APRIL 22/GOLD UP $1.75 TO $1275.90//SILVER UP 4 CENTS TO $15.03//DURING WEEKEND, IN CHINA LARGE PRIVATE MINSHENG DEFAULTED// SETTING UP MAJOR CROSS DEFAULTS//NIGEL FARAGE’S BREXIT PARTY NOW IN THE LEAD IN VOTER SUPPORT FOR THE NEW EUROPEAN PARLIAMENTARY ELECTIONS//TURKISH LIRA FALTERS AS FORMER PRIME MINISTER ANGRY WITH ERDOGAN’S POLICIES//USA TO NOT ALLOW ANY MORE EXEMPTIONS PER COUNTRIES PURCHASING IRANIAN OIL//iRAN COUNTERS THAT IT WILL CLOSE THE STRAIT OF HORMUZ//PLETHORA OF SWAMP STORIES FOR YOU TONIGHT///

 

 

 

 

 

 

GOLD: $1275.90 UP $1.75 (COMEX TO COMEX CLOSING)

Silver:  $15.03 UP 4 CENTS  (COMEX TO COMEX CLOSING)

Closing access prices:

Gold :  $1275.55

 

 

silver: $15.03

 

 

 

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

today RECEIVING:  16/19

EXCHANGE: COMEX
CONTRACT: APRIL 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,271.900000000 USD
INTENT DATE: 04/18/2019 DELIVERY DATE: 04/23/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
661 C JP MORGAN 16
737 C ADVANTAGE 19 3
____________________________________________________________________________________________

TOTAL: 19 19
MONTH TO DATE: 6,313

 

NUMBER OF NOTICES FILED TODAY FOR  APRIL CONTRACT: 19 NOTICE(S) FOR 1900 OZ (0.0509 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  6313 NOTICES FOR 63130000 OZ  (19.636 TONNES)

 

 

SILVER

 

FOR APRIL

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

 

1 NOTICE(S) FILED TODAY FOR nil  OZ/

 

total number of notices filed so far this month: 775 for 3,875,000  oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE :$5284  UP $24

 

 

Bitcoin: FINAL EVENING TRADE: $5343 UP =86

 

 

end

 

XXXX

 

 

 

 

 

Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE A GOOD  SIZED 1029 CONTRACTS FROM 219,907 UP TO 220,936 DESPITE THURSDAY’S 0 CENT RISE IN SILVER PRICING AT THE COMEX TODAY WE ARRIVED FURTHER FROM AUGUST’S 2018  RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS.

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,  652 FOR MAY, 120 FOR JUNE 184 FOR JULY AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE: OF 956 CONTRACTS. WITH THE TRANSFER OF 956 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 956 EFP CONTRACTS TRANSLATES INTO 4.78 MILLION OZ  ACCOMPANYING:

1.THE 0 CENT RISE IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

AND NOW 3.875 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:

27,773 CONTRACTS (FOR 15 TRADING DAYS TOTAL 27,773 CONTRACTS) OR 138.86 MILLION OZ: (AVERAGE PER DAY: 1851 CONTRACTS OR 9.257 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR:  138.86 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 19.83% 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:          707,38    MILLION OZ.

JANUARY 2019 EFP TOTALS:                                                      217.455. MILLION OZ

FEB 2019 TOTALS:                                                                       147.4       MILLION OZ/

MARCH 2019 TOTAL EFP ISSUANCE:                                           207.835   MILLION OZ

 

 

RESULT: WE HAD A GOOD SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1029 DESPITE THE 0 CENT RISE IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A  GOOD SIZED EFP ISSUANCE OF 956 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) . OUR BANKERS HAVE NOT YET STARTED THEIR LIQUIDATION OF THE SPREAD TRADES.

 

TODAY WE GAINED  A CONSIDERABLE SIZED: 1985 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 956 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH INCREASE OF 1029  OI COMEX CONTRACTSAND ALL OF THIS DEMAND HAPPENED WITH A 0 CENT RISE IN PRICE OF SILVER  AND A CLOSING PRICE OF $14.99 WITH RESPECT TO THURSDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY!! 

 

 

In ounces AT THE COMEX, the OI is still represented by JUST OVER 1 BILLION oz i.e. 1.116 BILLION OZ TO BE EXACT or 160% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MARCH MONTH/ THEY FILED AT THE COMEX: 0 NOTICE(S) FOR  nil OZ OF SILVER

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

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

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

  1. HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY  (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ  MAY: 36.285 MILLION OZ ; JUNE/2018  (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ   )  FOR AUGUST 6.065 MILLION OZ. , SEPT:  A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz  NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ   JANUARY AT  5.825 MILLION OZ.AND FEB 2019:  2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/ AND NOW APRIL AT 3.875 MILLION OZ/
  2. HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018:  244,196 CONTRACTS,  WITH A SILVER PRICE OF $14.78.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
  4. RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

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

 

IN GOLD, THE OPEN INTEREST FELL BY A FAIR SIZED 2337 CONTRACTS, TO 436,092 DESPITE THE TINY FALL IN THE COMEX GOLD PRICE/(A LOSS IN PRICE OF $0.45//THURSDAY’S TRADING).  

 THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A STRONG SIZED 7734 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 7724 CONTRACTS DECEMBER: 0 CONTRACTS, JUNE 2020  0 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 436,092. 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 GOOD GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5387 CONTRACTS: 2327 OI CONTRACTS DECREASED AT THE COMEX  AND 7724 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 5387 CONTRACTS OR 538700 OZ OR 16.76 TONNES.  THURSDAY WE HAD A TINY FALL IN THE PRICE OF GOLD TO THE TUNE OF  $0.45.AND YET WITH THAT, WE STILL HAD A VERY STRONG GAIN IN TONNAGE OF 16.76  TONNES!!!!!!.?????????????????????????????????????????? 

 

 

 

 

 

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF APRIL : 108,519 CONTRACTS OR 10,851,900 OR 337.53 TONNES (14 TRADING DAYS AND THUS AVERAGING: 7198 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 14 TRADING DAYS IN  TONNES: 337.53 TONNES

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

THUS EFP TRANSFERS REPRESENTS 337.53/3550 x 100% TONNES = 9.50% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     1710.93 TONNES

JANUARY 2019 TOTAL EFP ISSUANCE;   531.20 TONNES

FEB 2019 TOTAL EFP ISSUANCE:             344.36 TONNES

MARCH 2019 TOTAL EFP ISSUANCE:       497.16 TONNES

 

 

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLEDRIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS.  ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM.  IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE

 

 

Result: A FAIR SIZED  DECREASE IN OI AT THE COMEX OF 2337 DESPITE THE TINY LOSS IN PRICING ($0.45) THAT GOLD UNDERTOOK THURSDAY) //.WE ALSO HAD A  STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 7744 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 7744 EFP CONTRACTS ISSUED, WE  HAD A VERY GOOD GAIN OF 5387 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

7724 CONTRACTS MOVE TO LONDON AND 2337 CONTRACTS DECREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 16.76 TONNES). ..AND THIS HUGE DEMAND OCCURRED WITH A FALL IN PRICE OF $0.45 IN THURSDAY’S TRADING AT THE COMEX.????

 

 

 

we had:  19 notice(s) filed upon for 1900 oz of gold at the comex.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD...

 

WITH GOLD UP $1.75  TODAY 

 

A SMALL CHANGE IN GOLD INVENTORY TONIGHT

A WITHDRAWAL OF .59 TONNES FROM THE GLD INVENTORY///

 

 

INVENTORY RESTS AT 751.68 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 CHANGE IN SILVER INVENTORY AT THE SLSV//

 

 

 

 

 

 

/INVENTORY RESTS AT 311.979 MILLION OZ.

 

 

end

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

1. Today, we had the open interest in SILVER ROSE BY A STRONG SIZED 1029 CONTRACTS from 219,907 UPTO 220,936 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…..THE SPREADERS EN MASSE ARE WAITING UNTIL THE 23RD OR 22ND OF APRIL TO BEGIN THEIR LIQUIDATION:

HERE IS HOW THE CROOKS USED SPREADING AS WE ENTER AN ACTIVE DELIVERY MONTH. THUS SILVER HAS THE ACTIVE MONTH OF MAY COMING UP AND THUS SPREADERS DO THE FOLLOWING:

“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.”

 

 

 

EFP ISSUANCE:

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., 652 FOR MAY, FOR JUNE 120 CONTRACTS AND JULY: 184 CONTRACTS  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 956 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  1029 CONTRACTS TO THE 956 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE  OBTAIN A STRONG SIZED GAIN OF 1985  OPEN INTEREST CONTRACTS.  THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 10.45MILLION 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 3.875 MILLION OZ FOR APRIL.

 

 

RESULT: A STRONG SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE 0 CENT RISE IN PRICING THAT SILVER UNDERTOOK IN PRICING// THURSDAY. WE ALSO HAD A GOOD SIZED 956 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG  SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

BOTH THE SILVER COMEX AND THE GOLD COMEX ARE IN STRESS AS THE BANKERS SCOUR THE BOWELS OF THE EXCHANGE FOR METAL

 

 

(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED DOWN 55.76 POINTS OR 1.70% //Hang Sang CLOSED DOWN 161.42 POINTS OR 0.54%  /The Nikkei closed UP 17.34 POINTS OR 0.08%/ Australia’s all ordinaires CLOSED DOWN .01%

/Chinese yuan (ONSHORE) closed DOWN  at 6.7113 AS TRUCE DECLARED FOR 3 MONTHS /Oil UP to 65.31 dollars per barrel for WTI and 73.68 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.7113 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7119 / TRADE TALKS NOW ON/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING BELOW 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

Japan

 

3 China/Chinese affairs

i)China/

 

China’s Minsheng as defaulted as it was hit with a sudden rash of cross defaults orchestrated in a daisy like fashion.  Many of these state owned companies are basically zombies having been amalgamated with other zombies stitched together with some new found debt.  No wonder these are failing:

(ZEROHEDGE)

 

 

4/EUROPEAN AFFAIRS

i)EU/

The EU is in a massive slowdown and it is worse than the global one.  The only other country in severe recession is Japan

( Daniel Lacalle)

ii) UK

The upcoming European election has Nigel Farage in the lead and that is a harbinger of things to come as many citizens want out of the EU shenanigans

( Tom Luongo)

iii)The following details how Farage will go after the Tories.

( Tom Luongo)

iv)The Tories worried that they are going to be decimated are now willing to change the rules to out Theresa May

( Mish Shedlock/Mishtalk)

v)London home prices fall badly and it registers the worst drop since lehman
( Don Quijones/WolfStreet))

 

 

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)UKRAINE

A comedian who portrays Poroshenko on TV easily defeats him in the big Ukraine presidential election.  He has no experience in politics

( zerohedge)

ii)TURKEY

Mutiny on the Bounty in Turkey as former Prime Minister Davutoglu challenges the Erdogan’s economic policies
( zerohedge)

iii)LIBYA

General Hafter has the backing of the uSA as Haftar has now secured Libya’s oil reserves as they prepare to take Tripoli

( zerohedge)

iv)Iran

Could reason for the crooks to hit on gold and silver today:  Iran now threatens to close the Straits of Hormuz if the uSA blocks its exports.
(courtesy zerohedge)

6. GLOBAL ISSUES

Sri Lanka

Death toll now rises to 290 after suicide bombers hit 3 Catholic churches and 4 luxury hotels

( zerohedge)

 

 

7. OIL ISSUES

Oil surges as Washington is prepared to end the Iranian crude export waiver on March 2. USA intermediate climbs to 65. dollar per barrel and Brent topped 74 dollars]

( zerohedge)

 

 

 

8 EMERGING MARKET ISSUES

 

i)ARGENTINA

At the turn of the 20 Century , Argentina was the jewel  of South America.  In over 120 years, the country has defaulted many times on their foreign bond issuance.  Now inflation is ripping at 54%, and their currency the Argentine Peso is now at:41.64.In 2001, the Peso was trading at one peso per USA dollar.  They then devalued to 3: 1 and from that point on they have devalued steadily.

( Daniel Lacalle)

 

 

 

9. PHYSICAL MARKETS

i)Supposedly West Mint has 54 million oz of gold reserves or 22% of the nations total reserves.

( Toohey/WNYW/TV 5/New York)

ii)Swiss interest rates are now at -.75%  Thomas Jordan is beginning to worry about the strength of the Swiss Franc and he now pledges to lower rates even more negative

(Bloomberg/GATA)

iii)A great interview of  Chris Powell of GATA as he explains market rigging and the fact that we have low inflation is nonsense

( Chris Powell/GATA/Greg Hunter/USAWatchdog)

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

 

 

MARKET TRADING//early this morning/FOMC

 

 

ii)Market data

a)On a rare Good Friday release: housing starts continue to collapse..the worst annual drop in 8 years.

(zerohedge)

b)And this is followed by existing home sales slump for the 13th straight month.  February’s huge spike was an anomaly. The 11.8% spike in February was revised lower to 11.2% and then March report saw a big slump down to a loss of 4.9%

(zerohedge)

 

 

 

ii)USA ECONOMIC/GENERAL STORIES

 

my  goodness:  Homeless people are now descending on the 4th largest airport in the USA:  the San Francisco Airport.

 

( zerohedge)

SWAMP STORIES

i)Trump on the warpath as he states that various testimony inside the Mueller report is”bull shit”

( zerohedge)

ii)The Democrats now subpoena an unredacted Mueller report and its underlying evidence

( zerohedge)

iii)A terrific commentary on the truth of the Mueller report and what comes next:( McShay/)

iv)And here is another good commentary on the “Witch-Hunt” orchestrated by Mueller. The author wants to see Mueller in front of Congress and he is waiting for Rand Paul to say this:

“Rand Paul: BREAKING: A high-level source tells me it was Brennan who insisted that the unverified and fake Steele dossier be included in the Intelligence Report… Brennan should be asked to testify under oath in Congress ASAP.”

He correctly states that it is Obama that is worried.  He knew point blank that the Russians were trying to meddle in the elections. Obama did nothing because of the Iran deal and he needed Russia on his side and thus he went soft on them

( Raul Meijer/Automatic Earth)

v)Progressives in the Democratic wing want to impeach Trump.  However they are getting zero sympathy from any Republican and they will need some bipartisan support to try to foolish thing like impeachment
( zero hedge
vi) This is a surprise:  the New York Times have now stated that the tables have turned:  it is now time to investigate the FBI, the Steel dossier and the rest of the “witch hunters”

(courtesy New York Times/zerohedge)

 

vii)We are now beginning to see Main Stream Media becoming a little perturbed with Mueller.  Veteran intelligence officials are blasting Mueller for not going over to interview Assange in that it was his assertion that it was the Russians who hacked the DNC servers.  The one person who would knew is Assange and he was willing to be interviewed.  I wonder why Mueller never went?  The correct answer was that the Russians never hacked the server as it was Democrat Rich who downloaded the stuff to Wikileaks and he was murdered for that deed.

( zerohedge)

 

 

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

 

Let us head over to the comex:

 

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR 2337 CONTRACTS.TO A LEVEL OF 436,092 DESPITE THE TINY LOSS IN THE PRICE OF GOLD ($0.45) IN THURSDAY’S // COMEX TRADING) 

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF APRIL..  THE CME REPORTS THAT THE BANKERS ISSUED A  STRONG SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 7724 EFP CONTRACTS WERE ISSUED:

FOR APRIL 0 FOR JUNE ’19: 7724 CONTRACTS , DEC; 0 CONTRACTS: 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  7724 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: 5387 TOTAL CONTRACTS IN THAT 7724 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A FAIR SIZED 2337 COMEX CONTRACTS.

 

NET GAIN ON THE TWO EXCHANGES : 5387 contracts OR 538,700 OZ OR 16.76 TONNES.

 

We are now in the active contract month of APRIL and here the open interest stands at 164 contracts, having LOST 837 contracts.

We had 839 notices filed upon yesterday, so we GAINED  2 contracts or an additional 200 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!! AGAIN FOR THE 6TH CONSECUTIVE DAY WE HAD AN INCREASE IN THE AMOUNT OF GOLD STANDING AND THE ODDS ARE THAT IT WAS THE BANKERS  SEARCHING FOR METAL AS OPPOSED TO A STRONG SPECULATOR GOING AFTER PHYSICAL GOLD…THUS THE TRUE DEFINITION OF QUEUE JUMPING.

 

 

The next non active delivery month after  APRIL is the NON active delivery month is MAY and here the OI FELL by 32 contracts FALLING TO 1647 contracts. The next contract month after May is June and it is an active month.  Here the open interest FELL by 2926 contracts DOWN to 319,071 contracts.

 

 

 

 

TODAY’S NOTICES FILED:

WE HAD 19 NOTICES FILED TODAY AT THE COMEX FOR ,1900 OZ. (0.0509 TONNES)

 

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And now for the wild silver comex results.

Total COMEX silver OI ROSE BY A GOOD SIZED 1029 CONTRACTS FROM 219,907 UP TO 220,936(AND FURTHER FROM 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 GOOD OI COMEX GAIN OCCURRED DESPITE A 0 CENT GAIN IN PRICING.//THURSDAY.

 

 

WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF APRIL AND THE  OPEN INTEREST IN THIS FRONT MONTH RESTS AT 1 CONTRACTS FOR A GAIN OF 1 CONTRACT 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 9544 CONTRACTS DOWN TO 81,084. CONTRACTS.. THE NEXT MONTH OF JUNE GAINED 97 CONTRACTS TO 231. AFTER JUNE, THE VERY BIG DELIVERY MONTH OF JULY HAD A GAIN OF 10,166 CONTRACTS UP TO 100,258 CONTRACTS.

 

 

 

 

 

 

ON A NET BASIS WE GAINED A STRONG SIZED 1985 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 1022 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 956 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET LOSS ON THE TWO EXCHANGES:  1985 CONTRACTS...AND ALL OF THIS  DEMAND OCCURRED WITH A 0 CENT GAIN IN PRICING// THURSDAY ?????

 

 

 

 

 

 

 

 

 

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:  141,865  CONTRACTS 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  440,585  contracts

 

 

 

 

 

 

 

 

 

INITIAL standings for  APRIL/GOLD

APRIL 22 /2019.

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

oz

 

 

 

 

 

 

 

 

Deposits to the Customer Inventory, in oz  

 

 

 

nil oz

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No of oz served (contracts) today
19 notice(s)
 1900 OZ
(0.0509TONNES)
No of oz to be served (notices)
145 contracts
(14500 oz)
0.4510 TONNES
Total monthly oz gold served (contracts) so far this month
6313 notices
631300 OZ
19.636 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 0 dealer entries:

 

 

total dealer deposits: nil oz

total dealer withdrawals: nil oz

We had 0 kilobar entries

 

we had 0 deposit into the customer account

i) Into JPMorgan:  nil oz

 

ii) Into everybody else:  zero oz

 

 

total gold deposits: nil  oz

 

 very little gold arrives from outside/ zero amount arrived  today

we had 0 gold withdrawals from the customer account:

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

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

 

 

 

 

total gold withdrawals; nil 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  19 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 16 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid  (Goldman Sachs)

 

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To calculate the INITIAL total number of gold ounces standing for the APRIL /2019. contract month, we take the total number of notices filed so far for the month (6313) x 100 oz , to which we add the difference between the open interest for the front month of APRIL. (164 contract) minus the number of notices served upon today (19 x 100 oz per contract) equals 645,800 OZ OR 20.087 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 (6313 x 100 oz)  + (164)OI for the front month minus the number of notices served upon today (19 x 100 oz )which equals 645,800oz standing OR 20.087 TONNES in this  active delivery month of APRIL.

 

 

WE GAINED TODAY 2  CONTRACTS OR 200  ADDITIONAL OZ WILL STAND AT THE COMEX AND THESE GUYS REFUSED TO  MORPH INTO LONDON BASED FORWARDS.(AS WELL AS NEGATINGING A FIAT BONUS FOR THEIR EFFORTS).  THIS IS QUEUE JUMPING AT ITS FINEST!!!! THIS IS THE SIXTH CONSECUTIVE  GAIN AT THE GOLD COMEX, ALTHOUGH TODAY’S GAIN WAS SMALL.  HOWEVER TO HAVE 6 CONSECUTIVE GAINS  IN AMOUNT STANDING IS UNPRECEDENTED AT THE COMEX. AS I DESCRIBED TO YOU LAST MONTH THE GOLD COMEX IS IN SERIOUS STRESS ALONG WITH THE SILVER COMEX.  YOU CAN ALSO BET THE FARM THAT BASEL III IS PLAYING A BIG PART IN THIS AS THE BANKS SCRAMBLE TO REMOVE PAPER GOLD COLLATERAL ON THEIR BOOKS FOR THE REAL STUFF.

 

 

SURPRISINGLY LITTLE GOLD HAS BEEN ENTERING THE COMEX VAULTS AND WE HAVE WITNESSED THIS FOR THE PAST YEAR!!  WE HAVE ONLY 11.013 TONNES OF REGISTERED (  GOLD OFFERED FOR SALE) VS 20.087 TONNES OF GOLD STANDING// (with a probable 2 tonnes settled.)

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

 

 

 

 

 

total registered or dealer gold:  354,091.289 oz or  11.013 tonnes
total registered and eligible (customer) gold;   7,939,404.407 oz 246.94 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. AT THE BEGINNING OF APRIL IT LOOKED LIKE WE WERE GOING TO HAVE A REPEAT OF LAST YEAR WHERE MANY MORPH TO LONDON BECAUSE THERE IS NO METAL AT THE COMEX. WE ARE PROVEN WRONG: WE ARE DOING MUCH BETTER IN 2019 AS WE NOW HAVE  TO 20.087 TONNES OF GOLD STANDING.

 

AT FIRST DAY NOTICE MAY 1 2018: WE HAD 1.284 TONNES OF GOLD STAND.  BY MONTH’S END:  2.27 TONNES AS WE HAD ONE QUEUE JUMPING IN THE MIDDLE OF THE MONTH.

AND IF YOU ARE KEEPING SCORE AT THE SAME TIME LAST YEAR:

IN GOLD ON APRIL 23 WE HAD 1162 OPEN INTEREST CONTRACTS STILL REMAINING TO BE SERVED//5 TRADING DAYS VS  1647 CONTRACTS APRIL 22.2019 WITH 6 TRADING SESSIONS LEFT.

 

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 22 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
nil oz

 

 

 

 

 

 

 

Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
535,413.990 oz
JPM organ
No of oz served today (contracts)
1
CONTRACT(S)
5,000 OZ)
No of oz to be served (notices)
0 contracts
NIL oz)
Total monthly oz silver served (contracts) 775 contracts

3,875,000 oz)

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

**

 

we had 0 inventory movement at the dealer side of things

 

total dealer deposits: nil  oz

total dealer withdrawals: nil oz

we had  1 deposits into the customer account

 

i) Into JPMorgan:  535,413.990  oz

 

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

JPMorgan now has 149.469 million oz of  total silver inventory or 48.80% of all official comex silver. (149 million/305 million)

 

into everybody HSBC: nil  oz

 

 

 

 

 

 

 

 

total customer deposits today:  535,413.990  oz

 

we had 0 withdrawals out of the customer account:

 

 

total withdrawals: nil   oz

 

we had 0 adjustments..

