APRIL 23/SPREADERS START THEIR LIQUIDATION AND THUS A RAID ON OUR GOLD AND SILVER: GOLD DOWN $4.45 TO $1271.45//SILVER DOWN 21 CENTS TO $14.82//DEALER GOLD INVENTORY NOW DOWN TO 8.8 TONNES//

 

 

 

 

 

 

GOLD: $1271.45 DOWN $4.45 (COMEX TO COMEX CLOSING)

Silver:  $14.82 DOWN 21 CENTS  (COMEX TO COMEX CLOSING)

Closing access prices:

Gold :  $1272.55

 

 

silver: $14.84

 

 

 

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

today RECEIVING:  43/69

EXCHANGE: COMEX
CONTRACT: APRIL 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,273.500000000 USD
INTENT DATE: 04/22/2019 DELIVERY DATE: 04/24/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
657 C MORGAN STANLEY 1
661 C JP MORGAN 43
685 C RJ OBRIEN 4
737 C ADVANTAGE 65 25
____________________________________________________________________________________________

TOTAL: 69 69
MONTH TO DATE: 6,382

 

NUMBER OF NOTICES FILED TODAY FOR  APRIL CONTRACT: 69 NOTICE(S) FOR 6900 OZ (0.3146 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  6382 NOTICES FOR 638,200 OZ  (19.8506 TONNES)

 

 

SILVER

 

FOR APRIL

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

 

0 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 :$5507  UP $150

 

 

Bitcoin: FINAL EVENING TRADE: $5556 UP $207

 

 

end

 

XXXX

 

 

 

 

 

Let us have a look at the data for today

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IN SILVER THE COMEX OI FELL A GOOD  SIZED 3078 CONTRACTS FROM 220,936 DOWN TO 217,858 DESPITE YESTERDAY’S 4 CENT RISE IN SILVER PRICING AT THE COMEX AS WE HAVE A STARTED OUR CUSTOMARY LIQUIDATION OF SPREADERS ONE WEEK PRIOR TO FIRST DAY NOTICE WHICH IS APRIL 30. TODAY IS APRIL 23 AND ONE WEEK PRIOR TO FIRST DAY NOTICE….  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,  403 FOR MAY, 120 FOR JUNE 278 FOR JULY AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  681 CONTRACTS. WITH THE TRANSFER OF 681 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 681 EFP CONTRACTS TRANSLATES INTO 3.405 MILLION OZ  ACCOMPANYING:

1.THE 4 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:

28,454 CONTRACTS (FOR 16 TRADING DAYS TOTAL 28,454 CONTRACTS) OR 142.27 MILLION OZ: (AVERAGE PER DAY: 1778 CONTRACTS OR 8.892 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR:  142.27 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 20.40% 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:          710.07    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 DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3078 DESPITE THE 4 CENT RISE IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A  GOOD SIZED EFP ISSUANCE OF 681 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 LOST  A CONSIDERABLE SIZED: 2397 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 681 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH DECREASE OF 3078  OI COMEX CONTRACTSAND ALL OF THIS DEMAND HAPPENED WITH A 4 CENT RISE IN PRICE OF SILVER  AND A CLOSING PRICE OF $15.03 WITH RESPECT TO YESTERDAY’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. 1.093 BILLION OZ TO BE EXACT or 156% 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 3.880 MILLION OZ/
  2. HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018:  244,196 CONTRACTS,  WITH A SILVER PRICE OF $14.78.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
  4. RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

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

 

IN GOLD, THE OPEN INTEREST ROSE BY A CONSIDERABLE SIZED 2437 CONTRACTS, TO 438,529 WITH THE RISE IN THE COMEX GOLD PRICE/(A GAIN IN PRICE OF $1.75//FRIDAY’S TRADING).  

 THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 2318 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 2318 CONTRACTS DECEMBER: 0 CONTRACTS, JUNE 2020  0 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 438,529. 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 4755 CONTRACTS: 2437 OI CONTRACTS INCREASED AT THE COMEX  AND 2318 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 4755 CONTRACTS OR 475500 OZ OR 14.79 TONNES.  YESTERDAY WE HAD A GAIN  IN THE PRICE OF GOLD TO THE TUNE OF  $1.75….AND YET WITH THAT SMALL RISE, WE STILL HAD A VERY STRONG GAIN IN TONNAGE OF 14.79  TONNES!!!!!!.?????????????????????????????????????????? 

 

 

 

 

 

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF APRIL : 110,837 CONTRACTS OR 11,083,700 OR 344.74 TONNES (16 TRADING DAYS AND THUS AVERAGING: 6297 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 16 TRADING DAYS IN  TONNES: 344.74 TONNES

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

THUS EFP TRANSFERS REPRESENTS 344.74/3550 x 100% TONNES = 9.69% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     1718.14 TONNES

JANUARY 2019 TOTAL EFP ISSUANCE;   531.20 TONNES

FEB 2019 TOTAL EFP ISSUANCE:             344.36 TONNES

MARCH 2019 TOTAL EFP ISSUANCE:       497.16 TONNES

 

 

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

 

 

Result: A FAIR SIZED  INCREASE IN OI AT THE COMEX OF 2437 WITH THE GAIN IN PRICING ($1.75) THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A  SMALL SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 2318 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 2318 EFP CONTRACTS ISSUED, WE  HAD A VERY GOOD GAIN OF 5580 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

2318 CONTRACTS MOVE TO LONDON AND 2437 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 14.79 TONNES). ..AND THIS GOOD DEMAND OCCURRED WITH A SMALL RISE IN PRICE OF $1,75 IN YESTERDAY’S TRADING AT THE COMEX.

 

 

 

we had:  69 notice(s) filed upon for 6900 oz of gold at the comex.

 

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

GLD...

 

WITH GOLD DOWN $4.45  TODAY 

 

NO CHANGES AT THE GLD//

 

 

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 DOWN 21 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 FELL BY A STRONG SIZED 3078 CONTRACTS from 220,936 DOWN TO 217,858 AND FURTHER FROM 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…..IT LOOKS LIKE OUR SPREADERS HAVE COMMENCED THEIR RITUAL OF COMEX LIQUIDATION AS THEIR USUAL MODUS OPERANDI BEGINS ONE WEEK PRIOR TO FIRST DAY NOTICE  (APRIL 30_ AND TODAY IS APRIL 23)

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., 403 FOR MAY, FOR JUNE 0 CONTRACTS AND JULY: 278 CONTRACTS  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 681 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  OI LOSS AT THE COMEX OF  3078 CONTRACTS TO THE 681 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE  OBTAIN A STRONG SIZED LOSS OF 2397  OPEN INTEREST CONTRACTS.  THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES: 11.11MILLION 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 3.880 MILLION OZ FOR APRIL.

 

 

RESULT: A STRONG SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE 4 CENT RISE IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A GOOD SIZED 681 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

)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED DOWN 16.45 POINTS OR 0.51% //Hang Sang CLOSED DOWN 0.02 POINTS OR 0.00%  /The Nikkei closed UP 41.84 POINTS OR 0.19%/ Australia’s all ordinaires CLOSED UP .96%

/Chinese yuan (ONSHORE) closed DOWN  at 6.7192 AS TRUCE DECLARED FOR 3 MONTHS /Oil UP to 65.92 dollars per barrel for WTI and 74.23 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.7192 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7221 / 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

i

 

3A//NORTH KOREA

 

 

 

b) REPORT ON JAPAN

Japan

 

3 China/Chinese affairs

i)China/

 

 

 

4/EUROPEAN AFFAIRS

i)EU/USA

Fasten your seat belt:  there is going to be a huge transatlantic trade war beginning in May and agriculture will be at the centre.  The EU just does not let any agriculture into their sphere

(courtesy Mish Shedlock/Mishtalk)

 

ii)UK

Theresa May is now ready to bring back the Brexit legislation for the 4th time

( zerohedge)

 

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)ISIS/SRI LANKA

Isis states that they are the ones behind the bombings in Sri Lanka and it was in retaliation for the New Zealand mosque massacre

( zerohedge)

6. GLOBAL ISSUES

 

 

7. OIL ISSUES

 

 

8 EMERGING MARKET ISSUES

 

i)ARGENTINA

 

 

9. PHYSICAL MARKETS

i)there is no question on this:  Judy Shelton, a true gold bug and strong money advocate, is the right nominee for the Fed

( New York Sun//GATA)

i b)This is why we need Judy Shelton at the Fed..she wants gold as the center piece of monetary reform.

( Judy Shelton/Wall Street Journal)

ii)Gold trading:

part A of the spreading liquidated

part B to conclude tonight
Another $1.5 billion dollars of paper gold liquidated and that would be the spreaders getting into the action
(zerohedge)

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

 

 

MARKET TRADING//early this morning/FOMC

 

 

ii)Market data

a)New home sales soar to 16 month highs but it is all due to prices plunging

( zerohedge)

 

 

 

ii)USA ECONOMIC/GENERAL STORIES

a)An update on Social Security in the uSA.  In earned a tiny 2.8% on its money last year and the reason for the poor return is that it is only invested in USA government bonds. Starting next year the fund will expend more money than it brings in.  In 2026 it will be broke

( zerohedge)

b)Michael Snyder believes we are going to have a repeat of 1973 when oil skyrocketed because of the Yom Kippur war.  We ended up with considerable stagflation

( Michael Snyder)

c)Chicago Pension problems are getting worse by the day.  Now more citizens are fleeing the state to avoid the huge  bill that will be forthcoming
( Ted Dabrowski//John Klingner/Wirepoints)

SWAMP STORIES

my goodness: Schiff is such a doorknob

( zerohedge)

 

 

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

 

Let us head over to the comex:

 

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR 2437 CONTRACTS.TO A LEVEL OF 438,529 WITH THE GAIN IN THE PRICE OF GOLD ($1.75) IN YESTERDAY’S // COMEX TRADING) 

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF APRIL..  THE CME REPORTS THAT THE BANKERS ISSUED A  SMALL SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 2318 EFP CONTRACTS WERE ISSUED:

FOR APRIL 0 FOR JUNE ’19: 2318 CONTRACTS , DEC; 0 CONTRACTS: 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  2318 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: 5580 TOTAL CONTRACTS IN THAT 2318 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A FAIR SIZED 2437 COMEX CONTRACTS.

 

NET GAIN ON THE TWO EXCHANGES : 4755 contracts OR 475,500 OZ OR 14.79 TONNES.

 

We are now in the active contract month of APRIL and here the open interest stands at 290 contracts, having GAINED 126 contracts.

We had 19 notices filed upon yesterday, so we GAINED  145 contracts or an additional 14,500 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 7TH 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 65 contracts FALLING TO 1582 contracts. The next contract month after May is June and it is an active month.  Here the open interest ROSE by 2201 contracts UP to 321,272 contracts.

 

 

 

 

TODAY’S NOTICES FILED:

WE HAD 69 NOTICES FILED TODAY AT THE COMEX FOR ,6900  OZ. (0.2146 TONNES)

 

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And now for the wild silver comex results.

Total COMEX silver OI FELL BY A GOOD SIZED 3078 CONTRACTS FROM 220,936 DOWN TO 217,858(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 4 CENT GAIN IN PRICING.//YESTERDAY.

 

 

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 0 CONTRACTS ON THE DAY.

WE HAD 1 NOTICES SERVED UP YESTERDAY, SO WE GAINED 0 CONTRACT OR AN ADDITIONAL NIL OZ OF SILVER WILL STAND AT THE COMEX AS INVESTORS REFUSED TO  MORPH INTO LONDON BASED FORWARDS AS WELL AS NEGATING A FIAT BONUS. THE COMEX IS RUNNING OUT OF METAL TO FEED THE CROOKS.

