NOV 13/GOLD UP $9.50 TO $1462.70//SILVER UP 20 CENTS TO $16.94//HONG KONG IN CHAOS TONIGHT//POLAND CITIZENS PROTEST AGAINST THE EUROPEAN UNION//ISRAEL ON VERGE OF WAR AGAINST HAMAS/JIHADIST IN GAZA//REP MOONEY WRITES TO BILL BARR ASKING HIM TO CAUSE THE CFTC TO ANSWER HIS QUESTIONS//

GOLD::$1462.70 UP $9.50    (COMEX TO COMEX CLOSING)

 

 

 

 

 

 

Silver:$16,94 UP 20 CENTS  (COMEX TO COMEX CLOSING)

Closing access prices:

 

 

 

 

Gold :  $1462.70

 

silver:  $16.95

 

COMEX DATA

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

today RECEIVING:  4/4

DLV615-T CME CLEARING
BUSINESS DATE: 11/12/2019 DAILY DELIVERY NOTICES RUN DATE: 11/12/2019
PRODUCT GROUP: METALS RUN TIME: 20:14:57
EXCHANGE: COMEX
CONTRACT: NOVEMBER 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,452.100000000 USD
INTENT DATE: 11/12/2019 DELIVERY DATE: 11/14/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
435 H SCOTIA CAPITAL 1
657 C MORGAN STANLEY 1
661 C JP MORGAN 4
737 C ADVANTAGE 2
____________________________________________________________________________________________

TOTAL: 4 4
MONTH TO DATE: 1,298

we are coming very close to a commercial failure!!

 

 

NUMBER OF NOTICES FILED TODAY FOR  NOV CONTRACT: 4 NOTICE(S) FOR 400 OZ (0.0124 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  1298 NOTICES FOR 129800 OZ  (4.0378 TONNES)

 

 

 

SILVER

 

FOR NOV

 

 

27 NOTICE(S) FILED TODAY FOR 135,000  OZ/

 

total number of notices filed so far this month: 510 for 2,550,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXX

 

 

Bitcoin: OPENING MORNING TRADE :  $ 8770 DOWN 46  

 

 

 

Bitcoin: FINAL EVENING TRADE: $ 8768 DOWN 50

 

 

 

 

Let us have a look at the data for today

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IN SILVER THE COMEX OI ROSE BY A GOOD  SIZED 596 CONTRACTS FROM 221,526 UP TO 222,122 DESPITE THE 10 CENT LOSS IN SILVER PRICING AT THE COMEX.

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

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

FOR NOV 0,; DEC  817 AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  817 CONTRACTS. WITH THE TRANSFER OF 817 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 817 EFP CONTRACTS TRANSLATES INTO 4.095 MILLION OZ  ACCOMPANYING:

1.THE 10 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 10TH 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 ROSE 20 CENTS ). OUR OFFICIAL SECTOR/BANKERS HOWEVER WERE AGAIN UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE  SILVER LONGS AS THE TOTAL GAIN IN OI ON BOTH EXCHANGES TOTALED A STRONG 1413 CONTRACTS. OR 7.065 MILLION OZ..THE RAID BY OUR BANKERS FAILED AS THEY COULD JUST NOT COVER ANY OF THEIR HUGE SHORTFALL.

 

 

 

 

 

 

 

 

 

 

 

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

22,222 CONTRACTS (FOR 9 TRADING DAYS TOTAL 22,222 CONTRACTS) OR 111.11 MILLION OZ: (AVERAGE PER DAY: 2469 CONTRACTS OR 12.345 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF AUGUST:  111.11 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 15.87% 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:          1865.80   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

OCTOBER 2019 ISSUANCE:                                                           146.14 MILLION OZ

 

RESULT: WE HAD A CONSIDERABLE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 596, DESPITE THE 10 CENT LOSS IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A  GOOD SIZED EFP ISSUANCE OF 817 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) .

 

TODAY WE GAINED A STRONG SIZED: 1413 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 817 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH INCREASE OF 596  OI COMEX CONTRACTS. AND ALL OF THIS  DEMAND HAPPENED WITH A 10 CENT LOSS IN PRICE OF SILVER AND A CLOSING PRICE OF $16.74 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. 1.113 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: 27 NOTICE(S) FOR 135,000 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 3722 CONTRACTS, SURPASSING   THAT PREVIOUS TIME RECORD  OF 708,244 SET FRIDAY NOV 8/2019. THE GAIN IN OI SURPRISINGLY OCCURRED WITH A  $3.40 PRICING LOSS WITH RESPECT TO COMEX GOLD PRICING RAID// TODAY// / THE OPEN INTEREST AT THE GOLD COMEX RESTS TONIGHT  AT 708,463..A NEW RECORD DULY RECORDED

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A STRONG SIZED 7178 CONTRACTS:

NOV 2019: 0 CONTRACTS, DEC>  5932 CONTRACTS, FEB: 1246 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 708,463. A NEW RECORD,,.  ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE AN ATMOSPHERIC AND CRIMINALLY SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 10,900 CONTRACTS: 3722 CONTRACTS INCREASED AT THE COMEX  AND 7178 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 10,900 CONTRACTS OR 1,090,000 OZ OR 33.90 TONNES.  YESTERDAY WE HAD A LOSS OF $3.40 IN GOLD TRADING….

AND WITH THAT LOSS IN  PRICE, WE  HAD A STRONG GAIN IN GOLD TONNAGE OF 33.90  TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR WERE SUPPLYING INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON AS ANOTHER RAID WAS INITIATED WHICH EVENTUALLY FAILED. THE BANKERS WERE VERY SUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (DOWN $3.40) .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 : 98,964 CONTRACTS OR 9,896,400 oz OR 307.82 TONNES (9 TRADING DAY AND THUS AVERAGING: 10,996 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 9 TRADING DAYS IN  TONNES: 307.82 TONNES

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

THUS EFP TRANSFERS REPRESENTS 307.82/3550 x 100% TONNES =8.67% OF GLOBAL ANNUAL PRODUCTION

 

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     5399.36  TONNES

JANUARY 2019 TOTAL EFP ISSUANCE;   531.20 TONNES

FEB 2019 TOTAL EFP ISSUANCE:             344.36 TONNES

MARCH 2019 TOTAL EFP ISSUANCE:       497.16 TONNES

APRIL 2019 TOTAL ISSUANCE:                 456.10 TONNES

MAY 2019 TOTAL ISSUANCE:                    449.10 TONNES

JUNE 2019 TOTAL ISSUANCE:                   642.22 TONNES

JULY 2019: TOTAL ISSUANCE:                    591.56 TONNES

AUG. 2019 TOTAL ISSUANCE:                    639.62 TONNES

SEPT 2019 TOTAL EFP ISSUANCE              509.57 TONNES

OCT 2019 EFP ISSUANCE                           497.16 TONNES

 

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

 

Result: A STRONG SIZED INCREASE IN OI AT THE COMEX OF 3722 DESPITE THE  PRICING GAIN THAT GOLD UNDERTOOK YESTERDAY($9.50)) //.WE ALSO HAD  A STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 7,178 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 SEEMS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 7,178 EFP CONTRACTS ISSUED, WE  HAD AN ATMOSPHERIC  AND CRIMINALLY SIZED GAIN OF 10,900 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

7,178 CONTRACTS MOVE TO LONDON AND 3722 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 33.90 TONNES). ..AND THIS HUGE INCREASE OF  DEMAND OCCURRED DESPITE THE GAIN IN PRICE OF $9.50 WITH RESPECT TO YESTERDAY’S TRADING AT THE COMEX.

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

 

 

 

 

 

 

 

 

we had:  4 notice(s) filed upon for 400 oz of gold at the comex.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD...

 

WITH GOLD UP $9.50 TODAY//(COMEX-TO COMEX)

a  small withdrawal of .32 tonnes and this is probably for fees like storage, insurance etc.

NOV 13/2019/Inventory rests tonight at 896.77 tonnes

 

 

SLV/

 

WITH SILVER UP 20 CENTS TODAY: 

 

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//

WITHDRAWAL OF 2.524 MILLION OZ//

 

/INVENTORY RESTS AT 376.648 MILLION OZ

 

 

 

 

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

 

 

end

 

OUTLINE OF TOPICS TONIGHT

 

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

1. Today, we had the open interest in SILVER ROSE BY A STRONG SIZED 596 CONTRACTS from 221,526 UP TO 222,122 AND CLOSER TO A  NEW COMEX RECORD.  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

 

 

 

 

EFP ISSUANCE: 

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

 FOR NOV. 0; FOR DEC  817  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 817 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE OI GAIN AT THE COMEX OF 817  CONTRACTS TO THE 817 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN AN ATMOSPHERIC AND CRIMINALLY SIZED GAIN OF 1413 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 7.065 MILLION OZ!!! AND YET WE ALSO HAVE A STRONG DEMAND FOR PHYSICAL AS WE WITNESSED A FINAL STANDING OF GREATER THAN 30 MILLION OZ FOR JULY, A STRONG 7.475 MILLION OZ FOR AUGUST..  A HUGE 39.505  MILLION OZ  STANDING FOR SILVER IN SEPTEMBER… OVER 2 million  OZ STANDING FOR THE NON ACTIVE MONTH OF OCTOBER.,  7.440 MILLION OZ FINALLY STANDING IN NOVEMBER.  21.925 MILLION OZ STANDING IN DECEMBER , 5.845 MILLION OZ STANDING IN JANUARY. 2.955 MILLION OZ STANDING IN FEBRUARY,  27.120 MILLION OZ FOR MARCH., 3.875 MILLION OZ FOR APRIL  18.765 MILLION OZ FOR MAY  NOW 2.660 MILLION OZ FOR JUNE WITH JULY AT 22.605 MILLION OZ AUGUST AT 10.025 MILLION OZ//  SEPT: 43.030 MILLION OZ///OCT: 7.665 MILLION OZ//

 

 

RESULT: A STRONG SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 10 CENT LOSS IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A GOOD SIZED 817 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

)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED DOWN 9.58 POINTS OR 0.33%  //Hang Sang CLOSED DOWN 493.80 POINTS OR 1.82%   /The Nikkei closed DOWN 200.14 POINTS OR0.85%//Australia’s all ordinaires CLOSED DOWN .75%

/Chinese yuan (ONSHORE) closed DOWN  at 7.0203 /Oil DOWN TO 56/88 dollars per barrel for WTI and 61.44 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.0203 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.0214 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 ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

3A//NORTH KOREA/ SOUTH KOREA

 

3b) REPORT ON JAPAN

3C  CHINA

i)Hong Kong, Beijing/USA//last night

This is getting to look very ugly.  Beijing slams the uSA hypocrisy over their non action on Hong Kong violence as students now use bows and arrows aimed at police

(zerohedge)

ii)Hong Kong/this morning

Protests continue this morning as we now see the protesting occupying weekdays as well as weekends.
This is paralyzing the city. Mainland China contemplates intervening  which would be deadly
(zerohedge)

4/EUROPEAN AFFAIRS

i)Poland

Protesting has now morphed to Poland where we witness 50,000 Polish patriots march to save the country form the “disastrous European Union”

(zerohedge)

ii)UK

Bill Blain this morning on UK spending with refenence to the clueless politicians

(Bill Blain)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL

The EU court makes a foolish ruling that all products form Israeli settlements in occupied territories be labelled as such and not state” made in Israel”.  This has angered the Israelis to no end

(zerohedge)

6.Global Issues

 

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

BRAZIL

Leftist Lula is back armed with Russia and China on his side.  He is now fighting USA deep state

(Pepe Escobar)

9. PHYSICAL MARKETS

i)Very important.   Congressman Mooney writes to Attorney General Bar seeking answers to questions posed by myself, Chris Powell and Mooney

(GATA/Stefan Gleeson/Chris Powell/Congressman Mooney)

ii)Mike Ballanger: GATA is the only precious metals whistleblower

(Mike Ballanger\/GATA)

iii)Bill King: When one sees 3 million oz of paper gold sold in minutes there is only one answer to that: the powers to be want to manipulate the price lower

(Bill King)

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)My goodness, the USA has a diary crisis as they are losing two farms a day due to bankruptcy

(Mac Slavo)

b)Brandon Smith an alt thinker outlines his take on what will happen leading up to the USA eleciton

(courtesy Brandon Smith)

iv) Swamp commentaries)

i)Bolton trashes Trump during a private speech

(zerohedge)

ii)A joke: an anonymous White House official trashes the book written by an anonymous ex White HOuse official

(zerohedge)

iii)Dr Rand Paul names Ciaramella as the true whistleblower

(zerohedge)

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

 

LET US BEGIN:

 

 

Let us head over to the comex:

 

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 3722 CONTRACTS TO A NEW RECORD LEVEL OF 708,463 DESPITE THE LOSS OF $3.40 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 7178 EFP CONTRACTS WERE ISSUED:

 FOR NOV; 0 CONTRACTS: DEC: 5932 ; FEB 1246  AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  7178 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: 10,900 TOTAL CONTRACTS IN THAT 7178 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A STRONG SIZED 3722 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 $3.40. 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 ::  10,900 CONTRACTS OR 1,090,000 OZ 33.90 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 233 contracts still standing for a loss of 7 contracts.  Yesterday we had 9 notices served upon so we GAINED of 2 contracts or an additional 200 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 28,018 contracts down to 377,460.  The non active delivery month of January saw a gain of 14 contracts up to 447.  The next big active delivery month after December is February and here that month picked up 30,434 contracts to stand at 230,004 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 4 NOTICES FILED TODAY AT THE COMEX FOR  400 OZ. (0.0024 TONNES)

 

 

 

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And now for the wild silver comex results.

Total COMEX silver OI ROSE BY A STRONG SIZED 596 CONTRACTS FROM 221,526 UP TO 222,122 (AND CLOSER TO THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018.  THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S CONSIDERABLE  OI COMEX GAIN OCCURRED DESPITE A 10 CENT LOSS IN PRICING.//YESTERDAY.

WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOVEMBER. HERE WE WITNESS A GAIN OF 22 CONTRACTS UP TO 27. WE HAD 5 CONTACTS SERVED UPON YESTERDAY SO GAINED 27 CONTRACTS OR AN ADDITIONAL 135,000 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 7634 CONTRACTS DOWN TO 118,603. THE NEXT NON ACTIVE DELIVERY MONTH OF JANUARY SAW IT GAIN 12 CONTRACTS UP TO 434.

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 27 notice(s) filed for 135,000, OZ for the NOV, 2019 COMEX contract for silver

Trading Volumes on the COMEX TODAY: 368,251  CONTRACTS 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  542,458  contracts

 

 

 

 

 

INITIAL standings for  NOV/GOLD

NOV 13/2019

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

 

 

 

 

Deposits to the Customer Inventory, in oz  

225.05 oz

7 kilobars

 

Scotia

 

No of oz served (contracts) today
4 notice(s)
 400 OZ
(0.0124 TONNES)
No of oz to be served (notices)
229 contracts
(22900 oz)
0.7122 TONNES
Total monthly oz gold served (contracts) so far this month
1298 notices
129800 OZ
4.0373 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 Scotia:: 225.05   oz

7 kilobars//another phony entry

 

 

 

total gold deposits: 225.05  oz

 

very little gold arrives from outside/ Today  zero amount  arrived

 

we had 0 gold withdrawal from the customer account:

 

 

We had 1 adjustment

i) Out of HSBC: 19,999.397. oz was adjusted out of the customer and this landed into the dealer account of HGSBC

 

 

 

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 4 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 4 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 (1298) x 100 oz , to which we add the difference between the open interest for the front month of  NOV (233 contract) minus the number of notices served upon today (4 x 100 oz per contract) equals 152,700 OZ OR 4.7496 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 (1298 x 100 oz)  + (233)OI for the front month minus the number of notices served upon today 4 x (100 oz )which equals 152,700 oz standing OR 4.7496 TONNES in this  active delivery month of NOV

We GAINED 2 contracts OR 200 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……                                                                4.7496 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: 75.3451

TONNES- 4.128 TONNES DEEMED SETTLEMENT = 71.217 TONNES STANDING FOR METAL AGAINST 34.86 TONNES OF REGISTERED OR FOR SALE COMEX GOLD! THIS IS WHY GOLD IS SCARCE AT THE COMEX.

