APRIL 24/GOLD UP $6.00 TO $1277.45//SILVER IS UP 15 CENTS TO $14.97//8 CONSECUTIVE DAYS OF HUGE COMEX GOLD QUEUE JUMPING//TODAY WE HAVE ALMOST 21 TONNES OF GOLD STANDING AGAINST 8.8 TONNES OF REGISTERED //DEUTSCHE BANK CAN NOT FIND ANY SUITORS SO THEY ARE BACK AGAIN WITH THEIR GOOD/BANK/BAD BANK RESCUE//TRADERS ARE NOW VERY WORRIED THAT ARGENTINA MIGHT DEFAULT AGAIN//POOR RESULTS FROM BOEING//MORE REPORTS SUGGEST THAT THERE ARE STRUCTURAL PROBLEMS WITH BOEING’S 737 MAX 8//DEPT OF JUSTICE WANTS A CRIMINAL GUILTY PLEA FROM OUR ARCH ENEMY GOLDMAN SACHS//MORE SWAMP STORIES FOR YOU TONIGHT//

 

 

 

 

 

GOLD: $1277.45 UP $6.00 (COMEX TO COMEX CLOSING)

Silver:  $14.97 UP 15 CENTS  (COMEX TO COMEX CLOSING)

Closing access prices:

Gold :  $1275.50

 

 

silver: $14.94

 

 

 

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

today RECEIVING:  123/225

EXCHANGE: COMEX
CONTRACT: APRIL 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,269.300000000 USD
INTENT DATE: 04/23/2019 DELIVERY DATE: 04/25/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
657 C MORGAN STANLEY 12
661 C JP MORGAN 123
737 C ADVANTAGE 25 85
880 H CITIGROUP 200
905 C ADM 5
____________________________________________________________________________________________

TOTAL: 225 225
MONTH TO DATE: 6,607

 

NUMBER OF NOTICES FILED TODAY FOR  APRIL CONTRACT: 225 NOTICE(S) FOR 22500 OZ (0.6998 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  6607 NOTICES FOR 660700 OZ  (20.550 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 :$5384  DOWN $102

 

 

Bitcoin: FINAL EVENING TRADE: $5502 DOWN 90

 

 

end

 

XXXX

 

 

 

 

 

Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE A GOOD  SIZED 1255 CONTRACTS FROM 217,858 UP TO 219,113 DESPITE YESTERDAY’S 21 CENT FALL IN SILVER PRICING AT THE COMEX AS WE DID NOT HAVE  OUR CUSTOMARY LIQUIDATION OF SPREADERS TODAY BUT IT SHOULD RESUME SHORTLY. TODAY WE ARRIVED CLOSER TO 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,  1936 FOR MAY, 0 FOR JUNE 200 FOR JULY AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  2136 CONTRACTS. WITH THE TRANSFER OF 2136 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 2136 EFP CONTRACTS TRANSLATES INTO 10.68 MILLION OZ  ACCOMPANYING:

1.THE 21 CENT FALL IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

AND NOW 3.880 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:

30,590 CONTRACTS (FOR 17 TRADING DAYS TOTAL 30,590 CONTRACTS) OR 152.95 MILLION OZ: (AVERAGE PER DAY: 1799 CONTRACTS OR 8.997 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR:  152.95 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 21.85% 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:          720.75    MILLION OZ.

JANUARY 2019 EFP TOTALS:                                                      217.455. MILLION OZ

FEB 2019 TOTALS:                                                                       147.4       MILLION OZ/

MARCH 2019 TOTAL EFP ISSUANCE:                                           207.835   MILLION OZ

 

 

RESULT: WE HAD A GOOD SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1255 DESPITE THE 21 CENT FALL IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A  GOOD SIZED EFP ISSUANCE OF 2136 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) . OUR BANKERS HAVE NOT YET STARTED THEIR LIQUIDATION OF THE SPREAD TRADES.

 

TODAY WE GAINED A CONSIDERABLE SIZED: 3391 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 2136 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH INCREASE OF 1255  OI COMEX CONTRACTSAND ALL OF THIS STRONG DEMAND HAPPENED WITH A 21 CENT FALL IN PRICE OF SILVER  AND A CLOSING PRICE OF $14.82 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. 1.095 BILLION OZ TO BE EXACT or 157% 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 1519 CONTRACTS, TO 440,048 DESPITE THE FALL IN THE COMEX GOLD PRICE/(A DROP IN PRICE OF $4.40//YESTERDAY’S TRADING).  

 THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A STRONG SIZED 6845 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 6845 CONTRACTS DECEMBER: 0 CONTRACTS, JUNE 2020  0 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 440,048. 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 STRONG GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 8364 CONTRACTS: 1519 OI CONTRACTS INCREASED AT THE COMEX  AND 6845 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 8364 CONTRACTS OR 836,400 OZ OR 26.01 TONNES.  YESTERDAY WE HAD A LOSS IN THE PRICE OF GOLD TO THE TUNE OF  $4.40.AND YET WITH THAT FALL, WE STILL HAD A VERY STRONG GAIN IN TONNAGE OF 28.84 TONNES!!!!!!.?????????????????????????????????????????? 

 

 

 

 

 

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF APRIL : 117,682 CONTRACTS OR 11,768,200 OR 366.04 TONNES (17 TRADING DAYS AND THUS AVERAGING: 6922 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 17 TRADING DAYS IN  TONNES: 366.04 TONNES

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

THUS EFP TRANSFERS REPRESENTS 366.04/3550 x 100% TONNES =10.31% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     1739.43 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 1519 DESPITE THE LOSS IN PRICING ($4.40) THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A  STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 6845 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 6845 EFP CONTRACTS ISSUED, WE  HAD A VERY STRONG GAIN OF 8364 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

6845 CONTRACTS MOVE TO LONDON AND 1519 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 26.01 TONNES). ..AND THIS STRONG DEMAND OCCURRED WITH A FALL IN PRICE OF $4.40 IN YESTERDAY’S TRADING AT THE COMEX.

 

 

 

we had:  225 notice(s) filed upon for 22,500 oz of gold at the comex.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD...

 

WITH GOLD UP $6.00  TODAY 

TWO BIG TRANSACTIONS AT THE GLD.

mid afternoon:

i)A WITHDRAWAL OF 2.05 TONNES

late afternoon:

ii)a withdrawal of 1.76 tonnes

 

INVENTORY RESTS AT 747.87 TONNES

 

 

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

 

SLV/

WITH SILVER UP 15 CENTS TODAY:

NO CHANGE IN SILVER INVENTORY AT THE SLSV//

 

 

 

 

 

 

/INVENTORY RESTS AT 311.979 MILLION OZ.

 

 

end

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

1. Today, we had the open interest in SILVER ROSE BY A STRONG SIZED 1255 CONTRACTS from 217,858 UPTO 219,113 AND CLOSER TO THE NEW COMEX RECORD SET LAST IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  1 1/3 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.  AS YOU CAN SEE, WE HAVE RECORD HIGH OPEN INTERESTS IN SILVER  ACCOMPANIED BY A CONTINUAL LOWER PRICE WHEN THAT RECORD WAS SET…..TODAY,IT LOOKS LIKE OUR SPREADERS TOOK THE DAY OFF AS IT SEEMS THAT NEW CONTRACTS WERE PROVIDED ON THE SHORT SIDE TO CAUSE THE CASCADING PRICE WITH RESPECT TO THE RAID YESTERDAY,

 

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., 1936 FOR MAY, FOR JUNE 0 CONTRACTS AND JULY: 200 CONTRACTS  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2136 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  OI GAIN AT THE COMEX OF  1255 CONTRACTS TO THE 2136 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE  OBTAIN A VERY STRONG SIZED GAIN OF 3391 OPEN INTEREST CONTRACTS.  THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 16.96MILLION 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 INCREASE IN SILVER OI AT THE COMEX DESPITE THE 21 CENT FALL IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A STRONG SIZED 2136 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

)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED UP 3.02 POINTS OR 0.09% //Hang Sang CLOSED DOWN 157.41 POINTS OR 0.53%  /The Nikkei closed DOWN 59.74 POINTS OR 0.27%/ Australia’s all ordinaires CLOSED UP .93%

/Chinese yuan (ONSHORE) closed DOWN  at 6.7182 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 6.7182 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7238 / TRADE TALKS NOW ON/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW A FULL TRADE WAR COMMENCED

 

 

3A//NORTH KOREA

 

 

 

b) REPORT ON JAPAN

Japan

 

3 China/Chinese affairs

i)China/

China is running out of dollars as they try and fund their silk road project.  However unlike Turkey they are still safe for now

(courtesy zerohedge)

 

 

4/EUROPEAN AFFAIRS

i)DEUTSCHE BANK/

Deutsche bank has no bank willing to take on the no 1 derivative player in the world.  It is now again talking  about a bad bank /good bank scenario as they wall off units that they want to close.  The problem that they have is of course their huge losing derivative balloon

( zerohedge)

 

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)IRAN
Iran vows to bust uSA crude sanctions.
( zerohedge)
ii)Libya
Last week, we pointed out to you that General Hafter has lived in the uSA and it seemed that Trump has given him the green light to attack Tripoli and depose the current leader the UN’s
al Sarraj.  France, Egypt and the USA support Hafter, while the UK and others support al Sarraj.   We may have another civil war in Libya
( zerohedge)

6. GLOBAL ISSUES

i)Canada

Looks like Canada is in a little trouble as Poloz states that growth in the first quarter was an anemic .3% and he projects growth for all of 2019  ( a stretch) at 1.2%.  Down goes the Cdn dollar to 1.35 and bond yields plummet.

(zerohedge)

ii)Global FX crosses

Michael Every gives us a good look at ripple effects on our major currency crosses

i.e.  the Euro, the pound, and the Turkish lira

a must read…

(courtesy Michael Every/Rabobank)

 

7. OIL ISSUES

 

 

8 EMERGING MARKET ISSUES

Argentina

wow!! the Argentinian peso falters to almost 44 to the dollar. Traders are freaking out that we witness another default

(courtesy zerohedge)

 

 

 

9. PHYSICAL MARKETS

i)Kranzler states the obvious:  yesterday’s raid was shear manipulation coupled with fake financial journalism which covers this crime

( Dave kranzler/IRD)

ii)I brought this story to you yesterday but it is worth repeating..the survey fails to address market manipulation

( Ted Butler/GATA)

iii)The best mining company in the world:  Agnico Eagle

( Reuters)

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

 

 

MARKET TRADING//early this morning/TRADING

Treasury yields tumble and so does the German bund and other countries sovereign bond yields.

(zerohedge)

 

ii)Market data

a)Earnings are down for Boeing but for the first time they suspend guidance and buybacks

( zerohedge)

b)A pilot with many years of flying experience as well as design experience gaves a scathing report that the 737 max 8 is unsafe.
(courtesy zerohedge)

 

 

 

 

ii)USA ECONOMIC/GENERAL STORIES

a)What a story.  The nation’s 6th largest pharmaceutical distributor in Rochester New York, RDC, has been charged criminally with its distribution of opioids to red flagged accounts.  The top two company officials have been charged and one is ready or has already plead guilty. There may be other wholesalers implicated.

The maker of oxycontin, Purdue Frederick is ready to declare bankruptcy because of the multitude of cases against them.

( zerohedge)

b)Oh OH!!!~ this ought to be good.  Our perennial crooks will not escape this one:  the Dept of Justice demands a guilty plea on the iMDB case.

(courtesy zero hedge)

SWAMP STORIES

a)For those of you who want a true definition of the Hebrew then Yiddish term “chutzpah”…this is it. Hillary outlines a roadmap for Trump impeachment as she sights Trump engaged in clear obstruction, knowing full well that she was the queen of obstruction

( zerohedge)

b)Rudy Giuliani correctly lashes out at the Clintons and states: You are America’s number one Crime Family

good reading….

( zerohedge)

c)Trump warns our angry democrats that he will take the impeachment threats straight to the Supreme Court…that will be a first.

( zerohedge)

 

d)Cohen is a basket case;  now in a phone call he admits to more lies and he is claiming he is not actually guilty of any crimes that he plead guilty to.He did not want to get his wife messed up in his crap.

( 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 1519 CONTRACTS.TO A LEVEL OF 440,048 DESPITE THE LOSS IN THE PRICE OF GOLD ($4.40) IN YESTERDAY’S // COMEX TRADING) 

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF APRIL..  THE CME REPORTS THAT THE BANKERS ISSUED A  STRONG SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 6845 EFP CONTRACTS WERE ISSUED:

FOR APRIL 0 FOR JUNE ’19: 6845 CONTRACTS , DEC; 0 CONTRACTS: 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  6845 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: 8364 TOTAL CONTRACTS IN THAT 6845 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A FAIR SIZED 1519 COMEX CONTRACTS.

 

NET GAIN ON THE TWO EXCHANGES : 8364 contracts OR 836,400 OZ OR 26.01 TONNES.

 

We are now in the active contract month of APRIL and here the open interest stands at 347 contracts, having GAINED ANOTHER 57 contracts.

We had 69 notices filed upon yesterday, so we GAINED  126 contracts or an additional 12,600 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 8TH 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 134 contracts FALLING TO 1448 contracts. The next contract month after May is June and it is an active month.  Here the open interest FELL by 7009 contracts DOWN to 314,263 contracts.

 

 

 

 

TODAY’S NOTICES FILED:

WE HAD 225 NOTICES FILED TODAY AT THE COMEX FOR ,22500  OZ. (0.6998 TONNES)

 

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And now for the wild silver comex results.

Total COMEX silver OI ROSE BY A GOOD SIZED 1255 CONTRACTS FROM 217,858 DOWN TO 219,113(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 21 CENT FALL 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 0 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 9173 CONTRACTS DOWN TO 59,877. CONTRACTS.. THE NEXT MONTH OF JUNE GAINED 64 CONTRACTS TO 331. AFTER JUNE, THE VERY BIG DELIVERY MONTH OF JULY HAD A GAIN OF 8369 CONTRACTS UP TO 117,206 CONTRACTS.

 

 

 

 

 

 

ON A NET BASIS WE GAINED A STRONG SIZED 3391 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 3078 CONTRACT LOSS AT THE COMEX COMBINING WITH THE ADDITION OF 2136 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN ON THE TWO EXCHANGES:  3391 CONTRACTS...AND ALL OF THIS HUGE DEMAND OCCURRED WITH A 21 CENT LOSS 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:  229,831  CONTRACTS 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  307,019  contracts

 

 

 

 

 

 

 

 

 

INITIAL standings for  APRIL/GOLD

APRIL 24 /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
225 notice(s)
 22500 OZ
(0.6998TONNES)
No of oz to be served (notices)
122 contracts
(12,200 oz)
0.3800 TONNES
Total monthly oz gold served (contracts) so far this month
6607 notices
660700 OZ
20.550 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

 

we had 0 dealer entries:

 

 

total dealer deposits: nil oz

total dealer withdrawals: nil oz

We had 0 kilobar entries

 

we had 0 deposit into the customer account

i) Into JPMorgan:  nil oz

 

ii) Into everybody else:  zero oz

 

 

total gold deposits: nil  oz

 

 very little gold arrives from outside/ zero amount arrived  today

we had 0 gold withdrawals from the customer account:

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

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

 

 

 

 

total gold withdrawals; nil oz

 

we had 0 adjustments…a

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  225 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 123 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 (6607) x 100 oz , to which we add the difference between the open interest for the front month of APRIL. (347 contract) minus the number of notices served upon today (225 x 100 oz per contract) equals 672,900 OZ OR 20.930 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 (6607 x 100 oz)  + (290)OI for the front month minus the number of notices served upon today (225 x 100 oz )which equals 672,900 oz standing OR 20.930 TONNES in this  active delivery month of APRIL.

 

 

WE GAINED TODAY 126  CONTRACTS OR 12,600  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 EIGHTH CONSECUTIVE  GAIN AT THE GOLD COMEX, WITH TODAY’S GAIN EXTREMELY LARGE.  TO HAVE 8 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 20.930 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 20.930 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 24/2018 WE HAD 1045 OPEN INTEREST CONTRACTS STILL REMAINING TO BE SERVED//4 TRADING DAYS VS  1448 CONTRACTS APRIL 24.2019 WITH 4 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 24 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
461,284.430 oz
Scotia

 

 

 

 

 

 

 

Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
606,445.200 oz
CNT
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  1 deposits into the customer account

into JPMorgan:  nil

 

 

*** 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 CNT: 606,445.200  oz

 

 

 

 

 

 

 

 

total customer deposits today:  606,445.200  oz

 

we had 1 withdrawals out of the customer account:

i) Out of Scotia:  461,284.430 oz

 

 

total withdrawals: 461,284.430  oz

 

we had 0 adjustments..

 

total dealer silver:  91.518 million

total dealer + customer silver:  306.214 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 24.2018 WE HAD A LARGE 67,226 OPEN INTEREST CONTRACTS STILL LEFT TO BE SERVED WITH 4 TRADING SESSIONS TO GO/ VS TODAY, APRIL 24.2019: 59,877 CONTRACTS//4 TRADING SESSIONS.

 

 

 

 

 

 

 

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TODAY’S ESTIMATED SILVER VOLUME:  111,759 CONTRACTS  (seems we had  a little liquidation of our spreaders)_

 

 

 

 

 

CONFIRMED VOLUME FOR YESTERDAY: 131,403 CONTRACTS..(for sure we had some liquidation of our spreaders//yesterday)

..

 

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 131,403 CONTRACTS EQUATES to 657 million  OZ 93.8% OF ANNUAL GLOBAL PRODUCTION OF SILVER

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

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

 

end

 

 

 

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NPV for Sprott 

1. Sprott silver fund (PSLV): NAV FALLS TO -3.92% (APRIL 24/2019)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -1.55% to NAV (APRIL 24/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -3.92%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

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

NAV 12.85TRADING 12.29/DISCOUNT 4.10

END

And now the Gold inventory at the GLD/

APRIL 24 WITH GOLD UP  $6.00 TODAY// TWO TRANSACTIONS: 1)A HUGE WITHDRAWAL OF 2.05 TONNES FROM THE GLD AND THEN II) ANOTHER WITHDRAWAL OF 1.76 TONNES//INVENTORY RESTS AT 747.87 TONNES

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

 

 

 

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APRIL 24/2019/ Inventory rests tonight at 747.63 tonnes

*IN LAST 584 TRADING DAYS: 187.08 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 484 TRADING DAYS: A NET 20,26TONNES 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 24/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ//

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//

 

APRIL 24/2019:

 

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 2.09/ and libor 6 month duration 2.62

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

G0LD LENDING RATE: + .53/

 

 

XXXXXXXX

12 Month MM GOFO
+ 2.46%

LIBOR FOR 12 MONTH DURATION: 2.74

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.28

end

 

PHYSICAL GOLD/SILVER STORIES

 

end
i) GOLDCORE BLOG/Mark O’Byrne

World’s Central Banks Want More Gold – India May Buy 1.5M Ounces In 2019

  • Royal Bank of India (RBI) may buy another 1.5 million oz this year according to OCBC
  • Many other central banks including large creditor nations Russia and China are also adding to gold holdings

via Bloomberg

India’s central bank is likely to join counterparts in Russia and China scooping up gold this year, adding to its record holdings and lending support to worldwide gold bullion demand as top economies diversify their reserves.

The Reserve Bank of India’s purchases are part of a wider picture across developing economies that are looking at de-dollarizing their foreign-exchange reserves, according to Ross Strachan at Capital Economics Ltd. The RBI’s buying trend can be sustained for a number of years in relatively small quantities, as part of a long-term diversification, he said.

The RBI may purchase 1.5 million ounces in 2019, or about 46.7 tons, according to Howie Lee, an economist at Oversea-Chinese Banking Corp., with an outlook based on extrapolating amounts bought in the first two months of this year.

The RBI increased its stash by about 42 tons last year, and after adding more in January and February, the country’s gold reserves now stand at a record high of almost 609 tons, according to data from the International Monetary Fund. Russia bought 274 tons in 2018 and has added more this year, while China’s central bank is on a renewed buying spree that began in December. Global official sector gold purchases could reach 700 tons in 2019 led by these countries as well as Kazakhstan, Iran, and Turkey, according to Citigroup Inc.

Heightened geopolitical and economic uncertainty pushed central banks to diversify their reserves and focus on investing in safe and liquid assets, with governments worldwide adding 651.5 tons of bullion last year — the second-highest total of purchases on record, according to the World Gold Council.

Further inflows — expected to run as high as 2018 as China, Russia, and Kazakhstan buy –should also be supportive sof prices, according to Goldman Sachs Group Inc. Spot gold has lost almost 6 percent since a peak in February as equities rallied.

“There seems to be some form of pattern, not just the RBI, that central banks tend to increase gold reserves when the global macroeconomic environment is uncertain,” OCBC’s Lee said. “It’s no coincidence that one of the biggest buyers of gold in recent months was China, which is in the midst of trade tensions with the U.S. and may have been seeking to diversify its trillions of dollar reserves.” India may be following a similar tactic of diversification, he said.

Source: Wikipedia

The trade war between the U.S. and China has disrupted supply chains, whipsawed markets and weighed on the world economy. In March, Donald Trump announced he plans to end key trade preferences for India and Turkey, and notified Congress of his “intent to terminate” benefits, starting a 60-day countdown before the president can take the action on his own authority.

While the RBI didn’t respond to a request for a comment, its annual report for 2017-2018 released in August said diversification of foreign currency assets continued during the year and that the “gold portfolio has also been activated.”

Diversification

The rising U.S. deficit and the Federal Reserve signaling a pause on interest rate hikes could be factors that may potentially compel the RBI to add more to its gold holdings, according to Shekhar Bhandari, the Mumbai-based business head of global transaction banking and precious metals at Kotak Mahindra Bank Ltd.

India’s foreign-exchange reserves are improving steadily and foreign fund inflows “are strong, hence buying U.S. Treasuries and gold will help keep the rupee on the weaker side and give a boost to exports,” he said.

The Indian rupee, which was Asia’s worst-performingmajor currency in 2018, has been strengthening in recent months due to strong foreign inflows into the equity and debt markets. Investors, though, remain wary of risks in the form of an increase in oil prices, a swing in global risk appetite and federal elections in the country.

There’s room for more diversification — while India’s gold holdings are the 10th-largest by country, they account for only 6.4 percent of its reserves, compared with more than 70 percent in Germany and the U.S., WGC data show.

“This is an argument for further buying,” said Carsten Fritsch, senior commodity analyst at Commerzbank AG in Frankfurt.

“It is too speculative to say how much gold the RBI will buy this year. It could be more than last year, though.”

Watch Video Here

News & Commentary

Gold slips towards 4-month low as robust dollar dents appeal (Reuters.com)

Asian shares fall despite strong Wall Street; oil retreats (Reuters.com)

Australia shares end at over 11-year high on rate cut hopes; NZ rises (Reuters.com)

Gold worth billions smuggled out of Africa (Reuters.com)

Worsening Mood in Germany, France Damps Euro-Area Rebound Hopes (Bloomberg.com)

World’s Central Banks Including India Want More Gold (Bloomberg.com)

You Are Here – Hussman (HussManFunds.com)

Seeds Sewn For Major Transatlantic Trade War Starting In May (ZeroHedge.com)

Chicago’s Pension Funds Looking More Like A Collapsing Ponzi Scheme (ZeroHedge.com)

Time for a True Global Currency – IMF (Project-Syndicate.org)

Total Identifiable Silver Investment Rose 5% to 161 Moz in 2018 (Twitter.com)

Gold Prices (LBMA PM)

23 Apr: USD 1,273.45, GBP 979.67 & EUR 1,131.46 per ounce
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

Silver Prices (LBMA)

23 Apr: USD 14.97, GBP 11.51 & EUR 13.31 per ounce
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

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

– 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

Mark O’Byrne
Executive Director

GATA STORIES WITH RESPECT TO GOLD/PRECIOUS METALS.

Kranzler states the obvious:  yesterday’s raid was shear manipulation coupled with fake financial journalism which covers this crime

(courtesy Dave kranzler/IRD)

 

Dave Kranzler: Today’s paper gold raid and fake financial journalism

 

 

 Section: 

2:37p ET Tuesday, April 23, 2019

Dear Friend of GATA and Gold:

Today’s paper-market raid on gold was another instance of market manipulation, Dave Kranzler of Investment Research Dynamics in Denver notes, as the seller unloaded his mammoth position all at once rather than gradually, which would have enabled him to obtain better prices.

Of course we’ve seen such manipulative smashes a thousand times before, so Kranzler’s commentary today may be more welcome for taking a crack at another oblivious market analyst at Kitco, Jim Wycoff, for his trying to contrive an explanation for the smashdown that fits with ordinary market action. Fairness to Wycoff requires noting that nearly all monetary metals market analysts are just as willfully blind lest they impugn their “technical analysis.”

Kranzler’s commentary is headlined “Tuesday’s Paper Gold Raid and Fake Journalism” and it’s posted at the IRD internet site here:

http://investmentresearchdynamics.com/tuesdays-paper-gold-raid-and-fake-…

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


* * *

END

I brought this story to you yesterday but it is worth repeating..the survey fails to address market manipulation

(courtesy Ted Butler/GATA)

Ted Butler: Annual silver production surveys fail to address market manipulation

 Section: 

6:28p ET Wednesday, April 23, 2019

Dear Friend of GATA and Gold:

Silver market analyst Ted Butler this week examines the annual silver production reports by GFMS and CPM Group and wonders how they can be considered honest when they never mention the evidence of manipulation of the silver market. Butler’s commentary is headlined “The Annual Silver Surveys” and its posted at GoldSeek’s companion site, SilverSeek, here —

http://silverseek.com/commentary/annual-silver-surveys-17634

— and at 24hGold here:

http://www.24hgold.com/english/news-gold-silver-the-annual-silver-survey…

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

END

The best mining company in the world:  Agnico Eagle

(courtesy Reuters)

Agnico bets on high-grade gold as it digs in Canada’s remote north

 Section: 

By Nicholas Saminather
Reuters
Tuesday, April 23, 2019

TORONTO — Agnico Eagle Mines is doubling down this year on Nunavut, Canada’s least developed territory, betting that the high-grade gold ores and slim competition there will offset the risks of digging in the remote location in the far north.

For miners desperate to shore up reserves, the choice is often between safer jurisdictions with inhospitable geographies and easier-to-reach ores in politically challenging locations.

… 

Investors have been rewarded for backing Agnico’s strategy.

The company’s shares have surged 71 percent over the past five years, trouncing the 0.3 percent gain in the benchmark S&P/TSX Global Gold Index. Investors believe the company is making the right move again, thanks to high-grade ores in Nunavut and Agnico’s 12 years of experience in the Arctic territory. …

… For the remainder of the report:

https://ca.reuters.com/article/businessNews/idCAKCN1RZ1PO-OCABS

END



iii) Other Physical stories

If one offered investors a fat tail put option that never decays or expires, costs about -1% pa to carry, has no counter party risk & no chance of ever becoming worthless, there would be a line out the door. But when one explains that this option is physical gold… no interest.

–          S. Mikhailovich

The above quote has been atop www.jsmineset.com   for over 6 months now.  Recently, several readers have asked “what does it mean and why has the quote remained for so long”?  With financial markets bloated and ready to implode without notice, let’s look at this very important concept and then expand on it as you will see.

First, what is a “fat tailed put”?  A put option is something speculators use to bet on downward movement, or hedgers use to protect long positions.  In this instance, the “put” happens to be against the financial system as a whole.  In other words, a put, or a bet/hedge against a systemic implosion.  A “fat tail” refers to something that begins to move exponentially the higher the sigma event becomes.  The worse the event, the greater the move higher of a fat tailed put in far greater magnitude.  Ultimately in a credit meltdown, owning gold will be the equivalent of owning “all the marbles”!

If you have any understanding of options, you know they have final expiration dates and whatever “time premium” that exists will continually decay until expiration day when the premium vanishes as no more time exists.  This is typically the problem with puts or calls, they have a final expiration date, you might be correct in your thought a market may move one way or the other but it may not happen within your timeframe.  If this is the case and your option expires, your speculation or your hedge is gone when the event takes place.  It is for this reason (premium decay into expiration) that the “writers” (issuers) of put and call options generally win something like 90% of the time.  Conversely, buyers of options normally lose 90% of the time because of the premium decay due to the passage of time.

Getting to the meat of this quote, the author is trying to tell you gold is THE ultimate put option to protect against a credit meltdown as well as many other possible negative scenarios which could affect the entire credit edifice.  Gold costs less than 1% per year to carry (store), it has no expiration date and it can never ever become worthless.  Most importantly it has no counterparty risk.  In today’s world where literally everything has liability (or promise) attached, gold has none.  No government or institution needs to guarantee gold.  For instance, when you purchase a bond, any bond, if the borrower fails to pay either interest or principal …you as the lender suffers.  Gold promises nothing.  Rather, it is “proof” labor, capital and equipment have already been employed to create the bar or coin in your hand.

The author finally points out, this type of put option with no time decay or expiration, AND no liability is the ultimate in protection …but because it is “called” gold, no one has interest.  Bluntly, governments and their central banks have psyop’d the populace for many years that gold is “risky” and bad, only their currency is safe …!  They have done a fabulous job from a psychological standpoint, though not so much from the standpoint of the actual performance of their currency as ALL have been debased and lost purchasing power over the years.  The fact that investors/savers have seen with their own eyes currencies continually debase versus real goods (and of course gold), yet still think of gold as “risky”, is proof positive how thorough government negative campaigns against gold have been!

So that pretty much explains the quote.  If you understand nothing else, knowing gold will be your life boat under nearly all possible negative systemic scenarios is critical.  Inflation/hyperinflation?  Gold.  Depression/deflation?  Gold  Negative currency or credit events?  Gold.  War/civil war?  Gold.  Simply, when anything of real substance occurs that is systemically bad financially or economically, because of gold’s characteristics (especially the non liability aspect), GOLD is THE safe haven.  This has been true for thousand’s of years and as you will see when the current credit bubble of historic proportions bursts …IS STILL TRUE TODAY!

OK, so the quote has been explained, “gold is the ultimate put option against a negative systemic event”.  If this is the case and I assure you it is, then what form of gold is best?  In this case, what gives you the most exposure to gold for your capital expended.  In plain English, what is the ultimate call option?  When TSHTF, what form of gold will give you the most exposure to gold’s “fat tail put” characteristic?  Let’s call it a FAT TAILED CALL OPTION!

This is actually quite easy and has been in front of you all along.  The greatest call option on gold is the mining company that has the most PROVEN gold ounces in the ground per share outstanding.  I thought about saying “economically feasible to mine” but this is slightly incorrect.  If cost to produce is currently $1,500 per ounce, then it’s not economically feasible today …but what happens when gold trades to $2,000 or many multiples?  It is this concept that explains the operating leverage of mining companies and why they are historically far more volatile than the price of gold itself.  Generally speaking, mining companies in production have 3 times the leverage or volatility to gold’s price.

But there is another sector of the mining industry with FAR MORE leverage than the producing miners …the juniors …and especially the exploration companies!  For example, there are many juniors/explorers out there that are valued at $20 (or less) for every ounce of proven gold they currently sit on.  These companies currently trade at a huge discount to the value of the proven gold their properties contain.  Let’s look at these from the standpoint of a “call option”?

The ultimate call option is a situation that gives you THE most exposure to gold for your capital expended.   Gold exposure that can be purchased at a discount (thus no premium) and does not expire unless the company bankrupts.  In essence, you are looking for  companies with the most proven gold ounces per common share.  In this instance, you have the most gold exposure for your capital expended.

To wrap this up, gold itself is a fat tailed put that offers outsized financial protection the worse things get.  Proven ounces in the ground, (owned by companies whose stocks are currently almost free) offers maximum leverage to gold.  Thus you have massive leverage upon the asset which offers the most protection to the financial meltdown mathematically certain to occur!  Call this the fat tailed call option on gold …which happens to be the fat tailed put option to a systemically bankrupt global Ponzi scheme.  …And without expiration!

Standing watch,

Bill Holter

Holter-Sinclair collaboration

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

 

end

* * *

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

i) Chinese yuan vs USA dollar/CLOSED/ LAST AT: 6.7182/

//OFFSHORE YUAN:  6.7238   /shanghai bourse CLOSED UP 3.02 POINTS OR 09%

HANG SANG CLOSED DOWN 157.44 points or 0.53%

 

2. Nikkei closed down 59.74 POINTS OR 0.27%

 

 

 

 

3. Europe stocks OPENED MIXED/red

 

 

 

 

 

 

USA dollar index RISES TO 97.65/Euro RISES TO 1.1208

3b Japan 10 year bond yield: FALLS TO. –.04/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 111.84/ 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:: 66.09 and Brent: 74.47

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 FALLS TO +00%/Italian 10 yr bond yield DOWN to 2.66% /SPAIN 10 YR BOND YIELD DOWN TO 1.08%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 2.66: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 3.30

3k Gold at $1271.45 silver at: 14.84   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 47/100 in roubles/dollar) 64.17

3m oil into the 66 dollar handle for WTI and 74 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 111.84 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 1.0182 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1412 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

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

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 2.54% early this morning. Thirty year rate at 2.96%

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

6.  TURKISH LIRA:  UP  TO 5.8760.. VERY DEADLY

Stocks Struggle With S&P At All Time High; Global Stocks, Yields Slide On China Stimulus Fears

Global markets took a step back on Wednesday, with US index futures and Asian stocks struggling to push higher following Tuesday’s record S&P close amid clear signals that China has put broader monetary stimulus on hold. The MSCI world equity index, edged down 0.1 percent in early European trade, as Treasuries continued to climb alongside European sovereign bonds and the dollar extended its rally to a six-week high, defying the signal from the fresh all time highs in US stocks as bond traders refuse to “rotate greatly” into stocks, and instead see even more economic weakness (or just more QE) in the future.

 

European shares followed Asia lower, pulling back from eight-month highs, with Europe’s Stoxx 600 index slipping 0.4% in early trading, although subsequent gains in technology companies and builders as the ETF bid came in, helped push the the Stoxx 600 into positive territory, and looking to extend the longest run of gains since 2017, boosted by positive earnings reports from companies including Credit Suisse.

Germany’s DAX was in the green despite the latest confirmation that Europe was still not out of the woods, after the German Ifo business survey showed German business morale deteriorated in April. The Ifo index measuring Germany’s business climate fell 0.5pt to 99.2 in April, below consensus expectations, driven by the manufacturing sector, while the services and construction sectors showed improvements. The decline reflects both a negative assessment of future economic conditions in the next 6 months (down 0.4pt to 95.2) and of current conditions, which fell 0.6pt (to 103.3). The March print was revised up from the first estimate (driven by a 0.1pt upward revision in the current conditions subindex).

 

The first major European bank to report, Credit Suisse’s shares rose 3.9% after the bank posted an unexpected rise in earnings and said it was cautiously optimistic about the second quarter following a challenging start to the year.  It posted a net profit of 749 million Swiss francs ($734 million) for the first quarter of 2019 as larger-than-expected wealth management gains offset investment banking declines. Results from UBS Group AG and Barclays follow on Thursday and Deutsche Bank on Friday.

The top performers on the STOXX 600 were payments company Wirecard and business software company SAP, which also boosted the DAX. As reported earlier, the battered Wirecard soared 8% after Bloomberg reported that Japan’s SoftBank was looking to invest about 900 million euros ($1 billion) for a minority stake in the company, forcing a violent short squeeze. Meanwhile, SAP climbed 6% as the company set new medium-term profit targets after reporting a first-quarter operating loss that chiefly resulted from a restructuring charge according to Reuters.

Elsewhere, payments firm Ingenico rose +5% after reporting 1Q sales and raising FY organic growth guidance; chip stocks quickly reversed opening losses to trade higher, shaking off cautious management comments from U.S. peer Texas Instruments which weighed on expectations of industry recovery in second half of this year. STMicro also rose +3.6% after cutting spending plans and keeping its forecast for sales growth to improve this quarter as well as in 2H.

Earlier in the session, the MSCI Index of Asian shares ex Japan dropped 0.2%, where the biggest regional loser was South Korea’s KOSPI, which fell 0.9%, with Samsung Electronics down 1%. Korean investors shrugged off the government’s proposed supplementary budget aimed in part at supporting exports from the country and focused instead on a warning from chipmaker Texas Instruments, which said it expects a slowdown in demand for microchips to last a few more quarters.

Chinese equities flitted between gains and losses as investors debated whether Beijing would slow its pace of policy easing following stronger-than-expected first-quarter economic growth.

“The big picture is the tussle between Asia, which has pulled back, and America, where the markets made new highs, so Europe is probably going to be a bit torn between the two,” said Andrew Milligan, head of global strategy at Aberdeen Standard Investments. “The positive for Europe is Credit Suisse’s earnings, which could reignite upbeat sentiment and show that some financials are doing well despite weak European economic sentiment and the problems from very low interest rates.”

The muted euphoria that took U.S. stocks to record highs on abysmal volume appears to have triggered some “soul-searching” among investors, with Bloomberg noting that positive earnings surprises in Europe failing to erase lingering concerns about the region’s economic outlook. To date, almost 80% of S&P 500 companies reporting results have exceeded estimates. Looking ahead we get some key economic news, with US Q1 GDP data due on Friday, while emerging market investors will be nervously watching the dollar’s climb.

“The risk is not massively balanced to the downside,” Jasper Lawler, head of research at London Capital Group, told Bloomberg. “We’ve had a big run higher, we’ve tested record highs in the U.S., and maybe this is time for consolidation. Everything has been baked into the market already.”

Elsewhere in global markets,

Sri Lanka’s main stock index traded at its lowest since December 2012 following the deadly Easter Sunday attacks that killed more than 350 people. Analysts have said the country’s economy might need IMF assistance to overcome the devastation from the incident.

The Turkish lira hit its weakest intraday level against the dollar since mid-October as investors worried about risks generated by challenges to Istanbul election results and strains in relations with the United States.

Market attention is also focused on the Turkish central bank’s rate-setting meeting on Thursday, when it is expected to keep its policy rate unchanged at 24 percent.

Also in FX, Australia’s dollar tumbled against all major peers after a very weak inflation print boosted bets for an interest-rate cut with Citi now expecting at least 2 rate cuts in the months ahead. The dollar climbed to the highest in almost 7 weeks, defying most bank predictions for a weaker greenback. The Euro stayed under pressure after German IFO data missed estimates, trying to hold above 1.12 before the European Central Bank releases its economic bulletin. The pound slipped as U.K. politics returned to center stage as Prime Minister Theresa May is said to be mulling a new plan to get her Brexit deal through Parliament

In commodities, after jumping to 2019 highs earlier this week, oil prices eased on Wednesday on signs that global markets remain adequately supplied. Brent traded down 0.34 percent at $74.26 per barrel, while U.S. crude dipped 0.39 to $66.04 a barrel. Gold prices dipped 0.1 percent to $1,270.60 per ounce, hovering around the four-month low touched in the previous session.

A busy earnings day lies ahead with Microsoft, Facebook, Visa, AT&T and Boeing among companies due to report.

Market Snapshot

  • S&P 500 futures down 0.1% to 2,935.00
  • STOXX Europe 600 down 0.2% to 390.67
  • MXAP down 0.3% to 162.53
  • MXAPJ down 0.2% to 541.57
  • Nikkei down 0.3% to 22,200.00
  • Topix down 0.7% to 1,612.05
  • Hang Seng Index down 0.5% to 29,805.83
  • Shanghai Composite up 0.09% to 3,201.61
  • Sensex up 0.5% to 38,768.58
  • Australia S&P/ASX 200 up 1% to 6,382.14
  • Kospi down 0.9% to 2,201.03
  • German 10Y yield fell 1.7 bps to 0.024%
  • Euro down 0.1% to $1.1216
  • Brent Futures down 0.4% to $74.21/bbl
  • Italian 10Y yield rose 7.1 bps to 2.302%
  • Spanish 10Y yield fell 1.4 bps to 1.102%
  • Brent futures down 0.3% to $74.28/bbl
  • Gold spot up 0.1% to $1,273.46
  • U.S. Dollar Index up 0.01% to 97.65

Top Overnight News

  • Key gauges of confidence in Germany and France, the euro area’s two largest economies, unexpectedly deteriorated, signaling that a long-expected rebound may still be some way off
  • Trade negotiators led by U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will travel to Beijing next week, the White House said, as both sides work to reach a draft agreement by next month
  • The U.K. formally kick-started its search for Mark Carney’s successor as governor of the Bank of England, a role that’s been linked to both senior people within the institution and ex-central bankers around the world
  • The People’s Bank of China offered 267.4 billion yuan ($40 billion) of targeted medium-term loans on Wednesday, a step that funnels money to some lenders while avoiding broad easing
  • The death toll in the Easter massacre in Sri Lanka rose to 359, while internal tensions among the country’s dueling leaders have resurfaced in recent days over intelligence failures in the run-up to the blasts

Asian equity markets traded mixed after the region failed to sustain the tailwinds from Wall St where strong blue-chip earnings propelled the S&P 500 and Nasdaq to fresh record closes. ASX 200 (+0.9%) resumed this week’s outperformance as soft CPI data brought forward various expectations for a rate cut to as early as next month, while gains in the Nikkei 225 (-0.3%) were later pared on detrimental currency moves. Elsewhere, Hang Seng (-0.5%) and Shanghai Comp. (U/C) also failed to sustain opening gains as White House confirmation that US-China trade talks will resume next week and the PBoC announcement of CNY 267bln in targeted MLF, was overshadowed after the PBoC dismissed rumours related to a potential targeted RRR cut for rural banks and refrained from Reverse Repo operations. Finally, 10yr JGBs saw mild gains as sentiment in the region soured and after similar upside in T-notes amid bull-steepening in the US, while the BoJ were also active in the market today for a respectable JPY 950bln of JGBs and focus now shifts towards the conclusion of the central bank’s 2-day policy meeting tomorrow.

Top Asian News

  • This Time Around, Asia Investors Aren’t Buying the Tech Euphoria
  • Richest Family in Thailand Is Getting Richer by Helping China
  • HKMA, SFC Inspect A China-Based Bank Over ‘Complex Transactions’
  • China Stocks Fluctuate in Afternoon Trading as Small Caps Jump

Major European indices are mixed [Euro Stoxx 50 -0.1%] as sentiment continues to deteriorate from the Asia session which failed to sustain the momentum in US equities where the S&P and Nasdaq reached record closes. Sectors are similarly mixed, with Energy names underperforming in line with the oil complex’s positive momentum dissipating after the larger than expected API build. Also performing poorly is the auto sector, following Nissan cutting their FY guidance; which has weighed particularly heavily on Renault (-3.8%), with other auto names such as BMW (-0.8%) and Volkswagen (-1.0%) down in sympathy. Conversely, the Technology sector is significantly outperforming its peers led by the strong performance in sector heavyweight SAP (+6.8%) who represents 26% of the sector after the Co. reported strong earnings and raised 2019 operating profit guidance; subsequently, Co. shares have this morning printed a record high of EUR 109.3. Other notable movers this morning include Credit Suisse (+3.0%) and Novartis (+2.7%) following earnings with the SMI (+0.4%) outperforming on the back of this. In addition, Novartis strong performance, following the Co. raising guidance in-spite of the Q1 sales miss, has caused the Healthcare sector to perform strongly. Finally, in a turnaround from recent performance Wirecard (+7.1%) are the outperforming DAX constituent (+0.1%), after reports that the Co. and Softbank have signed an agreement for Softbank to purchase a 5.6% stake in the Co. for around USD 1bln.

Top European News

  • U.K. Borrowing Hits 17-Year Low as Calls Grow to End Austerity
  • London’s Unsold Homes Under Construction Increase to Record
  • U.K. Said to Prepare Tougher Rules on Huawei, Avoid Full Ban
  • Italy’s Coalition Reaches Accord on Rome Relief Amid Infighting

In FX, the Aussie has sharply extended losses in wake of weaker than expected Q1 CPI metrics overnight that have raised RBA rate cut expectations for the next policy meeting in May to circa 60% and heightened the probability of another 25 bp ease before year end. Aud/Usd collapsed from around 0.7102 to 0.7028 in response before finding some underlying bids ahead of big barriers at the psychological 0.7000 level and a couple of downside chart supports in very close proximity, like 0.7005 (50% Fib) and 0.7003 (March 7 low). Note also, more exporter bids are anticipated around the next big figure following similar interest at 0.7050 that were filled on the way down amidst all round selling from high frequency and leverage accounts along with macro funds when 0.7070 gave way. Similarly, Aud/Nzd saw leverage and momentum longs bail on a break through 1.0650 as the cross hit a low of 1.0618 from 1.0671 at one stage, while the Kiwi also fell in sympathy vs its US counterpart to 0.6614 from 0.6657 and Nzd/Usd is now hovering near 0.6625 ahead of NZ trade data on Thursday.

  • CAD – The other non-US Dollar is also languishing and retreating further from recent highs as a downturn in crude prices adds to defensive positioning in the lead up to today’s BoC meeting and MPR that is expected to be cautious if not dovish, with downgrades to Canadian growth and inflation projections. The Loonie is currently near the bottom of 1.3461-18 parameters and not far from last month’s low of 1.3468, as Usd/Cad options predict a 67 pip break-event for the BoC.
  • EUR – The single currency is holding rather precariously on to the 1.1200 handle after another dip below stopped just short of Wednesday’s 1.1192 base, with the latest German Ifo survey missing on all counts and softer than the previous month. Moreover, the institute noted that the April readings point to more slowing in the economy and industrial sector underperformance, chiming with underwhelming preliminary PMIs, and could translate to lower 2019 GDP growth overall compared to the 0.8% forecast that has only recently been revised down. However, Eur/Usd has recovered to retest a key Fib at 1.1216 within a 1.1195-1.1231 range.
  • CHF/SEK – Relative G10 outperformers as the Franc rebounds through 1.0200 vs the Greenback and from 1.1450+ against the Euro, while the Swedish Krona is back above 10.5000 vs the single currency and braced for the Riksbank to reaffirm tightening guidance for H2 this year tomorrow. Conversely, Eur/Nok remains elevated over 9.6000 on the aforementioned retreat in oil.
  • DXY – The Usd continues to proffer at the expense of others, in part if not the most part, but the index has not managed to build on Tuesday’s new 97.783 ytd peak as the JPY and GBP also display a degree of resilience and contain downside forays ahead of 112.00 and 1.2900 respectively. Cable has bounced off Fib support at 1.2911, albeit mildly amidst ongoing Brexit uncertainty, while Usd/Jpy is still encountering supply and the Yen retains underlying safe-haven support in the run up to the BoJ and US GDP data the day after. Note, detailed previews of all this week’s Central Bank policy convenes are available via the Research Suite and/or in the form of primers on the headline feed into each meeting.

In commodities, Brent (-0.2%) and WTI (-0.4%) prices have broken the Iran waiver induced positivity following last nights API’s, where crude stocks printed a significantly larger build than was expected; 6.9mln vs. Exp. 1.3mln; ahead of today’s EIA release which may result in some additional downward pressure on oil prices if a similar figure is reported. Newsflow for the complex has been relatively light, although Saudi Energy Minister Al Falih has reiterated that they remain focused on balancing the global oil market and global inventories will guide their actions. Adds that there will be little variance in May production levels from the previous months, as they will not pre-emptively increase production even though they expect increased demand following the conclusion of Iranian oil waivers. Gold (+0.1%) is little changed as the dollar remains firm with yellow metal remaining above the USD 1270/oz level and towards the top of the day’s relatively narrow range. Elsewhere, Copper has traded lacklustre in line with the general market sentiment and due to the underperformance seen in China for much of the overnight session; with China the largest buyer of the red metal.

US Event Calendar

  • 7am: MBA Mortgage Applications -7.3%, prior -3.5%

DB’s Craid Nicol concludes the overnight wrap

Timing it with a holiday week doesn’t help, but you’d be hard pressed to find another occasion when there’s been a more subdued record-breaking day for US stock markets. Indeed the S&P 500 and NASDAQ waltzed to new all-time highs yesterday with both breaching their October peaks after advancing +0.88% and +1.32%, respectively. The DOW also gained +0.55% and remains just over 1% off its all-time peak. We had a quick glance back at this recent run and since the December trough, 82 trading sessions ago, the S&P 500 and NASDAQ are up a remarkable +24.78% and +31.13%, respectively. The last time they bounced as sharply and as quickly was after the financial crisis,after markets bottomed out in March 2009. Then, the S&P 500 took only 23 days to bounce over 25% off the trough, while it took the NASDAQ 36 days to rally 32%.

So this rebound has been the strongest in a decade, even if it feels less dramatic. Indeed, the VIX index slid -0.14pts yesterday to 12.28, back near its year-to-date lows. For comparison, during the aforementioned rebounds in 2009, the VIX averaged over 40pts over the rally period. In fact, we also looked back at the closing moves for the S&P 500 since April 2nd and the average in the 15 sessions up until and including then is just +0.15%. It doesn’t get any better if we look at ranges either with the average intraday range of just 0.59%. You have to go back to early January 2018 to find the last time we had a smaller average intraday range over 15 sessions. The good news is that the direction of travel is positive for now though and yesterday earnings played their part. We’ll go through the details on those below but with Microsoft and Facebook reporting today, positive earnings reports could provide a further tailwind for risk in the absence of any other drivers out there at the moment.

Speaking of earnings Caterpillar are also due to report their latest quarterly numbers today. Those results are always closely watched by both micro and macro investors given the company’s status as an economic bellwether.Remember that the stock tumbled -9.13% following its Q4 earnings release back in January when management flagged slowing demand in China. Caterpillar is expected to post Q1 EPS of $2.82 (Bloomberg consensus) which would be roughly flat on the same period last year. Like always though it’ll be the forward looking commentary which is most closely watched.

Back to markets yesterday where in Europe the STOXX 600 hit its highest level since last July after advancing +0.23%. The DAX and CAC posted fairly modest gains (+0.20% and +0.11% respectively), while Spain’s IBEX and Italy’s FTSE MIB lagged, falling -0.57% and -0.27%. More eye catching was European bank stocks falling -1.59%, possibly in response to comments from ECB Management Board member Benoit Coeure, playing down the possibility of deposit tiering. He told the Frankfurter Allgemeine Zeitung that “at the current juncture, I do not see the monetary policy argument for tiering” and sounded optimistic about the growth outlook.

The regional divergence was mirrored in fixed income markets, as 10y yields in Spain and Italy rose +5.2bps and +7.3bps respectively. Bund yields rose a more modest +1.7bps, while Treasury yields fell -2.4bps and also are down another -1.4bps overnight. A bit of catch up to the oil move seemed to play a part for European rates with WTI pushing above $66/bbl following another +0.91% jump yesterday. Il Sole also reported that Italy’s government could delay the approval of a growth pact until next week amidst feuding over corruption charges involving a League party lawmaker. On a related note it’s worth noting that S&P’s rating review for Italy is due this Friday with the sovereign currently rated BBB/Negative. While no change is expected it’ll be worth a watch all the same.

Meanwhile in FX there was a reasonable bid for the dollar yesterday which saw the Dollar index rise +0.36% and approach the top of a recent technical range. The euro (-0.27%) and sterling (-0.34%) suffered along with EM FX (-0.32%). There was some suggestion that a tweet from President Trump highlighting the impact of tariffs from the EU on Harley Davidson and the suggestion that the US would reciprocate as driving some of the price action however the reaction did appear to be somewhat delayed if so.

Looking out at screens this morning, despite the gains on Wall Street last night it’s a very different picture in Asia where most bourses are seeing decent losses.That’s the case for the Nikkei (-0.48%), Hang Seng (-0.85%), Shanghai Comp (-0.92%) and Kospi (-1.32%) in particular. Futures on the S&P 500 (-0.15%) are also slightly lower. The moves come despite confirmation from the White House that Lighthizer and Mnuchin will travel to China on April 30th for another round of trade talks while the Chinese Vice Premier Liu He will then lead a Chinese delegation to the US for subsequent trade talks on May 8th. Perhaps most significantly, Bloomberg is reporting that the US and China are aiming to announce during Liu’s visit that they have agreed to a deal and details of a signing summit.

Moving on. Back to the earnings releases that were out yesterday, the highlight was Twitter (+15.64%), which reported healthy gains in revenue and daily active users.Sales were up 18% yoy and the platform added 8 million new users over the first quarter. The other major mover was Hasbro (+14.23%) as sales surprisingly grew for the first time in six quarters and earnings were positive. Coca-Cola (+1.78%) also rallied on strong sales growth in Asia. On the other hand, Procter and Gamble (-2.69%) underperformed despite sales and profit growth, as guidance for the rest of the year was a touch soft, with the CEO citing higher input prices as a headwind.

In other news, you couldn’t really blame Brexit headlines for the Sterling move yesterday however we did see the return of some headlines yesterday. Bloomberg reported an official as saying that the withdrawal bill was planned to be put to parliament next week, although this would be the implementation legislation required to kick off the process, rather than the meaningful vote. A spokesman for PM May confirmed that all the focus is on getting the WA passed by Parliament and that talks with Labour are ongoing still.

Finally yesterday’s data was a sideshow once more, however for completeness the April Richmond Fed manufacturing index in the US dropped 7pts unexpectedly to +3 after expectations were for no change. The new orders component also dropped and turned negative for the first time since January however it’s worth noting that this data does tend to be fairly volatile. On the plus side March new home sales rose +4.5% versus expectations for a -2.7% mom decline while the February FHFA house price index rose +0.3% mom and slightly less than expected in February. In Europe the April consumer confidence reading slipped 0.7pts to -7.9.

In terms of the day ahead, this morning in Europe we’re due to get April confidence indicators out of France before focus turns to the April IFO survey in Germany and March public finances data in the UK. It’s quiet in the US with only the latest MBA mortgage applications data due. Away from that we’ve got the BoC decision this afternoon while UK Chancellor Hammond is due to testify on the Spring Statement. Russia President Putin may also meet North Korean leader Kim Jong Un. Expect earnings to be a big focus once more with Microsoft, Facebook, AT&T, Boeing and Caterpillar amongst the headliners.

 

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3. ASIAN AFFAIRS

i)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED UP 3.02 POINTS OR 0.09% //Hang Sang CLOSED DOWN 157.41 POINTS OR 0.53%  /The Nikkei closed DOWN 59.74 POINTS OR 0.27%/ Australia’s all ordinaires CLOSED UP .93%

/Chinese yuan (ONSHORE) closed DOWN  at 6.7182 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 6.7182 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7238 / TRADE TALKS NOW ON/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW A FULL TRADE WAR COMMENCED

 

3 a NORTH KOREA/

 

END

3 b JAPAN AFFAIRS

 

end

3 C CHINA/CHINESE AFFAIRS

 

China/

China is running out of dollars as they try and fund their silk road project.  However unlike Turkey they are still safe for now

(courtesy zerohedge_

Why Chinese Banks Are Running Out Of Dollars

Following the biggest quarterly credit injection in Chinese history, it is safe to say that China’s banks are flush with yuan loans. However, when it comes to dollar-denominated assets, it’s a different story entirely. As the WSJ points out, in the past few years, a funding problem has emerged for China’s biggest commercial banks, one which is largely outside of Beijing’s control: they’re running low on US dollars so critical to fund operations both domestically and abroad.

As shown in the chart below, the combined dollar liabilities at China’s four biggest commercial banks exceeded their dollar assets at the end of 2018, a sharp reversal from just a few years ago. Back in 2013, the four together had around $125 billion more dollar assets than liabilities, but now they owe more dollars to creditors and customers than are owed to them.

The reversal is the result of just one bank: Bank of China, which for many years held more net assets in dollars than any other Chinese lender, ended 2018 owing $72 billion more in dollar liabilities than it booked in dollar assets. The other “top 3” lenders finished the year with more dollar assets than liabilities, even though their net dollar surplus has shrunk substantially in the past five years.

And yet, as everything else with China, there is more than meets the eye: as the WSJ reports looking at Bank of China’s annual report, the bank’s asset-liability imbalance is more than addressed by dollar funding that doesn’t sit on its balance sheet. Instruments like currency swaps and forwards are accounted for elsewhere.

This is reminiscent of the shady operations discussed recently involving Turkey’s FX reserves, where the central bank has been borrowing dollar assets from local banks via off balance sheet swaps, which it then used to prop up and boost the lira at a time of aggressive selling of the local currency. It is safe to assume that the PBOC has been engaging in a similar operation.

Additionally, as the WSJ observes, such off-balance-sheet lending “can be flighty”, and citing a recent BIS study, the vast majority of currency derivatives mature in under one year, meaning they are up for constant renewal and could evaporate during times of pressure.

Of course, as we noted last week, the Turkish central bank got the idea to manipulate its currency using swaps from China, where currency swaps, meant to protect banks from liquidity crises when they lend in currencies other than their own, have boomed in recent years…. even if it still does not have “the most crucial of all” swap line – one with the Federal Reserve.

The good news is that unlike Turkey, whose net foreign asset position may be as low as just $10 billion, the imbalance at Bank of China is small relative to its balance sheet, so it shouldn’t be seen as an imminent threat. As a reminder, China has roughly $3.1 trillion in foreign exchange reserves (gross of swaps), which remain a safety backstop in case of a crunch or funding crisis, but as the WSJ notes, it is unclear how bad things would have to get before Beijing would permit its use by major commercial banks; meanwhile, in a worst case scenario, “a heightened need to help the big four lenders also makes that hoard of reserves seem somewhat less formidable.”

As for who is soaking up all the local bank’s dollar assets, one culprit is China’s Belt-and-Road projects, which are overwhelmingly financed in the U.S. currency, and are sending dollars overseas in the form of Chinese loans. Additionally, Chinese property developers have a rapacious demand, too.

But at the heart of this funding mismatch there is a simple cause: as the WSJ’s Mike Bird notes, “Beijing would like to be a major financial player overseas, but few borrowers have any interest in the yuan. Most international trade is accounted for in dollars, the yuan is difficult to convert and foreign owners of Chinese assets have at best an uncertain relationship with the country’s legal system.”

Until that changes, expect to see the banks’ net dollar funding position continue to turn increasingly negative.

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4/EUROPEAN AFFAIRS

DEUTSCHE BANK/

Deutsche bank has no bank willing to take on the no 1 derivative player in the world.  It is now again talking  about a bad bank /good bank scenario as they wall off units that they want to close.  The problem that they have is of course their huge losing derivative balloon

(courtesy zerohedge)

Deutsche Considering ‘Bad Bank’ Unit As Merger Talks Falter

Thanks to the Wall Street Journal, investors won’t need to wait until later this week for a promised update on the status of merger talks between Deutsche Bank and Commerzbank. Based on reports about Deutsche’s continued contingency planning, we can surmise that the answer to the question ‘how are deal talks going?’ is clearly ‘not well’.

DB

Fresh on the heels of reports that Deutsche CEO Christian Sewing has been scrambling to prep a ‘Plan B’ to  sell to investors should the merger between the two troubled German lenders fall through, WSJ  reported on Tuesday that part of this planning includes the possibility of forming a ‘bad bank’ to house Deutsche’s most toxic assets and unprofitable business lines.

Deutsche’s troubles have persisted for years. So why are they only discussing this now? Well, because, as WSJ reports, Deutsche’s troubled investment bank is creating more headaches during the merger talks than executives had initially anticipated, which seems more like an issue of unrealistically rosy expectations than anything else.

Deutsche Bank for years has been retooling its strategy and management, promising to reinvigorate profits, repair compliance weaknesses and cut rising costs. Executives insisted publicly up until late 2018 that the bank should only consider deals after it heals itself. Now, deep into merger talks, it is looking at a potentially bigger cleanup effort than it previously signaled.

Planning for a possible no-deal outcome has taken on greater urgency at Deutsche Bank as merger talks have proven more complicated than proponents originally expected, the people said.

Of course, even if Deutsche follows through with these plans, it doesn’t necessarily mean that a merger will be dead in the water. It could even help facilitate a deal.

A new unit for disposing of assets and discontinued operations – a so-called bad bank – could be used flexibly, whether Deutsche Bank strikes a deal or not, some of the people said. A merger would likely require Deutsche Bank to make sizable cuts to parts of its investment bank, narrowing the scope of businesses to focus resources on more-profitable areas as part of a strategy overhaul, some of the people said.

But as major DB shareholders have demanded cuts to its investment bank, particularly its troubled US equity trading franchise, and to a lesser extent its European equity trading business, it’s looking increasingly likely that DB is going to need to find a way to quickly shed its most problematic businesses and assets – or at least find a way to cleave them from the rest of the bank.

DB has tried the ‘bad bank’ model before with its infamous ‘noncore operations’ unit. But the fact that this is again under discussion shows just how difficult it will be for Deutsche to rid itself of these assets and businesses.

A new bad-bank unit would allow Deutsche Bank to wall off business lines it intends to close or de-emphasize as well as positions that take time to sell or run down. Deutsche Bank previously had a similar unit called noncore operations that it used to dispose of unwanted assets, many of them dating to the financial crisis. That loss-making unit reported revenues and other financial details distinct from the bank’s core businesses.

Deutsche Bank closed the noncore unit in late 2016. In March 2017, the bank launched a share sale to raise €8 billion in capital. In the process, it designated a new pile of around €20 billion in risk-weighted assets as “nonstrategic.” They were earmarked to be run down within the investment bank rather than as a new separate unit.

The return of discussions about a noncore unit highlight Deutsche Bank’s continued difficulties in streamlining and cutting costs to focus on businesses where it has a competitive edge.

With more stakeholders – including the two banks’ powerful unions – opposing the deal, it’s hardly a surprise that German Finance minister Olaf Scholz’s quest to create a German ‘national champion’ to  support Germany’s exporters appears to be in serious jeopardy.

Earlier, the FT reported the UBS was in talks to fold its asset-management unit into DB’s majority-owned asset-management subsidiary DWS, the most profitable of the bank’s businesses (though it’s technically a separate company).

Meanwhile, twitter wits couldn’t help but crack a few well-deserved jokes after seeing the WSJ headline flash.

Mark B. Spiegel@markbspiegel

“Deutsche Bank Considers Forming ‘Bad Bank” https://www.wsj.com/articles/deutsche-bank-considers-forming-bad-bank-11556044394?shareToken=st7ff99ce1faa74c9d90db9b16f9d626be  via @WSJ

BUT WHAT SHOULD THEY CALL IT? OH WAIT, I KNOW…

HOW ABOUT “DEUTSCHE BANK”?

Executives at the bank have discussed the option as part of contingency planning while tie-up discussions continue with rival Commerzbank

Deutsche Bank Considers Forming ‘Bad Bank’

Executives have discussed creating a new unit to house unwanted assets and businesses that could be earmarked for closure, as part of contingency planning should merger talks with Commerzbank fall…

wsj.com

See Mark B. Spiegel’s other Tweets

And with DB earnings just around the corner, we imagine we’ll know more about the fate of the ‘merger of weakquals’ soon enough.

END

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS

6.GLOBAL ISSUES

Canada

Looks like Canada is in a little trouble as Poloz states that growth in the first quarter was an anemic .3% and he projects growth for all of 2019  ( a stretch) at 1.2%.  Down goes the Cdn dollar to 1.35 and bond yields plummet.

(zerohedge)

Loonie Tumbles As Bank Of Canada Capitulates

Add The Bank of Canada to the list of flip-flopping central banks as it has now fully abandoned its bias toward raising interest rates as the economy grapples with a slowdown, bringing its policy into line with the Fed.

“Governing Council judges that an accommodative policy interest rate continues to be warranted,” officials led by Governor Stephen Poloz said in the statement.

“We will continue to evaluate the appropriate degree of monetary policy accommodation as new data arrive.”

The Bank of Canada is keeping its key interest rate unchanged as it releases a downgraded 2019 growth forecast that includes a prediction the economy nearly came to a halt at the start of the year.

The Bank of Canada slashed its GDP growth forecast to 1.2% y/y in 2019, from 1.7% previous, and projecting growth of just 0.3 per cent in the first quarter of 2019.

The decision leaves the trend-setting rate at 1.75 per cent for a fourth-straight announcement – a pause that followed governor Stephen Poloz’s stretch of five hikes between mid-2017 and last fall.

The reaction makes sense – a sudden weakening in the Loonie…

And Canadian bond yields are tumbling…

end

Michael Every gives us a good look at ripple effects on our major currency crosses

i.e.  the Euro, the pound, and the Turkish lira

a must read…

(courtesy Michael Every/Rabobank)

WTFX!?

Authored by Michael Every via Rabobank,

The ripple effects of the sharp rise in oil prices continued on Tuesday.

Brent crude spiked to a six month high after the White House announced that the US will no longer offer exceptions to buy Iranian oil when current waivers expire on May 2. The US dollar appreciated broadly against its G10 peers and US stocks proved relatively resilient to higher oil prices. The S&P 500 Index rose 0.9% to 2,933.7 on the back of another set of encouraging earnings with almost 80% of US companies reporting results that exceeded expectations.

The euro depreciated versus the dollar to the lowest level since early April. Apart from market concerns that higher oil prices could undermine already weak growth in the Eurozone, the fall in the euro could be also attributed to a threat from President Trump to retaliate against “unfair” EU tariffs. Trump explicitly mentioned Harley Davidson as a victim of European import tariffs after the company reported an almost 27% fall in its profits in Q1 partially blaming it on higher EU taxes. Conveniently, Trump refrained from mentioning that another important reason behind Harley Davidson’s disappointing Q1 profits was higher price of aluminium and steel as a result of Trump’s duties on metals. For the European markets the main message is that Trump intends to focus on the EU next once the US reaches a trade deal with China.

An escalation of trade tensions between the US and the EU would likely weigh on EUR/USD. At this stage the support area formed by the year-to-date low at 1.1177 and the April 2 low at 1.1184 is crucial to watch. A break below would be a fresh bearish signal for the single currency.

Sterling extended its recent losses yesterday after newswires reported that the 18 Tory MPs who make up the backbench 1922 committee were scheduled to meet to discuss changing the rules to allow another leadership vote in an attempt to force PM May to step down in the summer. Separately, grassroots Tories will reportedly hold a non-binding vote of confidence in May’s leadership as the Telegraph reported that Boris Johnson was now 17 points clear in a poll of the party’s favoured candidate as next leader. As ministers reportedly pressure the PM to walk away from cross-party talks with Labour, political uncertainty in the UK may increase in the coming weeks as PM May faces an increasing challenge from within her own party over her way of dealing with Brexit. From the perspective of technical analysis, the confluence of bearish signals have shifted the short-term bias to the downside in GBP/USD. This favours further retracement towards the February low at 1.2773 in the short-term.

In the EM FX space, losses were led by the South African rand. Not only is the rand often used as a proxy for its EM peers, but a rise in oil prices does not bode well for the already struggling South African economy. A weaker currency accompanied by rising costs of imported energy will have inflationary consequences. This in turn will limit scope for the SARB to lower interest rates to stimulate growth.

Turkey is even more vulnerable than South Africa as it is one of the countries which imports Iranian oil. The US warned that countries which continue to buy Iranian crude will face American sanctions. If Turkey is forced to buy more of expensive oil from other producers, it would fuel inflationary pressure and would also prevent C/A deficit from narrowing further due to higher import costs. The country could find itself in a very difficult position at the time when inflation remains stubbornly high close to 20% and its relationship with the US is already tense due to the dispute over the purchase of Russian S-400 defence system.

The Turkish lira is also very sensitive to developments in domestic politics. The currency briefly rallied on Tuesday afternoon when the newswires reported that the High Electorate Board rejected the main argument presented by President Erdogan’s AKP party that people dismissed from state jobs – over the allegations of participating in the failed 2016 coup – should not be allowed to vote. However, this was followed a few minutes later by a very important and potentially seriously consequential detail: the High Electorate Board agreed to investigate another AKP claim that more than 41,000 ineligible voters and election officials participated in the vote. The AKP has been urging to repeat the local elections in Istanbul after its candidate was defeated by the representative of the CHP opposition party on March 31.

A decision to cancel the outcome of the March 31 vote followed by another elections in Istanbul would be a major source of political uncertainty for investors who are already on the edge as reflected in the lira underperforming its EM peers so far this year.

Should political uncertainty escalate in addition to growing tensions between the US and Turkey over Iranian oil and the Russian S-400 defence system, this could prove sufficient for USD/TRY to convincingly brake above the March 22 high at 5.8448. Such a bullish breakout would expose the 6.00 level as the next potential target. The October top at 6.2282 would be the next important level to watch.

A sharp drop in Australia’s CPI inflation rate overnight has spurred talk of an election rate cut and placed fresh pressure on the AUD. The key annual core measure on inflation, favoured by the RBA, registered just 0.3% q/q for the March quarter and brought the year-on-year rate to 1.6%, well below the central bank’s forecast of 1.8%. Both the average and trimmed measures of inflation dropped to 1.4%. This was the same level as 2016 when the RBA cut rates twice. The data have underpinned market calls for two RBA rate cuts this year and increased the risk that the RBA could plump for the first move next month during the election campaign. AUD/USD has dropped almost 2% over the past 5 days.

7  OIL ISSUES

 

end

8. EMERGING MARKETS

ARGENTINA

wow!! the Argentinian peso falters to almost 44 to the dollar. Traders are freaking out that we witness another default

(courtesy zerohedge)

ARS Pounded As Traders Freak Out About Another Argentina Default

Three days after we listed “five reason for the weakness of the Argentina economy“, the market is officially freaking out about the country which for much of the past year has been a ward of the IMF (again), and on Wednesday, investors pounded the ARS (that would be Argentina’s currency), and pummeled the country’s debt as the looming presidential election prompted fears Argentina is heading for its third default in less than two decades.

