DEC 3//GOLD UP $15.00 TO $1478.60//SILVER UP 25 CENTS TO $17.17//QUEUE JUMPING RETURNS FOR BOTH GOLD AND SILVER AT THE COMEX//TRUMP ON THE WARPATH TODAY ATTACKING FRANCE FOR THEIR INTRODUCTION OF A DIGITAL TAX//TRUMP SAYS THAT THERE WILL NOT BE A DEAL WITH CHINA UNTIL AFTER THE USA ELECTION//UK RETAIL SALES COLLAPSE//CHINA WILL NOT ALLOW USA WAR SHIPS TO HARBOUR AT HONG KONG//SHALE INDUSTRY IN TROUBLE WITH HUGE NUMBER OF BANKRUPTCIES//INDIA IMPORTS A HUGE 71 TONNES OF GOLD LAST MONTH AND THIS DOES NOT INCLUDE SMUGGLED GOLD//

GOLD::$1478.60 DOWN $15.00    (COMEX TO COMEX CLOSING)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Silver:$17.17 UP 25 CENTS  (COMEX TO COMEX CLOSING) : 

 

Closing access prices:

 

 

 

 

Gold :  $1477.60

 

silver:  $17.16

 

 

 

COMEX DATA

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

today RECEIVING:  0/480

EXCHANGE: COMEX
CONTRACT: DECEMBER 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,462.300000000 USD
INTENT DATE: 12/02/2019 DELIVERY DATE: 12/04/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 H GOLDMAN 59
132 H SG AMERICAS 1
152 C DORMAN TRADING 3
323 C HSBC 29
355 C CREDIT SUISSE 2
357 C WEDBUSH 1
365 C ED&F MAN CAPITA 1
435 H SCOTIA CAPITAL 37
624 C BOFA SECURITIES 38
657 C MORGAN STANLEY 19
657 H MORGAN STANLEY 5
661 C JP MORGAN 136
686 C INTL FCSTONE 83 5
690 C ABN AMRO 119 55
732 C RBC CAP MARKETS 4
737 C ADVANTAGE 49 7
800 C MAREX SPEC 187 28
880 C CITIGROUP 14
880 H CITIGROUP 72
905 C ADM 3 3
____________________________________________________________________________________________

TOTAL: 480 480

DLV615-T CME CLEARING
BUSINESS DATE: 12/02/2019 DAILY DELIVERY NOTICES RUN DATE: 12/02/2019
PRODUCT GROUP: METALS RUN TIME: 20:28:40
MONTH TO DATE: 6,733

we are coming very close to a commercial failure!!

 

 

NUMBER OF NOTICES FILED TODAY FOR  DEC CONTRACT: 480 NOTICE(S) FOR 48000 OZ (1.4930 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  6733 NOTICES FOR 673300 OZ  (20.94 TONNES)

 

 

 

SILVER

 

FOR DEC

 

 

262 NOTICE(S) FILED TODAY FOR 1,310,000  OZ/

 

total number of notices filed so far this month: 2373 for 11,865,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE :  $ 7274 DOWN 16 

 

 

 

Bitcoin: FINAL EVENING TRADE: $ 7303 UP 10

 

 

 

 

Let us have a look at the data for today

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IN SILVER THE COMEX OI FELL BY A STRONG  SIZED 1238 CONTRACTS FROM 204,547 DOWN TO 203,309 WITH THE 9 CENT LOSS IN SILVER PRICING AT THE COMEX.

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

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

DEC  0; MARCH:  711 AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  711 CONTRACTS. WITH THE TRANSFER OF 711 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 711 EFP CONTRACTS TRANSLATES INTO 3.55 MILLION OZ  ACCOMPANYING:

1.THE 9 CENT LOSS 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

2.630     MILLION OZ STANDING FOR NOV.

17.530   MILLION OZ  INITIALLY STANDING IN DEC

YESTERDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER AND THEY WERE QUITE SUCCESSFUL IN THIS ENDEAVOUR  (IT FELL BY 9 CENTS). ALSO OUR OFFICIAL SECTOR/BANKERS  WERE SOMEWHAT SUCCESSFUL IN THEIR ATTEMPT TO FLEECE  SOME SILVER LONGS AS THE TOTAL LOSS IN OI ON BOTH EXCHANGES TOTALED A GOOD 527 CONTRACTS. OR 2.635 MILLION OZ…..

