MAY 23 A/GOLD UP $11.10 TO $1285.70//SILVER UP 16 CENTS AS JAPAN, AUSTRALIA AND POSSIBLY SOUTH KOREA WILL SHUN HUAWEI AS WELL AS TOSHIBA///CHINESE OFFICIAL STATE THAT THERE IS NO CHANCE FOR A MEETING WITH XI ON THE HORIZON//IN USA DATA , NEW HOMES SALES FALTER AS WELL AS POOR PMI NUMBERS FOR BOTH MANUFACTURING AND SERVICES//POOR PMI NUMBERS COMING OUT OF GERMANY/MORE SWAMP STORIES FOR YOU TONIGHT//

 

I MADE IN BACK TWO HOURS AHEAD OF TIME, SO I AM ABLE TO PROVIDE THE COMMENTARY TO YOU ON TIME

H

 

 

 

 

 

 

GOLD: $1285.70  UP $11.10 (COMEX TO COMEX CLOSING)

Silver:  $14.63 UP 16 CENTS  (COMEX TO COMEX CLOSING)

Closing access prices:

Gold : 1283.60

 

 

 

silver:  $14.59

 

 

 

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

 

LBMA/OTC EXPIRY: MAY 31.2019

 

 

COMEX DATA

 

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

today RECEIVING  0/0

 

 

 

 

NUMBER OF NOTICES FILED TODAY FOR  MAY CONTRACT: 0 NOTICE(S) FOR NIL OZ (0.000 tonnes)

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

 

 

SILVER

 

FOR MAY

 

 

48 NOTICE(S) FILED TODAY FOR 240,000  OZ/

 

total number of notices filed so far this month: 3483 for 17,655,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE :  $7620  DOWN $8.00

 

 

Bitcoin: FINAL EVENING TRADE: $  7770 UP $146 

 

 

 

end

 

XXXX

 

 

 

 

Let us have a look at the data for today

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IN SILVER THE COMEX OI ROSE BY A SMALL SIZED 440 CONTRACTS FROM 210,356 UP TO 210,796  WITH THE 3 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 FAIR SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:

 0 FOR MAY, 0 FOR JUNE, 423 FOR JULY AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  423 CONTRACTS. WITH THE TRANSFER OF 423 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 423 EFP CONTRACTS TRANSLATES INTO 2.1115 MILLION OZ  ACCOMPANYING:

1.THE 3 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 18.700 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:

20,812 CONTRACTS (FOR 17 TRADING DAYS TOTAL 20,812 CONTRACTS) OR 104.06 MILLION OZ: (AVERAGE PER DAY: 1224 CONTRACTS OR 6.121 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAY:  104.06 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 14.86% 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:          845.16    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 440 WITH THE 3 CENT GAIN IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A VERY FAIR SIZED EFP ISSUANCE OF 423 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 GOOD SIZED: 862 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 423 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH INCREASE OF 440  OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 3 CENT GAIN IN PRICE OF SILVER AND A CLOSING PRICE OF $14.47 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: 48 NOTICE(S) FOR  240,000 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:  18.700 MILLION OZ ..
  2. HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018:  244,196 CONTRACTS,  WITH A SILVER PRICE OF $14.78.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
  4. RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

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

 

IN GOLD, THE OPEN INTEREST ROSE BY A GOOD SIZED 5872 CONTRACTS, TO 514,515 DESPITE THE  FLAT PRICE WITH RESPECT TO COMEX GOLD PRICING YESTERDAY/THERE WAS NO LIQUIDATION OF SPREADERS YESTERDAY.

WE ARE NOW 6 TRADING DAYS PRIOR TO FIRST DAY NOTICE.  THE SIGNAL WAS GIVEN TO START THE LIQUIDATION PROCESS OF OUR SPREADERS ON MAY 21.  

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A  FAIR SIZED 2957 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 2957 CONTRACTS DECEMBER: 0 CONTRACTS, JUNE 2020  0 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 514,515.  ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A STRONG SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 8,829 CONTRACTS: 5872 OI CONTRACTS INCREASED AT THE COMEX  AND 2957 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 8829 CONTRACTS OR 882,900 OZ OR 27.46 TONNESYESTERDAY WE HAD A FLAT PRICE OF GOLD .AND WITH THAT FLAT PRICE, WE  HAD A STRONG GAIN OF GOLD TONNAGE OF 27.46  TONNES!!!!!!.?????? 

WITH RESPECT TO SPREADING:  WE  HAD NO ACTIVITY YESTERDAY. 

 

FOR NEWCOMERS, HERE IS THE MODUS OPERANDI OF THE CORRUPT BANKERS WITH RESPECT TO THEIR SPREAD/TRADING.

 

 

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 : 109,205 CONTRACTS OR 10,920,500 OR 339,67 TONNES (17 TRADING DAYS AND THUS AVERAGING: 6423 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 17 TRADING DAYS IN  TONNES: 339.67 TONNES

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

THUS EFP TRANSFERS REPRESENTS 339,67/3550 x 100% TONNES =9.30% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     2155.21 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 GOOD SIZED INCREASE IN OI AT THE COMEX OF 5872 DESPITE THE FLAT PRICING  THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A  GOOD SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 2957 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 2957 EFP CONTRACTS ISSUED, WE  HAD A STRONG SIZED GAIN OF 8829 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

2957 CONTRACTS MOVE TO LONDON AND 5872 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 27.46 TONNES). ..AND THIS STRONG DEMAND OCCURRED DESPITE THE FLAT PRICING YESTERDAY’S TRADING AT THE COMEX. WE  HAD A ZERO PRESENCE OF SPREADING LIQUIDATION TODAY AS OUTLINED ABOVE.

 

 

 

we had:  0 notice(s) filed upon for NIL oz of gold at the comex.

 

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

GLD...

 

WITH GOLD UP 11.10 TODAY

STRANGE:  A HAD A SMALL .88 TONNES OF GOLD WITHDRAWN FROM THE GLD

 

 

INVENTORY RESTS AT 738.81 TONNES

 

 

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

SLV/

WITH SILVER UP 16 CENTS TODAY:

NO CHANGES IN SILVER INVENTORY AT THE SLV:

 

 

 

 

 

 

 

 

/INVENTORY RESTS AT 311.616 MILLION OZ.

 

 

end

 

OUTLINE OF TOPICS TONIGHT

 

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 440 CONTRACTS from 210,356 UP TO 210,796 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: 423 CONTRACTS  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 423 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 440 CONTRACTS TO THE 423 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A GOOD GAIN OF 862 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 4.315 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 18.700 MILLION OZ FOR MAY

 

 

RESULT: A FAIR SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 3 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A FAIR SIZED 423 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 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED DOWN 39.19 POINTS OR 1.36%  //Hang Sang CLOSED DOWN 438 POINTS OR 1.58%   /The Nikkei closed DOWN 132.23 POINTS OR 0.62%//Australia’s all ordinaires CLOSED DOWN 0.21%

/Chinese yuan (ONSHORE) closed DOWN  at 6.9183 /Oil UP to 62.60 dollars per barrel for WTI and 72,00 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.9183 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9375 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 WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

 

 

 

 

 

3A//NORTH KOREA/ SOUTH KOREA

i)SOUTH KOREA

 

This is going to be a killer blow to Huawei as the USA aski South Korea to join in on its anti Huawei campaign.  The big victor is all of this will be Samsung.

( zerohedge)

 

 

 

b) REPORT ON JAPAN

i)This morning Japan and the UK joined in on the blockade of China. Japan owned chip designer ARM holdings have told staff to stop working with Huawei. Arm is the backbone of the Hauwei smartphone so this will be devastating to Huawei

 

( Japan, UK China/Huawei)

ii)Now Toshiba joins the Huawei blockade as they suspend all hard drive shipments

( zero hedge)

 

3 China/Chinese affairs

i)China/USA

If you think that the trade war with China is not enough:  Trump sends in two destroyers though the Taiwan Strait

( zerohedge)

ii)A massive media blitz in China is asking citizens to switch to China’s Huawei from Apple in the iphone race.

(courtesy zerohedge)
iii)Chinese official states that conditions are just “not right” for a Trump Xi meeting next month. Markets do not like this
( zerohedge)

4/EUROPEAN AFFAIRS

i)UK

The pound continues its downward spiral ahead of the European parliament vote and the 4thBrexit vote.  Many are expecting May to resign and a hard Brexit PM to be the next leader

( zerohedge)

ii)Nigel Farage’s Brexit party is firmly in the lead at 37% totally annihilating both Labour and Conservatives.  Of the 73 European seats allocated to Gr. Britain, the Brexit party will hav a plurality of those seats.  He totally destroyed the UK political establishment

( zerohedge)

iii)GERMANY/DEUTSCHE BANK
THE World’s largest derivative player’s stock plummets to 6.35 Euro below the level that Charles Henner states, the company basically blows up. The CEO vows to make tough cutbacks but how do you get onside of trillions of dollars of derivatives…
( zerohedge)

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

 

 

6. GLOBAL ISSUES

 

 

 

7. OIL ISSUES

A joke: The USA has sanctioned Russia due to the Crimea saga.  However that does not stop the USA from importing Russian oil like mad

( Tom Luongo)

 

 

 

8 EMERGING MARKET ISSUES

 

 

 

 

 

9. PHYSICAL MARKETS

i)More and more states are getting it right by not taxing the true “money” silver and gold coins and bullion

(Industry Council for Tangible Assets/GATA)

ii)Ted Butler on the domination of the silver market by JPMorgan

( Cook/Baker/GATA)

iii)Now it is Bill Murphy who discusses the JPMorgan domination of the silver market accompanied by total news blindness

( Bill Murphy.Lode/Gata)

 

iv)The Wall Street Journal explains why the dollar will be knocked off its pedestal very shortly

(Wall Street Journal/GATA)

 

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

 

 

MARKET TRADING//

 

 

 

 

ii)Market data

a)Soft data USA PMI follows the lead of Europe in reporting ugly numbers in both manufacturing and service sectors

( zerohedge)

b)New homes sales collapse in April//the median prices soar due to lower interest rates
 zerohedge)

ii)USA ECONOMIC/GENERAL STORIES

a)Michael Snyder points out how Los Angeles is being overwhelmed by rats, drugs crime, garbage and homeless hoares.

( zerohedge)

b)Assange’s worst fears are realized as he now faces the death penalty as there are 18 new charges of violations of the espionage act.  He will be the first journalist to be charged under this section

( zerohedge)

 

SWAMP STORIES

a)Trump is set in the next 8 days to declassify important documents including all of the FISA application memos plus emails from Strzok to Lisa Page and other important stuff

( zerohedge)

b)Nunes urges Trump to write to Theresa May and ask of MI 16 and Mi 15 involvement in the Steele Dossier

( Sara Carter)
c)Lots of fun today with Trump sparring with crazy Nancy Pelosi. They each question each other’s mental state
( zerohedge

 

E)SWAMP STORIES/MAJOR STORIES//THE KING REPORT
LET US BEGIN:

 

Let us head over to the comex:

 

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A CONSIDERABLE SIZED 5872 CONTRACTS TO A LEVEL OF 514,515 DESPITE THE FLAT PRICING  OF GOLD  IN YESTERDAY’S // COMEX TRADING)

WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF MAY..  THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 2957 EFP CONTRACTS WERE ISSUED:

0 FOR JUNE ’19: 2957 CONTRACTS , DEC; 0 CONTRACTS: 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  2957 CONTRACTS.

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 8829 TOTAL CONTRACTS IN THAT 2957 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A CONSIDERABLE  SIZED 5872 COMEX CONTRACTS.

 

NET GAIN ON THE TWO EXCHANGES : 8829 contracts OR 882,900 OZ OR 27.46 TONNES.

 

We are now in the NON active contract month of MAY and here the open interest stands at 58 contracts, having LOST 0 contracts. We had 0 notices served yesterday so we gained 0 contracts or an additional NIL 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 11,644 contracts DOWN to 205,395.  July GAINED 19 contracts to stand at 669.  After July the next active month is August and here the OI rose by 12,061 contracts up to 206,894 contracts.  We no doubt witnessed ZERO spreading liquidation today and as such it did not alter the price in any way.

 

 

 

TODAY’S NOTICES FILED:

WE HAD 0 NOTICES FILED TODAY AT THE COMEX FOR  NIL  OZ. (0.0000 TONNES)

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now for the wild silver comex results.

Total COMEX silver OI ROSE BY A SMALL SIZED 440 CONTRACTS FROM 210,356 UP TO 210,796 (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  3 CENT GAIN IN PRICING.//YESTERDAY.

 

 

WE ARE NOW INTO THE  ACTIVE DELIVERY MONTH OF MAY.  HERE WE HAVE 257 OPEN INTEREST STAND SO FAR FOR A GAIN OF 32 CONTRACTS.  WE HAD 29 NOTICES SERVED UPON YESTERDAY SO IN ESSENCE WE GAINED A HUGE 61 CONTRACTS  OR AN ADDITIONAL 305,000 OZ WILL STAND FOR DELIVERY AS THESE GUYS REFUSED TO  MORPH INTO LONDON BASED FORWARDS AND AS WELL THEY NEGATED A FIAT BONUS.

 

 

 

 

THE NEXT MONTH AFTER MAY IS THE NON ACTIVE MONTH OF  JUNE.  HERE THIS MONTH LOST 19 CONTRACTS DOWN TO 727. AFTER JUNE IS THE ACTIVE MONTH OF JULY, (THE SECOND LARGEST DELIVERY MONTH OF THE YEAR FOR SILVER) AND HERE THIS MONTH GAINED 76 CONTRACTS UP TO 157,321 CONTRACTS. THE NEXT ACTIVE MONTH AFTER JULY FOR SILVER IS SEPTEMBER AND HERE THE OI ROSE BY 183 UP TO 20,307 CONTRACTS.

 

 

 

 

TODAY’S NUMBER OF NOTICES FILED:

 

We, today, had 48 notice(s) filed for 240,000 OZ for the MARCH, 2019 COMEX contract for silver

 

 

Trading Volumes on the COMEX TODAY: 182,138  CONTRACTS 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  258,816  contracts

 

 

 

 

 

INITIAL standings for  MAY/GOLD

MAY 23 /2019.

