MAY 2//GOLD DOWN$12.30 TO $1270.80//SILVER DOWN 13 CENTS TO $14.61//REGISTERED COMEX GOLD DECLINES TO ONLY 6 TONNES//MORE QUEUE JUMPING AT BOTH THE GOLD AND SILVER COMEX//CNN TAKES A BEATING AS VIEWERSHIP DECLINES BADLY LAST MONTH//TARIFFS ARE CRUSHING FARMERS//IT LOOKS LIKE NO DEAL WITH CHINA//HUGE SWAMP STORIES FOR YOU TONIGHT///

 

 

 

 

 

GOLD: $1270.80 DOWN $12.30 (COMEX TO COMEX CLOSING)

Silver:  $14.61 DOWN 13 CENTS  (COMEX TO COMEX CLOSING)

Closing access prices:

Gold :  $1271.50

 

 

silver: $14.64

 

 

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

today RECEIVING: 16/30

EXCHANGE: COMEX
CONTRACT: MAY 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,281.400000000 USD
INTENT DATE: 05/01/2019 DELIVERY DATE: 05/03/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
661 C JP MORGAN 16
690 C ABN AMRO 5 2
737 C ADVANTAGE 17 8
800 C MAREX SPEC 8 4
____________________________________________________________________________________________

TOTAL: 30 30
MONTH TO DATE: 118

 

 

NUMBER OF NOTICES FILED TODAY FOR  MAY CONTRACT: 30 NOTICE(S) FOR 3000 OZ (0.0933 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  118 NOTICES FOR 11800 OZ  (.3670 TONNES)

 

 

SILVER

 

FOR MAY

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

 

386 NOTICE(S) FILED TODAY FOR 1,930,000  OZ/

 

total number of notices filed so far this month: 2539 for 12,695,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE :$5444  UP $62

 

 

Bitcoin: FINAL EVENING TRADE: $5504 UP  120

 

 

end

 

XXXX

 

 

 

 

 

Let us have a look at the data for today

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IN SILVER THE COMEX OI ROSE BY A HUGE SIZED 4930 CONTRACTS FROM 196.610 UP TO 1201,540 DESPITE YESTERDAY’S 23 CENT FALL IN SILVER PRICING AT THE COMEX. ,LIQUIDATION OF THE SPREADERS HAVE STOPPED NOW THAT WE HAVE FINISHED WITH FIRST DAY NOTICE. TODAY WE ARRIVED CLOSER TO AUGUST’S 2018  RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS.

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

 0 FOR MAY, 0 FOR JUNE, 2927 FOR JULY AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  2927 CONTRACTS. WITH THE TRANSFER OF 2927 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 2927 EFP CONTRACTS TRANSLATES INTO 14.63 MILLION OZ  ACCOMPANYING:

1.THE 23 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.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

AND NOW 16.380 MILLION OZ STANDING FOR SILVER IN MAY.

 

 

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

5859 CONTRACTS (FOR 2 TRADING DAYS TOTAL 5859 CONTRACTS) OR 29,30 MILLION OZ: (AVERAGE PER DAY: 2929 CONTRACTS OR 14.64 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAY:  14.64 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 2.09% 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:          770.19    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

APRIL 2019 TOTAL EFP ISSUANCE:                                              182.87  MILLION OZ.

 

 

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 4930 DESPITE THE 23 CENT FALL IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 2927 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 GAINED A HUMONGOUS SIZED: 7857 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 2927 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH INCREASE OF 4997  OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 23 CENT FALL IN PRICE OF SILVER AND A CLOSING PRICE OF $14.74 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. 1.008 BILLION OZ TO BE EXACT or 144% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MARCH MONTH/ THEY FILED AT THE COMEX: 386 NOTICE(S) FOR  1,930,000 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/  APRIL AT 3.875 MILLION OZ/ AND NOW MAY:  16,380,000 OZ..
  2. HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018:  244,196 CONTRACTS,  WITH A SILVER PRICE OF $14.78.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
  4. RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

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

 

IN GOLD, THE OPEN INTEREST ROSE BY A GOOD SIZED 3863 CONTRACTS, TO 433,874 DESPITE THE FALL IN THE COMEX GOLD PRICE/(A DROP IN PRICE OF $1.20//YESTERDAY’S TRADING).  

 THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A GOOD SIZED 4084 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 4084 CONTRACTS DECEMBER: 0 CONTRACTS, JUNE 2020  0 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 433,874. 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 SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 7950 CONTRACTS: 3863 OI CONTRACTS INCREASED AT THE COMEX  AND 4084 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 7950 CONTRACTS OR 795,000 OZ OR 24.72 TONNES.  YESTERDAY WE HAD A LOSS IN THE PRICE OF GOLD TO THE TUNE OF  $1.20….AND WITH THAT RISE, WE  HAD A STRONG GAIN IN TONNAGE OF 24.72 TONNES!!!!!!.?????????????????????????????????????????? 

 

 

 

 

 

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAY : 7157 CONTRACTS OR 715,700 OR 22.26 TONNES (2 TRADING DAYS AND THUS AVERAGING: 3579 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 2 TRADING DAYS IN  TONNES: 22.26 TONNES

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

THUS EFP TRANSFERS REPRESENTS 22.26/3550 x 100% TONNES =0.627% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     1851.08 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

APRIL 2019 TOTAL ISSUANCE:                 456.10 TONNES

 

 

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

 

 

Result: A CONSIDERABLE SIZED INCREASE IN OI AT THE COMEX OF 53863 DESPITE THE FALL IN PRICING ($1.20) THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A  CONSIDERABLE SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 4084 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 4084 EFP CONTRACTS ISSUED, WE  HAD A STRONG GAIN OF 7950 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

4084 CONTRACTS MOVE TO LONDON AND 3863 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 24.72 TONNES). ..AND THIS STRONG DEMAND OCCURRED WITH A FALL IN PRICE OF $1.20 IN YESTERDAY’S TRADING AT THE COMEX.

 

 

 

we had:  30 notice(s) filed upon for 3000 oz of gold at the comex.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD...

 

WITH GOLD DOWN $12.30  TODAY 

 

NO CHANGE IN GOLD INVENTORY AT THE GLD

 

 

INVENTORY RESTS AT 746.69 TONNES

IT LOOKS LIKE WE HAVE REACHED THE BOTTOM OF THE BARREL FOR PHYSICAL GOLD BEING SUPPLIED TO THE CROOKS.

 

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

 

SLV/

WITH SILVER DOWN 23 CENTS TODAY:

MY GOODNESS! THIS IS A HUGE SURPRISE!!

A BIG CHANGE IN SILVER INVENTORY AT THE SLV//

A DEPOSIT OF 2.869 MILLION OZ OF SILVER.  IT IS YOUR GUESS IF IT IS PAPER SILVER OR THE REAL STUFF

I WILL PUT MONEY THAT THEY ARE “RETURNING” PAPER SILVER.

 

 

 

 

 

 

 

/INVENTORY RESTS AT 314.848 MILLION OZ.

 

 

end

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

1. Today, we had the open interest in SILVER ROSE BY A HUGE SIZED 4930 CONTRACTS from 1,6.610 UPTO 201,540 AND CLOSER TO THE NEW COMEX RECORD SET LAST IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  1 1/3 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.  AS YOU CAN SEE, WE HAVE RECORD HIGH OPEN INTERESTS IN SILVER  ACCOMPANIED BY A CONTINUAL LOWER PRICE WHEN THAT RECORD WAS SET…..THE SPREADERS HAVE STOPPED THEIR LIQUIDATION.

 

 

 

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

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

 

EFP ISSUANCE:

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:

 

0 CONTRACTS FOR APRIL., 0 FOR MAY, FOR JUNE 0 CONTRACTS AND JULY: 2927 CONTRACTS  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2927 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  OI GAIN AT THE COMEX OF 4930 CONTRACTS TO THE 2927 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A HUMONGOUS GAIN OF 7957  OPEN INTEREST CONTRACTS.  THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 39.29 MILLION 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., 3.875 MILLION OZ FOR APRIL AND NOW 16.380 MILLION OZ FOR MAY

 

 

RESULT: A HUGE SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE 23 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A STRONG SIZED 2927 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG  SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

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

 

 

(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED  //Hang Sang CLOSED DOWN 48.85 POINTS OR .22%   /The Nikkei closed Australia’s all ordinaires CLOSED DOWN 56%

/Chinese yuan (ONSHORE) closed UP  at 6.7345 AS TRUCE DECLARED FOR 3 MONTHS /Oil DOWN to 63.26 dollars per barrel for WTI and 71.38 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.7345 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7379/ 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

 

 

 

b) REPORT ON JAPAN

 

3 China/Chinese affairs

i)China

 

4/EUROPEAN AFFAIRS

i)The pound first rises and then dumps after the Bank of England signals that one more hike is needed. Then strangely they cut inflation forecasts.

( zerohedge)

 

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)

 

6. GLOBAL ISSUES

i)This is a huge Bellwether for the USA economy.  Semi conductor chip sales are a good indicator for growth in the USA economy and for that matter, the globe.  Today we find that the entire global semiconductor sales have collapsed by a huge 15.5% in the first quarter of 2019:

( zerohedge)

 

 

7. OIL ISSUES

 

 

8 EMERGING MARKET ISSUES

 

i)VENEZUELA

 

 

9. PHYSICAL MARKETS

i)This is quite an operation and it took a few years of planning.  Kinesis is launching the Kinesis mint where you can buy physical gold and silver on the blockchain format(Kinesis/zerohedge)

ii)A very important commentary from Chris Marcus as he recalls Bart Chilton’s last interview

( Chris Marcus/GATA)

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

 

 

MARKET TRADING//early this morning/TRADING

 

 

ii)Market data

a)This does not look like a strong USA economy and a GDP growth rate of 3.2%: April USA auto sales crash by a huge 6.1%…it’s worst slide in 8 years.  The USA economy has turned on a dime

( zerohedge)

b)A good news/bad news scenario today.  Q1 productivity surged the most in 9 years but the bad news: on the back of labour.
( zerohedge)
c)After 4 straight months of factory order declines,  the market was expecting a big rebound. It got a 1.5% rise instead of 1.9% month/month.  We are still near the weakest growth since the Trump election
( zerohedge)

ii)USA ECONOMIC/GENERAL STORIES

a)CNN rating plummet another 26% and for the first time viewership has dropped below the one million mark at b)767,000.  It sure looks like the average person gets it with respect to the deep state activities in the uSA and they do not like it..they are refusing to watch CNN

( zerohedge)

This is bothering Trump to no end: the trade war is crushing farmers as their income collapses the most since 2016
This is why he needs a deal with China in a hurry.
( zerohedge)
c)Is the Fed losing control of the interest rate system? Rabobank’s Marey thinks so
( Rabobank/Marey/zerohedge)
d)Interesting:  the Dept of Justice lays out its case for striking down the entire ObamaCare

(courtesy zerohedge)
e)Another indicator that liquidity is crashing:  luxury home sales are plummeting as last quarter saw the biggest decline since 2010

(courtesy zerohedge)
f)NASA defrauded by Hydor Extrusion Portland, an aluminium company who provided faulty materials to NASA by providing false reports on their product.  NASA lost over 700 milion dollars due to two failed satellite launches.  This company is learning from the Chinese and from our fraudulent emission companies (autos)( zerohedge)

SWAMP STORIES

a)Barr refuses to appear before the House panel today because the Democrats want to use lawyers to question him instead of the members themselves.  Nadler threatens subpoena

( zerohedge)

b)An absolute joke: as Democrats rage at an empty chair as Barr misses the Mueller hearing

( zerohedge)

c)Nellie Ohr is to face a criminal referral for lying to Congress.

( zerohedge)

 

d)Seth Lipsky of the New York Post describes Leahy has a piece of garbage. The author describes the Bill Barr testimony yesterday

( Lipsky/New York Post)

e)The Wall Street Journal sets the narrative straight that Barr has done nothing wrong.  They expose the democrats hypocrisy with respect to Hillary Clinton and Attorney General Loretta Lynch vs Barr and Trump( Wall Street Journal/zerohedge)

f)My goodness, Hillary Clinton has now “asked” China to steal Trump’s tax returns.  Obviously this is in retribution for Trump asking Russia to retrieve Hillary’s long lost emails.

( zerohedge)

g)This is why Biden has little chance in the USA election as the New York Times publishes a scathing attack on their greed with respect to Biden son’s Hunter involvement in the Ukraine…graft at the highest levels.

 

( zerohedge)

 

h)Quite a story!!  The FBI used a “honeypot” spy (Ms Turk) who accompanied Stefan Halper whose mission was to milk Papadopoulos on “dirt” that he picked up from Downer who received it from the Maltese Professor Mifsud. That is your genesis.  The real story begins the 9th of March 2016.

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

 

Let us head over to the comex:

 

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 3863 CONTRACTS.TO A LEVEL OF 433,874 DESPITE THE LOSS IN THE PRICE OF GOLD ($1.20) IN YESTERDAY’S // COMEX TRADING) 

WE ARE NOW IN THE NON  ACTIVE DELIVERY MONTH OF MAY..  THE CME REPORTS THAT THE BANKERS ISSUED A  CONSIDERABLE SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 4084 EFP CONTRACTS WERE ISSUED:

0 FOR JUNE ’19: 4084 CONTRACTS , DEC; 0 CONTRACTS: 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  4084 CONTRACTS.

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 7950 TOTAL CONTRACTS IN THAT 4084 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A CONSIDERABLE SIZED 4084 COMEX CONTRACTS.

 

NET GAIN ON THE TWO EXCHANGES : 7950 contracts OR 795,000 OZ OR 24.72 TONNES.

 

We are now in the NON active contract month of MAY and here the open interest stands at 153 contracts, having LOST 35 contracts. We had 38 notices served yesterday so we gained 3 contracts or an additional 300  oz will stand as they guys refused to morph into a London based forward as well as negating a fiat bonus

The next contract month after May is June and here the open interest fell by 1345 contracts up to 296,003.  July received its initial 17 contracts to stand at 17.  After July the next active month is August and here the OI rose by 4627 contracts up to 66,729 contracts.

 

 

 

TODAY’S NOTICES FILED:

WE HAD 30 NOTICES FILED TODAY AT THE COMEX FOR  3000  OZ. (0.0933 TONNES)

 

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And now for the wild silver comex results.

Total COMEX silver OI ROSE BY A HUGE SIZED 4930 CONTRACTS FROM 196.610 DOWN TO 201,540(AND CLOSER TO 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 HUGE OI COMEX GAIN OCCURRED WITH A 23 CENT LOSS IN PRICING.//YESTERDAY.

 

 

WE ARE NOW INTO THE  ACTIVE DELIVERY MONTH OF MAY.  HERE WE HAVE 1123 OPEN INTEREST STAND SO FAR FOR A LOSS OF 1120 CONTRACTS.  WE HAD 859 NOTICES SERVED UPON TODAY SO IN ESSENCE WE GAINED 261 CONTRACTS OR AN ADDITIONAL 1,305,000 OZ WILL STAND FOR DELIVERY AS THESE GUYS REFUSED TO MORPH INTO LONDON BASED FORWARDS AND AS WELL THEY NEGATING A FIAT BONUS. SILVER MUST BE SCARCE AT THE COMEX. QUEUE JUMPING RETURNS WITH A VENGEANCE.

 

 

 

THE NEXT MONTH AFTER MAY IS THE NON ACTIVE MONTH OF  JUNE.  HERE THIS MONTH GAINED 202 CONTRACTS UP TO 823. AFTER JUNE IS THE ACTIVE MONTH OF JULY, (THE SECOND LARGEST DELIVERY MONTH OF THE YEAR FOR SILVER) AND HERE THIS MONTH GAINED 54353 CONTRACTS UP TO 153,896 CONTRACTS.

 

 

 

 

TODAY’S NUMBER OF NOTICES FILED:

 

We, today, had 386 notice(s) filed for 1,930,000 OZ for the MARCH, 2019 COMEX contract for silver

 

 

Trading Volumes on the COMEX TODAY:  234,508  CONTRACTS 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  218,228  contracts

 

 

 

 

 

 

 

 

 

INITIAL standings for  MAY/GOLD

MAY 2 /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
30 notice(s)
 3000 OZ
(0.0933TONNES)
No of oz to be served (notices)
123 contracts
(12300 oz)
0.3825 TONNES
Total monthly oz gold served (contracts) so far this month
118 notices
11800 OZ
.3670 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

 

we had 0 dealer entries:

 

 

total dealer deposits: nil oz

total dealer withdrawals: nil oz

We had 0 kilobar entries

 

we had 0 deposit into the customer account

i) Into JPMorgan:  nil oz

 

ii) Into everybody else:  zero oz

 

 

total gold deposits: nil  oz

 

 very little gold arrives from outside/ 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) zero withdrawals.

total gold withdrawals; nil

 

 

we had 2 adjustments… and they are indicative of a delivery
i) Out of Delaware:  10,313.881 oz was adjusted out of the dealer account and this landed into the customer account of Delaware
ii) Out of HSBC:  11,726/248 oz was adjusted out of the dealer account of HSBC and this landed into the customer account of HSBC

FOR THE MAY 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 30 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 16 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid  (Goldman Sachs)

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the INITIAL total number of gold ounces standing for the MAY /2019. contract month, we take the total number of notices filed so far for the month (118) x 100 oz , to which we add the difference between the open interest for the front month of MAY. (153 contract) minus the number of notices served upon today (30 x 100 oz per contract) equals 24,100 OZ OR 0.7496 TONNES) the number of ounces standing in this NON active month of MAY

Thus the INITIAL standings for gold for the MAY/2019 contract month:

No of notices served (118 x 100 oz)  + (153)OI for the front month minus the number of notices served upon today (30 x 100 oz )which equals 24,100 oz standing OR 0.7496 TONNES in this NON active delivery month of MAY.

