NOV 19//GOLD UP $2.40 TO $1473.90//SILVER UP 11 CENTS TO $17.14//NEW RECORD FOR COMEX GOLD AT NORTH OF 717,000 CONTRACTS// STRONG QUEUE JUMPING IN GOLD// HONG KONG EVENTS OF TODAY//NETHERLANDS FACING A HUGE PENSION PROBLEM BECAUSE OF EU PROBLEMS..//JPM EXECUTIVE VP FOR GOLD AND SILVER ARRESTED UNDER THE CHARGES OF RACKETEERING AND FRAUD//HOROWITZ WILL RELEASE HIS PROBE ON FISA ABUSES/MORE SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1473.90 UP $2.40    (COMEX TO COMEX CLOSING)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Silver:$17.14 UP  11 CENTS  (COMEX TO COMEX CLOSING)

Closing access prices:

 

 

 

 

Gold :  $1472.40

 

silver:  $17.15

 

COMEX DATA

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

today RECEIVING: 5/47

EXCHANGE: COMEX
CONTRACT: NOVEMBER 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,470.900000000 USD
INTENT DATE: 11/18/2019 DELIVERY DATE: 11/20/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
323 H HSBC 35
435 H SCOTIA CAPITAL 13
657 C MORGAN STANLEY 7
661 C JP MORGAN 5
737 C ADVANTAGE 12 15
905 C ADM 7
____________________________________________________________________________________________

TOTAL: 47 47
MONTH TO DATE: 1,609

we are coming very close to a commercial failure!!

 

 

NUMBER OF NOTICES FILED TODAY FOR  NOV CONTRACT: 47 NOTICE(S) FOR 4700 OZ (0.1461 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  1609 NOTICES FOR 160900 OZ  (5.0046 TONNES)

 

 

 

SILVER

 

FOR NOV

 

 

0 NOTICE(S) FILED TODAY FOR nil  OZ/

 

total number of notices filed so far this month: 532 for 2,660,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE :  $ 8075 DOWN 110 

 

 

 

Bitcoin: FINAL EVENING TRADE: $ 8115 down 71

 

 

 

 

Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI FELL BY A FAIR  SIZED 804 CONTRACTS FROM 221,686 DOWN TO 220,882 DESPITE THE 3 CENT GAIN IN SILVER PRICING AT THE COMEX.

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

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

FOR SEPT 0,; DEC  2602 AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  2602 CONTRACTS. WITH THE TRANSFER OF 2602 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 2602 EFP CONTRACTS TRANSLATES INTO 13.01 MILLION OZ  ACCOMPANYING:

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

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.665     MILLION OZ INITIALLY STANDING IN OCT

TODAY THE CROOKS TRIED TO  RAID SILVER TO NO AVAIL. THEY AGAIN USED HUGE COPIOUS NON BACKED PAPER IN THEIR  UNSUCCESSFUL ENDEAVOUR TO WHACK SILVER’S PRICE ( IT ROSE 3 CENTS ON THE DAY AFTER AN INITIAL PUMMELING ). ALSO OUR OFFICIAL SECTOR/BANKERS  WERE AGAIN UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE  SILVER LONGS AS THE TOTAL GAIN IN OI ON BOTH EXCHANGES TOTALED A STRONG 1798 CONTRACTS. OR 8.99 MILLION OZ…..THE RAID BY OUR BANKERS FAILED AS THEY COULD  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:

30,011 CONTRACTS (FOR 13 TRADING DAYS TOTAL 30,041 CONTRACTS) OR 150.06 MILLION OZ: (AVERAGE PER DAY: 2308 CONTRACTS OR 11.54 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF AUGUST:  150.06 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 21.43% 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:          1904.96   MILLION OZ.

JANUARY 2019 EFP TOTALS:                                                      217.455. MILLION OZ

FEB 2019 TOTALS:                                                                       147.4     MILLION OZ/

MARCH 2019 TOTAL EFP ISSUANCE:                                          207.835 MILLION OZ

APRIL 2019 TOTAL EFP ISSUANCE:                                              182.87  MILLION OZ.

MAY 2019: TOTAL EFP ISSUANCE:                                                136.55 MILLION OZ

JUNE 2019 , TOTAL EFP ISSUANCE:                                               265.38 MILLION OZ

JULY 2019   TOTAL EFP ISSUANCE:                                                175.74 MILLION OZ

AUG. 2019  TOTAL EFP ISSUANCE;                                                 216.47 MILLION OZ

SEPT 2019 TOTAL EFP ISSUANCE                                                  174.900 MILLION OZ

OCTOBER 2019 ISSUANCE:                                                           146.14 MILLION OZ

RESULT: WE HAD A FAIR SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 804, DESPITE THE 3 CENT GAIN IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A  HUGE SIZED EFP ISSUANCE OF 2602 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: 1798 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 2602 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH DECREASE OF 804  OI COMEX CONTRACTS. AND ALL OF THIS  DEMAND HAPPENED WITH A 3 CENT GAIN IN PRICE OF SILVER AND A CLOSING PRICE OF $17.03 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. 1.104 BILLION OZ TO BE EXACT or 158% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MARCH MONTH/ THEY FILED AT THE COMEX: 0 NOTICE(S) FOR nil 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: 7.32 MILLION OZ//   
  2.  THE  RECORD WAS SET IN AUGUST 22/2018:  244,196 CONTRACTS,  WITH A SILVER PRICE OF $14.78//.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017 RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

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

 

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A STRONG SIZED 7239 CONTRACTS, AND SETTING A NEW ALL TIME RECORD OF 717,956, A GOOD 1363 CONTRACTS ABOVE OUR  OUR PREVIOUS TIME RECORD  OF 716,593 SET THURSDAY NOV 14/2019. THE LOSS IN COMEX OI SURPRISINGLY OCCURRED WITH A  $3.50 PRICING GAIN WITH RESPECT TO COMEX GOLD PRICING// YESTERDAY// / THE OPEN INTEREST AT THE GOLD COMEX RESTS TONIGHT  AT 717,956….(NOV 19/2019)

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A STRONG SIZED 4927 CONTRACTS:

NOV 2019: 0 CONTRACTS, DEC>  4527 CONTRACTS; FEB 400 AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 717,956,,.  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 12,166 CONTRACTS: 7239 CONTRACTS INCREASED AT THE COMEX  AND 4927 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 12,166 CONTRACTS OR 1,216,600 OZ OR 37.84 TONNES.  YESTERDAY WE HAD A GAIN OF $3.50 IN GOLD TRADING….

AND WITH THAT GAIN IN  PRICE, WE  HAD SURPRISINGLY A STRONG GAIN IN GOLD TONNAGE OF 37.84  TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR WERE SUPPLYING INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON AND HAD  UNSUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (UP $3.50). THEY WERE ALSO  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE SOME GOLD LONGS FROM ANY THE GOLD ARENA AS THE TOTAL OI FOR BOTH EXCHANGES INCREASED!

 

 

 

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 : 121,631 CONTRACTS OR 12,163,100 oz OR 378.32 TONNES (13 TRADING DAY AND THUS AVERAGING: 9356 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 13 TRADING DAYS IN  TONNES: 378.32 TONNES

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

THUS EFP TRANSFERS REPRESENTS 378.32/3550 x 100% TONNES =10.65% OF GLOBAL ANNUAL PRODUCTION

 

 

 

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     5150,17  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 7239 WITH THE  PRICING GAIN THAT GOLD UNDERTOOK YESTERDAY($3.50)) //.WE ALSO HAD  A HUGE SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 4927 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED.   THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX.  I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 4927 EFP CONTRACTS ISSUED, WE  HAD AN ATMOSPHERIC  AND CRIMINALLY SIZED GAIN OF 12,166 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

4927 CONTRACTS MOVE TO LONDON AND 7239 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 37.84 TONNES). ..AND THIS STRONG INCREASE OF  DEMAND OCCURRED DESPITE THE SMALL GAIN IN PRICE OF $3.50 WITH RESPECT TO YESTERDAY’S TRADING AT THE COMEX.

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

 

 

 

 

 

 

 

 

we had:  47 notice(s) filed upon for 4700 oz of gold at the comex.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD...

 

 

WITH GOLD UP $2.40 TODAY//(COMEX-TO COMEX)

a huge change in gold inventory today

a massive paper withdrawal of 4.98 tonnes from the GLD

absolute fraud!!

NOV 19/2019/Inventory rests tonight at 891.79 tonnes

 

 

SLV/

 

WITH SILVER UP  11 CENTS TODAY: 

 

no changes in silver inventory at the SLV

 

/INVENTORY RESTS AT 375,574 MILLION OZ

 

 

 

 

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

 

 

end

 

OUTLINE OF TOPICS TONIGHT

 

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

1. Today, we had the open interest in SILVER FELL BY A FAIR SIZED 804 CONTRACTS from 221,686 DOWN TO 220,882 AND FURTHER FROM  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  2602  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2602 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE OI LOSS AT THE COMEX OF 804  CONTRACTS TO THE 2602 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN AN ATMOSPHERIC AND CRIMINALLY SIZED GAIN OF 1798 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 8.99 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 FAIR SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE 3 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A STRONG SIZED 2602 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG  SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

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

 

 

(report Harvey)

.

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

I)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 24.79 POINTS OR 0.85%  //Hang Sang CLOSED UP 412.71 POINTS OR 1.55%   /The Nikkei closed DOWN 124.11 POINTS OR 0.26%//Australia’s all ordinaires CLOSED UP .62%

/Chinese yuan (ONSHORE) closed DOWN  at 7.0243 /Oil DOWN TO 56.50 dollars per barrel for WTI and 61.82 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.0243 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8834 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

Hong Kong/China/USA/Iran/the Fed and Trump

Background on today’s events:

(Michael Every

4/EUROPEAN AFFAIRS

i)Holland

We warned you that this was going to happen.  The Netherlands is now headed for an unprecedented crisis as million sof retirees face pension cuts thanks to the ECB and their negative interest rates.

(zerohedge)

ii)UK

No  question about it: in the UK the fear of a Corbyn win far outweighs the fear of Brexit

(Mish Shedlock)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)Iran/USA

The USA publicly supports the protests in Iran as Khamenei states that he will crackdown on the “thugs” causing damage during the protests.

(zerohedge)

ii)Russia/USA/Israel

The backing for USA backing of Israeli settlements in the West Bank as a “dangerous escalation” Israel is not in the sphere of influence of Russia

(zerohedge)

 

 

6.Global Issues

We continually witness details on the global economy coming to a screeching halt

(zerohedge)

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

9. PHYSICAL MARKETS

i)We brought you this story yesterday but it is worth reporting.  JPMorgan has another executive charged (Ruffo) and he is also a biggy.  The probe expands to racketeering and fraud

(Stroth/Bloomberg/GATA)

ii)Not good:  Gold swaps by the BIS rise by 45% in the last month by 58 tonnes

(Robert Lambourne/GATA)

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

MARKET TRADING//USA

a)Market trading/THIS MORNING/USA

 ZERO HEDGE

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

iii) Important USA Economic Stories

a)Finally, the Horowitz report will be out by the first week of December. Lindsay Graham has already booked Horowitz for interviews on Dec 11,

(zerohedge)

b)A good Bellwether of USA economic activity: Home Depot

(zerohedge)

c)Finally, ex CEO investigated for self dealing

(zerohedge)

iv) Swamp commentaries)

a)Schiff is totally off his rocker: he leaked disinformation to Politico as part of an impeachment scheme according to Trump aide, Kash Patel

b)Epstein guards arrests for failing to check on him

(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 7239 CONTRACTS TO A NEW RECORD LEVEL OF 717,956 WITH THE GAIN OF $3.50 IN GOLD PRICING WITH RESPECT TO YESTERDAY’S // COMEX TRADING. 

 

WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF NOV..  THE CME REPORTS THAT THE BANKERS ISSUED STRONG SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 4927 EFP CONTRACTS WERE ISSUED:

 FOR NOV; 0 CONTRACTS: DEC: 4527 ; MARCH: 400  AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  4927 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: 12,166 TOTAL CONTRACTS IN THAT 4927 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A STRONG SIZED 7717 COMEX CONTRACTS.

THE BANKERS SUPPLIED THE NECESSARY AND INFINITE AMOUNT OF SHORT PAPER IN GOLD.  THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE WITH THE CONSIDERABLE RAID INITIATED (AND FAILED), AS IT ROSE BY $3.50. AND THEY WERE  UNSUCCESSFUL IN FLEECING SOME LONGS FROM THE GOLD ARENA AS WE HAD A GOOD GAIN ON BOTH OUR EXCHANGES:

 

 

 

NET GAIN ON THE TWO EXCHANGES ::  12,166 CONTRACTS OR 1,216,600 OZ OR 37.84 TONNES.

We are now in the  NON active contract month of NOV.  This month is generally the poorest delivery month of the year as must players prefer to go straight to the big active delivery month of December. Today we have 118 contracts still standing for a GAIN of 58 contracts. Yesterday we had 13 notices served upon so we have another whopper of a gain of 71 contracts or an additional 7100 oz will stand as these guys refused to morph into London based forwards as well as negating a fiat bonus. We again have queue jumping by the bankers/official sector in their attempt to find physical metal on this side of the pond.

 

The next active delivery month after NOV is the  active contract month of DECEMBER. Here we had a loss of ONLY 10,202 contracts down to 333,380.   The next non active contract month of January saw its OI FALL by 19 contracts DOWN to 391.

The December contract month is still highly elevated and we should have a humdinger of a DECEMBER delivery month

 

 

 

 

TODAY’S NOTICES FILED:

WE HAD 47 NOTICES FILED TODAY AT THE COMEX FOR  4700 OZ. (0.0404 TONNES)

 

 

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And now for the wild silver comex results.

Total COMEX silver OI FELL BY A FAIR SIZED 804 CONTRACTS FROM 221,686 DOWN TO 220,882 (AND FURTHER FROM THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018.  THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S CONSIDERABLE  OI COMEX GAIN OCCURRED WITH A 3 CENT GAIN IN PRICING.//YESTERDAY.

WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV.  HERE WE HAVE 0 OPEN INTEREST STAND FOR DELIVERY WITH A LOSS OF 6 CONTRACTS. WE HAD 6 CONTACTS SERVED UPON YESTERDAY SO WE GAINED 0 CONTRACTS OR NIL ADDITIONAL OZ WILL STAND FOR DELIVERY IN THIS NON ACTIVE MONTH.  THE ALSO REFUSED TO MORPH INTO LONDON BASED FORWARDS AS WELL AS NEGATING A FIAT BONUS.

 

AFTER NOVEMBER WE HAVE THE  ACTIVE MONTH OF DECEMBER and here he has a loss of 5782 contracts down to 93,020.  After December we have the non active month of January and here we see that we lost 11 contracts down to 531.

The big December contract month is also highly elevated for silver as well.

 

TODAY’S NUMBER OF NOTICES FILED:

 

We, today, had 0 notice(s) filed for nil, OZ for the NOV, 2019 COMEX contract for silver

Trading Volumes on the COMEX TODAY: 329,094  CONTRACTS 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  377,784  contracts

 

 

 

 

 

INITIAL standings for   NOV/GOLD

NOV 19/2019

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

 

Delaware

 

 

Deposits to the Customer Inventory, in oz  

176,830.500 OZ

 

DELAWARE???

 

5500 KILOBARS.

 

No of oz served (contracts) today
47 notice(s)
 4700 OZ
(0.1461 TONNES)
No of oz to be served (notices)
71 contracts
(7100 oz)
0.2208 TONNES
Total monthly oz gold served (contracts) so far this month
1609 notices
160,900 OZ
5.0046 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 entry

 

 

 

 

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 Delaware:  176,830.500 oz

exactly 5500 kilobars

this is a total phony entry. Delaware hardly moves any gold and now they move 5500 kilobars into their vaults?

 

 

 

total gold deposits: 176,830.500  oz

 

very little gold arrives from outside/ Today  only a phony entry

 

we had 0 gold withdrawal from the customer account:

 

 

total withdrawals:  nil oz

 

We had 1 adjustment

i)3490.796 oz was adjusted out of HSBC customer and this lands into the dealer account

no pledged gold

 

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 47 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 5 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 (1609) x 100 oz , to which we add the difference between the open interest for the front month of  NOV (118 contract) minus the number of notices served upon today (47 x 100 oz per contract) equals 168,000 OZ OR 5.2255 TONNES) the number of ounces standing in this  active month of NOV

Thus the INITIAL standings for gold for the NOV/2019 contract month:

No of notices served (1609 x 100 oz)  + (118)OI for the front month minus the number of notices served upon today 47 x (100 oz )which equals 168,000 oz standing OR 5.2255 TONNES in this  active delivery month of NOV

We GAINED 71 contracts OR 7100 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 27.47 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS.

HERE IS WHAT STOOD DURING THESE PAST 4 MONTHS:  AUGUST 27.153 TONNES

SEPT:      5.4525 TONNES

 

OCT…………………………………………………………………………..     OCT…..   37.99 TONNES

AND NOW NOV……                                                                5.2255 tonnes

 

 

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: 75.821

TONNES- 4.128 TONNES DEEMED SETTLEMENT = 71.693 TONNES STANDING FOR METAL AGAINST 27.47 TONNES OF REGISTERED OR FOR SALE COMEX GOLD! THIS IS WHY GOLD IS SCARCE AT THE COMEX.

 

total registered or dealer gold:  1,124,262,735 oz or  34.96 tonnes 
which  includes the following:
a) registered gold that can be used to settle upon: 88,670.91 oz (27.58 tonnes)
b) pledged gold held at HSBC which cannot settle upon:  237,553.645 oz  ( 7,3889 tonnes)
total registered pledged  and eligible (customer) gold;   8,505,376.040 oz 264.55 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 19 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 971,275.917 oz
CNT

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
902,141.722 oz
CNT
No of oz served today (contracts)
0
CONTRACT(S)
(nil OZ)
No of oz to be served (notices)
0 contracts
 NIL oz)
Total monthly oz silver served (contracts)  532 contracts

2,660,000 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

 

ii) Into CNT:  902,141.722 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 51.10% of all official comex silver. (161.1 million/315.22 million

 

 

 

 

total customer deposits today:  902,141.722   oz

 

we had 2 withdrawals out of the customer account:

 

 

i) Out of Brinks:  890,964.897 oz

 

 

 

 

total withdrawals; 890,964.897  oz

We had 1 adjustment:

i) Out of Scotia:  2075,769.116 oz was adjusted out of the dealer and this lands into the customer account and this is a deemed settlement

total dealer silver:  77.152 million

total dealer + customer silver:  315.535 million oz

 

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The total number of notices filed today for the NOV 2019. contract month is represented by 0 contract(s) FOR nil 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 532 x 5,000 oz = 2,660,000 oz to which we add the difference between the open interest for the front month of NOV. (0) and the number of notices served upon today 0 x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the NOV/2019 contract month: 532 (notices served so far) x 5000 oz + OI for front month of OCT (0)- number of notices served upon today (0) x 5000 oz equals 2,630,000 oz of silver standing for the OCT contract month. 

WE GAINED 0 contracts or an additional 30,000 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 0 notice(s) filed for NIL OZ for the NOV, 2019 COMEX contract for silver

 

 

TODAY’S ESTIMATED SILVER VOLUME:  114,427 CONTRACTS

 

 

CONFIRMED VOLUME FOR YESTERDAY: 116,177 CONTRACTS..

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 116,177 CONTRACTS EQUATES to 500 million  OZ 82.9% 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 -1.54% ((NOV 19/2019)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.94% to NAV (NOV 19/2019 )
Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ -1.54%

(courtesy Sprott/GATA)

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

NAV 14.66 TRADING 14.10///DISCOUNT 3.84

 

 

END

 

And now the Gold inventory at the GLD/

NOV 19/WITH GOLD UP $2.40 TODAY: A HUGE CHANGE:  A MASSIVE PAPER WITHDRAWAL OF 4.98 TONNES OF GOLD FROM THE GLD AND THIS WITH A GOLD PRICE RISE?/INVENTORY RESTS AT 891.79 TONNES

NOV 18/WITH GOLD UP $3.50 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 896.77 TONNES

NOV 15//WITH GOLD DOWN $4.70 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 896.77 TONNES

NOV 14/WITH GOLD UP $10.00: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 896.77 TONNES

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 19/2019/Inventory rests tonight at 891.79 tonnes

*IN LAST 707 TRADING DAYS: 44.58 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 607 TRADING DAYS: A NET 122.47 TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

end

 

Now the SLV Inventory/

NOV 19/WITH SILVER UP 11 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 375.574 MILLION OZ//

NOV 18/ WITH SILVER UP 3 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER WITHDRAWAL OF 1.074 MILLION OZ F FROM THE SLV///INVENTORY RESTS AT 375.574 MILLION OZ/

NOV 15//WITH SILVER DOWN 6 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 376.648 MILLION OZ//

NOV 14/ WITH SILVER UP 12 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 376.648 MILLION OZ/

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

 

SEPT 18/WITH SILVER DOWN 24 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 376.502 MILLION OZ//

 

 

NOV 18:  SLV INVENTORY

375.574 MILLION OZ

 

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

6 Month MM GOFO 1.94/ and libor 6 month duration 1.91

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

G0LD LENDING RATE: – .03

 

XXXXXXXX

12 Month MM GOFO
+ 1.92%

LIBOR FOR 12 MONTH DURATION: 1.95

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.03

end

 

 

end

 

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

CNBC is careful to admit that owning GLD is not owning gold

Chris Powell of GATA writes today about how he finds it interesting that CNBC are careful to admit that owning the GLD ETF is not the same thing as owning physical gold, a theme that has run strongly throughout our market commentaries for many years.

He writes…

Two cheers for today’s CNBC report celebrating the 15th anniversary of the gold exchange-traded fund GLD, since the report does not pretend that owning GLD is the same as owning the monetary metal itself.

Instead, the report says, GLD “tracks one of the world’s most popular commodities,” provides “an easy and particularly cost-effective way to get indirect exposure to gold,” and is a device for “having exposure to movements in the gold price.”

Of course it would have been nice for CNBC to note that the custodian of the vault holding GLD’s gold is the investment bank HSBC, perhaps the biggest short in the gold market; that the bank is the beneficiary of a new New York Commodities Exchange rule apparently allowing the bank to inject more “paper gold” into the futures market, that GLD itself facilitates the shorting of real metal through the borrowing and conversion to metal of its shares and the sale or lease of that metal by enormously well-funded brokers executing central bank market-rigging policy; and that anyone buying “paper gold” might as well flush his money down the toilet.

You can read the full article by clicking here…

NEWS and COMMENTARY

Gold prices steady as U.S.-China trade deal doubts linger

Gold May Rally Above $1,560, Hedge Fund Telemetry’s Thornton Says

Shares push to 22-month high as trade hopes end

Campus under siege as Hong Kong police battle protesters

Cryptosphere Courts Gold Bugs as Bitcoin Loses Some Luster

Watch Podcast Here

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

18-Nov-19 1458.40 1467.65, 1124.86 1132.59 & 1318.10 1325.88
15-Nov-19 1465.60 1466.90, 1138.04 1136.41 & 1329.59 1327.84
14-Nov-19 1467.65 1466.65, 1141.39 1142.52 & 1334.24 1333.18
13-Nov-19 1463.45 1462.90, 1138.86 1140.62 & 1328.23 1328.46
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

SIGN UP FOR OUR AWARD WINNING MARKET UPDATES HERE

Mark O’Byrne
Executive Director

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

We brought you this story yesterday but it is worth reporting.  JPMorgan has another executive charged (Ruffo) and he is also a biggy.  The probe expands to racketeering and fraud

(Stroth/Bloomberg/GATA)

JPMorgan precious metal probe expands as another is charged

 Section: 

By Steve Stroth
Bloomberg News
Friday, November 15, 2019

Another JPMorgan Chase & Co. official was charged in the U.S. probe of the bank’s precious metals trading operation.

Jeffrey Ruffo, a former JPMorgan executive director on the metals desk in New York who specialized in hedge fund sales, was charged with fraud conspiracy and racketeering conspiracy, according to a superseding indictment made public Friday in federal court in Chicago.

… 

The allegations are part of a broader investigation of market spoofing that has now resulted in charges against six bank employees. Indictments against Michael Nowak — JPMorgan’s global head of precious metals trading — and Gregg Smith were made public in September and they have pleaded not guilty. Another defendant, Christopher Jordan, plans to plead not guilty, according to his lawyer. All three have been free on bond since their arrests.

In one instance in January 2012, when a hedge fund client wanted to sell 93,200 ounces of gold, Ruffo alerted JPMorgan traders who then placed deceptive orders to buy gold futures in an attempt to push prices higher, according to the indictment. Ruffo will be arraigned in Chicago on Dec. 5, court documents show. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-11-15/jpmorgan-metals-probe…

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

END

Not good:  Gold swaps by the BIS rise by 45% in the last month by 58 tonnes

(Robert Lambourne/GATA)

Robert Lambourne: Gold swaps by BIS rose 45% — 58 tonnes — in October

 Section: 

By Robert Lambourne
Monday, November 18, 2019

Its statement of account for October shows that the Bank for International Settlements continues actively trading in gold swaps. The BIS uses gold swaps and other gold derivatives to gain access to gold held by commercial banks. Recent swap levels remain much lower than they were in the second half of 2018, although the level of swaps as of October 31, an estimated 186 tonnes, was the highest recorded since February 28.

There is not enough information in the bank’s monthly reports to calculate the exact amount of swaps, but based on the information in the BIS statement of account for October, the bank’s estimated month-end gold swaps rose 58 tonnes, or 45 percent, since the 128 tonnes reported at September 30.

… 

This compares with 162 tonnes at August 31, 95 tonnes at July 31, 126 tonnes at June 30, 78 tonnes at May 31, 88 tonnes at April 30, 175 tonnes at March 31, 303 tonnes at February 28, 247 tonnes at January 31, 275 tonnes at December 31, 2018, and estimates of 308 tonnes in November, 372 tonnes in October, 238 tonnes in September, and 370 tonnes in August 2018.

More background on the bank’s medium-term history of using gold swaps is available here:

http://www.gata.org/node/18825

On February 3 this year GATA published comments from a former gold industry executive describing the activities of the BIS in gold swaps in earlier decades:

http://www.gata.org/node/18828

The former executive wrote: “Effectively this process created a supply of ‘paper gold’ — sometimes but not always marked to market — that had a depressing effect on the gold price.”

The BIS refuses to explain its activity in the gold market — its objectives and underlying parties in interest —

http://www.gata.org/node/17793

— and mainstream financial news organizations refuse to ask about it.

—–

Robert Lambourne is a retired business executive in the United Kingdom who consults with GATA about the involvement of the Bank for International Settlements in the gold market.

* * *

END

For the first time we see that the junior mining sector angry at the cirminal activity of our banker friends with their predatory short selling.

(Newsfile Corp,Toronto/GATA)

Junior mining sector responds to predatory short selling with ‘Save Canadian Mining’

 Section: 

Organization Announcement
via Newsfile Corp., Toronto
Monday, November 18, 2019

TORONTO — Today Terry Lynch, CEO of Chilean Metals Inc. launched Save Canadian Mining — an advocacy group created to give voice to the specific interests of Canada’s junior mining sector. Save Canadian Mining will work to raise awareness for this important segment of the country’s economy and advocate for positive change on their behalf with government and regulatory agencies. Specifically, the campaign will be lobbying for revisions to marketplace rules and regulations that have created severe challenges for junior public companies in the sector.

… 

“The current rules in our equity markets have created an environment for predatory short selling practices to thrive, particularly on our vulnerable junior markets,” said Mr. Lynch. “For smaller-cap mining companies, short-selling activity spooks true investors into selling prematurely, effectively stunting the growth of these businesses at critical early stages. Save Canadian Mining is dedicated to helping ensure Canada’s capital markets remain viable for junior miners now and into the future.”

In 2012 the Investment Industry Regulatory Organization of Canada and the Canadian Securities Administrators removed a 142-year securities trading rule known as the “tick test.” The tick test restricted short selling to positive price changes at the time of the sale. (That is, an investor could short a stock only if it was on an upward trajectory.) This change was applied not only to the main listing venue of the TSX Venture Exchange, but was equally applied across all Canadian trading venues, of which there are 14 today. Since the removal of the tick test, Canadian markets have evolved, and there now exists a dynamic where Canada’s junior markets are finding it increasingly difficult to raise capital.

“Short selling activities have increased in the junior mining market since 2012,” said Lynch. “The advent of high-frequency trading and algorithmic trading is exploiting the combination of a lack of a tick test, with 14 different trading markets to the detriment of one of Canada’s most important industries.”

Save Canadian Mining plans to meet with government in the coming weeks to share the stories of many small businesses in the mining sector. The organization will also be sharing its desired regulatory amendments with government and the Ontario Securities Commission for consideration shortly.

Save Canadian Mining has already attracted the support of many prominent voices in the mining and investment community, including: Brady Fletcher, managing director and head of the TSX Venture Exchange; Eric Sprott of Sprott Mining; Garry Clark, executive director of the Ontario Prospectors Association; and Chris Hodgson, president of the Ontario Mining Association. …

… For the remainder of the announcement:

https://www.newsfilecorp.com/release/49806/Junior-Mining-Sector-Responds…

END

Crooks and by that I mean the USA government who gets to keep a 5 million dollar gold haul and then gives the pilot a light sentence

(Miami Herald/GATA)

Venezuelan gold pilot pleads guilty for light sentence; U.S. keeps $5 million haul

 Section: 

By Jay Weaver
Miami Herald
Monday, November 18, 2019

Two Venezuelans charged with smuggling about $5 million worth of gold bars in a private plane to south Florida have cut plea deals with federal prosecutors to gain light prison sentences along with immediate deportation to Venezuela.

Pilot Victor Fossi Grieco, 51, pleaded guilty today to conspiring to transport 230 pounds of gold hidden in the nose of the plane to Fort Lauderdale Executive Airport. He was sentenced to the time he has served while in custody since his arrest in September.

 

… 

His passenger, Jean Carlos Sanchez Rojas, 42, plans to plead guilty to the same charge this week and is expected to receive similar punishment from U.S. District Judge Cecilia Altonaga.

And who gets to keep the valuable bars of gold? The U.S. government. …

… For the remainder of the report:

https://www.miamiherald.com/news/local/article237466919.html

end

iii) Other physical stories:

Jim Willie: US Treasuries Have Become The New Sub- Prime Bond

While the Federal Reserve has yet to fully explain what the problem is that’s requiring more printed money than during the quantitative easing programs, Jim Willie, editor of The Hat Trick Letter on The Golden- Jackass.com, has been forecasting it years in advance.

He’s been explaining why foreign countries are walking away from the dollar, and why the system is finally breaking now. And fortunately he was kind enough to join me on the show and share how we got here, and some of the stunning details about what’s coming next.

He discussed why Russia sold its treasuries last year. Why they reallocated into gold. And why as a result the US has now begun directly monetizing its debt.

As well as if China really has as much dollar and treasury exposure as we’re led to believe, and why the world is repudiating treasuries and acquiring gold at the fastest rate since the dollar left the gold standard in 1971.

A lot of what Jim has been forecasting for years is finally manifesting now. And to be ahead of the curve, and the rest of the market, click to watch the interview now!

Chris Marcus
November 18, 2019

end

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 7.0243/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  7.0264   /shanghai bourse CLOSED UP 24.79 POINTS OR 0.85%

HANG SANG CLOSED UP 412.71 POINTS OR 1.55%

 

2. Nikkei closed DOWN 124.11 POINTS OR 0.26%

 

 

 

 

3. Europe stocks OPENED ALL GREEN/

 

 

 

USA dollar index UP TO 97.81/Euro RISES TO 1.1075

3b Japan 10 year bond yield: FALLS TO. –.08/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.72/ 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:: 56.50 and Brent: 61.82

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.33%/Italian 10 yr bond yield  UP to 1.22% /SPAIN 10 YR BOND YIELD UP TO 0.42%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.55: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.44

3k Gold at $1468.75 silver at: 17.13   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 11/100 in roubles/dollar) 63.75

3m oil into the 56 dollar handle for WTI and 61 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 108.72 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 .9911 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0978 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year RISING to 0.33%

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 1.82% early this morning. Thirty year rate at 2.20%

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

6.  TURKISH LIRA:  UP  TO 5.7130..

S&P Futs Hit New All Time High As Tsunami Of Central Bank Liquidity Pushes Everything Higher

It was not very easy to glean from the disjointed overnight headlines and comments if the prevailing trader mood was one of “optimism” or “not so much optimism” when it comes to the daily US-China trade deal barometer, but one look at stocks which are a sea of green this morning…

 

… the narrative quickly becomes one of smooth sailing between Washington and Beijing, even though in fact none of that matters, and it’s all been a diagonal line since the start of QE4, pardon, “NOT QE” on Oct. 14.

 

Meanwhile, Reuters did not disappoint with its regurgitated, stock explanation for the market move, noting that “world shares touched their highest in nearly two years on Tuesday as investors maintained bets that the United States and China can reach a deal to end their damaging trade war.”

It gets better: confirming what we said at the top, Reuters then goes on to state that “A lack of clear news on the progress of talks has not deterred investors emboldened by a growing sense that risks of a recession, a specter through the year, have receded. Looser monetary policy from major central banks like China has also helped bolster expectations for equities.”

In other words, there was no actual news, but because a record burst of central bank liquidity since the financial crisis has pushed risk assets higher, the goalseeked explanation is that, somehow, a deal must be closer. And there you have reflexivity in all its fallacious glory.

 

So amid this liquidity barrage, it’s hardly a surprise that the MSCI world equity index gained 0.1% to touch its highest since January last year.

European shares stocks rallied again from the open led by miners, autos and financial services in the absence of fresh news or economic data, with the broad Euro STOXX 600 adding 0.4% to move to its highest since July 2015. Indexes in Frankfurt and London gained 0.4% and 0.5% respectively. DAX rose 1% to outperform peers, while S&P futures breached Monday’s highs above 3,130, and not even dismal results from Home Depot or Kohl’s could derail this train.

Earlier in the session, MSCI’s index of Asia-Pacific shares ex-Japan rose 0.6%, with Shanghai blue chips gaining 1% and Hong Kong’s Hang Seng up 1.6% as Hong Kong equities extended a rebound to recoup some of last week’s losses, shrugging off another night of chaos as a university siege continued, following another major reverse-repo liquidity injection to the tune of 120BN yuan by the PBOC. India’s Sensex rose, but many stocks fell as investors mulled a health check of the nation’s shadow banks that pointed to prolonged distress. Outside of Hong Kong, Asia was quiet as investors awaited signs of progress in U.S.-China trade negotiations. Trading volume was below average in markets including Japan, China and India. While the MSCI Asia Pacific Index has gained more than 6% since the rally began less than six weeks ago, it hasn’t had a price swing greater than 1 percentage point. It’s the longest such stretch in a year and a half.

Going back to the ‘imminent’ US-China trade deal, investors said assumptions that an initial trade deal would be reached had outweighed any creeping doubts on progress in talks that stemmed from a lack of clear news, with a growing sense of positive economic fundamentals ahead. “Consensus is assuming that there will be a cyclical upturn,” Stéphane Barbier de la Serre, a strategist at Makor Capital Markets. “It’s like the market lowered its guard on the big risk metrics — and that has triggered a reweighting of funds from bonds to equities.”

Ironically, on Monday markets barely moved, after dipping initially as CNBC reported the mood in Beijing was pessimistic about prospects of sealing a trade agreement with the United States, buffeting the dollar. But signs that suggested growing detente between the sides clouded the picture: a new extension granted by Washington to let U.S. companies keep doing business with Chinese telecoms giant Huawei suggested a possible olive branch.

Still, that lack of clarity did unnerve some investors: “The longer we go on, the more concerns will arise. The reality is the clock is ticking,” said Michael McCarthy, chief market strategist at brokerage CMC Markets in Sydney.

As usual, much of the optimism relied on hopes that Beijing will deliver some economic stimulus in addition to Monday’s surprise cut to a closely watched lending rate provided a boost to sentiment in Asian markets. Alas, as we showed yesterday, that won’t happen, setting up markets for another major disappointment once the Fed’s NOT QE fizzles.

Meanwhile, as we also noted yesterday, a full-blown economic recovery is now fully priced in by the S&P.

In rates, bunds fell, underperforming Treasuries which were unchanged at 1.815% amid lighter-than-average trading volumes as stocks extend gains to fresh highs. The bund curve steepens, with 10-year bond underperforming Treasuries by 0.5bps; bund futures trading volumes are running at around 70% of the 10-day average.  BTPs are little changed with futures trading volumes about 55% of the 10-day average. Gilts traded steady, while curve flattens; 2041 gilt linker size is set at GBP2.25b, with final orderbook over GBP17.5b; compares with orders of GBP20.5b for the prior reopening in October 2018.

In FX, the dollar halted a three-day decline while the yen and the Swiss franc came under pressure as risk appetite gained some traction after the London open. “Trade headlines are dominating sentiment but in terms of the key event risk, the release of the Fed minutes will be a big one for market participants,” said Nordea FX strategist Morten Lund.

The EUR/USD traded in a narrow range, with the 21-DMA seemingly capping the upside. The pound slipped as hedge funds took profit on short-term long positions, ahead of the first election debate between the two main party leaders due later Tuesday. Australia’s dollar recovered from an earlier decline that came after the latest minutes from the central bank suggested it was considering another rate cut in November.

In commodities, Brent crude fell, losing 0.2% to $62.29 a barrel, with a combination of jitters over trade and expectations of a rise in U.S. inventories jangling nerves.

Looking at the day ahead, politics is expected to dominate the agenda as the US impeachment inquiry continues and we have the first head-to-head TV debate ahead of the UK election. Today’s data highlights from Europe include September’s Euro Area construction output, Italian industrial sales and orders, and UK industrial trends survey from the CBI. In the US there is October’s building permits and housing starts data, and we’ll also get Canada’s manufacturing sales for September. From central banks, New York Fed President Williams will be speaking, while Home Depot will be releasing earnings.

Market Snapshot

  • S&P 500 futures up 0.2% to 3,128.75
  • STOXX Europe 600 up 0.6% to 408.29
  • MXAP up 0.2% to 165.44
  • MXAPJ up 0.6% to 530.80
  • Nikkei down 0.5% to 23,292.65
  • Topix down 0.2% to 1,696.73
  • Hang Seng Index up 1.6% to 27,093.80
  • Shanghai Composite up 0.9% to 2,933.99
  • Sensex up 0.4% to 40,430.46
  • Australia S&P/ASX 200 up 0.7% to 6,814.22
  • Kospi down 0.3% to 2,153.24
  • German 10Y yield rose 0.4 bps to -0.332%
  • Euro down 0.05% to $1.1066
  • Brent Futures down 0.8% to $61.95/bbl
  • Italian 10Y yield fell 2.4 bps to 0.862%
  • Spanish 10Y yield fell 0.8 bps to 0.406%
  • Gold spot down 0.3% to $1,467.67
  • U.S. Dollar Index up 0.09% to 97.88

Top Overnight News

  • Federal Reserve Chairman Jerome Powell met with President Donald Trump and Treasury Secretary Steven Mnuchin Monday to discuss the economy, marking a second face-to-face sit-down this year amid relentless White House criticism of the U.S. central bank. President Donald Trump said he “protested” U.S. interest rates that he considers too high relative to other developed countries
  • Boris Johnson and Jeremy Corbyn are preparing for their first head-to-head election debate as the Labour leader seeks to reverse the prime minister’s double-digit lead in the polls. The premier wrote an open letter to Corbyn accusing him of “dither” over Brexit, while Labour said Tories are more committed to the billionaires who fund the party
  • A U.S. chipmaker’s attempt to acquire a peer with a valuable Chinese affiliate has spurred concern in Beijing, as tensions between the world’s two biggest economies threaten to disrupt the global tech supply chain.
  • Options traders are the most bullish on the euro’s short- term prospects in a month, as expectations for further policy easing by the European Central Bank fade and with euro-area yields off their cycle lows
  • Fixed-income investors have lagged in incorporating environmental, social and governance (ESG) factors into their strategies, but BlackRock Inc. says they now have more tools — including benchmark indexes — to bring sustainable debt into their portfolios
  • Australia’s central bank considered cutting interest rates at its latest meeting, but decided instead to hold steady and monitor the impact of earlier easing amid concern that households were being spooked by very low borrowing costs
  • Caught between a Brexit they don’t want and a firebrand socialist they fear, business executives were not impressed after the leading candidates in Britain’s upcoming general election tried to win their support
  • Bank of Japan Governor Haruhiko Kuroda said the bank would consider additional easing including cutting interest rates if risks were to rise
  • Hong Kong leader Carrie Lam has called for a peaceful resolution to a university siege that has transfixed the city and raised fears of a crackdown on scores of protesters who remain trapped in a campus surrounded by police. Lam said she had instructed police to try and resolve the situation at Hong Kong Polytechnic University peacefully
  • Oil dropped for a second day on indications U.S. crude stockpiles and shale output will continue expanding, while investors wait for news on a breakthrough to the prolonged trade war
  • Japan remained the top foreign holder of U.S. Treasuries in September even after reducing its government securities holdings by the most since at least 2000.

