JULY 23/GOLD DOWN $5.25 TO $1421.35 BUT SILVER RESISTS THE ATTACK BY CLIMBING 5 CENTS TO $16.43//BORIS JOHNSON IS THE NEW UK PRIME MINISTER//JUDICIAL WATCH ISSUES CRIMINAL COMPLAINT AGAINST OMAR//LOTS OF SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1421.35  DOWN $5.25 (COMEX TO COMEX CLOSING)

 

 

 

Silver$16.43 UP 5 CENTS  (COMEX TO COMEX CLOSING)//

 

 

 

 

 

 

 

 

 

 

Closing access prices:

 

 

Gold : $1417.25

 

silver:  $16.39

 

YOUR DATA…

 

COMEX DATA

we are coming very close to a commercial failure!!

 

 

 

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

today RECEIVING 1/1

EXCHANGE: COMEX
CONTRACT: JULY 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,425.300000000 USD
INTENT DATE: 07/22/2019 DELIVERY DATE: 07/24/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
661 C JP MORGAN 1
737 C ADVANTAGE 1
____________________________________________________________________________________________

TOTAL: 1 1
MONTH TO DATE: 941

NUMBER OF NOTICES FILED TODAY FOR  JULY CONTRACT: 1 NOTICE(S) FOR 100 OZ (0.00315 tonnes

TOTAL NUMBER OF NOTICES FILED SO FAR:  941 NOTICES FOR 94100 OZ  (2.9269 TONNES)

 

 

 

SILVER

 

FOR JULY

 

 

293 NOTICE(S) FILED TODAY FOR 1,465,000  OZ/

 

total number of notices filed so far this month: 4302 for   21,510,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE :  $ down 286 

 

 

 

Bitcoin: FINAL EVENING TRADE: $ down 191

 

 

 

 

COMEX DATA

we are coming very close to a commercial failure!!

 

 

 

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

today RECEIVING 1/1

EXCHANGE: COMEX
CONTRACT: JULY 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,425.300000000 USD
INTENT DATE: 07/22/2019 DELIVERY DATE: 07/24/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
661 C JP MORGAN 1
737 C ADVANTAGE 1
____________________________________________________________________________________________

TOTAL: 1 1
MONTH TO DATE: 941

NUMBER OF NOTICES FILED TODAY FOR  JULY CONTRACT: 1 NOTICE(S) FOR 100 OZ (0.00315 tonnes

TOTAL NUMBER OF NOTICES FILED SO FAR:  941 NOTICES FOR 94100 OZ  (2.9269 TONNES)

 

 

 

SILVER

 

FOR JULY

 

 

293 NOTICE(S) FILED TODAY FOR 1,465,000  OZ/

 

total number of notices filed so far this month: 4302 for   21,510,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

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IN SILVER THE COMEX OI ROSE BY A CONSIDERABLE  SIZED 2247 CONTRACTS FROM 230,630 UP TO 232,877 WITH THE 21 CENT GAIN IN SILVER PRICING AT THE COMEX.

TODAY WE ARRIVED CLOSER TO  AUGUST’S 2018  RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS.

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

0 FOR JULY. 0 FOR AUGUST, 1507 FOR SEPT, AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1507 CONTRACTS. WITH THE TRANSFER OF 1507 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 1507 EFP CONTRACTS TRANSLATES INTO 7.535 MILLION OZ  ACCOMPANYING:

1.THE 21 CENT GAIN IN SILVER PRICE AT THE COMEX AND

2. THE STRONG AMOUNT OF SILVER OUNCES WHICH STOOD FOR DELIVERY IN THE LAST 12 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.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.040 MILLION OZ INITIAL STANDING FOR JULY

 

WE HAD CONSIDERABLE COVERING OF SHORTS AT THE SILVER COMEX FRIDAY ..AND ZERO SPREADING ACCUMULATION.

 

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

28,270 CONTRACTS (FOR 15 TRADING DAYS TOTAL 28,270 CONTRACTS) OR 141.350 MILLION OZ: (AVERAGE PER DAY: 1884 CONTRACTS OR 9.423 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JULY:  141.350 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 17.49% 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:          1298.55   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

JUNE 2019 , TOTAL EFP ISSUANCE:                                               265.38 MILLION OZ

RESULT: WE HAD A CONSIDERABLE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2247, WITH THE 21 CENT GAIN IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A  HUGE SIZED EFP ISSUANCE OF 1507 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) .

 

TODAY WE GAINED A STRONG  SIZED: 3574 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 1507 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH INCREASE OF 2247  OI COMEX CONTRACTS. AND ALL OF THIS  DEMAND HAPPENED WITH A 21 CENT GAIN IN PRICE OF SILVER AND A CLOSING PRICE OF $16.38 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. 1.165 BILLION OZ TO BE EXACT or 167% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MARCH MONTH/ THEY FILED AT THE COMEX: 293 NOTICE(S) FOR 1465,000 OZ OF SILVER

IN SILVER,PRIOR TO TODAY, WE  SET THE NEW COMEX RECORD OF OPEN INTEREST AT 243,411 CONTRACTS ON APRIL 9.2018 AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51.  

AND NOW WE RECORD FOR POSTERITY ANOTHER ALL TIME RECORD OPEN INTEREST AT THE COMEX OF 244,196 CONTRACTS ON AUGUST 22/2018 AND AGAIN WHEN THIS RECORD WAS SET, THE PRICE OF SILVER WAS $14.78 AND LOWER IN PRICE THAN PREVIOUS RECORDS.

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

  1. HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY  (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ  MAY: 36.285 MILLION OZ ; JUNE/2018  (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ   )  FOR AUGUST 6.065 MILLION OZ. , SEPT:  A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz  NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ   JANUARY AT  5.825 MILLION OZ.AND FEB 2019:  2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/  APRIL AT 3.875 MILLION OZ/ A MAY:  18.845 MILLION OZ ..JUNE 2.660 MILLION OZ//JULY 22.040 MILLION OZ
  2. HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018:  244,196 CONTRACTS,  WITH A SILVER PRICE OF $14.78.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
  4. RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

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

.

 

IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED 507 CONTRACTS, TO 632,506 ACCOMPANYING THE  $0.85 PRICING GAIN WITH RESPECT TO COMEX GOLD PRICING YESTERDAY// /THE SPREADING ACCUMULATION HAS STOPPED AND MOST LIKELY THE SIGNAL WAS GIVEN TO LIQUIDATE SOME OF THOSE CONTRACTS FOR GOLD AS WE ARE APPROACHING FIRST DAY NOTICE NEXT WEEK.

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A STRONG SIZED 6315 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 0 CONTRACTS, AUGUST 2019: 6315 CONTRACTS, DEC>  0 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 632,506,.  ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A STRONG SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5808 CONTRACTS: 507 CONTRACTS DECREASED AT THE COMEX  AND 6315 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 5808 CONTRACTS OR 580,800 OZ OR 18.06 TONNES.  YESTERDAY WE HAD A SMALL GAIN OF $0.85 IN GOLD TRADING….AND WITH THAT SMALL GAIN IN  PRICE, WE HAD A STRONG GAIN IN GOLD TONNAGE OF 18.06  TONNES!!!!!! THE BANKERS WERE SUPPLYING INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER.

 

WITH RESPECT TO SPREADING:  WE HAVE NOW WITNESSED THE MORPHING OF OUR SPREADERS OUT OF SILVER AND INTO GOLD AS THE JULY MONTH PROCEEDS INTO THE ACTIVE DELIVERY MONTH OF AUGUST. 

 

 

 

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

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

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 JULY 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 (AUGUST), 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.” 

IT SEEMS THAT THE SIGNAL WAS GIVEN TO START THEIR LIQUIDATION RIGHT ON TIME, ONE WEEK PRIOR TO FIRST DAY NOTICE……

 

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JULY : 137,057 CONTRACTS OR 13,705,700 oz OR 426.30 TONNES (14 TRADING DAY AND THUS AVERAGING: 9338 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 15 TRADING DAY IN  TONNES: 426.30 TONNES

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

THUS EFP TRANSFERS REPRESENTS 426.30/3550 x 100% TONNES =12.00% OF GLOBAL ANNUAL PRODUCTION

 

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     3464.11  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

JUNE 2019 TOTAL ISSUANCE:                   642.22 TONNES

 

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL 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 TINY SIZED DECREASE IN OI AT THE COMEX OF 507 WITH THE SMALL PRICING GAIN THAT GOLD UNDERTOOK YESTERDAY($0.85)) //.WE ALSO HAD  A STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 6315 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 6315 EFP CONTRACTS ISSUED, WE  HAD A STRONG SIZED GAIN OF 5808 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

6350 CONTRACTS MOVE TO LONDON AND 507 CONTRACTS DECREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 18.06 TONNES). ..AND THIS HUGE INCREASE OF  DEMAND OCCURRED ACCOMPANYING THE TINY GAIN IN PRICE OF $0.85 WITH RESPECT TO YESTERDAY’S TRADING AT THE COMEX. WE HAS NOW STOPPED WITH SPREADING ACCUMULATION IN GOLD AS WE NOW ENTER THE LIQUIDATION PHASE OF THE SPREADING ACTIVITY/ THIS ACTIVITY SURELY HAD AN EFFECT ON PRICE YESTERDAY

 

 

 

we had:  19 notice(s) filed upon for 1900 oz of gold at the Comex.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD...

WITH GOLD DOWN $5.25 TODAY// 

NO CHANGES IN GOLD INVENTORY AT THE GLD TODAY.

 

 

 

INVENTORY RESTS AT 825.18 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 5 CENTS TODAY:  THE FRAUD CONTINUES

 

ANOTHER BIG CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER DEPOSIT OF 2.221 MILLION OZ ADDED INTO THE GLD

 

 

 

/INVENTORY RESTS AT 357.698 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 CONSIDERABLE SIZED 2247 CONTRACTS from 230,630 UP TO 232,877 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 LIQUIDATION OF OPEN INTEREST CONTRACTS 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 JULY: 0 CONTRACTS FOR AUGUST: 0, FOR SEPT. 2564  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2564 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 2247  CONTRACTS TO THE 1507 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN AN STRONG GAIN OF 3754 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 9.784 MILLION OZ!!! AND YET WE ALSO HAVE A STRONG DEMAND FOR PHYSICAL AS WE WITNESSED A FINAL STANDING OF GREATER THAN 30 MILLION OZ FOR JULY, A STRONG 7.475 MILLION OZ FOR AUGUST..  A HUGE 39.505  MILLION OZ  STANDING FOR SILVER IN SEPTEMBER… OVER 2 million  OZ STANDING FOR THE NON ACTIVE MONTH OF OCTOBER.,  7.440 MILLION OZ FINALLY STANDING IN NOVEMBER.  21.925 MILLION OZ STANDING IN DECEMBER , 5.845 MILLION OZ STANDING IN JANUARY. 2.955 MILLION OZ STANDING IN FEBRUARY,  27.120 MILLION OZ FOR MARCH., 3.875 MILLION OZ FOR APRIL  18.765 MILLION OZ FOR MAY  NOW 2.660 MILLION OZ FOR JUNE WITH JULY AT 22.040 MILLION OZ STANDING SO FAR.

 

 

RESULT: A CONSIDERABLE SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 21 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A STRONG SIZED 1507 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)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 12.97 POINTS OR 0.45%  //Hang Sang CLOSED UP 95.22 POINTS OR 0.34%   /The Nikkei closed UP 204.09 POINTS OR 0.95%//Australia’s all ordinaires CLOSED UP .46%

/Chinese yuan (ONSHORE) closed UP  at 6.8794 /Oil DOWN TO 55.85 dollars per barrel for WTI and 62.83 for Brent. Stocks in Europe OPENED  GREEN//  ONSHORE YUAN CLOSED UP // LAST AT 6.8794 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.8810 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3A//NORTH KOREA/ SOUTH KOREA

i)NORTH KOREA/HUAWEI

Leaked documents expose Huawei’s role in building North Korea’s wireless network

(zerohedge)

ii)SOUTH KOREA

Dangerous:  South Korean fighters fire upon a Russian jet that infiltrated in South Korean air space
(zerohedge)

3b) REPORT ON JAPAN

 

4/EUROPEAN AFFAIRS

a)Boris Johnson wins the Tory leadership and will become Prime Minister tomorrow

(zerohedge)

b)Europe and global interest move moves discussed by Michael Every of Rabobank

(courtesy Michael Every/Rabobank)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)This is how the UK fell for the USA trap when it seized an Iranian ship on July 4.  We are now in an “eye for an eye” confrontation

(Mish Shedlock/Mishtalk)

ii)Trump now gives the impression that he is OK with a war against Iran as they are very bad actors and the no one sponsor of terror on the planet

(zerohedge)

6.Global Issues

This should be a solid indicator of problems surfacing throughout the globe due to lack of growth: Nissan is slashing over 10,000 jobs globally and 7% of its entire workforce.

(zerohedge)

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

9. PHYSICAL MARKETS

Bill Murphy describes the extra ordinary pattern for silver trading

(zerohedge)

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

a)A clear sign that the USA economy is faltering with the major cause being the collapse in Europe/Asia

(zerohedge)

b)Another good sign showing that the USA economy is shrinking fast;  the Richmond Mfg index unexpectedly crashes to its lowest level in 6 years.

(zerohedge)

iii) Important USA Economic Stories

a)Trump announces a huge two year budget deal with massive military and domestic spending increases.  The debt ceiling is raised

(zerohedge)

 

iv) Swamp commentaries)

a)The Dept of Justice tells Mueller to remain within the boundaries of his report when questions are asked by the Democrats.  However certain questions posed by the Republicans will be fair game.

(zerohedge)

b)The truth by the hacking that it was not Russian hacking.

(courtesy Ray McGovern//ConsortiumNews.com

c)Tom Fitton of  Judicial Watch files a complaint against Omar accusing her of immigration fraud, tax fraud and Student loan fraud.  The evidence is overwhelming

(zerohedge)

d)Anarchy on the streets of NY and de Blasio thinks he is capable of running the country?

(zerohedge)

e)This is big!! Weissman approaches a Ukrainian oligarch Firtash who was charged in a 2014 for a crime dealing withcorruption and bribery in his dealings with India.  Weismann who was desperate for anything on Trump was willing to drop all charges if he could provide dirt on Trump.  Firtash refused

 

(zerohedge/John Solomon)

v) King report/Courtesy of Chris Powell of GATA which includes the major swamp stories.

 

LET US BEGIN:

 

 

Let us head over to the comex:

 

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A SMALL SIZED 507 CONTRACTS TO A LEVEL OF 632,506 ACCOMPANYING THE TINY GAIN OF $0.85 IN GOLD PRICING WITH RESPECT TO YESTERDAY’S // COMEX TRADING)

WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF JULY..  THE CME REPORTS THAT THE BANKERS ISSUED STRONG SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 6315 EFP CONTRACTS WERE ISSUED:

 FOR AUGUST; 6315 CONTRACTS: DEC: 0   AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  6315 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: 5,808 TOTAL CONTRACTS IN THAT 6315 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOSTA TINY SIZED 507 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 ::  5808 CONTRACTS OR 580,800 OZ OR 18.06 TONNES.

 

We are now in the NON  active contract month of JULY and here the open interest stands at 9 CONTRACTS as we LOST 18 contract.  We had 19 notices filed yesterday so we surprisingly  gained 1 contracts or 100 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. We usually witness queue jumping in silver immediately after first day notice but not gold.  We again witness queue jumping in the comex gold arena. The next big active month for deliverable gold is August and here the OI FELL by a 13,961 contracts DOWN to 276,220. The next non active month is September and here the OI rose by 268 contracts up to 1306.  The next active delivery month is October and here the OI rose by 2311 contracts up to 28,276.

 

 

 

TODAY’S NOTICES FILED:

WE HAD 1 NOTICES FILED TODAY AT THE COMEX FOR  100 OZ. (0.00315 TONNES)

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now for the wild silver comex results.

Total COMEX silver OI ROSE BY A CONSIDERABLE SIZED 2247 CONTRACTS FROM 230,630 UP TO 232,877 (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 CONSIDERABLE  OI COMEX GAIN OCCURRED WITH A 21 CENT GAIN IN PRICING.//YESTERDAY.

 

 

WE ARE NOW INTO THE ACTIVE DELIVERY MONTH OF JULY.  HERE WE HAVE 399 OPEN INTEREST STAND FOR DELIVERY WITH A GAIN OF 77 CONTRACTS.  WE HAD 61 NOTICES FILED YESTERDAY SO WE GAINED UN UNBELIEVABLE 138 CONTRACTS OR AN ADDITIONAL 690,000 OZ OF SILVER WILL 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 THEY ARE SUCCESSFUL IN OBTAINING PHYSICAL METAL ON THIS SIDE OF THE POND. REGARDLESS OF THE MATTER, SOMEONE IS BADLY IN NEED OF PHYSICAL METAL.  AFTER JULY WE HAVE THE NON ACTIVE MONTH OF AUGUST AND HERE WE GAINED 14 CONTRACTS UP TO 1156.  THE NEXT BIG ACTIVE DELIVERY MONTH AFTER AUGUST IS SEPT AND HERE THE OI ROSE BY 1521 CONTRACTS UP TO 160,025 CONTRACTS.