 

 

total dealer silver:  90.921 million

total dealer + customer silver:  306.216 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 775 x 5,000 oz = 3,875,000 oz to which we add the difference between the open interest for the front month of APRIL. (1) 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:775(notices served so far)x 5000 oz + OI for front month of APRIL( 1) -number of notices served upon today (1)x 5000 oz equals 3,875,000 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 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)

ON FIRST DAY NOTICE APRIL 30/2018 (FOR THE MAY 2018 CONTRACT MONTH) WE HAD 24.11 MILLION OZ STAND FOR DELIVERY.  BY MONTH END WE HAD HUGE QUEUE JUMPING AND THUS 36.285 MILLION OZ EVENTUALLY STOOD FOR DELIVERY.

 

ON APRIL 23.2018 WE HAD A LARGE 85,100 OPEN INTEREST CONTRACTS STILL LEFT TO BE SERVED WITH 5 TRADING SESSIONS TO GO/ VS TODAY, APRIL 22.2019: 81,084 CONTRACTS//6 TRADING SESSIONS.

 

 

 

 

 

 

 

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TODAY’S ESTIMATED SILVER VOLUME:  39,285 CONTRACTS

 

 

 

 

 

CONFIRMED VOLUME FOR YESTERDAY: 104,913 CONTRACTS…

..volume extremely high due to raid

 

 

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 104,913 CONTRACTS EQUATES to 524 million OZ  74.9% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44

 

end

 

 

 

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NPV for Sprott 

1. Sprott silver fund (PSLV): NAV FALLS TO -3.84% (APRIL 22/2019)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -1.01% to NAV (APRIL 22/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -3.84%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

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

NAV 12.83/TRADING 12.32/DISCOUNT 3.98

END

And now the Gold inventory at the GLD/

APRIL 22/WITH GOLD UP $1.75//A SMALL WITHDRAWAL OF .59 TONNES OF GOLD FROM THE GLD INVENTORY//INVENTORY RESTS AT 751.68 TONNES

APRIL 18/WITH GOLD DOWN $.45 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT752.27 TONNES

APRIL 17/WITH GOLD DOWN $0.10 TODAY: ANOTHER HUGE WITHDRAWAL OF 1.76 TONNES AT THE GLD WHICH WAS USED IN YESTERDAY’S RAID/INVENTORY RESTS AT 752.27 TONNES

APRIL 16/WITH GOLD DOWN $13.60 TODAY: A HUGE WITHDRAWAL OF 3.82 TONNES AT THE GLD/INVENTORY RESTS AT 754.03

APRIL 15/WITH GOLD DOWN $3.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757.85 TONNES

APRIL 12/WITH GOLD UP $2.10 TODAY:NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757..85 TONNES

APRIL 11/WITH GOLD DOWN $19.85 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757.85 TONNES

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

 

 

 

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APRIL 22/2019/ Inventory rests tonight at 751.68 tonnes

*IN LAST 582 TRADING DAYS: 183.27 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 482 TRADING DAYS: A NET 16.45 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 22/WITH SILVER UP 4 CENTS TODAY; NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///

APRIL 18/WITH SILVER FLAT TODAY: A SHOCKING 2.8122 MILLION PAPER OZ WERE ADDED INTO SLV INVENTORY: INVENTORY RESTS AT 311.979 MILLION OZ/

APRIL 17/WITH SILVER UP ONE CENT TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ///

APRIL 16/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ//

APRIL 15: WITH SILVER DOWN ONE CENT TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 750,000 OZ//INVENTORY RESTS AT 309.167 MILLION OZ.

APRIL 12 WITH SILVER UP 11 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.917 MILLION OZ.

APRIL 11/WITH SILVER DOWN 37 CENTS TODAY: A DEPOSIT OF 750,000 OZ INTO THE SLV/INVENTORY RESTS AT 309.917 MILLION OZ//

April 10/WITH SILVER UP 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ.

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 22/2019:

 

Inventory 311.979 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 2.02/ and libor 6 month duration 2.63

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

G0LD LENDING RATE: + .61/

 

 

XXXXXXXX

12 Month MM GOFO
+ 2.41%

LIBOR FOR 12 MONTH DURATION: 2.75

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.33

end

 

PHYSICAL GOLD/SILVER STORIES

 

end
i) GOLDCORE BLOG/Mark O’Byrne

When Should You Sell Your Gold and Silver? (GoldCore Video)

Watch Video Here

– Your family who once dismissed you as a crazed gold bug, now herald you as an investment guru!
– When there is widespread confidence in the dollar, euro, pound and all fiat currencies
– When the next financial and monetary crisis is over and a degree of stability and sanity prevails!
– When the massive global debt bubble has burst and the debt burden has been reduced or eliminated
– When banks and sovereigns are not massively indebted and vulnerable
– Gold and silver reach and or surpass their inflation adjusted record highs from 1980 and 2011
– The Gold silver ratio falls to much lower levels – closer to 15 than 90!
– Gold and silver looks expensive relative to depressed financial and property assets
– Towards the end of an interest rate tightening cycle, when depositors get a real yield
– When the front pages of the Financial Times, The Economist etc have positive articles on gold an its price outlook
– See the Cycle of Market Emotions by GoldCore and where we are in the cycle
– Now moving from Depression to Hope and great time to buy on dips
– Sell some of gold and silver when move to Thrill and Euphoria phase

Sign up and receive exclusive GoldCore news, video updates, exclusive offers and event invitations HERE

Recent Market Updates

– World Trade Suffers Biggest Collapse Since Financial Crisis

– Exclusive Offer: Secure Gold and Silver Storage In Zurich For Free For Six Months

– There Is Too Much Debt In The World – World Bank

– How to Store Gold in an Uncertain World

– The ECB Is Struggling With Inflation, Interest Rates and The Outlook

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

Mark O’Byrne
 

 

GATA STORIES WITH RESPECT TO GOLD/PRECIOUS METALS.

Supposedly West Mint has 54 million oz of gold reserves or 22% of the nations total reserves.

(courtesy Toohey/WNYW/TV 5/New York)

A rare look inside the West Point Mint’s massive gold vaults and coin operations

 Section: 

By Joe Toohey
WNYW-TV5, New York
Wednesday, April 17, 2019

WEST POINT, New York — About an hour and a half’s drive north from New York City lies a treasure — the gold kind. But it’s not one that you can go and find.

In fact, you can’t get anywhere near it — because this treasure belongs to the United States Treasury.

… 

We’ve got approximately 54 million ounces here that we store, which is about 22 percent of the nation’s gold,” Ellen McCollum says from her office.

McCollum is the superintendent of the West Point Mint, a facility built the same year as Fort Knox and originally housed the nation’s silver.

Most of that silver was sold off and now the latest treasury department numbers show West Point is second only to Fort Knox in the amount of government gold in its vaults. …

… For the remainder of the report:

http://www.fox5ny.com/news/west-point-mint-gold-inside-look

* * *

Help keep GATA going:

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

http://www.gata.org

To contribute to GATA, please visit:

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

END

Swiss interest rates are now at -.75%  Thomas Jordan is beginning to worry about the strength of the Swiss Franc and he now pledges to lower rates even more negative

(Bloomberg/GATA)

Swiss central bank ready to push rates even more negative

 Section: 

Swiss Rates Can Be Lowered Further, SNB’s President Says

By Catherine Bosley
Bloomberg News
Saturday, April 20, 2019

The Swiss National Bank can lower its subzero interest rates even further, President Thomas Jordan told newspaper Blick.

In the interview, Jordan affirmed the ongoing need for a deposit rate of minus 0.75 percent plus a pledge to intervene in currency markets, if necessary, adding that the franc remains highly valued. The SNB had the tools to act, he said, should economic conditions deteriorate.

… 

We always have the possibility of lowering rates further. We have already gone quite far, but still we’ve got the necessary room to maneuver,” he was quoted as saying in comments published in today’s edition of the newspaper. “And we can, if necessary, expand the balance sheet further via interventions.”

The SNB’s interest rates are the lowest of any major central bank and are designed to keep pressure off the franc, which is regarded as a safe haven at times of market uncertainty. A strengthening franc depresses the inflation rate in Switzerland. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-04-20/swiss-rates-can-be-lo…

END

A great interview of  Chris Powell of GATA as he explains market rigging and the fact that we have low inflation is nonsense

(courtesy Chris Powell/GATA/Greg Hunter/USAWatchdog)

With USAWatchdog, GATA secretary reviews latest documentation of market rigging by government

 Section: 

12:05p ET Sunday, April 21, 2019

Dear Friend of GATA and Gold:

Interviewed Friday by Greg Hunter of USAWatchdog.com, your secretary/treasurer reviewed the most recent documentation of comprehensive market rigging by the U.S. government and other governments and the cowardly refusal of mainstream news organizations to report it.

Your secretary/treasurer added that freely trading monetary metals markets and currency markets are essential to free markets in everything as well as to limited and accountable government, which is the larger objective of GATA’s work.

… 

Assertions that there is little to no inflation, your secretary/treasurer added, are delusional, as inflation is manifest in a broad range of consumer prices as well as in valuations of financial assets.

The interview is 28 minutes long and can be viewed at USAWatchdog here:

https://usawatchdog.com/this-is-bigger-than-gold-silver-manipulation-chr…

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

* * *

END

This is Bigger than Gold & Silver Manipulation – Chris Powell

By Greg Hunter’s USAWatchdog.com (Early Sunday Release)

Chris Powell, Treasurer and Secretary of the Gold Anti-Trust Action Committee (GATA), says price manipulation of all markets is a major problem the world faces. Powell explains, “This is an issue far bigger than gold and silver. Gold and silver are just minerals, atomic elements. The issue for us is much bigger than that. The issue is free and transparent markets and having an accountable government. You cannot have those things unless you have freely traded monetary metals markets and freely trading currency markets as well. We don’t worship the golden calf or the silver bull. We are pursuing a much more justice oriented agenda here. We want government to tell us what they are doing in the markets. We want them to be open and accountable, and that requires a free and transparent monetary metals market.”

No matter how much financial manipulation is occurring on a global scale, you cannot suppress the outcome of those policies. One of the outcomes is inflation, and yet the new cover of Bloomberg/Newsweek asks the question “Is Inflation Dead?” Powell says, “This is worse than a prediction. It’s a delusion. Inflation is all around us. I don’t know what world the government is living in where they put out monthly reports saying inflation is tame. These people are not paying medical insurance premiums. They are not paying college tuition. They are not paying state taxes. They are not going to the grocery store and seeing prices rise monthly and, of course, they are not noticing the inflation that has manifested itself in the stock market. . . . Inflation is not dead. It’s all around us, and it has been all around us.”

GATA has been trying to get the U.S. government to come clean about massive market manipulations. GATA says they have hit a stone wall of silence. Powell concludes, “Presumably, the U.S. Treasury is secretly trading in any number of markets and refuses to say which markets they are. . . . I heard a U.S. Assistant Attorney move for a Summary Judgement dismissal of our lawsuit saying, without admitting the U.S. government was rigging the markets as we complained in our lawsuit, the U.S. government does claim the power to do what our lawsuit complained of, and that was to secretly rig the markets. I think we have established this now to the satisfaction of any reasonable person . . . . Especially since the CME Group, which operates the major futures exchanges in the United States, has just renewed what it calls its central bank incentive program, which gives enormous volume trading discounts to governments and central banks for surreptitiously trading all the futures markets. . . . So, we know the CME group has created mechanisms for secret trading by the U.S. government and other governments to get discounts in all of the futures trading in the United States.”

In closing, Powell reminds us, “At some point, manipulations do fail . . . . Manipulations only work because of deception.”

Powell contends that global financial powers are trying to suppress inflation through the manipulation of all futures and commodities, but it’s not working.

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Chris Powell of GATA.

(To Donate to USAWatchdog.com Click Here)

end



iii) Other Physical stories
Russia adds another 600,000 ounces or 18.7 tonnes to its official reserves. It produces around 300 tonnes per year or 25 tonnes per month.   Thus it bought no gold from outside and is not crediting the remainder to official reserves as of yet.

LAWRIE WILLIAMS: : Russia keeps up the gold buying pace

Russia keeps up the gold buying pace

The Russian central bank has announced that it added another 600,000 ounces of gold (18.7 tonnes) to its reserves making a total of over 55 tonnes already so far this year. This puts it on target for another year of plus 200 tonne gold additions to reserves for the fifth year in a row. For all of 2018 the Russian central bank accumulated an additional 274 tonnes of gold making it comfortably the world’s fifth largest gold holder as reported to the IMF. If it carries on increasing its gold reserves at, or around, its current rate it is closing the gap fast on the world’s third and fourth largest reported holders of gold – Italy and France – and could surpass them both within the next twelve months.

China too is continuing to build its gold reserves, but reportedly at a slower rate than Russia, although one seems to be less able to rely on the veracity of China’s figures. As reported to the IMF, China is the world’s sixth largest official gold holder at around 1,873 tonnes as compared with Russia’s 2,163 tonnes if one includes the latest figures for March accumulations for both nations. However it is widely believed that China in reality has much larger gold holdings through holding substantial amounts of gold which it hold in accounts which it does not total with its other forex holdings, thus providing it with an excuse for not reporting these to the IMF.

Regardless, Russia and China are both building their gold reserves, seen as a counter to U.S. dollar dominance in world trade. Russia has already been the subject of U.S.-imposed economic sanctions and has, as a counter- measure, already disposed of almost all its holdings of U.S. treasuries in its forex reserves and it looks like China may be on the same path, although has almost infinitely larger U.S. dollar-related holdings to liquidate, if indeed it should wish to do so. Iran, which the U.S. has already cut out of dollar access, is China’s largest oil supplier, closely followed by Russia, and removing transactions between these nations from petrodollar reliance will allow transactions between them with a gold backed yuan and/or ruble, Bring other nations which have issues with the dollar into the mix and you have the initial stages of moves under way to remove ultimately the dollar from its current dominant position in global trade transactions. There are even indications that European nations are unhappy with U.S. sanctions impositions on third party states and could also be moving towards diminishing their reliance on the dollar in their reserve structures and global trading.

Last year, according to the World Gold Council, central banks added the most gold to their reserve totals since President Nixon cut the U.S. dollar’s ties to gold in 1971. So far this year the levels of central bank gold acquisitions have perhaps fallen back a little, but still remain elevated, with Russia continuing to lead the pack. These acquisitions, coupled with the reluctance of the world’s major gold holders to dispose of any of their gold reserves, suggest that gold still has a prominent role in global finance. This apparent acceptance of the yellow metal’s role should stand it in good stead in the months and years to come, particularly since global new mined supply is at the very least plateauing and many expect it to start turning down in the near future given the dearth of major new discoveries and continuing consolidations among the gold majors with older mines approaching the ends of their lives not really being replaced.

We have never been among those predicting a massive sudden rise in the gold price, but still look to steady progress in the years ahead – perhaps to say $1,550 by the end of the decade. It may thus do little more than protect against currency erosion, but that has to be seen as a major positive when other asset classes are looking vulnerable.

22 Apr 2019

-END-

Very heavy exporting of gold to both China and India last month:  China/HOng Kong 33.1 tonnes and India 24. tonnes.

China and India show March Gold imports from Switzerland hit best since November

April 22

SHANGHAI (Scrap Register): Asian gold demand has picked up although it remains at a low level historically, said Commerzbank, citing data from the Swiss Federal Customs Administration.

Switzerland exported 33.1 tons of gold to China and Hong Kong and 24.2 tons of gold to India in March. In each case, this was the most since November, Commerzbank added.

“That said, India’s central bank had recently reported much higher Indian gold imports in March, which suggests that Switzerland is no longer the main supplier of gold to India,” Commerzbank added.

“The same applies to China. Gold demand in China and India is probably somewhat better than the Swiss trade data indicate, in other words,” Commerzbank noted.

-END-

The Annual Silver Surveys

Theodore Butler | April 22, 2019

This past week, the Silver Institute released the annual supply/demand report it commissions each year by GFMS from London. In about a month, the annual silver report compiled by CPM Group should be released. Over time, these two reports have become the prime source material for silver supply/demand fundamentals. First, some general comments about the reports, followed by what the Silver Institute report includes and doesn’t include. As always, data and statistics on their own are fairly meaningless, compared to interpreting and understanding the message of the data.

https://www.silverinstitute.org/wp- content/uploads/2019/04/WSS2019.pdf

One thing that always struck me as odd about both reports is the absolute precision implied about silver production and consumption in that there is hardly any rounding off (as I suppose I am inclined to do) – all data are reported to within 100,000 ounces or less. This strikes me as a bit odd for a market in which total production and consumption amount to one billion ounces annually. It gives the impression of precision almost to the point of infallibility. Yet in the category where one would assume the greater precision, annual mine production (as opposed to consumption), the difference between the two reports is quite wide.

Last year, for example, there was a difference of 80 million oz between the two reports for world annual mine production – a 10% difference. And that’s usually the case each year. We’ll see what the difference is this year in about a month when the CPM report is issued, but the first lesson to be learned is not to take the statistics offered in either report too literally, but as estimates (despite the implied precision).

Another curious aspect to the Silver Institute report is the regular use of the word “deficit”. I’m not sure why this word even appears, as there has been no real deficit in silver for years. A deficit occurs when all the silver currently produced is insufficient to meet industrial and other demand (jewelry and silverware and coins) apart from pure investment demand and world silver inventories are drawn down and depleted to meet the current demand. We did have such a structural deficit in silver for 65 years running, from the start of World War II to 2006, in which close to 10 billion ounces of world silver inventory, basically, went up in smoke. But since 2006, there has been no true structural silver deficit in silver in which total world silver inventories have been reduced. This is perhaps the most confusing feature of the survey.

I don’t have much argument with the report’s depiction of total world silver inventories (in 1000 oz bar form) as 2.4 billion oz, although I believe it is overstated by half a billion oz. Either amount is much less than all the gold throughout the world (a long-held opinion of mine), but I do object to the characterization that the silver inventories held by investors throughout the world are readily available at anywhere near current prices (as is implied in the report).

My main observation with the Silver Institute’s report is that total silver production (mine plus recycling) as well as total demand, have remained largely around 1 billion oz for the past decade (the amount I use with frequency). After all “hard” demand (industrial, jewelry/ silverware, and coin demand) is accounted for, at most only 100 million oz or less are available for pure investment annually. This is the amount scarfed up by JPMorgan over the past eight years. While silver production and consumption have largely remained unchanged over the past decade, the same can hardly be said about price, given the large price swings over the past ten years. What this indicates to me is that actual supply and demand have little to do with price change, a theme I’m sure you’ll recognize.

In fact, I’m convinced the Silver Institute’s report demonstrates this clearly and underscores the fact that COMEX futures contract positioning sets the price. To that end, the SI’s survey does include reference to managed money positioning on the COMEX, but falls far short of concluding that this is what sets price. Certainly, and as is customary, the word “manipulation” is not mentioned once in the 104 page document.

To be sure, my main takeaway of the report is what it doesn’t mention. Remember, some hold this document to be the definitive final word on the silver market. But how could that be if there is no mention of the most controversial silver issues of the day? Most conspicuous is that JPMorgan was not mentioned once. The bank allegedly holds close to half of all the world silver inventories and has been the consistent big short seller on the COMEX while accumulating its massive physical silver (and gold) hoard; what could possibly be more important to the market? At the very least, the report should have sought to rebut the allegations, or at least tried querying JPMorgan.

If you think that’s a stretch on my part, then how about this – how could there be absolutely no mention of the indisputable fact that each year for the past 8 years close to 250 million ounces of silver have been physically moved in and out of the COMEX warehouses – a total physical movement of 2 billion ounces? That’s not conjecture on my part, that’s easy to verify hard data. If someone is going out of their way to purport to present every imaginable physical factoid relevant to silver, then how could there be no mention of this massive physical movement?

The annual COMEX warehouse movement represents 25% of total world production and consumption, far from a trivial amount. The Silver Institute proudly lists the mining companies and other sponsors which have paid for the report – aren’t any of them curious about the exclusion of any mention of a physical inventory turnover that simply does not exist in any other commodity, just silver? Shouldn’t there be some explanation from the dozen or so analysts listed as having contributed to the report? How thorough and comprehensive can this survey be if it completely ignores what is perhaps the most salient feature of the physical silver market over the past 8 years? I doubt there will be any mention of the documented COMEX warehouse movement in the CPM report either. This is nuts.

Further, I’m convinced that the reason the Silver Institute and others avoid mention of the greatest physical inventory movement in history is because to acknowledge it would require even closer scrutiny. For instance, when and why did it start? The when is easy, April 2011, just as JPMorgan opened its own COMEX warehouse and began depositing metal, eventually with those deposits towering over all other COMEX warehouses. This is the date, after all, when JPMorgan began its epic accumulation of physical silver. The why is much more difficult, but I’ve offered my take (a means for JPM to acquire more metal) and others are free to offer their own take. If the Silver Institute or anyone else acknowledged the unprecedented COMEX physical silver turnover, how could it avoid looking closer? Better not look at all.

The reason I raise these issues is because there seems to be two very different takes on silver (and gold). One in which the current price appears normal and in line with actual supply/demand fundamentals; the take widely accepted by most, including main stream commentators and media, as well as regulators and producers and consumers of the metal. On the other hand, there are those like me that consider the current price contrived and manipulated and bearing absolutely no legitimate connection to the real supply/demand fundamentals. Of course, I go much deeper and try to explain why silver is manipulated, relying strictly on publicly available data, and why the price is contrived and artificial and as far from normal as possible.

I listen to the establishment perspective and consider it carefully, but remain unpersuaded that all is as described (or as should be). Unfortunately, I can’t say the same for those who disagree with my take, mainly because there is never a fair or full reciprocal consideration offered. I’ve yet to hear, for instance, any reasonable explanation for or even acknowledgement that the unprecedented physical turnover in COMEX silver inventories actually exists (despite it being published daily). It’s as if as long as my side of the debate isn’t acknowledged in the slightest, then that means it doesn’t exist.

The recent interview in which former CFTC Commissioner Bart Chilton confirmed that JPMorgan took over Bear Stearns’ short positions and dominated and controlled the short side of COMEX silver despite CFTC demands that it cease is a case in point. Everyone can listen to Chilton’s own words and hear him clearly confirm that which I’ve alleged for the past 12 years. Yet despite making the article public and knowing that it received fairly widespread attention, an associate commented to me that he was dumbfounded that there was no large outward public reaction, seeing what Chilton had admitted to. My associate was stunned that Chilton’s admission of JPMorgan’s role (which has continued to this day) didn’t come to dominate the conversation.

I was less surprised, based upon what I said earlier, namely, that there is never a fair and full consideration given by many to any evidence that the price of silver is manipulated. Die-hard manipulation deniers aren’t interested in evidence at odds with preconceived opinions. To be sure, many do see the evidence, but it is remarkable what others will refuse to see even when in full view. But there is a practical side to this that bears examination. It seems to me that it is real hard to see silver moving sharply higher in price if you are convinced everything is currently on the up and up. Such a conviction would seem to imply prices lugging along, mostly as they have for past several years.