Asian equity markets eventually traded mostly higher but with gains capped after an initial lack of commitment due to the ongoing US-China uncertainty triggered by contrasting trade headlines, including reports of a pessimistic mood in Beijing about a deal being passed. ASX 200 (+0.7%) and Nikkei 225 (-0.5%) were mixed with Australia lifted as gains in the defensive sectors and recovery in financials superseded the heavy losses in tech, while Tokyo sentiment was snagged by detrimental currency flows and with SoftBank pressured by further WeWork troubles as the New York Attorney General was said to be investigating the embattled workspace company. Elsewhere, Hang Seng (+1.5%) and Shanghai Comp. (+0.9%) began indecisively but gradually improved as reports of Beijing trade pessimism was offset by a 90-day license extension for US firms to continue doing business with Huawei, while the PBoC also continued its liquidity efforts with another firm injection of CNY 120bln through 7-Day Reverse Repos. Finally, 10yr JGBs were mildly higher as they tracked recent upside in T-notes and amid weakness in Japanese stocks, while demand was also supported by the BoJ’s presence in the market for over JPY 1.1tln of JGBs in 1yr-10yr maturities.

Top Asian News

  • Chain Hated by Hong Kong Protesters Sees Double Digit Drop
  • Alibaba’s H.K. Share Sale Multiple Times Subscribed: DJ
  • China’s State Grid Chooses JD.com to Smarten Up Electric Meters

Major European bourses (Euro Stoxx 50 +0.7%) are on the front foot in another day of quiet trade, following on from a broadly positive APAC handover. A decent liquidity injection from the PBoC, a lack of fresh negative US/China trade negatives (the 90-day Huawei waiver appears to have mostly offset negativity regarding reported pessimism on deal in China), plus a lack of looming risk events appear to be enabling the recent trend in global equities to continue, i.e. a persistent grind higher. Also, possibly acting in support are reports that US President Trump’s Section 232 auto tariff authority (which he could have used to put tariffs on European auto imports) has run out of time, meaning he may have to find other means if he wants to pursue auto tariffs on Europe/Japan, legal experts said. As a reminder, Trump last Thursday took no action to impose or delay national security tariffs on auto imports, despite a deadline to do so by that date. Regardless, US index futures made YTD highs again this morning, with the ES Dec’19 contract reaching highs of 3129, while back in Europe, the Euro Stoxx 50 broke out of last week’s range to make new highs around 3720, with ATHs seemingly now within reach at 3769. In terms of the sectors, things are mostly in the green, with underperformance being seen in the more defensive Utilities (-0.1%), Consumer Stapes (+0.1%) and Health Care (+0.3%) sectors, while Telecoms (unch.) have also been on the back foot, with the news that France’s 5G auction has been delayed until March 2020 doing little to help. Risk sensitive sectors, including Consumer Discretionary (+1.1%) and Financials (+1.1%) are amongst the outperformers. In terms of the standout movers; Halma (+12.0%) tops the Stoxx 600 performance chart, where the Co. posted decent gains in pre-tax profit and increased its interim dividend. Propping up the Stoxx 600 table is SES (-19.4%), after the US FCC chairman voiced support for a public auction to free up space for 5G – SES had been lobbying for a private auction. EasyJet (+3.6%) is higher after the Co. posted earnings which beat on top and bottom line expectations and said bookings are “slightly ahead” of last year. Looking at flow data from EPFR, they show that European equities received inflows averaging USD 9.6bln for a third straight, compared to an average USD 5bln weekly outflow since December last year. Morgan Stanley cited the return of flows as part of the reason why they are overweight European equities, adding that the region has room for a further price-to-earnings re-rating, citing reduced Brexit risk, possible shift from monetary to fiscal stimulus, and tighter peripheral and credit spreads as other catalysts.

Top European News

  • Swiss Watch Exports Stagnate as Shipments to Hong Kong Slump
  • Private Equity Muscles Into Britain’s Booming Pension Market
  • Labour Attacks Tory Billionaires Before TV Showdown: U.K. Votes

In FX, the broad Dollar and Index have rebounded off APAC lows after the latter found a base at the 97.75 mark. DXY resides near the top end of today’s 97.75-88 parameter ahead of another quiet session in terms of scheduled events and with sights still locked on US-Sino trade developments. Meanwhile, USD/CNH trades little changed on the day having earlier tested its 21 DMA to the upside at 7.0320 (vs. intraday low of 7.0230) ahead of its 100 DMA at 7.0415

  • GBP, EUR – Both intially moved sideways and within tight ranges against the Buck amid a lack of fresh catalysts and with eyes on the tonight’s Johnson/Corbyn showdown debate commencing at 2000GMT and the latest YouGov polling at 2100GMT. Upside in Sterling remains somewhat capped in light of comments from EU Trade Chief Weyand who warned of a “bare bones” or no trade deal from Brussels next year, however traders need to steer through domestic political landscape first with election day drawing closer. GBP/USD remains drifted from the 1.2950 mark to around 1.2925, whilst the upside includes reported barriers at 1.3000 and reported stops at 1.3030. EUR/USD resides just north of 1.1050 having earlier tested its 21 DMA at 1.1081 and with eyes on its 100 DMA at 1.1091.
  • AUD, NZD – The antipodeans are flat in early European trade with AUD/USD and NZD/USD around 0.6800 and 0.6400 respectively, but off overnight lows. The pairs were initially pressured (albeit modestly) upon the release of the RBA minutes which noted that a case could be made for a cut at the November meeting and reiterated that the Board is prepared to ease further if needed. However, analysts at Westpac believe that the case for a December cut is heavily downplayed in the minutes and the dismal Aussie labour force figures from last week may not be sufficient enough for a move from its current “monitoring” approach, and thus Westpac maintains its forecast for a 25bps February cut. AUD/USD rebounded from its overnight post-RBA base of 0.6785 back above 0.6800 ahead of its 50 DMA at 0.6814. Similarly, its Kiwi counterpart reclaimed 0.6400+ status from an APAC low of 0.6383 (21 DMA) with the next level to the upside its 50 DMA at 0.6435.
  • JPY, CHF – Little action on the safe-heaven front thus far although prices seem to have a downside bias against the USD, potentially on the latter’s recovery from its APAC trough. Participants will again be eyeing developments on the US-Sino trade front amid mixed/contrasting recent reports. Meanwhile, the situation in Hong Kong seems to feel some reprieve (for now at least) after the number of protesters trapped inside the Polytechnic University fell from around 700 to between 100-200, however sources cite by the SCMP noted of over 8000 petrol bombs at the Chinese University ready for use. USD/JPY tested and resides around 108.75 (21 DMA) ahead of potential resistance at 108.83 (Tenkan line) with a barrage of options expiring with USD 1bln between 108.50-55 and a further USD 1bln between 108.90-109.00. The Franc also awaits further risk-driven action as USD/CHF meanders around 0.9900 in early EU trade and eyes its 21 DMA at 0.9911.
  • RBA Minutes from November meeting stated the board is prepared to ease further if needed and agreed a case could be made for a rate cut at the meeting but decided rates should be held steady. RBA board recognized negative effects of lower rates on savers and confidence as rate cuts could have a different impact on confidence than in the past, while it saw a case to wait and assess impact of its prior substantial stimulus and agreed an extended period of low rates is needed to achieve targets.

In commodities, crude markets are lower, with the complex trading heavy despite this morning’s rally in the equity market and a lack of fresh fundamental catalysts. WTI Dec’ 19 futures fell to lows of USD 56.48/bbl, while Brent Jan’ 19 futures fell as low as USD 61.74/bbl, before losses were somewhat pared. In terms of crude specific news of note; Norwegian oil production stood at 1.519mln bpd in October (prelim) vs. Prev. 1.312mln BPD in September, according to the Norwegian Petroleum Directorate. As a reminder, this Thursday sees the release of the Norwegian oil investment survey, with Q3 oil and gas pipeline/extraction investment seen coming in at NOK 181bln, as estimated by the prior release. Elsewhere, and on the docket today, traders will be eyeing tonight’s API Inventory figure which last week printed a draw of 0.54mln barrels. Finally, gold prices slid back beneath the USD 1470/oz mark and copper has been moving higher, assisted by advancing equity prices with eyes remaining on US-China trade developments.

US Event Calendar

  • 8:30am: Housing Starts, est. 1.32m, prior 1.26m; Housing Starts MoM, est. 5.1%, prior -9.4%
  • 8:30am: Building Permits MoM, est. -0.43%, prior -2.7%; Building Permits, est. 1.39m, prior 1.39m
  • 9am: Fed’s Williams Speaks at Capital Markets Conference

DB’s Jim Reid concludes the overnight wrap

Yesterday I mentioned how twin Eddie locked himself in the toilet for nearly 30 mins on Sunday and became hysterical before eventually calming down and realising he could unlock the same door. Well yesterday twin Jamie apparently got in such a rage that he broke his car seat in a violent protest at not getting a rice cake. That’s what I go home to every day.

In comparison markets were relatively calm yesterday but trade sentiment again drove some volatility, with major indexes bouncing between gains and losses as news dripped out of Beijing and Washington. A reminder from our survey (link here ) last week that only 14% thought the trade war would get worse over the next 12 months. So the vast majority think it will de-escalate in election year. However, things are getting a little tense ahead of the ”phase one” signing. The first catalyst that sent equities lower yesterday was a tweet from CNBC’s Beijing Bureau Chief, who said that the mood in Beijing “is pessimistic”. She also said that China was “troubled after Trump said no tariff rollback” and said “Strategy now to talk but wait due to impeachment, US election. Also prioritize China economic support.” The tweet came before the US open, but the impact in Europe was clear, with the STOXX 600 falling from its intraday high of +0.28% to drop as low as -0.33%. However, it rebounded to end flat (-0.01%) after the newsflow shifted in a more optimistic direction. Fox Business reported that the US will extend its licenses, which allow firms to continue doing business with Huawei for another 90 days, which was better than the two-week extension reported earlier. That apparent olive branch from the US administration to China helped equities rebound, with the S&P 500 (+0.04%), NASDAQ (+0.11%), and DOW (+0.11%) all edging to fresh all-time highs. Energy stocks were the worst hit on both sides of the Atlantic though thanks to the decline in oil prices, with Brent crude oil down -1.39% and the S&P 500 energy group ending the session down -1.33%.

This morning in Asia markets are mixed with the Hang Seng (+1.03%) and Shanghai Comp (+0.46%) up while the Nikkei (-0.41%) and Kospi (-0.46%) are down. Elsewhere, futures on the S&P 500 are up +0.07%.

In other news, Hong Kong Chief Executive Carrie Lam said that she very much wants to resolve the PolyU situation peacefully, after it has been taken over by protestors for the past two days, but she can’t guarantee that would happen. She also said that minors at PolyU would be treated in a “humanitarian” way and stressed the special arrangements being made so that they would not be immediately arrested while adding that, “right now” the city’s government is confident it can handle the unrest without the army’s help. Meanwhile, US Senate Majority Leader Mitch McConnell urged President Trump to speak out on behalf of the protesters as he said, “The world should hear from him directly that the United States stands with these brave women and men”. Further to this, Senator Marco Rubio’s bipartisan bill supporting Hong Kong protestors could pass as soon as today.

10yr USTs are -1bp lower overnight following a firm day yesterday as treasuries rallied even if bunds traded flat. 10-year yields in the US were -1.7bps lower, while other European bonds also gained with OATs and BTPs rallying -0.8bps and -2.3bps. Yield curves flattened, with the US 2s10s -0.3bps to 21.6bps and the German 2s10s also flattening by -0.7bps. Gold also recovered, having been down -0.80% before the initial trade headlines to end the session +0.19%.

Moving away from trade, we got the news yesterday that Fed Chair Powell had a meeting with both President Trump and Treasury Secretary Mnuchin at the White House. In a statement from the Federal Reserve, it said that Powell “did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming information that bears on the outlook for the economy.” Afterwards, President Trump tweeted that he’d “finished a very good & cordial meeting at the White House with Jay Powell of the Federal Reserve”, and that the issues discussed included interest rates and trade with China. A few hours later there was another tweet from Mr Trump saying that “At my meeting with Jay Powell this morning, I protested fact that our Fed Rate is set too high relative to the interest rates of other competitor countries. In fact, our rates should be lower than all others (we are the U.S.). Too strong a Dollar hurting manufacturers & growth!’. So tensions still high between the two. The market has made up its mind which way the Fed are going to go for now though as they’ve removed any pricing of another cut until mid-2020, with the odds for a December cut now around zero.

Other Fed speakers included Cleveland’s Mester and Boston’s Rosengren. Mester said that policy is in a good spot, but that she will be “watchfully waiting,” while Rosengren justified his dissent against the most recent rate cut by saying that he is concerned about having available policy space before the next downturn. He also suggested that a future downturn will necessitate a greater role for fiscal policy to provide support. In Europe, the only central bank communication came from ECB Chief Economist Philip Lane, who said that rates are not at their limit and that their current negative levels are “not particularly a super loose policy. If it were super loose, inflation would be higher.” He also suggested that negative rates have been successful in driving corporates to increase their levels of capital spending.

From the UK yesterday, we got the significant announcement from Prime Minister Johnson that planned corporation tax cuts due to take place in April would be scrapped to help fund the NHS. The rate had been due to fall from 19% at present to 17%. This chimes with our Corporate Bank note out last week, An inflection point in global corporate tax? (link here ), where we wrote how 2020 could see the end of a 40 year race to the bottom on corporate tax. Governments have got precarious finances at a time when corporates are in good health. It doesn’t seem politically viable to see this trend continue with the risks that it reverses if certain politicians get elected. The OECD global taxation plan – set to move on to the next stage early next year – is also key.

In terms of the upcoming U.K. election, attention will turn to tonight’s head-to-head debate between Prime Minister Johnson and Labour leader Corbyn. The Lib Dems and the SNP had challenged their exclusion, but two High Court judges dismissed the attempt yesterday, so it’ll just be the Conservative and Labour leaders on stage tonight. Corbyn has to make these events count with Johnson if he wants to catch up so expect a full on attack from the challenger.