 

 

 

 

 

AFTER APRIL, WE HAVE THE ACTIVE DELIVERY MONTH OF MAY AND HERE THE OI FELL BY 11,953 CONTRACTS DOWN TO 69,050. CONTRACTS.. THE NEXT MONTH OF JUNE GAINED 40 CONTRACTS TO 267. AFTER JUNE, THE VERY BIG DELIVERY MONTH OF JULY HAD A GAIN OF 8579 CONTRACTS UP TO 108,837 CONTRACTS.

 

 

 

 

 

 

ON A NET BASIS WE LOST A STRONG SIZED 2397 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 3078 CONTRACT LOSS AT THE COMEX COMBINING WITH THE ADDITION OF 681 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET LOSS ON THE TWO EXCHANGES:  2397 CONTRACTS...AND ALL OF THIS LACK OF  DEMAND OCCURRED WITH A 4 CENT GAIN IN PRICING// YESTERDAY 

 

 

 

 

 

 

 

 

 

TODAY’S NUMBER OF NOTICES FILED:

 

We, today, had 0 notice(s) filed for nil  OZ for the MARCH, 2019 COMEX contract for silver

 

 

Trading Volumes on the COMEX TODAY:  288,720  CONTRACTS 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  138,819  contracts

 

 

 

 

 

 

 

 

 

INITIAL standings for  APRIL/GOLD

APRIL 23 /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
69 notice(s)
 6900 OZ
(0.2146TONNES)
No of oz to be served (notices)
221 contracts
(22,100 oz)
0.6878 TONNES
Total monthly oz gold served (contracts) so far this month
6382 notices
638,200 OZ
19.8506 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 1 adjustments…and I was waiting for this:
out of JPMorgan:  69,365.576 oz was adjusted out of the dealer and this landed into the customer account of jPMorgan and this no doubt is a settlement:

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  69 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 43 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 (6382) x 100 oz , to which we add the difference between the open interest for the front month of APRIL. (290 contract) minus the number of notices served upon today (69 x 100 oz per contract) equals 680.300 OZ OR 20.538 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 (6382 x 100 oz)  + (290)OI for the front month minus the number of notices served upon today (69 x 100 oz )which equals 660,300oz standing OR 20.538 TONNES in this  active delivery month of APRIL.

 

 

WE GAINED TODAY 145  CONTRACTS OR 14,500  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 SEVENTH CONSECUTIVE  GAIN AT THE GOLD COMEX, WITH TODAY’S GAIN EXTREMELY LARGE.  TO HAVE 7 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 8.856 TONNES OF REGISTERED (  GOLD OFFERED FOR SALE) VS 20.538 TONNES OF GOLD STANDING// (with a probable 4.2 tonnes already settled.)

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

 

 

 

 

 

total registered or dealer gold:  284,725.713 oz or  8.856 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 20.538 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 23/2018 WE HAD 1162 OPEN INTEREST CONTRACTS STILL REMAINING TO BE SERVED//5 TRADING DAYS VS  1590 CONTRACTS APRIL 23.2019 WITH 5 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 23 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
56,495.261 oz
CNT
HSBC

 

 

 

 

 

 

 

Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
nil oz
No of oz served today (contracts)
0
CONTRACT(S)
nil 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  0 deposits into the customer account

 

 

 

*** 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:  nil  oz

 

we had 2 withdrawals out of the customer account:

i) Out of CNT:  35,507.601 oz was withdrawn from CNT

ii) Out of HSBC: 20,021.760 oz was withdrawn from HSBC

 

total withdrawals: 56,495.261  oz

 

we had 1 adjustments..

i) Out of CNT: 596,847.320 oz was adjusted out of the dealer account of CNT and this landed into the customer account of CNT

 

total dealer silver:  90.518 million

total dealer + customer silver:  306.159 million oz

 

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

To calculate the number of silver ounces that will stand for delivery in APRIL, we take the total number of notices filed for the month so far at 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 (0 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 (0)x 5000 oz equals 3,880,000 oz of silver standing for the APRIL contract month.  This is a strong number of oz standing for an off delivery month.

We gained 0 contracts or an 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 23.2019: 69,297 CONTRACTS//5 TRADING SESSIONS.

 

 

 

 

 

 

 

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TODAY’S ESTIMATED SILVER VOLUME:  124,586 CONTRACTS  (spreaders beginning to liquidate_

 

 

 

 

 

CONFIRMED VOLUME FOR YESTERDAY: 71,877 CONTRACTS…

..

 

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 71,877 CONTRACTS EQUATES to 359 million OZ  51.3% OF ANNUAL GLOBAL PRODUCTION OF SILVER

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

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

 

end

 

 

 

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NPV for Sprott 

1. Sprott silver fund (PSLV): NAV RISES TO -3.83% (APRIL 23/2019)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -1.39% to NAV (APRIL 23/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -3.83%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

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

NAV 12.76/TRADING 12.22/DISCOUNT 4.17

END

And now the Gold inventory at the GLD/

 

APRIL 23./WITH GOLD DOWN $4.45 TODAY: NO CHANGES AT THE GLD/INVENTORY RESTS AT 751.68 TONNES//

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 23/2019/ Inventory rests tonight at 751.68 tonnes

*IN LAST 583 TRADING DAYS: 183.27 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 483 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 23./WITH SILVER DOWN 21 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///

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 23/2019:

 

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 2.07/ and libor 6 month duration 2.63

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

G0LD LENDING RATE: + .56/

 

 

XXXXXXXX

12 Month MM GOFO
+ 2.45%

LIBOR FOR 12 MONTH DURATION: 2.75

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.30

end

 

PHYSICAL GOLD/SILVER STORIES

part A of the spreading liquidated

part B to conclude tonight
Another $1.5 billion dollars of paper gold liquidated and that would be the spreaders getting into the action
(zerohedge)

 

Gold Plunges Towards Key Technical Level After $1.5 Billion Notional Dump

Gold futures suddenly took a turn for the worse this morning as ‘someone’ once again decided that 0830ET was the perfect time to puke over $1.5 billion notional of the precious metal into the market…

Over 11,500 gold futures contracts suddenly dumped into the market…

…pushing it towards its 200DMA…

Silver is also getting hit…

As the London Fix looms…

Not Manipulated though.

end
i) GOLDCORE BLOG/Mark O’Byrne

Russia’s 2019 Gold Rush Continues: Buys 600,000 Ounces of Gold In March

– Russia buys 18.7 tonnes of gold bullion in March 2019
– Russia’s official gold holdings are now 2,150.5 tonnes which as a percent of foreign exchange reserves in gold is 19.1% (see table)
– Russia liquidated 85% of its US Treasury holdings in just two months in April and May 2018
– Russia dumped over $90 billion of Treasuries in April and May as holdings collapsed from near $100 billion to just $9 billion

– Russia sees gold’s role as independent currency and safe haven as is a “100% guarantee from legal and political risks”
– Russia and China’s gold buying is set to continue and may accelerate

Source: Goldchartsrus.com

Russia and it’s central bank added another 600,000 troy ounces or 18.7 tonnes of gold to its reserves in March according to the latest figures released in a press release by the Russian central bank on Good Friday.

Yesterday, the International Monetary Fund (IMF) published and released its Russian gold data which was different to the amount of gold announced by the Russian central bank. The IMF said that Russia raised its gold holdings by 19.4 tonnes in March as reported by Reuters. There was no clarification as to the discrepancy and we await an explanation for it.

Source: Wikipedia

Russia’s total foreign exchange reserves are $491 billion and their gold allocation has risen to 19% of their total reserves – even at these depressed gold prices.

Russia dumped some $90 billion of US Treasuries in April and May of 2018 – which is close to the current value of the entire Russian gold reserves, now worth c. $90 billion.

The Russian central bank, President Putin and senior politicians and policy makers have spoken about the importance of gold as a form of financial and monetary insurance. They believe gold provides valuable insurance against monetary and geopolitical risks. Manager of monetary policy at the central bank, Dmitry Tulin, recently said of gold:

“The price of it swings, but on the other hand it is a “100% guarantee from legal and political risks”.

Russia and China’s gold buying is set to continue and may even accelerate given the heightened financial and geopolitical risks and due to both increasingly powerful nations confidence in gold as a hedge and safe haven.

Watch Video Here

News & Commentary

PRECIOUS-Gold eases as strong equities check support from Iran sanctions (Reuters.com)

Gold ends higher after settling last week at 2019 low (MarketWatch.com)

Gold holds steady on softer dollar, U.S.-Iran tensions (Reuters.com)

U.S. to end all waivers Iran oil imports, crude price jumps (Reuters.com)

World’s Oldest Gold Object May Have Just Been Unearthed in Bulgaria (GoldReview.com)

London Home Prices Had Biggest Monthly Drop Since Lehman (ZeroHedge.com)

Australia Is On The Brink Of A Housing Collapse That Resembles 2008 (Forbes.com)

This is Bigger than Gold & Silver Manipulation – Chris Powell (USAWatchDog.com)

The case for monetary regime change – Shelton (WSJ.com)

Have a look inside the West Point Mint’s massive gold vaults and coin operations (Fox5NY.com)

Gold Prices (LBMA PM)

18 Apr: USD 1,276.50, GBP 981.12 & EUR 1,134.17 per ounce
17 Apr: USD 1,276.10, GBP 978.77 & EUR 1,127.82 per ounce
16 Apr: USD 1,283.75, GBP 981.30 & EUR 1,137.40 per ounce
15 Apr: USD 1,286.75, GBP 982.43 & EUR 1,137.23 per ounce
12 Apr: USD 1,296.15, GBP 991.68 & EUR 1,146.06 per ounce

Silver Prices (LBMA)

18 Apr: USD 15.00, GBP 11.49 & EUR 13.27 per ounce
17 Apr: USD 15.00, GBP 11.49 & EUR 13.27 per ounce
16 Apr: USD 14.94, GBP 11.42 & EUR 13.22 per ounce
15 Apr: USD 14.93, GBP 11.39 & EUR 13.20 per ounce
12 Apr: USD 15.06, GBP 11.51 & EUR 13.31 per ounce

Recent Market Updates

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

– Understanding Gold: A Step By Step Guide To Gold As An Asset Class

– 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

abidpasha

GATA STORIES WITH RESPECT TO GOLD/PRECIOUS METALS.

This is why we need Judy Shelton at the Fed..she wants gold as the center piece of monetary reform.

(courtesy Judy Shelton/Wall Street Journal)

Judy Shelton: The case for monetary regime change

 Section: 

By Judy Shelton
The Wall Street Journal
Monday, April 22, 2019

https://www.wsj.com/articles/the-case-for-monetary-regime-change-1155587…

Since President Trump announced his intention to nominate Herman Cain and Stephen Moore to serve on the Federal Reserve’s board of governors, mainstream commentators have made a point of dismissing anyone sympathetic to a gold standard as crankish or unqualified.

But it is wholly legitimate, and entirely prudent, to question the infallibility of the Federal Reserve in calibrating the money supply to the needs of the economy. No other government institution had more influence over the creation of money and credit in the lead-up to the devastating 2008 global meltdown. And the Fed’s response to the meltdown may have exacerbated the damage by lowering the incentive for banks to fund private-sector growth.

… 

What began as an emergency decision in the wake of the financial crisis to pay interest to commercial banks on excess reserves has become the Fed’s main mechanism for conducting monetary policy. To raise interest rates, the Fed increases the rate it pays banks to keep their $1.5 trillion in excess reserves — eight times what is required—parked in accounts at Federal Reserve district banks. Rewarding banks for holding excess reserves in sterile depository accounts at the Fed rather than making loans to the public does not help create business or spur job creation.

