MAY 21/GOLD FALLS BY $3.65 ON AN ABORTED RAID ATTEMPT//GOLD FINISHES AT $1274.60//SILVER DOWN BY 3 CENTS TO $14.44//ANOTHER SURPRISE DEPOSIT INTO THE GLD AS ITS INVENTORY RISES TO 738.17 TONNES: IT LOOKS LIKE THE RAIDING OF THE GOLD COOKIE JAR HAS ENDED//QUEUE JUMPING CONTINUES AT THE GOLD COMEX BUT STOPS FOR SILVER//SILVER IS NOW A HUGE 10 CENTS BACKWARD SPOT TO FUTURES//TRUMP GIVES AMERICANS/CHINA A TEMPORARY REPRIEVE TO PURCHASE THINGS FOR THE HUAWEI I PHONE (UNTIL EARLY AUGUST)/XI THREAT TO WITHHOLD RARE EARTH SALES TO THE USA CAUSES ITS PRICE TO SKYROCKET//TURKEY ABANDONS SUPPORTING ITS LIRA AS THEY LOWER INTEREST RATES FROM 25%DOWN TO 24%//THE TURKISH LIRA FALTERS AGAIN//HUGE SWAMP STORIES FOR YOU TONIGHT//

 

 

 

 

 

 

GOLD: $1274.60  DOWN $3,65 (COMEX TO COMEX CLOSING)

Silver:  $14.44 DOWN 3 CENTS  (COMEX TO COMEX CLOSING)

Closing access prices:

Gold : 1275.00

 

 

 

silver:  $14.46

 

 

 

COMEX EXPIRY FOR GOLD/SILVER:  TUES MAY 28/2019

 

LBMA/OTC EXPIRY: MAY 31.2019

 

 

 

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

today RECEIVING 8/15

EXCHANGE: COMEX
CONTRACT: MAY 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,276.100000000 USD
INTENT DATE: 05/20/2019 DELIVERY DATE: 05/22/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
657 C MORGAN STANLEY 1
661 C JP MORGAN 8
737 C ADVANTAGE 7 6
905 C ADM 8
____________________________________________________________________________________________

TOTAL: 15 15
MONTH TO DATE: 306

 

 

 

NUMBER OF NOTICES FILED TODAY FOR  MAY CONTRACT: 15 NOTICE(S) FOR 1500 OZ (0.0466 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  306 NOTICES FOR 3060000 OZ  (.9517 TONNES)

 

 

SILVER

 

FOR MAY

 

 

13 NOTICE(S) FILED TODAY FOR 65,000  OZ/

 

total number of notices filed so far this month: 3454 for 17,270,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE :$8230  DOWN $51

 

 

Bitcoin: FINAL EVENING TRADE: $8230 DOWN $59

 

 

end

 

XXXX

 

 

 

 

Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE BY A SMALL SIZED 705 CONTRACTS FROM 209,727 UP TO 210,422 DESPITE WITH THE  6 CENT GAIN IN SILVER PRICING AT THE COMEX. LIQUIDATION OF THE SPREADERS HAVE STOPPED FOR SILVER BUT IT NOW IN FULL FORCE FOR GOLD. 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 VERY STRONG SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:

 0 FOR MAY, 0 FOR JUNE, 1016 FOR JULY AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1016 CONTRACTS. WITH THE TRANSFER OF 1016 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 1016 EFP CONTRACTS TRANSLATES INTO 5.08 MILLION OZ  ACCOMPANYING:

1.THE 6 CENT GAIN 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 18.340 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:

18,152 CONTRACTS (FOR 15 TRADING DAYS TOTAL 18,152 CONTRACTS) OR 90.76 MILLION OZ: (AVERAGE PER DAY: 1210 CONTRACTS OR 6.050 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAY:  90.76 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 12.96% 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:          831,86    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 SMALL SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 705 WITH THE 6 CENT GAIN IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A VERY STRONG SIZED EFP ISSUANCE OF 1016 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 STRONG SIZED: 2512 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 1016 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH INCREASE OF 705  OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 6 CENT GAIN IN PRICE OF SILVER AND A CLOSING PRICE OF $14.48 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. 1.022 BILLION OZ TO BE EXACT or 145% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MARCH MONTH/ THEY FILED AT THE COMEX: 13 NOTICE(S) FOR  65,000 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:  18.340 MILLION OZ ..
  2. HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018:  244,196 CONTRACTS,  WITH A SILVER PRICE OF $14.78.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
  4. RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

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

 

IN GOLD, THE OPEN INTEREST FELL BY A HUGE SIZED 8810 CONTRACTS, TO 509,422 DESPITE THE  RISE IN THE COMEX GOLD PRICE/(A GAIN IN PRICE OF $1.00//YESTERDAY’S TRADING)

WE ARE NOW 8 DAYS PRIOR TO FIRST DAY NOTICE AND THE SIGNAL WAS GIVEN TO START THE LIQUIDATION PROCESS OF OUR SPREADERS.  IT HAD NO EFFECT ON PRICE TODAY.

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A  STRONG SIZED 6765 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 6765 CONTRACTS DECEMBER: 0 CONTRACTS, JUNE 2020  0 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 508,422.  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 SMALL SIZED LOSS IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2045 CONTRACTS: 8810 OI CONTRACTS DECREASED AT THE COMEX  AND 6765 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 2045 CONTRACTS OR 204,500 OZ OR 6.36 TONNES.  YESTERDAY WE HAD A GAIN IN THE PRICE OF GOLD TO THE TUNE OF  $1.00....AND WITH THAT SMALL GAIN IN PRICE, WE  HAD A CONSIDERABLE LOSS OF 6.36  TONNES!!!!!!.?????? 

WITH RESPECT TO SPREADING:  WE CERTAINLY HAD HAD CONSIDERABLE ACTIVITY BUT IT DID NOT AFFECT OUR PRICE OF THE PRECIOUS METALS YESTERDAY. HOWEVER TODAY, IT CERTAINLY LEFT ITS MARK ON PRICE OF OUR PRECIOUS METALS.  THE FOLLOWING OUTLINES THEIR MODUS OPERANDI

 

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES:

“AS YOU WILL SEE, THE CROOKS HAVE NOW SWITCHED TO GOLD AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX GOLD OPEN INTEREST WILL RISE FROM NOW ON UNTIL ONE WEEK PRIOR TO FIRST DAY NOTICE AND THAT IS WHEN THEY START THEIR CRIMINAL LIQUIDATION.

HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NO INTO THE NON ACTIVE DELIVERY MONTH OF MAY HEADING TOWARDS THE VERY ACTIVE DELIVERY MONTH OF JUNE.

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES, HERE IS THE BANKERS MODUS OPERANDI:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST IS STARTING TO RISE IN THIS NON ACTIVE MONTH OF MAY BUT SO IS THE OPEN INTEREST OF  SPREADERS. THE OPEN INTEREST IN GOLD WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (JUNE), 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.” 

 

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAY : 100,431 CONTRACTS OR 10,043,100 OR 312.38 TONNES (15 TRADING DAYS AND THUS AVERAGING: 6695 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 15 TRADING DAYS IN  TONNES: 312,38 TONNES

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

THUS EFP TRANSFERS REPRESENTS 312.38/3550 x 100% TONNES =8.20% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     2127.92 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 HUGE SIZED DECREASE IN OI AT THE COMEX OF 8810 DESPITE THE  RISE IN PRICING ($1.00) THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A  STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 6765 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 6765 EFP CONTRACTS ISSUED, WE  HAD A CONSIDERABLE SIZED LOSS OF 2045 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

6765 CONTRACTS MOVE TO LONDON AND 8810 CONTRACTS DECREASED AT THE COMEX. (IN TONNES, THE LOSS IN TOTAL OI EQUATES TO 6.36 TONNES). ..AND THIS LACK OF DEMAND OCCURRED DESPITE THE RISE IN PRICE OF $1.00 IN YESTERDAY’S TRADING AT THE COMEX. WE PROBABLY HAD A CONSIDERABLE PRESENCE OF SPREADING LIQUIDATION TODAY AS OUTLINED ABOVE.

 

 

 

we had:  15 notice(s) filed upon for 1500 oz of gold at the comex.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD...

 

WITH GOLD DOWN $3.65 TODAY

THIS IS A HUGE SURPRISE: WE ADDED 2.00 TONNES OF “PAPER” GOLD INVENTORY TO THE GLD

SO IT SEEMS THAT 733. TONNES IF THE ROCK BOTTOM GOLD INVENTORY NUMBER.  THERE IS NOTHING THERE FOR THE CROOKS TO ORCHESTRATE A RAID.

 

 

 

 

 

INVENTORY RESTS AT 738.17 TONNES

 

 

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

SLV/

WITH SILVER DOWN 3 CENTS TODAY:

A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 750,000 OZ

 

 

 

 

 

 

 

 

 

/INVENTORY RESTS AT 311.616 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 SMALL SIZED 705 CONTRACTS from 209,727 UPTO 210,432 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 IN SILVER BUT HAVE NOW MORPHED INTO GOLD..

 

 

 

 

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: 1016 CONTRACTS  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1016 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 705 CONTRACTS TO THE 1016 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A GOOD GAIN OF 1721 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 8.605 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 7.475 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 18.340 MILLION OZ FOR MAY

 

 

RESULT: A FAIR SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE 6 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A STRONG SIZED 1016 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG  SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

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

 

 

(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 35.37 POINTS OR 1,23%  //Hang Sang CLOSED DOWN 130,37 POINTS OR 0.47%   /The Nikkei closed DOWN 29.28 POINTS OR 0.14%//Australia’s all ordinaires CLOSED UP 0.26%

/Chinese yuan (ONSHORE) closed UP  at 6.9075 /Oil UP to 63.40 dollars per barrel for WTI and 72,34 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED UP // LAST AT 6.9075 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9371 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/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 /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

 

 

 

 

3A//NORTH KOREA/ SOUTH KOREA

i)NORTH KOREA

 

 

 

b) REPORT ON JAPAN

 

3 China/Chinese affairs

i)China/USA

Beijing warns of an unwavering resolve in the Huawei fight. The uSA has given a 90 day reprieve to allow American broadband companies more time to work out a plan B  as Huawei will be effectively blocked.

( zerohedge)

ii)Rare earth stocks skyrocket on the Xi threat.  Actually rare earths are not that rare at all but are important in the production of many USA products.  China supplies 80% of all Rare Earths to the uSA and Europe.

( zerohedge)

iii)Now China’s Eastern Airlines has asked Boeing for compensation over the 737 Max grounding

( zerohedge)

iv)Extremely important:  Google just suspended its Android developer license to Huawei. This will make Huawei phones into nothing but paperweights. This is why China is reacting by threatening to cancel earth earth purchases to the uSA.
( zerohedge)
v)London’s Financial Times warns that Washington’s coercive steps against Huawei are serious misguided and it may come back to haunt them. Huawei must obtain supply chains independent  of Washington. Thus Washington’;s mission is to destroy Huawei.  I
( zerohedge)

4/EUROPEAN AFFAIRS

i)UK

The pound tumbles again as MP’s oppose Theresa May Brexit agreement ahead of a 4th vote which will fail again.

(zerohedge)

ii)Then late in the morning (11 am est), the pound jumps on a possible second referendum.  This will not happen

(courtesy zerohedge)

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

a)TURKEY

This is a surprise:  with soaring inflation for some unknown reason Turkey cuts it’s interest rate as the Lira tumbles. This is certainly not how you defend your currency

( zerohedge)

b)UKRAINE/

Ukraine’s new President vows to end the war in the DonBass

( zerohedge)

c)IRAN

Iran states that it has quadrupled its low enriched uranium.
( zerohedge)

d )IRAN/USATrump continues with military drills in the Gulf much to the annoyance of Iran.  Trump offers his hand but Iran refuses.

(courtesy zerohedge)

6. GLOBAL ISSUES

 

Canada/Mexico/USA

7. OIL ISSUES

 

 

 

8 EMERGING MARKET ISSUES

VENEZUELA

 

 

 

 

9. PHYSICAL MARKETS

i)A joke:  LBMA is not transparent at all and yet is charging $18,000 for a report that is not worth the paper it is printed on

( Ronan Manly/GATA)

ii)The rise in bitcoin is masking the huge capital flight from crypto exchanges

(Bloomberg/GATA)

 

iii)Please listen to this interview of Andrew Maguire and Erick King as Andrew tells him that sovereigns are taking advantage of the naked short selling by taking delivery.

( Andrew Maguire/KingworldNews/GATA)

iv)China is attempting to start a Platinum physical exchange through Shanghai Gold Exchange.  So far it has failed

(courtesy Sanderson London Financial Times)

v)Russia is continually adding official gold.  Last month it added 15.6 tonnes to its arsenal. It produces around 16 tonnes per month so nothing can from outside the country.
(courtesy Lawrie Williams)

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

 

 

MARKET TRADING//

 

 

 

 

ii)Market data

Existing home sales tumble year over year for the 14th month in a row///

( zerohedge)

ii)USA ECONOMIC/GENERAL STORIES

a)The demographics are killing Illinois as wealthy citizens are leaving the state because of the initiation of huge taxes

( Ted Dabrowski/WirePoints)

b)The devastation in the New York medallion market;  how Taxi cab owners have been annihilated.
( zerohedge)

c)The ultra high frequency sound waves on the 5 G phones are causing potential health effects.  Please be careful if you buy them

( Michael Snyder)

d)Tariffs are  certainly taking a toll on farmers. Now trump is going to initiate another farm bailout and this time it will be close to 20 billion dollars

( zero hedge)

e)Another bricks and mortar operation crashes as net sales are flat and earnings down $3.25 from 3.65:

( zerohedge)

SWAMP STORIES

i)As we have been highlighting to you during these past two weeks.  The noose is getting tighter and tighter around the Democrats who purposively set up the fake Steele dossier in order to spy on Trump

( UKTelegraph)//the gateway pundit.com and special thanks to Robert H for sending this to us)

ii)This is really interesting:  The Dept of Justice gives McGahn immunity from offering testimony to the house…..Nadler blows a gasket.

( zerohedge)

iii)You will recall that Comey stated that Lynch told him to refer to the Hillary Clinton email investigation as a “matter” instead of an investigation at a September 2015 meeting.  Now Lynch states that this is not so

Someone is lying!
( zerohedge)

iv)As promised to you:  Mueller refuses to testify publicly before Congress. He may testify behind closed doors but that is not want the Democrats want..they want an open session and see if Trump “obstructed” justice.

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

 

Let us head over to the comex:

 

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A HUGE SIZED 8810 CONTRACTS TO A LEVEL OF 508,422 DESPITE THE  RISE IN THE PRICE OF GOLD ($1.00) IN YESTERDAY’S // COMEX TRADING)

WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF MAY..  THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 6765 EFP CONTRACTS WERE ISSUED:

0 FOR JUNE ’19: 6765 CONTRACTS , DEC; 0 CONTRACTS: 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  6765 CONTRACTS.

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

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 2045 TOTAL CONTRACTS IN THAT 6765 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A CONSIDERABLE  SIZED 8810 COMEX CONTRACTS.

 

NET LOSS ON THE TWO EXCHANGES : 2045 contracts OR 204,500 OZ OR 6.36 TONNES.

 

We are now in the NON active contract month of MAY and here the open interest stands at 73 contracts, having GAINED 6 contracts. We had 1 notices served yesterday so we gained 7 contracts or an additional 700 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 20,631 contracts DOWN to 234,263.  July GAINED 32 contracts to stand at 525.  After July the next active month is August and here the OI rose by 11,805 contracts up to 178,776 contracts.  We no doubt witnessed some considerable spreading liquidation today but it did not alter the price in any way.

