NOV 1/GOLD DOWN $2.90 TO $1509.40//SILVER DOWN 3 CENTS TO $18.05//A MONSTROUS COMEX GAIN OF 33,667 CONTRACTS PLUS AN ADDITIONAL 1eX. FOR PHYSICALS//..SMALL GAIN IN THE JOBS REPORT/HUGE NUMBER OF SWAMP STORIES FOR YOU TONIGHT///..

GOLD: $1509.40 DOWN $2.90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Silver: 18.05 DOWN 3 CENTS

 

Closing access prices:

 

 

 

 

Gold : $1513.50

 

silver:  $18.11

 

 

 

COMEX DATA

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

today RECEIVING:

0/379

 

 

EXCHANGE: COMEX
CONTRACT: NOVEMBER 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,511.400000000 USD
INTENT DATE: 10/31/2019 DELIVERY DATE: 11/04/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
152 C DORMAN TRADING 8 11
657 C MORGAN STANLEY 2
657 H MORGAN STANLEY 221
661 C JP MORGAN 278
737 C ADVANTAGE 72 120
800 C MAREX SPEC 21 21
905 C ADM 4
____________________________________________________________________________________________

TOTAL: 379 379
MONTH TO DATE: 780

we are coming very close to a commercial failure!!

 

 

NUMBER OF NOTICES FILED TODAY FOR  OCT CONTRACT: 379 NOTICE(S) FOR 37,900 OZ (1.178 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  780 NOTICES FOR 78000 OZ  (2.42612 TONNES)

 

 

 

SILVER

 

FOR OCT

 

 

71 NOTICE(S) FILED TODAY FOR 355,000  OZ/

 

total number of notices filed so far this month: 373 for 1,865,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXX

 

Bitcoin: OPENING MORNING TRADE :  $ 9172 UP 32 

 

 

 

Bitcoin: FINAL EVENING TRADE: $ 9191 up 51

 

 

 

Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE BY A HUGE  SIZED 2540 CONTRACTS FROM 222,396 UP TO 224,936 WITH THE 22 CENT GAIN IN SILVER PRICING AT THE COMEX.

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

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

FOR SEPT 0,; DEC  2199 AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  2199 CONTRACTS. WITH THE TRANSFER OF 2199 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 2199 EFP CONTRACTS TRANSLATES INTO 10.99 MILLION OZ  ACCOMPANYING:

1.THE 22 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

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.665     MILLION OZ FINAL STANDING IN OCT

 

YESTERDAY,WE HAD A STRONG ADVANCE EARLY WHICH FORCED OUR THE BANKERS/OFFICIAL SECTOR INTO ACTION TRYING TO CONTAIN SILVER’S PRICE, THEY TRIED TO COVER THEIR MASSIVE SHORTFALL  AS THEY AGAIN USED HUGE COPIOUS NON BACKED PAPER IN THEIR UNSUCCESSFUL ENDEAVOUR TO WHACK SILVER’S PRICE ( IT ROSE 22 CENTS ). OUR OFFICIAL SECTOR/BANKERS HOWEVER WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE SOME SILVER LONGS AS THE TOTAL GAIN IN OI ON BOTH EXCHANGES TOTALED A STRONG 4739 CONTRACTS. OR 23.695 MILLION OZ

 

 

 

 

THE SPREADING LIQUIDATION OPERATION IS NOW OVER FOR GOLD..AND WE WILL NOW MORPH INTO AN ACCUMULATION PHASE OF SPREADING CONTRACTS FOR SILVER.  THEY WILL ACCUMULATE CONSIDERABLE AMOUNT OF THE CONTRACTS AND THEN LIQUIDATE ONE WEEK PRIOR TO FIRST DAY NOTICE

FOR THOSE OF YOU WHO ARE NEWCOMERS HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR;

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

 

 

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 OCT HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF OCTOBER FOR GOLD.

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

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE IN THIS NON ACTIVE MONTH OF OCT 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 (OCT), 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 OCT:

2199 CONTRACTS (FOR 1 TRADING DAYS TOTAL 2199 CONTRACTS) OR 10.99 MILLION OZ: (AVERAGE PER DAY: 2199 CONTRACTS OR 10.99 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF NOV:  10,99 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 1.57% 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:          1765.88   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

AUG. 2019  TOTAL EFP ISSUANCE;                                                 216.47 MILLION OZ

SEPT 2019 TOTAL EFP ISSUANCE                                                  174.900 MILLION OZ

OCT 2019 TOTAL EFP ISSUANCE;

RESULT: WE HAD A CONSIDERABLE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2608, WITH THE 3 CENT LOSS IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A  STRONG SIZED EFP ISSUANCE OF 2199 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) .

 

TODAY WE GAINED A HUGE SIZED: 4739 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 2199 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH INCREASE OF 2540  OI COMEX CONTRACTS. AND ALL OF THIS  DEMAND HAPPENED WITH A 3 CENT LOSS IN PRICE OF SILVER AND A CLOSING PRICE OF $18.08 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY!! 

 

 

In ounces AT THE COMEX, the OI is still represented by JUST OVER 1 BILLION oz i.e. 1.124 BILLION OZ TO BE EXACT or 160% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT NOV MONTH/ THEY FILED AT THE COMEX: 71 NOTICE(S) FOR 355,000 OZ OF SILVER

IN SILVER,PRIOR TO TODAY, WE  SET THE NEW COMEX RECORD OF OPEN INTEREST AT 244,196 CONTRACTS ON AUG 22.2018 AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $14.78.  

 

.

 

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 10.025 MILLION OZ/ SEPT 43.030 MILLION OZ//OCT: 7.665 MILLION OZ//   
  2.  THE  RECORD WAS SET IN 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 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 AN ATMOSPHERIC,UNBELIEVABLE AND CRIMINALLY SIZED 33,667 CONTRACTS, TO 681,205 ACCOMPANYING THE  $18.20 PRICING GAIN WITH RESPECT TO COMEX GOLD PRICING// YESTERDAY// / AND ALSO A NEW RECORD HAS BEEN SET BY FAR!!

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A STRONG SIZED 10,923 CONTRACTS:

OCT 2019: 0 CONTRACTS, DEC>  10,923 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 681,205,,.  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,UNBELIEVABLE AND CRIMINALLY SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 44,590 CONTRACTS: 33,667 CONTRACTS INCREASED AT THE COMEX  AND 10,923 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 44,590 CONTRACTS OR 4,459,000 OZ OR 138.69 TONNES.  YESTERDAY WE HAD A GAIN OF $18.20 IN GOLD TRADING….

AND WITH THAT  STRONG GAIN IN  PRICE, WE  HAD A HUMONGOUS GAIN IN GOLD TONNAGE OF 138.69  TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR WERE SUPPLYING INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON. THE BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (UP $18.20) .THEY WERE UNSUCCESSFUL IN FLEECING  GOLD LONGS FROM THE GOLD ARENA AS WE GAINED ON BOTH EXCHANGES 44,590 CONTRACTS OR A GAIN OF 4,459,000 OZ 

 

 

 

 

 

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF NOV : 10,923 CONTRACTS OR 1,092,300 oz OR 33.97 TONNES (1 TRADING DAY AND THUS AVERAGING: 10,923 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 1 TRADING DAYS IN  TONNES: 33.97 TONNES

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

THUS EFP TRANSFERS REPRESENTS 33.97/3550 x 100% TONNES =0.955% OF GLOBAL ANNUAL PRODUCTION

 

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     5125.56  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

JULY 2019: TOTAL ISSUANCE:                    591.56 TONNES

AUG. 2019 TOTAL ISSUANCE:                    639.62 TONNES

SEPT. 2019 TOTAL ISSUANCE:                    509.57  TONNES

OCT 2019 EFP ISSUANCE                           497.16 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 HUMONGOUS SIZED INCREASE IN OI AT THE COMEX OF 33,667 WITH THE  PRICING GAIN THAT GOLD UNDERTOOK YESTERDAY($18.20)) //.WE ALSO HAD  A HUGE SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 10,923 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 10,923 EFP CONTRACTS ISSUED, WE  HAD AN ATMOSPHERIC, UNBELIEVABLE  AND CRIMINALLY SIZED GAIN OF 44,590 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

10,923 CONTRACTS MOVE TO LONDON AND 33,667 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 138.69 TONNES). ..AND THIS HUGE INCREASE OF  DEMAND OCCURRED WITH THE GAIN IN PRICE OF $18.20 WITH RESPECT TO YESTERDAY’S TRADING AT THE COMEX.

THE COMEX IS NOW UNDER FULL ASSAULT WITH RESPECT TO GOLD AND SILVER.

 

 

 

 

 

 

 

 

we had:  379 notice(s) filed upon for 37,900 oz of gold at the comex.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD...

WITH GOLD DOWN $2.90 TODAY//(COMEX-TO COMEX)

NO CHANGE IN GOLD INVENTORY AT THE GLD//

 

INVENTORY RESTS AT 918.48  TONNES

 

 

 

SLV/

 

WITH SILVER  DOWN 3 CENTS TODAY: 

 

NO CHANGE IN SILVER INVENTORY AT THE SLV

 

Inventory 376.525 MILLION OZ

 

 

 

 

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

 

 

 

end

 

OUTLINE OF TOPICS TONIGHT

 

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

1. Today, we had the open interest in SILVER ROSE BY A STRONG SIZED 2540 CONTRACTS from 222,396 UP TO 224,936 AND CLOSER TO A  NEW COMEX RECORD.  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT 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  2 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

 

 

 

 

EFP ISSUANCE: 

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

 FOR OCT. 0; FOR DEC  2199  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2199 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE OI GAIN AT THE COMEX OF 2540  CONTRACTS TO THE 2199 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN AN ATMOSPHERIC AND CRIMINALLY SIZED GAIN OF 4739 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 23.695 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 10.025 MILLION OZ//  SEPT: 43.030 MILLION OZ///OCT: 7.665 MILLION OZ//

 

 

RESULT: A GIGANTIC SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 22 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A STRONG SIZED 2199 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG  SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

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

 

 

(report Harvey)

.

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 29.14 POINTS OR 1.00%  //Hang Sang CLOSED UP 194.04 POINTS OR 0.72%   /The Nikkei closed DOWN 76.77 POINTS OR 0.33%//Australia’s all ordinaires CLOSED UP .09%

/Chinese yuan (ONSHORE) closed DOWN  at 7.0420 /Oil UP TO 54.81 dollars per barrel for WTI and 60.24 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.0420 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT .7.0444 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY 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

 

4/EUROPEAN AFFAIRS

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

6.Global Issues

 

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

9. PHYSICAL MARKETS

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

iii) Important USA Economic Stories

iv) Swamp commentaries)

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 AN UNBELIEVABLE ATMOSPHERIC AND CRIMINALLY SIZED 33,667 CONTRACTS TO A LEVEL OF 682,083 ACCOMPANYING THE GAIN OF $18.30 IN GOLD PRICING WITH RESPECT TO YESTERDAY’S // COMEX TRADING)//AND THIS IS A NEW RECORD!!

WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF NOV..  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 10,923 EFP CONTRACTS WERE ISSUED:

 FOR OCT; 0 CONTRACTS: DEC: 10,923   AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  10,923 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: 44,590 TOTAL CONTRACTS IN THAT 10,923 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A HUMONGOUS SIZED 33,667 COMEX CONTRACTS. 

THE BANKERS SUPPLIED THE NECESSARY AND INFINITE AMOUNT OF SHORT PAPER IN GOLD.  THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE AS IT ROSE BY $18.20. JUDGING BY THE STRENGTH IN GAIN OF OUR TWO TOTAL OI FROM OUR TWO EXCHANGES, THEY WERE UNSUCCESSFUL IN THE ENDEAVOUR TO FLEECE ANY UNSUSPECTING LONGS. 

NET GAIN ON THE TWO EXCHANGES ::  44,590 CONTRACTS OR 4,459,000 OZ OR 138.69 TONNES.

We are now in the active contract month of NOVEMBER.  This month is generally a very poor month of the year as must players prefer to go straight to DECEMBER. Today we have 418 contracts  standing for a LOSS of 314 contracts.   We had 401 notices filed yesterday so we surprisingly gained a strong 87 contracts or an additional 8,700 oz will stand for delivery in this non active delivery month of November.

 

The next active delivery month after November is December.  Here this big December contract month saw its oi rise by 23,744 contracts DOWN to 501,191.  JANUARY saw its first addition of 1 contract to stand at one.

 

 

 

 

TODAY’S NOTICES FILED:

WE HAD 379 NOTICES FILED TODAY AT THE COMEX FOR  37,900 OZ. (1.178 TONNES)

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now for the wild silver comex results.

Total COMEX silver OI ROSE BY A GIGANTIC SIZED 2540 CONTRACTS FROM 222,396 UP TO 224,936 (AND CLOSER TO THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018.  THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S CONSIDERABLE  OI COMEX GAIN OCCURRED WITH A 22 CENT GAIN IN PRICING.//YESTERDAY.

WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF OCTOBER.  HERE WE HAVE 76 OPEN INTEREST STAND FOR DELIVERY WITH A LOSS OF 228 CONTRACTS. WE HAD 302 CONTACTS SERVED UPON YESTERDAY SO WE GAINED 74 CONTRACTS OR 370,000 ADDITIONAL OZ WILL STAND FOR DELIVERY IN THIS NON ACTIVE MONTH.  THE ALSO REFUSED TO MORPH INTO LONDON BASED FORWARDS AS WELL AS NEGATING A FIAT BONUS.

 

AFTER NOVEMBER WE HAVE THE  ACTIVE MONTH OF DECEMBER AND HERE  WE HAD A STRONG GAIN OF 16565 CONTRACTS.   JANUARY SAW A GAIN OF 274 CONTRACTS UP TO 589.

 

TODAY’S NUMBER OF NOTICES FILED:

 

We, today, had 71 notice(s) filed for 355,000, OZ for the OCT, 2019 COMEX contract for silver

Trading Volumes on the COMEX TODAY: 182,666  CONTRACTS 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  421,238  contracts

 

 

 

 

 

INITIAL standings for  NOV/GOLD

NOV 1/2019

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

 

 

 

Deposits to the Customer Inventory, in oz  

xx

 

No of oz served (contracts) today
379 notice(s)
 37,900 OZ
(1.178 TONNES)
No of oz to be served (notices)
39 contracts
(3900 oz)
0.1213 TONNES
Total monthly oz gold served (contracts) so far this month
780 notices
78,000 OZ
2.42612 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 xx dealer entry:

We had xx kilobar entries

 

 

 

 

total dealer deposits: xx oz

total dealer withdrawals: xx oz

 

we had xx deposit into the customer account

i) Into JPMorgan:  nxxoz

 

ii) Into everybody else: xx  oz

 

 

 

total gold deposits: xx  oz

 

 

 

we had xx gold withdrawal from the customer account:

 

total gold withdrawals; xxx  oz

We had 0 adjustment

 

 

FOR THE NOV 2019 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 278 notices were issued from their client or customer account. The total of all issuance by all participants equates to 379 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

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

To calculate the INITIAL total number of gold ounces standing for the NOV /2019. contract month, we take the total number of notices filed so far for the month (780 x 100 oz , to which we add the difference between the open interest for the front month of  NOV (418 contract) minus the number of notices served upon today (379 x 100 oz per contract) equals 81,900 OZ OR 2.547 TONNES) the number of ounces standing in this  active month of OCT

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

No of notices served (780 x 100 oz)  + (418)OI for the front month minus the number of notices served upon today (379 x 100 oz )which equals 81,900 oz standing OR 2.547 TONNES in this  active delivery month of ONOV

We gained a strong 87 contracts OR 8700 ADDITIONAL OZ which queue jumped as our bankers //official sector were searching for badly needed physical on this side of the pond. There is no doubt that these guys need to put out fires springing up everywhere!!

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES.… WE HAVE ONLY 35.696 TONNES OF REGISTERED

HERE IS WHAT STOOD DURING THESE PAST 4 MONTHS:  AUGUST 27.153 TONNES

SEPT:      5.4525 TONNES

 

OCT…………………………………………………………………………..     OCT…..   37.99 TONNES

AND NOW NOV……                                                                2.547 tonnes

 

 

ACCORDING TO COMEX RULES:

FOR A SETTLEMENT YOU NEED A TRANSFER FROM THE DEALER (REGISTERED) ACCOUNT OVER TO AN ELIGIBLE ACCOUNT. FOR THE  ENTIRE MONTH OF AUGUST WE HAD O TRANSACTIONS ON THIS FRONT IN SEPT 3 TRANSACTIONS FOR 2.60155 TONNES.

IF WE ADD THE FOUR DELIVERY MONTHS: 73.1425

TONNES- 2.60155 TONNES DEEMED SETTLEMENT = 70.5413 TONNES STANDING FOR METAL AGAINST 35.773 TONNES OF REGISTERED OR FOR SALE COMEX GOLD! THIS IS WHY GOLD IS SCARCE AT THE COMEX.

 

total registered or dealer gold:  1,150,133.586 oz or  35.773 tonnes 
total registered and eligible (customer) gold;   8,188,347.946 oz 254.69 tonnes
WHY ARE THEY NOT SETTLING?
THE COMEX IS AN ABSOLUTE FRAUD..WE HAVE ZERO SETTLEMENTS.

IN THE LAST 36 MONTHS 107 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.

WHY ARE THEY NOT SETTLING?

 

THE COMEX IS AN ABSOLUTE FRAUD..WE HAVE ZERO SETTLEMENTS.

end

And now for silver

AND NOW THE  DELIVERY MONTH OF OCT.

INITIAL  standings/SILVER

IN TOTAL CONTRAST TO GOLD, HUGE ACTIVITY IN SILVER TODAY.
NOV 1 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 XXX oz

 

 

Deposits to the Dealer Inventory
XXoz

 

Deposits to the Customer Inventory
XXX oz
No of oz served today (contracts)
71
CONTRACT(S)
(355,000 OZ)
No of oz to be served (notices)
5 contracts
 25,000 oz)
Total monthly oz silver served (contracts)  373 contracts

1,865,000 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 X inventory movement at the dealer side of things

 

 

 

 

total dealer deposits: nil  oz

total dealer withdrawals: nil oz

i)we had  XX deposits into the customer account

into JPMorgan:   379,002.440 OZ  JPMorgan again resumes deposits after a one day holiday.  This is the 3rd day in a row for a deposit//Prior to that they had 6 straight deposits. In essence they have received as deposits on 9 out of the last 10 days.

ii) Into everybody else: X

 

 

 

 

 

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

JPMorgan now has 161.1 million oz of  total silver inventory or 51.11% of all official comex silver. (161.1 million/314.96 million

 

 

 

 

total customer deposits today:  XXX oz

 

we had XX withdrawals out of the customer account:

 

 

oz

 

total withdrawals; XX  oz

We had XX adjustments:

 

 

 

total dealer silver:  82.659 million

total dealer + customer silver:  314.960 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The total number of notices filed today for the NOV 2019. contract month is represented by 71 contract(s) FOR 355,000 oz

To calculate the number of silver ounces that will stand for delivery in NOV, we take the total number of notices filed for the month so far at 373 x 5,000 oz = 1,865,000 oz to which we add the difference between the open interest for the front month of NOV. (76) and the number of notices served upon today 71 x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the NOV/2019 contract month: 373 (notices served so far) x 5000 oz + OI for front month of NOV (76)- number of notices served upon today (71) x 5000 oz equals 1,890,000 oz of silver standing for the NOV contract month. 

WE GAINED 74 contracts or an additional 370,000 oz of silver will stand at the comex as they guys refused to morph into London based forwards. For the past several weeks we have been witnessing queue jumping in both gold and silver.

 

LADIES AND GENTLEMEN:  THE COMEX IS UNDER ASSAULT FOR BOTH PHYSICAL GOLD AND SILVER WITH SILVER IN THE LEAD BY FAR. DESPITE  MASSIVE RAIDS, LONGS CONTINUE WITH THEIR HUNT AT THE COMEX FOR PHYSICAL METAL.. IT WILL NOT BE LONG BEFORE WE WITNESS A COMMERCIAL FAILURE..STAY TUNED..WE WITNESSED CONSIDERABLE BANKER SHORT COVERING IN SILVER TODAY AND AN ATTEMPTED BANKER SHORT COVERING IN GOLD WITH ZERO SUCCESS.

 

 

TODAY’S NUMBER OF NOTICES FILED:

 

We, today, had 71 notice(s) filed for 355,000 OZ for the OCT, 2019 COMEX contract for silver

 

 

TODAY’S ESTIMATED SILVER VOLUME:  39,705 CONTRACTS (we had considerable spreading activity..accumulation

 

CONFIRMED VOLUME FOR YESTERDAY: 111,288 CONTRACTS..

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 111,288 CONTRACTS EQUATES to 556 million  OZ 79.4% OF ANNUAL GLOBAL PRODUCTION OF SILVER..makes sense!!

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

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

 

end

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

 

 

NPV for Sprott

 

1. Sprott silver fund (PSLV): NAV RISES TO -1.68% ((NOV 1/2019)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -0.99% to NAV (NOV1/2019 )
Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ -2.19%

(courtesy Sprott/GATA)

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

NAV 15.26 TRADING 14.80///DISCOUNT 3.03

 

 

 

 

 

END

 

And now the Gold inventory at the GLD/

NOV 1/WITH GOLD DOWN $2.90 TODAY/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 915.55 TONNES

OCT 31/NO CHANGE IN GOLD INVENTORY AT THE GLD

OCT.30 WITH GOLD UP 5.50 TODAY: A WITHDRAWAL OF 2.93 TONNES FROM THE GLD/INVENTORY RESTS AT 915,55 TONNES

OCT 29/WITH GOLD DOWN $5.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 918.48 TONNES

OCT 28/WITH GOLD DOWN $9.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 918.48 TONNES

OCT 25/WITH GOLD UP $1.40 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 918.48 TONNES

OCT 24/WITH GOLD UP $8.75 TODAY: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER GOLD WITHDRAWAL OF 1.18 TONNES FROM THE GLD//INVENTORY RESTS AT 918.48 TONNES

OCT 23/2016′ WITH GOLD UP $8.40 TODAY: A HUGE PAPER WITHDRAWAL OF 4.98 TONNES  IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 919.66 TONNES

OCT 22.WITH GOLD DOWN $0.15: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 924.64 TONNES

OCT 21/WITH GOLD DOWN $6.25//A HUGE CHANGE IN GOLD INVENTORY AT THE : A MONSTROUS PAPER DEPOSIT OF 6.45 TONNES//GLD/INVENTORY RESTS AT 924.64 TONNES

OCT 18/WITH GOLD DOWN $3.25 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 918.19 TONNES

OCT 17/WITH GOLD UP $4.00 TODAY: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.47 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 918.19 TONNES

OCT 16/WITH GOLD UP $10.25 TODAY//A BIG CHANGE IN GOLD INVENTORY AT THE GLD; A PAPER WITHDRAWAL OF 2.05 TONNES/INVENTORY RESTS AT 919.66 TONNES

OCT 15//WITH GOLD DOWN$13.25 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 921.71 TONNES

OCT 14/2019: WITH GOLD UP $8.25 TODAY//NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 921.71 TONNES

OCT 11/WITH GOLD DOWN $12.90 TODAY NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 921.71 TONNES

OCT 10/WITH GOLD DOWN $10.00 TODAY, A SMALL CHANGE IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 2.05 TONNES OF GOLD FROM THE GLD//INVENTORY RESTS AT 921,71 TONNES

OCT.9//WITH GOLD UP $8.90//NO CHANGE IN GOLD INVENTORY AT THE GLD

OCT 8\WITH GOLD DOWN 35 CENTS //NO CHANGE IN GOLD INVENTORY AT THE GLD

0CT 7 WITH GOLD DOWN 7 DOLLARS//A BIG CHANGE //A DEPOSIT OF 2.93 TONNES//

INVENTORY RISES TO 923.76 TONNES

OCT 1/WITH GOLD UP $15.25 A HUGE PAPER WITHDRAWAL OF 2.05 TONNES FROM THE GLD///INVENTORY REST AT 920.83 TONNES

SEPT 30/WITH GOLD DOWN $32.50: A SMALL CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.06 TONNES FROM THE GLD /INVENTORY RESTS AT 922.88 TONNES

SEPT 27.WITH GOLD DOWN $8.20 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 924.94 TONNES

SEPT 26//WITH GOLD UP $2.70 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 924.94 TONNES

SEPT 25/WITH GOLD DOWN $26.90 A HUGE  PAPER DEPOSIT OF:  16.42 TONNES//INVENTORY RESTS AT 924.94 TONNES

 

SEPT 24/WITH GOLD UP $8.65 TODAY: A MONSTROUS CHANGE IN GOLD INVENTORY AT THE GLD: AN OUT OF THIS WORLD DEPOSIT OF 14.37 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 894.15 TONNES

SEPT 23/WITH GOLD UP $16.25 ON THE DAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER ADDITION OF 10.65 TONNES//INVENTORY RESTS AT 894.15 TONNES

SEPT 20/WITH GOLD UP $8.60 ON THE DAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 883.06 TONNES

SEPT 19/WITH GOLD DOWN $8.90 TODAY: A BIG CHANGES IN GOLD INVENTORY AT THE GLD: A PAPER DEPOSIT OF 3.23 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 883.60 TONNES

SEPT 18/WITH GOLD UP $2.40 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER DEPOSIT OF 5.86 TONNES/INVENTORY RESTS AT 880.37 TONNES

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

NOV 1/2019/ Inventory rests tonight at 915.55 tonnes

 

 

*IN LAST 695 TRADING DAYS: 34.10 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 595 TRADING DAYS: A NET 133.04 TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

end

 

Now the SLV Inventory/

NOV 1//WITH SILVER DOWN 3 CENTS TODAY: NO CHANGE IN INVENTORY AT THE SLV INVENTORY RESTS AT 376.525 MILLION OZ

OCT 31//NO CHANGE IN SILVER INVENTORY

OCT 30.//WITH SILVER DOWN 6 CENTS TODAY NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 376.525 MILLION OZ

OCT 29/WITH SILVER DOWN 6 CENTS TODAY: A SMALL  CHANGE IN SILVER INVENTORY AT THE SLV” A WITHDRAWAL OF 400,000 OZ TO PAY FOR FEES/INVENTORY REMAINS AT 376.525 MILLION OZ//

OCT 28/WITH SILVER DOWN 6 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 909,000 OZ FROM THE SLV INVENTORY/INVENTORY RESTS AT 376.925 MILLION OZ/

OCT 25/2019: WITH SILVER UP 16 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 377.834 MILLION OZ//

OCT 24/2019: WITH SILVER UP 22 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 377.834 MILLION OZ/

OCT 23/2019: WITH SILVER UP 9 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 377.834 MILLION OZ//

OCT 22/WITH SILVER DOWN 9 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER WITHDRAWAL OF 1.963 MILLION OZ//INVENTORY RESTS AT 377.834 MILLION OZ.

