MAY 24//GOLD DOWN $1.30 TO $1284.30//SILVER DOWN 6 CENTS TO $14.57//MICROSOFT IS LATEST TECH COMPANY SHUNNING HUAWEI//RETALIATION BY THE CHINESE IS IMMINENT//THERESA MAY RESIGNS AS PM EFFECTIVE JUNE 7..//HUGE NUMBER OF SWAMP STORIES FOR YOU TONIGHT///

 

 

 

 

 

 

 

 

GOLD: $1284.30  DOWN $1.30 (COMEX TO COMEX CLOSING)

Silver:  $14.57 DOWN 6 CENTS  (COMEX TO COMEX CLOSING)

Closing access prices:

Gold : 1285.00

 

 

 

silver:  $14.57

 

 

 

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

 

 

3 NOTICE(S) FILED TODAY FOR 15,000  OZ/

 

total number of notices filed so far this month: 3534 for 17,670,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE :  $7928  UP $94

 

 

Bitcoin: FINAL EVENING TRADE: $  7996 UP $153 

 

 

 

end

 

XXXX

 

 

 

 

Let us have a look at the data for today

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IN SILVER THE COMEX OI FELL BY A SMALL SIZED 647 CONTRACTS FROM 210,796 DOWN TO 210,149  DESPITE THE 16 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 STRONG SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:

 0 FOR MAY, 0 FOR JUNE, 1120 FOR JULY AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1120 CONTRACTS. WITH THE TRANSFER OF 1120 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 1120 EFP CONTRACTS TRANSLATES INTO 5.600 MILLION OZ  ACCOMPANYING:

1.THE 16 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:

21,932 CONTRACTS (FOR 18 TRADING DAYS TOTAL 21,932 CONTRACTS) OR 109.66 MILLION OZ: (AVERAGE PER DAY: 1218 CONTRACTS OR 6.090 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAY:  109.66 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 15.65% 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:          850.76    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 DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 649 DESPITE THE 16 CENT GAIN IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A VERY STRONG SIZED EFP ISSUANCE OF 1120 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 FAIR SIZED: 473 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 1120 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH DECREASE OF 647  OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 16 CENT GAIN IN PRICE OF SILVER AND A CLOSING PRICE OF $14.63 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: 3 NOTICE(S) FOR  15,000 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 STRONG SIZED 5220 CONTRACTS, TO 519,715 WITH THE STRONG  $11.10 PRICE RISE WITH RESPECT TO COMEX GOLD PRICING YESTERDAY/THERE WAS NO LIQUIDATION OF SPREADERS YESTERDAY.

WE ARE NOW 5 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 VERY STRONG SIZED 10,486 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 10,486 CONTRACTS DECEMBER: 0 CONTRACTS, JUNE 2020  0 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 519,715.  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 HUMONGOUS SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 15,686 CONTRACTS: 5220 OI CONTRACTS INCREASED AT THE COMEX  AND 10,486 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 15,686 CONTRACTS OR 1,568,600 OZ OR 48.79 TONNESYESTERDAY WE HAD A STRONG PRICE RISE OF $11.10 IN GOLD TRADING .AND WITH THAT RISE IN  PRICE, WE  HAD A STRONG GAIN OF GOLD TONNAGE OF 48.79  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.” 

THE COT REPORT WAS PUBLISHED TODAY:

NOTE THIS IS UP TO MAY 21 AND IT SHOWS A NET RISE IN SPREADERS.  NEXT WEEK WE SHOULD SEE A DECREASE:

Gold COT Report – Futures
Large Speculators Commercial Total
Long Short Spreading Long Short Long Short
203,628 114,823 83,533 167,827 275,765 454,988 474,121
Change from Prior Reporting Period
-22,733 12,998 4,774 8,383 -20,862 -9,576 -3,090
Traders
177 81 83 50 58 261 193
 
Small Speculators  
Long Short Open Interest  
53,655 34,522 508,643  
224 -6,262 -9,352  
non reportable positions Change from the previous reporting period
COT Gold Report – Positions as of Tuesday, May 21, 2019

 

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAY : 119,691 CONTRACTS OR 11,969,100 OR 372,28 TONNES (18 TRADING DAYS AND THUS AVERAGING: 6649 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 18 TRADING DAYS IN  TONNES: 372.28 TONNES

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

THUS EFP TRANSFERS REPRESENTS 372.28/3550 x 100% TONNES =10.48% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     2187.82 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 STRONG SIZED INCREASE IN OI AT THE COMEX OF 5200 DESPITE THE STRONG  PRICING GAIN  THAT GOLD UNDERTOOK YESTERDAY($11.10)) //.WE ALSO HAD A  VERY STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 10,486 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 10,486 EFP CONTRACTS ISSUED, WE  HAD A HUMONGOUS SIZED GAIN OF 16,928 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

10,928 CONTRACTS MOVE TO LONDON AND 5200 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 48.79 TONNES). ..AND THIS STRONG DEMAND OCCURRED WITH THE STRONG RISE IN PRICE OF $11.10 WITH RESPECT TO 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.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD...

 

WITH GOLD DOWN $1.30 TODAY

NO CHANGE IN GOLD INVENTORY AT 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 DOWN 6 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 FELL BY A SMALL SIZED 647 CONTRACTS from 210,796 DOWN TO 210,149 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: 1120 CONTRACTS  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1120 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  OI LOSS AT THE COMEX OF 647 CONTRACTS TO THE 1120 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A FAIR GAIN OF 473 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 2.365 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 SMALL SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE 16 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A STRONG SIZED 1120 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)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 0.48 POINTS OR 0.02%  //Hang Sang CLOSED UP 86.80 POINTS OR 0.32%   /The Nikkei closed DOWN 33.82 POINTS OR 0.16%//Australia’s all ordinaires CLOSED DOWN 0.59%

/Chinese yuan (ONSHORE) closed UP  at 6.9001 /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 6.9001 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9174 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING StRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

 

 

 

 

 

3A//NORTH KOREA/ SOUTH KOREA

 

 

 

 

 

 

b) REPORT ON JAPAN

3 China/Chinese affairs

i)China/USA

Microsoft becomes the latest tech giant to “suspend’ its relationship with Huawei.

(zero  hedge)

ii)A Chinese Diplomat (who no doubt speaks on behalf of sovereign China) warns the UK:  ” you ditch Huawei at your own peril:

( zerohedge)

iii)More fallout from the trade war:  China;s largest chipmaker de lists its ADR’s from New York Stock Exchange.

( zerohedge)

iv)Retaliation is imminent and they are quite possibly nuclear

( zerohedge)

4/EUROPEAN AFFAIRS

i)UK

The state of affairs inside England.  Alasdair gives a good outline of how we got here.  This was written before May resigned this morning

( Alasdair Macleod)

ii)UK

Theresa May resigns effective June 7

( zerohedge)

iii)Boris Johnson leads in the hunt to take over from Theresa May.  He is a staunch Brexit supporter and believes that the best deal is a no deal and then just leave the EU.

( zerohedge)

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN/USA

The White House sends another 2,000 troops to counter a credible Iranian threat in the Gulf/Strait of Hormuz.

( zerohedge)

 

 

6. GLOBAL ISSUES

 

i)Canada/Philippines

We brought you this story a few months back.  It seems that Canada wishes to take the garbage back but it too has no place for it. Duterte states that if Canada does not take it back then it has no choice but to dump the stuff in Canadian territorial waters.

(courtesy zerohedge)|

ii) Global Issues

Flooding and drought are devastating crops all over the planet and Snyder warns that a global food crisis may be coming\

( Michael Snyder)

7. OIL ISSUES

i)Refiners are running into trouble due to a lot lower margins and this is due to the high international price of oil

(courtesy Irina Slav/Oil Price.com

 

 

 

8 EMERGING MARKET ISSUES

 

VENEZUELA/Russia

Russia condemns USA warships off Venezuela’s coast.  They warn that a coup is forthcoming

( zerohedge)

 

 

 

9. PHYSICAL MARKETS

i)With the trade war with China escalating, the Chinese may have no option but to disgorge most of its $1.3 trillion hoard.

(Karen Yeung/SCMP/GATA)

ii)Google purchases a building in Manhattan for 600 million dollars that which sold for 6 million dollars in 1996

( Chaffin.London Financial times/GATA)

iii)A superb commentary from Chris Powell as he writes about Ray Dalio’s increase purchases of GLD.  Does he not know that investment banks HSBC and JPMorgan are using GLD (and SLV) are authorized participant and these vehicles are used to short gold/silver.  GATA has written Dalio to present their findings but no response from him

( Chris Powell/GATA)

 

 

 

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

 

 

MARKET TRADING//

 

 

 

 

ii)Market data

Durable goods orders tumble in April and that was solely on the back of Boeing

(zerohedge)

ii)USA ECONOMIC/GENERAL STORIES

i)Getting no help from the Democrats, Trump now plans on an executive order to help lower health care costs\

(courtesy zerohedge)

ii)Boeing’s shares falter a bit on news of a SEC investigation’

(courtesy zerohedge)

iiii)The latest cost of tariffs imposed by the USA on Chinese good:  831 dollars per household per year
(courtesy zerohedge)

SWAMP STORIES

i)This is big!! Trump orders the FBI and the CIA to fully cooperate with Barr and grants full and complete authority to declassify

( zerohedge)

ii)This is an absolute scream.  Now Schiff is running scared as now he does not want transparency…What an absolute joke

(courtesy zerohedge)

iii)We now have knowledge of Stefan Halper’s honeypot, Svetlana Lokhova.  She was an academic at Cambridge and she was used to smear Flynn.  She has now sued Halper
(courtesy zero hedge.  The noose around the necks of the Democrats is getting tighter and tighter
(courtesy zerohedge)

iv)this is going to ruffle the feathers of a few:  Trump bypasses Congress to approve an $8 billion arms sales to Saudi Arabia and UAE

(courtesy 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 5220 CONTRACTS TO A LEVEL OF 519,715 WITH THE STRONG RISE OF $11.10 IN GOLD PRICING WITH RESPECT TO YESTERDAY’S // COMEX TRADING)

WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF MAY..  THE CME REPORTS THAT THE BANKERS ISSUED A VERY STRONG SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 10,486 EFP CONTRACTS WERE ISSUED:

0 FOR JUNE ’19: 10,486 CONTRACTS , DEC; 0 CONTRACTS: 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  10,486 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: 15,686 TOTAL CONTRACTS IN THAT 10,486 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A CONSIDERABLE  SIZED 5200 COMEX CONTRACTS.

 

NET GAIN ON THE TWO EXCHANGES : 15,686 contracts OR 1,568,600 OZ OR 48.79 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 22,079 contracts DOWN to 183,316.  July GAINED 240 contracts to stand at 909.  After July the next active month is August and here the OI rose by 23,284 contracts up to 230,178 contracts.  We no doubt witnessed ZERO spreading liquidation today and as such it did not alter the price in any way.

We have 4 more trading days before first day notice, May 31.2019.

 

 

 

TODAY’S NOTICES FILED:

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

 

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And now for the wild silver comex results.

Total COMEX silver OI FELL BY A SMALL SIZED 647 CONTRACTS FROM 210,796 DOWN TO 210,149 (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  16 CENT GAIN IN PRICING.//YESTERDAY.

 

 

WE ARE NOW INTO THE  ACTIVE DELIVERY MONTH OF MAY.  HERE WE HAVE 209 OPEN INTEREST STAND SO FAR FOR A LOSS OF 48 CONTRACTS.  WE HAD 48 NOTICES SERVED UPON YESTERDAY SO IN ESSENCE WE GAINED 0 CONTRACTS  OR AN ADDITIONAL NIL 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 83 CONTRACTS DOWN TO 644. AFTER JUNE IS THE ACTIVE MONTH OF JULY, (THE SECOND LARGEST DELIVERY MONTH OF THE YEAR FOR SILVER) AND HERE THIS MONTH LOST 1013 CONTRACTS DOWN TO 156,308 CONTRACTS. THE NEXT ACTIVE MONTH AFTER JULY FOR SILVER IS SEPTEMBER AND HERE THE OI ROSE BY 387 UP TO 20,694 CONTRACTS.

 

 

 

 

TODAY’S NUMBER OF NOTICES FILED:

 

We, today, had 3 notice(s) filed for 15,000 OZ for the MARCH, 2019 COMEX contract for silver

 

 

Trading Volumes on the COMEX TODAY: 292,038  CONTRACTS 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  417,232  contracts

 

 

 

 

 

INITIAL standings for  MAY/GOLD

MAY 24 /2019.

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
7,924.20
oz
JPMorgan
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 0 kilobar entries

 

we had 0 deposit into the customer account

i) Into JPMorgan:  nil oz

 

ii) Into everybody else: 0

 

 

total gold deposits: 0  oz

 

 very little gold arrives from outside/ nothing arrived   today

we had 0 gold withdrawals from the customer account:

 

 

Gold withdrawals;

i)  We had 1 withdrawal: (the rats are escaping a sinking ship?)

i)out of JPMorgan:  7924,20 oz

 

 

.

total gold withdrawals;   7924.20 oz

 

 

i) we had 1 adjustments today
out of HSBS:  200.193 oz was adjusted out of the dealer and this landed into the customer account of HSBC and this is deemed a settlement

FOR THE MAY 2019 CONTRACT MONTH)

Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 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)

 

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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:  200,212.342 oz or  6.2274 tonnes
total registered and eligible (customer) gold;   7,679,487.05 oz 238.86 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 24 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
26,362.603 oz
Delaware
Int. Delaware

 

 

 

 

 

 

 

Deposits to the Dealer Inventory
NIL oz
Deposits to the Customer Inventory
600,473.770 oz
BNS
No of oz served today (contracts)
3
CONTRACT(S)
(15,000 OZ)
No of oz to be served (notices)
206 contracts
1,030,000 oz)
Total monthly oz silver served (contracts) 3534 contracts

17,670,000 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: 600,473.770 OZ

 

 

 

 

 

 

 

 

 

 

 

total customer deposits today:  600,473,770  oz

 

we had 2 withdrawals out of the customer account:

 

i) out of Delaware:  2053.300 oz

ii) Out of Int. Delaware:  24,309.303 oz

 

 

 

 

total withdrawals:  26,362.603 oz

 

we had 0 adjustment :

 

total dealer silver:  92.425 million

total dealer + customer silver:  306.089 million oz

 

 

The total number of notices filed today for the MAY 2019. contract month is represented by 3 contract(s) FOR  15,000  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 3534 x 5,000 oz = 17,670,000 oz to which we add the difference between the open interest for the front month of MAY. (209) and the number of notices served upon today (3 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the MAY/2019 contract month: 3454(notices served so far)x 5000 oz + OI for front month of MAY( 209) -number of notices served upon today (3)x 5000 oz equals 18,700,000 oz of silver standing for the MAY contract month.