However, if you do believe that silver has been manipulated in price, principally by JPMorgan, then it’s real easy to see prices exploding higher at some point – particularly if you subscribe to my take that the bank has amassed around 850 million oz of physical silver. I know the downdraft in prices over the past 8 years has been demoralizing and draining to say the least, but the crooks at JPMorgan haven’t wasted a minute of that same time in acquiring every bit of physical silver as possible. And now that JPM has completely covered its COMEX short position, it has never been better positioned for a price liftoff. This isn’t about how you or I may feel about the long downward drift in price for the past 8 years, it’s about what JPM has done over that time

So the bottom line is this – if you believe that there is no manipulation at play in silver and that everything related to price is in accordance with the free law of supply and demand – then I can’t imagine why you would expect prices to climb sharply in price. After all, the supply and demand of silver hasn’t changed much in ten years or so, so why would the price rocket higher?

On the other hand, if you believe that someone has been screwing with the price, there is much more reason to expect sharply higher prices when the price screwing stops. We even pretty much know who the “someone” is that has been screwing with price – JPMorgan. No, not just because I have been fingering these crooks for the past ten years or that the Justice Department may be on their trail, but because you heard it with your own ears in the Bart Chilton interview.

But wait, you say – we may know that silver has been manipulated and who has been manipulating it, but we don’t know when the manipulation will end and prices will be set free. After all, it’s been 8 years since the price peak (a peak, by the way, that was up nearly tenfold from 8 years prior to that). And the 8 year wait has been made to seem much longer because so many other assets have climbed over that same time. So I guess it comes down to timing, or so it would seem. The only problem with that is that no one has a lock on timing – timing is the great universal unknown. I happen to believe that silver can explode in price at any moment, but I wouldn’t want anyone to rely on that.

Instead, I would look at what is known, namely, that JPMorgan is the big manipulator and that never in history has it been better positioned for the coming silver explosion by highly quantifiable measures. JPM has never owned more physical silver (and gold) than it does presently and it has never been less short on the COMEX than it is now. That doesn’t guarantee we are at the precise moment of liftoff, but neither does it rule out that prospect. Again, timing is the great unknown.

But we do (or should) know one other critical fact, namely, what JPMorgan does or doesn’t do on the next rally will determine if this is the big one or not. Specifically, if JPMorgan adds meaningfully (say, 10,000 contracts or more) to its COMEX silver futures short position on the next rally, then the odds of this coming rally being the big one are greatly reduced. If JPM refrains from adding shorts, it is hard for me to see how this won’t be the big one.

Yes, I know that we have been in this same setup on past occasions too numerous to count and each and every time JPMorgan has added to its silver short position, causing the rally to be capped and eventually unwound. And yes, I know I have repeated my refrain on each and every past setup. And I do so again today, knowing full well that it can go either way. But I also know it is what can be called an asymmetrical equation. That’s a fancy term for saying that on the next rally, silver can go up relatively little (as has always been the case these past several years) or it could shock people by going up a disproportionate amount. Of course, silver prices could also continue to drift lower, but that would only be temporarily, according to all that is known about market structure. But this isn’t about anything except what JPMorgan does or does not do.

Given the setup, there is only one way to play it as far as I’m concerned – as if JPMorgan won’t add to shorts and this is the big one, for the simple reason it will be easy to adjust to if it isn’t the big one and near- impossible to adjust to if it is.

Ted Butler

www.butlerresearch.com

END
Due to the criminal conviction of trader Edmonds, the USA prosecution is seeking to halt the civil lawsuit. I was misinformed: all discoveries in a civil suit are public and because of that, the prosecution gives the defendants the right to plead the 5th if their testimony incriminates them
(courtesy zerohedge/Chris Powell)

US seeks halt in civil lawsuit accusing JP Morgan of manipulating metals market, citing criminal case

  • The U.S. wants a federal judge to halt a civil lawsuit accusing J. P. Morgan of manipulating precious metals markets. The Justice Department cited an ongoing criminal case as its reason for the request.
  • A former J. P. Morgan trader pleaded guilty in Connecticut last month to manipulation charges.
  • In the guilty plea, the trader said he had learned to make bogus trade orders from senior traders at the bank and that he used the strategy hundreds of times with the knowledge and consent of his immediate supervisors.

A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in New York.

Amr Alfiky | Reuters
A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in New York.

The Justice Department is asking a judge to put the brakes on a civil lawsuit against J. P. Morgan Chase, citing an ongoing probe into a “related criminal case” that involves alleged manipulation of precious metals markets.

The department wants a six-month postponement in the proceedings of the civil lawsuit, which was filed in 2015 by hedge fund manager Daniel Shak and two commodity traders. The government also says it could ask for a longer delay in the case, according to a court filing on Monday.

The move comes days after Shak’s lawyer, David Kovel, sought permission to reopen questioning of two former J. P. Morgan traders and the bank’s current global head of base and precious metals trading.

Kovel, in making the request with the Manhattan federal judge in the civil case, cited last month’s guilty plea by one of those former traders, John Edmonds, in federal court in Connecticut.

Edmonds admitted making bogus bids on precious metals contracts while working at the bank from 2009 to 2015.

Neither J. P. Morgan Chase nor Kovel’s clients have opposed the Justice Department’s request.

In arguing for a delay, the Justice Department said Shak’s lawsuit is “related” to Edmonds’ criminal case and that Edmonds has “pleaded guilty and acknowledged his own participation in such conduct, as well as that of other traders.”

“Edmonds awaits sentencing, but the broader investigation is ongoing,” the Justice Department said. The U.S. wants to delay the civil case “to protect the integrity of its ongoing criminal investigation,” it said.

J. P. Morgan did not respond to a request for comment by CNBC. Kovel declined to comment.

Tuesday night, after this story first was published, Judge Paul Engelmayer ordered the federal prosecutors to explain in detail by Monday why postponing proceedings in the civil lawsuit would not harm those involved, and why reopening questioning “would be detrimental to the Government’s ongoing criminal investigation.”

Englemayer also wrote that he regards Edmonds’ guilty plea “as potentially highly consequential” to the civil case.

In his guilty plea, the 36-year-old Edmonds said he had learned to make bogus trade orders from senior traders at the bank and that he used the strategy hundreds of times with the knowledge and consent of his immediate supervisors. He admitted to working with “unnamed co-conspirators” at J. P. Morgan, according to the Justice Department.

Kovel wants to question Edmonds again as well as Michael Nowak, the bank’s global head of base and precious metal trading, and former J. P. Morgan Chase Managing Director Robert Gottlieb. The three had previously answered questions under oath in the civil case.

Kovel said in court filings that Nowak was the immediate supervisor of Edmonds, while Gottlieb was Edmonds’ mentor.

In his prior deposition, Edmonds said that Gottlieb sat only a “couple feet” away from him for about five years, and that he was “somebody [he] looked up to in the business,” who helped guide and train him.

Nowak is described by Edmonds as his direct supervisor, with whom he would sometimes discuss trading strategies. Nowak was also the person responsible for overseeing the performance and risk of Edmonds’ portfolio, according to the deposition.

Edmonds also stated in his prior deposition that he would enter precious metals trades for both Nowak and Gottlieb, among others.

The civil lawsuit claims Shak and his fellow plaintiffs lost tens of millions of dollars as a result of actions by J. P. Morgan’s traders.

A federal judge tells traders that they can combine cases (with the other 6 banks) as they accused JPMorgan of rigging the precious metals market
(courtesy CNBC)

Federal judge tells traders they can combine cases accusing JP Morgan of rigging metals market

  • Litigation in a separate civil case has been put on hold until at least May at the behest of the Justice Department, which is investigating a “related criminal case” that involves alleged market manipulation by precious metals traders at J. P. Morgan.
  • Judge John Koeltl of the Southern District of New York appointed the White Plains, N.Y., law firm Lowey Dannenberg as interim lead counsel for the proposed class action.

71671201

Spencer Platt | Getty Images

A group of traders from across the U.S. who allege that J. P. Morgan Chase manipulated precious metals markets for years are one step closer to bringing a class action suit against the nation’s largest bank.

Earlier this month, a federal judge said five separate lawsuits making similar allegations against the bank could be combined, potentially including thousands of people who traded in the precious metals market from Jan. 2009 through Dec. 2015.

Litigation in a separate civil case has been put on hold until at least May at the behest of the Justice Department, which is investigating a “related criminal case” that involves alleged market manipulation by precious metals traders at J. P. Morgan.

J. P. Morgan declined to comment on this story.

Judge John Koeltl of the Southern District of New York appointed the White Plains, N.Y., law firm Lowey Dannenberg as interim lead counsel for the proposed class action.

Vincent Briganti, a partner at the firm, filed the first suit seeking class action status in November on behalf of Dominick Cognata, a trader who alleges he suffered losses due to J.P. Morgan’s illegal trading conduct in the silver and gold futures and options markets.

That was after the federal court in Connecticut unsealed a criminal plea agreement by John Edmonds, a former J.P. Morgan metals trader. In his guilty plea, Edmonds, who is 36-years old, admitted that he and other “unnamed co-conspirators” fraudulently manipulated the precious metals markets while they were employed at J. P. Morgan from 2009 to 2015.

Edmonds said he had learned the illegal trading tactics from senior traders, and then used them hundreds of times with the knowledge of and consent of his immediate supervisors.

Briganti’s lawsuit also names John Edmonds and a group of yet-to-be-identified precious metals traders and the bank as defendants.

On Wednesday, the lawyers sent a letter to Judge Koeltl saying they were having difficulty locating Edmonds to serve him legal papers and requested a 30-day extension to do so, which the judge granted on Thursday. Briganti noted that they have been in contact with Edmonds’ attorney in the criminal case. Edmonds’ attorney and Briganti could not be reached for comment.

“We are hopeful that this extension will result in completing service on Mr. Edmonds without formal motion practice and a request for alternative means of service,” Briganti said in the letter.

The next step in the civil case is for the plaintiffs to file an amended class action complaint and set a schedule for defendants to respond.

In addition to the proposed class action, J. P. Morgan also faces a separate civil suit which also accuses the bank of rigging precious metals markets.

end

March 4.2019

Parker City News

JP Morgan faces potential class action lawsuit after guilty pleas by a former metals trader

Traders from across the U.S. are banding together to accuse J. P. Morgan Chase of manipulating precious metals markets for years.

At least six lawsuits, all making similar allegations against the nation‘s largest bank, have been filed in New York federal court in the past month, since federal prosecutors in Connecticut with a former J. P. Morgan Chase metals trader.

The cases could potentially include thousands of people who traded in the precious metals market. The White Plains, N.Y., law firm Lowey Dannenberg is asking the court to combine the cases and name it as the lead.

The law firm‘s commodities group is led by Vincent Briganti, the attorney who filed the first lawsuit on behalf of Dominick Cognata, a New York resident who alleges he suffered losses due to J. P. Morgan‘s trading conduct in the silver and gold futures and options markets.

A combined case, seeking class action status, would include anyone who purchased or sold futures contracts or an option on NYMEX platinum or palladium or COMEX silver or gold between at least Jan. 1, 2009, and Dec. 31, 2015. The lawyers believe that “at least hundreds, if not thousands” of traders would be eligible to join the case.

Named as defendants in all of the lawsuits are John Edmonds, a 36-year old former metals trader at J. P. Morgan, a group of yet-to-be-identified precious metals traders and the bank.

Edmonds, a New York resident, pleaded guilty in October to one count of conspiracy to defraud the market and manipulate prices of precious metals futures contracts and one count of commodities fraud. In the criminal plea, Edmonds admitted that he and other “unnamed co- conspirators” at J. P. Morgan, fraudulently manipulated precious metals markets from 2009 to 2015, the same time frame covered in the class action suits.

Briganti filed the initial class action on Nov. 7, just one day after the Justice Department unsealed Edmonds‘ plea in the U.S. District Court of Connecticut.

Edmonds admitted in his guilty plea that he deployed the illegal trading scheme hundreds of times with the direct knowledge and consent of his immediate supervisors. Plaintiffs say they have suffered economic injury, including monetary losses, as a direct result of actions by Edmonds and the other unnamed J. P. Morgan metals traders in the futures and options contracts.

One of the suits alleges that “the number of unlawful trades that JP Morgan traders executed in precious metals futures markets is at least in the thousands.”

J. P. Morgan declined to comment. Lowey Dannenberg did not respond to a request for comment by CNBC.

The Justice Department‘s criminal investigation is still ongoing and recently caused a separate related civil case to be put on hold for at least six months while the government continues its investigation. That civil lawsuit, which also accuses J. P. Morgan of rigging the precious metals market, was filed in 2015 by hedge fund manager Daniel Shak and two commodity traders.

After reviewing the details of the plea agreement, David Kovel, the attorney for Shak‘s suit, sought to re- interview Edmonds, along with two other current and former senior traders at the bank. However, the government argued that reopening questioning would be detrimental to the ongoing criminal investigation. The federal judge overseeing the proceedings ordered a six-month stay in the civil case.

Kovel declined to comment.

Edmonds was originally scheduled to be sentenced in Hartford, Conn., on Wednesday, Dec. 19, but a court filing on Nov. 27 shows the sentencing has been postponed until June. A spokesman for the U.S. Attorney for Connecticut could not elaborate on why the sentencing was postponed since the court filing is under seal.

-END-

Justice Department stalls another class action in gold market rigging, this one against JPM

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

Proceedings in the federal class-action anti-trust lawsuit against JPMorganChase charging the investment bank with manipulating the gold and silver futures markets —

http://www.gata.org/node/18844

— have been suspended for three months at the request of the U.S. Justice Department, just as the department has arranged suspension of proceedings in the class-action anti-trust lawsuit against Deutsche Bank charging similar market manipulation.

… 

In both cases the Justice Department has told U.S. District Court for the Southern District of New York that proceedings would jeopardize its criminal investigation into market rigging, which has been admitted by a former JPMorganChase trader, John Edmonds, who awaits sentencing.

According to court filings, the White Plains, New York, law firm representing the plaintiffs against JPMorganChase, Lowey Dannenberg, concurred in the government’s request to suspend proceedings. The stay is to continue for three months and may be extended.

The Justice Department’s motion, granted by the court on February 26 —

http://www.gata.org/files/JPMorganChaseClassActionStay.pdf

— said “the government is not seeking an open-ended stay that could indefinitely postpone this matter and thus jeopardize the parties’ interests in a timely resolution.” The motion added, “Any developments in the criminal case during the period the consolidated action is stayed may reduce or completely resolve the need to litigate certain issues in the consolidated action.”

Much of the Justice Department’s motion is redacted to conceal from the public evidence still under investigation. Edmonds has said he and other traders manipulated the gold and silver markets for years with the knowledge of their supervisors at JPMorganChase. In its motion to conceal that evidence, also granted by the court on February 26, the Justice Department said disclosure “could lead to destruction of evidence, flight from prosecution, and otherwise interfere with the government’s ability to conduct its investigation”:

http://www.gata.org/files/JPMorganChaseClassActionStaySeal.pdf

Monetary metals investors may be skeptical of the Justice Department’s stalling the Deutsche Bank and JPMorganChase cases, since the department and the U.S. Commodity Futures Trading Commission do not seem ever to have responded conscientiously to complaints of gold and silver market rigging until the class actions commenced.

How much time will the court give the Justice Department to delay getting to the bottom of the issue? The court might hasten matters if enough monetary metals mining companies protested the harm done to them and their shareholders by market rigging, but of course most monetary metals mining companies don’t mind at all.

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

* * *

 

end

* * *

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

i) Chinese yuan vs USA dollar/CLOSED/ LAST AT: 6.7113/

//OFFSHORE YUAN:  6.7119   /shanghai bourse CLOSED DOWN 55.76 or 1.70%

HANG SANG CLOSED DOWN 161.42 points or 0.54%

 

2. Nikkei closed UP 17.34 POINTS OR 0.08%

 

 

 

 

3. Europe stocks OPENED MIXED/

 

 

 

 

 

 

USA dollar index FALLS TO 97.33/Euro RISES TO 1.1249

3b Japan 10 year bond yield: FALLS TO. –.03/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 111.92/ 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:: 65.31 and Brent: 73.78

3f Gold UP/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 +03%/Italian 10 yr bond yield DOWN to 2.60% /SPAIN 10 YR BOND YIELD DOWN TO 1.07%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 2.57: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 3.31

3k Gold at $1278.20 silver at: 15.05   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 21/100 in roubles/dollar) 63.81

3m oil into the 65 dollar handle for WTI and 71 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 111.93 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 1.0147 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1415 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 POSITIVE territory with the 10 year FALLING to +0.03%

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 2.57% early this morning. Thirty year rate at 2.97%

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

6.  TURKISH LIRA:  UP  TO 5.8319..DEADLY

Three important points this morning:

  1. Chinese 10 yr treasury rises to 3.41%
  2. USA will pull waivers which allowed firms to purchase Iranian Oil.. This will stop on the 2nd of May.
  3. China wishes to less accommodative

US Futures Slide, Chinese Stocks Tumble After Beijing Threatens To Pull The Kool-Aid

On Sunday, when commenting on last week’s latest Chinese politburo meeting, we said “If your bullish thesis to buy stocks in recent months has been anchored by the expectation of aggressive monetary easing by China reinforcing the narrative that “bad news is good news” for the market, you may consider selling” because, as Goldman put it simply, the “politburo meeting signaled a less dovish policy stance.”

One day later, it appears that quite a few investors did indeed consider selling, because shortly after Beijing signaled it is far less amenable to adding stimulus, and in fact is once again contemplating pushing deleveraging (as we explained in detail) the world’s best performing stock market is suddenly looking a lot more vulnerable as China’s CSI 300 Index of equities traded in Shanghai and Shenzhen sank 2.3% on Monday, its biggest loss in a month and 3rd worst drop of 2019. Property developers led the plunge, along with companies reliant on consumer discretionary spending and so-called old economy shares such as banks and industrial companies.

 

It wasn’t just Chinese stocks that got hammered: the yield on China’s 10-year sovereign bonds soared above 3.41%, closing at the highest level since November, and continuing a three-week surge, following comments that China needed to keep a proper balance between tightening and loosening.

 

As Bloomberg follows up this morning, after Chinese equity soared almost 40% this year, “investors have grown increasingly sensitive to whether the authorities will maintain the massive scale of stimulus seen in the first quarter.” And, as we noted yesterday, Friday’s Politburo statement was interpreted “as meaning the economy is on a stable enough footing that extended support isn’t needed“, i.e., less dovish, and instead there was a focus on deleveraging and avoiding speculation in the housing market.

“The key takeaway from the meeting is that there is limited room for further marginal monetary easing,” said Tommy Xie, an economist at Oversea-Chinese Banking Corp. in Singapore. “Since the second half of 2018, China’s bonds rallied mainly on expectations of easing policies, but that has changed after signs that the Chinese economy is stabilizing.”

“People have come to a clear consensus that there won’t be any aggressive stimulus that floods the economy with excessive liquidity, indicating limited room for valuation recovery,” said Dai Ming, a Shanghai-based fund manager with Hengsheng Asset Management Co. “The market is entering a consolidation period that may last one to two months.”

China’s weakness quickly spread across the globe, and S&P futures dropped on Monday amid very subdued trading…

 

… while stocks in Asia were mixed, as MSCI’s broadest index of Asia-Pacific shares outside Japan down 0.3 percent, and dropping from a nine-month peak scaled last week after Chinese economic data beat expectations and eased concerns about the health of the world economy. Japanese shares swung between gains and losses before finishing slightly higher as most of Europe – including markets in Britain, Germany and France – remaining closed for Easter Monday.

 

In Sri Lanka, bonds and the rupee slipped after Easter Sunday’s terrorist attacks.

The most notable move in an otherwise quite overnight session, was the surge in oil following a late Sunday WaPo Op-Ed, since confirmed by the WSJ, which said that the US scrapped waivers allowing the purchase of some Iranian crude, threatening to remove about 1 million barrels from circulation. Brent and WTI futures surged to nearly six-month highs on news reports that U.S. Secretary of State Mike Pompeo will announce “that as of May 2, the State Department will no longer grant sanctions waivers to any country that is currently importing Iranian crude or condensate.”

 

“The U.S. chief Iran hawks indeed have the President’s ear as (Secretary of State) Pompeo and (National Security Advisor) Bolton are singularly focused on bringing Iran’s economy to its knees,” said Stephen Innes, head of trading at SPI Asset Management. “Predictably oil prices are rising,” he said.

While markets today may be subdued due to continued Easter celebrations, corporate reporting season enters its busiest week, with 34% of the S&P on deck to report in the coming days, giving investors clues as to whether the dovish policy pivot from the world’s central banks can shore up global growth enough to overlook a potential contraction in earnings.

As Bloomberg notes, for now the stock market appears to be saying yes, with the MSCI world index on track for a fourth month of gains.

Investors will also be focused on the U.S. economy, with the first look at Q1 GDP due this Friday.

In currency markets, the dollar index posted modest gains despite higher yields; the Canadian dollar outperformed peers thanks to oil’s surge on reports that the U.S. won’t renew waivers that let countries buy Iranian crude without penalty. The Australian dollar slipped as risk assets were sold. Trading was subdued with markets including Hong Kong, Australia and New Zealand closed. Emerging Asian market currencies fell as trading resumed after the Easter holiday; rising crude prices damped the outlook for oil-importing nations; stocks and bonds were steady. The pound held steady with U.K. markets closed for Easter and lawmakers set to return Tuesday.

Expected data include existing home sales and the Chicago Fed National Activity Index. Halliburton, Kimberly-Clark and Whirlpool are among companies reporting earnings.

Market Snapshot

  • S&P 500 futures down 0.3% to 2,902.75
  • MXAP down 0.1% to 162.88 on Monday
  • MXAPJ down 0.2% to 542.42 on Monday
  • Nikkei up 0.08% to 22,217.90 on Monday
  • Topix up 0.1% to 1,618.62 on Monday
  • Hang Seng Index down 0.5% to 29,963.26 on Thursday
  • Shanghai Composite down 1.7% to 3,215.04 on Monday
  • Sensex down 0.8% to 38,816.92 on Monday
  • Australia S&P/ASX 200 up 0.05% to 6,259.82 on Thursday
  • Kospi up 0.02% to 2,216.65 on Monday
  • Brent Futures up 2.6% to $73.85/bbl
  • Gold spot up 0.3% to $1,279.47
  • U.S. Dollar Index down 0.02% to 97.36

Top Overnight News

  • Tourists are scrambling to leave Sri Lanka and hotels are bracing for cancellations after a deadly terrorist attack that killed 290 people targeted foreigners and churchgoers
  • The Trump administration won’t renew waivers that let countries buy Iranian oil without facing U.S. sanctions, according to four people familiar with the matter
  • Ukraine’s most-watched comedian won a landslide victory in Sunday’s presidential runoff as voters vented their frustration at the ex-Soviet republic’s lack of progress since a revolution five years ago
  • The 2020 Democratic presidential race moves into a crucial new phase this week as the release of Mueller report and the expected entry of former Vice President Joe Biden into the fray reshape the debate and reset what’s been a fluid field of contenders

US Event Calendar

 

  • 8:30am: Chicago Fed Nat Activity Index, est. 2.6, prior -0.3
  • 10am: Existing Home Sales, est. 5.3m, prior 5.51m; Existing Home Sales MoM, est. -3.81%, prior 11.8%

end

3. ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED DOWN 55.76 POINTS OR 1.70% //Hang Sang CLOSED DOWN 161.42 POINTS OR 0.54%  /The Nikkei closed UP 17.34 POINTS OR 0.08%/ Australia’s all ordinaires CLOSED DOWN .01%

/Chinese yuan (ONSHORE) closed DOWN  at 6.7113 AS TRUCE DECLARED FOR 3 MONTHS /Oil UP to 65.31 dollars per barrel for WTI and 73.68 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.7113 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7119 / TRADE TALKS NOW ON/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING BELOW 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/

 

END

3 b JAPAN AFFAIRS

 

end

3 C CHINA/CHINESE AFFAIRS

 

China/

China’s Minsheng as defaulted as it was hit with a sudden rash of cross defaults orchestrated in a daisy like fashion.  Many of these state owned companies are basically zombies having been amalgamated with other zombies stitched together with some new found debt.  No wonder these are failing:

An email from Robert H to me on this:

Robert H….