 

 

 

TODAY’S NOTICES FILED:

WE HAD 15 NOTICES FILED TODAY AT THE COMEX FOR  1500  OZ. (0.0466 TONNES)

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now for the wild silver comex results.

Total COMEX silver OI ROSE BY A SMALL SIZED 705 CONTRACTS FROM 209,708 UP TO 210,432 (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  OI COMEX GAIN OCCURRED with the  6 CENT GAIN IN PRICING.//YESTERDAY.

 

 

WE ARE NOW INTO THE  ACTIVE DELIVERY MONTH OF MAY.  HERE WE HAVE 227 OPEN INTEREST STAND SO FAR FOR A LOSS OF 60 CONTRACTS.  WE HAD 49 NOTICES SERVED UPON YESTERDAY SO IN ESSENCE WE LOST 11 CONTRACTS OR AN ADDITIONAL 55,000 OZ WILL NOT STAND FOR DELIVERY AS THESE GUYS  MORPHED INTO LONDON BASED FORWARDS AND AS WELL THEY ACCEPTED A FIAT BONUS.  THESE GUYS GAVE UP WAITING AT THE COMEX AND TRIED THEIR LUCK OVER IN LONDON.

 

 

 

 

THE NEXT MONTH AFTER MAY IS THE NON ACTIVE MONTH OF  JUNE.  HERE THIS MONTH LOST 10 CONTRACTS DOWN TO 711. AFTER JUNE IS THE ACTIVE MONTH OF JULY, (THE SECOND LARGEST DELIVERY MONTH OF THE YEAR FOR SILVER) AND HERE THIS MONTH LOST 89 CONTRACTS DOWN TO 158,118 CONTRACTS. THE NEXT ACTIVE MONTH AFTER JULY FOR SILVER IS SEPTEMBER AND HERE THE OI ROSE BY 201 UP TO 19,721 CONTRACTS.

 

 

 

 

TODAY’S NUMBER OF NOTICES FILED:

 

We, today, had 13 notice(s) filed for 65,000 OZ for the MARCH, 2019 COMEX contract for silver

 

 

Trading Volumes on the COMEX TODAY: 235,968  CONTRACTS 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  262,650  contracts

 

 

 

 

 

 

 

INITIAL standings for  MAY/GOLD

MAY 21 /2019.

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
11,831,201
oz
BRINKS
JPM
SCOTIA
398 KILOBARS
3 TRANSACTIONS
Deposits to the Dealer Inventory in oz nil

oz

 

 

 

 

 

 

 

 

Deposits to the Customer Inventory, in oz  

 

 

 

nil oz

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No of oz served (contracts) today
15 notice(s)
 1500 OZ
(0.0466 TONNES)
No of oz to be served (notices)
58 contracts
(5800 oz)
0.1804 TONNES
Total monthly oz gold served (contracts) so far this month
306 notices
30600 OZ
.9517 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: 0

 

 

total gold deposits: 0  oz

 

 very little gold arrives from outside/ nothing arrived   today

we had 0 gold withdrawals from the customer account:

 

 

Gold withdrawals;

i)  We had 3 withdrawals:

i)out of Brinks:  32.151 oz (one kilobar)

ii) Out of JPMorgan: 10,995.300 oz (372 kilobars)

iii) Out of Scotia: 803.75 (25 kilobars)

.

total gold withdrawals;   11,831.201 oz  398 kilobars

 

 

i) we had 2 adjustments today
i) out of Brinks: 2170.880 oz was adjusted out of the dealer and this landed into the customer account of Brinks and this would be a settlement
ii) Out of HSBC:  2712.367 oz was adjusted out of the dealer and this landed into the customer account of HSBC and this would be a settlement.

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 15 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 8 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 (306) x 100 oz , to which we add the difference between the open interest for the front month of MAY. (73 contract) minus the number of notices served upon today (15 x 100 oz per contract) equals 36,400 OZ OR 1.132 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 (306 x 100 oz)  + (73)OI for the front month minus the number of notices served upon today (15 x 100 oz )which equals 36,400 oz standing OR 1.132 TONNES in this NON active delivery month of MAY.

We gained 7 contracts or an additional 700 oz will stand for delivery as they refused to morph into a London based forwards. Queue jumping AFTER A ONE DAY  temporary hiatus RETURNS

in gold

 

 

 

 

SURPRISINGLY LITTLE TO NO  GOLD HAS BEEN ENTERING THE COMEX VAULTS AND WE HAVE WITNESSED THIS FOR THE PAST YEAR!!  WE HAVE ONLY 6.480 TONNES OF REGISTERED (  GOLD OFFERED FOR SALE) VS 1.132 TONNES OF GOLD STANDING// THEY SEEM TO BE USING CONSIDERABLE GOLD VAPOUR TO SETTLE UPON UNSUSPECTING LONGS.

IF THIS IS GOING ON IN MAY, I JUST CAN’T WAIT TO SEE WHAT WILL HAPPEN IN JUNE WHICH IS A HUGE DELIVERY MONTH.

 

 

 

 

 

total registered or dealer gold:  208,336.735 oz or  6.480tonnes
total registered and eligible (customer) gold;   7,690,156.422 oz 239.19 tonnes

 

 

FOR COMPARISON FIRST DAY NOTICE FOR MAY 2018 AND FINAL STANDING MAY 31 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 32 MONTHS 117 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

IN TOTAL CONTRAST TO GOLD, HUGE ACTIVITY IN SILVER TODAY.
MAY 21 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
nil oz

 

 

 

 

 

 

 

Deposits to the Dealer Inventory
NIL oz
Deposits to the Customer Inventory
1,209,235.570 oz
Loomis
No of oz served today (contracts)
13
CONTRACT(S)
(65,000 OZ)
No of oz to be served (notices)
214 contracts
1,070,000 oz)
Total monthly oz silver served (contracts) 3454 contracts

17,270,000 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/307 milli

into Loomis: 1,209,235.570 OZ

 

 

 

 

 

 

 

 

 

 

 

total customer deposits today:  1,209,235,570  oz

 

we had 0 withdrawals out of the customer account:

 

i

 

 

 

total withdrawals:  783,090.731 oz

 

we had 1 adjustment :

out of CNT:  59,155.000 oz was adjusted out of the dealer and this landed into the customer account of Brinks

 

total dealer silver:  92.381 million

total dealer + customer silver:  306.287 million oz

 

The total number of notices filed today for the MAY 2019. contract month is represented by 13 contract(s) FOR  65,000  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 3454 x 5,000 oz = 17,270,000 oz to which we add the difference between the open interest for the front month of MAY. (227) and the number of notices served upon today (13 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the MAY/2019 contract month: 3454(notices served so far)x 5000 oz + OI for front month of MAY( 227) -number of notices served upon today (13)x 5000 oz equals 18,340,000 oz of silver standing for the MAY contract month.

We LOST 11 contracts or an additional 55,000 oz will NOT stand as these guys  morphed into London based forwards as well as accepting a fiat bonus for their efforts. They gave up waiting for metal at the comex so they have tried their luck over in London.

 

 

 

 

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:  46,169 CONTRACTS

 

 

 

 

 

 

CONFIRMED VOLUME FOR YESTERDAY: 47,941 CONTRACTS..

 

..

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 47,941 CONTRACTS EQUATES to 239 million  OZ 34.2% 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

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

 

 

NPV for Sprott 

1. Sprott silver fund (PSLV): NAV RISES TO -4.32% (MAY 21/2019)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -2.01% to NAV (MAY 21/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -4.32%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

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

NAV 12.66 TRADING 12.10/DISCOUNT 4.40

END

And now the Gold inventory at the GLD/

 

MAY 21/WITH GOLD DOWN $3.65 TODAY: A SURPRISE 2.00 TONNES WERE ADDED  TO THE GLD GOLD INVENTORY//INVENTORY RESTS AT 738.17 TONNES

MAY 20/WITH GOLD UP $1.00 A HUGE 2.96 TONNE DEPOSIT INTO THE GLD//INVENTORY RESTS AT 736.17 TONNES

MAY 17/WITH GOLD DOWN $9.70 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 733.23 TONNES

MAY 16/WITH GOLD DOWN $11.50: A WITHDRAWAL OF 3.23 TONNES FROM THE GLD//INVENTORY RESTS AT 733.23 TONNES

MAY 15/WITH GOLD UP $1.50 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 736.46 TONNES

MAY 14//WITH GOLD DOWN $5.45 TODAY: STRANGE!! THE CROOKS DECIDED TO DEPOSIT A HUGE 3.23 TONNES INTO THE GLD INVENTORY//INVENTORY RESTS AT 736.46 TONNES

MAY 13/ WITH GOLD UP ANOTHER $15.40 TODAY: STRANGE! A MASSIVE WITHDRAWAL OF 6.41 TONNES OF GOLD (TO TAME GOLD’S RISE TODAY)/INVENTORY RESTS AT 733.23 TONNES

MAY 10 WITH GOLD UP $2.15 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 739.64 TONNES

MAY 9//WITH GOLD UP $4.00 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 739.64 TONNES

MAY 8/WITH GOLD DOWN $3.70 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 739.64 TONNES

MAY 7/ WITH GOLD UP $1.80: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 739.64 TONNES

MAY 6/WITH GOLD UP $2.35: ANOTHER WITHDRAWAL OF 5.88 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 739.64 TONNES

MAY 3/WITH GOLD UP $9.35 TODAY: A WITHDRAWAL  OF 1.17 TONNES OF GOLD FROM THE GLD INVENTORY/INVENTORY RESTS AT 745.52

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

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

MAY 21/2019/ Inventory rests tonight at 736.46 tonnes

*IN LAST 596 TRADING DAYS: 195.80NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 496 TRADING DAYS: A NET 29.96 TONNES HAVE NOW BEEN LOST INTO THE GLD INVENTORY.

 

end

 

Now the SLV Inventory/

MAY 21: WITH SILVER DOWN 3 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV; A WITHDRAWAL OF 750,000 OZ///INVENTORY RESTS AT 311.616 MILLION OZ//

MAY 20/WITH SILVER UP 6 CENTS:NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 312.366 MILLION OZ

MAY 17/WITH SILVER DOWN 13 CENTS TODAY: A BIG CHANGES IN SLV: A WITHDRAWAL OF 3.185 MILLION OZ FROM THE SLV INVENTORY VAULTS:/INVENTORY RESTS AT 312.366 MILLION OZ//

MAY 16/WITH SILVER DOWN 26 CENTS: NO CHANGES IN THE SLV INVENTORY//INVENTORY RESTS AT 315.551 MILLION OZ//

MAY 15/WITH SILVER UP 2 CENTS TODAY: A BIG CHANGE IN SLV  INVENTORY: A WITHDRAWAL OF 1.031 MILLION OZ//  THE SLV/INVENTORY RESTS AT 315.551 MILLION OZ.

MAY 14/WITH SILVER UP 2 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV. INVENTORY RESTS AT 316.582 MILLION OZ/

MAY 13//WITH SILVE5 DOWN 2 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.582 MILLION OZ…

MAY 10/WITH SILVER UP 2 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 316.582 MILLION OZ///

MAY 9/WITH SILVER DOWN 9 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 316.582 MILLION OZ//

MAY 8/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.582 MILLION OZ///

MAY 7/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.582 MILLION OZ//

MAY 6/WITH SILVER DOWN 3 CENTS WE HAD ANOTHER DEPOSIT OF 891,000 OZ OF SILVER INTO THE SLV/INVENTORY RESTS AT 316.582 MILLION OZ/

MAY 3//WITH SILVER UP 34 CENTS TODAY: A DEPOSIT OF 843,000 OZ INTO THE SLV/TOTAL INVENTORY RESTS AT 315.691 MILLION OZ//

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

 

 

 

MAY 21/2019:

 

Inventory 311.616 MILLION OZ

LIBOR SCHEDULE AND GOFO RATES:

 

 

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

YOUR DATA…..

6 Month MM GOFO 2.07/ and libor 6 month duration 2.56

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

G0LD LENDING RATE: + .49

 

XXXXXXXX

12 Month MM GOFO
+ 2.33%

LIBOR FOR 12 MONTH DURATION: 2.65

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.32

end

 

PHYSICAL GOLD/SILVER STORIES

 

end
i) GOLDCORE BLOG/Mark O’Byrne

Gold Suppr

 

end

GATA STORIES WITH RESPECT TO GOLD/PRECIOUS METALS.

A joke:  LBMA is not transparent at all and yet is charging $18,000 for a report that is not worth the paper it is printed on

(courtesy Ronan Manly/GATA)

Ronan Manly: LBMA’s market ‘transparency’ reports cost $18,000 per year

 Section: 

10:15p ET Friday, May 17, 2019

Dear Friend of GATA and Gold:

After promising transparency with gold and silver trading data, the London Bullion Market Association is charging exorbitantly for it, Bullion Star’s Ronan Manly reports tonight. The fee is $18,000 per year.

Manly’s analysis is headlined “Pay to Play: LBMA Shows Contempt for the Wider Gold and Silver Markets” and it’s posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/pay-to-play-lbma-shows-con…

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

END

The rise in bitcoin is masking the huge capital flight from crypto exchanges

(Bloomberg/GATA)

Bitcoin rally is masking capital flight from crypto exchanges

 Section: 

By Olga Kharif
Bloomberg News
Wednesday, May 15, 2019

Lost among the current bout of cryptocurrency euphoria is that capital outflows are exceeding inflows on some of the biggest digital-asset exchanges.

While that may sound counterintuitive to the basic laws of supply and demand with prices of Bitcoin and other tokens surging, it’s not that rare an occurrence in a market that has been dogged by allegations of fraud and manipulation over its decade-long existence. TokenAnalyst, a London-based provider of blockchain data, estimates that withdrawals from trading platforms including Bitfinex, BitMEX, Binance, and Kraken have exceeded inflows by about $622 million over the past five days. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-05-15/bitcoin-rally-is-mask…

END

Please listen to this interview of Andrew Maguire and Erick King as Andrew tells him that sovereigns are taking advantage of the naked short selling by taking delivery.

(courtesy Andrew Maguire/KingworldNews/GATA)

Sovereigns are exploiting Comex paper smashes to get real metal, Maguire tells KWN

 Section: 

9a ET Saturday, May 18, 2019

Dear Friend of GATA and Gold:

Sovereign buyers are using smashes on the New York Commodity Exchange’s futures market to acquire gold and silver at a discount, London metals trader Andrew Maguire told King World News this week, adding that backwardation in silver has reached “unprecedented” levels. In spite of the sharply downward action in futures lately, Maguire says, metal supplies around the world remain tight and the Comex prices are not representative of world markets. Maguire’s interview is 20 minutes long and can be heard at KWN here:

https://kingworldnews.com/whistleblower-andrew-maguire-naked-short-selli…

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

end

China is attempting to start a Platinum physical exchange through Shanghai Gold Exchange.  So far it has failed

(courtesy Sanderson London Financial Times)

West’s governments aren’t the only ones that like to rig markets

 Section: 

Opponents Squash Platinum Plans of Shanghai Gold Exchange

By Henry Sanderson
Financial Times, London
Monday, May 20, 2019

The Shanghai Gold Exchange has delayed plans for a platinum contract after failing to gain political clearance, threatening a push to open up a market for the precious metal dominated by the arm of a big state-owned company.

The SGE had been due to launch a two-way cash-settled contract — enabling users to sell and buy platinum — in the first quarter but it failed to win approval, according to two people familiar with the exchange.

… 

The failure highlights the difficulties of reforming China’s domestic commodity markets, where state-owned companies hold sway.

A platinum contract in China would have given carmakers in the world’s largest auto market the ability to hedge the platinum they use in their catalytic converters or fuel cell vehicles. Investors would also have been able to speculate on prices of the metal.

“It is quite a setback for the market,” said one industry source in China.

