NOV 12//GOLD DOWN $3.40 TO $1453.20//SILVER DOWN 3 CENTS TO $16.74//OPEN INTEREST IN COMEX GOLD RISES AGAIN//QUEUE JUMPING IN BOTH METALS AT THE COMEX//HONG KONG ON THE VERGE OF COLLAPSE//TURKEY THREATENS TO RELEASE ISIS FIGHTERS REPATRIATED BACK TO THEIR COUNTRY OF ORIGIN AND RELEASE SYRIAN MIGRANTS TO GREECE/ISRAEL ON THE VERGE OF WAR IN GAZA//CHILE PESO COLLAPSES TO 800 TO ONE DOLLAR AS RIOTS CONTINUE//NOW WE KNOW WHY BOLIVIA’ HAD A COUP: THEY NEEDED ITS LITHIUM DEPOSITS//MORE SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1453.20 DOWN $3.40    (COMEX TO COMEX CLOSING)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Silver:$16,74 DOWN 10 CENTS  (COMEX TO COMEX CLOSING)

Closing access prices:

 

 

 

 

Gold :  $1457.00

 

silver:  $16.78

 

COMEX DATA

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

today RECEIVING:  7/9

EXCHANGE: COMEX
CONTRACT: NOVEMBER 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,455.500000000 USD
INTENT DATE: 11/11/2019 DELIVERY DATE: 11/13/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
661 C JP MORGAN 7
737 C ADVANTAGE 4 2
905 C ADM 5
____________________________________________________________________________________________

TOTAL: 9 9
MONTH TO DATE: 1,294

 

we are coming very close to a commercial failure!!

 

 

NUMBER OF NOTICES FILED TODAY FOR  NOV CONTRACT: 9 NOTICE(S) FOR 900 OZ (0.0279 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  1294 NOTICES FOR 129400 OZ  (4.0249 TONNES)

 

 

 

SILVER

 

FOR NOV

 

 

5 NOTICE(S) FILED TODAY FOR 25,000  OZ/

 

total number of notices filed so far this month: 483 for 2,415,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXX

 

 

Bitcoin: OPENING MORNING TRADE :  $ 8831 UP 86 

 

 

 

Bitcoin: FINAL EVENING TRADE: $ 8796 UP 64

 

 

 

 

Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI FELL BY A  CONSIDERABLE  SIZED 2416 CONTRACTS FROM 223,942 DOWN TO 221,526 WITH THE 3 CENT LOSS IN SILVER PRICING AT THE COMEX.

WE MUST HAVE HAD SOME BANKER SHORT COVERING

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

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

FOR NOV 0,; DEC  1932 AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1932 CONTRACTS. WITH THE TRANSFER OF 1932 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 1932 EFP CONTRACTS TRANSLATES INTO 9.66 MILLION OZ  ACCOMPANYING:

1.THE 3 CENT GAIN IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.665     MILLION OZ INITIALLY STANDING IN OCT

 

 

YESTERDAY WAS THE 9TH DAY IN A ROW THAT THE BANKERS TRIED TO CONTAIN THE PRICE OF SILVER.  THEY TRIED TO COVER THEIR MASSIVE SHORTFALL WITH ANOTHER  RAID  AS THEY AGAIN USED HUGE COPIOUS NON BACKED PAPER IN THEIR MILDLY SUCCESSFUL ENDEAVOUR TO WHACK SILVER’S PRICE ( IT FELL 3 CENTS ). OUR OFFICIAL SECTOR/BANKERS HOWEVER WERE AGAIN SOMEWHAT SUCCESSFUL IN THEIR ATTEMPT TO FLEECE  SILVER LONGS AS THE TOTAL LOSS IN OI ON BOTH EXCHANGES TOTALED A GOOD 484 CONTRACTS. OR 2.42 MILLION OZ..THE RAID ALLOWED SOME SHORT COVERING BY THE BANKERS.

 

 

 

 

 

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

21,405 CONTRACTS (FOR 8 TRADING DAYS TOTAL 21,405 CONTRACTS) OR 107.03 MILLION OZ: (AVERAGE PER DAY: 2677 CONTRACTS OR 13.378 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF NOV:  107.03 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 15.28% 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:          1861,72   MILLION OZ.

JANUARY 2019 EFP TOTALS:                                                      217.455. MILLION OZ

FEB 2019 TOTALS:                                                                       147.4     MILLION OZ/

MARCH 2019 TOTAL EFP ISSUANCE:                                          207.835 MILLION OZ

APRIL 2019 TOTAL EFP ISSUANCE:                                              182.87  MILLION OZ.

MAY 2019: TOTAL EFP ISSUANCE:                                                136.55 MILLION OZ

JUNE 2019 , TOTAL EFP ISSUANCE:                                               265.38 MILLION OZ

JULY 2019   TOTAL EFP ISSUANCE:                                                175.74 MILLION OZ

AUG. 2019  TOTAL EFP ISSUANCE;                                                 216.47 MILLION OZ

SEPT 2019 TOTAL EFP ISSUANCE                                                  174.900 MILLION OZ

OCTOBER 2019 ISSUANCE:                                                           146.14 MILLION OZ

RESULT: WE HAD A CONSIDERABLE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2416, WITH THE 3 CENT LOSS IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A  STRONG SIZED EFP ISSUANCE OF 1932 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) .

 

TODAY WE LOST A SMALL SIZED: 484 TOTAL OI CONTRACTS ON THE TWO EXCHANGES TO SHORT COVERING: 

i.e 1932 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH DECREASE OF 2416  OI COMEX CONTRACTS. AND ALL OF THIS  DEMAND HAPPENED WITH A 3 CENT LOSS IN PRICE OF SILVER AND A CLOSING PRICE OF $16.84 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. 1.112 BILLION OZ TO BE EXACT or 159% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MARCH MONTH/ THEY FILED AT THE COMEX: 5 NOTICE(S) FOR 25,000 OZ OF SILVER

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

 

.

 

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

  1. HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY  (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ  MAY: 36.285 MILLION OZ ; JUNE/2018  (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ   )  FOR AUGUST 6.065 MILLION OZ. , SEPT:  A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz  NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ   JANUARY AT  5.825 MILLION OZ.AND FEB 2019:  2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/  APRIL AT 3.875 MILLION OZ/ A MAY:  18.845 MILLION OZ ..JUNE 2.660 MILLION OZ//JULY 22.605 MILLION OZ; AUGUST 10.025 MILLION OZ/ SEPT 43.030 MILLION OZ//OCT: 7.665 MILLION OZ//   
  2.  THE  RECORD WAS SET IN AUGUST 22/2018:  244,196 CONTRACTS,  WITH A SILVER PRICE OF $14.78//.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017 RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND.  TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN  (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT)

 

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A GOOD SIZED 1880 CONTRACTS, MOVING CLOSER TO THAT NEW ALL TIME RECORD  OF 708,244 SET FRIDAY NOV 8/2019. THE GAIN IN OI OCCURRED WITH THAT  $5.70 PRICING LOSS WITH RESPECT TO COMEX GOLD PRICING RAID// TODAY// / THE OPEN INTEREST AT THE GOLD COMEX RESTS AT 704,741

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A STRONG SIZED 4106 CONTRACTS:

NOV 2019: 0 CONTRACTS, DEC>  4106 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 704,741,,.  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 A GOOD SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5,986 CONTRACTS: 1880 CONTRACTS INCREASED AT THE COMEX  AND 4106 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 5,931 CONTRACTS OR 598,600 OZ OR 18.62 TONNES.  YESTERDAY WE HAD A LOSS OF $5.70 IN GOLD TRADING….

AND WITH THAT LOSS IN  PRICE, WE  HAD A GOOD GAIN IN GOLD TONNAGE OF 18.62  TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR WERE SUPPLYING INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON AS ANOTHER RAID WAS INITIATED. THE BANKERS WERE VERY SUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (DOWN $5.70) .THEY WERE UNSUCCESSFUL IN FLEECING  GOLD LONGS FROM THE GOLD ARENA. 

 

 

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 : 91,786 CONTRACTS OR 9,178,600 oz OR 285.49 TONNES (8 TRADING DAY AND THUS AVERAGING: 11,473 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 8 TRADING DAYS IN  TONNES: 285.49 TONNES

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

THUS EFP TRANSFERS REPRESENTS 285.49/3550 x 100% TONNES =8.03% OF GLOBAL ANNUAL PRODUCTION

 

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     5377.04  TONNES

JANUARY 2019 TOTAL EFP ISSUANCE;   531.20 TONNES

FEB 2019 TOTAL EFP ISSUANCE:             344.36 TONNES

MARCH 2019 TOTAL EFP ISSUANCE:       497.16 TONNES

APRIL 2019 TOTAL ISSUANCE:                 456.10 TONNES

MAY 2019 TOTAL ISSUANCE:                    449.10 TONNES

JUNE 2019 TOTAL ISSUANCE:                   642.22 TONNES

JULY 2019: TOTAL ISSUANCE:                    591.56 TONNES

AUG. 2019 TOTAL ISSUANCE:                    639.62 TONNES

SEPT 2019 TOTAL EFP ISSUANCE              509.57 TONNES

OCT 2019 EFP ISSUANCE                           497.16 TONNES

 

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS.  ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM.  IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE

 

Result: A GOOD SIZED INCREASE IN OI AT THE COMEX OF 1880 DESPITE THE  PRICING LOSS THAT GOLD UNDERTOOK YESTERDAY($5.70)) //.WE ALSO HAD  A GOOD SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 4106 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 4106 EFP CONTRACTS ISSUED, WE  HAD A GOOD SIZED GAIN OF 6931 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

4106 CONTRACTS MOVE TO LONDON AND 1880CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 18.62 TONNES). ..AND THIS GOOD INCREASE OF  DEMAND OCCURRED DESPITE THE LOSS IN PRICE OF $5.70 WITH RESPECT TO YESTERDAY’S TRADING AT THE COMEX.

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

 

 

 

 

 

 

 

 

we had:  9 notice(s) filed upon for 900 oz of gold at the comex.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD...

WITH GOLD DOWN $3.40 TODAY//(COMEX-TO COMEX)

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//

A MASSIVE WITHDRAWAL OF 4.10 PAPER TONNES FROM THE GLD AND THIS “GOLD” WAS USED IN THE RAID TODAY:

NOV 11/2019/ Inventory rests tonight at 897.09 tonnes

 

 

SLV/

 

WITH SILVER DOWN 10 CENTS TODAY: 

 

NO CHANGE IN SILVER INVENTORY AT THE SLV//

 

/INVENTORY RESTS AT 379.172 MILLION OZ

 

 

 

 

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

 

 

 

end

 

OUTLINE OF TOPICS TONIGHT

 

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

1. Today, we had the open interest in SILVER FELL BY A CONSIDERABLE SIZED 2416 CONTRACTS from 223,942 DOWN TO 221,526 AND FURTHER FROM A  NEW COMEX RECORD.  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

 

 

 

 

EFP ISSUANCE: 

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

 FOR NOV. 0; FOR DEC  1932  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1932 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE OI LOSS AT THE COMEX OF 2416  CONTRACTS TO THE 1932 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A SMALL SIZED LOSS OF 484 OPEN INTEREST CONTRACTS.THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES: 2.42 MILLION OZ!!! AND YET WE ALSO HAVE A STRONG DEMAND FOR PHYSICAL AS WE WITNESSED A FINAL STANDING OF GREATER THAN 30 MILLION OZ FOR JULY, A STRONG 7.475 MILLION OZ FOR AUGUST..  A HUGE 39.505  MILLION OZ  STANDING FOR SILVER IN SEPTEMBER… OVER 2 million  OZ STANDING FOR THE NON ACTIVE MONTH OF OCTOBER.,  7.440 MILLION OZ FINALLY STANDING IN NOVEMBER.  21.925 MILLION OZ STANDING IN DECEMBER , 5.845 MILLION OZ STANDING IN JANUARY. 2.955 MILLION OZ STANDING IN FEBRUARY,  27.120 MILLION OZ FOR MARCH., 3.875 MILLION OZ FOR APRIL  18.765 MILLION OZ FOR MAY  NOW 2.660 MILLION OZ FOR JUNE WITH JULY AT 22.605 MILLION OZ AUGUST AT 10.025 MILLION OZ//  SEPT: 43.030 MILLION OZ///OCT: 7.665 MILLION OZ//

 

 

RESULT: A CONSIDERABLE DECREASE IN SILVER OI AT THE COMEX WITH THE 3 CENT LOSS IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A GOOD SIZED 1932 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG  SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

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

 

 

(report Harvey)

.

