NOV 6/GOLD UP $8.70 TO $1491.35//SILVER UP ONE CENT TO $17.63//CONFIRMED VOLUME AT THE COMEX YESTERDAY A RECORD 741,464 CONTRACTS//GOLD COMEX SETS ANOTHER NEW RECORD OF OVER 690,000//RUMBLINGS OF A DEUTSCHE BANK FAILURE//TRUMP JR OUTS OUT CIARAMELLA (THE WHISTLEBLOWER)//DELAY IN THE USA/CHINA DEAL//

GOLD:$1491.35 UP 8.70

 

 

 

 

Silver:17.63 UP 1 CENTS

Closing access prices:

 

 

 

 

Gold :  $1490.80

 

silver:  $17.63

 

COMEX DATA

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

today RECEIVING:  8/22

EXCHANGE: COMEX
CONTRACT: NOVEMBER 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,480.800000000 USD
INTENT DATE: 11/05/2019 DELIVERY DATE: 11/07/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
435 H SCOTIA CAPITAL 1
657 C MORGAN STANLEY 3
661 C JP MORGAN 8
737 C ADVANTAGE 20 10
905 C ADM 2
____________________________________________________________________________________________

TOTAL: 22 22
MONTH TO DATE: 1,066

 

 

we are coming very close to a commercial failure!!

 

 

NUMBER OF NOTICES FILED TODAY FOR  NOV CONTRACT: 22 NOTICE(S) FOR 2200 OZ (0.0684 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  1066 NOTICES FOR 106600 OZ  (3.3157 TONNES)

 

 

 

SILVER

 

FOR NOV

 

 

1 NOTICE(S) FILED TODAY FOR 5,000  OZ/

 

total number of notices filed so far this month: 400 for 2,000,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXX

 

Bitcoin: OPENING MORNING TRADE :  $ 9350 UP 43 

 

 

 

Bitcoin: FINAL EVENING TRADE: $ 9316 UP 9

 

 

 

Let us have a look at the data for today

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IN SILVER THE COMEX OI FELL BY A CONSIDERABLE  SIZED 1941 CONTRACTS FROM 229,450 DOWN TO 227,509 ACCOMPANYING THE 44 CENT LOSS 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 NOV 0,; DEC  2580 AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  2580 CONTRACTS. WITH THE TRANSFER OF 2580 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 2580 EFP CONTRACTS TRANSLATES INTO 12.90 MILLION OZ  ACCOMPANYING:

1.THE 44 CENT LOSS 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 INITIALLY STANDING IN OCT

YESTERDAY WAS THE 5TH DAY IN A ROW THAT THE BANKERS TRIED TO CONTAIN THE PRICE OF SILVER AS THIS TIME THEY INITIATED A MONSTROUS RAID.  THEY TRIED TO COVER THEIR MASSIVE SHORTFALL  AS THEY AGAIN USED HUGE COPIOUS NON BACKED PAPER IN THEIR SUCCESSFUL ENDEAVOUR TO WHACK SILVER’S PRICE ( IT FELL 44 CENTS ). OUR OFFICIAL SECTOR/BANKERS HOWEVER WERE AGAIN  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE SOME SILVER LONGS AS THE TOTAL GAIN IN OI ON BOTH EXCHANGES TOTALED A GOOD 639 CONTRACTS. OR 3.195 MILLION OZ

 

 

 

 

 

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

6696 CONTRACTS (FOR 4 TRADING DAYS TOTAL 6696 CONTRACTS) OR 33.48 MILLION OZ: (AVERAGE PER DAY: 1674 CONTRACTS OR 8.37 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF AUGUST:  33.48 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 4.78% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)*  JUNE’S 345.43 MILLION OZ IS THE SECOND HIGHEST RECORDED ISSUANCE OF EFP’S AND IT FOLLOWED THE RECORD SET IN APRIL 2018 OF 385.75 MILLION OZ.

ACCUMULATION IN YEAR 2019 TO DATE SILVER EFP’S:          1788.17   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

OCTOBER 2019 ISSUANCE:                                                           146.14 MILLION OZ

RESULT: WE HAD A CONSIDERABLE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1941, WITH THE 44 CENT LOSS IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A  STRONG SIZED EFP ISSUANCE OF 2580 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 GOOD SIZED: 639 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 2580 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH DECREASE OF 1941  OI COMEX CONTRACTS. AND ALL OF THIS  DEMAND HAPPENED WITH A 44 CENT LOSS IN PRICE OF SILVER AND A CLOSING PRICE OF $17.62 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. 1.137 BILLION OZ TO BE EXACT or 163% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT NOV MONTH/ THEY FILED AT THE COMEX: 1 NOTICE(S) FOR 5,000 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 A GOOD SIZED 1459 CONTRACTS FROM 681,159  TO ANOTHER NEW ALL TIME RECORD OF 690,181.  AND ALL OF THIS HAPPENED DESPITE THE HUGE  $26.00 PRICING LOSS WITH RESPECT TO COMEX GOLD PRICING RAID// YESTERDAY// / THE PREVIOUS RECORDS WERE SET ON OCT 28/2019 AT 659,371 AND  NOV 1/ 2019 AT  681,159.

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A HUMONGOUS SIZED 18,020 CONTRACTS:

NOV 2019: 0 CONTRACTS, DEC>  18,020 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 690,181,,.  ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE AN ATMOSPHERIC AND CRIMINALLY SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 19,479 CONTRACTS: 1459 CONTRACTS INCREASED AT THE COMEX  AND 18,020 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 19,479 CONTRACTS OR 1,947,900 OZ OR 60.58 TONNES.  YESTERDAY WE HAD A HUGE LOSS OF $26.00 IN GOLD TRADING….

AND WITH THAT LOSS IN  PRICE, WE  HAD A HUMONGOUS GAIN IN GOLD TONNAGE OF 60.58  TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR WERE SUPPLYING INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON AS ANOTHER RAID WAS INITIATED. THE BANKERS WERE VERY SUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (DOWN $26.00) . THEY WERE UNSUCCESSFUL IN FLEECING  GOLD LONGS FROM THE GOLD ARENA AS BOTH EXCHANGES’ OPEN INTEREST ROSE BY A MONSTROUS 19,479 CONTRACTS OR 60.58 TONNES..

 

 

 

 

THE SPREADING LIQUIDATION OPERATION IS NOW OVER FOR SILVER..AND WE WILL NOW MORPH INTO AN ACCUMULATION PHASE OF SPREADING CONTRACTS FOR GOLD.  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 GOLD AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX GOLD OPEN INTEREST WILL RISE FROM NOW ON UNTIL ONE WEEK PRIOR TO FIRST DAY NOTICE AND THAT IS WHEN THEY START THEIR CRIMINAL LIQUIDATION.

HERE IS HOW THE CROOKS USED SPREADING AS WE ARE 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 NOV BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN GOLD WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (DEC), 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 OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF NOV : 44,734 CONTRACTS OR 4,473,400 oz OR 139.14 TONNES (4 TRADING DAY AND THUS AVERAGING: 11,184 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 4 TRADING DAYS IN  TONNES: 139.14 TONNES

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

THUS EFP TRANSFERS REPRESENTS 139.14/3550 x 100% TONNES =3.91% OF GLOBAL ANNUAL PRODUCTION

 

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     5230.70  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 EFP 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 GOOD SIZED INCREASE IN OI AT THE COMEX OF 1459 DESPITE THE HUGE  PRICING LOSS THAT GOLD UNDERTOOK YESTERDAY($26.00)) //.WE ALSO HAD  A HUMONGOUS SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 18,020 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 18,020 EFP CONTRACTS ISSUED, WE  HAD AN ATMOSPHERIC  AND CRIMINALLY SIZED GAIN OF 19,479 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

18,020 CONTRACTS MOVE TO LONDON AND 1459 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 60.58 TONNES). ..AND THIS HUGE INCREASE OF  DEMAND OCCURRED DESPITE THE LOSS IN PRICE OF $26.00 WITH RESPECT TO YESTERDAY’S TRADING AT THE COMEX.

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

 

 

 

 

 

 

 

 

we had:  22 notice(s) filed upon for 2200 oz of gold at the comex.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD...

 

WITH GOLD UP $8.70 TODAY//(COMEX-TO COMEX)

A BIG CHANGE IN GOLD INVENTORY AT THE GLD

A DEPOSIT OF 1.18 TONNES INTO THE GLD//

 

INVENTORY RESTS AT 915.85  TONNES

 

 

 

SLV/

 

WITH SILVER UP 1 CENT TODAY: 

 

A BIG CHANGE  IN SILVER INVENTORY AT THE SLV:

A MASSIVE DEPOSIT OF 2.804 MILLION OZ INTO THE SLV.

 

 

/INVENTORY RESTS AT 379.172 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

 

end

 

OUTLINE OF TOPICS TONIGHT

 

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

1. Today, we had the open interest in SILVER FELL BY A STRONG SIZED 1941 CONTRACTS from 229,450 DOWN TO 227,509 AND FURTHER FROM 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  2580  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2580 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE OI LOSS AT THE COMEX OF 1941  CONTRACTS TO THE 2580 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A GOOD SIZED GAIN OF 687 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 3.435 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 STRONG SIZED DECREASE IN SILVER OI AT THE COMEX WITH THE 44 CENT LOSS IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A STRONG SIZED 2580 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG  SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

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

 

 

(report Harvey)

.

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

I)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED DOWN 12.97 POINTS OR 0.43%  //Hang Sang CLOSED UP 5.24 POINTS OR 0.02%   /The Nikkei closed UP 51.83 POINTS OR 0.22%//Australia’s all ordinaires CLOSED DOWN .56%

/Chinese yuan (ONSHORE) closed DOWN  at 7.0007 /Oil UP TO 57.10 dollars per barrel for WTI and 62.63 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.0007 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 67.0018 TRADE TALKS STALL////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

Japan

We Work causes a disaster for Softbank as this bank records its first loss in over 10 years

(zerohedge)

3C  CHINA

i)China/Russia

This may turn out to be deadly to Russia as China exported the African Swine virus to Russia

(zerohedge)

ii)China/Russia

This may turn out to be deadly to Russia as China exported the African Swine virus to Russia

(zerohedge)

 

4/EUROPEAN AFFAIRS

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAQ

As protests mount the Iraqi government cuts off internet usage to major areas.

(zerohedge)

6.Global Issues

The car industry is in a massive slowdown

(zerohedge)

7. OIL ISSUES

So much for the uSA leaving Syria as they are now constructing two new military bases in Syria’s oil reach region of Deir ez Zor province

(zerohedge)

8 EMERGING MARKET ISSUES

 

9. PHYSICAL MARKETS

i)Craig Hemke says it best:  the shorts which are multiplying in number cannot possibly deliver upon the longs and those many longs  cannot afford to buy that which they are bidding for..

(courtesy Craig Hemke/Sprott Money)

ii)The power of gold as outlined by Ronan Manly

(Manly/Bullionstar)

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

This is not what the USA is looking for: a decrease in productivity as labour costs soar

(zerohedge)

iii) Important USA Economic Stories

a)China is now cracking down on the illegal mfg of fentanyl.  Will this solidify a deal with trump?

(zerohedge)

b)Kentucky governorship goes Democrat, but Mississippi goes Republican solidifying southern advances,

(zerohedge)

iv) Swamp commentaries)

a)Most voters have little or no trust in the impeachment process. Most state that they want the voters to decide

(zerohedge)

b)Seems that our illustrious ex Ambassador to Ukraine was coached on the Biden scandal

(zerohedge)

c)Rand Paul believes that the subpoena whistleblower may be involved in the corrupt Ukraine-Gate. Ciarmella is the individual and he is certainly involved

(zerohedge)

d)This ought to be fun:  Donald Trump Jr outs the CIA whistleblower Ciaramella.

Let us see what comes next

(zerohedge)

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

 

LET US BEGIN:

 

 

Let us head over to the comex:

 

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A GOOD SIZED 1459 CONTRACTS TO A LEVEL OF 690,181 DESPITE THE HUGE LOSS OF $26.00 IN GOLD PRICING WITH RESPECT TO YESTERDAY’S // COMEX TRADING)

WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF OCT..  THE CME REPORTS THAT THE BANKERS ISSUED HUMONGOUS SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 18,020 EFP CONTRACTS WERE ISSUED:

 FOR NOV; 0 CONTRACTS: DEC: 18,020   AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  18020 CONTRACTS.

THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST  48 HRS AFTER OUR LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON BASED FORWARD.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 19,479 TOTAL CONTRACTS IN THAT 18020 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A GOOD SIZED 1459 COMEX CONTRACTS. 

THE BANKERS SUPPLIED THE NECESSARY AND INFINITE AMOUNT OF SHORT PAPER IN GOLD.  THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE WITH THE RAID INITIATED, AS IT FELL BY $26.00. HOWEVER, JUDGING BY THE STRENGTH IN GAIN OF OUR TOTAL OI CONTRACTS, THEY WERE UNSUCCESSFUL IN THE ENDEAVOUR TO FLEECE ANY UNSUSPECTING LONGS. 

 

NET GAIN ON THE TWO EXCHANGES ::  19,479 CONTRACTS OR 1,947,900 OZ OR 60.58 TONNES.

