APRIL 9/GOLD UP FOR THE 3RD DAY IN A ROW: HIGHER BY $6.40 TO $1304.30//SILVER DOWN ONE CENT TO $15.24//FOR THE THIRD DAY IN A ROW, THE GLD HAS BEEN RAIDED GOLD (WITHDRAWAL) DESPITE THE RISE IN PRICE//DOW PLUMMETS AFTER TRUMP INITIATES TARIFFS AGAINST THE EU AND THE EU RETALIATES//BIG NEWS ON THE ITALIAN FRONT AS THEIR BUDGETARY DEFICIT CLIMBS TO 2.5%//TURKEY READY TO PURCHASE S-400’S AS IT SNUBS THE WEST AND NATO//IRAN HAS HUGE FLOODS WHICH WILL WEAKEN THEM ECONOMICALLY//IRAN THREATENS USA IN THE GULF (STRAITS)//MORE SWAMP NEWS FOR YOU TONIGHT//

 

 

 

 

 

 

GOLD: $1304.30  UP $6.40 (COMEX TO COMEX CLOSING)

Silver:  $15.24 DOWN 1 CENT (COMEX TO COMEX CLOSING)

Closing access prices:

Gold :  $1304.40

 

 

silver: $15.22

 

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

today RECEIVING:  3/20

EXCHANGE: COMEX
CONTRACT: APRIL 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,297.100000000 USD
INTENT DATE: 04/08/2019 DELIVERY DATE: 04/10/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
323 H HSBC 5
661 C JP MORGAN 3
737 C ADVANTAGE 11 6
800 C MAREX SPEC 2
880 H CITIGROUP 6
905 C ADM 7
____________________________________________________________________________________________

TOTAL: 20 20
MONTH TO DATE: 4,135

 

 

NUMBER OF NOTICES FILED TODAY FOR  APRIL CONTRACT: 20 NOTICE(S) FOR 2,000 OZ (.0622 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  4135 NOTICES FOR 411500 OZ  (12.8615 TONNES)

 

 

SILVER

 

FOR APRIL

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

 

0 NOTICE(S) FILED TODAY FOR nil  OZ/

 

total number of notices filed so far this month: 757 for 3,785,000  oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE :$5118   DOWN $86

 

 

Bitcoin: FINAL EVENING TRADE: $5160 DOWN $55

 

 

end

 

XXXX

 

 

 

 

 

Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE BY A GOOD  SIZED 1012 CONTRACTS FROM 205,679 UP TO 206,691 WITH YESTERDAY’S 14 CENT GAIN IN SILVER PRICING AT THE COMEX.  TODAY WE ARRIVED CLOSER TO AUGUST’S 2018  RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS. WE 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, 360 FOR MAY  26 AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE: OF 386 CONTRACTS. WITH THE TRANSFER OF 386 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 386 EFP CONTRACTS TRANSLATES INTO 1.93 MILLION OZ  ACCOMPANYING:

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

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

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:

8375 CONTRACTS (FOR 7 TRADING DAYS TOTAL 8375 CONTRACTS) OR 41.88 MILLION OZ: (AVERAGE PER DAY: 1186 CONTRACTS OR 5.9882MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR:  41.88 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 5.98% 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:          614.57    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 GOOD SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1012 DESPITE  WITH THE 14 CENT GAIN IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD   A SMALL SIZED EFP ISSUANCE OF 386 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 FAIR SIZED: 1398 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 386 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH INCREASE OF 1012 OI COMEX CONTRACTSAND ALL OF THIS  DEMAND HAPPENED WITH A 14 CENT GAIN IN PRICE OF SILVER ????  AND A CLOSING PRICE OF $15.25 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 ROSE AND THIS TIME BY A CONSIDERABLE SIZED 3742 CONTRACTS, TO 439,655 WITH THE  GAIN IN THE COMEX GOLD PRICE/(A RISE IN PRICE OF $6.40//YESTERDAY’S TRADING).  

 THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A GOOD SIZED 4069 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 4069 CONTRACTS DECEMBER: 0 CONTRACTS, JUNE 2020l  0 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 439,655. 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 VERY  STRONG GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 7811 CONTRACTS: 3742 OI CONTRACTS INCREASED AT THE COMEX  AND 4069 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 7811 CONTRACTS OR 781,100 OZ OR 24.29 TONNES. YESTERDAY WE HAD A RISE IN THE PRICE OF GOLD TO THE TUNE OF  $6.40….AND YET WITH THAT, WE HAD A HUGE GAIN IN TONNAGE OF 24.29TONNES!!!!!!. 

 

 

 

 

 

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF APRIL : 36,960 CONTRACTS OR 3,696,000 OR 114.96 TONNES (7 TRADING DAYS AND THUS AVERAGING: 5280 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 7 TRADING DAYS IN  TONNES: 114.96 TONNES

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

THUS EFP TRANSFERS REPRESENTS 114.96/3550 x 100% TONNES = 3.23% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     1490.58 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  INCREASE IN OI AT THE COMEX OF 3742 WITH THE GAIN IN PRICING ($6.40) THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A  GOOD SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 4069 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 4069 EFP CONTRACTS ISSUED, WE  HAD A  STRONG GAIN OF 7811 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

4069 CONTRACTS MOVE TO LONDON AND 3742 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 24.29 TONNES). ..AND ALL OF THIS GOOD  DEMAND OCCURRED WITH  RISE IN PRICE OF $6.40 IN YESTERDAY’S TRADING AT THE COMEX

 

 

 

we had:  20 notice(s) filed upon for 2000 oz of gold at the comex.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD...

 

WITH GOLD UP $6.40  TODAY 

VERY VERY STRANGE AGAIN!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

ANOTHER BIG CHANGE IN GOLD INVENTORY AT THE GLD

ANOTHER WITHDRAWAL OF GOLD FROM THE GLD: 1.18 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 760.49 TONNES

 

 

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

 

SLV/

WITH SILVER DOWN 1 CENT  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 GOOD SIZED 1012 CONTRACTS from 205,639 UP TO 206,691 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 ON THURSDAY AND FRIDAY:

“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 TODAY WAS NO DIFFERENT WITH THE RISE IN OPEN INTEREST AS WE ARE HEADING INTO AN ACTIVE DELIVERY MONTH FOR SILVER..NO DOUBT A CONSIDERABLE AMOUNT OF THE INCREASE WAS DUE TO 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., 360 FOR MAY AND JULY: 26 CONTRACTS  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 386 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  1012 CONTRACTS TO THE 386 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE  OBTAIN AN GOOD SIZED GAIN OF 1398  OPEN INTEREST CONTRACTS.  THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 6.99 MILLION OZ!!! AND YET WE ALSO HAVE A STRONG DEMAND FOR PHYSICAL AS WE WITNESSED A FINAL STANDING OF GREATER THAN 30 MILLION OZ FOR JULY, A STRONG 6.065 MILLION OZ FOR AUGUST..  A HUGE 39.505  MILLION OZ  STANDING FOR SILVER IN SEPTEMBER… OVER 2 million  OZ STANDING FOR THE NON ACTIVE MONTH OF OCTOBER.,  7.440 MILLION OZ FINALLY STANDING IN NOVEMBER.  21.925 MILLION OZ STANDING IN DECEMBER , 5.845 MILLION OZ STANDING IN JANUARY. 2.955 MILLION OZ STANDING IN FEBRUARY,  27.120 MILLION OZ FOR MARCH. AND NOW 3.860 MILLION OZ FOR APRIL.

 

 

RESULT: A GOOD SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE  14 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A SMALL SIZED 386 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)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED DOWN 5.15 POINTS OR .16% //Hang Sang CLOSED UP 80.34 POINTS OR .27%  /The Nikkei closed UP 40.94 POINTS OR 0.19%/ Australia’s all ordinaires CLOSED UP 07%

/Chinese yuan (ONSHORE) closed UP  at 6.7121 AS TRUCE DECLARED FOR 3 MONTHS /Oil UP to 64.53 dollars per barrel for WTI and 71.09 for Brent. Stocks in Europe OPENED GREEN EXCEPT GERMAN DAX

ONSHORE YUAN CLOSED UP // LAST AT 6.7121 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7162 / 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

China/

 

 

4/EUROPEAN AFFAIRS

 

i)/EU/USA/Airbus

This did not take long:  the EU is now prepared for retaliatory tariffs over aircraft subsidies.  After a favourable WTO ruling, the USA is proposing a 11 billion dollar tariff and that is getting the EU furious.

( zerohedge)

ii)ITALY

Italy, along with Turkey are ground zero for situations that would implode the globe’s finances. Today Italian stocks fall and yields rise as Italy’s 2019 deficit climbs again. This is huge:  their budget deficit climbs to 2.5% on a faltering economy.  In chess parlance:  check Mr Brussels…

( zerohedge)

 

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

i)Iran/USA

Iran is having great difficulty coping with its floods.  The sanctions imposed on them by the uSA is having a devastating effect on them

( zerohedge)

ii)Iran/USA

Iran’s revolutionary guard commander warns a uSA carrier to stay away from Iran’s speed boats. Situation is getting very nasty

( zerohedge)

iii)Libya

Libya continues to deteriorate as Hafter enters and controls some parts of Tripoli. Hafter is trying to unify the country but there are too many factions

( SouthFront.org)

iv)Turkey

this is an extremely important commentary as Erdogan continue to move towards the Moscow orbit with its supposed purchase of S400 being a done deal.  Moscow welcomes NATO ally into its fold despite differences with respect to policy inside Syria.  Moscow wants to get rid of all terrorists and groups against the Assad regime.  Erdogan allies with rebels and of course they are totally waging war against the Kurds in the North west of Syria. Turkey is such a strategic located country straddling Europe and Asia.  The USA will be furious with they lose this NATO alliance and expect sanctions and the use of the uSA dollar to continue to hinder Turkish finances.

( zerohedge)

 

v)Israel

Netanyahu is expected to win an unprecedented 5th term as Israeli Prime Minister according to exit polls.  If so he can move ahead with plans to annex parts of the West Bank which will drive the Palestinians crazy.
(courtesy zerohedge)

6. GLOBAL ISSUES

a)A good look at the situation inside:

1 the uSA with Trump nominating gold bugs/sound money men like Cain and Miller.

2//trade issues faltering between the USA/Canada and Mexico//and then China/usa

3. Brexit

( Every/Rabobank)

b)The IMF has now come cutting its outlook for global growth again to its lowest since the financial crisis began in 2008.

( zerohedge)

c)Canada
For those of you who are following what is going on in Canada with respect to the expulsion of Jody Wilson Raybould, it looks like Trudeau broke Canadian law.  Expulsions from cabinet must be done by secret ballot by all members of the cabinet.  Trudeau, unilaterally expelled two cabinet ministers, Raybound and Jane Philpott.
The entire story on this is below:
(courtesy zerohedge)

 

7. OIL ISSUES

 

 

 

 

8 EMERGING MARKET ISSUES

 

i)VENEZUELA

My goodness..they are robbing caskets of jewellry and bones in Venezuela..anything that has value..

( zerohedge)

 

 

9. PHYSICAL MARKETS

i)How Goldcorp’s Ian Telfer rode his company into the ground after he took over the reins from McEwan who knew how to run a company

This man is one complete failure with respect to gold. He knew of the manipulation but did nothing about it totally opposite to McEwan who was very vocal.  They got rid of McEwan which was Goldcorp’s biggest mistake.

(Friedman/National Post/GATA)

ii)The Indian Government continues to try and paperize its people’s gold to no avail. They are trying it one more time with another hair brained scheme

( Times of India/GATA)

iii)james Turk is a superb technical analyst.  He knows not to touch short term T.A. but long term is good to watch.  He sees a breakout past $15.30.  He states that the shorts are nervous due to the severe backwardation in price in silver  Spot/May

a must read…

( James Turk/Kingworldnews)

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

 

 

MARKET TRADING//early this morning/FOMC

 

 

 

ii)Market data

The important JOLTS reports seems to contradict March’s payroll gains as job openings plunge by a huge 538,000…the biggest drop in 3 1/2 years.

(zerohedge)

 

 

 

ii)USA ECONOMIC/GENERAL STORIES

a)A terrific commentary from Wolf Richter on buybacks.  Without them demand for shares will plummet along with their stock price

( Wolf Richter/WolfStreet)

b)Now it is Lockheed Martin that is starting to worry as a jet disappears from radar over the Pacific.

( zerohedge)

c)The higher minimum wages are causing several businesses to layoff workers
( Mac Slavo/SHFTPlan.com)
d)An update on the admissions scandal
( zerohedge)

e)A month ago, one of the most powerful storms whacked the Plains and the Mid West. Another is coming this week

( zerohedge)

iv)SWAMP STORIES

a)This is going from the sublime to the ridiculous:   A left leaning judge in California has just blocked the White hOuse plan to return some asylum seekers back to Mexico

( zerohedge)

b)Now Trump is tightening the screws on communist Cuba.  He is now planning a new waiver system that could seriously restrict Cuba’s only export to the USA:  baseball talent
( 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 RISING 3742 CONTRACTS.TO A LEVEL OF 439,655 WITH THE  GAIN IN THE PRICE OF GOLD ($6.40) IN YESTERDAY’S // COMEX TRADING) 

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF APRIL..  THE CME REPORTS THAT THE BANKERS ISSUED A GOOD SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 4069 EFP CONTRACTS WERE ISSUED:

FOR APRIL 0 FOR JUNE ’19: 4069 CONTRACTS , DEC; 0 CONTRACTS: 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  4069 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: 7811 TOTAL CONTRACTS IN THAT 4069 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A CONSIDERABLE SIZED 3742 COMEX CONTRACTS.

 

NET GAIN ON THE TWO EXCHANGES ::7811 contracts OR 781,100 OZ OR 24.29 TONNES.

 

We are now in the active contract month of APRIL and here the open interest stands at 345 contracts, having lost 98 contracts.

We had 87 notices filed upon yesterday, so we LOST 11 contracts or an additional 1100 oz will NOT  stand as these guys refused  morphed into London based forwards as well as accepting 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 172 contracts DOWN to 1863 contracts. The next contract month after May is June and it is an active month.  Here the open interest rose by 3041 contracts DOWN to 325,100 contracts.

 

 

 

 

TODAY’S NOTICES FILED:

WE HAD 20 NOTICES FILED TODAY AT THE COMEX FOR 200 OZ. (

 

 

 

 

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And now for the wild silver comex results.

Total COMEX silver OI ROSE BY A good SIZED 1012 CONTRACTS FROM 205,679 UP TO 206,691(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 WITH A 14 CENT FALL IN PRICING.//YESTERDAY. HOWEVER A GOOD MAJORITY 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 15 CONTRACTS FOR A LOSS OF 60 CONTRACTS ON THE DAY.

WE HAD 60 NOTICES SERVED UP YESTERDAY, SO WE LOST  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. THE COMEX IS RUNNING OUT OF METAL TO FEED THE CROOKS.

 

 

 

 

 

AFTER APRIL, WE HAVE THE ACTIVE DELIVERY MONTH OF MAY AND HERE THE OI FELL BY 3017 CONTRACTS DOWN TO 122,320. CONTRACTS.. THE NEXT MONTH OF JUNE ADDED 17 CONTRACTS TO TOTAL 50. AFTER JUNE, THE VERY BIG DELIVERY MONTH OF JULY HAD A GAIN OF 2287 CONTRACTS UP TO 52,263 CONTRACTS.