“Why is anyone surprised ?

More than 1/4 of all Chinese state owned companies are not and have not been able to pay back capital. Part time some of them have been able to pay interest on long maturing bonds with the assistance of state banks. These highly inefficient companies have been large employers of people and no one has wanted to clear up the waste and reinvent them as the political and financial fallout has been too Great to swallow and embarrassment to the Politburo and certainly the Standing Committee, too much to accept. So bury the problem for another day has been the wisdom.
Between zombie companies and similar state banks, pouring liquidity into a sinkhole is not likely to fix anything as I suspect the real bad debt problem in China will eclipse $10Trillion if allowed to fully roost. When you borrow money to expand a business and business growth increases fast enough, you can outrun the debt incurred until the day the growth stops or slows so that new growth is not sufficient to pay interest let alone principal. And it does not mean, you made a profit.
So ponder 🤔 for a moment, what happens when you take 59 non state companies, many of which were bust and under capitalized to start with and do nothing to solve the problem after amalgamation, in terms of real fresh cash equity or efficiency. But instead you raise debt that the underpinnings can not support while making the shareholders dream of Great  wealth with public stock. Everyone can be a hero for a day. But how do you fix and stop a inbound train of debt that is exasperated by falling exports and localized consumption? The reality is that everyone wanted too long to find the exit door. Now, we will continue to see a growing number of companies hit the wall with their debt, until there is a cleansing. And no amount of newly printed debt is going to fix the problem, as the borrowers simply cannot pay. So the only thing that changes is the date of reckoning when the music ends in a massive tragedy.
Whether this is simply contained within China is debatable. And whatever the outcome, the consequences will not just financial. “
end

China’s “JPMorgan” Hit By Sudden Debt Crisis As Cross-Default Chain Reaction Triggered

Ever since Beijing allowed private Chinese companies (even certain state-owned enterprises) to officially fail for the first time in 2016, and file for bankruptcy to restructure their unsustainable debt loads, it’s been a one-way street of corporate bankruptcies, one which we profiled last June in “Is It Time To Start Worrying About China’s Debt Default Avalanche“, and which culminated with a record number of Chinese onshore bond defaults in 2018, as a liquidity crunch sparked a record 119.6 billion yuan in defaults on local Chinese debt in 2018.

However, whereas for much of 2018 Chinese defaults affected largely less meaningful companies with little to no systemic impact, in 2019 the defaults started hitting dangerously close to the beating heart of China’s massive, $40 trillion financial system (roughly three times China’s GDP). As we reported back in February, a giant Chinese borrower missed its payment deadline when Wintime Energy – which in 2018 became the latest Chinese bond defaulter as the coal miner failed to pay scheduled interest – didn’t honor part of a restructured debt repayment plan, setting the scene for even more corporate defaults, and as Bloomberg put it, “underscoring the risks piling up in a credit market that’s witnessing the most company failures on record.”

Then, earlier this week, a unit of China’s infamous conglomerate, HNA Groupdefaulted on a loanit took out just seven months ago, the latest in a string of missed payments that threaten to complicate the embattled Chinese conglomerate’s restructuring. As Bloomberg reported, lenders to CWT International Ltd., a Hong Kong-listed unit of HNA which is still struggling to cope with its debt after embarking on more than $25 billion of asset sales since 2018 unwinding the biggest global acquisition binge in modern Chinese history, said they would seize most of the company’s assets – including CWT’s stake in a logistics unit, properties in the U.S. and U.K., and golf courses in China – unless CWT makes good on payments tied to a HK$1.4 billion ($179 million) loan taken out in September.

Fast forward to today when China’s default tsunami may be about to claim its biggest and most visible casualty yet.

As Bloomberg reports, a debt crisis at one of China’s most well-known private conglomerates entered a new stage Thursday, when the company said cross-default clauses had been triggered on dollar bonds worth $800 million.

The company in question, China Minsheng Investment Group, also dubbed “China’s JPMorgan” is one of the largest private investment conglomerates in China, and had 232 billion yuan in total debt and 310 billion yuan of assets as of June 2018, according to Shanghai Brilliance Credit Ratings.

Minsheng first made the news in early February when it failed to make a Feb. 1 bond payment to creditors after a 3 billion yuan note had matured on Jan. 29. Since then its financial troubles have only escalated, and this week it appears that the company is preparing for a full-blown bankruptcy after it appointed Kirkland & Ellis as legal adviser, according to a Hong Kong stock exchange filing, which also noted that banks have set up a creditor’s committee to try to stabilize the company, a traditional step that precedes a debt-to-equity restructuring.

The cross default comes after CMIG’s problems spread to its affiliate Yida China Holdings,making some of the developer’s debt immediately payable, and causing a chain reaction back to the parent company’s own securities.

In many ways, Minsheng’s growing troubles were easy to anticipate: since its establishment in 2014, CMIG has spent more than $4 billion on investments and amassed about $35 billion of liabilities as of September.

CMIG’s debt crisis will worsen as creditors will seek to freeze more assets if it defaults on onshore publicly offered notes,” said Chen Su, a bond portfolio manager at Qingdao Rural Commercial Bank Co. The problems won’t be resolved unless CMIG finds more willing investors, he said.

And since “more willing investors” are unlikely to emerge, CMIG’s liquidity – and solvency – crisis will only get worse, as reflected in the price of CMIG’s dollar bonds due in August, which last traded at around 40 cents on the dollar.

As it scrambles to shore up liquidity, CMIG said it has reached an agreement with holders of a privately placed note to extend the payment date to April 19, i.e. today, from April 8. Meanwhile, the company at the center of the cross-default crisis, Yida China, saw its  credit rating was cut to CCC from CCC+ at S&P late Thursday, which said the company may face a liquidity crunch in the next 12 months, given the overhang of debt repayable on demand.

While it remains to be seen if CMIG can negotiate an out of court deal with its creditors, a default would likely harm investor sentiment toward future offerings from privately-held and unrated issuers, according to Patrick Liu, chief executive officer of Admiralty Harbour Capita. Still, given the relatively small amount of CMIG’s outstanding dollar bonds, with some backed by letters of credit, there will be limited impact on the offshore market, he added.

CMIG is the brainchild of Dong Wenbiao, the former chairman of China’s largest non-state bank who’s known as the “godfather’’ of the nation’s private sector. Billing the company as a Chinese version of JPMorgan Chase & Co., Dong convinced 59 non-state companies to join forces as the company’s founding shareholders. The company’s funding eventually dried up as its investments struggled and shadow banks pulled back because of tighter regulation and slowing economic growth, according to Bloomberg.

“Solving CMIG’s debt problem will hinge on its onshore creditor committee, and this may not be fully addressed soon,” said Shen Chen, a partner at Shanghai Maoliang Investment Management. There appears to be little synergy between the company’s various holdings, and finding investors willing to pay for its assets at a good price while taking on a huge debt load will be challenging, Shen said.

The default of CMIG notwithstanding, and despite Beijing’s attempt to stimulate and stabilize the economy once more (by injecting an unprecedented amount of debt into the economy, which will likely result in even greater defaults down the line), signs of corporate stress are spreading. Citic Guoan Group, a state-linked conglomerate, was downgraded on Wednesday after fresh asset seizures, helping trigger a plunge in its listed unit’s shares. Tewoo Group earlier this month sought support from lenders to extend its debt amid a credit squeeze.

Worst of all is what is coming down the line: here, as Bloomberg notes, bonds from at least 44 Chinese companies totaling $43.7 billion face imminent repayment pressure. Looking further out, it gets even worse, as China’s corporate bond maturity schedule is staggering with trillions in bonds set to mature in coming quarter, assuring even more defaults to come.

The “market is clearly pricing in a lot of credit differentiation as access to refinance remains firmly shut for certain issuers yet widely open for others,” JPMorgan’s Anne Zhang said recently. “Defaults will become more frequent yet more idiosyncratic.”

In conclusion, should the defaulting dominoes accelerate or take down a particularly large piece, China’s leadership will have to make a big decision: let the deleveraging process take place, even as it increasingly threatens financial stability, or once again step in and confirm to the world that there is no centrally planned financial system quite like a Chinese financial system which in just the first three months of 2019 injected well over $1 trillion in total financing in the Chinese economy, assuring that when the next downturn does hit, the resulting debt crisis will be unlike anything ever seen.

 

end

4/EUROPEAN AFFAIRS

EU/

The EU is in a massive slowdown and it is worse than the global one.  The only other country in severe recession is Japan

(courtesy Daniel Lacalle)

The Eurozone Slowdown Is Worse Than The Global One

Authored by Daniel Lacalle,

One of the most repeated messages among European financial analysts this week is this: “we are in a global slowdown”.

However, the sentence hides important nuances and very relevant differences. The European Union suffers a severe slowdown. The rest of the world only a moderate reduction in the pace of growth.

Retail sales rose 1.6% in March in the US and the implied annualized growth rate for the first quarter remains above 2.1%. If we look at the employment data, the United States only sees a slight moderation in employment growth … But we are talking about the creation of 196,000 jobs, a figure that indicates much better growth. than other similar economies. The same applies to the latest manufacturing and service indices: They remain above 50 (in expansion). The Markit service index was 56.3 compared with an expectation of 54.8 and the compound showed a figure of 54.6 compared to the previous 54.3.

The economic surprise index of emerging markets also indicates an improvement. A strong but stable dollar (DXY Index) has not damaged the macroeconomic figures of the main emerging economies. It is true that the “usual suspects”, Argentina and Turkey, have seen their currencies plummet against the dollar, as they continue to implement counterproductive monetary policies of financing public spending with direct printing of currency. However, the macro data of most emerging countries as a whole is better than expected, and that must be acknowledged. Brazil was the latest to show a  marked improvement in the Economic Activity Index in February. The prices of commodities have helped, but that tailwind is not the main driver. We cannot be complacent, but the recent capital outflows seen in March are modest compared to the inflows into February.

China has shown slightly better data in the recent manufacturing index as well. Their huge imbalances remain, and we should not indulge in complacency or optimism, as the Asian giant shows macroeconomic indicators improving within a long-term trend that has been signaling a clear deceleration since 2016. We must remain concerned about China’s indebted model, but it is still a trend of relatively weaker growth, not of stagnation.

So, where is there evidence of stagnation? In Europe and Japan.

Japan’s manufacturing PMI  came at 49.5 and Output at 47.9. Both in 3rd-month of contraction.

The Japanese slowdown does not surprise anyone anymore, because it is in its third decade of stagnation repeating the same mistakes of disguising the demographic and productive model challenges with misguided Keynesian government spending policies and more debt.

The most concerning problem is Europe. A European Union that completely abandoned its reform agenda to bet it all on the mirage of monetary policy, while economic, demographic, state and political risks rise. The data from Germany remains poor, but the country enjoys enviable unemployment, trade balance and fiscal strength. However, in the rest of the Eurozone, the fragility of the economies is linked to both fiscal imbalances and excessive interventionism that make them more vulnerable to a change in the cycle. At least in France, from where I write this article, the debate on television and media is constant. The entire country is aware that the slowdown is severe and tax reductions and measures to strengthen economic performance are announced. The word “crisis” appears on the front page of newspapers and economic programs as a real possibility. In the periphery, countries must be aware that they have exhausted their fiscal space and acknowledge their vulnerability to a modest change of cycle. Spain is not immune to these risks. The OECD index of leading indicators already shows a negative figure and the leading indicators published by the Ministry of Economy also reflect more than ten in negative territory. That’s why the Eurozone should be more prepared. Because most countries do not have the capacity that others have to confront a slowdown.

The United States or the United Kingdom have buffers to face a slowdown. Most  Eurozone countries are dangerously ignoring it and, even worse, proposing large government spending and high taxes as the “solution”.

All of you have read that the slowdown was due to temporary factors. It is not. The fall in the flash Composite PMI, from 51.6 in March to 51.3 in April was worse than the consensus estimate of 51.8.

Some demand a massive stimulus from Germany to address the problems of the Eurozone. Making the same mistakes as other countries is not a growth policy, it is a suicide action. It would not work. There is no evidence that Germany is importing less than it needs, quite the opposite. Its industrial utilization has risen from 71% in 2009 to 86% today. Meanwhile, private investment is at pre-crisis highs. We cannot ask Germany to make the mistakes of others to disguise the imbalances of its Eurozone partners.

The problem of the Eurozone is threefold: demographic, high state- and fiscal-interventionism, and lack of technological leadership.

If we add the political risk of some governments who want to penalize high productivity sectors while subsidizing those of low productivity, we have an economic challenge that will not be solved with liquidity injections and low rates.

With rates at zero and almost 1.8 trillion euros of excessive liquidity, the problem of the European Union is not the moderate global slowdown. It is perpetuating a rigid, intervened and extractive model.

end

The upcoming European election has Nigel Farage in the lead and that is a harbinger of things to come as many citizens want out of the EU shenanigans

(courtesy Tom Luongo)

Luongo: Act II Of The Most Important Political Event Of The 21st Century Begins In May

Authored by Tom Luongo via MoneyandMarkets.com,

Brexit is the most important political event of the 21st century. It cuts across so many of the dominant narratives playing out daily in the headlines that it is almost mind-boggling.

In fact, just about any theory you can dream up as to why Prime Minister Theresa May has worked so assiduously to betray and delay Brexit likely has an element of truth to it. I could spend this entire article listing them.

The biggest issue, of course, is that the European Union is a project without end. Its goal is creating the template for world government with only nominal nods to individual states still retaining control over their destinies.

But they don’t get to do so over anything that actually matters. And not in perpetuity, either.

So, with May openly conspiring with German Chancellor Angela Merkel on pushing back the date of Article 50 to Halloween, it’s clear that the next six months will be used to step-by-step end this pesky Brexit nonsense once and for all.

Unfortunately, this is only the first stage of not only Brexit, but also of a sovereigntist uprising across Europe rapidly waking up to the reality that the EU they signed up for is not the EU they now have.

And plans for the future are even worse.

From little Latvia to powerful Britain, political outcomes across Europe have been a steady rebuke of the EU’s direction.

May’s betrayal was obvious from the moment she presented her Withdrawal Agreement, which isn’t an “agreement” but an international treaty. This was a document written by Merkel and the EU, and it was May’s job to sell it to the Parliament.

She failed and the fallback plan was to then split British parliament over Brexit and weaken it as a political body in the aftermath. A divided house cannot stand and it won’t in the next few months as May and Labour leader Jeremy Corbyn, the weakest major party leader in the world, eventually come to an agreement that results in no Brexit at all.

It will leave the U.K. in a voiceless state subject to the EU’s edicts, supporting it through transfer payments. That will be its punishment for having defied Brussels’ rule.

As Nigel Farage said recently on the floor of the European Parliament, Brussels always wins.

And that’s the message Brexit is supposed to convey to everyone around Europe.

“Defy us and we will destroy you. See what we’ve done to the mighty Brits?”

But the reality is that the EU always played with a stacked deck. And that deck is showing its marks to everyone now.

For months, opposition to May and parliament’s plans to scuttle Brexit has been hardening. No-Deal Brexitis more popular now than it ever has been. The opinion polls all bear this out. And it has caused a shift in the political axis in the U.K. that is happening faster than that of the North Pole at this point.

It is no longer Tory vs. Labour in the U.K. The dividing line is now Leave vs. Remain. And nothing says that more than the early polling coming out of the U.K. for the European Parliamentary elections.

Farage’s Brexit Party, just a few weeks old, is leading in the polls.

That bears repeating.

Two YouGov Polls have Brexit leading, one with 23% and the other with 27%.  Tory support has collapsed to 15%, and that is catastrophic. Once you drop below the 16% Chasm extinction is a real possibility.

Infographic: European Parliamentary elections: UK voting intention | Statista

You will find more infographics at Statista

This idea of the “Chasm” is Everett Rogers’ Diffusion of Innovation theory applied to practical politics. I’d argue that politics is one of the best venues to apply these ideals. Protest votes can garner 15 to 16% of the electorate during a campaign but they have a hard time breaking through that ceiling.

There’s a “chasm,” as Chris Maloney describes it, where a rebranding has to take place. Where the protest has to re-market itself to the community as vital to improving the lives of everyone. In politics, it means going from the “Anti-Tory Party” to the “Brexit means Brexit” party.

It means speaking for the entirety of the U.K. and its well-being.

The hard part in politics is once you reach the Chasm, regardless of voting system, the major parties adopt your platform points somewhat and mollify the next tranche of the electorate vulnerable to the sirens’ call of the new guy.

Voters tend to vote for small, incremental change, rather than upend the apple cart and start slitting throats, to invoke H.L. Mencken.

That’s why UKIP failed to capitalize on the 2015 election result and Farage was right to leave them when he did. They weren’t focused on Brexit. They became focused on the wrong things, and so he left. The new leadership spoke to fewer people and now they poll just 6%.

In the lead up to the March 29 deadline, UKIP saw its numbers rise back to 10%, again a protest vote against May’s handling of Brexit. But look at the YouGov polls. They’ve collapsed back to their baseline now that there is a real alternative that speaks to the center of the country on the scene.

It will help them that prominent media personalities like Paul Joseph Watson and Carl (Sargon of Akkad) Benjamin will stand as MEP’s for them. But they have a long way to go to become a driving force in U.K. politics.

The important point here for investors is that Brexit isn’t over. It’s only on hold. The EU elections could be an atomic bomb that atomizes the sclerotic political structure of the U.K. It could usher in chaos in a way that is both unnerving to markets but ultimately healthy for a sick and dying U.K.

Farage and the Brexit Party could easily take 30-plus percent of the vote next month. That won’t be a protest. That will be a prologue of what comes next in the inevitable general election. The Tories may never recover. One only has to look at Germany and Italy to see what’s next for them.

Nothing could be more telling than the market response that left the EU in a commanding position on Brexit and the euro couldn’t rally against the U.S. dollar. It’s threatening another breakdown below $1.12 to new lows now. Gold dropped right alongside as the scramble for dollars I’ve talked about before intensifies.

We’re still seeing capital flee Europe as Brexit leaves center stage and the real problems come back to the foreground, namely Italy’s intractable debt and fiscal issues.  Markets aren’t stupid. They know what the problems are. Stay bearish on European assets of all flavors.

As Act I of the Brexit saga ends, the next phase begins. And it promises to be a doozy.

end

The following details how Farage will go after the Tories.

(courtesy Tom Luongo)

Farage & The Charge Of The Brexit Brigade

Authored by Tom Luongo,

Nigel Farage will be prime minister of England one day. Note I didn’t say the United Kingdom. There are real secessionist movements which the next phase of his quest for Brexit which will likely tear the U.K. apart.

But that’s the future. The present is, however, even more interesting than that.

Farage has rightly navigated the last nine months of the Brexit saga to emerge the front-runner in a complete realignment of British politics after making a mess of things post-referendum.

Infographic: European Parliamentary elections: UK voting intention | Statista

You will find more infographics at Statista

And there is no more proof needed than the polls released by YouGov this week of people’s voting intentions for next month’s European Parliamentary elections.

Nigel Farage

@Nigel_Farage

There is a long way to go, but it is clear that there is a desire to change politics for good.

Positive vibes!

Britain Elects@britainelects

European Parliament voting intention:

BREX: 27%
LAB: 22%
CON: 15%
GRN: 10%
LDEM: 9%
UKIP: 7%
CHUK: 6%

via @YouGov, 15 – 16 Apr

4,003 people are talking about this

Am I the only one getting a giggle out of the abbreviation for the new “Change UK” Party?

And even with a five point lead over Labour, Farage is saying that there’s a lot of work yet to do. Because the European elections are only the start of what comes next.

And he’s absolutely right.

The European elections are where voters go to lodge their frustrations and show their anger. But this is far deeper than a protest. It is the beginning of a realignment of British politics along a different axis than before.

The false divide between Labour and the Tories is fading as they both have come together to ‘bin’ Brexit, as the Brits would say, fighting amongst themselves for control of the next parliament.

And that’s what Farage is exploiting. By branding his new party the “Brexit Party” he’s not mincing words. He knows that the majority of England (not the U.K.) outside of London are staunchly anti-EU.

He’s got his finger on the pulse of the English electorate, including that large percentage of Labour voters who also voted to Leave alongside the majority of Tories.

Farage knows he has the right approach, politically, to unite the center-left and center-right of England into a very viable political force which can galvanize around this issue just like they did in 2016 to the chagrin and horror of the British Establishment.

The Tory Abyss

The Tories will be the first big losers in this realignment. Look at the totals above. 15% for the Conservative Party. As I brought up in my article at Money and Markets, this is “catastrophic” if it holds not only through the European elections next month but carries into the inevitable general election later this year.

Once you drop below the 16% Chasm extinction is a real possibility.
This idea of the “Chasm” is Everett Rogers’ Diffusion of Innovation theory applied to practical politics.

Protest votes can garner 15 to 16% of the electorate during a campaign but they have a hard time breaking through that ceiling.

There’s a “chasm,” as Chris Maloney describes it, where a rebranding has to take place. Where the protest has to re-market itself to the community as vital to improving the lives of everyone.

In politics, it means going from the “Anti-Tory Party” to the “Brexit means Brexit” party.

It means speaking for the entirety of the U.K. and its well-being.

The hard part in politics is once you reach the Chasm, regardless of voting system, the major parties adopt your platform points somewhat and mollify the next tranche of the electorate vulnerable to the sirens’ call of the new guy.

Voters tend to vote for small, incremental change, rather than upend the apple cart and start slitting throats, to invoke H.L. Mencken.

The Tories don’t realize it yet but they are facing extinction with numbers like this. The mad scramble going on behind the scenes to oust Theresa May from 10 Downing Street is their own fault for their lack of vision, to quote Emperor Palpatine.

They didn’t realize back in December the extent to which she was prepared to go to betray Brexit. The European Research Group (ERG), headed by Jacob Rees-Mogg, moved too soon against her and couldn’t get a vote of no-confidence through the parliament to remove her.

Now they are stuck with her until December which, in the minds of the leadership in Brussels and the British political class, should be enough time to blackmail Labour leader Jeremy Corbyn into bolting on a custom’s union to the EU’s Withdrawal Treaty and ending this “insignificant rebellion” by Farage’s “pitiful band.”

