JUNE 13/GOLD CONTINUES ITS ADVANCE UP $6.60 TO $1340.10 AS THE ASSAULT ON 1350 GOLD CONTINUES//SILVER UP 11 CENTS TO $14.91 AS THE ASSAULT ON 15.00-1506 ALSO ADVANCES..AS INVESTORS ARE NOW WILLING TO TAKE ON OUR BANKER CARTEL //CHINA’S HUAWEI GOES ON THE OFFENSIVE AND SUES VERIZON FOR HUGE NO OF PATENT INFRINGEMENTS//TWO TANKERS ATTACKED BY TORPEDOES NEAR THE STRAIT OF HORMUZ: NOT SURE IF FALSE FLAG//MORE SWAMP STORIES FOR YOU TONIGHT///

 

 

GOLD: $1340.10  UP $6.60 (COMEX TO COMEX CLOSING)

Silver:  $14.91 UP 11 CENTS  (COMEX TO COMEX CLOSING)//

 

Closing access prices:

Gold : $1342.15

 

silver:  $14.91

 

 

 

 

YOUR DATA…

 

 

 

COMEX DATA

 

 

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

today RECEIVING 18/71

EXCHANGE: COMEX
CONTRACT: JUNE 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,331.900000000 USD
INTENT DATE: 06/12/2019 DELIVERY DATE: 06/14/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
323 H HSBC 5
657 C MORGAN STANLEY 3
661 C JP MORGAN 18
686 C INTL FCSTONE 19 2
737 C ADVANTAGE 40 33
800 C MAREX SPEC 8 9
905 C ADM 4 1
____________________________________________________________________________________________

TOTAL: 71 71
MONTH TO DATE: 1,588

 

NUMBER OF NOTICES FILED TODAY FOR  MAY CONTRACT: 71 NOTICE(S) FOR 7100 OZ (0.2208 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  1517 NOTICES FOR 151700 OZ  (4.718 TONNES)

 

 

 

SILVER

 

FOR JUNE

 

 

0 NOTICE(S) FILED TODAY FOR NIL  OZ/

 

total number of notices filed so far this month: 310 for 1550,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE :  $ 8075 DOWN 75 

 

 

 

Bitcoin: FINAL EVENING TRADE: $ 8217 UP 88

 

 

 

 

end

 

XXXX

 

 

Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE A HUGE  SIZED 4067 CONTRACTS FROM 226,513 UP TO 230,580 WITH THE 4 CENT GAIN IN SILVER PRICING AT THE COMEX.( LIQUIDATION OF THE SPREADERS HAVE STOPPED FOR GOLD . HOWEVER WE ARE WITNESSING A RISE IN SPREADING ACCUMULATION BY THE BANKERS IN SILVER..TODAY WE ARRIVED CLOSER TO AUGUST’S 2018  RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS.

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

0 FOR JUNE, 611 FOR JULY. 100 FOR AUGUST, 0 FOR SEPT, AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  711 CONTRACTS. WITH THE TRANSFER OF 711 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 711 EFP CONTRACTS TRANSLATES INTO 3.555 MILLION OZ  ACCOMPANYING:

1.THE 4 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.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

1.560 MILLION OZ STANDING FOR SILVER IN JUNE//

 

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

26,294 CONTRACTS (FOR 9 TRADING DAYS TOTAL 26,294 CONTRACTS) OR 131.47 MILLION OZ: (AVERAGE PER DAY: 2921 CONTRACTS OR 14.60 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JUNE:  131.47 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 18.78% 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:          1002.23    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.

MAY 2019: TOTAL EFP ISSUANCE:                                                136.55 MILLION OZ

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 4067 WITH THE 4 CENT FALL IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A  SMALL SIZED EFP ISSUANCE OF 711 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 WILL RESUME THEIR LIQUIDATION OF THE SPREAD TRADES FOR SILVER ONCE THE JUNE CONTRACT COMMENCES IN EARNEST….

TODAY WE GAINED A STRONG SIZED: 5121 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 711 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH INCREASE OF 4067  OI COMEX CONTRACTS. AND ALL OF THIS HUGE DEMAND HAPPENED WITH A SMALL 4 CENT GAIN IN PRICE OF SILVER AND A CLOSING PRICE OF $14.80 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. 1.082 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: 0 NOTICE(S) FOR NIL 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/ A MAY:  18.845 MILLION OZ ..JUNE 1.560 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)

.

WITH RESPECT TO SPREADING:  WE NO DOUBT HAD VERY STRONG ACTIVITY OF  SPREADING ACCUMULATION IN SILVER TODAY AS TOTAL OI ROSE SHARPLY WITH THE SMALLISH GAIN OF 4 CENTS. 

 

 

 

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 WILL NOW SWITCHED TO SILVER AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX SILVER 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 JUNE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN SILVER WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (JULY), 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.” 

 

IN GOLD, THE OPEN INTEREST ROSE BY A STRONG 6235 CONTRACTS, TO 502,540 WITH THE  $7.50 PRICING GAIN WITH RESPECT TO COMEX GOLD PRICING YESTERDAY// /THE SPREADING LIQUIDATION HAS STOPPED AND THESE SPREADERS HAVE ALREADY MORPHED INTO SILVER AND THERE ARE INTO THE ACCUMULATION PHASE OF THEIR OPERATION.   

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A STRONG SIZED 6235 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 0 CONTRACTS, AUGUST 2019: 6235 CONTRACTS, DEC>  0 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 503,614.  ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A HUGE SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 12,112 CONTRACTS: 5877 CONTRACTS INCREASED AT THE COMEX  AND 6235 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 12,112 CONTRACTS OR 1,211,200 OZ OR 37.67 TONNES.  YESTERDAY WE HAD A GAIN OF $7.50 IN GOLD TRADING.AND WITH THAT GAIN IN  PRICE, WE  HAD A VERY STRONG GAIN IN GOLD TONNAGE OF 41.01  TONNES!!!!!! THE BANKERS WERE SUPPLYING COPIOUS SUPPLIES OF SHORT GOLD COMEX PAPER.

 

 

 

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAY : 97,812 CONTRACTS OR 9,781,200 OR 304.23 TONNES (9 TRADING DAYS AND THUS AVERAGING: 10,868 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 9 TRADING DAYS IN  TONNES: 304.23 TONNES

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

THUS EFP TRANSFERS REPRESENTS 304.23/3550 x 100% TONNES =8.56% OF GLOBAL ANNUAL PRODUCTION

 

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     2,582.13 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

MAY 2019 TOTAL ISSUANCE:                    449.10 TONNES

 

 

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

 

 

Result: A STRONG SIZED INCREASE IN OI AT THE COMEX OF 5877 WITH THE PRICING GAIN THAT GOLD UNDERTOOK ON YESTERDAY($7.50)) //.WE ALSO HAD A GOOD SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 6235 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 6235 EFP CONTRACTS ISSUED, WE  HAD A HUGE SIZED GAIN OF 12,112 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

6235 CONTRACTS MOVE TO LONDON AND 5877 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 37.67 TONNES). ..AND THIS INCREASE OF  DEMAND OCCURRED WITH THE GAIN IN PRICE OF  $7.50 WITH RESPECT TO YESTERDAY’S TRADING AT THE COMEX. WE  HAD ZERO PRESENCE OF SPREADING ACCUMULATION IN GOLD  ///TODAY/

 

 

 

we had:  71 notice(s) filed upon for 7,100 oz of gold at the comex.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD...

 

WITH GOLD UP $6.60 TODAY//

A HUGE CHANGE IN THE GLD INVENTORY TONIGHT

A STRONG “PAPER” DEPOSIT OF 3.52 TONNES

 

 

INVENTORY RESTS AT 759.70 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 11 CENTS TODAY:

 

NO CHANGES WITH RESPECT TO SILVER INVENTORY  AT THE SILVER SLV:

 

 

 

 

 

 

/INVENTORY RESTS AT 316.775 MILLION OZ.

 

 

end

 

OUTLINE OF TOPICS TONIGHT

 

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

1. Today, we had the open interest in SILVER ROSE BY A HUGE SIZED 4067 CONTRACTS from 226.513 UP TO 230,580 AND CLOSER TO THE NEW COMEX RECORD SET LAST IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  1 1/3 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.  AS YOU CAN SEE, WE HAVE RECORD HIGH OPEN INTERESTS IN SILVER  ACCOMPANIED BY A CONTINUAL LOWER PRICE WHEN THAT RECORD WAS SET…..THE SPREADERS HAVE COMMENCED THEIR ACCUMULATION OF OPEN INTEREST CONTRACTS IN SILVER AND STOPPED THE LIQUIDATION OF THE SPREADERS IN GOLD

 

 

 

 

EFP ISSUANCE: 

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

 

FOR JUNE 0 CONTRACTS AND JULY: 611 CONTRACTS FOR AUGUST: 100, FOR SEPT. 0  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 711 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  OI GAIN AT THE COMEX OF 4067 CONTRACTS TO THE 711 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A VERY STRONG GAIN OF 4778 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 23.89MILLION 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  18.765 MILLION OZ FOR MAY AND NOW 1.570 MILLION OZ FOR JUNE.

 

 

RESULT: A HUGE SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 4 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A GOOD SIZED 711 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 UP 1.36 POINTS OR 0.05%  //Hang Sang CLOSED DOWN 13.75 POINTS OR 0.05%   /The Nikkei closed DOWN 97.72 POINTS OR 0.46%//Australia’s all ordinaires CLOSED DOWN 0.15%

/Chinese yuan (ONSHORE) closed DOWN  at 6.9223 /Oil UP TO 52.85 dollars per barrel for WTI and 62.24 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.9223 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.9334 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

 

 

3A//NORTH KOREA/ SOUTH KOREA

 

 

 

 

 

 

b) REPORT ON JAPAN

3 China/Chinese affairs

i)China/USA/

This should be interesting. Huawei has a massive amount of technology patents from the time they took over the major assets of Northern Telecom.  Now Huawei is fighting back against the uSA by stating that Verizon owes Huawei one billion dollars for using 230 of its patents

( zerohedge)

4/EUROPEAN AFFAIRS

 

 

i) ITALY

Mish Shedlock explains how the new MIn Bot currency could blow up the Eurozone

( Mish Shedlock)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

i)IRAN

Two tankers hit near the Strait of Hormuz:  one tanker, the Front Altair was carrying oil having just loaded its hull with oil from Oman.  The other tanker, the Kokuka Courageous was carrying Methanol from Saudi Arabia to Singapore. These tankers were either hit by a torpedo or by an underwater drone. One of the tankers was owned by Japanese interests and by strange coincidence Japanese ministers were meeting with the Iranians at the time of the attack.  False flag?

(courtesy zerohedge/two commentaries)

ii)False flag? you decide!

(zerohedge)

iii)It seems that the world is not buying the attack on our two tankers as being done by the Iranians in what sure looks like a false flag event
(courtesy zerohedge)

6. GLOBAL ISSUES

 

CANADA

CANADA’S Q1 household debt to GDP ratio remains relatively high and near record levels at 173%…this is unsustainable

( Reuters)

 

 

 

 

7. OIL ISSUES

 

 

8 EMERGING MARKET ISSUES

 

i)VENEZUELA/

 

 

 

9. PHYSICAL MARKETS

a)Hugo explains in this video that tariffs are destroying the value of the dollar.  As the reserve currency, USA citizens would receive goods from around the worldfree.  Now with the tariffs, they must pay for goods with the cost of those tariffs borne to USA residents.

( Hugo Salinas Price/GATA)

b)THE  beauty of gold and how it has gleamed through 4000 years

(courtesy Dacey/Physics World.)