We GAINED 0 contracts or an additional NIL oz will stand as these guys refused to  morph into London based forwards as well as negating a fiat bonus for their efforts.

 

 

 

 

 

 

FOR COMPARISON VS LAST YEAR:

 

 

 

 

ON FIRST DAY NOTICE APRIL 30/2018 (FOR THE MAY 2018 CONTRACT MONTH) WE HAD 24.11 MILLION OZ STAND FOR DELIVERY.  BY MONTH END WE HAD HUGE QUEUE JUMPING AND THUS 36.285 MILLION OZ EVENTUALLY STOOD FOR DELIVERY.

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

 

TODAY’S ESTIMATED SILVER VOLUME:  41,173 CONTRACTS

 

 

 

 

 

 

CONFIRMED VOLUME FOR YESTERDAY: 72,762 CONTRACTS..

volumes on silver are becoming a lot less lately.

 

..

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 72,762 CONTRACTS EQUATES to 363 million  OZ 51.9% OF ANNUAL GLOBAL PRODUCTION OF SILVER

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

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

 

end

 

 

 

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NPV for Sprott 

1. Sprott silver fund (PSLV): NAV FALLS TO -4.35% (MAY 24/2019)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -1.91% to NAV (MAY 24/2019 )
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 24/WITH GOLD DOWN $1.60 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 738.81 TONNES

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

 

 

 

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MAY 24/2019/ Inventory rests tonight at 738.81 tonnes

*IN LAST 599 TRADING DAYS: 195.16 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 499 TRADING DAYS: A NET 29.32 TONNES HAVE NOW BEEN LOST INTO THE GLD INVENTORY.

 

end

 

Now the SLV Inventory/

MAY 24/WITH SILVER DOWN 6 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.616 MILLION OZ/

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 24/2019:

 

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 2.05/ and libor 6 month duration 2.52

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

G0LD LENDING RATE: + .47

 

XXXXXXXX

12 Month MM GOFO
+ 2.38%

LIBOR FOR 12 MONTH DURATION: 2.65

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.27

end

 

PHYSICAL GOLD/SILVER STORIES

 

end
i) GOLDCORE BLOG/Mark O’Byrne

Theresa May Quits As PM – Gold In British Pounds Reaches £1,015 Per Ounce

  • Gold in British pounds consolidates over £1,000 per ounce after reaching £1,015 per ounce due to political uncertainty and concerns of a Hard Brexit
  • Theresa May, in an emotional speech outside 10 Downing Street, said she had “done everything” she could to convince MPs to back the withdrawal agreement she had negotiated with the EU
  • “I will shortly leave the job that it has been the honour of my life to hold” May said. She said that it was with “deep regret” that she had ultimately failed to reach a consensus on Brexit
  • Political fragmentation and divisiveness and the increasing risk of radical parties of the left and the right will create significant uncertainty and impact the pound in the coming weeks
  • The “elephant in the room” is the massive total UK debt which is completely unsustainable and yet is being ignored with all the focus on Brexit

Sterling wobbles after Theresa May quits

Pound briefly climbs after news U.K. Prime Minister Theresa May will step down

Gold settles at highest in a week as trade standoff contributes to drop in global stock markets

Wall Street tumbles over 1% on trade, growth fears

Oil plunges 5% as US-China trade dispute heats up, Iran tension cools

WATCH VIDEO HERE

Theresa May resigns as UK prime minister amid Brexit crisis

Could China Dump Its U.S. Treasuries to Fight the Trade War? 

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

Wikileaks Discloses The Reason(s) Behind China’s Shadow Gold Buying Spree

How to Unrig the Gold Market – Frank Holmes and GATA’s Chris Powell

LBMA Gold Prices (GBP AM/ PM Fix)
23-May-19 1009.79 1015.37
22-May-19 1005.44 1008.09
21-May-19 1004.85 998.62
20-May-19 1000.05 1003.22
17-May-19 1007.55 1005.17
16-May-19 1009.62 1009.46
15-May-19 1005.87 1011.87
14-May-19 1002.14 1005.48
13-May-19 985.95 994.89

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)
23-May-19 1275.95 1283.65, 1009.79 1015.37 & 1146.19 1152.46
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 Directo

GATA STORIES WITH RESPECT TO GOLD/PRECIOUS METALS.

 

* * *

With the trade war with China escalating, the Chinese may have no option but to disgorge most of its $1.3 trillion hoard.

(Karen Yeung/SCMP/GATA)

If its trade with U.S. ends, China might not need to support dollar with Treasury purchases anymore

 Section: 

Could China Dump Its U.S. Treasuries to Fight the Trade War? A Contrarian View is Emerging in Beijing

By Karen Yeung
South China Morning Post, Hong Kong
Thursday, May 23, 2019

As American pundits and polls dismiss the idea that China would dump its massive holdings of US Treasury debt as retaliation against US tariffs, a contrarian view is emerging in Beijing that the government may use the securities as a “weapon of last resort.”

China’s US$1.12 trillion holdings account for just 5 per cent of total US national debt, which may mean any material damage on the US economy stemming from a bond sales would be limited. In addition, even if it did cause market volatility, China’s remaining holdings would also be hurt, which the Chinese may view as a move that is too risky, US skeptics have said.

“While we think China will continue to sell Treasuries, as it has for most of the last year, we do not think that the pace at which they sell will increase as a direct response measure for tariffs. Rather, we believe that the pace at which they sell Treasuries will continue to track the pace at which they see capital inflows,” said Matthew Hornbach, an analyst at Morgan Stanley.

However, with Beijing vowing to fight “to the end” and the U.S. preparing to place a 25-percent tariff on a further $300 billion of Chinese imports, China may have “no choice but to sell” its U.S. Treasury holdings, according to some analysts and reports widely distributed on China’s social media.

This would devalue U.S. bonds, causing yields to rise, potentially sharply. If China converted the dollar proceeds from its sale back into yuan, it would strengthen the Chinese currency against the U.S. dollar, potentially significantly.

However, one line of thinking is that because the trade war could remove the U.S. as a viable market for Chinese exports, a strengthening yuan against the dollar — which would make Chinese goods more expensive for American buyers — may be seen as an acceptable outcome by Chinese policymakers.

“This will happen only when China has no other option. It is a weapon of last resort,” said David Chin, the founder of Basis Point Consulting. “If China is not exporting to the U.S. any more, then they do not need to have a weak yuan and strong dollar to encourage Americans to buy.” …

… For the remainder of the report:

https://www.scmp.com/economy/china-economy/article/3011551/could-china-d..

END

Google purchases a building in Manhattan for 600 million dollars that which sold for 6 million dollars in 1996

(courtesy Chaffin.London Financial times/GATA)

No inflation? Google buys Manhattan building for 100 times 1996 price

 Section: 

Google to Buy Manhattan Building for 100 Times 1996 Price

By Joshua Chaffin
Financial Times, London
Thursday, May 23, 2019

Google has agreed to pay $600 million to acquire a historic building in Manhattan’s Meatpacking District — a hundred times what it was sold for in 1996 — in a deal that reflects the tech company’s growing footprint in New York City.

For Doug Harmon, one of the agents who brokered the sale, it represents a career milestone: Mr Harmon has sold 450 West 15th St. — also known as the Milk Building — five times in a career that has spanned New York’s latest real-estate boom.

“Longevity is a brutal competitive advantage!” quipped Mr. Harmon, the chairman of capital markets at Cushman & Wakefield.

The first time he sold the building, in 1996, the cobblestoned neighbourhood was a gritty outpost with a reliable supply of transgender prostitutes and illicit drugs. It went for $6 million to Moishe Mana, an Israeli immigrant who grew wealthy after founding a local moving company, Moishe’s Moving, and his partner, Erez Shternlicht.

Under their ownership, the eight-storey industrial building led the neighbourhood’s turn toward trendy fashion and media companies, including their Milk Studios.

In 2004 Mr. Harmon helped them sell the building to investment firm Angelo Gordon for $55 million, and then flipped it four years later to Stellar Management for $161 million, which then shifted it — with his assistance — to Jamestown, a developer, in 2013 for $284 million.

Now comes Google, whose $2.4 billion purchase of the nearby Chelsea Market last year reinforced the neighbourhood’s status as New York City’s technology capital. It also helped to cement Mr. Harmon’s standing as one of two uber brokers in a real estate-obsessed city. …

… For the remainder of the report:

https://www.ft.com/content/e46c1558-7ccf-11e9-81d2-f785092ab560

* * *

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

A superb commentary from Chris Powell as he writes about Ray Dalio’s increase purchases of GLD.  Does he not know that investment banks HSBC and JPMorgan are using GLD (and SLV) are authorized participant and these vehicles are used to short gold/silver.  GATA has written Dalio to present their findings but no response from him

 

(courtesy Chris Powell/GATA)

Does Ray Dalio really not know better than to invest in GLD?

 Section: 

10:22p ET Thursday, May 23, 2019

Dear Friend of GATA and Gold:

Fighting gold price suppression by central banks and their market rigging generally would be a lot easier with the help of some of those people who have great resources and purport to be gold advocates themselves but who knowingly or unknowingly assist the other side.

… 

One of those people is billionaire Ray Dalio, founder of investment fund Bridgewater Associates in Connecticut, who turned up in the news again today in the following report from Kitco News.

* * *

Ray Dalio Increased His Exposure To Gold In Q1 2019

By Neils Christensen
Kitco News, Montreal
Thursday, May 23, 2019

Gold continues to shine for billionaire investor Ray Dalio, who increased his fund’s holdings of the yellow metal during the first quarter of 2019.

The latest SEC filings show that Dalio’s fund Bridgewater Associates bought 118,973 shares of SPDR Gold Shares (NYSE: GLD) in the first three months of the year, bringing his total position to 4.027 million shares, valued at more than $491 million.

At the same time, the hedge fund also increased its holdings in iShares Gold Trust (NYSE: IAU) to 11.6 million, up from 11.3 million reported in the fourth quarter of 2018. The firm’s positon in IAU is valued at $142.7 million. …

… For the remainder of the report:

https://www.kitco.com/news/2019-05-23/Ray-Dalio-Increased-His-Exposure-T…

* * *

Since he has made an argument for gold for years now, how can Dalio not know of the evidence that exchange-traded funds like GLD are used by their “authorized participant” bullion banks for shorting gold? Just two months ago the TF Metals Report’s Craig Hemke, writing at Sprott Money and citing the research of GATA consultant Robert Lambourne, noted that the tonnage increase in gold swaps arranged in February by the Bank for International Settlements matched almost exactly that month’s decline in gold tonnage at GLD:

http://www.gata.org/node/18937

Your secretary/treasurer commented at the time: “GATA’s analysts long have expressed suspicion that GLD and the silver exchange-traded fund SLV, both effectively controlled by bullion banks HSBC and JPMorganChase, intimate agents of central banks, were created specifically to gather the gold of retail and institutional investors so it could be turned against their objective of higher prices.”

Gold market veterans like Jim Sinclair and James Turk long have warned gold investors that their gold can be used against them as long as they leave it in the custody of the banking system, where it can be shorted, loaned, swapped, hypothecated, and rehypothecated to infinity at the direction of central banks and their agents, creating vast imaginary supply that suppresses prices.

Can Dalio really never have heard any of this?

Well, maybe he hasn’t, since other fund managers who have expressed belief in gold’s prospects amid unrestrained money creation around the world also have invested in the monetary metal ETFs. But over the last year GATA has repeatedly written to Dalio and called his office, trying to arrange a presentation or at least to provide the documentation of central bank gold price suppression policy that has been catalogued at GATA’s internet site here:

http://www.gata.org/node/14839

http://www.gata.org/node/18979

We have never gotten a response.

If they put some of their money in the right places, Dalio and a few like-minded and supremely wealthy investment fund managers, like this one –

http://www.gata.org/node/18889

— could explode gold price suppression policy in a few weeks.

Yes, if they were suspected of planning as much, they might get a visit from some government people who would make them an offer they would be hard-pressed to refuse, like this one:

https://www.youtube.com/watch?v=HCu9vOpwMp0

But at least then the fund managers would have the satisfaction of learning why their gold investment strategy hasn’t been working as it should, and they could end the resulting embarrassment and move on to investing in financial instruments that are being rigged upward instead of downward by the government.

If you have any contact with these supposedly gold-friendly fund managers, please ask them about this and let them know that GATA would like to pay them a much more cordial visit.

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

end

Very unusual!!  BIS reports a huge decrease in swapped gold (paper gold).  Also one swap was done at a price of over 100 dollars per oz over the prevailing price at the time. The bank doing the leasing wanted protection form any loss in price.  Real gold is getting difficult to find

(courtesy Robert Lambourne/GATA)

(GATA) BIS reduces its gold swaps by two- thirds over last two months

Submitted by cpowell on 01:36PM ET Friday, May 24, 2019. Section: Daily Dispatches

By Robert Lambourne

Friday, May 24, 2019

The statements of account for March and April 2019 recently published by the Bank for International Settlements indicate that the bank is still actively trading gold swaps, which the bank uses to gain access to gold held by commercial banks. The statements also show that there has been a large decline in gold swaps entered by the BIS in the two months, about 215 tonnes.