China is the world’s largest consumer of platinum, using 73.8 tonnes last year, a third of global demand, according to Johnson Matthey, a maker of platinum-based catalysts.

… For the remainder of the report:

https://www.ft.com/content/89d27fce-77de-11e9-bbad-7c18c0ea0201

* * *

Help keep GATA going:

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

http://www.gata.org

To contribute to GATA, please visit:

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



iii) Other Physical stories
Russia is continually adding official gold.  Last month it added 15.6 tonnes to its arsenal. It produces around 16 tonnes per month so nothing can from outside the country.
(courtesy Lawrie Williams)

LAWRIE WILLIAMS: Russia adds another 15.6 tonnes to gold reserves in April

The Russian central bank has announced that it added a further 500,000 ounces (!5.6 tonnes) to its gold reserves in April, keeping it ahead of China in its announced monthly gold accumulations, but a little below its March figure of 600,000 ounces. Even so, it is comfortably on track after four months of the year have passed to again accumulate over 200 tonnes of gold in the full year.

It will not have gone without notice that the Bank of Russia almost always announces its gold reserve increases in round numbers – usually to the nearest 100,000 ounces – but the likelihood is perhaps that this is just an announced figure and the true accumulation which, in due course will be passed on to the IMF for its world gold reserve statistics, will be marginally higher or lower. Overall, if we incorporate the latest increase as announced into the IMF figure for Russian central bank gold holdings we come up with a figure of around 2,184 tonnes of gold as the world’s fifth largest national holder of gold, which puts it within spitting distance of the World’s No.s 3 and 4, Italy and France which respectively report their gold holdings at 2,451.8 tonnes and 2,436,0 tonnes. At its current gold accumulation rate, Russia could move ahead of both of these by early next year.

Russia has been the largest annual accumulator of gold for some years now, at least as far as figures reported to the IMF go. (We have always held the opinion that China has been increasing its gold reserves at a faster pace than it has been reporting to the IMF, but hiding this excess gold in accounts it says does not meet the criteria for reporting as part of its official forex reserves),

Russia, however, seems to have been following a conscious policy of replacing most of its U.S. dollar- related holdings in its forex mix given the imposition of mostly Crimea-related U.S. economic sanctions. With U.S. under the Trump Administration seeming increasingly willing to impose economic weapons against countries which it deems to be unfriendly, it would not be too surprising if some other countries were to follow the Russian lead.

Notably among these is China, but arguably its holdings of U.S. treasuries are too enormous (probably in excess of, or around, $US3 billion) for it to dump any significant proportion of them without some kind of U.S. economic retaliation. One suspects though that China might run these down very slowly, so as not to raise U.S. ire, and also refrain from new U.S Treasuries purchases until, at least, the U.S.-imposed trade war is brought to a satisfactory mutual conclusion.

Meanwhile the U.S. ‘Powers That Be’ seem to be doing their best to prevent those that have been building their gold reserves at the expense of the U.S. dollar to be seen to be making any substantial paper gains by keeping the gold price down. This is despite what appear to be positive fundamentals for the yellow metal. The vast amount of paper gold which is traded on the futures exchanges provides a convenient route to so doing. But it appears that institutional interest in gold as an asset class capable of making gains may be returning which may suggest the big money is anticipating a decent gold price rise in the near future. If so, those nations which have been replacing U.S. dollars with gold in their forex reserves will feel well justified in so doing’.

According to the World Gold Council, last year central banks added the most gold to their reserve totals since President Nixon cut the U.S. dollar’s ties to gold in 1971. So far this year central bank gold acquisitions still remain elevated, with Russia continuing to lead the pack, although at perhaps a slightly lower rate than last year. Gold thus still retains a prominent role in global finance with few central banks, apart perhaps for Venezuela’s. Being seen to divest any of their holdings to meet short term needs. In Venezuela’s case this probably has little significance in the global gold supply/demand picture as the country is a significant gold producer and we assume central bank sales may just be replacing direct sales from the state-controlled mining companies..

The apparent acceptance of the yellow metal’s global economic role should stand it in good stead in the months and years to come, particularly since global new mined supply is at the very least plateauing. Many expect new mined supply to start turning down in the near future (peak gold) given the dearth of major new discoveries and continuing consolidations among the gold majors with older mines approaching the ends of their lives not able to be replaced by new projects already in the pipeline. Higher gold prices, if they come about, can also, counter- intuitively, lead to reduced output with miners able to mine lower grade section in order to prolong mine life.

21 May 2019

-END-

Good Afternoon Bill/Harvey,
I have listened to Chris Powell’s recent interview where he spells out the reasons as to why the headline paper price of gold must be continually suppressed, and then also I have listened to Andrew Maguire’s interview on KWN with the usual theme that stresses in the physical market will soon translate into an improved headline price for these synthetic paper gold contracts that will never ever be delivered.Right at the end of the KWN interview,Andrew mentions a recently placed order for 20 tonnes of silver,which order will require delivery.Perhaps MIDAS could be updated on the progress of the successful (or otherwise) execution of this order for 20 tonnes of silver.
Deutsche Bank’s share price yesterday broke below the Euro 6.68 level, which is a new low (for the last five years at least). We hear that many European Banks are failing to honour delivery requests in respect of allocated gold etc.etc.The totality of the Cartel is so powerful, that the suppression of the gold price only makes sense if one comes to terms with the conclusion that ‘stinkin physical’ simply doesn’t matter under the regime of suppressed ,manipulated MSM reporting. I am at last finding peace because I have come to terms with the realization that Chris Powell is correct.One day, the development of the One Belt One Road trading bloc will be sufficiently developed to allow China/Russia to reintroduce some kind of gold backing into trade settlement/currency mechanisms, but maybe that is a decade away.Yes, it could be far sooner. I read that China is considering placing restrictions on rare earth exports and perhaps the weaponizing of physical gold may soon become a further option that has to be ratcheted up if Bolton/Pompeo insist on  war,to the extent that neutering the purchasing power of the fiat USD ponzi scheme becomes an integral part of a real time war strategy against the USA fascist military/industrial complex.
Regards
N
 
Due to the criminal conviction of trader Edmonds, the USA prosecution is seeking to halt the civil lawsuit. I was misinformed: all discoveries in a civil suit are public and because of that, the prosecution gives the defendants the right to plead the 5th if their testimony incriminates them
(courtesy zerohedge/Chris Powell)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

 

end

* * *

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

i) Chinese yuan vs USA dollar/CLOSED/ LAST AT: 6.9075/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  6.9371   /shanghai bourse CLOSED UP 35.37 POINTS OR 1.23%

HANG SANG CLOSED DOWN 130.37 POINTS OR 0.47%

 

2. Nikkei closed  DOWN 29,28 POINTS OR 0.14%

 

 

 

 

3. Europe stocks OPENED GREEN /

 

 

 

USA dollar index RISES TO 98.10/Euro FALLS TO 1.1145

3b Japan 10 year bond yield: FALLS TO. –.05/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 110.26/ 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:: 63.40 and Brent: 72.34

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 UP for WTI and UP FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.07%/Italian 10 yr bond yield DOWN to 2.66% /SPAIN 10 YR BOND YIELD DOWN TO 0.86%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 2.73: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 3.42

3k Gold at $1275.00 silver at: 14.41   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 2/100 in roubles/dollar) 64.54

3m oil into the 62 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 110.26 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 1.0106 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1265 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 RISING to 0.07%

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 2.42% early this morning. Thirty year rate at 2.84%

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

6.  TURKISH LIRA:  UP  TO 6.0596..they are toast

Global Markets A “Sea Of Green” After Trump Temporarily Eases Huawei Restrictions

It’s not exactly clear what prompted today’s dramatic U-turn reversal in overnight markets, but this morning stocks and futures around the globe are a sea of green with chipmakers and Asia-exposed stocks among the best performers, with some pointing the finger at Washington’s decision to temporarily ease trade restrictions imposed last week on China’s Huawei even though the move was largely procedural, while the trade-war driven turbulence that has dominated markets showed no signs of abating.

 

S&P and Nasdaq futures all traded in the green after the U.S. granted limited relief for consumers and carriers using Huawei Technologies, a day after the White House’s moves against the Chinese telecom giant battered stocks. The result has been the biggest monthly drop in the Semiconductor Index – which confounded so many with its oblivious levitation in the first 4 months of 2019 – as traders finally realized that pain is coming.

 

The overnight respite came after news on Monday that Washington allowed Huawei to purchase American-made goods to maintain existing networks and provide software updates to existing Huawei handsets until Aug. 19. What happens next is unclear.

“The Huawei extension is in some sense providing a relief rally as it eases the worst fears of market participants that we are drifting towards a fully-fledged trade war,” said Aberdeen Standard’s head of global strategy, Andrew Milligan.

Extension aside, an angry China continues to dig in, and overnight Beijing warned about “unwavering resolve” to fight U.S. “bullying,” saying it could retaliate after U.S. President Donald Trump blacklisted Huawei.

In Europe, the STOXX 600 edged higher, with Germany’s DAX rising 0.6%, while France’s CAC 40 climbed 0.2% in early trading, while tech firm lead the advance. Chipmakers Infineon and STMicro were up 1.4 to 3.5%, and the tech sector rising more than 1% after losing almost 3% on Monday. The autos and suppliers sector was another top gainer, up as much as 1.1%. In London, heavyweights HSBC, Prudential and Standard Chartered boosted the blue-chip index as markets on hopes if an easing in the trade tensions. Daimler got a boost after German newspaper Handelsblatt reported the company was looking to cut administration costs by 20%. Elsewhere, Italy’s biggest phone group Telecom Italia led gainers on the STOXX 600 after posting first-quarter earnings in-line with expectations and confirming its guidance for the next three years.

Chinese equities had the strongest gains in the Asian session, with the Shanghai Composite up 1.23% and the CSI300 index ended 1.35% higher, while their Japanese peers ended lower. Gains in heavyweight Samsung Electronics helped South Korea’s KOSPI stock index close up 0.3% as traders speculated the chip giant may benefit from Huawei’s need to shift away from American suppliers. Meanwhile, traders ignored the latest disastrous trade print from South Korea, which reported a -11.7% plunge in total exports and a 33% crash in chip exports, confirming that the trade war is only getting worse by the day.

 

Still, the situation remains fluid and just one hastily worded tweet threatens to collapse confidence. “Equity markets remain hostage to developments in the ongoing US-China trade battle,” said Rupert Thompson, head of research at Kingswood. “We still believe some kind of deal will eventually be reached – most likely at a Xi/Trump meeting at the G20 Summit in late June.”

Despite the overnight rebound in optimism, overall sentiment continues to deteriorate: “The world of G-10 believes that things get fixed. This is what economists tell them, and so they do not see a reason to panic,” said Sebastien Galy, senior macro strategist at Nordea Investment Funds SA in Luxembourg. “Volatility is set to stay, though it need not mean that equities are always to the downside,” pending clarity on U.S.-China talks before next month’s G-20 summit, he added.

In FX, cable fell below $1.27 for the first time since mid-January, hit by dollar strength and expectations that Prime Minister Theresa May will fail to persuade cabinet colleagues to back an amended version of her Brexit withdrawal deal. As Reuters notes, the pound slipped 0.2% to $1.2688 while against the euro it was down 0.14% to a new four-month low of 87.88 pence.

Elsewhere, the U.S. dollar advanced against most of its G-10 peers, with the Australian dollar seeing the biggest declines. The Aussie slid, wiping most of the previous day’s advance, after RBA Governor Philip Lowe said he’ll consider cutting interest rates at next month’s meeting to spur faster hiring, pushing the Aussie dollar lower half a percent to $0.6873. Most other G-10 currencies were range bound ahead of a slew of risk events this week, including minutes of the Federal Reserve’s latest meeting and a potential response from China. In EM, the outlier was the Turkish lira which stayed lower after the country’s central bank effectively lowered its main interest rate, undoing a limited tightening of policy

Oil prices edged higher on U.S.-Iran tensions and amid expectations that producer club OPEC will continue to withhold supply this year. Brent crude futures, the international benchmark for oil prices, were at $72.18 per barrel up 21 cents, or 0.3 percent, from their last close.

Expected data include existing home sales. AutoZone, Home Depot, and TJX are among companies reporting earnings.

Market Snapshot

  • S&P 500 futures up 0.3% to 2,853.00
  • MXAP down 0.3% to 153.91
  • MXAPJ down 0.1% to 503.15
  • Nikkei down 0.1% to 21,272.45
  • Topix down 0.3% to 1,550.30
  • Hang Seng Index down 0.5% to 27,657.24
  • Shanghai Composite up 1.2% to 2,905.97
  • Sensex down 0.6% to 39,127.68
  • Australia S&P/ASX 200 up 0.4% to 6,500.14
  • Kospi up 0.3% to 2,061.25
  • STOXX Europe 600 up 0.4% to 379.09
  • German 10Y yield unchanged at -0.087%
  • Euro down 0.2% to $1.1144
  • Italian 10Y yield rose 4.0 bps to 2.327%
  • Spanish 10Y yield fell 0.4 bps to 0.88%
  • Brent futures down 0.3% to $71.77/bbl
  • Gold spot down 0.2% to $1,275.22
  • U.S. Dollar Index up 0.2% to 98.11

Top Overnight News:

  • China has warned about “unwavering resolve” to fight U.S. “bullying,” saying it could retaliate after U.S. President Donald Trump blacklisted Huawei. The U.S. restrictions on Chinese telecom giant Huawei threatens to snuff out a nascent recovery in semiconductor demand, a key driver of economic growth in technology powerhouses including South Korea and Taiwan
  • Trade tensions have derailed the global economy, plunging it onto a low-growth track that’s clouded by risks, according to the OECD’s latest outlook. The report sticks to the gloomy tone long held by the Paris-based organization, which has warned that trade disruptions could ricochet throughout the world economy
  • For overseas investors, a weaker Chinese currency is the latest factor making yuan-denominated assets less attractive. They’ve been selling mainland-listed stocks at a record pace and their demand for Chinese bonds has been relatively tepid
  • Hong Kong is set to price its first ever green bond denominated in dollars on Tuesday, to become the second Asian government after Indonesia to raise such debt
  • Angela Merkel is preparing for a clash with France as she pushes Germany’s most ambitious bid yet for a top European Union job. The German chancellor is focused on securing the presidency of the European Commission or the European Central Bank for one of her compatriots, according to officials with knowledge of her thinking

Asian stocks eventually traded mostly higher after the US provided temporary relief for Huawei, which helped the region shrug-off the negative lead from Wall St where the tech sector suffered the brunt of the ongoing trade uncertainty. ASX 200 (+0.4%) was initially weighed on by underperformance in the tech sector but then recovered on expectations for a rate cut next month and with strength in financials after APRA proposed amending guidance on mortgage lending which could raise the maximum borrowing capacity for individuals, while Nikkei 225 (-0.2%) was subdued and failed to benefit from a weaker currency. Hang Seng (-0.4%) and Shanghai Comp. (+1.3%) were higher with sentiment underpinned following a CNY 80bln liquidity injection by the PBoC and after the US provided some temporary relief for Huawei and other entities in order to maintain their existing networks. However, Huawei’s founder seemed less than impressed as he stated the US reprieve does not mean much for Huawei and that no one will be able to catch up with it on 5G technology for the next 2-3 years. Finally, 10yr JGBs were flat despite the lacklustre tone in Japan and after the BoJ’s Rinban announce for over JPY 1.2tln of JGBs also failed to spur prices.