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

 

 

MARKET TRADING//

a)Market trading/LAST NIGHT/

 

II)MARKET TRADING

 

ii)Market data

Despite tariffs which are definitely inflationary, today’s data reports that import/export prices tumbles as China exported its huge deflation upon the rest of the world. It is the highest price drop since 2007

( zerohedge)

 

iii)USA ECONOMIC/GENERAL STORIES

a)The trade war is having a devastating hit on the top two USA ports:  Los Angeles and Long Beach

( zerohedge)

b)Mises provides a good economic lesson for us in that if you continue to lower rates, that act provides the seeds to its own destruction
(courtesy Polleit/Mises)

c)Sarah Sanders steps own as Press Secretary( zerohedge)

SWAMP STORIES

a)Insane: The House Oversight Committee votes to hold Barr and Wilbur Ross in contempt for not showing up when issued a subpoena. Barr refused because the President issued executive privilege.  Also the redacted portions demanded by the Democrats are protected by law as this was grand jury material.  As for Wilbur Ross: why on earth should anybody reject the question on citizenship?

 

(courtesy zerohedge)

b) Figures!! the disorganized DNC now goes deeper in debt as they tack on 3 million dollars in new debt. This may be troublesome for them in the upcoming 2020 election

( 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 ROSE BY A STRONG SIZED 5877 CONTRACTS TO A LEVEL OF 502,540 WITH THE RISE OF $7.50 IN GOLD PRICING WITH RESPECT TO YESTERDAY’S // COMEX TRADING)

WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF JUNE..  THE CME REPORTS THAT THE BANKERS ISSUED A GOOD SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 6235 EFP CONTRACTS WERE ISSUED:

0 FOR JUNE ’19: 0 CONTRACTS , AUG; 7042 CONTRACTS: DEC: 0   AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  6235 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 GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 12,112 TOTAL CONTRACTS IN THAT 6235 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A STRONG SIZED 5877 COMEX CONTRACTS.  THE BANKERS SUPPLIED THE NECESSARY SHORT PAPER IN GOLD TO CONTAIN THE PRICE RISE. 

 

NET GAIN ON THE TWO EXCHANGES ::  12,112 CONTRACTS OR 1,211,200 OZ OR 37,67 TONNES.

 

We are now in the  active contract month of JUNE and here the open interest stands at 297 CONTRACTS as we GAINED 5 contracts.  We had  58 notices filed yesterday so we surprisingly gained 63 contracts or 6300 oz of gold that will stand for delivery as there appears to be some gold at the comex as they will now try their luck on finding the fast vanishing supplies of physical gold over here.  The next contract month is the non active month of July and here the OI fell by 77 contracts down to 1097 contracts.  The next big active month for deliverable gold is August and here the OI ROSE by 2444 contracts UP to 373,486.

 

 

 

 

 

TODAY’S NOTICES FILED:

WE HAD 71 NOTICES FILED TODAY AT THE COMEX FOR  71000 OZ. (0.2208 TONNES)

 

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And now for the wild silver comex results.

Total COMEX silver OI ROSE BY A HUGE SIZED 4067 CONTRACTS FROM 226,513 UP TO 230,580 (AND CLOSER TO THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018.  THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S STRONG  OI COMEX GAIN OCCURRED DESPITE A SMALL 4 CENT RISE IN PRICING.//YESTERDAY.

 

 

WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF JUNE.  HERE WE HAVE 2 OPEN INTEREST STAND FOR DELIVERY WITH A LOSS OF 0 CONTRACTS.  WE HAD 0 NOTICES FILED  YESTERDAY SO WE GAINED 0 CONTRACTS OR AN ADDITIONAL NIL OZ OF SILVER WILL STAND AT THE COMEX.

 

THE NEXT MONTH AFTER JUNE IS THE ACTIVE MONTH OF JULY.  HERE THE OI FELL BY 2696 CONTRACTS DOWN TO 135,157.  WE GAINED 109 CONTRACTS OF OI FOR AUGUST TO STAND AT 732. THE NEXT BIG ACTIVE DELIVERY MONTH AFTER AUGUST IS SEPT AND HERE THE OI ROSE BY 6189 CONTRACTS UP TO 52,005 CONTRACTS.

 

 

 

 

TODAY’S NUMBER OF NOTICES FILED:

 

We, today, had 0 notice(s) filed for NIL OZ for the JUNE, 2019 COMEX contract for silver

 

 

Trading Volumes on the COMEX TODAY: 185,350  CONTRACTS 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  249,927  contracts

 

 

 

 

 

INITIAL standings for  JUNE/GOLD

June 13/2019

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

nil

 

 

 

 

 

 

 

 

 

 

Deposits to the Customer Inventory, in oz  

 

 

 

nil oz

Delaware

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No of oz served (contracts) today
71 notice(s)
 7100 OZ
(0.2208 TONNES)
No of oz to be served (notices)
226 contracts
(22600 oz)
0.7029 TONNES
Total monthly oz gold served (contracts) so far this month
1588 notices
158800 OZ
4.9393 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

 

we had 0 dealer entry:

We had 0 kilobar entries

 

 

 

 

total dealer deposits: nil oz

total dealer withdrawals: nil oz

 

we had 0 deposit into the customer account

i) Into JPMorgan:  nil oz

 

ii) Into Everybody else: nil  oz

 

 

 

total gold deposits: nil  oz

 

 very little gold arrives from outside/ a tiny amount  arrived   today

we had 0 gold withdrawal from the customer account:

 

 

Gold withdrawals;

i)  We had 0 withdrawal:

 

.

total gold withdrawals; nil   oz

 

 

i) we had 0 adjustment today

FOR THE JUNE 2019 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 71 notices were issued from their client or customer account. The total of all issuance by all participants equates to 0 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 18 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid  (Goldman Sachs)

 

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To calculate the INITIAL total number of gold ounces standing for the JUNE /2019. contract month, we take the total number of notices filed so far for the month (1588) x 100 oz , to which we add the difference between the open interest for the front month of  JUNE. (297 contract) minus the number of notices served upon today (71 x 100 oz per contract) equals 181,400 OZ OR 5.6423 TONNES) the number of ounces standing in this NON active month of MAY

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

No of notices served (1588 x 100 oz)  + (297)OI for the front month minus the number of notices served upon today (71 x 100 oz )which equals 181,400 oz standing OR 5.6423 TONNES in this  active delivery month of JUNE.

We GAINED 63  contracts or an additional 6300 oz will stand as these guys refused to  morph into 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 10.08 TONNES OF REGISTERED (  GOLD OFFERED FOR SALE) VS 5.6423 TONNES OF GOLD STANDING// THEY SEEM TO BE USING CONSIDERABLE GOLD VAPOUR TO SETTLE UPON UNSUSPECTING LONGS.

 

 

 

 

total registered or dealer gold:  324,118.255 oz or  10.08 tonnes (we again had a huge adjustment yesterday of gold leaving the customer and entering the dealer//this is nothing but gold vapour)
total registered and eligible (customer) gold;   7,675,170.092 oz 238.73 tonnes

 

 

 

OF OPEN INTERESTS FOR THE UPCOMING JUNE 2019 CONTRACT VS JUNE 2018

 

 

 

 

 

FOR THE INITIAL JUNE 2018 CONTRACT WE HAD A HUGE 32.152 TONNES STAND. (VS 5.6423 TONNES TODAY/JUNE 2019)

HOWEVER BY MONTH’S END ONLY 21.56 TONNES EVENTUALLY STOOD AS THE REST MORPHED INTO LONDON BASED FORWARDS.  AS YOU CAN SEE, THE CROOKS ARE FOLLOWING THE SAME FORMAT OF MORPHING VS LAST YEAR AS ONLY GOLD VAPOUR SEEMS TO BE PHYSICALLY PRESENT AT THE COMEX AND LONGS MUST TRY THEIR LUCK IN LONDON.

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 June

INITIAL  standings/SILVER

IN TOTAL CONTRAST TO GOLD, HUGE ACTIVITY IN SILVER TODAY.
june 13 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 873,523.379 oz
CNT
HSBC

 

 

 

 

 

 

 

Deposits to the Dealer Inventory
NIL oz
Deposits to the Customer Inventory
605,649.800 oz
JPM
No of oz served today (contracts)
0
CONTRACT(S)
(NIL OZ)
No of oz to be served (notices)
2 contracts
10,000 oz)
Total monthly oz silver served (contracts) 310 contracts

1,550,000 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:  605,649.800

 

 

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

JPMorgan now has 151.161 million oz of  total silver inventory or 50.18% of all official comex silver. (151 million/301 million

 

 

 

 

total customer deposits today:  605,649.800  oz

 

we had 2 withdrawals out of the customer account:

 

i) out of CNT 747,701.037 oz

ii) Out of HSBC: 124,890.247 oz

 

 

 

 

 

 

total 873,523.379  oz

 

we had 0 adjustments :

 

 

 

total dealer silver:  87.119 million

total dealer + customer silver:  301.445 million oz

 

The total number of notices filed today for the JUNE 2019. contract month is represented by 0 contract(s) FOR  nil oz

To calculate the number of silver ounces that will stand for delivery in JUNE, we take the total number of notices filed for the month so far at 310 x 5,000 oz = 1,550,000 oz to which we add the difference between the open interest for the front month of JUNE. (2) and the number of notices served upon today (0 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the JUNE/2019 contract month: 310(notices served so far)x 5000 oz + OI for front month of JUNE( 2) -number of notices served upon today (0)x 5000 oz equals 1,560,000 oz of silver standing for the JN contract month.

WE LOST 0 CONTRACTS OR AN ADDITIONAL NIL OZ WILL STAND AS THESE GUYS REFUSED TO MORPH INTO A LONDON BASED FORWARDS AND AS WELL THEY ALSO NEGATING A FIAT BONUS FOR THEIR EFFORT.

 

 

 

 

 

 

 

TODAY’S NUMBER OF NOTICES FILED:

 

We, today, had 0 notice(s) filed for NIL OZfor the JUNE, 2019 COMEX contract for silver

 

 

 

 

 

 

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TODAY’S ESTIMATED SILVER VOLUME:  89,191 CONTRACTS (we had considerable spreading activity..accumulation

 

 

 

 

 

 

CONFIRMED VOLUME FOR YESTERDAY: 89131 CONTRACTS..(we no doubt had considerable spreading activity as they are now starting to accumulate in silver)

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 89,131 CONTRACTS EQUATES to 445 million  OZ 63.4% OF ANNUAL GLOBAL PRODUCTION OF SILVER

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

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

 

end

 

 

 

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NPV for Sprott 

1. Sprott silver fund (PSLV): NAV RISES TO -1.97% June 13/2019)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -1.73% to NAV (june 13/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -1.97%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

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

NAV 13.24 TRADING 12.75/DISCOUNT 3.69

END

And now the Gold inventory at the GLD/

june 13/WITH GOLD UP $6.60 TODAY: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.52 TONNES INTO THE GLD INVENTORY/INVENTORY RESTS AT 759.70 TONNES

JUNE 12/WITH GOLD UP $7.50 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 756.18 TONNES

JUNE 11/WITH GOLD UP $1.65 CENTS TODAY: A TINY CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .24 TONNES AND THIS IS TO PAY FOR FEES/INVENTORY RESTS AT 756.18 TONNES

JUNE 10/WITH GOLD DOWN $16.40 TODAY: A BIG  CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.17 TONNES/INVENTORY RESTS AT 756.42 TONNES

june 7/WITH GOLD UP $3.50 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757.59 TONNES

jUNE 6/WITH GOLD UP  $8.40 TODAY/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757.59 TONNES

JUNE 5 WITH GOLD UP $6.00 TODAY/STRANGE: A WITHDRAWAL OF 2.06 TONNES FROM THE GLD/INVENTORY RESTS AT 757.59 TONNES

JUNE 4/WITH GOLD UP 0.85 TODAY: A MONSTROUS PAPER GAIN OF 16.44 TONNES/GLD INVENTORY RESTS AT 759.65 TONNES

JUNE 3/WITH GOLD UP $17.50 TODAY: ANOTHER BIG CHANGE, A DEPOSIT OF 2.35 TONNES OF GOLD INTO THE GLD//

MAY 31/WITH GOLD UP $17.10 TODAY: NO CHANGES  IN GOLD INVENTORY AT THE GLD/GLD INVENTORY RESTS AT 740.86 TONNES

MAY 30: WI6H 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

 

 

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JUNE 12/2019/ Inventory rests tonight at 759.70 tonnes

*IN LAST 610 TRADING DAYS: 174.06 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 510 TRADING DAYS: A NET 8.43 TONNES HAVE NOW BEEN REMOVED FROM THE GLD INVENTORY.