We are now in the active contract month of NOV.  This month is generally the poorest delivery month of the year as most players prefer to go straight to the big active delivery month of December. Today we have 36 contracts still standing for a LOSS of 101 contracts. Yesterday we had 120 notices served upon so we have another strong gain of 19 contracts or an additional 1900 oz will stand as these guys refused to morph into London based forwards as well as negating a fiat bonus. We again have queue jumping by the bankers/official sector in their attempt to find physical metal on this side of the pond.

 

The next active delivery month after Nov is the  active contract month of December. Here we saw a loss of 21,887 contracts down to 474,763.  The non active delivery month of January saw a gain of 260 contracts up to 314.  The next big active delivery month after December is February and here that month picked up 22,117 contracts to stand at 119,370 contracts.

 

 

 

 

 

TODAY’S NOTICES FILED:

WE HAD 22 NOTICES FILED TODAY AT THE COMEX FOR  2200 OZ. (0.0684 TONNES)

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now for the wild silver comex results.

Total COMEX silver OI FELL BY A STRONG SIZED 1941 CONTRACTS FROM 229.450 DOWN TO 227,509 (AND FURTHER FROM THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018.  THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S CONSIDERABLE  OI COMEX LOSS OCCURRED WITH A 44 CENT GAIN IN PRICING.//YESTERDAY.

WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOVEMBER. HERE WE WITNESS A LOSS OF 8 CONTRACTS DOWN TO 15.

WE HAD 10 CONTACTS SERVED UPON YESTERDAY SO WE GAINED 2 CONTRACTS OR 10,000 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 THE OI FELL BY 4568 CONTRACTS DOWN TO 156,247. THE NEXT NON ACTIVE DELIVERY MONTH OF JANUARY SAW IT GAIN 42 CONTRACTS UP TO 635.

 

TODAY’S NUMBER OF NOTICES FILED:

 

We, today, had 1 notice(s) filed for 5,000, OZ for the OCT, 2019 COMEX contract for silver

Trading Volumes on the COMEX TODAY: 314,408  CONTRACTS 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  741,464  contracts A NEW COMEX RECORD

 

 

 

 

 

INITIAL standings for  NOV/GOLD

NOV 5/2019

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
nil oz
Deposits to the Dealer Inventory in oz 32.151 oz

 

BRINKS

1 kilobar

 

 

Deposits to the Customer Inventory, in oz  

nil

 

No of oz served (contracts) today
22 notice(s)
 2200 OZ
(0.0684 TONNES)
No of oz to be served (notices)
14 contracts
(1400 oz)
0.0435 TONNES
Total monthly oz gold served (contracts) so far this month
1066 notices
106,600 OZ
3.3157 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

 

we had 0 dealer entry:

We had 2 kilobar entries

 

 

 

 

total dealer deposits: nil oz

total dealer withdrawals: nil oz

 

we had 0 deposit into the customer account

i) Into JPMorgan:  nil oz

 

ii) Into everybody else: 0  oz

 

 

 

total gold deposits: nil  oz

 

very little gold arrives from outside/ Today  zero amount  arrived

we had 1 gold withdrawal from the customer account:

i) Out of Brinks: 32.151 oz

one kilobar

 

We had 1 adjustment and this is what I look for as a settlement:

i) Out of  Int. Delaware:  6172.800 oz was adjusted out of the dealer and this landed into the customer account of Int Delaware

this is exactly 192 kilobars and it is a settlement but a dubious one at best.  (.192 tonnes)

 

 

FOR THE NOV 2019 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 22 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 8 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 (1066 x 100 oz , to which we add the difference between the open interest for the front month of  NOV (36 contract) minus the number of notices served upon today (22 x 100 oz per contract) equals 108,000 OZ OR 3.359 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 (1066 x 100 oz)  + (36)OI for the front month minus the number of notices served upon today 22 x (100 oz )which equals 108,000 oz standing OR 3.359 TONNES in this  active delivery month of NOV

We gained a strong 19 contracts OR 1900 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……                                                                3.3359 tonnes

 

IN THE PAST 4 DAYS NO GOLD ENTERED OR WAS WITHDRAWN FROM REGISTERED COMEX GOLD

 

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 INCLUDE THE PAST FEW DAYS OF SETTLEMENTS WE HAVE 4.127 TONNES SETTLED

IF WE ADD THE FOUR DELIVERY MONTHS: 73.9314

TONNES- 4.127 TONNES DEEMED SETTLEMENT = 69.8044 TONNES STANDING FOR METAL AGAINST 34.24 TONNES OF REGISTERED OR FOR SALE COMEX GOLD! THIS IS WHY GOLD IS SCARCE AT THE COMEX.

 

total registered or dealer gold:  1,101,061.892 oz or  34.24 tonnes 
total registered and eligible (customer) gold;   8,378,554.932 oz 260.60 tonnes
WHY ARE THEY NOT SETTLING?
THE COMEX IS AN ABSOLUTE FRAUD..WE HAVE ZERO SETTLEMENTS.

IN THE LAST 36 MONTHS 101 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

end

And now for silver

AND NOW THE  DELIVERY MONTH OF NOV.

INITIAL  standings/SILVER

IN TOTAL CONTRAST TO GOLD, HUGE ACTIVITY IN SILVER TODAY.
NOV 6 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 NIL oz

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
NIL oz
No of oz served today (contracts)
1
CONTRACT(S)
(5,000 OZ)
No of oz to be served (notices)
14 contracts
 70,000 oz)
Total monthly oz silver served (contracts)  400 contracts

2,000,000 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

**

VERY STRANGE: NO ACTIVITY AT THE SILVER COMEX

 

we had 0 inventory movement at the dealer side of things

 

 

 

 

total dealer deposits: nil  oz

total dealer withdrawals: nil oz

i)we had  0 deposits into the customer account

into JPMorgan:   NIL  OZ

 

ii) Into everybody else: 0

 

 

 

 

 

*** 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/314.6 million

 

 

 

 

total customer deposits today:  NIL  oz

 

we had 0 withdrawals out of the customer account:

 

total withdrawals; NIL  oz

We had 0 adjustments:

 

 

 

total dealer silver:  78.511 million

total dealer + customer silver:  314.578 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The total number of notices filed today for the NOV 2019. contract month is represented by 1 contract(s) FOR 5,000 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 400 x 5,000 oz = 2,000,000 oz to which we add the difference between the open interest for the front month of NOV. (15) and the number of notices served upon today 1 x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the NOV/2019 contract month: 400 (notices served so far) x 5000 oz + OI for front month of NOV (15)- number of notices served upon today (1) x 5000 oz equals 2,070,000 oz of silver standing for the NOV contract month. 

WE GAINED 2 contracts or an additional 10,000 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 1 notice(s) filed for 5,000 OZ for the OCT, 2019 COMEX contract for silver

 

 

TODAY’S ESTIMATED SILVER VOLUME:  105,173 CONTRACTS

 

CONFIRMED VOLUME FOR YESTERDAY: 153,871 CONTRACTS..

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 153,871 CONTRACTS EQUATES to 769 million  OZ 109% OF ANNUAL GLOBAL PRODUCTION OF SILVER..makes sense!!

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

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

 

end

 

 

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NPV for Sprott

 

 

1. Sprott silver fund (PSLV): NAV FALLS TO -2.24% ((NOV 6/2019)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.81% to NAV (NOV 6/2019 )
Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ -2.24%

(courtesy Sprott/GATA)

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

NAV 14.97 TRADING 14.46///DISCOUNT 3.38

 

END

 

And now the Gold inventory at the GLD/

NOV 6/2019  WITH GOLD UP $8.70 TODAY: A BIG CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.18 TONNES INTO THE GLD//INVENTORY RESTS AT 915.85 TONNES

NOV 5/WITH GOLD DOWN $26.00//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 914.67 TONNES

NOV 4/WITH GOLD DOWN $0.75 TODAY: A CONSIDERABLE WITHDRAWAL OF .88 TONNES FROM THE GLD//INVENTORY RESTS AT 914,67 TONNES

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

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

INVENTORY RISES TO 923.76 TONNES

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

NOV 6/2019/ Inventory rests tonight at 915.85 tonnes

 

 

*IN LAST 698 TRADING DAYS: 33.80 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 598 TRADING DAYS: A NET 133.34 TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

 

end

 

Now the SLV Inventory/

NOV 6/WITH SILVER UP ONE CENT TODAY: A HUGE  CHANGE IN SILVER INVENTORY AT THE SLV; A MASSIVE DEPOSIT OF 2.804 MILLION OZ///INVENTORY REST AT 379.172 MILLION OZ

NOV 5/WITH SILVER DOWN 44 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 376.368 MILLION OZ//

NOV 4/WITH SILVER UP ONE CENT TODAY: A SMALL CHANGE IN INVENTORY AT THE SLV A WITHDRAWAL OF 157,000 OZ TO PAY FOR FEES/INVENTORY RESTS AT 376.368 MILLION OZ//

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

 

NOV 6:

 

 

Inventory 379.172 MILLION OZ

 

 

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

6 Month MM GOFO 1.99/ and libor 6 month duration 1.92

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

G0LD LENDING RATE: – .07

 

XXXXXXXX

12 Month MM GOFO
+ 1.94%

LIBOR FOR 12 MONTH DURATION: 1.97

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.03

end

 

 

end

 

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

Deutsche Bank On The Verge Of Creating The EU’s “Lehman Moment”?

NEWS and COMMENTARY

The Deutsche Bank Death Watch Has Taken A Very Interesting Turn

by Michael Snyder via Zero Hedge

The biggest bank in Europe is in the process of imploding and there are persistent rumors that the final collapse could happen sooner rather than later.

Those that follow my work on a regular basis already know that this is a story that I have been following for years. Deutsche Bank is rapidly bleeding cash, they have been laying off thousands of workers and the vultures have been circling as company executives desperately try to implement a turnaround plan. Unfortunately for Deutsche Bank, it may already be too late. And if Deutsche Bank goes down, it will be even more catastrophic for the global financial system than the collapse of Lehman Brothers was in 2008.

Germany is the glue that is holding the EU together, and so if the bank that is right at the heart of Germany’s financial system collapses, the dominoes will likely start falling very rapidly.

Gold inches up as markets await cues on trade deal

Gold ends at 3-week low as hopes for a trade deal support stocks, bond yields and the dollar

China’s digital currency will kick off ‘horse race’: central bank official

French 10-year bond yield turns positive for first time since July

Fed’s Barkin: Conflicting signals make U.S. economy hard to read

Continuing gold manipulation and fraud at the Comex

Watch Video Here

GOLD PRICES (LBMA – USD, GBP & EUR – AM/ PM Fix)

05-Nov-19 1504.60 1488.95, 1166.37 1156.17 & 1352.18 1344.67
04-Nov-19 1509.20 1509.45, 1168.57 1169.52 & 1352.39 1353.98
01-Nov-19 1509.85 1508.80, 1165.76 1164.49 & 1354.79 1351.28
31-Oct-19 1506.40 1510.95, 1163.09 1168.57 & 1348.53 1356.53
30-Oct-19 1490.15 1492.10, 1156.65 1159.81 & 1340.39 1342.74
29-Oct-19 1492.75 1486.75, 1164.79 1155.20 & 1347.80 1338.37
28-Oct-19 1505.05 1492.40, 1172.89 1160.94 & 1356.95 1345.55
25-Oct-19 1504.65 1513.45, 1171.82 1180.79 & 1353.28 1364.22
24-Oct-19 1488.85 1496.55, 1154.75 1163.12 & 1338.03 1346.45
23-Oct-19 1494.25 1494.45, 1162.53 1159.84 & 1343.78 1343.66
22-Oct-19 1487.45 1485.35, 1149.50 1149.66 & 1335.28 1334.14

SIGN UP FOR OUR AWARD WINNING MARKET UPDATES HERE

 

Mark O’Byrne
Executive Director

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Craig Hemke says it best:  the shorts which are multiplying in number cannot possibly deliver upon the longs and those many longs  cannot afford to buy that which they are bidding for..

(courtesy Craig Hemke/Sprott Money)

Craig Hemke at Sprott Money: Continuing fraud at the Comex

 Section: 

8:57p ET Tuesday, November 5, 2019

Dear Friend of GATA and Gold:

The TF Metals Report’s Craig Hemke picks a good day to remind the world that gold futures prices on the New York Commodities Exchange are being set by shorts who can’t possibly deliver what they purport to be selling and longs who can’t afford to buy what they’re bidding on.

When the fraud collapses, Hemke concludes, prices will be much higher.

His analysis is headlined “Continuing Comex Fraud” and it’s posted at Sprott Money here:

https://www.sprottmoney.com/Blog/the-continuing-comex-fraud-craig-hemke-…

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

end

The power of gold as outlined by Ronan Manly

(Manly/Bullionstar)

Ronan Manly: The power of gold in times of crisis

 Section: 

9:05p ET Tuesday, November 5, 2019

Dear Friend of GATA and Gold:

Bullion Star gold researcher Ronan Manly tonight details some of gold’s great rescues in extreme political circumstances, from Vietnam to South Korea to Argentina to Venezuela and to Zimbabwe.

