AUGUST 13/ORCHESTRATED RAID BY THE CROOKS TODAY ON GOLD AND SILVER: GOLD AND SILVER RECOVER FROM THE ONSLAUGHT//GOLD DOWN ONLY $2.60//SILVER IS DOWN ONLY 9 CENTS//GLD ADDS A WHOPPING 7.92 PAPER TONNES TO ITS GOLD INVENTORY/MORE TURMOIL IN HONG KONG TODAY AS AIRFLIGHTS CANCELLED FOR 2ND CONSECUTIVE DAY AND CHINA FORBIDS USA NAVAL SHIPS FROM ENTERING THE HONG HONG HARBOUR//ARGENTINA IN A MESS TODAY//HUGE UPDATES ON THE JEFFERY EPSTEIN SAGA/// PLUS OTHER SWAMP STORIES//

GOLD:$1503.50  DOWN $2.60(COMEX TO COMEX CLOSING

 

 

 

 

 

 

 

 

 

Silver:$16.99 DOWN 9 CENTS  (COMEX TO COMEX CLOSING)/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Closing access prices:

 

 

Gold : $1501.70

 

silver:  $16.96

the volumes at the comex today were huge and it is quite possible that many comex paper longs just might take on the crooks by taking delivery. Today gold and silver fought  back after being pummeled.  The bankers used their signal of whacking the shares yesterday as they have now lost silver as a tool..it is just too hot for them to handle.  You will see that there was considerable banker short covering in silver.
Your data…

we are coming very close to a commercial failure!!

 

 

 

 

 

 

COMEX DATA

 

 

 

 

 

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

today RECEIVING 0/4

NUMBER OF NOTICES FILED TODAY FOR  JULY CONTRACT: 4 NOTICE(S) FOR 400 OZ (0.00124 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  4452 NOTICES FOR 445200 OZ  (13.8475 TONNES)

 

 

 

SILVER

 

FOR JULY

 

 

49 NOTICE(S) FILED TODAY FOR 245,000  OZ/

 

total number of notices filed so far this month: 1735 for   8,675,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE :  $ 11282 DOWN 112 

 

 

 

Bitcoin: FINAL EVENING TRADE: $ 10945 DOWN 450

 

 

 

Let us have a look at the data for today

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IN SILVER THE COMEX OI FELL BY A HUGE  SIZED 4868 CONTRACTS FROM 237,790 DOWN TO 232,922 DESPITE THE 11 CENT GAIN IN SILVER PRICING AT THE COMEX. WE HAD CONSIDERABLE BANKER SHORT COVERING AGAIN TODAY.

TODAY WE ARRIVED FURTHER FROM THE  AUGUST’S 2018  RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS.

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

0 FOR AUGUST, 2605 FOR SEPT, FOR DEC. 224 AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  2829 CONTRACTS. WITH THE TRANSFER OF 2829 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 2829 EFP CONTRACTS TRANSLATES INTO 14.14 MILLION OZ  ACCOMPANYING:

1.THE 11 CENT GAIN IN SILVER PRICE AT THE COMEX AND

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

22.605 MILLION OZ  STANDING FOR JULY

9.480   MILLION OZ INITIAL STANDING IN AUGUST.

 

WE HAD HUGE COVERING OF SHORTS AT THE SILVER COMEX YESTERDAY WITH OBVIOUS SUCCESS BUT AT HIGHER PRICES AND THUS HUGE LOSSES FOR THEM……AND  ZERO SPREADING ACCUMULATION.

 

MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:

 

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 SWITCH TO SILVER 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 NOW INTO THE NON ACTIVE DELIVERY MONTH OF AUGUST HEADING TOWARDS THE VERY ACTIVE DELIVERY MONTH OF SEPTEMBER FOR SILVER.

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 AUGUST 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 (SEPT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END  OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.” 

 

 

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

16,439 CONTRACTS (FOR 9 TRADING DAYS TOTAL 16,439 CONTRACTS) OR 82.195 MILLION OZ: (AVERAGE PER DAY: 1826 CONTRACTS OR 9.130 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JULY:  82.195 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 11.72% 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:          1394.71   MILLION OZ.

JANUARY 2019 EFP TOTALS:                                                      217.455. MILLION OZ

FEB 2019 TOTALS:                                                                       147.4     MILLION OZ/

MARCH 2019 TOTAL EFP ISSUANCE:                                          207.835 MILLION OZ

APRIL 2019 TOTAL EFP ISSUANCE:                                              182.87  MILLION OZ.

MAY 2019: TOTAL EFP ISSUANCE:                                                136.55 MILLION OZ

JUNE 2019 , TOTAL EFP ISSUANCE:                                               265.38 MILLION OZ

JULY 2019   TOTAL EFP ISSUANCE:                                                175.74 MILLION OZ

RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 4868, DESPITE THE 11 CENT GAIN IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A  HUGE SIZED EFP ISSUANCE OF 2829 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 LOST AN ATMOSPHERIC AND CRIMINALLY  SIZED: 2039 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 2829 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH DECREASE OF 4868  OI COMEX CONTRACTS. AND ALL OF THIS LACK  DEMAND HAPPENED WITH A 11 CENT GAIN IN PRICE OF SILVER AND A CLOSING PRICE OF $17.08 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY!! THE BANKERS HAVE FINALLY CAPITULATED AND THEIR LONG JOURNEY OF COVERING THEIR MASSIVE SHORTS COMMENCED IN EARNEST TWO DAYS AGO AND ACCELERATED IN QUANTITY YESTERDAY.

 

 

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 166% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MARCH MONTH/ THEY FILED AT THE COMEX: 49 NOTICE(S) FOR 245,000 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 22.605 MILLION OZ; AUGUST 9.480 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 ROSE BY A STRONG 6,244 CONTRACTS, TO 604,394 ACCOMPANYING THE STRONG  $7.30 PRICING GAIN WITH RESPECT TO COMEX GOLD PRICING YESTERDAY// /THE SPREADING ACCUMULATION OPERATION HAS NOW COMMENCED FOR SILVER ALTHOUGH LITTLE WAS ACCOMPLISHED TODAY….. THE LIQUIDATION PHASE FOR COMEX OI GOLD HAS NOW STOPPED FOR THE AUGUST CONTRACT MONTH

 

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A STRONG SIZED 13,481 CONTRACTS:

AUGUST 2019: 0 CONTRACTS, DEC>  13,481 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 604,394,,.  ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE AN ATMOSPHERIC AND CRIMINALLY SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 19,725 CONTRACTS: 6,244 CONTRACTS INCREASED AT THE COMEX  AND 13,481 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 19,725 CONTRACTS OR 1,972,500 OZ OR 61.35 TONNES.  YESTERDAY WE HAD A STRONG GAIN OF $7.30 IN GOLD TRADING….AND WITH THAT GOOD GAIN IN  PRICE, WE  HAD A GIGANTIC GAIN IN GOLD TONNAGE OF 61,35  TONNES!!!!!! THE BANKERS WERE SUPPLYING INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER. THERE WAS NO SHORT COVERING IN THE GOLD ARENA IN TOTAL CONTRAST TO SILVER.

 

 

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF AUGUST : 106,233 CONTRACTS OR 10,623,300 oz OR 330.43 TONNES (9 TRADING DAY AND THUS AVERAGING: 11,803 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 9 TRADING DAY IN  TONNES: 330.43 TONNES

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

THUS EFP TRANSFERS REPRESENTS 330.43/3550 x 100% TONNES =9.30% OF GLOBAL ANNUAL PRODUCTION

 

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     3841.66  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 STRONG SIZED INCREASE IN OI AT THE COMEX OF 6,244 WITH THE STRONG  PRICING GAIN THAT GOLD UNDERTOOK YESTERDAY($7.30)) //.WE ALSO HAD  A HUGE SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 13,481 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 13,481 EFP CONTRACTS ISSUED, WE  HAD AN ATMOSPHERIC  AND CRIMINALLY SIZED GAIN OF 19,725 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

13,481 CONTRACTS MOVE TO LONDON AND 6,244 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 61.35 TONNES). ..AND THIS HUGE INCREASE OF  DEMAND OCCURRED WITH THE STRONG GAIN IN PRICE OF $7.35 WITH RESPECT TO YESTERDAY’S TRADING AT THE COMEX. WE HAVE NOW COMMENCED WITH SPREADING ACCUMULATION OF SILVER OI CONTRACTS. ALL SPREADING ACTIVITY IN GOLD STOPPED IN AUGUST.

 

 

 

 

 

we had:  4 notice(s) filed upon for 400 oz of gold at the comex.

 

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

 

GLD...

WITH GOLD DOWN $2.60 TODAY//(COMEX-TO COMEX)

A MONSTROUS CHANGE IN GOLD INVENTORY AT THE GLD:

A DEPOSIT OF:  7.93 PAPER GOLD TONNES ADDED TO THE GLD

 

 

INVENTORY RESTS AT 847.77 TONNES

 

 

 

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

SLV/

 

WITH SILVER DOWN 9 CENTS TODAY:

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV:

A PAPER DEPOSIT OF: 6.082 MILLION PAPER OZ

/INVENTORY RESTS AT 371.637 MILLION OZ.

 

 

 

 

 

 

 

end

 

OUTLINE OF TOPICS TONIGHT

 

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

1. Today, we had the open interest in SILVER FELL BY A HUGE SIZED 4868 CONTRACTS from 237,790 DOWN TO 232,922 AND FURTHER FROM THE NEW COMEX RECORD SET LAST IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  1 1/3 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.  AS YOU CAN SEE, WE HAVE RECORD HIGH OPEN INTERESTS IN SILVER  ACCOMPANIED BY A CONTINUAL LOWER PRICE WHEN THAT RECORD WAS SET…..THE SPREADERS HAVE COMMENCED THEIR ACCUMULATION OF OPEN INTEREST CONTRACTS IN SILVER FOR THE MONTH OF AUGUST, ALTHOUGH NO ACTIVITY YESTERDAY, AND THEY STOPPED THE LIQUIDATION OF THE SPREADERS IN COMEX GOLD

 

 

 

 

EFP ISSUANCE: 

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

 

AUGUST: 0, FOR SEPT. 2,605; DEC: 224 CONTRACTS  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2829 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE OI LOSS AT THE COMEX OF 4743  CONTRACTS TO THE 2829, OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN AN ATMOSPHERIC AND CRIMINALLY SIZED LOSS OF 2039 OPEN INTEREST CONTRACTS. WE HAD SOME SERIOUS SHORT COVERING YESTERDAY. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES: 9.570 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 22.605 MILLION OZ ;AUGUST AT 9.480 MILLION OZ//

 

 

RESULT: A GIGANTIC SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE 11 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// FRIDAY. WE ALSO HAD A STRONG SIZED 2829 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. THE BANKERS HAVE NOW STARTED IN EARNEST TO COVER THEIR MASSIVE SILVER SHORTFALL…BUT NOT IN GOLD AS OF YET.

 

 

(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 DOWN 17.73 POINTS OR 0.63%  //Hang Sang CLOSED DOWN 543.42 POINTS OR 2.10%   /The Nikkei closed DOWN 229.38 POINTS OR 1.11%//Australia’s all ordinaires CLOSED DOWN .33%

/Chinese yuan (ONSHORE) closed DOWN  at 7.0653 /Oil UP TO 57.21 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.0653 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.0947 TRADE TALKS STALL//YUAN LEVELS NOW PAST  7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3A//NORTH KOREA/ SOUTH KOREA

 

3b) REPORT ON JAPAN

3C  CHINA

a)Hong Kong Airport cancels all departing flights for the 2nd day in a row. Still Mainland China awaits at Hong Kong’s doorstep

(zerohedge)

b)Trouble:  Beijing refuses American warship entry to Hong Kong

(zerohedge)

4/EUROPEAN AFFAIRS

i)An excellent commentary from Tom Luongo outlining how Salvini will take control of his government through the next election, introduce the MIN Bot and then take them out of the Euro altogether. If Italy leaves the Euro, the game is over and the Euro is finished.

(Tom Luongo)

ii)Juncker again warns of Brexit calamity..and now pundits are claiming their threats are empty

(Mish Shedlock/Mishtalk)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISIS

Iraq accuses the Pentagon of fudging the number of ISIS workers.  You will recall that a report last week stated that ISIS retains 14,000 to 18,000 members in Iraq and Syria.  Iraq calls the number “extremely exaggerated”

(zerohedge)

6.Global Issues

The mess in Argentina explained beautifully by Bill Blain and what this will mean when  Lagarde takes the helm at the ECB

(zerohedge)

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

Argentina

A biggy!! a huge 720 billion fund has the biggest crash since 2008

(zerohedge)

9. PHYSICAL MARKETS

i)USA gold;s August letter comments on a currency war with a race to the bottom.  They also comment that exchange traded funds in gold are not necessarily real metal but rather just price bets with counterparty risk.  I am glad that at least some out there are willing to tell the truth on these EFF’s

(USAGold/GATA)

ii)Ed Steer’s Saturday commentary is posted in the clear at Goldseek

(Ed Steer/Goldseek/GATA)

iii)With the 2013 Cyprus Laiki bank failure, investors can now expect only 6 cents on the euro. That was a monstrous haircut for people depositing their money in the bank’

(GATA)

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

MARKET TRADING

a)Market trading/this morning/USA

absolutely garbage:  the algos took control over a delay on some tariffs

(zerohedge)

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

iii) Important USA Economic Stories

This is what you can expect when you nationalize healthcare: massive wait times
(zerohedge)

iv) Swamp commentaries)

i)This is nonsense: the defense lawyers are not the only ones involved in convincing prison officials to end “suicide watch”

(zerohedge)

ii)The FBI raid Epstein’s Orgy Island. It is interesting that nobody knows the whereabouts of Ghislaine Maxwell, the Madame in this whole sordid operation. She is also the daughter of Robert Maxwell.

(zerohedge)

iii)Epstein hangs himself with bed sheets tied to an upper bunk. I am quite surprised that this is what strangled him

(zerohedge)

iv)Seems that the “Bedsheet” narrative has full of holes.  The strength of the sheets is like paper and will not work against a 200 lb individual like Epstein

(Watson/Summit News)

v)This is interesting.  It seems that Patrick Byrne is involved in the investigation of the Clinton Foundation through his involvement with the Russian Maria Butrina who was convicted of lobbying in the USA without a license.  It looks like patrick has all the goods on the Clintons

(courtesy Sara Carter)

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 ROSE BY A STRONG SIZED 6,244 CONTRACTS TO A LEVEL OF 604,394 ACCOMPANYING THE STRONG GAIN OF $7.30 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 13,481 EFP CONTRACTS WERE ISSUED:

 FOR AUGUST; 0 CONTRACTS: DEC: 13,481   AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  13,481 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: 19,725 TOTAL CONTRACTS IN THAT 13,481 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A STRONG SIZED 6,244 COMEX CONTRACTS.  THE BANKERS SUPPLIED THE NECESSARY AND INFINITE AMOUNT OF SHORT PAPER IN GOLD TO CONTAIN THE PRICE RISE. WE EXPERIENCED ZERO SHORT COVERING IN GOLD IN TOTAL CONTRAST TO SILVER 

 

NET GAIN ON THE TWO EXCHANGES ::  19,725 CONTRACTS OR 1,972,500 OZ OR 61.35 TONNES.

 

We are now in the  active contract month of AUGUST and here the open interest stands at 2183 CONTRACTS as we LOST 202 contract.  We had 24 notices filed yesterday so we LOST 178 contracts or 17,800 oz of gold that will NOT stand for delivery AS THERE APPEARS TO BE A LACK OF METAL ON THIS SIDE OF THE POND. THESE GUYS HAVE MORPHED INTO LONDON BASED FORWARDS AND WILL TRY THEIR LACK OVER THERE.