Meanwhile, for all the talk of a “rules-based” system for international trade, there are no rules when it comes to ensuring a level monetary playing field. The classical gold standard established an international benchmark for currency values, consistent with free-trade principles. Today’s arrangements permit governments to manipulate their currencies to gain an export advantage.

No wonder advocates of pro-growth economic policies feel compelled to question the vaunted status of central bankers, even as currency speculators track their every utterance. Stable money is a prerequisite for genuine economic growth and shared prosperity. The increasing financialization of gross domestic product is unhealthy because the growing size and profitability of the finance sector come at the expense of the rest of the economy and increase income inequality. When the value of money is fixed, as under a gold standard, economic growth reflects higher levels of productive output.

Fed Gov. Lael Brainard, who was appointed by President Obama, told Bloomberg Television last week that new Trump administration nominees will be expected to put forward “fact-based, intellectually coherent arguments that are based on evidence, that are consistent over time” if they would participate meaningfully in the Fed’s deliberations.

She’s certainly right that the Fed should act based on the best studies and evidence. It could start with the 2011 paper “Reform of the International Monetary and Financial System,” published by the Bank of England, which analyzed the performance of the gold standard (1870-1913) and the Bretton Woods gold-exchange system (1948-72) relative to current monetary practices. The report concludes that today’s system has performed poorly relative to prior monetary regimes, “with the key failure being the system’s inability to maintain financial stability and minimise the incidence of disruptive sudden changes in global capital flows.” Trade and investment flows are distorted as the world’s major central banks engage in subtle exchange-rate competition.

Discussion might be further enriched by the Obama administration’s 2015 Economic Report of the President, which highlights the growth in middle-class incomes during the Bretton Woods system of fixed exchange rates. The report describes the period from 1948 to 1973 as the “Age of Shared Growth.” The period was characterized by accelerating labor productivity, falling income inequality, and increased workforce participation. What if post-1973 productivity growth had continued at its pace from the previous 25 years? The report posits that “incomes would have been 58 percent higher in 2013” and “the median household would have had an additional $30,000 in income.”

The kind of economic growth that increases living standards across all income levels occurs under conditions of monetary and financial stability. Money is meant to serve as a reliable unit of account and store of value across borders and through time. It’s entirely reasonable to ask whether this might be better assured by linking the supply of money and credit to gold or some other reference point as opposed to relying on the judgment of a dozen or so monetary officials meeting eight times a year to set interest rates. A linked system could allow currency convertibility by individuals (as under a gold standard) or foreign central banks (as under Bretton Woods). Either way, it could redress inflationary pressures.

Intellectually fair-minded people should be able to debate the pros and cons of alternative monetary approaches without rancor. What is most important is to avoid monetary mistakes that undermine otherwise positive economic developments. Inflation results when too much money is chasing too few goods. It is not caused by real economic growth, where wages increase to properly compensate people for their higher levels of output achieved through productivity gains.

The Fed’s newfound “patience” in appraising economic and financial developments is welcome—and suitably humble. Central bankers, and their defenders, have proven less than omniscient.

—–

Ms. Shelton, an economist, is author of “Money Meltdown: Restoring Order to the Global Currency System.”

* * *

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

there is no question on this:  Judy Shelton, a true gold bug and strong money advocate, is the right nominee for the Fed

(courtesy New York Sun//GATA)

New York Sun: Judy Shelton is the right nominee for the Fed

 Section: 

Judy Shelton Is the Right Nominee for the Fed

From the New York Sun
Monday, April 22, 2019

President Trump was understandably reluctant to accept Herman Cain’s request to drop out as a candidate for the Federal Reserve board. He faced the reality of senatorial spinelessness. Four Republicans had indicated they’d shrink from voting for the former chairman of the Kansas City Fed, at least in part over allegations of long-ago sexual improprieties. They didn’t even wait for a hearing.

The good news is that there is an ideal candidate, the economist Judy Shelton. We had no quarrel with Mr. Trump’s choice of either Stephen Moore or Mr. Cain; they both would be fine governors. Mr. Moore still faces a revolt from the economists’ guild, the geshrai from which, John Tamney has argued, underscores the logic of Mr. Moore, who seems to still be in the running. …

The kind of thing that makes us think of Ms. Shelton as so particularly ideal is an op-ed the Wall Street Journal issued arguing that currency manipulation is, just as Mr. Trump warned during the campaign, a real problem. She suggested that defenders of our current “global rules-based trading system” should be “wary of thinking their views are more informed than President Trump’s.” …

Ms. Shelton argues that “intellectually fair-minded people should be able to debate the pros and cons of alternative monetary approaches without rancor.” No less a figure than Paul Volcker has argued that “the absence of an official, rules-based, cooperatively managed monetary system has not been a great success.” Now’s the time to elevate to the Fed those like Ms. Shelton with the vision to chart the road to reform.

… For the complete commentary:

https://www.nysun.com/editorials/the-right-nominee-for-the-fed/90659/

* * *



iii) Other Physical stories
Iranian gold

Hi Bill/Harvey

New Developments and War Drums

The announcement by Pompeo yesterday that the USA is now going for the jugular vein of Iran’s economy with an express mission to completely halt Iran’s only export, oil, presumably embodies many objectives, including those of the warmonger Bolton, and certainly what the world needs right now is an Iranian humanitarian catastrophe to compound those already created in Iraq, Syria, Lebanon and Yemen. From the perspective of alleviating reported extreme tightness in the physical gold market, I have tried to unravel the approximate value of Iranian physical gold reserves, which the USA  may be hoping will be disgorged as a consequence of very little alternative foreign exchange flowing into Iran. The total of Iran’s foreign exchange reserves is generally reported as about $130 billion but the isolation of the gold component is no easy matter. After considerable searching, the most information that I could unravel is the following extract taken from Wikipedia.

‘’In January 2012, the head of Tehran’s Chamber of Commerce reported that Iran had 907 tons of gold, purchased at an average of $600 per ounce and worth $54 billion at today’s price. The CBI governor however reports only 500 tons (i.e. above ground gold reserves). The discrepancy is unexplained but the 907 tons could (mistakenly) include below-ground gold reserves (320 metric tons as of 2012) and possibly the gold in Iranian private hands (~100 tons in coins or bullion. In 2014, reports from the Central Bank put its gold stores at 90 tons only, the rest possibly used in barter trade following sanctions.’’

Who knows if China and Russia and others will meekly cease trading Iranian oil merely because USA decrees that they mustnot. The total value of turnover of petro yuan futures on the Shanghai Exchange has recently more than halved since a monthly peak of Yuan 4.7 trillion achieved in January 2019. It will be interesting to observe the direction of future volumes in this market .I would hope that Iran  will not dump its physical gold at midnight on a Sunday in one fell swoop but we must ,as usual, just wait .I have come to the believe (guided by Jim Willie) that China ,in conjunction with Russia and Iran and scores of other countries would merely be content gradually to consign the USA to oblivion/irrelevance as the old silk trading  bloc is revived and gold is once again reintroduced into the terms of settling  the trading obligations as generated by about two thirds of the world’s population. Pompeo/Bolton desperately need a  new war in an attempt to thwart  this planned orderly consignment of the USA to  irrelevance and oblivion.

Regards

Nicholas

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

 

end

* * *

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

i) Chinese yuan vs USA dollar/CLOSED/ LAST AT: 6.7192/

//OFFSHORE YUAN:  6.7221   /shanghai bourse CLOSED DOWN 16.45 or 0.51%

HANG SANG CLOSED DOWN 0.02 points or 0.00%

 

2. Nikkei closed UP 41.84 POINTS OR 0.19%

 

 

 

 

3. Europe stocks OPENED MIXED/

 

 

 

 

 

 

USA dollar index RISES TO 97.37/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 111.89/ 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:: 65.92 and Brent: 7423

3f Gold DOWN/JAPANESE Yen UP 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 RISES TO +05%/Italian 10 yr bond yield DOWN to 2.68% /SPAIN 10 YR BOND YIELD UP TO 1.11%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 2.63: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 3.32

3k Gold at $1272.45 silver at: 14.96   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 1.0199 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1423 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 RISING to +0.05%

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 2.59% early this morning. Thirty year rate at 3.00%

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

6.  TURKISH LIRA:  UP  TO 5.8366..DEADLY

Stocks Sputter As Oil Surge Continues

In another quiet overnight session following Monday’s lowest trading volume in nearly a year, stocks have been rangebound, with US equity futures trading in a narrow range (although solid beats by UTX and Coke will likely push stocks higher into the open), while the oil rampage continued, as Brent jumped to near six-month highs on Tuesday after the US tightened sanctions on Iran, sending shares of energy companies higher but failing to help the currencies of the main crude-oil producers.

 

Confirmation that the US had told buyers of Iranian oil to stop purchases by May 1 or face sanctions pushed Brent toward $75 a barrel, nearly $10 higher in the past month, and up 50% since December, and as Reuters put it, “made for a lively return from the four-day Easter break for Europe’s markets.”

 

While oil and gas shares jumped nearly 2% for their best start in six weeks, almost every other sector suffered. So did bonds, as higher energy costs hung over profits and nudged up inflation expectations.

Overnight, MSCI’s index of Asia-Pacific shares ended 0.1% higher and Japan’s Nikkei closed up 0.2% as oil and gas gains were offset by losses for airlines and other transport shares facing higher fuel costs. China’s Shanghai Composite slumped in the last hour of trading, closing near session lows amid growing concerns that the PBOC will end its aggressive easing after China reported some impressive economic numbers. Asian volumes were below average ahead of Japan’s Golden Week extended holiday which will see Japanese markets closed for nearly 2 weeks.

China’s blue-chip stocks have surged over 30% so far this year on expectations of more stimulus and hopes Beijing and Washington will reach an agreement to end their nine-month trade dispute.

“We’ve had a fantastic run in Chinese equities year-to-date. Some profit taking is completely normal. I don’t think China is changing its policy that quickly,” said Stefan Hofer, chief investment strategist at LGT Bank Asia in Hong Kong.

Following a muted Asian session, European stocks slipped as many markets reopened after a long weekend and as the earnings season ramps up. Banks led a drop across many sectors for the Stoxx Europe 600 Index, though energy companies outperformed thanks to the bounce in oil.

With little of note in equity markets, traders remained focused on oil prices which are up nearly 50 percent since late December, and before the re-imposition of sanctions last year Iran was the fourth-largest producer among the OPEC at around 3 million barrels per day. Oil prices are “not so high that it crushes manufacturing by putting energy-price inputs up, but it is producing a nice boost to oil-producing nations,” said ING economist Robert Carnell, although a few more dollars of oil upside and oil prices may get “too high.”

Elsewhere, Sri Lankan stocks slumped and bonds fell for a second day after terror attacks on Easter Sunday killed more than 300 people.

In rates, Treasuries were steady with yields marginally lower and within a basis point of Monday’s close; as Bloomberg notes, upside was capped as bunds lag on light cash volumes. Focus is on supply as Treasury auction cycle begins with $40b 2-year note sale, followed by $41b 5-year Wednesday and $32b 7-year Thursday. The 10-year TSY yielded around 2.583%, richer by half basis point; German 10s cheaper by 3bp vs. Treasuries with the spread hovering around 254bp

In FX, volatility was still largely absent. The dollar held near a three-week high, but the usual beneficiaries of higher oil prices, the Canadian dollar and Norwegian crown, dipped to $1.33 and $8.52 respectively; ironically the biggest losers from higher oil prices – India and Turkey – did not see their currencies dip materially either.

Oil is interesting, but the interesting thing for FX is that we are not getting the usual feed-through in the petrocurrencies,” said Saxo bank’s head of FX strategy, John Hardy, adding that might be caused by questions about Chinese stimulus. Both the Canadian dollar and the crown had gained on Monday, and the Russian rouble, another petrocurrency, hit its highest against the euro in more than a year its highest against the dollar in a month.

