GOLD: $1396.00 UP $2.90 (COMEX TO COMEX CLOSING)
Silver: $15,29 DOWN 22 CENTS (COMEX TO COMEX CLOSING)//
Closing access prices:
Gold : $1399.50
JPMorgan has been receiving gold with reckless abandon and sometimes supplying (stopping)
today RECEIVING 28/86
CONTRACT: JUNE 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,392.900000000 USD
INTENT DATE: 06/20/2019 DELIVERY DATE: 06/24/2019
FIRM ORG FIRM NAME ISSUED STOPPED
624 C BOFA SECURITIES 6
661 C JP MORGAN 28
737 C ADVANTAGE 45 52
905 C ADM 41
TOTAL: 86 86
MONTH TO DATE: 2,304
NUMBER OF NOTICES FILED TODAY FOR MAY CONTRACT: 86 NOTICE(S) FOR 8600 OZ (0.2674 tonnes)
TOTAL NUMBER OF NOTICES FILED SO FAR: 2304 NOTICES FOR 230400 OZ (7.166 TONNES)
35 NOTICE(S) FILED TODAY FOR 175,000 OZ/
total number of notices filed so far this month: 426 for 2,130,000 oz
Bitcoin: OPENING MORNING TRADE : $ 9769 UP 252
Bitcoin: FINAL EVENING TRADE: $ 9891 UP 369
Let us have a look at the data for today
IN SILVER THE COMEX OI FELL A CONSIDERABLE SIZED 2848 CONTRACTS FROM 239,505 DOWN TO 236,657 DESPITE THE HUGE 53 CENT GAIN IN SILVER PRICING AT THE COMEX.
TODAY WE ARRIVED FURTHER FROM AUGUST’S 2018 RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS.
WE HAVE ALSO WITNESSED A LARGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY AS WELL WE ARE WITNESSING CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S. WE WERE NOTIFIED THAT WE HAD A HUGE SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:,
0 FOR JUNE, 4192 FOR JULY. 0 FOR AUGUST, 66 FOR SEPT, AND ZERO FOR ALL OTHER MONTHS AND THEREFORE TOTAL ISSUANCE 4258 CONTRACTS. WITH THE TRANSFER OF 4258 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 4258 EFP CONTRACTS TRANSLATES INTO 21.290 MILLION OZ ACCOMPANYING:
1.THE 53 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.
2.635 MILLION OZ STANDING FOR SILVER IN JUNE//
WE HAD CONSIDERABLE SHORT COVERING AT THE SILVER COMEX LAST NIGHT..AND MINOR SPREADING ACCUMULATION.
ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF JUNE:
39,592 CONTRACTS (FOR 15 TRADING DAYS TOTAL 39,592 CONTRACTS) OR 197.96MILLION OZ: (AVERAGE PER DAY: 2639 CONTRACTS OR 13.19 MILLION OZ/DAY)
TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH OF JUNE: 197.96 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 28.28% 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: 1068.71 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 CONSIDERABLE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2848, DESPITE THE 53 CENT GAIN IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 4258 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 GOOD SIZED: 1410 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:
i.e 4258 OPEN INTEREST CONTRACTS HEADED FOR LONDON (EFP’s) TOGETHER WITH DECREASE OF 2848 OI COMEX CONTRACTS. AND ALL OF THIS HUGE DEMAND HAPPENED WITH A 53 CENT GAIN IN PRICE OF SILVER AND A CLOSING PRICE OF $15.51 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. 1.187 BILLION OZ TO BE EXACT or 169% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT MARCH MONTH/ THEY FILED AT THE COMEX: 35 NOTICE(S) FOR 175,000 OZ OF SILVER
IN SILVER,PRIOR TO TODAY, WE SET THE NEW COMEX RECORD OF OPEN INTEREST AT 243,411 CONTRACTS ON APRIL 9.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51.
AND NOW WE RECORD FOR POSTERITY ANOTHER ALL TIME RECORD OPEN INTEREST AT THE COMEX OF 244,196 CONTRACTS ON AUGUST 22/2018 AND AGAIN WHEN THIS RECORD WAS SET, THE PRICE OF SILVER WAS $14.78 AND LOWER IN PRICE THAN PREVIOUS RECORDS.
ON THE DEMAND SIDE WE HAVE THE FOLLOWING:
- 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 2.635 MILLION OZ//
- 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.
- HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
- 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 SOME ACTIVITY OF SPREADING ACCUMULATION IN SILVER TODAY AS TOTAL OI ROSE SHARPLY WITH THE STRONG GAIN OF 53 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 CRIMINAL 32,725 CONTRACTS, TO 571,676 ACCOMPANYING THE HUGE $47.95 PRICING GAIN WITH RESPECT TO COMEX GOLD PRICING YESTERDAY// /THE SPREADING LIQUIDATION HAS STOPPED, THESE SPREADERS HAVE ALREADY MORPHED INTO SILVER AND THEY ARE INTO THE ACCUMULATION PHASE OF THEIR OPERATION. THUS THE GAIN IN OI FOR GOLD IS REAL AS INVESTORS ARE MASSIVELY POURING INTO THE GOLD SECTOR
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED AN ATMOSPHERIC SIZED 22,225 CONTRACTS:
APRIL 0 CONTRACTS,JUNE: 0 CONTRACTS, AUGUST 2019: 22,225 CONTRACTS, DEC> 0 CONTRACTS AND ALL OTHER MONTHS ZERO. The NEW COMEX OI for the gold complex rests at 582,121. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.
IN ESSENCE WE HAVE AN ATMOSPHERIC AND CRIMINALLY SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 54,950 CONTRACTS: 32,725 CONTRACTS INCREASED AT THE COMEX AND 22,225 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN OF 54,950 CONTRACTS OR 5,495,000 OZ OR 170,92 TONNES. YESTERDAY WE HAD A GAIN OF $47.95 IN GOLD TRADING.…AND WITH THAT HUGE GAIN IN PRICE, WE HAD A HUMONGOUS GAIN IN GOLD TONNAGE OF 170.92 TONNES!!!!!! THE BANKERS WERE SUPPLYING INFINITE 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 JUNE : 149,162 CONTRACTS OR 14,916,200 oz OR 463.95 TONNES (15 TRADING DAYS AND THUS AVERAGING: 9944 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 15 TRADING DAYS IN TONNES: 463.95 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2018, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 463.95/3550 x 100% TONNES =13.06% OF GLOBAL ANNUAL PRODUCTION
ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE: 2,715.42 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: AN ATMOSPHERIC AND CRIMINALLY SIZED INCREASE IN OI AT THE COMEX OF 32,725 WITH THE PRICING GAIN THAT GOLD UNDERTOOK ON YESTERDAY($47.95)) //.WE ALSO HAD A HUMONGOUS SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 22,225 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 22,225 EFP CONTRACTS ISSUED, WE HAD AN ATMOSPHERIC AND CRIMINALLY SIZED GAIN OF 54,950 CONTRACTS IN TOTAL OPEN INTEREST ON THE TWO EXCHANGES:
22,225 CONTRACTS MOVE TO LONDON AND 32,725 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 170.92 TONNES). ..AND THIS INCREASE OF DEMAND OCCURRED ACCOMPANYING THE HUGE GAIN IN PRICE OF $47.95 WITH RESPECT TO YESTERDAY’S TRADING AT THE COMEX. WE HAD ZERO PRESENCE OF SPREADING ACCUMULATION IN GOLD ///TODAY/
we had: 86 notice(s) filed upon for 8,600 oz of gold at the comex.
With respect to our two criminal funds, the GLD and the SLV:
WITH GOLD UP $2.90 TODAY//
NO CHANGE IN GOLD INVENTORY AT THE GLD:
INVENTORY RESTS AT 764.10 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
WITH SILVER DOWN 22 CENTS TODAY:
NO CHANGES WITH RESPECT TO SILVER INVENTORY AT THE SILVER SLV:
/INVENTORY RESTS AT 319.819 MILLION OZ.
OUTLINE OF TOPICS TONIGHT
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in SILVER FELL BY A CONSIDERABLE SIZED 2848 CONTRACTS from 239,505 DOWN TO 236,657 AND FURTHER FROM THE NEW COMEX RECORD SET LAST IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 1 1/3 YEARS AGO. THE PRICE OF SILVER ON THAT DAY: $17.89. AS YOU CAN SEE, WE HAVE RECORD HIGH OPEN INTERESTS IN SILVER ACCOMPANIED BY A CONTINUAL LOWER PRICE WHEN THAT RECORD WAS SET…..THE SPREADERS HAVE COMMENCED THEIR ACCUMULATION OF OPEN INTEREST CONTRACTS IN SILVER AND STOPPED THE LIQUIDATION OF THE SPREADERS IN GOLD
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: 4192 CONTRACTS FOR AUGUST: 0, FOR SEPT. 66 AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 4258 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE OI LOSS AT THE COMEX OF 2848 CONTRACTS TO THE 4258 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A GOOD GAIN OF 1410 OPEN INTEREST CONTRACTS BUT ALSO SOME LIQUIDATION OF COMEX CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 7.05MILLION 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 2.635 MILLION OZ FOR JUNE.
RESULT: A CONSIDERABLE SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE 53 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A STRONG SIZED 4258 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
2 ) Gold/silver trading overnight Europe, Goldcore
and in NY: Bloomberg
3. ASIAN AFFAIRS
I)FRIDAY MORNING/ THURSDAY NIGHT:
SHANGHAI CLOSED DOWN 14.86 POINTS OR 0.50% //Hang Sang CLOSED DOWN 76.72 POINTS OR 0.27% /The Nikkei closed DOWN 204.22 POINTS OR 0.25%//Australia’s all ordinaires CLOSED DOWN .50%
/Chinese yuan (ONSHORE) closed DOWN at 6.8694 /Oil UP TO 57.82 dollars per barrel for WTI and 65.36 for Brent. Stocks in Europe OPENED GREEN// ONSHORE YUAN CLOSED UP // LAST AT 6.8694 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8759 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
Shibor was set at a 10 yr low of 1.11% as rates all over the globe are falling. It seems that China’s interbank market was freezing up in the aftermath of Baoshang Bank collapse. China’s economy is faltering and that is the reason they are lowering rates trying to increase liquidity.
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
Trump ordered a military strike on Iran but then sent a message to the Ayatollah giving them one last chance
ii)Same topic as above
(courtesy Daily Mail)
iii)This should make Trump warm and fuzzy: Iran stated that it refrained from shooting down a USA plan with 35 military people on board
iv) STRAITS OF HORMUZ/GULF OF OMAN/FAA/
6. GLOBAL ISSUES
Total global negative yield debt soars by .7 trillion dollars yesterday to a record $13 trillion as deflation grips the globe
7. OIL ISSUES
8 EMERGING MARKET ISSUES
9. PHYSICAL MARKETS
i)We have long suspected the true reason for central bank gold sales during the first few years of the new millenium. Basically bullion banks could not retrieve gold to pay back leases undertaken by them. Other reasons for the gold sales was to prevent other assets from faltering
(courtesy Ronan MANLY/gata)
ii)I am sure that Trudeau is very excited about this: China’s no 2 mining company and 100% state owned is contemplating a takeover of Canada’s Iamgold.
iii) I discuss with Chris Marcus the machinations inside the Comex
( Chris Marcus/GATA/Harvey Organ)
iv)James Turk et al discuss what a short squeeze on gold looks like
V)The King report discusses gold’s revolt over price suppression
(courtesy King Report/GATA)
vi)Gold breaks out: a technical analysis.
10. USA stories which will influence the price of gold/silver)
a)Market trading/LAST NIGHT/USA
a)Not good: USA Mfg PMI plunges to a 10 yr low and not only that but the generally stronger service PMI has the hope sector, the lowest on record
b)Another sign of a contracting economy. Homes sales activity is a strong component of GDP..Today existing home sales tumbles year over year for the 15th consecutive month
iii)USA ECONOMIC/GENERAL STORIES
Interesting: Trump says that the Dept of Justice is investigating whether Obama tapped his phone
Let us head over to the comex:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BYAN ATMOSPHERIC AND CRIMINALLY SIZED 32,725 CONTRACTS TO A LEVEL OF 571,676 ACCOMPANYING THE HUGE RISE OF $47.95 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 HUMONGOUS SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 22,225 EFP CONTRACTS WERE ISSUED:
0 FOR JUNE ’19: 0 CONTRACTS , AUG; 22,225 CONTRACTS: DEC: 0 AND ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 22,225 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: 54,950 TOTAL CONTRACTS IN THAT 22,225 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED AN ATMOSPHERIC SIZED 32,725 COMEX CONTRACTS. THE BANKERS SUPPLIED THE NECESSARY AND INFINITE AMOUNT OF SHORT PAPER IN GOLD TO CONTAIN THE PRICE RISE.
NET GAIN ON THE TWO EXCHANGES :: 54,950 CONTRACTS OR 5,495,000 OZ OR 170.92 TONNES.
We are now in the active contract month of JUNE and here the open interest stands at 235 CONTRACTS as we LOST 63 contracts. We had 85 notices filed yesterday so we gained another of 22 contracts or 2,200 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 ROSE by 30 contracts UP to 1303 contracts. The next big active month for deliverable gold is August and here the OI ROSE by a whopping 26,868 contracts UP to 425,515. WE HAVE WITNESSED A HUGE CRIME SCENE WITH RESPECT TO BOTH GOLD AND SILVER TODAY AT THE COMEX.
TODAY’S NOTICES FILED:
WE HAD 86 NOTICES FILED TODAY AT THE COMEX FOR 8600 OZ. (0.2674 TONNES)
And now for the wild silver comex results.
Total COMEX silver OI FELL BY A CONSIDERABLE SIZED 2848 CONTRACTS FROM 239,505 DOWN TO 236,657 (AND FURTHER FROM 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 CONSIDERABLE OI COMEX LOSS OCCURRED DESPITE A 53 CENT GAIN IN PRICING.//YESTERDAY.
WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF JUNE. HERE WE HAVE 136 OPEN INTEREST STAND FOR DELIVERY WITH A MONSTROUS GAIN OF 103 CONTRACTS. WE HAD 0 NOTICES FILED YESTERDAY SO WE GAINED 103 CONTRACTS OR AN ADDITIONAL 515,000 OZ OF SILVER WILL ATTEMPT TO STAND AT THE COMEX…. AND THESE GUYS REFUSED TO MORPH INTO A LONDON BASED FORWARD AS WELL AS NEGATING A FIAT BONUS. LET US WAIT AND SEE IF SUCCESSFUL IN OBTAINING PHYSICAL METAL ON THIS SIDE OF THE POND.
THE NEXT MONTH AFTER JUNE IS THE ACTIVE MONTH OF JULY. HERE THE OI FELL BY 16,606 CONTRACTS DOWN TO 93,661. AS WE START TO GET READY FOR THE ACTIVE AND STRONG JULY SILVER DELIVERY MONTH. WE GAINED 48 CONTRACTS OF OI FOR AUGUST TO STAND AT 913. THE NEXT BIG ACTIVE DELIVERY MONTH AFTER AUGUST IS SEPT AND HERE THE OI ROSE BY 13,775 CONTRACTS UP TO 95,593 CONTRACTS.
TODAY’S NUMBER OF NOTICES FILED:
We, today, had 35 notice(s) filed for 175,000 OZ for the JUNE, 2019 COMEX contract for silver
Trading Volumes on the COMEX TODAY: 496,456 CONTRACTS
CONFIRMED COMEX VOL. FOR YESTERDAY: 569,408 contracts
INITIAL standings for JUNE/GOLD
|Withdrawals from Dealers Inventory in oz||nil oz|
|Withdrawals from Customer Inventory in oz||
|Deposits to the Dealer Inventory in oz||
|Deposits to the Customer Inventory, in oz||
|No of oz served (contracts) today||
|No of oz to be served (notices)||
|Total monthly oz gold served (contracts) so far this month||
|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/ NO amount arrived today
we had 1 gold withdrawal from the customer account:
i ) out of HSBC: 5373.958 oz
total gold withdrawals; 5,373.958 oz
FOR THE JUNE 2019 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 86 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 28 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid (Goldman Sachs)
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 (2304) x 100 oz , to which we add the difference between the open interest for the front month of JUNE. (235 contract) minus the number of notices served upon today (86 x 100 oz per contract) equals 245,300 OZ OR 7.629 TONNES) the number of ounces standing in this active month of JUNE
Thus the INITIAL standings for gold for the JUNE/2019 contract month:
No of notices served (2304 x 100 oz) + (235)OI for the front month minus the number of notices served upon today (86 x 100 oz )which equals 245,300 oz standing OR 7.629 TONNES in this active delivery month of JUNE.
We GAINED 22 contracts or an additional 2200 oz will stand as these guys refused to morph into London based forwards as well as negating a fiat bonus. Somebody was in need of physical gold badly on this side of the pond.
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 7.629 TONNES OF GOLD STANDING// THEY SEEM TO BE USING CONSIDERABLE GOLD VAPOUR TO SETTLE UPON UNSUSPECTING LONGS.
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 7.629 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.
And now for silver
AND NOW THE DELIVERY MONTH OF June
|Withdrawals from Dealers Inventory||NIL oz|
|Withdrawals from Customer Inventory||
|Deposits to the Dealer Inventory||
|Deposits to the Customer Inventory||
|No of oz served today (contracts)||
|No of oz to be served (notices)||
|Total monthly oz silver served (contracts)||426 contracts
|Total accumulative withdrawal of silver from the Dealers inventory this month||NIL oz|
|Total accumulative withdrawal of silver from the Customer inventory this month|
we had 0 inventory movement at the dealer side of things
total dealer deposits: NIL oz
total dealer withdrawals: nil oz
we had 1 deposits into the customer account
into JPMorgan: nil oz
ii)into brinks: 6942.400 oz
*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.
JPMorgan now has 153.4 million oz of total silver inventory or 50.36% of all official comex silver. (153.4 million/304.6 million
total customer deposits today: 6,042.400 oz
i) out of Delaware 5960.366 oz
ii) Out of Brinks: 16,670.500 oz
iii) Out of HSBC: 61,870.920 oz
we had 0 adjustments :
total dealer silver: 87.119 million
total dealer + customer silver: 304.604 million oz
The total number of notices filed today for the JUNE 2019. contract month is represented by 35 contract(s) FOR 175,000 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 424 x 5,000 oz = 2,130,000 oz to which we add the difference between the open interest for the front month of JUNE. (136) and the number of notices served upon today (35 x 5000 oz) equals the number of ounces standing.
Thus the INITIAL standings for silver for the JUNE/2019 contract month: 426(notices served so far)x 5000 oz + OI for front month of JUNE( 136) number of notices served upon today (35)x 5000 oz equals 2,630,000 oz of silver standing for the JN contract month.
WE GAINED 103 CONTRACTS OR AN ADDITIONAL 515,000 OZ WILL STAND AT THE COMEX AS THESE GUYS REFUSED TO MORPH INTO A LONDON BASED FORWARDS AND AS WELL THEY ALSO NEGATED A FIAT BONUS. IT SEEMS THAT SOMEBODY WAS BADLY IN NEED OF PHYSICAL SILVER ON THIS SIDE OF THE POND.
TODAY’S NUMBER OF NOTICES FILED:
We, today, had 35 notice(s) filed for 175,000 OZfor the JUNE, 2019 COMEX contract for silver
TODAY’S ESTIMATED SILVER VOLUME: 179,985 CONTRACTS (we had considerable spreading activity..accumulation
CONFIRMED VOLUME FOR YESTERDAY: 236,657 CONTRACTS..(we no doubt had considerable spreading activity as they are now starting to accumulate in silver)
YESTERDAY’S CONFIRMED VOLUME OF 236,657 CONTRACTS EQUATES to 1,118 million OZ 169%% OF ANNUAL GLOBAL PRODUCTION OF SILVER..makes sense!!
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
NPV for Sprott
1. Sprott silver fund (PSLV): NAV RISES TO -1.97% June 21/2019)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -1.96% to NAV (june 21/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -1.97%-/Sprott physical gold trust is back into NEGATIVE/
3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA):
NAV 13.69 TRADING 13.13/DISCOUNT 4.11
And now the Gold inventory at the GLD/
JUNE 21/WITH GOLD UP $ 2.90, NO CHANGE IN GOLD INVENTORY: INVENTORY RESTS AT: 764.10 TONNES
June 20/WITH GOLD UP $47.95, NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 764.10 TONNES
JUNE 19 WITH GOLD DOWN $1.65: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 764.10 TONES
JUNE 18/JUNE 18/WITH GOLD UP $7.60: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 764.10 TONNES
JUNE 17/WITH GOLD DOWN $1.65 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 764.10 TONNES
JUNE 14/ WITH GOLD UP $1.05 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 4.40 TONNES OF PAPER GOLD INTO THE GLD///INVENTORY RESTS AT 764.10 TONNES
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
JUNE 21/2019/ Inventory rests tonight at 764.10 tonnes
*IN LAST 615 TRADING DAYS: 169.66 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 515 TRADING DAYS: A NET 4.03TONNES HAVE NOW BEEN REMOVED FROM THE GLD INVENTORY.
Now the SLV Inventory/
JUNE 21/WITH SILVER DOWN 22 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.819 MILLION OZ//
JUNE 20/WITH SILVER UP 53 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.819 MILLION OZ/
JUNE 19/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 319.070 MILLION OZ/
JUNE 18 WITH SILVER UP 18 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 319.070 MILLION OZ
JUNE 17/WITH SILVER UP XXX CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.775 MILLION OZ//
JUNE 14/WITH SILVER DOWN 9 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.775 MILLION OZ/
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/
Inventory 319.819 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
6 Month MM GOFO 2.08/ and libor 6 month duration 2.22
Indicative gold forward offer rate for a 6 month duration/calculation:
G0LD LENDING RATE: + .14
12 Month MM GOFO
LIBOR FOR 12 MONTH DURATION: 2.16
GOFO = LIBOR – GOLD LENDING RATE
GOLD LENDING RATE = +.19
PHYSICAL GOLD/SILVER STORIES
Your early morning currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings FRIDAY morning 7:00 AM….
Euro/USA 1.1307 UP .0013 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 EXCEPT GERMAN DAX
USA/JAPAN YEN 107.51 UP 0.217 (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 1.2647 DOWN 0.0060 (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TO OCT 31/2019//
USA/CAN 1.3189 UP .0004 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)
Early THIS FRIDAY morning in Europe, the Euro ROSE BY 13 basis points, trading now ABOVE the important 1.08 level RISING to 1.1307 Last night Shanghai COMPOSITE CLOSED UP 14.86 POINTS OR 0.50%
//Hang Sang CLOSED DOWN 76.72 POINTS OR 0.27%
/AUSTRALIA CLOSED DOWN 0,50%// EUROPEAN BOURSES ALL GREEN EXCEPT GERMAN DAX
Trading from Europe and Asia
EUROPEAN BOURSES ALL GREEN EXCEPT GERMAN DAX
2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 76.72 POINTS OR 0.27%
/SHANGHAI CLOSED UP 14.86 POINTS OR 0.50%
Australia BOURSE CLOSED DOWN. 50%
Nikkei (Japan) CLOSED DOWN 204.22 POINTS OR 0.95%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 1394.25
Early FRIDAY morning USA 10 year bond yield: 2.03% !!! UP 0 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.
The 30 yr bond yield 2.54 UP 1 IN BASIS POINTS from THURSDAY night.
USA dollar index early MONDAY morning: 96.66 UP 3 CENT(S) from THURSDAY’s close.
This ends early morning numbers FRIDAY MORNING
And now your closing FRIDAY NUMBERS \12: 00 PM
Portuguese 10 year bond yield: 0.58% UP4 in basis point(s) yield from YESTERDAY/
JAPANESE BOND YIELD: -.16% UP 3 BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56
SPANISH 10 YR BOND YIELD: 0.44%//UP 2 in basis point yield from yesterday.
ITALIAN 10 YR BOND YIELD: 2.15 DOWN 0 points in basis points yield from yesterday./
the Italian 10 yr bond yield is trading 171 points higher than Spain.
GERMAN 10 YR BOND YIELD: RISES TO –.29% IN BASIS POINTS ON THE DAY//
THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 2.44% 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…
IMPORTANT CURRENCY CLOSES FOR FRIDAY
Closing currency crosses for FRIDAY night/USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1339 UP .0043 or 43 basis points
USA/Japan: 107.50 UP .198 OR YEN DOWN 20 basis points/
Great Britain/USA 1.2712 UP .0005 POUND UP 5 BASIS POINTS)
Canadian dollar DOWN 37 basis points to 1.3229
The USA/Yuan,CNY: AT 6.8685 0N SHORE (DOWN)..GETTING DANGEROUS
THE USA/YUAN OFFSHORE: 6.8693 (YUAN DOWN)..GETTING REALLY DANGEROUS
TURKISH LIRA: 5.8254 EXTREMELY DANGEROUS LEVEL/DEATH WISH.
the 10 yr Japanese bond yield closed at -.16%
Your closing 10 yr US bond yield UP 2 IN basis points from THURSDAY at 2.06 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.58 UP 4 in basis points on the day
Your closing USA dollar index, 96.50 DOWN 13 CENT(S) ON THE DAY/1.00 PM/
Your closing bourses for Europe and the Dow along with the USA dollar index closing and interest rates for FRIDAY: 12:00 PM
London: CLOSED DOWN 9.71 0.24%
German Dax : CLOSED DOWN 15.47 POINTS OR .13%
Paris Cac CLOSED DOWN 7.24 POINTS 0.13%
Spain IBEX CLOSED UP 18.70 POINTS or 0.20%
Italian MIB: CLOSED UP 27.19 POINTS OR 0.13%
WTI Oil price; 57.44 12:00 PM EST
Brent Oil: 65.14 12:00 EST
USA /RUSSIAN / ROUBLE RISES: 63.28 THE CROSS HIGHER BY 0.41 ROUBLES/DOLLAR (ROUBLE LOWER BY 41 BASIS PTS)
TODAY THE GERMAN YIELD RISES TO –.29 FOR THE 10 YR BOND 1.00 PM EST EST
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 : 57.62//
BRENT : 65.34
USA 10 YR BOND YIELD: … 2.06… VERY DEADLY//
USA 30 YR BOND YIELD: 2.59..VERY DEADLY/
EURO/USA 1.1368 ( UP 74 BASIS POINTS)
USA/JAPANESE YEN:107.34 UP .040 (YEN DOWN 4 BASIS POINTS/..
USA DOLLAR INDEX: 96.19 DOWN 44 cent(s)/
The British pound at 4 pm Britain Pound/USA:1.2741 UP 34 POINTS
the Turkish lira close: 5.8239
the Russian rouble 62.97 DOWN 0.11 Roubles against the uSA dollar.( DOWN 11 BASIS POINTS)
Canadian dollar: 1.3210 DOWN 25 BASIS pts
USA/CHINESE YUAN (CNY) : 6.8635 (ONSHORE)/we need to watch these levels/anything greater than 6.95 will be deadly./
USA/CHINESE YUAN(CNH): 6.8645 (OFFSHORE) we need to watch these levels/anything greater than 6.95 will be deadly/
German 10 yr bond yield at 5 pm: ,-0.29%
The Dow closed DOWN 34,11 POINTS OR 0.13%
NASDAQ closed DOWN 17.21 POINTS OR 0.13%
VOLATILITY INDEX: 15.37 CLOSED DOWN .62
LIBOR 3 MONTH DURATION: 2.343%//libor dropping like a stone
And now your more important USA stories which will influence the price of gold/silver
TRADING IN GRAPH FORM FOR THE DAY//
Desperate-Doves & Downed-Drones Spark Gold’s Best Week In 3 Years, Stocks & Bonds Gain
Gold!!! Dramatically outperforming since The Fed capitulated…
The market’s response to Powell’s promises this week… It’s Never Enough!!
Global stocks are pushing up near record highs once again (but BAML points out that consensus 12 month forward global EPS growth expectations has turned negative (-0.3%) for first time since Sept’16)
Big week in Chinese stocks with SHCOMP back above the crucial 3000 level (barely)…
Spain barely managed gains on the week (despite the world’s central banks all promising moar) but Italy outperformed…
Global negative-yielding debt exploded this week, now at a record $13 trillion market-value…
Not surprising with so much of European sovereign debt now trading below 0…
US equity markets love war, love dismal economic data, and love Fed promises of moar liquidity – that’s all there is really…Nasdaq outperformed, Trannies were the laggard but still managed decent gains.
Small Caps are unch post-Powell…
And today saw stocks peak at the European close and fade the rest of the day to all close red with Small Caps the biggest losers…weak close as quad witch volumes hit
Transactions on S&P 500 stocks spiked on the quadruple witching open, when options and futures on indexes and stocks expire.
“They amplify/exacerbate moves in the markets as institutions update large derivatives positions,” Russ Visch, a technical analyst with BMO Capital Markets.
“My general advice is to be wary of any outsized moves in quad expiry weeks because it may be nothing more than someone getting caught on the wrong side of a trade and/or unwinding a big position.”
S&P is on target for the best June since 1995
Intraday, markets surged on headlines that VP Pence would cancel his China-Bashing speech (which he already had) citing “progress” with China, but that was dismissed by Chinese media demanding all sanctions be dropped before talks could progress. Peter Navarro also took some of the shine off the week when he warned of no deal being a possibility at around 1400ET but that didn’t last long. Still, given that it was a quad witch, the pinning around unchanged today was notable and then an ugly close…
The Dow broke above the Jan 2018 high level that has been resistance since…
Will it hold?
Bank Stocks are at their weakest relative to the S&P since Sept 2016…
VIX decoupled from stocks today as – odd as it may seem – some investors decided to hedge…
Global bond yields are collapsing as global stocks soar back to record highs…
Treasury yields tumbled in the middle of the week…but rebounded notably today (on thin volumes) leaving 30Y underperforming – unchanged…
10Y Yields managed to scramble back above the crucial 2.00% level today as stocks were bid…
The yield curve steepened notably on the week (which is the signal for imminent recession as the curve shifts from deep inversion to steepness once again)…
Markets are now convinced 100% that The Fed will cut in July (22% chance of 50bps cut and 78% chance of 25bps)
The Dollar (DXY) suffered its worst week since Feb 2018 (down over 1%), dumping to its lowest weekly close since March …
But most notably, the dollar puked below its 200DMA… (this is the biggest penetration of the 200DMA since May 2017)
Yuan mirrored the USD, spiking to six-week highs before fading today…
Bloomberg’s Robert Fullem notes that Chinese iron ore prices are soaring but the Australian dollar isn’t, splintering their typical relationship.
Bitcoin surged this week, nearing the $10,000 Maginot Line…
Bitcoin futures did get above $10,000 however…
More notably, all September futures have already breached $10k on the crypto native platforms.
All the major cryptos gained (shrugging off any FacebookCoin angst)…
Ethereum surged late in the day, topping $295 for the first time since Sept 2018…
A weak dollar and safe-haven flows from Iran sent all commodities higher this week…
Oil surged this week on Iran tensions, jumping 9.5% – the best weekly gain since Dec 2016 (Trump election reflation euphoria)…
Gold is up for the 5th week in a row, topping $1400 with its best week since April 2016, pushing to its highest since Sept 2013…
As Bloomberg’s Ye Xie notes, Gold and real-yields have never been as tightly bound as they are now. That probably means the metal’s rally has squeezed as much as it can from the bond market, which has priced in a fair amount of rate cuts. For bullion to climb further, it’ll need help from the dollar. The 30-day correlation between rates on five-year linkers and gold prices reached -0.79 this week. That’s even tighter than during the global financial crisis. The post-crisis average is -0.3.
The stronger correlation means that buying gold is essentially buying inflation-linked bonds. It’s a bet that real yields will keep falling, which increases the appeal of assets that don’t offer yield. But without a weakening dollar, there’s a limit to the gold rally.
Finally, some chart food for thought…
It’s all about Fun-Durr-Mentals…
Stocks are Cheap…
How expensive are equities? Price/tangible book at 10.8x is nearly double the historical norm, a record high that is 24% above the dotcom bubble peak and represents a 3 SD event. In a word – froth.
Because all that matters is central-bank-liquidity…
i) Market trading/
Not good: USA Mfg PMI plunges to a 10 yr low and not only that but the generally stronger service PMI has the hope sector, the lowest on record
US Manufacturing PMI Plunges To 10-Year Lows, Services ‘Hope’ Lowest On Record
Following (slightly) better-than-expected European PMIs, expectations for US PMIs was for some stabilization after May’s collapse but they did not.
Both preliminary Manufacturing and Services PMIs for June dropped further, edging closer to contraction:
Flash U.S. Composite Output Index at 50.6 (50.9 in May). 40-month low.
- Flash U.S. Services Business Activity Index at 50.7 (50.9 in May). 40-month low.
- Flash U.S. Services PMI Business expectations fall to 57.8 – the lowest reading on record
- Flash U.S. Manufacturing PMI at 50.1 (50.5 in May). 117-month low.
- Flash U.S. Manufacturing Output Index at 50.2 (50.7 in May). 37-month low.
Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at IHS Markit said:
“Recent months have seen a manufacturing-led downturn increasingly infect the service sector.The strong services economy seen earlier in the year has buckled to show barely any expansion in June, recording the second-weakest monthly growth since the global financial crisis.
“Business optimism has also become more subdued, with sentiment about the year ahead down to a new series low amid intensifying worries about tariffs, geopolitical risk and slower economic growth in the months ahead.
“The labor market is also showing signs of weakening. The survey data for June indicate nonfarm payroll growth of 140k,averageing 150k in the second quarter after a 200k signal for the first three months of the year .
“Prices for goods and services meanwhile rose at a slightly increased rate in June, mainly due to tariffs. To illustrate, some two-thirds of all manufacturers attributed some or all of their raw material cost increases to tariffs during the month. However, the inflationary impact of tariffs was offset by a broader softening of demand, which reduced suppliers’ pricing power. The overall rate of input cost inflation in manufacturing eased to a two-year low, while average selling prices for goods and services showed one of the smallest rises seen since late2016.”
Finally, Williamson notes:
“Business activity edged closer to stagnation in June, expanding at the slowest rate since February 2016 and rounding off a second quarter in which the survey data point to the pace of economic expansion slipping to 1.4%.
So, 50bps rate cut in July?
Existing Home Sales Tumble YoY For 15th Month – Worst Run Since Housing Crisis
After April’s disappointing drop in all segments of the home-sales data, existing home sales were expected to rebound (again) in May and surprised modestly to the upside.
Existing home sales rose 2.5% MoM to 5.34mm in May (and saw a modest upward revision in April)
However, existing home sales have declined on a YoY basis for 15 straight months…
Home purchases advanced across all four regions, led by a 4.7% rise in the Northeast.
First time buyers accounted for 32% of sales nationally, unchanged from the prior month.
Finally, we note that the recent drop in existing home sales suggests a lagged response in mortgage purchase applications… even with rates collapsing…
As lower rates have apparently sparked a surge in prices as median home prices to a new record $277,700 – with a 4.8% YoY surge – the biggest spike since Aug 2018.
“The purchasing power to buy a home has been bolstered by falling mortgage rates, and buyers are responding,” NAR Chief Economist Lawrence Yun said in a statement.
As Bloomberg notes, recent housing data have offered a mixed picture on the market, with housing starts falling from an April reading that was stronger than initially reported. Homebuilder sentiment deteriorated in June for the first time this year while permits gained, signaling a more robust pipeline of properties.
iii)USA ECONOMIC/GENERAL STORIES
Interesting: Trump says that the Dept of Justice is investigating whether Obama tapped his phone
Trump Says DOJ Investigating Whether Obama Tapped His Phone
President Trump on Wednesday said that DOJ investigators are probing whether the Obama administration secretly monitored his telephone communications – a possibility he referred to as “the ultimate,” according to Fox News.
“The fact is, they were spying on my campaign, using intelligence agencies to do it. … We’re trying to figure out whether they listened to my calls. That would be the ultimate. We’ll see what happens. If that happens, we’ll probably find out. If they spied on my campaign and they may have, it will be one of the great revelations in history of this country. It will be very interesting. I think we’re gonna find out,” said Trump.
Appearing on Hannity, Trump covered a wide range of subjects related to the 2016 election.
“Take a look at Ukraine,” Trump said, possibly in reference to a Wednesday article by The Hill‘s John Solomon claiming the FBI knew that Paul Manafort’s so-called “Black Ledger” was likely bogus – yet used it anyway to obtain a search warrant on the former Trump campaign manager.
A Ukrainian court ruled in December that senior officials meddled in the 2016 US election when they revealed the alleged existence of the Black Ledger, while in 2017 Politico reported that Ukrainian officials hated Trump – working behind the scenes to try and secure a victory for Hillary Clinton.
Trump told Hannity the episode was hardly surprising, given that the Hillary Clinton campaign and Democratic National Committee (DNC), through the firm Fusion GPS, funded British ex-spy Christopher Steele’s creation of an unverified and largely discredited dossier. The FBI went on to cite the dossier in secret Foreign Intelligence Surveillance Act (FISA) court applications to surveil former Trump aide Carter Page.
“I think it’s a disgrace,” Trump said.
Numerous issues with the Steele dossier’s reliability have surfaced, including several that were brought to the FBI’s attention before it cited the dossier in its FISA application and subsequent renewals. Mueller’s report made plain, for example, that former Trump attorney Michael Cohen did not travel to Prague to conspire with Russian hackers seeking to access Democrat files, as the dossier alleged. –Fox News
So the FBI reportedly knew that both the Steele Dossier and the Black Ledger were dubious accounts – yet used them anyway in violation of FBI policy.
Meanwhile, Trump railed against Congressional Democrats for putting his former communication adviser Hope Hicks “through hell” as she testified in a closed-door session on Capitol Hill earlier Wednesday.
“What’s happened to the Democrats — and in the meantime, they’re not doing any work in Congress,” Trump told Sean Hannity, calling the party “unhinged.”
“They’re not allowed to do that. It’s probably illegal,” Trump said, referring to the leaked pictures of Hicks.Some Democrats complained that Hicks, in her appearance before the House Judiciary Committee, was ordered by the White House to stay quiet about her time as an aide to Trump, citing legal privileges. –Fox News
E)SWAMP STORIES/MAJOR STORIES//THE KING REPORT
After we transmitted our letter on Wednesday night, gold went berserk, rallying as much as 2.5% (to 1394.91) in Singapore. Comex gold futures surged 3.6%, the highest level since September 2013.
Gold has been in a 7.75-year consolidation of its move from $251.95 on August 31, 1999 to $1921.15 on September 30, 2011. It is now breaking out to the upside.
Trump’s attack on Draghi for currency manipulation forced complacent investors and imprudent academics, particularly the over-educated dupes at the Fed, to understand that currency debasement is a primary weapon in trade wars.
Die Welt’s @Schuldensuehner: Looks like the start of a currency war. Euro dropped after dovish Draghi and jumped after dovish Powell. Now trades >$1.13.
WSJ Fed conduit @NickTimiraos: Rich Clarida in 2016: “[I]n a world of global capital flows there will be a limit to how far US rates can diverge from global interest rates without triggering volatility in markets and a much stronger dollar that reduces exports.”
World Looms Large in Fed Rate Plans
Fed is world’s de facto central bank and world seems to be in trouble
Like it or not, the Federal Reserve is the world’s central bank. Thus, the Fed is now signaling it will likely cut rates in coming months, not because the U.S. is headed into recession, but because shadows are growing over the rest of the world… https://www.wsj.com/articles/world-looms-large-in-fed-rate-plans-11561023003
BoJ’s Kuroda says extra stimulus an option to boost inflation
Japan’s central bank stands pats as economy is losing momentum
The BOJ board voted 7-2 to keep its ultra-easy monetary policy program in place, including increasing its holdings of Japanese government bonds at an annual pace of 80 trillion yen ($738 billion). Short-term interest rates were kept at minus 0.1% while long-term interest rates were guided to around 0%…
The Bank of England’s MPC voted unanimously to keep its benchmark rate at 0.75%.
Sven Henrich @NorthmanTrader: Can we just skip to the part when central banks own all stocks, the top 1% own all land, and MMT governments print guaranteed incomes for the rest so they can play Fortnite 35 while AI bots drone deliver burgers and toys to their 3D printed homes?
@NorthmanTrader: Fun historic fact: Every single time the Fed cut rates when unemployment was below 4% a recession immediately ensued & unemployment shot to 6%-7%. Again: Every. single. time.
We’ve said it before and we must reiterate it now. Central banks can get away with promiscuous monetary schemes until gold and then bonds revolt.
Gold is now in revolution against central banks. Historically, bonds eventually align with gold. However, central banks and governments have cornered the bond market. Gold might have to carry the pitchforks and torches by itself for quite some time.
Gold is telling the world that a critical mass of investors is allocating central bank liquidity to gold because the liquidity is unlikely to be economically effective. This means financial assets, including currencies, are over-valued and too risky.
Like any bull market, psychology and momentum build and become self-reinforcing. Soros calls it ‘reflexivity’. Bullishness begets more bullishness ad infinitum and also alters psychology about fundamental issues. As the trend builds, humans manufacture reasons to be bullish and eventually irrationally exuberant (excess global savings, Mexico turning the corner, .com mania, yada, yada, yada).
When gold is in a robust rally, pundits and the financial media have to produce fundamental reasons for the move. Inevitably with gold, it is lack of confidence in, take your pick: forex, bonds, central banks, politicians, the world or all of the above. The Street and media will create the self-reinforcing loop.
Central banks and Keynesian politicians have always detested gold because it can usurp their scams. It is also why central banks and sovereigns have engaged in gold rigging schemes to the downside for decades. They will do it again in the coming weeks and months – because they have no choice.
For years, Street denizens have asked the question: What is the end game for central banks after 10 years of record promiscuity? The Fed and (probably) the PBoC tried to exit the QE roach motel. They were unable to do so. Gold, and possibly bonds, will be the major factors in the end game.
It is far too early to guess if or when bonds will join gold in the revolt. The longer that central banks maintain their bond corner, the higher gold should go and the worse the end game should be.
The vision of more QE and even lower or more negative rates forced the known world to exit cash on Friday. Gold roared, the S&P 500 Index hit an all-time high, commodities soared and bonds rallied a tad.
Obviously, today’s options and futures’ expiration aided and abetted the equity rally on Thursday.
BBG: China National Gold Said to Weigh Bid for Canada’s IAMGOLD Corp. [The AU rush in on]
@boes_: December 2021 eurodollar yield at 1.58% today is lowest since July 2016. 9 bps away from the record low set that month of 1.49%
With all major central banks in or near panic pumping mode, the US-China trade talks are now the major dynamic for stocks. We have opined numerous times over the past several months that any US-China trade deal should generate a significant peak for stocks. No deal should provoke a serious decline.
China’s Xi Jinping arrives in North Korea on a visit ‘big on symbolism’
China’s President Xi Jinping arrived in Pyongyang on Thursday morning for a state visit to North Korea — the first by a Chinese state leader in 14 years…
China’s leaders have avoided visiting North Korea for 14 years in order to obfuscate the fact that China largely runs North Korea like one of its provinces. With critical US trade talks about to commence, China and NoKo must coordinate strategy, tactics and message.
Iran warns ‘it’s ready for war’ after shooting down US drone as Middle East tensions rise
@AP: US official tells AP that US drone was shot down by an Iranian missile in international airspace over Strait of Hormuz
The drone downing is the latest Iranian provocation. US sanctions are crippling Iran and fomenting unrest among its citizens. Ergo, Iranian officials are trying to provoke the US to strike them.
US Sec of State @SecPompeo: We’ve imposed the toughest sanctions ever on the Iranian regime. Our pressure is working. We’ll continue this line of effort to convince Iran not to move forward with their nuclear program, development of missiles, & the other malign activities they’ve been engaged in globally.
Truckers warn of a ‘bloodbath’ as trucking companies go bankrupt and slash profit expectations
Freight rates have dipped year over year for six months straight… Loads on the spot market, in which retailers and manufacturers buy trucking capacity as they need it, rather than through a contract, have fallen by a chilling 62.6% in May year over year… [This is an excellent economic indicator.]
“Global trade has slowed in recent months and leading indicators point to ongoing deceleration in global trade near-term,” Alan Graf, FedEx’s chief financial officer and executive vice president, said in a December report… “Because trucking participates in all phases of manufacturing, it increases as manufacturing starts to ramp up, giving it leading indication on economic growth,” Steve Tam, the vice president at ACT Research, told Business Insider.
Japan has more people over the age of 80 than under the age of 10
Socialist programs, like Social Security, are Ponzi Schemes that rely on an increasing number of people paying in to offset those receiving benefits. Low, let alone declining birth rates, dooms these schemes.
@TruthGundlach: Moment of truth for DXY [Dollar Index]. Closed today right on top of 9 month uptrend and just above 200-day MA. And gold broke out above its huge base.
Today – ESUs peaked an hour before the NYSE open yesterday. This number is today’s upside target. If ESUs close below the 2964.50 peak, it would suggest that a retrenchment for stocks is due. The reason that the S&P 500 Index is the only major index that closed at an all-time high is the upward expiry pressure and manipulation of the expiry SPY options and the calls on the S&P 500 Index futures.
@BBCWorld: Biden refuses to apologise for working with racist senators
It is the ugliest row so far in this Democratic race for the White House… Mr Biden fondly recalled his working relationship after joining the Senate in the 1970s with two southern Democratic senators, Mississippi’s James Eastland and Georgia’s Senator Herman Talmadge. Mr Biden, 76, said at a fundraiser in New York City that Talmadge had called him “son” but never “boy”, referring to how racist whites addressed black men at the time. But some of his rivals among more than 20 Democratic candidates in the 2020 field – including black senators Cory Booker and Kamala Harris – pounced on his remarks, demanding he apologise… https://www.bbc.com/news/world-us-canada-48696126?ocid=socialflow_twitter
ABC: Biden sidesteps questions about his son’s foreign business dealings but promises ethics pledge
More than once, after his father engaged in diplomacy on behalf of the United States in foreign countries, Hunter Biden conducted business in the same country…
The ethics pledge follows renewed questions about a pair of overseas business opportunities involving Hunter Biden – one in Ukraine, another in China – that already have begun to generate political attacks from Joe Biden’s conservative critics. Ethics experts interviewed by ABC News said these are legitimate questions about possible past and future conflicts of interest…
GOP strategist @Surabees: In fairness to Joe, having to explain how his son ended up with 1.5 billion dollars from China while he was VP would be a nearly impossible job for anyone.
@GeorgePapa19: Joe Biden was trying to get in on some energy deals in Cyprus illicitly. He was muscling officials there during his only trip to the island as VP. He’s not just Shanghai Joe, or sleepy Joe, he’s the most corrupt guy running for the office.
Yesterday, Biden attacked Trump’s Iran policy. This invites renewed scrutiny of Obama’s shipment of pallets of cash ($1.7B) to Iran in the darkness of night that went down like an illicit payoff.
Rod Rosenstein Penned Mysterious Third ‘Scope Memo’ For Robert Mueller
Dated October 20, 2017, its contents remain a secret. But its very existence suggests something was going on behind the scenes in the relationship of Mueller and his supervisors at the Justice Department…
Some pundits believe that a high official or two that were involved in Spygate pressured Rosenstein to engage in untoward action by holding his proposal to covertly tape Trump over Rod’s head.
Rep. Devin Nunes believes Rosenstein Scope Memos were “CYA memos” to extend Mueller’s investigation beyond Russia collusion.
The San Joaquin Valley Sun @SJVSun: Following the lead of Richmond, Sacramento and Stockton, a new proposal would have @CityofFresno pay violent criminals to refrain from shootings or other violent acts. [We have to buy more gold. The end is near!]
Let us close out the week with this offering courtesy of Greg Hunter of USAWatchdog
(courtesy Greg Hunter)
Iran Drone Crisis, Illegals Removed, Pretend Economy
By Greg Hunter on June 21, 2019
Iran shot down an American surveillance drone. Iran says it was in its airspace. The U.S. says it was over the Strait of Hormuz in international airspace. Is America going to go to war over an unmanned drone? There are many on both sides that want war and probably equally as many who don’t. Trump is calling it a big mistake.
President Trump has instructed DHS to start removing millions of illegal aliens. The Left is up in arms about removing what some say are simply illegal voters to help them win in 2020. Is this a way Trump is going to fight massive illegal alien voter fraud? Looks like it.
America and the global economy has been propped up ever since the Great Recession of 2008. Now, the economy looks to be slipping, and the elite are starting money printing and rate cutting all over again. Is it going to work again? Rising prices in the gold and silver market are signaling no.
Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up.
Well that about does it for tonight
I will see you on MONDAY night