APRIL 25/GOLD FLAT AT $1277.50//SILVER DOWN 4 CENTS TO $14.93//WE JUST HAD OUR 9TH CONSECUTIVE HUGE QUEUE JUMPING AT THE GOLD COMEX: WE HAVE 22.5 TONNES STANDING FOR DELIVERY AGAINST 8.8 TONNES OF DEALER GOLD//TURKISH LIRA PLUMMETS AS TURKEY ABANDONS ITS PLEDGE TO SUPPORT THE LIRA//TURKEY HAS MORE DOLLAR LIABILITIES THAN ASSETS AND WILL NEED A BAILOUT FROM THE IMF//WAR OF WORDS CONTINUE WITH IRAN AND THE USA TRADING BARBS//ARGENTINIAN PESO ALSO COLLAPSES AS IT LOOKS LIKE KIRCHNER MAY BE VICTORIOUS IN THE UPCOMING OCTOBER ELECTION//MORE SWAMP STORIES FOR YOU TONIGHT///

 

 

 

 

 

 

GOLD: $1277.50 UP $0.05 (COMEX TO COMEX CLOSING)

Silver:  $14.93 DOWN 4 CENTS  (COMEX TO COMEX CLOSING)

Closing access prices:

Gold :  $1277.50

 

 

silver: $14.95

 

TODAY IS OPTIONS EXPIRY FOR THE COMEX CONTRACTS IN GOLD/SILVER
ON TUESDAY, WE HAVE EXPIRY ON THE BIG ONES OTC/LONDON LBMA CONTRACTS FOR GOLD/SILVER.

 

 

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

today RECEIVING:  249//295

EXCHANGE: COMEX
CONTRACT: APRIL 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,275.500000000 USD
INTENT DATE: 04/24/2019 DELIVERY DATE: 04/26/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
657 C MORGAN STANLEY 1
661 C JP MORGAN 249
686 C INTL FCSTONE 3
737 C ADVANTAGE 85 45
880 H CITIGROUP 200
905 C ADM 7
____________________________________________________________________________________________

TOTAL: 295 295
MONTH TO DATE: 6,902

NUMBER OF NOTICES FILED TODAY FOR  APRIL CONTRACT: 295 NOTICE(S) FOR 29500 OZ (0.9175 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 :$5409  DOWN $6

 

 

Bitcoin: FINAL EVENING TRADE: $5465 UP 48

 

 

end

 

XXXX

 

 

 

 

 

Let us have a look at the data for today

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IN SILVER THE COMEX OI FELL A STRONG  SIZED 4851 CONTRACTS FROM 219,113 DOWN TO 214,262 DESPITE YESTERDAY’S 15 CENT RISE IN SILVER PRICING AT THE COMEX.  AS I PROMISED YOU, WE DID  HAVE OUR CUSTOMARY LIQUIDATION OF SPREADERS WITH TODAY READING.  TODAY WE ARRIVED FURTHER FROM AUGUST’S 2018  RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS.

WE HAVE ALSO WITNESSED A LARGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY AS WELL WE ARE WITNESSING CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S.  WE WERE  NOTIFIED  THAT WE HAD A STRONG SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:

0 EFP’S FOR MARCH,  0 FOR APRIL,  2218 FOR MAY, 0 FOR JUNE 240 FOR JULY AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  2458 CONTRACTS. WITH THE TRANSFER OF 2458 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 2458 EFP CONTRACTS TRANSLATES INTO 12.29 MILLION OZ  ACCOMPANYING:

1.THE 15 CENT RISE IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

AND NOW 3.880 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:

33,048 CONTRACTS (FOR 18 TRADING DAYS TOTAL 33,048 CONTRACTS) OR 165.24 MILLION OZ: (AVERAGE PER DAY: 1836 CONTRACTS OR 9.180 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR:  165.24 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 23.60% 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:          733.04    MILLION OZ.

JANUARY 2019 EFP TOTALS:                                                      217.455. MILLION OZ

FEB 2019 TOTALS:                                                                       147.4       MILLION OZ/

MARCH 2019 TOTAL EFP ISSUANCE:                                           207.835   MILLION OZ

 

 

RESULT: WE HAD A STRONG SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 4851 DESPITE THE 15 CENT FALL IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A  STRONG SIZED EFP ISSUANCE OF 2458 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 RESUMED THEIR LIQUIDATION OF THE SPREAD TRADES TODAY.

 

TODAY WE LOST A CONSIDERABLE SIZED: 2393 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 2458 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH DECREASE OF 4851  OI COMEX CONTRACTS. AND ALL OF THIS LOSS OF DEMAND HAPPENED WITH A 15 CENT RISE IN PRICE OF SILVER  AND A CLOSING PRICE OF $14.97 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 1811 CONTRACTS, TO 441,859 WITH THE RISE IN THE COMEX GOLD PRICE/(A GAIN IN PRICE OF $6.00//YESTERDAY’S TRADING).  

 THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A VERY STRONG SIZED 8646 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 8648 CONTRACTS DECEMBER: 0 CONTRACTS, JUNE 2020  0 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 441,736. 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 10,457 CONTRACTS: 1811 OI CONTRACTS INCREASED AT THE COMEX  AND 8648 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 10,457 CONTRACTS OR 1,045,700 OZ OR 32.52TONNES.  YESTERDAY WE HAD A GAIN IN THE PRICE OF GOLD TO THE TUNE OF  $6.00.AND YET WITH THAT RISE, WE  HAD A VERY STRONG GAIN IN TONNAGE OF 32.52 TONNES!!!!!!.?????????????????????????????????????????? 

 

 

 

 

 

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF APRIL : 126,328 CONTRACTS OR 12,632,800 OR 392.93 TONNES (18 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 18 TRADING DAYS IN  TONNES: 392.93 TONNES

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

THUS EFP TRANSFERS REPRESENTS 392.93/3550 x 100% TONNES =10.31% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     1766.32 TONNES

JANUARY 2019 TOTAL EFP ISSUANCE;   531.20 TONNES

FEB 2019 TOTAL EFP ISSUANCE:             344.36 TONNES

MARCH 2019 TOTAL EFP ISSUANCE:       497.16 TONNES

 

 

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

 

 

Result: A CONSIDERABLE SIZED INCREASE IN OI AT THE COMEX OF 1811 WITH THE GAIN IN PRICING ($6.00) THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A  STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 8646 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 8646 EFP CONTRACTS ISSUED, WE  HAD A VERY STRONG GAIN OF 11,334 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

8646 CONTRACTS MOVE TO LONDON AND 1811 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 32.52 TONNES). ..AND THIS STRONG DEMAND OCCURRED WITH A RISE IN PRICE OF $6.00 IN YESTERDAY’S TRADING AT THE COMEX.

 

 

 

we had:  295 notice(s) filed upon for 29,500 oz of gold at the comex.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD...

 

WITH GOLD UP $0.05  TODAY 

 

WE HAD NO INVENTORY CHANGES AT THE GLD//

 

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 DOWN 4 CENTS TODAY:

NO CHANGE IN SILVER INVENTORY AT THE SLSV//

 

 

 

 

 

 

/INVENTORY RESTS AT 311.979 MILLION OZ.

 

 

end

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

1. Today, we had the open interest in SILVER FELL BY A STRONG SIZED 4851 CONTRACTS from 219,113 DOWNTO 214,262 AND FURTHER FROM THE NEW COMEX RECORD SET LAST IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  1 1/3 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.  AS YOU CAN SEE, WE HAVE RECORD HIGH OPEN INTERESTS IN SILVER  ACCOMPANIED BY A CONTINUAL LOWER PRICE WHEN THAT RECORD WAS SET…..TODAY,IT LOOKS LIKE OUR SPREADERS RESUMED ITS LIQUIDATION WHERE THEY LEFT OFF THE DAY BEFORE.   

 

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., 2218 FOR MAY, FOR JUNE 0 CONTRACTS AND JULY: 240 CONTRACTS  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2458 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  OI LOSS AT THE COMEX OF 4851 CONTRACTS TO THE 2458 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A  STRONG SIZED LOSS OF 2393 OPEN INTEREST CONTRACTS.  THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES: 11.965MILLION OZ!!! AND YET WE ALSO HAVE A STRONG DEMAND FOR PHYSICAL AS WE WITNESSED A FINAL STANDING OF GREATER THAN 30 MILLION OZ FOR JULY, A STRONG 6.065 MILLION OZ FOR AUGUST..  A HUGE 39.505  MILLION OZ  STANDING FOR SILVER IN SEPTEMBER… OVER 2 million  OZ STANDING FOR THE NON ACTIVE MONTH OF OCTOBER.,  7.440 MILLION OZ FINALLY STANDING IN NOVEMBER.  21.925 MILLION OZ STANDING IN DECEMBER , 5.845 MILLION OZ STANDING IN JANUARY. 2.955 MILLION OZ STANDING IN FEBRUARY,  27.120 MILLION OZ FOR MARCH. AND NOW 3.880 MILLION OZ FOR APRIL.

 

 

RESULT: A STRONG SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE 15 CENT RISE IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A STRONG SIZED 2458 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG  SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

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

 

 

(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

I)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED DOWN 77.79 POINTS OR 2/43% //Hang Sang CLOSED DOWN 256.03 POINTS OR 0.86%  /The Nikkei closed UP 107.78POINTS OR 0.48%/ Australia’s all ordinaires CLOSED HOLIDAY

/Chinese yuan (ONSHORE) closed DOWN  at 6.7449 AS TRUCE DECLARED FOR 3 MONTHS /Oil UP to 66/11 dollars per barrel for WTI and 5.19 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.7449 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7537/ 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/ SOUTH KOREA

SOUTH KOREA

Export dynamo sees their economy unexpectedly plunge by the most in a decade.  Its GDP unexpectedly shank in Q1 dropping .3% Q/Q

( zerohedge)

NORTH KOREA/RUSSIA/USA
An excellent article from Tom Luongo on the failed policies of the uSA with respect to North Korea. Expect North Korea to face Russia as they too enter the Silk Road Project.  Pay close attention to Luongo’s assertion that Putin will grant Russian passports to citizens of the Donbass area..that will tick off the Americans to no end.
(courtesy Tom Luongo)

 

 

b) REPORT ON JAPAN

Japan

 

3 China/Chinese affairs

i)China/

 

 

4/EUROPEAN AFFAIRS

i)Deutsche bank/Commerzbank

They are still talking about the failed talks between Deutsche bank and Commerzbank bank. These two banks must be burning out of control
(courtesy zerohedge)

ii)FRANCE//CHRISTIANITY

The burning of Notre Dame and how France is leading in the destruction of Christian Europe.  Mosques on the rise..churches are empty and their buildings are falling apart

( Guy Milliere/Gatestone)

 

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)LIBYA
Fighting begins into Tripoli as Hafter moves to surround the city.
( zerohedge)
ii)TURKEY
I just received the world gold council’s gold inventory and i made a mistake and the conditions inside Turkey are worse than I thought.  The correct inventory is 511 tonnes or 20.9 billion dollars worth of gold.
Turkey in a mess as the Central Bank of Turkey signals that they will not tighten as that sent the lira down to 5.94 lira per dollar.  The cost to defend the lira has been huge and the countries total reserves are down to a net 12 billion dollars yet with gold being 21 billion or almost all of its reserves… they now have more dollar liabilities than dollar assets… they will need a bailout from the IMF shortly.
( zerohedge)

iii)Iran/uSA

Iran warns the USA not to engage with Iran at the Straits of Hormuz. That will never happen. This is going to flare up

( zerohedge)

6. GLOBAL ISSUES

i)SWEDEN

 

QE will continue in Sweden and that sent the Krona crashing.  The central bank has now delayed rate hikes

(courtesy zerohedge)

 

 

 

7. OIL ISSUES

 

 

8 EMERGING MARKET ISSUES

Argentina

Argentina is having an election in October and our good friend Cristina Fernandez de Kirchner is running again.A Kirchner victory would cause the Peso to collapse to over 50:1 as she is one nut case. The Peso today collapsed to 46.1 and credit default swaps skyrocketed on the threat of her possible election victory.

(courtesy zerohedge)

 

 

 

9. PHYSICAL MARKETS

i

 

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

 

 

MARKET TRADING//early this morning/TRADING

 

 

ii)Market data

i)Durable goods orders still weak

( zerohedge)

ii)The initial jobless claims turned on a dime: it surged the most in 18 months.

( zerohedge)

 

 

 

 

ii)USA ECONOMIC/GENERAL STORIES

A good look at the deteriorating conditions inside one of the richest cities in the USA: San Francisco

( zerohedge)

SWAMP STORIES

I)Barr to give testimony to the senate on the Mueller report next Wednesday.

( zerohedge)

ii)Joe DiGenova is one of the smartest lawyers around. He explains where the Russian hoax is headed

(Lifson/American Thinker.com_)
E)SWAMP STORIES/MAJOR STORIES//THE KING REPORT

 

Let us head over to the comex:

 

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A CONSIDERABLE 1811 CONTRACTS.TO A LEVEL OF 441,859 WITH THE GAIN IN THE PRICE OF GOLD ($6.00) 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 8648EFP CONTRACTS WERE ISSUED:

FOR APRIL 0 FOR JUNE ’19: 8646 CONTRACTS , DEC; 0 CONTRACTS: 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  8646 CONTRACTS.

THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST  48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON BASED FORWARD.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 10,457 TOTAL CONTRACTS IN THAT 8646 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A CONSIDERABLE SIZED 1811 COMEX CONTRACTS.

 

NET GAIN ON THE TWO EXCHANGES : 10,457 contracts OR 1,045,700 OZ OR 32.52 TONNES.

 

We are now in the active contract month of APRIL and here the open interest stands at 586 contracts, having GAINED ANOTHER 239contracts.

We had 225 notices filed upon yesterday, so we GAINED AN UNBELIEVABLE  464 contracts or an additional 46,400 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 9TH 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 158 contracts FALLING TO 1290 contracts. The next contract month after May is June and it is an active month.  Here the open interest FELL by 376 contracts UP to 313,887 contracts.

 

 

 

 

TODAY’S NOTICES FILED:

WE HAD 295 NOTICES FILED TODAY AT THE COMEX FOR ,29500  OZ. (0.6998 TONNES)

 

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And now for the wild silver comex results.

Total COMEX silver OI FELL BY A HUGE SIZED 4851CONTRACTS FROM 219,113 DOWN TO 214,262(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 STRONG OI COMEX LOSS OCCURRED DESPITE A 15 CENT GAIN IN PRICING.//YESTERDAY.

 

 

WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF APRIL AND THE  OPEN INTEREST IN THIS FRONT MONTH RESTS AT 1 CONTRACTS FOR A GAIN OF 0 CONTRACTS ON THE DAY.

