NOV 7//HUGE RAID ON GOLD/SILVER: GOLD DOWN $35.55 TO $1465.80 ON ESTIMATED VOLUME OF 800,000 CONTRACTS// AND THAT WOULD BE A NEW RECORD//SILVER DOWN 57 CENTS $17.63//ALSO HUGE ESTIMATED VOLUME AT OVER 190,000 CONTRACTS//MASSIVE QUEUE JUMPING IN GOLD OF ALMOST 2 TONNES//RECORD COMEX GOLD OPEN INTEREST //GERMAN INDUSTRIAL PRODUCTION FALTERS AND THAT HAS THE EUROPEAN COMMISSION WORRIED//MANY SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1465.80 DOWN $35.55    (COMEX TO COMEX CLOSING)

 

 

Silver:$17.06 DOWN 57 CENTS  (COMEX TO COMEX CLOSING)

Closing access prices:

 

 

 

 

Gold :  $1468.90

 

silver:  $17.13

 

COMEX DATA

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

today RECEIVING:  0/55

EXCHANGE: COMEX
CONTRACT: NOVEMBER 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,490.200000000 USD
INTENT DATE: 11/06/2019 DELIVERY DATE: 11/08/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
435 H SCOTIA CAPITAL 3
686 H INTL FCSTONE 49
737 C ADVANTAGE 55 3
____________________________________________________________________________________________

TOTAL: 55 55
MONTH TO DATE: 1,121

 

 

we are coming very close to a commercial failure!!

 

 

NUMBER OF NOTICES FILED TODAY FOR  NOV CONTRACT: 55 NOTICE(S) FOR 5500 OZ (0.0684 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  1121 NOTICES FOR 112,100 OZ  (3.4867 TONNES)

 

 

 

SILVER

 

FOR NOV

 

 

45 NOTICE(S) FILED TODAY FOR 225,000  OZ/

 

total number of notices filed so far this month: 445 for 2,225,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXX

 

 

Bitcoin: OPENING MORNING TRADE :  $ 9191 DOWN 150 

 

 

 

Bitcoin: FINAL EVENING TRADE: $ 9167 down 193

 

 

 

Let us have a look at the data for today

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IN SILVER THE COMEX OI FELL BY A CONSIDERABLE  SIZED 1315 CONTRACTS FROM 227,509 DOWN TO 226,194 DESPITE THE 1 CENT GAIN IN SILVER PRICING AT THE COMEX.

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

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

FOR NOV 0,; DEC  1902 AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1902 CONTRACTS. WITH THE TRANSFER OF 1902 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 1902 EFP CONTRACTS TRANSLATES INTO 9.510 MILLION OZ  ACCOMPANYING:

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

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.665     MILLION OZ INITIALLY STANDING IN OCT

YESTERDAY WAS THE 6TH DAY IN A ROW THAT THE BANKERS TRIED TO CONTAIN THE PRICE OF SILVER.  THEY TRIED TO COVER THEIR MASSIVE SHORTFALL  AS THEY AGAIN USED HUGE COPIOUS NON BACKED PAPER IN THEIR UNSUCCESSFUL ENDEAVOUR TO WHACK SILVER’S PRICE ( IT ROSE 1 CENT ). OUR OFFICIAL SECTOR/BANKERS HOWEVER WERE AGAIN  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE  SILVER LONGS AS THE TOTAL GAIN IN OI ON BOTH EXCHANGES TOTALED A GOOD 587 CONTRACTS. OR 2.935 MILLION OZ

 

 

 

 

 

 

 

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

8598 CONTRACTS (FOR 5 TRADING DAYS TOTAL 8598 CONTRACTS) OR 42.99 MILLION OZ: (AVERAGE PER DAY: 1720 CONTRACTS OR 8.59 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF AUGUST:  42.99 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 6.14% 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:          1797.68   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

RESULT: WE HAD A CONSIDERABLE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1315, WITH THE 1 CENT GAIN IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A  STRONG SIZED EFP ISSUANCE OF 1902 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: 587 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 1902 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH DECREASE OF 1315  OI COMEX CONTRACTS. AND ALL OF THIS  DEMAND HAPPENED WITH A 1 CENT GAIN IN PRICE OF SILVER AND A CLOSING PRICE OF $17.63 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. 1.131 BILLION OZ TO BE EXACT or 163% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MARCH MONTH/ THEY FILED AT THE COMEX: 45 NOTICE(S) FOR 225,000 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 STRONG SIZED 3003 CONTRACTS FROM 690,181  TO ANOTHER NEW ALL TIME RECORD OF 693,184.  AND ALL OF THIS HAPPENED WITH THE GOOD  $8.70 PRICING GAIN WITH RESPECT TO COMEX GOLD PRICING // 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 VERY STRONG SIZED 11,066 CONTRACTS:

NOV 2019: 500 CONTRACTS, DEC>  9547 CONTRACTS; FEB 959 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 693,184,,.  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 14,009 CONTRACTS: 3003 CONTRACTS INCREASED AT THE COMEX  AND 11066 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 14,009 CONTRACTS OR 1,400,900 OZ OR 43.57 TONNES.  YESTERDAY WE HAD A GAIN OF $8.70 IN GOLD TRADING….

AND WITH THAT GAIN IN  PRICE, WE  HAD A HUMONGOUS GAIN IN GOLD TONNAGE OF 43.57  TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR WERE SUPPLYING INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON.  THE BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (UP $8.70) . THEY WERE ALSO UNSUCCESSFUL IN THEIR ATTEMPT AT FLEECING  GOLD LONGS FROM THE GOLD ARENA AS BOTH EXCHANGES’ OPEN INTEREST ROSE BY A MONSTROUS 14,009 CONTRACTS OR 43.57 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 : 55,800 CONTRACTS OR 5,580,000 oz OR 173.56 TONNES (5 TRADING DAY AND THUS AVERAGING: 11,160 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 5 TRADING DAYS IN  TONNES: 173.56 TONNES

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

THUS EFP TRANSFERS REPRESENTS 173,56/3550 x 100% TONNES =4.88% OF GLOBAL ANNUAL PRODUCTION

 

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     5265.12  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 STRONG SIZED INCREASE IN OI AT THE COMEX OF 3003 WITH THE  PRICING GAIN THAT GOLD UNDERTOOK YESTERDAY($8.70)) //.WE ALSO HAD  A HUGE SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 11,066 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 11,066 EFP CONTRACTS ISSUED, WE  HAD AN ATMOSPHERIC  AND CRIMINALLY SIZED GAIN OF 14,009 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

11,066 CONTRACTS MOVE TO LONDON AND 3,003 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 43.57 TONNES). ..AND THIS HUGE INCREASE OF  DEMAND OCCURRED WITH THE GAIN IN PRICE OF $8.70 WITH RESPECT TO YESTERDAY’S TRADING AT THE COMEX.

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

 

 

 

 

 

 

 

 

we had:  55 notice(s) filed upon for 5500 oz of gold at the comex.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD...

WITH GOLD DOWN $35.55 TODAY//(COMEX-TO COMEX)

A BIG CHANGE IN GOLD INVENTORY AT THE GLD// A WITHDRAWAL OF 1.47 TONNES FROM THE GLD.

NOV 7/2019/ Inventory rests tonight at 914.38 tonnes

 

 

SLV/

 

WITH SILVER DOWN 57 CENTS TODAY: 

 

NO CHANGE IN SILVER INVENTORY AT 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

 

OUTLINE OF TOPICS TONIGHT

 

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

1. Today, we had the open interest in SILVER FELL BY A CONSIDERABLE SIZED 1315 CONTRACTS from 227,509 DOWN TO 226,194 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 NOV. 0; FOR DEC  1902  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1902 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 1315  CONTRACTS TO THE 1902 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A GOOD SIZED GAIN OF 587 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 3.445 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 CONSIDERABLE SIZED DECREASE IN SILVER OI AT THE COMEX WITH THE 1 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A STRONG SIZED 1902 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)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 0.12 POINTS OR 0.00%  //Hang Sang CLOSED UP 158.59 POINTS OR 0.57%   /The Nikkei closed UP 26.50 POINTS OR 0.11%//Australia’s all ordinaires CLOSED UP .94%

/Chinese yuan (ONSHORE) closed UP  at 6.9760 /Oil UP TO 57.02 dollars per barrel for WTI and 62.52 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.9760 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9735// TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

3A//NORTH KOREA/ SOUTH KOREA

North Korea/USA

As the USA contemplates a resumption of joint aerial drills, this may poke our illustrious friend Kim

(zerohedge)

3b) REPORT ON JAPAN

3C  CHINA

i)Hong Kong

Profits plunge at Hong Kong’s exchange as profits plunge and trading falters as chaos spreads in this very important city.  As a reminder HSBC despite being in London has 90% of its business in China and if they default there goes the entire global financial system

(zerohedge)

ii)Ren is not worried with Huawei is banned in the USA..also good reason for China not to agree to a full deal

(zerohedge)

iii)Interesting heading last night:  they agree to phase out tariffs if a deal is reached.(zerohedge)

iv)China finally getting tough on Fentanyl shipments into the USA and trafficking

(zerohedge)

4/EUROPEAN AFFAIRS

i)UK

Obviously these two individuals at the Bank of England are reading the tea leaves and they want a rate cut

The B, of E has kept their rate of .75% for quite some time

(zerohedge)

ii)Italy

A recipe for disaster..the new Italian government hands out more cash to migrants. Italy is already bankrupt
(Watson/Summit News)

iii)GERMANY/EC

Seems that the European Commission is extremely worried about growth and they are very worried about Germany. They warn that the future is dire unless Germany issues more debt something that the Bundesbank is totally against
(zerohedge)

iv)GERMANY

German industrial output fell more than expected and that is bad for the EU as Germany is the industrial force

(Reuters)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAQ

Iraqi protests over the loss of internet and the infiltration of Iranians into the country. In the past 48 hrs over a dozen protesters shot dead

Protests are also going on in Lebanon. They each want their country back.

(zerohedge)

6.Global Issues

 

7. OIL ISSUES

Frenzy drilling for USA shale is now over as losses amount

(Cunningham/OilPrice.com)

8 EMERGING MARKET ISSUES

Brazil/China

After suppressing USA exports of pig offals to the world, now China buys huge quantities from Brazil

China has read trump’s book on the Art of the deal..

(zerohedge)

9. PHYSICAL MARKETS

i)A must read..

Steve Brown states that the crooks will try and go after Lebanon’s huge official gold

(Steve Brown/GATA/Lew Rockwell/Mises)

ii)This is how the sovereign India wants to turn citizens real gold into paper

(Bloomberg/GATA)

iii)A must read…The New York Fed;s incestuous relationship with our arch enemy JPMorgan

(Pam and Russ Martens/Wall Street on Parade)

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

New records of student and auto loans in September

(zerohedge)

iii) Important USA Economic Stories

a)USA healthcare costs are exploding

a must read..

(zerohedge)

b)THIS IS TO BE EXPECTED:

The New York Times had its stock plunge after the company reports continued declines in advertising

(zerohedge)

c)Homicides jump 52% in Baltimore County as murders are spreading out from Baltimore City

(zerohedge

iv) Swamp commentaries)

a)What a joke: the Democrats star witness, Bill Taylor now admits that he was not on the Trump Ukraine call..he was far removed from it and he only got his source from the crooked New York Times

(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 STRONG SIZED 3003 CONTRACTS TO A LEVEL OF 693,184 ACCOMPANYING THE GAIN OF $8.70 IN GOLD PRICING WITH RESPECT TO YESTERDAY’S // COMEX TRADING)

WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF NOV..  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 11,066 EFP CONTRACTS WERE ISSUED:

 FOR NOV; 500 CONTRACTS: DEC: 9547; FEB: 959   AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  11066 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: 14,009 TOTAL CONTRACTS IN THAT 11066 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A STRONG SIZED 3003 COMEX CONTRACTS. 

THE BANKERS SUPPLIED THE NECESSARY AND INFINITE AMOUNT OF SHORT PAPER IN GOLD.  THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE , AS IT ROSE BY $8.70. ON TOP OF THIS, 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 ::  14,009 CONTRACTS OR 1,400,900 OZ 43.57 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 a whopping 567 contracts still standing for an unheard gain of 531 contracts.(and these are fully paid up contracts) Yesterday we had 22 notices served upon so we have another humongous gain of 533 contracts or an additional 53,300 oz (1.72 tonnes) 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 9043 contracts down to 465,720.  The non active delivery month of January saw a gain of 15 contracts up to 329.  The next big active delivery month after December is February and here that month picked up 9339 contracts to stand at 128,709 contracts.

WE WILL NO DOUBT HAVE CONSIDERABLE FIREWORKS IN DECEMBER AS THE FRONT MONTH IS STILL EXCEEDING HIGH. DECEMBER IS THE STRONGEST DELIVERY MONTH OF THE YEAR FOR GOLD AND FOR THAT MATTER SILVER AS WELL.

 

 

 

 

 

TODAY’S NOTICES FILED:

WE HAD 55 NOTICES FILED TODAY AT THE COMEX FOR  5500 OZ. (0.0684 TONNES)

 

 

 

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And now for the wild silver comex results.

Total COMEX silver OI FELL BY A CONSIDERABLE SIZED 1315 CONTRACTS FROM 227,509 DOWN TO 226,194 (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 GAIN OCCURRED WITH A 1 CENT GAIN IN PRICING.//YESTERDAY.

WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOVEMBER. HERE WE WITNESS A GAIN OF 31 CONTRACTS UP TO 46. WE HAD 1 CONTACT SERVED UPON YESTERDAY SO WE GAINED 33 CONTRACTS OR 165,000 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 4368 CONTRACTS DOWN TO 151,879. THE NEXT NON ACTIVE DELIVERY MONTH OF JANUARY SAW IT LOSE 13 CONTRACTS UP TO 622.

THE FRONT MONTH OF DECEMBER IS ALSO HIGHLY ELEVATED AND WE SHOULD SEE FIREWORKS IN THE SILVER ARENA AS WELL.