Top Asian News

  • Thai Growth Slumps to Weakest Since 2014 as Trade War Takes Toll
  • Jokowi Declared Winner of Indonesia Vote as Rival Rejects Result
  • Tencent’s $66 Billion Wipeout Bodes Ill for Hong Kong Stocks
  • Turkey Central Bank Undoes Tightening, Brings Rate Down to 24%

Upbeat trade for European stocks so far [Eurostoxx 50 +0.7%] following on from a mostly positive Asia-Pac session wherein the two major Chinese bourses closed higher in excess of 1%. Sectors are all in the green although the defensive sectors are marginally lagging their peers. Chipmakers are bolstered by reports that the US government are to temporarily ease some trade restrictions imposed on Huawei, with STMicroelectronics (+3.7%), AMS (+4.0%) and Micro Focus (+3.1%) higher. In terms of individual stocks, Spanish listed DIA (+4.5%) opened higher in excess of 8% after Santander (+0.2%) agreed a financing deal with DIA to avoid insolvency proceedings. Meanwhile, Norsk Hydro (+5.2%) shares spiked higher after Brazil gave the company the green light for its Alunorte Alumina plant to reopen. Finally, Telecom Italia (+1.9%) shares jumped following optimistic earnings aftermarket yesterday.

Top European News

  • May Faces Brexit Showdown as Ministers Jostle to Succeed Her
  • Rees-Mogg Says He Won’t Back May’s Brexit Withdrawal Bill
  • Germany Is Ready for a Fight as Merkel Targets EU’s Top Jobs

In FX, the Aussie is dragging its antipodean compatriot back down under after just a fleeting pop higher in wake of PM Morrison’s unexpected re-election, and the catalyst is a combination of dovish RBA minutes and rhetoric from Governor Lowe that have ramped up June rate cut expectations to over 90% per interbank pricing and around 75% in OIS terms. Aud/Usd is teetering just above last Friday’s 2019 low (0.6862) – discounting the so called ‘flash crash’ trough at 0.6743 from early January – and eyeing support at 0.6850 ahead of the 30 DMA (0.6845) and decent option expiry interest at 0.6800 (close to 1 bn). Meanwhile, Nzd/Usd is just a few pips over 0.6500 having breached the post-RBNZ cut and previous ytd base of 0.6525, as the Aud/Nzd cross holds between 1.0557-90. Next up for the Kiwi, NZ Q1 retail sales and the latest GDT auction.

  • GBP – The Pound continues to depreciate awaiting further Brexit developments following the collapse of talks between the Conservative and Labour Parties and ahead of MV4 due early next month. On that note, today’s Cabinet meeting will provide more clues as to the level of support for and opposition to the WA after a narrower defeat at the 3rd HoC vote, with some suggestions that the tide has turned back against the proposal. Cable has now filled bids said to be sitting from 1.2710-15 and any psychological buying interest at 1.2700 to hit 1.2686 vs the mid-January trough at 1.2670 that came with the failure of MV1, while Eur/Gbp has tested resistance ahead of the 200 DMA circa 0.8790 or 1.1375 in Sterling terms.
  • EUR/CHF/JPY – Also weaker vs a broadly firm Dollar as the DXY edges back above the 98.000 level to probe recent peaks and resistance spanning the 98.030-120 area ahead of this year’s high at 98.346. The single currency has slipped through bids that held on Monday at 1.1150, but not further towards support at 1.1135 or the 1.1112 ytd low, while the Franc is back on the 1.0100 pivot and Yen has retreated from its 100 HMA (109.80) to retest support at 110.31 (Fib and recent low).
  • EM – Another day in the spotlight for the Lira as the Government and CBRT maintain efforts to curtail speculative flows and restore investor confidence in the face of more evidence that sentiment is weak on economic, fiscal, political and diplomatic grounds. Indeed, Turkish consumer morale has fallen sharply in May and Usd/Try has bottomed around 6.0000 yet again even though FX transaction settlements for non-corporate retail deals in Usd100k or above have been brought forward from spot to plus one day and the CBRT has reinstated 1 week repos and cut swap rates by 150 bp to 24%.

In commodities, a relatively choppy session thus far in the energy complex as WTI (+0.8%) and Brent (+0.6%) futures have recently moved past the USD 63.50 and USD 72.20 levels to the upside, after a brief spell in negative territory on the day. News flow has been light in the sector ahead of tonight’s API crude inventories release with forecasts for a headline crude drawdown of 1.9mln barrels whilst distillates are expected to decline by 600k barrels. Turning to OPEC, following yesterday’s delay to the 25/26th June OPEC/OPEC+ meetings, Energy Intelligence notes that there are talks of a JMMC and JTC meeting on July 1st and 2nd ahead of an OPEC/OPEC+ meeting on July 3rd-4th. Nothing is yet confirmed. Elsewhere, Russian press noted that oil transit from Russian oil transit towards the EU has now resumed following the contaminated oil at the Ust-Luga port. In terms of metals, gold (-0.2%) prices remain subdued as the Dollar index gains more ground above 98.000. Meanwhile, copper prices are relatively flat amid the indecisive risk tone. Finally, aluminium futures (-1.5%) slump after a federal court in Brazil lifted a production embargo at Hydro’s Alunorte refinery which would see the a ramp-up in production from 50% to 75-80% within two months.

US Event Calendar

  • 10am: Existing Home Sales, est. 5.35m, prior 5.21m; MoM, est. 2.69%, prior -4.9%
  • 10:45am: Fed’s Evans Discusses Economy and Monetary Policy
  • 12pm: Fed’s Rosengren Speaks to Economic Club of New York

DB’s Jim Reid concludes the overnight wrap

NO SPOILER ALERT!! So there is now a deep void in my life following the last Game of Thrones we watched last night. Seems very sad that I’ll never watch another episode. However on reflection although there have been 73 episodes this only represents around 3 full days of my life watching it. Considering I’ve been on the planet for around 16420 days then I’ve only spent 0.0000609% of my existence consuming it. So I’m hoping I’ll soon get over my loss and will instead find something else to obsess about. Today is World Day for Cultural Diversity and DB is encouraging staff to support this event by coming to work in traditional cultural outfits and making a charitable donation. I’m not sure if Surrey, England has a cultural dress of note (bowler hat?) so I’m thinking of celebrating the end of GoT by arriving in Dothraki cultural attire.

A bit like the void now filling our TV screens on Monday nights, it was eerily quiet in markets yesterday. That’s especially impressive considering all that’s happened in the last couple of weeks. The fallout from the Huawei ban was the main talking point, and the mood music continued to be negative with President Trump saying in an interview that he is “very happy” with how the trade confrontation with China is going. Tech underperformed with the NASDAQ dropping -1.46% and the Philly Semi-Conductor index -4.02%. For a bit of perspective the latter is now down -15.32% from the April highs – of which half has come in the last three sessions – which compares to only a -3.58% fall for the S&P 500 from the recent highs. Meanwhile, at a stock level Apple (-3.13%), Alphabet (-2.02%), Broadcom (-5.97%) and Qualcomm (-5.99%) were amongst some of the higher-profile casualties while the NYSE FANG index also got hit to the tune of -2.70% – although that only ranks third-worst in terms of one-day moves in the last five sessions. The chipmaking sector’s troubles were compounded by reports that the Federal Trade Commission is expanding its anti-trust probe into the sector, specifically investigating whether Broadcom abused its market dominant position.

In contrast the S&P 500 and DOW finished a much more measured -0.67% and -0.33% respectively while prior to this the STOXX 600 ended -1.06%. The DAX (-1.61%) got hit a bit more as Infineon (-4.80%) got caught up in the Huawei-ban crosshairs after the Nikkei reported that the company had also ceased shipments to Huawei following the announcement. The FTSE MIB (-2.68%) was also a notable underperformer, partly as a result of STMicroelectronics tumbling -9.15%, but also as Deputy PM Salvini reiterated that tax cuts would need to be financed with a higher deficit and by changing EU rules. BTPs actually held in relatively well all things considered, with 10y yields +4.0bps higher compared to a +1.8bps rise for Bunds. Treasuries closed a quiet session +2.3bps higher while the USD (-0.05%) was a shade weaker. Credit markets were also quiet with cash HY spreads -1.6bps tighter in aggregate, almost entirely driven by the -92bps tightening in Sprint’s HY bonds after the FCC Chairman announced that he plans to recommend approval for T-Mobile’s potential acquisition of Sprint.

Overnight trade continues to dominate the headlines with China’s ambassador to the EU, Zhang Ming, suggesting that China could retaliate against the US after the move to blacklist Huawei. He said “This is wrong behaviour, so there will be a necessary response,” while adding, “Chinese companies’ legitimate rights and interests are being undermined, so the Chinese government will not sit idly by.” Meanwhile, the People’s Daily in China published a commentary today saying that repeated misjudgement by the US could produce grave consequences while adding that attempts to impede the historical progress of the great rejuvenation of the Chinese nation will be like “a mantis trying to stop a car with its arms.” Sounds very Game of Thrones! This morning in Asia markets are largely trading up with advances led by Chinese markets with the CSI (+1.80%), Shanghai Comp (+1.52%) and Shenzhen Comp (+1.92%) all up over 1% . The Nikkei (+0.06%) is also edging into positive territory after erasing earlier losses alongside the Hang Seng (+0.22%) and Kospi (+0.94%). Samsung shares are up +4.04% this morning on the possibility that the company could potentially receive orders diverted from China and the US after the US blacklist of Huawei. For some context Huawei’s 4.125% ’26 USD bonds are trading down -0.14pts overnight at 95.4 having traded at a cash price of 98.6 just last Wednesday. Elsewhere, the Australian dollar is trading weak (-0.38%) this morning as the RBA Governor Lowe said that the board will consider a rate cut in June. Futures on the S&P 500 are up +0.43%.

Overnight we also heard from the Fed Chair Powell that the $1.2tn market in leveraged corporate loans doesn’t represent a current threat to the financial system. He added that it looks a lot like the mortgage industry in the run-up to the subprime crisis but that US regulators are watching closely this time around and the financial system is better shielded. However, he pointed to mutual funds as potentially troubling participants in today’s leveraged loan market while adding that a downturn might encourage investors to redeem much faster than the funds can sell off the loans. Currently, mutual funds are holding $224bn of leveraged loans (per Bloomberg).

In other Fed speak from yesterday, Bostic repeated that he does not see a rate move more likely in one direction that the other – a message he’s been running with a while for now. He also said that companies are “expressing concern they are reaching limits of how much they can hold off on raising prices due to tariffs” and that he does not expect the economy to grow as fast this year relative to last year. Meanwhile, St. Louis Fed President and known dove Bullard said that he wants to examine yield curve targeting as a policy option, and also said that if inflation remains around its current level of 1.6% yoy, “I’ll get more aggressive in pushing the FOMC to lower rates.” Finally, Vice Chair Clarida and NY Fed President Williams spoke at an event, and though most of their remarks were unchanged from previous speeches, they both did emphasize the low level of NAIRU at around 3.5%, suggesting little pressure to hike rates further unless and until unemployment moves lower.

It was a quiet day in terms of economic data, but the Chicago Fed’s national activity index fell to -0.45 for April, from an upwardly-revised March reading of 0.05. A negative value indicates below-average growth. In Europe, the only release was German PPI data, which showed a +0.5% mom rise in prices versus expectations for +0.3%. That was the fastest pace since January 2017. Away from the data, the Bundesbank released new economic projections which forecast German growth to stagnate this quarter after a strong Q1, in line with DB’s house view.

To the day ahead now, which is a very quiet one for data with the May CBI survey in the UK and April existing home sales report in the US due out. The latest OECD economic outlook will be released while over at the Fed we’re due to hear from Evans at 3.45pm BST and Rosengren at 5pm BST. The ECB’s Guindos and Visco are also due to make comments while the BoE’s Carney testifies to Parliament’s Treasury Committee about the May inflation report this morning.

3. ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 35.37 POINTS OR 1,23%  //Hang Sang CLOSED DOWN 130,37 POINTS OR 0.47%   /The Nikkei closed DOWN 29.28 POINTS OR 0.14%//Australia’s all ordinaires CLOSED UP 0.26%

/Chinese yuan (ONSHORE) closed UP  at 6.9075 /Oil UP to 63.40 dollars per barrel for WTI and 72,34 for Brent. Stocks in Europe OPENED GREEN/ONSHORE YUAN CLOSED UP // LAST AT 6.9075 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9371 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/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 /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

3 a NORTH KOREA/SOUTH KOREA

NORTH KOREA

 

 

end

3 b JAPAN AFFAIRS

 

end

3 C CHINA/CHINESE AFFAIRS

i)China/USA

Beijing warns of an unwavering resolve in the Huawei fight. The uSA has given a 90 day reprieve to allow American broadband companies more time to work out a plan B  as Huawei will be effectively blocked.

(courtesy zerohedge)

Beijing Warns Of “Unwavering Resolve” In Huawei Fight, Accuses Washington Of “Bullying & Blackmail”

As the anti-American sloganeering reaches an unprecedented level of froth (there’s now an unofficial trade war ‘fight song’) across China, the Commerce Department has softened its anti-Huawei stance, calling for a 90-day reprieve  to allow American broadband companies more time to work out a ‘Plan B’.

The delay will cover continued operation of existing networks and equipment, as well as support to existing handsets and other limited actions, according to Bloomberg.

American

But that’s not even the biggest trade headline of the morning, as analysts wonder how Beijing will retaliate for the war on Huawei. Anyone who thinks Beijing won’t respond is being naive, China’s ambassador to the EU warned Tuesday. China will provide a “necessary response” to Washington’s “wrong behavior.”

“This is wrong behavior, so there will be a necessary response,” Zhang Ming, China’s envoy to the EU, said in an interview in Brussels on Monday. “Chinese companies’ legitimate rights and interests are being undermined, so the Chinese government will not sit idly by.”

Zhang said the White House’s crackdown on Huawei is “politically motivated” and an “abuse of export-control measures.”

“The U.S. government is trying to bring down Huawei through administrative means,” he said.

He also warned that Beijing would present “unwavering resolve”

“The United States has been repeatedly creating troubles to the consultation, undermining the positive momentum formed in the process of hard and tough negotiations and seeking illegitimate gains through bullying and blackmail,” Zhang said.

“China has unwavering resolve to defend its legitimate right and interests,” Zhang said. “If the U.S. wants to fight, we will accompany to the end and we will also fight earnestly. In other words, the ball is in the U.S. court.”

“We have been holding on for 5,000 years,” Zhang said. “Why not another 5,000 years?”

On Friday, the Commerce Department added Huawei and dozens of its affiliates to a blacklist that will stop US companies from selling Huawei equipment. This could be seriously disruptive for Huawei’s business.

Meanwhile, Global Times editor Hu Xijin warned yesterday that China would devote itself to saving Huawei, and that Washington’s aggression has “woke up Chinese society.”

Hu Xijin 胡锡进@HuXijin_GT

The US cutting off Huawei supplies completely woke up Chinese society. China will face difficulties in short term. We will devote to independent R&D and abandon any illusion. But it is also a real turning point of the US semiconductor companies gradually losing Chinese market.

A steady drumbeat of aggressive editorials continued Tuesday with Xinhua warning that the US, which started the trade war, will bear the “heavy brunt” of its actions.

As CNBC warned in a headline Tuesday morning, the trade war might “get worse before it gets better” as Beijing stokes nationalistic fervor against the ‘imperialist’ Americans.

“It’s going to get worse before it gets better,” said Curtis Chin, an Asia fellow at the Milken Institute, a think tank.

Trade talks are still on hold, and investors have pinned their hopes for a deal on a Trump-Xi meeting at the upcoming G-20 summit. Meanwhile, every day, the US takes one more step toward imposing tariffs of as much as 25% on all remaining imported Chinese goods.

And Beijing takes another step toward other means of retaliation like, for example, a rare-earth metals ban.

end

Rare earth stocks skyrocket on the Xi threat.  Actually rare earths are not that rare at all but are important in the production of many USA products.  China supplies 80% of all Rare Earths to the uSA and Europe.