The next non active month is September and here the OI ROSE by 44 contracts UP TO 3855.  The next active delivery month is October and here the OI ROSE by 157 contracts UP to 46,798. IT WAS THE MONTH OF DECEMBER THAT SAW THE HUGE 5767 CONTRACT INCREASE.

 

 

TODAY’S NOTICES FILED:

WE HAD 4 NOTICES FILED TODAY AT THE COMEX FOR  400 OZ. (0.00124 TONNES)

 

 

 

 

 

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And now for the wild silver comex results.

Total COMEX silver OI FELL BY A GIGANTIC SIZED 4868 CONTRACTS FROM 237,790 DOWN TO 232,922 (AND FURTHER FROM THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018.  THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S GIGANTIC  OI COMEX LOSS OCCURRED DESPITE A 11 CENT GAIN IN PRICING.//YESTERDAY…WE HAD CONSIDERABLE BANKER SHORT COVERING IN SILVER YESTERDAY.

 

WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF AUGUST.  HERE WE HAVE 210 OPEN INTEREST STAND FOR DELIVERY WITH A GAIN OF 20 CONTRACTS.  WE HAD 81 NOTICES FILED YESTERDAY SO WE GAINED A FULL 101 CONTRACTS OR AN ADDITIONAL 505,000 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..  THE NEXT BIG ACTIVE DELIVERY MONTH AFTER AUGUST IS SEPT AND HERE THE OI FELL BY 8727 CONTRACTS DOWN TO 123,770 CONTRACTS. OCTOBER LOST ANOTHER 28 CONTRACTS TO STAND AT 139.  NEXT ACTIVE DELIVERY MONTH IS DECEMBER AND HERE THE OI RISES BY 3595 CONTRACTS UP TO 75,627.

 

 

 

 

TODAY’S NUMBER OF NOTICES FILED:

 

We, today, had 49 notice(s) filed for 245,000 OZ for the AUGUST, 2019 COMEX contract for silver

 

 

Trading Volumes on the COMEX TODAY: 612,621  CONTRACTS ..huge volume today..

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  373,113  contracts

 

 

 

 

 

INITIAL standings for  AUGUST/GOLD

AUGUST 13/2019

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
64.30 oz
manfra
2 kilobars
Deposits to the Dealer Inventory in oz NIL oz

 

 

 

 

Deposits to the Customer Inventory, in oz  

nil

 

No of oz served (contracts) today
4 notice(s)
 400 OZ
(0.00124 TONNES)
No of oz to be served (notices)
2179 contracts
(217900 oz)
6.7776 TONNES
Total monthly oz gold served (contracts) so far this month
4452 notices
445200 OZ
13.8475 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 1 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; 0

 

 

total gold deposits: nil  oz

 

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

we had 1 gold withdrawal from the customer account:

i) Out of Manfra:  64.30 oz

2 kilobars

 

 

total gold withdrawals; 64.30  oz

 

 

i) we had 0 adjustment today
FOR THE AUGUST 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 4 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid  (Goldman Sachs)

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

To calculate the INITIAL total number of gold ounces standing for the AUGUST /2019. contract month, we take the total number of notices filed so far for the month (4452) x 100 oz , to which we add the difference between the open interest for the front month of  AUGUST. (2183 contract) minus the number of notices served upon today (4 x 100 oz per contract) equals 663,100 OZ OR 20.625 TONNES) the number of ounces standing in this active month of AUGUST

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

No of notices served (4452 x 100 oz)  + (2183)OI for the front month minus the number of notices served upon today (4 x 100 oz )which equals 663,100 oz standing OR 20.625 TONNES in this  active delivery month of AUGUST.

We LOST 178  contracts or an additional 17800 oz will NOT  stand as these guys morphed into London based forwards as well as accepting a fiat bonus. THERE IS NO GOLD ON THIS SIDE OF THE POND,..

SURPRISINGLY LITTLE TO NO  GOLD HAS BEEN ENTERING THE COMEX VAULTS AND WE HAVE WITNESSED THIS FOR THE PAST YEAR!!  WE HAVE ONLY 16.013 TONNES OF REGISTERED (  GOLD OFFERED FOR SALE) VS 20.625  TONNES OF GOLD STANDING// JUDGING BY THE STRONG SIZE OF THE COMEX NOTICES FILED TODAY, IT LOOKS LIKE SOMEBODY IS WILLING TO TAKE ON THE CROOKS AT THE COMEX. WE ALSO HAD SOME BANKER SHORT COVERING.

 

 

 

total registered or dealer gold:  514,823.353 oz or  16.013 tonnes 
total registered and eligible (customer) gold;   7,784,752.236 oz 242.13 tonnes

 

IN THE LAST 34 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 AUGUST

INITIAL  standings/SILVER

IN TOTAL CONTRAST TO GOLD, HUGE ACTIVITY IN SILVER TODAY.
AUGUST 13 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 50,261.481 oz
CNT
Loomis

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
900,140.988 oz
Brinks
CNT
No of oz served today (contracts)
49
CONTRACT(S)
(245,000 OZ)
No of oz to be served (notices)
161 contracts
 805,000 oz)
Total monthly oz silver served (contracts)  1735 contracts

8,675,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

**

 

we had 0 inventory movement at the dealer side of things

 

 

total dealer deposits: nil  oz

total dealer withdrawals: nil oz

we had  2 deposits into the customer account

into JPMorgan:  nil  oz

ii)into CNT:  597,997.600 oz

iii) Loomis: 20,079.100  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:  50,261.481  oz

 

we had 2 withdrawals out of the customer account:

 

 

i) Out of CNT:  30,182.381 oz

ii) Out of Loomis:  20,079.100 oz

 

 

 

 

 

 

total 50,261.481  oz

 

we had 1 adjustment :

i) Out of CNT: 40,221.800 oz was adjusted out of the dealer account of CNT and this landed into the customer account of CNT

 

total dealer silver:  92.311 million

total dealer + customer silver:  312.083 million oz

The total number of notices filed today for the AUGUST 2019. contract month is represented by 49 contract(s) FOR 245,000 oz

To calculate the number of silver ounces that will stand for delivery in AUGUST, we take the total number of notices filed for the month so far at 1735 x 5,000 oz = 8,675,000 oz to which we add the difference between the open interest for the front month of AUGUST. (210) and the number of notices served upon today 49 x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the AUGUST/2019 contract month: 1735 (notices served so far) x 5000 oz + OI for front month of AUGUST (210)- number of notices served upon today (49)x 5000 oz equals 8,975,000 oz of silver standing for the AUGUST contract month.  (DATA CORRECTED FROM YESTERDAY)

WE GAINED A STRONG 101 CONTRACTS  AS THE DEALERS BYPASSED THOSE STANDING TRYING TO GRAB WHATEVER SILVER THEY CAN. WE THUS HAVE AN ADDITIONAL 101 CONTRACTS OR 505,000 ADDITIONAL OZ STAND FOR DELIVERY ON THIS SIDE OF THE POND. THESE GUYS REFUSED AN OFFER FROM THE BANKERS TO ROLL TO A LONDON BASED FORWARD AND THEY ALSO NEGATED A FIAT BONUS FOR NOT ACCEPTING THIS CROOKED CONTRACT.BOTH COMEX GOLD AND SILVER ARE UNDER ATTACK FOR PHYSICAL METAL. THIS IS THE TRUE DEFINITION OF QUEUE JUMPING BY THE BANKERS AS THEY SATISFY THEIR URGENT NEEDS OVER THE NEEDS OF INVESTORS.

 

 

TODAY’S NUMBER OF NOTICES FILED:

 

We, today, had 49 notice(s) filed for 245,000 OZ for the AUGUST, 2019 COMEX contract for silver

 

 

 

 

 

 

 

 

 

 

 

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

 

TODAY’S ESTIMATED SILVER VOLUME:  209,640 CONTRACTS//huge volume today..as this volume was used in the raid//

209,640 contracts equates to 1.048 billion oz or 149% of global annual production.. absolute crooks and we had no CFTC surveillance whatsoever.

 

 

CONFIRMED VOLUME FOR YESTERDAY: 107,691 CONTRACTS..

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 107,691 CONTRACTS EQUATES to 538 million  OZ 76.42% 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

 

 

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NPV for Sprott 

1. Sprott silver fund (PSLV): NAV FALLS TO -.68% ((AUGUST 13/2019)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -1.34% to NAV (AUGUST 5/2019 )
Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ -/68%

(courtesy Sprott/GATA)

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

NAV 14.95 TRADING 14.50/DISCOUNT 3.14

END

And now the Gold inventory at the GLD/

AUGUST 13.2019: WITH GOLD DOWN $2.60 TO DAY: A HUGE 7.92 PAPER GOLD TONNES WERE ADDED TO THE GLD/INVENTORY RESTS AT 747.77 TONNES

AUGUST 12.2019: WITH GOLD UP $7.30: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 839.85 TONNES

AUGUST 9/WITH GOLD DOWN $2.00//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY REMAINS AT 839.85 TONNES OZ/

AUGUST 8: WITH GOLD DOWN $4.20: TWO TRANSACTIONS:  A)A MONSTROUS PAPER DEPOSIT OF 8.50 TONNES WAS ADDED TO THE GLD/INVENTORY RESTS AT 845.42 TONNES  b)  A HUGE WITHDRAWAL OF 5.59 TONNES FROM THE GLD//INVENTORY RESTS AT 839.85 TONNES…ABSOLUTE FRAUD!

August 7/ WITH GOLD UP $31.00//A GOOD PAPER DEPOSIT OF 1.86 TONNES OF GOLD INTO THE GLD INVENTORY//INVENTORY RESTS AT 836.92 TONNES

AUGUST 6.2019: WITH GOLD UP $7.85 A STRONG DEPOSIT OF 4.50 TONNES OF PAPER GOLD INTO THE GLD LATE LAST NIGHT/INVENTORY RESTS AT 835.16 TONNES

AUGUST 5/2019//WITH GOLD UP $18.80/A STRONG DEPOSIT OF 2.94 TONNES OF PAPER GOLD INTO THE GLD/INVENTORY RESTS AT 830.76 TONNES.

AUGUST 2/2019: WITH GOLD UP $25.20: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 827.82 TONNES

AUGUST 1/2019: WITH GOLD DOWN $4.90 TODAY: TWO TRANSACTIONS: i) A PAPER WITHDRAWAL OF 1.47 TONNES (USED IN THE RAID THIS MORNING)/ and ii) A PAPER DEPOSIT OF 4.40 TONNES THIS AFTERNOON!/INVENTORY RISE TO 827.82 TONNES

JULY 31/WITH GOLD DOWN 3.90 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 824.89 TONNES

JULY 30//WITH GOLD UP $9.00 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 824.89 TONNES

JULY 29/WITH GOLD UP $1.00: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER DEPOSIT OF 6.75 TONNES INTO THE GLD INVENTORY///INVENTORY RISES TO 824.89 TONNES

JULY 26/WITH GOLD UP $4.50: A HUGE INVENTORY WITHDRAWAL OF 4.09 TONNES OF PAPER GOLD LEAVES THE GLD/INVENTORY RESTS AT 818.14 TONNES

JULY 25.2019: WITH SILVER DOWN 19 CENTS: ANOTHER PAPER WITHDRAWAL OF 1.17 MILLION OZ/INVENTORY REST AT 358.213 MILLION OZ

JULY 24…A BIG CHANGE  IN SILVER INVENTORY AT THE SLV: A GAIN OF 1.685 MILLION OZ/INVENTORY RESTS AT 359.383 MILLION OZ

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 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

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

AUGUST 13/2019/ Inventory rests tonight at 847.77 tonnes

 

 

*IN LAST 641 TRADING DAYS: 87.63 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 541- TRADING DAYS: A NET 78,91 TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

 

 

 

 

end

 

Now the SLV Inventory/

AUGUST 13/2019: WITH SILVER DOWN 9 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER DEPOSIT OF 6.082 MILLION OZ///INVENTORY NOW RESTS AT 371.637 MILLION OZ

AUGUST 12/2019: WITH SILVER  UP 11 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY REMAINS AT 365.557 MILLION OZ.

AUGUST 9/2019//WITH SILVER UP 2 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV; A DEPOSIT OF 2.245 MILLION OZ INTO THE SLV INVENTORY/INVENTORY ADVANCES 365.557 MILLION OZ

AUGUST 8/WITH SILVER DOWN 23 CENTS: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT: 1.409 MILLION OZ INTO INVENTORY///INVENTORY RESTS AT 363.311 MILLION OZ//

AUGUST 7/WITH SILVER UP 74 CENTS: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 361.907 MILLION OZ/

AUGUST 6/ WITH SILVER UP 5 CENTS: TWO TRANSACTIONS: A HUGE PAPER DEPOSIT OF 2.34 MILLION OZ WAS DEPOSITED INTO THE SLV LATE LAST NIGHT: THEN A HUGE 2.994 MILLION OZ OF A PAPER DEPOSIT THIS AFTERNOON: INVENTORY RESTS AT 361.907 MILLION OZ

AUGUST 5.2019: WITH SILVER UP 12 CENTS A TINY 142,000 OZ WITHDRAWAL AND THAW AS TO PAY FOR FEES//INVENTORY RESTS AT 356.573 MILLION OZ..