TODAY’S NUMBER OF NOTICES FILED:

We, today, had 45 notice(s) filed for 225,000, OZ for the OCT, 2019 COMEX contract for silver

ESTIMATED Trading Volume on the COMEX TODAY: 766,641  CONTRACTS 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  350,434  contracts

 

 

 

 

 

INITIAL standings for  NOV/GOLD

NOV 7/2019

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

 

 

 

 

Deposits to the Customer Inventory, in oz  

nil oz

 

 

No of oz served (contracts) today
55 notice(s)
 5500 OZ
(0.1710 TONNES)
No of oz to be served (notices)
512 contracts
(51200 oz)
1.5923 TONNES
Total monthly oz gold served (contracts) so far this month
1121 notices
112,100 OZ
3.4867 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

 

we had 0 dealer entry:

We had 0 kilobar entries

 

 

 

 

total dealer deposits: nil oz

total dealer withdrawals: nil oz

 

we had 0 deposit into the customer account

i) Into JPMorgan:  nil oz

 

ii) Into everybody else: 0  oz

 

 

 

total gold deposits: nil  oz

 

very little gold arrives from outside/ Today  zero amount  arrived

we had 0 gold withdrawal from the customer account:

 

 

We had 0 adjustments and this is what I look for as a settlement:

 

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 55 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)

 

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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 (1121 x 100 oz , to which we add the difference between the open interest for the front month of  NOV (567 contract) minus the number of notices served upon today (55 x 100 oz per contract) equals 163,300 OZ OR 5.0793 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 (1121 x 100 oz)  + (567)OI for the front month minus the number of notices served upon today 55 x (100 oz )which equals 163,300 oz standing OR 5.0793 TONNES in this  active delivery month of NOV

We gained an unheard of  533 contracts OR 53,300 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……                                                                5.0793 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: 75.6748

TONNES- 4.127 TONNES DEEMED SETTLEMENT = 71.54 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

 

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 7 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 104,815.810 oz

 

loomis

Brinks

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
599,319.248 oz
CNT
No of oz served today (contracts)
45
CONTRACT(S)
(225,000 OZ)
No of oz to be served (notices)
1 contracts
 5,000 oz)
Total monthly oz silver served (contracts)  445 contracts,

2,225,000 oz)

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

**

 

 

we had 0 inventory movement at the dealer side of things

 

 

 

 

total dealer deposits: nil  oz

total dealer withdrawals: nil oz

i)we had  1 deposits into the customer account

into JPMorgan:   NIL  OZ

 

ii) Into CNT: 599,319.248  oz

 

 

 

 

 

*** 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:  599,319.248  oz

 

we had 2 withdrawals out of the customer account:
i) Out of Loomis: 100,906.720 oz
ii) Out of Brinks: 3909.090 oz

 

total withdrawals; 104,815.810  oz

We had 0 adjustments:

 

 

 

total dealer silver:  78.511 million

total dealer + customer silver:  315 million oz

 

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The total number of notices filed today for the NOV 2019. contract month is represented by 45 contract(s) FOR 225,000 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 445 x 5,000 oz = 2,225,000 oz to which we add the difference between the open interest for the front month of NOV. (46) and the number of notices served upon today 45 x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the NOV/2019 contract month: 445 (notices served so far) x 5000 oz + OI for front month of NOV (46)- number of notices served upon today (45) x 5000 oz equals 2,230,000 oz of silver standing for the NOV contract month. 

WE GAINED 33 contracts or an additional 165,000 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 45 notice(s) filed for 225,000 OZ for the OCT, 2019 COMEX contract for silver

 

TODAY’S ESTIMATED SILVER VOLUME:  177,145 CONTRACTS (we had considerable spreading activity..accumulation

 

CONFIRMED VOLUME FOR YESTERDAY: 111,695 CONTRACTS..

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 111,695 CONTRACTS EQUATES to 558 million  OZ 79.7% OF ANNUAL GLOBAL PRODUCTION OF SILVER..makes sense!!

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

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

 

end

 

 

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NPV for Sprott

1. Sprott silver fund (PSLV): NAV FALLS TO -1.75% ((NOV 7/2019)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -1.01% to NAV (NOV 7/2019 )
Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ -1.75%

(courtesy Sprott/GATA)

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

NAV 14.66 TRADING 14.16///DISCOUNT 3.44

 

 

END

 

And now the Gold inventory at the GLD/

NOV 7/2019 WITH GOLD DOWN $35.55 TODAY: A PAPER WITHDRAWAL OF 1.47 TONNES FROM THE GLD/INVENTORY RESTS AT 914.38 TONNES

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

 

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NOV 7/2019/ Inventory rests tonight at 914.38 tonnes

*IN LAST 699 TRADING DAYS: 35.27 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 599 TRADING DAYS: A NET 131.87 TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

end

 

Now the SLV Inventory/

NOV 7/WITH SILVER DOWN 57 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV// SLV INVENTORY RESTS AT 379.172

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 7:  SLV INVENTORY

379.172 MILLION OZ

 

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

6 Month MM GOFO 1.95/ and libor 6 month duration 1.92

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

G0LD LENDING RATE: – .03

 

XXXXXXXX

12 Month MM GOFO
+ 1.93%

LIBOR FOR 12 MONTH DURATION: 1.98

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.05

end

 

 

 

 

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

Gold Futures Fall On Trade Deal Hopes; Central Banks of China, Russia, Turkey Buy Gold Bullion

NEWS and COMMENTARY

Gold falls as trade-deal uncertainty cuts safe-haven demand

China says it has agreed with the US to cancel existing trade tariffs in phases

BOJ to continue massive monetary stimulus to hit 2% inflation

Dow futures jump 100 points after China and US reportedly agree to remove existing tariffs

Syria is lost, Lebanon’s gold is next

NY Fed’s incestuous relationship with JPMorganChase

Russia, China & Turkey push global gold purchases to new highs

Watch Video Here

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

06-Nov-19 1488.55 1486.05, 1155.26 1154.51 & 1342.23 1341.31
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

Access our new guide on how to invest in gold and silver here: How to Buy Gold and Silver in Ireland – The Complete Guide

Mark O’Byrne
Executive Director

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

A must read..

Steve Brown states that the crooks will try and go after Lebanon’s huge official gold

(Steve Brown/GATA/Lew Rockwell/Mises)

Steve Brown: Syria is lost, Lebanon’s gold is next

 Section: 

11:27a ET Wednesday, November 6, 2019

Dear Friend of GATA and Gold:

At Lew Rockwell’s internet site financial writer Steve Brown argues that gold trading and swapping have been controlled by the United States to maintain control over worldwide currency values. Brown’s analysis is headlined “Syria Is Lost, Lebanon’s Gold Is Next” and it’s posted here:

https://www.lewrockwell.com/2019/11/no_author/syria-is-lost-lebanons-gol…

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

end

This is how the sovereign India wants to turn citizens real gold into paper

(Bloomberg/GATA)

Indian startup quickly monetizes gold and collects interest on it

 Section: 

Who can honestly say the metal isn’t money? Who can honestly say it doesn’t pay interest?

* * *

A Startup Is Cashing In on India’s $1 Trillion Gold Stash

By Suvashree Ghosh and Saritha Rai
Bloomberg News
Wednesday, November 6, 2019

When Vijay Mhatre needed cash to make up a shortfall for his son’s engineering school tuition, he pledged his wife’s necklace and bangles. Instead of going to the nearest pawnbroker or bank, the 55-year-old called Rupeek Fintech Pvt Ltd., summoning a representative of the online gold lender to his 650-square-foot Mumbai apartment and sidestepping the ignominy of being seen pawning the family jewelry.

… Dispatch continues below …

A motorcycle-borne loan agent from the startup arrived within the hour. He used a computer vision-aided testing kit to appraise the metal’s purity. A team 600 miles away crunched data to complete the background check and process the loan electronically. About 30 minutes later, 200,000 rupees ($2,800) had been deposited in Mhatre’s bank account by one of Rupeek’s partners, an Indian private lender called Federal Bank. The startup’s 24/7 control room turned on the risk-monitoring system to track the agent, ensuring he securely deposited the jewelry at the bank’s nearest vault.

Indians have a particular attachment to gold. Rural farmers and the urban working class alike invest their savings in the precious metal and flaunt jewelry at weddings. Gold, with a price that has spiked almost 18% this year, is both an insurance policy and a retirement plan in a country that lacks robust social welfare systems or widespread access to formal credit. “We don’t have a lot of gold,” says Mhatre, who works as a cashier at a financial-services company. “I gifted these gold ornaments to my wife five years ago. I want to get this gold back to my wife in two years by repaying the loan.” …

Rupeek started making the loans in 2016. Borrowers pay annual interest rates of 10.6 to 20%. That’s higher than the 10.5 to 12% interest a bank might charge in India, but its home service and quick payouts remove the stigma of pawning family gold. Rupeek also doesn’t charge appraisal fees that a bank might or deduct the sort of upfront fees a pawnshop might. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-11-06/a-startup-is-cashing-…

end

A must read…The New York Fed;s incestuous relationship with our arch enemy JPMorgan

(Pam and Russ Martens/Wall Street on Parade)

Pam and Russ Martens: The NY Fed’s incestuous relationship with JPMorganChase

 Section: 

Dangerous Liaisons: The New York Fed and JPMorgan’s Incestuous Relationship

By Pam and Russ Martens
Wall Street on Parade
Wednesday, November 6, 2019

The Federal Reserve Bank of New York is just one of the 12 regional Federal Reserve banks around the country. But it has amassed enormous powers for itself since the Federal Reserve was created in 1913. Three of those powers dwarf all others: the ability to create money electronically at the push of a button; the accepted right to meddle in the markets; and the supervision of some of the largest bank holding companies in America.

… 

After Wall Street blew itself up under the indulging and incompetent supervision of the New York Fed in 2008 and it was exposed that the Fed had secretly created $29 trillion in electronic money to bail out zombie banks — most of that funneled out by the New York Fed — most rational folks would have assumed that Congress would have stripped it of supervisory and money-printing powers for bailouts.

Insanely, that did not happen and here we are today with the same deeply-conflicted New York Fed creating its own money to dole out $690 billion a week in super-cheap loans to unnamed securities firms while buying up $60 billion a month in the debt of the United States. (The Fed doesn’t want you to call the $60 billion a month QE4 because that would strongly suggest that this is just Stage II of the continuing 2008 bailout of Wall Street and that QE-Infinity is coming.)

In addition to the unprecedented power that the New York Fed has grabbed for itself, it has a strange, incestuous, and unexplained relationship with JPMorganChase. …

… For the remainder of the commentary:

https://wallstreetonparade.com/2019/11/dangerous-liaisons-new-york-fed-a…

Dangerous Liaisons: New York Fed and JPMorgan’s Incestuous Relationship

By Pam Martens and Russ Martens: November 6, 2019 ~

New York Fed Headquarters Building in Lower Manhattan

New York Fed Headquarters Building in Lower Manhattan

The Federal Reserve Bank of New York (New York Fed) is just one of the 12 regional Federal Reserve banks around the country. But it has amassed enormous powers for itself since the Federal Reserve was created in 1913. Three of those powers dwarf all others: the ability to create money electronically at the push of a button; the accepted right to meddle in the markets; and the supervision of some of the largest bank holding companies in America.

After Wall Street blew itself up under the indulging and incompetent supervision of the New York Fed in 2008 and it was exposed that the Fed had secretly created $29 trillion in electronic money to bail out zombie banks – most of that funneled out by the New York Fed – most rational folks would have assumed that Congress would have stripped it of supervisory and money-printing powers for bailouts. Insanely, that did not happen and here we are today with the same deeply-conflicted New York Fed creating its own money to dole out $690 billion a week in super-cheap loans to unnamed securities firms while buying up $60 billion a month in the debt of the United States. (The Fed doesn’t want you to call the $60 billion a month QE4 because that would strongly suggest that this is just Stage II of the continuing 2008 bailout of Wall Street and that QE-Infinity is coming.)

In addition to the unprecedented power that the New York Fed has grabbed for itself, it has a strange, incestuous and unexplained relationship with JPMorgan Chase.

For starters, JPMorgan Chase is one of the largest shareholders in the New York Fed. Yes, each regional bank of the Federal Reserve is privately owned by their member banks, the same banks being “supervised” by that regional bank. If that sounds like an insurmountable conflict of interest, it is.

Not only do the member banks own the regional Fed bank, but executives from these banks are allowed to sit on the regional Fed bank’s Board of Directors, despite it being their regulator. Jamie Dimon, Chairman and CEO of JPMorgan Chase, sat on the New York Fed’s Board from January 2007 through December 2012.

During that period, Dimon was publicly calling an unprecedented episode at his bank, known as the London Whale, a “tempest in a teapot.” It turned out that Dimon underestimated the tempest in a teapot by $6.2 billion. That’s how much the bank lost gambling in exotic derivatives in London, using the deposits of its federally-insured bank. As the public outrage grew, the New York Fed showed enormous confidence in Dimon, keeping him on as a member of its Board of Directors.

Under the Chairmanship of former Senator Carl Levin, the U.S. Senate’s Permanent Subcommittee on Investigations delved deeply into the London Whale matter. Levin wrote that JPMorgan Chase “piled on risk, hid losses, disregarded risk limits, manipulated risk models, dodged oversight, and misinformed the public.”

While the public outrage was playing out, William (Bill) Dudley was the President of the New York Fed. Wall Street On Parade broke the story that Dudley’s wife, Ann Darby, was receiving approximately $190,000 per year in deferred compensation from JPMorgan Chase, an amount she was scheduled to receive each year until 2021. (See As Criminal Probes of JPMorgan Expand, Documents Surface Showing JPMorgan Paid $190,000 Annually to Spouse of the Bank’s Top Regulator.)

Photo of the Trading Floor at the New York Fed (Obtained by Wall Street On Parade from an Educational Video Despite Stonewalling by the New York Fed)

Photo of the Trading Floor at the New York Fed (Obtained by Wall Street On Parade from a Fed Educational Video.)

Just to summarize the situation in 2012 at the New York Fed: it is a primary regulator to the bank holding company of JPMorgan Chase; Jamie Dimon, the Chairman and CEO of JPMorgan Chase is sitting on its Board of Directors; JPMorgan Chase is a major shareholder in the New York Fed; the President of the New York Fed who certainly plays some role in the supervision of JPMorgan Chase, is married to a woman receiving $190,000 a year from JPMorgan Chase – money which is tied to the bank’s survival; and JPMorgan Chase is under a criminal and U.S. Senate probe for using hundreds of billions of dollars of its depositors’ money to gamble in high-risk derivatives in London and lose at least $6.2 billion.

Welcome to bank supervision, New York-style. And that’s just the tip of the iceberg.

On November 19, 2013 the U.S. Department of Justice announced a global settlement of $13 billion with JPMorgan Chase for creating, packaging and selling toxic mortgage-backed securities. Associate Attorney General Tony West said this about the settlement: “The conduct JPMorgan has acknowledged — packaging risky home loans into securities, then selling them without disclosing their low quality to investors — contributed to the wreckage of the financial crisis.  By requiring JPMorgan both to pay the largest FIRREA penalty in history and provide needed consumer relief to areas hardest hit by the financial crisis, we rectify some of that harm today.” (For what was really going on here, read Matt Taibbi’s report on the “$9 Billion Witness” against JPMorgan Chase that the Justice Department failed to use to prosecute the bank.)