WE HAD 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 15,264 CONTRACTS DOWN TO 44,613. CONTRACTS.. THE NEXT MONTH OF JUNE GAINED 5 CONTRACTS TO 336. AFTER JUNE, THE VERY BIG DELIVERY MONTH OF JULY HAD A GAIN OF 9736 CONTRACTS UP TO 126,942 CONTRACTS.

 

 

 

 

 

 

ON A NET BASIS WE LOST A STRONG SIZED 2393 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 4724 CONTRACT LOSS AT THE COMEX COMBINING WITH THE ADDITION OF 2458 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN ON THE TWO EXCHANGES:  2393 CONTRACTS...AND ALL OF THIS LACK OF DEMAND OCCURRED WITH A 15 CENT GAIN IN PRICING// YESTERDAY???? 

 

 

 

 

 

 

 

 

 

TODAY’S NUMBER OF NOTICES FILED:

 

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

 

 

Trading Volumes on the COMEX TODAY:  229,138  CONTRACTS 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  255,290  contracts

 

 

 

 

 

 

 

 

 

INITIAL standings for  APRIL/GOLD

APRIL 25 /2019.

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
88,023.03
oz
HSBC
Deposits to the Dealer Inventory in oz nil

oz

 

 

 

 

 

 

 

 

Deposits to the Customer Inventory, in oz  

 

 

 

nil oz

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No of oz served (contracts) today
295 notice(s)
 29500 OZ
(0.9175TONNES)
No of oz to be served (notices)
291 contracts
(29,100 oz)
0.9051 TONNES
Total monthly oz gold served (contracts) so far this month
6902 notices
690,200 OZ
21.468 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.

 

Gold withdrawals;

i) we had one withdrawal from HSBC and it was a biggy:  88,023.03 oz

 

 

total gold withdrawals; 88,023.03 oz

 

we had 0 adjustments…

FOR THE APRIL 2019 CONTRACT MONTH)

Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to  295 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 249 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 (6902) x 100 oz , to which we add the difference between the open interest for the front month of APRIL. (586 contract) minus the number of notices served upon today (295 x 100 oz per contract) equals 719,300 OZ OR 22.373 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 (6902 x 100 oz)  + (586)OI for the front month minus the number of notices served upon today (295 x 100 oz )which equals 719,300 oz standing OR 22.373 TONNES in this  active delivery month of APRIL.

 

 

WE GAINED TODAY 464  CONTRACTS OR 46,400  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 NINTH CONSECUTIVE  GAIN AT THE GOLD COMEX, WITH TODAY’S GAIN EXTREMELY LARGE.  TO HAVE 9 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 22.390 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;   7,851,381.367 oz 244.21 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 22.373 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 892 OPEN INTEREST CONTRACTS STILL REMAINING TO BE SERVED//3 TRADING DAYS VS  1290 CONTRACTS APRIL 24.2019 WITH 3 TRADING SESSIONS LEFT.

 

IN THE LAST 31 MONTHS 111 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 25 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
nil oz

 

 

 

 

 

 

 

Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
1,201,120.230 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  2 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 i) CNT: 600,695.500  oz
ii) Into Scotia:  600,424,730 oz

 

 

 

 

 

 

 

 

total customer deposits today:  1,201,120.230  oz

 

we had 0 withdrawals out of the customer account:

 

 

total withdrawals: nil  oz

 

we had 0 adjustments..

 

total dealer silver:  91.518 million

total dealer + customer silver:  307.415 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 40,916 OPEN INTEREST CONTRACTS STILL LEFT TO BE SERVED WITH 3 TRADING SESSIONS TO GO/ VS TODAY, APRIL 24.2019: 44,613 CONTRACTS//3 TRADING SESSIONS.

 

 

 

 

 

 

 

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TODAY’S ESTIMATED SILVER VOLUME:  55,649 CONTRACTS

 

 

 

 

 

CONFIRMED VOLUME FOR YESTERDAY: 120,182 CONTRACTS..(for sure we had some liquidation of our spreaders//yesterday)

..

 

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 120,182 CONTRACTS EQUATES to 600 million  OZ 85.7% OF ANNUAL GLOBAL PRODUCTION OF SILVER

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

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

 

end

 

 

 

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NPV for Sprott 

1. Sprott silver fund (PSLV): NAV RISES TO -3.78% (APRIL 25/2019)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -1.75% to NAV (APRIL 25/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -3.78%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

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

NAV 12.83TRADING 12.28/DISCOUNT 4.25

END

And now the Gold inventory at the GLD/

APRIL 25//WITH GOLD UP $.05 TODAY  (BASICALLY FLAT) NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 747.87 TONNES

 

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 25/2019/ Inventory rests tonight at 747.63 tonnes

*IN LAST 585 TRADING DAYS: 187.08 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 485 TRADING DAYS: A NET 20,26 TONNES HAVE NOW BEEN LOST INTO THE GLD INVENTORY.

WE MUST BE GETTING CLOSER TO THE BOTTOM OF THE BARREL FOR PHYSICAL GOLD AT THE GLD.

 

end

 

Now the SLV Inventory/

APRIL 25/WITH SILVER DOWN 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///

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 25/2019:

 

Inventory 311.979 MILLION OZ

LIBOR SCHEDULE AND GOFO RATES:

 

 

THE RISE IN LIBOR IS CREATING A SCARCITY OF DOLLARS BECAUSE FOREIGN EXCHANGE SWAPS (COSTS) ARE SIMPLY PROHIBITIVE

YOUR DATA…..

6 Month MM GOFO 2.07/ and libor 6 month duration 2.62

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

G0LD LENDING RATE: + .55/

 

 

XXXXXXXX

12 Month MM GOFO
+ 2.45%

LIBOR FOR 12 MONTH DURATION: 2.75

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.30

end

 

PHYSICAL GOLD/SILVER STORIES

 

end
i) GOLDCORE BLOG/Mark O’Byrne

Venezuela Sells $400 Million Worth Of Gold Bullion

Via GoldSeek

Strengths

  • The best performing metal this week was palladium, up 3.52 percent as CPM Group noted that the price could climb to $1,800 on supply constraints. Gold traders and analysts switched from bullish to mostly neutral or bearish on the yellow metal this week, according to the weekly Bloomberg survey.
  • Turkey’s gold reserves reversed this week by rising $227 million from the previous week. The central bank’s holdings are now worth $20.9 billion as of April 12, according to official figures. Kazakhstan also increased its gold holdings to 11.63 million ounces in March, up from 11.46 million in February. Mexico, too, raised gold reserves by 3.86 million ounces last month.
  • Bloomberg’s Cormac Mullen writes that currency traders should get ready for a big move in the dollar, if past periods of low volatility are a guide. Over the last 25 years, there have been three previous troughs in the JPMorgan Global FX Volatility Index, and each time the U.S. Dollar Index has moved around 10 percent over the subsequent six months, according to Bloomberg data. A weaker U.S. dollar has historically been positive for the gold price as the two trade inversely.

Weaknesses

  • The worst performing metal this week was gold, down 1.13 percent. The yellow metal tumbled to its lowest since January on Tuesday morning just as the market opened after someone dumped 11,000 gold futures contracts, worth around $1.5 billion, into the market. Traders were said to be using the F-word—“fiduciary.” Who recklessly dumps so many contracts unless their motive is to drive the price down?
  • Gold is headed for its fourth weekly drop – the longest run of weekly declines in eight months – amid speculation that the U.S. and China are nearing a trade deal. Bloomberg writes that better-than-expected first quarter growth and March industrial production for China weighed on gold prices. The data eased concerns about a slowdown in global growth that rattled investors.
  • Holdings in the SPDR Gold Shares fund fell to its lowest since October on Tuesday, which also happens to be the same day that gold gave up all its 2019 gains. Unexpectedly strong data from emerging markets, and China in particular, helps explain gold’s slip as investors are turning away from safe haven assets. Japan’s largest bullion retailer, Tanaka Kikinzoku Kogyo K.K., said that first quarter sales of gold bars fell 33 percent year-over-year and platinum bars also fell 34 percent.

Opportunities

  • Federal Reserve Chairman Jerome Powell has made an important shift in strategy for dealing with inflation, in a prelude to what could be a more radical change next year, writes Bloomberg’s Rich Miller and Craig Torres. “The Fed is evolving to a ‘white-of-the-eyes’ approach in terms of inflation” under which it won’t hike rates until price rises accelerate, said Stephen Stanley, chief economist at Amherst Pierpont Securities. Higher inflation is typically good for gold.
  • Rio Tinto, the world’s second biggest miner, released a statement last week saying that it will only work with groups aligned with its own climate principals and pledged to become a “greener” miner. Mining.com writes that “Rio Tinto has effectively put mining industry lobby groups on notice that they need to adapt to a world in which the challenge of climate change is recognized and that mining should be a positive force for change.”
  • According to a joint statement, ICBC and the World Gold Council are partnering to develop the Chinese gold market. The two groups will leverage online technology and ICBC’s platform advantages to design and develop new gold products and services for millennials in particular.

Threats

  • Venezuela managed to sell as much as $400 million, or nearly 9 tons, in gold with sanctions in force, somehow skirting international sanctions. The sale not only means President Maduro has found a way to sidestep the economic blockage, but it also may have contributed to the drop in gold price this week, according to some analysts. “Of course [the sale] impacts the gold price,” RBC Wealth Management managing director George Gero told Kitco News. “Anytime you have a large supply overhanging the market, it impacts trading. It did not help attract buyers.”
  • Gold demand has been supported lately by the idea that global output could begin to roll over on higher operating costs and the lack of large discoveries. However, it doesn’t look as if “peak gold” has arrived just yet. Output is expected to rise to 109.6 million ounces this year, an increase of 2.1 percent more than in 2018, according to S&P Global Market Intelligence. This will be “the strongest growth in the past three years, debunking commentary calling for peak gold,” analyst Christopher Galbraith told Bloomberg. Galbraith added that more than half of the increase “is projected to come from new mines that are expected to come on stream this year or have recently commissioned.”
  • For the past two decades, U.S. corporate profits have widened on average, but this is unlikely to last much longer. According to a note by Bridgewater Associates’ Greg Jensen, “some of the forces that supported margins over the last 20 years are unlikely to provide a continued boost.” This could lead to a major valuation problem, Jensen says, adding that incentives for offshore production have been reduced “as global labor costs have moved closed to equilibrium, with domestic costs and rising trade conflict increasing the risk of offshoring, while the potential tax rate arbitrage from moving abroad is now much smaller.” As a result, it could be challenging for companies to maintain profitability levels over the next several years, let alone widen margins further.
Watch Video Here

News & Commentary

Gold ends higher as the U.S. stock market pauses its rally (ForexTv.com)

Gold prices inch up off 4-month low, still pressured by strong dollar (Reuters.com)

Bank of Canada cuts growth forecast, abandons talk of rate hikes (Reuters.com)

U.S. yields lower on soft global data, after strong auction (Reuters.com)

SWOT Analysis: Venezuela Liquidated $400 Million in Gold Last Week (GoldSeek.com)

Annual silver production surveys fail to address market manipulation – Butler (24HGold.com)

Gold futures smashes at odds with fundamentals – John Ing (KingWorldNews.com)

Paper gold raid and fake financial journalism (InvestmentResearchDynamics.com)

Gold Prices (LBMA PM)

24 Apr: USD 1,273.80, GBP 984.90 & EUR 1,135.34 per ounce
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

Silver Prices (LBMA)

24 Apr: USD 14.80, GBP 11.44 & EUR 13.21 per ounce
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

Recent Market Updates

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

– 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

Mark O’Byrne
Executive Director
end

GATA STORIES WITH RESPECT TO GOLD/PRECIOUS METALS.

Reuters purports to be concerned that Africa is being cheated out of its gold

 Section: 

If Reuters is suddenly really so concerned about Africa’s being cheated out of its gold, why doesn’t the news agency investigate the international central bank gold price suppression scheme? Most of the work for such investigative journalism already has been done here:

http://gata.org/taxonomy/term/21

All the news agency would have to do is call a few central banks to collect their refusals to account for themselves.

* * *

Gold Worth Billions Is Smuggled Out of Africa

By David Lewis, Ryan McNeill, and Zandi Shabalala
Reuters
Wednesday, April 23, 2019

Billions of dollars’ worth of gold is being smuggled out of Africa every year through the United Arab Emirates in the Middle East — a gateway to markets in Europe, the United States, and beyond — a Reuters analysis has found.

Customs data shows that the UAE imported $15.1 billion worth of gold from Africa in 2016, more than any other country and up from $1.3 billion in 2006. The total weight was 446 tonnes, in varying degrees of purity, up from 67 tonnes in 2006.

… 

Much of the gold was not recorded in the exports of African states. Five trade economists interviewed by Reuters said this indicates large amounts of gold are leaving Africa with no taxes being paid to the states that produce them.

Previous reports and studies have highlighted the black-market trade in gold mined by people, including children, who have no ties to big business, and dig or pan for it with little official oversight. No one can put an exact figure on the total value that is leaving Africa. But the Reuters analysis gives an estimate of the scale. …

… For the remainder of the report:

https://www.reuters.com/investigates/special-report/gold-africa-smugglin…

* * *

Help keep GATA going:

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

http://www.gata.org

To contribute to GATA, please visit:

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

 

END

This is something!! The Government of India is learning from its citizens..they are now acquiring gold

(Bloomberg/GATA)

Even the Reserve Bank of India is acquiring gold now

 Section: 

World’s Central Banks Want More Gold

By Ranjeetha Pakiam and Swansy Afonso
Bloomberg News
Wednesday, April 24, 2019

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 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. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-04-23/central-bank-gold-buy…

END

John Ing believes (and so do I) that Basel III is the key catalyst that is causing central banks to purchase gold.  No question that the leader in the purchasing dept. is China

(courtesy Kingworldnews/John Ing/GATA)

Gold futures smashes at odds with fundamentals, John Ing tells King World News

 Section: 

4p ET Wednesday, April 24, 2019

Dear Friend of GATA and Gold:

Recent smashes in the gold futures market don’t reflect the monetary metal’s fundamentals, gold market analyst John Ing tells King World News this week. With central banks aggressively buying, the Bank for International Settlements proclaiming gold as good as cash and government bonds, and gold miners acquiring each other, Ing says, the metal seems to be a bargain at the moment. Ing’s comments are posted at KWN here:

https://kingworldnews.com/legend-connected-in-china-at-the-highest-level…

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

END

Legend Connected In China At The Highest Levels Says Basel III Is Fueling Massive Central Bank Gold Buying//

Russia & China Buy As Gold Market Raids Continue

April 24 (King World News) – John Ing: “Gold is hitting some important technical levels after being hit in the last ten days by two dumps of 11,000 contracts on the downside. That has taken the steam out of a rally that I believe was going to test that $1,325 level…


Insiders Buying

Meanwhile, Russia and China have been buying gold. In fact, China has been buying gold four months in a row. So there has been this continued physical offtake, and this decline in the price of gold has nothing to do with fundamentals.  And you see the continued merger and acquisition activity in the gold mining sector, which included Newmont and Barrick making peace by setting up a joint venture in Nevada. So when you see central bank buying — they are the biggest insiders — and then you see the gold industry themselves buying each other, that’s telling me that prices today are very attractive.