 

 

 

 

TODAY’S NUMBER OF NOTICES FILED:

 

We, today, had 293 notice(s) filed for 1,465,000 OZ for the JULY, 2019 COMEX contract for silver

 

 

Trading Volumes on the COMEX TODAY: 439,652  CONTRACTS 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  295,859  contracts

 

 

 

 

 

INITIAL standings for  JULY/GOLD

JULY 23/2019

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

 

 

 

 

Deposits to the Customer Inventory, in oz  

nil

 

No of oz served (contracts) today
1 notice(s)
 100 OZ
(0.00315 TONNES)
No of oz to be served (notices)
8 contracts
(800 oz)
0.0311 TONNES
Total monthly oz gold served (contracts) so far this month
941 notices
94100 OZ
2.9269 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:  zero

 

 

 

total gold deposits: nil  oz

 

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

we had 0 gold withdrawal from the customer account:

 

 

 

total gold withdrawals; nil  oz

 

 

 we had 3 adjustments today and all are settlements:
i) Out of Brinks: 295.75 oz was adjusted from the dealer Brinks into the customer Brinks
ii) out of JPMorgan:  97.455 oz was adjusted from the dealer JPMorgan into the customer JPM
iii) out of Manfra: 100.29 oz was adjusted from the dealer Manfra to the customer Manfra

FOR THE JULY 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 1 contract(s) of which 1 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid  (Goldman Sachs)

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the INITIAL total number of gold ounces standing for the JULY /2019. contract month, we take the total number of notices filed so far for the month (941) x 100 oz , to which we add the difference between the open interest for the front month of  JULY. (9 contract) minus the number of notices served upon today (1 x 100 oz per contract) equals 94,900 OZ OR 2.9517 TONNES) the number of ounces standing in this NON active month of JULY

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

No of notices served (941 x 100 oz)  + (9)OI for the front month minus the number of notices served upon today (1 x 100 oz )which equals 94,900 oz standing OR 2.9517 TONNES in this  active delivery month of JULY.

We GAINED 1 contracts or an additional 100 oz will stand as these guys refused to morph into London based forwards as well as negating a fiat bonus. Somebody again was badly in need of physical metal.

 

 

 

 

 

SURPRISINGLY LITTLE TO NO  GOLD HAS BEEN ENTERING THE COMEX VAULTS AND WE HAVE WITNESSED THIS FOR THE PAST YEAR!!  WE HAVE ONLY 10.0438 TONNES OF REGISTERED (  GOLD OFFERED FOR SALE) VS 2.9517  TONNES OF GOLD STANDING// THEY SEEM TO BE USING CONSIDERABLE GOLD VAPOUR TO SETTLE UPON UNSUSPECTING LONGS.

 

 

total registered or dealer gold:  322,332.328 oz or  10.0025 tonnes 
total registered and eligible (customer) gold;   7,749,869.449 oz 241.053 tonnes

IN THE LAST 33 MONTHS 115 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 JULY

INITIAL  standings/SILVER

IN TOTAL CONTRAST TO GOLD, HUGE ACTIVITY IN SILVER TODAY.
JULY 23 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 64,383.63 oz

 

Brinks

Delaware

 

Deposits to the Dealer Inventory
596.693.500 oz
CNT

 

Deposits to the Customer Inventory
300,887.890 oz
Brinks
No of oz served today (contracts)
293
CONTRACT(S)
(1,465,000 OZ)
No of oz to be served (notices)
106 contracts
 530,000 oz)
Total monthly oz silver served (contracts) 4302 contracts

21,510,000 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 1 inventory movement at the dealer side of things

i) Into CNT: 596,693.500  oz

 

total dealer deposits: 596,693.500  oz

total dealer withdrawals: nil oz

we had  1 deposits into the customer account

into JPMorgan:  nil  oz

ii)into Brinks:  300,887.890 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:  300,887.890  oz

 

we had 2 withdrawals out of the customer account:

 

 

i) Out of Brinks: 60,454.03 oz

ii) Out of Delaware: 3929.600 oz

 

 

 

 

 

 

 

total 64,383.63  oz

 

we had 0 adjustment :

 

 

total dealer silver:  93.706 million

total dealer + customer silver:  307.437 million oz

 

 

 

 

 

 

TODAY’S NUMBER OF NOTICES FILED:

 

 

The total number of notices filed today for the JULY 2019. contract month is represented by 293 contract(s) FOR 1,465,000 oz

To calculate the number of silver ounces that will stand for delivery in JULY, we take the total number of notices filed for the month so far at 4302 x 5,000 oz = 21,510,000 oz to which we add the difference between the open interest for the front month of JULY. (399) and the number of notices served upon today (293 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the JULY/2019 contract month: 4302 (notices served so far) x 5000 oz + OI for front month of JULY (399) number of notices served upon today (293)x 5000 oz equals 22,040,000 oz of silver standing for the JULY contract month.

WE GAINED AN UNBELIEVABLE 138 CONTRACTS OR AN ADDITIONAL 690,000 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. SOMEBODY WAS URGENTLY IN NEED OF CONSIDERABLE PHYSICAL SILVER

 

 

TODAY’S NUMBER OF NOTICES FILED:

 

We, today, had 293 notice(s) filed for 1,465,000 OZ for the JULY, 2019 COMEX contract for silver

 

 

 

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

 

TODAY’S ESTIMATED SILVER VOLUME:  112,606 CONTRACTS (we had considerable spreading activity..accumulation

 

CONFIRMED VOLUME FOR YESTERDAY: 103,340 CONTRACTS..

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 103,340 CONTRACTS EQUATES to 516 million  OZ 73,7% 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

 

end

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

 

 

NPV for Sprott 

1. Sprott silver fund (PSLV): NAV FALLS TO -1.61.% ((JULY 23/2019)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -1.23% to NAV (JULY 18/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -1.62%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

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

NAV 14.14 TRADING 13.66/DISCOUNT 3.43

END

And now the Gold inventory at the GLD/

JULY 23// WITH GOLD DOWN $5.25 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 825.18 TONNES

JULY 22/WITH GOLD UP 0.80 CENTS: TWO MASSIVE PAPER GOLD DEPOSIT OF 5.87 TONNES AND 4.69 TONNES ADDED TO THE GLD..THIS IS A MASSIVE FRAUD!!/INVENTORY RESTS AT 825.18 TONNES

JULY 19/WITH GOLD DOWN $1.00: A MASSIVE  DEPOSIT OF 11.44 TONNES OF PAPER GOLD INTO THE GLD/INVENTORY RESTS AT 814.62

JULY 18/WITH GOLD UP $5.55 TODAY: A BIG PAPER DEPOSIT OF 3.81 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 803.18 TONNES

JULY 17/WITH GOLD UP $11.35 TODAY: A BIG WITHDRAWAL OF 1.17 TONNES FROM THE GLD//INVENTORY RESTS AT 799.37 TONNES

JULY 16: WITH GOLD DOWN $2.15 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 800.54 TONNES

JULY 15: WITH GOLD UP $1.85 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 800.54 TONNES

JULY 12/WITH GOLD UP $5.20 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 800.54 TONNES

JULY 11.WITH GOLD DOWN $5.25: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 800.54 TONNES

JULY 10//WITH GOLD UP $11.65 A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER GOLD DEPOSIT OF 6.46 TONNES/INVENTORY RESTS AT 800.54 TONNES

JULY 9/WITH GOLD UP 70 CENTS, A HUGE PAPER WITHDRAWAL OF 2.89 TONNES WHICH WAS USED IN THE FUTILE RAID ON GOLD AND SILVER THIS MORNING//INVENTORY RESTS AT 794.08 TONNES

JULY 8/ WITH GOLD DOWN 35 CENTS A HUGE WITHDRAWAL OF 1.47 TONNES FROM THE GLD/INVENTORY FALLS TO 796.97 TONNES

JULY 5TH/WITH GOLD DOWN $19.50/NO CHANGES IN GOLD INVENTORY AT THE GLD//INV RESTS AT 798.44 TONNES

JULY 3// WITH GOLD UP $12.60 TODAY A SURPRISE WITHDRAWAL OF 1.76 TONNES FROM THE GLD//INVENTORY RESTS AT  798.44

 

JULY 2. WITH GOLD UP $18.90 A HUGE “PAPER” DEPOSIT OF 6.16 TONNES INTO THE GLD/INVENTORY RESTS AT 800.20 TONNES

JULY 1: WITH GOLD DOWN $24.70 A HUGE “PAPER GOLD” WITHDRAWAL OF 1.76 TONNES FROM THE GLD/INVENTORY RESTS TONIGHT AT 794.04 TONNES

JUNE 28/WITH GOLD UP $.90 TODAY: ANOTHER 2.05 TONNES OF PAPER GOLD REMOVED AND THIS GOLD WAS USED IN ATTACKING GOLD AT THE COMEX/INVENTORY RESTS AT 795.80 TONNES

JUNE 27/WITH GOLD DOWN $6.10: ANOTHER HUGE WITHDRAWAL OF 1.76 PAPER TONNES FROM THE GLD INVENTORY/INVENTORY RESTS AT 797.61 TONNES

JUNE 26/WITH GOLD DOWN $3.00: WE HAD A HUGE WITHDRAWAL OF 2.37 TONNES FROM THE GLD/INVENTORY RESTS AT 799.61 TONNES

JUNE 25/WITH GOLD UP $1.30 (AND WAY UP BEFORE THE BANKERS WHACKED) WE WITNESSED ANOTHER 1.95 TONNES OF PAPER GOLD ADDED TO THE GLD INVENTORY//INVENTORY RESTS AT 801.98 TONNES

JUNE 24/WITH GOLD UP $18.00 A MONSTROUS PAPER DEPOSIT OF 34.93 TONNES/INVENTORY RESTS AT 799.03 TONNES

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

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

JULY 23/2019/ Inventory rests tonight at 825.18 tonnes

*IN LAST 628 TRADING DAYS: 109.58 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 528 TRADING DAYS: A NET 56.10 TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

 

 

 

end

 

Now the SLV Inventory/

JULY 23/2019: WITH SILVER UP 5 CENTS TODAY: ANOTHER BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.221 MILLION PAPER OZ ADDED INTO THE GLD INVENTORY//INVENTORY RESTS AT 357.698 MILLION OZ////

JULY 22.2019/WITH SILVER UP 21 CENTS TODAY: A MASSIVE  CHANGES IN SILVER INVENTORY AT THE SLV: A PAPER DEPOSIT OF 8.939 MILLION OZ ADDED TO THE SLV INVENTORY/INVENTORY RESTS AT 355.919 MILLION OZ//

JULY 19/WITH SILVER FLAT TODAY: ANOTHER MONSTROUS PAPER DEPOSIT OF 3.276 MILLION OZ ENTERS THE SLV//WHAT A MASSIVE FRAUD//INVENTORY RESTS AT 346.980 MILLION OZ

JULY 18/WITH SILVER UP 24 CENTS TODAY: A BIG CHANGES IN SILVER INVENTORY AT THE SLV: A PAPER DEPOSIT OF 2.668 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 343.704 MILLION OZ//

JULY 17: WITH SILVER UP ANOTHER 29 CENTS: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 8.518 MILLION OZ/INTO THE SLV INVENTORY///INVENTORY RESTS AT 341.036 MILLION OZ//

JULY 16: WITH SILVER UP 31 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 332.518 MILLION OZ

JULY: 15  WITH SILVER UP 11 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 332.518 MILLION OZ

JULY 12/WITH SILVER UP 10 CENTS: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 332.518 MILLION OZ//

JULY 11/NO CHANGE IN SILVER INVENTORY

JULY 10/WITH SILVER UP 9 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 332.518 MILLION OZ//

JULY 9/WITH SILVER UP A SMALL 7 CENTS A GIGANTIC INVENTORY GAIN OF 4.026 MILLION OZ/ INVENTORY RESTS AT 332.518 MILLION OZ AND NOW IT SHOULD BE QUITE CLEAR THAT THE SLV ( AND GLD ARE FRAUDS)

JULY 8/WITH SILVER UP 7 CENTS: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 328,492 MILLION OZ

JULY 5/WITH SILVER DOWN 32 CENTS WE STRANGELY HAD A HUGE INVENTORY GAIN OF 2,234 MILLION OZ//INVENTORY RESTS AT 328.492 MILLION OZ

JULY 3 WITH SILVER UP 10 CENTS A HUGE INCREASE IN INVENTORY..INVENTORY RESTS AT 326.151 MILLION OZ

JULY 2/WITH SILVER UP 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY/INVENTORY RESTS AT 323.330 MILLION OZ//

JULY 1/ WITH SILVER DOWN 16 CENTS: A SURPRISING DEPOSIT OF 936,000 OZ INTO THE SLV/INVENTORY RESTS TONIGHT AT 323.330 MILLION OZ/

JUNE 28/WITH SILVER UP 6 CENTS: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY REMAINS AT 322.394 MILLION OZ//

JUNE 27/WITH SILVER DOWN 7 CENTS: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.575 MILLION OZ INTO THE SLV/INVENTORY RESTS AT 322.394 MILLION OZ//

JUNE 26/WITH SILVER UP 17 CENTS: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.819 MILLION OZ/

JUNE 25/WITH SILVER DOWN 25 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.819 MILLION OZ.

JUNE 24/WITH SILVER UP 11 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.819 MILLION OZ//

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//

 

JULY 23/2019:

 

 

Inventory 357.698 MILLION OZ

 

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

6 Month MM GOFO 2.23/ and libor 6 month duration 2.18

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

G0LD LENDING RATE: – .05

 

XXXXXXXX

12 Month MM GOFO
+ 2.16%

LIBOR FOR 12 MONTH DURATION: 2.19

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = -.03

end

 

 

end

 

PHYSICAL GOLD/SILVER STORIES
i) GOLDCORE BLOG/Mark O’Byrne

Gold Consolidates Near All Time Record High In Pounds – Prime Minister ‘BoJo’ Cometh

23, July

Sterling is under pressure today and gold near all time record highs in sterling (see chart) due to the likelihood that Britain’s ruling Conservative party will elect Boris Johnson (aka ‘BoJo’) as its new leader and Prime Minister today.

Gold In Sterling Nears Record Nominal Highs

The result of the weeks-long internal party election will be announced today and there are increasing concerns about the outlook for the UK economy and sterling due to the poor fundamentals of the UK economy and the very uncertain outlook in the UK and internationally.

The UK deficit surged to over £7 billion pounds in June alone and the Brexit mess and the depressed UK economy pose massive challenges both for the new UK Prime Minister and for the British pound.

The massive deficit last month is the largest deficit for June in four years, and suggests that the already poor UK’s fiscal position may be weakening again.

The sharp jump in UK borrowing was driven by a very large increase in government spending. Total central government expenditure rose by £4.3 billion compared with a year ago, while government income (ie from tax receipts) only rose by £800 million.

UK savers and investors would be advised to hedge the growing risks to UK assets and the pound by have an allocation to gold.

The very poor state of UK finances mean that most taxes are likely to go higher in the coming years including capital gains tax. This will be especially the case if a Corbyn or other Labour government comes to power.

For most investors and especially high net worth and family office investors, owning capital gains tax (CGT) free Gold Britannias and Sovereigns remains the most cost effective way, in terms of total round trip costs, to invest in and own gold.

-END-

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Bill Murphy describes the extra ordinary pattern for silver trading

(zerohedge)

Silver is trading as it never has before, GATA chairman tells GoldSeek Radio

 Section: 

11:45a ET Monday, July 22, 2019

Dear Friend of GATA and Gold:

GoldSeek Radio’s Chris Waltzek last week interviewed GATA Chairman Bill Murphy, who says silver has begun trading as it has never traded before, rising even when gold is falling. But retail investors, Murphy adds, still have no interest in the monetary metals and mainstream financial news organizations keep refusing to report the longstanding intervention by central banks against gold. Murphy thinks physical supplies have gotten critically tight.

The interview begins at the 47:50 mark here:

http://radio.goldseek.com/shows/2019/07.19.2019/GSR-07.19.19-c.mp3

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


 

iii) Other physical stories:

South African Gold Miners-Caveat Emptor

Inbox x

Nicholas Biezanek

6:38 AM (35 minutes ago)
to William, me

Hi Bill,Harvey,

In the past I have sometimes viewed the broadcast presentations of results by South Africa’s largest gold producers. The assembled analysts clearly have a good grasp of production statistics and related headwinds and they also have knowledge of costs and resources and reserve statistics. Goldman Sachs and JP Morgan both have a presence in South Africa, so in respect of the gold price, the only questions I have ever witnessed relate to the possible profile of future results if the gold price retreated significantly.

Sometime last year I emailed South Africa’s largest gold companies requesting an audience to discuss what I know (which is quite a bit) about the manipulation of the gold markets and also to listen to their views. If there was any interest, perhaps this could have led to an eventual collaboration of these major producers to speak publicly with one (aggrieved) South African voice. These requests were never even acknowledged.

I have lost more than 80% of my initial historical outlay in GFI.I historically liked GFI because it was completely unhedged and their only exposure to South Africa lay in the immense reserves (in a world of peak gold) of South Deep; year in year out, there were always serial fine promises as to how a viable, permanent solution was imminent to fix South Deep.. Recently GFI placed a hedge on 50% of its Australian production at the lower end of the recent gold price range because the GFI bankers told them to commit this suicide. I ambitter-let me say no more.

I deem Sibanye to be too exposed to South Africa. If there is a sustained break out in the price of gold, the Unions (who are extremely militant even in times of severe crisis) will almost certainly become far more aggressive. Additionally the horrendously corrupt ANC elite will almost certainly demand that an increased portion of the company be gifted to themselves in return for fending of strident calls for nationalization.

That leaves AngloGold as possibly worthy of consideration. I believe the endemic hedge book has been unwound and also there is now limited operational exposure to South Africa. I also read that the company’s domicile may be soon transferred to London. The interim results will soon be published (the share price of most South African gold miners retreat when results are published). I shall study the prognosis for this company quite carefully. Any thoughts would be most welcome

 

Regards

Nicholas

END

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

Your early TUESDAY 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: 6.8794/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  6.8810   /shanghai bourse CLOSED UP 12.97 POINTS OR 0.45%

HANG SANG CLOSED UP 95,22 POINTS OR 0.34%

 

2. Nikkei closed PU 204.09 POINTS OR 0.95%

 

 

 

 

3. Europe stocks OPENED ALL GREEN/

 

 

 

USA dollar index UP TO 97.51/Euro FALLS TO 1.1180

3b Japan 10 year bond yield: FALLS TO. –.14/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.15/ 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:: 55.85 and Brent: 62.83

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.34%/Italian 10 yr bond yield DOWN to 1.61% /SPAIN 10 YR BOND YIELD UP TO 0.41%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.95: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 2.06

3k Gold at $1423.35 silver at: 16.40   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 26/100 in roubles/dollar) 63.16

3m oil into the 55 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 108.15 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 .9832 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0993 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 RISING to 0.34%

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 2.05% early this morning. Thirty year rate at 2.57%

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

6.  TURKISH LIRA:  UP  TO 5.6840..

Sea Of Green As Global Stocks Jump On US Debt Deal, Cable Rebounds After BoJo Elected

A sea of green propelled world stocks higher on Tuesday, with U.S. equity futures rising alongside European and Asian stocks amid generally positive corporate earnings, a successful debt-ceiling deal in the US and a wave of central bank easing. The British pound first dropped, then rebounded after Boris Johnson was chosen as the country’s next prime minister. Oil stabilized and the dollar climbed.