Despite being hit with the largest fine in history for selling toxic mortgage-backed securities to public investors, the incestuous New York Fed put JPMorgan Chase in charge of its own holdings of – wait for it – $1.7 trillion in mortgage-backed securities that the New York Fed had purchased from the banks as part of its bailout of the surplus toxic waste in the banking system. As far as we can tell, that vendor agreement between JPMorgan Chase and the New York Fed has been in place since December 31, 2008 to this very day, with numerous amendments along the way. (See our 2014 report: The New York Fed Has Contracted JPMorgan to Hold Over $1.7 Trillion of its QE Bonds Despite Two Felony Counts and Serial Charges of Crimes.)

We could barely believe the hubris of this arrangement so we asked the New York Fed in 2014 to confirm that JPMorgan was serving as its custodian for these assets. It confirmed that this was correct.

At the time that we made our inquiry, JPMorgan Chase had pleaded guilty to two criminal felony counts for its role in the Bernie Madoff Ponzi scheme. The very next year it pleaded guilty to another criminal felony count for its role in rigging foreign currency trading. Last month, for the first time that anyone can remember, one of its trading desks (precious metals) was charged by the U.S. Department of Justice with being a criminal enterprise and three of its traders, including the head of that desk, were charged under the RICO statute, a law typically used to prosecute organized crime figures.

Despite all of these facts that are easily verifiable by Congress, neither the Senate nor House have called one hearing since the New York Fed began pumping money to Wall Street on September 17 of this year to the tune of hundreds of billions of dollars a week of money created out of thin air – authorized by not one public official that has been elected by the American people.

end

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

Your early THURSDAY morning currency, Asian stock market results,  important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/7 AM EST

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 6.9760/ 

 

//OFFSHORE YUAN:  6.9735   /shanghai bourse CLOSED UP 0.12 POINTS OR 0.00%

HANG SANG CLOSED UP 158.59 POINTS OR 0.57%

 

2. Nikkei closed UP 26.50 POINTS OR 0.11%

 

 

 

 

3. Europe stocks OPENED ALL GREEN/

 

 

 

USA dollar index UP TO 97.91/Euro RISES TO 1.1077

3b Japan 10 year bond yield: RISES TO. –.06/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.14/ 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:: 57.02 and Brent: 62.42

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.28%/Italian 10 yr bond yield UP to 1.09% /SPAIN 10 YR BOND YIELD UP TO 0.34%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.37: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 1.22

3k Gold at $1485.10 silver at: 17.60   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 13/100 in roubles/dollar) 63.74

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 109.14 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 .9922 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0989 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.28%

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 1.87% early this morning. Thirty year rate at 2.36%

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

6.  TURKISH LIRA:  UP  TO 5.7445..

US Futures Jump To Record High After China Says US Agreed To Roll Back Tariffs

One day after there was relatively little “trade deal optimism”, overnight futures surged to new all time highs when just after 2am ET,  China’s commerce ministry said – in what may well have been a trial balloon to test the White House’s public response – that it had agreed with the US to roll back tariffs on each other’s goods in phases as the two nations work toward a trade deal, adding fuel to a “trade deal optimism” rally that is now spanning to its fifth straight day.

Treasuries and gold declined, while global stocks and US futures were a sea of green, even though as we noted earlier, a closer translation of China’s statement actually revealed there was nothing new in itand that futures appear to be higher on what was a mass mistranslation by the mainstream financial media!

In any case, as Reuters adds, an interim U.S.-China trade deal is widely expected to include a U.S. pledge to scrap tariffs scheduled for Dec. 15 on about $156 billion worth of Chinese imports, including cell phones, laptop computers and toys. Tariff cancellation was an important condition for any agreement, ministry spokesman Gao Feng said, adding that both must simultaneously cancel some tariffs on each other’s goods to reach a “phase one” trade deal. And, in an apparent act of goodwill, China also said it was studying the removal of curbs on U.S. poultry imports.

Whether or not Trump actually agreed to this will be made clear at some point today on his Twitter account. Meanwhile recall that the end to trade war is the worst possible thing that can happen to global markets and the world economy, for which “trade war” had become a convenient bogeyman for everything that was going bad.

For now, however, algos were happy to bid up risk some more, and push the S&P to fresh all time highs. Trade-sensitive industrials 3M and Caterpillar rose nearly 1% in the pre-market. Chipmakers with sizeable exposure to China, including Intel Corp, Micron and Nvidia were all up between 1.7% and 2%. Also supporting tech stocks was a 6.1% gain in Qualcomm shares after the chipmaker forecast current-quarter profit above analysts’ estimates. On the other end, Roku plunged 14.5% after posting a wider net loss in the third quarter, as it spent more to attract subscribers to its video streaming platform. Twitter fell 1.4% after Evercore ISI downgraded the stock to “underperform” from “in-line.”

European shares hit a more than four-year high. The European Stoxx 600 index rose as much as 0.4%, with export-heavy Germany outperforming with a 0.7% rise, before fading gains to just 0.1% Among the top gainers across European sub-sectors were automakers and miners, while defensive plays such as telecoms and utilities fell, suggesting higher risk appetite. Siemens gained 3.4%, and was the biggest boost to the STOXX 600, after the German industrial company’s fourth-quarter results beat estimates. As usual, European stocks ignored economic data which showed that German industrial production slumped -0.6%, missing expectations of a -0.4% drop, and far below last month’s +0.4% increase.

Earlier in the session, Asian stocks climbed, led by health care firms, on the news that China and the U.S. agreed to roll back tariffs in phases. Most markets in the region were up, with Australia leading gains and Taiwan retreating. The Topix added 0.2% in a third day of gains, supported by precision-instrument makers and electric-appliance companies. The Shanghai Composite Index closed little changed, as Kweichow Moutai advanced and China Life Insurance dropped. Chinese authorities are considering a sweeping package of measures to shore up smaller lenders and contain bad-loan risks. India’s Sensex rose 0.3%, heading for a fresh record, with Housing Development Finance and Reliance Industries among the biggest boosts.

In FX, the pound tumbled to a one week low after two Bank of England policy makers unexpectedly voted for an interest rate cut.

The Bloomberg Dollar Spot Index slipped for the first time in four days with the dollar declining against all of its G-10 peers except the yen. Norway’s krone led gains followed by the Aussie and Swedish krona

U.S. Treasuries slid with the 10-year yield advancing four basis points to 1.87%. Bonds across Europe, barring Greece, fell while the region’s stocks jumped.

In commodities, WTI rose past $57 a barrel in New York, and a Bloomberg index of commodities advanced.

Expected data include initial jobless claims. Dish, Booking and Disney are among companies reporting earnings

Market Snapshot

  • S&P 500 futures up 0.5% to 3,089.50
  • STOXX Europe 600 up 0.4% to 406.70
  • MXAP up 0.4% to 166.70
  • MXAPJ up 0.5% to 537.17
  • Nikkei up 0.1% to 23,330.32
  • Topix up 0.2% to 1,698.13
  • Hang Seng Index up 0.6% to 27,847.23
  • Shanghai Composite unchanged at 2,978.71
  • Sensex up 0.4% to 40,627.90
  • Australia S&P/ASX 200 up 1% to 6,726.63
  • Kospi up 0.01% to 2,144.29
  • German 10Y yield rose 1.9 bps to -0.314%
  • Brent Futures up 1.1% to $62.43/bbl
  • Italian 10Y yield rose 3.3 bps to 0.686%
  • Spanish 10Y yield rose 2.8 bps to 0.319%
  • Brent futures up 1.1% to $62.43/bbl
  • Gold spot down 0.4% to $1,485.33
  • U.S. Dollar Index down 0.1% to 97.86

Top Overnight News from Bloomberg

  • China and the U.S. have agreed to roll back tariffs on each other’s goods in phases as they work toward a deal between the two sides, a Ministry of Commerce spokesman said.
  • Chinese authorities are considering a sweeping package of measures to shore up smaller lenders, escalating efforts to contain one of the biggest risks facing the world’s largest banking system. Problematic banks with less than 100 billion yuan ($14 billion) of assets would be urged to merge or restructure under a plan being discussed by financial regulators
  • The European Commission cut its euro-area growth and inflation outlook amid global trade tensions and policy uncertainty, warning that the bloc’s economic resilience won’t last forever
  • The BOE will probably keep interest rates on hold at 0.75% and cut its growth and inflation forecasts as Brexit questions continue to plague the economy
  • Traders across Europe are demanding a shorter day on the equity markets to improve their wellbeing. A 90-minute reduction in trading would also create more efficient markets by condensing transactions, the Association for Financial Markets in Europe and the Investment Association said
  • Public debate surrounding the House impeachment inquiry has focused heavily on whether President Donald Trump’s aides withheld military aid to Ukraine as part of a “quid pro quo.” Yet testimony unsealed this week makes clear that an Oval Office meeting between the nations’ leaders was offered if Ukraine announced it would investigate Joe Biden and the Democrats

Asian equity markets traded indecisively as they initially took their cue from the similar performance of their US peers; though strengthened on the later optimistic trade reports regarding the cancellation of tariffs. ASX 200 (+1.0%) was underpinned by outperformance in tech and the top-weighted financials sector with shares in NAB lifted despite a decline in full year profits, as the big 4 bank maintained its dividend unchanged from the interim and also announced top level executives will not receive short-term bonuses this year. Conversely, Nikkei 225 (+0.1%) was pressured by a firmer currency and amid a slew of earnings including SoftBank which posted its first quarterly operating loss in 14 years due to the WeWork fiasco, while Hang Seng (+0.6%) and Shanghai Comp. (U/C) were choppy amid a lack of clarity on the timing and location for the signing of the US-China phase 1 trade deal and after the PBoC skipped liquidity operations again, with gaming stocks also pressured after Galaxy Entertainment and Wynn Macau posted softer revenue figures. Finally, 10yr JGBs were slightly subdued following the recent downturn in prices and amid the lack of BoJ buying today, but with downside stemmed by the inconclusive risk tone and support ahead of the 153.00 level.

Top Asian News

  • China’s Gold Buying Spree Comes to a Halt After 10 Months
  • Qatar Air Keen to Buy Indigo Stake, Ignores Air India Sale
  • Cambodia Warns of Coup, Masses Troops as Neighbors Detain Exiles

Major European Bourses (Euro Stoxx 50 +0.3%) are modestly firmer following positive trade developments on the US/China trade front, with headlines suggesting that China and the US had agreed to cancel existing tariffs in different phases, if they reach a Phase One deal, although further details are for now scant. “as for how much will be eliminated, we will consider the agreement reached in Phase One”, China’s MOFCOM stated. Looking at indices, Germany’s DAX moved as high as 13290, its best levels since early February 2018, while Euro Stoxx 50 came within a whisker of its 2017 high at 3710. Sectors performance is reflective of the markets risk-on feel; defensives lag (Utilities -0.5%, Health Care unch., Staples -0.3%) while the more risk sensitive Tech (+0.3%), Consumer Discretionary (+1.0%), Industrials and Materials (+0.6%) lead the pack. Meanwhile, the Energy (-0.4%) sector has struggled to take advantage of the market rally, weighed on by crude prices which fell substantially yesterday, albeit the sector and energy complex have recoiled off lows amid the aforementioned trade headlines. In terms of individual movers, things are still very much dominated by earnings: Vestas Wind systems (+11.6%) post-earnings and in light of the announcement of a EUR 200mln buyback programme. Lufthansa (+8.1%) rose to the top of its index despite strike threats after earnings topped analyst forecasts with heavy-weight Siemens (+4.6%) a close second following encouraging earnings coupled with a EUR 0.10/shr dividend raise. Other post-earning movers include: UniCredit (+5.9%), ProsiebentSat1 (-5.0%), Scout24 (-4.3%), Commerzbank (+0.3%) and Deutsche Telekom (-2.9%)

Top European News

  • Vestas Soars as Record Turbine Demand Outpaces Tight Margins
  • Rolls-Royce Says Profit, Cash at Lower End on Engine Costs
  • UniCredit Profit Gains Momentum as Capital Buffers Improve
  • Euronext Is Said to Eye Spanish, Italian Stock Exchanges

In FX, the Cnh and Cny have both been boosted by latest comments from China’s MOFCOM claiming that Beijing and Washington have now agreed to lift tit-for-tat import levies in tandem and step-by-step once Phase 1 of the overall deal is agreed. The offshore and onshore Yuan are back above the psychological 7.0000 mark and extending gains towards key technical resistance around 6.9625 for the former vs the Usd after retreating on Wednesday and pulling back further when reports about a delay to December from this month for the Trump-Xi meeting to sign part one of the pact broke.

  • AUD/NZD – The main beneficiaries of the more positive China-US trade talk, with the Aussie back on the 0.6900 handle and Aud/Usd also boosted by much wider Australian trade surplus, while the Kiwi has bounced firmly from circa 0.6350 towards 0.6400 vs the Greenback, but lagging its Antipodean peer as the Aud/Nzd cross rebounds from around 1.0800 to 1.0825+.
  • EUR/CAD/GBP – Also firmer against the Buck, as the DXY dips a bit further from another 98.000+ venture that topped out just short of Fib resistance again, with the single currency also spurred on by hawkish ECB rhetoric via Holzmann and back above a key chart support level within a 1.1055-92 range. The Loonie has pared post-Canadian Ivey PMI declines from almost 1.3200 to probe bids/support ahead of 1.3150 and Cable has bounced off the 21 DMA (1.2839) through 1.2850 and not far from the 10 DMA (1.2881) in the run up to the BoE from high noon.
  • CHF/JPY – Narrowly mixed and hampered by another reversal in sentiment/positioning in favour riskier currencies and assets, as the Franc retreats below 0.9900 vs the Dollar and Yen reverses from 108.66 to 109.19.
  • SEK/NOK/EM – In stark contrast to the above, renewed risk appetite has propelled the Scandi Crowns to revisit recent and/or register fresh peaks, with Eur/Sek having another look under 10.6500 and Eur/Nok breaching 10.1000 to expose the next major downside chart level at 10.0610 following stronger than forecast Norwegian manufacturing output. Elsewhere, most Emerging Market currencies are getting carried by the revived US-China trade narrative, but the Lira is lagging on deteriorating US-Turkish relations and increasingly dovish CBRT expectations.

In commodities, crude markets are staging a recovery, with positive developments on the US/China trade front (US & China agreeing to roll back existing tariffs) acting as a tailwind. However, WTI Dec’ 19 and Brent Jan’ 2020 futures are still well off of yesterday’s USD 57.83/bbl and USD 63.30/bbl highs, after the complex was hit by a bearish EIA crude inventory report and concerns about a delay to the signing of the US/China Phase 1 trade deal – WTI is now consolidating just shy of the USD 57.00/bbl handle, Brent just beneath yesterday’s pre-EIA Inventory data lows at USD 62.39/bbl, which is acting as resistance. In terms of the metals; Gold price were hit by haven outflows on the back of positive trade related developments, falling to lows of USD 1486/oz from above USD 1490/oz. Copper, meanwhile, was buoyed and managed to reclaim the USD 2.700/lbs level.

