APRIL 26/GOLD UP $9.20 TO $1286.70//SILVER UP 12 CENTS TO $15.05//WE STILL HAVE 22.23 TONNES OF GOLD STANDING AGAINST 8.8 DEALER GOLD WITH TWO DAYS TO GO.//AUTOMOBILE INDUSTRY IN GERMANY IN DISARRAY//FORD NOW HAS A CRIMINAL PROBE ON ITS EMISSIONS//HUGE SWAMP STORIES FOR YOU TONIGHT///

 

 

 

 

 

 

GOLD: $1286.70 UP $9.20 (COMEX TO COMEX CLOSING)

Silver:  $15.05 UP 12 CENTS  (COMEX TO COMEX CLOSING)

Closing access prices:

Gold :  $1286.10

 

 

silver: $15.07

 

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: 46/46

DLV615-T CME CLEARING
BUSINESS DATE: 04/25/2019 DAILY DELIVERY NOTICES RUN DATE: 04/25/2019
PRODUCT GROUP: METALS RUN TIME: 20:13:07
EXCHANGE: COMEX
CONTRACT: APRIL 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,275.800000000 USD
INTENT DATE: 04/25/2019 DELIVERY DATE: 04/29/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
661 C JP MORGAN 46
737 C ADVANTAGE 45
905 C ADM 1
____________________________________________________________________________________________

TOTAL: 46 46
MONTH TO DATE: 6,948

 

NUMBER OF NOTICES FILED TODAY FOR  APRIL CONTRACT: 46 NOTICE(S) FOR 4600 OZ (0.1430 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  6948 NOTICES FOR 694800 OZ  (21.611 TONNES)

 

 

SILVER

 

FOR APRIL

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

 

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

 

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

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE :$5350  UP $120

 

 

Bitcoin: FINAL EVENING TRADE: $5350 UP 65

 

 

end

 

XXXX

 

 

 

 

 

Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI FELL BY A CONSIDERABLE  SIZED 1318 CONTRACTS FROM 214,262 DOWN TO 212,944 WITH YESTERDAY’S 4 CENT FALL IN SILVER PRICING AT THE COMEX. , WE DID  HAVE CONSIDERABLE  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,  302 FOR MAY, 0 FOR JUNE 0 FOR JULY AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  302 CONTRACTS. WITH THE TRANSFER OF 302 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 302 EFP CONTRACTS TRANSLATES INTO 1.510 MILLION OZ  ACCOMPANYING:

1.THE 4 CENT FALL IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

AND NOW 3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

 

 

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF APRIL:

33,350 CONTRACTS (FOR 19 TRADING DAYS TOTAL 33,350 CONTRACTS) OR 168.75 MILLION OZ: (AVERAGE PER DAY: 1755 CONTRACTS OR 8.776 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR:  168.75 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 24.10% 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:          734.55    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 CONSIDERABLE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1318 WITH THE 4 CENT FALL IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A  SMALL SIZED EFP ISSUANCE OF 302 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 SMALL SIZED: 1016 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 302 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH DECREASE OF 1318  OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 4 CENT FALL 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: 1 NOTICE(S) FOR  5,000 OZ OF SILVER

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

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

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

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

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

 

IN GOLD, THE OPEN INTEREST FELL BY A CONSIDERABLE SIZED 6810 CONTRACTS, TO 435,049 DESPITE THE RISE IN THE COMEX GOLD PRICE/(A GAIN IN PRICE OF $0.05//YESTERDAY’S TRADING).  

 THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A  STRONG SIZED 5146 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 5146 CONTRACTS DECEMBER: 0 CONTRACTS, JUNE 2020  0 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 435,049. 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 LOSS IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1664 CONTRACTS: 6810 OI CONTRACTS DECREASED AT THE COMEX  AND 5146 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 1664 CONTRACTS OR 166,400 OZ OR 5.175 TONNES.  YESTERDAY WE HAD A GAIN IN THE PRICE OF GOLD TO THE TUNE OF  $0.05.AND YET WITH THAT RISE, WE  HAD A GOOD LOSS IN TONNAGE OF 5.175 TONNES!!!!!!.?????????????????????????????????????????? 

 

 

 

 

 

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF APRIL : 131,474 CONTRACTS OR 13,147,400 OR 408.93 TONNES (19 TRADING DAYS AND THUS AVERAGING: 6919 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 19 TRADING DAYS IN  TONNES: 408.93 TONNES

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

THUS EFP TRANSFERS REPRESENTS 408.93/3550 x 100% TONNES =11.52% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     1782.32 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 DECREASE IN OI AT THE COMEX OF 6810 DESPITE THE GAIN IN PRICING ($0.05) THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A  STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 5146 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 5146 EFP CONTRACTS ISSUED, WE  HAD A  STRONG GAIN OF 6812 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

5146 CONTRACTS MOVE TO LONDON AND 6810 CONTRACTS DECREASED AT THE COMEX. (IN TONNES, THE LOSS IN TOTAL OI EQUATES TO 5.175 TONNES). ..AND THIS STRONG DEMAND OCCURRED WITH A RISE IN PRICE OF $0.05 IN YESTERDAY’S TRADING AT THE COMEX.

 

 

 

we had:  46 notice(s) filed upon for 4600 oz of gold at the comex.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD...

 

WITH GOLD UP $9.20  TODAY 

 

WE HAD  A BIG INVENTORY CHANGES AT THE GLD//

ANOTHER WITHDRAWAL OF 1.18 TONNES OF GOLD FROM THE GLD.

 

INVENTORY RESTS AT 746.69 TONNES

 

 

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

 

SLV/

WITH SILVER UP 12 CENTS TODAY:

NO CHANGE IN SILVER INVENTORY AT THE SLV//

 

 

 

 

 

 

/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 CONSIDERABLE SIZED 1318 CONTRACTS from 214.262 UP TO 212,944 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 SAW GOOD ACTION WITH RESPECT TO THEIR USUAL AND CUSTOMARY LIQUIDATION. 

 

 

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

“YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST IS STARTING TO RISE IN THIS NON ACTIVE MONTH OF APRIL BUT SO IS THE OPEN INTEREST OF  SPREADERS. THE OPEN INTEREST IN SILVER WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (MAY), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

We just had confirmation through the COT report just released at 3:30 pm

notice spreading has already started to liquify!!

 

in gold COT spreaders increased.!!

 

Silver COT Report – Futures
Large Speculators Commercial Total
Long Short Spreading Long Short Long Short
75,889 75,999 18,115 90,400 110,392 184,404 204,506
-144 5,851 -2,757 -3,836 -7,516 -6,737 -4,422
Traders
107 66 60 44 40 183 139
Small Speculators
Long Short Open Interest
34,709 14,607 219,113
1,067 -1,248 -5,670
non reportable positions Change from the previous reporting period
COT Silver Report – Positions as of Tuesday, April 23, 2019

 

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., 302 FOR MAY, FOR JUNE 0 CONTRACTS AND JULY: 0 CONTRACTS  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 302 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 1318 CONTRACTS TO THE 302 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A GOOD LOSS OF 1016 OPEN INTEREST CONTRACTS.  THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES: 10.32MILLION OZ!!! AND YET WE ALSO HAVE A STRONG DEMAND FOR PHYSICAL AS WE WITNESSED A FINAL STANDING OF GREATER THAN 30 MILLION OZ FOR JULY, A STRONG 6.065 MILLION OZ FOR AUGUST..  A HUGE 39.505  MILLION OZ  STANDING FOR SILVER IN SEPTEMBER… OVER 2 million  OZ STANDING FOR THE NON ACTIVE MONTH OF OCTOBER.,  7.440 MILLION OZ FINALLY STANDING IN NOVEMBER.  21.925 MILLION OZ STANDING IN DECEMBER , 5.845 MILLION OZ STANDING IN JANUARY. 2.955 MILLION OZ STANDING IN FEBRUARY,  27.120 MILLION OZ FOR MARCH. AND NOW 3.875 MILLION OZ FOR APRIL.

 

 

RESULT: A CONSIDERABLE SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE TINY 4 CENT FALL IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A SMALL SIZED 302 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)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED DOWN 37.43 POINTS OR 1.20% //Hang Sang CLOSED UP 55.21 POINTS OR 0.19%  /The Nikkei closed DOWN 48.85 POINTS OR 0.22%/ Australia’s all ordinaires CLOSED UP /04%

/Chinese yuan (ONSHORE) closed UP  at 6.7359AS TRUCE DECLARED FOR 3 MONTHS /Oil DOWN to 64.03 dollars per barrel for WTI and 72.83 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED UP // LAST AT 6.7359 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7446/ TRADE TALKS NOW ON/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER 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

NORTH KOREA

There is now a story that North Korea sent a bill for $2 million for Otto Warmbier release.  If that would have been paid then that could be construed as a hefty ransom payment.  However Trump never paid the bill
( zerohedge)

 

 

b) REPORT ON JAPAN

 

3 China/Chinese affairs

i)China/

 

 

4/EUROPEAN AFFAIRS

i)GERMANY/DAIMLER

 

The automobile industry in Europe is in shambles led by Germany. Daimler is stung by falling Mercedes sales.

(courtesy zerohedge)

 

 

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

6. GLOBAL ISSUES

 

 

 

 

 

7. OIL ISSUES

Down goes oil after Trump called OPEC to tell them oil/gas prices are too high

( zerohedge)

 

8 EMERGING MARKET ISSUES

Argentina

 

 

9. PHYSICAL MARKETS

i)Sean Fieler notices many countries purchasing gold.  He suggests there is a need for Americans to hold gold

( Washington Federalist)

ii)We brought you this story this week but it is worth repeating:  China dollar bond defaults at China’s Minsheng Investment will test bank guarantees for the first time( Bloomberg/GATA)

iii)Another crypto fraud as Bitfinex stole 850 million dollars.
( zerohedge)

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

 

 

MARKET TRADING//early this morning/TRADING

With the supposed strong GDP number: bond yields falter along with the dollar

( zerohedge)

 

ii)Market data

Trump happy with first estimates for first quarter GDP soared to 3.2% but the gains were mostly one time items.  You will find that this number will falter in the next few months

( zerohedge)

 

 

ii)USA ECONOMIC/GENERAL STORIES

a)The total of all debt in the USA is now $72 trillion which works out to 220,000 per man woman and child.

( Michael Snyder)

b)First Volkswagen, then Daimler/Chrysler and now Ford.  The Dept of Justice is launching a criminal probe over emissions irregularities

(zerohedge)

c)McDonald’s partners with AARP to recruit broke seniors to help fund the labour shortage which is worsening by the day

(courtesy zerohedge)

SWAMP STORIES

a)Amazing Strzok and Page discussed recruiting White HOuse sources for spying purposes.

( Sara Carter)

b)Rosenstein slams Obama for failing to call out the Russian election interference

( zerohedge)

c)We are getting close:

Trump makes a vow to release the “devastating FISA documents//and a good summary of the genesis

(courtesy zerohedge)

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

 

Let us head over to the comex:

 

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A CONSIDERABLE 6810 CONTRACTS.TO A LEVEL OF 435,049 DESPITE THE TINY GAIN IN THE PRICE OF GOLD ($0.05) 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 5146 EFP CONTRACTS WERE ISSUED:

FOR APRIL 0 FOR JUNE ’19: 5146 CONTRACTS , DEC; 0 CONTRACTS: 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  5146 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 LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 1664 TOTAL CONTRACTS IN THAT 5146 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A STRONG SIZED 6810 COMEX CONTRACTS.

 

NET LOSS ON THE TWO EXCHANGES : 1664 contracts OR 166400 OZ OR 5.175 TONNES.

 

We are now in the active contract month of APRIL and here the open interest stands at 240 contracts, having LOST 339 contracts.

We had 295 notices filed upon yesterday, so we LOST 44 contracts or an additional 4400 oz will NOT stand as these guys  morphed into London based forwards as well as accepting 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!! THIS ENDS THE STREAK AT 9 CONSECUTIVE DAYS WHERE WE HAD AN INCREASE IN THE AMOUNT OF GOLD STANDING AND THE ODDS ARE THAT DURING THAT STREAK THE BANKERS  WERE SEARCHING FOR METAL. HOWEVER DUE TO THE FACT THAT LONDON IS BASICALLY OUT OF METAL, IT IS POSSIBLE THAT SOVEREIGNS OR BIG INVESTORS MAY TURN TO THE COMEX FOR PHYSICAL GOLD.

 

 

 

The next non active delivery month after  APRIL is the NON active delivery month is MAY and here the OI FELL by 366 contracts FALLING TO 924 contracts. The next contract month after May is June and it is an active month.  Here the open interest FELL by 7577 contracts DOWN to 306,310 contracts.

 

 

 

 

TODAY’S NOTICES FILED:

WE HAD 46 NOTICES FILED TODAY AT THE COMEX FOR ,4600  OZ. (0.1430 TONNES)

 

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And now for the wild silver comex results.

Total COMEX silver OI FELL BY A CONSIDERABLE SIZED 1318 CONTRACTS FROM 214,818 DOWN TO 212,944(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 4 CENT LOSS IN PRICING.//YESTERDAY.

 

 

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

WE HAD 1 NOTICE SERVED UP YESTERDAY, SO WE GAINED 1 CONTRACT OR AN ADDITIONAL 5,000 OZ OF SILVER WILL STAND AT THE COMEX AS INVESTORS REFUSED TO  MORPH INTO LONDON BASED FORWARDS AS WELL AS NEGATING A FIAT BONUS. THE COMEX IS RUNNING OUT OF METAL TO FEED THE CROOKS.

