodia, which borders Vietnam.

Four hundred of the 500 pigs on the farm died and the remaining killed and properly disposed.

Global food prices are never going to be lower than they are at this moment, and now is the time to get prepared for more unstable times ahead.  Here in the U.S., the recent flooding is going to have an enormous impact on U.S. agricultural production this year.  For much more on this, please see my recent article entitled ‘“As Many As A Million Calves Lost In Nebraska” – Beef Prices In The U.S. To Escalate Dramatically In The Coming Months’.

Personally, I don’t know why anyone would even want to eat pigs.  Pork consumption is a highway to cancer, heart disease and diabetes.  But the reality of the matter is that pigs are the main source of meat for a very large percentage of the global population, and now we have an outbreak that is playing havoc with the global pig population.

Let’s keep a very close eye on this story, because it could have very serious ramifications for all of us in the months ahead.

END
Not good:  Assange’s arrest is imminent as the Ecuadorian Embassy is about to expel him
(courtesy zerohedge)

Assange Arrest Imminent: Ecuadorian Embassy To Expel Him In “Hours To Days”

WikiLeaks has published an urgent statement to its official social media accounts, saying the Ecuadorian embassy in London is preparing to expel Julian Assange within “hours to days,” citing two “high level” Ecuadorian sources, and that the South American country “already has an agreement with the UK for his arrest.”

The statement published Thursday night grabbed headlines in US and UK press, with WikiLeaks supporters calling on crowds to gather outside the embassy in solidarity with Assange.

WikiLeaks said via Twitter, A high level source within the Ecuadorian state has told WikiLeaks that Julian Assange will be expelled within “hours to days” using the INA Papers offshore scandal as a pretext — and that it already has an agreement with the UK for his arrest.

WikiLeaks

@wikileaks

BREAKING: A high level source within the Ecuadorian state has told @WikiLeaks that Julian Assange will be expelled within “hours to days” using the offshore scandal as a pretext–and that it already has an agreement with the UK for his arrest.https://defend.wikileaks.org/2019/04/03/ecuador-twists-embarrassing-ina-papers-into-pretext-to-oust-assange/ 

Ecuador twists embarrassing INA Papers into pretext to oust Assange – Defend WikiLeaks

Ecuador twists embarrassing INA Papers into pretext to oust Assange On 26 March, WikiLeaks’ Twitter account announced that President Moreno is being investigated by Ecuador’s Congress for corruption,…

defend.wikileaks.org

6,828 people are talking about this

UK police and surveillance teams have been camped outside the embassy 24/7 ever since he first entered the building in 2012 and was given asylum there while facing extradition to Sweden on assault charges, which many believe was a classic “honey trap” scenario orchestrated by the CIA or another western intelligence agency, so that he could eventually be transferred to US detention.

WikiLeaks

@wikileaks

Assange expulsion off the back of offshore corruption scandal: Ecuador’s former Consul to London (2010-2018) analysis

“In short, the government seeks a false pretext to end the asylum and protection of Julian Assange.”https://translate.google.com/translate?sl=auto&tl=en&u=https%3A%2F%2Frutakritica.org%2Fdel-rincon-de-la-prensa-complice-al-fraude-social-en-ecuador-y-el-cerco-a-julian-assange%2F 

The corruption scandal WikiLeaks referenced involves WikiLeaks’ reporting on papers alleging that Ecuadorian president Lenín Moreno enriched himself from an offshore account in Panama — allegations which Moreno has vehemently denied.

For his part, Moreno has ramped up pressure and scrutiny on Assange this week, saying in a radio interview that the whistleblower and journalist has egregiously and repeatedly violated the terms of his asylum.

Moreno went so far as to indirectly suggest Assange and WikiLeaks leaked personal photos of him and his family online, but without directly referencing him by name.

WikiLeaks

@wikileaks

WikiLeaks to @AP: “If President Moreno wants to illegally terminate a refugee publisher’s asylum to cover up an offshore corruption scandal, history will not be kind,” https://apnews.com/76516948dee842328929083a5d843658 

Ecuador president blames WikiLeaks for leak of private data

QUITO, Ecuador (AP) — Ecuadorian President Lenín Moreno is blaming WikiLeaks for recent allegations of corruption in local outlets and the publication of family photos to social media. In a…

apnews.com

“Photos of my bedroom, what I eat and how my wife and daughters and friends dance [have circulated],” Moreno described, as reported by The Guardian.

“We should ensure Mr. Assange’s life is not at risk but he’s violated the agreement we have with him so many times,” Moreno said, according to the report.

WikiLeaks says Moreno is attempting to generate a “false pretext” and publicly justifiable excuse on the back of the INA Papers scandal for ending Assange’s asylum on the legal technicality that “conditions” have been broken.

WikiLeaks

@wikileaks

Assange’s lawyers predicted “tripwire” expulsion plan last December

Hanna Jonasson@AssangeLegal

Ecuador’s game:
It claims it won’t ‘force’ Assange out.
So instead it imposes a “Protocol” that it can claim has been broken at any time with no judicial oversight.
It can say “conditions” have been broken and hand him over to UK-US through the backdoor.https://cnnespanol.cnn.com/video/julian-assange-ecuador-embajada-londres-entrevista-juan-sebastian-roldan-camilo-cnnee/ 

However, once off embassy grounds there’s no telling what Assange would eventually face — though his immediate arrest by UK authorities for skipping his bail years ago is certain.

WikiLeaks reminded followers that Chelsea Manning is still in US custody after returning to prison a month ago: “US whistleblower Chelsea Manning, who the US government re-jailed a month ago to coerce her into a secret interrogation, as part of government efforts to prosecute WikiLeaks, was moved out of solitary after filing appeals case,”  WikiLeaks stated.

And while we’ve heard ‘days if not hours’ before in terms of Assange’s pending expulsion from the embassy, the combination of WikiLeaks’ ‘high level source’ and Moreno’s motive suggests it’s actually happening this time. 

Documenting the scene outside of the embassy is Ruptly with a livestream:

END

An open letter to President Trump on Assange:

(courtesy Raul Meijer)

and a must read…

 

Dear Mr. President, A Warning…

Authored by Raul Ilargi Meijer via The Automatic Earth blog,

Mr. President,

I write to you because I’m seeing something unfold that concerns you, and I have no way of knowing if you’re aware of it, nor have I seen anyone else mention it. That is, sir, you are being set up, a trap is being set for you, and unless you are aware of it, you may well walk into that trap eyes wide open.

It may not be in your briefing this morning, but the WikiLeaks organization has reported that high-ranking Ecuadorean state officials have told them Julian Assange will be expelled from their London embassy in a matter of “hours to days”. Now, I don’t know what your personal opinion is of Mr. Assange, maybe you think he deserves punishment for leaking secret files to the public.

Your personal opinion of Mr. Assange, however, is not the most important issue here, no offense. What’s most important to your own situation, as well as that of Mr. Assange, is that the people who are after him are the very same people who have been after you for 3 years, and who will double their efforts after suffering a huge loss due to Robert Mueller’s No Collusion report.

What the trap set for you consists of is that if you let these -largely anonymous- deep state actors get their hands on Mr. Assange, you will greatly empower them (even further). But, sir, his enemies inside US intelligence are the same as yours, and empowering one’s enemies is not the way to do battle.

We know they are the same people because of Robert Mueller. Mr. Assange was the only way Mr. Mueller could think of to link you to “the Russians”. This is a narrative built upon the -false- notion that “Russians” hacked the DNC servers and sent the contents to Mr. Assange. The narrative has been fully discredited by multiple voices multiple times, but Mr. Mueller has never retracted it.

For good reason: this way he -and others- can leave the story, and suspicion, open that there is a link between you, Mr. Assange and the Russians, despite the Mueller report’s no collusion conclusion. And do note: it not only maintains the popular and media suspicion of Mr. Assange, it also leaves suspicion of you alive.

Former British ambassador Craig Murray explained the intricacies -again- a few days agoMuellergate and the Discreet Lies of the Bourgeoisie

Robert Mueller repeats the assertion from the US security services that it was Russian hackers who obtained the DNC emails and passed them on to Wikileaks. I am telling you from my personal knowledge that this is not true. Neither Mueller’s team, not the FBI, nor the NSA, nor any US Intelligence agency, has ever carried out any forensic analysis on the DNC’s servers. The DNC consistently refused to make them available. The allegation against Russia is based purely on information from the DNC’s own consultants, Crowdstrike.