(courtesy zerohedge)

Rare-Earth Stocks All Soar “Limit Up” After Xi’s Threat

Chinese rare-earth stocks soared overnight for a second day following the implicit trade restrictions (export ban?) threat signaled by Xi Jinping’s visit to JL Mag, a material producer in Jiangxi province.

As Bloomberg notes, China Northern Rare Earth, Shenghe Resources, China Minmetals Rare Earth, and JL MAG Rare-Earth all spiked by the 10% daily limit in mainland trading, extending Monday’s similar gains…

In Hong Kong, where there is no restrictive upside/downside limit, China Rare Earth Holdings surged as much as 132%

As we noted previously, the reason for the dramatic market response is that the presidential visit flags policy priorities, and “rare earths have featured in the escalating trade spat between the U.S. and China.”

Specifically, as Bloomberg notes, China raised tariffs to 25% from 10% on American imports, while the U.S. excluded rare earths from its own list of prospective tariffs on roughly $300 billion worth of Chinese goods to be targeted in the next wave of measures. And just in case the White House missed the message, Xi was accompanied on the trip to JL MAG by Liu He, the vice premier who has led the Chinese side in the trade negotiations.

Why does China have a clear advantage in this area? Simple: the U.S. relies on China, the dominant global supplier, for about 80% of its rare earths imports.

The visit “sends a warning signal to the U.S. that China may use rare earths as a retaliation measure as the trade war heats up,” said Pacific Securities analyst Yang Kunhe. That could include curbs on rare earth exports to the U.S., he said.

Xi’s visit came just hours after the Trump administration on  Friday blacklisted Huawei and threatened to cut it off from the U.S. software and semiconductors it needs to make its products. A spokesman for China’s foreign ministry told reporters Monday to “please wait and see” how the government and companies respond.

Finally, to those looking to trade a potential rare-earth export ban, one place would be to go long the REMX rare earth ETF, which after hitting an all time high of $114 in 2011 during the first rare-earth “scare” during the China-Japan trade war, is trading some 90% lower as the market has all but discounted any possibility of a price spike…

…until the last two days…

Needless to say, should China lock out the US, the price of rare earths could soar orders of magnitude higher.

end
London’s Financial Times warns that Washington’s coercive steps against Huawei are serious misguided and it may come back to haunt them. Huawei must obtain supply chains independent of Washington. Thus Washington’;s mission is to destroy Huawei.  I
(courtesy zerohedge)

FT Editors Warn Washington’s “Coercive Steps” Against Huawei Are “Seriously Misguided”

The FT’s editorial board rarely agrees with the Trump administration, and when it comes to Washington’s decision to blacklist Huawei, the paper’s editors believe Trump is making a massive miscalculation.

FT reporters warned yesterday that Google’s decision to cut Huawei off from most Android-related offerings represented a “hammer blow” to the telecoms giant’s rapidly expanding smartphone business.

Smartphone

Analysts quoted by the South China Morning Post on Tuesday warned that “as far as overseas markets go, this move just turned Huawei’s upcoming phones into paperweights.”

Beijing, for its part, has sworn to cultivate whole supply chains and app-based ecosystems out of nothing to insulate Huawei from Washington’s blacklisting. In this, the FT editors apparently believe the Chinese might succeed. 

And the worst possible outcome of the Huawei crackdown – for the US, at least – would be for Huawei to survive by building a fully independent supply chain. That could help ‘decouple’ the American and Chinese tech industries, which are deeply intertwined due to the components trade.

They amount to an effort to decouple the US and Chinese tech sectors, leading to a bifurcation of the global industry. This reflects a view reaching beyond the Trump White House and deep into the US security establishment that President Xi Jinping’s China is a malign actor, and that its technology is on course to outstrip America’s. Indeed, the US steps appear part of an attempt to constrain China’s rise.

Echoes of the Soviet era abound, but Soviet industry was never entwined with America’s in the way China’s is. The latest US moves seem designed to cripple or crush one of the first Chinese tech companies to become globally competitive — and one that relies on American suppliers in both mobile phones and network equipment.

Other countries might also chafe at Washington once again imposing its will on global markets, which could galvanize support for an alternative to the US-dollar-based global financial system. And if China is forced to divorce its tech industry from the American tech industry, it could accelerate the ‘splintering’ of the Internet.

What’s more, the European countries that have decided to tolerate the ‘security risks’ associated with allowing Huawei equipment to be used in their 5G networks will resent Washington’s tenacity.

Assuming the US administration sticks to its measures, despite heavy lobbying by US businesses, they will damage American and other western corporate interests. Allied capitals will resent the White House’s efforts to impose its writ. However great the vulnerabilities in Huawei and the broader Chinese tech sector that they have revealed, the US steps may also ultimately fail.

They are likely to spur a Beijing-led effort to address China’s weaknesses and develop a fully independent supply chain. A historical analogy might be China’s nuclear weapons programme: the departure of Soviet advisers in the late 1950s forced it to build its own A-bomb.The result could hasten a splintering of the internet and associated technologies to which China and Russia, which recently passed a law ensuring it can cut itself off the world wide web, have already contributed.

Instead of pushing China down this path, Washington would be better served by encouraging “cooperation in a rules-based system” (because Beijing has no problem adhering to ‘rules’, right?).

If China wishes to change its image as a malign force, it must rein in such attacks. Yet Washington’s coercive steps are misguided. The US and the west should not seek to block China’s rise but encourage it to co-operate in a rules-based system, by setting good examples themselves. Washington’s allies should be free to determine what steps they judge necessary to combat security threats from Huawei or others. The US has the right to take security steps too – but not to allow these to slide into destabilising protectionism.

One could also deduce from the FT’s argument that, if Washington does press ahead, it must destroy Huawei, or risk serious repercussions.

end

Now China’s Eastern Airlines has asked Boeing for compensation over the 737 Max grounding

(courtesy zerohedge)

Chinese Airline Asks Boeing For Compensation Over 737 MAX Grounding

As if more tariff threats weren’t enough, China Eastern Airlines has become the first major carrier to petition Boeing for compensation for the grounding of its 737 MAX 8 jetliners, which began two months ago.

Chinese media reported Tuesday that the company has lodged an official claim with Boeing over the grounding of the airline’s 14 Boeing 737 MAX 8s (the total number when 737 MAXs owned by subsidiary Shanghai Airlines are included). In what might be a bigger blow for Boeing, the airline has asked to delay deliveries of new planes.

China

Among the three major Chinese airlines, CTGN said China Eastern owns the smallest fleet of the new 737s. And though the operational impact has been ‘limited’, the airline still feels it should be compensated.

The airline’s decision was first reported by the People’s Daily and other Chinese media. The reports did not list an amount of compensation being sought.

“The grounding of 737 MAX aircraft since March 11, 2019 has caused relatively big losses to China Eastern.With the passing of time, related losses will further expand,” according to the People’s Daily. “At the same time, delayed deliveries of planes ordered by China Eastern also caused economic losses.”

Meanwhile, the FAA is hosting a meeting of global regulators in Dallas on Thursday to review Boeing’s software update for the 737 MAX and new training proposals, which could factor into a decision to end the grounding.

A spokesman for Boeing declined to comment to Reuters. A representative from China Eastern confirmed to Reuters that reports about it’s plans to seek compensation from Boeing are accurate.

While this might not seem like such a big deal at first, if more Chinese airlines decide to halt or delay their Boeing orders until they’ve been compensated for the grounding, such a trend could be more damaging to Boeing’s shares than trade-war-related fears.

 

 
Extremely important:  Google just suspended its Android developer license to Huawei. This will make Huawei phones into nothing but paperweights. This is why China is reacting by threatening to cancel earth earth purchases to the uSA.
(courtesy zerohedge)

4/EUROPEAN AFFAIRS

UK

The pound tumbles again as MP’s oppose Theresa May Brexit agreement ahead of a 4th volte which will fail again.

(zerohedge)

Pound Slides As MPs Oppose May’s Withdrawal Agreement Ahead Of 4th Vote

As its recent trading trajectory would suggest, investors are bracing for another summer of uncertainty in the UK. Adding to the instability, investors are bracing for news of Theresa May’s sudden ouster (she has already purportedly promised to step down by mid-summer), which is looking increasingly likely.

The British pound weakened on Tuesday as mounting opposition to May’s Brexit deal, and the push to oust her from No. 10, are weighing on the currency. At its lows, sterling was off 0.3% at $1.2688, its lowest since Jan. 15.

GBPUSD

If May goes, the jostling to replace her could lead to a general election later this year, or early next. Though a new leader might push the EU to finally acquiesce and reopen negotiations, judging by the success of the last round of negotiations, a swift, positive outcome seems remote. It also remains unclear how a Brexit resolution would be reached before the new deal deadline (Halloween).

However, that hasn’t dissuaded May’s critics. After aggressively confronting May, Tory backbenchers wrested a promise from the PM that she would step down in the not-too-distant future. Now, May is facing pressure from her cabinet, which has complicated May’s efforts to win her senior ministers’ backing for her withdrawal agreement, which is expected to be called for a fourth vote early next month.

May

At the same time, Jacob Rees-Mogg, the leader of the Brexiteer faction, said on his podcast – the “Moggcast” – that he wouldn’t back May’s withdrawal agreement, like he did during the most recent vote. Mogg explained that he backed the deal last time to try and ensure that the UK would ‘leave on time’. Yet, here we are…

“Mrs May’s deal is a very bad deal, let’s make no bones about that, so as we’ve already delayed it’s hard to see any point in having a bill which fails to avoid the European elections, fails to get us out on time, fails to get the process going that might have worked with a new leader coming in because Mrs May said if it came in she would go,” Mogg said.

After No. 10 failed to secure a deal with Labour, what little chance May’s deal had evaporated. May’s last remaining option is to try and use her resignation as a carrot to pass the agreement and finally take the UK out of the EU (She has promised to resign if the deal is passed). But that approach hasn’t had much success so far.

Should she resign, here’s the FT’s list of the most likely candidate to replace May:

  • Jeremy Hunt, foreign secretary
  • Sajid Javid, home secretary
  • Boris Johnson, former foreign secretary
  • Michael Gove, environment secretary
  • Dominic Raab, former Brexit secretary
  • Amber Rudd, work and pensions secretary
  • Matt Hancock, health secretary

But among these, most expect Johnson to emerge as the frontrunner in the battle to replace May. And, as the Spectator writes in a recent column, the only thing that can stop Johnson is himself.

 

END

Then late in the morning (11 am est), the pound jumps on a possible second referendum.  This will not happen

(courtesy zerohedge)

Pound Jumps On Reports May To Let MPs Vote On ‘Second Referendum’

Brexit-related volatility is back for the pound as reports that Theresa May might offer MPs a vote on a customs union or second referendum has renewed hopes that Brexit might be abandoned altogether.

May reportedly ran the plan by her cabinet, but according to some reports, she backed down after Brexiteers in her cabinet refused to back the plan.

Laura Kuenssberg

@bbclaurak

More on this – as per @rowenamason , sources say Brexiteer ministers pushed back PM suggestion of putting customs union and second ref on face of the bill – in nerd terms this is a big deal

Laura Kuenssberg

@bbclaurak

Cabinet minister says there were ‘robust protests from Brexiteer ministers at Cabinet and as a result the PM has tempered her plans’ – expect a LOT of briefing on PM’s proposals and by end of the day hopefully we’ll have a clearer picture of how we actually got here

41 people are talking about this

Earlier today, the pound reacted to news that May would be holding a press conference to outline a new Brexit proposal.

  • MAY POISED TO OFFER MPS VOTE ON HOLDING 2ND BREXIT REFERENDUM
  • VOTE ON 2ND REFERENDUM CONDITIONAL ON BILL PASSING 1ST STAGE
  • PARLIAMENT WOULD VOTE ON PUTTING BREXIT DEAL TO REFERENDUM

It’s unlikely that a second referendum would be approved, as the indicative votes held back in March showed it wouldn’t have the support of a majority of MPs, but the fact that a “People’s Vote” on May’s deal is back in the conversation is enough to ignite hopes that Brexit will simply be abandoned.

GBP

May will be speaking shortly. It’s widely expected that she will again promise to lay out a timetable for her departure should MPs back her Brexit deal. Yet, as analysts have pointed out, passing her deal remains extremely unlikely. One called this “her last roll of the dice.”

 

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS

UKRAINE/

Ukraine’s new President vows to end the war in the DonBass

(courtesy zerohedge)

Ukraine’s Comedian-Turned-President Vows “First Task” Is To “End War In Donbass”

There’s fresh hope that unrest in Donbass raging since 2014 could find resolution as Ukraine’s new president, comedian and presidential impersonator turned overnight real political leader Volodymyr Zelenskiy, was just sworn in on Monday, and immediately he is dissolving parliament and urging peaceful settlement in the country’s east.

The 41-year old Zelenskiy said in translated comments via The Moscow Times: “Our first task is to end the conflict in the Donbass.”With a clear mandate from Ukrainian voters who overwhelmingly want to see an easing of tensions with Russia, and the exit of oligarchs from power to halt mass political corruption, he announced during the inauguration ceremony from Kiev he wants to achieve a ceasefire in eastern Ukraine, even if it means losing his post.

 

Via Reuters: High Fives, Selfies and a Snap Election as Zelenskiy Takes Power in Ukraine.

In his much anticipated inauguration speech, Zelenskiy switched from Ukrainian to Russian to say: “I believe that the first step to begin this dialogue will be the return of all Ukrainian prisoners [held by Russia].”

He further emphasized he would pursue peace at a cost to his reputation — “and, if need be, even this job” — according to The Moscow Times. Zelenkiy’s upset victory over Petro Poroshenko by a double-digit margin has led some to dub him the “Donald Trump of Ukrainian politics” given his outside the system status and willingness to break from the establishment on the question of dialogue with Russia. He promised Ukrainians that he would seek to do this without losing our territory, never.”

The five-year long conflict in the east involving Russian-backed separatists who’ve severed ties from Kiev in a move for de facto independence has killed an estimated 13,000 people and has at times threatened to escalate to the level of western intervention.

The billionaire chocolate magnate Poroshenko, who came to power as a result of the West-backed so-called Euromaidan revolution gave one parting shot during his concession speech: in the Kremlin, he said, “they believe that with a new inexperienced Ukrainian president, Ukraine could be quickly returned to Russia’s orbit of influence,” according to a translation by the LA Times.

But it doesn’t appear the more than 70% of Ukrainians who voted for Zelenskiy see this as a loss of sovereignty, given the former comedian had long been on record as rejecting Kiev’s hardline anti-Russian language initiatives.

Reception in Moscow, however, was cool and perhaps cautiously optimistic, per an AP/Reuters report:

Kremlin spokesman Dmitry Peskov, asked if Vladimir Putin will congratulate Zelenskiy on his inauguration, said the Russian president had no such plans.

He said that Putin would congratulate his newly-elected counterpart if Zelenskiy makes progress in settling the conflict with pro-Russian separatists in eastern Ukraine and mending relations with Russia.

Last week, US Secretary of State Mike Pompeo met with his Russian counterpart Foreign Minister Sergey Lavrov, as well as President Putin in Sochi to discuss a broad number of security related issues. During comments in front of reporters Pompeo said Russia should now “work with Ukraine’s new president-elect to bring peace to eastern Ukraine,” according to a summary of Pompeo’s words by Reuters.

 

Image via Reuters: An armed pro-Russian separatist from the so-called Battalion Vostok (East).

The unlikely “Ukrainian Donald Trump” rode a wave of popular support among a majority of Ukrainians exhausted with politics-as-usual marked by wave after wave of corruption scandals.

Poroshenko was seen as the deeply corrupted establishment’s man in Kiev, thus much of Zelenskiy’s support can be seen as more of an anti-Poroshenko vote, perhaps somewhat akin to Hillary Clinton’s shock defeat by Trump in 2016.