AUGUST 2/2019: WITH SILVER UP 10 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 356.715 MILLION OZ/

AUGUST 1//WITH SILVER DOWN 23 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY REMAINS AT 356.715 MILLION OZ//

 

JULY 31/WITH SILVER DOWN 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY REMAINS AT 356.715 MILLION OZ//

JULY 30/2019: WITH SILVER UP 8 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY REMAINS AT 356.715 MILLION OZ//

JULY 29/2019: WITH SILVER UP 4 CENTS TODAY: A SMALL WITHDRAWAL OF 468000 OZ FROM THE SLV/INVENTORY LOWERS TO 356.715 MILLION OZ//

JULY 26.2019: WITH SILVER DOWN 2 CENTS TODAY:  A HUGE 1.03 MILLION OZ OF PAPER SILVER LEAVES THE SLV/INVENTORY LOWERS TO 357.183 MILLION OZ//

JULY 25.2019: WITH SILVER DOWN 19 CENTS: ANOTHER PAPER WITHDRAWAL OF 1.17 MILLION OZ/INVENTORY REST AT 358.213 MILLION OZ

JULY 24…A BIG CHANGE  IN SILVER INVENTORY AT THE SLV: A GAIN OF 1.685 MILLION OZ/INVENTORY RESTS AT 359.383 MILLION OZ

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/

AUGUST 13/2019:

 

Inventory 371.637 MILLION OZ

 

 

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

6 Month MM GOFO 2.13/ and libor 6 month duration 2.06

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

G0LD LENDING RATE: – .07

 

XXXXXXXX

12 Month MM GOFO
+ 196%

LIBOR FOR 12 MONTH DURATION: 199

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.03

end

 

 

end

 

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

Silver Gains 1.8% To $17.36 As Stocks Sell Off On Trade Wars, Argentina and Hong Kong Risks

* Major stock markets globally fell for a third straight day today

* Fears about a deepening and global trade war, protests in Hong Kong and a crash in Argentina’s peso currency led to safe haven demand for bonds, gold and silver

* Silver went above a 1 and half year high climbing 1.8% to $17.36 per ounce, its highest since January 2018 at $17.42

* Despite recent gains silver remains 65% below its record nominal high near $50/oz

Silver in USD – 3 Days

NEWS & COMMENTARY

Gold hits over six-year ‘peak’ at $1,532/oz on risk-off sentiment

Shares sold after Argentina crash, safe-havens shine

European shares drop on global worries; Italy, Spain underperform

Federal Spending Sets Record Through July; Treasury Runs $866,812,000,000 Deficit

Record American household debt, nearing $14 trillion, Bankruptcy filings rising

Yuan at right level, disorderly capital flows unlikely – China central bank official

China media says Hong Kong protesters are ‘asking for self-destruction’ as military assembles nearby

Gold Carefully Closed Back Below $1,500 Spot/Silver Below $17 Spot

Listen and Watch Jim Rogers Interview Here

Gold Prices via LBMA (AM/ PM Fix – USD, GBP & EUR)

12-Aug-19 1501.95 1504.70, 1244.82 1243.63 & 1343.64 1341.74
09-Aug-19 1503.50 1497.70, 1242.19 1240.99 & 1342.02 1338.05
08-Aug-19 1497.40 1495.75, 1230.26 1234.14 & 1335.08 1335.70
07-Aug-19 1487.65 1506.05, 1225.82 1239.33 & 1330.11 1341.44
06-Aug-19 1461.85 1465.25, 1199.59 1201.21 & 1304.85 1311.11
05-Aug-19 1457.45 1465.25, 1199.92 1203.85 & 1307.92 1310.23
02-Aug-19 1436.05 1441.75, 1184.17 1187.28 & 1294.02 1298.44
01-Aug-19 1406.40 1406.80, 1161.12 1161.74 & 1273.35 1273.29
31-Jul-19 1430.55 1427.55, 1175.48 1167.45 & 1283.20 1281.37
30-Jul-19 1428.45 1425.90, 1173.47 1171.95 & 1281.75 1279.60

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Mark O’Byrne
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ii) Important gold commentaries courtesy of GATA/Chris Powell

USA gold;s August letter comments on a currency war with a race to the bottom.  They also comment that exchange traded funds in gold are not necessarily real metal but rather just price bets with counterparty risk.  I am glad that at least some out there are willing to tell the truth on these EFF’s

(USAGold/GATA)

USAGold’s August letter: Gold responds to the trade and currency war

 Section: 

1:20p ET Monday, August 12, 2019

Dear Friend of GATA and Gold:

USAGold’s August newsletter notes that as currencies are racing to the bottom, gold is racing to the top, and that exchange-traded funds in gold are not necessarily real metal but rather just price bets with counterparty risk.

The letter is headlined “Gold Responds to the Trade and Currency War” and is posted in the clear at USAGold here:

https://www.usagold.com/cpmforum/anv-august/

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

END

Ed Steer’s Saturday commentary is posted in the clear at Goldseek

(Ed Steer/Goldseek/GATA)

GATA’s Ed Steer’s Saturday Gold & Silver Digest letter posted at GoldSeek

 Section: 

8p ET Monday, August 12, 2019

Dear Friend of GATA and Gold:

GATA Board of Directors member Ed Steer’s Gold & Silver Digest letter for Saturday, headlined “Gold Carefully Closed Back Below $1,500 Spot; Silver Below $17 Spot,” has been posted in the clear at GoldSeek here:

http://news.goldseek.com/GoldSeek/1565554515.php

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

end

With the 2013 Cyprus Laiki bank failure, investors can now expect only 6 cents on the euro. That was a monstrous haircut for people depositing their money in the bank’

(GATA)

Just 6 cents on the euro for Cyprus bank ‘haircut’ victims

 Section: 

From Cyprus Mail, Nicosia, Cyprus
Monday, August 12, 2019

Six years on from the demise of legacy Laiki Bank, its uninsured depositors can expect to get about 6 cents on the euro for their savings used to bail in the lender during the March 2013 financial meltdown.

Kleovoulos Alexandrou, the special administrator appointed for Laiki, has said that to date approximately E220 million has been raised from sales of the lender’s assets.

… 

He told local news outlet Stockwatch that an additional E32 million could be earned from the sale of Laiki’s remaining stake in Bank of Cyprus Holdings.

The total recovered amount would work out to about 6% of the E4 billion in uninsured deposits (more than E100,000) completely wiped out in the bail-in. Insured savings were untouched and transferred to Bank of Cyprus.

Laiki was placed under resolution in 2013, its depositors at the time classed as creditors for the purposes of the “haircut.” …

… For the remainder of the report:

https://cyprus-mail.com/2019/08/12/just-6-cents-on-the-euro-for-laiki-ha…

iii) Other physical stories:

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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: 7.0653/ NOW PAST 7:1

//OFFSHORE YUAN:  7.0947   /shanghai bourse CLOSED DOWN 17.73 POINTS OR 0.63%

HANG SANG CLOSED DOWN 543.42 POINTS OR 2.10%

 

2. Nikkei closed DOWN 229.38 POINTS OR 1.11%

 

 

 

 

3. Europe stocks OPENED ALL RED/

 

 

 

USA dollar index UP TO 97.39/Euro FALLS TO 1.1215

3b Japan 10 year bond yield: FALLS TO. –.23/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 105.21/ 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:: 54.88 and Brent: 58.44

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.61%/Italian 10 yr bond yield UP to 1.67% /SPAIN 10 YR BOND YIELD DOWN TO 0.24%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 2.28: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 2.12

3k Gold at $1427.60 silver at: 17.45   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 11/100 in roubles/dollar) 65.55

3m oil into the 54 dollar handle for WTI and 58 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 105.21 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 .9679 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0854 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.61%

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 1.64% early this morning. Thirty year rate at 2.11%

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

6.  TURKISH LIRA:  UP  TO 5.6100..

“Panic And Chaos” – Markets Tumble With All Eyes On Hong Kong

The overnight session was largely a repeat of Monday, if somewhat less extreme.

Just like yesterday, the overnight mood was lifted early, after the PBOC fixed the yuan weaker for the 9th consecutive session, however at 7.0326, it was once again stronger than the 7.0421 consensus expected, helping push US futures higher. But this time the optimism from China’s tentative olive branch was short-lived, and it didn’t take long before a bearish tide swept across markets, as first Asian stocks slumped, then European shares fell…

 

… and US equity futures erased all gains…

… as turmoil in Hong Kong – which canceled all departing flights for a 2nd day – and total chaos in Argentina spooked investors already on edge over the trade war.

The weeks-long protests in Hong Kong began in opposition to a bill allowing extraditions to mainland China but have quickly morphed into the biggest challenge to China’s authority over the city since it took Hong Kong back from Britain in 1997. A state of “panic and chaos” now exists, the city’s embattled leader Carrie Lam said on Tuesday, defying fresh calls to quit. As she spoke, the Hang Seng index hit a seven-month low. By the close, it had dropped 2.1%, dragging down markets across Asia and taking its losses past 6% since the protests began in June.

As a result, global markets dropped for a third straight day on Tuesday as investors huddled in bonds, gold, and the Japanese yen for safety. While Hong Kong’s airport, the world’s busiest cargo hub, reopened briefly after protests closed it the previous day, renewed protests resulted in reports that all departing flights had been canceled for a second day even as Chinese forces were massing across the border with China in Shenzhen.

European stocks dropped as much as 0.6% in early trading after heavy drops in China, Hong Kong, Japan and other parts of Asia left MSCI’s main 47-country world index down nearly 4% for August so far. With bond yields slumping to unprecedented negative levels, the Stoxx 600 Bank Index falls 0.9%, the worst performer on Tuesday’s European sector leaderboard, and headed for a sixth consecutive week of declines. The decline was led by banks more exposed to low rates, such as Germany’s Commerzbank falling -2.1%, as well as Italian lenders as the political uncertainty in the country drags on. Banking stocks are down 11% this year, making them the worst- performing sector against Stoxx 600 Index’s 9.3% gain.

 

Earlier in the session, Asian stocks tumbled, with MSCI’s index of Asia-Pacific shares skidding 1.2% as Chinese stocks and the Nikkei in Tokyo both fell around 1%, led by technology and financial firms. Almost all markets in the region were down, with Hong Kong and Thailand leading declines. The Topix retreated 1.2%, erasing its 2019 gains, after the yen climbed to the strongest level since March 2018. The Shanghai Composite Index fell 0.6%, with large insurers and banks weighing on the Chinese benchmark. The Hang Seng Index dropped 2.1%, as the Hong Kong airport continued to suffer flight cancellations in the wake of a mass protest. India’s Sensex slipped 0.8%, dragged by HDFC Bank and Housing Development Finance. Shares in Reliance Industries Ltd. surged as much as 12% after billionaire Mukesh Ambani revealed a plan to slash debt

Investors also remained on edge over the damage caused by Monday’s crash in Argentina – the 2nd biggest one day market crash in history which saw about 50% of the local stock market value wiped out in one session – after its President Mauricio Macri became the latest pro-free market, pro-reform leader to be given a beating at the polls by a populist rival.

The response was brutal. The peso collapsed 15%, equities crumbled 48% in dollar terms and the bond market crashed, with a 100-year bond that investors had recently gobbled up tumbling 20% as fears of yet another government default spiked.

“Yes, Argentina is a small economy. However, the last thing global markets want to see is another market-friendly government fall to populism and/or geopolitics,” said Rabobank strategist Michael Every. He added the “wall of worry” also now includes: the trade war, Brexit, China, Hong Kong, Iran, Italy, Kashmir, North Korea, South China Sea, Turkey, and Venezuela. “Did I miss anything with tired eyes?”

With investors fleeing risk assets – which Morgan Stanley now sees in a bear market, one which will only get worse – investors parked in traditional safe havens such as the 10-year German government bond, whose yields hit a new record low, even as the German economy appears to have passed right through recession and is fast approaching depression levels, with the ZEW Economic Sentiment crashing from -24.5 to -44.1, shattering expectations of only a -28.5 print.

 

Across the Atlantic, US Treasury yields dropped to the lowest level in almost three years, gold was pinned close to six-year highs and the yen was within a whisker of a seven-month peak versus the dollar. Quoted by Reuters, ING analysts said the yen was benefiting “from the best of both worlds”, pointing to general risk aversion and a rush to price in more interest rate cuts by the Federal Reserve.

The dive for safety pushed gold up another 0.5% to $1.523 per ounce and its latest six-year high. Oil prices meanwhile held their ground as expectations that major producers will continue to reduce supplies balanced out worries about sluggish economic growth. Brent inched up to $58.74 while U.S. West Texas Intermediate futures were flat at $54.81 a barrel. It comes too with Saudi Arabia repushing plans to float its national oil company Saudi Aramco in what could be the world’s largest initial public offering (IPO).

“With Saudi Aramco reportedly eyeing an IPO once again, there is some support to the idea that Saudi Arabia has a heightened interest in strong crude prices and will cut its own output accordingly,” Vienna-based consultancy JBC Energy said.

Today’s economic data include July CPI figures, small business optimism

Market Snapshot

  • S&P 500 futures down 0.1% to 2,877.25
  • STOXX Europe 600 down 0.4% to 369.12
  • MXAP down 1.2% to 150.37
  • MXAPJ down 1.3% to 482.67
  • Nikkei down 1.1% to 20,455.44
  • Topix down 1.2% to 1,486.57
  • Hang Seng Index down 2.1% to 25,281.30
  • Shanghai Composite down 0.6% to 2,797.26
  • Sensex down 0.9% to 37,243.13
  • Australia S&P/ASX 200 down 0.3% to 6,568.54
  • Kospi down 0.9% to 1,925.83
  • German 10Y yield fell 2.0 bps to -0.612%
  • Euro down 0.2% to $1.1189
  • Brent Futures down 0.05% to $58.54/bbl
  • Italian 10Y yield fell 10.1 bps to 1.348%
  • Spanish 10Y yield fell 0.7 bps to 0.223%
  • Gold spot up 0.9% to $1,524.86
  • U.S. Dollar Index up 0.2% to 97.57

Top Overnight News from Bloomberg

  • In the wake of President Mauricio Macri’s stunning rout in primary elections over the weekend, investors dumped its stocks, bonds and currency en masse in a selloff that left much of Wall Street wondering whether the crisis-prone country was headed for yet another default
  • Deputy Premier Matteo Salvini will likely have to wait a week to move ahead with his power grab in Italy. Senate leaders on Monday failed to agree on a date for the confidence vote that could bring down the curtains on the country’s populist coalition, pushing back a decision until Tuesday. The full upper chamber will set a date at a session beginning at 6 p.m. in Rome
  • The U.K. government doesn’t expect the European Union to shift its Brexit position for at least a month while it waits to see how British politicians opposed to leaving the bloc play their hand in Parliament, according to a person familiar with the matter
  • The rate on 30-year Treasury bonds approached an all-time low and a closely monitored section of the U.S. yield curve hurtled closer to inversion as investors sought shelter amid a fraught geopolitical backdrop. China 10- year sovereign yield falls to 3% first time since 2016
  • Australia’s back-to-back interest-rate cuts are flowing through the financial system and into the economy, while the falling currency should provide a similar stimulus to sustained declines of previous years, Christopher Kent, RBA assistant governor for financial markets said
  • Oil holds steady after Saudi Aramco’s first-half earnings contained no surprises for the market, while sentiment remained cautious amid ongoing trade tensions between the U.S. and China and deepening unrest in Hong Kong

Asian equity markets followed suit from the losses on Wall St with global risk sentiment sapped by the continued overhang from the US-China trade war and after the disruption in Hong Kong where there are growing fears of Chinese intervention. ASX 200 (-0.3%) was subdued but with losses stemmed by strength in tech and mining related sectors, while Nikkei 225 (-1.1%) was among the underperformers as participants returned from the extended weekend and reacted to recent flows to the currency. Chinese markets also traded lower after Chinese Lending/Financing data disappointed and with heavy losses in Hong Kong after its airport was shut by a mass sit-in and although flights have since resumed, hundreds remained cancelled as they try to deal with the back log from the disruption. Furthermore, increased concerns China may intervene as the People’s Armed Police were reportedly gathering and heading towards the bordering city of Shenzhen, has added to the pressure for the Hang Seng (-2.1%) which declined to its weakest since early January, while losses in the Shanghai Comp. (-0.6%) were somewhat cushioned after the PBoC set a firmer than expected reference rate and continued its liquidity injections. Singapore’s STI (-0.9%) suffered from a double-whammy in which Q2 GDP missed estimates and the MAS dashed easing hopes by not considering an off-cycle policy meeting. Finally, 10yr JGBs were marginally higher and the 30yr yield dropped to 0.2% for the first time in 3 years amid the risk averse tone and following the bull flattening in the US, although upside was capped amid lack of BoJ presence in the market and given that prices were already at record levels.

Top Asian News

  • Duterte Seen by Public as ‘Selling Out’ to China, Deputy Says
  • Hedge Fund Warns of ‘Distressed Cycle’ as Trade War Deepens
  • More Rain Seen in Flood-Ravaged Indian States; At Least 124 Dead
  • Car Sales in India Drop Most in Two Decades as Slowdown Deepens

European stocks are lower across the board [Eurostoxx 50 -0.70%] following on from a downbeat Asia-Pac handover as global risk sentiment continues to be pressured by the US-China trade overhang and amid growing fears surrounding the violent Hong Kong protests and fears of intervention. Germany’s DAX (-0.9%) underperforms and hit levels last seen at the end of March after falling below a key tech level at 11600 (which was the reversal level during the May rout) with the aid of dismal German ZEW survey data and ahead of German GDP figures tomorrow. Sectors are mostly lower, with some resilience in defensive sectors as investors flock to “safe stocks”, whilst the energy sector outperforms amid the oil sector’s earlier gains, albeit this initial upside has since been retraced. In terms of individual movers, Henkel (-7.0%) rest at the foot of the Stoxx 600 amid a profit warning whilst it also noted that it does not envisage a H2 auto market recovery. Meanwhile, Rolls-Royce (-3.2%) shares continued to fall with today’s downside induced by a Moody’s downgrade to Baa1 from A3.