OCT 21/WITH SILVER UP ONE CENT TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER WITHDRAWAL OF 1.222 MILLION OZ FROM THE SLV../INVENTORY RESTS AT 379.797 MILLION OZ//

OCT 18/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 380.919 MILLION O

OCT 17./WITH SILVER UP 17 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER WITHDRAWAL OF 1.87 MILLION OZ FROM THE SLV.//INVENTORY RESTS AT 380.919 MILLION OZ//

OCT 16/WITH SILVER UP 4 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 382.789 MILLION OZ//

OCT 15/WITH SILVER DOWN 30 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER WITHDRAWAL OF 2.15 MILLION OZ//. INVENTORY RESTS AT 382.789 MILLION OZ

OCT 14/WITH SILVER UP 18 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 384.939 MILLION OZ

OCT 11/WITH SILVER DOWN 6 CENTS NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 384.939 MILLION OZ//

OCT 10/2016//WITH SILVER DOWN 22 CENTS: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER DEPOSIT OF 1.443 MILLION OZ INTO THE SLV/INVENTORY RESTS AT 384.939 MILLION OZ

OCT 8/WITH SILVER UP 15 CENTS //NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 383.496 MILLION OZ

OCT 7/WITH SILVER DOWN 6 CENTS A SMALL WITHDRAWAL OF 166,000 OZ/INVENTORY LOWERS TO 383.496 MILLION OZ

OCT 1.2019 //WITH SILVER UP 30 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER DEPOSIT OF 1.87 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 383.656 MILLION OZ//

SEPT 30/WITH SILVER DOWN 58 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 381.786 MILLION OZ/

SEPT 27/WITH SILVER DOWN 34 CENTS TODAY/ NO CHANGE IN SILVER INVENTORY AT THE SLV//.INVENTORY RESTS AT 381.786 MILLION OZ/

SEPT 26/WITH SILVER DOWN 12 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER DEPOSIT OF 3.975 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 381.786 MILLION OZ/

SEPT 25.//WITH SILVER DOWN 58 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 377.811 MILLION OZ//

SEPT 24/WITH SILVER DOWN 5 CENTS TODAY: A BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.338 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 377.811 MILLION OZ//

SEPT 23.2019/WITH SILVER UP 80 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 375.473 MILLION OZ.

SEPT 20/ WITH SILVER UP 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 375.473 MILLION OZ.

SEPT 19/WITH SILVER DOWN 4 CENTS TODAY; A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER WITHDRAWAL OF 1.029 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 375.473 MILLION OZ/

SEPT 18/WITH SILVER DOWN 24 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 376.502 MILLION OZ//

OCT 31/2019:

 

 

Inventory 376.525 MILLION OZ

 

 

 

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

6 Month MM GOFO 1.93/ and libor 6 month duration 1.92

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

G0LD LENDING RATE: – .01

 

XXXXXXXX

12 Month MM GOFO
+ 1.88%

LIBOR FOR 12 MONTH DURATION: 1.96

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.08

end

 

 

end

 

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

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Negative interest rates are essential for Swiss economy, nation’s central banker says

 Section: 

By Sam Jones
Financial Times, London
Thursday, October 31, 2019

Negative interest rates are “essential” for the Swiss economy and will not be reversed without a significant change in global economic conditions, Thomas Jordan, head of the Swiss National Bank, warned today.

Mr. Jordan’s remarks come amid mounting concern in Switzerland that the country’s nearly five-year long rate-setting experiment — aimed at curbing the appreciation of the franc and protecting exports — is beginning to create severe structural problems.

… 

The SNB’s benchmark rate, set at minus 0.75 percent, is the lowest of any central bank in the G10 economies. Yields on 10-year Swiss government bonds have been negative for almost a year.

Some economists have warned that the policy distorts capital allocation in the economy, artificially skewing investors’ and consumers’ perceptions of risk in subtle but potentially substantial ways. Banks’ margins have shrunk dramatically, while cheap credit has begun to inflate asset prices in some parts of the economy. …

… For the remainder of the report:

https://www.ft.com/content/67f75b4c-fbe9-11e9-a354-36acbbb0d9b6

* * *

end

Alasdair Macleod: The monetary lessons of Germany

 Section: 

6:15p CT Thursday, October 31, 2019

Dear Friend of GATA and Gold:

A credit crisis is developing and it probably will devastate currencies, GoldMoney research director Alasdair Macleod writes today.

The crisis, Macleod writes, “will almost certainly be far greater than Lehman. We can also say that the money printing by central banks to rescue both the banking system and government finances will be on a far greater scale, likely to destabilize the purchasing power of government currencies. If that happens, interest rates will be forced higher as prices for everything begin to rise uncontrollably, irrespective of central bank interest rate policies. And where they depend on budget deficits being covered by additional issues of government stock, government finances will be in crisis. It will threaten the ending of unbacked currencies based only on the faith and credit of governments whose spending is spiraling out of control.”

… 

And then, Macleod writes, the future will depend on whether the new leaders who come to power pursue free markets or totalitarianism.

Macleod’s commentary is headlined “The Monetary Lessons from Germany” and it’s posted at GoldMoney here:

https://www.goldmoney.com/research/goldmoney-insights/the-monetary-lesso…

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

iii) Other physical stories:

Gold & Stocks Surge To Post-Powell Highs After ISM Miss, Endless Jawboning

The level of desperation among monetary policy makers and administration officials to keep the stock market higher is becoming farcical.

Dow futures have rallied since payrolls, pushing above the China trade rumor losses and testing post-Powell highs…

And this is what it took to create that 200 point rally…

0830ET Jobs Beat – Dow +100

0915ET Fed’s Kashkari dovish: “we’re not at maximum employment.. in free lunch zone” – Dow +20

0920ET Mnuchin: “constructive talks, working hard” – Dow +30

0930ET Fed’s Rosengren hawkish: further monetary accommodation not needed – Dow unch

0935ET Fed’s Clarida neutral: “we will be data-dependent, economy/consumer in good place” – Dow unch

0936ET Fed’s Kaplan dovish: “growth in US is decelerating, need skills-based immigration” – Dow unch

0937ET Kudlow: White House wants tax cuts for middle class, Trump optimistic on trade deal – Dow unch

0945ET Kudlow: “enormous progress on IP theft” – Dow +30.

0950ET Record high for S&P and Nasdaq

0955ET Kudlow: “US-China trade call may be happening now, Ag & FX parts virtually completed” – Dow +20

1000ET ISM Manufacturing MISS, 3rd month of contraction – Dow +50

And all that managed to achieve was to run overnight stops.

Don’t get carried away though, gold and bonds are the biggest gainers since Powell’s inflation comments…

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

Your early FRIDAY 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: 7.0420/ GETTING VERY DANGEROUSLY PAST 7:1

//OFFSHORE YUAN:  7.0444   /shanghai bourse CLOSED UP 29.14 POINTS OR 1.00%

HANG SANG CLOSED UP 194.04 POINTS OR 0.72%

 

2. Nikkei closed 76.77 POINTS OR 0.33%

 

 

 

 

3. Europe stocks OPENED ALL GREEN/

 

 

 

USA dollar index UP TO 97.43/Euro FALLS TO 1.1137

3b Japan 10 year bond yield: FALLS TO. –.18/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.13/ 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:: 54.81 and Brent: 60.25

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

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

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

3h Oil 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 -.41%/Italian 10 yr bond yield UP to 0.95% /SPAIN 10 YR BOND YIELD UP TO 0.24%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.36: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.19

3k Gold at $1507.50 silver at: 18.03   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 35/100 in roubles/dollar) 63.78

3m oil into the 54 dollar handle for WTI and 60 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 108.15 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning .9884 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1009 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 0.41%

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 1.71% early this morning. Thirty year rate at 2.20%

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

6.  TURKISH LIRA:  UP  TO 5.6988..

Futures Rebound On Fake Chinese Data As Payrolls Loom

US stock index futures gained on Friday alongside European and Asian markets, after a surprise rise in China’s “other” manufacturing activity survey boosted sentiment, offsetting fading trade deal optimism, as investors awaited a crucial U.S. jobs report.

One day after China’s official NBS PMI tumbled to post-crisis low, confirming a manufacturing recession and depressing risk sentiment around the globe, China’s Caixin PMI survey showed manufacturing in the world’s second-largest economy paradoxically expanded at the fastest pace in more than two years in October. Indeed, the schizophrenic divergence between the two PMIs reached a level unseen before, confirming once again that when it comes to fake data, nobody does it like China.

As futures rose, Europe’s Stoxx 600 Index advanced, as miners and industrial goods makers led the way after. Earlier in the session, Asian stocks climbed, led by technology firms, as Chinese manufacturing continued to pick up in October with new orders rising at the quickest pace since January 2013. Markets in the region were mixed, with China leading gains and Indonesia retreating. The Topix closed little changed, as Daiichi Sankyo slumped and Keyence surged after reporting earnings. Two measures of the Japanese labor market softened in September, with the jobless rate unexpectedly rising from a 27-year low. The Shanghai Composite Index gained 1%, reversing earlier losses after the release of positive manufacturing data. China Merchants Bank and Ping An Insurance Group were among the biggest boosts. India’s Sensex added 0.2%, supported by IndusInd Bank and ITC, as better-than-expected company earnings buoyed sentiment.

The US Labor Department’s non-farm payrolls data is likely to show jobs growth slowed sharply last month, weighed down by a strike at General Motors, while the unemployment rate is expected to tick up from near a 50-year low of 3.5% (see our full preview here). Also of interest to investors would be the Institute for Supply Management’s (ISM) manufacturing report due at 10 a.m. ET, which is expected to show the PMI index rose to 48.9 in October from a 10-year low of 47.8 a month earlier.

Markets were looking for footing on the first day of the month after being rattled on Thursday as Chinese officials cast doubts about reaching a comprehensive long-term trade deal with the U.S., even as the two sides close in on signing a “phase one” agreement. Investors will look for the next catalyst in the monthly U.S. non-farm payrolls report due on Friday and a read on American manufacturing for October. On the trade front, negotiators are expected to hold a call today.

“Markets participants, as well as maybe even the Fed, have been very optimistic” on the trade truce, Tiffany Wilding, chief U.S. economist at Pacific Investment Management Co., told Bloomberg TV. “We can see some more deterioration there.”

European bonds drifted lower, while the pound stayed positive after data showed that U.K. manufacturing almost returned to growth last month amid Brexit stockpiling.

In FX, the dollar was little changed against most G-10 peers ahead of U.S. labor data and a series of speeches by Federal Reserve officials; it followed the biggest monthly decline for the greenback since January 2018.

Elsewhere, the yen held gains and the Bloomberg Dollar Spot Index trimmed the morning’s losses after hitting the lowest since July. Norway’s krone climbed against G-10 peers as unemployment fell. The rand edged lower against the dollar before a ratings decision.

In commodities, oil edged higher though still headed for its biggest weekly loss in a month on swelling American stockpiles. Gold slipped after surging more than 1% on Thursday.

Looking at the day ahead, the obvious data focus is the US employment report for October and ISM manufacturing for October. We’ll also get the final October manufacturing PMI and September construction spending data. The only data of note this morning is the final October manufacturing PMI for the UK. Meanwhile it’s a busy day for Fedspeak headlined by Clarida, while Kaplan, Quarles, Daly and Williams are due to speak. Earnings highlights include Exxon, Chevron and AbbVie.

