MAY 30/TOMORROW IS LONDON/LBMA OPTION’S EXPIRY AND YET A SURPRISE RISE OF $6.40 IN GOLD TO $1288.10//SILVER SEES AN ADVANCE OF 19 CENTS TO $14.53//GLD SEES A SURPRISE PAPER DEPOSIT OF 3.52 TONNES UP TO 740.86 TONNES//NO SILVER DEPOSIT TODAY//CHINA HALTS ITS “GOODWILL” PURCHASES OF SOYBEANS FROM THE USA//ITALY FURIOUS WITH BRUSSELS WITH THEIR FINE PROPOSAL AS THEY MAY TRASH GOVERNMENT//IRAN’S OIL PRODUCTION IS DOWN BADLY TO ONLY 400,000 BARRELS PER DAY//TURKEY AGAIN STATES THAT IT WILL BUY SAM 400 DEFENSE MISSILES TOTALLY AGAINST THE WISHES OF THE USA//BRANDON SMITH..A MUST READ…KEY USA DATA TODAY ALL ON THE SOFT SIDE//MANY SWAMP STORIES FOR YOU TONIGHT//

 

 

GOLD: $1288.10  UP $6.40 (COMEX TO COMEX CLOSING)

Silver:  $14.53 UP 19 CENTS  (COMEX TO COMEX CLOSING)

Closing access prices:

Gold : 1288.70

 

silver:  $14.53

 

 

 

LBMA OPTIONS EXPIRY TOMORROW:

LBMA/OTC EXPIRY: MAY 31.2019

 

 

COMEX DATA

 

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

today RECEIVING  24/49

EXCHANGE: COMEX
CONTRACT: MAY 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,280.600000000 USD
INTENT DATE: 05/29/2019 DELIVERY DATE: 05/31/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
657 C MORGAN STANLEY 3
661 C JP MORGAN 24
661 H JP MORGAN 49
685 C RJ OBRIEN 1
737 C ADVANTAGE 20
905 C ADM 1
____________________________________________________________________________________________

TOTAL: 49 49
MONTH TO DATE: 363

 

 

NUMBER OF NOTICES FILED TODAY FOR  MAY CONTRACT: 49 NOTICE(S) FOR 4900 OZ (0.1524 tonnes)

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

 

 

 

SILVER

 

FOR MAY

 

 

119 NOTICE(S) FILED TODAY FOR 595,000  OZ/

 

total number of notices filed so far this month: 3770 for 18,850,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE :  $ N/A

 

 

 

Bitcoin: FINAL EVENING TRADE: $ N/A

 

 

 

 

end

 

XXXX

 

 

Let us have a look at the data for today

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IN SILVER THE COMEX OI FELL BY A CONSIDERABLE SIZED 4065 CONTRACTS FROM 217,605 DOWN TO 213,540  DESPITE THE 11 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 FURTHER FROM AUGUST’S 2018  RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS.

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

 0 FOR MAY, 0 FOR JUNE, 1773 FOR JULY AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1773 CONTRACTS. WITH THE TRANSFER OF 1773 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 1773 EFP CONTRACTS TRANSLATES INTO 8.865 MILLION OZ  ACCOMPANYING:

1.THE 11 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 18.845 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:

26,714 CONTRACTS (FOR 21 TRADING DAYS TOTAL 26,714 CONTRACTS) OR 133.57 MILLION OZ: (AVERAGE PER DAY: 1272 CONTRACTS OR 6.360 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAY:  133.57 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 19.08% 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:          874.67    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 AN CONSIDERABLE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 4065 DESPITE THE 11 CENT GAIN IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A VERY STRONG SIZED EFP ISSUANCE OF 1773 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) . OUR BANKERS RESUMED THEIR LIQUIDATION OF THE SPREAD TRADES TODAY.

TODAY WE LOST A STRONG SIZED: 2292 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 1773 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH DECREASE OF 4065  OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 11 CENT GAIN IN PRICE OF SILVER AND A CLOSING PRICE OF $14.45 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. 1.068 BILLION OZ TO BE EXACT or 152% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MARCH MONTH/ THEY FILED AT THE COMEX: 119 NOTICE(S) FOR  595,000, 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:  18.845 MILLION OZ ..
  2. HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018:  244,196 CONTRACTS,  WITH A SILVER PRICE OF $14.78.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
  4. RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

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

 

IN GOLD, THE OPEN INTEREST FELL BY AN UNBELIEVABLE AND MOST LIKELY CRIMINAL SIZED 50,951 CONTRACTS, TO 454,175 DESPITE THE  $3.90 PRICE GAIN WITH RESPECT TO COMEX GOLD PRICING YESTERDAY/THE SPREADING LIQUIDATION ENDED YESTERDAY.   

WE ARE NOW 1 TRADING DAY PRIOR TO FIRST DAY NOTICE.  

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A STRONG SIZED 6678 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 6678 CONTRACTS, AUGUST 2019: 0 CONTRACTS, JUNE 2020  0 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 454,175.  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 AN ATMOSPHERIC SIZED LOSS IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 44,273 CONTRACTS: 50,951 OI CONTRACTS DECREASED AT THE COMEX  AND 6678 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 44,273 CONTRACTS OR 4,427,300 OZ OR 137.7 TONNES.  YESTERDAY WE HAD A GOOD GAIN OF $3.90 IN GOLD TRADING ….AND WITH THAT GAIN IN  PRICE, WE  HAD AN UNBELIEVABLE LOSS OF GOLD TONNAGE OF 137.7  TONNES!!!!!!

 

WITH RESPECT TO SPREADING:  WE  HAD A GIGANTIC LIQUIDATION OF THE SPREADERS TODAY 

 

 

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

 

 

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES:

 

 

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

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

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

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

 

 

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAY : 135,887 CONTRACTS OR 1,3588,700 OR 422.66TONNES (21 TRADING DAYS AND THUS AVERAGING: 6470 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 20 TRADING DAYS IN  TONNES: 422,66 TONNES

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

THUS EFP TRANSFERS REPRESENTS 422.66/3550 x 100% TONNES =11.89% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     2238.18 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: AN UNBELIEVABLE AND CRIMINAL SIZED DECREASE IN OI AT THE COMEX OF 150,951 DESPITE THE   PRICING GAIN  THAT GOLD UNDERTOOK YESTERDAY(3.90)) //.WE ALSO HAD A STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 6678 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 6678 EFP CONTRACTS ISSUED, WE  HAD AN ATMOSPHERIC SIZED LOSS OF 44,273CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

6678 CONTRACTS MOVE TO LONDON AND 50,951 CONTRACTS DECREASED AT THE COMEX. (IN TONNES, THE LOSS IN TOTAL OI EQUATES TO 137.70 TONNES). ..AND THIS LOSS OF  DEMAND OCCURRED WITH THE RISE IN PRICE OF $3.900 WITH RESPECT TO YESTERDAY’S TRADING AT THE COMEX. WE  HAD A HUGE PRESENCE OF SPREADING LIQUIDATION YESTERDAY/

 

 

 

we had:  49 notice(s) filed upon for 4900 oz of gold at the comex.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD...

 

WITH GOLD UP $6.40 TODAY//SEEMS THE BOYS FOUND RELIGION

A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A HUGE “PAPER” GOLD DEPOSIT OF 3.52 TONNES

 

 

 

INVENTORY RESTS AT 740.86 TONNES

 

 

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

SLV/

WITH SILVER UP 19 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 AN GIGANTIC SIZED 4065 CONTRACTS from 217,605 DOWN TO 213,540 AND FURTHER FROM THE NEW COMEX RECORD SET LAST IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  1 1/3 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.  AS YOU CAN SEE, WE HAVE RECORD HIGH OPEN INTERESTS IN SILVER  ACCOMPANIED BY A CONTINUAL LOWER PRICE WHEN THAT RECORD WAS SET…..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: 1773 CONTRACTS  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1773 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 4065 CONTRACTSTO THE 1773 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG LOSS OF 2292 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES: 11.46MILLION 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 18.765 MILLION OZ FOR MAY

 

 

RESULT: A STRONG SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE 11 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A STRONG SIZED 1173 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG  SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

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

 

 

(report Harvey)

.

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED DOWN 8.89 POINTS OR 0.31%  //Hang Sang CLOSED DOWN 120.83 POINTS OR 0.44%   /The Nikkei closed DOWN 60.84 POINTS OR 0.29%//Australia’s all ordinaires CLOSED DOWN 0.73%

/Chinese yuan (ONSHORE) closed UP  at 6.9070 /Oil UP TO 59.03 dollars per barrel for WTI and 68.78 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED UP // LAST AT 6.9070 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9264 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 halts its “goodwill” gesture soybean purchases from the uSA

( zerohedge)

 

 

4/EUROPEAN AFFAIRS

i)GERMANY/FRANCE/REST OF EUROPE VS USA

Trump gave a 6 month reprieve to Europe so that a deal could be arranged between Europe and the USA. You will recall that the EU is notorious for its high tariffs especially in autos

Trump has demanded the EU to lower tariffs equal to the uSA, something that the stubborn EU will not do. Thus expect a new front in the trade war once the 6 months is up

( zerohedge)

ii)Italy

Italy is a powder keg ready to explode.  Italy’s debt to GDP has been relatively stable at 132% of GDP.  However lately its economy has been moribund.  Salvini wants to go into further debt to stimulate its economy from a deficit of 2.0% to 2.5% something that Brussels will not listen.  Now Italian yields have jumped as Salvini is threatening to crash the government. If Italy leaves the EU then the entire European financial system implodes and it will probably take the world’s banks with them

( zerohedge)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)Iran

USA troops are now to be based in Saudi Arabia and Qatar

( zerohedge)

ii)IRAN/USA

Trump is the big winner:  Iran’s oil exports plunge to only 400,000 barrels per day in May

(Paraskova/OilPrice.com)

iii)TURKEY

We have been highlighting to you our other powder keg situation:  Turkey.  If the Lira falters to over 6.2 to the dollar, it will be lights out for Turkey.  The lira gained this morning on talks with Trump.  However it somewhat pared its gain as Turkey is still considering buying the Russian  S400 and incorporating them on its southern flank: exactly where its warships are coming in contract with Greek/Israeli/European vessels. Ten years ago Israel made a huge natural gas discovery off of Haifa and they told Cyprus that the discovery was pointing in their direction.  Most of the island are Greek Cypriots and they welcomed the discovery.  The Greek Cypriots are comforted with the knowledge that Israel has their back.  The problem is that Turkey does not recognize Nicosia and they want the discovery!
( zerohedge)

iv)SERBIA/KOSOVO

For twenty plus years we have had peace between the tiny Republic of Kosovo and the Serbia. However Serbian troops are now on combat alert after Kosovo police raided a Serbian enclave in an anti smuggling mission.  Serbia never recognized Kosovo

( zerohedge)

6. GLOBAL ISSUES

Brandon Smith is one smart cookie: here he continues with his theme on how the markets will crumble as the globalists pit themselves against the populists.  He states that we are just one major event away from destruction.  He outlines 3 powder kegs

a must read…

( Brandon Smith)

7. OIL ISSUES

 

 

 

8 EMERGING MARKET ISSUES

 

VENEZUELA/

 

 

 

 

 

9. PHYSICAL MARKETS

i)A great commentary on gold by Incrementum but they forget to include the manipulation

( Incrementum/GATA)

ii)Bloomberg wonders what if everybody is expelled from the USA financial system for aiding Iran etc

(Bloomberg gATA)

iii)Now it is the central bank of the Philippines that joins other central banks in hoarding gold

(Bloomberg/GATA)

 

 

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

 

 

MARKET TRADING//

MARKET TRADING/Europe

 

 

ii)Market data

a)Trump is not to happy as his Q2 GDP has been lowered a notch in its first revision down to 3.1%

( zerohedge)

b)Housing is such an important part of the GDP calculations for the USA.  Pending home sales suffer their worst decline in over 10 years

( zerohedge)

c)Trump is not happy with this:  the trade deficit instead of falling due to the trade wars it actually rose to 72.1 billion dollars from 71.9 billion dollars.  This is a negative to the GDP calcualtions
(courtesy Market Watch)

d)Today’s inflation report is something that Jerome Powell, of the Fed will look upon with much surprise and anger.  The Fed uses archaic tools in its forecasting for inflation as they leave out the volatile food and energy hoping that it keeps inflation at around their supposed level of 2.0%.  The problem is the fact that the economy is faltering terribly and now their revered figure of inflation is now down to 1% in the last quarter from 1.3% in the previous quarter.  It will be difficult for Powell to raise rates again

( zerohedge)

iii)USA ECONOMIC/GENERAL STORIES

I guess people get it:  CNN announces substantial job cuts at its London offices are rating suffer badly

( zerohedge)

SWAMP STORIES

It sure looks like Mueller lied to Barr.  On 3 occasions Barr questioned Mueller on his report on the subject of obstruction.  Mueller told Barr that his lack of charges on obstruction had nothing to the do with the opinion of the office of legal council whose long time policy is that you cannot indict a sitting president.  It looks to me like he has lied

( zerohedge

 

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

 

Let us head over to the comex:

 

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY AN UNBELIEVABLE AND CRIMINALLY SIZED 50,951 CONTRACTS TO A LEVEL OF 454,175 DESPITE THE RISE OF $3.90 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 STRONG SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 6678 EFP CONTRACTS WERE ISSUED:

0 FOR JUNE ’19: 6678 CONTRACTS , AUG; 0 CONTRACTS: 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  6678 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 OUR LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON BASED FORWARD.

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 44,273 TOTAL CONTRACTS IN THAT 6678 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST AN ATMOSPHERIC  SIZED 50,951 COMEX CONTRACTS.ALMOST ALL OF THE LOSS IN OI WAS DUE TO THE LIQUIDATION OF THE SPREADERS.

 

NET LOSS ON THE TWO EXCHANGES ::  44,273 CONTRACTS OR 4,427,300 OZ OR 137.17 TONNES.

 

We are now in the NON active contract month of MAY and here the open interest stands at 49 contracts, having LOST 0 contracts. We had 8 notices served yesterday so we LOST 0 contracts or an additional NIL oz will not 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 57,825 contracts DOWN to 29,638.  July GAINED 308 contracts to stand at 1404.  After July the next active month is August and here the OI rose by 4042 contracts up to 312,469/ contracts.  We no doubt witnessed HUGE spreading liquidation yesterday/today

 

We have 1 more trading days before first day notice, May .2019

 

 

 

TODAY’S NOTICES FILED:

WE HAD 49 NOTICES FILED TODAY AT THE COMEX FOR  4900 OZ. (0.1524 TONNES)

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now for the wild silver comex results.