In FX markets, sterling was actually the best-performing G10 currency yesterday, up +0.45% against the dollar and to 6+ month highs against the EUR. The pound looks to have benefited from some strong weekend polls (with more of the same yesterday/last night) for the Conservatives, with the logic being that a Conservative majority in the House of Commons will allow for a smooth ratification of the Withdrawal Agreement through Parliament. Finally, we got the news from Prime Minister Johnson that he would keep Sajid Javid as Chancellor of the Exchequer.

There was very little data of note to report on yesterday, though we did see the NAHB housing market index from the US fall to 70 (vs. 71 expected) in November, a slight decline from its 20-month high back in October.

To the day ahead now, and politics is expected to dominate the agenda as the US impeachment inquiry continues and we have the first head-to-head TV debate ahead of the UK election. Today’s data highlights from Europe include September’s Euro Area construction output, Italian industrial sales and orders, while here in the UK we’ll have this month’s industrial trends survey from the CBI. From the US there’ll be October’s building permits and housing starts data, and we’ll also get Canada’s manufacturing sales for September. From central banks, New York Fed President Williams will be speaking, while Home Depot will be releasing earnings.

end

 

3A/ASIAN AFFAIRS

I)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 24.79 POINTS OR 0.85%  //Hang Sang CLOSED UP 412.71 POINTS OR 1.55%   /The Nikkei closed DOWN 124.11 POINTS OR 0.26%//Australia’s all ordinaires CLOSED UP .62%

/Chinese yuan (ONSHORE) closed DOWN  at 7.0243 /Oil DOWN TO 56.50 dollars per barrel for WTI and 61.82 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.0243 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8834 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/China/USA/Iran/the Fed and Trump

Background on today’s events:

(Michael Every

Rabobank: “If Trump Gets Wind That China Is Ignoring Him, It Raises Risk Of A Shock Tariff Hike”

Submitted by Michael Every of Rabobank

There was more bad trade news for markets to focus on yesterday. NBC report Eunice Yoon tweeted: “Mood is Beijing about trade deal is pessimistic, government source tells me. China troubled after Trump said no tariff rollback. (China thought both had agreed in principle.) Strategy now to talk but wait due to impeachment, US election. Also prioritize China economic support.

In other words, China appears set on trying to ‘wait Trump out’, which was a meme we heard earlier in the trade war, rather than pinning its hopes on a “phase one” deal – of which we have been highly sceptical from the get-go. It also suggests no trade deal at all due to red lines of intellectual property, subsidies, and enforcement mechanisms. Worse, if Trump gets wind of the fact that China is ignoring him, or even has the perception Beijing is working against him politically, it must surely raise the risk of higher US tariffs–at least on 15 Decemberrather than the risk-on imminent decrease so many have said so loudly for oh-so long.

More positively, the US has agreed to extend permission for its firms to export to China’s tech giant Huawei for another 90 days. However, even that comes ahead of a vote this week at the US FCC to decide if Huawei and ZTE should be officially designated as “national security risks”, which given the constant US effort to prevent its allies from adopting Huawei’s 5G, looks like a fairly predictable decision. Huawei is, of course, a red line for China in many respects.

Meanwhile, with the situation in Hong Kong still extremely tense, there has been another dramatic development. Yesterday saw the High Court rule that the Hong Kong government’s use of colonial-era emergency laws to ban the wearing of face masks was unconstitutional. In response, this morning China’s National People’s Congress has stated that “China’s constitution and the Basic Law jointly form the constitutional foundation of Hong Kong. Whether Hong Kong’s legislation is consistent with the Basic Law can only be judged and decided by the National People’s Congress standing committee. No other parties can judge or decide.” In other words, the High Court ruling is itself over-ruled by a legislative, not a legal, body . Let’s see if the mask ban now stays or goes, for example.

Beyond the response on the ground in already-troubled Hong Kong, this obviously opens up another potential market risk. Both the massive US-China economic security strategy Congressional advisory report last week and the soon-to-be-approved(?) US legislation to support Hong Kong protesters specifically speak of a threat to remove Hong Kong’s separate legal recognition should its autonomy be undermined. That is predicated on any violent intervention by the PLA or People’s Armed Police…but would that red line also extend to the constitutional legal arena? Let’s see what the global business community reaction is today.

Elsewhere, Iran’s closure of its internet continues in response to a major revolt after the removal of fuel subsidies that looks straight out of the Lebanon or Chile playbook. As a response, this apparently isn’t happening if one looks at the press, despite the fact that instability in Iran is of enormous significance geopolitically. Were we to see a repeat of the Green protests on 2009, I doubt the current White House would take as much of a hands-off attitude. That said, the same White House might be able to help reconcile the Iranian public and regime with its latest decision that Israeli settlements built across the 1967 ‘Green Line’ are no longer to be treated as illegal. How that will help sell The Middle-East Deal of the Century when it is released, I don’t know.

 

And in terms of markets, we saw Trump sit down with Fed Chair Powell. For once he didn’t cross any red lines, such as shouting “Where are my negative rates, you nincompoop!”. That usually arrives by tweet, of course. Trump has also alluded to the possibility of testifying in his impeachment trial, which would make for interesting viewing.

The RBA has also released its latest minutes, which state the Reserve Bank expects wage growth to stay around the recent rate going forwards – so disappointing. Very few firms surveyed expected higher wage growth, and new pay deals were generally delivering lower outcomes than the ones that they replaced. This is zero surprise to us, and a total shock to the RBA, of course, who are now to undertake a detailed review of how the economy has evolved relative to forecasts. Just don’t get your usual economists to do it, please. Indeed, there was a case to cut again in November, we now know, but instead the RBA opted to wait and see if things improved locally and globally before moving towards what was once their red line of basically zero rates.

Overall, there are once again more developments to suggest the risk on move is under greater threat, and this has seen some minor market moves: but like the RBA, the general view is still wait-and-see-and-project-for-the-best.

4/EUROPEAN AFFAIRS

Holland

We warned you that this was going to happen.  The Netherlands is now headed for an unprecedented crisis as million sof retirees face pension cuts thanks to the ECB and their negative interest rates.

(zerohedge)

Netherlands Headed For Unprecedented Crisis: Millions Of Retirees Face Pensions Cuts Thanks To The ECB

When one thinks of pensions crisis, the state of Illinois – with its woefully underfunded retirement system which issues bonds just to fund its existing pension benefits – usually comes to mind. Which is why it is surprising that the first state that may suffer substantial pension cuts is one that actually has one of the world’s best-funded, and most generous, pension systems.

According to the FT, millions of Dutch pensioners are facing material cuts to their retirement income for the first time next year as the Dutch government scrambles to avert a crisis to the country’s €1.6 trillion pension system. And while a last minute intervention by the government may avoid significant cuts to pensions next year – and a revolt by trade unions –  if only temporarily, the world finds itself transfixed by the problems facing the Dutch retirement system as it provides an early indication of a wider global pensions funding shortfall, not to mention potential mass unrest once retirees across some of the world’s wealthiest nations suddenly finds themselves with facing haircuts to what they previously believed were unalterable retirement incomes.

At the core of the Dutch cash crunch is the ECB’s negative interest rate policy, which has sent bond yields to record negative territory across the eurozone, and crippled returns analysis while pushing up the funding requirements of Dutch pension funds.

Ahead of a parliamentary debate on Thursday on this hot topic issue, the Dutch minister for social affairs and employment, Wouter Koolmees, will write to lawmakers to outline his response to the pension industry’s problems, the FT reported.

In order to offset the ECB’s NIRP policy, Shaktie Rambaran Mishre, chair of the Dutch pension federation which represents 197 pension funds and their members, said that contributions might have to rise by up to 30% over the next few years, an outcome which will lead to outrage among existing working-age employees who will suffer a surge in the pension costs. Absent a dramatic increase in benefits contributions, “as things stand, around 2 million people are facing cuts from next year,” she added.

Predictably, trade unions have already held protests and strikes this year over the potential cuts to pensions and have threatened more action if the government does not step in. “We expect some relief next week and if not we will mobilise,” said Tuur Elzinga, lead pensions negotiator at FNV, the biggest Dutch union.

 

Protesters marching in The Hague in June hold a banner that reads ‘A good pension is matter of decency’

The Netherlands – one of the Eurozone’s richest nations – is hardly alone in this predicament, as the ongoing debate reflects broad concerns about the impact of low interest rates among the Eurozone and Japan, as ageing populations and longer life expectancy have put pension systems across the world under great strain. A report last week from the Group of Thirty, a club for current and former policymakers, warned of a $15.8tn shortfall in funding to support the ageing populations of the world’s 20 biggest countries.

And if there is one way to guarantee riots among the world’s richest nations, it is to inform pensioners that their benefits are suddenly being “haircut.”

In some ways, the Netherlands has one of Europe’s most generous retirement systems: at its core, it represents a basic pay-as-you-go state pension as well as employer-run pension scheme which together provide workers with about 80% of their average lifetime wages when they retire. The US and UK have similar systems, but Dutch pension funds are more generous and must use a lower risk-free rate to value their liabilities, forcing them to hold more assets.

Unfortunately, the lower Dutch risk-free rate is not low enough, and as a result about 70 employer-run pension funds with 12.1m members had funding ratios below the statutory minimum at the end of September, according to the Dutch central bank. And here lies the rub: if funds have ratios below the legal minimum for five consecutive years or have no prospect of recovering to a more healthy level, they must cut their payouts. Interest rates have rebounded slightly in recent weeks, but many funds are still facing cuts.

In other words, in making a select handful of European stockholders rich courtesy of NIRP and QE, Mario Draghi is threatening the pensions of hundreds of millions of retired European workers.

So what, if any, is the solution?

Last week, Rabobank reported that the Minister of Social Affairs is supposedly willing to prevent a large part of the pension benefit cuts of 2020, as the government is reportedly willing to lower the minimum coverage ratio from 100% to 90% for one year. This temporary measure can be seen as a pause button, which buys time for:

  • Pension funds to hopefully recover over the next year. For pension funds, a rise in their risk-free rate term structure which is used to discount their liabilities (EUR 6m swap rates) would be most helpful
  • Continuing to work out the details of the Pension Reforms announced in June 2019. Unions, employer representatives and the opposition parties were against pension cuts because this would undermine the goals set out in the Pension Reforms.

Cutting pensions is a very sensitive and unpopular measure especially for politicians because the government has the ability to change the rules by changing the law. This is especially hard in times where there is no economic downturn, because it makes it more difficult to explain and justify the cuts. One can only imagine what will happen to Dutch pensions during the next Eurozone recession, when the ECB will be forced to cut rates even more negative in the process threatening even more pension haircuts.

While this pause would, in theory, prompt some pension funds to reduce their matching portfolio or hedge ratio in anticipation of pension cuts, not many pension funds already acted on the threat of these cuts according to Rabobank. Therefore, this temporary measure will have a limited effect on the investment behaviour of pension funds because:

  • Pension funds are typically big and are long term investors, meaning they take time to react to certain events
  • Most pension funds have a fixed risk budget. This risk budget is maximised by regulation and is fixed at the moment the coverage ratio drops below the required coverage ratio. This means if a pension fund would want to increase its risk toward for example equity, it often has to reduce risk somewhere else in the portfolio
  • Possible pension cuts are based on the policy coverage ratio which is the 12th month average of the coverage ratio. This further reduces the incentive for a temporary risk-on or risk-off strategy.

What’s next? On 21 November 2019 the official plans will be discussed in parliament, although Rabobank does not expect any additional changes that would affect investment behavior of pension funds. However, as the Dutch bank admits, “there are some challenging times ahead in the pension reform discussions” and it expects possible big changes this time next year. Chief among them: the risk free rate term structure that is used to discount the liabilities will likely change in every possible reform scenario, although it is unclear how much lower it can drop.

As the FT notes, a group of 10 academics wrote to parliament recently calling on the Dutch government not to raise the risk-free rate, arguing this would be at the expense of younger workers as “the assets pot will be a little bit more empty each year”. Others, however, think the government will intervene. “I expect that politically the cuts will not happen,” said Lex Hoogduin a professor at the University of Groningen and a former board member of the Dutch central bank, who did not sign the letter.

“But this is just kicking the can down the road as eventually they won’t be able to afford the payouts that people expect,” said Mr Hoogduin. And the people have Mario Draghi – and now Christine Lagarde – to thank for it.

END

UK

No  question about it: in the UK the fear of a Corbyn win far outweighs the fear of Brexit

(Mish Shedlock)

In UK, Fear Of Corbyn Outweighs Fear Of Brexit

Authored by Mike Shedlock via MishTalk,

This election is no longer primarily about Brexit, it’s primarily about Corbyn.

Major Disconnect

A friend of mind writes “I saw a time series that shows that every single week of the year a majority in the UK would REMAIN if there were another referendum. It was a small majority, but a consistent one. It is therefore perplexing how a party that is not going to just deliver Brexit, but a hard Brexit is polling this well. There is a major disconnect.

Why is Johnson Polling So Well?

Here is my friend’s implied question: Why is Johnson polling so well?

For starters Johnson isn’t going to deliver a hard Brexit. It will be a negotiated Brexit. A withdrawal agreement will be signed. And despite Johnson’s rhetoric, I suspect that the WTO arrangement will be managed, and far better than the Farage clan will have you believe.

I took a close look inside some of the recent polls and there are some interesting trends that explain what’s going on.

Brexit Fading as an Issue

Brexit is fading as an issue, especially among women. Only 25% of women have Brexit as their number one issue.

And I am quite surprised by this: Only 17.1% of 18-24 year-olds have Brexit as their top issue.

Fewer and fewer believe the nonsense about “no deal” primarily because Johnson will deliver a deal.

Gender Gap Part One

40.6% of men will vote Tory but only 26% of women in the latest Survation poll.

Check out the undecideds! Only 10% of men are undecided vs a whopping 23.5% of women.