Top European News

  • Scout24 Mulls Auto Unit Options After Elliott’s Breakup Call
  • Swiss Franc Touches Strongest Level Since June 2017
  • Iran Expects Tanker Held by U.K. to Be Released Soon, Fars Says

In FX, the Dollar remains divergent against G10 currency counterparts, but firm vs EMs as sentiment continues to favour safe-havens amidst ongoing unrest in Hong Kong and other parts of the globe, plus the US-China/EU etc trade conflicts. Hence, the DXY is still anchored around 97.500 and the index taking cues from moves in major basket constituents, like the Euro and Yen ahead of US CPI data.

  • EUR/GBP – The single currency and Sterling are both holding relatively steady vs the Greenback and thus each other, with Eur/Usd back above 1.1200 despite more dire Eurozone survey news in the shape of the latest ZEW findings for Germany and the bloc as a whole. The Euro is benefiting from its status as a refuge when risk aversion is high, if not rife, but 1.1220 Fib resistance may yet cap the upside having been respected on multiple tests recently. Conversely, the Pound has not really been able to sustain gains/momentum on the back of firmer than forecast UK pay metrics as Cable labours ahead of 1.2100 on persistent no deal Brexit jitters.
  • AUD/NZD/CAD – Some respite for the Aussie via an uptick in NAB business sentiment overnight and comments from RBA Assistant Governor Kent playing down the prospect of NIRP, as Aud/Usd pares losses from a test of key support towards 0.6770, but the Kiwi appears more vulnerable after relative outperformance or rather resilience yesterday with Nzd/Usd hovering around 0.6450 and Aud/Nzd just under 1.0500. In contrast, the Loonie is lagging either side of 1.3250 after last Friday’s disappointing Canadian jobs update and soft crude prices.
  • JPY/CHF – The Yen looks ripe for another attempt to breach 105.00 vs the Usd where more hefty option expiries reside and psychological bids/support are propping the headline pair in front of the 104.87 flash crash low, but the Franc has crossed 0.9700 against the Buck and approaching 1.0850 vs the Euro awaiting more Italian political developments alongside any response from the SNB to signs that the Chf is getting too strong.
  • EM – More broad losses across the region, and the Lira seemingly suffering from a lack of local participation as Turkey observe EID on top of increasingly bearish technical as Usd/Try has broken above the 200 DMA to expose the next significant upside chart level circa 5.6300.

In commodities, marginal losses in the oil complex with WTI and Brent futures choppy, with the former back below 55/bbl (after having visited the level earlier in the session) whilst the latter fell to around 58.50/bbl. News flow for the complex has again been light and the benchmarks seem to be moving off of sentiment/technical factors, with RBC yesterday highlighting that there is limited scope for short covering rallies due to positioning, i.e. speculators seem to have been unwinding long position rather than opening shorts. Nevertheless, participants will be on the lookout for geopolitical/trade developments, whilst Hong Kong also remains on the radar and whether China will intervene amid the rise in violent protests, which is likely to hit sentiment again, especially if US reacts with sanctions/tariffs. Looking at today’s docket, traders will await the weekly API crude data, expected to print a draw of 2.3mln barrels. ING notes that the narrowing of the WTI/Brent Arb (currently 3.6/bbl) could point to another weak of low exports as shown by the prior week’s EIA data. Elsewhere, gold remains on an upward trajectory amid safe-haven demand, with the yellow metal at a fresh 6yr high of 1526.7/oz. Meanwhile, copper is relatively flat on the day. Elsewhere, Dalian iron ore traded in a tight range whilst steel futures rose as much as 3.0% as the pollution curb on steel mills dampens iron ore demand but also disrupts steel supply. GS sees a rebound in iron ore prices as “2019 is on track to post the seaborne market’s first deficit in seven years”, and they see a deficit through 2020. Finally, Indonesia’s Minister noted that revisions to mineral ore export rules are currently being drafted. Indonesia initially planned to ban exporting nickel ore by 2022, in an attempt to build up its manufacturing base by using its raw resources but previously noted that bringing the deadline forward from 2022 will disrupt USD 4bln ore exports.

US Event Calendar

  • 6am: NFIB Small Business Optimism, est. 104, prior 103.3
  • 8:30am: US CPI MoM, est. 0.3%, prior 0.1%; CPI Ex Food and Energy MoM, est. 0.2%, prior 0.3%
  • 8:30am: US CPI YoY, est. 1.7%, prior 1.6%; CPI Ex Food and Energy YoY, est. 2.1%, prior 2.1%
  • 8:30am: Real Avg Hourly Earning YoY, prior 1.5%;  Real Avg Weekly Earnings YoY, prior 1.16%

DB’s Craig Nicol concludes the overnight wrap

It may be a new week but markets have still been dealing with the all too familiar feeling of risk-off over the last 24 hours.In fairness, there wasn’t actually a great deal of newsflow for markets to get behind yesterday, but poor data from China, signs of further trade war escalation, and additional geopolitical risks – namely Hong Kong and Argentina – all combined to weigh on risk assets and drive another big move lower in rates. The S&P 500 and NASDAQ retreated -1.22% and -1.20% respectively, while the STOXX 600 fell -0.31%. HY credit spreads were also +9.2bps and +0.7bps wider in the US and Europe, respectively.

The real action was in US rates though, where 10-year treasury yields rallied -9.9bps to 1.646% and to within 30bps of their all-time lows from 2016. The move in the 30-year was even more extreme, dropping -12.7bps to 2.133% and to within 3bps of its all-time low. Front-end rates fell as well, with 2-year treasuries down -6.3bps and fed funds futures back to pricing in 67bps of cuts through year end. That understandably weighed on financials, which led losses in both Europe and the US, where indexes of bank shares fell -2.17% and -2.12%, respectively. As for the yield curve, the 2y10y metric flattened another -3.6bps to a fresh cycle low of 5.8bps. Our economists noted that the signal from the 2y10y is now much closer to signals from other yield curves measures which have already inverted: it implies a roughly 40% chance of recession over the next 12 months.

The China credit data from yesterday was the main source of pessimism, with new loans rising by 1.06 trillion yuan. That was well below consensus estimates for a 1.28 trillion print. The year-on-year growth rate for M2 fell to 8.1% (versus expected 8.4%), near its all-time low of 8.0%, and M1 grew only 3.1% (versus expected 4.4%). Credit growth is viewed as a key leading variable for the broader Chinese economy, so the slowdown heightened concerns over global growth. As for the trade war, there was some attention paid to a comment from Global Times Editor Hu Xijin that China’s People’s Daily istoday expecting to publish an article “vowing China can defeat any challenge and pressure the US”.

Those factors combined are weighing on Asian markets overnight with the Nikkei (-1.25%), Shanghai Comp (-0.74%) and Kospi (-0.70%) all lower. The Hang Seng (-1.86%) is leading the declines again though as protests continue and markets react to the city’s airport being brought to a standstill yesterday. In fact, the Hang Seng has now fallen into negative territory for the year – one of the few equity markets to have done so. As for FX, the US dollar is trading strong this morning (+0.22%) while the Chinese yuan is trading at 7.0634 (-0.10%). Elsewhere, futures on the S&P 500 are up +0.15% while spot gold prices are trading at $1516/oz (+0.34%) and 10yr JGB yields are down -1bp to -0.237%. Treasuries are also trading flat following the big rally yesterday.

Back to those political developments, where the biggest price action was reserved for Argentina where the peso sold-off -16.96% and to a record low of 53.0 versus the dollar following the weekend election result which saw the populist opposition candidate surprisingly beat President Macri in a landslide in the primary election. In fact, Argentinian assets were hit across the board. The benchmark stock index sank -37.93% – the biggest drop since 1990, while the country’s 100y bond dropped -18.6pts to 56.3. Slightly contrasting fortunes to where Austria’s 100y bond currently trades. Indeed, shorting the former while buying the latter would’ve doubled your money this year. Though of course we still have another 98 years before either bond matures for things to change. The contagion from Argentina into other EM assets was fairly limited in absolute terms however EM equities and FX did still fall -1.24% and -0.38%. In FX the biggest decliners outside of Argentina were currencies in Brazil (-1.03%), Uruguay (-1.41%) and Colombia (-0.91%).

Moving on. While it may have been quiet for data yesterday the good news is that it will pick up today with the July CPI report in the US this afternoon likely the highlight. A reminder that the consensus expects a +0.2% mom reading for the core although you shouldn’t expect anything less given that the last 45 monthly core CPI consensus prints have been for +0.2% mom. You have to go back to September 2015 to find the last time it wasn’t. Anyway, our US economists are below market at +0.13% mom essentially due to them expecting a partial unwind of June’s outperformance. However given that the market is already very dovishly priced for the Fed, it will likely take a lot for the market to become more aggressive on pricing in cuts.

Just wrapping up the other market moves yesterday, Italian assets recovered a bit as stories swirled that the Five Star Movement and Democratic Party are discussing a possible coalition to prevent the need for a new election (per Bloomberg). The Senate will reportedly pick a date for the no confidence motion in the government as soon as today, having delayed the decision yesterday, which could end up being the key date when we’ll know whether or not to expect elections. Ten-year BTP yields fell -10.6bps, but are still +32.6bps higher from their mid-week lows last Wednesday at 1.696%.

In terms of other news yesterday, there was some attention paid to the release of the Swiss National Bank’s sight deposit data, which is used as a proxy for their FX interventions. Sight deposits rose to 585.5bn francs, their biggest increase since early 2017 and suggesting some action by the SNB, but still far less than during periods of heavy intervention. Elsewhere, the US Treasury released its monthly budget statement, showing that the budget deficit was $119.7bn in July. That takes the deficit to $866.8 over the first 10 months of this fiscal year, bigger than the deficit over entire 2018 calendar year ($779.0bn).

Looking at the day ahead now, the aforementioned July CPI report in the US this afternoon is the likely data focus, however prior to that we’ll also get a decent slew of releases in Europe. We kick off with the final July CPI revisions in Germany not long after this hits your email, before the UK June and July labour market data is due to be released. The August ZEW survey in Germany follows while late morning we’re also due to get the July NFIB small business optimism reading in the US. Away from that the NY Fed is also due to release its Q2 household debt and credit report.

 

3A/ASIAN AFFAIRS

I)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED DOWN 17.73 POINTS OR 0.63%  //Hang Sang CLOSED DOWN 543.42 POINTS OR 2.10%   /The Nikkei closed DOWN 229.38 POINTS OR 1.11%//Australia’s all ordinaires CLOSED DOWN .33%

/Chinese yuan (ONSHORE) closed DOWN  at 7.0653 /Oil UP TO 57.21 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.0653 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.0947 TRADE TALKS STALL//YUAN LEVELS NOW PAST  7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

NORTH Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

Hong Kong Airport cancels all departing flights for the 2nd day in a row. Still Mainland China awaits at Hong Kong’s doorstep

(zerohedge)

Hong Kong Airport Cancels All Departing Flights For 2nd Day As Lam Warns Of “Death Of Rule Of Law”

Update: After struggling to reschedule flights and get back to some semblance of normalcy in its scheduling, Hong Kong International Airport has canceled all departing flights for a second straight day.

The decision is bound to leave thousands of tourists stranded with few options to turn to.

* * *

After false rumors about a police crackdown sent protesters scrambling away from Hong Kong International Airport on Monday, angry crowds returned with a vengeance on Tuesday, flooding the arrival hall and moving into the departures hall as they succeeded in paralyzing one of the busiest travel hubs in the region for the second straight day (though Tuesday marked the fifth consecutive day of protests at the airport).

 

Hundreds of protesters occupied the area around the airport’s check-in aisles beginning at around 2:30 pm local time before moving to completely cut off departure gates, while at least 1,000 remained in the arrivals section, the SCMP reports, in what appears to be a well orchestrated and systematic plan.

Phoebe Kong 江穎怡@phoebe_kongwy

Breaking at protesters stage sit-in in front of departure gates which are now blocked. No passengers can get through. More flights expected to be called off later on.

Embedded video

Thomas van Linge

@ThomasVLinge

: departure halls are completely cut off. pic.twitter.com/SQKgRseTi8

The protests followed another weekend of violent clashes across the city. Aggrieved protesters communicated their outrage over police’s shooting of an unarmed woman in the eye with a nonlethal beanbag weapon.

Flights resumed early Tuesday morning after Monday’s total shutdown, but another 300 flights had been cancelled, and Hong Kong’s airport authority warned that its express trains to and from the airport would run more slowly at 15-minute intervals. According to the latest local media reports, the Airport has now suspended check-ins for some flights, though at least some flights will continue. Both North and South departure gates at Terminal 1 have been closed, per an airport authority spokeswoman.

Rail operator MTR Corporation warned those checking in for flights at Hong Kong or Kowloon stations to get there two hours early to fight through the heavy foot traffic. As of noon local time, the Airport Authority said there were fewer take offs and landings as it worked to reschedule flights, per SCMP.

To compensate, China’s national carrier, Air China, is adding additional flights between Beijing and Shenzen, the Chinese city across the border from Hong Kong where the Chinese military continues to build up an ominous presence of soldiers and tanks. Three of Air China’s Hong Kong-bound flights were diverted to Shenzen on Monday.

Anti-government demonstrations in Hong Kong have entered their 10th week, and neither side is showing any willingness to back down, with Governor Carrie Lam – whose popularity has sunk to an all-time low according to the latest poll – warning on Tuesday that the protesters’ violence tactics were pushing Hong Kong into dangerous territory, and accused them of trying to “destroy the rule of law.”

“Violence, no matter if it’s using violence or condoning violence, will push Hong Kong down a path of no return, will plunge Hong Kong society into a very worrying and dangerous situation,”she said, while Beijing once again condemned protesters as ‘terrorists’. She added that police have been following guidelines about using minimum force when dealing with demonstrators.

During a press conference with local reporters on Tuesday, Lam at one point appeared to be on the verge of tears, and delivered a heart-felt appeal for calm, SCMP reports.

“Take a minute to think, look at our city, our home, do you all really want to see it pushed into an abyss?” Lam said.

Donning black outfits and face masks (the unofficial uniform of the protests), demonstrated “Stand with Hong Kong, fight for freedom” as exasperated passengers scrambling to try and catch rescheduled and delayed flights. As many found their passage blocked, angry confrontations between travelers and protesters erupted. One woman was seen trying to break through a crowd of protesters at the northern departure gate of Terminal 1, shouting in near tears “I just want to go home!”

Foreign tour groups were perhaps the most inconvenienced: One Brazilian passenger said she had to pay a lot of money for a hotel room after her Shanghai flight was cancelled. “I know it is not the airline’s fault, but I just really want to go home.”

Emily Tsang@ETemily

Chaotic scenes broke out at during a @SCMPNews
Viedo credit ⁦@JournoDannyAero

Embedded video

One protester, Anson Ng, insisted that demonstrators not “panic flee” like they did on Monday following “people spreading fake news” about a police initiative to clear the area.

Debbie Chiu, a 48-year-old housewife, returned to the airport at noon on Tuesday after joining the sit-in the day before.

She considered Monday’s protest a failure, saying police “tricked us.”

“The internet network was paralysed, and photos of riot police standing by in the restricted area were circulated among the protesters…We were scared and left.”