 

end

 

Now the SLV Inventory/

JUNE 13/WITH SILVER UP 11 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.775 MILLION OZ/

JUNE 12/WITH SILVER UP 4 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.413 MILLION OZ INTO THE SLV INVENTORY/INVENTORY RESTS AT 316.775 MILLION OZ/

JUNE 11/WITH SILVER UP 10 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 315.652 MILLION OZ//

JUNE 10/WITH SILVER DOWN 38 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 315.652 MILLION OZ//

june 7/WITH SILVER UP ANOTHER 12 CENTS, NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 315.652 MILLION OZ//

jUNE 6/WITH SILVER UP ANOTHER 9 CENTS TODAY: A FAIR SIZE DEPOSIT OF 630,087 OZ//INVENTORY RESTS AT 315.652 MILLION OZ//

JUNE 5/WITH SILVER UP 4 CENTS TODAY: A HUGE PAPER DEPOSIT OF 2.396 MILLION OZ OF SILVER INTO THE SLV/INVENTORY RESTS AT 314.434 MILLION OZ//

JUNE 4/WITH SILVER UP 1 CENT TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 312.038 MILLION OZ//

JUNE 3/WITH SILVER UP 19 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 312.038 MILLION OZ//

MAY 31/WITH SILVER UP 6 CENTS TODAY: A DEPOSIT OF 422,000 OZ INTO THE SLV INVENTORY//INVENTORY RESTS AT 312.038 MILLION OZ/

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////

 

JUNE 13/2019:

 

Inventory 316.775 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 2.04/ and libor 6 month duration 2.34

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

G0LD LENDING RATE: + .30

 

XXXXXXXX

12 Month MM GOFO
+ 2.12%

LIBOR FOR 12 MONTH DURATION: 2.33

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.21

end

 

PHYSICAL GOLD/SILVER STORIES

 

end
i) GOLDCORE BLOG/Mark O’Byrne

Gold Price Will “Scream” and See $1,700 “Quickly” Says Billionaire Paul Tudor Jones

via Bloomberg

Paul Tudor Jones, the Tudor Investment Corporation founder, believes that gold is the best trade and is going to “scream” over the next year to two years. He outlines his reasons why with Bloomberg’s Vonnie Quinn on Bloomberg Markets.

Watch the full interview here

“The best trade is going to be gold. If I have to pick my favorite for the next 12-24 months it probably would be gold. I think gold goes beyond $1,400… it goes to $1,700 rather quickly. It has everything going for it in a world where rates are conceivably going to zero in the United States.”

“Remember we’ve had 75 years of expanding globalization and trade, and we built the machine around the believe that’s the way the world’s going to be. Now all of a sudden it’s stopped, and we are reversing that.

When you break something like that, the consequences won’t be seen at first, it might be seen one year, two years, three years later. That would make one think that it’s possible that we go into a recession. That would make one think that rates in the US go back toward the zero bound and in the course of that situation, gold is going to scream.”

LBMA Gold Prices (USD, GBP & EUR – AM/ PM Fix)
12-Jun-19 1336.65 1332.35, 1049.27 1045.76 & 1179.99 1177.26
11-Jun-19 1322.65 1324.30, 1040.53 1041.30 & 1168.96 1170.42
10-Jun-19 1328.60 1328.60, 1046.94 1048.66 & 1175.41 1175.94
07-Jun-19 1334.30 1340.65, 1049.16 1052.14 & 1184.19 1184.60
06-Jun-19 1336.65 1335.50, 1053.15 1051.17 & 1189.62 1185.92
05-Jun-19 1337.75 1335.05, 1052.01 1049.22 & 1185.38 1184.99
04-Jun-19 1323.60 1324.25, 1045.51 1043.77 & 1177.47 1177.26
03-Jun-19 1313.95 1317.10, 1039.47 1042.35 & 1175.99 1175.38
30-May-19 1276.45 1280.95, 1010.44 1015.92 & 1146.25 1151.70

News

Gold Driven to Higher Ground as Investors Weigh Trade War, Fed

Gold Posts Back-to-back Session Gains, Buoyed by Worrisome Geopolitics

Gold Gains as U.S.-China Trade Woes Subdue Risk Appetite

Oil Sinks 4% to $51.14 on Rising US Crude Stockpiles, Fear of Faltering Demand

Trade Tensions Push Wall St. Lower, Rate Cut Hopes Limit Losses

Watch video here

Commentary

An “All Out Trade War” Is Most Definitely Not “Priced In” – GoldCore

“Renewed Worries Over the U.S.-China Trade War and Its Impact on the Global Economy Are Pushing Gold Higher” – GoldCore 

Countries with the Most Monstrous Corporate Debt Pileups

Trump Trade Wars Increasing Gold Prices

What a U.S. Rate Cut Could Mean for Gold Prices

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

Mark O’Byrne
Executive Director

end

GATA STORIES WITH RESPECT TO GOLD/PRECIOUS METALS.

Hugo explains in this video that tariffs are destroying the value of the dollar.  As the reserve currency, USA citizens would receive goods from around the world

free.  Now with the tariffs, they must pay for goods with the cost of those tariffs borne to USA residents.

(courtesy Hugo Salinas Price/GATA)

 

With tariffs, Trump is destroying dollar and U.S. power, Hugo Salinas Price says

 Section: 

11:45a ET Wednesday, June 12, 2019

Dear Friend of GATA and Gold:

In a nine-minute video posted this week at YouTube, Hugo Salinas Price of the Mexican Civic Association for Silver argues that President Trump, by imposing or threatening to impose tariffs on the world, including his country’s own allies, is destroying the U.S. dollar’s function as the world reserve currency, from which the United States draws most of its international power and influence.

Because of the dollar’s function as the world reserve currency, Salinas Price notes, the United States gets real goods from around the world for free. But, he adds, tariffs will undo that arrangement, since the cost of tariffs will be borne by U.S. residents themselves.

The video is headlined “Hugo Salinas Price Comments on President Trump’s Tariff Policy” and it’s posted at YouTube here:

US gets lots of stuff for free

https://www.youtube.com/watch?v=YATFB5RfwHI

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

END

THE  beauty of gold and how it has gleamed through 4000 years

(courtesy Dacey/Physics World.)

In the battle of the elements, gold has gleamed through the ages

 Section: 

By James Dacey
Physics World, Bristol, England, UK
Wednesday, June 12, 2019

The ancient Egyptians believed that their gods had shimmering skin made from gold. The Aztec word for gold, “teocuitlatl,” literally translates as “excrement of the gods.” From ancient Rome to the California gold rush, this dense shimmering metal has been immutably connected with divine quality and the sense of opportunity.

The reason for this is simple: gold is the most special element of them all.

… 

Gold is so revered because of its irresistible combination of beauty and rarity. All the gold mined in the history of mankind would fit into an Olympic swimming pool, so they say. Today we present our loved ones with gold rings to symbolize lifelong bonds. Governments hoard gold bars to safeguard their futures, and the finest athletes on the planet compete for gold medals. Even the idea of gold permeates our cultures, as we speak about “golden hearts,” “gold standards,” and “golden opportunities,”

But it’s not just bankers and newlyweds who have a special relationship with gold. Scientists and engineers also covet gold on account of its superlative and complementary properties.

Gold is a great conductor of electricity and heat, while being hard and resistant to corrosion. It’s also freakishly malleable, meaning a little can go a long way. According to the Encyclopaedia Britannica, an ounce of gold can be beaten into thin gold leaf sheets of 187 square feet. This winning combination is particularly useful in electronics for creating robust switches and connectors in the computers and phones that have transformed our societies. …

… For the remainder of the report

https://physicsworld.com/a/battle-of-the-elements-gold-has-gleamed-throu…

* * *

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



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

 

end
GOLD//SILVER TRADING TODAY:

 

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: 6.9223/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  6.9334   /shanghai bourse CLOSED UP 1.36 POINTS OR 0.05%

HANG SANG CLOSED DOWN 13.75 POINTS OR 0.05%

 

2. Nikkei closed DOWN 97.72 POINTS OR 0.46%

 

 

 

 

3. Europe stocks OPENED ALL GREEN/

 

 

 

USA dollar index DOWN TO 96.97/Euro FALLS TO 1.1288

3b Japan 10 year bond yield: RISES TO. –.11/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.46/ 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:: 52.85 and Brent: 62.24

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

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

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

3h Oil 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 -.24%/Italian 10 yr bond yield UP to 2.38% /SPAIN 10 YR BOND YIELD DOWN TO 0.55%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 2.62: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 2.69

3k Gold at $1337.10 silver at: 14.82   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 29/100 in roubles/dollar) 64.61

3m oil into the 52 dollar handle for WTI and 62 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 108.46 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 .9925 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1203 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 0.24%

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 2.11% early this morning. Thirty year rate at 2.61%

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

6.  TURKISH LIRA:  UP  TO 5.8423..

 

US Futures, Global Stocks Bounce As Oil Surges After Persian Gulf Tanker Attack

It was shaping up as another bad day for stocks, which have once again been spooked by the lack of de-escalation in the US-China trade war (as reported yesterday, the S&P would have to drop below 2,650 for that to happen), when Iran – as Trump will soon allege – came to the bulls’ rescue, and “attacked” two tankers in the Straits of Hormuz, sending oil soaring and pushing energy stocks – and European stocks and US equity futures – higher, even as bond yields dropped amid a general flight to safety.

Brent surged as much 4% after the attacks added to the already-heightened tensions between Iran and the United States. And of course, given that oil was at 5-month lows yesterday, people are taking precautions that it might escalate into something further.

bbg

“Whenever you have an incident in the Arabian Gulf a little bit of nervousness always starts to kick in about that particular artery getting clogged up,” CMC Markets senior analyst Michael Hewson said. “But personally I think it will be much like in the past where you get a spike higher but ultimately it doesn’t change the underlying supply and demand dynamics,” Hewson said.

The area is near the Strait of Hormuz through which a fifth of global oil consumption passes from Middle East producers.

“Whenever you have an incident in the Arabian Gulf a little bit of nervousness always starts to kick in about that particular artery getting clogged up,” CMC Markets senior analyst Michael Hewson said.

The European Stoxx 600 Index opened in the red following a second day of declines across Asia, but it went on to reverse losses, and contracts on the three main U.S. gauges tracked the move, as oil exploded higher helping propel energy stocks on both sides of the Atlantic.  Europe’s oil producers moved higher in the region’s stock markets. Shares were also lifted by some stellar gains in the telecoms sector as Germany dished out licenses for its new 5G mobile network to some new entrants

There was plenty of caution remaining however, and Treasuries continued to tick up alongside European government bonds.

Earlier in session, Asia was a different story. Hong Kong’s Hang Seng had dropped sharply for a second day as public tensions continued there about a bill which would allow extradition to China, with most major markets in the region down. The Hong Kong legislature scrapped a meeting to discuss the extradition bill, according to a statement on its website. China stocks erased an early decline to rise 0.1% in a steep rebound that showed the plunge-protecting “National Team” stepped in to rescue stocks. Technology was the biggest drags on the region’s benchmark stock index. Asian semiconductor stocks joined a global selloff in chip stocks, as Evercore ISI warned that a recovery in demand for memory chips may not pick up until the second half of next year.