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
2712.367
oz
HSBC
Deposits to the Dealer Inventory in oz nil

oz

 

 

 

 

 

 

 

 

Deposits to the Customer Inventory, in oz  

 

 

 

nil oz

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No of oz served (contracts) today
0 notice(s)
 NIL OZ
(0.000 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 1 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 1 withdrawal:

i)out of HSBC:  2712.367 oz

 

 

.

total gold withdrawals;   2712.367 oz

 

 

i) we had 0 adjustments today

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 0 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 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. (58 contract) minus the number of notices served upon today (0 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)  + (58)OI for the front month minus the number of notices served upon today (0 x 100 oz )which equals 36,400 oz standing OR 1.132 TONNES in this NON active delivery month of MAY.

We gained 0 contracts or an additional NIL oz will stand for delivery as they refused to morph into a London based forwards.

 

 

 

 

 

SURPRISINGLY LITTLE TO NO  GOLD HAS BEEN ENTERING THE COMEX VAULTS AND WE HAVE WITNESSED THIS FOR THE PAST YEAR!!  WE HAVE ONLY 6.233 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:  200,412.535 oz or  6.233tonnes
total registered and eligible (customer) gold;   7,687,411.095 oz 239.11 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 23 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
753,816.590 oz
brinks
Scotia

 

 

 

 

 

 

 

Deposits to the Dealer Inventory
NIL oz
Deposits to the Customer Inventory
599,578.650 oz
BNS
No of oz served today (contracts)
48
CONTRACT(S)
(240,000 OZ)
No of oz to be served (notices)
209 contracts
1,045,000 oz)
Total monthly oz silver served (contracts) 3531 contracts

17,655,000 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 BNS: 599,578.650 OZ

 

 

 

 

 

 

 

 

 

 

 

total customer deposits today:  599,578.650  oz

 

we had 2 withdrawals out of the customer account:

 

i) out of Brinks:  153,178.650 oz

ii) Out of Scotia: 600,637,940 0z

 

 

 

total withdrawals:  753,816.590 oz

 

we had 1 adjustment :

out of CNT:  9,973,50 oz was adjusted out of the dealer and this landed into the customer account of Brinks

 

total dealer silver:  92.425 million

total dealer + customer silver:  305.515 million oz

 

 

The total number of notices filed today for the MAY 2019. contract month is represented by 48 contract(s) FOR  240,000  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 3531 x 5,000 oz = 17,655,000 oz to which we add the difference between the open interest for the front month of MAY. (257) and the number of notices served upon today (48 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the MAY/2019 contract month: 3451(notices served so far)x 5000 oz + OI for front month of MAY( 257) -number of notices served upon today (48)x 5000 oz equals 18,700,000 oz of silver standing for the MAY contract month.

We GAINED 61 contracts or an additional 305,000 oz will stand as these guys refused to  morph into London based forwards as well as negating a fiat bonus for their efforts. Somebody was in urgent need of silver today.  Judging by the huge 10 cent backwardation of silver (spot/first future month) in London, silver acquired here is needed over on that side of the pond.

 

 

 

 

 

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:  68,127 CONTRACTS

 

 

 

 

 

 

CONFIRMED VOLUME FOR YESTERDAY: 40,601 CONTRACTS..

volumes on silver are becoming a lot less lately.

 

..

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 40,601 CONTRACTS EQUATES to 203 million  OZ 29.0% 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 FALLS TO -4.35% (MAY 23/2019)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -1.91% to NAV (MAY 23/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -4.35%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

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

NAV 12.76 TRADING 12.21/DISCOUNT 4.48

END

And now the Gold inventory at the GLD/

MAY 23/WITH GOLD UP $11.10 TODAY: A STRANGE WITHDRAWAL OF .88 TONNES FORM THE GLD/INVENTORY RESTS AT 738,81 TONNES

MAY 22//WITH GOLD FLAT TODAY: WE HAD A GOOD 1.52 TONNES OF GOLD DEPOSIT INTO THE GLD/INVENTORY RESTS TONIGHT AT 739.69 TONNES

 

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

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

MAY 23/2019/ Inventory rests tonight at 738.81 tonnes

*IN LAST 598 TRADING DAYS: 195.16 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 498 TRADING DAYS: A NET 29.32 TONNES HAVE NOW BEEN LOST INTO THE GLD INVENTORY.

 

end

 

Now the SLV Inventory/

MAY 23/WITH SILVER UP 16 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.616 MILLION OZ//

MAY 22/WITH SILVER UP 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS TONIGHT AT 311.616 MILLION OZ

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//

 

 

MAY 23/2019:

 

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 2.57

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

G0LD LENDING RATE: + .50

 

XXXXXXXX

12 Month MM GOFO
+ 2.35%

LIBOR FOR 12 MONTH DURATION: 2.67

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.32

end

 

PHYSICAL GOLD/SILVER STORIES

 

end
i) GOLDCORE BLOG/Mark O’Byrne

Sterling Down For Record 13th Day on Political Uncertainty and Hard Brexit Fears

Pound extends fall as support for Theresa May evaporates

Gold ends modestly higher, edges up further in electronic trade after Fed minutes

Fed minutes: No rate moves are coming ‘for some time’ even if the economy improves

Trump cuts short infrastructure meeting, blasts Pelosi’s ‘cover-up’ accusation

Deutsche Bank shares collapse and executives brace for its most contentious shareholder meeting to date

WATCH VIDEO HERE

Pound tumbles to four-month low amid speculation over Theresa May’s future

Sterling slides anew as MPs line up to blast May’s deal

Australian finds a $100,000 gold nugget using metal detector

Blain: The House Of Cards Is About To Collapse For Two Reasons…

Nenner: If Deutsche Breaks $6.40 “The World Is In Trouble”

Own Gold & Silver Coins (CGT Free in the UK) Stored In Zurich With Six Months Free Storage

LBMA Gold Prices (USD, GBP & EUR – AM/ PM Fix)
22-May-19 1274.00 1273.80, 1005.44 1008.09 & 1141.12 1141.20
21-May-19 1276.00 1271.15, 1004.85 998.62 & 1144.19 1139.84
20-May-19 1275.25 1276.85, 1000.05 1003.22 & 1142.63 1143.42
17-May-19 1285.80 1280.80, 1007.55 1005.17 & 1152.08 1146.70
16-May-19 1295.55 1291.70, 1009.62 1009.46 & 1155.76 1154.78
15-May-19 1298.90 1299.10, 1005.87 1011.87 & 1158.75 1161.53
14-May-19 1297.60 1298.40, 1002.14 1005.48 & 1154.34 1158.04
13-May-19 1282.95 1295.60, 985.95 994.89 & 1142.47 1151.27

Mark O’Byrne
Executive Director
end

GATA STORIES WITH RESPECT TO GOLD/PRECIOUS METALS.

More and more states are getting it right by not taxing the true “money” silver and gold coins and bullion

(Industry Council for Tangible Assets/GATA)

Kansas exempts gold and silver coins and bullion from sales tax

 Section: 

From the Industry Council for Tangible Assets
Dacula, Georgia
Tuesday, May 21, 2019

On May 16 Kansas Gov. Laura Kelly signed into law House Bill 2140, which provides a sales-tax exemption on sales of gold and silver coins and on all gold, silver, platinum, and palladium bullion.

The outcome is not everything we started with in the original bill, but certainly better than where we were,” said Dean Schmidt of Dean Schmidt Rare Coins.

The late Diane Piret, director of legislative affairs for the Industry Council for Tangible Assets, would agree. She always said, “It’s better to get a partial loaf than none. We can always come back for more.” …

“Kansas now joins the 38 other states with a sales-tax exemption,” said the council’s chief operating officer, David Crenshaw. …

… For the remainder of the report:

https://www.ictaonline.org/index.php?option=com_content&view=article&id=…

* * *

Help keep GATA going:

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

http://www.gata.org

To contribute to GATA, please visit:

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

..end

 

Ted Butler on the domination of the silver market by JPMorgan

(courtesy Cook/Baker/GATA)

Jim Cook interviews Ted Butler

 Section: 

8:15p ET Wednesday, May 22, 2019

Dear Friend of GATA and Gold:

Silver market analyst and manipulation critic Ted Butler, interviewed by Jim Cook of Investment Rarities, says he is still confident that silver will have its day because JPMorganChase eventually will stop suppressing the price so the investment bank can make billions on its hoard of the metal.

The interview is headlined “Jim Cook Interviews Ted Butler” and it’s posted at GoldSeek’s companion site, SilverSeek, here —

http://silverseek.com/commentary/jim-cook-interviews-ted-butler-jpm-silv…

— and at 24hGold here:

http://www.24hgold.com/english/news-gold-silver-jim-cook-interviews-ted-…

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

Jim Cook Interviews Ted Butler: JPM, Silver Investors & More

Theodore Butler

|

May 22, 2019 – 11:15am

 

Cook: A lot of silver investors are frustrated these days. Can you give them any hope?

Butler: I’d be lying if I said I wasn’t frustrated as well. But I have no doubt that silver will eventually prove its great worth.

 

Cook: Does everything still depend on what JPMorgan does?

Butler: If you don’t know by now that silver is manipulated by COMEX paper trading, largely at the hands of JPMorgan, you’re missing the whole story.

 

Cook: Ok, we get all that. We want to know when will it change?

Butler: When JPMorgan decides it will change. Look, you know I can’t tell you the precise time in advance.

 

Cook: Is that the best you can do? People are getting tired of hearing that.

Butler: Tired of what – the only explanation that makes any sense?

 

Cook: Calm down, you can’t blame people for being impatient.

Butler: OK, I understand that.

 

Cook: Do you understand why some people doubt you?

Butler: I know that some people doubt what I say. However, just before he died, the former CFTC commissioner, Brad Chilton, confirmed that JPMorgan was under investigation for manipulating the price of silver. That should end any doubt.

 

Cook: You’ve made some astonishing predictions on how high the price of silver could go. What’s your reasoning on this?

Butler: I’ve tracked JPM’s every move. They have accumulated 850 ounces of physical silver. They anticipate making billions on this hoard. That’s a big, overpowering reason to own silver.

 

Cook: Anything else?

Butler: Yes of course.by holding the price of silver down, they interrupted normal supply and demand factors. Low prices discourage mining and reduce supply. Alternatives to silver for industrial use hardly exist because nobody looks for them when prices are low.

 

Cook: What else?

Butler: Silver is truly a miraculous metal. Most of all it’s the greatest low cost conductor of electricity. That’s why 100 million ounces are used for solar power each year. It’s an electric world and silver is used in everything electric. If it wasn’t for JPM holding down the price while they hoarded it, I think we’d be close to $100 an ounce right now.

 

Cook: Do you think we’re still going to go there?

Butler: Yes, and maybe a lot more.

 

Cook: Why do you say that?

Butler: The supply is thin and we could have an industrial shortage. The users have to have silver at any price or shut down their factories.

 

Cook: What about investment demand?

Butler: That will kick in with rising prices. When that happens I don’t see enough silver existing to meet the demand. That’s when it will get interesting. The silver price will have to burn itself out at much higher levels. It’s going to be one for the ages.

 

May 22, 2019

 

info@butlerresearch.com

end

Now it is Bill Murphy who discusses the JPMorgan domination of the silver market accompanied by total news blindness

(courtesy Bill Murphy.Lode/Gata)

GATA chairman discusses JPM’s domination of silver market, news media’s blindness

 Section: 

8:30p ET Wednesday, May 22, 2019

Dear Friend of GATA and Gold:

The second part of the interview of GATA Chairman Bill Murphy by cryptographic silver money system operator LODE has been posted. It covers JPMorganChase’s domination of the silver market, the refusal of mainstream financial news organizations to address manipulation of the monetary metals markets, and the assistance given to GATA by the late member of the U.S. Commodity Futures Trading Commission, Bart Chilton. The interview is eight minutes long and can be viewed at YouTube here:

https://www.youtube.com/watch?v=BoDOKKmKsDQ

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

end

 

The Wall Street Journal explains why the dollar will be knocked off its pedestal very shortly

(Wall Street Journal/GATA)

Sahil Mahtani: The dollar may be knocked off its pedestal

 Section: 

America’s Competitors, Friend and Foe, Have Opportunities to Challenge the U.S. Currency

By Sahil Mahtani
The Wall Street Journal
Wednesday, May 22, 2019

https://www.wsj.com/articles/the-dollar-may-be-knocked-off-its-pedestal-…

Will the U.S. dollar soon lose its status as the world’s pre-eminent currency? The consensus is no—it’s said that any move away from the dollar would take decades. This view is too complacent.

Developments in foreign-exchange markets during the past 18 months point toward dedollarization. Consider that Chinese “petroyuan” crude-oil futures, launched last year in Shanghai, now sit right behind Brent and West Texas Intermediate in trade volume. The world’s central banks bought more gold last year than at any time since President Nixon took the U.S. off the gold standard in 1971. Markets recently learned that China added gold to its reserves for the fifth month in a row. Earlier this year, the U.K., France, and Germany created a new payment-processing system to permit payments to Iran. It will begin quietly with humanitarian aid, then move to other goods and services, potentially competing with the American-influenced Swift system.

The increasing use of economic sanctions under Presidents Obama and Trump is the immediate cause of dedollarization. In European finance, few have forgotten the $8.9 billion fine meted out to French bank BNP Paribas in 2014 for violating U.S. economic sanctions against Iran. It’s not that surprising, or even that significant, when Russia shifts $100 billion of dollar-denominated reserves into Chinese yuan, euros and Japanese yen, as it did last year. But the change in posture among the trans-Atlantic democracies is noteworthy. At his final European State of the Union address, European Commission President Jean-Claude Juncker said: “It is absurd that European companies buy European planes in dollars instead of euros.”

Surging U.S. oil production also has implications for the currency. By 2025 the U.S. is expected to overtake Saudi Arabia as the world’s biggest oil exporter. This has already scythed domestic oil imports by 25% since 2010, and that number will keep falling. This is in many ways positive for the U.S. economy, but if America buys less international crude oil while the Chinese ramp up purchases, the likelihood increases that oil exporters will accept currencies other than the U.S. dollar. Oil companies in Russia, Iran and Venezuela have already begun accepting yuan. Were Saudi Arabia to join them, the effects could be substantial.

Structural changes in Chinese demographics play a role as well. China’s working-age population peaked in 2016 and will likely continue to decline. This will reduce household savings, putting consistent pressure on China’s current account. Deficits will become more common, and to avoid incurring foreign-currency debt in perpetuity, China will need foreigners to become more comfortable buying Chinese assets in yuan. That’s why China has been so keen to get global-bond and equity indexes to include Chinese assets. Yuan-denominated bonds were included in the Bloomberg Barclays Global Aggregate Index in April.

Meanwhile, political polarization in the U.S. implies budget deficits as far as the eye can see, driven by tax cuts and higher entitlement spending. Congressional Budget Office forecasts show U.S. federal debt hitting 152% of gross domestic product by 2048, up from 78% today. The U.S. twin deficits — fiscal and current account — are a good leading indicator, with a two-year lag, of dollar weakness. They currently imply double-digit percentage declines in the dollar’s value over the next few years.

Significant currency shifts are rarely long and slow affairs. Britain’s pound sterling was in a gentle postcolonial stupor until the early 1970s, when it still accounted for just under a third of global sovereign reserves. By the end of that turbulent decade, it was less than 1/20th. In the 1930s countries off the gold standard, such as the U.K. and Italy, saw currency declines of 20% to 40% in three to five years. Even the dollar lost nearly half its value against the deutsche mark from 1971-78. Foreign currency became so expensive that U.S. soldiers stationed in Germany at the end of the decade received care packages from sympathetic West Germans.

Some will say that we’ve heard this all before. Persistent talk of a shift away from the dollar began in the 1970s, and recalls historian A.J.P. Taylor’s assessment of the revolutions of 1848: “a turning point that did not turn.” Habitual dollar use remains high—everywhere. Nevertheless, the emergence of a genuinely multipolar world means the coming market cycle is likely to be different. The U.S. dollar may finally be knocked off its pedestal.

—–

Mr. Mahtani is a strategist at Investec Asset Management.

* * *



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

 

end

* * *

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

i) Chinese yuan vs USA dollar/CLOSED/ LAST AT: 6.9183/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  6.9375   /shanghai bourse CLOSED DOWN 39.19 POINTS OR 1.36%

HANG SANG CLOSED DOWN 438.81 POINTS OR 1.58%

 

2. Nikkei closed DOWN 132,23 POINTS OR 0.62%

 

 

 

 

3. Europe stocks OPENED RED /

 

 

 

USA dollar index RISES TO 98.20/Euro FALLS TO 1.1137

3b Japan 10 year bond yield: FALLS TO. –.06/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 110.09/ 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:: 60.46 and Brent: 69.75

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

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3h Oil DOWN for WTI and DOWN FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.10%/Italian 10 yr bond yield DOWN to 2.64% /SPAIN 10 YR BOND YIELD UP TO 0.86%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 2.74: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 3.44

3k Gold at $1278.15 silver at: 14.50   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 34/100 in roubles/dollar) 64.70

3m oil into the 60 dollar handle for WTI and 69 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 110.09 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 1.0077 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1225 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.10%

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 2.36% early this morning. Thirty year rate at 2.78%

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

6.  TURKISH LIRA:  UP  TO 6.1321..they are toast

 

“Sea Of Red”: S&P Futures, Bond Yields Tumble As All Out Trade War Becomes “Base Case”

Yesterday’s modest selloff has become an all-out rout, dragging world stocks lower for 4 of the past 5 days, with US equity futures tumbling and global markets a “sea of red” as fears grow that the China-U.S. trade conflict is fast turning into a “technology cold war” (something we warned about last December) and as Wall Street’s denial is finally shifting to acceptance that a lengthy, all-out trade war is now inevitable, and the only way out and for someone to concede is for markets to plunge. Sure enough, that’s what they are doing this morning.

“It’s tin hats on and battening down the hatches for a fair bit of volatility for the next few months,” said Tony Cousins, Chief Executive of Pyrford International, the global equities arm of BMO Global Asset Management. “We are as defensively positioned as we could be,” he said, adding it was impossible to predict what steps Trump was likely to take next in the trade war with China.

Analysts at Nomura warned in a note that “without a clear way forward during an intensifying 2020 U.S. presidential election, we see a rising risk that tariffs will remain in effect through end 2020.”

While there were no major escalations overnight, China’s Commerce Ministry warned on Thursday that the United States needs to correct its wrong actions if it wants to continue negotiations with China, adding that talks should be based on mutual respect. The United States has escalated trade frictions greatly, and increased chances of a global economic recession, spokesman Gao Feng said at a weekly briefing, adding that Beijing will take necessary steps to safeguard Chinese firms’ interests.

Clearly this is merely the latest verbal escalation in what is now an out of control global trade war, however, the bigger reason for the accelerating rout is that as Bloomberg notes this morning, after months of predicting a trade deal between the world’s two largest economies, “economists at some of the biggest financial institutions are growing increasingly pessimistic.” Goldman Sachs, Nomura and JPMorgan Chase “are among those that have rewritten their forecasts as U.S. President Donald Trump threatens to impose a 25% tariffs on around $300 billion of additional Chinese imports.”

It could be even worse: one expert predicted tensions could endure until 2035. “We don’t think that there is an overnight solution,” said James Johnstone, co-head of emerging and frontier markets at RWC Partners LLC. “The accommodation of China as a rising power is something that the Americans and the West have been contemplating for a long time. This will be a 20-30 year accommodation.”

Asian stocks dropped for a third day, caving to a four-month low led by technology and communications firms, as the rhetoric between Beijing and Washington remained fierce while Europe’s bourses also fell as Brexit worries and gloomy data from Germany and the euro zone added to the nerves.

Most Asian markets were down, with Hong Kong and Taiwan leading declines. MSCI’s broadest index of Asia-Pacific shares outside Japan touched its lowest in four months. The Topix gauge fell 0.4%, with SoftBank Group Corp. and Sony Corp. among the biggest drags. The Shanghai Composite Index retreated 1.4% dropping near their lowest since February, driven by Ping An Insurance Group and Kweichow Moutai. The Indian market bucked the global picture after Prime Minister Narendra Modi’s party scored a historic victory in the nation’s general election with official data showing Modi’s Bharatiya Janata Party (BJP) ahead in 292 of the 542 seats available.

In Europe, trade fear was also rampant, with the Stoxx Europe 600 falling as much as 1%, hitting its lowest level since May 15, amid mounting worries over U.S.-China trade tensions. The Stoxx autos sector was hit the hardest, falling 3.1% to lowest since February; energy sector down 1.7%, industrial sector down 1.6%, tech sector down 1.6%. More ominously, the upward channel that was created early this year, has been breached.

European equities will likely fall further as today’s dismal batch of euro-area economic data weighs on already low sentiment and future profits, especially for all-important cyclical sectors. The biggest surprise was German Manufacturing PMI which slumped once again, dropping from 44.4 to 44.3, below the 44.8 expected. Separately, IHS Markit said the euro-zone business situation could “deteriorate further in coming months.” Germany also reported the latest dire IFO Business Climate report, which slumped to a 4 year low of 97.9, down from 99.2 in April, mainly driven by the assessment of current business conditions in the trade, services and, to some extent, manufacturing sectors. By contrast, the assessment of future economic conditions remained unchanged.

U.S. stock futures also pointed to a weak start with the S&P 500 e-minis faltering 0.5%, after the Communist Party’s flagship People’s Daily newspaper published two commentaries assailing American moves to curb Chinese companies, warning the “world won’t tolerate the US breaking rules” even if so far more nations are joining the US in its “campaign” against Huawei so far, including Japan, Australia, the UK, New Zealand, and South Korea likely to fold next (See “World Trade War I: US Asks South Korea To Join Anti-Huawei Campaign“).

In rates, bonds rallied amid a cocktail of risk-off factors, including pressure on U.K. PM Theresa May to resign, weak euro-area data and continuing concern over U.S.-China trade. Portuguese 10y yield drops below 1% for the first time on record, following Spain, while Italian bonds drop amid equity weakness. Over in the US, 30Y Treasury yields dropped to lowest level since January 2018, with the rally starting during Asia hours after China published commentary saying the U.S. wants to start a “technology cold war.” As noted above, German and euro-area PMIs for manufacturing and services miss forecasts, pushing bunds higher and bull-flattening core European yield curves; France underperforms as PMIs beat expectations.

In currencies, trade friction saw the safe haven yen in demand again as the dollar dipped to 110.11 yen and away from the week’s top of 110.67. The dollar was close to session highs, up on the euro at $1.1130 and touched a 1-month high on a basket of currencies at 98.235. Minutes of the U.S. Federal Reserve’s last meeting out on Wednesday underlined its readiness to be patient on policy “for some time” given the uncertain global outlook. The chance of a rate cut seemed to diminish as many Fed policy makers saw recent weakness in inflation as “transitory”, though the latest escalation in the trade war means markets are still wagering on an eventual easing.

Meanwhile, the sterling slide continued as it hit a 4-1/2-month low of $1.2603 weakening against the euro for a record 14th day as the prospect of Prime Minister Theresa May being forced from power brought yet more uncertainty over the U.K.’s Brexit strategy.

Theresa May came under intense pressure after her latest Brexit gambit backfired and fueled calls for her to quit, while prominent Brexit supporter Andrea Leadsom resigned from the government on Wednesday and with British media reporting May could announce her departure date as early as Friday the bets on a more hard Brexit replacement are rising.

Elsewhere, the Aussie declined and China’s yuan dipped even after the People’s Bank of China set its daily fixing at a stronger-than-expected level for a fourth straight day.

In commodity markets, spot gold was a bit higher at $1,274.73 per ounce. Oil prices added to losses suffered overnight after an unexpected build in U.S. crude inventories compounded investor worries about demand. U.S. crude was last down 48 cents at $60.94 a barrel, while Brent crude futures lost 57 cents to $70.41.

Looking at today’s calendar, expected data include jobless claims, PMIs, and new home sales. Medtronic, Royal Bank of Canada, and Intuit are among companies reporting earnings.

Market Snapshot

  • S&P 500 futures down 0.8% to 2,833.50
  • STOXX Europe 600 down 1.3% to 374.40
  • MXAP down 0.7% to 152.74
  • MXAPJ down 0.9% to 499.21
  • Nikkei down 0.6% to 21,151.14
  • Topix down 0.4% to 1,540.58
  • Hang Seng Index down 1.6% to 27,267.13
  • Shanghai Composite down 1.4% to 2,852.52
  • Sensex unchanged at 39,111.07
  • Australia S&P/ASX 200 down 0.3% to 6,491.79
  • Kospi down 0.3% to 2,059.59
  • German 10Y yield fell 2.4 bps to -0.11%
  • Euro down 0.2% to $1.1132
  • Italian 10Y yield fell 1.1 bps to 2.26%
  • Spanish 10Y yield fell 1.8 bps to 0.85%
  • Brent futures down 1.4% to $70.02/bbl
  • Gold spot up 0.2% to $1,275.59
  • U.S. Dollar Index up 0.2% to 98.26

Top Overnight News

  • The U.S. unilaterally escalated trade tensions and if it wants talks to resume, it needs to correct what it did and show sincerity, according to China’s Ministry of Commerce. The comments are the latest sign that China has no intention of making concessions
  • U.S. naval ships transited through the Taiwan Strait as faltering trade talks and the Trump administration’s move to restrict Chinese tech companies’ access to the American market fuels tensions.
  • May’s premiership is hanging by a thread as a high-profile U.K. Cabinet minister quit and a growing revolt over Brexit looked set to force her from power
  • Euro-area private-sector output remained subdued in May. A Purchasing Managers’ Index inched up to 51.6 from 51.5 in April. The bloc is currently headed for “lackluster” growth of around 0.2% in 2Q, according to IHS Markit
  • German business confidence in May was the weakest in more than four years as global trade tensions weighed heavily on the economy. The drop in the Ifo index was bigger than forecast and takes the closely-watched gauge to its lowest since November 2014.
  • Investors see a U.S. rate cut by the end of the year, but minutes of the Fed’s last policy meeting released Wednesday showed officials expect patience on rates to be appropriate for “some time”
  • U.K. PM May’s premiership is hanging by a thread as a high-profile Cabinet minister quit and a growing revolt over Brexit looked set to force the British leader from power
  • After months of predicting a trade deal between the world’s two largest economies, economists at some of the biggest financial institutions including Goldman Sachs Group Inc. are growing increasingly pessimistic
  • Early counting in the world’s biggest election show Indian Prime Minister Narendra Modi’s ruling coalition is heading for another five-year term in office
  • Oil extended losses after a surprise jump in American crude inventories alleviated concerns over a supply crunch, while the demand outlook remained bleak as there was no let up in U.S.- China tensions

Asian stock indices were mostly lower amid spillover selling from Wall St as US-China trade uncertainty remained at the forefront of market focus with the US mulling restrictions on several Chinese firms and as comments from China suggested and unwillingness to back down, as well as the potential for a prolonged trade dispute. ASX 200 (-0.3%) and Nikkei 225 (-0.6%) were negative with Australia dragged by weakness in its largest weighted financials sector and with energy names pressured after a more than 3% drop in WTI, while risk appetite in Tokyo was suppressed by a stronger currency and weak Nikkei Manufacturing PMI data which slipped into contraction territory. Hang Seng (-1.6%) and Shanghai Comp. (-1.4%) conformed to the negative tone due to the trade tensions and with some sabre-rattling from China in which Foreign Minister Wang Yi labelled US pressure on Huawei as pure economic bullying and warned they will fight to the end if the US uses extreme pressures, while China’s top four official Wang Yang also suggested businesses should be prepared for a lengthy trade war. Indian markets bucked the trend and gained over 2% to record highs as the early election results showed PM Modi’s BJP and National Democratic Alliance were ahead in world’s largest democratic election with the BJP on course to achieve a majority on its own if the early results hold up. Finally, 10yr JGBs were higher as they tracked the upside in T-notes and with price action underpinned by safe-haven demand amid the mostly negative risk sentiment in the region.

Top Asian News

  • Huawei’s Own Operating System Could Be Ready This Year: CNBC
  • Modi’s Lead Signals Single-Party Majority in India Vote Count
  • Thomas Cook Tumbles on Downgrade Showing Default Is Possible
  • Japanese Shop for Bonds Overseas as Trade War Spurs Gains in Yen

Major European stocks are sliding [Eurostoxx 50 -1.7%] following on from a weak Asia handover wherein mainland China shed over 1.3% and Hang Seng declined in excess of 1.5%, as trade woes remain a grey cloud above markets. Equities in Europe saw a more pronounced decline amidst the release of disappointing EZ Flash PMIs and a downbeat Ifo Survey which was followed by Ifo economists stating that the export dynamic is very weak, business uncertainty remains very high and a recovery in the auto sector is not seen for the time-being. Heavy, broad-based losses are seen across the sectors; albeit healthcare, utilities and consumer staples to a lesser extent given their defensive properties. The IT sector (-2.3%) bears the brunt of a barrage of companies halting shipments to Huawei given the quarrel with the US over security, with Japanese tech giants Panasonic and Toshiba the most recent, albeit the latter announced that it has resumed shipments to the company. Nevertheless, STMicroelectronics (-4.2%), Infineon (-2.6%), Micro focus (-1.2%), SAP (-2.2%), ASML (-1.7%) shares are all pressured. In terms of individual movers, Deutsche Bank (-2.2%) shares found little reprieve as its AGM began following reports that a New York district judge has rejected US President Trump’s efforts to prevent Deutsche Bank and Capital One from complying with a congressional subpoena for the President’s financial records. Co. spokesperson said the bank remains committed to providing appropriate information regarding the investigation. At the AGM, the Co. noted that they are prepared to make tough cutbacks to their investment banking sector, and on DWS (-0.8%) they stated that they remain open to other strategic options. Finally, shares in Thomas Cook (-6.8%) plummeted after Fitch downgraded the Co.’s Long-Term Issuer Default rating to “CCC+” from “B”, outlook negative.

Top European News

  • French Companies See Fastest Growth in Six Months as Orders Rise
  • Universal Is Said to Eye Industry Bidder as Buyout Firms Balk
  • German Business Confidence Weakest Since 2014 on Gloomy Backdrop
  • Europe’s Biggest IPO of 2019 Gets Thumbs Up From Barclays, HSBC

JPY/CHF/SEK/NOK – The major outperformers as the Yen and Franc benefit from more safe-haven positioning, while the Scandi Crowns derive protection from broad risk-off sentiment with the aid of supportive and upbeat data to justify relatively hawkish Riksbank and Norges Bank policy stances. Usd/Jpy is eyeing bids ahead of 110.00 that are said to be fairly thick and layered, while Usd/Chf is pivoting 1.0100 and the Eur/Chf cross 1.1250. Elsewhere, Eur/Sek has backed off further from recent decade highs (10.8500) towards 10.7300 and Eur/Nok is testing 9.7500 in wake of better than expected jobless rates in April and March respectively (and with Swedish unemployment falling sharply in particular).

  • DXY – The Dollar is firmer vs the rest of the G10 after FOMC minutes underlining a patient and perhaps longer pause in normalisation than previously anticipated or flagged as it transpires that the transitory assessment on soft inflation is shared by other members aside from Powell with only a minority worried that it might unhinge expectations and warrant a rate cut. On the flip-side, there is a consensus that even if the economy develops in line with expectations it might be prudent to hold off from further tightening given ongoing risks, like trade. Hence, the index is forming a firmer base above 98.000 and inching closer to ytd peaks of 98.346 at 98.274, thus far.
  • CAD/GBP/EUR/AUD/NZD – All on the backfoot relative to the Greenback, as noted above, with the Loonie unwinding more of its brief post-Canadian retail sales gains and back below 1.3450 amidst a deeper retracement in oil prices and the ongoing US-China trade spat. Meanwhile, the Pound also has the Brexit situation to contend with and a near state of political limbo given that UK PM May is still widely expected to bow to increasing pressure if not this week then sometime after the WAB returns to Parliament and rejected yet again. On that note, the HoC leader Leadsom has now resigned in protest to lift the number of MPs that have departed to 36, and with the EU elections underway Cable continues to decline, just holding above 1.2600 vs Wednesday’s circa 1.2625 base. Similarly, the single currency has slipped under yesterday’s trough and through decent option expiry interest at 1.1150 (1.4 bn) to test support ahead of the 2019 base and more expiries at the 1.1100 strike (1 bn), and more downbeat Eurozone surveys have not helped as all bar the French PMIs missed consensus and Germany’s Ifo readings were mostly downbeat. Looking down under, the Aussie and Kiwi remain rooted near or at new lows for the year, as Aud/Usd is capped ahead of 0.6900 and Nzd/Usd slips further from 0.6500 awaiting NZ trade data.
  • EM – The Lira has been hit by more US-Turkey sanction jitters and dire sentiment news, this time in the form of a sub-100 manufacturing index, and Usd/Try topped 6.1500 in response before paring some gains. However, the Rand is also under pressure after soft SA data that could tip the SARB towards more dovish guidance later, as Usd/Zar rebounds to 14.4900.

In commodities, the energy complex continues its decline in the aftermath of this week’s surprise builds in US crude stocks coupled with a bleak demand outlook amid the ongoing US-China trade spat. WTI (-1.7%) futures reside just below the 60.50/bbl (having already fallen below its 50 DMA at 62.13/bbl) ahead of its 200 DMA at 60.24/bbl. Meanwhile, its Brent (-1.8%) counterpart recently slipped under its 50 DMA at 70.44/bbl, while gains are capped amid a rising Buck alongside a downbeat risk sentiment and bearish supply data as mentioned above. Elsewhere, gold (+0.2%) edges higher despite a firmer Dollar as investors seek the safe-heaven asset amid trade developments, dismal EZ flash PMIs and German confidence hitting the lowest level in over four years. Meanwhile, the risk-gauge copper (-0.4%) extends its losses with the red metal losing more ground below the 2.70/lb level ahead of its 200 DMA at 2.61/lb. Finally, ING highlights that LME nickel spreads have been tightening recently with the June/July spread trading around USD 32/t vs. USD 50/t last week. This is due to declining inventories which have fallen over 42k tonnes thus far this year, leaving inventories around the lowest levels since 2013.

US Event Calendar

  • 8:30am: Initial Jobless Claims, est. 215,000, prior 212,000; Continuing Claims, est. 1.67m, prior 1.66m
  • 9:45am: Bloomberg Consumer Comfort, prior 59.9; Bloomberg Economic Expectations, prior 50
  • 9:45am: Markit US Manufacturing PMI, est. 52.7, prior 52.6; Services PMI, est. 53.5, prior 53
  • 10am: New Home Sales, est. 675,000, prior 692,000; New Home Sales MoM, est. -2.46%, prior 4.5%
  • 11am: Kansas City Fed Manf. Activity, est. 6, prior 5

DB’s Jim Reid concludes the overnight wrap

If I could give advice to readers getting a new kitchen at any point in their lives it would be to read the instructions on the work surface you’ve bought. We didn’t and I left a cast iron pan lid to dry by the side of the sink. When moving it a couple of days ago we discovered a nice brown ring in the new work surface. I sighed, got a cloth and wiped it down. Not one bit of the stain disappeared. I rubbed harder and it made no difference. I then proceeded to put all sorts of surface cleaner on it and again nothing changed. I then got the notes left by the kitchen provider and point 1 said “don’t leave wet cast iron pans on your quartz work surface as it will leave a permanent stain”. That’s pretty much the main thing you can’t do and I did it. Anyway yesterday we got the quote to have it professionally sanded down which apparently is the only way to get rid of it. I nearly fell over backwards in amazement. I’m wondering whether we can make a feature of the brown ring instead!!! Double Sigh!!

One wonders what stains will be left after the next four days of EU Parliamentary elections here in Europe. They used to be fairly dull affairs but with the rise of anti-EU and populist party support, and the bizarre situation where the UK is taking part but likely to leave the Union this year, the next few days should be a fascinating political backdrop for a turbulent few years ahead for Europe. We also have the latest flash global PMIs today, which will be the first glance at the impact of the trade spat on global businesses. Overnight, Japan’s preliminary May manufacturing PMI slipped into contractionary territory at 49.6 (vs. 50.2 last month). Joe Hayes, economist at IHS Markit, said that “the re-escalation of US-China trade frictions has heightened concern among Japanese goods producers.”

The tone this morning in Asia is on the negative side with the Nikkei (-0.71%), Hang Seng (-1.30%), Shanghai Comp (-0.84%) and Kospi (-0.04%) all down. Chinese companies like Iflytek (-5.56%), Hikvision (-4.68%), Xiamen Meiya Pico Information Co. (-5.57%) and Zhejiang Dahua Technology Co Ltd (-2.98%) are all down as they are reported by Bloomberg to be among five firms that the US is considering blocking access to vital American technology. China’s onshore yuan is down -0.10% to 6.9135 while the Indian rupee is up +0.38% alongside Indian equity markets (c. +1%) as early trends in vote counting show that the Modi government is poised to retain power. Elsewhere, futures on the S&P 500 are down -0.37%.

Before we get onto other markets over the last 24 hours lets preview the European elections and the rest of the PMIs. As discussed the EP elections actually take place over the next four days, with each of the 28 countries voting on the day they normally hold national elections. The UK and the Netherlands will kick off proceedings today, but most of the big EU countries (including Germany, France, Italy, Spain and Poland) don’t vote until Sunday. In spite of some countries finishing before then, the votes won’t actually be counted until the polls right across Europe have closed, so Sunday night is when we can start to expect results, with the final outcome on Monday.

DB Research have published a number of previews on the elections, with Kevin Koerner and Barbara Boettcher releasing a five-part countdown, looking at the Brexit delay, the race for the Commission Presidency, the different Eurosceptic parties, what’s happening in Germany, and a final preview yesterday (links here , here , here , here and here ). Meanwhile, Clemente De Lucia and Mark Wall have published a note on the implications for the populist coalition in Italy and market sentiment (link here ).

An interesting (or worrying depending on your view) fact about the EP elections is that in every vote since they began in 1979, EU-wide turnout has fallen, from a high of 62% at the first set in 1979 to just 43% last time round in 2014. Rightly or wrongly, they’re simply not seen as anywhere near as important as national elections but for the EU to succeed it will be difficult if Eurosceptic politics dominate in Brussels. Indeed, populists are expected to perform strongly in the first EP election since the migrant crisis and Britain’s vote to leave the EU in 2016.

According to the polls, we can expect to see some pretty striking results across the continent, with Kevin and Barbara writing that Eurosceptic parties of both left and right could get more than 35% of the seats if the current polls are correct, while for the first time ever the two main centre-right and centre-left groupings are projected to not have a majority between them, although pro-European forces as a whole are expected to. Here in the UK, Nigel Farage’s Brexit Party, which explicitly backs a no-deal Brexit, is polling in first place, while polls have put the governing Conservatives as low as fifth, something for which there is quite literally no precedent. The Brexit party, having only been formed a few months ago, are now poised to come first in a national election. Has a political party ever gone from non-existence to first place in a national poll so quickly?

In Italy, the right-wing Lega is expected to come first, with its leader Deputy Prime Minister Salvini having railed against EU deficit rules and clashed with other countries over taking in migrants. In France, President Macron’s party has been running neck-and-neck with Marine Le Pen’s Rassemblement National, with the final polls putting Le Pen’s party marginally ahead. This will be one to watch when results come through Sunday night/ Monday morning.

Staying with Europe, we have a busy day ahead, which includes the important flash May PMIs this morning. While the data will regardless be followed closely, the complication is that we won’t know the exact survey period until the data is out. So how much of the trade escalation period that gets captured is unknown and it may well differ for each country. This therefore adds a relatively high degree of uncertainty to the data – and makes the revisions in the final readings very important. Nevertheless, the consensus is expected to nudge up modestly for the Euro Area by 0.2pts to 51.7 with equal moves higher for the manufacturing (to 48.1) and services (to 53.0) sectors. Germany’s manufacturing reading will also be under the spotlight after only improving 0.3pts last month to 44.4 – only the second monthly improvement over the last 16 months. The consensus is for it to improve to 44.8 today. It’s worth noting that we’ll also get the May IFO survey in Germany today, which will also be closely watched for the trade escalation impact.

Over in markets, the tug-of-war around trade headlines continued for most of yesterday with risk assets on the back foot once again. The news about the US government considering banning China’s video-surveillance firms now a number of global phone companies announcing that they are no longer selling Huawei handsets was the latest twist in the saga. There was at least one glimmer of hope, however, as US Treasury Secretary Mnuchin suggested that Mr. Trump and Mr. Xi would likely meet at the end of June. He also kept the door open for exemptions to the latest round of tariffs. There was also speculation, fueled by yet another tweet from Xu Xijin, that China may consider blocking exports of rare earths to the US. These are essential for high-tech manufacturing, though the impact of an export ban would probably be so disruptive for both parties that it is probably not imminent. DB’S Michael Hsueh wrote about the subject here , where he explains the issue, the history, and the likely implications of any new limitations. Overall the S&P 500, DOW and NASDAQ slipped -0.28%, -0.39% and -0.45%, respectively, while the beaten-up Philly semiconductor shed another -2.12% to take it’s MTD decline to -13.57%. Energy stocks lagged as well, falling -1.58% as WTI oil fell -2.70% after US inventories rose more than expected again last week. The 4.7 million barrel build was the fourth bigger-than-expected build over the last five weeks. Things were a bit steadier in Europe where the STOXX 600 edged down -0.10% and DAX -0.18%.

The bulk of those moves came prior to the FOMC’s meeting minutes last night which offered a few interesting new comments. None of the macro discussion was news, and it has already been overtaken by the trade war escalation over the last few weeks. But on policy, it was noteworthy that the minutes discussed the future composition of the Fed’s balance sheet. It said “all else equal, a move to (a) shorter maturity portfolio would put significant upward pressure on term premiums and imply that the path of the federal funds rate would need to be correspondingly lower to achieve the same macroeconomic outcomes.” Though there doesn’t seem to be a lot of urgency in announcing any new plans, there is scope for the Fed to shorten the maturity profile of its holdings if it wanted to, since they are currently around 98 months versus the 69 months of the overall universe of outstanding treasury debt. Treasury yields were already lower before the minutes and ended down -4.1bpts, while the dollar traded flat. Curves were broadly flatter, with the 2y10y spread -1.2bps lower at 15.5bps, while EM FX finished marginally lower. Speaking of EM, it’s worth noting that Turkish assets were hit hard again yesterday. The BIST 100 index tumbled -1.92% and officially entered a bear market having dropped over 20% from the March highs, while the Turkish Lira sold off -0.78% (a further -0.40% this morning), taking it past 6.10 again. The Turkish lira is now down -13.63% YtD and is the second worst-performing currency behind the Argentine Peso, which is down -16.07% YtD.

In other news, the mood music over at Downing Street continues to lean towards PM Theresa May’s resignation sooner rather than later. That was certainly what all the headlines suggested yesterday and at one stage it even looked like she may resign as soon as last night. Various newsflow from journalists confirmed that there was pressure for the PM to pull the WAB in its current form. Theresa May will reportedly meet Graham Brady from the 1922 Committee on Friday, where he may push for her resignation. A possible catalyst to drive this timeline will be cabinet pressure, with Leader of the House Leadsom resigning last night. Sterling got hit another -0.35% yesterday, which means it has now dropped on eleven of the last thirteen sessions – for a cumulative decline of -3.88%. The Telegraph deputy political editor said overnight that the 1922 Executive now wants PM May to announce that she will step down as Conservative Party leader by June 10, at its Friday meeting. Sterling is trading down -0.14% this morning.

Those Brexit developments came as core CPI missed on the downside in April after staying put at +1.8% yoy versus expectations for a rise to +1.9%. Recreational and cultural items appeared to be to blame along with package holidays.

As for the Fedspeak, the minutes understandably overshadowed other remarks. NY Fed President Williams reiterated his positive view of the economy, saying that risks from abroad have receded. Nevertheless, he also said that he doesn’t see a need “to move interest rates one way or the other.” Boston President Rosengren said that the trade war “is one of the biggest risks,” while Dallas President Kaplan cited the yield curve as evidence that “expectations for future growth are sluggish.” He suggested that changes are needed to improve the outlook, which skirted close to but stopped short of arguing for a rate cut.

To the day ahead now, which this morning kicks off in Germany shortly after this hits your emails with the final Q1 GDP revisions. A reminder that the preliminary reading showed growth of +0.4% qoq. After that we get May confidence indicators in France before attention turns to those flash May PMIs. Not long after we then get the May IFO survey in Germany before focus turns to the US with claims, the flash PMIs, April new home sales and May Kansas Fed manufacturing survey all due. This evening we’re also due to hear from the Fed’s Kaplan, Daly, Bostic and Barkin when they speak on a panel, while over at the ECB we’ve got Guindos and Nowotny due. The ECB minutes from the meeting earlier this month are also due today. Of course, as mentioned at the top the EU Parliamentary elections also kick off today.

 

 

3. ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED DOWN 39.19 POINTS OR 1.36%  //Hang Sang CLOSED DOWN 438 POINTS OR 1.58%   /The Nikkei closed DOWN 132.23 POINTS OR 0.62%//Australia’s all ordinaires CLOSED DOWN 0.21%

/Chinese yuan (ONSHORE) closed DOWN  at 6.9183 /Oil UP to 62.60 dollars per barrel for WTI and 72,00 for Brent. Stocks in Europe OPENED RED/ONSHORE YUAN CLOSED DOWN // LAST AT 6.9183 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9375 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 WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

3 a NORTH KOREA/SOUTH KOREA

SOUTH KOREA

This is going to be a killer blow to Huawei as the USA aski South Korea to join in on its anti Huawei campaign.  The big victor is all of this will be Samsung.

(courtesy zerohedge)

World Trade War I: US Asks South Korea To Join Anti-Huawei Campaign

The bilateral trade war between the US and China is gradually becoming a global trade war of global geopolitical and commercial dominance between the US and Chinese spheres of influence.

Shortly after the two largest mobile phone companies in the UK decided against launching Huawei-built 5G phones this morning, and roughly around the time a bevy of Japanese tech and telecom companies including ARM Holdings, Panasonic and SoftBank all imposed a boycott on supplying Huawei with mission critical components joining Australia, and New Zealand as major US allies to end commercial relations with Huawei following the US decision to crack down on the Chinese telecom giant (see “Huawei Feels U.S. Squeeze in U.K., Japan as Partners Curb Business) the White House is now pressuring another critical Chinese trading partner – South Korea – to cease ties with Huawei.

According to the Chosun Ilbo newspaperthe US recently asked South Korean government to support and join its anti-Huawei campaign.

Forcing Seoul to pick sides in a fight it would rather stay out of – especially since both sides still bear a distinct grudge from the Korean war – the US delivered a message several times to S. Korea’s Foreign Ministry that “using Huawei products may cause security problems” and as a result, the US requested S. Korea’s “active” support of US policy toward China as South Korea is seen as an American ally.

More from Chosun, google translated:

A diplomatic source in Seoul said, “We have been constantly communicating to the Ministry of Foreign Affairs that there is a risk of security problems if the US government uses Huawei products through various diplomatic channels. “We have asked for cooperation in the policy.” The United States, which is in full control of Huawei due to trade pressure on China, has demanded that its allies such as South Korea join in.

U.S. State Department official told a S. Korean govt official that LG Uplus should not provide services in sensitive areas in the country and that S. Korea needs to ban Huawei in the end, though not immediately

For now, the pressure campaign has failed to generate success: while the Ministry of Foreign Affairs expressed its sympathy for the concerns of the United States, it has so far been hesitant to take a stand, saying, “it is difficult for the government to intervene in the decision-making of private enterprises” and expressed reservations about the request.

As Chosun adds, citing members of the telecom and IT industry, if the Korean government stops importing Huawei equipment at the request of the United States, it is estimated that the damage to the enterprise amounts to billions of dollars. If China takes retaliation against our company, the damage can snowball.”

On the other hand, South Korea’s own telecom giant, Samsung stands to benefit if Huawei, the world’s second-biggest smartphone vendor (having recently supplanted Apple) is crippled. Of course, if Seoul concedes to US demands, and joins Japan, Australia, New Zealand and other Pacific Rim nations in launching their own trade war against Beijing, China’s retaliation will be furious and will likely result in further collapse in trade among these nations. Which is a problem considering that just yesterday we pointed out the unprecedented plunge in South Korean exports for the first 20 days of the month.

As such, the longer the trade war between the US and China drags on, the more nations will join both either US or China in retaliating against the adversary, in the process plunging global trade even further. Which is also a problem, because as we showed last week, global trade has already plummeted to near depression levels last seen during the financial crisis.

Should trade get even worse, not even central banks will be able to “print” the trillions in trade and commerce that will be indefinitely mothballed.

Nasdaq futures are already sliding back towards the week’s lows.

 

end

3 b JAPAN AFFAIRS

This morning Japan and the UK joined in on the blockade of China. Japan owned chip designer ARM holdings have told staff to stop working with Huawei. Arm is the backbone of the Hauwei smartphone so this will be devastating to Huawei

 

(courtesy Japan, UK China/Huawei)

Japan, UK Join US Blockade Of China: ARM Tells Staff To Stop Working With Huawei

Japan and the UK have joined the US trade clampdown on China as technology companies scramble to comply with a May 15 Executive Order signed by President Trump, which governs foreign-made telecommunications equipment deemed a national security risk.

Japanese-owned chip designer ARM Holdings has notified its staff to halt “all active contracts, support entitlements, and any pending engagements” with Huawei and its subsidiaries in order to comply with the recent US clampdown, according to the BBC. Based in the UK and owned by Japan’s Softbank, ARM designs and licenses processors used in all types of electronic devices, including smart phones, tablets, laptops, televisions, automotive systems and more.

ARM is the foundation of Huawei’s smartphone chip designs, so this is an insurmountable obstacle for Huawei,” said Geoff Blaber of CCS Insight, adding: “That said, with an abundance of companies in Huawei’s supply chain already having taken action to comply with the US order, Huawei’s ability to operate was already severely affected.”

In a company-wide memo, ARM told employees that their designs contain “US origin technology,” which would be affected by the Trump administration’s May 15 Executive Order to “protect our country against critical national security threats.”

The US has argued that the Chinese government could force companies such as Huawei to install backdoors on their devices to allow for spying on US networks – an accusation Huawei has repeatedly denied.

Softbank – which is also one of Japan’s largest mobile carriers – has joined with Japan’s largest carriers DoCoMo and KDDI in announcing that they will stop taking orders for Huawei handsets.

KDDI and SoftBank said they made the decision as it remains unclear whether U.S. technology giant Google LLC will continue providing services, including its Android operating system, to the Chinese smartphone-makerfollowing the declaration of a national emergency over technology threats by U.S. President Donald Trump last week. –Japan Times

Meanwhile, Japan’s Panasonic has halted business with Huawei, and will no longer sell them certain components. “The affected products are limited, and there will be hardly any impact on earnings,” said a spokesperson.

Panasonic supplies parts for Huawei phones, and some of the Japanese companies’ products use U.S.-made technology.

The Osaka-based company said it will study whether other products are affected by last week’s U.S. Commerce Department decision, which applies to American-made technology, as well as to products manufactured overseas if the ratio of U.S.-derived content exceeds 25% by market value. –Nikkei

zerohedge@zerohedge

PANASONIC MAY SUSPEND DEALINGS WITH HUAWEI AFTER US BAN: KYODO

This after ARM… and now China declares trade war on Japan and the East China Sea becomes hot again

The UK’s Vodafone and BT subsidiary EE,have also announced that they would pull Huawei’s phones from their 5G networks, according to the Irish Times.

BT subsidiary EE had planned to offer Huawei phones as part of its launch on Wednesday of the UK’s first 5G network, but decided to “pause” this because of uncertainty after the Chinese group was included on a blacklist that forbids US companies to supply it with technology. This could stop Google from providing future versions of its Android system to Huawei.

Vodafone also said it would suspend Huawei’s Mate X phone from its 5G line-up. Vodafone had planned to launch the handset in the summer on its 5G network, but a spokesman said on Wednesday that “Huawei’s 5G handset is yet to receive the necessary certifications”. –Irish Times

EE will continue to use Huawei technology, along with Ericsson, for their 5G network’s radio equipment despite the ongoing political debate surrounding the Chinese company’s supply chain.

Last week the United States placed Huawei and 70 affiliates on its so-called “Entity List,” which will make it much more difficult for the telecom giant to buy parts and components from U.S. companies. U.S. officials said the decision would also make it difficult for Huawei to sell some products because of its reliance on U.S. suppliers.

end
Now Toshiba joins the Huawei blockade as they suspend all hard drive shipments
(courtesy zero hedge)

Toshiba Joins Huawei Blockade, Suspends Hard-Drive Shipments

As more companies scramble to comply with the White House executive order prohibiting telecommunications equipment deemed a national security risk – even as the administration extended Huawei a 90-day reprieve – Japan’s Toshiba said Thursday that it had suspended shipments of electronics to Huawei, according to the Nikkei Asian Review.

The suspension will allow Toshiba time to figure out whether any US-originated parts or technologies are being packaged into Toshiba products sold to Huawei. If it were to ship US-made components to Huawei in violation of the ban, Toshiba would risk drawing the ire of the White House.

Toshiba

Toshiba is at least the third major Japanese supplier to cut ties with Huawei, the other two being smartphone chip-maker ARM and Panasonic, which also supplies parts for Huawei phones. Japan’s enthusiastic support of the White House’s crackdown on Huawei shows that the world’s third-largest economy has picked a side in the battle between China and the US, potentially risking the trade war (and possibly even a hot war) across the East China Sea (and perhaps more riots).

Toshiba didn’t say which products would be pulled, but it’s understood that Toshiba has been a supplier of hard-disk drives, discrete semiconductors and high-speed data processing system LSI to HuaweiToshiba said it did not expect a big impact on its earnings, and that it would resume shipping products that are found not to include US-made components. But given the interlocking nature of supply chains in the global economy, it’s extremely likely that at least some of the components in all of its hard drives were manufactured in the US, and thus would be subject to the ban. Until March of this year, Toshiba and Huawei had been working on an Internet-of-things project, but it has since been abandoned. Google was the first major tech company to turn on Huawei by announcing that it would cut Huawei phones off from access to most of its Android operating system-related services, though that decision has been suspended for 90 days thanks to Washington’s decision to delay the order.

As more companies turn on Huawei, shifting the gravity of the trade dispute to finally focus squarely on Washington’s campaign against the global leader in 5G technology, Chinese media and its critical rhetoric have grown more strident. As the Guardian pointed out, a CCTV bulletin accused Washington of being “delusional” for thinking that “technological bullying” could hurt China. “This shows some American politicians are extremely narrow-minded and cannot tolerate the normal pursuit of development and progress of other countries.”

As for the timing for the next round of talks, neither side is showing much willingness to restart negotiations.

China’s Ministry of Commerce said Thursday via its spokesman Gao Feng that the US would need to “show sincerity” – that is, stop its escalation – if it wants talks to resume, adding that China won’t make concessions on key issues.

China Foreign Ministry spokesman Lu Kang said during his regular news briefing in Beijing that the Chinese government would continue to support Huawei and other Chinese tech companies, and accused the US government of using “national power to oppress other countries’ companies and disturb market functions.” Responding to legislation proposed in the US that would sanction companies involved in China’s construction in the South China Sea, Kang warned Washington not to advance the bill, or face more of a backlash.

Japan and the UK have joined the blockade of Huawei, and South Korean media report that Washington has stepped up its lobbying of the Blue House to ban the use of Huawei telecoms equipment, warning about the potential for espionage. That’s an extension of a strategy Washington has used with other allies to mixed success.

end

3 C CHINA/CHINESE AFFAIRS

i)China/USA

If you think that the trade war with China is not enough:  Trump sends in two destroyers though the Taiwan Strait

(courtesy zerohedge)

4/EUROPEAN AFFAIRS

UK

The pound continues its downward spiral ahead of the European parliament vote and the 4thBrexit vote.  Many are expecting May to resign and a hard Brexit PM to be the next leader

(courtesy zerohedge)

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS

Turkey

 

end

6.GLOBAL ISSUES

END

7  OIL ISSUES

A joke: The USA has sanctioned Russia due to the Crimea saga.  However that does not stop the USA from importing Russian oil like mad

(courtesy Tom Luongo)

Luongo: Sanctions Are A Bitch – US Refiners Importing Russian Oil Like Mad

Authored by Tom Luongo,

It’s a headline so funny I literally ruined a keyboard spitting out my coffee yesterday.

Working off a stub from BloombergSputnik took a lot of joy in amping up the irony.

The market needs to be fed. And refiners will buy whoever has the best cargo at the best price. It is only politicians who don’t understand that you can’t dictate to the markets.

Now refiners in the U.S. have been under pressure with rising oil prices but Russian oil isn’t brought in to supply the tight gasoline market.Russian Urals grade is considered heavy-sour which is better for refining into diesel and other heavier grades.

Source: Bloomberg

And it is being sent right to the refineries that normally process Venezuela’s very heavy crude (PADD 3 – Gulf Coast).

Don’t think for a second that this is some kind of Trumpian quid pro quo or anything. That he promised Putin a few ducats to look the other way in Venezuela. I know stupid libs of the Young Turk variety will think this. So will the Q-tards in the MAGA crowd.

But, no. This is simply normal market action that a bunch of clueless morons in D.C. can’t control. Refiners need feedstock to refine or they go out of business.

Russian Urals regularly trades at a discount to Brent crude because there is no good benchmark for it. Remember, both West Texas Intermediate and Brent are light-sweet grades.

Only the Dubai and Shanghai oil futures exchanges list contracts for deliveries of heavy sour.

So, it’s no surprise to me to see it being a direct substitute for Venezuelan crude while the U.S. embargoes it.