 

In the US, S&P 500 futures were once again on the edge of surpassing 3,000 after President Trump said the White House and Congress reached a deal to extend the debt limit and for a 2-year budget, while reports added the budget deal would raise US discretionary spending to USD 1.37 TRILLION in fiscal 2020 from USD 1.32 TRILLION this year. Politico suggests that US President Trump has yet to declare support for the budget/debt deal, both GOP and Dems have expected more forceful endorsement from Trump, several sources said. Politico have asked for clarification, White house did not answer, but sources stated that President Trump is waiting to see how it plays out. Shares for United Technologies and Coca Cola rose in pre-market trading in New York as earnings beat estimates.

In the meantime, the U.S. and China are moving closer to resuming face-to-face trade talks, as purchases of American farm products and a ban on sales to China’s Huawei Technologies Co. remain sticking points.

“Markets feel poised for some increased volatility,” Nick Twidale, co-founder of tech platform X-Chainge, said in a note to clients according to Bloomberg. On U.S. earnings, “traders will be looking to see how much trade issues have affected the bottom line of some of the big players, although news the talks between the two trading superpowers could resume next week should support underlying sentiment.”

In Europe, the Stoxx 600 index added 0.5% to Monday’s gains, helped by strong corporate results from oil bellwether Halliburton, Swiss bank UBS and Apple supplier AMS. The Stoxx 600 Automobiles & Parts Index rose as much as 3.3%, the most intraday since June 4, making the sector the best-performing group on the Stoxx 600. Faurecia rises as much as 6.6%, sending shares to the highest intraday level since May 6, after the company confirmed its 2019 outlook; peers Valeo, Hella rose as well while tyre maker Continental rose 4% despite a profit warning. Separately, Daimler rose as much as 2.3% after Chinese automaker BAIC took a 5% stake in the German company to boost an alliance between the companies; Daimler is set to report 2Q results Wednesday. A gain for BMW also helps boost the SXAP; shares rose as much as 3.7% after Morgan Stanley upgraded the stock, saying it is cheap and that the new CEO may provide a catalyst for re-rating.

“The results are coming in and have helped the market today and we are still under the influence of interest rates,” said Francois Savary, the chief investment officer of Prime Partners, referring to expectations of U.S. and ECB rate cuts. He noted that Wall Street earnings had provided no real worries so far and this week’s results from Facebook, Amazon.com and Google parent Alphabet would “drive the market up the road.”

Earlier in the session, Asian stocks advanced, led by technology companies, as Washington and Beijing moved closer to their first face-to-face trade talks in months. Japan and South Korea were among the best-performers in the region. President Donald Trump on Monday met with tech chief executives and agreed on making timely decisions on Huawei Technologies. The Topix climbed 0.8%, with SoftBank Group contributing the most. Japanese chip equipment makers rose after Morgan Stanley MUFG said it sees a better outlook for the sector. The Shanghai Composite Index closed 0.5% higher, supported by Agricultural Bank and SAIC Motor. China’s central bank continued to support lenders with cheap money as the economy slows. India’s Sensex advanced 0.4%, with Infosys and ITC among the biggest boosts. Financial firms lagged amid concerns about the quality of credit at some lenders.

In FX, the dollar reached a two-week high after Trump and congressional leaders agreed on Monday to a two-year extension of the U.S. debt limit, ending the threat a government default later this year.  The euro fell 0.2% to $1.1189, weighed down by the likelihood of even more negative ECB interest rates in the coming months, which will be announced after the central bank meets on Thursday. “It is going to take a bold stroke by the ECB to both satisfy markets clamoring for incremental easing and make a difference to the economy, all the while remaining inside its institutional setting and not destabilizing the financial system,” wrote Carl Weinberg, chief economist at High Frequency Economics.

The New Zealand dollar led G10 losses after its central bank said it had “begun scoping a project to refresh our unconventional monetary policy strategy and implementation,” although it added it was at a very early stage. Britain’s pound initially slid toward the mid $1.24 region, however it recouped all losses after euroskeptic Boris Johnson was elected to replace Prime Minister Theresa May.

 

Concern that Britain will crash out of the European Union without a deal have grown since Johnson said he would pull Britain out on Oct. 31 “do or die”. The pound last traded at $1.2473.

In rates, the 10Y Treasury barely budged, and was last trading at 2.05%. Europe’s government bonds similarly were unchanged, with their yields slumping since the start of the year. Some yields did tick higher after the U.S. move on its debt ceiling. Germany’s 10-year bond yield, the benchmark for the euro zone, was up a basis point, but at minus 0.34% was near Monday’s two-week low and not far from the record low posted at the start of the month.

Upcoming events to watch include the first of potentially two confidence votes in Spain. Caretaker prime minister Sanchez needs an absolute majority to form a formal coalition with far-left rivals Podemos.

There was also a rumored meeting between the leaders of the two squabbling parties who make up Italy’s coalition government, 5-Star Movement’s Luigi Di Maio and League’s Matteo Salvini. “Investors are waiting to see whether this government will survive,” said DZ Bank strategist Daniel Lenz. “One possibility is that the coalition continues but both agree to replace (Giuseppe) Conte as prime minister, which would be a very bad signal.” Conte is widely seen as a moderating influence on the anti-establishment Italian government, particularly in terms of its relationship with Brussels.

In commodities, Brent crude added 0.19% to reach $63.38 per barrel. It had risen 1.2% the day before on concern over possible supply disruptions after Iran seized a British tanker last week.

Visa, Coca-Cola, United Technologies and Lockheed Martin are due to report earnings. Economic data include existing home sales, Richmond Fed manufacturing index.

Market Snapshot

  • S&P 500 futures up 0.2% to 2,995.75
  • STOXX Europe 600 up 0.6% to 390.08
  • MXAP up 0.3% to 160.56
  • MXAPJ up 0.2% to 528.22
  • Nikkei up 1% to 21,620.88
  • Topix up 0.8% to 1,568.82
  • Hang Seng Index up 0.3% to 28,466.48
  • Shanghai Composite up 0.5% to 2,899.95
  • Sensex up 0.3% to 38,153.39
  • Australia S&P/ASX 200 up 0.5% to 6,724.63
  • Kospi up 0.4% to 2,101.45
  • German 10Y yield rose 0.6 bps to -0.34%
  • Euro down 0.2% to $1.1183
  • Brent Futures up 0.2% to $63.38/bbl
  • Italian 10Y yield rose 4.8 bps to 1.3%
  • Spanish 10Y yield rose 1.8 bps to 0.409%
  • Brent Futures up 0.2% to $63.38/bbl
  • Gold spot down 0.5% to $1,417.81
  • U.S. Dollar Index up 0.3% to 97.52

Top Overnight News from Bloomberg

  • President Trump announced a bipartisan deal to suspend the U.S. debt ceiling and boost spending levels for two years, capping weeks of frenzied negotiations
  • Iran has handed down death sentences to several nationals accused of being part of a CIA- trained spy network uncovered earlier this year, an official said on Monday
  • A group of U.K. lawmakers is planning a Scottish court battle to stop a future prime minister from suspending Parliament in order to force through a no-deal Brexit
  • China’s central bank continued to support banks with cheap money, continuing its effort to support bank lending as the economy slows
  • People’s Bank of China offered 297.7b yuan ($43b) of targeted medium-term loans at 3.15%, according to a central bank statement and also offered 200b yuan of medium-term lending facility funds at 3.30%
  • Australia’s back-to-back rate cuts are helping to weaken the currency, RBA official Christopher Kent said, while quantitative easing is still “pretty unlikely” even as traditional policy ammunition wanes
  • Australia adjusted its guaranteed source of liquidity to banks to reflect changes in the bond market, a senior central bank official said
  • New Zealand’s central bank is taking another look at its strategy for unconventional monetary policy as its official cash rate looks set to plumb fresh record lows
  • Oil held a two-day advance as tensions in the Persian Gulf threatened to disrupt energy flows from the region, while a tepid demand outlook kept a lid on gains
  • Brexit vulnerabilities may prevent the Bank of England from raising interest rates even if their forecasts imply a need to do so, policy maker Michael Saunders tells Bloomberg in an interview
  • The U.S. and China are moving closer to their first face-to-face trade negotiations in months, with a meeting between tech chief executives and Trump on Monday marking another step toward easing a ban on sales to China’s Huawei Technologies Co.

Asian equity markets were mostly higher as the region took its cue from the gains on Wall St, where all major indices closed higher led by the Nasdaq after White House officials agreed to meet blue-chip tech executives regarding Huawei and with energy stocks also underpinned as geopolitical concerns surrounding Iran lifted oil prices. ASX 200 (+0.5%) and Nikkei 225 (+1.0%) both advanced with Australia led by energy and tech as they tracked the outperformance of the sectors stateside, while the Japanese benchmark coat tailed on currency moves. Hang Seng (+0.3%) and Shanghai Comp. (+0.5%) were relatively indecisive and only edged marginal gains despite the encouraging trade-related reports in which US trade negotiators are likely to visit China next week for the first face-to-face meeting since the G20 and with China said to consider a plan to boost purchases of US soybeans, while the PBoC skipped open market operations but instead announced to lend CNY 200bln in 1yr MLF and CNY 297.7bln in 1yr targeted MLF loans. Finally, 10yr JGBs held near the prior day’s best levels following recent comments from BoJ Governor Kuroda who stated that that it is not easy to continue powerful measures for a long time but suggested that with zero lower bound for short-term interest rates, it might be better to directly affect long-term rates through large-scale asset purchases. Today’s 40yr JGB auction also failed to spur any significant price moves, as the results were mixed in which the b/c declined from prior but saw higher accepted prices.

Top Asian News

  • Chinese Property Bonds’ Time in the Sun May Be Coming to an End
  • Philippine Peso Falls as Fed Focus Eclipses Duterte’s Promises
  • China Says U.S. Should Remove Its ‘Dark Hand’ in H.K. Protests
  • Japan Post Share-Sale Plan Clouded by Insurance Unit Scandal

European stocks are higher across the board [Eurostoxx 50 +1.0%], following on from a positive Asia-Pac handover, as the region is bolstered by a pick-up in large-cap European earnings coupled with expectations for a dovish ECB later this week. Sectors are mostly in the green with underperformance seen in defensive sectors (Healthcare -0.2%, Utilities -0.2%), whilst the material (+1.9%) and IT (+1.4%) sectors outperform. The latter has been supported by US’ performance yesterday, after chip names rallied on the back of reports that White House officials have agreed to meet tech executives in regard to the recent Huawei ban. Further fuel was added to the bullish fire as AMS (+1.0%) reported optimistic numbers and opened higher in excess of 8% amid a revision higher to its Q3 revenue guidance, albeit shares have come off highs. As such fellow chip names have received a tailwind, with the likes of STMicroelectronics (+3.2%), Dialog Semiconductor (+0.7%) and Infineon (+3.3%) all higher in sympathy. Elsewhere, Continental (+4.8%) extended on gains despite its profit warning (which dented US peers) as the group noted that its Q2 results (release on August 7th) should be relatively insulated from the revised guidance, meanwhile trader chatter notes that the profit warning was priced earlier this month after shares hit 6yr lows. Thus, European peers Michelin (+2.2%) and Pirelli (+6.1%) are higher in tandem. Another notable mover include DAX-heavyweight Daimler (+3.9%) which is buoyed amid news that China’s BAIC Investment has acquired a 5% stake in the Co. Finally, this morning saw earnings from UBS (+2.2%) who reported a beat on Q2 net (USD 1.39bln vs. Exp. USD 1.38bln), a 23% Y/Y rise in its investment arm’s adj. pretax operating profit, and the intention to spend up to USD 1bln on stock buyback this year.

Top European News

  • BOE Isn’t Tethered to Forecasts Suggesting Hikes, Saunders Says
  • ECB Rate-Cut Plan Puts Worried Banks on Lookout for Sweeteners
  • Santander Sees Americas Surge Make Up for Weak Profit in Europe
  • U.K. Intervenes in Inmarsat Sale on National Security Basis

In FX, the Greenback is firmer across the board on several factors including progress on a US debt limit extension and 2 year budget accord that would increase discretionary spending and may avert another Government shutdown. Additionally, President Trump has reportedly taken heed of tech sector concerns over Huawei and agreed to make licensing decisions in a timely manner, while Washington and Beijing looks set to resume trade negotiations in person following recent phone conversations and the truce reached at the G20. The DXY has duly extended gains above the 97.000 handle and the index is now eyeing its prior July peak (97.593) having breached 97.5000, with the aid of independent weakness in several basket components.

  • GBP/EUR/NZD – The Pound continues to underperform on UK political and Brexit risk ahead of Conservative leadership vote results that are expected to confirm victory for Boris Johnson, but the latest downturn also coincided with dovish/downbeat comments from BoE’s Saunders (subsequently backed up by a dire CBI trends survey). Cable has now crossed last Thursday’s 1.2429 low and found some underlying bids ahead of 1.2400 where around 700 mn option expiries reside, while Eur/Gbp popped just above 0.9000 before the single currency retreated a bit further through 1.1200 vs the Buck. Eur/Usd has now slipped below support at 1.1188 and 1.1181 (June troughs) to test a key Fib retracement at 1.1178 in the run up to tomorrow’s Eurozone preliminary PMIs and Thursday’s ECB meeting when a 10 bp rate cut is seen as a 2 in 5 prospect compared to nearer evens yesterday. Elsewhere, the Kiwi has been undermined by overnight comments from the RBNZ asserting that research into unconventional policy measures has started, with Nzd/Usd not far off the 200 DMA (0.6720) vs 0.6750 at one stage and close to 0.6800 of late.
  • JPY/CHF – Both succumbing to a recovery in risk appetite (albeit selective), with the Yen sub-108.00 again and pulling away from decent expiry interest at 107.95-108.00 (1 bn), but still some distance from offers touted between 108.40-60 and technical resistance in close proximity (50 and 55 DMAs at 108.50 and 108.61 respectively). Similarly, the Franc continues to respect 0.9800, but Eur/Chf is still hovering near 1.1000 amidst the aforementioned Euro weakness that is being exacerbated by Italian and Spanish political uncertainty.
  • AUD/CAD – Holding up a bit better than their G10 peers, but still posting losses against the Usd as the Aussie drifts back towards 0.7000 and is arguably only resisting a deeper reversal due to a sharp rebound in the Aud/Nzd cross to almost 1.0450 from sub-1.0400. Note, remarks from RBA Assistant Governor Kent have hardly impacted as he merely noted that the Aud would have been stronger without recent OCR cuts and global easing is constructive for Australia. Meanwhile, the Loonie has stemmed post-Canadian data losses circa 1.3140 and a few pips away from multi-tech levels including earlier monthly highs and a June low spanning 1.3144-51.
  • EM – Some volatile trade for the Rand and Lira (once again), with Usd/Zar choppy between a 13.8570-9480 band on further confirmation that extra cash for Eskom is in the pipeline vs a warning from SA’s Finance Minister that initial pointers suggest that tax revenue may be considerably short of target for the 2019/20 fy. Conversely, Usd/Try has pared back within 5.7015-6700 parameters amidst a deterioration in Turkish consumer sentiment, and awaiting the US decision on sanctions before the CBRT delivers its verdict on rates on Thursday.

In commodities, there was little to report on the energy front with WTI/Brent prices contained within a narrow intraday band above the 56/bbl and 63/bbl levels respectively. Revisiting fundamentals, analysts at UBS reaffirm that prices continue to be supported by geopolitical tensions after US sanctioned a state-sponsored Chinese oil trader due a deal involving Iranian oil. Elsewhere on the geopolitical landscape, tensions between Russia and South Korea emerged after the latter fired warning shots at a Russian military plane after it reportedly entered South Korean airspace. Russia has rebuffed these claims, stating that South Korean planes the path of Russian strategic bombers over neutral waters and posed a threat to Russia. Although direct implications may not be felt in the energy market, it’s worth keeping in mind that the addition of further geopolitical tensions could wobble investor sentiment in complex. Another factor to monitor is Venezuela, following its nationwide power outage yesterday which is likely to hit Venezuelan oil production. Meanwhile, gold prices have steadied following its overnight decline as the USD gained further ground above 97.50 in Asia-Pac hours, with some also noting profit taking in the yellow metal. Copper is little changed and tentative heading into key risk events later this week, whilst Dalian iron ore edged lower as the demand outlook for the base metal was dampened by anti-smog curbs in Tangshan, China’s largest steel-making city.

US Event Calendar

  • 9am: FHFA House Price Index MoM, est. 0.4%, prior 0.4%
  • 10am: Richmond Fed Manufact. Index, est. 5, prior 3
  • 10am: Existing Home Sales, est. 5.32m, prior 5.34m; MoM, est. -0.37%, prior 2.5%

DB’s Jim Reid concludes the overnight wrap

After mentioning my friend’s unfortunate torn hamstring in a Father’s race at a school sports day, it was my daughter’s turn to have her first ever sports day at her nursery yesterday. I didn’t go but after training Maisie in the garden on Sunday I got a lecture from my wife on ensuring that I didn’t take these things too seriously and that it was a bad example to set if I did. So imagine my surprise when the videos of the events came through on my photo stream and I caught my wife castigating the young girl in the lane next to Maisie for coming into her lane and stealing all the props that had to be picked up en route to the finish line. She was calling “sabotage” and demanding a re-run (I think she was half joking but it was tough to tell). A consolation was that Eddie came second in the siblings race. However on closer inspection only 2 of the 8 under twos actually bothered to run towards the finish line. The other 6 – including his twin Jamie – actually meandered elsewhere on the field and to the best of my knowledge are still yet to finish!!