Market Snapshot

  • S&P 500 futures up 0.2% to 3,041.00
  • STOXX Europe 600 up 0.4% to 398.19
  • MXAP up 0.3% to 163.68
  • MXAPJ up 0.5% to 524.51
  • Nikkei down 0.3% to 22,850.77
  • Topix down 0.03% to 1,666.50
  • Hang Seng Index up 0.7% to 27,100.76
  • Shanghai Composite up 1% to 2,958.20
  • Sensex unchanged at 40,130.48
  • Australia S&P/ASX 200 up 0.09% to 6,669.10
  • Kospi up 0.8% to 2,100.20
  • German 10Y yield fell 1.0 bps to -0.417%
  • Euro up 0.04% to $1.1156
  • Italian 10Y yield fell 6.6 bps to 0.582%
  • Spanish 10Y yield fell 0.5 bps to 0.232%
  • Brent futures down 0.7% to $59.79/bbl
  • Gold spot little changed to $1,513.66
  • U.S. Dollar Index little changed at 97.29

Top Headline News from Bloomberg

  • The U.K.’s main political parties are going into their third election in five years promising the most-radical shakeup in the nation’s economy in decades. Boris Johnson’s Conservatives want to implement a Brexit deal which economists say could leave the economy a substantial 3.5% smaller in the long-run. That’s compared with staying in the European Union — one possible outcome of Labour’s policy of holding a second referendum
  • Donald Trump’s presidency stands on its most treacherous ground after the House voted Thursday to approve and proceed with its impeachment inquiry. He may be the first president to run for a re-election after being impeached
  • Trump said Johnson’s Brexit deal will make it difficult for the British prime minister to strike a trade deal with the U.S. after the U.K. leaves the EU and that the two countries could “do much bigger numbers” if Johnson made a cleaner break with the EU
  • Minouche Shafik is the U.K. government’s favored candidate to take over the top job at the institution, according to the BBC. She is currently director of the London School of Economics and Political Science and, if appointed to the BOE, would be its first female chief
  • Asia’s factory hubs remained in the doldrums in October despite anticipation that the U.S. and China are moving toward an interim trade agreement. Purchasing manager indexes for South Korea, Japan, Malaysia and Indonesia remained in contraction territory
  • China’s PMI data show a pick up but a rare, simultaneous bout of weakness is hitting Chinese bonds and stocks, exposing growing unease about the dual brunt of slowing output growth and rising prices in the world’s second-largest economy

Asian equity markets mostly staged a turnaround of the weak lead from Wall St. where sentiment was dampened after mixed trade rhetoric stoked further US-China uncertainty and with participants tentative ahead of US NFP data, although risk appetite has somewhat improved with the help of encouraging Chinese Caixin Manufacturing PMI data. ASX 200 (+0.1%) was relatively flat as resilience in commodity related stocks just about offset the continued underperformance in the largest weighted financials sector, while Nikkei 225 (-0.3%) lagged and suffered the ill effects of the currency-risk dynamic. Hang Seng (+0.7%) and Shanghai Comp. (+1.0%) were initially weighed by a substantial weekly liquidity drain and after reports suggested that China had doubts about the possibility of a long-term trade deal with US President Trump amid concerns of his impulsive nature, although Chinese bourses later recovered following better than expected Chinese Caixin PMI data which matched its highest since February 2017. Finally, 10yr JGBs extended on the prior day’s rally following recent comments from BoJ Governor Kuroda who continued to stress the possibility for lower rates, while prices were also supported amid underperformance of Japanese stocks and with the BoJ present in the market for JPY 350bln in 5yr-10yr JGBs.

Top Asian News

  • Don’t Call It Stagflation, But China Assets Flash Economic Worry
  • Bank Run in Rural China Tests Faith in Thousands of Lenders
  • Mongolian Coal Giant Is Said to Select Banks for $1 Billion IPO
  • Top Indian Automaker Posts First Jump in Sales in Nine Months

Major European Bourses are slightly firmer (Euro Stoxx 50 +0.2%) with the region buoyed by encouraging Chinese Caixin Manufacturing PMI which helped boost sentiment during APAC hours. Trade this morning has been tentative as is usually the case ahead of the US labour market report, with some gains handed back ahead of the release with US ISM Manufacturing PMI also on the docket. Sector performance is reflective of an improved risk tone; Tech (+0.7%), Energy (+0.7%), Materials (+0.5%), Industrials (+0.7%) and Consumer Discretionary (+0.7%) are all firmer, while Utilities (-0.3%), Consumer Staple (+0.3%) and Health Care (+0.1%) lag. Financials (U/C) are also lower; yields have broadly failed to recover since yesterday’s downbeat Chicago PMI and post-FOMC, while stock specific news in the form Danske Bank’s (-3.1%) earnings could also being weighing, after the Co. narrowed its FY19 net outlook to the lower end of range with further potential downside as the Russian Central Bank revoked the Co.’s license for its Russian unit. Elsewhere, stock specifics; DSV (+7.5%) shares are bid after solid earnings. Elsewhere, better than expected results from US Steel (X) is giving a boost to ThyssenKrupp (+1.6%) and Salzgitter (+0.5%). Softer earnings also see Aker ASA (-4.2%) shares under pressure, while Fiat Chrysler (+1.6%) opened lower amid ongoing protestation from various labour unions against the Co.’s proposed merger with Peugeot (+3.3%).

Top European News

  • Danske Cuts Outlook as Compliance Costs, Negative Rates Bite
  • Billionaire Rokke’s Aker Drops After More Ghana Oil Delays
  • SNB Can’t Get the Banks Off Its Back About Negative Rates
  • Nokia Staff Say Internal Politics Distracting Managers From 5G

In FX, the DXY seems to have stabilised after its post-FOMC reversal, with the index holding above the 97.000 level in a confined 97.162-348 range and the restrained trade reflecting the overall tone that often pans out in the run up to US labour data. Indeed, Usd/major pairings and even Dollar/EMs are relatively quiet and contained bar the odd exception.

  • G10 – As noted above, not much deviation across the board even though data and manufacturing PMIs have thrown up some surprises, like the more encouraging Chinese Caixin survey overnight. The Kiwi continues to outperform and sits firmer on the 0.6400 handle vs its US counterpart, while the Aussie appears wary about hefty option expiries at the 0.6900 strike and with the Aud/Nzd cross capped at 1.0750. Elsewhere, Cable only got a brief/modest lift from a significant UK PMI beat as sub-components were less upbeat and Brexit stock-piling flattered the headline number. Note also, expiry interest resides close by (1.1 bn at 1.2950) and 0.8600 is still proving impenetrable in Eur/Gbp pending the looming Brexit Party pre-election conference, as Eur/Usd remains solid around 1.1150 where a massive 3.1 bn expiries reside. Meanwhile, the Loonie remains rooted to 1.3150 and Franc is pretty resilient between 0.9855-75 and around 1.1000 vs the single currency amidst very mixed Swiss macro releases (CPI back in deflation, but retail sales and manufacturing PMI recovering quite well). Conversely, Scandi PMIs diverged further to provide some respite for the Norwegian Krona vs its Swedish peer and the Euro, as Eur/Nok tests 10.2000 vs Eur/Sek sticky above 10.7000.
  • EM – Contrasting fortunes for the Lira and Rand, as the former felt the weight of a bleak Turkish manufacturing PMI, but the latter took comfort from a decent improvement in SA (though still sub-50) awaiting Moody’s ratings review.

In commodities, crude markets are treading water with little in the way of significant price action to report after the complex benefitted from the tailwind of firmer than expected Chinese PMI data. In fitting with market’s broader tentative feel, ranges are thin ahead of key today’s US data. For now, WTI Dec’ 19 and Brent Jan’20 contracts are consolidating around the USD 54.50/bbl and USD 59.90/bbl marks respectively. US Secretary of State Pompeo stated that the US is to impose further Iranian sanctions and nuclear curbs. Metals are similarly tentative ahead of headline US data; gold is holding onto yesterday’s gains, despite a recovery in risk appetite, and is rangebound around the USD 1510/oz mark for now. Meanwhile, Copper has stabilised after yesterday’s steep declines but been unable to garner significant impetus on the back of promising Chinese data. “The more downbeat sentiment came from China’s power sector” notes ING, “which is a key area for copper consumption”. Investment in power network infrastructure over the first nine months of 2019 declined 12.5% Y/Y, according to the Chinese Electricity Council.

US Event Calendar

  • 8:30am: Change in Nonfarm Payrolls, est. 85,000, prior 136,000; Change in Private Payrolls, est. 80,000, prior 114,000
  • 8:30am: Unemployment Rate, est. 3.6%, prior 3.5%
  • 8:30am: Average Hourly Earnings MoM, est. 0.3%, prior 0.0%; YoY, est. 3.0%, prior 2.9%
  • 9:45am: Markit US Manufacturing PMI, est. 51.5, prior 51.5
  • 10am: ISM Manufacturing, est. 48.9, prior 47.8; Employment, prior 46.3; New Orders, prior 47.3
  • 10am: Construction Spending MoM, est. 0.2%, prior 0.1%
  • Wards Total Vehicle Sales, est. 17m, prior 17.2m

DB’s Jim Reid concludes the overnight wrap

Welcome to the world of Mrs Lagarde’s ECB tenure which also brings in the month of November. I can’t believe 2019 is already coming towards an end. I might get our Data Innovation Group to explain to me why time seems to accelerate as you get older and also why retirement seems to also get further away. There must be an equation for this.

As it’s the start of a new month, Craig has already published our monthly performance review where he showed that risk appetite returned to markets once again in October as the trade war, Brexit and liquidity in the US all improved relative to where they were at the start of the month. Interestingly for YTD there now isn’t a single asset in our sample with a negative total return. If we look at the last 13 years of returns over the first 10 months of a year, this has never happened before under our sample of assets. After 2018 being close to the worst year on record for the number of assets in negative territory this shows the high vol there is in markets regardless of what standard vol measures suggest. See Craig’s note here for the month and YTD performance numbers.

How markets fare on the first day of November (and perhaps for the rest of the month) will likely depend on the data in the US with the October employment report and October ISM manufacturing report under the spotlight. As we’ll see below China’s Caixin PMI has beaten expectations this morning in contrast to the official number yesterday. What stops this from being an even bigger day is that European PMIs will be delayed until next week due to today’s All Saints holiday. So we have that to look forward to then. The consensus for payrolls today is for an +85k nonfarm payrolls reading which as a reminder follows +136k in September. DB is at +50k. Some of the expected weakness partly reflects the GM strike impact so there may well be some noise in the data. The expectation is for it to reduce employment by 46k but the second round industry impacts could increase this. Our economists also noted that Census hiring could have an impact so private payrolls may be a better print to watch. DB is again below consensus at 40k and think the weakness goes beyond ones offs. As for the rest of the report, the unemployment rate is expected to increase one-tenth to 3.6% and earnings rise +0.3% mom.

Arguably the ISM data will be more important, given the potential distortions from one-offs and also considering the weaker China PMIs this week. October’s data is expected to improve on the month prior with a 49.0 print expected versus 47.8 in September. Expect the market to be highly tuned into the new exports orders component which is typically seen as a leading indicator. See here for DB’s preview (published last night) of these two big releases today.

Yesterday’s Chicago PMI won’t have raised much hopes for today’s ISM however after the October reading dropped nearly 4pts to 43.2 (vs. 48.0 expected). That is the lowest since a one-off plunge at the end of 2015 and prior to that you have to go back to July 2009 to find the last time it was lower. That data contributed to a sharp rally for Treasuries with 10y yields down -8bps and thus further extending the post-Fed move. They are now over 15bps lower than the peak during the middle of Wednesday. At the front end 2y yields also dropped -7.3bps which flattened the 2s10s curve a little to 16.3bps. The market is now pricing around a 30% chance of a cut at the Fed meeting in December which compares to 22% post the Fed meeting on Wednesday. The Fed were pretty confident about the outlook just 36 hours ago and there were a lot of eyebrows raised yesterday over that assessment after the data.

Meanwhile US equity markets closed lower but around half a percentage point above their session lows with the S&P 500 closing down -0.3% and NASDAQ down -0.14% with the results from Apple and Facebook the previous night at least helping to buffer some of the move. A Bloomberg story noting that officials in China were said to doubt a long-term trade deal is possible with Trump got plenty of airtime but ultimately shouldn’t be seen as a great surprise especially ahead of the election. Importantly it also didn’t refer to the phase one agreement already well on the way. On that note President Trump tweeted that the US and China are working on selecting a new site for the signing of that deal and will be announced “soon”. In other news we learnt yesterday that the House voted by 232 to 196 to begin open hearings into the Trump impeachment measure. While markets were non-fussed expect plenty of twists and turns left in this.

This morning in Asia markets are largely trading higher after a surprise beat from China’s Caixin manufacturing PMI (details below). Chinese bourses are leading the advance with the CSI (+1.28%), Shanghai Comp (+0.71%) and Shenzhen Comp (+0.96%) all up. The Hang Seng (+0.44%) and Kospi (+0.41%) are also up while the Nikkei is down (-0.48%). The strength of Japanese yen – which is trading at three week highs – is weighing on the Nikkei. The US dollar index is also trading down a further -0.14% (-0.30% yesterday) this morning, marking five continuous days of declines in a week (if it holds) for the first time since December 2017. Elsewhere, futures on the S&P 500 are up +0.28% and yields on 10y JGBs are down -4.4bps to -0.197% after yesterday’s rally in USTs. WTI crude oil prices are up +0.52% this morning while spot gold prices are down -0.17% after advancing by +1.16% yesterday.

As for overnight data releases, China’s October Caixin manufacturing PMI came in at 51.7 (vs. 51.3 expected), marking the third month in a row of being above 50 and in stark contrast to the official manufacturing PMI (October print at 49.3) which has remained below for the past six months. The output sub index rose to 53.0 (vs. 52.5 last month), the highest reading since December 2016 while the new orders component also rose from last month to the highest since January 2013. So clearly quite a contrasting message from the two PMIs. The difference between the Caixin PMI and the official PMI is that the former is more geared towards SMEs/private sector/exporters so arguably gives a better picture of private sector activity while the later captures a broader swath of companies. Meanwhile, Japan’s final October manufacturing PMI printed one-tenth lower than the initial read at 48.4.