US Event Calendar

  • 8:30am: Initial Jobless Claims, est. 215,000, prior 218,000
  • 8:30am: Continuing Claims, est. 1.68m, prior 1.69m
  • 9:45am: Bloomberg Consumer Comfort, prior 61
  • 3pm: Consumer Credit, est. $15.0b, prior $17.9b

DB’s Jim Reid concludes the overnight wrap

It feels like markets are a bit starved of fresh catalysts at the moment. Indeed that was no more evident than yesterday when US equities ebbed and flowed with no great conviction. When the main story is a senior official in the Trump administration saying that a meeting between President Trump and President Xi to sign a phase one US-China trade agreement could be delayed until December then you know it’s a bit of a slow-moving day.

That being said the official did describe a deal as more likely than not, saying that they believed China saw a quick deal as their best chance for favourable terms on account of Trump’s re-election campaign next year and the impeachment inquiry (per Reuters). The article also said that China’s attempt to get more tariffs rolled back wasn’t expected to derail progress towards a deal. As expected with the initial delay news, trade-exposed stocks were hit the most, with the Philadelphia semiconductor index down -0.84%, while technology stocks also lost ground, with the NASDAQ closing -0.29% lower. The S&P 500 recovered to finish +0.07%, up from an intraday low of -0.28%, while the Dow Jones closed unchanged.

Prior to the trade news the main talking point had been some positive data out of Europe. Indeed the final October services PMI for the Euro Area was revised up 0.4pts to 52.2 which compared to 51.6 in September. That included a 0.4pt upward revision for Germany to 51.6 and a better than expected reading for Italy (52.2 vs. 51.0 expected). Furthermore, an upside surprise in German factory orders in September (+1.3% vs. +0.1% expected), adds to signs that the contraction in demand is bottoming out. So, some green shoots of optimism perhaps, and European bourses (which had already closed by the time the US-China trade headline was out) advanced further yesterday, with the STOXX 600 (+0.21%) back to its highest level since July 2015.

In spite of the positive data points, 10y Bund yields were -2.5bps lower at -0.338% with yields also down across the rest of Europe. 10yr Treasury yields declined -3.0bps and are down another -2.2bps this morning, falling on the trade headline along with weaker than expected productivity data that showed Q3 productivity contracted by -0.3% qoq (vs. +0.9% expected). That was actually the first negative quarterly productivity print since Q4 2015. In addition unit labour costs were much higher than expected (+3.6% qoq vs. +2.2% expected). Typically unit labour costs lead core CPI by around three quarters.

It’s not been much more exciting in markets in Asia overnight where the Nikkei (-0.08%), Hang Seng (-0.27%), Shanghai Comp (-0.30%) and Kospi (-0.18%) all down. In FX, the Japanese yen is up +0.26% while the onshore Chinese yuan is down -0.30% to 7.0191. Futures on the S&P 500 are also down -0.10%. Oil has steadied following yesterday’s news that OPEC+ producers aren’t pushing for deeper supply cuts.

Moving on. It may have been fairly quiet this week however we do have a central bank policy meeting to look forward to today with the BoE decision due out at lunchtime. No policy change is expected however our economists expect a dovish message, with the BoE dropping its tightening bias and instead moving towards an easing policy stance. They note that domestically, data have deteriorated sufficiently to warrant more supportive monetary policy. Growth has slowed and is tracking below the Bank’s “speed limit” of 1.5% with uncertainty likely weighing further on the near-term growth outlook. Equally, the UK supply side story is also turning softer, with labour market indicators pointing to downside risks for both pay and jobs by Q4 2019 and inflation now expected to remain below target in 2020. As a result our economists no longer forecast a hike next year and instead see an increasing risk of a rate cut at the January Inflation Report – Governor Carney’s final MPC meeting.

Sticking with the UK, the election campaign got formally underway yesterday with the dissolution of parliament, and a couple of further polls out yesterday both had double-digit leads for Prime Minister Johnson’s Conservatives. One from YouGov saw the Tories on 36%, 11pts ahead of Labour, while an Ipsos-MORI poll had them at 41%, 17pts ahead of Labour. Although the polls are showing varying leads across different polling companies, the important thing to pay attention to as the campaign progresses will be the direction of travel from polls by the same company, as this will show which parties are gaining or losing ground.

We also got the surprise news out last night that Tom Watson, Labour’s deputy leader, would be stepping down from politics at the election. Watson was regarded as a figurehead for Labour moderates, so his departure will be seen as strengthening leader Jeremy Corbyn’s grip on the party. Amidst the election campaign, something else to watch out for this morning given the spending promises from each of the parties will be the OBR’s restated version of their March forecasts for the public finances, which will reflect various methodological changes such as the treatment of student loans.

In other news, the Fed’s Evans repeated similar messages from his FOMC colleagues yesterday, saying that the Fed has engineered accommodative policy with a third cut. He also said that he is comfortable with 2.5% inflation in order to build momentum to get it sustainably to the Fed’s target of 2%. Later on, Williams said that monetary policy was “moderately accommodative”, and on the poor productivity release earlier, said that it is “just being consistent with a kind of ongoing longer-run trend of moderate productivity”. Finally, from Europe, Austrian central bank governor Holzmann said in a Bloomberg TV interview yesterday that “Monetary policy seems to have reached its end”, and that “fiscal policy has to take over.” His remarks very much echo the comments made by ECB President Lagarde and her predecessor Mario Draghi, who’ve long-called for fiscal policy to play a greater role.

Looking at the day ahead now, this morning we’re due to get September industrial production data in Germany and Italian retail sales, along with the European Commission’s latest economic forecasts and the ECB’s Economic Bulletin. The BoE policy decision and Governor Carney’s press conference follow before we get jobless claims and September consumer credit data in the US. Elsewhere, we’re due to hear from the Fed’s Kaplan tonight.

 

3A/ASIAN AFFAIRS

I)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 0.12 POINTS OR 0.00%  //Hang Sang CLOSED UP 158.59 POINTS OR 0.57%   /The Nikkei closed UP 26.50 POINTS OR 0.11%//Australia’s all ordinaires CLOSED UP .94%

/Chinese yuan (ONSHORE) closed UP  at 6.9760 /Oil UP TO 57.02 dollars per barrel for WTI and 62.52 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.9760 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9735// TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

North Korea/USA

As the USA contemplates a resumption of joint aerial drills, this may poke our illustrious friend Kim

(zerohedge)

US “Stoking Confrontation” With “Dangerous” Resumption Of Joint Aerial Drills: N.Korea

Just days after North Korea confirmed a provocative test a new “super-large” rocket launcher which sent two projectiles 200 miles where they crashed into the sea, Pyongyang has blasted US plans to resume combined aerial exercises with South Korea.

In a charged statement, Kwon Jong Gun, the DPRK’s permanent roving ambassador, said such a resumption would destroy any good will built up with the US administration after the recent series of talks between Trump and Kim Jong Un.

He said, according to an official press release: “The U.S. reckless military frenzy is an extremely provocative and dangerous act of throwing a wet blanket over the spark of the DPRK-U.S. dialogue on the verge of extinction and stoking the atmosphere of confrontation on the Korean peninsula and the region.”

 

Image via Reuters/SCMP

This after “the U.S. Defense Department officially announced that it is pushing ahead with the procedure for resuming the combined aerial exercise with the south Korean army in December,” according to the statement.

The North Korean ambassador said resumption of military exercises aimed at the DPRK marksa violation of the June 2018 US-North Korea summit in Singapore, which he characterized as “reckless military frenzy” and an “extremely provocative and dangerous act”.

“The U.S. intention to openly hold war exercise against the DPRK at a sensitive time when the whole world is concerned about the prospect of the DPRK-U.S. relations clearly proves again its nature as the chieftain harassing world peace and security and the hegemonic state regarding the recourse to military strength as a cure-for-all in settling issues,” the statement continued“Our patience is nearing limitations,” the statement concluded.

Steve Herman

@W7VOA

Restart of US- aerial military exercises “an extremely provocative and dangerous act of throwing a wet blanket over the spark of the DPRK-US dialogue on the verge of extinction,” says roving ambassador.

View image on Twitter

The ambassador’s angry condemnation comes after earlier in the day military magazine Stars and Stripes confirmed the joint drills would move forward as planned, citing US military officials.

According to the report:

The United States and South Korea will hold a combined air exercise next month to replace the former annual drills known as Vigilant Ace, officials said.

The allies canceled Vigilant Ace and several other joint drills last year to facilitate nuclear talks with North Korea, which considers them a rehearsal for an invasion.

“There are no plans to skip upcoming combined exercises,” Army Lt. Col. Dave Eastburn, a Pentagon spokesman, said Tuesday in Washington, giving it a generic name. “We are proceeding with the Combined Flying Training Event as planned.”

Crucially, working talks between Kim and Trump are rumored to continue as early as December. If so, we could be witnessing early jockeying for leverage ahead of such a potential summit.

 end

 

b) REPORT ON JAPAN

 

3 C CHINA

Hong Kong

Profits plunge at Hong Kong’s exchange as profits plunge and trading falters as chaos spreads in this very important city.  As a reminder HSBC despite being in London has 90% of its business in China and if they default there goes the entire global financial system

(zerohedge)

 

Profits, Trading Plunge At World’s 3rd Largest Exchange As Hong Kong Chaos Spreads

The social-economic turmoil in Hong Kong is certainly unprecedented.

Retail sales have crashed, housing prices are rolling over, monetary policy via the Hong Kong Monetary Authority is failing to stabilize the economy, and now, new evidence suggests the financial industry is starting to crack.

Hong Kong Exchanges & Clearing Ltd., the world’s third-largest stock exchange (in terms of average daily trading volume), recorded its worst profit in three years as investors fled regional stocks.

Net income of the exchange plunged 10% to $282 million in Q3 YoY, Bloomberg reported Wednesday. This was one of the most significant drops since the global slowdown in 2016.

 

Last week, Hong Kong crashed into a technical recession, the first time since the 2008/09 financial crisis. Hong Kong’s economy plunged 3.2% in Q3, government data showed last week, exceeding economists’ lowest estimates and confirming a technical recession has begun.

Hong Kong Financial Secretary Paul Chan warned after more than half a year of violent anti-government demonstrations, the end of October marked the start of the recession.

“After seeing negative growth in the second quarter, the situation continued in the third quarter, meaning our economy has entered technical recession,” Chan wrote in a blog post.

“It seems it will be extremely difficult for us to reach full-year economic growth of 0 to 1%. I would not rule out the possibility that the full-year economic growth will be negative.”

With two consecutive quarters of negative growth and no end to the protests in sight, Bloomberg has noted in a series of graphs that a full-year economic contraction is likely for 2020.

Since the protests became violent in early summer, Hong Kong Exchanges & Clearing shares have slipped 12%.

As the crisis deepens in Hong Kong, it’s likely the Hang Seng is setting up for another leg lower.

end

Ren is not worried with Huawei is banned in the USA..also good reason for China not to agree to a full deal
(zerohedge)

As US Moves To Ban Huawei 5G, CEO Says Good Riddance Ahead Of Great Decoupling 

The great economic decoupling has started, this is something that we’ve warned about since the trade war began. Years of elevated financial market volatility will follow as the world is sliced in half, with one side being controlled by the US, and the other side controlled by China.

The latest evidence of decoupling comes from Huawei Technologies CEO Ren Zhengfei, who spoke with The Wall Street Journal and said: “We can survive very well without the US. The China-U.S. trade talks are not something I’m concerned with.”

In May, the Commerce Department blacklisted Huawei, the world’s largest 5G equipment and smartphone producer, from doing business US firms.

Zhengfei said, “we have virtually no business dealings in the US” since the blacklisting.

Huawei was a major buyer of US semiconductors before it was blacklisted. Sales figures showed the company bought $11 billion of technology from US suppliers in 2018. The blacklisting has forced Huawei to find alternative sourcing.

Zhengfei said the company is rapidly expanding its 5G network products across the world without US chips. He said 5,000 5G base stations are being constructed every month.

Despite the blacklisting, Huawei is still purchasing some chips from US firms that produce offshore, where US restrictions don’t apply.

Will Zhang, Huawei’s president of corporate strategy, told The Journal that purchasing levels of US chips are at 70% to 80% of its previous level.

The Trump administration has spent at least 15 months creating Sinophobia across the world, by warning countries not to use Huawei 5G equipment because of spying concerns.

Zhengfei has denied the allegations that it spies on its customers or any government, though the Trump administration has labeled Huawei a national security threat.

Beijing views Huawei as a centerpiece of its economic success and is considered an essential piece of any future trade deal between the US.

The next several quarters will be critical for Huawei. That is if it can continue sourcing most of its chips from alternative producers and continue dominating the global smartphone space and the build-out of 5G networks across the world, then that will indicate the great decoupling from West to East is well underway.

end

Interesting heading last night:  they agree to phase out tariffs if a deal is reached.

(zerohedge)

China Touts Fentanyl Arrests In US-Assisted Crackdown

In a show trial where several life sentences (and one suspended death sentence) were handed down, A Chinese court in Xingtai sentenced three citizens to the maximum punishment for smuggling fentanyl to the US.

It’s one of the most high-profile drug prosecutions in China. President Trump has repeatedly insisted that Beijing must do more to curb the flow of fentanyl to the US. Liu Yong, one of the men sentenced, received death with a two-year reprieve, which means his sentence will likely be converted to life without the possibility of parole (assuming he shows good behavior in the ensuing two years).

Six others involved with the smuggling ring were sentenced to jail terms of between six months and two years. According to Bloomberg, the convictions are the first to arise from a joint investigation between the US and China. Earlier this week, Beijing announced its plans for the press conference. The smuggling ring was allegedly founded in 2016.

The big sentences are likely a factor of the politically sensitive nature of the case, since appeasing the US on the issue of fentanyl enforcement could give China some more leverage. Interestingly enough, China has managed to balance its need to appease Trump with its insistence that it’s not the main source of illicit fentanyl flowing into the US via Mexico.

White House trade adviser Peter Navarro believes China’s fentanyl distribution is one of its “seven deadly sins” that must be addressed before any trade deal can be signed.

An American official from the Department of Homeland Security was present and spoke at the event, as did Yu Haibing, deputy Secretary General of the China National Narcotics Control Commission. Yu stressed that the sentences were within the norms of China’s strict anti-drug laws, and that the information provided by the US during the course of the investigation had been “limited”.