Emerging-market currencies and shares were mostly steady. The pound advanced against major peers as Prime Minister Theresa May foughtto keep her job.

Investor attention remains focused on earnings season which is about to see an avalanche of Q1 filings as one third of the S&P is set to report: “Some of the world’s biggest technology companies are reporting earnings this week as well as a raft of the big European banks,” Rakuten’s Nick Twidale said in a note to clients Tuesday. “Investors will be hoping for some better-than-expected results from both groups to keep the topside momentum in global equities. If the data starts to show a significant slowing across these key industries then expect both stocks and risk trades to start to come under some heavy pressure.”

Expected data include new home sales. Coca-Cola, Harley-Davidson, Lockheed Martin, P&G, Twitter, Verizon, and Snap are among companies reporting earnings.

Market Snapshot

  • S&P 500 futures little changed at 2,911.00
  • STOXX Europe 600 down 0.2% to 389.76
  • MXAP up 0.2% to 163.06
  • MXAPJ up 0.1% to 542.39
  • Nikkei up 0.2% to 22,259.74
  • Topix up 0.3% to 1,622.97
  • Hang Seng Index unchanged at 29,963.24
  • Shanghai Composite down 0.5% to 3,198.59
  • Sensex up 0.3% to 38,773.63
  • Australia S&P/ASX 200 up 1% to 6,319.42
  • Kospi up 0.2% to 2,220.51
  • German 10Y yield rose 2.3 bps to 0.048%
  • Euro down 0.05% to $1.1251
  • Italian 10Y yield fell 1.0 bps to 2.231%
  • Spanish 10Y yield rose 2.2 bps to 1.093%
  • Brent futures up 0.5% to $74.42/bbl
  • Gold spot down 0.1% to $1,273.76
  • U.S. Dollar Index little changed at 97.32

Top Overnight News

  • Oil extended gains after leaping to a six-month high on Monday after U.S. Secretary of State Mike Pompeo said any nation that continues to buy Iranian oil will face American sanctions. Futures in London added as much as 0.8 percent Tuesday.
  • U.K. Prime Minister Theresa May is fighting to keep her job so she can complete her task of taking Britain out of the European Union — but her hopes of success now rest with her arch rival and opposition leader Jeremy Corbyn
  • Benoit Coeure, the European Central Bank Executive Board member in charge of markets, said he doesn’t see any reason to dilute the effect of negative interest rates on banks and signaled a new long-term loan series may be less generous than the previous round
  • China’s securities watchdog moved to curb cut-throat pricing competition among local debt arrangers looking to gain a bigger share in the world’s third-largest bond market
  • The new indictment accusing Carlos Ghosn of redirecting $5 million from Nissan Motor Co. to his personal accounts not only may extend his time in detention, it also threatens to undermine his argument that he’s a victim of corporate intrigue

Asian equity markets traded mixed as sentiment somewhat deteriorated from the mostly positive close in the US, where the energy sector surged after the US decided to end Iranian oil sanction waivers but with gains in the broader market capped ahead of this week’s heavy slate of earnings. ASX 200 (+0.9%) was led higher by the energy sector after crude prices rallied around 3% to 6-month highs and NZX 50 (+0.5%) topped the 10K level for the first time ever, while Nikkei 225 (+0.2%) barely held on to early gains and stumbled from the weight of a firmer currency. Hang Seng (U/C) and Shanghai Comp. (-0.5%) were subdued after PBoC inaction resulted to a net liquidity drain of CNY 40bln which pushed the Overnight SHIBOR higher by over 27bps and with Hong Kong tentative amid resistance ahead of the 30K level and as its reflected on the recent mainland underperformance on return from its 4-day closure. Finally, 10yr JGBs were relatively flat after having recovered from earlier weakness as risk sentiment in Tokyo soured, while weaker results at today’s 2yr JGB auction also ensured price action was drab.

Top Asian News

  • Maeda Says BOJ Will Consider Further Easing If Momentum Slows
  • Singapore’s Pre-Election Cabinet Change Sets Heng Up for Top Job
  • Fosun Could Only Buy Thomas Cook’s Tour Business: Citi
  • Cash-Flow King for Templeton Seeing More Riches in China Stocks

Major European Indices are slightly subdued [Euro Stoxx 50 -0.2%], after being essentially unchanged for much of the session, with stocks largely following on from the indecisive sentiment seen overnight in Asia as participants return from the Easter weekend. Sectors are similarly mixed, although the significant outperformance in energy names continues following on from the lifting of Iranian waivers; as such Shell (+2.0%) are firmly in the green with the Co. also aided by the agreement to sell their 50% stake in SAREF to Saudi Aramco for USD 631mln. Due to the strong performance in Shell, alongside the Co. representing 11.3% of the FTSE 100 due to it having two listings in the form of A and B shares, the FTSE 100 (+0.4%) is outperforming its peers. Other notable movers this morning include Umicore (-15.4%) who are underperforming the Stoxx 600 following the Co. warning that 2020 revenue and earnings growth will be below expectations. Separately, Wirecard (-2.9%) are down after the expiration of BaFin’s short selling ban on Friday April 19th. Elsewhere, Thomas Cook (+16.3%) are soaring after reports that the Co. has received approaches for sections/entirety of the Co., with names such as Forsum International, KKR and EQT citied as potential bidders.

Top European News

  • BlueMountain’s Europe CEO Church Is Said to Be Joining Och- Ziff
  • Partners Group Buys Norwegian Gas Pipeline Owner CapeOmega
  • Thomas Cook Up Most in 4 Months on Report of Buyout Interest
  • Ahold Falls as Stop & Shop Strikes Will Cut Grocer’s Earnings

In FX, the dollar index remains firm and comfortably above the 97.000 handle within a 97.281-402 range amidst Greenback gains vs most major counterparts and EM rivals as the latest rally in oil prices continues to undermine crude importers and risk sentiment more broadly to the detriment of high beta currencies. However, the DXY still needs to overcome early April highs at 95.517 to expose ytd peaks posted in the previous month and virtually matching late 2018 levels just above 97.700.

  • CHF/AUD/NZD/NOK/SEK – The G10 laggards and largest losers against the buoyant Buck, as the Franc extends its decline further towards 1.0200 and through 1.1450 vs a relatively resilient Euro, while the Aussie and Kiwi hover closer to the bottom of 0.7140-10 and 0.6685-57 ranges vs their US peer on more dovish RBA and RBNZ policy leanings compared to the Fed. On that note, the Aud will be eyeing Q1 inflation data overnight amidst the consensus for a slowdown in q/q and y/y CPI rates with caution given latest RBA minutes revealing discussions about the conditions that may warrant a lower OCR including weaker price developments along with any deterioration in the labour market. Elsewhere, even the Nok is underperforming alongside the Sek as the Scandi Crowns fall victim to overall aversion rather than gleaning more support from the aforementioned advance in oil, as the former retreats to circa 9.5900 and latter to around 10.5000 vs the Eur.
  • GBP/JPY/EUR/CAD – All narrowly mixed vs the Usd, as Cable recovers from pre-Easter lows to retest the 1.3000 level after holding above the 200 DMA (1.2966) and shrugging off heightened pressure on UK PM May as Parliament returns from its recess. Meanwhile, Usd/Jpy remains capped just ahead of 112.00 within a 111.97-66 range and decent option expiry interest between 111.50-65 and 111.90-112.00 (1.1 bn either side). Note also, reported Japanese import and investor bids above 111.50 and the 200 DMA (111.51) may be curtailing a more concerted pull-back. Expiries could be impacting Eur/Usd as well given 2.3 bn rolling off from 1.1250 to 1.1260, while the Loonie is pivoting 1.3350 in the run up to Wednesday’s BoC policy meeting and press conference from Poloz and Wilkins – full preview of the event available on the Research Suite (along with a BoJ primer for Thursday).
  • EM – Most regional currencies are on the back foot vs the Dollar, as noted above, but the Rand is also factoring in renewed concerns about SA’s Eskom in wake of reports that the Government had to bail out the company to the tune of Zar 5bn to avert non-payment and a call on state guarantees – Usd/Zar currently at 14.1900+ vs sub-14.1500 at one stage.

In  commodities, Brent (+0.6%) and WTI (+0.8%) prices are in the green, as the oil complex extends on yesterdays gains following the US announcing that they are not going to extend waivers for Iranian oil, which expire on May 2nd. For reference, Iranian exports averaged 1.3mln BPD in March as such if the US are successful in their goal of reducing Iran’s exports to zero then this would result in a significant supply reduction; although, some analysts believe that the complete elimination of exports is unlikely. RBC state that they believe around 700-800K BPD to be removed from the market in the short term as a result of the waiver elimination. Saudi Energy Minister Al Falih stated that Saudi Arabia will cooperate with other oil suppliers in order to ensure that there is sufficient supply and that the market will not go out of balance. In light of the US’ announcement to not extend waivers Barclays sees upside risks of at a minimum USD 5/bbl for the USD 70/bbl Brent 2019 forecast if their exports drop to zero; however, Goldman Sachs state that the price impact will be limited and reiterates their 2019 Brent range of USD 70-75/bbl. Looking ahead, we have the API weekly crude release where the expectations are for crude stocks to build by around 0.5mln barrels. Gold (-0.1%) is largely unchanged and trading within a narrow USD 4/oz range, largely in line with major stock indices and the generally indecisive risk tone as markets return from the extended Easter weekend. Elsewhere, the majority of steel mills in China’s Tangshan, Hebei province have been asked to cut around 40% of their sintering capacity due to the expected increase in pollution levels over the coming week.

Looking at the day ahead, we get housing data in the form of the FHFA house price index reading for February and March new home sales. We’ve also got the April Richmond Fed manufacturing index print due out. Away from that we’re due to hear comments from Larry Kudlow in Washington while the earnings highlights are Proctor & Gamble, Verizon, Coca-Cola, eBay and United Technologies.

US Event Calendar

  • 9am: FHFA House Price Index MoM, est. 0.5%, prior 0.6%
  • 10am: Richmond Fed Manufact. Index, est. 10, prior 10
  • 10am: New Home Sales, est. 649,000, prior 667,000; MoM, est. -2.7%, prior 4.9%

DB’s Craig Nicol concludes the overnight wrap

Hope you all enjoyed the long weekend. Here in the UK, we even managed to dust off the barbecues such was the unseasonably hot weather. Mind you Jim probably didn’t feel quite so thrilled with it given that he’s in box moving and unpacking mode right now. The good news for him is that the temperature is expected to drop over the rest of this week while for markets there’s probably just enough in the week ahead to keep us distracted.

Indeed, in all likelihood earnings will probably dictate the direction of travel for now especially with a number of tech heavyweights due to report including eBay, Amazon, Facebook, Twitter and Microsoft.Last week saw the NASDAQ 100 hit a fresh all-time high with the broader NASDAQ one decent session away from its own record high, so this week should be a reasonable test as to whether or not we can hold those levels. More broadly, in total we’ve got 148 more S&P 500 companies reporting this week and the stats after 86 companies having reported so far is 67 beating on earnings, which is above the five-year average, but just 41 on revenues, which is below the five-year average. Not to be left out, it’s worth noting that this week will also see a number of European Banks report their latest quarterlies.

Outside of that we’ve also got a few high-profile meetings between politicians over the next few days.Markets will likely be most fixated by Trump’s meeting with Abe at the White House from Friday with trade talks likely to be high up on the agenda list. Before that, Abe is due to meet Tusk and Juncker on Thursday while also on the cards this week is a possible meeting between Putin and Kim Jong Un tomorrow. Oh, and UK politicians return from their Easter recess today. So that only means one thing for the prospect of Brexit headlines. The last 10 days was fun while it lasted.