Back to the other data that was out yesterday, the September core PCE reading in the US was a shade softer than expected (0.0% vs. +0.1% expected) although it was largely known from the GDP report on Wednesday. The Q3 ECI was in line at +0.7% qoq while jobless claims ticked 5k higher to 218k.

In Europe there was a moderate upside surprise in the Q3 GDP reading for the Euro Area of +0.2% qoq (vs. +0.1% expected) however our economists have made the point that the latest data signal for Q4 is slightly weaker and the latest Eurostat survey implies that not only manufacturing but also consumer uncertainty has reached its highest levels since the Great Recession. Meanwhile the October core CPI reading for the Euro Area was a tenth ahead of expectations at +1.1% yoy. In other news, Reuters reported that new ECB President Lagarde is to keep Draghi’s top aides which at the margin might be a positive given policy continuity although it might depend on what you think of current policies. It’s worth flagging that Lagarde will be making her first public engagement as President on Monday at 6pm GMT. For completeness, equity markets in Europe spent most of the day in the red yesterday with the STOXX 600 ultimately closing down -0.49%. Bond markets mirrored the moves in the US though with 10y Bunds back down -5.2bps.

Finally to the day ahead, where the obvious data focus is the US employment report for October and ISM manufacturing for October. We’ll also get the final October manufacturing PMI and September construction spending data. The only data of note this morning is the final October manufacturing PMI for the UK. Meanwhile it’s a busy day for Fedspeak headlined by Clarida, while Kaplan, Quarles, Daly and Williams are due to speak. Earnings highlights include Exxon, Chevron and AbbVie.

 

3A/ASIAN AFFAIRS

I)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 29.14 POINTS OR 1.00%  //Hang Sang CLOSED UP 194.04 POINTS OR 0.72%   /The Nikkei closed DOWN 76.77 POINTS OR 0.33%//Australia’s all ordinaires CLOSED UP .09%

/Chinese yuan (ONSHORE) closed DOWN  at 7.0420 /Oil UP TO 54.81 dollars per barrel for WTI and 60.24 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.0420 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT .7.0444 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY 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

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

Big China steelmaker defaults and that sparks a contagion fear

(zerohedge)

Credit Crisis Unfolds In China As Steelmaker Default Sparks Contagion Fears 

China’s manufacturing PMI slumped deeper into contraction on Thursday — as economic growth in the country fell to its weakest pace in three decades. The economic slowdown, coupled with massive corporate leverage, has created a ticking debt time bomb, which could explode in the next global recession.

The unraveling and coming debt crisis in China will take a series of corporate debt defaults to spook investors, and perhaps, the first series of defaults has already started.

The latest causality is Shandong-based steelmaker Xiwang Group Co., who defaulted on a $142 million bond last week, has sparked contagion fear with other companies in the same region, reported Bloomberg.

Then on Wednesday, Shandong Sanxing Group Co.’s 2021 dollar bond and China Hongqiao Group Ltd.’s dollar bond due 2023 plummeted to their lowest levels ever as contagion from Xiwang’s default continued to frighten investors.

“Xiwang’s default onshore has raised concerns that other privately owned enterprises in Shandong, particularly those from the same locality, may have been associated with the firm,” said Wu Qiong, executive director at BOC International Holdings Ltd. in Hong Kong, who spoke with Bloomberg.

China’s onshore credit markets continue to erupt with stress after 2019 defaulted bonds have already hit 2018 highs.

end

 

Beijing Plans $4 Billion Asset Sale To Punch Yuan Shorts In The Nose

It’s almost like the market is treating a Bloomberg report claiming senior Chinese officials harbor serious doubts about the feasibility of a trade deal as if the report wasn’t credible – something we suggested yesterday when we speculated that the report could be a plant to push the Fed toward more rate cuts.

Already, markets are shaking off Thursday’s modest losses as futures trade higher on a batch of strong Chinese economic data overnight, and now, the SCMP has followed that up with some trade news that reads as if yesterday’s negative reports never happened. According to the SCMP, Beijing is already taking steps to hold up its end of the “Phase One” bargain – that is, stabilize the yuan after a long slide – by preparing to sell some $4 billion in assets in Hong Kong. 

Selling a huge pile of short-term securities will drive up short-term borrowing rates and make it more expensive for speculators to short offshore yuan.

That auction won’t take place until next week, per the SCMP.

The latest move, announced on Friday by the People’s Bank of China (PBOC), will see a total of 30 billion yuan (US$4.3 billion) in yuan-denominated securities sold in Hong Kong next week.

This a widely used method to push up investors’ borrowing costs, making it more expensive for speculators to bet that the yuan will fall.

The auction on Thursday will include 20 billion yuan (US$2.8 billion) of three month securities and 10 billion yuan (US$1.4 of one-year securities.

The report dropped just ahead of a planned Friday phone call between the US and Chinese trade delegations. The call was scheduled to plan a new location for the next round of trade talks, where “Phase One” is supposed to be finalized.

The announcement came just ahead of a planned phone call between the top US and Chinese trade negotiators later on Friday to continue efforts to finalise the details of the interim trade pact. Among other things, the two sides are likely to discuss a new venue for the signing of the deal after the sudden cancellation of the Asia-Pacific Economic Cooperation meeting in Chile disrupted the previous arrangement for Chinese President Xi Jinping and his US counterpart Donald Trump to meet on November 17.

According to SCMP, Beijing’s recent steps to stabilize the yuan suggest that a deal is possible, and that the leadership are taking it seriously. After all, it would improve the chances of the US removing its currency manipulator designation from China, something the Treasury imposed over the summer after the yuan broke below 7 to the dollar.

But as one economist pointed out, it would be hard for Beijing to move the yuan too far thanks to a capital-outlow pressure.

Zhou Hao, a senior economist at Commerzbank in Singapore, said market sentiment on the yuan had improved, resulting in a repositioning of its outlook.

“The fear of a rapid yuan depreciation is gone,” he said. “Instead, there is a likelihood that the yuan will strengthen towards 7 once a deal is announced.”

Beijing may repledge to avoid a competitive devaluation and market intervention, but it would be hard to push up the exchange rate significantly owing to continuing Chinese capital outflow pressure, Zhou added.

“An annual two-way fluctuation of 3 to 5 per cent could be acceptable [to Chinese authorities]”, he predicted.

The yuan rose 1.5% vs. the greenback in October, but it’s still down 2.3% so far this year.

After being labeled a currency manipulator by the Treasury, PBOC Governor Yi Gang told the IMF in Washington last month that the yuan exchange rate remained stable, and that there is growing market acceptance of two-way exchange rate fluctuations.

“Judging both from economic fundamentals and from market supply and demand, the [yuan] exchange rate is at an appropriate level,” he said.

We suspect we’ll be seeing more negative reports about the trade negotiations, even if they’re swiftly followed with positive reports like this on, now that the Fed is trying to end its rate cut program. Perhaps President Trump believes that sabotaging his own trade deal is now his best bet for convincing the Fed to bring rates back to zero?

4/EUROPEAN AFFAIRS

Anti-Brexit “People’s Vote” Campaign Collapses In Civil War

Authored by Mike Shedlock via MishTalk,

The anti-Brexit People’s Vote campaign has disintegrated in to an open feud among 9 sub-groups.

People’s Choice Civil War

The People’s Vote campaign has disintegrated.

Eurointelligence calls it a Civil War.

The second referendum campaign – or the People’s Vote as they euphemistically call themselves – had a very bad day. The infighting that has been going on under the surface erupted into the open amid a classic power struggle. The so-call People’s Vote is a coalition of nine organisations with different aims. One of the PV’s ringleaders is Roland Rudd, the brother of Amber Rudd, and one of the leaders pro-Remain campaigners in 2016. He is the head of Open Britain, one of the organisations behind the PV campaign. He fired two people over the weekend: the head of communications and the campaign director. But they refused to go, challenging Rudd’s right to dismiss them. They are backed by Alistair Campbell, Tony Blair’s former enforcer. There was a staff walk-out yesterday as the whole thing descended into chaos.

So, what is this about?

The two men dismissed by Rudd wanted to keep the PV campaign on the straight and narrow by focusing on the second referendum. Others want the PV to become a vehicle to revoke Brexit by whichever means possible. The split in the PV campaign is the counterpart of what is happening on the opposition benches in the UK parliament. The LibDems no longer back a second referendum, and have switched their strategy to full-on support for Brexit revocation. Labour’s official position is to hold a second referendum after it negotiates a customs union deal with the EU.

We noted a comment on Twitter yesterday that the PV is not really about Brexit but about its supporters’ grip on power. It is the crowd that used to run the country. When they started to win their big political battles in the mid-to-late 1990s, they thought they had defeated the Thatcherite right forever. To them Brexit came as a complete shock for which they were ill-prepared in 2016. We noted at the time that they never reflected on the deep causes of their defeat, and moved on seamlessly to the second referendum campaign.

This is contrary to the pro-Remain agenda of Eurointelligence. Yet, they discuss it.

Most of the the pro-Remain mainstream media does not want to discuss such events.

Amber Rudd Stands Down

The Guardian Live Blog noted “Amber Rudd and David Lidington, respectively the ex-home secretary and Theresa May’s former de facto deputy, have both announced they are among an increasing number of sitting MPs who will quit at the coming election.”

‘An honour, not a right’ – Tory chief whip tells Amber Rudd why she can’t have whip restored as she quits.

Jack Doyle@jackwdoyle

🚨 BREAKING 🚨

Chief whip Mark Spencer tells Amber Rudd she WONT be getting the Tory whip back.

Tells her he doesn’t trust her not to turn on Boris Johnson again.

‘Receipt of the whip is an honour, not a right and it cannot be discarded or returned at will.’

View image on Twitter

Remainers standing down or having their party affiliation revoked is good news.

Good riddance. And …

Good Riddance to Speaker Bercow

Mark D’Arcy

@DArcyTiP

I’m hearing the election for Speaker will go ahead on Monday – largely because it is seen as impractical to wait until after the election, because it would then take too long to get a Speaker in place, when Parliament May have to move rather quickly

Lots of good news today for Boris Johnson including news of a Farage-Tory Alliance.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

6.Global Issues

 

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

Your early morning currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings FRIDAY morning 9:00 AM….

Euro/USA 1.1137 DOWN .0019 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /GREEN

 

 

USA/JAPAN YEN 108.13 UP 0.138 (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 1.2943   UP   0.0005  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TO JAN 31/2020//

USA/CAN 1.3188 UP .0019 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  THURSDAY morning in Europe, the Euro FELL BY 19 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1137 Last night Shanghai COMPOSITE CLOSED UP 29.14 POINTS OR 1.00% 

 

//Hang Sang CLOSED UP 194.04 POINTS OR 0.72%

/AUSTRALIA CLOSED DOWN 0,09%// EUROPEAN BOURSES ALL MIXED

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 194.04 POINTS OR 0.72%

 

 

/SHANGHAI CLOSED UP 29.14 POINTS OR 1.00%

 

Australia BOURSE CLOSED UP. 09% 

 

 

Nikkei (Japan) CLOSED DOWN 76.77  POINTS OR 0.72%

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1507.20

silver:$18.02-

Early THURSDAY morning USA 10 year bond yield: 1.71% !!! UP 2 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.20 UP 2  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 97.4 UP 8 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.20% UP 4 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: -.18%  UP 5   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.27%//UP 3 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.99 UP 3 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 72 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.31% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.37% 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 FRIDAY

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

Euro/USA 1.1164  UP     .0009 or 8 basis points

USA/Japan: 108.30 UP .288 OR YEN DOWN 20  basis points/

Great Britain/USA 1.2929 UP .0009 POUND UP 9  BASIS POINTS)

Canadian dollar UP 24 basis points to 1.3145

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 7.0342   ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  67.0387  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  5.7088 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at -.18%

 

Your closing 10 yr US bond yield UP 4 IN basis points from THURSDAY at 1.74 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.23 UP 5 in basis points on the day

Your closing USA dollar index, 97.22 DOWN 13  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED UP 29.28  0.73%

German Dax :  CLOSED UP 94.26 POINTS OR .73%

 

Paris Cac CLOSED UP 32.03POINTS 0.56%

Spain IBEX CLOSED UP 70.50 POINTS or 0.76%

Italian MIB: CLOSED UP 240.55 POINTS OR 1.06

%

 

 

 

 

 

WTI Oil price; 55.36 12:00  PM  EST

Brent Oil: 61.04 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    63.40  THE CROSS LOWER BY 0.73 RUBLES/DOLLAR (RUBLE HIGHER BY 73 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.41 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 :  56.04//

 

 

BRENT :  61.57

USA 10 YR BOND YIELD: … 1.72..plus 3 pts…

 

 

 

USA 30 YR BOND YIELD: 2.20..plus 3 pts..