William Binney, former Technical Director of the NSA (America’s US$40 billion a year communications intercept organisation), has proven beyond argument that it is a technical impossibility for the DNC emails to have been transmitted by an external hack – they were rather downloaded locally, probably on to a memory stick. Binney’s analysis is fully endorsed by former NSA systems expert Ed Loomis. There simply are no two people on the planet more technically qualified to make this judgement. Yet, astonishingly, Mueller refused to call Binney or Loomis (or me) to testify. Compare this, for example, with his calling to testify my friend Randy Credico, who had no involvement whatsoever in the matter, but Mueller’s team hoped to finger as a Trump/Assange link.

The DNC servers have never been examined by intelligence agencies, law enforcement or by Mueller’s team. Binney and Loomis have written that it is impossible this was an external hack. Wikileaks have consistently stressed no state actor was involved. No evidence whatsoever has been produced of the transfer of the material from the “Russians” to Wikileaks. Wikileaks Vault 7 release of CIA documents shows that the planting of false Russian hacking “fingerprints” is an established CIA practice. Yet none of this is reflected at all by Mueller nor by the mainstream media. “Collusion” may be dead, but the “Russiagate” false narrative limps on.

Mr. Trump, sir, I don’t doubt you have realized by now that you are not rid yet of Robert Mueller. But Mr. Mueller is but one cog in the large wheel of intelligence running against you. Yes, the same wheel that runs against Mr. Assange. I’m sure you recognize that it’s hugely ironic, but there is a for now unbreakable bond between the two of you.

Not because of anything you did yourselves, but because Russiagate conspirators in the media, the Democratic party and the intelligence community have created it. And you need to be careful on account of that bond, because they’re going to -try to- use it against you.

I may be a lot more sympathetic to Mr. Assange than you are, but as I said before, this has nothing to do with personal opinion. This is about a trap being set for you. And Mr. Assange is an important part of that trap.

Through him, and especially if they keep him incommunicado, they can keep Russiagate alive, which allows for hundreds of billions of dollars in annual arms expenditures and the 24/7/365 threat of war.

Without the empty allegations against Mr. Assange, Robert Mueller would have had to drop his probe much earlier, but in keeping the allegations alive by silencing Mr. Assange, Russiagate can live on, because the link between Russian hackers and WikiLeaks can be left hanging in the air. And that, Mr. President, will be bad news for you, whether you like it or not, whether you acknowledge it or not.

We haven’t talked about the media yet, but there’s another giant irony in the US media clamoring about press freedom, and using it to smear you for 3 years, but not saying a single word to defend that same freedom when it comes to Mr. Assange. They, too, will continue to haunt you, using Mr. Assange as their bait. Don’t let them.

I don’t know what you intend to do about Russiagate and its main perpetrators, but I do know you can make things much easier for yourself if you solve the Assange conundrum first. And you can’t do that by allowing your own enemies to get their hands on him and rendition him; that will backfire on you.

You could pardon him, but that may be a step too far for you at this point. It might be better to simply allow him to go home to Australia.

What would amuse me to no end is if you would personally nominate him for a Nobel Peace Prize. That would piss off so many of your enemies it would be a sight to see. The biggest bird you can flip them all. And then after that, you know, go talk to Vladimir Putin and tell him you’re sorry for all this bad theater.

There’s this scene in the Godfather where Marlon Brando as the ageing Don tells Al Pacino how to recognize the traitor in his own midst: the one who suggests setting up a meeting. This is very similar: whoever comes to you to suggest the harshest treatment of Julian Assange, will be the one(s) intent on coming after you too.

One last thing, Mr. PresidentJulian Assange, Chelsea Manning and Edward Snowden are among the best, brightest and bravest people our world has to offer. We need people like them, and we need them badly. And it’s a lot more stupid than it is simply ironic, that they are the ones we are locking up and silencing. That way America will never be great again, guaranteed.

And you, sir (I know, more irony) may be their -and our- best and even last hope. You have the power to set free our best. Please use it wisely. And Mr. President, sir, be careful out there.

Know your enemies.

end

7  OIL ISSUES

The Saudi’s are panicking as the USA is threatening anti trust action on OPEC

(courtesy zerohedge)

Petrodollar Panic: Saudis Threaten To Dump USD-Oil Trades Over OPEC Anti-Trust Bill

Three year ago– almost to the day – Saudi Arabia rattled its first sabre towards the United States, with an implicit threat to dump US Treasuries over Congress’ decision to allow the Saudis to be held responsible for the 9/11 attacks.

In a stunning report at the time by the NYTimes,  Saudi Arabia told the Obama administration and members of Congress that it will sell off hundreds of billions of dollars’ worth of American assets held by the kingdom if Congress passes a bill that would allow the Saudi government to be held responsible in American courts for any role in the Sept. 11, 2001, attacks.

Then, six months ago, the Saudis once again threatened to weaponize their wealth as the biggest importer of arms from America in the world.

Infographic: The USA's Biggest Arms Export Partners | Statista

You will find more infographics at Statista

And nowReuters reports, citing three unidentified people familiar with Saudi energy policy, Saudi Arabia is threatening to drop the dollar as its main currency in selling its oil if the U.S. passes a bill that exposes OPEC members to U.S. antitrust lawsuits.

While the death of the petrodollar has long been predicted (as the petroyuan gathers momentum), this is the most direct threat yet to the USDollar’s exorbitant privilege…

“The Saudis know they have the dollar as the nuclear option,” one of the sources familiar with the matter said.

“The Saudis say: let the Americans pass NOPEC and it would be the U.S. economy that would fall apart,” another source said.

Riyadh reportedly communicated the threat to senior U.S. energy officials, one person briefed on Saudi oil policy told Reuters

As Reuters details, NOPEC, or the No Oil Producing and Exporting Cartels Act, was first introduced in 2000 and aims to remove sovereign immunity from U.S. antitrust law, paving the way for OPEC states to be sued for curbing output in a bid to raise oil prices.

While the bill has never made it into law despite numerous attempts, the legislation has gained momentum since U.S. President Donald Trump came to office. Trump said he backed NOPEC in a book published in 2011 before he was elected, though he not has not voiced support for NOPEC as president.

Trump has instead stressed the importance of U.S-Saudi relations, including sales of U.S. military equipment, even after the killing of journalist Jamal Khashoggi last year.

A move by Saudi Arabia to ditch the dollar would resonate well with big non-OPEC oil producers such as Russia as well as major consumers China and the European Union, which have been calling for moves to diversify global trade away from the dollar to dilute U.S. influence over the world economy.

Russia, which is subject to U.S. sanctions, has tried to sell oil in euros and China’s yuan but the proportion of its sales in those currencies is not significant.

Venezuela and Iran, which are also under U.S. sanctions, sell most of their oil in other currencies but they have done little to challenge the dollar’s hegemony in the oil market.

However, if a long-standing U.S. ally such as Saudi Arabia joined the club of non-dollar oil sellers it would be a far more significant move likely to gain traction within the industry.

Perhaps this explains why Russia has been dumping dollars in favors of gold in recent months

Russia

And why China suddenly admitted to increased gold reserves…

And why there has been a spike in yuan buying by reserve managers last year, as the IMF pointed out in a recent report.

Reserves

So the next time you hear an analyst on CNBC categorically dismiss the notion that the loss of the dollar’s reserve currency status isn’t something that markets should take seriously (even as several credible voices have warned that it should be), you’d do well to remember this chart.

Reserves

Nothing lasts forever.

END

8. EMERGING MARKETS

VENEZUELA

 

 

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

Euro/USA 1.1229 UP .0006 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES  GREEN (EXCEPT SPAIN) 

 

USA/JAPAN YEN 111.71  UP .055 (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 1.3060    DOWN   0.0013  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED

USA/CAN 1.3374 UP .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 FRIDAY morning in Europe, the Euro ROSE by 6 basis points, trading now ABOVE the important 1.08 level  RISING to 1.1229 Last night Shanghai composite closed FOR A HOLIDAY.