Once a major party drops below the 16% Chasm they do so permanently. What are the Tories going to do to regain the trust of voters they have so egregiously betrayed?

Trust Means Trust

No one will believe them when they say they believe in Brexit. Any expertise they have in actually running the British government will be heavily discounted by voters.

Labour isn’t in much better shape, honestly. They have the same problems the Tories have … outside of London. They’ll lose support to the smaller leftist parties for not being pro-EU enough and they’ll lose support from the working class outside of London who Labour used to represent.

This is ripe for Farage to pick up much-needed points in the next general election to put his Brexit party over the top. If Mogg and the rest of the ERG are smart, they will join him and ditch the Tories. This gives Farage seats in Parliament they already represent and will guarantee their re-election.

That will have downstream effects in other ‘safe’ Tory districts as voters see the Brexit Party as having a legitimate chance of forming a government and the avalanche will engulf all of Westminster.

The Tories will go the way of the Whigs before the U.S. Civil War.

If that were to happen in the general election, there is little doubt that secessionist movements in Scotland and Northern Ireland will be held back. Because Farage and a Brexit majority will throw out May’s treaty and that will have consequences.

This is why the only seats Brexit are not contesting in May are the ones represented by the DUP. Farage understands he needs all the allies he can get as he takes aim at those that betrayed Britain.

 

end

The Tories worried that they are going to be decimated are now willing to change the rules to out Theresa May

(courtesy Mish Shedlock/Mishtalk)

Dis-May: When All Else Fails, Change The Rules

Authored by Mike Shedlock via MishTalk,

The Tory party appears ready to do what I proposed months ago: Change the rules to get rid of Theresa May.

Under Tory party rules, a leadership challenge can only happen once every 365 days. Prime Minister Theresa May survived a leadership challenge last December.

However, the party is considering a rules change to allow more frequent challenges.

A leadership challenge is similar to a vote of no confidence except only members of the Tory party vote. Then the Tory party gets to pick a new leader. Labour has no say in the process.

The Telegraph reports Theresa May Faces Threat of New Confidence Vote After European Elections Amid Brexit Backlash.

On Tuesday the 1922 committee of backbench Tory MPs will meet to discuss whether the rules should be changed to allow a new bid to remove the Prime Minister. Alan Mabbutt, a senior Conservative Party official, has confirmed that the rules surrounding leadership challenges are not determined by the party’s constitution but by backbench MPs themselves.

A new analysis by Comres suggests that the Tories stand to lose 41 seats at the next election with 29 Leave MPs set to be ousted as voters switch to Labour, the Liberal Democrats and SNP.

Under one plan being considered by MPs, a second confidence vote will be allowed to take place six months after the first. It means the vote could be held shortly after the European elections take place on May 23. To avoid “vexatious” challenges to the Tory leadership in future, the plans to hold a contest every six months will require the support of 94 Tory MPs – equivalent to a 30 percent rather than the current 48.

One senior member of the 1922 committee told The Telegraph that positions have hardened during Easter recess. “MPs have been knocking on the doors for the local elections and finding it really hard in terms of the response from their constituents,” the MP said. “There’s a desire to change the rules.”

Misleading Headline

Note the misleading Telegraph headline. Leadership challenges and votes of no confidence are not the same thing.

In a vote of no confidence, the entire parliament gets to vote and that process would tend to lead to new elections.

Rule Change Too Late?

Perhaps.

I proposed this months ago. Had a rules change taken place right before May’s last extension request, she would have been gone, and a hard Brexit would have happened.

Meanwhile, there is time, at least until May is outed, for May and Labour leader come to an agreement.

Of course a new Prime Minister can seek to undo the deal.

Both Corbyn and May have red lines and the talks have not been going well. But under threat of someone like hard Brexiteer Boris Johnson becoming the new prime minister, perhaps that can to to a sloppy kiss arrangement. Even still, any deal would have to pass a majority in Parliament.

What Can Go Wrong?

Plenty!

Let’s assume there is a successful leadership challenge and Johnson is the new Prime Minister.

Corbyn would likely file a motion of no confidence. It is unclear what would happen. Enough Tories might vote against their own party to sink Johnson. Indeed I would expect that to happen.

However, about a third of the Labour party wants Brexit. It is conceivable enough Labour would support Johnson but only long enough to see that Brexit happens. Then once a hard Brexit too place, they might opt to force Johnson out.

Even if Johnson was immediately outed, would the EU be willing to sit through all of this waiting for new elections?

They have an extension until October 31. At a minimum, that would be honored.

Groundhog Day With New PM

If Corbyn won the election, he would opt for a disastrous customs union, worse than not remaining in.

But then we would be back in the same Groundhog Day scenario. Much of Labour does not support a customs union and the Tories would not either.

Whether or not Corbyn could get a deal passed will depend on the results of the elections. No one should have any faith in the current polls.

end
London home prices fall badly and it registers the worst drop since lehman
(courtesy Don Quijones/WolfStreet))

London Home Prices Had Biggest Monthly Drop Since Lehman

Authored by Don Quijones via WolfStreet.com,

February was bad. Housing market weakness is now spreading out from London.

London home prices in February took their biggest one-off hit since the dark days of the last crisis, according to data published Thursday by the UK’s Office of National Statistics. The average price of a residential property in London tumbled 2% in February from January, the sharpest monthly drop since November 2008, when the City was grappling with the fallout from the Lehman Brothers bankruptcy. For the 12-month period, the average price dropped 3.8%, the sharpest year-over-year fall since August 2009, during the Global Financial Crisis. The average home in London is now worth £459,800 ($600,000), down 5.9% from the peak in July 2017:

But it’s still more than double the median UK home price (£225,000). In other words, while prices may have moderated somewhat they’re still well beyond the reach of average Londoners. Here are some more standouts from the ONS report:

The slowdown is spreading out from London. Home prices in the south east of England recorded an annual decline (-1.8%) for the first time since 2011. Prices also fell in the North East and remained virtually unchanged in Yorkshire and the Humber.

Home price annual growth is slowing in England; prices tick down in Scotland. Home price growth has been gradually slowing ever since the summer of 2016, when a majority of British voters voted to leave the EU. Over the year to February 2019 the average home price in England rose by just 0.4% , down from 1.4% in January 2019. In Scotland prices slipped by 0.2%, down from a year-on-year rise of 2.4% in the previous month.

In the UK as a whole, the average home price increased by just 0.6% from a year earlier. It’s the slowest rate of growth since late 2012.

Prices did increase in a few places. Home price growth was strongest in Wales and the North West, increasing in both regions by 4.1% in the year to February 2019.

It’s a very different story in the capital, which during the first decade and a half of this century enjoyed much faster home price growth than the rest of the country but which is now suffering a much sharper slowdown. The most exclusive boroughs of the city center — often referred to as Prime Central London — have been hit hardest, with prices falling an estimated 14% from their 2014 peak.

“The London sales market is in a prolonged downturn and the current uncertainty surrounding Brexit is clearly impacting consumer confidence,” Foxtons, one of London’s largest real estate agencies, said in its latest annual report. “We do not expect market conditions to improve significantly until the political and economic landscape becomes clearer.”

There’s little sign of that happening any time soon. If anything, there is more uncertainty today surrounding the UK’s political and economic future than there was in February, before Brussels decided to grant the UK government and parliament an extra seven-month “Brextension” to try to get their house in order and finally pass Theresa May’s wretched withdrawal agreement.

Just about the only thing that is clear today is that the political, business and financial establishment on both sides of the English Channel will do virtually whatever it takes to avoid a no-deal Brexit. But that doesn’t mean a no-deal Brexit can’t and won’t happen. It is, after all, the default option. And given the chaos and division gripping Westminster, the intractability of the Irish conundrum and the persistent support for Brexit across vast swathes of England and Wales, it’s certainly still within the realms of possibility.

It’s not just the rampant uncertainty that’s causing London home prices to fall. There are also the recent hikes in stamp duty and other property taxes that were intended to dampen demand among non-resident buyers and investors in a market that had long gone haywire. And they seem to be working.

There’s also the yawning housing affordability gap. Despite the fact that London residential property prices have become less expensive over in the last two years, prices are still not nearly low enough to fall within the grasp of most first-time buyers. In London, the housing affordability ratio — what you get if you divide the median price paid for residential property in a given area to the median workplace-based gross annual earnings for full-time workers — can range from 9.8, which is already pretty elevated, to over 40 depending on the neighborhood.

In 2018, eight of the ten least affordable local authorities in England and Wales were in London, with the remaining two being in the surrounding South East region. Most London boroughs are in the 10-20 range (based onONS data). In the least affordable local authority in London and the UK, Kensington and Chelsea, median home prices are 44.5 times workplace-based median annual earnings. In some parts of the UK such as the North West they can run as low as 2.5 times median annual earnings.

Andrew Goodwin, associate director at Oxford Economics, sees this huge disconnect between home prices and earnings in London as the prime cause of the recent downturn. He also believes that prices are likely to stay in a rut for some time to come, especially given the current low level of transactions. According to LonRes, transactions slumped by 9% between 2017-2018 for London properties under £1 million, by 25% for properties between £1 million and £2 million and by 12% for properties between £2 million and £5 million.

As the affordability crisis in the capital spurs Londoners to relocate in droves to other parts of the country or put off buying a home altogether, and as high net worth individuals and companies continue to spurn London real estate, at least until a decision is finally made regarding Brexit, the future of one of the world’s prime real estate markets remains very much in the balance.

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS

UKRAINE

A comedian who portrays Poroshenko on TV easily defeats him in the big Ukraine presidential election.  He has no experience in politics

(courtesy zerohedge)

Comedian Who “Came To Break The System” Wins Ukraine Presidential Election By Landslide

According to exit polls, millions of  voters – weary of war and economic hardship – have thoroughly rebuked the incumbent elites, overwhelmingly voting for 41-year-old TV comedian Volodymyr Zelenskii in Ukraine’s presidential election today.

“I voted for Zelenskii because everything he said is true,” said Viktoriia Bengalska, a 45-year-old secretary in Kiev.

“It’s impossible to survive on this salary, prices have increased like crazy, and we were promised something totally different.”

With no political record (aside from playing the president on TV), Zelenskii crushed President Petro Poroshenko, who was running for his second five-year term, with 73% of the vote.

The comedian had been a heavy favorite ahead of today’s election according to polls.

“To all Ukrainians, no matter where you are, I promise that I will never let you down,” Zelensky said after the results came in.

“Though I’m still not president, I can say as a Ukrainian citizen to all the countries of the former Soviet Union: Look at us. Everything is possible.”

As The Washington Post notes, Zelenskii’s apparent victory is the latest in the global trend of political outsiders harnessing TV and social media to out-muscle the unpopular establishment.

“Zelenskii doesn’t have experience, and Putin is a very dangerous adversary,” said Volodymyr Fesenko, a political analyst in Kiev.

“There’s a lot of risk here.” 

What happens next? The Saker explains one of two things is most likely:

Option A: Zelenskii will rapidly and energetically resume all the rabid russophobic policies of his predecessor.  The topics of the Donbass and Crimea will be front and center of Ukie propaganda.  At this point, Russia might as well recognize the outcome of the election (I don’t see a point in pretending that Zelenskii did not “kinda” get a popular mandate) and, in the same breath, recognize the two Novorussian Republics and let them conduct a referendum on their future.

Option B: Zelenskii will rapidly and energetically try to stop (or, at least, “freeze”) the conflict with Russia and with the Donbass.  If he does that, the Kremlin will see that Zelenskii is trying to cut  his losses and gain political credibility by stopping the war in the Donbass and the (utterly stupid and self-defeating) confrontation with Russia.  At this point, Russia is likely not only to recognize the outcome of the election, but also serve as a mediator between the Novorussians and the Zelenskii government in Kiev to offer some kind of compromise centered around a de facto independence of the two republics combined with some kind of de jure (only!) Ukrainian sovereignty over these republics, even if only symbolical.

At least so far, all the signs are that Zelenskii will go with Option A and resume Poro’s anti-russian policies which, considering that Zelenskii is a puppet of Kolomoiskii, who himself is a puppet of the AngloZionist Empire (with, in his case, the stress of the “Zionist” part of the name) certainly makes sense.

Finally, we give the last word to Zelenskii: “I’m not a politician…I’m just a simple person who came to break the system.” 

end

LIBYA

General Hafter has the backing of the uSA as Haftar has now secured Libya’s oil reserves as they prepare to take Tripoli

(courtesy zerohedge)

6.GLOBAL ISSUES

Sri Lanka

Death toll now rises to 290 after suicide bombers hit 3 Catholic churches and 4 luxury hotels

(courtesy zerohedge)

Jihadist Group Blamed For Sri Lanka Easter Suicide Attacks, As Death Toll Hits 290

The death toll in Sunday’s devastating wave of Easter Sunday suicide bombings, which rocked three Catholic Churches and four luxury hotels popular with tourists, has climbed to 290, while more than 500 have been injured, making the assault even deadlier than the 2008 Mumbai attacks.

Sri

As the Sri Lankan government scrambles to apprehend anyone who conspired with the at least seven suicide bombers who carried out Sunday’s attacks, Prime Minister Ranil Wickremesinghe appealed for international help “to find out if there was foreign assistance” to the bombers. Domestically, Sri Lankan police have already arrested two dozen suspects. A state of emergency is expected to be declared starting at midnight on Monday. The Colombo stock exchange has been closed for the foreseeable future as the capital city tries to process the aftermath of the attacks.

Sri

Though no group has claimed responsibility for the attacks, it was revealed that Sri Lankan intelligence agents had tried to alert security officials of the potential threat of a major terror attack from an Islamist group known as the National Thowheeth Jama’th. The prime minister said that “although information on this issue has been received before, not enough attention was paid to the matter. The fact that ministers were also not informed is also connected to it, but first what we need to do is to ensure the country is not destabilised.” One official said warnings about a possible attack had been received as early as April 4, according to the FT.

Officials were even given the names of some suspects in the bombings.

The National Thowheedh Jama’th is a small jihadist group based in the east of Sri Lanka. Previously, it had come under scrutiny for its extremist rhetoric as well as vandalism against Buddhist religious statues. Since an operation of this magnitude likely required considerable planning and logistics support, authorities believe the group likely had international assistance.

Here’s more on that from the Guardian:

Analysts point out that multiple suicide bombings of six or possibly more targets requires a significant logistic operation and months of planning. Such attackers may detonate their devices alone, but need careful management by handlers to keep them committed in the days and weeks before. Large quantities of military-grade explosives would also have been necessary, as well as safe houses and bomb-making workshops.

The Sri Lankan government is asking for international help in investigating the ‘international network’ it believes supported the perpetrators of the attack.

“We do not believe these attacks were carried out by a group of people who were confined to this country,” Minister of Health, Nutrition and Indigenous Medicine Rajitha Senaratne said on Monday.

He added that an “international network” without which the attacks likely wouldn’t have succeeded was probably involved.

As the investigation into the attacks ramps up, the BBC is reporting that explosive detonators have been recovered at Colombo’s main bus station, not far from the attacks.

Azzam Ameen

@AzzamAmeen

Police have recovered 87 low-explosive detonators from the Bastian Mawatha Private Bus Station in Pettah

Dozens of foreigners were killed in the attacks, including three of the four children of the billionaire fashion tycoon Anders Holch Povlsen, one of the founders of the online clothing retailer Asos. Several Americans were also killed.

Sri Lanka

To fight the spread of disinformation and hate speech following the attacks, the government has cut off access to social media like Facebook and Whatsapp.

CTGN reported that another bomb detonated in Colombo as authorities tried to disarm it. It’s unclear if there were any additional casualties.

CGTN

@CGTNOfficial

Another bomb explodes near a church in Sri Lankan capital Colombo, the church was also attacked during Sunday’s Easter Day blasts, Reuters reports; the blast took place when officials were trying to defuse the bomb

The coordinated attacks began with the bombings of three churches  and four hotels in Colombo, followed by an eighth bombing timed to hit people fleeing from the initial attacks. An apartment complex was also targeted and a bomb found near the Colombo airport was also diffused.

Authorities believe suicide bombers were mostly responsible, per WSJ:

There were at least eight explosions, most blamed on suicide bombers. Six of the attacks were coordinated and were carried out by seven suicide bombers, according to a preliminary examination of scattered body parts by the country’s official experts. Two men appear to have blown themselves up at the Shangri-La Hotel in Colombo, said Ariyananda Welianga, a government investigator who studied the bodies, while single bombers attacked two other high-profile hotels and three churches.

The suspected bombers’ heads and limbs were severed from their torsos in a way consistent with suicide attacks, Mr. Welianga said. His experience with such cases goes back to Sri Lanka’s civil war, during which a Tamil insurgent group carried out suicide bombings, he said.

The analysis of material recovered from the explosion sites also showed that metal balls had been attached to the bombs to inflict shrapnel injuries in addition to blast injuries, Mr. Welianga said.

Here’s a map of the attacks.

Maps

end

7  OIL ISSUES

Oil surges as Washington is prepared to end the Iranian crude export waiver on March 2. USA intermediate climbs to 65. dollar per barrel and Brent topped 74 dollars]

(courtesy zerohedge)

Oil Surges As Washington Prepares To End Iranian Crude-Export Waivers

Expectations that the Trump administration would extend export waivers on Iranian oil have been dashed after the Washington Pos treported late Sunday that Secretary of State Mike Pompeo was preparing to announce on Monday that the US would move to end the exemptions early next month, when the initial 180-day waivers offered to eight countries are set to expire. The news sent oil prices surging in early Easter Monday trade.

Unsurprisingly, crude futures for May delivery climbed as much as 74 cents to $64.74/bbl in New York on the news the US would end the practice of allowing certain countries to import Iranian oil without facing sanctions. Meanwhile, front-month Brent futures topped $74 a barrel, their highest level since Nov. 1.

Brent

On Monday morning, Pompeo plans to announce that as of May 2, the State Department will no longer grant sanctions waivers to any country importing Iranian crude or condensate, WaPo said. WSJ, Reuters and others later confirmed the WaPo report.

The decision to end the waivers will impact recipients in different ways: Three of the eight countries that were granted the 180-day waivers back in November – Greece, Italy and Taiwan – have already reduced their Iranian oil imports to zero.

Bashar

The other countries that will need to cut off imports or face serious repercussions include China, India, Turkey, Japan and South Korea. As of now, China and India are the largest importers of Iranian oil, and if they don’t swiftly act to cut down on their imports, bilateral relations with the US could suffer.

“China has consistently opposed the US implementation of unilateral sanctions and reaching beyond its jurisdiction,” Foreign Ministry spokesman Geng Shuang said Monday at his regular briefing in Beijing.

South Korea and Japan aren’t as dependent on Iranian oil and have already been working to pare back their imports. Meanwhile, a Turkish official has said Ankara expects another waiver. But it’s looking like it won’t get one.

America’s decision to reimpose sanctions have had the desired effect: Iranian oil exports were measured at about 1 million barrels a day in March, down from 2.5 million barrels per day in April of last year, the month before Trump revealed that the US would withdraw from the nuclear deal. The sanctions have cut the supply of oil to Syrian President Bashar al-Assad, and also contributed to Hezbollah’s recent funding shortages, experts said

However, threats against adversaries and allies are not without risk: European allies have been working with Tehran to circumvent sanctions as part of their efforts to save the deal, something that has led to an alternative payments network to US-dominated SWIFT that some fear could accelerate de-dollarization in the oil trade.

At least for now, the US still has enough clout in international energy markets to force compliance. In response to the reports, Saudi Arabia said they would be ‘open’ to ramping up production to compensate for the shortfall – in accordance with President Trump’s demands that OPEC do more to curb rising oil prices.

And although US crude is too light to serve as a suitable substitute for Iranian oil, the fact that the US has now established itself as the world’s largest crude oil producer is something to keep in mind.

 

end

8. EMERGING MARKETS

ARGENTINA

At the turn of the 20 Century , Argentina was the jewel  of South America.  In over 120 years, the country has defaulted many times on their foreign bond issuance.  Now inflation is ripping at 54%, and their currency the Argentine Peso is now at:41.64.

In 2001, the Peso was trading at one peso per USA dollar.  They then devalued to 3: 1 and from that point on they have devalued steadily.

(courtesy Daniel Lacalle)

Five Reasons For The Weakness Of The Argentine Economy

Authored by Daniel Lacalle via dlacalle.com,

Argentina has been “printing money for the people” MMT-style for many years. Its wrongly-called “inclusive monetary policy” of the past – print money to finance massive government spending – has driven the country to massive inflation and depression.

This is the main reason why a country with an excellent education, human capital, and high economic potential has third-world inflation rates.

Argentina inflation rose to 54% annualized this week. Bonds spreads soared to 854 Bps, the two-year Credit Default Swap (CDS) is at 1094 bps; and the five-year at 948 Bps. But the country’s governments blame inflation on anything except its insane monetary policy

The Argentine economy is more fragile and vulnerable than similar ones. However, Argentina is also one of the countries with the highest economic potential. There are five essential factors to understand the weakness of the economy:

  1. The Peso. Despite the dovish policies of the Federal Reserve and the change of course in the process of normalization, the Peso is, again, the worst performing currency against the dollar in 2019. The dollar index has not moved much against its basket of currencies, therefore, it is the disastrous monetary policy that made the Peso plummet. A weak currency is a danger to the stability of the country and the successive governments only seem to want to patch up the mistaken monetary policy of the Central Bank. A weak Peso does not make the Argentine economy more competitive or export more, as reality shows. If the country does not address in a serious and determined way the error of maintaining a currency in a constant process of destruction of its purchasing power, it will simply move from crisis to crisis again.
  2. Monetary policy is also seriously inflationary. Not by mistake, but by design. Governments prefer to see high inflation and blame an inexistent external enemy than to stop financing the bloated public spending with newly printed currency. The loss of purchasing power of the currency is added to an inflation rate that should not correspond to a country with the potential and human capital of Argentina. Argentina has been, for many years, a country with the potential of a developed economy and a monetary policy of a third-world country. It has followed the MMT recommendations for years. Many claim that dollarization would be worse because it was already attempted and led to a crisis, except that this argument is false. Argentina did not dollarize, it carried out an exchange rate subterfuge by pegging the Peso to the US Dollar with a completely inflated exchange rate that led to the accumulation of imbalances. Argentina did not have dollars, it had pesos in disguise. Dollarization is what Ecuador did, abandoning the sucre , which allowed the country to avoid a Venezuelan-style hyperinflation.
  3. Very high taxes. Argentina’s tax wedge remains the highest in the region and one of the highest for companies in the world,. This constant expropriation of wealth via currency devaluation, inflation and taxes work as a huge barrier to international investment, growth and job creation. In Argentina, one always hears that “tax revenues are low” and that therefore taxes cannot be cut.  However, raising them puts a lid on job creation, productive investment and the attraction of capital, and revenues are even lower.
  4. High government expenditure. Denying the depressive effect of extractive political spending, within a public expenditure that already reaches more than 45% of GDP, is a problem for a country with high potential. It not only is the highest public expenditure in the region but the most inefficient according to the Inter-American Development Bank. The inefficiency of public spending in Argentina reaches 7.2% of GDP.
  5. The loopholes of protectionism. According to the global competitiveness index of the World Economic Forum, Argentina is ranked 92 out of 137 countries. The deterioration trend generated between 2012 and 2015 has been reduced for three years, but the challenges are important. One of them is to eliminate the loopholes of anti-trade and protectionist measures imposed from the short-sighted perception that protectionism would replace imports and strengthen the economy while printing money would spur growth. There are still significant recesses of that period that act as a disincentive to growth and, above all, as a warning to global investors who prefer to avoid long-term and capital intensive investment in Argentina.