We gained 3 contracts or an additional 300 oz will stand for delivery as they refused to morph into a London based forwards.

 

 

 

 

 

SURPRISINGLY LITTLE GOLD HAS BEEN ENTERING THE COMEX VAULTS AND WE HAVE WITNESSED THIS FOR THE PAST YEAR!!  WE HAVE ONLY 6.579 TONNES OF REGISTERED (  GOLD OFFERED FOR SALE) VS 0.7496 TONNES OF GOLD STANDING// THEY SEEM TO BE USING CONSIDERABLE GOLD VAPOUR TO SETTLE UPON UNSUSPECTING LONGS.

 

 

 

 

 

total registered or dealer gold:  211.518/799 oz or  6.579 tonnes
total registered and eligible (customer) gold;   7,782,015.791 oz 242.05 tonnes

 

 

FOR COMPARISON FIRST DAY NOTICE FOR APRIL 2018 AND FINAL STANDING APRIL 30 2018

 

 

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.

IN THE LAST 31 MONTHS 113 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

MAY 2 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
nil oz

 

 

 

 

 

 

 

Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
600,994.168 oz
CNT
No of oz served today (contracts)
386
CONTRACT(S)
(1,930,000 OZ)
No of oz to be served (notices)
737 contracts
3,685,000 oz)
Total monthly oz silver served (contracts) 2539 contracts

12,695,000 oz)

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

**

 

we had 0 inventory movement at the dealer side of things

 

total dealer deposits: nil  oz

total dealer withdrawals: nil oz

we had  1 deposits into the customer account

into JPMorgan:  nil

 

 

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

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

 

into CNT::  600,994.168 oz

 

 

 

 

 

 

 

 

 

total customer deposits today:  600,994.168 oz

 

we had 0 withdrawals out of the customer account:

 

 

 

total withdrawals: nil oz

 

we had 1 adjustment :

out of CNT:  510,584/790 oz was adjusted out of the customer account and this landed into the dealer account of CNT

 

 

 

 

total dealer silver:  94.767 million

total dealer + customer silver:  307.733 million oz

 

The total number of notices filed today for the MAY 2019. contract month is represented by 386 contract(s) FOR  1,930,000  oz

To calculate the number of silver ounces that will stand for delivery in MAY, we take the total number of notices filed for the month so far at 2539x 5,000 oz = 12,695,000 oz to which we add the difference between the open interest for the front month of MAY. (2244) and the number of notices served upon today (386 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the MAY/2019 contract month: 2539(notices served so far)x 5000 oz + OI for front month of MAY( 1123) -number of notices served upon today (386)x 5000 oz equals 16,380,000 oz of silver standing for the MAY contract month.

We GAINED 261 contracts or an additional 1,305,000 oz will stand as these guys refused to morph into London based forwards as well as negating a fiat bonus for their efforts.

 

 

 

FOR COMPARISON VS LAST YEAR:

 

 

 

 

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.

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

 

TODAY’S ESTIMATED SILVER VOLUME:  72,183 CONTRACTS (

 

 

 

 

 

 

CONFIRMED VOLUME FOR YESTERDAY: 66,587 CONTRACTS..

 

..

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 65,587 CONTRACTS EQUATES to 332 million  OZ 47.5% 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 -4.03% (MAY 2/2019)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -2.11% to NAV (MAY 2/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -4.03%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

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

NAV 12.69 TRADING 12.12/DISCOUNT 4.47

END

And now the Gold inventory at the GLD/

MAY 2/WITH GOLD DOWN $12.30 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 746.69 TONNES

MAY 1/WITH GOLD DOWN $1.20 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 746.69 TONNES

APRIL 30/WITH GOLD UP $4.30 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 746.69 TONNES//

APRIL 29/WITH GOLD DOWN $7.00: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 746.69 TONNES

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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MAY 2/2019/ Inventory rests tonight at 746.69 tonnes

*IN LAST 591 TRADING DAYS: 18.28 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 491 TRADING DAYS: A NET 21.44 TONNES HAVE NOW BEEN LOST INTO THE GLD INVENTORY.

IT LOOKS LIKE WE REACHED THE BOTTOM OF THE BARREL FOR PHYSICAL GOLD AT THE GLD.

 

end

 

Now the SLV Inventory/

MAY 2/WITH SILVER DOWN ANOTHER 13 CENTS, MIRACUOUSLY THE AUTHORITIES ADD 2.869 MILLION OZ OF SILVER BACK INTO THE SLV/INVENTORY RESTS AT 314.848 MILLION OZ//

MAY 1/WITH SILVER DOWN 23 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ////

APRIL 30/WITH SILVER UP 5 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ/

APRIL 29/ WITH SILVER DOWN 13 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ.

APRIL 26//WITH SILVER UP 12 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION 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//

 

MAY 2/2019:

 

Inventory 314.848 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 2.16/ and libor 6 month duration 2.61

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

G0LD LENDING RATE: + .45/

 

 

XXXXXXXX

12 Month MM GOFO
+ 2.46%

LIBOR FOR 12 MONTH DURATION: 2.71

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.25

end

 

PHYSICAL GOLD/SILVER STORIES

 

end
i) GOLDCORE BLOG/Mark O’Byrne

Global Gold Demand Gains In Q1, 2019: Central Banks Buy Gold Bullion and ETFs See Inflows

Diversification, safety and liquidity remained top priorities for central banks across the globe. 
For many, gold was the asset to best meet these needs.

Global Gold Demand Trends Q1 2019: Global gold demand lifted by central banks and ETFs

This compares with a relatively weak Q1 2018, when demand sank to a three-year low of just 984.2t. Central bank buying continued apace: global gold reserves grew by 145.5t. Gold-backed ETFs also saw growth: quarterly inflows into those products grew by 49% to 40.3t. Total bar and coin investment weakened a fraction to 257.8t (-1%), due to a fall in demand for gold bars; official gold coin buying grew 12% to 56.1t. Jewellery demand was a touch stronger y-o-y at 530.3t, chiefly due to improvement in India’s market. The volume of gold used in technology dipped to a two-year low of 79.3t, hit by slower economic growth. The supply of gold in Q1 was virtually unchanged, just 3t lower y-o-y at 1,150t.

Highlights

Central banks bought 145.5t of gold, the largest Q1 increase in global reserves since 2013. Diversification and a desire for safe, liquid assets were the main drivers of buying here. On a rolling four-quarter basis, gold buying reached a record high for our data series of 715.7t.

Q1 jewellery demand up 1%, boosted by India. A lower rupee gold price in late February/early March coincided with the traditional gold-buying wedding season, lifting jewellery demand in India to 125.4t (+5% y-o-y) – the highest Q1 since 2015.

ETFs and similar products added 40.3t in Q1. Funds listed in the US and Europe benefitted from inflows, although the former were relatively erratic, while the latter were underpinned by continued geopolitical instability.

Bar and coin investment softened a touch – 1% down to 257.8t. China and Japan were the main contributors to the decline. Japan saw net disinvestment, driven by profit-taking as the local price surged in February.

Gold used in applications such as electronics, wireless and LED lighting fell 3% to 79.3t.Trade frictions, sluggish sales of consumer electronics and global economic headwinds hit the technology sector.

Full Report From The World Gold Council – Download Here

Must Read Guide: 7 Real Risks to Your Gold Ownership

News & Commentary

– Gold ends lower, then climbs after Fed policy update

– Fed holds rates steady, citing lack of inflation pressure

– Dow and S&P 500 erase gains after Powell dashes rate-cut hopes

– Fed sticks with ‘patient’ policy, notes weaker core inflation – cuts interest-rate paid for excess reserves again

– Russia warns U.S. over ‘aggressive’ moves in Venezuela

Recent Market Updates
– “The Gold Belongs To The Italians, Not The Bankers”

– Newstalk Interview: Investors Looking To Store Gold In Dublin Rather Than London

– Australia, UK & U.S. Should Learn Lessons From Irish Property Crash

– Is Inflation Really Dead!?

– 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

paula flood
end

GATA STORIES WITH RESPECT TO GOLD/PRECIOUS METALS.

This is quite an operation and it took a few years of planning.  Kinesis is launching the Kinesis mint where you can buy physical gold and silver on the blockchain format

(Kinesis/zerohedge)



iii) Other Physical stories

LBMA etc.

(courtesy Nicholas B)

 

Good Afternoon Bill/Harvey, (from Johannesburg)
A few minutes ago the LBMA updated the total gold in storage in loco London as at 31st January 2019.Ever since these disclosures (90 days in arrears) commenced in 2016,the figures have been metronomically consistent.The most recent figure was a total of 7,557 tonnes of which 5,048 tonnes  related to the BOE and GLD (allegedly) held 823 tonnes on 31st January 2019, so the residual LBMA hoardings were a microscopic 1,686 tonnes. These figures never ever change outside maximum parameters of 1% either way (indeed a 1% movement would represent a veritable tsunami of motion). Why am I just about the only regular observer of this monthly release of data,which serially proves that the promulgated figures of LBMA daily physical trading is nothing more than the churning of paper contracts in a zero sum farce. Since Harvey started monitoring the EFP fraud in January 2018, the total as of last night was 9,138 tonnes of EFP obligations accumulated in the last 16 months-that is why I refer to the LBMA residual vault gold as ‘microscopic’. Apparently, despite all GATA”s work, there are some demented individuals who still believe in the concept of allocated gold safely held by LBMA custodians,just awaiting instructions for onward delivery
Clearly the only material amount of physical gold in play is globalized mine supply, and we should all know by now that Chinese and Russian supply is never ever exported. Russia Today (RTV) covered the huge one belt one roadconference in Beijing last week but there was not even a mention of this massive ‘coming together’ on those other non African channels available to me (CNN, BBC and Sky News). The resurrection of the old Silk Road trading empire is gathering an immense crescendo. Eventually (and probably quite soon) this resurrected trading bloc will cover about 75% of the world’s population.Even many of the established western European nations are now looking East.All this gargantuan volume of trade is not going to be settled by reference to the USD ponzi scheme, If you don’t already have a reasonable idea as to what is coming in the near future in respect of a  non fiat alternative to the current MMT solution, then go back to sleep.
Regards
Nicholas

-END-

Gold trading/yesterday and today.

Gold Tumbles To Critical Technical Support As Market ‘Tightens’ Fed Expectations

A “transitorily” hawkish Fed, which saw the market’s Fed rate change expectations tighten by 13bps, has prompted dollar gains and sparked selling in the precious metals.

And as the dollar rallied, gold sank…

 

Holding (for the second time in just over a week) at its 200DMA…

At the same time, Silver has dropped to its lowest since 12/3/18…

end

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

 

end

* * *

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

i) Chinese yuan vs USA dollar/CLOSED/ LAST AT: 6.7345/

//OFFSHORE YUAN:  6.7379   /shanghai bourse CLOSED

HANG SANG CLOSED UP 245.07 POINTS OR .83%

 

2. Nikkei closed DOWN 48.85 POINTS OR .22%

 

 

 

3. Europe stocks OPENED RED

 

USA dollar index FALLS TO 97.59/Euro RISES TO 1.1208

3b Japan 10 year bond yield: FALLS TO. –.04/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 111.49/ 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:: 63.57 and Brent: 72.06

3f Gold DOWN/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 DOWN to 2.54% /SPAIN 10 YR BOND YIELD DOWN TO 1.00%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 2.53: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 3.34

3k Gold at $1271.80 silver at: 14.67   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 38/100 in roubles/dollar) 65.23

3m oil into the 63 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 111.49 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 1.0189 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1421 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 2.91%

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

6.  TURKISH LIRA:  UP  TO 5.9613.. VERY DEADLY

Stocks Drift Lower As Rate Cut Bets Slide On Hawkish Fed

 

With key Asian markets (China and Japan) closed for the second day in a row, Europe’s share markets struggled early on even as US equity futures levitated form session lows…

… after the Fed crushed hopes that it is preparing its first interest rate cut in years, as Powell said inflationary pressures were “transitory”, sending 2019 rate cut odds sliding.

As a result, stocks were mixed on Thursday as, in Bloomberg’s words “investors switched their focus from monetary policy back to company earnings and the outlook for global trade”. The dollar was little changed, while treasury yields continued their ascent.

Starting off the overnight session, Asian trading was thinned by holidays in Japan and China but Hong Kong and Korea’s stocks gained after CNBC reported the U.S. and China could announce a long-awaited trade deal by May 10, as Chinese Vice Premier Liu He heads to Washington. Though now expected by markets if confirmed, it would remove significant uncertainty that has weighed on markets and global data for a year now.

“I would still expect some relief rally once the deal gets done. The question is how big that move might be,” State Street GM’s Metcalfe added.

Following the subdued Asian action, Europe’s basic resource stocks led the downward shift in equities with a 1.4 percent drop to their lowest since late March.  Continental Europe was also trying to get back up to speed having been shut for holidays on Wednesday. Oil and metals markets added to the pressure on stocks on Thursday with traders sending copper to a 2-month low while news of record US production sent the price of oil sliding after a 33% rise this year.

Elsewhere Turkey’s lira remained under pressure near the 6 per dollar mark after data there had showed manufacturing activity contracting for the 13th month in a row. Euro zone factory activity also contracted for a third straight month. “Demand shortages were again evident in the Turkish manufacturing sector in April, while currency weakness led to inflationary pressures building again,” said Andrew Harker, associate director of IHS Markit.

But the biggest driver of risk on Thursday was the reaction to the Fed, where for all the intense political pressure to ease policy and the mixed growth/inflation data, the central bank held the line on Wednesday and refused to signal anything other than it was still on pause as Reuters put it.

Although the Fed made the predicted 5 basis point cut to the interest it pays on banks’ excess reserves – a technical move to ease money market tightness as it runs down its balance sheet – chair Powell was unwavering on the rate outlook and said the recent relapse in inflation rates was likely temporary.

“The market has gotten perhaps ahead of itself in quite confidently pricing in (U.S) interest rate cuts,” said Michael Metcalfe, head of global macro strategy at State Street Global Markets. “Powell was quite dismissive of the latest downturn in inflation… which I think has caused the market to reassess that a little bit.”

Emerging markets steadied from Wednesday’s knee-jerk sell-off as the US spike slowed down, and investors weighed the Fed’s comments for clues on the global-growth outlook. The EM benchmark index rose for a second day, while an index developing-nation currencies was little changed, as the focus turned to the next big catalyst for risk sentiment – the U.S. jobs report due Friday.

In rates, most government bonds in Europe initially tracked the slide in Treasuries, though they reversed declines to edge higher after data showed the euro area’s manufacturing slump extended into a third month. Dollar bonds of shorter tenors from Ukraine to Turkey advanced, with money managers saying the asset class has received a new lease of life from the Fed’s pause on rate moves.

The Bloomberg Dollar Index was little changed after rising 0.1 percent on Wednesday; the dollar index drifted around 97.600 against its set of major currency peers after going as high as 97.728 and hovering around $1.1211 to the euro and $1.305 to Britain’s pound after the Bank of England kept its rates on hold. An increase in Treasury yields helped to narrow the premium on emerging-market sovereign bonds. Manufacturing data from Asia suggested the worst may be over for the region. “Emerging-market credit is holding up reasonably well,” BlueBay strategist Tim Ash told Bloomberg. “It is emerging as the asset of choice in the EM space as people feel nervous about investing in local currencies and local markets given enduring dollar strength and the U.S.-EM growth differential.”

In commodities, the drop in oil prices came after US crude production output set a new record, though the losses were capped by the intensifying crisis in Venezuela and the stopping of Iranian oil sanction waivers by Washington. US crude was last off 27 cents at $63.32 a barrel while Brent slipped 33 cents to $71.86. Copper was at a two month low after a heavy tumble on Wednesday, while spot gold was marginally weaker at $1,271.55 an ounce.

Looking at today’s calendar, durable goods orders, factory orders and initial jobless claims are due. Scheduled earnings include DowDuPont, Gilead Sciences and Cigna.

Market Snapshot

  • S&P 500 futures up 0.2% to 2,927.25
  • STOXX Europe 600 down 0.3% to 389.82
  • MXAP down 0.02% to 162.64
  • MXAPJ up 0.1% to 540.16
  • Nikkei down 0.2% to 22,258.73
  • Topix down 0.2% to 1,617.93
  • Hang Seng Index up 0.8% to 29,944.18
  • Shanghai Composite up 0.5% to 3,078.34
  • Sensex up 0.2% to 39,093.26
  • Australia S&P/ASX 200 down 0.6% to 6,338.41
  • Kospi up 0.4% to 2,212.75
  • German 10Y yield rose 1.9 bps to 0.032%
  • Euro up 0.2% to $1.1215
  • Brent Futures down 0.8% to $71.59/bbl
  • Italian 10Y yield fell 2.9 bps to 2.184%
  • Spanish 10Y yield rose 0.8 bps to 1.009%
  • Brent Futures down 0.8% to $71.59/bbl
  • Gold spot down 0.5% to $1,270.65
  • U.S. Dollar Index down 0.1% to 97.55

Top Overnight Headlines from Bloomberg

  • It’s possible for U.S. and China to announce a trade deal by May 10 as Chinese Vice Premier Liu heads to Washington for further talks next week, CNBC reported, citing people familiar with matter
  • Theresa May and her arch political rival Jeremy Corbyn are both signaling they may be edging closer to a Brexit deal after a month of talks between their teams that seemed to be going nowhere
  • U.K. Prime Minister May fired her defense secretary for revealing secret discussions about Huawei Technologies’s role in Britain, as she attempted to assert control over a government that has become dominated by the battle to succeed her
  • BOC Governor Stephen Poloz said he still believes policy interest rates would likely need to rise if the slew of factors slowing the expansion vanish
  • European Union warned about greater transatlantic political tensions after President Trump decided to let U.S. citizens file lawsuits over property confiscated in Cuba during the 1959 revolution
  • Federal Reserve Chairman Jerome Powell pushed back against pressure for interest-rate cuts from traders and President Donald Trump, saying inflation will rebound and the economy will stay healthy without fresh help from the central bank
  • The Federal Reserve’s message of patience this week further relieves pressure on “resilient” economies across Asia, said a regional body
  • The euro area’s manufacturing slump showed tentative improvement in April as Italy’s contraction slowed markedly and French industry stopped shrinking

Asian equity markets were mixed as the region partially shrugged off the negative lead from US where all major indices were pressured, and the S&P 500 snapped a 3-day streak of record closes after Fed Chair Powell downplayed prospects for looser policy at the post-FOMC presser. ASX 200 (-0.6%) traded negative with the index led lower by financials after AMP Capital reported net cash outflows widened in Q1 and with ‘Big 4’ bank NAB also weighed after it lowered its interim dividend by 16%. Elsewhere, both KOSPI (+0.4%) and Hang Seng (+0.8%) recovered from early losses on return from Labour Day holidays amid US-China trade optimism as reports suggested a trade deal could be possible by the end of next week, while China also recently announced several measures to open up its financial sector to foreign companies in a concession to the US. As a reminder, Japan and mainland China remained closed for holidays.