 

END

TURKEY

This is a surprise:  with soaring inflation for some unknown reason Turkey cuts it’s interest rate as the Lira tumbles. This is certainly not how you defend your currency

(courtesy zerohedge)

Amid Soaring Inflation, Turkey Bizarrely Cuts Rates; Lira Tumbles

What do you do if you have borderline hyperinflation coupled with accelerating capital flight and a collapse of international confidence in your country’s institutions? In Turkey, the answer is apparently to cut rates.

That’s what the Turkish central bank did early on Tuesday when it effectively rolled back a limited tightening of monetary policy which it delivered just days prior in the latest policy flip-flop by an increasingly chaotic monetary authority, hammering the lira – which is desperate for higher rates – just weeks before President Erdogan’s party seeks to regain control of Istanbul in a bizarre and controversial rerun of local elections.

Two weeks after the Turkish central bank tightened monetary policy, a move which did nothing to boost confidence in the lira, the regulator went for broke and on Tuesday said that it will offer funds at its cheapest rate of 24% through the repo auction, 150 basis points lower than the overnight rate of 25.5% it used for almost two weeks. Today’s announcement came less than a week after Turkey re-introduced a 0.1% tax on most large foreign-currency transactions, a sign the authorities are trying to stem the dollarization of the economy before municipal elections in Istanbul in June.

The panicked decision follows a slew of failed measures meant to prop up the currency before next month’s elections. As Bloomberg note, “some of these steps have raised concern that the government is taking on a larger role in managing the market”, which is a polite way of saying Turkey is preparing to implement capital controls next. Officials have repeatedly said Turkey would adhere to free-market policies.

The implicit easing comes even though Nomura’s economist Inan Demir said that Turkey had no need for monetary loosening at this stage, although clearly Erdogan disagrees. “The pace of domestic economic activity may argue for easier monetary conditions but clearly the FX market stress is too big to allow that,” Demir told Bloomberg.

The problem is that Turkey is now in all-out currency defense mode and has tried everything, including both tightening and easing monetary conditions, with the erratic moves now prompting nothing but more selling of the currency. Here are some of the recent measures by Turkish authorities:

  • May 21: Lenders are told to wait one day before settling some large foreign-currency purchases. Some of the nation’s primary dealers were also asked to support the government’s borrowing drive last week, according to three people with direct knowledge of the matter
  • May 15: A 0.1% tax is reintroduced on some foreign-currency transactions to prevent speculation in foreign exchange and bolster the state’s income
  • May 9: The central bank ceased to provide liquidity at its cheapest rate of 24% by suspending one-week repo auctions
  • May 6: A new swap instrument is implemented by the central bank that will allow it to bolster its reserves by borrowing gold from commercial lenders

Rabobank’s Piotr Matys summarized the non-stop chaos coming out of Ankara best:

“At the time when Turkey needs to restore confidence in the lira among households, corporates and foreign investors, contradicting measures have been announced. Such conflicting measures make Turkey increasingly unpredictable to foreign investors who will remain reluctant to deploy their capital despite an attractive valuation of Turkish assets.”

The Turkish lira tumbled as much as 0.9% after the bizarro rate cute before eventually stabilizing some 0.4% against the dollar.

Unfortunately for Erdogan, the fat lady has already sung: since the beginning of the year, residents – who know the local economy best – have bought around $20BN of hard currency, driving their holdings to a near record of more than $181b. The purchases were a key source of strain on Turkey’s currency, the worst performer in emerging- markets this quarter, and suggest that only a wholesale confiscation of FX holdings can save the lira. Judging by Erdogan’s prior actions, that is very likely his next step.

END
IRAN
Iran states that it has quadrupled its low enriched uranium.
(courtesy zerohedge)

Iran Says Uranium Enrichment Quadrupled, On Pace For Weapons-Grade Levels

It appears Iran is following through on its prior warnings issued to European leaders that it’s ready to surpass enriched uranium production limits previously agreed to under the 2015 nuclear deal (JCPOA). News that Iran has “quadrupled its production of low-enriched uranium” comes as rhetoric between Tehran and Washington has reached new belligerent heights, with President Trump tweeting Sunday that US attack would be the “end” of Iran.

Crucially, on Monday both the semi-official Fars and Tasnim news agencies cited Iran’s nuclear agency spokesman Behrouz Kamalvandi to say the country would reach the 300-kilogram limit set by the nuclear deal merely “in weeks” — in what appears counter-threat signalling to Washington. Iran has also for months complained the EU is failing to hold up to its end of the bargain under the JCPOA to provide sanctions relief.

The AP notes of the Iranian media statements that “While the reports said the production is of uranium enriched only to the 3.67% limitset by the 2015 nuclear deal that Tehran reached with world powers, it means that Iran soon will go beyond the stockpile limitations established by the accord” if it continues on this pace.

 

Image source: AFP

Kamalvandi’s statement made clear this didn’t mean Iran increased the number centrifuges in use — a key requirement of the deal — however, The Wall Street Journal cited European diplomats two weeks ago who said they were informed by the Iranians of their intent to ramp up research efforts into centrifuges that could produce highly enriched uranium faster.

Amid renewed US pressures and military build-up in the Persian Gulf of late, Tehran has little confidence that the EU is capable of facing US sanctions, and despite some meager past efforts, such as the attempt to establish a ‘SWIFT alternative,’ EU initiatives to salvage the deal have been too little too late.

Assuming war is not triggered by then, the Iranians have issued Europe an ultimatum to come up with new terms by July 7th or else weapons-grade levels of uranium will be enriched, per the AP:

Iran has said it would begin backing away from terms of the deal, setting a July 7 deadline for Europe to come up with new terms or it would begin enriching uranium closer to weapons-grade levels. Tehran long has insisted it does not seek nuclear weapons, though the West fears its program could allow it to build them.

British Foreign Secretary Jeremy Hunt told journalists in Geneva that Iran should not doubt the U.S. resolve, warning that “if American interests are attacked, they will retaliate.”

Hunt also noted how easily both sides are blundering their way into war: “We want the situation to de-escalate because this is a part of the world where things can get triggered accidentally,” he added.

Meanwhile, after Trump’s ultra-aggressive Sunday tweet putting Tehran on notice that “If Iran wants to fight, that will be the official end of Iran” and to “never threaten the United States again,” an Iranian military commander did just that.

On Monday Iranian General Ali Hajilou told a military ceremony Tehran would have a “crushing response” to any armed confrontation with the US.

“The enemies of Islamic Iran are incapable in operation fields and have resorted to media warfare because of their fear of Iran’s military power,” he said according to Tasnim“We have not invaded any country and will not do so but we will give a crushing response to [any] aggression by enemies.”

Following this, late Monday, President Hassan Rouhani restated in public remarks that Iran’s position remains that “current conditions are not conducive to negotiations with the United States but to resistance and steadfastness.”

END

Trump continues with military drills in the Gulf much to the annoyance of Iran.  Trump offers his hand but Iran refuses.

(courtesy zerohedge)

“No Talks, Only Resistance”: Iran’s Rouhani Slams Door On Trump’s “Call Me” Overture

At a moment the US Navy conducted provocative military exercises in the Arabian Sea on Monday, Iran’s president responded to overtures by Trump that Tehran should “call me” with a firm line of, “No talks, only resistance.”

US military statements highlighted the Arabian Sea drills were specifically in response to heightened unspecified threats from Iran, and were led by the USS Abraham Lincoln Carrier Strike Group and the US Marine Corps to highlight American “lethality and agility to respond to threat” and to advance US security.

Iran’s President Hassan Rouhani, who oversaw the 2015 nuclear deal negotiations (JCPOA) with then president Obama, said he welcomed any US diplomatic overture but wouldn’t be coerced into new negotiations under economic sanctions and threat of military action.

“I favor talks and diplomacy but under current conditions, I do not accept it, as today’s situation is not suitable for talks and our choice is resistance only,” Rouhani said, according to Iran’s IRNA news agency.

“If we walked away from the JCPOA [Joint Comprehensive Plan of Action – the formal name of the nuclear deal] with the US provocative acts, then, in addition to the US, the UN and world would also impose sanctions on us,” he said.

It appears Trump has taken a “North Korea-style” approach to Iran that combines unpredictably aggressive threats and maneuvers – especially by other White House officials – with unexpected moments of reaching out a hand.

That tactic was certainly on display Monday when Trump expressed US willingness to meet any Iranian action against US interests with “great force” – yet followed it by saying it’s up to Iran to initiate conciliatory dialogue: “If they call, we will certainly negotiate, but this is going to be up to them,” he told reporters.

 

The amphibious assault ship USS Kearsarge sails in front of the USS Abraham Lincoln aircraft carrier on May 17, 2019, in the Arabian Sea. via US Navy/Military Times

That came a day after on Trump put Tehran on notice in a Sunday tweet saying, “If Iran wants to fight, that will be the official end of Iran” and to “never threaten the United States again”.

But unlike with North Korea, this “maximum pressure” threat tactic doesn’t appear to be working, especially as Iran has many more international allies, and given six major powers had already agreed to the 2015 JCPOA, which the White House last May backed out of.

Meanwhile, Iran has signaled following Trump’s “call me” message given to Tehran’s leaders through press briefings that it’s ready to do the complete opposite, considering its official nuclear agency announced Monday it has “quadrupled its production of low-enriched uranium“.

 

Iranian President Hassan Rouhani, via the AP

Both the semi-official Fars and Tasnim news agencies cited Iran’s nuclear agency spokesman Behrouz Kamalvandi to say the country would reach the 300-kilogram limit set by the nuclear deal merely “in weeks” — in what appears counter-threat signalling to Washington.

end

6.GLOBAL ISSUES

 

 

END

7  OIL ISSUES

 

8. EMERGING MARKETS

VENEZUELA

 

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

Euro/USA 1.1145 DOWN .0023 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /GREEN

 

 

USA/JAPAN YEN 110.26 UP 0.180 (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 1.2693   DOWN   0.0035  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TO OCT 31/2019//

USA/CAN 1.3415 DOWN .0013 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS TUESDAY morning in Europe, the Euro FELL BY 1 basis points, trading now ABOVE the important 1.08 level  FALLING to 1.1145 Last night Shanghai COMPOSITE CLOSED UP 35.37 POINTS OR 1.23% 

 

 

 

 

 

//Hang Sang CLOSED DOWN 130.37 POINTS OR 0.47% 

 

 

 

 

/AUSTRALIA CLOSED UP 0.36%// EUROPEAN BOURSES GREEN

 

 

 

 

 

 

The NIKKEI: this TUESDAY morning CLOSED DOWN 29.28 POINTS OR 0.14% 

 

 

 

 

 

 

 

 

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN

 

 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 29,28 POINTS OR 0.14%

 

 

 

 

 

 

/SHANGHAI CLOSED UP 35.37 POINTS OR 1.23% 

 

 

 

 

 

 

 

 

 

Australia BOURSE CLOSED UP 0.36% 

 

 

Nikkei (Japan) CLOSED DOWN 29,27  POINTS OR 0.14%

 

 

 

 

 

 

 

 

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1275.00

silver:$14.41

Early TUESDAY morning USA 10 year bond yield: 2.42% !!! UP 0 IN POINTS from FRIDAY’S night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.84 DOWN 0  IN BASIS POINTS from YESTERDAY night.

USA dollar index early TUESDAY morning: 98.10 UP 16 CENT(S) from  MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

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And now your closing TUESDAY NUMBERS \12: 00 PM

Portuguese 10 year bond yield: 1.03%  DOWN 3 in basis point(s) yield from MONDAY/

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

 

SPANISH 10 YR BOND YIELD: 0.87% DOWN 1   IN basis point yield from MONDAY

ITALIAN 10 YR BOND YIELD: 2.64 DOWN  3  POINTS in basis point yield from MONDAY/

 

 

the Italian 10 yr bond yield is trading 177 points HIGHER than Spain.

GERMAN 10 YR BOND YIELD: RISES –.06%   IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 2.70% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR TUESDAY

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

Euro/USA 1.1161  DOWN     .0007 or 7 basis points

USA/Japan: 110.64 UP .550 OR YEN DOWN 55  basis points/

Great Britain/USA 1.2756 UP .0028 POUND UP 28  BASIS POINTS)

Canadian dollar UP 3 basis points to 1.3424

 

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The USA/Yuan,CNY: AT 6.9020    0N SHORE  (UP)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.9327  (YUAN UP)..GETTING REALLY DANGEROUS

TURKISH LIRA:  6.0512 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

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

 

 

 

Your closing 10 yr US bond yield UP 3 IN basis points from MONDAY at 2.43 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.85 UP 0 in basis points on the day

Your closing USA dollar index, 97.99 UP 7  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED UP 15.07  0.21%

German Dax :  CLOSED UP 106.63 POINTS OR 0.89%

Paris Cac CLOSED 2P 20.37 POINTS OR 0.38%

Spain IBEX CLOSED UP 38.20 POINTS or 0,42%

Italian MIB: CLOSED UP 147.23 POINTS OR 0/72%

 

 

 

 

 

WTI Oil price; 62.93 12:00  PM  EST

Brent Oil: 71.97 12:00 EST

USA /RUSSIAN /   ROUBLE CROSS:    64.46  THE CROSS LOWER BY 0.13 ROUBLES/DOLLAR (ROUBLE HIGHER BY 13 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.06 FOR THE 10 YR BOND 1.00 PM EST EST

END

 

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

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

WTI CRUDE OIL PRICE 4:30 PM :  62.99

 

 

BRENT :  72.03

USA 10 YR BOND YIELD: … 2.43…   VERY DEADLY//

 

 

 

 

 

 

 

 

 

USA 30 YR BOND YIELD: 2.84..VERY DEADLY/

 

 

 

 

 

EURO/USA 1.1163 ( DOWN 4   BASIS POINTS)

USA/JAPANESE YEN:110.48 UP .400 (YEN DOWN 40 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 98.03 UP 9 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2708 DOWN 25  POINTS

 

the Turkish lira close: 6.0496

 

the Russian rouble 64.42   UP 0.14 Roubles against the uSA dollar.( UP 14 BASIS POINTS)

Canadian dollar:  1.3405 UP 22 BASIS pts

USA/CHINESE YUAN (CNY) :  6.9020  (ONSHORE)/we need to watch these levels/anything greater than 6.95 will be deadly./

 

USA/CHINESE YUAN(CNH): 6.93333 (OFFSHORE) we need to watch these levels/anything greater than 6.95 will be deadly/

German 10 yr bond yield at 5 pm: ,-0.06%

 

The Dow closed  UP 197.43 POINTS OR 0.77%

 

NASDAQ closed UP  83.35 POINTS OR 1.08%

 


VOLATILITY INDEX:  14.95 CLOSED DOWN 1.36

 

LIBOR 3 MONTH DURATION: 2.523%//

 

 

 

FROM 2.525

 

 

 

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

 

END

MARKET TRADING

 

end

ii)Market data/

Existing home sales tumble year over year for the 14th month in a row///

(courtesy zerohedge)

Existing Home Sales Tumble YoY For 14th Month – Worst Run Since Housing Crisis

Existing home sales were the odd one out in March (falling as new- and pending-home-sales spiked) but expectations were for a catch-up rebound in April, but did not, dramatically missing the expectation of a 2.7% rise by dropping (again) by 0.4% MoM…

This 0.4% decline comes after existing home sales fell 4.9% MoM in March with a tumbling mortgage rate seemingly not affecting the secondary market…

Single-family units fell 1.1% MoM but Condos/Co-ops jumped 5.6% in April (erasing March’s 5.3% drop).

Supply increased from 3.8 to 4.2 months (the highest since Oct 2018) as median prices jumped to their highest since July 2018.

Only The West saw an increase in sales (up 1.8% MoM) in April, with the Northeast worst, down 4.5% MoM.