If the Russians gain the market share lost by Venezuela while, at the same time, providing the financial infrastructure — payment clearing, insurance, etc. — for Venezuela to sell their oil to other markets, like India, what, in the end is the net effect of all this sanctioning and war-mongering?

Nothing, of course. But you can’t tell that to insane authoritarians like John Bolton. These are men who can only think in terms of primary effects and overly-discount the market’s ability to overcome obstacles. And so, they get frustrated by secondary effects, like the simple substitution of Russian oil for Venezuelan oil by domestic refiners.

Wait a couple more months and you’ll see Ted Cruz (R – Exxon/Mobil) introduce new sanctions via CAATSA against the Russian shipping companies bringing the oil to the Gulf Coast as a matter of ‘national security.’

He’ll be joined by Lindsay Graham and the rest of the braying Republican jackals and it’ll be used to force Trump to cave on some other issue of the day.

You can’t reason with insane people. And the longer they are in power the more they force sane people to act stupidly to do rational business. We’ll see more stories like this as Trump’s war on markets continues until he either breaks them or they break him.

*  *  *

END
Crude plummets on demand concerns (trade tensions) and inventory glut
(courtesy zerohedge)

Crude Crashes To 2-Month Lows – Breaks Below $60

For the first time since March, WTI Crude is back below $60 as fears over demand (trade tensions) and supply (inventory glut)overwhelm any Mid-East geopolitical risk, and is helped by extreme positioning.

US crude stockpiles rose by 4.7 million barrels last week to the highest level since mid-2017, despite expectations for a decline, while fuel inventories also climbed.

 

Additionally the recent spike in US-China trade tensions have stymied hope for a renaissance in global growth (and thus oil demand) to soak up these inventories.

Add to that the fact that speculators were extremely long positioning ahead of this drop, and WTI prices are plunging…

 

Oil is on course for its first monthly loss this year.

“Neither renewed Middle East tensions nor the possibility of extending OPEC+ output cuts has managed to bump crude oil from its tight range,” said Ole Sloth Hansen, head of commodity strategy at Saxo Bank A/S in Copenhagen.

“Worries about the impact of the trade war on global economic growth as well as a stubbornly strong dollar” are capping prices.

end

8. EMERGING MARKETS

VENEZUELA

 

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

Euro/USA 1.1137 DOWN .0019 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 110.09 DOWN 0.121 (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 1.2641   DOWN   0.0023  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TO OCT 31/2019//

USA/CAN 1.3466 DOWN .0028 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS THURSDAY morning in Europe, the Euro FELL BY 19 basis points, trading now ABOVE the important 1.08 level  FALLING to 1.1137 Last night Shanghai COMPOSITE CLOSED DOWN 39.19 POINTS OR 1.36% 

 

 

 

 

 

//Hang Sang CLOSED DOWN 438.81 POINTS OR 1.58% 

 

 

 

 

/AUSTRALIA CLOSED DOWN 0.21%// EUROPEAN BOURSES ALL RED

 

 

 

 

 

 

The NIKKEI: this THURSDAY morning CLOSED DOWN 132.23 POINTS OR 0.62% 

 

 

 

 

 

 

 

 

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED

 

 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 438.81 POINTS OR 1.58%

 

 

 

 

 

 

/SHANGHAI CLOSED DOWN 39,19 POINTS OR 1.36% 

 

 

 

 

 

 

 

 

 

Australia BOURSE CLOSED DOWN 0.21% 

 

 

Nikkei (Japan) CLOSED DOWN 132.23  POINTS OR 0.62%

 

 

 

 

 

 

 

 

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1276.80

silver:$14.48

Early THURSDAY morning USA 10 year bond yield: 2.36% !!! DOWN 2 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.78 DOWN 3  IN BASIS POINTS from YESTERDAY night.

USA dollar index early TUESDAY morning: 98.20 UP 15 CENT(S) from  WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

And now your closing THURSDAY NUMBERS \12: 00 PM

Portuguese 10 year bond yield: 1.01%  DOWN 2 in basis point(s) yield from WEDNESDAY/

JAPANESE BOND YIELD: -.06%  DOWN 0   BASIS POINTS from WEDNESDAY/JAPAN losing control of its yield curve/

 

SPANISH 10 YR BOND YIELD: 0.85% DOWN 2   IN basis point yield from WEDNESDAY

ITALIAN 10 YR BOND YIELD: 2.64 UP  1  POINTS in basis point yield from WEDNESDAY/

 

 

the Italian 10 yr bond yield is trading 179 points HIGHER than Spain.

GERMAN 10 YR BOND YIELD: FALLS –.12%   IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 2.76% 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 THURSDAY

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

Euro/USA 1.1161  UP     .0007 or 7 basis points

USA/Japan: 109.68 DOWN .541 OR YEN UP 54  basis points/

Great Britain/USA 1.2672 UP .0009 POUND UP 9  BASIS POINTS)

Canadian dollar DOWN 30 basis points to 1.3468

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 6.9092    0N SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.9291  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  6.1032 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at -.06%

 

Your closing 10 yr US bond yield DOWN 10 IN basis points from WEDNESDAY at 2.33 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.76 DOWN 5 in basis points on the day

Your closing USA dollar index, 98.03 DOWN 1  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED DOWN 108.08  1.47%

German Dax :  CLOSED DOWN 201.23 POINTS OR 1.65%

Paris Cac CLOSED DOWN  91.59 POINTS OR 1.70%

Spain IBEX CLOSED DOWN 94.90 POINTS or 1.33%

Italian MIB: CLOSED DOWN 398.14 POINTS OR 1.94%

 

 

 

 

 

WTI Oil price; 58,11 12:00  PM  EST

Brent Oil: 67.73 12:00 EST

USA /RUSSIAN /   ROUBLE CROSS:    64.69  THE CROSS HIGHER BY 0.33 ROUBLES/DOLLAR (ROUBLE LOWER BY 33 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.12 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 :  58.18

 

 

BRENT :  67.91

USA 10 YR BOND YIELD: … 2.32…   VERY DEADLY//

 

 

 

 

 

 

 

 

 

USA 30 YR BOND YIELD: 2.75..VERY DEADLY/

 

 

 

 

 

EURO/USA 1.1182 ( UP 26   BASIS POINTS)

USA/JAPANESE YEN:109.60 DOWN .621 (YEN UP 62 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 97.86 DOWN 18 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2659 DOWN 4  POINTS

 

the Turkish lira close: 6.0983 (AFTER HITTING 6.16 THIS MORNING)

 

the Russian rouble 64.85   DOWN 0.49 Roubles against the uSA dollar.( DOWN 49 BASIS POINTS)

Canadian dollar:  1.3470 DOWN 32 BASIS pts

USA/CHINESE YUAN (CNY) :  6.9105  (ONSHORE)/we need to watch these levels/anything greater than 6.95 will be deadly./

 

USA/CHINESE YUAN(CNH): 6.9277 (OFFSHORE) we need to watch these levels/anything greater than 6.95 will be deadly/

German 10 yr bond yield at 5 pm: ,-0.12%

 

The Dow closed  DOWN 286,14 POINTS OR 1.11%

 

NASDAQ closed DOWN  122.56 POINTS OR 1.58%

 


VOLATILITY INDEX:  16.92 CLOSED UP 2.17

 

LIBOR 3 MONTH DURATION: 2.524%//

 

 

 

FROM 2.523

 

 

 

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

 

MARKET TRADING/Early this morning

(courtesy Bloomberg/Breslow)

As Commodities, Bond Yields, & Stocks Tumble, Trader Exclaims: “I’m Discouraged”

Via Bloomberg’s Richard Breslow,

It has been a sloppy day all around. The litany of discouraging news is there for all to see. It doesn’t feel particularly helpful to run down the list again. Suffice to say it’s an understatement that the people in charge are hardly distinguishing themselves. And that is a reality playing out all over the globe. If there is one word to describe the mood it would be, “discouraged.”

It just hasn’t been a session where traders were all that interested in being mollified with news that things are poised to get better in the second half of the year or work is being done on Plan B. And traders are contemplating the possibility that a lot of the world’s self-inflicted wounds may not be quite as “transitory” as we had hoped.

The irony is that this is one of those times when investors are relying on the market to just be in one of its recurring fickle periods.They recur regularly and always feel real in the moment, but are curable with a good headline or two. There are plenty of takers willing to subscribe to that view. And to be fair, there is a long weekend coming up, which makes holding marginal positions problematic. In either direction.

It’s really hard to stick with trades. Even ones still on the conviction list. Especially with so many of them struggling. To press your bets or fade extremes is a harder choice to make than usual. And how the market is positioned really does matter.

The greatest skill you can possess in this environment is a willingness to aggressively trade event risk along with the market before the fact and then hedge up to avoid the actual occasion. That’s been a winning strategy for years. Ask anyone who trades the euro.

But of course that’s only operative with known unknowns. And we seem to have more than our fair share of bolts from the blue. Relying on “base cases” has been problematic. But it is a great thing to use after the fact with the inclination of buying the rumor, selling the fact remaining so ingrained.

As the day goes on, keep an eye on the Dollar Index.

It is attempting to break higher after having marginally topped resistance. But the momentum slowed after the PBOC said China wants a stable currency. That’s code for them not yet being willing to countenance the off-shore yuan trading above 7 versus the dollar. The reaction to their comments was hardly dramatic, but can’t be ignored. And so goes the yuan, so go a lot of other currencies. Bonus: The euro has slumped right to first support.

Equity screens are a sea of red. But the S&P 500 is also getting back down to an important support level circa 2800. On the top side, 2870 is the other pivot. Don’t immediately judge a U.S. day by its Asian start. Even though it seems quite reasonable.

WTI crude topped out just where it was technically supposed to below $64. Now it is breaking $60 support, which is even bigger. It may be better to go with a break of either side than play for one. There are however, some worrying signs in other commodities.

As for bonds, their relentless behavior has been extraordinary.

And, ultimately, the biggest story. It’s as if traders are saying to the central bank, we hear everything you are saying and now we will do what we have to.

 

end

Panic: late morning

Panic In The Bond Market: Yields Tumble, 10Y Inverts To Fed Funds

After months of ignoring reality and sticking its head in the sand over the severity of US-China trade war, which consensus finally admits well be a painful, multi-year global affair, this morning denial has finally transformed into acceptance, and the result is a panic bid across the US yield curve, which has sent the 10Y TSY yield tumbling to 2.322%, the lowest since December 2017, with Treasury shorts crushed, and their expectations that bonds were wrong and stocks were right steamrolled once again.

 

The rush to safety means that the 3 Month-10 Year yield curve has once again inverted, dropping to -3.2bps, while the closely watched 2Y-10Y curve is down to just 16bps, and also fast approaching inversion.

 

Finally, indicating of just how widespread the panic buying across the curve is, this morning every yield through the 10Y is trading below the Fed Funds, which was 2.38% this morning, while the 10Y is at 2.3238%. As a reminder, such inversion has on average preceded recessions by 15 months in the last 7 business cycles.

 

 

ii)Market data/

Soft data USA PMI follows the lead of Europe in reporting ugly numbers in both manufacturing and service sectors

(courtesy zerohedge)

US PMIs Crash As Business Confidence Collapses To 7 Year Lows

Following disappointments in Europe’s PMI this morning (with Germany slumping even further, and seeing IFO hit a 4.5 year low), preliminary May data for US PMIs were expected to rebound very modestly after its recent collapse.

But both Manufacturing and Services PMI slumped again in May:

  • Flash U.S. Composite Output Index at 50.9 (53.0 in April). 36-month low.
  • Flash U.S. Services Business Activity Index at 50.9 (53.0 in April). 39-month low.
  • Flash U.S. Manufacturing PMI at 50.6 (52.6 in April). 116-month low.
  • Flash U.S. Manufacturing Output Index at 50.8 (52.7 in April). 35-month low.

It’s ugly!!

‘Hard data’ has been leading the way lower and it seems soft survey data has finally caught down (just as hard data turns up against dismal expectations).

Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at IHS Markit said:

“Growth of business activity slowed sharply in May as trade war worries and increased uncertainty dealt a further blow to order book growth and business confidence.

“A decline in the headline ‘flash’ PMI to its lowest for three years pushes the survey data down to a level historically consistent with GDP growing at an annualised rate of just 1.2% in May. Worse may be to come, as inflows of new business showed the smallest rise seen this side of the global financial crisis. Business confidence has meanwhile slumped to its lowest since at least 2012, causing firms to tighten their belts, notably in respect to hiring. Jobs growth in May was the weakest seen for over two years.

The slowdown has been led by manufacturing, but shows increasing signs of spreading to services. The survey data have been consistent with falling manufacturing output since February, but suggest that the sector’s woes intensified in May to mean factories will therefore likely act as an increasing drag on the economy in the second quarter. Trade wars remained top of the list of concerns among manufacturers, alongside signs of slower sales and weaker economic growth both at home and in key export markets.

“However, an additional concern is the spreading of the malaise to the service sector, growth of which slumped in May to one of the weakest since the global financial crisis. With the service sector’s performance being a key gauge of the health of domestic demand, this broadening-out of the slowdown poses downside risks to the outlook.”

This PMI print signals barely any GDP growth in Q2…

end
New homes sales collapse in April//the median prices soar due to lower interest rates
(courtesy zerohedge)

New Home Sales Collapse In April As Median Prices Soar

Following the disappointment in existing home sales (down YoY for 14 months straight), the recent spike in new home sales was expected to slide 2.5% MoM in April, but instead it crashed back to reality, plunging 6.9% MoM (after an upward revision for March).

 

YoY the recent spike has rolled over…

 

 

Pending- and New-home-sales had been the hope (as existing home sales rolled over – despite a collapse in mortgage rates), but no longer…

 

Not helped by an 8.8% YoY surge in median home price to $342,200 (the biggest YoY jump since Feb 2018), average selling price at $393,700. MoM, median home price spiked 11.9% (sounds like a mix issue or just seasonality issues)

 

And this even as supply rose – Months’ supply at 5.9 in April compared to 5.6 prior month.

iii)USA ECONOMIC/GENERAL STORIES

Michael Snyder points out how Los Angeles is being overwhelmed by rats, drugs crime, garbage and homeless hoares.

(courtesy zerohedge)

Which Major West Coast City Is Being Overwhelmed By Rats, Drugs, Crime, Garbage Piles, & Homeless Hordes?

Authored by Michael Snyder via The Economic Collapse blog,

Can you name the major west coast city that has become a rotting, decaying hellhole and is being completely overwhelmed by rats, drugs, crime, piles of garbage and hordes of homeless people? 