Top Asian News

  • Huawei is Said to Hold Fixed-Income Investor Meetings in Asia
  • Naval Ships Deployed as India Braces for Worst Storm Since 2014
  • AIA Hits High After China Plan to Open Up Financial Industry

Major European indices have traded indecisively this morning [Euro Stoxx 50 -0.3%], as the region struggles to find direction post-FOMC where US indices were subdued but Asia did manage to somewhat shrug off the negativity. It is also worth bearing in mind that markets are playing catchup due to yesterday Labour Day holiday for much of Europe which may account for some of the volatility. Sectors are subdued this morning, although there was some mild outperformance in Healthcare and utility names at the open. This morning’s notable earnings release came from Shell (+2.3%) who beat on their Q1 adj. profit and have begun the next tranche of their share buyback programme, with the heavyweight lifting energy names higher in-spite of lower oil prices. Separately, Volkswagen (+4.5%) are towards the top of the Stoxx 600 after beating on Q1 revenue and confirming their FY outlook for car sales. Also of note are Bayer (+3.3%) whose share prices are supported this morning by the US Environmental Protections agency stating that glyphosate is not a carcinogen. Elsewhere Lloyds (-1.0%) are in the red post-earnings as the Co’s Q1 statutory pre-tax profit missed on Co. complied estimates, Lloyds have also made an additional PPI provision of GBP 100mln.

Top European News

  • Volkswagen Gains After Profit Rises, Confirms Annual Targets
  • Watches of Switzerland Considers IPO as Apollo Reduces Stake
  • Deutsche Bank Said to Have Virtually No New Plan for What’s Next

In FX, although the Greenback has a lost a degree of its post-Powell recovery momentum, the index remains above 97.500 and on a more stable footing as the Fed chair refrained from flagging any shift towards a rate cut or even a hint that soft inflation could tip the policy balance from neutral to dovish. In fact, after the 5 bp IOER reduction he stressed that the move was technical rather than fundamental and repeatedly downplayed slowing price developments as transitory. Hence, the DXY has rebounded from sub-97.200 lows and just above a Fib support level (97.121), albeit with the Buck now mixed vs G10 peers.

  • EUR – The single currency has drawn a bit more encouragement from the run of Eurozone manufacturing PMIs, as all bar Germany posted better than expected headlines, including Italy that rebounded relatively firmly following a return to GDP growth in Q1. Eur/Usd is back above 1.1200 as a result having probed a few pips below the 200 HMA at 1.1194, but the headline pair may be hampered by heavy option expiry interest stretching from 1.1200-10 through 1.1225-40 and up to 1.1250 (1.5 bn, 2 bn and 1.1 bn respectively). Moreover, chart resistance could cap the upside given the 30 DMA at 1.1236 and a Fib at 1.1242.
  • NZD/AUD – The Kiwi and Aussie are marginally outperforming vs major counterparts amidst reports that a US-China trade accord may be in the offing as soon as next week and at the end of the next talks to take place in Washington, with Beijing said to be offering concessions in return for a recent olive branch from the US. Nzd/Usd is hovering between 0.6620-39 and Aud/Usd within a 0.7012-29 range as the Aud/Nzd cross sits just under 1.0600 and attention down under turns towards next week’s RBNZ and RBA policy meetings (notwithstanding NFP tomorrow of course). Both rate calls are seen tight with swap pricing not far from evens for easing, but as NAB contends that it may be to early for the RBA options are indicating higher break-evens as a result (circa 80 pips).
  • GBP/CAD/CHF/JPY – All on a more even keel vs the Greenback, with Cable straddling 1.3050 and braced for BoE super Thursday after only deriving modest support from a return to growth in the UK construction sector. However, the Pound is consolidating gains relative to the Euro over 0.8600 amidst some talk that 1 MPC voter could break ranks and switch into hike mode – full preview on the headline feed and via the Research Suite. Conversely, the Loonie is struggling to hold above 1.3450 against the backdrop of ongoing weakness in oil prices, while the Franc is back down near 1.0200 and sub-1.1400 against the Euro in wake of weak Swiss retail sales and a contractionary manufacturing PMI. The Yen has also retreated from Wednesday’s pre-FOMC peaks through 111.50 and the 30 DMA (111.42) into decent option expiries (1.2 bn between 111.50-55).
  • NOK/SEK – Disappointing Scandi manufacturing PMIs vs consensus and previous readings have soured sentiment to a degree, but Eur/Nok has also been driven higher by the aforementioned crude retracement, to 9.7400+ at one stage vs Eur/Sek topping out just shy of 10.7050.

In commodities, Brent (-1.0%) and WTI (-0.9%) prices are lower, with oil prices subdued as this week’s large crude stockpile builds overshadows Iranian waiver woes and Venezuela concerns, although some of downside in the complex could be attributed to a firmer post-FOMC Dollar.  In terms of recent newsflow Russia’s April oil production stood at 11.23mln BPD vs. 11.3mln in March, with these levels being relatively in-fitting with recent IFX reports. Additionally, the Russian Energy Ministry have stated that they are to keep May’s production in-line with the prior agreements; which was agreed at a reduction of 228k BPD (from the October baselines of 11.4mln BPD) in the OPEC pact. Gold (-0.5%) was also afflicted by the surge in the Dollar, with the yellow metal unable to recover from this downside, in spite of the Buck easing off highs, and is currently trading firmly at the bottom of its USD 7/oz range. While copper prices are still around 2-month lows as the red metal is missing the support of its largest buyer China which is on Labour Day holiday for the remainder of the week.

US Event Calendar

  • 7:30am: Challenger Job Cuts YoY, prior 0.4%
  • 8:30am: Initial Jobless Claims, est. 215,000, prior 230,000; Continuing Claims, est. 1.66m, prior 1.66m
  • 8:30am: Nonfarm Productivity, est. 2.2%, prior 1.9%; Unit Labor Costs, est. 1.5%, prior 2.0%
  • 9:45am: Bloomberg Consumer Comfort, prior 60.8
  • 10am: Factory Orders, est. 1.5%, prior -0.5%; Factory Orders Ex Trans, prior 0.3%
  • 10am: Durable Goods Orders, prior 2.7%; Durables Ex Transportation, prior 0.4%
  • 10am: Cap Goods Orders Nondef Ex Air, prior 1.3%; Cap Goods Ship Nondef Ex Air, prior -0.2%

DB’s Jim Reid concludes the overnight wrap

Needless to say, the focus yesterday in markets was on the Fed meeting, and though the eventual outcome was broadly in line with expectations, we did finally see a return of some volatility after the statement’s release and subsequent press conference. The only change in policy was a 5bps cut to the IOER, though that was just a technical adjustment and not a monetary policy signal. The S&P 500 initially rallied on dovish expectations, but then retraced to end the day -0.75% lower for the biggest decline since March as Powell spoke hawkishly about the inflation and growth outlook at his press conference.

Indeed, markets made a bit of a u-turn between the statement and press conference. First, Treasury yields fell as much as -4.9bps to touch 2.453% and the S&P 500 advanced as much as +0.29% to a new intraday all-time high. The reason for the rally was the initially dovish Fed statement, which contained few changes but did change the assessment on inflation from “near 2%” to “have declined and are running below 2%.” That was interpreted as a signal that the committee is more concerned about weak inflation data, which could be a catalyst to justify a rate cut in the near or medium term. However, in his press conference, Powell emphasized that recent inflation weakness is expected to be “transient or idiosyncratic” and that he doesn’t see a strong case for a move in either direction.Even when prompted about how he would respond to a downside surprise, he explicitly stopped short of endorsing a rate cut. He also spoke positively about the growth outlook in China and Europe, and said that financial conditions are accommodative. All in all, he sounded more optimistic about the economy than expected. Our US economists last night reiterated their view that they expect the Fed to remain patient and keep rates steady for the foreseeable future. See their note here .

Powell’s comments caused markets to promptly reprice, with bond yields completely reversing their moves. 10y yields ended the session flat at 2.501%, though they had already fallen earlier in the session after the weak ISM report – more on that below – so they ended net higher after all the Fed drama was done. 2y yields rose +3.8bps and the 2s10s curve, which had steepened over one basis point after the Fed’s statement, retraced to end -4.0bps flatter at 19.3bps. Along with the S&P 500’s retreat, the NASDAQ and DOW ended -0.56% and -0.61%, with losses fairly widespread. In fact, 83% of S&P 500 companies ended lower, the highest ratio in over five weeks and third worst day of the year. The dollar rallied +0.21%, which was +0.53% off its intraday lows, with losses spread evenly between the euro (-0.17%) and a basket of EM currencies (-0.17%). WTI oil prices mirrored the dollar’s move, falling -0.49%, though the big driver was data that showed another large build in US inventories.

This morning Asia has followed in a slightly more mixed fashion, however the various holidays in Japan and China have sapped some liquidity out of the market. Of those open, the Hang Seng (+0.63%) and Kospi (+0.41%) are both up, however the ASX (-0.67%) has retreated. US futures are also slightly positive. The gains in Hong Kong and Korea seem to have got a boost from news out of CNBC that a US-China trade deal is “possible” by next Friday. Politico is also reporting that the two sides are close to an agreement and that the plan being put forward is for the US to remove a 10% tariff on a portion of the $200bn of Chinese imports hit by tariffs, before lifting the rest not long after. However, the article also suggests that a 25% tariff on $50bn of Chinese goods would stay in place longer and possibly until after the 2020 election.

That story comes as US-China trade talks wrapped up in Beijing yesterday. Treasury Secretary Mnuchin confirmed in a tweet that the meetings had been “productive” and that talks between both sides will continue in Washington DC next week. So, we’re nearing the business end of talks at last it seems.

The other highlight for markets yesterday was the US data and most notably that much softer than expected ISM manufacturing report. The 52.8 reading for April came in well below expectations for 55.0 and represented a drop of 2.5pts from March. It was also the lowest reading since October 2016 and it means that the current level is now 8pts below the August 2018 peak. The breakdown was also soft with the employment component dropping over 5pts to 52.4, new orders also down over 5pts to 51.7 and most notably the prices paid component falling over 4pts to 50.0. The associated statement highlighted Mexico/US border crossing delays on numerous occasions as slowing supplier deliveries.

Prior to this and in contrast to the ISM data, we got a much stronger than expected April ADP employment change print (275k vs. 180k expected) which also included upward revisions to the March data. In fact, it was the strongest monthly reading since July 2018 and continues the theme of the labour market still being incredibly strong. A reminder that we’ve got the April employment report tomorrow. The only other notable US data yesterday was the April vehicle sales figures, which fell to 16.4mn, the lowest level since August 2017. That’s still higher than every month from mid-2007 through early 2014, so not a cause for alarm yet.

In Europe, it was only the UK that was open of the main markets, with the FTSE 100 closing -0.44% and Gilt yields falling -3.4bps. Sterling also ended +0.14%, despite the dollar’s broad strength, after the April manufacturing PMI was confirmed at 53.1 – matching the consensus – and therefore down 2pts from March. In addition, mortgage approvals in March were confirmed as declining to 62.3k and the least since 2017. Consumer credit was also the weakest since 2013 at just £0.5bn and therefore continues a declining trend for consumer lending in the UK. All-in-all this just means more confusing data to untangle for the BoE – which as a reminder meet today at lunchtime.

Staying with the UK, the Brexit newsflow is starting to slowly creep back onto our screens. The last couple of days have seen both the Conservatives and Labour talk up recent progress and especially compromise on a customs union, with PM May seen to be pushing for a deal being reached next week and ahead of the EU elections in just three weeks now. It’s worth flagging that the UK local elections are today, where an expected bad result for May will only increase pressure to a reach a deal sooner rather than later.

In other news, the ECB’s Guindos said yesterday that the ECB is “open-minded” to discussions around changing the inflation target, but haven’t yet discussed anything. This is similar to recent comments fellow policy maker Rehn made. This morning we’ve got the final April manufacturing PMIs in Europe where the consensus is for no change in the 47.8 flash reading for the Euro Area. A reminder that this included sub-50 readings for Germany (44.5) and France (49.6) while Italy is forecast to print at 47.8 which is only a marginal improvement on the very soft March reading. Spain is forecast to improve to 51.2. Those readings will be drip fed from 8am BST.

To the day ahead now, where this morning the focus is on those aforementioned final April PMIs in Europe. The focus after that turns to the BoE meeting where no policy change announcement is expected, however our UK economists expect the tone to be marginally hawkish given stronger than expected growth a tight labour market coupled with weaker rate expectations. This afternoon in the US we’ve got another busy slate of data releases with claims, preliminary Q1 nonfarm productivity and unit labour costs, and final March durable, capital and factory orders data all due. We’ve also got comments due from the ECB’s Hansson this morning and then Praet this evening, while from today US waivers on purchases of Iranian oil officially expire. The earnings highlights today include Shell, Volkswagen, DowDupont, BNP and Lloyds.

 

3. ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED  //Hang Sang CLOSED DOWN 48.85 POINTS OR .22%   /The Nikkei closed Australia’s all ordinaires CLOSED DOWN 56%

/Chinese yuan (ONSHORE) closed UP  at 6.7345 AS TRUCE DECLARED FOR 3 MONTHS /Oil DOWN to 63.26 dollars per barrel for WTI and 71.38 for Brent. Stocks in Europe OPENED RED/ONSHORE YUAN CLOSED DOWN // LAST AT 6.7345 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7379/ 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
end

3 b JAPAN AFFAIRS

 

end

3 C CHINA/CHINESE AFFAIRS

i)China/USA

 

end

4/EUROPEAN AFFAIRS

The pound first rises and then dumps after the Bank of England signals that one more hike is needed. Then strangely they cut inflation forecasts.

(courtesy zerohedge)

Pound Jumps And Dump After BOE Signals More Than One Hike Needed, But Cuts Inflation Forecasts

There were no surprises in today’s BOE policy decision: the central bank held rates unchanged as expected, in a unanimous decision which gave today’s decision a less hawkish sentiment as some expected one policymaker may break ranks by voting for a hike.

Bank of England

@bankofengland

We have kept interest rates at 0.75%. Find out why in our visual summary: https://b-o-e.uk/2ITXIBB

Where there was some surprise was in the bank’s assessment of the monetary policy path and the BOE’s forecast of economic conditions. But first, here are the some of the highlights from today’s decision, courtesy of RanSquawk:

  • Growth: the BOE has done a U-turn on its forecasts from the February meeting, raising the growth forecast for this year to 1.5% from 1.2% (BBG). However, the reasons for that rise might not be that encouraging, as part of it comes from companies stockpiling for Brexit. GDP is now expected to have grown by 0.5% in Q1 2019 vs. March view of 0.3%. This boost is expected to be temporary with Q2 growth expected to slow to 0.2%.
  • Rates: Projections in the accompanying QIR are based on a path for the Bank rate that rises to around 1% by the end of the forecast horizon. (Lower than Feb assumption of 1.1%). Note, the MPC make reference to recent global developments as a factor behind this.
  • Brexit: The MPC’s projections continue to assume a smooth adjustment to the average range of possible outcomes for the UK’s eventual trading relationship with the EU. The release doesn’t provide any major update on the MPC’s view on the latest extension to the Brexit deadline.
  • Inflation: Headline CPI in March of 1.9% was was inline with the Feb QIR and expectations at the Bank immediately prior to the release. Over the coming months, CPI was expected to remain fairly close to the 2% target, picking up slightly in April before easing back to just below target.
  • Investment: The marginally below potential growth in underlying growth is continuing to have a particularly pronounced impact on business investment. Investment is expected to pick-up at the end of the forecast period.
  • Labor: The labor market remains tight, with the unemployment rate expected to fall to 3.5% by the end of the forecast period.
  • Wages: Annual pay growth remains around 3.5% whilst unit labour costs have strengthened to rates that are above historical averages

On Brexit, via BBG:

  • The BOE said that the delay to Brexit had, effectively, made no difference to their economic outlook, and continue to base their forecasts on a smooth outcome
  • They also noted that the economy’s performance still depends significantly on the “nature and timing” of Brexit
  • Officials also said that Brexit is causing more volatility in economic reports, particularly in private surveys, and noted data may be providing less of a signal than usual about the medium-term outlook
  • They particularly highlighted the impact of Brexit-related stockpiling on the U.K.’s better-than-expected performance at the start of 2019, saying it likely pushed up growth in the first quarter by around 0.1 percentage point
  • The BOE also flagged reports from its network of agents that said Brexit is pushing down already weak investment intentions, and that there could be some catch-up as clarity about the outcome emerges

In summary: on one hand, the central bank upgraded its growth outlook for this year to 1.5% from 1.2% and also raised its predictions for 2020 and 2021, while cutting the forecast for the unemployment rate and maintaining the limited, gradual rate hikes will be needed and noting that inflation may be above target in 2 years at current market rates, which sent cable spiking higher in kneejerk reaction.