Worse still, existing home sales are still down 4.4% year-over-year

This is the 14th month in a row of annual declines – the longest stretch since the housing crisis over a decade ago…but that’s probably nothing!!

end

iii)USA ECONOMIC/GENERAL STORIES

The demographics are killing Illinois as wealthy citizens are leaving the state because of the initiation of huge taxes

(courtesy Ted Dabroski/WirePoints)

 

If A Decline In Births Is A Problem Nationally, It’s A Full-On Crisis In Illinois

Authored by Ted Dabrowski and John Klingner via WirePoints.org,

A Centers for Disease Control report on the drop in births nationally has experts worried about its impact on the country’s fiscal and economic situation. Fewer young people could mean a shrinking population and a workforce too small to support the country’s ever-growing number of retirees.

If that’s a problem nationally, then it’s a full-on crisis in Illinois. According to separate U.S. Census data analyzed recently by Wirepoints, Illinois’ birth rate has fallen faster than the national average since the turn of the century. And that’s a real issue given the state’s massive pension debts and its declining population.

Barring structural pension reforms, Illinois will be trapped in a downward spiral where growing government debts fall on fewer and fewer people.

Births down

According to the CDC, the number of U.S. births nationally declined to a 32-year low in 2018. The reasons for that were varied; teens and hispanic women are having less children while the increase for older women (ages 40-44) has slowed, among other factors. Births in the U.S. have fallen in 10 of the last 11 years.

State-level data from the U.S. Census Bureau confirms that negative birth trend and shows just how worse off Illinois is compared to other states.

It also captures an additional factor on state births the national average doesn’t: the potential effects of domestic migration. As more millennials move out of Illinois, there’s likely to be a negative impact on births. Illinois lost a net of 107,000 millennials and their dependents to other states between 2012 and 2016, according to data from the Internal Revenue Service. And a Brookings Institution report found Illinois and West Virginia were the only two states in the nation to lose millennials between 2010 and 2015.

Compared to 2001, Illinois births have dropped 20 percent. Wirepoints covered that drop in a recent study: Illinois’ demographic collapse: fewer immigrants, fewer babies and fleeing residents.

Illinois’ drop in births has been more dramatic than in most states in the nation. In 2001, the state’s births per 1,000 residents put Illinois 12th-best in the nation. But by 2018, the state’s ranking had fallen to 30th.

In contrast, most of Illinois neighboring states improved their birth rankings over the 2001-2018 period.

Illinois’ drop in births, combined with a 50 percent drop in international immigration and record domestic outmigration, has resulted in a shrinking Illinois population five years in a row.

Bigger debts, too few people

Which brings us back to the concerns of too few young people to pay for the state’s burgeoning debts.

Illinois has racked up more than $420 billion in public sector retirement debts at the state and local levels, based on Moody’s more conservative assumptions for pensions.

Divvy those debts up based on households inside and outside of Chicago, and the numbers are impossible.

Households outside of Chicago are each on the hook for $75,000 for their share of state, Cook County and municipal retirement debts.

Chicagoans have it even worseEach Windy City household is on the hook for nearly $145,000 for their share of Chicago, Chicago Public Schools, Cook County and state debts.

Those are truly startling numbers, and they’re only going to get worse as more Illinoisans leave.

And if lawmakers want to make the repayment of those debts “progressive,” the numbers get even scarier.

Read more about Illinois downward spiral:

end
The devastation in the New York medallion market;  how Taxi cab owners have been annhilated.
(courtesy zerohedge)

‘They Were Conned’: How Bankers Devastated Thousands Of New York City Taxi Medallion Owners

For the last several years, we reported an increase of suicides by taxi drivers in New York City was the result of insurmountable debts and financial stress of medallion owners. During the halving of medallion prices in the last four years, industry leaders and officials conveniently blamed ride-hailing companies such as Uber and Lyft.

But a New York Times report revealed much of financial stress could be linked to industry leaders who artificially drove up prices, creating a huge bubble that would eventually implode.

In the last 12 years, thousands of foreigners poured their life savings into scammy loans and had hundreds of millions of dollars extracted from them by financial institutions.

Bankers, brokers, lawyers, investors, fleet owners, and debt collectors generated huge profits from these business practices. These people became multimillionaires, Wall Street cheered, and medallion brokers bought yachts and waterfront properties.

These predatory practices robbed immigrant families of all their monies, overwhelmed drivers with large debt loads, and collapsed an industry that has been so iconic to New York for more than five decades.

The Times said 950 medallion owners have filed for bankruptcy and thousands more are on the verge of financial ruin.

The Times noted that lending practices were as fraudulent as the subprime mortgage industry pre-summer 2007, that eventually led to the 2008 global economic meltdown.

“The whole thing was like a Ponzi scheme because it totally depended on the value going up,” said Haywood Miller, a debt specialist who has consulted for both borrowers and lenders.

“The part that wasn’t fair was the guy who’s buying is an immigrant, maybe someone who couldn’t speak English. They were conned.

The combination of the Federal Reserve’s easy money and enthusiastic borrowers helped prices soar from 2002 to 2014. The money was so good that major financial institutions wanted in on the taxi industry after 2008.

The Times even said industry leaders were artificially bidding up medallions to keep the scheme from imploding, moving prices from $200,000 per medallion, to more than $1,000,000 in 2014. During this period of rapid price inflation, driver incomes hardly changed, while Wall Street speculated with thousands of people’s lives.

Almost 4,000 drivers bought medallions in those 12 years. These people, mostly foreigners, were excited to achieve the American dream, but the debt-fuelled Ponzi scheme of Wall Street, for the most part, left them all holding the bag.

“Much of the devastation can be traced to a handful of powerful industry leaders who steadily and artificially drove up the price of taxi medallions, creating a bubble that eventually burst. Over more than a decade, they channeled thousands of drivers into reckless loans and extracted hundreds of millions of dollars before the market collapsed.”

“The practices were strikingly similar to those behind the housing market crash that led to the 2008 global economic meltdown: Banks and loosely regulated private lenders wrote risky loans and encouraged frequent refinancing; drivers took on debt they could not afford, under terms they often did not understand…Some industry leaders fed the frenzy by purposefully overpaying for medallions in order to inflate prices, The Times discovered.

“As in the housing crash, government officials ignored warning signs and exempted lenders from regulations. The city Taxi and Limousine Commission went the furthest of all, turning into a cheerleader for medallion sales. It was tasked with regulating the industry, but as prices skyrocketed, it sold new medallions and began declaring they were “better than the stock market.” …At the market’s height, medallion buyers were typically earning about $5,000 a month and paying about $4,500 to their loans,” according to the report.

The implosion of the taxi medallion bubble was nothing more than a Ponzi scheme that enabled Wall Street bankers to extract hundreds of millions of dollars from low-income foreigners. The story about Uber and Lyft was just a cover for what really happened.

end
The ultra high frequency sound waves on the 5 G phones are causing potential health effects.  Please be careful if you buy them
(courtesy Michael Snyder)

5G Danger: 100s Of Respected Scientists Sound Alarm About Health Effects As 5G Networks Go Global

Authored by Michael Snyder via The End of The American Dream blog,

Even though many in the scientific community are loudly warning about the potential health effects that 5G technology could have on the general population, Verizon and AT&T are starting to put up their 5G networks in major cities all across the nation.

Today, the total number of cell phones exceeds the entire population of the worldand the big cell phone companies are making a crazy amount of money providing service to all of those phones.  And now that the next generation of cell phone technology has arrived, millions of cell phone users are looking forward to better connections and faster speeds than ever before.  In fact, President Trump says that 5G networks will be up to 100 times faster than the current 4G networks that we are using right now…

5G will be as much as 100 times faster than the current 4G cellular networks. It will transform the way our citizens work, learn, communicate, and travel. It will make American farms more productive, American manufacturing more competitive, and American healthcare better and more accessible. Basically, it covers almost everything, when you get right down to it. Pretty amazing.

And just as 4G networks paved the way for smartphones and all of the exciting breakthroughs — they made possible so many things — this will be more secure and resilient. 5G networks will also create astonishing and really thrilling new opportunities for our people — opportunities that we’ve never even thought we had a possibility of looking at.

Sounds great, right?

But in order to achieve such vastly superior performance, 5G networks will use technology that is completely different from 4G networks.

5G waves are “ultra high frequency” and “ultra high intensity”, but they are also easily absorbed by objects such as buildings and trees.  So although cell towers will be much, much smaller, but they will also have to be much, much closer together than before.  According to CBS News, it is estimated that the big cell phone companies will be putting up at least 300,000 of these small towers, and it has been projected that it will cost hundreds of billions of dollars to fully set up the 5G network nationwide.

Needless to say, there is a tremendous amount of money at stake, and the big cell phone companies are trying very hard to assure everyone that 5G technology is completely safe.

But is it?

Today, there is a growing body of scientific evidence that indicates that the electromagnetic radiation that we are constantly being bombarded with is not good for us.  Hundreds of scientists that are engaged in research in this area have signed the “International EMF Scientist Appeal”, and this is how that document begins…

We are scientists engaged in the study of biological and health effects of non-ionizing electromagnetic fields (EMF). Based upon peer-reviewed, published research, we have serious concerns regarding the ubiquitous and increasing exposure to EMF generated by electric and wireless devices. These include–but are not limited to–radiofrequency radiation (RFR) emitting devices, such as cellular and cordless phones and their base stations, Wi-Fi, broadcast antennas, smart meters, and baby monitors as well as electric devices and infra-structures used in the delivery of electricity that generate extremely-low frequency electromagnetic field (ELF EMF).

In the next paragraphwe are told that “cancer risk”, “genetic damages”, “functional changes of the reproductive system”, and “neurological disorders” are some of the health risks that have been discovered by the scientific research that has been conducted so far…

Numerous recent scientific publications have shown that EMF affects living organisms at levels well below most international and national guidelines. Effects include increased cancer risk, cellular stress, increase in harmful free radicals, genetic damages, structural and functional changes of the reproductive system, learning and memory deficits, neurological disorders, and negative impacts on general well-being in humans. Damage goes well beyond the human race, as there is growing evidence of harmful effects to both plant and animal life.

And remember, 5G technology is going to take all of this to an entirely new level.

Because the 5G towers are going to be so powerful and so close together, it will essentially be like living in a closed radiation chamber 24 hours a day.

Over in Israel, one scientist has discovered that the surface of the human body actually draws in 5G radiation “like an antenna”

What’s further disturbing about 5G radiation is how the human body responds to and processes it. Dr. Ben-Ishai from The Hebrew University of Jerusalem discovered as part of a recent investigation that human skin acts as a type of receptor for 5G radiation, drawing it in like an antenna.

“This kind of technology, which is in many of our homes, actually interacts with human skin and eyes,” writes Arjun Walia for Collective Evolution about the study.

“… human sweat ducts act like a number of helical antennas when exposed to these wavelengths that are put out by the devices that employ 5G technology,” he adds.

In other words, our bodies are essentially magnets for 5G radiation.

So will it be worth it?

Will you be willing to risk your life in order to have better connections and faster speeds?

Sure, your phone will be more useful than ever before, but there is also the possibility that you could get cancer.  Even the American Cancer Societyacknowledges the risk…

A recent large study by the US National Toxicology Program (NTP) exposed large groups of lab rats and mice to RF energy over their entire bodies for about 9 hours a day, starting before birth and continuing for up to 2 years (which is the equivalent of about 70 years for humans, according to NTP scientists). The study found an increased risk of tumors called malignant schwannomas of the heart in male rats exposed to RF radiation, as well as possible increased risks of certain types of tumors in the brain and adrenal glands.

Of course all previous studies have been done on existing cell phone technology.

No studies have been done on the health effects of our new ultra-powerful 5G technology, and this has many scientists extremely concerned.

Dr. Martin Pall, a PhD and Professor Emeritus of Biochemistry and Basic Medical Sciences at Washington State University, says that rolling out 5G without any safety testing whatsoever “has got to be about the stupidest idea anyone has had in the history of the world”.

Unfortunately, there is no organized opposition and 5G networks are going up all over the country right now.

So it won’t be too long before you are being bombarded by “ultra high frequency” and “ultra high intensity” cell phone radiation wherever you go, and most people won’t even realize what is happening.

And if you do get sick, the cell phone companies sure aren’t going to pay the bill.

end

Tariffs are  certainly taking a toll on farmers. Now trump is going to initiate another farm bailout and this time it will be close to 20 billion dollars

(courtesy zero hedge)

Second White House ‘Farm Bailout’ Could Cost As Much As $20 Billion

Introduced earlier this month in a disjointed stream of tweets from President Trump, the White House is finally ready to release more details about its second bailout for American farmers.

This year’s package could cost as much as $20 billion, nearly double the $12 billion from last year.

And at first glance, it appears that farmers will be better compensated by the new plan – a sign that the administration doesn’t see an immediate resolution for the trade crisis – though it still is cold comfort for farmers in the American heartland who have been hammered not only by China’s tariffs, but by record flooding in the Midwest and five years of falling agricultural commodity prices.

Farmers

Rates currently under discussion include $2 per bushel for soybeans, 63 cents per bushel for wheat and 4 cents per bushel for corn growers to compensate them for their losses (whether the White House truly intends to distribute as aid to struggling countries remains to be seen). Though the final details of the plan are subject to change.

Bloomberg‘s sources said farmers will also receive payments for other commodities, just like they did last year.

In a departure from last year, the administration is reportedly considering basing payments on the acreage planted for the coming season, rather than farmer’s current production levels. This has spurred questions from some economists.

While the payments last year were based on farmers’ current production, the basis will be modified, the people familiar with the plan said. The administration is considering basing payments on the acreage farmers plant this year and their historic yield of crops per acre, the people said.

Former Agriculture Department officials and economists have warned that a decision to base payments on current acres planted risks skewing farm production decisions and adding to the rising stockpiles of crops, particularly soybeans. That risks depressing commodity prices even after the current trade dispute is resolved.

The combination of a disparity in payments favoring soybeans over corn and rainy weather in the Midwest could encourage farmers to change plans and decide to plant soybeans rather than corn. Soybeans have a shorter growing season, so they can be planted later.

American farm income dropped by 16% last year, and increasingly desperate farms are increasingly turning to suicide to escape their financial troubles. As of Sunday, farmers have planted only 49% of the corn they had said they intended to plant this year, according to Department of Agriculture data. That compares with 80% from the same period last year.

Department of Ag Secretary Sonny Perdue said last week that the aid package could be as large as $20 billion (which would be $5 billion more than President Trump had said). Most of the money will be directly distributed to farmers based on the system for compensation, though some agricultural goods will be purchased directly by the federal government under the plan.

Unless a trade deal is reached between now and then (extremely doubtful), the White House is expected to release the plan, which will offer Trump some important political cover during the 2020 race, by Thursday.

END

Another bricks and mortar operation crashes as net sales are flat and earnings down $3.25 from 3.65:

(courtesy zerohedge)

Nordstrom Crashes To 8 Year Lows After Slashing Guidance

On the heels of an ugly report from Kohls this morning, Nordstrom capped the day by crashing over 10% after hours to its lowest since August 2011 after missing on revenues and cutting earnings guidance for the fiscal year.

Headlines ugly:

  • Sees 2019 Net Sales Flat to Down 2%, Saw up 1-2%
  • Sees FY adjusted EPS $3.25 to $3.65, saw $3.65 to $3.90, estimate $3.73 (range $3.51 to $3.85) (Bloomberg data)
  • 1Q total comparable sales -3.5%, estimate -0.1% (Consensus Metrix, average of 16 estimates)
  • Sees 2019 Low to mid single-digit growth for net Credit card revenues, saw Mid to high single-digit growth

While we expected softer trends from the fourth quarter to continue into the first quarter, we experienced a further deceleration. We had executional misses with our customers, and we’re committed to better serving them. This is well within our control to turn around,” said co-president Erik Nordstrom.