Also worth flagging this week is the BoJ meeting on Thursday where no change in policy is expected, however the meeting does include the BoJ’s latest quarterly report. Finally, it’s fairly quiet for data releases however the Q1 advance GDP reading for the US is by some distance the highlight. In terms of what to expect, at the expense of Q2 growth and the recent strong retail sales data, our US economists recently revised up their forecast to 2.6% for Q1 which is ahead of the market consensus for 2.2%. That data is due out on Friday.

Ahead of all that Wall Street was open for business yesterday however it wasn’t a particularly exciting session with the S&P 500 and NASDAQ advancing +0.10% and +0.22% respectively, while the DOW retreated -0.18%. With volumes also 25% below average, the range on the S&P 500 was in fact just 0.45%. That makes 14 straight sessions with no intraday ranges of +/-1%, the longest streak since October.

The good news is that there was one big mover and shaker yesterday and that was oil where WTI rose +2.31% to a fresh 6-month high of $65.55/bbl. The catalyst was the surprise move by the US to end their waivers on Iran sanctions.These waivers had allowed eight countries to continue importing oil from Iran despite the Trump administration’s withdrawal from the nuclear accord last year, and their termination will likely result in further reductions to Iran’s exports. The US said that other countries would compensate for the fall in Iranian supply to leave the global market balanced. However, the risk of disruptions injected a risk premium into oil markets. In an immediate response, an Iranian military official said that they would close the Strait of Hormuz in retaliation if the US completely blocks their exports. The 5y Treasury breakeven was +1.5bps higher off the back of that move while 10y Treasuries more broadly speaking were +2.9bps higher. The energy sector also led gains for the S&P, closing up +2.05%, while HY energy spreads were -3bps tighter, in contrast to a moderate widening for the broader HY index. The currencies that gained the most included oil-exporters like the Russian Ruble (+0.40%) and Canadian Dollar (+0.33%), while oil importing EMs were hit negatively, with the Indian rupee (-0.46%) and South Korean won pacing losses (-0.41%).

This morning in Asia it’s been just as muted for equity markets with the Nikkei (-0.06%), Hang Seng (-0.08%), CSI 300 (-0.03%) and Kospi (+0.06%) all struggling for direction in thin trading conditions once again. Oil has held onto the gains from yesterday while US equity futures are flat.

As for other news yesterday, the data calendar was light with only a few releases in the US. The Chicago Fed’s National Activity Index rose to -0.15 from -0.31, though lower than the expected -0.10. A negative reading points to lower-than-average growth, not necessarily economic contraction. Existing home sales fell more than expected, at 5.21 million versus consensus expectations for 5.30 million, a -4.9% mom drop. That’s the sharpest monthly percentage drop since 2015 and the second sharpest since 2011. US homebuilder stocks fell -1.39% in response.

Elsewhere, President Trump announced via twitter that he will not proceed with nominating Herman Cain to the Federal Reserve Board.That came as media outlets reported fresh scrutiny of his other pick, Stephen Moore. His nomination is still reportedly on track though not officially submitted.

Finally, in terms of the day ahead, the only data release due out in Europe is the April consumer confidence reading for the Euro Area this afternoon. In the US we’ve got more housing data in the form of the FHFA house price index reading for February and March new home sales. We’ve also got the April Richmond Fed manufacturing index print due out. Away from that we’re due to hear comments from Larry Kudlow in Washington while the earnings highlights are Proctor & Gamble, Verizon, Coca-Cola, eBay and United Technologies.

end

3. ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED DOWN 16.45 POINTS OR 0.51% //Hang Sang CLOSED DOWN 0.02 POINTS OR 0.00%  /The Nikkei closed UP 41.84 POINTS OR 0.19%/ Australia’s all ordinaires CLOSED UP .96%

/Chinese yuan (ONSHORE) closed DOWN  at 6.7192 AS TRUCE DECLARED FOR 3 MONTHS /Oil UP to 65.92 dollars per barrel for WTI and 74.23 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.7192 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7221 / 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/

 

4/EUROPEAN AFFAIRS

EU/USA

Fasten your seat belt:  there is going to be a huge transatlantic trade war beginning in May and agriculture will be at the centre.  The EU just does not let any agriculture into their sphere

(courtesy Mish Shedlock/Mishtalk)

Seeds Sewn For Major Transatlantic Trade War Starting In May

Authored by Mike Shedlock via MishTalk,

Trump wants a trade treaty with the EU to include agriculture. France says no. It only takes one.

Trump has made a considerable number of trade threats only to eventually back down. Will it play out that way again?

For a number of reasons, I think Trump will act this time. First, let’s look at the threats.

Severe Pain

On February 25, Trump told the EU Play Ball or ‘We’re Going to Tariff the Hell Out of You’

“The European Union is very, very tough. Very, very tough. They don’t allow our products in. They don’t allow our farming goods in,” Trump said at a meeting with U.S. governors, according to a transcript from the White House. He added that “maybe, in certain ways,” the EU is “tougher than China.”

On March 14, Trump Warned EU of ‘Severe’ Economic Pain if No Progress On Trade Talks.

Partial Agreement Won’t Fly

On April 15, Reuters reported EU Ready to Launch U.S. Trade Talks, but Without Agriculture.

The EU approved two areas for negotiation, opposed by France with an abstention from Belgium. But agriculture was not included, leaving the 28-country bloc at odds with Washington, which has insisted on including farm products in the talks.

EU trade agreement are unanimous. Tiny countries can and have influenced outcomes. It took over a decade to get an agreement with Canada over concerns of tiny nations.

Even if US-EU trade talks take place, nothing will come of them and Trump will quickly get frustrated.

Climate Change Now in the Picture

On April 18, France has signaled it will not cooperate with Trump in any way.

Please consider the new French demand: No EU-US Trade Talks Unless Trump Supports Climate Deal.

Earlier this week, the European Union agreed to start trade talks with the United States on industrial goods. France, however, has objected to the decision while Belgium abstained. In Paris, the concern is that there cannot be any agreement over trade while the U.S. refuses to commit to key environmental targets.

“France is opposed to the initiation of any trade negotiations with countries outside the Paris climate agreement,” a French official said Monday, explaining why the second largest euro country said no to trade negotiations with Washington.

“It is a question of values. Europe must be exemplary and firm in its defense of the climate,” the same official said.

Uri Dadush, a Washington-based scholar for the think tank Bruegel, told CNBC: “I believe France and others less prominently visible than France and which are net beneficiaries of the Common Agricultural Policy (Italy, Spain, for example) will veto discussion of agriculture trade reforms.”

“This will make it even tougher for the U.S. to accept a deal, and I suspect that President Trump was not adequately briefed or ignored his brief when he agreed with (European Commission) President Juncker to omit agriculture,” he added.

Trade Talks Going Nowhere

Even without the absurd demand on climate change, trade talks with the EU are going nowhere.

Not Just Trump Holding Up Talks

One difference this time is that it isn’t just Trump threatening the EU.

Via Eurointelligence:

It would be rather silly to report the EU Council’s decision to open limited trade talks with the US without noting the immediate cool response on the other side of the Atlantic. The first reaction did not come from Donald Trump – who was busy giving technical advice to French firefighters – but from Chuck Grassley, the chair of the US Senate’s finance committee. He immediately dismissed the decision by the EU Council to open up trade negotiations with the US, making it clear that no deal would pass the Senate without including agriculture.

Trade policy with Europe is not a matter where Congress and the White House are divided. It is our understanding that Trump’s closest advisers are all expecting the president to slap tariffs on European auto imports.

The French opposition, together with that expressed earlier by the European Parliament, does bot bode well for future EU adoption of even a limited trade deal with the US. The trade talks need only a qualified majority to be launched, but unanimity of member states and a majority in the EP to be ratified.

We have been observing a definite hardening of French positions in a variety of issues, including trade and the Brexit extension. Last week France blocked an EU statement on Libya. It will be interesting to see whether Emmanuel Macron’s readiness to assert himself more strongly will survive the European elections.

Grassley

Chuck Grassley, head of the Senate Finance Committee is from Iowa, an huge farm-belt state. Grassley will insist agriculture be part of any trade deal.

Trump will listen to Grassley and the trade hawks.

Chlorinated Chicken

Major Transatlantic Trade War Coming Up

Trump’s position is somewhat logical (if you foolishly believe tariffs are an answer).

The EU runs a massive trade surplus with the US in industrial goods. Eliminating tariffs on industrial goods would likely increase that surplus.

There is one tried and true way to get Trump to back down: Give in on some minor point then agree to buy more soybeans.

However, the EU is not going to buy more soybeans, GMO products in general, or chlorinated chicken.

Instead, Macron taunted Trump with a huge red flag issue regarding climate change.

Trade War in May

The Commerce Department presented a report on auto imports in mid-January. Supposedly, auto imports are a threat to US national security. That’s absurd, but it allows “tariff man” to do whatever he wants.

The deadline for Trump to make a decision on EU tariffs is mid-May.

Trump is set to sign a trade deal with China in late May or early June. Expect Trump to finalize a meaningless deal with China, then start a major trade war with the EU.

end

Theresa May is now ready to bring back the Brexit legislation for the 4th time

(courtesy zerohedge)

May Ready To Bring Back Hated Brexit Plan For Unprecedented 4th Vote

Though the pound’s weakness against the dollar in the euro on Tuesday has been widely interpreted as a knock-on effect of the dollar’s strength, traders could be forgiven for assuming otherwise. Because after a brief Easter recess, Parliament is back in session, and Brexit-related news is back in the headlines.

Little has happened since Theresa May struck an 11th-hour agreement with the EU for a six-month extension of Article 50. Talks with Labour to find an alternative to May’s Brexit deal (talks that May clearly disdains) appear unlikely to succeed. Though the Tory and Labour delegations resumed talks on Tuesday, whispers suggest the talks could fall apart in the coming days.

Whatever happens with the talks is largely irrelevant anyway, since the EU has made it clear that the withdrawal agreement is the only deal that it would accept. That deal has already been rejected three times by Parliament, albeit by slightly more favorable margins in each successive vote, though as long as the Irish Backstop, the big  sticking point in the deal, remains, it’s unlikely that May will be able to win over enough Brexiteers to push the deal through.

May

With few viable alternatives (apart from another can kick or, failing that, a second referendum), the Financial Times reported on Tuesday, surprising absolutely no one, that May is already preparing to bring the text of her withdrawal agreement back for a fourth vote.

Just like the third vote, May will need to embrace some procedural maneuvers to satisfy Speaker Bercow’s condition that the deal must be “substantially different” than prior votes if May wants to bring it back. This time, the withdrawal agreement will come packaged in a more far-reaching withdrawal agreement bill.

And a vote could come as soon as next week.

Downing Street sources said a fourth vote on May’s bill could be the last and best hope to avert Britain’s participation in the upcoming EU Parliamentary elections, something May had desperately sought to avoid.

If the bill is defeated, which is extremely likely, May would be prohibited from bringing it back for another vote until a new session of parliament begins. That wouldn’t happen until later this year, though we imagine May will find some kind of procedural loophole to keep bringing her deal back.

Even if it does manage to pass the Commons, it would still need to pass a few procedural hurdles before Brexit could be officially delivered.

The treaty the bill is intended to implement includes provisions such as the UK’s £39bn exit payment to the EU, protection of citizens’ rights, a transition period and the so-called backstop to avoid a hard border on the island of Ireland. If the legislation is rejected, as currently seems likely, the government could not reintroduce it again in this session of parliament.

“It would be quite a big thing,” admitted one ally of Mrs May. In those circumstances the bill could only be brought back if the current parliamentary session was ended.