It is true that some measures have been taken to reverse these elements of fragility, but reforms must be more courageous to prevent the economy from falling further in 2019 and 2020.

It is not easy to change wrong “neo Keynesian” policies of the Kirchner era without recognizing the enormous monetary and fiscal hole created by the previous administration, but if the reforms are not decisive and clear, the Argentine economy will continue to be fragile and more vulnerable to economic cycles than other similar ones. Argentina is a great country with terrible monetary and fiscal policies. With such potential for growth and employment, it is worthwhile to be brave and put an end to the remnants of past wrong policies

end

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

Euro/USA 1.1249 UP .0009 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 /MIXED

 

 

 

USA/JAPAN YEN 111.92  UP .068 (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 1.2986   UP   0.0009  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TO OCT 31/2019//

USA/CAN 1.3362 DOWN .00019 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS MONDAY morning in Europe, the Euro ROSE by 9 basis points, trading now ABOVE the important 1.08 level  RISING to 1.1249 Last night Shanghai COMPOSITE CLOSED DOWN 55.76 POINTS OR 1.76%.

 

 

 

 

//Hang Sang CLOSED DOWN 161.42 POINTS OR 0.54%

 

 

/AUSTRALIA CLOSED DOWN .01%// EUROPEAN BOURSES //MIXED 

 

 

 

 

 

 

The NIKKEI: this MONDAY morning CLOSED UP 17.34 POINTS OR 0.08%  

 

 

 

 

 

 

Trading from Europe and Asia

1/EUROPE OPENED MIXED

 

 

 

 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 161.42  POINTS OR 0.54%

 

 

 

 

/SHANGHAI CLOSED DOWN 55.76 POINTS OR 1.70%

 

 

 

 

 

 

 

 

Australia BOURSE CLOSED DOWN .01%

 

Nikkei (Japan) CLOSED UP 17.34 POINTS OR 0.04% 

 

 

 

 

 

 

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1279.35

silver:$15.05

Early MONDAY morning USA 10 year bond yield: 2.57% !!! UP 1 IN POINTS from THURSDAY’S night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.97 UP 1  IN BASIS POINTS from THURSDAY night.

USA dollar index early TUESDAY morning: 97.33 DOWN 4 CENT(S) from  THURSDAY’s close.

This ends early morning numbers MONDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

And now your closing  MONDAY NUMBERS \12: 00 PM

 

Portuguese 10 year bond yield: 1.19%  UP 2 in basis point(s) yield from THURSDAY/

JAPANESE BOND YIELD: -.03%  DOWN 0   BASIS POINTS from THURSDAY/JAPAN losing control of its yield curve/

 

 

SPANISH 10 YR BOND YIELD: 1.07% DOWN 0   IN basis point yield from THURSDAY

ITALIAN 10 YR BOND YIELD: 2.60 DOWN  0    POINTS in basis point yield from THURSDAY/

 

 

the Italian 10 yr bond yield is trading 153 points HIGHER than Spain.

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

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 2.57% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A MASSIVE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR MONDAY

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

Euro/USA 1.1259 DOWN     .0059 or 59 basis points

 

USA/Japan: 111.94 UP 0.086 OR YEN DOWN 9 basis points/

Great Britain/USA 1.2983 UP .0006 POUND UP 6  BASIS POINTS)

Canadian dollar UP basis points to 1.3346

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY closed AT 6.7121    0N SHORE  (down)

THE USA/YUAN OFFSHORE:  6.7138  (YUAN DOWN)

TURKISH LIRA:  5.8358.EXTREMELY DANGEROUS LEVEL.

 

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

 

 

 

Your closing 10 yr USA bond yield UP 3 IN basis points from THURSDAY at 2.589 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2,993 UP 2 in basis points on the day /

 

Your closing USA dollar index, 97.29 DOWN 9  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED DOWN 11.47  0.15%

German Dax : UP 69.32 POINTS OR 0.57%

Paris Cac CLOSED UP 17.29 POINTS OR  0.31%

Spain IBEX CLOSED UP 32.10 POINTS OR  0.24%

Italian MIB: CLOSED DOWN 44.29 POINTS OR 0.20%

 

 

 

 

WTI Oil price; 65.88 1:00 pm

Brent Oil: 74.47 12:00 EST

USA /RUSSIAN /   ROUBLE CROSS:    63.81  THE CROSS LOWER BY 0.21 ROUBLES/DOLLAR (ROUBLE HIGHER BY 21 BASIS PTS)

 

TODAY THE GERMAN YIELD RISES  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 :  65.70

 

 

BRENT :  74.11

USA 10 YR BOND YIELD: … 2.585…   STILL DEADLY//

 

 

 

 

 

 

 

 

USA 30 YR BOND YIELD: 2.99..STILL DEADLY

 

 

 

 

EURO/USA 1.1257 ( UP 17   BASIS POINTS)

USA/JAPANESE YEN:111.94 UP .088 (YEN DOWN 6 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 97.30 DOWN 8 cent(s)/

The British pound at 4 pm: Great Britain Pound/USA:1.2981 DOWN 4 POINTS

 

the Turkish lira close: 5.837

 

the Russian rouble 63.79   DOWN 22 Roubles against the uSA dollar.( DOWN 22 BASIS POINTS)

Canadian dollar:  1.3349 DOWN 30 BASIS pts

USA/CHINESE YUAN (CNY) :  6.7121  (ONSHORE)/

 

USA/CHINESE YUAN(CNH): 6.7127 (OFFSHORE)

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

 

The Dow closed DOWN 48.49 POINTS OR 0.18%

 

NASDAQ closed UP 17.21 POINTS OR 0.22%

 


VOLATILITY INDEX:  12.41 CLOSED UP .32

 

LIBOR 3 MONTH DURATION: 2.581%//

 

 

 

FROM 2.591

 

 

 

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

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

 

Oil Jumps, Small Caps Dump On Lowest Volume Day Of The Year

The gap between global money-supply-fueled equity exuberance and macro- and micro-economic data has never been greater…

Nothing to see here.. move along…

 

 

With Europe away, volumes were the lightest of the year as China tumbled…

 

US Small Caps were the biggest laggard today and Nasdaq led, barely closing green…a buying-panic began at 1530ET which made things look a little better…

 

NOTE – it seems the machines forgot that EU was closed as they rallied the market into the “EU Close”.

This is the 9th straight session of oscillating gains and losses for The Dow.

 

 

Small Caps have now underperformed Mega Caps for seven straight trading days…

 

But 2900 is all that matters for the S&P 500 traders…

 

(last 6 days closes for the S&P 500 – 2907, 2906, 2907, 2900, 2905, 2906)

 

Treasury yields were higher on the day, despite equity weakness (long-end underperformed)…

 

 

30Y remains below 3.00%…

 

 

The yield curve steepened further…

 

The Dollar flatlined for the second day as most of the world remained on Easter holiday…

 

Bitcoin is holding gains after some notable selling across cryptos on Saturday…

 

PMs trod water along with the dollar but crude spiked as copper was dumped…

 

WTI soared overnight – smashing through a significant technical level – on the back of Trump Iran waiver headlines…

But tried and failed to break $66 twice…

 

Finally, this morning’s dismal housing data sent US Macro Surprise Index to its lowest since June 2017…

Because nothing says record high stocks like the worst macro economy in two years and worst relative to the world.

We’re gonna need more cowbell (but no more cows)…

AOC will not be happy!!

end

MARKET TRADING/ EARLY AFTERNOON TRADING

 

ii)Market data/

On a rare Good Friday release: housing starts continue to collapse..the worst annual drop in 8 years.

(zerohedge)

Housing Starts Collapse Continues – Worst Annual Drop Since 2011

Well this should steal the jam out of the green-shoot-brigade’s donut. Housing Starts and Permits unexpectedly tumbled in March.

Housing Starts fell 0.3% MoM (against expectations of a 5.4% rebound) and to make matters worse, February’s 8.7% plunge was revised down to a shocking 12% collapse…

 

 

This is the weakest level of Housing Starts since May 2017…

 

And biggest Y/Y drop since 2011, suggesting builders remain wary even as lower mortgage rates and steady wage gains offer support to consumers.

 

And the collapse was broad-based:

  • Northeast: -28.3% Y/Y
  • Midwest: -28.0% Y/Y
  • South: -4.1% Y/Y
  • West: -19.5% Y/Y

Both Multi- and Single-family Starts dropped… with the latter at its lowest since Sept 2016

 

 

Permits were just as ugly – dropping 1.7% MoM (against expectations of a 0.7% rise) and, like Starts, February’s data was downwardly revised (from -1.6% to -2.05% MoM)

 

The drop signals developers continue to struggle to build affordable properties amid rising labor and materials costs…but, but, but… lower rates and green shoots!!

-END-

 

And this is followed by existing home sales slump for the 13th straight month.  February’s huge spike was an anomaly. The 11.8% spike in February was revised lower to 11.2% and then March report saw a big slump down to a loss of 4.9%

(zerohedge)

US Existing Home Sales Slump For 13th Straight Month

Following February’s almost unprecedented 11.8% surge in existing home sales, March was expected to see a contraction of 3.8% MoM, but fell more and February was revised weaker.

Sales decreased for a fourth time in five months despite lower mortgage rates, sustained wage gains and slower home price appreciation. February’s 11.8% spike was revised slightly lower to 11.2% MoM, but March’s existing home sales slumped 4.9% MoM (notably worse than the 3.8% drop expected).

Home purchases fell in all four regions, led by a 7.9 percent drop in the Midwest.

This is the 13th straight month of annual existing home sales declines…

As the median home price rose 3.8% from last year to $259,400, and inventory rose 3.1% to 1.68m homes.

“There’s a supply-demand mismatch,” Jessica Lautz, NAR’s vice president of demographics and behavioral insights, said at a briefing in Washington.

“More inventory is needed at the lower end and a price reduction may be needed at the upper end,” she said, adding that NAR projects sales to accelerate later this year.

iii)USA ECONOMIC/GENERAL STORIES

 

my  goodness:  Homeless people are now descending on the 4th largest airport in the USA:  the San Francisco Airport.

 

(courtesy zerohedge)

Homeless People Descending On San Francisco Airport For Temporary Shelter

 

A flood of homeless people have been descending on San Francisco International Airport (SFO) for temporary shelter, “especially in the early morning hours after the last BART train has pulled into the airport,” according to KTVU.

An airport official said they’re working on a short term and long-term solution

Officials said their contacts with homeless people has surged; the airport already working to get them move along. –KTVU

“We might make SamTrans tokens available to them,” said SFO spokesman Doug Yakel. “We might, if they’re eligible, transport them to a nearby homeless shelter, if BART is still running we can give them a token to a BART train.”

“Ultimately we want to develop advocacy that finds the proper channels for these individuals,” Yakel added, noting that the airport is looking for a long-term solution. “So, we’re starting to reach out to homeless advocacy in San Mateo County. We’re looking to set up something with the city of San Francisco as well.”

Jennifer Freidenbach of the San Francisco Coalition on Homelessness says this comes as no surprise, as there is a massive lack of affordable housing in the city.

“I mean, there’s just nowhere else for people to go,” said Friedenbach. “So, we’re going to see them at the airport, we’re going to see them on the busses we’re going to see them out. There’s just literally nowhere else for people to go.

As KTVU noted earlier this month, the Bay Area’s homeless crisis is among the nation’s worst, and would require $12.7 billion in funding to build enough housing to meet their needs, according to one estimate.

A report from the Bay Area Council Economic Institute revealed that the Bay Area’s homeless population is over 28,000 strong – the third largest in the US behind New York and Los Angeles.

“This is not a problem for social services. It is not a problem for govt. It is a problem for every sector of our society including the private sector,” said Oakland Mayor Libby Schaaf.

It found that two-thirds of homeless people are unsheltered, living in cars or on the streets.  That’s double the national average.

“It’s like a city of people who are without shelter,” said Jim Wunderman, executive director of the Bay Area Council.

If gathered in one place, the report found the homeless population would be as large or larger than that of roughly half the cities in the region.

The report found that homelessness is such a massive problem each city can no longer try to tackle it on its own. –KTVU

According to Jim Wunderman, executive director of the Bay Area Council, “We failed at every level to build enough homes. The lack of tending to it over decades has created a tremendous problem.”

END

SWAMP STORIES

Trump on the warpath as he states that various testimony inside the Mueller report is”bull shit”

(courtesy zerohedge)

“Total Bullshit”: Trump Slams “Fabricated” Testimony In Mueller Report

After two years of near-constant abuse and allegations from a desperate left unable to come to terms with Hillary’s loss, who can blame President Trump for not letting this farce go quite yet. In a series of new tweets this morning, he unleashes more pointed snark at Mueller and his team’s lies as well as the menagerie of Mueller lackeys who are now stunned at the lack of ‘there’, there in his report…

Statements are made about me by certain people in the Crazy Mueller Report, in itself written by 18 Angry Democrat Trump Haters, which are fabricated & totally untrue. Watch out for people that take so-called “notes,” when the notes never existed until needed.

Because I never agreed to testify, it was not necessary for me to respond to statements made in the “Report” about me, some of which are total bullshit & only given to make the other person look good (or me to look bad). This was an Illegally Started Hoax that never should have happened, a..”

Donald J. Trump

@realDonaldTrump

Statements are made about me by certain people in the Crazy Mueller Report, in itself written by 18 Angry Democrat Trump Haters, which are fabricated & totally untrue. Watch out for people that take so-called “notes,” when the notes never existed until needed. Because I never….

Donald J. Trump

@realDonaldTrump

…agreed to testify, it was not necessary for me to respond to statements made in the “Report” about me, some of which are total bullshit & only given to make the other person look good (or me to look bad). This was an Illegally Started Hoax that never should have happened, a…

But, as WSJ’s Kimberley Strassel writeswhat’s in the special counsel’s findings is almost as revealing as what’s left out…

By the fall of 2017, it was clear that special counsel Robert Mueller, as a former director of the Federal Bureau of Investigation, was too conflicted to take a detached look at a Russia-collusion story that had become more about FBI malfeasance than about Donald Trump. The evidence of that bias now stares at us through 448 pages of his report.

President Trump has every right to feel liberated. What the report shows is that he endured a special-counsel probe that was relentlessly, at times farcically, obsessed with taking him out. What stands out is just how diligently and creatively the special counsel’s legal minds worked to implicate someone in Trump World on something Russia- or obstruction-of-justice-related. And how—even with all its overweening power and aggressive tactics—it still struck out.

Volume I of the Mueller report, which deals with collusion, spends tens of thousands of words describing trivial interactions between Trump officials and various Russians. While it doubtless wasn’t Mr. Mueller’s intention, the sheer quantity and banality of details highlights the degree to which these contacts were random, haphazard and peripheral. By the end of Volume I, the notion that the Trump campaign engaged in some grand plot with Russia is a joke.

Yet jump to the section where the Mueller team lists its “prosecution and declination” decisions with regards the Russia question. And try not to picture Mueller “pit bull” prosecutor Andrew Weissmann collapsed under mountains of federal statutes after his two-year hunt to find one that applied.

Mr. Mueller’s team mulled bringing charges “for the crime of conspiracy—either under statutes that have their own conspiracy language,” or “under the general conspiracy statute.” It debated going after them for the “defraud clause,” which “criminalizes participating in an agreement to obstruct a lawful function of the U.S. government.” It considered the crime of acting as an “agent of a foreign government”—helpfully noting that this crime does not require “willfulness.”

Up to now, the assumption was that Mr. Mueller had resurrected long-ago violations of the rarely enforced Foreign Agent Registration Act of 1938 purely to apply pressure on folks like Paul Manafort and Mike Flynn. Now we find out that it was resurrected in hopes of applying it to campaign-period actions of minor figures such as Carter Page and George Papadopoulos.

Mueller’s team even considered charging Trump associates who participated with campaign-finance violations for the June 2016 Trump Tower meeting with Russian lawyer Natalia Veselnitskaya. Was that meeting “a conspiracy to violate the foreign contributions ban”? Was it “the solicitation of an illegal foreign source contribution”? Was it the receipt of “an express or implied promise to make a [foreign source] contribution”? The team considered that the law didn’t apply only to money—it could apply to a “thing of value.” Until investigators realized it might be hard to prove the “promised documents” exceeded the “$2,000 threshold for a criminal violation.” The Mueller team even credited Democrats’ talking point that former Attorney General Jeff Sessions had committed perjury during his confirmation hearings—and devoted a section in the report to it.

As for obstruction—Volume II—Attorney General Bill Barr noted Thursday that he disagreed with “some of the special counsel’s legal theories.” Maybe he had in mind Mr. Mueller’s proposition that he was entitled to pursue obstruction questions, even though that was not part of his initial mandate from Deputy Attorney General Rod Rosenstein. Or maybe it was Mr. Mueller’s long description of what a prosecution of the sitting president might look like—even though he acknowledged its legal impossibility. Or it could be Mr. Mueller’s theory that while “fairness” dictates that someone accused of crimes get a “speedy and public trial” to “clear his name,” Mr. Trump deserves no such courtesy with regard to the 200 pages of accusations Mr. Mueller lodges against him.

That was Mr. Mueller’s James Comey moment. Remember the July 2016 press conference in which the FBI director berated Hillary Clinton even as he didn’t bring charges? It was a firing offense. Here’s Mr. Mueller engaging in the same practice—only on a more inappropriate scale. At least this time the attorney general tried to clean up the mess by declaring he would not bring obstruction charges. Mr. Barr noted Thursday that we do not engage in grand-jury proceedings and probes with the purpose of generating innuendo.

Mr. Mueller may not care. His report suggests the actual goal of the obstruction volume is impeachment: “We concluded that Congress has the authority to prohibit a President’s corrupt use of his authority.”

Note as well what isn’t in the report. It makes only passing, bland references to the genesis of so many of the accusations Mr. Mueller probed: the infamous dossier produced by opposition-research firm Fusion GPS and paid for by the Hillary Clinton campaign. How do you exonerate Mr. Page without delving into the scandalous Moscow deeds of which he was falsely accused? How do you narrate an entire section on the July 2016 Trump Tower meeting without noting that Ms. Veselnitskaya was working alongside Fusion? How do you detail every aspect of the Papadopoulos accusations while avoiding any detail of the curious and suspect ways that those accusations came back to the FBI via Australia’s Alexander Downer?

The report instead mostly reads as a lengthy defense of the FBI—of its shaky claims about how its investigation began, of its far-fetched theories, of its procedures, even of its leadership. One of the more telling sections concerns Mr. Comey’s firing. Mr. Mueller’s team finds it generally beyond the realm of possibility that the FBI director was canned for incompetence or insubordination. It treats everything the FBI or Mr. Comey did as legitimate, even as it treats everything the president did as suspect.

Strassel ends on a high note, taking aim directly at the man himself:

Mr. Mueller is an institutionalist, and many on his team were the same Justice Department attorneys who first fanned the partisan collusion claims. He was the wrong man to provide an honest assessment of the 2016 collusion dirty trick. And we’ve got a report to prove it.

But none of that will stop the desperate left from stretching out this farce through November 2020!

END
The Democrats now subpoena an unredacted Mueller report and its underlying evidence
(courtesy zerohedge)

House Dems Subpoena Unredacted Mueller Report And Underlying Evidence

As jubilant Republicans celebrate their vindication following the release of the 448-page redacted Mueller report, Democrats are pushing ahead with their crusade to find something, anything, they can use against Trump by subpoenaing the unredacted report and the underlying evidence from the investigation, the Washington Post reports.

The subpoenas were issued Friday morning by House Judiciary Committee Chairman Jerry Nadler.

The decision comes after the committee voted to authorize  Nadler to issue the subpoenas earlier this month.

Nadler

Earlier, Trump slammed certain allegations about things he purportedly said or did that were included in the report as ‘total bullshit.’

Nadler was singing a different tune in 1998 when the Clinton report was finished, however – advocating for redactions “as a matter of decency and protecting people’s privacy rights.”

Embedded video

Wojciech Pawelczyk 🇵🇱@PolishPatriotTM

Rep. Jerry Nadler wants to see the full Mueller report, exactly the opposite of what he said in 1998 when the Clinton report was finished 🤷‍♂️

Because some of the materials being subpoenaed involve grand jury materials, which can only be released with permission from a judge, and material being used in ongoing investigations, the Dems’ subpoenas might spark a legal battle that ultimately be decided by the US Supreme Court.  “The Constitution charges Congress with holding the president accountable for alleged official misconduct,” has argued, adding that “Congress is entitled to all of the evidence.”

The subpoenas will hopefully (for the Dems’ sake) distract from the wholesale 180-degree-turn that Congressional leaders like Adam Schiff have made, pivoting from Trump’s behavior was unquestionably illegal to simply raising questions about unethical behavior.

Embedded video

ABC News Politics

@ABCPolitics

Adam Schiff on Mueller report: “Whether these acts are criminal or not, whether the obstruction of justice was criminal or not or whether these contacts were sufficiently illicit … they are unquestionably dishonest, unethical, immoral and unpatriotic” https://abcn.ws/2Xh3JLI

And keep in mind: Despite the leadership’s earlier insistence that there’s no point in impeaching Trump so close to an election, once the full report is in their hands, ‘all options’ will be on the table.

Steny Hoyer

@LeaderHoyer

Congress must have the full report & all underlying evidence in order to determine what actions may be necessary to ensure that the Congress & the American people have all the info they need to know the truth & all options ought to remain on the table to achieve that objective.

END

A terrific commentary on the truth of the Mueller report and what comes next:

(courtesy McShay/)

special thanks to Robert H for sending this to us:

 

The MUELLER REPORT: A Little Gossip, A Bit Of Palace Intrigue And Zero Collusion


“The Mueller Report shows categorically that there was no basis for an investigation in the first place, and it is now abundantly clear that in order to restore the integrity at the DOJ and the FBI, there has to be a full-scale federal grand jury of the Obama DOJ, the FBI, the CIA and the Director of National Intelligence.”

— Joe diGenova, Former Federal Attorney and Independent Counsel


by Patrick J. McShay

The Mueller Report was released today with much fanfare and anticipation, but after Mueller spent over $25 million, reviewed thousands of documents and conducted hundreds of interviews, he and his crack team of Leftists, Trump-hating prosecutors came up with little in the way of impeachable offenses.

This silly report read like an article in the National Enquirer.  A little gossip, a bit of palace intrigue, but offering very little new information not already leaked or revealed months ago. It took 2 years for this?  Maybe Mueller is getting nervous about the “Uranium-One investigation”. He should be!

Here are some things Mueller considered in his investigation on obstruction:

*The Trump campaign’s response to reports about Russians support for Trump.- (It was nonsense so I can imagine their disbelief.)

• Conduct concerning the investigation of Michael Flynn. (Flynn did nothing wrong, even the agent that interviewed him said he believed him to be truthful.)

• Reaction to the public confirmation of the Russian investigation. (Knowing the charge was bogus, Trump’s reaction was reasonable.)

• Events leading up to and surrounding the firing of James Comey (Comey deserved to be fired, even the Democrats thought so until Trump actually did it.)

• Efforts to remove the special counsel (Sessions never should have recused himself. Also, Mueller and several members of his team were deeply compromised by the Uranium-One Clinton scandal.)

• Efforts to interfere in the Special Counsel’s investigation. (Mueller maintained in his report that he got everything he needed. There was no interference.)

• Efforts to prevent disclosure of e-mails about the Trump Tower meeting. (There was nothing illegal or improper about the meeting.)

• Further efforts to have Jeff Sessions take over the investigation. (Nothing wrong with that.)

• Ordering McGahn to deny that Trump wanted Mueller fired. Conduct toward Michael Flynn and Paul Manafort. (The President has a right to discuss a variety of subjects with his team. “What ifs” are simply a part of any decision-making process.)

• Conduct involving Michael Cohen. (Who wouldn’t be worried about a disgruntled former employee willing to lie to make his problems go away?)

If you read these areas of concern as they pertain to obstruction, knowing that there was no collusion, even a Trump-hating teleprompter reader at CNN should understand the President’s aggravation.  They don’t.


*My question is, “Can you really obstruct a contrived investigation, conducted by coup plotters, where there is no crime?


Jeff Sessions was ineffective, compromised, and possibly the worst attorney general in our history, which was obvious to anyone paying attention.  Why would anyone question that Trump wanted Sessions to resign? It has been my belief that Sessions was a Deep Stateplant put on the Trump bandwagon early in the campaign to set up Trump.  Good riddance!

The new Democrat talking point is, “Bill Barr is Trump’s handpicked choice” to replace the incompetent Sessions, so how can he be trusted?  What president in our history hasn’t handpicked their attorney general? Could any U.S. Attorney General be more corrupt than Loretta Lynch or Eric Holder?

Another new talking point over at CNN, which, like MSNBC, has lost a significant percentage of their audience since the Barr memo was released 3 weeks ago, is that Trump wanted to obstruct the investigation but his advisers wouldn’t let him.  What?

According to CNN’s Jeffrey Toobin, one of the most egregious things Trump did was to tell Don McGahn that Mueller should be fired because of his “conflicts of interest in the case”.

What Toobin doesn’t mention is the conflict of interest Trump was referring to. Mueller was up to his eyeballs in Hillary Clinton’s Uranium-One scandal, and Mueller even met with Putin and hand-delivered uranium samples to him personally.  This is the guy they put in charge of this fraudulent investigation of the duly elected President?

CNN will likely never give their audience that kind of clarity because their narrative begins to weaken as more facts are revealed.  This is what disinformation looks like up close.

The 9-person panel on CNN today brought up the meeting at Trump Tower but didn’t mention that the Russian attorney the Trump team met with was working for Fusion GPS, who was reporting directly to Bruce Ohr at the Department Of Justice as well as to the FBI run by lying, leaking, James Comey.

By that time, text messages from FBI investigators Peter Strzok and Lisa Page’s confirm that the investigation was being run from the White House.  None of the dopes on CNN bothered to mention it.  You can’t make this stuff up.

They also neglected to mention that Bruce Ohr’s wife and Russian expert, Nellie Ohr, helped write the bogus Trump dossier for Fusion GPS; again, at the behest of the Lynch’s Justice Department and Comey’s FBI.


*Strzok’s e-mail to Page around this time read, “POTUS wants to know everything!” Hmmm, CNN didn’t mention that either. Do you see a pattern here?


Congressman and presidential candidate lying Eric Swalwell is laughably calling for Bill Barr’s resignation because “He has lost the confidence of the American people.”

This man is a fool and an embarrassment to the people of his district and the American people he hopes to represent!  This gun-grabbing Marxist needs to be voted out in the next election!

Adam Schiff, who claimed to have hard evidence of collusion 2 years ago, has, to date, provided no evidence to back up this bold lie.

He has attacked Barr as a rank partisan who he says is acting more like Trump’s personal attorney rather than the Attorney General for all Americans.  Schiff has lied and leaked for 2 years; what sort of moron would vote for this traitor again?

I pointed out in my article, “The American People Want Arrests And Convictions In The Clinton/Obama Surveillance Scandal” over a year ago, that Hillary Clinton and other Obama Administration officials are still under investigation in the “Uranium-One scandal” that no one is talking about.  At least not yet.

That report will be released in the next month or so and I expect indictments of some of these criminals soon. Devin Nunes has said he expects over 2 dozen Obama officials will be indicted for lying to Congress, obstruction, and other crimes.


*Does CNN’s audience know about this investigation? I’m sure it will come as a surprise to Rachel Maddow’s audience.


The real investigation has been ongoing for some time–looking at the criminals at the highest levels of the Obama Administration including, James Comey, John Brennan, Loretta Lynch, Sally Yates, James Clapper, and many others and I expect a lot of progress moving forward now that the Mueller Report has been released.

Trump has vowed to release all of the classified documents soon. That alone would force these network liars to finally come clean to what is left of their audience.

Barr has stated that he intends to investigate what prompted this spying on the Trump team in the first place. The lamebrains at CNN, who laughed at Trump when he accused Obama’s criminal cabal of spying on him, didn’t mention today that it has been proven that Trump and his team were all under illegal surveillance. These aren’t journalists folks, these are paid activists if no co-conspirators in a seditious plot.

Surprisingly, a columnist for the Washington Post — Gary Abernathy — wrote just three days ago, “While partisans on the Left may quibble, the fact remains that on the subject of collusion with Russia by President Trump and his campaign, Fox News was right and the others were wrong!”  Yikes—Paging Rachel Maddow; paging Anderson Cooper!

These phony journalists can’t imagine what Barr could still be investigating.  Sadly, whether these mindless partisans at CNN and MSNBC were complicit traitors in this fraudulent investigation or merely clueless buffoons posing as journalists, they appear to be as ignorant as their rapidly dwindling audience.

Follow Patrick J McShay on Twitter @PMcshay

end

 

And here is another good commentary on the “Witch-Hunt” orchestrated by Mueller. The author wants to see Mueller in front of Congress and he is waiting for Rand Paul to say this:

“Rand Paul: BREAKING: A high-level source tells me it was Brennan who insisted that the unverified and fake Steele dossier be included in the Intelligence Report… Brennan should be asked to testify under oath in Congress ASAP.”

He correctly states that it is Obama that is worried.  He knew point blank that the Russians were trying to meddle in the elections. Obama did nothing because of the Iran deal and he needed Russia on his side and thus he went soft on them

(courtesy Raul Meijer/Automatic Earth)

“They Were All Lying!”

Authored by Raul Ilargi Meijer via The Automatic Earth blog,

A dear friend the other day accused me of defending Trump. I don’t, and never have, but it made me think that if she says it, probably others say and think the same; I’ve written a lot about him. So let me explain once again. Though I think perhaps this has reached a “you’re either with us or against us’ level.

What I noticed, and have written a lot about, during and since the 2016 US presidential campaign, is that the media, both in the US and abroad, started making up accusations against Trump from scratch. This included the collusion with Russia accusation that led to the Mueller probe.

There was never any proof of the accusation, which is why the conclusion of the probe was No Collusion. I started writing this yesterday while awaiting the presentation of the Mueller report, but it wouldn’t have mattered one way or the other: the accusation was clear, and so was the conclusion.

Even if some proof were found through other means going forward, it would still make no difference: US media published over half a million articles on the topic, and not one of them was based on any proof. If that proof had existed, Mueller would have found and used it.

And sure, Trump may not be a straight shooter, there may be all kinds of illegal activity going on in his organization, but that doesn’t justify using the collusion accusation for a 2-year long probe. If Trump is guilty of criminal acts, he should be investigated for that, not for some made-up narrative. It’s dangerous.

Axios report[ed] that since May 2017, exactly 533,074 web articles have been published about Russia and Trump-Mueller, which in turn have generated “245 million interactions – including likes, comments and shares – on Twitter and Facebook.” “From January 20, 2017 (Inauguration Day) through March 21, 2019 (the last night before special counsel Robert Mueller sent his report to the attorney general), the ABC, CBS and NBC evening newscasts produced a combined 2,284 minutes of ‘collusion’ coverage, most of it (1,909 minutes) following Mueller’s appointment on May 17, 2017,” MRC reports

What the Mueller report says is that 500,000 articles about collusion, and 245 million social media interactions in their wake, were written without any proof whatsoever (or Mueller would have used that proof). That doesn’t mean they may not have been true, or that they can’t be found to be true in the future, it means there was no proof when they were published. They Were All Lying.

The same goes for the Steele dossier. It holds zero proof of collusion between Trump’s team and Russia. Or Mueller would have used that proof. New York Times, Washington Post, Guardian, CNN: they all had zero proof when they published, not a thing. Or Mueller would have used that proof. Rachel Maddow’s near nightly collusion rants: no proof. Or Mueller would have used that proof.

That there is no proof also means there has never been any proof. Why that is important, and how important it is, is something we’re very clearly seeing in the case concerning Julian Assange. That, too, is based on made-up stories.

I suggested a few days ago in the Automatic Earth comment section that the advent of the internet, and social media in particular, has greatly facilitated the power of repetition: say something often enough and few people will be able to resist the idea that it must be true. Or at least some of it.

If you look at the amount of time people spend in ‘their’ Facebook, the power of repetition becomes obvious. 245 million social media interactions. On top of half a million articles. How were people supposed to believe, in the face of such a barrage, that there never was any collusion?

Or that Assange is squeaky clean, both in person and in his alleged involvement in the collusion? There is only one way to counter all this: for people like me to keep pointing it out, and to hope that at least a few people pick it up.

That has nothing to do with defending Trump. It has to do with defending my own sanity and that of my readers. Of course it would have been easier, and undoubtedly more profitable, to go with the flow and load on more suspicions, allegations and accusations.

All those media made a mint doing it, and the Automatic Earth might have too. But that is not why we are here.

The Democrats, and the media sympathetic to them, now have seamlessly shifted their attention from Collusion to Obstruction. Which leads to a bit of both interesting and humorous logic: No Collusion? No Obstruction.

The Mueller probe would never have happened if it had been clear there was no collusion. But everyone and their pet hamster were saying there was. And there was the Steele dossier, heavily promoted by John McCain and John Brennan. Neither of whom had any proof of collusion.

The obstruction the anti-Trumpers are now aiming their arrows at consists of Trump allegedly wanting to fire Mueller and/or stopping an investigation that should never have been instigated into a collusion that never existed and was based on a smear campaign.

And now they want to impeach him for that? For attempting to stop the country wasting its resources and halt an investigation into nothing at all?

Know what I hope? That they’ll call on Mueller to testify in a joint session of Senate and Congress and that Rand Paul gets to ask him to address this tweet of his:

“Rand Paul: BREAKING: A high-level source tells me it was Brennan who insisted that the unverified and fake Steele dossier be included in the Intelligence Report… Brennan should be asked to testify under oath in Congress ASAP.”

And why Mueller refused to go talk to Assange, who offered actual evidence that no Russians were involved. Or how about these stonkers:

“Undoubtedly there is collusion,” Adam Schiff said. “We will continue to investigate the counterintelligence issues. That is, is the president or people around him compromised? … It doesn’t appear that was any part of Mueller’s report.”

Preet Bharara: “It’s clear that Bob Mueller found substantial evidence of obstruction.”

There’ll never be such a joint session, the Democrats want to play a home game in Congress. So there will have to be a separate session in the Senate. No doubt that will happen. Trump was right about one thing (well, two): 1) A special Counsel fcuks up a presidency, and 2) this should never happen to another president again.

Not that I have any faith in Capitol Hill, mind you. Because they will agree, and they will agree on one thing only, as Philip Giraldi stipulates once more:

Rumors of War – Washington Is Looking for a Fight

[..] even given all of the horrific decisions being made in the White House, there is one organization that is far crazier and possibly even more dangerous. That is the United States Congress, which is, not surprisingly, a legislative body that is viewed positively by only 18 per cent of the American people. A current bill originally entitled the “Defending American Security from Kremlin Aggression Act (DASKA) of 2019,” is numbered S-1189.

It has been introduced in the Senate which will “…require the Secretary of State to determine whether the Russian Federation should be designated as a state sponsor of terrorism and whether Russian-sponsored armed entities in Ukraine should be designated as foreign terrorist organizations.”

And that brings us back to Robert Mueller’s investigation into hot air, which, while it entirely eviscerates even the notion of collusion, still contains accusations against Julian Assange and ‘the Russians’.

Why does he leave those in, when there was no collusion? It’s dead simple. Because unlike accusations against Trump, he doesn’t have to prove them. Which is why I will not stop saying, as I first did some 10 weeks ago, that Robert Mueller Is A Coward And A Liar.

Again, this has nothing to do with defending Trump, it’s about defending and maintaining my own sanity and yours, and the rule of law.

As I said back then about Mueller refusing to talk to Assange, and James Comey in 2017 making sure the DOJ didn’t either :

Every single American should be alarmed by this perversion of justice. Nothing to do with what you think of Trump, or of Assange. The very principles of the system are being perverted, including, but certainly not limited to, its deepest core, that of every individual’s right to defend themselves. Just so Robert Mueller can continue his already failed investigation into collusion that has shown no such thing, and which wouldn’t have been started 20 months ago if we knew then what we know now.

Get off your Trump collusion hobby-horse, that quest has already died regardless, and start defending the legal system and the Constitution. Because if you don’t, what’s to keep the next Robert Mueller from going after you, or someone you like or love? It’s in everyone’s interest to demand that these proceedings – like all legal proceedings- are conducted according to the law, but in Mueller’s hands, they are not.

And that should be a much bigger worry than whether or not you like or dislike a former game-show host.

I’ve said this before as well: I’ll always defend Julian Assange, but I won’t defend Donald Trump. Is that clear now?

end
Progressives in the Democratic wing want to impeach Trump.  However they are getting zero sympathy from any Republican and they will need some bipartisan support to try to foolish thing like impeachment
(courtesy zero hedge

‘We Must Do Our Duty’: Progressives Defy Pelosi On Impeachment

Robert Mueller’s decision not to deliver a prosecutor’s opinion on his investigation, instead leaving the issue up to Congress, is creating a lot of headaches for Nancy Pelosi.

In the days since the redacted Mueller report was released, many members of the Democrats’ progressive wing have rebelled against Pelosi’s decree that impeachment isn’t on the table – a strategy devised to protect Democrats in swing districts whose mid-term triumphs effectively handed Dems control of the House (despite all the media coverage they’ve received, AOC and the three other members of her WoC clique had little to do with the Democrats’ electoral triumph).

Pelosi

Now, Bloomberg reports that Pelosi is scrambling to suppress demands made by AOC, Elizabeth Warren that the House explore the possibility of impeaching Trump on attempted obstruction of justice.(Harvey: not obstruction of justice but attempted obstruction of Justice) AOC tweeted after the report was released that she would be signing Rashida “Impeach the motherfucker” Tlaib’s impeachment resolution.

Alexandria Ocasio-Cortez

@AOC

Mueller’s report is clear in pointing to Congress’ responsibility in investigating obstruction of justice by the President.

It is our job as outlined in Article 1, Sec 2, Clause 5 of the US Constitution.

As such, I’ll be signing onto @RashidaTlaib’s impeachment resolution.

The Washington Post

@washingtonpost

Replying to @washingtonpost

Mueller’s team couldn’t rule out that Trump criminally obstructed justice.

The team members concluded they had to leave the decision to Congress about how to handle their evidence of Trump engaging in obstruction. https://wapo.st/2UJ3TPg  (Harvey:  the Dept of Justice is not responsible to exonerate anyone..it is either guilt or innocence of a person or entity.)

View image on Twitter

Alexandria Ocasio-Cortez

@AOC

While I understand the political reality of the Senate + election considerations, upon reading this DoJ report, which explicitly names Congress in determining obstruction, I cannot see a reason for us to abdicate from our constitutionally mandated responsibility to investigate.

Alexandria Ocasio-Cortez

@AOC

Many know I take no pleasure in discussions of impeachment. I didn’t campaign on it, & rarely discuss it unprompted.

We all prefer working on our priorities: pushing Medicare for All, tackling student loans, & a Green New Deal.

But the report squarely puts this on our doorstep.

In what was perhaps an attempt to minimize the progressives demands to pursue impeachment, or maybe just buy time, Pelosi said during a visit to Belfast this week that she wouldn’t criticize Trump while outside of the US, and her spokeswoman added that the issue of impeachment is something that should be handled one step at a time, and that Dems must wait until they see the unredacted report before making any decisions.

Pelosi on Friday deflected questions about impeachment while on a congressional trip in Ireland. She told reporters in Belfast she wouldn’t criticize the president of the United States while she was outside of the country, but that Congress will meet its responsibilities for oversight.

“As the Speaker has said repeatedly, one step at a time. We’re focused on getting the full unredacted version of the report and its underlying documents – as well as hearing from Mueller,” Pelosi spokeswoman Ashley Etienne said in an email.

House Dems aren’t alone in pushing for impeachment. After reading the report (or at least claiming she read the full report), Warren tweeted that the House must take its responsibility to push for impeachment seriously.

Elizabeth Warren

@ewarren

The Mueller report lays out facts showing that a hostile foreign government attacked our 2016 election to help Donald Trump and Donald Trump welcomed that help. Once elected, Donald Trump obstructed the investigation into that attack.

Elizabeth Warren

@ewarren

Mueller put the next step in the hands of Congress: “Congress has authority to prohibit a President’s corrupt use of his authority in order to protect the integrity of the administration of justice.” The correct process for exercising that authority is impeachment.

Elizabeth Warren

@ewarren

To ignore a President’s repeated efforts to obstruct an investigation into his own disloyal behavior would inflict great and lasting damage on this country, and it would suggest that both the current and future Presidents would be free to abuse their power in similar ways.

Elizabeth Warren

@ewarren

The severity of this misconduct demands that elected officials in both parties set aside political considerations and do their constitutional duty. That means the House should initiate impeachment proceedings against the President of the United States.

Embedded video

Elizabeth Warren

@ewarren

I read the Mueller report. When I got to the end, I realized this is a point of principle. Because it matters not just for this president, but for all future presidents. No one is above the law.

Elizabeth Warren

@ewarren

LIVE: Yesterday I called on the House to begin impeachment proceedings. This is a matter of principle for me. https://www.pscp.tv/w/b4sm8zFBbWp6T2R4cUFnRWV8MXJtR1BlV292V1FKTrDWQQFYXiTqQzQBdlEWqGAzuIZZC-a_Jg4iNJb7WtlD 

Elizabeth Warren @elizabethforma

LIVE: Yesterday I called on the House to begin impeachment proceedings. This is a matter of principle for me. — Keene, NH, United States

pscp.tv

Even some establishment Dems, like Jerry Nadler and Steny Hoyer, appear to have shifted their positions on impeachment ever so slightly, leaving the door open to proceedings if enough support builds in the House. During an interview with a NY radio station, Nadler said he didn’t know what would happen with impeachment, but added that “we may get to that point”. Steny Hoyer tweeted that the House must obtain the full report to “determine what actions might be necessary.”

Steny Hoyer

@LeaderHoyer

Congress must have the full report & all underlying evidence in order to determine what actions may be necessary to ensure that the Congress & the American people have all the info they need to know the truth & all options ought to remain on the table to achieve that objective.

And of course, Texas Rep. Al Green, the godfather of the impeachment genre, has continued to bang that drum, vowing that he would again try to force an impeachment vote after failing twice in the past.

“If we don’t step up and do our job, if we engage in some sort of analysis and debate and refuse to say the word, ‘impeachment,’ we will engage in what Dr. King called the paralysis of analysis,” Green said. “We will do this until such time someone will say it’s too late to get into impeachment, it will appear to be political, and as a result we will then decide that this must be taken to the polls on election day.”

“Which means that we will have allowed the president to be above the law,” he said.

Outside of Congress, billionaire Tom Steyer has financed a multi-million dollar advertising campaign to encourage people to sign his petition calling on Congress to work toward impeachment.

Looks like Pelosi might soon have a full-blown impeachment mutiny on her hands. Of course, the fact that the Republican majority in the Senate would likely never vote to remove a sitting president from their own party means Trump’s odds of being removed before the end of his first term are very, very low.

But for the Democrats, at least, this whole fight is about principle, right?

end

This is a surprise:  the New York Times have now stated that the tables have turned:  it is now time to investigate the FBI, the Steel dossier and the rest of the “witch hunters”

(courtesy New York Times/zerohedge)

 

NYT: The Tables Have Turned — Time To Investigate The FBI, Steele And The Rest Of The ‘Witch Hunters’

As we now shift from the “witch hunt” against Trump to ‘investigating the investigators’ who spied on him – remember this; Donald Trump was supposed to lose the 2016 election by almost all accounts. And had Hillary won, as expected, none of this would have seen the light of day.

We wouldn’t know that a hyper-partisan FBI had spied on the Trump campaign, as Attorney General William Barr put it during his April 10 Congressional testimony.

We wouldn’t know that a Clinton-linked operative, Joseph Mifsud, seeded Trump campaign aide George Papadopoulos with the rumor that Russia had ‘Dirt’ on Hillary Clinton – which would later be coaxed out of Papadopoulos by a Clinton-linked Australian ambassador, Alexander Downer, and that this apparent ‘setup’ would be the genesis of the FBI’s “operation crossfire hurricane” operation against the Trump campaign.

We wouldn’t know about the role of Fusion GPS – the opposition research firm hired by Hillary Clinton’s campaign to commission the Steele dossier. Fusion is also linked to the infamous Trump Tower meeting, and hired Nellie Ohr – the CIA-linked wife of the DOJ’s then-#4 employee, Bruce Ohr. Nellie fed her husband Bruce intelligence she had gathered against Trump while working for Fusionaccording to transcripts of her closed-door Congressional testimony.

And if not for reporting by the Daily Caller‘s Chuck Ross and others, we wouldn’t know that the FBI sent a longtime spook, Stefan Halper, to infiltrate and spy on the Trump campaign – after the Obama DOJ paid him over $400,000 right before the 2016 US election (out of more than $1 million he received while Obama was president).

According to the New York Times, the tables are turning, starting with the Steele Dossier. 

[T]he release on Thursday of the report by the special counsel, Robert S. Mueller III, underscored what had grown clearer for months — that while many Trump aides had welcomed contacts with the Russians, some of the most sensational claims in the dossier appeared to be false, and others were impossible to prove. Mr. Mueller’s report contained over a dozen passing references to the document’s claims but no overall assessment of why so much did not check out.

Now the dossier — financed by Hillary Clinton’s campaign and the Democratic National Committee, and compiled by the former British intelligence agent Christopher Steele — is likely to face new, possibly harsh scrutiny from multiple inquiries. –NYT

While Congressional Republicans have vowed to investigate, the DOJ’s Inspector General is considering whether the FBI improperly relied on the dossier when they used it to apply for a surveillance warrant on Trump campaign adviser Carter Page. The IG also wants to know about Steele’s sources and whether the FBI disclosed any doubts as to the veracity of the dossier.

Attorney General Barr, meanwhile, said he will review the FBI’s conduct in the Russia investigation after saying the agency spied on the Trump campaign.

Doubts over the dossier

The FBI’s scramble to vet the dossier’s claims are well known. According to an April, 2017 NYT reportthe FBI agreed to pay Steele $50,000 for “solid corroboration” of his claims. Steele was apparently unable to produce satisfactory evidence – and was ultimately not paid for his efforts:

Mr. Steele met his F.B.I. contact in Rome in early October, bringing a stack of new intelligence reports. One, dated Sept. 14, said that Mr. Putin was facing “fallout” over his apparent involvement in the D.N.C. hack and was receiving “conflicting advice” on what to do.

The agent said that if Mr. Steele could get solid corroboration of his reports, the F.B.I. would pay him $50,000for his efforts, according to two people familiar with the offer. Ultimately, he was not paid. –NYT

Still, the FBI used the dossier to obtain the FISA warrant on Page – while the document itself was heavily shopped around to various media outlets. The late Sen. John McCain provided a copy to Former FBI Director James Comey, who already had a version, and briefed President Trump on the salacious document. Comey’s briefing to Trump was then used by CNN and BuzzFeed to justify reporting on and publishing the dossier following the election.

Let’s not forget that in October, 2016, both Hillary Clinton and her campaign chairman John Podesta promoted the conspiracy theory that a secret Russian server was communicating with Trump Tower. 

Hillary Clinton

@HillaryClinton

Computer scientists have apparently uncovered a covert server linking the Trump Organization to a Russian-based bank.

John Podesta

@johnpodesta

Donald Trump has a secret email server set up to communicate privately with the Russian Alfa Bank. http://www.slate.com/articles/news_and_politics/cover_story/2016/10/was_a_server_registered_to_the_trump_organization_communicating_with_russia.html 

The report was debunked after internet sleuths traced the IP address to a marketing server located outside Philadelphia, leading Alfa Bank executives to file a lawsuit against Fusion GPS in October 2017, claiming their reputations were harmed by the Steele Dossier.

And who placed the Trump-Alfa theory with various media outlets? None other than former FBI counterintelligence officer and Dianne Feinstein aide Dan Jones – who is currently working with Fusion GPS and Steele to continue their Trump-Russia investigation funded in part by George Soros.

 

Dan Jones, George Soros, Glenn Simpson

Russian tricks?

The Times notes that Steele “has not ruled out” that he may have been fed Russian disinformation while assembling his dossier.

That would mean that in addition to carrying out an effective attack on the Clinton campaign, Russian spymasters hedged their bets and placed a few land mines under Mr. Trump’s presidency as well.

Oleg D. Kalugin, a former K.G.B. general who now lives outside Washington, saw that as plausible. “Russia has huge experience in spreading false information,” he said. –NYT

In short, Steele is being given an ‘out’ with this admission.

A lawyer for Fusion GPS, Joshua Levy, says that the Mueller report substantiated the “core reporting” in the Steele memos – namely that “Trump campaign figures were secretly meeting Kremlin figures,” and that Russia’s president, Vladimir V. Putin, had directed “a covert operation to elect Donald J. Trump.”

Of course, when one stops painting with broad brush strokes, it’s clear that the dossier was fabricated bullshit. 

The dossier tantalized Mr. Trump’s opponents with a worst-case account of the president’s conduct. And for those trying to make sense of the Trump-Russia saga, the dossier infused the quest for understanding with urgency.

In blunt prose, it suggested that a foreign power had fully compromised the man who would become the next president of the United States.

The Russians, it asserted, had tried winning over Mr. Trump with real estate deals in Moscow — which he had not taken up — and set him up with prostitutes in a Moscow hotel in 2013, filming the proceedings for future exploitation. A handful of aides were described as conspiring with the Russians at every turn.

Mr. Trump, it said, had moles inside the D.N.C. The memos claimed that he and the Kremlin had been exchanging intelligence for eight years and were using Romanian hackers against the Democrats, and that Russian pensioners in the United States were running a covert communications network. –NYT

And after a nearly two-year investigation by special counsel Robert Mueller and roughly 40 FBI agents and other specialists, no evidence was found to support the dossier’s wild claims of “DNC moles, Romanian hackers, Russian pensioners, or years of Trump-Putin intelligence trading,” as the Times puts it.

Now that the shoe is on the other foot, and key Democrats backing away from talks of impeachment, let’s see if lady justice will follow the rest of us down the rabbit hole

 

end

We are now beginning to see Main Stream Media becoming a little perturbed with Mueller.  Veteran intelligence officials are blasting Mueller for not going over to interview Assange in that it was his assertion that it was the Russians who hacked the DNC servers.  The one person who would knew is Assange and he was willing to be interviewed.  I wonder why Mueller never went?  The correct answer was that the Russians never hacked the server as it was Democrat Rich who downloaded the stuff to Wikileaks and he was murdered for that deed.

(courtesy zerohedge)

Veteran Intel Officials Blast Mueller Probe Over Refusal To Interview Assange

The bug in Mueller’s report released on Thursday is that he accepts that the Russian government interfered in the election.  Trump should challenge that, says VIPS…

Via ConsortiumNews.com,

MEMORANDUM FOR: The President

FROM: Veteran Intelligence Professionals for Sanity (VIPS)

SUBJECT: The Fly in the Mueller Ointment

April 16, 2019

Mr. President:

The song has ended but the melody lingers on. The release Thursday of the redacted text of Special Counsel Robert Mueller’s “Report on the Investigation into Russian Interference in the 2016 Presidential Election” nudged the American people a tad closer to the truth on so-called “Russiagate.”

But the Mueller report left unscathed the central-but-unproven allegation that the Russian government hacked into the DNC and Podesta emails, gave them to WikiLeaks to publish, and helped you win the election. The thrust will be the same; namely, even if there is a lack of evidence that you colluded with Russian President Vladimir Putin, you have him to thank for becoming president. And that melody will linger on for the rest of your presidency, unless you seize the moment.

Mueller has accepted that central-but-unproven allegation as gospel truth, apparently in the lack of any disinterested, independent forensic work. Following the odd example of his erstwhile colleague, former FBI Director James Comey, Mueller apparently has relied for forensics on a discredited, DNC-hired firm named CrowdStrike, whose credibility is on a par with “pee-tape dossier” compiler Christopher Steele. Like Steele, CrowdStrike was hired and paid by the DNC (through a cutout).

We brought the lack of independent forensics to the attention of Attorney General William Barr on March 13 in a Memorandum entitled “Mueller’s Forensic-Free Findings”, but received no reply or acknowledgement. In that Memorandum we described the results of our own independent, agenda-free forensic investigation led by two former Technical Directors of the NSA, who avoid squishy “assessments,” preferring to base their findings on fundamental principles of science and the scientific method. Our findings remain unchallenged; they reveal gaping holes in CrowdStrike’s conclusions.

We do not know if Barr shared our March 13 Memorandum with you. As for taking a public position on the forensics issue, we suspect he is being circumspect in choosing his battles carefully, perhaps deferring until later a rigorous examination of the dubious technical work upon which Mueller seems to have relied.

Barr’s Notification to Congress

As you know, the big attention-getter came on March 24 when Attorney General William Barr included in his four-page summary a quote from Mueller’s report: “The investigation did not establish that members of the Trump campaign conspired or coordinated with the Russian government in its election interference activities.” Understandably, that grabbed headlines — the more so, since most Americans had been convinced earlier by the media that the opposite was true.

There remains, however, a huge fly in the ointment. The Mueller report makes it clear that Mueller accepts as a given — an evidence-impoverished given — that the Russian government interfered in the election on two tracks:

Track 1 involves what Barr, echoing Mueller, claims “a Russian organization, the Internet Research Agency (IRA)” did in using social media “to sow social discord, eventually with the aim of interfering with the election.” A careful look at this allegation shows it to be without merit, despite Herculean efforts by The New York Times, for example, to put lipstick on this particular pig.  After some rudimentary research, award winning investigative reporter Gareth Porter promptly put that pig out of its misery and brought home the bacon. We do not believe “Track 1” merits further commentary.

Track 2 does need informed commentary, since it is more technical and — to most Americans — arcane. In Barr’s words: “The Special Counsel found that Russian government actors successfully hacked into computers and obtained emails from persons affiliated with the Clinton campaign and Democratic Party organizations, and publicly disseminated those materials through various intermediaries, including WikiLeaks. Based on these activities, the Special Counsel brought criminal charges against a number of Russian military officers for conspiring to hack into computers in the United States for purposes of influencing the election.”

We are eager to see if Mueller’s report contains more persuasive forensic evidence than that which VIPS has already debunked. In Barr’s summary, the only mention of forensics refers to “forensic accountants” — a far cry from the kind of forensic investigators needed to provide convincing proof of “hacking” by the Russian government.

But They Were Indicted!

Circular reasoning is not likely to work for very long, even with a U.S. populace used to being brainwashed by the media. Many Americans had mistakenly assumed that Mueller’s indictment of Russians — whether they be posting on FaceBook or acting like intelligence officers — was proof of guilt. But, as lawyers regularly point out, “one can easily indict a ham sandwich” — easier still these days, if it comes with Russian dressing.

Chances have now increased that the gullible folks who had been assured that Mueller would find collusion between you and Putin may now be a bit more circumspect — skeptical even — regarding the rest of the story-line of the “Russian hack,” and that will be even more likely among those with some technical background. Such specialists will have a field day, IF — and it is a capital “IF” — by some miracle, word of VIPS’ forensic findings gets into the media this time around.

The evidence-impoverished, misleadingly labeled “Intelligence Community Assessment” of January 6, 2017 had one saving grace. The authors noted: “The nature of cyberspace makes attribution of cyber operations difficult but not impossible. Every kind of cyber operation — malicious or not — leaves a trail.” Forensic investigators can follow a trail of metadata and other technical properties. VIPS has done that.

A “High-Class Entity?”

If, as we strongly suspect, Mueller is relying for forensics solely on CrowdStrike, the discredited firm hired by the DNC in the spring of 2016, he is acting more in the mold of Inspector Clouseau than the crackerjack investigator he is reputed to be. It simply does not suffice for Mueller’s former colleague James Comey to tell Congress that CrowdStrike is a “high-class entity.” It is nothing of the sort and, in addition to its documented incompetence, it is riddled with conflicts of interest. Comey needs to explain why he kept the FBI away from the DNC computers after they were said to have been “hacked.”

And former National Intelligence Director James Clapper needs to explain his claim last November that “the forensic evidence was overwhelming about what the Russians had done.” What forensic evidence? From CrowdStrike? We at VIPS, in contrast, are finding more and more forensic evidence that the DNC emails were leaked, not hacked by the Russians or anyone else — and that “Guccifer 2.0” is an out-and-out fraud. Yes, we can prove that from forensics too.

But the Talking Heads Say …

Again, if Mueller’s incomplete investigation is allowed to assume the status of Holy Writ, most Americans will continue to believe that — whether you colluded the Russians or not — Putin came through for you big time. In short, absent President Putin’s help, you would not be president.

Far too many Americans will still believe this because of the mainstream-media fodder — half-cooked by intelligence leaks — that they have been fed for two and a half years. The media have been playingthe central role in the effort of the MICIMATT (the Military-Industrial-Congressional-Intelligence-Media-Academia-Think-Tank) complex to stymie any improvement in relations with Russia. We in VIPS have repeatedly demonstrated that the core charges of Russian interference in the 2016 election are built on a house of cards. But, despite our record of accuracy on this issue — not to mention our pre-Iraq-war warnings about the fraudulent intelligence served up by our former colleagues — we have gotten no play in mainstream media.

Most of us have chalked up decades in the intelligence business and many have extensive academic and government experience focusing on Russia. We consider the issue of “Russian interference” of overriding significance not only because the allegation is mischievously bogus and easily disproven. More important, it has brought tension with nuclear-armed Russia to the kind of dangerous fever pitch not seen since the Cuban missile crisis in 1962, when the Russian provocation was real — authentic, not synthetic.

Sober minds resolved that crisis more than a half-century ago, and we all got to live another day. These days sober minds seem few and far between and a great deal is at stake. On the intelligence/forensics side, we have proved that the evidence adduced to “prove” that the Russians hacked into the DNC and Podesta emails and gave them to WikiLeaks is spurious. For example, we have examined metadata from one key document attributed to Russian hacking and shown that it was synthetically tainted with “Russian fingerprints.”

Who Left the Bread Crumbs?

So, if it wasn’t the Russians, who left the “Russian” bread-crumb “fingerprints?” We do not know for sure; on this question we cannot draw a conclusion based on the principles of science — at least not yet. We suspect, however, that cyber warriors closer to home were responsible for inserting the “tell-tale signs” necessary to attribute “hacks” to Russia. We tacked on our more speculative views regarding this intriguing issue onto the end of our July 24, 2017 Memorandum to you entitled “Intelligence Veterans Challenge Russia Hack Evidence.”

We recall that you were apprised of that Memorandum’s key findings because you ordered then-CIA Director Mike Pompeo to talk to William Binney, one of our two former NSA Technical Directors and one of the principal authors of that Memorandum. On October 24, 2017, Pompeo began an hour-long meeting with Binney by explaining the genesis of the odd invitation to CIA Headquarters: “You are here because the president told me that if I really wanted to know about Russian hacking I needed to talk to you.”

On the chance Pompeo has given you no report on his meeting with Binney, we can tell you that Binney, a plain-spoken, widely respected scientist, began by telling Pompeo that his (CIA) people were lying to him about Russian hacking and that he (Binney) could prove it. Pompeo reacted with disbelief, but then talked of following up with the FBI and NSA. We have no sign, though, that he followed through. And there is good reason to believe that Pompeo himself may have been reluctant to follow up with his subordinates in the Directorate of Digital Innovation created by CIA Director John Brennan in 2015. CIA malware and hacking tools are built by the Engineering Development Group, part of that relatively new Directorate.

Obfuscation’

A leak from within the CIA, published on March 31, 2017 by WikiLeaks as part of the so-called “Vault 7” disclosures, exposed a cyber tool called “Marble,” which was used during 2016 for “obfuscation” (CIA’s word). This tool can be used to conduct a forensic attribution double game (aka a false-flag operation); it included test samples in Arabic, Chinese, Farsi, Korean, and Russian. Washington Post reporter Ellen Nakashima, to her credit, immediately penned an informative article on the Marble cyber-tool, under the catching (and accurate) headline “WikiLeaks’ latest release of CIA cyber-tools could blow the cover on agency hacking operations.” That was apparently before Nakashima “got the memo.” Mainstream media have otherwise avoided like the plague any mention of Marble.

Mr. President, we do not know if CIA’s Marble, or tools like it, played some kind of role in the campaign to blame Russia for hacking the DNC. Nor do we know how candid the denizens of CIA’s Directorate of Digital Innovation have been with the White House — or with former Director Pompeo — on this touchy issue. Since it is still quite relevant, we will repeat below a paragraph included in our July 2017 Memorandum to you under the sub-heading “Putin and the Technology:”

“We also do not know if you have discussed cyber issues in any detail with President Putin. In his interview with NBC’s Megyn Kelly, he seemed quite willing – perhaps even eager – to address issues related to the kind of cyber tools revealed in the Vault 7 disclosures, if only to indicate he has been briefed on them. Putin pointed out that today’s technology enables hacking to be “masked and camouflaged to an extent that no one can understand the origin” [of the hack] … And, vice versa, it is possible to set up any entity or any individual that everyone will think that they are the exact source of that attack. Hackers may be anywhere,” he said. “There may be hackers, by the way, in the United States who very craftily and professionally passed the buck to Russia. Can’t you imagine such a scenario? … I can.”

As we told Attorney General Barr five weeks ago, we consider Mueller’s findings fundamentally flawed on the forensics side and ipso facto incomplete. We also criticized Mueller for failing to interview willing witnesses with direct knowledge, like WikiLeaks’ Julian Assange.

Political Enemies & Mainstream Media (Forgive the Redundancy)

You may be unaware that in March 2017 lawyers for Assange and the Justice Department (acting on behalf of the CIA) reportedly were very close to an agreement under which Assange would agree to discuss “technical evidence ruling out certain parties” in the leak of the DNC emails and agree to redact some classified CIA information, in exchange for limited immunity. According to the investigative reporter John Solomon of The Hill, Sen. Mark Warner, (D-VA) vice chair of the Senate Intelligence Committee, learned of the incipient deal and told then-FBI Director Comey, who ordered an abrupt“stand down” and an end to the discussions with Assange.

Why did Comey and Warner put the kibosh on receiving “technical evidence ruling out certain parties” [read Russia]? We won’t insult you with the obvious answer. Assange is now in prison, to the delight of so many — including Mrs. Clinton who has said Assange must now “answer for what he has done.”

But is it too late to follow up somehow on Assange’s offer? Might he or his associates be still willing to provide “technical evidence” showing, at least, who was not the culprit?

You, Mr. President, could cause that to happen. You would have to buck strong resistance at every turn, and there all manner of ways that those with vested interests and a lot of practice in sabotage can try to thwart you — with the full cooperation of most media pundits. By now, you know all too well how that works.

But you are the president. And there may be no better time than now to face them down, show the spurious nature of the concocted “evidence” attempting to put you in “Putin’s pocket,” and — not least — lift the cloud that has prevented you from pursuing a more decent relationship with Russia.

For the Steering Group, Veteran Intelligence Professionals for Sanity

William Binney, former Technical Director, World Geopolitical & Military Analysis, NSA; co-founder, SIGINT Automation Research Center (ret.)

Bogdan Dzakovic, former Team Leader of Federal Air Marshals and Red Team, FAA Security (ret.) (associate VIPS)

Philip Giraldi, CIA, Operations Officer (ret.)

Mike Gravel, former Adjutant, top secret control officer, Communications Intelligence Service; special agent of the Counter Intelligence Corps and former United States Senator

James George Jatras, former U.S. diplomat and former foreign policy adviser to Senate leadership (Associate VIPS)

Larry Johnson, former CIA Intelligence Officer & former State Department Counter-Terrorism Official, (ret.)

Michael S. Kearns, Captain, USAF (ret.); ex-Master SERE Instructor for Strategic Reconnaissance Operations (NSA/DIA) and Special Mission Units (JSOC)

John Kiriakou, former CIA Counterterrorism Officer and former Senior Investigator, Senate Foreign Relations Committee

Karen Kwiatkowski, former Lt. Col., US Air Force (ret.), at Office of Secretary of Defense watching the manufacture of lies on Iraq, 2001-2003

Clement J. Laniewski, LTC, U.S. Army (ret.)

Linda Lewis, WMD preparedness policy analyst, USDA (ret.)

Edward Loomis, NSA Cryptologic Computer Scientist (ret.)

David MacMichael, former Senior Estimates Officer, National Intelligence Council (ret.)

Ray McGovern, former US Army infantry/intelligence officer & CIA presidential briefer (ret.)

Elizabeth Murray, former Deputy National Intelligence Officer for the Near East & CIA political analyst (ret.)

Todd E. Pierce, MAJ, US Army Judge Advocate (ret.)

Peter Van Buren,U.S. Department of State, Foreign Service Officer (ret.) (associate VIPS)

Robert Wing, U.S. Department of State, Foreign Service Officer (former) (associate VIPS)

Ann Wright, U.S. Army Reserve Colonel (ret) and former U.S. Diplomat who resigned in 2003 in opposition to the Iraq War

end
The Democrats are facing a crisis as many want to proceed with impeachment of Trump. Pelosi knows full well that impeachment can never pass unless they have bipartisan support.
Fun and games will now play a major role with the division in the democrat party.
(courtesy zerohedge)

Dems Facing Crisis As Pelosi Pleads To Pass On Trump Impeachment

Define irony: while Robert Mueller’s decision not to deliver a prosecutor’s opinion on his investigation was the biggest gift so far in Trump’s administration, it may end up splitting the Democratic party as the decision of how to respond to the report’s carte blanche to launching impeachment proceedings against Trump by Congressional democrats has created a major headache for Nancy Pelosi.

As we reported over the weekend, in the days since the redacted Mueller report was released, many members of the Democrats’ progressive wing have rebelled against Pelosi’s decree that impeachment isn’t on the table – a strategy devised to protect Democrats in swing districts whose mid-term triumphs effectively handed Dems control of the House (despite all the media coverage they’ve received, AOC and the three other members of her WoC clique had little to do with the Democrats’ electoral triumph). And, in a major surprise for many far left democrats, Pelosi was reportedly scrambling to suppress demands made by AOC, Elizabeth Warren that the House explore the possibility of impeaching Trump on attempted obstruction of justice.

Fast forward to today, when facing mounting pressure for an official position, House majority leader Nancy Pelosi pushed back on Democrats calling for the impeachment of President Donald Trump, even though she said the president “engaged in highly unethical and unscrupulous behavior which does not bring honor to the office he holds.”

In a “Dear Colleague” letter posted on Monday, Pelosi basically closed the door on impeaching Donald Trump, saying that impeachment proceedings are not the only way to uncover the facts needed for Congress to hold Trump “accountable.” The letter comes before a caucus-wide conference call with House Democrats to discuss her party’s response to the investigation of Russian influence in the 2016 presidential election according to Bloomberg. Pelosi also conceded Democrats don’t all agree on what course they should take following the report’s release last week.

“While our views range from proceeding to investigate the findings of the Mueller report or proceeding directly to impeachment, we all firmly agree that we should proceed down a path of finding the truth. It is also important to know that the facts regarding holding the President accountable can be gained outside of impeachment hearings,” Pelosi wrote.

Pelosi, who risks a schism within the Democratic party between those, mostly on the far left fringe demanding impeachment proceedings and those who are pushing for a centrist play, also wrote that it is “important to know that the facts regarding holding the president accountable can be gained outside of impeachment hearings.”

Still, Pelosi emphasized that the caucus will continue with its investigative efforts.

“As to the President’s conduct, we will scrupulously assert Congress’ constitutional duty to honor our oath of office to support and defend the Constitution and our democracy. That includes honoring the Article I responsibility of the legislative branch to conduct oversight over the other branches of government, unified in our search for the truth and in upholding the security of our elections.”

Aside from impeachment, House leaders have suggested some type of censure resolution as another possible outcome of an investigation, a toothless outcome which would assure another victory parade for the president.

“As we proceed to uncover the truth and present additional needed reforms to protect our democracy, we must show the American people we are proceeding free from passion or prejudice, strictly on the presentation of fact,” she wrote.

“Whether currently indictable or not, it is clear that the President has, at a minimum, engaged in highly unethical and unscrupulous behavior which does not bring honor to the office he holds. It is also clear that the Congressional Republicans have an unlimited appetite for such low standards. The GOP should be ashamed of what the Mueller report has revealed, instead of giving the President their blessings,” Pelosi wrote in the letter, effectively sending the ball in the republicans’ court, where – since the GOP is not at all ashamed of what the Mueller report has revealed – it will promptly be forgotten.

end

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

 

 

END

 

 

 

 

I WILL SEE YOU TUESDAY NIGHT
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