NOV 8//ANOTHER RAID ON GOLD/SILVER//GOLD DOWN $5.50 TOO $1462.30//SILVER DOWN 19 CENTS TO $16.87//NEW RECORD HIGH COMEX GOLD AT 708,244 CONTRACTS//MONSTROUS VOLUME CONFIRMED ON BOTH GOLD AND SILVER COMEX YESTERDAY: 841,946 FOR GOLD AND 196,983 FOR SILVER AND WILL NO DOUBT SEE THE SAME VOLUME FIGURES FOR TODAY WHEN RELEASED ON MONDAY//Y: GOLD AT

GOLD:$1462.30 DOWN $5.50    (COMEX TO COMEX CLOSING)

 

 

 

 

 

Silver:$16,87 DOWN 19 CENTS  (COMEX TO COMEX CLOSING)

Closing access prices:

 

 

 

 

Gold :  $1458.90

 

silver:  $16.80

 

COMEX DATA

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

today RECEIVING:  110/134

 

EXCHANGE: COMEX
CONTRACT: NOVEMBER 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,464.200000000 USD
INTENT DATE: 11/07/2019 DELIVERY DATE: 11/11/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
435 H SCOTIA CAPITAL 8
657 C MORGAN STANLEY 8
661 C JP MORGAN 114
686 H INTL FCSTONE 49
737 C ADVANTAGE 35 12
905 C ADM 42
____________________________________________________________________________________________

TOTAL: 134 134
MONTH TO DATE: 1,255

 

we are coming very close to a commercial failure!!

 

 

NUMBER OF NOTICES FILED TODAY FOR  NOV CONTRACT: 134 NOTICE(S) FOR 13400 OZ (0.4167 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  1255 NOTICES FOR 125500 OZ  (3.903 TONNES)

 

 

 

SILVER

 

FOR NOV

 

 

3 NOTICE(S) FILED TODAY FOR 15,000  OZ/

 

total number of notices filed so far this month: 448 for 2,240,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXX

 

 

Bitcoin: OPENING MORNING TRADE :  $ 9000 DOWN 221 

 

 

 

Bitcoin: FINAL EVENING TRADE: $ 8810 down 405

 

 

 

 

Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE BY A HUGE  SIZED 1330 CONTRACTS FROM 226,194 UP TO 227,524 DESPITE THE HUGE 57 CENT LOSS 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 HUMONGOUS SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:,

FOR NOV 0,; DEC  6073 AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  6073 CONTRACTS. WITH THE TRANSFER OF 6073 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 6073 EFP CONTRACTS TRANSLATES INTO 30.365 MILLION OZ  ACCOMPANYING:

1.THE 57 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 FINALLY STANDING IN OCT

YESTERDAY WAS THE 7TH DAY IN A ROW THAT THE BANKERS TRIED TO CONTAIN THE PRICE OF SILVER.  THEY TRIED TO COVER THEIR MASSIVE SHORTFALL WITH A MASSIVE RAID  AS THEY AGAIN USED HUGE COPIOUS NON BACKED PAPER IN THEIR SUCCESSFUL ENDEAVOUR TO WHACK SILVER’S PRICE ( IT FELL 57 CENTS ). 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 HUMONGOUS 7403 CONTRACTS. OR 37.02 MILLION OZ..THE RAID FAILED MISERABLY

 

 

 

 

 

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

14,671 CONTRACTS (FOR 6 TRADING DAYS TOTAL 14,671 CONTRACTS) OR 73.36 MILLION OZ: (AVERAGE PER DAY: 2445 CONTRACTS OR 12.23 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF AUGUST:  73.36 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 10.48% 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:          1,828.05   MILLION OZ.

JANUARY 2019 EFP TOTALS:                                                      217.455. MILLION OZ

FEB 2019 TOTALS:                                                                       147.4     MILLION OZ/

MARCH 2019 TOTAL EFP ISSUANCE:                                          207.835 MILLION OZ

APRIL 2019 TOTAL EFP ISSUANCE:                                              182.87  MILLION OZ.

MAY 2019: TOTAL EFP ISSUANCE:                                                136.55 MILLION OZ

JUNE 2019 , TOTAL EFP ISSUANCE:                                               265.38 MILLION OZ

JULY 2019   TOTAL EFP ISSUANCE:                                                175.74 MILLION OZ

AUG. 2019  TOTAL EFP ISSUANCE;                                                 216.47 MILLION OZ

SEPT 2019 TOTAL EFP ISSUANCE                                                  174.900 MILLION OZ

OCTOBER 2019 ISSUANCE:                                                           146.14 MILLION OZ

RESULT: WE HAD A HUMONGOUS SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1330, DESPITE THE 57 CENT LOSS IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A  HUMONGOUS SIZED EFP ISSUANCE OF 6073 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 MASSIVE AND CRIMINALLY SIZED 7403 OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 6073 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH INCREASE OF 1330OI COMEX CONTRACTS. AND ALL OF THIS  DEMAND HAPPENED WITH A 57 CENT LOSS IN PRICE OF SILVER AND A CLOSING PRICE OF $17.06 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY!! 

 

 

In ounces AT THE COMEX, the OI is still represented by JUST OVER 1 BILLION oz i.e. 1.137 BILLION OZ TO BE EXACT or 163% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT NOV MONTH/ THEY FILED AT THE COMEX: 3 NOTICE(S) FOR 15,000 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 15,060 CONTRACTS, TO A NEW ALL TIME RECORD 708,244 DESPITE THE CONSIDERABLE  $35.55 PRICING LOSS WITH RESPECT TO COMEX GOLD PRICING RAID// YESTERDAY// / THE PREVIOUS RECORD WAS SET ON OCT 28/2016 AT 659,371

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED AN ATMOSPHERIC SIZED 18,832 CONTRACTS:

NOV 2019: 0 CONTRACTS, DEC>  18,832 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 708,244,,.  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 33,892 CONTRACTS: 15,060 CONTRACTS INCREASED AT THE COMEX  AND 18,832 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 35,145 CONTRACTS OR 3,514,500 OZ OR 105.42 TONNES.  YESTERDAY WE HAD A LOSS OF $35.55 IN GOLD TRADING….

AND WITH THAT LOSS IN  PRICE, WE  HAD A HUMONGOUS GAIN IN GOLD TONNAGE OF 109.32  TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR WERE SUPPLYING INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON.  THE BANKERS WERE  SUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (DOWN $35.55) . THEY WERE ALSO UNSUCCESSFUL IN THEIR ATTEMPT AT FLEECING  GOLD LONGS FROM THE GOLD ARENA AS BOTH EXCHANGES’ OPEN INTEREST ROSE BY A MONSTROUS 33,892 CONTRACTS OR 105.42 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 : 74,632 CONTRACTS OR 7,463,200 oz OR 232.13 TONNES (6 TRADING DAY AND THUS AVERAGING: 12,438 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 6 TRADING DAYS IN  TONNES: 232.13 TONNES

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

THUS EFP TRANSFERS REPRESENTS 232.12/3550 x 100% TONNES =6.53% OF GLOBAL ANNUAL PRODUCTION

 

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     5323.69  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 HUMONGOUS SIZED INCREASE IN OI AT THE COMEX OF 15,060 DESPITE THE  PRICING LOSS THAT GOLD UNDERTOOK YESTERDAY($35.55)) //.WE ALSO HAD  A HUGE SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 18,832 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED.   THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX.  I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 18,832 EFP CONTRACTS ISSUED, WE  HAD AN ATMOSPHERIC  AND CRIMINALLY SIZED GAIN OF 33,892 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

18,832 CONTRACTS MOVE TO LONDON AND 15,060 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 105.42 TONNES). ..AND THIS HUGE INCREASE OF  DEMAND OCCURRED DESPITE THE LOSS IN PRICE OF $35.55 WITH RESPECT TO YESTERDAY’S TRADING AT THE COMEX.

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

 

 

 

 

 

 

 

 

we had:  134 notice(s) filed upon for 13400 oz of gold at the comex.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD...

.

WITH GOLD DOWN $5.50 TODAY//(COMEX-TO COMEX)

A MASSIVE CHANGES IN GOLD INVENTORY AT THE GLD:

AN UNBELIEVABLE 13.19 PAPER TONNE WITHDRAWAL FROM THE GLD

THIS GOLD WAS USED IN THEIR FUTILE ATTEMPT OF A RAID YESTERDAY AND TODAY.

NOV 8/2019/ Inventory rests tonight at 901.19 tonnes

 

 

SLV/

 

WITH SILVER DOWN 19 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 ROSE BY A STRONG SIZED 1330 CONTRACTS from 226,194 UP TO 227,524 AND CLOSER TO A  NEW COMEX RECORD.  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

 

 

 

 

EFP ISSUANCE: 

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

 FOR OCT. 0; FOR DEC  6073  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 6073 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE OI GAIN AT THE COMEX OF 1330  CONTRACTS TO THE 6073 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN AN ATMOSPHERIC AND CRIMINALLY SIZED GAIN OF 7,403 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 37.02 MILLION OZ!!! AND YET WE ALSO HAVE A STRONG DEMAND FOR PHYSICAL AS WE WITNESSED A FINAL STANDING OF GREATER THAN 30 MILLION OZ FOR JULY, A STRONG 7.475 MILLION OZ FOR AUGUST..  A HUGE 39.505  MILLION OZ  STANDING FOR SILVER IN SEPTEMBER… OVER 2 million  OZ STANDING FOR THE NON ACTIVE MONTH OF OCTOBER.,  7.440 MILLION OZ FINALLY STANDING IN NOVEMBER.  21.925 MILLION OZ STANDING IN DECEMBER , 5.845 MILLION OZ STANDING IN JANUARY. 2.955 MILLION OZ STANDING IN FEBRUARY,  27.120 MILLION OZ FOR MARCH., 3.875 MILLION OZ FOR APRIL  18.765 MILLION OZ FOR MAY  NOW 2.660 MILLION OZ FOR JUNE WITH JULY AT 22.605 MILLION OZ AUGUST AT 10.025 MILLION OZ//  SEPT: 43.030 MILLION OZ///OCT: 7.665 MILLION OZ//

 

 

RESULT: A STRONG SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE 57 CENT LOSS IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A STRONG SIZED 6073 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG  SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

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

 

 

(report Harvey)

.

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED DOWN 14.53 POINTS OR 0.47%  //Hang Sang CLOSED DOWN 196.09 POINTS OR 0.70%   /The Nikkei closed UP 61.55 POINTS OR 0.26%//Australia’s all ordinaires CLOSED DOWN .05%

/Chinese yuan (ONSHORE) closed DOWN  at 6.9861 /Oil UP TO 57.21 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.9861 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.9812 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 WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

3A//NORTH KOREA/ SOUTH KOREA

 

3b) REPORT ON JAPAN

3C  CHINA

i)Our resident expert on China states that the USA failure to enter the 5 G game will cost them dearly as China is miles ahead.  Chang states that me must abandon the use of Huawei products as they will control the world\\a must read..

Gordon Chang/Gatestone)

ii)Taiwan warns that if China’s economy continues to deteriorate expect them to invade it.

(zerohedge)

iii)Navarro:  not even close to a deal yet and Trump will not remove tariffs

(zerohedge)

4/EUROPEAN AFFAIRS

Europe

More troubles ahead for We Work as they warn of job cuts in Europe and they have now put their global expansion on hold

(zerohedge)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Iran

Iran states that it shot down a foreign drone yet the West reports of no such entry into Iran’s space of any drone

(zerohedge)

6.Global Issues

A very important commentary from Bill Blain this morning.  He pounds the table on the rise of global interest rates.  European rates are now positive.  However this could spell disaster for companies if interest rates continue to rise.  The real danger is in those fallen Angels rated BBB.  If they go into junk, the game is over.

(Bill Blain/Shard Capital)

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

9. PHYSICAL MARKETS

i)do not worry!! this is official gold. It is our belief that they have on their soil already 24,000 tonnes of gold

(Bloomberg/GATA)

ii)The plan to replace the dollar with a cryptocurrency.  It will not work

(Alasdair Macleod)

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

iii) Important USA Economic Stories

a)This should be interesting: Michael Bloomberg is preparing to enter the Presidential race

(zerohedge)

b)Wolf richter explains to us why the Fed is switching away from longer term assets and buying more short term assets like treasury bills.  This is forcing short term money done but longer term rates are rising that which we are now emphasizing.

(Wolf Richter)

c)I think we can safely sit shiva for Sears..it is closing 1/3 of its remaining stories

(zerohedge)

iv) Swamp commentaries)

An excellent commentary by Parsons as the author explains the legal rights of a true whistleblower and anonymity is not one of them.  The author gives a thorough analysis of Ciaramella, the whistleblower

(Parsons/Off Guardian.org)

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

 

LET US BEGIN:

 

 

Let us head over to the comex:

 

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY AN ATMOSPHERIC AND CRIMINALLY SIZED 15,060 CONTRACTS TO A RECORD LEVEL OF 708,244 DESPITE THE LOSS OF $35.55 IN GOLD PRICING WITH RESPECT TO YESTERDAY’S // COMEX TRADING)

WE ARE NOW IN THE 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 18,832 EFP CONTRACTS WERE ISSUED:

 FOR NOV; 0 CONTRACTS: DEC: 18,832   AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  18,832 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: 33,892 TOTAL CONTRACTS IN THAT 18,832 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A STRONG SIZED 15,060 COMEX CONTRACTS. 

THE BANKERS SUPPLIED THE NECESSARY AND INFINITE AMOUNT OF SHORT PAPER IN GOLD.  THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE WITH THE RAID INITIATED, AS IT FELL BY $35.55. HOWEVER, JUDGING BY THE STRENGTH IN GAIN OF OUR TOTAL OI CONTRACTS, THEY WERE UNSUCCESSFUL IN THE ENDEAVOUR TO FLEECE ANY UNSUSPECTING LONGS. 

 

NET GAIN ON THE TWO EXCHANGES ::  33,892 CONTRACTS OR 3,389,200 OZ 105.42 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 strong 382 contracts still standing for a loss of 185 contracts.  Yesterday we had 55 notices served upon so we lost of 130 contracts or an additional 13000 oz will not stand as these guys  morphed into London based forwards as well as accepting a fiat bonus. I guess they gave up trying to find metal on this side of the pond so they will try their luck in England.