This is a significant amount of gold. For example, Belgium, which claims the 20th largest gold holdings by country, reports about 237 tonnes in its reserves.

The BIS published its March statement of account about two weeks later than it did a year ago, which is surprising.

There is not enough information in the BIS’ monthly reports to calculate the exact amount of swaps, but based on the information in the BIS’ just-published statement for March 2019, the bank’s gold swaps can be estimated to be 177 tonnes at March 31, 2019, compared to 303 tonnes at February 28, 2019, a decrease of 128 tonnes.

This compares to an estimated holding of 247 tonnes at January 31, 2019, 275 tonnes at December 31, 2018, and 308 tonnes last November, 372 tonnes last October, 238 tonnes last September, and 370 tonnes last August.

It appears that the BIS reduced its gold swaps further in April 2019 by 87 tonnes, leaving only 99 tonnes in swaps as of April 30, 2019.

Hence in the last two months the BIS has reduced its gold swaps by around 215 tonnes, about two-thirds of its swaps.

More background on the bank’s medium-term history of using gold swaps is available here:

http://www.gata.org/node/18825

On February 3 GATA published comments from a former gold industry executive describing the activities of the BIS in gold swaps in earlier decades:

http://www.gata.org/node/18828

The former executive wrote: “Effectively this process created a supply of ‘paper gold’ — sometimes but not always marked to market — that had a depressing effect on the gold price.”

It is interesting that the former executive reports that there were swaps that did not mark to market. This appears to have happened at least once in more recent times.

At March 31, 2017, the BIS annual report said the bank had 438 tonnes of gold swaps, valued at 14,086.9 million in the Special Drawing Rights of the International Monetary Fund.

Converting the SDRs into U.S. dollars, this is equivalent to a gold price per troy ounce of approximately $1,355. But the published market price of gold as of that date was approximately $1,245, so the swaps did not mark to market.

Indeed, a perusal of the gold price in the 12 months to March 31, 2017, indicates that the effective price of the gold swaps was equal to the highest market gold price during that 12 months, reached in the summer of 2016.

On the face of it this seems an odd coincidence. But if the gold swaps were undertaken with the intent of trying to suppress the price of gold, then perhaps this is not a coincidence. Perhaps the BIS’ counterparty to the swap was willing to undertake it if it was not only entitled to the return of its gold swapped with the BIS but also protected from a fall in the price of gold for the duration of the swaps.

In itself this unusual transaction does not prove gold price suppression but it would be wholly consistent with price suppression being the real reason for the swap.

The BIS when approached by GATA continues to refuse to explain its activity in the gold market:

http://www.gata.org/node/17793

—–

Robert Lambourne is a retired business executive in the United Kingdom who consults with GATA about the involvement of the Bank for International Settlements in the gold market.



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

i) Chinese yuan vs USA dollar/CLOSED/ LAST AT: 6.9001/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  6.9174   /shanghai bourse CLOSED UP 0.48 POINTS OR 0.02%

HANG SANG CLOSED UP 86.80 POINTS OR 0.32%

 

2. Nikkei closed DOWN 33.92 POINTS OR 0.16%

 

 

 

 

3. Europe stocks OPENED GREEN /

 

 

 

USA dollar index RISES TO 97.77/Euro RISES TO 1.1186

3b Japan 10 year bond yield: FALLS TO. –.07/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 110.67/ 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:: 58.54 and Brent: 68.58

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.12%/Italian 10 yr bond yield DOWN to 2.57% /SPAIN 10 YR BOND YIELD DOWN TO 0.83%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 2.68: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 3.36

3k Gold at $1281.50 silver at: 14.55   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 28/100 in roubles/dollar) 64.59

3m oil into the 58 dollar handle for WTI and 67 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 110.67 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 1.0026 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1216 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 0.12%

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 2.33% early this morning. Thirty year rate at 2.76%

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

6.  TURKISH LIRA:  UP  TO 6.0763..they are toast

 

Futures, Global Stocks Jump As “Trade Deal Optimism” Makes Scheduled Appearance

If yesterday global markets were a “sea of red”, roiled by a wave of selling as traders digested all the latest trade war escalations (which, as Rabobank said, it was getting impossible to keep up with all of them) and latest economic headwinds, today is shaping up as a whipsaw day, as US equity futures are sharply higher…

… while market are, as one would expect, a “sea of green.”

While there was no specific catalyst, stocks edged higher on Friday and oil prices bounced on the same recurring trigger – “optimistic” comments by President Trump, who repeated previous reports that he would meet China’s Xi in June at the G-20 meeting, which boosted “hopes of progress” in U.S.-China trade talks, especially after Trump once again predicted a quick trade deal with China, one that could include Huawei; elsewhere, Theresa May’s expected resignation briefly sent sterling fluctuating wildly.

Meanwhile, in the latest trade war salvo, the Commerce Department said late on Thursday it was proposing a new rule to impose anti-subsidy duties on products from countries that undervalue their currencies, in another move that could penalize Chinese products. This, too, was broadly ignored by markets.

Despite today’s rebound, growing trade tensions hit global markets this week, with the MSCI All Country index in line for a more than 1% fall in its third week in the red, its longest losing streak since a rout in December.

The MSCI World index gained 0.2% on Friday following the overnight comments from Trump, who said issues with China’s Huawei Technologies Co Ltd might be resolved within the framework of a broader trade deal. However, no high-level talks have been scheduled and Trump also labeled the telecommunications company “very dangerous”. As one would expect, the algos only took the positive spin from the speech.

After a poor start, following yesterday’s US stock rout, Asian markets were initially torn between fears of a more protracted U.S.-China trade war and hopes the world’s two largest economies would reach a deal soon (spoiler alert: they won’t). China and Hong Kong stocks climbed around 0.3% while Japan’s Nikkei fell 0.2% as the yen surge took the USDJPY as low as 109.46.

“It might be a step too far that there is optimism over a trade deal but there may be a little more optimism over the way talks are going,” Investec chief economist Philip Shaw said.

European stock markets were more upbeat. The pan-regional Euro Stoxx 600 index, Germany’s DAX, France’s CAC and Britain’s FTSE 100 all rose around 0.8 percent. The best performing sector was the Stoxx 600 Automobiles & Parts Index, which rose 1.5% in early trade, the best performing sector on the broader gauge, as China outlined details on earlier announced car-purchase tax cuts. Among battered European carmakers, Volkswagen shares +1.8%, Fiat Chrysler +1.7%, Peugeot +5%, Daimler +1.4%; among suppliers, Faurecia +2.5%, Valeo +1.5%, Hella +1.5%, Continental +1.3%.

The European auto rally echoed similar action in Chinese automakers, which jumped in afternoon trading after China’s Ministry of Finance issued a statement detailing tax subsidies for buying cars. However, the rally quickly fizzled out as analysts pointed out that the new statement merely provided details on tax cuts already announced last year.

In a remarkable move on Thursday, US yields plunged and curves inverted as the 10-year Treasury yield hit 2.292% the lowest level since mid-October 2017. It has since rebounded modestly, and last stood at 2.3220%. “Fixed income safe-haven sovereign markets are the asset of choice at the moment, and although we had a recovery in European stock markets this morning, there has not been much of a retracement at all in (German) bunds or (British) gilts,” Investec’s Shaw said. While not as “kinked” as yesterday, the 3Month-10Year curve remained inverted to the tune of -3bps, flashing another warning sign about the health of the world’s biggest economy.

The more positive trade chatter emanating from the China-US trade dispute has seen debt futures lower across the curve, with 10yr debt futures trading with losses of over 9 ticks and printing a session base of 124-07 in the EU morning. This comes as yields recover following yesterday’s print of fresh 10yr YTD lows at 2.292%, with yields up by just over 4 bps. Traders will now be looking ahead to US durable goods data to round off the week.

Elsewhere, euro-area bonds traded, with Italian debt rallying on conciliatory comments by Salvini

“The fear now is that the economic recovery from the poor second half of 2018 may be dying before it even emerges,” said Peter Schaffrik, global macro strategist at RBC Capital Markets.

The biggest political event so far, was the widely expected announcement from Theresa May that she would resign on June 7, sending the pound on a rollercoaster ride. It popped up nearly half a percent against the dollar after the announcement but the gains were short lived and it subsequently traded back at $1.2672, and not far off the day’s lows versus the euro, only to rebound again after, and then slump once more.

May

According to online bookies, May will be succeeded by a Eurosceptic leader, most likely Boris Johnson, increasing chances of a no-deal Brexit, although some analysts saw a rising chance the UK will be compelled to request further Brexit delay, which would raise probability of early general election or second referendum.

On Thursday, the pound had suffered its 14th consecutive day of losses against the euro, its longest losing streak on record, although that streak may end today.

Elsewhere in currency markets, the dollar slipped against most peers as soft US data saw a short-squeeze in the euro extending ahead of a long weekend in the U.S. and U.K. The Australian dollar fell as investors positioned for RBA rate cuts with some analysts hinting at QE coming down under.  The euro, which on Thursday slumped to levels last seen in May 2017 as a recovery in euro zone business activity was weaker than expected, traded at $1.1182 on Friday.

A quick note on the yuan, which after a startling slide in the first half of May, has found its feet this week and stayed in a narrow range, just as the central bank would like. The stabilization came as the People’s Bank of China barely budged on the daily reference rate, fixing the yuan just stronger than the 6.9 per dollar level throughout the week. PBOC deputy governor Liu Guoqiang said Thursday that “China is able to keep the exchange rate basically stable at a reasonable and equilibrium level.” The message to support the yuan is clear, according to Stephen Chiu, senior FX analyst at China Construction Bank Asia Corp. “China is continuing to send a signal that they don’t want further depreciation in the yuan. And to defend the spot rate from 7, it’s probably better to defend the fixing at 6.9.” The PBOC set the yuan reference rate at 6.8993 on Friday, compared with 6.8994 Thursday, 6.8992 Wednesday, 6.8990 Tuesday and 6.8988 Monday.

In commodities, oil prices gained amid OPEC supply cuts and tensions in the Middle East. Crude futures tumbled on Thursday as trade tensions dampened the demand outlook, with the benchmarks posting their biggest daily falls in six months. U.S. crude was at $58.7 a barrel, up 1.4%, after Thursday’s 5.7% fall that took it to the lowest in two months. Brent crude futures rebounded 1.3% to $68.65 per barrel, after falling 4.6% in the previous session.

Expected data include durable goods orders. Foot Locker is among companies reporting earnings.

Market Snapshot

  • S&P 500 futures up 0.6% to 2,836.75
  • STOXX Europe 600 up 0.7% to 376.35
  • German 10Y yield rose 0.3 bps to -0.117%
  • Euro up 0.1% to $1.1192
  • Italian 10Y yield rose 0.5 bps to 2.265%
  • Spanish 10Y yield fell 2.2 bps to 0.83%
  • MXAP up 0.2% to 153.08
  • MXAPJ up 0.2% to 499.34
  • Nikkei down 0.2% to 21,117.22
  • Topix up 0.04% to 1,541.21
  • Hang Seng Index up 0.3% to 27,353.93
  • Shanghai Composite up 0.02% to 2,853.00
  • Sensex up 1.4% to 39,352.38
  • Australia S&P/ASX 200 down 0.6% to 6,456.04
  • Kospi down 0.7% to 2,045.31
  • Brent futures up 1.3% to $68.64/bbl
  • Gold spot down 0.2% to $1,281.45
  • U.S. Dollar Index little changed at 97.86

Top Overnight News

  • U.K. Prime Minister Theresa May said she will step down on June 7, triggering a leadership contest that could make way for a more pro-Brexit leader such as Boris Johnson
  • The Trump administration is seeking to choke off Beijing’s access to key technologies by limiting the sale of vital U.S. components to China’s Huawei Technologies Co. It’s considering putting at least five Chinese surveillance companies on the same blacklist
  • President Trump said Thursday that China’s Huawei Technologies, which was put on a U.S. blacklist earlier this month, could be part of a trade pact with the country
  • The U.S. is also proposing tariffs on goods from countries found to have undervalued currencies, in a move that would further escalate its assault on global trading rules
  • One of Asia’s best-performing bond managers offloaded his holdings of Huawei Technologies Co. debt last week, underscoring investor concerns over potentially devastating U.S. curbs on the Chinese tech giant
  • Euro-area economy remains on track with European Central Bank projections that foresee an upturn later this year, policy maker Bostjan Vasle said
  • U.S.-China trade conflict and cracks in the global economy are herding investors to the safest parts of financial markets, pushing yields to multiyear lows and strengthening bets that the Fed will cut interest rates in 2019
  • President Trump and Japanese Prime Minister Shinzo Abe are unlikely to resolve trade disputes involving automobile tariffs during meetings starting this weekend in Tokyo, a Japanese official said
  • Japan’s key price gauge ticked higher in April as travel costs rose ahead of Japan’s longest postwar holiday, yet multiple factors are set to complicate the Bank of Japan’s mission to boost inflation in coming months
  • Oil headed for its biggest weekly drop this year as the escalating trade war caused investors to reassess the outlook for global growth, drowning out concern over supply risks

Asian equity markets were mixed with the region cautious following the headwinds from US where all major indices declined due to ongoing trade uncertainty, weak PMI data and after energy losses snowballed. ASX 200 (-0.6%) and Nikkei 225 (-0.2%) were negative as Australia’s energy sector felt the brunt of the recent sell-off in oil in which WTI fell over 5%, while a firmer currency dampened risk appetite in Tokyo. Conversely, Hang Seng (+0.3%) and Shanghai Comp. (U/C) were kept afloat for most of the session after recent encouraging comments from President Trump that there is a good possibility of a US-China trade deal and that Huawei could be included in a trade agreement. Furthermore, the PBoC refrained from open market operations, although this was due to ample liquidity and as its efforts this week already resulted to a net injection of CNY 100bln. Finally, 10yr JGBs were higher following the bull flattening seen in the US curve and amid the mostly risk-averse tone in the region, while the results of Japan’s enhanced liquidity auction for 2s, 5s, 10s and 20s also showed firmer demand.