 

 

 

 

 

 

ON A NET BASIS WE GAINED A GOOD SIZED 1398 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 1012 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 386 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN ON THE TWO EXCHANGES:  1398 CONTRACTS...AND ALL OF THIS GOOD  DEMAND OCCURRED WITH A 14 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:  194,781  CONTRACTS

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  214,934  contracts (volume high due to raid)

 

 

 

 

 

 

 

 

INITIAL standings for  APRIL/GOLD

APRIL 9 /2019.

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
14,708.436
oz
HSBC
Deposits to the Dealer Inventory in oz nil

oz

 

 

 

 

 

 

 

Deposits to the Customer Inventory, in oz  

 

 

 

nil oz

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No of oz served (contracts) today
20 notice(s)
 2000 OZ
(.0622 TONNES)
No of oz to be served (notices)
325 contracts
(32500 oz)
1.010 TONNES
Total monthly oz gold served (contracts) so far this month
4135 notices
413500 OZ
12.8615 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 1 gold withdrawals from the customer account:

(maybe investors are taking our advice by not storing their gold at the comex.)

this will hurt our bankers as they need to replace leased gold as all gold stored at the gold comex is unallocated.

 

 

 

total gold withdrawals;  14,708.436  oz

 

we had 2 adjustments…
i) out of Delaware:
1508.355 oz was adjusted out of the dealer and this landed into the customer account of Delaware;

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  20 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 3 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid  (Goldman Sachs)

 

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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 (4135) x 100 oz , to which we add the difference between the open interest for the front month of APRIL. (345 contract) minus the number of notices served upon today (20 x 100 oz per contract) equals 446,000 OZ OR 13.8724 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 (4135 x 100 oz)  + (476)OI for the front month minus the number of notices served upon today (20 x 100 oz )which equals 446,000oz standing OR 13.8724 TONNES in this  active delivery month of APRIL.

 

 

WE LOST 11 CONTRACTS OR 1100 OZ WILL NOT STAND AT THE COMEX AND THESE GUYS MORPHED INTO LONDON BASED FORWARDS.(AS WELL AS ACCEPTING 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 13.689 TONNES OF REGISTERED (  GOLD OFFERED FOR SALE) VS 13.87824 TONNES OF GOLD STANDING

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

 

 

 

 

 

total registered or dealer gold:  440,114.329 oz or  13.689 tonnes
total registered and eligible (customer) gold;   7,958,824.004 oz 247.55 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. SO WE ARE DOING MUCH BETTER IN 2019 AS WE NOW HAVE  TO 13.8724 TONNES OF GOLD STANDING.

 

 

IN THE LAST 31 MONTHS 107 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 9 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
208,186.960 oz

Scotia

 

 

 

Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
1,084,129.540 oz
Scotia
CNT
No of oz served today (contracts)
0
CONTRACT(S)
nil OZ)
No of oz to be served (notices)
15 contracts
75,000 oz)
Total monthly oz silver served (contracts) 757 contracts

3,785,000 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 you 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  2 deposits into the customer account

 

i) Into JPMorgan:  nil  oz

 

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

JPMorgan now has 148.909 million oz of  total silver inventory or 48.90% of all official comex silver. (148 million/305 million)

 

i) Into CNT: 600,325.02 0z

ii) Into Scotia: 483,802.520 oz

 

 

 

 

 

 

 

total customer deposits today:  1,084,129.540 oz

 

we had 1 withdrawals out of the customer account:

i) Out of Scotia:

 

total withdrawals: 208,186.960   oz

 

we had 0 adjustments..

 

 

 

total dealer silver:  89.878 million

total dealer + customer silver:  305.317 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 757 x 5,000 oz = 3,785,000 oz to which we add the difference between the open interest for the front month of APRIL. (15) 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:757(notices served so far)x 5000 oz + OI for front month of APRIL( 15) -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:  73,485 CONTRACTS

 

 

 

CONFIRMED VOLUME FOR YESTERDAY: 74,619 CONTRACTS… 

 

 

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 74,619 CONTRACTS EQUATES to 373 million OZ  53.2% 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

 

 

 

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NPV for Sprott 

1. Sprott silver fund (PSLV): NAV RISES TO -2.73% (APRIL 9/2019)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -0.68% to NAV (APRIL 9/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -2.73%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

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

NAV 13.09/TRADING 12.59/DISCOUNT 3.80

END

And now the Gold inventory at the GLD/

APRIL 9/WITH GOLD UP $6.40, THE CROOKS AGAIN RAIDED THE COOKIE JAR BY 1.18 TONNES/INVENTORY TONIGHT RESTS AT 760.49 TONNES

APRIL 8/WITH GOLD UP AGAIN BY $6.40: THE CROOKS RAIDED THE COOKIE JAR AGAIN BY .88 TONNES//INVENTORY RESTS TONIGHT AT 761.67 TONNES.

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

 

 

 

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APRIL 9/2019/ Inventory rests tonight at 760.49 tonnes

*IN LAST 573 TRADING DAYS: 174.46 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 473 TRADING DAYS: A NET 7.64TONNES 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 9/WITH SILVER DOWN ONE CENT: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ/

APRIL 8/WITH SILVER UP 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV.INVENTORY RESTS AT 309.167 MILLION OZ///

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 9/2019:

 

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 2.16/ and libor 6 month duration 2.63

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

G0LD LENDING RATE: + .47

 

 

XXXXXXXX

12 Month MM GOFO
+ 2.45%

LIBOR FOR 12 MONTH DURATION: 2.75

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.30

end

 

PHYSICAL GOLD/SILVER STORIES

end
i) GOLDCORE BLOG/Mark O’Byrne

Russia Dumps U.S. Dollars and Buys Gold As “Safety Metal”

(Bloomberg) — Vladimir Putin’s quest to break Russia’s reliance on the U.S. dollar has set off a literal gold rush. Within the span of a decade, the country quadrupled its bullion reserves, and 2018 marked the most ambitious year yet.

And the pace is keeping up so far this year. Data from the central bank show that holdings rose by 1 million ounces in February, the most since November.

The data shows that Russia is making rapid progress in its effort to diversify away from American assets. Analysts, who have coined the term de-dollarization, speculate about the global economic impacts if more countries adopt a similar philosophy and what it could mean for the dollar’s desirability compared with other assets, such as gold or the Chinese yuan.

French President Emmanuel Macron said in an interview with CNN in November that European corporations and entities are too dependent on the U.S. currency, calling it “an issue of sovereignty.” Last year, Poland and Hungary surprised analysts by making the first substantial gold purchases by a European Union nation in more than a decade.

For Russia, experts are starting to question whether it can afford to keep up its intense pace of buying. Some say the country will import more gold to guard against geopolitical shocks and the threat of tougher U.S. sanctions as relations between the two powers continue to deteriorate. Gold buying last year exceeded mine supply for the first time. Still, others argue that Russia’s bullion demand.

“Should it reach the limit for domestic purchases, I think the central bank will start to import gold,” said Oleg Kouzmin, chief economist at Renaissance Capital in Moscow and former adviser in the central bank’s Monetary Policy Department. Given the geopolitical risks, it’s likely the central bank will keep increasing gold’s share of reserves, he said.

A representative for Russia’s central bank declined to comment on its gold purchases.

One thing that could keep Russia’s dollar reserves at high level is the country’s dependence on exporting commodities, like oil which are denominated in the greenback. Three-quarters of the nation’s annual $600 billion of trade is in dollars.

Central bank buying has helped “strengthen gold from a weak hand to a strong hand” and supported gold prices in recent years, according to Ronald-Peter Stoeferle, managing partner at Liechtenstein-based asset manager Incrementum AG.

Bullion has risen more than 20 percent since the start of 2016.


April 18, Complimentary Storage In Zurich For 6 Month when you purchase the minimum amount of 10,000 ($€£) in physical gold and or silver for a limited time only

News and Commentary

Gold tops 1-week high on dollar weakness, pause in stocks rally (Reuters.com)

Gold pokes back above $1,300 as U.S. dollar, stocks slump (MarketWatch.com)

Investors hit pause as ECB and Brexit risks loom (Reuters.com) Stocks edge higher as crude oil gains (Reuters.com)

Gold prices hit one-week high as dollar turns lower (Reuters.com)

Trump’s Fed Picks Have Fond Memories of the Gold Standard (Bloomberg.com)

Indian government keeps trying to paperize its people’s gold (Gata.org)

Crude Oil Nearing Resistance – Could A New Top Form Here? (24HGold.com)

David Rosenberg: Fed Will Embrace ‘Helicopter Money’ In The Next Few Years (ZeroHedge.com)

Gold Prices (LBMA PM)

 

08 Apr: USD 1,297.10, GBP 993.58 & EUR 1,154.29 per ounce
05 Apr: USD 1,288.90, GBP 985.11 & EUR 1,147.51 per ounce
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

Silver Prices (LBMA)

08 Apr: USD 15.14, GBP 11.60 & EUR 13.47 per ounce
05 Apr: USD 15.19, GBP 11.63 & EUR 13.53 per ounce
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

Recent Market Updates

– ‘No Deal’ Brexit Risk Impacting UK and Irish Economies – Gold Gains On Recession Concerns
– America’s “Debt Crisis Is Coming Soon”
– Russia Buys 1 Million Ounces Of Gold In February – Become Your Own Central Bank
– 5 Ways to Prosper In the Coming Crisis – Goldnomics Podcast
– Deutsche Bank and Commerzbank May Become EU’s “Too Big To Fail” Bank
– Happy Saint Patrick’s Day from GoldCore
– 188 Internet Shutdowns In 2018 Show Why Physical Gold Is Ultimate Protection
– Buy Gold as Basel III Means “Central Banks and Banks Are Going To Be Buying Gold”
– Invest In Gold Or Bitcoin – Which Is The True Store Of Value?

 

Mark O’Byrne
Executive Director

How A ‘No Deal’ Brexit Could Lead To The “Lehmanization” Of Europe

(The Telegraph) — Odds of a ‘no deal’ Brexit next week have risen markedly, as the Commons fails to coalesce around a viable alternative to Theresa May’s deal, while once again rejecting the “best possible deal” negotiated between the prime minister and the EU27, albeit by a smaller, yet still considerable, margin than in the past.

UK

This is why, for the first time in a while, speculation about ‘no deal”s impact, not only on the UK, but on the European, and broader global, economy is at the forefront of the market’s mind, as investors have finally been forced to confront the reality that the UK crashing out of the EU next week isn’t only possible, but extremely probable.

To that end, analysts at Goldman Sachs, who have been closely chronicling the Brexit trainwreck since the referendum, have attempted to quantify the economic impact of Brexit in the two-and-a-half years since the referendum, and use it to extrapolate what might be in store not just for the UK, but for all of Europe, if Britain leaves without a deal next week.

The bank’s findings are alarming, to the say the least.

To begin, its analysts quantified how the uncertainty bred by the chaotic and dysfunctional Brexit negotiations has inspired businesses and consumers to put off investments and consumption, and compared it with a “doppleganger” model illustrating the counterfactual state of the UK in an alternate reality where voters elected to remain.

Using these models, Goldman calculated that Brexit has already knocked 2.4% off the UK’s GDP, or about £600 million pounds ($671.3 million) every week since the referendum.

Given that the bulk of this (theoretical) loss has been attributed to business investment, Goldman has extrapolated that analysts have underestimated the impact of the “political uncertainty” surrounding the Brexit process.

Brexit

And after establishing via a complex event-based factor analysis that Brexit-related uncertainty has been the primary driver of uncertainty in UK markets and investment over the past 2.5 years…

Goldman

…The analysts concluded that the flare-up in Brexit-related uncertainty since the start of the year shaved 5% off QoQ investment growth during Q1.

Investment

In a finding that raises questions about the pan-European manufacturing recession that has emerged over the past few months, the analysts found that investment in large capital goods (planes, trains and equipment) and services (hotels and restaurants) are the most exposed to this type of uncertainty.

Investment

Looking beyond the British isles, Goldman illustrated how the Brexit referendum result rippled across global markets, exerting the biggest impact on the riskiest debt across the world, but especially in Europe. And since a ‘no deal’ Brexit could be just as much of an economic shock, there’s reason to believe that this type of reaction could repeat itself…

Brexit

…Even though Brexit-related event risk since then has mostly been confined to countries with significant export exposure to the UK.

UK

Yet, while leaving next week with a deal could be a tailwind for the UK economy, according to Goldman’s analysis of output costs, “no deal” could have a substantial impact on European GDP for years to come.

Brexit

With the EU declaring that a “no deal” Brexit is now a “likely” scenario, the Telegraph’s International Business Editor Ambrose Evans-Pritchard offered a haunting analysis of the ramifications of ‘no deal’ for the fragile European financial system, warning that the economic shock of a no-deal Brexit – coming at a time when manufacturing activity is already weak – could redound to a pan-European “Lehman-style” crisis, thanks the disruption in trade and its impact on growth.

The European Central Bank can – presumably – handle the immediate shock of a financial and trade rupture by relaunching bond purchases and compressing Italian yields. What the ECB cannot handle is a third economic recession in a decade. This will lead to a credit crunch and play havoc with Club Med debt dynamics.

Let us call it creeping Lehmanisation – until the dam breaks and risk spreads go non-linear.

Taken literally, the EU’s Brexit position implies barriers (certification, delays etc) on imports of Airbus components for factories in Toulouse and Hamburg. Every wing is built in the UK at a hi-tech plant in Broughton and there are no stockpiles.

Airbus has already stated that a full breakdown in cross-channel trade would lead to losses of €1bn a week. The supply chain would “fall apart”. Some 4,000 UK firms supply more than 10,0000 aircraft parts. These include Rolls-Royce engines. The biggest industrial venture in Europe with 108,000 employees would be hobbled for as long as Brussels stuck to its hard-line policy.

What’s worse, with the ECB already backing away from its plans to tighten money policy by leaving interest rates on hold at least through the end of the year, the Continent’s one bulwark against unmitigated financial peril would have few options to quell the fallout.


April 18, Complimentary Storage In Zurich For 6 Month when you purchase the minimum amount of 10,000 ($€£) in physical gold and or silver for a limited time only

end

GATA STORIES WITH RESPECT TO GOLD/PRECIOUS METALS.

How Goldcorp’s Ian Telfer rode his company into the ground after he took over the reins from McEwan who knew how to run a company

This man is one complete failure with respect to gold. He knew of the manipulation but did nothing about it totally opposite to McEwan who was very vocal.  They got rid of McEwan which was Goldcorp’s biggest mistake.

(Friedman/National Post/GATA)

 

Goldcorp’s Ian Telfer rode the gold highs but exits on a low note

 Section: 

‘Peak gold’ makes no difference when the mining industry doesn’t mind that there’s no ‘peak paper.’

* * *

By Gabriel Friedman
National Post, Toronto
Monday, April 8, 2019

After helping to build what was once the most valuable gold mining company in the world, Goldcorp Inc. chairman Ian Telfer is planning to exit on a low-note — albeit $12 million richer.

Earlier this year, Telfer cut a deal to sell Goldcorp for US$10 billion — a 78 per cent hair cut from its peak valuation of US$45 billion back in 2011 when gold prices were soaring.

… 

On Thursday, in a sign of how far the company has fallen, Goldcorp shareholders voted nearly unanimously to approve the deal. Proxy advisors have recommended Newmont shareholders do the same when they vote April 11.

That means Telfer, 73, who does not hold a position at any other gold company, could officially be jobless next week, having opted to take a $12 million severance pay out despite shareholder objections, and to give up the chance to serve as Newmont’s deputy chairman.

If he does leave the gold industry — although some friends and acquaintances doubt he will sit still in retirement — the departure comes at a time when Telfer believes the gold mining industry is headed for a period of decline, as he made clear in interviews with the Financial Post conducted during the past year including an extended conversation last May before his induction into the Canadian Business Hall of Fame.

Convinced that the major gold reserves in the world all have been discovered and the industry must shrink, Telfer has been bracing for a wave of consolidation. Unfortunately, it arrived last year as his company was trading at its lowest point in decades.

“One thing you learn in our business, is sometimes they put you in the sunshine for awhile, sometimes they put you in the shade,” he said last May. “Right now we’re in the shade.”

At the time, Goldcorp had been riding a years-long decline in its share price from above $50 in 2011 down to $13.47 in May 2018, and the worst hadn’t even come.

Last autumn, after reporting disappointing third-quarter results including higher than expected costs, Goldcorp shares went on to drop an additional nearly 20 per cent, to less than $9. Since 2017 it has had negative free cash flows, according to Morningstar Research.

By the beginning of the year, the whole company was being sold to Newmont Mining for US$10 billion, whose chief executive Gary Goldberg would criticize Goldcorp’s strategy as one focused on “volume” rather than profits.

If the Goldcorp sales goes through, it forms a remarkable ending for a company that as recently as 2014 was worth more than either Newmont or Barrick Gold Corp. — currently the two largest gold companies in the world.

In 2001, Telfer started Wheaton River Minerals, the company that eventually became Goldcorp in 2005. The combined company, which took the name Goldcorp, hit a high point in September 2011 when its market cap exploded to US$45 billion — a value that then exceeded Newmont’s US$32.5 billion market cap.

That year, gold prices peaked above US$1,800 per ounce. These days, gold has been trading around US$1,300 per ounce and has not gone above US$1,400 since 2014.

Telfer is quick to point out that nearly all gold companies that were around in 2011 have declined by most measures since the price of gold dropped. But compared to Barrick and Newmont, his company has recovered the least — amid operational challenges, rising costs and questions about how it will maintain its pipeline of gold production.

The way forward seemed to puzzle even Telfer.

“We started this company from scratch and a few years ago we were bigger than even Barrick,” Telfer said last May. “We’ve now dropped back behind Barrick and behind Newmont by a fair bit.”

He added that the entire industry has changed in one key way: “It’s shrinking for the first time in my life, and I’ve been in it almost 40 years.”

He’s not alone in seeing the industry decline. At the Prospectors and Developers Association of Canada conference earlier this year, Mark Ferguson of S&P Global Market Intelligence said there’s been a steady decline in gold grades since 2012, and a “dearth of really big deposits” discovered.

Telfer became convinced that when any industry shrinks, consolidation always comes next.

So last September, after Barrick Gold announced its US$6 billion acquisition of Randgold Resources, in a deal that was roundly cheered by the investment community, Telfer said he felt pressure to find a merger partner for Goldcorp. He compared it to a game of musical chairs, in which fairly quickly, the handful of other eligible companies would link up with someone and the last company would be stranded.

Originally, Telfer spoke with Australia’s Newcrest about a no-premium deal late last year.

But in a one-month time span that began in early December, Newmont negotiated to buy Goldcorp in a deal primarily structured as a share exchange that gave Goldcorp a 17 per cent premium on its then-trading price.

That deal almost fell through when Barrick chief executive Mark Bristow made a hostile US$17.8 billion bid for Newmont, which he conditioned upon the cancellation of the Goldcorp buyout — whose assets he disparaged.

Instead, Barrick dropped its bid for Newmont last month.

Telfer says he likes to golf, and read about business, and doesn’t have any business plans beyond his role as a director at Renaissance Oil Corp. — a small onshore energy producer in Mexico with a market capitalization of less than US$40 million.

Neil Woodyer, chief executive of Leagold Inc. and a close business associate of Telfer, said his friend has always been able to parlay one job into the next, starting out looking for gold in Brazil and Venezuela, and finally moving to the global stage with Goldcorp.

Now, the well is dry, but Woodyer said he doubts Telfer will retire quietly.

“He’ll pop up in some sort of capacity, maybe in a chairman capacity,” said Woodyer.

In interviews, Telfer has said he doesn’t pay attention to other commodities and believes gold is poised for a massive run up, much like the spike rise he said he predicted in 2001, which motivated him to start the company that became Goldcorp.

In a short film made before his induction into the Canadian Business Hall of Fame, Telfer described himself as a gold bug, fascinated by its “mythic qualities.” He said he doesn’t fear failure and that he likes to create businesses.

“The financial markets love a comeback story,” Telfer said in the film. “So look forward to your comeback story.”

* * *

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

The Indian Government continues to try and paperize its people’s gold to no avail. They are trying it one more time with another hair brained scheme

(courtesy Times of India/GATA)

Indian government keeps trying to paperize its people’s gold

 Section: 

Inter-Ministerial Group to Meet on Making Gold an Asset Class

By Ram Sahgal
The Times of India, Mumbai
Monday, April 8, 2019

MUMBAI, India — India will hold a top ministerial meeting early this week on giving gold the status of an asset class, a move that seeks to reduce the dependence on imports by boosting the circulation of an estimated 25,000 tonnes of the metal lying locally in jewellery or coin forms.

The status of an asset class would give Indians the opportunity to capitalise their gold and make it as liquid as the stock of a listed company. The government is working on having an India gold delivery standard, similar to gold that’s certified by the London Bullion Market Association, the world’s standard setter for the metal.

… 

The meeting is scheduled to be held in New Delhi, two persons aware of the development said. The Bureau of Indian Standards would play a key role in making gold an asset class, said one of the persons.

Residents holding gold jewellery or coins would be able to get these melted into .995- or .999-purity bars by accredited refiners, who would issue a certificate to them bearing the title of goods, purity, and serial number embossed on the bars, which can be traced to their owner. …

… For the remainder of the report:

https://economictimes.indiatimes.com/markets/commodities/news/inter-mini…

* * *

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

james Turk is a superb technical analyst.  He knows not to touch short term T.A. but long term is good to watch.  He sees a breakout past $15.30.  He states that the shorts are nervous due to the severe backwardation in price in silver  Spot/May

a must read…

(courtesy James Turk/Kingworldnews)

Silver may surprise at next option expiration, Turk tells KWN

 Section: 

1:53p ET Monday, April 8, 2019

Dear Friend of GATA and Gold:

GoldMoney founder James Turk, interviewed today by King World News, says the monetary metals weathered pretty well the most recent usual option-expiry smashdown in the paper markets. With silver trading in backwardation, Turk says, this month’s option expiration would be surprising. His comments are excerpted at KWN here:

https://kingworldnews.com/james-turk-gold-silver-close-to-breakout-but-t…

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

END


iii) Other Physical stories
Chris Powell through Jim Rickards outlines the gold fraud to a “T”. So to all our newcomers please read below and grasp the nature of the crime
(courtesy Chris Powell/Jim Rickards/GATA)

(GATA)Jim Rickards: Gold is so manipulated we don’t have to speculate about it

Submitted by cpowell on 03:26PM ET Tuesday, April 9, 2019. Section: Daily Dispatches

11:25a ET Tuesday, April 9, 2019

Dear Friend of GATA and Gold:

Fund manager, author, and geopolitical strategist Jim Rickards, whose recent book, “The New Case for Gold,” provides the best summary of gold price manipulation by governments and central banks —

http://www.gata.org/node/18235

— returns to the subject in commentary just posted at The Daily Reckoning.

In an essay that takes for a headline J.P. Morgan’s famous dictum — “Gold is money, and nothing else” — Rickards writes in part:

“So much of the gold market is ‘paper gold.’ This paper gold market is so manipulated we no longer have to speculate about it. Its very well documented.

“A central bank, for example, can lease gold to one of the London Bullion Market Association banks, which include large players like Goldman Sachs, Citibank, JPMorgan Chase, and HSBC.

“Gold leasing is often conducted through an unaccountable intermediary called the Bank for International Settlements. Historically the BIS has been used as a major channel for manipulating the gold market and for conducting sales of gold between central banks and commercial banks. The BIS is the ideal venue for central banks to manipulate the global financial markets, including gold, with complete nontransparency.

“But it all rests on a tiny base of physical gold. I describe the market as an inverted pyramid with a little bit of gold at the bottom and a big inverted pyramid of paper gold resting on top. There’s just not that much gold available. But in the paper gold market, there’s no limit on size, so anything goes.

“Leasing of paper gold by bullion banks allows them to sell the same gold as much as 10 times over to 10 different buyers. It’s like a game of musical chairs, only with more participants and fewer chairs.

“Someday, probably sooner than later, somebody is going to show up and say, ‘I want my gold, please,’ and the custodian won’t be able to give it to them. What if a major institution wants its gold but can’t get it?

“That would be a shock wave. It would set off panic buying in gold, driving prices through the roof.

“Meanwhile, the physical fundamentals are stronger than ever for gold. …”

Rickards’ commentary is posted at The Daily Reckoning here:

https://dailyreckoning.com/money-is- gold-and-nothing-else/

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

-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 TUESDAY 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: 6.7121/

//OFFSHORE YUAN:  6.7162   /shanghai bourse CLOSED down 5.15 or .16%

HANG SANG CLOSED up 80.34 points or .27%

 

2. Nikkei closed UP 40.34 POINTS OR 0.19%

 

 

 

 

3. Europe stocks OPENED GREEN EXCEPT GERMAN DAX 

 

 

 

 

 

USA dollar index FALLS TO 96.93/Euro RISES TO 1.1277

3b Japan 10 year bond yield: FALLS TO. –.05/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 111.30/ 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:: 64.53 and Brent: 71.09

3f Gold UP/JAPANESE Yen UP 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 FALLS TO +00%/Italian 10 yr bond yield DOWN to 2.48% /SPAIN 10 YR BOND YIELD DOWN TO 1.08%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 2.48: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 3.46

3k Gold at $1301.35 silver at:15.26   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 21/100 in roubles/dollar) 64.67

3m oil into the 64 dollar handle for WTI and 71 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 111.30 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning 0.9992 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1267 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to +0.00%

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 2.52% early this morning. Thirty year rate at 2.92%

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

6.  TURKISH LIRA:  UP  TO 5.6554..GETTING DANGEROUS

 

Rally Fizzles, Futures Drift As Trump Opens New Trade War Against Europe

The global equity rally stumbled for the second day, and risked running out of steam ahead of Wednesday’s action-packed event bonanza, even as Asian and European shares gained while US equity futures pared losses as investors appeared to shrug off threats from President Trump for new tariffs on goods produced in the EU in retaliation for Airbus subsidies. Treasuries were unchanged, as the dollar drifted lower.

Amid a generally muted tone, Asia rose to an 8-month high overnight with European shares initially opening flat after the office of the U.S. Trade Representative sent its proposals to the World Trade Organisation, saying the EU had provided $11 billion worth subsidies to Airbus; however the Stoxx Europe 600 inched higher in morning trade, up 0.1%, with the banking sector rising before the ECB meeting Wednesday, overshadowing losses in the tech sector, led lower by SAP.

In notable moves, SAP fell 2.5% after being downgraded to hold from buy at HSBC, cut to neutral from buy at UBS ahead of the software company’s 1Q results later this month. Airbus shares dropped as much as 2.5 percent in early deals, with many of its key suppliers lost between 0.7 percent and 1.2 percent, though much of the early losses were then recovered.

While most Asian markets were higher, Chinese stocks dipped modestly, down 0.2%, but it was the ongoing surge in Chinese 10-year sovereign yields that continues to grab attention, with the paper rising another 4bps to 3.294%, the highest level of the year following a torrid surge last week, when yields jumped 19bps, the most since November 2013.

Aberdeen Standard Investment’s head of global multi-asset strategy, Andrew Milligan, told Reuters that “signals like this just remind people… that the strategic rivalry between the U.S. and other countries is serious and is not going to go away.”

Ahead of “Super Wednesday”, the other focus was set to be the International Monetary Fund’s half-yearly forecasts, which will reinforce the message that the global economy continues to slow down for a variety of reasons, which in turn will likely push stocks even higher. According to Reuters, the Fund is expected to make quite a sizable cut to its growth number and Germany’s benchmark 10-year bond yield stayed just below zero percent on bets interest rates are set to stay extremely low globally.

Finally, the reason why markets may be subdued today is because all hell is set to break loose tomorrow when the EU emergency Brexit summit, ECB meeting, US CPI report and FOMC minutes all take place.

In currencies, Sterling was largely unchanged, after earlier jumping on speculation Germany would accept a 5-year time limit on the Irish backstop; the jump quickly fizzled after a German government spokesman denied the report. Additionally, Prime Minister Theresa May is set to meet Germany’s Angela Merkel and France’s Emmanuel Macron to ask for another Brexit delay. Elsewhere, the The Australian and Canadian dollars and Norwegian crown and Russian rouble also rose as a surge in oil prices to five-month highs lifted most other commodity-linked currencies too, as the dollar continued its 2-day slide.

In commodities, Brent rose as high as $71.34 a barrel, the highest since November, while WTI crude also hit a November 2018 high of $64.77 and was up 22 cents at $64.62. Oil prices are up more than 40 percent this year, jumping on expectations that global supplies will tighten due to fighting in Libya, OPEC-led cuts and U.S. sanctions against Iran and Venezuela.

Levi Strauss is due to release earnings after its IPO last month. Economic data include JOLTS job openings, small business optimism.

Market Snapshot

  • S&P 500 futures down 0.1% to 2,894.75
  • STOXX Europe 600 up 0.09% to 387.85
  • MXAP up 0.3% to 163.34
  • MXAPJ up 0.4% to 543.47
  • Nikkei up 0.2% to 21,802.59
  • Topix down 0.09% to 1,618.76
  • Hang Seng Index up 0.3% to 30,157.49
  • Shanghai Composite down 0.2% to 3,239.66
  • Sensex up 0.3% to 38,800.85
  • Australia S&P/ASX 200 up 0.01% to 6,221.82
  • Kospi up 0.1% to 2,213.56
  • German 10Y yield fell 0.9 bps to -0.002%
  • Euro up 0.08% to $1.1272
  • Brent Futures up 0.2% to $71.26/bbl
  • Italian 10Y yield rose 0.8 bps to 2.132%
  • Spanish 10Y yield fell 0.6 bps to 1.081%
  • Brent Futures up 0.2% to $71.26/bbl
  • Gold spot up 0.3% to $1,301.75
  • U.S. Dollar Index down 0.1% to 96.95

Top Overnight News from RanSquawk

  • The EU is preparing retaliatory tariffs against the U.S. over subsidies to Boeing, significantly escalating transatlantic trade tensions hours after Washington vowed to hit the EU with duties over its support for Airbus SE. Trump’s administration on Monday said it would impose tariffs on $11 billion in imports from the EU because of the European aid
  • The EU and China managed to agree on a joint statement for Tuesday’s summit in Brussels, papering over divisions on trade in a bid to present a common front to Trump, EU officials said
  • The slump in the Chinese car market showed no signs of easing, with retail sales of sedans, sport utility vehicles, minivans and multipurpose vehicles dropping 12 percent to 1.78 million units in March, the China Passenger Car Association said Tuesday. That follows an 18.5 percent drop in February and 4 percent decline in January
  • Turkey’s ruling party will demand a rerun of last month’s local election for the mayor’s seat in Istanbul after tallies showed it lost the vote, according to Recep Ozel, a ruling party official assigned to the election board. The election looked like it had stripped the city from President Recep Tayyip Erdogan and parties affiliated to him for the first time in 25 years
  • Societe Generale SA said it plans to cut about 1,600 jobs after a slump in trading revenue pushed Chief Executive Officer Frederic Oudea to intensify efforts to boost profit at the investment-banking unit

Asian equity markets eventually turned mostly positive on what was a predominantly cautious session following a mixed performance on Wall St amid tentativeness ahead of upcoming earnings season and this week’s central bank activity including FOMC Minutes and ECB policy meeting. ASX 200 (U/C) and Nikkei 225 (+0.2%) were indecisive but with losses in Australia stemmed by strength in the energy sector as the escalating conflict in Libya lifted oil prices, while Tokyo sentiment mirrored a choppy currency. However, the region was not without its success stories as Crown Resorts surged over 20% after it announced it was in discussions regarding a takeover approach by Wynn Resorts and with Sony higher by more than 7% on news Third Point was building an activist stake in the Co. and called for a review on ownership of several divisions. Hang Seng (+0.3%) and Shanghai Comp. (+0.1%) were also tepid amid a lack of any firm drivers and as trade-related news quietened down, while the PBoC also continued to refrain from open market operations. Finally, 10yr JGBs were lacklustre amid an indecisive risk tone and as participants awaited a 5yr auction, as well as Saudi Aramco’s USD 10bln bond offering which was more than 7x oversubscribed. Prices later recovered off their lows as the 5yr JGB auction later proved to better than previous with an improvement seen across most metrics including a higher b/c and accepted prices.

Top Asian News

  • China Investor Loves This Tiny Maker of Floating Flamingos
  • Malaysia’s Felda Is Said to Seek $1.5 Billion Government Rescue
  • Japan to Cut Japan Post Stake to >1/3 in Sale This Year: Nikkei
  • Tumbling China Bonds May Soon Look Good to Foreign Investors

Choppy trade for European equities thus far [EuroStoxx 50 +0.2%] following a cautious Asia-Pac session where China was tepid amid the lack of any firm drivers ahead of tomorrow’s risk-packed session. Analysts at HSBC believe that the Chinese economy has bottomed, and growth will pick-up in the coming months as the private sector feels the effects from corporate tax cuts. Over in Europe, stocks nursed some of the losses seen at the open after jitters from the US’ release of prelim tariffs on USD 11bln of EU products [Full list available on the headline feed] somewhat waned after sources noted that the legal actions taken against Airbus (-1.5%) subsidies are “greatly exaggerated”, and the EU remains open to dialogue with the US. Furthermore, upside in equities was initially exacerbated amid reports that German Chancellor Merkel is reportedly willing to put a 5yr time limit on the Northern Irish backstop, although equities shed some gains after this was dismissed, but remain in positive territory. Sectors are relatively mixed with no clear outperformer or laggard. In terms of individual stocks, Swiss heavyweight Novartis’ (-9.8% unadj.) Alcon unit (+5.2%) began its first trading day on the front foot and opened above the CHF 46.50-53.50 indicative range at CHF 55.00. Elsewhere, SAP (-2.1%) fell to the foot of the DAX in light of downgrades at HSBC and UBS. Finally, Italy’s Prysmian (-3.9%) extended on losses seen at the open following further failed commission tests.

Top European News

  • U.K. Minister Sees ‘Common Ground’ With Labour: Brexit Update
  • Debenhams Lenders Poised for Control as Ashley Falls Short
  • Telenor Takes on Telia in Nordics With $1.7 Billion DNA Deal
  • Porsche Bets on 911 Demand to Rally Sales to Record After 1Q Dip

In currencies, Sterling leapt towards the top of the G10 table amidst reports that German Chancellor Merkel may be open to a fixed backstop timeframe (5 years touted), which could appease some of those unwilling to back the WA, according to a Brexiteer. Cable cleared the 55 DMA (1.3096) and 1.3100 handle on its way to 1.3121 in response, while Eur/Gbp retreated to 0.8595 from 0.8627 at one stage before a denial by the German Government. Looking ahead, UK PM May’s is in Berlin to see her German counterpart and has a subsequent meeting with French President Macron before Wednesday’s emergency EU Summit. Meanwhile, talks between Tory Cabinet members and the Labour party are ongoing to try and strike a deal, and interim updates remain mixed.

  • AUD/NZD – The Aussie has extended gains to 0.7150 vs its US counterpart and 1.0600 against the Kiwi as commodities continue to rally and overnight data in the form of housing finance confounded expectations to the upside. Aud/Usd is now looking at bullish chart levels including the 100 DMA and a 50% Fib at 0.7142 and 0.7149 respectively to maintain momentum on a closing basis, with decent if not insurmountable option expiries between 0.7150-55 (circa 770 mn) also on the radar. Meanwhile, Nzd/Usd is trying to tag along and trying to breach 0.6750 ahead of offers said to be sitting at 0.6760.
  • JPY – Usd/Jpy has drifted down within a 111.57-24 range and into a relatively heavy expiry zone, as 1.8 bn runs off from 111.20-25 vs 1.7 bn at 111.35-40, with the Yen seeing some safe-haven demand due to renewed US/EU tit-for-tat tariff posturing. Chart-wise, 111.25 also represents the 10 DMA, while resistance ahead of the 112.00 big figure comes via a daily formation around 110.78.
  • EUR – The single currency has consolidated yesterday’s clearance of 1.1250 vs the Dollar and is eyeing 1.1280 as the DXY slips a bit further below 97.000 to test support at 96.806 amidst broad declines in Usd/major pairings. However, a thick cluster of option expiries may drag Eur/Usd back down given 5.8 bn rolling off between 1.1245-75, not to mention a further 3.1 bn lower down.
  • CAD/NOK – Both benefiting from the ongoing strength in oil prices, and the latter to the extent that a knee-jerk spike in Eur/Nok in wake of weak Norwegian GDP data has already been reversed, with the cross currently straddling 9.6200 vs a high just shy of 9.6500. Meanwhile, the Loonie is pivoting 1.3300 vs its US counterpart and just eclipsed its previous April high.
  • EM – More thrills and spills for the Lira, as an initial rebound made on a reduced recount in Istanbul was thwarted by another rejection of the electoral board’s decision by the AKP that is insisting on a full election rerun. Usd/Try back up near 5.6700 vs 5.6425 and 5.6949 at the extremes.

In commodities, another day of gains in the energy complex with WTI and Brent futures trading in proximity to USD 64.50/bbl and USD 71.00/bbl respectively; although the complex is trading towards the bottom of the days range. Developments in Libya remain a key factor in the upside seen recently with analysts at TD noting that “military tensions in Tripoli, Iranian sanctions and difficulties in Venezuela may cause deficits as OPEC+ is reducing supply and US shale activity is flattening — USD 68/bbl WTI in the cards”. That said, analysts at Goldman Sachs, due to lower projected inventories, expect further backwardation and modest upside in oil prices whilst forecasting the WTI/Brent spread to tighten to USD 4.50/bbl from Q4 2019 onwards. GS also raised its Q2 2019 Brent forecast to USD 72.50/bbl (Prev. USD 65.00/bbl) and maintained its USD 60.00/bbl 2020 forecast. Meanwhile, Russian Energy Minister Novak stated that there is no need to extend the OPEC+ output deal if the market is forecast to be balanced by H2, which his Saudi counterpart previously said was only 70-80mln barrel away. Elsewhere, metals are benefitting from the recent pullback in the Buck, with gold also profiting from recent flows into the yellow metal ahead of tomorrow’s risk-filled day. Copper gained amid continued strength in Chinese commodity prices in which Dalian iron ore futures gained for a 7th consecutive session amid tightening supply. Finally, Platinum caught a bid as markets speculate the impact of labour strikes in South Africa, which saw the metal break through key resistance levels whilst also triggering CTA short covering, according to TD.

US Event Calendar

  • 6am: NFIB Small Business Optimism, est. 102, prior 101.7
  • 10am: JOLTS Job Openings, est. 7,550, prior 7,581

DB’s Jim reid concludes the overnight wrap

I know that all parents think their children are special and highly gifted but I have to tell you that I genuinely think that one of my twins – 19 month old Jamie – is showing serious skills that already could mark him down as a future professional footballer. I’ve asked a few people who have seen him perform and they agree that they’ve never seen someone so proficient at his age. Yes, Jamie is going through a phase at the moment that whenever he doesn’t get his own way he launches into the most theatrical dive and bursts into tears. He then rolls about all over the floor and demands action. At times I swear he’s waving an imaginary card at the referee (usually mum). All that’s left is to try to teach him how to kick a ball and the family can retire off his 2035 Premier League contract. On that good luck to all those fans of teams in the Champions League quarter-finals over the next couple of evenings… unless of course you are a Porto fan where I instead wish you all the bad luck in the world (but please still vote for us in II).

In footballing terms if tomorrow is the Champions League of bumper days for markets, yesterday was like watching a lethargic pub team training session as Easter holidays seemed to have started in earnest. News flow has livened up overnight though as the US Trade Representative office has released a list of EU goods which will be subjected to additional tariffs if the EU continues to provide subsidies to Airbus. In the accompanying statement, the USTR office cited the WTO’s finding that the aid to Airbus has “repeatedly” caused “adverse effects to the United States.” The threatened tariffs are on some $11bn of imports from the EU and will be implemented only after the WTO give the final go-ahead this summer. The Trump administration hasn’t always trusted the WTO on these matters so its interesting that they are here. Proposed items in the list include new passenger helicopters, various cheeses and wines, ski-suits and certain motorcycles. This news might also remind investors that the US report on the national security risk of auto imports was delivered back in February without any official response yet. Having said that the US first complained to the WTO about Airbus subsidies 15 years ago so this has been a long running dispute.

Despite the tariff threat, markets are eking out modest gains overnight with the Hang Seng (+0.31%), Shanghai Comp (+0.14%) and Kospi (+0.11%) all up after erasing early losses while the Nikkei (+0.02%) is trading flattish. Elsewhere, futures on the S&P 500 are trading flat (-0.08%).

Before this the S&P 500 spent most of yesterday in the red, but clawed back during the New York afternoon (+0.10%) to extend its winning streak to eight consecutive days. That’s the longest stretch since October 2017. The NASDAQ also squeaked out a positive day (+0.19%) while the DOW (-0.32%) limped to a small loss, suffering from another drop for Boeing (-4.44%). Prior to this, the STOXX 600 (-0.19%) closed lower with all but three sectors in the red, while the story in bond markets was a slight tick up in Treasury yields (10y +2.3bps) and the 2s10s curve back up +0.7bps to 15.9bps. It’s worth noting that ever since the curve went below 20bps in December last year it’s traded in just a 10bp range. Meanwhile in commodities, WTI oil rose +2.16% following the Libya conflict news over the weekend, putting it at the highest since October 31st. The main story in EM was further weakening for the Turkish Lira (-1.14%) after President Erdogan suggested that there were “widespread irregularities” in the local elections. Other emerging markets performed well, with the Russian ruble (+0.72%) and Mexican peso (+0.52%) gaining alongside the advance in oil prices.

As for the daily Brexit update, Mrs May is travelling to see Mrs Merkel and Mr Macron today ahead of tomorrow’s summit that will decide on the UK extension request. So expect headlines from these meetings. Yesterday saw Labour receive an updated offer from the government as part of the ongoing Brexit negotiations. Supposedly there are still ongoing discussions about whether it will include a clear offer of moving to a customs union. The BBC’s Laura Kuenssberg also suggested that there is anxiety on the Labour side as even primary legislation could still be unpicked by the next Tory leader. This means that even if both sides can reach an agreement on a customs union it’s not entirely clear that they’ll be able to deliver a deal politically. It’s worth recapping that our house view base case is for no agreement between Labour and the Tories this week, but indicative votes going forward instead of a compromise solution. Later last night, the House of Lords passed its version of the bill to prevent a no-deal Brexit, though the issue has been a bit overtaken by events since PM May has already promised not to allow a no-deal outcome and is committed to following Parliament’s decision. Sterling floated between gains and losses during the European session before rallying +0.21% during the US session and overnight it has strengthened +0.14%.

As mentioned at the top this week should really kick into gear from tomorrow with a main course of the ECB meeting, the emergency EU Council meeting to discuss the Brexit extension, the FOMC minutes and US CPI data all on the cards. However we’ve got a couple of appetisers to look forward to today with the World Bank/IMF Spring Meetings kicking off, as well as the latest Euro Area bank lending survey covering Q1. A reminder that the survey for Q4 had a much softer tone. The net percentage of banks reporting tightening standards to enterprises was closer to even with -1 in Q4 compared to -6 in Q3. Demand for loans also continued its slowing trend from recent quarters with the net balance to enterprises falling to +9 versus +12 in Q3. It was a similar story for housing loans although demand for the latter did pick up. At a country level the softness was mostly reserved for Italy and Spain. Notably the outlook for Q1 also implied further moderation. So worth keeping an eye on today’s survey to see whether or not there are pockets of improvements. Given the only recent China rebound it might be too early to expect too much.

While we’re on the ECB there was a Bloomberg story doing the rounds yesterday which suggested that Committee members “are said not to have discussed tiering options” since Draghi’s comments towards the end of last month. There was a slight knee jerk reaction for European Banks post that headline however the story didn’t really seem to gather much momentum thereafter. European Banks did however still close down -0.72% while Bunds ended broadly flat and a notch above 0% at 0.007%.

In other news, there wasn’t much to write (or WhatsApp) home about from the data yesterday. In the US February factory orders were confirmed as declining -0.5% mom, matching consensus expectations. Core capex orders were also unrevised at -0.1% mom. Prior to this, in Europe the Sentix investor confidence reading for the Euro Area improved slightly to -0.3 (from -2.2) while February export data in Germany was weaker than expected at -1.3% mom (vs. -0.5% expected).

Finally to the day ahead, which is notably sparse for data releases with nothing due in Europe and only the March NFIB small business optimism print and February JOLTS report due out in the US. Away from that the Fed’s Clarida is set to speak at a “Fed Listens” event in Minneapolis late tonight, while as mentioned above the annual Spring Meetings of the World Bank and IMF begin today, and at some stage we’re expecting to get an update of the IMF’s World Economic Outlook. So expect headlines there. As discussed earlier, we’ll also get the Euro Area bank lending survey today.

 

3. ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED DOWN 5.15 POINTS OR .16% //Hang Sang CLOSED UP 80.34 POINTS OR .27%  /The Nikkei closed UP 40.94 POINTS OR 0.19%/ Australia’s all ordinaires CLOSED UP 07%

/Chinese yuan (ONSHORE) closed UP  at 6.7121 AS TRUCE DECLARED FOR 3 MONTHS /Oil UP to 64.53 dollars per barrel for WTI and 71.09 for Brent. Stocks in Europe OPENED GREEN EXCEPT GERMAN DAX

ONSHORE YUAN CLOSED UP // LAST AT 6.7121 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7162 / 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/CHINESE AFFAIRS

China

 

 

4/EUROPEAN AFFAIRS

i)/EU/USA/Airbus

This did not take long:  the EU is now prepared for retaliatory tariffs over aircraft subsidies.  After a favourable WTO ruling, the USA is proposing a 11 billion dollar tariff and that is getting the EU furious.

(courtesy zerohedge)

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS

Iran/USA

Iran is having great difficulty coping with its floods.  The sanctions imposed on them by the uSA is having a devastating effect on them

(courtesy zerohedge)

6.GLOBAL ISSUES

A good look at the situation inside:

1 the uSA with Trump nominating gold bugs/sound money men like Cain and Miller.

2//trade issues faltering between the USA/Canada and Mexico//and then China/usa

3. Brexit

(courtesy Every/Rabobank)

RaboBank: It’s All Starting To Sound Very 1930s…

Submitted by Michael Every of RaboBank

Where to start? How about with US President Trump, as is often the case. He has not only nominated Stephen Moore, an opinionated Wall Street Journal opinion writer, and Herman Cain, a former pizza CEO, and both of whom have previously been in favour of restoring the gold standard, to join the FOMC and set rates; he has also echoed Moore in talking about the Fed needing to cut rates immediately and reverse Quantitative Tightening (QT) in favour of QE4 (ever?). Specifically, Trump said “I personally think the Fed should drop rates. I think they really slowed us down. There’s no inflation. I would say in terms of QT it really should be QE.” So where does this end? Obviously the polite delusion that central banks are independent. Yet it was always a delusion: read up on how past presidents treated past Fed Chairs. And not coincidentally this is happening just as the equal delusions that central banks aren’t political is also ending, as is that they at least know how to get us out of what looks like another looming downturn or a further deflationary episode. We have warned about all of the above risks for some time: a downturn, lower inflation, and politicised central banks.

But does this mean that Trump will control the Fed ahead? No! But given the market actually agrees with what he is saying in pricing for a rate cut in 2019, Trump is taking out a political call option. If the economy powers through, everyone will soon forget what he said. If the economy tanks, then guess who can say “I told you so” and have someone to blame (and THEN have more influence over the Fed)? Consider that ashedge-fund manager Ray Dalio comes out to say that US capitalism is structurally broken and income inequality is a “national emergency” –a thesis we’ve been exploring for years with our “Lower for longer” US rates view and “Asset-rich, income-poor” calls– and argues that part of the response should be a joining of fiscal and monetary policy to address it (which again regular readers will know we are no strangers to here.) That prospect is likely to keep US bond yields low/lower and, conversely, the USD strong despite periods of volatility: let’s repeat that if the US is in this kind of mess, where does everyone else sit? Somewhere worse is the answer.

Let’s stick with Trump re: trade, which is the other big issue ostensibly on the market’s mind. Besides threatening to close the Mexican border, or impose 25% tariffs if drugs don’t stop flowing over the border, last week also saw the prospect of a US-China trade deal kicked further down the road. If you read enough stories on what is going on, all the hard parts have yet to be signed off on, apparently, and where there is agreement is merely that a deal needs to be made. The latest suggestion is that there might be a 2025 or 2029 target date for China to adopt some of the reforms being pushed by the US. Seize on that date with a wry smile: do you really think any US president, and especially this one, is going to give Beijing until after his term in office is finished (presuming a win in 2020) to deliver on the goods? Exactly. Focus more on the Chinese promise to buy lots of US gas/food/agri commodities in 2020 pre-election, and you have a better handle on what is really going on – or so it would appear. As many observers note, the US view on China has changed, and it isn’t changing back anytime soon; and even the EU may be finally getting tough(er), given suggestions it is reportedly ready to refuse signing a joint statement with China at a bilateral summit tomorrow, as Europeans request stronger commitments on the economy, trade and human rights. I wonder how China will take that snub? With its usual grace? That prospect is also likely to keep bond yields low/lower and, conversely, the USD strong despite periods of volatility.

But talking of the EU being tough, let’s move to Brexit, where this week is going to prove truly pivotal. Where to start? Last week some saw PM May finally reaching out across the aisle to try to build a consensus with the opposition Labour party re: the form a Brexit deal could take given her withdrawal agreement (WA) has been rejected heavily three times now. As May might have chuckled to herself Bugs Bunny style, “He don’t know me very well, do he?” Because those discussions have of course come to nothing with Labour stating it has yet to learn even the basics of what concessions May is prepared to make: in short, it was a trap to try to share Brexit blame on Jeremy Corbyn and scare Tory hardliners into backing her hated WA. May is trying to do the same thing in a new video that says that Brexit itself is at risk if her deal isn’t backed, and that it’s WA or No Brexit. This deliberately, and delusionally(?), overlooks the fact that unless May revokes Article 50, it’s actually still the WA, which is dead, or Hard Brexit this Friday – unless the EU grants a new delay.

Even on that front May has shot herself in the foot with both barrels. Everyone recognises the UK needs a long extension to try to work out where to go next. And yet May deliberately asked until 30 June to ensure the EU is made to look the bogeyman for UK voters.One has to wonder how much EU patience there is for such obvious self-serving incompetence; doubly so when Brexiteer Reese-Mogg openly states that if the UK is forced to stay in the EU for the parliamentary elections it should use the opportunity to sabotage everything it can from the inside; triply so when the rumours are of Boris Johnson as the next PM, whom the EU trusts less than May, and whom is on the front page of the Telegraph raging against May talking to Labour.

In practical terms that leaves May with today to come up with a new plan that Labour can agree to; and which won’t split her party, where the knives are not just out but are being licked on tongues; and which won’t split the Labour party, where the knives are also out over insisting on a second referendum and yet more allegations of institutional antisemitism. By tomorrow, when the sherpas arrive for the EU summit, the UK position is going to have to be better than “We just need more time.” Where does this end? Let’s just say that the market continues to price for a happy ending and I don’t know why, because the odds are not clearly in that direction.

Oh, and let me just throw this into the mix. Hansard has released a survey today which states that public attitudes are emerging that “challenge core tenets of our democracy”. Public faith in the political system has reached a new low, and almost three-quarters of those asked said the system of governance needed significant improvement; when people were asked whether “Britain needs a strong ruler willing to break the rules”, 54% agreed and only 23% said no. Together with institutional antisemitism, and Big Men getting the trains running on time while building concentration camps, how 1930s (or The Age of Rage) does that all sound? And tell me again, oh Mr Market, where this ends?

end

The IMF has now come cutting its outlook for global growth again to its lowest since the financial crisis began in 2008.

(courtesy zerohedge)

IMF Slashes World Growth Outlook To Weakest In A Decade

Following Christine Lagarde’s warnings last week, The IMF has officially cut its outlook for global growth to the lowest since the financial crisis amid a worsening outlook in most major advanced economies and signs that higher tariffs are weighing on trade.

“Following a broad-based upswing in cyclical growth that lasted nearly two years, the global economic expansion decelerated in the second half of 2018,” the International Monetary Fund says in its latest World Economic Outlook.

“Activity softened amid an increase in trade tensions and tariff hikes between the United States and China, a decline in business confidence, a tightening of financial conditions, and higher policy uncertainty across many economies”

In its latest World Economic Outlook, the IMF forecasts that the world economy will grow 3.3% this year, down from the 3.5% the IMF had forecast for 2019 in January:

This is the third time the IMF has downgraded its outlook in six months.

IMF says risks skewed to downside, citing trade tensions, softness in Europe, no-deal Brexit

  • IMF lowers 2019 U.S. growth estimate to 2.3% vs 2.5% estimate in January
  • IMF cuts euro-area growth forecast to 1.3% this year from 1.6%
  • IMF raises China 2019 economic growth forecast by 0.1 percentage point to 6.3%
  • IMF lowers 2019 trade volume growth est. to 3.4% vs 4% in January

Every single country’s growth outlook was cut… except Nigeria!

Of course, it would not be a globalist report without some hope and the fund suggests global economic growth will recover in the second half of this year, before plateauing at 3.6% from next year

However, the IMF is warning that risks are skewed to the downside, with a range of threats menacing the global economy, including the possible collapse of negotiations between the U.S. and China to end their trade war, and the departure of Britain from the European Union without a transition agreement, known as the “no-deal” Brexit scenario.

“Amid waning global growth momentum and limited policy space to combat downturns, avoiding policy missteps that could harm economic activity needs to be the main priority,” the IMF said.

IMF Managing Director Christine Lagarde warned the world economy faces a “delicate moment” as finance ministers and central bankers prepare to gather in the U.S. capital this week for the spring meetings of the IMF and World Bank.

end
Canada
For those of you who are following what is going on in Canada with respect to the expulsion of Jody Wilson Raybould, it looks like Trudeau broke Canadian law.  Expulsions from cabinet must be done by secret ballot by all members of the cabinet.  Trudeau, unilaterally expelled two cabinet ministers, Raybound and Jane Philpott.
The entire story on this is below:
(courtesy zerohedge)

Trudeau Broke The Law When He Expelled Critics From Liberal Caucus, MP Says

Canadian Prime Minister Justin Trudeau can’t seem to get out of his own way.

Just as the furor from what’s become known as the SNC-Lavalin scandal was dying down, Trudeau has given two of his former cabinet ministers who were at the center of the drama reason to revive it. Former Treasury Board minister Jane Philpott, who resigned from Trudeau’s cabinet in protest after the scandal broke, has asked the speaker of Canada’s House of Commons to rule that Trudeau violated Canadian law when he unilaterally expelled her and former Justice Minister and AG Jody Wilson-Raybould from the Liberal Party caucus last week.

According to the Globe and Mail, a law called the Parliament of Canada Act – which was amended in 2015 to include a process for expelling members from a party caucus – stipulates that a caucus vote via secret ballot must be held before an MP can be ejected. Trudeau didn’t hold a vote before effectively exiling the two dissident women from the party last week.

Trudeau

Philpott and Wilson-Raybould

Trudeau told journalists last week he made the decision to oust them, saying “I have taken the decision to expel the honourable members from caucus.”

For those who haven’t been following the scandal, it started when the Globe and Mail reported earlier this year that Trudeau had pushed Wilson-Raybould out of his cabinet by demoting her to a lesser position after she refused to offer SNC-Lavalin, a Quebec-based engineering firm accused of corruption for bribing Libyan government officials, a deferred prosecution in accordance with the PM’s wishes. During testimony before a Parliamentary committee, Wilson-Raybould described a campaign of inappropriate political pressure carried out by employees in Trudeau’s office and the privy service, supposedly at the direction of the PM.

When Wilson-Raybould refused, she was moved during a cabinet shakeup. Wilson-Raybould has alleged that Trudeau was concerned about job losses in his home constituency in Quebec should SNC-Lavalin be stripped of its ability to win government contracts. The prime minister has maintained that he did nothing wrong, and that he told Wilson-Raybould that the decision was ultimately hers to make.

Adding a layer of irony to the situation, both MPs, who resigned from Trudeau’s cabinet in March, were part of the new wave of more diverse MPs elected in 2015, and were part of the “gender balanced” cabinet appointed by the PM in 2017 after his electoral victory. Trudeau’s treatment of the two has prompted accusations that Trudeau is a “fake feminist” – claims that will undoubtedly be bolstered by the fact that he violated the law to discriminate against them.

With the party’s standing in the polls sliding due to the scandal, the Liberal majority has nevertheless rallied around their leader, recently blocking two Commons committee investigations into the scandal.

The opposition, meanwhile, has called on Trudeau to resign. But without any pressure from within his own party, it’s unlikely that he will acquiesce to these demands.

 

7  OIL ISSUES

 

end

8. EMERGING MARKETS

VENEZUELA

My goodness..they are robbing caskets of jewellry and bones in Venezuela..anything that has value..

(courtesy zerohedge)

The Joys Of Socialism: Venezuelans Are Looting Corpses For Jewelry And Bones

Venezuelans, desperate to find anything of value in their country where the currency has collapsed and widespread political and economic chaos rules, are now targeting whatever commodity they can get their hands on: this includes jewelry and human bones, which desperate locals can then sell for a profit, according to the BBC.

The British network spoke to relatives of those who had family members at one cemetery, the Cementerio del Sur, who are now standing guard at their relatives tombs to keep looters away.

Eladio Bastida, whose wife is buried in the cemetery said: “I come here every week, or every two weeks. I keep watch. I worry I’ll arrive one day and she’ll be gone. When I buried her, you could just walk in here, but lately you can barely reach her grave, because every tomb has been opened and the remains taken out.”

Looters are primarily looking for jewelry, gold teeth, and skeleton remains that can be sold for use in various rituals. Damage at cemeteries is so widespread that workers can’t keep up with repairing graves. Even historical figures like novelist and former Venezuelan president Rómulo Gallegos have had their graves looted.

Bastida continued: “This is a lawless land, there is no respect for anything here. God will punish those people that are doing this.”

One resident, Jorge Liscano, told the BBC he plans to exhume his relatives’ remains to keep them safe: “This is the result of social collapse, a lack of education, the loss of values in our homes and our institutions. In recent years, this country has only focused on politics. We have forgotten about the things that make us human.”

The crisis in Venezuela has escalated recently as the national electric grid has broken down and left residents without basic human needs. Managing the remains of the deceased continues to be a challenge in the country.

Reports from local morgues last year revealed exploding corpses due to a lack of effective refrigeration. Most corpses placed in morgues quickly enter what is known as the emphysematous phase of decomposition, where they can no longer contain the gases and putrid fluids accumulated inside and burst as a result.

And even the country’s criminals are now seeking greener pastures:

Many morgues are also struggling to handle the sheer number of arriving dead bodies, many of whom have died as a result of violence or lack of basic medical care. A report from the Venezuelan Observatory of Violence (OVV) published last December found that murder rates actually fell over the course of 2018 because violent criminals joined the millions of people fleeing the country’s economic and humanitarian crisis.

But why worry about the borders, right?

Meanwhile, it was just days ago that we reported on the “Zombie Apocalypse” that the country has become, sharing photos of Caracas, looking empty and desolate. A series of AP photographs presented Caracas as essentially becoming a ghost town after sunset, painting eerie scenes of the empty streets and stores.

 

When dusk turns to night, the AP reports, “the once-thriving metropolis empties under darkness” after recently “a string of devastating nationwide blackouts last month dramatized the decay.” Horrifyingly for common Venezuelans, years of mismanagement under the Maduro government and externally imposed isolation along with biting US sanctions have further sent Venezuela’s health care system into “utter collapse,” a new Human Rights Watch (HRW) report also finds.

The population has also witnessed a rapid resurgence of preventable deadly diseases. With near constant electricity shortages and sometime complete mass outages, once popular shops in upscale Caracas neighborhoods have struggled to stay open at all.

 

US officials have repeatedly blamed President Nicolas Ocasio-Cortez Maduro for overseeing a socialist system of vast corruption; however, Caracas officials have blamed a decade of US sanctions for exacerbating the suffering of ordinary citizens.

 

end

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

Euro/USA 1.1277 UP .0022 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 ALL GREEN EXCEPT GERMAN DAX

 

 

USA/JAPAN YEN 111.30  DOWN .154 (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 1.3081    UP   0.0019  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED

USA/CAN 1.3298 DOWN .0017 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS MONDAY morning in Europe, the Euro ROSE by 22 basis points, trading now ABOVE the important 1.08 level  RISING to 1.1277 Last night Shanghai COMPOSITE CLOSED DOWN 5.15 POINTS OR .16%.

 

 

 

 

//Hang Sang CLOSED UP 80.34 POINTS OR .27%

 

 

/AUSTRALIA CLOSED UP 0.07%// EUROPEAN BOURSES GREEN EXCEPT GERMAN DAX  

 

 

 

 

 

 

 

 

The NIKKEI: this TUESDAY morning CLOSED UP 40.94 POINTS OR 0.19%  

 

 

 

 

 

 

 

 

 

Trading from Europe and Asia

1/EUROPE OPENED GREEN EXCEPT GERMAN DAX

 

 

 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 80.34 POINTS OR .27%

 

 

 

 

/SHANGHAI CLOSED DOWN 5.15 POINTS OR .016%

 

 

 

 

 

 

 

Australia BOURSE CLOSED UP 0.64%

 

Nikkei (Japan) CLOSED UP 40.94 POINTS OR 0.19% 

 

 

 

 

 

 

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1302.05

silver:$15.28

Early TUESDAY morning USA 10 year bond yield: 2.52% !!! DOWN 0 IN POINTS from MONDAY’S night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%.

 

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

USA dollar index early TUESDAY morning: 96.93 DOWN 13 CENT(S) from  MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

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And now your closing  TUESDAY NUMBERS \12: 00 PM

 

Portuguese 10 year bond yield: 1.20%  DOWN 2  in basis point(s) yield from MONDAY/

JAPANESE BOND YIELD: -.05%  DOWN 0   BASIS POINTS from MONDAY/JAPAN losing control of its yield curve/

 

 

SPANISH 10 YR BOND YIELD: 1.08% DOWN 1   IN basis point yield from MONDAY

ITALIAN 10 YR BOND YIELD: 2.42 DOWN 6    POINTS in basis point yield from MONDAY/

 

 

the Italian 10 yr bond yield is trading 134 points HIGHER than Spain.

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

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 2.43% 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 TUESDAY

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

Euro/USA 1.1277 UP    .0022 or  22 basis points

 

 

USA/Japan: 111.09 DOWN 0.358 OR YEN UP 36 basis points/

Great Britain/USA 1.3038 DOWN .0023 POUND DOWN 23  BASIS POINTS)

Canadian dollar DOWN 9 basis points to 1.3323

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY closed AT 6.7119    0N SHORE  (UP)

THE USA/YUAN OFFSHORE:  6.7162  (YUAN UP)

TURKISH LIRA:  5.6939

the 10 yr Japanese bond yield closed at -.05%

 

 

 

Your closing 10 yr USA bond yield DOWN 2 IN basis points from MONDAY at 2.49 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2,90 DOWN 2 in basis points on the day /

 

Your closing USA dollar index, 96.95 DOWN 11 CENT(S) ON THE DAY/1.00 PM/

 

Your closing bourses for Europe and the Dow along with the USA dollar index closing and interest rates for TUESDAY: 12:00 PM 

London: CLOSED DOWN 28.32  0.35%

German Dax : DOWN 112.83 POINTS OR 0.94%

Paris Cac CLOSED DOWN 35.36 POINTS OR  0.65%

Spain IBEX CLOSED DOWN 25.90 POINTS OR  0.32%

Italian MIB: CLOSED DOWN 100.18 POINTS OR 0.46%

 

 

 

 

WTI Oil price; 63.98 1:00 pm

Brent Oil: 70.68 12:00 EST

USA /RUSSIAN /   ROUBLE CROSS:    64.88  THE CROSS LOWER BY 0.00 ROUBLES/DOLLAR (ROUBLE HIGHER BY 00 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  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 :  64.09

 

 

BRENT :  70.69

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

 

 

 

 

 

 

 

 

USA 30 YR BOND YIELD: 2.91..STILL DEADLY

 

 

 

 

EURO/USA DOLLAR CROSS:  1.1263 ( UP 8   BASIS POINTS)

USA/JAPANESE YEN:111.12 DOWN .325 (YEN UP 33 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 97.02 DOWN 4 cent(s)/

The British pound at 4 pm: Great Britain Pound/USA:1.3052 DOWN 9 POINTS

 

the Turkish lira close: 5.6964

the Russian rouble 64.93   DOWN .05 Roubles against the uSA dollar.( DOWN 5 BASIS POINTS)

Canadian dollar:  1.3329  UP 14 BASIS pts

USA/CHINESE YUAN (CNY) :  6.7119  (ONSHORE)/

 

USA/CHINESE YUAN(CNH): 6.7203 (OFFSHORE)

German 10 yr bond yield at 5 pm: ,+0.00%

 

The Dow closed DOWN 190.44 POINTS OR 0.72%

 

NASDAQ closed DOWN 44.61POINTS OR 0.56%

 


VOLATILITY INDEX:  14.09 CLOSED UP .91 

 

LIBOR 3 MONTH DURATION: 2.584%//

 

 

 

FROM 2.594

 

 

 

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

IMF’d: Stocks Skid, Bonds & Bullion Bid As Lagarde Guts Global Growth Guesses

Your mission, should you wish to accept it, is to keep global stock markets at record highs, and sentiment soaring, as the global economy collapses beyond its debt-limit “event horizon”… The other IMF is not so sure…

Tick, tock…

 

Chinese markets saw two rescues overnight after Monday’s weakness…

 

Ugly day for Europe on increased tariff chatter..

 

For the second day in a row, sellers were in charge at the open…but unlike yesterday, dip-buyers did not battle back after The IMF slashed global growth outlooks…

 

 

As goes AAPL so goes the world…

After its longest win streak since 2010, AAPL faded today – no real surprise…

 

Treasury yields fell on the day, erasing yesterday’s Aramaco-driven losses…

 

10Y fell back to 2.50%…

 

 

The dollar bounced off recent swing lows today but ended the day weaker for the 2nd day…

 

NOTE: DXY is stuck back at 97.00…

 

Despite the dollar weakness, Argentine credit risk surged to a Macri-reign high…

 

Cryptos drifted modestly lower on the day…

 

WTI limped lower as PMs rallied on the day…

 

 

Ahead of tonight’s API inventory data, oil prices were slipping as gold gained, back above $1300…

 

 

Finally, “Most Shorted” stocks have been hit hard the last two days…

(did the buyback blackout curtain just come down?)

end

MARKET TRADING/ LATE MORNING TRADING

Stocks Slammed At Open – Erase All ‘Goldilocks’ Payrolls Gains

…and just like that, it was gone…

All the majors are down…

end

ii)Market data/

The important JOLTS reports seems to contradict March’s payroll gains as job openings plunge by a huge 538,000…the biggest drop in 3 1/2 years.

(zerohedge)

Jolted JOLTS: Job Openings Plunge By 538,000; Biggest Drop In 42 Months

Back in February, the BLS reported a dismal jobs report, when the unrevised number saw only 20K payrolls added. While the subsequent data saw a marked improvement, and an upward revision to the February number which was a cold-weather related outlier, the JOLTS survey appears to not have caught up, and the result was the ugliest job openings survey in three and a half years. Specifically, in February, the BLS reported that only 7.087 million jobs openings existed, the lowest number since March 2018, and a drop of 538,000 in one month: the biggest plunge since August 2015. Notably, the January print was revised higher to 7.625 million, effectively tied with the all time high in this series.

Ironically, just last month we said that “with the Fed positioned for an economic slowdown, the JOLTS data better turn negative fast or else Powell will soon be facing some very unpleasant questions why the Fed’s rate hikes are on pause when the number of job openings in the economy is soaring to unprecedented levels.” One month later, as if on cue, we got the most negative JOLTS data in almost 4 years.

According to the BLS, the number of job openings fell for total private (-523,000) and was little changed for government. Job openings decreased in a number of industries, with the largest decreases in accommodation and food services (-103,000), real estate and rental and leasing (-72,000), and transportation, warehousing, and utilities (-66,000). The number of job openings fell in the Northeast, South, and Midwest regions.

Despite the plunge in job openings, February was the 12th consecutive month in which there were more job openings then unemployed workers: considering that according to the payrolls report there were 6,21MM unemployed workers, there were 876K more job openings than unemployed workers currently, (how accurate, or politically-biased the BLS data is, is another matter entirely).

In other words, in an economy in which there was a perfect match between worker skills and employer needs, there would be zero unemployed people at this moment (of course, that is not the case.)

Adding to the sharp deterioration in the labor picture to close the year, as job openings tumbled, so did the number of total hires which dropped by 133K, to 5.696 million, the lowest since last September. The hires level hires level was little changed for total private and fell for government (-40,000). The number of hires decreased in construction (-73,000), nondurable goods manufacturing (-33,000), and state and local government education (-22,000). 

According to the historical correlation between the number of hires and the 12 month cumulative job change, the pace of hiring right now is precisely where it should be relative to the cumulative change in hiring.

At the same time, the so-called “take this job and shove it indicator”, the quits level, was surprisingly resilient in a month in which everything else collapsed, and dropped by just 3K to 3.480MM.

Putting all this in in context

  • Job openings have increased since a low in July 2009. They returned to the prerecession level in April 2014 and surpassed the prerecession peak in August 2014. There were 7.1 million open jobs on the last business day of February 2019.
  • Hires have increased since a low in June 2009 and have surpassed prerecession levels. In February 2019, there were 5.7 million hires.
  • Quits have increased since a low in August 2009 and have surpassed prerecession levels. In February 2019, there were 3.5 million quits.
  • For most of the JOLTS history, the number of hires (measured throughout the month) has exceeded the number of job openings (measured only on the last business day of the month). Since January 2015, however, this relationship has reversed with job openings outnumbering hires in all months.
  • At the end of the most recent recession in June 2009, there were 1.1 million more hires throughout the month than there were job openings on the last business day of the month. In February 2019, there were 1.4 million fewer hires than job openings.

And visually:

end

iii)USA ECONOMIC/GENERAL STORIES

A terrific commentary from Wolf Richter on buybacks.  Without them demand for shares will plummet along with their stock price

(courtesy Wolf Richter/WolfStreet)

What Would Stocks Do in “a World Without Buybacks,” Goldman Asks

Companies buying back their own shares has “consistently been the largest source of US equity demand.” Without them, “demand for shares would fall dramatically.” Too painful to even imagine.

Goldman Sachs asked a nerve-racking question and came up with an equally nerve-racking answer: What would happen to stocks “in a world without buybacks.” Because buybacks are a huge deal.

In the fourth quarter 2018, share repurchases soared 62.8% from a year earlier to a record $223 billion, beating the prior quarterly record set in the third quarter last year, of $204 billion, according to S&P Dow Jones Indices on March 25. It was the fourth quarterly record in a row, the longest such streak in the 20 years of the data. For the whole year 2018, share buybacks soared 55% year-over-year to a record $806 billion, beating the prior record of $589 billion set in 2007 by a blistering 37%!

Share buybacks had already peaked in 2015 and ticked down in 2016 and 2017. Then the tax reform act became effective on January 1, 2018, and share buybacks skyrocketed.

The record buybacks in Q4 came even as stock prices declined on average 5.3%, according to S&P Down Jones Indices. On some bad days during the quarter, corporations were about the only ones left buying their shares.

For the year 2018, these were the top super-duper buyback queens:

  • Apple: $74.2 billion
  • Oracle: $29.3 billion
  • Wells Fargo $21.0 billion
  • Microsoft: $16.3 billion
  • Merck: $9.1 billion

But who, outside of corporations buying back their own shares, was buying shares? Goldman Sachs strategists answered this question in a report cited by Bloomberg, that used data from the Federal Reserve to determine “net US equity demand.” These are the largest investor categories other than corporate buybacks, five-year totals:

  • Foreign investors shed $234 billion.
  • Pension funds shed $901 billion, possibly to keep asset-class allocations on target as share prices soared.
  • Stock mutual funds shed $217 billion.
  • Life insurers added 61 billion
  • Households added $223 billion.

The net effect of these investor groups is that they together shed $1.1 trillion of shares (included in these categories, and spread over them, are ETFs). But the $1.1 trillion of shares that these investor groups shed over those five years was overpowered by $2.95 trillion of share buybacks over those five years.

So it all worked out. As investors were selling, companies were buying back their own shares. And markets boomed. But what would happen to stocks in a “world without buybacks?”

Share buybacks were considered securities fraud under most conditions until 1982 but then became legal under a new set of loose rules. Now some folks in Congress from both parties, who are worried about corporate governance and the like, have targeted share buybacks in some of their speeches and have proposed some legislation. Goldman is apparently worried that they might get some traction. And so it created its scenario of a world without buybacks.

It would be a truly unspeakably, nay, unthinkably gruesome nightmare that no politician would want to be responsible for: a world in which stock prices would decline!

“Repurchases have consistently been the largest source of U.S. equity demand,” the Goldman strategists wrote in their note. “Without company buybacks, demand for shares would fall dramatically.”

Volatility would rise. To figure this out, the strategists looked at 25 years of quarterly blackout periods that restrict some buybacks around earnings release dates. These blackout periods start five weeks before earnings releases and last until two days afterwards. But they’re not blackout periods: They restrict only spur-of-the-moment buybacks. Scheduled buybacks around earnings release dates are not restricted (my discussion of the rules governing buybacks and blackout periods).

By looking at stock performance during those blackout periods, the strategists discovered that, according to Bloomberg, “return dispersion and volatility during blackout windows have been higher compared with non-blackout periods: 16 percentage points versus 14 percentage points, and 16.4 points versus 15.8 points, respectively.”

In addition, earnings-per-share would dwindle. Share buybacks reduce the number of shares outstanding, and total earnings divided by fewer shares outstanding gives a larger earnings-per-share number. But without share buybacks, earnings-per-share growth and actual earnings growth would be the same. That would be devastating.

They note that over the past 15 years, for the median S&P 500 company, earnings-per-share growth, powered by the reduction in the stock outstanding, was on average 2.6 percentage points higher than actual earnings growth.

In this manner, in a world without buybacks, “forward EPS growth could be trimmed by 250 basis points,” they said. This type of reduction, they said, has historically corresponded to a 1-point decline in forward price-earnings multiples.” In other words, valuations would fall.

And then there is the biggie: The question of just “demand,” no matter what earnings or earnings-per-share may be.

“Eliminating the largest source of equity demand could lower the demand curve if other investor categories do not replace the corporate bid from buybacks,” they warned. And the bull market would lose the force that powered it.

Share buybacks are the relentless bid, buying at any price, buying not to acquire assets at a low price but buying with the specific purpose of pushing up prices.

Letting the stock market fend for itself and embark on its own price discovery without the relentless bid of share buybacks would be a true nightmare. No one would be ready for it. This type of world is just too painful to even imagine these days.

end

Now it is Lockheed Martin that is starting to worry as a jet disappears from radar over the Pacific.

(courtesy zerohedge)

Japan Grounds F-35 Fleet After Jet Disappears From Radar Over Pacific

Step aside Boeing, it’s Lockheed Martin’s turn to bask in the spotlight for at least a few hours.

Earlier today, a Japanese F-35 stealth fighter jet with one pilot on board unexpectedly disappeared from radar while on a training mission over the Pacific on Tuesday night, Kyodo reported citing the defense ministry. The fighter jet went missing at around 7:27 p.m. (1027 GMT) as it was flying 135 km (84 miles) east of Misawa in northeastern Japan, a ministry spokeswoman said.

It was not immediately clear if it had crashed, the spokesperson said, adding: “We are still trying to search for the aircraft.”

The fate of the pilot was also not immediately clear.

According to Japan’s NHK, the plane lost contact about 30 minutes after taking off from Misawa Air Base, and added that the Self-Defence Forces and coastguard dispatched vessels to carry out rescue operations, NHK added.

What is embarrassing, is that according to the Defense Report, Japan’s first F-35A fighter squadron based at Misawa became operational on March 29.

As a result of the unexplained, and first ever, disappearance of the stealth fighter, Kyodo also reports that Japan will ground its entire fleet of F-35s until there is more clarity on what happened today.

END
The higher minimum wages are causing several businesses to layoff workers
(courtesy Mac Slavo/SHFTPlan.com)

“Payroll Tsunami”: Small Businesses Layoff Workers To Comply With Minimum Wage Law

Authored by Mac Slavo via SHTFplan.com,

In what has become just one more example of government intervention going the exact opposite of what socialists intend, minimum wage laws are driving a “payroll tsunami.” 

Small businesses are being forced to lay off workers in order to comply with a law demanding an increase in wages.

This isn’t all that surprising. Economists, small business owners, and other analysts have said that the net result of higher wages is a loss of jobs. And small businesses, who don’t have the capital or return that large corporations do, are feeling the proverbial pinch. According to Fox News, several mom-and-pop coffee shops and restaurants, are responding by cutting hours, eliminating jobs or closing down entirely because they can’t keep up with rising wages under the law.

Similar effects were seen after employers were dictated to comply with the Obamacare law.  Instead of giving full-time employees health insurance paid for by the company, many workers were simply cut to part-time.

Texas Health Care Costs Skyrocket 60% in 2017: Obamacare At “Unaffordable Levels For Everyone”

Government intervention in the market has proven disastrous in just the past several years, and yet people still believe there isn’t enough totalitarianism. Complying with laws such a minimum wage increase also has the horrible effect of seeing jobs sent overseas – something people hate to hear, but the fact is, no one goes into business to lose money and the United States has become rather effective at driving out businesses as those businesses will always seek more hospitable environments.

This is the ugly side to the highly touted wage hikes, economists say.  The side of the issue socialists disregards in order to pat their own backs because they had “feelings” that they are entitled to more money without actually providing the business with more value.  Economists added that these “bumps in the road” can unleash a “payroll tsunami” for smaller businesses already stretched thin from rising rents and soaring health care costs.

“For some of these businesses, the minimum wage hikes tip the balance between staying in business and going out of business,” Panos Mourdoukoutasprofessor of economics at LIU Post in New York, wrote in Forbes.

After winning her House race last year, New York Rep. Alexandria Ocasio-Cortez, D-N.Y., “swung by” to say goodbye to the Coffee Shop in Union Square where she used to work.

She tweeted: “The restaurant I used to work at is closing its doors. I swung by today to say hi one last time, and kid around with friends like old times.”

What the Communist failed to mention to her ignorant followers, is that that popular coffee shop was shuttering its doors permanently because it couldn’t afford the $15 minimum pay raise that Ocasio-Cortez has gone on to strongly support.  There is no need for logic when it comes to socialism or communism, however, and the fact that this woman was somehow elected proves Americans are lacking.

“The times have changed in our industry,” co-owner Charles Milite told The New York Post.

 “The rents are very high and now the minimum wage is going up and we have a huge number of employees.” It simply costs too much to employee people, and provide jobs anymore.

The American Action Forum calculates that minimum wage hikes will kill 261,000 jobs. Most of the losses concentrated in New York and California, where the tax burden and housing costs are already quickly eliminating the middle class with forceHomelessness is already a problem and it’s going to continue to worsen.

Silicon Valley’s ‘Working Homeless’ Shows How Hard Life Is In “Democrat’s Paradise”

California, Illinois, Massachusetts, New Jersey, and New York all have approved a $15 minimum wage, as has the District of Columbia. Phoenix, Arizona employees are on track for the hourly pay bump on May 1, along with the job losses that will come with it. In all, there are 20 states that have or will move toward a $15 wage.

It seems like no matter how much evidence is out there that increased totalitarianism doesn’t help in the labor market, the masses cannot possibly be bothered to do anything else but beg the government to write laws for their own salvation.  We live in a nation full of bleating sheep.

end
An update on the admissions scandal
(courtesy zerohedge)

Feds Dig In: 16 Parents Indicted In College Admission Scam, Including Ex-TPG Leader

Prosecutors in the U.S. college cheating scandal have now indicted 16 parents, including actor Lori Loughlin and her husband, Mossimo Giannulli as well as former TPG managing partner Bill McGlashan, as prosecutors aggressively pursue the biggest admissions scam ever pursued.

According to Bloomberg,in addition to conspiracy to commit fraud, the parents now face an additional charges of conspiring to launder the bribes and other payments they may have made to the admitted mastermind of the scheme, the U.S. attorney in Massachusetts said Tuesday.

“The prosecutor’s case against Mr. McGlashan is deeply flawed and ignores important exculpatory facts,” his lawyer said in a statement. “We look forward to presenting his side of the story.”

 

TPG Growth founder Bill McGlashan

Just yesterday, we reported that actress Felicity Huffman, former co-chair of Willkie Farr & Gallagher, Gordon Caplan, and 12 others agreed to plead guilty in the scandal, signaling that prosecutors were aggressively wresting deals from the wealthy parents.

The 16 are now among 50 people accused by Boston federal prosecutors of engaging in schemes that involved cheating on college entrance exams and paying $25 million in bribes to secure their children admission at well-known universities. Federal prosecutors announced the deals on Monday afternoon, identifying the parents and a University of Texas men’s tennis coach who have negotiated plea bargains.

It’s not yet clear what their sentences will be: according to one New York lawyer, Huffman and Lori Loughlin could end up serving time in prison for their alleged involvement in the high-profile college admissions cheating scandal. Last Wednesday, the Full House and Desperate Housewives stars appeared alongside other wealthy parents in U.S. District Court in Boston for the first time since they were charged in March. During their preliminary hearings, they were both read the federal felony charges they face after their arrests in March: conspiracy to commit mail fraud and honest services mail fraud.

“With deep regret and shame over what I have done, I accept full responsibility for my actions and will accept the consequences that stem from those actions,” Huffman said in a statement. “My daughter knew absolutely nothing about my actions, and in my misguided and profoundly wrong way, I have betrayed her.”

end
A month ago, one of the most powerful storms whacked the Plains and the Mid West. Another is coming this week
(courtesy zerohedge)

Another Blockbuster Storm Could Hit The Plains And Midwest States This Week

One month after one of the most powerful storms on record pummeled the Plains and Midwest, another storm of similar strength has been forecasted to strike the same region this week.

“Another strong storm is poised to impact the central U.S. from Colorado to the Great Lakes mid-to-late week this week, with strong winds, and heavy precipitation” reported Meteorologist and owner of Empire Weather, Ed Vallee.

“While likely not a “bomb” (requires a 24mb drop in 24 hours or less), this will be another very strong storm with significant impacts. Rain and snow will break out across South Dakota, Nebraska, and Iowa Tuesday night, and expand in coverage across the central Plains and Midwest into Wednesday. As this storm deepens, winds will be strong, gusting 40-60 mph across the Plains, leading to strong wind generation. Alternatively, heavy rain and snow will impact SD, northern NE, and MN with some areas seeing up to 2 feet of accumulation. Data points to total liquid falling from this storm ranging from 2-4″, with locally higher amounts. Regardless of exact numbers, this region is moisture laden due to heavy winter rain and snow, and this additional moisture will lead to catastrophic flooding in the Upper Midwest. This will continue to promote disruptions to planting processes in the central and southern U.S., and likely lead to delays further north as we head deeper into the Spring,” Vallee added.

Vallee explains the probabilities of the storm developing into a “bomb cyclone” (an area of low pressure that drops 24 millibars in 24 hours) are low. However, some weather models are showing the storm is on the brink of becoming one. Either way, this storm is expected to unleash severe weather in the next 12 to 48 hours.

View image on TwitterView image on Twitter

David Roth@DRmetwatch

The WPC forecast for Thursday morning implies that April low pressure records are possible in the central Plains & Midwest.

16 people are talking about this

The storm is currently developing in the Rockies Tuesday, where it will quickly intensify and bring blizzard conditions to the Plains on Wednesday.

Blizzard and winter storm warnings are posted for Wyoming, South Dakota, Nebraska, and Minnesota. Arctic air will collide with the storm, could unleash up to 20 inches of snow with wind gusts of 45-50 mph in some parts.

Tuesday night temperatures in the Plains will drop 40 degrees in less than 12 hours.

By Thursday, the storm will dump heavy snow on the Midwest. Places like Minneapolis could see close to a foot.

In the warmer air to the south, heavy rains and high winds could create flooding concerns for Kansas and Nebraska. On Thursday, the storm will cross into Illinois, Indiana, Kentucky, and Tennessee. Tornadoes are likely in some parts.

Even if Vallee is right and this storm doesn’t become a bomb cyclone, it’s still expected to unleash hazardous weather affecting tens of millions of people while further adding to the woes of farmers in the region, who as we reported yesterday, face $100 millions in losses on destroyed crops.

SWAMP STORIES

This is going from the sublime to the ridiculous:   A left leaning judge in California has just blocked the White hOuse plan to return some asylum seekers back to Mexico

(courtesy zerohedge)

California Judge Blocks White House Plan To Return Some Asylum Seekers To Mexico

In yet another annoyance for the Trump Administration as it seeks to implement its immigration reforms to end what’s become an undeniable crisis at the southern border, a federal judge in San Francisco (surprise, surprise) has issued an injunction blocking a Trump administration policy that would have returned non-Mexican asylum seekers to Mexico while their cases were pending.

View image on TwitterView image on Twitter

Zoe Tillman

@ZoeTillman

NEW: A federal judge in California just issued a preliminary injunction blocking the Trump administration from returning non-Mexican asylum seekers to Mexico while their immigration cases are pending — order takes effect April 12 at 5pm PST https://assets.documentcloud.org/documents/5798893/4-8-19-Innovation-Law-Lab-Order.pdf 

The ruling Monday is the latest setback for Trump in his crusade to curb immigration. His policies have been repeatedly stymied by judges since he took office in January 2017 and specifically, San Francisco judges have been a persistent thorn in the administration’s sidewhen it comes to immigration policy, contributing to the White House’s six percent win rate on legal challenges surrounding its policies.

The Department of Homeland Security announced April 1 – while the president was threatening to shut the southern border – that it was broadening its push to send migrants back to Mexico as border patrol agents faced a surge in illegal crossings.

Trump said days later while visiting the border that the U.S. is “full” of people and can’t accommodate any more migrants from Latin America.

END
Now Trump is tightening the screws on communist Cuba.  He is now planning a new waiver system that could seriously restrict Cuba’s only export to the USA:  baseball talent
(courtesy zerohedge)

White House Tightens Rules On Recruiting Cuban Baseball Talent

As the Trump administration cracks down on supporters of Venezuelan dictator Nicolas Maduro, it is reportedly planning a new waiver system that could seriously restrict Cuba’s most important (and probably only) export to the US.

Top baseball talent.

Cuba

Initially reported by WSJ and later confirmed by the White House, the Trump administration has informed MLB that it could impose a waiver system making it tougher for Cuban baseball players to play professional baseball in the US, citing “the dangers of doing business with Havana.”

“Major League Baseball has been informed of the dangers of dealing with Cuba,” a senior administration official said, adding that more details would be released on Monday.

In a sign of things to come, National Security Advisor John Bolton tweeted on Sunday that “America’s national pastime should not enable the Cuban regime‘s support for Maduro in Venezuela.”

John Bolton

@AmbJohnBolton

Cuba wants to use baseball players as economic pawns – selling their rights to Major League Baseball. America’s national pastime should not enable the Cuban regime‘s support for Maduro in Venezuela.

The crackdown follows an agreement struck between MLB and the Cuban government in December that allowed for the creation of a “safe, legal path” for Cuban players to travel to the US with their families and return to Cuba in the offseason.

Baseball and its players’ union reached an agreement with Cuba’s baseball federation in December designed to create a safe, legal path for players from the island nation to play professionally in the U.S. The pact called for Cuba to release players who had achieved certain age or professional service time requirements, allowing MLB teams to sign them directly. The team that acquired the player would then pay a fee to the Cuban federation—similar to arrangements MLB already had in place with Japan and South Korea. It also allowed players to travel to the U.S. with their families and return to Cuba in the off-season.

The decision to crack down on MLB’s relationship with Cuba could be part of a broader effort to punish what the administration calls the “Troika of Tyranny” – Cuba, Venezuela and Nicaragua.

According to Rolling Stone, baseball has been Cuba’s national obsession since the mid-19th century, and has been played professionally on the island since 1878. But until very recently, Cuban players hoping to make it big in the US have had to defect from their homeland.

One of the best-known Havana-born players to make it big in MLB is Jose Canseco.  In retirement, Canseco has earned notoriety on twitter for his sporadic market calls and economic analysis.

END

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

@dlacalle_IA: With $74 trillion of money supply globally and widespread low rates, more than 15 countries with inverted yield curves and $10 trillion of negative yield bonds… Central banks believe that the solution for poor macro data is… More liquidity and lower rates.

@ChinaAvReview: Multiple Boeing 787s in China experienced GPS 20 years rollover issue. Some aircrafts have to be grounded waiting for an update… Currently about 15 787s were affected in China.

On Sunday, Kudlow said a China trade deal is “closer and closer and there would be “a lot of teleconferencing” this week.

Today – Despite the hoopla over the March Employment Report, Trump’s pleading for rate cuts, Friday upward bias and the standard late ESM manipulation, US stocks could only muster moderate gains.

Thursday’s Inside Day for the S&P 500 Index was resolved to the upside when Thursday’s S&P 500 Index’s high (2881.28) was breached.  The Wednesday high of 2885.25 was also breached.

But bulls lost their nerve when the S&P 500 Index got near 2900.  The index peaked at 2893.24 during the final hour manipulation.

From Friday’s King Report: 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… there is little fear of the downside these days – and wise guys want to push major equity indices to all-time highs.

Traders want to push the S&P 500 Index to 2900.  If there is no robust buying, traders will retreat and try again later.  ESMs are -2.00 as we write. No Sunday night rally!  Uncle Lar’s losing his mojo.

 

Something big must have occurred on Saturday.  To the astonishment of the known world, the Grand Congressional Inquisitors of Trump, Nadler and Schiff, did a Powell-like U-turn.

On Sunday, Schiff said Trump’s not guilty of conspiracy and DJT’s behavior was “unethical” but it “might not be criminal.”  Nadler said that the Trump Tower meeting is “evidence of collusion”; but it might not be “criminal”.

Rep. Devin Nunes: The Russian collusion hoax meets unbelievable end

House Intelligence Committee Republicans will soon be submitting criminal referrals on numerous individuals involved in these matters… It’s now clear that top intelligence officials were perfectly well aware of the dubiousness of the dossier, but they embraced it anyway because it justified actions they wanted to take — turning the full force of our intelligence agencies first against a political candidate and then against a sitting president

https://www.washingtonexaminer.com/opinion/op-eds/rep-devin-nunes-the-russian-collusion-hoax-meets-unbelievable-end

Rep Nunes: Five are referrals of crimes like lying to Congress. Others: Conspiracy, manipulation of intelligence, and a ‘global leak referral,‘ involving ‘about a dozen highly-sensitive, highly-classified information leaks that were given to only a few reporters.’

@paulsperry_: Information from highly classified Flynn intercepts circulated from McCabe –> to Comey –> to Clapper [–> to WaPo?], making Clapper a top suspect in illegal leak to WaPoMueller came across this chain of info during his probe, yet never bothered to prosecute the leak

@GeorgePapa19: An FBI asset, Joseph Mifsud, told me in London that: “the Russians have Hillary’s emails.” A week later, the FBI sends Clinton ally, Alexander Downer, to make contact with me and lie about our meeting to create a false pretext. Comey FBI/Fiveeyes collaborating to sabotage Trump.

Cambridge Academic Reflects on Interactions with ‘Spygate’ Figure

  • Speaking out about her interactions with Stefan Halper, a former Cambridge professor who was revealed in 2018 as a longtime FBI and CIA informant.
  • Svetlana Lokhova claims Halper was behind false allegations provided to U.S. intelligence that she attempted to compromise Michael Flynn at an event held at Cambridge in 2014.
  • Halper is known to have made contact with three Trump campaign aides — Carter Page, Sam Clovis and George Papadopoulos. His links to Flynn have largely gone unexplored.

“What Halper staged is a textbook ‘black-op’ to dirty up the reputation of a political opponent. He needed an innocuous social event to place Flynn in a room with a woman who was ethnically Russian. I was unlucky he picked me,” Lokhova told TheDCNF…

The Wall Street Journal also published an innuendo-laden story March 18, 2017, about Flynn and Lokhova. The hook for the story was that Flynn had failed to report his contact with Lokhova to the Defense Intelligence Agency…   [Fusion GPS co-founder Simpson is an ex-WSJ reporter.]

     Lokhova… has provided emails and photographs to TheDCNF to help back up her case. She also notes that all of the allegations about her have been made anonymously…. https://dailycaller.com/2019/04/04/cambridge-halper-flynn-spygate/

Lokhova dishes on the WaPo reporters that contacted her [long thread]: Separately, there has to be a public inquiry into the alarming links between WaPo reporters and those with access to Classified Information. (23). THE END  https://twitter.com/RealSLokhova/status/1114868523392622592

FISA Motion Allowed FBI to Share US Citizens’ Info with Foreign Agencies

  • A secret memo [2012] granted broad rights to the FBI to share information gathered under the Foreign Intelligence Surveillance Act with foreign officials. [Usurp Constitutional protections]
  • Two-way exchange of information with foreign officials could allow the politicized targeting of Americans, since foreign nations aren’t obligated to uphold the U.S. Constitution.
  • The efforts by the Justice Department to gather information on Trump aides repeatedly involved figures associated with foreign agencies.
  • Foreign allies strongly opposed President Donald Trump declassifying information illuminating the investigation into Russian collusion.

There is ever-mounting evidence that our ‘allies’ in the Five-Eyes’ world were part of the conspiracy to destroy President Trump,” she said, referring to the intelligence alliance between the U.S., Australia, Canada, New Zealand and the U.K. “This amendment only exacerbates the likelihood of abuses.”…

https://dailycaller.com/2019/04/03/fbi-fisa-motion-trump-russia/

Ex-SDNY prosecutor Andy McCarthy: The Folly of the Mueller Investigation

There was neither a legal basis nor a practical need for the appointment of a special counsel… There never was a Trump–Russia conspiracy…

    Why did Mueller allow the investigation to continue for well over a year after it must have been patent that there was no collusion case?… Why did neither Mueller nor Rosenstein issue an interim report?…

    There is no doubt that a president may be cited for obstruction based on corrupt acts that tamper with witnesses and evidence (recall the Clinton and Nixon precedents). But no patently illegal acts were alleged against Trump. In their absence, Mueller’s team pursued a novel theory: An obstruction charge might be premised on lawful exercises of the president’s Article II prerogatives (e.g., firing subordinate officials, weighing in on the merits of investigations, considering pardons) if a prosecutor — the president’s subordinate — later deduced that the acts had been improperly motivated

     Once Barr was confirmed, Mueller had to see the handwriting on the wall: The new AG was not going to approve a dubious obstruction charge …

    In the meantime, he let the president chafe under the yoke of suspicion long after it was manifest that there was no collusion case. All the while, the special counsel’s staff considered an unsound reinterpretation of obstruction law in order to nail Trump — after the Justice Department had bent over backwards in order to avoid charging Hillary Clinton with mishandling classified information, a concrete criminal allegation that was supported by weighty evidence…

https://www.nationalreview.com/magazine/2019/04/22/the-folly-of-the-mueller-investigation/

Andrew C. McCarthy: Partisan Democrats Mueller recruited don’t want to play by time-honored rules – The problem for these political activists masquerading as investigators is that this is the first time since their probe started that they are not in control of how their written reports and allegations are presented to the public…

Mueller was never content to file the usual, short one-or two-page indictment, alleging that agents were misled. Instead, he would include – either in the indictment itself, or in a “statement of the offense” accompanying the indictment – a long narrative statement that would tantalizingly hint at possible collusion but never come out and claim there was any… Much of this information in these narratives was irrelevant to the relatively trivial process charges that Mueller actually indicted. This practice, however, fueled the collusion narrative for over a year … in the absence of any actual collusion crime.

https://www.foxnews.com/opinion/andrew-c-mccarthy-partisan-democrats-mueller-recruited-dont-want-to-play-by-time-honored-rules

John Solomon @jsolomonReports: The Mueller report leak to NYT is latest example of law enforcement andintel officials using their powers to settle political scores rather than solve crimes and catch spies.

John Solomon: Ukrainian to US prosecutors: Why don’t you want our evidence on Democrats?

Ukrainian law enforcement officials believe they have evidence of wrongdoing by American Democrats and their allies in Kiev, ranging from 2016 election interference to obstructing criminal probes. But, they say, they’ve been thwarted in trying to get the Trump Justice Department to act

     The only question is why the U.S. government so far hasn’t taken interest — and whether Attorney General Barr will change that.

https://thehill.com/opinion/white-house/437719-ukrainian-to-us-prosecutors-why-dont-you-want-our-evidence-on-democrats

U.S. to Designate Iranian Guard Corps a Foreign Terror Group

The designation, the first time any government entity will be branded as terrorist, will be accompanied by a regional alert to U.S. forces to warn of possible retaliation

https://www.wsj.com/articles/u-s-to-designate-iranian-guard-corps-a-foreign-terrorist-organization-11554499401?mod=e2tw

@SenTomCotton: Anyone who served in Iraq knows that Iran has the blood of hundreds of American soldiers on its hands. I commend @SecPompeo for releasing this information to the American people. The ayatollahs’ outlaw regime must continue to face consequences for the murder of American troops.

@SenTedCruz: @StateDept today revealed previously-classified intel that Iran was responsible for killing roughly 600 Americans in Iraq. I have pushed for years to let the American people know more about the 100s and 100s of Americans murdered by Iran in Iraq.  April 2, 2019

https://twitter.com/StateDept/status/1113152243203813378

Fnr Asst Sec Defense, Chair NATO’s Nuke Committee, CIA Clandestine Service Mary Beth Long @LongDefense: Can I tell you how many folk came to me and told me the info from the OsamabinLaden raid was being slow-rolled and screened due to concerns it showed Iran connections?  Where is all the “What we learned from those vast materials” anyway?… The Obama administration buried info on #Iran attacks, #IRGC killings and activities, and #Quds Force deadly IEDs, some killing Americans, to keep the #JCPOA alive?

The MSM ignored or spiked a US State Department report last Tuesday that asserted Iran had killed over 600 US GIs in Iraq.  The MSM is still trying to protect Obama’s Iran deal.

Judges Have No Inherent Power to Disclose Grand Jury Records: DC Circuit

https://www.law.com/nationallawjournal/2019/04/05/judges-have-no-inherent-power-to-disclose-grand-jury-records-dc-circuit/

@Barnes_Law: Congress authority to examine tax returns is limited to a legitimate legislative purpose & cannot override the Constitutional right to privacy, which protects tax returns from public exposure in cases just like this.

Michael Cohen begs House Democrats to keep him out of jail

In a letter to some House Democrats, Davis said that Cohen, who swore to tell the “whole truth” during congressional testimony on Feb. 26, 27, 28 and March 6, has now discovered more truth to tell. And Cohen will be happy to tell it to Congress if lawmakers can convince federal prosecutors in New York to “substantially postpone” his date to report to prison…   https://www.washingtonexaminer.com/opinion/columnists/byron-york-michael-cohen-begs-house-democrats-to-keep-him-out-of-jail

Gambino mob heir predicts Michael Cohen will get WHACKED in prison because ‘inmates love Trump and hate rats’

https://www.dailymail.co.uk/news/article-6752221/Gambino-mob-heir-predicts-Michael-Cohen-WHACKED-prison.html

@ChadPergram: 1) Fox has learned that the superintendents for both the House and Senate office buildings have been placed on administrative leave pending investigation

Former Sen. Hassan Aide Stole Gigabytes of ‘High Value’ Data

The plot included the installation of “keylogging” devices that picked up every keystroke…

https://dailycaller.com/2019/04/05/senator-hassan-aid-data-theft/

OAN’s @JackPosobiec: After General Kelly left the White House in January there really wasn’t anyone left supporting Nielsen in her role at HomeSec. Her prior position was Kelly’s Chief of Staff. Trump firing her is a huge sign that he is about to make some big moves on the border and immigration [With the 2020 campaign underway, this was a necessity.]

TUESDAY’S KING REPORT

Panic at the Federal Reserve 2007: Robert Rubin Calls at 5 P.M.

We are able to reconstruct the August 2007 panic that gripped the Fed Chairman, notwithstanding the dozens of headlines now proclaiming the Fed remained in the dark about the seriousness of the crisis…

     Immediately after a lunch break, Bernanke hauled in a wide swath of the hedge fund world. It is noteworthy that the Fed Chair chose to meet alone with these men with no other Fed Governors or Fed staff present. This raises the question, was Bernanke attempting to restrict information at the Fed as to just how dangerous the crisis had become?  The hedge fund meeting included Ray Dalio of Bridgewater Associates whose newsletter had just the month before warned of the crazy leverage in the system…

http://wallstreetonparade.com/2014/03/panic-at-the-federal-reserve-2007-robert-rubin-calls-at-5-p-m/

Anatomy of a Fabulous Fed Flip-Flop by Larry Kudlow   October 06, 2007

On the afternoon of August 7, the Federal Reserve chair was an inflation hawk — according to the unchanged FOMC policy statement… By day’s end on August 9, however, he was leading the liquidity charge, initiating a process that would help unlock the credit seize-up that started in late-July…

    According to the Bernanke logs… At 2 p.m. that day the Fed chair met with Ray Dalio, head of Bridgewater, the fourth-largest U.S. hedge fund, along with other hedge-fund magnates. At 4:30 p.m., Bernanke was on a conference call with his fellow FOMC members, undoubtedly to discuss a Fed change of heart…  https://www.realclearpolitics.com/articles/2007/10/anatomy_of_a_fabulous_fed_flip.html

We would have loved to have had a private meeting with Fed Chair Bernanke during a crisis and on the day before he announced a Fed policy U-turn. Long-time readers might recall that we noted back in 2008 that sources told us about numerous meetings between Fed officials and large hedge fund operator

Judicial Watch Uncovers ‘Cover-Up’ Discussions in Latest Production of Clinton Email Documents

A December 11, 2014, Platte River Networks email between redacted parties says: “Its [sic] all part of the Hillary coverup operation <smile> I’ll have to tell you about it at the party”…

   The documents show Platte River Networks’ use of BleachBit on the Clinton server. The BleachBit program was downloaded from a vendor called SourceForge at 11:42am on March 31, 2015, according to a computer event log, and over the next half hour, was used to delete the files on Hillary’s server.

   The documents also contain emails and handwritten notes written in June and July 2015 from the Office of the Intelligence Community Inspector General discussing “concerns” over classified information

https://www.judicialwatch.org/press-room/press-releases/judicial-watch-uncovers-cover-up-discussions-in-latest-production-of-clinton-email-documents/

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@Jkylebass: Chinese intelligence agents interrogating Australian citizens on AUSTRALIAN SOIL?!?  WTF is going on around the world? It’s time world governments get a grip on their own sovereignty.

The lure of 1.3 billion consumers has turned numerous solons’ brains to mush, while the wise men ‘fight to sell rope that will be used to hang them’.

Ex-DoJ attorney Sidney Powell: The Ultimate Betrayal – The Truth about the Invasion of America

Congress, Speaker Pelosi, the Democrats, Mitch McConnell, and the RINOs passed a bill that completely sold out American citizens and hardworking taxpayers—all middle and lower-income America—and crammed it down the President’s throat…

    The bill they crammed through aids and abets the Mexican criminal cartels, boosting their billion-dollar-business by multi-millions of dollars a month

   It provides—unbelievably—that if the invaders qualify in the broad language below—and tens of thousands do, they can NOT BE DETAINED OR DEPORTED…

https://sidneypowell.com/media/the-ultimate-betrayal-the-truth-about-the-invasion-of-america/

@historylvrsclub: Tibor Rubin was a Hungarian-born Jewish soldier who survived a Chinese prison camp, a Nazi concentration camp, single-handedly defended a hill against the entire North Korean army TWICE, was nominated for the Medal of Honor four times, received it once, and lived to tell the tale

 

Most of Rubin’s regiment had been killed or captured. Rubin, severely wounded, was captured and spent the next 30 months in a prisoner of war camp… Almost every evening, Rubin would sneak out of the prison camp to steal food from the Chinese and North Korean supply depots, knowing that he would be shot if caught. “He shared the food evenly among the GIs,” Cormier wrote. “He also took care of us, nursed us, carried us to the latrine…, he did many good deeds, which he told us were mitzvahs in the Jewish tradition… he was a very religious Jew and helping his fellow men was the most important thing to him”. The survivors of the prison war camp credited Rubin with keeping them alive and saving at least 40 American soldiers… [Gives contrast to our ‘snowflake’ world] https://en.wikipedia.org/wiki/Tibor_Rubin

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I WILL SEE YOU WEDNESDAY NIGHT
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