However, cable then broadly sold off after the market noticed that the BOE cut its inflation forecasts for 2019, 2020, and kept it unchanged for 2021, while conceding that nobody really knows anything, and that economic indicators may be volatile in coming months.

One possible reason for the post-kneejerk reversal in cable: too much hawkishness had been priced in, as ahead of the meeting, banks including JPMorgan, Citigroup Inc. and Toronto Dominion Bank saw scope for a hawkish signal from the BOE ahead of the meeting. And the signal they got was not hawkish enough.

Separately, in the broader market reaction, gilts edged higher, paring underperformance versus bunds, as money markets now see 28% probability of a BOE hike this year versus 35% before the decision, in what ultimately appears to have been a dovish disappointment.

end

Today begins Assange’s extradition hearing

(courtesy zerohedge)

Thursday’s Extradition Hearing “Life & Death” For Assange And Journalism Itself

 

Following Julian Assange’s UK court sentencing early Wednesday where he was hit with 50 weeks in prison for skipping bail, which we noted earlier is close to the maximum sentence, WikiLeaks Editor-in-Chief Kristinn Hrafnsson slammed the “vindictive” punishment as having caused “shock and outrage” in statements to reporters.

However, Hrafnsson said after the court that the “real battle” begins Thursday, which marks the start of US extradition hearings for Assange, set to begin at 10AM (UK) at the Westminster Magistrate Court. He called it a matter of “life and death” for Assange, and ultimately for the journalistic profession itself.

 

Image via EuroNews

Hrafnsson noted that the outcome of the US extradition hearing could prove a watershed moment for the future of journalism: “Tomorrow is the first step in a long battle, so the fight will certainly continue. This is the fight for press freedom, primarily, as we’ve always stated.”

Hrafnsson stressed further: “That is a real battle, it’s not just for Julian Assange – even though for him it’s a question of life and death – it is most certainly a question of perseverance [over] a major journalistic principle,” in statements made after Assange’s sentencing stemming from the 2012 bail related charges.

Concerning Wednesday’s stiff sentence for skipping bail – close to one year in prison – WikiLeaks later issued the following statement:

WikiLeaks

@wikileaks

Julian Assange’s sentence, for seeking and receiving asylum, is twice as much as the sentencing guidelines. The so-called speedboat killer, convicted of manslaughter, was only sentenced to six months for failing to appear in court.

Reuters summarizes the specific charges the US will seek to extradite him on as follows:

The U.S. Justice Department said Assange was charged with conspiring with former Army intelligence analyst Chelsea Manning to gain access to a government computer as part of a 2010 leak by WikiLeaks of hundreds of thousands of U.S. military reports about the wars in Afghanistan and Iraq and American diplomatic communications.

Last week WikiLeaks and a German online magazine published the contents of a letter sent by the US Department of Justice (DOJ) to a former WikiLeaks staff member which suggests US officials are attempting to put together a case against Julian Assange based on the Espionage Act.

The DOJ letter addressed to former WikiLeaks spokesman Daniel Domscheit-Berg for the intent of requesting an interview outlined “possible violations of United States federal criminal law regarding the unauthorized receipt and dissemination of classified information,” according to a translation from the German, later published to WikiLeaks’ official social media.

Crucially, conviction under the 1917 law geared toward protecting the nation’s military secrets and most sensitive security matters could result in life in prison or even the death penalty for Assange.

But all of this is of course conditioned on whether or not the UK ultimately grants the Untied States’ extradition request, the first step in the process of which comes Thursday morning.

end

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS

6.GLOBAL ISSUES

This is a huge Bellwether for the USA economy.  Semi conductor chip sales are a good indicator for growth in the USA economy and for that matter, the globe.  Today we find that the entire global semiconductor sales have collapsed by a huge 15.5% in the first quarter of 2019:

(courtesy zerohedge)

Global Semiconductor Sales Collapse 15.5% In 1Q19, Says SIA 

The Semiconductor Industry Association (SIA) published a new report Monday that shows worldwide sales of semiconductors totaled $96.8 billion during 1Q19, a 15.5% plunge over 4Q18 and a 13% drop YoY.

Global sales for March 2019 were $32.3 billion, a 2% decline from February and 13% drop YoY.

“Global semiconductor sales slowed during the first quarter of 2019, falling short of the previous quarter and Q1 of last year by double-digit percentages,” said John Neuffer, SIA president and CEO.

“Sales in March decreased on a year-to-year basis across all major regional markets and semiconductor product categories, consistent with the cyclical trend the global market has experienced recently.”

Regionally, sales increased in March on an MoM basis in China (1.3%) and Europe (0.60%), but declined in the Asia Pacific (-1.9%), Japan (-4.5%), and the Americas (-6.7%). On a YoY basis in March, sales plunged in Europe (-6.8%), Asia Pacific (-9.3%), China (-9.4%), Japan (-11.1%), and the Americas (-26.6%).

In a separate report by ‘Things That Make You Go Hmmm‘ – the YoY percentage growth of global semiconductor revenues has dramatically slowed from 41% in 1994 to less than 4% estimated for 2019. This is a dramatic projected slowdown from last year’s 15.9% print, which tells us that the semiconductor ‘supercycle’ has stalled.

Meritocracy Capital shows that global semiconductor sales have just crashed to a recessionary level.

David Rosenberg, Gluskin Sheff’s Chief Economist & Strategist, recently tweeted that “SOX index has soared 36% this year, doubling the performance of the overall market even with a massive decline in sales, both domestically (-23% YoY) to the lowest level in two years and globally as well (-11%). Whoever said logic had to prevail?”

 

Fred Hickey, the editor of the monthly publication ‘The High-Tech Strategist’, tweeted that the global semiconductor industry is deteriorating, the probability of a 2H19 rebound in sales is questionable.

Grant Williams from ‘Things That Make You Go Hmmm’ — overlayed the Philadelphia Semiconductor Index (SOX) with the Global Manufacturing PMI, the US PMI, Global Export Volume and Taiwanese exports. Showing just how disconnected SOX is from reality.

TD Securities shows Korea, Taiwan, and Singapore electronics exports continue to dive.

Last but not least, Citigroup US Economic Surprise Index against the SOX shows the jaws have opened…

end

7  OIL ISSUES

 

end

8. EMERGING MARKETS

VENEZUELA

 

end

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

Euro/USA 1.1208 UP .0005 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /RED EXCEPT GERMANY

 

 

 

USA/JAPAN YEN 111.49  UP 0.045 (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 1.3054   UP   0.0007  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TO OCT 31/2019//

USA/CAN 1.3434 DOWN .0005 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS THURSDAY morning in Europe, the Euro ROSE BY 5 basis points, trading now ABOVE the important 1.08 level  RISING to 1.1208 Last night Shanghai COMPOSITE CLOSED HOLIDAY 

 

 

 

 

 

//Hang Sang CLOSED UP 245.07 OR .53%

 

 

 

/AUSTRALIA CLOSED DOWN .56%// EUROPEAN BOURSES RED EXCEPT GERMAN DAX

 

 

 

 

 

 

The NIKKEI: this THURSDAY morning CLOSED DOWN 48.85 POINTS OR .22%  

 

 

 

 

 

 

 

 

Trading from Europe and Asia

1/EUROPE OPENED RED EXCEPT GERMANY/

 

 

 

 

 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 245.07 POINTS OF .53% 

 

 

 

 

 

/SHANGHAI CLOSED HOLIDAY 

 

 

 

 

 

 

 

 

 

Australia BOURSE CLOSED DOWN  56% 

 

 

Nikkei (Japan) CLOSED DOWN 48.85 POINTS OR .22% 

 

 

 

 

 

 

 

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1271.80

silver:$14.67

Early THURSDAY morning USA 10 year bond yield: 2.52% !!! UP 2 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.91 UP 2  IN BASIS POINTS from YESTERDAY night.

USA dollar index early THURSDAY morning: 97.59 DOWN 10 CENT(S) from  WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

And now your closing  THURSDAY NUMBERS \12: 00 PM

 

Portuguese 10 year bond yield: 1.11%  DOWN 1 in basis point(s) yield from WEDNESDAY/

JAPANESE BOND YIELD: -.04%  DOWN 0   BASIS POINTS from WEDNESDAY/JAPAN losing control of its yield curve/

 

SPANISH 10 YR BOND YIELD: 1.00% DOWN 0   IN basis point yield from WEDNESDAY

ITALIAN 10 YR BOND YIELD: 2.55 DOWN 1  POINTS in basis point yield from WEDNESDAY/

 

 

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

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

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 2.52% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A MASSIVE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY

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

Euro/USA 1.118338OWN     .0019 or 19 basis points

 

USA/Japan: 111.15 DOWN 0.065 OR YEN UP 7  basis points/

Great Britain/USA 1.3071 UP .0028 POUND UP 28  BASIS POINTS)

Canadian dollar DOWN 34 basis points to 1.3473

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY closed AT 6.7345    0N SHORE  (DOWN)

THE USA/YUAN OFFSHORE:  6.7471  (YUAN DOWN)

TURKISH LIRA:  5.9690 EXTREMELY DANGEROUS LEVEL.2

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

 

 

 

Your closing 10 yr USA bond yield UP 8 IN basis points from WEDNESDAY at 2.55 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2..94  UP 5 in basis points on the day

Your closing USA dollar index, 97.77 UP 8  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED DOWN 33.95  0.46%

German Dax :  CLOSED UP 1.34 POINTS OR .01%

Paris Cac CLOSED DOWN 47.55 POINTS OR .55%

Spain IBEX CLOSED DOWN 152.40 POINTS or 1.59%

Italian MIB: CLOSED DOWN 176.95 POINTS OR 0.78%

 

 

 

 

 

WTI Oil price; 61.21 1:00 pm

Brent Oil: 69.78 12:00 EST

USA /RUSSIAN /   ROUBLE CROSS:    65.54  THE CROSS HIGHER BY 0.70 ROUBLES/DOLLAR (ROUBLE LOWER BY 70 BASIS PTS)

 

TODAY THE GERMAN YIELD RISES  TO +.03 FOR THE 10 YR BOND 1.00 PM EST EST

END

 

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

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

WTI CRUDE OIL PRICE 4:30 PM :  61/59

 

 

BRENT :  70.44

USA 10 YR BOND YIELD: … 2.55…   STILL DEADLY//

 

 

 

 

 

 

 

 

USA 30 YR BOND YIELD: 2.94..VERY DEADLY

 

 

 

 

EURO/USA 1.1173 ( DOWN 29   BASIS POINTS)

USA/JAPANESE YEN:111.50 UP .048 (YEN DOWN 5 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 97.83 UP 15 cent(s)/

The British pound at 4 pm: Great Britain Pound/USA:1.3034 DOWN 19 POINTS

 

the Turkish lira close: 5.9637

 

the Russian rouble 65.42   DOWN 58 Roubles against the uSA dollar.( DOWN 58 BASIS POINTS)

Canadian dollar:  1.3470 DOWN 32 BASIS pts

USA/CHINESE YUAN (CNY) :  6.7343  (ONSHORE)/

 

USA/CHINESE YUAN(CNH): 6.7472 (OFFSHORE)

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

 

The Dow closed  DOWN 122.35 POINTS OR 0.35%

 

NASDAQ closed DOWN 12.87 POINTS OR 0.16%

 


VOLATILITY INDEX:  14.45 CLOSED DOWN .35

 

LIBOR 3 MONTH DURATION: 2.575%//

 

 

 

FROM 2.575

 

 

 

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

 

The Last Time This Happened, Stocks Slumped 20%

The market asked Powell, “where’s the ‘dovish’ meat?” and he had no answer…and the market suddenly tightened its rate-cut expectations by 14bps!!

Powell translated:

Oh and in case you wondered where the meat was – it was here! Beyond Meat soars over 175% from its IPO price…

 

Chinese markets were closed overnight but European markets reopened weaker after US ended lower…

 

US markets tried to rebound from Powell’s mishap but headlines from China that the trade deal had reached an “impasse” sparked selling as Europe closed…

Nasdaq is suffering the most on the week for now.

 

The Dow is heading for its second down week in a row (the first consecutive loss since Dec 21st) – a terrifying thought – and as Nomura’s Charlie McElligott noted, CTAs have just flipped to 100% short…

NOTE – The cash Dow filled its gap from the 4/12 open

 

VIX spiked to almost 16 intraday before ramping back, but remains decoupled from stocks…

And bear in mind that VIX specs are at a record short…

 

Which, given VVIX’s surge today, makes us wonder if all those VIX shorts are buying VIX protection…

 

Treasury yields were higher across the curve today as Powell’s “transitory” hawkishness rippled up the curve… (the belly slightly underperformed +5bps vs the wings at +3.5bps)

 

The yield curve has flattened quite notably after an initially exuberant steepening…

 

Still could be worse – could be Argentina’s Century Bonds (which just hit a new record low)…

 

Inflation breakevens continued to slide (along with crude prices)…

 

The Dollar extended yesterday’s gains post-Powell…

 

Yuan was pressured on the back of China trade deal “impasse” headlines…

 

Cryptos held on to gains today with Bitcoin best on the week…

 

WTI was the worst performer among the commodity complex but all drifted lower…

 

WTI traded very technically, breaking down to its 50DMA after breaking below its 200DMA, only to rebound back up to the 200DMA

 

Gold was smacked lower again, testing its 200DMA and bouncing hard once again…

 

Silver was also slapped to five-month lows…

 

And Dr.Copper collapsed through key technical levels to its lowest since mid Feb…

 

And finally, as BMO’s Brad Wishak highlighted, the world’s favorite (and also largest) index to completely ignore is flashing another negative divergence here…the exact same divergence that kicked off the the fall equity slide lower.

Back in SEP the SPX pushed to new all time highs while the NYSE did not, flagging the initial divergence. Y’day the SPX again made fresh all time highs with the NYSE again NOT confirming.

Is it different this time?

 

END

Market trading:/

Here’s Why Stocks Suddenly Tumbled

After waffling between slight gains and losses for most of the morning, stocks have tumbled into the European close, possibly prompted by a story published by Outlook India citing the Press Trust of India claiming that trade talks between US and China have hit an impasse.

The drop leaves the Dow on track for its second straight weekly close in the red. And after the late-day tumble on Wednesday prompted by the Fed’s ‘transitory’ hawkishness, stocks are on track to finish lower for the second day in a row.

Stocks

Stocks

The OI piece quoted a senior Chinese government official speculating that the White House’s “vague” statement following the close of trade talks on Wednesday suggested that the talks are getting “more difficult.”

The White House in a statement on Wednesday said that “discussions remain focused toward making substantial progress on important structural issues and rebalancing the US-China trade relationship.”

“This is very vague and shows that some tough issues still have to be discussed,” said Huo Jianguo, vice chairman of the China Society for World Trade Organisation Studies.

“I think it reflects the fact that we are at the final stage of the negotiations and things are a lot more difficult at this stage,” he said.

Minutes later, the Global Times – widely seen as an official Communist Party mouthpiece – confirmed, posting a story echoing Outlook India’s claims that “Fewer details about specific discussions and results” had prompted speculation that talks had hit an impasse.

Interestingly enough, while the reports sent US stocks hurtling lower, there was little reaction in the USDCNY, widely seen as a key barometer of trade talk sentiment.

The GT’s involvement begs the question: Is this China putting the screws to the White House to try and secure even more concessions, now that leaked reports have clearly indicated that Trump wants a deal, no matter the cost?

Whatever the case may be, we imagine the White House will soon decide on at least one of these three courses of action.

end

ii)Market data/

This does not look like a strong USA economy and a GDP growth rate of 3.2%: April USA auto sales crash by a huge 6.1%…it’s worst slide in 8 years.  The USA economy has turned on a dime

(courtesy zerohedge)

April US Auto Sales Crash 6.1%, Worst Slide In 8 Years

It was yet another dismal month for US auto sales in April, continuing a recessionary trend that has been in place not only in the US, but globally, for the better part of the last 12 months and certainly since the beginning of 2019. The nonsense-excuse-du jour for this month’s disappointing numbers is being placed on the weather on seasonality on rising car prices, which easily pushed away an overextended, broke and debt-laden U.S. consumer.

In a nutshell, US auto sales in April tumbled by 6.1% – the biggest monthly drop since May 2011 – to just 16.4 million units, the lowest since October 2014. Aside for an incentive-boost driven rebound in March, every month of 2019 has seen a decline in the number of annualized auto sales. Furthermore, as David Rosenberg notes, the -4.3% Y/Y trend is the weakest it has been for the past 8 years.

Adding “fuel to the fire”, the average price of a new car in April came in at $36,720, the highest ASP so far this year, according to The Detroit News. It comes at a time where interest rates remain above 6% on average, further pressuring sales.

Edmunds analyst Jessica Caldwell said: “April sales were a bit dampened by the harsh financing conditions we’ve been seeing in the new-car market. Shoppers are really starting to feel the pinch as prices continue to creep up and interest rates loom at post-recession highs.”

Brian Irwin, Accenture Plc’s managing director for North American automotive, said simply: “We are disappointed with how sales turned out.”