Doubts also have been growing about any improvement in what U.S. President Donald Trump called ‘testy’ trade relations with China before this month’s G20 summit and some market anxiety emerged that Federal Reserve rate cut speculation may have been overdone.

Investors will be looking to what the FOMC will say after its next policy meeting on June 18-19, with Fed Funds rate futures pricing in a 25-basis-point rate cut for the subsequent policy review on July 30-31. That is 180 degrees opposite to the Fed’s projection three months ago, when policy makers saw gradual rate hikes in coming years.

“The U.S. real economy has not worsened that much. But given market expectations, the Fed will have no choice but to cut rates,” said Kozo Koide, chief economist at Asset Management One.

In rates, the 10-year U.S. Treasuries yield dipped to 2.103%, near Friday’s 2.053%, its lowest level since September 2017, while Germany borrowing costs sank back toward all-time lows in Europe. Bond yields also fell in Asia. Long-dated Japanese government bond yields hit their lowest levels since August 2016, with 20-year yield down 2.5 basis points at 0.220 percent, before they rose back on a weak 30-year bond auction. In Australia, long known for its high-yield currency, rates fell to record lows, with three-year yield dropping below 1% for the first time ever, after jobs data pointed to another interest rate cut in July to follow one last week.

In currencies, the dollar was stuck in a tight range, the Swiss franc advanced as the SNB kept rates and verbal guidance unchanged, and the yen gained 0.2% to 108.32 to the dollar as risk sentiment soured while the Australian dollar dropped 0.25% to $0.6910. The euro stood little changed at $1.1293, having taken a hit on Wednesday after Trump said he was considering sanctions over Russia’s Nord Stream 2 natural gas pipeline project and warned Germany against being dependent on Russia for energy. The pound stayed subdued after British lawmakers defeated an attempt led by the opposition Labour Party to try to block a no-deal Brexit by seizing control of the parliamentary agenda from the government.

Expected data include jobless claims. Dollarama and Broadcom are reporting earnings

Market Snapshot

  • S&P 500 futures up 0.3% to 2,888.25
  • STOXX Europe 600 up 0.2% to 380.59
  • MXAP down 0.5% to 155.67
  • MXAPJ down 0.4% to 509.43
  • Nikkei down 0.5% to 21,032.00
  • Topix down 0.8% to 1,541.50
  • Hang Seng Index down 0.05% to 27,294.71
  • Shanghai Composite up 0.05% to 2,910.74
  • Sensex down 0.2% to 39,670.76
  • Australia S&P/ASX 200 down 0.02% to 6,542.40
  • Kospi down 0.3% to 2,103.15
  • German 10Y yield fell 1.1 bps to -0.247%
  • Euro up 0.07% to $1.1295
  • Italian 10Y yield rose 4.0 bps to 2.065%
  • Spanish 10Y yield fell 2.2 bps to 0.552%
  • Brent futures up 2.6% to $61.54/bbl
  • Gold spot up 0.4% to $1,338.20
  • U.S. Dollar Index little changed at 96.96

Top Overnight News from Bloomberg

  • Oil held its biggest daily loss this month to trade near $51 a barrel as a surprise increase in American crude inventories and no sign of a breakthrough in the U.S.-China trade war damped sentiment
  • Just a few hours later oil prices surged after the U.S. Fifth Fleet said two oil tankers were damaged in an incident near the Strait of Hormuz — one of the ships’ operators described the incident as a suspected attack. The development will inflame already-rising political tensions in the region
  • The Democratic National Committee has a money problem that could hurt its nominee’s chances of beating President Donald Trump in 2020. In the first four months of 2019, the party spent more than it raised and added $3 million in new debt while its Republican counterpart was stockpiling cash
  • President Donald Trump said he had no deadline for China to return to trade talks, other than the one in his head
  • The prospect of the U.K. crashing out of the European Union in October is now a “very serious” risk, a senior Irish foreign ministry official said
  • Australia’s jobless rate held above 5% in May despite a surge in hiring, underscoring the Reserve Bank’s challenge to drive down unemployment and stoke inflation
  • President Trump upped his criticism of Germany on Wednesday as he threatened sanctions over Angela Merkel’s continued support for a gas pipeline from Russia and warned that he could shift troops away from the NATO ally over its defense spending
  • Hong Kong lawmakers scrapped debate for a second straight day on legislation that would allow extraditions to China, as tensions remained high between police and protesters after violent clashes on Wednesday
  • Conservative Members of Parliament will cast ballots Thursday in the first round of voting to find a successor to U.K. Prime Minister Theresa May, a day after the favorite, Boris Johnson, played it safe by softening his tone on Brexit and promised to stand up for business
  • A downshift in the world economy and a dovish pivot by other central banks is boosting the haven franc, meaning the The Swiss National Bank is stuck with its dual tack of record-low interest rates and unwavering intervention threats for some time
  • One of Hong Kong’s top business groups called on Carrie Lam’s administration to “engage in meaningful dialogue with the public,” saying mass protests show the city is wary about the current version of a controversial extradition bill

Asian equity markets traded relatively flat/mixed following an uninspiring performance on Wall St where all major indices extended on losses as trade uncertainty lingered, with the downside led by energy and financials after a further decline in oil prices and yields. ASX 200 (Unch.) and Nikkei 225 (-0.5%) were subdued but with losses in Australia stemmed as mixed jobs data supported the case for further rate cuts by the RBA, while the Japanese benchmark was pressured as energy names suffered the brunt from the recent 4% drop in crude and with the nation’s largest megabank MUFG weighed as it faces its first ever Q1 loss due to a JPY 300bln impairment related to its Indonesia JV. Hang Seng (U/C) and Shanghai Comp. (+0.1%) were initially weaker after the recent miss on lending data, as well as ongoing trade uncertainty with President Trump continuing to send mixed signals regarding a trade deal and as the Chinese government mouthpiece Global Times suggested Beijing is preparing for ties worsening. Hong Kong underperformed again amid disruptions following the mass protests and as the Legislative Council was set to hold a meeting regarding the extradition bill today, although this was later postponed, and stocks gradually rebounded from lows. US equity futures were also active and deteriorated overnight amid the widespread risk averse tone and technical selling in which DJIA futures slipped below the 26k level and E-mini Nasdaq 100 pulled back from resistance at 7.5k. Finally, 10yr JGBs were initially higher as the weakness across stocks spurred a flight to quality and amid the declining global yield environment, although the gains in bonds were aggressively pared after an abysmal 30yr auction in which the b/c printed its lowest since November 2017 and the tail in price spiked to 0.87 from 0.03.

 

Top Asian News

 

  • Asia Tech Walloped by Prospect of Extended Slump in Chip Demand
  • Indonesia’s Foreign Reserves Fall at Fastest Pace in Three Years
  • Gulf Stocks Fall Most in World as Tanker Incident Fuels Risks

European equities are higher across the board [Eurostoxx 50 +0.4%] as the region deviated from the subdued Asia-Pac lead. Sectors are all in the green with the energy sector outperforming (+0.6%) amid the surge in energy prices as two oil tankers were reportedly attacked near the key shipping channel, the Strait of Hormuz (see the Commodities section for a full briefing). Meanwhile, some defensive sectors are lagging its peers with the likes of Utilities (+0.1%) and Consumer Staples (Unch) little changed. Elsewhere, Germany’s 5G auction ended in which raised EUR 6.55bln, above estimates of EUR 3-5bln. Four companies won bids: Deutsche Telekom (+0.7%) won 130MHz, Vodafone (+1.1%) won 130MHz, Telefonica Deutschland (3.5%) won 90MHz and 1&1 Drillisch (+7.5%) won 70MHz. In terms of individual movers, Thales (+2.3%) shares are supported after the Co. raised its EBIT outlook. Wirecard (+3.2%) rose to the top of the DAX amid a positive broker move. On the flip side, ProsiebenSat1 (-3.9%) fell to the foot of the Stoxx 600 amid ex-dividend trade.

Top European News

  • Germany’s $7.4b Spectrum Bill Inflates Network Costs
  • SNB Keeps Ultra-Loose Policy With a New Rate to Tame Currency
  • European Equities Risks Are Skewed to Upside for 2H19: Citi
  • U.K. Tories Vote for May’s Successor After Johnson Plays It Safe

In currencies, flanking the G10 ranks after the SNB refrained from raising its assessment of the Franc from highly valued despite acknowledging that the currency has appreciated since the last quarterly policy review in March and repeating the need to maintain NIRP and intervention. Board members also noted elevated risks of heightened demand for the Chf, more pronounced downside risks to the Swiss economy due to external and reiterated that there is room to loosen the monetary reins further, but signalled steady rates through the 3 year forecast horizon. Note, the 3 month Libor target and range was replaced with a new benchmark rate, but for purely technical reasons and the impending switch from Libor to SARON. Usd/Chf and Eur/Chf are both lower in wake of the policy pronouncements, statement and revised forecasts for growth and inflation, with the former retreating towards 0.9900 again and latter eyeing 1.1200. Conversely, the Aussie has been undermined by mixed labour data that underpins prospects for another RBA rate cut, with Aud/Usd hovering just above 0.6900 and Aud/Nzd only a few pips away from 1.0500. For the record, headline payrolls beat consensus, but mainly due to temp jobs and the unemployment rate remained unchanged against forecast for a dip, while decent option expiries at 0.6930 look fairly safe at this stage.

  • CAD/JPY – The Loonie and Yen are both firmer vs the Greenback amidst an escalation in US-China trade angst and geopolitical concerns, with Usd/Cad easing back between 1.3343-14 parameters and Usd/Jpy holding in a 108.53-17 range. A relatively sharp rebound in crude prices on reports of tanker attacks in the Gulf of Oman has underpinned the Loonie, while the Yen is benefiting from a degree of safe-haven positioning, like the Franc and Gold, but also wary of balanced expiry interest given 1.5 bn running off from 107.90-108.10 and 1.6 bn between 108.65-80.
  • EUR/NZD/GBP – Narrowly mixed vs the Buck as the DXY nestles near 97.000 after the post-US CPI bounce, but is capped ahead of resistance just above the round number in the form of 100 and 10 DMAs (97.020 and 97.033 respectively). The single currency is pivoting 1.1300 having failed to close above Fib resistance at 1.1338 on Wednesday, with support coming in around 1.1280 and option expiries nearby at 1.1310-30 (1.1bn) then 1.1345-60 (1.2 bn). Elsewhere, the Kiwi is seeing some bearish contagion from its Antipodean counterpart, but holding up better vs the Usd within a 0.6587-65 band ahead of NZ manufacturing PMI. Meanwhile, the Pound has lost grip of 1.2700 vs the Usd and Eur/Gbp is back over 0.8900 on no deal Brexit risk in the run up to the start of the Tory leadership race and first elimination vote.
  • EM – The Lira has given up more post-CBRT gains and is now somewhat weaker than it was prior to the policy meet on latest remarks from Turkey reaffirming intentions to go ahead with the Russian S-400 order, and as the Defence Minister claims that Syrian Government forces attacked a Turkish observation post in Idlib. Usd/Try has rebounded towards 5.8500.