 

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

2989 CONTRACTS (FOR 3 TRADING DAYS TOTAL 2989 CONTRACTS) OR 14.95 MILLION OZ: (AVERAGE PER DAY: 996 CONTRACTS OR 4.98 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF DEC:  14.95 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 2.13% 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.

 

SPREADING LIQUIDATION HAS NOW STOPPED IN GOLD AND WILL MORPH INTO SILVER AS THE NEW FRONT MONTH WILL BE JANUARY.

 

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 GOLD..AND WE WILL NOW MORPH INTO AN ACCUMULATION PHASE OF SPREADING CONTRACTS FOR SILVER.  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 SILVER AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX SILVER 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  ACTIVE DELIVERY MONTH OF DEC HEADING TOWARDS THE  NON ACTIVE DELIVERY MONTH OF JANUARY FOR SILVER:

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  ACTIVE MONTH OF DEC BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN SILVER WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING NON ACTIVE DELIVERY MONTH (JAN), 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 IN YEAR 2019 TO DATE SILVER EFP’S:          2,097.61   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

OCT 2019 TOTAL  EFP ISSUANCE:                                                  146.14 MILLION OZ

NOV 2019 TOTAL EFP ISSUANCE:                                                   213.60 MILLION OZ.

RESULT: WE HAD A CONSIDERABLE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1238, WITH THE 9 CENT LOSS IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A  GOOD SIZED EFP ISSUANCE OF 711 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) .

 

TODAY WE LOST A GOOD SIZED: 527 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 711 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH DECREASE OF 1238  OI COMEX CONTRACTS. AND ALL OF THIS  DEMAND HAPPENED WITH A 9 CENT LOSS IN PRICE OF SILVER AND A CLOSING PRICE OF $16.92 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. 1.017 BILLION OZ TO BE EXACT or 145% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT DEC MONTH/ THEY FILED AT THE COMEX: 262 NOTICE(S) FOR 1,310,000 OZ OF SILVER

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

 

.

 

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

  1. HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY  (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ  MAY: 36.285 MILLION OZ ; JUNE/2018  (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ   )  FOR AUGUST 6.065 MILLION OZ. , SEPT:  A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz  NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ   JANUARY AT  5.825 MILLION OZ.AND FEB 2019:  2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/  APRIL AT 3.875 MILLION OZ/ A MAY:  18.845 MILLION OZ ..JUNE 2.660 MILLION OZ//JULY 22.605 MILLION OZ; AUGUST 10.025 MILLION OZ/ SEPT 43.030 MILLION OZ//OCT: 7.665 MILLION OZ//   NOV: 2.630 MILLION OZ//DEC:  17.530 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 2640 CONTRACTS, AND MOVING FURTHER FROM THAT NEW ALL TIME RECORD OF 719,211 (SET NOV 20/2019). THE NEW OI RESTS AT 672,182. THE FALL IN COMEX OI  OCCURRED WITH A TINY $0.40 PRICING LOSS ACCOMPANYING COMEX GOLD TRADING// YESTERDAY// /

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A VERY STRONG SIZED 10,839 CONTRACTS:

DEC 2019: 0 CONTRACTS, FEB>  10,839 CONTRACTS AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 672,182,,.  ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A STRONG AND CRIMINALLY SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 8,199 CONTRACTS: 2640 CONTRACTS DECREASED AT THE COMEX  AND 10,839 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 8,199 CONTRACTS OR 819,900 OZ OR 25.50 TONNES.  YESTERDAY WE HAD A LOSS OF $0.40 IN GOLD TRADING….

AND WITH THAT LOSS IN  PRICE, WE  HAD A STRONG GAIN IN GOLD TONNAGE OF 25.50  TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR WERE SUPPLYING INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON AS OPTIONS EXPIRY HAS JUST CONCLUDED. THE BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (DOWN $.40) .THEY WERE UNSUCCESSFUL IN FLEECING  GOLD LONGS FROM THE GOLD ARENA AS WE HAD A HUGE GAIN IN OPEN INTEREST ON OUR TWO EXCHANGES (51.26 TONNES). THE SPREADING OPERATION WILL NOW SWITCH OVER TO SILVER.

 

 

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF DEC : 21,885 CONTRACTS OR 2,188,500 oz OR 68.07 TONNES (3 TRADING DAY AND THUS AVERAGING: 7,295 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 3 TRADING DAYS IN  TONNES: 68.07 TONNES

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

THUS EFP TRANSFERS REPRESENTS 68.07/3550 x 100% TONNES =1.91% OF GLOBAL ANNUAL PRODUCTION

WE ARE WITNESSING AN INCREASING USE OF OUR EXCHANGE FOR PHYSICAL MECHANISM TO MOVE CONTRACTS OFF OF NY AND INTO LONDON. IT BEGAN IN JUNE 2019 AND CONTINUES TO THIS DAY.

 

 

 

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:     5793.77  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

NOV.2019 EFP ISSUANCE:                          568.20  TONNES

 

 

 

 

 

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

 

Result: A GOOD SIZED DECREASE IN OI AT THE COMEX OF 2640 WITH THE TINY  PRICING LOSS THAT GOLD UNDERTOOK YESTERDAY($0.40)) //.WE ALSO HAD  A  VERY STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 10,839 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 10,838 EFP CONTRACTS ISSUED, WE  HAD A VERY STRONG  AND CRIMINALLY SIZED GAIN OF 8343 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

10,839 CONTRACTS MOVE TO LONDON AND 2640 CONTRACTS DECREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 25.95 TONNES). ..AND THIS STRONG INCREASE OF  DEMAND OCCURRED WITH THE TINY LOSS IN PRICE OF $0.40 WITH RESPECT TO YESTERDAY’S TRADING AT THE COMEX.

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

 

 

 

 

 

 

 

 

we had:  480 notice(s) filed upon for 48,000 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 UP $15.00 TODAY//(COMEX-TO COMEX)..

this makes a whole lot of sense!!!

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/// A PAPER WITHDRAWAL OF 7.32 TONNES OF GOLD

(WITH GOLD UP DRAMATICALLY TODAY???

DEC 3/2019/Inventory rests tonight at 889.16 tonnes

 

 

SLV/

WHAT GARBAGE!!

WITH SILVER UP 25 CENTS TODAY: 

A BIG CHANGE IN SILVER INVENTORY AT THE SLV// A PAPER WITHDRAWAL OF: 1.512 MILLION OZ//

/INVENTORY RESTS AT 368.969 MILLION OZ

 

 

end

 

 

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

 

 

end

 

OUTLINE OF TOPICS TONIGHT

 

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

1. Today, we had the open interest in SILVER FELL BY A STRONG SIZED 1238 CONTRACTS from 204,547 DOWN TO 203,309 AND FURTHER FROM A  NEW COMEX RECORD.  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

 

 

 

 

EFP ISSUANCE: 

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

 FOR DEC  0:  FOR MARCH: 711   AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 711 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE OI  LOSS AT THE COMEX OF 1087  CONTRACTS TO THE 711 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A FAIR SIZED LOSS OF 376 OPEN INTEREST CONTRACTS.THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES: 1.88 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////NOV 2.63 MILLION OZ//DEC: 17.530 MILLION OZ//

 

 

 

RESULT: A STRONG SIZED DECREASE IN SILVER OI AT THE COMEX WITH THE 9 CENT LOSS IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A GOOD SIZED 711 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG  SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

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

 

 

(report Harvey)

.

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

I)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 8.89 POINTS OR 0.31%  //Hang Sang CLOSED DOWN 53.42 POINTS OR 0.20%   /The Nikkei closed DOWN 149.69 POINTS OR 0.64%//Australia’s all ordinaires CLOSED DOWN 2.11%

/Chinese yuan (ONSHORE) closed DOWN  at 7.0581 /Oil DOWN TO 55.82 dollars per barrel for WTI and 60.70 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.0581 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.0640 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY PAST 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3A//NORTH KOREA/ SOUTH KOREA

North Korea

I am a little surprised that the crooks did not whack gold down on this news:  Trump hints at use of military force if North Korea backtracks on commitments.