 

 

 

 

 

EURO/USA 1.1165 ( UP 8   BASIS POINTS)

USA/JAPANESE YEN:108,19 up .195 (YEN down 20 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 97.19 DOWN 15 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2938 down 1  POINTS

 

the Turkish lira close: 5.7105

 

 

the Russian rouble 63.55   up 0.59 Roubles against the uSA dollar.( UP 59 BASIS POINTS)

Canadian dollar:  1.3146 UP 23 BASIS pts

USA/CHINESE YUAN (CNY) :  7,0342  (ONSHORE)/

 

 

USA/CHINESE YUAN(CNH): 7,0417 (OFFSHORE)

 

German 10 yr bond yield at 5 pm: ,-0.41%

 

The Dow closed UP 301.13 POINTS OR 1.11%

 

NASDAQ closed UP 94.04 POINTS OR 1.13%

 


VOLATILITY INDEX:  12.33 CLOSED DOWN .89

LIBOR 3 MONTH DURATION: 1.902%//libor dropping like a stone

 

USA trading today in Graph Form

“Extreme Greed” Trigger’d – Gold, Bonds, & Stocks Rally As Dollar Dives

Thanks to a melt-up today, US equities (apart from Trannies) ended the week higher…

But today’s gains were farcically driven by a full court press of jawboning (5 Fed Speakers, Mnuchin, and Kudlow) to open the US equity markets…

0830ET Jobs Beat – Dow +100

0915ET Fed’s Kashkari dovish: “we’re not at maximum employment.. in free lunch zone” – Dow +20

0920ET Mnuchin: “constructive talks, working hard” – Dow +30

0930ET Fed’s Rosengren hawkish: further monetary accommodation not needed – Dow unch

0935ET Fed’s Clarida neutral: “we will be data-dependent, economy/consumer in good place” – Dow unch

0936ET Fed’s Kaplan dovish: “growth in US is decelerating, need skills-based immigration”

0937ET Kudlow: White House wants tax cuts for middle class, Trump optimistic on trade deal – Dow unch

0945ET Kudlow: “enormous progress on IP theft” – Dow +30.

0950ET Record high for S&P and Nasdaq

0955ET Kudlow: “US-China trade call may be happening now, Ag & FX parts virtually completed” – Dow +20

1000ET ISM Manufacturing MISS, 3rd month of contraction (bad news is good news) – Dow +50

1050ET Mission Accomplished – Dow futs take out post-Powell high stops

1215ET Dow futs stops run and fade begins into EU close

1255ET USTR: “constructive trade talks today” – Dow unch

1300ET Fed’s Quarles dovish: current policy stance “likely to remain appropriate… unless data weakens” – Dow unch

1310ET MOFCOM: “constructive trade talks today, achieved consensus” – Dow +20

1325ET Fed’s Daly neutral/hawkish: “annual wage growth of about 3% is good news” – Dow unch

1450ET Fed’s Williams neutral/hawkish: “economy is in a very good place, it is strong” – Dow -10

1600ET RECORD CLOSE FOR S&P AND NASDAQ

And the headlines seemed perfectly times to rejuvenate a stalled short-squeeze…

Source: Bloomberg

So what did we learn on Friday?

As Bloomberg noted, the labor market remains pretty resilient, which suggests that the angel of economic death isn’t particularly close to knocking on the door. The ISM survey continued to point toward a manufacturing contraction, but there are at least a few pockets of hope from new orders and (believe it or not) exports. And the vice chairman of the Fed gave a nod that an easing bias remains in place by suggesting that economic risks remain skewed to the downside.

This isn’t a Goldilocks economy by any stretch, because the caution in the business sector remains very real. Then again, perhaps it doesn’t need to be for risky assets to rally if familiar FOMO themes start coming into play.

And the equity gains happened as US macro data disappointed notably…

Source: Bloomberg

However, since Powell’s dovish promise on raising rates without major inflation, gold is the leader…

US equities bucked the trend of weaker economic data and declining earnings expectations thanks to one simple thing – liquidity…

Source: Bloomberg

Chinese markets ended the week in a buying panic…

Source: Bloomberg

Europe ended more mixed with Spain worst and Italy best…

Source: Bloomberg

European bank stocks and credit have dramatically decoupled (thanks to Draghi’s idiotic schemes)

Source: Bloomberg

Momo ended the week lower…

Source: Bloomberg

As cyclicals were panic bid today….

Source: Bloomberg

As the odds of a trade deal surged back today after TSY, USTR, MOFCOM, and Kudlow comments…

Source: Bloomberg

Stocks are notably decoupled from the relative hawkishness priced into fed fund futures…

Source: Bloomberg

Treasury yields ended the week lower (down between 6 and 8bps)…

Source: Bloomberg

30Y Yields fell notably on the week (first drop in yields for 4 weeks)…

Source: Bloomberg

And global negative-yielding debt jumped most since August…

Source: Bloomberg

The yield curve steepened (today’s surge drove the week’s performance) bringing the market closer to recession…

Source: Bloomberg

Bond vol collapsed this week… (this is the biggest 2-week drop in bond vol since Summer 2013’s temper tantrum reaction)

Source: Bloomberg

The Dollar dumped lower on the week after Powell’s dovish comments (lowest weekly close since July)…

Source: Bloomberg

 

 

Source: Bloomberg

Cryptos were mixed on the week with Bitcoin and Bictoin Cash outperforming…

Source: Bloomberg

Bitcoin managed to get back above $9,000 and traded among extremely technical levels…

Source: Bloomberg

Gold gained the most on the week and today’s surge in oil made it look less disastrous…

Source: Bloomberg

WTI scrambled back above $56 today (after testing a $53 handle)…

Gold surged after The Fed, back above $1500 to the top of the recent range…

 

Finally, we note that Elizabeth Warren is sliding in the money-odds (not polls) and Hillary is rising…

Source: Bloomberg

We also note that all the worry about the impeachment inquiry (odds of an impeachment now 79%) is apparently dismissed by the Senate as the odds of Trump completing his first term are 70%…

Source: Bloomberg

But, US long-term profits growth forecasts have collapsed…

As markets surge to ‘Extreme Greed’… hasn’t ended well before!

Source: CNN

And with Greed at its peak, fear is at a record nadir (VIX Specs have never been more short volatility)…

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

MARKET TRADING//USA

a)Market trading/FOMC

Huge October Payrolls Beat: 128K Jobs Added As Black Unemployment Rate Hits All Time Low

With Wall Street expecting the first double-digit payrolls report since May, largely as a result of over 40K GM jobs not accounted for due to the strike, and with some whispers even hinting at a negative print, moments ago the BLS surprised once again, reporting that in October, the US added 128K jobs, a huge beat to the 85K expected, with the September payrolls report revised sharply higher to 180K from 136K.

The change in total nonfarm payroll employment for August was revised up by 51,000 from +168,000 to +219,000, and the change for September was revised up by 44,000 from +136,000 to +180,000. With these revisions, employment gains in August and September combined were 95,000 more than previously reported.  After revisions, job gains have averaged 176,000 over the last 3 months.

The report includes a strike-driven 41,600 decline in automaker payrolls and 20,000 temporary census workers leaving their jobs. The result of the strike led to a 36K drop in manufacturing jobs, the biggest drop since 2009, although a similar rebound is expected next month now that the GM strike is over.

The unemployment rate rose modestly to 3.6% from a half-century low of 3.5%, and in line with expectations, while the unemployment rate for blacks dropped to a fresh all time lows.

The participation rate, or share of working-age people in the labor force, increased to 63.3% as more Americans reentered the workforce. The U-6 underemployment rate ticked up to 7% from the lowest since 2000; this number reflects part-time workers who’d prefer a full-time position and those who aren’t actively looking.

The GM strike may also have hit wages in October: average hourly earnings climbed 3% from a year earlier, matching projections after an upward revision the prior month, though the 0.2% monthly gain was below the 0.3% estimate.

Unlike prior months, there was no hours worked gimmick, as the average workweek for all employees on private nonfarm payrolls was unchanged at 34.4 hours in October, as expected. In manufacturing, the average workweek decreased by 0.2 hour to 40.3 hours, while overtime was unchanged at 3.2 hours. The average workweek of private-sector production and nonsupervisory employees held at 33.6 hours.

The unexpectedly strong report validates the Fed’s description of the job market as “strong” and validates Powell’s signal that the Fed will pause after its third interest-rate cut. While businesses have been pulling back on fixed investment as yesterday’s GDP print showed, continued solid gains in hiring and wages will help drive growth and support President Donald Trump’s bid for re-election in 2020.

As has been the case for much of the past decade, job gains were led by low-wage jobs in leisure and hospitality, education and health services and professional and business services. Construction and finance also posted modest gains. Even retail jobs rose, registering back-to-back gains for the first time in more than a year following seven straight declines.

A breakdown of jobs per the BLS:

In October, food services and drinking places added 48,000 jobs.

  • Employment in social assistance increased by 20,000 in October and by 139,000 over the last 12 months.
  • Employment in financial activities rose by 16,000, with gains in real estate and rental and leasing (+10,000) and in credit intermediation and related activities (+6,000). Financial activities has added 108,000 jobs over the last 12 months.
  • Employment in professional and business services continued to trend up in October (+22,000).
  • Health care employment continued on an upward trend in October (+15,000). Health care has added 402,000 jobs over the last 12 months.
  • Manufacturing employment decreased by 36,000 in October. Within manufacturing, employment in motor vehicles and parts declined by 42,000, reflecting strike activity.
  • Federal government employment was down by 17,000 over the month, as 20,000 temporary workers who had been preparing for the 2020 Census completed their work.

In response, Treasury yields, the dollar and S&P futures all spiked as December rate cut odds slumped, amid renewed speculation that the economy is once again on an stronger footing.

Where The October Jobs Were: Who Is Hiring And Who Isn’t… And Those Amazing Restaurant Jobs

As noted earlier, today’s payrolls report was a far stronger than expected 128K (exp. 85K), even with the negative impact of the GM strike and the unwind of census hiring, which subtracted 41,600 and 20,000 workers from the headline print. In any case, October marked the 109th straight month of U.S. job growth, the longest such streak on record; we for one, can’t wait to deconstruct this fabrication during the next recession when the truth behind these number will finally emerge but we digress.

And while the quantitative aspect of today’s jobs report was stronger than expected, what about the qualitative?

Here, as has been the case for much of the past decade, job gains were led by low-wage jobs in leisure and hospitality, education and health services as well as the somewhat better paying professional and business services. Construction and finance also posted modest gains. Even retail jobs rose, registering back-to-back gains for the first time in more than a year following seven straight declines.

While we present the full breakdown of jobs by sector below, it is worth noting that food services and drinking places added 48k jobs in October, as job growth in the industry has averaged 38k over the past three months, compared with an average monthly gain of 16k in the first seven months of 2019. And something even more remarkable: since February 2010 – a period covering nearly 10 years – the US “food service and drinking places”, i.e. restaurant industry, has added jobs every single month with just 4 exceptions!

Booming – supposedly – restaurant industry aside, this is who else hired in October and 2019:

  • In October, food services and drinking places added 48,000 jobs.
  • Employment in social assistance increased by 20,000 in October and by 139,000 over the last 12 months.
  • Employment in financial activities rose by 16,000, with gains in real estate and rental and leasing (+10,000) and in credit intermediation and related activities (+6,000). Financial activities has added 108,000 jobs over the last 12 months.
  • Employment in professional and business services continued to trend up in October (+22,000).
  • Health care employment continued on an upward trend in October (+15,000). Health care has added 402,000 jobs over the last 12 months.
  • Manufacturing employment decreased by 36,000 in October. Within manufacturing, employment in motor vehicles and parts declined by 42,000, reflecting strike activity.
  • Federal government employment was down by 17,000 over the month, as 20,000 temporary workers who had been preparing for the 2020 Census completed their work.

The chart summarizing the above is below, with the sharp drop in manufacturing jobs, a direct result of the GM strike, highlighted. It is expected that most of this drop will reverse in November.

Finally as Bloomberg notes, blow are the industries with the highest and lowest rates of employment growth for the most recent month. Additionally, monthly growth rates are shown for the prior year. The latest month’s figures are highlighted.

end

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

iii) Important USA Economic Stories

28,000 American Flight Attendants Refuse To Work On Boeing 737 Max Planes

The Boeing 737 Max crisis continues to get more serious. 

Tens of thousands of American Airlines’ flight attendants fear for their safety and will not work on Boeing 737 Max planes if they return to the air in 2020, the Association of Professional Flight Attendants (APFA) union’s president wrote in a letter to Boeing’s CEO this week, reported Reuters.

“The 28,000 flight attendants working for American Airlines refuse to walk onto a plane that may not be safe and are calling for the highest possible safety standards to avoid another tragedy,” APFA President Lori Bassani said in the letter (seen by Reuters).

Reuters noted the letter was dated Oct. 30, which followed several days of Boeing CEO Dennis Muilenburg being grilled by lawmakers in Washington after two Max crashes killed 346 people and led to a worldwide grounding of the plane in March.

Muilenburg, during the hearing, told US lawmakers that Boeing made “mistakes” and “have learned from both accidents and identified changes that need to be made.”

Lawmakers accused Boeing of knowing about flight control issues in the plane’s MCAS system, which has been identified by the flight regulators as a significant factor behind both Max crashes.