Large Investors Also Buying

And, Eric, when I talk to large investors, they have not been selling. In fact, they have been buying on these pullbacks in the high-quality names in the mining sector. Rob McEwen has been talking about how attractive the valuations are in the mining sector right now, so that tells you how undervalued the space is at this time.”

Eric King: “What about all of this central bank buying of gold that you mentioned?”

John Ing: “China is the largest producer of gold in the world and yet they keep importing gold. On top of that the world is facing peak gold production, where production will be declining dramatically for many years to come. And countries are watching the dollar constantly being debased, which is why China, Russia, and many other countries continue to buy gold…


Russia has dumped US Treasuries and they have now become the 5th largest holder of gold in the world.  China is following suit, becoming the 6th largest holder of gold in the world.  This is after four consecutive months of buying.  Every month China seems to be buying significant quantities of gold in London.  And we know that the Shanghai Gold Exchange is the largest physical gold market in the world.  So China is well on its way to rivaling the United States with its 8,000 tonnes of gold.

Basel III Fueling Massive Central Bank Gold Purchases

And of course with Basel III, which was just enacted, gold can now be margined at 100%. This will serve to continue to drive physical demand for gold by central banks. This central bank buying is not only very real, it’s very aggressive. It’s the highest pace of buying in 50 years, since the US essentially went off the gold standard.”

end

The following story is quite interesting..a new startup back is being refused the free money of central bank reserves and they are taking them to court

(courtesy Bloomberg./GATA)

Fed wants to restrict premium interest rate to its pals

 Section: 

The Fed Fights a New Bank It Fears, While the Startup Sees Nothing to Worry About

By Alex Harris and Liz McCormick
Bloomberg News
Wednesday, April 24, 2019

The Federal Reserve is trying to kill a fledgling bank before the newfangled business takes root, arguing it’s a dangerous idea. The nascent company says there’s no reason to fret about its plan to give big investors access to the central bank’s highest interest rates.

Figuring out who’s right is no easy task.

… 

James McAndrews, once the New York Fed’s director of research, created the bank in 2016, hoping to give pensions, insurers, and other large institutional investors higher yields on their cash by parking money at the Fed. Currently only a select few banks can receive that top-tier rate, now at 2.4 percent. The best that money-market funds — a popular cash receptacle for the firms McAndrews is targeting — can get from the Fed is 2.25 percent.

The New York Fed has prevented his company, TNB USA Inc., from opening the type of account it needs to make the business model work. That prompted the firm to sue the central bank last year, saying it was obstructing the project. The Fed found another way to fight back as the case continues to unfold. Last month it proposed rewriting its rules so TNB or any other potential “narrow banks” — so named because they are focused solely on taking deposits — could get only lower interest rates, sabotaging their raison d’être. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-04-24/fed-fights-a-new-bank…

* * *



iii) Other Physical stories
Wow!! UAE which produces no gold saw its imports of our ancient metal of Kings rise to 444 tones and all of this is coming from  Africa and it is smuggled gold from crime syndicates
(courtesy zero hedge)

Billions In African Gold Being Smuggled Through UAE By Crime Syndicates: Report

A bombshell investigative report by Reuters has blown open a hitherto under-reported massive black market trade which has seen billions of dollars worth of gold smuggled out of Africa and sold to Europe via “middle man” countries like the United Arab Emirates and others in the Middle East.

The investigation found the Middle East to be the illicit gold “gateway to markets in Europe, the United States and beyond” based on new analysis of customs data, showing tons of off-the-books non-taxed gold pouring out of countries like Ghana, Ivory Coast, Tanzania, Nigeria, and war-torn Libya and Sudan, with no official oversight by the states in which the gold is mined.

 

Image via The New Arab.

The numbers are staggering in terms of the newly revealed whopping unaccounted for increase in Middle East imports for the past decade and more:

Customs data shows that the UAE imported $15.1 billion worth of gold from Africa in 2016, more than any other country and up from $1.3 billion in 2006. The total weight was 446 tonnes, in varying degrees of purity – up from 67 tonnes in 2006.

Much of the gold was not recorded in the exports of African states. Five trade economists interviewed by Reuters said this indicates large amounts of gold are leaving Africa with no taxes being paid to the states that produce them.

Though small scale and individual mining which has long fueled Africa’s black market trade, often involving children and impoverished families, already known and understood, analysts interviewed by Reuters say the newly unearthed figures reveal illegal exporting on a much larger scale than was previously thought is taking place.

Charts via Reuters

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 THURSDAY 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: 6.7449/

//OFFSHORE YUAN:  6.7537   /shanghai bourse CLOSED DOWN 77.79 POINTS OR 2.43%

HANG SANG CLOSED DOWN 256.03 points or 0.86%

 

2. Nikkei closed UP 107.78 POINTS OR 0.48%

 

 

 

 

3. Europe stocks OPENED RED EXCEPT SPAIN

 

 

 

 

 

 

USA dollar index RISES TO 98.28/Euro FALLS TO 1.1185

3b Japan 10 year bond yield: RISES TO. –.03/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 111.85/ 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:: 66.11 and Brent: 75/19

3f Gold UP/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 –01%/Italian 10 yr bond yield UP to 2.67% /SPAIN 10 YR BOND YIELD UP TO 1.09%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 2.68: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 3.29

3k Gold at $1276.25 silver at: 14.87   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 41/100 in roubles/dollar) 64.82

3m oil into the 66 dollar handle for WTI and 75 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 111.85 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 1.0227 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1375 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.01%

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 2.53% early this morning. Thirty year rate at 2.95%

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

6.  TURKISH LIRA:  UP  TO 5.9347.. VERY DEADLY

Dow Futures Plunge After 3M Plummets; Dollar Soars On Global Currency Carnage

It was shaping up as a relatively quiet session, with world equity markets slipping modestly on Thursday – despite blowout beats by Facebook and Microsoft which sent the latter’s stock 5% higher, sending its market cap above $1 trillion and making it the most valuable company in the world – amid worries on global growth and as investors digested European earnings, while the Swedish crown slumped to its lowest in 17 years and the euro suffered after German data.

But it was Dow heavyweight 3M’s disastrous earnings report and guidance cut that sent Dow futures sharply lower as the industrial conglomerate became the first stock to validate investor fears about growth challenges for the rest of the year.

In a nutshell, this is what 3M reported as it lamented a “disappointing start” to 2019: Q1 adjusted EPS $2.23, missing the estimate of $2.48, and revenue of $7.86BN, Exp. $8.02BN. But most concerning of all was its guidance, which was slashed to an adjusted EPS of $9.25 to $9.75, down from its prior guidance of $10.45-$10.90, and far below the consensus estimate of $10.53, suggesting sharp weakness for the rest of the year. And the cherry on top: 3M announced it would fire about 2,000 jobs as the broad slowdown hits its operations.

Elsewhere, Europe’s STOXX 600 lost 0.3% in early trading, with concern over prospects for global growth underscored by weak economic data from South Korea which earlier in the session reported its weakest GDP print since the financial crisis.

Energy stocks and a 10% drop in Finnish telecoms equipment maker Nokia dragged down European shares, with a varied bag of earnings for the region’s banks.

Asian markets had fallen earlier in the day, losing 0.5% as South Korea’s economy unexpectedly contracted in the first quarter, a vivid reminder that the global economy continues to slowdown sharply. Chinese stocks also fell sharply late in the day, losing more than 2% following attempts by the central bank to temper expectations for further easing of monetary policy and another substantial liquidity withdrawal by the PBOC. Chinese officials also warned of protracted pressure on economic growth, casting a shadow over hopes for a sustained recovery in the world’s second biggest economy.

Those worries on growth also played out closer to home for European investors, with fears lingering over the state of the German economy after a survey on Wednesday showed German business morale falling.

As a result of this weakness in Asia and Europe, the MSCI world equity index also fell 0.3%.

Amid today’s renewed risk weakness, central banks continued to pivot dovishly, with the Bank of Japan on Thursday pledging to keep interest rates very low at least until early 2020, even as it retained main policy targets. However in stark reversal to the market’s prior response to central bank dovishness, Japan’s Nikkei barely responded, closing just 0.5% higher, while the Japanese yen also reacted little. The yen was last up about a third of a percent, at 111.85 yen per dollar.

Several hours later, the Swedish Krona plunged to its lowest since August 2002, after the central bank said weak inflationary pressures meant a forecast rate hike would come slightly later than planned, while the central bank announced it would resume QE until the end of 2020. The SEK sank 1.2 percent against the euro to 10.65 – on course for its biggest daily drop in more than six months.

Turkey’s lira also crashed against the dollar, tumbling after the central bank announced it was removing its tightening pledge, and confirming that Turkey would no longer defend the lira after the nation’s reserves dropped to dangerously low levels.

“You certainly have a common response (from central banks) to a global growth slowdown in terms of monetary policy,” said Peter Schaffrik, head of European rates strategy at RBC Capital Markets. “We haven’t generally seen outright reduction, but it is easing relative to what was previously communicated to, and implied in, the markets.”

The currency carnage was not over, however, and the euro suffered its worst day in over six weeks, falling 0.6 percent to a 22-month following the further signs of flagging growth in Germany. It was last at $1.1141.  Also on the agenda for the single currency were Spanish elections on Sunday and economic concerns out of Italy.

China’s yuan also declined to a two-month-low against the dollar later Thursday, while the Bloomberg replica of the CFETS RMB Index, which tracks the yuan versus a basket of 24 trading partners’ currencies, was at the highest in ten months. While the People’s Bank of China actually weakened the yuan’s reference rate, that wasn’t enough to keep the yuan index from rising so much. “Periods of broad dollar strength, as we have seen overnight, will result in a higher CFETS Index as the yuan fixing is normally not as weak as the moves in the basket currencies,” said Khoon Goh, head of Asia research at Australia and New Zealand Banking Group.  Overnight, Chinese state media reported that the PBoC will set up policy framework to implement relatively low RRR for small and medium banks, in which the extra funds will be used to support private and small companies. However, there were later comments from the PBoC that China’s prudent monetary policy is overall appropriate and neither tight nor loose and that the use of repos and MLFs does not signal loosening bias.

With currencies around the globe tumbling, it’s not surprising that the dollar extended its gains, rising sharply and touching on fresh 2019 highs.

“The Fed isn’t keen to hike rates, but they are the strongest of the bunch so money will gravitate toward the U.S. dollar,” said David Madden, an analyst at CMC Markets in London.

Meanwhile, despite the dollar strength, oil continued to rise, Brent crude rose above $75 per barrel for the first time in 2019 in the wake of tightening sanctions on Iran, while gains in U.S. prices were crimped by a surge in U.S. supply.

Durable goods orders, initial jobless claims are due, while the afternoon sees scheduled earnings from Amazon and Intel.

Market Snapshot

  • S&P 500 futures down 0.03% to 2,929.75
  • STOXX Europe 600 down 0.3% to 389.91
  • MXAP down 0.4% to 161.83
  • MXAPJ down 0.9% to 536.76
  • Nikkei up 0.5% to 22,307.58
  • Topix up 0.5% to 1,620.28
  • Hang Seng Index down 0.9% to 29,549.80
  • Shanghai Composite down 2.4% to 3,123.83
  • Sensex down 0.2% to 38,970.94
  • Australia S&P/ASX 200 up 1% to 6,382.14
  • Kospi down 0.5% to 2,190.50
  • German 10Y yield fell 0.3 bps to -0.015%
  • Euro down 0.1% to $1.1142
  • Brent Futures up 0.9% to $75.25/bbl
  • Italian 10Y yield fell 4.0 bps to 2.262%
  • Spanish 10Y yield rose 0.8 bps to 1.081%
  • Brent Futures up 0.9% to $75.25/bbl
  • Gold spot up 0.2% to $1,277.62
  • U.S. Dollar Index up 0.01% to 98.18

Top Headlines from Bloomberg

  • The biggest currency driver in the European session was Sweden’s Riksbank which fell in line with the dovish tilt seen in other major central banks such as the European Central Bank. The Riksbank backtracked on plans to tighten monetary policy, as a less certain economic outlook meant negative Swedish rates may persist into next year — a shift from earlier where a rate hike was expected this September.
  • The BOJ said it would keep interest rates extremely low through at least around spring 2020. A change to forward guidance was predicted by only 3 of 48 economists surveyed by Bloomberg. BOJ now projects it won’t hit its 2 percent inflation target at least through March 2022, which will be nine years since Governor Haruhiko.
  • Deutsche Bank AG and Commerzbank AG ended talks on a historic tie-up, throwing the future of both lenders into question after failed turnaround plans. The two lenders decided that attempting to integrate would be too difficult to execute and also cited the restructuring costs and additional capital requirements.
  • Bond traders are adding to Federal Reserve rate-cut bets in face of record stocks run. The futures market is moving back toward pricing in a full quarter-point cut this year, even as U.S. and Chinese economic data show signs of improvement.
  • Rich Asians came to the rescue of UBS Group AG in the first quarter after Chief Executive Officer Sergio Ermotti’s dire outlook on market conditions sent investors into shock and investment banking revenue plummeted.
  • South Korea, a bellwether for global trade and technology, cast doubt over hopes for a quick rebound in the world economy by reporting its biggest contraction of gross domestic product in a decade. Asia’s fourth-largest economy shrank by 0.3% in the first quarter from the previous three months, versus estimates for a 0.3% gain.

Asia equity markets traded cautious following an uninspiring lead from Wall St where the major indices consolidated albeit near record levels. In addition, holiday closures in Australia and New Zealand, the BoJ policy announcement, weak South Korean GDP and a slew of earnings provided much for participants to ponder over. Nikkei 225 (+0.5%) traded higher with newsflow and the biggest gaining stocks in Japan dominated by corporate results, while KOSPI (-0.5%) was subdued following abysmal growth data for Q1 in which GDP Q/Q unexpectedly contracted by 0.3% which was the worst reading since Q4 2008 and GDP Y/Y expanded at the slowest pace in almost a decade. Elsewhere, Hang Seng (-0.8%) and Shanghai Comp. (-2.5%) were downbeat as earnings season also started to pick up in the region and after the PBoC refrained again from liquidity operations which resulted to a net CNY 80bln drain. In addition, there were state media reports the PBoC will set up policy framework to implement relatively low RRR for small and medium banks, although this failed to spur a recovery given the absence of an actual RRR cut announcement and as PBoC officials reaffirmed a preference for prudent monetary policy. Finally, 10yr JGBs were choppy amid the cautious risk sentiment in the region and after the BoJ policy announcement which initially lifted 10yr JGBs at the open due to the dovish aspects from the statement and downgrades in the Outlook Report. However, prices then returned to pre-announcement levels as the lower projections were not much of a surprise given the recent data, while the BoJ slightly adjusted its modified forward guidance in which it stated that it will keep very low interest rate levels for an extended period of time at least through around Spring 2020.