 

total registered or dealer gold:  1,120,771.939 oz or  34.86 tonnes 
total registered and eligible (customer) gold;   8,329,003.489 oz 259.06 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 13 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 567,084.320 oz
CNT
DELAWARE
INT. DELAWARE

 

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
600,811.830 oz
Scotia
No of oz served today (contracts)
27
CONTRACT(S)
(135,000 OZ)
No of oz to be served (notices)
0 contracts
 (0 oz)
Total monthly oz silver served (contracts)  510 contracts

2550,000 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 SCOTIA: 600,811.830  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 3 withdrawals out of the customer account:
i) Out of Scotia:  541,113.950 oz
ii) Out of Delaware; 1081.37 oz
iii) Out of Int. Delaware: 24889.0000 oz

 

total withdrawals; 567.084.320  oz

We had 1 adjustments:

i) Out of Delaware;  69,212.510 oz was adjusted out of the customer account and this landed into the dealer account

 

 

 

total dealer silver:  78.580 million

total dealer + customer silver:  313.977 million oz

 

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The total number of notices filed today for the NOV 2019. contract month is represented by 27 contract(s) FOR 135,000 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 510 x 5,000 oz = 2,550,000 oz to which we add the difference between the open interest for the front month of NOV. (27) and the number of notices served upon today 27 x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the NOV/2019 contract month: 510 (notices served so far) x 5000 oz + OI for front month of NOV (27)- number of notices served upon today (27) x 5000 oz equals 2,550,000 oz of silver standing for the NOV contract month. 

WE GAINED 27 contracts or an additional 135,000 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 27 notice(s) filed for 135,000 OZ for the NOV, 2019 COMEX contract for silver

 

 

TODAY’S ESTIMATED SILVER VOLUME:  115,749 CONTRACTS (we had considerable spreading activity..accumulation

 

CONFIRMED VOLUME FOR YESTERDAY: 122,340 CONTRACTS..

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 122,340 CONTRACTS EQUATES to 611 million  OZ 87.3% OF ANNUAL GLOBAL PRODUCTION OF SILVER..makes sense!!

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

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

 

end

 

 

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NPV for Sprott

 

 

1. Sprott silver fund (PSLV): NAV FALLS TO -1.44% ((NOV 13/2019)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -1.10% to NAV (NOV 13/2019 )
Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ -1.44%

(courtesy Sprott/GATA)

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

NAV 14.59 TRADING 1403///DISCOUNT 3.85

 

END

 

And now the Gold inventory at the GLD/

NOV 13/WITH GOLD UP $9.50 : A SMALL CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .32 TONNES (PROBABLY TO PAY FOR FEES)/INVENTORY RESTS AT 896.77 TONNES

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 13/2019/Inventory rests tonight at 896.77 tonnes

*IN LAST 704 TRADING DAYS: 39.60 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 604 TRADING DAYS: A NET 127.45 TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

end

 

Now the SLV Inventory/

NOV 13/WITH SILVER UP 20 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.524 MILLION /INVENTORY RESTS AT 376.648 MILLION OZ/

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 13:  SLV INVENTORY

376.648 MILLION OZ

 

 

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

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

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

G0LD LENDING RATE: + .01

 

XXXXXXXX

12 Month MM GOFO
+ 1.92%

LIBOR FOR 12 MONTH DURATION: 2.00

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.08

end

 

 

end

 

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

World Debt Downgrade Warning – Moody’s

Source: Moody’s

◆ A World Debt Downgrade Warning (WDDW) has been issued by credit rating agency Moody’s due to deepening global geopolitical uncertainty and risks

◆ Moody’s has issued a debt downgrade warning to the entire world on fears that severe political turmoil from London to Hong Kong poses a threat to the global economy (see News below)

◆ Moody’s have a bleak outlook for government debt amid political instability in a report published just this Monday

◆ Moody’s said political and geopolitical turbulence is exacerbating a slowdown in national and global GDP growth, aggravating structural ‘bottlenecks’ centred on massive banking and sovereign debt and increasing the risk of economic or financial shocks

◆ Moody’s identified the emergence of influential “populist” movements and suggested this is undermining the effectiveness of domestic policy, weakening institutional strength and compounding social and governance risks

◆ “Overall, the global environment is becoming less predictable for the 142 sovereigns we rate, encompassing $63.2 trillion in debt outstanding,” according to the report

Watch Podcast Here

NEWS and COMMENTARY

Moody’s issues debt downgrade warning to the entire world

Moody’s offers bleak outlook for government debt amid political instability

Moody’s has negative outlook for sovereigns

Gold firms as doubts over U.S.-China trade deal curb risk appetite

China likely to ‘intervene’ in Hong Kong’s affairs more following the protests (BAML)

Trump says China trade deal ‘close’ but dashes hopes for signing details

Global trade is likely contracting and we’re now ‘betting’ on a US-China deal, OECD chief says

China’s gold-backed crypto looming as ‘Pearl Harbor type event’ for US dollar in 2020 – Keiser Report

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

12-Nov-19 1455.00 1452.05, 1134.03, 1130.42 & 1319.69 1318.17
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

SIGN UP FOR OUR AWARD WINNING MARKET UPDATES HERE

Mark O’Byrne
Executive Director

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Very important.   Congressman Mooney writes to Attorney General Bar seeking answers to questions posed by myself, Chris Powell and Mooney

(GATA/Stefan Gleeson/Chris Powell/Congressman Mooney)

Congressman prods attorney general on gold, silver trading questions ignored by CFTC

 Section: 

9:25p ET Tuesday, November 12, 2019

Dear Friend of GATA and Gold:

A U.S. representative who, without much result, has been pressing the Treasury Department, Federal Reserve, and Commodity Futures Trading Commission (CFTC) with questions about the gold and silver markets has asked Attorney General William P. Barr to try to get answers from the commission.

In a letter dated November 1 and made public today, the U.S. representative, Alex W. Mooney, Republican of West Virginia, commends Barr for the Justice Department’s recent criminal prosecution of manipulation in the monetary metals futures markets. But Mooney calls attention to the explosion in use of a mechanism called “exchange for physicals” for settling metals futures contracts in the United States, a mechanism that, Mooney contends, may pose “some danger of a systemic issue” if, as seems to be the case, those settlements are being transferred to European markets.

Further, Mooney complains to the attorney general that the CFTC is “apparently unwilling to answer a few straightfoward questions which I and others have repeatedly posed, including questions about unusual activity” in the exchange for physicals mechanism.

Mooney questioned the CFTC in a letter sent February 5, echoing questions already posed by GATA and ignored by the commission:

http://www.gata.org/node/18832

The commission has not replied to him.

“Given the CFTC’s delays in answering questions about these notable developments,” Mooney writes in his letter to the attorney general, “I would like the Department of Justice to examine the matter and provide me with the scope and purpose of EFP use, its legality, and whether full disclosure of EFP activity is (or should be) required.”

“Additionally, please let me know whether the CFTC’s jurisdiction extends to trading by the U.S. government and/or its agents or if such activity is exempt from oversight.

“With the recent explosion in EFPs,” Mooney concludes, “the CFTC’s failure to detect and/or prosecute criminal manipulation by participants in the precious metals markets is disturbing and needs to be addressed.”

Like GATA’s, Mooney’s inquiries seek to determine if the U.S. government or its agents are trading in the monetary metals markets for currency market rigging purposes and if such trading is subject to ordinary antitrust and commodity trading law and CFTC jurisdiction or is exempt under the Gold Reserve Act of 1934 as amended since then.

Mooney’s letter to the attorney general is reproduced in full here:

http://www.gata.org/files/MooneyLetter-JusticeDept-11-01-2019.pdf

GATA urges its U.S. supporters to write to their own members of Congress calling attention to Mooney’s letter and asking them to make similar requests for information from the attorney general and the CFTC.

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

end

Bill King: When one sees 3 million oz of paper gold sold in minutes there is only one answer to that: the powers to be want to manipulate the price lower

(Bill King)

King Report: No one sells so much gold so fast without news unless he wants to manipulate it lower

 Section: 

By Bill King
The King Report, Burr Ridge, Illinois
https://mramseyking.com/king-report
Tuesday, November 12, 2019

Gold Trade Equal to 3 Million Ounces Sends Futures Tumbling

Gold futures tumbled to a three-month low as contracts equal to over 3 million ounces changed hands in half an hour, fueling the selloff. In the 30 minutes ended 10:30 a.m. in New York, 33,596 contracts were traded, more than triple the 100-day average for that time of day. That helped pushed the most active contract to as low as $1,448.90 an ounce, the lowest since Aug. 5. …

https://www.bloomberg.com/news/articles/2019-11-11/gold-trade-equal-to-3…

* * *

No one sells that amount of gold in 30 minutes, ex-news, unless he wants to manipulate gold lower

end

Mike Ballanger: GATA is the only precious metals whistleblower

(Mike Ballanger\/GATA)

Mike Ballanger: GATA is the only precious metals whistleblower

 Section: 

11:20p ET Tuesday,

 

November 12, 2019

Dear Friend of GATA and Gold:

Monetary metals market analyst and newsletter writer Mike Ballanger of GGM Advisory Inc. in Toronto this week credits GATA’s exposure of gold market manipulation for prompting him “to think like a gold bug but trade like a thieving bullion bank.”

Ballanger writes that “there is only one entity that deserves the title of Precious Metals Whistleblower and that is GATA.”

His latest letter discourses on the metal’s prospects and is posted at Streetwise Reports here:

https://www.streetwisereports.com/article/2019/11/12/gold-and-silver-cap…

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

end

We are getting to the bottom of this: we now have a new term “pledged gold”. This gold cannot be used to settle. Today it totals 7..4 tonnes and all of it from HSBC

(Manly)

 

(GATA) Ronan Manly: Shrinking the pool of trade-ready gold at the Comex

Submitted by cpowell on Wed, 2019-11-13 17:56. Section: Daily Dispatches

12:56p ET Wednesday, November 13, 2019

Dear Friend of GATA and Gold:

CME Group’s New York Commodities Exchange, Bullion Star researcher Ronan Manly reports today, has just created an inventory category called “pledged gold,” which, Manly says, represents metal being used as collateral with the exchange to secure trader performance. According to Comex rules, Manly writes, “pledged gold” can’t be used to fulfill delivery obligations.

Manly suspects that the new category will tie up metal that is already in laughably short supply on the exchange, where only two one-hundredths of 1 percent of contracts result in actual delivery of gold.

Is the exchange starting to worry about defaults? Of course if it was, the exchange would never admit it. But if any real investors still trade gold on the exchange, they might want to review the situation.

Manly’s report  is headlined “New COMEX Pledged Gold — Shrinking the Pool of Registered Inventory” and it’s posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/new- comex-pledged-gold-shrinking-the-pool-of-registered- inventory/

and then this:  Dave Kranlzer>>>> and this is how the open interest can triple for our short banks.

Denver…

Stock Market And Gold Manipulation Efforts Intensify

Multiple technical signs are pointing to a possible sharp sell-off in stocks. Too be sure, the amount of money the Fed is printing and putting into the financial system might defer the inevitable, but at some point the stock market is going to converge with the economic reality imposed by the underlying fundamentals.

In addition, the open interest in paper gold contracts on the Comex has soared to all-time highs. This has been accompanied by a tripling of dollar amount of “London Gold” from $250 million to $750 million that can be used as collateral for a performance bond requirements (Note: Comex clearing members – i.e. banks and hedge funds primarily – assume full financial responsibility for their trades that are cleared by the CME).

There’s no way to know what “London Gold” means. It could be a paper claim on unallocated gold sitting in a London vault that may or may not have been already hypothecated. Nonetheless, the tripling of this class of collateral suggests the Comex is preparing for open interest in gold contracts to go parabolic.

end

iii) Other physical stories:

 

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 7.0203/ 

 

//OFFSHORE YUAN:  7.0214   /shanghai bourse CLOSED DOWN 9.58 POINTS OR 0.33%

HANG SANG CLOSED DOWN 493.82 POINTS OR 1.82%

 

2. Nikkei closed DOWN 200.14 POINTS OR 0.85%

 

 

 

 

3. Europe stocks OPENED ALL RED/

 

 

 

USA dollar index UP TO 98.37/Euro FALLS TO 1.1009

3b Japan 10 year bond yield: FALLS TO. –.04/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.85/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

 

3c Nikkei now JUST BELOW 17,000

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

3e WTI:: 56.44 and Brent: 61/44

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.29%/Italian 10 yr bond yield DOWN to 1.24% /SPAIN 10 YR BOND YIELD DOWN TO 0.44%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.53: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 1.38

3k Gold at $1466.00 silver at: 16.98   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 4/100 in roubles/dollar) 64.30

3m oil into the 56 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 109.85 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning .9898 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0895 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.29%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 1.87% early this morning. Thirty year rate at 2.35%

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

6.  TURKISH LIRA:  UP  TO 5.7496.

“Confidence Could Crumble”: Global Markets Slide After Trump Threatens More China Tariffs, Hong Kong Tensions Soar

One day after Trump’s long-awaited NY Economic Club speech proved to be a dud, with the president having nothing positive or “optimistic” to say about the China trade deal instead slamming the Fed again for not cutting rates to negative, the investing public today will focus on Fed Chair Powell’s testimony in Congress in which he lays out his own take on things.

Until then, however, US futures and global stocks are a sea of red after Trump threatened to “substantially” increase tariffs if China failed to agree a trade deal and said there may also be tariffs to come for other countries “that mistreat us”, while European stocks followed Asia into the red following a subdued start, with Hong Kong tensions also denting sentiment.

The market was anticipating something more positive from Trump, but he didn’t deliver,” said Legal and General PM Justin Onuekwusi. “In recent weeks, we saw the balance of probabilities shift to the positive side, risks being taken off the table, but people have realized that risk is still there,” Onuekwusi said. He’s been reducing his equity allocations.

The Eurostoxx 600 dropped 0.6% from four-year highs with banks and auto sectors weighing, while Treasuries led a bond rally, with the 10Y yield sliding from 1.94% to 1.87% one day after Dennis Gartman said the 30Y TSY bull market has run its course.

zerohedge@zerohedge

The value/momentum reversal is over, buy TSYs:
“the case can be made that the three decade long bull run in 30 Year Treasuries has run its course to the end.” – Gartman

Wall Street was set to open weaker as well, equity futures showed, with the S&P 500 index indicated 0.5% lower; the S&P 500 backed off record highs after Trump spoke. Nasdaq and Dow Jones futures were also down 0.5%. The S&P 500 has risen 2% this month and 23% so far in 2019 thanks to interest rate cuts, trade hopes and NOT QE by the Fed even as the S&P is now officially in a profit recession.

Besides Trump slamming once again slamming China, the other issue weighing on sentiment is the intensifying unrest in Hong Kong which many fear will lead to a Chinese crackdown. That pushed Hong Kong shares 2% lower and down over 1000 points in the past few days, while weighing on markets across Asia.

MSCI’s index of world shares slipped 0.3%, following a 1% fall in Asian shares outside Japan. Asian stocks retreated, led by financial firms, as U.S. President Donald Trump threatened more tariffs on Chinese goods and Hong Kong protesters disrupted public transit for a third straight day. Nearly all markets in the region were down, with Hong Kong leading declines. Japan’s Topix fell 0.6% as service-sector companies and food producers weighed on the gauge, while the Nikkei slipped almost 1%, moving further off last week’s 13-month highs. The Shanghai Composite Index dropped 0.3% to a six-week low, with large insurers and PetroChina among the biggest drags. Hong Kong’s Hang Seng Index declined 1.8% as local property developers led losses. India’s Sensex slipped 0.1%, dragged by ITC and ICICI Bank, as investors awaited the outcome of a new round of trade talks between Indian and U.S. officials.

Asian markets were also rattled by Trump’s speech and Hong Kong’s turmoil. Onshore spot yuan fell to a low of 7.0270 per dollar at one point, the weakest since Nov. 5. Hong Kong protesters planned to paralyze parts of the city for a third day, with transport, schools and many businesses closing after violence escalated across the city.