Approval for the legislation would kick off a tortuous passage through parliament during which the bill could be amended. Attempts to add a customs union or a second referendum would be expected. Even if the bill did eventually become law, Downing Street said there would still have to be a separate “meaningful vote” on Mrs May’s deal under the terms of 2018 Brexit legislation. However, that would be expected to be a formality if MPs have already approved the bill to put the draft treaty into effect.

But whatever happens with the deal, it may soon become somebody else’s problem. That’s because, as the Telegraphreported, Graham Brady, the leader of the 1922 Committee of Tory backbenchers, is planning to confront May on Tuesday and demand that she either set a date for her departure, or Tories will change the leadership rules to allow her to be ousted (after surviving a no confidence vote late last year, May is immune from further challenges for a year under the current rules).

Other Tories, including Nigel Evans, another leading backbencher, have called on May to resign immediately. Though previous intra-party efforts to oust May have fizzled in the not-too-distant past, we seriously wonder how long the Tories can keep up with these threats to oust May before finding a way to actually get the job done. Brady will meet with the 1922 Committee later on Tuesday to vote on a possible rules change.

Either way, the Brexit impasse appears no closer to resolution. Which means a second referendum cannot yet be ruled out.

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISIS/SRI LANKA

Isis states that they are the ones behind the bombings in Sri Lanka and it was in retaliation for the New Zealand mosque massacre

(courtesy zerohedge)

ISIS Says Behind Sri Lanka Bombings; Was ‘Retaliation’ For New Zealand Mosque Massacre

Shortly after the death toll from Sunday’s Easter bombings in Sri Lanka climbed above the 300 mark, ISIS validated the Sri Lankan government’s suspicions that a domestic jihadi organization had help from an international terror network while planning the bombings were validated when ISIS took credit for the attacks.

NYT

The claim was made via a report from ISIS’s Amaq news agency. Though the group has lost almost all of the territory that was once part of its transnational caliphate, ISIS now boasts cells across the Muslim world, including in North Africa and elsewhere. Before ISIS took credit for the attack, a Sri Lankan official revealed that Sunday’s attacks were intended as retaliation for the killing of 50 Muslims during last month’s mass shooting in Christchurch, New Zealand.

However, the Sri Lankan government didn’t offer any evidence for that claim, or the claim that Sunday’s attacks were planned by two Islamic groups (though that now appears to have been substantiated by ISIS’s claim of responsibility). The group is believed to have worked with the National Tawheed Jamaath, according to the NYT.

“The preliminary investigations have revealed that what happened in Sri Lanka was in retaliation for the attack against Muslims in Christchurch,” State Minister of Defense Ruwan Wijewardene told the Parliament.

Meanwhile, the number of suspects arrested in connection with the attacks had increased to 40 from 24 as of Tuesday. The government had declared a national emergency that allowed it sweeping powers to interrogate and detain suspects.

On Monday, the FBI pledged to send agents to Sri Lanka and provide laboratory support for the investigation.

As the death toll in Sri Lanka climbs, the attack is cementing its position as the deadliest terror attack in the region.

  • 321 (as of now): Sri Lanka bombings, 2019
  • 257 Mumbai attacks, 1993
  • 189 Mumbai train blasts, 2006 166 Mumbai attacks, 2008
  • 151 APS/Peshawar school attack, 2014
  • 149 Mastung/Balochistan election rally attack, 2018

Meanwhile, funeral services for some of the bombing victims began on Tuesday.

Even before ISIS took credit for the attack, analysts told the Washington Post that its unprecedented violence suggested that a well-financed international organization was likely involved.

The bombings on Sunday, however, came with little precedent. Sri Lanka may have endured a ghastly civil war and suicide bombings in the past – some credit the Tamil Tigers with pioneering the tactic – but nothing of this scale. Analysts were stunned by the apparent level of coordination behind the strikes, which occurred around the same time on both sides of the country, and suggested the attacks carried the hallmarks of a more international plot.

“Sri Lanka has never seen this sort of attack – coordinated, multiple, high-casualty – ever before, even with the Tamil Tigers during the course of a brutal civil war,” Alan Keenan, a Sri Lanka expert at the International Crisis Group, told the Financial Times. “I’m not really convinced this is a Sri Lankan thing. I think the dynamics are global, not driven by some indigenous debate. It seems to me to be a different kind of ballgame.”

Hinting at possible ISIS involvement, US Secretary of State Mike Pompeo said during a Monday press conference that “radical Islamic terror” remained a threat even after ISIS’s defeats in Syria.

Of course, ISIS’s claim couldn’t be  confirmed and the group has been  known to make “opportunistic” claims in the past, according to WaPo. The extremist group said the attacks were targeting Christians and “coalition countries” and were carried out by fighters from its organization.

Speculation that the government had advanced warning of the attacks, but failed to act amid a power struggle between the country’s president and prime minister, unnerved citizens and contributed to a brewing backlash. Following the bombings, schools and mass had been canceled until at least Monday, with masses called off “until further notice.”

END

6.GLOBAL ISSUES

7  OIL ISSUES

 

end

8. EMERGING MARKETS

ARGENTINA

 

end

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

Euro/USA 1.1249 DOWN .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 111.89  DOWN .042 (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 1.3004   UP   0.00024  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TO OCT 31/2019//

USA/CAN 1.3374 UP .00028 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 TUESDAY 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  16.45 POINTS OR 0.51%.

 

 

 

 

//Hang Sang CLOSED DOWN 0.02 POINTS OR 0.00%

 

 

/AUSTRALIA CLOSED UP .96%// EUROPEAN BOURSES //MIXED 

 

 

 

 

 

 

The NIKKEI: this TUESDAY morning CLOSED UP 41.84 POINTS OR 0.19%  

 

 

 

 

 

 

Trading from Europe and Asia

1/EUROPE OPENED MIXED

 

 

 

 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 0.02  POINTS OR 0.00%

 

 

 

 

/SHANGHAI CLOSED DOWN 16.45 POINTS OR 0.51%

 

 

 

 

 

 

 

 

Australia BOURSE CLOSED UP .96%

 

Nikkei (Japan) CLOSED UP 41.84 POINTS OR 0.19% 

 

 

 

 

 

 

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1272.80

silver:$14.96

Early TUESDAY morning USA 10 year bond yield: 2.59% !!! UP 0 IN POINTS from MONDAY’S night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%.

 

The 30 yr bond yield 3.00 UP 1  IN BASIS POINTS from MONDAY night.

USA dollar index early TUESDAY morning: 97.37 UP 8 CENT(S) from  MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

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And now your closing  TUESDAY NUMBERS \12: 00 PM

 

Portuguese 10 year bond yield: 1.21%  UP 2 in basis point(s) yield from MONDAY/

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

 

 

SPANISH 10 YR BOND YIELD: 1.12% UP 5   IN basis point yield from MONDAY

ITALIAN 10 YR BOND YIELD: 2.68 UP 8    POINTS in basis point yield from MONDAY/

 

 

the Italian 10 yr bond yield is trading 156 points HIGHER than Spain.

GERMAN 10 YR BOND YIELD: RISES +.04%   IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 2.64% 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 TUESDAY

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

Euro/USA 1.1209 DOWN     .0049 or 49 basis points

 

USA/Japan: 111.88 DOWN 0.049 OR YEN UP 5 basis points/

Great Britain/USA 1.2939 DOWN .0045 POUND DOWN 45  BASIS POINTS)

Canadian dollar DOWN basis points to 1.3428

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY closed AT 6.7259    0N SHORE  (down)

THE USA/YUAN OFFSHORE:  6.7286  (YUAN DOWN)

TURKISH LIRA:  5.8435.EXTREMELY DANGEROUS LEVEL.

 

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

 

 

 

Your closing 10 yr USA bond yield DOWN 2 IN basis points from MONDAY at 2.57 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.98 DOWN 2 in basis points on the day /

 

Your closing USA dollar index, 97.69 UP 41  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED UP 61.46  0.82%

German Dax : UP 19.18 POINTS OR 0.16%

Paris Cac CLOSED UP 15.75 POINTS OR  0.28%

Spain IBEX CLOSED DOWN 54.10 POINTS OR  0.24%

Italian MIB: CLOSED DOWN 59.75 POINTS OR 0.27%

 

 

 

 

WTI Oil price; 66.35 1:00 pm

Brent Oil: 74.44 12:00 EST

USA /RUSSIAN /   ROUBLE CROSS:    63.79  THE CROSS HIGHER BY 0.01 ROUBLES/DOLLAR (ROUBLE LOWER BY 01 BASIS PTS)

 

TODAY THE GERMAN YIELD RISES  TO +.04 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 :  66.29

 

 

BRENT :  74.49

USA 10 YR BOND YIELD: … 2.57…   STILL DEADLY//

 

 

 

 

 

 

 

 

USA 30 YR BOND YIELD: 2.98..STILL DEADLY

 

 

 

 

EURO/USA 1.1224 ( DOWN 35   BASIS POINTS)

USA/JAPANESE YEN:111.85 DOWN .081 (YEN UP 8 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 97.59 UP 31 cent(s)/

The British pound at 4 pm: Great Britain Pound/USA:1.2939 DOWN 41 POINTS

 

the Turkish lira close: 5.8287

 

the Russian rouble 63.67   UP 12 Roubles against the uSA dollar.( UP 12 BASIS POINTS)

Canadian dollar:  1.3431 DOWN 85 BASIS pts

USA/CHINESE YUAN (CNY) :  6.7259  (ONSHORE)/

 

USA/CHINESE YUAN(CNH): 6.7291 (OFFSHORE)

German 10 yr bond yield at 5 pm: ,+0.04%

 

The Dow closed UP 145.34 POINTS OR 0.55%

 

NASDAQ closed UP 105.55 POINTS OR 1.32%

 


VOLATILITY INDEX:  12.29 CLOSED DOWN .13

 

LIBOR 3 MONTH DURATION: 2.581%//

 

 

 

FROM 2.581

 

 

 

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

 

Stocks Soar To Record Highs As Earnings, Macro, Risk-Aversion Plunge

Record Highs!!

“F**k Yeah, ‘Murica”

The S&P 500 finally broke above its previously closing record high today…

Happily shrugging off the clump in macro- and micro- data…

Driven a massive re-rating of tech stocks – dramatically more so than the broad market…

All on the back of a central-bank-fueled frenzy…

Convincing the world to ignore risk entirely…

*  *  *

Convincing the world to ignore risk entirely…

*  *  *

China extended losses overnight as authorities slowly and quietly begin to reign in excess… (this is the first two-day losing streak for Chinese stocks in over a month)

 

After a long weekend, European stocks resumed trading and ended mixed with UK’s FTSE higher and Spain and Italy lower…

 

 

Small Caps and Nasdaq led the way in the US markets…

 

 

But all eyes were on the S&P 500 as it broke above its old record closing high of 2930.75 (09/20/18), well below its record intraday high of 2940.91 (09/21/18)

 

 

A nice big short-squeeze provided the ammo to take the S&P to a new record today…

 

 

AAPL is up 46% since cutting guidance! makes sense, right?

 

 

Notably, Value stocks have dropped to their weakest relative to Growth stocks since the dotcom crisis…

 

 

VIX continued to tumble…

 

While stocks were surging today, bonds were also bid (as vol fell, suggesting relevering in Risk-Parity funds)…

 

 

With the short-end notably outrperforming…

 

 

Steepening the 2s30s curve…

 

 

The Dollar spiked to its highest since June 2017 today…

 

 

Bitcoin extended recent gains, above $5600…

 

 

But as bitcoin rallied, the rest of the cryptos slipped lower…

 

 

Silver suffered the most today as oil prices extended gains…

 

 

The Dollar soared today, smashing gold lower this morning ahead of the London Fix…

 

 

While gold ended the day lower on the strong dollar, it rebounded notably intraday after this morning’s plunge…

 

 

Notably the last couple of days have seen high vol moves in gold vs Yuan that have been reverted to a pin…

 

 

WTI extended its surge from yesterday, pushing above $66.50 intraday ahead of tonight’s API data…

 

Oil’s gains, as silver slumped, has pushed the relative pair up towards the key 5x ratio level…

 

Finally, we leave you with this…

 

end

MARKET TRADING/ EARLY AFTERNOON TRADING

 

ii)Market data/

New home sales soar to 16 month highs but it is all due to prices plunging

(courtesy zerohedge)

New Home Sales Soar To 16-Month Highs As Price Plunges

New home sales were expected to retrace some of February’s gains but in a reversal of yesterday’s dismal drop in existing home sales, new home sales in March soared 4.5% higher MoM (and February was revised stronger from +4.9% MoM to +5.9% MoM).