 

 

 

 

//Hang Sang CLOSED FOR HOLIDAY

 

 

/AUSTRALIA CLOSED DOWN 0.79%// EUROPEAN BOURSES  GREEN/ (EXCEPT SPAIN)

 

 

 

 

 

 

 

The NIKKEI: this FRIDAY morning CLOSED UP 82.55 POINTS OR 0.38%  

 

 

 

 

 

 

 

 

 

Trading from Europe and Asia

1/EUROPE OPENED GREEN EXCEPT SPAIN

 

 

 

 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED HOLIDAY

 

 

 

 

/SHANGHAI CLOSED HOLIDAY

 

 

 

 

 

 

 

Australia BOURSE CLOSED DOWN 0.79%

 

Nikkei (Japan) CLOSED UP 82.55 POINTS OR 0.38% 

 

 

 

 

 

 

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1289.05

silver:$15.16

Early FRIDAY morning USA 10 year bond yield: 2.54% !!! UP 3 IN POINTS from THURSDAY’S night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.94 UP 2  IN BASIS POINTS from THURSDAY night.

USA dollar index early WEDNESDAY morning: 97.31 DOWN 1 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

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And now your closing  FRIDAY NUMBERS \12: 00 PM

 

Portuguese 10 year bond yield: 1.26%  DOWN 0  in basis point(s) yield from THURSDAY/

JAPANESE BOND YIELD: -.03%  DOWN 1   BASIS POINTS from THURSDAY/JAPAN losing control of its yield curve/

 

 

SPANISH 10 YR BOND YIELD: 1.11% DOWN 0   IN basis point yield from THURSDAY

ITALIAN 10 YR BOND YIELD: 2.48 DOWN 4    POINTS in basis point yield from THURSDAY/

 

 

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

GERMAN 10 YR BOND YIELD: RISES  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 FRIDAY

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

Euro/USA 1.1218 DOWN    .0005 or  5 basis points

 

 

USA/Japan: 111.72 UP 0.064 OR YEN DOWN 6 basis points/

Great Britain/USA 1.3014 DOWN .0060 POUND DOWN 60  BASIS POINTS)

Canadian dollar DOWN 20 basis points to 1.3385

 

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The USA/Yuan,CNY closed AT 6.7079    0N SHORE  (UP)

THE USA/YUAN OFFSHORE:  6.7080  YUAN UP)

TURKISH LIRA:  5.6412

the 10 yr Japanese bond yield closed at -.03%

 

 

 

Your closing 10 yr USA bond yield DOWN 1 IN basis points from THURSDAY at 2.50 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2,91 DOWN 0 in basis points on the day /

 

Your closing USA dollar index, 97.40 UP 10 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 FRIDAY: 12:00 PM 

London: CLOSED UP 44.93  0.61%

German Dax : UP 21.74 POINTS OR 0.18%

Paris Cac CLOSED UP 12.40 POINTS OR  0.20%

Spain IBEX CLOSED DOWN 4.70 POINTS OR  0.05%

Italian MIB: CLOSED UP 53.01 POINTS OR 0.24%

 

 

 

 

WTI Oil price; 62.63 1:00 pm;

Brent Oil: 69.92 12:00 EST

USA /RUSSIAN /   ROUBLE CROSS:    65.29  THE CROSS LOWER BY 0.11 ROUBLES/DOLLAR (ROUBLE HIGHER BY 11 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 :  63.29

 

 

BRENT :  70.42

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

 

 

 

 

 

 

 

 

USA 30 YR BOND YIELD: 2.90..STILL DEADLY

 

 

 

 

EURO/USA DOLLAR CROSS:  1.1218 ( DOWN 5   BASIS POINTS)

USA/JAPANESE YEN:111.71 UP .055 (YEN DOWN 6 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 97.39 UP 8 cent(s)/

The British pound at 4 pm: Great Britain Pound/USA:1.3031 DOWN 43 POINTS

 

the Turkish lira close: 5.6259

the Russian rouble 65.36   UP .04 Roubles against the uSA dollar.( UP 4 BASIS POINTS)

Canadian dollar:  1.3387  DOWN 22 BASIS pts

USA/CHINESE YUAN (CNY) :  6.7070  (ONSHORE)/

 

USA/CHINESE YUAN(CNH): 6.7118 (OFFSHORE)

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

 

The Dow closed UP 49.36 POINTS OR 0.15%

 

NASDAQ closed UP 46.31POINTS OR 0.59%

 


VOLATILITY INDEX:  12.75 CLOSED DOWN .83 

 

LIBOR 3 MONTH DURATION: 2.588%//

 

 

 

FROM 2.598

 

 

 

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

Bond Yields & Bitcoin Bounce But Trade-Talk Trumped Terrible-Data For Stocks

Remember Sunday… when a single Chinese ‘soft’ data survey beat prompted panic-buying around the world? Well, by the end of the week, Global macro data had extended its decline (but that never stopped stocks)…

Because only one thing matters… “a trade deal”

Never mind though, the market is not the economy and so “It’s not the economy, everything is awesome, stupid!”

China was closed last night but the last five days have been insane in Chinese stocks leaving ChiNext up over 9%… (SHCOMP’s 2nd best week since March 2016 to its highest since March 2018)

 

Germany’s DAX led European markets higher, despite a collapse in its factory orders…

 

China is leading the world with another leg higher, crushing Europe and US…

 

US markets all gained solidly, helped by the Monday gap open after China… Trannies were best on the week…

 

 

Odd day for The Dow, rallied after the close on Xi comments, ripped on the jobs data, dumped at cash open, dumped after Europe close, then pumped and dumped into the close…

 

 

This was the biggest short-squeeze week in 2 months…

 

 

And buyback-related stocks soared… (biggest 2-week jump since the start of 2019)

 

 

Huge week for semi stocks, surging to a new record high…best week for semis in 5 months

 

 

Credit and equity protection costs plummeted this week…

 

But VIX and stocks remain decoupled…

 

But the jaws between bonds and stocks remain the widest…

 

Despite some gains today, bonds were ugly this week with yields up 8-10bps across the curve…

 

But 10Y remained below 2.50% (and 30Y below 3.00%)…

 

Inflation Breakevens were up on the week but flatlined the last few days even as Oil exploded…

 

The Dollar ended the week unchanged (despite all the excitement over a trade deal) despite some volatility intraweek…

 

NOTE the resistance at 1200 for Bloomberg Dollar Index.

Cable mirrored the dollar as Brexit headlines dominated once again to leave the pound unchanged…

 

Cryptos had their best week of the year with Bloomberg’s Galaxy Crypto Index up 21.5%… led by Bitcoin Cash and Litecoin…

 

With Bitcoin holding above $5000…

 

PMs ended the week unch – in line with the dollar – but crude and copper diverged dramatically…

 

 

In precious metal land, palladium’s pukefest continues as platinum has become the new favorite (on the week, gold and silver were unch)…

 

As an aside, Copper/Gold and the UST 10Y yield have recoupled (just like Jeff Gundlach said)…

 

WTI surged today, breaking above $63 to a new cycle high (BRENT topped $70)…

 

And Lean Hogs soared as asian piggy flu struck…

 

Finally, it’s different this time… for now…

And while ‘risk-on’ is in full swing, positioning in ‘risk-off’ assets is not playing along with the theme at all!!

And remember, Q1 was hedge funds’ worst start to a year since 2012 (presumably since they follow some rational investment thesis that simply does not compute with the new normal equity market)…

zerohedge@zerohedge

Rule 1 in modern finance: If you can’t generate alpha, you buy monitors

end

MARKET TRADING/ LATE MORNING TRADING/FOMC

Wage payrolls rise by 196,000 but the all important wage growth disappoints badly.  The phony birth/death plug was 56,000.

(zerohedge)

 

March Payrolls Surge By 196K But Wage Growth Disappoints

 

Expectations that the February cold weather”outlier” print would normalize in March were confirmed, when moments ago the BLS reported that the US added 196K payrolls in March, higher than the 177K expected, while February payrolls were revised modestly higher to 33K from 20K.

The change in total nonfarm payroll employment for January was revised up from +311,000 to +312,000, and the change for February was revised up from +20,000 to +33,000. With these revisions, employment gains in January and February combined were 14,000 more than previously reported. Employment  growth averaged 180,000 per month in the first quarter of 2019, compared with 223,000 per month in 2018.

As we previewed earlier, winter weather was said to lower job growth in February by around 100k, much of which itself reflected payback from the relatively mild weather in December and January.

Commenting on the March report, Bloomberg’s economist Wliza Winger writes that “The March rebound in payrolls is consistent with previous episodes that followed much weaker-than-expected prints. Since the unemployment rate fell below 7% in late 2013, there have been five instances (not counting last month) in which the hiring rate dipped below 100,000. The average payroll print in the following month was 250,000, and there was only one instance where it was below 200,000.”