Top Asian News

  • Japan Downgrades View of Economy Again as Tax Hike Approaches
  • Brimming Oil Tanks Forcing China Teapots to Cut Their Losses
  • Barclays Says China May Devalue Yuan, Limit Sales of U.S. Goods
  • Mobius Says Bear Market Unlikely for Emerging-Market Stocks

European stocks extend on opening gains [Eurostoxx 50 +0.9%] as the region nurses some losses following yesterday’s collapse. Upside in Europe seems to be more of a consolidation, although sentiment is somewhat supported following comments from US President Trump who said there is a good possibility of a US-China trade deal and that Huawei could be included in any trade deal. However, the President did caveat his comments by suggesting it that it would be fine if a meet with China does not happen. Nonetheless, broad-based gains are seen across major bourses, with Italy’s FTSE MIB (+1.2%) outperforming its peers as banks are supported by price action in BTPs (given the large holdings of the Italian debt). Meanwhile, defensive sectors are slightly lagging their peers with healthcare and consumer staples posting milder gains than the riskier sectors. In terms of individual movers, Casino shares (+17.9%) spiked higher amid reports that the co. will not be impacted by its parent company Rallye (-33.2%) confirming administrative procedures. Elsewhere, Deutsche Bank (-1.0%) shares fell following its AGM, although it’s worth noting the Co. is trading ex-dividend. Finally, Moller-Maersk (-1.5%) fell post-earnings as the shipping giant flagged negative impacts from the US-China trade war.

Top European News

  • Bankers Stunned as Negative Rates Sweep Across Danish Mortgages
  • U.K. Retail Sales Better Than Expected as Online Purchases Climb
  • Maersk Warns of ‘Considerable Uncertainties’ Amid Tariff War
  • Julius Baer Misses Key Target as Pressure Mounts on CEO Hodler

In FX, the USD has pulled back further from Thursday’s highs, with the DXY down to 97.685 vs 98.373 ahead of the Markit PMIs and US housing data that prompted the relatively abrupt fall from its fresh ytd pinnacle. However, the index is showing signs of stabilisation around support at 97.700 as the Buck bounces vs G10 and EM rivals ahead of durable goods and a long holiday weekend (Memorial Day in the US, and Spring Bank holiday in the UK).

  • CAD/NZD/AUD – The Loonie and Kiwi are leading the comeback vs their US counterpart, but not the major pack as the NOK and SEK outperform following upbeat Scandi labour data, and improvement in overall risk sentiment and a partial recovery in oil prices that has seen Eur/Nok retreat from 9.8000 and Eur/Sek through 10.7500. The crude revival is also weighing on Usd/Cad to an extent as the pair pivots 1.3450 vs 1.3500+ at one stage on Thursday, while Nzd/Usd is back above 0.6500, partly as Aud/Nzd cross flows reverse from near 1.0600 to 1.0560 on even louder RBA easing shouts overnight. Specifically, Westpac is now predicting 3 rate reductions before the end of 2019 and Aud/Usd is struggling to regain a foothold above 0.6900.
  • GBP – Better than expected, or not as weak as forecast UK retail sales data has supported the recovery in Sterling to a degree with Cable back above 1.27 from almost 1.2600 yesterday. Sterling strength then aided the pair to clip 1.2700 to the upside after UK PM May decided to step down on June 7th with a leadership contest to begin in the following week (10th June), although those gains faded as PM May continued her speech with GBP falling back below the figure. In terms of the next steps in UK politics, following the leadership contest, a new Tory leader will be elected towards the end of July. Reports then noted the prospect of a potential general election to take place in October (according to Telegraph’s Christopher Hope) before dialogue with the EU recommences in regard to a Brexit deal.
  • JPY/EUR/CHF – All relatively flat vs. the Buck following yesterday’s mammoth moves, although the JPY holds onto most of its risk premium having briefly dipped below 109.50 ahead of a Fib at 109.41. The Yen was hardly deterred after Japan’s Government cut their economic assessment in May’s monthly report, which also noted that the Japanese economy is recovering at a moderate pace while the weakness in exports and outputs continues. It’s worth keeping in mind large option expiries in the form of 1.7bln at strike 109.40-50 and 1.8bln between 109.75-85. Similarly, CHF retains most of yesterday’s gains and is ultimately little changed vs the USD and EUR. Elsewhere, the single currency remains just under the 1.1200 handle after having clipped the figure amid the pullback in the Dollar with little to inspire the currency amid the absence of Eurozone data and speakers. EUR/USD currently hovers below its 21 DMA (1.1189) with chunky option expiries in the form of 2.1bln between 1.1170-80 and 2.3bln around 1.1185-1.1200.

In commodities, The energy complex is consolidating some of yesterday’s losses after the sector posted its largest sell-off YTD. WTI (+1.3%) and Brent (+1.3%) hovers around 58.50/bbl and 68.50/bbl respectively with news flow relatively light thus far. Broader macro concerns seem to have sparked yesterday’s selloff alongside several factors including disappointing data, increasing US stockpiles and with technical selling. Elsewhere, metals are directionless with gold (Unch) failing to benefit from the receding Dollar amid a potential unwind in risk premium, whilst copper (+0.3%) prices are supported amid rising demand as traders stockpiled ahead of restrictions on scarp imports coming into force in July.

DB’s Jim Reid concludes the overnight wrap

As the trade war simmers in the background I’m still of the opinion that Trump’s trade escalation tweet from nearly 3 weeks ago was a game changer for the short-term direction of markets and it would be a surprise if markets didn’t test the resolve of the US and Chinese at some point this summer. It feels that the two sides have retrenched into positions that will be pretty hard to reverse anytime soon and as such this escalation likely has legs. Falling asset prices might be the only way for markets to get the resolution they desperately want.

Yesterday showed that 1) tensions between the US and China are showing little evidence of reducing anytime soon, and 2) the early impact from the recent escalation on the survey data is certainly on the negative side following yesterdays PMIs. The end result was a fairly weak session for equities which saw the S&P 500 and NASDAQ for example drop -1.19% and -1.58% respectively. However they were off their lows hit around an hour before the close of -1.78% and -2.14%. The Philly semi-conductor index closed -1.65%, taking it -16.75% off its recent peak, the STOXX 600 dropped -1.20% and the MSCI EM index dropped -1.26%. After markets closed, President Trump told reporters that he would consider making concessions on his recent limitations on doing business with Huawei, as part of an eventual trade deal, confirming again that the issues are linked and that he remains amenable to a broad deal. This has helped sentiment a little overnight. Meanwhile also overnight the Trump administration has laid out a proposal that would let US based companies seek anti-subsidy tariffs on products from countries found by the US Treasury Department to be engaging in competitive devaluation of their currencies. Currently no country in the world meets that criteria but the proposal sets a broader standard by focusing on the “undervaluation” of currencies (per Bloomberg). The US Commerce Secretary Wilbur Ross said that “this change puts foreign exporters on notice that the Department of Commerce can countervail currency subsidies that harm U.S. industries.” This is likely to add to the US toolkit to deal with trade related scuffles.

This morning in Asia markets are trading mixed with the Nikkei (-0.55%), Shanghai Comp (-0.04%) and Kospi (-0.97%) all down while the Hang Seng (+0.21%) is up. Elsewhere, futures on the S&P 500 are up +0.30% and the Chinese onshore yuan is trading broadly unchanged at 6.9137. In terms of overnight data releases Japan’s April CPI (at +0.9% yoy), Core CPI (+0.9% yoy) and Core-Core CPI (+0.6% yoy) all came in inline with consensus. It’s worth noting that ahead of the US long weekend markets across the pond are expected to close early today.

Also overnight, China’s commerce ministry released its semi-annual trade report saying that China will actively boost imports and seek to diversify its export markets while adding that China faces a more complicated trade environment and more efforts are needed for a stable trade development amid protectionism and domestic economic downward pressure.

On the Brexit front, things continue to evolve. Various news wires (including Bloomberg and the BBC) suggested last night that Prime Minister May will likely announce her schedule to resign today with June 10th the date suggested. A leadership campaign will likely last around 6 weeks with a hard Brexiteer more likely to win. Given that the Brexit Party is expected to win the EP elections in the UK that new Tory PM could tap into that support in an upcoming general election. So as DB’s recent research has been suggesting, a hard Brexit is becoming an increasing probability.

Back to yesterday and high yield credit spreads also got sucked into the risk off widening +14bps in the US while the flight for safety saw 10y Bunds (-3.4bps) hit -0.120% for a fresh 32-month low, 10y Treasuries (-7.2bps) hit 2.310% for a new 19-month low, and 30y yields (-5.4bps) hit 2.748% for a fresh 17-month low. The 1m-10y, 3m-10y, 6m-10y and 1y-10y curves are all negative now, though the 2y10y remains stubbornly in its recent range at 17.0bps. A massive drop for WTI oil (-5.44%; is up +1.16% this morning) only added to the pain for risk while Gold rallied +0.82% along with safe haven currencies like the Yen and Swiss Franc. The dollar had rallied to a two-year high, but sharply retraced after the poor US data to end the session -0.17% weaker.

Indeed yesterday’s PMIs did part of the damage – particularly those in the US as we’ll discuss below however the PMIs in Europe as well as Germany’s IFO survey did little to help. Comments in the Chinese media including a reference to US politicians making moves to start a “technology cold war” and a spokesman from China’s Ministry of Commerce blaming the US for “unilaterally” escalating trade tensions and suggesting that “China won’t make concessions on matters of principle” also didn’t help.

Back to the details of those PMIs. In Europe the flash May composite rose +0.1pts from April to 51.6 and was a smidgen below the consensus of 51.7. However the headline manufacturing (-0.2pts to 47.7; 48.1 expected) and services (-0.3pts to 52.5; 53.0 expected) readings both fell and missed expectations. Germany’s headline manufacturing print ‘stabilised’ at an albeit low 44.3 with the subcomponents mixed however there was better news in France where the reading rose +0.6pts to 50.6. Overall a picture of continued weakness in the manufacturing sector with the gap up to services showing no sign of closing yet. Our economists in Europe noted that the data also implied a drop of -0.7pts for the non-core reading. We should note that the survey period covered May 13-22 for the Eurozone and therefore the trade escalation period.

As for the IFO survey in Germany, the May reading fell 1.3pts to 97.9 (vs. 99.1 expected) and to the lowest level in more than four years. The drop was concentrated in the current assessment component which hit 100.6 – down -2.8pts from April – while the expectations reading flat lined at 95.3. IFO suggested that they received around 2/3rds of their replies during the first week so the full impact of the trade escalation may not yet be felt, making next month’s data of particular significance.

The data didn’t make for much more palatable reading in the US where the PMIs were a sea of disappointment. The flash manufacturing reading fell -2pts to 50.6 (vs. 52.6 expected) and hit the lowest in just under 10 years. The services reading fell -2.1pts to 50.9 (vs. 53.5 expected) – the lowest in over 3 years while the composite also hit 50.9 (vs. 53.0 last month). So 2009 levels for the manufacturing reading and it didn’t go under the radar that the new orders component went below 50 for the first time since the crisis. That component has led the headline index by around 5 months, suggesting the slide is likely to continue through the summer. The associated commentary did mention trade but not in any great detail which perhaps also raises the risk of further downside. The most obvious mention was that “reduced confidence was commonly attributed to hesitation among clients and increased uncertainty, which were both often linked to global trade tensions”. Interestingly the difference between the US and Eurozone manufacturing PMI is now just 2.9pts and the lowest for the year.

We should note that the May ISM report isn’t due out until June 3rd so we’ll have to wait a while to see what that shows. However there are a number of surveys due next week including consumer confidence, manufacturing surveys from the Richmond and Dallas Fed, and the Chicago PMI. So plenty to keep the market engaged. It’s worth noting that yesterday’s Kansas City Fed manufacturing survey hit 4 yesterday (52.8 on an ISM-adjusted scale), down -1pts and weaker than expected. The other US data was claims which was broadly in line at 211k, and new home sales which fell -6.9% mom in April and more than expected.

Finally, looking at the day ahead, this morning the only data due out in Europe is the April retail sales report and May CBI survey. In the US we’ll then get preliminary April durable and capital goods orders that provide an initial glimpse into the current-quarter capex trend. Our US economists note that headline orders (-1.3% vs. +2.8%) should decline due to Boeing. Orders excluding transportation (+0.1% vs. +0.2%) might also be a bit soft given that the team are mildly cautious on non-defense capital goods orders excluding aircrafts (+0.2% vs. +1.0%), which are a good gauge of equipment spending in the GDP accounts. Away from the data the ECB’s Nowotny is due to give a briefing to an IMF delegation this morning. Finally a reminder that European Parliament elections carry on until Sunday evening with results likely overnight/Monday morning. The UK and US will be on holiday so the results will be digested in a little bit of a market vacuum. For a full preview please see yesterday’s EMR.

end

3. ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 0.48 POINTS OR 0.02%  //Hang Sang CLOSED UP 86.80 POINTS OR 0.32%   /The Nikkei closed DOWN 33.82 POINTS OR 0.16%//Australia’s all ordinaires CLOSED DOWN 0.59%

/Chinese yuan (ONSHORE) closed UP  at 6.9001 /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 6.9001 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9174 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

3 a NORTH KOREA/SOUTH KOREA

SOUTH KOREA

end

3 b JAPAN AFFAIRS

3 C CHINA/CHINESE AFFAIRS

i)China/USA

Microsoft becomes the latest tech giant to “suspend’ its relationship with Huawei.

(zero  hedge)

Microsoft Cuts Ties With Huawei

Microsoft will reportedly become the latest tech giant to ‘suspend’ its relationship with Huawei, according to the South China Morning Post.

One week after Washington first imposed strict limits on Huawei and its affiliates that will make it almost impossible for American firms buy Huawei products or sell American-made components to the company, a handful of chipmakers, telecoms companies and tech firms (Alphabet) have reportedly scaled back or severed their relationship with Huawe.

Though Microsoft said yesterday that it hadn’t made a decision, the SCMP reported Friday morning that Microsoft had decided to stop accepting new orders from Huawei for operating systems and other content-related services: Windows operating systems for laptops and other content-related services. The US software giant has already removed Huawei laptops from its online stores.

Microsfot

Like with Google’s Android ban, Windows will continue to work on existing Huawei PCs.

The Post understands that the Windows operating systems equipped on existing Huawei PCs will not be affected and will still be eligible for updates and security protections, according to one of the people. Meanwhile, Microsoft’s services team for the Chinese company has already moved out of its Shenzhen-based headquarters.

One of SCMP’s sources also insisted that the suspension may only be ‘temporary’, and that the relationship between Microsoft and Huawei would likely endure.

“This does not mean that Microsoft is not cooperating with Huawei any more. The suspension in business between the two companies could be just temporary,” said one of the people.

As more companies suspend their relationship with Huawei, the company will soon face its first test of global capital markets’ confidence in the Chinese telecoms giant, the company is said to be preparing to seek its first syndicated loan since tensions with Washington boiled over, per BBG. The latest fundraising attempt comes about four months after Huawei obtained a 14 billion yuan loan from five Chinese banks. Back in September, the company raised $1.5 billion in an offshore loan from a group of ten mostly international banks.

Whether the company borrows in dollars or HKD, it’s borrowing costs are likely to be significantly higher than in the not-too-distant past. Since Washington put Huawei on a trade blacklist, the company’s bonds have been hammered lower, sending its borrowing costs higher.

Beijing continues to back Huawei while denying accusations that Huawei is a tool of the state security apparatus. Responding to Mike Pompeo’s claim that Huawei’s CEO was lying about the company’s ties to Beijing, Chinese Foreign Ministry spokesman Lu Kang said Friday morning during his regular press briefing that US politicians continue to “fabricate lies to try to mislead the American people.”

“Recently, some U.S. politicians have continually fabricated rumors about Huawei but have never produced the clear evidence that countries have requested,” he said, according to Reuters.

Global Times editor Hu Xijin, one of the most closely watched mouthpieces for Beijing, pushed back at President Trump’s claim from Thursday that the trade spat would come to a swift conclusion, saying “this kind of confidence believing that the US can quickly pres China to submit is the biggest obstacle to reaching a deal.”

Hu Xijin 胡锡进@HuXijin_GT

President Trump on Thursday predicted a swift end to China-US trade war. This kind of confidence believing that the US can quickly press China to submit is the biggest obstacle to reaching a deal. The trade war may last for a long time. I think people better not hold illusion.

Another Chinese envoy reiterated on Friday that there are no plans for a Trump-Xi meeting, sending US stock futures reeling. If relations between Washington and Beijing remain frosty, Japanese officials might need to borrow a few strategies from the classic American film ‘The Parent Trap’ to ‘facilitate a dialogue’ and save the global economy.

end

A Chinese Diplomat (who no doubt speaks on behalf of sovereign China) warns the UK:  ” you ditch Huawei at your own peril:

 

(courtesy zerohedge)

4/EUROPEAN AFFAIRS

UK

Theresa May resigns effective June 7

(courtesy zerohedge)

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN/USA

The White House sends another 2,000 troops to counter a credible Iranian threat in the Gulf/Strait of Hormuz.

(courtesy zerohedge)

White House To Send Another 2,000 Troops To Counter “Credible” Iranian Threat

Yesterday, Secretary of State Mike Pompeo assured his interviewers on Fox News that the threat from Iran is totally “real” and “credible” – though he once again refused to get into specifics. But whatever the threat might be, American troops in the region will soon be able to sleep a little easier, because the White House and Pentagon have reportedly agreed to send “roughly 2,000” additional troops to the Middle East…to help protect American forces in the region.

Other reports put the number at closer to 1,500. Trump met with Pentagon leaders Thursday evening where they decided to move ahead with the troop deployment to CENTCOM, which oversees all American troops in the Middle East.

T

The US will also send additional Patriot missile defense capabilities and surveillance and reconnaissance units, according to the Washington Post, which broke the story.

Though Washington has been vague about the exact nature of the immediate threat from Iran that prompted the evacuation of diplomatic personnel from nearby Iraq, Iran has certainly been getting more belligerent by the day, reiterating its threats to seize control of the Strait of Hormuz – which could damage the global oil trade – while promising to start stockpiling enriched uranium again.

But to give credit where credit is due, Trump has done an expert job of managing expectations: First, he denied reports about a Pentagon plan to send 120,000 troops to the region as he chided the neoconnish John Bolton for trying to start a war.

Then, reports earlier this week put the number of the troop surge at 10,000.

Now, Trump will look like he’s resisting the whims of Bolton and the generals by capping the number at 2,000.

Though, to be sure, an aircraft carrier strike force is sitting in the Persian Gulf, and a squad of B-52 bombers have been deployed to nearby Qatar. The US has already built up its forces in the region – another 2,000 troops is relatively insignificant.

It’s worth remembering: Despite these escalations, the official line from the Pentagon is there’s no plan to go to war.

end

6.GLOBAL ISSUES

Flooding and drought are devastating crops all over the planet and Snyder warns that a global food crisis may be coming\

(courtesy Michael Snyder)

Floods & Drought Devastate Crops All Over The Planet; Is A Global Food Crisis Be Coming?

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

It looks like global food production could be well below expectations in 2019, and that could spell big trouble in the months ahead.

In recent weeks, I have written extensively about the problems that we have been experiencing here in the United States.  As many as a million calves were lost to the flooding that hit the state of Nebraska in March, farmers have planted less than half of the corn that is normally in the ground by this time of the year, and a lot of the crops that have been planted in the middle of the country are really struggling due to extremely wet soil.  But it isn’t just the United States that is facing a very troubling year.  Earlier today, one of my readers sent me an article entitled “Global food crisis ahead as extreme weather events devastate crops and fields around the world”which I would encourage everyone to read.  In that article, we are told that after the worst drought in 116 years Australia has actually been forced to import wheat.  And according to the Guardianthis is the first time in 12 years that this has happened…

Australia is planning to import wheat for the first time in 12 years after drought across the eastern states saw grain production fall 20% last year.

The Department of Agriculture and Water Resources confirmed this week it had issued a bulk import permit to allow wheat to be brought in from Canada to be processed for the domestic market.

Normally, Australia exports a tremendous amount of wheat.

In fact, they were the fifth largest exporter of wheat in the entire world last year.

But now they are having to bring wheat in from Canada, and that is a very ominous sign.

The article on Strange Sounds also detailed crop failures in Italy, France, Mexico and Argentina.  I will not reproduce all of that information here.

But one major crop failure that was missed in that article is the massive rice crop failure in the Philippines

More than P350 million worth of damage on rice crops due to drought was recorded by the Office of the Provincial Agriculturist (OPA)-Capiz.

Per damage assessment report as of May 10, OPA information officer Florie May Castro said the damage on rice crops already reached P358,452,650 in the entire province of Capiz due to the dry spell.

All over the world, crops are being devastated by floods, drought and colder than expected temperatures, and many are desperately hoping for a return to normalcy for global weather patterns.

Things are particularly bad in North Korea.  At this point, hardly any rain at allhas fallen so far in 2019…

The rainfall is the lowest amount since 1982. Thus far in May, North Korea has seen 0.02 inches of rain. However, Pyongyang City, Nampho City, Kangwon Province and North and South Hwanghae provinces have seen no rainfall.

According to KCNA, if precipitation for the rest of May does not exceed 50% of the average annual precipitation, North Korea’s January to May rainfall totals will be about 3 inches, the lowest amount ever recorded for that time period.

With so little rain, farmers have had an exceedingly difficult time growing anything at all, and at this point the nation is facing an enormous food deficit

Adding to the struggles is a widespread food shortage. The United Nations reported earlier this month that North Korea has a food deficit of 1.36 million metric tons. The 2018-2019 food crop production is an estimated 4.9 million metric tons, the lowest since the 2008-2009 season.

On top of everything else, let us not forget that African Swine Fever is absolutely devastating the global pig population.

According to the Hill, it is being projected that 200 million hogs could die from the disease in China alone…

Pork prices are expected rise as African swine fever decimates Chinese pigs, The Wall Street Journal reported Monday.

McDonald’s, Burger King, Jimmy Dean and Dunkin’ all reportedly expect sausage and bacon prices to rise this year as China has to import pigs to make up for the 200 million hogs that are expected to die from the disease.

To put that in perspective, that is more pigs than the entire U.S. pork industry produces in an entire year.  For much more on this ongoing crisis, please see my previous article entitled ‘“An Estimated 150-200 Million Pigs” Have Been Hit By A Global Plague Of Biblical Proportions’.

Here in the United States, endless rain and unprecedented flooding have been the biggest problems.  The previous 12 months have been the wettest in all of U.S. history, and the middle of the country just got hammered by yet another series of severe storms

Heavy rain, high winds and hail has swept across the central states, bringing devastation to the region during a brutally wet spring period, leaving 22 million people braced for more flash flooding.

Four million residents were under a flash flood ’emergency warning’ on Tuesday morning, including in Oklahoma, where as much as five feet of water entered homes in Hominy, to the northeast of the state.

Some 22 tornadoes have been reported so far across Oklahoma, Texas, Kansas and Missouri, while rescue crews in boats pulled at least 50 people from flood waters as heavy downpours inundated roads and homes, said Oklahoma Emergency Management Agency.

Our planet is changing, and global weather patterns are going to keep shifting.  The “new normal” is going to look a whole lot different from the “old normal”, and we all need to get prepared for a very uncertain future.

Even during the good years, the world has really struggled to feed everyone.

Now that we are facing catastrophic crop failures all over the planet, what will we do?

Many believe that a global food crisis is looming, and without a doubt U.S. consumers will soon be paying much higher prices when they visit the grocery store.

 

END

Canada/Philippines

We brought you this story a few months back.  It seems that Canada wishes to take the garbage back but it too has no place for it. Duterte states that if Canada does not take it back then it has no choice but to dump the stuff in Canadian territorial waters.

(courtesy zerohedge)|

Trash Wars: Duterte Orders Tons Of Garbage Shipped Back To Canada Or Dumped In Territorial Waters

Outspoken Philippines President Rodrigo Duterte has ordered that containers carrying trash from Canada should be shipped back to the countryIt is the latest chapter in a disagreement over more than 100 containers of trash that were shipped to the Philippines between 2013 and 2014, illegally, by a Canadian company.

Canada had previously agreed to take the trash back, but has been slow in making arrangements for its return. Duterte threatened to leave the trash in Canadian waters if Ottawa refuses to take it back, according to Salvador Panelo, spokesman for the President. Quoted by RT,  Panelo said Duterte was “upset” by Ottawa’s “inordinate delay” in shipping the garbage back after they missed a May 15 deadline to do so. Officials in the Philippines are now looking to hire a private shipping company to move the waste back to Canada, with Manilla bearing the expenses.

Panelo continued: “Obviously, Canada is not taking this issue nor our country seriously.” He continued, saying that the trash would be dumped in Canada’s territorial waters, or 12 miles from the country’s shore.

“The Philippines is an independent sovereign nation [and] must not be treated as trash by other foreign nations. We hope this message resonates well with other countries of the world,” Panelo concluded.

The containers had previously been listed as containing plastics intended for recycling, however, upon delivery, the shipment was found to contain newspapers, water bottles, diapers and other trash.  Back in April, Duterte had said of the argument: “They have been sending their trash to us. Well, not this time. We will quarrel with each other. So what if we quarrel with Canada? We’ll declare war against them, we can beat them.”

Duterte warned Canada to “prepare a grand reception” for the trash and said he didn’t care what Canada did with it. He even suggested that Canadians could “eat it” if they wanted to.

 

7  OIL ISSUES

Refiners are running into trouble due to a lot lower margins and this is due to the high international price of oil

(courtesy Irina Slav/Oil Price.com

Red Flag For Oil Markets: Asian Refining Margins Plunge To 16-Year Low

Authored by Irina Slav via OilPrice.com,

Persistent pressure on profit margins has forced Asian refiners to start considering a reduction in their run rates, Reuters reports, citing unnamed sources from the industry. According to the sources, higher international oil prices are behind the unfavorable development, which has seen refiners’ margins drop to the lowest since the spring of 2003, according to Reuters data.

Among the refiners considering run rate cuts are South Korea’s SK Energy, the Singapore Refinery Company, and at least one refiner in Thailand. Some Chinese independent refiners are already running at less than 50 percent of capacity because of the pressure on margins, one Chinese analyst told Reuters.

International oil prices have risen since the start of the year on the back of OPEC+ production cuts, which has combined with U.S. sanctions on Venezuela and Iran to shrink supply. The recent spike in U.S.-Iran tensions has also been bullish for prices. Interestingly enough, even so, over the past month both Brent and West Texas Intermediate have generally trended lower despite several spikes. However, this decline has not been enough to push Asian refiners’ margins higher.

There may be another reason for this, too: a fuel glut coming from China. An increase in refining capacity, particularly from the independent refiners, also called teapots, and another increase in oil product export quotas have seen a substantial increase in the availability of Chinese oil products in the region, and this increase has added its own pressure to refining margins.

Despite the glut and despite their run rate cuts, Chinese refiners will be processing even more crude this year: earlier this week Beijing allocated a new round of oil product export quotas and they were higher than the respective quotas last year. Since the start of the year, total oil product export quotas have hit 50 million tons.

8. EMERGING MARKETS

VENEZUELA/Russia

Russia condemns USA warships off Venezuela’s coast.  They warn that a coup is forthcoming

(courtesy zerohedge)

Russia Condemns US “Warships” Off Venezuela’s Coast – Says Coup Attempts Ongoing

We might chalk it up to stating the obvious, but by and large the media has moved on from Venezuela, however, the coup plotters in Washington have not. Apparently the Kremlin also wishes to remind the world of this, given its ongoing support to Maduro and his army, and given that the Russian foreign ministry has remained vocal on the issue, announcing this week that “US-backed attempts to stage a coup in Venezuela will continue.”

Russian Deputy Foreign Minister Sergey Ryabkov told reporters in Moscow: “We will continue to resist attempts to stage a coup in Venezuela that have been a failure so far. However, these attempts will continue at the US behest,”according to TASS. This was followed with similar statements Foreign Ministry Spokeswoman Maria Zakharova on Thursday condemning the presence of American “warships” off Venezuela. She specifically identified a US Coast Guard ship as having been spotted 20 kilometers off the Venezuelan port of La Guaira. “This activity only aggravates the situation and does not contribute to the strengthening of trust,”she said.

 

Illustrative file photo, via the AP

She also repeated Moscow’s condemnation of ongoing externally backed illegal coup attempts: “At the same time, the radical opposition has initiated negotiations with the Southern Command of the US Armed Forces to overthrow the legitimate government,” she said in reference to the Juan Guido led opposition.

The foreign ministry further slammed last week’s hostile takeover by D.C. police and US Secret Service of the Venezuelan Embassy in Washington after a handful of activists had been living there at the request of the Maduro government to safeguard it from opposition takeover. “This is a gross violation of Article 22 and Article 45 of the Vienna Convention in regards to ensuring the protection of the diplomatic mission,” Zakharova stated.

Amid these latest warnings of “continuing US coup attempts” it appears Moscow is indeed putting its money where its mouth is, given late last week Russian state media cited a military-diplomatic source to confirm that Russia plans to supply Venezuela’s army with more than 16,000 field rations. This after a large Russian state-run arms exporter published a contract related to the re-supply deal.

No doubt the very open publication of the supply deal is aimed at showing Washington that the Kremlin is not going anywhere in terms of its longtime military alliance with Caracas, which was controversially on full display last December when Russian two nuclear-capable “Blackjack” strategic bombers flew to Caracas, and departed soon after amid White House threats and demands.

Russia has also recently pledged it would assist Caracas in the country’s ongoing humanitarian crisis and failing infrastructure, which in the past two months has included a series of mass power outages, which the Maduro government has blamed on US-backed saboteurs, but which the US has blamed on the corrupt socialist regime and lack of investment and upkeep.

 

In late March two Russian military plaines landed outside Caracas and offloaded equipment and troops to assist the embattled Maduro regime, via the AFP.

Meanwhile Venezuelan Health minister Carlos Alvarado said this week that amidst runaway inflation, lack of medicine among the country’s 300 still functioning hospitals, and a spike in preventable diseases like measles, the United States remains Venezuela’s number one threat.

The health minister blamed the ongoing humanitarian crisis on US sanctions, but said Russian assistance would help see the population through it, according to Reuters:

Aid agencies including the International Committee of the Red Cross (ICRC) are bringing help, he added, and Russia provided 26,000 tonnes of aid including medication in March.

“We are strengthening our bond with Russia regarding the purchase of medication, they even want to invest in Venezuela for further production of medication,” he said, declining to give details.

After a failed military uprising which the Washington threw its support behind at the end of April, international media seems to have “moved on” – with Iran taking center stage of the last couple weeks.

Likely with the recent “distraction” of soaring tensions between the US and Iran, which only now appears to be calming, Russia could use the opportunity to quietly ramp up further support to Caracas, something by many indicators it appears to be doing.

end

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

Euro/USA 1.1186 UP .0002 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /GREEN

 

 

USA/JAPAN YEN 110.67 UP 0.124 (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 1.2692   UP   0.0030  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TO OCT 31/2019//

USA/CAN 1.3451 DOWN .0023 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS FRIDAY morning in Europe, the Euro ROSE BY 2 basis points, trading now ABOVE the important 1.08 level  RISING to 1.1186 Last night Shanghai COMPOSITE CLOSED UP 0.48 POINTS OR 0.02% 

 

 

 

 

 

//Hang Sang CLOSED UP 86.80 POINTS OR 0.32% 

 

 

 

 

/AUSTRALIA CLOSED DOWN 0.59%// EUROPEAN BOURSES ALL GREEN

 

 

 

 

 

 

The NIKKEI: this FRIDAY morning CLOSED DOWN 33,82 POINTS OR 0.16% 

 

 

 

 

 

 

 

 

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN

 

 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 86.80 POINTS OR 0.32%

 

 

 

 

 

 

/SHANGHAI CLOSED UP 0.48 POINTS OR 0.02% 

 

 

 

 

 

 

 

 

 

Australia BOURSE CLOSED DOWN 0.59% 

 

 

Nikkei (Japan) CLOSED DOWN 33.82  POINTS OR 0.16%

 

 

 

 

 

 

 

 

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1281.70

silver:$14.55

Early FRIDAY morning USA 10 year bond yield: 2.33% !!! UP 1 IN POINTS from THURSDAY’S night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.76 UP 1  IN BASIS POINTS from YESTERDAY night.

USA dollar index early FRIDAY morning: 97.77 DOWN 8 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

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And now your closing FRIDAY NUMBERS \12: 00 PM

Portuguese 10 year bond yield: 0.97%  DOWN 4 in basis point(s) yield from THURSDAY/

JAPANESE BOND YIELD: -.07%  DOWN 1   BASIS POINTS from THURSDAY/JAPAN losing control of its yield curve/

 

SPANISH 10 YR BOND YIELD: 0.82% DOWN 3   IN basis point yield from THURSDAY

ITALIAN 10 YR BOND YIELD: 2.56 DOWN 8  POINTS in basis point yield from THURSDAY/

 

 

the Italian 10 yr bond yield is trading 174 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 2.68% 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 FRIDAY

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

Euro/USA 1.1204  UP     .0020 or 20 basis points

USA/Japan: 109.33 DOWN .335 OR YEN UP 34  basis points/

Great Britain/USA 1.2689 UP .0026 POUND UP 26  BASIS POINTS)

Canadian dollar UP 20 basis points to 1.3454

 

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The USA/Yuan,CNY: AT 6.8989    0N SHORE  (UP)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.9167  (YUAN UP)..GETTING REALLY DANGEROUS

TURKISH LIRA:  6.0888 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at -.07%

 

Your closing 10 yr US bond yield DOWN 1 IN basis points from THURSDAY at 2.32 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.75 DOWN 1 in basis points on the day

Your closing USA dollar index, 97.63 DOWN 22  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED UP 43.57  0.60%

German Dax :  CLOSED UP 49.63 POINTS OR 0.42%

Paris Cac CLOSED  UP  30.94 POINTS OR 0.59%

Spain IBEX CLOSED UP 56.10 POINTS or 0.62%

Italian MIB: CLOSED UP 237.13 POINTS OR 1.18%

 

 

 

 

 

WTI Oil price; 57.78 12:00  PM  EST

Brent Oil: 67.80 12:00 EST

USA /RUSSIAN /   ROUBLE CROSS:    64.52  THE CROSS LOWER BY 0.34 ROUBLES/DOLLAR (ROUBLE HIGHER BY 34 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 :  58.78

 

 

BRENT :  69.01

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

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

EURO/USA 1.1209 ( UP 25   BASIS POINTS)

USA/JAPANESE YEN:109.29 DOWN .258 (YEN UP 26 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 97.57 DOWN 28 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2718 UP 55  POINTS

 

the Turkish lira close: 6.0816 (AFTER GOV’T INTERVENTION THIS MORNING)

 

the Russian rouble 64.46   UP 0.40 Roubles against the uSA dollar.( UP 40 BASIS POINTS)

Canadian dollar:  1.3437 UP 37 BASIS pts

USA/CHINESE YUAN (CNY) :  6.8989  (ONSHORE)/we need to watch these levels/anything greater than 6.95 will be deadly./

 

USA/CHINESE YUAN(CNH): 6.9174 (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  UP 95,26 POINTS OR 0.37%

 

NASDAQ closed UP  8.72 POINTS OR 0.11%

 


VOLATILITY INDEX:  16.00 CLOSED DOWN 0.92

 

LIBOR 3 MONTH DURATION: 2.520%//

 

 

 

FROM 2.524

 

 

 

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/

 

 

 

ii)Market data/

Durable goods orders tumble in April and that was solely on the back of Boeing

(zerohedge)

Durable Goods Orders Tumble In April As Boeing Blowback Begins

After March’s huge upside surprise, durable goods orders were expected to slide 2.0% MoM in April but the preliminary print was slightly worse than expected (-2.1% MoM) and made worse by a notable downward revision to March (from +2.8% to +1.7%).

 

Ex Transports, durable goods orders were unch in April but notably revised downward from +0.3% in March to -0.5% MoM…

Worse still New Orders non-defense, ex-aircraft tumbled 0.9% MoM, the worst (and first negative) print of 2019…

 

As non-defense aircraft orders plunged 25% in April (as Boeing impacts start to hit) and are down 36% YoY..,

And non-defense aircraft shipments plunged 16.0% MoM…

…to the lowest in six years…

 

Coming on the heels of the collapse in PMIs yesterday, this should be no surprise and reinforces The Fed’s doves’ scenario.

end

iii)USA ECONOMIC/GENERAL STORIES

Getting no help from the Democrats, Trump now plans on an executive order to help lower health care costs\

\(courtesy zerohedge)

Trump Plans Executive Order To Help Lower Health-Care Costs

While Democrats dither over the virtues of ‘Medicare for All’, the Trump administration is about to embark on an all-out offensive to lower health-care costs in the US.

According to WSJ, Trump is preparing an executive order that would force health-care providers – hospitals, internists, specialists etc. – to disclose the discounted and negotiated rates for various procedures that they negotiate with insurance companies. The order would force more transparency among health-care pricing, an industry that is accustomed to transacting in private.

Trump

The idea is that more price transparency would improve consumer choice and stoke more competition, which could exert downward pressure on prices. However, previous attempts to introduce more transparency to the industry have been vehemently resisted by special interests. President Trump is also working on an initiative to lower the cost of prescription drugs.

For example, patients would be able to see the price of a routine scan – like a CAT scan – in advance. If one clinic wants to charge $5,000 for the procedure, the patient can check with another clinic and shop around for the best price. The stunning lack of transparency in this market has allowed for immense cost disparities to persist between various providers – prices that are often completely divorced from the actual cost of the procedure.

The White House is planning a meeting on Friday to iron out the last details of the order.

A bipartisan plan introduced in the Senate is seeking to accomplish something similar by mandating that providers disclose the price of a given procedure within 48 hours of the request.

As WSJ revealed in a blockbuster report published last summer, the opacity surrounding medical-services pricing has sometimes led hospitals to wildly inflate the costs of some of the most common procedures. After receiving complaints about the price of a $50,000 knee surgery from Medicare, the hospital set out to determine how much the surgery actually cost.

The answer? Just $10,550, including the surgeons and the anesthesiologist.

The Trump administration is also weighing whether to use the DoJ’s anti-trust authority to break up regional hospital monopolies and encourage more competition.

HC

For years now, health-care costs have dramatically outpaced consumer-price inflation. One researcher who monitored health-care costs over a five-year period from  the beginning of 2012 to the end of 2016 found average costs nationally rose by 16%, roughly three times the rate of inflation.

end

Boeing’s shares falter a bit on news of a SEC investigation’

(courtesy zerohedge)

Boeing Shares Slide On Reports Of SEC Investigation

Since the aviation authorities around the world grounded the 737 MAX 8 following a second suspicious crash, the scrutiny facing Boeing has been intensifying. Over the past two months, the DoJ has opened a criminal probe, the FAA is looking into whether Boeing mislead regulators during the certification process, and a smattering of Congressional investigations are also ongoing – not to mention the flurry of lawsuits stemming from the two deadly crashes in Ethiopia and Indonesia.

Boeing

To this growing list, we can add one more investigation: The SEC is reportedly looking into whether Boeing properly disclosed issues related to the 737 MAX 8.

More from Bloomberg:

Officials in the SEC’s enforcement division are examining whether Boeing was adequately forthcoming to shareholders about material problems with the plane, said the people who asked not to be named because the probe isn’t public. The agency is also reviewing the aircraft manufacturer’s accounting to make sure its financial statements have appropriately reflected potential impacts from the problems, the people said.

The news hit Boeing shares, though they swiftly rebounded.

Boeing

end
The latest cost of tariffs imposed by the USA on Chinese good:  831 dollars per household per year
(courtesy zerohedge)

Latest China Tariffs Will Cost American Households $831 Per Year, Fed Says

 

It’s tempting to believe President Trump’s insistence that Chinese companies will bear the costs of US tariffs, but as a chorus of emergent trade experts have pointed out, this simply isn’t true.

American consumers will bear at least some of the costs of the new tariffs, though the extent will depend on how companies react to the new taxes (that is, whether they will pass it on to consumers, tolerate the gross margin hit, or decide to rejigger their supply chains).

NYFED

But as analysts scramble for a ‘ballpark’ figure representing how much this latest round of tariff escalation (going to 25% from 10% on $200 billion in Chinese goods) will cost the average American household, a team of researchers working with the Federal Reserve Bank of New York have an answer of their own: $831.

That figure stems from an update of methodologies the team devised last year. Their calculations are based on two categories: taxes and ‘dead weight’ costs.

A ‘dead weight’ cost is incurred when tariffs push a company to find a new, less efficient source for a given product. For example: If a given Chinese import is hit with a 10% tariff, a company can either choose to pay the additional $10 per $100 in taxes, or it can find another producer of the same product that isn’t subject to tariffs. Say, for example, the company switches to importing the products from a Vietnamese factory where, because the factory isn’t as efficient, the same product for which the company once paid $100 will instead cost $109.

As of November 2018, the researchers calculated that American companies were paying $3 billion per month in added taxes, while shouldering another $1.4 billion in deadweight losses. Annualized, this amounts to $52.8 billion, or $414 per household.

The team plugged in the new tariff rates and came up with a new number: $831 per household per year. Though there is one other factor that they had to account for. Tariffs and deadweight costs don’t rise proportionally. Rather, as tariffs increase, more companies opt to shift to cheaper producers. Oftentimes, the tax revenue collected by the government actually falls. This is ultimately a net negative for the economy because, while tax revenue can theoretically be rebated (in the form of spending like, say, a farm bailout) losses to inefficiencies are simply lost.

Liberty

The Fed’s estimate is hardly the most extreme: A study published late last year by ImpactECON and commissioned by Koch-supported lobbyists warned that the tariffs, as they stood before the most recent escalation, would cost households $2,000 per year.

But if the researchers are correct, and the tariffs stir up more of that inflation the Fed has been waiting for, it could quickly become a self-perpetuating cycle of rising costs as the central bank confronts the fact that it has ‘no choice’ but to raise interest rates.

 

this is going to ruffle the feathers of a few:  Trump bypasses Congress to approve an $8 billion arms sales to Saudi Arabia and UAE
(courtesy zerohedge)

Trump Bypasses Congress To Approve $8 Billion In Arms Sales To Saudi Arabia, UAE

Not long after he reportedly agreed to send another 1,500-2,000 troops to the Middle East in yet another show of strength to combat an increasingly belligerent Iran, President Trump steamrolled Congress on Friday to approve $8 billion in arms sales to the UAE and Saudi Arabia and expedite delivery, WSJ reports.

The administration invoked a rarely used provision of American arms control laws to bypass Congress and approve the weapons sales, citing the escalating tensions with Iran as justification. WSJ’s sources said the $8 billion figure encapsulates a package of 22 separate deals.

Saudi

Predictably, Democratic lawmakers who have opposed selling more arms to Saudi Arabia groused about the administration’s latest Congressional end-run.

“If Iran’s provocations or the Syrian civil war is an emergency under the statute, then there’s a permanent emergency in the Middle East that will never allow Congress to oversee an arms sale,” said Sen. Chris Murphy (D., Conn.), a critic of Trump administration policy in the Middle East.

Rep. Eliot Engel (D., N.Y.), chairman of the House Foreign Affairs Committee, called the decision “another slap in Congress’s face.”

“Congress wrote the law so that weapon sales would reflect broad consensus on foreign policy, consistent with our values, and the notion that there’s an emergency that justified upending our checks and balances is false, plain and simple,” he said.

For the past two years, Saudi Arabia has led the world in arms purchases – and the US has been its top supplier.

KSA

Support has been growing in Congress – among both Democrats and Republicans – to oppose more arms sales to Saudi Arabia over the kingdom’s involvement in the proxy war in Yemen. But given its longstanding rivalry with Iran, Saudi Arabia remains an important ally in that fight.

SWAMP STORIES

This is big!! Trump orders the FBI and the CIA to fully cooperate with Barr and grants full and complete authority to declassify

(courtesy zerohedge)

Trump Orders FBI, CIA To “Fully Cooperate” With Barr; Grants “Full And Complete Authority To Declassify”

President Trump on Thursday announced that he has directed the US intelligence community to “quickly and fully cooperate with the Attorney General’s investigation into surveillance activities during the 2016 Presidential election,” adding that Attorney General William Barr has been given “complete authority to declassify information pertaining to this investigation.

Donald J. Trump

@realDonaldTrump

“Today, at the request and recommendation of the Attorney General of the United States, President Donald J. Trump directed the intelligence community to quickly and fully cooperate with the Attorney General’s investigation into surveillance activities….

Donald J. Trump

@realDonaldTrump

….during the 2016 Presidential election. The Attorney General has also been delegated full and complete authority to declassify information pertaining to this investigation, in accordance with the long-established standards for handling classified information….

In a third tweet, Trump added that “Today’s action will help ensure that all Americans learn the truth about the events that occurred.

Donald J. Trump

@realDonaldTrump

….during the 2016 Presidential election. The Attorney General has also been delegated full and complete authority to declassify information pertaining to this investigation, in accordance with the long-established standards for handling classified information….

Donald J. Trump

@realDonaldTrump

….Today’s action will help ensure that all Americans learn the truth about the events that occurred, and the actions that were taken, during the last Presidential election and will restore confidence in our public institutions.” @PressSec

Steve Herman

@W7VOA

Memo issued by @POTUS directing intelligence agency heads to cooperate with the attorney general’s “review of intelligence activities relating to the campaigns in the 2016 Presidential election and certain related matters.”

Steve Herman

@W7VOA

Here’s the @PressSec statement on the @POTUS memo to the intelligence agency heads. pic.twitter.com/83u2rlu25C

View image on Twitter
40 people are talking about this

The pending declassifications were announced on Tuesday nightby The Hill‘s John Solomon and Fox News‘s Sean Hannity, whose inside sources told them of the wide swath of information about to hit.

Among the documents slated for release, according to their sources, 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.

We can only imagine what’s going on deep in the bowels of DC right now…

Josh Caplan

@joshdcaplan

Live look at @Comey rn

 

END

This is an absolute scream.  Now Schiff is running scared as now he does not want transparency

What an absolute joke

(courtesy zerohedge)

Schiff Claims Trump ‘Conspiring’ With Barr; Says Investigating Russiagate Origins “Un-American” 

Rep. Adam Schiff (D-CA) says that President Trump and Attorney General William Barr are ‘conspiring’ to “weaponize law enforcement against their political enemies,” calling the DOJ investigation into the origins of the Russia probe “un-American.”

Adam Schiff

@RepAdamSchiff

While Trump stonewalls the public from learning the truth about his obstruction of justice,

Trump and Barr conspire to weaponize law enforcement and classified information against their political enemies.

The coverup has entered a new and dangerous phase.

This is un-American.

Last month, Barr said that he was reviewing the “conduct” of the FBI during its original 2016 Trump-Russia investigation, telling Congress during testimony that while DOJ

Inspector General Michael Horowitz has a pending investigation into FISA abuse, Barr said “I am reviewing the conduct of the Russia investigation, and all the aspects of the counterintelligence investigation that was conducted in the summer of 2016.”

And on Thursday, President Trump directed the US intelligence community to “quickly and fully cooperate with the Attorney General’s investigation into surveillance activities during the 2016 Presidential election,” adding that Attorney General William Barr has been given “complete authority to declassify information pertaining to this investigation.”

Joining in Schiff is never-trump Republican David Frum, who writes in The Atlantic, “The declassification process will be selective, of course, in service to a predetermined narrative,” adding “Trump will be acting as his own Julian Assange, releasing U.S. secrets to advance his agenda.”

In short, Trump’s enemies now want selective transparency.

Schiff was promptly called out:

Chuck Ross

@ChuckRossDC

Old enough to remember you reading off parts of the now-debunked dossier in an open congressional hearing https://twitter.com/RepAdamSchiff/status/1131740851909083137 

Adam Schiff

@RepAdamSchiff

While Trump stonewalls the public from learning the truth about his obstruction of justice,

Trump and Barr conspire to weaponize law enforcement and classified information against their political enemies.

The coverup has entered a new and dangerous phase.

This is un-American.

 

Aaron Maté

@aaronjmate

Powerful officials behind the phony narrative that Trump conspired w/ Russia were actually the ones to “weaponize law enforcement and classified information against their political enemies”, via a baseless probe & selective leaks. Schiff is projecting, & understandably panicking:

Adam Schiff

@RepAdamSchiff

While Trump stonewalls the public from learning the truth about his obstruction of justice,

Trump and Barr conspire to weaponize law enforcement and classified information against their political enemies.

The coverup has entered a new and dangerous phase.

This is un-American.

 

Michael Tracey

@mtracey

It’s un-American to produce government documents that reflect poorly on my political allies, and are likely to show that the conspiracy nonsense on which I’ve staked my career was a complete fraud. I’m Adam Schiff, and I approve this message https://twitter.com/RepAdamSchiff/status/1131740851909083137 

Adam Schiff

@RepAdamSchiff

While Trump stonewalls the public from learning the truth about his obstruction of justice,

Trump and Barr conspire to weaponize law enforcement and classified information against their political enemies.

The coverup has entered a new and dangerous phase.

This is un-American.

 

ADVis4me@AVis4me

Isn’t that what the Democrats wanted? They were whining about the small “redacted” parts of the Mueller report

Nick Short

@PoliticalShort

🤷🏻‍♂️ now it’s unamerican or something

end
We now have knowledge of Stefan Halper’s honeypot, Svetlana Lokhova.  She was an academic at Cambridge and she was used to smear Flynn.  She has now sued Halper
(courtesy zero hedge.  The noose around the necks of the Democrats is getting tighter and tighter
(courtesy zerohedge)

Ratfu*ker And Spy’ Stefan Halper Sued By Cambridge Academic Smeared As Flynn’s ‘Honeypot’ 

A Russian-born British academic is suing FBI informant Stefan Halper for dragging her name through the mud as part of a “conspiracy to undo the 2016 Presidential election and topple the President of the United States of America.”

 

Svetlana Lokhova

Svetlana Lokhova filed the lawsuit against Halper and several Mainstream Media (MSM) news organizations, who she has accused of publishing false information provided by Halper. Lokhova’s contact with Flynn at at 2014 dinner organized by former MI6 head Sir Richard Dearlovewas used in several 2017 media reports to suggest that Flynn had been “gotten to” by the Russians, while pundits and social media commentators suggested she was a Kremlin “honeypot.”

 

Michael Flynn is pictured at a 2014 dinner at the University of Cambridge. (Courtesy of Svetlana Lokhova)

Stefan Halper is a ratfucker and a spy, who embroiled an innocent woman in a conspiracy to undo the 2016 Presidential election and topple the President of the United States of America,” reads the lawsuit – which hilariously justifies the use of the word “ratfucker” in a footnote.

Halper is accused of working with the FBI and “political operatives” at Cambridge to spread misinformation through MSM sources they had relationships with, in order to “fuel and further the now debunked and dead narrative that the Trump campaign colluded with Russia.”

 

Stefan Halper

The first story that hinted at impropriety between Flynn and Lokhova was published on Feb. 19, 2017 by Andrew, the Cambridge historian and Lokhova’s mentor. The piece reads as a lighthearted jab at Flynn, who had been fired as national security adviser three days earlier because of his contacts with Russia’s ambassador.

But Lokhova maintains that the article is “laden with sexual innuendo.” In it, Andrew claims that Flynn asked Lokhova to travel with him to Russia and to serve as his translator. He also claimed that Flynn referred to himself as “General Misha” in an email to Lokhova. She denies all the claims.

Several news outlets followed up on Andrew’s article with the added details that American intelligence authorities had been tipped off about Flynn’s contact with Lokhova. –Daily Caller

Lokhova notes that despite being flagrantly smeared by Halper and the MSM, special counsel Robert Mueller “never interviewed” her, and “never subpoenaed a single record from her,” and that the special counsel’s investigation found “no evidence” that she was a Russian spy, or that General Flynn had an affair with her.

The Mueller Report conclusively vindicates Plaintiff and General Flynn, and proves Halper and his associates were intentionally lying about virtually every material fact,” reads the filing.

I’m not a Russian spy and I have never worked for the Russian government,” Lokhova told Fox News in April, adding “I believe that General Flynn was targeted and I was used to do it.

Embedded video

Svetlana Lokhova@RealSLokhova

‘Lokhova is speaking out to clear her name’ on Fox News with @TuckerCarlson and Catherine Herridge

As part of her filing, Lokhova notes that Halper was paid over $1 million by the Obama Defense Department between 2012 and 2018, with nearly half of it surrounding the 2016 US election.

She also notes that according to journalist Sara CarterHalper is steeped in Kremlin contacts.

Ironically, documents obtained by SaraACarter.com suggest that Halper also had invited senior Russian intelligence officials to co-teach his course on several occasions and, according to news reports, also accepted money to finance the course from a top Russian oligarch with ties to Putin.

Several course syllabi from 2012 and 2015 obtained by this outlet reveal Halper had invited and co-taught his course on intelligence with the former Director of Russian Intelligence Gen. Vladimir I. Trubnikov.

Even more interesting are reports from the British Media outlet, The Financial Times, that state Halper received funds for the Cambridge seminar from Russian billionaire Andrey Cheglakov, who has close ties to Russian President Vladimir Putin. –Sara A. Carter

Lokhova says she “lives in constant fear” and has “contemplated suicide to end the suffering caused by the enormous weight and stress of being collateral damage in Halper’s international conspiracy and scandal.

Also named in the lawsuit are the New York Times, Washington Post, Wall Street Journal and NBC Universal.

end

Kunstler lays it out perfectly

A good read…

(courtesy Kunstler)

Trump Strikes Back

Authored by James Howard Kunstler via Kunstler.com,

Not long ago, few Americans of the thinking persuasion might have imagined that such a well-engineered republic, with its exquisite checks and balances, sturdy institutions, and time-tested traditions would end up as so much smoldering goop in a national dumpster fire, but such is the sad state-of-the-union moving into the fateful summer of 2019. The castle of the permanent bureaucracy is about to be torched by an uprising of deplorable peasants led by a Golden Golem made furious by relentless litigation. It’s Game of Thrones meets the Thermidorian Reaction with a Weimar-flavored cherry on top — really one for the ages!

There’s perhaps a lot to dislike about Donald J. Trump, US President No. 45. Despite all the grooming and tailoring, there’s little savoir faire there. He tweets not like a mellifluous songbird, but in snorts like a rooting aardvark. His every predilection is an affront to the refined Washington establishment: his dark business history, his beloved ormolu trappings, his Mickey-D cheeseburgers, the mystifying hair-doo.