The investigation reportedly began with a phone number provided to Chinese authorities by the Guangzhou office of the US Department of Homeland Security’s Immigration and Customs Enforcement.

More than 20 suspects were captured or investigated and the police cracked down on one fentanyl manufacturing base.

Still, deaths in the US from fentanyl have continued to rise.

end

4/EUROPEAN AFFAIRS

UK

Obviously these two individuals at the Bank of England are reading the tea leaves and they want a rate cut

The B, of E has kept their rate of .75% for quite some time

(zerohedge)

 

Pound Tumbles After Two BOE Members Unexpectedly Vote For Rate Cut

While the BOE kept rates unchanged at 0.75% as expected, two surprise dissents appeared as Michael Saunders and Jonathan Haskel wanted to lower the benchmark by a quarter point with consensus looking for a unanimous decision. The dissenting duo – which cited threats to the outlook and signs of a turn in the labor market – represented the first votes for looser policy since 2016.

Bank of England

@bankofengland

MPC voted by a majority of 7-2 to keep at 0.75%

View image on Twitter

While Saunders had been mentioned as a possible dissenter this month, Haskel’s vote for a cut is a surprise.

 

“If global growth fails to stabilize, or if Brexit uncertainty remains entrenched, monetary policy may need to reinforce the expected recovery,” the BOE warned in the summary of the meeting. The BOE also cautioned that if the risks don’t materialize, their previous guidance that limited and gradual hikes may be needed still stands.

Haskel and Saunders dissented on the basis that downside risks to the Bank’s projections have emanated from a softer global outlook and more persistent Brexit uncertainties affecting corporate and household spending. However, this stance was out-voted by the broader view that there is currently not enough data points available to assess the impact of the aforementioned concerns held by those wishing for a rate reduction, as RanSquawk notes.

In response to the surprising dissenters, the pound dove sharply and hit the lowest level in more than a week, dropping as much as 0.3% to 1.2818, the lowest since Oct. 29, as much as 60 pips from the intraday high of 1.2878. Separately, Gilts pared declines and curve steepens as money markets price 19bps of BOE rate cuts in December 2020 versus 15bps on Wednesday.

The comments showed that the BOE is shifting closer to other central banks which have already cut interest rates this year. Still, signs of easing in the China-U.S. trade tensions on Thursday could be good news for the global economy and mean less chance of a worse scenario emerging.

In the re-branded Monetary Policy Report, officials also cut their forecasts for growth and inflation. The projections highlight the impact of the global slowdown, with external factors accounting for most of the downgrade.  Some other highlights from the BOE statement, courtesy of RanSquawk:

  • Rate guidance: Monetary policy could respond in either direction to changes in the economic outlook in order to ensure a sustainable return of inflation to the 2% target. If global growth fails to stabilise or Brexit uncertainties remain entrenched, monetary policy may need to reinforce the expected recovery in UK GDP growth and inflation. If these risks do not materialise and the economy recovers broadly in line with the MPC’s projections, monetary policy could be tightened at a gradual pace and to a limited extent. Note, the MPC have removed guidance on the event of a no-deal Brexit.
  • Brexit: As a result of the UK and EU striking a deal on the WA and Political declaration and extension to A50, the perceived likelihood of a no deal Brexit has fallen markedly.
  • Underlying assumptions of projections: Projections are based on the assumption of an orderly transition to a deep free trade agreement between the UK and the EU. The assumptions conclude no tariffs on UK-EU trade, whilst customs checks on UK-EU trade are introduced, some services trade would be subject to greater barriers, regulatory barriers with the EU are likely to gradually increase, the UK replicates a substantial proportion of EU trade agreements with non-EU countries. Full details can be found on Table 1, page 12 of the MPR.
  • Domestic growth: UK GDP has slowed materially this year and reflects weaker global growth, driven by trade protectionism and Brexit-related uncertainties. The agreements struck between the UK and EU are expected to remove some of the uncertainty facing businesses and households and as such, the MPC expects growth to pick up in 2020.
  • Inflation: Inflationary pressures are expected to lessen in the near term. Inflation is expected to fall to around 1.25% by the spring, owing to the temporary effect of falls in regulated energy and water prices. In the second half of the MPC’s forecast period, however, domestic inflationary pressures are expected to build before rising to slightly above 2% at the end of the forecast period.

Elsewhere, one key aspect of the minutes release was the Bank’s updated view on Brexit which underpinned the accompanying projections in the MPR. Policymakers noted that as a result of the UK and EU striking a deal on the WA, Political declaration and extension to A50, the perceived likelihood of a no deal Brexit has fallen markedly. As such, the MPC now assume an orderly transition to a deep free trade agreement between the UK and the EU. With this in mind, the MPC opted to remove guidance on what action would be taken in the event of a no deal Brexit, whilst reiterating their mantra to respond in either direction to ensure “a sustainable return of inflation to the 2% target”.

Furthermore, the Bank reassured markets once again that a period of “entrenched uncertainty” could be a cause to act, however, if these risks do not materialise and the economy recovers broadly in line with the MPC’s projections, “monetary policy could be tightened at a gradual pace and to a limited extent”. Overall, the latest communication from the Bank suggests less concern over the possibility of a no deal Brexit, given the increased clarity on the potential path for the UK and EU’s future trading relationship, however, a further prolongation of the Brexit process could see the BoE provide the UK economy with further monetary loosening.

In terms of the MPC’s assessment of the UK economy as detailed in the accompanying Monetary Policy Report, the Banks messaging was somewhat muddled after opting to abandon direct comparisons for their quarterly projections with the August report given the dichotomy between market pricing and their assessment of the economy (market placed a lot more focus on the prospect of a no deal, whereas the Bank now does not envisage this). The Bank provided adjusted previous’ for quarterly projections, however, opted to not included any adjusted previous’ for the annual figures (to the bemusement of the journalists at the press conferences).

As such, any comparison between the Banks view in November and August is difficult with the MPC trying to guide market expectations more towards the overall contents of the latest MPR rather than a contrast to the August QIR. In terms of what the November MPR tells us, the MPC expected UK GDP to pick up from 1.0% this year to 1.6% by the end of 2020, 1.8% in Q4 2021 and hit 2.1% by the end of the forecast period. The perceived trend of growth is predicated on the assumption of a reduction in uncertainty, albeit investment spending is held back by slower global growth.

* * *

The U.K. is headed for a general election in December, and the country’s deadline to leave the EU has been postponed until Jan. 31. While Brexit is dominating the economic outlook, there’s also no escaping the slowdown in global growth.

The BOE devoted a whole section to trade protectionism and the global outlook. The trade dispute between the U.S and China has caused a fundamental shift in policy after a 50-year trend towards liberalization, boosted uncertainty and weighed on growth, the BOE said.

end
Italy
A recipe for disaster..the new Italian government hands out more cash to migrants. Italy is already bankrupt
(Watson/Summit News)

Italy’s Leftist Government Hands Out More Cash To Migrants Than Disabled Italians

Authored by Paul Joseph Watson via Summit News,

Italy’s new leftist government is set to hand out more welfare cash to migrants than its own disabled citizens.

Recently released figures show that the state will allocate €50 million next year, €200 million in 2021, and €300 million in 2022 to the Disability and Self-Reliance Fund.

Given that two million out of three million disabled people in Italy rely on state benefits, this works out at just 54 cents per day in welfare, which isn’t even enough to live on a subsistence diet.

In contrast, migrants receive €20 euros a day, a figure that used to be even higher at €35 euros a day before Matteo Salvini reduced it.

According to Fabio Scaltritti of the Community San Benedetto al Porto in Alessandria, the question over handing money to migrants isn’t an economic issue, it’s an “ethical” necessity.

“The gap with the disabled continues to be truly absurd,” writes Luca Sablone.

“According to these data, Italians who unfortunately are disabled find themselves mocked by the refugees who arrive in our country.”

As we previously highlighted, when the leftist government was last in power during the height of the migrant crisis, some Italian citizens had their property requisitioned by the authorities and were forced to rent it out to migrants at rock bottom prices.

Looks like the bad old days are back now that Salvini is out of power.

*  *  *

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END
GERMANY/EC
Seems that the European Commission is extremely worried about growth and they are very worried about Germany. They warn that the future is dire unless Germany issues more debt something that the Bundesbank is totally against
(zerohedge)

European Commission Warns Of Dire Future Unless Germany Issue Much More Debt

One day after the IMF, whose former boss is now head of the ECB, warned Europe to “prepare for the worst” and put in place emergency plans for an economic slump strongly urging Europe to implement a major fiscal response (translated: Germany should issue much more debt), the European Commission published its own economic forecasts which as Bloomberg’s Richard Breslow said “make for a dour reading.”

Specifically, the European Commission cut its euro-area growth and inflation outlook even as Germany appears to be careening into a recession with its manufacturing engine contracting sharply for over a years..

… amid global trade tensions and policy uncertainty, warning that Europe’s economic resilience won’t last forever.

“Adding to domestic economic shocks and policy uncertainty, the slowdown in global demand and weak trade has hit the European economy hard,” EU chief economist Marco Buti wrote in the report.

The Commission sees economic momentum remaining subdued through 2021, if not entering an outright recession, and forecasting GDP growth of 1.2% for that year. Meanwhile, at 1.3%, inflation is projected to remain far below the European Central Bank goal of just below 2% over the medium term.

The projections, in line with those of Wall Street analysts, reflect the admission of more pronounced weakness in the region, which has been especially impacted by the global trade war as tariffs disputes hit manufacturers and dent broader confidence. The slowdown resulted in the ECB last month cutting rates to even more negative levels and re-launching QE. The Commission also warned that risks, which include the possibility of a disorderly Brexit, remain “decidedly to the downside.”

While the strength of the labor market and the resilience of the services sector have so far prevented a more broad-based deterioration of momentum, Buti warned that “this resilience cannot endure indefinitely.”

“Economic activity now looks set to slow down in a number of member states, which at first appeared immune,” he added.

Hardest hit by the global slowdown has been Europe’s manufacturing sector, and as a result manufacturers across the region have lowered their outlooks in recent weeks. As Bloomberg notes, Rheinmetall cut its full-year forecast citing a downturn in global automotive production, Siemens said weakness in the car and factory-equipment industries will lead to a decline in some business volumes next year, and Volkswagen’s finance chief warned of two tough years ahead for industry.

To be sure there have been some “green shoots” in recent economic data, including French momentum which proved more resilient than expected in the third quarter, and robust growth in the Spanish economy. However, more ominously, Germany probably slipped into a technical recession at the same time, with the Commission predicting only “muted growth” through 2021. As for Italy, the expects “no signs of a meaningful recovery.”

So what is the European Commission’s advice? It’s the same as that of the IMF, and now former ECB head, Mario Draghi: spend more! Because apparently a crisis that was the result of too much debt can only be fixed with even more debt.

“Using available fiscal space actively would allow member states not only to provide a fiscal stimulus amid the sharp slowdown in manufacturing that threatens to spill over to the labor market, but also to refresh and modernize the public capital stock, thereby boosting potential growth,” the Commission’s report said.

That echoes the latest demands by the ECB, which deployed fresh monetary stimulus in September in a package aimed at bolstering the economy, although outgoing chief Mario Draghi warned that euro-area governments should do more to support the central bank’s efforts with fiscal spending, a message his successor Christine Lagarde has also pushed.

So far, the message has fallen on deaf ears. German Finance Minister Olaf Scholz said on Thursday the country is in a “stable economic situation” adding that “we will have more growth in the next years. If the trade tensions worldwide will be reduced, this will have a real impact on better growth.”

In other words, only a major European crisis will get Germany to do what policymakers demand it it should do. We almost know what happens next…

end

GERMANY

German industrial output fell more than expected and that is bad for the EU as Germany is the industrial force

(Reuters)

Drop in German industrial output adds to recession fears

BERLIN (Reuters) – German industrial output fell more than expected in September, data showed on Thursday, pointing to ongoing weakness in the sector and indicating that Europe’s largest economy most probably slipped into recession in the third quarter.

Germany’s industrial conglomerate ThyssenKrupp AG in the western German city of Duisburg December 6, 2012. REUTERS/Ina Fassbender

Industrial output dropped by 0.6% on the month, figures released by the Economy Ministry showed. A Reuters poll had pointed to a fall of 0.4%.

“It’s not a nice number. The decline in industrial production in September makes a technical recession almost official now,” said Thomas Gitzel, economist at VP Bank.

The economy shrank by 0.1% in the second quarter, and recent data have suggested manufacturing fared badly in the third, which could put Germany in recession – usually defined as two straight quarters of contraction.

Data from the Statistics Office showed industrial production decreased by 1.1% between July and September, marking the fifth consecutive quarter of contraction.

While construction was stable in the third quarter, weakness was otherwise broad-based, with production declines registered at factories making chemicals, metal products, electrical equipment, machinery and motor vehicles or parts, data from the Economy Ministry showed.

The ministry said the weak patch in German industry was not yet over but business sentiment and an uptick in orders had brightened the outlook for the fourth quarter.

Germany’s export-reliant manufacturers have been suffering from a slowing world economy and business uncertainty linked to a trade war between the United States and China, and Britain’s planned, if delayed, exit from the European Union.

The data came a day after figures showing industrial orders rose more than expected in September had provided some hope for the sector.

Any optimism about German industry’s prospects was premature, ING economist Carsten Brzeski said, adding that structural factors such as low capacity utilisation meant the sector was unlikely to rebound much before the first quarter of 2020 even if Brexit uncertainty and trade conflicts calmed.

Thursday’s data showed factories churned out fewer capital, intermediate and consumer goods in September.

Jens-Oliver Niklasch, economist at Landesbank Baden- Wuerttemberg, said significant declines in the production of intermediate and capital goods suggested the recession in the industrial sector would not be overcome anytime soon.

“The September number for industry makes us almost certain that gross domestic product declined slightly in the third quarter too,” he said.

A survey on Monday showed that Germany’s manufacturers remained stuck in recession in October as new orders fell for the 13th straight month and factories cut jobs at the fastest pace in almost 10 years.

However, German business sentiment held steady in October, and the economy should grow moderately in the final quarter, the Munich-based Ifo economic institute said late last month.

-END-

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAQ

Iraqi protests over the loss of internet and the infiltration of Iranians into the country. In the past 48 hrs over a dozen protesters shot dead

Protests are also going on in Lebanon. They each want their country back.

(zerohedge)

Over A Dozen Iraq Protesters Shot Dead In Last 48 Hours; Military Bans Use Of Live Ammo

Days into a government ordered internet blackout across much of the country, Iraqi security forces are in the midst of a new major crackdown on massive protests which have gripped the nation for over a month.

In the past days it’s been marked by use of live ammunition, increasing arrests, and cutting off protester communications; however, these heavy handed tactics and new violence appear to be having little effect on slowing the demonstrators’ momentum.

Already on Thursday, four protesters have been shot dead in central BaghdadReuters reports, with 35 wounded as the crowds battled with police to seize and occupy Shuhada Bridge in the capital. Other regional media have counted at least 13 killed since Tuesday. 

 

Iraq security member aims AK-47 at protesters in Baghdad this week, via Al Hurra News correspondent.

During what’s been dubbed the “second wave” of protests which began on Oct. 25, and have continued for nearly two straight weeks, the United Nations tallied at least 97 deaths, the United Nations Assistance Mission for Iraq (UNAMI) reported Tuesday.

In total the unrest has claimed over 250 lives and 10,000 or more wounded throughout the whole of the protests, according to most estimates.

Prime Minister Adil Abdul Mahdi now appears ready to use any means necessary to crush the protests, which have been largely driven by popular anger over corruption, failing public services and infrastructure, as well as fear of undue Iranian foreign interference in the government and military.

Reporting #IraqProtests@TFPOI

November 6th 2019, 4:15 pm.
Risafi

I waited to verify this video before posting. As much as I hate posting such videos, but documentation is necessary.
A protester is wounded due to live ammunition.

Embedded video

One prominent Middle East publication cited an unnamed Iraqi intelligence official to say Mahdi has now vowed to “completely destroy the protesters,” and that he’s given “free rein” to the security services to “dismantle the protesters and clear them from the buildings and the bridges.”

“Baghdad are really going to crack down on the protesters, they have made a decision,” the official said. “It looks like the prime minister has made a decision that he’s going to use force. He’s going to completely destroy the protesters.”

However, public statements by the military this week have contradicted this account, with top spokesman Major-General Abdul Karim Khalaf announcing to reporters on Wednesday, “To avoid any confusion, clear and strict instructions have been handed down that no live ammunition be used. Orders have also been given not allow any live ammunition on the scene [of protests],” according to Al Jazeera.

Meanwhile Grand Ayatollah Ali Sistani, in a rare instance of addressing political affairs in the country, previously urged “restraint” on the part of security forces and protesters, calling for authorities to avoid violence in disbanding the crowds.

Secretary Pompeo

@SecPompeo

The Iraqi and Lebanese people want their countries back. They are discovering that the Iranian regime’s top export is corruption, badly disguised as revolution. Iraq and Lebanon deserve to set their own courses free from @khamenei_ir‘s meddling.

Analysts have feared we could be witnessing the early phases of a Syria-style sectarian proxy war emerging, also given the United States has begun to go all in politically on the side of the protests.

Early this week Secretary of State Mike Pompeo provocatively stated that Baghdad is essentially under the thumb of the Iranian clerics, and said “The Iraqi and Lebanese people want their countries back.”

end
IRAN
Scary! A UN nuclear inspector detained in a bizarre incident at Natanz/Iran
(zerohedge)

Iranians Detain Nuclear Inspector In Bizarre Incident At Natanz Enrichment Facility

The United States has condemned an unusual incident which resulted in Iran stripping a UN nuclear watchdog inspector of accreditation while briefly detaining the official.

The US envoy to the International Atomic Agency (IAEA) called the incident an “outrageous provocation” while the EU representative said it was “deeply concerned by the incident concerning one IAEA inspector”.

It began last week, when the UN nuclear inspector was halted before entering the Natanz uranium enrichment facility. According to Iran’s national atomic agency, she was stopped “due to concerns over carrying suspicious materials”.

 

IAEA file image via Flickr/IAEA 

According to the terms of UN inspections under the 2015 JCPOA, IAEA officials possess immediate access authorization to declared nuclear sites across Iran, including daily access the sprawling nuclear enrichment facilities at Natanz and Fordow.

Iran claims the inspector set off a “security control machine” after which she allegedly tested positive for explosive nitrates, according to allegations by Iran’s representative to the IAEA, Kazem Gharibabadi.

Authorities then stripped her of accreditation and access and even briefly confiscated her travel documents, after which she was forced to leave the country Wednesday, no longer able to carry out her inspection mission.

The EU issued a statement Thursday underscoring “full confidence in the inspectorate’s professionalism and impartiality” and further called upon Iran “to ensure that IAEA inspectors can perform their duties in line with its legally binding safeguards agreement”.

 

Natanz nuclear facility in central Iran, via the AP.

US ambassador to the IAEA Jackie Wolcott issued a more scathing statement, however:

“The detention of an IAEA inspector in Iran is an outrageous provocation. All board members need to make clear now and going forward that such actions are completely unacceptable, will not be tolerated, and must have consequences,” Wolcott said.

Crucially, the almost unprecedented incident occurred just days before Tehran declared it is doubling the number of its advanced centrifuges, further rolling back prior commitments under the 2015 nuclear deal.

It should further be noted that given it’s not unheard of for western intelligence agencies to use international UN-connected institutions to conduct infiltration and spying operations, it’s likely the Iranians are ultra-cautious and suspicious against the potential for American or Israeli spies accessing the country’s most sensitive facilities.

END

6.Global Issues

 

7. OIL ISSUES

Frenzy drilling for USA shale is now over as losses amount

(Cunningham/OilPrice.com)

The Drilling Frenzy Is Over For U.S. Shale

Authored by Nick Cunningham via OilPrice.com,

A few high-profile shale executives say the glory days of shale drilling are over

In a round of earnings calls, the financial results were mixed. A few companies beat earnings estimates, while others fell dramatically short.

But aside from the individual performances, there were some more newsworthy comments from executives on the state of the industry. A common theme emerged from several notable shale executives: the growth frenzy is coming to an end.

The chief executive of Pioneer Natural Resources, Scott Sheffield, said that the Permian basin is “going to slow down significantly over the next several years,” and he noted on the company’s latest earnings call that the company is also acting with more restraint because of pressure from shareholders not to pursue unprofitable growth.

“I’ve lowered my targets and my annual targets, a lot of it has to do with…to start with the free cash flow model that public independents are adopting,” Sheffield said.

But there are also operational problems that have become impossible to ignore for the industry. He listed several factors that explain the Permian slowdown: “the strained balance sheets lot of the companies have, the parent-child relationships that companies are having, people drilling a lot of Tier 2 acreage,” Sheffield said. “So I’m probably getting much more optimistic about 2021 to 2025 now in regard to oil price.” In other words, U.S. shale is slamming on the brakes, which may yet engineer a rebound in global oil prices.

He said that this would be good news for OPEC.

“I don’t think OPEC has to worry that much more about U.S. shale growth long-term,” Sheffield said.

“And all that is very beneficial. So we are probably going to be more careful in the years 2021 to 2025 because there’s not much coming on after the three big countries that are bringing on discoveries over the next 12 months Norway, Brazil and Guyana.”

Still, the oil market is starting down a glut in 2020 and OPEC is trying to press its members to tighten up compliance with the production cuts in order to boost prices.

Sheffield wasn’t alone. Mark Papa, CEO of Centennial Resource Development (and former CEO of EOG Resources), was also downbeat on growth prospects.

“At a September investor conference, I predicted that 2020 total U.S. year-over-year oil growth would be 700,000 barrels per day which at that time was considerably below consensus,” Papa said on an earnings call on Tuesday.

“Given additional data I now think that 2020 year-over-year oil growth will be roughly 400,000 barrels per day which is below current consensus.”

He noted that U.S. oil production has been essentially flat for 9 out of the last 10 months, and “it’s likely to slightly decline over the next six months.”

Echoing Sheffield’s comments, Mark Papa said that this wasn’t only due to spending cuts.

“Most people will ascribe the low U.S. growth to capital discipline. But I think the larger reason is what I’ve been talking about for several years the shift to Tier 2 and 3 drilling locations in all shale plays and increasing parent-child issues in the Permian,” Papa said.

He added that this is not a temporary problem.

“I believe U.S. shale production on a year-over-year growth basis will be considerably less powerful in 2021 in later years than most people currently expect,” Papa said. “I’ll leave it to others to opine on what this means for global oil markets.”

Notably, Scott Sheffield of Pioneer Natural Resources went out of his way to castigate the industry for the runaway flaring rates in the Permian.

“We do not connect any new horizontal wells to production unless the gas line is already in place,” Sheffield said. “I think that’s something that should be adopted by all producers in the Permian Basin.”

The tone of his comments seemed to reveal a concern about the industry losing its social license to operate because of rampant flaring and growing concerns about climate change. Sheffield also made an effort to point out that Pioneer does not have exposure to federal land, minimizing risk from a political backlash following the 2020 election.

Meanwhile, Chesapeake Energy saw its share price fall nearly 20 percent on Tuesday after it warned in an SEC filing that low prices “raises substantial doubt about our ability to continue as a going concern.”

Chesapeake is cutting spending dramatically and expects to see its production decline next year. The real question is if Chesapeake’s woes say something broader about the health of the industry.

The company’s CEO seems to think so. “When you see a company like Chesapeake with the strength and quality of our gas portfolio, reducing capital, I think it should be a good indication of directionally where others should be reducing activity as well,” Chesapeake Energy’s CEO Robert Lawler said on an earnings call.

8 EMERGING MARKET ISSUES

Brazil/China

After suppressing USA exports of pig offals to the world, now China buys huge quantities from Brazil

China has read trump’s book on the Art of the deal..

(zerohedge)

The Art Of The Deal – China Approves Brazil For Shipments Of Swine-Offal

The Art of the Deal is alive and well in how China is acquiring foreign pig products. 

China’s recent move to smash pig prices in the Western Hemisphere by blocking shipments from the US, let their cold storage facilities swell, then go to surrounding countries and make heavily discounted deals.

This is precisely what happened in Brazil, where China signed the first-ever trade deal with Brazil to start receiving shipments of swine offal, or organ meats (hearts, tongues, stomachs, and entrails).

Brazil Agriculture Minister Tereza Cristina told reporters Monday that it didn’t previously have access to China’s swine-offal market

 

Now it does, and JBS SA and BRF SA are the Brazilian meat companies that will immediately start sending pig byproducts to China.

The US had a significant influence on China’s swine offal market, but since China slapped 50% tariffs last year on US pork — trade between both countries has sagged.

Brazil’s swine offal sales to China are expected to soar in the coming months. The Asian nation has been desperately searching for pig products around the world as its domestic herd has been halved this year thanks to African swine fever.

The trade deal with Brazil comes at a time when the US and China are attempting to agree on a “Phase 1” trade deal of their own.

It’s not really a comprehensive trade deal, it’s just China buying a lot of agriculture products from the US — but has been packaged up by the Trump administration as the “greatest” deal ever to pump stocks.

END

 

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

Euro/USA 1.1077 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 /GREEN

 

 

USA/JAPAN YEN 109.14 UP 0.220 (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 1.2814   DOWN   0.0004  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TO OCT 31/2019//

USA/CAN 1.3173 DOWN .0014 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  THURSDAY morning in Europe, the Euro ROSE BY 7 basis points, trading now ABOVE the important 1.08 level RISING to 1.1077 Last night Shanghai COMPOSITE CLOSED UP 0.12 POINTS OR 0.00% 

 

//Hang Sang CLOSED UP 158.59 POINTS OR 0.57%

/AUSTRALIA CLOSED UP 0,94%// EUROPEAN BOURSES ALL GREEN

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 158.59 POINTS OR 0.57%

 

 

/SHANGHAI CLOSED UP 0.12 POINTS OR 0.09%

 

Australia BOURSE CLOSED UP. 94% 

 

 

Nikkei (Japan) CLOSED  UP 26.50  POINTS OR 0.11%

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1484.00

silver:$17.54-

Early THURSDAY morning USA 10 year bond yield: 1.87% !!! UP 5 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.36 UP 4  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early MONDAY morning: 97.91 DOWN 5 CENT(S) from  WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

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And now your closing THURSDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.30% UP 8 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: -.06%  UP 2  BASIS POINTS from YESTERDAY/

 

SPANISH 10 YR BOND YIELD: 0.38%//UP 9 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,16 UP 10 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 78 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: RISES TO –.24% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.40% 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 THURSDAY

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

Euro/USA 1.1044  DOWN     .0027 or 27 basis points

USA/Japan: 109.31 UP .390 OR YEN DOWN 39  basis points/

Great Britain/USA 1.2821 DOWN .0034 POUND DOWN 34  BASIS POINTS)

Canadian dollar UP 2 basis points to 1.3184

 

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The USA/Yuan,CNY: AT 6.9784    ON SHORE  (UP)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.9742  (YUAN UP)..GETTING REALLY DANGEROUS

TURKISH LIRA:  5.7398 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at -.06%

 

Your closing 10 yr US bond yield UP 10 IN basis points from WEDNESDAY at 1.92 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.40 UP 8 in basis points on the day

Your closing USA dollar index, 98.15 UP 20  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 THURSDAY: 12:00 PM

London: CLOSED UP 3.90  OR  0.05%

German Dax :  CLOSED UP 101.82 POINTS OR .77%

 

Paris Cac CLOSED UP 18.11 POINTS 0.31%

Spain IBEX CLOSED UP 32.65 POINTS or 0.35%

Italian MIB: CLOSED UP 125.91 POINTS OR 0.54%

 

 

 

 

 

WTI Oil price; 57.52 12:00  PM  EST

Brent Oil: 62.59 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    63.67  THE CROSS LOWER BY 0.20 RUBLES/DOLLAR (RUBLE HIGHER BY 20 BASIS PTS)

 

TODAY THE GERMAN YIELD RISES  TO –.24 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 :  57.04//

 

 

BRENT :  62.27

USA 10 YR BOND YIELD: …1.92..PLUS 9 BASIS PTS…

 

 

 

USA 30 YR BOND YIELD: 2.40..PLUS 9 BASIS PTS…

 

 

 

 

 

EURO/USA 1.1052 ( DOWN 19   BASIS POINTS)

USA/JAPANESE YEN:109.29 DOWN .376 (YEN UP 38 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 98.13 UP 18 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2814 DOWN 41  POINTS

 

the Turkish lira close: 5.7520

 

 

the Russian rouble 63.52   UP 0.35 Roubles against the uSA dollar.( UP 35 BASIS POINTS)

Canadian dollar:  1.3176 UP 10 BASIS pts

USA/CHINESE YUAN (CNY) :  6.9784  (ONSHORE)/

 

 

USA/CHINESE YUAN(CNH): 6.9713 (OFFSHORE)

 

German 10 yr bond yield at 5 pm: ,-0.24%

 

The Dow closed UP 182.24 POINTS OR 0.66%

 

NASDAQ closed UP 23.84 POINTS OR 0.28%

 


VOLATILITY INDEX:  12.73 CLOSED UP .11

LIBOR 3 MONTH DURATION: 1.904%//libor dropping like a stone

 

USA trading today in Graph Form

‘Lost In Translation’ Trade-Talk Sparks Stock Surge, Bond Bloodbath, Precious Metals Pounding

mis-translated story from China overnight on removing tariffs sparked a melt-up in stocks, bond yields, oil, and the dollar today (and slammed precious metals).

FxMacro@fxmacro

When i translate the Chinese statement that moved the market last night it doesn’t seem like there is anything new?

View image on TwitterView image on Twitter

As @simonting says, its lousy trade news masquerading as good news.

But that never stopped the markets… which have now extended the recent panic-buying to “extreme greed” territory…

Source: CNN

Chinese stocks rallied notably in the early session with tech/small caps leading…

Source: Bloomberg

European stocks had another big day…

Source: Bloomberg

US (cash) markets gapped open and then drifted all day with Small Caps barely holding on to gains…

Futures show the moves best…

  • 0220ET *CHINA, U.S. AGREED TO LIFT TARIFFS IN PHASES AS DEAL PROGRESSES
  • 0520ET *CHINA STUDYING REMOVAL OF CURBS ON U.S. POULTRY IMPORTS: XINHUA
  • 1200ET *U.S. SAYS 1ST CHINA TRADE DEAL WOULD INCLUDE TARIFF ROLLBACK
  • 1420ET *US, CHINA WANT PHASE ONE DEAL ON PAPER BY END OF NEXT WEEK: FOX
  • 1445ET *NO U.S. DECISION ON CHINA TARIFF ROLLBACK MADE, REUTERS SAYS
  • 1535ET *THERE’LL BE TARIFF CONCESSIONS IF THERE’S PHASE 1 DEAL: KUDLOW

All thanks to an initial short-squeeze, which, however, gave it all back by the close as it appears the ammo for these pushes is running dry…

 

US Homebuilder stocks tumbled as rates soared…

Some context for just WTF is happening in the stock market, the following massive stocks are up stunning YTD…

  • AMZN +19.6%
  • GOOG +24.8
  • MSFT +41.8%
  • AAPL +63.1%

That is a $450 billion addition to market cap for AAPL…

Source: Bloomberg

Also, Apple is the largest contributor to the Dow’s 4,165 point YTD advance, adding 908 points to the Average this year (22% of total gains).

 

 

 

It was a bloodbath in bonds today as Treasury yields exploded higher…

Source: Bloomberg

Yields broke mid-September highs, breaking back to their highest since Aug 1st…

Source: Bloomberg

Intraday, yields legged higher on the first China tariff headline then accelerated but reversed on the auction…

Source: Bloomberg

Notably, the yield curve (3m10Y) soared to its steepest since 2018…

Source: Bloomberg

But bear in mind that the un-inversion of the yield curve is the typical pattern ahead of a recession…

Source: Bloomberg

The odds of a Dec rate-cut have evaporated…

Source: Bloomberg

And the market is now pricing less than one rate-cut by the end of 2020…

Source: Bloomberg

The Dollar ended higher with the same buying pattern appearing as the last few days…

Source: Bloomberg

Notably the dollar rally stalled at the highs from FOMC day…

Source: Bloomberg

Yuan ended higher on the day but was pushed around by trade headlines like US stocks…

Source: Bloomberg

Cryptos were all down on the day…

Source: Bloomberg

Trade deal optimism sparked the ubiquitous dump PMs, pump crude/copper trade…

Source: Bloomberg

WTI surged intraday on the trade deal headlines (but faded late on after the US headlines)…

Gold was monkeyhammered to 3-month lows… before rebounding

Silver was clubbed like a baby seal…

 

Finally, will gold catch down to global negative yielding debt volumes or are rates set to tumble once again?

Source: Bloomberg

And if the trade deal is so close… why does the market keep backing away from the surges in the odds of a deal?

Source: Bloomberg

And just a gentle reminder, the last two times that yields rose this aggressively did not end well for stocks. As Bloomberg details, the five-week change in the 10-year yield is now 40 bps…

Source: Bloomberg

…and the last two times we reached that threshold were Oct. 8 and Feb. 2 of last year — both bad days for stocks.

Source: Bloomberg

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

Trump Celebrates “A New Record” As Stocks, Bond Yields, & The Dollar Soar

Another day, another trade-deal headline saying nothing new but good enough for the algos…

US equity markets love it…

Surging to new record highs, a fact not missed by the president…

Donald J. Trump

@realDonaldTrump

Stock Market up big today. A New Record. Enjoy!

But he probably will not be happy that the dollar is also soaring…

Source: Bloomberg

Gold is, of course, getting monkeyhammered…

And interest rates are also spiking…

Source: Bloomberg

Housing markets won’t like that much.

And as rates rise, will gold catch down to global volumes of negative-yielding debt?

Source: Bloomberg

end
Question;  how could there ever be a deal without removing some tariffs..this is insane!
(zerohedge)

Stocks Leg Higher-er After US Confirms China Trade Headlines

The Dow is up 300 points, accelerating in the last few minutes after US officials confirmed China’s overnight comments that a phase one trade deal would include tariff rollbacks…

Buy the rumor, buy the second rumor…

Of course, this should be common-sense – was there ever any doubt that a phase one deal would include rollbacks of tariffs? How could they have done a deal otherwise? Notably, the deal remains unsigned…

Interestingly, the odds of a trade deal are actually below Tuesday’s highs…

Source: Bloomberg

Notably, the market is now pricing less than one rate-cut by The Fed by then end of 2020…

Source: Bloomberg

Don’t forget, greed is good, and extreme greed is better…

Source: CNN

ii)Market data/USA

New records of student and auto loans in September

(zerohedge)

Student, Auto Loans Hit New Record High, Even As Consumers Unexpectedly Paid Down Credit Cards

After a torrid summer which saw a surge in revolving (i.e., credit card) debt in July and a near record surge in non-revolving credit in August, in September consumer credit growth crumbled, as Americans only added $9.5 billion to their total debt, which rose less than the $15 billion expected, from $4.140 trillion to $4.149 trillion.

While the increase in non-revolving credit, which was $10.6 billion, was on the low side, it wasn’t necessarily remarkable. However, it was the $1.1 billion drop in revolving credit that was curious, as this was just the second consecutive decline in credit card debt (i.e., repayments), since April 2018.

And while US consumers appeared to be repaying their credit card debt after a rather aggressive binge earlier in the year, when it comes to student and auto loans, there were no surprises, with the former increasing by $33 billion in the third quarter, when auto loans increased by $21 billion, both series hit new record highs, to wit: student loan is now $1.639 trillion, and auto loans are now $1.194 trillion, both all time highs.

iii) Important USA Economic Stories

USA healthcare costs are exploding

a must read..

(zerohedge)

US Healthcare Costs Are Exploding: Here’s Why

We have previously written extensively on America’s soaring healthcare and health insurance costs (hereherehere and here), so instead of boring readers with even more words, here are some charts courtesy of Deutsche Bank that make a most persuasive case. Now if only the Fed, which is still convinced inflation is well below 2% and should keep easing, were to notice these.

We start with a very painful for many observation: after a period of modest quiet, healthcare inflation is soaring, with insurance inflation now the highest since before the financial crisis.

That’s just the beginning though: it’s only downhill from here for healthcare inflation. Or, rather, uphill.

 

It’s not just healthcare of course: as the next chart shows, there is plenty of inflation in the price of healthcare, education, and housing:

After the number of Americans without health insurance tumbled into Obama’s second term, this number has started to rise again, perhaps as a result of the surge in insurance costs.

Those who do have insurance are probably not all that happy: in the past decade, total annual healthcare premiums increased more than 50%!

The average annual premium for US families has risen to $20k in 2019.

Yet while a near record number of Americans have health insurance, ironically out-of-pocket healthcare spending has soared in recent years:

As a result, the total annual healthcare spending per family is now a record $23,000.

What is the reason for this divergence: one words – deductible. As the chart below shows, the annual deductible across all health insurance plans has tripled since 2006.

Even more ironically, the US should have the world’s best healthcare system, if only based on how much money is spent on it as a share of GDP:

As a reminder, Medicare and Medicaid spending make up more than 25% of total federal outlays.

One reason behind America’s woeful healthcare situation: 27% of the population have pre-existing conditions.

So where do Americans spend the most money? Why at hospitals of course, followed by clinics, dental, home healthcare, and prescription drugs.

Of course, if it wasn’t for insurance, prescription drugs would be in first place by a huge margin. Here’s why:

Then again, it’s not like hospital costs will drop any time soon:

One final point: just in case there is any confusion at the Fed, this is how much faster than CPI and wage inflation healthcare premiums have risen in the past two decades:

And one bonus chart: here is a map showing the share of US population spending more than 10% of their income on premium contributions.

Source: Deutsche Bank

END

THIS IS TO BE EXPECTED:

The New York Times had its stock plunge after the company reports continued declines in advertising

(zerohedge)

“The Failing New York Times” Stock Plunges After Company Reports Continued Declines In Advertising

The failing New York Times may not just be a cute nickname anymore.

Stock of the company plunged as much as 7% on Wednesday, finishing the session down about 4%, on news that its revenue from advertising continues to decline.

The company reported this week that ad revenue for its print version is down 9.7% year over year and down 17.2% for its digital version. Print advertising fell 7.9% while digital advertising fell 5.4%. Despite this, the company also reported a jump in subscribers, to 4 million digital-only and 4.9 million total subscribers.

 

On its earnings call, the company pivoted from advertising to its new “partnership” with Facebook News, according to the Wrap.

CEO Mark Thompson commented: “More important than the immediate financial benefits of the agreement is its strategic significance.”

He continued: “We previously received small payments for participation in various experiments and innovations, but Facebook News is different because this is the first time that a Silicon Valley major has recognized the value of Times journalism to its platform with a substantial multi-year deal.”

Facebook News launched in October but has generated headlines of its own for its plan to license content from “trusted” news outlets for millions of dollars.

New York Times executive vice president and chief operating officer Meredith Kopit Levien said: “We decided to participate because we saw a substantial increase in amount of money Facebook was ready to commit and it represented a step change in what we’ve seen from a platform before.”

While this partnership may prove to be a point for optimistic fodder now, it belies a very real problem that the NY Times is having: despite subscriptions on the rise, people just don’t want to advertise with them like they used to.

And with traditional ad revenue declining, should Facebook News bomb or the platform eventually start to see attrition, it’ll be back to the drawing board in a big way for the the news outlet. 

Shareholders on Wednesday seemed to feel the same way.

end
Homicides jump 52% in Baltimore County as murders are spreading out from Baltimore City
(zerohedge)

Spillover Chaos: Homicides Jump 52% In Baltimore County Amid Murder Crisis In Baltimore City

As a reminder to our readers, Baltimore City and Baltimore County are entirely two separate entities. With that being said, the implosion of Baltimore City, something we’ve been carefully documenting for at least five years, is now spilling over into the surrounding county.

A new report from The Baltimore Sun details the transmission of violent crime from city to county, indicating that county murders are up 52% in the first ten months of 2019.

Though 38 homicides in the county through Oct. 22, compared with 25 during the same period in 2018, doesn’t seem like a lot compared to the near 300 in the city, this disturbing trend highlights how imploding Baltimore City is becoming widespread.

As shown in the murder map below, homicides in the city are expanding outwards, now starting to spill over into the county. This means the containment of violent crime by local officials is absolutely failing.

 

In eastern Baltimore County’s Dundalk and Essex regions, 16 people have been killed by gun violence this year, and ten so far in western Baltimore County’s Wilkins and Woodlawn districts.

Clueless county and police department officials couldn’t offer a responsible explanation for the eruption of murders.

Baltimore County Executive Johnny Olszewski Jr. told The Baltimore Sun in an emailed statement that “the root causes of violence are complex, and there is no single solution.”

Residents held a crime walk in various parts of the county earlier this week to address the rising trend of homicides in their neighborhoods.

“Baltimore Highlands, Lansdowne is to me, I think, just as good as a community as any in Baltimore County, and we’d just like to keep it that way,” said Moses Rodriguez, with the Baltimore Highlands Community Association.

Kim Dacey WBAL

@kimdaceywbal

Community walk in Halethorpe.

Embedded video

The implosion of the city is now spreading outwards into the county. This means the situation in the city isn’t contained. City, county, and state officials are disappointing the citizens who voted them into office.

iv) Swamp commentaries)

What a joke: the Democrats star witness, Bill Taylor now admits that he was not on the Trump Ukraine call..he was far removed from it and he only got his source from the crooked New York Times

(zerohedge)

Democrats’ ‘Star Witness’ Admits He Wasn’t On Trump-Ukraine Call, Sole Source Was NY Times

House Democrats have released the latest in the series of heavily-redacted transcripts of the secret hearings they had undertaken in recent weeks – that of Bill Taylor – the top US diplomat in Ukraine – ahead of his public testimony next week.

As The Hill notes, Taylor is viewed as a key witness who previously testified in meticulous detail about what he considered an effort by Trump and his allies to pressure Ukraine into opening investigations that would benefit Trump politically.

In leaked copies of his 15-page opening statement, Taylor voiced concerns that the Trump administration had withheld nearly $400 million in aid as leverage to get Ukrainian President Volodymyr Zelensky to open investigations into interference in the 2016 election and former Vice President Joe Biden, one of his leading 2020 political rivals.

Key excerpts include:

Taylor admits Ukraine’s criminal justice system is “flawed”…

Isn’t that a good reason to hold up aid to ensure that it is not corruptly flowing to the wrong entities?

Taylor also testified that his knowledge of the phone call between Trump and Ukrainian president Volodymr Zelensky wasn’t first-hand knowledge.

“And this isn’t firsthand. It’s not secondhand. It’s not thirdhand,” Rep. Lee Zeldin, R-N.Y., said to Taylor. “But if I understand this correctly, you’re telling us that Tim Morrison told you that Ambassador Sondland told him that the president told Ambassador Sondland that Zelensky would have to open an investigation into Biden?

“That’s correct,” Taylor admitted.

“So do you have any other source that the president’s goal in making this request was anything other than The New York Times?” Zeldin asked.

“I have not talked to the president,” Taylor said. “I have no other information from what the president was thinking.”

Additionally, as The Federalist notes, under questioning from Rep. John Ratcliffe, R-Texas, Taylor also testified that the Ukrainian government wasn’t aware U.S. military funding had been temporarily suspended until late August, and then only after the information was leaked to the news media, meaning an alleged quid pro quo would have been impossible.

“So, if nobody in the Ukrainian government is aware of a military hold at the time of the Trump-Zelensky call, then, as a matter of law and as a matter of fact, there can be no quid pro quo, based on military aid,” Ratcliffe, a former federal prosecutor, said.

“I just want to be real clear that, again, as of July 25th, you have no knowledge of a quid pro quo involving military aid.”