 

 

 

 

 

AFTER APRIL, WE HAVE THE ACTIVE DELIVERY MONTH OF MAY AND HERE THE OI FELL BY 11,387 CONTRACTS DOWN TO 33,226. CONTRACTS.. THE NEXT MONTH OF JUNE GAINED 67 CONTRACTS TO 403. AFTER JUNE, THE VERY BIG DELIVERY MONTH OF JULY HAD A GAIN OF 8660 CONTRACTS UP TO 135,402 CONTRACTS.

 

 

 

 

 

 

ON A NET BASIS WE LOST A FAIR SIZED 1016 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 1318 CONTRACT LOSS AT THE COMEX COMBINING WITH THE ADDITION OF 302 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET LOSS ON THE TWO EXCHANGES:  1016 CONTRACTS...AND ALL OF THIS LACK OF DEMAND OCCURRED WITH A 4 CENT GAIN IN PRICING// YESTERDAY???? 

 

 

 

 

 

 

 

 

 

TODAY’S NUMBER OF NOTICES FILED:

 

We, today, had 1 notice(s) filed for 5,000 OZ for the MARCH, 2019 COMEX contract for silver

 

 

Trading Volumes on the COMEX TODAY:  267,083  CONTRACTS 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  245,220  contracts

 

 

 

 

 

 

 

 

 

INITIAL standings for  APRIL/GOLD

APRIL 26 /2019.

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

oz

 

 

 

 

 

 

 

 

Deposits to the Customer Inventory, in oz  

 

 

 

nil oz

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No of oz served (contracts) today
46 notice(s)
 4600 OZ
(0.1430TONNES)
No of oz to be served (notices)
201 contracts
(20,100 oz)
0.6251 TONNES
Total monthly oz gold served (contracts) so far this month
6948 notices
694,800 OZ
21.611 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

HOW COULD THIS BE POSSIBLE?  WE NOW HAVE TWO TRADING DAYS LEFT, (MONDAY AND TUESDAY)

WE HAVE 22.23 TONNES OF GOLD STANDING AGAINST 8.8 TONNES??

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/ again 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 zero withdrawal

 

 

total gold withdrawals; nil oz

 

we had 0 adjustments…

FOR THE APRIL 2019 CONTRACT MONTH)

Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to  46 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 46 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 (6948) x 100 oz , to which we add the difference between the open interest for the front month of APRIL. (247 contract) minus the number of notices served upon today (46 x 100 oz per contract) equals 714,900 OZ OR 22.236 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 (6948 x 100 oz)  + (247)OI for the front month minus the number of notices served upon today (46 x 100 oz )which equals 714,900 oz standing OR 22.236 TONNES in this  active delivery month of APRIL.

 

 

WE LOST TODAY 44  CONTRACTS OR 4400  ADDITIONAL OZ WILL NOT STAND AT THE COMEX AND THESE GUYS  MORPHED INTO LONDON BASED FORWARDS.(AS WELL AS ACCEPTING A FIAT BONUS FOR THEIR EFFORTS).  THIS ENDS THE NINE CONSECUTIVE  GAINS AT THE GOLD COMEX.  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 22.236 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 26/2018 WE HAD 1226 OPEN INTEREST CONTRACTS STILL REMAINING TO BE SERVED//2 TRADING DAYS VS  927 CONTRACTS APRIL 25.2019 WITH 2 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 26 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
325,368.430 oz
HSBC

 

 

 

 

 

 

 

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

3,875,000 oz)

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

**

 

we had 0 inventory movement at the dealer side of things

 

total dealer deposits: nil  oz

total dealer withdrawals: nil oz

we had  0 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 everybody else:  zero

 

 

 

 

 

 

 

 

 

total customer deposits today:  nil oz

 

we had 1 withdrawals out of the customer account:

 

i) Out of HSBC:  325,368.430 oz

total withdrawals: 325,368.430 oz

 

we had 0 adjustments..

 

total dealer silver:  91.518 million

total dealer + customer silver:  307.096 million oz

 

The total number of notices filed today for the APRIL 2019. contract month is represented by 1 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 (1 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the APRIL/2019 contract month:775(notices served so far)x 5000 oz + OI for front month of APRIL( 1) -number of notices served upon today (1)x 5000 oz equals 3,875,000 oz of silver standing for the APRIL contract month.  This is a strong number of oz standing for an off delivery month.

We gained 0 contracts or an nil 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 26.2018 WE HAD A LARGE 30,394 OPEN INTEREST CONTRACTS STILL LEFT TO BE SERVED WITH 2 TRADING SESSIONS TO GO/ VS TODAY, APRIL 26.2019: 33,226 CONTRACTS//2 TRADING SESSIONS.

 

 

 

 

 

 

 

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TODAY’S ESTIMATED SILVER VOLUME:  125,598 CONTRACTS

 

 

 

 

 

CONFIRMED VOLUME FOR YESTERDAY: 107,596 CONTRACTS..(for sure we had some liquidation of our spreaders//yesterday)

..

 

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 107,596 CONTRACTS EQUATES to 538 million  OZ 76.8% OF ANNUAL GLOBAL PRODUCTION OF SILVER

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

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

 

end

 

 

 

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NPV for Sprott 

1. Sprott silver fund (PSLV): NAV FALLS TO -4.35% (APRIL 26/2019)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -2.06% to NAV (APRIL 26/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -4.35%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

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

NAV 12.93TRADING 12.37/DISCOUNT 4.30

END

And now the Gold inventory at the GLD/

APRIL 26/WITH GOLD UP $9.2//ANOTHER BIG CHANGE IN GOLD INVENTORY AT THE GLD; A WITHDRAWAL OF 1.18 TONNES OF GOLD FROM THE GLD.//INVENTORY LOWERS TO 746.69 TONNES TONNES

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 26/2019/ Inventory rests tonight at 747.63 tonnes

*IN LAST 587 TRADING DAYS: 18.28 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 487 TRADING DAYS: A NET 21.44 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 26//WITH SILVER UP 12 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 OZ//

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 26/2019:

 

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 2.11/ and libor 6 month duration 2.61

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

G0LD LENDING RATE: + .50/

 

 

XXXXXXXX

12 Month MM GOFO
+ 2.46%

LIBOR FOR 12 MONTH DURATION: 2.72

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.26

end

 

PHYSICAL GOLD/SILVER STORIES

 

end
i) GOLDCORE BLOG/Mark O’Byrne

Death of Inflation and the Death of Equities?

Is Inflation Dead? – Bloomberg Business Week

Inflation Is Here and Coming

From a contrarian perspective, the front page of Bloomberg Business Week this week is a classic contrarian sign that we may be on the verge of a serious bout of inflation or indeed stagflation as the global economy slows sharply and currencies are devalued again.

The online version of article, ‘Did Capitalism Kill Inflation?’ is well worth a read.

It ignores the fact that there has been massive increase in debt, inflation in asset markets and in particular in property markets – both to rent and to buy residential and commercial property.

It exonerates central bankers from creating very significant inflation in apartments, houses and property markets – the most important cost to most individuals, families and companies in the western world.

It ignores and exonerates central bankers for reigniting and recreating many property bubbles, stock market bubbles and other asset bubbles in the ‘Everything Bubble’ of 2019.

Instead, evil “capitalism” and “globalisation” is again blamed for all economic ills. Ignoring the fact that there is no capitalism today, rather we have a ugly mongrel form of crony globalisation and corrupt capitalism or corporatism which continually puts the interests of elites, corporations and banks over the interests of families, small businesses and society.

The front page brings to mind the classic Business Week front page in August 1979 entitled ‘The Death of Equities’ which we considered in our recent video update looking at where we are at in the market cycle.

‘The Death of Equities’ front page and article showed how mass psychology was very negative towards stocks after a long bear market. But in fact, stocks were in the process of bottoming and the article heralded, within a few short months, a bull market in U.S. shares which saw massive gains over the next 20 years (with some significant blips in 1987 and 1998 along the way).

The article is very complacent about inflation and terms inflation a “bogey man.” The huge complacency about the risk of inflation today is a classic contrarian signal and strongly suggests that inflation, stagflation (and in a worst case scenario hyperinflation) will rear its ugly head in the coming months.

Death of Inflation and the Death of Equities?

News & Commentary

Gold firms as weak data puts focus back on growth risks (Reuters.com)

Gold prices tally a second straight gain but hover near lows of the year (MorningStar.com)

Euro stung by German growth fears, political uncertainty (Reuters.com)

Romanian parliament votes to bring gold reserves back from Bank of England (Reuters.com)

World Trade Volumes Are Plunging at the Fastest Pace in a Decade (Bloomberg.com)

Central Banks’ Club of Caution Grows as Bad News Piles Up (Bloomberg.com)

World Trade Volumes Are Plunging at the Fastest Pace in a Decade (Bloomberg.com)

Flash Crash Fears Haunt Traders Ahead of 10-Day Japan Break (Bloomberg.com)

China dollar bond default tests bank guarantees for first time (SCMP.com)

Suddenly Something Is Wrong (ZeroHedge.com)

Who Says They Don’t Ring a Bell at the Top? (321Gold.com)

Why the U.S. needs to encourage Americans to hold gold (Gata.org)

Gold Prices (LBMA PM)

25 Apr: USD 1,277.85, GBP 991.87 & EUR 1,146.87 per ounce
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

Silver Prices (LBMA)

25 Apr: USD 14.86, GBP 11.55 & EUR 13.36 per ounce
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

Recent Market Updates

– SWOT Analysis: Venezuela Sells $400 Million Worth Of Gold Bullion

– 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

Mark O’Byrne
Executive Director
end

GATA STORIES WITH RESPECT TO GOLD/PRECIOUS METALS.

Sean Fieler notices many countries purchasing gold.  He suggests there is a need for Americans to hold gold
(courtesy Washington Federalist)

Sean Fieler: Why the U.S. needs to encourage Americans to hold gold

 Section: 

By Sean Fieler
The Federalist, Washington
Thursday, April 25, 2019

Foreign central banks are acquiring gold at the fastest pace in 50 years, and their purchases are not driven by investment considerations alone. The Central Bank of Russia, 2018’s largest official-sector buyer of gold, wants to reduce Russia’s dependence on the dollar, while the Hungarian National Bank noted gold’s increasing strategic importance as underlying their recent purchases.

… 

America cannot stop foreign central banks from buying gold or reintroducing gold into the international monetary order. We can, however, adopt policies that will attract more of the world’s gold to the United States and position ourselves to deal with the remonetization of gold from a position of strength.

At the end of the Second World War, the U.S. Treasury owned more than 30 percent of the world’s gold. Today that same figure is less than 5 percent. America’s diminished share of the world’s gold is a result of our defense of the Bretton Woods System prior to its collapse in 1971 and subsequent failure to increase our gold reserves. The U.S. Treasury has not added to its gold reserves since 1969, and the Federal Reserve has not owned physical gold since the passage of the Gold Reserve Act in 1934. …

… For the remainder of the commentary:

https://thefederalist.com/2019/04/25/united-states-needs-start-encouragi…

* * *

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

We brought you this story this week but it is worth repeating:  China dollar bond defaults at China’s Minsheng Investment will test bank guarantees for the first time

(courtesy Bloomberg/GATA)

China dollar bond default tests bank guarantees for first time

 Section: 

By Carrie Hong and Carol Zhong
Bloomberg News
Thursday, April 25, 2019

Investor faith in Chinese dollar bonds backed by banks is about to be tested after a default by one of the country’s best-known private conglomerates.

China Minsheng Investment Group Corp. said last week cross-default clauses have been triggered on dollar bonds worth $800 million. These include $300 million of debt that carries a standby letter of credit from China Construction Bank Corp. — effectively a pledge to repay if the borrower can’t.

… 

So far investor confidence that banks will honor such an agreement is unshaken. While CMIG’s dollar bonds due in August — which aren’t backed by a letter of credit — traded at around 58 cents on the dollar, bonds with CCB’s backing due in 2020 were indicated at about 99 cents on the dollar today. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-04-24/untested-china-bond-s…

end


 

* * *



iii) Other Physical stories
Another crypto fraud as Bitfinex stole 850 million dollars.
(courtesy zerohedge)

Cryptos Tumble After NY AG Accuses Bitfinex Of Massive Fraud, “Loss” Of $850 Million

New York’s Attorney General alleged the operator of the Bitfinex cryptocurrency trading platform and the issuer of the Tether “stablecoin” lost $850 million and subsequently used funds from affiliated stablecoin operator Tether – i.e., engaged in co-mingling of client and corporate funds – to secretly cover the shortfall; the news sparked a sharp selloff in the cryptocurrency space where Bitfinex has long been rumored to be a mechanism to prop up various virtual currencies.

A judge in Manhattan issued an order barring iFinex Inc., which operates the infamous Bitfinex cryptocurrency exchange and owns Tether Ltd. from money money from Tether’s reserves to Bitfinex’s bank accounts, halt any dividends or other distributions to executives and turn over documents and information, New York Attorney General Letitia James said Thursday in a statement. Tether is one of the world’s most valuable cryptocurrencies and is used in a significant share of trades involving Bitcoin. The NY AG said iFinex had been commingling client and corporate funds to cover up the missing funds, which occurred in mid-2018 and hadn’t been disclosed publicly.

“New York state has led the way in requiring virtual currency businesses to operate according to the law,” James said. “We will continue to stand-up for investors and seek justice on their behalf when misled or cheated by any of these companies.”