Of course San Francisco, Portland, Seattle, “all of them” and “any of them” would all be correct answers, but in this article we are going to talk about Los Angeles.  Once upon a time, millions of young Americans flocked to “sunny L.A.” in order to experience “the California Dream”, but these days Los Angeles seems to be on the cutting edge of many of our most critical societal problems.  L.A. has been known for Hollywood, the porn industry and world class traffic congestion, but now it is also becoming famous for “rat-infested piles of rotting garbage”

Rat-infested piles of rotting garbage left uncollected by the city of Los Angeles, even after promises to clean it up, are fueling concerns about a new epidemic after last year’s record number of flea-borne typhus cases.

Even the city’s most notorious trash pile, located between downtown LA’s busy Fashion and Produce districts, continues to be a magnet for rats after it was cleaned up months ago. The rodents can carry typhus-infected fleas, which can spread the disease to humans through bacteria rubbed into the eyes or cuts and scrapes on the skin, resulting in severe flu-like symptoms.

Today, approximately 18.7 million people live in the Los Angeles metropolitan area, and many fear that the rat population may exceed the human population at this point.

When garbage and filth are everywhere, rats can breed exceedingly quickly.  In fact, under ideal conditions two rats can become 482 million rats in just three years.

So you would think that L.A. would want to get this rat problem under control, but an NBC Los Angeles investigation discovered that “there is no plan or program to control the growing rat population”

But in Los Angeles, the I-Team learned there is no plan or program to control the growing rat population that feasts at trash piles like the one on Ceres Avenue.

“It’s something that we’ll look into,” said Pepe Garica, of Los Angeles’ bureau of sanitation.

Lovely, eh?

In a previous article, I noted that the rats have now even conquered Los Angeles City Hall

Officials at Los Angeles’ City Hall are considering ripping all of the building’s carpets up, as rats and fleas are said to be running riot in its halls.

A motion was filed by Council President Herb Wesson on Wednesday to enact the much needed makeover amid a typhus outbreak in the downtown area.

Wesson said a city employee had contracted the deadly bacterial disease at work, and now he’s urging officials to investigate the ‘scope’ of the long-running pest problem at the council building.

Meanwhile, the homeless population continues to multiply as well.

The number of homeless people living in L.A. has risen by at least 75 percent since 2012, and authorities cleaned up nearly 15,000 homeless encampments last year alone…

Nearly 15,000 homeless encampment cleanups were conducted last year in Los Angeles, a process that begins with officers clearing people from the area before sanitation workers remove trash and other items.

The cleanups cost taxpayers millions of dollars, but some residents who live near the encampments said they are usually repopulated soon after sanitation crews are done. It’s a seemingly endless cycle that leads neighbors to ask whether there are better ways to spend that tax money.

In other words, Los Angeles is cleaning up an average of 41 homeless encampments every single day.

Overall, Los Angeles spent a whopping 619 million dollars on the homeless problem last year, but it just continues to get even worse.

Of course wherever there is homelessness there is crime, and those that live in downtown L.A. are getting fed up

“Everyone living, working in, or visiting downtown has noticed the rapidly deteriorating conditions,” downtown resident Catherine Tomiczek told the committee. She said a friend was beaten and robbed on the street and a neighbor was stabbed in her building.

Councilman Paul Krekorian, who heads the committee, said he would request the information sought by the group. Major crimes downtown increased 6.7 percent this year compared with the same period in 2018, according to LAPD crime data through April 13.

Much of the violent crime is fueled by the drug trade, and according to DEA agent Bob Thomas Los Angeles is definitely a national hub for drug activity…

In a middle class neighborhood in Los Angeles a house is surrounded by crime tape. A young man had lost his life to drugs inside.

It’s happened a record 72,000 times last year in the United States and Los Angeles is a big part of the problem.

“Drug cartels send their stuff to LA, where it’s distributed across the nation,” DEA agent Bob Thomas said.

Further up the California coastline, northern California is being absolutely overwhelmed by a meth epidemic that is completely out of control.  Just consider these shocking numbers

Since 2011, emergency room visits related to meth in San Francisco have jumped 600% to 1,965 visits in 2016, the last year for which ER data is available. Admissions to the hospital are up 400% to 193, according to city public health data. And at San Francisco General Hospital, of 7,000 annual psychiatric emergency visits last year, 47% were people who were not necessarily mentally ill — they were high on meth.

“As California goes, so goes the nation” is a phrase that people like to use, but we better hope that it isn’t true, because California is going down the toilet.

And as our planet continues to become increasingly unstable, scientists assure us that it is only a matter of time before “the Big One” hits the state.  Earlier today, northern California was shaken by a magnitude 3.8 earthquake, and one of these days a truly catastrophic quake is coming.

In recent years, approximately five million people have packed up and moved to another state, and you can’t really blame them for leaving.

At this point I can’t really think of any reason why anyone would want to live in California.

Can you?

end

Assange’s worst fears are realized as he now faces the death penalty as there are 18 new charges of violations of the espionage act.  He will be the first journalist to be charged under this section

(courtesy zerohedge)

Assange Faces Death Penalty As DoJ Reveals New Charges

The worst fears of Julian Assange’s legal team have just been realized.

Just as Wikileaks’ editor in chief anticipated, the DoJ has revealed that a grand jury in Virginia has returned a new 18-count superseding indictment against Assange that includes violations of the Espionage Act stemming from his role in publishing the classified documents leaked by Chelsea Manning, per the New York Times.

Assange

In addition to significantly raising the punishment threshold (from a maximum of 5.5 years under the previous indictment to the prospect of a death sentence for violating the Espionage Act), the new charges will raise serious first amendment issues as Assange will become the first journalist charged under the Espionage Act.

Though it’s not a guarantee, Espionage Act violations carry the prospect of a death sentence.

The Justice Department’s decision to pursue Espionage Act charges signals a dramatic escalation under President Trump to crack down on leaks of classified information and aims squarely at First Amendment protections for journalists. Most recently, law enforcement officials charged a former intelligence analyst with giving classified documents to The Intercept, a national security news website.

Legal scholars believe that prosecuting reporters over their work would violate the First Amendment, but the prospect has not yet been tested in court because the government had never charged a journalist under the Espionage Act.

Though he is not a conventional journalist, much of what Mr. Assange does at WikiLeaks is difficult to distinguish in a legally meaningful way from what traditional news organizations like The New York Times do: seek and publish information that officials want to be secret, including classified national security matters, and take steps to protect the confidentiality of sources.

Per the NYT, the Obama administration considered bringing the Espionage Act charges against Assange, but balked because it didn’t want to raise the First Amendment issue. While Wikileaks had warned of this possibility, they suspected that the US would wait until Assange was on American soil before bringing Espionage Act-related charges.

Remember, the UK and Ecuador promised that no serious harm would befall Assange – ie that Assange wouldn’t be put to death in the US. Now that the death penalty is a possibility, whether this helps or hurts Assange’s chances of successfully battling extradition remains to be seen.

end

SWAMP STORIES

Trump is set in the next 8 days to declassify important documents including all of the FISA application memos plus emails from Strzok to Lisa Page and other important stuff

(courtesy zerohedge)

No Wonder Obama Intel Chiefs Panicking – Trump To Declassify “Bucket 5” Russiagate Docs

As Congressional Democrats insist on conducting post-Mueller probes into President Trump and those around him, much of the recent infighting and backpedaling we’ve seen from former Obama intel chiefs is starting to make sense.

Appearing with Fox News‘s Sean Hannity Tuesday night, The Hill‘s John Solomon revealed that according to his sources (and Hannity’s as well), President Trump will begin declassifying ‘Russiagate’ documents in the next 6-7 days

Among those will be the so-called “Bucket Five – documents which were originally presented to the Gang of Eight in 2016, which included everything the FBI and DOJ used against Trump campaign aide Carter Page – including the FISA surveillance application and its underlying exculpatory intelligence documents which the FISA court may have never seen. 

Shirtless Pundit 🇺🇸@zachhaller

According to John Solomon, is coming in 7-8 days; looks likely after POTUS Japan visit and just before a visit to UK, or between 5/29 and 6/2.

Given all Russiagate roads lead back to London and the political climate in UK, this could get bumpy. https://theconservativetreehouse.com/2019/05/21/declassification-directive-and-current-event-timeline/ 

And as ‘Sundance’ of the Conservative Treehouse notes, the release would presumably include the transcripts from FBI wiretaps of George Papadopoulos, who was listed in the Carter Page FISA. Also noted by CT is that declassification would be on target to occur between Trump’s upcoming state visit to Japan (5/25 – 5/28) and his state visit with the UK (6/3 – 6/5). 

Via the Conservative Treehouse

No-one really knows the extent of the current documents and/or information that may be subject to a Trump declassification request.  However, this is the original list as outlined in September 2018, and the agencies who would be involved in the declassification process:

  1. All versions of the Carter Page FISA applications (DOJ) (DoS) (FBI) (ODNI).
  2. All of the Bruce Ohr 302’s filled out by the FBI. (FBI) (ODNI)
  3. All of Bruce Ohr’s emails (FBI) (DOJ) (CIA) (ODNI), and supportive documents and material provided by Bruce Ohr to the FBI. (FBI)
  4. All relevant documents pertaining to the supportive material within the FISA application. (FBI) (DOJ-NSD ) (DoS) (CIA) (DNI) (NSA) (ODNI);
  5. All intelligence documents that were presented to the Gang of Eight in 2016 that pertain to the FISA application used against U.S. person Carter Page; including all exculpatory intelligence documents that may not have been presented to the FISA Court. (CIA) (FBI) (DOJ) (ODNI) (DoS) (NSA)
  6. All unredacted text messages and email content between Lisa Page and Peter Strzok on all devices. (FBI) (DOJ) (DOJ-NSD) (ODNI)
  7. The originating CIA “EC” or two-page electronic communication from former CIA Director John Brennan to FBI Director James Comey that started Operation Crossfire Hurricane in July 2016. (CIA) (FBI) (ODNI)

♦ President Trump can prove the July 31st, 2016, Crossfire Hurricane counterintelligence operation originated from a scheme within the intelligence apparatus by exposing the preceding CIA operation that created the originating “Electronic Communication” memo. Declassify that two-page “EC” document that Brennan gave to Comey.  [The trail is found within the Weissmann report and the use of Alexander Downer – SEE HERE]

♦ Release and declassify all of the Comey memos that document the investigative steps taken by the FBI as an outcome of the operation coordinated by CIA Director John Brennan in early 2016.  [The trail was memorialized by James Comey – SEE HERE]

♦ Reveal the November 2015 through April 2016 FISA-702 search query abuse by declassifying the April 2017 court opinion written by FISC Presiding Judge Rosemary Collyer. Show the FBI contractors behind the 85% fraudulent search queries. [Crowdstrike? Fusion-GPS? Nellie Ohr? Daniel Richman?]  This was a weaponized surveillance and domestic political spying operation. [The trail was laid down in specific detail by Judge Collyer – SEE HERE]

♦ Subpoena former DOJ-NSD (National Security Division) head John Carlin, or haul him in front of a grand jury, and get his testimony about why he hid the abuse from the FISA court in October 2016; why the DOJ-NSD rushed the Carter Page application to beat NSA Director Admiral Mike Rogers to the FISA court; and why Carlin quit immediately thereafter.

♦ Prove the Carter Page FISA application (October 2016) was fraudulent and based on deceptions to the FISA Court. Declassify the entire document, and release the transcripts of those who signed the application(s); and/or depose those who have not yet testified. The creation of the Steele Dossier was the cover-up operation. [SEE HERE]

♦ Release all of the Lisa Page and Peter Strzok text messages without redactions. Let sunlight pour in on the actual conversation(s) that were taking place when Crossfire Hurricane (July ’16) and the FISA Application (Oct ’16) were taking place.  The current redactions were made by the people who weaponized the intelligence system for political surveillance and spy operation.  This is why Page and Strzok texts are redacted!

♦ Release all of Bruce Ohr 302’s, FBI notes from interviews and debriefing sessions, and other relevant documents associated with the interviews of Bruce Ohr and his internal communications. Including exculpatory evidence that Bruce Ohr may have shared with FBI Agent Joseph Pientka. [And get a deposition from this Pientka fella] Bruce Ohr is the courier, carrying information from those outside to those on the inside.

♦ Release the August 2nd, 2017, two-page scope memo provided by DAG Rod Rosenstein to special counsel Robert Mueller to advance the fraudulent Trump investigation, and initiate the more purposeful obstruction of justice investigation. Also Release the October 20th, 2017, second scope memo recently discovered.  The Scope Memos are keys to unlocking the underlying spy/surveillance cover-up. [SEE HERE and SEE HERE]

end
Nunes urges Trump to write to Theresa May and ask of MI 16 and Mi 15 involvement in the Steele Dossier
(courtesy Sara Carter)

Nunes Urges Trump To Question Theresa May Over Spy Agencies’ Role In Steele Dossier

Via SaraCarter.com,

Ranking Republican of the House Intelligence Committee Devin Nunes sent a letter Wednesday to President Donald Trump, asking him to question British Prime Minister Theresa May about Great Britain’s role in the FBI’s investigation into the Trump campaign and Russia.

The inquiry would be significant and it is based on newly published information in the British newspaper The Telegraph revealing that former British spy Christopher Steele briefed May’s spy chiefs on the uncorroborated dossier.

“The article states that Steele’s information was rapidly briefed up the chain to multiple high-level British government officials, including MI5 Director General Andrew Parker and MI6 Chief Alex Younger,” stated Nunes in the letter.

“The claims asserted in the Telegraph article, if true raise important questions about the potential role foreign government officials may have played in spreading the dossier’s false allegations and what actions they may have taken in response to the allegations.”

Nunes told SaraACarter.com that the “truth about the Steele dossier and the surveillance against the Trump team has to come out.”

“The American people need to know how this hoax began, who perpetrated it, and whether any foreign governments or intelligence services were involved,” Nunes added.

What Did John Brennan Know?

It also raises significant questions regarding former CIA Director John Brennan’s role and knowledge regarding the dossier. Brennan’s former Deputy Chief of Staff Nick Shapiro told SaraACarter.com in August, 2018 that the former director was not aware of the contents of the Steele dossier until December, 2016.

This reporter asked Shapiro “was Brennan even aware that a dossier existed – I mean Steele was shopping it around all summer – I even knew about it.”

Shapiro answered that Brennan “had heard it existed but hadn’t seen the contents, hadn’t been briefed on it, knew nothing about it until December 2016, again, it wasn’t a CIA document.”