European markets were down across the board with the Stoxx 600 Bank Index falling 1.4% in early trading, making it the worst performing sector on the broader gauge, as trade and macro sensitive groups decline while an index of European auto companies slipped 2%. Spanish banking stocks remain weak amid the prospects of political uncertainty following Sunday’s election. Bankinter fell 3.4%, the biggest decliner in the SX7P, while Bankia is down 3.1% and Banco Santander is down 2.3%. ABN Amro dropped 3.4% after 3Q earnings missed estimates amid ongoing costs for anti-money laundering projects.

Markets were disappointed after Trump’s speech threatened to raise tariffs on China, but he also said a trade deal was “close”, without offering details on when or where it would be signed. He also criticized EU trade policies before a Nov. 14 deadline to decide whether to raise tariffs on European and Japanese carmakers. That deadline will probably be extended, but investors remain jittery. A pan-European equity index fell 0.6, coming off Tuesday’s four-year highs, when optimism before Trump’s speech and better-than-expected economic indicators from Germany boosted stocks.

Expectations for “phase 1” of a trade deal this month have supported stocks and riskier assets recently. Investors were led to cut the share of cash in their portfolios to six-and-a-half-year lows, according to Bank of America Merrill Lynch’s monthly survey of global managers. The poll also showed growth optimism at 18-month highs.

However, lack of progress on an agreement has started to increase doubts about whether a trade truce will happen at all.

“I’m absolutely concerned. The clock is ticking,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney. “Markets are now expecting substantial progress in the next week or so, and if not, then confidence could crumble.”

A more prolonged standoff will revive fears for the world economy. Oxford Economics estimates the trade war has trimmed eight-tenths of a percentage point off U.S. growth. Having started 2019 with 3.1% growth, the economy eased to 1.9% in the third quarter, they noted.

In other news, Fed’s Kashkari, a 2020 Fed voter and uberdove, said he is feeling a little bit better about the US economy than a few months ago and there is a lot of consensus at the Fed that monetary policy is modestly accommodative, perhaps as a result of the $60 BN in monthly liquidity injections by the Fed.

Separately, the National Association of Manufacturers was hacked over the summer and hired a cybersecurity firm, who concluded the attack came from China, according to two sources said; noting, that the incident occurred before a round of formal negotiations between US and Chinese government officials over the contents of potential deal.

In FX, the U.S. dollar gained continued its relentless gains, rising to fresh three-week highs. The damage to risk appetite pushed down yields on U.S. and German safe-haven debt. Yields on 10-year Treasury notes fell to a six-day low around 1.87% as noted above; 10-year Bund yields were down 4 basis points to minus 0.28%. Hong Kong interbank rates rose, with one-month HIBOR at its highest since Aug. 6.

The standout currency performer was the New Zealand dollar which jumped 1% after the central bank unexpectedly left interest rates unchanged at 1%. RBNZ kept the Official Cash Rate unchanged at 1.00% vs. consensus for a 25bps cut, while it said it is prepared to act and will add further monetary stimulus if needed but noted economic developments do not warrant a change to monetary policy at this time and that low rates, as well as government spending will support domestic demand. RBNZ Governor Orr also commented there was no urgency to further ease at this point and suggested ups and downs in data since the August statement broadly offsets each other, while RBNZ’s Hawkesby commented that data will determine what the RBNZ does.

 

In geopolitics, senior US administration official said President Trump’s priorities in northeast Syria are to prevent IS resurgence and prevent atrocities in the region, while the official added the US has no intention to end alliance with Kurdish-led SDF militia and needs to resolve the issue with Turkey regarding the latter’s purchase of the Russian S-400 system. Additionally, President Trump and Turkish President Erdogan are due to meet today at noon.

In commodities, Brent crude oil futures fell more than 1% as the diminishing prospects for a resolution to the 16-month long trade war suggested less future demand for energy.

Markets now await data that is expected to show U.S. inflation rose in October. Federal Reserve Chairman Jerome Powell will also testify to a Congressional committee.  The main economic focus is the October CPI report where expectations are for a +0.2% mom core reading. Away from the data we’ve got the aforementioned speech from Powell before the Joint Economic Committee, while Kashkari speaks later this evening. Elsewhere, Turkish President Erdogan is due to meet President Trump. Canada Goose, Cisco, and NetApp are among companies reporting earnings.

Market Snapshot

  • S&P 500 futures down 0.4% to 3,079.75
  • STOXX Europe 600 down 0.7% to 404.22
  • MXAP down 0.9% to 164.30
  • MXAPJ down 1.1% to 524.62
  • Nikkei down 0.9% to 23,319.87
  • Topix down 0.6% to 1,700.33
  • Hang Seng Index down 1.8% to 26,571.46
  • Shanghai Composite down 0.3% to 2,905.24
  • Sensex down 0.4% to 40,169.02
  • Australia S&P/ASX 200 down 0.8% to 6,698.36
  • Kospi down 0.9% to 2,122.45
  • German 10Y yield fell 2.9 bps to -0.281%
  • Euro up 0.04% to $1.1013
  • Italian 10Y yield fell 4.3 bps to 0.871%
  • Spanish 10Y yield fell 2.6 bps to 0.417%
  • Brent futures down 1% to $61.44/bbl
  • Gold spot up 0.5% to $1,463.40
  • U.S. Dollar Index little changed at 98.31

Top Overnight News from Bloomberg

  • President Donald Trump said the U.S. will increase tariffs on China in case the first step of a broader agreement isn’t reached. “If we don’t make a deal, we’re going to substantially raise those tariffs,” he said Tuesday in a speech to the Economic Club of New York.
  • President Donald Trump renewed his assault against the Federal Reserve, saying it was hurting the U.S. by not copying other central banks in deploying negative interest rates.
  • Hong Kong’s security chief John Lee cautioned that “unthinkable” consequences may come if violence continued, as the city’s financial center braced for a third-straight afternoon of protest.
  • New Zealand’s two-year swap rate jumped the most in a decade on Wednesday as the central bank defied money- markets pricing for more easing.
  • Boris Johnson chairs a meeting of the British government’s “Cobra” emergency committee after opposition parties accused him of downplaying the severity of flooding in northern England — a key battleground in the election campaign. Around 400 homes have been flooded and 1,200 properties have been evacuated, according to the BBC.
  • Global oil demand will hit a plateau around 2030 as the use of more efficient cars and electric vehicles ends an expansion that dominated the past century, the International Energy Agency predicts.

Asian equity markets were lower across the board and US equity futures pulled back from record levels amid continued uncertainty and disappointment following US President Trump’s speech at the Economic Club of New York which failed to provide any fresh insight on US-China trade, with news the USTR office will submit a report on possible auto tariffs to the White House also clouding over the risk climate. ASX 200 (-0.8%) and Nikkei 225 (-0.9%) declined as weakness in the energy, mining and financials sectors weighed on Australia, while Tokyo was also subdued by underperformance in commodity stocks and detrimental currency inflows. Hang Seng (-1.8%) and Shanghai Comp. (-0.3%) conformed to the downbeat tone after US President Trump largely stuck to the script regarding US-China trade but also renewed his criticism on China and threatened higher tariffs if they fail to reach an agreement, with the losses in Hong Kong exacerbated again due to the current no end in sight for the disruption which has already plunged the city into a recession. Finally, 10yr JGBs were in recovery mode after the prior day’s slump with the rebound aided by support around 152.50 and the broad risk averse tone in the region.

Top Asian News

  • Alibaba Said to Win HKEx Approval for Mega Hong Kong Listing
  • Lebanon Crisis Has Templeton Uttering R-Word as Debt Woes Deepen
  • Apple Assembler’s Profit Beat Signals Good iPhone 11 Demand
  • Thai Anti-Graft Agency Seeks Charges Against Sino-Thai President

Risk off trade sees major European bourses (Euro Stoxx 50 -0.8%) lower this morning, following a cautious APAC session in light of US President Trump’s disappointing speech at the Economic Club of New York and separate reports that the USTR office is to submit new potential auto tariffs which Trump could implement on the EU. Potentially contributing to the jitters; today is the approximate deadline for US President Trump to make a decision on EU auto-tariffs. European autonames, including Peugeot (-2.7%) and BMW (-2.0%), are amongst the underperformers. Sector performance is reflective of the markets lack of risk appetite; the more defensive Consumer Staples (+0.7%), Utilities (-0.5%) and Health Care (+0.2%) sectors are the outperformers, the latter buoyed by gains in GlaxoSmithKline (+0.5%), whose Phase III study of Nucala met its primary endpoint. Strong earnings from SSE (+2.0%), meanwhile, is helping to prop up the Utilities sector. The Financial sector (-2.0%) is the marked underperformer; yields have been coming off but the downside likely has as much to do with soft ABN AMRO (-5.5%) earnings. In terms of other notable movers; strong earnings from Salvatore Ferragamo (+3.3%), Bechtle (+1.6%) and Deutsche Wohnen (+1.7%) saw their respective share prices underpinned. Conversely, soft earnings from Lanxess (-3.3%) saw the Co.’s shares pressured. Elsewhere, ArcelorMittal (-3.5%) shares were on the back foot on the news that Italy’s Foreign Minister said he did not seek Chinese investors for the Ilva plant and it would be too soon to discuss alternative options. Finally, Tullow Oil (-26.0%) sunk on after the Co.’s FY19 group oil production forecast came in slightly below guidance, largely due to performance in Ghana.

Top European News

  • U.K. Inflation Hits 3-Year Low as Energy Price Cap Takes Effect
  • European Industry Delivers Surprise Gain at End of Third Quarter
  • Sexual-Harassment Whistle-Blower Sues Lloyd’s of London Insurer
  • Steel Royalty No More, Thyssenkrupp Sells Itself Off to Survive

In FX, in stark contrast to its non-US Dollar counterparts and other high beta/risk sensitive currencies, the Kiwi is sharply outperforming, albeit off 0.6400+ overnight highs vs the Greenback and 1.0670 against the Aussie, on the back of an unexpected unchanged OCR from the RBNZ. To recap, the Bank confounded forecasts for a 25 bp cut that were underpinned and actually rising in wake of a dip in NZ inflation projections just ahead of the latest policy meeting, but the RBNZ opted to hold fire given no immediate need to ease further at the current juncture and with Governor Orr noting that data since the August assessment has been broadly balanced (netting beats and misses vs consensus). Conversely, Aud/Usd is languishing towards the base of a 0.6825-60 range and Usd/Cad has rebounded back above 1.3250 amidst a broad downturn in risk appetite and less optimism on the global trade front after US President Trump failed deliver good news about Phase 1 or auto tariffs late yesterday.

  • CHF – The next best G10 performer and only partially heeding more verbal SNB intervention following a meeting with the Swiss Government to discuss a variety of issues, but pertinently fragile FX markets and a Franc that is still deemed to be highly valued. Usd/Chf skirting 0.9900 and Eur/Chf 1.0900.
  • GBP/JPY/EUR – All relatively flat or rangebound against the Buck as Cable pivots 1.2850 and largely shrugs off UK inflation data including headline CPI that slowed to 1.5% vs 1.6% expected, but bang in line with the BoE estimate, while the Yen straddles 109.00 and Euro holds above 1.1000, albeit after a miniscule downside breach and as the DXY drifts back from a fresh recent peak of 98.449 to the middle of its band (down to 98.289 at the other extreme).
  • NOK/SEK – The Scandi Crowns are slipping in wake of more Swedish data raising questions over the Riksbank’s commitment to hiking the repo in December, with Eur/Sek up over 10.4400 at one stage and Eur/Nok soaking up offers at 10.1600 before fading and also fuelled by a retracement in crude prices
  • EM – Amidst widespread losses vs the Dollar, Usd/Zar has revisited 15.0000+ territory against the backdrop of Eskom’s ongoing power travails and with SA retail sales missing the mark by some distance. However, Usd/Try is hovering below highs ahead of Turkish President Erdogan’s meeting with his US peer and Usd/Rub is meandering mid-range into Russian Q3 GDP and after the Finance Minister pulled a 2025 OFZ offering.

The crude complex is lower, in fitting with the market’s risk-off feel. Front month WTI and Brent futures have been moving lower in line with equities, with WTI earlier testing Monday’s USD 56.25/bbl low and Brent easily clearing this level and making progress towards last week’s USD 60.70/bbl low (although, at USD 61.30/bbl, Brent is still some way off). In terms of crude specific developments; ahead of the December 5-6th OPEC and OPEC+ meetings, OPEC Secretary General Barkindo said it is too early to say if further output cuts are needed. As a reminder; sources have noted that Saudi Arabia and Russia do not want to bear the brunt of deeper reductions, with the former wanting members to comply with the current pact, which could see around 500k BPD out of the market. In separate news, the IEA forecast that global oil demand growth is expected to slow from 2025 as fuel efficiency improves and the use of electrified vehicles increases but is unlikely to peak in the next two decades. Elsewhere, Nigeria’s NNPC said current crude output stands at 1.6-1.7mln bpd (vs. 1.93mln in October), and assured the nation will continue to comply with OPEC cuts. Looking ahead, EIA’s Short-Term Energy Outlook is set for release in the afternoon, followed by API Inventory data after the US equity market close, both having been delayed one day due to a Monday holiday in the US. Over in metals, gold prices are modestly firmer and Copper softer, as the broader lack of risk appetite gives havens a boost at the expense of more risk sensitive assets. Following a steep decline so far in the month of November, the precious metal has managed to stabilise, and reclaim the USD 1460/oz mark from USD 1450/oz lows. Meanwhile, downside for copper is being cushioned on the news that further strikes are disrupting operations at Chilean Codelco’s northern copper mines.

US Event Calendar

  • 8:30am: US CPI YoY, est. 1.7%, prior 1.7%; CPI MoM, est. 0.3%, prior 0.0%
    • CPI Ex Food and Energy YoY, est. 2.4%, prior 2.4%; CPI Ex Food and Energy MoM, est. 0.2%, prior 0.1%
  • 8:30am: Real Avg Weekly Earnings YoY, prior 0.85%
  • 2pm: Monthly Budget Statement, est. $130.0b deficit, prior $100.5b deficit

DB’s Jim Reid concludes the overnight wrap

Let me start by sharing with you a WhatsApp message I got overnight from my wife as I woke up a short while ago. “Jim. You mixed up the twins and put them to bed in the wrong bedrooms last night. They both started crying at 2am and it took me ages to work out why as I couldn’t tell them apart in the dark and didn’t think I’d need to check. You slept right through it. Nightmare!!” The lack of kisses or an emoji indicates I’ll be in the doghouse tonight and Bronte will be taking my place in the bedroom. Whoops.

I was obviously tired from listening so intensely to the highly-anticipated speech from President Trump yesterday lunchtime NY time. However, it ended up not containing any major policy announcements. There had been some expectation for an announcement or new news on trade, either regarding a deal with China or a decision about auto tariffs on Europe. Today is the decision deadline after the 6-month extension on whether to impose them. As we discussed yesterday, Politico highlighted on Monday night that the decision is likely to be postponed again for a similar period of time but we should hear for sure today. Bloomberg also carried a story yesterday suggesting that there’s been an intense and successful lobbying campaign by German carmakers that have included plans to shift global production to American suppliers.

Back to President Trump’s speech. He used it to tout the US’s recent economic performance and record-high equity valuations, which he attributed to his tax and regulatory policies. On trade, President Trump did say that a deal “could happen soon,” but he also said that “if we don’t make a deal, we’re going to substantially raise those tariffs.” There were separate reports that US negotiators had reached an agreement with China to roll back tariffs but that President Trump had vetoed the deal, but this remains unconfirmed. Elsewhere, the WSJ reported overnight that tariffs are emerging as the main stumbling block in efforts by the US and China to come to a limited trade deal.

US equities were already trading higher going into President Trump’s speech, partially boosted by his tweet forecasting “yet another record day,” which some interpreted as a signal that he would use his speech to deliver some market-boosting news. Ultimately, the major indexes retraced a bit to close slightly higher. The S&P 500 and NASDAQ closed +0.16% and +0.26%, while the DOW traded flat. That’s the first time that the DOW has ended a trading session exactly flat since 2014, and only the third time over the last 20 years. In Europe the STOXX 600 finished +0.38% to push the index back up to within 1.73% of its all-time high in April 2015. As for bond markets, 10y Treasuries were hovering around 1.930% before Trump and finished lower at 1.912% – a -3.0bps move on the day after being closed on Monday. The 2s10s curve flattened -0.3bps to 25.7bps. Meanwhile, EM equities retreated -0.65%. The big news in EM land was the price action in Chile – including the biggest decline for the Peso since 2011 (-2.26%) – as the fallout from anti-government protests and riots hit new heights.