Total COMEX silver OI FELL BY A LARGE SIZED 4065 CONTRACTS FROM 217,605 DOWN TO 213,540 (AND FURTHER FROM TO THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018.  THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S HUGE  OI COMEX GAIN OCCURRED DESPITE THE 11 CENT RISE IN PRICING.//YESTERDAY.

 

 

WE ARE NOW INTO THE  ACTIVE DELIVERY MONTH OF MAY.  HERE WE HAVE 119 OPEN INTEREST STAND SO FAR FOR A LOSS OF 76CONTRACTS.  WE HAD 77 NOTICES SERVED UPON YESTERDAY SO IN ESSENCE WE GAINED 1 CONTRACTS  OR AN ADDITIONAL 5,000 OZ WILL STAND FOR DELIVERY AS THESE GUYS REFUSED TO MORPH INTO LONDON BASED FORWARDS AND AS WELL THEY NEGATED A FIAT BONUS.

 

 

 

 

THE NEXT MONTH AFTER MAY IS THE NON ACTIVE MONTH OF  JUNE.  HERE THIS MONTH LOST 156 CONTRACTS DOWN TO 467. AFTER JUNE IS THE ACTIVE MONTH OF JULY, (THE SECOND LARGEST DELIVERY MONTH OF THE YEAR FOR SILVER) AND HERE THIS MONTH GAINED 6002 CONTRACTS UP TO 155,224 CONTRACTS. THE NEXT ACTIVE MONTH AFTER JULY FOR SILVER IS SEPTEMBER AND HERE THE OI ROSE BY 2171 UP TO 22,528 CONTRACTS.

 

 

 

 

TODAY’S NUMBER OF NOTICES FILED:

 

We, today, had 77 notice(s) filed for 385,000 OZ for the MAY, 2019 COMEX contract for silver

 

 

Trading Volumes on the COMEX TODAY: 315,901  CONTRACTS 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  406,120  contracts (considerable spreading liquidation)

 

 

 

 

 

FINAL standings for  MAY/GOLD

MAY30 /2019.

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

oz

 

 

 

 

 

 

 

 

Deposits to the Customer Inventory, in oz  

 

 

 

nil oz

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No of oz served (contracts) today
49 notice(s)
 4900 OZ
(0.1524 TONNES)
No of oz to be served (notices)
49 contracts
(4900 oz)
0.1524 TONNES
Total monthly oz gold served (contracts) so far this month
363 notices
36300 OZ
1.140 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

STRANGE:!! TOMORROW IS FIRST DAY NOTICE FOR THE SECOND LARGEST DELIVERY MONTH OF THE YEAR FOR GOLD AND NOTHING COMES IN?

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 0 withdrawals:

 

 

 

.

total gold withdrawals;   nil oz

 

 

i) we had 0 adjustments today

FOR THE MAY 2019 CONTRACT MONTH)

Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 49 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 24 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid  (Goldman Sachs)

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the INITIAL total number of gold ounces standing for the MAY /2019. contract month, we take the total number of notices filed so far for the month (363) x 100 oz , to which we add the difference between the open interest for the front month of MAY. (49 contract) minus the number of notices served upon today (49 x 100 oz per contract) equals 36,300 OZ OR 1.129 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 (363 x 100 oz)  + (49)OI for the front month minus the number of notices served upon today (40 x 100 oz )which equals 36,300 oz standing OR 1.129 TONNES in this NON active delivery month of MAY.

We LOST 0 contract or an additional NIL oz will stand for delivery as they refused to morph into a London based forwards as well as negating a fiat bonus.

 

 

 

 

 

SURPRISINGLY LITTLE TO NO  GOLD HAS BEEN ENTERING THE COMEX VAULTS AND WE HAVE WITNESSED THIS FOR THE PAST YEAR!!  WE HAVE ONLY 6.1963 TONNES OF REGISTERED (  GOLD OFFERED FOR SALE) VS 1.129 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:  199,212.352 oz or  6.1963 tonnes
total registered and eligible (customer) gold;   7,677,316.825 oz 238.79 tonnes

 

 

FOR COMPARISON FIRST DAY NOTICE FOR MAY 2018 AND FINAL STANDING MAY 31 2018//AND COMPARISON

OF OPEN INTERESTS FOR THE UPCOMING JUNE 2019 CONTRACT VS JUNE 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.

ON MAY 29.2018 WE HAD 36,748 OPEN INTEREST CONTRACTS STILL OUTSTANDING WITH 1 TRADING DAYS AND THIS COMPARES TO 29,638 CONTRACTS WITH 2 DAYS TO GO.

 

FOR THE INITIAL JUNE 2018 CONTRACT WE HAD A HUGE 32.152 TONNES STAND.

HOWEVER BY MONTH’S END ONLY 21.56 TONNES EVENTUALLY STOOD AS THE REST MORPHED INTO LONDON BASED FORWARDS.

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

FINAL  standings/SILVER

IN TOTAL CONTRAST TO GOLD, HUGE ACTIVITY IN SILVER TODAY.
MAY 30 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
4033.180oz
Scotia

 

 

 

 

 

 

 

Deposits to the Dealer Inventory
NIL oz
Deposits to the Customer Inventory
6984.930 oz
Delaware
No of oz served today (contracts)
119
CONTRACT(S)
(595,000 OZ)
No of oz to be served (notices)
118 contracts
590,000 oz)
Total monthly oz silver served (contracts) 3770 contracts

18,850,000 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 Delaware:   6984.930 oz

 

 

 

 

 

 

 

 

 

 

 

 

total customer deposits today:  6,984.930  oz

 

we had 1 withdrawals out of the customer account:

 

i) out of Scotia  4033.180 oz

 

 

 

 

 

 

total withdrawals:  4033.180 oz

 

we had 3 adjustment : and they are all amounts adjusted out of the dealer account and this lands into the customer account

these are deemed to be settlements ahead of first day notice.  Strange that we have not witnessed this in god

 

i)Out of CNT:  84,578.351 oz was adjusted out of the dealer account and this landed into the customer account of CNT

ii) Out of Brinks:  15,301.930 oz adjusted out of the dealer//

iii) Out of HSBC 20,058.210 oz adjusted out of the dealer//

 

 

total dealer silver:  90.864 million

total dealer + customer silver:  305.912 million oz

 

 

The total number of notices filed today for the MAY 2019. contract month is represented by 119 contract(s) FOR  595,000  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 3770 x 5,000 oz = 18,850,000 oz to which we add the difference between the open interest for the front month of MAY. (119) and the number of notices served upon today (119 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the MAY/2019 contract month: 3770(notices served so far)x 5000 oz + OI for front month of MAY( 119) -number of notices served upon today (119)x 5000 oz equals 18,850,000 oz of silver standing for the MAY contract month.

We GAINED 1 contracts or an additional 5,000 oz will stand as these guys refused to  morph into London based forwards as well as negating a fiat bonus for their efforts. WE HAVE SOME SERIOUS PLAYERS GOING AFTER LARGELY DEPLETED PHYSICAL SILVER!

 

 

 

 

 

 

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.

ON FIRST DAY NOTICE FOR THE JUNE 2018 CONTRACT WE INITIALLY HAD  3.43 MILLION OZ STAND WHICH WAS HUGE FOR A NON DELIVERY MONTH

EVENTUALLY, 5.405 MILLION OZ STOOD FOR PHYSICAL DELIVERY.

ON THE 29TH OF MAY/2018 WE HAD  678 OPEN INTEREST WITH TWO DAYS BEFORE FIRST DAY NOTICE

ON THE 29TH OF MAY/2019 WE HAD 306 OPEN INTEREST CONTRACTS STILL OUTSTANDING WITH 2 DAYS TO GO BEFORE FIRST DAY NOTICE.

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

 

TODAY’S ESTIMATED SILVER VOLUME:  59,850 CONTRACTS

 

 

 

 

 

 

CONFIRMED VOLUME FOR YESTERDAY: 81,693 CONTRACTS..

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 81,693 CONTRACTS EQUATES to 408 million  OZ 58.3% OF ANNUAL GLOBAL PRODUCTION OF SILVER

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

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

 

end

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

 

 

NPV for Sprott 

1. Sprott silver fund (PSLV): NAV RISES TO -3.91% (MAY 30/2019)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -1.76% to NAV (MAY 30/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -3.91%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

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

NAV 12.69 TRADING 12.14/DISCOUNT 4.34

END

And now the Gold inventory at the GLD/

MAY 30: WITH GOLD UP $6.40 TODAY: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.52 TONNES/INVENTORY RESTS AT 740.86 TONNES

MAY 29/WITH GOLD UP $3.90 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 737.34 TONNES

MAY 28/WITH GOLD DOWN $6.50 TODAY: A BIG  CHANGE IN GOLD INVENTORY AT THE GLD> A WITHDRAWAL OF 1.47 TONNES/INVENTORY RESTS AT 737.34 TONNES

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

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

MAY 30/2019/ Inventory rests tonight at 737.34 tonnes

*IN LAST 601 TRADING DAYS: 193.11 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 501 TRADING DAYS: A NET 27.27 TONNES HAVE NOW BEEN LOST INTO THE GLD INVENTORY.

 

end

 

Now the SLV Inventory/

May 30/WITH SILVER UP 19 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.616 MILLION OZ///

MAY 29/WITH SILVER UP 11 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.616 MILLION OZ//

MAY 28/WITH SILVER DOWN 23 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.616 MILLION OZ//

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 30/2019:

 

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 2.11/ and libor 6 month duration 2.52

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

G0LD LENDING RATE: + .41

 

XXXXXXXX

12 Month MM GOFO
+ 2.33%

LIBOR FOR 12 MONTH DURATION: 2.57

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.24

end

 

PHYSICAL GOLD/SILVER STORIES

 

end
i) GOLDCORE BLOG/Mark O’Byrne

Heightened Political and Geopolitical Uncertainty Is Also Supporting Gold” – GoldCore

Gold and Silver Settle Higher, Buoyed by Global Stock-market Weakness

Gold Draws Support From U.S.-China Trade, Global Downturn Fears

Dollar Rises Amid U.S.-China Trade Worries 

World Stocks Drop, Bonds Rally as Trade Tensions Fan Growth Fears

Bank of Canada Holds Rate at 1.75%, Says Economic Slowdown Likely Temporary

WATCH VIDEO HERE

“Heightened Political and Geopolitical Uncertainty Is Also Supporting Gold” – Goldcore

Falling Interest Rates Are Sending a Warning Signal to the Stock Market

Shares of Rare Earth Miners Skyrocket After Beijing Threatens to Cut Off the Minerals

SWOT Analysis: Another Two Countries Want to Up Their Gold Intake

A Random Encounter In A Diner On Memorial Day Shows Exactly Where America Is Heading…

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)
29-May-19 1283.50 1281.65, 1016.02 1013.27 & 1151.04 1150.67
28-May-19 1283.90 1278.30, 1012.87 1008.20 & 1146.91 1142.29
27-May-19 Closed for UK Holiday
24-May-19 1281.50 1282.50, 1011.36 1011.89 & 1145.92 1145.40
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

Mark O’Byrne
Executive Director

GATA STORIES WITH RESPECT TO GOLD/PRECIOUS METALS.

A great commentary on gold by Incrementum but they forget to include the manipulation

(courtesy Incrementum/GATA)

More great research by Incrementum — and all beside the point

 

 Section: 

9:39p ET Wednesday, May 29, 2019

Dear Friend of GATA and Gold:

Liechtenstein-based investment fund Incrementum’s annual “In Gold We Trust” report, compiled by Ronald-Peter Stoeferle and Mark J. Valek, was published this week and again described the reasons for gold’s glorious prospects. Among them:

— Loss of trust in international relations and everyday society amid ever-more-polarized politics.

— Gold’s generally good performance in most currencies apart from the U.S. dollar.

… 

 

The extreme lows at which commodity prices generally now reside, implying a reversal.

— Increasing purchases by central banks.

But while the report mentions past currency market interventions by governments and central banks that have affected asset prices, there doesn’t seem to be anything in the report explaining why, despite the longstanding supportive fundamentals, gold has yet to realize its glorious prospects — why gold’s future never comes.

For example, there doesn’t seem to be anything in the report about the constant and surreptitious gold trading by the Bank for International Settlements on behalf of its member central banks, the discounts given to governments and central banks by CME Group for surreptitiously trading all major futures contracts in the United States, or the refusal of the U.S. Federal Reserve and Treasury Department to answer a congressman’s questions about which markets they are surreptitiously trading in and why.

All these developments have been extensively reported by GATA over the past year. It would seem hard for any gold market analyst to overlook them.

So while the Incrementum report is full of great research, analysis, and charts, it offers little insight about the thing that matters most: gold’s price and its primary determinant, intervention in the gold market by central banks, as lately summarized by GATA here:

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

When even gold’s scholars and mining companies are indifferent to the primary determinant of the monetary metal’s price, gold’s great future can seem only more distant.

Abbreviated and complete versions of Incrementum’s “In Gold We Trust” report can be found here:

https://ingoldwetrust.report/igwt/?lang=en

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

* * *

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

Bloomberg wonders what if everybody is expelled from the USA financial system for aiding Iran etc

(Bloomberg gATA)

What if everybody got expelled from the U.S. financial system?

 Section: 

U.S. Warns Europe That Its Iran Workaround Could Face Sanctions

By Jonathan Stearns and Helene Fouquet
Bloomberg News
Wednesday, May 29, 2019

The Trump administration escalated its battle with European allies over the fate of the Iran nuclear accord, threatening penalties against the financial body created by Germany, the U.K., and France to shield trade with the Islamic Republic from U.S. sanctions.

Sigal Mandelker, the Treasury Department’s undersecretary for terrorism and financial intelligence, signaled in a May 7 letter obtained by Bloomberg that Instex, the European vehicle to sustain trade with Tehran, and anyone associated with it could be barred from the U.S. financial system if it goes into effect.

… 

“I urge you to carefully consider the potential sanctions exposure of Instex,” Mandelker wrote in the letter to Instex President Per Fischer. “Engaging in activities that run afoul of U.S. sanctions can result in severe consequences, including a loss of access to the U.S. financial system.”