As the number of takeoffs and landings dwindled, the airport authority activated its emergency center to help deal with the crowds and help carriers clear their backlogs of flights.

Many in the HK business community worried that the protests would damage the city’s reputation. In a statement, Cathay Pacific Airways said the demonstrations had damaged Hong Kong’s status as an international aviation hub.

Still, the protesters show no signs of slowing down, even as the PLA masses forces in Shenzen, creating the looming impression of a possible invasion.

Nearly two months after Lam shelved the hated extradition bill that sparked the protest movement, the protesters still have yet to see their demands met, according to the GuardianThe ‘full withdrawal’ of the extradition bill, an independent investigation into the police’s use of force at the demonstrations, and the introduction ‘genuine universal suffrage’.

end

Trouble:  Beijing refuses American warship entry to Hong Kong

(zerohedge)

Beijing Refuses American Warships Entry To Hong Kong Ports

Mere hours after President Trump tweeted that US intelligence had confirmed the buildup of Chinese troops on the border with Hong Kong, US defense officials warned that Beijing had refused two US Navy ships permission to make port stops in Hong Kong in the coming weeks, a sign that President Xi is none too pleased with how the US has handled itself during the anti-extradition bill protests that have swept Hong Kong over the past ten weeks.

Liz Claman

@LizClaman

BREAKING: We just got news China is refusing to grant US Navy ships entry into Hong Kong. We’re watching market reaction NOW @ClamanCountdown

Beijing has repeatedly warned the US to stop interfering with Taiwan and Hong Kong, or else face consequences, including the implicit threat of force.

Meanwhile, China confirmed that it denied the requests made by the US Navy.

Commander Christensen, Deputy Spokesperson, US Pacific Fleet: The Chinese Government denied requests for port visits to Hong Kong by the USS Green Bay and USS Lake Erie, which were scheduled to arrive in the next few weeks.

We note that the last time the US allowed a naval destroyer from the “Chinese People’s Liberation Army Navy” to make port visits in the USA was December 2016:

Three Chinese Navy ships arrived in San Diego as part of a routine port visit that will last from December 6 to 9.

Two Jiangkai II-class frigates Yancheng (FFG 546) and Daqing (FFG 576), and the Fuchi-class oiler Tai Hu (AOR 889) were hosted by the U.S. Navy destroyer USS Cape St. George (CG 71) in San Diego, where sailors from both navies will participate in sporting events and cultural exchanges.

“Practical cooperation, such as port visits and key leader engagements, helps us enhance transparency and mitigate risks when we operate at sea,” said Rear Adm. James S. Bynum commander, Carrier Strike Group Nine.

“Continuous dialogue is necessary to find where we share interests and also to address disagreements candidly if they arise.”

A spokesman for Beijing warned that they’re worried the presence of US ships might embolden protesters, meanwhile, US officials have warned that they prefer not to make shipfall in areas where unrest is brewing.

4/EUROPEAN AFFAIRS

An excellent commentary from Tom Luongo outlining how Salvini will take control of his government through the next election, introduce the MIN Bot and then take them out of the Euro altogether. If Italy leaves the Euro, the game is over and the Euro is finished.

(Tom Luongo)

Can Salvini Beat The Italian Troika?

Authored by Tom Luongo,

Italian leader Matteo Salvini is in the headlines again, now openly threatening divorce with his coalition partner, Five Star Movement (M5S).

Salvini unleashed another round of rhetorical bombs at M5S to get on them board with his part of the agenda. But that seems to have failed and he is now prepared to go to Parliament and withdraw his party, Lega, from the coalition government which will lead to new elections.

He had put off any kind of talk of new elections in the past because the opinion polling wasn’t strong enough to grant Lega the kind of majority it needed to govern without strings.

The coalition is dead but it may not matter.

The biggest problem Salvini faced, however, wasn’t M5S’s internal strife and contradictions. His biggest obstacle lies in the Troika of Technocrats that hold all the real power in Italy as it pertains to the European Union.

That Troika is President Sergei Mattarella, Prime Minister Giuseppe Conte and Finance Minister Giovanni Tria and they are the problemas I wrote back in June.

Prime Minister Giuseppe Conti and Economy Minister Giovanni Tria are in open revolt against the coalition leaders over the upcoming budget fight with the EU.

Reuters is reporting this morning that these two are working together to undermine the internal reforms Salvini is proposing to spur economic growth from the ground up by instituting a flat tax and spending a whopping $3 billion more than Brussels wants them to on rebuilding crumbling Italian infrastructure.

Conte and Tria were essentially hand-picked by Mattarella to slow the current government’s roll and make nice with Brussels if they painted outside the lines. It was Mattarella who nixed Paolo Savona as the coalition’s pick for Finance Minister and it nearly saw him impeached for overstepping his authority.

Savona was deeply anti-euro.

Conte was also a compromise pick to get the coalition formed and deal with the fallout later. The latest threats by Salvini to take down the government is something he has been goaded into doing in the past when the polls were less definitive.

But today his threat is a much bigger one. When Lega was polling 32-34% there was no election calculus that would allow them to take control and still not be saddled with an albatross; either a spiteful M5S or a coalition of minor parties with deep state Italian ties, like Forza Italia.

Today, however, the calculus is different. Lega is polling at 38-40%,

And that puts them in a much different position. Remember that the Italian Deep State pushed forward under former Prime Minister Matteo Renzi the new election law that allocates one-third of parliamentary seats by marjoritarian, or first-past-the-post, voting. The remaining two-thirds are allocated proportionally.

Now, this was done to blunt the rise of Euroskeptic parties like M5S and create over-representation for establishment parties. But that only works if the establishment parties’ support doesn’t collapse.

Oops.

Look at what just happened in Ukraine, with a similar system. Volodymyr Zelensky’s Servant of the People took less than a majority of the votes but won more than 55% of the seats. Now, Ukraine’s internal politics are such that controlling the Verkovna Rada doesn’t that much, but it’s a good start that Zelensky won’t have to govern with a coalition partner.

I don’t have any idea of the internal, regional numbers for Italy but if Lega pulls more than 40% in a general election it is likely they will have enough seats to form a majority government without partners. That’s what Salvini is banking on. And he should be confident given he trends in polling and the frustration with M5S, who were the recipients of support out of pure protest.

Now that there is competition for that protest vote and a leader with a clear path for Italy, it’s no surprise that they have fallen and Lega risen.

The worst-case scenario I can see for Salvini would be having to coalition with the ideologically aligned Brothers of Italy (FdL).

Silvio Berlusconi’s Forza Italia (FI) is failing quickly, as is M5S, whose support has halved since last March’s election.

This election calculus creates a much more stable situation that what shook out of 2018’s election. And it is the reason why Salvini looks ready to take the fight to the Italian Troika.

The key here is President Mattarella whose job it is to keep in place people loyal to Europe and defeat Salvini in any real reforms. So, color me shocked that there’s a hit piece on Bloomberg attacking his lack of accomplishmentswhile over-stating his promises.

Most importantly, Salvini appears more interested in his popularity than in policy. He revels in tweeting on pretty much anything – from the beer he is drinking to celebrating the birthday of the Virgin Mary – and in DJ-ing shirtless in a beach club on Italy’s coast. But when one looks at how much of the League’s program he has actually implemented, voters have little to celebrate.

Take economic policy. The League has failed to deliver on its pledge to bring in a “flat tax” to lower Italy’s notoriously high rates. Instead, the tax burden has increased in the first three months of this year to 38% of gross domestic product from 37.7% in the same period of 2018, according to Italy’s statistics office. Salvini has also failed to deliver on a law which would give greater autonomy to Italy’s northern regions – the League’s electoral base – because of opposition from Five Star, which fears losing support in the South.

Yes, Salvini has failed to deliver on his promises as the junior member of a coalition government run by inept leftists and sabotaged by his own Prime Minister, Finance Minister and President.

The writer, Ferdinando Giugliano, then states that Salvini promised to get Italy out of the euro, which he explicitly did not campaign on nor has he talked about openly since being in power. That Salvini wants to get Italy out of the euro without concessions and changes to the EU’s finance rules is well known. But it’s not something he’s agitating for.

Laying the plans for leaving the euro through the mini-BOT? Of course.

Is that a bargaining chip to use in negotiations with Brussels? Absolutely.

If you look at what Giugliano is saying it’s clear that his opening statement is the most accurate in the entire piece. “Matteo Salvini… likes to play the long game.”

Which is exactly what he should be doing, as I’ve pointed out consistently for nearly two years now (hereherehere). At every turn Salvini must cast others as the problem if he wants to win politically, which isn’t hard because it’s the truth.

And the more he does this the higher in the polls Lega rises.

With numbers where they are Salvini is looking at the opportunity to force the Troika to back down. This was why the rumors of forcing a cabinet reshuffle sound plausible. Now that he’s calling for a new election they could all be out of jobs.

The best outcome was for Brussels to keep Salvini saddled to M5S, retaining the status quo for as long as possible. Oops.

But Salvini, in constant contact with his fellow Euroskeptic leaders like Viktor Orban in Hungary, Nigel Farage in the U.K., Marine Le Pen in France, knows that timing in politics is everything. Poking this snake now, going for a consolidation of power the people seem to want of him, while Brussels is up to its neck in Brexit, new divisions within the EU parliament, and financial markets becoming more unmoored from reality every day is the right move.

If he pulls this off he could change the face of Italian politics for a generation and the face of Europe for a century.

end

Juncker again warns of Brexit calamity..and now pundits are claiming their threats are empty

(Mish Shedlock/Mishtalk)

Juncker Warns Of Brexit Calamity: “C’est La Bulls**t” Says French Ports Chief

Authored by Mike Shedlock via MishTalk,

Fearmongering about “no deal” is at a fever pitch. Such talk is useless and laughable.

It Must Be Serious

The lie of the day award goes to Jean-Claude Juncker, the outgoing European Commission president who once famously stated, “When it becomes serious, you have to lie.”

On Saturday, Juncker warned the British Will be the ‘big losers’ in a No Deal Brexit.

“If it comes to a hard Brexit, this is in no one’s interest, but the British would be the big losers. They pretend it’s not like that, but it will be,” he said in an interview with an Austrian newspaper, which was published on Saturday.

“We are at maximum preparation, though some British authorities say we are not well prepared for a no-deal. But I do not participate in this summer game. We are prepared and I hope the British are too,” he said.

Big Losers? Maximum Preparation?

Who the hell does does Juncker think he is fooling?

Neither side is fully prepared at the moment, but both sides have until October 31 to prepare for No Deal.

Things are truly serious when Juncker steps up to the plate with a pair of obvious fearmongering lies.

The notion the “British will be the big loser” shows just how desperate the setup is.

Those who disagree may wish to consider Eight Reasons the EU Will Suffer Far More Than UK in Brexit.

Rapid Rebuttal Unit

To counteract fearmongering, Michael Gove, Cabinet Office Boss for Boris Johnson, takes on Brexit fake news with a Rapid Rebuttal Unit to Quash No-Deal ‘Myths and Half-Truths’.

The new Response Unit will be run by civil servants in the Cabinet Office and will ensure that “the public and businesses are not being alarmed by scare stories or falsehoods “, The Sunday Telegraph can disclose. Senior Government figures are known to have become frustrated over the anti-no deal stories aired by the BBC in recent days, notably one about cows being slaughtered in Northern Ireland after a no deal exit.

Last week BBC2’s Newsnight programme reported that 45,000 dairy cows could be culled in Northern Ireland, in the event of a no-deal Brexit if new higher tariffs were applied to British milk despite Defra saying that a cull is “absolutely not something that the government anticipates nor is planning for in the event of no-deal”.

Ministers are concerned that some stories in the media that exaggerate concerns about a no-deal will needlessly encourage members of the public to stockpile goods.

C’est la Bullsh**

In related Brexit fearmongering, please consider No-Deal Lorry Mayhem at Dover and Calais? ‘C’est la Bullsh**’ Replies French Ports Chief.

The head of the French channel ports has dismissed warnings of Brexit chaos on the Dover-Calais trade route as irresponsible scare-mongering by political agitators.

“The British authorities have been doing a great deal to prepare. People say they are asleep but I can assure you that they are highly professional and they are ready,” said Jean-Marc Puissesseau, president of Port Boulogne Calais.

“There are certain individuals in the UK who are whipping up this catastrophism for their own reasons. This has provoked a lot of concern but basically ‘c’est la bullsh**’. Nothing is going to happen the day after Brexit,” he told The Telegraph.

“Britain will be a third country, that’s all, and there is no reason why this should lead to any problems. If both sides do their homework traffic will be completely fluid,” he said.

Preparations

Puissesseau said that no one was prepared in March, but everyone is prepared now.

“I have just received a delegation of Polish hauliers – and they are the most important in Europe – and I can tell you that they are perfectly up to speed on everything that has to be done,” said Puissesseau while also insisting freight transport in a WTO-Brexit are not as complicated as critics claim.

Roughly 30 percent of the lorries from Dover to Calais currently travel empty (a sign of serious imbalances in the UK’s bilateral trade relationship with the EU). “They will go straight to the green line and won’t need any clearance. Another 60 percent of the does not carry material that needs to be checked,” he said.

Loose Ends

There are many loose ends that need to be addressed, so despite Juncker’s claim, no one is fully prepared.

No one will be fully prepared on October 31 either.

But now that Brexit reality has sunk in, there is plenty of time to tie up most of the significant loose ends.

Expect Cooperation

It is to the advantage of both the UK and the EU to cooperate, so expect cooperation.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Iraq accuses the Pentagon of fudging the number of ISIS workers.  You will recall that a report last week stated that ISIS retains 14,000 to 18,000 members in Iraq and Syria.  Iraq calls the number “extremely exaggerated”

(zerohedge)

Iraq Accuses Pentagon Of “Extremely Exaggerating” Numbers Of ISIS Fighters

The US Department of Defense Inspector General released a formal report last week which claimed ISIS retains between 14,000 and 18,000 members in Iraq and Syria, which Pentagon officials used to argue for a continuing US troops presence in Syria. They touted the report as “verification” that a US draw down in Syria had enabled a a resurgent ISIS.

The Iraqi military, however, which partners with US forces, has rejected the report, calling it “extremely exaggerated”.

“The figure announced by the Pentagon is extremely exaggerated,” the spokesman for the Joint Operations Command, Brig. Gen. Yahya Rasool, said in a press statement, as quoted by Iraqi news agency Malouma and regional outlet Kurdistan24.

 

Shiite Popular Mobilization Forces in Iraq near the border with Syria. Image source: Reuters 

The general added that Iraqi national forces are in their third and final phase of an operation meant to clean out final pockets of Islamic State sleeper cells.

Last Tuesday’s Pentagon report presented to Congress asserted that ISIS terrorists are “growing again in power” in Syria and Iraq, and painted a general picture that to the extent American troops leave the region, the Islamic State will correspondingly reestablish itself.

“Despite losing its territorial ‘caliphate,’ the Islamic State in Iraq and Syria (ISIS) solidified its insurgent capabilities in Iraq and was resurging in Syria this quarter,” the report says.

It should be remembered that it’s precisely the same argument Syria hawks have repeatedly used to stymie previous plans voiced by President Trump to “bring the troops home”. Baghdad officials themselves have also increasingly seen little need for the unpopular US troops presence on Iraqi soil.

Like Osama bin Laden and al-Qaeda in the post-9/11 years, the constantly inflated “ISIS threat” is the new bogeyman that keeps on giving: neocons and hawks will cling to it so long as in enables expanding American presence in the Middle East.

end

6.Global Issues

The mess in Argentina explained beautifully by Bill Blain and what this will mean when  Lagarde takes the helm at the ECB

(zerohedge)

Blain: “What A Complete ClusterF**k”

Blain’s Morning Porridge, submitted by Bill Blain of Shard Capital

Global Credibility Under Pressure – We’ve been Tangoed!

This morning’s headlines are screaming how Argentina and President Mauricio Macri have precipitated yet another crisis on the stressed geopolitical battlefront…  Relax. We are more than used to dealing with Argentina defaults… But, its far more complex than that.  The latest Argentina Dance Macabre is all about Global Credibility.  It’s another Massive Fail!

What does it say about the credibility of Global Institutions and Policy when Argentina’s whole market collapsed following a primary for an election in December?  Ex-IMF president, and soon to be head of the ECB, Christine Lagarde personally staked her support for President Mauricio Macri’s pro-market government when she steamrollered through the IMF’s biggest ever bailout of $56 billion for Argentina last year.

It now looks an extremely poor call on Lagarde’s part.  Macri won a mere 32% of the vote, while former president Cristina Fernandez de Kirchner won 47%.  Don’t Cry for Me Argentina indeed…  Domestic Argentine Politics have left the IMF looking stupid.

There are three major issues to consider here:

First there is the absolute predictability of what’s just happened in Argentina:

In return for the 2018 Bailout, the IMF demanded its usual pound of flesh policies: Austerity, Austerity and Austerity, spiced with inflation-targeted monetary policy, fiscal tightening, currency controls, and the keys to the Peso printing presses.  Give Lagarde some credit – she did give lip service to the people with a smattering of minor austerity mitigants in terms of gender equality and social provision.  But, essentially the IMF’s answer to yet another predictable Argentinian crisis was more of the same programme.  You know the definition of madness

The programme did achieve some minor success: bringing down Argentina’s primary deficit and putting the trade balance in to surplus – but only because they spent IMF money supporting the peso. “Surprisingly” Austerity wasn’t to the electorate’s taste – inflation remains out of control and poverty is rising allowing politicians to exploit the widening income-gap divide.  What a complete shock!  Who could have possibly predicted an unhappy electorate would damn Macri at the polls and favour former Peronista’s from the last century instead?  (US Readers – Massive Sarcasm Alert.)

While the new Macri government was welcomed by markets in 2015 – it was immediately clear it didn’t have widespread and deep-rooted political support.  His government was perceived as a tool of global investment banks, global money and the supranationals.  The electorate went along with it for a while, but the results of “neo-liberalising” the economy were disastrous; killing jobs, creating a balance of payments crisis, devaluation, driving inflation, and yet another flirtation with default – hence the new IMF bailout.

Macri failed to deliver on his promises to the electorate: inflation wasn’t reined in, but soared to 60-70.  Instead of growth the economy tumbled into recession.  And more and more people fell into extreme poverty.  Compare and contrast with the experience of Argentina under the populist Peronistas, the Kirchners, who drove recovery in the early 2000s via easy monetary and a massive fiscal spending initiatives.  These didn’t work so well when commodities declined, recession struck the currency sagged and massive monetary corruption followed.  Argentina came close to default in 2012, and a naval vessel was actually seized by one creditor!

The Macri programme effectively went to the dogs y’day.  The laughable Argie Century Bond crashed as low as 60 y’day.  Default swaps are 40 cents upfront (pay $40mm to insure $100mm).  Short-term debt is yielding near 40%.  Argentinians voted for former leftist politician Kirchner instead, despite the widespread accusations of corruption, and the likelihood her election will simply deepen ongoing crisis.

The second point to this on-going Argentine Crisis is what does it say about Lagarde?

She is a gifted politician, a former French finance and apparently very efficient. She is not a trained central banker, but give her credit for being self-aware. She recently admitted: “The Argentine economic situation has proved incredibly complicated and I dare say that many of those involved, including us, underestimated a bit, when we started with the Argentine authorities building the programme.”

Her new job at the ECB is going to be a political minefield. She will need to draw Europe into agreement on fiscal policy support for Southern European Economies – which is a massive political issue when she’s seen as Macron’s candidate, Merkel is about to exit the stage, and the next crop of German Leader’s look crushingly incompetent in the leadership department. The Italian League has already thrown down it’s gauntlet – if they don’t get permission to start spending their way out of recession, they are going to do it anyway.

Lagarde has to balance the economic conservatism of Europe’s strongest economy, Germany, against the risks of “free-spending” other European’s creating further debt crisis. And she has to do it while holding the Euro together, dealing with consequences of Brexit, and being a distinct number 2 on the priority list for national governments. Is she up to it?

If Lagarde thinks Argentina’s economic situation is complex, wait till she tries to balance the ECB. Her job is not to simply continue the “do-what-ever-it-takes” Mario Draghi “keep-the-Euro-going” mantras, but to actually move the European economy forward in a political vacuum. The answer is not Austerity, Austerity, Austerity – but that’s her most likely only weapon in the ECB’s armoury. There are clear parallels between Argentina and Europe – much to be learnt in how not to handle recovery in the face of populism and undeliverable political promises.

The third point to learnt from the new Argentina crisis is who leads the IMF now that Legarde is off to Frankfurt?

The European’s have decided they want their compromise candidate, Kristalina Georgieva, to lead the institution. Its always been led by a European. Rest of world don’t like that. While I’m sure Ms. Georgieva of the World Bank is an excellent candidate… I am sure there are better.  Mark Carney – Canadian and Irish. Why Not. He’s a proper banker..

What a complete ClusterF**k.

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

Argentina

A biggy!! a huge 720 billion fund has the biggest crash since 2008

(zerohedge)

720BN Fund Suffers Biggest Crash Since 2008 On Argentina Implosion

Yesterday, in the immediate aftermath of the historic collapse of all Argentine assets, coupled with the record plunge in the Argentine Peso which only added to the USD-denominated pain of those who were unlucky enough to be long Argentina stocks and bonds, we asked if Michael Hasenstab – the man who may have bought every single sovereign bond dip in history in hopes of being bailed out by central banks – was on Epsteinwatch, for the simple reason that this time a bailout was not forthcoming, resulting in unprecedented losses.

 

As a reminder, back in May 2018, when it was on the verge of the biggest ever IMF bailout in history (some $57 billion and counting in money that will never be recovered), Argentina received a “vote of confidence” from Franklin Templeton’s Michael Hasenstab after he injected $2.25 billion into the country, which has been battling to save its currency. As the Financial Times reported then, funds run by Hasenstab, including his flagship $38 billion Templeton Global Bond fund, snapped up more than three quarters of a 73 billion peso ($3 billion) ‘Bote’ bond issuance by Argentina in May 2018. .

The purchase reportedly made the asset manager Argentina’s single largest creditors, with holdings in most Argentina bond securities, including the country’s infamous 100 year bond due 2117, which has been eviscerated in the past two days as it now appears the country’s market-friendly regime is on its way out, and will be replaced with the second coming of Cristina Kirchner.

Following the $3 billion issuance, Luis Caputo, Argentina’s finance minister and former central bank president, told Bloomberg: “You can’t get a bigger sign of confidence from markets when you place a bond in pesos at a fixed-rate on one of the worst days in emerging markets this year. It is a sign of confidence in president Macri, and the policies he is putting in place.”

A little over one year later, that “sign of confidence” has come back to haunt both Hasenstab and Templeton, because as we first suggested yesterday…

zerohedge@zerohedge

Hasenstab on Epsteinwatchhttps://www.ft.com/content/72cfe34c-aecc-11e8-99ca-68cf89602132 

Argentina turmoil batters big names in bond market

Franklin Templeton funds have lost $1.2bn on biggest Argentine positions

ft.com

…. today Bloomberg confirms that the record crash in Argentine assets is “wreaking “havoc on some of the largest U.S. money managers, but none more so than Hasenstab’s employer, the $720 billion mutual fund, Franklin Templeton. According to Bloomberg calculations, the biggest loser was the $11.3 billion Templeton Emerging Markets Bond Fund, which fell by 3.5%, a drop that has continued on Tuesday as the selling was nowhere near done. That was its largest daily drop since the October 2008 global financial crisis.

What is perhaps surprising is that the fund’s loss wasn’t even bigger: The Templeton fund had a 12% allocation to Argentina as of June 30, including Treasury bonds and notes linked to the nation’s benchmark rate. As discussed yesterday, Argentine stocks (denominated in USD) lost more than half their value in one day – an unprecedented event – while sovereign and corporate bonds erased $16.8 billion of their value in the Bloomberg Barclays emerging-market index on Monday.

The plunge “shows the painful and long-lasting impact of Argentina’s belligerent treatment of creditors,” said Mike Conelius, a money manager at T. Rowe Price , whose $5.8 billion emerging-market bond fund slumped by 2.2% on Monday, the most in six years. Over 7% of the T. Rowe portfolio was exposed to the country.

To be sure, Templeton wasn’t the only one hammered this week by Argentina’s spectacular implosion: other large funds also suffered, such as the $7.5 billion Ashmore Emerging Markets Short Duration Fund which fell by 3.2%, while the $1.4 billion Fidelity Series Emerging Markets Debt Fund dropped by 3.1%.

Meanwhile, we wonder if for Hasenstab who may have lost more money in one day than he made over the past decade with all his prior, haphazard bets on central bank bailouts, will finally face the proverbial “swimming naked when the tide runs out” moment, or if investors are dumb enough to keep giving him more money.

 

 

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

Euro/USA 1.1215 DOWN .0001 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 /ALL RED

 

 

USA/JAPAN YEN 105.21 DOWN 0.177 (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 1.2084   UP   0.0006  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TO OCT 31/2019//

USA/CAN 1.3258 UP .0022 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 1 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1215 Last night Shanghai COMPOSITE CLOSED DOWN 17.73 POINTS OR 0.63% 

 

//Hang Sang CLOSED DOWN 543.42 POINTS OR 2.10%

/AUSTRALIA CLOSED DOWN 0,33%// EUROPEAN BOURSES ALL RED

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 543.42 POINTS OR 2.10%

 

 

/SHANGHAI CLOSED DOWN 17.73 POINTS OR 0.63%

 

Australia BOURSE CLOSED DOWN. 33% 

 

 

Nikkei (Japan) CLOSED DOWN 229.38  POINTS OR 1.11%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1526.60

silver:$17.41-

Early TUESDAY morning USA 10 year bond yield: 1.64% !!! DOWN 0 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 2.11 DOWN 2  IN BASIS POINTS from MONDAY night.

USA dollar index early THURSDAY morning: 97.39 UP 2 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: 0.23% DOWN 1 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: -.23%  DOWN 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.21%//DOWN 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,62 DOWN 4 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 141 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.61% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 2.23% 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 1.1182  DOWN     .0033 or 33 basis points

USA/Japan: 106.58 UP1 .196 OR YEN DOWN 120  basis points/

Great Britain/USA 1.2058 DOWN .0019 POUND DOWN 19  BASIS POINTS)

Canadian dollar UP 9 basis points to 1.3228

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 7.0433    0N SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  7.0216  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  5.5673 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at -.23%

 

Your closing 10 yr US bond yield UP 3 IN basis points from MONDAY at 1.68 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.14 UP 1 in basis points on the day

Your closing USA dollar index, 97.76 UP 38  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 13.63  0.35%

German Dax :  CLOSED UP 70.45 POINTS OR .60%

 

Paris Cac CLOSED UP 52.26 POINTS 0.99%

Spain IBEX CLOSED UP 18.70 POINTS or 0.22%

Italian MIB: CLOSED UP 275.60 POINTS OR 1.36%

 

 

 

 

 

WTI Oil price; 57.09 12:00  PM  EST

Brent Oil: 61.36 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    65.04  THE CROSS LOWER BY 0.04 RUBLES/DOLLAR (RUBLE HIGHER BY 4 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.61 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 :  56.99//

 

 

BRENT :  60.95

USA 10 YR BOND YIELD: … 1.70…

 

 

 

USA 30 YR BOND YIELD: 2.16..

 

 

 

 

 

EURO/USA 1.1171 ( down 45   BASIS POINTS)

USA/JAPANESE YEN:106.71 up 1.327 (YEN down 133 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 97.84 up 45 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2051 UP 119  POINTS

 

the Turkish lira close: 5.5625

 

 

the Russian rouble 64.95   UP 0.50 Roubles against the uSA dollar.( UP 50 BASIS POINTS)

Canadian dollar:  1.32229 up 7 BASIS pts

USA/CHINESE YUAN (CNY) :  7.0433  (ONSHORE)/we need to watch these levels/anything greater than 6.95 will be deadly./

 

USA/CHINESE YUAN(CNH): 7,0109 (OFFSHORE) we need to watch these levels/anything greater than 6.95 will be deadly/

German 10 yr bond yield at 5 pm: ,-0.61%

 

The Dow closed UP 2.65 POINTS OR 0.01%

 

NASDAQ closed UP 22.04 POINTS OR 0.27%

 


VOLATILITY INDEX:  13.53 CLOSED DOWN .44

LIBOR 3 MONTH DURATION: 2.175%//libor dropping like a stone

 

USA trading today in Graph Form

Trump Trade Blink Sparks Stock, Yuan Spike But Treasury Curve Collapses To 12-Year Lows

Today’s insanity was brought to you by the words “delay” and “protests” and by the number “0” as Trump blinked and ‘delayed’ some China tariffs, Hong Kong ‘protests’ in the airport escalated, and all eyes were on the UST curve’s 2s10s spread rapidly plunging toward ‘0’…

 

Chinese stocks leaked lower on the day but held gains on the week…

Source: Bloomberg

European stocks surged on the trade headlines but Spain remains red on the week…

Source: Bloomberg

 

A big day for US equities thanks to trade headlines rescuing another ugly overnight session…

 

However, The Dow, Small Caps, and Trannies were unable to erase yesterday’s losses (weak close)…

 

But we note that, stocks were unable to break key resistance levels (Dow futs stalled at the Fib 61.8% retracement level of the July/Aug plunge)

Close-Up…

 

And all the majors stalled at or below key technical levels…

 

AAPL was a big driver of markets today, but look where it stalled…

Cyclicals outperformed, as you’d expect, today; but since Friday, Defensives are leading…

Source: Bloomberg

 

Stocks, as always, more excited than bonds about everything…

Source: Bloomberg

As StanChart’s Steve Englander noted: “The key characteristic of recent episodes of risk-off and risk-rebound is that the equity-market consequences are largely reversed, while the downward moves in fixed income have largely stayed in place.”

Treasury yields were all notably higher on the day, spiking after the trade headlines (but the long-end dramatically outperformed the short-end) – also note that all yields slipped lower in the last hour (only 2Y is higher in yield on the week)…

Source: Bloomberg

But the yield curve refused to stop flattening, with 2s10s falling below 1bps for the first time since May 2007…

Source: Bloomberg

And 2s30s crashed to its lowest levels of 2019…

Source: Bloomberg

 

The Dollar managed gains on the day but remains within a very narrow range since The Fed cut rates…

Source: Bloomberg

 

The Yuan exploded higher on the trade headlines, surging below 7.0/USD before fading back to the CNY Fix…

Source: Bloomberg

 

The Hong Kong Dollar was relatively volatile intraday but remains a few pips away from the 7.85 weak-end of the USD peg band…

Source: Bloomberg

The Argentine Peso did not stop its freefall…

Source: Bloomberg

 

In cryptos, Bitcoin tumbled on the day as Bitcoin Cash soared…

Source: Bloomberg

Bitcoin fell back below $11,000…

Source: Bloomberg

 

Oil spiked on the trade headlines (as did copper) and PMs (safe havens) tumbled…

Source: Bloomberg

Gold futures tumbled buyt bounced off $1500…

 

WTI Crude ramped up to $57 handle ahead of tonight’s API inventory data…

 

Finally, some context for the headlines today, the market-implied odds of a trade deal initially spiked but faded back as the day wore on…

And Bloomberg’s Tom Orlik explains why: Tariffs are not the only, or perhaps even the main drag from the U.S.-China trade war. That prize goes to head-spinning policy uncertainty.

A gauge of trade policy uncertainty in the U.S. is at levels not seen since Nafta ratification in the 1990s. China and Europe face a similar problem.

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

MARKET TRADING//USA

a)Market trading/THIS MORNING/USA

absolutely garbage:  the algos took control over a delay on some tariffs

(zerohedge)

Stocks Panic-Bid On USTR Statement “Delaying Some Tariffs”

Update: USTR just released a statement confirm that the tariffs will go ahead on Sept 1st but tariffs on some products will be delayed until Dec 15 on the basis of health, safety, and national security.

…some tariffs will take effect on Sept. 1 as planned, “certain products are being removed from the tariff list based on health, safety, national security and other factors and will not face additional tariffs of 10 percent,” the U.S. Trade Representative’s offices said in a statement Tuesday.

“Further, as part of USTR’s public comment and hearing process, it was determined that the tariff should be delayed to December 15 for certain articles,” the statement continued.

“Products in this group include, for example, cell phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing.”

USTR will release a list on its website later today after approval of an exclusion list.

The market appears to have seen delay” and “Dec 15” and panic-bid.

Market participants are claiming Trump blinked and did not want to see stocks fall anymore? Does this sound like someone who is ready to fold?

Donald J. Trump

@realDonaldTrump

Through massive devaluation of their currency and pumping vast sums of money into their system, the tens of billions of dollars that the U.S. is receiving is a gift from China. Prices not up, no inflation. Farmers getting more than China would be spending. Fake News won’t report!

But the market has it wrong! This is just “some imports” – not a delay of the $300bn/10% tariffs. It seems to us like US is delaying tariffs on items which could send consumer price inflation higher… because “The Fed”.

*  *  *

After a weak open, US equity markets are panic-bid following a headline from China’s MOFCOM that US and China plan to speak by phone again in two weeks (before the Sept 1st tariffs)

…and that’s enough to ignite algo momentum…

So “talks” mean progress? Have you not been paying attention for the last two years?

As a reminder, the market remains unconvinced that a trade deal is on the cards…

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

iii) Important USA Economic Stories

This is what you can expect when you nationalize healthcare: massive wait times
(zerohedge)

Dear Democrats – This Is What Happens When You Nationalize Healthcare

Day after day, hour after hour, Americans are spoon-fed some utopian vision of a future of Medicare-for-all (anyone really who can make it across the border) as the solution to all that ails the health system across all states.

However, for anyone who has actually lived under nationalized healthcare, reality is far uglier.

As Statista’s Martin Armstrong notes, a new survey of 901 GPs in England by industry publication Pulse has revealed average waiting times for routine appointments to have risen over two weeks for the first time. As our infographic shows, the average wait in 2016 was 12.8 days and has risen since then to 14.8 days in 2019.

 

You will find more infographics at Statista

The research also revealed that 22 percent of GPs said their patients had to wait for more than three weeks. As Pulse reports, the demand for GPs has been rising in recent years, while the number of GPs has fallen.

One GP who recorded a four to five week waiting list said:

“Our list size continues to grow because there are so many housing developments. We are poorly remunerated under the GMS contract for the hard work that we do. Patient demand continues to soar with higher expectations despite dreadful government funding. MPs have a lot to answer for.”

Professor Helen Stokes-Lampard, chair of the Royal College of GPs, said:

“The College has long been raising the alarm about escalating resource and workforce pressures in general practice, and the negative impact this is having on our patients. GPs and our teams are making more consultations than ever before – more than a million a day across the UK – but as our population grows and more people present with multiple conditions, we desperately need more GPs and more time to give our patients the care they deserve.”

Dear Democrat, how long did you have to wait – just to see the doctor – the last time you fell ill?

end

iv) Swamp commentaries)

This is nonsense: the defense lawyers are not the only ones involved in convincing prison officials to end “suicide watch”

(zerohedge)

Did Epstein’s Lawyers Set Him Up For Death By Convincing Prison To End ‘Suicide Watch’?

As it turns out, Miami Herald reporter Julie K Brown was right about Epstein managing to manipulate MCC staff into letting him off of suicide watch. Because, according to an ABC News report, Epstein’s defense attorneys successfully lobbied for him to be taken off suicide watch on July 29, about a week before he was found dead in his cell.

The revelation comes as AG William Barr warned any and all of Epstein’s alleged accomplices on Monday that he would look over the “serious irregularities” in the prison’s treatment of Epstein, and that Epstein’s death doesn’t mean his co-conspirators won’t be brought to justice.

Before Epstein could be removed from suicide watch, he had to undergo several psychiatric evaluations allowing prison officials to make the move.

As has already been reported, though there are cameras on Epstein’s former cell block, they don’t show the inside of the cells, meaning there’s likely no video of Epstein committing suicide.

Circling back to Barr, the AG said Monday that Epstein’s alleged co-conspirators “should not rest easy” just because Epstein won’t have his day in court.

“Let me assure you that case will continue on against anyone who was complicit with Epstein,” Barr told a law enforcement group in New Orleans on Monday. “Any co-conspirators should not rest easy. Victims deserve justice and will get it.”

However, bringing them to justice might be harder than it seems, since nobody can seem to locate Ghislaine Maxwell, the socialite and Epstein’s alleged madam, who allegedly helped groom young girls to work as ‘sex slaves’ for Epstein and his many influential friends.

ABC News

@ABC

NEW: Attorney General Bill Barr: “Let me assure you that this case will continue on against anyone who was complicit with Epstein. Any co-conspirators should not rest easy.” https://abcn.ws/2ySYcAC

Embedded video

Barr added that he was “angered” by MCC’s “failure” to keep Epstein safe, and mentioned certain “irregularities” that have already surfaced in his investigation – though he declined to go into further detail.

“We are now learning of serious irregularities at this facility that are deeply concerning and demand a thorough investigation,” Barr said. “We will get to the bottom of it, and there will be accountability.”

Barr isn’t the only one who has attacked MCC over its handling of the situation: Republican Sen. Ben Sasse said that given Epstein’s prior suicide attempts, the financier paedophile should have been kept in a “padded room under unbroken, 24/7, constant surveillance.”

“Obviously, heads must roll,” he continued.

But whose heads, exactly? That of some patsy? Or those who were truly behind Epstein’s downfall?

END
The FBI raid Epstein’s Orgy Island. It is interesting that nobody knows the whereabouts of Ghislaine Maxwell, the Madame in this whole sordid operation. She is also the daughter of Robert Maxwell.
(zerohedge)

FBI Raids Jeffrey Epstein’s ‘Orgy Island’ Days After Apparent Suicide

Even in death, Jeffrey Epstein continues to confound the authorities. According to the Daily Mail, FBI agents were spotted raiding the deceased pedophile/financier’s private island in the US Virgin Islands, Little St. James – or “Pedophile Island”, as it’s become known.

The Daily Mail captured footage of a dozen officers arriving on speedboats at the island’s peer, before decamping on golf carts to explore the property just two days after the billionaire’s suicide. Some agents were spotted on top of Epstein’s luxury home. All officials wore jackets with the letters ‘FBI’ in clear view.

The search follows the unsealing of 2,000 pages of documents by the US Attorney for the Southern District of New York. The documents detail some of the beyond lurid behavior that Epstein and his compatriots engaged in with young women.

A group of onlookers initially tipped off the Mail.

“I’m on a boat charter with guests. We are the only guests out here at the moment.”

“We were enjoying lunch when we saw over a dozen people getting off their speedboats and landing on the island.”

“When we looked harder, we could see the FBI logo on the backs of their shirts.”

“It didn’t take long for us to realize they must be conducting a raid on Epstein’s house.”

Epstein’s home, which has alternatively been called ‘Pedophile Island’ and ‘Orgy Island’ was allegedly home to a haram of underage sex slaves who serviced Epstein and his wealthy and famous friends.

The disgraced financier recently purchased the larger neighboring island – dubbed Great St. James – and had planned extensive renovations, which had only just begun.

Other officials with ‘FBI’ lettering on clear display were later seen overlooking the crystal blue sea from the top of Epstein’s remote luxury home off the coast of St Thomas.

The search comes after 2,000 pages of documents detailing the lurid allegations of his sexual abuse of underage girls were unsealed to the public on Friday, adding more fuel to the fire of the government’s case of sex trafficking against Epstein.

Of particular interest to certain corners of the Internet that have long suspected Epstein as the head of an international community of child abusers, is the island’s temple, which according to Internet lore, was a sort of barracks for Epstein’s sex slaves.

The island was listed at Epstein’s primary residence, though he owned some $150 million in property, including a tony Manhattan townhouse that was raided shortly after his arrest. Police reportedly found a trove of photos of underaged women.

While it’s unclear what investigators are looking for, AG William Barr made it clear in a statement delivered after Epstein’s death that the investigation is shifting to those who helped Epstein carry out his nefarious schemes, including his alleged ‘madame’, socialite Ghislaine Maxwell, whose whereabouts are unknown.

END
Epstein hangs himself with bed sheets tied to an upper bunk. I am quite surprised that this is what strangled him
(zerohedge)

Epstein Hanged Himself With Sheets Tied To Bunk Bed, The Post Reports

According to an anonymous law enforcement official source, The New York Post reports that six foot tall Jeffrey Epstein was found hanging in his Lower Manhattan jail cell with a bedsheet wrapped around his neck and secured to the top of a bunk bed.

The convicted pedophile apparently killed himself by kneeling toward the floor and strangling himself with the makeshift noose, a law enforcement source said Monday.

We are no experts but a six foot tall man, kneeling with a makeshift noose made from bed sheets tied to the rail of the top bunk, would take some serious discipline to fight any survival reflex and actually ‘allow’ yourself to asphyxiate?

A little more difficult than an orange in your mouth and a plastic bag over your head we are sure.

end
Seems that the “Bedsheet” narrative has full of holes.  The strength of the sheets is like paper and will not work against a 200 lb individual like Epstein
(Watson/Summit News)

Epstein “Bedsheet”-Hanging Explanation Contradicted By Former Inmate

Authored by Paul Joseph Watson via Summit News,

The official explanation that Jeffrey Epstein hanged himself using bedsheets is contradicted by the claims of a former inmate at the same facility who said that the bedsheets weren’t much stronger than paper and that this would have been an “impossibility.”

“Jeffrey Epstein was found hanging in his lower Manhattan jail cell with a bedsheet wrapped around his neck and secured to the top of a bunk bed,” the New York Postreported.

“The convicted pedophile, who was 6 feet tall, apparently killed himself by kneeling toward the floor and strangling himself with the makeshift noose, law enforcement sources said Monday.”

However, this version of events is contradicted by the assertions of a former inmate at the same jail whose claims were also published by the New York Post.

“You have sheets, but they’re paper level, not strong enough. He was 200 pounds — it would never happen,” said the former inmate.

The source also said that suicide was an “impossibility” and couldn’t have been accomplished via a bed.

“Could he have done it from the bed? No sir. There’s a steel frame, but you can’t move it. There’s no light fixture. There’s no bars,” he said.

As we reported yesterday, Epstein’s cell mate was transferred out the day before the billionaire sex trafficker’s alleged “suicide,” meaning there was no witness to observe it.

*  *  *

There is a war on free speech. Without your support, my voice will be silenced. Please sign up for the free newsletter here. Donate to me on SubscribeStar here. Support my sponsor – Turbo Force – a supercharged boost of clean energy without the comedown.

 end

‘Shrieking’ Heard From Epstein’s Jail Cell The Morning He Died

The morning of Jeffrey Epstein’s death, “shouting and shrieking” could be heard from his jail cell, according to CBS News – while guards attempting to revive him were saying “breathe, Epstein, breathe.

Epstein, who was reportedly in ‘good spirits’ recently – meeting with his lawyers for up to 12 hours a day to discuss his case – was found hanging in his Lower Manhattan jail cell with a bedsheet around his neck, which was reportedly secured to the top of a bunk bed, according to the New York Post.

On Monday, Attorney General William Barr said that the Epstein case “was personally important to him,” and that the prison had “serious irregularities.”

Notably, the staff at MCC reportedly violated prison protocol by failing to check on the high-profile inmate every 30 minutes, according to the Washington Post. Epstein, whose defense attorneys successfully lobbied for him to be taken off suicide watch about a week before he was found dead, was also supposed to have had a cellmate.

…he also should have had a cellmate, according to the person familiar with the matter and union officials representing facility employees.

But a person who had been assigned to share a cell with Epstein was transferred on Friday, and — for reasons that investigators are still exploring — he did not receive a new cellmate. –Washington Post

In a rare show of bipartisanship, the House Judiciary Committee has sent a letter to the acting director of the Bureau of Prisons, Hugh Hurwitz, demanding answers – and stating that Epstein’s reported death by hanging “demonstrates severe miscarriages of or deficiencies in inmate protocol and has allowed the deceased to ultimately evade facing justice,” according to the Miami Herald.

On Monday, the FBI raided Little St. James – Epstein’s so-called ‘orgy island,’ according to the Daily Mail, which captured footage of a dozen officers docking speedboats on the island before exploring the property on golf carts.  Some agents were spotted on top of Epstein’s luxury home. All officials wore jackets with the letters ‘FBI’ in clear view.

Potential co-conspirators?

With Epstein dead, four women accused of recruiting underage girls for sex with the pedophile financier are coming into focus, including British socialite Ghislaine Maxwell – who has denied all claims. On Monday, AG Barr said that Epstein’s alleged co-conspirators “should not rest easy” just because Epstein won’t have his day in court.

“Let me assure you that case will continue on against anyone who was complicit with Epstein,” said Barr in remarks to a New Orleans law enforcement group, “Any co-conspirators should not rest easy. Victims deserve justice and will get it.”

Maxwell is said to be Epstein’s ex-girlfriend turned business associate. Her current location is unknown.

“She was more of a partner in his obsession, really,” said Miami Herald reporter Julie Brown, who spent more than two years looking into Epstein’s controversial 2008 plea deal. “And there are allegations that she was involved in having sex with some of these girls as well.”

Court documents from 2011 reveal Epstein controlled several apartments in a building just blocks from his $77 million New York townhouse and allegedly housed “underage girls from all over the world.” –CBS News

According to CBS News, Epstein’s estranged brother Mark has identified the body. Meanwhile, the autopsy reports are still pending.

end

This is interesting.  It seems that Patrick Byrne is involved in the investigation of the Clinton Foundation through his involvement with the Russian Maria Butrina who was convicted of lobbying in the USA without a license.  It looks like patrick has all the goods on the Clintons
(courtesy Sara Carter)

Overstock CEO Turned Over Docs To DOJ “In Greatest Political Scandal In US History”

Via SaraACarter.com,

Overstock CEO Patrick Byrne delivered to the Department of Justice a number of documents, including emails and text messages, in April, regarding both the origins of the Russian investigation, and an FBI operation into Hillary Clinton with which he was personally involved during the first months of 2016, according to a U.S. official who spoke SaraACarter.com.

Byrne has also confirmed the account.

Byrne claims the documents, which have not been made public and are currently under investigation by the DOJ, are allegedly communications he had with the FBI concerning both the Clinton investigation and the origins of the Russian investigation. SaraACarter.com did not review the documents, which are now under review by law enforcement.

He approached the DOJ and met with lawyers on April 5th and 30th. The first meeting was without counsel in Washington D.C. A source directly familiar with the interviews confirmed Byrne’s account of the meetings.

DOJ officials said they could not comment on Byrne’s allegations.

“I gave to the DOJ documents concerning both the origin of the Russian probe and the probe into Hillary Clinton, both of which I was involved in, and both of whichturned out to be less about law enforcement than they were about political espionage,” Byrne told SaraACarter.com Monday.

He noted that the communications will prove that the FBI also had an operation into Clinton Foundation that he was directly involved in.

“This is going to become the greatest political scandal in US history,” he said.

“If we survive it, and if Rule of Law returns to America, it will be due to one man: Bill Barr.”

Several weeks ago, FBI officials told SaraACarter.com that they declined to comment on Byrne’s allegations.

Byrne said the investigation into Clinton was one of the main reasons he came forward. This reporter first published Byrne’s story about his relationship with now convicted Russian gun right’s activist Maria Butina. She pleaded guilty in 2018 for failing to register as a foreign agent in the U.S. and is now serving out her sentence, which ends in October.

Byrne’s claims regarding the Clinton Foundation investigation are not without parallel. According to numerous officials the FBI had an ongoing investigation. Whistleblower and former government informant William Campbell was interviewed in 2018, by bureau agents from the Little Rock, Arkansa’s field office. According to Campbell, who first spoke to this reporter in 2017, he was asked by FBI agents whether donations to the Clintons charitable organization from Russia were used to influence U.S. nuclear policy during the Obama Administration. Specifically, he was asked about the sale of 20 percent of Uranium One.

As also reported in 2018, by John Solomon with The Hill, the “agents questioned him extensively about claims the Russians made to him that they had routed millions of dollars to an American lobbying firm in 2010 and 2011 with the expectation it would be used to help President Clinton’s charitable global initiative while major uranium decisions were pending before Hillary Clinton’s State Department.”

Byrne, told SaraACarter.com that the FBI was also investigating Clinton’s charitable organizations in the first half of 2016, and that he was directly involved in one of the operations being conducted by the FBI. He did not give details regarding the operation saying but said it directly dealt with Clinton and whether or not there was pay for play.

On Monday, Byrne appeared on Fox Business Network with David Asman, revealing his claims about the Clinton investigation.

“I ended up in the center of the Russian and the Clinton investigations,” said Byrne.

“I have all the answers. I have been sitting on them waiting for America to get there. Last summer I figured out… what they all are is all about political espionage. It had nothing to do with law enforcement, it was all political espionage. Here’s the bottom line. There is a deep state like a submarine lurking just beneath the waves of the periscope depth watching our shipping lanes. And a nuclear ice breaker called the USS Bill Barr has snuck up on them and is about to ram midship.”

“That’s about to happen and I think we’re about to see the biggest scandal in American history as a result. But it was all political. Everything you think you know about Russia and Clinton investigations is a lie,” Byrne told Atman.

“It’s all a cover-up. It was all political espionage.”

Connecticut attorney John Durham, who has been appointed by Justice Department investigator Attorney General William Barr is probing the FBI’s handling of the investigation into Russia probe, and according to several sources is investigating the full extent of Byrne’s claims and the documentation he provided in April.

end

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

Monday’s King Report: Trained seals traders are ignoring China’s slow-motion financial implosion and the Hong Kong rebellion to play the Monday rally and the upward expiry week manipulation patterns.

China and Argentina conflated to thwart the designs of trained seals and pattern traders on Monday.

The bloody riots in Hong Kong over the weekend intensified on Monday as protestors flooded its airport.  This forced Hong Kong authorities to shut its airport.  Chinese troops massed in Shenzhen.

Hong Kong protestors carried USA flags and chanted the Star Spangled Banner.

@Globaltimesnews: The People’s Armed Police have been assembling in Shenzhen, a city bordering Hong Kong, in advance of apparent large-scale exercises, videos obtained by the Global Times have shown.http://bit.ly/2Z0g7nU

Xinhua: China urges U.S. to stop interfering in Hong Kong affairs.

http://www.xinhuanet.com/english/2019-08/12/c_138303996.htm

China’s financial condition worsened meaningfully in July.

China Aggregate Financing (CNY) for July tumbled to 1010.0B from 2262.9B.  1625B was expected.  New Yuan Loans plunged to 1060B from 1663.B.  1275B was expected.  M0 grew 4.5%, 4.4% was expected.  M1 grew 3.1%; 4.7% was expected.  M2 increased 8.1%; 8.4% was expected.

In the latest shocking vote results, Argentine leftist Alberto Fernandez routed (48 to 32) President Mauricio Macri in the primary vote for the October 27 presidential election.  The Argentine Peso tanked ~30% to an all-time low of 62/$.  Argentine century bonds plunged 26%.  The Argentina ETF crashed as much as 29% on the NYSE.  Analysts opined that Argentina will default or restructure its debt.

Investors and pundits feared that Argentina could unleash a ‘contagion’ on emerging markets.

European banking stocks tumbled again on Monday.  The Euro Stoxx Banks Index declined 1.6%.  Commerzbank fell to an all-time low.

UK Office of National Statistics: Personal and economic well-being in the UK: August 2019

While all economic well-being measures improved in the latest quarter ending March 2019, people’s personal well-being showed very little change in the UK in the year ending March 2019; however, people’s expectations for the economy for the year ahead are that it will worsen…

    Expectations for higher unemployment for the year ahead have been climbing and are now higher than at any point for the past five and a half years…

[General] Economic expectations about the next 12 months continue to decline.(-35, lowest since Q4 2011)https://www.ons.gov.uk/peoplepopulationandcommunity/wellbeing/bulletins/personalandeconomicwellbeingintheuk/august2019

ESUs and US stocks made a bottom near the European close.  The ensuing Noon Balloon was moderate; but it ended at 12:31 ET.  ESUs and stocks then slid to new session lows.  Fifteen minutes before the last hour of trading, the DJIA was down over 440 points; bonds were +2 ¼ points.  Gold was +1.1%.  The defensive asset allocators that were panicky liquidators last week were chagrined and nauseous.

The last-hour rally attempt appeared.  A 13-handle ESU rally formed.  ESUs sold off 6 handles after the close.  The post-close ESU decline on no news indicates that manipulators were active during the last hour andAFTER the NYSE closed and equity positions were marked up, they liquidated ESUs.

Fed’s Q2 Survey of Consumer Expectations: Household Expectations Remain Stable in July; Inflation Expectations Decline – Consumers remain optimistic about job market and household finances

https://www.newyorkfed.org/microeconomics/sce

Hospital care costs leap 19 percent in just four years [But inflation is too low!] https://trib.al/yH1BhQ5

Lower Mortgage Rates Aren’t Boosting U.S. Housing

The residential real estate market is less affordable now than any time since before the financial crisis.

https://www.bloomberg.com/opinion/articles/2019-08-12/mortgage-rate-declines-aren-t-boosting-u-s-housing

A Danish bank is offering mortgages with negative interest rates… When a mortgage rate is negative, a borrower must still make monthly payments, but they pay back less than what they owe

    In Denmark, the ultra-low interest rate environment has in turn caused home prices to increase as borrowers could afford pricier homes… Given the risk this would present to lenders, they may restrict access to only the most creditworthy borrowers, excluding those with poorer credit scores. Sources of liquidity could also dry up for lenders, meaning they’d have less money to offer borrowers… [Each negative mortgage is a guaranteed loss for the lender.]    https://www.marketwatch.com/story/a-danish-bank-is-offering-mortgages-with-negative-interest-rates-why-you-shouldnt-wish-for-that-to-happen-in-the-us-2019-08-12?link=sfmw_tw

Trump Administration to Deny Green Cards to Legal Immigrants Who Draw From Social Programs – Rule would also block prospective immigrants who can’t convince consular officers they won’t seek such assistancehttps://www.wsj.com/articles/trump-administration-makes-legal-immigrants-who-draw-from-social-programs-ineligible-for-green-cards-11565618625?mod=e2tw

The MSM, in order to demonize Trump, did NOT report that Trump is just enforcing a Clinton-era law.

@WhiteHouse: President @realDonaldTrump will enforce a Clinton-era law to ensure that non-citizens do not abuse our public benefit programs and jeopardize the safety net needed by vulnerable Americans.

Laura Ingraham: This can’t be right, because the Bushes assured us that the immigrants are all conservatives at heart.  “Texas Republicans brace for 2020 drubbing   https://politi.co/2OOgqhv

U.S. Officials Suspect New Nuclear Missile in Explosion That Killed 7 Russians

Thursday’s accident happened offshore of the Nenoksa Missile Test Site and was followed by what nearby local officials initially reported was a spike in radiation in the atmosphere.  Late Sunday night, officials at a research institute that had employed five of the scientists who died confirmed for the first time that a small nuclear reactor had exploded during an experiment in the White Sea…

https://www.nytimes.com/2019/08/12/world/europe/russia-nuclear-accident-putin.html

Iranian ships are posing as US or British warships and interfering with oil tankers’ GPS so they can seize them, officials warn amid growing tensions in the Gulf

https://www.dailymail.co.uk/news/article-7336353/Iranian-ships-posing-British-warships-interfering-tankers-GPS-seize-them.html

Overstock CEO Turned Over Docs To DOJ ‘on FBI’s Russian and Hillary Clinton Probes’

“I gave to the DOJ documents concerning both the origin of the Russian probe and the probe into Hillary Clinton, both of which I was involved in, and both of which turned out to be less about law enforcement than they were about political espionage,” Byrne told SaraACarter.com Monday. He noted that the communications will prove that the FBI also had an operation into Clinton Foundation that he was directly involved in.  “This is going to become the greatest political scandal in US history,” he said. “If we survive it, and if Rule of Law returns to America, it will be due to one man: Bill Barr.”…

     “I ended up in the center of the Russian and the Clinton investigations,” said Byrne. “I have all the answers. I have been sitting on them waiting for America to get there. Last summer I figured out… what they all are is all about political espionage. It had nothing to do with law enforcement, it was all political espionage. Here’s the bottom line. There is a deep state like a submarine working just beneath the waves of the periscope depth watching our shipping lanes. And a nuclear ice breaker called the USS Bill Barr has snuck up on them and is about to ram midship.”…

https://saraacarter.com/overstock-ceo-turned-over-docs-to-doj-on-fbis-russian-and-hillary-clinton-probes/

US AG Barr on Monday, “Let me assure you that this case will continue on against anyone who was complicit with Epstein.  Any co-conspirators should not rest easy. The victims deserve justice, and they will get it… We are now learning of serious irregularities at this facility that are deeply concerning and demand a thorough investigation.  We will get to the bottom of what happened and there will be accountability.”  https://abcnews.go.com/Politics/attorney-general-barr-epstein-conspirators-rest-easy/story?id=64924045

More from Barr: “I was appalled and indeed the whole department was, and frankly, angry to learn of the MCC’s failure to adequately secure this prisoner.”

https://saraacarter.com/barr-says-hes-appalled-and-angry-over-epstein-case/

WaPo: Corrections officers did not check in on Epstein for ‘several’ hours before his death, violating protocol…

    A person who had been assigned to share a cell with Epstein was transferred on Friday, and — for reasons that investigators are still exploring — he did not receive a new cellmate, the person familiar with the matter said Sunday night…

https://www.washingtonpost.com/national-security/it-was-inevitable-officers-watching-epstein-were-on-overtime-due-to-jail-staffing-shortage-union-president-says/2019/08/11/2b611404-bc5e-11e9-a5c6-1e74f7ec4a93_story.html

The security lapses at the jail where Jeffrey Epstein killed himself: How a guard took a bribe from a Turkish gold dealer and how a Wikileaks leaker [Ex-CIA employee] managed to share [LEAK] new information from phones smuggled into his cell

https://www.dailymail.co.uk/news/article-7349603/Security-lapses-jail-Jeffrey-Epstein-hanged-himself.html

Did Epstein’s Lawyers Set Him Up For Death By Convincing Prison To End ‘Suicide Watch’?

ABC News… Epstein’s defense attorneys successfully lobbied for him to be taken off suicide watch…

https://www.zerohedge.com/news/2019-08-12/epsteins-lawyers-set-him-death-convincing-prison-end-suicide-watch

Jeff Epstein kept ‘meticulously detailed’ diaries which could come back to haunt his powerful pals

https://www.thesun.co.uk/news/9702330/jeffrey-epstein-diaries-donald-trump-clinton/

A dozen FBI agents raid Jeffrey Epstein’s ‘Pedophile Island’, pulling up to his Caribbean getaway in speedboats and roaming the grounds in golf carts, two days after pervert billionaire’s suicide

[Why wasn’t the raid conducted weeks ago, when he was arrested?]

https://www.dailymail.co.uk/news/article-7349729/Dozen-FBI-agents-raid-Jeffrey-Epsteins-Pedophile-Island.html

L Brands CEO Les Wexner has been giving documents to investigators showing alleged Jeffrey Epstein theft    https://www.cnbc.com/2019/08/12/les-wexner-gives-feds-documents-showing-alleged-jeffrey-epstein-theft.html

@Barnes_Law: The “gross incompetence” argument re: Epstein requires we believe it is completely coincidental Epstein is the only guy to commit suicide at MCC in 40+ years (according to reports). If gross incompetence commonly kills people, why is he the only one to die there in 40+ years?

Thiel Capital Managing Director @EricRWeinstein: I will be discussing the Epstein situation. At least that’s my intention. But anyone can be silenced; I met him & it scared the hell out of me.  He was not a financier. Some ‘thing’ had set him up to play one.

    If you claim I’m wrong, I’d like to apologize. Please show me I’m mistaken by talking in detail where possible about your extensive trading relationship with his accounts. I‘ve *never* met those who saw him trade at a level that could explain his outward appearance & I’ve looked.

Joe Biden’s Campaign in Panic Mode after Getting Massive Red Flag

According to a new YouGov poll, the former vice president is polling at just 21 percent of the primary electorate… What’s worse, the poll found that over 40 percent of liberal voters say they are still “undecided” on which of the 25 Democratic candidates they will support… [Once the field of 20-some leftists dwindles, left-leaning Dem voters will coalesce on one or two leftist candidates.]

https://trendingpolitics.com/joe-biden-s-campaign-in-panic-mode-after-getting-massive-red-flag/

We noted a few years ago that Joe Biden would be a disaster in a presidential campaign given his history of goofy, insensitive and outrageous remarks, his history of creepiness and his incessant gaffes.  The MSM and Dems were seduced by dubious polls that show Biden had the best chance to beat Trump – from mostly the same pollsters that showed Hillary was a lock to beat Trump.

Elizabeth Warren Takes the Lead in Online Betting Markets [28 cents to Joe’s 27 cents]

https://www.zerohedge.com/news/2019-08-12/elizabeth-warren-takes-lead-online-betting-markets

You can’t make this up!  The world is going crazy at an increasing rate!

President Bolsonaro tells Brazilians to ‘poop every other day’ to help save the environment

https://www.dailymail.co.uk/news/article-7348561/Bolsonaro-tells-Brazilians-poop-day-help-save-environment.html

Because governments cannot provide or administer the most basic government functions, namely security and justice, officials embrace extraneous issues to divert attention from their ineptness and corruption.

Washington Post ’embarrassed’ over gaffe-filled story needing 15 corrections [‘Truth’ over facts?]

https://www.foxnews.com/media/washington-post-embarrassed-over-gaffe-filled-story-needing-15-corrections

Well that is all for today

I will see you Wednesday night.

 

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