 

While the headline payrolls report coming in better than expected, and snapping back from February’s cold weather, there was some unexpected weakness in manufacturing jobs, which dipped by 6K in March, their first drop since July 2017.

There was more weakness in the Household Survey, where the number of employed workers declined by 201K from 156.949MM to 156.748MM, even as the ranks of unemployed shrank modestly from 6.235MM to 6.211MM.

And while most were focused on the headline jobs print, which came in stronger than expected, the surprise this month was the average hourly earnings number, which came in far weaker than expected, rising just 0.1% in the month, far below the 0.3% expected, and a sharp drop from February’s 0.4% increase while on an annual basis AHE rose 3.2%, also below the 3.4% expected and prior month print.

That said, a big reason for last month’s jump in earnings had to do with the decline in hours worked, which dipped to 34.4. This number rose back to its recent normal of 34.5 in March, confirming that wage growth is once again becoming a problem for the Fed, and is the reason why both the dollar and bond yields dipped immediately after the report.

Less eventful was the unemployment rate, which remained unchanged in March at 3.8%, just as expected.

As Bloomberg notes, while unemployment rates by race and ethnicity show that most are still hovering at low levels, “something interesting is happening with black workers” who have seen a recent pop up in unemployment that has now been sustained for a few months. And while it initially seemed like the jobless increase might be driven by a pop-up in participation (i.e., people were just coming back from the sidelines and taking a minute to get hired), “the participation rate for 20+ black or African-American workers has now returned to where it was hovering late last year — right around 62%.”

Some other details:

  • Health care added 49,000 jobs in March and 398,000 over the past 12 months. Over the month, employment increased in ambulatory health care services (+27,000), hospitals (+14,000), and nursing and residential care facilities (+9,000).
  • Employment in professional and technical services grew by 34,000 in March and 311,000 over the past 12 months. In March, computer systems design and related services added 12,000 jobs. Employment continued to trend up in architectural and engineering services (+6,000) and in management and technical consulting services (+6,000).
  • In March, employment in food services and drinking places continued its upward trend (+27,000), in line with its average monthly gain over the prior 12 months.
  • Employment in construction showed little change in March (+16,000) but has increased by 246,000 over the past 12 months.
  • Manufacturing employment changed little for the second month in a row (-6,000 in March, following +1,000 in February). In the 12 months prior to February, manufacturing had added an average of 22,000 jobs per month. Within the industry, employment in motor vehicles and parts declined in March (-6,000).
  • Employment in other major industries, including mining, wholesale trade, retail trade, transportation and warehousing, information, financial activities, and government, showed little change over the month.

Putting it all together, Macro Research economist Neil Dutta notes that today’s report means more of the same: “nothing in here to changed the Fed’s view … labor market still fine … buy stocks. I like the 0.7% increase in aggregate weekly payrolls (higher hours offset slower earnings growth).”

In summary, it looks like another “meh (or bad) news is good news” report, because while jobs came in “goldilocks”, the weaker than expected hourly earnings pushed rate cuts odds slightly higher, which of course is positive for stocks, resulting in a spike in equity futures while bond prices rose as well, pushing the market “jaws” wider once again.

end
The real story:

Strong Jobs Headline Hides Broad-Based Weakness

Despite the stronger than expected headline jobs print, which allayed fears over the unexpectedly poor February number, there was pervasive weakness everywhere.

While we previously discussed the disappointing hourly earnings print, a closer look behind the headlines in today’s jobs report suggests that there may have been some political “massaging” to goalseek a goldilocks number.

First, the Household Survey showed that the number of employed workers actually declined by 201K to 156.748K.

Then, looking at the composition of the jobs report shows that the March jump was entirely due to part-time workers, which rose by 60K, while full-time workers dropped by 190K, the biggest monthly decline since August 2018.

What about the establishment survey? Well, while the headline number was indeed impressive, staging a major rebound from 33K to 196K, more than a third of this surge was due to low-wage Education and Health workers, which surged by 70K, while Leisure and Hospitality (i.e., hotel workers as well as waiters and bartenders, surged by 33K, with these two categories responsible for more than half the gains.

Confirming that the US manufacturing sector is hurting badly, among U.S. goods-producing industries, the 3-month annualized rate of increase in average hourly earnings in March was 0.8%, lowest in 58 months. For construction workers, it was 0.4% and for manufacturing workers 0.7%, slowest since Sep ’15 and Jul ’15, respectively.

Additionally, as Reuters Jeoff Hall points out, for U.S. manufacturing workers, the sum of regular and overtime hours was 41.1 in March, the lowest in 18 months. The shorter workweek trimmed average weekly earnings by 0.2% m/m, leaving year-on-year growth at 1.3%, lowest in 40 months. Weakness prevalent in nondurable goods.

Furthermore, As South Bay Research there was evident weakness in goods production jobs, which saw +12K jobs added, and +61K in Q1:

  • Mining+2K
  • Construction +16K
  • Manufacturing -6K, as a result of the slump in the auto sector (Motor vehicle -6.3K)

Why is this notable? Because Q1 Construction and Manufacturing payrolls were the weakest since 2016. Furthermore, March was the worst month for manufacturing since August 2016.

Additionally, shopping took a big hit:

  • Trade, Transportation (-5K)
  • Retail -12K (-23K 1Q19)

Today’s report confirmed the crushing influence of Amazon as the retail workforce is now the smallest it has been since March 2016, and shrinking still.

Next, Small Business seems to be pausing: as Southbay notes, small businesses were hit in 1Q by the government shutdown and then bad weather.  Signs of continuing problems are reflected in the weak demand for temp support.

  • Temp help (-5K)

This could be a timing thing – bad weather heading into the survey period may have played a factor.  If this figure does not rebound in April, then we have an indication of underlying economic weakness.

So where was the Growth? Here are the three key sectors:

  • Professional technical services: +34K, mostly computer systems design (+11.5K)
  • Healthcare: +61K
  • Food Services: +27K

In other words, Americans are eating themselves into obesity, at which point they need constant medical supervision. The good news: at least the American food epidemic will provide waiter/bartender and medical jobs for a long time to come.

end

ii)Market data/

TRUMP is truly aware of what is going on.  He is now calling for QE 4 as yields and the dollar slide

(courtesy zerohedge)

Yields, Dollar Slide As Trump Calls For QE4

Before any Fed officials get the idea that Friday’s stronger-than-expected headline jobs number (which, as we pointed out,actually masked signs of pervasive weakness in employment in wage growth) might justify raising interest rates again in the not-too-distant future, President Trump slammed the central bank during comments to a group of reporters in Washington.

Instead of sticking with its “pause”, Trump said the central bank should instead “drop” interest rates, something that markets have already priced in, adding that the central bank has “really slowed” the American economy.

Setting aside the cognitive dissonance between these comments and Trump’s repeated claims that the US economy is doing “really, really well” and that companies are preparing to announce that they’re “coming back” to the US…

zerohedge@zerohedge

TRUMP SAYS FED SHOULD DROP RATES, STOP QUANTITATIVE TIGHTENING

Because economy is so strong

Trump’s comments show that he won’t let up the pressure on Jerome Powell after reportedly trying to replace him with Kevin Warsh, and declaring Powell one of the worst hires of his administration.

“I personally think the Fed should drop rates, I think they really slowed us down, there’s no inflation, in terms of quantitative tightening, it should really be quantitative easing…you would see a rocket ship. Despite that, we’re doing very well.”

On the subject of the US-China trade negotiations, Trump said he didn’t want to predict that a deal would happen, and defended his decision to tweet a video mocking Joe Biden’s history of inappropriately touching women, saying he didn’t see Biden as a threat. He also said he wouldn’t be attending the White House Correspondents dinner because it’s “too negative” and that he would be holding a rally instead.

Trump’s rate-cut comments were echoed by Larry Kudlow, one of his top economic advisors, who said during an interview Friday morning that the US economy “could do with a rate cut.”

Trump’s comments provoked and immediate response in yields and the dollar.

Trump

The administration’s calls for a rate cut come after the yield curve briefly inverted last month, which economists worry could portend a recession in the indeterminate future.

Of course, Trump didn’t always feel this way about the virtues of loose monetary policy.

Donald J. Trump

@realDonaldTrump

The Fed’s reckless policies of low interest and flooding the market with dollars needs to be stopped or we will face record inflation.