The result was not pretty…

The lowest since Aug 2011…

The retail apocalypse is far from over… and we were told the consumer was flush?

SWAMP STORIES

As we have been highlighting to you during these past two weeks.  The noose is getting tighter and tighter around the Democrats who purposively set up the fake Steele dossier in order to spy on Trump

(courtesy UKTelegraph)//the gateway pundit.com and special thanks to Robert H for sending this to us)

 

HUGE! British Spy Chiefs Were Briefed on Junk Steele Dossier BEFORE Trump Knew of Its Existence — UK WAS IN ON IT!

The British spy chiefs were briefed on Christopher Steele’s junk Trump-Russia dossier before Donald Trump knew of its existence.

The heads of MI5, MI6 + one of Theresa May’s most trusted security advisers all knew of the Russian links claims before Trump.

 

Trump knew the UK was in on it!

In April President Donald Trump tweeted out a stunning report by former CIA analyst Larry Johnson on OANN. Johnson accused the United Kingdom of helping the Obama administration spy on the 2016 Trump presidential campaign.

 

press on the gateway pundit .com for the huge story
This is really interesting:  The Dept of Justice gives McGahn immunity from offering testimony to the house…..Nadler blows a gasket.
(courtesy zerohedge)

Nadler Blows Gasket Over McGahn Immunity, Says He ‘Must Appear’

Update: House Judiciary Committee Chairman Jerry Nadler (D-NY) is not taking McGahn’s immunity ruling sitting down, saying in a Monday statement “The Mueller Report documents a shocking pattern of obstruction of justice. The President acted again and again – perhaps criminally – to protect himself from federal law enforcement.”

“The Committee will convene as planned tomorrow morning, and Mr. McGahn is expected to appear as legally required,” concludes the statement.

Mike Memoli

@mikememoli

.@RepJerryNadler statement: “The Committee will convene as planned tomorrow morning, and Mr. McGahn is expected to appear as legally required.”

The Department of Justice has given former White House Counsel Don McGahn immunity from having to testify in front of Congress amid allegations that President Trump instructed McGahn to shut down the Mueller probe.

Blair Miller

@blairmiller

Here’s DOJ OLC letter saying McGahn does not have to testify

Earlier this month, McGahn refused to turn over requested documents after he was instructed by the White House not to comply with a subpoena issued by House Judiciary Committee Chairman Jerry Nadler (D-NY) requesting documents and testimony. Nadler threatened to hold McGahn in contempt of Congress.

In a letter to Nadler, White House lawyer Pat Cipollone said that he had been advised by the DOJ’s Office of Legal Counsel that “Mr. McGahn is absolutely immune from compelled congressional testimony with respect to matters occurring during his service as a senior adviser to the President,” according to ABC News‘s Catherine Faulders.

View image on TwitterView image on Twitter

Katherine Faulders

@KFaulders

In letter to Nadler, WH counsel Pat Cipollone says he has been advised by DOJ’s Office of Legal Counsel that “Mr. McGahn is absolutely immune from compelled congressional testimony with respect to matters occurring during his service as a senior adviser to the President.”

Nadler’s committee kicked off a wide-ranging investigation into President Trump for allegations of obstruction of justice and abuses of power, reports Politico. McGahn is a central figure in the investigation, after special counsel Robert Mueller’s report claimed that Trump directed McGahn to have the Mueller probe shut down.

end
You will recall that Comey stated that Lynch told him to refer to the Hillary Clinton email investigation as a “matter” instead of an investigation at a September 2015 meeting.  Now Lynch states that this is not so
Someone is lying!
(courtesy zerohedge)

Now It’s Comey Vs. Lynch: Someone’s Lying Again

Former Attorney General Loretta Lynch accused former FBI Director James Comey of lying about whether she told him to refer to the Hillary Clinton email investigation as a “matter” instead of an investigation in a September 2015 meeting.

While testifying last year at a closed-door House Oversight Committee hearing last June, Comey said Lynch had pressured him to minimize the significance of the Clinton email probe – an encounter which he says left him questioning her impartiality, and – along with Lynch’s clandestine tarmac meeting on a hot summer’s day in 2016 – contributed to his decision to hold a July 2016 press conference announcing the FBI’s conclusions.

The attorney general had directed me not to call it an investigation, but instead to call it a matter, which confused me and concerned me,” said Comey. “That was one of the bricks in the load that led me to conclude, ‘I have to step away from the department if we’re to close this case credibly.'”

Lynch, meanwhile, told congressional the House Oversight and Judiciary committees on December 19: “I did not. I have never instructed a witness as to what to say specifically. Never have, never will.

I didn’t direct anyone to use specific phraseology. When the Director asked me how to best to handle that, I said: What I have been saying is we have received a referral and we are working on the matter, working on the issue, or we have all the resources we need to handle the matter, handle the issue. So that was the suggestion that I made to him,” Lynch added – telling lawmakers that she was “quite surprised” to hear how Comey would later describe the conversation “because that was not how it was conveyed to him, certainly not how it was intended.”

A transcript of Lynch’s interview was released Monday evening by House Judiciary ranking member Doug Collins (R-GA) which reveals the conflicting testimonies.

Shirtless Pundit 🇺🇸@zachhaller

Juicy Loretta Lynch transcripts released on Doug Collins’ website: https://dougcollins.house.gov/sites/dougcollins.house.gov/files/Lynch%20Interview%2012-19-18.pdf 

Lynch flat DENIES Comey instructed her to call the HRC email probe a “matter”. Ruh roh. They both can’t be telling the truth!

Lynch was also presented with an excerpt of Comey’s book, A Higher Loyalty, in which he says she “seemed to be directing me to align with the Clinton campaign strategy” during the September meeting and that “the FBI didn’t do ‘matters.'”

“It occurred to me in the moment that this issue of semantics was strikingly similar to the fight the Clinton campaign had waged against The New York Times in July. Ever since then, the Clinton team had been employing a variety of euphemisms to avoid using the word ‘investigation,’” Comey wrote in his book.

“I wasn’t aware of the Clinton campaign strategy on anything,” Lynch responded, adding that she was “not trying to align anyone on any issue.”

As the Washington Examiner points out, “In a report released last year, Justice Department Inspector General Michael Horowitz found Comey was “insubordinate” and “affirmatively concealed” his intentions from Justice Department leadership during the investigation into into Clinton’s private email server.”

Horowitz also found that Lynch’s behavior was concerning, particularly when it comes to the tarmac meeting with Bill Clinton. 

This isn’t the first time Comey’s claims have been in direct conflict with his former colleagues’. In April of 2018, Comey’s former Deputy, Andrew McCabe, said that Comey was fully aware that he (McCabe) was making self-serving leaks to the Wall Street Journal. McCabe was fired for lying about it under oath, several times.

It’s not okay. The McCabe case illustrates what an organization committed to the truth looks like,” Comey told ABC‘s ‘The View,’ adding “I ordered that investigation” which resulted in McCabe’s ouster.

McCabe hit back, saying in a statement through his lawyer that “Mr. McCabe advised Director Comey repeatedly that he was working with the Wall Street Journal on the stories in question…”

More recently, Comey and former CIA Director John Brennan are at odds over who insisted that the discredited Steele Dossier be included in the intelligence community assessment (ICA) on Russian interference.

According to Fox Newsan email chain exists which indicates that Comey told bureau subordinates that Brennan insisted on its inclusion, while a former CIA official “put the blame squarely on Comey,” according to the network.

“Former Director Brennan, along with former [Director of National Intelligence] James Clapper, are the ones who opposed James Comey’s recommendation that the Steele Dossier be included in the intelligence report,” said the official.

“They opposed this because the dossier was in no way used to develop the ICA,” the official continued. “The intelligence analysts didn’t include it when they were doing their work because it wasn’t corroborated intelligence, therefore it wasn’t used and it wasn’t included. Brennan and Clapper prevented it from being added into the official assessment. James Comey then decided on his own to brief Trump about the document.

So – once again we’re playing a game of “which former Obama administration official is lying?”

end
As promised to you:  Mueller refuses to testify publicly before Congress. He may testify behind closed doors but that is not want the Democrats want..they want an open session and see if Trump “obstructed” justice.
(courtesy zerohedge)

Mueller Refuses To Testify Publicly Before Congress, Infuriating Democrats

With most Congressional Democrats still stunned from the anticlimactic publication of Mueller’s “Russiagate” report, which found that Trump did not collude with Russia, many have been desperate to hear Mueller’s side of the story perhaps in hopes that he will unveil some smoking gun in public (something he failed to do in his report) while the others have quietly turned on Mueller, asking why after a two year probe, he failed to put Trump behind bars.

And now, after the latest development in the never-ending Russia “witch hunt” to paraphrase the president, it won’t be long before virtually all Democrats are convinced that Mueller himself must also a Putin plant.

According to Bloomberg, which cites three people familiar with the special counsel’s position, Robert Mueller has balked at testifying publicly before Congress, pushing instead for a closed-door appearance in negotiations with House Democrats.

Why? Because Mueller, who was the center of a media and political circus for no less than two years  has told the Democratic-controlled House Judiciary Committee that – get this – he doesn’t want to be dragged into a political fight and that he’s hesitant to publicly discuss his final report. Among the options Mueller has raised is making a public statement before the committee questions him in private, the people said.

But why, if he has nothing to hide, and if all the results of his multi-million probe were disclosed in his report?

As a reminder, the NYT and WaPo recently sparked more Russiagate drama, when they reported that Mueller had written AG William Barr to complain that he’s given summaries of the report’s findings that “did not fully capture the context, nature and substance” of his team’s work. A more detailed read of the report also revealed that Mueller did not actually have complaints about Barr’s representation of his lengthy report but was instead bashing the media – such as the NYT and WaPo.

As the WaPo reported earlier, Mueller III and House Democrats “have been unable to reach an agreement on how much of the special counsel’s expected congressional testimony would be public, and how much would take place in private, according to people familiar with the matter.”

The special counsel’s office, along with senior Justice Department officials, has been quietly negotiating with the House Judiciary Committee, whose chairman, Rep. Jerrold Nadler (D-N.Y.), has been eager to have Mueller testify as soon as possible.

Who is driving the dispute is a source of debate. Two people familiar with the matter said the Justice Department is deferring to Mueller, who would like for any discussions beyond the public contents of his report to be conducted in private. But another person said it is primarily the department, rather than Mueller himself, resisting a nationally televised hearing.

Needless to say, House Democrats – and Russiagate obsessed conspiracy theorists everywhere – want to press Mueller publicly about a host of issues, including whether he thought President Trump could or should be charged with obstruction if he were not the president, and whether Mueller agreed with Attorney General William P. Barr’s handling of the investigation’s findings.

With hundreds of former prosecutors – mostly Democrats – recently opining that Trump would have been charged with obstruction, based on the case Mueller detailed, Democrats are hoping that Mueller might say as much himself if pressed to testify. That, however, is proving problematic: one possibility, per the WaPo is that if Mueller felt a private allegation was unfair, “it seems unlikely he would be willing to publicly accuse the president of a crime at a congressional hearing.” That would only make Democrats even more livid with rage.

So far House Democrats have been unable to get any current government officials to publicly testify about Mueller’s findings, and the White House asserted executive privilege to fight a subpoena for the unredacted report and the underlying evidence.

And yet, the DOJ has repeatedly said that the assertion of executive privilege doesn’t prevent Mueller from testifying. While Trump has offered differing opinions on whether Mueller should testify, Barr has said he had no objections.

In other words, it is now Mueller himself that will now be blamed for his suspicious lack of willingness to cooperate and testify before the American public. Surely he must be hiding something, surely he must be a Russian agent, etc.

end

SWAMP STORIES/KEY STORIES/KING REPORT

(COURTESY OF CHRIS POWELL OF GATA)

Xi’s Trip to Rare-Earths Plant Stokes Talk of Trade Retaliation

President Xi Jinping’s visit to a rare earths facility fueled speculation that the strategic materials could be weaponized in China’s tit-for-tat with the U.S. on trade

https://www.bloomberg.com/news/articles/2019-05-20/xi-s-trip-to-rare-earths-plant-stokes-talk-of-trade-retaliation

@HuXijin_GT: The US cutting off Huawei supplies completely woke up Chinese society. China will face difficulties in short term. We will devote to independent R&D and abandon any illusion. But it is also areal turning point of the US semiconductor companies gradually losing Chinese market.

@realDonaldTrump: Looks like Bernie Sanders is history. Sleepy Joe Biden is pulling ahead and think about it, I’m only here because of Sleepy Joe and the man who took him off the 1% trash heap, President O!China wants Sleepy Joe BADLY!

[Last night] Biden announced he’s running for president because foreign leaders called him up & begged him to do it. Absolutely. Foreign countries want Biden so China can continue to make five hundred billion dollars a ripping off the U.S.

China is one of Biden’s biggest soft spots.  China’s $1B funding to Biden’s son and Joe’s pleas to not demonize China because it is not a US competitor are in play.

Trump is now in campaign mode: Trump Says He Still Wants to End Carried Interest Tax Benefit

During negotiations over the tax bill, Trump said Sunday, he “traded” the preferential tax treatment for lowering the corporate rate to 21% from 35% [What his ex-Goldie advisors/inner circle told him?]

https://www.bloomberg.com/news/articles/2019-05-20/trump-says-he-still-wants-to-end-carried-interest-tax-benefit

FT: Trump grants temporary reprieve from Huawei ban

US companies can keep doing business with Chinese handset maker for three months

https://www.ft.com/content/c74cbfdc-7b48-11e9-81d2-f785092ab560

Trump has jumped the shark!  BS tough talk and then he caves, again.  Xi will continue to euchre him.

[Last night] Powell: Economy Growing, Jobs Strong, Inflation Pressures Muted – BBG

Business debt is near record levels, and recent issuance has been concentrated in the riskiest segments. As a result, some businesses may come under severe financial strain if the economy deteriorates… Overall, vulnerabilities to financial stability from business debt & other factors do not appear elevated…

Russian documents reveal desire to sow racial discord — and violence — in the U.S.

https://www.nbcnews.com/news/world/russian-documents-reveal-desire-sow-racial-discord-violence-u-s-n1008051

Barr says he’s defending the presidency, not Trump [Our view on Spygate]

“I felt the rules were being changed to hurt Trump, and I thought it was damaging for the presidency over the long haul,” Barr said…  https://www.marketwatch.com/discover

GOP Rep Collins released transcripts from the House Judiciary Com investigation into the DoJ and FBI.  Ex-AG testified that she did NOT tell Comey to call the Clinton probe ‘a matter’.  Comey testified that Lynch told him to call the Clinton probe ‘a matter’.  Someone lied.  Lynch testimony at link.

https://dougcollins.house.gov/sites/dougcollins.house.gov/files/Lynch%20Interview%2012-19-18.pdf

@AnnCoulter: Trump in PA: Okay, I totally betrayed you, did nothing on immigration, just tax cuts and embassy move.  But vote for me in 2020 and, NEXT time, I promise, I won’t betray you!

GOP Rep Justin Amash procured hosannas from the MSM and other Trump haters on Sunday when he called for DJT’s impeachment.  What the MSM did not report is Amash does business with China.

https://humanevents.com/2019/05/20/does-impeach-trump-amash-have-financial-interests-in-china/

The lowest depth to which people can sink before God is defined by the word journalist.” — Kierkegaard

end

WILL SEE YOU WEDNESDAY NIGHT

I AM PROVIDING A LITTLE ADVANCE WARNING THAT ON MAY 23.2019 I WILL NOT PROVIDE A FULL COMMENTARY. HOWEVER LATE IN THE EVENING I WILL PROVIDE ONLY THE COMEX DATA
AND SOME MORNING DATA.

 

 

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