This is the 3rd straight month of rising new home sales

The 692k SAAR is the highest since Nov 2017 – near the post-crisis highs.

The reason – among others – is simple – median new home prices plunged to their lowest since Feb 2017 (a 9.7% from a year earlier to a two-year low of $302,700)….

A mixed picture across regions with Northeast March new home sales plunging to 28K, down 22.2% from February, but Midwest surged from 74K to 87K, up 17.6%.

The supply of homes at the current sales rate decreased to six months from 6.3 months in February. The number of new homes for sale in the period was little changed at 344,000.

New-home purchases account for about 10 percent of the market and are calculated when contracts are signed. They are considered a timelier barometer than purchases of previously-owned homes, which are calculated when contracts close.

Let’s just hope the recent resurgence in mortgage rates doesn’t last…

 

iii)USA ECONOMIC/GENERAL STORIES

An update on Social Security in the uSA.  In earned a tiny 2.8% on its money last year and the reason for the poor return is that it is only invested in USA government bonds. Starting next year the fund will expend more money than it brings in.  In 2026 it will be broke

(courtesy zerohedge)

Social Security Earned A Pitiful 2.8% On Your Money Last Year

Authored by Simon Black via SovereignMan.com,

Hot off the presses: The Board of Trustees for the Social Security and Medicare programs in the United States just released their annual report a few hours ago.

And if you want to read all of its gory detail, check it out for yourself here.

Both of these programs are massively and terminally underfunded. And not by a little bit.

The Board of Trustees itself calculates Social Security’s long-term shortfall at a mind boggling $43+ TRILLION.

Simply put, the trust funds don’t have enough money to keep the programs going, at least under the current promises.

They admit right at the beginning of their report that, starting 2020, Social Security’s cost will exceed the money it earns in from interest and taxes.

That’s not some far out date decades into the future. That’s next year. And every year after that.

By 2034, just 15 years from now, Social Security’s primary trust fund will be fully depleted. And one of Medicare’s trust funds will run out of money in 2026.

In case you’re wondering, by the way, the Board of Trustees consists of the United States Secretary of the Treasury, Secretary of Labor, Secretary of Health and Human Services, etc.

This isn’t a bunch of conspiracy theorists. They’re some of the top executives in government.

So I’m not exaggerating in the slightest when I say this is a complete disaster. Millions of people depend on Social Security for their livelihood… people who have been promised for their entire working lives that the program would be solvent.

When the funds run out of money, countless people’s lives will be turned upside down.

You’d think this would be considered some kind of national emergency… that politicians would be doing everything they can to fix this.

But hardly a word is uttered about it. 15 years is far enough out that most of these people don’t expect to be in office anymore… so it will be someone else’s problem to deal with.

Not to mention, their options are extremely limited.

On one hand, they could try to actually generate more investment income for the program. To me this is an obvious choice.

Right now the Social Security trust funds have $2.9 trillion in assets. Yet they only earned a pitiful $83 billion in investment income last year, a return of roughly 2.8%.

That’s barely enough to keep up with inflation.

Seriously– is this the best these people can do? 2.8%? The United States is home to some of the most brilliant investment minds in history who could easily double that investment return.

This is what other countries do– Japan, Singapore, Norway, etc. Fund mangers for public pensions have the discretion to invest in assets all over the world in an effort to derive higher returns.

But that’s not going to happen in the Land of the Free.

It’s actually ILLEGAL for Social Security to invest in anything EXCEPT for US government debt. I’m serious. Social Security’s ONLY assets are Treasury Bonds, and under current federal law, that’s all it will ever be.

Thing is- the US government really needs that money. They’re already $22 trillion in debt and going deeper into debt each year.

They can’t afford to allow Social Security to invest in anything else other than US debt. They’re already over-reliant on Social Security as a lender, and allowing the trust funds to invest in anything else would be financial suicide.

So that option is off the table… leading to option #2: Cutting benefits.

And you can absolutely count on that happening. The Trustees themselves even say this– that after the fund is fully depleted in 2034, they will have to make deep cuts to the monthly benefit.

Again– tens of millions of people are depending on that money. Tens of millions more will be depending on it when they retire in the future.

Slashing benefits is going to have a massive impact on their lives.

The last option is to raise taxes. And just like cutting benefits, you can count on this happening.

Just wait for the Bolsheviks to rise to power. They have a limitless agenda and no qualms about jacking tax rates up to 70% or more.

I really don’t want to sound alarmist. But there are obvious realities here that any rational person should take very seriously.

At some point, most of us probably expect to retire. And retirement will take very careful consideration  in full view of all the facts.

These are facts… and it’s important to start planning with these basic truths in mind: the longer you have until retirement, the less likely that you’ll ever see a penny in benefits.

And to continue learning how to ensure you thrive no matter what happens next in the world, I encourage you to download our free Perfect Plan B Guide.

END

Michael Snyder believes we are going to have a repeat of 1973 when oil skyrocketed because of the Yom Kippur war.  We ended up with considerable stagflation

(courtesy Michael Snyder)

2019 Is Starting To Look A Lot Like 1973… Oil Crisis & Stagflation Loom

Authored by Michael Snyder via The Economic Collapse blog,

The price of gasoline is rapidly rising, economic activity is slowing down, the Middle East appears to be on the brink of war, and Democrats are trying to find a way to remove a Republican president from office.  In many ways, 2019 is starting to look a lot like 1973.  For many Americans, the 1970s represent a rather depressing chapter in U.S. history that they would just like to forget, but the truth is that if we do not learn from history it is much more likely that we will repeat our mistakes.  And without a doubt, right now a lot of things are starting to move in a very ominous direction.

“Stagflation” was a term that was made popular in the 1970s, and it occurs when there is a high rate of inflation but economic growth is declining or stagnant.

The U.S. hasn’t had a serious bout with stagflation in quite a while, but it appears that we may be moving in that direction.

Let’s talk about the slowdown in the economy first.  On Monday, we learned that sales of existing homes in the U.S. were way down in March

Home sales are struggling to rebound after slumping in the second half of last year, when a jump in mortgage rates to nearly 5% discouraged many would-be buyers. Spring buying is so far running behind last year’s healthy gains: Sales were 5.4% below where they were a year earlier.

On a year over year basis, existing home sales have now fallen for 13 months in a row.

That is terrible, and there is no way to “spin” that fact to make it look good.

We also learned on Monday that Office Depot is closing 50 stores.  Of course this is just the continuation of a trend that The Economic Collapse Blog has been tracking for quite some time.

Overall, U.S. retailers have already announced more store closings in 2019 than they did all of last year, and we are on pace for the worst year for store closings in all of U.S. history.

Ouch.

I could go on and on listing more numbers that indicate that the U.S. economy has been slowing down, but I don’t want to repeat much of what I have already shared over the past several weeks.

Meanwhile, inflation is starting to rise significantly in some pretty key areas.  Previously I have explained why food prices are beginning to move up aggressively, and now gas prices are starting to make national headlines once again.

For example, the price of gas in the state of California just hit the highest level in nearly five years

California’s gas prices continued to climb Wednesday, hitting the highest levels in almost five years.

Motorists throughout the Golden State are paying an average of $4.01 for a gallon of regular gasoline, by far the highest in the country and well above the national average of $2.83, according to a news release from AAA.

The primary factor driving up the price of oil is geopolitical wrangling in the Middle East.  According to CNBC, President Trump intends to stop Iran from exporting any oil at all…

Oil prices surged about 3% at midday on Monday, hitting fresh 2019 highs, after the Trump administration announced that all oil buyers will have to end imports from Iran in just over a week or be subject to U.S. sanctions.

The administration said the State Department will cease granting sanctions waivers to any country still importing Iranian crude or condensate, an ultra-light form of crude oil, after May 2.

If President Trump is successful, it will eliminate approximately a million barrels of oil per day from the global marketplace.

That is a big deal.

And this comes at a time when oil prices have already been steadily rising.

Unfortunately, Iran doesn’t plan to take this move lying down, and their response could potentially spark a full-blown oil crisis.

According to Bloomberg, Iran is actually threatening to close the Strait of Hormuz for all commerce…

Iran will close the Strait of Hormuz, a waterway vital for global oil shipments, if the country is prevented from using it, a senior military official said on Monday in what appears to be a response to the U.S. plan to end waivers on Iranian oil exports.

“If we are prevented from using it, we will close it,” the state-run Fars news agency reported, citing Alireza Tangsiri, head of the Revolutionary Guard Corps navy force. “In the event of any threats, we will not have the slightest hesitation to protect and defend Iran’s waterway.”

If Iran did such a thing, it would throw global oil markets into a state of tremendous turmoil, and it would bring us much, much closer to war with Iran.

In recent days the Iranians and the Trump administration have been trading very angry words, and it certainly doesn’t help that the Iranians just appointed a certified hothead as the leader of the Republican Guards

Salami has frequently vowed to destroy Israel and “break America.” Iran was “planning to break America, Israel, and their partners and allies. Our ground forces should cleanse the planet from the filth of their existence,” Salami said in February. The previous month, he vowed to wipe Israel off the “global political map,” and to unleash an “inferno” on the Jewish state.

He also said “Iran has warned the Zionist regime not to play with fire, because they will be destroyed before the US helps them.” Any new war, he said, “will result in Israel’s defeat within three days, in a way that they will not find enough graves to bury their dead.”

Hossein Salami is a complete and total nutjob, and I am entirely convinced that he actually wants a war with the United States and Israel.

For a long time I have been warning that we need to watch the Middle East, and a major regional war could potentially erupt at any time.

Let us hope that cooler heads prevail, because a full-blown war involving Iran, Israel and the United States would mean an immense amount of death and destruction.

For the moment, things are relatively calm in the United States, but most Americans don’t realize that we are actually in a very precarious position.

It isn’t going to take much for global events to reach a tipping point, and once they do there will be no going back.

end
Chicago Pension problems are getting worse by the day.  Now more citizens are fleeing the state to avoid the huge  bill that will be forthcoming
(courtesy Ted Dabrowski//John Klingner/Wirepoints)

Chicago’s Pension Funds Looking More Like A Collapsing Ponzi Scheme

Submitted by Ted Dabrowski and John Klingner of WirePoints

You can’t help but call it a Ponzi scheme. Not if you look at Chicago’s collapsing demographics and consider how they’re threatening the solvency of the city’s government-run pensions. Chicago households are on the hook for more than $145 billion in state and local retirement debts and there are fewer and fewer people left to pay them.

Consider first Chicago’s falling population. The city’s metropolitan population has fallen four years in a row. It’s the only top-ten city to shrink like that. In all, the Chicago MSA lost 66,000 people between 2014 and 2018.

A falling population means the city’s massive pension debts are falling on a smaller base of taxpayers. That’s bad news enough.

But another key demographic – the ratio of active government workers to pensioners – is even more concerning.

That ratio, which equaled 1.4 actives for every pensioner in 2005, has collapsed to nearly 1.05. And if the trend continues, in just a year or two there will be more pensioners draining money from the pension funds than active workers putting money in.

The problem is compounded by the fact Chicago households can’t afford the amount of pension debt that’s been racked up by state and local politicians.

Spread out the $145 billion in overlapping government pension and retiree health care debt – from the city, the Chicago Public Schools, Cook County governments and the state – and each Chicago household is, on average, on the hook for more than $139,000 each. It’s an insane amount and it’s tabulated in the following graphic. (Retirement debt calculations are shown based on both official and Moody’s-based estimates.)

What’s fascinating is that Illinois politicians think Chicagoans will willingly pay off that debt no matter what.

They’re oblivious to the fact that more residents may just choose to slip right over the border. It’s a rare case where you can simply walk away from a massive debt without being arrested and/or having your assets taken away from you.

Illinois politicians are also arrogant enough to think that out-of-staters will continue to move into Chicago and just assume new debts the size of a mortgage, but with nothing to show for it.

Chicago’s pension plans are already deeply in debt and functionally bankrupt. That’s particularly true for the municipal, police and fire pension funds, which are about one-quarter funded.

A recent analysis by Wirepoints found that at the end of 2017, the police fund had only enough assets cover the next four years of payouts. In contrast, the fund’s assets in 2000 were enough to cover the following 13 years of payouts.

Chicago is losing the demographics game as its retirement debts get ever-bigger. It’s hard not to call this a Ponzi scheme orchestrated by Illinois politicians. The question is, how fast does it fall apart?

SWAMP STORIES

my goodness: Schiff is such a doorknob

(courtesy zerohedge)

Schiff Slams “Unpatriotic” GOP’s “Cowardly Opportunism” After Kushner Downplays ‘Russian Interference’

In an exceedingly rare public appearance for the Trump son-in-law and senior advisor, Jared Kushner sat down for a lengthy interview with Time Magazine’s top White House correspondent on Tuesday where he claimed that the Mueller probe had done more damage to American democracy than Russia’s alleged interference in the 2016 election.

Kushner

Kushner, who was one of the few top Trump aides to sit for interviews with the Mueller team, and whose name appeared frequently in the report, said that Russia’s ‘interference’ during the campaign amounted to “a couple of Facebook ads.”

“You look at what Russia did, buying some Facebook ads and trying to sow dissent. It’s a terrible thing,” Kushner said. “But I think the investigations and all of the speculation that’s happened for the last two years has a much harsher impact on our democracy than a couple Facebook ads.”

Kushner, who was speaking publicly for the first time since the redacted report was released on Thursday, added that the low dollar amount Russia allegedly spent on the ads wasn’t significant; as a senior campaign advisor, Kushner spent more money on Facebook ads in a few minutes than Russia spent during the entire campaign, he said.

“I think they said they spent $160,000. I spent $160,000 on Facebook every three hours during the campaign…If you look at the magnitude of what they did, the ensuing investigations have been way more harmful.”

Of course, the report revealed that Mueller found no evidence of collusion, and he also cleared Trump on obstruction. The report also confirmed that a drunken conversation between George Papadopoulos and an Australian diplomat who may have been working with Russia intelligence was used as justification to launch the 22-month investigation, which cast a shadow over the first half of Trump’s term.

Moving on to another topic, Kushner said the White House is preparing to release its long-awaited Middle East peace plan in the coming months. Kushner, who was charged with spearheading the plan, declined to give any details about whether it would involve a two-state solution between Israel and the Palestinians.

Time posted the entire interview on Twitter.

TIME

@TIME

LIVE: Jared Kushner interviewed at the Summit https://twitter.com/i/broadcasts/1ypKdvzYqNqJW 

LIVE: Jared Kushner interviewed at the #TIME100 Summit

TIME @TIME

1,059 people are talking about this

And offering rare praise for Time Magazine, which Trump famously criticized when he tweeted that he had turned down an offer to be the magazine’s person of the year for 2017, Trump promoted the “great interview” on his twitter feed.

Donald J. Trump

@realDonaldTrump

Great interview by Jared. Nice to have extraordinarily smart people serving our Country!

TIME

@TIME

LIVE: Jared Kushner interviewed at the #TIME100 Summit https://twitter.com/i/broadcasts/1ypKdvzYqNqJW 

Though some weren’t so enthusiastic about Kushner’s performance.

Adam Schiff

@RepAdamSchiff

On Sunday, Kellyanne Conway wouldn’t even acknowledge Russia helped Trump.

And Rudy Giuliani effectively said it was fine if they did.

Today, Jared Kushner said the attack was no more than a few Facebook ads.

There is no patriotism in Trump’s GOP. Only cowardly opportunism.

Ken Dilanian

@KenDilanianNBC

By falsely saying Russia’s covert campaign to interfere in our election added up to “a few Facebook ads,” White House senior official Jared Kushner was amplifying Russian propaganda and arguably undermining efforts to protect future US elections from foreign interference.

end

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

Beijing Just Undermined China’s $2.5 Trillion Stock Rally

  • Politburo meeting suggests less abundant stimulus in future
  • Chinese equity gauge tumbles 2.3%, biggest loss in a month
  • Beijing officials signaled they’re less amenable to adding stimulus…

https://www.bloomberg.com/news/articles/2019-04-22/beijing-just-undermined-china-s-2-5-trillion-stock-rally

Oil surged 3%, a 6-month high, after the Team DJT said it would remove sanctions waivers on Iran oil.

Oil hits 2019 high on U.S. plan to tighten squeeze on Iran

The United States on Monday said it will eliminate in May all waivers granted to eight economies allowing them to buy Iranian oil without facing U.S. sanctions…

https://www.reuters.com/article/us-global-oil/oil-hits-2019-high-on-u-s-plan-to-tighten-squeeze-on-iran-idUSKCN1RY0

WaPo: Trump administration says it is preparing to start imposing sanctions on some key U.S. allies, unless they stop buying oil from Iran – The waivers expire May 2, one year after the United States withdrew from the Iran nuclear deal…    https://www.washingtonpost.com/world/national-security/us-to-impose-sanctions-on-allies-in-drive-to-push-iran-oil-sales-to-zero/2019/04/22/cf9e7a93-d052-4951-b754-e1e5b068a224_story.html

@realDonaldTrump: Saudi Arabia and others in OPEC will more than make up the Oil Flow difference in our now Full Sanctions on Iranian Oil. Iran is being given VERY BAD advice by @JohnKerry and people who helped him lead the U.S. into the very bad Iran Nuclear Deal. Big violation of Logan Act?

Kyle Bass: ‘Be On a Heightened Sense of Alert’

  • “When you think about leverage in the system, China has put together the most reckless financial experiment in world history,” Bass says.
  • China is running twin deficits and they’re borrowing in dollars. That’s the formula for an EM blow up, especially if you have a closed capital account,” Bass explains.

South Korean exports are down 8% a year over year in March. Germany’s Manufacturing PMI was 44.1. That was the worst PMI in Germany since 2012. Japan’s Tankan March survey, sentiment of large manufacturers was at a six year low.  So China can tell us that they’re growing and they’re really stimulating, but their largest trading partners are telling you that things just aren’t very good…

https://seekingalpha.com/article/4255705-kyle-bass-be-heightened-sense-alert

@realDonaldTrump: Spoke to the Prime Minister of Italy, Giuseppe Conte, mostly concerning Immigration, Taxes, Trade, and the Economy of both of our countries. Very good call!

   

@GeorgePapa19: Mifsud is getting smoked out of Italy, where he is currently hiding, folks. It’s all a matter of time until the hammer drops on the deep state.

      Remember this: when the FISA that the Comey FBI had on me to spy on both myself and the Israelis is exposed, it’s going to rock that relationship and leave no doubt that Obama was the most anti-Israel president in history. Obama had an agenda. I explain this aspect in my book.

    Clinton errand boy, Alexander Downer, is freaking out about when congress will release the transcripts of my meeting with him. Read my congressional testimony close enough and you will also see congress has transcripts with FBI asset, Joseph Mifsud and Stefan Halper. Open secret!

 

@paulsperry_: Sarah Sanders’ statements that the FBI rank-and-file were disgruntled with Comey were, in fact, accurate. Mueller is merely protecting Comey in his report.The evidence that FBI field agents were up in arms over Comey’s handling of the Clinton probe is overwhelming. Stay tuned…

Act Two in Spygate will soon open: Deep State Agonistes – There will be at least one more act after 2020.

Bob Woodward, through sources and common sense, knows what is coming.  His assertion will give cover to MSM types and elements in the Establishment to do a Jerome Powell.

Bob Woodward: FBI, CIA Reliance on ‘Garbage’ Steele Dossier ‘Needs to Be Investigated’

What I found out recently, which was really quite surprising, the dossier, which really has got a lot of garbage in it and Mueller found that to be the case, early in building the intelligence community assessment on Russian interferencein an early draft, they actually put the dossier on page two in kind of a breakout box.”  “I think it was the CIA pushing this. Real intelligence experts looked at this and said no, this is not intelligence, this is garbage and they took it out,” said Woodward…

https://news.yahoo.com/bob-woodward-fbi-cia-reliance-174458794.html

@paulsperry_: Mueller kept Strzok and his C.I. team in the loop even after having to fire the Trump hater for bias.  After IG Horowitz forced Mueller to kick politically biased Trump-hater Strzok off his investigative team, Mueller embedded FBI analysts in his office whose sole purpose was writing summaries of his investigation & reporting findings back to Strzok’s C.I. team at FBI HQ

@BumillerNYT: If much of the Mueller report sounds familiar, it’s because much of it appeared in exclusives in The Times and other media in the past two years

     @julie_kelly2: Pretty sure that doesn’t sound as awesome as you think it does

Ex-Clinton advisor Mark Penn: Mueller’s done, and Dems should be too – because Trump is no Nixon

A duly elected president was investigated for a crime that never even existed. In fact, evidence is mounting that the investigation itself was launched on phony grounds

     The problem is that Jerrold Nadler (D-N.Y.) and Adam Schiff (D-Calif.) are congressmen from safe districts who are nobodies if they have no investigations to launch. It’s in the interest of their egos to keep it all going so that they can have daily press availabilities. And they are whipping up their political bases. It will take some Democrats of courage to turn this off and stop the abuse of going after the president’s financial records…

     If we are not going to respect the outcome of the Mueller report, then what was the point of the whole exercise? They found no collusion and they did not charge obstruction…

https://thehill.com/opinion/white-house/439691-mueller-done-dems-should-be-too-trump-is-no-nixon

@mtracey: Mueller cites tweets at least 182 times in the Report. So a major component of his activities involved investigating tweets

Ex-Dem Senator (AK) @MikeGravel: You live radically divorced from reality if your analysis of 2016 gives more blame for Trump’s victory to poorly-designed Russian FB ads than decades of systematic economic and social decay brought on by an elite class lacking any sort of loyalty to the country’s people

@OANN: Sen. Elizabeth Warren was registered as a Republican voter until switch in 1996

 

The Atlantic’s @IsaacDovere: Several sources say the Biden announcement, which had been planned for Wednesday by video, has now been pushed back [Joe’s polling is bad; big leftists donors don’t want him]

@Uncle_Jimbo: WaPo sinks to a new low: @washingtonpost: Analysis: Sri Lanka church bombings stoke far-right anger in the West

 

@charliekirk11: I recall more media outrage and backlash for a teenager wearing a MAGA hat doing nothing wrong, than the media’s outrage and coverage when hundreds of Christians are killed on their most holy day

 

A fire of unknown origin occurs in a church in Eyguières [France]

https://www.ledauphine.com/vaucluse/2019/04/21/bouches-du-rhone-depart-de-feu-dans-une-eglise-au-centre-d-eyguieres

 

END

 

 

 

 

I WILL SEE YOU WEDNESDAY NIGHT

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