Female uncertainty is not just in the Survation poll.

Gender Gap Part Two

In the latest YouGov poll 21% of females are undecided but only 13% of men.

Is female voting uncertainty a normal state of affairs? I have not investigated enough to know.

Voting Intention Undecideds Removed

Note once again the male-female divergence.

A whopping 47.7% of men are likely to vote for Boris Johnson vs only 36.1% of women.

Note London and the whopping 58.8% Tory vote in the South. I will come back to London in a moment.

Referendum on Corbyn

My key idea to answer my friend’s question is that the election has morphed into a referendum on Corbyn and away from a referendum on Brexit.

It’s not that Johnson is very popular. Rather, Corbyn is exceptionally unpopular.

Not a Single Age Group Likes Corbyn

Spotlight London

London is the key area in England where Remainers and socialists rate to do well. Liberals abound in London just like Chicago, Los Angeles, and New York.

Yet even in London, Labour is struggling.

The current spread of Labour over the Tories is 1 percentage point. Survation has it at 3 percentage points.

In 2017 the spread was a 21.4 percentage points.

Labour is struggling mightily even in London, and even with tactical voting.

What’s happening?

It should be easy to figure out: Business owners are scared to death of Corbyn.

In Touch or Out of Touch?

For those who have Brexit as the key issue, Jeremy Corbyn ranks dead last and Johnson first.

Who Would Make the Best Prime Minister

That’s a pretty amazing poll.

A whopping 51.9% of men and 42.0% of women believe johnson would make the best Prime Minister!

Also note that Jo Swinson tops Jeremy Corbyn among women and age groups 55-64 and 65-74.

Not even 18-24 year-olds prefer Corbyn. The only demographic in which Corbyn leads is 25-34 year-olds.

Great Nationalization Backlash

The Telegraph reports Investors vow to fight Corbyn’s plans to seize British businesses

If you were wondering why Labour is losing ground in UK election polls, there it is, in spades.

The article did not even mention Corbyn’s plan to force homeowners to sell homes to renters at a government specified price.

This election is no longer primarily about Brexit, it’s primarily about Corbyn and his extreme socialist policies!

Corbyn is rightfully getting clobbered.

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Iran/USA

The USA publicly supports the protests in Iran as Khamenei states that he will crackdown on the “thugs” causing damage during the protests.

(zerohedge)

US Publicly Backs Iran Protests As Khamenei Says Crackdown On “Thugs” Coming

It took Washington all of two days to jump behind the large popular protests over gas price hikes which gripped cities across Iran since Friday. Over the weekend the US State Department predictably came out in favor of more protests, in a volatile situation in the sanctions-ravaged country which has already witnessed multiple demonstrators killed and over a thousands arrested, and banks and gas stations torched in anger over soaring gas prices.

Given Uncle Sam is all too eager to hijack any Iranian domestic protests for the purpose of ‘regime change’ in what’s currently a middle and lower class driven movement over the deteriorating economic situation and drastic change in policy which saw petrol subsidies suddenly slashed, this could be the very recipe which brings the unrest to a halt. Ayatollah Khamenei already labeled those behind vandalism and sabotage as “thugs” and described them as “counter-revolutionary” forces, in reference to Iran’s ‘Islamic revolutionary’ government.

 

Central Bank In Behbahan, Iran being engulfed in flames as demonstrators chant.

The Islamic Republic’s clerics and political leaders will now no doubt paint the crowds in the streets as being the servants of US and Israeli imperial aggression and interference. But then again, considering that the Trump administration established a special CIA unit reportedly named the ‘Iran Mission Center’ — with an express purpose to facilitate US-driven political change in the country — the mullahs might not be too far off the mark in their paranoia and suspicions at any “spontaneous” uprising.

 

“The proud Iranian people are not staying silent about the government’s abuses,” Pompeo said in a statement published Sunday, saying that “the United States is with you,” and will stand against Iran’s “tyranny.” The statement said further, “We condemn the lethal force and severe communications restrictions used against demonstrators” and described the unrest as a “Cautionary tale of what happens when a ruling class abandons its people and embarks on a crusade for personal power and riches.”

Secretary Pompeo

@SecPompeo

As I said to the people of Iran almost a year and a half ago: The United States is with you. https://twitter.com/SecPompeo/status/1021209446826094592 

Secretary Pompeo

@SecPompeo

پس از #چهل_سال بیداد، مردم پر افتخار ایران درمورد سوء استفاده های حکومتشان ساکت نمی نشینند. ما هم ساکت نخواهیم ماند. من پیامی برای #مردم_ایران دارم: ایالات متحده صدای شما را می شنود. ایالات متحده از شما حمایت می کند. #ایالات_متحده با شماست.

View image on Twitter

Protests and clashes with police began Friday when petrol prices suddenly rose by at least 50% after government subsidies on it were slashed. Government statements said the plan is to divert the funds in order to make cash payments to low-income households.

The AP reported that while at the start of this week drivers were allotted up to 250 liters a month at the pump at at a controlled 10,000 rials per liter, as of Friday that changed drastically to an allowance of 60 liters (or 13 gallons) of petrol a month at 15,000 rials ($0.13; £0.10) a liter. Additional liters after that cost 30,000 rials.

Khamenei in a speech on Sunday defended the move: “If the heads of the three branches of the government make a decision [about it], I will support,” he said. “The decision must be implemented.”

Banks filmed up in flames over the weekend in a serious escalation:

Farnaz Fassihi

@farnazfassihi

Day 3:
Behbahan burning down the national bank-Bank Meli.

Embedded video

Khamenei blamed opponents and foreign enemies for “sabotage” after multiple banks and gas stations were torched over the weekend. He described that,”The counter-revolution and Iran’s enemies have always supported sabotage and breaches of security and continue to do so.”

“Setting a bank on fire is not an act done by the people. This is what thugs do,” Khamenei said.

The top cleric further signaled a severe crackdown is coming as protests were reported to have hit 100 cities across the country of 80 million people.

Meanwhile, new video emerging from Monday protests and clashes with police appears to show some incidents of security forces using ‘live fire’ to disperse the crowds.

Farnaz Fassihi

@farnazfassihi

Day 3:
Tehran Special Forces caught directing opening fire at protestors. Watch to the end.

Embedded video

In some places gas prices have jumped to as much as 300% compared to what they were before last Friday.

While protests began on Friday, they appeared to get more confrontational by Saturday, as police were filmed using riot control measures against crowds, and with some reports of deadly force being used by police, as has been the case over the past month in neighboring Iraq.

END

Russia/USA/Israel

The backing for USA backing of Israeli settlements in the West Bank as a “dangerous escalation” Israel is not in the sphere of influence of Russia

(zerohedge)

Russia Slams US Backing For Israeli Settlements As “New Dangerous Escalation”

Reuters reports that Russia’s Ministry of Foreign Affairs on Tuesday condemned the US move to reverse decades-long official policy which viewed Israeli settlements in the occupied West Bank as illegal.

“The Trump administration is reversing the Obama administration’s approach towards Israeli settlements. U.S. public statements on settlement activities in the West Bank have been inconsistent over decades,” Secretary of State Mike Pompeo announced Monday, effectively overturning the State Department’s 41-year-old legal opinion that Israel’s West Bank settlements are illegal.

Russia condemned the drastic policy reversal as a severe blow to the peace process, saying “We consider this Washington’s decision as another step aimed at ruining an international legal basis of the Middle East settlement that will exacerbate tensions in Palestinian-Israeli relations,” according to the foreign ministry statement.

 

The West Bank Jewish settlement of Ofra, via Reuters.

“We are urging all concerned parties to refrain from any steps that could provoke a new dangerous escalation in the region and impede the creation of conditions for resuming direct Palestinian-Israeli talks,” the statement emphasized.

Russia underscored it still sees as valid and binding the United Nations Security Council Resolution 2334 which states that “the establishment by Israel of settlements in the Palestinian territory occupied since 1967, including East Jerusalem, has no legal validity and constitutes a flagrant violation under international law and a major obstacle to the achievement of the two-State [Palestine-Israel] solution and a just, lasting and comprehensive peace.”

 

Armed settlers from the hardline Jewish settlement of Yitzhar, via the AFP

Thus Moscow still views such settlements on Palestinian territory as illegal under international law, a Reuters summary of the Russian statement noted.

The historic policy shift of the Trump administration came after the State Department’s legal office was ordered to conduct a year-long review of the official US policy on the expanding settlements in the West Bank, according to The Jerusalem Post.

6.Global Issues

We continually witness details on the global economy coming to a screeching halt

(zerohedge)

World Trade Barometer Suggests Global Economy Continues To Plunge As Trade War Takes Toll

The World Trade Organization (WTO) published a new report Monday that warns global merchandise trade in goods will plunge through this quarter amid no resolution to the trade war, along with the continuation of a worldwide synchronized slowdown that shows no signs of abating in the near term.

The Geneva-based intergovernmental organization’s leading-indicator called the Goods Trade Barometer printed at 96.6 for Sept., down from 95.7 in Jun. Readings under 100 recommend below-trend expansion is present.

In Sept., WTO economists downgraded global trade growth expectations for 2019 to 1.2 %, down from a 2.6% forecast in Apr.

 

The deceleration of slowing global growth was attributed to “increased tariffs, Brexit-related uncertainty, and the shifting monetary policy stance in developed economies,” WTO analysts said.

Year-on-year growth in world merchandise trade volume has stalled in recent quarters, as new evidence shows a decline could be seen in early 2020.

Airfreight, electronic components, and raw materials “have all deteriorated further below trend,” the report showed.

“Indices for export orders (97.5), automotive products (99.8), and container shipping (100.8) have firmed up into on-trend territory. However, the indices for international air freight (93.0), electronic components (88.2), and raw materials (91.4) have all deteriorated further below trend. Electronic components trade was weakest of all, possibly reflecting recent tariff hikes affecting the sector.”

And with world trade sinking quick into year-end, the Baltic Exchange’s main sea freight index has just tagged a 4-1/2 month low on sluggish vessel demand.

While the global economy implodes, a rally in global risk assets continues to push US equities to new highs. This is due to central banks pumping a tsunami of liquidity into stocks, in the attempt to save the world from a global trade recession that could be around the corner, if not already here. The biggest threat today as central bankers pump stocks, is that the real economies across the world remain stagnant, which could suggest risk assets are in blowoff tops.

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1075 UP .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 /ALL GREEN

 

 

USA/JAPAN YEN 108.72 UP 0.061 (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 1.2935   DOWN   0.0004  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TO OCT 31/2019//

USA/CAN 1.3210 UP .0004 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  TUESDAY morning in Europe, the Euro R0SE BY 3 basis points, trading now ABOVE the important 1.08 level RISING to 1.1075 Last night Shanghai COMPOSITE CLOSED DOWN 30.52 POINTS OR 1.04% 

 

//Hang Sang CLOSED UP 412.71 POINTS OR 1.55%

/AUSTRALIA CLOSED UP 0,62%// EUROPEAN BOURSES ALL GREEN

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 412.71 POINTS OR 1.55%

 

 

/SHANGHAI CLOSED UP 24.79 POINTS OR 0.85%

 

Australia BOURSE CLOSED UP  0.62% 

 

 

Nikkei (Japan) CLOSED DOWN 124.11  POINTS OR 0.26%

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1467.10

silver:$17.08-

Early MONDAY morning USA 10 year bond yield: 1.82% !!! UP 0 IN POINTS from MONDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.30 UP 0  IN BASIS POINTS from MONDAY night.

USA dollar index early TUESDAY morning: 97.81 UP 2 CENT(S) from  MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing TUESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.37% UP 2 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: -.08%  DOWN 0   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.43%//UP 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,24 UP 3 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 81 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.34% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.57% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR TUESDAY

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

Euro/USA 1.1079  UP     .0007 or 7 basis points

USA/Japan: 108.51 DOWN .157 OR YEN UP 16  basis points/

Great Britain/USA 1.2936 DOWN .0013 POUND DOWN 13  BASIS POINTS)

Canadian dollar DOWN 22 basis points to 1.3228

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 7.0276    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  7.0289  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  5.7049 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

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

 

Your closing 10 yr US bond yield DOWN 3 IN basis points from MONDAY at 1.79 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.26 DOWN 3 in basis points on the day

Your closing USA dollar index, 97.79 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 TUESDAY: 12:00 PM

London: CLOSED UP 5.99  0.08%

German Dax :  CLOSED DOWN 7.27 POINTS OR .05%

 

Paris Cac CLOSED DOWN 32.69 POINTS 0.55%

Spain IBEX CLOSED DOWN 20.30 POINTS or 0.22%

Italian MIB: CLOSED DOWN 153.77 POINTS OR 0.66%

 

 

 

 

 

WTI Oil price; 55.74 12:00  PM  EST

Brent Oil: 61.35 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    63.81  THE CROSS LOWER BY 0.15 RUBLES/DOLLAR (RUBLE HIGHER BY 15 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.34 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 :  55.25//

 

 

BRENT :  60.86

USA 10 YR BOND YIELD: … 1.78…DOWN 3 BASIS PTS….

 

 

 

USA 30 YR BOND YIELD: 2.25..DOWN 5 BASIS PTS…

 

 

 

 

 

EURO/USA 1.1078 ( UP 6   BASIS POINTS)

USA/JAPANESE YEN:108.54 DOWN .112 (YEN UP 11 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 97.85 UP 6 cent(s)/

The British pound at 4 pm   Britain Pound/USA: 1.2925 DOWN 24  POINTS

 

the Turkish lira close: 5.6976

 

 

the Russian rouble 63.82   UP 0.04 Roubles against the uSA dollar.( UP 4 BASIS POINTS)

Canadian dollar:  1.3271 DOWN 64 BASIS pts

USA/CHINESE YUAN (CNY) :  7.0276  (ONSHORE)/

 

USA/CHINESE YUAN(CNH): 7.0285 (OFFSHORE)

 

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

 

The Dow closed DOWN 102.20 POINTS OR 0.36%

 

NASDAQ closed UP 20.72 POINTS OR 0.24%

 


VOLATILITY INDEX:  12.73 CLOSED UP .27

LIBOR 3 MONTH DURATION: 1.898%//libor dropping like a stone

 

USA trading today in Graph Form

Retail Rout Dings Dow, Bond Yields Tumble To 2-Week Lows

Summing up this morning’s impeachment hearings…

Big gains for China overnight with hyper-beta ChiNext soaring…

Source: Bloomberg

European markets rolled over hard today…

Source: Bloomberg

US Small Caps outperformed on the day, Dow Industrials and Transports lagged (markets ended on the weak side)…

Small Caps were driven by a post-EU-Close short-squeeze…

Source: Bloomberg

The Dow suffered its first drop in 3 days, and closed below 28k, thanks to ugly earnings from Home Depot…

Source: Bloomberg

Kohls was clubbed like a baby seal…

Kohls and Home Depot sent the S&P Retail sector reeling to one-month lows…

Source: Bloomberg

The odds of a US-China trade deal continue to slide…

Source: Bloomberg

VVIX , which measures volatility of volatility, reached the highest level versus the VIX since August 2018.

Source: Bloomberg

Bloomberg notes that that has happened as “demand for VIX options (particularly calls) has picked up,” Credit Suisse Group AG derivatives strategist Mandy Xu wrote in a note Monday.

And before we move to bond-land, tech valuations are – as The Fed might say – “elevated”…

Source: Bloomberg

Treasury yields were all lower on the day led by the long-end…

Source: Bloomberg

With 10Y closing back below 1.80% for the first time since Nov 4th…

Source: Bloomberg

As the yield curve flattening is re-accelerating…

Source: Bloomberg

The Dollar managed gains for the first time in 4 days…

Source: Bloomberg

Offshore Yuan gives a perfect example of the fading power of trade deal-related headlines as it spiked on a random headline then tumbled back…

Source: Bloomberg

Cryptos continued to slide today…

Source: Bloomberg

Bitcoin briefly fell below $8,000 intraday…

Source: Bloomberg

Oil tumbled most in seven weeks as US-China trade talks stall and PMs gained modestly…

Source: Bloomberg

WTI finally broke out (down) of its re4cent range…

Silver rallied back above $17…

 

And finally, Warren continues to collapse in the odds as Buttigieg surges…

Source: Bloomberg

Does make u wonder?

Source: Bloomberg

But it sure isn’t fun-durr-mentals keeping this dream alive…

Source: Bloomberg

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

MARKET TRADING//USA

a)Market trading/THIS MORNING/USA

Dow Dives Into Red, Home Depot Hammered

Another overnight ramp evaporates…

 

 

As Home Depot weighs heavy on The Dow…

 

But the consumer is strong, right?

Treasury yields are tumbling too…

b)MARKET TRADING/USA/AFTERNOON

Stocks, Yuan Pump’n’Dump On Yet More Trade Deal Headlines

With stocks notably lower this morning, it was time to roll out the “trade deal is close” headlines to juice markets to yet another record high.

Bloomberg reports that US and China are said to tie tariff relief to the failed “deal” in May…

Analysts say the first phase covers significantly less than what Trump has been promising publicly because it leaves on the table most of the thorny issues at the heart of the trade dispute. There’s also widespread skepticism on both sides that the countries would ever reach a second-phase agreement that would tackle structural reforms.

This is the first indication that the two sides are basing their discussion on the May deal text, which the U.S. accused China of reneging on. Trump tweeted in October that the phase one deal would cover about 60% of the “total deal,” although it’s unknown whether that total deal is the same as the May one.

The kneejerk algo reaction was insta-buying but that rapidly faded (even though no one really has a clue what any of that means)…

And yuan spiked and tumbled…

Source: Bloomberg

It appears the headline algos are losing their mojo…

END

ii)Market data/USA

iii) Important USA Economic Stories

Finally, the Horowitz report will be out by the first week of December. Lindsay Graham has already booked Horowitz for interviews on Dec 11,

(zerohedge)

‘The Horowitz Report Is Coming, The Horowitz Report Is Coming’ – Lindsay Graham Signals Early Dec. Release

For over a year, Department of Justice Inspector General Michael Horowitz has been ‘investigating the investigators’ – as has become the common parlance – and the last few months have seen growing angst among those on the left about what (and who) his report on FISA abuse and the origins of the Russia investigation may include.

As Townhall reports, investigations for the report have been concluded since September and have been reviewed by DOJ for classified information; and today, we get a step closer to finding out as Senate Judiciary Committee Chairman Lindsey Graham released a statement confirming the dates for Horowitz’s testimony.

“I appreciate all the hard work by Mr. Horowitz and his team regarding the Carter Page FISA warrant application and the counterintelligence investigation of the Trump campaign,” Graham said.

Mr. Horowitz will be appearing before the Senate Judiciary Committee on December 11, where he will deliver a detailed report of what he found regarding his investigation, along with recommendations as to how to make our judicial and investigative systems better.”

 

Graham concluded…

“I look forward to hearing from him. He is a good man that has served our nation well.”

As do many others.

The timing of Horowitz’ testimonyindicates a release for the highly anticipated report during the first week of December – which makes sense given this week’s impeachment circus will suck all the oxygen out of the room and next week is Thanksgiving.

Indeed, as James Howard Kunstler pointed out so eloquently earlier today:

 

Democrats are pouring it on this week ahead of a post-Thanksgiving cold water deluge of bad news that will detail charges against the progenitors of RussiaGate. The roll-call may be a long one, including many actors whose turpitudes have been publicly and richly documented for many months – Messers, Brennan, Clapper, Comey, Rosenstein, McCabe, Strzok, Halper, Ms. Page, et. al – and, if real justice is on order, not a few figures lurking in the Deep State deep background — John Carlin, Bill Priestap, Dana Boente, Michael Gaeta, Sally Yates, Loretta Lynch, Susan Rice, Samantha Power, and perhaps even the archangel Barack Obama, just in time for Christmas, too. Robert Mueller and Andrew Weissmann deserve to be included for what amounted to a blatant, arrantly mendacious malicious prosecution, knowing that they had no case and proceeding anyway for two whole years.

I hope the roundup will extend to the very latest ploys leading to RussiaGate’s successor subterfuge, UkraineGate, namely the exploits of “whistleblower” Eric Ciaramella, his handlers and enablers in Mr. Schiff’s office, and the actions of his accomplice, Michael Atkinson, the current Intelligence Community Inspector General, with obvious conflicts of interests as a major player in the previous RuissiaGate dodge — he was legal counsel to Assistant Attorney General John Carlin, who headed the Department of Justice’s National Security Division at the birth of the FBI’s “Crossfire Hurricane” gambit, and before that he was Robert Mueller’s chief of staff at the FBI.

But, hoping for all those names above to face some perp walks may well be wishful thinking, but for now, we are sure they will be sweating.

Of course, given Graham’s suggested release schedule, that’s just enough time for Comey and Clapper to book their flights to Caracas.

END
A good Bellwether of USA economic activity: Home Depot
(zerohedge)

Home Depot Shares Plunge Most Since 2008 After Slashing Sales Outlook

Home Depot shares slumped more than 7% in premarket trade, putting shares on track for their worst daily drop since 2008, after the company slashed its full-year sales guidance on Tuesday.

The company also posted Q3 sales that slightly missed expectations.

Here’s BBG’s breakdown of the company’s Q3 earnings report…

  • Sees FY comparable sales about +3.5%, saw about +4%
  • Sees FY revenue about +1.8%, saw about +2.30%
  • 3Q comparable sales +3.6% vs. +4.80% y/y, estimate +4.6% (Consensus Metrix, average of 25 estimates)
  • 3Q EPS $2.53 vs. $2.51 y/y, estimate $2.53 (range $2.48 to $2.58) (Bloomberg data)
  • 3Q net sales $27.22 billion, +3.5% y/y, estimate $27.52 billion (range $27.35 billion to $27.72 billion) (BD)
  • 3Q U.S. comparable sales +3.8% vs. +5.40% y/y
  • 3Q average ticket sales $66.36, +1.9% y/y
  • 3Q total location count 2,290, estimate 2,290
  • 3Q customer transactions +1.5%
  • 3Q average ticket +1.9%, estimate +2.41%

The action in Home Depot shares weighed on Dow futures ahead of the bell:

Home Depot CEO Craig Menear cited continued lumber deflation for the lower sales forecast. The company also blamed potential tariff impact for its lower full-year revenue guidance.

Read the company’s press release below:

* * *

The Home Depot, the world’s largest home improvement retailer, today reported third quarter fiscal 2019 sales of $27.2 billion, an increase of 3.5 percent, or $921 million, compared to the third quarter of fiscal 2018. Comparable sales for the third quarter of fiscal 2019 were positive 3.6 percent, and comparable sales in the U.S. were positive 3.8 percent. Net earnings for the third quarter of fiscal 2019 were $2.8 billion, or $2.53 per diluted share, compared with net earnings of $2.9 billion, or $2.51 per diluted share, in the same period of fiscal 2018.

For the third quarter of fiscal 2019, diluted earnings per share increased 0.8 percent from the same period in the prior year.

 

“Our third quarter results reflected broad-based growth across o

 

end

 

ur business, yet sales were below our expectations driven by the timing of certain benefits associated with our One Home Depot strategic investments,” said Craig Menear, chairman, CEO and president.

“We are largely on track with these investments and have seen positive results, but some of the benefits anticipated for fiscal 2019 will take longer to realize than our initial assumptions. As a result, today we are updating our fiscal 2019 sales guidance, and we are reaffirming our fiscal 2019 earnings-per-share guidance. We are encouraged by the momentum in our business as we invest to extend our competitive advantages. I would like to thank our associates for their hard work and continued dedication to our customers.”

Fiscal 2019 Guidance

The Company updated its guidance for fiscal 2019, a 52-week year compared to fiscal 2018, a 53-week year. The Company expects its fiscal 2019 sales to grow by approximately 1.8 percent and comp sales for the comparable 52-week period to increase approximately 3.5 percent. This compares to the Company’s prior fiscal 2019 sales growth guidance of 2.3 percent and comp sales growth of 4.0 percent. The Company reaffirmed its diluted earnings per-share guidance for the year and expects diluted earnings-per-share growth of approximately 3.1 percent from fiscal 2018 to $10.03.

* * *

With so many traders worried about a possible pullback in the US economy, signs of weakness at retailers like HD, long a standout in a troubled sector, will entice analysts to take a closer look. HD rival Lowe’s will report earnings after the bell on Wednesday. Expect analysts to pay close attention.

end
Finally, ex CEO investigated for self dealing
(zerohedge)

WeWork’s Ex-CEO Adam Neumann Investigated For Criminal Self-Dealing

When we first learned about former WeWork CEO Adam Neumann’s practice of buying commercial properties (or shares in said properties), and then leasing them back to WeWork (often at an inflated rate), we knew that if Neumann had gotten away with such blatant self-dealing without a peep from the board, then WeWork’s governance problems were probably far more extensive than the public realized at the time (this is roughly one year before WeWork’s vision of a future powered by “We” came crashing down as the IPO was scrapped).

But here we are, more than a year later, and the proper authorities are finally getting involved. According to Reuters, New York State AG Letitia James is investigating the company and its former CEO. Specifically, investigators are looking into whether Neumann engaged in illegal self-dealing.

Did he? Well, Neumann had no qualms about enriching himself by using his company as a backstop for his personal investments, leveraging WeWork’s power as a lessor to worm his way into deals by touting his ability to bring on an anchor tenant willing to pay above-market rates. Neumann also personally bought the trademark to the word “We”, then charged his company $6 million to transfer the trademark (he later returned the money). When it came time to prepare the original WeWork pre-IPO prospectus, Neumann came up with an ownership structure that, as he put it, would leave his family in charge of WeWork for “the next 300 years” as he once reportedly bragged.

And when it all came crashing down, and WeWork’s valuation plunged to under $10 billion from north of $55 billion in the span of a few weeks, SoftBank, WeWork’s most fervent backer, was forced to either accept a massive loss, or put up more money for a turnaround.

When the buyout came, Neumann still walked away with a $1.7 billion payday. He’s off enjoying early retirement while a SoftBank-installed management team is desperately trying to figure out how to stave off bankruptcy at WeWork.

The company is now facing a radical restructuring: Some 4,000 employees, roughly one-third of WeWork’s global workforce, will likely be laid off before the end of the week. Employees who don’t support WeWork’s core mission will be let go, while the rest will learn on Friday what their new roles will be. Executive Chairman Marcelo Claure, a SoftBank exec, has been installed at the top to try and lead the WeWork turnaround.

Unfortunately for Neumann, federal authorities also seem to have taken an interest. The Reuters report followed a trial balloon published by Bloomberg claiming the SEC was looking into whether WeWork violated financial rules as it pursued its public listing.

Amid the furor, WeWork’s bonds have continued their slide to ever-lower lows.

After using his tremendous salesmanship abilities to sell WeWork as more than just a real-estate company, it looked like Neumann would get away with the outrageous swindle that was WeWork. But after taking SoftBank’s Masayoshi Son for another $2 billion, it looked like Neumann had pressed his luck: nobody can be that blatant and not trigger an investigation.

Meanwhile, WeWork’s social media accounts are laying it on thick:

WeWork

@WeWork

Interior design inspiration out of New York City.

View image on TwitterView image on TwitterView image on TwitterView image on Twitter
end

iv) Swamp commentaries)

Schiff is totally off his rocker: he leaked disinformation to Politico as part of an impeachment scheme according to Trump aide, Kash Patel

(zerohedge)

Schiff Leaked Disinfo To Politico As Part Of ‘Impeachment Scheme’, Lawsuit Claims

A senior White House official has claimed in a lawsuit that Rep. Adam Schiff (D-CA) “acted in concert” with Politico by leaking false information from closed-door impeachment testimony to journalist Natasha Bertrand with the goal of undermining President Trump’s confidence in him “and to further Schiff’s impeachment inquisition.”

According to the lawsuit, Schiff or his staff gave Bertrand closed-door impeachment testimony by former adviser Fiona Hill and Lt. Col. Alexander Vindman – who told lawmakers that he was told “at the last second” not to debrief President Trump after attending Ukrainian President Volodomyr Zelensky’s May inauguration. Instead, Trump was debriefed by Kashyap Patel, a senior counterterrorism official on the National Security Council (NSC) and longtime staffer for Rep. Devin Nunes (R-CA).

 

Kash Patel (right) with White House Social Media Director Dan Scavino. | Andrew Harnik/AP Photo

During his testimony, Vindman accused Patel of misrepresenting himself as a Ukraine expert, and said he was feeding the president misinformation about the country – which Bertrand then published in Politico.

According to GOP strategist and White House regular Arthur Schwartz, “Both Vindman and Fiona Hill appear to have lied about a number of the same things.”

Arthur Schwartz

@ArthurSchwartz

Both Vindman and Fiona Hill appear to have lied about a number of the same things. Hill is represented by Harvey Weinstein’s lawyers. Is former Obama admin hack @LeeWolosky suborning perjury? https://twitter.com/NatashaBertrand/status/1189589529138794496 

Patel claims he has never spoken with Trump about Ukraine. He is seeking at least $25 million for defamation and “presumed damages and actual damages, including, but not limited to, insult, pain, embarrassment, humiliation, mental suffering, injury to his reputation, special damages, costs, and other out-of-pocket expenses.” He has requested a trial by jury.

According to the lawsuit:

Between October 14, 2019 and November 8, 2019, Politico and Bertrand colluded, collaborated and conspired with Schiff to defame KashSchiff, or members of his staff or aides acting at his direction, leaked to Bertrand the closed-door testimony that [former former senior advisor and European and Russian affairs specialist who served on the NSC Fiona] Hill and [NSC Director of European Affairs Lt. Col. Alexander] Vindman gave in the subfloor of the Capitol Visitor Center. The leaks occurred in real-time. Schiff leaked the testimony to Bertrand because Schiff knew that it would be a violation of House Rules and Committee Rules for Schiff to publish the substance of the testimony himself.

The joint collaborative purpose of the leaks was to publish Hill and Vindman’s false and defamatory statements, including Hill and Vindman’s egregious personal attacks on Kash, so as to further Schiff and Politico’s interests in harming the President and advancing the impeachment inquisition. In furtherance of the conspiracy, Bertrand secretly communicated with Schiff or his staff via encrypted email, including proton-mail, and messaging services, such as Signal.

Kash accused Politico of ‘intentionally employing a scheme’ and abandoning ‘all journalistic integrity.’

Defendants intentionally employed a scheme or artifice to defame Kash with the intent to undermine the President’s confidence in Kash and to further Schiff’s impeachment inquisition. Defendants acted in concert with Schiff to accomplish an unlawful purpose through unlawful means, without regard for Kash’s rights and interests.

Defendants abandoned all journalistic integrity and violated their own code of ethics in order to further the conspiracy with Schiff. Defendants did not seek truth; report truth; minimize harm; act independently; and they most certainly were not transparent.

According to Breitbart, a source close to the president said of Bertrand’s article “This story is patently false,” adding “The president is well aware of Patel’s expertise and background. At no time has the president ever indicated to anyone including Kash that he believed that Kash was any sort of Ukraine expert or had any views on Ukraine at all for that matter. Their discussions were about something entirely unrelated to Ukraine, and Democrats and these witnesses know this but keep perpetuating this lie anyway.”

end

Epstein guards arrests for failing to check on him

(zerohedge)

Epstein Guards Arrested For Failing To Check On Him

Two federal correctional officers who were on duty the night Jeffrey Epstein died were arrested early Tuesday on federal charges related to their failure to check on him the night he died in his cell, according to the New York Times, citing a person with knowledge of the matter.

The two federal Bureau of Prisons employees were expected to be charged later Tuesday morning and appear in United States District Court in Manhattan.

The charges would be the first to arise from a criminal inquiry into the death of Mr. Epstein, who hanged himself at the Metropolitan Correctional Center in Manhattan while awaiting trial on sex-trafficking charges. –NYT

The guards faced harsh scrutiny after Epstein was found unresponsive in his cell at the Metropolitan Correctional Center in New York City on August 10, after failing to check on him every 30 minutes as required. Instead, they fell asleep for hours and falsified records to cover up what they had done according to reports.

Prosecutors offered the officers a plea deal according to CNN, which they declined, reporting that “at least one federal prison worker on duty the night before Jeffrey Epstein was found dead in his prison cell was offered a plea deal in connection with the multimillionaire’s death.”

Of the two officers who had the responsibility to monitor Epstein, one was not a detention guard but was temporarily reassigned to that post, according to CNN reporting. The guard, a man not identified by officials, had previously been trained as a corrections officer but had moved to another position. Rules at the Federal Bureau of Prisons allow people who work in other prison jobs, such as teachers and cooks, to be trained to fill in for posts usually manned by regular guards.

 

The official ruling on Epstein’s death was suicide, although skeptics have suggested that Epstein’s sudden death was all too convenient as it also buried the toxic secrets of countless implicated “luminaries” and Wall Street and Beltway VIPs across all sectors of US life.

At the end of October, prominent forensic expert Michael Baden refuted the official narrative, stating at the end of October that Epstein was “strangulated.”

end

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

White House official sues Politico, targets Schiff’s role in impeachment

A White House official on Monday sued Politico and one of its reporters over stories and tweets that he says falsely accuse him of “lying, deceit and unethical conduct.

    Kash Patel, the National Security Council’s senior counterterrorism director, is seeking more than $25 million in damages in the suit filed in Virginia…

     While Politico is the nominal target of the suit, it represents an aggressive attempt by a presidential aide to put Adam Schiff’s handling of the impeachment inquiry itself on trial. Describing the Democratic chairman of the House Intelligence Committee as “a demagogue with an axe to grind against the president,” Patel portrays Schiff as running roughshod over rules and interviewing witnesses “to create click-bait headlines and soundbites to feed to his co-conspirators and media sympathizers.”…  Schiff is a major target. The suit, which includes its share of Trumpian language, says the defendants “acted in concert” with the congressman or his aides to further the impeachment probe. The alleged purpose was to “destroy Kash’s reputation” as a lawyer and presidential aide to further “Schiff’s baseless Ukrainian quid pro quo hoax.”…

    The suit describes Patel as a “private individual,” a key point since the bar for a successful libel suit is much higher if, as a White House official, he is deemed a public figure.

https://www.foxnews.com/media/white-house-official-sues-politico-targets-schiffs-role-in-impeachment

 

@ArthurSchwartz: Natasha Bertrand, one of @Politico’s most prolific liars, got burned by a source — Adam Schiff. Schiff has to be wondering whether Bertrand is going to cover for him.

 

@paulsperry_: NSC officials restricted access to foreign call records out of concern they could be leaked by Vindman, who opposed Trump’s foreign policy and who had been accused of leaking in prior instances

Suspicions grow on Hill that Vindman was the source of leak of suspension of US aid story to http://Politico.com, whose national security beat is now controlled by Intelligence Community embed Natasha Bertrand, who has links to radical globalist organizations

NSC official Morrison learned of the whistleblower after discussions w Vindman about contacts Vindman made outside his chain of command regarding the July 25 call, the contents of which were leaked to the whistleblower, who was w another agency & not privy to the info

 

NYT: ‘No One Believes Anything’: Voters Worn Out by a Fog of Political News

Paying attention to the impeachment inquiry and other developments means having to figure out what is true, false or spin. Many Americans are throwing up their hands and tuning it all out.

https://www.nytimes.com/2019/11/18/us/polls-media-fake-news.html

 

Democrats Concede Their Impeachment Argument Is Failing

CNN reports that in a private meeting this week, top Democrats conceded that the polls on impeachment were unlikely to shift, and that their basic message is failing to break through for huge swaths of Americans… TV ratings for the impeachment hearings on Wednesday were sharply down from those during the James Comey, and Christine Blasey Ford testimonies…

    The upshot is that Democrats know this isn’t going well, or at least as well as they had hoped. And yet, they appear to feel that if they have gone this far they have to see it through…

https://thefederalist.com/2019/11/15/democrats-concede-their-impeachment-argument-is-failing/

 

Dems, NeverTrumpers and the MSM’s incessant cries for impeachment, which commenced as soon as Trump won election, have inured most Americans to further impeachment braying.

House Democrats are investigating whether Donald Trump lied to special counsel Robert Mueller

House general counsel made the statement in connection to suit seeking Mueller grand jury materials… [Ploy to get grand jury info that is shielded by law]  https://trib.al/0Fm6U2t

 

@DailyMail: Trump said in response to written questions by Mueller: ‘I do not recall discussing WikiLeaks with him,’ in reference to Stone

 

WaPo: Hillary Clinton told the FBI she couldn’t recall something more than three dozen times

https://www.washingtonpost.com/news/the-fix/wp/2016/09/02/the-many-things-hillary-clinton-couldnt-recall-in-her-fbi-interview/

@johncardillo: The House is now investigating whether or not Trump lied to Mueller… this isn’t parody. This is getting dumber by the minute because Schiff knows he has nothing and this is backfiring.

[Faux] @JarradKushner: Democrats are saying that Trump held back a Zelensky  White House visit unless there were investigations. @kvolker’ s transcript says it was none other than the whistleblower’s best buddy Alex Vindman that was responsible for slow-rolling the visit.

Volker: “He [Sondland] believed that the invitation was being slow-rolled by Alex, who was saying: “We need to have more content to justify why we have this visit…There’s nothing for them to talk about…There’s no accomplishments here…  https://twitter.com/JarradKushner/status/1196339225899098112

 

Senator Johnson, in a letter to Rep Jim Jordan about his meetings with Zelensky and Trump, destroys Schiff’s impeachment narrative in regard to Ukraine and withholding aide. “He [Trump] made it crystal clear that he viewed Ukraine as thoroughly corrupt country both generally and, specifically, with rumored meddling in the 2016 election…I do not recall President Trump ever explicitly mentioning the names Burisma or Biden…”

 

@SenRonJohnson: I was asked by @Jim_Jordan & @RepDevinNunes to share my firsthand knowledge about the U.S.-Ukraine relationship as part of the House Democrats’ impeachment proceedings. Here’s my response. https://ronjohnson.senate.gov/public/_cache/

 

Fox’s @ChadPergram: [Senate Homeland Security & Government Affairs Chair] GOP WI Sen Johnson: I view this impeachment inquiry as a continuation of aconcerted, and possibly coordinated, effort to sabotage the Trump administration that probably began in earnest the day after the 2016 presidential election A significant number of bureaucrats… have never accepted President Trump as legitimate and resent his unorthodox style and his intrusion onto their “turf.”… It is entirely possible that Vindman fits this profileVindman’s testimony, together with other witnesses’ use of similar terms such as “our policy.” … foreign policy is what the president determines it to be, not what the “consensus” of unelected foreign policy bureaucrats wants it to be.  If they are unable to carry out the policy of the president, they should resign.  They should not seek to undermine the policy by leaking to people outside their chain of command…

The most salient point of the call involved Sondland describing an arrangement where, if Ukraine did something to demonstrate its serious intention to fight corruption, then Trump would release the hold on military support.  I winced when that arrangement was described to me. I felt U.S. support for Ukraine was essential, particularly with Zelensky’s new and inexperienced administration…

        GOP WI Sen Johnson says he called Bolton: I believe he agreed with my position on providing military assistance, and he suggested I speak with both the vice president and president. I requested calls with both… President Trump called me that same day.

    It was only after he reiterated his reasons for not giving me the authority to tell Zelensky the support would be released that I asked him about whether there was some kind of arrangement where Ukraine would take some action and the hold would be lifted… President Trump immediately denied such an arrangement existed. I quoted the president as saying, “(Expletive deleted) — No way.  I would never do that.  Who told you that?”…

 

Senate Leader Mitch McConnell yesterday said he sees ‘no scenario that the Senate would produce 67 votes to impeach Trump’.  GOP Senators, that have largely been mum or supportive of Mueller, suddenly have found some backbone and are bushing back.  Polling is telling them want to do.

 

CNN: Senate Minority Leader Chuck Schumer said on Sunday that President Donald Trump should not voice his concerns about the impeachment hearings on Twitter…

https://www.cnn.com/2019/11/17/politics/chuck-schumer-donald-trump-impeachment-testify-tweet/index.html

 

Here’s a possible reason that some Deep Staters are trying to delay Horowitz’s report on FISA abuse:

 

Rep @Jim_Jordan: On Wednesday, @RepJerryNadler plans to push FISA and other important bills through Judiciary.  But 4 Judiciary members are on the impeachment committee and will be in hearings!

After the Dossier, why are Dems trying to rush FISA during impeachment and BEFORE the IG report

 

@senjudiciary: Chairman @LindseyGrahamSC today announced that Justice Department Inspector General Michael Horowitz will testify before the Committee on Wednesday, December 11, 2019.

    “Mr. Horowitz will be appearing before the Senate Judiciary Committee on December 11, where he will deliver a detailed report of what he found regarding his investigation, along with recommendations as to how to make our judicial and investigative systems better…

https://www.judiciary.senate.gov/press/rep/releases/chairman-graham-announces-hearing-on-doj-inspector-generals-report-on-fisa-abuse-investigation

 

Ergo, the FISA abuse report will be released ahead of December 11, with enough time for staffers to read the purported 500-page report, digest it and formulate questions.

 

Pelosi: I ‘look forward to seeing’ evidence clearing Trump [The Soviet/Muller legal system]

“If he has information that is exculpatory … then we look forward to seeing it.”

https://www.politico.com/news/2019/11/17/pelosi-evidence-trump-impeachment-inquiry-071328

Well that is all for today

I will see you Wednesday night.

 

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