In commodities, WTI and Brent futures surged higher in early European trade and have held onto most of their gains amid a number of bullish headlines for the oil complex: 1) a UAE Port Official stated that an oil tanker is currently on fire in the Gulf of Oman, with subsequent reports indicating that two oil tankers (of which one belongs to a Japanese shipping company, and is carrying chemical materials) have been attacked by torpedoes, although no one has yet claimed the attacks. Analyst point out that the magnitude of the spike in energy prices could be attributed more to the location of the attack, i.e. close to the Strait of Hormuz (a key shipping channel), for reference, four oil tankers have been damaged in the same area in the last month. Fingers have been pointed at Iran for last months attacks, although Tehran has denied any involvement. 2) On the OPEC front, reports stated that Kazakhstan has reduced its oil output to 1.76mln BPD for the January to May period, which exceeds their obligations under the current OPEC+ pact. The oil producer has also indicated support for an extension to the OPEC+ deal, whilst Algeria has also floated the idea of an OPEC+ supply cut of 1.8mln BPD (currently 1.2mln BPD) in H2. 3) Russian President Putin stating that relations with the US are worsening, which comes in the context of US President Trump stating overnight that he is considering sanctions to block the Nord Stream 2 pipeline, and indicating that Germany is at risk by depending on energy from Russia. Brent futures currently reside around the USD 61.75/bbl mark, having opened trade sub-60/bbl and hit a high of around USD 62.60/bbl thus far.

US Event Calendar

  • 8:30am: Import Price Index MoM, est. -0.2%, prior 0.2%; Import Price Index YoY, est. -1.2%, prior -0.2%
  • 8:30am: Export Price Index MoM, est. -0.15%, prior 0.2%; Export Price Index YoY, prior 0.3%
  • 8:30am: Initial Jobless Claims, est. 215,000, prior 218,000; Continuing Claims, est. 1.66m, prior 1.68m
  • 9:45am: Bloomberg Consumer Comfort, prior 61.7

DB’s Jim Reid concludes the overnight wrap

As the UK ponders over when summer will finally decide to return, the grey clouds that continue to gather over the Federal Reserve appear to show little sign of dissipating any time soon. That said, the market isn’t giving the Fed much hope of skipping straight to autumn with futures continuing to price in high odds of a rate cut this summer with as good as a full 25bp cut priced in for the July meeting. Yesterday’s soft CPI report – which we run through in more detail below – was the latest fuel for the fire. At the same time, Commerce Secretary Ross was the latest US administration official to be given a free hand to attack the Fed, calling the December rate hike “at best premature” and the Fed “more aggressive in interest rates than the facts really warranted”. Ross was a bit more coy about trade talks, suggesting that the US and China may decide “it’s worth reopening” talks at the G-20 meeting later this month but also that it won’t be used as a forum for the sides to sign a final accord.

In light of the recent developments, yesterday our US economists updated their economic and Fed forecasts. They revised down their 2019 growth forecast by 0.4pp to 1.9% and their core PCE inflation forecast by 0.1pp to 1.8%. In response, they now expect the Fed to cut interest rates three times this year, at each of the July, September, and December meetings. That easing will likely feed through into growth over the following quarters, so they upgrade their 2020 forecast by 0.3pp to 2.2%. Their full update is available here .

Back to markets, where, when it was all said and done, the biggest price action was unsurprisingly in rates where 2y Treasury yields fell -5.1bps and 10y yields -2.3bps. The move was mostly driven by a drop in inflation breakevens, as oil prices fell sharply after US inventory data showed a 2.2mn barrel build in stockpiles despite expectations for a drawdown. WTI crude fell -4.05% to $51.11 per barrel. In other risk assets, with a potentially nervous 6 days until the crucial upcoming Fed meeting, equities have definitely taken their foot off the pedal with the S&P 500 dipping back -0.20% by the end of trading last night. The NASDAQ also ended -0.38% and DOW -0.17%. The move in oil prices drove a -1.44% decline for the energy sector, while tech and bank shares also lagged. The former were negatively affected by idiosyncratic company news, with Tesla’s (-3.61%) latest guidance disappointing and the WSJ reporting that senior executives at Facebook (-1.72%), including CEO Mark Zuckerberg, knew about privacy lapses as far back as 2012. Bank stocks in both the US and Europe fell as well, down -1.41% and -1.18% respectively, as the renewed drop in bond yields proved a negative for the sector.

For the most part this morning, equity markets in Asia are following Wall Street’s lead with the Nikkei (-0.81%) and the Kospi (-0.73%) leading the declines. We should note that protests in Hong Kong have continued overnight, with Hong Kong’s Cable TV reporting that the Legislative Council won’t be debating the extradition bill today. The Hang Seng has pared back losses to trade -0.74%, having been down as much as -1.77% earlier in the session, while the Shanghai Comp is now in marginally positive territory (+0.12%). At the moment the US administration has remained fairly tight lipped about the protests, as President Trump gave a fairly noncommittal comment that he hopes the two sides can “work it out.” However White House Counsellor Conway did say yesterday that Trump may bring it up with China at the G-20 and the argument is that any interference would likely heighten tensions between the US and China at what is clearly already a very tense time. So it’s a situation which is worth following. Alongside the US-China uncertainty, Trump also re-injected doubts concerning the recent agreement with Mexico, saying that he could still take punitive action in 45 days if he chooses. He also threatened Germany with sanctions over the controversial Nord Stream 2 pipeline, though those would likely be targeted on involved companies rather than blanket tariffs.

Staying with politics, Sterling fell -0.28% yesterday after the House of Commons voted 309-298 against a motion brought forward by the Labour Party that would have allowed MPs to take control of the parliamentary timetable on 25 June, to presumably pass legislation that would prevent a no-deal Brexit. The current legal default requires the UK to leave the EU on 31 October, with or without a deal. A number of Conservative leadership candidates – including front-runner Boris Johnson – have said that if a deal can’t be reached, they would favour proceeding without a deal so as to honour the October deadline. However, this is unlikely to be the last attempt to stop no-deal, and the House of Commons has already voted on a non-binding motion to reject a no-deal Brexit back in March. The attempts to stop no-deal come at an important moment in the race for the Conservative leadership, with the first ballot of Conservative MPs being held today. The ballot will take place this morning and we expect to get a result around 1pm UK time. The 10 candidates each need at least 5% of the votes to progress to the second ballot on Tuesday, and if all of the candidates reach the 5% threshold, the one with the least support will be eliminated.

Coming back to the data, as mentioned the US CPI report was soft with the +0.11% mom core print below expectations for +0.2% and in the process lowered the annual rate to +2.0% yoy, while the 3-month and 6-month readings also dropped to +1.6% and +1.9% respectively. The trimmed mean measure, which excludes outliers and had been cited by Powell as evidence that soft inflation has been transitory, also slid to 0.11% mom, its weakest reading in two years. So the weaker momentum is clearly significant and makes it harder for the Fed to pass off the misses as solely transitory. The softness was centred around transportation and recreation and the read through suggests further downside for the core PCE reading also. The other US data was the monthly budget statement, which showed a monthly deficit of -$207.8bn, which was actually the widest-ever May deficit reading in dollar terms on record. So far this fiscal year, the US budget is on track for its widest deficit since 2011. Finally, US mortgage applications rose 26.8% wow last week, which was the fastest pace since January 2015, as lower interest rates seem to be feeding through to housing activity.

In other news, an MNI story yesterday suggested that a certain number of ECB officials had suggested that QE may return if necessary, however other officials had concerns over bond limits and that no major policy action is likely during the remainder of Draghi’s term. Separately, bank of France Governor Villeroy said that the ECB can do more if conditions deteriorate, and suggested that they have not yet achieved their price stability target. That latter view has certainly been supported by the market, with the five year-five year inflation swap rate dipping below 1.2% to a new all-time low.

The debate about restarting asset purchases will certainly remain in focus for the next several months, especially if the Fed ends up cutting interest rates as our economists now expect, and DB’s Michal Jezek has a new note out detailing his analysis of what credit markets are pricing for the ECB, available here . For completeness, in Europe yesterday the STOXX 600 finished -0.30% yesterday while Bund yields fell -0.4bps. BTPs (+4.1bps) again underperformed after the Italian treasury successfully sold €6bn of 2040 bonds, with investors possibly hedging their new positions by selling shorter-dated BTPs. The move came despite more positive mood music between the EU and Italy, as Prime Minister Conte told reporters that he is drafting a response to the EU which will reportedly aim to defer any actions until after the summer.

To the day ahead now, where shortly after this hits your emails we’ll get the final May CPI revisions in Germany and then the April industrial production print for the Euro Area. Across the pond the only data due is the May import price index reading and latest claims print. Away from that we’re due to hear from the BoE’s Carney this afternoon while the aforementioned Conservative Party leadership contest will also be closely watched. Meanwhile, Euro Area finance ministers will gather in Luxembourg to discuss Italy and the Euro Area budget.

 

 

 

 end

3. ASIAN AFFAIRS

I)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED DOWN UP 1.36 POINTS OR 0.05%  //Hang Sang CLOSED DOWN 13.75 POINTS OR 0.05%   /The Nikkei closed DOWN 97.72 POINTS OR 0.46%//Australia’s all ordinaires CLOSED DOWN 0.15%

/Chinese yuan (ONSHORE) closed DOWN  at 6.9223 /Oil UP TO 52.85 dollars per barrel for WTI and 62.24 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.9223 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.9334 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/USA/

This should be interesting. Huawei has a massive amount of technology patents from the time they took over the major assets of Northern Telecom.  Now Huawei is fighting back against the uSA by stating that Verizon owes Huawei one billion dollars for using 230 of its patents

(courtesy zerohedge)

4/EUROPEAN AFFAIRS

 

i) ITALY

Mish Shedlock explains how the new MIn Bot currency could blow up the Eurozone

(courtesy Mish Shedlock)

Could Italy’s Mini-BOT Trojan Horse Blow Up The Eurozone?

Authored by Mike Shedlock via MishTalk,

Italy threatens to create a parallel currency dubbed the Mini-BOT. If launched, it could lead to a Eurozone breakup.

Italy’s is on a collision course with the EU in two different ways.

The first regards Italy’s budget.

Outgoing European Commission President Jean-Claude Juncker warns Italy faces an “Excessive Deficit Procedure and may be fined billions of euros. No country has ever been fined. This is the first time a country has faced such a ruling.

France regularly breaks the deficit rules but “France is France” as Juncker once stated.

Daniel Lacalle

@dlacalle_IA

While everyone is talking about Italy and its budget deficit, France has not had a balanced budget since the late 70s,

What has the EU hopping mad is Italy’s massive debt-to-GDP ratio, which it wants Italy to shrink. But Italy is already in recession, shrinking the debt would be political suicide.

Italy’s Government Will Collapse

At some point, Italy’s government will collapse.

Its technocrat Prime Minister, Giuseppe Conte, wants to honor the rules, but he is not really running the government.

Conte was anointed PM as a compromise choice in the coalition government of Deputy Prime Minister Matteo Salvini (League) and Deputy Prime Minister Luigi di Maio (5 Star Movement).

Salvini did very well in the European parliament elections and many speculate he will trigger elections soon to get rid of di Maio and Cointe.

For now, we have the strange case of deputies Salvini and di Maio at odds with Conte and the Economy Minister, Giovanni Tria.

Conte threatened last week to resign last week and he could do so at any time. “I want a clear, unequivocal and speedy response,” Conte said, calling for “loyal collaboration” from all ministers.

This government won’t last long.

The second collision point with the EU is how Italy might pay its liabilities – The MiniBot Parallel Currency

Meanwhile, as Brussels prepares for excessive deficit procedure, Italy Braces for Parallel Currency.

The Italian government insists that it can meet its 2.04% deficit target, but an increasingly skeptical European Commission projects that the figure will be closer to 2.5% – a point of contention that appears likely to reach an inflection point between by mid-week when officials from the EU-28 meet in Brussels to approve a European Commission report confirming that Italy is in breach of bloc’s fiscal compact.

Earlier in June, the Italian parliament unanimously approved the introduction of a promissory note” known as a mini BOT that can be used to pay taxes and would be issued in denominations equivalent to the euro and with an expiry date, much like traditional banknotes. The plan was drafted by Lega, one of the two governing coalition members in the Italian government.

The country’s economy minister, Giovanni Tria, came out against the plan, however, saying on 8 June that is was either “illegal” or “useless”. His view echoed that of European Central Bank head, Mario Draghi, who dismissed BOT bills as either a “second currency” – which is illegal under EU law – or additional public debt.

Both Lega and their coalition partner, the Five-Star Movement, have made clear that Italy will not under any circumstances begin to implement austerity or fiscal consolidation measures at this time.

Illegal or Useless?

Draghi and Tria branded the MiniBot as either illegal or useless. Draghi commented “Mini-BOTs are either money and then they are illegal, or they are debt and then the stock of debt goes up. I don’t think there is a third possibility.

Draghi is very wrong.

The bills look like real money.

It would be illegal if Italy mandated acceptance of the currency. However, Italy aims to skirt illegality by not requiring any merchants to accept them. The government will accept the notes as payment in taxes so they will have a bid.

Third Possibility

The key point in the discussion and the third possibility that Draghi misses is once the MiniBot is in place and accepted, it would be easy for the Italian government to flip a switch and require its usage.

Rather than hop out of the Eurozone in one swift move, the Mini-BOT provides a transition.

Greece vs Italy

Not having a transition is one of the things that did in Greece.

Greece’s second major problem was it had no way to pay interest. Italy, despite its massive debt load, can at least pay interest.

I Don’t Govern On My Knees

The Telegraph discussed the setup in Italy to Activate its ‘Parallel Currency’ in Defiant Riposte to EU Ultimatum.

“I don’t govern a country on its knees,” said Matteo Salvini after sweeping the European elections even more emphatically than the Brexit party.

“We’re not Greece,” said Claudio Borghi, Lega chairman of Italy’s house budget committee. “We are net contributors to the EU budget. We have a trade surplus and primary budget surplus. We don’t need anything from anybody. And we are in better shape than France.

“I am not going to hang myself for some silly rule,” said Salvini. “Until unemployment falls to 5pc we have a right to invest. We have regions where youth unemployment is 50pc. We need a Trump cure, a positive fiscal shock to reboot the country.” His plan is a €30bn boost led by a flat tax of 15pc.

Masters in Circumventing Rules

About one year ago, I commented a Reader From Italy Chimes in on the “Minibot” Parallel Currency Idea.

Hello Mish

Regardless of anything else: Italians are masters in finding smart ways to circumvent rules. There is even an adage in Italy regarding this.

On that basis, I would not be surprised if at one point in time, someone in Brussels or Frankfurt will realize too late precisely what is happening. …..

This was my reply to reader “AC”:

Germany gets to decide between debt mutualization or a breakup of the Eurozone and Italian default on Target2 imbalances. The only other possibility that comes to mind is the ECB prints enough to backstop Target2.

Election Irony

To prevent Beppe Grillo and his 5-Star movement from coming into power, Italy changed its election rules to give coalitions more power than parties.

The result is Salvini might win so much support in the next election that he may have a super-majority in Parliament so as to not need a referendum to launch the mini-bot parallel currency.

Snap Elections

Salvini can force snap elections at any time. But right now, both he and co-deputy di Maio are on the same side of the Mini-BOT fence.

Target2 Imbalances

Italy owes creditors close to half a trillion euros in Target2 liabilities. If Italy defaults, it will pay back claims in the Mini-BOT, if at all.

Good luck with that, ECB.

 

end

UK

Debate Over Brexit Fee: Would Non-Payment Constitute Default? Who Owes Whom?

Authored by Mike Shedlock via MishTalk,

Round and round we go. After more than two years the UK and EU are still debating Brexit breakup fees.

On March 29, 2017, the UK filed Article 50, triggering an exit process from the EU, but the UK is still trapped.

Theresa May negotiated such a poor deal that the British Parliament would not accept it. Yet, there is no support for the default legal position which is a No Deal (WTO Deal) Brexit.

Theresa May did manage to get two extensions, the latest one expires October 31.

May’s is now gone and a leadership vote is in progress. Boris Johnson, the heavy favorite has pledged to not pay the Brexit breakup fee of £39 billion (about $50 billion).

France Says Not Paying Would Constitute Default

“Not honoring your payment obligations is a failure of international commitments equivalent to a sovereign debt default, whose consequences are well known,” a source close to French President Emmanuel Macron told Reuters.

Unwise to Default Says Telegraph

Telegraph writer Jeremy Warner says Britain Would be Unwise to Ruin its Perfect Record on Sovereign Debt by Defaulting on the EU Divorce Bill.

Britain is the only one time dominant power that has consistently honoured the terms of its government debt. Germany, France and China have all been serial defaulters, and even the mighty US has reneged on the terms of its debt on occasions.

What, then, to make of Boris Johnson’s comments on the EU divorce settlement? The Tory Party leadership frontrunner has threatened not to pay the agreed £39bn unless he wins a better deal, or to be more precise – the script keeps changing – he has said that he would withhold “at least half” this sum until a satisfactory free trade deal is concluded.

This would of course not be the same as defaulting on sovereign debt, but it would arguably amount to reneging on the country’s international obligations, so might reasonably be thought of as much the same thing.  It is therefore not a threat to be made lightly.

Higher Ground

Telegraph writer Ambrose Evans-Pritchard says Refusing to pay the £39bn Brexit bill is not a default, but Boris Johnson should stake out higher ground.

Who Owes Whom?

In 2017, Lawyers for Britain made the legal case We Don’t Owe the EU Any Money.

We do not owe the EU any money as a Brexit divorce bill. That is the conclusion that Martin Howe QC, Chairman of Lawyers for Britain, and Charlie Elphicke MP have come to after an exhaustive analysis (click to download full report) of the claims the EU Commission sent to the British Government in June. The Government would, therefore, be right to stand firm and not be blackmailed into a multi-billion pound divorce bill. Particularly as it transpires that the legal position is that the EU owes us €10 billion.

The EU’s main claim appears to be that the UK is obliged to contribute to the EU’s budget for a period of roughly two years after withdrawal. This claim is without merit as a matter of international law. The EU’s “Own Resources Decision” and its “Multiannual Financial Framework” are legally subordinate to the EU treaties. They have no binding force in law independently of the treaties. Therefore they cease to impose any legal obligation on the date when the Treaties themselves cease to apply to the UK – on March 29, 2019.

The EU’s second claim relates to the large deficit of its staff pension scheme. The UK could not be liable for a share of that without having a claim on a corresponding share of EU assets. Yet there is no general practice in international law of States making or receiving balancing payments representing the net assets or liabilities of an international organisation when they join or withdraw. No such balancing payments were made when Member States joined the EU. It is therefore difficult to see any credible basis upon which the UK is obliged to make any net payment when it leaves.

The European Investment Bank (EIB) is in a rather different position. Member States have paid up capital to this organisation, and that capital stands in its books. There is a compelling argument that the UK, on EU exit, is entitled to the return of its paid up capital and to a corresponding share of the accumulated reserves of the EIB. This amounts to about €10 billion.

Certainly Not Default

Regardless of who owes whom, if the UK refuses to pay, it certainly would not constitute default.

The rating agencies would not label it a default and there are no bonds or interest in play.

Macron’s position is ludicrous.

How Much?

£15.9 billion of the £39 pertains to EU budget contributions for 2019 and 2020. A portion of the liability has already depleted.

Warner cautions “Watch out for any politician who says they have negotiated the sum down.”

Also watch out for the EU suddenly agreeing to lower the bill as a matter of goodwill.

Honorable Silliness

Pritchard wants Johnson to pursue the higher ground. What a hoot.

The EU openly admitted a desire to trap the UK into a permanent customs union and Pritchard is worried about matters of honor.

Moreover, and as Theresa May proved countless times, giving int to the EU never gets a positive result.

Will the EU return the good will?

Hell no. So why bother?

Agreeing to pay £39 billion that a fool negotiated is silly. Only by making £39 negotiable can Johnson possibly get anything in return.

The UK is in this mess precisely because Theresa May is a piss poor negotiator who gave away the farm for nothing in return.

Brazen Liars

The EU is nothing but a brazen pack of liars. And Theresa May was in bed with the lot of them.

I cannot emphasize that point enough: Let’s Discuss Brexit (and How the EU Bragged, on Film, About Screwing the UK)

Please click for a shocking (if you have not seen it yet) video.

No Honor in Being a Fool

Telegraph writers Pritchard and Warner have lost their minds.

There is no honor or high road in being the EU’s fool.

end
GERMANY
DEUTSCHE BANK TODAY:

 Gundlach slamming Deutsche Bank’s imploding stock… 6.88 EUROS

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

i)IRAN

Two tankers hit near the Strait of Hormuz:  one tanker, the Front Altair was carrying oil having just loaded its hull with oil from Oman.  The other tanker, the Kokuka Courageous was carrying Methanol from Saudi Arabia to Singapore. These tankers were either hit by a torpedo or by an underwater drone. One of the tankers was owned by Japanese interests and by strange coincidence Japanese ministers were meeting with the Iranians at the time of the attack.  False flag?

(courtesy zerohedge/two commentaries)

2 Tankers Damaged After Torpedo Attack Near Strait Of Hormuz; Oil Soars

Update 3: Managers at the companies that own the tankers have weighed in on Thursday’s attacks. The manager of the Kokuka Courageous described the incident as a “hostile attack,” and DHT Holdings and Heidmar, the owners of the two tankers, have suspended new bookings to the Gulf.

* * *

Update 2: It appears earlier reports that the Front Altair had sunk were, in fact, incorrect. The ship’s captain has said that it is still afloat. VHF radio traffic confirmed that it is damaged but still afloat.

Hours have passed since the suspected attacks, and still nobody has claimed responsibility. Iran’s Foreign Minister Javad Zarif has noted how suspicious it is that a Japanese owned vessel would be attacked while Iranian leaders were meeting with the Japanese prime minister in Tehran.

Javad Zarif

@JZarif

Reported attacks on Japan-related tankers occurred while PM @AbeShinzo was meeting with Ayatollah @khamenei_ir for extensive and friendly talks.

Suspicious doesn’t begin to describe what likely transpired this morning.

Iran’s proposed Regional Dialogue Forum is imperative.

And as one BBG analyst pointed out: “Fingers will certainly be pointed at Iran as the mastermind behind these events. But the potential benefits to the Persian Gulf nation are outweighed by the risksAnd even if Tehran isn’t responsible, it will still suffer the consequences.”

Several American warships were nearby when the attack unfolded, per radio traffic, which also showed some signs of tensions with Iranian vessels: American warship identifying itself as ‘Coalition Warship’ stating they have multiple vessels and aircraft in the vicinity. Iranian Navy calling vessels asking their intention in the area.”

Meanwhile, the first reported photos of the deck of the Front Altair have surfaced online…and it certainly looks like the ship was hit by a torpedo-like projectile.

Pic

Pic

* * *

Update: The Front Altair, the Marshall Islands flag tanker damaged in Thursday’s attacks, has now sunk, (Harvey: this statement is incorrect) according to Iranian television. Later, others denied these reports.

If accurate, the sinking could have a serious impact on oil prices and the environment, as the ship contained twice the amount of oil as Exxon-Valdez.

While some sources cited torpedoes as the weapons used in the attacks, another said officials suspected the use of a magnetic mine, similar to the devices used during last month’s attacks.

* * *

And just like that…war with Iran is now almost assured.

Roughly one month after the US accused Iran of attacking Saudi- and UAE-docked oil tankers with naval minesin the Strait of Hormuz, two oil tankers were attacked in the Sea of Oman (not far from where the prior attacks occurred), leaving both ships seriously damaged, Bloomberg reports.

So far, no casualties have been reported. The attack left one of the ships “ablaze and adrift,” according to the Associated Press.