Now that the president has officially started the conversation about QE4, how long until mainstream economists follow suit?

end

Today, they issued credit history for last month and it rose again:

Revolving Credit (Credit Card) total debt; $1.061 trillion

Non revolving:  student loan and auto loans: $2.984 trillion (with student loans surpassing its previous record to 1.569 trillion dollars.

(zerohedge)

US Consumer Credit Storms Above $4 Trillion, As Credit Card Debt Hits New All Time High High

After a few months of wild swings in mid 2018, in February US consumer credit continued to normalize, rising by $15.2 billion, slightly below the $17 billion expected, following January’s $17.7 billion increase. The continued increase in borrowings saw total credit storm above $4 trillion, and hit a new all time high of $4.045 trillion on the back of a America’s ongoing love affair with auto and student loans, and of course credit cards. That said, as shown in the chart below, there has been a decisive slowdown in total monthly consumer credit creation, which has shrunk notably from $26 billion last July to just over $15 billion in February.

Revolving credit increased by $3.0 billion, an increase from January’s $2.6 billion, rising to $1.061 trillion, a new all time high in total credit card debt outstanding.

There was a small decline in the monthly increase in non-revolving credit, i.e. student and auto loans, which jumped by $12.2 billion, down from the $15.1 billion increase in January, and bringing the nonrevolving total also to a new all time high of $2.984 trillion.

And while February’s continued rebound in credit card use may assuage some concerns about the sharp slowdown in spending in the end of 2018 and start of 2019, and the subsequent plunge in retail sales, as the household savings rate surged by the most in years, one place where there were no surprises, was in the total amount of student and auto loans: here as expected, both numbers hit fresh all time highs, with a record $1.569 trillion in student loans outstanding, an impressive increase of $10.3 billion in the quarter, while auto debt also hit a new all time high of $1.154 trillion, an increase of $8.4 billion in the quarter.

 

END

 

iii)USA ECONOMIC/GENERAL STORIES

Boeing admits its software was behind the 737 max crash. I am no so sure

(zerohedge)

SWAMP STORIES

A good one:  Was John Brennan the ringleader?  It sure looks so

(courtesy Monica Crowley/Washington Times)

Was John Brennan The Russia Lie Ringleader?

Authored by Monica Crowley, op-ed via The Washington Times,

The best defense, the saying goes, is a good offense.

The key orchestrators of the Big Trump-Russia Collusion Lie seem to have hewed tightly to that tactical advice.

Over the past two years, one of their biggest “tells” has been their hyper-aggressive and gratuitous attacks on the president. Given that special counsel Robert Mueller’s investigation found no collusion or obstruction of justice, their constant broadsides now look, in retrospect, like calculated pre-emptive strikes to deflect attention and culpability away from themselves.

By accusing Mr. Trump of what they themselves were guilty of, they created a masterful distraction through projection.

We now know that former FBI Director James Comey and his deputy, Andrew McCabe, are hip-deep in the conspiracy. Both wrote supposed “tell-all” books and carpet-bombed the media with interviews in which they regularly flung criminal accusations against the president. Whenever asked about their own roles, they reverted to denouncing Mr. Trump.

With Mr. Mueller’s findings, Mr. Comey’s and Mr. McCabe’s media benders look increasingly suspicious.

As do those of their comrades in the Obama national security apparatus, including former Director of National Intelligence James Clapper and his partner in possible crime, former CIA Director John Brennan, who, apart from former President Barack Obama himself, may be the biggest player of them all.

Any investigation into the origins and execution of the Big Lie must focus on Mr. Brennan, whose job as the nation’s chief spook would have prohibited him, by law, from engaging in any domestic political spy games.

Of course, the law didn’t stop him from illegally spying on the Senate Intelligence Committee by hacking into its computers and lying repeatedly about it, prompting Democratic senators to call for his resignation.

Once out of Langley, Mr. Brennan tore into Mr. Trump, accusing him of “treason” (among other crimes) in countless television appearances and bitter tweets. It got so vicious that Mr. Trump pulled his security clearance.

Consider a few critical data points.

The Obama Department of Justice and FBI targeting of two low-level Trump aides, George Papadopoulos and Carter Page, was carried out in the spring of 2016 because they wanted to spy on the Trump campaign but needed a way in. They enlisted an American academic and shadowy FBI informant named Stefan Halper to repeatedly sidle up to both Mr. Papadopoulos and Mr. Page. But complementing his work for the FBI, Mr. Halper had a side gig as an intelligence operative with longstanding ties to the CIAand British intelligence MI6.

Another foreign professor, Joseph Mifsud, who played an important early part in targeting Papadopoulos, also had abiding ties to the CIA, MI6 and the British foreign secretary.

A third operative, Australian diplomat Alexander Downer, targeted Mr. Papadopoulos in a London bar. It was Mr. Downer’s “tip” to the FBI that provided the justification for the start of Russia counterintelligence investigation, complete with fraudulently-obtained FISA warrants to spy on the Trump campaign.

All of these interactions reek of entrapment. Mr. Papadopoulos now says, “I believe Australian and UK intelligence were involved in an active operation to target Trump and his associates.” Like Mr. Halper and Mr. Mifsud, Mr. Downer had ties to the CIA, MI6 and (surprise!) the Clintons.

Given the deep intelligence backgrounds of these folks, it’s difficult to believe that former DOJ/FBIofficials such as Peter Strzok or even James Comey and Andrew McCabe on their own devised the plan to deploy them.

So: who did? How did the relationships with Messrs. Halper, Mifsud and Downer come about? Who suggested them for these tasks? To whom did they report? How were they compensated?

Any investigation must follow the money — and the personnel. There were plenty of DOJ/FBI officials involved, but what about intelligence officials? Was Mr. Brennan a central player in the hoax, which would help explain the participation of Mr. Halper, Mr. Mifsud and Mr. Downer? Intel officials are likely to draw on other intelligence operatives.

There is also a glimpse of a paper trail.

Fox News’ Catherine Herridge reported last week that “in a Dec. 12, 2016 text, [FBI lawyer Lisa] Page wrote to McCabe: “Btw, Clapper told Pete that he was meeting with Brennan and Cohen for dinner tonight. Just FYSA [for your situational awareness].”

“Within a minute, McCabe replied, “OK.”

Ms. Herridge notes that those named are likely Peter Strzok and Mr. Brennan’s then-deputy, David Cohen. Ms. Herridge also notes that while we don’t yet know what was discussed during the dinner, government sources thought it “irregular” for Mr. Clapper to be in contact with the more junior-level Mr. Strzok. She also points out that the text came “during a critical time for the Russia probe.”

Indeed. It was right before the publication of the ICA, the official Intelligence Community Assessment of Russian 2016 election interference.

As Paul Sperry has reported, “A source close to the House investigation said Brennan himself selected the CIA and FBI analysts who worked on the ICA, and that they included former FBI counterespionage chief Peter Strzok.

“Strzok was the intermediary between Brennan and Comey, and he was one of the authors of the ICA,” according to the source.” Recall that the dossier-based ICA was briefed to Obama, Trump and Congress ahead of Trump’s inauguration.

Post-Mueller report, Mr. Brennan is spinning wildly that perhaps his early condemnations of Mr. Trumpwere based on “bad information.”

These are just some of the threads suggesting Mr. Brennan may be one of the Masters of the Big Lie, requiring full investigation.

If the devil is in the details, Mr. Brennan is all over the details.

No wonder he — and his fellow caballers — have been so loud. They doth protest too much.

END

Interesting: The Chicago Police Dept. is suing Jussie Smollett for overtime it paid to officers investigating his case

(courtesy zerohedge)

The Chicago Police Department Is Suing Jussie Smollett

Chicago police were livid when the state’s attorney, Kim Foxx, dropped a 16-felony-count indictment against “Empire” actor Jussie Smollett for faking his own hate crime, and were further incensed when the actor, who forfeited his $10,000 bail, refused to reimburse the department for the $130,000 in overtime it paid out to officers investigating his case.

And we imagine Maxine Waters’ insistence that dropping the charges was “the correct thing to do” didn’t make them feel any better. So, in the interest of trying to maintain some semblance of the notion that justice was served, the PD has said it will sue Smollett for the overtime costs, according to Reuters.

Smollett

Bill McCaffrey, a spokesman for the city’s Department of Law, said late Thursday that the lawsuit was being prepared.