According to the WSJ, the AG’s findings emerged from an investigation into cryptocurrency exchanges that it launched in 2018 and is continuing. A report in September warned that many exchanges lacked basic safeguards and left consumers vulnerable to exploitation by market manipulators.

The attorney general said Bitfinex’s problems began in 2018, when it handed over $850 million to third-party payments processor Crypto Capital Corp. to handle customers-withdrawal requests. Over the months that followed, Panama-based Crypto Capital failed to process the orders, the attorney general said.

By November of that year, according to people close to the attorney general’s investigation, Bitfinex determined that it had permanently lost access to the $850 million. To hide the missing funds, Bitfinex and Tether engaged in a series of maneuvers that drained Tether’s reserves, the people said.

Tether has frequently been accused of facilitating cryptocurrency price manipulation; it is allegedly backed one-to-one by U.S. dollars, yet the firm has never released a public audit showing it has the reserves to back the coins in circulation, leading many to question whether the funds even exist.

As the WSJ notes, Tether has marketed the coin as a way to get both the safety of the dollar and the speed and anonymity of a digital currency. Its market value has risen steadily over the past two years, to $2.8 billion from about $10 million at the beginning of 2017. Since then it has become a major source of liquidity in the cryptocurrency market, and about 80% of all bitcoin trading is done via Tether, according to data from research site CryptoCompare. Some have speculated that tether is how various Asian accounts have been quietly laundering money into cryptocurrencies, which they then used to circumvent “firewalls” and deposit funds offshore.

Needless to say, $850 million would represent a major portion of Tether’s reserves. Tether currently claims on its website that the coins it issues are backed by reserves that include currency, cash equivalents and other assets and receivables. According to the WSJ’s Paul Vigna, the language was altered in March; it previously claimed the reserves were 100% in currency.

Many bitcoin advocates have repeatedly said that Tether represents a negative overhang over the cryptocurrency space and have been quietly hoping for a crackdown on both the exchange, and stablecoin, which would result in far more stability in the space which as seen in the chart above, tends to be greatly affected by any adverse report involving tether.

The full court NY AG court order can be found below (via CoinDesk):

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 FRIDAY 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: 6.7359/

//OFFSHORE YUAN:  6.7446   /shanghai bourse CLOSED DOWN 37.43 POINTS OR 1.20%

HANG SANG CLOSED UP 55.21 points or 0.19%

 

2. Nikkei closed DOWN 48.85 POINTS OR 0.22%

 

 

 

 

3. Europe stocks OPENED GREEN EXCEPT LONDON

 

 

 

 

 

 

USA dollar index FALLS TO 98.13/Euro RISES TO 1.1137

3b Japan 10 year bond yield: FALLS TO. –.04/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 111.77/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

 

3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 64.03 and Brent: 72.83

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

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 DOWN for WTI and DOWN 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 2.63% /SPAIN 10 YR BOND YIELD UP TO 1.07%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 2.64: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 3.27

3k Gold at $1280.95 silver at: 15.00   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 7/100 in roubles/dollar) 64.76

3m oil into the 64 dollar handle for WTI and 72 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 1.0213 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1374 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 2.52% early this morning. Thirty year rate at 2.94%

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

6.  TURKISH LIRA:  UP  TO 5.9422.. VERY DEADLY

US Futures Drift Lower As China Suffers Worst Week Of 2019

US index futures, European stocks and Asian markets all drifted lower following an ugly report from Intel which hit chip stocks, offsetting a surge in Amazon’s Q1 profits as investors awaited the release of Q1 US GDP data and earnings season continued apace. Even so, global shares were on track for a fifth weekly gain in a row despite subdued trade, while the dollar retreated from 23-month highs.

 

Global stocks were largely flat on the day after subdued trading in Asia. MSCI’s All-Country World Index was down less than 0.1% as an unexpected tumble in Japanese industrial production underscored worries over the global expansion.

 

Looking at the key overnight earnings, another FAANG member showed their teeth after the Wednesday blowout number from FB, when Amazon beat EPS expectations by over $3 and didn’t sacrifice this gain in their revenue print, which came in marginally above expectations. This came as web services revenue increased by over 40% with the company reporting their most profitable quarter ever. Clouds remain on the horizon after the bright earnings, however, as the company warned of a slower Q2. In the pre-market AMZN are trading with gains of 1%.

On the flipside, Intel short-circuited and reported shockingly bad earnings guidance despite top and bottom line printing inline with expectations. The hardware maker cut their FY guidance and forecast a weak Q2 as Chinese data centre sales remain soft, as the region is consuming fewer microchips than expected, and follows on from a similar warning sign eschewed from Texas Instruments. As a result of the terrible results INTC is trading with losses of 7% in the pre-market.

Most European bourses opened lower, with Germany’s DAX and France’s CAC 40 being the only gainers. The pan-European STOXX 600 index was down 0.1 percent. The Stoxx 600 was little changed at press time as raw material producer losses were offset by gains in healthcare and media companies. In corporate news in the region, Deutsche Bank cut its revenue target and AstraZeneca posted an increase in cancer-drug sales.

While US stocks continue to trade at all time highs, albeit with dismal volumes suggesting there is little enthusiasm to chase prices here, sentiment in China has turned decidedly for the worse, and Chinese stocks suffered their worst week since October, showing the influence that Beijing’s economic policies still hold over the bull market. As we previewed on Sunday, markets got a taste of how much equities are worth without the prospect of additional measures that had helped restore $2.3 trillion to share values since January. Shanghai stocks lost 5.6%, the most since October, after the Politburo signaled last Friday it will pare back support for the economy amid evidence of a recovery. China’s sovereign bonds, which are rapidly turning into Asia’s worst performers, also slumped.

 

Meanwhile, the yuan edged up after President Xi Jinping said his country won’t engage in currency depreciation. In overnight China news, President Trump suggested that Chinese President Xi will be visiting the White House soon. In other news, the US is considering concessions on drug protection in talks with China after the latter was said to offer 8 years of IP protections for biologics data vs. 12 years under current US law. SCMP subsequently reported that, Chinese President Xi could travel to the US to sign a trade deal as soon as June; if the two sides finalise a trade deal.

As Bloomberg notes, “it’s a pivotal moment for a world-beating rally in China that’s been underpinned by expectations of more stimulus and ample liquidity” noting that a barrage of earnings from the nation’s largest firms could swing sentiment either way, though the picture isn’t encouraging so far. Traders are also eyeing next week’s trade talks with the U.S., though the closure of China’s markets for a three-day holiday from Wednesday will likely dampen trading.

Meanwhile, back in the US, all eyes are on the U.S. GDP release which will be closely watched after a string of largely resilient data from an economy in its 10th year of expansion. A string of solid numbers has led analysts to revise up their forecasts for growth and the latest consensus estimate is for an annualized 2.3%, while the closely-watched GDP estimate of GDP from the Atlanta Federal Reserve is projecting an outcome of 2.7%, a huge turnaround from a few weeks ago when it was at 0.5%.

“A steady GDP reading will reinforce (stock) bulls’ appetite as worries over a recession will diminish but a potential miss may trigger some nervous profit-taking ahead of the weekend,” said Konstantinos Anthis, head of research at ADSS.

The GDP release will set the stage for the Fed interest rate decision next week, where investors will try to anticipate how the U.S. central bank will react to mostly resilient indicators of late. Yet the rebound has not been mirrored in inflation, which – according to the BLS – remains subdued across much of the developed world, prompting a host of central banks to turn dovish. Just this week central banks in Sweden and Canada have backed off plans to tighten, while the Bank of Japan tried to dispel doubts about its accommodative stance by pledging to keep rates at super-low levels for at least one more year. ECB Vice-President Luis de Guindos on Thursday opened the door to more money-printing if needed to boost inflation in the euro zone. Meanwhile, rate cuts look much likelier in Australia and New Zealand after recent disappointingly weak inflation reports.

In rates, Treasuries edged into the green alongside most European sovereign debt.

Elsewhere in currencies, the euro was off 1 percent for the week at $1.1136 as euro zone economic figures continued to disappoint, though it was 0.1 percent higher on the day. Against a basket of currencies, the dollar was 0.8 percent firmer for the week so far at 98.145 having touched its highest since May 2017.

In commodity markets, spot gold was 0.4 percent firmer at $1,281.81 per ounce. Oil prices dipped on Friday on expectations that producer club OPEC will soon raise output to make up for a decline in exports from Iran following a hardening of sanctions on Tehran by the United States.

. Expected data include 1Q GDP and University of Michigan Consumer Sentiment Index. American Airlines, AON, Chevron, Colgate-Palmolive, and Exxon are among companies reporting earnings

Market Snapshot

  • S&P 500 futures down 0.2% to 2,922.00
  • STOXX Europe 600 down 0.02% to 390.07
  • MXAP down 0.08% to 162.00
  • MXAPJ up 0.01% to 537.28
  • Nikkei down 0.2% to 22,258.73
  • Topix down 0.2% to 1,617.93
  • Hang Seng Index up 0.2% to 29,605.01
  • Shanghai Composite down 1.2% to 3,086.40
  • Sensex up 0.6% to 38,977.58
  • Australia S&P/ASX 200 up 0.05% to 6,385.65
  • Kospi down 0.5% to 2,179.31
  • German 10Y yield fell 1.3 bps to -0.022%
  • Euro up 0.08% to $1.1141
  • Italian 10Y yield rose 5.4 bps to 2.316%
  • Spanish 10Y yield fell 0.9 bps to 1.082%
  • Brent futures down 1.1% to $73.56/bbl
  • Gold spot up 0.4% to $1,282.33
  • U.S. Dollar Index down 0.1% to 98.11

Overnight Top News from Bloomberg

  • Theresa May’s plan to stop Britain taking part in European elections in the middle of Brexit looks all but dead. The prime minister is unlikely to put her Brexit bill to Parliament next week, according to a government official
  • Emmanuel Macron promised a new wave of tax cuts for France’s middle classes as he sought to placate Yellow Vest protesters and reinvigorate his flagging presidency.
  • China won’t pursue yuan depreciation that harms others, President Xi Jinping says at Belt and Road forum in Beijing. Nation will keep yuan stable at reasonable and equilibrium level, he said
  • The Trump administration may concede to a Chinese proposal that would give less protection for U.S. pharmaceutical products than they receive at home, according to people familiar with the matter, a move that could draw opposition from the American drug industry
  • Japan’s factory output unexpectedly fell in March, raising the likelihood that gross domestic product shrank during the first quarter
  • Oil is poised to notch an eighth weekly gain on the back of OPEC+ production cuts and as the U.S. moves to tighten sanctions against Iran
  • Japan’s retail investors have propelled their net long yen positions against the dollar to near a record ahead of the nation’s extended Golden Week holidays
  • North Korean leader Kim Jong Un used talks with Russian President Vladimir Putin to accuse the U.S. of “bad faith” in nuclear discussions, warning that the current detente on the Korean Peninsula was at risk
  • Japan’s industrial production contracted by a surprisingly large amount in March as falling exports weigh on the world’s third- largest economy
  • Chinese President Xi Jinping signaled his approval for Trump’s trade war demands in an address to some 40 world leaders where he pledged to address state subsidies, protect intellectual property rights, allow foreign investment in more sectors and avoid competitive devaluation of the yuan
  • Wall Street is moving closer to modernizing the clubby $2 trillion market for new corporate bond issues while seeking to retain control of a lucrative business that’s being eyed by the tech sector
  • The new Brexit Party started by anti-EU campaigner Nigel Farage is threatening the ruling Conservatives– and they aren’t even fighting back. Polls put the group on course to win the most votes in the EU elections next month

Asia-Pac risk sentiment was mostly downbeat as markets remained heavily focused on earnings releases and following the lacklustre performance of counterparts stateside. ASX 200 (Unch.) and Nikkei 225 (-0.2%) were both subdued with underperformance seen in Australia’s energy sector after a pullback in oil prices although losses in the broader market were only marginal and the index eventually recovered, while the Japanese benchmark was pressured amid a slew of earnings and following disappointing Industrial Production figures with participants also reducing exposure ahead of a 10-day closure for Golden Week. Elsewhere, Hang Seng (+0.2%) and Shanghai Comp. (-1.2%) opened lower as PBoC inaction resulted to a CNY 300bln liquidity drain for the week but with losses in Hong Kong later pared amid earnings including China Life Insurance which almost doubled its Q1 net from the prior year. Finally, 10yr JGBs are higher with prices underpinned by the mostly risk-averse tone and BoJ presence for JPY 480bln of JGBs in the belly.

Top Asian News

  • Asian Chip Sector Shares Decline After Intel Cuts Outlook
  • China Evergrande Is Said to Be Eyeing European Auto Acquisitions
  • China’s Big Earnings Showdown Looms as Stocks Begin to Sink
  • Sony Withdraws Some Profit Targets as Forecast Misses Estimates
  • A Giant in China’s Equity Market Is Starting to Look Expensive

Major European indices are mixed but little changed overall [Euro Stoxx 50 +0.1%], with sectors portraying a similar scene; notably, the Oil & Gas sector is underperforming in-line with the recent downturn in oil prices and with sector heavyweights Total’s (-0.4%) broadly as expected earnings unable to counter the downward pressure. After an earning fuelled morning the FTSE 100 (-0.3%) is somewhat lagging its peers with the index weighed on predominantly by RBS (-4.4%) in-spite of the Co’s beat on Q1 profit before tax, as the Co. stated that the ongoing impact of Brexit uncertainty is likely to impact income growth in the near term. Glencore (-3.0%) and Just Eat (-3.2%) are also weighing on the FTSE 100 after the CFTC stated they are investigating if the Co’s units violated CFTC regulations and as UK Q1 orders increased by only 7.4% respectively. Other notable movers include Deutsche Bank (-3.0%) are lagging the Dax (+0.1%) after the Co. cut their FY19 sales outlook and they expect FY19 revenue to be flat. Elsewhere, Renault (+3.0%) posted Q1 revenue in-line with expectations and confirmed their guidance for FY19.