 

 

The next active delivery month after Nov is the  active contract month of December. Here we saw a loss of 20,664 contracts down to 445,056.  The non active delivery month of January saw a gain of 61 contracts up to 390.  The next big active delivery month after December is February and here that month picked up 37,199 contracts to stand at 165,908 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 134 NOTICES FILED TODAY AT THE COMEX FOR  13400 OZ. (0.4167 TONNES)

 

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now for the wild silver comex results.

Total COMEX silver OI ROSE BY A STRONG SIZED 1330 CONTRACTS FROM 226,194 UP TO 227,524 (AND CLOSER TO THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018.  THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S CONSIDERABLE  OI COMEX GAIN OCCURRED DESPITE A 57 CENT LOSS IN PRICING.//YESTERDAY.

WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOVEMBER. HERE WE WITNESS A LOSS OF 43 CONTRACTS DOWN TO 3. WE HAD 45 CONTACTS SERVED UPON YESTERDAY SO GAINED TWO CONTRACTS OR AN ADDITIONAL 10,000 OZ WILL STAND FOR DELIVERY OF THIS SIDE OF THE POND. THESE GUYS ALSO BY STANDING FOR METAL AT THE COMEX REFUSED TO MORPH TO LONDON AND THUS NEGATED A FIAT BONUS.

 

AFTER NOVEMBER WE HAVE THE  ACTIVE MONTH OF DECEMBER AND HERE THE OI FELL BY 7473 CONTRACTS DOWN TO 144,406. THE NEXT NON ACTIVE DELIVERY MONTH OF JANUARY SAW IT GAIN 151 CONTRACTS UP TO 773.

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 3 notice(s) filed for 15,000, OZ for the OCT, 2019 COMEX contract for silver

ESTIMATED Trading Volume on the COMEX TODAY: 708,244  CONTRACTS 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  844,946  contracts

ABSOLUTE FRAUD!!

 

 

 

INITIAL standings for  NOV/GOLD

NOV 8/2019

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

 

Delaware

 

 

Deposits to the Customer Inventory, in oz  

nil

 

No of oz served (contracts) today
134 notice(s)
 13400 OZ
(0.4167 TONNES)
No of oz to be served (notices)
248 contracts
(24,800 oz)
0.7713 TONNES
Total monthly oz gold served (contracts) so far this month
1255 notices
125500 OZ
3.903 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 134 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 110 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid  (Goldman Sachs)

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

To calculate the INITIAL total number of gold ounces standing for the NOV /2019. contract month, we take the total number of notices filed so far for the month (1255) x 100 oz , to which we add the difference between the open interest for the front month of  NOV (382 contract) minus the number of notices served upon today (134 x 100 oz per contract) equals 150,300 OZ OR 4.6749 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 (1255 x 100 oz)  + (382)OI for the front month minus the number of notices served upon today 134 x (100 oz )which equals 150,300 oz standing OR 4.6749 TONNES in this  active delivery month of NOV

We LOST 130  contracts OR 13,000 ADDITIONAL OZ WILL NOT STAND AS THESE GUYS MORPHED INTO LONDON BASED FORWARDS AS I GUESS THERE WAS NO METAL TO BE FOUND ON THIS SIDE OF THE POND.

 

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……                                                                4.6749 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: 75.2704

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 8 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 407,658.559 oz

 

BRINKS

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
600,759.000 oz
CNT
No of oz served today (contracts)
3
CONTRACT(S)
(15,000 OZ)
No of oz to be served (notices)
0 contracts
 NIL oz)
Total monthly oz silver served (contracts)  448 contracts

2,240,000 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: 600,759.000  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:  600,759.000  oz

 

we had 1 withdrawals out of the customer account:
i) Out of Brinks: 417,658.659 oz

 

total withdrawals; 417,658.659  oz

We had 0 adjustments:

 

 

 

total dealer silver:  78.511 million

total dealer + customer silver:  315.176 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The total number of notices filed today for the NOV 2019. contract month is represented by 3 contract(s) FOR 15,000 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 448 x 5,000 oz = 2,240,000 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 3 x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the NOV/2019 contract month: 448 (notices served so far) x 5000 oz + OI for front month of NOV (3)- number of notices served upon today (3) x 5000 oz equals 2,240,000 oz of silver standing for the NOV contract month. 

WE GAINED 2 contracts or an additional 10,000 oz of silver will stand at the comex as they guys refused to morph into London based forwards. For the past several weeks we have been witnessing queue jumping in both gold and silver.

 

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

 

 

TODAY’S NUMBER OF NOTICES FILED:

 

We, today, had 3 notice(s) filed for 15,000 OZ for the OCT, 2019 COMEX contract for silver

 

TODAY’S ESTIMATED SILVER VOLUME:  145,792 CONTRACTS

 

 

CONFIRMED VOLUME FOR YESTERDAY: 196,983 CONTRACTS..

WHAT AN ABSOLUTE FRAUD!!

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 196,983 CONTRACTS EQUATES to 984 million  OZ 140.7% 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

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

 

 

NPV for Sprott

1. Sprott silver fund (PSLV): NAV RISES TO -1.34% ((NOV 8/2019)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -0.86% to NAV (NOV 8/2019 )
Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ -1.34%

(courtesy Sprott/GATA)

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

NAV 14.51 TRADING 14.00///DISCOUNT 3.52

 

END

 

And now the Gold inventory at the GLD/

NOV 8/WITH GOLD DOWN $3.50 TODAY: A MASSIVE WITHDRAWAL  OF 13.19 PAPER TONNES OF GOLD  INVENTORY AT THE GLD//INVENTORY RESTS AT 901.19 TONNES

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

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

NOV 8/2019/ Inventory rests tonight at 901.19 tonnes

*IN LAST 700 TRADING DAYS: 35.27 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 600 TRADING DAYS: A NET 131.87 TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

Now the SLV Inventory/

NOV 8/2019 WITH SILVER DOWN 19 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 379.172 MILLION OZ//

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 8:  SLV INVENTORY

379.172 MILLION OZ

 

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

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

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

G0LD LENDING RATE: – .01

 

XXXXXXXX

12 Month MM GOFO
+ 1.92%

LIBOR FOR 12 MONTH DURATION: 1.98

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.06

end

 

 

 

 

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

Gold Falls 3% In Week to One-Month Low At $1,464/oz As Banks and Hedge Funds Sell COMEX Futures Aggressively

◆ Gold is down 3% this week on concentrated selling of gold futures on the COMEX in New York.

◆ Stocks in Asia fell and European indices were mixed today due to conflicting signals between China and the U.S. regarding progress in resolving the trade war which is damaging global economic growth.

◆ Gold has gained over 14% in dollars and by much more in other currencies year to date due to the protracted trade wars, geopolitical uncertainty and deepening economic and monetary risks.

◆ The outlook is ‘as good as gold’ and this correction or futures manipulation lower was needed in order to set the stage for gold’s next leg up and the safe haven asset challenging the $1,600/oz level in the coming weeks.

◆ Cost averaging into physical gold coins and bars in your possession or in fully segregated secure storage remains prudent.

MARKET UPDATES THIS WEEK

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

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

Gold ETF and Central Bank Gold Buying Supports Gold Demand In Q3

Video: Has Germany Increased Its Gold Reserves For The First Time In 21 Years?

NEWS and COMMENTARY

Gold drops to a 3-month low as yields climb on signs of progress U.S.-China trade talks

Gold slides over 1% to one-month low on trade deal hopes

Global debt surges to record high $188 Trillion: IMF chief

China’s Gold Buying Spree Pauses In October After 10 Months Of Purchases

Sterling falls after Bank of England split on interest rate cut

Stocks Suddenly Drop On Reports “Fierce Internal Opposition” To Tariff Rollbacks

Wall Street hits fresh record high on trade progress

Dozens killed & injured in attack on Canadian gold miner convoy in Burkina Faso

Watch Video Here

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

07-Nov-19 1484.10 1484.25, 1153.44 1156.82 & 1339.40 1341.76
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

SIGN UP FOR OUR AWARD WINNING MARKET UPDATES HERE

 

Mark O’Byrne
Executive Director

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

do not worry!! this is official gold. It is our belief that they have on their soil already 24,000 tonnes of gold

(Bloomberg/GATA)

China’s gold-buying spree comes to an end after 10 months

 Section: 

If you believe that public reports tell the whole story.

* * *

By Ranjeetha Pakiam
Bloomberg News
Thursday, November 7, 2019

China just hit the pause button on its gold-buying spree.

The People’s Bank of China kept holdings level 62.64 million ounces in October, unchanged from a month earlier, according to data on its website today. That holding pattern follows 10 straight months of accumulation that have boosted the nation’s stockpile by more than 100 tons.

Central-bank purchases have been an important feature of the global market this year, with official sector demand helping to support gold prices and offset a drop in demand from consumers. The backdrop to Beijing’s accumulation has been the nagging trade-war with the U.S., which has hurt growth. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-11-07/china-hits-pause-butt…

end

The plan to replace the dollar with a cryptocurrency.  It will not work

(Alasdair Macleod)

Alasdair Macleod: Plans for a global dystopia

 Section: 

By Alasdair Macleod
GoldMoney.com, St. Helier, Jersey, Channel Islands
Thursday, November 7, 2019

Global policy planners intend to deliver replacements for both dollar hegemony and fossil fuels. Plans may appear uncoordinated and in their early stages, but these issues are becoming increasingly linked.

A monetary reset incorporating state-sponsored cryptocurrencies will enable exchange controls to be introduced between nations by separating cross-border trade payments from domestic money circulation. The purpose will be to gain greater control over money and to direct its investment into green projects.

… 

The Organization for Economic Cooperation and Development will build on current tax disclosures to make everyone’s income and capital known to governments and therefore readily taxable, money destined to kick-start economic growth. Under the guidance of supranational organisations, governments will redirect investment into green technology. The objective, particularly for Europeans, is to neutralise Russia’s increasing dominance of the global energy market by becoming carbon-neutral by 2030.

But perhaps, as Robert Burns put it, “the best-laid schemes o’ mice an’ men gang aft agley.” They are based on Keynesian fallacies, but cannot be ignored. …

… For the remainder of the commentary:

https://www.goldmoney.com/research/goldmoney-insights/plans-for-a-global…

* * *

end

iii) Other physical stories:

Nicholas Biezanek

1:30 AM (6 hours ago)
to William, me

Hi Bill/Harvey

The COMEX/LBMA farce has become truly magnificent in its ability to perpetuate the ongoing suppression of the physical gold price.I have downloaded every COMEX inventory report since 12th July 2019, and the picture that emerges corroborates the premise that the COMEX gold inventory is now virtually non existent. That is why the CME disclaims all such daily reports.In the period from 12th July 2019 to 6th November 2019,the removal of physical gold inventory from the depositories at the COMEX was derisory. The delivery of physical gold from the registered category of inventory was NIL in this reviewed period of 117 days.Net transfers from the eligible category to the registered category totaled 23,39 tonnes, but all these transfers were merely internal re- classifications within the same depositories.On 9th October 2.21tonnes was withdrawn from the HSBC eligible inventory but exactly the same amount was entered into the JP Morgan warehouse, so this transaction obviously does not rank as a physical withdrawal from the COMEX. On 2nd October 1.79 tonnes of gold was withdrawn from the Brink’s depository and the totality of all other withdrawals was a magnificent 1.10 tonnes in aggregate, comprised of multiple gossamer driblings .Yet it is this COMEX/GLOBEX platform that dictates the headline price of physical gold despite ,as demonstrated above,delivering only 2.89 tonnes of gold in a 117 day period

Regards

Harvey Organ

7:31 AM (0 minutes ago)
to Nicholas

 

 

Harvey to Nicholas:

 

so you agree with me that the comex gold vaults are empty of physical gold

so I keep asking the commissioners what are they settling with?

all the best

H

Harvey,
What is the evidence that the EFPs are being settled? The vault holdings at the COMEX have been metronomically constant for nearly two years now and the EFP  volume since 1st January 2018 now exceed 12,000 tonnes. Somebody holds a lot of leverage over the shorts.As each month passes, the plumbing for the financial systems to support the One Belt,One Road project become more developed.Possibly more than 2/3rds of the world’s population will eventually embrace this new economic order. Can the broken USA system stagger through 2020 with an eventual orderly inauguration in January 2021? Almost impossible.America’s opponents just have to wait and watch while the empire finally implodes.CNN now devotes more than 90% of its content to this impeachment debacle.Mexico seems to have already imploded into a  Satanic morass.,like California.Throughout the world, I cannot identify one variable that is moving in the right direction except these insanely elevated equity prices.
Regards
Nicholas
Harvey to Nicholas:

you are 100% correct.

we have no evidence of EFP settling..
and yes this is “satanic morass”
end
Due to the criminal conviction of trader Edmonds, the USA prosecution is seeking to halt the civil lawsuit. I was misinformed: all discoveries in a civil suit are public and because of that, the prosecution gives the defendants the right to plead the 5th if their testimony incriminates them
(courtesy zerohedge/Chris Powell)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 6.9861/ 

 

//OFFSHORE YUAN:  6.9812   /shanghai bourse CLOSED DOWN 14.53 POINTS OR 0.47%

HANG SANG CLOSED DOWN 196.09 POINTS OR 0.70%

 

2. Nikkei closed UP 61.55 POINTS OR 0.26%

 

 

 

 

3. Europe stocks OPENED ALL RED EXCEPT ITALY/

 

 

 

USA dollar index UP TO 98.31/Euro FALLS TO 1.1031

3b Japan 10 year bond yield: RISES TO. –.05/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.44/ 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:: 56.34 and Brent: 61.25

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.24%/Italian 10 yr bond yield UP to 1.25% /SPAIN 10 YR BOND YIELD UP TO 0.42%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.49: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 1.35

3k Gold at $1459.50 silver at: 16.80   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 28/100 in roubles/dollar) 63.80

3m oil into the 55 dollar handle for WTI and 62 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 109.44 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 .9971 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0997 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year RISING to 0.24%

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 1.94% early this morning. Thirty year rate at 2.41%

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

6.  TURKISH LIRA:  UP  TO 5.7522..

Futures Flat At All Time High In Anticipation Of More “Trade Deal Optimism”

One day after US equity futures hit a new all time high and European stocks traded just shy of their April 2015 record on fresh signs of “trade deal optimism”…

… S&P futures were unchanged, trading in a narrow overnight range as “uncertainty” about the fate of the trade negotiations between the United States and China re-emerged after Peter Navarro said late on Thursday that no decision on tariff rollbacks had been made yet…

Jenny Leonard

@jendeben

Navarro: there’s no decision at this time to remove existing tariffs as part of a phase one deal; the only person who can make that decision is President Trump.