“Mr. Smollett has refused to reimburse the City of Chicago for the cost of police overtime spent investigating his false police report on January 29, 2019,” McCaffrey said. “The Law Department is now drafting a civil complaint that will be filed in the Circuit Court of Cook Country.”

Smollett was charged in February with hiring two Nigerian-born brothers with whom he was friendly to stage a hate crime back in January. At the time, Smollett claimed that he was attacked by two white men who screamed “this is MAGA country!” before beating him, tying a noose around his neck and pouring bleach on him. After prosecutors dropped the charges, a Chicago judge sealed Smollett’s case file – which one police source later said was “eight inches thick” – something the states’ attorney’s office said it didn’t ask for.

The decision to drop the charges infuriated the police and outgoing mayor Rahm Emmanuel.

Earlier this week, a group of some 300 people, including off-duty officers, took to the streets to demand an explanation, and that Foxx resign, as the FBI continued to investigate the decision to drop the charges. Foxx had recused herself from the case before the charges were dropped after it was revealed that she had exchanged texts with one of Smollett’s relatives. Adding to the air of conspiracy, a former Obama administration official reportedly tried to have Smollett’s case transferred from the Chicago PD to the FBI, but was told to pound sand.

end

Trump and the Washington Post get into a shouting match as to whether Mexico is cracking down on immigrants flowing into the USA. This time I am in the camp of the Washington post: Mexico is doing nothing to stop the flow.

(courtesy zerohedge)

 

Trump Slams “Crazed & Dishonest” WaPo, Says Mexico Cracking Down On Immigrants “For First Time In Decades”

President Trump is once again disputing reporting in the Jeff Bezos-owned Washington Post, claiming that its story about his decision to give Mexico one year to stop the flow of drugs and crimes into the US “purposely got it wrong.”

In its story about Trump’s decision to back away from a threat to immediately close the southern border, WaPo reported that Trump had praised the Mexican government for stepping up its efforts to curb illegal migration, despite the fact Mexican authorities “have not altered their enforcement policies.”

Later in the afternoon, ahead of a trade meeting with Chinese officials, Trump praised Mexico for “doing a very good job in the last three or four days since we talked about closing the border,” even though Mexican authorities have said they have not altered their enforcement policies.

Trump disputed this, instead claiming that “Mexico, for the first time in decades, is meaningfully apprehending illegals at THEIR Southern Border, before the long march up to the U.S. This is great and the way it should be.” And if Mexico backslides, Trump said he wouldn’t hesitate to slap a 25% tariff on its auto imports as punishment.

Donald J. Trump

@realDonaldTrump

The Crazed and Dishonest Washington Post again purposely got it wrong. Mexico, for the first time in decades, is meaningfully apprehending illegals at THEIR Southern Border, before the long march up to the U.S. This is great and the way it should be. The big flow will stop…….

Donald J. Trump

@realDonaldTrump

….However, if for any reason Mexico stops apprehending and bringing the illegals back to where they came from, the U.S. will be forced to Tariff at 25% all cars made in Mexico and shipped over the Border to us. If that doesn’t work, which it will, I will close the Border…….

These tariffs would supersede USMCA, the sweeping “Nafta 2.0” trade deal between the US, Mexico and Canada that has yet to be ratified by Congress. Similarly, Trump said he’s looking into imposing a “penalty” for the $500 billion in illegal drugs smuggled into the US every year from Mexico.

Donald J. Trump

@realDonaldTrump

….This will supersede USMCA. Likewise I am looking at an economic penalty for the 500 Billion Dollars in illegal DRUGS that are shipped and smuggled through Mexico and across our Southern Border. Over 100,00 Americans die each year, sooo many families destroyed!

Trump concluded the string of tweets by announcing that he was about to leave for the southern border to show off a section of the wall that is under construction.

Donald J. Trump

@realDonaldTrump

Heading to the Southern Border to show a section of the new Wall being built! Leaving now!

END
Kim Strassel, of the Wall Street Journal  rails against the New York Times for shoddy reporting on the Mueller report.  She feels that the anonymous sources are not really sources at all. The big question is this:  if it is a cover up, why hasn’t anyone in the Mueller gone public with their feelings on the matter.
(courtesy zerohedge)

WSJ Columnist Savages NYT’s Shoddy Reporting On Mueller Report “Cover Up”

Unwilling (or unable) to let the Mueller probe die its long-overdue death, the New York Times on Thursday published a front-page story casting doubt on AG William Barr’s summary of the report’s conclusions, citing an undisclosed number of anonymous sources purportedly hailing from inside the investigation to report that Mueller’s findings were “more critical” on the subject of whether Trump obstructed justice than Barr had let on.

The report followed the release of Barr’s summary by more than a week, and in that time, Mueller and his team have made no public statements, while Jerry Nadler and the Democrats in control of the House Judiciary Committee have threatened to subpoena the full, unredacted report (despite concerns that a judge would need to sign off on the release of any materials from Mueller’s grand jury hearings).

Strassel

Specifically, the investigation “sources” purportedly told the NYT that they felt Barr should have included more information from their summaries of the reports’ findings, which were handed to Barr along with the report – suggesting that the AG actively tried to “cover up” the true nature of the report and its findings.

For all its length, the NYT report was light on details, tried to establish the narrative of a brewing feud between Mueller and Barr, to men who share a 30-year-friendship and, according to Barr, a mutual respect. The gist of the NYT report is that the Mueller team is worried that by releasing Barr’s summary of the conclusions, the AG would allow the narrative of no collusion, no obstruction to “harden” in the public view before the full redacted report is released (Barr, of course, has promised to release, and President Trump has said that the public should be allowed to see it).

At stake in the dispute – the first evidence of tension between Mr. Barr and the special counsel’s office – is who shapes the public’s initial understanding of one of the most consequential government investigations in American history. Some members of Mr. Mueller’s team are concerned that, because Mr. Barr created the first narrative of the special counsel’s findings, Americans’ views will have hardened before the investigation’s conclusions become public.

Mr. Barr has said he will move quickly to release the nearly 400-page report but needs time to scrub out confidential information. The special counsel’s investigators had already written multiple summaries of the report, and some team members believe that Mr. Barr should have included more of their material in the four-page letter he wrote on March 24 laying out their main conclusions, according to government officials familiar with the investigation. Mr. Barr only briefly cited the special counsel’s work in his letter.

But before the NYT’s audience uncritically absorbs these conclusions, WSJ columnist Kim Strassel would like readers to keep a few things in mind. In a series of tweets, Strassel poked holes in the NYT’s vague sourcing and cast doubt on whether these objections truly reflect the views of Mueller and his most trusted prosecutors, or might instead have been twisted by anti-Trump demagogues.

The vagueness with which the Times couched its report is just the latest sign that the paper has “lost all standards.”

Kimberley Strassel

@KimStrassel

1) The (cough) “sourcing” in the lede paragraph of the NYT’s new frontpage “cover up” conspiracy claim is Exhibit A of journalism that has lost all standards.

Kimberley Strassel

@KimStrassel

2) Apparently, “some” of Mueller’s “investigators” have told “associates” their thoughts. And “government officials” and “others” who are “familiar” with those thoughts report a giant smear against AG Barr.

Kimberley Strassel

@KimStrassel

3) How many is some? (Two?) How high up are these investigators? (A principal attorney? Or the dude who does Lexis-Nexis searches?) Who are the associates? (Other people on the Mueller team? An old college professor? A secretary in their law office?)

Kimberley Strassel

@KimStrassel

4) Are these “government officials” in executive branch? Or is it… Adam Schiff? And please explain “others”? What the heck is an “other”? A CNN analyst?

Kimberley Strassel

@KimStrassel

5) Here’s another possible lede, one entirely plausible give the vagueness: “A couple of Democratic partisans on Mueller’s team are mad at Barr, and they told John Brennan and Fusion GPS, and they told us.” Doesn’t have quite the same punch, does it?

Of course, as a bevy of Twitter users swiftly pointed out, in attacking the NYT, Strassel failed to acknowledge her own paper’s similar failings of objectivity, because WSJ reporters swiftly confirmed the NYT’s reporting, which was couched in language that was similarly vague.

After reading reports that some people on Mr. Mueller’s team were critical of Mr. Barr’s initial summary, Mr. Nadler asked Mr. Barr in a letter to produce all communications between the special counsel’s office and the Justice Department regarding Mr. Mueller’s report. He said his request included communications about the disclosure of the report to Congress, to the public and regarding Mr. Barr’s summary sent to Congress.