Top Asian News

  • BOJ Maintains Policy Rate, Adjusts Forward Guidance
  • PBOC Has No Intention to Tighten or Loosen Policy, Liu Says
  • South Korea Economy Unexpectedly Contracts as Investment Falters
  • Axis, StanChart India CEOs Face Corp. Ministry Contempt Petition
  • Global Steel Market Is Put on Notice as Top China Mill Warns

European Indices are trading with losses [Euro Stoxx 50 -0.5%] after having opened relatively flat, with markets initially taking the lead from the cautious performance in Asia. This morning’s downturn is on the back of significant underperformance in a number of Co’s after a morning driven by earnings with Nokia (-10.0%) leading the losses at the bottom of the Stoxx 600 after the Co. reported a EUR 50mln operating loss vs. Exp. profit of EUR 305mln. Separately, Sainsbury’s (-5.3%) are down after the CMA confirmed that they are to block merger discussions with Asda; as such the Co. are at the bottom of the FTSE 100 (-0.4%). The FTSE 100 is also weighed on by Barclays (-1.5%) post earnings where they reported a CIB total income which was lower than the prior, and Taylor Wimpey (-4.0%) after the Co. stated that increasing build costs are to push margins slightly lower. In recent reports Commerzbank (-2.0%) and Deutsche Bank (+3.0%) have confirmed that they have discontinued merger talks, as they believe that the merger would not result in sufficient benefits; which does follow earlier source reports that talks between the Co’s were on the verge of collapsing. Regarding this morning more positive earnings, ASM (+7.2%) lead the Stoxx 600 after beating on Q1 revenue and operating profit; while, Bayer (+3.5%) top the Stoxx 50 after confirming their FY guidance.

Top European News

  • RBS Says Ross McEwan Has Resigned From Role as CEO
  • Wirecard Addressing Auditing Quality Issues, CEO Braun Says
  • Swedish Krona Tumbles as Riksbank Pushes Back Rate-Increase Plan
  • SEB Says Riksbank Decisions Much More Dovish Than Expected

In FX, a technical break below support in Eur/Sek and brief look at the 10.5000 proved fundamentally flawed or just premature as the cross catapulted more than 15 big figures on a much more dovish than expected Riksbank policy meeting outturn, while Usd/Sek hit its highest levels in some 16 years. In short, the Swedish Central Bank pushed back the likely timing for further rate normalisation to year end or early 2020 from H2 this year and lowered its repo path over the forecast horizon, adding that the current -0.25% level will be maintained for longer than previously anticipated (ie as flagged in February). The Riksbank also predicted softer inflation in light of recent weaker than expected price developments and announced that Sek45 bn SGBs will be bought from July 2019 through December 2020 regardless of a couple of reservations. Eur/Sek has eased back from a circa 10.6655 peak, but remains relatively close to chart resistance around 10.6730 and Usd/Sek is now eyeing 9.6000 as the Dollar continues to rally across the board.

  • USD – The Greenback is still outperforming or gaining at the expense of its currency counterparts, as the DXY consolidates and builds on advances through 98.000. In truth, aside from the Swedish Crown’s post-Riksbank collapse the Buck breached key levels late yesterday as resilience in several rivals finally gave way and the index cleared resistance ahead of the round number to register a new ytd best at 98.189, with only a relatively minor extension to 98.233 so far today. However, the DXY remains in the ascendency and 98.496 is the next bullish chart target.
  • CAD/GBP/EUR/AUD – All weaker vs the Usd, albeit just off worst levels, as the Loonie continues to reflect on Wednesday’s shift from the BoC to a wait-and-see stance vs tightening previously and fails to derive much support from a rebound in oil prices. Meanwhile, Cable has fallen under 1.2900 to test Fib and MA supports, with Eur/Usd probing below its latest 2019 trough to 1.1135 and eyeing downside chart levels ahead of 1.1100 (1.1190-10), Aud/Usd pivoting 0.7000 where hefty option barriers lie and the Franc back to straddling 1.0200.
  • JPY/NZD – The Yen has recovered well from new ytd lows vs the Usd around 112.40 to trade back above 112.00 amidst more speculation about positioning for the upcoming lengthy Golden Week holiday and not really reacting to the BoJ’s attempt to clarify policy guidance given Governor Kuroda’s admission that it is highly possible that ultra accommodation may continue beyond Spring 2020 as the 2% inflation target could well remain elusive even after FY 2021. Elsewhere, the Kiwi is trying to cling to 0.6600 vs its US peer ahead of NZ trade data and with some indirect help via the Aud/Nzd cross that is hovering near the base of a 1.0627-42 range at the tail end of ANZAC day.

In commodities, Brent (+1.0%) and WTI (+0.4%) prices are in the green as oil prices have now largely shrugged off yesterday’s larger than expected EIA build; which came in at 5.479M vs. Exp. 1.25mln, as this was below Tuesday’s API build of 6.86M. This morning Brent prices did surpass, and remain above, the USD 75/bbl level for the first time in 2019. In recent newsflow Iran’s Foreign Ministry have stated that Tehran will not allow any country to replace their oil sales within the market; which does come in the context of the Iranian oil waivers ending on May 2nd. Separately, Iraq’s Oil Minister states that they have the capacity to increase oil production to 6mln BPD, for reference Iraq currently have a production level of 4.5mln BPD; however, there will be no change in production and if markets need more oil this will be decided at the relevant time. Gold (+0.1%) has been relatively uneventful overnight, as the yellow metal remains subdued by the continuing dollar strength. Elsewhere, Anglo American reported Q1 copper production of 161k tonnes vs. Prev. 155k tonnes, and an increase in iron ore output from their Minas-Rio mine, 4.9mln tonnes vs. Prev. 3mln tonnes; with the mine having reopened in December after an 8-month closure due to a pipeline leak.

US Event Calendar

  • 8:30am: Initial Jobless Claims, est. 200,000, prior 192,000; Continuing Claims, est. 1.68m, prior 1.65m
  • 8:30am: Durable Goods Orders, est. 0.8%, prior -1.6%; Durables Ex Transportation, est. 0.2%, prior -0.1%
  • 8:30am: Cap Goods Orders Nondef Ex Air, est. 0.2%, prior -0.1%; Cap Goods Ship Nondef Ex Air, est. 0.1%, prior -0.1%
  • 9:45am: Bloomberg Consumer Comfort, prior 60.3
  • 11am: Kansas City Fed Manf. Activity, est. 8, prior 10

DB’s Craig Nicol concludes the overnight wrap

With the US equity rally catching its breath yesterday, it was the bond market which instead took centre stage with yields sharply lower across the board. Indeed, having spent 8 consecutive sessions above 0%, Bunds succumbed to gravity once again and dropped back into negative territory following a -5.3bps decline taking 10y yields to -0.015%. There were moves of similar magnitude across the rest of Europe while Treasuries also rallied -4.7bps for the biggest move in over a month as curves broadly flattened.

There was a bit of head scratching as to what was driving the moves however in the end it appeared to be a bit of a compounding effect of various data releases and newsflow. Initially the well below market Aussie CPI release got the ball rolling this time yesterday, before Europe took the baton with Germany’s soft IFO survey doing the early damage – more on that further down. There was some commentary also about a decent Bund auction which kept yields anchored towards zero while the ECB’s latest Bulletin hammered home the implications of rising protectionism for the Euro Area, even if there wasn’t a huge amount of new information. Later in the afternoon we also got a dovish BoC meeting – which saw 10y Canadian yields fall -7.4bps to their lowest level since the start of the year after the bank’s statement removed its hiking bias – adding more fuel to the rates rally fire. Meanwhile, there was also some more chatter about the WSJ story from the weekend which was suggested as still hanging over the bond market, as it seemed to more seriously entertain the idea of a rate cut than previously. Our US economists dug into the underlying interview transcripts though, and they think the article is sensationalizing the actual, more measured argument from Fed officials. Finally, US oil inventory data showed another surprising build in stockpiles, which sent WTI prices -0.62% lower and weighed a bit on inflation expectations.

Holiday volumes are probably also exaggerating moves this week, however with central banks falling into the dovish line one-by-one and data outside of the US still faltering, it’s no great surprise to see yields really fail to break higher at the moment. The dollar has also perked up in response to those trends, advancing +0.55% to its strongest level in almost two years. It might have been boosted by breaking through some key technical levels, but the greenback has regardless gained against most currencies this week. Also interesting is the decoupling of bonds from equities at the moment. Whilst US equity markets gently eased on the breaks yesterday it still didn’t stop the S&P 500 and NASDAQ going above their record highs again intraday, before closing -0.22% and -0.23%, respectively. The energy sector underperformed and fell -1.85%, following the move in oil. Earnings played their part again but ultimately appeared to cancel each other out.

Indeed all eyes had been on Caterpillar (-3.03%), given its reputation as a macro bellwether. The company reported higher earnings than expected and worked down its backlog of orders, and left its guidance mostly unchanged.On the positive side, the CFO said that “strong” US demand will continue to grow this year, but investors focused on softer language about China. Management said that they expect to lose market share in China, because of aggressive competition and pricing pressure. Elsewhere, Boeing (+0.39%) advanced after management downplayed the impact of the 737 Max grounding, though the ultimate impact remains uncertain.

After the US close we also got the latest results from a couple of the tech juggernauts in Facebook and Microsoft, with both companies posting quite strong results. Microsoft traded as much as +4% higher after hours and Facebook +10% higher. Both companies saw revenues grow much stronger than consensus expectations, and Microsoft had particular strength in its cloud-computing sector. Facebook’s growth has slowed in developed markets, but the company has improved in emerging markets to compensate. US equity futures are posting small gains overnight led by the NASDAQ (+0.30%).

Overnight we’ve also had the BoJ meeting. As expected, policy was left unchanged with the most notable statement changes including a mention to keep rates low through at least spring 2020. Previously the BoJ had suggested rates would stay low for an “extended period”. There were also modest downward revisions to growth and inflation while the BoJ is considering a facility to offer term-limited loans of its ETFs to investors. Kuroda is due to speak after we go to print.

Despite the Yen (+0.17%) advancing, the Nikkei (+0.30%) is also slightly higher post that news and leading gains in Asia with the Hang Seng (-0.07%), Shanghai Comp (-0.70%) and Kospi (-0.26%) all in the red. The latter has struggled after Q1 GDP printed at a well below market -0.3% qoq (vs. +0.3% expected) in South Korea – the weakest since 2008.

Back to yesterday, where as noted above the initial trigger for the rates rally appeared to be the soft German IFO survey. The headline reading came in at 99.2 which was both lower than the 99.9 consensus and also down half a point for March.The expectations component slid 0.4pts to 95.2, however that was almost a full point below consensus while the current assessment component dropped 0.6pts to 103.3. Like the PMIs, the manufacturing sector bore the brunt of the decline, dropping to the lowest since 2013.So little turnaround in sight for the sector. It’s worth noting that less followed confidence indicators in France were also softer for the manufacturing sector yesterday.

Interestingly, despite the Bund and broader rates move the DAX actually outperformed most other European equity markets, closing up +0.63% albeit entirely thanks to big moves for SAP and Wirecard.In contrast the STOXX 600 closed -0.09%, CAC -0.28% and FTSE MIB -0.79%. European Banks also got hit to the tune of -1.71% which was the biggest decline in a month. The rates move clearly overshadowing any positive read through from the Credit Suisse results.

Meanwhile, in EM the MSCI EM equity index fell -0.48%. It’s interesting to note that while US equities breached record highs two days ago, and European equities are not far off, EM has very much lagged the broader DM move with the index still -14.81% off its 2018 highs achieved last January.In FX a basket of EM currencies finished -0.69% with the Turkish Lira (-0.77%) again grabbing the spotlight, weakening for the fifth consecutive day, and to a new six month high. We’ve actually got the Central Bank of Turkey decision today where the market will no doubt be looking for some soothing words to stop the slide.

In other news, the latest on Brexit is that the 1922 Committee refused to approve any changes to the leadership rules, and thus taking the press of the PM.Staying with the UK, Chancellor Hammond confirmed yesterday that he hoped to make the appointment of Carney’s successor as BoE Governor by October. He also suggested that the new Governor wouldn’t necessarily have to serve a full eight-year term. Sterling closed -0.28% yesterday.

In terms of the day ahead,this morning in Europe we’re due to get CBI survey data for April in the UK. Also worth keeping an eye on given recent volatility is the Central Bank of Turkey decision at midday. This afternoon in the US we’ve got preliminary durable and capital goods orders data due which should be the last set of data to help sharpen Q1 GDP forecasts tomorrow. Also due up is the latest claims reading and Kansas City Fed manufacturing survey. Away from the data the ECB’s Guindos is due to speak this afternoon in New York. Japan’s PM Abe is also due meet Tusk and Juncker in Brussels while Japan’s Finance Minister Aro is due to meet with Mnuchin over provisions against currency manipulation. Finally the earnings highlights today are Amazon, Intel, ComCast, 3M, Ford, Bayer, and UBS.

end

3. ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED DOWN 77.79 POINTS OR 2/43% //Hang Sang CLOSED DOWN 256.03 POINTS OR 0.86%  /The Nikkei closed UP 107.78POINTS OR 0.48%/ Australia’s all ordinaires CLOSED HOLIDAY

/Chinese yuan (ONSHORE) closed DOWN  at 6.7449 AS TRUCE DECLARED FOR 3 MONTHS /Oil UP to 66/11 dollars per barrel for WTI and 5.19 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.7449 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7537/ 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/SOUTH KOREA

SOUTH KOREA

Export dynamo sees their economy unexpectedly plunge by the most in a decade.  Its GDP unexpectedly shank in Q1 dropping .3% Q/Q

(courtesy zerohedge)

 

Canary Meet Coalmine: South Korean Economy Unexpectedly Plunges Most In A Decade

One of the most-followed bellwethers for global growth just flashed another death-knell warning for the green-shoot-ers.

South Korea’s gross domestic product unexpectedly shrank in Q1, dropping 0.3% QoQ (against expectations of a 0.3% rise).

This is the biggest contraction in a decade as declining investment and exports take a toll on Asia’s fourth-largest economy.

South Korea is highly exposed to slowing in global growth and the technology sector, which have combined to crimp the nation’s GDP in recent quarters, and Band of Korea Governor Lee Ju-yeol blamed weakening exports, particularly of semiconductors, and slowing business investment for the growth downgrade.

As growth has slowed recently, the government unveiled a supplementary package of 6.7 trillion won ($5.9 billion) comes on top of a main budget that is already a record and a hefty increase from last year. However, the extra budget may push up GDP by 0.1 percentage points and create just 73,000 new jobs, according to the government.