Germany, France, and the U.K. created Instex in January to allow companies to trade with Iran without the use of U.S. dollars or American banks — thus allowing them to get around wide-ranging U.S. sanctions that were imposed after the Trump administration abandoned the 2015 Iran nuclear deal last year. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-05-29/u-s-warns-europe-that…

END

Now it is the central bank of the Philippines that joins other central banks in hoarding gold

(Bloomberg/GATA)

Philippines joins gold rush by central banks

 Section: 

By Siegfrid Alegado and Ranjeetha Pakiam
Bloomberg News
Wednesday, May 29, 2019

The Philippines is joining a slew of central banks that are increasing gold holdings in foreign reserves.

Sales to Bangko Sentral ng Pilipinas could reach almost 1 million fine troy ounces a year from the current 20,000 to 30,000 ounces as a new law that exempts taxes on the monetary authority’s bullion purchases from small-scale miners takes effect, according to Deputy Governor Diwa Guinigundo.

… 

The law seeks to remedy the 99-percent drop in the BSP’s domestic purchases from 2010, the central bank said after the legislation was released last week. While a previous law imposing taxes on gold sales to the central bank was enacted in 2008, it was enforced only in 2011 under an administration keen to plug revenue leaks to shore up funds for state coffers. …

“The percentage of gold in the central bank reserves of a few emerging markets is quite small, so some building up is natural,” said Georgette Boele, senior foreign-exchange and precious metals strategist at ABN Amro Bank NV. “Some countries buy up their own production to support the sector, while others have a more reserve diversification motive. In the case of the Philippines, its goal is to support local miners.” …

Small-scale producers are allowed to sell their gold only to the central bank, but they instead settled for lower prices on the black market to circumvent the taxes, Guinigundo said last week in a reply to questions from Bloomberg News.

The tax exemption was beneficial to both the miners and the BSP, which can continue buying gold with pesos, Guinigundo said. “If we use dollars to buy gold from the world market, it would simply involve a rebalance of the foreign-exchange reserve composition from dollars to gold.” …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-05-29/gold-rush-by-central-…

* * *



iii) Other Physical stories

-END-

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

 

end

* * *

Your early THURSDAY morning currency, Asian stock market results,  important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/7 AM EST

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 6.9070/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  6.9264   /shanghai bourse CLOSED DOWN 8.89 POINTS OR 0.31%

HANG SANG CLOSED DOWN 120,83 POINTS OR 0.44%

 

2. Nikkei closed DOWN 60.84 POINTS OR 0.29%

 

 

 

 

3. Europe stocks OPENED GREEN /

 

 

 

USA dollar index RISES TO 98.12/Euro RISES TO 1.1138

3b Japan 10 year bond yield: RISES TO. –.08/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.69/ 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:: 59.03 and Brent: 68.78

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.17%/Italian 10 yr bond yield DOWN to 2.61% /SPAIN 10 YR BOND YIELD DOWN TO 0.76%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 2.78: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 3.06

3k Gold at $1277.20 silver at: 14.41   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 1/100 in roubles/dollar) 64.96

3m oil into the 57 dollar handle for WTI and 68 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 109.69 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 1.0083 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 0.17%

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 2.26% early this morning. Thirty year rate at 2.68%

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

6.  TURKISH LIRA:  UP  TO 5.8748..they are toast

Stocks Rebound Even As Traders Brace For “Long-Term Trade War”

US equity futures and global stocks rebounded on Thursday as traders took a break from selling stocks and pumping money into safe-haven bonds and the dollar, awaiting the latest headlines in the ongoing trade war.

With just two days left in what has so far been the most turbulent month of the year, investors are busy squaring up positions, shaken by a violent escalation in trade war which has left many traders dazed and confused and the S&P back under 2,800 but above its 200 day moving average for now.

US equity futures drifted higher in the overnight session, while Europe’s Stoxx 600 advanced, with tech among the biggest gainers, a day after posting its biggest drop in nearly three weeks. European stocks nudged 0.2%-0.5% higher having lost a third of the 15% gain they had been carrying into May, the major currencies paused, while German Bund yields climbed for the first time in four days having hit record lows.

Asian stocks were little changed, with MSCI’s index of Asia-Pacific shares ex-Japan slipping to a fresh four-month low before finding a bit of traction to edge up 0.1% into the close. Japan, Hong Kong and Shanghai falling while South Korean, Indian and Indonesian equities advanced as gains in the technology sector were offset by declines in health care and consumer staples. The Topix gauge fell 0.3% to its lowest level since January, led by Japan Communications Inc. and Avant Corp while the Nikkei slumped 0.5%. The Shanghai Composite Index dropped 0.3% after the PBOC’s latest liquidity injection was a sharp dip from Wednesday’s 250bn yuan, with China Life Insurance Co. contributing the most to the index decline.

Elsewhere in Asia, Australian stocks shed 0.85% as local miners suffered the worst month for copper prices since 2016 having slumped over 9%. Indian equities advanced for a fourth day in five amid continued optimism that Prime Minster Narendra Modi will adopt more policies to support economy.

As usual traders were focused on the war of trade, tech and words between Washington and Beijing. “We oppose a trade war but are not afraid of a trade war,” Chinese Vice Foreign Minister Zhang Hanhui said on Thursday in Beijing, when asked about the tensions with the United States. “This kind of deliberately provoking trade disputes is naked economic terrorism, economic chauvinism, economic bullying.”

“The equity markets are in the midst of pricing in a long-term trade war, with participants shaping their portfolios in anticipation of a protracted conflict,” said Soichiro Monji, senior strategist at Sumitomo Mitsui DS Asset Management.

“The upcoming G20 summit could provide the markets with relief, as the United States and China could use the event to begin negotiating again over trade,” he added, referring to the June 28-29 gathering of leaders in Japan.

In rates, the 10-year Treasury yield was at 2.27% after falling to a nearly two-year low of 2.21% Wednesday, with the 3M-10Y yield curve staying deep in inverted territory, most recently at -10bps.

“What’s going on in Treasury markets is ultimately a repricing of growth expectations,” JPMorgan’s John Bilton said on Bloomberg TV. “We don’t see a recession coming in the next 12 months even allowing for the yield-curve inversion we’ve seen, typically that’s a signal that has a long lead time.”

In FX, the dollar traded at a five-month high ahead of first-quarter revised GDP due later that could give clues on the direction of U.S. interest rates. The dollar was little changed at 109.68 yen after bouncing back from a two-week low of 109.150 and the euro steadied at $1.1132 following three successive days of losses. “The strength in the dollar is surprising given that markets are now expecting multiple rate cuts by 2020,” Commerzbank FX strategist Ulrich Leuchtmann said.

In commodities, oil prices rose modestly following volatile trading on Wednesday, when oil prices fell to near three-month lows at one point as trade war fears gripped the commodity markets. WTI futures were up 0.66% at $59.20 per barrel after brushing $56.88 the previous day, their lowest since March 12. Brent crude added 0.37% to $69.71 per barrel. Trade worries have weighed on oil but supply constraints linked to the Organization of the Petroleum Exporting Countries’ output cuts and political tensions in the Middle East have offered some support.

Market Snapshot

  • S&P 500 futures up 0.4% to 2,790.50
  • STOXX Europe 600 up 0.4% to 371.84
  • MXAP down 0.09% to 152.43
  • MXAPJ up 0.2% to 498.00
  • Nikkei down 0.3% to 20,942.53
  • Topix down 0.3% to 1,531.98
  • Hang Seng Index down 0.4% to 27,114.88
  • Shanghai Composite down 0.3% to 2,905.81
  • Sensex up 0.9% to 39,853.99
  • Australia S&P/ASX 200 down 0.7% to 6,392.13
  • Kospi up 0.8% to 2,038.80
  • German 10Y yield rose 1.9 bps to -0.16%
  • Euro up 0.05% to $1.1137
  • Italian 10Y yield fell 4.1 bps to 2.269%
  • Spanish 10Y yield rose 0.9 bps to 0.742%
  • Brent futures down 0.2% to $69.34/bbl
  • Gold spot down 0.3% to $1,276.30
  • U.S. Dollar Index little changed at 98.16

Top Overnight News from Bloomberg

  • A succession of domestic dilemmas on both sides of the Atlantic threaten to frustrate efforts at a U.S.-EU trade pact before they’ve even begun. It’s been 10 months since talks have gone anywhere meaningful with European officials frustrated with a Trump administration that’s distracted by the breakdown in talks with China and also issues with Japan
  • China’s grip on the global market for rare-earth metals gives it the ability to target American weaponry in its trade war with the U.S. Rare earths have been thrust into the spotlight by a series of media reports in China signaling Beijing is gearing up to use the minerals as a counter in its trade battle with Washington
  • Ray Dalio, the billionaire founder of investment management firm Bridgewater Associates, said Wednesday that he viewed the U.S.-China conflict as more than a “trade war” and that increasing export controls would be a major escalation
  • A second referendum is preferable to a general election to resolve Brexit, according to U.K.’s Chancellor of the Exchequer Philip Hammond. Candidates to succeed Theresa May are honing their pitches amid deep divisions over whether to leave the European Union without a deal in October
  • Italy will tell the European Commission that any budget tightening this year would jeopardize a sluggish economic recovery, pushing back in its reply to a demand from Brussels to explain the nation’s increasing debt load, newspapers reported Thursday
  • The U.K. will need interest-rate increases if Brexit goes ahead smoothly, according to Bank of England Deputy Governor Dave Ramsden. His comments echo those of BOE Governor Mark Carney, who spent much of his last press conference making the case for faster rate hikes than money markets imply
  • Australia’s GDP growth will slow to a decade low despite cushioning provided by de-synchronized movements in house prices and commodity prices, Fitch Ratings says in a new report. Australia 1Q business investment falls the most since Sept. 2016
  • The slump in global yields as investors seek out trade-war havens is increasing speculation in Tokyo that the Bank of Japan may cut bond purchases again in June. The central bank could lower the target purchase range for 10-25 year maturities in its monthly plan on Friday, according to Naomi Muguruma, senior market economist at Mitsubishi UFJ Morgan Stanley Securities
  • Oil rebounded to climb back above $59 after the release of an industry report showing a much bigger than expected drop in U.S. crude stockpiles
  • Israeli Prime Minister Benjamin Netanyahu failed to form a government by Wednesday’s deadline, opting instead for new elections that thrust both his future and the Trump administration’s peace plan into question

Asian equity markets mostly tracked the declines of their counterparts on Wall St where all majors extended on losses amid little in the way of catalysts to inspire a rebound and as participants looked ahead to upcoming US GDP and PCE inflation. Furthermore, trade uncertainty lingered, and technical selling was at play in which the DJIA briefly slipped below the 25K level and the S&P 500 tested its 200DMA to the downside. As such, ASX 200 (-0.7%) and Nikkei 225 (-0.3%) were subdued following the weak lead from their global peers with only the telecoms sector bucking the trend in Australia, while sentiment in Tokyo continued to be hampered as USD/JPY remained at a sub-110.00 level. Hang Seng (-0.4%) and Shanghai Comp. (-0.3%) were negative amid no signs of trade tensions abating as China’s Global Times Editor suggested US is shifting from protecting its interest to destroying China in its crackdown on Huawei. Finally, 10yr JGBs were lower as they tracked the pullback in T-notes but with downside stemmed by support around the 153.00 level and after improved results at the 2yr auction.

Top Asian News

  • Sakurai’s Caution on Stimulus Signals Diverging Opinions at BOJ
  • Short Seller Aandahl Targets China Apparel-Maker Anta Sports
  • Anta Slumps Most in 15 Months as Blue Orca Recommends Short
  • Singapore Minister Bats Away Criticism Over GIC, Temasek Pay

Major European Indices [Euro Stoxx 50 +0.5%] opened, and have remained, positive; diverting from the poor performance seen overnight in Asia-Pac indices which were largely subdued in sympathy with Wall St. As such, sectors are predominantly in the green with some outperformance in Energy names, although the sector has been weighed on by the recent sell off in oil prices, with Brent currently in negative territory. While the defensive utilities and healthcare sectors are underperforming given the broad risk-on sentiment this morning. In spite of the positivity across bourses, notable individual movers are sparse. Axel Springer (+21.3%) have moved substantially higher following reports that KKR are to make a bid to take the Co. private, with the Co. having been valued at EUR 4.9bln. Separately, Daily Mail & General Trust (+9.6%) have printed higher this morning post results, where they stated FY outlook is currently in-line with guidance. Also, post-earnings, but at the bottom of the Stoxx 600 are Johnson Matthey (-4.1%). Finally, Wirecard (1.3%) are at the top of the DAX (+0.6%) after announcing a strategic partnership with XBN relating to international e-commerce.

Top European News

  • Italy Set to Warn Against Budget Tightening in Reply to EU
  • U.K. Will Need Hikes If Brexit Goes Smoothly, BOE’s Ramsden Says
  • ECB Seen Offering Generous Loans to Banks to Boost Feeble Growth
  • Watches of Switzerland Gains After London Share Offering

In FX, the broad Dollar and the index trades relatively flat thus far, albeit still north of the 98.000 level, as participants await a barrage of tier 1 US data in the form of Q1 GDP (2nd estimate), Core PCE, advances goods trade balance and initial jobless claims. DXY fluctuated between a reasonable 98.08-24 band for now, ahead of some mild resistance around the 98.37-40 mark. US-China news-flow has consisted of MOFCOM reiterations wherein the Chinese noted that tariffs will not solve trade imbalance and will not accept a deal which hurts sovereignty and pride. Nonetheless, focus of today will remain on the aforementioned US data with expectations for the GDP figure to be revised marginally lower (3.1% vs. Prev. 3.2%) whilst the Core PCE Q1 prelim figure is expected to be unchanged at 1.3% (FOMC noted that the recent dip in PCE is transitory) and initial jobless claims are expected to tick slightly higher to 215k from 211k. Elsewhere, Citi’s month-end FX hedge rebalancing model indicates moderate buying of the USD at month end, with the signal (ex-USD/JPY) measuring just over +0.5 historical standard deviations across all crosses.

  • AUD,NZD,CAD – A firmer risk appetite or perhaps some consolidation from yesterday’s decline sees the risk currencies on a firmer footing this morning. AUD/USD has shrugged off the dismal Building Approval figures overnight ahead of the much anticipated RBA meeting next week. UBS believes the AUD is “too short for its own good” heading into the weekend, adding that “only a complete equity meltdown could drive the Aussie lower at this stage”. In terms of technicals, AUD/USD trades within a relatively tight 0.6917-36 range ahead of resistance at 0.6940. Meanwhile, the Kiwi is largely moving in tandem with its Aussie counterpart after showing little reaction to the NZ budget, in which it sees the 2018/19 cash balance at -2.785bln vs. the Prev. forecast of -4.993bln. NZD/USD also remains within a tight range with the antipodeans eyeing Chinese NBS Manufacturing PMI following the aforementioned US data. Elsewhere, the Loonie nurses some of yesterday’s post-BOC loses, with the aid of rising oil prices amid a much wider than expected build in crude stocks reported by APIs last night. In terms of technical, USD/CAD hovers around the 1.3500 mark having moved in a 1.3493-3520 range, with support flagged at 1.3490. Looking ahead for the CAD, current account data is due at 1330BST whilst BoC’s Wilkins is due to give a speech around 1930BST.
  • EUR,GBP – Little changed and trading mostly at the whim of the Greenback amid tentative newsflow. EUR/USD remains within a tight 20 pip range (1.1125-45) with support flagged at 1.1125 and 1.1105. In terms of upside, resistance levels are noted at 1.1155 ahead of 1.1170 (with 1bln in option expiries at strike 1.1175-85). Similarly, the Pound has done little on the day thus far and GBP/USD remains within a 1.2612-39 band with little new to report on the Brexit front. Meanwhile, EUR/GBP is currently flat on the day around within a 0.8810-25 with resistance around 0.8845-50.
  • CHF,JPY – Both safe haven currencies are marginally weaker vs. the Buck amid the rebound in risk sentiment in early EU trade. USD/JPY remains above 109.50, having tested the level overnight, with resistance flatted at 109.80-85, whilst USD/CHF eyes 1.01 to the upside as it flirts around the top of today 1.0072-94 range.
  • EM – Lira remains the outperformer amongst its EM counterpart as the US-Turkey does not seem to be detreating as (fast as) expected, following a phone call between the two President yesterday in which they agreed to meet on the side-lines of the G20 summit in June. USD/TRY is not back below the 6.00 figure and closer to 5.95, ahead of President Erdogan’s presentation of his judicial reform strategy programme at the presidential palace at 1200BST following by a meeting of the National Security Council at 1300BST.

In commodities, WTI (+0.3%) and Brent (-0.8%) futures are mixed with the former relatively flat whilst the latter has failed to hold onto its post-API gains in which US crude stocks showed a wider-than-forecast drawdown (-5.27mln vs. Exp. -0.9mln). This mornings downside in Brent was exacerbated as 69.0/bbl was taken out to the downside, with Brent currently trading around 68.80/bbl. News-flow for the complex has been light, although amidst the little clarity in regard to the OPEC/OPEC+ meeting schedule, the Azeri Energy Minister noted that the meeting will likely take place in early July (touted dates include July 3rd/4th). As a reminder, the DoEs will be release later today at 1600BST amid US’ market absence on Monday. Elsewhere, gold prices (-0.2%) are marginally pressured amid the improvement in the risk tone. Meanwhile, copper prices remain near 4-month lows due to a weak performance in China. Further for the red metal, supply side disruptions are to keep an eye on after Chile’s CODELCO mine workers voted in favour of a strike in the Chuquicamata mine which is the largest open-pit copper mine in the world.

US Event Calendar

  • 8:30am: GDP Annualized QoQ, est. 3.0%, prior 3.2%; Personal Consumption, est. 1.2%, prior 1.2%; Core PCE QoQ, est. 1.3%, prior 1.3%
  • 8:30am: Initial Jobless Claims, est. 214,000, prior 211,000; Continuing Claims, est. 1.66m, prior 1.68m
  • 8:30am: Advance Goods Trade Balance, est. $72.7b deficit, prior $71.4b deficit
  • 8:30am: Retail Inventories MoM, est. 0.2%, prior -0.3%; Wholesale Inventories MoM, est. 0.1%, prior -0.1%
  • 9:45am: Bloomberg Consumer Comfort, prior 60.3
  • 10am: Pending Home Sales MoM, est. 0.5%, prior 3.8%; NSA YoY, est. 0.1%, prior -3.2%

DB’s Jim Reid concludes the overnight wrap

Today sees the start of the cricket World Cup here in England. A massive event for a large part of the global population and a complete nonevent for an even bigger part of the global population. I’ve mentioned this before so apologies if you remember the story but the last time it was hosted in England 20 years ago I was on the brink of pop stardom as I sang on the Barmy Army’s (England’s supporters club) “Come on England” pop song. We were lined up to appear on all the major UK TV current affairs and pop shows the week of the release. I was extremely excited. However, the problem was we delayed the release of the single to the start of the knockout stages to ensure maximum publicity. The flaw in the plan that no-one considered at the time was that England might get knocked out in the group stages. Sadly they did, one day before the song was released and the knockout stages begun. So the wave of publicity shrivelled up and died just as record shops got their deliveries. In all fairness, it did shoot into the national charts that week at a very respectable no.45, which at least allows me to say I’ve sung on a top 50 single. For those who want to see the awful video, please feel free to see the link on my Bloomberg page header or email me and I’ll send it to you. I appear for a few frames throughout with the first glance at 22 seconds. It was a low budget affair with the theme being based on “goodies” versus “baddies” from history as that’s what the prop team had in their cupboard. The star turn was Faye from pop band Steps who was captain of the goodies from history for some reason. Joining her were the likes of Winston Churchill. On the baddies side Saddam Hussein was captain. It has a few celebrities in it but in reality it’s truly awful. Anyway good luck to England over the next 6 weeks!!

Unlike England in 1999, there’s no doubt that the global risk sell-off has gathered momentum this week but as we’ll see later risk assets did bounce off their lows after Europe went home last night. The next big event will be the latest Chinese PMI early tomorrow morning, which is expected to dip from 50.1 to 49.9 and below the psychologically important 50 level, which normally indicates contraction. In reality, the relationship isn’t quite that simple but there’s no doubt that recession fears are rising across markets. As for other imminent events to look out for, I was speaking to DB’s man in Washington (Frank Kelly) last night and he pointed out that US VP Pence will give a very important speech on US-China relations on Tuesday (June 4th), which is the 30th anniversary of the Tiananmen Square incident. Frank was of the opinion that it could be pretty hawkish given the signs out of Washington and his previous speeches on the matter. So watch this space.

Back to the recession fears and two of the Fed’s preferred yield curve measures – the 3m10y and 18m3m 3m – hit new lows yesterday at -9.5bps (-1.1bps on the day) and -50.1bps (-7.6bps), respectively. Both have now eclipsed their March lows and in fact you have to go back to the depths of the financial crisis to find the last time they were lower. A quick look at our screens now shows that all measures of 3m, 6m and 1y curves from 1y to 10y are inverted. The 2y curve is inverted at 3y and 5y but marginally positive at 2y7y (at 5.1bps) while the closely followed 2y10y is at 15.2bps and in fact was marginally steeper on the day yesterday (+1.4bps). This still remains our favourite recession indicator as we discussed in our “Yield Curve 101” note here . Indeed ahead of the last 9 recessions, this measure of the curve has always inverted beforehand with the earliest inversion to recession timing being 8 months and the average being nearer 12-18 months. As mentioned in our spread forecasts update, I think we still have a minimum of 12 months left in this US cycle (outside of a complete and sudden meltdown in global trade) but my confidence of an extended cycle beyond that is low given we’re close to an inversion and with other indicators we have previously discussed suggesting we are quite late cycle. So my views of a sell-off this summer are trade oriented at the moment rather than end of cycle oriented. However, the economic worries are building.

The broad curve flattening (with the exception of 2y10y) came despite fairly small eventual moves in cash treasuries, where the 10-year yield fell -0.5bps and the 2-year yield fell -1.8bps. That still took the 10-year to a new 20-month low, but it was well off the intraday trough of being -5.8bps on the day. Bunds also hit -0.1797% intraday yesterday – before closing at -0.1788% – and as a reminder the low mark back in July 2016 was -0.189%. So we’re only a sneeze away from those levels now. The rest of the European sovereign market rallied as well,including -4.2bps rally for BTPs despite the risk-off, and a -6.8bps rally in Portugal. The S&P 500 (-0.69%), DOW (-0.87%) and NASDAQ (-0.79%) all ended in the red, though they all rallied off their lows. Counterintuitively, cyclical sectors, including materials, financials, and industrials, actually outperformed, with losses instead concentrated in defensives and real estate. In Europe, the STOXX 600 (-1.43%) had its worst day in nearly 3 weeks – albeit partly as a result of playing catch up to the moves in the US late Tuesday. The move in rates also saw European Banks fall -1.56%, which puts them down now -15.77% from the April highs. For comparison, US Banks are down -7.60% from the recent highs. Meanwhile, the VIX rose +0.4pts to 17.87 yesterday, while EM FX and equities ended up +0.21% and +0.65%, respectively.

WTI oil prices initially fell as much as -3.82% before rallying back as investors first digested the news that Russia is pushing back against holding an OPEC+ meeting on June 25-26, pushing instead for July 3-4. This seemingly routine discussion has been interpreted by some as a tacit signal that Russia does not want to renew the December 2018 supply agreement. However, prices bounced back to end the day only -0.6% lower and are up +0.7% in Asia after a bigger fall than expected in US inventories.

This morning in Asia markets are trading on the softer side with the Nikkei (-0.85%), Hang Seng (-0.28%) and Shanghai Comp (-0.83%) all lower while the Kospi (+0.33%) is up. Elsewhere, futures on the S&P 500 are up +0.18% continuing a little of the late rally back from last night. In other news, negative rhetoric around the US-China trade war continues with China’s Vice Minister of Foreign Affairs Zhang Hanhui saying at a briefing today that deliberately provoking trade disputes is economic terrorism, economic hegemony and economic chauvinism. Note that it’s Ascension Day across parts of Europe today so there will be some countries out on holiday.

Back to yesterday and in truth there wasn’t a great deal of new news. The price action more appeared to reflect some of the fallout from recent reports of China potentially cutting exports of rare earth materials, adding to the long line of evidence that de-escalation is no nearer. The move below 2,800 on the S&P 500 was also seen as an important technical break at the same time as curves flattened. Meanwhile, Bloomberg reported that the US had warned Europe that its Iran ‘workaround’ could face sanctions. Elsewhere, it’s worth noting that yesterday’s BoC meeting – while not hugely interesting – was the first G7 central bank meeting since the recent trade escalation period. However, the comments on trade were fairly balanced, with the BoC noting that “the recent escalation of trade conflicts is heightening uncertainty about economic prospects. In addition, trade restrictions introduced by China are having direct effects on Canadian exports. In contrast, the removal of steel and aluminum tariffs and increasing prospects for the ratification of CUSMA will have positive implications for Canadian exports and investment.”

Turning to US politics, where attention was dominated by Special Counsel Robert Mueller’s first public comments in almost two years. He said that “under long-standing department policy, a president cannot be charged with a federal crime while he is in office,” though “if we had had confidence that the president clearly did not commit a crime, we would have said so.” President Trump greeted the remarks by tweeting “Nothing changes from the Mueller Report (…) The case is closed!” On the other hand, leading Democratic Presidential candidate Joe Biden said via a spokesman that impeachment “may be unavoidable.” It is likely that this drama will continue to linger over the coming months.

In European politics, the EU Commission formally sent Italy a letter confirming that the country risks disciplinary action unless it takes remedial actions. This was a legal requirement under the EU’s governing treaties, and Italy now has two days to respond. The more interesting item to watch will be Italy’s 2020 budget, due by end of September, which could include fiscally costly items like the flat tax and no VAT, which is more likely to spark a substantive confrontation with the Commission.

In other news, it was a quiet day for data yesterday with the only release in the US being the Richmond Fed manufacturing index, which rose +2pts to 5 in May, albeit below expectations for a 7 reading. That’s unlikely to move the dial much for expectations for next week’s ISM print. Prior to this in Europe we saw the May CPI reading in France rise only +0.2% mom (vs. +0.3% expected) while unemployment in Germany in May unexpectedly rose one-tenth to 5.0%. That’s the first time unemployment has ticked higher since November 2013; however, it appeared to be mostly down to a technical reclassification. Swedish GDP printed at 0.6% qoq, compared with expectations for 0.2%, but the details of the report showed a deterioration in consumption and investment, with the outperformance driven almost entirely by net exports.

Looking ahead to the rest of today, we’ll have to wait until this afternoon for the main data highlights with the second reading of Q1 GDP due in the US. Following a stronger than expected +3.2% qoq saar preliminary reading, the consensus expects a small downward revision to +3.0%; however, our economists note that in light of last week’s downward revisions to core durable goods orders and the latest quarterly services survey, it is possible that Q1 growth slips below 3%. Also due out this afternoon will be the latest claims reading, April advance goods trade balance, April retail and wholesale inventories and April pending home sales. Away from that, we’re due to hear from Fed Vice Chair Clarida at 5pm BST when he speaks to the economic club of New York, while US Secretary of State Pompeo is due to travel to meet German Chancellor Merkel in Berlin.

 

 

 

 

3. ASIAN AFFAIRS

)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED DOWN 43.77 POINTS OR 0.67%  //Hang Sang CLOSED DOWN 155.10 POINTS OR 0.57%   /The Nikkei closed DOWN 256.77 POINTS OR 1.21%//Australia’s all ordinaires CLOSED DOWN 0.67%

/Chinese yuan (ONSHORE) closed DOWN  at 6.9091 /Oil DOWN TO 57,28 dollars per barrel for WTI and 68.41 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.9091 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.9273 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

 

 

 

3 a NORTH KOREA/SOUTH KOREA

SOUTH KOREA

end

3 b JAPAN AFFAIRS

3 C CHINA/CHINESE AFFAIRS

China halts its “goodwill” gesture soybean purchases from the uSA

(courtesy zerohedge)

In Latest Trade-War Salvo, China Halts ‘Goodwill’ Soybean Purchases

The money from President Trump’s second farm bailout can’t be disbursed quickly enough.

Soybean

Trump’s farm-state supporters have already been struggling with a dip in agriculture exports to China, which has exacerbated the low commodity prices that have pushed thousands of American farmers to the brink of bankruptcy. America’s farmers are extremely vulnerable right now, which is probably why Beijing has opted for this latest precision strike in the trade conflict: Bloomberg reports that China’s largest state-run grain buyers have been instructed to halt the ‘goodwill’ purchases of American soybeans as Beijing ratchets up the pressure on the White House, which could soon approve new tariffs on $300 billion of Chinese imports.

Thanks to February’s pledge to buy another 10 million tons of American soybeans, sales to Chinese grain buyers by American soybean farmers started to recover during the opening months of 2019. Since President Trump and Xi called the trade-war truce back in December, China has bought some 13 million tons of soybeans from American farmers. Data from the Department of Agriculture show that China’s grain buyers have yet to take delivery on about 7 million tons of US soybeans that it has committed to buying.

Soy

The timing of Beijing’s latest blow is notable: Friday marked the conclusion of a two-week tariff ‘grace period’ (since the higher rates didn’t apply to goods already in transit, analysts speculated that the two sides would have roughly two weeks to find a resolution before the new levies were actually imposed), which suggests that more retaliation from Beijing could be in the offing.

Last night, Washington imposed preliminary anti-dumping tariffs on Chinese mattresses and beer kegs (the keg tariffs will also impact Mexico and Germany), though a final decision isn’t expected until October.

As it ratchets up the pressure on the administration with one hand, Beijing is trying appeal to potentially sympathetic voices with the other by reportedly asking state media organizations to soften their criticism of the US in the hopes of keeping open the possibility that tensions with Washington could ease.

“We have been told not to use ‘the US side’ generally in our copy because there are many different voices within the US,” one unidentified official reportedly told the SCMP.

At the same time, Beijing is keeping up its threats about a possible rare earth export ban, much to the chagrin of the American defense and tech industries. Ministry of Commerce Spokesman Gao Feng said Thursday during a regular press briefing that China can’t accept its rare earth metals being used against itself, though it remains willing to meet other countries’ demands for the metals. Gao added that China will fight “until the end” if the US continues to escalate the trade fight, adding that China won’t tolerate US bullying.

4/EUROPEAN AFFAIRS

 

i)GERMANY/FRANCE/REST OF EUROPE VS USA

Trump gave a 6 month reprieve to Europe so that a deal could be arranged between Europe and the USA. You will recall that the EU is notorious for its high tariffs especially in autos

Trump has demanded the EU to lower tariffs equal to the uSA, something that the stubborn EU will not do. Thus expect a new front in the trade war once the 6 months is up

(courtesy zerohedge)

Trump Risks New Front In Trade War As Talks With Europe Falter

Two months ago, analysts at Bank of America proclaimed that “spring is coming” for the European economy after it slipped into a mild recession late last year. Unfortunately, a massive stimulus injection from Beijing has failed to spark a global reflationary wave, and on Wednesday, Germany – the largest and most important constituent of the European economy – revealed that its labor market had hit a major pothole, the latest sign that the economic pain on the Continent may have only just begun.

With global trade in free fall…

Trade

…And with slumping sales already weighing on the global auto industry, a critical engine (no pun intended) of Europe’s industrial economy, EU bureaucrats now find themselves in the uncomfortable position: They’re at the mercy of Washington and President Trump, who has been threatening to open up another front in his trade war by slapping ‘Section 232″ national security tariffs on imports of cars and car parts (with exceptions for USMCA partners Canada and Mexico).

But ironically, President Trump’s decision to delay his decision by six months to allow more time for negotiations with Europe and Japan might not make much of a difference: Because, with a leadership change coming in October, Brexit still unresolved and a strong showing by populist parties in the EU Parliamentary vote, Europe simply isn’t in a good position to negotiate

“You’re seeing an EU that is fighting fires on so many fronts that I just don’t think they are going to be confident and able to negotiate that deal” with the U.S., said Heather Conley, head of the Europe program at the Center for Strategic and International Studies.

As Bloomberg explains, Trump’s auto-tariff deadline will hit just as the new European Commission takes over from the body led by Jean Claude Juncker, who successfully negotiated a trade truce with Trump last year during a meeting at the White House. With the current Commission now entering a lame duck phase, its mandate to negotiate will be severely weakened.

BBG

Adding another layer of complication, France and Germany have competing priorities that could make it more difficult to reach a final deal.

France’s Emmanuel Macron led some EU member states in resisting U.S. efforts to include agriculture in any transatlantic discussions, something the EU insists Trump gave away last July as part of the Rose Garden truce. Though many in Washington, including Senate Finance Committee Chairman Chuck Grassley, have said any deal that didn’t include agriculture wouldn’t get through Congress.

Germany, which exported 27.2 billion euros of cars and car parts in 2018, is more concerned about Trump’s threat of automobile tariffs than protecting European agricultural interests. The home of Mercedes-Benz, BMW and Porsche generated a surplus of 22 billion euros in automotive trade with U.S. last year.

In a discouraging sign of things to come, trade talks in Washington and Paris this month made little progress, which leaves more muddling or a sharp escalation as the most likely paths.

Brussels’ best hope for averting more tariffs would be Trump’s decision to risk angering auto workers in South Carolina and other key states by moving ahead with the auto tariffs, which American car makers like GM and Ford vehemently oppose.

But as the market fallout from the China trade spat has showed, Trump has increased tolerance for painful decisions. So that’s hardly something Europe can bank on.

ii)Italy

Italy is a powder keg ready to explode.  Italy’s debt to GDP has been relatively stable at 132% of GDP.  However lately its economy has been moribund.  Salvini wants to go into further debt to stimulate its economy from a deficit of 2.0% to 2.5% something that Brussels will not listen.  Now Italian yields have jumped as Salvini is threatening to crash the government. If Italy leaves the EU then the entire European financial system implodes and it will probably take the world’s banks with them

(courtesy zerohedge)

Italian Yields Jump As Salvini Threatens To Crash Government

 

Clearly emboldened by the EU Parliamentary results, where the League won a plurality of the vote in Italy, Matteo Salvini on Thursday sent BTP yields higher by threatening to crash the Italian government if the Five Star Movement doesn’t back his tax-cut plan.

BTP

BTP yields have been moving higher over the past two weeks as Salvini has brushed off Europe’s threats to fine Italy up to €4 billion over its refusal to rein in its debt and deficit-spending plans. This would be the first time the European Commission has fined a member state over violations of its fiscal rules.

But Salvini, who is now indisputably the most powerful political figure in Italy, isn’t backing down. He has remained defiant, even as Italy braces for the EU to initiate another excessive debt proceeding on Wednesday, when reviews of member states’ fiscal compliance are expected.

As the Telegraph’s Ambrose Evans-Pritchard pointed out in a column yesterday, Salvini has revived threats to initiate an Italian parallel currency – the so-called “mini-BOT” Italian Treasury bills that a Forbes columnist once warned was the “biggest threat to the future of the eurozone.”

And with Salvini adding to the political chaos by taking the first tentative steps toward ousting Five Star from the ruling coalition, Italian bond holders will have only themselves to blame if they don’t anticipate more market-rattling political chaos, and position accordingly.

end

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS

Iran

USA troops are now to be based in Saudi Arabia and Qatar

(courtesy zerohedge)

 

US Troops To Be Based In Saudi Arabia, Qatar Against “Iran Threat”

Just hours after US National Security Advisor John Bolton formally accused Tehran of conducing the May 12 tanker “sabotage” attacks near the Strait of Hormuz, Iran’s foreign ministry has responded that “we are ready for war” amid fears that Washington could still be on a war footing in the Persian Gulf.

“We hope that we can start a dialogue, but we are ready for war,” Deputy Foreign Minister Abbas Araqchi told  RIA Novosti.

Bolton had told a press conference earlier in the day in Dubai, “The point is to make it very clear to Iran and its surrogates that these kinds of actions risk a very strong response from the United States.”

 

AP file photo of US troops in Saudi Arabia during 1990 Gulf War. 

Bolton is in Abu Dhabi attending an emergency summit of gulf leaders to consider the implications of both the “sabotage” tanker attacks near Fujairah emiriate in the UAE and the drone strikes two days following on a Saudi Aramco pipeline and oil pumping station.

Meanwhile acting U.S. Defense Secretary Patrick Shanahan told reporters while in Asia for a major policy speech on the region, “nobody wants war” with Iran. However, he added that the US is ready and willing to “defend ships in the Strait of Hormuz” if necessary.

Also of note is that Shanahan for the first time identified that 900 American troops newly deployed to the Middle East in response to the heightened Iran threat are headed to Qatar and Saudi Arabia.

Katie Bo Williams

@KatieBoWill

JUST IN: Acting SecDef Shanahan says that the 900 troops being sent to the Mideast in response to what the administration calls an elevated Iran threat are going to Qatar and Saudi Arabia. (This is interesting since the place officials say American troops were at risk was Iraq.)

Riyadh hosting a new wave of American troops on Saudi soil is sure to be deeply controversial within the kingdom’s Wahhabi clerical establishment, given its strict form of Islam sees the region of Islam’s two holiest cities, Mecca and Medina, as sacred ground which is off limits to US soldiers.

While there are already limited US Air Force units stationed across up to five Saudi air bases such as Riyadh Air Force Base and Eskan Village Air Base, the fact that the Saudis previously hosted American personnel for attacks on Iraq proved deeply controversial in the kingdom.

Meanwhile, Iran’s military leaders have slammed the latest announced US troop deployment — now made more interesting given at least some of those military personnel will be based out of Shia Iran’s foremost Sunni rival Saudi Arabia.

“If they commit the slightest stupidity, we will send these ships to the bottom of the sea along with their crew and planes using two missiles or two new secret weapons,” Gen. Morteza Qorbani, a top adviser to Iran’s military command, told the semiofficial news agency Mizan over the past weekend.

end

i)IRAN/USA

Trump is the big winner:  Iran’s oil exports plunge to only 400,000 barrels per day in May

(Paraskova/OilPrice.com)

Iran’s Oil Exports Plunge To 400,000 Bpd In May

Authored by Tsvetana Paraskova via OilPrice.com,

After the U.S. ended all sanction waivers for Iranian oil customers on May 2, Iran’s crude oil exports have been significantly down this month compared to April and more than 2 million bpd off their 2.5-million-bpd peak in April 2018, just before the U.S. withdrew from the Iran nuclear deal and moved to re-impose sanctions on Iran’s oil industry.

According to industry sources and tanker-tracking data cited by Reuters on Wednesday, Iran’s oil exports this month have plummeted to 400,000 bpd, which is less than half of Iranian oil exports last month.

The United States had given eight countries six-month waivers to continue buying oil from Iran after the U.S. re-imposed sanctions on the Iranian oil industry in November. The United States, however, pursued a maximum pressure campaign against Iran last month and put an end to all sanction waivers for all Iranian oil buyers, beginning in May.

Most of the Iranian oil shipments are going this month to Asia, according to tanker tracking data from Refinitiv Eikon and to two industry sources.

One of the sources told Reuters they expected Iran’s average oil shipments this month to be around 400,000 bpd, but the other source noted that exports could hit 500,000 bpd.

Some of Iran’s oil exports are believed to have been already under the radar as Iran is said to have increased the use of the ‘switch-off-the-transponder’ tactic, which makes tracking its exports via the AIS systems increasingly difficult and opaque.

Earlier this month, Iran was spotted resuming illicit shipping of oil to Syria, with a million barrels of oil arriving in early May, for a first such delivery since the start of this year. Experts believe that Iran will be re-opening and using more of its illicit oil channels to keep oil trade and continue getting some revenues from its most precious export commodity.

The inability to fully track Iran’s oil supply is making OPEC and allies’ task to asses global supply to the market increasingly difficultas opaque data about Iran adds to mounting uncertainty over oil supply disruptions elsewhere, clouding OPEC’s outlook on global supply for the rest of this year.

END
TURKEY
We have been highlighting to you our other powder keg situation:  Turkey.  If the Lira falters to over 6.2 to the dollar, it will be lights out for Turkey.  The lira gained this morning on talks with Trump.  However it somewhat pared its gain as Turkey is still considering buying the Russian  S400 and incorporating them on its southern flank: exactly where its warships are coming in contract with Greek/Israeli/European vessels. Ten years ago Israel made a huge natural gas discovery off of Haifa and they told Cyprus that the discovery was pointing in their direction.  Most of the island are Greek Cypriots and they welcomed the discovery.  The Greek Cypriots are comforted with the knowledge that Israel has their back.  The problem is that Turkey does not recognize Nicosia and they want the discovery!
(courtesy zerohedge)

Lira Pares Gains As Turkey Mulls Using Russian Missile System In Med Gas Fight

After rallying dramatically this morning (with some suggesting Erdogan’s call with Trump may suggest he is pulling the S-400 deal), the Turkish Lira has given back some gains after a Bloomberg headline reports that Turkey is considering deploying a Russian missile-defense system along the country’s southern coast, near where its warships are accompanying vessels exploring for energy.

Today’s reported threat, according to four people with knowledge of the deliberations, comes just a few days after Turkey’s largest-ever Navy drill rattled sabres across the Med.

Bloomberg reports that the long-range S-400 battery, which might be delivered in weeks, would dramatically enhance Turkey’s military capabilities in the Eastern Mediterranean, where it’s embroiled in a fight with EU member Cyprus over offshore gas exploration, the people said on condition of anonymity as the issue is sensitive.

“Turkey regards the S-400s as a deterrent to defend its energy interests in the East Med where brewing tensions may threaten to bring Turkey’s relations with the U.S. to a breaking point,” said Mehmet Seyfettin Erol, head of Ankara-based research institute ANKASAM.

“It feels increasingly threatened in the Mediterranean by U.S. and Israeli support for Cyprus.”

The European Union has expressed its “grave concern” about the upcoming drilling to be conducted by Turkey in the Exclusive Economic Zone of Cyprus.

Turkey does not recognize the government in Nicosia or its agreements regarding EEZ. Ankara thinks that the right to extract gas should also be exercised by the Turkish Cypriots and also by Turkey in the case of Blocks 4, 5, 6, and 7, through which – according to Ankara – passes the Turkish maritime border (the map below).

EU’s High Representative and Vice President Federica Mogherini recently said that the European Council had “strongly condemned Turkey’s continuous illegal actions in the Eastern Mediterranean Sea.”

Mogherini pledged to “respond appropriately and in full solidarity with Cyprus.”

“The possibility of the S-400s being deployed at Akkuyu is quite strong,” said Abdullah Agar, a Turkish security analyst. “It is a solution that could provide security to the nuclear plant in line with Turkey’s cooperation with Russia and give it an edge in a stiff energy competition in the East Med.”

Turkish President Recep Tayyip Erdogan and President Donald Trump are expected to discuss the missiles on the sidelines of a G-20 summit in Japan next month

END

SERBIA/KOSOVO

For twenty plus years we have had peace between the tiny Republic of Kosovo and the Serbia. However Serbian troops are now on combat alert after Kosovo police raided a Serbian enclave in an anti smuggling mission.  Serbia never recognized Kosovo

(courtesy zerohedge)

 

Serbian Troops On “Combat Alert” After Deadly Kosovo Police Raid On Serb Enclave

Serbian troops have reportedly been placed on “combat alert” early this week after police in the breakaway Republic of Kosovo, which has never been recognized by Serbia following its 2008 independence declaration (though backed by the US and 100 nations), raided Serb-populated regions to arrest close to two dozen as part of an “an anti-smuggling mission”.

Belgrade has accused the ethnic Albanian-majority Kosovo police force of targeting Serbs in the region who still pledge allegiance to the Serbian state. The Serbian president charged Kosovo police with “bursting” into the region with armored vehicles and wounding “unarmed Serbs”.

 

Members of a Kosovo special police unit near the village of Cabra, northwestern Kosovo, during police raids, via the AP.

According toReuters:

At least 19 people were arrested and a Russian U.N. official detained in the operation. Five police and six Serb civilians were wounded in fighting, Kosovan official said.

The incidents signaled rising tensions in four Serb-majority municipalities in northern Kosovo, parts of which remain largely outside control of Pristina and pledge allegiance to Belgrade.

The UN mission in Kosovo has appealed for calm on all sides and said it was “concerned” over the detention of two of its staff members by the Kosovo police, one of which is of Russian nationality.

Russia also expressed outrage, with Alexander Chepurin, the Russian ambassador to Belgrade, saying on Twitter that Moscow is “revolted by the provocation”. Serbian President Aleksandar Vucic declared in statements that Serbia’s military was prepared to defend Serbs in Kosovo.

However, Kosovo’s prime minister Ramush Haradinaj, on the other hand, defended the operation, which involved heavily armed SWAT police: “I confirm that the operation is about law enforcement and nothing else. I call Serbs in the north to stay calm and respect the law,” the prime minister said.

Though there are conflicting details of precisely how the shootout began, statements in Reuters suggest a large-scale armed confrontation in a busy Serbian enclave:

In Pristina, police chief Rashit Qalaj said a total of 19 Kosovan police officers had been arrested on suspicion of smuggling goods into the country. Eleven were ethnic Serbs, four ethnic Albanians and four were Bosniaks, he told a news conference.

Law enforcement officers had faced “armed resistance”, Qalaj said. Five policemen were wounded, one from a gunshot. Six Serb civilians were also hurt, he said.

Other Kosovo officials described it as a fight against “organized crime” amid accusations that cross-border smuggling has seen a significant uptick recently. The Kosovo government has enacted a 100 tariff on all Serbian goods following last year’s controversial maneuver by Serbia to have Pristina blocked from joining Interpol.

On Wednesday Kosovo’s prime minister resisted EU calls to revoke or suspend the tariff on Serb goodssaying it would remain in effect until Serbia formally recognized Kosovo’s borders.

In 1999 US and NATO intervention controversially wrested Kosovo – Serbia’s medieval heartland – from Belgrade’s control, bombing Yugoslavia in a multi-month air campaign that directly killed somewhere between 400 and 500 plus Serbian civilians, possibly many more, along with decimating infrastructure like bridges, hospitals, and government buildings.

In total, the 1998-1999 war for Kosovo claimed more than 13,000 lives according to most estimates. Tensions have remained high ever since, spilling over into internecine ethnic violence and destruction of religious buildings in the years that followed up to today.

6.GLOBAL ISSUES

Brandon Smith is one smart cookie: here he continues with his theme on how the markets will crumble as the globalists pit themselves against the populists.  He states that we are just one major event away from destruction.  He outlines 3 powder kegs

a must read…

(courtesy Brandon Smith)

Globalists Only Need One More Major Event To Finish Sabotaging The Economy

Authored by Brandon Smith via Alt-Market.com,

As I predicted in my article ‘Trump Trade Wars A Perfect Smokescreen For A Market Crash’, published in March of 2018, as well as in my article ‘The Trade War Distraction: Huawei And Linchpin Theory’, published in December of 2018, the US/China trade dispute has escalated into an all out war with no end in sight. The claims of many analysts and skeptics a year ago that the trade war would be over quickly and that China would fold to US tariffs has been proven incorrect.

The reason why these analysts got it so wrong centers primarily on their misunderstanding of the true purpose behind the events.

The goal of this war is NOT to balance the US trade deficit or pursue more fair circumstances for US exports and imports. The intention of the Trump Administration is NOT to fight back against Chinese “exploitation” of US markets, this kind of rhetoric is pure theater.  Nor is it Trump’s intention to undermine globalist structures or agreements in order to bring back American manufacturing (a carrot that has been flaunted in front of American faces for a long time to lure them into supporting destructive policies such as dollar devaluation). On the contrary, the real purpose of Trump’s trade war is to provide a distraction massive enough to cover for the controlled demolition of the US economy and parts of the global economy by globalists and the central banks they control.

The tariff soap opera and most of Trump’s other foreign and domestic policies are eerily similar to those of Herbert Hoover just before the advent of the Great Depression. This is not a coincidence. The narrative for an economic collapse rivaling that of the Great Depression has been set, and the root circumstances are very similar.

Since the crash of 2008, the US has been suffering a slow grinding decline in fundamentals (the collapse of an empire often takes time). The response of central banks was to slow the crash using stimulus measures and near zero interest rates, but this strategy was not meant to reverse US economic decline. The purpose of QE was meant to inflate an even larger bubble than before, one that would encompass every aspect of the economy including the dollar; a bubble that when popped would devastate the US specifically and create panic around the world.

Now the stimulus phase of the globalist agenda is over. US M2 money supply growth has been decelerating and is hovering near 10 year lows, while stimulus measures have evaporated in most countries except China. Global dollar liquidity has been dwindling as the Federal Reserve continues to cut its balance sheet unabated.

This would explain why US equities are struggling to stay afloat despite the fact that corporate buybacks of stocks have increased to historic highs in 2019. Central banks, most importantly the Fed, are no longer propping up the system; the life support has been pulled and the parts of the economy that have been dependent are taking their last breaths.

The trade war situation as it is now is not enough of a distraction in my view, however. At least one more major event with global ramifications (or perceived global ramifications) is needed by the elites before they can implode the ‘Everything Bubble’ without taking the blame for the consequences.

There are several powderkegs that exist today that would serve the purpose of occupying the minds of the masses while the globalists finalize the crash. As noted, I continue to predict the trade war as it stands will accelerate unabated until the plunge in fundamentals and equities is complete.

Trade War Shock And Awe

We haven’t seen anything yet as far as trade war chaos.

The US/China conflict has the potential to become an economic world war, with multiple countries beginning to take sides. Japan and the UK have opted to support US interests, which is not surprising since China and Japan have hated each other for generations and the US is the UK’s strongest economic partner in the wake of the Brexit. Already some people are declaring this to mean that the US will gain the majority of global support and crush China.

But keep in mind, as I outlined and evidenced in my recent article ‘America Will Lose The Trade War Because That Is What Globalists Want To Happen’, the trade war itself is a farce on both sides of the Pacific, as both China and the US are controlled by the same financial power centers (such as the Bank for International Settlements).  The fact that some people are jumping on the patriot bandwagon to cheer for expanded confrontation with China as if a globalist engineered war is a war we can “win” is disturbing and sad to witness.  My suspicion is that there is a concerted disinformation campaign in play on the internet to drum up the false impression of consensus support for the trade war while the activities of the real villains (the international banks) are ignored.

As this Kabuki theater moves forward, I think many analysts will find themselves shocked as more and more nations start taking China’s side in the conflict.

The most powerful option China has at its disposal is the dumping of US Treasuries and the dollar as the world reserve mechanism, but it is likely to use this tactic only when the US economy is at its most unstable. China is the number one exporter/importer in the world and the US consumer is ready to tap out as retail numbers stumble and household debt skyrockets. The US market is only 18% of Chinese exports, a sizable piece of the pie, but hardly a devastating blow to the Chinese economy should it be denied to them.

The bottom line is that China will ultimately dictate global trade terms as they possess the largest manufacturing base, they decide what currency they will accept, and whose debt they will prop up.  China has also established very close economic ties with key nations over the past decade, including Russia, Germany, India, Australia, and even Saudi Arabia. Do not be surprised if most if not all of these nations eventually support China in the trade war, dropping the dollar as the reserve currency and following China’s lead.

Skeptics of this outcome are pretty much the same people that originally claimed the trade war would be over by now and that Trump would be victorious.  They will cry foul today at the idea that the globalists have rigged the game and that the US is being set up to fail, but when they are shown to be wrong once again they will state proudly that they “saw it coming all along”.

China has yet to fully retaliate against the latest increase in US tariffs. When it does, the attack will be far larger than cutting off purchases of US agricultural goods. The next escalation could be the trigger than sends the crash into overdrive.

Iran War Looming

War with Iran at this time makes no sense whatsoever unless you look at it from a globalist perspective. The globalists are the only group that stands to gain from such catastrophe, as war with Iran would seal the fate of the US economy. The most immediate threat would be the potential shutdown of the Strait of Hormuz by Iran, which would take nothing more than sinking a few large cargo vessels along the narrow and more shallow portions of the straight, placing mine fields, or staging anti-ship missiles within striking range. The subsequent explosion in oil prices would be devastating to the global economy and the US economy would struggle under high energy prices even with expanded domestic oil drilling.

In the longer term complete destabilization of the Middle East would result, well beyond what we have already seen, and the costs to taxpayers as well as the cost in American lives would be high. Beyond this, the distraction would be epic and very effective. This event coupled with the trade war would fulfill the globalist narrative that the Trump Administration and the conservatives that support him are a “menace” to global stability. Any financial crash at that point would undoubtedly be blamed on Trump as well as his supporters.

Currently, the mainstream media is very quiet on the Iran situation despite the sudden shift of US military resources to the region, which leads me to believe that a conflict is being planned in the near term.

Brexit Finalized

This event may not be concluded until the end of this year, but I still maintain as I always have that the Brexit and the growth of populism in Europe is a distraction that has actually been encouraged by globalists through the use of forced mass immigration measures to terrify the citizenry.  I successfully predicted the outcome of the Brexit vote in 2016 based on this theory, and it still holds true so far today.

The “rise of the populists” in Europe and the US at the exact same time that central banks are withdrawing liquidity and at the exact same time that fundamentals are plummeting is yet another unlikely coincidence.

The only event that was needed to fulfill the populist takeover narrative was a major win by a nationalist party on the European mainland.  Thanks to French president Macron being the worst leader in recent French history, that event has occurred.  Marine Le Pen’s National Rally Party has overtaken Macron’s LREM party in the EU parliamentary elections.  The populists have gained ground in Italy and Germany as well; not enough to retain any real influence, but enough to get blamed for the financial disaster that is about to happen.

The final plot twist the elites need in the EU, I believe, is a no-deal Brexit.  I predict the Brexit will conclude and that the UK will indeed break with the EU. The latest announcement of Theresa May’s resignation seems to indicate that this will be the case, and that a no-deal scenario is the most probable scenario. The EU has publicly stated that there will be NO renegotiations of the Brexit deal after May leaves.  Sovereignty activists will cheer the Brexit outcome, and then things will start to go horribly wrong. European markets will tank and certain major banks (Deutsche Bank and Italian majors?) will announce insolvency. The panic felt in 2008 will return and hit the EU and the UK hard, and the Brexit movement will get the blame while central banks escape any culpability.

Only one of these events is needed to initiate the next stage of economic collapse, but it is possible we will see all three occur in due course. While the current crash started at the end of 2018, the year of 2019 will probably be the one that is most remembered in history books as the beginning of Great Depression 2.0.

*  *  *

If you would like to support the work that Alt-Market does while also receiving content on advanced tactics for defeating the globalist agenda, subscribe to our exclusive newsletter The Wild Bunch Dispatch.  Learn more about it HERE.

 

 

 

.

end

7  OIL ISSUES

 

8. EMERGING MARKETS

VENEZUELA/

 

end

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

Euro/USA 1.1138 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 109.69 UP 0.123 (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 1.2630   UP   0.0002  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TO OCT 31/2019//

USA/CAN 1.3492 DOWN.0021 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS THURSDAY morning in Europe, the Euro ROSE BY 2 basis points, trading now ABOVE the important 1.08 level RISING to 1.1138 Last night Shanghai COMPOSITE CLOSED DOWN 8.89 POINTS OR 0.44% 

 

 

 

 

 

//Hang Sang CLOSED DOWN 120.83 POINTS OR 0.44% 

 

 

 

 

/AUSTRALIA CLOSED DOWN 0.73%// EUROPEAN BOURSES ALL GREEN

 

 

 

 

 

 

The NIKKEI: this THURSDAY morning CLOSED DOWN 60,84 POINTS OR 0.29% 

 

 

 

 

 

 

 

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN

 

 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 120.83 POINTS OR 0.44%

 

 

 

 

 

 

/SHANGHAI CLOSED DOWN 8.89 POINTS OR 0.31% 

 

 

 

 

 

 

 

 

 

Australia BOURSE CLOSED DOWN 0.73% 

 

 

Nikkei (Japan) CLOSED DOWN 60.84  POINTS OR 0.29%

 

 

 

 

 

 

 

 

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1277.20

silver:$14.41

Early THURSDAY morning USA 10 year bond yield: 2.26% !!! UP 5 IN POINTS from YESTERDAY’S night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.68 DOWN 3  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early WEDNESDAY morning: 98.12 DOWN 2 CENT(S) from  WEDNESDAY’s close.

This ends early morning numbers WEDNESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

And now your closing WEDNESDAY NUMBERS \12: 00 PM

Portuguese 10 year bond yield: 0.86%  UP 1 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: -.08%  UP 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

 

SPANISH 10 YR BOND YIELD: 0.76% UP 1   IN basis point yield from YESTERDAY

ITALIAN 10 YR BOND YIELD: 2.66 UP 2  POINTS in basis point yield from YESTERDAY/

 

 

the Italian 10 yr bond yield is trading 190 points HIGHER than Spain.

GERMAN 10 YR BOND YIELD: FALLS –.18%   IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 2.84% 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 WEDNESDAY

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

Euro/USA 1.1135  DOWN 2   .0002 or 2 basis points

USA/Japan: 109.53 UP .020 OR YEN DOWN 2  basis points/

Great Britain/USA 1.2613 DOWN .0016 POUND DOWN 16  BASIS POINTS)

Canadian dollar DOWN 7 basis points to 1.3507

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 6.9019    0N SHORE  (UP)..GETTING DANGEROUS

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

TURKISH LIRA:  5.8828 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at -.08%

 

Your closing 10 yr US bond yield DOWN 2 IN basis points from TUESDAY at 2.22 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.65 DOWN 1 in basis points on the day

Your closing USA dollar index, 98,14 DOWN 1  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED UP 4.99  0.04%

German Dax :  CLOSED UP 38.40 POINTS OR 0.58%

Paris Cac CLOSED  UP  38.40 POINTS 0.56%

Spain IBEX CLOSED UP 77.30 POINTS or 0.85%

Italian MIB: CLOSED DOWN 40.09 POINTS OR 0.18%

 

 

 

 

 

WTI Oil price; 57.51 12:00  PM  EST

Brent Oil: 67.35 12:00 EST

USA /RUSSIAN /   ROUBLE CROSS:    65.10  THE CROSS HIGHER BY 0.16 ROUBLES/DOLLAR (ROUBLE LOWER BY 16 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.18 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 :  56.60

 

 

BRENT :  66.64

USA 10 YR BOND YIELD: … 2.22…   VERY DEADLY// AND INDICATIVE OF A HUGE RECESSION COMING UPON US

 

 

 

 

 

 

 

 

 

USA 30 YR BOND YIELD: 2.65..VERY DEADLY/ AND INDICATIVE OF A HUGE RECESSION COMING UPON US:

 

 

 

 

 

EURO/USA 1.1135 ( DOWN 2   BASIS POINTS)

USA/JAPANESE YEN:109.53 UP .020 (YEN DOWN 2 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 98.14 DOWN 1 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2613 DOWN 16  POINTS

 

the Turkish lira close: 5.8828 (AFTER GOV’T INTERVENTION THIS MORNING)

 

the Russian rouble 65.15   DOWN 0.20 Roubles against the uSA dollar.( DOWN 20 BASIS POINTS)

Canadian dollar:  1.3509 DOWN 7 BASIS pts

USA/CHINESE YUAN (CNY) :  6.9019  (ONSHORE)/we need to watch these levels/anything greater than 6.95 will be deadly./

 

USA/CHINESE YUAN(CNH): 6.9915 (OFFSHORE) we need to watch these levels/anything greater than 6.95 will be deadly/

German 10 yr bond yield at 5 pm: ,-0.17%

 

The Dow closed  UP 43.47 POINTS OR 0.17%

 

NASDAQ closed UP  0.66 POINTS OR 0.01%

 


VOLATILITY INDEX:  17.48 CLOSED DOWN .42

 

LIBOR 3 MONTH DURATION: 2.521%//

 

 

 

FROM 2.523

 

 

 

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

TRADING IN GRAPH FORM FOR THE DAY/WEEKLY SUMMARY/FOLL

 

ii)Market data/

Trump is not to happy as his Q2 GDP has been lowered a notch in its first revision down to 3.1%

(courtesy zerohedge)

Q2 GDP Revised Lower To 3.1%, As Corporate Profits Tumble Most In Three Years

After Wall Street was stunned when the BEA reported a far stronger than expected first reading of Q1 GDP, which soared to 3.2%, smashing earlier expectations that it would print around 1%, moments ago the Dept of Commerce reported the first revision to the first quarter number, which was revised fractionally lower to 3.1%, which however was still just above the consensus estimate of 3.0%, and certainly better than the 2.2% recorded in Q4.

The revision was due to a modest downward revision in Fixed Investment (from 0.27% to 0.18% of GDP) and Private Inventories (from 0.65% to 0.60%) as well as net exports from just above 1% to just below, offset by a small revision higher in Personal Consumption, which increased from 0.82% to 0.90%. On an annualized basis, consumer spending, which accounts for the majority of the economy, grew 1.3%, topping projections for an unrevised 1.2% though still the slowest in a year. Finally, the government contribution to GDP was virtually unchanged at 0.42%.

Excluding trade and inventories, that gave a boost to GDP, final sales to domestic purchasers increased at a 1.5% pace – the slowest since 2015, though revised from 1.4%. This indicators, seen as a measure of underlying demand, suggests growth in the quarter was weaker than the headline number indicates. The combined 1.56 percentage-point boost from inventories and trade was only slightly below the originally-reported 1.68-point lift. This surge could ultimately weigh on growth in coming quarters, adding to the need for consumers to become the main growth driver again.

The report may ease some investor concern that the economy is losing momentum and potentially help Trump as he starts his reelection campaign, even as sellside strategists are now expecting a 1% or lower Q2 GDP print. Indeed, as Bloomberg notes, “recent reports suggesting a dimmer outlook this quarter, along with the intensifying tariff conflict, are casting a shadow over an expansion poised to become the nation’s longest on record in July.” Notably, the 3M-10Y curve dipped to session lows of -11bps after the report.

Today’s report also gave the first read on business earnings for the period, suggesting corporate America is facing headwinds from the trade war and the effects of Trump’s tax cut is waning. Pretax corporate profits fell 2.8% from the prior quarter, the biggest drop since 2015, and were up 3.1% from a year earlier, the least since 2017.

Last, but not least, the questions over the suspiciously low GDP deflator of just 1.0% (revised from 0.9%) remains, and prompts question what happens to real GDP in Q3 when inflation prints are expected to rise due to China tariffs, and whether that could push real GDP into negative territory.

Indeed, inflation was even more subdued than initially reported, which could bolster some calls for a Fed rate cut. The core PCE price index, excluding food and energy, rose at a 1% pace – the slowest in three years and revised from 1.3%; as a reminder, the Fed targets 2% annual gains for the broader PCE price index.

end

Housing is such an important part of the GDP calculations for the USA.  Pending home sales suffer their worst decline in over 10 years

(courtesy zerohedge)

Pending Home Sales Suffer Worst Decline Streak Since Financial Crisis

Despite disappointing weakness in new- and existing-home sales in April, pending home sales were expected to maintain their gains, rising 0.5% MoM (after a 3.8% MoM rise in March).

However, the analysts were way off, as pending homes sales slipped 1.5% MoM

Only the Midwest managed a rise in sales…

  • Northeast fell 1.8%; March fell 1.7%
  • Midwest up 1.3%; March rose 2.6%
  • South fell 2.5%; March rose 4.4%
  • West fell 1.8%; March rose 8.8%

“We are seeing migration to more affordable regions, particularly in the South, where there has been recent job growth and homes are more affordable,” Lawrence Yun, NAR chief economist said.

This is the 16th month in a row of YoY declines in pending home sales…(this is the longest streak of losses since the financial crisis)

Also notable from the chart above is that each of the rebounds from home sales declines has been weaker and weaker.

Yun said the sales dip has yet to account for some of the more favorable trends toward homeownership, such as lower mortgage rates.

“Though the latest monthly figure shows a mild decline in contract signings, mortgage applications and consumer confidence have been steadily rising,” he said. “It’s inevitable for sales to turn higher in a few months.”

“Home price appreciation has been the strongest on the lower-end as inventory conditions have been consistently tight on homes priced under $250,000. Price conditions are soft on the upper-end, especially in high tax states like Connecticut, New York and Illinois.

The supply of inventory for homes priced under $250,000 stood at 3.3 months in April, and homes priced $1 million and above recorded an inventory of 8.9 months in April.

end
Trump is not happy with this:  the trade deficit instead of falling due to the trade wars it actually rose to 72.1 billion dollars from 71.9 billion dollars.  This is a negative to the GDP calcualtions
(courtesy Market Watch)

Trade deficit widens in April as exports and imports drop

May 30, 2019 8:42 a.m. ET

MarketWatch

The numbers: The U.S. trade deficit in goods widened slightly in April, rising slightly to a seasonally adjusted $72.1 billion from $71.9 billion, the Commerce Department said Thursday in an “advanced” look at the data.

Wholesale inventories climbed by 0.7% and retail inventories grew by 0.5%, the government said.

The advanced look at trade is released before a fuller picture gets released that includes the impact of services.

What happened: Pretty much every category of exports, and every category of imports, fell in April. Exports fell 4.2% and imports dropped by 2.7%.

Compared to a year ago, exports have dropped 3.6% and imports have fallen 0.9%.

Big picture: With a strong dollar DXY, -0.03% and a trade war, U.S. multinationals are struggling, as evidenced by recent downbeat surveys from purchasing managers of big manufacturing and service sector companies.

-END-

Today’s inflation report is something that Jerome Powell, of the Fed will look upon with much surprise and anger.  The Fed uses archaic tools in its forecasting for inflation as they leave out the volatile food and energy hoping that it keeps inflation at around their supposed level of 2.0%.  The problem is the fact that the economy is faltering terribly and now their revered figure of inflation is now down to 1% in the last quarter from 1.3% in the previous quarter.  It will be difficult for Powell to raise rates again

(courtesy zerohedge)

U.S. inflation much softer in first quarter; puts spotlight on Fed

WASHINGTON (Reuters) – U.S. inflation was much weaker than initially thought in the first quarter amid a sharp slowdown in domestic demand, which could cast doubts on the Federal Reserve’s view that the benign price pressures were largely because of temporary factors.

The weak inflation pulse reported by the Commerce Department on Thursday could also pile pressure on the U.S. central bank to cut interest rates, especially as the economy appeared to slow in the second quarter. Fed Chairman Jerome Powell said recently he believed the soft inflation “may wind up being transient.”

The personal consumption expenditures (PCE) price index excluding the volatile food and energy components increased at a 1.0% rate last quarter, the government said. The so-called core PCE price index, which is the Fed’s preferred inflation measure, was previously reported to have risen at a 1.3% pace.

The increase last quarter was the smallest in four years and pushed inflation further below the Fed’s 2% target. Inflation has been running below its target this year and President Donald Trump has urged the Fed to cut rates.

“The low inflation readings are likely to be persistent,” said Sung Won Sohn, an economics professor at Loyola Marymount University in Los Angeles. “With both inflation and economic growth going in the wrong direction, the Fed is likely to cut rates later this year.”

The Fed early this month kept rates unchanged and signaled little inclination to adjust monetary policy anytime soon. Inflation has been restrained in part by weaker prices for portfolio management services, apparel, and airfares.

Economists said the sharp downward revision to the first-quarter inflation rate raised the risk of a lower core PCE price index number in April.

With healthcare costs rising at both the producer and consumer levels in April, economists had expected the core PCE price index reading to remain unchanged at 1.6% year- on-year in April.

The government will publish the April core PCE price index data on Friday. Inflation hit the Fed’s 2% target in March last year for the first time since April 2012.

“This raises the chances that tomorrow’s core PCE inflation rate prints at 1.5% on a year-over-year basis, which would potentially give the Fed more ammunition to worry about a low inflation rate,” said John Ryding, chief economist at RDQ Economics in New York.

The dollar was little changed against a basket of currencies, while U.S. Treasury prices rose. Stocks on Wall Street were trading higher.

SLOWING GROWTH

The government also reported on Thursday that gross domestic product increased at a 3.1% annualized rate in the first quarter, pared from the 3.2% pace it estimated last month. The economy grew at a 2.2% pace in the October-December period.

The economy will mark 10 years of expansion in July, the longest on record. Growth last quarter was, however, flattered by the volatile export, inventory and defense components.

Excluding trade, inventories and government spending, the economy grew at a 1.3% rate, the slowest since the second quarter of 2013. This measure of domestic demand increased at a 2.6% pace in the fourth quarter.

When measured from the income side, the economy grew at a rate of 1.4% in the first quarter. Gross domestic income (GDI), increased at a 0.5% pace in the fourth quarter.

The average of GDP and GDI, also referred to as gross domestic output and considered a better measure of economic activity, increased at a 2.2% rate in the January-March period, up from a 1.3% growth pace in the fourth quarter.

The inventory-and-export-driven growth spurt appears to have fizzled early in the second quarter. The slowdown largely reflects the fading stimulus from the Trump administration’s hefty tax cuts and spending increases last year. A trade war between the United States and China is also hurting the economy.

In another report on Thursday, the Commerce Department said exports fell 4.2% in April. The report added to weak April data on industrial production, orders for long- lasting manufactured goods, retail and home sales.

The growth drag from inventories is, however, likely to be small. The government reported that wholesale inventories increased 0.7% last month, while stocks at retailers rose 0.5%.

The Atlanta Fed is forecasting GDP rising at a 1.3% rate in the second quarter.

“A recession is not in our baseline, but we note the dangers from the recession bias leading to self- fulfilling prophecies,” said Lydia Boussour, a senior U.S. economist at Oxford Economics in New York.

The economy is seen supported by a strong labor market, which is boasting the lowest unemployment rate in nearly 50 years. In a separate report on Thursday, the Labor Department said initial claims for state unemployment benefits rose 3,000 to a seasonally adjusted 215,000 for the week ended May 25.

-END-

iii)USA ECONOMIC/GENERAL STORIES

I guess people get it:  CNN announces substantial job cuts at its London offices are rating suffer badly

(courtesy zerohedge)

CNN Announces ‘Substantial Job Cuts’ At London Office

After notching its worst monthly ratings in years last month, CNN’s parade of job cuts – once dismissed by a senior executive as a “crazy rumor” – is continuing with ‘substantial’ cuts to its London-based TV News operationthe Guardian reports.

CNN President Jeff Zucker reportedly made the announcement at a company “town hall” meeting on Tuesday held at CNN’s office in central London.

CNN’s prime-time ratings dropped 26% in April – the worst month for total viewers since October 2015, according to Nielsen Media Research.

CNN

Staff were reportedly given zero advance warning of the layoffs, even those whose shows will be impacted. The cuts notably follow the unexpected announcement that CNN International boss Tony Maddox would be leaving.

The upshot: CNN International viewers will be exposed to less material produced in London, with the total to be cut by 90 minutes per day. London-based shows like CNN Talk will be cut completely as the UK office pivots to focusing on CNN’s website.

So, how will CNN fill the news hole left by these cuts? The Guardian says CNN International will accomplish this by – surprise, surprise – importing more content from its American mothership.

This means more international viewers will be subjected to antagonistic coverage of the Trump Administration and conspiracies about collusion and obstruction, all regular features of CNN’s coverage in the states.

CNN tried to spin the cuts as shifting jobs from London to Atlanta, though few of the impacted employees will likely be able to relocate to a different continent

A spokesperson for the channel said: “In the coming months, CNN International will be consolidating key parts of its production model centrally in Atlanta, in much the same way as we currently do with large parts of our programming for CNN US. This means that some jobs will shift from London to Atlanta, but overall headcount will be unchanged.”

Some of the gap will also be filled by “extra repeats of the flagship Christiane Amanpour programme,” the Guardian reports.

The cuts are the latest in a wave of staff reductions following the AT&T-Time Warner tie-up. And now that the Russia collusion narrative has been tentatively put to bed (though that could change depending on what Mueller says today), we imagine the channel’s ratings will only continue to slump.

SWAMP STORIES

It sure looks like Mueller lied to Barr.  On 3 occasions Barr questioned Mueller on his report on the subject of obstruction.  Mueller told Barr that his lack of charges on obstruction had nothing to the do with the opinion of the office of legal council whose long time policy is that you cannot indict a sitting president.  It looks to me like he has lied

(courtesy zerohedge)

Did Special Counsel Mueller Lie To The Attorney General?

Update: The Justice Department and Special Counsel’s office have released a joint statement insisting that there is “no conflict” between Mueller and Barr’s accounts of why the special counsel’s office didn’t consider charging President Trump with a crime.

“The Attorney General has previously stated that the Special Counsel repeatedly affirmed that he was not saying that, but for the [Office of Legal Counsel] opinion, he would have found the President obstructed justice,” said DOJ spokeswoman Kerri Kupec along with special counsel spokesman Peter Carr in a Wednesday evening statement.

“The Special Counsel’s report and his statement today made clear that the office concluded it would not reach a determination – one way or the other – about whether the President committed a crime. There is no conflict between these statements.

Incredible.

***

As the left piles the pressure on Speaker Pelosi to launch impeachment proceedings against President Trump following Special Counsel Mueller’s apparent ‘greenlight’ during his brief statement this morning, a rather large question looms over an apparent disagreement between Mueller and his boss, Attorney General William Barr.

During a Wednesday statement, Mueller said that his non-decision decision on whether the president obstructed justice was “informed” by “a long-standing opinion by the Office of Legal Counsel (OLC) at the Justice Department that a sitting president cannot be charged with a crime…That is unconstitutional. Even if the charge is kept under seal and hidden from public view, that too is prohibited.”

However, as Gregg Jarrett of Fox News reports, according to Barr, that’s not what Mueller told multiple people during a meeting on March 5, 2017. Here’s what Barr told Senators during his May 1st testimony:

“We were frankly surprised that they were not going to reach a decision on obstruction and we asked them a lot about the reasoning behind this. Mueller stated three times to us in that meeting, in response to our questioning, that he emphatically was not saying that but for the OLC opinion he would have found obstruction.”

Barr said there were others in the meeting who heard Mueller say the same thing – that the OLC opinion played no role in the special counsel’s decision-making or lack thereof. The attorney general repeated this in his news conference the day Mueller’s report was released to the public:

“We specifically asked him about the OLC opinion and whether or not he was taking a position that he would have found a crime but for the existence of the OLC opinion. And he made it very clear several times that was not his position.”

Yet, today, Mueller told a different tale.

So did Mueller lie (to the public today or to the AG in 2017)?

Perhaps House Judiciary Chairman Rep. Jerrold Nadler (D-NY), knowing this is hanging over Mueller’s head, will slow roll his calls for a Mueller testimony now.

And as we consider the he-said, he-said above of whether Mueller based his decisions on whether a President could be indicted or not, we note Speaker Pelosi is still tamping down the impeachment inferno, saying “Many constituents want to impeach the president. But we want do do what is right and what gets results what gets results.”

But while many cheered today’s statement as clearing a path for Congressional Democrats to seek impeachment, one famous liberal – Harvard law professor Alan Dershowitz – was infuriated by Mueller’s partisan behavior todayIn a furious op-ed at The Hill, Dershowitz slammed Mueller:

Until today, I have defended Mueller against the accusations that he is a partisan. I did not believe that he personally favored either the Democrats or the Republicans, or had a point of view on whether President Trump should be impeached. But I have now changed my mind. By putting his thumb, indeed his elbow, on the scale of justice in favor of impeachment based on obstruction of justice, Mueller has revealed his partisan bias. He also has distorted the critical role of a prosecutor in our justice system.”

Adding that what Mueller said today “is worse than the statement made by then FBI Director James Comey regarding Hillary Clinton during the 2016 presidential campaign,” regarding the recklessness with which she handled classified material, concluding defiantly:

“No prosecutor should ever say or do anything for the purpose of helping one party or the other. I cannot imagine a plausible reason why Mueller went beyond his report and gratuitously suggested that President Trump might be guilty, except to help Democrats in Congress and to encourage impeachment talk and action. Shame on Mueller for abusing his position of trust and for allowing himself to be used for such partisan advantage.”

A good question that many others, even left-leaning individuals, are asking tonight. We give the last words to Fox’s Greeg Jarrett  as they seemed to sum things up well: He refused to make a decision to charge the president in a court of law but was more than willing to indict him in the court of public opinion…His report was a non-indictment indictment. It was calumny masquerading as a report. “

SWAMP STORIES/KEY STORIES/KING REPORT

(COURTESY OF CHRIS POWELL/GATA)

Morgan Stanley Says U.S. Yield Curve Now Clearly Spells Downturn – Make no mistake, the Treasury yield curve really is flashing recession angst — and the trade war is merely a sideshow…

https://www.bloomberg.com/news/articles/2019-05-29/morgan-stanley-says-u-s-yield-curve-now-clearly-spells-downturn

@telebusiness: Stock markets across Europe have fallen as Chinese newspapers warned Beijing was ready to use its supply of rare earths in an increasingly bitter trade dispute with the United States

BTW, if China embargoes rare earth exports, it’s a WTO violation.  Also, China made the warning over the weekend.  The Telegraph story implies that stocks just learned about the threat on Wednesday.  The first story on China weaponizing rare earth exports appeared on May 20.

Chinese President Xi Jinping sounds Long March rallying call as US trade war tensions rise

Trip to Ganzhou includes stop at major producer of rare earths, minerals essential to some low-carbon technology and left off US tariffs list… There is also growing speculation in China that Beijing could consider banning the export of rare earths to hit back at the US…

https://www.scmp.com/economy/china-economy/article/3010977/xi-jinping-visits-rare-earth-minerals-facility-amid-talk-use

Also, industrial commodities, oil and lumber got hammered on Wednesday.  This is recession angst.

Solomon: Did Brits warn about Steele’s credibility, before Mueller’s probe? Congress has evidence

Multiple witnesses have told Congress that, a week before Trump’s inauguration in January 2017,Britain’s top national security official sent a private communique to the incoming administration,addressing his country’s participation in the counterintelligence probe into the now-debunked Trump-Russia election collusion… then-British national security adviser Sir Mark Lyall Grant claimed in the memo…the British government lacked confidence in the credibility of former MI6 spy Christopher Steele’s Russia collusion evidence [Trump will be in Great Britain this weekend.]

One witness confirmed to Congress that he was interviewed by special counsel Robert Mueller about the memo[If true, Mueller has a huge problem + it explains his unconscionable presser yesterday]

   “The message was clear: the Brits were saying they may have done some stuff to assist the investigation that they now regretted after learning the whole thing was based on information from Steele,” the former U.S. official told me… “They also wanted Trump to know whatever they had done, they did only at the Americans’ request [Mueller was abrupt & nervous at his presser.  Is he scared?]

https://thehill.com/opinion/white-house/446050-did-brits-warn-about-steeles-credibility-before-muellers-probe-congress#.XO8REW2b-dk.twitter

 

At an impromptu presser yesterday, Mueller said, “It is important that the office’s written work speak for itself.”  Then, Bob distorted his report, ‘dirtied up’ DJT & implicitly begged Dems to impeach DJT.

Mueller said charging Trump with a crime was not an option due to OLC policy.  Then why investigate?

Apparently Mueller lied to Barr.  AG Barr on May 1 said: “Special counsel Mueller stated three times to us in that meeting that he emphatically was not saying they but for the OLC opinion he would have found obstruction.”  Yesterday, Mueller said the OLC opinion prevented him from charging Trump.

“Given that Special Counsel Mueller was unable to pursue criminal charges against the President, it falls to Congress to respond to the crimes, lies and other wrongdoing of President Trump – and we will do so. No one, not even the President of the United States, is above the law.” – House Judiciary Chairman Rep. Jerry Nadler, D-N.Y., said in a statement.

@Peoples_Pundit: Justice Department refutes Robert Mueller’s version of the OLC opinion’s impact. But they are also still trying to say Mueller didn’t mean it that way. Yes, he did. That’s ridiculous.

 

Fox’s @MZHemingway: Multiple people at DOJ say Mueller stated that OLC opinion had nothing to do with his decision not to charge obstruction, and report itself doesn’t make determination on obstruction, as it did on collusion. Remarks today curiously at odds with both.

 

Ex-CIA operative @Kevin_Shipp: Robert Mueller misquoted OLC guidelines regarding indicting a sitting president. The guidelines are not mandatory, Mueller could have indicted. Bill Clinton was indicted and pleaded guilty to lying under oath. [Starr produced 11 Clinton indictments.]

 

@RealSaavedra: A joint statement from the DOJ and the SC’s office says that Barr’s remark that Mueller repeatedly affirmed that he was *not* saying that Trump would have been charged with obstruction if he was not president, does *not* contradict what Mueller said today. [Pure bull!!!]

 

Dershowitz: Shame on Robert Mueller for exceeding his role

By implying that President Trump might have committed obstruction of justice, Mueller effectively invited Democrats to institute impeachment proceedings…

    Until today, I have defended Mueller against the accusations that he is a partisan… But I have now changed my mind… Mueller has revealed his partisan bias. He also has distorted the critical role of a prosecutor in our justice system

   I cannot imagine a plausible reason why Mueller went beyond his report and gratuitously suggested that President Trump might be guilty, except to help Democrats in Congress and to encourage impeachment talk and actionShame on Mueller for abusing his position of trust and for allowing himself to be used for such partisan advantage.

https://thehill.com/opinion/judiciary/445983-dershowitz-shame-on-robert-mueller-for-exceeding-his-role

@seanmdav: A few things are clear from the press conference: Mueller (who came across as feeble and doddering, more resembling an aging senator than a tough prosecutor) always wanted to impeach Trump, is mad he lost control of the narrative, and doesn’t think he’s accountable to Congress.

Mueller’s view of a prosecutor’s role — to prove and declare a target’s innocence, rather than to charge criminality — is a despicable affront to the rule of law and the Constitution

   “I literally cannot fathom holding a press conference to say that an uncharged person was not innocent,” a former federal prosecutor told @FDRLST today. “I’d have been crucified under DOJ/ABA rules for a ‘not innocent’ comment about an uncharged party.”

 

Mueller Just Proved His Entire Operation Was a Political Hit Job That Trampled the Rule of Law

https://thefederalist.com/2019/05/29/mueller-just-proved-his-entire-operation-was-a-political-hit-job-that-trampled-the-rule-of-law/

 

Mueller’s Statement on Special Counsel Investigation Creates Confusion and Backlash

https://saraacarter.com/white-house-responds-to-mueller-while-many-question-muellers-intentions/

 

Mueller told Dems that he will not testify to anything that is not in his report: “The report is my testimony; I would not provide more… any appearance before Congress will not go beyond the report.”

 

@paulsperry_: It’s now abundantly clear to any objective observer that Bob Mueller’s a political hack & coward who gives no-question presser, hastily arranged after AG Barr safely 4,000 miles away &declines to testify b/c he’s afraid to face Republican grilling over his political machinations

 

@AnnCoulter: The Attorney General needs to release a statement saying: “If we had had confidence that Robert Mueller clearly did not commit a crime, we would say so.”

 

Mueller: “I do not question the Attorney General’s good faith in how he released our report.”

 

Team Mueller leaked a letter to the MSM in which they complained about how the media and Barr portrayed Mueller’s report.  After the letter, Barr rebuked Mueller.  The AG chided Bob for being a weasel by running to media instead of calling the AG, a friend for 30 years, if he had a problem with Barr’s presentation of Mueller’s report.  Mueller did NOT take questions from the media.

Ex-Dem Rep. Gary Condit @realGaryCondit: Robert Mueller is a coward. His DOJ falsely accused me of a murder [his intern Chandra Levy] committed by an MS13 monster. Took me 10 years to get that truth; but I got it. If you think these people care about a true, just & right outcome-wake up.What happened today was orchestrated darkness. Why? [Is it cuz Mueller and some of his buds are in serious legal jeopardy for various misdeeds, some that go back many years?]

 

@MZHemingway: DOJ IG reveals today that an FBI Deputy Assistant Director [McCabe?]rampantly leaked to media, including material under court seal. Chaser: no action taken.

 

DoJ IG: Findings of Misconduct by an FBI Deputy Assistant Director for Unauthorized Contacts with the Media, Disclosing Law Enforcement and Other Sensitive Information to the Media, and Accepting a Gift from the Media – Prosecution of the DAD was declined. The OIG has completed this investigation and is providing this report to the FBI for appropriate action.

https://oig.justice.gov/reports/2019/f190529.pdf

 

@RepMattGaetz: [DNI Dir.] Dan Coats has over 50 transcripts for going on 6 months now, that have been passed out of House Intel Committee to be declassified. These transcripts demonstrate who was lying & I think it will expose the bias that existed against @realdonaldtrump before & after his election.

 

END

WELL THAT ABOUT DOES IT FOR TONIGHT

I WILL SEE YOU FRIDAY NIGHT.

HARVEY

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