“He only even knew it existed because he heard members of the media bring it up,” Shapiro said. “Former FBI Director Comey has said publicly that he wanted to make sure President Obama and Trump knew about the dossier. Comey decided to attach it to the IC Assessment. There was even talk of including it as part of the IC Assessment but Brennan (and Clapper) in fact were the ones who didn’t allow the dossier to be part of the it, and they didn’t allow that because they said the information wasn’t verified intelligence and that wasn’t what the IC Assessment was about.”

A former senior U.S. intelligence official said “if the British intelligence community knew about the dossier, it’s certain that Brennan also knew of its existence and contents. It would be hard to believe that the CIA director had no idea about an overseas assessment, put together by former British spy and briefed to our allies intelligence agencies.

Another former U.S. intelligence emphasized that the United States has “a special relationship with the British government that was established in 1945 – it has us joined at the hip with the five eyes. It’s by design and designed at the end of WWII when we created the CIA and our allies from WWII are all woven into this relationship. We have good relationships with many countries but we have a unique relationship with the Five Eyes.”

The intelligence official, who spoke on condition of anonymity, said for “something this significant to surface in London it is just not possible the director of the agency, and the chief of station in London would not know about it.”

“This is explosive information on the U.S. political system and our intelligence agencies would have been informed,” the official added.

Trey Gowdy Wants To Know How Many Times Dossier Was Used

Those facts are now in dispute and former congressman Trey Gowdy said in an interview with Fox New’s Maria Bartiromo Sunday that it was imperative to find out the extent of the dossier’s use. He called out former FBI Director James Comey, former Director of National Intelligence James Clapper and Brennan.

He said “people use the word dossier” to give it an official meaning.

“I mean let’s just call it for what it is,” said Gowdy.

“It’s a series of rank hearsay compilations put together by an FBI source who was later defrocked. Paid for by the Democrat National Committee then oh by the way Christopher Steele hated Donald Trump too so that we can call it a dossier. It sounds official.”

Questions Trump Should Ask Prime Minister May (Nunes Letter): 

  • Did Christopher Steele inform any current or former British intelligence or government officials about the allegations he put forward in the Steele dossier or any other allegations about President Trump or Trump campaign associates colluding with Russians? If so, describe what action British officials took in response to this information.
  • Did any current or former British intelligence or government officials discuss with Christopher Steele the possibility of Steele writing additional memos about President Trump or Trump associates colluding with Russians? If so, what guidance did British officials give to Steele and when was this guidance provided?
  •  Did any current or former U.S. government or intelligence officials inform any current or former British government or intelligence officials about Steele’s allegations or any other allegations about President Trump or Trump campaign associates colluding with Russians, if other such allegations exist? If so, describe the circumstances and timing of this communication and any resulting action that was taken.
  • Is the British government aware of, did it give permission for, or did it participate in, activities by any government to surveil or otherwise target active or former associates of the Trump campaign, if any such surveillance or activities took place?
  • Did any current or former British intelligence or government officials relay classified or unclassified information to any current or former U.S. officials about alleged contacts between Trump associates and suspected Russian intelligence officials, if any such information exists? If so, when was the information relayed and how was this information collected?
  • Describe any communications or relationship, if any, Joseph Mifsud (potentially also known as Joseph di Gabriele) has had with British intelligence and any information the British government possesses about Mifsud’s connection to any other government or intelligence agency.
  • Did any current or former British officials provide an assessment of Christopher Steele, including a determination of his credibility or motivations, to any current or former U.S. intelligence, law enforcement, or government officials, or presidential transition team members?
end
Lots of fun today with Trump sparring with crazy Nancy Pelosi. They each question each other’s mental state
(courtesy zerohedge)

Trump Unloads On ‘Crazy Mess’ Nancy Pelosi, Questions Mental State

President Trump threw his latest left-hook on Thursday as he described a Wednesday meeting with House Speaker Nancy Pelosi (C-CA) and Chuck Schumer (D-NY) to discuss infrastructure.

“She’s a mess, look, lets face it,” Trump said of Pelosi, who he accused of not understanding the pending US-Mexico-Canada trade agreement which must pass through the House.

“She does not understand it. And [administration trade officials] sort of feel she is disintegrating before their eyes,” said Trump.

The President also questioned the mental state of ‘crazy nancy,’ saying “She’s not the same person, she’s lost it.”

Embedded video

Washington Examiner

@dcexaminer

Trump rips “crying Chuck” and “crazy” Nancy Pelosi, who he calls “a mess.”

He says he was very calm during their meeting yesterday and asks members of his staff to give their version of what went down.

Trump’s comments came after Pelosi on Thursday told Democratic colleagues that he “wants to be impeached” so that the Senate can vindicate him, according to ABC News

Pelosi made the suggestion during a Thursday morning meeting according to two Democratic aides, who said that Pelosi also called Trump’s actions “villainous.”

The previous day, Pelosi accused Trump of engaging in a cover up in regards to the administration’s efforts to prevent former White House Counsel Don McGahn from testifying Tuesday before the House Judiciary Committee.

END

SWAMP STORIES/KEY STORIES/KING REPORT

COURTESY OF CHRIS POWELL OF GATA)

Chinese Company Tells Employees to Boycott US Products, as Trade War Propaganda Heats Up

Chinese state-run media have begun ramping up anti-American propaganda, as the U.S.-China trade dispute recently escalated with tit-for-tat tariff increases…

https://www.theepochtimes.com/as-trade-war-propaganda-ramps-up-chinese-company-tells-employees-to-boycott-us-products_2931464.html

Though ESMs declined modestly after the NYT story on the US placing sanctions on select Chinese companies and individuals on Tuesday night, they fell sharply during the final hour of Asian trading through the first hour of European trading.

The obligatory first-hour reversal created a 12-handle rally by 6:22 ET.  But ESMs then plunged from 2866.50 to 2848.25 by 8:24 ET.  Then, manipulators bought ESMs to influence the NYSE open.  By 10:13 ET, ESMs surged to 2868.

Mnuchin torpedoed the early US rally effort when he admitted that no new US-China trade talks have been scheduled.  ESMs slid 13 handles.  With less than hour remaining in European trading, it was up to the usual suspects to engineer that rally into the European close.  The manipulators did not disappoint.  They crafted a 10-handle rally.  All is right in the trading world!

The following story appeared just before the European close.

Sky News’ @joncraig: Very senior MP tells me the word from the Cabinet corridor in the HoC is that the PM will resign tonight, Andrea Leadsom is poised to resign to launch a leadership bid, others may also resign & David Lidington will take over as acting PM. Unconfirmed!

Brexit: Calls grow for Theresa May to resign in bill backlash

The prime minister is facing growing calls to resign amid a backlash against her Brexit plan from Conservative MPs… The Withdrawal Agreement Bill is the legislation required to bring the agreement between the UK and EU on the terms of Brexit into law.  Mrs May has faced criticism from all sides since setting out changes to it, including new guarantees on workers’ rights, environmental protections and the Northern Irish border, as well a customs “compromise”…  https://www.bbc.com/news/uk-politics-48366977

Economic war with China about to go to ‘another level,’ Steve Bannon says

They understand that President Trump fully gets the economic war that they’ve been running on the industrial democracies, particularly the United States, for 20 years.  And they are in absolute shock that Donald Trump stood up to them,” he said, adding that “Trump’s deal with Bob Lighthizer was a very well-thought strategic deal. They’re in panic.”…

https://www.foxbusiness.com/economy/economic-war-with-china-about-to-go-to-another-level-steve-bannon-says

China’s economic war against the USA intensified when Bill Clinton allowed US firms to export technology, including weapons tech, to China in lieu of millions of dollars in campaign contributions [the Chinagate Scandal].  Impeachment chief counsel David Schippers, a life-long Dem & Bobby Kennedy protégé, wanted to prosecute Clinton for this.  However, according to Schippers [Sellout: The Inside Story of President Clinton’s Impeachment by David Schippers], GOP Senate Leader Trent Lott and Senate Judiciary Chair Orrin Hatch thwarted Schippers.  The impeachment became about sex/Monica –and there was no way that the Senate would impeach Clinton over carnal mischief.

Schippers says the impeachment investigation of Clinton hardly was about the president’s glandularly overexcited conduct. It was about corruption of power: the Citizenship USA initiative, which put hundreds of thousands of illegal aliens on the voter rolls, and Filegate, in which nearly 1,000 raw, secret FBI personnel files on Republican former officials wound up in first lady Hillary Rodham Clinton’s handsand may have been used to blackmail congressmen and senators. Worst of all, in Schippers’ view was a national-security lapse: Chinagate, in which the president of the United States deliberately may have compromised US. national security in exchange for illegal secret payments from Chinese military intelligence… https://www.questia.com/magazine/1G1-72273372/schippers-exposes-impeachment-debacle

Trump is finally doing something about China’s economic war against the US.  There is no telling how this will progress or end.  So, be prepared!

Unexpected drop [to 3.7% y/y] of passenger traffic in major airports raise concerns

Airports in several major Chinese cities, including Beijing and Shanghai, see passenger traffic slide unexpectedly in April. While some explain the drop with seasonal factors, others believe that it could indicate a turning point for the civil aviation industry which has witness years’ rapid growth…

https://www.yuantalks.com/unexpected-slide-in-passenger-traffic-in-ten-major-airports-raise-concerns-over-weaker-demand/

Trump’s agenda hampered by troubling number of lower court injunctions, Barr says

Barr said nationwide injunctions violate the separation of powers. He said that since Trump took office, there have been 37 nationwide injunctions — more than one a month — against his office and he said there is likely no end in sight. He said, by comparison, there were two instances where district courts issued an injunction in President Obama’s first two years

https://www.foxnews.com/politics/trumps-agenda-hampered-by-troubling-number-of-lower-court-injuctions-barr-says

Trump accuses Democratic leaders of ‘tearing the United States apart’ [2020 campaign mantra]

By pursuing investigations stemming from the now-concluded Russia probe…

https://news.yahoo.com/trump-accuses-democratic-leaders-tearing-170320855.html

GOP Rep. Jordan: Dems Not Focused on What’s Best for the Country… Just Taking down Trump

https://saraacarter.com/jordan-dems-not-focused-on-whats-best-for-the-country-but-taking-down-trump/

 

@GOPLeader [of House]: Democrats are in a tailspin, and their “leadership” is out to lunch. They have achieved practically NOTHING since taking over the House, and their obsession with impeaching this president is paralyzing any progress we could be making as the UNITED States.

 

After Pelosi says he’s ‘engaged in a cover-up,’ Trump says angrily ‘I don’t do cover-ups’

“We have a responsibility to impeach him,” Waters told colleagues behind closed doors, which was met with some applause… The meeting appeared to change few minds in the caucus.  Freshman Rep. Donna Shalala, D-Florida, said it would be “irresponsible” for Democrats to use impeachment to help the committees collect documents and information…

https://abcnews.go.com/Politics/mounting-pressure-pelosi-hold-emergency-impeachment-meeting-wednesday/story?id=63178175

Fox’s @kayleighmcenany: At this point, it’s clear that Nancy Pelosi is not really Speaker of the House

She went to her meeting with her radical freshmen puppeteers & is now parroting their talking points, despite knowing this is counterproductive for her party.

@OANN: Pres. Trump says he told House Speaker Pelosi and Senate Minority Leader Schumer that he won’t work on an infrastructure deal until they stop investigating him.

Trump Walked into Room with Pelosi and Schumer, BLASTED THEM, Cancelled Mtg on the Spot and Walked Out!    https://www.thegatewaypundit.com/2019/05/report-trump-walked-into-room-with-pelosi-and-schumer-blasted-them-cancelled-mtg-on-the-spot-and-walked-out/

Trump: It Was An Attempt To Take Down The President. The Investigation Must End.

Trump: “The crime was committed on the other side, we’ll see how that all turns out… This whole thing was a take-down attempt at the President of the United States… you ought to be ashamed of yourselves for the way you report it so dishonestly…”

https://saraacarter.com/trump-it-was-an-attempt-to-take-down-the-president-the-investigation-must-end/

The growing call for impeachment and Pelosi’s reversal are a transparent attempt to thwart the impact of Barr’s investigation, Horowitz’s Report and the coming declassification of Spygate documents.

Kevin Brock, ex-FBI Asst Dir Intel: Attorney General Barr puts former intel bosses on notice

Barr also wants to understand the role that the larger intelligence community, or IC, may have played in all of this…

      Christopher Steele’s dossier is clearly a Russian intelligence operation (“active measure” in IC-speak) that took advantage of a cooperative outreach by the Hillary Clinton campaign.  If these IC leaders didn’t recognize it as such, then it truly was amateur hour at the top…

     IC leaders aren’t used to being held to account by the Justice Department, and their oversight by Congress generally is mild. Theirs is a comfortable world, obfuscated and kept mysterious by the liberal use of their classified-information shield. The demonization of Attorney General Barr has begun – a sign that he is probably on the right track. And the IC leaders are on notice.

https://thehill.com/opinion/judiciary/444802-ag-barr-puts-former-intel-bosses-on-notice

Nunes presses Trump to ask Theresa May about British government’s role in Steele dossier

https://www.foxnews.com/politics/nunes-presses-trump-to-ask-theresa-may-about-british-governments-role-in-dossier.amp

@paulsperry_: Remember the scandalous report the British gov’t put out on Iraq WMD which became known as the “Dodgy Dossier”? Yeah, well a redux of that scandal is about to break loose. Only this dodgy dossier involves a different kind of frame-up–designed to attack Brexit & Trump nationalism

    SpyGate investigation of the investigators is expanding to include the US Embassies in Kiev and London, as the Obama State Department’s role in the scandal mushrooms

John Solomon has filed requested that the FISA Court unseal evidence of FISA abuses.

@jsolomonReports: Tonight, with the Southeastern Legal Foundation’s help, I filed a motion asking the FISA court to unseal evidence of wrongdoing or disciplinary actions in the Russia collusion case. America will benefit if we can achieve some transparency. Here it ishttps://www.slfliberty.org/single-post/2019/05/22/FISA-Motion-Filed-John-Solomon—Public-Trust-in-Justice

@Barnes_Law: Democratic House counsel admits the primary purpose of their “legislation” subpoenas demanding private information about private citizens concerning Trump is to leak that information to the public. This is exactly what the Supreme Court condemned repeatedly for decades.

But God chose the foolish things of the world to shame the wise…” — Corinthians 1:27

end

WILL SEE YOU FRIDAY NIGHT

H

 

 

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