It might still be “quite challenging for South Korea’s GDP growth to achieve the government’s 2.6-2.7 percent forecast,” said Krystal Tan, economist at Australia & New Zealand Banking Group in Singapore. “Unless a stronger-than-expected recovery in the export sector materializes in the coming months, a bigger extra budget would probably be needed to push growth into that band.”

Of course, none of this is a problem for semiconductor company’s stocks – which are at a record high, despite collapsing earnings expectations…

 

END
NORTH KOREA/RUSSIA/USA
An excellent 2 articles from Tom Luongo on the failed policies of the uSA with respect to North Korea. Expect North Korea to face Russia as they too enter the Silk Road Project.  Pay close attention to Luongo’s assertion that Putin will grant Russian passports to citizens of the Donbass area..that will tick off the Americans to no end.
(courtesy Tom Luongo)

Kim And Putin: Changing The State Of The Board In Korea

Authored by Tom Luongo,

Today is a big day for Korea. The first face-to-face summit of Russian President Vladimir Putin and North Korean Leader Kim Jong-un takes place.

At the same time the 2nd annual Belt and Road Forum kicks off in Beijing.

This meeting between Putin and Kim has been in the works for a while but rumors of it only surfaced last week. But don’t let the idea that this was put together at the last minute fool you.

It wasn’t.

The future of Korea could be decided by these two men today.

I know that sounds bold. But hear me out.

And while no one seems to think this meeting is important or that anything of substance will come from it I do. It is exactly the kind of surprise that Putin loves to spring on the world without notice and by doing so change the board state of geopolitics.

  • Russia’s entrance into Syria in 2015, two days after Putin’s historic speech at the U.N. General Assembly
  • 2018’s State of the Union address where he announced hypersonic missiles, embarrassing the U.S. Militiary-Industrial Complex which accelerated the Bolton Doctrine of subjugating the world
  • Flying 2 TU-160 nuclear-armed bombers to Venezuela, creating panic in D.C. leading to the ham-fisted regime change operations there.
  • Nationalization of Yukos.
  • The operation to secure Crimea from U.S. invasion by marines aboard the U.S.S Donald Cook during the Ukrainian uprising against Viktor Yanukovich.

Both Putin and Chinese Premier Xi Jinping are angry at the breakdown of the talks in Hanoi back in February. It was clear that everyone expected that meeting to be a rubber stamp on a deal already agreed to by all parties involved.

In fact the two meetings between Kim and Trump were only possible because Trump convinced them of his sincerity to resolve the ‘denuclearization’ of North Korea which would clear a path to rapid reunification.

It’s why they went along with the U.S.’s increased sanctions on North Korea as administered through the U.N. in 2017.

That John Bolton and Mike Pompeo destroyed those talks and Trump was unwilling or unable (who cares at this point, frankly, useless piece of crap that he is) to stop them embarrassed and betrayed them.

They are now done with Trump.

He’ll get nothing from either of them or Kim until Trump can prove he’s in charge of his administration, which he, clearly, is not.

And they will be moving forward with their own agenda for security and Asian economic integration. So I don’t think the timing of this meeting with that of the Belt and Road Forum is an accident.

And that means moving forward on solving the Korea problem without Trump.

It is clear from the rhetoric of Putin’s top diplomat, the irreplaceable Sergei Lavrov, that Russia’s patience is over. They are no longer interested in what Trump wants and they will now treat the U.S. as a threat, having upped their military stance towards the U.S. to that of “Threat.”

If Bolton wants anything from Russia at this point he best be prepared to start a war or piss off.

This is also why Russia took the gloves off with Ukraine in the run up to the Presidential elections, cutting off energy and machinery exports with Ukraine.

To put paid Putin’s growing impatience with U.S. policies, he just issued the order to allow residents of Lugansk and Donetsk People’s Republics to apply for Russian passports.

This will send Bolton into apoplexy. Angela Merkel of Germany will be none too pleased either. Putin is now playing hardball after years of unfailing politeness.

It’s also why Lavrov finalized arms and port deals all over the Middle East in recent weeks, including those with Lebanon, Egypt, Turkey and India.

Bolton, Pompeo and Pence are ideologues. Trump is a typical Baby Boomer, who lives in a bubble of his own design and believes in an America that never existed.

None of them truly understand the fires they are stoking and simply believe in the Manifest Destiny of the U.S. to rule the world over a dim and barbaric world.

Putin, Xi, Rouhani in Iran and Kim in North Korea are pragmatic men. They understand the realities they live in. This is why I see Putin willing tomorrow to sit down with Kim and flaunt the U.N. sanctions and begin the investment process into North Korea that should have begun last year.

Putin would not be making these moves if he didn’t feel that Bolton was all bark and no bite when it came to actual war with Russia. He also knows that Germany needs him more than he needs Germany so despite the feet-dragging and rhetoric Nordstream 2 will go forward.

Trade is expanding between them despite the continued sanctions.

Putin may be willing to cut a deal with President-elect Zelensky on gas transit later in the year but only if the shelling of the LPR and DPR stops and he guarantees no more incidents in the Sea of Azov. This would also mollify Merkel a bit and make it easier for her politically to get Nordstream 2 over the finish line.

There are moments in history when people go too far. Bolton and Pompeo went too far in Hanoi. He will pay the price now. Putin and Kim will likely agree to something in Vladivostok that no one is expecting and won’t look like much at first.

But the reality is this summit itself marks a turning point in this story that will end with the U.S. being, in Trump’s transactional parlance, a “price taker” since it has so thoroughly failed at being a “price maker.”

END

Putin And Kim Announce The U.S. Is Irrelevant

Authored by Tom Luongo,

The summit between Vladimir Putin and Kim Jong-un is over. And their message was clear.

The U.S. is welcome at the negotiating table but they are not necessary to resolving the situation. Russia, however, is.

Kim went to Vladivostok to build a relationship with Putin and put the U.S. on the spot. Per Putin’s comments after the summit:

We are going to discuss the situation with the US. Russia is always open on this – there are no conspiracies. More than that Kim Jong-un personally asked us to inform Washington of his position and the issues he wants to ask about.

What Kim has done is elevated Russia and Putin to the level of mediator between North Korea and the U.S. Russia is now an equal partner in the process.

And the U.S. has been diminished in its position in these talks.

As I said yesterday, I expected something big to come from this meeting and this was it. Kim is no longer willing to talk with the U.S. directly and they must go through Putin and his staff of professional diplomats to do so.

What’s the U.S.’s response to this? Ambassador to Russia and Deep State mouthpiece John Huntsman said of two aircraft carrier groups in the Mediterranean, “When you have 200,000 tons of diplomacy that is cruising in the Mediterranean, this is forward-operating diplomacy — nothing else need to be said.”

This is the kind of statement that is completely counter-productive and Huntsman knows it. It betrays the kind of thinking that led us to this point.

In fact, it is now exactly that kind of thinking that is precluding a settlement with North Korea. And that’s exactly what John Bolton wants and Trump isn’t strong enough to see the situation for what it is and rein in his foreign policy staff.

None of that phases Putin, however. He’s made it clear that sabre-rattling is not diplomacy. And relative to North Korea’s nuclear weapons it is irrelevant to the process.

The U.S. will not attack North Korea. If that was going to happen it would have by now.

He knows that the Koreans are driving the reunification process and urged South Korea to act with more independence.

And while Putin holds out the possibility of future diplomacy, being willing to relay Kim’s positions and concerns to Trump, he also knows that Trump is not setting policy.

That’s the take away from this. Trump has to now, with RussiaGate concluded, take back control of his foreign policy and take the lead, end the Korean War and be a peacemaker or fold.

Remember the U.S.’s calculus here. North Korea is about Iran, which, in turn, is about Israel. Since all of Trump’s foreign policy is focused on securing Israel’s future no one in the administration is willing to let him end the stalemate without testing all involved to the limit.

The problem is, however, that threats are only threats if you are willing to go through with them. Proxy war proliferation to destabilize central Asia as a central strategy has failed. Syria is mostly secure, as is Iran. Turkey, Pakistan and India are off the reservation.

Sure there is still a lot of damage those 200,000 tonnes can do but at what cost? And to whom? Russia? No. Where do those strike groups go and who do they attack?

The answer is, “No one important.”

The time for belligerence is over. Kim just went to the Russians to show the world his willingness to be reasonable and find new solutions to his country’s situation.

Set against the backdrop of China bringing the world together through the incentives of Belt and Road shouldn’t be discounted. Kim is showing not only the U.S. but the world that he is the statesman here and that the U.S. precludes a solution which will weaken support for continuing sanctions.

*  *  *

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end

3 b JAPAN AFFAIRS

 

end

3 C CHINA/CHINESE AFFAIRS

 

China/

4/EUROPEAN AFFAIRS

FRANCE//CHRISTIANITY

The burning of Notre Dame and how France is leading in the destruction of Christian Europe.  Mosques on the rise..churches are empty and their buildings are falling apart

(courtsy Guy Milliere/Gatestone)

The Burning Of Notre Dame And The Destruction Of Christian Europe

Authored by Guy Milliere via The Gatestone Institute,

  • Barely an hour after the flames began to rise above Notre Dame — at a time when no explanation could be provided by anyone — the French authorities rushed to say that the fire was an “accident” and that “arson has been ruled out.” The remarks sounded like all the official statements made by the French government after attacks in France during the last decade.
  • The Notre Dame fire also occurred at a time when attacks against churches in France and Europe have been multiplying. More than 800 churches were attacked in France during the year 2018 alone.
  • Churches in France are empty. The number of priests is decreasing and the priests that are active in France are either very old or come from Africa or Latin America. The dominant religion in France is now Islam. Every year, churches are demolished to make way for parking lots or shopping centers. Mosques are being built all over, and they are full.

The fire that destroyed much of the Notre Dame Cathedral in the heart of Paris is a tragedy that is irreparable. Even if the cathedral is rebuilt, it will never be what it was before. (Photo by Veronique de Viguerie/Getty Images)

The fire that destroyed much of the Notre Dame Cathedral in the heart of Paris is a tragedy that is irreparable. Even if the cathedral is rebuilt, it will never be what it was before. Stained glass windows and major architectural elements have been severely damaged and the oak frame totally destroyed. The spire that rose from the cathedral was a unique piece of art. It was drawn by the architect who restored the edifice in the nineteenth century, Eugène Viollet-le-Duc, who had based his work on 12th century documents.

In addition to the fire, the water needed to extinguish the flames penetrated the limestone of the walls and façade, and weakened them, making them brittle. The roof is non-existent: the nave, the transept and the choir now lie in open air, vulnerable to bad weather. They cannot even be protected until the structure has been examined thoroughly, a task that will take weeks. Three major elements of the structure (the north transept pinion, the pinion located between the two towers and the vault) are also on the verge of collapse.

Notre Dame is more than 800 years old. It survived the turbulence of the Middle Ages, the Reign of Terror of the French Revolution, two World Wars and the Nazi occupation of Paris. It did not survive what France is becoming in the 21st century.

The cause of the fire has so far been attributed to “an accident,” “a short circuit,” and most recently “a computer glitch.”

If the fire really was an accident, it is almost impossible to explain how it started. Benjamin Mouton, Notre Dame’s former chief architect, explained that the rules were exceptionally strict and that no electric cable or appliance, and no source of heat, could be placed in the attic. He added that an extremely sophisticated alarm system was in place. The company that installed the scaffolding did not use any welding and specialized in this type of work. The fire broke out more than an hour after the workers’ departure and none of them was present. It spread so quickly that the firefighters who rushed to the spot as soon as they could get there were shocked. Remi Fromont, the chief architect of the French Historical Monuments said: “The fire could not start from any element present where it started. A real calorific load is necessary to launch such a disaster”.

A long, difficult and complex investigation will be conducted.

The possibility that the fire was the result of arson cannot be dismissed. Barely an hour after the flames began to rise above Notre Dame — at a time when no explanation could be provided by anyone — the French authorities rushed to say that the fire was an “accident” and that “arson has been ruled out.” The remarks sounded like all the official statements made by the French government after attacks in France during the last decade.

In November 2015, on the night of the massacre at the Bataclan Theater in Paris, in which jihadists murdered 90 people, the French Department of the Interior said that the government did not know anything, except that a gunfight had occurred. The truth came out only after ISIS claimed responsibility for the slaughter.

In Nice, after the truck-attack in July 2016, the French government insisted for several days that the terrorist who crushed 86 people to death was a “man with a nervous breakdown“.

In 2018, Sarah Halimi’s murderer, who recited verses from the Quran while torturing his victim, was declared “mentally disturbed” and held in a psychiatric institution immediately after his arrest. He will most likely never face a court. On April 8, Alain Finkielkraut and 38 other intellectuals published a text saying that her murderer must not escape justice. The text had no effect.

The fire at Notre Dame took place less than three years after a “commando unit” of jihadi women, later arrested, tried to destroy the cathedral by detonating cylinders of natural gas. Three days before last week’s fire, on April 12, the leader of the jihadis, Ines Madani, a young French convert to Islam, was sentenced to eight years in prison for creating a terrorist group affiliated with the Islamic State.

The Notre Dame fire also occurred at a time when attacks against churches in France and Europe have been multiplying. More than 800 churches were attackedin France during the year 2018 alone. Many suffered serious damage: broken, beheaded statues, smashed tabernacles, feces thrown on the walls. In several churches, fires were lit. On March 5, the Basilica of St. Denis, where all but three of the Kings of France are buried, was vandalized by a Pakistani refugee. Several stained-glass windows were broken, and the basilica’s organ, a national treasure built between 1834 and 1841, was nearly wrecked. Twelve days later, on March 17, a fire broke out at Saint Sulpice, the largest church in Paris, causing serious damage. After days of silence, the police finally admitted that the cause had been arson.

For months, jihadist organizations have been issuing statements calling for the destruction of churches and Christian monuments in Europe. Notre Dame was repeatedly named as a primary target. Despite all that, the Cathedral was not adequately protected. A couple of young men, who entered the Cathedral at night, climbed on the roof last November and shot a video that they then put on YouTube.

Many messages were posted by people with Muslim names on social media — Twitter, Facebook, the website of Al Jazeera — expressing a joy to see an important Christian symbol destroyed. Hafsa Askar, a migrant from Morocco and the vice president of the National Union of Students of France (UNEF), the main student organization in France, published a tweet saying, “People are crying on little pieces of wood… it’s a delusion of white trash”.

French President Emmanuel Macron, who had never even mentioned the attacks on Saint Denis or Saint Sulpice, quickly went to Notre Dame and declared, “Notre Dame is our history, our literature, our imagination”. He totally left out cathedral’s religious dimension.

The next evening, he said that Notre Dame would be rebuilt in five years: it was a bold statement. Many commentators interpreted his words as dictated by his will desperately to try to regain the confidence of the French people after five monthsof demonstrations, riots and destruction stemming from his ineffective handling of the “Yellow Vests” uprising. (On March 16, much of the Champs-Élysées was damaged by rioters; repairs have barely begun.) All experts agree that it will almost certainly take far longer than five years to rebuild Notre Dame.

Macron strangely added that the cathedral would be “more beautiful” than before — as if a badly damaged monument could be more beautiful after restoration. Macron went on to say that the reconstruction would be a “contemporary architectural gesture”. The remark raised concern, if not panic, among defenders of historic monuments, who now fear that he may want to ​​add modern architectural elements to a jewel of Gothic architecture. Again, he totally left out the cathedral’s religious dimension.

Macron’s attitude is not surprising. From the moment he became president, he has kept himself away from any Christian ceremony. Most of the presidents who preceded him did the same. France is a country where a dogmatic secularismreigns supreme. A political leader who dares to call himself a Christian is immediately criticized in the media and can only harm a budding political career. Nathalie Loiseau — the former director of France’s National School of Administration and the leading candidate on the electoral list of Macron’s party, “Republic on the Move,” for the May 2019 European Parliament elections — was recently photographed exiting a church after mass, which led to a media debate on whether her church attendance is a “problem.”

The results of French secularism are visible. Christianity has been almost completely wiped out from public life. Churches are empty. The number of priests is decreasing and the priests that are active in France are either very old or come from Africa or Latin America. The dominant religion in France is now Islam. Every year, churches are demolished to make way for parking lots or shopping centers. Mosques are being built all over, and they are full. Radical imams proselytize. The murder, three years ago, of Jacques Hamel, an 85-year-old priest who was slaughtered by two Islamists while he was saying mass in a church where only five people (three of them old nuns) were present, is telling.

In 1905, the French parliament passed a law decreeing that all the properties of the Catholic Church in France were confiscated. Churches and cathedrals became property of the State. Since then, successive governments have spent little money to maintain them. Those churches that have not been vandalized are in poor condition, and most cathedrals are in poor condition, too. Even before the devastating fire, the Archdiocese of Paris stated that “it can’t afford all the repairs” that Notre Dame needed, “estimated at $185 million.” According to CBS News, in a March 20, 2018 report:

“The French government, which owns the cathedral, has pledged around $50 million over the next decade, leaving a bill of $135 million. To raise the rest, Picaud helped launch the Friends of Notre-Dame of Paris Foundation. It works to find private donors both in France and across the Atlantic.

“‘We know Americans are wealthy, so we go where we think we can find money to help restore the cathedral,’ Picaud said.”

On the evening of the fire at Notre Dame, hundreds of French people gathered in front of the burning cathedral to sing Psalms and pray. They seemed suddenly to understand that they were losing something immensely precious.

Following the fire, the French government decided to start collecting donationsfrom private individuals, businesses and organizations for reconstruction; more than one billion euros have poured in. French billionaires promised to pay large sums: the Pinault family (the main owners of the retail conglomerate Kering) promised 100 million euros, the Arnault family (owners of LVMH, the world’s largest luxury-goods company), 200 million euros, the Bettencourt family (owners of L’Oréal), also 200 million. Many on the French “left” immediately said that wealthy families had too much money, and that these millions would be better used helping the poor than taking care of old stones.

For the foreseeable future, the heart of Paris will bear the terrible scars of a fire that devastated far more than a cathedral. The fire destroyed an essential part of what is left of the almost-lost soul of France and what France could accomplish when the French believed in something higher than their own day-to-day existence.

Some hope that the sight of the destroyed cathedral will inspire many French people to follow the example of those who prayed on the night of the disaster. Michel Aupetit, Archbishop of Paris, said on April 17, two days after the fire, that he was sure France would know a “spiritual awakening”.

Others, not as optimistic, see in the ashes of the cathedral a symbol of the destruction of Christianity in France. The art historian Jean Clair said that he sees in the destruction of Notre Dame an additional sign of an “irreversible decadence” of France, and of the final collapse of the Judeo-Christian roots of Europe.

An American columnist, Dennis Prager, wrote:

“The symbolism of the burning of Notre Dame Cathedral, the most renowned building in Western civilization, the iconic symbol of Western Christendom, is hard to miss.

“It is as if God Himself wanted to warn us in the most unmistakable way that Western Christianity is burning — and with it, Western civilization.”

Another American author, Rod Dreher, noted:

“This catastrophe in Paris today is a sign to all of us Christians, and a sign to all people in the West, especially those who despise the civilization that built this great temple to its God on an island in the Seine where religious rites have been celebrated since the days of pagan Rome. It is a sign of what we are losing, and what we will not recover, if we don’t change course now.”

For the moment, nothing indicates that France and Western Europe will change course.

 

END
Deutsche bank/Commerzbank
They are still talking about the failed talks between Deutsche bank and Commerzbank bank. These two banks must be burning out of control
(courtesy zerohedge)

Deal Talks Between Deutsche Bank And Commerzbank Collapse 

Update: Germany has launched into damage control mode on Thursday, with the Bundesbank issuing a statement claiming that Deutsche and Commerzbank are “solid, stable banks”.

* * *

Alas, Germany’s ‘merger of weakquals’ just wasn’t meant to be.

After more than a month of increasingly fraught deal talks, Deutsche Bank and Commerzbank announced on Thursday that they have abandoned the negotiations after executives from both troubled lenders said the deal wouldn’t have created sufficient benefits to offset to ‘execution risks’, capital costs and restructuring costs.

“We have concluded that this transaction would not have created sufficient benefits to offset the additional execution risks, restructuring costs and capital requirements associated with such a large-scale integration,” Deutsche CEO Christian Sewing said in a statement.

Frankfurt am Main, April 25, 2019 – After careful analysis, the Management Board of Deutsche Bank has concluded today that a combination with Commerzbank would not have created sufficient benefits to offset the additional execution risks, restructuring costs and capital requirements associated with such a large-scale integration. As a result, the two banks have decided to discontinue discussions.

Deutsche Bank will continue to review all alternatives to improve long-term profitability and shareholder returns.

Commerzbank’s board released a statement that was nearly identical.

After a thorough examination, the Commerzbank Executive Board has come to the conclusion today that a merger with Deutsche Bank would not provide sufficient added value – also with regard to the implementation risks, restructuring costs and capital requirements associated with such a large degree of integration. Therefore, both banks have decided not to continue the talks.

Signs that the talks were headed for failure had been evident for weeks, amid a drumbeat of reports about intensifying domestic opposition from the banks’ powerful union and Deutsche’s scramble to come up with a ‘Plan B’ to pitch to shareholders should the deal fall through, including the possibility of cleaving off Deutsche Bank’s most toxic assets and unprofitable business lines in a separate ‘bad bank’ unit(though, as Dealbreaker quipped, what is Deutsche Bank if not a collection of toxic assets and unsustainable businesses?)

“As a general rule mergers tend to happen because there are clearly identifiable synergies to be had between two different counterparties, whose strengths complement each other,” said Michael Hewson, chief market analyst at CMC Markets UK. “This proposed merger offers none of these benefits, given the respective weakness of both banks.”

German Finance Minsiter Olaf Scholz had been pushing for a merger between the two banks in the hopes of creating a new ‘national champion’ to support Germany’s exporters. But some shareholders argued that the conflicts and complications stemming from a potential tie-up made a deal a liability.

Other Commerzbank suitors have been circling, with Italy’s UniCredit and Dutch Bank ING rumored to be interested in buying Commerzbank. UBS and Deutsche have also reportedly pursued talks for Deutsche’s majority owned DWS asset management business to buy UBS’s asset-management business.

Deutsche Bank shares climbed on the news, while shares of Commerzbank ticked lower.

END

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS

6.GLOBAL ISSUES

SWEDEN

QE will continue in Sweden and that sent the Krona crashing.  The central bank has now delayed rate hikes

(courtesy zerohedge)

Krona Crashes After Riksbank Capitulates, Extends QE, Delays Rate Hike Plans

Just hours after the Bank of Japan “adjusted” its forward guidance, saying it will keep extremely low rates at least through around spring in 2020, Sweden’s Riksbank joined the global dove procession when it finally capitulated on its hawkish rate hike plans, saying it would hold its main rate steady longer than previously expected while announcing an 18-month extension to its QE program to start from July, becoming the latest major central bank to reverse dovishly on monetary policy as a result of the global economic slowdown. The Swedish Krona tumbled as few in the market expected such an aggressively dovish announcement.

The Riksbank, which in addition to keeping its repo rate at a -0.25% as expected, said it will purchase government bonds for a nominal value of SKr45 billion (€4.2 billion) from July until December 2020, an amount that corresponds to around half of the principal payments and coupons that the Riksbank will receive from the bond portfolio during that period, and saying that “the purchases will take place in order to maintain an appropriate level of holdings and the Riksbank’s presence in the market.”

It also extended its dovish forward guidance, saying that its benchmark interest rate will remain at minus 0.25 per cent “for a somewhat longer period of time than was forecast in February.”

As Bloomberg notes, “relying on exports for about half its economic output, Sweden has started to feel some of the weakness that’s gripped the euro zone. And with the European Central Bank forced into a more dovish position, policy makers in Stockholm have had little choice but to follow its retreat. The ECB expects its key rate to be unchanged at least through 2019. In the U.S., the Federal Reserve has halted its hiking cycle.”

The dovish announcement surprised markets, and the Swedish krona, which had fallen about 0.2% just before the announcement, extended that drop to a 1.2% decline against the euro, in line for its worst day since November 2017, while the USDSEK soared by 1.3% to 9.56, the currency’s lowest against the dollar since 2003.

Behind the violent reaction is that analysts had expected the Riksbank to stick with their (prior) pledge to move away from negative interest rates and spur a rally in the Swedish currency; clearly that is no longer happening especially if global economic headwinds accelerate.

David Oxley, senior Europe economist at Capital Economics, said: “A dovish shift in its policy stance has taken the market by surprise.”

Robert Bergqvist, chief economist at SEB in Stockholm, characterized the overall message as very dovish. Bergqvist said the Riksbank’s comments signal that it’s “worried” and taking a “clear step in a softer direction” as a result.

Robert Bergqvist

@BergqvistRobert

Riksbank rate decision: We expected a dovish statement – and it was dovish indeed! Riksbank says rate hike could come at end 2019 or early 2020. We expect April 2020. Riksbank confirms now it cannot tolerate that inflation deviates too much from 2% target. Poor Swedish krona…

Commenting on the move, Nordea’s chief analyst Martin Enlund said on Twitter that the “Riksbank’s krona-killing machine [has been] reactivated”, adding that the central bank’s balance sheet will be “larger at the end of 2020 than at the beginning of 2019. We suspect related QE flows have been an important driver of SEK weakness (the krona-killing machine).”

Martin Enlund 🦆🚁@enlundm

🇸🇪🍌👑$SEK: Riksbank’s krona-killing machine re-activated
balance sheet to be larger at the end of 2020 than at the beginning of 2019
– We suspect related QE flows have been an important driver of SEK weakness (the krona-killing machine)
resistances 10.70/73

The central bank did not completely abandon the hawks, however, saying “The repo rate is expected to be raised again towards the end of the year or at the beginning of next year and rate rises thereafter are expected to occur at a somewhat slower pace,” although judging by the market reaction few actually believe it.

The Riksbank decision is similar to the global dovish tilt observed from other central banks, especially the Fed, the ECB, and most recently, Canada which on Wednesday also joined the dovish debacle by pausing future rate increases.

But what is strange is that the dovish capitulation took place only amid a relatively modest decline in the bank’s economic forecasts: the Riksbank now predicts economic growth for 2019 at 1.3%, down from a 1.5% forecast in its December monetary policy report, the bank said in February.

It’s almost as if the central bank no longer believes its own projections…

END

7  OIL ISSUES

 

end

8. EMERGING MARKETS

ARGENTINA

Argentina is having an election in October and our good friend Cristina Fernandez de Kirchner is running again.

A Kirchner victory would cause the Peso to collapse to over 50:1 as she is one nut case. The Peso today collapsed to 46.1 and credit default swaps skyrocketed on the threat of her possible election victory.

(courtesy zerohedge)

ARS (Argentinian Peso) Smashed As Argentina Crashes

Argentina’s credit and FX markets are crashing for a second day, signaling an implied probability-of-default gauge over 60%, as investors rapidly lose faith that President Macri will fend off his populist foes and win re-election this year.

In comments, Macri admitted that the market volatility is stemming from the political uncertainty but said he believes it’s wrong to expect Argentines will elect his political opponents.

“The world isn’t sure whether Argentines want to go back, and that makes the world very concerned — sovereign risk goes up, they take more defensive positions,” Macri said in a radio interview.

“I think they’re wrong, they’re wrong. We Argentines aren’t going back” to the past.

But that did not reassure investors who have dumped the peso (to a record low against the dollar)…

And credit risk has exploded…

The weakness is exacerbating the situation as rising borrowing costs and a weakening peso translate into higher inflation expectations, eroding support for Macri, JPMorgan analysts wrote in a note late Wednesday. That “negative feedback loop,” added to worse-than expected inflation, are the main drivers behind Argentina’s dire situation, they added.

“At the current juncture the market seems to be looking for a circuit breaker to that negative feedback loop,” the analysts said.

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.

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

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

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

end

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

Euro/USA 1.1128 DOWN .0026 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 SPAIN

 

 

 

USA/JAPAN YEN 111.85  DOWN .026 (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 1.2874   DOWN   0.0029  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TO OCT 31/2019//

USA/CAN 1.3509 UP .00016 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 THURSDAY morning in Europe, the Euro FELL by 26 basis points, trading now ABOVE the important 1.08 level  FALLING to 1.1128 Last night Shanghai COMPOSITE CLOSED DOWN 77.79 POINTS OR 2.43%.