A quick check on Asia this morning shows that the Hang Seng (-2.02%) is leading the declines as the city faced a third-straight day of heightened protests and the city’s security chief John Lee cautioned that “unthinkable” consequences may come if violence continued. The Nikkei (-0.88%), Shanghai Comp (-0.19%) and Kospi (-1.01%) are also heading lower. As for FX, the New Zealand dollar is up +1.09% after the country’s central bank shied away from cutting rates at today’s monetary policy meeting saying there are signs that the domestic economy will stop slowing and inflation will pick up. The decision also caused two-year swap rates to jump the most in a decade surging by as much as 21bps. Elsewhere, futures on the S&P 500 are down -0.31% while yields on 10yr USTs are down -1.4bps. In commodities, spot gold prices are up +0.27% while WTI crude oil prices are down -0.33%.

The U.K. opinion polls were a mixed bag yesterday. A Survation poll conducted last week (but only released yesterday) showed only a 6% lead for the Tories (down 2% on the previous week) but a YouGov poll conducted after the Brexit Party stand down news showed a 14% lead (up 1% from before the news). These polling agencies have generally been at the extreme ends of the scale in terms of how much the Conservative Party is leading. Most other polls have split the difference, such as the latest ComRes poll late last night which gives the Conservatives an 8% lead (up 1% from the previously week), though it was conducted before the Brexit Party news. Sterling had traded down as much as much as -0.31% on the day but ended the session flat after responding well to the YouGov poll.

As far as today is concerned, Powell’s testimony before the Joint Economic Committee of Congress at 4pm GMT will garner some attention. That being said it would be a surprise if Powell deviates much from his post-FOMC press conference in which he emphasised that the easing done to date has supported the economy and helped offset some of the external risks stemming from slowing growth. Our US economists do, however, expect the Chair to stress that, given that the balance of the incoming economic data has largely held in, it would take a “material reassessment” of the outlook for the Committee to consider further rate cuts. The House Intelligence Committee will also hold its first public hearings in their impeachment inquiry of President Trump.

Though Powell will be the most market-moving Fed official to speak this week, there were remarks from three other FOMC members yesterday. Barkin and Harker both leaned hawkishly, with Barkin saying the labour market is currently tight, though he is not a voting member of the committee. Harker explicitly said that he was against cutting rates at the last meeting, which is noteworthy since he will be a voter next year and there seems to be a growing wing against any further rate cuts. Lastly, Vice Chair Clarida discussed the fall in long-term interest rates but did not update his macro or policy outlook, though he did mention some pros and cons regarding “make up strategies” as the Fed continues its policy review.

Back to yesterday where Spain’s IBEX (-0.87%) underperformed the rest of Europe after reports that the Socialists had reached a preliminary post-election agreement to form a coalition with the far-left Podemos. The important point to note though is that this would be a minority government and therefore will still require the support of smaller or regional parties in order to form an administration, likely coming down to Catalan separatists and/or Citizens and Basque regionalists according to our economists. For completeness, Spanish 10y bond yields were +1.4bps higher yesterday. That compares with a -0.9bps move for Bunds. BTPs were down -4.4bps yesterday after a near 7bps climb the previous day.

Staying in Europe, the November ZEW survey in Germany was again slightly mixed. The current situations component improved 0.6pts to -24.7 but that was still weaker than the -22.3 expected. More encouraging though was the 20.7pt jump in the expectation component to -2.1. That matches the May level and marks an impressive improvement of 42.0pts from the August low.

Meanwhile, in the UK the latest earnings data was softer than expected with basic wage growth slowing to +3.6% 3m/yoy in September compared with estimates for +3.8%. The unemployment rate did, however, tick back down to 3.8% – a decrease of one-tenth – however the overall pace of hiring remained weak. For completeness, in the US the October NFIB small business optimism reading rose 0.6pts to 102.4 (vs. 102.0 expected).

Looking at the day ahead, this morning we’ll get confirmation of the final October CPI revisions for Germany followed later by the October CPI/PPI/RPI data dump in the UK. Also out this morning is September industrial production for the Euro Area while in the US the main focus is the October CPI report where expectations are for a +0.2% mom core reading. Away from the data we’ve got the aforementioned speech from Powell before the Joint Economic Committee, while Kashkari speaks later this evening. Elsewhere, Turkish President Erdogan is due to meet President Trump.

 

3A/ASIAN AFFAIRS

I)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED DOWN 9.58 POINTS OR 0.33%  //Hang Sang CLOSED DOWN 493.80 POINTS OR 1.82%   /The Nikkei closed DOWN 200.14 POINTS OR0.85%//Australia’s all ordinaires CLOSED DOWN .75%

/Chinese yuan (ONSHORE) closed DOWN  at 7.0203 /Oil DOWN TO 56/88 dollars per barrel for WTI and 61.44 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.0203 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.0214 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 ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

Hong Kong, Beijing/USA//last night

This is getting to look very ugly.  Beijing slams the uSA hypocrisy over their non action on Hong Kong violence as students now use bows and arrows aimed at police

(zerohedge)

Beijing Slams US ‘Hypocrisy’ Over Soaring HK Violence As Students Launch Arrows At Police

In Beijing’s own condemnation of ‘moderate rebels’ moment, the Chinese foreign ministry on Tuesday slammed the United States and Britain for rank hypocrisy for their failure to condemn the serious escalation in protest violence this week, after a pro-mainland man was set on fire and after a police officer shot a protester in separate incidents. And overnight Tuesday students at the city’s main public university were filmed attacking police with bows and arrows.

Describing prior events on Monday as deeply disturbing – foreign ministry spokesman Geng Shuang said “their lip service to justice has shown their double standards and ill intentions”.

 

Still frame of Sky News footage showing protesters using bows and arrows against police. 

This after the State Department merely expressed “grave concern” and condemned the violence on “all sides” on a day in which a gruesome viral video showed a pro-mainland man being doused in combustible liquid, then set on fire as he argued with demonstrators over their attempting to shut down a nearby train station.

 

After one of the most horrifying scenes of violence by a mob of Hong Kong pro-independence protesters to have played out after months of unrest, Beijing is outraged that the US and Britain again managed to turn the spotlight back on China.

State Department spokeswoman Morgan Ortagus said, “We urge Beijing to honor the commitments it made in the Sino-British Joint Declaration,” which includes protecting “the freedoms of expression and peaceful assembly – core values that we share with Hong Kong,” according to the official statement.

This week has witnessed large sectors of the city gridlocked and essentially shut down due demonstrators attacking public transportation and blocking roads. 

 

A regular feature of the HK anti-China protests has been attacks on public transport. Image via CNN.

Many observers have noticed violence and clashes with police have gotten so fierce, that Hong Kong riots appear to have entered an “end game” of sorts, given Monday marked one of the most violent episodes to take place in weeks, amid continued disruptions of the morning commute as HK’s MTR public transit shut down several stations.

And through Tuesday evening severe clashes with police raged in and around the Chinese University of Hong Kong (CUHK) campus, which involved students raiding sports facilities to obtain weapons such as javelins and bows & arrows, reportedly being used against police.

 

Image via The Times: “Protesters raided a sport equipment warehouse to find new weapons for their battles with police.”

According to London’s The Times:

Students armed with javelins and bows and arrows fought police at the Chinese University of Hong Kong today amid official warnings that the territory was “on the brink of total breakdown”.

The scenes, mirrored at other campuses in the city, marked a drastic escalation in the protests, which began in June. Yesterday police shot a protester at close range and a man was doused with petrol and set on fire by demonstrators.

Upset that police had encroached on their campuses yesterday, university students set up barricades early today.

And elsewhere anti-Beijing social media accounts also circulated images of students raiding a campus warehouse and staging bows, arrows, and javelins to use against invading security forces.

Earlier on Tuesday HK police warned a total collapse looks imminent as pitched battles between rioters and police continue across the city.

Sky News ran footage Tuesday night of student protesters firing arrows at police front lines:

“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.

The same day Hong Kong leader Carrie Lam condemned the anti-Beijing protesters as the “enemy of the people”.

Indeed as newly published aerial footage showing the chaotic situation at CUHK campus confirms, parts of the city are becoming a war zone, as protesters and police increasingly lack restraint and are now deploying deadly weapons.

Things are about to get even uglier at the Chinese University HK campus, and we don’t have to wonder for a moment what police in America would do if bows and arrows were launched at them. It appears the gloves are fast coming off.

end
Hong Kong/this morning
Protests continue this morning as we now see the protesting occupying weekdays as well as weekends.
This is paralyzing the city. Mainland China contemplates intervening  which would be deadly
(zerohedge)

“It’s Now June 4, 1989” – Hong Kong Paralyzed For 3rd Day As Demonstrators Prepare For War

Violent protests continued in Hong Kong for a third day on Wednesday, crippling transport links and clogging roads, and prompting many major companies in the city, including HSBC and BNP Paribas, to instruct employees to stay home from work to avoid the risk of physical harm.

And in anticipation of more violence tomorrow,the Hong Kong Education Bureau has said that all kindergartens, primary schools, secondary schools and special education needs schools will cancel class on Thursday for safety reasons, according to an official statement. Most universities in Hong Kong have suspended classes until next week or converted them to online-only for the rest of the semester. And after the clashes from earlier this week, more than 80 mainland Chinese students have been evacuated for their own safety.

Protesters set up an elaborate roadblock on Wednesday in the city’s Central district, a direct attack on one of the city’s main business hubs, while also disrupting travel on other major thoroughfares in Kowloon Tong, Yuen Long and Tai Po.

According to Reuters, about 1,000 protesters were busy manning the roadblocks come lunchtime. Some hurled bricks at luxury-brand stores and other prime real-estate.

“It’s now 4th June 1989,” was scrawled on the windows of fashion store Georgio Armani, a reference to the crackdown by Chinese troops on pro-democracy protesters in Beijing’s Tiananmen Square.

As the violence escalates, a video has surfaced briefly online purportedly showing a man lying motionless on the ground in Sheung Shui as a group of black-clad protesters can be seen hurling bricks. The man’s condition is believed to be “very bad”, or near fatal, according to the SCMP.

In other news, Hong Kong police addressed an incident that took place Tuesday when police raided the Chinese University of Hong Kong because they believed it was being used as a staging ground to create petrol bombs being used by demonstrators. Police didn’t find any evidence of this, and the incident has badly affected relations between police and the public.

Police spokesman Tse Chun-chung said Wednesday that the action was taken after riot police guarding a pedestrian bridge next to the campus came under repeated attack.

“Rioters’ violence reached a very dangerous and even deadly level,” Tse said, adding that he suspected that some university campuses were being used to manufacture the petrol bombs. The police have every right to crack down on “rioters and criminals,” he said.

“Nowhere in Hong Kong is a lawless land.”

Of course, with the protests now stretching into the work week, previously neutral territory, many analysts are wondering: What comes next for Hong Kong? Protesters have paralyzed the city for the third straight day.

The turmoil marks an important shift: With Hong Kong’s economy already in recession, protests on weekdays are a serious threat to the city’s business community. And increasingly, the protesters’ numbers have dwindled to a small group of hard-core individuals who have no qualms about battling the police in the streets.

The burst of violence has sent Hong Kong stocks to 3-week lows, stoking anxieties ahead of a secondary offering from Alibaba.

Hong Kong CEO Carrie Lam has sought to assuage residents’ concerns by insisting that the city and its police force can contain the violence. Lam has insisted that her government won’t cave to any more of the protesters demands. And with elections set for later this month, the clock is ticking.

Meanwhile, Communist Party-controlled media has hinted about the possibility of Beijing employing “direct intervention” under the Basic Law. Mainland media has already accused the “black-clad rioters” of acting like “terrorists”. To be sure, fears of Chinese intervention have persisted for months, yet the central government has held back (despite reports of pro-Beijing forces massing across the border in Shenzen).

In its latest statement, Beijing accused the demonstrators of falling prey to a sense of “hormone-fuelled” rebellion.

“It is foolish and naive to believe that Hong Kong would be better off by eliminating all mainland factors. Particularly, since the mainland is the main source of fresh water, electricity and the largest supplier of food to the city.”

Over in the US, Congressional leaders like Mitch McConnell have vowed to work on legislation supporting pro-democracy protesters in Hong Kong. The bill would subject the city’s special US trading status, which for decades has functioned as Hong Kong’s gateway to the capitalist west, to annual reviews, and would also allow for sanctions against officials deemed responsible for undermining Hong Kong’s “fundamental freedoms and autonomy,” according to Bloomberg. Unsurprisingly, Beijing has sharply opposed the law.

But back in Hong Kong, analysts are still wrestling with the fact that the anti-government sentiment is profound enough to allow the protests to continue.

“There has been a gradual escalation,” said Joseph Cheng, a retired political science professor and pro-democracy activist. “But the mood so far is still very much against the government, and that explains why the disruptions on weekdays are still being tolerated.”

For now, we wait to see whether Beijing moves to cancel the upcoming elections, which are due to take place on Nov. 24.

end

4/EUROPEAN AFFAIRS

Poland

Protesting has now morphed to Poland where we witness 50,000 Polish patriots march to save the country form the “disastrous European Union”

(zerohedge)

“Europe Is Dying” – 50,000 Polish ‘Patriots’ March To Save Country From “Disastrous European Union”

More than 50,000 Polish nationalists paraded on the streets of Warsaw for this year’s Independence March on Monday.

Tens of thousands of people, waving Polish flags, were young and old, of all walks of life, with whole families took to the streets.

Diệp Thành Lâm@DiepTLam

Tens of thousands of far-righters march in ‘independence’ parade calling for ‘Polish Intifada’
Source: RUPTLY

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The people participating in the march branded themselves as patriots (the word which in Poland still has positive overtones) paying tribute to the fallen heroes.

Poland In@Polandin_com

Tens of thousands of from and across the country participate in the that takes place on the streets of the capital city on the Nation’s .
More:https://polandin.com/45286799/independence-march-continues-through-warsaws-streets 

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Thousands sang “Take care of the whole nation,” which are lyrics from a Polish Catholic song, asking the Virgin Mary to defend the country.

Others waved patriotic flags and chanted “No to the European Union” and “God, honor, homeland!

Marcin Czapliński

@czaplinskiii

United; that’s what Poles were today, united in patriotism, mothers, sons, fathers, daughters, the old, the young, together celebrating our
Long live Poland!
Spread it out 🇵🇱

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To the western media, these are Nazis, racists, anti-semites, and islamophobes. An abomination for the European Union.

About 50,000 people attended the annual march said local government officials, but the Independence March Association said the figures were likely 150,000.

The march began on Monday afternoon in central Warsaw with lead organizer Robert Bakiewicz telling attendees that “We have to return to our roots. Our world has abandoned God and Christianity. We will die as the nations of western Europe are dying.”

Poland shifted towards nationalism when Law and Justice (PiS) party came to power in 2015.

PiS has asked citizens to abandon Western liberalism for patriotism and Roman Catholic values.

Attendees lit flares and marched through the streets chanting more slogans: “Not Islamic or secular, but Catholic Poland,” “No to abortion,” and “Great Poland is our goal.”

A thirty-eight million nation in the heart of Europe (i.e., with a population approximately the size of Spain’s) has been revolting against the EU establishment and its view of European unity based on cultural and religious indifference and anti-nationalism.

Polish President Andrzej Duda asked citizens to unite under “one common homeland, beyond all divisions,” but acknowledged that “different ideologies and beliefs” are permitted in Poland.

While millions of radical Muslim refugees have poured into France, Germany, Sweden, UK, Italy, and Spain, creating social-economic chaos on the streets of those countries, Poles are attempting to revive their nation through patriotism and traditional Catholic values.

END

UK

Bill Blain this morning on UK spending with refenence to the clueless politicians

(Bill Blain)

 

UK Elections & Gilts: A Primer For Politicians Talking About Debt

 

Excerpted from Bill Blain’s Morning Porridge commentary,

“He knows nothing, and thinks he knows everything. It points clearly to a political career. ”

I probably don’t need to say anything about Labour or Tory spending plans re the current UK election. You just need to listen to the various spokespersons from both parties – and then figure it out for yourself. Watching most politicians talk about debt is a painful thing – and that’s not surprising. Most folk know very little about bond markets. We like to keep it that way. The less they know, the better the population will sleep soundly at night….