Sailors from both vessels were being evacuated as the US Navy rushed to assist.

Iran

Fire

The Bahrain-based US Fifth Fleet said it received distress signals from the two ships roughly 50 minutes apart. As BBG reports, the incident will almost certainly “inflame” tensions between the US and its Arab allies on one hand, and Iran on the other.

The development will inflame already-rising political tensions in the region weeks after four vessels, including two Saudi oil tankers, were sabotaged in what the U.S. said was an Iranian attack using naval mines. Tehran denied the charge.

The Bahrain-based Fifth Fleet said it received two separate distress signals at 6:12 a.m. and about 7:00 a.m. local time. “U.S. Navy ships are in the area and are rendering assistance,” Commander Josh Frey, a spokesman, said. Iran said it has rescued 44 sailors.

Though a suspected aggressor has not yet been officially named, and an investigation into the cause of the incident has only just begun, the notion that Iran will be implicated looks extremely likely, even as South Korean and Iranian ships helped rescue all 44 sailors who were aboard the two ships. Iran has already denied responsibility for the attack.

Fire

BBG

The manager of one of the tankers, the Panama-flagged, Japanese-owned Kokuka Courageous, which had been carrying a cargo of methanol from Saudi Arabia to Singapore, said the vessel had been damaged as the result of “a suspected attack” by a “shell” though the manager added that the ship’s cargo was secure.

“The hull has been breached above the water line on the starboard side,” Bernhard Schulte GmbH & Co KG said in a statement on its website.

Another tanker, Norwegian-owned and Marshall Islands-flagged Front Altair, sent a distress signal to the UAE port of Fujairah. It had loaded an oil shipment in Abu Dhabi not long before the incident. The ship was reportedly hit with three explosions.

Officials said it appeared the ships had been attacked with torpedoes. Another report cited officials saying three detonations had been heard.

The Front Altair was delivering a cargo of naphtha to Taiwan refiner CPC Corp, one company official said. The cargo was supplied by Abu Dhabi’s Adnoc.

Considering the involvement of the Japan-flagged vessel, the timing of the incident would be ironic. The suspected attacks unfolded as Japanese PM Shinzo Abe met with Iran’s Supreme Leader Ayatollah Ali Khamenei on Thursday, the second and final day of his visit, which was intended to de-escalate tensions in the region. There were no immediate details about what they discussed.

Oil prices are popping higher on the news, as the latest replay of one of history’s most famous false-flag naval attacks, the Gulf of Tonkin incident, which helped precipitate the Vietnam war, ratchets up tensions in the region. At one point, Brent crude was up as much as 4% to over $62 a barrel.

bbg

At the very least, the US military will use the attack as an excuse to continue its escalation of personnel in one of the most sensitive waterways for the global oil trade. According to the EIA, 19% of all oil traded by sea passes through the Strait of Hormuz.

EIA

Worst case, it looks like NSA John Bolton may have just gotten the excuse he needs to justify a full-scale invasion of Iran, which we imagine will soon be confirmed as being behind the attacks.

END

First Footage Of Massive Oil Tanker Blaze Emerges After Thursday’s Attacks

As more photos and information about the suspected torpedo attacks on two tankers in the Sea of Oman reach the western press, the first aerial footage of one of the tankers has found its way online.

The footage, which aired on Iranian television, shows one of the tankers in flames, but still afloat (earlier reports, now confirmed to have been inaccurate, claimed that one of the tankers had sunk, which would have unleashed an oil spill twice the size of Exxon-Valdez).

Embedded video

Press TV

@PressTV

Aerial footage shows one of the oil tankers targeted in the Sea of Oman

Though the exact weapons used in the attacks haven’t been confirmed, it has been widely reported that the two ships were hit with torpedoes.

The Norwegian-owned and Marshall Islands-flagged Front Altair was reportedly struck three times, while the Panama-flagged, Japanese-owned Kokuka Courageous was hit twice.

Nobody has claimed responsibility for the attack, but the west is already insinuating that Iran was behind it. The Iranians have vociferously denied any involvement, and the country’s foreign minister has noted the ‘suspicious’ timing: A Japanese-owned ship was attacked while Japan’s prime minister was meeting in Tehran with senior Iranian officials.

 

END

False flag? you decide!

(zerohedge)

False Flag? Iran Has Little To Gain From Oman Tanker Attacks

Gulf of Tonkin 2.0? Regardless of whether Iran is responsible for damage to vessels in the Sea of Oman, Bloomberg’s Julian Lee explainsit will still get the blame – and suffer the fallout.

zerohedge@zerohedge

Two ships with one stone:
Saudis get i) higher oil price ii) US to attack Iran

Via Bloomberg,

Two oil tankers have been damaged in a suspected attack in the waters between the United Arab Emirates and Iran as they were leaving the Persian Gulf. This is the second incident in four weeks, and raises the question of who gains what from them.

Fingers will certainly be pointed at Iran as the mastermind behind these events. But the potential benefits to the Persian Gulf nation are outweighed by the risks. And even if Tehran isn’t responsible, it will still suffer the consequences.

The first tanker to report a problem was the Front Altair. It was reported to be carrying 75,000 tons of naphtha, loaded in Abu Dhabi, to Japan, although it was signaling a destination of Kaosiung in Taiwan when it was damaged. The second vessel was the Japanese-owned Kokuka Courageous, which was sailing from Saudi Arabia to Singapore with a cargo of methanol.

A person who’s heard local radio transmissions between ships in the region told Bloomberg that a torpedo attack is suspected to have caused an explosion and fire on the Front Altair. The managers of the Kokuka Courageous said in a statement that “the 21 crew of the vessel abandoned ship after the incident on board which resulted in damage to the ship’s hull starboard side.”

Choke Point

The Strait of Hormuz is the world’s most important oil choke point, with about 40% of seaborne trade passing through it.

Source: bne IntelliNews

Who gains from these attacks?

The obvious answer is Iran. If Tehran is attacking tankers leaving the Persian Gulf – either directly, or through proxies – it sends a message that transit through the world’s most important choke point for global oil flows is not safe without its consent. If Iran is pushed to the brink economically by sanctions, it will not go quietly. Other nations in the region will bear the cost of disruptions to their own oil exports, while America and its allies will have to cope with higher crude prices and disruptions to supplies.

Not since 2005 have the world’s insurers considered shipping in the Persian Gulf so dangerous for oil tankers. Nevertheless, we are still far from the level of tension that existed during the so-called Tanker War of the 1980s, when 451 vessels (259 of them oil or refined petroleum product tankers) suffered some sort of attack in the region, according to a report from the U.S. Naval Institute. The incidents took place during the Iran-Iraq war, and the culprits were forces from both countries.

Then, the U.S. navy resorted to escorting vessels through the Persian Gulf. That would be an expensive operation to repeat and would tie up a large part of the U.S. and allied fleets in the region. It would also raise the cost of the U.S. drive against Iran, which began with President Donald Trump’s decision to pull out of the Iran nuclear deal in May 2018.

Risk Premium

Brent prices spiked after reports of attacks on tankers leaving the Persian Gulf

Source: Bloomberg

Brent crude was up by as much as 4.45% on Thursday, shortly after news of the attacks broke, although it has since lost some of those gains. The nation’s oil exports have been seriously curtailed by U.S. sanctions, and higher prices are its only route to increasing revenues. But the benefits are likely to be relatively small, given the dwindling volumes and steep discounts that the country probably has to offer to shift its oil.

There is another group that will benefit from the incident – the people who want to see the U.S. step up its campaign against Iran and move from an economic war to a military one. There are plenty of those, both in the U.S. and among its allies in the Persian Gulf and wider Middle East regions.

The timing of the attacks also raises questions.

They come as Japanese Prime Minister Shinzo Abe is visiting Tehran, with the blessing of President Trump. On Wednesday Abe urged Tehran to avoid conflict at all costs and pledged to do his utmost to ease tensions. The tankers damaged on Thursday were carrying cargoes related to Japan,  Hiroshige Seko, minister of Economy, Trade and Industry, said on the ministry’s Twitter feed.

A day earlier, Iran freed a U.S. resident imprisoned on espionage charges.

This would seem very clumsy timing from a country seeing the first tangible signs of any easing of the crippling sanctions imposed by the Americans. But it is absolutely understandable if you’re someone whose ultimate goal is to derail any easing of tensions between the two nations, and to effect regime change in Tehran.

Whoever is behind the attacks is no friend of Iran.

end
It seems that the world is not buying the attack on our two tankers as being done by the Iranians in what sure looks like a false flag event
(courtesy zerohedge)

Iran FM: “Suspicious Doesn’t Begin To Describe” Attack On Japanese Tanker During Abe’s State Visit

With the words “Gulf of Tonkin” trending on Twitter this morning at a moment that a senior American defense official told CBS News that “it’s highly likely Iran caused these attacks,” it appears the general public is not even close to buying the claim that Iran attacked two tankers near the strategic Straits of Hormuz this morning. 

Iranian Foreign Minister Javid Zarif pointed out a crucial obvious factor not likely to make it across the US mainstream airwaves or headlines:

“Suspicious doesn’t begin to describe what likely transpired this morning,” he said.

This especially crucial — according to his comments — given that one of the vessels is a Japanese tanker supposedly “attacked” by Iran in the middle of a visit to Tehran by Japan’s Prime Minister Shinzo Abe.

Japan’s Trade Ministry later confirmed that one of the ships hit Thursday morning was carrying “Japan-related cargo.”

 

Via The Japan News/The Yomiuri Shimbun: Prime Minister Shinzo Abe attends a joint press conference with Iranian President Hassan Rouhani following their summit meeting in Tehran on Wednesday.

The details of the Japanese tanker are described by the AP as follows:

The Japanese operator of a tanker that was damaged in a suspected attack in the Strait of Hormuz says all of its crewmembers are now safe onboard a U.S. Navy warship.

The chemical tanker Kokuka Courageous, operated by Kokuka Sangyo Co., was apparently attacked as it was passing through the Strait of Hormuz toward Singapore and Thailand destinations to deliver methanol.

Currently Iran is desperately attempting to salvage the 2015 nuclear deal with other world powers at a time its economy is being crushed under US sanctions, and Wednesday’s visit by the Japanese PM appears an attempt to mediate. The tanker incident and emergency nature of what transpired “eclipsed the Abe visit, an unexpected bit of outreach to Iran by someone Trump calls a friend,” as CNN noted.

The Panama-flagged and Japanese-owned Kokuka Courageous was one of the two vessels reportedly attacked, possibly by torpedo fire, mine, or underwater drone, in the Gulf of Oman. 

Joyce Karam

@Joyce_Karam

UPDATE : 2 Oil Tankers Attacked in Gulf

• Kokuka Courageous & Front Altair
• Headed to Singapore & Taiwan
• Explosion caused fire on Altair
• Kokuka came under fire
• US 5th fleet helped rescue,NO casualties
• Iran Agency wrongly claimed ship sank https://www.thenational.ae/world/mena/two-oil-tankers-damaged-after-reported-attack-in-gulf-of-oman-us-says-1.873845 

Two oil tankers damaged after ‘reported attack’ in Gulf of Oman, US says

The incident comes a month after an attack on four tankers off the coast of the UAE

thenational.ae

165 people are talking about this

Speaking of CNN, we’ve really entered new territory when even it’s pundits are quickly raising the question of a ‘false flag’ in our midst:

Iran doesn’t appear to have a lot to gain. Say what you like about Tehran’s malicious intent, these incidents heighten the global drumbeat for greater isolation and boosts those who seek to apply military pressure on Iran. Its economy is in a bad condition. Before President Donald Trump pulled the US out of the JCPOA (colloquially known as the Iran nuclear deal), Tehran was at its peak of regional influence. With diminished economic resources, its potency is likely to wane.