Still, that doesn’t detract from the validity of her claims. And furthermore, if the NYT’s reporting is accurate, why hasn’t Mueller – or someone else involved in the investigation – raised their concerns publicly?

end
I do not know if you agree with me but I think Pelosi and her crazies move to block Trump’s border wall is treasonous
(courtesy zerohedge)

20 States, The ACLU And Nancy Pelosi Move To Block Trump’s Border Wall

A group of 20 states led by California has formally requested that a federal judge stop President Trump from diverting federal funds to build his wall on the southern US border, according to The Hill.

The preliminary injunction was announced by the state attorneys general as Trump made his way to California to visit a segment of the border wall.

Donald J. Trump@realDonaldTrump

Heading to the Southern Border to show a section of the new Wall being built! Leaving now!

 

The filing argues that Trump’s declaration of a national emergency to divert the funds is unconstitutional, and that irreprable damage would be done if the wall is constructed.

“Notwithstanding the president’s expressed frustration with Congress and the legislative process, he must act in accordance with the procedures established in the Constitution to obtain funding for his border wall,” reads the filing.

The injunction request also claims that the wall would cause “possible irreparable arm to endangered species,” living near the border, and that the National Environmental Policy Act has been violated due the the Trump administration’s failure to study the potential impact of the wall.

The states’ request comes just hours after the ACLU similarly asked a federal judge for a national injunction to halt construction on the wall.

Trump declared a national emergency earlier this year following shortly after a 35 day-long partial government sendhutdown after Congress refused to pass a funding bill granting him his requested amount of funding to construct the border wall.

Attorney General William Barr said at the time that Trump had the legal authority and standing to declare the national emergency. And Homeland Security Secretary Kirstjen Nielsen and other immigration officials have since called the situation at the border a crisis. –The Hill

On Thursday, House Speaker Nancy Pelosi (D-CA) said that the House will file a lawsuit to challenge Trump’s emergency declaration.

“The House will once again defend our Democracy and our Constitution, this time in the courts,” said Pelosi in a written statement. “The President’s action clearly violates the Appropriations Clause by stealing from appropriated funds, an action that was not authorized by constitutional or statutory authority

END

interesting:  this Democrat who may run agrees with Trump on a fierce and strict border control and a Wall.

(courtesy zerohedge)

“The Democrats Are Not Correct”: Howard Schultz Agrees With Trump On “Fierce, Strict” Border Control

2020 presidential candidate Howard Schultz agrees with President Trump that the United States needs “fierce, strict levels of control” at the southern border in order to “keep bad people from coming in.”

“Illegal immigrants should not come in,” added the billionaire and former Starbucks CEO during a Thursday town hall with Fox News.

Schultz made a late-January announcement that he will probably run for president in 2020 as an independent – a move widely panned by Democrats as a surefire way to split the left and ensure a second term for Trump.

“The Democrats are not correct,” added Schultz. “We should be funding ICE and giving them all the tools and resources they need to secure the borders and arrest the bad people. Whatever they need, give them all the resources.

Embedded video

Ryan Saavedra

@RealSaavedra

Presidential candidate Howard Schultz on the border: “Trump is correct, and the Republican leadership is correct that we need fierce, strict levels of control on that border to keep bad people from coming in; illegal immigrants should not come in”

“The Democrats are not correct”

“It’s a question of humanity and legal immigration,” said Schultz, who said of a trip to the US-Mexico border; “what I saw is a fracturing of American values and of humanity.”

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

Trump unleashed another gratuitous twitter attack on the Fed – probably to divert attention from reports that his China trade deal is a risible charade that allows China to jerk around the US until 2025.

@realDonaldTrump: Despite the unnecessary and destructive actions taken by the Fed, the Economy is looking very strong, the China and USMCA deals are moving along nicely, there is little or no Inflation, and USA optimism is very high!

After the normal ESM rally during the Nikkei’s second session, ESMs sank and continued to decline during early trading in Europe due to more disappointing economic news.

Italy set to cut 2019 GDP estimate down to 0.1 pct [from 1.0%]

A planned package of measures designed to lift economic growth could boost this year’s GDP to 0.2 percent, the paper said, allowing the government to submit to the European Commission a revised deficit-to-GDP target of 2.3 percent…

https://www.cnbc.com/2019/03/27/reuters-america-italy-set-to-cut-2019-gdp-estimate-down-to-0-point-1-pct–paper.html

‘Upswing at an end’ as German institutes slash growth forecast

Industrial orders in Germany fell by the biggest margin in more than two years in February, slumping 4.2 percent… The institutes cut their overall growth forecast for this year to 0.8 percent from a previous 1.9 percent and said risks had increased since the autumn…

https://www.reuters.com/article/us-germany-economy/upswing-at-an-end-as-german-institutes-slash-growth-forecast-idUSKCN1RG0Y8

A modest rally commenced during the late morning in Europe on dovish ECB minutes.

 

Trump Likely to Announce Plans for Summit with China’s Xi on Thursday April 3, 2019 11:26 p.m.

Move is signal that contentious trade talks between the two countries may be nearing conclusion

https://www.wsj.com/articles/trump-likely-to-announce-plans-for-summit-with-chinas-xi-on-thursday-11554348418

The NY Times story was quickly refuted by Reuters, so ESMs declined sharply.  The entire ESM rally from late morning in Europe to the NYSE open was rescinded.

White House not expected to announce Trump-Xi summit date – Sources 9:45 AM ET

https://www.reuters.com/article/us-usa-trade-china/white-house-not-expected-to-announce-trump-xi-summit-date-official-idUSKCN1RG1OX

ESMs hit a regular-session low of 2875 (2874 overnight low) at 10:34.  A traders’ rally quickly developed because it was time to do so.  The crafted rally lasted 20 minutes and produced an 8-handle ESM burst.  This was probably the usual suspects front-running the expected rally into the European close.

Unfortunately for the pattern traders, real sellers appeared during the final 15 minutes of European trading.  ESMs fell to a new full-session low of 2873.75.  Nine minutes before the European close, someone pushed ESMs higher to improve/salvage ‘the marks’ (position prices) for traders.

This daily manipulation and verbal intervention nonsense is what passes for high finance these days.  Makes you proud to be part of the industry!

Jamie Dimon defends capitalism in annual letter: ‘Socialism inevitably produces stagnation, corruption and often worse’ [Ex-health & education is there a more socialized industry than banking?]

https://www.cnbc.com/2019/04/04/dimon-defends-capitalism-socialism-inevitably-produces-stagnation-corruption-and-often-worse.html

March 2018 Birth/Death Model jobs: 65k       https://www.bls.gov/web/empsit/cesbdhst.htm

@AnnCoulter: Obama changed the definition of “unemployed” in 2010. As a result, official “unemployment” figures have been in free fall since then.  The numbers are as fake under Trump as they were under Obama. AMERICANS NEED JOBS. STOP IMMIGRATION.

[We think that Ann is talking about ‘discourage workers’.]

Last night WaPo: Additional software problem detected in Boeing 737 Max flight control system, officials say – Boeing called the additional problem, which is unrelated to the stall-prevention system, “relatively minor.”…   https://www.washingtonpost.com/world/africa/ethiopia-says-pilots-performed-boeings-recommendations-to-stop-doomed-aircraft-from-diving-urges-review-of-737-max-flight-control-system/2019/04/04/3a125942-4fec-11e9-bdb7-44f948cc0605_story.html

Global Times editor-in-chief @HuXijin_GT gives China’s view of the trade negotiations: The more trade talks stretch to the final stage, the fiercer psychological contention becomes. At the beginning, US side held psychological advantage, now it is reversed. China pulled through the toughest time in the past year, proving the US can only exert limited harm on China.

There is a strong element of truth in the above statement.  If China’s economy recovers, Xi can ignore Trump and wait for the 2020 campaign to pressure Trump.

Today – The March Employment Report could have a much bigger impact on the market than the job reports from the past several months for the reason we stated above.

The S&P 500 Index had an Inside Day on Thursday.  The high (2881.28) and low (2867.14) of yesterday will be important; but Wednesday’s high (2885.250 and low (2865.17) are more important.

Given the chance – no negative news – traders love to force stocks higher on Friday.  Big Friday gains for stocks lead to positive media coverage over the weekend and more retail buying on Monday.

The last hour will be telling.  If traders engineer a Friday pump & dump, will there be enough real buyers to absorb trader liquidation ahead of the weekend?