Manly’s commentary is headlined “The Power of Gold in Times of Crisis” and it’s posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/the-power-of-gold-in-times…

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

end

iii) Other physical stories:

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

Your early WEDNESDAY 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: 7.0007/ 

 

//OFFSHORE YUAN:  7.0018   /shanghai bourse CLOSED DOWN 12.97 POINTS OR 0.43%

HANG SANG CLOSED UP 5.24 POINTS OR 0.02%

 

2. Nikkei closed UP 51.83 POINTS OR 0.22%

 

 

 

 

3. Europe stocks OPENED MOSTLY GREEN/

 

 

 

USA dollar index UP TO 97.86/Euro RISES TO 1.1081

3b Japan 10 year bond yield: RISES TO. –.08/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.03/ 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:: 57.10 and Brent: 62.63

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.31%/Italian 10 yr bond yield UP to 1.05% /SPAIN 10 YR BOND YIELD DOWN TO 0.32%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.36: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.29

3k Gold at $1485.00 silver at: 17.47   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 27/100 in roubles/dollar) 63.75

3m oil into the 57 dollar handle for WTI and 62 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 107.85 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 .9928 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1000 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year RISING to 0.31%

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 1.84% early this morning. Thirty year rate at 2.32%

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

6.  TURKISH LIRA:  UP  TO 5.7571..

Global Stock Rally Fizzles On Lack Of Trade Talk Optimism

US futures were unchanged, and global stock markets hit a pause after a torrid three-day rally on Wednesday as traders failed to any new intravenous trade talk “optimism” to offset the deepening global earnings recession. The MSCI All Country World Index was flat on the day, after rallying 1.3% since Friday, while Treasuries rose after dropping for three days and the dollar was flat.

 

World stock markets rallied on a scaling-back of recession bets amid rising optimism about a U.S.-China trade deal this month and as global business surveys indicate tariff-hit manufacturing sentiment has troughed, although on Wednesday they pared some of the recent upside amid cautious sentiment on multiple reports corroborating the narrative that China will push for further US tariff concessions before it signs off on a Phase 1 trade deal. Additionally, the SCMP reported that Chinese President Xi’s visit to Brazil next week may be too soon to sign a Phase One trade deal with the US., as the two sides are yet to reach a consensus, with sources noting time is very limited to finalize the details in writing for next week; Source notes that one idea was for a meeting in the US, but China disagreed.

European stocks seesawed, opening higher, then fading, then turning green again boosted by gains in financial stocks as were greeted with a mixed bag of earnings reports. The Stoxx 600 index was higher by 0.2% as Britain’s FTSE 100 index was flat, while Germany’s DAX and France’s CAC 40 was up 0.2% each.

 

Incoming economic data continued to show signs of improvement: German industrial orders rose more than expected in September, rising 1.3% sequentially, well above the exp. 0.1%, if still down substantially on an annual basis, offering some hope for manufacturers in Europe’s biggest economy as they head into a near certain economic recession in the fourth quarter.

 

Separately, Eurozone business activity expanded slightly faster than expected last month but remained close to stagnation, according to a survey whose forward-looking indicators suggest what little growth there is could dissipate.

Earlier in the session, Asian stocks edged lower with MSCI’s broadest index of Asia-Pacific shares ex-Japan down 0.12%, snapping a four-day rising streak, as Beijing insisted on the removal of some tariffs before agreeing to sign an interim trade deal with Washington. Most markets in the region were down, with the Philippines leading losses and India rising. Consumer staples and utilities were among the weakest sectors. The Topix closed little changed, as Mitsubishi rallied and Nippon Telegraph & Telephone retreated. Bank of Japan Governor Haruhiko Kuroda stepped into the global debate on how governments should support growth, saying the ultra-low interest environment created by his central bank makes fiscal spending more powerful. The Shanghai Composite Index slipped 0.4%, with PetroChina and Kweichow Moutai among the biggest drags. The success of China’s first euro bond offering in 15 years is likely to spur a rush of issuance from the nation’s companies. India’s Sensex rose past Monday’s record-high close in volatile trading, as ICICI Bank and Infosys offered strong support. Strong company earnings for the September-ending quarter helped buoy sentiment

Markets were consolidating gains made over the last three sessions as focus shifted to lingering concerns over the outcome of U.S.-China trade talks. As Reutersx noted, traders and investors are hoping a preliminary Sino-U.S. trade pact will roll back at least some of the punitive tariffs that Washington and Beijing have imposed on each other’s goods, but it is still uncertain when or where U.S. President Donald Trump will meet Chinese President Xi Jinping to sign the agreement. Some suggested markets had already discounted a lot of good news.

“Optimism about a trade deal between the US and China has given a lift to global equities,” wrote Capital Economics’ Simona Gambrani in a note to clients. “But with a lot of good news already discounted and global economic growth likely to remain sluggish, we suspect that any further upside for stock prices will be limited.”

In currencies, the dollar dipped against a basket of currencies, down 0.2%, while the euro was higher by 0.1% at $1.1088 and the pound was roughly unchanged, trading at $1.2880. A survey showed small British manufacturing firms are at their most pessimistic since just after the Brexit referendum in 2016 as they face political uncertainty at home and trade wars abroad. The yuan again strengthened past 7 per dollar for a second day following a stronger than expected PBOC fixing, while the dollar was steady as investors awaited fresh developments on the U.S.-China trade front.

In rates, 10Y yields were modestly lower after a battering in the past three days as European bond markets shrugged off mixed services PMIs from Europe; curves remained around the steepest levels of the week. France’s benchmark 10-year bond yield turned positive on Wednesday for the first time since July, in a further sign that entrenched pessimism in world bond markets is abating.

Looking at US politics, in an outcome that could offer clues as to how next year’s U.S. presidential election may unfold, U.S. Democrats claimed an upset win in Kentucky on Tuesday and seized control of the state legislature in Virginia. Democrats won both chambers of the Virginia General Assembly from the Republicans which previously had a 1-seat majority in both the state Senate and House of Delegates. In related news, Democrat candidate Beshear defeated Republican and incumbent Bevin in the Kentucky Gubernatorial Election, while Republican Lieutenant Governor Reeves won the election in Mississippi in what was a fairly tight race against Democrat Attorney General Hood.

In commodities, Bloomberg’s gauge of raw-material spot prices climbed to its highest level since April, even as oil prices fell pulled down by a larger-than-expected build in U.S. crude stocks, after gaining for three sessions on expectations of an easing in U.S.-China trade tensions. U.S. crude fell 0.72% to $56.82 per barrel and Brent crude fell 0.92% to $62.38 per barrel. Gold ticked higher following a slump Tuesday.

Economic data include mortgage applications, non-farm productivity. Earnings due from Qualcomm, CVS Health, Fiserv

Market Snapshot

  • S&P 500 futures up 0.02% to 3,072.50
  • STOXX Europe 600 down 0.1% to 403.72
  • MXAP down 0.04% to 166.08
  • MXAPJ down 0.2% to 534.56
  • Nikkei up 0.2% to 23,303.82
  • Topix up 0.02% to 1,694.45
  • Hang Seng Index up 0.02% to 27,688.64
  • Shanghai Composite down 0.4% to 2,978.60
  • Sensex up 0.7% to 40,521.87
  • Australia S&P/ASX 200 down 0.6% to 6,660.16
  • Kospi up 0.07% to 2,144.15
  • Brent Futures down 0.7% to $62.53/bbl
  • Gold spot up 0.2% to $1,486.78
  • U.S. Dollar Index down 0.2% to 97.83
  • German 10Y yield rose 0.4 bps to -0.305%
  • Euro up 0.1% to $1.1088
  • Brent Futures down 0.7% to $62.53/bbl
  • Italian 10Y yield rose 3.3 bps to 0.686%
  • Spanish 10Y yield fell 1.2 bps to 0.316%

Top Overnight News from Bloomberg

 

  • While IHS Markit’s composite Purchasing Managers’ Index edged up to 50.6 in October, better than the flash reading of 50.2, it signaled the euro-area economy remained close to stagnation last month. The figure indicated a rate of growth that was among the weakest in six and a half years
  • Boris Johnson will try to get his U.K. election campaign on track after a stumble Tuesday with one of his best-known ministers in trouble for comments about people killed in a tower-block fire
  • British businesses are taking Johnson’s election pitch to ‘Get Brexit Done’ with a pinch of salt: they know that confusion over the U.K.’s exit from the EU is set to carry on through 2020, or longer
  • German Finance Minister Olaf Scholz sought to break the deadlock in discussions over European banking integration by signaling the country may drop its opposition to a key part of the plan
  • The success of China’s first euro bond offering in 15 years is likely to spur a rush of issuance from the nation’s companies. The Ministry of Finance sold 4 billion euros ($4.4 billion) of notes in maturities of seven, 12 and 20 years on Tuesday
  • Rudy Giuliani’s back-channel attempts to pressure Ukraine for investigations linked to Donald Trump’s top political rival deeply unsettled two of the president’s top envoys, providing fresh evidence that undercuts White House efforts to portray the episode as innocent and routine

Asian equity markets traded lacklustre following a flat finish on Wall St where the major indices remained near record highs on US-China trade optimism, but with some caution seeping through amid Chinese demands for the removal of tariffs which is seen as a sticking point for the ‘phase one’ deal. ASX 200 (-0.6%) and Nikkei 225 (+0.2%) were mixed with underperformance in Australia’s gold miners after the precious metal slipped below the psychological key USD 1500/oz level, while trade in Tokyo was stable amid a mixed currency and as the local benchmark took a breather from the prior day’s surge to a fresh yearly high. Hang Seng (+0.1%) and Shanghai Comp. (-0.4%) were tentative after the PBoC refrained from open market operations and as participants await the next developments in the trade saga such including whether the US succumbs to China’s demands to roll-back tariffs. Finally, 10yr JGBs declined significantly overnight as the benchmark 10yr JGB yield rose to its highest in around 5 months, while the pressure in JGBs was later exacerbated following mixed 10yr auction results and after prices collapsed through a key support area around 153.60 which previously held up during the last 3 months.

Top Asian News

  • Thailand Cuts Interest Rate to Record Low to Rein in Currency
  • SoftBank Reveals $6.5 Billion Loss From Uber, WeWork Turmoil
  • U.S. Sees Japan-South Korea Thaw as Last Hope to Save Intel Pact
  • Aberdeen Sees a Turning Point for Malaysia’s Battered Market

Major European bourses (Euro Stoxx 50 +0.3%) are choppy with the indices off having pared earlier upside amid cautious sentiment on multiple reports corroborating the narrative that China will push for further US tariff concessions before it signs off on a Phase 1 trade deal. Earlier in the session, the DAX and Euro Stoxx indices managed to again eke out fresh YTDs highs; the former was halted by resistance at 13170 (15th June 2018 high), ahead of further resistance at the 13200 level (22 May 2018 high). US equity futures are relatively flat intra-day and are yet to fully recover from Monday’s modest losses, which saw the contracts pull back slightly from YTD highs. “The tape is overbought, buyers seem “tired”, valuations are stretched, and trade expectations are elevated (the removal of the 9/1 tariffs is quietly becoming consensus thinking)” JPM noted yesterday, and “that this is making buyers reticent to aggressively chase at present levels.” The FTSE 100 underperforms amid weakness in large cap stocks. Sectors are mostly in the red, barring Consumer Staples (+1.0%) and Financials (+0.5%), with the latter supported by the continued rise in yield, which is also supporting SocGen (+5.3%) despite the firm reporting a net decline of 34.8% YY and a 20% drop in equities trading revenue in Q3. Co. CEO noted that the bank “delivered resilient net income in an unfavourable environment without yet benefitting from the positive effects of ongoing restructuring which is ahead of its 2020 objectives.” Sticking with earnings, solid numbers from Marks & Spencer (+2.1%) and Alstom (+3.8%) saw their respective shares moved higher. Conversely, weaker than forecast earnings from Wirecard (-1.1%), Dialog Semiconductors (-8.8%) and Adidas (-3.2%) sees their shares under pressure. Meanwhile, BT (-3.5%) have been hit by reports that Virgin Media dealt the company a “blow” by striking a deal to switch its 3mln mobile phone customers from the BT over to Vodaphone. Finally, Fincantieri (-1.6%) shares initially slumped amid reports that the Italian finance police are undertaking searches 19 shipbuilding companies working with the Co.

Top European News

  • ECB’s Guindos Sees Scope for Higher ‘Releasable’ Capital Buffers
  • BMW Profit Jumps on Cost Cutting in New CEO’s Debut Quarter
  • Aston Martin Shareholder Deal Limits Options for Raising Cash
  • M&S Provides Glimmer of Hope as U.K.’s Retail Woes Deepen

In FX, the Dollar has lost some of its post-US services ISM vigour after the DXY managed to scale 98.000 and match the knee-jerk high notched in wake of last week’s FOMC policy meeting precisely. The index topped out just ahead of Fib resistance at 98.085, but also amidst broad consolidation in rival G10 currencies and especially safer-havens that have been underperforming on the positive US-China Phase 1 trade vibe alongside encouraging developments on proposed US auto tariffs. The DXY has slipped back below the big figure, but is holding well above recent lows and 97.500.

  • JPY/EUR/AUD/NZD – All marginally firmer vs the Greenback, as the Yen contained losses beyond 109.00 to 109.25 and did not threaten technical support around 109.37, while the Euro also defended a key chart level and Fib retracement circa 1.1064 before regrouping with the aid of some decent German data and mostly encouraging Eurozone PMIs. Elsewhere, the Aussie has crept back up to 0.6900 as the Aud/Nzd cross attempts to form a base above 1.0800 and Kiwi labours just under 0.6400 following fractionally weaker than forecast NZ jobs data overnight.
  • GBP/CHF/CAD – The Pound, Franc and Loonie are struggling to take advantage of the Buck’s fade, with Cable unable to reclaim 1.2900, Usd/Chf still elevated on the 0.9900 handle and Usd/Cad pivoting 1.3150 after Tuesday’s somewhat contrasting Canadian compared to US trade balances (relative to consensus), and ahead of today’s Ivey PMIs.
  • EM – The Rand has retraced quite sharply from sub-14.7400 vs the Dollar to 14.8000+ on renewed Eskom strife as the company suffers more severe power supply issues and concedes that output will not meet demand even though certain generation sites have resumed production after maintenance. Investors also waiting on tenterhooks to hear from SA President Ramaphosa at a conference aimed at drumming up foreign funds.

In commodities, crude markets are modestly softer but off intraday lows, with downside seen following last night’s larger than expected headline API stocks builds, with crude inventories rising by 4.26mln BDP (vs. Exp. +1.5mln), whilst the cautious tone around the market provides little by way of sentiment-driven upside. Both the WTI Dec’ 19 and Brent Jan’ 19 contracts sit above October’s USD 56.90/bbl and USD 62.30/bbl highs – greater expectations for a US/China Phase 1 trade deal breakthrough combined with a better backdrop of macro data (i.e. US jobs data last Friday) seemingly continue to provide a base for now. In terms of crude specific news flow, the WSJ reported that the Saudis are to set to press OPEC members for production cuts ahead of its Aramco IPO, although the push would be more aimed at “laggards” to comply with current curbs, rather than pushing for deeper trims in output, the article caveated. Quoting sources, the WSJ added that Russia had privately told the group it wants to maintain the current targets until March whilst noting that Saudi wants to refrain from taking a bulk of the cuts – in fitting with recent separate source reports. Further, the article noted that the oil giant’s growth assumptions, as well as the dividend it promises investors, are predicated on oil prices around USD 65/bbl, according to an investor document. Looking ahead on the docket, oil traders will be eyeing the EIA crude stocks release as a scheduled catalyst with headline crude expected to print a build of 1.5mln barrels. In terms of the metals; gold is staging a tepid recovery after yesterday’s slide, which saw the precious metal slip briefly beneath the USD 1480/oz mark. Copper, meanwhile, is subdued after pulling back somewhat from yesterday’s 4-month highs around of USD 2.716/lbs.

US Event Calendar

  • 7am: MBA Mortgage Applications, prior 0.6%
  • 8:30am: Nonfarm Productivity, est. 0.9%, prior 2.3%
  • 8:30am: Unit Labor Costs, est. 2.25%, prior 2.6%

Central Banks

  • 8am: Fed’s Evans Speaks in New York
  • 9:30am: Fed’s Williams Takes Part in Moderated Q&A in New York
  • 3:15pm: Fed’s Harker Discusses Innovation and the Future of Work

DB’s Jim Reid concludes the overnight wrap

I’m in the US at the moment and on the flight over on Monday I watched the original Blade Runner (from 1982) for the first time as my wife wants to watch the recently released sequel. I was a bit shocked that the opening scene tells you it’s set in November 2019. From watching the rest of the film I’m pretty pleased that this vision of the future didn’t pan out. It makes this year’s long term study ( link ) on the future of debt look wildly optimistic by comparison. The other highlight of the trip so far is being in a lift lobby yesterday and hearing this conversation between two people. Person A “So you’re interviewing him now? What are you going to ask him” Person B “I’ll keep it simple. I’ll ask him what 36×36 is. I’ll get all I need to know from that”. I then went away working out how I’d reply if that were me. I thought the best response would be to get my iPhone out and let the calculator work it out. Anyway just in case you’re being interviewed today in NY and you get the same guy the answer is 1296 (thanks iPhone).

The US was buzzing yesterday from higher yields, interesting trade headlines and the split outcome from the services PMI (disappointing) and the arguably more important ISM (positive). Indeed the October ISM non-manufacturing improved 2.1pts to 54.7 (vs. 53.5 expected) with encouraging improvements also for new orders (+1.9pts to 55.6) and more significantly the employment (+3.3pts to 53.7) components. The latter had fallen by nearly 6pts over the previous three months before yesterday and is more consistent with what we saw from the payrolls report last Friday.

That being said it did go against what the Markit PMI data showed just 15 minutes before the ISM was released. The services PMI was revised down 0.4pts to 50.6 and is now at the lowest since February 2016. On top of that, the employment component slid to 47.5 and the lowest since December 2009. So, a very different story to the employment report and perhaps more importantly what the ISM survey data is showing. The ISM tends to be more closely followed but the divergent pictures is no doubt confusing. Europe’s final services PMIs are out this morning and they will be very important. So all eyes on them.

The S&P 500 never really got going yesterday and ultimately finished slightly lower at -0.12%. It was the moves in bond markets which were the bigger talking point though. Indeed the 10y Treasury sold off +8.1bps to take it to 1.858% and approaching the September highs again. A reminder that it was only back in early September that it traded at 1.427%. At the short end 2y yields (+4.2bps) didn’t sell off quite so much which steepened the 2s10s curve to 22.7bps. That is actually the steepest since July and it’s worth flagging that the steepest the curve has been this year was 29bps back in June so we’re not all that far from that level. Markets are now pricing just a 9% probability of a cut at the December meeting. That compares to a 27% probability just under a week ago. I’ve had a lot of questions about the US yield curve while I’ve been in the US with most asking whether this recent steepening reduces the recession risk. I answered that the problem is that it’s a lagging indicator (plus or minus 18 months) so the damage might have already been done prior to this steepening with most of the yield curve inverted for much of this year until very recently. So if the yield curve is to be the usual lead indicator then late 2020/early 2021 might be a worrying time for the US economy regardless of what happens in the next 0-6 months in the economy or the yield curve. Indeed with the trade picture looking better it’s possible we could get a near term data bounce and the yield curve signal still proving accurate over the medium-term.

More on trade below but back to bonds and it was the same story in Europe where 10y Bunds closed up +4.0bps and at the highest since early July while OATs closed at -0.017% and are closing in on positive territory again for the first time since July. The move in rates did help banks to post decent gains yesterday with the S&P and STOXX bank sub-indices up +0.69% and +1.39% respectively.

There’s not much to report this morning in Asia with a small loss for the Shanghai Comp (-0.25%) versus modest gains for the Nikkei (+0.14%) and Kospi (+0.20%). The Hang Seng is flat while bond markets are also weaker in Asia including a +6.0bps rise for 10y JGBs which has pushed them up to -0.078% and the highest yield since May. That comes despite Japan’s final October services PMI coming in 0.6pts lower than initial read to 49.7.

Back to those trade headlines where initially the focus was on the FT story that we referred to this time yesterday about the US side contemplating dropping some tariffs on China. However later in the afternoon China’s Global Times Editor Hu Xijin tweeted that “to reach a deal, China and the US must simultaneously remove the existing additional tariffs at the same ratio, which means that tariffs to be removed should be in proportion to how much agreement has been reached”. I had to read this a few times before my mind could catch up. I think it was frazzled by trying to work out 36×36. Anyway, it puts a little tension back into the “phase one” signing.

As for the other data out yesterday, the September trade deficit narrowed to $52.5bn from $55.0bn, and broadly in line with expectations. The limited revisions in the trade data also mean Q3 GDP estimates should be little changed. Here in Europe the only data came from the UK where the October services PMI rose 0.5pts to 50.0, meaning the composite also printed at 50.0 following a 49.3 print in September.

Staying with the UK, a YouGov poll released yesterday gave the Conservatives a 13pt lead over Labour (38% versus 25%). That means the last three YouGov polls have showed the Tories with a lead of 15pts, 13pts and 15pts – so, fairly consistent but YouGov has been at the very top of the range for Tory leads. Sterling was little changed yesterday while for completeness there wasn’t much going on in European equity markets either where the STOXX 600 finished +0.20%.

In other news, the Fed’s Barkin said yesterday with respect to the Fed that “I think it is a good time to pause”. He added that “we have decided to take rates down 75bps to protect against weakening coming from this uncertainty…so if we get either no weakening or the modest kind of weakening that we expect, then I think we have taken out the insurance that we would take”.

Looking at the day ahead, this morning we get September factory orders print in Germany followed by the final October services and PMIs in Europe. Also out this morning is September retail sales for the Euro Area. In the US this afternoon it’s fairly quiet for data with just the preliminary Q3 nonfarm productivity and unit labour costs prints due. Away from that we’re due to hear from the Fed’s Evans, Williams and Harker at various points, as well as the ECB’s Guindos, Mersch and Holzmann.

 

3A/ASIAN AFFAIRS

I)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED DOWN 12.97 POINTS OR 0.43%  //Hang Sang CLOSED UP 5.24 POINTS OR 0.02%   /The Nikkei closed UP 51.83 POINTS OR 0.22%//Australia’s all ordinaires CLOSED DOWN .56%

/Chinese yuan (ONSHORE) closed DOWN  at 7.0007 /Oil UP TO 57.10 dollars per barrel for WTI and 62.63 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.0007 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 67.0018 TRADE TALKS STALL////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

Japan

We Work causes a disaster for Softbank as this bank records its first loss in over 10 years

(zerohedge)

After WeWork Disaster, SoftBank’s Masa Son Says “Bad Judgement” Led To First Loss In Decade

SoftBank Group reported its first quarterly loss in 14 years on Wednesday morning, severely impacted by lousy technology bets with its $100 billion Vision Fund.

The Japanese investment bank wrote down $6.5 billion of losses from its flagship investment fund for Q3. It suffered a massive $4.6 billion loss from WeWork, a startup that as recently as a few months ago was worth $47 billion earlier this year, only to effectively be insolvent just a few weeks ago.

WeWork, formally called We Co., was bailed out by SoftBank last month, when the bank plowed $10 billion into the office space subletting company to save it from bankruptcy.

SoftBank CEO Masayoshi Son, 62, has been questioned by the investment community for overlooking valuations and corporate governance issues at WeWork. Son’s judgment in paying top dollar for startup companies that don’t make money has come into question.

Collapsing valuations of WeWork and Uber, to name a few, have severely dented profit growth at SoftBank.

“The operating loss was 704.4 billion yen in the three months ended Sept. 30, the Tokyo-based company said in a statement. That easily surpassed the 230.8 billion yen average of analysts’ projections, and compared with a 705.7 billion yen profit a year earlier. Its signature Vision Fund — the world’s single largest pool of startup investments — reported a 970.3 billion yen loss in the quarter,” reported Bloomberg.

SoftBank’s Vision Fund has high exposure to technology startups (about 88 startups in its portfolio) that don’t turn a profit was valued around $77.6 billion.

Most of Vision Fund’s technology startups have never operated outside a global synchronized recovery; in fact after the bursting of the dotcom bubble, Masa Son almost went bankrupt.

So today’s global synchronized downturn, with the very real threat of a global trade recession, has forced investors to rotate out of speculative companies into ones that have stable cash flows. This triggered a valuation reset for speculative companies and a massive headache for Vision Fund who is now seen holding the bag.

Son on Wednesday was quoted as saying, “there was a problem with my judgment; that’s something I have to reflect on.”

The trend is clear for SoftBank: more write-downs are ahead as its investments in Vision Fund implode one by one, something we discussed in depth in “Is SoftBank The Bubble Era’s “Short Of The Century“.

END

3 C CHINA

China/Russia

This may turn out to be deadly to Russia as China exported the African Swine virus to Russia

(zerohedge)

 

China Exports African Swine Fever To Russia

A new report from Bloomberg details how African swine fever has likely been exported to Russia. This could be problematic for Russia, due in part that if the hog-killing disease spreads, it could start wiping out large swaths of herds, as it has already done in China.

In the last several months, about 60 cases of African swine fever have been reported to Russian authorities in the Amur Oblast region in Russia, a federal district that borders China in the Russian Far East.

Dirk Pfeiffer, a professor of veterinary medicine and life sciences at the City University of Hong Kong, told Bloomberg that a cross-border spread between the two countries is likely underway. “Wild boar are very likely to now also be infected in northern China,” Pfeiffer said.

 

China has so far observed at least 50% of its herd this year wiped out from the fast-spreading disease.

Russia’s hog population in the Far East accounts for barely 2% of the country’s total hog population, which for now, could be contained.

Rosselkhoznadzor, Russia’s biosecurity watchdog, has been on guard for a cross-border spread since summer, there have been several reports of Chinese citizens attempting to sneak infected meat across checkpoints into Russia.

Andriy Rozstalnyy, an animal health officer with the Food and Agriculture Organization of the UN, told Bloomberg that once the wild pig population is infected with African swine fever, then the spread of the disease is virtually uncontrollable.

In the last month, 275 pigs have died, and 2,473 have been killed in the Amur Oblast region, a move spurred by authorities to limit the outbreak.

The cross-border spread of African swine fever, from China to Russia, is undoubtedly a significant cause for concern because now countries bordering China are being affected.

Meanwhile, the US is sitting on record cold storage of pork bellies, something that China and Russia might be interested in…

end

China/USA

As promised to you:  we are no closer to a trade deal with China

(zerohedge)

 

“Too Soon:” China’s Xi Unwilling To Rush “Phase 1” Trade Deal Signing

The positive tone of trade-related leaks and jawboning last week has decidedly faded into uncertainty surrounding reports that Beijing is demanding larger reductions in tariffs before committing to the ‘Phase 1’ deal that Trump once described as practically finished.

And in the latest leak likely intended to undermine American markets, the SCMP reports that Chinese President Xi Jinping’s planned trip to Brazil next week would likely come too early for him to sign the “Phase 1” trade deal. Analysts in recent days had speculated about the trip to an emerging-markets summit in Brasilia, with many hoping it might present an opportunity for Xi to stop over in the US and seal the deal, since Chile cancelled the APEC Summit that was supposed to host the deal-signing later this month.

Unfortunately, as we’ve learned in recent days, the two sides have yet to reach a consensus. And that probably won’t happen until after President Xi has safely returned to Beijing. Perhaps just as disheartening for algos, the SCMP cited Chinese sources claiming Xi wouldn’t agree to a meeting in the US, the latest indication that an agreement on a meeting location had become a serious side-issue in the negotiations. Reuters reported something similar earlier.

Leaders from Brazil, Russia, India and South Africa are expected to attend the summit, which is set for November 13 and 14, alongside Xi.

Meanwhile, Chinese media are reporting that Beijing is demanding the removal of all American trade-war tariffs before agreeing to even a partial deal, a position that Washington has repeatedly rejected as a dealbreaker.

“The deal is not balanced yet,” the person said, declining to be named because of the sensitivity of the issue.

“The US needs to give a more solid commitment to China on the tariff issue. At least the US should drop the December 15 tariffs or stop labelling China as a currency manipulator, to show dignity to China.”

One media org said the removal of tariffs was Beijing’s “innermost concern.”

We’ve explained time and time again how Washington sees the tariffs as a critical enforcement mechanism. If there can be no agreement on this issue, then it’s likely both sides with dig in for an extended trade war that could endure for years, and perhaps create unprecedented strains in the relationship between the world’s two largest economies, and two most dominant military powers in the Pacific.

4/EUROPEAN AFFAIRS

The Deutsche Bank Death Watch Has Taken A Very Interesting Turn

https://www.zerohedge.com/markets/deutsche-bank-death- watch-has-taken-very-interesting-turn

***

a must view///a repeat from yesterday.

end

Euro area PMI data shows region ‘remains close to stagnation’

Nov 6, 2019 4:33 a.m. ET

MarketWatch

The final composite purchasing managers index for the euro area showed the region remained “close to stagnation” in October, according to IHS Market on Wednesday. The index rose to 50.6, though that was an improvement on a preliminary 50.2 level and a 50.1 level for September. The data still signals a rate of growth that’s among the weakest in the past six-and-a-half years. At the national level, Germany remained the only country inside contraction territory in October, while France was the top-performing nation, with its composite PMI reaching a two-month high of 52.6.

-END-

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAQ

As protests mount the Iraqi government cuts off internet usage to major areas.

(zerohedge)

Most Severe Internet Outage To Date Hits Iraq After Government Blocks Access

Iraqi anti-government demonstrators fear a major new crackdown is coming after much of the nation’s internet access has been cut, especially in the restive south. This also as Baghdad authorities fear outside ‘foreign interference’ after President Trump referenced the mass protests on Twitter.

A nearly nationwide blockage was first reported last night, and was briefly restored early Tuesday before being cut off again. “At the time of writing, national connectivity has fallen below 19% of normal levels sending tens of millions of users offline across Baghdad, also impacting Basra, Karbala and other population centers,” Reuters cited NetBlocks as stating late in the day Monday. “The new disruption is believed to be the most severe observed in Iraq to date,” the report added.

 

The large scale protests, raging for over a month, have resulted in violent clashes with police, and involved Iraq’s paramilitary units backed by Iran.

And NetBlocks monitoring group further observed into Tuesday  “Internet shut down again across most of Iraq following brief 3.5 hour restoration; real-time network data show national connectivity currently at 30% of ordinary levels” — related to the ongoing mass protests which have swept the country for over the past month.

 

After accusations of Iran being involved in assisting and directing Baghdad security forces’ crackdown, which in many case has involved live ammo to disband crowds, resulting at this point in over 250 Iraqis killed and nearly 10,000 wounded, there’s growing fears that a Syria-style broader proxy war could emerge.

NetBlocks.org

@netblocks

⚠️ Alert: Internet shut down again across most of following brief 3.5 hour restoration; real-time network data show national connectivity currently at 30% of ordinary levels; incident ongoing 📉

📰 https://netblocks.org/reports/iraq-shuts-down-internet-again-as-protests-intensify-Q8oOWz8n 

View image on Twitter

The major government ordered blockage came a day after on Sunday the Iranian consulate in the city of Karbala came under attack by throngs of demonstrators and was torched, in the latest sign of public backlash over perceived Iranian control of Iraq’s politics and military.

On Sunday President Trump retweeted two videos showing the attack on the consulate, no doubt as encouragement given it was an Iranian target. It’s possible or even likely that this was a deciding factor in authorities blocking internet access for most of the country.

Arab News

@arabnews

: Dozens of Iraqi demonstrators have stormed the Iranian consulate in , lowering the flag and burning part of the outer wall https://www.arabnews.com/node/1578446/middle-east 

Embedded video

President Trump retweeted the above, along with another video of the consulate attack.

NetBlocks and the NGO Internet Society have estimated that the current internet blockage, the most significant in the nation’s history, has now cost Iraq over $1.3 billion.

end

6.Global Issues

The car industry is in a massive slowdown

(zerohedge)

The Recession In The Auto Industry Is Tanking The Global Economy

The global economy continues to grind to a halt and the culprit has never been clearer: the auto industry.

For the better part of almost 2 years now, we have been reporting monthly on marked slowdowns in key auto markets like China, North America and Europe. Now, the slowdown in this massive industry is what’s helping spur an overall global economic slowdown, according to FT.

The reaches of the auto market go deep, with long supply chains and large consumption of raw materials, textiles, chemicals and electronics. The industry is home to millions of jobs and last year, the sector shrank for the first time since the global financial crisis. The IMF is estimating that this fall in output accounted for more than 25% of the slowdown in the global economy between 2017 and 2018.

The sector may also be responsible for up to 33% of the slowdown in global trade growth over the same period, the IMF said. 

Gian Maria Milesi-Ferretti, deputy director of the IMF’s research department said:

 “The car sector has been weighing heavily on manufacturing activity and growth.”

And the fund’s forecast of a small lift in global trade in 2020 is dependent on a recovery in the auto sector. Conversely, the fund’s analysis also notes the potential further damage that could occur if the auto sector becomes the focus of the ongoing U.S./China trade war.

The White House is slated to make a decision on auto import tariffs by November 13.

U.S. trade policy is already being blamed for much of the sector’s misfortune, specifically as it relates to China’s auto industry.

Herbert Diess, Volkswagen’s chief executive, said at the Frankfurt motor show in September:

“This trade war is really influencing the mood of the customers, and it has the chance to really disrupt the world economy. Because of the trade war, the car market [in China] is basically in a recession . . . That’s scary for us.”

The IMF says that slowing in the industry is also due to policy changes in China, including the withdrawal of tax breaks encouraging car ownership and a slowdown in peer to peer lending. New emission standards in Europe have also been blamed for the slowdown in the industry.

The IMF also said that consumers in many countries were holding off on purchases due to standards changing rapidly. At the same time, car sharing programs have evolved and become more ubiquitous.

Car sales in India have also slumped, mainly as a result of problems in the shadow banking sector that provides “about half” of new car financing. At the same time, Turkey has faced recession and the UK has been struggling with the onset of Brexit.

Overall car sales fell 3% in 2018 and production fell by about 2.4%, the IMF said. This drop off in car sales could have reduced world GDP by “as much as 0.2%” according to Fitch – a number that is significantly more than IMF estimates. Fitch took into account spillovers to other industries and the effects of lower wages and profits on household and business spending.

Brian Coulton, chief economist at Fitch Ratings said:

“This is where the global slowdown has been concentrated. It has been the lead sector, not just broader collateral damage [of the trade war] . . . There is no doubt this is a key driver of the global manufacturing cycle.”

If tariffs begin to escalate in the industry, the outlook could become even more grim. US Commerce Secretary Wilbur Ross has alluded that he is more inclined to work strategically with the EU regarding trade instead of getting into a tit-for-tat tariff situation. A six month reprieve of tariffs with the EU is set to expire during the middle of this month.

Analysis found that if the U.S. were to act on the threat of 25% tariffs on auto imports from all countries, U.S. auto production could fall by 1.5% and the sector could shed 2% of its total workforce. 195,000 workers would be estimated to lose their jobs. In an event where other countries retaliate, U.S. production could fall as much as 3% and put 624,000 jobs at risk. 5% of the sector’s workforce would be under threat of being displaced.

“If they do this, we are all losers,” Oliver Zipse, BMW’s chief executive said last month.

Meanwhile, consumers remain uncertain about auto purchases, especially given the trade war climate and worries about global growth.

Holger Schmieding, an economist at Berenberg, noted that this uncertainty often causes consumers to hold off from big ticket purchases: “If you are uncertain . . . you don’t have to buy the car.”

7. OIL ISSUES

So much for the uSA leaving Syria as they are now constructing two new military bases in Syria’s oil reach region of Deir ez Zor province

(zerohedge)

US Constructing Two New Bases In Syria’s Oil-Rich Region: Report

Turkey’s state-run media is reporting the United States is planning two new military bases in Syria’s oil-rich Deir ez-Zor province, which are currently under construction, after US special forces convoys were seen patrolling the area in the past days.

Anadolu Agency, citing local sources, said the bases were under construction as evidenced by the influx of heavy equipment:

While the footage captured by Anadolu Agency showed that much construction equipment is being put into action, it was learnt the U.S. has sent 250 to 300 additional soldiers, armored vehicles, heavy weapons and ammunition to the region.

 

Prior US forward operating base in Syria, near Manbij, via the AP.

The reported added: “The military bases are being built in the 113th Brigade area and near al-Sur region,” according to the sources.

Syria’s largest oil fields, which historically account for most of its domestic energy needs, are located in Deir Ezzor, including Al-Omar, Conoco, and Rumeilan.

A US coalition statement confirmed last week that American forces are being “repositioned” in Syria’s oil rich region just east of the Euphrates to “protect critical infrastructure” – following Trump’s roll out of his controversial “secure the oil” plan.

Days ago Russia accused the United States of stealing what rightfully belongs to the Syrian government and people, with Russian Defense Ministry spokesman Igor Konashenkov alleging earlier that US government agencies received over $30 million a month in oil production in Syria.

In response to Tuesday’s Turkish media reports on the establishment of two new American military bases east of the Euphrates, Russian Deputy Foreign Minister Sergey Vershinin said, “Any actions whatsoever – we are not talking about anything in particular now – that the United States undertake to keep themselves militarily present in Syria are unacceptable and illegal from our point of view and under international law.”

Multiple images have surfaced in the past days confirming that the Pentagon has indeed launched a “secure the oil” policy, though not every of Syria’s oil and gas fields east of the Euphrates have witnessed US forces enter.

end

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1081 UP .0007 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 /MOSTLY GREEN EXCEPT SPAIN

 

 

USA/JAPAN YEN 109.03 DOWN 0.115 (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 1.2879   DOWN   0.0003  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TO OCT 31/2019//

USA/CAN 1.3166 UP .0012 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  WEDNESDAY morning in Europe, the Euro FELL BY 8 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1219 Last night Shanghai COMPOSITE CLOSED DOWN 12.97 POINTS OR 0.43% 

 

//Hang Sang CLOSED UP 5.24 POINTS OR 0.02%

/AUSTRALIA CLOSED DOWN 0,56%// EUROPEAN BOURSES MOSTLY GREEN EXCEPT SPAIN

 

Trading from Europe and Asia

EUROPEAN BOURSES MOSTLY GREEN EXCEPT SPAIN 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 5.24 POINTS OR 0.02%

 

 

/SHANGHAI CLOSED DOWN 12.97 POINTS OR 0.43%

 

Australia BOURSE CLOSED DOWN. 56% 

 

 

Nikkei (Japan) CLOSED UP 451.83  POINTS OR 0.22%

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1483.70

silver:$17.43-

Early WEDNESDAY morning USA 10 year bond yield: 1.84% !!! DOWN 1 IN POINTS from TUESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.32 DOWN 2  IN BASIS POINTS from TUESDAY night.

USA dollar index early WEDNESDAY morning: 97.86 DOWN 13 CENT(S) from  TUESDAY’s close.

This ends early morning numbers WEDNESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing WEDNESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.23% DOWN 2 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: -.08%  UP 5   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.30%//DOWN 3 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,02 DOWN 0 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 –.33% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.35% 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 WEDNESDAY

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

Euro/USA 1.1072  DOWN     .0002 or 2 basis points

USA/Japan: 109.05 DOWN .095 OR YEN UP 10  basis points/

Great Britain/USA 1.2868 DOWN .0011 POUND  DOWN 11  BASIS POINTS)

Canadian dollar DOWN 26 basis points to 1.3181

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 6.9974    ON SHORE  (DOWN)..

 

THE USA/YUAN OFFSHORE:  6.9974  (YUAN DOWN)..

 

TURKISH LIRA:  5.7615 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at -.08%

 

Your closing 10 yr US bond yield DOWN 2 IN basis points from TUESDAY at 1.84 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.32 DOWN 2 in basis points on the day

Your closing USA dollar index, 97.93 DOWN 5  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 WEDNESDAY: 12:00 PM

London: CLOSED UP 1.19  0.02%

German Dax :  CLOSED UP 23.63 POINTS OR .18%

 

Paris Cac CLOSED UP 15.58 POINTS 0.27%

Spain IBEX CLOSED DOWN 18.10 POINTS or 0.19%

Italian MIB: CLOSED DOWN 12.91 POINTS OR 0.06%

 

 

 

 

 

WTI Oil price; 57.10 12:00  PM  EST

Brent Oil: 62.23 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    63.95  THE CROSS HIGHER BY 0.37 RUBLES/DOLLAR (RUBLE LOWER BY 37 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.33 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 :  56.40//

 

 

BRENT :  61.74

USA 10 YR BOND YIELD: … 1,83..DOWN 3 BASIS PTS…

 

 

 

USA 30 YR BOND YIELD: 2.32..DOWN 2 BASIS PTS..

 

 

 

 

 

EURO/USA 1.1067 ( DOWN 7   BASIS POINTS)

USA/JAPANESE YEN:108.96 DOWN .182 (YEN UP 18 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 97.96 DOWN 2 cent(s)/

The British pound at 4 pm   Britain Pound/USA: 1.2850 DOWN 30  POINTS

 

the Turkish lira close: 5.7512

 

 

the Russian rouble 63.88   DOWN 0.01 Roubles against the uSA dollar.( DOWN 1 BASIS POINTS)

Canadian dollar:  1.3183 DOWN 29 BASIS pts

USA/CHINESE YUAN (CNY) :  6.9981  (ONSHORE)/

 

USA/CHINESE YUAN(CNH): 7.0128 (OFFSHORE)

 

German 10 yr bond yield at 5 pm: ,-0.33%

 

The Dow closed DOWN 0.07 POINTS OR 0.00%

 

NASDAQ closed DOWN 24.05 POINTS OR 0.29%

 


VOLATILITY INDEX:  12.62 CLOSED DOWN .48

LIBOR 3 MONTH DURATION: 1.893%//libor dropping like a stone

 

USA trading today in Graph Form

Bonds & Bullion Bid As Trade-Deal-Delay Stalls Stocks

The odds of a US-China trade deal slipped lower today (though remain high) after reports that the signing may be delayed…

Source: Bloomberg

But, don’t stop believing it will happen…

The Dow and S&P trod water near record highs but Small Caps underperformed (Trannies were bid into the last few minutes)…

 

As short-squeeze ammo appears to have run out…

Source: Bloomberg

US banks continue to tick higher with the steepening yield curve…

Source: Bloomberg

But, bank stocks have decoupled from credit in the last week…

Source: Bloomberg

Cyclicals were sold as rotation into defensives dominated today’s trade…

Source: Bloomberg

The VIX term structure is very steep – a steepness that has not ended well in the past…

Source: Bloomberg

Chinese stocks were weak overnight…

Source: Bloomberg

European stocks are nearing a 20-year resistance level…

Source: Bloomberg

Treasury yields fell on the day with the long-end outperforming (30Y -4bps, 2Y -2bps)

Source: Bloomberg

A strong 10Y auction helped send yields lower…

Source: Bloomberg

The Dollar managed to end higher on the day as the same US session buying appeared again…

Source: Bloomberg

Cryptos were mixed with Bitcoin and Ether modestly lower and Bitcoin Cash and Litecoin higher…

Source: Bloomberg

Commodities reversed yesterday’s action with crude and copper down and PMs higher (despite a dollar rally)

Source: Bloomberg

Gold rallied but remains below $1500…

 

And WTI tumbled back below $57 after a big surprise crude build…

“Got Milk?” – no inflation though.

Source: Bloomberg

Finally, you have to laugh…

And stocks are soaring as The Fed’s balance sheet rises for the 9th week in a row – adding $260bn, the biggest such surge since May 2009…

Source: Bloomberg

It’s Not QE though!!!

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

As promised to you that there will not be any appreciative deal with China

(zerohedge)

Stocks, Soybeans, & Yuan Suddenly Plunge On US-China Trade Deal Delay Headlines

US equity futures suddenly tumbled after Reuters reports that the signing of the US-China trade deal could be delayed until December as terms and the venue remain unclear.

Additionally, a senior official of the Trump administration told Reuters on Wednesday that it was still possible the “Phase One” agreement aimed at ending a damaging trade war would not be reached, but a deal was more likely than not.

Dozens of venues have been suggested for the meeting, which had originally been scheduled to take place on the sidelines of a now-canceled mid-November summit of Asia-Pacific leaders in Chile, the official said. They included sites in Europe and Asia, but the former was more likely, with Sweden and Switzerland among the possibilities.

Iowa, which Trump has suggested, appeared to have been ruled out, the official said. China’s latest push for more tariff rollbacks would be discussed, but was not expected to derail progress toward an interim deal.

The official said China was believed to see a quick deal as its best chance for favorable terms, given pressure Trump is facing from a congressional impeachment inquiry as he seeks re-election in 2020.

And just like that…

 

Erasing the day’s modest gains…

As the market’s pricing for a trade deal sinks…

Soybeans are sinking…

And Yuan is weaker…

Source: Bloomberg

So the phase one deal that was 99% done… is now delayed another month at least and could still not be deal?

ii)Market data/USA

This is not what the USA is looking for: a decrease in productivity as labour costs soar

(zerohedge)

US Productivity Plunges Most Since 2015 As Unit Labor Costs Surge

US Productivity unexpectedly posted the first decline in almost four years and labor costs accelerated in Q3, suggesting a pickup in efficiency earlier this year was more of a temporary shift.

Nonfarm business employee output per hour decreased at a 0.3% annualized rate in the third quarter, well below the expected rise of 0.9% and the first decline since December 2015.

 

Source: Bloomberg

The report showed the decline in productivity resulted from a 2.1% increase in output against a 2.4% rise in hours worked.

Driving this decline was surging unit labor costs (+3.6%) following 2.4% in the prior period…

 

Source: Bloomberg

From a year earlier, productivity rose 1.4%, down from 1.8% in the prior period. Unit labor costs were up 3.1% year-over-year, which could be a sign that a tight job market is filtering through to what companies are spending on wages.

Get back to work Mr.Powell?

end

iii) Important USA Economic Stories

China is now cracking down on the illegal mfg of fentanyl.  Will this solidify a deal with trump?

(zerohedge)

This Is What A US-China “Deal” Would Look LIke

With the Phase 1 partial trade deal hanging in the balance, Beijing has been quietly pressing Washington to accept more tariff rollbacks and cancellations. And it looks like President Trump may have found a way to acquiesce to these demands without losing face.

Bloomberg reports that a Thursday press conference scheduled Thursday in Beijing will reveal the results of a joint government crackdown on fentanyl smuggling in China. US and Chinese law enforcement came together to bust up a major smuggling ring, per the report.

If all goes as planned, this could be a major political win for President Trump. Many of Midwestern swing states (like Ohio) have taken the brunt of the spike in drug-related deaths caused by fentanyl seeping into the heroin supply. It has been an elusive goal: Trump accused President Xi of going back on his promise to crack down on the production of fentanyl and its analogues.

 

In true Communist Party fashion, a show trial of the smugglers arrested in the bust will be broadcast on Chinese television. Then officers from China and the US will deliver briefings on the investigation and the results.

As BBG points out, a “win” on fentanyl will help Trump sell a trade deal to hardliners within his administration (hardliners like Peter Navarro, who has cited fentanyl as one of China’s seven deadly sins).

Still, Beijing denies Chinese fentanyl is being shipped to Mexico, though it has been widely documented that drug cartels in Mexico use Chinese fentanyl to spike kilos of traditional heroin, while increasingly selling pure fentanyl by the kilo. Though the press conference and bust are good, it would be better if Beijing promised to be more vigilant about banning “analogues” – chemical cousins of fentanyl that aren’t illegal but have the same basic effect.

Circling back to the tariffs, Bloomberg reports that Beijing has asked Trump to pledge to not only withdraw threats of new tariffs, but to pull back tariffs on $110 billion in imports imposed in September.

As we’ve noted in earlier posts, rolling back tariffs is a hard sell in the Trump Administration, where Trump’s top hard-line trade advisors see tariffs as a critical enforcement tool. Beijing has lied to the US before (they lied to Obama for years), and without some mechanism to hold the Chinese accountable, any trade deal wouldn’t be worth the paper it’s written on.

Beijing argues that if it’s going to make major concessions like increasing farm purchases and cracking down on IP theft, the US should also give up something significant. Plus, markets would undoubtedly interpret any tariff relief as a positive for global growth.

Hu Xijin 胡锡进

@HuXijin_GT

To reach a deal, China and the US must simultaneously remove the existing additional tariffs at the same ratio, which means that tariffs to be removed should be in proportion to how much agreement has been reached. https://twitter.com/HuXijin_GT/status/1191612588892643329 

Hu Xijin 胡锡进

@HuXijin_GT

Some media reports are illogical. My understanding is that for reaching phase 1 deal, the two sides must proportionally, simultaneously remove the additional tariffs imposed since the trade war. New tariff threat is not a bargaining chip.

https://twitter.com/FinancialTimes/status/1191558289429061633 

Some fear Beijing is clinging to the hope that Washington will drop all the tariffs – numerous White House insiders have insisted to the press that this is a non-starter, and that Trump is convinced that the bulk of the tariffs must remain intact for years.

At the end of the day, whatever Beijing decides regarding the tariffs – whether it can live with some of them for a brief time, or not – could determine whether the partial deal is signed, or not.

end

Kentucky governorship goes Democrat, but Mississippi goes Republican solidifying southern advances,

(zerohedge)

Election 2019: Republican Gov Loses Close Race In Kentucky, Dems Win Virginia State House, Airbnb Loses Jersey City

If anybody else was in office, few Americans would have cared about the outcome of this year’s off-off-year election: This year’s races were overwhelmingly local, with several states battling for control of the state house. But with President Trump in office, pundits rarely miss a chance to blame him for any setbacks suffered by the GOP.

And for Republicans, this year’s election had a few setbacks, but there were victories as well.

Matt Bevin

 

Democrat Andy Beshear claimed victory Tuesday night in an extremely tight race for the governorship of Kentucky. It looks like Beshear, whose father served two terms as governor during the Obama years, will ultimately prevail over Republican incumbent Matt Bevin, who has yet to concede, citing vague “irregularities.” Bevin was a supremely unpopular governor due to cuts to Medicaid and Pension cuts enacted by his administration. Even the personal support of his close ally, President Trump, who campaigned for Bevin during a rally in Kentucky the night before the vote, wasn’t enough to secure a second term for Bevin, the New York Times reports.

Still, with super majorities in both chambers of the state house, Republicans will likely continue to dominate Kentucky politics.

Perhaps even more consequential for Trump, Democrats in Virginia managed to take back the state house. With the governorship and both chambers of the state house under Democratic control for the first time in a generation, analysts expect Virginia, once the home of the NRA, to push through new gun control measures and expand access to abortion, according to WSJ.

Many pundits commented that the election showcased the growing rural-urban divide, as urban and suburban voters appeared to increasingly favor Democrats and oppose President Trump.

The Washington Post and many Dems excitedly proclaimed that the 2019 race had completed Virginia’s transformation from “red to blue.” It also positions Gov. Ralph Northam, who was nearly forced out of office in a blackface scandal nine months ago, to be one of the most important governors in the modern history of the state.

In Mississippi, Republican Lieutenant Gov. Tate Reeves prevailed over Democratic AG Jim Hood in a race that reaffirmed Republicans’ dominance of the Deep South.

President Trump tweeted his congratulations to Tate…

Donald J. Trump

@realDonaldTrump

Great going Tate! https://twitter.com/gopchairwoman/status/1191940191092654081 

Ronna McDaniel

@GOPChairwoman

Congratulations @TateReeves on being elected Governor of Mississippi!

Reeves was down double-digits, but @realDonaldTrump came in big with his endorsement and rally, putting him over the top.

A huge win for the President and our Party!

…While also distancing himself from Bevin’s loss.

Ronna McDaniel

@GOPChairwoman

No one energizes our base like @realDonaldTrump.

In Kentucky, the governor was down 17 points.

President Trump helped lift the entire ticket, winning 5 of 6 statewide races so far!

Donald J. Trump

@realDonaldTrump

Our big Kentucky Rally on Monday night had a massive impact on all of the races. The increase in Governors race was at least 15 points, and maybe 20! Will be in Louisiana for @EddieRispone on Wednesday night. Big Rally!

Dems retained control of the state house in New Jersey, but perhaps the most interesting race in the state was a referendum question on the ballot in Jersey City.

According to Bloomberg, a multi-million dollar battle over home-sharing in Jersey City has come to an end with a decisive loss for Airbnb. The new rules place a 60-day short-term rental cap on properties where he owner isn’t present. That’s a major blow to the tech darling, which is preparing to go public next year. Airbnb dumped $5 million into campaigning for residents to vote against the new law, but 70% voted in favor.

Now, with one year until the presidential election, and impeachment proceedings in Congress and the Democratic nomination battle just beginning, many have been trying to frame Republicans’ losses on Tuesday as a reflection on Trump. However, experts quoted by BBG said Tuesday’s results have little predictive value for the 2020 election.

“It’s just too far out, and we don’t know what the circumstances will be next year,” said Kyle Kondik of the University of Virginia Center for Politics.

iv) Swamp commentaries)

Most voters have little or no trust in the impeachment process. Most state that they want the voters to decide

(zerohedge)

Most Americans Have ‘Little To No Trust’ In Impeachment Process, Would Rather Let Voters Decide In 2020

Most Americans have ‘little to no trust’ in the impeachment inquiries against President Trump, and think that the best way to remove him from office would be to let the voters decide at the ballot box next November, according to a Monmouth University Poll published Tuesday.

According to the survey, 73% of those polled have little to no trust in how the House impeachment inquiry has been conducted to date, while 59% say it would “make more sense” to wait until next year’s election. The same poll found just 44% of Americans think that Trump should be impeached and removed from office.

“Even many who would like to impeach Trump seem to feel that beating him at the polls in 2020 is actually a better strategy for ousting him from office,” said Patrick Murray, director of the independent Monmouth University Polling Institute.

 

What’s more, 71% of respondents think it’s unlikely the Senate would vote to remove Trump – which, as Nancy Pelosi warned, would simply empower Republicans after Democrats can’t tank Trump for asking Ukraine to investigate whether former VP Joe Biden and his son Hunter engaged in a quid-pro-quo to personally enrich themselves.

That said, just over half of Americans think its a good idea for the House to conduct the inquiries, even if many of those people have ‘little to no trust’ in it!

Those who approve of the job Trump is doing rose to 42% from 41% in September, while 51% disapprove, down from 53% in September.

Of those who approve, 62% can’t think of anything he could do that would cause them to stop supporting him.

Methodology: The Monmouth University Poll was sponsored and conducted by the Monmouth University Polling Institute from Oct. 30 to Nov. 3 with a national random sample of 908 adults age 18 and older. The margin of error for the total sample is ± 3.3.

 end
Seems that our illustrious ex Ambassador to Ukraine was coached on the Biden scandal
(zerohedge)

Obama Admin Coached Anti-Trump Ukraine Ambassador On Biden Scandal

The latest report from journalist John Solomon reveals that the Obama State Department saw Joe and Hunter Biden’s brewing Burisma scandal as a “Biden problem” during the 2016 US election, and specificialy coached now-recalled US Ambassador Marie Yovanovitch on how to answer awkward questions about it.

***

Authored by John Solomon of John Solomon Reports (emphasis ours)

In recent interviews, Joe Biden has distanced himself from his son’s work at a Ukrainian gas company that was under investigation during the Obama years, with the former vice president  suggesting he didn’t even know Hunter Biden served on the board of Burisma Holdings.

There is plenty of evidence that conflicts with the former vice president’s account, including Hunter Biden’s own story that he discussed the company once with his famous father.

There also was a December 2015 New York Times story that raised the question of whether Hunter Biden’s role at Burisma posed a conflict of interest for the vice president, especially when Joe Biden was leading the fight against Ukrainian corruption while Hunter Biden’s firm was under investigation by Ukrainian prosecutors.

But whatever the Biden family recollections, the Obama State Department clearly saw the Burisma Holdings investigation in the midst of the 2016 presidential election as a Joe Biden issue.

Memos newly released through a Freedom of Information Act lawsuit filed by the Southeastern Legal Foundation on my behalf detail how State officials in June 2016 worked to prepare the new U.S. ambassador to Ukraine, Marie Yovanovitch, to handle a question about “Burisma and Hunter Biden.”

In multiple drafts of a question-and-answer memo prepared for Yovanovitch’s Senate confirmation hearing, the department’s Ukraine experts urged the incoming ambassador to stick to a simple answer.

Do you have any comment on Hunter Biden, the Vice President’s son, serving on the board of Burisma, a major Ukrainian Gas Company?,” the draft Q&A asked.

The recommended answer for Yovanovitch: “For questions on Hunter Biden’s role in Burisma, I would refer you to Vice President Biden’s office.

The Q&A is consistent with other information flowing out of State. As I reported yesterday, when a Burisma representative contacted State in February 2016 to ask for the department’s help in quashing the corruption allegations, Hunter Biden’s role on the company’s board was prominently cited.

And a senior State Department official who testified recently in the impeachment proceedings reportedly told lawmakers he tried to warn the vice president’s office that Burisma posed a conflict for Joe Biden but was turned aside.

There are no laws that would have prevented Hunter Biden from joining Burisma, even as his father oversaw Ukraine policy for the President Obama.

And the corruption investigations launched in 2014 by British and Ukraine authorities involving Burisma and its owner Mykola Zlocvhevsky involved activities that pre-dated Hunter Biden’s arrival on the board. They were settled in late 2016 and early 2017.

Some of Biden’s media defenders have falsely suggested the investigations were dormant. They were not.

The real public interest question involves Joe Biden. Federal ethics rules require government officials to avoid even the appearance of a conflict of interest, and ethics experts I talked with say the vice president should have recused himself from issues affecting Burisma.

That became poignantly public when Biden leveraged the threat of canceling $1 billion in U.S. aid in March 2016 to get Ukraine to fire its top prosecutor, Viktor Shokin, who just happened to oversee the Burisma probe. A month before the firing, Shokin escalated the corruption probe against Burisma by seizing the company owner’s property and assets.

Shokin says he was making plans to interview Hunter Biden and insists he was fired because he refused to stand down on the Burisma probe. Joe Biden insists he prompted Shokin’s firing because he believed the prosecutor was ineffective.

There are more memos and documents to be released in the coming months under the FOIA lawsuit I filed with the Southeastern Legal Foundation that may shine light on what actually happened.

But one thing is already clear: long before President Trump or his attorney Rudy Giuliani tried to make political hay out of the Burisma investigation, career State officials already saw it as an issue for Joe Biden.

end
Rand Paul believes that the subpoena whistleblower may be involved in the corrupt Ukraine-Gate. Ciarmella is the individual and he is certainly involved
(zerohedge)

Rand Paul: ‘Subpoena Whistleblower, He May Be Involved In Corrupt Ukraine Dealings’

Sen. Rand Paul (R-KY) has called on Congressional Republicans to subpoena the anti-Trump whistleblower, suggesting he may be involved in corrupt business dealings in Ukraine.

In a Tuesday interview, Paul said that the whistleblower – reported to be CIA officer Eric Ciaramella – “is a material witness to the possible corruption of Hunter Biden and Joe Biden,” and that Congress should investigate the whistleblower’s ties to the Biden family and Burisma holdings, the Ukrainian gas company that paid Hunter Biden to sit on its board, according to BuzzFeed.

[The whistleblower] might have traveled with Joe Biden to Ukraine for all we know. We should look at his writings. We should know all of this stuff to see whether or not he has any intersection with Burisma and with Hunter Biden,” said Paul.

The president’s most ardent supporters in Congress have long insisted the real corruption in Ukraine was done by former vice president Joe Biden and his family rather than by President Donald Trump. Many have also called for outing the anonymous intelligence official who filed a whistleblower complaint alleging Trump demanded a political quid pro quo from the Ukrainian government — an investigation into the Biden family in exchange for hundreds of millions of dollars in military aid. But, until now, they had not brought those two lines of attack together. –BuzzFeed

When asked if he has any evidence for his suppositions, Paul said “We don’t know unless we ask.

Senate Judiciary Committee Chair Lindsey Graham (R-SC) was surprised at Paul’s comments, saying “He needs to tell us. You can’t ask a judge. You can’t ask members [of Congress], ‘Do you want to subpoena this guy?‘ He might be this, he might be that.”

Both Graham and Paul do agree, however, that the whistleblower’s identity should be officially made public, with Paul telling reporters that he “probably will” disclose his name.

“I’m more than willing to, and I probably will at some point. … There is no law preventing anybody from saying the name,” said Paul.

Other lawmakers such as Sen. Mitt Romney, Roy Blunt, John Cornyn and Lisa Murkowski say he should remain anonymous.

The whistleblower’s attorney, Mark Zaid, said that Paul and others are using disinformation to distract from the substance of the allegations.

“I imagine at some point soon our client will be accused of masterminding JFK’s assassination as well,” he said. “Any Member of Congress who pushes to expose the whistleblower will not only undermine the integrity of the system but will be disgracing their office and betraying the interests of the Constitution and the American people.”

END

This ought to be fun:  Donald Trump Jr outs the CIA whistleblower Ciaramella.

Let us see what comes next

(zerohedge)

Trump Jr. Outs CIA Whistleblower Over Twitter

Drama ensued on Wednesday after Donald Trump Jr. tweeted a Breitbart News article which contained the name of the alleged Trump-Ukraine whistleblower, Eric Ciaramella.

The article, written by Breitbart senior investigative reporter New York Times bestselling author and Aaron Klein, details how Ciaramella was central to the Obama administration’s Ukraine policy – including the eventual signing of a $1 billion US loan guarantee after former VP Joe Biden pressured them into firing the guy investigating an energy company paying his son to sit on their board, Burisma Holdings.

In response to Trump Jr. tweeting Ciaramella’s name, journalist Yashar Ali (who worked for Hillary Clinton’s 2008 presidential campaign) contacted Don Jr., who told him “The outrage on this is BS. And those pretending that I would coordinate with The White House to send out a Breitbart link haven’t been watching my feed for a long time.”

Don Jr. then tweeted “The entire media is #Triggered that I (a private citizen) tweeted out a story naming the alleged whistleblower. Are they going to pretend that his name hasn’t been in the public domain for weeks now? Numerous people & news outlets including Real Clear Politics already ID’d him.”

Trump Jr.’s ‘outing’ of Ciaramella comes one day after Sen. Rand Paul (R-KY) said he was considering releasing the whistleblower’s name, and claimed that he may be involved in Ukraine corruption.

Ciaramella’s attorney, meanwhile, was called out by The Federalistfor threatening to dox an anonymous Twitter user – tweeting “I’d love to have my intelligence and law enforcement clients see what they can find out about your life.”

To recap, here’s what we know about Ciaramella (via RedState’s Elizabeth Vaughn, emphasis ours):

He submitted a whistleblower complaint on August 12th.

He is a registered Democrat.

He is a CIA analyst who specializes in Russia and Ukraine. He ran the Ukraine desk at the National Security Council (NSC) in 2016.

He was detailed over to the NSC in the summer of 2015 and worked for then-National Security Adviser Susan Rice.

He worked for former Vice President Joe Biden when he served as the Obama administration’s “point man” for Ukraine. He may have flown over to Ukraine with Biden on Air Force Two.

He worked for former CIA Director John Brennan and appeared to have been a highly valued employee.

In June 2017, then-National Security Advisor H. R. McMaster appointed EC to be his personal aide.

EC did not have direct knowledge of the July 25th conversation between President Trump and Ukrainian President Volodymyr Zelensky. It is very possible he learned about the call from NSC Director for European Affairs Lt. Col. Alexander Vindman, who testified last week before Adam Schiff’s House Intelligence Committee.

EC contacted at least one of Schiff’s staff members prior to filing his complaint. Two of EC’s colleagues from the NSC were hired by Adam Schiff this year, one of whom, Sean Misko, was hired in August.

He was posted to the NSC in the White House’s West Wing in mid-2017 and “left amid concerns about negative leaks to the media. He has since returned to CIA headquarters in Langley, Virginia.”

EC worked with hyper-partisan Ukrainian-American lawyer and activist Alexandra Chalupa in 2016 to dig up dirt on Trump. (Chalupa’s name will become very familiar as this scandal unravels.) The pro-Hillary Chalupa, a former DNC contractor, has worked in the Clinton administration and has held various staff positions for Democratic lawmakers. Sperry wrote: “Documents confirm the DNC opposition researcher attended at least one White House meeting with Ciaramella in November 2015.  She visited the White House with a number of Ukrainian officials lobbying the Obama administration for aid for Ukraine.”

Sperry reported that “federal records show Biden’s office invited Ciaramella to an October 2016 state luncheon the vice president hosted for Italian Prime Minister Matteo Renzi. Other invited guests included Brennan, as well as then-FBI Director James Comey and then-National Intelligence Director James Clapper.  (Sperry: Several U.S. officials told RCI that the invitation that was extended to Ciaramella, a relatively low-level GS-13 federal employee, was unusual and signaled he was politically connected inside the Obama White House.) –RedState

end
Guys and gals: we are not making this up!!

DOJ Makes Jaw-Dropping Admission in Flynn Case – Prosecution “Mistakenly” Attributed Wrong Notes to Wrong FBI Agents….

WHISKEY TANGO FOXTROT – Prosecutor Brandon Van Grack sends a letter to Flynn’s defense team today containing a stunning, almost impossible to comprehend, admission of a mistake central to the claims of the prosecution.  In March 2018 the FBI presented notes taken by agents Pientka and Strzok, now they say they made a ‘mistake’.

For almost two years the DOJ misidentified, misattributed, and never corrected that the authors of the Flynn interview notes were actually reversed.  All of the notes attributed to FBI Agent Peter Strzok actually were taken by FBI Agent Joseph Pientka, and vice-versa:

(LINK)

What kind of f**kery is this?  The DOJ never confirmed the authorship of the FBI notes that are central to the FD-302, upon which the entire prosecution claim of Flynn lying to investigators is based? …Seriously?

The entire FBI case against Flynn; meaning the central element that he lied to FBI investigators (he didn’t); is predicated on the FD-302 interview reports generated by the two FBI agents; later discovered to have been edited, shaped and approved by Andrew McCabe….  And for almost two years the entire outline of their documented evidence has been misattributed?

C’mon man.  This is sketchy as heck.

Obviously what triggered this re-review of the notes was a smart sur-surreply from the defense that highlighted how Peter Strzoks notes were far too neat, organized and well constructed to have been written during an actual interview. [SEE HERE]

For the prosecution to now reverse course and say the agent attribution was transposed, is either the biggest screw-up in a high profile case…. OR, the prosecution now needs to reverse the note-takers due to the exact, and common sense, reasons highlighted by the defense.

This is so far beyond sketchy the light from where sketchy emanates won’t reach this sketchy location for a year.

This ain’t no ordinary ‘whoops, my bad‘…. move along, move along folks.

So the prosecution didn’t change authorship of the individual FD-302 reports, but now changes authorship of the agent notes that underwrite the FD-302 reports?

Sorry, I ain’t buying what they’re selling.

Hopefully, at the very least, Judge Sullivan requests Agent Strzok and Agent Pientka to appear in his court and asks them to swear to the authorship.   This is nuts.

Sidney Powell 🇺🇸⭐⭐⭐@SidneyPowell1

just advised by letter that he got the authors of the raw notes backwards!! Since March 2018 when first disclosed! All the more reason to require originals of everything without redactions, handwriting samples, all 302s, audit trail, metadata-entire file! @GenFlynn

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

The WaPo confirms what our source has told us about the Horowitz report.

Justice Dept. trying to finish report on Russia probe before Thanksgiving

One person involved in the discussions said the target date for the report’s release has been Nov. 20, but another indicated that the Justice Department is unlikely to deliver it by then, and that it is more likely to come after Thanksgiving because of the complicated and contentious mix of legal, classification and political issues at play…  Barr has spent weeks working on the declassification decisions… Sen. Lindsey O. Graham (R-S.C.), chairman of the Senate Judiciary Committee, plans to meet Wednesday with Barr to talk about the report’s planned rollout…   https://www.washingtonpost.com/national-security/justice-dept-trying-to-finish-report-on-russia-probe-before-thanksgiving/2019/11/05/b28e5b78-0018-11ea-8bab-0fc209e065a8_story.html

Leaked Insider Recording From ABC News Reveals Network Executives Killed Bombshell Story Implicating Jeffrey Epstein – “I’ve Had This Story for Three Years… (ABC) Would Not Put It on The Air” says Good Morning America Breaking News Anchor, and 20/20 Co-Anchor Amy Robach. “It Was Unbelievable… We Had – Clinton, We Had Everything… So do I think he was killed? 100% Yes, I do…He made his whole living blackmailing people… Yup, there were a lot of men in those planes. A lot of men who visited that Island, a lot of powerful men who came into that apartment.”…    https://www.projectveritas.com/2019/11/05/video-leaked-insider-recording-from-abc-news-reveals-network-executives-killed-bombshell-story-implicating-jeffrey-epstein/

@RoscoeBDavis1: On Dec 3, 2010, Sherwood was appointed President of ABC News in New York.  In Jan 2015, Sherwood was named President of Disney-ABC Television Group, & Co-Chairman of Disney Media Networks.  Ben Sherwood and Special Assistant to Barack Obama, Dr. Elizabeth Sherwood-Randall are brother and sister. Elizabeth Sherwood was appointed by Obama to be Deputy Secretary of Energy on July 8, 2014, and was confirmed by the United States Senate on September 18, 2014.

ABC issued a statement that claimed the Epstein story didn’t meet their “standards”.  But all the Russia Collusion hoax and anti-Trump fake news did?  ABC aired all the allegations against Kavanaugh.

Remember, three weeks ago, ABC aired footage of what it claimed was Turkey bombing Kurds in Syria.  It turned out to be from a gun range in Kentucky.

Solomon: In midst of 2016 election, State Dept. saw Burisma as Joe Biden’s issue, memos show

In multiple drafts of a question-and-answer memo prepared for Yovanovitch’s Senate confirmation hearing, the department’s Ukraine experts urged the incoming ambassador to stick to a simple answer.

    “Do you have any comment on Hunter Biden, the Vice President’s son, serving on the board of Burisma, a major Ukrainian Gas Company?,” the draft Q&A asked. The recommended answer for Yovanovitch: “For questions on Hunter Biden’s role in Burisma, I would refer you to Vice President Biden’s office.”… [This is why Joe did not run in 2016.]

    And a senior State Department official who testified recently in the impeachment proceedings reportedly told lawmakers he tried to warn the vice president’s office that Burisma posed a conflict for Joe Biden but was turned aside [This is why Schiff is using a sub-rosa Star Chamber.]

Transcripts: Ex-Pompeo Adviser Rejects Adam Schiff’s Effort to Mischaracterize His Testimony

Rep. Adam Schiff (D-CA) engaged in a failed attempt to direct Michael McKinley, a former top U.S. State Department official, on what to say during his impeachment inquiry deposition behind closed doors last month, according to transcripts released on Monday…

https://www.breitbart.com/politics/2019/11/05/transcripts-ex-pompeo-adviser-rejects-adam-schiffs-effort-to-mischaracterize-his-testimony/?fbclid=IwAR3NYwmFU0RveneXt4Rz8KMFD2V-BGzyu_rc9v2LVMH-r4bEzQhSEPWbrFg

Grassley Seeks Details on Administrative Sanctions for Deliberate Mishandling of Classified Information on Clinton Server – He is also seeking clarity on why the department was unable to determine responsibility for so many security violations…

https://www.grassley.senate.gov/news/news-releases/grassley-seeks-details-administrative-sanctions-deliberate-mishandling-classified#.XcImZkR9fF0.twitter

WaPo: With revised testimony, Sondland ties Trump to quid pro quo

ABC: In revised testimony, Amb. Gordon Sondland says he personally delivered message to top Ukrainian official that U.S. military aid was contingent upon Ukraine’s ability to launch an investigation desired by Pres. Trump.

Rep. Mark Meadows called out the MSM for its fake news on Sondland’s testimony.

 

@RepMarkMeadows: Seeing many overblown (and outright false) reports about Ambassador Sondland’s testimony. Here’s what he actually said. 1. I did not (and still don’t) know why aid was held up.  2. I “PRESUMED” it was because of corruption.  3. I told Yermak my assumption  See paragraph 4 here: “…I did not know (and still don’t know) when, why or by whom the aid was suspended… I presumed the aid suspension had become linked to the proposed anti-corruption statement…”

https://twitter.com/RepMarkMeadows/status/1191810986082258944

 

Fox’s @ChadPergram: Sondland to Trump: “I asked him 1 open-ended question: What do you want from Ukraine? And as I recaIl, he was in a very bad mood. It was a very quick conversation. He said: ‘I want nothing. I want no quid pro quo. I want Zelensky to do the right thing.'” Says Trump hung up on him

    WH’s Grisham: Both transcripts released today show there is even less evidence for this illegitimate impeachment sham than previously thought.  Ambassador Sondland squarely states that he “did not know, (and still does not know) when, why or by whom the aid was suspended.”

@RepMattGaetz: I guess in @SpeakerPelosi and @RepAdamSchiff’s America, if you peddle influence to the Vice President’s office, that’s just business as usual. But if you ask questions about it…that’s impeachable.   It’s ludicrous.

@RoscoeBDavis1: In the email it talks about two high profile US Citizens associated with Burisma. We know Hunter Biden is one and the other is Cofer Black. Cofer Black was Mitt Romney’s 2012 campaign manager, now it doesn’t mean Mitt is connected, but it isn’t a good look.

 

@seanmdav: Federal law neither requires nor assures anonymity for so-called whistleblowers. The law merely protects them from government reprisal (e.g., being fired/demoted).  The idea that a free citizenry is banned from stating the person’s identity is nonsense.

 

@seanmdav: Brutal impeachment numbers for Dems in new Monmouth poll: 73% have little/no trust in process, 60% say Dems are more interested in destroying Trump than finding facts, 51% oppose impeachment, only 37% say Trump’s actions are clear grounds for impeachment. https://www.realclearpolitics.com/docs/2019/MonmouthPoll_US_110519.pdf

@seanmdav: Even though the 2016 election breakdown was 36D/33R/31I, the most recent Fox poll is 49% Dem. And even with that obvious poll engineering, the pollsters couldn’t get a majority in favor of impeachment.  Of note: only 38% of indies support impeachment.

https://www.foxnews.com/politics/fox-news-poll-results-october-27-30-2019

Ex-FBI official James Gagliano: The Michael Flynn smoking gun: FBI headquarters altered interview summary – One of the most damning charges contained within Powell’s 37-page court brief is that Page, the DOJ lawyer assigned to the office of then-FBI Deputy Director Andrew McCabe, may have materially altered Flynn’s interview FD-302, which was drafted by Strzok. FBI agents transfer handwritten interview notes onto a formal testimonial document, FD-302, within five days of conducting an interview, while recollections are still fresh.  It is unheard of for someone not actually on the interview itself to materially alter an FD-302

https://www.washingtonexaminer.com/opinion/the-michael-flynn-smoking-gun-fbi-headquarters-altered-interview-summary

Gen. Flynn’s attorney @SidneyPowell1: [Flynn prosecutor] VanGrack just advised by letter that he got the authors of the raw [FBI] notes backwards!! Since March 2018 when first disclosed! All the more reason to require originals of everything without redactions, handwriting samples, all 302s, audit trail, metadata-entire file!

Joint Statement from DOJ, DOD, DHS, DNI, FBI, NSA, and CISA on Ensuring Security of 2020 Elections – Attorney General William Barr, Secretary of Defense Mark Esper, Acting Secretary of Homeland Security Kevin McAleenan, Acting Director of National Intelligence Joseph Maguire, FBI Director Christopher Wray, U.S. Cyber Command Commander and NSA Director Gen. Paul Nakasone, and CISA Director Christopher Krebs today released the following joint statement:

    “Americans will go to the polls and cast their votes in the 2020 presidential election. Election security is a top priority for the United States Government… In an unprecedented level of coordination, the U.S. government is working with all 50 states and U.S. territories, local officials, and private sector partners to identify threats, broadly share information, and protect the democratic process…

https://www.nsa.gov/news-features/press-room/Article/2009338/joint-statement-from-doj-dod-dhs-dni-fbi-nsa-and-cisa-on-ensuring-security-of-2/

Due to Dem and MSM outrage at the purported Russian interference in the 2016 election, the Trump administration has the excuse to crack down on election fraud in 2020.  Guess who this hurts?

Trump Is Derailing the Elite’s Gravy Train – The simple fact is that they desperately want Trump out so they can return to the good old days of winks, nods, and payoffs…

https://townhall.com/columnists/kurtschlichter/2019/11/04/trump-is-derailing-the-elites-gravy-train-n2555787

Well that is all for today

Let us close out tonight with this great interview of well renowned G Edward Griffin..the author of the “creature from Jekyll Island”

Bankers Going for Broke Because They Know it’s Broke – G. Edward Griffin

By Greg Hunter On November 6, 2019

Edward Griffin, author of the wildly popular book about the Federal Reserve “The Creature from Jekyll Island,” is holding a conference this weekend called “Red Pill Expo.” It is all about waking people up from the illusions they are being told. Griffin explains, “The illusions are in health, in politics and in education. The illusions are in the media, in money and in banking, which is my specialty. So, people are coming, some of whom are informed, but most respond to the slogan we are using for the “Red Pill Expo,” and the slogan is ‘Because you know something is wrong.’ That sort of spells it out for most people, not just in America, but for people all over the world. People everywhere are being fed propaganda, lies and false stimuli of all kinds, but deep in their hearts, deep in their instincts, they know something is wrong.”

What’s wrong in the financial world with the longest expansion in history and the Fed starting QE (money printing) again? Griffin says, “We are living in a system of the banks, by the banks and for the banks, and that is the reality. . . . They see that the wheels are coming off. . . . The system of inflation in which we live cannot go on forever. . . . All systems of exponential growth always collapse. They come to an end at some point, and it’s hard to tell exactly at what point, but you do know there is a breaking point where it just moves beyond reality. The banks know this better than anybody. So, I am assuming that they feel they are at the end. You can smell it. You can see it. You can touch it almost. So, what do you do? . . . I think their thinking is, hey, we are at the end and let’s just grab all we can so when the system collapses, we will be okay. That is kind of a crude way of putting it, but I think they are going for broke because they know it is broke, and there is not much they can do about it.”

So, what’s the plan by the bankers? Griffin says, “I think I know. They are waiting for the big collapse to come. They will personally be okay because they will have amassed hard assets. They are trying to hold all the gold, all the silver, all the real estate and all the stuff that has value. They want all the tools, factories and food supplies, but everything else, based on numbers, paper and debt, that will collapse. So, they will be able to pick up everything for pennies on the dollar.”

What does the little guy do? G. Edward Griffin says simply, “Hold hard assets.” Griffin also says, “This question usually comes in the form of what does the average guy do? . . . The answer is if you want to do something, stop being average. You’ve got to climb up out of that level. You have to become un-average. You have to start asking questions, and stand up and take it on the chin now and again. You’ve got to get into the fray. Join the battle. Speak up and join with others with like minds, and start becoming active in the political arena.”

Join Greg Hunter as he goes One-on-One with G. Edward Griffin, author of “The Creature from Jekyll Island” and founder of the upcoming “Red Pill Expo.”

(This video was demonetized–once again.)

-END-

I will see you Thursday night.

 

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