Top European News

  • Continental Pushes Ahead With Powertrain Listing as Profit Drops
  • Ferrexpo Slumps as Deloitte Resigns Amid Charity Probe
  • Hydrogen as Replacement for Natural Gas Gets a Boost in U.K.
  • Amundi Sees Investors Pull $7.7 Billion as DWS Stems Outflows
  • Bayer’s CEO Faces Rebuke to Leadership as Shareholders Gather

In FX, the Kiwi and Swedish Krona are leading a comeback of sorts vs a still solid Greenback that is holding above the 98.000 handle in DXY terms and Fib support just shy of the big figure (97.961), with data providing respite for both G10 currencies in the form of NZ trade and Swedish retail sales. Nzd/Usd has subsequently extended its rebound through 0.6600 to just over 0.6650, with the added impetus of relatively upbeat rhetoric from RBNZ Orr overnight, while Eur/Sek has retreated further from post-Riksbank peaks and back below 10.6000 as the single currency lags amidst dovish remarks from ECB’s Rehn.

  • AUD – Another major beneficiary of short covering and position paring in advance of US growth and PCE price gauges, as the Aussie recovers more ground from sub-0.7000 levels vs its US peer towards 0.7040, albeit still trading heavily on a Aud/Nzd cross basis under 1.0600 following weak Q1 CPI data earlier in the week that ramped up RBA easing expectations.
  • EUR – As noted above, the Euro has been hampered to a degree by Rehn comments adding a bit more credence to sourced reports suggesting that some GC members are inclined towards shifting guidance on rate normalisation out further than the current end of 2019 or later to a BoJ-style next year. Hence, Eur/Usd’s bounce from yesterday’s new ytd low (circa 1.1116) has been stymied ahead of 1.1150 and decent option expiries stretching to 1.1160 (1.5 bn), while residual bids above 1.1100 may also be supplemented by hedging or buying interest linked to a total of 1 bn running off at the strike.
  • GBP/CHF/CAD/JPY – All narrowly mixed vs the Usd as Cable pivots 1.2900 awaiting more Brexit developments and eyeing next week’s super BoE Thursday, while the Franc continues to straddle 1.0200 and meander between 1.1375-50 against the single currency in wake of yet another reminder from the SNB that NIRP and FX intervention are still warranted. The Loonie is still managing to hold above post-BoC lows and above 1.3500 even though crude prices are recoiling further from best levels in the run up to Canadian budget balances for February. Elsewhere, Usd/Jpy remains rangebound below 112.00 and just over chart support sub-111.40 in the form of the 30 DMA and a 61.8% Fib (at 111.37 to be precise), with the upside also capped by 1.1 bn option expiries from 112.00-20, and the impending long Japanese holiday still drawing attention as a potential hazard given the so called flash crash in currency and other markets when Japan was absent earlier this year.
  • EM – A double-whammy for the Rouble on the aforementioned pronounced downturn in oil and with speculation that the CBR could take a lead from other Central Banks along a dovish policy path. Usd/Rub currently trading closer to the top of 64.8310-5630 parameters.

In commodities, Brent (-1.3%) and WTI (-1.3%) prices are firmly in the red with prices dropping below the USD 75/bbl and USD 65/bbl levels; notably, Brent had only reached the USD 75/bbl level yesterday for the first time this year. Iran’s crude oil exports from their Southern Ports have reportedly increased so far in April to 3.56mln BPD; specifically, regarding the Iranian oil waivers, Turkey are attempting to convince the US to allow Turpas to continue the purchase of oil from Iran. For reference, under the import waivers Turkey was permitted to import around 60kBPD of oil from Iran, and in December a total of around 54k BPD of oil was imported by Turkey from Iran. Elsewhere, following reports that a number of refineries had suspended the import of Russian oil from the Druzhba pipeline (1.2mln BPD) due to contamination issues, Russia has stated that the issues will be resolved from April 29th. However, reports indicate that some of the refineries that have suspended imports believe the problem will continue for another one or two weeks. Gold (+0.4%) prices have gradually moved higher across the session, benefitting from the cautious risk tone and concern ahead of Japan’s Golden Week holiday where markets will be closed for 10-days. Elsewhere, due to the softer dollar ahead of today’s GDP data, metal prices have retraced some of the prior session’s losses; and there were reports this morning of an explosion at Port Talbot, which is the UK’s largest steelworks. Tata Steel, who own the site, stated that there were no serious injuries and an investigation is ongoing.

US Event Calendar

  • 8:30am: GDP Annualized QoQ, est. 2.3%, prior 2.2%
  • 8:30am: Personal Consumption, est. 1.0%, prior 2.5%
  • 8:30am: Core PCE QoQ, est. 1.4%, prior 1.8%
  • 10am: U. of Mich. Sentiment, est. 97, prior 96.9; Current Conditions, prior 114.2; Expectations, prior 85.8

DB’s Craig Nicol concludes the overnight wrap

If the baton started with US equity markets hitting fresh record highs this week and then passed to the bond market on Wednesday, then it was the turn of EM to run the anchor leg yesterday following a day of relatively wild price action across assets.

Indeed broad EM FX slid as much as -0.59% before buyers stepped in during the New York session, arresting the broad declines and leaving the index close to flat by the end of play yesterday. A modest -0.04% decline was however still good for the fourth consecutive daily drop, with the index now down in 8 out of the last 10 sessions. Over that period, it has fallen -1.76%.Of the 24 most active EM currencies, 20 weakened versus the USD. This did however mask bigger declines for the likes of the Argentinian Peso (-2.43%) – which hit a new record low – and the Turkish Lira (-0.92%) which closed at 5.928 and the weakest since last October.In fact it was a rough day for assets in both of the countries. The Argentinian and Turkish equity markets dropped -0.64% and -1.71%, respectively, and 5y CDS spreads widened +26bps and +22bps. 10y hard currency bond yields rose 19.1bps in Turkey, but, somewhat puzzlingly and inconsistently with the action in other asset classes, 10y hard currency yields rallied off their intraday peaks to actually close -20.4bps lower in Argentina, completing an intraday swing of 72.3bps. More broadly the MSCI EM index closed -0.16% after trading down as much as -0.94% and this week has dropped -1.91%. That compares to a gain of +0.73% for the S&P 500. US HY spreads are a modest +3.3bps wider this week so there’s been little sign of the EM move spreading to credit so far.

That four-day move for the S&P 500 included a small -0.04% decline yesterday. In fairness there were some reasonable divergences on Wall Street yesterday with the NASDAQ (+0.21%) getting a boost from those Facebook and Microsoft results, while the DOW (-0.51%) got hit almost entirely due to a -12.95% drop for 3M following a disappointing set of results.Meanwhile the USD – which has been part of the reason for the weakness across EM recently – did at least ease off yesterday, closing flat. Treasuries also had a quieter day with 10y yields creeping up +1.4bps.

It’s worth jumping straight to Asia now where this morning the EM pain has seemingly hit the Nikkei (-0.68%), Shanghai Comp (-0.78%) and Kospi (-0.52%),with only the Hang Seng (+0.11%) posting a gain. Weak March industrial production data in Japan (-0.9% mom vs. +0.0% expected) is also playing a role. Asian FX is hanging in a little better, while the CNY (+0.12%) is slightly stronger after following a stronger than expected fix. President Xi Jinping also reiterated China’s commitment to keeping the currency stable by saying that China won’t engage in currency depreciation that harms other countries. Generally it’s the PBoC that make comments like this so it’s perhaps significant to come directly from the President, especially as he is chairing a number of economic committees.

Overnight, Bloomberg has also reported that the White House might concede to a Chinese proposal that would give less protection for the US pharma products in China (proposed 8 years) than they receive at home (12 years and new NAFTA 10 years). Elsewhere, Japan’s Finance Minister Taro Aso met with the US Treasury Secretary Steven Mnuchin as part of the ongoing trade talks with the US and said that Japan can’t agree to any talk of linking currency and trade policy while a Japanese Finance Ministry official said that he believes that talks concerning currency will be secondary to the trade talks between Economy Minister Toshimitsu Motegi and Lighthizer. President Trump and Japanese Prime Minister Shinzo Abe are due to meet today and are expected to discuss trade amongst other issues.

Turning back to yesterday’s US earnings, the highlights were a strong report by Amazon and a weak one from Intel. Amazon – who’s shares traded up just over 1% in extended trading – showed first quarter profits far above expectations, at $7.09 per share versus Bloomberg consensus expectation for $4.67, while revenues also grew strongly including a +47% gain in sales by Amazon Web Services, their cloud computing business. Strength in the same business line had boosted Microsoft earlier this week, with the software giant floating above a $1 trillion market capitalization in intraday trading before retreating slightly below that level. Intel – who’s shares dropped over 7% in extended trading – reported a 2.3% beat on profits, but lowered their full-year guidance markedly. Management now expects 2019 revenues to be around $69 billion, below consensus expectations for $71 billion. NASDAQ futures are little changed overnight as a result.

Back to yesterday and specifically some of the idiosyncratic stories in Turkey and Argentina. The Turkish Lira really got moving post the Central Bank of Turkey meeting where, although policy was left unchanged, the Bank dropped a commitment to tighten policy further if needed, saying that the action “will be determined to keep inflation in line with the targeted path”. By the way, inflation in Turkey is running just below 20%. Meanwhile in Argentina the story appears to be one of a negative feedback look between political uncertainty, out of control inflation, and the weakening Peso.The closing level on Argentina’s 5y CDS yesterday now implies a 59% probability of default. Bonds maturing in 2 years were at one stage yielding over 20% yesterday. Back in February the same bonds were trading at ‘just’ 8%.

A reminder that it was declining EM growth expectations last year which eventually filtered through to weakness in broader DM markets, so it’s worth seeing if we get a continuation of this price action in the near term.

In the meantime it’s likely that today’s first look at Q1 GDP for the US will do nothing but highlight the DM/EM growth divergence. Our economists expect a +2.6% qoq/saar reading (full preview here ) which is above the market consensus of +2.3%. For what it’s worth the range of expectations for that consensus reading is from as low as +1.0% to as high at +2.9%, with the Atlanta Fed’s tracker at +2.7%. A reminder that Q4 came in at +2.2%. The last piece of data which could have helped fine-tune today’s growth expectations – the preliminary March durable and capital goods orders data – came in above market. Core capex orders printed at +1.3% mom versus expectations for +0.2% while durable orders ex transport rose +0.4% mom (vs. +0.2% expected). Both series were also revised higher in prior months as well.

The other data that was released yesterday included the latest weekly claims reading which revealed a surprisingly 37k uptick to 230k (vs. 200k expected).However, one-offs appeared to be in play again with strikes at New England supermarkets flagged as a reason behind the spike. Lastly the Kansas City Fed manufacturing survey for April fell to 5 from 10, remaining in positive territory for the 29thconsecutive month, the longest streak since February 2008.

In Europe there were no data releases with earnings still the main driver.Swedish industrial firm Atlas Copco (+5.01%) reported strong first quarter figures including surprisingly high new orders. Bank earnings were hit or miss, as UBS (+1.23%) gained but Barclays (-3.59%) lagged. The former attracted new inflows and announced the resumption of its buyback program, while the latter reported softer-than-expected figures for both its revenues and capital ratio. Spanish utilities firm Iberdrola (+4.30%) also outperformed after profits grew 12%, which explained just about all of the IBEX’s gain yesterday, as the index advanced +0.47% while the DAX and CAC slid -0.25% and -0.33%, respectively. Italy’s benchmark index traded flat, but BTP yields rose +5.5bps, possibly reflecting some anxieties ahead of today’s S&P ratings review.

Elsewhere in Europe, the Swedish Riksbank was the latest central bank to strike a surprisingly dovish tone, sending the krona to its weakest level versus the dollar since 2002.The central bank noted softer inflation and the weaker outlook for employment, and opened the door to the possibility that they do not hike rates at all this year, whereas the market had priced in one hike. Somewhat in parallel, ECB Vice President de Guindos said that he “cannot be super optimistic” about the European economy, which helped the euro to a -0.21% loss versus the dollar.

Over in the US, former Vice President Joe Biden officially launched his presidential campaign yesterday. He is viewed as more moderate than most of the rest of the Democratic field and has consistently polled at the top of the pack. It remains to be seen if he can maintain his initial strong position as the grind of the campaign accelerates.

Looking at the full day ahead, this morning the only data of note is more CBI survey data out of the UK. The focus then turns to that Q1 GDP print in the US while the final April University of Michigan consumer sentiment survey revisions follows. Away from that GDP print in the US the other potentially market sensitive event is a meeting between Japanese PM Abe and President Trump at the White House. Russian President Putin is also travelling to China to meet with President Xi Jinping while the earnings highlights include Exxon Mobil, Chevron, Total and Sanofi. Finally, S&P are due to complete their review of Italy’s BBB/Negative credit rating today.