 

Relax and don’t worry. The bottom line is the UK Debt Management Office is probably the most professional bond issuer on the planet.  The Treasury is smart – they will say “Yes, Minster” and make it not happen. Governments can raise as much money as any government wants – the issue will be the price. If the government plan is credible, the price of that debt will remain low. If its stab-in-the-dark-guesstimate-maths – of the kind promoted by certain politicians in car-crash interviews – the plans won’t be credible and the yield on UK government gilts will soar – creating all kinds of issues for sterling, jobs and growth which are unlikely to be positive.

Since a key battleground in this election will be “who can spend the most the fastest”, let me offer aspiring UK politicians hoping to hold the purse strings after Dec 12th some advice.

Here is the Blain primer for Politicians talking about Debt:

1) It’s all about credibility. If you are credible, you will be able to raise money at the best price.

2) Best way to build credibility is to at least know something about what you are taking about. If you don’t – Shut the **** up.

3) Enhance credibility by listening to the questions about spending and answer clearly and honestly. It is better to present proper plans on achieving proper economic goals (like infrastructure, training, education, renewables, etc), rather than screaming about a £30 bln unscoped spending binge plucked out the air to meet a vague policy goal canvassers have identified as high on voter priority lists.

4) If you have to bluff – build credibility by explaining one thing well rather than lots of things badly.

5) Don’t fluff or make it up – your credibility will be ripped to shreds and can’t be stitched up again.

6) Don’t say we have to spend billions on plan x. Credibility will be enhanced if you explain what we need to spend it on, and how you are going to do it.

7) Remember it is all about credibility. And credibility is critical. Don’t forget its about credibility.

I am available at a very reasonable price to coach candidates of either party on how not to come across as complete numpties in this debt-based election. (Liberals will charged triple rates because I’m sure they will tell me they know it already – while conclusively demonstrating they don’t.) 

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL

The EU court makes a foolish ruling that all products form Israeli settlements in occupied territories be labelled as such and not state” made in Israel”.  This has angered the Israelis to no end

(zerohedge)

All Products From Israeli Settlements Must Be Labelled: EU Court In Landmark Ruling

In a controversial new landmark ruling that has enraged and frustrated Israeli leaders, Europe’s top court has ordered that all goods produced by Israeli settlements in the West Bank, East Jerusalem and the Golan Heights be labeled as such.

Specifically the European Court of Justice decision on Tuesday forbids any products from settlements to be labeled simply as “made in Israel”; instead, they must have a “clear and non-misleading indication of origin” in line with the EU’s consumer policy, as stated by an EU official communicating the ruling to Tel Aviv.

Activists who have for years campaigned against illegal Israeli settlement expansion into the West Bank have hailed it as a victory, and as taking the European public a step closer to recognizing Israel as an ‘apartheid state’ akin to South Africa’s recent history.

 

West Bank settlement file image.

The EU’s highest court said in a press release:

“Foodstuffs originating in the territories occupied by the State of Israel must bear the indication of their territory of origin, accompanied, where those foodstuffs come from an Israeli settlement within that territory, by the indication of that provenance.”

The court ruled further that “Israel is present in the territories concerned as an occupying power and not as a sovereign entity.”

The ruling follows prior 2015 guidelines mandated by the EU for member states to require specially labeling goods from settlements, but which not all followed. This also led to lawsuits where it was enacted, such as in France, brought by Israeli businessmen who sought to get the policy thrown out.

This week’s ruling was in response to these legal actions and lack of uniformity across the EU in implementing and enforcing prior policy.

 

Pro-BDS sign painted on a wall in the West Bank town of Bethlehem, via AFP/Getty.

A spokeswoman at the EU embassy in Tel Aviv said, “The EU has a longstanding and well-known position that it will not recognize any changes to pre-1967 Israeli borders other than those agreed by the parties to the Israeli-Palestinian conflict.”

But she also emphasized this wasn’t an attempt at endorsing “any form of boycott or sanctions against Israel” — in reference to the Boycott, Divestment, Sanctions (BDS) movement.

Israeli leaders have sought to fiercely push back, given it will have a big impact on Israeli trade with the EU, and could also negatively effect US trade with Europe.

 

Israeli winemaker Psagot, based in the West Bank, will have to carry a special label in EU countries. Image via the Jewish Chronicle. 

They’ve urged the White House and Congress to pressure the EU not to implement the label ruling, with Israeli Prime Minister Benjamin Netanyahu personally urging Secretary of State Mike Pompeo and Treasury Secretary Steve Mnuchin to put the issue front and center.

Several US Senators have also reportedly gotten involved, according to Axios, sending letters to the EU’s ambassador in Washington and US trade representative Robert Lighthizer, pressuring them to ignore the ruling.

end
The danger for war in the Middle East escalating rapidly
(courtesy Michael Snyder)

“We Are Going To War”: Has The Final Apocalyptic Conflict Between Israel And Her Enemies Now Begun?

Authored by Michael Snyder via The End of The American Dream blog,

On Tuesday, terrorists in the Gaza Strip fired hundreds of rockets at Israel in retaliation for Israel’s targeted killing of the senior commander of Islamic Jihad in Gaza.  Many of the rockets were intercepted by the Iron Dome defense system, but quite a few got through, and some even reached as far as Tel Aviv.

Following those rocket attacks, Israeli tanks and aircraft pounded Islamic Jihad positions in the Gaza Strip, and Israeli officials are pledging to continue to respond to any additional attacks.  Unfortunately, it certainly sounds like more attacks are coming.  According to Islamic Jihad’s Secretary-General Ziad al-Nakhala, his organization is “going to war” with Israel.  The following comes from the Times of Israel

We are going to war. [Prime Minister Benjamin] Netanyahu has crossed all the red lines in assassinating Al-Quds Brigades Commander Baha Abu al-Ata. We will respond forcefully,” PIJ Secretary-General Ziad al-Nakhala told the Dar al-Hayat Arabic-language news site.

Israeli officials felt that they had no choice but to kill Baha Abu al-Ata once they had a clear opportunity to do so.  According to Prime Minister Benjamin Netanyahu, he was an “archterrorist” and was “the main instigator of terrorism from the Gaza Strip”.  The Israeli people are fed up with the endless rocket attacks, and so it makes sense that Israel would target the man that initiated so many of those attacks.

But to Islamic Jihad, Baha Abu al-Ata was a greatly beloved hero, and his death sent shockwaves throughout the entire Middle East.  Once news of his death got out, terrorists in Gaza fired “more than 200 rockets into Israel”

Islamic militants in the Gaza Strip sent a barrage of more than 200 rockets into Israel Tuesday and vowed further revenge after the Israeli military carried out a pair of targeted airstrikes on senior Islamic Jihad commanders, killing one in Gaza and missing the second in Syria.

An Israeli airstrike killed Baha Abu al-Ata, 42, and his wife as they slept in their home in eastern Gaza Tuesday, Israel Defense Forces (IDF) spokesman Lt. Col. Jonathan Conricus, said. Conricus added that Abu al-Ata was responsible for a number of recent rocket attacks on southern Israel and claimed he was actively planning new attacks.

In response to those rocket attacks, IDF tanks and planes absolutely pummeled Islamic Jihad military outposts…

Israeli tanks attacked three Islamic Jihad military posts in the Gaza Strip Tuesday afternoon.

An IDF spokesperson stated: “A short while ago, IDF tanks targeted three PIJ military posts in the Gaza Strip.”

The Israeli Air Force has also bombed numerous Islamic Jihad targets in Gaza in response to the firing of dozens of rockets by the terrorist organization.

And IDF spokesperson Hidai Zilberman told the press that the Israelis are“prepared for several days of battle” if it comes to that.

We shall see what happens, but it appears that we may be looking at a conflict that will last a whole lot longer that just a few days.

Islamic Jihad is promising a campaign of revenge that will “have no borders”, and it is being reported that Israel’s enemies are considering “opening a second or third front in the north”

DEBKAfile’s sources report that when Israel’s security cabinet was convening in Tel Aviv on Tuesday morning, so too were senior officials in Tehran, Damascus and Beirut. They were discussing whether to punish Israel by opening a second or third front in the north.

The Palestinian Jihad also maintains armed forces in Syria and Lebanon, who may be conscripted in both countries for strikes against northern and central Israel in solidarity with their brothers in Gaza. The Gaza headquarters initially reacted to the death of its leader by announcing that their retaliation “would have no borders.” Then, after firing some 50 rockets, Jihad stated that as yet “unprecedented retaliation” was still to come, suggesting that Israel faced attacks from additional borders.

Of course every time Israel’s enemies escalate the conflict, Israel is going to hit back even harder.

And if this conflict escalates enough, it could pull in the Iranians and all of their close allies in the region.  In recent years, Islamic Jihad has actually forged very close ties with Tehran.  The following comes from the Jerusalem Post

PIJ is important for Iran because Tehran’s regime often argues that it is the center of “resistance” against Israel and the US. In order to weave a narrative of “resistance,” it must show that it is actually doing something against Israel. Since Iran doesn’t like to sacrifice its own Islamic Revolutionary Guard Corps members, it works through other groups. In Lebanon it supplies Hezbollah with precision guidance for its rocket arsenal; in Gaza it has relations with PIJ and also with Hamas.

At some point, Israel will find itself fighting against Islamic Jihad, Hamas, Hezbollah and Iran all at the same time.

Could it be possible that we are right on the precipice of that war?

Without a doubt, many on both sides of the conflict are eager to achieve final victory.  For example, on Tuesday one activist group in Israel was openly calling for war with Hamas

The group’s activists were seen hanging signs around the country reading, “Bibi – Give Us The Order!”

“The time has come for Israel to achieve victory over Hamas and all the terror organizations in Gaza,” said Im Tirtzu CEO Matan Peleg. “Peace is made with defeated enemies, and that’s the only way to restore quiet to the south. Today’s assassination of a senior Gazan terrorist was a step in the right direction, and now we need to take the next step and defeat the terror in Gaza once and for all.”

If rockets were constantly being fired at my family and friends, I think that my patience would be gone too.

There simply is not going to be lasting peace in the region as long as the status quo exists.  Islamic Jihad, Hamas, Hezbollah and the Iranian government have all pledged to permanently wipe Israel off the map, and the Israelis are going to respond to every attack against them by hitting back extremely hard.

Whether it happens today, tomorrow or at some future time, the truth is that a major war is coming to the Middle East.

And once that war happens, none of our lives will ever be the same again.

6.Global Issues

 

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

BRAZIL

Leftist Lula is back armed with Russia and China on his side.  He is now fighting USA deep state

(Pepe Escobar)

Escobar: Lula’s “Back, With A Bang!” To Fight US Deep State’s “Cocaine Evangelistan”

Authored by Pepe Escobar via The Saker blog,

Better not mess with the former Brazilian president; Putin and Xi are his real top allies in the Global Left…

Former Brazilian President Luiz Inacio Lula da Silva greets his followers after his release from prison. Photo: Roberto Stuckert

 

He’s back. With a bang.

Only two days after his release from a federal prison in Curitiba, southern Brazil, following a narrow 6×5 decision by the Supreme Court, former President Luis Inacio Lula da Silva delivered a fiery, 45-minute long speech in front of the Metal Workers Union in Sao Bernardo, outside of Sao Paulo, and drawing on his unparalleled political capital, called all Brazilians to stage nothing short of a social revolution.

When my colleagues Mauro Lopes, Paulo Leite and myself interviewed Lula at the federal prison, it was his Day 502 in a cell. By August, it was impossible to predict that release would happen on Day 580, in early November.

His first speech to the nation after the prison saga – which is far from over – could never be solemn; in fact he promised a detailed address for the near future. What he did, in his trademark conversationalist style, was to immediately go on the offensive taking down a long list of every possible enemy in the book: those who have mired Brazil into an “anti-people agenda.” In terms of a fully improvised, passionate political address, this is already anthology material.

Lula detailed the current “terrible conditions” for Brazilian workers. He ripped to pieces the economic program – basically a monster sell-out – of Finance Minister Paulo Guedes, a Chicago boy and Pinochetist who’s applying the same failed hardcore neoliberal prescriptions now being denounced and scorned every day in the streets of Chile.

He detailed how the Brazilian right wing openly bet on neo-fascism, which is the form that neoliberalism recently took in Brazil. He blasted mainstream media, in the form of the so far all-powerful, ultra-reactionary Globo empire. In a stance of semiotic genius, Lula pointed to Globo’s helicopter hovering over the masses gathered for the speech, implying the organization is too cowardly to get close to him on ground level.

And, significantly, he got right into the heart of the Bolsonaro question: the militias. It’s no secret to informed Brazilians that the Bolsonaro clan, with its origins in the Veneto, is behaving as a sort of cheap, crude, eschatological carbon copy of the Sopranos, running a system heavy on militias and supported by the Brazilian military. Lula described the president of one of the top nations in the Global South as no less than a militia leader. That will stick – all around the world.

So much for “Lula peace and love,” which used to be one of his cherished mottos. No more conciliation. Bolsonaro now has to face real, fierce, solid opposition, and cannot run away from public debate any more.

Lula’s prison journey has been an extraordinary liberating experience – turning a previously wounded statesman into a fearless warrior mixing the Tao with Steppenwolf (as sketched in Herman Hesse’s book). He’s free like he’s never been before – and he said so, explicitly. The question is how he will be able to muster the organizational work, the method – and have enough time to change the dire conditions for democratic opposition in Brazil. The whole Global South is watching.

At least now the die is cast – and crystal clear: It’s social democracy against neo-fascism. Socially inclusive programs, civil society involved in setting public policy, the fight for  equality versus autocracy, state institutions linked to militias, racism and hate against all minorities. Bernie Sanders and Jeremy Corbyn, to their credit, have offered Lula their unconditional support. In contrast, Steve Bannon is losing sleep, qualifying Lula as “the poster boy of the globalist Left” across the world.

This all goes way beyond Left Populism – as Slavoj Zizek and Chantal Mouffe, among others, have been trying to conceptualize it. Lula, assuming he remains free, is now ready to be the supreme catalyst of an integrated, progressive, “pro-people” New Global Left.

‘Cocaine Evangelistan’

Now for the really nasty bits.

I saw Lula’s speech deep into the night in snow stormed Nur-Sultan, Kazakhstan’s capital, in the heart of the steppes, a land trespassed against by the greatest nomad empires in history. The temptation was to picture Lula as a fearless snow leopard roaming the devastated steppes of urban wastelands.

Yet snow leopards, crucially, are a species threatened with extinction.

After the speech I had serious conversations with two top interlocutors, Bern-based analyst Romulus Maya and anthropologist Piero Leirner, a crack authority on the Brazilian military. The picture they painted was realistically gloomy. Here it is, in a nutshell.

When I visited Brasilia last August, several informed sources confirmed that the majority of the Brazilian Supreme Court is bought and paid for. After all, they de facto legitimized all the absurdities that have been taking place in Brazil since 2014. The absurdities were part of a hyper-complex, slow-motion, rolling hybrid war coup that, under the cloak of a corruption investigation, led to the dismantling of industrial national champions such as Petrobras; the impeachment of President Dilma Rousseff on spurious charges; and the jailing of Lula, the work of judge, jury and executioner Sergio Moro, now Bolsonaro’s justice minister, who was completely unmasked by The Intercept’s revelations.

The Brazilian military are all over the Supreme Court. Remember, Lula’s liberation happened after a narrow 6 to 5 score. Legally, it was impossible to keep him in prison: the Supreme Court actually bothered to read the Brazilian Constitution.

But there are no structural changes whatsoever on the horizon. The project remains a Brazil sell-out – coupled with a thinly veiled military dictatorship. Brazil remains a lowly US colony. So Lula is out of jail essentially because this system allowed it.

The military abide by Bolsonaro’s abysmal incompetence because he cannot even go to the toilet without permission from General Heleno, the head of the GSI, the Brazilian version of the National Security Council. On Saturday, a scared Bolsonaro asked the top military brass for help after Lula’s release. And crucially, in a tweet, he defined Lula as a “scoundrel” who was “momentarily” free.