Even so, the bad faith of his antagonists exceeds even Mr. Trump’s defects and vices. The plot they concocted to get rid of him failed. And, yes, it was a plot, even a coup. And they fucked it up magnificently, leaving a paper trail as wide as Interstate-95. Now all that paper is about to fall over the District of Columbia like radioactive ash, turning many current and former denizens of rogue agencies into the walking dead as they embark on the dismal journey between the grand juries and the federal prisons.

Hence, the desperate rage of the impeachment faction, in direct proportion to their secret shameful knowledge that the entire RussiaGate melodrama was, in fact, a seditious subterfuge between the Hillary Clinton campaign and a great many key figures in government up-to-and-including former president Barack Obama, who could not have failed to be clued-in on all the action. Even before the declassification order, the true narrative of events has been plainly understood: that the US Intel “community” trafficked in fictitious malarkey supplied by Mrs. Clinton to illegally “meddle” in the 2016 election.

Most of the facts are already documented. Only a few details remain to be confirmed: for instance, whether international man-of-mystery and entrapment artist Josef Mifsud was in the employ of the CIA, and/or Britain’s MI6, and/or Mrs. Clinton’s Fusion GPS contractor (or Christopher Steele’s Orbis Business Intelligence company, a subcontractor to both Fusion GPS and the FBI). Questions will now be asked — though not by The New York Times.

The evidence already public indicates that Robert Mueller must have known as early as the date of his appointment (and likely before) that the predicating evidence for his inquiry was false. After all, his soon-to-be lead prosecutor, Andrew Weissmann, was informed of that in no uncertain terms by his DOJ colleague, Deputy Attorney General Bruce Ohr, in 2016. Justice may seek to know why Mr. Mueller did not inform the target of his inquiry that this was so. The answer to that may be that Mr. Mueller’s true mission was to disable Mr. Trump as long as possible while setting an obstruction of justice trap — which also failed tactically.

Notice that Mr. Mueller declined to testify before the House Judiciary Committee last week. Chairman Jerrold  Nadler (D-NY) was a fool to invite him. Did he not know that minority members of his committee get to ask questions too?

In an interesting turn of the screw last week, polling showed that a majority of those asked were in favor of investigations into the origin of the RussiaGate story. The FBI, being an agency under the direct supervision of the Attorney General, will be hosed out for sure. The CIA, on the other hand, has a sordid history of acting as a sovereign state within the state — hence the derivation of the Deep State. They are renowned for protecting their own. Remember, the Senate Minority Leader, Mr. Schumer, snidely told the incoming President Trump at the get-go that the Intel community “has six ways from Sunday at getting back at you.” I guess we’ll finally get to see about that because the CIA’s former director, the wicked Mr. Brennan, is grand jury bound. I suspect he will not be protected by his former colleagues. His downfall may presage a more thorough cleanup, and perhaps a major reorganization, of this monstrous agency.

The indictment of Julian Assange adds a big wrinkle to these upcoming proceedings. Apart for what it means to First Amendment protection for a free press (no small matter), Mr. Assange is the one person who actually knows who handed over the “hacked” DNC emails to Wikileaks. Perhaps getting the answer to that question is the real reason that the DOJ is throwing the book at him. The trial of Mr. Assange is sure to be a humdinger.

I’m convinced, personally, that all this melodrama will play out against the background of a cratering global economy, tanking financial markets, and epic disruption of the established international order. Consider laying in some supplies.

end

SWAMP STORIES/KEY STORIES/KING REPORT

COURTESY OF CHRIS POWELL OF GATA)

ifo Business Climate Index Falls

The ifo Business Climate Index fell from 99.2 points in April to 97.9 points in May. This was due to a considerably worse assessment of the current business situation. The outlook for the coming months, however, was unchanged.  The German economy is still lacking in momentum

https://www.ifo.de/en/node/42477

IHS Markit Flash Germany PMI® [Service PMI dropped 0.7; Mfg PMI down 0.1, flash output up 0.2]

https://www.markiteconomics.com/Public/Home/PressRelease/6fe122500ed44590a048418563825e89

Markit’s May US Services PMI declined to 50.9 from 53; 53.5 was expected. Mfg fell to 2.0 50.6, a nine-year low.  52.6 was expected.  The Composite PMI dropped to 50.6 from 53.

https://www.markiteconomics.com/Public/Home/PressRelease/c0a77762175240d989bf5090d001cff2

Juncker lashes out at ‘stupid nationalists’ on eve of European elections

Some polls project that populists may become the most powerful group in the parliament following this week’s elections in all 28 EU nations, resulting in a lasting impact on the future of the bloc and the continent at large. “These populist, nationalists, stupid nationalists, they are in love with their own countries,” Juncker told CNN in his Brussels office… [The ex-PM from wee Lux thinks he’s an emperor.]

https://www.cnn.com/2019/05/22/europe/jean-claude-juncker-interview-european-elections-intl/index.html

Faced with relentless American pressure, Iran starts to hit back

When four ships were damaged in the Persian Gulf last week, including two Saudi tankers and an Emirati one, U.S. and Arab officials said they suspected Iran had ordered the sabotage. A Lebanese newspaper supportive of Iran’s ally Hezbollah boasted that the attacks were a message from Tehran delivered via “UAE and Saudi mailboxes.”  And after a Katyusha rocket landed within a mile of the vast U.S. Embassy complex in Baghdad on Sunday, suspicion immediately turned to Iranian-backed militias in Iraq…

https://www.washingtonpost.com/world/faced-with-relentless-american-pressure-iran-starts-to-hit-back/2019/05/22/932551a2-7598-11e9-a7bf-c8a43b84ee31_story.html

Bitcoin manipulation madness calls for massive investigation

Bitcoin is nothing more than a confidence game. It’s worth nothing if people suddenly lose their confidence in this fake digital currency. It’s backed by nothing. It’s the definition of a con.  That’s why people who are propping up bitcoin lose their minds whenever someone like me writes anything negative about it…   https://nypost.com/2019/05/22/bitcoin-manipulation-madness-calls-for-massive-investigation/

Last night Trump dropped a mega-bombshell. At the request of AG Barr, DJT ordered the FBI, CIA and IC to “quickly and fully cooperate” with Barr’s Spygate probe.  DJT gave Barr the authority to declassify Spygate documents of the AG’s choosing.  The stuff is about to hit the fan.

@realDonaldTrump: “Today, at the request and recommendation of the Attorney General of the United States, President Donald J. Trump directed the intelligence community to quickly and fully cooperate with the Attorney General’s investigation into surveillance activities during the 2016 Presidential election. The Attorney General has also been delegated full and complete authority to declassify information pertaining to this investigation, in accordance with the long-established standards for handling classified information.  Today’s action will help ensure that all Americans learn the truth about the events that occurred, and the actions that were takenduring the last Presidential election and will restore confidence in our public institutions.” @PressSec

Reports say Barr/Trump will do a “phased declassification” of Spygate-related documents.

@paulsperry_: First batch of POTUS declassification said to include FBI docs of recorded conversations exculpating Papapopoulos & Page–prior to FBI going for FISA warrant based on their alleged conspiracy. Papadopoulos says Halper & Downer both tried to record him w their cell phones

 

Alan Dershowitz: Congress is not above the law when it comes to impeachment

The Constitution, which is the governing law, precludes Congress from impeaching a president for mere “dereliction” of duty or even alleged “corruption.” Under the text of the Constitution, a president’s actions to be impeachable must consist of treason, bribery or other high crimes and misdemeanors.

    The Framers of the Constitution considered broadening the criteria for impeachment to include maladministration in office. But this proposal was soundly rejected, on the ground that it would give Congress too much power to control the president.

    Yet Democrats who are now seeking to impeach the president, despite the absence of impeachable offenses, are trying to do precisely what the Framers of the Constitution forbade them from doing: mainly exercising control over a president that is not authorized in the Constitution itself…

https://www.foxnews.com/opinion/alan-dershowitz-congress-is-not-above-the-law-when-it-comes-to-impeachment-dont-weaponize-the-constitution

With a CNN poll showing Americans are strongly against impeachment (59-37), Pelosi did a U-Turn.  Pelosi on Thursday: “The House Democratic caucus is not on the path to impeachment… that’s where President Trump wants us to be.”…   https://www.nytimes.com/2019/05/23/us/politics/impeaching-trump-nancy-pelosi.html

Pelosi called Trump “villainous” and averred that Trump family or staff should stage an intervention.  DJT returned the fire – and then some.

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

“She’s a mess, look, let’s face it,” Trump said of Pelosi… “She’s not the same person, she’s lost it.”…

https://www.zerohedge.com/news/2019-05-23/trump-unloads-crazy-mess-nancy-pelosi-questions-mental-state

@Barnes_Law: Congress has “no general authority to expose the private affairs of individuals without justification…Investigations conducted solely for the personal aggrandizement of the investigators [is] indefensible.” Watkins v. United States (1957)

The US DoJ charged WikiLeaks’ Julian Assange with 17 Espionage Act violations (but not death penalty section). Espionage Act charges are extremely rare.  Is Barr warning Spygate actors and the MSM?

Judicial Watch’s @TomFitton: Assange indictment is a reminder that there is no media exception to laws against illegal dissemination of classified material.  Recall @NYTimes and @washingtonpost made use of illegally leaked classified info to get @realDonaldTrump.  Will media be criminally investigated?

@JackPosobiec: In 2017 Trump and Assange were working on an immunity deal – until Comey killed it with the help of Bruce Ohr [We’re told that negotiations on a new deal are ongoing.]

At Trump’s presser yesterday, a reporter reminded DJT that treason is punishable by death.  He then asked Trump to name those that committed treason.  DJT listed the known suspects.

@paulsperry_: Sshh, hear that? It’s the deafening silence of Barack Obama, who’s suddenly gone to ground as SpyGate scandal draws nearer & calls for him to be questioned under oath grow. No US speaking events, appearances. Organizing for Action quietly removed from his website. Fewer Tweets

In July 2018 on CNN, James Clapper asserted that Obama was responsible for the Trump probe.  The MSM, abetted by craven GOP leadership, eschewed the inflammatory report.

 

If it weren’t for President Obama, we might not have done the intelligence community assessment that we did that set off a whole sequence of events which are still unfolding today, notably, special counsel Mueller’s investigation,” Clapper said…

https://www.realclearpolitics.com/video/2018/07/24/clapper_obama_ordered_the_intelligence_assessment_that_resulted_in_mueller_investigation.html

New FBI 302 Document Appears to Reveal Interview with Agents—Not Flynn

Judge Sullivan does appear to be saying that some of the items disclosed in Flynn’s sentencing memorandum are new to him and he is demanding to see them now. It will prove most interesting to see what weight these new documents will bring to the case.

https://www.theepochtimes.com/new-fbi-302-document-appears-to-reveal-interview-with-agents-not-flynn_2738968.html

@MilitaryTimes: The SEAL’s war crimes court-martial was delayed amid allegations that a Navy lawyer illegally spied on defense attorneys and a journalist   http://bit.ly/2VXtwMB

Former Michelle Obama Chief of Staff Hides from Subpoena in Jussie Case

“Tchen, who was formerly chief of staff to Michelle Obama, refused to meet with a process server that was trying to serve her the subpoena at her office, according to reporting from the Chicago Sun-Times…

https://bigleaguepolitics.com/former-michelle-obama-chief-of-staff-hides-from-subpoena-in-jussie-case/

Op-ed in NYT: America’s Cities Are Unlivable. Blame Wealthy Liberals.  The demise of a California housing measure shows how progressives abandon progressive values in their own backyards.

   The basic problem is the steady collapse of livability. Across my home state, traffic and transportation is a developing-world nightmare. Child care and education seem impossible for all but the wealthiest. The problems of affordable housing and homelessness have surpassed all superlatives — what was a crisis is now an emergency that feels like a dystopian showcase of American inequality.

    Just look at San Francisco, Nancy Pelosi’s city. One of every 11,600 residents is a billionaire, and the annual household income necessary to buy a median-priced home now tops $320,000. Yet the streets there are a plague of garbage and needles and feces… Wealthy homeowners are crowdfunding a legal effort arguing that a proposed homeless shelter is an environmental hazard. A public-school teacher suffering from cancer is forced to pay for her own substitute…

    What Republicans want to do with I.C.E. and border walls, wealthy progressive Democrats are doing with zoning and Nimbyism…

https://www.nytimes.com/2019/05/22/opinion/california-housing-nimby.html?action=click&module=Opinion&pgtype=Homepage

end

As is our customer, let us close out the week with this offering courtesy of Greg Hunter of USAWatchdog

(courtesy Greg Hunter)

Trump Hoax Investigation Heats Up, China Trade War is On, Crop Trouble

By Greg Hunter On May 24, 2019

Last night, President Trump kicked the Trump-Russian collusion hoax investigation into high gear. Trump ordered “the intelligence community to quickly and fully cooperate with the Attorney General’s investigation into surveillance activities during the 2016 presidential election.” President Trump is also giving the authority to declassify documents to AG Barr. Maybe this is why the Democrats, like Nancy Pelosi, are saying crazy things as a way to mount some sort of defense about an investigation that will send many to jail for treason. President Trump said again on Thursday that “Treason” was committed in trying to remove him from office in what FBI officials said was an “insurance policy” in case Clinton lost.

China and the U.S. are entering into a trade war, and it’s not going to end anytime soon. It also could get very ugly as China can retaliate with its own tariffs. It can also sell its $1.1 trillion in U.S. debt. That might have a devastating effect on the bond market. Trump has long said China takes advantage of America, and with $500 billion annual trade deficit with China, who can argue that point.

Rain, rain everywhere in the U.S. growing regions. The USDA says planting is way behind schedule in many parts of the country. With the wet farm ground not drying out anytime soon, it may get too late in the year to plant some crops. Is this a harbinger for higher food prices?

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

-END-

WILL SEE YOU TUESDAY NIGHT

H

 

 

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