Across the board, almost all major names missed estimates, especially as passenger vehicle sales continued to collapse. Nissan was the one manufacturer that was able to buck the trend for the month. Some additional details, according to Bloomberg:

  • Ford’s U.S. sales fell 4.7 percent, according to Automotive News. That was steeper than the 4 percent drop predicted by analysts. The Ford brand fell 4.7 percent, while Lincoln dropped 6.2 percent, the publication reported.
  • Fiat Chrysler deliveries fell 6.1 percent, its third straight monthly U.S. sales decline. Chrysler sales fell 37% while Dodge slipped 24%. FCA’s Fiat brand saw a 34% dip in sales last month while Alfa Romeo was down 14%.
  • Honda eked out a gain of 0.1 percent, as the new Passport sport utility vehicle helps offset declines for cars including the Accord sedan. Honda’s passenger car sales fell 2.4%, driven down by an 11.5% drop in Accord deliveries.
  • Toyota sales fell 4.4 percent, while the Corolla sedan saw a 32.8% drop in deliveries and its Camry fell 2.1%.
  • Nissan, whose total sales rose 9 percent, credited cut-rate financing offers with helping boost its redesigned Altima sedan in April, and the automaker is expanding that program to its Rogue SUV this month.


Nissan’s success came from offering a better rate, proving that much of what is keeping the consumer away has been a financial burden. Billy Hayes, a division vice president for Nissan North America, said: “Offering a special rate has done well for us.” 

On top those poor results, another one of Detroit’s “Big Three” has said that it will no longer be reporting sales on a monthly basis. FCA said Wednesday it will switch to quarterly sales reports, following the lead of both Ford and General Motors. It said it would begin quarterly reports on October 1 and will provide monthly reports up until that time.

FCA’s Chief Communications Officer Niel Golightly said: “A quarterly sales reporting cadence will continue to provide transparency of our sales results while at the same time aligning with where industry practice is heading.”

More transparency from less reporting – got it. We’re sure it has nothing to do with the fact that FCA’s year-to-date sales are down 4%.

FCA’s U.S Head of Sales Reid Bigland, who has been making excuses for the automaker’s sluggish sales all year, said: “April marks the start of the spring selling season and we anticipate strong consumer spending as we move through May. The industry may be shaking off the first-quarter sluggishness, but shoppers are coming into showrooms and buying.”

FCA’s Ram truck brand was one of the only six brands to post an increase in sales last month, up 25%. The Ram pickup posted a 25% gain with 49,106 units sold and is up 22% for the year. Jeep sales were lower by 8% in April, catalyzed by a 25% drop in Wrangler sales and a 13% drop in Cherokee sales. Ram had also bucked the trend last month:

 

And it’s no coincidence that the biggest failsafe for auto sellers – fleet sales – which can sometimes allow sellers to stuff the channel to meet numbers, have finally cooled.

Zo Rahim, an analyst for Cox Automotive said: “Fleet sales in April appear to have cooled from their impressive run in the first quarter. With overall sales down and fleet moderating, softness in vehicle sales still stems from weakness in the retail market. Affordability concerns coupled with attractive supply in the used-vehicle market might suggest retail sales might not bottom out for the foreseeable future.”

In February, auto sales plunged to 18 month lows as SUV demand hit a brick wall. SUVs were, until this February, one of the sole remaining bright spots in the rapidly slowing U.S. auto market. Despite the fact that they were crippling traditional sedan sales, Americans’ transition to SUVs was seen as a silver lining, prompting many automakers to make infrastructure changes to account for the change in demand. That silver lining looks to have all but completely disappeared at this point. 

In January, auto companies set the tone for the year, starting 2019 just as miserably as 2018 ended, with major double digit plunges in sales from manufacturers like Nissan and Daimler.

end
A good news/bad news scenario today.  Q1 productivity surged the most in 9 years but the bad news: on the back of labour.

(courtesy zerohedge)

Unit Labor Costs Unexpectedly Tumble In Q1 As ‘Productivity’ Surges Most In 9 Years

  • Good news America – productivity is surging at its fastest rate in nine years
  • Bad news America – it’s on the back of lower labor costs

Theoretically, they are close to the mirror of one another in a stable world (a rise in one necessarily means the inverse in another) and US productivity in Q1 soared 3.6% QoQ – the biggest QoQ rise since Q3 2014

Driven by the fact that Unit labor costs fell 0.9% in 1Q vs. up 2.5% prior quarter (Output rose 4.1% in 1Q vs. up 2.6% prior quarter, Employee hours rose 0.5% in 1Q vs. up 1.3% prior quarter, and nominal compensation rose 2.6 percent, the least in three quarters).

On a year-over-year basis, productivity rose 2.4% – the largest rise since Q3 2010…

…While labor costs advanced 0.1%, the least since 2013.

Blooomberg notes that it will still probably take more time to determine whether productivity is enjoying persistent increases after relatively slow gains throughout the current expansion, with an average of 1.3 percent from 2007 to 2018. Fed Chairman Jerome Powell on Wednesday brushed aside pressure for an interest-rate cut and said productivity is partly driven by technology developments and very hard to predict.

Today’s report showed output rose at a 4.1 percent pace, while hours worked increased 0.5 percent; that gain was last slower in 2015.

end

After 4 straight months of factory order declines,  the market was expecting a big rebound. It got a 1.5% rise instead of 1.9% month/month.  We are still near the weakest growth since the Trump election
(courtesy zerohedge)

US Factory Orders Rebound In March – Hover Near Weakest Growth Since Trump Election

After February’s surprising slowdown, US factory orders were expected to rebound in March and rebound they did.

US factory orders had fallen for 4 of the last 5 months ahead of today’s March data but against expectations of a 1.6% rise, order spiked 1.9% MoM – the most since Aug 2018…

 

On a year-over-year basis, US Factory Orders hovered at 2.0% YoY – near the weakest since Nov 2016

Core factory orders also rose in March (up 0.8% MoM) – the best since April 2018 – as non-defense capital goods shot up 6.5% MoM with Transportanation durable goods orders up 7.0% MoM.

Is this the inventory build that spiked Q1 GDP? And, as Jay Powell might ask “is is transitory?”

iii)USA ECONOMIC/GENERAL STORIES

CNN rating plummet another 26% and for the first time viewership has dropped below the one million mark at 767,000.  It sure looks like the average person gets it with respect to the deep state activities in the uSA and they do not like it..they are refusing to watch CNN

(courtesy zerohedge)

CNN Ratings Plummet 26% In Prime Time As Fox News Dominates

CNN’s already-dismal prime time ratings dropped 26% in April compared to the same month last year, according to Forbes. The network’s total prime time audience was well under a million viewers at 767,000, while competitors MSNBC and Fox News more than doubled that figure at 1.66 million and 2.395 million viewers respectively.

April ranks as CNN’s lowest-rated month among total viewers in nearly four years, since October 2015. CNN’s Cuomo Primetime, which has been the network’s highest-rated hour, drew a total audience of 917,000 viewers in April, the show’s worst-ever performance.

Among viewers 25-54, the demographic most coveted by national advertisers, the falloff for CNN was even more stark: down 41 percent. CNN drew 198,000 viewers in the demo, behind MSNBC (255,000) and Fox News (389,000). All three networks saw year-over-year declines in April, with MSNBC down 36% and FNC down 19%. –Forbes

Of the prime time cable news shows, Hannity on Fox News came in first with a total audience of 3.086 million. Tucker Carlson Tonight came in second at 2.834 million, while MSNBC‘s The Rachel Maddow Show came in third at 2.63 million.

CNN didn’t have a single show that finished among the top five, while their top-rated hour, Cuomo Primetime, finished in 26th place according to the report.

According to Nielsen, Fox is now the most-watched cable news network in prime time for 208 consecutive months.

Broken down by hour between Fox News, CNN and MSNBCAdweekreported the following on Tuesday:

end
This is bothering Trump to no end: the trade war is crushing farmers as their income collapses the most since 2016
This is why he needs a deal with China in a hurry.
(courtesy zerohedge)

Trade War Crushes American Farmers, Income Collapses Most Since 2016

It’s been a rocky road for American farmers under the Trump administration rule. Personal incomes have plummeted the most in three years last quarter, as the entire industry is on the verge of collapse from the ongoing Sino-American trade war.

The Commerce Department on Monday provided new details of the intensifying pressure on farmers hit by the trade war. The report cited a huge decline in farm proprietors’ income in March.

Trade wars, depressed commodity prices, natural disasters, and a synchronized global slowdown have brought many farmers onto the edge of bankruptcies.

Several months ago, we reported that federal data showed the number of farmers filing for bankruptcy has climbed to its highest level in a decade.

“Bankruptcies in three regions covering major farm states last year rose to the highest level in at least 10 years. The Seventh Circuit Court of Appeals, which includes Illinois, Indiana and Wisconsin, had double the bankruptcies in 2018 compared with 2008. In the Eighth Circuit, which includes states from North Dakota to Arkansas, bankruptcies swelled 96%. The 10th Circuit, which covers Kansas and other states, last year had 59% more bankruptcies than a decade earlier.”

As of February, the Trump administration paid out a total of $7.7 billion in farm aid to offset the effects of retaliatory tariffs.

The aid “certainly was appreciated,” Blake Hurst, the president of the Missouri Farm Bureau, recently told Yahoo Finance. The bailout propped up farm income in 1Q19, but earnings fell by an annualized $11.8 billion in the same period, according to seasonally adjusted data.

Hurst warned that the bailout “is not enough in the sense that it no way makes us whole for what we suffered from these trade disputes.”

Trump’s spending plan for 2020, which was submitted to Congress, would reduce federal subsidies for crop insurance to small farmers. It calls for crop insurance premiums to 48% from 62% and limits current subsidies for growers who make less than $500,000 per annum. A move that could paralyze small farmers.

Well before the trade war started, farmers have been battling deflation for 96 months, with Thomson Reuters/CoreCommodity CRB Index dropping around 30% since the April 2011 high. This drop in price has crushed rural America for years, which means fixed capital investments by farmers have suffered.

A surge in December income was “likely a function of gyrations in federal subsidy payments” because of the farm bailout, Stephen Stanley, chief economist for Amherst Pierpont Securities, wrote in a note to clients.

Trump has promised to “Make Farmers Great Again” – but as Zerohedge readers already know by now, when government intervenes in markets – they tend to create more harm than good.

“We’re doing trade deals that are going to get you so much business, you’re not even going to believe it,” Trump told an energized crowd at American Farm Bureau Federation’s annual meeting in New Orleans earlier this year

While Trump whispers sweet nothings into the ears of Americans farmers, telling them what they want to hear so he can get re-elected in 2020, the entire farm complex is teetering on the edge of disaster: a perfect storm that has been in the making for many years, could unleash a monsterous bankruptcy wave in rural America.

end
Is the Fed losing control of the interest rate system? Rabobank’s Marey thinks so
(courtesy Rabobank/Marey/zerohedge)

One Bank Asks “Is The Fed Losing Control Of The Interest Rate System”

Last Wednesday, before the Fed “unexpectedly” cut its IOER rate by 5bps o 2.35%, we warned that the “Fed Loses Control Of Rates” when pointing out the ongoing divergence of the effective fed funds rate from the Overnight Repo – IOER rate corridor.

Now, one week later and following the Fed’s admission that even it was surprised by how quickly the overnight funding market plumbing had gotten clogged up, others are starting to ask the very question we posed a week ago.

In a note published overnight by Rabobank’s Phillip Marey, the US strategist – just like us – asks “Is the Fed losing control of the policy rate system?” Needless to say, the answer could have profound implications not only for the future of US monetary policy, but whether or not the dollar can remain as the world’s reserve currency in a world in which the US central bank loses the ability to set the price of money.

Here’s Marey’s full note:

The pause continues

The FOMC statement noted that economic activity rose at a solid rate, but repeated that household spending and business fixed investment slowed in the first quarter. The Fed repeated that job gains have been solid, on average, in recent months, and dropped the reference to the weak February nonfarm payroll figure. The Fed also noted that core inflation has declined and is running below 2%. At the press conference, Powell said that the data are not pushing the FOMC in either direction. The Committee does not see a strong case for a rate move either way.

Therefore, the FOMC kept the target range for the federal funds rate at 2.25-2.50%.

Is the Fed losing control of the policy rate system?

However, the Fed’s Board of Governors cut the IOER rate to 2.35% from 2.40%. While speculation of another tweak to the IOER rate has been around for some time, the consensus expectation was that the Fed still had time to give a formal warning. After all, the previous two tweaks of the IOER rate, in June and December 2018, were signalled in the minutes of the preceding FOMC meeting.

In the minutes of the May meeting it was mentioned that ‘Many participants judged that it would be useful to make such a technical adjustment sooner rather than later.’ In the November minutes the Chairman noted that ‘it might be appropriate to implement another technical adjustment in the IOER rate relative to the top of the target range for the federal funds rate fairly soon.’ So the expectation was that the Fed could use the minutes of today’s meeting, to be released on May 22, to signal a change to the IOER rate in June.

The reason for the recent market rumors of another tweak was the effective federal funds rate rising above the IOER rate. While this is what the federal funds rate was supposed to do in the first place – if the IOER rate had not been a leaky floor–, in the Fed’s current monetary policy framework it means that the federal funds rate is moving away from the midpoint of the target range again. In order to push the federal funds rate back to the midpoint, the Fed decided today to cut the IOER rate by 5 bps. While we have seen two tweaks to the IOER rate before, they took place at the same time as a hike in the target range for the federal funds rate.

In June and December 2018, a 25 bps federal funds rate hike was accompanied by a 20 bps hike in the IOER rate. Today’s tweak to the IOER rate will be implemented in isolation. This means that we should not interpret this rate cut as a change in the Fed’s monetary policy stance, but rather a technical adjustment to get the federal funds rate closer to its intended level, the midpoint. Powell and the Fed’s implementation note said that this is a technical adjustment to keep the federal funds rate in the target range.

What to make of the lack of a formal warning? In the first place, it means that the recent rise in the federal funds rate took the Fed by surprise. In the second place, it means the Fed thought it could not afford to wait for another six weeks. This shows that the Fed’s current framework for monetary policy implementation is not working. It has difficulty keeping the effective federal funds rate close to the midpoint of the target range announced by the FOMC. Moreover, the changes in the IOER rate present a challenge to the Fed’s communication to the public: the central bank is tweaking one of its policy rates now and then, but this supposedly has nothing to do with its monetary policy stance? What’s more, this time the Fed could not even afford to  give a formal warning to the markets. Today’s decision proves the failure of the current policy rate system.

Therefore, the Fed’s debate about effective monetary policy implementation is likely to continue. While the current system has two floors, the interest on excess reserves (IOER) and the overnight reverse repurchase agreement (ON RRP) as we discussed back in 2015, it is lacking a ceiling. At the press conference, Powell said that the FOMC will be looking at a repo facility as a possible tool in an upcoming meeting, think about it for a while, and then make a decision.

Meanwhile, the yield curve remains partially inverted. As we have stressed before, it is important to distinguish between coincident, lagging and leading indicators. The fact that the economy may be currently growing at a rate of 3.2% does not tell us anything about growth in the future. Neither do large econometric models that always show that the economy will get back to trend growth. These models are not very helpful in spotting turning points in the economy. In contrast, inversions of the yield curve do have a strong forecasting record when it comes to recessions 12-18 months in the future.

The explanation for the current yield curve inversion at the short end is that investors expect short-term rates to fall in 2020. Under normal circumstances, the yield curve is upward-sloping as it was at the start of 2017 and 2018. The shape of the yield curve is the combined result of the expected path of short-term rates and the term premium. The latter is assumed to be upward-sloping as holding longer-terms bonds requires a risk premium. However, if this pattern is outweighed by expectations of falling short-term rates the yield curve inverts. A decline in shortterm rates is likely to occur if the Fed starts cutting its policy rate. In practice this only occurs if the Fed thinks that a severe slowdown or recession is around the corner. This is the most straightforward explanation of the explanatory power of the yield curve.

However, most FOMC participants do not seem very concerned about the current inversion of the yield curve. They think that this time is different because quantitative easing is suppressing longer-term rates and therefore artificially flattening the curve. In fact, former Fed Chairman Bernanke used the same argument in 2006. At the time the global savings glut was the reason that we were supposed to ignore the yield curve inversion. What followed was the Great Recession.

We take the inversion of the yield curve more seriously and we continue to expect the economy to fall into recession in 2020H2. Consequently, we think that the Fed will be forced to start cutting rates in 2020.

end
Interesting:  the Dept of Justice lays out its case for striking down the entire ObamaCare
(courtesy zerohedge)

DOJ Lays Out Case For Striking Down Entirety Of ObamaCare

The Trump Administration has laid out its arguments against the constitutionality of ObamaCare as it prepares an all-out assault in the courts that could bring a final Supreme Court ruling during the middle of election season next spring.

Filed with the conservative 5th US Circuit Court of Appeals, Assistant Attorney General Joseph Hunt unfurled the administration’s new position, which holds that the entirety of the law is unconstitutional. Previously, the administration had argued that some parts of the law could remain in effect, even if the individual mandate is struck down.

“Upon further consideration and review of the district court’s opinion, it is the position of the United States that the balance of the ACA also is inseverable and must be struck down” and that the fine on the uninsured “works part and parcel with the other health-insurance reforms in the ACA,” the administration wrote in the briefing.

Obamacare

The brief is, effectively, a bid to affirm a December decision by US District Judge Reed O’Connor that would have struck down the law if it weren’t for the inevitable appeals. The case is widely expected to go all the way to the Supreme Court, what would be ObamaCare’s second trip to the highest court in the nation.

In his ruling, O’Connor determined that when Congress struck down the individual mandate last year, it effectively nullified SCOTUS’s rationale for deeming the law constitutional in 2012. His decision sided with Republican state officials who had filed the challenge. The decision was swiftly appealed by Democratic attorneys general.