It’s this “momentarily” that gives away the game. Lula’s murky juridical situation is far from decided. In a harrowing but perfectly plausible short-term scenario, Lula could in fact be sent back to jail – but this time in isolation, in a maximum security federal prison, or even inside a military barracks; after all, he’s a former chief of the armed forces.

The full focus of Lula’s defense is now to have Moro disqualified. Anyone with a brain who’s been through The Intercept’s revelations can clearly identify Moro’s corruption. If that happens, and that’s a major “if,” Lula’s already existing convictions will be declared null and void. But there are others lawsuits, eight in total. This is total lawfare territory.

The military’s trump card is all about “terrorism” – associated with Lula and the Workers Party. If Lula, according to the harrowing scenario, is sent back to a federal prison, that could be in Brasilia, which not by accident holds the entire leadership of the PCC, or “First Command of the Capital”– the largest Brazilian criminal organization.

Maya and Leirner have shown how the PCC is allied with the military and the US Deep State, via their asset Moro, to establish not a Pax Brasilica but what they have described as a “Cocaine Evangelistan” – complete with terrorist false flags blamed on Lula’s command.

Leirner has exhaustively studied how the generals, for over a decade on their website, have been trying to associate the PCC with the Workers’ Party. And the association extends to the Revolutionary Armed Forces of Colombia (FARC), Hezbollah and the Bolivians. Yes, this all comes straight from His Masters’ Voice’s playbook.

Lula, Putin and Xi

With the military betting on a strategy of chaos, augmented by Lula’s immense social base all over Brazil fuming about his return to prison and the financial bubble finally burst, rendering the middle classes even poorer, the stage would be set for the ultimate toxic cocktail: social “commotion” allied with “terrorism” associated with “organized crime.”

That’s all the military needs to launch an extensive operation to restore “order” and finally force Congress to approve the Brazilian version of the Patriot Act (five separate bills are already making their way in Congress).

This is no conspiracy theory. This is a measure of how incendiary Brazil is at the moment, and Western mainstream media will make no effort whatsoever to explain the nasty, convoluted plot for a global audience.

Leirner goes to the heart of the matter when he says the current system has no reason to retreat because its side is winning. They are not afraid of Brazil turning into Chile. And even if that ends up happening, they already have a culprit: Lula. Brazilian mainstream media are already releasing trial balloons – blaming Lula for the spike of the US dollar and the rise of inflation.

Lula and the Brazilian Left should invest in a full spectrum offensive.

The 9th BRICS summit takes place in Brazil this week. A master counter-coup would be to organize an off-the-record, extremely discreet, heavily securitized meeting among Lula, Putin and Xi Jinping, for instance in an embassy in Brasilia. Putin and Xi are Lula’s real top allies on the global stage. They have been literally waiting for Lula, as diplomats have confirmed to me over and over again.

If Lula follows a restricted script of merely reorganizing the Left, in Brazil, Latin America and even the Global South, the military system currently in place will swallow him whole all over again. The Left is infiltrated – everywhere. Now it’s total war. Assuming Lula remains free, he most certainly won’t be allowed to run again for the presidency in 2022. But that’s no problem. He’s got to be extra-bold – and he will be. Better not mess with the Steppenwolf.

END

 

 

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

Euro/USA 1.100- DOWN .0003 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 /MIXED

 

 

USA/JAPAN YEN 108.85 DOWN 0.030 (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 1.2839   DOWN   0.0011  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TO OCT 31/2019//

USA/CAN 1.3261 UP .0024 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  MONDAY morning in Europe, the Euro FELL BY 8 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1219 Last night Shanghai COMPOSITE CLOSED DOWN 9.58 POINTS OR 0.33% 

 

//Hang Sang CLOSED DOWN 493.80 POINTS OR 1.82%

/AUSTRALIA CLOSED DOWN 0,42%// EUROPEAN BOURSES ALL RED

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 493.80 POINTS OR 1.82%

 

 

/SHANGHAI CLOSED DOWN 9.58 POINTS OR 0.33%

 

Australia BOURSE CLOSED DOWN. 75% 

 

 

Nikkei (Japan) CLOSED DOWN 200.14  POINTS OR 0.85%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1465.35

silver:$16.97-

Early WEDNESDAY morning USA 10 year bond yield: 1.87% !!! DOWN 6 IN POINTS from TUESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.35 DOWN 7  IN BASIS POINTS from TUESDAY night.

USA dollar index early WEDNESDAY morning: 98.37 UP 6 CENT(S) from  TUESDAY’s close.

This ends early morning numbers WEDNESDAY MORNING

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And now your closing WEDNESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.36% DOWN 0 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: -.04%  UP 2   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.44%//DOWN 0 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,24 UP 2 points in basis points yield from yesterday./

 

 

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

 

GERMAN 10 YR BOND YIELD: FALLS TO –.30% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.54% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR WEDNESDAY

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

Euro/USA 1.1003  DOWN     .0009 or 9 basis points

USA/Japan: 108.80 DOWN .197 OR YEN UP 20  basis points/

Great Britain/USA 1.2841 DOWN .0009 POUND DOWN 9  BASIS POINTS)

Canadian dollar DOWN 10 basis points to 1.32247

 

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The USA/Yuan,CNY: AT 7.0234    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  7.0281  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  5.7424 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at -.04%

 

Your closing 10 yr US bond yield DOWN 6 IN basis points from TUESDAY at 1.87 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.35 DOWN 5 in basis points on the day

Your closing USA dollar index, 98.30 DOWN 1  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED DOWN 15.3  OR   0.21%

German Dax :  CLOSED DOWN 63.90 POINTS OR .48%

 

Paris Cac CLOSED DOWN 18.46 POINTS 0.31%

Spain IBEX CLOSED DOWN 118.20 POINTS or 1.37%

Italian MIB: CLOSED DOWN 213.94 POINTS OR 0.90%

 

 

 

 

 

WTI Oil price; 57.22 12:00  PM  EST

Brent Oil: 62.22 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    64.34  THE CROSS HIGHER BY 0.06 RUBLES/DOLLAR (RUBLE LOWER BY 6  BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.30 FOR THE 10 YR BOND 1.00 PM EST EST

END

 

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

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

WTI CRUDE OIL PRICE 4:30 PM :  57.22//

 

 

BRENT :  62.47

USA 10 YR BOND YIELD: … 1.88..down 5 basis pts….

 

 

 

USA 30 YR BOND YIELD: 2.36  down 6 basis pts…

 

 

 

 

 

EURO/USA 1.1005 ( down 7   BASIS POINTS)

USA/JAPANESE YEN:108.81 DOWN .182 (YEN UP 18 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 98.33 UP 2 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2849 DOWN 2  POINTS

 

the Turkish lira close: 57346

 

 

the Russian rouble 624.32   DOWN 0.05 Roubles against the uSA dollar.( DOWN 5 BASIS POINTS)

Canadian dollar:  1.3252 DOWN 16 BASIS pts

USA/CHINESE YUAN (CNY) :  7.0234  (ONSHORE)/

 

 

USA/CHINESE YUAN(CNH): 7.0289 (OFFSHORE)

 

German 10 yr bond yield at 5 pm: ,-0.30%

 

The Dow closed UP 92.10 POINTS OR 0.33%

 

NASDAQ closed DOWN 3.99 POINTS OR 0.05%

 


VOLATILITY INDEX:  13.02 CLOSED UP .34

LIBOR 3 MONTH DURATION: 1.909%//libor dropping like a stone

 

USA trading today in Graph Form

Stocks Shrug Off China Trade Talks Tumult, Decouple From Bonds

Overheard today in Washington and the markets…

From the moment the cash markets opened, US equity markets shot higher on a series of pumps, decoupling completely from the bond market…

Source: Bloomberg

DIS and AAPL (+80 pts) dominated The Dow’s move and one look at AAPL’s intraday action shows its clear a VWAP-based buyback program was responsible for the push (and Disney’s NFLX-esque surge on the back of comments on users for Disney+ – considering it was given free to Verizon customers is intriguing)…

Source: Bloomberg

As the chart below shows, at 1355ET headline shit that trade talks had hit a snag – stocks tumbled. However, algos immediately bid it back on the back of absolutely nothing at all and once it has erased the drop, stocks fell again……

Source: Bloomberg

The market’s view of the likelihood of a trade deal has been fading for 7 straight days…

Source: Bloomberg

Today’s gains were also dominated by defensives with cyclicals ending lower…

Source: Bloomberg

And as rates have turned lower, momentum stocks are soaring again…

Source: Bloomberg

Bonds were bid again today (now that the Abbvie rate-locks from last week have been lifted) with the long-end notably outperforming…

Source: Bloomberg

30Y Yields are down 10bps from Thursday’s spike highs…

Source: Bloomberg

The dollar levitated in a rather surprisingly linear manner…

Source: Bloomberg

Cryptos were relatively quiet for a second day…

Source: Bloomberg

Precious Metals diverged from copper again today as crude spiked at the US cash open…

Source: Bloomberg

Gold pushed higher today…

 

And crude suddenly found a bid at the US cash equity open…

 

Finally, as stocks reach record highs, the SMART Money flow is not following through…

Source: Bloomberg

And the last time Hong Kong stocks decoupled like this from US stocks, it was the latter that ended up catching down…

Source: Bloomberg

And, as Bloomberg reports, extremely low temperatures rivaling the chill of the “Blue Norther” in 1911 sent wholesale electricity prices surging early Wednesday across the eastern U.S. Average prices for power at a major hub in PJM, the grid stretching from New Jersey to Illinois, jumped by more than 1,700%, the biggest gain since 2017.

“Demand just really over-performed,” said Elliot Gordon, an analyst at energy data provider Genscape Inc.

 END

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

Stocks, Yuan Tumble As Trade-Talks Hit Snag

Having ramped since the cash market open to run the stops over last week’s highs, US equity markets are suddenly tumbling on reports that US-China trade talks have hit a snag over farm purchases…

China is also resisting US requests for tech-transfer curbs and any enforcement mechanism.

The market is not happy…

And the timing is perfect having run the stops and run out of squeeze ammo…

Yuan is back at 10-day lows…

Source: Bloomberg

As trade deal odds slide…

Source: Bloomberg

Will stocks catch down to bonds?

Source: Bloomberg

How long before Trump or Kudlow tweet that a deal is close?

ii)Market data/USA

iii) Important USA Economic Stories

My goodness, the USA has a diary crisis as they are losing two farms a day due to bankruptcy

(Mac Slavo)

Wisconsin’s Dairy Crisis: “We’re Losing Two Farms A Day!”

Authored by Mac Slavo via SHTFplan.com,

Wisconsin’s dairy crisis has only just begun as the state is losing two farms each day, according to Patty Edelburg, vice president of the National Farmers Union.

As farm bankruptcies soar, it is possible that nearly 10% of Wisconsin dairy farmers may go out of business in 2019.

 

“You look at the weather, you look at the crops you can’t get off the field, you look at the bills you can’t pay,” Edelburg, told Yahoo Finance.

“Bankruptcies are up. Wisconsin is attributed as the number one bankruptcy in the nation right now when it comes to dairy farmers. That number is up, I think, 24% from last year already. We’re losing two farms a day.”

Between 2016 and 2018, Wisconsin lost almost 1,200 dairy farms. The USDA saw a 6.8% decrease in farms across the entire country in 2018.

Wisconsin’s suicide rates have spiked over the last few years and according to the Wisconsin State Journal, experts are attributing many of those deaths to farmers facing economic challenges.

“Farming is such a stressful occupation by itself,” Edelburg said.

“When you start adding financial stress on top of it, it’s just going to add more stress. Farmers can’t pay their bills, they have no extra money, they have people honing down their neck looking to pay bills. They’re going to banks and they can’t get loans. They’re literally being denied loans.”

She explained that the USDA farm agency trains its farm loan officers on how to look for warning signs as part of suicide prevention.

“The bankers are the first and the forefront to see a lot of these things,” Edelburg said.

“They’re delivering the bad news, and these farmers are dealing with it on that level.”

It isn’t just farmers who are committing suicide either.  The political structure in place, which is designed to steal from the producer and redistribute wealth to the government is widening the wealth gap, creating more poverty, and generally destroying the mental well being of so many Americans.

END
Brandon Smith an alt thinker outlines his take on what will happen leading up to the USA eleciton
(courtesy Brandon Smith)

Brandon Smith: Trump Impeachment And The Civil War Scenario

Authored by Brandon Smith via Alt-Market.com,

There has been a lot of talk the past year about a civil war in the US, so much so that even the mainstream media is pushing the concept lately. A poll from Rasmussen in 2018 claimed that 31% of US voters believed that America would see a second civil war within the next five years. A more recent poll from The Institute Of Politics And Public Service shows that 7 out of 10 voters believe the US is two-thirds of the way towards civil war.

New talk of “impeachment” over the Ukraine issue has stirred the soup even further as some conservatives argue that if Trump is removed from office a war will erupt.

 

I want to be absolutely clear and state that I remain highly skeptical that the impeachment circus is anything more than another distraction for the public, and I believe that it will go nowhere (just like Russiagate).  That said I do think there is a marginal chance of a 4th Gen play here by the globalists. A civil war, if directed and manipulated in the right way, could benefit the elites greatly as long as it’s combined with a few other ingredients.

First, we have to understand what the real situation here is, though. As my readers are well aware, I predicted well before the 2016 election that Trump as president would be the perfect scapegoat for the implosion of the ‘Everything Bubble’. That implosion is happening in nearly all fundamental economic indicators right now, as I outlined in my last article. There are two questions to consider at this point: Will stock markets follow fundamentals down before the 2020 election?  And, if stocks remain high, will it even matter with the rest of the system tumbling into recession?

In January of 2016 at during his election campaign, Donald Trump said that the US economy was ‘In a bubble he feared would burst and he did not want to deal with a financial collapse if he was elected to the White House.’  He called on the Federal Reserve to raise interest rates and stop propping up the fake markets.

In 2019, Trump has attached his administration completely to the performance of markets with endless Twitter comments, taking full credit for the financial bubble that he once criticized.  He has also now called for the Fed to bring interest rates down to zero to artificially support the economy once again (Obviously we have to ask the big question – If this is the “greatest US economy ever”, then why would Trump want the Fed to introduce more stimulus to prop it up?). I believe this bizarre behavior is entirely deliberate on Trump’s part and that he intends to take the blame for the ongoing crash. If stocks fall along with the rest of the economy by the end of 2020, it is unlikely that the globalists plan to keep him around for a second term. His job acting as a scapegoat for the crisis the central banks created will be accomplished.

Second, my readers are also aware that I have outlined the connections between Trump and the globalists, including how a large part of his fortune and his image was saved by a bailout from the Rothschild family during the 1990’s. Wilber Ross, the Rothchild agent who arranged the deal, is now Trump’s Commerce Secretary. Ross’ presence in Trump’s cabinet along with numerous other elites, such as Pompeo, Mnuchin, Lightheizer, Kudlow and a host of other Council on Foreign Relations members indicates that Trump is and probably always has been controlled opposition. When one elite cycles out of Trump’s cabinet, another one just takes his place.

I hear the argument often that the supposed impeachment proceedings are “proof” that the globalists are trying to destroy Trump. This is clearly nonsense, as Trump continues to work closely with such elites on a daily basis. The more likely explanation is that, like Russiagate, the impeachment itself is a farce designed to keep the American public sharply divided and ready to go to war at a moment’s notice. In fact, the chances of the Ukraine debacle blowing back on Joe Biden and his campaign in the Democratic Primaries are high.

Biden is obviously NOT the candidate that the elites intend to run on the Democrat side, and the Ukraine theater creates a rationale for him to bow out while also conjuring ever more anger on both sides of the political canyon. But does this mean that Trump will not be impeached? Not necessarily…

Trump is in the position he is in for a reason.  Trump is a useful pawn in a number of ways as long as his influence over conservatives remains strong and his position can be exploited to maximum effect. For example, in my most likely scenario, a market crash swiftly follows the current plunge in fundamentals before the 2020 election. This essentially ensures Trump’s defeat in November, while his conservative supporters and conservative principles in general take the blame for the disaster. However, what if the elites are seeking to add even more chaos to the cauldron?

An impeachment leading into the election, whether successful or not, could be used to enrage conservatives and trigger a violent reaction against the Democrats specifically. If Trump loses the election or never makes it to the election due to impeachment, a host of outcomes will occur that are beneficial to the globalists even though Trump is one of their puppets:

1) The impeachment scenario will make rabid leftists feel vindicated in their insane behavior the past few years. It will reward them and inspire them to act even crazier.

2) Conservatives could be pushed over the edge into direct action, but unfortunately, if this direct action is aimed haphazardly at the political left and democrats, conservatives will have been conned. The globalists WANT us fighting over a meaningless puppet like Trump. They WANT us to direct our anger at the Democrats instead of at them.

3) If we are stupid enough to fight a war over Trump, this will lead to some detrimental results. Conservatives, though feeling justified in their actions, will look like villains, fighting to protect a leader that destroyed the US economy causing untold public suffering, as well as a leader that most of the world will see as personally corrupt. Trump is not a resilient long term inspiration for a rebellion, he’s not even a good short term inspiration.

4) Rebellions need focus and a set of strong principles and virtues in order to stay alive. If they are freedom fighters, then the establishment will seek to make them look like they are not freedom fighters, but self serving terrorists or agents of a foreign power. This process has already been started by the elites. Trump is the tool for co-option of the liberty movement. Impeachment could be a trigger for luring the movement to rebel under false pretenses and attack the wrong people (the leftists are only a symptom of the disease, the globalists ARE the disease).

5) A civil war that does not seek to target the globalists as the root problem could be easily molded by the globalists into a scapegoat for whatever calamity they desire. An economic crash under Trump would attach a lot of peripheral blame to conservatives. But, an economic crash and a civil war over Trump’s impeachment would attach ALL the blame to conservatives. Conservatives become the bad guys of the age, the people that almost ended the world, the people that future generations will be taught to despise as examples of the “evils of nationalism and populism”.

6) A war fought in the name of faulty principles and a failed leader would provide a reason for the globalists to pursue an international response to the crisis. And again, this would not look like an invasion of American sovereignty, but a global attempt to “keep the peace”.

So what is the solution? Is this a Catch-22 that conservatives cannot escape from? I’ve long held that a war between liberty activists and the globalists is inevitable, if not long overdue. The globalists know that this war is coming, as well. 4th Generation Warfare tactics dictate that the globalists will try to trick liberty activists into fighting this war on their terms. That is to say, the globalists will seek to turn us (their opponents) into unwitting allies. The Trump impeachment strategy could very well provide them with that kind of psychological leverage.

It would be seen by many conservatives as a Democratic party coup and a violation of the constitution. With leftist activists so viciously cult-like and so far beyond all logic or reason, the political left and political right might end up shooting at each other anyway. The issue is the narrative under which this occurs.

If liberty activists stay focused on the primary objective (removing the globalists from power), instead of being lured into focusing all their energy on the Democrats, then the scenario changes. If conservatives remain skeptical and critical of Trump’s associations and activities, this makes it difficult for the elites to paint us as “Trump’s brownshirts”. Certain people within the liberty movement have not been helpful in this regard; blindly defending Trump at every turn no matter how many elites he brings into his cabinet or how many times he takes credit for the economic bubble. Some of these people have indeed called for a civil war in the name of stopping a Trump impeachment. They have become useful idiots for the globalist agenda.

If a war is fought, it must be over a concrete set of contentions. If a Democrat enters the White House after the 2020 election and attempts to institute major gun control and gun confiscation measures, then this is a perfectly solid reason to fight. If they try to enforce carbon restrictions that would destroy what’s left of our economy and cause suffering among the public, then this is another good reason to fight. If they try to legislate even more socialist programs, usurping constitutional parameters and taxing the populace into perpetual poverty, then yes, we should fight. But Trump? No, Trump is a pied piper, not a leader or a rationale for civil war.

Now, I realize that the above scenario I describe is extreme, but I do see it as a possibility, so it’s important to recognize that it is there waiting to be used by the establishment against us. That said, there are other more likely outcomes.

The impeachment could rally conservatives to vote in larger numbers in 2020, and if the markets hold out through the year, then Trump is probably slated for a second term. A second term would indicate that the elites need Trump for another event (perhaps a regional war) on top of the market crash, which would take place directly after Trump’s reelection.

The Ukraine issue might merely be designed to undermine Joe Biden’s candidacy, paving the way for either Bernie Sanders or Elizabeth Warren (I don’t see another serious run by Hillary Clinton in the cards, Bloomberg is a joke even among many Democrats and I still predict Elizabeth Warren will be the Dem candidate in 2020). If the markets crash, or if the currently crashing fundamentals hit main street hard enough, then Trump will be ousted and the Dems will take over, blaming him and conservatives for every financial mess for the next four years (or more).

At this point in the game, it’s hard to say which option the globalists will use. It is vital, though, that we remember that the impeachment is a farce in more ways than one. The target is not Trump, the target is us.

*  *  *

If you would like to support the work that Alt-Market does while also receiving content on advanced tactics for defeating the globalist agenda, subscribe to our exclusive newsletter The Wild Bunch Dispatch.  Learn more about it HERE.

end

Wow!! in the first month of the new 2020 fiscal year, the deficit rose by 34% up to 134.5 billion, well on its way to top 1 trillion dollars

(Market Watch)

U.S. budget deficit jumps 34% billion in October, gap set to top $1 trillion in 2020

Nov 13, 2019 2:25 p.m. ET

Budget deficit rises to $134.5 billion in first month of fiscal 2020

MarketWatch

The U.S. budget deficit is expected to top $1 trillion in fiscal 2020.

The numbers: The federal government’s budget deficit in October rose 34% from a year earlier to $134.5 billion, putting the U.S. on course to top the $1 trillion mark in fiscal 2020 for the first time in eight years.

What happened: Government spending increased 8% in October to $380 billion compared to a year earlier. Federal outlays rose for defense, education, health and Social Security.

The amount of tax receipts the government took in, meanwhile, dipped 3% to $246 billion. Excise taxes fell sharply and income and corporate taxes also declined.

The government collected $7.8 billion in customs duties in October, up from $5.6 billion in the same month a year ago. These duties surged after the Trump administration imposed stiff tariffs on Chinese goods starting in mid- 2018.

Big picture: U.S. budget deficits began increasing again in 2016 and have risen four straight years. A combination of large tax cuts and higher federal spending is expected to push the deficit above $1 trillion in the current fiscal year that ends next September.

It’ll be the first time the deficit has topped the $1 trillion mark since 2012. Deficits topped $1 trillion for four straight years from 2009 to 2012 in the aftermath of the Great Recession.

Rising deficits typically lead to higher interest rates over time, but that hasn’t been the case for a long time. The 10-year Treasury yield TMUBMUSD10Y, -2.44% was little changed at 1.88%, an extremely low rate historically.

-END-

This is a sure sign that world growth is in trouble: Cisco unexpectedly slashes guidance

(zerohedge)

Cisco Tumbles After Company Unexpectedly Slashes Guidance

Looks like we can add Cisco to the list of tech companies that will be aggressively buying back its stock to deflect attention from deterioration fundamentals.

After the close, the internet giant reported Q1 revenue of $13.16 billion, up +0.7% y/y, and better than the consensus estimate of $13.09 billion, resulting in GAAP EPS of $0.68, down 12% Y/Y. As with most other tech companies (and recall that 97% of S&P companies now rely on Non-GAAP numbers to entice investors), Cisco also reported non-GAAP EPS, which predictably were far above the GAAP number, with Q1 adjusted EPS of $0.84, coming well above the $0.81 estimate, and above last year’s non-GAAP number.

How did Cisco go from $0.68 GAAP to $0.84 non-GAAP? The company was kind enough to provide a bridge that had more adjustments than even perennial non-GAAPer, IBM.

 

But while the market is now used to massive non-GAAP fudges to make earnings more palatable, as was the case here, the reason why CSCO stock is tumbling after hours, is due to the company’s unexpectedly dour forecast, which sees the high end of its EPS range of $0.75-$0.77 below the consensus estimate of $0.79, while Revenue is now expected to decline 3% to 5% in Q2 Y/Y, an acute disappointment to consensus estimates of 2.7% growth; not even the company’s benign gross profit (which of course was also “adjusted”) margin range of 64.5% to 65.5% vs estimates of 64.6% was enough to offset the dour picture unveiled by the company. The company also said that its real, GAAP EPS, would be just $0.61-$0.67 in Q2.

Commenting on the quarter’s results, Chuck Robbins, chairman and CEO of Cisco said “we delivered a solid quarter against a challenging macro environment” adding that “We’re focused on continuing to drive innovation, transform our business and exceed our customers’ expectations.”

It wasn’t immediately clear what prompted the company to downgrade its revenue guidance, although it is probably safe to assume that China has something to do with it.

Following the poor guidance, shares tumbled over 6% in post-market, dropping as low as $45.1 before rebounding modestly  trading to $46.11.

end

(michael Snyder)

iv) Swamp commentaries)

Bolton trashes Trump during a private speech

(zerohedge)

Bolton Trashes Trump During Private Speech; Says Real-Estate Tactics Hurting Foreign Policy

Former national security adviser and noted war hawk John Bolton told a private gathering of Morgan Stanley’s largest hedge fund clients that President Trump’s approach is not in alignment with any of his key advisers, according to NBC News, citing six attendees.

Bolton, who is currently working on a book, suggested that Trump’s “win-or-lose” negotiation style that works in real estate is bad for foreign policy, and that the president doesn’t understand the interconnected nature of geopolitical relationships.

Where Bolton does agree with Trump is their mutual stance against China on trade, according to the report, however the two have had far more disagreements over Iran, North Korea, Syria and Ukraine.

 

Bolton told the gathering of Morgan Stanley’s largest hedge fund clients that he was most frustrated with Trump over his handling of Turkey, people who were present said. Noting the broad bipartisan support in Congress to sanction Turkey after President Recep Tayyip Erdogan purchased a Russian missile defense system, Bolton said Trump’s resistance to the move was unreasonable, four people present for his speech said. –NBC News

Trump notably sent Erdogan a letter in October warning him against “slaughtering thousands of people” after US forces pulled out of Northern Syria, and told the Turkish leader “Don’t be a tough guy! Don’t be a fool!” In response, Erdogan said that when the time comes “we will take the necessary steps” to respond to Trump’s insulting note.

During an Oct. 6 phone call with Erdogan, Trump agreed to pull back U.S. troops from northeast Syria so Turkish forces could launch an attack against America’s Kurdish allies in the area. The presence of U.S. forces had deterred Erdogan from invading Syria, which he had threatened to do for years. Trump’s decision, followed by an order for all U.S. troops to exit Syria, was widely criticized even among the president’s Republican allies and was seen by many as a gift to the Turkish leader. –NBC News

Bolton also says he thinks there is a personal or business relationship underlying his position on Turkey because none of his key advisers are in agreement, according to the attendees.

NBC News notes that the Trump organization has lent Trump’s name to a property in Istanbul. In 2012, Erdogan attended its grand opening with Ivanka Trump.

When asked what he thinks will happen in January 2021 if Trump is re-elected, Bolton reportedly took a swipe at Ivanka and her husband, Jared Kushner, along with Senator Rand Paul (R-KY).

Bolton said Trump could go full isolationist — with the faction of the Republican Party that aligns with Paul’s foreign policy views taking over the GOP — and could withdraw the U.S. from NATO and other international alliances, three people present for his remarks said.

He also suggested that Kushner and Ivanka Trump could convince the president to rewrite his legacy and nominate a liberal like Lawrence Tribe — a Harvard Law professor who has questioned Trump’s fitness for office and was a legal adviser to Barack Obama’s 2008 campaign — to the Supreme Court, the people present for Bolton’s speech said.

Bolton said, with an eye roll that suggested he doesn’t take them seriously, that Kushner and Ivanka Trump could do so in an attempt to prove they had real influence and were in the White House representing the people they want to be in social circles with at home in New York City, the people present for his remarks said. –NBC News

Bolton promised the hedge fund investors that we can learn more in his upcoming book, after having reached a deal with Simon & Schuster.

END

A joke: an anonymous White House official trashes the book written by an anonymous ex White HOuse official

(zerohedge)

“Oh Cool, More Bullshit”: Anonymous White House Officials Trash Book By Anonymous Ex-White House Official

We’ve reached the part in the news cycle where one can just make up anything, anywhere about anyone, and cite imaginary people as evidence. Case in point, today’s Politico report on how the blockbuster bestselling book by, well, an allegedly former White House official who to this day remains anonymous, and which allegedly provides an “unprecedented behind-the-scenes portrait of the Trump presidency from the anonymous senior official whose first words of warning about the president rocked the nation’s capital” is being received by the White House. Or at least by more anonymous people at the White House.

While delightfully humorous in isolation, the following actual line from the Politico book report perfectly summarizes the state of modern reporting:

Most of the officials spoke on condition of anonymity to trash the anonymous author, whose book they acknowledged they have only read about.

The Politico report’s argument, apparently sourced to more anonymous White House officials who may or may not go on to write anonymous books of their own, which will then be reviewed by more anonymous officials, is that the “White House is breathing a big sigh of relief after the new book by an anonymous author claiming to be a senior Trump official doesn’t seem to have many new damaging details of the president’s conduct in office, according to interviews with five current White House officials.”

All of them, of course, anonymous, because we now live in a world where one can write any narrative at all for an article – or a book – and just quote “anonymous sources” or be an “anonymous author” and still make tons of money.

Or maybe Americans are finally tiring of that news cycle. After all, even that liberal bastion of anti-Trumpism, the New York Times, went so far as to pan the newly released book (maybe the NYT is a Russian asset for mocking the book? Anonymous sources have yet to opine).

These officials’ main complaint: The author is “cowardly” since the person doesn’t cite many specific examples in the book out of fear of making it easier for journalists and colleagues to discover the writer’s identity.

And they say the book is likely to contain errors, based on the unusually secretive process by which it was written.

“Normally, the publishers would do a pretty good fact-check on this but it’s impossible to do a fact-check if you don’t know who the person is and if you’re not citing specific stories so it’s literally the least fact-checked book ever,” said a White House official.

There is another problem with these “shocking” tell all stories that are fabricated cover to cover (because absent fact-checking, a lack of reference to facts and actual sources, one can only assume the entire story is made up): the all too real Trump has made any “shock” value decline to zero: in this case the anonymous White House staffers “are dismissing the author’s description of President Donald Trump as cruel, incompetent, ill-tempered and a threat to the country as nothing new. Those epithets and more, they say, are present on “liberal Twitter every day,” as the official put it.”

Indeed: if there is one thing the world has had even more than Trump’s non stop twitter barrage, it is shock stories written about Trump citing anonymous sources. .

The Politico article then goes on in some length to speculate on the identity of the author, the same author whose Sept 5, 2018 op-ed – published ironically in the same NYT that is now deriding the book – announcing Anonymous’ “resistance” against Trump “would seem to rule out anyone who left the administration before that date.”

Perhaps, but the way the book is written, the author could literally be anyone: after all, most of the stories are broad generalizations one can quite literally come up with while feeding the cats at 9am on a Saturday and drinking their morning coffee. And since nothing can be fact-checked, that is probably a safe assumption.

That probably explains why one of the anonymous officials quoted by Politico, had said the book’s content was “ridiculous. I certainly heard nothing about it and I certainly would have.”

Then again, the source is anonymous, and could have been merely fabricated by the newspaper, which brings us to the delightful irony of political “reporting” – one writes stories quoting unknown officials, opinion about shocking claims made by another unknown official.

And whereas the public had largely learned to ignore such fake news especially in the aftermath of the Trump Russian collusion fiasco, they have now reemerged in the form of “whistleblowers” hoping to get a second life in the public arena by attempting to take down the president, with even more hearsay, innuendo and unsourced reports.

That… or simply try to make money by taking advantage of people’s gullibility:

Hogan Gidley, the deputy White House press secretary, also said the author was trying to profit off his or her time in the administration.

“There are so many people trying to make a buck off of Donald Trump’s name at this point, I’ve lost count,” he said. “I find it comical that so many in the media try to claim that this person is brave and courageous when the author won’t even put their name to it. It’s completely gutless, not to mention false.”

“It’s another PC establishment elitist who thinks they know better than the millions and millions of people who voted for Donald Trump because they were sick and tired of the swamp’s stranglehold on this country,” Gidley added, while Eli Nachmany, a former Trump White House staffer who is now a student at Harvard Law School, said the book’s revelations haven’t surprised anyone in Trump world, calling it “another low-quality book by a disgruntled individual.”

That, incidentally, may be the most relevant take in the entire article, and for once, it is actually sourced to real, named people.

Although our favorite line from the entire piece about a book which will be forgotten in a few weeks was the following:

“You see the headlines and you say, ‘Oh cool, more bullshit, let’s get back to work,’” said one official.

Which just happens to be a perfect encapsulation of what all modern political “reporting” has become.

end

Dr Rand Paul names Ciaramella as the true whistleblower

(zerohedge)

Rand Paul Drops The ‘C’-Word: Names Whistleblower, Demands Testimony

A week ago, Senator Rand Paul said that he might release the whistleblower’s name.

Over the weekend, Senator Paul said the whistleblower’s name should be released.

And today, Senator Paul has named the whistleblower publicly…Eric Ciamerella

During a Wednesday interview on Washington, D.C.-based WMAL, Paul named Ciaramella himself and said he should be brought in testify to clarify whether he is indeed the whistleblower.

“I think Eric Ciaramella needs to be pulled in for testimony, and then I think it will be ultimately determined at that point,” said Paul.

“But I think he is a person of interest in the sense that he was at the Ukraine desk when Joe Biden was there when Hunter Biden was working for the Ukrainian oligarch. So simply for that alone, I think he’s a material witness who needs to be brought in.”

“I think the whistleblower needs to come in because he needs to be asked about, did he know about the conflict of interest?” said Paul.

He was there during the time of Joe Biden and Hunter Biden working for $50,000 a month for a Ukrainian oligarch, so he needs to be asked about that.”

As The Washington Examiner reports, Paul also said he wants answers about Ciaramella’s ties to the Democratic Party and Rep. Adam Schiff, whose staff knew about the whistleblower’s report before it was filed.

Now the name is out there in the public (as if it wasn’t earlier), will Mark Zuckerberg allow it to be mentioned on his platform?

All of which is worth noting since Rep. Schiff told Congress this morning that “I do not know the identity of the whistleblower.” – Seemingly a total lie, given what we know about their pre-hearing meetings…

Daily Caller

@DailyCaller

Rep. @Jim_Jordan rips @RepAdamSchiff for coordinating with the whistleblower.

Schiff claims he “does not know the identity of the whistleblower.”

Embedded video

Adam Schiff is not going to be happy…

END

‘The Real Ukraine Controversy’: John Solomon Exposes How Rogue US Embassy Conducted Foreign Policy

Authored by John Solomon via JohnSolomonReports.com

(Emphasis ours)

The first time I ever heard the name of U.S. ambassador to Ukraine Marie Yovanovitch was in early March of this year. It did not come from a Ukrainian or an ally of President Trump. It came from a career diplomat I was interviewing on background on a different story.

 

The diplomat, as I recall, suggested that Yovanovitch had just caused a commotion in Ukraine a few weeks before that country’s presidential election by calling for the firing of one of the prosecutors aligned with the incumbent president.

The diplomat related that a more senior State official, David Hale, was about  to travel to Ukraine and was prepping to be confronted about Yovanovitch’s comments. I remember the diplomat joking something to the effect of, “we always say that the Geneva Convention is optional for our Kiev staff.

The Geneva Convention is the UN-backed pact enacted during the Cold War that governs the conduct of foreign diplomats in host countries and protects them against retribution. But it strictly mandates that foreign diplomats “have a duty not to interfere in the internal affairs of that State” that hosts them. You can read the convention’s rules here.

I dutifully checked out my source’s story. And sure as day, Yovanovitch did give a speech on March 5, 2019 calling for Ukraine’s special anticorruption prosecutor to be removed. You can read that here.

And the Ukraine media was abuzz that she had done so. And yes, Under Secretary of State Hale, got peppered with questions upon arriving in Kiev, specifically about whether Yovanovitch’s comments violated the international rule that foreign diplomats avoid becoming involved in the internal affairs and elections of their host country.

Hale dutifully defended Yovanovitch with these careful words. “Well, Ambassador Yovanovitch represents the President of the United States here in Ukraine, and America stands behind her statements.  And I don’t see any value in my own elaboration on what they may or may not have meant. They meant what she said.” You can read his comments here.

Up to that point, I had focused months of reporting on Ukraine on the U.S. government’s relationship with a Ukraine nonprofit called the AntiCorruption Action Centre, which was jointly funded by liberal megadonor George Soros’ charity and the State Department. I even sent a list of questions to that nonprofit all the way back in October 2018. It never answered.

Given that Soros spent millions trying to elect Hillary Clinton and defeat Donald Trump in 2016, I thought it was a legitimate public policy question to ask whether a State Department that is supposed to be politically neutral should be in joint business with a partisan figure’s nonprofit entity.

State officials confirmed that Soros’ foundation and the U.S. embassy jointly funded the AntiCorruption Action Centre, and that Soros’ vocal role in Ukraine as an anticorruption voice afforded him unique access to the State Department, including in 2016 to the top official on Ukraine policy, Assistant Secretary of State Victoria Nuland. (That access was confirmed in documents later released under FOIA to Citizens United.)

Soros’ representatives separately confirmed to me that the Anti-Corruption Action Centre was the leading tip of the spear for a strategy Team Soros devised in 2014 to fight corruption in Ukraine and that might open the door for his possible business investment of $1 billion. You can read the Ukraine strategy document here and Soros’ plan to invest $1 billion in Ukraine here.

After being tipped to the current Yovanovitch furor in Ukraine, I was alerted to an earlier controversy involving the same U.S. ambassador.  It turns out a senior member of Congress had in spring 2018 wrote a letter  to Secretary of State Mike Pompeo alleging the ambassador had made anti-Trump comments and suggesting she be recalled. I confirmed the incident with House Rules Committee Chairman Pete Sessions and got a copy of his letter, which you can read here. Yovanovitch denies any such disloyalty to Trump.

Nonetheless, I had a career diplomat and a Republican lawmaker raising similar concerns. So I turned back to the sources I had developed starting in 2018 on Ukraine and began to dig further.

I learned that Ukrainian officials, particularly the country’s prosecutors, viewed Yovanovitch as the embodiment of an activist U.S. embassy in Kiev that ruffled feathers by meddling in internal law enforcement cases inside the country.

My sources told me specifically that the U.S. embassy had pressured the Ukraine prosecutors in 2016 to drop or avoid pursuing several cases, including one involving the Soros-backed AntiCorruption Action Centre and two cases involving Ukraine officials who criticized Donald Trump and his campaign manager Paul Manafort.

To back up their story, my sources provided me a letter then-embassy official George Kent wrote proving it happened. State officials authenticated the letter. And Kent recently acknowledged in this testimony he signed that letter. You can read the letter here.

With the help of a Ukrainian American intermediary and the Ukraine general prosecutor’s press office, I then secured an interview in mid-March 2016 with Ukraine’s then top prosecutor, Yuriy Lutsenko. In the interview that was videotaped and released for the whole world to see, Lutsenko alleged that in his first meeting in 2016 with Yovanovitch, the U.S. ambassador conveyed the names of several Ukrainians she did not want to see investigated and prosecuted. He called it, colloquially, a “do not prosecute list.”

The State Department denied such as list, calling it a fantasy, and I quoted that fair comment in my original stories. But before I published, I held the Lutsenko interview for a few days to do more reporting. State arranged for me to talk to a senior official about the Lutsenko-embassy relationship.

I provided the names that Lutsenko claimed had been cited by the embassy. That senior official said he couldn’t speak to what transpired in the specific meeting between Yovanovitch and Lutsenko. But that official then provided me this surprising confirmation: “I can confirm to you that at least some of those names are names that U.S. embassy Kiev raised with the General Prosecutor because we were concerned about retribution and unfair treatment of Ukrainians viewed as favorable to the United States.”

In other words, State was confirming its own embassy had engaged in pressure on Ukrainian prosecutors to drop certain law enforcement cases, just as Lutsenko and other Ukrainian officials had alleged.

When I asked that State official whether this was kosher with the Geneva Convention’s prohibition on internal interference, he answered: “Kiev in recent years has been a bit more activist and autonomous than other embassies.”

More recently, George Kent, the embassy’s charge d’affaires in 2016 and now a deputy assistant secretary of state, confirmed in impeachment testimony that he personally signed the April 2016 letter demanding Ukraine drop the case against the Anti-Corruption Action Centre.

He also testified he was aware of pressure the U.S. embassy also applied on Ukraine prosecutors to drop investigations against a journalist named Vitali Shabunin, a parliamentary member named Sergey Leschenko and a senior law enforcement official named Artem Sytnyk.

Shabunin helped for the AntiCorruption Action Centre that Soros funded, and Leschenko and Sytnyk were criticized by a Ukrainian court for interfering in the 2016 US election by improperly releasing or publicizing secret evidence in an ongoing case against Trump campaign chairman Paul Manafort.

It’s worth letting Kent’s testimony speak for itself. “As a matter of conversation that U.S officials had with Ukrainian officials in sharing our concern about the direction of governance and the approach, harassment of civil society activists, including Mr. Shabunin, was one of the issues we raised,” Kent testified.

As for Sytnyk, the head of the NABU anticorruption police, Kent addded: “We warned both Lutsenko and others that efforts to destroy NABU as an organization, including opening up investigations of Sytnyk, threatened to unravel a key component of our anti-corruption cooperation.”

As the story of the U.S. embassy’s pressure spread, a new controversy erupted. A Ukrainian news outlet claimed Lutsenko recanted his claim about the “do-not-prosecute” list. I called Lutsenko and he denied recanting or even changing his story. He gave me this very detailed response standing by his statements.

But American officials and news media eager to discredit my reporting piled on, many quoting the Ukrainian outlet without ever contacting Lutsenko to see if it was true. One of the American outlets that did contact Lutsenko, the New York Times, belatedly disclosed today that Lutsenko told it, like he told me, that he stood by his allegation that the ambassador had provided him names of people and groups she did not want to be targeted by prosecutors. You can read that here.

It is neither a conspiracy theory nor a debunked or retracted story. U.S. embassy officials DID apply pressure to try to stop Ukrainian prosecutors from pursuing certain cases.

The U.S. diplomats saw no problem in their actions, believing that it served the American interest in combating Ukrainian corruption. The Ukrainians viewed it far differently as an improper intervention in the internal affairs of their country that was forbidden by the Geneva Convention.

That controversy is neither contrived, nor trivial, and it predated any reporting that I conducted. And it remains an issue that will need to be resolved if the Ukraine and U.S. are to have a more fruitful alliance moving forward.

END

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

Trump slams Federal Reserve during speech before Economic Club of New York

“…we have launched an economic boom the likes of which we have never seen before… I did this despite a near-record number of rate increases and quantitative tightening by the Federal Reserve since I won the election, eight increases in total, which were in my opinion far too fast an increase and far too slow a decrease…remember, we are actively competing with nations who openly cut interest rates so that now many are actually getting paid when they pay off their loan, known as negative interest who ever heard of such a thing give me some of that…

https://nypost.com/2019/11/12/trump-slams-federal-reserve-during-speech-before-economic-club-of-new-york/

Trump Says U.S. to Substantially Raise Tariffs If No China Deal

https://www.bloomberg.com/news/articles/2019-11-12/trump-says-phase-one-of-china-trade-deal-could-happen-soon

@SenTomCotton: It’s disgraceful for the European Court of Justice to endorse the anti-Semitic Boycott, Divestment, and Sanctions movement.  Yet again, the international community reveals its obsession with singling out and punishing Israel.

Warren proposes ‘corporate perjury’ law related to industry-funded research

Warren said companies and executives could face criminal liability for false information they knowingly provide to U.S. agencies, leading to up to $250,000 in fines or jail time..

https://www.reuters.com/article/us-usa-election-warren-anticorruption-idUSKBN1XM1TU

Senator @ChuckGrassley: If FISA Inspector General Horowitz report doesn’t come out next week when they said it would then I will be very disappointed & left to wonder WHAT THE GAME IS?? Is someone at FBI or DOJ tying IGs hands??

 

ICIG complaint alleges Trump-Ukraine whistleblower may be soliciting illicit donations

A newly filed complaint to the Intelligence Community Inspector General (ICIG) alleges that the whistleblower whose allegations touched off House Democrats’ impeachment inquiry may have violated federal law by indirectly soliciting more than a quarter-million dollars from mostlyanonymous sources via a GoFundMe page…The complaint also raised the possibility that some of the donations may have come from prohibited sources, and asked the ICIG to look into whether any “foreign citizen or agent of a foreign government” contributed…

https://www.foxnews.com/politics/icig-complaint-ukraine-whistleblower

@MZHemingway: Fascinating to watch much of media’s quick turn from mocking notion of deep state into a full throated “Hell yes there’s a deep state and it’s the only thing we have to protect us from the American people and who they elect.”

 

Schiff sets stage for impeachment hearings, warns GOP about going after Bidens

https://www.foxnews.com/politics/schiff-sets-stage-for-impeachment-hearings

 

So, Schiff, Dems and MSM want Trump impeached for investigating the Bidens; but Schiff wants no one to mention the Bidens in the public hearings!  You can’t make this up!

@YoniMichanie: 200 rockets fired at innocent Israeli civilians in less than 24 hours. [Where are the MSM and US political leaders of both parties?]

 

Chicago hit 13° on Monday night, the coldest temperature ever for November 11th since records began in 1871.  Yesterday, the temperature hit a low of 7°, which is a record low for November 12th.  PS – Chicago had the 2nd snowiest October on record.

end

Let us close with this dandy interview of Rob Kirby and Greg Hunter.  Rob Kirby is an extremely talented economist and you must always listen to him

(Greg Hunter/Rob Kirby)

Something Nasty is Coming in the Financial Markets – Rob Kirby

By Greg Hunter On November 13, 2019

Macroeconomic analyst Rob Kirby warns massive money printing in the billions of dollars each and every day by the Fed in the repo market is “a sign we are getting close to the end.” Kirby says the world is awash in fiat money and contends, “We are being primed for a major, major catastrophe in the financial world. I believe we are probably on the eve of it in that something nasty comes our way very, very soon. The amount of money being created is so much bigger than what is being acknowledged. It wreaks of desperation. Metaphorically, someone is driving around and they’ve got a dead skunk in their trunk, and they are wondering what the smell is. I can smell what is going on in the financial world, and it stinks. It stinks beyond belief, and the whole world is waking up to it. The smart ones are waking up like the German central bank, and they are resuming purchasing gold. . . . The biggest signal is the German Bundesbank is buying gold. They were part of the club. It’s been forbidden for any central bank in the western world to buy gold for many, many years now, and when the German Bundesbank says it’s buying gold, Katy bar the door.”

The gold and silver market being flooded with paper shorts is yet another sign that time is short. Kirby says the elite want people to think gold and silver are bad investments, but he says don’t believe it, and “do not sell it.” Kirby goes on to say, “Gold and silver are historically alternatives to a failing fiat currency regime. The U.S. dollar is failing in front of our eyes. We know that because we know that $21 trillion extra (on top of the $23 trillion national debt) was created, and we know what they are doing with it. Part of that $21 trillion is being used to knock the price of gold and silver down with paper contracts. This is not a winning strategy, and this will ultimately blow up in their face too. They are being done to buy time and make the dollar appear strong. . . . The way this has to end is the U.S. dollar will go to its real intrinsic value, which is zero. That implies a hyperinflationary experience at some point in time, and it could be soon. . . . The amount of money being fed into the system is soon going to be too hard to hide.”

Kirby says this is the real reason why the Deep State wants to get rid of President Donald Trump. Kirby explains, “The reason they want him out is President Trump is not owned by anyone. Because he is not owned by anyone, I believe they all live in fear that when the system blows up, Trump will point fingers at people and lay blame where it should be laid. That’s what they are afraid of. They don’t want Trump singling them out, the people that are guilty. . . . They don’t want an honest guy who is going to name names. They don’t want him in control because he’s not controllable.”

Join Greg Hunter as he goes One- on-One with Rob Kirby, founder of KirbyAnalytics.com.

(Update: YouTube finally did not monetize this video.  This time only after about 5,000 views.   Enjoy!)

-END-

Well that is all for today

I will see you Thursday night.

 

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