“July 25th is a week after the hold was put on the security assistance,” Taylor testified. “And July 25th, they had a conversation between the two presidents, where it was not discussed.”

“And to your knowledge, nobody in the Ukrainian government was aware of the hold?” Ratcliffe asked.

“That is correct,” Taylor responded.

The Democrats may need a better witness.

*  *  *

Full 324 page transcript here.

 

END
The Ukrainians were using Hunter Biden for leverage with the Obama State dept
(zerohedge)

Ukrainians Pimped Hunter Biden’s Seat For Leverage With Obama State Department

Ukrainian gas giant Burisma leveraged their relationship with Hunter Biden in order to curry favor with the Obama State Department in 2016, according to the Wall Street Journal, citing documents released in response to a Freedom of Information Act request submitted by journalist John Solomon.

Burisma, represented by American lobbying firm Blue Star Strategies (founded by former Clinton administration officials  Sally Painter and Karen Tramontano), mentioned Hunter Biden’s name in email exchanges with State Department staff while seeking a meeting – ” then mentioned him again during the meeting as part of an effort to improve Burisma’s image in Washington,” according to the report.

The email exchanges between State Department staffers show that Karen Tramontano, chief executive of Blue Star, cited Mr. Biden’s position in trying to secure a meeting with a senior official at the State Department.

“She noted that two high profile U.S. citizens are affiliated with the company (including Hunter Biden as a board member),” the special assistant at the Office of the Undersecretary for Economic Growth, Energy and the Environment wrote in the Feb. 24, 2016, email.

Ms. Tramontano met with the undersecretary, Catherine Novelli, on March 1, 2016, the documents show. During the meeting, Ms. Tramontano mentioned Mr. Biden served on the company’s board, according to a former State Department official familiar with the discussion. –Wall Street Journal

 

The 2016 lobbying effort was an attempt to change Burisma’s reputation in Washington.

Hunter Biden was appointed to the board of Burisma in 2014 while his father was Vice President, and Obama’s ‘point man’ on Ukraine policy. The elder Biden notoriously pressured Ukraine’s president to fire the country’s lead prosecutor, Viktor Shokin, who was leading a wide-ranging investigation into Burisma at the time. While MSM outlets have reported that the probe had been long-closed by the time, however Shokin said in a sworn affidavit I was forced out because I was leading a wide-range corruption probe into Burisma Holdings, a natural gas firm active in Ukraine, and Joe Biden’s son, Hunter, was a member of the board of directors.”

Blue Star’s efforts for Burisma came as the company and its Ukrainian tycoon founder, Mykola Zlochevsky, faced investigations in Ukraine focused on allegations of tax irregularities, money laundering and illegal enrichment

Mr. Zlochevsky was never charged, and a lawyer for Burisma said at the time that the investigations were closed because of a lack of evidence.

The dropping of the investigations in 2016 came after Ukraine’s prosecutor general was dismissed. Vice President Biden and European Union officials had brought pressure on the prosecutor, seeing him as a hindrance to anticorruption efforts. His dismissal has been seized upon by Mr. Trump’s personal attorney Rudy Giuliani as evidence that Vice President Biden exerted undue pressure on Kyiv to help his son. –Wall Street Journal

Amazing, nobody cites Shokin’s affidavit claiming he was fired for investigating Burisma.

House Democrats, meanwhile, have been conducting an impeachment inquiry against President Trump, whose attorney Rudy Giuliani has been conducting an investigation “concerning 2016 Ukrainian collusion and corruption,” which Giuliani says “was done solely as a defense attorney to defend my client against false charges.”

Rudy Giuliani

@RudyGiuliani

The investigation I conducted concerning 2016 Ukrainian collusion and corruption, was done solely as a defense attorney to defend my client against false charges, that kept changing as one after another were disproven.

Rudy Giuliani

@RudyGiuliani

The evidence, when revealed fully, will show that this present farce is as much a frame-up and hoax as Russian collusion, maybe worse, and will prove the President is innocent.

end

“CBS Sided With A Pedophile”: Network Fires Staffer Who Had Access To Robach-Epstein Rant

CBS has fired a female staffer believed to have had access to a candid tape of host Amy Robach complaining that in 2016, the network shelved her scoop on Jeffrey Epstein’s sex crimes, according to Page Six.

“I’ve had the story for three years… we would not put it on the air,” Robach said on a hot mic moment leaked to Project Veritas. “It was unbelievable what we had, Clinton, we had everything.”

It hasn’t gone unnoticed that exposing Epstein would have hurt Hillary Clinton during the 2016 US election.

Benny

@bennyjohnson

🚨WOW🚨

CBS News fires staffer who had access to leaked Amy Robach audio that was revealed by @Project_Veritas

The person who got fired in this situation was the one trying to protect the children who were being trafficked.

CBS sided with a Pedophile

https://pagesix.com/2019/11/07/cbs-news-fires-staffer-who-had-access-to-leaked-amy-robach-audio/?utm_source=twitter_sitebuttons&utm_medium=site%20buttons&utm_campaign=site%20buttons 

Amy Robach

CBS News fires staffer who had access to leaked Amy Robach audio

A TV source said the woman was let go on Wednesday after ABC execs alerted CBS.

pagesix.com

t this

Watch the Robach video here:

end
special thanks to G. for sending this to us

Pelosi-Schiff Democrats BLOCK ALL FUNDING for US Border Wall — Pass Funding for Border Security in Jordan, Egypt, Lebanon and Assad’s Syria

Jim Hoft by Jim Hoft November 7, 2019 187 Comments

These people REALLY HATE America.

The Pelosi-Schiff Democrats passed legislation this year to block ALL FUNDS to secure the US southern border with a border barrier system.
Mexico is a failed narco-state just south of the US border. Nine Americans, including six children were just slaughtered after leaving a wedding party south of the US border.

The Pelosi democrats specifically said in their legislation, “No funding is provided in the bill for new physical barriers along the southwest border.”

Democrats INSIST on having an open border with the failed narco-state of Mexico.

But Democrats did vote for funding of border security for Egypt, Jordan, Lebanon and Assad’s Syria.

According to Terrence Jeffrey at CNS News:

“Provided further,” says the bill, “That these funds may be used in such amounts as the Secretary of Defense may determine to enhance the border security of nations adjacent to conflict areas including Jordan, Lebanon, Egypt, and Tunisia resulting from actions of the Islamic State of Iraq and Syria.”

Gijsbert Groenewegen LLD
Silverarrowpartners
+1.646.247.1000
end

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

China ‘needs firmer US commitments on lifting tariffs’ if Donald Trump wants to seal a trade deal 

    Source says Beijing needs America to be more responsive to its concerns if it wants Chinese President Xi Jinping to visit the US to sign a ‘phase one’ agreement

    China is worried that it may have made too many concessions and wants something from Washington to ‘make the deal more balanced’

    “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,” the person said.  “They still lack mutual trust, and it depends on who is more eager to reach a deal.  “But now it is a political decision rather than a technical solution to the trade deal text.”…

https://www.scmp.com/news/china/diplomacy/article/3036440/china-needs-firmer-us-commitments-lifting-tariffs-if-donald

‘Coup has started,’ whistleblower’s attorney said in 2017 posts calling for impeachment

Mark Zaid, one of the attorneys representing the whistleblower at the center of the Democrats’ ongoing impeachment inquiry, tweeted conspicuously in January 2017 that a “coup has started” and that “impeachment will follow ultimately.”  Then, in July 2017, Zaid remarked, “I predict @CNN will play a key role in @realDonaldTrump not finishing out his full term as president.”…

    @MarkSZaidEsq; #coup has started. As one falls, two more will take their place.

https://www.foxnews.com/politics/coup-has-started-whistleblowers-attorney-said-in-2017-posts-calling-for-impeachment

 

Yesterday, the MSM ran headlines about William Taylor’s testimony that stated Taylor believed that Trump was withholding aid to Ukraine over the Biden investigation.  Here is the WaPo headline:

 

Acting ambassador says it was his ‘clear understanding’ U.S. military aid would not be sent until Ukraine pursued investigations

 

It was deceitful.  When the full script of Taylor’s testimony was released, Taylor testified that the source of his quid pro quo “clear understanding” was the New York Times!  You can’t make this up!

 

@RepLeeZeldin: Star witness? Taylor said in depo he believed reason POTUS wanted Ukraine to investigate Ukrainians’ interference w/ the 2016 election & Burisma was just to get dirt on Biden. He later admitted to me his sole source of info was…wait for it…The NY Times.

https://twitter.com/RepLeeZeldin/status/1192186577084174336

 

@seanmdav: ZELDIN: “So do you have any other source that the president’s goal in making this request was anything other than The New York Times?”  TAYLOR: “I have not talked to the president. I have no other information from what the president was thinking.”

It’s becoming obvious based on testimony that this entire operation was orchestrated by Fiona Hill and Alexander Vindman. But because they didn’t want their names on the anti-Trump complaint, they pawned it off on one of Brennan’s anti-Trump operatives.

Testimony Transcript Shows William Taylor Never Talked To Trump, Wasn’t Even On July 25 Phone Call – A top anti-Trump witness for House Democrats admitted he wasn’t on the July 25 phone call and had never even spoken with Trump about Ukraine military aid.

    When asked who exactly he had spoken to about the brouhaha, Taylor confirmed that his only contacts about the matter were with John Bolton, the former national security adviser who was fired by Trump, Fiona Hill, Alexander Vindman, and Tim Morrison. Both Hill and Vindman are rumored to have been sources for the so-called whistleblower who filed a complaint against Trump in August…

https://thefederalist.com/2019/11/06/testimony-transcript-shows-william-taylor-never-talked-to-trump-wasnt-even-on-july-25-phone-call/#.XcMkEFU_OX4.twitter

Please recall that the Deep State conspirators in the coup against Trump have repeatedly leaked fake news to the MSM.  After the MSM reports the fake news, the Deep State uses the fake news as reliable information to ‘get Trump’ via FISA warrants or impeachment inquiries.  Mueller sourced the MSM umpteen times in his report.

 

Fox’s @ShannonBream:  House investigators have just withdrawn subpoena for key witness, Charles Kupperman.  Kupperman’s legal team took it to court. Hearing had been set for December. Q now:  why are Dems bailing on the subpoena … [If the Court rejects the subpoena, Schiff’s Star Chamber is dead.]

 

Alleged ‘Whistleblower’ Eric Ciaramella Worked Closely with Anti-Trump Dossier Hoaxer

Emails show Ciaramella interfaced about Ukraine with individuals who played key roles in facilitating the infamous anti-Trump dossier produced by Fusion GPS and reportedly financed by Hillary Clinton’s presidential campaign and the Democratic National Committee. One of those individuals, then-Assistant Secretary of State for European Affairs Victoria Nuland (pictured), received updates on Ukraine issues from dossier author Christopher Steele in addition to Nuland’s direct role in the dossier controversy…

https://www.breitbart.com/politics/2019/11/06/alleged-whistleblower-eric-ciaramella-worked-closely-with-anti-trump-dossier-hoaxers/

 

WSJ: Firm Hired by Ukraine’s Burisma Tried to Use Hunter Biden as Leverage, Documents Show

Blue Star mentioned him to get State Department meetings and burnish image, emails indicate

    A consulting firm hired by Burisma Group mentioned that former U.S. Vice President Joe Biden’s son served on the Ukrainian gas company’s board so the firm could leverage a meeting with the State Department, according to documents and a former U.S. official.

    The documents—email exchanges between State Department staff members made public this week—show that the consulting firm, Washington-based Blue Star Strategies, used Hunter Biden’s name in a request for a State Department meeting and then mentioned him again

https://www.wsj.com/articles/firm-hired-by-ukraines-burisma-tried-to-use-hunter-biden-as-leverage-documents-show-11573009615

 

Solomon: After Russia collusion controversy, FBI faces ‘red flag’ concerns over vetting informants

Multiple sources confirm the Justice Department inspector general is putting the finishing touches on an investigative report raising concerns about the FBI’s maintenance of human source validation reports, its vetting of sources and its handling of red flags about informants The review, expected to be released as early as this month… A source familiar with the preliminary findings says the IG appears to have identified a pattern of FBI agents ignoring red flagsraised about sources during the course of investigations or from other intelligence agencies.  In addition, there is some concern that human source validation reports were incomplete or outdated, the source said…

https://johnsolomonreports.com/after-russia-collusion-controversy-fbi-faces-red-flag-concerns-over-vetting-informants/

 

WaPo: Former Twitter employees charged with spying for Saudi Arabia by digging into the accounts of kingdom critics

https://www.washingtonpost.com/national-security/former-twitter-employees-charged-with-spying-for-saudi-arabia-by-digging-into-the-accounts-of-kingdom-critics/2019/11/06/2e9593da-00a0-11ea-8bab-0fc209e065a8_story.html

Mobile: 860-305-4013

end

Well that is all for today

I will see you Friday night.

 

One comment

  1. nThenWhat · · Reply

    Punishing the precious metals seems like a shot across the Chinese bow: ie. Sign the trade deal, start buying ag products and observe all the other Mainstream aspects of the deal as MISDIRECTION for what is Really desired … ACCESS for the US financial services industry (Goldman et al) to the Chinese investing public … just look at who is negotiating the deal (Treasury Secretary Mnuchin, formerly/futurely of Goldman). I mean, WHO are “they” looking towards to take out those (mainly corporations who Goldman and other banksters have advised/snookered/snollygostered into buying up the US markets via Goldman for substantial fees) to all time highs on borrowed “crack money” courtesy from the FED??? Sure, sell the currently insane multiples to the Chinese at even more insane multiples as induced when the gold and silver they’ve been buying and holding is savaged by a ticker tap parade or futures (paper) selling.

    It’s the West’s financial military against the East’s financial military on a battlefield created and owned by the West. It’s a proxy for WWIII since actual warfare would destroy the planet. It’s a battle for the dominant way-of-life/control going forward going forward. The West has learned much from the East as shown by the wiping out of the middle class in the West, in favor of an overclass and underclass model that can better compete with the East’s similar system.

    So, raid the precious metals until China submits. What the heck, it’ll just cost less to pay back that billion ounces of silver from 2002 and JPM (including their new investor WB) will make a fortune in either direction, thanks to their positions in the physical. It’s “action” that they need, like a casino, and the action is much more robust on the downside with all the buyers of all sizes around the globe, whose life savings (wealth/gold) and medium of exchange (liquidity/silver) systems will be savaged by the “play”.

    “Sign the trade deal and allow our financial services companies unpartnered, unchaperoned access to your investing public (who will be properly indoctrinated as to what ACTUALLY constitutes a worthy investment Dow/S&P/Nasdaq to replace those silly, quaint, antiquated precious metals) OR the ticker tape parade of futures selling will continue until morale improves.” 🙂

    Like

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