Last month, Trump tweeted that Republicans had been developing a “really great” alternative health care plan with “far lower premiums” than Obamacare and that a vote would take place right after the election.

Donald J. Trump

@realDonaldTrump

I was never planning a vote prior to the 2020 Election on the wonderful HealthCare package that some very talented people are now developing for me & the Republican Party. It will be on full display during the Election as a much better & less expensive alternative to ObamaCare…

According to the Washington Examiner, if all of Obamacare were declared unconstitutional, then other provisions in the healthcare law would be undone, like the expansion of Medicaid, cuts to drug prices in Medicaid, and a rule allowing adult children to remain on their parents’ plans until the age of 26.

end
Another indicator that liquidity is crashing:  luxury home sales are plummeting as last quarter saw the biggest decline since 2010
(courtesy zerohedge)

Luxury Home Sales Crash Last Quarter, Biggest YoY Decline Since 2010

Demand for the nation’s most expensive properties collapsed in 1Q19.

Sales of homes listed above $2 million plunged 16% YoY last quarter, the most significant decline since 2010, according to Redfin. This comes at a time when sellers understand the cycle is turning, as they flood real estate markets across the country with homes, depressing prices for the fourth consecutive quarter.

The average sale price for a luxury home, which Redfin describes as the top 5% most expensive homes in each of the more than 1,000 cities it tracks across the U.S. (not including New York City), fell 1.6% to $1.55 million in 1Q19, the first annual decline in three years.

The supply of luxury homes surged 14% annually in 1Q19, the fourth quarter in a row of increases.

 

Waning demand for luxury homes can be attributed to the recent changes in tax law. State and local taxes that homeowners regularly deduct were limited to $10,000, and mortgage interest deduction was reduced from $1 million to $750,000 in mortgage debt.

“Because homeowners can’t deduct as much mortgage interest as they used to be able to, the calculus has changed when it comes to buying a home, especially an expensive one,” said Redfin chief economist Daryl Fairweather. “Although the new mortgage rule applies to everyone in the country, high earners in states with high income taxes like California and Massachusetts saw their tax bills surge.”

“Not only do the new rules make it less desirable to purchase a multi-million dollar home in high-tax states, it has also motivated some people—especially those with big incomes and big housing budgets—to consider moving to places like Florida, Washington or Nevada, which have no state income tax,” Fairweather added.

Redfin shows the downshift in the luxury market has been damaging to certain metropolitan areas. The average luxury sale price dropped the most in Boston (-22.4%), Newport Beach, California (-21.8%), and Miami (-19.3%).

In San Diego, prices fell 1.4%, this was the first quarter of declining luxury home prices in two years. Earlier this week, we documented how San Francisco Bay Area homes dropped last month on a YoY basis for the first time in seven years. We also noted how West Coast markets were some of the hottest areas in the cycle, but now, the markets have cooled, if not reversed.

Nine of the ten markets listed above contributed to the overall sales drop in 1Q19, with Newport Beach, California, posting a -33.3% decline in the number of luxury homes sold and West Palm Beach posting a -23.1% decrease. Seattle was the only city on the Redfin list that didn’t post YoY decline in sales.

And to get a broad scope of things, S&P CoreLogic Case-Shiller Indices on Tuesday published a new report that showed home price declines weren’t just located in the San Francisco Bay Area but were widespread.

The real estate cycle is turning. Federal Reserve Chairman Jerome Powell on Wednesday overlooked President Trump’s call for a 100bps cut, a move that could continue weakening real estate markets for the foreseeable future.

end

NASA defrauded by Hydor Extrusion Portland, an aluminium company who provided faulty materials to NASA by providing false reports on their product.  NASA lost over 700 milion dollars due to two failed satellite launches.  This company is learning from the Chinese and from our fraudulent emission companies (autos)

(courtesy zerohedge)

NASA Defrauded By Metals Company Blamed For $700 Million In Losses And Two Failed Launches

An Oregon-based metals manufacturer faked test results and provided faulty materials to NASA, which the agency says caused over $700 million in losses and two failed satellite launches, according to the results of an internal investigation.

Hydro Extrusion Portland, Inc. – formerly known as Sapa Profiles, Inc., (SPI) falsified thousands of certifications for aluminum components over a 19-year period for hundreds of customers, including NASA.

When the launch of NASA’s Orbiting Carbon Observatory and Glory missions failed in 2009 and 2011, the agency said it was because their launch vehicle malfunctioned. The clamshell structure (called fairing) encapsulating the satellites as they traveled aboard Orbital ATK’s Taurus XL rocket failed to separate on command. Now, a NASA Launch Services Program (LSP) investigation has revealed that the malfunction was caused by faulty aluminum materials. –Engadget

SPI would generally alter the tests in one of two ways. Between 1996 and 2006, an SPI plant manager “led a scheme to make thousands of handwritten alterations to failing test results by changing failing numbers that fell below the minimum required test results to appear to be passing,” according to the Justice Department. Then, from around 2002 through 2015, SPI testing lab supervisor Dennis Balius “led a scheme to alter tests within SPI’s computerized systems and provide false certifications with the altered results to customers.” He also instructed employees to routinely violate other testing standards, such as increasing the speed of the testing machines or cutting samples in a way that did not meet testing standards.

Balius was sentenced to three years in prison and ordered to pay more than $170,000 in restitution.

“When testing results are altered and certifications are provided falsely, missions fail,” said NASA’s Director for launch services, Jim Norman, who added that years of scientific work were lost because of the fraud.

The Oregon company has agreed to pay $46 million for the fraud, including $34.1 million in combined restitution to NASA, the Department of Defense’s Missile Defense Agency (MDA), and commercial customers. They will also forfeit $1.8 million in ill-gotten gains.

“Corporate and personal greed perpetuated this fraud against the government and other private customers, and this resolution holds these companies accountable for the harm caused by their scheme,” said Brian Benczkowski, assistant attorney general of the criminal division at the Department of Justice, in an April 23 statement reported by Bloomberg.

A Norsk Hydro spokesman said that the case was settled, and that it had invested “significant time and resources to completely overhaul our quality and compliance organizations.”

end

SWAMP STORIES

Barr refuses to appear before the House panel today because the Democrats want to use lawyers to question him instead of the members themselves.  Nadler threatens subpoena

(courtesy zerohedge)

AG Barr Refuses To Appear Before House Panel Tomorrow, Nadler Threatens Subpoena

Update 2: DOJ confirms Barr is bailing on House Judiciary Committee tomorrow: “Chairman Nadler’s insistence on having staff question the Attorney General, a Senate-confirmed Cabinet member, is inappropriate.”

Today, the Attorney General testified before the Senate Judiciary Committee for over five hours. The Attorney General also voluntarily released the Special Counsel’s confidential report with minimal redactions to Congress and the public, made an even-less redacted report available to Chairman Nadler and congressional leadership (which they have refused to review), and made himself available to the Committee by volunteering to testify this week.

Unfortunately, even after the Attorney General volunteered to testify, Chairman Nadler placed conditions on the House Judiciary Committee hearing that are unprecedented and unnecessary.

Congress and the Executive branch are co-equal branches of government, and each have a constitutional obligation to respect and accommodate one another’s legitimate interests. Chairman Nadler’s insistence on having staff question the Attorney General, a Senate-confirmed Cabinet member, is inappropriate.

Further, in light of the fact that the majority of the House Judiciary Committee – including Chairman Nadler – are themselves attorneys, and the Chairman has the ability and authority to fashion the hearing in a way that allows for efficient and thorough questioning by the Members themselves, the Chairman’s request is also unnecessary. The Attorney General remains happy to engage directly with Members on their questions regarding the report and looks forward to continue working with the Committee on their oversight requests.

– Kerri Kupec, Department of Justice Spokesperson

*  *  *

Update 1: That did not take long – House Judiciary Cmte Chairman Nadler says he hopes Barr reconsiders, may issue a subpoena to force Barr to testify with the next step being a citation if no accommodation is reached.

“Compliance with congressional subpoenas is not optional.”

Nadler added that Barr has had “lack of candor,” has signaled he will not comply with subpoena for full Mueller report, and “has the nerve to dictate our procedures” as part of the administration’s “complete stonewalling of Congress.

“Congress cannot permit the executive branch, we cannot permit the administration to dictate to Congress how we operate.”

Mark Knoller

@markknoller

“He’s trying to blackmail the Committee,” says Judiciary Chair @RepJerryNadler of Atty Gen Barr refusal to testify Thursday, objecting to questioning by Committee staff counsel. Nadler says the Committee has the right to determine its own procedures.

*  *  *

Following an extremely contentious hearing today in front of the Republican-controlled Senate Judiciary Committee, resulting in multiple Democrats calling for his resignation, Attorney General William Barr is reportedly not expected to show up for a scheduled hearing about Special Counsel Robert Mueller’s Russia investigation before the Democrat-controlled House Judiciary Committee tomorrow.

PBS reports that: “Per a congressional source, the House Judiciary Committee has been notified by the DOJ that Attorney General Barr is NOT coming to testify tomorrow. DOJ has told the committee to expect a letter officially stating that shortly, according to my source.”

Yamiche Alcindor

@Yamiche

BREAKING: Per a congressional source, the House Judiciary Committee has been notified by the DOJ that Attorney General Barr is NOT coming to testify tomorrow. DOJ has told the committee to expect a letter officially stating that shortly, according to my source.

Additionally, The Hill reports that Rep. Doug Collins (R-Ga.), the top Republican on the House Judiciary Committee, said he does not believe Attorney General William Barr will show up to for Thursday’s scheduled hearing — and does not believe he should.

“No, I do not [think Barr will attend the hearing] — and I don’t encourage him to,” Collins told The Hill.

“If you saw the abuse of power from the chairman [Jerrold Nadler (D-N.Y.)] this morning in the committee hearing, I think that is something that is very disturbing and should be disturbing to all members.”

Bloomberg reports that Barr’s apparent decision not to attend the hearing dramatically escalates tensions with the Justice Department objecting to the format of the hearing, which would let the committee’s Democratic and Republican counsels grill Barr for as long as 30 minutes at a stretch after an initial five-minute exchanges with lawmakers.

Barr was certainly facing down quite a crowd…

end

An absolute joke: as Democrats rage at an empty chair as Barr misses the Mueller hearing

(courtesy zerohedge)

Democrats Rage At Empty Chair As Barr Misses Mueller Hearing

Refusing to allow the fact that AG Barr chose not to attend today’s Mueller Report hearing, angry Democrats took full advantage of the photo-op to conjure images of a terrified attorney general cowering from the truth and protecting a clearly guilty-of-something president.

Despite Barr’s decision last night not to attend, because he objected to Democratic demands that their staff counsel be able to question him, Democrats went forward with the theater of the hearing anyway, setting up an empty chair for the absent attorney general.

Embedded video

The Hill

@thehill

.@RepCohen places a glass chicken in place of AG Barr http://hill.cm/me1T7qJ

As The Hill reports, Rep. Steve Cohen (D-Tenn.) brought a bucket of Kentucky Fried Chicken to the morning event, and accused Barr of being a coward after it ended.

Embedded video

Kyle Griffin

@kylegriffin1

Rep. Steve Cohen brought a bucket of Kentucky Fried Chicken to today’s hearing, apparently to suggest that Barr is afraid to testify.
Via CSPAN

House Judiciary Chairman Jerrold Nadler (D-N.Y.) tore into Barr, accusing him of failing to check President Trump’s “worst instincts” and misrepresenting Mueller’s findings.

“He has failed the men and women of the Department by placing the needs of the President over the fair administration of justice,” Nadler said. “He has even failed to show up today.”

Republicans did not take it lying down with Rep. Matt Gaetz (R-Fla.) noted vociferously that Judiciary Democrats say AG Barr is “terrified.” Yesterday he testified for over five hours in an open hearing. Today, they cut off my microphone.”

Embedded video

Rep. Matt Gaetz

@RepMattGaetz

Judiciary Democrats say AG Barr is “terrified.” Yesterday he testified for over five hours in an open hearing.

Today, they cut off my microphone. ?

And, Rep. Doug Collins (R-Ga.) accused Nadler of staging a “circus political stunt” and said the Democratic chairman wanted the hearing to look like an impeachment hearing.

“That is the reason. The reason Bill Barr is not here today is because the Democrats decided they didn’t want him here today. That’s the reason he’s not here,” Collins said. “Not hearing from him is a travesty to this committee today.”

Nadler concluded the hearing after a half an hour by demanding the Justice Department provide the committee access to Mueller’s unredacted report and underlying evidence. Nadler has threatened a contempt citation against Barr if he doesn’t meet Democrats’ demands.

“We need the information without delay,” Nadler said in closing. “The hearing is adjourned.”

Or what?

end

Nellie Ohr is to face a criminal referral for lying to Congress.

(courtesy zerohedge)

Nellie Ohr Criminal Referral Being ‘Finalized’ According To Jim Jordan

Congressional Republicans are “working to finalize” a criminal referral of Russiagate lynchpin Nellie Ohr, the wife of the Justice Department’s former #4 official Bruce Ohr.

 

(Getty Images; AP; The Epoch Times; Photo illustration by The Epoch Times

Nellie was hired by opposition research firm Fusion GPS, where she conducted extensive opposition research on Trump family members and campaign aides, which she passed along to Bruce on a memory stick.

Of note, the Hillary Clinton campaign paid Fusion GPS to produce the salacious and unverified “Steele Dossier,” which was created by former UK spy Christopher Steele and used Kremlin sources.

Meanwhile, today we learn from The Hill‘s John Solomon that Nellie Ohr exchanged 339 pages of emails with DOJ officials, including her husband Bruce, and met with DOJ prosecutors while working for Fusion GPS.

Now, a series of “Hi Honey” emails from Nellie Ohr to her high-ranking federal prosecutor-husband and his colleagues raise the prospect that Hillary Clinton-funded opposition research was being funneled into the Justice Department during the 2016 election through a back-door marital channel. It’s a tale that raises questions of both conflict of interest and possible false testimony.

Ohr has admitted to Congress that, during the 2016 presidential election, she worked for Fusion GPS — the firm hired by Clinton and the Democratic National Committee to perform political opposition research — on a project specifically trying to connect Donald Trump and his campaign chairman, Paul Manafort, to Russian organized crime.

Now, 339 pages of emails, from her private account to Department of Justice (DOJ) email accounts, have been released under a Freedom of Information Act request by the conservative legal group Judicial Watch. –The Hill

And according to Rep. Jim Jordan (R-OH), Rep. Mark Meadows “is working to finalize” a criminal referral of Nellie.

Embedded video

Saagar Enjeti

@esaagar

2/ @Jim_Jordan tells me today that based on this information he believes @MarkMeadows “is working to finalize” a criminal referral of Nellie Ohr. “We’ll see if that happens.” https://thehill.com/opinion/white-house/441580-nellie-ohrs-hi-honey-emails-to-doj-about-russia-collusion-should-alarm-us#.XMoCeaNTrcY.twitter 

“Hi Honey, if you ever get a moment you might find the penultimate article interesting — especially the summary in the final paragraph,” Nellie emailed Bruce on July 6, 2016 according to the release. The article in question suggested that Trump was a Putin stooge. “If Putin wanted to concoct the ideal candidate to service his purposes, his laboratory creation would look like Donald Trump,” Nellie bolded for emphasis.

As Solomon writes, “Such overt political content flowing into the email accounts of a DOJ charged with the nonpartisan mission of prosecuting crimes is jarring enough.It raises additional questions about potential conflicts of interest when it is being injected by a spouse working as a Democratic contractor trying to defeat Trump, and she is forwarding her own research to his department and co-workers.”

House GOP investigators who reviewed Nellie Ohr’s emails believe that their timing may be essential to understanding how the false Russian narrative — special counsel Robert Mueller recently concluded there was no evidence of Trump-Putin collusion — may have gotten such credence inside DOJ and intelligence circles despite its overtly political origins.

For instance, just 24 days after the anti-Trump screed was emailed, both Ohrs met in Washington with British intelligence operative Christopher Steele. Nellie Ohr testified that she had known Steele from past encounters and learned at that July 31, 2016, meeting at the Mayflower Hotel that Steele, like herself, was working for Fusion GPS on Trump-Russia research. She said she learned that Steele had concerns that he hoped the DOJ or FBI would investigate, with help from her husband. –The Hill

Nellie, who speaks fluent Russian, worked with Fusion GPS between October 2015 and September 2016. She also admitted during her October 19, 2018 congressional testimony that she favored Hillary Clinton as a candidate, and would have been less comfortable researching Clinton’s Russia ties (P. 105).

In 2010, she represented the CIA’s “Open Source Works” group in a 2010 “expert working group report on international organized crime” along with Bruce Ohr and Fusion GPS founder Glenn Simpson.

Josh Caplan

@joshdcaplan

Nellie Ohr, the wife of demoted DOJ official, Bruce Ohr, not only worked for Fusion GPS, but has also represented the CIA’s “Open Source Works” group. https://www.ncjrs.gov/pdffiles1/nij/230846.pdf 

Ohr confirmed her work for the CIA during her October testimony.

***

As we reported in March,

some have wondered if Nellie’s late-life attraction to Ham radios was in fact a method of covertly communicating with others about the Trump-Russia investigation, in a way which wouldn’t be surveilled by the NSA or other agencies.

was Nellie Ohr’s late-in-life foray into ham radio an effort to evade the Rogers-led NSA detecting her participation in compiling the Russian-sourced Steele dossier? Just as her husband’s omissions on his DOJ ethics forms raise an inference of improper motive, any competent prosecutor could use the circumstantial evidence of her taking up ham radio while digging for dirt on Trump to prove her consciousness of guilt and intention to conceal illegal activities. –The Federalist

Bruce Ohr was demoted twice after the DOJ’s Inspector General discovered that he lied about his involvement with Simpson – who employed dossier author and former British spy, Christopher Steele.

Last month, Senate Judiciary Committee Chairman Lindsey Graham (R-SC) announced that his panel would do a “deep dive” into the “other side” of the Trump-Russia investigation. He also called for the appointment of a new special counsel to look into abuse between the DOJ and Obama administration while investigating Donald Trump and his campaign.

Are heads actually going to roll?

end
Seth Lipsky of the New York Post describes Leahy has a piece of garbage. The author describes the Bill Barr testimony yesterday
(courtesy Lipsky/New York Post)
and special thanks to G for sending this to us.
That Leahy of Vermont is a piece of @#$% I wonder what he has to hide and how corrupted he is as are other people In Barr’s Battle With Congress, He’s in the Right
By SETH LIPSKY, From the New York Post | May 2, 2019

 

In the battle unfolding in Congress between the Democrats and Attorney General William Barr, I’m on the side of the United States Constitution. That means defending not only Mr. Barr but also President Trump. The two men stand on America’s legal bedrock.

Which is why Mr. Barr was able to make short work of his Democratic questioners at Wednesday’s hearing in the Senate. His calm, straightforward testimony made it clear that he isn’t the caricature the Democrats have been drawing of him.

And events aren’t the conspiracy the Democrats are still trying to validate, even after Special Counsel Robert Mueller’s finding that there was no collusion, actual or attempted, ­between Trump’s camarilla and the Kremlin. Nor any prosecutable obstruction case.

Yet no sooner did Barr, under pressure for an early summary, send a sketch of Mueller’s report to Congress than the Democrats started suggesting he had spun the story in favor of the President. That was the guts of the hearing in the Senate.

The nastiest of the Democrats — Senator Patrick Leahy of Vermont — went so far as to suggest that Mr. Barr had misled Congress in his reporting of the investigation. He tweeted that Mr. Barr “knew that Mueller had serious concerns” about Mr. Barr’s summary report.

So what? Mr. Mueller didn’t accuse Mr. Barr of misrepresenting him. He complained that Mr. Barr’s letter sketching the key elements of Mr. Mueller’s report didn’t “fully capture” the report’s “context, nature and substance.” What four-page sketch can fully capture a 448-page report?

It turns out that Mr. Mueller wanted the report released piecemeal. Mr. Barr overruled him. It looks similar to, say, a hapless middle-ranking editor (Mr. Mueller) caught between an activist staff (Mr. Mueller’s Clintonite investigators) and a hard-headed boss (Mr. Barr).

Happens all the time, even in the Justice Department. Prosecutors ­often disagree with investigators. Big whoop. Top brass frequently overrule them, too. That’s one of the things they are there for. It’s why they get paid the big bucks.

Which brings it back to Trump. He’s the constitutional adult in this drama. Of all the people in this country — including our judges and members of Congress — Mr. Trump is the only one empowered and commanded to take care that the laws be faithfully executed.

Immediately after issuing that command, the Constitution ­ordains that the president shall commission “all” the officers of the United States. In other words, it is the president who must enforce the law, and only he gets to pick the staff to do so. While he’s president, executive power flows from his very person.

No wonder Mr. Trump went into such rages at the suggestion that he can’t — or shouldn’t — fire the special counsel. For Democrats to suggest, as they continued to do in the Senate Wednesday, that it would be obstruction for Mr. Trump to fire Mr. Mueller is itself an obstruction.

It’s just weird for Senator Kamala Harris to open the line of questioning she pursued Wednesday. She asked Mr. Barr whether Mr. Trump had suggested Mr. Barr prosecute anyone. Presidents don’t usually do that, and Mr. Barr stumbled a bit on the question.

At the end of the day, though, what would be wrong had Trump made such a suggestion? Since the president alone is commanded to faithfully execute the laws, it isn’t constitutionally kosher for Congress or a special counsel to try to restrict his freedom of action.

At one point Wednesday, Mr. Barr ­referred to Mr. Mueller’s letter to him as “snitty.” Senator Richard Blumenthal of Connecticut then asked Mr. Barr whether he’d make available notes of one of his conversations with Mr. Mueller. Mr. Barr said he wouldn’t.

So far, so good. Things would no doubt get nastier in the House, which was due to grill Barr Thursday, though he has reportedly declined the invite. The House has one enormous club that the Senate lacks, the power to initiate impeachment. Then, the power of the president to resist starts to fall away.

That was marked long ago by President Washington but also by President James Polk. He once said that when it comes to impeachment, “the power of the House” would “penetrate into the most ­secret recesses” of the executive branch.

“It could,” Mr. Polk added, “command the attendance of any and every agent of the government, and compel them to produce all papers, public or private, official or unofficial, and to testify on oath to all facts within their knowledge.” That’s the line Messrs. Barr and Trump are walking.

________

This column first appeared in the New York Post.

end

The Wall Street Journal sets the narrative straight that Barr has done nothing wrong.  They expose the democrats hypocrisy with respect to Hillary Clinton and Attorney General Loretta Lynch vs Barr and Trump

(courtesy Wall Street Journal/zerohedge)

‘Barr Did Nothing Wrong’: WSJ Exposes Dems’ Hypocrisy After Shameful ‘Washington Pile-On’

Joe Biden became the latest presidential contender to demand that AG Barr resign following a 5-hour-plus hearing on Wednesday where Democratic members of the Senate Judiciary Committee howled, mostly without evidence, that Barr was improperly trying to cover for President Trump, that he had deliberately watered down Mueller’s findings and that he was, in effect, acting as a mole within the DOJ feeding information on the 14 ongoing investigations to the White House.

AG

Given his treatment at the hands of the Senate, it’s hardly a surprise that Barr declined to appear before the House Judiciary Committee on Thursday, which is stocked with even more bloodthirsty Democrats who will all need to defend their seats in 18 months time. And while Democrats will inevitably portray this as Barr shirking responsibility, as WSJ points out in an editorial published in Thursday’s paper, Barr’s treatment at the hands of the Judiciary’s Democrats was nothing short of reprehensible – and the coordinated ‘leak’ of the Mueller letter on the eve of the hearing was a blatant attempt to discredit an Attorney General who had done nothing wrong.

As WSJ explains, Mueller’s complaint that Barr’s summary of the 448-page report’s findings “lacked context” was likely an exercise in ass-covering. How could Barr be expected to distill the full sweep and scope of such a lengthy report’s findings in just four pages. In the same letter, Mueller affirmed that Barr’s summary  was accurate  – and, more tellingly, that he had been moved to write the letter following “public confusion” about his findings (i.e. Republicans’ trumpeting of ‘no collusion, no obstruction’, which probably angered Mueller’s many fanboys and fangirls in the #resistance).

As Lindsey Graham interjected following Marie Hirono’s bombastic questioning, where she effectively labeled Barr a liar and a  traitor, the AG has been subjected to vicious slander at the hands of the Democrats simply for doing his job honestly and properly.

And the calls for his resignation are merely the cherry on top.

If Barr’s actions should be contrasted with anyone’s, the most fitting example would be former AG Loretta Lynch. Lynch “cowered” before James Comey and bowed to partisan interests by refusing to make a prosecutorial judgment after the Clinton investigation.

Did the Democrats demand that she resign?

Read the full editorial below:

Washington pile-ons are never pretty, but this week’s political setup of Attorney General William Barr is disreputable even by Beltway standards. Democrats and the media are turning the AG into a villain for doing his duty and making the hard decisions that special counsel Robert Mueller abdicated.

Mr. Barr’s Wednesday testimony to the Senate Judiciary Committee was preceded late Tuesday by the leak of a letter Mr. Mueller had sent the AG on March 27. Mr. Mueller griped in the letter that Mr. Barr’s four-page explanation to Congress of the principal conclusions of the Mueller report on March 24 “did not fully capture the context, nature, and substance” of the Mueller team’s “work and conclusions.” Only in Washington could this exercise in posterior covering be puffed into a mini-outrage.

Democrats leapt on the letter as proof that Mr. Barr was somehow covering for Donald Trump when he has covered up nothing. Hawaii Sen. Mazie Hirono, the Democratic answer to Rep. Louie Gohmert, accused Mr. Barr of abusing his office and lying to Congress, and demanded that he resign. The only thing she lacked was evidence.

Mr. Barr’s four-page letter couldn’t possibly have covered all the nuances of a 448-page report. It was an attempt to provide Mr. Mueller’s conclusions to Congress and the public as quickly as possible, while he took the time to work through the entire document to make redactions required by law and Justice Department rules.

This is exactly what he promised to do in his confirmation hearing.Even Mr. Mueller’s complaining letter admits that Mr. Barr’s letter wasn’t inaccurate, a fact Mr. Barr says Mr. Mueller also conceded in a subsequent phone call. The Mueller complaint, rather, was that there was “public confusion about critical aspects” of his investigation. Translation: Republicans were claiming vindication for Donald Trump, and Mr. Mueller was taking hits in the press for not nailing the worst President in history. Having been hailed for months as a combination of Eliot Ness and St. Thomas More, Mr. Mueller and his team of prosecutors seem to have been unnerved by some bad press clips.

Mr. Barr told the Senate Wednesday that he offered Mr. Mueller the chance to review his four-page letter before sending it to Congress, but the special counsel declined. Mr. Mueller worked for Mr. Barr, and that was the proper time to offer suggestions or disagree. Instead, Mr. Mueller ducked that responsibility and then griped in an ex-post-facto letter that was conveniently leaked on the eve of Mr. Barr’s testimony. Quite the stand-up guy.

Mr. Barr has since released the full Mueller report with minor redactions, as he promised, and with the “context” intact. Keep in mind Mr. Barr was under no legal obligation to release anything at all. Mr. Mueller reports only to Mr. Barr, not to the country or Congress.

Mr. Barr has also made nearly all of the redactions in the report available to senior Members of Congress to inspect at Justice. Yet as of this writing, only three Members have bothered—Senate Judiciary Chairman Lindsey Graham, Senate Majority Leader Mitch McConnell and ranking House Republican on Judiciary Doug Collins. Not one Democrat howling about Mr. Barr’s lack of transparency has examined the outrages they claim are hidden.

Democrats are also upset that Mr. Barr concluded that Mr. Trump did not obstruct justice regarding the Russia probe. But in that decision too Mr. Barr was behaving as an Attorney General should. Mr. Mueller compiled a factual record but shrank from a “prosecutorial judgment.” Mr. Barr then stepped up and made the call, however unpopular with Democrats and the press.

* * *

Contrast that to the abdication of Loretta Lynch, who failed as Barack Obama’s last Attorney General to make a prosecutorial judgment about Hillary Clinton’s misuse of classified information. Ms. Lynch cowered before the bullying of then FBI director James Comey, who absolved Mrs. Clinton of wrongdoing while publicly scolding her. That egregious break with Justice policy eventually led Mr. Comey to re-open the Clinton probe in late October 2016, which helped to elect Mr. Trump.

All of this shows again the risks of appointing special counsels. They lack the political accountability that the Founders built into the separation of powers. Mr. Mueller, in his March 27 letter, revealed again that like Mr. Comey at the FBI he viewed himself as accountable only to himself.

This trashing of Bill Barr shows how frustrated and angry Democrats continue to be that the special counsel came up empty in his Russia collusion probe. He was supposed to be their fast-track to impeachment. Now they’re left trying to gin up an obstruction tale, but the probe wasn’t obstructed and there was no underlying crime. So they’re shouting and pounding the table against Bill Barr for acting like a real Attorney General.

end

My goodness, Hillary Clinton has now “asked” China to steal Trump’s tax returns.  Obviously this is in retribution for Trump asking Russia to retrieve Hillary’s long lost emails.

(courtesy zerohedge)

 

Hillary Clinton Asks China To Steal Trump’s Tax Returns

The further we get from her historic electoral defeat at the hands of President Trump, the more unhinged Hillary Clinton becomes.

Case it point: it appears the former secretary of state has moved on from endlessly blaming everybody but herself and her campaign staff for the many miscalculations made along the way (many have joked that Clinton probably couldn’t point out Wisconsin on a map), to actively soliciting enemies of the US to interfere on behalf of the Democrats in 2020.

Of course, there’s still plenty of evidence that Russia did exactly that back in 2016 (this thread was explored in more detail during AG Barr’s Wednesday hearing before the Senate Judiciary Committee).

But that didn’t stop Clinton from publicly asking China to step in and give the Democrats a boost against Trump during the 2020 race during an appearance on – where else? – the Rachel Maddow Show. Specifically, she asked the Chinese to steal Trump’s tax returns, which the Democrats have been having more trouble obtaining than they had probably expected.

“Imagine, Rachel, that you had one of the Democratic nominees for 2020 on your show, and that person said, you know, the only other adversary of ours who is anywhere near as good as the Russians is China,” Clinton told Maddow. “So why should Russia have all the fun? And since Russia is clearly backing Republicans, why don’t we ask China to back us?”

“And not only that, China, if you’re listening, why don’t you get Trump’s tax returns?” I’m sure our media would richly reward you.”

Clinton, clearly sore about Mueller’s findings, said China’s interference (which, according to the Trump administration, is already happening) could be part of a  ‘great power contest’.

“Let’s have a great power contest, and let’s get the Chinese in on the side of somebody else,” she added. “Just saying, that shows how absurd the situation we find ourselves in.”

She added that the No. 1 thing she learned from reading the Mueller report was that the Russians interfered in the 2016 race to boost Trump, and that they haven’t been held accountable (that is, except for all the sanctions, and the indictments and the…well, you know).

Asked for her thoughts on the Barr hearing, Clinton said she thought Democrats on the Senate Judiciary Committee did a “good job” exposing Barr as “the president’s defense lawyer” (note: WSJ’s editorial board has offered plenty of evidence to the contrary).

“I think that the Democrats on the committee did a good job today in exposing that he is the president’s defense lawyer,” Clinton said. “He is not the attorney general of the United States in the way that he has conducted himself.”

Of course, Clinton’s comments were intentionally meant to mimic Trump’s now-famous campaign-era ‘joke’ that Russia steal Clinton’s missing emails and hand them over to the Republicans.

We now wait for Clinton to clarify that she, too, was ‘just kidding.’

end

This is why Biden has little chance in the USA election as the New York Times publishes a scathing attack on their greed with respect to Biden son’s Hunter involvement in the Ukraine…graft at the highest levels.

 

(courtesy zerohedge)

Biden’s Ukrainian Corruption Scandal Casts Ominous Shadow Over 2020 Run

It looks like Joe Biden isn’t the chosen one after all.

After getting that whole ‘groping’ thing out of the way and announcing his 2020 bid for the White House, Biden emerged as the Democratic frontrunner this week according to several polls.

Alas for Biden, his past is catching up with him, again.

While Politico and Marketwatch have dinged Biden over free-trade fails and comments on China, perhaps most damning is a late Wednesday article in the New York Times slamming the former vice president’s major Ukraine conflicts. We reported on this nearly four weeks ago following reporting and interviews with key players by The Hill‘s John Solomon, and it looks bad for Joe.

At the heart of the matter is Biden’s role in threatening Ukraine if they didn’t immediately fire their top prosecutor, General Viktor Shokin – who was leading a wide-ranging corruption investigation into a natural gas firm – Burisma Holdings – which Biden’s son, Hunter, sat on the board of directors. 

Biden openly bragged about this at a January CFR event.

In his own words, with video cameras rolling, Biden described how he threatened Ukrainian President Petro Poroshenko in March 2016 that the Obama administration would pull $1 billion in U.S. loan guarantees, sending the former Soviet republic toward insolvency, if it didn’t immediately fire Prosecutor General Viktor Shokin. –The Hill

Biden’s campaign maintains that the former vice president carried out US policy without regard to Hunter’s activities, and that the two never discussed the matter. Biden claims he found out his son was on the board of Burisma “from news reports.” Incredible.

It goes much deeper though…

As the Times notes, “new details about Hunter Biden’s involvement, and a decision this year by the current Ukrainian prosecutor general to reverse himself and reopen an investigation into Burisma, have pushed the issue back into the spotlight.

Hunter Biden was a Yale-educated lawyer who had served on the boards of Amtrak and a number of nonprofit organizations and think tanks, but lacked any experience in Ukraine and just months earlier had been discharged from the Navy Reserve after testing positive for cocaine. He would be paid as much as $50,000 per month in some months for his work for the company, Burisma Holdings. –New York Times

Kenneth P. Vogel

@kenvogel

HUNTER BIDEN’s partners recruited firms to diffuse Ukrainian investigations into an oligarch whose company was paying Hunter Biden $50k/month.
The cases were closed in 2017, but now they’ve been reopened.@JoeBiden‘s campaign says it’s a political attack. https://www.nytimes.com/2019/05/01/us/politics/biden-son-ukraine.html 

In fact, the Obama State Department at the time were concerned that Hunter Biden’s work for Burisma would pose a conflict for his father’s diplomatic efforts, according to the report which cites former officials.

“I have had no role whatsoever in relation to any investigation of Burisma, or any of its officers,” said Hunter Biden in a Wednesday statement. “I explicitly limited my role to focus on corporate governance best practices to facilitate Burisma’s desire to expand globally.”

Republicans, meanwhile, have seized – pounced if you will – on the Bidens’ Ukraine conflicts. Leading the charge has been Trump’s personal attorney, Rudy Giuliani, who last week told Fox News “I ask you to keep your eye on Ukraine.”

Mr. Giuliani declined to comment on any such phone call with Mr. Trump, but acknowledged that he has discussed the matter with the president on multiple occasions. Mr. Trump, in turn, recently suggested he would like Attorney General William P. Barr to look into the material gathered by the Ukrainian prosecutors — echoing repeated calls from Mr. Giuliani for the Justice Department to investigate the Bidens’ Ukrainian work and other connections between Ukraine and the United States.

Mr. Giuliani said he got involved because he was seeking to counter the Mueller investigation with evidence that Democrats conspired with sympathetic Ukrainians to help initiate what became the special counsel’s inquiry. –New York Times

“I can assure you this all started with an allegation about possible Ukrainian involvement in the investigation of Russian meddling, and not Biden,” said Giuliani. “The Biden piece is collateral to the bigger story, but must still be investigated, but without the prejudgments that infected the collusion story.”

Kenneth P. Vogel

@kenvogel

For 5 years, HUNTER BIDEN was on the board of a gas company owned by a Ukrainian oligarch accused of enriching himself using his position in the Russia-aligned YANUKOVYCH gov’t.
BIDEN stepped down last month, as his dad was preparing to run for president. https://www.nytimes.com/2019/05/01/us/politics/biden-son-ukraine.html 

The decision to reopen the Burisma investigation was made in March by Ukraine’s current prosecutor general – who had previously cleared Hunter Biden’s employer over two years ago. The announcement was made following a contentious presidential election, and was seen in some quarters as a bid by the prosecutor general, Yuriy Lutsenko, to curry favor from the Trump administration on behalf of his boss – incumbent president Petro O. Poroshenko.

Poroshenko lost his re-election bid last month to a comedian who played a president on TV, Volodymyr Zelensky – who says he will replace Lutsenko as prosecutor general. Zelensdky has not indicated whether Lutsenko’s replacement will be asked to continue the investigation. 

 

Volodymyr Zelensky, the newly elected president of Ukraine, has not said whether the prosecutors he appoints will be asked to continue to pursue the Zlochevsky investigation.CreditBrendan Hoffman/Getty Images

Kostiantyn H. Kulyk, a deputy for Mr. Lutsenko who was handling the cases before being reassigned last month, told The New York Times that he was scrutinizing millions of dollars of payments from Burisma to the firm that paid Hunter Biden.

Hunter Biden’s work in Ukraine appears to have been well compensated. Burisma paid $3.4 million to a company called Rosemont Seneca Bohai LLC from mid-April 2014, when Hunter Biden and Mr. Archer joined the board, to late 2015, according to the financial data provided by the Ukrainian deputy prosecutor. The payments continued after that, according to people familiar with the arrangement.

Rosemont Seneca Bohai was controlled by Mr. Archer, who left Burisma’s board after he was charged in connection with a scheme to defraud pension funds and an Indian tribe of tens of millions of dollars. Bank records submitted in that case — which resulted in a conviction for Mr. Archer that was overturned in November — show that Rosemont Seneca Bohai made regular payments to Mr. Biden that totaled as much as $50,000 in some months. –New York Times

Now to see if Ukraine’s new president, Zelensky, keeps the investigation alive.

END
Quite a story!!  The FBI used a “honeypot” spy (Ms Turk) who accompanied Stefan Halper whose mission was to milk Papadopoulos on “dirt” that he picked up from Downer who received it from the Maltese Professor Mifsud. That is your genesis.  The real story begins the 9th of March 2016.
(zerohedge)

FBI Used ‘Honeypot’ Spy To Tag-Team Papadopoulos In London Russiagate Setup: NYT

A mysterious Turkish woman who “assisted” FBI spy Stefan Halper in a London operation targeting Trump campaign aide George Papadopoulos has been revealed as yet another FBI operative sent to spy on the Trump campaign during the 2016 US election, according to the New York Times.

The woman, who went by the name Azra Turk, repeatedly flirted with Papadopoulos during their encounters as well as in email exchanges according to an October, 2018 Daily Callerreport, confirmed today by the Times. “Turk,” posed as Halper’s assistant according to the report.

While in London in 2016, Ms. Turk exchanged emails with Mr. Papadopoulos, saying meeting him had been the “highlight of my trip,” according to messages provided by Mr. Papadopoulos.

I am excited about what the future holds for us :),” she wrote. –New York Times

And as the Times makes clear, “the FBI sent her to London as part of the counterintelligence inquiry opened that summer” to investigate the Trump campaign.

The conversation at a London bar in September 2016 took a strange turn when the woman sitting across from George Papadopoulos, a Trump campaign adviser, asked a direct question: Was the Trump campaign working with Russia?

Ms. Turk went to London to help oversee the politically sensitive operation, working alongside a longtime informant, the Cambridge professor Stefan A. Halper. The move was a sign that the bureau wanted in place a trained investigator for a layer of oversight, as well as someone who could gather information for or serve as a credible witness in any potential prosecution that emerged from the case. –New York Times

Halper – who was paid more than $1 million by the Pentagon while Obama was president – contacted Papadopoulos on September 2, 2016 according to The Caller – and would later fly him out to London under the guise of working on a policy paper on energy issues in Turkey, Cyprus and Israel – for which he was ultimately paid $3,000. Papadopoulos met Halper several times during his stay, “having dinner one night at the Travellers Club, and Old London gentleman’s club frequented by international diplomats.”

As the Times notes, the London operation “yielded no fruitful information,” while the FBI has called their activities in the months before the 2016 election as both “legal and carefully considered under extraordinary circumstances,” according to the report.

Mr. Papadopoulos was baffled. “There is no way this is a Cambridge professor’s research assistant,” he recalled thinking, according to his book. In recent weeks, he has said in tweets that he believes Ms. Turk may have been working for Turkish intelligence but provided no evidence.

The day after meeting Ms. Turk, Mr. Papadopoulos met briefly with Mr. Halper at a private London club, and Ms. Turk joined them. The two men agreed to meet again, arranging a drink at the Sofitel hotel in London’s posh West End.

Also of interest, the British government was informed of the spy operation on their soil, according to the Times, however it is unclear whether they participated.

Donald J. Trump

@realDonaldTrump

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

As for the FBI, the agency’s actions are now under investigation by the Justice Department’s Inspector General, Michael Horowitz. 

He could make the results public in May or June, Attorney General William P. Barr has said. Some of the findings are likely to be classified.

It is unclear whether Mr. Horowitz will find fault with the F.B.I.’s decision to have Ms. Turk, whose real name is not publicly known, meet with Mr. Papadopoulos. Mr. Horowitz has focused among other things on the activities of Mr. Halper, who accompanied Ms. Turk in one of her meetings with Mr. Papadopoulos and also met with him and other campaign aides separately. The bureau might also have seen Ms. Turk’s role as essential for protecting Mr. Halper’s identity as an informant if prosecutors ever needed court testimony about their activities. –New York Times

During Congressional testimony last month, Attorney General Barr told Congress “I think spying on a political campaign is a big deal,” adding “I think spying did occur. The question is whether it was adequately predicated. And I’m not suggesting that it wasn’t adequately predicated. But I need to explore that.”

Maybe he could explore the role of Joseph Mifsud – a Maltese professor and self-professed member of the Clinton Foundation, who reportedly seeded Papadopoulos with the rumor that Russia had “dirt” on Hillary Clinton. 

It doesn’t take a rocket scientist to conclude that Mifsud seeded the information with Papadopoulos, who was pumped for that same information during a “drunken” encounter at a London Bar with Clinton-associate and Australian diplomat Alexander Downer – who told authorities about the “dirt” rumor, which launched the FBI/DOJ counterintelligence operation that included Halper and “Azra Turk” spying on Papadopoulos

Mr. Barr again defended his use of the term “spying” at a Senate Judiciary Committee hearing on Wednesday, saying he wanted to know more about the F.B.I.’s investigative efforts during 2016 and explained that the early inquiry likely went beyond the use of an informant and a court-authorized wiretap of a former Trump campaign adviser, Carter Page, who had interacted with a Russian intelligence officer. –New York Times

“Many people seem to assume that the only intelligence collection that occurred was a single confidential informant,” and the warrant to surveil Carter Page, said Barr. “I would like to find out whether that is in fact true. It strikes me as a fairly anemic effort if that was the counterintelligence effort designed to stop the threat as it’s being represented.”

Nice hedge, Barr, but what happened appears to be anything but “fairly anemic.”

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

FOMC Communique Highlights

  • Funds rate unchanged, adjusts IOER to 2.35% from 2.4%
  • Fed to stay patient on rates as economy is sound, inflation muted
  • Market-based inflation compensation gauges remain low
  • Job gains solid, unemployment remained low

Outside of the meager adjustment to IOER, there was nothing of substance in the FOMC Communique -except for the necessary eschewing of energy inflation.

FOMC Communique: https://www.federalreserve.gov/newsevents/pressreleases/monetary20190501a.htm

Powell Press Conference Highlights

  • Don’t see a strong case for a rate move either way
  • Trimmed-mean inflation is around 2%
  • Fed stance is appropriate now
  • Solid fundamentals support economy
  • Productivity and labor participation suggest more room for economy to grow
  • Inflation is somewhat weaker (check energy, Jerry!)
  • Some transitory factors may be at work in inflation (BLS chicanery)
  • Consumer spending and biz investment likely to pick up
  • Incoming data broadly in line
  • IOER cut is technical adjustment, not a policy shift
  • Fed funds will remain as main policy tool
  • Some asset prices are elevated but not extremely so

Powell’s opening statement from the FOMC press conference (PDF)http://go.usa.gov/xm5Q5

ESMs tumbled on Powell’s comments, falling to 2939.25.  Jerome was hawkish, which was not expected.  However, a nine-handle ‘V’ rally appeared on more well-timed verbal intervention: ‘Sources say a US-China trade deal MIGHT be POSSIBLE by next Friday’.

OAN’s Greta Wall: Sources close to the ongoing negotiations say a US-China trade deal is ‘possible’ by next Friday.  Treasury Secy Mnuchin and Trade Rep Lighthizer have been in Beijing for talks this week with the Chinese Vice Premier set to visit Washington next week.

@markets: Chrysler posted its third straight monthly decline in U.S. sales and said it’s shifting to quarterly reporting    https://bloom.bg/2V5wMVU

@jessefelder: ‘Global semiconductor sales dropped 15.5% in the first quarter, from the fourth quarter last year. The three-month moving average in March has now plunged 25% from the peak last October, the deepest plunge since the Financial Crisis.’ [Yet the SOX Index hit an all-time high last week!]

https://wolfstreet.com/2019/04/30/did-someone-turn-off-the-spigot-global-semiconductor-sales-plunge-most-since-the-financial-crisis/

Copper tanked as much as 4%, leading other industrial commodities lower.  Oil declined 1.78 % as inventories jumped to the highest level since 2017.  Traders bought the oil dip.  Oil and gasoline closed modestly lower.  Traders will continue to play the upward Drive Season bias for a few more weeks.

@CBSNews: “When I talked to the special counsel about the letter, my understanding was his concern was not the accuracy of the statement of the findings in my letter…” Barr said, adding that Mueller wanted more “context” to explain why he didn’t reach a decision on obstruction.

@ByronYork: Barr on Mueller letter: ‘The letter’s a bit snitty, and I think it was probably written by one of his staff people.’ [Most people suspect Weissmann]

Barr: “We have to stop using the criminal justice process as a political weapon.”

Barr said, “I can’t fathom” why the Obama administration did not tell Trump about the FBI investigation into Russian activities during the 2016 campaign.

@seanmdav: Sen. Mike Crapo: When did DOJ and the FBI learn that the Steele dossier was requested and paid for by the Clinton campaign and DNC? Barr: I don’t know. Crapo: Are you going to figure that out?  Barr: Yes.

WSJ’s @KimStrassel: Barr also explains that spying is a “good English word” and notes that prior to all the “faux outrage” the press used it routinely. Whitehouse grouses that it nonetheless isn’t “commonly” used by DOJ. Barr responds: “It’s commonly used by me.”

@ShannonBream: SenFeinstein in Barr hearing: Contrary to conclusion Mueller report did not find evidence of coordination b/c Trump camp/Russia, the report explicitly states “a statement that the investigation did not establish sufficient facts does not mean there is no evidence of those facts.”

@willchamberlain: Lots of new material in Barr’s opening statement

Barr’s team pressed Mueller on March 5th about Mueller’s decision not to make a recommendation on obstruction.  Mueller didn’t have an answer – they were “still formulating” their excuse

   A key point made by Barr – if Mueller KNEW he wasn’t going to come to a conclusion on obstruction, why did he investigate it for over a year?  That’s not what DOJ resources are for. DOJ doesn’t run smear campaigns. It prosecutes, or it doesn’t.

    Barr: “We have multiple criminal leak investigations under way.”

    Barr making clear – at the end of the day, Mueller was a US Attorney, subordinate to Barr, and under Barr’s supervision.

    Whitehouse: “Spying isn’t a word commonly used by the department.” Barr: “Well, it’s commonly used by me.”   Sen. Blumenthal: “Let me finish my question.” Barr: “You didn’t let me finish my answer.”

@SaraCarterDC: @SenBlumenthal (D-Conn):”Did you or anyone on your staff memorialize your conversation with Mueller? AG Barr: “staffer took notes on it” Blumenthal: “May we have these notes?”

AG Barr: “No, why should you have them?”

@BLaw: Sen. Feinstein: “You still have a situation where a president essentially tries to change the lawyer’s account in order to prevent further criticism of himself.”  Barr: “Well, that’s not a crime.”

   Sen. Cruz says AG Barr is being subjected to “the Kavanaugh treatment”

Liberal Law Prof. Turley: Barr Testimony: Mueller May Have Some ‘Splainin’ To Do

Not only could Mueller reach a conclusion, both Barr and Rosenstein pressed him to do so. Mueller’s decision remains both unsupported and incomprehensible… Another glaring revelation from Barr was that he and Rosenstein expressly and repeatedly told Mueller to identify grand jury or Rule 6(e) material in his report to allow a rapid public release of the report. Barr said that he was surprised when Mueller simply ignored that request from his superiors…

https://jonathanturley.org/2019/05/01/barr-testimony-mueller-may-have-some-splainin-to-do/

John Solomon: Nellie Ohr’s ‘Hi Honey’ emails to DOJ about Russia collusion should alarm us all

It raises additional questions about potential conflicts of interest when it is being injected by a spouse working as a Democratic contractor trying to defeat Trump, and she is forwarding her own research to his department and co-workers… just 24 days after the anti-Trump screed was emailed, both Ohrs met in Washington with British intelligence operative Christopher Steele…

     The next day, Bruce Ohr used his official DOJ position to go to then-Deputy FBI Director Andrew McCabe with Steele’s allegations (later to become known as the Steele dossier) and the bureau opened its first investigation into Russia collusion…

    “Contrary to Ms. Ohr’s congressional testimony, it appears that she funneled research gathered during her time at Fusion GPS directly to the DOJ. A draft of a criminal referral for giving false testimony to Congress is currently being reviewed.”…

https://thehill.com/opinion/white-house/441580-nellie-ohrs-hi-honey-emails-to-doj-about-russia-collusion-should-alarm-us

@jsolomonReports: Breaking: Criminal referral filed against Nellie Ohr concerning congressional testimony after emails surface showing election-year contacts with DOJ

Prominent clergy, scholars accuse Pope Francis of heresy in open letter

The Pope has “effectively upheld 7 heretical positions about marriage, the moral life, and the reception of the sacraments, and has caused these heretical opinions to spread in the Catholic Church,” especially in light of his 2016 exhortation Amoris Laetitia…

https://www.lifesitenews.com/news/prominent-clergy-scholars-accuse-pope-francis-of-heresy-in-open-letter

A Vatican-Democratic Party Alliance? (Catholics Ask Trump Administration to Investigate)

We were alarmed to discover that… Secretary of State Hillary Clinton, and other government officials with whom she associated proposed a Catholic “revolution” in which the final demise of what was left of the Catholic Church in America would be realized.[1]  Approximately a year after this e-mail discussion, which was never intended to be made public, we find that Pope Benedict XVI abdicated under highly unusual circumstances and was replaced by a pope whose apparent mission is to provide a spiritual component to the radical ideological agenda of the international left…

   To what end was the National Security Agency monitoring the conclave that elected Pope Francis? [6]

   What other covert operations were carried out by US government operatives concerning the resignation of Pope Benedict or the conclave that elected Pope Francis?…

    International monetary transactions with the Vatican were suspended during the last few days prior to the resignation of Pope Benedict.  Were any U.S. Government agencies involved in this? [8]…

   What actions… were actually taken by John Podesta, Hillary Clinton, and others tied to the Obama administration who were involved in the discussion proposing the fomenting of a “Catholic Spring”?

    What was the purpose and nature of the secret meeting between Vice President Joseph Biden and Pope Benedict XVI at the Vatican on or about June 3, 2011?

    What roles were played by George Soros and other international financiers who may be currently residing in United States territory? [10]…     https://remnantnewspaper.com/web/index.php/articles/item/3001-did-vatican-attempt-to-influence-u-s-election-catholics-ask-trump-administration-to-investigate

Wikileaks: From:john.podesta@gmail.comWe created Catholics in Alliance for the Common Good to organize for a moment like this. But I think it lacks the leadership to do so now.  Likewise Catholics United. Like most Spring movements, I think this one will have to be bottom up…

   Sandy Newman [to Podesta]There needs to be a Catholic Spring, in which Catholics themselves demand the end of a middle ages dictatorship and the beginning of a little democracy and respect for gender equality in the Catholic church… https://wikileaks.org/podesta-emails/emailid/6293

After ‘Catholic Spring’ email leak, US bishops warn American ideals at risk

https://www.catholicnewsagency.com/news/after-catholic-spring-email-leak-us-bishops-warn-american-ideals-at-risk-45679

 

-END-

 

I WILL SEE YOU FRIDAY NIGHT
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