Other officials say it’s certain there will be a rollback but the teams are still negotiating on what tariffs exactly. https://twitter.com/loudobbs/status/1192600768928473088 

Lou Dobbs

@LouDobbs

Crushing Communist China. Peter Navarro says @realDonaldTrump will be remembered & praised for his hard-line stance against China. #AmericaFirst #MAGA #Dobbs

Embedded video

… and the ball is now in Trump’s court despite numerous media leak by “team Kudlow.”

The European Stoxx 600 index opened down 0.4% at 405 points, 10 ticks from its April 2015 record of 415, before recovering almost all losses, while S&P 500 futures retreated 0.1% after closing at its highest ever level on Thursday.

And while markets awaited the daily dose of “trade deal optimism” or a tweet from Donald Trump that stocks will close the day higher, the risk-on mood that’s permeated global financial markets this week eased modestly as European stocks slipped along with Asian equities despite solid Chinese trade data, while treasuries traded in a tight range around 1.92% after sliding on Thursday.

The cautious mood contrasted with Thursday’s euphoric burst of optimism in global markets on news Beijing and Washington had agreed to roll back tariffs as part of a first phase of a trade deal. Fears the deal – which was supposedly completed a month ago yet apparently wasn’t – could fall apart (again) prompted some investors to sell heading into the weekend.

“The trade deal is the predominant driver”, for markets at the moment said Legal & General strategist Lars Kreckel, noting that this morning dip in market was a just knee-jerk reaction to the latest news on the U.S.-China front. Chris Jeffery, head of rates and inflation at the British financial service group said the “background music” to the trade row, a Federal reserve easing monetary policy and macroeconomic indicators stabilising had helped the recent rally.

In Europe, Germany’s DAX, which has become a de facto gauge of trade sentiment, moved alongside the rest of the market and eased modestly on Friday morning. German exports posted their biggest rise in almost two years in September, rising 1.5% on expectations of a 0.3% increase, providing some relief amid widespread concern that Europe’s largest economy will dip into recession in the third quarter.

“Market participants are getting increasingly ‘long’ on good news”, said BMO European head of FX strategy, Stephen Gallo. “The ‘payback’ in risk assets for a very downbeat picture earlier in the year looks unstoppable at the moment”, he added.

Earlier in the session, Asian stocks fell, as gains in health care stocks were offset by declines in consumer staples. Trade-talk progress continues to be closely watched by traders as the U.S. and China said they agreed to roll back tariffs in phases if a partial deal is reached, even though Navarro subsequently denied this. Markets in the region were mixed, with Singapore and Hong Kong falling and Japan rising. Singapore’s Straits Times Index snapped a four-day winning streak, retreating from its highest level in 15 months. Japan’s Topix eked out gains for a fourth day, notching a fifth weekly advance. India’s Sensex fell from record after Moody’s cut its outlook.

China’s Shanghai Composite Index failed to hold gains and closed 0.5% lower despite slightly better-than-expected trade data as exports declined less than expected in October, and while imports contracted for a sixth month, they too came in better than expected. Specifically, exports decreased 0.9% in dollar terms in October from a year earlier, better than the -3.9% expected, while imports dropped by 6.4%, stronger than the -7.8% expected. That left a trade surplus of $42.81 billion for the month.

Of note, China’s trade surplus with the US was $26.42 billion in October, as exports to the U.S. are now down 11.3% in dollar terms in the year to date from the same period in 2018.

The improvement in Chinese exports will likely provide some relief to companies, which are being squeezed by falling profits amid factory deflation, even as falling imports continued to point to a slowing domestic economy. “There are some signs of stabilization for exporters. And with the possible rollback of tariffs, next year is very likely to stage a recovery for exports,” said Gai Xinzhe, a senior analyst at Sino-Ocean Capital in Beijing.

In any case, markets were unimpressed with China’s data which, if anything, suggest less urgency for the PBOC to ease further after its recent cut in the MLF rate.

Elsewhere, moves in the currency market were restrained. The euro was steady at $1.1050, while the Yen resumed its slide, dropping to 109.44 tracking US Treasuries closely. The Bloomberg Dollar Spot Index was set for a weekly gain of 0.8% after last week’s decline of 0.5%, after strengthening against all of its G-10 peers this week. The biggest G-10 declines were seen in Sweden and Norway’s currencies, followed by commodity currencies the Australian and New Zealand dollars. A Reuters poll found that the dollar’s persistent strength would continue well into next year.

Overnight we got the latest RBA Statement on Monetary Policy which noted the board is prepared to ease policy further if required and that the pause in November allows time to assess effects of past easing and global events. RBA added the board is mindful rates are very low, that further cuts bring closer other policy options, and is aware more easing could convey overly negative view of the economy. Furthermore, RBA stated the Australian economy is gradually coming out of a soft patch and that global financial markets appear to have passed a trough of pessimism, while it lowered GDP growth forecast for December 2019 to 2.25% (Prev. 2.50%) but maintained December 2020 growth forecast at 2.75% and kept underlying inflation forecasts unchanged.

And speaking of rates, US Treasuries fell this week with the 10-year yield set for a 20-bps

In commodities, crude oil futures fell amid lingering uncertainty over the long-awaited deal and rising crude inventories in the United States. Brent was down 16 cents, or 0.3%, at $62.13 a barrel after gaining 0.9% in the previous session. West Texas Intermediate crude was down 56 cents, or 0.9%, at $61.73 a barrel after rising 1.4% on Thursday.

Safe haven gold, which tends to rise during times of uncertainty, was a tad firmer, up 0.1% at $1,469.4 per ounce, having hit a five-week low of $1.460.7 on Thursday, and was headed for the biggest weekly loss in more than two years.

 

Market Snapshot

  • S&P 500 futures down 0.1% to 3,082.25
  • STOXX Europe 600 down 0.4% to 404.86
  • MXAP down 0.2% to 166.20
  • MXAPJ down 0.5% to 534.71
  • Nikkei up 0.3% to 23,391.87
  • Topix up 0.3% to 1,702.77
  • Hang Seng Index down 0.7% to 27,651.14
  • Shanghai Composite down 0.5% to 2,964.19
  • Sensex down 0.6% to 40,396.70
  • Australia S&P/ASX 200 down 0.04% to 6,724.10
  • Kospi down 0.3% to 2,137.23
  • German 10Y yield fell 1.7 bps to -0.25%
  • Euro down 0.04% to $1.1046
  • Italian 10Y yield rose 15.9 bps to 0.82%
  • Spanish 10Y yield fell 0.3 bps to 0.379%
  • Brent futures down 1.3% to $61.49/bbl
  • Gold spot down 0.1% to $1,466.88
  • U.S. Dollar Index little changed at 98.21

Top Overnight News

  • The U.S. and China have agreed to roll back tariffs on each other’s goods in stages as negotiations continue over resolving the more than year-long trade war, officials on both sides said
  • Former New York City Mayor Michael R. Bloomberg is once again considering a run for president in 2020, with an adviser saying he is concerned that the current crop of Democratic contenders will not be able to defeat President Donald Trump
  • China is considering further cuts to subsidies for electric-vehicle purchases, according to people familiar with the matter, threatening to deal another blow to a once- burgeoning industry that’s facing an unprecedented slump
  • After a couple of days in which neither Boris Johnson’s Conservatives nor Jeremy Corbyn’s Labour Party have covered themselves in glory, the two parties on Friday are announcing voter-pleasing measures as they seek to invigorate their campaigns
  • Saudi Arabia’s Crown Prince Mohammed Bin Salman needs to lower his valuation-target for Saudi Aramco a lot more, according to some of the world’s biggest investors. Aramco is worth “way below $1.5 trillion,” according to AllianceBernstein’s analyst Slava Breusov. The prince is said to be willing to accept a figure of about $1.7 trillion for the energy giant

Asian equities traded mixed as the region failed to sustain the momentum from the record levels on Wall St. where sentiment was initially boosted after US and China were said to have agreed to cancel existing tariffs in different phases, although some of the gains were later reversed on reports of fierce internal opposition from the US regarding the tariff rollbacks. ASX 200 (Unch.) and Nikkei 225 (+0.3%) were both lifted at the open although the sentiment in Australia gradually deteriorated amid hefty losses for gold miners and a growth forecast downgrade by the RBA, while Tokyo stocks also reversed course as a choppy currency overshadowed confirmation of an economic package and higher than expected Household Spending. Elsewhere, Hang Seng (-0.7%) and Shanghai Comp. (-0.5%) were mixed as participants digested the latest trade figures which were better than expected but continued to show a contraction in both USD-denominated Exports and Imports, with the mainland bourses slightly favoured after MSCI raised China A-shares weighting in its Emerging Market Index to 4.10% from 2.55%. Finally, 10yr JGBs were lower amid spillover selling from USTs and with prices reeling from the recent rise in yields, while weaker results in the 10yr inflation-indexed auction added to the uninspiring tone.

Top Asian News

  • Vietnam’s Military Bank Is Said to Seek $240 Million in Stake Sale
  • China Is Considering Cutting Electric-Car Subsidies Again
  • Rupee Declines Most in Asia as Moody’s Cuts India Rating Outlook
  • Malaysia Lowers Reserve Ratio After Resisting Rate Cut Calls

Major European bourses are cautious, as optimism regarding an imminent breakthrough on the US/China trade front abates slightly amid mixed reports. European indices, remain just off recent highs, following a strong start to the month of November. In terms of sector performance; defensives are on the front foot, with Utilities (+0.3%) and Telecoms (+0.1%) the only sectors in the green. Meanwhile, the more risk sensitive Tech (-0.6%), Consumer Discretionary (-0.8%) and Materials (-0.9%) sectors are the laggards. Financials (-0.6%) are also lower, with underperformance seen in Credit Agricole (-3.3%) and Natixis (-5.5%) following earnings. In terms of other notable individual movers; Richemont (-5.1%) were hit on an underwhelming earnings report, in which performance in Hong Kong was a dark spot; other luxury names were also pressured, including LVMH (-0.2%) and Kering (-0.7%). Elsewhere in earnings, a weak report from Fincantieri (-6.0%) saw its share price under pressure, while strong earnings from Leonardo (+0.5%) saw its shares advance. Delivery Hero (+0.8%) were boosted after being reiterated with a buy at Goldman Sachs.

Top European News

  • Standard Chartered Slices CEO Pension After Shareholder Row
  • Allianz Gets Boost from Pimco as Key Insurance Unit Slumps
  • Steinhoff May Issue Shares to Fund Settlement of Lawsuits
  • Equinor Exit From Troubled U.S. Shale Asset Seen as ‘Smart’ Move

In FX, we start with AUD/NZD/CAD – All on the back foot, but to varying degrees and not the weakest G10 links as the Greenback remains firm across the board. However, the Aussie has pulled back a bit further from 0.6900 in wake of the RBA’s latest Statement of Monetary Policy that revealed more detailed discussions on unconventional easing measures given that rates are relatively low and a GDP downgrade. The Kiwi is only holding up marginally better, but sub-0.6350 as the Aud/Nzd cross retains 1.0800+ statust, while the Loonie is on the defensive near 1.3200 against the backdrop of weaker oil prices and ahead of Canadian jobs and housing data.

  • SEK/NOK – The Scandi Crowns are on the retreat after posting decent gains on Thursday and threatening or testing key resistance levels vs the Euro, but failing to breach or sustain momentum. Eur/Sek is back above 10.6500 and Eur/Nok over 10.1000, with the Swedish Krona not gleaning any support from solid household consumption or news that former SEB Chief Economist Bremen will become a Riksbank Deputy Governor and likely back a December repo rate hike.
  • GBP/EUR/CHF/JPY – Narrowly mixed vs the Dollar, as the DXY inches a tad further above 98.000 to notch a fractional new post-FOMC high (98.246), but extremely or even excruciatingly rangebound amidst a paucity of independent factors/drivers. Indeed, Cable is trapped within a 1.2825-1.2796 band awaiting Moody’s UK ratings review after hours and Eur/Usd is meandering between 1.3037-28, while Usd/Chf and Usd/Jpy pivot 0.9950 and 109.25 respectively.
  • EM – The Rand remains on a roller-coaster, but still hampered by the ongoing Eskom power issues that is keeping Usd/Zar anchored around 14.8000, albeit with the broad Buck strength also impacting.

In commodities, energy markets remain subdued with WTI and Brent futures below the 56.50/bbl and 61.50/bbl marks respectively with lack of immediate fundamental catalysts at the time. In terms of technicals, Brent took out its 100 DMA to the downside (61.60/bbl) ahead of the 61.0/bbl psychological level with its 50 DMA seen at 60.93/bbl, whilst WTI sees support at 56/bbl which also coincides with its 100 DMA. Some cite recent downside in the complex to lower probably of deeper OPEC+ cuts in December given the seemingly improving US-China trade environment. Further, sources earlier in the week noted of hesitation from Saudi Arabia and Russia to reduce output. Participants may also eye geopolitical events after reports that Iranian Air Defences have shot down drone over the port of Mahshahr, on the edge of Persian Gulf, although it is not clear to whom the drone belongs to. Turning to metals, gold prices remain modestly subdued with markets on standby for the latest in the US-Sino saga with the yellow metal below its 100 DMA (1476.90/oz). Finally, Copper prices are drifting lower towards the 2.7/lb level amid the cautious risk sentiment, again on the lookout for the latest trade headlines.

US Event Calendar

  • 10am: Wholesale Inventories MoM, est. -0.3%, prior -0.3%; Wholesale Trade Sales MoM, est. 0.15%, prior 0.0%
  • 10am: U. of Mich. Sentiment, est. 95.5, prior 95.5; Current Conditions, est. 113.5, prior 113.2; Expectations, est. 85, prior 84.2

DB’s Jim Reid concludes the overnight wrap

The unrelenting bond sell-off kicked up another gear yesterday and somewhat inevitably it was almost always going to be trade developments which acted as the catalyst. Before we get to that though, just a quick refresh of where bond markets stand now the dust has settled. Starting with Treasuries, 10y yields topped out at 1.971% last night which was +14.3bps higher on the day. They’ve pulled back to 1.907% this morning but that’s still up nearly 20bps from this time last week. That also means yields are up +42bps from the October intraday lows and an even more impressive +50bps from the early September intraday lows. The big move has been in breakevens while real yields have essentially gone sideways. At the short end 2y yields were a more modest +5.9bps higher yesterday which means the 2s10s curve steepened 2.8bps to put it at 24.4bps and the steepest since July.