 

 

 

 

//Hang Sang CLOSED DOWN 256.03 POINTS OR 0.86%

 

 

/AUSTRALIA CLOSED HOLIDAY// EUROPEAN BOURSES //MOSTLY /RED 

 

 

 

 

 

 

The NIKKEI: this THURSDAY morning CLOSED UP 107.88 POINTS OR 0.48%  

 

 

 

 

 

 

Trading from Europe and Asia

1/EUROPE OPENED MOSTLY RED/EXCEPT SPAIN

 

 

 

 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 256.03  POINTS OR 0.86%

 

 

 

 

/SHANGHAI CLOSED DOWN 77.79 POINTS OR 2.43%

 

 

 

 

 

 

 

 

Australia BOURSE CLOSED HOLIDAY 

 

 

Nikkei (Japan) CLOSED UP 107.78 POINTS OR 0.48% 

 

 

 

 

 

 

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1276.03

silver:$14.87

Early THURSDAY morning USA 10 year bond yield: 2.53% !!! UP 1 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.95 UP 1  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early WEDNESDAY morning: 98.28 UP 10 CENT(S) from  WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

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And now your closing  THURSDAY NUMBERS \12: 00 PM

 

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

JAPANESE BOND YIELD: -.03%  UP 1   BASIS POINTS from WEDNESDAY/JAPAN losing control of its yield curve/

 

SPANISH 10 YR BOND YIELD: 1.09% UP 2   IN basis point yield from WEDNESDAY

ITALIAN 10 YR BOND YIELD: 2.69 UP 6  POINTS in basis point yield from WEDNESDAY/

 

 

the Italian 10 yr bond yield is trading 160 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 2.70% 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 THURSDAY

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

Euro/USA 1.1142 DOWN     .0011 or 11 basis points

 

USA/Japan: 111.55 DOWN 0.563 OR YEN UP 56 basis points/

Great Britain/USA 1.2902 DOWN .00002 POUND DOWN 2  BASIS POINTS)

Canadian dollar UP 2 basis points to 1.3491

 

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The USA/Yuan,CNY closed AT 6.7435    0N SHORE  (DOWN)

THE USA/YUAN OFFSHORE:  6.7547  (YUAN DOWN)

TURKISH LIRA:  5.9442EXTREMELY DANGEROUS LEVEL.2

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

 

 

 

Your closing 10 yr USA bond yield DOWN 4 IN basis points from WEDNESDAY at 2.53 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.95 UP1 in basis points on the day

Your closing USA dollar index, 98.13 DOWN 4  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 THURSDAY: 12:00 PM 

London: CLOSED DOWN 37.62  0.50%

German Dax : DOWN 30.56 POINTS OR 0.25%

Paris Cac CLOSED DOWN 18.39 POINTS OR  0.33%

Spain IBEX CLOSED UP 44.80 POINTS OR  0.47%

Italian MIB: CLOSED DOWN 4.56 POINTS OR 0.02%

 

 

 

 

WTI Oil price; 65.78 1:00 pm

Brent Oil: 74.89 12:00 EST

USA /RUSSIAN /   ROUBLE CROSS:    64.76  THE CROSS HIGHER BY 0.36 ROUBLES/DOLLAR (ROUBLE LOWER BY 36 BASIS PTS)

 

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

END

 

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

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

WTI CRUDE OIL PRICE 4:30 PM :  64.99

 

 

BRENT :  74.21

USA 10 YR BOND YIELD: … 2.53…   STILL DEADLY//

 

 

 

 

 

 

 

 

USA 30 YR BOND YIELD: 2.95..VERY DEADLY

 

 

 

 

EURO/USA 1.1133 ( DOWN 21   BASIS POINTS)

USA/JAPANESE YEN:111.67 down .449 (YEN up 45 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 98.19 UP 1 cent(s)/

The British pound at 4 pm: Great Britain Pound/USA:1.2891 DOWN 12 POINTS

 

the Turkish lira close: 5.9383

 

the Russian rouble 64.67   DOWN 27 Roubles against the uSA dollar.( DOWN 27 BASIS POINTS)

Canadian dollar:  1.3487 DOWN 6 BASIS pts

USA/CHINESE YUAN (CNY) :  6.7435  (ONSHORE)/

 

USA/CHINESE YUAN(CNH): 6.7515 (OFFSHORE)

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

 

The Dow closed DOWN 134.97 POINTS OR 0.51%

 

NASDAQ closed up 16.67 POINTS OR 0.21%

 


VOLATILITY INDEX:  12.98 CLOSED DOWN .16

 

LIBOR 3 MONTH DURATION: 2.586%//

 

 

 

FROM 2.580

 

 

 

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

 

MMMassacred: Zuck Zooms As Tesla Tanks; Dollar Dead As Crude Cracks

There’s a lot going on beneath the surface of the major US equity indices.

 

China cracked hard overnight…

 

European stocks leaked lower…

 

WTI tumbled into settlement today…

 

Tesla tanked to 2 year lows – below the critical $250 level…

 

3M was a bloodbath – worst day since 1987’s Black Monday…

 

But, don’t worry – Facebook is awesome…

*  *  *

In the US, equities were mixed with Nasdaq best (FB, MSFT), S&P unch, and The Dow weak (but not as dismal as Small Caps and Trannies)…

MMM accounted for 195 lost Dow points

 

Tesla stock caught down to its bond market reality…

 

The Dow was hit by MMM but then the machines took over the index and decoupled it…

 

AMZN tumbled into the close, red, ahead of earnings…

 

Treasury yields were modestly higher today (around 1bps across the curve) but all remain lower on the week…

 

Dollar Index ended practically unchanged – thanks to a big rollercoaster intraday. Is this week’s charge over?

 

Argentine Peso collapsed to a new record low today…

 

Cryptos crept higher on the day but only Bitcoin remains green on the week…

 

PMs were flat today (after a pump and dump early on) but copper (early) and crude (late) tumbled…

 

WTI tumbled on extremely heavy volume into today’s settlement, dropping to a key technical level…

 

Finally, ahead of tomorrow’s GDP print, we note that The Atlanta Fed GDPNOW model has soared to 2.789%…

And the ‘dumb money’ is all-in…

end

MARKET TRADING/ EARLY MORNING TRADING

 

Dow Dumped At Cash Market Open After 3M Extends Losses

3M is down over 10% – the biggest drop in 9 years – and Dow futures, after a brief attempt to rally back, have tumbled to fresh lows as the cash market open sees no dip-buying rescue…

 

To 3-month lows..

 

Weighing down the Dow notably…

 

Treasury yields are reversing an early rise…

 

 

end

 

 

ii)Market data/

Durable goods orders still weak

(courtesy zerohedge)

Durable Goods Orders Show Weakest Yearly Gains In 2 Years Despite MoM Rebound

Following February’s surprise slump, March Durable Goods Orders were expected to rebound and preliminary data showed just that – a big beat.

March preliminary durable goods orders jumped 2.7% MoM (from a revised higher -1.1% drop in February)

 

 

However, YoY Durable Goods Orders slowed to just 0.8%…

 

Excluding transportation-equipment demand, which tends to be volatile, orders rose 0.4 percent following two straight declines. Defense capital-goods orders rose 7.4 percent.

Of course the data is extremely noisy with such swings as this…

  • nondefense aircraft orders +31.2%
  • Defense aircraft new orders +17.7%

And the business spending proxy – Capital Goods Orders non-Defense, Ex Air surprised to the upside…

 

However, shipments did disappoint, falling 0.2% MoM…

 

Some figures used to calculate gross domestic product were mixed: Shipments of non-military capital goods excluding aircraft fell 0.2 percent, missing forecasts for a gain, after an upwardly revised 0.2 percent rise the prior month.

As Bloomberg notes, the improvement in equipment orders signals manufacturers are seeing stable demand, which should contribute to a still-solid pace of economic growth in the first quarter. At the same time, companies must contend with larger inventories heading into the second quarter, a factor expected to boost gross domestic product in the short-term but weigh on it later.

END

The initial jobless claims turned on a dime: it surged the most in 18 months.

(courtesy zerohedge)

Initial Jobless Claims Surge Most In 18 Months Of 50-Year Lows

After tumbling for 5 straight weeks, back below 200k for the first time in almost 50 years, initial jobless claims exploded higher last week…

 

 

This is the biggest spike in 18 months…

We wonder what the green-shooters will blame this on? Weather? Mueller Report? Tax Day? Or could it be the real economy finally hitting the seasonally-adjusted claims data debacle?

iii)USA ECONOMIC/GENERAL STORIES

A good look at the deteriorating conditions inside one of the richest cities in the USA: San Francisco

(courtesy zerohedge)

San Francisco’s War Between The Rich And Homeless Is At “Boiling Point”

San Francisco – thanks to its balmy year-round climate and hospitable reputation – has long suffered from growing homelessness which, despite the city’s nosebleed-inducing taxes, it has been unable to curtail. This led to articles such our recent piece documenting the city’s 132,562 cases of human feces on city streets. As we noted then, San Francisco hosts an estimated homeless population of 7,500 people. As a result, affluent sections of the city have become borderline dangerous with open-air drug use, tens of thousands of discarded needles, and, sadly, overflowing human excrement.

And the city’s residents, like many liberals, seem to want to help only to a degree. For instance, angry residents have been recently packing public meetings to rally against Mayor London Breed’s new proposal for a homeless shelter on San Francisco’s waterfront, according to Bloomberg. The proposed center in the Embarcadero is a part of the mayor’s campaign to open 1,000 new shelter beds by the end of 2020. It’ll be put to a vote of commissioners on Tuesday.

The homes that surround the proposed shelter are pricey. A 3 bed, 3 bath condo sold nearby recently for about $2.5 million in February. The monthly HOA dues are $1,200.

After the plan was announced, opponents of it started a GoFundMe account to combat it, called “Safe Embarcadero for All.” A nasty battle ensued on social media between proponents and opponents on the project. The GoFundMe against it has raised $100,000 while the campaign for the shelter is at $175,000. The campaign for the project includes $25,000 from Twitter’s Jack Dorsey and $10,000 each from Salesforce founder Marc Benioff and Twilio chief executive Jeff Lawson.

This uproar marks the most recent example of the virtue-signaling struggle of the city, which is overwhelmed with tech wealth and is oh so very passionate about social justice. Or maybe it is all for show, as San Franciscans tend to be so very vocal when it comes to welcoming homeless people and migrants to American cities… just not their city.

Public meetings have reached a fever pitch, too. City Supervisor Sandra Lee Fewer, while in tears arguing a recent housing density development bill, invited her critics to visit poor seniors in her district who eat cat food for dinner. Supervisor Vallie Brown vigorously defended the legislation, despite opponents of the bill physically turning their back on her during the meeting.

San Francisco’s housing shortage isn’t helping either. It’s led to the Board of Supervisors being roasted on social media this month “for rejecting a 63-unit housing project because it would cast shadows over a nearby park in an area with little green space.”

Supervisor Aaron Peskin said: “We’re definitely at the boiling point, whether it’s the housing crisis, whether it’s quality of life, which is exacerbated by the worst traffic congestion in America, or the affordability crisis.”

And the IPOs of companies like Lyft have helped inject more wealth into the city – while convincing buyers to turn to San Francisco. This set off hearings on how all that new wealth will affect gentrification and city revenue. One realtor, John Townsend, said he had an article about the IPOs on hand while showing million dollar homes in the area. He claims there was “double the traffic” the weekend after the Lyft IPO took place. One condo he was showing for $1.15 million sold above its asking price.

Townsend said: “You’re going to have a period of incredible demand not just from tech, by any means, but by (interest) rates being lowered in the last week. The real problem is we can’t even remotely meet demand.”

Realtor Monica Sagullo said that the city’s market for homes under $2 million is “going nuts”. She commented: “The IPOs are in the back of people’s minds, and the people who have to buy are the ones who are going for it — the families that need houses, the double-incomes.”

A family of four that makes $117,400 a year is considered low-income in San Francisco. In the city, the median sale price of a two-bedroom house is $1.3 million. At the same time, thousands are homeless around the city, sleeping in alleys and doorways and in Golden Gate Park.

Supervisor Matt Haney concluded: “It’s very hard for people who are not on the very high end of things, in terms of wealth, to feel like they can even make it in San Francisco, or own or commit over the long term to be here, and that creates a lot of anxiety.”

Wallace Lee, a stay-at-home dad who is leading the opposition said: “Other people in the city casting us as wealthy people who don’t like to see the homeless population, it’s not true at all.”

“We have homeless people. I see them every day, and they’re nice people, but this is going to attract more. I used to love the city and be proud of the city. Now I’m not anymore. It’s dirty, and it’s ugly,” said resident Stacey Reynolds-Peterson.

END

SWAMP STORIES

Barr to give testimony to the senate on the Mueller report next Wednesday.

(courtesy zerohedge)

Barr To Give Senate Testimony About Mueller Report

Attorney General William Barr will testify in front of the Senate Judiciary Committee next Wednesday, May 1st at 10 a.m. about special counsel Robert Mueller’s recently concluded Russia investigation, according to the Washington Examiner.

The committee, chaired by Sen. Lindsey Graham (R-SC), listed Barr as a witness for a hearing titled “The Department of Justice’s Investigation of Russian Interference with the 2016 Presidential Election.”

Barr released a redacted version of the long-anticipated 450-page Mueller report on Thursday, which cleared President Trump of coordinating with Russia during the 2016 US election, yet left open the question of whether Trump obstructed justice. Barr and Deputy Attorney General Rod Rosenstein concluded that Trump did not.

The attorney general was criticized last week for holding a news conference before the release of Mueller’s report. Barr defended Trump’s actions during the investigation, saying the president was “frustrated and angered by a sincere belief that the investigation was undermining his presidency, propelled by his political opponents and fueled by illegal leaks” to the media. –Washington Examiner

Earlier this month, Barr testified in front of the House Appropriations Subcommittee, where he said that the Obama campaign ‘spied’ on Donald Trump during the 2016 US election.

END
Joe DiGenova is one of the smartest lawyers around. He explains where the Russian hoax is headed
(Lifson/American Thinker.com_)

Joe DiGenova Explains Where The Russia Hoax Is Headed

Authored by Thomas Lifson via AmericanThinker.com,

Throughout the unfolding of the Russia hoax, nobody has topped the clarity provided by DC super-lawyer and former US Attorney for the District of Columbia, Joseph DiGenova. In his television and radio appearances, he has not minced words about the nature of the illegal coup underway, and has not hesitated to name names.

Undoubtedly, he has sources within the DC legal community that, combined with his experience as the top federal prosecutor among US Attorneys, give him a bird’s eye view of where this scandal – the biggest political scandal in history – is heading.

Yesterday, he appeared on DC’s conservative talk radio station WMAL, where he is a regular guest on the “Mornings on the Mall” show, and for almost 15 minutes unleashed himself about where this is headed. His candid comments on the various actors involved in the scandal are priceless.

As DiGenova (along with Victoria Toensing) wrote recently:

The time for an accounting has arrived for former senior members of the FBI and Intelligence Community. They aided and abetted in propagating a false narrative about the Trump campaign colluding with Russians, accused the President of the United States of being a “traitor,” and misled the American people. They made Donald J. Trump the Alfred Dreyfus of the 21st century: a completely innocent man, framed by his own government because of who he was (Dreyfus, a Jew, was the victim of French anti-Semitism) and not what he did.

Dreyfus was framed of spying for the Germans based on a forged document. Trump was framed by a fraudulent dossier.

Worse, the framing was done as a distraction to cover up for those who weaponized our law enforcement and intelligence tools against a political opponent. President Trump deserves an apology from them all.

Punishment for the former FBI and intel officials should include removal from boards, sinecures, speaking gigs, and TV. They denied this country a president-in-full for two years, not just as a political vendetta but also to conceal what some of them had done. Their offense was compounded by the fact that they used the uniqueness of their law enforcement and intelligence community former high-level positions to make it appear they knew more than they did. They besmirched themselves as well as their agencies’ decent, dedicated personnel.