 

end

3. ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED DOWN 37.43 POINTS OR 1.20% //Hang Sang CLOSED UP 55.21 POINTS OR 0.19%  /The Nikkei closed DOWN 48.85 POINTS OR 0.22%/ Australia’s all ordinaires CLOSED UP /04%

/Chinese yuan (ONSHORE) closed UP  at 6.7359AS TRUCE DECLARED FOR 3 MONTHS /Oil DOWN to 64.03 dollars per barrel for WTI and 72.83 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED UP // LAST AT 6.7359 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7446/ TRADE TALKS NOW ON/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER 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

NORTH KOREA
There is now a story that North Korea sent a bill for $2 million for Otto Warmbier release.  If that would have been paid then that could be construed as a hefty ransom payment.  However Trump never paid the bill
(courtesy zerohedge)

Trump: US Never Paid $2 Million Ransom For Otto Warmbier

Though the Washington Post said it couldn’t confirm whether the bill was ever paid, the revelation that North Korea had sent the Treasury a $2 million bill for American college student Otto Warmbier’s medical care led some to speculate that the US may have paid a hefty ransom to secure Warmbier’s release after he had lapsed into a coma from which he never recovered.

The parents of Warmbier, who died within six days of returning to the US, said the bill sounded suspiciously like a ransom. But in a Friday morning tweet, President Trump insisted that the bill was never paid, despite an American negotiator’s assurances to the North Korean government that the US would make good on the debt.

In the tweet, Trump contrasted his regime’s hard-line no ransom policy to the Obama administration’s willingness to pay thinly disguised ransoms to the Iranian government and the Afghan Taliban to secure the release of American prisoners, including “traitor” Sgt. Bergdahl.

Donald J. Trump

@realDonaldTrump

No money was paid to North Korea for Otto Warmbier, not two Million Dollars, not anything else. This is not the Obama Administration that paid 1.8 Billion Dollars for four hostages, or gave five terrorist hostages plus, who soon went back to battle, for traitor Sgt. Bergdahl!

Then, Trump touted his skills as a hostage negotiator, reminding his audience that 20 American hostages have been released since his inauguration, and that no money had ever been paid.

Donald J. Trump

@realDonaldTrump

“President Donald J. Trump is the greatest hostage negotiator that I know of in the history of the United States. 20 hostages, many in impossible circumstances, have been released in last two years. No money was paid.” Cheif Hostage Negotiator, USA!

end

3 b JAPAN AFFAIRS

 

end

3 C CHINA/CHINESE AFFAIRS

 

China/

4/EUROPEAN AFFAIRS

GERMANY/DAIMLER

The automobile industry in Europe is in shambles led by Germany. Daimler is stung by falling Mercedes sales.

(courtesy zerohedge)

Daimler Stung By Falling Mercedes Sales Amid Continuing Global Auto Recession

The global auto industry, which has been grinding to a painful slowdown for the better part of the last two years, just claimed its latest victim. On Friday, German auto giant Daimler AG said that its guidance is going to be harder to achieve after a rough start to 2019, forcing it to try to cut costs, according to Bloomberg.

Daimler saw its first quarter profit tumble 16% due to a decline in deliveries mixed with the rising cost of developing new models. Even though earnings met analyst estimates, CEO Dieter Zetsche said the quarter fell short of the company’s expectations and had tempered outlook for the future.

“Achieving the financial targets for 2019 has not become easier since the first quarter,” Zetsche said Friday.

Like many car companies, Daimler is dealing with slower sales in the United States and Europe while maintaining significant costs associated with investing in electric vehicles. Other automakers saw similar rocky starts to the first quarter. Renault reported a 4.8% drop to Q1 revenue and Nissan Motor said earlier this week it would miss its annual profit goal.

Back in February, Daimler had already said it was looking to cut costs in order to offset falling profits. A 5.6% drop in Mercedes-Benz deliveries through March had been another negative headwind that the company has faced. The company offered little additional detail on Friday on its plans to reverse a profitability decline in its main cars unit. Despite Mercedes-Benz holding up in China, the country is mired in a broader slump that makes the environment for a profound turnaround difficult.

Investors are looking forward to incoming CEO Ola Kallenius taking over in May, according to Bloomberg Intelligence analyst Michael Dean. “We anticipate his new strategic plan will be unveiled this summer,” Dean said.

Daimler says it still expects its earnings to “rise slightly” this year. Shares were down about 1% trading in Frankfurt on the news on Friday. After a an ugly 2018, the stock is up 25% since the beginning of the year. Jefferies analyst Philippe Houchois said the outlook for the company “seems slightly optimistic given the weak start of the year.”

CFO Bodo Uebber said that business is expected to improve during the second half of the year. He added that currency headwinds have also worked against the company. These currency headwinds are forecast to cut between €500 million and €1 billion from earnings this year.

Restructuring moves and efficiency measures “will hopefully push the cars unit margin back to between 8% and 10% and trucks to between 7% and 9% by 2021,” according to the CFO. He declined to elaborate more on what cutbacks the company is making.

The company is reportedly also considering a reduction of about 10,000 jobs through voluntary measures as part of a €6 billion savings target. Outgoing CEO Zetsche said that a weak first quarter margin in the cars unit was due to the cost of upgrading the GLE sport utility vehicle and a joint venture in Mexico with Nissan. High inventory levels resulted in negative cash flow of €2 billion compared to a positive €1.8 billion in the first quarter of last year for the company.

Evercore ISI analyst Arndt Ellinghorst said:

“Daimler is blaming supplier bottlenecks and quality issues pretty much across all divisions for its poor financial performance. To be clear: it is management’s job to manage its supply chain and relationships with partners. Other companies do not complain about similar issues.”

Well, except Tesla of course…

Going forward, Daimler slashed its margin guidance for its vans unit, which swung to a loss in the first quarter, to between 0% and 2%. Previously, the company had targeted a return on sales between 5% and 7%, but expenses associated with cutting capacity in Argentina and Russia, as well as building a new U.S. factory, have weighed on these targets.

END

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS

6.GLOBAL ISSUES

7  OIL ISSUES

Down goes oil after Trump called OPEC to tell them oil/gas prices are too high

(courtesy zerohedge)

Oil Tumbles After Trump Says “He Called OPEC, Gas Prices Are Coming Down”

WTI crude futures have tumbled back to a $63 handle, breaking a key technical support, following President Trump comments that he has called OPEC and “gasoline prices are coming down.”

The last 107 days have seen an almost unprecedented surge in gas prices in America…

 

And Trump’s comments seems to have taken some shine off the mega crude bull…

 

This has taken oil prices back below the key retracement level…

Additionally, ABN Amro Senior Energy Economist Hans van Cleef writes in a report today that crude oil looks “toppish around current levels” as there is enough supply growth from other nations to offset any drop in Iranian crude output.

end

8. EMERGING MARKETS

ARGENTINA

 

.

end

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

Euro/USA 1.1137 UP .0002 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 /GREEN EXCEPT LONDON

 

 

 

USA/JAPAN YEN 111.77  UP .223 (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 1.2903   UP   0.0009  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TO OCT 31/2019//

USA/CAN 1.3485  UP .0006 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 FRIDAY 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 37.43 POINTS OR 1.20%.

 

 

 

 

//Hang Sang CLOSED UP 55.21 POINTS OR 0.19%

 

 

/AUSTRALIA CLOSED UP .04%// EUROPEAN BOURSES //MOSTLY /GREEN 

 

 

 

 

 

 

The NIKKEI: this FRIDAY morning CLOSED DOWN 48,85 POINTS OR 0.22%  

 

 

 

 

 

 

Trading from Europe and Asia

1/EUROPE OPENED MOSTLY GREEN/EXCEPT LONDON

 

 

 

 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 55.21  POINTS OR 0.19%

 

 

 

 

/SHANGHAI CLOSED DOWN 37,43 POINTS OR 1.20%

 

 

 

 

 

 

 

 

Australia BOURSE CLOSED UP .04% 

 

 

Nikkei (Japan) CLOSED DOWN 48.85 POINTS OR 0.22% 

 

 

 

 

 

 

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1280.95

silver:$15.00

Early FRIDAY morning USA 10 year bond yield: 2.52% !!! DOWN 1 IN POINTS from THURSDAY’S night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.94 DOWN 1  IN BASIS POINTS from THURSDAY night.

USA dollar index early WEDNESDAY morning: 98.13 DOWN 7 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

And now your closing  FRIDAY NUMBERS \12: 00 PM

 

Portuguese 10 year bond yield: 1.13%  DOWN 6 in basis point(s) yield from THURSDAY/

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

 

SPANISH 10 YR BOND YIELD: 1.03% DOWN 6   IN basis point yield from THURSDAY

ITALIAN 10 YR BOND YIELD: 2.58 DOWN 11  POINTS in basis point yield from THURSDAY/

 

 

the Italian 10 yr bond yield is trading 155 points HIGHER than Spain.

GERMAN 10 YR BOND YIELD: FALLS -.02%   IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 2.60% 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 FRIDAY

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

Euro/USA 1.1157 UP     .0020 or 20 basis points

 

USA/Japan: 111.59 UP 0.045 OR YEN DOWN 5 basis points/

Great Britain/USA 1.2936 UP .0041 POUND UP 41  BASIS POINTS)

Canadian dollar UP 25 basis points to 1.3455

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY closed AT 6.7288    0N SHORE  (DOWN)

THE USA/YUAN OFFSHORE:  6.7353  (YUAN DOWN)

TURKISH LIRA:  5.9445 EXTREMELY DANGEROUS LEVEL.2

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

 

 

 

Your closing 10 yr USA bond yield DOWN 3 IN basis points from THURSDAY at 2.50 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.92  DOWN 3 in basis points on the day

Your closing USA dollar index, 97.97 DOWN 24  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 FRIDAY: 12:00 PM 

London: CLOSED DOWN 8.92  0.12%

German Dax : UP 32.58 POINTS OR 0.27%

Paris Cac CLOSED UP 11.69 POINTS OR  0.21%

Spain IBEX CLOSED UP 4.80 POINTS OR  0.05%

Italian MIB: CLOSED UP 18.09 POINTS OR 0.08%

 

 

 

 

WTI Oil price; 62.95 1:00 pm

Brent Oil: 71.98 12:00 EST

USA /RUSSIAN /   ROUBLE CROSS:    64.76  THE CROSS HIGHER BY 0.10 ROUBLES/DOLLAR (ROUBLE LOWER BY 10 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.02 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 :  62.86

 

 

BRENT :  71.56

USA 10 YR BOND YIELD: … 2.50…   STILL DEADLY//

 

 

 

 

 

 

 

 

USA 30 YR BOND YIELD: 2.92..VERY DEADLY

 

 

 

 

EURO/USA 1.1150 ( UP 14   BASIS POINTS)

USA/JAPANESE YEN:111.61 down .063 (YEN DOWN 6 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 98.04 DOWN 16 cent(s)/

The British pound at 4 pm: Great Britain Pound/USA:1.2922 UP 27 POINTS

 

the Turkish lira close: 5.9387

 

the Russian rouble 64.75   DOWN 9 Roubles against the uSA dollar.( DOWN 9 BASIS POINTS)

Canadian dollar:  1.3462 UP 16 BASIS pts

USA/CHINESE YUAN (CNY) :  6.7288  (ONSHORE)/

 

USA/CHINESE YUAN(CNH): 6.7382 (OFFSHORE)

German 10 yr bond yield at 5 pm: ,-0.02%

 

The Dow closed UP 81.25 POINTS OR 0.31%

 

NASDAQ closed up 27,72 POINTS OR 0.34%

 


VOLATILITY INDEX:  12.64 CLOSED DOWN .61

 

LIBOR 3 MONTH DURATION: 2.582%//

 

 

 

FROM 2.586

 

 

 

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

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

 

Stocks, Bonds, VIX, Dollar, & Gold Rise After China’s Worst Week In 6 Months

An odd week of “buy all the things” – Stocks up, VIX up, Bonds up; Dollar up, Gold up.

China shit the bed (worst week in 6 months), bonds bid on great growth (weak sales, inflation), semis suddenly puke after massive surge (SoKo GDP, Semi sales collapse, INTC, XLNX…), crude crushed on green shoots (Trump trumps OPEC as demand forecasts upheld), and gold gained on a higher dollar – none of these ‘oddities’ matter, stocks are at record highs and AMZN is awesome…

China’s worst week in 6 months…

 

European markets were more mixed with Germany’s DAX best, France just green but UK, Spain, and Italy in the red…

 

US equities initially shrugged off the blockbuster GDP print but then the machines embraced it as volumes collapsed…

 

And were mixed on the week with Dow Industrial and Transports in the red as Small Caps and Nasdaq outperformed…

Nasdaq’s 5th weekly rise in a row, Dow and Trannies’ first down week in 5 (despite a late-day panic to get green).

 

Europe and US remain around the same YTD as China leads (but is reverting)…

 

Volume continues to collapse…

 

S&P managed to hold above its prior record closing high of 2930.75 (but below record intraday high of 2940.91)…

 

VIX ended the week higher despite the S&P green…

 

Breadth continues to lag…

 

Semis finally hit a speed-bump with the second worst week of the year…

 

AMZN’s beat and 1-day delivery lifted the stock and Nasdaq; but hammered TGT and WMT..

 

Tesla bloodbath’d back to 2-year lows, breaking to levels where Musk may face Margin Calls…

Catching down its ugly bond reality…

 

Ford overtook Tesla’s market cap for the first time since April…

 

MSFT overtook AAPL and AMZN, nearing the trillion dollar market cap level…

 

Stocks and bonds bid on the week…

 

Despite the strong GDP print, Treasury yields tumbled on the day (and week)…

 

With 10Y Yield back below 2.50%!!

 

The Dollar ended higher on the week but lagged in the back half of the week, sliding notably after GDP…

 

Cryptos had an ugly week after plunging overnight on BitFinex fraud headlines…

 

WTI Crude suffered its first losing week in the last 8 weeks and gold had its best week since the start of Feb…

 

WTI tumbled on the day (worst day since Xmas Eve) after Trump’s OPEC comments…

 

But held at its 50DMA (after breaking below a key retracement level)…

 

Note that 2019 has seen the fastest rise in gas pump-prices since 2006..

 

Gold had its best day in 6 weeks after bouncing off the 200DMA on Tuesday…

 

Gold also gained against the yuan – reverting back to the 8650-8700 range…

 

Finally, we wonder, with the tumble in global money supply, is the bounce over?

And bear in mind Rosie’s reality-check on the GDP data…

David Rosenberg@EconguyRosie

This was a low-quality GDP report. All one-offs – lower imports, higher inventories & Pentagon spending. Real final private sales a puny 1.3%. Removing more lipstick from this pig shows cyclically-adjusted GDP contracting at a 2% annual rate; deepest decline in nearly a decade .

242 people are talking about this

David Rosenberg@EconguyRosie

The proof of the underlying soft underbelly to GDP lies in the price. That 0.9% reading in the GDP price deflator was the lowest since the first quarter of 2016, but back then, oil prices were melting whereas in Q1 they soared.

32 people are talking about this

MARKET TRADING/ EARLY MORNING TRADING

With the supposed strong GDP number: bond yields falter along with the dollar

(courtesy zerohedge)

Bond Yields & Dollar Tumble After GDP Surprise

The dollar is notably weaker and Treasury yields are sliding after GDP surprised dramatically to the upside.

10Y Yield is back below 2.50%…

And the yield curve is flattening…

As the dollar drops…

Stocks jumped, but have given much of it back…

Because nothing says ‘dovish’ reaction like a huge upside economic surprise.

 

end

 

 

ii)Market data/

Trump happy with first estimates for first quarter GDP soared to 3.2% but the gains were mostly one time items.  You will find that this number will falter in the next few months

(courtesy zerohedge)

Q1 GDP Smashes Expectations, Soars 3.2% As Fed Finds Itself Trapped

With the Atlanta Fed forecasting Q1 GDP of as little as 0.5% about 6 weeks ago, traders were shocked when moments ago the BEA reported a GDP print that at first glance many though was a misprint: at 3.2%, Q1 GDP came in 50% higher than the 2.3% expected, and was the highest Q1 GDP (which is not only the weakest quarter of the year, but also a quarter notorious for its residual seasonality) since 2015.

That was the great news: the not so great news – the number was driven entirely by “one-time items” such as a surge in inventories and a far smaller trade deficit, pushing net trade sharply higher, neither of which is sustainable; meanwhile the core drivers of GDP – consumption and fixed investment – came in somewhat weak, dropping from Q4, with PCE and CapEx adding just 1.1%, or about a third, of the bottom line GDP number.

The breakdown of contribution to the bottom line GDP was as follows:

  • Personal Consumption: 0.82%
  • Fixed Investment: 0.27%
  • Change in inventories: 0.65%
  • Net Trade: 1.03%
  • Government consumption: 0.41%

And visually:

And here again is why one should always read the internals: this was the weakest quarter for household spending in five years.

Some more details from the report: the increase in real GDP reflected increases in consumer spending, inventory investment, exports, government spending, and business investment that were partly offset by a decrease in housing investment. Imports, which are a subtraction in the calculation of GDP, decreased in the first quarter.

The increase in consumer spending reflected an increase in services (led by health care) that was partly offset by a decrease in goods, specifically motor vehicles and parts. The increase in inventory investment reflected an increase in manufacturing inventories, notably non-durable goods. The increase in exports reflected increases in exports of both goods and services. Additionally, the report noted that the increase in government spending reflected an upturn in state and local government spending, notably investment in structures.

Meanwhile, the Fed is trapped because while on one hand the economy is growing at a torrid pace, at the same time the BEA reported that Core PCE rose at just 1.3%, below the 1.4% expected, and sharply lower from 1.8% last quarter. In total, prices of goods and services increased 0.8% in Q1, after rising 1.7% in the fourth quarter of 2018. Food prices increased 3.0 percent, while energy prices decreased 16.7% in the first quarter.

While it remains unclear if the Fed will resume hiking rates, according to Natalliance Securities, the GDP data squashes the idea of any Rate Cuts. Specifically, the analysts notes that Q1 growth at over 3% shows the economy is growing at a solid pace and makes clear the Federal Reserve won’t have any reason to cut rates this year as some traders are pricing in, according to Andrew Brenner, the head of international fixed income at Natalliance Securities in New York.

“You are seeing a strong enough economy with low inflation and the talk of precautionary rate cuts are way to early and not relevant,” Brenner told Bloomberg, adding that the weaker-than-expected PCE won’t be sufficient to trigger the Fed to reduce rates given growth is over 3 percent and unemployment at below 4 percent. “That is not a formula for the Fed to ease.”

In other words, Powell will have to explain how he is balancing the blistering economic growth on one hand, and the continued slide in “official” inflation.

END

iii)USA ECONOMIC/GENERAL STORIES

The total of all debt in the USA is now $72 trillion which works out to 220,000 per man woman and child.

(courtesy Michael Snyder)

$220,000 For Every Man, Woman And Child – America Is Now 72 Trillion Dollars In Debt

Authored by Michael Snyder via The Economic Collapse blog,

Are you ready to cough up $220,000 to pay your ‘fair share’? 

One of the reasons why a day of reckoning for the U.S. economy is inevitable is because we are in way too much debt. 

The 22 trillion dollar debt that the federal government has accumulated gets most of the attention, but the truth is that we would still be 50 trillion dollars in debt even if the national debt was eliminated somehow.  Today, debt levels are exploding on every level of society.  Corporate debt has more than doubled since the last financial crisis, U.S. consumers are more than 13 trillion dollars in debt, and state and local governments are piling up debt as if tomorrow will never come.  According to a Federal Reserve chart that you can find right here, the total amount of debt in the U.S. financial system has now reached an astounding 72 trillion dollars.

My father was a math teacher for many years, and so I like numbers.

I divided $72,000,000,000,000 by the current population of the United States (Google says it is 327.2 million), and I discovered that it breaks down to more than $220,000 for every man, woman and child in the entire country.

So if you have a family of four, your share of all this debt is $880,000.

This debt bubble has been growing much, much faster than the overall economy for a very long time.  When Ronald Reagan took office the total amount of debt in our system was less than 5 trillion dollars, and when George W. Bush took office the total amount of debt in our system was just over 29 trillion dollars.

Just prior to the last financial crisis we surpassed the 54 trillion dollar mark, and so since that time we have added nearly 18 trillion dollars to our total.

Of course all of this debt will never actually be paid off.  The only thing left to do is to keep this debt bubble going for as long as possible, and the only way to do that is to keep it growing at a faster pace than the overall economy is growing.

And our financial engineers have definitely been successful in extending this Ponzi scheme for a lot longer than many of us had anticipated, but they can’t keep doing this indefinitely.

Every financial bubble in history has eventually ended, and this one will too.  I really like what Charles Hugh Smith had to say to Greg Hunter just the other day

Journalist and book author Charles Hugh Smith says the next market crash and recession will unfold like the bursting of the 2000 Dotcom bubble. Smith explains, “The bubble popped or deflated not for any crisis, but simply because there was too much debt, too much leverage, too much euphoria and unrealistic valuations. I think we are seeing that now in stocks, housing and a lot of other assets around the world. The valuations just exceed what makes financial sense. . . . And remember, we are at the longest expansion in history. It’s over 10 years, and the average expansion lasts 5, 6 or 7 years. So, this expansion is pretty long in tooth. . . . You will get a slowdown, and that is a self-reinforcing feedback loop. Once people stop buying houses and once people stop buying cars . . . then you are going to get people being laid off, less people being able to afford to eat out, and then you get a self-reinforcing recession. It’s not a crisis, but like an erosion because everybody is kind of tapped out.”

In the end, nobody can “fix” our system, because our debt-based financial system was fundamentally flawed when it was designed.  This is something that I have repeatedly pointed out, but unfortunately most Americans still don’t seem to understand this very basic concept.

If you have a financial system that is literally designed to endlessly create more debt, more money and more inflation, then you are living in a “bubble economy”.

And a “bubble economy” can seem fine as long as the bubble is inflating and economic activity seems to be humming along, but when things start to go bad they can go really, really bad very rapidly.

Individually, there is very little that we can do about our national debt, state and local government debt or corporate debt.  We can try to vote people into office that want to do the right thing, but unfortunately fiscal responsibility and financial reform are not hot button political issues right now.

But what we can do is get our own financial houses in order.  Now is not the time to take on more debt, and paying off any debt that you have already accumulated would be a very good thing.  This is something that Mac Slavo commented on in one of his recent articles

The real truth that no one seems to want to hear, is that those who took out these loans signed on the line and voluntarily entered into a contract.  If they didn’t understand the contract, it’s their responsibility (a big scary word) to ask or seek clarity before the agreement is made and signed. That’s called personal responsibility for your actions.  However, it’s lacking all over the globe, but particularly in the United States where people are always looking to blame others for their poor decisions that they themselves have made. “Blame the rich for my decision to go into debt and agree to bad terms!”

The debt crisis the U.S. has found itself in could very well cause another recession such as the one that started in 2008. This is exactly why personal wealth gurus such as Dave Ramsey andFuture Money Trends‘ James Davis tell people to avoid debt if at all possible. Doing so will protect you when others start to default on their loans.  You can’t default if you haven’t borrowed money. It also won’t matter what type of predatory loans exist if people aren’t borrowing that money. Personal responsibility could help lead to more freedom. If people are not free to make bad decisions as well as good decisions, people are not free.

As for the nation as a whole, we can only hope that there is as much time as possible before the inevitable implosion comes.

For decades we have been making exceedingly foolish decisions, and the consequences of those decisions are going to be exceedingly painful indeed.

END

First Volkswagen, then Daimler/Chrysler and now Ford.  The Dept of Justice is launching a criminal probe over emissions irregularities

(zerohedge)

 

DoJ Launches Criminal Probe Into Ford Over Emissions Irregularities

As reporters combed through Ford’s Q1 earnings filing after Thursday evening’s blockbuster report, which sent the automatker’s shares soaring more than 8% in after-hours trade, they stumbled upon an important nugget: The company disclosed that the DoJ has launched a criminal investigation into emissions certifications irregularities that the company self-reported back in February.

Before traders get carried away, Ford has caveated this by reiterating that the potential violations don’t involve ‘defeat devices’ like those used in some Volkswagen diesel engines to deliberately cheat American emissions testing.

Ford

Ford said the issue at the center of the probe is related to “road load estimations,” which means the company’s calculations of individual vehicle emissions may have been skewed.

Here’s more from the Ford’s filing:

Emissions Certification (as previously reported on page 23 of our 2018 Form 10-K Report). As previously reported, the Company has become aware of a potential concern involving its U.S. emissions certification process. This matter currently focuses on issues relating to road load estimations, including analytical modeling and coastdown testing. The potential concern does not involve the use of defeat devices (see page 10 of our 2018 Form 10-K Report for a definition of defeat devices). We voluntarily disclosed this matter to the U.S. Environmental Protection Agency and the California Air Resources Board on February 18, 2019 and February 21, 2019, respectively. Subsequently, the U.S. Department of Justice opened a criminal investigation into the matter. In addition, we have notified a number of other state and federal agencies. We are fully cooperating with all government agencies. Because this matter is still in the preliminary stages, we cannot predict the outcome, and we cannot provide assurance that it will not have a material adverse effect on us.

Though Ford warned that it couldn’t assure investors that the probe wouldn’t have a negative impact on its operations, the company’s shares traded 7% higher in premarket trading.

Last night, Ford reported Q1 adjusted earnings of 44 cents a share on $40.3 billion in sales. Both numbers surpassed Wall Street’s expectations, propelling the company’s shares – which have already strongly outperformed the broader market so far this year – even higher. On Thursday, the company’s shares broke above $10 for the first time since August. Still, the automaker’s shares remain well below their highs from 2011.

end
McDonald’s partners with AARP to recruit broke seniors to help fund the labour shortage which is worsening by the day
(courtesy zerohedge)

McDonald’s Partners With AARP To Recruit Broke Seniors As Labor Shortage Worsens

Since American teenagers are too busy cramming in extracurricular activities and studying for standardized tests to find after-school jobs, while those of working age without a college degree are too focused on chasing their next hit of smack to pass a drug test, America’s fast-food restaurants have been struggling with a conundrum of little historical precedent: In a “tight” labor market, how can they find reliable workers without resorting to unfeasible wage hikes?

Young workers

Taco Bell has experimented with throwing hiring parties and other forms of ‘engagement’ with prospective employees and offering quarterly bonuses.

Fortunately – as we noted earlier – there’s one pool of untapped workers who are both desperate for income and steeped in the hard-charging can-do work ethic of an earlier age: America’s senior citizens.

Elderly

At a time when more seniors are being forced to return to the workforce, or simply can’t afford to retire, McDonald’s franchisees have hit upon a strategy to recruit more of them by partnering with AARP. The goal is to hire 250,000 elderly Americans this summer.

Here’s more from MarketWatch:

The fast-food giant will post jobs on the AARP job board, and is piloting a program with the AARP Foundation to help franchisees hire a workforce that will incorporate employees from different age groups. The pilot will be in North Carolina, Missouri, Indiana, Illinois and Florida.

“For the first time ever, five generations are now working together under the arches,” said Melissa Kersey, McDonald’s U.S. chief people officer.

McDonald’s wants to take advantage of “mature workers” from an “underutilized workforce,” according to a spokesperson. The company quotes Bureau of Labor Statistics data showing that adults ages 55 and over will make up nearly a quarter of the workforce by 2024.

Lucky for these “mature workers” the fast-food industry is on a hiring spree. Taco Bell, for example, is hosting 600 hiring parties through April 27, inviting applicants of all ages to attend a job fair for one of the 100,000 new U.S. jobs the company is creating through 2022.

The share of American workers over the age of 65 currently in the labor force has risen to its highest level in more than half a century. And by 2024, adults over the age of 55 will make up more than a quarter of the workforce. Older Americans are largely responsible for the uptick in the labor force participation rate witnessed late last year.

Dan

Labor

Following a round of promised wage hikes, McDonald’s and other fast food restaurants need to find ways to hire more workers without further hikes in pay. McDonald’s CFO said during the company’s Q4 earnings call that “wage pressures” are a key contributing factor.

And although the median age of the American workforce is expected to continue rising in the coming years, there’s another advantage to employing elderly workers: Forgive us for being morbid, but by the time robots like ‘flippy’ are ready to shoulder a larger share of the labor burden at fast-food restaurants, more of these elderly workers will naturally phase out of the workforce, sparing franchisees the discomfort of firing sweet old grandmas who are simply trying to make ends meet.

Flippy

  • 4
  • 1378

SWAMP STORIES

Amazing Strzok and Page discussed recruiting White HOuse sources for spying purposes.

(courtesy Sara Carter)

FBI Texts Show Agents Discussed Recruiting White House Sources To Spy For Bureau

Via SaraCarter.com,

Senior Republican chairmen submitted a letter Thursday to Department of Justice Attorney General William Barr revealing new texts from former FBI Special Agent Peter Strzok to his paramour FBI Attorney Lisa Page showing the pair had discussed attempts to recruit sources within the White House to allegedly spy on the Trump administration.

Senate Appropriations Committee Chairman Charles Grassley and Senate Homeland Security Committee Chairman Ron Johnson revealed the information in a three page letter. The texts had been obtained by SaraACarter.com Tuesday and information regarding the possible attempt to recruit White House sources had been divulged by several sources to this news site last week.

The texts and sources reveal that Strzok had one significant contact within the White House – Vice President Mike Pence’s Chief of Staff Joshua Pitcock, whose wife was working as an analyst for Strzok on the FBI’s investigation into Hillary Clinton’s use of a private server. A senior White House official told this news site that Pitcock’s wife recused herself from the Clinton investigation as soon as Pence and Trump became the Republican nominees in July 2016. A senior law enforcement official also told SaraACarter.com that Pitcock’s wife no longer worked under Strzok after she recused herself from the Clinton investigation.

However, the text messages uncovered from November, 2016 and have left questions lingering about the relationship between Strzok, Pitcock and his wife among congressional investigators and lawmakers.

“The course of our oversight work we have reviewed certain text messages that may show potential attempts by the FBI to conduct surveillance of President-elect Trump’s transition team,” the letter states. “In text messages exchanged between former FBI Special Agent Peter Strzok and former FBI Attorney Lisa Page, the two discussed the possibility of developing “potential relationships” at a November 2016 FBI briefing for presidential transition team staff. Specifically, it appears they discussed sending “the CI guy” to assess an unnamed person ‘demeanor’ but were concerned because it might be unusual for him to attend.”

The Senators are investigating if any “of these communications, and the precise purpose of any attempts to ‘develop relationships’ with Trump or VP Mike Pence transition team staff are not immediately clear.”

“Were these efforts done to gain better communication between the respective parties, or were the briefings used as intelligence gathering operations? Further, did any such surveillance activities continue beyond the inauguration, and in the event they did, were those activities subject to proper predication,” the letter states.

“Any improper FBI surveillance activities that were conducted before or after the 2016 election must be brought to light and properly addressed.”

The Texts

A few weeks after the presidential election, Mr. Strzok and Ms. Page discussed the logistics for the briefing. Mr. Strzok and Ms. Page said the following:

Strzok: Talking with Bill. Do we want Joe to go with Evanina instead of Charli for a variety of reasons?

(Strzok is referring to former FBI Assistant Director of Counterintelligence division Bill Priestap. ‘Joe is referencing FBI Special Agent Joe Pientka, who interviewed former National Security Advisor Michael Flynn in January, 2017. And Evanina is in reference to William Evanina, National Counterintelligence and Security Center.)

Page: Hmm. Not sure. Would it be unusual to have [sic] show up again? Maybe another agent from the team?

Strzok: Or, he’s “the CI guy.” Same.might [sic] make sense. He can assess if there [sic] are any news [sic] Qs, or different demeanor. If Katie’s husband is there, he can see if there are people we can develop for potential relationships

Page: Should I ask Andy about it? Or Bill (Priestap) want to reach out for Andy (McCabe)?Strzok: I told him I’m sure we could ask you to make the swap if we thought it.

FBI Seeks Sources In White House

There was one major connection in the White House. According to documents, White House sources and the FBI one of FBI’s top counterintelligence analysts who was personally working for former FBI Special Agent Strzok had a spouse working directly for Vice President Mike Pence.

The White House and the FBI told this news site that she had recused herself from the investigation into Hillary Clinton’s use of a private server and working for Strzok as soon as Pence and Trump announced they were the candidates for the party.

The FBI asked that her name be kept private as not to reveal her identity. Her identity, however is revealed in the texts below. But this news site is withholding her last name for security reasons.

An FBI Intelligence analyst named Katherine, is married to Joshua Pitcock. Katherine’s name is different from her husbands. Pitcock worked for Pence as his Chief of Staff from January, 2017 until he resigned in August, 2017.

Prior to accepting his then new role at the White House, he had served as a senior Trump campaign official and long time aide to Pence.

Katherine had been detailed to Strzok and according to sources was one of the top analysts in the investigation into Hillary Clinton, according to federal law enforcement sources and U.S. officials.

Strzok was removed from Special Counsel Robert Mueller’s team in 2017 and then fired from the FBI in August, 2018. He was fired after an extensive review by Inspector General Michael Horowitz’s office into the FBI’s handling of the Clinton investigation and was removed from Mueller’s team after the IG discovered his anti-Trump text messages to his paramour former FBI Attorney Lisa Page.

A senior White House official told SaraACarter.com that it is “our understanding that as soon as the President and Vice President accepted the nomination, she recused herself for the entire time after they were officially the nominees from anything that would have spill over to the White House.”

FBI officials could not immediately respond for comment.

Trump announced Pence as his pick on July 15, 2016. They officially became nominees on July 21, 2016 at the Republican convention. This means, Katherine was working on the Russia investigation with Strzok prior to that time frame. Strzok’s direct involvement and actions during the investigation will more than likely lead to criminal charges, a source with knowledge told SaraACarter.com.

A former senior intelligence official who spoke to this news-site said “my concern about this is the potential for information to flow from her to her husband to spin any information that the Vice President may or may not have heard during that time frame.” The former intelligence source said the connection raises questions regarding information that may have moved from the FBI into the vice president’s orbit “regarding former (National Security Advisor Michael Flynn),” they added.

The senior White House official responded saying, “she was recused from that investigation before he was ever sworn into office. That didn’t happen.”

However, “the texts leave many questions unanswered and appear to show that Strzok was in communication with Pitcock on some level,” the intelligence official added.

During the time Pitcock served as chief of staff, Flynn became the highest profile target of the now debunked investigation into the campaign.

In the letter Grassley and Johnson refer to Barr’s testimony “during your April 10, 2019, testimony before a Senate Appropriations Subcommittee, you stated that you are looking into the ‘genesis and conduct of intelligence activities directed at the Trump campaign during 2016.’ You further stated that ‘spying did occur,’ and that you believe it is your obligation to look into the question of whether surveillance activities by the Federal Bureau of lnvestigation (FBI) or other intelligence agencies were adequately predicated.”

“We share your concerns about these activities, and are troubled by the apparent unauthorized disclosures of surveillance efforts and other classified information during the same time period,” the Chairmen state in the letter. “We bring to your attention information that may assist your review.

Page Two of The Letter

Questions for Attorney General Barr April 25, 2019

  1. Please describe the nature and extent of your review of FBI surveillance of the Trump Campaign, President-elect Trump’s transition staff, Vice President- elect Pence’s transition staff, President Trump’s staff, and Vice President Pence’s staff, including your efforts to determine whether that surveillance was adequately predicated.
  2. How many counter-intelligence briefings were provided to the Trump and Pence transition staffs prior to Inauguration Day? Please list the dates, all agencies involved, and each official that represented those agencies at the briefings.
  3. Many of the FBI employees involved in these activities are no longer employed by the federal government. How will your review obtain information needed from these individuals?
  4. Will you commit to providing the results of your review once completed?
  5. What steps have you taken to investigate whether DOJ or FBI officials had unauthorized contacts with the media during the Russia investigation?

We anticipate that your written reply and most responsive documents will be unclassified. Please send all unclassified material directly to each Committee. In keeping with the requirements of Executive Order 13526, if any of the responsive documents do contain classified information, please segregate all unclassified material within the classified documents, provide all unclassified information directly to each Committee, and provide a classified addendum to the Office of Senate Security. Although our Committees comply with all laws and regulations governing the handling of classified information, they are not bound, absent prior agreement, by any handling restrictions.

end
Rosenstein slams Obama for failing to call out the Russian election interference
(courtesy zerohedge)

Rosenstein Slams Obama For Failing To Call Out Russian Election Interference 

Deputy Attorney General Rod Rosenstein slammed the Obama administration’s failure to “publicize” Russian efforts to meddle in the 2016 election, according to the National Review.

Rosenstein – who recommended firing former FBI Director James Comey and then oversaw the special counsel investigation which ensued – said that the Obama administration did the public a disservice by choosing not to publicly reveal “the full story” of what authorities say happened.

Some critical decisions about the Russia investigation were made before I got there. The previous Administration chose not to publicize the full story about Russian computer hackers and social media trolls, and how they relate to a broader strategy to undermine America,” said Rosenstein in remarks to the Armenian Bar Association’s Public Servants Dinner.

Carrie Johnson

@johnson_carrie

He seems to blame the Obama administration, Jim Comey and unnamed leakers for polluting the atmosphere before Rosenstein got confirmed as Deputy AG.

Carrie Johnson

@johnson_carrie

Of the Russia probe, Rosenstein says,”I did pledge to do it right and take it to the appropriate conclusion. I did not promise to report all results to the public, because grand jury investigations are ex parte proceedings. It is not our job to render conclusive factual findings”

Carrie Johnson

@johnson_carrie

As he nears the end of his DoJ career, Rosenstein assesses his performance: “Today, our nation is safer, elections are more secure, and citizens are better informed about covert foreign influence schemes. But not everybody was happy with my decision, in case you did not notice.”

Carrie Johnson

@johnson_carrie

Rosenstein closes by blasting politically expedient politicos, “mercenary” critics, and reporters. “Some of the nonsense that passes for breaking news today would not be worth the paper was printed on, if anybody bothered to print it….The principles are what abide.”

Chuck Ross

@ChuckRossDC

Sorry he helped fire your buddy https://twitter.com/benjaminwittes/status/1121615333800935424 

Benjamin Wittes

@benjaminwittes

Replying to @benjaminwittes

Does Rod think people won’t remember this stuff?

Maybe Obama had other reasons for not dropping the dime on Russia before the election? Hillary was supposed to have won after all, and claims of Russian election interference would likely have never seen the light of day.

END

We are getting close:

Trump makes a vow to release the “devastating FISA documents//and a good summary of the genesis

(courtesy zerohedge)

Trump Makes Post-Mueller Vow To Release “Devastating” FISA Docs

President Trump on Thursday renewed his vow to declassify a wide swath of “devastating” documents related to the Russia probe “and much more” – adding that he’s glad he waited until the Mueller investigation was complete. 

In a Thursday night phone interview on Fox News, host Sean Hannity asked “will you declassify the FISA applications, gang of 8 material, those 302s – what we call on this program ‘the bucket of five’?”

To which Trump replied: “Yes, everything is going to be declassified – and more, much more than what you just mentioned.It will all be declassified, and I’m glad I waited because i thought that maybe they would obstruct if I did it early – and I think I was right. So I’m glad I waited, and now the Attorney General can take a look – a very strong look at whatever it is, but it will be declassified and more than what you just mentioned.”

Last September 17th, Trump vowed to release all text messages related to the Russia investigation with no redactions, as well as specific pages from the FBI’s FISA surveillance warrant application on former Trump campaign aide Carter Page, and interviews with the DOJ’s Bruce Ohr.

Four days later, however, Trump said over Twitter that the Justice Department – then headed by Attorney General Jeff Sessions (while the Russia investigation was headed up by Deputy AG Rod Rosenstein) – told him that it might have a negative impact on the Russia probe, and that key US allies had asked him not to release the documents.

“I met with the DOJ concerning the declassification of various UNREDACTED documents,” Trump tweeted. “They agreed to release them but stated that so doing may have a perceived negative impact on the Russia probe. Also, key Allies’ called to ask not to release. Therefore, the Inspector General has been asked to review these documents on an expedited basis. I believe he will move quickly on this (and hopefully other things which he is looking at). In the end I can always declassify if it proves necessary. Speed is very important to me – and everyone!”

Donald J. Trump

@realDonaldTrump

I met with the DOJ concerning the declassification of various UNREDACTED documents. They agreed to release them but stated that so doing may have a perceived negative impact on the Russia probe. Also, key Allies’ called to ask not to release. Therefore, the Inspector General…..

Donald J. Trump

@realDonaldTrump

….has been asked to review these documents on an expedited basis. I believe he will move quickly on this (and hopefully other things which he is looking at). In the end I can always declassify if it proves necessary. Speed is very important to me – and everyone!

That key ally turns out to have been the UK, according to the New York Times., which reported last September that their concern was over material which “includes direct references to conversations between American law enforcement officials and Christopher Steele,” the former MI6 agent who compiled the infamous “Steele Dossier.”

We now know, of course, that Steele had extensive contact with Bruce and Nellie Ohr in 2016, while Bruce was the #4 official at the Obama DOJ, and Nellie was working for Fusion GPS – the opposition research firm hired by Hillary Clinton and the DNC to produce the infamous Steele Dossier.

Last August, emails turned over to Congressional investigators revealed that Steele was much closer to the Obama administration than previously disclosed, and his DOJ contact Bruce Ohr reported directly to Deputy Attorney General Sally Yates – who approved at least one of the FISA warrants to surveil Trump campaign aide Carter Page.

Steele and the Ohrs would have breakfast together on July 30, 2016 at the Mayflower Hotel in downtown Washington D.C., while Steele turned in installments of his infamous “dossier” on July 19 and 26. The breakfast also occurred one day before the FBI formally launched operation “Crossfire Hurricane,” the agency’s counterintelligence operation into the Trump campaign.

Bruce Ohr was a key contact inside the Justice Department for ex-British spy Christopher Steele, who authored the anti-Trump dossier, which was commissioned by Fusion GPS and funded by the Hillary Clinton campaign and the Democratic National Committee through law firm Perkins Coie.

The FBI relied on much of Steele’s work to obtain Foreign Intelligence Surveillance Act (FISA) warrants against the Trump campaign—specifically Carter Page, redacted versions of the FISA warrants released last year revealed. –Fox News

And who could forget that much of the espionage performed on the Trump campaign was conducted on UK soil throughout 2016. Recall that Trump aid George Papadopoulos was lured to London in March, 2016, where Maltese professor Joseph Mifsud fed him the rumor that Russia had dirt on Hillary Clinton. It was later at a London bar that Papadopoulos would drunkenly pass the rumor to Australian diplomat Alexander Downer (who Strzok flew to London to meet with). 

Also recall that CIA/FBI “informant” (spy) Stefan Halper met with both Carter Page and Papadopoulos in London.

Halper, a veteran of four Republican administrations, reached out to Trump aide George Papadopoulos in September 2016 with an offer to fly to London to write an academic paper on energy exploration in the Mediterranean Sea.

Papadopoulos accepted a flight to London and a $3,000 honorarium. He claims that during a meeting in London, Halper asked him whether he knew anything about Russian hacking of Democrats’ emails.

Papadopoulos had other contacts on British soil that he now believes were part of a government-sanctioned surveillance operation. –Daily Caller

In total, Halper received over $1 million from the Obama Pentagon for “research,” over $400,000 of which was granted before and during the 2016 election season.

No wonder the British government has “grave concerns.”

END

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

The ECB: Update on economic and monetary developments

The risks surrounding the euro area growth outlook remain tilted to the downside, on account of the persistence of uncertainties related to geopolitical factors, the threat of protectionism and vulnerabilities in emerging markets. At the same time, further employment gains and rising wages continue to underpin the resilience of the domestic economy and gradually rising inflation pressures. However, an ample degree of monetary accommodation remains necessary to safeguard favourable financing conditions and support the economic expansion…

    Survey indicators of global economic activity have weakened in the first quarter of 2019. In particular, global trade has continued to slow down amid the turning of the global industrial cycle and heightened trade tensions… the slower growth momentum is expected to extend into the current year

    The precise terms of the new TLTRO series will be communicated at one of the Governing Council’s forthcoming meetings…    https://www.ecb.europa.eu/pub/economic-bulletin/html/eb201903.en.html

@paulsperry_: BREAKING: FBI agents Joe Pientka and Mike Gaeta, along with DOJ official Stu Evans, are figuring prominently as witnesses in IG Horowitz’s investigation of department FISA abuses. The findings in the forthcoming IG report are said to be “devastating.”

@GeorgePapa19: I have been told that Michael Gaeta was Joseph Mifsud’s handler in Rome.

(HARVEY:  THIS IS GOOD!)

Peter Strzok and his partner at the time FBI Special Agent Joe Pietka did the ambush interview of Gen. Flynn at the WH.  Reports state that they did NOT think Flynn lied.  Some suggest that their 302 was altered and their original notes from the interview disappeared.

Stuart Evans, deputy assistant attorney general of DOJ’s National Security Division at the time, had “continued concerns” about the “possible bias” of a source being used in the FISA application but that Lisa Page had a sense of urgency about the FISA application [on Carter Page]…

https://www.washingtonexaminer.com/news/justice-department-worried-about-bias-of-confidential-source-in-fisa-application-based-on-chiristopher-steele-dossier

Joe diGenova, ex-US Atty for DC, ex-independent prosecutor and an original FISA Court attorney, dropped two bombshells on Wednesday while appearing on Fox News.

  • Joe said the James Comey report comes out in two weeks.  Most people don’t know about this report that is solely on Comey.  Joe said there will be criminal referrals.
  • The FISA court has already found that the FBI broke the law by allowing 4 private contractors to surveil Team Trump and private citizens.  Top FBI and DoJ leaders knew about it and lied about it.  The FISA Court has already told Bill Barr who lied to it.
  • The hero is all this in Adm. Rogers, ex-NSA chief, who went to the FISA Court and told them about the abuses.  Joe said Brennan won’t need one lawyer; he’ll need five lawyers.

https://www.washingtonexaminer.com/news/bombshell-report-on-james-comey-coming-in-two-weeks-joe-digenova-says

Per the ensuing article, FISA Court redacted documents show that FISA-702 abuses commenced in 2012 or earlier when Mueller ran the FBI and Obama was up for re-election.  Tens of thousands of illegal searches occurred.  Private contractors were given access to raw FISA data and “all metadata records on every form of electronic communication.”  Admiral Rogers discovered the abuses and told the FISA Court.  Everything after March 9th, 2016, was done to cover up the weaponization of the FISA database”, possibly including the appointment of Mueller.  Fusion GDP was hired to provide a cover for the spying that began well in advance of ‘the dossier’.

The Obama Use of FISA-702 as a Domestic Political Surveillance Program [Cites FISA documents]

https://theconservativetreehouse.com/2019/04/23/the-obama-use-of-fisa-702-as-a-domestic-political-surveillance-program/

Obama’s massive illegal spy operation, which included spying on the MSM and the Senate, begs the question: Why?  What was he doing or what did he fear being discovered?

@TomFitton: Remember: Comey’s ambush of Trump with the Clinton-DNC dossier garbage was orchestrated during an Oval Office meeting with Barack Obama, Clapper, Brennan, RiceAnd Biden.

We think it’s no coincidence that after Barr became AG, Ecuador received $4.2B from the IMF [3/11] and coughed up Assange one month later.  Remember, Comey killed an immunity deal for Assange.

John Solomon: How Comey intervened to kill WikiLeaks’ immunity deal [after DJT elected]

He was willing to discuss technical evidence ruling out certain parties in the controversial leak of Democratic Party emails to WikiLeaks during the 2016 election. The U.S. government believes those emails were hacked by Russia; Assange insists they did not come from Moscow

    I was told to ‘stand down’ by Warner [Dem Senator on Intel Com.] and Comey…

https://thehill.com/opinion/white-house/394036-How-Comey-intervened-to-kill-Wikileaks-immunity-deal

The Operation against Gen. Flynn Started Long before the Election by Michael Ledeen [ex-NSC op]

The FBI investigation of General Flynn goes back several years, perhaps as far back as 2015… The intelligence community didn’t like Flynn, who had changed the way intelligence was collected and analyzed on the battlefields of Iraq and Afghanistan, taking it away from Washington military and intel officials and relocating it in theater… When Flynn was the head of the Defense Intelligence Agency (DIA), it became known that he intended to audit decades of covert budgets, checking to see if the funding, especially for CIA, actually went to the intended recipients for the approved missions. ..

https://www.frontpagemag.com/fpm/273569/operation-against-general-flynn-started-long-michael-ledeen

 

Mueller report contains claim Russia taped Bill Clinton having phone sex with Monica Lewinsky

The email referenced “a well-documented story of highly questionable connections” between Bill Clinton and Russia…

https://www.washingtonexaminer.com/news/white-house/mueller-report-contains-claim-russia-taped-bill-clinton-having-phone-sex-with-monica-lewinsky

 

Joe Biden Kicks Off 2020 Campaign by Spreading Charlottesville ‘Fine People’ Hoax [AKA lie]

https://www.breitbart.com/politics/2019/04/25/joe-biden-announces-2020-campaign-warning-about-rise-of-white-nationalism/

Trump on Charlottesville: You had some very bad people in that group, but you also had people that were very fine people, on both sides… You had people in that group that were there to protest the taking down of, — to them — a very, very important statute and the renaming of a park from Robert E. Lee to another name… I’m not talking about the neo-Nazis and the white nationalists, because they should be condemned totally — but you had many people in that group other than neo-Nazis and white nationalists, okay? And the press has treated them absolutely unfairly.

https://www.breitbart.com/radio/2019/03/19/breitbart-news-pollak-definitive-takedown-of-the-charlottesville-very-fine-people-hoax/

CNN’s @DavidChalian: Biden to reporters at Wilmington train station: “I asked President Obama not to endorse.” [Starting the campaign with 2 lies in one day – Obama reportedly backs Harris or Booker]

RCP’s @PhilipWegmann: Joe Biden hires Anita Dunn the same Obama advisor who, per BuzzFeed, also advised Harvey Weinstein during his #MeToo troubles.  [You can’t make this up!]

OAN’s @JackPosobiec: Biden is holding his first fundraiser in the home of David Cohen, VP of Comcast which owns NBC and MSNBC – nothing to see here, folks!

‘Biden’s logo is a boob!’ Twitter erupts with mockery over… new branding as armchair designers see everything from ‘patriotic toothpaste’ to letters rubbing each other ‘nonconsensually’  https://www.dailymail.co.uk/news/article-6959687/Bidens-logo-boob-Twitter-erupts-mockery-former-vice-presidents-new-branding.html

@Barnes_Law: # of times a Senator or former VP challenged an incumbent: 9

# of times a Senator or former VP beat an incumbent: 0

@OfficeOfMike: In a now deleted tweet, @AOC criticizes the GOP for putting a cutout of her next to an “older male”.  The problem? The guy in the photo [John Yarmuth] is a Democrat.

    @RealSaavedra: Even more embarrassing for Ocasio-Cortez, she is a co-sponsor of legislation reintroduced by John Yarmuth earlier this month.  [You can’t make this up!]

AOC’s Chief-of-Staff: Criminals in Prison Should Vote Because They Are ‘Most Affected by Unjust Laws’     https://www.dailywire.com/news/46387/aocs-chief-staff-criminals-prison-should-vote-ryan-saavedra

FBI, IRS agents search Baltimore Mayor’s homes, City Hall [scandal over her book sales]

https://www.cnbc.com/2019/04/25/fbi-irs-agents-search-baltimore-mayors-homes-city-hall.html

@fbihop: Baltimore’s mayor appears to have fled the state

There’s Trump nutty, and then there’s de Blasio nutty.

NYC To Ban Hot Dogs and Processed Meats to Improve Climate

Mayor Bill de Blasio approved an ambitious $14 billion Green New Deal on Monday, April 22, to combat climate change. The plan will cut purchases of red meat by 50 percent in its city-controlled facilities such as hospitals, schools, and correctional facilities…

https://litefm.iheart.com/content/2019-04-23-nyc-to-ban-hot-dogs-and-processed-meats-to-improve-climate/

NYC Mayor de Blasio on Monday: “We are going to ban the classic glass and steel skyscrapers, which are incredibly inefficient.”

In the valley of the blind insane, the one-eyed man least-crazy man is king.

 

 

END

Swamp Arrests Coming, Biden Runs for President, Economic Update

By Greg Hunter On April 26, 2019

Rudy Giuliani says the Clintons “are America’s top crime family.” He said this shocking statement in response to Hillary Clinton saying that Trump would have been indicted if he were not President. This shocking statement was largely ignored by the mainstream media (MSM), but make no mistake, it was no accidental slip by one of President Trump’s top legal advisors. I think team Trump is putting the public on notice there are going to be bigtime arrests made in the D.C swamp, and those will include the Clintons.

Joe Biden has officially thrown his hat into the ring to run for President of the United States. Trump already has branded the former Vice President as “Sleepy Joe” as he welcomed him to the 2020 competition. Biden also made the unusual move to say he told his former boss president Obama NOT to endorse him. Is Biden trying to stay clear of upcoming legal troubles coming to his former running mate?

The economy seems to be running fine, but under the surface, what is it running on. Some say massive amounts of debt is propping a house of cards.

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up.

-END-

 

I WILL SEE YOU FRIDAY NIGHT
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