The incidents also came in the middle of a visit to Tehran by Japan’s Prime Minister Shinzo Abe, apparently trying to mediate over the nuclear deal (although Tokyo says he’s not an envoy for Washington). The apparent attacks eclipsed the Abe visit, an unexpected bit of outreach to Iran by someone Trump calls a friend.

And quite surprisingly, more from CNN:

Iran’s chief moderate, Foreign Minister Javid Zarif, was right to point out that “suspicious doesn’t begin to describe what likely transpired this morning.” When one party is so easily blamed, it is likely blameless, or unfathomably stupid.

Meanwhile anonymous US officials are blaming a “state actor” in what is very likely just the beginning of a hail of evidence-free accusations and threats to follow.

And separately, a spokesman for the Saudi-led coalition supporting Yemen’s government in the country’s civil war has come out and blamed Iran for Thursday’s attack, saying they believe they can connect it to a similar tanker bombing last year in the Red Sea committed by Yemen’s Iran-backed Houthi rebels.

The spokesman called the attack a “major escalation”, and reiterated in what sounded to us like a thinly veiled threat that Saudi Arabia has the capacity to protect its vital institutions.

 

Office of the Iranian Supreme Leader via AP Photo

It will be interesting to see what Japan officially concludes when it releases further statements and perhaps more details of its findings on the incident. On Wednesday, just before the attack, Japan’s Abe told Rouhani that “no one wants a military clash” while speaking of the US so-called “maximum pressure” campaign and ratcheting tensions with Washington. Abe said at a press conference while standing beside Rouhani“I decided to visit Iran as part of my efforts to ease tensions.”

PM Abe also called on Tehran’s leaders to play a “constructive role” toward stabilizing the region and pursuing a calming of tensions.

And following this positive meeting with Japan’s head of state that went in Iran’s favor, what did Iran decide to do a mere hours later?… Attack a nearby Japanese tanker of course!

6.GLOBAL ISSUES

CANADA

CANADA’S Q1 household debt to GDP ratio remains relatively high and near record levels at 173%…this is unsustainable

(courtesy Reuters)

Canada Q1 household debt-to-income ratio edges down, still near record level

OTTAWA, June 13 (Reuters) – Canadian household debt as a share of income, a measure closely watched by policy makers, slipped to 173.0% in the first quarter from 173.7% in the fourth quarter but is still near record levels, Statistics Canada said on Thursday.

Statscan revised the fourth quarter down from an initial 174.0%. The all-time high is the 173.8% recorded in the third quarter of 2017.

The Bank of Canada is particularly concerned about the levels of household debt and whether Canadians will be able to cope when interest rates increase.

On a seasonally adjusted basis, households borrowed C$20.2 billion in the first quarter, down from C$20.6 billion in the preceding quarter. Mortgage borrowing rose to C$13.2 billion from C$12.3 billion.

The debt service ratio, which measures debt principal and interest payments as a proportion of income, edged up to 14.9% – the highest since the fourth quarter of 2007.

-END-

GOLD/SILVER

 

 

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 1.1288 DOWN .0004 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 108.46 DOWN 0.032 (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 1.2671   DOWN   0.0021  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TO OCT 31/2019//

USA/CAN 1.3307 DOWN .0027 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  THURSDAY morning in Europe, the Euro FELL BY 4 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1288 Last night Shanghai COMPOSITE CLOSED UP 1.36 POINTS OR 0.05% 

 

//Hang Sang CLOSED DOWN 13.76 POINTS OR 0.05%

 

 

 

 

 

/AUSTRALIA CLOSED DOWN 0,15%// EUROPEAN BOURSES ALL GREEN

 

 

 

 

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN 

 

 

 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 13.75 POINTS OR 0.05%

 

 

 

 

 

 

/SHANGHAI CLOSED UP 1.36 POINTS OR 0.05%

 

 

 

 

 

 

 

 

 

Australia BOURSE CLOSED DOWN 0.15% 

 

 

Nikkei (Japan) CLOSED DOWN 97.72  POINTS OR 0.46%

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1337,05

silver:$14.82

Early THURSDAY morning USA 10 year bond yield: 2.11% !!! DOWN 1 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.61 DOWN 0  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early THURSDAY morning: 96.97 DOWN 3 CENT(S) from  WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing THURSDAY NUMBERS \12: 00 PM

Portuguese 10 year bond yield: 0.64% DOWN 2 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: -.11%  UP 0   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.54%//DOWN 3 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD: 2.36 DOWN 7 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 182 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS –.24% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 2.60% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY

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

Euro/USA 1.1277  DOWN    .0015 or 15 basis points

USA/Japan: 108.43 DOWN .064 OR YEN UP 6  basis points/

Great Britain/USA 1.2677 DOWN .0015 POUND DOWN 15  BASIS POINTS)

Canadian dollar UP 6 basis points to 1.3329

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 6.9216    0N SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.9306  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  5.8700 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at -.11%

 

Your closing 10 yr US bond yield DOWN 2 IN basis points from WEDNESDAY at 2.10 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.60 DOWN 3 in basis points on the day

Your closing USA dollar index, 97.06 UP 6  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 0.95  0.01%

German Dax :  CLOSED UP 53.37 POINTS OR .44%

 

Paris Cac CLOSED UP 0,71 POINTS 0.01%

Spain IBEX CLOSED UP 8.60 POINTS or 0.09%

Italian MIB: CLOSED UP 167.50 POINTS OR 0.82%

 

 

 

 

 

WTI Oil price; 52.22 12:00  PM  EST

Brent Oil: 61.11 12:00 EST

USA /RUSSIAN /   ROUBLE RISES:    64.56  THE CROSS LOWER BY 0.34 ROUBLES/DOLLAR (ROUBLE HIGHER BY 34 BASIS PTS)

 

TODAY THE GERMAN YIELD RISES  TO –.24 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 :  52.27//

 

 

BRENT :  61.32

USA 10 YR BOND YIELD: … 2.09…   VERY DEADLY//

 

 

 

 

 

 

 

 

 

USA 30 YR BOND YIELD: 2.60..VERY DEADLY/

 

 

 

 

 

EURO/USA 1.1275 ( DOWN 18   BASIS POINTS)

USA/JAPANESE YEN:108,38 DOWN .111 (YEN UP 11 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 97.05 UP 5 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2676 DOWN 16  POINTS

 

the Turkish lira close: 5.8329

 

 

the Russian rouble 64.57   UP 0.33 Roubles against the uSA dollar.( UP 33 BASIS POINTS)

Canadian dollar:  1.3334 UP 1 BASIS pts

USA/CHINESE YUAN (CNY) :  6.9216  (ONSHORE)/we need to watch these levels/anything greater than 6.95 will be deadly./

 

USA/CHINESE YUAN(CNH): 6.9329 (OFFSHORE) we need to watch these levels/anything greater than 6.95 will be deadly/

German 10 yr bond yield at 5 pm: ,-0.24%

 

The Dow closed  UP 43.68 POINTS OR 0.17%

 

NASDAQ closed UP 29.07 POINTS OR 0.23%

 


VOLATILITY INDEX:  15.80 CLOSED DOWN .11

LIBOR 3 MONTH DURATION: 2.427%//libor dropping like a stone

 

 

 

FROM 2.447

 

 

 

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

TRADING IN GRAPH FORM FOR THE DAY//

Traders Buy Stocks, Bonds, Bitcoin, Bullion, & Black Gold After Tanker Attacks

What do you do when two tankers explode in the Straits of Hormuz? You buy stocks, sell the VIX, and dump the dollar silly!!

You buy stocks, sell the VIX, and dump the dollar silly!!

 

Early weakness was erased ahead of the lunch break in China but the buying spree ended in the afternoon session

Early weakness was erased ahead of the lunch break in China but the buying spree ended in the afternoon session…

 

European markets bounced early but drifted lower for the rest of the day…

US Equity futures shot higher on news that two tankers had exploded in the Straits of Hormuz…

 

While The Dow and S&P barely clung to the gains (until the late-day panic-buying spree), Small Caps and Trannies outperformed…

 

Thanks to yet another short-squeeze at the open…

 

Nasdaq unable to get back above its 50DMA…

 

The Dow found support above its 50DMA once again…

 

Treasuries were unsurprisingly bid on the tanker attacks (long-end underperformed again however)…10Y and 30Y are the only parts of the curve that remain higher in yield on the week…

 

10Y Yields back at pre-payrolls lows…

 

The modest curve steepening continues but 3,10Y remains inverted for the 16th day in a row…

 

While the dollar was relatively quiet, it ended lower as any suggestion of it being a safe-haven amid the tanker attacks was dismissed…

 

DXY hovering at some key technical levels…

 

Offshore yuan (and the fix)remain in a stubbornly well-managed range…

 

Bitcoin was also bid on the tanker attack…

 

Commodities were up across the board led by oil as would be expected…

 

But we do note that WTI only managed a modest $1-2 rise on the back of the tanker attacks…

NOTE – even the spike caused by Pompeo’s claims was sold.

Gold was bid on safe-haven basis (trying to make it 4 weeks in a row higher)…

 

Once again testing up to that $1350 Maginot Line after Paul Tudor Jones pitched the precious metal as his best trade of the next two years

 

And Gold in Yuan is back at its highest since April 2013…

 

 

Finally, the chaos in the world is having some serious effects as a funding crisis in Hong Kong (i.e. people demanding liquidity over and above the banks’ ability to deliver) as riots continue has inverted the HIBOR curve for the first time since Lehman…

And so much for education – college-graduates are the most psyched about the economy since the peak of the DotCom boom…

How’d that work out for ya?

end

 

i) Market trading/

 

MARKET TRADING/LATE MORNING

 

end

 

LATE AFTERNOON

 

ii)Market data/

Despite tariffs which are definitely inflationary, today’s data reports that import/export prices tumbles as China exported its huge deflation upon the rest of the world. It is the highest price drop since 2007

(courtesy zerohedge)

Import/Export Prices Tumble As China Exported Most Deflation Since 2007

After disappointing (lower than expected) prints in CPI and PPI, inflationista’s last best hope is with import and export prices (which, however, are both expected to slow today).

But that hope was just dashed as Import prices plunged 1.5% YoY (vs -1.2% exp) and Export prices dropped 0.7% YoY.

On a MoM basis, import prices fell 0.3% (headline and ex-petroleum), and import prices dropped 0.2% MoM.

Every sub-index below both import and export prices declined in May as China exported the most deflation since September 2007…

Finally, as a reminder, this data does not include Trump’s new tariffs, but is potentially significantly impacted by the strength of the dollar.

Notably, agricultural export prices fell 5.3% YoY, largest year-over-year drop since April 2016, led by 20.6% YoY decrease in soybean prices. So tariffs are deflationary?

end

iii)USA ECONOMIC/GENERAL STORIES

The trade war is having a devastating hit on the top two USA ports:  Los Angeles and Long Beach

(courtesy zerohedge)

-END-

 

 

WELL THAT ABOUT DOES IT FOR TONIGHT

I WILL SEE YOU FRIDAY NIGHT.

HARVEY

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2 comments

  1. Harvey: I Love your market and metals analysis, stick with that but stay away from boosting Trump and his douche bag family and appointees. He is a total loser and a huge embarrassment to the USA. If this douche was Canada’s prime minister you’d all despise him for sure. I also suggest that you could greatly improve, (and shorten), your report by eliminating some of the mulitple, multiple repetitiveness and redundancies.

    Respectfully and sincerely
    RJ in NY

    Like

  2. PeaknikMicki · · Reply

    Funny comment on presidents. I think Trudeau is a big douche bag. And I am not even American.

    On a different note; Harvey, the emails I have been receiving of late have all been truncated.
    Last post for instance went as far as to:
    8. EMERGING MARKETS
    VENEZUELA
    and that was it.

    .

    Like

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