One race that will finish today is the race to be the new UK PM with Boris Johnson widely tipped to beat Jeremy Hunt. This will start a fascinating 3 months and 8 days for the UK ahead of the next Brexit deadline of October 31st. This is a good moment to remind readers of the latest DB Brexit probabilities courtesy of Oli Harvey. Over the summer Oli has raised his probability of a no deal Brexit to 45%. This reflects the fact that the incoming government will be politically committed to seeing the UK leave the EU by the 31st October without there being sufficient common ground between the incoming UK government and EU27 on changes to the Withdrawal Agreement or backstop during negotiations in the autumn to reach an agreement. This will leave Parliament as the check to a no deal outcome at the end of October, but crucially unless an election is called by the government or triggered by a no confidence motion by the second week of September, there will be insufficient time to hold one before the Brexit deadline. A possible outcome in these circumstances is that MPs in the House of Commons elect an interim national government to request an extension from the EU27. Here is Oli’s last note on the subject.

One interesting angle if a hard Brexit materialises is that it could be the first move in this part of the cycle towards helicopter money in a major economy. If the UK does see a hard Brexit then it seems almost inevitable that the fiscal taps will be turned on and the BoE will do fresh QE. In my humble opinion this will be a dress rehearsal for what will happen across the rest of the world when the next downturn arrives. So one to watch.

Now to markets and it was a slow grind yesterday ahead of the main risk events later this week. For example, in FX, the euro had an intraday range of just 0.16%, which was the second tightest of the year after New Year’s Day. Excluding all New Year’s Day sessions, it was the tightest range since 28 July 2014. Remarkable! Equities were a little more exciting with the S&P 500 advancing +0.29% with tech outperforming, as the NASDAQ and NYFANG indexes rose +0.71% and +0.78%, respectively. There were positive signs on the trade front, including a South China Morning Post article that suggested that Mnuchin and Lighthizer are likely to visit China for direct talks next week. The DOW (+0.07%) lagged, as Boeing (-1.05%) again dragged on the benchmark where it makes up 9.3% of the overall index. Fitch cut its credit outlook for the company while maintain its single-A rating, citing uncertainty around the 737 MAX grounding. Rates rallied slightly alongside equities, with 10-year treasury yields down -0.7bps, perhaps boosted a touch by the funding deal reached between Congress and the White House. The deal will apparently establish new, higher spending caps for the next two years and will suspend the debt ceiling until July 2021. The administration had previously asked for spending cuts.

Adding further to the positive developments around the US/China trade talks, the White House has said overnight that President Trump and senior administration officials met with CEOs from Google, Broadcom, Cisco, Intel, Micron Technology, Western Digital and Qualcomm to discuss economic issues including a possible resumption of sales to Huawei. A statement from the White House further added that the CEOs’, “requested timely licensing decisions from the Department of Commerce” on Huawei, “and the President agreed.” Meanwhile, yesterday Trump also ordered the US Defense Department to spur the production of a slew of rare-earth magnets used in consumer electronics, military hardware and medical research, amid concerns that China will restrict exports of the products. Trump invoked the 69-year-old Defense Production Act, once used to preserve American steelmaking capacity, towards this. Elsewhere, Trump said that the Chinese President Xi Jinping “acted responsibly” towards continued demonstrations in Hong Kong over the proposed extradition bill to China. The protests which began as an effort to stop the legislation from getting enacted have now turned into a list of demands including investigations into police tactics and a direct vote to replace Hong Kong’s Chief Executive Carrie Lam, as over 1 million participants continue to protest.

This morning in Asia markets are largely heading higher with the Nikkei (+1.05%) leading advances. The Hang Seng (+0.11%), Shanghai Comp (+0.07%) and Kospi (+0.53%) are also up. All the G-10 currencies are trading weaker (range -0.2% to -0.4%) this morning with the New Zealand dollar being the weakest (-0.37%) on news that its central bank has done contingency planning for unconventional monetary stimulus. The RBNZ said in a statement that, “this year the Reserve Bank has begun scoping a project to refresh our unconventional monetary policy strategy and implementation. This is at a very early stage.” Elsewhere, futures on both the S&P 500 and Nasdaq are up +0.10%.

On the ECB, there was some attention paid to an MNI story which reported anonymous ECB sources saying that a change in forward guidance is likely at Thursday’s meeting. They could add a reference to keeping rates “at their present levels or lower,” or they could commit to not hiking through end-2020. That is completely consistent with our economists’ expectations ( link ). Michal in my credit team has also summarized his views here ( link ) on a potential re-launch of corporate bond purchases and what we expect in terms of timing and calibration, including whether senior preferred bank bonds might be included. We provide an update on how much the CSPP has been priced in already by the market and whether we see more value in CSPP-eligible or ineligible bonds at this point.

Ahead of the ECB, European core bonds continued to rally with 10yr Bunds falling another -2.2bps to -0.346% and some 15bps lower in yield than the local highs 10 days ago. The former on-the-run 10 year bond (before the roll 2 weeks ago) is now just one basis point away from its all-time low yield of -0.400%. BTPs bucked the global trend with 10yrs rising +4.9bps at the start of a big week for the coalition government. There is speculation that Salvini and Di Maio will meet as early as today to discuss their alliance. The subject of more autonomous laws granting more powers for the northern regions (League’s core support area) will also possibly come to a head. Speculation mounts as to whether Salvini will angle toward snap elections, a move to oust PM Conte, replacing S5M cabinet ministers, or simply maintaining the status quo for now. It’s not clear if he could take any of these moves unilaterally, since President Mattarella could conceivably offer S5M and the centre-left PD the opportunity to form a new government without Salvini’s Northern League, if it came to that. We may find out more this week.

The other set of events to watch this week are earnings, where one-third of the S&P 500 by market cap reports. Yesterday, the schedule was a bit light, with only Halliburton (+9.15%) and Whirlpool (-1.88% in afterhours trade after being up as much as +5.6% at one point) attracting attention. Halliburton – a leading manufacturer of fracking equipment – announced softer demand in the US, but this was offset by an improved outlook abroad, and their stock was helped by a reduction in costs as well. Whirlpool beat earnings estimates as well and raised its forecasts for the rest of the year. Today, we’ll look forward to results from Visa, Coca-Cola, United Technologies, Texas Instruments, and Lockheed Martin. Facebook reports tomorrow, and it’s worth highlighting this report from DB’s payments team which looks at the company’s proposed cryptocurrency, Libra. The report discusses the use cases for the currency, the viability of Libra in transactions, its governance, and the potential regulatory hurdles. The full note is available here .

The data calendar was extremely light yesterday, with the only noteworthy release coming from the Chicago Fed’s national activity index, which stayed negative at -0.02 for June compared to expectations for a rebound to positive 0.08. That now marks eight consecutive months of negative prints, which is the longest such streak since 2009.

Looking at today’s calendar, the highlight will likely be the announcement of the next UK PM. Apart from politics, the IMF will release its latest World Economic Outlook which will get plenty of headlines, plus we’ll see earnings from Harley Davidson, Coca-Cola, United Technologies, and Visa. On the data front, we’ll get final June machine tool orders in Japan, July consumer confidence for the Euro Area and the May FHFA house price index, July Richmond Fed survey and June existing home sales data all in the US.

 

3A/ASIAN AFFAIRS

I)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 12.97 POINTS OR 0.45%  //Hang Sang CLOSED UP 95.22 POINTS OR 0.34%   /The Nikkei closed UP 204.09 POINTS OR 0.95%//Australia’s all ordinaires CLOSED UP .46%

/Chinese yuan (ONSHORE) closed UP  at 6.8794 /Oil DOWN TO 55.85 dollars per barrel for WTI and 62.83 for Brent. Stocks in Europe OPENED  GREEN//  ONSHORE YUAN CLOSED UP // LAST AT 6.8794 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.8810 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA/HUAWEI

Leaked documents expose Huawei’s role in building North Korea’s wireless network

(zerohedge)

Leaked Documents Expose Huawei’s Role In Building North Korean Wireless Network

Huawei has already been accused, with good reason, of violating US and UN sanctions over doing business with Iran. Now, the Washington Post reports, citing clandestine internal documents, that Huawei secretly helped build a North Korean wireless network.

The revelation is the latest threat to undercut trade talks between Washington and Beijing, which have already reportedly stalled.

The telecoms giant partnered with a Chinese state-owned firm called Panda International Information Technology Co. on a variety of projects in North Korea over the span of eight years, according to past work orders, contracts and detailed spreadsheets taken from a database that charts the company’s telecom operations worldwide.

The way the partnership was structured made it difficult to detect Huawei’s involvement. The spreadsheets and other documents were provided to The Post by former Huawei employees who believed the information is in the public interest. Other sets of documents were provided to WaPo by others who hoped to see them made public. All three sources spoke with WaPo on the condition of anonymity, fearing reprisals.

Taken together, the revelations raise questions about whether Huawei, which uses American technology and components in its products, violated US export controls regarding business dealings with North Korea.

The Commerce Department has been investigating potential links between Huawei in North Korea since 2016, but it hasn’t publicly connected them. Meanwhile, Huawei said it has “no business presence” in North Korea. Spokesman Joe Kelly didn’t comment, and he didn’t dispute the authenticity of the documents, either.

“Huawei is fully committed to comply with all applicable laws and regulations in the countries and regions where we operate, including all export control and sanction laws and regulations” of the United Nations, United States and European Union, the statement read. A spokesman for Panda Group, Huawei’s alleged partner, also declined to comment.

A State Department official explained the administration’s frustration with Huawei over the situation.

“All of this fits into a general concern we have about corporate responsibility and a company like Huawei that is not trustworthy because of its company culture and numerous incidents indicating a willingness to evade or outright violate laws,” the official said. “Working with regimes like North Korea, who deprive individuals on a regular basis of their basic human rights, raises concern.”

When Koryolink, the first major North Korean wireless network, emerged in 2008, it solved a serious problem: North Korea’s inability to find foreign multinationals willing to work with it. But the company only came about after a 2006 visit by Kim’s father, Kim Jong Il, to Huawei’s headquarters in Shenzhen, China.

“This was the time that confirmed not only the top leadership’s interest in dealing with Huawei but pretty much revealed a choice of Huawei as the primary supplier of technology,” said Alexandre Mansourov, an adjunct professor at Georgetown University’s School of Foreign Service, who in 2011 wrote about North Korea’s digital transformation.“They decided to work with Huawei from that time on.”

Koryolink was built through a 2008 joint venture of Egypt’s Orascom Telecom Holding and North Korea’s state-owned Korea Post and Telecommunications Corp. The venture was called CHEO Technology. Panda, and Huawei, via its relationship with Panda, was also heavily involved with building Koryolink’s network.

Panda has a long history of doing the Communist Party’s bidding.

A key player was Panda International, part of the storied electronics conglomerate Panda Group that has sometimes served China’s foreign policy. In 2001, for instance, during a visit to Havana, China’s president at the time, Jiang Zemin, gave Cuba 1 million Panda-made TV sets and introduced a company representative to Cuban leader Fidel Castro, who “excitedly shook hands and embraced” him, the firm recounts on its website.

And Huawei was more than willing to supply the equipment needed to build the network.

Huawei worked closely with Panda, using it as the conduit to provide North Korea with base stations, antennas and other equipment needed to launch Koryolink, internal documents show. For years, Huawei and Panda employees worked out of an inexpensive hotel near Kim Il Sung Square in Pyongyang, according to a person familiar with the arrangement.

Huawei was involved in “network integration” and “software” services as well as at least one “expansion” project for Koryolink, the documents show. It also provided “managed service” and “network assurance” services. One current Huawei employee reached by The Post, Yin Chao, said he worked in 2012 and 2013 on Koryolink’s automated callback system, one of several improvements the company offered the North Koreans.

Huawei has other shady links to companies accused of violating sanctions related to their dealings with Pyongyang.

Internal documents show that Huawei has done business with a separate Chinese company, Dandong Kehua, which in November 2017 was sanctioned by the US Treasury Department for exporting and importing goods to and from North Korea – trade seen by U.S. officials as financing Pyongyang’s nuclear and ballistic missile programs.

Documents obtained by The Post also illustrate the North Koreans’ concern with foreign spying on regime officials and their family members who would be using Koryolink. In spring 2008, Orascom and Korea Post tasked Huawei with developing an encryption protocol for the network, noting that the government would create its own encryption algorithm, according to the documents.

“Both sides had common agreement that the ordinary people will use the international standard mobile phones and special users will use different mobile phones which will contain locally developed encrypted algorithm,” state the minutes of a 2008 meeting, a document signed by Korea Post’s chief engineer and an Orascom board member.

Soon, the North Korean government was building a rival wireless network, and used equipment from another Chinese telecoms giant, ZTE. It’s likely that both of these networks contain American-made components.

The original joint venture agreement gave Orascom exclusive license to operate the mobile network through 2015, according to media reports, but the North Korean government launched a rival network, Kang Song, in 2013 using another Chinese telecom equipment supplier, ZTE. Kang Song quickly supplanted Koryolink as the dominant wireless provider in North Korea.

In 2014, the Commerce Department banned the export of U.S.-origin components to Panda, alleging it had furnished such parts to the Chinese military “and/or” to countries under U.S. sanctions. Since then, any company to provide Panda with telecom items intended for North Korea and containing at least 10 percent U.S.-origin content without a license would be in violation of the export ban.

Several experts, including the supply-chain analysis firm Interos, consider it to be likely that Huawei’s 3G equipment contained American components, though it is difficult to know whether it surpassed the 10-percent threshold outlined in export regulations.

So, will the Trump Administration change its plans to ease up on Huawei and blow up the trade talks over this? It’s unlikely, but that doesn’t mean a trade deal is any more likely.

END
SOUTH KOREA
Dangerous:  South Korean fighters fire upon a Russian jet that infiltrated in South Korean air space
(zerohedge)

South Korean Fighter Fires 360 Rounds Of Warning Shots At Russian Jet In “Mid-Air Confrontation”

For the first time since the fall of the Soviet Union, Russian jets flying through South Korean airspace provoked the South Korean military into a “midair confrontation” that involved firing hundreds of warning shots. All told, South Korean jets fired 360 machine-gun rounds and at least 20 flares, Bloomberg reports.

Three Russian military planes (two Tu-95 bombers and one A-50 airborne early warning and control aircraft) entered South Korea’s air defense identification zone off the country’s east coast, the South Korean Defense Ministry said. South Korean fighter jets scrambled in response, and fired 80 rounds of machine gun fire and 10 flares – what they described as “warning shots.” Two Chinese bombers joined with the Russian planes on Tuesday, and even violated South Korea’s airspace from the Southwest, though media reports didn’t specify whether they were participating in some kind of exercise with the Russian planes, or whether it was a separate incident entirely. It’s not uncommon for Chinese jets to wander into South Korean airspace.

Plane

The Russian jets retreated, but one of them returned later, prompting South Korea to scramble its jets again for a second confrontation. This time, they fired 280 machine-gun rounds, and another 10 flares.

South Korea wasn’t the only country to lodge a protest. Japan’s Chief Cabinet Secretary Yoshihide Suga made what the Japanese government described as a “stern protest” to Russia, based on the perception that the Russian plane violated Japanese airspace.

The former Soviet Union supported the North during the Korean War, which left millions of Koreans dead. In 1983, a Soviet fighter jet fired an air-to-air missile at a South Korean passenger plane that strayed into Soviet territory, killing all 269 people on board. In later years, diplomatic relations between the two countries gradually improved in the years before the Soviet Union fell.

Moscow swiftly denied that its jets had violated South Korean airspace, and it also denied that the “mid-air confrontation” had taken place.

Steve Rosenberg

@BBCSteveR

Seoul: Russia violated our airspace.
Moscow: No we didn’t.
Seoul: We fired 360 warning shots at your aircraft.
Moscow: No you didn’t.

Russia & South Korea not exactly on the same page about this incident.

The airspace allegedly violated by Russia lies over a string of South Korea-held islands roughly halfway between South Korea and Japan, which makes it a sensitive area.

South Korea and Japan remain locked in a trade confrontation that has prompted a slowdown in the South Korean export machine. But for a short time on Tuesday, they shared an adversary. But whatever Russia was trying to accomplish with these exercises – if anything – remains unclear.

END

b) REPORT ON JAPAN

 

c) China and Chinese affairs

4/EUROPEAN AFFAIRS

Boris Johnson wins the Tory leadership and will become Prime Minister tomorrow

(zerohedge)

Boris Johnson Wins Tory Leadership Contest

Update: President Trump has tweeted his congratulations to Johnson. Trump has professed a liking for Johnson, and has promised to swiftly strike a new US-UK trade pact with the new leader.

Donald J. Trump

@realDonaldTrump

Congratulations to Boris Johnson on becoming the new Prime Minister of the United Kingdom. He will be great!

And Theresa May tweeted her own congratulations.

Theresa May

@theresa_may

Many congratulations to @BorisJohnson on being elected leader of @Conservatives – we now need to work together to deliver a Brexit that works for the whole UK and to keep Jeremy Corbyn out of government. You will have my full support from the back benches.

* * *

Update: Boris Johnson wins by a wide margin of more than 2-1 (he won 66% of the vote, a clear mandate from his party.).

Tories

The count was:

  • Hunt: 46,656
  • Johnson: 92,153
  • Turnout: 87.4% (there were just under 160,000 eligible Tory voters)

The pound has rallied back to unchanged on the day. BoJo will be sworn in as PM on Wednesday afternoon after May holds her final PMQ, delivers a brief speech then hand-delivers her resignation to the Queen. Johnson is expected to deliver a speech of his own after becoming prime minister.

BoJo

While Johnson’s victory was widely expected, he will face challenges right out the gate, including rebuilding the cabinet with just 100 days until the Oct. 31 “Brexit Day”.

BoJo

Just before BoJo’s victory was announced, another of May’s cabinet members resigned. David Gauke, May’s Justice Secretary, has stepped down, as has Anne Milton, the education minister. Yesterday, Alan Duncan, a foreign office minister, resigned and tried to call a vote to test support for Johnson’s government, only to be blocked by Speaker John Bercow. Philip Hammond, the Chancellor of the Exchequer, is expected to quit on Wednesday before Johnson can fire him.

David Gauke

@DavidGauke

Congratulations @BorisJohnson on being elected as Leader of @Conservatives and PM @10DowningStreet. An honour to serve in Cabinet @MoJGovUK, @DWP and @hmtreasury under @theresa_may. Looking forward to returning to backbenches tomorrow, serving people of South West Hertfordshire.

After taking office, Johnson is expected to instate his own team in the senior positions, with most of May’s more moderate cabinet officials expected to be shown the door, to be replaced with a bevy of ERG-aligned MPs.

Johnson has promised to deliver Brexit “do or die” on Oct. 31, as Brussels has signaled it will not accept the changes he proposed to the withdrawal agreement.

But he will face his own unique challenges. BoJo’s majority is expected to shrink to just one vote next month if the conservatives lose the Brecon and Radnorshire by-election. Tories are bracing for the possibility that Johnson might call for a snap election in the fall to seek a new public mandate for his Brexit strategy. His preferred scenario would be to win a deal with the EU that he could also sell to parliament, but the odds of that are dimming by the day. Looking ahead, Johnson is expected to start announcing senior posts immediately, and much attention will be paid to who Johnson chooses to lead negotiations with Brussels (remember, President Trump urged Johnson to send Nigel Farage to Brussels).

* * *

After weeks of campaigning and some unexpected twists, the Tories are set to announce the winner of their leadership contest

With the announcement imminent, cable is slowly rebounding.

The victor will be sworn in as the new PM on Wednesday.

Boris Johnson has a wide lead in the polls over Secretary of State for Foreign and Commonwealth Affairs Jeremy Hunt, and though his campaign has been marked by some unexpected scandals, he’s still widely favored to win. But a number of senior figures in Theresa May’s government have resigned their posts, and on Monday, Sir Alan Duncan quit his Foreign Office role and called for MPs to have a vote before this on whether they actually will support Johnson forming a government. However, his call for a vote was blocked by the Commons speaker.

According to online bookmakers, Boris Johnson is 66/1 on to win the (and 33/1 on to be the next PM), while Jeremy Hunt is 25/1 against. Odds also favor the UK staying in the EU past the Oct. 31 deadline, and that the UK will leave with a deal.

 

end

Europe and global interest move moves discussed by Michael Every of Rabobank

(courtesy Michael Every/Rabobank)

 

Here Comes BoJo

Submitted by Michael Every of Rabobank

The markets stabilised very quickly after the UK insisted on using diplomatic tools to solve the crisis with Iran, which seized a British oil tanker in the Strait of Hormuz last week. The UK will seek to put together a European-led naval mission to ensure safe shipping through the Strait of Hormuz. Britain is be hoping that various countries will show far more solidarity than the US whose Secretary of State Pompeo said that the UK must take responsibility for their own ships.

With the UK unlikely to pursue military confrontation with Iran, European equities eked out marginal gains and the S&P 500 ended Monday’s session 0.28% higher. That said, relationship between Iran and the West, the US particularly, remains strained. President Trump posted an inflammatory tweet claiming that the Iranian economy “is dead and will get much worse. Iran is a total mess!”

Initially Brent crude extended Friday’s gains, but the bullish momentum faded quickly and prices were not even able to revisit the July 18 high of USD 64.46 per barrel let alone the mid-July top of around USD 67.

EUR/USD continues to lean towards the June low at 1.1181 ahead of the upcoming ECB meeting on Thursday. Apart from market expectations that President Draghi will set the stage for a rate cut in September weighing on the euro, the dollar received a boost from President Trump and congressional leaders who reached an agreement to suspend the US debt ceiling for two years and allow hundreds of billions of dollars in new spending. Speaker of the House Pelosi revealed that avoiding a stock market collapse and a government shutdown were the main factors that played a critical role.

We are in a blackout period for Fed speakers ahead of next week’s crucial policy meeting, but it does not mean that President Trump will refrain from commenting on monetary policy. “It is far more costly for the Federal Reserve to cut deeper if the economy actually does, in the future, turn down! Very inexpensive, in fact productive, to move now. The Fed raised & tightened far too much & too fast. In other words, they missed it (Big!). Don’t miss it again!”, Trump tweeted on Monday.

It is reasonable to assume that Trump would prefer an insurance cut of at least 50bps on July 31 to prolong economic expansion and more importantly for him – given that he sees the S&P 500 Index as a barometer for his presidency – to sustain the bullish trend in US stocks. A 25bps cut may not prove sufficient for Trump, who will express his disappointment instantly on Twitter probably wishing that he could dismiss Powell as easily as Turkish President Erdogan fired Governor Cetinkaya for not following “instructions on rates”. Newly appointed Governor Uysal is set to cut interest rates much faster than his predecessor starting with a few hundred bps move this Thursday. Admittedly, the Turkish lira has been coping surprisingly well with President Erdogan essentially taking control of monetary policy. However, when the external backdrop worsens markedly, the lira will be far more exposed and vulnerable as a result of the CBRT potentially lowering interest rates to levels seen by foreign investors as inadequate to compensate for domestic risk factors.

Day Ahead

The Conservative Party will announce its new leader who will become the new Prime Minister. Hard Brexiteer Johnson is favourite to take over from PM May. However, the parliamentary arithmetic has changed and he will struggle to deliver his “do or die” pledge to leave the EU on October 31. Based on comments from prominent EU officials, it is very unlikely that he will be able to secure a much better deal with the EU than his predecessor whose Withdrawal Agreement was rejected on three occasions by parliament. Johnson’s ultimate solution would be a hard Brexit and he may even consider suspending parliament. That said, MPs passed an amendment to a Northern Ireland bill that prevents the new Prime Minister from requesting a suspension of parliament between October 9 and December 18. Essentially, political uncertainty will not diminish and will continue to weigh on sterling in the coming months.

It is worth noting that speculators increased their bearish bets against GBP to the highest level so far this year, almost matching the August 2018 high. This reflects increasingly negative sentiment towards sterling, which has been the worst performing G10 currency versus the dollar since May.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

This is how the UK fell for the USA trap when it seized an Iranian ship on July 4.  We are now in an “eye for an eye” confrontation

(Mish Shedlock/Mishtalk)

Eye-For-An-Eye: UK Caught As Trump’s “Useful Idiot” In Dangerous Iran Policy

Authored by Mike Shedlock via MishTalk,

The UK fell for a US trap when it seized an Iranian ship on July 4. Iran struck back last Friday.

Useful Idiots

Eurointelligence provides interesting commentary of tit-for-tat ship seizures first by the UK, then by Iran in response.

The extraordinary story behind the capture of the British-flagged oil tanker Stena Impero is a cautionary tale on many levels. It has the potential of turning into a major diplomatic calamity for both the UK and the EU.

Simon Tisdall tells the story in the Observer that this confrontation was masterminded by none other than John Bolton, Donald Trump’s national security adviser. Several weeks ago, US intelligence services tracked an Iranian oil vessel headed for the Mediterranean, bound for a refinery in Syria. The Grace 1 sailed under a Panama flag. As it was too big for the Suez Canal, it undertook the longer journey from Iran around Cape Horn and up the Atlantic towards Spain. Washington alerted the Spanish government 48 hours before the tanker was due to enter the Strait of Gibraltar, but without giving any details that the ship might be in breach of US sanctions. The Spanish Navy escorted the ship but took no action at the time. Spain later said it would have intervened if it had been given information that the ship was in breach of US sanctions.

Bolton instead tipped off the British, who felt compelled to intercept the Grace I as it entered the Strait of Gibraltar on July 4, dispatching a force of 30 marines who stormed the ship. 

The US managed to accomplish three things at the same time: escalating the conflict with Iran; dividing the Europeans by pitching the UK against Spain, which distanced itself from the UK manoeuvre off Gibraltar; and turning the UK once again into the useful idiot of US diplomacy. Not bad for a few days’ work. But it is also a clear indication of the EU’s total lack of preparedness to deal with a hostile Trump administration.

Unsurprisingly, the EU’s response is divided. Spain is furious about the UK’s unilateral action in international waters off the Spanish coast. The EU’s external-action service, soon to be headed by Josep Borrell, Spain’s foreign minister, is silent. Germany and France are backing the UK – at least diplomatically – for now. Russia, Japan and China are with Iran. They do not want to risk oil supplies.

Excellent News?!

John Bolton

@AmbJohnBolton

Excellent news: UK has detained the supertanker Grace I laden with Iranian oil bound for Syria in violation of EU sanctions. America & our allies will continue to prevent regimes in Tehran & Damascus from profiting off this illicit trade.

Dangerous Trap

The Guardian comments How Trump’s Arch-Hawk Lured Britain Into a Dangerous Trap to Punish Iran

Bolton’s delighted reaction suggested the seizure was a surprise. But accumulating evidence suggests the opposite is true, and that Bolton’s national security team was directly involved in manufacturing the Gibraltar incident. The suspicion is that Conservative politicians, distracted by picking a new prime minister, jockeying for power, and preoccupied with Brexit, stumbled into an American trap.

In short, it seems, Britain was set up. As a result, Britain has been plunged into the middle of an international crisis it is ill-prepared to deal with.

Much of this angst could have been avoided. Britain opposed Trump’s decision to quit the 2015 nuclear deal with Iran, the trigger for today’s crisis. It has watched with alarm as the Trump-Bolton policy of “maximum pressure”, involving punitive sanctions and an oil embargo, has radicalised the most moderate Iranians.

Yet even as Britain backed EU attempts to rescue the nuclear deal, Theresa May and Jeremy Hunt, foreign secretary, tried to have it both ways – to keep Trump sweet.

Eye for an Eye

The Financial Times comments on the ‘Eye for Eye’ Ideology Behind Iran’s Seizure of UK Tanker.

Eye for eye and hand for hand is our Islamic ideology. An American eye or a European hand are not more valuable than an Iranian eye or hand,” said Mohammad-Sadegh Javadi-Hesar, a reformist politician.

Lovely.

Nothing But War Will Do

Bolton wants war. Nothing less will do.

To get it, he is willing to radicalize the Iranian moderates and trap allies into doing his immoral bidding.

I am sick of this administration’s war policy and treatment of allies.

END

Trump now gives the impression that he is OK with a war against Iran as they are very bad actors and the no one sponsor of terror on the planet

(zerohedge)

Trump: “OK” With A War Against Iran Now

Last month President Trump briefly described what in his vision war with Iran would look like if launched: it “wouldn’t last very long” and “we’re not talking boots on the ground,” he said in an interview. “I hope we don’t but we’re in a very strong position if something should happen,” he added as cited in Reuters. As we previously suggested, if things escalate to direct US military assault on Iran, it would likely (at least initially) take place in the manner of a “one and done” major fireworks display — the idea being to hit hard, then declare a hasty “victory” and get out fast… at least in Trump’s ideal version of how things would play out, similar to the prior two strikes on Syria. 

* * *

 

“…it could go either way, and I’m OK either way it goes.”Image source: EPA-EFE

Authored by Jason Ditz via AntiWar.com,

While President Trump’s position on Iran tends to change with little notice, he backed away from his insistence that he doesn’t want war with Iran on Monday, saying now of the war “it could go either way, and I’m OK either way it goes.”

Trump added that it’s “getting harder for me to want to make a deal with Iran” in the first place, because he views them as “behaving very badly,” and are “the number one state of terror in the world.”

Trump followed this up by announcing new sanctions against China, saying they were intended to punish them for “accepting crude oil.” This is likely to be a bigger problem for US-China ties than Iran, as Iran is already heavily sanctioned.

If Trump’s new bellicose stance sticks, this could be a major shift in US hostility toward Iran. President Trump has been one of the few top officials insisting he didn’t want a war as administration hawks continued to talk of a conflict as all but inevitable. If Trump is indeed “OK either way” on the war, it’s not going to be any secret that his top aides will be pushing him to choose war over peace. 

end

6.Global Issues

This should be a solid indicator of problems surfacing throughout the globe due to lack of growth: Nissan is slashing over 10,000 jobs globally and 7% of its entire workforce.

(zerohedge)

 

Nissan Slashing Over 10,000 Jobs Globally, 7% Of Its Entire Workforce

What some auto manufacturers and industry experts were passing off as a slight hiccup for the auto industry is rapidly turning into a full-scale recession if not all out depression, one complete with a litany of layoffs in the global auto industry as sales in major countries like the United States and China have been steadily deteriorating for the last 18 months.

We’ve already seen massive planned layoffs from US auto makers like Ford, and now Nissan is the latest to join the mass layoffs bandwagon, with Kyodo reporting that Nissan will cut over 10,000 jobs globally, or over 7% of its entire global workforce.

In some respects, it’s deja vu of The Great Recession for Nissan. In 2009, the company slashed 20,000 jobs before forecasting a $2.6 billion loss. This represented about 8% of the company’s 235,000+ employee count at the time.

This is likely in response to the deteriorating automotive market in China: recall in early July we repored that Nissan’s sales in China from January to June totaled 718,268 units, a 0.3% y/y decline.

In May, we reported that countries like China, the United Kingdom, Germany, Canada and the United States had all seen at least 38,000 job cuts over the last six months in the automotive sector. Daimler CEO Dieter Zetsche said in May that “sweeping cost reductions” are ahead to prepare for what he is calling “unprecedented” industry disruption

And now cue Nissan. 

A few weeks ago we algo reported that over 25% of all June job cuts came from the automotive sector, according to Managing Economist for Refinitiv Jeoff Hall. Hall commented on Twitter that the industry’s 10,904 redundancies were the most in seven months and the second most in seven years. Hall also noted that excluding autos, there were only 31,073 job cuts in June, the fewest in 11 months, in low-normal range.

We reported about Ford’s plans to cut another 7000 jobs, representing 10% of its workforce worldwide, about a month ago. And the recession, which was likely due to happen regardless of market conditions, comes at the worst possible time. It could be exacerbated by the ongoing trade war, which foreign carmakers have warned could put 700,000 American jobs at risk.

This chart shows the job reductions in the six months prior to June 1.

Furthermore, at the beginning of June we noted that Bank of America had said that “the auto cycle had peaked”.

While Bank of America attributed much of the downturn in the manufacturing sector to the ongoing trade war, it singled out the automotive industry as a specific area for concern. Calling the problem a “classic story of demand/supply mismatch”, the bank pointed out that producers continue to ramp up output at a time when demand has softened.

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

HUMOUR STORY OF THE DAY

 

Breaking Bad Meets Bad Braking: Man Transporting $140 Million In Meth Crashes Into Cop Car

An Australian man was found transporting over $140 million in methamphetamines after he crashed his van into a police car outside of a Sydney police station, according to the New South Wales Police.

26-year-old Simon Tu was pulled over Monday morning around an hour after a Toyota HiAce van he was driving clipped the parked cop car as well as a police van.

A search of the van revealed 13 boxes packed with 602 lbs of meth, which has a street value of $140 million US ($200 million NZD). The vehicle has been seized for forensic inspection.

“This would be one of the easiest drug busts the New South Wales Police has ever made — incredible, absolutely incredible,” according to Detective Chief Inspector Glyn Baker, adding “Crashing into police vehicles with that amount of drugs on board is somewhat unheard of.”

Tu was charged with supplying a commercial quantity of drugs, negligent driving, and refusing to provide police with his personal information.

END

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

Euro/USA 1.1180 DOWN .0024 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 /MIXED

 

 

USA/JAPAN YEN 108.15 UP 0.241 (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 1.2466   DOWN   0.0007  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TO OCT 31/2019//

USA/CAN 1.3137 UP .0007 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  TUESDAY morning in Europe, the Euro FELL BY 24 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1219 Last night Shanghai COMPOSITE CLOSED UP 12.97 POINTS OR 0.45% 

 

//Hang Sang CLOSED UP 95.22 POINTS OR 0.34%

/AUSTRALIA CLOSED UP 0,46%// EUROPEAN BOURSES ALL GREEN

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 95.22 POINTS OR 0.34%

 

 

/SHANGHAI CLOSED UP 12.97 POINTS OR 0.45%

 

Australia BOURSE CLOSED UP. 46% 

 

 

Nikkei (Japan) CLOSED UP 204.09  POINTS OR 0.95%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1421.50

silver:$16.40-

Early TUESDAY morning USA 10 year bond yield: 2.06% !!! UP 1 IN POINTS from MONDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.58 UP 1  IN BASIS POINTS from MONDAY night.

USA dollar index early TUESDAY morning: 97.51 UP 26 CENT(S) from  MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing TUESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.46% DOWN 1 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: -.14%  DOWN 0   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.40%//DOWN 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,60 up 4 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 120 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.36% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.96% 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 TUESDAY

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

Euro/USA 1.1153  DOWN     .0052 or 52 basis points

USA/Japan: 108.10 UP .198 OR YEN DOWN 20  basis points/

Great Britain/USA 1.2442 DOWN .0031 POUND DOWN 31  BASIS POINTS)

Canadian dollar DOWN 15 basis points to 1.3145

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 6.8792    0N SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.8859  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  5.7082 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at -.14%

 

Your closing 10 yr US bond yield UP 1 IN basis points from MONDAY at 2.05 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.59 UP 2 in basis points on the day

Your closing USA dollar index, 97.69 UP 43  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 TUESDAY: 12:00 PM

London: CLOSED UP 22.20  0.56%

German Dax :  CLOSED UP 201.34 POINTS OR 1.64%

 

Paris Cac CLOSED UP 51.14 POINTS 0.92%

Spain IBEX CLOSED UP 118.10 POINTS or 1.29%

Italian MIB: CLOSED UP 218.96 POINTS OR 1.01%

 

 

 

 

 

WTI Oil price; 56.20 12:00  PM  EST

Brent Oil: 63.18 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    63.24  THE CROSS HIGHER BY 0.14 RUBLES/DOLLAR (RUBLE LOWER BY 14 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.36 FOR THE 10 YR BOND 1.00 PM EST EST

END

 

This ends the stock indices, oil price, currency crosses and interest rate closes for today 4:30 PM

Closing Price for Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OIL PRICE 4:30 PM :  56.95//

 

 

BRENT :  62.41

USA 10 YR BOND YIELD: … 2.07…

 

 

 

USA 30 YR BOND YIELD: 2.60..

 

 

 

 

 

EURO/USA 1.1149 ( DOWN 56   BASIS POINTS)

USA/JAPANESE YEN:108.26 UP .356 (YEN DOWN 57 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 97.71 UP 45 cent(s)/

The British pound at 4 pm   Britain Pound/USA: 1.2437 DOWN 35  POINTS

 

the Turkish lira close: 5.7174

 

 

the Russian rouble 63.17   DOWN 0.06 Roubles against the uSA dollar.( DOWN 6 BASIS POINTS)

Canadian dollar:  1.3145 DOWN 15 BASIS pts

USA/CHINESE YUAN (CNY) :  6.8792  (ONSHORE)/we need to watch these levels/anything greater than 6.95 will be deadly./

 

USA/CHINESE YUAN(CNH): 6.8850 (OFFSHORE) we need to watch these levels/anything greater than 6.95 will be deadly/

German 10 yr bond yield at 5 pm: ,-0.36%

 

The Dow closed UP 177.29 POINTS OR 0.65%

 

NASDAQ closed UP 47.26 POINTS OR 0.58%

 


VOLATILITY INDEX:  12.65 CLOSED DOWN .88

LIBOR 3 MONTH DURATION: 2.282%//libor dropping like a stone

 

USA trading today in Graph Form

Yield Curve Ominously Un-Inverts As Dollar Jumps Most In Over 4 Months

For the first time in 41 days, the US Treasury yield has un-inverted…

 

Chinese stocks managed gains overnight (even as STAR IPOs tumbled on their second day)…

 

European Stocks soared on the day with Germany leading the way…

 

US equities spiked on China trade headlines…

 

The buying program that hit when the China trade headlines printed, was the highest since July 10th’s open (after Powell’s prepared remarks prompted a panic-bid)…

 

S&P spiked back above the 3,000 level…

 

While tech stocks are at record highs, tech credit risk is anything but…

 

Bonds and stocks remain in their own worlds…

 

Treasury yields rose modestly on the day with the long-end underperforming…

 

10Y yields plunged on the dismal Richmond Fed data, but sellers re-emerged quickly…

 

The yield curve (3m10Y) spiked almost 5bps today, surging back above 0 for the first time in 41 days…

 

This is the ominous trigger as only when the curve un-inverts does the recession begin…

 

The odds of a 50bps rate cut next week slipped to 17.5%…

 

The debt ceiling ‘kink’ in the Bill curve has been erased…

 

The Dollar rose for the 3rd day in a row – bouncing back from Fed’s Williams lows – this is the biggest 3-day jump in the dollar in over 4 months…

 

Cryptos were mixed today but only Bitcoin Cash is green on the week…

 

But Bitcoin rebounded back above $10,000…

 

Gold and Copper slipped on the day as the dollar rallied but Silver and Oil prices rallied further…

 

Gold is holding up despite the dollar strength…

 

Silver outperformed Gold for the seventh day in a row…

 

Oil prices spiked back up to $57 ahead of tonight’s API inventory data…

 

Finally, soft data collapsed to post-Trump lows (Richmond Fed plunged) as hope disappears…

And trade-deal complacency is running high once again…

And perhaps even more notably, as Bloomberg’s Cameron Crise quantifies, as trade-war risk is priced out of markets (black line) so expectations for the need for a Fed rate cut should be reducing… but aren’t…

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

A clear sign that the USA economy is faltering with the major cause being the collapse in Europe/Asia

(zerohedge)

Despite Plunging Rates, Existing Home Sales Slow For 16th Straight Month

After May’s surprise rebound, existing home sales were expected to slow in June and dropped more than expected (falling 1.7% MoM against expectations of a modest 0.4%) to 5.27mm SAAR.

“Sales refuse to break out higher,” Lawrence Yun, NAR’s chief economist, said at a briefing in Washington.

“It doesn’t make economic sense” with job creation, rising wages and the stock market reaching records.

This is the 16th month of annual declines in existing home sales…

Home purchases declined in the South, the biggest region, to the slowest rate since January. Sales fell to a three-month low in the West. They increased in the Midwest and Northeast.

While rates have tumbled – helping affordability – the median home price rose 4.3% from last year to $285,700, erasing that affordability edge.

 end
Another good sign showing that the USA economy is shrinking fast;  the Richmond Mfg index unexpectedly crashes to its lowest level in 6 years.
(zerohedge)

Richmond Fed Unexpectedly Crashes To Lowest In Over 6 Years As Order Backlogs Disintegrate

After a handful of mixed regional Fed survey, moments ago the Richmond Fed printed for the month of June, and if it serves as a tiebreaker, then the US economy is deep in a recession.

Expected to rebound modestly from already a near-contractionary print of 3 to 5 following the recent euphoric Philly Fed print, the mid-Atlantic index instead suffered its biggest drop in two years, dropping by 14 points to a whopping -12, the lowest print since January 2013…

 

… as all three components — shipments, new orders, and employment — registered declines.

The biggest reason behind the unexpected plunge – the orderbook has suddenly disintegrated as order backlogs fell to −26, the lowest reading since April 2009.

It gets worse: firms reported worsening local business conditions, as this index dropped from 7 to −18, its largest one-month drop on record. Of course, there was optimism, and respondents remained somewhat optimistic that conditions would improve in the coming months.

The weakness was broad based as Survey results further indicated that employment and the average workweek declined in July. However, wage growth continued among survey respondents. Firms continued to struggle to find workers with the necessary skills and expect that struggle to continue in the next six months.

The full table of components is below:

and visually:

The growth rates of both prices paid and prices received rose in July, as growth of prices paid outpaced that of prices received. Survey participants, on average, expected growth of both prices paid and prices received to slow in the near future.

The biggest paradox, however, is that just last week the Beige Book for the Richmond Area reported the following:

Since our previous Beige Book report, the Fifth District economy grew at a modest rate. Manufacturers saw a slight increase in shipments and new orders, but continued to face challenges from the current trade environment. Import volumes remained strong and, at one port, the composition of imports is shifting from China to other Asian countries.

Meanwhile, the actual Richmond Fed survey shows collapsing orders, shipments and employment.

It’s almost as if the US is now desperate to overtake China in the completely made up economic bullshit department, simply to justify whatever policy measure the Fed is undertaking next.

END
Anarchy on the streets of NY and de Blasio thinks he is capable of running the country?
(zerohedge)

“It’s Total Anarchy”: Shocking Videos Expose “Lawlessness” On NYC Streets

Mayor de Blasio should probably stop bragging about the fact that crime in his city has fallen to all-time lows.

In a series of shocking videos, NYPD officers can be seen being doused with buckets of water and pelted with projectiles as they tried to do their jobs (in one video, the officers were in the middle of making an arrest).

The stunning footage, which was first spotted online on Monday, shows the brazen young men in Harlem and Brooklyn dousing cops with water and, in one frame, an officer gets beaned in the back of the head with an empty red plastic bucket. The attacks on the officers started as they were arresting another young man, and in the video, they can be seen handcuffing the man while he was splayed out on the hood of a car.

NYPD

Sources from within the NYPD and the officers union spoke with the New York Post about the “outrage” they felt toward both the criminals who carried out the attacks and the mayor, Bill de Blasio, who was out-of-state when the attacks occurred. Senior NYPD officials and union leaders have repeatedly criticized de Blasio for going easy on criminals and undoing some of the progress that happened under Mayors Bloomberg and Giuliani, where crime rates in the city began a dramatic slide (though, in recent years, crime rates have started ticking higher again).

“Everybody’s outraged,” an NYPD source said. “It’s disgusting, embarrassing. There’s lawlessness around here now.”

Police Chief Terence Monahan called the footage reprehensible and said every New Yorker must show respect for NYPD officers.

Chief Terence Monahan

@NYPDChiefofDept

The videos of cops being doused with water and having objects hurled at them as they made an arrest in is reprehensible. NYC’s cops & communities have made remarkable progress — together — but EVERY New Yorker MUST show respect for our cops. They deserve nothing less.

View image on Twitter

Another officer blamed the incidents on the NYPD’s “hands-off approach to these guys” that Mayor de Blasio first advocated.

“Who does that in their right frame of mind? People who believe there’s no consequences,” the anonymous officer said. “It’s total anarchy. This is very sad.”

Patrolmen’s Benevolent Association head Pat Lynch, a longtime NYPD labor leader, called the water bucket attacks “the end result of the torrent of bad policies and anti-police rhetoric that has been streaming out of City Hall and Albany for years now.”

The PBA Twitter account tweeted one of the clips, and insisted that we are approaching “the point of no return.”

Chief Terence Monahan

@NYPDChiefofDept

The videos of cops being doused with water and having objects hurled at them as they made an arrest in is reprehensible. NYC’s cops & communities have made remarkable progress — together — but EVERY New Yorker MUST show respect for our cops. They deserve nothing less.

View image on Twitter

Lynch added that politicians don’t care about the dangers of being an NYPD officer.

“As police officers, we need to draw a line. In situations like this, we need to take action to protect ourselves and the public. The politicians may not care about the dangerous levels of chaos in our neighborhoods, but police officers and decent New Yorkers should not be forced to suffer.”

But de Blasio didn’t mention the videos on his Twitter.

The two videos were initially posted on separate Instagram accounts, but they first picked up traction after being shared by a Twitter account devoted to NYC emergencies.

Both videos were initially posted on separate Instagram accounts, then re-posted on a Twitter account devoted to New York City emergencies. Across all the platforms, the videos have racked up hundreds of thousands of views.

Watch parts of the videos below:

 

iii) Important USA Economic Stories

Trump announces a huge two year budget deal with massive military and domestic spending increases.  The debt ceiling is raised

(zerohedge)

Trump Announces Two-Year Budget Deal That Will Handle Debt Ceiling “With No Poison Pills”

President Trump on Monday announced that a budget deal has been reached with the House and Senate that will contain ‘no poison pills.’

“I am pleased to announce that a deal has been struck with Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer, Speaker of the House Nancy Pelosi, and House Minority Leader Kevin McCarthy,” Trump tweeted Monday afternoon, adding “This was a real compromise in order to give another big victory to our Great Military and Vets!”

Donald J. Trump

@realDonaldTrump

I am pleased to announce that a deal has been struck with Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer, Speaker of the House Nancy Pelosi, and House Minority Leader Kevin McCarthy – on a two-year Budget and Debt Ceiling, with no poison pills….

Donald J. Trump

@realDonaldTrump

….This was a real compromise in order to give another big victory to our Great Military and Vets!

NPRreported earlier Monday that House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin had been closing in on a budget deal to raise the debt ceiling beyond the 2020 election, while setting a defense and domestic spending budget of $1.3 trillion over the next two years. 

Congressional sources briefed on the deal said the agreement would suspend the debt limit until July 31, 2021, and include parity in spending increases for defense and domestic programs. It would include about $75 billion in offsets for those spending increases.

President Trump alluded to the pending deal on Monday during his meeting with the Pakistani prime minister on Monday, saying “We’re doing very well on debt limit… and I think we’re doing very well on the budget.”

Developing…

END

Elizabeth Warren Warns An “Economic Crash” Is Coming, And Only She Has The ‘Fix’

Authored by Michael Snyder via The Economic Collapse blog,

Democratic presidential candidate Elizabeth Warren is sounding the alarm. 

In an opinion piece that she put out on Monday, she boldly warned that an “economic crash” is coming.  Actually, much of her article sounds like it could have come directly from the pages of the Economic Collapse Blog, and her analysis of the current state of the U.S. economy was right on the money.  Of course her proposed “solutions” are completely and totally nuts, and we will discuss that later in the article.  But it is quite remarkable that a woman that has a really, really good chance of becoming the next president of the United States is saying so many of the exact same things that I have been saying.  For example, just consider this paragraph

When I look at the economy today, I see a lot to worry about again. I see a manufacturing sector in recession. I see a precarious economy that is built on debt — both household debt and corporate debt — and that is vulnerable to shocks. And I see a number of serious shocks on the horizon that could cause our economy’s shaky foundation to crumble.

Everything that she said there is true.  The manufacturing sector is definitely slowing down, and without a doubt U.S. households are drowning in debt.

In another paragraph, Warren elaborated on the unprecedented debt problems that U.S. families are currently facing

A generation of stagnant wages and rising costs for basics like housing, child care, and education have forced American families to take on more debt than ever before. The student debt load has “more than doubled since the financial crisis.” American credit card debt matches its 2008 peak. Auto loan debt is the highest it has ever been since we started tracking it nearly 20 years ago, and a record 7 million Americans are behind on their auto loans — many of which have similar abusive characteristics as pre-crash subprime mortgages. 71 million American adults — more than 30% of the adults in the country — already have debts in collection. Families may be able to afford these debt payments now, but an increase in interest rates or a slowdown in income could plunge families over a cliff.

That is a fantastic paragraph, and once again everything that she said there is completely accurate.

Today, 59 percent of Americans are living paycheck to paycheck, and even a mild recession would be absolutely disastrous for tens of millions of American families.  During the coming recession we are likely to see debt defaults go through the roof, and Warren has correctly identified how vulnerable we are right now.

And she also accurately detailed the problems that the U.S. manufacturing sector is facing

Despite Trump’s promises of a manufacturing “renaissance,” the country is now in a manufacturing recession. The Federal Reserve just reported that the manufacturing sector had a second straight quarter of decline, falling below Wall Street’s expectations. And for the first time ever, the average hourly wage for manufacturing workers has dropped below the national average.

Of course it isn’t just U.S. manufacturing that is struggling right now.  We haven’t seen global manufacturing numbers this bad since the last financial crisis, and this is something that I detailed in a previous article.

In addition, it appears that we are about to get confirmation that we have now entered an “earnings recession”.  The following comes from USA Today

Yet with second-quarter earnings season underway, analysts are nervously waiting to see if the final results will deliver a second straight quarterly drop in corporate profits. Those surveyed by FactSet reckon the earnings of  S&P 500 companies declined 1.9% in the April-June period from a year earlier. That’s based on a blend of their pre-earnings season estimate and actual results of the 16% of companies reporting so far.

Why the concern over back-to-back declines?

Two consecutive quarterly decreases would represent an earnings recession, which typically – but not always – foreshadows an economic recession within a year or two. Companies whose profits are squeezed tend to pull back hiring and investment.

Clearly we are facing some very serious economic challenges.

So what does Warren want to do to fix things?

Well, apparently she believes that everything will be just fine if we raise the minimum wage, spend a lot more money, and give away lots of free stuff

We can raise incomes by increasing the minimum wage to $15 an hour, strengthening unions, ensuring that women of color get the wages they deserve, and empowering workers to elect at least 40% of board members at big American corporations. We can reduce costs and slash household debt by cancelling up to $50,000 in student loan debt for 95% of people who have it, bringing downthe cost of rent, providing universal affordable child care and early education for all our kids ages 0–5, and making tuition free at every public technical school, two-year college, and four-year college.

Is she insane?

Seriously, where does she plan to get the money to fund her wacky proposals?  At this point we are already 22 trillion dollars in debt, and a “compromise” deal was just reached in Washington that will greatly accelerate the pace at which our national debt is increasing.

The national debt is already an existential threat to the future of our nation, and Warren’s proposals would cost us trillions more.

So where does she plan to get that kind of cash?  Is she going to tax all of us into oblivion?

Spending money that we do not have and the socialist economic policies of both major political parties are two of the biggest reasons why we are currently in such a horrible mess.  Warren’s “solutions” would only greatly compound our problems.

Sadly, our leaders are a reflection of who we are as a nation, and at this moment a big chunk of the population wants Elizabeth Warren.

A CBS News poll that was just released found that Joe Biden is still leading the race for the Democratic nomination, but the race has greatly tightened.  Biden was at 25 percent in the survey, but Warren was a close second at 20 percent.  Biden’s campaign has been faltering in recent weeks, while Warren’s campaign has been really surging.  In the end, it wouldn’t be a surprise at all if Elizabeth Warren wins the Democratic nomination.

And if she wins the nomination, there is a really good chance that she will be the next president of the United States.

By the time the 2020 election arrives, the “economic crash” that Elizabeth Warren is warning about is likely to be here.  But no amount of “free stuff” is going to fix things, and the truth is that socialism never works on a long-term basis.

iv) Swamp commentaries)

The Dept of Justice tells Mueller to remain within the boundaries of his report when questions are asked by the Democrats.  However certain questions posed by the Republicans will be fair game.

(zerohedge)

DoJ Responds To Mueller Inquiry: “Remain Within The Boundaries” Of Your Report

Perfectly echoing former Special Counsel Robert Mueller’s own words during his brief press conference in May, a Justice Department official told Mueller – in response to his initiated inquiry – that his upcoming testimony to House lawmakers “must remain within the boundaries” of the public report.

As a reminder, here is what Mueller said in May:

“I hope and expect this to be the only time that I will speak to you in this manner,” Mueller said today, explaining that his report was his testimony and that Congress should not expect him to answer questions with any new information.

And here is today’s response to Mueller’s inquiry of the DoJ with regard how to proceed during his testimony…

“…the decision to testify… is yours to make… please note that there should be no testimony concerning the redacted portions of the public version of your report… any testimony must remain within the boundaries of your public report…”

Of course this will not stop Nadler and Schiff proclaiming yet more obstruction of justice allegations – even though the DoJ advice is exactly what Mueller himself already said and conforms to the law.

Additionally, Fox News reports that former special prosecutor Ken Starr had some advice for Robert Mueller ahead of his Wednesday Capitol Hill testimony, saying he should stick to the script and keep things apolitical as promised.

“I would say do what you have said you’re going to do,” Starr said on “Fox News Rundown,” in an interview that will air Tuesday.

“The report speaks for itself.”

“And I’m not going to turn myself beyond the report and I’m not going to turn myself into an instrument or a tool to further a political process, namely the possible impeachment of the president of the United States. That’s up to the people who were elected. I’m not going to play along.

Starr also claimed the media has been soft on Mueller, as compared with what he himself experienced while investigating former President Bill Clinton, and painted the former FBI director as “overzealous.”

*  *  *

 

The truth by the hacking that it was not Russian hacking.
(courtesy Ray McGovern//ConsortiumNews.com)

The Non-Hack That Hurt Hillary – On The 3rd Anniversary Of WikiLeaks Release Of The DNC Emails

Authored by Ray McGovern via ConsortiumNews.com,

Three years ago Monday WikiLeaks published a trove of highly embarrassing emails that had been leaked from inside the Democratic National Committee. As has been the case with every leak revealed by WikiLeaks, the emails were authentic. These particular ones, however, could not have come at a worse time for top Democratic Party officials.

The emails made it unmistakably clear that the DNC had tipped the scales sharply against Democratic insurgent Bernie Sanders, giving him a snowball’s chance in hell for the nomination. The posting of the DNC emails is also widely seen as having harmed the the electoral prospects of Hillary Clinton, who could not escape responsibility completely, while a handful of the very top DNC officials were forced to immediately resign.

Relatively few Americans read the actual emails, their attention diverted to the incessant media-fostered question: Why Did the Russians Hack the DNC to Hurt Hillary? For the millions of once enthusiastic Democrats who favored Sanders, however, the disclosure that the nomination process had been fixed came as a bitter pill, leaving a sour taste in their mouths and a passive-aggressive reluctance to promote the candidacy of one they considered a usurper. Having had a huge stake in Bernie’s candidacy, they had little trouble seeing through the diversion of attention from the content of the emails.

Clinton Prevails

A mere four days after the WikiLeaks release, a well orchestrated Democratic Convention nominated Clinton, while many Sanders supporters loudly objected. Thus, she began her campaign under a cloud, and as more and more Americans learned of the fraud that oozed through the DNC email correspondence — including the rigging of the Democratic primaries — the cloud grew larger and darker.

On June 12, 2016, six weeks before the convention, WikiLeaks publisher Julian Assange had announcedin an interview on British TV, “We have upcoming leaks in relation to Hillary Clinton … We have emails pending publication.”

Independent forensic investigations demonstrated two years ago that the DNC emails were not hacked over the Internet, but had been copied onto an external storage device — probably a thumb drive. Additional work over recent months has yielded more evidence that the intrusion into the DNC computers was a copy, not a hack, and that it took place on May 23 and 25, 2016.

The DNC almost certainly knew what had happened — not only that someone with physical access to DNC computers had copied thousands of emails, but also which ones they had copied, and thus how prejudicial to the Clinton campaign they would be when they saw the light of day.

And so, candidate Clinton, the DNC, and the mainstream media (forever quoting anonymous “current and former intelligence officials”) appear to have colluded, deciding the best defense would be a good offense. No one knew how soon WikiLeaks would publish the emails, but the DNC offense/defense would surely have to be put in place before the convention scheduled to begin on July 25. That meant there were, at most, six weeks to react. But it only took two days. As early as July 24, about 48 hours after the leaks were published, and a day before the convention, the DNC first blamed Russia for hacking their emails and giving them to WikiLeaks to sabotage Clinton.

A Magnificent Diversion

Granted, it was a stretch — and the DNC would have to hire a pliable cybersecurity firm to back up their claim. But they had good reason to believe that CrowdStrike would perform that service. It was the best Clinton campaign manager Robbie Mook and associates could apparently come up with. If they hurried, there would be just enough time to prepare a PR campaign before the convention and, best of all, there was little doubt that the media could be counted on to support the effort full bore.

Clinton: Already blaming the Russians at DNC 2016 convention. (Wikipedia)

When WikiLeaks published the emails on July 22, 2016, just three days before the Democratic convention, the propagandists were ready to deflect attention from the damning content of the DNC emails by repeating incessantly that the Russians hacked the emails and gave them to WikiLeaks to hurt Clinton.

It pretty much worked like a charm. The late Senator John McCain and others were quick to call the Russian “hack” an “an act of war.” Evidence? None. For icing on the cake, then-FBI Director James Comey decided not to seize and inspect the DNC computers. Nor, as we now know, did Comey evenrequire a final report from CrowdStrike.

Eight months after the convention, in remarks at the Clinton/Podesta Center for American Progress on April 6, 2017, Clinton’s PR director, Jennifer Palmieri, could scarcely contain her pride that, after a difficult start, she was ultimately successful in keeping the Russian bear front and center.

Transcribed below (verbatim) are some of Palmieri’s more telling remarks when asked to comment, from her insider perspective, on “what was actually going on in late summer/early fall.”

“…I did appreciate that for the press to absorb … the idea that behind the stage that the Trump campaign was coordinating with Russia to defeat Hillary Clinton was too fantastic for people to, um, for the press to process, to absorb…. But then we go back to Brooklyn and heard from the — mostly our sources were other intelligence, with the press who work in the intelligence sphere, and that’s where we heard things and that’s where we learned about the dossier and the other story lines that were swirling about … And along the way the administration started confirming various pieces of what they were concerned about what Russia was doing. … [Emphasis added.]

“And we did finally get to the point on October 7, when the administration came out with a very stunning [memorandum]. How stunning it was for both the Director of National Intelligence and the Director of Homeland Security to put out a statement – a long statement – that said with high confidence that Russia was interfering in the election and they were also directing the timing of the leaks. And it named the institutions – WikiLeaks, DC Leaks, and Guccifer – as being Russian-led, and how stunning that was to be that certain and that public. … So I do think that the answer for the Democrats now … in both the House and the Senate is to talk about it more and make it more real ….”

And so, the Magnificent Diversion worked as intended.

Recognizing Liminal Time

But not all journalists fell for it.

Patrick Lawrence (once of The Nation, now of Consortium News) was onto the ruse from the start. He says he had “fire in the belly” on the morning of July 25, 2016, the day the Democratic convention began, and that he dashed off an article “in one long, furious exhale” within 12 hours of when the media started really pushing the “the Russians-did-it” narrative. The title of his article, pointed out to me a few months ago by VIPS member Todd Pierce, was “How the DNC fabricated a Russian hacker conspiracy to deflect blame for its email scandal … a disturbing resemblance to Cold War red-baiting.”

Lawrence’s off-the-cuff ruminations, which Salon published the next day are extraordinarily prescient and worth reading in full. He instinctively recognized the email disclosure-cum-media-obfuscation campaign as a liminal event. Here are some excerpts, reprinted here with Lawrence’s permission:

”Now wait a minute, all you upper-case “D” Democrats. A flood light suddenly shines on your party apparatus, revealing its grossly corrupt machinations to fix the primary process and sink the Sanders campaign, and within a day you are on about the evil Russians having hacked into your computers to sabotage our elections … Is this how lowly you rate the intelligence of American voters? …

The Sanders people have long charged that the DNC has had its fingers on the scale … in favor of Hillary Clinton’s nomination. The prints were everywhere … Last Friday WikiLeaks published nearly 20,000 DNC email messages providing abundant proof that Sanders and his staff were right all along. The worst of these, involving senior DNC officers, proposed Nixon-esque smears having to do with everything from ineptitude within the Sanders campaign to Sanders as a Jew in name only and an atheist by conviction. …

The caker came on Sunday, when Robby Mook … appeared on ABC’s “This Week” and … CNN’s “State of the Union” to assert that the D.N.C.’s mail was hacked “by the Russians for the purpose of helping Donald Trump.” He knows this … because “experts” — experts he will never name — have told him so.

the Clinton campaign now goes for a twofer. Watch as it advances the Russians-did-it thesis on the basis of nothing, then shoots the messenger, then associates Trump with its own mess — and, finally, gets to ignore the nature of its transgression (which any paying-attention person must consider grave). Preposterous, readers. Join me, please, in having absolutely none of it. There is no “Russian actor” at the bottom of this swamp, to put my position bluntly. You will never, ever be offered persuasive evidence otherwise. …[Emphasis added.]

Trump, to make this work, must be blamed for his willingness to negotiate with Moscow. This is now among his sins. Got that? Anyone who says he will talk to the Russians has transgressed the American code. … I am developing nitrogen bends … Which way for a breath of air?”

Sad Sequel

A year later Lawrence was commissioned by The Nation to write an investigative report on the so-called “Russian hack.” On August 9, 2017, after he interviewed several Veteran Intelligence Professionals for Sanity, among others, The Nation published his findings in an article entitled “A New Report Raises Big Questions About Last Year’s DNC Hack.” Lawrence wrote, “Former NSA experts, now members of Veteran Intelligence Professionals for Sanity (VIPS), say it wasn’t a hack at all, but a leak—an inside job by someone with access to the DNC’s system.”

Again, Lawrence got it right — this time relying less on his own experience and intuition than on applied science as practiced by real technical experts with no axes to grind. But, sadly, that cut across the grain of the acceptable Russia-gate narrative, and a furor erupted among Hillary followers still licking their wounds over her loss. It proved simply too much for them to entertain the notion that Clinton was quite capable, with help from the likes of Mook, to snatch defeat out of the jaws of victory — without any help from Vladimir Putin.

end
Tom Fitton of  Judicial Watch files a complaint against Omar accusing her of immigration fraud, tax fraud and Student loan fraud.  The evidence is overwhelming
(zerohedge)

Ethics Complaint Filed Against Rep. Ilhan Omar; Accused Of Immigration, Tax And Student Loan Fraud

Following an extensive three-year investigation into Rep. Ilhan Omar by investigative journalist David Steinberg, a House ethics complaint has been filed by Judicial Watch calling for a probe into potential crimes committed by Omar and her brother.

According to the complaint, “Substantial, compelling and, to date, unrefuted evidence has been uncovered that Rep. Ilhan Omar may have committed the following crimes in violation of both federal law and Minnesota state law: perjury, immigration fraud, marriage fraud, state and federal tax fraud, and federal student loan fraud.

The evidence is overwhelming Rep. Omar may have violated the law and House rules.  The House of Representatives must urgently investigate and resolve the serious allegations of wrongdoing by Rep. Omar,” said Judicial Watch president Tom Fitton. “We encourage Americans to share their views on Rep. Omar’s apparent misconduct with their congressmen.”

Laid out in the complaint, as compiled in Steinberg’s research:

Rep. Ilhan Abdullahi Omar, a citizen of the United States, married her biological brother, Ahmed Nur Said Elmi, a citizen of the United Kingdom, in 2009, presumably as part of an immigration fraud scheme. The couple legally divorced in 2017. In the course of that divorce, Ms. Omar submitted an “Application for an Order for Service by Alternate Means” to the State of Minnesota on August 2, 2017 and claimed, among other things, that she had had no contact with Ahmed Nur Said Elmi after June 2011. She also claimed that she did know where to find him. The evidence developed by Mr. Steinberg and his colleagues demonstrates with a high degree of certainty that Ms. Omar not only had contact with Mr. Elmi, but actually met up with him in London in 2015, which is supported by photographic evidence. Ms. Omar signed the “Application for an Order for Service by Alternate Means” under penalty of perjury. The very document that Ilham Omar signed on August 2, 2017 bears the following notation directly above her signature: “I declare under penalty of perjury that everything I have stated in this document is true and correct. Minn. Stat. § 358.116.”

Of particular importance are archived photographs taken during a widely reported trip by Ilhan Omar to London in 2015, posted to her own Instagram account under her nickname “hameey”, in which she poses with her husband/presumed brother, Ahmed Elmi. These photographs from 2015 are documentary evidence that in fact she met up with Mr. Elmi after June 2011 and before the date she signed the divorce document in August 2017, thereby calling into question the veracity of her claim that she had not seen Mr. Elmi since June 2011.

Rep. Omar’s potential crimes far exceed perjurious statements made in a Minnesota court filing.

Rep. Omar’s conduct may include immigration fraud. It appears that Rep. Omar married her brother in order to assist his emigration to the United Stated from the United Kingdom. The same immigration fraud scheme may have aided Mr. Elmi in obtaining federally-backed student loans for his attendance at North Dakota State University. Mr. Elmi and Rep. Omar simultaneously attended North Dakota State University and may have derived illicit benefits predicated on the immigration fraud scheme.

The State of Minnesota Campaign Finance and Public Disclosure Board has already determined that Rep. Omar violated state campaign finance laws for improper use of campaign funds. She was forced to reimburse her campaign thousands of dollars. More significantly, the Board discovered that thefederal tax returns submitted by Rep. Omar for 2014 and 2015 were filed as “joint” tax returns with a man who was not her husband, named Ahmed Hirsi, while she was actually married to Ahmed Elmi.

Under federal law, specifically, 26 U.S. Code & 7206.1, “Any person who willfully makes and subscribes any return, statement, or other document, which contains or is verified by a written declaration that it is made under the penalties of perjury, and which he does not believe to be true and correct as to every material matter … shall be guilty of a felony and, upon conviction thereof, shall be fined not more than $100,000 ($500,000 in the case of a corporation), or imprisoned not more than 3 years, or both, together with the costs of prosecution.” –Judicial Watch

In case you need a flowchart (via PowerLineBlog)

Steinberg sums up the evidence (also via PowerLineBlog):

  • Verifiable UK and U.S. marriage records
  • Verifiable address records
  • Time-stamped, traceable, archived online communications (Convictions and settlements based upon social media evidence are commonplace, Anthony Weiner being a notable example)
  • Background check confirmations of SSNs and birthdates
  • Archived court documents signed under penalty of perjury
  • Photos which can be examined to rule out digital manipulation
  • The 2019 Minnesota Campaign Finance and Public Disclosure Board investigation, which found Omar filed illegal joint tax returns with a man who was not her husband in at least 2014 and 2015
  • Three years’ of evidence published across many articles — none of which has been shown to be incorrect, or have even been challenged with contradictory evidence from Rep. Omar or any other source
  • Perjury evidence that stands on its own — regardless of whom she married:
    • Long after June 2011, she was clearly in contact with the only man in either the U.S. or the UK with the same name and birthdate as the man she married. She was clearly in contact with several people who were in contact with him.
    • Further, Preya Samsundar did contact him, published how she managed to contact him, and published his email admitting to being photographed with Omar in London in 2015. To be clear: Omar was legally married to an “Ahmed Nur Said Elmi” at the time she was photographed next to a man who admits his name is Ahmed Nur Said Elmi, and that he is in the photo.
    • Samsundar published all of this information on how to contact Ahmed Nur Said Elmi a few months before Omar swore to that nine-question court document.
  • Rep. Omar has refused all inquiries from her constituents, elected officials, and media outlets to provide any specific evidence contradicting even a single allegation suggested by three years of now-public information.
  • In fact, Omar has responded by making information less available:
    • In August 2016, after Scott Johnson and Preya Samsundar posted the allegations, Omar’s verified social media accounts were taken offline.
    • Ahmed Nur Said Elmi’s social media accounts were also taken offline.
    • When the accounts returned, a large amount of potentially incriminating evidence had verifiably been deleted.
    • I found and published at least ten additional “before and after” instances of evidence still being deleted in 2018.
  • Omar has released carefully worded, Clintonian statements that denigrate those seeking answers from her as racists. Yet she has repeatedly refused to answer questions or issue anything other than public relations statements.
  • I have a large amount of information that we have not published for reasons including the protection of sources.

According to Steinberg, “I believe Scott Johnson, Preya Samsundar, and me, with our three years of articles, columns and posts, have provided more than enough evidence to give law enforcement authorities probable cause to open an investigation. Now would be the chance for law enforcement, and especially for Rep. Ilhan Omar’s House colleagues, to make a sincere stand against corruption and for the uniform application of the law.”

According to Steinberg, “I believe Scott Johnson, Preya Samsundar, and me, with our three years of articles, columns and posts, have provided more than enough evidence to give law enforcement authorities probable cause to open an investigation. Now would be the chance for law enforcement, and especially for Rep. Ilhan Omar’s House colleagues, to make a sincere stand against corruption and for the uniform application of the law.”

end

This is big!! Weissman approaches a Ukrainian oligarch Firtash who was charged in a 2014 for a crime dealing with

corruption and bribery in his dealings with India.  Weismann who was desperate for anything on Trump was willing to drop all charges if he could provide dirt on Trump.  Firtash refused

 

(zerohedge/John Solomon)

Mueller’s FBI ‘Attack Dog’ Weissmann Begged Ukrainian Oligarch For Dirt On Trump

As the FBI investigated whether Donald Trump was working with Russia, top bureau attorney Andrew Weissmann secretly approached a Ukrainian Oligarch’s US attorneys seeking dirt on President Trump, according to The Hill‘s John Solomon.

In exchange, the FBI was willing to drop an ongoing case against the Ukrainian – Dmitry Firtash, who was hit with 2014 corruption charges in Chicago alleging that he engaged in corruption and bribery in India linked to a US aerospace deal.

According to a defense memo recounting Weissmann’s contacts, the prosecutor claimed the Mueller team could “resolve the Firtash case” in Chicago and neither the DOJ nor the Chicago U.S. Attorney’s Office “could interfere with or prevent a solution,” including withdrawing all charges. “The complete dropping of the proceedings … was doubtless on the table,” according to the defense memo. –The Hill

 

Dmitry Firtash at the supreme court in Vienna on June 25

It was a desperate move for the FBI – which was grappling with a lack of evidence against Trump as the Steele dossier was turning out to be an embarrassing dud (“There’s no big there there,” lead FBI agent Pete Strzok texted a few days before Weissmann’s overture, writes Solomon).

At the same time, the DOJ’s evidence against Firtash in the 2014 case was also falling apart.

Two central witnesses were in the process of recanting testimony, and a document the FBI portrayed as bribery evidence inside Firtash’s company was exposed as a hypothetical slide from an American consultant’s PowerPoint presentation, according to court records I reviewed. –The Hill

In short, the DOJ had two high profile cases which were unraveling as Weissmann reached out.

Two weeks before the offer was made, Robert Mueller was appointed special counsel – tasked with continuing and expanding upon the FBI’s substantial investigative efforts (including espionage) against Donald Trump and anyone in his orbit.

Firtash’s legal team thought Weissman was probably overstepping his authority, as the special counsel’s office was still subject to DOJ oversight. They were also taken aback after Weissmann went to extraordinary lengths to enlist the Ukrainian by sharing prosecutorial theories the FBI was forming about Trump and his team.

Prosecutors in plea deals typically ask a defendant for a written proffer of what they can provide in testimony and identify the general topics that might interest them. But Weissmann appeared to go much further in a July 7, 2017, meeting with Firtash’s American lawyers and FBI agents, sharing certain private theories of the nascent special counsel’s investigation into Trump, his former campaign chairman Paul Manafort and Russia, according to defense memos.

For example, Firtash’s legal team wrote that Weissmann told them he believed a company called Bayrock, tied to former FBI informant Felix Sater, had “made substantial investments with Donald Trump’s companies” and that prosecutors were looking for dirt on Trump son-in-law Jared Kushner.

Weissmann told the Firtash team “he believes that Manafort and his people substantially coordinated their activities with Russians in order to win their work in Ukraine,” according to the defense memos. And the Mueller deputy said he “believed” a Ukrainian group tied to Manafort “was merely a front for illegal criminal activities in Ukraine,” and suggested a “Russian secret service authority” may have been involved in influencing the 2016 U.S. election, the defense memos show. –The Hill

Despite being ‘holed up’ in Austria for five years while fighting extradition charges to the US, Firtash turned down Weissmann’s plea overtures. His lawyers told John Solomon that he rejected the deal because he didn’t have credible information or evidence against Trump, Manafort, or anyone else Weissmann laid out in his theories.

In sealed Austrian court filings earlier this month, Firtash’s attorneys compared the DOJ’s 13-year investigation to medieval inquisitions, citing Weissman’s approach as politically motivated – and noting the “possible cessation of separate criminal proceedings against the applicant if he were prepared to exchange sufficiently incriminating statements for wide-ranging comprehensively political subject areas which included the U.S. President himself as well as the Russian President Vladimir Putin.”

Hilariously, the DOJ won a ruling in Austria to secure Firtash’s extradition to Chicago – Austrian officials reversed course after his legal team filed new evidence that included the Weissmann overture, according to the report.

That new court filing asserts that two key witnesses, cited by the DOJ in its extradition request as affirming the bribery allegations against Firtash, since have recanted, claiming the FBI grossly misquoted them and pressured them to sign their statements. One witness claims his 2012 statement to the FBI was “prewritten by the U.S. authorities” and contains “relevant inaccuracies in substance,” including that he never used the terms “bribery or bribe payments” as DOJ claimed, according to the Austrian court filing.

That witness also claimed he only signed the 2012 statement because the FBI “exercised undue pressure on him,” including threats to seize his passport and keep him from returning home to India, the memo alleges. That witness recanted his statements the same summer as Weissmann’s overture to Firtash’s team.

Firtash’s lawyers also offered the Austrian court evidence of alleged prosecutorial wrongdoing. –The Hill

Embarrassingly for the DOJ, a key document they submitted to Austria in support of Firtash’s extradition allegedly from his corporate files and purportedly showing evidence that he sanctioned a bribery scheme in India was actually a slide from a powerpoint presentation created by the McKinsey consulting firm as part of a hypothetical presentation on ethics for the Boeing Corp. 

Firtash’s U.S. legal team told me it alerted Weissmann to DOJ’s false portrayal of the McKinsey document in 2017, but he downplayed the concerns and refused to alert the Austrian court. The document was never withdrawn as evidence, even after the New York Times published a story last December questioning its validity. –The Hill

“Submitting a false and misleading document to a foreign sovereign and its courts for an extradition decision is not only unethical but also flouts the comity of trust necessary for that process where judicial systems rely only on documents to make that decision,” Firtash’s US legal team told Solomon. “DOJ’s refusal to rescind the document after being specifically told it is false and misleading is an egregious violation of U.S. and international law.

v) King report/Courtesy of Chris Powell of GATA which includes the major swamp stories.

@realDonaldTrump: With almost no inflation, our Country is needlessly being forced to pay a MUCH higher interest rate than other countries only because of a very misguided Federal Reserve. In addition, Quantitative Tightening is continuing, making it harder for our Country to compete. As good as we have done, it could have been soooo much better. Interest rate costs should have been much lower, & GDP & our Country’s wealth accumulation much higher. Such a waste of time & money. Also,very unfair that other countries manipulate their currencies and pump money in!

It is far more costly for the Federal Reserve to cut deeper if the economy actually does, in the future, turn down! Very inexpensive, in fact productive, to move now. The Fed raised & tightened far too much & too fast. In other words, they missed it (Big!). Don’t miss it again!

The MSM is so irrational, they overlook an easy way to ‘get Trump’, in their zest to score points with their ideological brethren.  Most Americans’ #1 issue is their pocketbooks.

We’ve noted numerous times of the past year or so how Trump used to bash the Fed for its low interest rates as a means to boost Obama with a ‘fake economy’.  When will someone in the media ask Trump about this hypocrisy?

The best way to rile Trump is to ask him why is he advocates the appropriation of retirees, the elderly and average Americans’ interest income to boost stocks prices for the elites?  Us old timers vote in disproportionately large numbers.

Warren: Trump creating financial crisis worse than 2008 crash [Actually, a shrewd strategy]

Warren said “warning signs are flashing” for an economic downturn in 2019 or 2020 — and she said the signs are being ignored the same way they were ignored before the crisis in 2008…

    “The country’s economic foundation is fragile. A single shock could bring it all down,” she wrote. “And the Trump Administration’s reckless behavior is increasing the odds of just such a shock.”…

https://www.upi.com/Top_News/US/2019/07/22/Warren-Trump-creating-financial-crisis-worse-than-2008-crash/7801563811378/

The Coming Economic Crash — and How to Stop It

I see a manufacturing sector in recession. I see a precarious economy that is built on debt — both household debt and corporate debt — and that is vulnerable to shocks…

   Reduce household debt: To put our economy — and our families — on firmer ground, it is essential to reduce household debt both by raising people’s wages and by bringing down their costs…

Monitor and reduce leveraged corporate lending: Federal regulators should also enforce leveraged lending guidance that is intended to stop banks from issuing these risky loans in the first place.

    Strengthen manufacturing: My Green Manufacturing Plan will mobilize our industrial base by making a $2 trillion investment in American green research, manufacturing, and exporting…

Limit potential shocks to the economy: It should replace the trade-war-by-tweet with China with a coherent strategy — working with our allies — to respond to China’s trade tactics…

https://medium.com/@teamwarren/the-coming-economic-crash-and-how-to-stop-it-355703da148b

Elizabeth Warren’s recession scare is long on fear, short on facts

Measured relative to GDP, household debt is below 80%, compared to nearly 100% at the crisis peak. As a percent of disposable income, debt now is around 9.9%, compared to 13.2% in the late-2007 peak…

     Corporate debt is another issue.  Total nonfinancial corporate debt is around $6.4 trillion, or 73% higher since the end of the recession…

https://www.cnbc.com/2019/07/22/elizabeth-warrens-recession-scare-is-long-on-fear-short-on-facts.html

China launched a Nasdaq-style stock exchange [STAR] on Monday.  Some shares had stupendous rallies.  But, ESUs traded lower at the time.  They surged before Europe opened because this is ECB week.

China’s Debt Debacle – On Friday, China Minsheng Investment Group announced that its subsidiary, Boom Up Investments, will not make principal or interest payments on August 2 on $500 million of three-year, dollar-denominated bonds.  The default will be the first for the firm’s dollar-bond creditors…

    Bond defaults are rocking China. This year, they will almost certainly top those in 2018, which itself set a record. The failures suggest, among other things, that the Chinese economy is in severe distress.

    The defaults, of course, suggest that China is not—in reality—growing anywhere near the pace that Beijing has been reporting… stimulus is no longer working well

https://nationalinterest.org/feature/chinas-debt-debacle-68417

The early DJT rally peaked within 25 minutes of the NYSE open.  After an 11-hanlde ESU retreat that persisted into the European close, a burst rally of 7-handles appeared.  A Noon Balloon intensified when DJT said he’s working on a trade deal with Xi – the 2nd DJT verbal invention of the day!

But, Team Trump still had more verbal intervention in its bag of tricks.

Trump’s Fed-Pick Judy Shelton Says She’d Favor a Half-Point Rate Cut

https://www.bloomberg.com/news/articles/2019-07-22/trump-s-fed-pick-shelton-says-she-d-favor-a-half-point-rate-cut

ESUs retreated during the penultimate hour of trading on Monday.  However, when the final hour appeared, someone juiced the [very thin market] ESUs. This burst rally gain was rescinded in 15 minutes.  ESUs and stocks sank until a modest rally appeared with 15 minutes remaining.

The bottom line on Monday’s market:  Despite Team Trump’s three verbal interventions, stocks did little.

WSJ: Small Company Shares Fall Behind in Sign of Economic Worry

The Russell 2000 index… has lost 9% over the past year, while the S&P 500 index tracking the biggest American corporations has rallied about 6%… A measure of the relative fortunes of small versus big company shares shows the level of the small-cap benchmark earlier this month at about 51.8% of the level of the bigger gauge, or the lowest level since March 2009. That figure stood above 60% around a year ago… https://www.wsj.com/articles/small-company-shares-fall-behind-in-sign-of-economic-worry-11563787821

The market has a technical problem, making it ‘vulnerable’ to a rapid sell-off, JP Morgan says

That is because the market’s so-called depth has become so shallow that it is increasingly vulnerable to exacerbated moves, according to J.P. Morgan. Market depth here is measured by the volume of orders on the bid and ask sides for the S&P 500 E-mini futures contract…

https://www.cnbc.com/2019/07/22/the-market-has-a-technical-problem-making-it-vulnerable-to-a-rapid-sell-off-jp-morgan-says.html

Two bombshell reports appeared on Monday that are big trouble for Comey, Weismann and Mueller.

Solomon: How Mueller deputy Andrew Weissmann’s offer to an oligarch could boomerang on DOJ

Weissmann quietly reached out to the American lawyers for Ukrainian oligarch Dmitry Firtash with a tempting offer: Give us some dirt on Donald Trump in the Russia case, and Team Mueller might make his 2014 U.S. criminal charges go away… Weissmann’s private observations and sharing of prosecutor’s theories went beyond what prosecutors normally do in proffer negotiations and risked planting ideas that could lead the witness to craft his testimony, according to legal experts I consulted…

    It is now clear that Weissmann’s overture to a Ukrainian oligarch in the summer of 2017 is about to take on new significance in Washington, where Mueller is about to testify, and in Austria, where Firtash’s extradition fight has taken a new twist.

https://thehill.com/opinion/white-house/454185-how-mueller-deputy-andrew-weissmanns-offer-to-an-oligarch-could-boomerang

Justice Dept. Watchdog Has Evidence Comey Probed Trump, on the Sly

Two U.S. officials briefed on the inspector general’s investigation of possible FBI misconduct said Comey was essentially “running a covert operation against” the president… They said Horowitz has examined high-level FBI text messages and other communications indicating Comey was actually conducting a “counterintelligence assessment” of Trump during that January 2017 meeting in New York.

    In addition to adding notes of his meetings and phone calls with Trump to the official FBI case file, Comey had an agent inside the White Housewho reported back to FBI headquarters about Trump and his aides, according to other officials familiar with the matter.

https://www.realclearinvestigations.com/articles/2019/07/22/comey_under_scrutiny_for_own_inquiry_and_misleading_trump_119584.html

@seanmdav: Guess who Buzzfeed hired to try and prove the Steele dossier wasn’t complete garbage (spoiler alert: it was complete garbage)? The exact same FBI agent that James Comey planted in the White House to spy on Trump.

BuzzFeed hires former White House official [Anthony Ferrante] to investigate dossier

https://www.washingtontimes.com/news/2018/feb/13/buzzfeed-hires-anthony-ferrante-former-fbi-white-h/

Grassley Pressures DOD for More Information on FBI Spy Stephan Halper

His connections to the CIA and FBI are extensive and he had been awarded multiple contracts with the DOD totaling $411,000 by Washington Headquarters Services onSept. 26, 2016, for a contract that ran until this March, 2018, according to USASpending.gov… [Sept 2016 is a key time in move against DJT]

      According to the DoD Inspector General’s report the Office of Net Assessment (ONA) Contracting Officer’s Representatives (CORs) “did not maintain documentation of the work performed by Professor Halper or any communication that ONA personnel had with Professor Halper… [The non-disclosure of the DoD payments to Halper reportedly are holding up Horowitz’s report.]

https://saraacarter.com/grassley-pressures-dod-for-more-information-on-fbi-spy-stephan-halper/

Brooke Singman @brookefoxnews: two sources familiar with the #MuellerHearing plans says there will no longer be a closed-door session with #Mueller or the #specialcounsel staff after the public hearings before the @HouseJudiciary @HouseIntel

Trump says Mueller shouldn’t testify, warns hearing will backfire

“But the questions should be asked, why were all of Clinton’s people given immunity, and why were the text messages of Peter S[Strzok] and his lover, Lisa Page, deleted and destroyed right after they left Mueller, and after we requested them (this is Illegal)?” Trump tweeted Monday.

https://www.foxnews.com/politics/trump-says-mueller-shouldnt-testify-warns-hearing-will-backfire

Top Dem Think Tank Warns Party: You’re Losing Immigration Messaging War to Trump

The party’s decision to cede the “rule of law” ground to Republicans creates “the false dichotomy of America as either a nation of immigrants or a nation of laws”—making the party and its candidates appear soft on enforcement, and potentially weakening future attempts for humanitarian-focused immigration reform…  https://news.yahoo.com/top-dem-think-tank-warns-084553425.html

After 23 years, the Trump administration is implementing key immigration law

In 1996, after the number of illegal aliens in the country became intolerable (following the failed 1986 amnesty), there was a bipartisan consensus in Congressthat we couldn’t adjudicate ourselves out of an invasion. Unlike in criminal cases, illegal aliens are not entitled to any due process to remain in the country if all we want to do is deport them rather than criminally prosecute them. Therefore Congress passed a law mandating that all illegal aliens be deported without any review by an immigration judge unless the illegal immigrant can prove to the “satisfaction of an immigration officer” that he has resided here for two consecutive years (8 CFR § 235.3(b)(1)(ii)…

https://www.conservativereview.com/news/23-years-trump-administration-implementing-key-immigration-law/

@nytimesbusiness: The media campaign to remake Jeffrey Epstein’s public imageafter he got out of jail in 2009 included articles describing him as a forward-thinking philanthropist on websites like Forbes, National Review and HuffPost. All 3 been removed in recent days.

Jeffrey Epstein Pitched a New Narrative. These Sites Published It.

https://www.nytimes.com/2019/07/21/business/media/jeffrey-epstein-media.html

Jeffrey Epstein’s company paid a Florida sheriff’s office $128,000 during incarceration for prostitution charges – … allowed him to serve his sentence out at the local county jail, run by PBSO Sheriff Ric Bradshaw.  While there, the convicted sex offender was granted work-release benefits, and allowed to leave his cell six days a week, 12 hours a day, to work at his Florida Science Foundation, located in a high-rise off in West Palm Beach… a Fort Lauderdale attorney claims “more than one woman” was propositioned by Epstein at his Florida Science Foundation office,while visiting him during work release hours…

https://www.abcactionnews.com/news/national/jeffrey-epsteins-company-paid-a-florida-sheriffs-office-128-000-during-incarceration-for-prostitution-charges

We’ve heard every GOP President called a ‘racist’ since Ike.  However, the fevered pitch of racist calls against Trump are recording breaking – and for a very big political reason.

Trump is gaining black support because his policies are improving the lives of all Americans

Under President Obama, from 2009 to 2015 the incomes of black Americans fell by more than $900 per family, adjusted for inflation… Under President Trump, black employment has grown by an average of nearly 40,000 each month. In January 2017, the black unemployment rate stood at 7.8 percent. It’s now at 6.6 percent.

    Trump won barely 8 percent of the black vote in 2016. Yet today the NAACP’s own polls show his approval rating among African-Americans standing almost three times as high, at 21 percent…

    Rasmussen – the polling organization that came closest to calling the 2016 presidential election results – polls a wider and less politicized community. It announced on Twitter that black approval for Trump is now 36 percent – if not higher

https://www.foxnews.com/opinion/trump-is-gaining-black-support-because-his-policies-are-improving-the-lives-of-all-americans

@axios: Donald Trump Jr. will be out Nov. 5 — a year before Election Day — with a new book: “Triggered: How the Left Thrives on Hate and Wants to Silence Us”

    The book’s thrashing of political correctness previews the stump message Trump’s eldest son will use to jack up swing-state turnout by the Republican base

https://www.axios.com/donald-trump-jr-book-triggered-november-96c05b8b-2895-4517-a301-6c72f27813fd.html

Twitter Suspends Angel Mom for Posting about Illegal Immigration

Angel Mom Mary Ann Mendoza, who heads the Angel Families organization, has been suspended from Twitter after posting about illegal immigration and raising awareness about the harms of sanctuary city policies…     https://www.breitbart.com/tech/2019/07/19/twitter-suspends-angel-mom-for-posting-about-illegal-immigration/

Renowned attorney @WisenbergSol: A conservative is a liberal who has been mugged. A liberal is a conservative who has been arrested. A social conservative is a liberal with a daughter in high school.

@CNBCJou: “79 firms in the S&P 500 have released results. So far, 28% of firms have beaten sales forecasts, well below average, although 49% have beaten on earnings” – Goldman Sachs

 

Well that is all for today

I will see you Wednesday night.

As a little heads up I will be providing my Thursday commentary as a work in progress finishing it off late in the night

however your comex data will be updated constantly.

same for Friday.

bye for now.

 

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