Yields were also higher in Europe where we even saw 10y OATs (+9.4ps) turn positive for the first time since 16 July, along with 10y yields in Belgium in Sweden. As for Bunds, they were +9.9bps higher and closed at -0.238% – the highest they’ve been since July. That also means Bunds are up +36bps from the October closing lows and +48bps from the all-time lows made back in late August. The other interesting development was that the massive sell-off in BTPs yesterday (+16.2bps) means that the gap between Italian 10yr bonds and their Greek counterparts has shrunk to just 5.3bps. So, this has been a fairly impressive selloff of late and the stock of globally negative yielding debt actually dropped to $11.9tn yesterday. As a reminder that peaked at over $17tn in August.

To fill you in on what happened yesterday, equity markets initially rallied after headlines hit the wires just after the EMR went to print, quoting a spokesman for China’s Commerce Ministry who said that China and the US have agreed to lift tariffs in phases as a deal progresses. The exact quote from the spokesman was “in the past two weeks, top negotiators had serious, constructive discussions and agreed to remove the additional tariffs in phases as progress is made on the agreement”. The spokesman went on to say that “if China and the US reach a phase-one deal, both sides should roll back existing additional tariffs in the same proportion simultaneously based on the content of the agreement, which is an important condition for reaching the agreement”. Later during the US session, we then got the news from a US official that the US had agreed to roll back tariffs on China as part of a phase one agreement.

However, markets partly reversed after a Reuters report then contradicted this, saying that the roll back faced “fierce internal opposition at the White House and from outside advisers”, and that there were divisions within the Trump administration as to whether a roll back in tariffs would give up leverage in the negotiations. To make things more confusing the White House’s Kudlow said that “if there’s going to be a phase one deal, there are going to be tariff agreements and concessions” but trade adviser Peter Navarro said “there is no agreement at this time to remove any of the existing tariffs as a condition of the phase one deal”.

The S&P 500 ended the session +0.27% and still at a new record high, although this was down from its intraday peak of +0.68%. The DOW (+0.66%) also reached a new high, while the NASDAQ closed up +0.28% (leaving the index a mere 0.002% increase away from its own all-time closing high). Europe also had a good day with the STOXX 600 up 0.37% at its highest level since July 2015, while safe havens suffered, with Gold down -1.48% to reach a three-month low thanks to the positive trade developments.

That fading momentum has played out in Asia this morning where most major markets are mixed. At time of writing, the Nikkei (+0.14%) and the Shanghai Comp (+0.35%) have both advanced, while the Hang Sang (-0.44%) and the Kospi (-0.32%) have both lost ground. S&P futures are also down -0.19%, suggesting the index may come off its record highs as we end the week. Continuing with trade, data overnight showed the Chinese trade balance increased to $42.8bn in October (vs. $40.1bn expected). Exports were down -0.9% yoy in October in dollar terms (vs. -3.9% expected), while imports were down by a larger -6.4% (vs. -7.8% expected).

Separately, news came out last night that Michael Bloomberg, the former mayor of New York City and the founder of Bloomberg LP, was considering a run for US President. A statement from a Bloomberg adviser said that “We now need to finish the job and ensure that Trump is defeated – but Mike is increasingly concerned that the current field of candidates is not well positioned to do that”. That said, we have seen news flow before like this, with Bloomberg reportedly considering an independent run in 2016 before declining to jump into the race.

Back to yesterday, where as expected the BoE kept rates unchanged but the bigger takeaway was the dovish message. It started with the 2 dissenters who voted for a cut, indicating that they thought that some monetary stimulus was required to ensure inflation returned to target. The meeting also included three key changes to the BoE outlook according to our economists. The first was as expected, that was the MPC revising down its near term growth and inflation outlook. The second was the MPC revising down its estimate of potential supply and the third the BoE’s condition assumptions on Brexit changing materially. The end result is that our economists continue to see January as a live meeting for a rate cut with the election outcome and upcoming growth and labour market data releases taking on added significance. Indeed, with Saunders and Haskell dissenting, the bar to a cut has been lowered. Sterling weakened through the meeting and closed down -0.30%.

Staying with the UK, and amidst the ongoing election campaign we got the significant announcement in a speech from Chancellor Javid that a re-elected Conservative government would revise the current fiscal framework to allow higher borrowing. Javid did say that the current budget would remain balanced, but that borrowing for capital projects could rise to 3% of GDP (up from a long-term average of 1.8%). Another rule proposed was that debt servicing costs would remain below 6% of tax revenues. Meanwhile the opposition Labour Party’s shadow chancellor, John McDonnell, said that Labour’s fiscal rule would not include borrowing for investment in the borrowing targets. While there would be a target to improve Public Sector Net Worth over the next Parliament, McDonnell did acknowledge that this would add to the government debt. This moves Labour away from their 2017 manifesto, which committed to the national debt being lower at the end of the next Parliament than its current levels. So it appears that whatever the outcome of next month’s election, the UK is set for much looser fiscal policy over the coming years.

As for the data, in the US initial jobless claims dropped a slightly greater than expected 8k to 211k which keeps the four-week moving anchored around 215k and fairly consistent for the last few months. Later on the September consumer credit data was much weaker than expected, with total credit up $9.5bn (vs. $15.0bn expected), which was the smallest increase since Jun 2018. In Germany industrial production in September was slightly weaker than expected (-0.6% mom vs. -0.4% expected) and a slight disappointment following the stronger orders data the day prior.

Finally, we got the European Commission’s Autumn economic forecasts yesterday, which unsurprisingly saw further downgrades compared with the summer forecast back in July. The Commission downgraded their 2019 Eurozone growth by a tenth to 1.1%, and their 2020 forecast down two-tenths to 1.2%. The inflation forecasts were also downgraded, with 2019 and 2020 both a tenth lower at 1.2%.

To the day ahead now, which this morning includes September trade data in Germany and September industrial production in France. Also due out is September wholesale inventories data in the US along with the preliminary November University of Michigan consumer sentiment survey. Away from that the Fed’s Daly speaks this afternoon.

 

3A/ASIAN AFFAIRS

FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED DOWN 14.53 POINTS OR 0.47%  //Hang Sang CLOSED DOWN 196.09 POINTS OR 0.70%   /The Nikkei closed UP 61.55 POINTS OR 0.26%//Australia’s all ordinaires CLOSED DOWN .05%

/Chinese yuan (ONSHORE) closed DOWN  at 6.9861 /Oil UP TO 57.21 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.9861 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.9812 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 WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

Our resident expert on China states that the USA failure to enter the 5 G game will cost them dearly as China is miles ahead.  Chang states that me must abandon the use of Huawei products as they will control the world\\a must read..

Gordon Chang/Gatestone)

Gordon Chang: Do Not Support China’s Huawei, Cripple It Instead

 

Authored by Gordon Chang via The Gatestone Institute,

 

“A prominent Republican who advises President Donald Trump called America’s 5G strategy ‘the biggest strategic disaster in U.S. history,'” wrote China-watcher David Goldman recently.

Many people will regard that as an exaggeration, but America’s failure to have a 5G strategy will almost certainly prove to have historic consequences.

 

“5G” is shorthand for the fifth generation of wireless communication.

“In the very near future, dominating the wireless world will be tantamount to dominating the world,” wrote Newt Gingrich in Newsweek in February. That is not an exaggeration.

Why not? With speeds 2,000 times faster than existing 4G networks, 5G will permit near-universal connectivity to homes, vehicles, machines, robots, and everything plugged into the Internet of Things (IoT).

Moreover, with just about everything connected to everything else China will filch the world’s information. That is not a theoretical concern. For instance, nightly from 2012 to 2017, China surreptitiously downloaded data from the Chinese-built-and-donated headquarters of the African Union in Addis Ababa.

Chinese parties have already been criminally taking American information, intellectual property and data for decades, worth hundreds of billions of dollars a year. This continuing crime is essential to China’s implementation of numerous industrial policies, especially the controversial “Made in China 2025” initiative, a decade-long program to achieve dominance in technology sectors, including 5G.

Theft is by no means the full extent of the harm. China, with control of 5G, will be in a position to remotely manipulate the world’s devices. In peacetime, Beijing could have the ability to drive cars off cliffs, unlock front doors, and turn off pacemakers. In war, Beijing could paralyze critical infrastructure.

“China’s game,” Goldman wrote in an e-mail, “is to control the broadband, and then the e-commerce, and then the e-finance, and then all the tech startups servicing the ‘ecosystem,’ and then the logistics.”

As he told me this year, “The world will become a Chinese company store.”

There is no mystery to how Beijing thinks it will grab control of the store. The Chinese will use Huawei Technologies.

Huawei, built on stolen U.S. technology, is the world’s leading telecom-equipment manufacturer and is fast becoming the world’s 5G provider. As Goldman writes, “Huawei has signed equipment agreements with every telecom provider on the Eurasian continent.”

Beijing, since Huawei’s founding in 1987, has been subsidizing sales of the company’s equipment and otherwise promoting its wares. No prizes for guessing why. As Senator Marsha Blackburn told Fox News in July, Huawei is Beijing’s “mechanism for spying.” For instance, Beijing pilfered data from the African Union through Huawei servers located in the building the Chinese donated.

So, Huawei is a dagger aimed at the heart of America, and as the unnamed adviser quoted by Goldman suggests, the threat is a mortal one.

There are various strategies for meeting China’s 5G challenge, but the most direct one is crippling Huawei. The Trump administration has taken steps to do so, but now that effort is on the verge of collapse.

In fact, the Commerce Department looks set to support that dangerous Chinese firm. On Sunday, in an interview with Bloomberg Television in Bangkok, Commerce Secretary Wilbur Ross said his department will “very shortly” grant exemptions from its Entity List designation to allow sales to Huawei.

“We’re in good shape, we’re making good progress, and there’s no natural reason why it couldn’t be,” Ross told the business channel.

In May, Ross’s Commerce Department added the Chinese telecom-equipment provider to its Entity List, so that American businesses needed prior approval to sell or license to Huawei the products and technology covered by U.S. export regulations. Since then, Commerce has granted two 90-day waivers from these prohibitions. The second waiver will expire November 19.

Commerce, it appears, will not issue another across-the-board waiver but will instead grant exemptions to specific companies. Ross said he has received 260 waiver requests.

Granting waivers would be a grave mistake. “The United States,” Brandon Weichert of The Weichert Report told me, “is letting China off the hook.”

Ross and others argue that the individual exemptions are justified because Huawei can obtain items either from China itself — Huawei has developed its Kirin chipset, said to be comparable to Qualcomm products — or from other countries. He argues that U.S. companies might as well be the ones making the sales. At issue are semiconductors from principally Japan, Taiwan, and South Korea.

Ross is thinking too small. The United States, instead of trying to make sales, should be stopping everyone from selling to Huawei.

America has the power to cut off all sales. Japan and South Korea are formal military allies of the United States, and Taiwan, although no longer a treaty partner, is even more dependent on Washington for its security. Because Huawei poses a critical threat to everyone, it is not clear why Washington should not pull out all the stops to get Japanese, South Korean, and Taiwanese suppliers to cut off the Chinese company.

Taipei says Washington has not asked Taiwan Semiconductor Manufacturing Co., the giant chip supplier, to end sales to Huawei. The issue, therefore, is why has the United States not even made a request.

Up to now, the Trump administration has been trying to persuade, sometimes nudging friends and partners. American officials have, for instance, said they might reduce intelligence sharing with countries maintaining Huawei gear in their 5G networks.

That is too mild. Given the importance of the issue, the Trump administration should be forcing others — Japan, South Korea, Taiwan — to make a choice: sell to Huawei or sell to the world’s largest market, America’s. Last year, America’s merchandise trade deficit with Japan was $67.2 billion. The comparable figures were $17.8 billion for South Korea, and $15.2 billion for Taiwan.

U.S. officials have been telling other countries not to buy Huawei 5G gear, but if they should not be buying Huawei, then Americans should not be supplying that Chinese company either.

Let’s put Huawei out of business, not support its efforts to harm us.

end
Taiwan warns that if China’s economy continues to deteriorate expect them to invade it.
(zerohedge)

Taiwan Warns Of Possible Invasion If China’s Economy Continues To Deteriorate

As the global synchronized slowdown intensifies, Taiwan is now warning if Beijing can’t create a soft landing in its economy, the threat of a Chinese invasion would be on the horizon.

Taiwan’s Foreign Minister Joseph Wu sounded the alarm in a Reuters interview on Wednesday, when he said, Chinese officials would likely invade self-ruled Taiwan to divert domestic economic pressures if a soft landing cannot be achieved.

“If the internal stability is a very serious issue, or economic slowdown has become a very serious issue for the top leaders to deal with, that is the occasion that we need to be very careful,” Wu said.

“We need to prepare ourselves for the worst situation to come…military conflict,” he warned.

Jonathan Cheng

@JChengWSJ

Taiwan’s top diplomat Joseph Wu on threat from Beijing: “If the internal stability is a very serious issue…that is the occasion that we need to be very careful…We need to prepare ourselves for the worst situation to come…military conflict.”@MOFA_Taiwan https://reut.rs/34DTcxE

Taiwan warns of possible attack if China’s slowdown ‘becomes serious’

Beijing could resort to military conflict with self-ruled Taiwan to divert domestic pressure if a slowdown in the world’s second largest economy amid trade war threatens the legitimacy of the Chi…

reuters.com

China’s untenable debt load and Beijing’s resulting inability to boost the credit impulse has certainly frightened Wu, who knows that if China’s economy, already near a 30-year low, continues to implode, that military conflict with mainland China would be nearing.

Wu noted that China’s economy is on shaky grounds at the moment, but nothing that would suggest a conflict to be imminent.

“Perhaps Xi Jinping himself is called into question of his legitimacy, by not being able to keep the Chinese economy growing,” Wu said, referring to Chinese President Xi.

“This is a factor that might cause the Chinese leaders to decide to take external action to divert domestic attention.”

China’s growing military presence in the Taiwan Strait, the South China Sea, the East China Sea, and the Philippine Sea has become “very serious,” Wu said.