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

I)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 4.85 POINTS OR 0.17%  //Hang Sang CLOSED UP 138.73 POINTS OR 0.52%   /The Nikkei closed UP 188.18 POINTS OR 0.81%//Australia’s all ordinaires CLOSED DOWN .29%

/Chinese yuan (ONSHORE) closed DOWN  at 7.0083 /Oil UP TO 57.68 dollars per barrel for WTI and 62.46 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.0083 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.0072 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

HONG KONG
very dangerous!! as Hong Kong is on the brink of total breakdown
(zerohedge)

4/EUROPEAN AFFAIRS

i)UK

Understanding Farage’s move to only field candidates not in control of the Conservatives:

(Tom Luongo)

ii)EU/USA

Trump is now expected to delay his decision on auto tariffs to the EU
(zerohedge)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)Turkey

Very dangerous!! Turkey has threatened to release hundreds of iSIS fighters back to their home European country of origin as well as the millions  of Syrian migrants to Greece

(zerohedge)

i b) TURKEY/ GREECE USA/

A developing story; an American ISIS member stranded in no mans land on the Greek Turkish border.
(zerohedge)
ii)ISRAEL/GAZA
ISRAEL IS NOW PREPARING FOR WAR IN GAZA AFTER THEY ASSASSINATE ONE OF THEIR LEADERS ABU AL-ATA
(zerohedge)

6.Global Issues

i)I thought the pundits were warning about global warming:  guess again

(courtesy Michael Snyder)

ii)BILL Blain sounds the alarm bell that we may have a repeat of the CLO business that failed in 2008

(Bill Blain)

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

I)CHILE

Chile, with its massive copper and gold deposits is now under pure panic has the Chilean peso collapses to 800.  Ten years ago it was 450 to the dollar.  Among South American countries Chile has been the most stable

(zerohedge)

II)BOLIVIA

Good reason why the West orchestrated a coup against Evo Morales:  they need its Lithium deposits.  Bolivia accounts for 50 to 70% of the world’s lithium needs

(zerohedge)

9. PHYSICAL MARKETS

Ronan Manly believes that China stopped reporting on their “central bank gold buying’ to placate the USA

(Ronan Manly)

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)The sorry state of affairs inside the Illinois pension hole. It just deepened by a huge 75% in this last 10 yr cycle

(zerohedge)

b)It looks like this is what Trump will run on…a 15% tax rate for the middle class..especially if the China/USA deal falters

(zerohedge)

iv) Swamp commentaries)

a)Trump to release the transcript of the first Ukrainian call

(zerohedge)

b)The Horowitz report is coming next week and it will be very damning and criminal referrals are mostly likely

(Sara Carter)

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

 

LET US BEGIN:

 

 

Let us head over to the comex:

 

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A GOOD SIZED 1880 CONTRACTS TO A LEVEL OF 704,741 DESPITE THE LOSS OF $5.70 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 STRONG SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 4106 EFP CONTRACTS WERE ISSUED:

 FOR NOV; 0 CONTRACTS: DEC: 74106   AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  4106 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: 5986 TOTAL CONTRACTS IN THAT 4106 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A GOOD SIZED 1880 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 YESTERDAY, AS GOLD FELL BY $5.70. 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 ::  5986 CONTRACTS OR 598,600 OZ 18.62 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 240 contracts still standing for a loss of 21 contracts.  Yesterday we had 30 notices served upon so we GAINED of 9 contracts or an additional 900 oz will  stand as these guys refuse to  morph into London based forwards as well as negating a fiat bonus.

 

 

 

The next active delivery month after Nov is the  active contract month of December. Here we saw a loss of 18,871 contracts down to 405,458.  The non active delivery month of January saw a gain of 28 contracts up to 433.  The next big active delivery month after December is February and here that month picked up 18,974 contracts to stand at 199,570 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 9 NOTICES FILED TODAY AT THE COMEX FOR  900 OZ. (0.0279 TONNES)

 

 

 

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And now for the wild silver comex results.

Total COMEX silver OI FELL BY A CONSIDERABLE SIZED 2416 CONTRACTS FROM 223,942 DOWN TO 221,526 (AND FURTHER FROM THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018.  THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S CONSIDERABLE  OI COMEX LOSS OCCURRED WITH A 3 CENT LOSS IN PRICING.//YESTERDAY.

WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOVEMBER. HERE WE WITNESS A LOSS OF 25 CONTRACTS DOWN TO 5. WE HAD 30 CONTACTS SERVED UPON YESTERDAY SO GAINED 5 CONTRACTS OR AN ADDITIONAL 25,000 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 9179 CONTRACTS DOWN TO 126,237. THE NEXT NON ACTIVE DELIVERY MONTH OF JANUARY SAW IT LOSE 9 CONTRACTS DOWN TO 422.

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 5 notice(s) filed for 25,000, OZ for the NOV, 2019 COMEX contract for silver

Trading Volumes on the COMEX TODAY: 274,458  CONTRACTS 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  382,431  contracts

 

 

 

 

 

INITIAL standings for  NOV/GOLD

NOV 12/2019

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  

289.35 oz

Brinks

 

9 kilobars

 

No of oz served (contracts) today
9 notice(s)
 900 OZ
(0.0279 TONNES)
No of oz to be served (notices)
231 contracts
(23100 oz)
0.718 TONNES
Total monthly oz gold served (contracts) so far this month
1294 notices
129400 OZ
4.025 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

 

we had 0 dealer entry:

We had 1 kilobar entries

 

 

 

 

total dealer deposits: nil oz

total dealer withdrawals: nil oz

 

we had 1 deposit into the customer account

i) Into JPMorgan:  nil oz

 

ii) Into Brinks:: 289.35   oz

9 kilobars//another phony entry

 

 

 

total gold deposits: 289.35 oz  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 9 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 7 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid  (Goldman Sachs)

 

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To calculate the INITIAL total number of gold ounces standing for the NOV /2019. contract month, we take the total number of notices filed so far for the month (1294) x 100 oz , to which we add the difference between the open interest for the front month of  NOV (240 contract) minus the number of notices served upon today (9 x 100 oz per contract) equals 152,500 OZ OR 4.7433 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 (1294 x 100 oz)  + (240)OI for the front month minus the number of notices served upon today 9 x (100 oz )which equals 152,500 oz standing OR 4.7433 TONNES in this  active delivery month of NOV

We GAINED 9 contracts OR 900 ADDITIONAL OZ WILL  STAND AS THESE GUYS REFUSED TO MORPH INTO LONDON BASED FORWARDS AS WELL AS NEGATE A FIAT BONUS

 

 

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……                                                                4.7433 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: 75.3388

TONNES- 4.128 TONNES DEEMED SETTLEMENT = 71.21 TONNES STANDING FOR METAL AGAINST 34.23 TONNES OF REGISTERED OR FOR SALE COMEX GOLD! THIS IS WHY GOLD IS SCARCE AT THE COMEX.

 

total registered or dealer gold:  1,100,772.542 oz or  34.23 tonnes 
total registered and eligible (customer) gold;   8,329,229.238 oz 259.01 tonnes
WHY ARE THEY NOT SETTLING?
THE COMEX IS AN ABSOLUTE FRAUD..WE HAVE ZERO SETTLEMENTS.

IN THE LAST 36 MONTHS 103 NET TONNES HAS LEFT THE COMEX.

 

THE GOLD COMEX IS NOW IN STRESS AS
1. GOLD IS LEAVING THE COMEX 
2. GOLD IS LEAVING THE REGISTERED CATEGORY OF THE COMEX.

WHY ARE THEY NOT SETTLING?

 

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

end

end

And now for silver

AND NOW THE  DELIVERY MONTH OF NOV.

INITIAL  standings/SILVER

IN TOTAL CONTRAST TO GOLD, HUGE ACTIVITY IN SILVER TODAY.
NOV 12 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 529,596.400 oz
Scotia

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
8289.300 oz
Delaware
No of oz served today (contracts)
5
CONTRACT(S)
(25,000 OZ)
No of oz to be served (notices)
0 contracts
 NIL oz)
Total monthly oz silver served (contracts)  483 contracts

2,415,000 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 Delaware: 8289.300  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:  8289.300  oz

 

we had 1 withdrawals out of the customer account:
i) Out of Scotia:  529,596.400 oz

 

total withdrawals; 529,596.400  oz

We had 0 adjustments:

 

 

 

total dealer silver:  78.511 million

total dealer + customer silver:  313.943 million oz

 

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The total number of notices filed today for the NOV 2019. contract month is represented by 5 contract(s) FOR 25,000 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 483 x 5,000 oz = 2,415,000 oz to which we add the difference between the open interest for the front month of NOV. (5) and the number of notices served upon today 5 x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the NOV/2019 contract month: 483 (notices served so far) x 5000 oz + OI for front month of NOV (5)- number of notices served upon today (5) x 5000 oz equals 2,415,000 oz of silver standing for the NOV contract month. 

WE GAINED 5 contracts or an additional 25,000 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 5 notice(s) filed for 25,000 OZ for the NOV, 2019 COMEX contract for silver

 

 

TODAY’S ESTIMATED SILVER VOLUME:  108,476 CONTRACTS

 

 

CONFIRMED VOLUME FOR YESTERDAY: 116,622 CONTRACTS..

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 116,622 CONTRACTS EQUATES to 583 million  OZ 83.2% OF ANNUAL GLOBAL PRODUCTION OF SILVER..makes sense!!

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

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

 

end

 

 

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NPV for Sprott

 

1. Sprott silver fund (PSLV): NAV RISES TO -1.36% ((NOV 12/2019)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -1.19% to NAV (NOV 12/2019 )
Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ -1.36%

(courtesy Sprott/GATA)

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

NAV 14.48 TRADING 13.98///DISCOUNT 3.48

 

 

 

END

 

And now the Gold inventory at the GLD/

NOV 12: WITH GOLD DOWN $3.40 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER GOLD WITHDRAWAL OF 4.10 TONNES///INVENTORY RESTS AT 897.09 TONES

NOV 11/WITH GOLD DOWN $5.70 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 901.19 TONNES

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

 

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NOV 12/2019/Inventory rests tonight at 897.09 tonnes

*IN LAST 703 TRADING DAYS: 39.28 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 603 TRADING DAYS: A NET 127.77 TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

end

 

Now the SLV Inventory/

NOV 12/ WITH SILVER DOWN 10 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 379.172 MILLION OZ..

NOV 11/2019 WITH SILVER DOWN 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 379.172 MILLION OZ///

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 12:  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
+ 1.93%

LIBOR FOR 12 MONTH DURATION: 1.99

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.06

end

 

 

end

 

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

Gold Price Falls on Selling of Gold Futures Equal to 3 Million Ounces in 30 Minutes

◆ Gold price falls to a three-month low as concentrated selling of COMEX gold futures contracts equal to over 3 million ounces are sold in 30 minutes

◆ 33,596 contracts were aggressively sold in the 30 minutes between 10:00 and 10:30 a.m. New York time which is more than triple the 100-day average for that time of day

◆ This pushed the most active gold contract to as low as $1,448.90 an ounce, the lowest since August 5 as reported by Bloomberg (see chart below)

◆ It is all very predictable and has been going on for many years now. It is another exaggerated and manipulated “correction” either for profit purposes or official intervention to depress gold prices

◆ Gold closes just 0.4% lower on the day which was encouraging and support is at $1,450/oz level and then at the $1,400/oz level

◆ The price weakness provides another gift to gold and silver bullion coin and bar buyers focused on long term wealth preservation and growth

Gold drops as more than 3 million ounces change hands

NEWS and COMMENTARY

Gold falls to 3 month low after worst weekly fall in more than 2 years

Gold slips to over 3-month low as equities rise on ‘risk-on’ sentiment

Stocks in Asia Trade Mixed; Treasury Yields Drop: Markets Wrap

Wall Street slips as Trump, Hong Kong dampen mood

Investors wary as social unrest spreads from Hong Kong to Santiago

Protesters Paralyze Central Financial District: Hong Kong Update

Watch Video Here

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

11-Nov-19 1465.50 1458.70, 1144.41 1132.39 & 1328.33 1321.87
08-Nov-19 1466.85 1464.15, 1144.58 1142.62 & 1328.09 1328.13
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

SIGN UP FOR OUR AWARD WINNING MARKET UPDATES HERE

Mark O’Byrne
Executive Director

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Ronan Manly believes that China stopped reporting on their “central bank gold buying’ to placate the USA

(Ronan Manly)

Ronan Manly: Chinese central bank gold buying — on a need-to-know basis

 Section: 

2:30p ET Monday, November 11, 2019

Dear Friend of GATA and Gold:

China’s erratic reporting of its gold reserves is analyzed today by Bullion Star researcher Ronan Manly, who speculates that China’s recent suspension of announcing a monthly acquisition of gold may have been meant simply to placate the United States in their trade dispute.

Manly’s analysis is headlined “Chinese Central Bank Gold Buying — On a Need-to-Know Basis” and it’s posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/chinese-central-bank-gold-…

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

iii) Other physical stories:

 

Will The Gold Cartel Collapse Like The London Gold Pool – with Chris Powell and Bill Murphy of GATA

Throughout history, gold and silver have represented the check on government spending and central bank inflation. With spiking precious metals prices often representing the final warning signal to the public that something is wrong with the currency.

So if you are a government institution that relies solely on printed money for your funding, seeing the gold and silver prices rising does not come as good news. Because when things eventually get far enough out of control, that’s when these governments eventually crumble.

For many who have grown up in today’s fiat currency era, seeing a world without the dollar as the reserve currency is hard to imagine. But for those who have been looking closer and compiling the facts and evidence like Chris Powell and Bill Murphy of GATA, not only does it become easier to see what’s happening. But also to see that it is finally happening now as we speak.

Even more shocking are the similarities between the current financial arrangement and what led to the collapse of the London Gold Pool in the late 1960s. Which Chris and Bill were kind enough to join me at the New Orleans Investment Conference and discuss.

So if you’re invested in gold and silver, but continue to wonder why the prices have not moved yet, or if they still will, then click to watch this important interview now!

Chris Marcus
November 11, 2019

***

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 7.0083/ 

 

//OFFSHORE YUAN:  7.0072   /shanghai bourse CLOSED UP 4.85 POINTS OR 0.17%

HANG SANG CLOSED UP 138.73 POINTS OR 0.52%

 

2. Nikkei closed UP 188.17 POINTS OR 0.81%

 

 

 

 

3. Europe stocks OPENED ALL GREEN/

 

 

 

USA dollar index UP TO 98.39/Euro FALLS TO 1.1012

3b Japan 10 year bond yield: RISES TO. –.02/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.21/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

 

3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 57.08 and Brent: 62.46

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 UP for WTI and UP FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.24%/Italian 10 yr bond yield UP to 1.25% /SPAIN 10 YR BOND YIELD UP TO 0.44%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.49: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 1.40

3k Gold at $1453.00 silver at: 16.79   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 14/100 in roubles/dollar) 64.03

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

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 109.21 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning .9959 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0967 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 5.7743..

Futures Frozen Ahead Of Widely-Anticipated Trump Trade Speech

Overnight markets traded subdued, with US equity futures unchanged after settling in a narrow range, as investors awaited a speech by President Trump at the Economic Club of New York on Tuesday on U.S. trade policy and on news he was likely to delay a decision on European auto tariffs.

Wall Street futures for the S&P 500 inched up 0.1%. Monday’s partial holiday had made for a quiet session after the record highs of last week. The Dow ended up 0.04%, while the S&P 500 lost 0.20% and the Nasdaq 0.13%.

European markets edged higher, set for their first gain in three days, as the Euro Stoxx 600 rose 0.2% back towards 4-year highs helped by upbeat chipmaker shares, with bond yields little changed across most curves, as markets awaited a speech not only Trump but also Fed Vice-Chair Richard Clarida. Major European bourses were buoyed amid expectations that US President Trump will delay the decision to impose tariffs on EU autos by six months, according to Politico citing sources, although upside was hampered amid US-China trade uncertainty and continuing social unrest in Hong Kong with its financial district paralysed with protests. Further upside was also generated after the better than expected German ZEW metrics which showed economic confidence rising to 6 month highs.

 

Earlier in the session, the MSCI index of Asia-Pacific shares ex-Japan reversed morning losses, climbing 0.5%, following a sharp 1.2% pullback on Monday, as Hong Kong rebounded from a Monday sell-off spurred by violent protests. Most markets in the region rose, with Taiwan leading gains while Australia retreated. Technology and communications were among the biggest gainers. Japan’s Topix index added 0.3% to cap a six-day rising streak, supported by electronic companies. Hong Kong’s Hang Seng Index advanced 0.5% after falling the most in three months on Monday. Shanghai blue chips eased 0.2% after bank lending growth undershot analysts’ estimates, while Australian shares were down, too. A sharp slowdown in credit expansion in October may prompt China’s central bank to step up easing before year-end. India is shut for a holiday.

With earnings season now largely over and major central banks on indefinite hold, investor focus has turned firmly to trade. They appear to be in a cautious mood after hopes for a first-phase deal between the U.S. and China fueled a risk rally and bond sell-off last week, before President Donald Trump’s comments over the weekend cooled some of the optimism. “The markets are already pricing in a lot of trade optimism,” Janet Mui, global economist at Cazenove Capital, told Bloomberg  TV. But “the whole situation is very fluid. We still haven’t got a definite answer on where they’re going to potentially sign a deal,” she said.

Trump’s lunchtime address at the Economic Club of New York, which has hosted U.S. presidents including Woodrow Wilson and John F. Kennedy, as well as foreign leaders like former Soviet President Mikhail Gorbachev and Chinese Premier Li Keqiang will be closely watched by investors anxious for any positive news about his administration’s long-running trade war with China.

“You can expect the president to highlight how his policies of lower taxes, deregulation, and fair and reciprocal trade have supported the longest economic recovery in U.S. history with record low unemployment, rising wages, and soaring consumer confidence,” White House spokesman Judd Deere said.

Bond markets also seemed increasingly confident a recession will be avoided as EU officials said Trump was expected to announce this week that he was delaying the tariff decision on EU cars and parts for another six months. The news boosted expectations about Trump’s speech later in the day and for some resolution to his administration’s long-running trade war with China.

Trump wrongfooted markets over the weekend when he said there had been incorrect reporting about U.S. willingness to lift tariffs on China.

Also of note, Fed Vice Chair Richard Clarida will discuss monetary policy in Zurich Tuesday, Patrick Harker and Neel Kashkari follow with speeches later in the day.

Investors were also anxious about the situation in Hong Kong after a violent escalation of protests had knocked 3% off the Hang Seng and nearly 2% off Asia-exposed banks HSBC and StanChart in recent days. Hong Kong’s embattled leader Carrie Lam on Tuesday said protesters who are trying to “paralyze” the city were extremely selfish and hoped all universities and schools would urge students not to participate in violence. Lam was speaking a day after police shot a protester and a man was set on fire in some of the most dramatic scenes to grip the city during the more than five months of civil unrest. The Hang Seng managed to claw back 0.5%.

In rates, a bond holiday in the United States had closed the Treasury market on Monday but there was an early milestone on Tuesday with the gap between 3-month and 10-year yields hitting the widest level of the year so far. 10Y Treasury yields were fractionally higher at 1.9350% having dropping away from last week’s three-month top of 1.97%. European yields were also a touch higher.

In FX, the dollar advanced against most Group-of-10 peers Tuesday as a mild risk-on mood in markets weighed on havens such as the yen and Swiss franc. New Zealand’s dollar slid after data showed a drop in inflation expectations, boosting bets for an interest-rate cut this week. The Bloomberg Dollar Spot Index rose while most G-10 currencies traded in a narrow range as investors awaited further developments on trade and also speeches by U.S. President Donald Trump on Tuesday, followed by Federal Reserve Chairman Jerome Powell later this week, while Fed Vice Chair Richard Clarida will discuss monetary policy in Zurich Tuesday.

Elsewhere, EUR/USD was little changed at 1.1027 even as data showed German investor confidence rose to the highest level in six months; Trump’s trade speech could be crucial for the euro, according to some strategists. A postponement of any decision to levy auto tariffs on Europe this week is being regarded as the most likely outcome, said Lee Hardman, a currency strategist at MUFG. “Most of this positivity is already priced into the euro and so we expect limited upside,” he wrote in a note. “There is significantly more downside risk, although we regard this as very unlikely to manifest.”

In the UK, cable declined 0.2% to $1.2833 after Monday’s 0.6% climb; Data released Tuesday show the U.K. economy lost jobs in the third quarter and vacancies posted their largest annual decline since the financial crisis.  The yen weakened for the first time in two days — USD/JPY advanced 0.2% to 109.23. Yen was sold against the greenback, with investors using large option strikes at 109.00 as an intraday base, according to Asia-based FX traders.

In geopolitics, Israel announced it struck the house of the leader of Palestinian Islamic Jihad armed wing in Gaza, while a residential building was also said to be hit during Israeli airstrikes in Damascus. In related news, the Palestinian Islamic Jihad vowed a powerful response to Israel’s strike which killed the group’s leader, while reports later noted rocket sirens sounding, multiple explosions and Iron Dome interceptions from a rocket barrage in Israel.

In commodities, WTI gained 28 cents to $57.14 a barrel, while Brent crude futures added 35 cents to $62.53. Gold looked to be heading for a third day of declines, touching its lowest since early August at $1,447.89 per ounce. It was last trading at $1,453.01.

Expected data include NFIB Small Business Optimism. CBS, Linde, and Tyson are among companies reporting earnings

Market Snapshot

  • S&P 500 futures little changed at 3,088.25
  • STOXX Europe 600 up 0.07% to 405.64
  • MXAP up 0.4% to 165.65
  • MXAPJ up 0.5% to 530.44
  • Nikkei up 0.8% to 23,520.01
  • Topix up 0.3% to 1,709.67
  • Hang Seng Index up 0.5% to 27,065.28
  • Shanghai Composite up 0.2% to 2,914.82
  • Sensex up 0.05% to 40,345.08
  • Australia S&P/ASX 200 down 0.3% to 6,752.97
  • Kospi up 0.8% to 2,140.92
  • German 10Y yield rose 1.2 bps to -0.233%
  • Euro down 0.02% to $1.1031
  • Italian 10Y yield rose 6.7 bps to 0.914%
  • Spanish 10Y yield rose 1.9 bps to 0.449%
  • Brent futures up 0.5% to $62.48/bbl
  • Gold spot little changed at $1,455.03
  • U.S. Dollar Index up 0.1% to 98.29

Top Headline News from Bloomberg

  • A majority of rich investors expect a significant drop in markets before the end of next year, and 25% of their average assets are currently in cash, according to a survey by UBS Global Wealth Management of more than 3,400 global respondents. The U.S.-China trade conflict is their top geopolitical concern, while the upcoming American presidential election is seen as another significant threat to portfolios
  • With their next meeting just weeks away, OPEC and its partners are showing no impetus for stronger action to support oil prices. But without intervention, some influential forecasters say a new supply glut could send the market crashing early next year
  • Hong Kong protesters gathered in the financial district at lunch time on Tuesday after demonstrators earlier disrupted the morning commute for a second day, blocking subway lines and clashing with police
  • Trump administration may punt a decision on whether to slap tariffs on European automobiles as efforts of German car makers to highlight their new investments have helped in the talks, people familiar with White House deliberations said
  • Euro’s popularity as a borrowing currency is surging in emerging markets, with annual sales of government bonds crossing the 50 billion mark for the first time ever
  • With their next meeting just weeks away, OPEC and its partners are showing no impetus for stronger action to support oil prices. But without intervention, some forecasters say a new supply glut could send the market crashing early next year
  • German Chancellor Angela Merkel signaled support for her deputy’s gambit to break an impasse over Europe’s banking integration. Her remarks Monday evening suggest the proposal by Germany’s finance minister reflects a willingness to negotiate on establishing EU-wide bank deposit insurance
  • Bolivian lawmakers took a first step toward filling the vacuum of leadership left by the resignation of President Evo Morales, who was granted asylum by Mexico, as clashes continued around the country
  • Quantitative hedge funds are being blamed for the worst sell-off in Japanese government bonds since 2013 and the evidence is stacking up against them. Data comprising of open interest positions, fund flow and yields suggest that so-called Commodity Trading Advisors — funds synonymous with trend-following quant strategies — could have been cutting their large long positions in Japanese 10-year bond futures
  • The ECB could consider giving non-banks access to its balance sheet to keep control over money-market rates, according to Executive Board member Benoit Coeure

Asian equity markets whipsawed overnight following a similar indecisive lead from Wall St where there was a mild downside bias amid ongoing trade uncertainty, escalating Hong Kong violence and with volumes light due to Veterans Day. ASX 200 (-0.3%) and Nikkei 225 (+0.8%) were mixed with Australia dragged by underperformance in the mining related sectors and with financials subdued after tepid results from the nation’s largest lender CBA, while the Japanese benchmark just about remained afloat with a varied currency the main catalyst for price action. Hang Seng (+0.5%) and Shanghai Comp. (+0.2%) traded choppy after weaker than expected Chinese financing data and with the efforts to recoup the prior day’s hefty losses in Hong Kong, stalling due to resistance around the 27000 level and continued unrest in the city. Finally, 10yr JGBs slipped below the 153.00 level after a lacklustre tone seen in US Treasury futures which was hampered by the US bond market closure for Veteran’s Day, while demand was also restricted by a weak 30yr auction and with the BoJ only in the market today for Treasury Discount Bills.

Top Asian News

  • Nissan Cuts Profit Forecast as Post-Ghosn Turnaround Sputters
  • Israel Assassinates Gaza Commander, Provoking Rocket Fire
  • Bushfires Spread to Sydney as Emergency Crews Save Homes
  • Japan’s Biggest CLO Investor Cools on $750 Billion Market

European equities eke modest gains in early trade [Eurostoxx 50 +0.4%] following on from a relatively indecisive APAC session. Major bourses are buoyed amid expectations that US President Trump will delay the decision to impose tariffs on EU autos by six months, according to Politico citing sources, although upside is hampered amid US-China trade uncertainty and continuing social unrest in Hong Kong with its financial district paralysed with protests. Further upside was also generated after the better than expected German ZEW metrics. Sectors are mostly in the green with underperformance seen in Consumer Staples; Tesco (-1.3%) shares weighed on after Kantar showed a decline in the supermarket’s sales for the 12 weeks to November 3rd, whilst sector heavyweight Nestle (-0.2%) is also subdued after Unilever (+0.3%) was chosen by Burger King to supply plant-based burgers, passing over Nestle, Impossible Foods and Beyond Meat. Elsewhere, most European auto names are cushioned on the back of the aforementioned Politico article; Daimler (+1.0%), Fiat Chrysler (+1.5%) and Peugeot (+1.5%) are all in the green, albeit Renault (Unch) fails to benefit after its alliance partner Nissan reported a 70% Q2 profit slump and slashed its FY sales and operating profit due to weaker demand. Tyre names are broadly lower as dismal earnings from Continental (-1.4%) overshadowed the Politico autos story, with Michelin (+0.3%) initially lower in sympathy, whilst Pirelli (+1.0%) awaits its earnings release scheduled for later today. Meanwhile, Airbus (+1.0%) shares seem to be lifted via a Boeing tailwind, whose shares closed higher in excess of 4% after a spokesperson said 737Max deliveries could resume in December; however, FAA approval is not expected until January 2020. Looking at other movers, Illiad (+17.5%) soared to the top of the pan-European index at the open after the Co. announced a EUR 1.4bln share buyback programme at EUR 120/shr, vs. a sub EUR 100/shr Monday close. Finally, Infineon (+7.5%), Dialog Semiconductor (+6.5%) and Deutsche Post (+4.5%) shares remain firm at the top of the Stoxx 600 index post-earnings.

Top European News

  • Coeure Says ECB Could Work With Non-Banks to Anchor Market Rates
  • Xavier Niel Cements Control Over Iliad With $1.5 Billion Buyback
  • Osram Throws Support Behind $4.4 Billion AMS Takeover Offer
  • Vodafone Jumps as Return to Growth Eases Pressure on CEO

In FX, not quite all change, but a marked turnaround in fortunes and sentiment for the Kiwi following a dip in NZ inflation expectations on the eve of the RBNZ policy meeting that has lifted 25 bp rate cut expectations to just over 80% from around 60% ahead of the survey and prompted Westpac to reinstate its call for an ease this month after the bank switched to unchanged. Nzd/Usd has slipped further below 0.6350 in response and Aud/Nzd is back up near 1.0800 even though the Aussie has fallen in sympathy to fresh 2 week lows vs its US counterpart around 0.6835 amidst expectations that the RBA will implement QE by the end of 2020, per JPM.

  • NOK – The Norwegian Krona is marginally underperforming relative to its Scandinavian peer and in Euro cross terms in wake of GDP data showing softer than forecast Q3 growth and consecutive m/m contractions, with Eur/Nok nudging towards 10.1000 vs Eur/Sek holding steady circa 10.7000.
  • EUR/JPY/CAD/GBP/CHF – All softer against the Greenback, albeit to varying degrees as the DXY derives some support from steadier UST yields and a broadly unchanged curve in contrast to Monday’s bullish retracement and re-flattening. The index is straddling 98.250, with Eur/Usd, Usd/Jpy, Usd/Cad, Cable and Usd/Chf meandering between 1.1020-38, 109.30-00, 1.3255-25, 1.2866-16 and 0.9953-30 respectively. The single currency appears supported ahead of 1.2 bn option expiries at the 1.1000 strike, but capped well in advance of 1.6 bn that roll off between 1.1075-85, and somewhat strangely unimpressed with significantly better than anticipated ZEW economic sentiment and expectations for Germany and the Eurozone as a whole. Conversely, Sterling did derive a bit of traction from elements of the UK labour report, like a dip in the jobless rate and ‘only’ 58k drop in employment vs -94k or more consensus that compensated for claimant count and wage misses.
  • EM – The Rand has rebounded from yesterday’s 14.9600+ lows even though SA’s Eskom is still experiencing problems, but the Lira has not really gleaned much comfort from Turkey’s record current account surplus given ongoing jitters about the outcome of Wednesday’s meeting between US President Trump and Erdogan. Elsewhere, the offshore Yuan is hovering around 7.0000 awaiting Trump’s address on Trade and Economic Policy that may contain something constructive on the status of talks with China (perhaps more on Phase 1?).

In commodities, crude markets are higher on Tuesday morning, as the complex continues to consolidate within recent ranges amid a lack of fresh fundamental drivers. For now, WTI Dec’ 19 and Brent Jan’ 19 futures are rangebound around the USD 57.00/bbl and USD 62.50/bbl marks respectively. Comments yesterday from Oman’s Oil Minister, who said deeper OPEC+ cuts at next month’s meeting are unlikely, served as further evidence that there is a lack of willingness among OPEC+ to take stronger action to support crude prices. Recent reports alleged that the Saudis will push for production cuts, but only via seeking better compliance rather than deeper output cuts. Analysts at Morgan Stanley argue that without firmer intervention, a new supply glut could send the market lower early next year by around 30%, which would see Brent trading at roughly USD 45/bbl. In terms of fresh drivers, the market will be eyeing a US President Trump speech at the Economic Club of New York this afternoon and a slate of Fed/ECB speak throughout the day. Participants will have to wait one day longer than usual for the weekly API Inventory data release and the EIA Short-Term Energy Outlook, which have both been delayed on account of yesterday’s US Veteran’s Day holiday. Similarly, Wednesday’s usual EIA Inventory data release will be pushed back to 16:00 GMT Thursday. In terms of metals; Gold prices are marginally softer and tentative ahead of President Trump’s speech. Elsewhere, Dalian Iron Ore prices were sent higher during overnight trade on the news of an outlook cut from Vale, which implies a decline in sales of at least 14.7% in 2019. Copper, meanwhile, fell as EU players arrived at their desks, breaking through resistance at the USD 2.6500/lbs level to a low of around 2.6425/lb.

US Event Calendar

  • 6am: NFIB Small Business Optimism, est. 102, prior 101.8
  • 5:30am: Fed’s Clarida Discusses Monetary Policy and Price Stability
  • 12:55pm: Fed’s Harker Speaks in New York
  • 6pm: Fed’s Kashkari Speaks in Madison, Wisconsin

DB’s Jim Reid concludes the overnight wrap

Markets were a bit slow out of the blocks yesterday, not helped by the US holiday, but how they fare today may well be dictated by President Trump’s speech at the Economic Club of New York. It goes without saying that with the trade war discussions where they are, this speech will be important. However today is also the day before the expiration of the 180-day delay to the results of the Section 232 auto investigation so any discussion on this will be closely watched. The consensus has moved towards the belief that President Trump won’t impose auto tariffs but nevertheless it will be an important deadline to get past for markets with a focus on whether President Trump postpones making a decision or actively decides against action. A report last night from Politico suggested that he will announce a delay to any decision for another six months, which would alleviate the near-term risks but would inject the issue into the heart of next year’s presidential election.

In markets, the S&P 500 dipping yesterday (-0.20%) marked only the second down day in November so far. The only real news markets had to feed off were those comments from President Trump over the weekend about “incorrect” reports concerning the US rolling back tariffs. The NASDAQ (-0.13%) and DOW (+0.04%) were similarly muted, as trading volumes were around 25% below average. It wasn’t much more exciting in Europe where the STOXX 600 (-0.02%) ended little changed. Bond markets were also weaker in Europe – with 10y Spanish bonds +4.3bps following the statement enhancing election with BTPs +6.8bps in sympathy. In credit market Walgreens bonds continued to weaken following further rumblings that KKR is to make an official buyout approach to take the company private in what would potentially be the biggest LBO ever. Walgreens EUR 2026 bonds were another 33bps wider yesterday, which follows a 64bps move last week when the news first came out. It brings back interesting memories from the first half of 2000 when every morning you woke up to news that a large company was at risk of being LBO-ed. There was a point where it felt that no company was immune from the threat. Clearly we are somewhat from that!

This morning Asian markets are largely trading up with the Nikkei (+0.60%), Kospi (+0.58%), Shanghai Comp (+0.09%) and Hang Seng (+0.37%) all higher. The Hang Seng’s advance comes after yesterday’s -2.62% decline. Elsewhere, futures on the S&P 500 are up +0.04% and a big mover in FX this morning has been the New Zealand dollar, which is down -0.40% following a weakening in inflation expectations – 2yr inflation expectation for 4Q came in at 1.80% (vs. 1.86% previously). Meanwhile, yields on 10yr JGBs are up +2.9bps to -0.053% – the highest since May – while those on 10yr USTs are down -1.8bps after the holiday.

Back to yesterday, where the data highlight came in China (during the European session) with the latest credit data much weaker than expected. Indeed, aggregate financing in October totalled 619bn yuan, which compared with expectations for 950bn. However it’s worth caveating that this followed a very strong September (over 2.2tn yuan) so the data should be taken with a bit of a pinch of salt.

Closer to home, there was some disappointment in the preliminary Q3 GDP print for the UK, which showed growth of +0.3% qoq (vs. +0.4% expected). The trade data was particularly volatile while consumption data was broadly in line. That being said with the UK in election purdah it’s hard to see the data as changing the picture for the MPC all that much. Sterling actually strengthened +0.60% following the announcement that the Brexit Party won’t challenge the 317 seats won by the Conservative Party at the 2017 election. In theory that is more positive for the chances of a Conservative Party majority although the estimates I saw yesterday were for it to be positive by maybe up to 10-15 seats. So helpful to the Tories rather than game changing. The Brexit Party have struggled for momentum in this election and the risk to them is that this indirect support for the Tories in nearly half the seats confuses their message in seats they are still fighting in. Their battle for attention and relevance may intensify now the Tory’s have a leave deal to campaign on.

To the day ahead now, which is headlined by the aforementioned speech from President Trump at the Economic Club of New York. As for data, we’ve got the October Bank of France industry sentiment index, September and October employment data in the UK and the November ZEW survey in Germany this morning. In the US, the lone release is the October NFIB small business optimism reading. Meanwhile, it’s the turn of the Fed’s Clarida to speak this morning, while Harker and Kashkari also speak this evening. The ECB’s Coeure and Mersch also speak this morning.

 
END

 

3A/ASIAN AFFAIRS

I)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 4.85 POINTS OR 0.17%  //Hang Sang CLOSED UP 138.73 POINTS OR 0.52%   /The Nikkei closed UP 188.18 POINTS OR 0.81%//Australia’s all ordinaires CLOSED DOWN .29%

/Chinese yuan (ONSHORE) closed DOWN  at 7.0083 /Oil UP TO 57.68 dollars per barrel for WTI and 62.46 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.0083 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.0072 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

HONG KONG
very dangerous!! as Hong Kong is on the brink of total breakdown
(zerohedge)

Hong Kong Police Warn City On Brink Of ‘Total Breakdown’

After nearly six months of protests in Hong Kong, the weekend demonstrations – which more closely resemble street skirmishes between black-clad protesters and the cops – have grown increasingly violent, people are being seriously wounded and even killed on both sides. And this week, protesters have apparently committed to another escalation:they’ve taken to the streets to disrupt HK’s public transportation during Monday and Tuesday, forcing businesses to close and schools to cancel.

Hong Kong policed warned on Tuesday that the city is now “on the brink of total collapse” after a second straight day of violence and chaos. The MTR, Hong Kong’s subway network, closed several stations and reduced the frequency of trains to cope with the demonstrations.

Some commuters were forced to walk along rail tracks to the next stop to catch a train to work. A senior police superintendent insisted that the ‘rioters’ – a term used pejoratively to describe the protesters – were pushing “our society” toward a breakdown.

 

“Over the past two days, our society has been pushed to the brink of a total breakdown as rioters went on a rampage,” Kong Wing-cheung, a senior police superintendent, said in a press conference.

Hong Kong Chief Executive Carrie Lam accused protesters on Tuesday of trying to “paralyze” the city. She accused demonstrators of being “extremely selfish” and said she hoped all universities in Hong Kong would encourage students not to participate in the violence.

Of course, the violence has gone both ways. Lam was speaking one day after police shot a protester and a man was set on fire in some of the most dramatic violence to arise from the protests. Lam added that the city planned to hold local elections on Nov. 24, the first test of public sentiment since the pro-democracy protests began five months ago.

“On the whole, we will try our very best to ensure the election will continue in a safe and orderly manner,” Lam said.

But the vote is bound to be controversial. Already, one protest leader has been barred from participating, and a number of other pro-democracy candidates have been targeted by violence. According to the FT, at least eight attacks on pro-democracy political figures have occurred, while at least one pro-establishment lawmaker has also been stabbed.

Even the US, which once openly encouraged the pro-democracy demonstrations, has changed its rhetoric, and is now pushing for a return to peace in Hong Kong.

Morgan Ortagus, a US State Department spokeswoman, said Washington was standing by with “grave concern” and that the polarization “underscored” the need for dialogue between the government, protesters and other members of the public.

“We condemn violence on all sides, extend our sympathies to victims of violence regardless of their political inclinations, and call for all parties – police and protesters – to exercise restraint,” Ms Ortagus said. ‎

Meanwhile, more alarming footage of the clashes has emerged, including this video, which was taken at a distance:

Bloomberg TicToc

@tictoc

Here’s what the Chinese University of Hong Kong looks like from a distance as riot police and protesters clash on campus

Embedded video

Hundreds have been arrested on Monday and Tuesday. And as police regroup to prepare for another day of unrest, Beijing is being closer and closer to the brink. How long can Hong Kong’s economy support daily, commerce-disrupting unrest? Soon, the authorities will have no choice but to call in the heavies from the mainland.

END

4/EUROPEAN AFFAIRS

UK

Understanding Farage’s move to only field candidates not in control of the Conservatives:

(Tom Luongo)

Farage’s “Big Ask” May Save Brexit As Johnson Concedes

Authored by Tom Luongo via Gold, Goats, ‘n Guns blog,

Nigel Farage is the face of Brexit. From the start of this political career he’s gone for the “Big Ask,” as his friend Donald Trump would put it, get the U.K. out of the European Union.

Everyone in the Western political establishment hates him because of this.

Over the past year he has been prophetic in his analysis of how the Conservatives have maneuvered to betray the U.K.’s departure from the European Union.

For more than a week since announcing the Brexit Party’s electoral strategy, Farage has been under enormous pressure from all quarters to stand down many of his candidates and not fight the Tories.

Farage’s initial strategy, contest the whole election, was exactly as I suggested in my last article on Brexit.

It was a high risk, Trumpian “Big Ask.”

It may be an opening bid in a complex negotiation that ends with them making a pact towards the end of the campaign.

Frankly that only happens if the polls shift considerably from where they are.

Politics is not a game for the timid or the weak. If Farage is to be a big player in British politics he needs to act like he is a big player in British politics.

My very cynical take is that no one in power actually wants Brexit to happen if it means real political change in the U.K., including the ERG.

They, at best, realize some Brexit is better than no Brexit. They are truly spineless and cannot be counted on to hold any line if it means the death of the Tory party.

Many of them folded to Theresa May’s blackmail, they had no chance against Johnson’s, who is far more capable than May.

The British Deep State is old, vast and powerful still.

Johnson is a face for that and Farage knows it.

And the pressure campaign from all quarters had the singular message to Farage from Westminster to Brussels, stand aside so we can get on with European integration.

It worked… kinda.

The polls didn’t shift enough to validate Farage’s ‘Big Ask’ but they did move enough for him to have a strategy for the next best thing — wipe out Labour and take enough seats from them to hold Johnson accountable in the resultant Parliament.

So, Farage did as he was implored, but only after forcing real concessions from Boris Johnson publicly to avoid a hung parliament.

Because even though Johnson is in the cat bird’s seat at the national level and the polls didn’t shift enough towards Farage, the threat of Farage splitting the vote and hurting Johnson was real.

Everyone knows that Johnson’s got a number of seats in the Northeast and the Midlands which haven’t voted Conservative in a hundred years which he has a very small chance of winning.

And that could hand the Remainers a path to a second referendum.

So why did Farage just stand down 317 candidates?

Farage listed two main points that he could work with that speaks directly to Labour voters who voted Leave:

  • Johnson has promised no extension to the Transition Period beyond 2020, keeping No Deal on the table.
  • Johnson would negotiate based on a Canada+ Trade Deal.

Both of these things were part of Farage’s “Big Ask” in the first place. By conceding he got most of what he wanted, something to campaign against Johnson on, since Johnson wasn’t about to give Farage anything official publicly.

The Tories cannot form an alliance with an outsider like Farage. That would be damning to them, conceding they are the past.

Farage is hated in British political circles more than Jeremy Corbyn. He has cost them elections, prestige, power and most importantly, their air of legitimacy.

So Johnson could never give Nigel what he and millions of Brexit voters wanted. This validates my analysis of him as a keeper of the political status quo. And that he is using Brexit cynically to maintain it.

Smartly, Farage did not act like a second class citizen here. He had to lead with his best. But leadership takes many forms.

So, after the Tories made their initial push to attack Farage personally, taking a page out of the Alinsky playbook, by saying it’s all about his ego and his unwillingness to compromises, Farage outmaneuvered them by falling on his sword twice.

First by not standing at an MP, putting country before himself. And, second, by standing down his candidates to the delight of Leavers all over the U.K.

Farage comes out looking like the big man, the committed patriot and Brexiteer. Johnson get to save face for the Tories who still look like the legitimate party to lead a government.

But in doing so Farage puts Johnson on the hook to deliver major poins he’d rather negotiate away to “Get Brexit Done.”

And Farage will have ammunition in the next General Election if Johnson betrays him.

The Brexit Party should rise here in the national polls. Brexiteers have a clear choice in each of the local elections and the Remain alliance forming around the LibDems, Labour and the Scottish National Party is in real trouble.

This is what everyone who wants Brexit wanted to happen. But Johnson had to commit to Farage’s demands before it would happen.

For the strategy to work, the Brexit Party needs to take 35 to 70 seats in this election. That would stiffen the spines of those ERG boys who have proven themselves craven and could actually be a big enough block to ensure Johnson stays true to his word.

It’s the best of a bad situation and Farage knows it. Brexit is now up to the British people to deliver. Farage’s “Big Ask” of them hasn’t let him down yet.

*  *  *

Join My Patreon if you think more countries are better.  Install the Brave Browser if you want to be able to keep talking about them.

END
EU/USA
Trump is now expected to delay his decision on auto tariffs to the EU
(zerohedge)

Trump Expected To Delay Decision On EU Auto Tariffs

After months of threats, the deadline for the White House to impose new tariffs on cars and auto parts manufactured in the EU is fast approaching. And according to Bloomberg, the Trump Administration will – for now, at least – opt to maintain the status quo.

This isn’t a surprise: Commerce Secretary Wilbur Ross, in an interview with Bloomberg TV earlier this month, signaled that a postponement was likely.

“Our hope is that the negotiations we’ve been having with individual companies about their capital investment plans will bear enough fruit that it may not be necessary to put the 232 fully into effect, may not even be necessary to put it partly in effect,” Ross said, referencing the national-security investigation under Section 232 of a 1962 trade law.

“We’ve had very good conversations with our European friends, with our Japanese friends, with our Korean friends, and those are the major auto producing sectors,” Ross said in Bangkok, where he’s attending a regional summit. South Korea was earlier exempted from any future tariffs because it renegotiated the U.S.-Korea Free Trade Agreement, or KORUS, last year.

 

Ross isn’t the only one whose plugged into the negotiations: Former European Commission President Jean-Claude Juncker told German newspaper Suddeutsche Zeitung that he expected the White House to delay the tariffs. And before that, back in September, European Trade Commissioner Cecilia Malmstrom told BBG that she hoped Trump would extend the deadline.

Back in May, Trump gave his administration six months to decide whether it should impose new tariffs on EU auto imports for national security reasons. Fortunately, nothing is stopping him from punting, allowing the Trump Administration to use the tariffs as leverage against the EU, without the risk of doing any more harm to global trade. Trump is expected to extend the deadline once again, most likely by another six months.

The new tariffs would likely decimate US sales of cars and car parts made in the EU. Slapping a 25% levy on foreign cars would add 10,000 euros ($11,000) to the sticker price of EU vehicles imported into the US, according to the European Commission.

Last year, Trump infuriated European leaders by declaring American imports of steel and aluminum a security threat and imposing levies of 25% and 10%, respectively, on shipments from around the world, including the EU. That prompted the bloc to retaliate with tariffs on American goods such as Harley-Davidson Inc. motorcycles, Levi Strauss & Co. jeans and bourbon whiskey.

And next time, the bloc has threatened tariffs on a much wider array of US imports to the EU. The 28-country bloc has argued that it doesn’t pose a threat to US national security and shouldn’t be targets of American tariffs.

Washington has already hit the EU with duties on its steel and aluminum exports using the same national-security justification (the administration staunchly refused to exempt the EU from the steel and aluminum tariffs, though imports from the bloc are relatively insignificant. Every year, car imports from the EU are worth roughly 10x the steel and aluminum trade.

Imposing new tariffs on cars wouldn’t juts be a nuisance – it would be a declaration of war, seriously impacting the American relationship with the EU.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Turkey

Very dangerous!! Turkey has threatened to release hundreds of iSIS fighters back to their home European country of origin as well as the millions  of Syrian migrants to Greece

(zerohedge)

“These Gates Will Open” – Erdogan Declares As Turkey Begins Deporting ISIS Captives To Europe

Have Turkey’s floodgates begun to open? For months now the question of what to do with foreign jihadists which flooded Syria over the course of the eight-year long war has been intensely debated. President Erdogan has shocked European officials by repeatedly threatening to unleash them along with some three million Syrian refugees on Europe if his ‘Operation Peace Spring’ does not gain support, and if the EU rejects his ‘safe zone’ offer. 

But as of Monday Turkish officials announced plans to begin sending hundreds of the some 1200 plus ISIS detaineesand other jihadists it has in its custody back to Europe, saying Turkey “is not a hotel for jihadists” — to quote an Interior Ministry statement from last week.

“Turkey deported three foreign jihadists on Monday, with more than 20 Europeans including French and Germans in the process of being expelled to their countries of origin,” the AFP reported. This after Turkish officials have repeatedly lashed out at European capitals for refusing to repatriate their citizens caught fighting for ISIS.

 

ISIS prisoners in Hasakah, northern Syria, via the AFP. 

The AFP also reported “foreign terrorist fighter” from the United States has also been expelled along with others from Germany and Denmark. More are expected to follow in the coming days, amid reports that most are from France.

The reaction of a number of European countries, including Britain, has been to strip suspected terrorists of their citizenship, leaving them as stateless and thus unable to be repatriated to their country of origin.

President Trump previously expressed a desire for the Europeans to deal with their fighters, many of which are still in US-SDF custody in northeast Syria. “The US does not want to watch as these ISIS fighters permeate Europe, which is where they are expected to go…” the president said earlier this year.

Donald J. Trump

@realDonaldTrump

….The U.S. does not want to watch as these ISIS fighters permeate Europe, which is where they are expected to go. We do so much, and spend so much – Time for others to step up and do the job that they are so capable of doing. We are pulling back after 100% Caliphate victory!

Crucially, President Erdogan in a speech Tuesday contextualized the new transfer of ISIS detainees as a punitive action against Europe, per The Guardian:

“You should revise your stance towards Turkey, which at the moment holds so many Isis members in prison and at the same time controls those in Syria,” Erdoğan told European countries in remarks to reporters in Ankara on Tuesday.

“These gates will open and these Isis members who have started to be sent to you will continue to be sent. Then you can take care of your own problem.”

Interior Minister Suleyman Soylu put the Europeans on notice last Friday, saying provocatively “There is no need to try to escape from it, we will send them back to you. Deal with them how you want,” and further that “Turkey is not a hotel for Daesh members.”

 

French nationals in ISIS, via Khaama press news agency.

He also revealed Turkish forces had recently captured nearly 300 more ISIS terrorists during operations in northern Syria, where mass prison breaks have been reported amid the fighting, and as Kurdish-led SDF fighters are forced to abandon their posts at make-shift prisons and refugee camps with known ISIS family members in them.

Though the Islamic State has been driven underground at this point, its media wings have recently put out a series of statements threatening Europe and the US with terror attacks, including calling on followers to start wildfires and other acts of destruction, as one new message said last week in follow-up to others.

end
TURKEY/ GREECE USA/
A developing story; an American ISIS member stranded in no mans land on the Greek Turkish border.
(zerohedge)

Video Shows American ISIS Member Stranded In Greek-Turkish Border ‘No Man’s Land’ 

A bizarre and unprecedented story is developing along the Turkish-Greek border after a day ago Turkish authorities expelled an alleged American member of the Islamic State, amid a broader initiative to deport hundreds of foreign terrorists who traveled to Syria from the West back to Europe and the US.

For a second day the American terror suspect is stranded in no-man’s land between the Turkish and Greek borders near the town Kastanies in the northeast corner of Greece. As counterterrorism analyst Jean-Charles Brisard put it

“An Isis jihadist expelled by Turkey to Greece is literally stuck in the buffer zone separating the two countries after Greece’s refusal to allow entry into the territory.”

Stunning video posted the the internet confirms that the man, identified in Turkish and Greek media as 39-year old Muhammed Darwis B. and believed to be a US citizen of Jordanian descent, is walking around inside the few hundred meter long buffer zone between the border crossings, with each side’s gates shutting him in.

It’s unclear why Turkey would think Greek authorities would let him in, but it’s also likely a political stunt by Turkish authorities to underscore its latest threats of what will happen if Europe is unwilling to repatriate the hundreds of European ISIS fighters currently in Turkish custody.

In one video taken by a Turkish broadcaster, the man appears to shout for help at the camera while standing in the strip of land exactly between the crossings.

Ali Özkök@Ozkok_A

left an member at the Greek border. , like the rest of , refuses to accept these western ISIS members that were captured in .

Embedded video

The Guardian has further details which suggest he could be at the center of a developing diplomatic dispute between Ankara and Washington over potential repatriation to the US:

A Turkish official told AFP that he had refused to be returned to the US and instead asked to be sent to Greece. Athens said he was refused entry when he tried to cross the no man’s land between the two countries to the Greek town of Kastanies. He is reported to have spent the night outside and witnesses said he has been trying to shout to reporters on the Turkish side of the border.

During a Tuesday speech, President Recep Tayyip Erdoğan said he and other foreign ISIS members were “not our problem” while also threatening Europe with more such ISIS detainee releases to come: “You should revise your stance towards Turkey, which at the moment holds so many Isis members in prison and at the same time controls those in Syria,” Erdogan told reporters in Ankara on Tuesday.

 

The Greek-Turkish land border at Kastanies where the ISIS suspect is stuck in a buffer zone. Map via BBC

“These gates will open and these Isis members who have started to be sent to you will continue to be sent. Then you can take care of your own problem,” Erdogan added threateningly. Turkish officials last week revealed they have over 1,200 foreign ISIS members in custody.

Erdogan had reportedly been specifically asked about the American during the Tuesday press briefing, at which point he vowed “to continue sending them back”.

Abdullah Bozkurt@abdbozkurt

says his gov’t has more plans to send terrorists back to Europe after he was asked to comment on American ISIS suspect who got pushed by Turkey to Greece on land border, but stuck in no-mans land there. He vows to continue sending them back.

Embedded video

Interestingly, the State Department said it was aware of the developing situation, but did not definitively affirm whether the man is in fact an American citizen or what will be done: “We are aware of reports of the detainment of a US citizen by Turkish authorities,” a spokeswoman said Monday. “Due to privacy considerations we have no further comment.”

Given Erdogan is scheduled to meet Trump at the White House on Wednesday, it could be that the Turkish president is using the “ISIS unleashed on Europe” threat as a major bargaining chip and as leverage in talks with Washington.

An American ISIS suspect literally stuck between borders certainly carries huge symbolism, illustrating the coming renewed crisis on Europe’s borders.

END

ISRAEL/GAZA
ISRAEL IS NOW PREPARING FOR WAR IN GAZA AFTER THEY ASSASSINATE ONE OF THEIR LEADERS ABU AL-ATA
(zerohedge)

Israel “Preparing For War” As 150 Rockets Fired From Gaza

Israel and Gaza are on edge after an Israeli airstrike took out a senior Islamic Jihad commander in the Strip early Tuesday. Palestinian Islamic Jihad militants have since fired some 150 rockets into southern and central Israel, resulting in the closure of schools and public buildings, even in Tel Aviv.

Dozens of rockets have been reported hitting towns and cities throughout Israel after the rare targeted assassination of Islamic Jihad’s Baha Abu al-Ata. The Israeli army is now signalling preparations for war: “We are prepared for several days of battle with an aerial defense shield, including in the center of the country,” IDF spokesperson Hidai Zilberman said.

 

Rockets fired from Gaza on Tuesday, via AFP.

“Approximately 150 rockets and mortar shells were fired from the Gaza Strip at central and southern Israel on Tuesday as of 1 p.m., according to unofficial tallies,” The Times of Israel reports. “Soldiers operating the Iron Dome missile defense system shot down some 60 of those incoming projectiles.”

Israel’s security cabinet held an emergency meeting on Tuesday to mull a response as things escalate quickly. This after Israel expanded its anti-Palestinian militant operations into neighboring Syria, where Israeli strikes additionally targeted another senior Islamic Jihad official, Akram Ajuri.

Reports note that this is the first time in a few years that such a string of high level assassinations have been carried out by the IDF. Drones are still said to be active over Gaza, and Palestinian health authorities have cited multiple civilian deaths and injuries.

Militants in Gaza also said they are “going to war” against Israel: “Palestinian Islamic Jihad declared Tuesday that it was preparing for war with Israel after the IDF carried out a dawn assassination of one of the terror group’s senior leaders in the northern Gaza Strip,” according to local reports.

 

Slain Palestinian Islamic Jihad leader Baha Abu al-Ata, via the AFP.

A follow-up IDF statement said further: “We are ready for various scenarios, both offensive and defensive. We are not interested in escalating the situation.” Israeli officials, in an apparent attempt to excuse the mounting civilian casualties, also accused the Islamic Jihad commander who was targeted as surrounding himself with women and children.

Israel’s Foreign Ministry has said “millions” are now seeking the safety of bomb shelters as rockets from Gaza rain down

“We tried to send a message to Abu al-Ata and the Palestinian Islamic Jihad that we are aware of his actions and to persuade him to stop these attacks. Obviously, these warnings were not successful,” said the IDF.

“Over the last week, we have been waiting for the opportune moment to conduct the surgical strike,” the IDF spokesman added.

 

Via Times of Israel: Israelis take cover from rocket fire on Route 4 near Rishon Lezion on Tuesday.

Chaos has gripped Israeli cities and towns especially in the south, where missile warning sirens are blaring and hospitals are on high alert.

According to the Jerusalem Post, southern Israel is currently under a mandatory emergency advisory:

All non-essential work has been cancelled. Those working in life-saving jobs, such as healthcare workers, are not under the advisory.

The Health Ministry opened an emergency situation room and is working with emergency services, including the Home Front Command, the IDF and Magen David Adom.

Additionally, the ministry announced that all health institutions are prepared for a potential influx of patients.

The Israeli Prime Minister’s office of the successful operation against the Islamic Jihad leader that he was “responsible for many terrorist attacks and the firing of rockets at Israel in recent months and had intended to carry out imminent attacks.”

6.Global Issues

 

I thought the pundits were warning about global warming:  guess again

(courtesy Michael Snyder)

Are You Ready For A Catastrophically Cold Winter? Here’s What The Mainstream Media Won’t Tell You…

Authored by Michael Snyder via TheMostImportantNews.com,

Experts are warning us that this will be a “freezing, frigid, and frosty” winter, and even though the official beginning of winter is still over a month away, it already feels like that in much of the country right now.

Over the next several days, it will literally feel like it is mid-January in much of the central and eastern portions of the United States. Many areas will be hit by temperatures that are 30 degrees below normal, and heavy snow is expected in some areas of the Midwest. Unfortunately, this bitterly cold weather is coming at a very bad time for corn farmers. According to the latest USDA crop progress reportonly 52 percent of the corn in the middle of the country has been harvested. So about half of the corn is still sitting out there, and these extraordinarily low temperatures could potentially be absolutely devastating. In essence, this cold front threatens to put an exclamation point on an absolutely horrific year for U.S. farmers. According to the National Weather Service, we could possibly see “170 potential daily record cold high temperatures” over the next three days

“The National Weather Service is forecasting 170 potential daily record cold high temperatures Monday to Wednesday,” tweeted Weather Channel meteorologist Jonathan Erdman. “A little taste of January in November.”

The temperature nosedive will be a three-day process as a cold front charges across the central and eastern U.S. from Sunday into Tuesday.

We are being told that low temperatures in certain portions of Texas could plunge into the teens, and all across the Upper Midwest we could see low temperatures that are well below zero.

Of course this is not the first wave of record cold weather to come rolling through this season. During the month of October, a couple of major blizzards roared through the Midwest and countless new cold temperature records were established.

And unfortunately we should expect a lot more bitter weather in the months ahead. Both the Farmers’ Almanac and the Old Farmer’s Almanac are projecting that this upcoming winter will be unusually cold and snowy

Not long after the Farmers’ Almanac suggested it would be a “freezing, frigid, and frosty” season, the *other* Farmer’s Almanac has released its annual weather forecast—and it’s equally upsetting.

While the first publication focused on the cold temperatures anticipated this winter, the Old Farmer’s Almanac predicts that excessive snowfall will be the most noteworthy part of the season.

The Old Farmer’s Almanac, which was founded in 1792, says that the upcoming winter “will be remembered for strong storms” featuring heavy rain, sleet, and a lot of snow. The periodical actually used the word “snow-verload” to describe the conditions we can expect in the coming months.

So why is this happening?

It is actually quite simple.

During a solar minimum, solar activity drops to very low levels, and that tends to mean lower temperatures on Earth.

Earlier this year, a panel of experts gathered to discuss the current solar minimum, and they came to the conclusion that it “could last for years”

If you like solar minimum, good news: It could last for years. That was one of the predictions issued last week by an international panel of experts who gathered at NOAA’s annual Space Weather Workshop to forecast the next solar cycle. If the panel is correct, already-low sunspot counts will reach a nadir sometime between July 2019 and Sept 2020, followed by a slow recovery toward a new Solar Maximum in 2023-2026.

“We expect Solar Cycle 25 will be very similar to Cycle 24: another fairly weak maximum, preceded by a long, deep minimum,” says panel co-chair Lisa Upton, a solar physicist with Space Systems Research Corp.

But that would actually be a best case scenario.

There are others that believe that we have now entered a “grand solar minimum” such as the one that our planet experienced several hundred years ago. That one was known as “the Maunder Minimum”, and it resulted in a “little ice age”

The extreme example happened between 1645 and 1715 when the normal 11-year sunspot cycle vanished. This period, called the Maunder Minimum, was accompanied by bitterly cold winters in the American colonies. Fishing settlements in Iceland and Greenland were abandoned. Icebergs were seen near the English channel. The canals of Venice froze. It was a time of great hardship.

Ultimately, the longer winters and shorter summers during the “Maunder Minimum” resulted in famine all over the globe, and multitudes ended up perishing

The Maunder Minimum is the most famous cold period of the Little Ice Age. Temperatures plummeted in Europe (Figs. 14.3–14.7), the growing season became shorter by more than a month, the number of snowy days increased from a few to 20–30, the ground froze to several feet, alpine glaciers advanced all over the world, glaciers in the Swiss Alps encroached on farms and buried villages, tree-lines in the Alps dropped, sea ports were blocked by sea ice that surrounded Iceland and Holland for about 20 miles, wine grape harvests diminished, and cereal grain harvests failed, leading to mass famines (Fagan, 2007). The Thames River and canals and rivers of the Netherlands froze over during the winter (Fig. 14.3). The population of Iceland decreased by about half. In parts of China, warm-weather crops that had been grown for centuries were abandoned. In North America, early European settlers experienced exceptionally severe winters.

So far in 2019, there have been more than 200 days without a single sunspot on the sun.

We do not know when solar activity will return to normal, but for now we should all prepare for a bitterly cold winter.

Beyond that, we had better hope that we have not entered another “Maunder Minimum”, because right now we are struggling to feed everyone on the planet even in the best of years.

Despite all of our advanced technology, we remain deeply dependent on the weather. Even a year or two of bad harvests could potentially be absolutely catastrophic, and the mainstream media will not tell us the truth until it is way too late to do anything about it.

END

BILL Blain sounds the alarm bell that we may have a repeat of the CLO business that failed in 2008

(Bill Blain)

Debt Market Bubble’s Bursting – The ‘CLO Sausage Factory’ Is Stalling

Excerpted from Bill Blain’s Morning Porridge commentary,

I’m intrigued by recent moves in CLOs – Collateralised Loan Obligations. They have been one of the strongest performing sectors of the bond markets for many years. Smart investors realised pooled corporate credit investments spread the risk across a wide range of borrowers, and following the 2008 Global Financial Crisis there were surprisingly few corporate defaults. In fact, as rates tumbled lower investment grade and junk debt performed strongly – making CLOs even more attractive. CLOs are now a $750 bln global market.

But the CLO sausage factory needs constantly fed with new debt to keep churning out new product… Therein lies danger…

Most of the loans making up CLOs are junk leveraged loans – the AAA tranches get paid the interest and principal first and face the lowest risk, while profits go to the CLO equity holders. The theory is simple – although a few loans might go bust in a pool, the others will cover the losses. Have you heard that thinking before?

If you are thinking sub-prime.. give yourself a pat on the back.

Source: Bloomberg

Suddenly there a host of doomsters warning of imminent crisis in CLOs. Bloomberg says Norinchuckin Bank has exited a large part of its CLO book following new financial regulations and greater regulator scrutiny. The Bank of Japan warned its bank charges about ratings and prices of CLOs being vulnerable to substantial falls if market conditions change. Japanese banks are said to hold 15% of the CLO market. Norinchuckin has been one of the largest players in the market – some estimates say it accounts for nearly 10% of the total market!

There has been plenty of anecdotal evidence the quality of loans made to heavily indebted sub-investment grade companies has fallen.  The private equity owners of companies that issue the bulk of the highly leverage loans that make up CLOs have been using ultra-low interest rates to lever up companies to higher and higher levels, spurred on by demand for more and more CLOS! They’ve also been cutting covenant protections – making it simpler to finance more debt, effectively raising the credit risk of each loan, and leaving the end investors even more exposed.

A number of investors have exited the market, concerned that highly levered, covenant lite issuers could see a far greater default rate than before in the event interest rates rise. They’re looking at some deals at the “Whoosh” end of the CLO market where the managers are willing to take greater risks as reminiscent of the Sub-Prime Mortgage crisis where Residential Mortgage Back bonds comprised loans to individuals who were very unlikely to ever be able to pay them back.

On the other hand, a great article in WSJ this morning quotes on CLO buyer as seeing recent price slides as: “we’ve been increasing our double-B allocation in the last month”, spotting the recent sell off in CLO prices may be an opportunity.

It’s a market we’ll be watching in coming months…

END

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

CHILE

Chile, with its massive copper and gold deposits is now under pure panic has the Chilean peso collapses to 800.  Ten years ago it was 450 to the dollar.  Among South American countries Chile has been the most stable

(zerohedge)

“Panic, Pure Panic” – Chilean Peso Collapses To 800/USD, Blowing Through Record Lows

The Chilean peso extended a four-day losing streak on Tuesday, sinking by the most in eight years, to a new record low at 800/USD.

Source: Bloomberg

Bearish market sentiment, political chaos, and a national strike intended to ratchet up pressure on the government and its plans to change the constitution..

 

Source: Bloomberg

“This is panic, pure panic,” said Felipe Alarcon, chief economist at EuroAmerica in Santiago.

“It’s the gringos leaving the country.”

However, Bloomberg reports that Citigroup believes that the Chilean peso is not yet at a stage where BCCh would intervene. (HARVEY: BCCH: CENTRAL BANK OF CHILE)

The central bank last stepped into market in 2009, when CLP’s real effective exchange rate was ~9% weaker than the current level (REER was about 3% weaker in 2014-15 vs now and the bank didn’t intervene back then).

Citi adds that Chile’s low growth, low inflation environment means country can afford weaker currency without much discomfort.

But, according to Eurasia, President Ivan Duque’s low political capital “heightens social risks as discontent with the administration will probably increase adherence to a national protest” planned for Nov 21.

END

BOLIVIA

Good reason why the West orchestrated a coup against Evo Morales:  they need its Lithium deposits.  Bolivia accounts for 50 to 70% of the world’s lithium needs

(zerohedge)

Bolivian Coup Comes Less Than A Week After Morales Stopped Lithium Deal

Authored by Eoin Higgins via CommonDreams.org,

The Sunday military coup in Bolivia has put in place a government which appears likely to reverse a decision by just-resigned President Evo Morales to cancel an agreement with a German company for developing lithium deposits in the Latin American country for batteries like those in electric cars.

“Bolivia’s lithium belongs to the Bolivian people,” tweeted Washington Monthly contributor David Atkins.

Not to multinational corporate cabals.”

The coup, which on Sunday resulted in Morales resigning and going into hiding, was the result of days of protests from right-wing elements angry at the leftist Morales government. Sen. Jeanine Añez, of the center-right party Democratic Unity, is currently the interim president in the unstable post-coup government in advance of elections.

Investment analyst publisher Argus urged investors to keep an eye on the developing situation and noted that gas and oil production from foreign companies in Bolivia had remained steady.

The Morales move on Nov. 4 to cancel the December 2018 agreement with Germany’s ACI Systems Alemania (ACISA) came after weeks of protests from residents of the Potosí area. The region has 50% to 70% of the world’s lithium reserves in the Salar de Uyuni salt flats.

Among other clients, ACISA provides batteries to Tesla; Tesla’s stock rose Monday after the weekend.

As Bloomberg News noted in 2018, that has set the country up to be incredibly important in the next decade:

Demand for lithium is expected to more than double by 2025. The soft, light mineral is mined mainly in Australia, Chile, and Argentina. Bolivia has plenty—9 million tons that have never been mined commercially, the second-largest amount in the world—but until now there’s been no practical way to mine and sell it.

Morales’ cancellation of the ACISA deal opened the door to either a renegotiation of the agreement with terms delivering more of the profits to the area’s population or the outright nationalization of the Bolivian lithium extraction industry.

As Telesur reported in June, the Morales government announced at the time it was “determined to industrialize Bolivia and has invested huge amounts to ensure that lithium is processed within the country to export it only in value-added form, such as in batteries.”

It’s unclear what the next steps are for the industry in a post-coup Bolivia, according to global intelligence analysis firm Stratfor:

In the longer term, continued political uncertainty will make it more difficult for Bolivia to increase its production of strategic metals like lithium or develop a value-added sector in the battery market. The poor investment climate comes at a time of expanding global opportunities in lithium-ion battery production to meet rising demand from electric vehicle manufacturing.

ACISA told German broadcaster DW last week that the company was “confident that our lithium project will be resumed after a phase of political calmness and clarification.”

On Sunday, Morales resigned.

end

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

Euro/USA 1.1012 DOWN .0008 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /ALL GREEN

 

 

USA/JAPAN YEN 109.21 UP 0.162 (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 1.2831   DOWN   0.0023  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TO OCT 31/2019//

USA/CAN 1.3059 UP .0005 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  TUESDAY morning in Europe, the Euro FELL BY 23 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1012 Last night Shanghai COMPOSITE CLOSED UP 4.85 POINTS OR 0.17% 

 

//Hang Sang CLOSED UP 138.73 POINTS OR 0.52%

/AUSTRALIA CLOSED DOWN 0,29%// EUROPEAN BOURSES ALL GREEN

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 138.73 POINTS OR 0.52%

 

 

/SHANGHAI CLOSED UP 4.85 POINTS OR 0.17%

 

Australia BOURSE CLOSED DOWN. 29% 

 

 

Nikkei (Japan) CLOSED UP 188.17  POINTS OR 0.81%

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1453.75

silver:$16.80-

Early TUESDAY morning USA 10 year bond yield: 1.94% !!! UP 0 IN POINTS from MONDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.41 DOWN 1  IN BASIS POINTS from MONDAY night.

USA dollar index early TUESDAY morning: 98.39 UP 19 CENT(S) from  MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing TUESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.37% UP 1 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: -.02%  UP 4   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.45%//UP 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,21 DOWN 5 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 76 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.25% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.46% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR TUESDAY

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

Euro/USA 1.1014  DOWN     .0020 or 20 basis points

USA/Japan: 109.16 DOWN .115 OR YEN DOWN 12  basis points/

Great Britain/USA 1.2841 DOWN .0012 POUND DOWN 12  BASIS POINTS)

Canadian dollar UP 5 basis points to 1.3086

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 7.0079    ON SHORE  (DOWN).

 

THE USA/YUAN OFFSHORE:  67.0103  (YUAN DOWN)..

 

TURKISH LIRA:  5.7781 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at -.02%

 

Your closing 10 yr US bond yield UP 0 IN basis points from TUESDAY at 1.94 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.41 DOWN 1 in basis points on the day

Your closing USA dollar index, 98.36 UP 16  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED UP 48.64 OR  0.66%

German Dax :  CLOSED UP 98.53 POINTS OR .75%

 

Paris Cac CLOSED UP 24.65 POINTS 0.54%

Spain IBEX CLOSED DOWN 73.70 POINTS or 0.79%

Italian MIB: CLOSED UP 318.47 POINTS OR 1.36%

 

 

 

 

 

WTI Oil price; 57.16 12:00  PM  EST

Brent Oil: 62.23 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    64.21  THE CROSS HIGHER BY 0.32 RUBLES/DOLLAR (RUBLE LOWER BY 32 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.25 FOR THE 10 YR BOND 1.00 PM EST EST

END

 

This ends the stock indices, oil price, currency crosses and interest rate closes for today 4:30 PM

Closing Price for Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OIL PRICE 4:30 PM :  56.28//

 

 

BRENT :  62.04

USA 10 YR BOND YIELD: … 1.92..DOWN 2 BASIS PTS…

 

 

 

USA 30 YR BOND YIELD: 2.39…DOWN 3 BASIS PTS…

 

 

 

 

 

EURO/USA 1.1009 ( DOWN 25   BASIS POINTS)

USA/JAPANESE YEN:108.99 DOWN .055 (YEN UP 6 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 98.35 UP 15 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2851 DOWN 2  POINTS

 

the Turkish lira close: 5.7787

 

 

the Russian rouble 64.23   DOWN 0.33 Roubles against the uSA dollar.( DOWN 33 BASIS POINTS)

Canadian dollar:  1.3236 DOWN 2 BASIS pts

USA/CHINESE YUAN (CNY) :  7.0079  (ONSHORE)/

 

 

USA/CHINESE YUAN(CNH): 7.0188 (OFFSHORE)

 

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

 

The Dow closed UP 0.00 POINTS OR 0.00%

 

NASDAQ closed UP 21.81 POINTS OR 0.26%

 


VOLATILITY INDEX:  12.73 CLOSED UP .04

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

 

USA trading today in Graph Form

Trade-Deal Doubts, Peak ‘Put-Puke’, & Extreme Greed Spark Stock Stumble

If “greed” is good…

….then “Extreme Greed” is better…

 

And when you’re ‘extremely” greedy, you don’t need hedges… hence the “put-puke” – which saw a very modest reversal today after days of collapse…

Source: Bloomberg

And, thanks to Trump’s comments and China Global Times’ “lies” response, the market’s pricing of a US-China trade deal slipped…

Source: Bloomberg

Which sent US equity markets red after hope-filled overnight markets expected something great from Trump’s speech, (but Larry Kudlow came on CNBC around 1500ET and jawboned stocks and then a well-timed headline on tax cuts lifted stocks a little more)…

Source: Bloomberg

Big reversal in cyclical stocks today as hope for Trump’s trade speech faded…

Source: Bloomberg

Shorts were squeezed at the open once again BUT this time it was different as “most shorted” stocks were slammed lower…

Source: Bloomberg

The recent series of fresh record highs for U.S. stocks is not being matched by a gauge of broader market strength, suggesting the gains should be treated with caution.

As Bloomberg reports, The McClellan Oscillator, a measure of breadth momentum, is trading below zero — an “unusually weak reading” with the S&P 500 Index at all-time highs, according to Sundial Capital Research Inc. founder Jason Goepfert. The divergence is a modest near-term negative for stocks, having preceded poor short-term returns in the past, he wrote in a note Monday.

And the SMART Money flow remains unimpressed…

Source: Bloomberg

Having reopened after yesterday’s Veterans Day closure, bonds were bid today…

Source: Bloomberg

A massive 10-part $30 bn debt issue from Abbvie (to fund its purchase of Allergan) perhaps explains the surge in yields late last week as managers enacted rate-locks…

Source: Bloomberg

Meanwhile, elsewhere in bond-land, it appears the idea of Legere taking over as CEO has done nothing for WeWork as its bonds collapse to new record lows (yield now at 14.5%)…

Source: Bloomberg

And just in case you wondered, the cost of hedging against a Chinese currency devaluation or sovereign debt crisis is the lowest since 2008…

Source: Bloomberg

The dollar rallied for the 6th day of the last 7…

Source: Bloomberg

Offshore Yuan slipped lower today as trade deal odds fell…

Source: Bloomberg

The Chilean Peso plummeted to a record low, over 800/USD for the first time…

Source: Bloomberg

Cryptos were somewhat volatile today but ended almost unch…

Source: Bloomberg

Commodities were divergent today with crude and copper sliding as PMs rallied late on…

Source: Bloomberg

Gold was hit multiple times but rebounded each time and ended marginally higher…

 

Finally it seems the upside momo from trade headlines has been used up as markets seemed more comfortable selling rips today on any hesitation…

MONETARY MAYHEM™@MONETARY_MAYHEM

algo’s when a new trade deal headline hits

Embedded video

And very quietly, the money is moving away from Elizabeth Warren…

Source: Bloomberg

And while the odds are high that the House impeaches, they are just as high that the Senate won’t and Trump will serve out his first term…

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

MARKET TRADING//USA

a)Market trading/THIS MORNING/USA

Another Short-Squeeze Sends S&P Over 3,100 For First Time Ever

Perhaps on the heels of hopes that Trump will say something about the China trade deal (of course he will), US equity indices ripped out of the gate as markets opened this morning as the insta-BTFD army of algos squeezed shorts once again…

Sending the S&P 500 above 3,100 for the first time ever…

Source: Bloomberg

“Extreme Greed” it is…

Melt-up, indeed…

end

b)MARKET TRADING/USA/AFTERNOON

and they expect that there is going to be a trade deal?

(zerohedge)

Stocks Stall After Chinese Media Comments On Trump Speech “Lies”

Following President Trump’s somewhat aggressive speech to The Economic Club of New York, unofficial mouthpiece China Global Times tweeted:

Hu Xijin 胡锡进

@HuXijin_GT

Quite a lot of criticisms and complaints about China from President Trump in his latest speech, but hardly anything new. Similar statements of senior US officials have bored people. It seems this US administration really believes a lie repeated a thousand times becomes truth.

160 people are talking about this

And that has sparked anxiety in stocks…

Pushing Dow futures red…

 

 

ii)Market data/USA

iii) Important USA Economic Stories

The sorry state of affairs inside the Illinois pension hole. It just deepened by a huge 75% in this last 10 yr cycle

(zerohedge)

US Stock Markets Up 200%, Yet Illinois Pension Hole Deepens 75%

Authored by Ted Dabrowski and John Klingner via Wirepoints.org,

Not even the nation’s longest-ever bull market run has been able to save Illinois’ crumbling pension funds.

Despite a tripling in the value of the S&P 500 index since July 2009, Illinois’ pension shortfall has worsened by 75 percent during the same period.

In 2009, the shortfall in Illinois’ five state-run funds stood at “just” $78 billion. Today, the funding hole is at a record $137 billion, a $59 billion increase. That’s according to preliminary actuarial reports recently released by the state pension funds.

 

The warning this trend provides is stark: if pension debts in Illinois continue to grow during a period of remarkable stock market returns, imagine how those funds will fare when the next recession inevitably hits.

The state’s overwhelming pension costs are leaving no Illinoisans unscathed. The state’s total combined state and local taxes, adjusted for cost of living, are now the third-highest in the country, according to Wallethub. Home values, adjusted for inflation, are negative and bucking the upward trend in the rest of the nation. And core services are being cut to make room for contributions to the pension funds. Pension costs already consume more than 25 percent of the state’s general fund budget. No other state in the country spends that much on pensions.

At just 38 percent funded, only Kentucky (34 percent) and New Jersey (36 percent) have worse-funded pensions than Illinois, according to the Pew Charitable Trusts’ most recent state-by-state comparison.

Chicago’s pensions suffering even more

Chicago has suffered the same downhill trend as the state, but it’s problems are far more acute. 

The city’s pension hole – what it owes to police, firefighters, laborers, municipal workers and teachers – deepened by 150 percent over the decade even as markets gained ground.

In 2009, Chicagoans were on the hook for about $17 billion in official pension shortfalls. Today, they’re on the hook for over $40 billion.

Several funds in Chicago are already in danger of running out of money entirely. The firefighter’s pension fund, for example, is just 18 percent funded. Its assets only cover a little over three years of benefit payouts.

The city’s police and municipal funds aren’t much better off, at just 25 percent funded. Without fresh contributions, both only have enough assets to cover about four years of benefits.

Current retirees will suffer from any collapse – their monthly pension checks could fail to arrive.

It’s important to note that the official numbers provided by state and Chicago officials above significantly understate the true pension shortfalls in Illinois.

Moody’s Investor Service recently released their 2018 calculations of state debt. Under the agency’s more realistic assumptions, Illinois owes over $241 billion in state pension debt – the most in the nation.

And Chicagoans –  when you add up all of Moody’s calculated city, state and other local debts – are on the hook for $150 billion in overlapping retirement shortfalls.

A fool’s game

Politicians are trying to hang onto the status quo, hoping that massive tax hikes, whether its a progressive tax at the state level or higher property taxes in Chicago, will keep the plans afloat. It’s a fool’s game.

Illinois has shrunk four years in a row as record numbers of Illinoisans flee the state. Illinois has lost more people to out-migration since 2000 than any other state in the nation save New York.

Illinoisans are now on the hook for more government-worker pension debts than any other state in the country, and more than they can ever repay. But watch out. Without reforms that significantly reduce those debts, expect things to get worse. The burden will grow as more and more Illinoisans flee.

end
It looks like this is what Trump will run on…a 15% tax rate for the middle class..especially if the China/USA deal falters
(zerohedge)

iv) Swamp commentaries)

Trump to release the transcript of the first Ukrainian call

(zerohedge)

Trump To Release “Tantalizing” Transcript Of First Ukraine Call This Week

As the long-awaited ‘public’ impeachment hearings loom – seemingly to discuss the opinions of various leftists about the actual words that Trump and Ukraine’s president Zelensky spoke according to the actual transcript – it appears President Trump has another ace up his sleeve.

As he hinted at on Friday, the president just confirmed by tweet that he will release the transcript of the “most important” first call with the President of Ukraine this week

Donald J. Trump

@realDonaldTrump

In order to continue being the most Transparent President in history, I will be releasing sometime this week the Transcript of the first, and therefore most important, phone call I had with the President of Ukraine. I am sure you will find it tantalizing!

Trump spoke with Zelensky for the first time shortly after he was elected president of Ukraine in April. The call preceded the July 25 phone conversation that has become the center of the Democrats’ impeachment farce.

The release of this first transcript is likely to distract from the testimonies of various ‘insiders’ this week.

President Trump was not done, however, as he took aim once again at Rep. Schiff…

Donald J. Trump

@realDonaldTrump

Schiff is giving Republicans NO WITNESSES, NO LAWYER & NO DUE PROCESS! It is a totally one sided Witch Hunt. This can’t be making the Democrats look good. Such a farce!

Donald J. Trump

@realDonaldTrump

Just like Schiff fabricated my phone call, he will fabricate the transcripts that he is making and releasing!

Grab your popcorn, it’s going to be a fun week.

Donald J. Trump

@realDonaldTrump

Read the Transcript. It is PERFECT!

end
The Horowitz report is coming next week and it will be very damning and criminal referrals are mostly likely
(Sara Carter)

Horowitz Report Will Be Damning, Criminal Referrals Likely

Authored by Sara Carter via SaraACarter.com,

Department of Justice Inspector General Michael Horowitz’s much anticipated report on his investigation into the FBI’s probe into President Trump’s campaign is expected to be made public before Thanksgiving and the outcome is alleged to contain several criminal referrals, according to sources who spoke with SaraACarter.com.

Horowitz’s investigation on the bureau’s probe into the now debunked theory that Trump colluded with Russia in the 2016 presidential election will more than likely result in the declassification of documents – requested by senior Republican lawmakers for more than several years. These are the same documents President Trump turned over to Attorney General William Barr in May,  giving him ‘full and complete authority” to declassify.

Those documents will contain several classified pages of the Foreign Intelligence Surveillance Act on former Trump campaign advisor Carter Page, exculpatory evidence that was withheld from the Foreign Intelligence Surveillance Court, the so-called ‘Gang of Eight’ folder (which contained exculpatory information), as well as the email chain between FBI investigators in the Russia probe and then-FBI Director James Comey.Those emails also include discussions with lawyers in the DOJ’s national security division. As previously reported, the email chains will contain information that prove the FBI knew prior to obtaining a warrant to spy on Page that former British spy Christopher Steele’s information in his infamous dossier on Trump could not be proven.

It is also expected to reveal that the FBI knew that Steele was leaking to the media but then used those media reports are separate evidence in their request for a FISA warrant, known as circular intelligence reporting. Circular reporting is when a law enforcement official uses false confirmation by making a piece of information appear to come from multiple independent sources.

Horowitz’s report is also going to contain evidence that the FBI handled Hillary Clinton’s campaign differently than that of President Trump’s campaign. It will reveal that she had received a detailed debriefing from the FBI on foreign attempts to make contact with her campaign. It will reveal the deep bias and animus those FBI officials had toward the Trump campaign.

It is the most highly anticipated Horowitz report during the Trump administration’s tenure. Why? Because for more than three years the American people have not had closure or resolution to what exactly warranted the FBI investigation to spy on a presidential campaign, or for that matter on the President.

It will also weaken House Intelligence Committee Chairman Adam Schiff’s current impeachment probe into Trump, as it will prove that his previous statements in support of the FBI’s FISA into Page was based solely on his biased against Trump. This bias, say Republican officials, continues with his push to impeach the President.

“If it’s strong and comes out soon, the IG report will do some real damage to the Democrats’ impeachment charade. It would show that Resistance bureaucrats really are conspiring to take down Trump,” said a House Republican source.

“It would also fatally undermine the credibility of Schiff, who argued vehemently that there were no FISA abuses—it will mean that, as Intel Committee Chairman, he’s ignoring severe abuses for purely political purposes.”

Those political purposes lead to the most important question lingering in Horowitz’s investigation:

Did senior officials within the FBI and U.S. intelligence apparatus weaponize the system for political purposes against a candidate for the presidency and did they continue to do so after Trump had been elected?

Unlike Horowitz’s other reports, this investigation, which focuses on the machinations of the FBI’s initial beginnings of the probe, is sure to bring with it a wave of new information that the public may not be aware of and the bureau’s connections to the intelligence communities role in its initial investigation.

The players: former FBI Director James Comey, former Deputy Director of the FBI Andrew McCabe, former Special Agent Peter Strzok, along with Strzok’s paramour FBI lawyer Lisa Page, are among some of the cast of characters in Horowitz’s report. Others, like former CIA Director John Brennan, former Director of National Intelligence James Clapper and DOJ official Bruce Ohr may also play a part in his investigation. However, Horowitz has been careful not to let anything leak – not even the day he plans to release the report, which we now know was completed in mid-September and being reviewed for classification purposes with the FBI and DOJ.

Here’s what to expect: According to several sources the report will be ‘damning’ and will allegedly contain criminal referrals on former FBI officials. The report will apparently have at least two criminal referrals, said two sources, with knowledge. One of those criminal referrals is expected to be Comey. However, the Inspector General’s office has not been

Those referrals allegedly will be made based on information and evidence obtained by the Inspector General and may very well have been the reason Justice Department Attorney General William Barr and Connecticut prosecutor John Durham opened a criminal probe into the FBI’s investigation into the President.

Some information has already been made public. In a recent interview with Fox New’s Martha McCallum Sen. Lindsey Graham, who has spoken with Barr, said “I think his report is going to be stunning. I think it is going to be damning. I think it’s going to prove that the system got off the rails and we need corrective action.”

As chairman of the Senate Judiciary Committee, Graham, told McCallum his committee will be examining the FBI’s use of a FISA warrant on Page, alongside the current investigation being conducted separately by Durham.

He must.

The question as to what extent the senior intelligence and federal law enforcement officials weaponized the most trusted institutions in our nation should be answered and made public for the American people.

If senior government officials broke the law and abused the system then they must be held accountable and there should never be any question of a two-tiered justice system in our nation.

end
This is no doubt illegal: whistleblower accepts 230,000 in illegal gifts via gofundme
(zerohedge)

Complaint Alleges Whistleblower Accepted $230K In Illegal Gifts Via GoFundMe Page

A complaint filed to the Intelligence Community’s Inspector General has accused the Ukraine whistleblower, believed to be a CIA operative named Eric Ciaramella, of violating federal law by soliciting money and gifts via a GoFundMe page that has so far raised nearly $230,000, Fox News reports.

The GoFundMe page

Fox only just received a copy of the complaint, which was filed last week. It alleges that the donations from roughly 6,000 individuals “clearly constitute” gifts to a current intelligence official, which may be restricted because of the employee’s official position pursuant to 5 CFR 2635.203 and other statutes.

 

The complaint also raised the possibility that some of the donations may have come from prohibited sources, and urged the ICIG to investigate whether any “foreign citizen or agent of a foreign government” contributed.

Tully Rinckey, the whistleblower’s law firm, is refusing to comment on his identity despite several reports claiming to identify the whistleblower. However, they have at least confirmed that the holder of the top-secret SCI security clearance has served in government.

The fundraising page claims that “donations will only be accepted from US citizens.” But most of the donors who have contributed were not named, and it’s likely the ICIG will need to subpoena GoFundMe to learn the identities of all 6,000+ donors.

For the record, the whistleblower’s law firm isn’t trying to obscure the campaign. In fact, they have insinuated that they started the campaign on behalf of their client, perhaps because of the tremendous legal bills that he will likely be saddled with from his campaign to undermine the president.

The whistleblower’s attorneys have called the GoFundMe a way to “help support the Intelligence Community Whistleblower [to] raise funds,” and the GoFundMe page itself states that “A U.S. intelligence officer… needs your help” in the form of a “crowdfunding effort to support the whistleblower’s lawyers.”

Though the ICIG’s office refused to comment on the case for Fox, it’s worth noting that the Office of Government Ethics (OGE) warned federal government employees earlier this year that they “may not accept any gift given because of the employee’s official position,” meaning that the gift would “not have been given had the employee not held the status, authority, or duties associated with the employee’s federal position.”

Still, some pundits insisted they thought the fund raiser would probably qualify as legal. Others said one could argue that the donations count as a “gift”, and are therefore illegal.

Whatever happens, it’s a moot point. Because it’s likely the whistleblower’s law firm will take every cent of that money in “fees”.

end

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

@charliekirk11: Adam Schiff has blocked every GOP witness from testifying before his impeachment committee

A veteran journalist told us after Schiff blocked all GOP witnesses that it should be apparent to everyone that Schiff’s process is a total sham.  It is not a real impeachment effort; it’s a publicity stunt.

@1776Stonewall: Did you know that Obama had eight whistleblowers? And that in each case he had his FBI bust into their homes, arrest them and charge them with spying?

Obama Whistleblower Prosecutions Lead to Chilling Effect on Press

“The Obama administration’s been extremely aggressive in trying to root out whistleblowers within the government,” NBC News investigative reporter Michael Isikoff says…

https://www.huffpost.com/entry/obama-whistleblower-prosecutions-press_n_3091137

Vindman testified that Obama sent “a fairly significant number of Javelins” [missiles] to Ukraine.  The omnipotent, all-knowing Ukraine expert is wrong.

https://twitter.com/ByronYork/status/1193255269918216197

Excerpts from Alexander Vindman’s Testimony to Congress Raises Questions about Credibility

      Vindman thought that the Obama administration provided lethal military assistance to Ukraine when, in fact, the Obama administration did not… The large sale of Javelin anti-tank missiles to Ukraine took place under the Trump administration, which also sold millions of dollars worth of anti-material sniper systems to Ukraine…

https://www.dailywire.com/news/excerpts-from-alexander-vindmans-testimony-to-congress-raises-questions-about-credibility

@johncardillo: Dems are keeping failed Biden in the race because he and his son appear guilty as hell, and the coup impeachment hoax all falls apart if he’s not a presidential candidate.

NY Times: ‘Tidal Wave’ of Mass Immigration Hands Virginia to Democrats

[This is the bottom-line explanation of the US’s immigration political fight.  It’s all about the votes!]

In 1990, Virginia was home to less than 312,000 foreign-born residents. Today, there are close to 1.1 million, almost four times what the population was three decades before…

    The impact of legal immigration levels was evident in the 2016 election… Among native-born Americans, Trump won 49 percent to Clinton’s 45 percent, according to exit polling data. Among foreign-born residents, Clinton dominated against Trump, garnering 64 percent of the immigrant population’s vote compared to Trump’s mere 31 percent…

https://www.breitbart.com/politics/2019/11/10/ny-times-tidal-wave-mass-immigration-hands-virginia-democrats/

Man arrested at CA train station — for eating sandwich!

When the man asked why he was being detained, the officer replied, “For eating. It’s illegal. It’s a violation of California law.”… “I hope they start focusing on stuff that actually matters like people shooting up dope, hopping the BART, people getting stabbed,” Foster said after the incident…

http://www.theamericanmirror.com/video-man-arrested-at-ca-train-station-for-eating-sandwich/

@billyweather: The official snow total for Chicago stands at 3.4″ bringing the seasonal total to 8.1″, now the second snowiest start to a season on the books since 1884-85. Only 1951 with 13.7″ any snowier.

Well that is all for today

I will see you Wednesday night.

 

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