These people led the charge to misinform the American people and sew discord in our country. It is not President Trump who has acted treacherously, it is they.

This is well worth 15 minutes of your time.

end
MEIJER discusses that operation crossfire is now over but Crossfire Boomerang begins
(courtesy Meijer)

Operation Crossfire Boomerang Begins

Authored by Raul Ilargi Meijer via The Automatic Earth blog,

From Twitter:

Remember Spying on Trump was called “Crossfire Hurricane”? Well now it’s renamed to “Crossfire Boomerang”. BOOM. Karma!

From the moment the Special Counsel investigation into Trump-Russia collusion began, we’ve been presented with a portrait of Robert Swan Mueller III as a man of unassailable character, a straight shooter, as impartial as can be. But Mueller was director of the FBI for 12 years (2001-2013), he was the king of the spies.

Does anyone really have the idea that the people who work in US intelligence are the country’s straightest shooters? Not everybody does. For instance, not Mike Pompeo, who bluntly stated: We lied, we cheated, we stole; It’s – it was like – we had entire training courses. It reminds you of the glory of the American experiment.”

So why should we believe Mueller is a man of such unassailable character when he rose to one of the very top ranks in intelligence? It doesn’t make much sense, except of course it’s what politics and media – and intelligence- want us to believe. It may not make sense, but boy, does it work.

And then at some point obviously you have to wonder why Mueller got the Special Counsel job on May 27 2017. Because of that unassailable character, we were told at the time. But if that doesn’t apply to Pompeo, why would it be true of Mueller? And why Mueller while there were strong links to US intelligence that would obviously have to be probed by the counsel (but were not).

That brings us straight to the next question: The main issue, post-report, is not whether Trump tried to stop the Mueller probe. The main issue instead is why it was instigated to begin with. Yes, US intelligence. CIA.

And then there’s yet another question:When did Mueller know there was no collusion? Not just 1 or 2 weeks before presenting his report, that’s for sure.

So when? 6 months ago? A year? Did he ever really think there was collusion? If so, based on what? The almost entirely discredited Steele dossier? Did he have faith in that? The Mifsud-Papadoloulos-Downer connection ‘engineered’ by CIA asset Stephen Halper? Did he have faith in that? Or was the whole thing goal-seeked from the start?

It appears very silly to assume that Mueller did not start his job with an agenda, because of the heavy involvement of his former employees and colleagues and his best friend James Comey, whose firing by Trump was one of the main reasons to start the investigation. Sounds like a very hard one to sell, but the media did a great job. Everybody bought into it.

And then the whole thing collapsed. Yes, collapsed. Because this was never about finding the truth, it was always about digging for dirt. On Trump. Think Mueller wasn’t aware of that? I own a bridge….

Mueller was forced to find Trump and his team not guilty on conspiracy or collusion -and obstruction. This is because he would have had to prove this, and couldn’t. But he’s left the accusations against the Russian government and Julian Assange stand. Not because he has evidence for that, but because he doesn’t have to prove them.

Nobody believes a word any Russian says anymore, thanks to the MSM and US intelligence campaign against them. As for Assange, it’s obvious what Robert Mueller has done. He’s completely ignored the one person who could have helped him find the truth -just not the dirt-. and let him rot in hell. Here’s wishing for that same hell to befall Mueller and all of his family.

There is zero chance that Mueller didn’t know his buddy and successor James Comey prevented Assange from talking with the DOJ in 2017. Neither wanted Assange’s evidence to become public, because that would have killed the Russia narrative as well as the WikiLeaks one. And then what?

Let’s make one thing clear. All that proof of Russian hacking and Russian Facebook ads? It doesn’t exist. The entire story is fictional. How do we know? Because the only source that says it is true is US intelligence. And they can not be believed. As Mueller’s investigation once again shows.

Mueller and Barr, like all of Washington -it’s a bipartisan effort-, want the narrative to remain alive that the Russians hacked and meddled in the US elections in favor of Trump, and that Julian Assange was in cahoots with them. None of which Mueller has any evidence for. And Mueller at all have no problem sacrificing Assange and Chelsea Manning while they’re at it.

Assange is not the only expert source who is silenced. The Veteran Intelligence Professionals for Sanity -VIPS- also can’t get their voice heard. People who ran US intelligence for decades are being silenced by those who succeeded them. As if they don’t exist. As if their expertise is worthless.

The evidence they offer simply doesn’t rhyme with the official narrative promoted by their successors and the CIA and FBI. Remember: Mueller only dropped in his report what he would have had to provide evidence for. The rest is still there, but that doesn’t mean it’s true.

One VIPS member is Larry Johnson, “former CIA Intelligence Officer & former State Department Counter-Terrorism Official, (ret.)”. Trump referenced him the other day on Twitter:

“Former CIA analyst Larry Johnson accuses United Kingdom Intelligence of helping Obama Administration Spy on the 2016 Trump Presidential Campaign.” @OANN WOW! It is now just a question of time before the truth comes out, and when it does, it will be a beauty!

And sure enough, the Guardian today described Johnson as a “conservative conspiracy theorist”. This stuff is predictable. But at least we know that while Mueller et al ignore the VIPS, Trump knows at least something about them. A few excerpts of a letter they sent to Trump last week (which he hasn’t seen, undoubtedly):

MEMORANDUM FOR: The President. SUBJECT: The Fly in the Mueller Ointment

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

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

[..] In Barr’s words: “The Special Counsel found that Russian government actors successfully hacked into computers and obtained emails from persons affiliated with the Clinton campaign and Democratic Party organizations, and publicly disseminated those materials through various intermediaries, including WikiLeaks.

Based on these activities, the Special Counsel brought criminal charges against a number of Russian military officers for conspiring to hack into computers in the United States for purposes of influencing the election.” We are eager to see if Mueller’s report contains more persuasive forensic evidence than that which VIPS has already debunked.

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

The VIPS mention a few times they can’t get heard. They sent Barr a letter 5 weeks ago, and never got an answer. Here they say: “.. specialists will have a field day, IF — and it is a capital “IF” — by some miracle, word of VIPS’ forensic findings gets into the media this time around.”

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

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

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

No Russian hacking. No Guccifer 2.0. But Mueller mentions both a lot.

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

Far too many Americans will still believe this because of the mainstream-media fodder — half-cooked by intelligence leaks — that they have been fed for two and a half years. The media have been playing the central role in the effort of the MICIMATT (the Military-Industrial-Congressional-Intelligence-Media-Academia-Think-Tank) complex to stymie any improvement in relations with Russia.

We in VIPS have repeatedly demonstrated that the core charges of Russian interference in the 2016 election are built on a house of cards. But, despite our record of accuracy on this issue — not to mention our pre-Iraq-war warnings about the fraudulent intelligence served up by our former colleagues — we have gotten no play in mainstream media.

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

 [..] We recall that you were apprised of that Memorandum’s key findings because you ordered then-CIA Director Mike Pompeo to talk to William Binney, one of our two former NSA Technical Directors and one of the principal authors of that Memorandum. On October 24, 2017, Pompeo began an hour-long meeting with Binney by explaining the genesis of the odd invitation to CIA Headquarters: “You are here because the president told me that if I really wanted to know about Russian hacking I needed to talk to you.”

[..] Binney, a plain-spoken, widely respected scientist, began by telling Pompeo that his (CIA) people were lying to him about Russian hacking and that he (Binney) could prove it. [..] As we told Attorney General Barr five weeks ago, we consider Mueller’s findings fundamentally flawed on the forensics side and ipso facto incomplete. We also criticized Mueller for failing to interview willing witnesses with direct knowledge, like WikiLeaks’ Julian Assange.

You may be unaware that in March 2017 lawyers for Assange and the Justice Department (acting on behalf of the CIA) reportedly were very close to an agreement under which Assange would agree to discuss “technical evidence ruling out certain parties” in the leak of the DNC emails and agree to redact some classified CIA information, in exchange for limited immunity. According to the investigative reporter John Solomon of The Hill, Sen. Mark Warner, (D-VA) vice chair of the Senate Intelligence Committee, learned of the incipient deal and told then-FBI Director Comey, who ordered an abrupt “stand down” and an end to the discussions with Assange.

Why did Comey and Warner put the kibosh on receiving “technical evidence ruling out certain parties” [read Russia]? We won’t insult you with the obvious answer.

Assange is now in prison, to the delight of so many — including Mrs. Clinton who has said Assange must now “answer for what he has done.” But is it too late to follow up somehow on Assange’s offer? Might he or his associates be still willing to provide “technical evidence” showing, at least, who was not the culprit?

VIPS can’t get their voices heard. Everyone ignores them. These are highly experienced veterans of US intelligence, whose successors, and politics, and media, simply act as if they don’t exist. And while it’s curious to see how they go out of their way NOT to create the impression that Mueller makes his “mistakes” on purpose, the gist is just that.

What this adds up to is not just that Mueller has come up with nothing in his $20-30-50 million investigation, but that he has purposely left things in his report that he has no evidence for but also doesn’t have to prove, because those he accuses cannot defend themselves. Note also that Mueller has never indicted Assange, he has only smeared him.

Mueller doesn’t just have nothing, he has less than nothing. What is left of his “findings” once the collusion and obstruction elements are gone, are things that either he himself (his team) or US intelligence has concocted out of thin air. And have you seen even one ‘journalist’ who has questioned these fantasies?

I see only ‘reporters’ more than willing to heap their own fiction on top of the report’s. They’ll grudgingly accept there’s no collusion only to run away with what can still be construed as obstruction, but not a single one questions the Russian hacking or emails or Facebook ads anymore or Assange’s involvement, though Mueller offers zero proof for any of these things. Ditto for Guccifer 2.0.

The GRU (Main Directorate of the General Staff of Russian Armed Forces, formerly the Main Intelligence Directorate) is a very advanced operation. When they hack something they leave no traces. US intelligence is just as capable of leaving GRU “traces” as the GRU itself is of NOT leaving them. The CIA is not smarter than the GRU. That’s what we’re looking at here.

How many Americans do you think there are who think this is the way to conduct investigations ostensibly aimed at truth-finding? You know, if only they knew?!

The only thing perceived as reality in America today is a bunch of fantasies designed to hide the truth. What truth there is, is left to rot in hell. What a place -and time- to live.

*  *  *

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

The Fed Fights a New Bank It Fears. The Startup Sees Nothing to Worry About

James McAndrews, once the New York Fed’s director of research, created the bank in 2016, hoping to give pensions, insurers and other large institutional investors higher yields on their cash by parking money at the Fed. Currently, only a select few banks can receive that top-tier rate, now at 2.4 percent. The best that money-market funds… can get from the Fed is 2.25 percent.

  The New York Fed has prevented his company, TNB USA Inc., from opening the type of account it needs to make the business model work. That prompted the firm to sue the central bank last year, saying it was obstructing the project. The Fed found another way to fight back… Last month, it proposed rewriting its rules so TNB or any other potential narrow banks — so named because they are solely focused on taking deposits — could only get lower interest ratessabotaging their raison d’être…

https://www.bloomberg.com/news/articles/2019-04-24/fed-fights-a-new-bank-it-fears-the-startup-sees-nothing-to-fret

 

Gold rallied on Wednesday despite a very strong dollar rally.  We have commented recently that gold and the dollar have been rally in unison, which is an unusual occurrence.  The strong dollar with higher energy prices exports inflation to weaker currency nations.  If these trends continue, something wicked this way comes!

OAN: Former CIA analyst: U.K. spied on Trump campaign, passed info to Obama team

The intelligence sharing was through the so-called ‘Five Eyes’ cooperative of the intelligence services of the United States, United Kingdom, Canada, Australia and New Zealand.  Johnson said the U.K. intercepted emails and phone calls from George Papadapoulos, an American living in London, and gave them to the U.S.,and that this is how this otherwise unknown campaign volunteer became a central figure in the Russian Collusion Hoax.    https://www.youtube.com/watch?v=y3rqnpbVrO8&feature=youtu.be

@realDonaldTrump: “Former CIA analyst Larry Johnson accuses United Kingdom Intelligence of helping Obama Administration Spy on the 2016 Trump Presidential Campaign.” @OANN WOW! It is now just a question of time before the truth comes out, and when it does, it will be a beauty!

    Mexico’s Soldiers recently pulled guns on our National Guard Soldiers, probably as a diversionary tactic for drug smugglers on the Border. Better not happen again! We are now sending ARMED SOLDIERS to the Border. Mexico is not doing nearly enough in apprehending & returning!

@Independent: UK government’s spy agency condemns Trump statement as ‘utterly ridiculous’ and says president ‘should be ignored’ [Reportedly the UK begged DJT to not declassify FISA warrants]

Ex-Sec of Def Mary Beth Long @LongDefense: #GCHQ, Mr. President. And they owe you an explanation and an apology. The UK’s Intel leadership abruptly resigned over this issue — first time ever. You should have been brief by now. Please do not fail to ask them what story @JohnBrennan told them to secure their cooperation.

@GeorgePapa19: Mueller did his best to terrify my wife. He subpoenaed her,threatened to put her in front of the grand jury and told her “leave George, he’s finished.” Not only did we get married, we both worked together to expose the core of the greatest spy scandal ever. Don’t ever give up!

@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.

 

Trump’s former lawyer Michael Cohen tells Tom Arnold he’s not guilty of some crimes that he pleaded guilty to: WSJ [To protect family members?]

    “I love this woman [his wife], and I am not going to let her get dragged into the mud of this crap,” said Cohen. “And I never thought the judge was going to throw a three-year fricking sentence.”…

https://www.cnbc.com/2019/04/24/trumps-ex-lawyer-michael-cohen-says-hes-not-guilty-of-some-crimes.html

@paulsperry_: Cohen claimed his shady father-in-law’s “in the clothing business” when in fact he’s loan shark in same taxicab medallion biz as Cohen. More, his father-in-law’s a convicted fraudster who was named, along with Cohen’s wife, in investigation. Cohen chose to sing on Trump instead

Hillary State Department Appointee Pleads Guilty to Spying for China

Candace Marie Claiborne had a TOP SECRET security clearance and provided internal State Department documents to Chinese agents in exchange for gifts and benefits. She has now plead guilty to  a charge of conspiracy to defraud the United States, by lying to law enforcement and background investigators, and hiding her extensive contacts with, and gifts from, agents of the People’s Republic of China (PRC), in exchange for providing them with internal documents from the U.S. State Department. She was handpicked by Hillary Clinton, who herself has many ties to, including the aiding of the sale of top secret programs to China and Russia…

https://davidharrisjr.com/politics/hillary-state-department-appointee-pleads-guilty-to-spying-for-china/

 

Happy NFL Draft Day!

 

 

 

I WILL SEE YOU FRIDAY NIGHT
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