“We certainly hope that Taiwan and China could live peacefully together, but we also see there are problems caused by China, and we will try to deal with it,” he said.

And to make things more complicated, the US House of Representatives foreign affairs committee recently voted unanimously to approve a new bill that would strengthen ties between Washington and Taipei.

The bill is called the Taiwan Allies International Protection and Enhancement Initiative would allow the US to defend Taiwan from Chinese diplomatic pressures.

The Trump administration has been selling Taiwan billions of dollars in fighter jets, tanks, and other military weapons, to beef up defenses if Beijing attempts to invade.

And with macroeconomic headwinds that continue to flourish across the world, this means China will likely slow into 2020. Every downtick in China’s GDP should be correlated to the increasing probability of a Chinese invasion of Taiwan.

end
Navarro:  not even close to a deal yet and Trump will not remove tariffs
(zerohedge)

Navarro Doubles Down On Trade Deal Report Denial, Says “Only Trump” Can Remove Tariff

Detective Rustin Cohle would have had a field day with the trade negotiations. Like Cohle’s catchphrase from Season One of “True Detective” goes: “Time is a flat circle – everything we have done or will do we will do over and over and over again, forever.”

First, there were anxieties about the fate of the “Phase 1” trade deal, followed by rumors that the two sides might be able to work something out, followed by false reports that a multi-phase deal had been struck, and now…the White House is pouring cold water on these rumors, insisting that the two sides are nowhere near a deal to remove all US trade war tariffs.

If we had to represent this visually, the chart would look like this:

White House Advisor Peter Navarro appeared on Morning Edition Friday to talk down the odds of lifting the tariffs, arguing that they are a critical point of leverage, and that removing them would take the pressure off Beijing to hold up its end of the deal. During the NPR interview, he reportedly echoed comments from an interview with Fox Business’s Lou Dobbs Thursday night.

As one Twitter user noted, Navarro – the director of the White House’s National Trade Council – appears to be pushing back on the deal while the rest of the administration sounds more positive, or has at least stayed quiet.

nathanking@nathanking

Navarro on @MorningEdition pushing back on easing of tariffs saying lifting them would get rid of US leverage-similar points raised on Fox last night -he is pushing back publically on China deal while the rest of the Trump administration is much more positive or silent

As for the commentary about a “Phase 1” deal that would involve rolling back tariffs and cancelling the December round of tariffs, Navarro said there is no deal to remove tariffs, and added that the only person who can make that decision is President Trump. Though investors apparently interpreted Navarro’s comment that the Dec. 15 tariffs are on the table as optimistic.

Lou Dobbs

@LouDobbs

Crushing Communist China. Peter Navarro says @realDonaldTrump will be remembered & praised for his hard-line stance against China.

Embedded video

Initially, all these reports about rolling back tariffs are coming from China’s propaganda press, Navarro said, adding that investors should take them with a grain of salt.

“The spectacle of the Chinese propaganda press putting out information like that, they’re just negotiating in public, trying to push us in a direction, but the president makes these decisions.”

Optimistic trade comments from other administration officials helped pump futures beginning late last night, though that momentum has apparently faded.

Navarro added that cancelling the December tariffs is on the table for the “Phase One” deal, but repealing more trade-deal tariffs will need to wait until negotiations for Phase 2 and Phase 3.

So far, the tariffs have been “working beautifully” and there’s little reason for the Trump Administration to abandon them.

end

4/EUROPEAN AFFAIRS

Europe

More troubles ahead for We Work as they warn of job cuts in Europe and they have now put their global expansion on hold

(zerohedge)

WeWork Warns European Staff Of Coming Job Cuts, Forced To Put Global Expansion On Hold

The WeWork travesty continues to unfold in grand fashion. The company, slated just weeks ago as a potential IPO candidate at a valuation of more than $40 billion, has seen its valuation plunge to well under $10 billion and has had its corpse only temporarily resuscitated by a bailout from SoftBank.

As the company slashes jobs and restructures to try and avoid what seems like an almost foregone conclusion of eventual bankruptcy, its “cost cutting” measures are kicking in overseas. The company has put its plans for global expansion on hold and has notified its workers in Europe that job cuts are on the way, according to Bloomberg. WeWork is also currently rethinking some of its prime overseas leases.

The company’s employees in Europe, Middle East and Africa will all have “consultations” this week with the company. The number of job cuts and the potential timing has yet to be decided.

WeWork commented: “WeWork is in conversation with employees in EMEA as we make changes to our operating model and workforce in light of our refocused strategy. Leadership has been diligent in its decision making, and we are committed to treating our colleagues fairly and with respect.”

The company is also rethinking its expansion plans for London and its plans to proceed with about 28 office deals in its second largest market. The deals that are under review are at “varying stages” and the number of leases that the company will take on remains up in the air.

The company is also considering surrendering part of its recently signed lease of four floors – about 60,000 square feet – near Hong Kong’s business district.The company had entered into a 9 year lease in August for the floors in the Hopewell Centre in Wan Chai.

Recall, yesterday, SoftBank beefed their earnings report, posting a $6.5 billion operating loss, mostly as a result of writing down many of its “investments”, including WeWork. It was SoftBank’s first quarterly loss in 14 years.

Thanks, Adam Neumann!

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Iran

Iran states that it shot down a foreign drone yet the West reports of no such entry into Iran’s space of any drone

(zerohedge)

Iran Reportedly Shoots Down “Foreign Drone” Over Southern Port City Of Mahshahr

Moments ago, local Iranian news outlets confirmed the Armed Forces of the Islamic Republic of Iran have shot down a drone from a “foreign country.”

  • IRANIAN OFFICIAL CONFIRMS DOWNING OF A DRONE BY ARMY, SAYS IT BELONGS TO A FOREIGN COUNTRY – YOUNG JOURNALISTS CLUB
  • COMMANDER OF IRAN ARMY AIR DEFENSE SABAHIFARD SAYS THE DRONE WAS SHOT DOWN “BEFORE REACHING SENSITIVE SITES” OF THE COUNTRY – IRAN FRONT PAGE

The unidentified drone was downed near the port of Bandar-e-Mahshahr on the Gulf coast, ISNA and Tasnim, reported.

Intelligence Fusion -Asia@IF_Asia_

🇮🇷: Iranian forces shot down a drone over the port of Mahshahr.
– It is not clear who the drone belonged to.

View image on Twitter

Iran Front Page’s Reza Khaasteh said, “Mahshahr is home to Iran’s Petrochemical Special Economic Zone (Petzone), where a major part of the country’s petchem plants are located.”

Reza Khaasteh@Khaaasteh

A drone has been shot down by Iran’s Mersad Air Defence in the southern port city of Mahshahr

Reza Khaasteh@Khaaasteh

Mahshahr is home to Iran’s Petrochemical Special Economic Zone (Petzone), where a major part of the country’s petchem plants are located

Tasnim reported that a domestically manufactured Mersad surface-to-air missile was defending Iranian airspace at the time of the incident.

Lucas Tomlinson, a Fox News reporter covering all matters related to the Pentagon, said a defense official says “No reports of US drone being shot down.”

Lucas Tomlinson

@LucasFoxNews

Pentagon: “No reports of US drone being shot down,” defense official says

Iran claims it shot down a drone that violated Iranian airspace Friday morning

The governor of Iran’s southern Khuzestan province, Gholamreza Shariati, said the wreckage of the drone “has been recovered and is being investigated.”

END

6.Global Issues

A very important commentary from Bill Blain this morning.  He pounds the table on the rise of global interest rates.  European rates are now positive.  However this could spell disaster for companies if interest rates continue to rise.  The real danger is in those fallen Angels rated BBB.  If they go into junk, the game is over.

(Bill Blain/Shard Capital)

Blain: If Yields Rise Any Higher, The Melt-Up Will Quickly Reverse

Blain’s morning porridge, submitted by Bill Blain of Shard Capital

“The vegetation is of iron, dead tanks, gun barrels split like celery, the metal brambles have no flowers or berries.. ”

Stock markets are staging a Melt-up! China and the US have agreed to roll back sanctions. Whoopee! Everything is fine and dandy.  No… it’s not.  Might be time to hedge with some puts.

As stocks soared, bonds suffered. Earlier this week I asked a number of clients for their predictions on markets in 2020 – one them replied: “ I am expecting to see a massive correction in the bond markets. 10 yr UST moving above 3%, 10 yr Bunds above 1%. Credit spreads blowing out and Stock markets falling 20 to 30%. The trigger? Perhaps a deal between Xi and Trump?” A coconut is on its way to that chap for his bond comment.

This morning we have most European bonds back in positive yield territory. (I note with some amusement Greece yields less than Italy!)  10-year Treasuries flirted with 2% yesterday – now at 1.90%.

Source: Bloomberg

There is massive danger in a reeling bond market.  If we see rising yields morph into a serious bond market meltdown, the melt-up in stocks could split and go rancid very quickly. Rising rates have massive negative implications for corporate credit and without the juice of further central bank easing – stock markets could well lose heart.

Source: Bloomberg

On the back of a “trade agreement”, the short-term reactive consensus is everything about global growth and the economy favors stocks through earnings growth potential. I’d argue we are entering a more positive economic environment – even recent European numbers have been marginally less depressing than usual. But that means market participants have to be even more careful to understand what the picture is describing.  This is still a “Danger, Danger, Danger Will Robinson” Market

Any China/US “roll back the tariffs” agreement is merely an accommodation – it’s not a peace treaty.  Nothing is essentially resolved in the big picture or the details like IP or Huawei.  In terms of the effects on global growth:

  1. A trade war standstill and unwinding recent tariffs doesn’t even take us back to where we were in 2015.  It does mean there is plenty of room for a growth spurt/catch-up which might flatter the real outlook on growth.
  2. There is a strong chance the tariff stand-down doesn’t go further. Xi does not trust Trump.  The loss of Kentucky and Virginia to the Democrats this week was an interesting signal.  Trump knows he has to deliver economic strength, booming stock markets and sell pork and corn to ensure he wins Nov 2020.  Xi knows that. Xi can pull levers.
  3. Global growth prospects are not simply about Trade Wars. The Global economy is complex and changing.

The real global growth narrative is far more nuanced than just trade wars:

  1. Factor in policy mistakes like central banking monetary policy since 2008 – low rates fuelled financial asset inflation, but not real investment, while political mistakes like austerity-spending imposed massive slowdown.  End that repression, and a recovery in consumer wages and spending back to pre-crisis levels could fuel a spending boom.  That’s a short-term positive.
  2. China growth dragged global growth in its wake. As China slows as its economy turns to consumption, the world slows with it.
  3. There is no growth driver to replace the scale of China – get used to slower for longer growth.
  4. Global Supply chains are changing – as China exports have fallen, Vietnam’s have exploded. Changing supply chains will take years to resolve – and will require corporate investment – which could struggle as companies struggle with leverage after years of debt-fueled buy-back bingeing.

While the current record stock market levels will be great news for investment managers trying to close out the year on a positive, the underlying picture is far more complex.  As always, look to the bond markets for the real danger.

In Bond Markets there is truth.  This is a story you need to read: Prime Time: debt investors should heed the lessons of Casino. The story is a warning about Fallen Angels – companies that tumble from BBB into junk. Without covenants, there is nothing to stop Fallen Angels “priming” existing bondholders by layering new debt ahead of them, effectively subordinating them. Ouch. I’ve warned a couple of times that even a modest rise in bond yields could trigger a new bond crisis.

Imagine what happens if even just a few BBB corporates crash out of investment grade into junk. They would be like the first few few pebbles tumbling down a steep slope.  Investors would be keen to exit these names, but find liquidity is difficult in a bear-phase bond market. These few pebbles become a cascade of rocks as investors try to pre-empt other names that might become Fallen Angels. Very quickly the rush to exit BBB names becomes a full Credit Market landslip as the whole Mountain-side of near-junk Corporate debt tumbles into the Ocean below – triggering a Tsunami of destruction across Markets. Ouch, indeed.

BBB debt has been the fasting growing part of the Corporate Bond market, and now accounts for 38% of total debt, according to one report from a major investment firm. They concluded: “The growth of the size of BBB rated debt outstanding is not simply a broad-based symptom of a suffering investment-grade market…  Active management of fixed-income investments can help avoid the bad actors and focus on issuers that have the balance-sheet strength to withstand a potential economic downturn.

Sadly, that’s not the way markets work. When the panic starts, everyone gets caught in the stampede for the exit. I fear a bond market liquidity event will just be the start..

UK Election…

As everyone agonizes about what the UK election might do to Sterling and UK assets, we are beginning to see the Tory Press launch a new Project Fear. Predictably, the papers are full of horror stories about how billionaires will immediately leave the country in fear their wealth will be seized, while rich foreigners will turn their backs on Gulag Britain causing the property market to collapse. The upper classes will be beside themselves worrying about how Tarquin and Jemima will be educated as Eton is turned into a young offenders’ institution. The middle classes will fret about how they can survive if tax-hikes see their just-coping salaries given to 73 differently gendered single parenting support groups.  Within a few weeks the dole queues will be miles long, and the printing presses will break from printing too much money to pay for it all.  And it will be our fault for voting for them!

The only happy people will be the Union Bosses of RMT who will simply declare all trains stopped till they get 100% pay rises.. and even then it will be at the option of the train soviet… Etc, etc. (Actually, the strikes planned for SouthWest Rail through December could prove a staggering own goal for Labour.  The rail companies want to reassign guards to a train-manager role collecting tickets and helping customers. The Unions object – claiming it compromises safety. It doesn’t.  No one is losing a job.  But the RMT want to inflict misery on millions.  Why?  To show they can and they feel empowered to do so.  It’s likely to result in a massive shift to the Tories across the SouthWest Rail region.)

A Labour victory will be the end of the World, scream the right-wing press.

Relax – No it won’t.  Remember Blain’s Mantra Number 4: “Things are never going to be as bad as you fear they might be.”

This morning lots of Tory supporters will be gloating about the dispatch of Deputy Labour Leader Tom Watson, and praising retiring former Labour MPS Ian Austin, Tom Harris and John Woodcock for urging the electorate to vote for the Conservatives on the basis Jeremy Corbyn would be a disaster.  All these defections prove is that Labour is as riven internally as the Conservatives. The Labour “moderates” are peeved to find themselves in the cold.

The Conservatives have swung to the right, and Labour has spun to the Left.  That leaves the middle moderate ground undefended by either party.  That’s dangerous.. what if the Liberals were to fill it???  (Seriously… if the Liberals win I might not leave the country, but I will go into the most monstrous sulk…)

For the record: I’m a lifelong Labour supporter – and sincerely believe in a fairer, just society.  I just won’t be voting for Labour this time – I’m making a tactical choice because it’s better to get Brexit done and over with – because if it’s not strangled soon, its divisiveness will come to define the UK and destroy us.   I would struggle to vote Labour because Corbyn, McDonnell, Momentum et al have hijacked my party too far to the left.  They are opportunists.  In a few years time.. they will be gone.  Just like the Militant lunatics in the 80s.

If any party really wants my vote – then:

  • Deliver a fair economy
  • Get rid of student fees, make education a right not a paid-for lifetime of indentured slavery,
  • Repurpose the NHS for the modern age – not close or privatise it, but address the very real problem of internal bureaucratic inertia. (Every political party is terrified to say it: the NHS needs reform.)
  • Give us a realistic and achievable road map to zero emissions by 2050,
  • Present us with a rational national programme to create jobs and growth for the fourth industrial age! Plan and innovate Climate Cures tech, AI, Robotics, VR, nanotech, 3D printing to build a vibrant future for the UK, and explain how in in terms of the infrastructure we need and the training required to make it happen.

I have sent my CV to Mr Johnson and Mr Corbyn. I can probably take Wednesday afternoon’s off work to sort it all out for either of them.. (I have not posted it to Jo Swinton. Liberals don’t count as a party… just an annoying whine.)

France and Europe…

I was having a pint with a Remainer chum last night and he was whittering on about how the EU is a marvellous thing that has united Europe and avoided war for 75 years.  Marvellous stuff, timely in view its Remembrance Week and when we’re all wearing Poppies. But, I told him he is looking in the wrong direction.  The threats of European conflict are all external.

Even though her Government is teetering on the edge of a coalition meltdown, Angela Merkel has hit back at Emanuele Macron’s recent sideswipes at NATO.

Macron clearly thinks a distracted Germany means Europe is a ripe fruit to be picked as he prepares to assume undisputed leadership.  He attacked the lack of support Trump is giving NATO, warning the American’s have “turned their backs on Europe”, and the Treaty Organisation “can only work if the guarantor of lost resort functions as such”. Clearly, M. Macron is setting up France, in the absence of the US and soon the UK, as the new military leader of Europe.  It will soon be the only nuclear power in the EU.  What Napoleon never achieved, maybe the Force de Frappe can?

This would be the same France that flounced out of its NATO responsibilities in the 1950s and 60s?  De Gaulle took umbrage because Les Anglos weren’t giving France an equal place at the top table and were suggesting the rearmament of Germany. In 1966 De Gaulle ordered all non-French NATO troops out – to which the Americans pointedly asked: “Does that include the bodies of American soldiers in French cemeteries?”

France stayed out till 2009.  Nobody noticed.

end

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1031 DOWN .0021 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /MOSTLY RED (EXCEPT ITALY)

 

 

USA/JAPAN YEN 109.44 UP 0.167 (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 1.2808   DOWN   0.0012  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TO OCT 31/2019//

USA/CAN 1.3194 UP .0019 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  FRIDAY morning in Europe, the Euro FELL BY 21 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1031 Last night Shanghai COMPOSITE CLOSED DOWN 14.53 POINTS OR 0.49% 

 

//Hang Sang CLOSED DOWN 196.09 POINTS OR 0.70%

/AUSTRALIA CLOSED DOWN 0,05%// EUROPEAN BOURSES MOSTLY RED EXCEPT ITALY

 

Trading from Europe and Asia

EUROPEAN BOURSES MOSTLY RED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 196.09 POINTS OR 0.70%

 

 

/SHANGHAI CLOSED DOWN 14.53 POINTS OR 0.47%

 

Australia BOURSE CLOSED DOWN. 05% 

 

 

Nikkei (Japan) CLOSED UP 61.55  POINTS OR 0.26%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1458.30

silver:$16.71-

Early MONDAY morning USA 10 year bond yield: 1.94% !!! UP 2 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.41 UP 1  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 98.31 UP 17 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.32% UP 2 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: -.06%  UP 2   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.39%//UP 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,19 UP 3 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 80 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.26% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.45% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.1019  DOWN     .0033 or 33 basis points

USA/Japan: 109.13 DOWN .137 OR YEN UP 14  basis points/

Great Britain/USA 1.2787 DOWN .0033 POUND DOWN 33  BASIS POINTS)

Canadian dollar DOWN 43 basis points to 1.3218

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 6.9928    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.9905  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  5.7691 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

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

 

Your closing 10 yr US bond yield DOWN 1 IN basis points from THURSDAY at 1.91 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.39 DOWN 1 in basis points on the day

Your closing USA dollar index, 98.35 UP 21  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 FRIDAY: 12:00 PM

London: CLOSED DOWN 47.03  0.63%

German Dax :  CLOSED DOWN 60.90 POINTS OR .46%

 

Paris Cac CLOSED DOWN 1.29 POINTS 0.02%

Spain IBEX CLOSED DOWN 53.60 POINTS or 0.57%

Italian MIB: CLOSED UP 31.46 POINTS OR 0.13%

 

 

 

 

 

WTI Oil price; 57.08 12:00  PM  EST

Brent Oil: 62.27 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    63.86  THE CROSS HIGHER BY 0.33 RUBLES/DOLLAR (RUBLE LOWER BY 33 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.26 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 :  57.43//

 

 

BRENT :  62.61

USA 10 YR BOND YIELD: … 1.94..up 2 basis pts…

 

 

 

USA 30 YR BOND YIELD: 2.42  UP 2 BASIS PTS..

 

 

 

 

 

EURO/USA 1.1021 ( DOWN 31   BASIS POINTS)

USA/JAPANESE YEN:109.21 DOWN .063 (YEN UP 6 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 98.37 UP 22 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2784 DOWN 36  POINTS

 

the Turkish lira close: 5.7640

 

 

the Russian rouble 63.75   DOWN 0.23 Roubles against the uSA dollar.( DOWN 23 BASIS POINTS)

Canadian dollar:  1.3227 DOWN 52 BASIS pts

USA/CHINESE YUAN (CNY) :  6.9982  (ONSHORE)/

 

USA/CHINESE YUAN(CNH): 6.9885 (OFFSHORE)

 

German 10 yr bond yield at 5 pm: ,-0.26%

 

The Dow closed UP 6.44 POINTS OR 0.23%

 

NASDAQ closed UP 48.80 POINTS OR 0.48%

 


VOLATILITY INDEX:  12.16 CLOSED DOWN .57

LIBOR 3 MONTH DURATION: 1.901%//libor dropping like a stone

 

USA trading today in Graph Form

Gold Suffers Worst Week In 3 Years As Fed Balance Sheet Explodes

Remember, this is ‘Not’ QE…

The Fed has expanded its balance sheet for 10 straight weeks (by almost $280 billion) – the biggest such expansion since April 2013, the peak of QE3…

Source: Bloomberg

Since The started ‘NotQE’ POMO…

Stocks haven’t had a down week…

Source: Bloomberg

And that explosion in liquidity means fun-durr-mentals collapsing just don’t matter…

Source: Bloomberg

Or maybe there’s another reason (stocks have soared non-stop as Warren’s odds of getting the nomination have tumbled)…

Source: Bloomberg

All of which made us think…

*  *  *

Chinese stocks ended the week green but the late Friday session saw notable selling pressure…

Source: Bloomberg

European markets were also higher with a notable divergence between Spain/UK and France/Germany/Italy…

Source: Bloomberg

Most notably, European stocks are broadly back near their record highs…

Source: Bloomberg

US equity markets were higher on the week, led by a major move in Trannies all on the back of trade-deal optimism…

 

 

It seems, despite Trump’s statement that he hasn’t agreed to rollback tariffs, the market prefers to believe China/Kudlow over Trump/Navarro…

 

However, optimism for a US-China trade deal seem to have stalled the last few days…

Source: Bloomberg

Rather more notably, despite massive intraday squeezes, “most shorted” stocks fell for the second week in a row…

Source: Bloomberg

Momentum had another ugly week (down 5 weeks in a row and this was the worst week since the September momo massacre)…

Source: Bloomberg

VIX tumbled for the 6th week in a row (longest streak since Feb 2019) barely holding above an 11 handle…

 

And as VIX tumbled, specs piled in to a new record short position…

Source: Bloomberg

Bond yields have tracked Cyclicals/Defensive Stocks almost perfectly…

Source: Bloomberg

Bonds were a bloodbath this week with Treasury yields blowing out around 20bps (short-end outperformed)…

Source: Bloomberg

Pushing the longer-end of the curve to 3-month highs…

Source: Bloomberg

The yield curve exploded this week: 3m10y curve steepened for 5 straight weeks but 2y10y biggest weekly steepening since Feb 2018…

Source: Bloomberg

Rates markets are now pricing in less than one rate-cut by the end of 2020…

Source: Bloomberg

German bond yields have also soared, back near their highest of the year…

Source: Bloomberg

As European issuance has broken the full-year issuance record with more than seven weeks to spare, after borrowers including Apple Inc., Bayer AG and the People’s Republic of China piled in to the market this week.

Source: Bloomberg

And Japanese bond yields saw the biggest weekly rise since 2013…

Source: Bloomberg

The dollar soared by the most since August 2018 this week…

Source: Bloomberg

Offshore Yuan rallied for the sixth straight week (longest run sine 2018), but trade-deal optimism gains rolled over in the last 24 hours…

Source: Bloomberg

Cryptos had a tough week, tumbling in the last 48 hours…

Source: Bloomberg

Bitcoin broke back below $9,000…

Source: Bloomberg

Commodities were extremely mixed this week with PMs pummeled and crude and copper bid…

Source: Bloomberg

WTI ended back above $57, but could not top $58 at the upper edge of its medium-term range…

Source: Bloomberg

This was Gold’s worst week since Nov 2016 (Trump Election)…

…and Silver’s worst week since Oct 2016…

Despite gold’s tumble on the week, silver was considerably worse, driving the gold/silver ratio to its highest since mid August…

Source: Bloomberg

Gold also tumbled against yuan, back to its lowest since early August…

Source: Bloomberg

And as global negative-yielding debt drops below $12 trillion, one wonders if gold has further to fall…

Source: Bloomberg

Finally, here a few scary things for melt-up fans to watch…

The surge in yields – we note that despite all the excitement about bond yields rising, signaling to some that growth is back and everything with record high stocks is awesome again, the last two times that rates accelerate at this pace, things did not end well for stocks…

Source: Bloomberg

Additionally, the steepness of VIX term structure is extreme – a level at which stocks have generally stalled in the past two years…

Source: Bloomberg

And investors are at an “Extreme Greed” level of complacency across multiple asset classes…

Source: CNN

And then there’s this…

Otavio (Tavi) Costa@TaviCosta

Enough’s enough.

Fresh 50-year low in the commodities-to-equities ratio.

The next monetary & fiscal experiment will come at a cost.

Major cyclical turn in this ratio likely ahead.

View image on Twitter
END

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

MARKET TRADING//USA

a)Market trading/THIS MORNING/USA

Stocks, Yuan Tumble As Trump Says “Hasn’t Agreed To Tariff Rollback”

Confirming Peter Navarro’s warnings, President Trump just confirmed that he has not agreed to rollback tariffs with China, refuting Larry Kudlow’s comments.

And stocks fell…

 

And Yuan reversed…

 

‪Navarro 1 – 0 Kudlow

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

iii) Important USA Economic Stories

This should be interesting: Michael Bloomberg is preparing to enter the Presidential race

(zerohedge)

Michael Bloomberg Prepares To Enter The Presidential Race

PRES 2020 <GO>

Former New York City Mayor Michael Bloomberg is preparing to enter the 2020 Democratic primary despite saying earlier this year he would not run for president, according to the NYT. The billionaire environmentalist has been privately weighing a bid for the White House for weeks and has not yet made a final decision on whether to run, an adviser said. But in the first sign that he is seriously moving toward a campaign, Bloomberg has dispatched staffers to Alabama to gather signatures to qualify for the primary there. Though Alabama does not hold an early primary, it has a Friday deadline for candidates to formally enter the race.

AP adds that Bloomberg opens the door to a presidential run because the field of Democratic candidates is “not well positioned” to defeat Trump. It is unclear how further splitting the vote, especially if he ends up getting more of the centrist vote, will not virtually assure a Trump landslide victory in 2020 but we’ll leave that to the DNC to manipulate. For now, however, in what is shaping up as the best trade of the day, a bet on Michael Bloomberg is up 366% on PredictIt on the day.

A Bloomberg adviser said the former mayor has been privately mulling a White House bid for weeks and has not yet made a final decision.

As the NYT reports, “should Mr. Bloomberg proceed with a campaign, it could represent a seismic disruption in the Democratic race.” With his immense personal wealth, centrist views and close ties to the political establishment, he would present a grave and instantaneous threat to former Vice President Joseph R. Biden Jr., who has been struggling to raise money and assemble a ideologically moderate coalition.

But Mr. Bloomberg could also reshape the race in other ways, intensifying the Democrats’ existing debates about economic inequality and corporate power, and offering fodder to the party’s rising populist wing, led by Senators Elizabeth Warren and Bernie Sanders, who contend that the extremely rich already wield far too much influence in politics. Mr. Bloomberg has repeatedly expressed discomfort with certain policies favored by both Ms. Warren and Mr. Sanders.

Howard Wolfson, a close adviser to Mr. Bloomberg, said on Thursday that the former mayor viewed President Trump as an “unprecedented threat to our nation,” and noted Mr. Bloomberg’s heavy spending in the 2018 midterm elections and this week’s off-year races in Virginia. Mr. Bloomberg, he said, has grown uneasy about the existing trajectory of the Democratic primary.

“We now need to finish the job and ensure that Trump is defeated — but Mike is increasingly concerned that the current field of candidates is not well positioned to do that,” Mr. Wolfson said. “If Mike runs he would offer a new choice to Democrats built on a unique record running America’s biggest city, building a business from scratch and taking on some of America’s toughest challenges as a high-impact philanthropist.”

A former Republican who repeatedly explored running for president as an independent, Bloomberg registered as a Democrat ahead of the midterm elections last year. In his past flirtations with the presidency, Bloomberg has never before taken the step of filing to put his name on a state ballot.

While Bloomberg could still opt against running, even his preliminary steps toward a campaign may come as a blow to Joe Biden, who has been counting on strong support from centrist Democrats, traditional party donors and much of the business community to carry him forward in the race.

Elizabeth Warren, for one, was quick to welcome Mayor Mike to the race:

Elizabeth Warren

@ewarren

Welcome to the race, @MikeBloomberg! If you’re looking for policy plans that will make a huge difference for working people and which are very popular, start here: http://ewar.ren/billionaire-calculator 

A Calculator For The Billionaires | Elizabeth Warren

Some billionaires seem confused about how much they would pay under Elizabeth’s Ultra-Millionaire Tax. Don’t worry, now we have a calculator for that too.

elizabethwarren.com

And while we await for the official documents to be filed, we wonder what Mike’s political platform will be: free Bloomberg terminals for everyone, or the slogan “Billionaires Trillionaires should not exist.”

END
Wolf richter explains to us why the Fed is switching away from longer term assets and buying more short term assets like treasury bills.  This is forcing short term money done but longer term rates are rising that which we are now emphasizing.
(Wolf Richter)

Fed Goes Nuts with Repos & T-Bills but Sheds Mortgage Backed Securities

by Wolf Richter •  • 6 Comments • Email to a friend

The fastest increase in assets for any two-month period since the post-Lehman freak show in late 2008 and early 2009.

Total assets on the Fed’s balance sheet, released today, jumped by $94 billion over the past month through November 6, to $4.04 trillion, after having jumped $184 billion in September. Over those two months combined, as the Fed got suckered by the repo market, it piled $278 billion onto it balance sheet, the fastest increase since the post-Lehman month in late 2008 and early 2009, when all heck had broken loose – this is how crazy the Fed has gotten trying to bail out the crybabies on Wall Street:

Repos

In response to the repo market blowout that recommenced in mid-September, the New York Fed jumped back into the repo market with both feet. Back in the day, it used to conduct repo operations routinely as its standard way of controlling short-term interest rates. But during the Financial Crisis, the Fed switched from repo operations to emergency bailout loans, zero-interest-rate policy, QE, and paying interest on excess reserves. Repos were no longer needed to control short-term rates and were abandoned.

Then in September, as repo rates spiked, the New York Fed dragged its big gun back out of the shed. With the repurchase agreements, the Fed buys Treasury securities and mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac, or Ginnie Mae, and hands out cash. When the securities mature, the counter parties are required to take back the securities and return the cash plus interest to the Fed.

Since then, the New York Fed has engaged in two types of repo operations: Overnight repurchase agreements that unwind the next business day; and multi-day repo operations, such as 14-day repos, that unwind at maturity, such as after 14 days.

Total repos on the Fed’s balance sheet at the end of the day on November 6 amounted to $215 billion, unchanged from the prior week, and up $34 billion from a month earlier (Oct 2 balance sheet):

  • $62.5 billion in overnight repos that the Fed took on Wednesday morning. These repos unwound Thursday morning. All prior overnight repos had already unwound before the date of the balance sheet.
  • $152 billion in four multi-day repos – Oct 24, Oct 29, Nov 1, and Nov 5 – that had not yet unwound as the evening of Wednesday, Nov 6.

Treasury Securities jump: T-Bills at work.

During the month through the balance sheet as of Nov 6, the total amount of Treasury securities jumped by $77 billion. Most of this increase was due to the Fed’s switch to Treasury bills (T-Bills).

T-bills mature in one year or less. For the last few years, there had been no T-bills on the Fed’s balance sheet, which had been stuffed with longer maturities to force down longer-term interest rates. But this year, the Fed has abandoned that strategy. It is buying T-bills outright to raise excess reserves as part of its battle with the repo market, and it is replacing longer-dated securities that are maturing with a mix of securities that now include T-bills. And T-bills have surged from nothing to $66 billion, bringing total Treasury securities to $2.194 trillion:

Mortgage-Backed Securities fall off

In October, the balance of Mortgage Backed Securities (MBS) dropped by $21 billion, exceeding the self-imposed cap of $20 billion per month for the sixth month in a row. At $1.45 trillion, MBS are now below where they had first been in November 2013:

Over the last six months, the Fed has shed $138 billion in MBS, exceeding its $120 billion cap for the period, and showing how intent it is in getting rid of them, even as it is loading up on T-Bills and repos.

Like all holders of MBS, the Fed receives pass-through principal payments as the underlying mortgages are paid down or are paid off. About 95% of the MBS that the Fed holds mature in 10 years or more, and the runoff is almost entirely due to these pass-through principal payments.

The Fed has stated that it wants to get rid of its MBS entirely because one, they’re awkward for conducting monetary policy; and two, they’re housing debt, and by holding them, the Fed gives preferential treatment to this debt over other forms of private-sector debt, and it said it wants to end assigning these kinds of preferences.

As expected, loading up on short-term securities, at the expense of long-term securities, has put downward pressure on short-term yields, and upward pressure on longer-term yields that have already risen, with the 10-year yield hitting 1.92% today, the highest since the end of July.

So the Fed is increasing its assets in huge post-Lehman-like leaps, with the $184 billion jump in September and the $94 billion jump in October to bail out the crybabies on Wall Street, so that the higher rates in the repo market won’t blow up some over-leveraged hedge funds or REITs that borrow in the repo market short term to cheaply fund their long-term bets.

Because indeed: Whose Bets are Getting Bailed Out by the Fed’s Repos & T-Bill Purchases? Read… What’s Behind the Fed’s Bailout of the Repo Market? 

Enjoy reading WOLF STREET and want to support it? Using ad blockers – I totally get why – but want to support the site? You can donate “beer money.” I appreciate it immensely. Click on the beer mug to find out how:

Would you like to be notified via email when WOLF STREET publishes a new article? Sign up here.

END
 I think we can safely sit shiva for Sears..it is closing 1/3 of its remaining stories
(zerohedge)

Sears To Close A Third Of Its Remaining Stores As Iconic Retailer Fades Away 

Transformco, the shell company that bought bankrupt retailer Sears Holdings Corp. earlier this year, disclosed late Thursday that the “difficult retail environment and other challenges” have led to the decision to close an additional 96 stores by Feb. 2020.

Following the closures (51 Sears and 45 Kmart stores), Transformco will operate only 182 stores, a 57% decline of its Sears and Kmart footprint from 1Q19 of 425 stores.

The latest 96 closures are in addition to the 100 stores we reported last month.

In 2014, Sears operated 2,000 Sears and Kmart stores across the country have seen significant declining sales as consumer trends evolve to more e-commerce shopping.

“Since purchasing substantially all the assets of Sears Holdings Corporation in February 2019, Transformco has faced a difficult retail environment and other challenges. We have been working hard to position Transformco for success by focusing on our competitive strengths and pruning operations that have struggled due to increased competition and other factors. To support these initiatives, our owners (along with a third-party investor) have recently provided the company approximately $250 million in new capital.

 As part of this process, we have made the difficult but necessary decision to streamline our operations and close 96 Sears and Kmart stores. Going out of business sales at these stores are expected to begin on December 2. 

Following these closures, Transformco will operate 182 stores. We will continue to evaluate our Sears and Kmart footprint, consistent with our overall retail and service strategy,” the statement read. 

Financier Edward Lampert, also the former CEO of Sears, established Transformco and purchased the company out of bankruptcy, with plans to turn it around.

Lampert acquired 223 Sears and 202 Kmart stores, the Kenmore and DieHard brands, for approximately $5.2 billion.

The newly acquired assets were put into Transformco, which didn’t have $4 billion in debt and pension obligations the parent company had.

About 50% of the stores in the new company were profitable in 1Q19.

But by late summer into early fall, the profitability of at least 25% of the 425 stores collapsed, forcing Transformco to close 100 stores last month, and 96 more by Feb. 2020.

Here are the latest store closings:

As for the overall retail space, our report from Sept. specified how 2019 store closures already outpaced all of 2018. And to make matters worse, it’s likely the consumer will underperform this holiday season, adding to further stress for retailers.

END
An interview you must listen to
Grant Williams of Hmmmn fame

Grant Williams: A Reset Of The System Is Inevitable

Authored by Adam Taggart via PeakProsperity.com,

While at the New Orleans Investment Conference this past weekend, Chris and I had the great pleasure of sitting down with Grant Williams, publisher of the economic blog Things That Make You Go Hmmm and principal of Real Vision TV.

There will be no smooth transition back to sustained economic growth, he warns…

Instead, the distortion of today’s excessive asset prices will require a systemic reset to fix. Either by a deflationary event that destroys the malinvestment, or by an inflationary event that destroys the currency.

Either way, a shock to the system awaits us:

When the 2008 crisis hit, we were “at the brink”. Guys like Jamie Dimon will tell you that we were *this* close to the banking system not functioning, people being unable to get cash out of the ATMs.

If you live in Cyprus, if you live in Greece, you’ve seen this movie play out in real-time over the last few years. You’ve had your savings confiscated by the government or a bail-in.

It may not happen here in the US until the very end, but to say “it couldn’t happen here” is clearly wrong. There’s nothing that says the United States is exempt from the laws of finance and thousands of years of historical precedent. Even though it happens to be in the ascendancy globally at the moment, those things change.

Ask Portugal who used to be the holders of the world’s reserve currency centuries ago. Today they’re just one part of the euro. These things ebb and flow. They rise and fall.

A true systemic crisis is what we saw in 1929 -1933. It is to a large extent what we saw in 1971 when Nixon closed the gold window although didn’t have the same outcome and it didn’t look the same. But we had the punishing massive period of inflation afterwards, so it was a systemic crisis.

2008 was a systemic crisis, too. In 1929 and 1971, the answer was dealt with through the gold standard and through the pressure valve of the gold price. In 2008 they tried a different route. They tried printing money and throwing as much fake money at the whole thing as they possibly could. The worst thing that I think happened, was it did stop it. It was enough to arrest the slide. Did it fix it? No. And that’s the problem. Nixon’s move in ‘71 fixed the system for a while. It was a massive one-off reset that allowed the world to rebuild from a much more solid base.

The same thing in 1929. We went through tremendous unemployment and all the problems that came with The Great Depression, but that gave markets a clearing price. It allowed society to reset.

That’s what we didn’t get in 2008. We had an investment bank go down. We had a lot of people lose their homes. But in many cases, they were homes that they simply couldn’t afford anyway. So being told that you’ve lost your third condo that you’ve bought with leverage, that’s not a great depression-type event. That’s the financial gods coming back and saying, “this is not how it’s supposed to work”. If you’re a dancer in Florida and you own 13 condos all with leverage, don’t start crying when it doesn’t work out.

So what’s likely to happen is another reset of the system. They’re fighting tooth and nail against it and that’s their job. Frankly, if you say to them, what are you trying to do? They’re trying to avoid these outcomes, which is fine.

But these outcomes unfortunately are only truly avoided by not letting them build up in the first place. That’s the problem. Because man has unquenchable thirst for leverage, once the system resets and leverage is cheap again and we’re no longer overindebted, we will do the same thing again. Because that’s how society has become conditioned to grow, through the use of credit. Credit is a fantastic thing in the right circumstances; but it always ends up to be the thing that brings these cycles to an end. And we’re there again unfortunately.

Click the play button below to listen to Chris’ interview with Grant Williams (56m:13s).

iv) Swamp commentaries)

An excellent commentary by Parsons as the author explains the legal rights of a true whistleblower and anonymity is not one of them.  The author gives a thorough analysis of Ciaramella, the whistleblower

(Parsons/Off Guardian.org)

When Is A Whistleblower, Not A Whistleblower?

Authored by Renee Parsons via Off-Guardian.org,

For those readers who care more about Donald Trump, Obama’s legacy or the Republican/Democrat parties rather than the Rule of Law and what remains of the US Constitution, the following scenario should be a Giant Wake up Call.

As the result of an anonymous “whistleblower” Complaint filed against President Trump on August 12, the House Intel Committee conducted a series of closed door hearings that violated Sixth Amendment protections while relying on an anonymous WB.

Right away, those hearings morphed into an impeachment inquiry that took on the spectacle of a clumsy kerfuffle not to be taken seriously – except they were.

There is an essential Ukraine backstory which began with the US initiating the overthrow of its democratically elected President Yanukovych in 2014.

Fast forward to Russiagate followed by Ukrainegate and an impeachment inquiry with Trump telling newly elected Ukraine President Zelensky in their now infamous July 25th conversation:

I would like you to find out what happened with this whole situation in Ukraine; they say Crowdstrike.  The server they say, Ukraine has it<.”

In a nutshell, possession of the CrowdStrike server is crucial to revealing the Democratic hierarchy’s role in initiating Russiagate as the Democrats are having a major snit-fit that now threatens the constitutional foundation of the country.

On October 31st the House voted to initiate a formal impeachment inquiry based on  still mysterious Whistleblower’s allegations. At the time, there was still no confirmation of who the shadowy Whistleblower was or whether a Whistleblower even existed.

It is a fact that most whistleblowers bring the transgression proudly forward into the public light for the specific purpose of exposing the deeds that deserve to be exposed.  At great personal cost, they then provide a credible case for why this offense is illegal or a violation of the public trust and deserves to be made public.

This alleged WB, however, defies the traditional definition of a WB who most often experiences the wrong-doing first hand and from a personal vantage while revealing said wrong-doing as a function within an agency of their employment.

This WB’s identity has been protected from public disclosure by TPTB, shrouded in mystery and suspicion as if fearful of public scrutiny or that his ‘truth’ would crumble under interrogation and not be greeted with unanimity.  What is clear is that this WB had no direct experience but only second-hand knowledge of events which is defined as ‘hear say’ evidence. While inadmissible in a Court of law, why should ‘hear say’ be allowed when the subject is as profound as impeachment of a President?

Real-life CIA whistleblower Jon Kiriakou who served 22 months in prison, suggested this “whistleblower is not a whistleblower but a anonymous CIA analyst within the Democratic House staff.”  When was the last time a real whistleblower was ‘protected’ by the government from public exposure.

There has been no explanation as to why this informant’s identity is necessarily been kept secret – and not just from the public but from Members of Congress especially as Republican Members have been unable to question him.

There has been no further information regarding a second “Whistleblower” who allegedly came forward to corroborate the first WB although why it is necessary to corroborate that which has already been publicly revealed remains questionable.

In a once unimaginable example of CIA–Democratic collusion,  it turns out that the identity of the alleged WB is not such a secret after all. 

Far from the public eyes of Americans, there has been a coordinated effort to stifle any exposure of his identity; presumably to prevent any revelation of the underpinnings of exactly how this convoluted scheme of malfeasance was organized.  And as his name and political history within the Obama Administration and Democratic party are publicly scrutinized, it makes perfect sense why the TPTB would prefer to prevent public hearings or keep the WB’s identity under wraps.

His identity should have been public knowledge weeks ago and yet it took Real Clear Investigations, an alt-news website to publicly reveal what has been well known within the DC bubble for some weeks.

The answer to the title question is that this WB is instead a very well connected partisan lackey and CIA operative.

The alleged WB is said to be a 33 year old CIA analyst by the name of Eric Ciaramella who was an Obama White House holdover at the National Security Council until mid 2017.

Consequently, he has deep partisan ties to former VP Joe Biden, former CIA Director John Brennan and former National Security Advisor Susan Rice as well as the DNC establishment.  And here’s where it get especially interesting; Ciaramella specializes in Russia and Ukraine, is fluent in both languages, ran the Ukraine desk at the Obama NSC and had close association with  Ukrainian DNC hyper-activist Alexandra Chalupa.

Ciaramella’s bio reads like a litany of the political turmoil that has consumed the nation for the last three years as it is reported that he had a role in initiating the Trump-Russia collusion conspiracy while at the Obama White House and worked with Biden who was the Obama point-person on Ukraine issues in 2015 and 2016 when  $3 billion USAID funding was being embezzled.

Clearly, Ciaramella has a wealth of information to share regarding the Biden Quid pro Quo scandal which is currently being muzzled by the corporate media.

With Ciaramella’s identity revealed, a former NSC staffer who was present during the Trump-Zelensky July 25th conversation testified that he saw nothing illegal in the talk.  Tim Morrison told the House Intel Committee that “I want to be clear, I was not concerned that anything illegal was discussed” and that the transcript of the call which was declassified and released by the White House  “accurately and completely reflects the substance of the call.”

As a result, Ciaramella is now refusing to publicly testify before the House or Senate Intel Committees.

More recently, Mark Zaid, attorney for Ciaramella has said that his client would accept written questions from Republicans on the House Intel Committee and that his client “wants to be as bipartisan as possible throughout this process while remaining anonymous.”

Seriously?  He’s got to be kidding.

Did the reality of being required to testify in public just recently dawn on Ciaramella or was he not expecting that his every word and utterance would be scrutinized before the entire world?  Is he so unfamiliar with the Sixth Amendment that he believes a Defendant’s right to confront his accuser should not apply to him or in a Presidential impeachment inquiry?

Did he actually believe he could make anonymous impeachment accusations against the President of the US without a ripple or without having to directly face questions from House and Senate Republicans?  Who did he think would protect him from public scrutiny?

Given Ciaramella’s extensive partisan history since 2015 and his national security experience with Susan Rice in the Obama White House, it will be interesting if he receives a mention in the IG report on the abuse of FISA warrants and whether Ciaramella’s name has moved to the top of the Durham interviewee list.

end

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

Solomon: Testimony bombshell: Obama administration tried to partner with Hunter Biden’s Ukrainian gas firm but was blocked over corruption concerns

    George Kent, the former charge d’affair at the Kiev embassy, said in testimony released Thursday that the State Department’s main foreign aid agency, known as USAID, planned to co-sponsor a clean energy project with Burisma Holdings, the Ukrainian gas firm that employed Hunter Biden as a board member.

    At the time of the proposed project, Burisma was under investigation in Ukraine for alleged corruption.

   Kent acknowledged signing an April 2016 letter that asked the Ukrainian prosecutor’s office to stand down an investigation of several nonprofits that had received U.S. aid, including the AntiCorruption Action Centre of Ukraine, or AnTac… AnTac was jointly funded by the State Department and one of liberal megadonor George Soros’ foundations…  https://johnsolomonreports.com/testimony-bombshell-obama-administration-tried-to-partner-with-hunter-bidens-ukrainian-gas-firm-but-was-blocked-over-corruption-concerns/

 

@seanmdav: A top U.S. diplomat [George Kent] testified that he raised corruption concerns about Hunter Biden and Burisma with the Obama White House and was shut down.  The Obama White House brushed him off, saying it had “no bandwidth” to deal with more Biden family issues.

https://republicans-intelligence.house.gov/uploadedfiles/

 

@jsolomonReports: Sens. Grassley and Johnson demand State Dept release all documents about Hunter Biden and Burisma contacts [and other firms owned or tied to Biden].  https://grassley.senate.gov/sites/default/

 

Apparently, Senate Republicans have had enough of Schiff’s Star Chamber.  Perhaps recent reports regarding the whistleblower, his coup-endorsing lawyer and fake MSM reports about testimony in Schiff’s hearings have helped Senators find their [].  The request for Biden-Burisma documents is a warning to Schiff, Pelosi et al that the Senate might issue subpoenas for the Bidens and Schiff testifiers.

 

NB: Grassley chairs the Finance Com and Johnson the Homeland Security & Government Affairs Com.  They are running over feckless GOP Senators Graham (Judiciary Com Chair) and Burr (Intel Com Chair).

 

@ChloeSalsameda: John Bolton’s legal team is threatening to sue the House if he’s issued a subpoena as part of the impeachment inquiry. House impeachment investigators are now dropping efforts to bring him in. [We stated in a recent missive that Schiff and Dems fear that a court would uphold the ‘separation of powers’ clause in the Constitution, which would kill Schiff’s Star Chamber.]

 

@paulsperry_: Democrat Sen. Mark Warner, vice chair of the Senate Intelligence Committee, is holding up release of findings of panel’s investigation into allegations of Trump-Russia “collusion.” Report, which had been due for release in Sept, is said to fully exonerate Trump, advisers

    Senate Intel Chair Richard Burr (R-NC) received letter addressed directly to him from the whistleblower. Burr knows his identity, 100%. Not only could he officially unmask him, but subpoena him to testify. Of course, he’d 1st have to get the OK from the real chair, Dem Mark Warner

 

Schiff Outed [accidently] Eric Ciaramella [the ‘whistleblower’] in Transcript Release

Schiff posted it on the House website, realized that he screwed up yesterday, and pulled it down last night.

https://www.rushlimbaugh.com/daily/2019/11/07/schiff-outed-eric-ciaramella-in-transcript-release/?fbclid=IwAR3d5Rhz-h9U4AG15zEsgXPG5YxDpFga5KbnJ1Ae-6-wvfxMnUwZr9ctKM4

 

Alleged whistleblower Eric Ciaramella was Biden guest at State Department banquet [Oct 2016]

https://www.washingtonexaminer.com/news/alleged-whistleblower-eric-ciaramella-was-biden-guest-at-state-department-banquet

 

Fox: Whistleblower attorney defends 2017 tweets in which he predicted ‘coup’ against Trump

Mark Zaid, the attorney for the Ukraine call whistleblower, on Thursday defended a series of tweets from 2017 in which he predicted a “coup” against President Trump and promised to “get rid of him” — saying in a statement the tweets referred to “a completely lawful process.”… [A coup is a lawful process?]

https://www.foxnews.com/politics/whistleblower-attorney-coup-trump

 

Trump: Based on the information released last night about the Fake Whistleblowers attorney, the Impeachment Hoax should be ended IMMEDIATELY! There is no case, except against the other side

 

Kevin McCarthy @GOPLeader [House Minority Leader]: The lawyer behind the so-called whistleblower has been calling for a “coup” against the President of the United States since January 2017.  We should take him at his word that this is a coordinated, premeditated plot to overturn the election.

 

The MSM, ex-Fox, did not report anything about the whistleblower lawyer’s coup comments, of course.

@paulsperry_: Republican counsel for impeachment inquiry will make argument for whistleblower’s public testimony based on fact he consulted with, and provided information to, Schiff’s office BEFORE filing whistleblower complaint and BEFORE he was shielded by whistleblower protections

Fmr Director of Strategic Planning at National Security Council @RichHiggins_DC:  Mark “Coup Has Started” Zaid knew of the coup on January 30, 2017. Interesting person wrote Zaid a recommendation. Mr. David Laufman – the head of DOJ Counter Intelligence and Export Control… so, here is a picture of Laufman’s recommendation… this needs to be investigated as the possible source of Zaid’s comments!!  And interesting timing because Lisa Page to Strzok on January 27, 2017……”It Begins….”  What begins??? A coup?  Notice from the text that the FBI/DOJ were purposefully planting stories in the media… https://twitter.com/RichHiggins_DC/status/1192462719758340097

Jordan: Republicans to subpoena whistleblower to testify in public hearing

https://thehill.com/homenews/house/469384-jordan-republicans-to-subpoena-whistleblower-to-testify-in-public-hearing

 

Lawyer for Ukraine whistleblower sends White House cease and desist letter to stop Trump’s attacks     https://www.cnn.com/2019/11/07/politics/ukraine-whistleblower-trump-cease-and-desist/index.html

 

Dem Rep. Eric Swalwell: “It’s an abuse of power to remove an ambassador for political reasons because you don’t like what they’re doing.”

 

GOP @RepMarkMeadows: This statement inadvertently gives you an inside look at how unserious and utterly baseless the Democrats’ impeachment case against @realDonaldTrump is. They think it’s an “abuse of power” to remove someone who explicitly serves at the pleasure of the President.

 

“It’s Going to Be Devastating. It’s Going to Ruin Careers” – Joe diGenova: IG Report Delayed Due to Durham Grand Jury – Several Obama DOJ Officials Will Be Indicted

    Joe diGenova: I would say explosive and I would say for people at the highest levels of the FBI and at the highest levels of the Justice Department… it’s going to be devastating. It’s going to ruin careers, it’s going to make people have bar problems… What’s clear now we know is that the senior levels of the Obama Justice Department were complicit in knowingly submitting materially false applications to the FISA Court for an illegitimate counterintelligence purpose… And it really will end up being the beginning of the greatest political scandal in history. And it’s being held up partially because of John Durham’s new grand jury exists for one reason and one reason only – because people are going to be indicted…   https://www.thegatewaypundit.com/2019/11/its-going-to-be-devastating-its-going-to-ruin-careers-joe-digenova-ig-report-delayed-due-to-durham-grand-jury-several-obama-doj-officials-will-be-indicted-video/

 

Weeks ago, after some in the MSM were stating the IG report would appear on October 28, we reported that our excellent source told us Horowitz’s report is being delayed due to Durham.  He wanted to redact information that could harm his criminal investigation.  The current delay is political.  However, we are now told that Barr is fed up with the infighting and political hankerings over the report.  Be prepared!

 

@realDonaldTrump: The degenerate Washington Post MADE UP the story about me asking Bill Barr to hold a news conference… Bill Barr did not decline my request to talk about Ukraine. The story was a Fake Washington Post con jobwith an “anonymous” source that doesn’t exist… The Justice Department already ruled that the call was good. We don’t have freedom of the press!

WaPo: Trump wanted Barr to hold news conference saying no laws were broken in call with Ukrainian leader

NYT: Attorney General Declined Trump Request to Declare Nothing Illegal in Ukraine Call

@JackPosobiec: The backstory here: The idea was floated by Mulvaney [DJT CoS], then Barr suggested to postpone a presser until after public testimony. There was no formal request or refusal

The MSM has been reporting for weeks that “whistleblowers must be protected”.  Yesterday, CBS fired a staffer (was ex-ABC staffer) that was the suspected leaker of the ABC video about Jeffery Epstein.

 

@ChuckRossDC: The CIA spy extracted from Moscow was in far more danger than the Trump whistleblower, but journalists showed up to his house in droves and published his name.

@seanmdav: The New York Times outed the CIA station chief in Iran because he wasn’t sufficiently supportive of the mullahs having nuclear

 

Katie Pavlich Ties ABC’s Epstein Cover-Up to Clintons, Stephanopoulos

George Stephanopoulos worked as Bill Clinton’s communications director at the White House,” Pavlich explained… Stephanopoulos had his own direct connection to Epstein as well, noting that the ABC journalist had attended a dinner party at Epstein’s home after Epstein served 13 months for soliciting underage girls…  https://dailycaller.com/2019/11/06/katie-pavlich-abc-covered-epstein-clinton-stephanopoulos/

 

Snopes Confirms Dems Tried to Impeach Every Elected GOP President since Eisenhower

The U.S. has had six republican presidents since Eisenhower left office in 1961: Richard Nixon, Gerald Ford, Ronald Reagan, George H. W. Bush, George W. Bush, and Donald Trump. The claim is wrong on its face because Democrats made no effort to impeach Ford. While a handful of Democratic lawmakers have introduced articles of impeachment against five of the last six Republican presidents

https://www.breitbart.com/politics/2019/11/07/snopes-confirms-dems-tried-impeach-every-elected-gop-president-eisenhower/

END

Let us close out the week as usual with this offering courtesy of Greg Hunter

(Greg Hunter/USAWatchdog)

Impeachment Hoax Continues, Indictments Coming, Economic Update

By Greg Hunter On November 8, 2019

The totally lopsided and unfair so-called Impeachment Inquiry by delusional Democrats had another week of trying to frame the President for yet another crime he did not commit. This is much the same as the Trump/Russia collusion hoax. They made it up then, and they are trying to make it up again all in effort to get rid of a duly elected President. This is why it The Dems made the process unfair with much of it done in secret. It gives them a better chance of framing President Trump.

According to top legal expert and former federal prosecutor Joe di Genova, indictments are coming for high ranking FBI and DOJ players in the Russia collusion hoax. You think this might be the reason the Deep State is trying so hard to knock President Trump out of office in another hoax? The crime, sedition and treason goes deep and to the very top of the Obama Administration.

How is the economy doing? If you look at the record high U.S. stock market, you might think it is pretty good, but top money managers say it’s not nearly as good as you are being told.

Join Greg Hunter of USAWatchdog.com as he looks at the top stories in the Weekly News Wrap-Up.

(This is yet another video demonetized by YouTube.  Enjoy.)

-END-

World economic news:

-END-

Have a grand weekend!

Well that is all for today

I will see you Monday night.

 

Leave a Reply

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

WordPress.com Logo

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

Google photo

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

Twitter picture

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

Facebook photo

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

Connecting to %s

%d bloggers like this: