NOV 22//GOLD AND SILVER RAID OCCURS AFTER LONDON PUT TO BED (NORMAL BANKER MODUS OPERANDI)// GOLD DOWN $1.00 TO $1463.60//SILVER DOWN 6 CENTS TO $17.03// CONTINUAL GOLD JUMPING AT THE COMEX AS THE CROOKS SEEK BADLY NEEDED PHYSICAL METAL//FCC VOTES 5 TO 0 TO BAN FIRMS USING HUAWEI AND ZTE EQUIPMENT FROM RECEIVING FEDERAL FUNDS: VERY DAMAGING TO THE CHINESE//IRAN INTERNET STILL DOWN AS MIKE POMPEO CALLS FOR ADDITIONAL SANCTIONS AGAINST THIS COUNTRY// MORE SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1463.60 DOWN $1.00    (COMEX TO COMEX CLOSING)

 

 

 

 

 

 

 

Silver:$17.03 DOWN 6 CENTS  (COMEX TO COMEX CLOSING)

Closing access prices:

 

 

 

 

Gold :  $1462.40

 

silver:  $17.00

 

We now enter options expiry for the November contract month.

The Comex options expiry:  Monday Nov 25/2019

London’s OTC/LBMA Nov 29.2019

 

gold/silver prices will be subdued until the conclusion of the week.

 

COMEX DATA

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

today RECEIVING: 0/16

EXCHANGE: COMEX
CONTRACT: NOVEMBER 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,463.100000000 USD
INTENT DATE: 11/21/2019 DELIVERY DATE: 11/25/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
435 H SCOTIA CAPITAL 5
657 C MORGAN STANLEY 1
737 C ADVANTAGE 16 6
905 C ADM 4
____________________________________________________________________________________________

TOTAL: 16 16
MONTH TO DATE: 1,710

we are coming very close to a commercial failure!!

 

 

NUMBER OF NOTICES FILED TODAY FOR  NOV CONTRACT: 16 NOTICE(S) FOR 1600 OZ (0.0497 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  1694 NOTICES FOR 169,400 OZ  (5.2691 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 :  $ 7093 DOWN 534 

 

 

 

Bitcoin: FINAL EVENING TRADE: $ 7340 down 318

 

 

Let us have a look at the data for today

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IN SILVER THE COMEX OI ROSE BY A GOOD  SIZED 878 CONTRACTS FROM 222,462 UP TO 223,340 DESPITE THE 5 CENT LOSS IN SILVER PRICING AT THE COMEX.

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

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

FOR SEPT 0,; DEC  1870 AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1870 CONTRACTS. WITH THE TRANSFER OF 1870 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 1870 EFP CONTRACTS TRANSLATES INTO 9.35 MILLION OZ  ACCOMPANYING:

1.THE 5 CENT GAIN IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.665     MILLION OZ INITIALLY STANDING IN OCT

YESTERDAY THE CROOKS ORCHESTRATED ANOTHER  RAID  ON SILVER AND GOLD DUE TO COMEX OPTIONS EXPIRY ENDING THIS COMING MONDAY.. THEY AGAIN USED HUGE COPIOUS NON BACKED PAPER IN THEIR  SUCCESSFUL ENDEAVOUR TO WHACK SILVER’S PRICE ( IT WAS DOWN 5 CENTS ). 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 2748 CONTRACTS. OR 13.74 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:

35,757 CONTRACTS (FOR 16 TRADING DAYS TOTAL 35,757 CONTRACTS) OR 178.79 MILLION OZ: (AVERAGE PER DAY: 2234 CONTRACTS OR 11.17 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF AUGUST:  178.79 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 25.54% 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:          1778,37   MILLION OZ.

JANUARY 2019 EFP TOTALS:                                                      217.455. MILLION OZ

FEB 2019 TOTALS:                                                                       147.4     MILLION OZ/

MARCH 2019 TOTAL EFP ISSUANCE:                                          207.835 MILLION OZ

APRIL 2019 TOTAL EFP ISSUANCE:                                              182.87  MILLION OZ.

MAY 2019: TOTAL EFP ISSUANCE:                                                136.55 MILLION OZ

JUNE 2019 , TOTAL EFP ISSUANCE:                                               265.38 MILLION OZ

JULY 2019   TOTAL EFP ISSUANCE:                                                175.74 MILLION OZ

AUG. 2019  TOTAL EFP ISSUANCE;                                                 216.47 MILLION OZ

SEPT 2019 TOTAL EFP ISSUANCE                                                  174.900 MILLION OZ

OCTOBER 2019 ISSUANCE:                                                           146.14 MILLION OZ

RESULT: WE HAD A CONSIDERABLE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 878, DESPITE THE 5 CENT LOSS IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A  STRONG SIZED EFP ISSUANCE OF 1870 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 VERY STRONG SIZED: 2748 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 1870 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH INCREASE OF 878 OI COMEX CONTRACTS. AND ALL OF THIS  DEMAND HAPPENED WITH A 5 CENT LOSS IN PRICE OF SILVER AND A CLOSING PRICE OF $17.09 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. 1.118 BILLION OZ TO BE EXACT or 160% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MARCH MONTH/ THEY FILED AT THE COMEX: 0NOTICE(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: 7.665 MILLION OZ//   
  2.  THE  RECORD WAS SET IN AUGUST 22/2018:  244,196 CONTRACTS,  WITH A SILVER PRICE OF $14.78//.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017 RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

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

 

IN GOLD, THE COMEX OPEN INTEREST FELL BY A GOOD SIZED 15,210 CONTRACTS, AND MOVING AWAY FROM THAT NEW ALL TIME RECORD OF 719,211 (SET NOV 20/2019). THE NEW OI RESTS   AT 702,645.  ALMOST ALL OF THE LOSS IN OI WAS DUE TO LIQUIDATION OF THE SPREADERS 

THE LOSS IN COMEX OI  OCCURRED WITH A CONSIDERABLE $10.85 PRICING LOSS WITH RESPECT TO COMEX GOLD PRICING// YESTERDAY// /

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A GOOD SIZED 4560 CONTRACTS:

NOV 2019: 0 CONTRACTS, DEC>  4560 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 702,645,,.  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 LOSS IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 10,650 CONTRACTS: 15,210 CONTRACTS DECREASED AT THE COMEX  AND 4560 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 10,650 CONTRACTS OR 1,065,000 OZ OR 33.12 TONNESYESTERDAY WE HAD A LOSS OF $10.85 IN GOLD TRADING….

AND WITH THAT LOSS IN  PRICE, WE  HAD A STRONG LOSS IN GOLD TONNAGE ON OUR TWO EXCHANGES OF 33.12  TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR WERE SUPPLYING INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON AS ANOTHER RAID WAS AGAIN INITIATED. THE BANKERS WERE SUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (DOWN $10.85) .THEY WERE PROBABLY NOT SUCCESSFUL IN FLEECING  GOLD LONGS FROM THE GOLD ARENA AS THE ENTIRE LOSS IN COMEX OI WAS DUE TO THE LIQUIDATION OF SPREADERS.. 

FOR THOSE OF YOU WHO ARE NEW, HERE IS THE MODUS OPERANDI OF THE SPREADERS AND THE CRIMINAL ELEMENT BEHIND IT:

 

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 : 140,803 CONTRACTS OR 14,080,300 oz OR 437.96 TONNES (16 TRADING DAY AND THUS AVERAGING: 8800 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 16 TRADING DAYS IN  TONNES: 437.96 TONNES

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

THUS EFP TRANSFERS REPRESENTS 437.96/3550 x 100% TONNES =11.93% OF GLOBAL ANNUAL PRODUCTION

 

 

 

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     5209.59  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 DECREASE IN OI AT THE COMEX OF 15,210 WITH THE  PRICING LOSS THAT GOLD UNDERTOOK YESTERDAY($10.85)) //.WE ALSO HAD  A GOOD SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 4560 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 4560 EFP CONTRACTS ISSUED, WE  HAD AN ATMOSPHERIC  AND CRIMINALLY SIZED LOSS OF 10,650 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

4560 CONTRACTS MOVE TO LONDON AND 15,210 CONTRACTS DECREASED AT THE COMEX. (IN TONNES, THE LOSS IN TOTAL OI EQUATES TO 33.12 TONNES). ..AND THIS HUGE DECREASE OF  DEMAND OCCURRED DESPITE THE LOSS IN PRICE OF $10.85 WITH RESPECT TO YESTERDAY’S TRADING AT THE COMEX. HOWEVER THE ENTIRE COMEX LOSS WAS DUE TO THE LIQUIDATION OF SPREADERS. THE SPREADING LIQUIDATION ENDS ON FIRST DAY NOTICE.

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

 

 

 

we had:  16 notice(s) filed upon for 1600 oz of gold at the comex.

 

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

GLD...

 

WITH GOLD DOWN $1.00 TODAY//(COMEX-TO COMEX)

no changes in gold inventory at the GLD

NOV 22/2019/Inventory rests tonight at 891.79 tonnes

 

 

SLV/

 

WITH SILVER DOWN 5 CENTS TODAY: 

NO CHANGE IN SILVER INVENTORY AT THE SLV//

/INVENTORY RESTS AT 374.732 MILLION OZ

 

 

 

 

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

 

end

 

OUTLINE OF TOPICS TONIGHT

 

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

1. Today, we had the open interest in SILVER ROSE BY A GOOD SIZED 878 CONTRACTS from 222,462 UP TO 223,340 AND CLOSER TO A  NEW COMEX RECORD.  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

 

 

 

 

EFP ISSUANCE: 

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

 FOR NOV. 0; FOR DEC  1870  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1870 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE OI GAIN AT TE COMEX OF 878  CONTRACTS TO THE 1870 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG AND CRIMINALLY SIZED GAIN OF 2748 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 13.74 MILLION OZ!!! AND YET WE ALSO HAVE A STRONG DEMAND FOR PHYSICAL AS WE WITNESSED A FINAL STANDING OF GREATER THAN 30 MILLION OZ FOR JULY, A STRONG 7.475 MILLION OZ FOR AUGUST..  A HUGE 39.505  MILLION OZ  STANDING FOR SILVER IN SEPTEMBER… OVER 2 million  OZ STANDING FOR THE NON ACTIVE MONTH OF OCTOBER.,  7.440 MILLION OZ FINALLY STANDING IN NOVEMBER.  21.925 MILLION OZ STANDING IN DECEMBER , 5.845 MILLION OZ STANDING IN JANUARY. 2.955 MILLION OZ STANDING IN FEBRUARY,  27.120 MILLION OZ FOR MARCH., 3.875 MILLION OZ FOR APRIL  18.765 MILLION OZ FOR MAY  NOW 2.660 MILLION OZ FOR JUNE WITH JULY AT 22.605 MILLION OZ AUGUST AT 10.025 MILLION OZ//  SEPT: 43.030 MILLION OZ///OCT: 7.665 MILLION OZ//

 

 

RESULT: A STRONG SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 5 CENT LOSS IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A STRONG SIZED 1870 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)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED DOWN 18.35 POINTS OR 0.63%  //Hang Sang CLOSED UP 128.20 POINTS OR 0.48%   /The Nikkei closed UP 74.30 POINTS OR 0.32%//Australia’s all ordinaires CLOSED UP .87%

/Chinese yuan (ONSHORE) closed DOWN  at 7.0356 /Oil UP TO 58.36 dollars per barrel for WTI and 63.93 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.0356 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.0400 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%

 

I

 

3A//NORTH KOREA/ SOUTH KOREA

 

3b) REPORT ON JAPAN

3C  CHINA

i)China/USA

China shadows two USA warships sailing through disputed waters.  China warns the USA to leave

(zerohedge)

ii)China/USA

China wants all tariffs to be rolled back before any trade deal is negotiated.  They state that they will fight back if escalation is seen
(zerohedge)

iii)China/USA

China will not like this at all:  The FCC on a vote of 5 to one banks China’s Huawei and ZTE from the government subsidy program.  Also: more importantly:
“The rule also states those carriers must remove and replace Huawei and ZTE equipment from existing networks.”

4/EUROPEAN AFFAIRS

SPAIN

Spain is now witnessing a surge in the populist movement

Gatestone/Kern

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN/USA

Pompeo calls for sanctions against Iran for shutting down the internet.  Protests continue but videos of them are sparse

(zerohedge)

6.Global Issues

 

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

9. PHYSICAL MARKETS

i)Ex JPMorgan trader found guilty in USA currency rigging trial

(Reuters/GATA)

ii)My goodness:  Gold bug and Fed nominee Judy Shelton admits that central banks are currency manipulators and thus should lose their independence and be more transparent with their actions.

Quite a mouthful from Shelton

(Bloomberg/GATA)

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

PMI’S RISE BUT BUSINESS CONDITIONS ARE STILL SUBDUED

(ZEROHEDGE)

iii) Important USA Economic Stories

This should be interesting, Soft bank is now cutting its offer for WeWork and thus slashing Neumann’s payout.

(zerohedge)

iv) Swamp commentaries)

a)A lower level FBI attorney is now under criminal investigation for fabricating evidence in the Russiagate probe

(zerohedge)

b)Trump wants to bring it on and he wants it lengthy and he will order Schiff to testify along with the whistleblower

It should be quite exciting

(zerohedge)

c)Durham now expands his probe to the Pentagon in that that agency awarded Stephen Halper 1.2 million dollars to spy on Trump associates

(Sara Carter)

d)Looks like they are getting deeper into the corrupt dealings of the Obama team with Ukraine

(COURTESY EPOCH TIMES)

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 FELL BY A VERY STRONG AND CRIMINALLY SIZED 15,210 CONTRACTS TO A LEVEL OF 702,645 ACCOMPANYING THE LOSS OF $10.85 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 GOOD SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 4560 EFP CONTRACTS WERE ISSUED:

 FOR NOV; 0 CONTRACTS: DEC: 4560 ; FEB: 0  AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  4560 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 LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 10,650 TOTAL CONTRACTS IN THAT 4560 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A HUGE SIZED 15,210 COMEX CONTRACTS.

THE BANKERS SUPPLIED THE NECESSARY AND INFINITE AMOUNT OF SHORT PAPER IN GOLD.  THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE WITH THE CONSIDERABLE RAID INITIATED, AS IT FELL BY $10.50. AND THEY WERE PROBABLY  UNSUCCESSFUL IN FLEECING SOME LONGS  AS THEIR ENTIRE COMEX LOSS WAS DUE TO THE LIQUIDATION OF SPREADERS.

 

 

 

 

NET LOSS ON THE TWO EXCHANGES ::  10,650 CONTRACTS OR 1,065,000 OZ OR 27.86 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 43 contracts still standing for a LOSS of 10 contracts. Yesterday we had 26 notices served upon so we have another strong gain of 16 contracts or an additional 1600 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 42,165 contracts(HIGH PERCENTAGE OF THE LOSS DUE TO SPREADERS) down to 249,542.   The next non active contract month of January saw its OI RISE by 387 contracts DOWN to 740.

The December contract month is still highly elevated and we should have a humdinger of a DECEMBER delivery month. WE HAVE 5 MORE READING DAYS BEFORE FIRST DAY NOTICE: NOV 29.2019.

 

 

 

 

TODAY’S NOTICES FILED:

WE HAD 16 NOTICES FILED TODAY AT THE COMEX FOR  1600 OZ. (0.0497 TONNES)

 

 

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And now for the wild silver comex results.

Total COMEX silver OI ROSE BY A STRONG SIZED 878 CONTRACTS FROM 222,462 UP TO 223,340 (AND CLOSER TO THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018.  THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S CONSIDERABLE  OI COMEX GAIN OCCURRED WITH A 5 CENT LOSS 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 0 CONTRACTS. WE HAD 0 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 12,895 contracts down to 57,687.  After December we have the non active month of January and here we see that we gained 17 contracts up to 556.

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: 386,322  CONTRACTS 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  475,573  contracts

 

 

 

 

 

INITIAL standings for  NOV/GOLD

NOV 22/2019

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

 

 

 

 

 

Deposits to the Customer Inventory, in oz  

nil

 

No of oz served (contracts) today
16 notice(s)
 1600 OZ
(0.0497 TONNES)
No of oz to be served (notices)
27 contracts
(2700 oz)
0..083 TONNES
Total monthly oz gold served (contracts) so far this month
1710 notices
171000 OZ
5.3189 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

we had 0 dealer entry:

We had 0 kilobar entries

 

 

 

 

total dealer deposits: nil oz

total dealer withdrawals: nil oz

 

we had 0 deposit into the customer account

i) Into JPMorgan:  nil oz

 

 

total gold deposits: nil  oz

 

 

 

we had 0 gold withdrawal from the customer account:

 

 

total withdrawals:  nil oz

 

We had 2 adjustment

i) Out of Brinks:

JPM oz was adjusted out of the customer account and this landed into the dealer account :  503.01 oz

 

ii) Out of HSBC

1,301.350 oz was adjusted out of the dealer account and this landed into the customer account of HSBC

total deemed settlement: .0404

 

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 16 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid  (Goldman Sachs)

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

To calculate the INITIAL total number of gold ounces standing for the NOV /2019. contract month, we take the total number of notices filed so far for the month (1710) x 100 oz , to which we add the difference between the open interest for the front month of  NOV (43 contract) minus the number of notices served upon today (16 x 100 oz per contract) equals 173,700 OZ OR 5.4027 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 (1710 x 100 oz)  + (43)OI for the front month minus the number of notices served upon today 16 x (100 oz )which equals 173,700 oz standing OR 5.4027 TONNES in this  active delivery month of NOV

We GAINED 16 contracts OR 1600 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……                                                                5.4027 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: 75.998

TONNES- 4.4582 TONNES DEEMED SETTLEMENT = 71.53 TONNES STANDING FOR METAL AGAINST 27.37 TONNES OF REGISTERED OR FOR SALE COMEX GOLD! THIS IS WHY GOLD IS SCARCE AT THE COMEX.

 

total registered or dealer gold:  1,118,550.586 oz or  34.79 tonnes 
which  includes the following:
a) registered gold that can be used to settle upon: 88,099.69 oz (27.372 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;   8,506,990.2210 oz 264.60 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 22 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 513,916.880 oz
CNT
Scotia

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
nil oz
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  0 deposits into the customer account

into JPMorgan:   nil

 

ii) Into everybody else; 0

 

 

 

 

 

 

 

 

 

 

 

*** 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:  nil   oz

 

we have 2 withdrawals out of the customer account:

 

i) out of CNT:  4010.74 oz

 

 

 

total withdrawals; 509,906.16  oz

We had 0 adjustment:

 

 

 

total dealer silver:  77.754 million

total dealer + customer silver:  316.204 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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:  102,682 CONTRACTS //volume increases due to raid

 

 

CONFIRMED VOLUME FOR YESTERDAY: 129,101 CONTRACTS..

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 129,101 CONTRACTS EQUATES to 645 million  OZ 92.2% OF ANNUAL GLOBAL PRODUCTION OF SILVER..makes sense!!

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

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

 

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

 

 

NPV for Sprott

 

1. Sprott silver fund (PSLV): NAV RISES TO -1.39% ((NOV 22/2019)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.94% to NAV (NOV 22/2019 )
Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ -1.39%

(courtesy Sprott/GATA)

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

NAV 14.58 TRADING 14.04///DISCOUNT 3.73

 

 

 

And now the Gold inventory at the GLD/

NOV 22/WITH GOLD DOWN $1.00//NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 891.79 TONNES

NOV 21/ WITH GOLD DOWN $10.85 //NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 891.79 TONNES

NOV 20/WITH GOLD UP $.50 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 891.79 TONNES

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

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

NOV 22/2019/Inventory rests tonight at 891.79 tonnes

*IN LAST 710 TRADING DAYS: 44.58 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 610 TRADING DAYS: A NET 122.47 TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

end

 

Now the SLV Inventory/

NOV 22/WITH SILVER DOWN 3 CENTS TO DAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 374.732 MILLION OZ

NOV 21/  WITH SILVER DOWN 5 CENTS TODAY/a big CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 84,000 OZ/INVENTORY RESTS AT 374.732 MILLION OZ//

NOV 20/WITH SILVER UP 0 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 375.574 MILLION OZ//

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

 

 

NOV 22:  SLV INVENTORY

374.732 MILLION OZ

 

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

6 Month MM GOFO 1.99/ and libor 6 month duration 1.89

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

G0LD LENDING RATE: – .10

 

XXXXXXXX

12 Month MM GOFO
+ 1.91%

LIBOR FOR 12 MONTH DURATION: 1.91

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.00

end

 

 

end

 

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

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Ex JPMorgan trader found guilty in USA currency rigging trial

(Reuters/GATA)

Ex-JPMorgan trader found guilty in U.S. currency-rigging trial

 Section: 

By Brendan Pierson
Reuters
Wednesday, November 20, 2019

NEW YORK — A former foreign exchange trader at JPMorgan Chase & Co. was found guilty Wednesday of conspiring to rig trades for his own benefit.

Akshay Aiyer was convicted of one count of conspiracy by a jury in federal court in Manhattan, court records show. He is scheduled to be sentenced on April 3.

“This conviction serves as a reminder of our commitment to hold individuals responsible for their involvement in complex financial schemes which violate the integrity of the global financial markets,” said Assistant Attorney General Makan Delrahim, of the U.S. Department of Justice, said in a statement.

… 

A lawyer for Aiyer could not immediately be reached for comment.

Aiyer, who lives in New York, was indicted in May 2018. Prosecutors said he conspired from at least October 2010 to July 2013 to eliminate competition by fixing prices of and rigging bids for Central and Eastern European, Middle Eastern, and African currencies.

Aiyer was at least the sixth person charged in Manhattan federal court in connection with a wide-ranging U.S. probe into currency manipulation by major banks.

Barclays Plc, BNP Paribas SA, Citigroup Inc, JPMorgan, Royal Bank of Scotland Group Plc, and UBS Group AG have entered related guilty pleas, and been collectively fined more than $2.8 billion. …

… For the remainder of the report:

https://www.reuters.com/article/us-forex-manipulation/ex-jpmorgan-trader…

* * *

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

My goodness:  Gold bug and Fed nominee Judy Shelton admits that central banks are currency manipulators and thus should lose their independence and be more transparent with their actions.

Quite a mouthful from Shelton

(Bloomberg/GATA)

Yikes! Trump Fed nominee Shelton admits central banks are currency manipulators

 Section: 

Trump’s Fed Pick Judy Shelton Cast Doubt on Central Bank Independence

By Saleha Mohsin
Bloomberg News
Thursday, November 21, 2019

Judy Shelton, one of President Donald Trump’s most recent picks for the Federal Reserve board, challenged an article of faith regarding the U.S. central bank in private comments to a bank executive last month: that it should operate free of political influence.

Shelton shared her views on monetary policy and the Fed with Beat Siegenthaler, global macro adviser for UBS Group AG, after speaking at an event on Oct. 18 in Washington on the sidelines of the International Monetary Fund annual meetings.

… 

I don’t see any reference to independence in the legislation that has defined the role of the Federal Reserve for the United States,” Shelton told Siegenthaler, according to a transcript of the interview. …

If people were to read the law, “they would see that it demands that the Board of Governors of the Federal Reserve work hand-in-hand with Congress and the president to meet certain strategic economic goals for the U.S.,” Shelton added. …

… Shelton’s comments are in line with the philosophy of the man who would nominate her. She told Siegenthaler that the Fed “is by its nature a creation of Congress,” adding that if it insists on independence, it should be more transparent about its activities with lawmakers.

“It’s in some ways healthier that criticism from the White House is out in the open. At least we know how the president feels,” Shelton said in the UBS interview. …

Shelton’s comments to UBS’ Siegenthaler also revealed her view that the Fed is being bullied by markets. She told him that the Fed “wouldn’t dare pull the monetary rug out from under market expectations, even if it wanted to discipline” them.

“Someone could say that it’s the central banks that are the currency manipulators,” she added.

“All it takes is an announcement by, say, the head of the ECB that we’re looking at more stimulus measures” to weaken the euro against the dollar, she said, referring to the European Central Bank. “That does affect our trade outlook.” …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-11-21/trump-fed-pick-shelto…

END

THE ROMANIAN  President stalls his repatriation bid for his gold reserves to be moved back into his own countryu.

Bad move..

(Romania Journal/Bucharest)

Romanian president stalls repatriation of gold reserves

 Section: 

From Romania Journal, Bucharest
Wednesday, November 20, 2019

President Klaus Iohannis has sent back to Parliament the law on gold repatriation initiated by the former Social Democratic Party leader Liviu Dragnea and by the party’s Sen. Serban Nicolae. The law says Romania’s gold reserves deposited abroad should be stored in the country.

… 

In June this year the law was declared constitutional after the judges of the Constitutional Court of Romania rejected the opposition’s referral.

Now the president has sent the law back to Parliament for re-examination, arguing that it “can affect the National Bank’s legal powers” and might increase financing costs ….

… For the remainder of the report:

https://www.romaniajournal.ro/business/president-sends-back-in-parliamen…

* * *

iii) Other physical stories:

 

Ted Butler: A genuine dilemma

 Section: 

11:25a ET Friday, November 22, 2019

Dear Friend of GATA and Gold:

Silver market analyst Ted Butler yesterday reviewed the U.S. Justice Department’s latest indictment of a former JPMorganChase metals desk trader and fears that the government is starting to relieve the investment bank’s upper management of responsibility for the extensive market rigging done by subordinates. Butler’s commentary is headlined “A Genuine Dilemma” and it’s posted at 24hGold here —

http://www.24hgold.com/english/news-gold-silver-a-genuine-dilemma.aspx?a…

— and at SilverSeek here:

http://silverseek.com/commentary/genuine-dilemma-17792

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

A Genuine Dilemma

 

Theodore Butler

 

November 21, 2019 – 11:38am

 

Yet another former precious metals trader from JPMorgan has been indicted for spoofing and price manipulation by the US Department of Justice. Between all the criminal guilty pleas and indictments to date, it begs the question – were there any precious metals traders at JPMorgan which weren’t engaged in illegal trading activities? From my close professional observation for more than a decade, I would be dumbfounded if any JPMorgan precious metals traders were on the up and up. Perhaps it might be more expedient for the Justice Department to list the traders at JPMorgan which it considered as non-criminal.

https://www.justice.gov/opa/pr/superseding-indictment-charges-former-precious-metals-salesman-racketeering-conspiracy

I would urge you to not only read the announcement of the superseding indictment above, but take some time to also skim the actual indictment at the bottom of the linked announcement. Let me confine my remarks to what stood out to me in the new indictment, which can be described as confirmatory rather than involving brand new revelations. However, the superseding indictment did reveal some new things and certainly connected a number of important dots.

The new indictment confirmed that traders for JPMorgan, effectively, favored and rewarded certain of the bank’s own clients at the expense of and to the detriment of other bank clients, thus violating and making a mockery of any sense of fairness thought to exist in an aboveboard fiduciary relationship. The indictment reconfirmed that JPMorgan’s clients who held “barrier’ type option contracts with the bank saw their option contracts made worthless by illegal spoofing and price manipulation.

But new were the allegations that the indicted JPMorgan traders also unfairly favored certain high-revenue hedge fund clients. JPM traders “rewarded” certain big hedge fund clients by illegally manipulating prices to accommodate certain orders in a discriminatory manner. I understand that a broker would and should fight to get the best execution possible for a client – but not by resorting to illegal trading practices. This is a very important point made by the Justice Department.

And since the Justice Department went out of its way to include the favoring of certain high-revenue hedge fund clients of JPMorgan as an impetus for the illegal spoofing by its traders, I’m curious if the DOJ is following up with these hedge funds for receiving ill-gotten favors. Did the hedge funds in question not know they were the beneficiaries of illegal trading practices? After all, it takes two to tango, even if the tango is illegal.

Most confirmatory was the Justice Department describing spoofing as the illegal trading tool I have long maintained by looking beyond the extremely short term price effect of spoofing to the obvious broader application of what could result from having the ability to artificially set short term prices. Spoofing isn’t done just to artificially set prices to make a quick profit. The new indictment indicates the existence of a longer term strategy by JPMorgan in which spoofing was an integral tool used to effect unfair and illegal results.

I must stop here to point out what I concluded a year ago when the Justice Department announced its first guilty plea by a former trader from JPMorgan for spoofing. I petitioned the DOJ not to view spoofing as the stand-alone illegal trading practice that the original announcement seemed to suggest, but as the tool it was to accomplish more serious violations. While I suppose I should be encouraged that the DOJ finally seems to be doing just that, namely, identifying spoofing as a tool, I’d be lying if I said I thought the Justice Department was taking my advice as intended.

http://silverseek.com/commentary/crack-dike-17474

 

Yes, the DOJ does indicate that spoofing is an illegal tool to effect illegal ends, but it is avoiding the ultimate illegal activity in gold and silver that spoofing has enabled. Here I am referring to the fact that JPMorgan has used spoofing as a tool that enabled it to always take profits and never take a loss when it increased its short positions in COMEX gold and silver futures for more than a decade. And the fact that JPMorgan used spoofing, among other illegal trading mechanisms, to suppress prices by excessive and concentrated short selling in COMEX gold and silver futures to acquire more physical gold and silver on the cheap than any private entity in history.

Here it is clear that the Justice Department is avoiding the obvious – focusing on spoofing as a tool that enabled the crimes it chose to see, so as to avoid focusing on JPMorgan’s much more serious crime of never taking a loss and accumulating physical metal on the down low. Let’s face it – it is impossible that the Justice Department doesn’t see this, as it could not possibly be that incompetent. Therefore, the only reasonable conclusion is that the Justice Department is engaged in selective prosecution. Shame on it.

There is one other theme that comes from the superseding indictment that confirms something else that I’ve previously claimed – the Justice Department has gotten in line with JPMorgan’s corporate interest to play the role of Sgt Schultz on Hogan’s Heroes and pretend that senior management had absolutely no knowledge of the many thousands of instances of illegal trading activities of its long time precious metals traders. Imbedded in the superseding indictment is the message that the traders acted with no knowledge of senior bank management as to what was going on for more than a decade.

In other words, the Justice Department is aiding the bank in its attempt to throw the traders under the bus and go along with the charade that senior management saw nothing, heard nothing and knew nothing. That’s preposterous for an number of reasons, not the least of which is that JPMorgan is known to be the best managed US financial institution and that its CEO is considered to be the most plugged in, hands on manager of all and that these repetitive illegal trading acts went on for more than a decade. On a personal level, I’ve sent the bank every one of my articles (more than a thousand) spelling out JPMorgan’s manipulation of silver and gold for all this time and before that notified its board of directors and former chief legal counsel.

All this brings me to a personal dilemma whose outcome is beyond my control. This is no laughing matter (like watching your mother-in-law drive off a cliff in your new Porsche), but a genuine dilemma whose resolution is of profound significance on a wide variety of important matters. It is clear to me that the Justice Department, like the CFTC before it, is deliberately avoiding the most critical issue of all, namely, whether JPMorgan as an institution manipulated the silver and gold market in the manner I’ve described (never taking a loss and accumulating massive hoards of physical metal) for more than ten years. My dilemma is this – while I am frustrated that the Justice Department is avoiding the obvious, at the same time I understand (and agree) with the deliberate avoidance.

While seeing the Justice Department (or the CFTC) truly crack down on JPMorgan would be the right thing as far as the rule of law and would bring closure and satisfaction to my life’s work of exposing and ending the manipulation of silver (and gold), I fear the wider consequences of such a crackdown. I firmly believe that should JPMorgan’s corporate role in the silver and gold manipulation be attacked by the Justice Department, it would ultimately result in JPMorgan ceasing to exist as a going concern. The consequences and fallout from that would result in untold collateral damage to the US economy, financial system and its citizens. I am not being overly dramatic – that is how I feel and this is at the heart of my dilemma.

From my point of view, the best resolution at this point is for the manipulation to end with no official reference to JPMorgan’s manipulation of silver and gold and for the price, particularly for silver, to be set free. And that is what I expect to occur, although I still can’t tell you exactly when this will occur.  Of course, all that most are interested in is when this manipulation will end, which I suppose is another dilemma in and of itself in this sense – should silver and gold prices get more thoroughly washed out to the downside one more time, it will set up the final blast higher. But who the heck wants to endure yet another deliberate price takedown after all this time?

As I indicated on Saturday, I found the key feature of the latest and other recent Commitments of Traders (COT) reports to be the extraordinarily large amount of short covering by JPMorgan in both silver and gold, particularly in relation to the lack of commercial short covering in general. Certainly, should we get a more pronounced price decline, in addition to the necessity of aggressive managed money selling and short selling driving the price lower and the general commercial buying which will meet that selling, it must be expected that JPMorgan would participate in that overall commercial buying. Therefore, in the event of a more pronounced price takedown ahead, should that takedown take place, it must be expected that JPMorgan will end up buying even more COMEX silver and gold futures than it has bought to date.

The problem with that, as I see it, is that it’s one thing for the Justice Department to hold off on cracking down on JPMorgan out of the wider concern for what such a crackdown would ultimately mean to society in general, but does the DOJ have to so coddle JPMorgan so as to allow it to profit even more at this point? Does the Justice Department have no sense of decency and concern for the rule of law that it would allow JPM to feather its nest even more than it has to date?

Ted Butler

www.butlerresearch.com

end

Swiss gold continues to flow into England

(Lawrie Williams)

LAWRIE WILLIAMS: Anomalous Swiss Gold Imports and Exports Continue in October

Switzerland has announced its latest gold import and export figures (for October) and what we have previously considered rather anomalous statistics which have been apparent over the past several months seems to be continuing. There thus seems to be the increasing likelihood that these represent the new norm – at least while demand remains muted in the previously key Asian and Middle Eastern markets.

We had noted in previous years the dominance of the Asian markets in particular as the destination for Swiss gold exports, oftentimes with 90% or more of Swiss re- refined and reworked gold flowing east. Interestingly in recent months the flow of gold has largely reversed and in October, as can be seem in the bar chart below showing the destination of Swiss gold exports in October, most of the exports from this tiny, but dominant gold exporter have been destined for European markets, dominated by the UK and, latterly, France. Indeed almost 80% of the October flows have been into Europe, dominated by the UK which, presumably for the continuing flow of gold into gold ETFs which have most of their gold vaulted in London. By contrast only 19% went to the traditional Asian and Middle Eastern markets.

The biggest part of the lower level of Asian imports was weak demand from the Chinese mainland (10.2 tonnes), India (5.1 tonnes) and Hong Kong (only 0.3 tonnes) – all at one time big importers of Swiss gold. This supports anecdotal evidence of far weaker gold demand in these traditional gold importing nations, However, we might expect to see a slight pickup in the final two months of the year in the runup to the Chinese New Year (for China and Hong Kong) and for the traditional Indian wedding season months

But the big anomaly did not just apply to Swiss gold exports. The biggest contributor to the Swiss gold imports in October was the United Arab Emirates which supplied no less than 22.6% (28.4 tonnes) of the 125.4 tonnes of gold Switzerland imported in October. Other key anomalous sources for Switzerland’s October gold imports included Hong Kong (4.8 tonnes) and Thailand (6.4 tonnes) – both normally net importers of Swiss gold. Other significant sources were key European gold markets in Germany, France, Italy and the UK, which between them shipped 18.9 tonnes of gold to Switzerland in October. The remainder of the gold going in to Switzerland that month was virtually all from traditional gold producing nations.

This reversal of the traditional flow pattern with normal importers becoming gold exporters suggests the running down of stocks due to weak demand, and also a degree of profit taking with the gold price higher in October than it was in the early months of 2019 when stocks may have been being built up. It will take a substantial increase in demand from the world’s Nos. 1 and 2 gold consumers (China and India) for Swiss gold flows to return to anywhere near normal and this could yet be some way off. But, if Asian and Middle Eastern demand does pick up, and gold ETF and central bank inflows continue at around current levels, we could see something of a gold price squeeze, so Chinese and Indian demand data is worth following closely to see if any pickup is forthcoming.

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 7.0356/ GETTING VERY DANGEROUSLY PAST 7:1

//OFFSHORE YUAN:  7.0400   /shanghai bourse CLOSED DOWN 18.35 POINTS OR 0.63%

HANG SANG CLOSED UP 128.20 POINTS OR 0.48%

 

2. Nikkei closed UP 74.30 POINTS OR 0.32%

 

 

 

 

3. Europe stocks OPENED ALL GREEN/

 

 

 

USA dollar index DOWN TO 97.98/Euro FALLS TO 1.1061

3b Japan 10 year bond yield: RISES TO. –.07/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.52/ 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:: 58.36 and Brent: 63.93

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.36%/Italian 10 yr bond yield DOWN to 1.18% /SPAIN 10 YR BOND YIELD DOWN TO 0.43%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.54: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO :1.39

3k Gold at $1470.50 silver at: 17.17   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 10/100 in roubles/dollar) 62.99

3m oil into the 58 dollar handle for WTI and 63 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 108.52 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 .9943 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0998 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.36%

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 1.75% early this morning. Thirty year rate at 2.20%

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

6.  TURKISH LIRA:  UP  TO 5.7042..

Futures Rise On Lack Of Trade Pessimism Despite Renewed Economic Gloom In Europe

One day after US and global equities were rocked and rolled by a barrage of non-stop optimistic and pessimistic trade deal headlines, Friday has been relatively calmer with global stocks inching solidly higher Friday, lifted by China’s renewed offer to work out a trade pact with Washington, but gains were limited by uncertainty over how the 16-month-old trade war plays out and how much it may undermine the world economy.

 

The lackluster gains put MSCI’s index of world shares on course to snap a six-week streak of gains, with disappointing economic data and rising political risks in the United States and Britain also casting a pall on sentiment.

“The market is looking for some bullish signal that things aren’t going to get worse and that we’re not going to see further deterioration in trade talks between the U.S. and China,” PIMCO portfolio manager Erin Browne told Bloomberg TV. “They just don’t want to see further escalation.”

European shares opened firmer, rising off three-week lows touched on Thursday when it seemed that U.S. legislation on Hong Kong would undermine planned trade talks between the world’s two largest economies. Miners and energy companies helped lead the Stoxx Europe 600 Index higher after oil’s strongest close since September. The early gains, however, faded following another round of disappointing Eurozone PMI data as Europe’s economic gloom just refuses to go away, as manufacturing did beat expectations modestly but raised concerns over the health of the larger services sector. Specifically, while the Eurozone manufacturing PMI printed at 46.6, beating expectations of 46.4, and up from 45.9, it was the Services component that missed and neared contraction, at 51.5, down from 52.2, and below the 52.5 expected.

 

A similar pattern was seen in the latest German PMIs, where the manufacturing index rebounded for a second consecutive month, although it was the service PMI that dropped to a new multi year low.

 

 

 

Elsewhere, a speech by ECB President Lagarde failed to deliver any material revelations.

Wall Street futures too were marked slightly firmer after China said it was willing to work with the United States to resolve core trade concerns, and the Wall Street Journal reported China had invited U.S. trade negotiators for a new round of face-to-face talks in Beijing. The mood soured, however, around 6am when futures dipped after a Global Times tweet outlined how Washington needed “some tariffs rollback” to complete the deal. Global Times also said if Washington “chooses to raise more #tariffs and escalates trade war, China will fight back and retaliate.”  The good news is that the pace of updates on the trade front appeared to have slowed down somewhat, giving equity markets a breather from the prior day’s whipsaw action.

 

Asian stocks kicked off the overnight session by edging higher, led by energy producers, as investors assessed the likelihood of an initial China-U.S. trade deal amid conflicting signals. Markets in the region were mixed, with Singapore leading gains while China retreated. The Topix advanced, driven by electronic firms and retailers, as Japan’s key gauge of price growth ticked up slightly following last month’s sales tax hike. The Shanghai Composite Index slid, with Kweichow Moutai and China Life Insurance weighing on the gauge. Easing trade tensions and cautious policy support will help stabilize China’s economy next year, according to Goldman Sachs Group. India’s Sensex dropped, dragged down by Infosys and Tata Consultancy Services. Prime Minister Narendra Modi is putting the flagging economy back on center stage after announcing the biggest privatization drive in more than a decade.

“Markets are being held hostage by news – positive or negative – coming out of the United States or China. Even if the phase one agreement materialises there is no way I would believe that’s the end of the story, it will just move to German cars or Japanese exports,” said Marie Owens-Thomsen, chief global economist at wealth manager Indosuez.

Meanwhile, concerns lingered, with President Trump expected to sign into law two bills backing protesters in Hong Kong after the U.S. House of Representatives voted 417-1 for the “Hong Kong Human Rights and Democracy Act”, which the Senate had passed unanimously a day earlier. “If he’s going to be forced to sign it, then it brings another (element) of uncertainty to this phase one trade deal, which then pushes back into next year,” said GAIN Capital analyst Matt Simpson, adding that in the absence of major news on trade, rangebound market moves are “quite reflective of the small headlines coming through.”

In rates, yields on US and German government bonds were initially a shade higher before dipping lower, after the European PMI prints disappointed with 10-year Treasury yields sliding to 1.7483%, dwon from its U.S. close of 1.772% on Thursday.

As Reuters adds, the failure to resolve the trade spat means the world economy is struggling to recover from its slowdown and the Organisation for Economic Cooperation and Development on Thursday forecast growth at a decade-low 2.9% this year and the next. That fragility was underscored by weaker than expected data showing Euro zone business growth almost ground to a halt this month as activity in the dominant services industry increased at a much weaker pace than expected.

In geopolitical news, US Navy warships conducted 2 freedom of navigation operations in the South China Sea earlier this week, while China’s military later stated its navy tracked US ships that sailed near islands claimed by China in the South China Sea, while it urged US to stop provocative actions. Subsequently, China’s Foreign Ministry has lodged stern representation with US after US ships sailed in South China Sea near islands claimed by China.

South Korean Finance Minister will be visiting Japan ahead of the expiry of the South Korean-Japanese Military Information Agreement, according to sources cited by Yonhap. Subsequently, South Korea told Japan it will extend the General Security of Military Information Agreement (GSOMIA) intel-sharing pact, according to NHK; however, Japan says there are no changes to export restrictions on materials for South Korea, according to Japanese trade official.

In currency markets, the euro dipped into negative territory against the U.S. dollar after the release of the disappointing Service PMI data. The Bloomberg Dollar Spot Index was little changed, breaking its three-day streak of gains and heading for its smallest weekly change since the start of August; the pound hit fresh day lows following a miss in U.K. PMI data.

In commodities, oil prices retreated after hitting two-month highs following a Reuters report that the Organization of the Petroleum Exporting Countries and its allies are likely to extend existing output cuts until mid-2020. Brent crude was down 0.31% at $63.77 per barrel. Spot gold edged up 0.3% to $1,471 per ounce.

Looking at the day ahead, the highlights are the release of the preliminary PMIs for November from Europe and the US, along with remarks from ECB President Lagarde. In terms of other data, we’ll get the final November University of Michigan sentiment reading from the US, as well as the November Kansas City Fed manufacturing activity index. Other central bank speakers include Bundesbank President Weidmann and Spanish central bank governor Hernandez de Cos. Finally in Germany, the CDU’s annual conference begins.

Market Snapshot

  • S&P 500 futures up 0.2% to 3,110.00
  • STOXX Europe 600 up 0.3% to 403.40
  • MXAP up 0.2% to 163.79
  • MXAPJ up 0.2% to 522.61
  • Nikkei up 0.3% to 23,112.88
  • Topix up 0.1% to 1,691.34
  • Hang Seng Index up 0.5% to 26,595.08
  • Shanghai Composite down 0.6% to 2,885.29
  • Sensex down 0.5% to 40,386.63
  • Australia S&P/ASX 200 up 0.6% to 6,709.78
  • Kospi up 0.3% to 2,101.96
  • German 10Y yield fell 3.1 bps to -0.356%
  • Euro down 0.05% to $1.1053
  • Italian 10Y yield fell 2.3 bps to 0.832%
  • Spanish 10Y yield fell 1.2 bps to 0.439%
  • Brent futures little changed at $64.02/bbl
  • Gold spot up 0.5% to $1,471.08
  • U.S. Dollar Index little changed at 98.00

Top Overnight News

  • Chinese Vice Premier Liu He, the top negotiator in trade talks with the U.S, repeated the Party’s commitment to the market playing a decisive role in the economy, pushing back against a backdrop of increasing scrutiny of the country’s state-led economic model; He highlighted the role of market and non-state players, weighing into the debate about how much of the country’s economy is controlled by the government, a point of ongoing tension with the U.S.
  • China’s gross domestic product was more than $270 billion larger than first estimated last year, a revision that added the equivalent of Finland’s output to the size of the world’s second-largest economy.
  • The U.K. economy’s performance was the worst since July 2016 this month as uncertainty from Brexit and the snap election weighed on sentiment. Readings for both manufacturing and services moved further into contraction.
  • German manufacturers appear to have left the worst of a year-long slump behind. IHS Markit’s Purchasing Managers’ Index for the industrial sector rose to 43.8 in November. That’s the highest in five months and exceeds economist estimates for a reading of 42.8.
  • China still has room to adjust its fiscal, monetary and real-estate policies if uncertainty over trade with the U.S. generates further downward pressure on the economy, central bank adviser Ma Jun said
  • President Donald Trump signed a four-week spending bill Thursday, putting off a possible government shutdown until Dec. 20. The Senate cleared the measure earlier Thursday in a 74-20 vote
  • Boris Johnson’s Conservatives will introduce a 3% land tax surcharge for foreign buyers of U.K. homes in an effort to damp demand, keep a lid on house prices and make it easier for first-time buyers to get a foot on the housing ladder
  • Jeremy Corbyn presented his plan for a Labour government. Railways, water supply and broadband infrastructure would be brought into state ownership. The government’s total tax revenue would rise by around 10%. That would fund pay rises for public sector workers, free university tuition, free care for the elderly
  • Japan’s key gauge of price growth ticked up slightly following last month’s sales tax hike, but the numbers masked a further weakening of core inflation, illustrating the difficulty the central bank faces in its struggle to boost prices
  • Prime Minister Benjamin Netanyahu will stand trial for bribery, fraud and breach of trust, an unprecedented development that could doom his career and shape the political crisis that’s gripped Israel this past year
  • The euro-area economy came close to a halt in November as the steep decline in manufacturing there spread further into services.

Asian equity markets eventually traded mixed after the region’s early attempts to shrug-off the headwinds from the losses on Wall St. proved to be short-lived, as trade uncertainty remained the state of play. ASX 200 (+0.5%) and Nikkei 225 (+0.3%) were higher with outperformance in Australia’s tech and energy sectors prevailing over the lacklustre tone in financials and weakness in gold miners, while Japanese exporters coat-tailed on the gradual upside seen in USD/JPY and with SoftBank mildly benefitting from reports the Co. is in discussions to reduce the WeWork offer and payout to its founder. Hang Seng (+0.5%) and Shanghai Comp.(-0.6%) initially conformed to the improved risk appetite after some of the recent trade rhetoric added to cautious optimism including comments from MOFCOM that they will strive to reach a phase one deal and after source reports suggested the US may delay the December 15th tariffs even if a trade pact is not reached. However, the mainland gradually deteriorated due to the lack of trade clarity and with the recent freedom of navigation operations by the US in the South China Sea also irking China, while Hong Kong kept afloat with the city set to proceed with local elections on Sunday. Finally, 10yr JGBs were lower amid spill over selling from USTs, with prices also weighed by the somewhat improved risk appetite and following weaker demand at the enhanced liquidity auction for longer-dated JGBs.

Top Asian News

  • Japan, South Korea Agree to Last-Minute Deal to Save Intel Pact
  • Saudi Arabia’s Oil Heartland Is Calm and That’s Bad for Iran

Major European bourses (Euro Stoxx 50 +0.2%) are modestly firmer, with the bulk of the gains coming right after the European cash open, before the indices proceeded to give back some gains following downbeat EZ PMI data, which saw manufacturing beat expectations but raised some concerns over the health of the larger services sector. Elsewhere, a speech by ECB President Lagarde failed to deliver much by way of a bang, while the pace of updates on the trade front also appears to have slowed down somewhat, giving equity markets a breather from the prior day’s whipsaw action. Most notably, the news of further freedom of navigation operations by the US in the South China Sea, nor the news of the Trump Administration mulling alternative trade investigations against the EU appears to have changed the dial much. Sectors are all in the green; energy (+0.7%) and materials (+0.6%) are for now the outperformers, while Utilities (+0.3%) and Consumer Staples (+0.3%) lag. In terms of the notable stock movers; Edenred (-2.2%) are at the bottom of the Stoxx 600 table after the Co. stated that it is still investigating the extent of a malware infection and has contacted relevant government authorities and regulators. Elsewhere, Wirecard (-0.1%) nursed earlier losses after Uber (UBER) denied reports that it was considering hiring Wirecard as its main payments partner.

Top European News

  • Worst of German Factory Slump May Be Past as Confidence Improves
  • Weak European Services Output Casts Shadow Over Economic Outlook
  • Vivendi Is Said to Be Ready to Sell 20% Stake in Mediaset
  • Huawei Makes Case for Avoiding German 5G Network Ban in Advert

In FX, both the EUR, GBP were softer with the Single Currency subdued in wake of the EZ PMIs which show a clear spillover effect into the services sector from the manufacturing recession, thus negatively effects domestic demand. Services and Composite missed, and Manufacturing showed a mild bounce, but remain damped (albeit participants may have expended more of a rebound given the French and German metrics). Further, the GDP tracker pointed to a Q4 QQ rate of just 0.1%, down from 0.2% in Q3. Elsewhere, Lagarde’s first speech as ECB President was far from a fanfare release; she noted of a strategic review of monetary policy policy in “the near future” and reaffirmed her call for fiscal policy. EUR/USD took its cue from the PMIs and currently resides towards the bottom of its 1.1048-87 band (just above its 10 DMA at 1.1047) having earlier eclipsed its 100 DMA at 1.1085 on the initial French and German manufacturing bounce backs. The pair now eyes around EUR 1bln of options expiring at strikes 1.1040-60, although the next notable tranche could also come into play in later trade (EUR 1.3bln between 1.1075-90).  Similarly, UK’s Flash PMI debut missed expectations across the board and showed Services tipping over the fence into contraction. Further, IHS noted the data points to a 0.2% drop in GDP in Q4, which would usually be associated with BoE stimulus, albeit the Central Bank did downplay the credence it gives to this release at its latest MPR. Cable resides at the bottom the current 1.2873-2927 intraday parameter.

  • DXY, Yuan – DXY has reversed overnight losses, albeit more on EUR weakness as there is little by way of new substance on the US-Sino trade front. President Xi overnight sang from the same hymn sheet as Chinese officials, highlighting that China is not afraid of trade conflict but will actively try to avoid a trade war and called on increased communication. DXY is comfortably in the green in having surpassed 98.00 to the upside and attempted multiple breaches of its 100 DMA at 98.04 with no success. USD/CNH remains firmer, although mostly on the back of a stronger Dollar with the pair at session highs and eyeing its 100 DMA (7.0441) vs. an intraday low of 7.0264.
  • JPY, CHF – Safe-haven FX trade relatively flat in early hours, potentially as overall downbeat EZ PMI counter the positive geopolitical developments in Japan-South Korea relations, with the latter two agreeing to extend its intelligence-sharing pact which was due to be eradicated amid their deteriorating bond. USD/JPY meanders 108.50 and remains near the bottom of a tight 108.50-70 range. The Franc meanwhile sees downside bias, with EUR/CHF just under 1.1000 having early briefly breached the mark after clocking a 1.0980-1.1010 daily band thus far.
  • AUD, NZD – Both modestly firmer albeit off highs with the Kiwi outperforming its Aussie counterpart, which seems more of a technical move as AUD/NZD fell through 1.0600, with traders on the lookout for any pertinent US-Sino trade headlines for impetus.

In commodities, crude markets are mixed but off lows in consolidative Friday morning trade, after ECB President Lagarde’s speech and mixed EZ PMI data failed to give direction to broader macro sentiment, and amidst a lack of fresh crude specific fundamental drivers. WTI Dec’ 19 futures are languishing below the USD 58.50/bbl mark, off overnight lows around USD 58.10/bbl. Brent Jan’ 20 futures meanwhile have made slightly better progress from USD 63.50/bbl overnight lows, coming within a whisker of yesterday’s high just above the USD 64.00/bbl level. In terms of the metals; gold has been on the front foot, with upside seen alongside European bonds after EZ PMI data raised concerns about service sector weakness despite a stronger than expected recovery in manufacturing. The precious metal managed to reclaim USD 1470/oz to the upside, ahead of yesterday’s USD 1476/oz high. Meanwhile, copper has also seen upside since the European open; given its status as an industrial metal, better than expected EZ manufacturing PMI results may be providing some support, while there has also been positive news on the South Korea/Japan trade front – both important industrial hubs and consumers of the red metal.

US Event Calendar

  • 9:45am: Markit US Services PMI, est. 51, prior 50.6
  • Markit US Manufacturing PMI, est. 51.4, prior 51.3
  • Markit US Composite PMI, prior 50.9
  • 10am: U. of Mich. Sentiment, est. 95.7, prior 95.7; Current Conditions, est. 111.2, prior 110.9; Expectations, prior 85.9
  • 11am: Kansas City Fed Manf. Activity, est. -2, prior -3

DB’s Jim Reid concludes the overnight wrap

 

Earlier in the week I informed you that we nearly had a crisis at home last weekend as one of the twins locked themselves in the downstairs toilet and was then in hysterics for over 20 minutes as he didn’t know how to unlock it and get himself out. Well, what a difference a few days make when you are two. My wife informed me last night that the twins now understand the locking system and now deliberately lock themselves in the toilet together when my wife wants to leave the house with them and laugh at the top of their voices. They only let themselves out when they are good and ready. It’s caused my wife great problems over the last two days and she’s been late dropping my daughter to school as a result. With this rate of progress what they’ll be doing in a week is anyone’s guess.

What financial markets are doing in a week might depend a lot on today’s preliminary PMIs for November. One of the consistent themes recently has been broad-based weaknesses in manufacturing, and last month the Euro Area manufacturing PMI was at 45.9, close to a 7-year low, with countries such as Germany (42.1), Spain (46.8) and Italy (47.7) all in contractionary territory. Even looking at the composite PMIs shows weakness, although mostly avoiding contraction, with the Euro Area PMI at 50.6. However, on the plus side there’s been some sign of stabilisation over the last couple of months and hints of better to come in the forward looking components. In terms of what to expect, the consensus for this month is looking for a general uptick in the manufacturing, services and composite readings for the Euro Area, so all eyes will be focused on whether we get that or if further disappointment will instead set the tone as we move towards Christmas.

The second highlight today will be ECB President Lagarde’s speech at 8:30 UK time. Her remarks will be the keynote address at the Frankfurt European Banking Congress, though the exact topic or title of her speech has not been specified. Lagarde’s previous remarks as President didn’t touch on monetary policy, but since then, she has met with her Governing Council colleagues, so she may feel emboldened to make firmer comments if she chooses. In his ECB reaction piece last month, DB’s Mark Wall actually highlighted that we could see a temporary increase in communications volatility at first as the market learns to interpret signals from Lagarde. The initial expectation is that she will be more consensus-driven and less prone to pre-announcing policies than Draghi was, which would likely reduce the scope for any major signal today.

In terms of markets yesterday, equities fell as mixed signals came through on the trade war. In the morning we got the news from Dow Jones that China’s chief negotiator, Vice Premier Liu He, had invited the US negotiators to Beijing for further talks. According to the report, it said that the US negotiators were reluctant to make the visit “unless China makes it clear that it would make commitments on intellectual-property protection, forced technology transfers, and agricultural purchases.” We then heard from the South China Morning Post, who cited someone close to the Trump administration that if a deal weren’t to be reached by December 15, then the tariffs due to come into effect will be postponed as the two sides are close to a phase one deal. That would be positive, but it would be much better to hear the same from US sources instead of Chinese ones.

In the US, the Speaker of the House, Nancy Pelosi, said that a USMCA deal might not be voted on this year. So another trade deal being delayed. Meanwhile, the Trump administration is reportedly considering re-opening an investigation into European auto imports, under section 301 of the Trade Act of 1974 rather than section 232 of the Trade Expansion Act of 1962. That’s the law that Trump has used to impose tariffs on China, which could give him more flexibility. The section 232 review deadline was last week, and while legal experts are divided as to whether the expiry of the review period bars the President from implementing tariffs, it’s likely that the administration wants to maintain the threat of tariffs while it negotiates with the EU.

The main indices all fell back yesterday, with the S&P (-0.16%) and NASDAQ (-0.24%) both closing lower. The trade-sensitive Philadelphia semiconductor index and the auto sector both saw larger falls, down -1.13% and -0.74%, respectively, although US energy stocks were buoyed by oil’s recovery, with WTI up +2.19%. Equities mostly fell in Europe as well, with the Stoxx 600 down -0.40%. Earnings wise, ThyssenKrupp plunged -13.62% after the company proposed suspending dividend payments for the 2018/19 fiscal year and reported a net loss of €260m over the period. As for US corporate news, Charles Schwab (+7.33%) is reportedly considering merging with TD Ameritrade (+16.92%), which would create an enormous pool of assets (around $5 trillion) under one roof. The possible deal could face antitrust hurdles, but investors are already viewing it is negative for the two firms’ competitors, such as E-Trade Financial (-9.33%).

In fixed income, bond yields rose yesterday with 10yr Treasuries +2.6bps, while the 2s10s curve ended up -0.3bps, its 7th straight session flattening, albeit this time only by a small margin. Some of the recent bid to safety may have been slightly alleviated by news that Congress reached a funding deal to delay the task of finalising a full budget while keeping federal agencies funded through December 20, which Trump then signed overnight. In Europe, 10yr bunds (+2.1bps), OATs (+2.2bps) and gilts (+2.4bps) all saw yields rise, though Italy was the exception, with BTPs -2.4bps, as the spread of 10yr BTPs over bunds fell to 150.2bps, its lowest level in over a week.

Asian markets are trading mixed this morning with the Nikkei (+0.44%), Hang Seng (+0.30%) and Kospi (+0.24%) up while the Shanghai Comp (-0.66%) is down. Elsewhere, futures on the S&P 500 are up +0.14%. As for overnight data releases, Japan’s preliminary November manufacturing PMI came in at 48.6 (vs. 48.4 last month) while the services PMI stood at 50.4 (vs. 49.7 last month) bringing the composite PMI to 49.9 (vs. 49.1 last month). So some signs on a big global PMI day of improvements. We also saw Japan’s October CPI data overnight with CPI coming in at +0.2% yoy (vs. +0.3% yoy expected) while core CPI came in line with consensus at +0.4% yoy and core-core CPI at +0.7% yoy (vs. +0.6% yoy expected). Yields on 10y JGBs are up +3.3bps this morning to -0.090%. In other news, late last night Microsoft said that the U.S. Department of Commerce has granted their request for a license to export mass-market software to Huawei.

As we go to print, Reuters has reported Chinese President Xi Jinping as saying that China is not afraid of a trade war and will not flinch from such a fight. He also said that China did not start the trade dispute with the US and says he wants to work out a phase one agreement on trade with the US on the basis of mutual respect and equality before adding that “when necessary we will fight back, but we have been working actively to try to not have a trade war”. These are rare comments from the President on the trade dispute so will get some attention this morning.

Ahead of Lagarde’s comments, yesterday we got the account of Mario Draghi’s last Governing Council meeting as President from October. Notably, the account said that “a strong call was made for unity of the Governing Council”, which comes after the September stimulus measures came under criticism from a number of members. Interestingly, while the minutes said “it was vital for the Governing Council to remain prepared to act by using its full set of instruments if the inflation outlook so required”, they also said that it was “cautioned that due account also had to be taken of the assessment of the possible side effects of monetary policy measures.”

On the UK election, yesterday saw the launch of the opposition Labour Party’s manifesto, which is the most left-wing prospectus put forward by a major UK party in decades. The party said that taxes would increase by £82.9bn, including corporation tax rising to 26% (19% currently) from April 2022, higher income tax on those earning over £80,000, a new second homes tax, a financial transactions tax, reversing inheritance tax cuts, and a windfall tax on oil companies. Various industries would also be nationalised, including the railways, water and energy, while the minimum wage would rise to £10 an hour. However, the latest polls don’t look promising for them, with an Ipsos MORI poll putting the Conservatives on 44%, ahead of Labour on 28% and the Lib Dems on 16%.

Recapping yesterday’s data now, US initial jobless claims rose to 227k last week, which sent the 4-week moving average up to 221k, its highest level since June, though much of the increase was attributable to the data’s seasonal adjustment. We also saw a rise in existing home sales to 5.46m (vs. 5.49m expected), as well as an increase in the Philadelphia Fed business outlook to 10.4 (vs. 6.0 expected), though the details of the report were much worse than the headline, with new orders and employment both falling sharply. From Europe, we got the advance consumer confidence indicator for the Euro Area in November, which rose to -7.2 (vs. -7.3 expected), while in France, the INSEE’s business climate indicator remained at 105, in line with expectations. Promisingly however, the French employment climate indicator rose to 108, its highest level since August 2018. Elsewhere, the OECD released their latest forecasts, which see global growth at 2.9% in 2019 and 2020, before rising to 3.0% in 2021.

To the day ahead now, and as mentioned the highlights will be the release of the preliminary PMIs for November from Europe and the US, along with remarks from ECB President Lagarde. In terms of other data, we’ll get the final November University of Michigan sentiment reading from the US, as well as the November Kansas City Fed manufacturing activity index. Other central bank speakers include Bundesbank President Weidmann and Spanish central bank governor Hernandez de Cos. Finally in Germany, the CDU’s annual conference begins.

 

3A/ASIAN AFFAIRS

I)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED DOWN 18.35 POINTS OR 0.63%  //Hang Sang CLOSED UP 128.20 POINTS OR 0.48%   /The Nikkei closed UP 74.30 POINTS OR 0.32%//Australia’s all ordinaires CLOSED UP .87%

/Chinese yuan (ONSHORE) closed DOWN  at 7.0356 /Oil UP TO 58.36 dollars per barrel for WTI and 63.93 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.0356 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.0400 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

China/USA

China shadows two USA warships sailing through disputed waters.  China warns the USA to leave

(zerohedge)

Furious China Shadows Two US Warships Sailing Through Disputed Waters, Warns Them To Leave

China is again furious after the US sailed several warships through the heavily disputed waters in the South China Sea, military sources told Reuters.  The move by the US has escalated tensions between both countries, already tense as the latest round of trade talks have fallen apart, and the signing of the phase one trade deal has likely been delayed.

The USS Gabrielle Giffords (LCS-10), an Independence-class littoral combat ship, on Wednesday sailed within 12 nautical miles of Mischief Reef, a militarized island in the South China Sea operated by China.

Then on Thursday, USS Wayne E. Meyer, an Arleigh Burke-class guided-missile destroyer, sailed through the Paracel islands in the South China Sea.

“These missions are based in the rule of law and demonstrate our commitment to upholding the rights, freedoms, and lawful uses of the sea and airspace guaranteed to all nations,” Commander Reann Mommsen, a spokeswoman for the US Navy’s Seventh Fleet, told Reuters.

China’s People’s Liberation Army shadowed the two US warships as they both transited through the disputed waters, and “warned them to leave.” China’s military warned the US has to stop sending warships near its militarized islands to “avoid the happening of any mishap.”

“The US has kept sending naval vessels to stir up trouble in the South China Sea under the pretext of freedom of navigation,” a statement from the Chinese military, with the Southern Theatre Command said. “We call on the US to stop such provocative acts to avoid the happening of any mishap.”

Global Times

@globaltimesnews

China urges the US to stop provocations to avoid unforeseen incidents. The Chinese military is determined to safeguard the sovereignty of the country and maintain the peace and stability of the no matter what tricks US vessels play: Southern Theater Command of

View image on Twitter

China’s Foreign Ministry Geng Shuang, at a press briefing on Friday, told reporters, “the US actions severely damage China’s sovereignty and safety, destroy the peace and stability in the South China Sea, and we express our resolute opposition.”

 

Global Times

@globaltimesnews

The US’ move to send two navy ships near the Nansha and Xisha Islands seriously undermines China’s sovereignty and security interests, and peace and stability in the . China has made solemn representations to the conveying strong opposition: Chinese FM

View image on Twitter

The US has increased freedom of navigation operations since the trade war began, attempting to counter China not just on economic fronts, but also on military ones. The latest freedom of navigation missions conducted by the US is coinciding with new reports this week, that the phase one trade deal between both countries has been delayed until 2020. The Trump administration is reportedly not willing to roll back tariffs for a deal that doesn’t include intellectual property and technology transfer. This has caused renewed anxieties between Washington and Beijing.

As trade wars continue to be unresolved, it’s becoming increasingly evident that military tensions between both countries are increasing as well.

end
China/USA
China wants all tariffs to be rolled back before any trade deal is negotiated.  They state that they will fight back if escalation is seen
(zerohedge)

Mood Sours After Global Times Says “Tariffs Rollback” Needed For Trade Deal; China Will “Fight Back” If Escalation Seen

US equity futures started sliding around 6 am est. when a Global Times tweet was published detailing how China wants to work towards a “phase-one” trade deal with the US, but outlined how Washington needed “some tariffs rollback” to complete the deal. Global Times also said if Washington “chooses to raise more #tariffs and escalates trade war, China will fight back and retaliate.”

Global Times

@globaltimesnews

: China wants to work for a “phase-one” trade deal with the US on the basis of mutual respect and equality, and some tariffs rollback is an important condition for a deal. If US chooses to raise more and escalates trade war, China will fight back and retaliate.

View image on Twitter

As we outlined earlier this week, the signing of the “phase-one” trade deal has likely been delayed because the Trump administration isn’t going to roll back tariffs for a deal with China that doesn’t include core intellectual property and technology transfer issues.

The next date to watch is Dec. 15, when tariffs on about $156 billion in Chinese goods could go into effect.

“If talks are really going well, that hike will be suspended,” Christian Whiton, a senior fellow for strategy and trade at the Center for the National Interest, told Reuters.

“If not, the US will implement them and that will throw the game into next year.”

E-mini contracts of the S&P 500, Nasdaq 100, and Russell 2000 remain in a slight decline after the Global Times tweet.

 

A major technical fight will play out today on the 10ema of the E-mini S&P 500 around 3,100 level — expect the area to be heavily defended. Maybe the Kudlow will be released this morning.

end
China/USA
China will not like this at all:  The FCC on a vote of 5 to one banks China’s Huawei and ZTE from the government subsidy program.  Also: more importantly:
“The rule also states those carriers must remove and replace Huawei and ZTE equipment from existing networks.”

FCC Votes 5-0 To Ban China’s Huawei, ZTE From Gov’t Subsidy Program

The Federal Communications Commission (FCC) has voted 5-0 on a new rule that would ban service providers from using government subsidies to buy China’s Huawei and ZTE equipment, reported Reuters.

  • 22-Nov-2019 11:26:34 AM – FCC VOTES 5-0 TO BAR U.S. RURAL CARRIER CUSTOMERS FROM U.S. GOVERNMENT FUND TO PURCHASE HUAWEI, ZTE EQUIPMENT, SERVICES

All five FCC commissioners voted for the ban at the Friday meeting.

 

The new rule would prevent rural carriers from accessing an $8.5 billion government fund to purchase Huawei and ZTE electrical components.

The rule also states those carriers must remove and replace Huawei and ZTE equipment from existing networks. 

end

4/EUROPEAN AFFAIRS

SPAIN

Spain is now witnessing a surge in the populist movement

Gatestone/Kern

Spain: Surge In Support For Conservative Populists

Authored by Soeren Kern via The Gatestone Institute,

Spain’s populist party, Vox, more than doubled its seats in parliament after winning 3.6 million votes in general elections held on November 10. The fast-rising conservative party, which entered parliament for the first time only eight months ago, is now the third-largest party in Spain.

Vox leaders campaigned on a “traditional values” platform of law and order, love of country and a hardline approach to anti-constitutional separatists in the northeastern Spanish region of Catalonia.

Vox’s meteoric rise is a direct result of the political vacuum created by the mainstream center-right Popular Party, which in recent years has drifted to the left on a raft of domestic and foreign policy issues, including that of uncontrolled mass migration.

The Socialist Party won the election with 28% of the vote — far short of an outright majority. The Popular Party won 20.8% and Vox won 15.1%. The rest of the votes went to a dozen other parties ranging from the far-left party Podemos (9.8%), the centrist libertarian party Ciudadanos (6.8%), Basque and Catalan nationalist parties and a hodge-podge of regional parties from Aragón, Canary Islands, Cantabria, Galicia, Melilla and Navarra. In all, more than a dozen political parties are now represented in parliament.

Spain has had a multi-party system since the country emerged from dictatorship in 1975, but two parties, the Socialist Party and the Popular Party, predominated until the financial crisis in 2008. After it, both parties underwent ideological splits that resulted in the establishment of breakaway parties.

The fragmentation of Spanish politics has made it difficult to form a coalition government: the November election was the fourth in four years. In the election held in April 2019, Vox won 2.6 million votes, or 10.3%, and entered Parliament for the first time with 24 seats. In the November vote, Vox won nearly a million additional votes and will now have 52 seats in Parliament.

Vox was established in 2013 in response to concerns that mainstream politicians in the Popular Party were failing to stop the Catalan independence movement, halt mass migration and combat the “cultural hegemony” of the left.

Vox’s rise has been fueled by its uncompromising stance after Catalan separatists in 2017 declared independence from Spain. Mainstream politicians, fearful of fueling the independence movement, have appeared weak and wavering. Vox leader Santiago Abascal, by contrast, has called for a state of emergency to be imposed in Catalonia, and for Catalan separatist parties to be outlawed.

Politicians on both the left and the right have sought to undermine Vox by branding the party, among other terms, as fascist, racist, sexist, xenophobic, Islamophobic, reactionary, homophobic and anti-democratic.

Vox, however, does not fit the traditional left-right paradigm: an estimated 300,000 voters who normally vote for the Socialist Party are believed to have voted for Vox in this election.

After Vox entered Parliament in April, prosecutors in Valencia, the third-largest city in Spain, said that they were investigating Javier Ortega Smith, the second-ranking leader of Vox, for an alleged hate crime after they received a complaint from a Muslim group called “Muslims Against Islamophobia” (Musulmanes Contra la Islamofobia).

At a rally in Valencia on September 16, 2018, Ortega Smith had declared that Europe’s “common enemy” is the “Islamist invasion”:

“Our common enemy, the enemy of Europe, the enemy of freedom, the enemy of progress, the enemy of democracy, the enemy of the family, the enemy of life, the enemy of the future is called the Islamist invasion.

“What is at stake is what we understand or know as civilization. It is under serious threat. We are not alone. More and more Europeans are standing up because they are suffering in their cities, on their streets and in their neighborhoods due to the application of Sharia law. They are not willing to have their cathedrals torn down and forcibly replaced with mosques.

“They are not willing to have their women cover their faces with a black cloth and be forced to walk ten steps behind — to be treated worse than camels. They are not willing to extinguish what we understand as civilization and a respect for rights and freedom.”

The criminal inquiry appeared aimed at silencing critical discussion of Islam ahead of national elections.

Spain’s media establishment has also prohibited representatives of Vox from appearing on national television — apparently in an effort to prevent Spanish voters from knowing more about the Vox platform.

After Vox entered Parliament in April 2019, however, Abascal and other Vox leaders were granted more media exposure. Vox received a major boost after Spanish television was required to allow Abascal to participate, for the first time, in a nationally televised presidential debate, on November 4. More than eight million voters tuned in to the debate, in which Abascal was confident, relaxed, looked his opponents directly in the eye and exuded common sense. Millions of Spaniards who had never before seen the Vox leader speak learned first-hand that the party is patriotic, not the fascist threat portrayed by its detractors in the media.

Vox (based on the Latin word for voice) describes itself as a socially conservative political project aimed at defending traditional Spanish values from the challenges posed by mass migration, multiculturalism and globalism. Vox’s foundational mission statement affirms that the party is dedicated to constitutional democracy, free-market capitalism and the rule of law. In foreign policy, Vox is pro-Israel, pro-American and pro-NATO. Party leaders have called for Spain to double its defense spending to meet its commitments to the transatlantic alliance. In domestic policy, Vox’s stated priority is to enact constitutional reforms aimed at preventing the territorial disintegration of Spain from threats by Basque nationalism and Catalan separatism.

Vox says that it is “a movement created to put the institutions of government at the service of Spaniards, in contrast to the current model that puts Spaniards at the service of the politicians.” Its mission statement says:

“Vox is the common-sense party, which gives voice to what millions of Spaniards think in their homes; the only party that fights against suffocating political correctness. Vox does not tell Spaniards how they should think, speak or feel. We tell the media and the parties to stop imposing their beliefs on society.

“Our project is summed up in the defense of Spain, of the family and of life; in reducing the size of the state, guaranteeing equality between Spaniards and expelling the government from your private life…. Our discourse stems from our convictions, regardless of whether they are more or less popular. In short, Vox is the party of a living Spain, free and brave.

A 100-point electoral program shows that Vox is not “far right” or “extreme right” but rather a traditional conservative party. Vox’s electoral program includes the following policy proposals:

  • Spanish Unity and Sovereignty: Implement a series of legal measures aimed at ending Catalan separatism; provide “maximum legal protection” to national symbols and emblems, especially the flag, the national anthem and the Spanish Monarchy; create a comprehensive plan for the education, dissemination and protection of national identity and Spain’s contribution to civilization and universal history, “with special attention to the deeds and feats of our national heroes.”
  • Immigration: Deport illegal immigrants; deport legal immigrants who commit serious crimes in Spain; increase the legal penalties for those involved in people smuggling; increase the language and integration requirements for the acquisition of Spanish nationality; and adapt immigration quotas to the needs of the Spanish economy.
  • Defense, Security and Borders: Close all mosques that adhere to Wahhabism, Salafism of other fundamentalist interpretation of Islam; require Islamic leaders in Spain to collaborate with Spanish authorities to detect Islamic radicals; prohibit the teaching of Islam in public schools; include in national crime statistics data about the nationality and countries of origin of offenders.
  • Economy and Resources: Reduce public spending; eliminate redundant government positions or organizations; reduce income taxes; introduce a flat tax; eliminate inheritance taxes; improve the tax situation for families with one or more children; promote the reindustrialization of Spain; make it easier to open new businesses by reducing red tape.
  • Healthcare: Eliminate free healthcare for illegal immigrants and require co-payments for anyone who has lived in Spain for less than ten years.
  • Europe and Abroad: Promote a new European treaty along the lines defended by the Visegrad Group of countries (Czech Republic, Hungary, Poland and Slovakia) in terms of borders, national sovereignty and respect for the values of European culture; increase the weight of Spain in EU decision-making; reduce the EU budget; promote bilateralism in international relations; withdraw from supranational organizations if they are contrary to the interests of Spain; creation of an agency to help threatened Christian minorities, imitating the initiative of Hungary.

Vox’s growing appeal also rests on the fact that it is the only political party in Spain fundamentally to reject political correctness. Vox leaders speak with a frankness and clarity of conviction long unheard of in multicultural Spain.

“We are neither a fascist party, nor the extreme right, nor do we eat children, nor are we totalitarians,” Ortega Smith recently said in an interview with the Espejo Público television program.

“We are the only party that is defending the constitution and democracy [against Catalan separatists].”

Vox could best be described as “civilizationist,” a term coined by historian Daniel Pipes to describe parties that “cherish Europe’s and the West’s traditional culture and want to defend it from assault by immigrants aided by the left.” In an essay titled, “Europe’s Civilizationist Parties,” Pipes wrote:

“Civilizationalist parties are populist, anti-immigration, and anti-Islamization. Populist means nursing grievances against the system and a suspicion of an elite that ignores or denigrates those concerns….

“Civilizationist parties, led by Italy’s League, are anti-immigration, seeking to control, reduce, and even reverse the immigration of recent decades, especially that of Muslims and Africans. These two groups stand out not because of prejudice (‘Islamophobia’ or racism) but due to their being the least assimilable of foreigners, an array of problems associated with them, such as not working and criminal activity, and a fear that they will impose their ways on Europe.

“Finally, the parties are anti-Islamization. As Europeans learn about Islamic law (the Shari’a), they increasingly focus on its role concerning women’s issues, such as niqabs and burqas, polygamy, taharrush (sexual assault), honor killings, and female genital mutilation. Other concerns deal with Muslim attitudes toward non-Muslims, including Christophobia and Judeophobia, jihadi violence, and the insistence that Islam enjoy a privileged status vis-à-vis other religions.”

Addressing voters after the November 10 election results, Abascal said:

“For us, the main urgency today, beyond debates about electoral acts, is to demand from the government the complete restoration of the constitutional order in Catalonia and the return of freedom to millions of Catalans who feel kidnapped by a separatist coup that acts with impunity….

“We estimate that approximately 300,000 Spaniards who voted for the Socialist Party on April 28 have now opted for Vox. These results make Vox a true containment dike and a hope for millions of Spaniards. The containment dike is against Catalan separatism and against the totalitarian legislation of the progressives who, for the first time in a long time, will have a firm opposition and close vigilance.”

A Spanish political commentator called “Elentir” wrote about the significance of Vox’s electoral success:

“Some thought that the progressive dictatorship had no turning back, that little or nothing could be done in the face of the imposition of gender ideology and the culture of death, in the face of the efforts of the big parties to impose a social-democratic consensus that puts an increasing share of our wealth in the hands of politicians, in the face of multiculturalism and illegal immigration, in the face of a leftist feminism that criminalizes males, and in the face of an absurd territorial model that has put the necessary resources in the hands of separatists to break our national unity. A handful of brave men, however, kept the flame of hope burning and refused to surrender. They decided to do what until then was a taboo in public life: to engage in a battle of ideas against this progressive dictatorship….

“The rise of Vox began with the 12 deputies elected in the Andalusian elections in December 2018. In April 2019, Vox won 24 seats in Parliament becoming the fifth-largest political force in all of Spain. Today Vox has achieved what only a year ago seemed impossible: to become the third-largest force. And it does so by overcoming the barrier of the 50 deputies.

“This number is not trivial. According to Article 162 of the Constitution, the number of 50 deputies enables a party to present resources for unconstitutional actions. If with 24 deputies Vox already made themselves felt considerably in the Congress of Deputies, with their current strength they will have a very important role in Spain’s national life. Thanks to those resources, Vox will be able to start acting before the Constitutional Court against the laws that threaten our rights and freedoms.

“Long live Spain!”

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN/USA

Pompeo calls for sanctions against Iran for shutting down the internet.  Protests continue but videos of them are sparse

(zerohedge)

Pompeo Calls For Iran ‘Crackdown’ Videos, Sanctions Comms Minister After 5-Day Internet Block

Internet in Iran is reportedly being slowly restored in some cities after an unprecedented complete shutoff by the government for five days straight.

This after a week ago a mass gas price hike unleashed a wave of popular protests in some 100 cities across Iran, which has seen some 100 to 200+ people killed in clashes with police.

On Friday morning Secretary of State Mike Pompeo announced new sanctions on the Iranian official believed responsible for overseeing the nationwide internet blackout, the Minister of Information and Communications Technology, Mohammad Jahromi.

Secretary Pompeo

@SecPompeo

The U.S. is sanctioning the Minister of Information and Communications Technology, Mohammad Jahromi, for helping shut down the Iranian internet. We will hold members of the Iranian regime accountable for their violent repression of the Iranian people.

Pompeo charged Jahromi with “helping shut down the Iranian internet” amid a wave of “violent repression” targeting protesters.

A statement from the global outage monitor Oracle’s Internet Intelligence earlier this week called it the “largest internet shutdown ever observed in Iran” after protesters took the streets a week ago triggered by a sudden increase in fuel prices by as much as 300% when government subsidies were slashed.

On Thursday Pompeo has issued an unusual call for Iranian protesters to send the United States videos and photos and other evidence “documenting the regime’s crackdown” on protesters.

Secretary Pompeo

@SecPompeo

I have asked the Iranian protesters to send us their videos, photos, and information documenting the regime’s crackdown on protesters. The U.S. will expose and sanction the abuses. https://twitter.com/SecPompeo/status/1197659041465602048 

Secretary Pompeo

@SecPompeo

معترضان شجاع ایران! ویدیوها، عکس ها، و اطلاعات خود را پیرامون سرکوب اعتراض ها توسط رژیم ایران برای ما بفرستید. ایالات متحده آزار معترضان را علنی و محکوم خواهد کرد.

با ما از طریق تلگرام تماس بگیرید:RFJ_Farsi_Bot@

“I have asked the Iranian protesters to send us their videos, photos, and information documenting the regime’s crackdown on protestors,” Pompeo tweeted.

In the opening days of the protests local footage showing severe clashes with police were uploaded to social media sites, which included dramatic scenes of banks and gas stations being torched.

Some among the activist video even appeared to show live ammo being used by security forces to disperse crowds; however, with the nationwide internet outage which ensued starting Saturday into Sunday, those videos came to a trickle.

پسرخاله@Pesarkhal

Direct shooting of security forces at protesters in Marivan – Iran

Embedded video

But like with the early years of the war in Syria, such social media videos are hard if not impossible to verify, much less to determine the precise context of precisely what’s going on, or who is doing the shooting.

DW News

@dwnews

The internet in Iran is effectively shut down, making it difficult to get a clear picture of what’s happening at the .

We verified footage from inside the country to get an unobstructed view of how events have unfolded over the past week.

Embedded video

END

Iranian leaders once again accused the US and Israel this week of being a “hidden hand” attempting to hijack events inside Iran.

Likely, Pompeo’s appeal for Iranians to “send videos” will be seen from Tehran as a “Syria-style” propaganda initiative to foster regime change from within.

6.Global Issues

 

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1061 DOWN .0004 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /MIXED

 

 

USA/JAPAN YEN 108.52 DOWN 0.052 (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 1.2878   DOWN   0.0041  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TO OCT 31/2019//

USA/CAN 1.3276 DOWN .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  FRIDAY morning in Europe, the Euro FELL BY 4 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1061 Last night Shanghai COMPOSITE CLOSED DOWN 18.35 POINTS OR 0.63% 

 

//Hang Sang CLOSED UP 128.20 POINTS OR 0.48%

/AUSTRALIA CLOSED UP 0,87%// EUROPEAN BOURSES ALL GREEN

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 128.20 POINTS OR 0.48%

 

 

/SHANGHAI CLOSED DOWN 18.35 POINTS OR 0.63%

 

Australia BOURSE CLOSED UP .87% 

 

 

Nikkei (Japan) CLOSED UP 74.30  POINTS OR 0.32%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1470.65

silver:$17.17-

Early FRIDAY morning USA 10 year bond yield: 1.75% !!! DOWN 2 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.20 DOWN 3  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 97.98 DOWN 1 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.40% DOWN 2  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: -.07%  UP 4   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.41%//DOWN 4 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,18 DOWN 0 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 77 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.36% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.47% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.1030  DOWN     .0035 or 35 basis points

USA/Japan: 108.67 UP .092 OR YEN DOWN 9  basis points/

Great Britain/USA 1.2833 DOWN .0086 POUND DOWN 86  BASIS POINTS)

Canadian dollar DOWN 16 basis points to 1.3296

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 7.0391    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  7.0433  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  5.7162 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at -.07%

 

Your closing 10 yr US bond yield DOWN 1 IN basis points from THURSDAY at 1.76 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.21 DOWN 1 in basis points on the day

Your closing USA dollar index, 98.23 UP 2  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 MONDAY: 12:00 PM

London: CLOSED UP 88.26 1.22%

German Dax :  CLOSED UP 26.18 POINTS OR .20%

 

Paris Cac CLOSED UP 11.92 POINTS 0.20%

Spain IBEX CLOSED UP 40.70 POINTS or 0.44%

Italian MIB: CLOSED DOWN 19.98 POINTS OR 0.09%

 

 

 

 

 

WTI Oil price; 57.80 12:00  PM  EST

Brent Oil: 63.36 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    63.84  THE CROSS HIGHER BY 0.15 RUBLES/DOLLAR (RUBLE LOWER BY 15 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.36 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 :  7.92//

 

 

BRENT :  63.54

USA 10 YR BOND YIELD: … 1.77..plus 0 basis pts….

 

 

 

USA 30 YR BOND YIELD: 2.22..DOWN ONE BASIS PT…

 

 

 

 

 

EURO/USA 1.1020 ( DOWN 46   BASIS POINTS)

USA/JAPANESE YEN:108.65 UP .071 (YEN DOWN 7 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 98.28 UP 21 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2833 DOWN 86  POINTS

 

the Turkish lira close: 5.7130

 

 

the Russian rouble 63.87   DOWN 0.17 Roubles against the uSA dollar.( DOWN 17 BASIS POINTS)

Canadian dollar:  1.3296 DOWN 16 BASIS pts

USA/CHINESE YUAN (CNY) :  7.0391  (ONSHORE)/

 

 

USA/CHINESE YUAN(CNH): 7.0430 (OFFSHORE)

 

German 10 yr bond yield at 5 pm: ,-0.36%

 

The Dow closed UP 109.33 POINTS OR 0.39%

 

NASDAQ closed UP 13.68 POINTS OR 0.16%

 


VOLATILITY INDEX:  12.43 CLOSED DOWN .70

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

 

USA trading today in Graph Form

Stocks Suffer ‘Shocking’ Down Week As Fed Balance Sheet Unexpectedly Shrinks

In case you wondered why stocks fell this week – after six straight weeks higher in the face of disappointing economic data – it’s simple… The Fed balance sheet unexpectedly contracted for the first time in weeks.

 

Source: Bloomberg

It’s been a mad week…

 

 

 

The market-implied odds of a US-China trade deal slipped back below 50% today…

Source: Bloomberg

Chinese markets were mixed with ChiNext and Shenzhen managing to cling to gains but the rest in the red as trade-deal hope faded…

Source: Bloomberg

As election uncertainty fades (Johnson looks like winning by a landslide), UK’s FTSE was the only major EU stock market green this week…

Source: Bloomberg

After six straight weeks higher (7 for Nasdaq), US equity markets stunningly closed red for the week… DO NOT PANIC!

Trannies were the week’s laggards with the rest of the US majors all down around 0.4% on the week…

Stocks were shockingly red this week despite an epic short-squeeze today…

Source: Bloomberg

As Nomura’s Charlie McElligott warned (and nailed perfectly), gamma around S&P 3,100 was all that mattered this week for price action…

Credit continues to decouple from stocks since the start of November…

Source: Bloomberg

A mixed picture this week with the short-end of the curve higher in yield and long-end lower…

Source: Bloomberg

30Y Yields have collapsed in the last two weeks, back down to key support once again…

Source: Bloomberg

Additionally, the ‘breakout’ of the year’s down-trend channel in 10Y has failed to spark more selling (and it is hovering at the intersection of critical technical levels)…

Source: Bloomberg

The Treasury curve (3m10Y) has flattened a dramatic 20bps in the last two weeks (after 5 straight weeks of steepening), the biggest such flattening since May…

Source: Bloomberg

And the 2s10s curve has broken down from its uptrend channel…

Source: Bloomberg

As BMO’s rates-desk notes:

If the 2s/10s curve is unable to steepen above the YTD high of 30.8 bp or reinvert below the -6.6 bp low, this 37.4 bp zone will be the tightest annual rage in history. A fact all the more remarkable given that 10s themselves have traded in a 137 bp range. At a high level this indicates that a shift in the structural level of interest rates has been the dominating theme in 2019. Lower for longer reflecting middling growth prospects and concerns about monetary policy effectiveness are powerful influences in the background; the past 24 hours have been a decent case in point.

And Treasury ‘VIX’ is testing back to its lowest since May…

Source: Bloomberg

The dollar lurched higher today, pushing for recent highs…

Source: Bloomberg

As the dollar rallied, offshore yuan faded this week…

Source: Bloomberg

Crypto carnage after China cracks down on local exchanges…

Source: Bloomberg

Bloodbath in Bitcoin this week…

 

Source: Bloomberg

Despite a rally in the dollar this week, commodities ended modestly positive (apart from gold’s small drop)…

Source: Bloomberg

WTI has traded in an upward channel for a while with chaotic trading this week to get back to $58 by the close…

And finally, it’s not the fun-durr-mentals…

Source: Bloomberg

…it’s Fed liquidity, Stupid!

Source: Bloomberg

And don’t forget, it has never cost more (1175 hours of ‘average’ work) to buy the stock market than it currently does…

Source: Bloomberg

Oh, and Mayor Pete is now beating Biden…

Source: Bloomberg

END

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

MARKET TRADING//USA

a)Market trading/THIS MORNING/USA

Stocks Pop, Drop, & Pop Again On Trump China Comments

The algos got a good working over early this morning as President Trump dropped some tape-bombs during his interview on Fox News.

He started with the ‘classic’ “buy” signal:

*TRUMP SAYS DEAL WITH CHINA IS VERY CLOSE

But then made the mistake of admitting that:

*TRUMP SAYS HE WARNED XI NOT TO SEND SOLDIERS TO HONG KONG

But recovered strongly:

*TRUMP DECLINES TO SAY IF HE’LL SIGN HONG KONG BILL

 

And so here we are…

Efficient Market?

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

PMIS RISE BUT BUSINESS CONDITIONS ARE STILL SUBDUED

(ZEROHEDGE)

US PMIs Surge In November But “Business Conditions Remain Subdued”

After a mixed picture in Germany this morning, which followed the mixed picture in US PMIs in October, analysts expected a small bounce in today’s flash November PMIs but both Services and Manufacturing data surged.

  • Markit Services PMI 51.6 vs 50.6 prior (51.0 exp)
  • Markit Manufacturing PMI 52.2 vs 51.3 prior (51.4 exp)

Both PMIs rising despite hard data declining rapidly after the end of the fiscal year…

Source: Bloomberg

Standouts from the surveys include the following.

Services PMI:

  • Prices charged rises to 50.6 vs 50.1 in Oct. – Highest reading since June 2019
  • Employment rises vs prior month – Highest reading since Aug. 2019

Mfg PMI:

  • Employment rises to 52.3 vs 51.3 in Oct. – Highest reading since March 2019; Fourth consecutive month of expansion
  • New orders rise vs prior month – Highest reading since April 2019

Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at IHS Markit, said:

A welcome upturn in the headline index from the flash PMI adds to evidence that the worst of the economy’s recent soft patch may be behind us. Output of the combined manufacturing and service sectors rose in November at the fastest rate since July, spurred by improved inflows of new business. Encouragingly, firms took on staff again after two months of headcount reductions, primarily to help deal with rising backlogs of work.

“A recovery of manufacturing production growth to a ten-month high is especially welcome news, helping to lift service sector activity growth from recent lows.

“However, although improving, the picture of current business conditions remains subdued by standards seen over the past decade and the business mood sombre in relation to prospects for the year ahead. The latest survey results are indicative of GDP rising at a modest annualised rate of just 1.5%, with payrolls rising at a monthly clip of approximately 100,000.

Although up on lows seen in the summer, business expectations for the future are still well below levels seen earlier in the year, reflecting heightened anxiety regarding trade wars and geopolitical uncertainty, as well as recent low customer enquiry numbers and the weakness of new sales volumes.”

We also note that after Japan and Germany showed modest rebounds on their Composite PMIs, US data surged to their highest since July…

Source: Bloomberg

 

Meanwhile, US leading economic indicators are in their worst slump in over three years…

Source: Bloomberg

And finally, if you think you should  buy stocks on this rebound, forget it – it’s already more than priced in…

iii) Important USA Economic Stories

This should be interesting, Soft bank is now cutting its offer for WeWork and thus slashing Neumann’s payout.

(zerohedge)

SoftBank To Cut Offer For WeWork, Slash Neumann’s Payout After Unprecedented Humiliation By Its Key Banks

Two days ago, the Nikkei reported that the millennium’s most iconic juggernaut of epic malinvestment, Japan’s SoftBank – which may well be this bubble era’s “short of the century” – was in talks to receive about 300 billion yen ($2.76 billion) in financing from Japan’s leading banks, as the company scrambled to fund a turnaround at its co-working startup, the scandal plagued and terribly misnamed WeWork… which earlier today fired 20% of its workforce.

Why did Softbank need the money? Because as part of its bailout of arguably the most disastrous investment of this century, SoftBank had to fund a $3 billion tender offer to raise its stake in WeWork, and provide an additional $3.3 billion through loans and other methods.

At this point SoftBank ran into a problem: while the bank/telecom/venture capital arm of Japan’s richest man, Masayoshi Son, had more than 2 trillion yen on hand, or about $19 billion, it was hoping to borrow additional funds so it can maintain a certain level of cash reserves. For banks – such as SoftBank’s main lender, Mizuho Financial – this presented a rare moneymaking opportunity amid Japan’s ultralow interest rates.

Here, Softbank ran into another, bigger problem: many of Japan’s top banks had already lent large amounts of money to SoftBank and were cautious about taking on further risk. Adding insult to injury, these banks were also investors in the SoftBank Vision Fund which suffered a massive loss over WeWork’s aborted initial public offering, not to mention the dismal  investment in Uber, and were said to be nixing an investment in a second fund proposed by SoftBank.

 

And then there was the biggest problem: Mitsubishi UFJ, Japan’s biggest bank, was said to withhold additional loans to finance SoftBank’s $9.5 billion rescue package for WeWork, the FT reported overnight. While WeWork had gotten a tacit approval from the bank consortium consisting of Mizuho and Sumitomo Mitsui, the third member of SoftBank’s lending group, MUFG said it would turn down the request, if the loans are to be used to save WeWork.

And just like that the radioactivity of Adam Neumann’s former company turned gamma.

According to the FT, Sumitomo also did not want to lend to the WeWork bailout, but acknowledged that it had no real control over how SoftBank used any corporate loans once they had been extended (which is odd because clearly MUFJ had no such qualms).

According to analysts, the unprecedented cautious stance – in which SoftBank’s closest circle of lenders effectively issued a vote of no confidence in Son’s investment capabilities – could signal a turning point in the close relationship between Japanese banks and SoftBank’s deal-driven founder Masayoshi Son. It would also mean that what we predicted before, is now virtually assured – the next time SoftBank needs money, it will go to the BOJ directly.

To be sure, such a snub of a core client is unheard of, especially in always polite Japan. However, after SoftBank’s recent massive $6.4 billion quarterly loss, and since the “valuation issues” at WeWork which brought down the value of the office subletting company from $47 billion to essentially zero, there has been “a definite change in mood” among the Japanese banks and doubts have emerged over some parts of SoftBank’s investment strategy, said a banker close to SoftBank.

So what is SoftBank to do?

Well, as Bloomberg reported late on Thursday, SoftBank execs – finding themselves in a liquidity crunch – have been forced to admit they overpaid for WeWork again, this time when they bailed it out of bankruptcy, and are now looking for a way to reduce the size of a $3 billion offer for WeWork stock as part of its rescue package.

The discussions at SoftBank center around shrinking a $3 billion tender offer for WeWork shares owned by founders, employees and investors, according to people with knowledge of the talks. Such a move would be designed, first and foremost, to limit the amount paid to the company’s megalomaniacal co-founder Adam Neumann, said Bloomberg’s sources.

Yet while there would be a collective cheer if Neuman were to see his platinum parachute reduced to flaming plastic bag, it’s unclear how SoftBank could renege on its agreement with WeWork investors and most of all, with Neumann. Any effort to re-draw terms could result in an unprecedented, and even more humiliating, legal battle as SoftBank takes on the company that until recently was at the forefront of its historic investment spree and, no joke, “AI Revolution” as SoftBank calls its crazy rollup of dozens of startups.

As part of the deal, Neumann would sell almost a billion dollars, or $970 million worth of largely worthless WeWork stock to SoftBank. Some more details from Bloomberg:

In recent internal discussions at SoftBank, some executives have said the payout to Neumann is too generous, the people with knowledge of the talks said. It may be a case of buyer’s remorse after WeWork employees expressed outrage over the favorable deal given to Neumann while the business was in turmoil. Representatives for Neumann, SoftBank and WeWork declined to comment.

Neumann, who just days before the now infamously imploded WeWork IPO was treated as a god by the bank’s underwriters including JPMorgan and Goldman, departed the company’s board as part of the rescue package and was replaced by SoftBank executive and newly appointed Chairman Marcelo Claure. Meanwhile, the size of Neumann’s payout, which also included millions in consulting fees, has incensed some WeWork employees, which dropped by 17% today after the latest mass layoff by the company.

To be sure, as Bloomberg notes, no decision has been made yet and SoftBank may choose to fulfill the $3 billion tender offer in its entirety without haircuts, however that may prevent the bank from getting the money it hopes to receive from its banks; indeed, as noted above, it now appears that Mitsubishi UFJ will only grant Masa Son the money if Adam Neumann ends up with nothing (at least metaphorically speaking).

 

Big the biggest joke of all here is that at a recent briefing in Tokyo, SoftBank’s billionaire founder Masayoshi Son acknowledged that this month’s financial results were “a mess” and that overvaluing WeWork was a judgment error. Well, isn’t it ironic that after he massively overvalued WeWork when it was solvent, he also overvalued the office rental company (which.is.not.a.tech.company) when it was about to file for bankruptcy.

Son said that he had consulted with lawyers to see if he could back out of a $1.5 billion warrant SoftBank had pledged to WeWork, but they said he couldn’t. Instead, Son decided to buy even more shares at a discounted price, lowering the average cost of SoftBank’s equity in the business.

Because somehow throwing good money after an idiotic investment is supposed to be… good? smart?

We don’t know the answer, but one thing we are sure of is what we said earlier this week: “Japan is without doubt the dumbest money this bubble cycle.”

END

iv) Swamp commentaries)

A lower level FBI attorney is now under criminal investigation for fabricating evidence in the Russiagate probe

(zerohedge)

Former FBI Attorney Under Criminal Investigation For Fabricating Evidence In Russiagate Probe

Update:CNN has updated their story to include that the individual under investigation is a former FBI line attorney.

Techno Fog@Techno_Fog

CNN updates its story: it’s a former FBI line attorney.

Recall the testimony of FBI lawyer Sally Moyer – she reviewed the @carterwpage FISA app “in support of the line attorney”

View image on TwitterView image on TwitterView image on Twitter

Techno Fog@Techno_Fog

Moyer:

The FBI line attorney did not believe it was a close call.

The FBI line attorney believed there was probable cause to support the Page FISA app.

May also have worked on the Hillary Mid Year Exam investigation.

View image on TwitterView image on Twitter

Mark R. Weaver

@MarkRWeaver

Over the next few weeks, those who didn’t go to law school will start learning about the “fruit of the poisoned tree” doctrine. https://twitter.com/CNN/status/1197665393042739201 

CNN

@CNN

EXCLUSIVE: An FBI official is under criminal investigation after allegedly altering a document related to 2016 surveillance of a Trump campaign adviser, sources say https://cnn.it/2KK2dOd

More thoughts:

TheLastRefuge@TheLastRefuge2

Don’t forget Tashina Guahar, the FISA lawyer within the DOJ-NSD who assembles the FISA documents, left the DOJ quietly, recently last month, and went to work for Boeing. https://www.washingtonpost.com/national-security/inspector-generals-report-on-fbis-russia-probe-to-be-delivered-dec-9/2019/11/21/6d6d789e-0c70-11ea-8397-a955cd542d00_story.html 

Justice Dept. watchdog is said to have found evidence an FBI employee altered document in Russia…

The inspector general’s long-awaited report is scheduled to be released Dec. 9, with a congressional hearing two days later.

washingtonpost.com

TheLastRefuge@TheLastRefuge2

https://theconservativetreehouse.com/2019/11/03/the-scale-and-scope-of-the-doj-control-agents-doj-fisa-official-quietly-removed-after-ig-draft-report-sent-to-bill-barr/ 

The Scale and Scope of the DOJ Control Agents – DOJ FISA Official Quietly Removed After IG Draft…

Rumor in the DC grapevine is that a few weeks ago Tashina Gauhar was quietly removed from her position as lawyer for the DOJ National Security Division (in charge of FISA applications).  This remov…

theconservativetreehouse.com

***

An FBI official is under criminal investigation for fabricating evidence related to the agency’s surveillance of Trump campaign aide Carter Page, according to CNN.

According to the report, Justice Department Inspector General Michael Horowitz’s review of the FBI’s warrant applications under the Foreign Intelligence Surveillance Act (FISA) revealed an altered document which – we assume – was used to bolster the application to obtain the warrant and/or subsequent renewals.

 

Evidence of the fabricated document was turned over to John Durham, the federal prosecutor tasked earlier this year by Attorney General William Barr with launching a broad investigation into the FBI’s activities surrounding the 2016 US election.

As CNN notes, however, “it’s unknown how significant a role the altered document played in the FBI’s investigation of Page and whether the FISA warrant would have been approved without the document.” What we do know, however, is that it was significant enough to warrant a criminal investigation.

Some witnesses who have been interviewed in Horowitz’s investigation have said they expect the inspector general to find mistakes in the FBI’s handling of the FISA process, but that those mistakes do not undermine the premise for the FBI’s investigation.

Horowitz’s investigators conducted more than 100 witness interviews in their review. During one of interviews this year, they confronted the witness about the document. The witness admitted to the change, the sources said.

The identity or rank of the FBI employee under investigation isn’t yet known, and it’s not clear whether the employee still works in the federal government. No charges that could reflect the situation have been filed publicly in court. –CNN

On Thursday, Senator Lindsey Graham (R-SC) announced that Horowitz would release his report on December 9, and would testify before the Senate Judiciary Committee two days later.

END

Trump wants to bring it on and he wants it lengthy and he will order Schiff to testify along with the whistleblower

It should be quite exciting

(zerohedge)

Bring It On! Trump Wants Senate Trial ‘Of Some Length’ If House Impeaches

After two weeks of public testimony revealed that Democrats’ impeachment case against President Donald Trump is largely made up of hurt feelings and foreign policy disagreements, the White House and allies say Trump is looking forward to a ‘trial of some length’ in the Senate if the House votes to impeach so he can expose what a flimsy case has been built against him.

Bobby Lewis@revrrlewis

Donald Trump says he wants an impeachment trial in the Senate, despite saying that “they should never, ever impeach.”

Embedded video

“He wants to be able to bring up witnesses like Adam Schiff, like the whistleblower, like Hunter Biden, like Joe Biden,” said Hogan Gidley, principal deputy press secretary for the White House.

Trump spent much of Thursday and Friday tweeting highlights from recent impeachment testimony:

Donald J. Trump

@realDonaldTrump

SCHIFF’S “FACT” WITNESSES!

Embedded video

Donald J. Trump

@realDonaldTrump

Embedded video

On Thursday morning, a group of Republican senators met with White House counsel Pat Cipollone, Kellyanne Conway, Jared Kushner and acting chief of staff Mick Mulvaney to discuss strategy for a potential Senate trial which would likely take place in January, according to Politico.

Two attendees said that the White House wants the Senate to hold a trial of some length and not immediately dismiss any articles of impeachment with the GOP’s majority, as some Republicans have suggested.

The White House and Trump’s GOP allies decided instead “they want some kind of factual affirmative defense on the merits, said one attendee.

One attendee noted that the White House wants to show a commitment to due process, particularly since Republicans have criticized House Democrats for how they’ve conducted their impeachment proceedings.

A White House official said the meeting “wasn’t so much about the details, it was about the Democrats’ weak case and we want to show just how weak it is.” –Politico

President Trump, meanwhile, has been tweeting and retweeting highlights from the last week – and spent nearly an hour with Fox and Friends on Friday where he said he knows “exactly” who the Ukraine whistleblower is. Trump also said that he wants Schiff to testify more than Hunter Biden, and repeated his claim that former Ukraine Ambassador Marie Yovanovitch was “not an angel” and that she was speaking poorly of him to others.

Trump repeated the claim that the hacked DNC server was given to Crowdstrike, “a company owned by a very wealthy Ukrainian.”

 

Trump also praised Rep. Elise Stefanik (R-NY) for her performance during the public impeachment hearings (23:40 in video above), as well as Rep. Jim Jordan (R-OH) – tweeting and retweeting clips related to Schiff’s hearings.

Donald J. Trump

@realDonaldTrump

Thank you @EliseStefanik and @SteveScalise, GREAT JOB!

Embedded video

Elise Stefanik

@EliseStefanik

Today we heard from Amb. Sondland that @realdonaldtrump told him: “No quid pro quo. I want nothing.”

No evidence of impeachable offenses, but the partisan process continues.

And Adam Schiff still won’t let us call the whistleblower or Hunter Biden to testify.

Embedded video

end
Durham now expands his probe to the Pentagon in that that agency awarded Stephen Halper 1.2 million dollars to spy on Trump associates
(Sara Carter)

Durham Probe Expands To Pentagon Office That Contracted FBI Spy Stephan Halper

Authored by Sara Carter via SaraACarter.com,

Justice Department prosecutor U.S. Attorney John Durham is questioning personnel connected to the Pentagon’s Office of Net Assessment, which awarded multiple contracts to FBI informant Stephan Halper. Halper, who was informing the bureau on Trump campaign advisors, is a central figure in the FBI’s original investigation into President Donald Trump’s 2016 campaign, SaraACarter.com has learned.

These latest developments reveal the expansive nature of what is now a Justice Department criminal probe into the FBI’s investigation into the Trump campaign. The revelation also comes on the heels of DOJ Inspector General Michael Horowitz’s report regarding the bureau’s investigation into the Trump campaign and Russia. Sen. Lindsey Graham, R-SC, announced to Fox News’ Sean Hannity Wednesday night the lengthy investigative report will be released to the public on Dec., 9.

DOJ Attorney General William Barr, who appointed Durham, is conducting a separate investigation alongside Horowitz’s probe. Both investigations are examining how U.S. intelligence agencies began investigating now debunked ties between Russia and Trump campaign personnel in the 2016 presidential election.

Multiple sources confirmed to this news site that Durham has spoken extensively with sources working in the Office of Net Assessment, as well as outside contractors, that were paid through Pentagon office.

Department of Justice officials declined to comment on Durham’s probe.

In 2016, Halper was an integral part of the FBI’s investigation into short-term Trump campaign volunteer, Carter Page and George Papadopolous. Halper first made contact with Page at his seminar in July 2016. Page, who was already on the FBI’s radar, was accused at the time of being sympathetic to Russia. Halper stayed in contact with Page until September 2017.

During that time, the FBI sought and obtained a warrant from the Foreign Intelligence Surveillance Court (FISC) to spy on Page and used Halper to collect information on him, according to sources. It is further alleged that Halper may have secretly recorded his conversations with Page and Papadopolous. Some congressional officials believe that if recordings exist they were kept from the Foreign Intelligence Surveillance Court, and would be exculpatory evidence that would’ve exonerated Page from the FISA warrant and allegations that Papadopolous was attempting to seek any help from the Russians with regard to Hillary Clinton’s emails.

In an interview with Papadopolous earlier this year, he told this reporter that he was shocked when Halper insinuated to him that Russia was helping the Trump campaign. Papadopolous said that he told him, “he didn’t have any idea what the hell he was talking about…that would be treason and I have nothing to do with that.”

Grassley’s Office Gets Pentagon Docs

Moreover, this news site has learned that the Pentagon has finally sent Finance Committee Chairman Chuck Grassley’s committee the information it requested in July, regarding Halper’s contracts and the Office of Net Assessment. Grassley sent the request in a letter to Department of Defense Acting Secretary Mark Esper, after a Pentagon Inspector General investigation discovered that the office failed to conduct appropriate oversight of the contracts. Grassley urged Esper for the information.

According to the DoD Inspector General’s report the Office of Net Assessment (ONA) Contracting Officer’s Representatives (CORs) “did not maintain documentation of the work performed by Professor Halper or any communication that ONA personnel had with Professor Halper; therefore, ONA CORs could not provide sufficient documentation that Professor Halper conducted all of his work in accordance with applicable laws and regulations. We determined that while the ONA CORs established a file to maintain documents, they did not maintain sufficient documentation to comply with all the FAR requirements related to having a complete COR.”

Although, Grassley stated that he wanted the information no later than July 25, the Pentagon delivered the information only last week.

Grassley’s office didn’t elaborate on what information was given to the committee but confirmed that it was in the process of reviewing hundreds of pages of documents.

“The committee is currently reviewing information received recently from the Pentagon, in response to Grassley’s request,” said Taylor Foy, a spokesman for the committee. Foy confirmed Grassley is continuing to investigate the matter.

Pentagon officials did not immediately respond to calls and emails. (SaraACarter.com will update this story if they so chose to respond.)

Grassley’s July letter stated that “shockingly, the audit found that these types of discrepancies were not unique to contracts with Professor Halper, which indicates ONA must take immediate steps to shore up its management and oversight of the contracting process.”

“Accordingly, no later than July 25, 2019, please explain to the Committee the steps DoD has taken to address the recommendations that DoD IG made with respect to ONA’s contracting procedures and produce to the Committee all records related to Professor Halper’s contracts with DoD,” Grassley’s letter stated. “In addition, I request that ONA provide a briefing to my Committee staff regarding the Halper contracts.”

The 74-year old professor, has rarely spoken out publicly since being outed by The Washington Post, and other news organizations, as one of the informants for the bureau who spied on the Trump campaign. He spent a career developing top-level government connections–not just through academia, as he did in Great Britain through the Cambridge Security Initiative, but through his connections in both the CIA and British MI-6. He is expected to be speaking this month at the seminar, he helped found, according to The Daily Caller.

“The results of this audit are disappointing and illustrate a systemic failure to manage and oversee the contracting process,” stated the Senator in the letter sent July, 12 to the DOD. “Time and again, DoD’s challenges with contract management and oversight are put on display. It is far past time the largest, most critical agency in this country steps up and takes immediate action to increase its efforts to stop waste, fraud and abuse of taxpayer dollars.”

The Office of Net Assessment came under fire in 2016, when Bill Gertz, a columnist for The Washington Times, revealed that it failed to produce the top-secret net assessments the office was established to do for more than a decade, despite its then nearly $20 million annual budget.

In August, a Pentagon Inspector General report revealed that the office failed to document the research Halper had conducted for the Pentagon in four separate studies worth roughly $1 million. The inspector general’s report revealed that loose contracting practices at the office and failed oversight was to blame.

end
Looks like they are getting deeper into the corrupt dealings of the Obama team with Ukraine
(COURTESY EPOCH TIMES)

Sens. Johnson, Grassley Seek Records on Obama Officials’ Meetings With Ukrainian and DNC Officials

2 CommentsNovember 22, 2019 Updated: November 22, 2019

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Sens. Chuck Grassley (R-Iowa) and Ron Johnson (R-Wis.) asked for records of White House meetings in 2016 between Obama administration officials, Ukrainian government representatives, and Democratic National Committee (DNC) officials.

 

Johnson, chairman of the Senate Homeland Security Committee, and Grassley, chairman of the Senate Finance Committee, asked Archivist David Ferraro to produce records so as to “better understand the nature of these meetings, including who attended and what was discussed,” in a letter sent on Thursday (pdf).

“According to recent reports, in January 2016 Ukrainian governmental officials and corruption investigators met with members of former President Obama’s National Security Council (NSC), Federal Bureau of Investigation (FBI), Department of State and Department of Justice (DOJ). Obama Administration officials also met with Alexandra Chalupa, a contractor for the DNC, who reportedly worked with Ukrainian officials to undermine the Trump campaign,” Grassley said in a news release.

Their letter, citing those reports, elaborated that in 2016, “”some of Ukraine’s top corruption prosecutors and investigators [met] face to face with members of former President Obama’s National Security Council (NSC), FBI, State Department and Department of Justice (DOJ).”

Some of the meetings reportedly included Alexandra Chalupa, a contractor for the DNC. They said Chalupa, who is Ukrainian-American, has been accused of working with Ukrainian officials to undermine Trump’s 2016 campaign.

During the January 2016 meeting, the senators said that officials also brought up investigations into Burisma Holdings, a Ukrainian gas firm that had hired Hunter Biden, who served as a board member.

The letter places focus on Andrii Telizhenko, a former official at the Ukrainian Embassy in Washington who has claimed to have witnessed alleged attempts between the DNC and the Ukrainian government.

“U.S. officials told the Ukrainians they would prefer that Kiev drop the Burisma probe and allow the FBI to take it over,” he was quoted by the two senators as saying in their letter.

The senators are now requesting records about the five White House meetings listed in the letter and all records related to meetings between and among White House officials, Andrii Telizhenko, Nazar Kholodnytskyy, Oksana Shulyar, and Valeriy Chaly.

“Please provide these documents as soon as possible but no later than 5:00 p.m. on December 5, 2019,” the senators requested in the letter.

Hunter and Joe Biden are one of the key figures mentioned in the House Democrat-led impeachment inquiry into President Donald Trump. Democrats have alleged that Trump pressured Ukrainian President Volodymyr Zelensky into investigating the Bidens in exchange for military aid. Several witnesses testified that they presumed that the Trump administration was engaged in a quid pro quo agreement with Ukraine, which the White House, Ukrainian officials, and Trump has denied.

Prosecutor General Ruslan Ryaboshapka, meanwhile, announced Wednesday that Burisma founder Mykola Zlochevsky is suspected in the “theft of government funds on an especially large scale,” but did not provide more details, Reuters reported. Zlochevsky’s whereabouts are unknown.

END

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

FBI official under investigation after allegedly altering document in 2016 Russia probe

Horowitz turned over evidence on the allegedly altered document to John Durham, the federal prosecutor appointed early this year by Attorney General William Barr to conduct a broad investigation of intelligence gathered for the Russia probe by the CIA and other agencies, including the FBI. The altered document is also at least one focus of Durham’s criminal probe…

https://www.cnn.com/2019/11/21/politics/fbi-fisa-russia-investigation/index.html

Durham Probe Expands to Pentagon Office That Contracted FBI Spy Stephan Halper

Justice Department prosecutor U.S. Attorney John Durham is questioning personnel connected to the Pentagon’s Office of Net Assessment, which awarded multiple contracts to FBI informant Stephan Halper. Halper, who was informing the bureau on Trump campaign advisors, is a central figure in the FBI’s original investigation into President Donald Trump’s 2016 campaign…  Multiple sources confirmed to this news site that Durham has spoken extensively with sources working in the Office of Net Assessment, as well as outside contractors, that were paid through Pentagon office.

In 2016, Halper was an integral part of the FBI’s investigation into short-term Trump campaign volunteer, Carter Page and George Papadopolous. Halper first made contact with Page at his seminar in July 2016. Page, who was already on the FBI’s radar, was accused at the time of beingsympathetic to Russia. Halper stayed in contact with Page until September 2017…

https://saraacarter.com/durham-probe-expands-to-pentagon-office-that-contracted-fbi-spy-stephan-halper/

@GeorgePapa19: Remember: the Comey FBI tried to force me to wear a wire against their own asset, Joseph Mifsud. You can understand why a massive conspiracy case is being built and why Durham’s probe is now a criminal one.

@paulsperry_: Pro-Biden Dem “whistleblower” worked with former VP Biden on Ukraine energy security issues, including gas fields controlled by Burisma, creating potential CONFLICT of INTEREST in meeting with Dems seeking impeachment & filing complaint against Trump over Biden/Burisma.

Senate Judiciary Com Chair @LindseyGrahamSC: Today, I sent a letter to Secretary of State Mike Pompeo requesting documents related to contacts between: Vice President Biden, Hunter Biden, other Obama administration officials and Ukrainian President Petro Poroshenko.

https://www.judiciary.senate.gov/imo/media/doc/LG%20to%20MP%20re%20Biden%20and%20Ukraine.pdf

Ex-CIA operative @Kevin_Shipp on CIA whistleblower: CIA officers are forbidden by regulation from participating in political operations and leaking White House information to political operatives. This is cause for termination. Where is CIA Director Gina Haspel?

@POTUSPress: In unexpected move, @DevinNunes invokes obscure House rule that will allow Republicans a hearing in which they can call witnesses. Schiff must have overlooked it when formulating his show rules. Well done Congressman

Thursday’s Witness Fiona Hill Has Links to Soros, Deep State, Fusion’s Chris Steele — AND CONVENIENTLY FORGOT ERIC CIARAMELLA’S NAME DURING QUESTIONING https://thegatewaypundit.com/2019/11/schiff-show-thursdays-witness-fiona-hill-has-links-to-soros-deep-state-fusions-chris-steele-and-conveniently-forgot-eric-ciaramellas-name-during-questioning/

@thehill: Fiona Hill slams George Soros conspiracy theories as “new Protocols of the Elders of Zion’ http://hill.cm/b9Om0Yk

@ChuckRossDC: This is significant: Fiona Hill testifies that Strobe Talbott showed her a copy of the Steele dossier. Steele said in court filings that he provided Talbott w/ dossier because of his position on the State Department’s Foreign Affairs Policy Board.

Rudy Giuliani says US diplomats were doing the bidding of George Soros in Ukraine, in interview with Glenn Beck – “The case is a massive pay-for-play multimillion-dollar scheme, and it is an absolute travesty of justice,” Giuliani said.  https://www.theblaze.com/news/giuliani-says-soros-behind-ukrainian-scheme

@SaraCarterDC: Dr. Fiona Hill told the impeachment inquiry that she was concerned that a hold on aid might endanger Ukraine’s security.  But in a 2015 Washington Post op-ed, Fiona Hill argued against giving Ukraine any lethal weapons.

@paulsperry_: It’s now abundantly & scandalously clear that Dems & their impeachment witnesses are conspiring to try to kill the Ukraine interference story. By working to take away any legitimate excuse for Trump demanding a Ukraine investigation, they are giving away their own corrupt motives

@ByronYork: This has made a number of commentators quite angry today, but here is a brief explanation of some of Ukraine’s efforts to influence the 2016 US presidential electionhttps://t.co/Bv3OLNNzj5

GOP @RepAndyBiggsAZ: Holmes sounds like a discontented deep-state bureaucrat: “I was deeply disappointed to see the President raised none of what I understood to be our inter-agency agreed-upon foreign policy priorities in Ukraine.  David Holmes does not set foreign policy priorities. POTUS does.

@ArthurSchwartz: Holmes has no notes on the call he overheard? Foreign Service Officers take notes on everything but this guy didn’t take notes on the first presidential phone call he ever heard?…

Ex-Intel official (@JackPosobiec: Ask David Holmes if his wife Stephanie knows Eric Ciaramella from her time at NSC

Fmr Director of Strategic Planning at National Security Council @RichHiggins_DC: Immediately after Sondland phone call…. Mr. Holmes went on a 7 day bachelor party bender.  Someone who was on the bachelor party weekend told me Holmes was running around with 19 year old women. He was “definitely” not in a state of mind to remember clearly what happened.

@M2Madness: Schiff is connected to both BlackRock and Franklin Templeton Investments, two companies that were named in the $7.4B Burisma/US-Ukraine corruption claim that was announced…

Fmr Director of Strategic Planning at National Security Council @RichHiggins_DC: My contacts in the FBI say that Nancy McNamara – who leads the FBI WFO – is a vocal Anti-Trumper leftist and makes open public disparaging comments about POTUS in front of her subordinates.

The White House has reportedly agreed that a full trial should be conducted if the House votes to impeach Pres. Trump.

We mentioned a few weeks ago, if Trump is impeached, his legal team can call any witness, including Schiff, his staff, the whistleblower, the Bidens, Obama, Hillary Clinton, Pelosi, etc.  This could be extremely dangerous for Dems.  Plus, it keeps Warren and Sanders from campaigning for president.

@MZHemingway: Easily Trump’s biggest failure has been the horrifically bad job he’s done with personnel. Personnel is policy. Almost a miracle there haven’t been more efforts such as this Ukraine one. A lot of contributors to the personnel failure, but ultimately his responsibility.

Biden Campaign Sends Out Email Celebrating Debate Performance – BEFORE the debate begins https://thegreggjarrett.com/uh-oh-joe-bide

The MSM, including CNN and WaPo hammered Biden for his awful debate performance on Wednesday.

@1776Stonewall: Biden says that he has more support in the black community than anyone on stage, and that he’s been endorsed by the only African American female senator. He forgets that kamala Harris is standing right next to him. She quickly reminded him, and the crowd erupted in laughter

Biden claimed that Obama selected him to be VP because of Joe’s strong support in the black community!

end

Let us close out the week with this offering courtesy of Greg Hunter/USAWatchdog

 

MSM Propaganda Not News, Biden Troubles, Economic Update

By Greg Hunter On November 22, 2019

The mainstream media (MSM) has now gotten to the point that it cannot tell the truth, even though testimony in the Impeachment Coup 2.0 has not offered a single impeachable act by President Trump. Instead, the MSM reports Trump took bribes, when Congressional testimony says just the opposite. The MSM will never recover from being a propaganda arm of the Deep State and the Democrat Party.

News for the Biden family has gone from bad to very bad as far as Ukraine goes. The owner of the energy company that Joe Biden’s son (Hunter) was working with in Ukraine was just indicted on a multi-billion dollar money laundering operation. Hunter Biden’s company allegedly received $16.5 million in what prosecutors claim was “gotten through criminal means and money laundering.” You wonder why the Dems are fighting so hard to get rid of President Trump.

The economy is not doing as good as advertised, and the Fed knows it. Would it be pouring out $60 billion a month in QE (money printing) and pouring billions into the repo market every night if everything was going well? What’s going on?

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up.

-END-World economic news

Well that is all for today

I will see you MONDAY night.

 

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