Argentina 5 year CDS soared more than 200 bps today alone, to a lifetime high of 1140bps, sending the probability of a default over that period to more than 50%, up more than 100% from 22.7% one year ago…

 

… while Argentine bond spreads over Treasuries rose 84 bps, the second day of gains, to 944 basis points as 2Y bonds are exploding 350bps wider, as the aptly titled ARS, or Argentine Peso, crashes 3.5%, dropping to a fresh lifetime low.

 

While Argentina’s economic troubles have been widely known for a long time – and certainly since the IMF launched the biggest ever sovereign bailout in history last summer when it handed Argentina a record $56 billion credit line, hoping to succeed where it failed previously – what has sparked the latest panic is fear that President Mauricio Macri will not be re-elected as he tumbles ahead of October’s election, with the economy enduring the second recession of his presidency.

That, in turn, has opened the door to a possible return of former President Cristina Fernandez de Kirchner (aka CFK), whose policies of tax and spend are blamed by some for the country’s frequent economic crises. Of course, recent hyperinflation of 55% – which has nothing to do with CFK – has not helped ease the market’s nerves.

 

“It clearly seems the election is slipping away from Macri,” said Alberto Ramos, head of Latin America research at Goldman Sachs. “There’s increasingly less guarantee that policy continuity will be maintained after the election, and that makes markets nervous.”

What makes today’s selloff especially troubling is that it takes place even with the IMF’s credit line in place and Argentina sporting a relatively healthy $76.7 billion in reserves at the central bank.

Some analysts attributed Wednesday’s selloff to comments made by Juan Germano, head of Argentine polling firm Isonomia. In a radio interviewWednesday, Germano said a recent poll Isonomia conducted showed Kirchner winning in a potential runoff vote against Macri. Germano, who does polling for the government and private clients, cautioned that it was early to draw conclusions on the data.

Macri’s approval rating stabilized in April, while a runoff vote against Fernandez is too close to call, according to a separate poll published Monday by Buenos Aires-based consulting firm Elypsis. While only 28 percent have a positive image of Macri, Fernandez is seen positively by 44 percent of Argentines, the survey showed.

Yet while the Argentine CDS market appears to have already given its verdict on what the future holds, pricing in odds of just more than 1 in 2 of a default in 5 years, bond and currency traders will have more difficulty finding an equilibrium level amid growing odds of President Cristina Fernandez de Kirchner returning to the presidency.

Bloomberg notes that while the peso has depreciated significantly throughout the year, the level it may reach in case of a peronist’s win in the October election is completely clouded. The reason: during Kirchner’s term, Argentina didn’t even have a floating currency market, so any attempts to discount a CFK future appear doomed. Still that is not preventing traders from trying: “44/USD doesn’t have a Kirchner victory priced in. We have a view that 48 would be a signal for a Kirchner win,” said Brendan McKenna, a strategist at Wells Fargo. Market’s base case scenario is still a Macri’s victory even though his odds are deteriorating recently.

Alberto Ramos, head of Latin America research at Goldman Sachs, has different view. For him, investors are “already pricing in less than 50% odds for Macri” as it clearly seems the election is slipping away from President’s hands due to negative activity, according to Bloomberg.

Morgan Stanley, meanwhile, takes the other side of the trade arguing that the “base case scenario is policy continuity ahead of October 27 elections”, even though lack of clarity with short-term scenario led him to recommend staying neutral in Argentina.

To be sure, CFK is doing all she can to reclaim the presidency, and this week released an autobiographical book called “Sincerely,” further raising her profile ahead of the vote.

Summarizing the market’s violent move on Wednesday, Greg Lesko, a money manager at Deltec Asset Management in New York, said that “it’s all about inflation and Macri’s prospects in the fall. Inflation is staying stubbornly high, which hurts Macri’s chances. The election is seen as a binary.”

The biggest losers from today’s rout? Those who bought Argentina’s 100 Year bond issued in 2017, which fell 2.3 cents today to a record low…

 

… while the 2021 dollar bond, the first to mature after October’s election, is yielding a record high of 17.41%.

end

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

Euro/USA 1.1208 DOWN .0015 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 /RED EXCEPT GERMAN DAX

 

 

 

USA/JAPAN YEN 111.84  DOWN .040 (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 1.2954   UP   0.0016  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TO OCT 31/2019//

USA/CAN 1.3447 UP .00018 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS WEDNESDAY morning in Europe, the Euro FELL by 15 basis points, trading now ABOVE the important 1.08 level  FALLING to 1.1208 Last night Shanghai COMPOSITE CLOSED UP 3.02 POINTS OR 0.09%.

 

 

 

 

//Hang Sang CLOSED DOWN 157.41 POINTS OR 0.53%

 

 

/AUSTRALIA CLOSED UP .93%// EUROPEAN BOURSES //MIXED/RED 

 

 

 

 

 

 

The NIKKEI: this TUESDAY morning CLOSED DOWN 59.74 POINTS OR 0.27%  

 

 

 

 

 

 

Trading from Europe and Asia

1/EUROPE OPENED MIXED/RED LEANING

 

 

 

 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 157.44  POINTS OR 0.53%

 

 

 

 

/SHANGHAI CLOSED UP 3.02 POINTS OR 0.09%

 

 

 

 

 

 

 

 

Australia BOURSE CLOSED UP .93%

 

Nikkei (Japan) CLOSED DOWN 59.74 POINTS OR 0.27% 

 

 

 

 

 

 

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1272.40

silver:$14.86

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

 

The 30 yr bond yield 2.96 DOWN 2  IN BASIS POINTS from TUESDAY night.

USA dollar index early WEDNESDAY morning: 97.65 UP 2 CENT(S) from  TUESDAY’s close.

This ends early morning numbers WEDNESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

And now your closing  WEDNESDAY NUMBERS \12: 00 PM

 

Portuguese 10 year bond yield: 1.17%  DOWN 4 in basis point(s) yield from TUESDAY/

JAPANESE BOND YIELD: -.04%  DOWN 1   BASIS POINTS from TUESDAY/JAPAN losing control of its yield curve/

 

 

SPANISH 10 YR BOND YIELD: 1.07% DOWN 5   IN basis point yield from TUESDAY

ITALIAN 10 YR BOND YIELD: 2.63 DOWN 5  POINTS in basis point yield from TUESDAY/

 

 

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

GERMAN 10 YR BOND YIELD: FALLS -.01%   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 WEDNESDAY

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

Euro/USA 1.1192 DOWN     .0032 or 32 basis points

 

USA/Japan: 111.83 DOWN 0.052 OR YEN UP 5 basis points/

Great Britain/USA 1.2943 UP .00006 POUND UP 6  BASIS POINTS)

Canadian dollar DOWN 37 basis points to 1.3467

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY closed AT 6.7219    0N SHORE  (UP)

THE USA/YUAN OFFSHORE:  6.7306  (YUAN DOWN)

TURKISH LIRA:  5.8820.EXTREMELY DANGEROUS LEVEL.2

the 10 yr Japanese bond yield closed at -.04%

 

 

 

Your closing 10 yr USA bond yield DOWN 5 IN basis points from TUESDAY at 2.57 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.94 DOWN 4 in basis points on the day

Your closing USA dollar index, 97.78 UP 15  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED DOWN 54.74  0.73%

German Dax : UP 63.10 POINTS OR 0.52%

Paris Cac CLOSED DOWN 15.07 POINTS OR  0.27%

Spain IBEX CLOSED DOWN 79.03 POINTS OR  0.83%

Italian MIB: CLOSED DOWN 172.40 POINTS OR 0.79%

 

 

 

 

WTI Oil price; 65.74 1:00 pm

Brent Oil: 74.48 12:00 EST

USA /RUSSIAN /   ROUBLE CROSS:    64.28  THE CROSS HIGHER BY 0.57 ROUBLES/DOLLAR (ROUBLE LOWER BY 57 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.01 FOR THE 10 YR BOND 1.00 PM EST EST

END

 

This ends the stock indices, oil price, currency crosses and interest rate closes for today 4:30 PM

Closing Price for Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OIL PRICE 4:30 PM :  65.73

 

 

BRENT :  74.50

USA 10 YR BOND YIELD: … 2.52…   STILL DEADLY//

 

 

 

 

 

 

 

 

USA 30 YR BOND YIELD: 2.94..VERY DEADLY

 

 

 

 

EURO/USA 1.1157 ( DOWN 66   BASIS POINTS)

USA/JAPANESE YEN:112.21 UP .325 (YEN DOWN 33 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 98.07 UP 43 cent(s)/

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

 

the Turkish lira close: 5.8794

 

the Russian rouble 64.35   DOWN 65 Roubles against the uSA dollar.( DOWN 65 BASIS POINTS)

Canadian dollar:  1.3485 DOWN 56 BASIS pts

USA/CHINESE YUAN (CNY) :  6.7219  (ONSHORE)/

 

USA/CHINESE YUAN(CNH): 6.7331 (OFFSHORE)

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

 

The Dow closed DOWN 59.34 POINTS OR 0.22%

 

NASDAQ closed DOWN 18.81 POINTS OR 0.23%

 


VOLATILITY INDEX:  12.97 CLOSED DOWN .69

 

LIBOR 3 MONTH DURATION: 2.580%//

 

 

 

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

 

EM FX Crashes As US Dollar & Bonds Soar, Stocks SnorE

Earnings (dramatically weaker), macro (two-year lows), funding markets (IOER), bonds (yields tumbling), and FX (chaos) – but stocks are at record highs – so everything is awesome, right?

After two dismal days (and a rough morning session), The National Team steeped in to rescue Chinese stocks from their worst run this year…

 

Europe continues to be mixed with Germany leading and the periphery lagging…

 

Trannies and Small Caps managed gains today (another short-squeeze) as The Dow, S&P, and Nasdaq trod water…

 

Nasdaq 100’s first losing day in 8 days.

Volume remains dismal…

Today is the 78th trading day of the year, SPY volume has exceeded 100MM only 10 days so far, 13% of all days. Through 78 trading days in 2018, SPY volume exceeded 100MM 39 times, 50% of all days.

 

And as the S&P hovers at its record highs, it seems not many of its components are playing along…

In fact:

GreekFire23@GreekFire23

Just learned that the SPX is at all-time highs but only 13 stocks in the index are at all-time highs

And breadth remains notably weak in this last panic-bid…

As big tech valuations soared to near record highs, decoupling from the broader market…

 

A lot of which is thanks to the surge in Semis… as their earnings expectations have collapsed…

Don’t forget: “Semis don’t sell other semis” as the algos refuse to acknowledge TXN’s warnings and bid SOX to a new record high.

Stocks and bonds decoupled dramatically today…

 

With the entire curve now lower on the week, led by the short-end…

 

With 30Y Yield tumbling to 10-day lows after tagging 2.999% yesterday…

 

 

The yield curve has hit a critical resistance level once again…

 

The Dollar Index extended gains today, pushing DXY to its strongest since May 2017…

 

After hovering around 97.00, DXY has burst higher in the last 5 days…

 

Yen tumbled below the recent 112.00 support level – to its weakest since 12/20/18..

 

Emerging Market FX plunged to its weakest since the start of the year…

 

Led by Argentina, South Africa, Turkey, and – rather shockingly – Aussie Dollar…

As the peso closed at a record low today…

 

Cryptos suffered two legs down overnight and weakened in the US session…

 

Silver and Gold managed gains today in the face of dollar strength as WTI slipped lower on inventory data…

 

Despite the dollar surge, gold also rallied on the day…

 

Finally, we note that as stocks hit a record high, positioning in risk-off assets (TSYs, Gold, and VIX) has not bought into the rally…

Trade accordingly.

end

MARKET TRADING/ EARLY MORNING TRADING

Treasury yields tumble and so does the German bund and other countries sovereign bond yields.

(zerohedge)

Treasury Yields Are Tumbling

Despite stocks being back at record highs, US Treasury bonds are bid with 30Y yields down 5bps from yesterday’s 2.999% peak…

As Bund yields break back below 0.00%…

 

Completely decoupled from stocks…

 

As the yield curve flattens dramatically…

end
This afternoon:

Dollar Soars To 2019 Highs As Bond Yields Tumble

Stocks are flat, bond yields are plunging, and the US Dollar is spiking to its highest since 2018…

This is the biggest two-day surge in the dollar since October 2018.

Sparking chaos in EM FX…

But this dollar strength is happening as Eurodollar markets signal increasingly dovish Fed bets relative to the ECB…

 

 

end

 

 

ii)Market data/

Earnings are down for Boeing but for the first time they suspend guidance and buybacks

( zerohedge)

Boeing Misses As Profit Tumbles, Suspends Guidance And Buyback

Following the multiple Boeing 737 MAX crashes, analysts were very closely watching what Boeing would report for its Q1 earnings, and more importantly what it would forecast for the rest of the year. Moments ago Boeing did not disappoint, or rather it did, when it reported an across the board miss with both revenues and EPS coming in far below expectations and profits tumbled, while as a result of the limbo left in the aftermath of the 737 MAX fiasco, the company announced it would suspend it annual forecast while putting its stock buyback on indefinite hold.

First, the numbers:

  • Q1 EPS of $3.16, down 13% from the $3.64 a year ago, and missing expectations of $3.25
  • Q1 revenue of $22.9 billion, down 2% from $23.4 billion a year ago, and below the $23.1 billion consensus
  • Q1 core operating earnings $2 billion, down 21% from $2.5 billion Y/Y
  • Q1 core operating margin 8.7%, down from 10.7% Y/Y
  • Q1 operating cash flow $2.79 billion, down from $3.13 billion Y/Y
  • Q1 free cash flow $2.29 billion, down from $2.74 billion Y/Y

First-quarter revenues at Boeing’s all important commercial aircraft division which was directly impacted by the 737 MAX crash tumbled 9%, dropping more than $1Bn, to $11.8Bn from $12.9Bn last year. Operating profit for the commercial-airplane unit dropped to 9.9%, compared with 11% a year earlier.  Earnings in the unit plunged 17%.

And here is something even scarier: Boeing’s decision to reduce 737 Max production rates didn’t take effect until mid-April, so the full impact on cash and profit will first be reflected in second-quarter earnings.

Regarding the 737 Max, Boeing says it “continues to work closely with global regulators and our airline partners to comprehensively test the software and finalize a robust package of training and educational resources.” It remains to be seen if that vague statement provides any relief to investors, who are desperate for more specifics on the fixes and the timeline for returning to flight.

Amusingly, in a slide discussing the 737 MAX challenges, the company said it has “relentless commitment to safety and quality.” By which, of course, it means as long as said commitment does not affect the bottom line.

Sarcasm aside, one thing that is curious is that whereas last quarter Boeing reported a total airplane backlog of 5,873, in Q1 this number shrank to 5,605, even as BA delivered 149 commercial airplanes while adding 139 net orders. So where is the roughly 300 airplane delta coming from?

Elsewhere, Boeing’s defense division had a 13% operating margin during the latest quarter, while the services unit posted 14%. This is important because robust sales at the defense and services divisions helped Boeing withstand the pressure from the Max grounding, as did a production increase for the 787 Dreamliner, another source of cash. Still, there’s a risk that investors will lose patience if regulators are slow to allow flights of the 737 Max, a key source of cash for Boeing.

The company was quick to point out that “cash and marketable securities of $7.7 billion provide strong liquidity” – almost as if someone is suddenly worried about its liquidity – even as debt rose $13.8 billion to $14.7 billion in the quarter ended March 31.

Another liquidity punchline: Boeing reported that it had repurchased 6.1 million shares for $2.3 billion in the quarter, all of which occurred prior to mid-March. CNBC added that as a result of the ongoing challenges the company had put all stock repurchases on hold for the time being.

And while the historical data were dismal at best, missing across the board, what was even more troubling is that while analysts were hoping for some much needed guidance, they won’t get it as Boeing suspended its annual forecast, stating that new guidance would be issued at “a future date”, which as Bloomberg said was “an expected but nonetheless startling decision that underscores the magnitude of its current crisis.”

The company also said that the prior guidance was withdrawn as it “does not reflect 737 Max impacts,” which is disappointing as just 3 months ago the company predicted record performance this year of as much as $111.5 billion in revenue and $17.5 billion in operating cash flow. Not any more.

Not long after his Twitter apology, CEO Dennis Muilenberg had this to say in the earnings release: “Across the company, we are focused on safety, returning the 737 MAX to service, and earning and re-earning the trust and confidence of customers, regulators and the flying public. As we work through this challenging time for our customers, stakeholders and the company, our attention remains on driving excellence in quality and performance and running a healthy sustained growth business built on strong, long-term fundamentals.”

While the Max’s indefinite grounding drags on, Boeing’s management team is focusing on conserving cash and tamping down costs. The company has temporarily slowed its 737 final assembly line by 19 percent to build only 42 planes a month, the first such factory slowdown since the Sept. 11 terrorist attacks disrupted air travel in 2001, according to Bloomberg.

And with little guidance to work on, investors will now look to the company’s conference call at 1030am ET for information into Boeing’s strategy for dealing with the financial aftermath of a global grounding that has already lasted six weeks.

Curiously, despite the dismal results and the buyback suspension, Boeing shares acutally rose to $377.47 before the start of regular trading in New York as investors apparently were cautiously optimistic on the complete lack of guidance.

END
A pilot with many years of flying experience as well as design experience gaves a scathing report that the 737 max 8 is unsafe.
(courtesy zerohedge)

Mish: Boeing 737 Max Unsafe To Fly, New Scathing Report By Pilot, Software Designer

Authored by Mike Shedlock via MishTalk,

A pilot with 30 years of flying experience and 40 years of design experience rips decisions made by Boeing and the FAA.

Gregory Travis, a software developer and pilot for 30 years wrote a scathing report on the limitations of the 737, and the arrogance of software developers unfit to write airplane code.

Travis provides easy to understand explanations including a test you can do by sticking your hand out the window of a car to demonstrate stall speed.

Design shortcuts meant to make a new plane seem like an old, familiar one are to blame.

This was all about saving money. Boeing and the FAA pretend the 737-Max is the same aircraft as the original 737 that flew in 1967, over 50 years ago.

Travis was 3 years old at the time. Back then, the 737 was a smallish aircraft with smallish engines and relatively simple systems. The new 737 is large and complicated.

Boeing cut corners to save money. Cutting corners works until it fails spectacularly.

Aerodynamic and Software Malpractice

Please consider How the Boeing 737 Max Disaster Looks to a Software Developer. Emphasis is mine.

The original 737 had (by today’s standards) tiny little engines, which easily cleared the ground beneath the wings. As the 737 grew and was fitted with bigger engines, the clearance between the engines and the ground started to get a little…um, tight.

With the 737 Max, the situation became critical. The engines on the original 737 had a fan diameter (that of the intake blades on the engine) of just 100 centimeters (40 inches); those planned for the 737 Max have 176 cm. That’s a centerline difference of well over 30 cm (a foot), and you couldn’t “ovalize” the intake enough to hang the new engines beneath the wing without scraping the ground.

The solution was to extend the engine up and well in front of the wing. However, doing so also meant that the centerline of the engine’s thrust changed. Now, when the pilots applied power to the engine, the aircraft would have a significant propensity to “pitch up,” or raise its nose. This propensity to pitch up with power application thereby increased the risk that the airplane could stall when the pilots “punched it”

Worse still, because the engine nacelles were so far in front of the wing and so large, a power increase will cause them to actually produce lift, particularly at high angles of attack. So the nacelles make a bad problem worse.

I’ll say it again: In the 737 Max, the engine nacelles themselves can, at high angles of attack, work as a wing and produce lift. And the lift they produce is well ahead of the wing’s center of lift, meaning the nacelles will cause the 737 Max at a high angle of attack to go to a higher angle of attack. This is aerodynamic malpractice of the worst kind.

It violated that most ancient of aviation canons and probably violated the certification criteria of the U.S. Federal Aviation Administration. But instead of going back to the drawing board and getting the airframe hardware right, Boeing relied on something called the “Maneuvering Characteristics Augmentation System,” or MCAS.

It all comes down to money, and in this case, MCAS was the way for both Boeing and its customers to keep the money flowing in the right direction. The necessity to insist that the 737 Max was no different in flying characteristics, no different in systems, from any other 737 was the key to the 737 Max’s fleet fungibility. That’s probably also the reason why the documentation about the MCAS system was kept on the down-low.

Put in a change with too much visibility, particularly a change to the aircraft’s operating handbook or to pilot training, and someone—probably a pilot—would have piped up and said, “Hey. This doesn’t look like a 737 anymore.” And then the money would flow the wrong way.

When the flight computer trims the airplane to descend, because the MCAS system thinks it’s about to stall, a set of motors and jacks push the pilot’s control columns forward. It turns out that the Elevator Feel Computer can put a lot of force into that column—indeed, so much force that a human pilot can quickly become exhausted trying to pull the column back, trying to tell the computer that this really, really should not be happening.

MCAS is implemented in the flight management computer, even at times when the autopilot is turned off, when the pilots think they are flying the plane. In a fight between the flight management computer and human pilots over who is in charge, the computer will bite humans until they give up and (literally) die. Finally, there’s the need to keep the very existence of the MCAS system on the hush-hush lest someone say, “Hey, this isn’t your father’s 737,” and bank accounts start to suffer.

Those lines of code were no doubt created by people at the direction of managers.

In a pinch, a human pilot could just look out the windshield to confirm visually and directly that, no, the aircraft is not pitched up dangerously. That’s the ultimate check and should go directly to the pilot’s ultimate sovereignty. Unfortunately, the current implementation of MCAS denies that sovereignty. It denies the pilots the ability to respond to what’s before their own eyes.

In the MCAS system, the flight management computer is blind to any other evidence that it is wrong, including what the pilot sees with his own eyes and what he does when he desperately tries to pull back on the robotic control columns that are biting him, and his passengers, to death.

The people who wrote the code for the original MCAS system were obviously terribly far out of their league and did not know it. How can they can implement a software fix, much less give us any comfort that the rest of the flight management software is reliable?

So Boeing produced a dynamically unstable airframe, the 737 Max. That is big strike No. 1. Boeing then tried to mask the 737’s dynamic instability with a software system. Big strike No. 2. Finally, the software relied on systems known for their propensity to fail (angle-of-attack indicators) and did not appear to include even rudimentary provisions to cross-check the outputs of the angle-of-attack sensor against other sensors, or even the other angle-of-attack sensor. Big strike No. 3.

None of the above should have passed muster. It is likely that MCAS, originally added in the spirit of increasing safety, has now killed more people than it could have ever saved. It doesn’t need to be “fixed” with more complexity, more software. It needs to be removed altogether.

Numerous Bad Decisions at Every Stage

Ultimately 346 people are dead because of really bad decisions, software engineer arrogance, and Boeing’s pretense that the 737 Max is the same aircraft as 50 years ago.

It is incredible that the plane has two sensors but the system only uses one. A look out the window was enough to confirm the sensor was wrong.

Boeing also offered “cheap” versions of the aircraft without some controls. The two crashed flights were with the cheaper aircraft.

An experienced pilot with adequate training could have disengaged MACS but in one of the crashed flights, the pilot was desperately reading a manual trying to figure out how to do that.

Flight Stall Test

If you stick you hand out the window of a car and your hand is level to the ground. You have a low angle of attack. There is no lift. Tilt your hand a bit and you have lift. Your arm will rise.

When the angle of attack on the wing of an aircraft is too great the aircraft enters aerodynamic stall. The same thing happens with your hand out a car window.

At a steep enough angle your arm wants to flop down on the car door.

The MACS software overrides what a pilot can see by looking out the window.

Useless Manuals

If you need a manual to stop a plane from crashing mid-flight, the manual is useless. It’s already too late. The pilot had seconds in which to react. Yet, instead of requiring additional training, and alerting pilots of the dangers, Boeing put this stuff in a manual.

This was necessary as part of the pretense that a 737 is a 737 is a 737.

iii)USA ECONOMIC/GENERAL STORIES

What a story.  The nation’s 6th largest pharmaceutical distributor in Rochester New York, RDC, has been charged criminally with its distribution of opioids to red flagged accounts.  The top two company officials have been charged and one is ready or has already plead guilty. There may be other wholesalers implicated.

The maker of oxycontin, Purdue Frederick is ready to declare bankruptcy because of the multitude of cases against them.

(courtesy zerohedge)

Big Pharma Distributor Faces Federal Criminal Charges Over Opioid Crisis

The nation’s sixth-largest pharmaceutical distributor is facing federal criminal charges over its role in the opioid crisis sweeping the country, according to the New York Times.

Rochester Drug Cooperative and two former company officials were charged on Tuesday with defrauding the federal government and conspiracy to distribute drugs. The case was brought by the US attorney’s office in Manhattan. The former RDC officials charged are former CEO Laurence F. Doud III and former chief of compliance, William Pietruszewski, according to the Times. Doud is expected to surrender to DEA agents and appear in US District Court in Manhattan later Tuesday.

 

Rochester Drug Cooperative, a major pharmaceutical distributor, and two of its former executives are facing federal criminal charges over its role in the opioid crisis.CreditCreditMustafa Hussain for The New York Times

The criminal charges leveled at the drug distributor and its former executives marked a new tactic for the government in tackling the nation’s epidemic of addiction to prescription painkillers, like oxycodone.

Prosecutors applied the same criminal statutes to charge the distributor and its former executives as have been used against illicit street dealers and cartel chiefs who traffic in fentanyl and oxycodone.

The charges stem from a two-year investigation by the federal Drug Enforcement Administration that began after the company violated the terms of a civil settlement. –NYT

The company admitted in a civil case that it had failed for years to report thousands of suspicious opioid orders from pharmacies – many of which far exceeded ordering limits, and catered to doctors who ran “pill mills” according to the Times report.

Rochester Drug Cooperative acting CEO John Kinney appeared on behalf of the company during a brief court proceeding Tuesday morning in front of Judge Naomi Reice Buchwald of the US District Court in Manhattan. Kinney signed a deferred prosecution agreement in which the company – which operates in 10 states – effectively admitted to committing the crimes. “The agreement, along with a civil consent decree, were both approved by Judge Buchwald,” notes the Times. 

Together, the agreement and the decree will allow the company to continue operating and set standards for its conduct, as well as providing for continued oversight, according to a court document. –NYT

“We made mistakes,” said company spokesman Jeff Eller. “and RDC understands that these mistakes, directed by former management, have serious consequences.”

According to federal authorities, despite signing consent decrees and paying fines, drug distributors have continued to ship thousands of doses of opioids to pharmacies which have been red-flagged

Since the Sackler family – which controls Purdue Pharma – launched OxyContin in the late 1990s, deaths involving prescription and illegal opioids have quadrupled from 2.9 per 100,000 in 1999 to 13.3 per 100,000 in 2016, according to the Centers for Disease Control and Prevention.

So far, 36 states and 1,600 cities and counties have filed lawsuits against Purdue. As noted previously, Purdue is contemplating filing for bankruptcy amid the barrage of lawsuits.

end

Big Pharma Exec Perp Walked In Handcuffs After Surrendering On Opioid Trafficking Charges

The former CEO of the nation’s sixth-largest pharmaceutical distributor was perp-walked in handcuffs on Tuesday after he was indicted on two counts of criminal conspiracy related to drug trafficking in opioids.

75-year-old Laurence Doud III became the first pharma CEO in the United States to face prosecution linked to the opioid crisis, after he was accused along with another company executive of ignoring red flags while pushing massive hauls of powerful painkillers to pharmacies across the United States, reports ABC News. Doud faces a mandatory minimum of 10 years in prison if convicted.

Embedded video

World News Tonight

@ABCWorldNews

CEO CHARGED: Federal prosecutors charged Rochester Drug Cooperative, one of the nation’s largest opioid distributors, and two of its former executives Tuesday, with the company’s former chief executive Laurence Doud III being taken into DEA custody. https://abcn.ws/2Zw8anF

This prosecution is the first of its kind: executives of a pharmaceutical distributor and the distributor itself have been charged with drug trafficking, trafficking the same drugs that are fueling the opioid epidemic that is ravaging this country. Our Office will do everything in its power to combat this epidemic, from street-level dealers to the executives who illegally distribute drugs from their boardrooms,” said US Attorney Geoffrey S. Berman in a statement.

The U.S. Attorney’s Office for the Southern District of New York charged Rochester Drug Cooperative (RDC), one of the country’s largest distributors of opioids, with “knowingly and intentionally” violating federal narcotics laws “by distributing dangerous, highly addictive opioids to pharmacy customers that it knew were being sold and used illicitly,” according to a press release.

RDC was also charged with failing to properly report thousands of suspicious orders of oxycodone, fentanyl and other controlled substances to the Drug Enforcement Agency (DEA), officials said –ABC News

Doud reportedly encouraged his sales team to sign new pharmacies up as customers with virtually no oversight or background investigations – picking up competitors’ rejects as he pitched RDC as “the knight in shining armor” for independent pharmacies, according to the indictment.

“Under the direction of Doud, RDC supplied tens of millions of oxycodone, fentanyl, and other dangerous opioids to pharmacy customers that its own compliance personnel determined, and reported to Doud, was dispensing these drugs to individuals who had no legitimate medical need for them,” reads the court document, which notes that Doud pocketed ‘millions of dollars’ as the company more than quadrupled sales of controlled substances between 2012 and 2016.

RDC has been under investigation for years by the DEA for failing to comply with pharmaceutical reporting laws, and has previously paid to settle claims that it failed to report opioid thefts.

During the 2012 – 2016 time period, RDS filled over 1.5 million orders for controlled substances, yet only submitted four suspicious orders to the DEA according to court filings. There were, in reality, over 2,000 suspicious orders during that time period.

Also charged is RDC’s former chief of compliance, William Pietruszewski.

RDC agreed to a $20 million penalty and entered into a deferred prosecution agreement which will allow the company to continue operations subject to three years of independent compliance monitoring. If all terms are adhered to, the company will avoid prosecution. 

“We made mistakes. RDC understands that these mistakes, directed by former management, have serious consequences,” said company spokesman Jeff Eller in a statement.

“One element of the opioid epidemic is a dramatic increase in the volume of prescriptions for opioids and all narcotics. With that dramatic volume increase came an increase in our business, resulting in an increase in orders we should have identified as suspicious order, which we failed to report to DEA.

end

Oh OH!!!~ this ought to be good.  Our perennial crooks will not escape this one:  the Dept of Justice demands a guilty plea on the iMDB case.

(courtesy zero hedge)

Goldman Shares Slump As DoJ Demands Guilty Plea In 1MDB Case

Any investor who has been following DoJ’s criminal investigation of the Vampire Squid over Goldman’s alleged facilitation of the massive $4.5 billion fraud at Malaysian sovereign wealth fund 1MDB could probably have guessed that, whatever the outcome of the probe, it wasn’t going to end well for the bank.

Goldman

Those suspicions have now been confirmed.

According to a report published Wednesday by the Financial Times, Goldman Sachs could face the worst of all possible outcomes in the probe, for which it set aside half of a billion dollars in a legal contingency fund during Q4.

To wit:

US justice department staff have recommended that a settlement with Goldman Sachs over its role in the multibillion-dollar 1MDB corruption scandalshould include a guilty plea at the parent company level, according to people familiar with the matter.

Any such plea would be the toughest penalty the Department of Justice could bring against Goldman, which has long insisted that any misconduct was due to rogue bankers in its Asian operations.

To be sure, Goldman has paid billions of dollars in fines over its unscrupulous treatment of clients and counterparties alike during the run-up the financial crisis. But so far, the bank has managed to avoid actually copping to a felony (some rival American banking behemoths haven’t been so lucky).

But now, it appears that streak of evading lasting criminal stigma might soon be at its end. The DoJ’s decision is a sign that prosecutors have rejected Goldman’s defense that the 1MDB-related malfeasance was the work of a few bad actors.

Though this is hardly surprising. Goldman’s lead banker on the  1MDB deals, former Southeast Asia head Tim Leissner, decided to cooperate with prosecutors, and blasted the bank’s ‘culture of corruption’ in his signed plea agreement late last year.

Furthermore, a steady stream of leaks published late last year, just months after longtime CEO Lloyd Blankfein retired, revealed that senior executives – including Blankfein himself – were involved in courting the Malaysian banker-turned-fugitive accused of masterminding the plot.

Goldman’s shares, which have lagged their peers largely thanks to the scandal, tumbled on the news.

GS

Now, will Goldman quietly cop to a plea to get this whole thing over with as quickly as possible, as CEO/fall guy David Solomon has insisted? Or will they choose to fight…and probably lose.

end

SWAMP STORIES

For those of you who want a true definition of the Hebrew then Yiddish term “chutzpah”…this is it. Hillary outlines a roadmap for Trump impeachment as she sights Trump engaged in clear obstruction, knowing full well that she was the queen of obstruction

(courtesy zerohedge)

Hillary Outlines “Roadmap” To Trump Impeachment, Says “Anyone Else Would Have Been Indicted”

Just hours after Nancy Pelosi attempted to mend the gaping division between the realists and the extremists in her party, failed presidential candidate Hillary Clinton decided to pile into the impeachment debate with her own take on the Mueller Report.

“Well, I think what Nancy means, and I agree with what she means, is that it shouldn’t be a preordained conclusion, it shouldn’t be what you do for partisan, political purposes almost outside the framework of the Constitution,” she said during an appearance at the Time 100 Summit in New York.

You don’t put impeachment on the table as the only item on the table and say you’re going to get there no matter what, which is what happened in ’99. Instead, you say we are going to proceed with the seriousness that this demands.”

Dripping with irony, Clinton – whose husband was impeached by the House of Representatives in 1998 for perjury and obstruction of justice (only to be acquitted the following year by the Senate), and allegedly used her position to gain personal wealth through pay-to-play peddling of her and her husband’s influence – discuss the roadmap to President Trump’s impeachment and said he should have been indicted.

“I have a kind of weird personal history about impeachment,” Clinton said to laughter from the audience.

But, “not what you’re thinking,” she added, referring to her time as a staff attorney serving on the impeachment inquiry for former President Richard Nixon two decades earlier in 1974.

I was one of the young lawyers who actually drafted the memo about what is a high crime and misdemeanor, and it was truly meant by our founders to describe actions that undermine the integrity of our government that placed the personal or political interest in a president over the interest of the nation,” she said.

Which apparently gives her prime position to contradict Special Counsel Mueller and Attorney General Barr’s findings, once again relating everything back to the Russians (that stole ‘her’ election, presumably)…

Actions that undermine the integrity of our government. That placed the personal or political interests of a president over the interests of the nation. And in so doing we were able to make a case that was accepted by the Judiciary Committee that then voted out articles of impeachment on a bipartisan basis.”

“So, I know what it looks like, and I know what is required to do it in a way that wins the trust and confidence, not only of the Congress but of the American people. But I certainly think that the roadmap, as some call it, of the Mueller report raises so many serious questions in part one about what the Russians did, which is beyond debate, and in part two about all of the evidence about obstruction.”

Embedded video

Chapin Hill Advisors@ChapinHillAdv

Hillary Clinton addressing Mueller report @Time100 conference.

She went on to detail the roadmap to Trump’s impeachment…

“I’m really of the mind that the Mueller report is part of the beginning… because there’s still so much more that we should know and that we should act upon… And we’re a long way from knowing because we need to get the full report — the unredacted version.”

Embedded video

Frank Dale@fwdale

Hillary Clinton: “I’m really of the mind that the Mueller report is part of the beginning…because there’s still so much more that we should know and that we should act upon.”

“And we’re a long way from knowing because we need to get the full report — the unredacted version.”

Leaving the best for last, as if somehow, amid all the Deep State hatred and conspiracy, Trump escaped real justice…

“I think there is enough there that any other person who had engaged in those acts would certainly have been indicted.”

Embedded video

TIME

@TIME

“I think there is enough there that any other person who had engaged in those acts would certainly have been indicted.” @HillaryClinton on whether Donald Trump obstructed justice or not at the Summit http://mag.time.com/7jBzlRZ

How long before Clinton launches the #LockHimUp?

Perhaps #LetItGo is more appropriate!

end

Rudy Giuliani correctly lashes out at the Clintons and states: “You are America’s number one Crime Family”

good reading….

(courtesy zerohedge)

Giuliani Lashes Out At Clintons: You Are “America’s Number One Crime Family”

As Democrats continue to back away from trying to impeach President Trump for obstruction of the Mueller probe which cleared him of the underlying charge of conspiring with Russia in the 2016 election, Trump’s attorney Rudy Giuliani is on the war path – and is now targeting Hillary Clinton.

Following Tuesday remarks by Clinton that Donald Trump would have been indicted if he weren’t president, Giuliani hit back in a Wednesday tweet – writing: “I encourage Hillary to get very involved in the 2020 election. She blew the last one for the Dems,” adding “She is working on a book called “How To Obstruct And Go Free.” And the sequel will be “How My Husband Escaped” a perjury conviction.From America’s number one crime family.

Rudy Giuliani

@RudyGiuliani

I encourage Hillary to get very involved in the 2020 election. She blew the last one for the Dems.She is working on a book called “How To Obstruct And Go Free.” And the sequel will be “How My Husband Escaped” a perjury conviction.From America’s number one crime family.

Giuliani also appeared on Fox & Friends Wednesday, where he defended Trump – saying that Democrats “had two investigations to prove it,” referring to collusion; “the FBI counterintelligence investigation – in the words of Peter Strzok – ‘no there there’, and then this one,” referring to the Mueller probe.

How this ever got started in the first place is the next investigation,” Giuliani said, adding that Hillary Clinton “better get a lawyer.

Embedded video

Washington Examiner

@dcexaminer

.@RudyGiuliani laughs at @HillaryClinton saying @realDonaldTrump would be indicted if he wasn’t POTUS.

“The president didn’t delete 33,000 emails. He didn’t have somebody smash up telephones and he didn’t have someone wipe out a server and bleach bit it.”

Fox‘s Steve Doocy asked “she said that the reason he wasn’t indicted is because there’s a DOJ standing policy not to indict a sitting president,” to which Giuliani replied: “there is – there used to be a DOJ standing policy, you cannot indict a Clinton no matter how much they obstruct justice, no matter how much evidence they destroy, no matter how often they lie, and no matter that they committed perjury. You can’t indict a Clinton, it’s against the Democrat Justice Department rules.” 

Giuliani referred to the investigation into Trump as a “frame-up,” with all the markings that “rogue counterintelligence guys” setting up members of the Trump campaign.

I ask you to keep your eye on Ukraine,” he added, referring to collusion with Ukraine. Giuliani also mentioned Joe Biden’s son– who made millions of dollars in Ukraine as his father got a top prosecutor investigating him fired.

 

end

Trump warns our angry democrats that he will take the impeachment threats straight to the Supreme Court…that will be a first.

(courtesy zerohedge)

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

BOJ signals readiness to combine steps if more stimulus needed

Eiji Maeda, the BOJ’s executive director overseeing monetary policy, added that any further step must take into account the impact it has not just on the economy but on the banking system.

    “If the economy’s momentum for achieving our price target is threatened, we are ready to ease monetary policy as necessary,” Maeda told parliament…

   At a two-day rate review ending on Thursday, the BOJ is widely expected to keep monetary policy steady even as its latest prediction will likely show inflation missing its target through the fiscal year that ends in March 2022… https://reut.rs/2IQ4QxQ

Fed Seems Resigned to Bubble Risk in Effort to Extend Expansion

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

   Chairman Jerome Powell could be one of those officials. He’s publicly pointed out that the last two expansions ended not in a burst of inflation, but in financial froth, first a dot-com stock market boom, then a housing bubble…

https://www.bloomberg.com/news/articles/2019-04-23/fed-seems-resigned-to-bubble-risk-in-effort-to-extend-expansion

Trump Meets Twitter’s Dorsey after Fuming Over ‘Political Games’

The president tweeted that Congress should “get involved” in a battle against “discriminatory” practices by the social media company…   https://finance.yahoo.com/news/trump-demands-congress-curb-twitter-203359458.html

Judicial Watch: FBI Admits Hillary Clinton Emails Found in Obama White House

Judicial Watch announced today that a senior FBI official admitted, in writing and under oath, that the agency found Clinton email records in the Obama White House, specifically, the Executive Office of the President. The FBI also admitted nearly 49,000 Clinton server emails were reviewed as result of a search warrant for her material on the laptop of Anthony Weiner.  E.W. (Bill) Priestap, assistant director of the FBI Counterintelligence Division, made the disclosure to Judicial Watch as part of court-ordered discovery into the Clinton email issue…

https://www.judicialwatch.org/press-room/press-releases/judicial-watch-fbi-admits-hillary-clinton-emails-found-in-obama-white-house/

@TomFitton: No wonder Hillary Clinton has thus far skated – Barack Obama is implicated in her email scheme.

@johncardillo: @EricHolder on AG Bill Barr, April, 2019: “He’s making mistakes. The Attorney General of the United States is the people’s lawyer, not the President’s lawyer.”

   Eric Holder on himself, April, 2013: “I’m still the President’s wingman. So I’m here with my boy.”

New High School Textbook Describes Trump as Mentally Ill, Supporters as Racist

https://www.toddstarnes.com/campus/new-high-school-textbook-describes-trump-as-mentally-ill-supporters-as-racist/

OAN’s @JackPosobiec: Bernie Sanders says that he would let Boston Marathon bomber vote from jail

[Is Bernie a covert operative for Trump?]

As we transmit, there is a massive fire raging in the Paris suburb of Versailles.  No details are available.

END

 

 

 

 

I WILL SEE YOU THURSDAY NIGHT

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