Bassani told Muilenburg that the hearings in Washington reveal “breakdowns in the supervision of the 737 MAX and raise questions about the Federal Aviation Administration’s (FAA) resources for oversight,” said Reuters.

The letter told Muilenburg that American Airlines’ flight attendants won’t step on the plane until her union has all the safety reports.

Since the grounding of the Max in March, Boeing has been desperately trying to get the planes back in the air as carriers across the world are abandoning Max orders for Airbus planes.

Boeing has a credibility crisis. They will need to rebuild confidence in the Max with not just flight attendants but also the American people, along with global carriers and regulators.

To do this, you’ll hear it here first, Boeing will have to go on Good Morning America, followed by a 60 Minutes segment, to reach as many people as possible, all in the attempt to restore confidence. If Boeing can’t regain trust, they should rebrand, something President Trump said earlier this year.

 

 end

 

end

US Manufacturing Contracts For 3rd Straight Month As Production, Imports Plummet

Following Chicago manufacturing’s survey collapse, September’s plunge in ISM Manufacturing, and October’s weakness in the Services ISM, all hope-filled eyes were on Manufacturing survey data this morning.

  • US Manufacturing PMI 51.3, up from 51.1 in September (missed expectations of 51.5)
  • US Manufacturing ISM 48.3, up from 47.8 in September (missed expectations of 48.9)

This is the third straight month of contraction (sub-50) for ISM, and this is after a surge in actual economic data in September and collapse in October.

Source: Bloomberg

Under the hood ISM is not pretty:

  • Production fell to 46.2 vs 47.3, lowest reading since April 2009
  • Imports fell to 45.3 vs 48.1, lowest reading since May 2009  
  • New orders rose to 49.1 vs 47.3
  • Employment rose to 47.7 vs 46.3
  • Supplier deliveries fell to 49.5 vs 51.1
  • Inventories rose to 48.9 vs 46.9
  • Customer inventories rose to 47.8 vs 45.5
  • Prices paid fell to 45.5 vs 49.7
  • Backlog of orders fell to 44.1 vs 45.1
  • New export orders rose to 50.4 vs 41.0 ?

Chris Williamson, Chief Business Economist at IHS Markit said:

Tentative signs of renewed vigor are appearing in the US manufacturing sector, with the survey’s production gauge having now risen for three successive months to suggest that the soft patch bottomed out in July. Growth of new orders hit a six-month high, fuelled in part by a renewed increase in exports, prompting producers to take on more staff, with payroll numbers rising at the quickest pace since May.

“The improvement in current conditions was matched by a lifting of business optimism about the year ahead to the highest seen since June. It was also encouraging to see this optimism feed through to an upturn in demand for investment goods, such as plant and machinery, as this hints that firms are moving back into expansion mode, albeit only tentatively so far.

However, while the outlook has improved, further growth is by no means assured. Survey respondents continue to report widespread concerns over issues such as tariffs, the auto sector’s ongoing malaise, a lack of pricing power amid weak demand and uncertainty about the economic and political situation over the coming year. While the survey data are moving in the right direction, the overall picture therefore remained one of only very modest growth and guarded optimism.”

So who do we believe? ISM or PMI?

END

iv) Swamp commentaries)

Pelosi Begins “Political Death March” As Impeachment Resolution Offers Few Answers

 

Nancy Pelosi has done it.

Without a single Republican vote, the Democratic leader has passed a resolution endorsing her impeachment inquest and setting forth rules and a loose timetable allowing it to proceed in an even more public fashion. In a 232-196 vote that underscored the bitter partisan divisions in Washington, Pelosi’s Dems were joined by 0 Republicans (and the chamber’s only independent, ex-Republican Congressman Justin Amash), while 2 Dems – Reps. Jeff Van Drew (D-NJ) and Collin Peterson (D-MN) – defected and voted ‘No’ with the Republicans. They both represent districts Trump won handily on 2016.

After weeks of public hearings, some have argued that it’s possible Gordon Sondland pressured the Ukrainians to investigate the Bidens, perhaps going off the reservation to pursue a crusade independent of his superiors (perhaps operating under the assumption that they would be happy with the results), Bloomberg reports.

As Bloomberg reports, the onus is now clearly on Nancy Pelosi to finish what she started. However, she is still losing in the areas where it matters most: No. 1) in the court of public opinion, where the country is roughly split on support for impeachment. That’s right: All of the Dems’ smears have had practically no impact, perhaps because the White House immediately moved to release the rough transcript, allowing the public to see with its own eyes that there was no quid-pro-quo during the July 25 call with Zelensky.

Whatever progress impeachment has made in terms of public opinion, Pelosi better prepare to lose it. Because, as Bloomberg points out, the impeachment inquiry has burst into public view. In a few weeks, public hearings will begin, and although the Dems promised the White House that Trump’s legal team would be allowed to participate, it turns they won’t be allowed to cross examine witnesses until the next round, which will be handled by the Judiciary Committee.

And even then, the Dems will have a veto over any witnesses the Republicans wish to call. Trump has been mostly shut out of the process so far, but his persistent criticisms of the Witch Hunt have still been effective, and that’s unlikely to change.

House Democrats, have been careful not to divulge their strategy, but some elements are coming into focus. By allowing Trump’s legal team to participate in the second, highly public, half of the pre-impeachment hearings, they’ve created a venue that could possibly lead to Trump testifying publicly. Or at least they set it up so that they could criticize Trump if he refuses.

It’s worth noting that the way this has all been set up, it’s almost as if the leadership assumes impeachment will fail, but has decided that the political boost they might gain by bashing Trump is worth the effort, according to the New York Times.

As one politico who spoke to the NYT reportedly said, it appears both sides have begun a “political death march” until the next election. For the Dems, that means allowing the newly reinvigorated far-left base to take the reins, at the risk of undermining the moderates who still vote in vast numbers across the US.

end

Trump-Ukraine Whistleblower Suddenly Won’t Testify; Lawyers Break Off Negotiations Amid New Revelations

A CIA officer who filed a second-hand whistleblower complaint against President Trump has gotten cold feet about testifying after revelations emerged that he worked with Joe Biden, former CIA Director John Brennan, and a DNC operative who sought dirt on President Trump from officials in Ukraine’s former government.

According to the Washington Examiner, discussions with the whistleblower – revealed by RealClearInvestigations as 33-year-old Eric Ciaramella have been halted, “and there is no discussion of testimony from a second whistleblower, who supported the first’s claims.”

Ciaramella complained that President Trump abused his office when he asked Ukraine to investigate corruption allegations against Joe Biden and his son Hunter, as well as claims related to pro-Clinton election interference and DNC hacking in 2016.

On Thursday, a top National Security Council official who was present on a July 25 phone call between Trump and Ukrainian President Volodomyr Zelensky testified that he saw nothing illegal about the conversation.

I want to be clear, I was not concerned that anything illegal was discussed,” said Tim Morrison, former NSC Senior Director for European Affairs who was on the July 25 call between the two leaders.

 

Tim Morrison

And now, the partisan whistleblowers have cold feet;

“There is no indication that either of the original whistleblowers will be called to testify or appear before the Senate or House Intelligence committees. There is no further discussion ongoing between the legal team and the committees,” said the Examiner‘s source.

The whistleblower is a career CIA officer with expertise in Ukraine policy who served on the White House National Security Council during the Obama administration, when 2020 Democratic presidential candidate Joe Biden was “point man” for Ukraine, and during the early months of the Trump administration. –Washington Examiner

In other words, House Democrats are about to impeach President Trump over a second-hand whistleblower complaint by a partisan CIA officer, and neither he nor his source will actually testify about it (for now…).

On Thursday, the House passed a resolution establishing a framework for Trump impeachment proceedings, belatedly granting Republicans the ability to subpoena witnesses, but only if Schiff and fellow Democrats on the Intelligence Committee agree.

Mark Zaid, who along with Andrew Bakaj is an attorney for both the original whistleblower and the second whistleblower, told the Washington Examiner the legal team was willing to work with lawmakers so long as anonymity is ensured. “We remain committed to cooperating with any congressional oversight committee’s requests so long as it properly protects and ensures the anonymity of our clients,” Zaid said.

On Wednesday, Zaid and Bakaj declined to confirm or deny in a statement to the Washington Examiner that Eric Ciaramella, 33, a career CIA analyst and former Ukraine director on the NSCwas the whistleblower after a report by RealClearInvestigations. –Washington Examiner

In September, House Intelligence Committee Chair Adam Schiff, who lied about contacts with Ciaramella (and hired two Ciaramella associates as staffers) said that the whistleblower “would like to speak to our committee.”

Adam Schiff

@RepAdamSchiff

We have been informed by the whistleblower’s counsel that their client would like to speak to our committee and has requested guidance from the Acting DNI as to how to do so.

We‘re in touch with counsel and look forward to the whistleblower’s testimony as soon as this week.

Once Ciaramella’s status as a CIA officer and his links to Biden emerged, however, Schiff backtracked. On October 13 he changed his tune, saying “Our primary interest right now is making sure that that person is protected.”

Kelly O’Donnell

@KellyO

Attorneys for Ukraine call whistleblower new statement on speculation about the intelligence community employee’s identity.

View image on Twitter

Meanwhile, once the House impeaches Trump – which it most certainly will – the tables will turn in the Senate, which will hold a mandatory trial. Not only will the GOP-Senators controlling the proceedings be able to subpoena documents and other evidence, they’ll be able to compel Ciaramella, the Bidens, Chalupa and any other witnesses they desire as we head into the 2020 US election.

Nancy Pelosi saw this coming and caved to her party anyway. There isn’t enough popcorn in the world for what’s coming.

end

Halloween Is Over… And The Jig Is Up For Democrats

Authored by James Howard Kunstler via Kunstler.com,

And so Nancy Pelosi and Adam Schiff take the Republic into a dangerous defile on a dark day as they engineer a House resolution with rules for a medieval-style inquiry on the existence of phantoms. The phantom du jour, of course, is the fabled “whistleblower,” a CIA ectoplasm identified by everybody and his uncle in Swampland as one Eric Ciarmarella, 33, a former Joe Biden staffer, Obama White House low-level NSC holdover, and John Brennan “asset” deeply involved in Ukrainian pranks during the 2016 election and subsequent disinformation leakage to the media since the early days of the Trump administration.

The “whistleblower’s” trail winds through every shadowy turn of RussiaGate to the current phantasmagoria of UkraineGate, and connects the principal misdeeds carried out along the way including Hillary Clinton’s devious operations with Fusion GPS, the Comey-led FBI’s illegal entanglement with CIA spying on US citizens (including occupants of the White House), and lately the mendacious maneuvers of House Intel Committee chair Mr. Schiff.

The notion that Mr. Ciamarella’s identity will remain officially hidden much longer is a joke, since his “complaint” lies at the center of the impeachment process underway, and sooner or later he will be compelled to make public testimony — unless Ms.Pelosi’s House majority votes to rename the USA the Haunted Forest of North America. And when this unmasked phantom finally faces legitimate cross examination his mischief will be plain for all to see. Do you also suppose that Mr. Ciamarella’s revealed adventures in perfidy have not been noticed by the attorney general, Mr. Barr, and his deputy John Durham?

It seems obvious that the Democrats mad rush to this wholly irregular impeachment happened in direct, proportional response to the encroaching danger to them posed by the DOJ inspector general’s imminent report and the news a week ago that the AG upgraded his “review” of all things RussiaGate to a criminal inquiry, with grand juries assembled to process indictments. In the meantime, Rep. Schiff’s secret proceedings in the House basement seem to have produced little besides evidence that contradicts the premises of his wicked enterprise. One by one, his witnesses have been busted — Mr. Taylor, Col. Vindman, Mr. Morrison, and all the rest — in Mr. Schiff’s quixotic effort to demonstrate that the transcript of Mr. Trump’s phone call to Mr. Zelensky says something other than what can be read plainly in its pages.

It’s hard to feature how the House might convey their garbage barge of obvious falsehoods to the Senate — the risks are so perilous — but if they dare to, I hope it leads to an actual trial, where due process of law will obtain and, for the first time, a long list of malicious actors in this epic of treachery will actually have to answer for their treasonous activities. Much of what has been documented the past two years about the coup to oust Mr. Trump never made it to the pages of The New York Times, WashPo, and the cable news networks, and may come as a shock to people who read and watch nothing else. For instance, the reportage of Paul Sperry about Mr. Ciamarella at Real Clear Politics this past week, which ripped the mask off this fake pimpernel, has been utterly ignored by those news outlets.

You could read the desperate anxiety on Speaker Pelosi’s fright-mask face in her various fleeting public statements since August. She might suspect that this long-running enterprise of sedition leads to a political shipwreck more violent than anything seen in the USA since the Civil War. Or just perhaps she is foolishly oblivious, misinformed, and badly advised. If we are fortunate, the damage to come can be confined to the death of the Democratic Party. It’s hard to imagine how they will survive the emergence of the truth about exactly what has gone on at their bidding since the primary elections of 2016.

The House of Representatives goes on hiatus now for about ten days. There’s a pretty good chance the DOJ IG Horowitz’s report will drop before they return. There’s also more than a fair chance that it will contain a load of damning information about matters connected one way or another to the impeachment inquiry. I doubt the mainstream media will be able to evade reporting on it. There are also indications that the long ordeal of General Michael Flynn’s prosecution is about to end in a debacle for Mr. Mueller‘ gang of attorneys, who have been concealing their turpitudes from Judge Emmet Sullivan’s court since last December. When that case blows up, the reverberations will thunder through every cranny of Washington DC and everything on the battlefield will look different to the people of this land.

  • 65
  • 15393

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

China Doubts Long-Term Trade Deal Possible With Trump

Stage 1 in the works but Chinese downplay prospect for others

Chinese officials have warned they won’t budge on the thorniest issues, according to people familiar with the matter. They remain concerned about President Donald Trump’s impulsive nature and the risk he may back out of even the limited deal both sides say they want to sign in the coming weeks…

    Beijing is open and willing to continue talks after an initial phase, but both sides recognize that it will be very difficult to reach an agreement on the deep structural reforms the U.S. is pushing for, said one Chinese official familiar with the talks…

    “Even if they do get a phase one, a phase two is going to be substantially more difficult because all the really difficult issues are being deferred,” said Eswar Prasad, who once led the International Monetary Fund’s China team and is now at Cornell University…

https://www.bloomberg.com/news/articles/2019-10-31/china-said-to-doubt-long-term-trade-deal-possible-with-trump

Trump blames impeachment inquiry for stock market dip [He’s wrong!  If the market believed impeachment was viable, it would collapse.  However, Trump can and will blame Democrats if a recession appears.]   https://trib.al/vLsdoJt

@RepDLesko: This resolution for a sham impeachment process is a farce: Transcripts aren’t required to be made public – Exculpatory evidence does not have to be turned overDemocrats are misleading the public once again. This does not open up the process, nor does it provide transparency.

@ByronYork: Dems have more secret depositions scheduled for next week… Resolution contains no requirement to release transcripts. As for public hearings, no requirement beyond one. All at Schiff discretion… Blue state impeachment. Dem leaders addressing press today–Schiff, Nadler, Maloney, Jeffries, Engel, McGovern–hail from New York, California, and Massachusetts. Specifically, four from NYC, one from Hollywood, and one from Mass.

@thebradfordfile: Democrats are sacrificing Joe Biden to protect Obama. It’s not going to work.

Their hatred of the president exceed their caring about this country and its people.” – Chuck Schumer

It is simply antithetical to our constitutional Democracy to use impeachment to overturn an election on partisan grounds… It would trample upon the choice made by the people through the electoral process and do great harm…. Federalist 65 also sounds a warning… that impeachments inevitably risk being hijacked by partisan political forces …The Framers of the Constitution knew that the greatest danger associated with impeachment was the presence of partisan factions that could dictate the outcome.” – Joe Biden Senate Floor Speech February 12, 1999

https://www.cnn.com/ALLPOLITICS/stories/1999/02/12/senate.statements/biden.html

“Benjamin Franklin called impeachment, “a substitute for assassination… The effect of impeachment is to overturn the popular will of the voters as expressed in a national election.  The people elected the president. They still support him. We have no right to overturn the considered judgment of the American people.” – Rep. Jerry Nadler, House Judiciary Committee hearing, December 10, 1998

“I think it [impeachment] has a traumatic impact on the confidence that the American people have in government.” — Nancy Pelosi

Jefferson feared that even our process for impeachment could be a formidable partisan weapon. He feared that a determined faction in Congress would use it ‘… for getting rid of any man whom they consider as dangerous to their views, and I do not know that we could count on one-third in an emergency.’” — Senate Minority Whip Dick Durbin (D-IL) 2/12/1999

ESZs hit the session low of 3020.25 at 10:35 ET.  ESZ rallies failed until the last hour of trading because defensive allocators kept selling ESZ and stocks while buying bonds and USZs.  When USZs [Dec. 30-yr bond futures] closed at 15:00 ET, selling of ESZs diminished.  Add in the late manipulation to embellish October performance and presto!  A rally appeared.

US Initial jobless claims increased 5,000 to 218,000 due to the California wildfires.

We mentioned that Horowitz’s report might be delayed due to infighting at the DoJ.  Purportedly, the report is being delayed due to UK and Australia related issues.  These nations’ intel services, plus Italy, are alleged to have been enlisted by US Spygate figures to ‘get Trump’.

Alexander Downer’s secret meeting with FBI led to Trump-Russia inquiry   May 17, 2018

The Australian government allowed its former ambassador to the UK, Alexander Downer, to take part in a “highly unusual” meeting with FBI agents in 2016 to share evidence he possessed about Russian meddling in the US presidential election campaign, according to new reports.

It was a breach of diplomatic protocol – which came after “tense deliberations” between Washington and Canberra – that helped to lay the foundations for the special counsel investigation into allegations of collusion between Donald Trump’s campaign and Russia, according to the New York Times…

https://www.theguardian.com/us-news/2018/may/17/alexander-downers-secret-meeting-with-fbi-led-to-trump-russia-inquiry-report

Last night, we heard that Barr has overruled those that advocated for a delay.  More rumors from last night: Durham has empaneled a grand jury in Connecticut.  Four ex-State Department officials entered on Wednesday and two yesterday.  Barr will hold a press conference today.

 

Late Wednesday night/early Thursday, the MSM reported that a top NSC official would testify that he saw DJT make a ‘quid pro quo’ with Ukraine officials – a demand for a public statement by the Ukrainian president committing to investigate Burisma.  Dems and the MSM were euphoric!  But it was fake news.

NBC 8:02 CT 10/31/10: Ex-Trump Russia and Europe adviser Morrison arrives to testify in impeachment inquiry – Morrison, who resigned Wednesday, raised concerns about the Trump administration’s approach to Ukraine… Morrison will be asked to explain that “sinking feeling” he got when Trump demanded that Ukraine’s president investigate former Vice President Biden and meddling in the 2016 election… [Apparently this is all fake news!]

https://www.nbcnews.com/politics/trump-impeachment-inquiry/ex-trump-russia-europe-adviser-morrison-arrives-testify-impeachment-inquiry-n1074441

Not only was this more MSM fake news, Morrison debunked the demand allegation as well as [NeverTrumper] Bill Taylor’s claims and testimony to Schiff.

CBS’s @ArdenFarhiCBS News has learned NSC’s Senior Director for European Affairs Tim Morrison was on the Trump-Zelensky call and told the investigating committees, “I want to be clear, I was not concerned that anything illegal was discussed.”

NSC Official Tim Morrison to Schiff: ‘I Was Not Concerned That Anything Illegal Was Discussed’ In Trump-Ukraine Phone Call – Tim Morrison, a former National Security Council official under Trump, told Rep. Adam Schiff in testimony today that he was never concerned that Trump discussed anything illegal in his July 25 phone call with the Ukrainian president…

    Morrison also pointed out key factual inaccuracies in testimony provided by William Taylor, a State Department official who works in the U.S. embassy in Kiev, Ukraine. Morrison said that, contrary to Taylor’s claims, Morrison never met with the Ukrainian National Security advisor in his private hotel room.  Morrison also said Taylor falsely claimed that Ambassador Gordon Sondland demanded a public statement from the Ukrainian president committing to investigate Burisma

    Morrison testified that the transcript of the phone call that was declassified and released by Trump in late September “accurately and completely reflects the substance of the call,” and that he was concerned that the substance of the call would be leaked to the media. Morrison said he immediately informed a NSC lawyer about his concerns that the phone call would be leaked…

https://thefederalist.com/2019/10/31/nsc-official-tim-morrison-to-schiff-i-was-not-concerned-that-anything-illegal-was-discussed-in-trump-ukraine-phone-call/

Fox’s, soon to be CBS’s, Catherine Herridge reports that Morrison said he was warned about Lt. Col. Vindman’s judgement and testified that Vindman had at least one time violated chain of command regulations, which contradicted Vindman’s statement to Schiff that he always obeyed the chain of command, especially on Ukraine.  https://twitter.com/kbq225/status/1189961211099545601

@seanmdav: Tim Morrison’s testimony destroys Schiff’s narrative, which is why Schiff insists on all these interviews happening in secret. That way he can lie about what witnesses say and prevent the truth from every seeing the light of day.

@JackPosobiec: The NSC official testifying today is essentially accusing Ciaramella, Vindman, and Taylor of lying under oath on various details they included in their accounts of the Trump-Ukraine call

Obviously someone from Team Schiff leaked out damaging but fake news and the MSM swallowed it.  Please note that for the past few weeks, the MSM has issued stories that claimed a witness would provide damning testimony on Trump and facilitate an impeachment.  It has all been fake news.  Either the MSM is fabricating stories to harm Trump or someone on Team Schiff is leaking BS to harm Trump.

 

@RepDougCollins: “Here’s my challenge to Mr. Schiff — you want to be Ken Starr, be Ken Starr. Come to the Judiciary Committee, be the first witness & take every question asked of you. Starting with your own involvement with the whistleblower. Folks, this ain’t over. Get ready.”

https://twitter.com/thehill/status/1189977340274593793

 

John Solomon: Debunking some of the Ukraine scandal myths about Biden and election interference

The Facts: The Ukrainian embassy in Washington confirmed to me this past April that a Democratic National Committee contractor named Alexandra Chalupa did, in fact, solicit dirt on Donald Trump and Paul Manafort during the spring of 2016 in hopes of spurring a pre-election congressional hearing into the Trump campaign’s ties to Russia…

    The Facts: There are two documented episodes involving Ukrainian government officials’ efforts to influence the 2016 American presidential election… a court last December ruled that a Parliamentary member and a senior Ukrainian law enforcement official improperly tried to influence the U.S. election by releasing financial records in spring and summer 2016 from an investigation into Trump campaign chairman Paul Manafort’s lobbying activities…

    The second episode occurred on U.S. soil back in August 2016 when Ukraine’s then-ambassador to Washington, Valeriy Chaly, took the extraordinary step of writing an OpEd in The Hill criticizing GOP nominee Donald Trump and his views on Russia just three months before Election Day….

   The Facts: Joe Biden is captured on videotape bragging about his effort to strong-arm Ukraine’s president into firing Prosecutor General Viktor Shokin…

    The Facts: This is one of the most egregiously false statements spread by the media. Ukraine’s official case file for Burisma Holdings, provided to me by prosecutors, shows there were two active investigations into the gas firm and its founder Mykola Zlochevsky in early 2016, one involving corruption allegations and the other involving unpaid taxes…

    The Facts: Trump could not have forced the Ukrainians into opening a new Burisma investigation in July because the Ukrainian Prosecutor General’s office had already done so on March 28, 2019, or three months before the call… [Much more at link]

https://johnsolomonreports.com/debunking-some-of-the-ukraine-scandal-myths-about-biden-and-election-interference/

 

CIA “Whistleblower” Eric Ciaramella Worked with DNC Operative Alexandra Chalupa in Creation of Trump-Russia Collusion Hoax

    Ciaramella worked with a Democratic National Committee operative who dug up dirt on the Trump campaign during the 2016 election, inviting her into the White House for meetings, former White House colleagues said. The operative, Alexandra Chalupa, a Ukrainian-American who supported Hillary Clinton, led an effort to link the Republican campaign to the Russian government. “He knows her. He had her in the White House,” said one former co-worker…   https://www.thegatewaypundit.com/2019/10/huge-cia-whistleblower-eric-cairamella-worked-with-dnc-operative-alexandra-chalupa-in-creation-of-trump-russia-collusion-hoax/

 

@johncardillo: The biggest scandal in DC that is being purposefully buried by the MSM is Ciaramella/Chalupa connection.  This relationship is the genesis for much of what we are seeing today and explains Schiff’s hysteria. Barr/Durham are way too close [to revealing the coup]

 

Judicial Watch: Documents Reveal Obama State Department Official in Contact with Russian Embassy Political Chief One Month before Trump Inauguration

     “The State Department has still not fully explained its role in collecting and disseminating Christopher Steele’s false allegations about President Trump’s ties to Russia,” said Daily Caller News Foundation President Neil Patel. “The latest documents obtained by Judicial Watch on behalf of The Daily Caller News Foundation raise new and important questions about the role played by Jonathan Winer, who played a key role as Steele’s conduit to U.S. diplomats.”…The Kerry State Department and Jonathan Winer worked hand-in-glove with the Clinton Fusion GPS spy Christopher Steele…

https://www.judicialwatch.org/press-releases/judicial-watch-documents-reveal-obama-state-department-official-in-contact-with-russian-embassy-political-chief-one-month-before-trump-inauguration/

 

@Barnes_Law: How bad is Deep State politics? Just look at the fake whistleblower for #impeachment: a 30-year old Yale kid. The last group of Yalies to run foreign policy gifted us coups, corruption & decades of disaster (#Dulles). I attended Yale, and no Yale kid I met should be near power.

 

A few days ago, Biden said: “My daughter is a social worker… I wish I had raised one Republican… to go out and make some real money.”  [You can’t make this up!]

https://twitter.com/LizRNC/status/1189617560276389894?s=09

Attachments area

end

Well that is all for today

I will see you Monday night.

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: