APRIL 10/GOLD UP FOR THE 4TH DAY IN A ROW: UP $5.45 TO $1309.75//YET GLD HAS 4 CONSECUTIVE WITHDRAWALS??//SILVER UP 4 CENTS TO $15.28//SLV HAS NO CHANGE IN INVENTORY MOVEMENT//CHINESE CAR SALES PLUMMETING AT AN UNPRECEDENTED PACE://DRAGHI AGAIN STATES THAT HE WILL DO ANYTHING IT TAKES TO KEEP MARKETS FROM TANKING//BARR TESTIMONY IN FRONT OF THE SENATE TODAY//MORE SWAMP STORIES FOR YOU TONIGHT//

 

 

 

 

 

 

GOLD: $1309.75 UP $5.45 (COMEX TO COMEX CLOSING)

Silver:  $15.28 UP 4 CENTS (COMEX TO COMEX CLOSING)

Closing access prices:

Gold :  $1308.30

 

 

silver: $15.23

 

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

today RECEIVING: 1/12

EXCHANGE: COMEX
CONTRACT: APRIL 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,303.500000000 USD
INTENT DATE: 04/09/2019 DELIVERY DATE: 04/11/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
323 H HSBC 3
357 C WEDBUSH 1
661 C JP MORGAN 1
737 C ADVANTAGE 11 4
880 H CITIGROUP 4
____________________________________________________________________________________________

TOTAL: 12 12
MONTH TO DATE: 4,147

 

 

NUMBER OF NOTICES FILED TODAY FOR  APRIL CONTRACT: 12 NOTICE(S) FOR 1200 OZ (.0373 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  4147 NOTICES FOR 414700 OZ  (12.898 TONNES)

 

 

SILVER

 

FOR APRIL

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

 

1 NOTICE(S) FILED TODAY FOR 5,000  OZ/

 

total number of notices filed so far this month: 758 for 3,790,000  oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE :$5190   UP $56

 

 

Bitcoin: FINAL EVENING TRADE: $5380 UP $230

 

 

end

 

XXXX

 

 

 

 

 

Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE BY A STRONG  SIZED 2093 CONTRACTS FROM 206,691 UP TO 208,784 DESPITE YESTERDAY’S 1 CENT FALL IN SILVER PRICING AT THE COMEXTODAY WE ARRIVED CLOSER TO AUGUST’S 2018  RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS. WE MUST HAVE HAD  CONSIDERABLE SHORT COVERING AGAIN TODAY. 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 GOOD SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:

0 EFP’S FOR MARCH,  0 FOR APRIL,  996 FOR MAY, 397 FOR JULY AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE: OF 1383 CONTRACTS. WITH THE TRANSFER OF 1383 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 1383 EFP CONTRACTS TRANSLATES INTO 6.915 MILLION OZ  ACCOMPANYING:

1.THE 1 CENT FALL IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

AND NOW 3.865 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:

9758 CONTRACTS (FOR 8 TRADING DAYS TOTAL 9758 CONTRACTS) OR 48.79 MILLION OZ: (AVERAGE PER DAY: 1219 CONTRACTS OR 6.098MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR:  48.79 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 6.97% 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:          621.48    MILLION OZ.

JANUARY 2019 EFP TOTALS:                                                      217.455. MILLION OZ

FEB 2019 TOTALS:                                                                       147.4       MILLION OZ/

MARCH 2019 TOTAL EFP ISSUANCE:                                           207.835   MILLION OZ

 

 

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2298 DESPITE  DESPITE THE 1 CENT LOSS IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD   A GOOD SIZED EFP ISSUANCE OF 1383 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) .

TODAY WE GAINED A VERY STRONG SIZED: 3681 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 1383 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH INCREASE OF 2298 OI COMEX CONTRACTSAND ALL OF THIS  DEMAND HAPPENED WITH A 1 CENT FALL IN PRICE OF SILVER ????  AND A CLOSING PRICE OF $15.24 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: 1 NOTICE(S) FOR  5,000 OZ OF SILVER

IN SILVER,PRIOR TO TODAY, WE  SET THE NEW COMEX RECORD OF OPEN INTEREST AT 243,411 CONTRACTS ON APRIL 9.2018 AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51.  

AND NOW WE RECORD FOR POSTERITY ANOTHER ALL TIME RECORD OPEN INTEREST AT THE COMEX OF 244,196 CONTRACTS ON AUGUST 22/2018 AND AGAIN WHEN THIS RECORD WAS SET, THE PRICE OF SILVER WAS $14.78 AND LOWER IN PRICE THAN PREVIOUS RECORDS.

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

  1. HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY  (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ  MAY: 36.285 MILLION OZ ; JUNE/2018  (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ   )  FOR AUGUST 6.065 MILLION OZ. , SEPT:  A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz  NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ   JANUARY AT  5.825 MILLION OZ.AND FEB 2019:  2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/ AND NOW APRIL AT 3.865 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 VERY STRONG SIZED 7884 CONTRACTS, TO 447,539 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 SMALL SIZED 2892 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 2892 CONTRACTS DECEMBER: 0 CONTRACTS, JUNE 2020l  0 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 447,539. 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 10,776 CONTRACTS: 7884 OI CONTRACTS INCREASED AT THE COMEX  AND 2892 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 10,776 CONTRACTS OR 1,077,600 OZ OR 33.52 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 33.52  TONNES!!!!!!. 

 

 

 

 

 

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF APRIL : 39,862 CONTRACTS OR 3,986,200 OR 123.96 TONNES (8 TRADING DAYS AND THUS AVERAGING: 4983 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 8 TRADING DAYS IN  TONNES: 123.96 TONNES

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

THUS EFP TRANSFERS REPRESENTS 123.96/3550 x 100% TONNES = 3.49% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     1499.58 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 VERY STRONG SIZED  INCREASE IN OI AT THE COMEX OF 7884 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: 2892 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 2892 EFP CONTRACTS ISSUED, WE  HAD A  STRONG GAIN OF 11210 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

2892 CONTRACTS MOVE TO LONDON AND 7884 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 33.52 TONNES). ..AND ALL OF THIS GOOD  DEMAND OCCURRED WITH  RISE IN PRICE OF $6.40 IN YESTERDAY’S TRADING AT THE COMEX

 

 

 

we had:  12 notice(s) filed upon for 1200 oz of gold at the comex.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD...

 

WITH GOLD UP $5.45  TODAY 

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

 

ANOTHER BIG CHANGE IN GOLD INVENTORY AT THE GLD

ANOTHER WITHDRAWAL OF GOLD FROM THE GLD: 2.64 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.

FOR 4 CONSECUTIVE DAYS WE HAVE HAD GOLD RISE AND ON 4 CONSECUTIVE DAYS GOLD LEFT THE GLD THROUGH WITHDRAWALS.. ACTUALLY GLD HAS HAD 5 CONSECUTIVE WITHDRAWALS AS WE DID HAVE A MINOR WITHDRAWAL WITH GOLD DOWN 90 CENTS ON APRIL 4..

 

 

 

 

 

 

INVENTORY RESTS AT 757.85 TONNES

 

 

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

 

SLV/

WITH SILVER UP 4 CENTS  TODAY:

 

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

 

 

/INVENTORY RESTS AT 309.167 MILLION OZ.

 

 

end

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

1. Today, we had the open interest in SILVER ROSE BY A VERY STRONG SIZED 2093 CONTRACTS from 206,691 UP TO 208,784 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 APRIL., 996 FOR MAY AND JULY: 387 CONTRACTS  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1383 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  2093 CONTRACTS TO THE 1383 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE  OBTAIN AN VERY STRONG SIZED GAIN OF 3476  OPEN INTEREST CONTRACTS.  THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 17.38 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 3.865 MILLION OZ FOR APRIL.

 

 

RESULT: A STRONG SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE  1 CENT FALL IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A SMALL SIZED 1383 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)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED UP 2.27 POINTS OR .07% //Hang Sang CLOSED DOWN 37.93 POINTS OR .13%  /The Nikkei closed DOWN 115.02 POINTS OR 0.53%/ Australia’s all ordinaires CLOSED UP .02%

/Chinese yuan (ONSHORE) closed DOWN  at 6.7177 AS TRUCE DECLARED FOR 3 MONTHS /Oil UP to 64.43 dollars per barrel for WTI and 70.94 for Brent. Stocks in Europe OPENED GREEN EXCEPT GERMAN DAX

ONSHORE YUAN CLOSED UP // LAST AT 6.7177 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7250 / TRADE TALKS NOW ON/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER 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

 

i)China/Greece

Locals are stalling the advancement of the major port at Piraeus, Greece.

( zerohedge)

ii)China/Japan/USA
This ought to cause great concern to China: both the USA and Japan conducted a training mission over the East China seas.
( zerohedge)
iii)Wow!! that escalated fast:  Chinese car sales have plummeted as their unprecedented collapse continues
( zerohedge)

4/EUROPEAN AFFAIRS

 

 

i)/EU/ECB

As expected the ECB is keeping rates unchanged through to the end of 2019.

( zerohedge)

ii)The Euro tumbles after Draghi states again: we will do “whatever it takes”

( zerohedge)

iii) UK

Nigel Farage, one of my favourite politicians has commenced a new political party called the ‘New Brexit Party” and they will field candidates in every riding in England with respect to the European Parliament.  He expects an extension in the Brexit situation and thus the uK will be a part of the European elections.
(courtesy zerohedge)

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

i)Iran/USA

 

The USA is now targeting Soleimani, leader of Iran’s revolutionary guard as equivalent to an ISIS leader and that means he is an assassination target

( zerohedge)

 

ii)ISRAEL/ELON MUSK
Israel has the worst traffic congestion in the world (and perhaps the worst drivers in the world)..Netanyahu is considering allowing Elon Musk to bore tunnels under Israel to ease that congestion.
( zerohedge)

 

6. GLOBAL ISSUES

An excellent commentary from Daniel Lacalle.  He points out that it is central banks that are driving the world towards a stagnant global zombie economy.  It looks like we are repeating what happened in 2008 except one major point:

The difference with the Asian or the 2008 crisis is that this time the excess risk is hidden under central banks’ balance sheets and will continue to do so.”

 

a must read…

Daniel Lacalle/DLacalle.com

 

7. OIL ISSUES

 

Trading in Aramco bonds after initial offering yesterday is a dud.  It seems that demand for these bonds were inflated

( zerohedge)

 

 

8 EMERGING MARKET ISSUES

 

i)VENEZUELA

 

 

9. PHYSICAL MARKETS

i)A must read authored by this Russian banker.  He calls correctly that Basel iii will be a revolution.  It will start slowly but gain momentum by the Autumn of this year.  This is when Russia and China completely abandon the dollar and gold will finally takes it’s place as money.
( the Saker/Khaldey

ii))Venezuela removed 8 tonnes of gold and that gold would be sold..most likely to China.  Venezuela at the start of the year had about 100 tonnes of gold and at this rate they will be deplete of gold by the end of the year and will have extreme trouble even paying for necessities( Reuters/GATA)

iii)A case of bad money replacing sound money…all the silver coins have disappeared to coin collections and melting.

( Bullionstar/JPKonig/GATA)

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

 

 

MARKET TRADING//early this morning/FOMC

 

 

 

ii)Market data

 

 

 

 

ii)USA ECONOMIC/GENERAL STORIES

With less discretionary money, one would expect this: casino profits collapse in Atlantic City

( zerohedge)

iv)SWAMP STORIES

a)The beginning to the end of the Democratic crooks as Barr forms an investigate team going after the FBI malfeasance during the 2016 election. Note..the “summer of 2016..he is going after the genesis of the witch hunt

( zerohedge)

b)Funny!! Mnuchin testifies in front of Maxine Waters and it becomes chaotic

( zerohedge)

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

 

end

 

 

 

Let us head over to the comex:

 

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY 7884 CONTRACTS.TO A LEVEL OF 447,539 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 SMALL SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 2892 EFP CONTRACTS WERE ISSUED:

FOR APRIL 0 FOR JUNE ’19: 2892 CONTRACTS , DEC; 0 CONTRACTS: 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  2892 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: 10,776 TOTAL CONTRACTS IN THAT 2892 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A VERY STRONG SIZED 7884 COMEX CONTRACTS.

 

NET GAIN ON THE TWO EXCHANGES ::10,776 contracts OR 1,077,600 OZ OR 33.52 TONNES.

 

We are now in the active contract month of APRIL and here the open interest stands at 325 contracts, having lost 20 contracts.

We had 20 notices filed upon yesterday, so we LOST 0 contracts or an additional NIL oz will  stand as these guys  refused to  morph into London based forwards as well as negating a fiat bonus.  THE GOLD COMEX ,AND FOR THAT MATTER THE GLOBE, IS VOID OF GOLD AS THE CROOKS DESPERATELY SEARCH FOR BADLY NEEDED GOLD. TO PUT OUT FIRES OCCURRING ELSEWHERE!!

 

The next non active delivery month after  APRIL is the NON active delivery month is MAY and here the OI FELL 46 contracts DOWN to 1817 contracts. The next contract month after May is June and it is an active month.  Here the open interest rose by 6211 contracts up to 331,311 contracts.

 

 

 

 

TODAY’S NOTICES FILED:

WE HAD 12 NOTICES FILED TODAY AT THE COMEX FOR 1200 OZ. (

 

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now for the wild silver comex results.

Total COMEX silver OI ROSE BY A VERY STRONG SIZED 2093 CONTRACTS FROM 205,679 UP TO 208,784(AND CLOSER TO THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018.  THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S STRONG OI COMEX GAIN  OCCURRED DESPITE A 1 CENT FALL IN PRICING.//YESTERDAY. 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 16 CONTRACTS FOR A GAIN OF 1 CONTRACTS ON THE DAY.

WE HAD 0 NOTICES SERVED UP YESTERDAY, SO WE GAINED 1 CONTRACTS OR AN ADDITIONAL 5,000 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 4524 CONTRACTS DOWN TO 117,796. CONTRACTS.. THE NEXT MONTH OF JUNE ADDED 16 CONTRACTS TO TOTAL 66. AFTER JUNE, THE VERY BIG DELIVERY MONTH OF JULY HAD A GAIN OF 4856 CONTRACTS UP TO 57,119 CONTRACTS.

 

 

 

 

 

 

ON A NET BASIS WE GAINED A GOOD SIZED 3476 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 2093 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 1383 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN ON THE TWO EXCHANGES:  3476 CONTRACTS...AND ALL OF THIS GOOD  DEMAND OCCURRED WITH A 1 CENT LOSS IN PRICING// YESTERDAY 

 

 

 

 

 

 

 

 

 

TODAY’S NUMBER OF NOTICES FILED:

 

We, today, had 1 notice(s) filed for 5,000OZ 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 10 /2019.

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
4492.847
oz
Scotia
Deposits to the Dealer Inventory in oz nil

oz

 

 

 

 

 

 

 

Deposits to the Customer Inventory, in oz  

 

 

 

nil oz

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No of oz served (contracts) today
12 notice(s)
 1200 OZ
(.0373 TONNES)
No of oz to be served (notices)
313 contracts
(31300 oz)
0.9735 TONNES
Total monthly oz gold served (contracts) so far this month
4147 notices
414700 OZ
12.8989 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.

i) Out of Scotia:  4,492.847 oz

 

 

total gold withdrawals;  4492.847 oz

 

we had 0 adjustments…

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

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the INITIAL total number of gold ounces standing for the APRIL /2019. contract month, we take the total number of notices filed so far for the month (4147) x 100 oz , to which we add the difference between the open interest for the front month of APRIL. (325 contract) minus the number of notices served upon today (12 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 (4147 x 100 oz)  + (325)OI for the front month minus the number of notices served upon today (12 x 100 oz )which equals 446,000oz standing OR 13.8724 TONNES in this  active delivery month of APRIL.

 

 

WE LOST 0 CONTRACTS OR NIL  ADDITIONAL OZ WILL STAND AT THE COMEX AND THESE GUYS REFUSED TO MORPH INTO LONDON BASED FORWARDS.(AS WELL AS NEGATING A FIAT BONUS FOR THEIR EFFORTS)

 

 

SURPRISINGLY LITTLE GOLD HAS BEEN ENTERING THE COMEX VAULTS AND WE HAVE WITNESSED THIS FOR THE PAST YEAR!!  WE HAVE ONLY 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;   7,954,331.157 oz 247.41 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 108 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 10 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
663,741.467 oz

CNT

 

 

 

Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
596,847.294 oz
CNT
No of oz served today (contracts)
1
CONTRACT(S)
nil OZ)
No of oz to be served (notices)
15 contracts
75,000 oz)
Total monthly oz silver served (contracts) 758 contracts

3,790,000 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  0 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:  596,847.294 oz.

 

 

 

 

 

 

 

 

total customer deposits today:  596,847.294 oz

 

we had 1 withdrawals out of the customer account:

i) Out of CNT: 663,741.467 oz

 

total withdrawals: 663,741.467   oz

 

we had 0 adjustments..

 

 

 

total dealer silver:  89.878 million

total dealer + customer silver:  305.310 million oz

 

The total number of notices filed today for the APRIL 2019. contract month is represented by 1 contract(s) FOR  5,000  oz

To calculate the number of silver ounces that will stand for delivery in APRIL, we take the total number of notices filed for the month so far at 758 x 5,000 oz = 3,790,000 oz to which we add the difference between the open interest for the front month of APRIL. (16) and the number of notices served upon today (1 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the APRIL/2019 contract month:758(notices served so far)x 5000 oz + OI for front month of APRIL( 16) -number of notices served upon today (1)x 5000 oz equals 3,865,000 oz of silver standing for the APRIL contract month.  This is a strong number of oz standing for an off delivery month.

We gained 1 contracts or an 5,000 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:  74,934 CONTRACTS

 

 

 

CONFIRMED VOLUME FOR YESTERDAY: 84,573 CONTRACTS… 

 

 

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 84,573 CONTRACTS EQUATES to 422 million OZ  60.41% 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

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

 

 

NPV for Sprott 

1. Sprott silver fund (PSLV): NAV FALLS TO -3.16% (APRIL 10/2019)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -0.80% to NAV (APRIL 10/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -3.16%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

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

NAV 13.12/TRADING 12.61/DISCOUNT 3.87

END

And now the Gold inventory at the GLD/

APRIL 10/WITH GOLD UP $5.45 AGAIN TODAY, THE CROOKS AGAIN RAIDED THE COOKE JAR BY 2.64 TONNES/INVENTORY RESTS AT 757.85 TONNES

APRIL 9/WITH GOLD UP AGAIN BY $6.40/THE CROOKS RAIDED THE COOKIE JAR AGAIN BY 1.18 TONNES/INVENTORY 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

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

APRIL 10/2019/ Inventory rests tonight at 757.85 tonnes

*IN LAST 574 TRADING DAYS: 177.10 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 474 TRADING DAYS: A NET 10.28 TONNES 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 10/WITH SILVER UP 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167

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
+ 2.46%

LIBOR FOR 12 MONTH DURATION: 2.75

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.29

end

 

PHYSICAL GOLD/SILVER STORIES

end
i) GOLDCORE BLOG/Mark O’Byrne

Russia D

 

end

GATA STORIES WITH RESPECT TO GOLD/PRECIOUS METALS.

Venezuela removed 8 tonnes of gold and that gold would be sold..most likely to China.  Venezuela at the start of the year had about 100 tonnes of gold and at this rate they will be deplete of gold by the end of the year and will have extreme trouble even paying for necessities

(courtesy Reuters/GATA)

Another 8 tonnes of gold taken from Venezuela’s central bank for sale, Reuters says

 Section: 

By Mayela Armas
Reuters
Tuesday, April 9, 2019

CARACAS — Venezuela removed eight tonnes of gold from the central bank’s vaults last week, and the cash-strapped socialist state is expected to sell the bullion abroad as it seeks to raise hard currency in the face of U.S. sanctions, a lawmaker and one government source said.

With sanctions imposed by Washington choking off revenues from exports by state oil company PDVSA, President Nicolas Maduro’s increasingly isolated administration has turned to sales of Venezuela’s substantial gold reserves as one of the few sources of foreign currency.

The government source said the central bank’s reserves had fallen by 30 tonnes since the start of the year before U.S. President Donald Trump tightened sanctions, leaving the bank with around 100 tonnes in its vaults, worth more than $4 billion.

At that rate of decline the central bank’s reserves would nearly disappear by the end of the year, leaving Maduro’s government struggling to pay for imports of basic goods. …

… For the remainder of the report:

https://www.reuters.com/article/us-venezuela-gold/exclusive-venezuela-re…

* * *

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:

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To contribute to GATA, please visit:

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

END

A case of bad money replacing sound money…all the silver coins have disappeared to coin collections and melting.

(courtesy Bullionstar/JPKonig/GATA)

J.P. Koning: Where did all the silver coins go?

 Section: 

7:54p ET Tuesday, August 9, 2019

Dear Friend of GATA and Gold:

Bullion Star’s J.P. Koning today explains the decline of silver coins around the world as the gradually rising price of the monetary metal overtook imprinted valuations and invited melting coins back into bullion. Koning’s report is headlined “Where Did All the Silver Coins Go?” and it’s posted at Bullion Star here:

https://www.bullionstar.com/blogs/jp-koning/where-did-all-the-silver-coi…

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

END


iii) Other Physical stories
A must read authored by this Russian banker.  He calls correctly that Basel iii will be a revolution.  It will start slowly but gain momentum by the Autumn of this year.  This is when Russia and China completely abandon the dollar and gold will finally takes it’s place as money.
(courtesy the Saker/Khaldey)

Gold & Basel 3: A Revolution That Once Again No One Noticed

Via The Saker blog,

By Aleksandr Khaldey
Translated by Ollie Richardson and Angelina Siard
cross posted with https://www.stalkerzone.org/basel-3-a-revolution-that-once-again-no-one-noticed/
source: http://www.iarex.ru/articles/65626.html

Real revolutions are taking place not on squares, but in the quiet of offices, and that’s why nobody noticed the world revolution that took place on March 29th 2019. Only a small wave passed across the periphery of the information field, and the momentum faded away because the situation was described in terms unclear to the masses.

No “Freedom, equality, brotherhood”, “Motherland or death”, or “Power to Councils, peace to the people, bread to the hungry, factories to the worker, and land to the farmers” – none of these masterpieces of world populism were used. And that’s why what happened was understood in Russia by only a few people. And they made such comments that the masses either did not fully listen to them or did not read up to the end. Or they did listen to the end, but didn’t understand anything.

But they should’ve, because the world changed so cardinally that it is indeed time for Nathan Rothschild, having crumpled a hat in his hand, to climb onto an armoured Rolls-Royce [a joke referencing what Lenin did – ed], and to shout from on top of it to all the Universe: “Comrades! The world revolution, the need for which revolutionaries spoke about for a long time, came true!” [paraphrasing what Lenin said – ed] And he would be completely right. It’s just that the results of the revolution will be implemented slowly, and that’s why they are imperceptible for the population. But the effects, nevertheless, will be soon seen by absolutely everyone, up to the last cook who even doesn’t seek to learn to govern the state soon.

This revolution is called “Basel III”, and it was made by the Bank for International Settlements (BIS). Its essence is in the following: BIS runs the IMF, and this, in turn, runs the central banks of all countries. The body of such control is called BCBS – the Basel Committee on Banking Supervision. It isn’t just some worthless US State Department or Congress of American senators. It’s not a stupid Pentagon, a little Department of the Treasury, which runs around like the CIA’s servant on standby, or a house of collective farmers with the name “White House”.

This isn’t even the banks of the US Federal Reserve, which govern all of this “wealth”. This is a Government of all of them combined. That real world Government that people in the world try not to speak about aloud.

BCBS is the Politburo of the world, whose Secretary General, according to rumours, is comrade Baruch, and the underground structure of the Central Committee is even more secret. It has many euphemisms, the most adequate of which is “Zurich gnomes”. This is what Swiss bankers are called. Not even owners of commercial banks, but namely those ordinary-looking men sitting in the Swiss city of Basel who Hitler – who tried to attach the whole world to the Third Reich, and who preserved neutrality with Switzerland during all the war – didn’t dare to attack. And, as is known, in Switzerland, besides Swiss rifleman, in reality there isn’t even an army. So who was the frenzied Fuhrer afraid of?

Nevertheless, the “recommendations” that were made by BCBS on March 29th 2019 were immediately, at the snap of the fingers, accepted for execution by all the central banks of the world. And our Russian Central Bank is not an exception. There is even the statement of the press service of the Central Bank of the Russian Federation posted on the official website of the Central Bank. It is called “Concerning the terms of implementation of Basel III”. The planned world revolution was in 2017 (magic of dates and digits or just a coincidence [a reference to 1917 – ed]?), but it has started only now.

Its essence is simple.

In the world the system of exclusive dollar domination established in 1944 in Bretton Woods and reformed in 1976 in Jamaica, where gold’s equivalency to money was cancelled. The dollar became world money and gold became an ordinary exchange good, like metal or sugar traded in London on commodity exchanges. However, this was determined there by only three firms of the “Pool of London” that belong to an even smaller number of owners, but, nevertheless, it’s not gold, but oil that became the dollar filler.

We have lived in such a world ever since. Gold was considered as a reserve of the third category for all banks, from central to commercial ones, where the reserves were, first of all, in dollars and bonds of the US. The norms of Basel III demand an increase, first of all, in monetary reserves. This impeded the volumes of monetary resources of banks that could be used to carry out expansion, but it was a compulsory measure for saving the stability of a world banking system that showed to be insufficient in a crisis.

In Russia pseudo-patriots were very much indignant at this, demanding to reject Basel III, which they called a sign of “a lack of sovereignty”. In reality, this is a quite normal demand to observe international standards of bank security, which were becoming more rigid, but since we [Russians – ed] were not printing dollars, so of course it had an impact on us. And since the alternative is an exit from world financial communications into full isolation, so our authorities, of course, did not want to accept such nonsense that was even designated by pseudo-patriots as a “lack of sovereignty”. To call sovereignty – freedom, to put your head in the noose is, let’s agree, a strange interpretation of the term.

The Basel III decision meant that gold as a reserve of the third category was earlier estimated at 50% of its value on the balance sheets of world banks. At the same time, all owners of world money traded in gold not physically, but on paper, without the movement of real metal, the volume of which in the world wasn’t enough for real transactions. This was done in order to push down the price of gold, to keep it as low as possible. First of all, for the benefit of the dollar. After all, the dollar is tied to oil, which had to cost no less than the price of one gram of gold per barrel.

And now it was decided to place gold not in the third, but “just” in the first category. And it means that now it is possible to evaluate it not at 50, but at 100% of its value. This leads to the revaluation of the balance sheet total. And concerning Russia, it means that now we can quietly, on all legal grounds, pour nearly 3 trillion rubles into the economy. If to be precise, it is 2.95 trillion rubles or $45 billion at the exchange rate in addition to the current balance sheet total. The Central Bank of the Russian Federation can pour this money into our economy on all legal grounds. How it will happen in reality isn’t yet known. Haste here without calculating all the consequences is very dangerous. Although this emission is considered as noninflationary, actually everything is much more complicated.

During the next few months nothing will change in the world. The U-turn will be very slow. In the US the gold reserves officially total 8133.5 tons, but there is such a thing as a financial multiplier: for every gold dollar, the banks print 20-30 digital paper ones. I.e., the US can only officially receive $170 billion in addition, but taking into account the multiplier – $4.5 trillion. This explains why the Federal Reserve System holds back on increasing interests rates and so far maintains the course towards lowering the balance sheet total – they are cautious of a surge in hyperinflation.

But all the largest states and holders of gold will now revalue their gold and foreign exchange reserves: Germany, Italy, France, Russia, China, and Switzerland – countries where the gold reserves exceed 1,000 tons. Notice that there is no mumpish Britain in this list. Its reserves are less than 1000 tons. Experts suspect that it is perhaps not a coincidence that the dates of Brexit and the date of Basel III coincide. The increased financial power of the leaders of Europe – Germany and France – is capable of completely concluding the dismantlement of Britain on the European continent. It was necessary to get out as soon as possible.

Thus, it seems that it is possible to congratulate us – the dollar era lasting from 1944 to 2019 has ended. Now gold is restored in its rights and is not an exchange metal, but world money on an equal basis with the dollar, euro, and British pound. Now gold will start to rise in price, and its price will rise from $1200-1400 per troy ounce up to $1800-2000 by this autumn. Now it is clear why Russia and China during all these years so persistently decanted its export income into the growth of gold reserves. There is now such a situation where nobody in the world will sell gold.

Injections of extra money will suffice for the world economy for 5-6 months. In the US this money can be used to pay off the astronomical debt. Perhaps this wasn’t Zurich’s last motive for making such a decision. But after all, the most important thing is an attempt to slip out from under the Tower of Pisa that is the falling dollar.

Since the dollar and oil are connected, the growth of the price of gold will directly affect the growth of the price of oil. Now a barrel costs as much as 1.627 grams of gold. A price growth will cause the world economy – where 85% of the money dollar supply turns into stock surrogates like shares, bonds, and treasuries – to cave in. The stock exchange will not be able to bundle together such an additional mass of money any more.

It will be good for oil industry workers – even, perhaps, best of all, but not for long. The economical crash because of expensive oil will become a crash for all oil industry workers too. It is precisely this that is the main reason why our rights for additional emissions can remain unused in full volume, although a gift in such a form will not be completely ignored. The May ‘Decrees of Putin’ in the current context are being understood completely differently. Russia runs away from the oil-based economic model in all ways. Including by political reforms and changing the elites.

However, why is the decision of Basel a revolution?

Because from the autumn the financial flood in the world economy will begin. It will entail the acceleration of Russia and China’s isolation from the dollar system and the crash of the economies that completely depend on the dollar – the vassal countries of the US. It will be worst of all for them. And this means that the reasons for increased distancing between the EU and the US will increase in number manyfold.

A redrawing of the map of global unions awaits the world.

And the redrawing of these unions will be carried out not least by military methods. Or with their partial use, but in one way or another, reasoning involving force in the world will increase almost to the level of guaranteed war. “Almost” is our hope for rescue, because the US loses all main instruments of influence on this world. Except force.

But it’s not for this purpose that the “Zurich gnomes” created this world, so that the US is so simply turned into radioactive ashes. The US will be drenched with cold water like a broken down nuclear reactor, while the world has entered the zone of the most global transformations over the past few centuries. The revolution that so many waited for, were afraid of, and spoke so much about has started. Buckle up and don’t smoke, the captain and crew wish you a pleasant flight.

-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 WEDNESDAY morning currency, Asian stock market results,  important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/9 AM EST

i) Chinese yuan vs USA dollar/CLOSED/ LAST AT: 6.7177/

//OFFSHORE YUAN:  6.7250   /shanghai bourse CLOSED UP 2.27 or .07%

HANG SANG CLOSED DOWN 37.93 points or .13%

 

2. Nikkei closed DOWN 115.02 POINTS OR 0.53%

 

 

 

 

3. Europe stocks OPENED GREEN 

 

 

 

 

 

USA dollar index FALLS TO 96.94/Euro RISES TO 1.1275

3b Japan 10 year bond yield: FALLS TO. –.05/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 111.21/ 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:: 64.43 and Brent: 70.94

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO +00%/Italian 10 yr bond yield DOWN to 2.40% /SPAIN 10 YR BOND YIELD DOWN TO 1.06%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 2.40: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 3.44

3k Gold at $1303.35 silver at:15.26   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 25/100 in roubles/dollar) 64.69

3m oil into the 64 dollar handle for WTI and 70 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 111.21 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning 1.0004 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1281 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 2.50% early this morning. Thirty year rate at 2.91%

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

6.  TURKISH LIRA:  UP  TO 5.6911..GETTING DANGEROUS

 

Stocks Bounce Ahead Of Wednesday’s Data Deluge

One day after the equity rally sputtered following Trump’s threat to impose new tariffs against the EU, global stocks are once again green across the board even as a barrage of critical economic, political and central bank events – including the ECB’s rate decision, the FOMC minutes, the Brexit-related EU Council meeting and US CPI data – is on deck and earnings season is set to begin in two days. Stocks in Europe rose, Asia was mixed, while US equity futures jumped to session highs, while Treasuries were mixed and the dollar dipped.

Europe’s Stoxx 600 index rose for the first time in three days, led by miners and oil companies, while Emini futs edged 8 points higher and just 10 points away from 2,900 as investors ignored the Trump administration’s threat of new tariffs on European goods and the IMF’s worst growth forecasts since the financial crisis. Network International shares surged in London after the payments processor raised 1.1 billion pounds ($1.4 billion) in Europe’s biggest IPO this year.

Earlier in the session, MSCI’s index of Asia-Pacific shares ex-Japan dropped 0.1%, a day after rising to its highest since Aug. 1, as shares fell in Japan and Hong Hong Kong earlier, while Chinese and Korean equities rose. Ten-year Treasury yields were stuck at 2.5%, but its yields in China that grabbed attention again, as China’s 10-year sovereign bond yield rose 3bps to 3.33%, the highest level since Dec. 24.

Sentiment rebounded from a Tuesday hit, when the IMF’s somber report on global growth highlighted fears about the outlook for the world economy that have simmered for months, while the U.S. appeared to open another front in its trade dispute with the European Union, and negotiations with China remain unsettled. Federal Reserve minutes, American inflation data and the ECB rates decision Wednesday could add to anxieties or help provide calm, with investors also focusing on the first-quarter earnings season getting under way this week.

With the rally fizzling, analyst commentary turned more sour:

  • Before we preview those, risk assets have been threatening to take their foot off the pedal in recent sessions and yesterday we finally saw that with a delayed reaction to the US/EU tariff headlines from yesterday’s Asian session seemingly doing much of the damage” said Deutsche Bank’s chief market strategist Jim Reid.
  • “It’s quite a tricky environment because clearly the economy isn’t in great shape,” Patrik Schowitz, global multi-asset strategist at JPMorgan Asset Management, told Bloomberg TV in Hong Kong. “Central banks going into easing mode, the Fed pivot — that would not be happening if the economy was firing on all cylinders. At the same time, recession risks are overdone.”

Much of today’s attention will be on the ECB which is “going to come out with some more details on the TLTRO,” said Francois Savary, chief investment officer at Prime Partners. “The global picture has been set, now we are waiting for the details about what they do and if they are going to speak maybe about the adjustment of the negative interest rate policy on reserves.”

Israeli stocks and the shekel climbed as Benjamin Netanyahu looks set for a fifth term as prime minister. Turkey’s lira fluctuated as the government announced plans to bolster banks, while emerging-market stocks climbed for a 10th day, extending their longest run since January 2018.

Elsewhere, global debt yields held mostly steady, with the 10-year German Bund yield little changed around the zero percent mark. As a reminder, overnight Saudi Aramco sold $12 billion in debt with its first international bond issue after getting more than $100 billion in orders. It was a record-breaking vote of confidence by investors despite the murder of Saudi journalist Jamal Khashoggi in October.

Ahead of the ECB and US CPI print, major currencies are little changed before a European Union summit and the ECB meeting. The euro edged higher and the pound gained as the EU looks to delay Brexit by as long as a year. The Bloomberg Dollar Spot Index erased its Asia-session advance as the market awaits U.S. inflation data and minutes of the Federal Reserve’s latest review. Norway’s krone reached its strongest level in five months against the euro after the nation’s inflation rate rose at the fastest pace since 2016, boosting the case for interest-rate increases. Australia’s dollar rose against all its Group-of-10 peers except the krone after Deputy Governor Guy Debelle suggested the central bank is in no rush to cut rates despite slowing global growth.

Elsewhere, EU leaders are likely to grant British PM Theresa May a second delay to Brexit, but they could demand a much longer extension as France pushed for conditions to limit Britain’s participation in EU affairs. The British pound rose to session highs, inching close to $1.31 again. The dollar was flat at 111.19 yen, having fallen 0.5 percent so far this week.

In commodities, oil prices remained near Tuesday’s five-month highs as fighting in Libya raised supply disruption concerns. U.S. crude futures stood at $64.32 per barrel, up 0.3 percent after rallying to a five-month high of $64.79 on Tuesday. Brent crude futures were at $70.81 per barrel and in reach of Tuesday’s five-month peak of $71.34.

Expected data include mortgage applications, inflation and Fed minutes. Delta Air Lines and Bed Bath & Beyond are among companies reporting earnings

Market Snapshot

  • S&P 500 futures up 0.3% to 2,890.50
  • STOXX Europe 600 up 0.2% to 386.51
  • MXAP down 0.2% to 163.14
  • MXAPJ up 0.1% to 544.21
  • Nikkei down 0.5% to 21,687.57
  • Topix down 0.7% to 1,607.66
  • Hang Seng Index down 0.1% to 30,119.56
  • Shanghai Composite up 0.07% to 3,241.93
  • Sensex down 0.5% to 38,737.95
  • Australia S&P/ASX 200 up 0.03% to
  • German 10Y yield rose 0.4 bps to -0.006%
  • Euro up 0.04% to $1.1268
  • Italian 10Y yield fell 6.0 bps to 2.072%
  • Spanish 10Y yield fell 0.9 bps to 1.066%
  • Brent futures up 0.4% to $70.91/bbl
  • Gold spot little changed at $1,304.50
  • U.S. Dollar Index little changed at 96.98

Top Overnight News from Bloomberg

  • EU leaders will finalize the length of the Brexit delay at a summit on Wednesday. European Council President Donald Tusk wants them to agree to an extension of up to a year, and diplomats from member states say the debate now is between December and next March for the new departure date.
  • ECB policy makers have a lot to ponder over — the U.S. has set off a fresh tariff threat, Italy’s government has almost given up on growth this year, and Brexit remains unresolved. On top of that, the International Monetary Fund on Tuesday cut its global outlook yet again. No policy shift is expected as officials scrutinize the economy to calibrate a new bank lending program announced last month.
  • In what could be this year’s largest U.S. IPO, investors could get their first look at hundreds of pages of detailed information about Uber Technologies Inc. as soon as Thursday. As the ride-hailing giant gears up to publicly file for an IPO, with one of the people familiar said the company was looking to raise about $10 billion.
  • Brexit anxiety is seeing South Korean borrowers sell Swiss franc bonds at a record pace. They are taking advantage of increased demand from European investors for such notes on expectations that Switzerland will be largely insulated from Brexit-related trouble in the region, according to UBS Group AG.

Asian equity markets were mostly negative amid spill-over selling from Wall St where all majors finished lower and the S&P 500 snapped an 8-day win streak as sentiment was pressured by EU-US trade tensions and downward revisions to IMF’s global growth forecasts. ASX 200 (U/C) was initially subdued with the energy sector pressured by a pullback in oil prices and with heavy losses seen in Crown Resorts after Wynn Resorts abruptly ended takeover talks, although the index has since pared its losses amid strength in gold miners, tech and the largest weighted financials sector. Nikkei 225 (-0.5%) suffered from the recent flows into JPY and disappointing Machine Orders, while Hang Seng (-0.1%) and Shanghai Comp. (U/C) conformed to the global downbeat risk tone amid further PBoC inaction and as participants awaited upcoming central bank activity and any fresh developments in the US-China trade saga. Finally, 10yr JGBs were marginally higher as they tracked gains in T-notes amid the risk averse tone across the region, while the BoJ were also present in the market with today’s Rinban operation heavily focused on the belly.

Top Asian News

  • Top China Investor Only Has Eyes for One Mainland Stock
  • CLSA Culture Clash Boils Over as More Top Executives Quit
  • Singapore Bans Former HSBC, UOB Bankers for Fraud, Dishonesty
  • Untouchable in 2018, China Bank Stocks Are Now All the Rage
  • Turkey to Bolster State-Owned Banks in Bid to Revive Economy

Major European indices have been drifting higher [Eurostoxx 50 +0.5%] since the open following on from a downbeat Asia-Pac session where equity markets conformed to the negativity seen on Wall Street.  European bourses are mostly higher by around 0.2-0.3% whilst the FTSE 100 (Unch) remains the laggard ahead of the crucial Brexit summit set to take place later today. Broad-based gains are seen across most sectors, although some underperformance is experienced in healthcare names.  JP Morgan (from today’s note) believe that the consumer sector is currently the most oversold sector in Europe whilst autos “may be seeing tentative signs of recovery”. Furthermore, analysts at JPM think that the banking sector continues to look cheap and “continued underperformance means valuations remain extreme historically, notably on dividend yields where the sector now offers a 2% yield pick-up versus the market”. In terms of notable movers, UK’s Indivior (-72%) wiped out around three-quarters of its market cap (so far) after the US DoJ said the Co. has been charged with having engaged with fraudulent marketing schemes designed to increased opioid-based drug prescriptions. Finally, Tesco (+0.6%) shares rose after the supermarket raised its dividend, despite reporting below-forecast sales figures.

Top European News

  • U.K. Economy Set for Strong Quarter as Output Rises in February
  • Italy Government Turns on Itself as Forecasts Confirm Stagnation
  • Network International Jumps After $1.4 Billion London IPO
  • Deutsche Boerse Buys Axioma for $850 Million, Adds Analytics

In FX, NOK and AUD were the major outperformers and outliers, as Norwegian inflation slowed less than expected in March to underpin H2 Norges Bank rate hike guidance after yesterday’s disappointing GDP data raised a few doubts. Meanwhile, RBA deputy Governor Debelle was less dovish than anticipated earlier, with little sign of leaning towards an ease even though he acknowledged conflicting economic trends via strength in jobs vs weakness in consumption and production. Eur/Nok is testing technical support around 9.5900 and Aud/Usd is back up near 0.7150 after retreating to circa 0.7110 at one stage overnight. Note, however, hefty option expiry interest may hamper the Aussie given 1.5 bn sitting between 0.7145-25 and 1 bn from 0.7100 to 0.7090.

  • NZD/GBP – The next best of the G10 bunch, as the Kiwi continues to largely track its Antipodean peer on cross consolidation within a 1.0595-43 range and while Aud/Nzd remains capped ahead of 1.0600. Nzd/Usd is back above 0.6750 ahead of US CPI data and the FOMC minutes that together with the ECB meeting and EU Brexit Summit form the key elements of ‘super Wednesday’. On that note, the Pound is underpinned towards the top end of 1.3085-45 trading parameters vs the Greenback after above consensus UK data in the form of GDP, ip, manufacturing and construction output, but will be prone to what evolves from the aforementioned EU gathering and especially the decision whether to grant Britain more breathing space, how much longer and on what terms etc.
  • EUR – Also firmer vs the Dollar as the DXY continues to pivot 97.000, but like the index extremely rangebound just shy of Tuesday’s high and above 1.1250. Eur/Usd is still facing pre-1.1300 big figure resistance as 21 and 31 DMAs lie at 1.1280 and 1.1284 respectively, while expiries are also keeping the headline pair relatively contained (1.3 bn at 1.1245-50 and 2 bn at 1.1260-75). As noted, the ECB meeting looms and a full preview is available via the headline feed and Research Suite section.
  • CAD/JPY/CHF – All narrowly mixed vs the Usd as the Loonie flits between 1.3320-41 and Yen trades just below 111.00 after a fractional/fleeting breach yesterday fell short of the 100 DMA (110.90). Weak Japanese machine orders and more dovish BoJ commentary courtesy of Governor Kuroda also in the mix along with decent expiry interest just under 111.00 at 110.90-75 (1.7 bn). Meanwhile, the Franc is back on the parity handle awaiting the impending major events.
  • EM – The Rand has appreciated further against the Buck and is now testing 13.9700 having cleared the psychological 14.0000 mark, but the Lira continues to struggle amidst the post-regional election results tussle with little support from the eagerly-awaited Turkish Economic plan. Indeed, Usd/Try is still elevated, albeit closer to the base of a 5.7200-6700 band.

In commodities, WTI (+0.7%) and Brent (+0.6%) prices continue climbing despite the wider-than-forecast build in API crude inventories last night (+4.09mln vs. Exp. +2.3mln) where prices saw marginal short-lived downside in the immediate aftermath. Supply woes continue to provide a short-term bullish outlook for the complex with sources stating that Libyan air force undertook airstrikes on military targets for Haftar in the City of Gharyan, in close proximity of the pipeline connecting the El-Feel (340k bpd) oil field to the Zawiya port. Elsewhere, the UAE Energy Minister emerged on the wires, stating that there is a high probability of achieving market balance by the end of this year. It is worth keeping in mind that Russian Energy Minister Novak previously stated that Russia will not extend cuts if the market is expected to be balance in H2 2019. Finally, energy traders will be keeping an eye on the OPEC monthly report which is due to be release at 12:10 BST ahead of the weekly DoE inventory and production data at 15:30 BST. Gold (+0.1%) is essentially flat and trading within a narrow range just above the key USD 1300/oz level, as the yellow metal continues to trade cautiously ahead of today’s ECB decision, FOMC minutes & emergency Brexit summit, whilst copper similarly trades with no firm direction ahead of these key risk events. Separately, sources report that Venezuela removed eight tonnes of gold from its central bank’s vaults, expectations are that Venezuela are to sell the metal in order to generate funds in response to US sanctions.

US Event Calendar

  • 7am: MBA Mortgage Applications, prior 18.6%
  • 8:30am: US CPI MoM, est. 0.37%, prior 0.2%; CPI Ex Food and Energy MoM, est. 0.2%, prior 0.1%
    • US CPI YoY, est. 1.8%, prior 1.5%; CPI Ex Food and Energy YoY, est. 2.1%, prior 2.1%
    • Real Avg Hourly Earning YoY, prior 1.9%; Real Avg Weekly Earnings YoY, prior 1.58%
  • 2pm: FOMC Meeting Minutes
  • 2pm: Monthly Budget Statement, est. $181.0b deficit, prior $208.7b deficit

DB’s Jim Reid concludes the overnight wrap

With less than two weeks until I move house after a 2-year project, yesterday my wife went to the house and learnt that our newly installed front door has been accidentally made 2cm too small. It may not sound a lot but everything now is all out of alignment with the surrounds and there’s a sizeable gap!! A bit like trouser legs that need to be taken down. Unbeknown to me there were numerous stressful meetings on site yesterday with my wife and the builder working out what to do about it. No agreement could be made and like Brexit, talks resume today. Unlike Brexit we can’t extend our membership of the rental accommodation and there will be a hard rentexit in a couple of weeks whether we have doors, windows, toilets, showers or a working kitchen in the new place or not. It’s touch and go on a number of these at the moment.

It’s a busy day to keep my mind off these stresses as today sees the quadruple whammy of an ECB meeting, the Brexit-related EU Council meeting, the US CPI report and FOMC minutes to look forward. Before we preview those, risk assets have been threatening to take their foot off the pedal in recent sessions and yesterday we finally saw that with a delayed reaction to the US/EU tariff headlines from yesterday’s Asian session seemingly doing much of the damage. Bloomberg reported that the EU is preparing retaliatory tariffs which will do little to appease the situation. The EU called the US complaint “greatly exaggerated” and Airbus said the US’s move was “totally unjustified.” Barbara Boettcher published a new note examining the tariff threats (link here ), where she argues that the proposed measures are small, but that risks are elevated moving forward, especially as we await the Section 232 decision on auto tariffs.

The S&P 500 (-0.59%) finally brought to an end an eight-session consecutive winning run with cyclical sectors like energy, industrials and financials really feeling the pinch. The DOW (-0.72%) and NASDAQ (-0.56%) also closed in the red while in Europe there was a fairly heavy fall for the DAX (-0.94%) while the STOXX 600, which in fairness traded higher in the early going, ended down -0.47%. An across the board global growth downgrade from the IMF also hurt sentiment although they were only catching down to more regularly updated street forecasts.

Credit didn’t struggle quite so much with HY spreads just +2bps wider in the US and flat in Europe. Meanwhile rates nudged lower, as Treasuries again flirted with the 2.50% level before ending -2.2bpts lower at 2.501% (down -1.3bps this morning to 2.487%). Bund yields fell back down to -0.01%. Interestingly 10yr BTPs rallied -6.2bps in spite of sharp downgrades to growth from the Government and the IMF and an increase in the forecast deficit from the former (see details later) which could raise tensions with the EC again. However in a way it was good to see Italy trade like a conventional government bond and rallying on weak economic news, rather than a more risky credit as it often does.

EM FX was mostly flat, though the Argentine peso (+0.87%) outperformed sharply. WTI Oil (-0.48%) gave back some of Monday’s gains after Russian President Putin said that he opposes “uncontrollable” increases in oil prices which would negatively impact the non-energy parts of Russia’s economy. He also talked about coordination with Opec, possibly hinting that he would not support a new round of production cuts.

This morning in Asia markets are largely following Wall Street’s lead with the Nikkei (-0.60%), Hang Seng (-0.42%) and Shanghai Comp (-0.39%) all down while the Kospi (+0.12%) is up on the back of news that the South Korean government is planning to draw up a supplementary budget of up to KRW7tn ($6.1bn) to support the slowing economy. Elsewhere, futures on the S&P 500 are trading flat (+0.03%). In terms of overnight data releases, Japan’s March PPI came in at +1.3% yoy (vs. +1.0% yoy expected) while February core machine orders came in at -5.5% yoy (vs. -4.6% yoy expected).

We should mention that yesterday our China Chief Economist Zhiwei Zhang published a short update on the property and land markets in China. He notes that while the land market remained weak in Q1, there are green shoots of signs of stabilisation that are now emerging. He expects more policy easing in the land and property markets in Q2 and a rebound in land sales in H2. This fits in with the narrative of our HouseView that although growth is weak, we’d expect momentum is actually improving. See his full report here .

In terms of the ECB today our economists published their expectations last week in a note you can find here . In summary, following an underwhelming message last month, they see the ECB press conference as an opportunity to inject confidence into the economy and the monetary policy process. They see there being two steps necessary to correcting. The first is for the ECB to talk up the economy and the second is clarification around the reaction function and talking up policy. From the perspective of managing risk, TLTRO3 is not sufficient in our colleague’s view and they now expecting tiering as part of their baseline in the coming months, however it’s unlikely that any new policy will be announced today with June more likely.

As for the FOMC this evening, expect the minutes to shed some light on what sets of conditions compel the Fed to shift from its decidedly neutral policy stance – in either direction. Prior to this we get the March CPI report in the US where the consensus is for a +0.2% mom core reading which would be enough to hold the annual rate steady at +2.1% yoy. Our US economists mirror the consensus.

It’s another crucial day for PM Theresa May with the emergency EU Council meeting deciding the UK’s EU membership extension request. How many more of these crucial days are we going to have before this saga ends? In terms of timing, leaders are due to arrive at 5pm CET (4pm BST) with the working dinner and meeting with PM May not taking place until 6.30pm CET. Tusk and Juncker are then due to host a press conference once the meetings finish however it’s anyone’s guess as to when that might be. We’d imagine there’s a reasonable bid-offer for that market.

There wasn’t a huge amount of new Brexit news to update going into that meeting. The press seems to be suggesting an extension to the end of 2019 (or March 2020) is the most likely take it or leave it offer from the EU, though there may be appetite for a short extension through May 22 if the UK passes the WA over the next two days and maybe the ability to cut short the extension if an alternative agreement can be found further down the line. EU Council President Tusk said in statement that “a rolling series of short extensions” would create “new cliff-edge dates,” seeming to argue in favour of a long extension. He was responding to the desire by some in the EU to insert rolling good behaviour clauses in any long extension.

Staying with the UK, yesterday the IMF cut its growth outlook to 1.2% this year which was a downward revision of -0.3pp from three months ago. The growth rate of the world economy was revised down two tenths to 3.3% which would be the weakest rate of growth since 2009. That is also the third downward revision in the last six months. The US was cut to 2.3% (down two-tenths) and Euro Area to 1.3% (down three-tenths) – but still notably above DB’s forecast of 0.9%. It wasn’t all doom and gloom though with China revised up one-tenth to 6.3%. The biggest downward revisions were reserved for Germany and Italy however, where both were revised down five-fifths to 0.8% and 0.1% respectively. Separately, as discussed earlier it’s worth noting that the Italian government yesterday downgraded growth also to 0.1% for 2019 compared to a previous 1% estimate. The deficit was also set at 2.5%. None of these numbers should have been a surprise yesterday but the headlines didn’t help sentiment.

To quickly recap yesterday’s relatively sparse data releases, the highlight in the US was the JOLTS job report for February, which showed the private quits rate staying at 2.6%, a post-crisis high. That bodes well for wage growth moving forward. In Europe, the only notable release was Italy’s retail sales figure for February, which rose +0.1% mom, beating expectations for -0.2%, with January’s figure revised up 0.1pp to 0.6% as well.

Finally to the day ahead which as mentioned above is headlined by the ECB, the EU Council meeting, FOMC minutes and US CPI report. Away from those we’ll also get the February industrial production report in France and the UK along with trade data in the latter and the February GDP reading. Late this evening in the US we’ll also get the March monthly budget statement. Also worth keeping an eye on today are scheduled comments by the Fed’s Quarles this afternoon and ECB’s Coeure this evening. Former Fed Chair Yellen is also scheduled to take part in a discussion with the Fed’s Kaplan.

3. ASIAN AFFAIRS

i)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED UP 2.27 POINTS OR .07% //Hang Sang CLOSED DOWN 37.93 POINTS OR .13%  /The Nikkei closed DOWN 115.02 POINTS OR 0.53%/ Australia’s all ordinaires CLOSED UP .02%

/Chinese yuan (ONSHORE) closed DOWN  at 6.7177 AS TRUCE DECLARED FOR 3 MONTHS /Oil UP to 64.43 dollars per barrel for WTI and 70.94 for Brent. Stocks in Europe OPENED GREEN EXCEPT GERMAN DAX

ONSHORE YUAN CLOSED UP // LAST AT 6.7177 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7250 / TRADE TALKS NOW ON/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER 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/Greece

Locals are stalling the advancement of the major port at Piraeus, Greece.

(courtesy zerohedge)

 

China’s Multi-Billion Dollar Greece Investment Plunged In “Unprecedented Limbo” By Local Bureaucrats

“The challenges for Chinese enterprises to succeed in managing BRI projects is not showering the dollars and yuans, but winning hearts and minds,” a China research fellow at London-based think tank Chatham House told the South China Morning Post in a bombshell full report detailing how Beijing has entered an “unprecedented limbo” on a stalled expansion project on the famous and ancient Port of Piraeus in Greece. It illustrates an emerging trend in other Belt and Road Initiative countries: all the money in the world can’t overcome local and cultural realities, and if Beijing plans to ride roughshod over these in hunger of its broader ambitions, President Xi’s grand initiative is sure to die on the vine.

Cosco Shipping  the China state-owned Shanghai based shipping and logistics services conglomerate — has been operating Piraeus port for the past decade, but local authorities have now banned the company from pursuing a planned expansion of port facilities due to archaeological concerns, halting a €1.5 billion (US$1.7 billion) long term expansion deal with the Greek government which included construction of a sprawling mall next to a new cruise ship terminal, as well as a five-star hotel in port’s southern section. The broader makeover was a planned first step in creating a so-called Athens Riviera  but which now faces endless bureaucratic obstacles amid local fears China is playing an outsized role in Greece.

 

The Port of Piraeus, which could soon become the biggest container terminal in the Mediterranean. Image source: Xinhua

Last week the Greek Central Archaeological Council unanimously turned down major key aspects to the project, citing potential damage to local heritage and archaeological preservation projects, as well as environmental concerns and “aesthetic” reasons. Crucially, the council effectively declared half the town as an archaeological site, bringing to a halt Cosco’s further plans to construct a new cruise passenger station, a logistics center in nearby Keratsini, four new cruise berths at Pireaus, along with a new berth allocation system, according to the South China Morning Post (SCMP) report.

Ironically, the SCMP observes, “while Greece’s heritage was once an attraction for the Chinese leadership, it may now prove to be a stumbling block for their ambitions.” Though Cosco’s management of Pireaus predates Xi’s BRI plans (Cosco has a 51% stake in the port), China’s success in Greece could convince skeptics concerning Beijing’s role on the European continent.

But it now appears the skeptics are winning, given Cosco will now face much stricter regulations for any expansion due to the extension of the archaeological zone, even as Greece’s leaders lobby for more foreign investors aimed at recovery from a nearly nine-year economic and austerity crisis. It’s further believed that opposition elements within PM Tsipras’ own Syriza party are working against him to block major foreign companies from gaining too much of a stake in Greece.

 

Illustration via SCMP

Citing Cosco company insiders, the SCMP report lends credence to these fears in the following:

Insiders at the company, however, say they are now playing a greater role in Greece than initially expected.

The Chinese brand is seen as a representative of modernity, a provider of jobs in an economically struggling country, a redeveloper of cities – and a constant target for sceptics in the Greek parliament.

Cosco is responsible for the long-term sustainability of the port, given its outsize role in the Piraeus Port Authority, which it took over from the Greek government in 2016 following Tsipras’s privatisation deal.

But now, after last week’s Central Archaeological Council decision, which made Cosco executives “furious” according to some reports, obstacles and red tape are mounting given that “Even projects that had already been approved had to be referred to the Ministry of Culture, the Central Archaeological Council and the Central Council of Modern Monuments for reauthorization,” according to the SCMP.

Moreover, the whole episode underscores Beijing’s overly optimistic approach to BRI-related expansion generally, given the tendency to operate on the assumption that a population’s deep cultural roots combined with local politics can ultimately be overcome with the lure of multi-billion dollar investment.

On the intricacies of the internal long running Greek fight over privatization and the sale of state assets to speed economic recovery, the SCMP reports further:

Speaking to the South China Morning Post, Greece’s Deputy Prime Minister Yanis Dragasakis rejected Greek media reports that the Tsipras administration was employing delaying tactics because it was falling in the polls ahead of elections this year.

“I don’t know there’s a delay here. This is not related to the election. It is related to the complexity of the decision to be made,” Dragasakis said.

“This area is full of antiquities, [a] fact that requires all procedures to be followed properly. In any event, the investment for the port of Piraeus is a very, very important investment.”

The Greek government, he added, “will do our utmost to facilitate [Cosco’s] presence in Greece.”

Sources say the stymied expansion plan will result in at least an eight month delay for implementation of already approved investments, on top of the ongoing two-and-a-half years of delays since the Piraeus Port Authority’s privatization under Cosco.

 

Port of Piraeus via Seatrade Maritime News

Initially, Cosco faced very few permits, according to Greece’s Ekathimerini newspaper, and was on its way to surpass Valencia in Spain for becoming the Mediterranean’s busiest container terminal.

Cosco considers the expansion projects and interventions as necessary for Piraeus’ continued operation at such levels, as well as a crucial future link in the so-called new Silk Road linking Europe and Eurasia.

end
China/Japan/USA
This ought to cause great concern to China: both the USA and Japan conducted a training mission over the East China seas.
(courtesy zerohedge)

B-52 Bombers Conduct ‘Training ‘Mission’ With Japan Over East China Sea 

Two Boeing B-52 long-range, subsonic, jet-powered strategic bombers recently conducted an “integration training” mission with the U.S. Navy and the Japan Air Self Defense Force (JASDF) over the East China Sea.

statement issued by the U.S. Pacific Air Force (PACAF) last month indicated that two B-52s departed from Andersen Air Force Base in Guam, linked up with McDonnell Douglas F-15 Eagles assigned to the Kadena Air Base in Japan. The mission was conducted on March 20.

“Training missions and patrols of the contested waters are not unheard of, having become a regular exercise by American forces. The US’ use of bombers in the region has been going on for more than 10 years as part of its Continuous Bomber Presence, a mission Washington says is “in support of a free and open Indo-Pacific.”

In response to the U.S. led military exercise, the People’s Liberation Army Air Force (PLAF) conducted an exercise of their own, on March 30, with six Xian H-6 bombers, additional reconnaissance aircraft, and fighter jets, across the Miyako Strait, a waterway which lies between Miyako Island and Okinawa Island.

The U.S. and Japan have routinely carried out air defense training missions in the East China Sea, home to the Japanese-controlled Senkaku Islands.

Last September, we reported that internal documents from China’s People’s Liberation Army (PLA) specified a military crisis was inevitable over sovereignty disputes of the Senkaku Islands.

The U.S. has repeatedly used freedom of navigation (FON) to sail its Arleigh Burke-class destroyers in the South China Sea, near China’s militarized islands. B-52s have made regular flights near some of these highly contested areas. Beijing has blasted these missions as “provocations.”

An estimated $5 trillion worth of global trade passes through the South China Sea annually. Beijing has repeatedly stressed that it’s willing to escalate war drills in the region to defend its territory. The threat has mostly be ignored by American forces, who continue to conduct military exercises in some of the world’s most disputed waters.

Washington and Beijing have frequently unleashed a war of words over the militarization of the South China Sea, where China, Taiwan, Vietnam, Malaysia, Brunei, and the Philippines all have competing economic claims.

end
Wow!! that escalated fast:  Chinese car sales have plummeted as their unprecedented collapse continues
(courtesy zerohedge)

Chinese Car Sales Thrashed In March As Unprecedented Collapse Slump Continues

Car sales in China, the world’s largest vehicle market, continue to tumble, exposing an increasingly ugly picture for the global automotive market. The data marks a dismal and protracted reversal in a market that had done nothing but grow for decades, according to Bloomberg. In March, retail sales of sedans, SUVs, minivans and multipurpose vehicles dropped 12% to 1.78 million units, according to the China Passenger Car Association. This is after an 18.5% drop in February and a 4% drop in January.

The country’s slowing economy and continued trade tensions with the United States are weighing on consumer sentiment among its 1.4 billion people. Additionally, changes in tax policies and import tariffs have also acted as a headwind for car demand. Cars were the only consumer product category in China that shrank the first two months of 2019.

Cui Dongshu, secretary general of the CPCA, is among those calling for more government intervention to spur buying: “There are only 200 million private vehicles in China, leaving huge room for growth. Policies should be put in place to spur vehicle consumption in 2019.” Because as we all know, the government manipulating the market to create demand where there isn’t any could never backfire, right?

Even better, despite the horrifying data, Cui still thinks that car sales “may recover in April”, helped by the country’s planned tax reductions. He stopped short of predicting sales gains, but PCA raised its forecast for 2019 sales of new energy vehicles – battery, hybrid and fuel cell cars – to 1.7 million from 1.6 million.

With China out of the picture, global automakers like Toyota and Ford are left with few places to go for growth in sales. Markets in Europe and North America continue to slow alongside of China as the availability of car sharing services makes buying less necessary. Japan is also slowing down, while gains in smaller markets are unable to offset growth in larger markets.

Chen Hong, chairman of SAIC Motor, China’s biggest automaker, said: “2019 will bring severe challenges.” Trying to rally his employees in an internal worker memo, he called for his company to “accelerate innovation and strive toward higher quality”. SAIC’s sales fell 17% in the first two months of 2019.

Ford reported a 54% sales plunge in China last year and said last week that it’s introducing more than 30 vehicles targeted specifically for Chinese consumers over the next three years to help it hone its focus on the market

4/EUROPEAN AFFAIRS

i)/EU/ECB

As expected the ECB is keeping rates unchanged through to the end of 2019.

(courtesy zerohedge)

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS

Iran/USA

The USA is now targeting Soleimani, leader of Iran’s revolutionary guard as equivalent to an ISIS leader and that means he is an assassination target

(courtesy zerohedge)

6.GLOBAL ISSUES

An excellent commentary from Daniel Lacalle.  He points out that it is central banks that are driving the world towards a stagnant global zombie economy.  It looks like we are repeating what happened in 2008 except one major point:

The difference with the Asian or the 2008 crisis is that this time the excess risk is hidden under central banks’ balance sheets and will continue to do so.”

 

a must read…

Daniel Lacalle/DLacalle.com

Central Banks Are Driving Us Toward A Stagnant Global Zombie Economy

Authored by Daniel Lacalle via DLacalle.com,

Liquidity injections and zero interest rate policies disguise risk and may give a false sense of security…

This risk could not be more evident today.  Not only have we seen large downgrades to consensus growth estimates and central banks’ expectations of GDP and inflation, leading indicators also point to a much weaker economy ahead.

There are similarities with 2008 that we should not ignore.

  • A massive China stimulus inflates risky assets and commodities.
  • Poor macro and earnings data is ignored by markets assuming that all will improve in the second half of the year.
  • Yield curves invert.  15 economies now have 30-year yields lower than LIBOR overnight rates.
  • The figure of negative yield debt rises to $11 trillion.

Financial repression is at all-time highs while leading indicators point to a growing risk of recession.

In the first quarter of 2019, stocks have added $9.3 trillion in market capitalization, bonds have gained almost $2 trillion in value.  Meanwhile, the Conference Board Index of leading indicators has plummeted for the major economies. The Citi Economic Surprise Index has also fallen, particularly in March, despite a small bounce in the Eurozone at the beginning of the year. Global trade growth, machine equipment orders and manufacturing indices remain poor… while debt soars to another record-high of $244 trillion according to the Bank of International Settlements and the IIF.

The difference with the Asian or the 2008 crisis is that this time the excess risk is hidden under central banks’ balance sheets and will continue to do so.

So, if risk is hidden under a perennial money supply-growth carpet, why should we worry? Because the endgame is not likely to be a 2008-style bang, but a slow, painful and unstoppable zombification of the global economy.  As the evidence of stagnation rises, governments get more nervous. What do they do? Stop the monetary madness? Allow high productivity sectors to thrive? Promote deleveraging and prudent investment? No. More white elephants, massive unproductive spending at the expense of taxpayers and savers in what is likely to be yet another massive transfer of wealth from salaries and savers to governments with fancy names.

Investors are forced into riskier assets for lower returns and the crowding out of productive sectors in favour of government and crony subsidised sectors accelerates, sending money velocity lower, productivity growth collapses and mainstream economists hail the financial repression madness with the excuse that “there is no inflation”, while citizens all over the world complain and demonstrate -rightly- against the rise in cost of living. Intensifying financial repression under the “there is no inflation” excuse is the most ludicrous mantra ever. It is like running a car at full speed down a  highway under the premise that “we have not crashed yet”.

Many economists defend the zombification of economies under a false social premise. The argument is the following: What is bad about following the example of Japan? It has low unemployment, its debt is cheap and the economy survives rather well. It is a social contract and debt does not matter.

Everything is wrong with this argument.  Japan’s low unemployment has nothing to do with monetary and fiscal policy and everything to do with demographics and lack of immigration. Japan’s low cost of debt is not a blessing. It is the result of using the savings of citizens to perpetuate an almost-Ponzi scheme that does not prevent the country from spending more than 20% of its budget on interest expenses. The idea that it is irrelevant because the Treasury buys more bonds tells us how insane we are defending such policies. It is a massive kick-the-can policy transferring the risk to the next generations. It is no wonder that Japanese citizens don´t spend or invest as much as their central planners would want them too. They are not stupid. They know that the government is going to confiscate wealth via monetary and fiscal means at some point. This endless debt machine makes the economy less dynamic, and stagnation is guaranteed.  But the strength of the Yen and the low cost of Japanese debt are only supported by the high level of international reserves and strong financial flows of the country. Japàn keeps its imbalances because it is one of the few that has undertaken this concerted policy of zombification. This cannot be transferred to the rest of the world, because the result would not be Japanese-style stagnation but Argentina-style crisis chain.

The fact that Japan has survived two decades of stagnation with the wrong Keynesian policies should not be an excuse to do the same, but an opportunity to do the opposite.

The idea that Quantitative Easing has failed to spur growth and healthy recovery of the world economy is correct. The thought that the mistakes of quantitative easing are solved by outright currency printing and more government crowding out of the productive economy is simply ludicrous. You do not correct mistakes with a bigger mistake.

 

7  OIL ISSUES

Trading in Aramco bonds after initial offering yesterday is a dud.  It seems that demand for these bonds were inflated

(courtesy zerohedge)

Demand Was Inflated”: Aramco Bond Euphoria Crumbles As Bonds Droop In Open Trading

Bond investor euphoria was rampant yesterday, with virtually everyone rushing to get an allocation in the historic (if perplexing) $12 billion Aramco debt sale, which ended the day with a record orderbook of over $100 billion, roughly 10x oversubscribed, and the highest ever for any bond offering even surpassing Verizon’s 2013 historic bond sale. Or so the underwriters claimed.

In reality, when the Aramco $12 billion bonds broke for trading, they posted very modest gains on Wednesday, suggesting that the $100 billion in orders were mostly vapor and that “the record-breaking demand was inflated” according to three banking and investment sources quoted by Reuters.

While only $12 billion of the $100 billion orderbook was allocated, nearly $90 billion in demand was left on the table, traders and fund managers expected the bonds to shoot up in value on Wednesday, but the first day of trading was a total dud:

“The price was a bit inflated as there was a lot of excitement and even hubris around this issue and I would imagine that some of the buyers may have flipped it in the market today,” said a London-based fund manager who looked at the deal but decided not to invest in it.

Another trader said that after realizing the deal would have been oversubscribed, investors boosted their orders to increase their chances to get a piece of the issuance.

Actually, what the trader meant is that he was confident he would be able to make a tidy profit by flipping the bond he was allocated after just one day; when that turned out wasn’t going to happen, he was rather angry.

While the bonds did rise modestly in early trading, Aramco’s longest-dated tranche, the $3 billion bond due in 2049, eventually faded and was last trading at 99.3 cents on the dollar, just barely above the break price of 98.553.

Worse, some of the shorter-dated bonds were flat or even lower than where they priced on Tuesday, and lower than in pre-sale grey market trading. And the punchline: the shortest duration tranche, a $1 billion bond due in 2022, was trading below the reoffer value at which it was sold on Tuesday, the trader said, who told Reuters that he “estimated that demand for Aramco’s bonds was inflated by 20-30% due to the expected oversubscription.”

“We are seeing the truth of how much (of the demand) was fluff,” added a fund manager who participated in the deal.

And if you can’t trust the bond’s lead underwriter, JPMorgan, whose CEO just a few months ago decided to boycott a Saudi summit to “virtue signal” after the Khashoggi murder, only to end up handing Crown Prince bin Salman a check for $12 billion, well who can you trust?

 

end

8. EMERGING MARKETS

VENEZUELA

 

 

end

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

Euro/USA 1.1275 UP .0010 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 

 

 

 

USA/JAPAN YEN 111.21  UP .119 (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 1.3084    UP   0.0029  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED

USA/CAN 1.3325 DOWN .0005 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS WEDNESDAY morning in Europe, the Euro ROSE by 10 basis points, trading now ABOVE the important 1.08 level  RISING to 1.1275 Last night Shanghai COMPOSITE CLOSED UP 2.27 POINTS OR .07%.

 

 

 

 

//Hang Sang CLOSED DOWN 37.93 POINTS OR .13%

 

 

/AUSTRALIA CLOSED UP 0.02%// EUROPEAN BOURSES GREEN 

 

 

 

 

 

 

The NIKKEI: this WEDNESDAY morning CLOSED DOWN 115.02 POINTS OR 0.53%  

 

 

 

 

 

 

Trading from Europe and Asia

1/EUROPE OPENED GREEN 

 

 

 

 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 37.93 POINTS OR .13%

 

 

 

 

/SHANGHAI CLOSED UP 2.27 POINTS OR .07%

 

 

 

 

 

 

 

Australia BOURSE CLOSED UP 0.02%

 

Nikkei (Japan) CLOSED DOWN 115.02 POINTS OR 0.53% 

 

 

 

 

 

 

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1303.75

silver:$15.26

Early WEDNESDAY morning USA 10 year bond yield: 2.50% !!! DOWN 0 IN POINTS from TUESDAY’S night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.91 DOWN 0  IN BASIS POINTS from TUESDAY night.

USA dollar index early WEDNESDAY morning: 96.94 DOWN 6 CENT(S) from  TUESDAY’s close.

This ends early morning numbers WEDNESDAY MORNING

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And now your closing  WEDNESDAY NUMBERS \12: 00 PM

 

Portuguese 10 year bond yield: 1.17%  DOWN 3  in basis point(s) yield from TUESDAY/

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

 

 

SPANISH 10 YR BOND YIELD: 1.04% DOWN 4   IN basis point yield from TUESDAY

ITALIAN 10 YR BOND YIELD: 2.41 DOWN 1    POINTS in basis point yield from TUESDAY/

 

 

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

GERMAN 10 YR BOND YIELD: FALLS  TO +.03%   IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 2.44% 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 1.1267 UP    .0002 or  2 basis points

 

 

USA/Japan: 110.93 DOWN 0.164 OR YEN UP 16 basis points/

Great Britain/USA 1.3094 UP .0039 POUND UP 39  BASIS POINTS)

Canadian dollar UP 7 basis points to 1.3323

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY closed AT 6.7160    0N SHORE  (UP)

THE USA/YUAN OFFSHORE:  6.7207  (YUAN UP)

TURKISH LIRA:  5.6922

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

 

 

 

Your closing 10 yr USA bond yield DOWN 1 IN basis points from TUESDAY at 2.48 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2,90 DOWN 0 in basis points on the day /

 

Your closing USA dollar index, 96.96 DOWN 5 CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED DOWN 3.66  0.05%

German Dax : UP 55.34 POINTS OR 0.47%

Paris Cac CLOSED UP 13.46 POINTS OR  0.25%

Spain IBEX CLOSED DOWN 1.30 POINTS OR  0.01%

Italian MIB: CLOSED DOWN 0.02 POINTS OR 0.00%

 

 

 

 

WTI Oil price; 64.23 1:00 pm

Brent Oil: 71/35 12:00 EST

USA /RUSSIAN /   ROUBLE CROSS:    64.29  THE CROSS LOWER BY 0.66 ROUBLES/DOLLAR (ROUBLE HIGHER BY 66 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.03 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 :  64.46

 

 

BRENT :  71.61

USA 10 YR BOND YIELD: … 2.47…  DEADLY//

 

 

 

 

 

 

 

 

USA 30 YR BOND YIELD: 2.90..STILL DEADLY

 

 

 

 

EURO/USA DOLLAR CROSS:  1.1274 ( UP 8   BASIS POINTS)

USA/JAPANESE YEN:110.99 DOWN .100 (YEN UP 10 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 96.93 DOWN 7 cent(s)/

The British pound at 4 pm: Great Britain Pound/USA:1.3092 UP 37 POINTS

 

the Turkish lira close: 5.6877

the Russian rouble 64.34   DOWN .61 Roubles against the uSA dollar.( DOWN 61 BASIS POINTS)

Canadian dollar:  1.3321 DOWN 8 BASIS pts

USA/CHINESE YUAN (CNY) :  6.7160  (ONSHORE)/

 

USA/CHINESE YUAN(CNH): 6.7183 (OFFSHORE)

German 10 yr bond yield at 5 pm: ,-0.03%

 

The Dow closed UP 6.56 POINTS OR 0.03%

 

NASDAQ closed UP 54.97 POINTS OR 0.69%

 


VOLATILITY INDEX:  13.39 CLOSED DOWN .89 

 

LIBOR 3 MONTH DURATION: 2.581%//

 

 

 

FROM 2.584

 

 

 

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

Short-Squeeze Sends Small Caps Soaring But Fed-Fear Triggers Bitcoin-Buying

As US economic data plunges to almost two year lows, the message from The Fed’s Minutes was clear…

 

 

ChiNext ended the day lower despite China’s National Team buying panic in the afternoon session…

 

Spain and Italy were worst-performers today as Germany rallied…

 

While The Dow trod water today (not helped by BA and HD), Small Caps soared…

 

Today’s rebound was brought to you by yet another short-squeeze, erasing all the short’s gains on the week…

Today was the biggest short-squeeze since Feb 27th.

Bank stocks bounced as Dems led the Congressional circus…

 

LYFT was lousy…

 

Treasury yields were notably lower on the day (3bps across the curve), despite equity gains…

 

With 10Y back well below 2.50%…

 

The dollar index popped briefly after the Fed Minutes, but faded back to the day’s lows as the afternoon rolled on for the 3rd down day in a row…

 

Cryptos ripped after The Fed Minutes…

With Bitcoin pushing above $5400…

 

Copper drifted lower but PMs and Crude managed gains…

 

WTI rebounded as a big gasoline draw trumped a big crude build…

 

Gold surged solidly above $1300…

 

Finally, US Macro data plunged to its weakest since July 2017 and US earnings expectations remain dismally weak as stocks reach back towards record highs…

USA, USA, USA… is the number 1 worst economic data of the majors…

end

MARKET TRADING/ FOMC

FOMC Minutes Show “Patient” Majority Expect Rates On Hold, Some Hint At More Rate Hikes

Alternative title: “FOMC Minutes show market is now in charge”

*  *  *

Since the uber-dovish flip-flop of The Fed on March 20th, the long-end of the US Treasury curve has outperformed all other asset classes…

The dollar and gold are also higher along with The Dow as we note that the yield curve flattened dramatically before rebounding back to almost unchanged…

And mirroring the yield curve, the market’s expectations for Fed rate-changes in 2019 plunged (dovishly right after the March FOMC) only to rebound hawkishly in recent weeks…

Recall the FOMC held rates steady, forecast no additional hikes this year and announced plans to end balance sheet shrinkage in September, and as Bloomberg reports, that led markets to price in interest rate cuts by next January.  The minutes could push back against those expectations for actual cuts as the committee lays out conditions needed for a cut — or a hike.

Bloomberg Chief U.S. Economist Carl Riccadonna warned that “an important focal point of the minutes will be todetermine the extent to which Fed officials expect the sources of recent economic weakness to be transitory. This, in turn, will signal how they might respond to signs of firming hiring, consumption and output ahead of the Fed’s next rate decision on May 1.”

All eyes will be on any signal of rate-change direction (after Powell said in the last press conference, he didn’t know whether the central bank’s next move would be to raise or lower its short-term benchmark rate), as well as what to expect when the balance sheet run-off ends.

The Minutes highlighted a sheepishly dovish FOMC

  • *FED MAJORITY SAW RISKS WARRANTING RATES ON HOLD THROUGH 2019
  • *SOME FED OFFICIALS SAW FURTHER MODEST INCREASE LATER THIS YEAR
  • *FED OFFICIALS SAW `SIGNIFICANT UNCERTAINTIES’ AROUND OUTLOOK
  • *SEVERAL FED OFFICIALS CONCERNED YIELD CURVE WAS QUITE FLAT
  • *SEVERAL FED OFFICIALS POINTED TO INCREASED DEBT, LEVERAGE

Key highlights include:

On the outlook:

“With regard to the outlook for monetary policy beyond this meeting, a majority of participants expected that the evolution of the economic outlook and risks to the outlook would likely warrant leaving the target range unchanged for the remainder of the year.”

On the direction of rates rate, which sounds unexpectedly hawkish, and certainly not indicative of a Fed that is about to cut rates:

“Several participants noted that their views of the appropriate target range for the federal funds rate could shift in either direction based on incoming data and other developments. Some participants indicated that if the economy evolved as they currently expected, with economic growth above its longer-run trend rate, they would likely judge it appropriate to raise the target range for the federal funds rate modestly later this year”

On concerns about the flat yield curve:

Several participants expressed concern that the yield curve for Treasury securities was now quite flat and noted that historical evidence suggested that an inverted yield curve could portend economic weakness”

“Several participants expressed concern that the yield curve for Treasury securities was now quite flat and noted that historical evidence suggested that an inverted yield curve could portend economic weakness…”

Yet others were unconcerned:

… however, their discussion also noted that the unusually low level of term premiums in longer-term interest rates made historical relationships a less reliable basis for assessing the implications of the recent behavior of the yield curve.

On what “patient” means:

“Several participants observed that the characterization of the Committee’s approach to monetary policy as ‘patient’ would need to be reviewed regularly as the economic outlook and uncertainties surrounding the outlook evolve.”

“A couple of participants noted that the ‘patient’ characterization should not be seen as limiting the Committee’s options for making policy adjustments when they are deemed appropriate.”

On the lack of inflation:

“Participants also discussed alternative interpretations of subdued inflation pressures in current economic circumstances and the associated policy implications.”

On the risks to the US economy:

“Participants commented on a number of risks associated with their outlook for economic activity.”

On the risks to the international economy:

“A few participants noted that there remained a high level of uncertainty associated with international developments, including ongoing trade talks and Brexit deliberations, although a couple of participants remarked that the risks of adverse outcomes were somewhat lower than in anuary.”

On implementing a Reverse Repo Ceiling facility

“Some participants suggested that, at future meetings, the Committee should discuss the potential benefits and costs of tools that might reduce reserve demand or support interest rate control.”

On concerns about rising leverage:

“Several participants pointed to the increased debt issuance and higher leverage of nonfinancial corporations as a development that warranted continued monitoring.”

And how this could get worse:

“A few participants observed that an economic deterioration in the United States, if it occurred, might be amplified by significant debt service burdens for many firms.”

“Several participants pointed to the increased debt issuance and higher leverage of nonfinancial corporations as a development that warranted continued monitoring.”

On asset prices:

“Participants noted that asset valuations had recovered strongly and also discussed the decline that had occurred in recent months in yields on longer-term Treasury securities.”

Finally, on the fact that the Fed’s forecasts and dot plot have become a joke:

“The Chair noted that he had asked the subcommittee on communications to consider ways to improve the information contained in the SEP and to improve communications regarding the role of the federal funds rate projections in the SEP as part of the policy process.”

And the punchline: the Fed is angry that the investing public thinks it has a clue what is going on:

Several participants expressed concerns that the public had, at times, misinterpreted the medians of participants’ assessments of the appropriate level for the federal funds rate presented in the SEP as representing the consensus view of the Committee or as suggesting that policy was on a preset course. Such misinterpretations could complicate the Committee’s communications regarding its view of appropriate monetary policy, particularly in circumstances when the future course of policy is unusually uncertain

Finally, on the bright side, Treasury Secretary Steven Mnuchin said he was right to recommend Jerome Powell as Federal Reserve chairman despite President Donald Trump’s frequent criticism of the central bank leader.

“I don’t feel like I picked the wrong person,” Mnuchin said Wednesday in an interview on CNBC.

“But I respect the president’s views and his views of the economy, where he’s had tremendous insight.”

*  *  *

end

Market trading this afternoon:

 

Bonds, Stocks, & Gold Drop; Dollar Pops After Fed Fails To Hint At Rate-Cuts

The dollar is modestly higher after the FOMC Minutes as the market seems disappointed in the “transitory” description of weakness and no immediate signal of looming rate-cuts.

Some have even pointed to these Minutes as decidedly hawkish:

“Some participants indicated that if the economy evolved as they currently expected, with economic growth above its longer-run trend rate, they would likely judge it appropriate to raise the target range for the federal funds rate modestly later this year

“A few participants observed that the appropriate path for policy, insofar as it implied lower interest rates for longer periods of time, could lead to greater financial stability risks.

Stocks, bonds, and gold are all lower post-FOMC minutes…

But all in all, the moves are very modest.

end

Yet: (In other words, the clowns at the Fed have no idea what is going on)

Cryptos Are Spiking After Fed Minutes Signal “Financial Instability” Fears

Bitcoin has spiked above $5400 and the rest of the crypto space is soaring, seemingly catalyzed by Fed Minutes which showed a lack of immediacy in cutting rates, and anxiety over leverage and financial instability

“A few participants observed that the appropriate path for policy, insofar as it implied lower interest rates for longer periods of time, could lead to greater financial stability risks.

Bitcoin is surging…

To 5-month highs…

And the rest of crypto following…

The crypto gains could also be driven by Brexit headlines that are starting to leak.

 

end

ii)Market data/

end

iii)USA ECONOMIC/GENERAL STORIES

With less discretionary money, one would expect this: casino profits collapse in Atlantic City

(courtesy zerohedge)

Gambling Nightmare: Casino Profits Collapse In Atlantic City

The U.S. casino industry has been in a 61-month slump since topping out in March 2014.

Atlantic city has been hammered the hardest, with five of the city’s 12 casinos closing their doors between 2014-16.

New data Monday from the New Jersey Division of Gaming Enforcement show profits collapsed by 15% in FY18, to $582 million, at a time when the city’s gaming industry is contracting as two new casinos reopened, reported AP.

During the 40% reduction of the city’s casinos between 2014-16, the market stabilized with less competition. However, the gaming commission made a disastrous mistake last June by allowing Ocean Resort Casino and Hard Rock to open new gaming facilities, which, once again, saturated the market – leading to a decline in gross operating profits for five of the seven casinos.

The report said Tropicana and Golden Nugget were the only casinos that increased operating profits last year.

The reopening of the two casinos, in a declining market, has resulted in a smaller slice of the pie for the seven operators.

James Plousis, chairman of the New Jersey Casino Control Commission, told the AP that “profit margins were tighter” for the year.

Meanwhile, Golden Nugget had the largest operating profit for 2018, up 12.5% to $45 million. Tropicana was up 1.4% to $93.4 million.

The Borgata reported the most significant decline in profits, down 18.8% to $206 million. Caesars dropped by 15.4% to $79.6 million; Harrah’s was down 6.5% to $109.3 million; Bally’s was down 5.7% to $40.1 million, and Resorts was down 2.7% to $22.5 million.

Among online-only casinos, Resorts Digital was down 75% to $3.6 million, and Caesars Interactive-NJ was down 13.3% to $9.3 million.

Out of the gate, the new casinos [Ocean Resort Casino and Hard Rock] each reported an operating loss for the year.

During 4Q18, Atlantic City’s casinos collectively saw a decline in gross operating profit of 41.1%, to $75.1 million.

The report mentioned that hotels rooms were only 80% full in 2018.  Resorts had the highest occupancy rate at 86%; the Golden Nugget was lowest at 74%.

From Las Vegas to Macau, gross operating profits have been slipping, with JPMorgan analysts expecting that Macau could be hit the hardest in 2019.

A global synchronized slowdown could be responsible for declining profits at casinos stateside and overseas.

Casinos are not recession-proof. Their profits tend to rise in expansions and contract in recessions. So, maybe, Alantic City, is yet, another ominous sign that the global business cycle is turning. 

END

SWAMP STORIES

The beginning to the end of the Democratic crooks as Barr forms an investigate team going after the FBI malfeasance during the 2016 election. Note..the “summer of 2016..he is going after the genesis of the witch hunt

(courtesy zerohedge)

Barr Forms Team To Investigate FBI Malfeasance During 2016 Election

Attorney General William Barr has assembled an internal team at the Justice Department to review controversial counterintelligence decisions made by DOJ and FBI officials – including actions taken in the summer of 2016, according to Bloomberg, which cites a person familiar with the matter.

This indicates that Barr is looking into allegations that Republican lawmakers have been pursuing for more than a year — that the investigation into President Donald Trump and possible collusion with Russia was tainted at the start by anti-Trump bias in the FBI and Justice Department -Bloomberg

Barr seemingly confirmed the Bloomberg report earlier Tuesday, when he told a House panel “I am reviewing the conduct of the investigation and trying to get my arms around all the aspects of the counterintelligence investigation that was conducted during the summer of 2016.

Embedded video

Aaron Rupar

@atrupar

Barr confirms that he is “reviewing the conduct of the [Russia] investigation,” and indicates he still takes Devin Nunes seriously

For starters, Barr’s team may want to investigate exactly how information flowed from a self-professed member of the Clinton Foundation – Joseph Mifsud – to Trump campaign aide George Papadopoulos in March of 2016, who learned during the encounter that Russia had “dirt” on Hillary Clinton.

Papadopoulos would later tell Australian diplomat Alexander Downer about the so-called Clinton dirt, which resulted in the launch of “operation crossfire hurricane,” the code name for the FBI’s counterintelligence investigation against the Trump campaign.

In September 2016, the FBI would send spy Stefan Halper to further probe Papadopoulos on the Clinton email allegation, and – according to an interview with pundit Dan Bongino, Papadopoulos says Halper angrily accused him of working with Russia before storming out of a meeting.

Of note, Halper was hired by the Defense Department’s Office of Net Assessment for $244,960.00 on September 15, 2015. Overall, the Obama DoD paid Halper more than $1 million starting in 2012.

A massive thread on the entire ‘setup’ can be seen here.

Then of course there’s the purported FISA abuse that the FBI committed when it used a salacious and unverified dossier to obtain a surveillance warrant on Trump campaign aide Carter Page. According to senior FBI lawyer Sally Moyer, there was a “50/50” chance that the FISA warrant would have been issued without the Clinton-funded anti-Trump opposition research.

While Barr’s internal team is separate from a long-running investigation by the DOJ’s Inspector General, Michael Horowitz, it falls short of appointing a special counsel to investigate the Obama DOJ and its many holdovers. Horowitz’s inquiry is expected to be done by May or June, according to Barr’s Tuesday testimony.

Barr is also looking into a criminal investigation launched against former Attorney General Jeff Sessions in 2017 for misleading lawmakers about his contacts with Russians during his time as a senator advising the Trump campaign. It was eventually closed without charges.

“That’s great news he’s looking into how this whole thing started back in 2016,” said Rep. Jim Jordan (R-OH) – the top Republican on the House Oversight and Reform Committee. “That’s something that has been really important to us. It’s what we’ve been calling for.”

Before the GOP lost control of the House, Jordan and California Republican Rep. Devin Nunes were aggressively pursuing how the FBI and DOJ harbored animus and bias against Donald Trump, and showed favoritism towards Hillary Clinton. The pair interviewed over 40 witnesses, held hearings, and demanded that the Justice Department hand over hundreds of thousands of documents related to the 2016 election.

Sen. Lindsey Graham (R-SC) said in a March 28 interview with Fox News “Once we put the Mueller report to bed, once Barr comes to the committee and takes questions about his findings and his actions, and we get to see the Mueller report, consistent with law, then we are going to turn to finding out how this got off the rails.”

James Comey

@Comey

So many questions.

END

“Spying Did Occur”: Barr Vows To Investigate FBI, DOJ Conduct During 2016 Election

Attorney General William Barr admitted on Wednesday that the Obama administration ‘spied’ on President Trump, and has vowed to get to the bottom of it.

“I think spying did occur,” said Barr during a Senate Appropriations subcommittee hearing – expanding on comments made the day before. “But the question is whether it was adequately predicated and I’m not suggesting it wasn’t adequately predicated, but I need to explore that.

Embedded video

Saagar Enjeti

@esaagar

NEW: AG Barr tells Congress “I think spying did occur, yes. I think spying did occur” on the Trump campaign. He adds “The question was whether it was adequately predicated. And I’m not suggesting it wasn’t predicated. I need to explore that”

Embedded video

Washington Examiner

@dcexaminer

Barr says he believes Trump’s 2016 campaign was spied on. @brianschatz: “Do you wanna rephrase … I think the word ‘spying’ could cause people in the cable news ecosystem to freak out.”

Barr: “Unauthorized surveillance … is that more appropriate in your eyes?”

I am going to be reviewing both the genesis and the conduct of intelligence activities directed at the Trump campaign during 2016,” Barr told lawmakers, according to The Hill. “A lot of this has already been investigated and a substantial portion that’s being investigated is being investigated by the inspector general of the department.” 

Barr later clarified his earlier comment, saying that he was concerned “improper surveillance” may have occurred during the 2016 election, and he will be “looking into it.”

“I am not saying that improper surveillance occurred. I’m saying that I am concerned about it and looking into it. That’s all,” Barr clarified.

Barr downplayed recent reports that he had formed a team to investigate the FBI’s actions in the original Russia counterintelligence probe, but said he had in mind bringing “some colleagues” together to review information turned up by the inspector general investigation, as well as Republican-led congressional probes to determine whether there is a need for further investigation at the Justice Department.

Barr said he is particularly concerned about why the Trump campaign was not notified about the FBI’s counterintelligence probe. –The Hill

“That is one of the questions I have, that I feel normally the campaign would have been advised of this,” Barr said to Sen. Lindsey Graham (R-SC). “I just want to satisfy myself that there was no abuse of law enforcement or intelligence powers.”

Barr pointed out that two former US attorneys linked to the Trump campaign – Chris Christie and Rudy Giuliani – weren’t notified of any investigation. 

“I just want to satisfy myself that there was no abuse of law enforcement or intelligence powers,” Barr told Graham – though he insisted he was not “launching [an] investigation into the FBI.”

“To the extent there are any issues of the FBI, I do not view it as a problem that is endemic to the FBI,” said Barr – adding that there were likely “failures” by the bureau’s top brass.

“If it becomes necessary to look over some former officials’ activities, I expect I’ll be able to heavily rely on Chris,” said Barr – referring to FBI Director Christopher Wray. “I believe I have an obligation to make sure government power is not abused.”

In separate congressional hearings both Tuesday and Wednesday, Barr faced multiple questions about his handling of special counsel Robert Mueller’s final report on his investigation into Russia’s 2016 election meddling. He hopes to release a redacted version of the report within a week.

Barr told Sen. Jack Reed (D-R.I.) that he isn’t aware of “specific evidence” that actions taken during the original FBI probe into Russian interference or Mueller’s probe were improper.

But he reiterated that he wants to review the intelligence community’s actions in the original counterintelligence probe.

“I have no specific evidence that I have now,” Barr said. “I have questions about it.”

“I have concerns about various aspects of it,” he added. –The Hill

***

As we noted on Tuesday, Barr’s team may want to investigate exactly how information flowed from a self-professed member of the Clinton Foundation – Joseph Mifsudto Trump campaign aide George Papadopoulos in March of 2016, who learned during the encounter that Russia had “dirt” on Hillary Clinton. 

Papadopoulos would later tell Australian diplomat Alexander Downer about the so-called Clinton dirt, which resulted in the launch of “operation crossfire hurricane,” the code name for the FBI’s counterintelligence investigation against the Trump campaign. 

In September 2016, the FBI would send spy Stefan Halper to further probe Papadopoulos on the Clinton email allegation, and – according to an interview with pundit Dan Bongino, Papadopoulos says Halper angrily accused him of working with Russia before storming out of a meeting. 

Of note, Halper was hired by the Defense Department’s Office of Net Assessment for $244,960.00 on September 15, 2015. Overall, the Obama DoD paid Halper more than $1 million  starting in 2012.

A massive thread on the entire ‘setup’ can be seen here.

END

Funny!! Mnuchin testifies in front of Maxine Waters and it becomes chaotic

(courtesy zerohedge)

Watch As A Flustered Steve Mnuchin Erupts At Maxine Waters In Chaotic Hearing

Right out of the gate on Tuesday, it was obvious that today’s grilling of Treasury Secretary Steven Mnuchin by Maxine Waters and the House Financial Services Committee would lead to fireworks. Waters used her first question to ask Treasury Secretary Steven Mnuchin whether he would comply with a Democratic request for copies of six years of the president’s personal and business tax returns by Wednesday’s deadline.

The answer, not surprisingly, was no: “I want to acknowledge we have received the request,” Mnuchin said, dancing around any solid commitment but repeating the jist of testimony he provided at another hearing earlier Tuesday. “As I said before, we will follow the law. We are reviewing it with our internal legal department and I would leave it at that.”

But while much of the hearing focused on Trump’s taxes, and Mnuchin’s repeated refusal to submit them, it wasn’t until the end that tempers between the biggest financial brain in the Democrat controlled House, and the youngest partner in Goldman history, boiled over as the two sparred over Mnuchin’s effort to end his committee testimony to meet with a foreign dignitary, and not come back before the committee for another day of political grandstanding by Waters et al.

Initially, Waters complained that Mnuchin had made another engagement tonight, warning him that if he doesn’t stay for the full hearing, she would compel him to return in May for multiple hearings. Then, after about three hours and 15 minutes of testimony, Mnuchin asked to leave the committee after Waters told Mnuchin that he was free to leave, but declined to end the hearing, where several members waited to question Mnuchin.

Waters had already criticized Mnuchin for scheduling a 5:30 p.m. meeting, which he said was with a senior member of the government of Bahrain, on the same day as an annual appearance before Congress.

“No other secretary has ever told us the day before that they were going to limit their time”, the House’s top financial expert said.

Then then escalated when Mnuchin at first said he would accept a request to come back and testify in May, then balked when Waters insisted he appear twice before the committee during that month. “This is a new way, this is a new day, this is a new chair, and I have the gavel,” Waters explained to Mnuchin, just in case he was unaware.

That, as the Washington Examiner notes, then led to an awkward stand off in which Mnuchin told Waters to end the hearing to avoid the appearances of him leaving while a hearing centered around his testimony continued.

At which point we got one of the most awkward phrases uttered in Maxine’s vicinity: “I believe you’re supposed to take the gavel and bang it,” said an increasingly angry Mnuchin, adding that “you’re ordering me to stay here …. that’s not what I want to do.”

Embedded video

ABC News Politics

@ABCPolitics

In testy exchange, Rep. Maxine Waters tells Treasury Secretary Steve Mnuchin, “no other secretary has ever told us the day before that they were going to limit their time.”

“You’re ordering me to stay here …. that’s not what I want to do,” Mnuchin says https://abcn.ws/2WVeQK0

At this point, the visibly flustered and flushed Steve Mnuchin erupted. “If you wish to keep me here so that I don’t have my important meeting and continue to grill me, then we can do that. I will cancel my meeting and I will not be back here, I will be very clear, if that’s the way you would like to have this relationship.”

However, after briefly conferring with a legal advisor, Mnuchin then quickly changed his mind when got some good news, namely that he could finally escape the circus: “I’ve just been advised that I’m under no obligation to stay … I’ve withdrawn my offer to voluntarily come back.”

Waters response: “You may choose to do whatever you want.”

Embedded video

ABC News Politics

@ABCPolitics

Treasury Secretary Mnuchin after being asked to stay at hearing by Rep. Maxine Waters: “I’ve just been advised that I’m under no obligation to stay … I’ve withdrawn my offer to voluntarily come back.”

Waters: “You may choose to do whatever you want” https://abcn.ws/2WVeQK0

The good news: nobody was injured in the making of this circus: As WaPo’s Erica Werner reports, the hearing “ends on a relatively amicable note with Waters thanking him for staying til 5:30 and Mnuchin saying he looks forward to returning. Mnuchin then pushed through crowd of reporters and has now sped off, presumably for meeting with Bahrain person.”

And with that, we can’t wait for tomorrow’s pay-per-view interrogation of Jamie Dimon by both Maxine as well as AOC to begin

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

Trump announces US will slap $11B in tariffs on EU goods… as part of an ongoing aircraft dispute.

Meanwhile, the EU has started preparing to retaliate over Boeing subsidies, an EU official said on Tuesday… https://trib.al/3TGpRmc

@realDonaldTrump: The World Trade Organization finds that the European Union subsidies to Airbus has adversely impacted the United States, which will now put Tariffs on $11 Billion of EU products! The EU has taken advantage of the U.S. on trade for many years. It will soon stop!

Trump is Right to Blow up the Fed

The Federal Reserve is out of control, acting in ways and with powers that were never explicitly granted by Congress.  Anybody who cares to read the 1978 Humphrey Hawkins law will know that the Fed is directed by Congress to seek full employment and then zero inflation. Not 2 percent, but zero

https://www.theamericanconservative.com/articles/trump-is-right-to-blow-up-the-fed/

end

House Dems cancel vote on budget plan amid internal revolt

Pelosi was forced to pull the bill from the floor amid objections from both liberals and moderates.

https://www.politico.com/story/2019/04/09/federal-spending-bill-house-democrats-1263550

 

Highlights of AG Bill Barr’s testimony to the House Appropriations subcommittee on Tuesday

  • A redacted copy of Mueller’s Report will be ready within a week.
  • Mueller was offered an opportunity to review Barr’s summary letter; Bob declined.
  • The DOJ IG is reviewing the FISA process re: Trump/Russia investigation; the report will be finished by May or June – AND Barr is overseeing a separate, wider review of ‘all aspects’.
  • When a Dem demanded an unredacted copy of the report Barr reminded him that the AG is “operating under a regulation that was put together during the Clinton Administration and does not provide for the publication of the report.”
  • After a question on WH opposition to Obamacare: “I’m a lawyer, I’m not in charge of healthcare.”

 

Areas To Be Redacted From Mueller’s Report

  • Grand Jury materials
  • “Intelligence sources and methods”
  • Information in the report that could interfere with ongoing prosecutions & investigations
  • Information that violated the privacy “of peripheral players where there was a decision not to charge them.”

 

Solomon: The single-sentence Russia bombshell that Attorney General Barr delivered to Congress

   Barr told Congress he will investigate how the FBI came to conduct a counterintelligence investigation against Donald Trump… Barr made clear Tuesday that his review is distinct and more far-ranging than IG Horowitz’s investigation…

“More generally, I am reviewing the conduct of the investigation and trying to get my arms around all the aspects of the counterintelligence investigation that was conducted during the summer of 2016.”…

https://thehill.com/opinion/white-house/438136-the-single-sentence-russia-bombshell-that-attorney-general-barr-delivered#.XK0e7qCYaXw.twitter

 

@paulsperry_: Sen. Grassley of Judiciary Committee last month asked AG Barr for access to classified FBI intel reports that shed light on the URANIUM ONE saleHillary Clinton shepherded through for Russia, giving Moscow rights to US uranium assets, but Barr refused to provide the docs

 

@seanmdav: Former FBI general counsel and Comey confidant James Baker testified to Congress in late 2018 that his predecessor, Mueller deputy Andrew Weissmann, was widely disliked at the FBI and destroyed morale in the general counsel’s office.https://dougcollins.house.gov/sites/dougcollins.house.gov/files/BakerRedacted.pdf

 

END

I WILL SEE YOU THURSDAY NIGHT
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