ESMs traded -2.25 early last night.  When Xinhua reported: Xi says ‘substantial progress’ made in US trade talks, ESMs jumped to +5.75.  The entire rally was quickly rescinded.  About 30 minutes later Xinhua reported: Chinese vice premier [Liu] says new consensus reached on text of China-U.S. economic and trade agreement.  ESMs rallied to +4.00 and are +3.00 as we write.

The fact that ESMs are not ‘substantially’ higher suggests trade talk hype is losing its mojo.  However, there is little fear of the downside these days – and wise guys want to push major equity indices to all-time highs.

The S&P 500 Index 50-day MA: 2774; 100-day MA: 2697; 150-day MA: 2742; 200-day MA: 2758

The DJIA 50-day MA: 25, 603; 100-day MA: 24,938; 150-day MA: 25,249; 200-day MA: 25,214

S&P 500 Index support: 2865-67, 2858-60, 2850, 2840, 2819-23, 2800, 2785-87, 2770, 2762, 2757

Resistance: 2881-85, 2894, 2900, 2920, 2930 (closing high), 2940.91 (All-time intraday high)

Expected economic data: Mar NFP 180k, Manf 11k, Rate 3.8%, Wages 0.3% m/m, 3.4% y/y, Workweek 34.5, Labor Force Participation Rate 63.2%; Feb Consumer Credit $17B

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

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

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

Daily: Trender and MACD are positive – a close below 2807.29 triggers a sell signal

Hourly: Trender is positive; MACD is negative – a close below 2866.97 triggers a sell signal

A possible reason for the Team Mueller leak to the NYT knocking Barr for his summary has appeared.

GOP senators alert Barr to allegations that Mueller team misrepresented emails

Meanwhile, in late February of last year, Graham and Grassley also sent a letter to Horowitz requesting that his office look into “potential improper political influence, misconduct, and mismanagement” of the counterintelligence and criminal investigations into possible collusion between the Trump campaign and Russia before Mueller’s appointment…

https://www.foxnews.com/politics/gop-senators-alert-barr-to-allegations-that-mueller-team-misrepresented-emails

Attorney General William Barr is pushing back following reports that Robert Mueller’s report is more damaging to President Trump than his four-page summary letter implies…

https://www.dailymail.co.uk/news/article-6886929/William-Barr-defends-letter-following-reports-Muellers-team-disputes-conclusions.html

WSJ’s @KimStrassel: 1) The (cough) “sourcing” in the lede paragraph of the NYT’s new frontpage “cover up” conspiracy claim is Exhibit A of journalism that has lost all standards.  2) Apparently, “some” of Mueller’s “investigators” have told “associates” their thoughts. And “government officials” and “others” who are “familiar” with those thoughts report a giant smear against AG Barr… 4) Are these “government officials” in executive branch? Or is it… Adam Schiff? And please explain “others”? What the heck is an “other”? A CNN analyst?  5) Here’s another possible lede, one entirely plausible give the vagueness: “A couple of Democratic partisans on Mueller’s team are mad at Barr, and they told John Brennan and Fusion GPS, and they told us.” Doesn’t have quite the same punch, does it?

‘John Brennan, the Russia lie ringleader?’

The best defense, the saying goes, is a good offense. [Why Teams HRC & BHO went after DJT] The key orchestrators of the Big Trump-Russia Collusion Lie seem to have hewed tightly to that tactical advice.

    Over the past two years, one of their biggest “tells” has been their hyper-aggressive and gratuitous attacks on the president… calculated pre-emptive strikes to deflect attention and culpability away from themselves…  https://www.washingtontimes.com/news/2019/apr/3/hyper-gratuitous-and-aggressive-attacks-on-trump-m/

@GeorgePapa19: Joseph Mifsud, the man who “told” me that the “Russians have emails” was no Russian asset, but an FBI/Italian intel asset. He’s currently in Italy on the payroll of Italian intelligence services. Italy will give him up soon.

OAN’s @JackPosobiec: FBI and Mueller team coerced 72-year-old Jerome Corsi to undergo regressive memory therapy techniques during interrogation to “remember” a meeting with Russians in Italy that Corsi was adamant never happened  [“Back in the USSR; you don’t know how lucky you are, boy!”]

     This according to @jerome_corsi new book: Silent No More

Top Dems Demand Capital One Turn over Trump Records, Kept Republicans in The Dark

Brent M. Timberlake, Vice President, Senior Associate General Counsel Card Litigation, Subpoena and Intake at Capital One… said get a “subpoena.”

https://saraacarter.com/top-dems-demand-capital-one-turn-over-trump-records-kept-republicans-in-the-dark/

The silence of the GOP lambs on the Dems’ expanding DJT inquisition is disgusting and abjectly craven.  The MSM’s silence is not surprising because ideology uber alles.

Liberal Dark Money Group to Receive Private Briefing from House Dem Jerrold Nadler

Nadler will join the donors via live video to lead a discussion titled, “After the Mueller Report: What’s Next?”… https://freebeacon.com/politics/liberal-dark-money-group-to-receive-private-briefing-from-house-dem-jerrold-nadler/

@paulsperry_ Where are Obama’s statements of support for his old Veep concerning his “overly tactile friendliness,” as the NYT euphemized it? Not exactly rushing to his defense, is he?

How did a Chinese woman bluff her way past Secret Service Agents and gain access to DJT’s FL home?

@ShannonBream: In @FoxNews townhall – @HowardSchultz says there needs to be MORE competition in health care options- but supports universal catastrophic coverage. [Depending on cost analysis, a reasonable position] @HowardSchultz says he does not favor Medicare-for-all

 

We have opined in the past that healthcare coverage should be more like homeowners’ insurance and less like roof to cellar floor warranty coverage that includes all appliances, light bulbs, pest control and the in-home servicing of anything within the home.

end

 

Let us conclude this week’s commentary with this offering from greg Hunter

(courtesy Greg Hunter)

Border Crisis, Obama Ordered Trump Coup, Retail Apocalypse

Don’t believe what the Democrats and the mainstream media are telling you when they say there is no crisis on the Southern U.S. border. That’s a huge lie, and the numbers speak for themselves. There was more than 100,000 apprehensions of illegal aliens in the month of March alone. Experts say the crisis is “manufactured.”

The Mueller report is finished, and it proves there was no collusion and no obstruction by President Trump or his Administration with Russia. Now, the pain of a failed coup and huge lies told to remove a duly elected president are going to be felt by the perpetrators. One former federal prosecutor lays out the case that this treason goes all the way to President Obama. “He ordered it,” says Joe DiGenova.

America is doing much better than the rest of the world, but the economy in the U.S. is showing signs of tanking. Thousands of stores are closing, and some are going out of business altogether in what some are calling a “retail apocalypse.”

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up.

-END-

 

 

I WILL SEE YOU MONDAY NIGHT

2 comments

  1. “According the NY Times, Mr. Cain used to be a proponent of a return to the gold standard (which would actually suggest he is an inflation hawk)”

    That is an OUT & OUT pure unadulterated LIE, so I hope you won’t spread it by putting things like “He’s a gold bug” in your title.

    I’ve watched this man Herman Cain from way before the 2008 crisis & also in 2011 during the 2012 Presidential Election Circus, and I know this man is a truly dishonorable crook, a conman & a despicable LIAR. He is NOT a gold bug or hasn’t been any proponent of returning to gold standard.

    By appointments of scum like this guy & Larry Kudlow, John Bolton etc. Trump is very demonstrating that he’s an out & out LIAR & a dishonorable scum.

    Like

  2. Herman Cain had written THIS 1 editorial in 2012 & THAT’s the reason being used to spread the lie that he’s for return of gold standard & is a “gold bug”. I remember very well the duplicitous circumstances in 2011-2012 during which he wrote it.

    To know the true Herman Cain, read a bunch of articles he wrote around 2004-2006 claiming there was nothing wrong w/ housing market. The man who wrote following article is NOT the true Herman Cain. To know the true Herman Cain, go back to 2011 campaign debates & watch his arguing w/ Ron Paul. After suspending his campaign in December 2011, two-forked-tongue Herman Cain was tossing around an idea of running as a “Third Party candidate” in Spring of 2012 & those are the circumstances under which he wrote this article. His only goal was to steal Ron Paul’s talking points & possibly ride on an opportunistic political momentum by tossing out 1 article like this.

    https://www.wsj.com/articles/SB10001424052702304070304577395891113592150

    Like

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