(zerohedge)

3b) REPORT ON JAPAN

3C  CHINA

i)China

China is furious at the USA. They now ban USA military ships from visiting Hong Kong.  They also sanction USA NGO’s and all of this due to the uSA support for the protesters

(zerohedge)

II)China Huawei

Trump seems willing to risk everything with China has he proposes to ban Huawei from using dollars

(zerohedge)

4/EUROPEAN AFFAIRS

i)FRANCE

Trump on the warpath today…angry at Macron for initiating in July a tax on digital imprints.  This hurts firms like Google, Facebook, Apple and Amazon

(zerohedge)

ii)France

Trump correctly states that France is trying to tax other countries products. He is very angry so he is going todo a 100% tax of French products including champagne.

(zerohedge)

iii)UK

My goodness:  UK retail sales collapse. It seems that the entire world’s demand just stpooed on a dime

(zerohedge)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Iran

Iran ins rare acknowledgement tells of the killings of rioters during the gasprice hike protests

(zerohedge)

6.Global Issues

Important:  global news that will certainly have an effect on the price of gold through the eyes of Michael Every of Rabobank

(Michael Every)

7. OIL ISSUES

BANKRUPTCIES GALORE IN THE SHALE PATCH.  WE ARE NOW WITNESSING THE DEATH OF SHALE

(courtesy Alic/OilPrice.com)

8 EMERGING MARKET ISSUES

 

9. PHYSICAL MARKETS

i)Jan (Koos Jansen) discusses how much above ground silver is above ground

(Jan Nieuwenhuijs)

ii)A good one:

Russ and Pam Partens discuss the criminal activity behind the New York Fed

(Pam and Russ Martens)

iii)Dave Kranzler on the direction for gold advance

(courtesy Dave Kranzler)

iv)Technical analyst Savage explains that from 2013  (drive by shooting) proves market manipulation in the gold market(Gary Savage/GATA)

v)A good one; Lawrie Williams explores the analysis of Fraser Murrell on what happens to gold if the comex collapses

(Lawrie Williams/GATA)

vi)Nicholas does a thorough analysis of the phony Exch. for physicals and phony comex deliveries

(Nicholas  B.)

vii)India

This is huge:  India legitimately imported 71 tones of gold last night. As for smuggled gold you can safely say another 71 tones same through that corridor. India is buying a huge amount of gold

(Reuters)

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

iii) Important USA Economic Stories

iv) Swamp commentaries)

Barr disputes the Horowitz Finding on the origins of the case. In hindsight he already has the stuff from Durham

(zerohedge)

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

 

LET US BEGIN:

 

 

Let us head over to the comex:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A GOOD SIZED 2640 CONTRACTS TO A LEVEL OF 672,182 ACCOMPANYING THE TINY LOSS OF $0.40 IN GOLD PRICING WITH RESPECT TO YESTERDAY’S // COMEX TRADING)

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF DEC..  THE CME REPORTS THAT THE BANKERS ISSUED A VERY STRONG SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 10,839 EFP CONTRACTS WERE ISSUED:

DEC: 0 ; FEB: 10.839  AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  10,839 CONTRACTS.

THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST  48 HRS AFTER OUR LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON BASED FORWARD.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 8,199 TOTAL CONTRACTS IN THAT 10,839 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A GOOD SIZED 2640 COMEX CONTRACTS.

THE BANKERS SUPPLIED THE NECESSARY AND INFINITE AMOUNT OF SHORT PAPER IN GOLD.  THE BANKERS WERE MILDLY SUCCESSFUL IN LOWERING GOLD’S PRICE WITH THE CONSIDERABLE RAID INITIATED, AS IT FELL BY $0.40. AND THEY WERE MOST DEFINITELY UNSUCCESSFUL IN FLEECING ANY LONGS AS WE GAINED 8,199 CONTRACTS ON OUR TWO EXCHANGES:

 

 

 

NET GAIN ON THE TWO EXCHANGES ::  8,199 CONTRACTS OR 819,900 OZ OR 25.50 TONNES.

We are now in the  active contract month of DEC.  This month is always the biggest delivery month of the year.  Here we have a total of 3837 open interest stand for a loss of 4641 contracts.  We had 4933 notices filed upon yesterday so we SURPRISINGLY GAINED  292 contracts or an additional 29200 will stand for delivery at the comex as they will try their luck finding physical metal on this side of the pond as they refused to morph into London based forwards and negated on receiving a fiat bonus.

 

 

The next non active contract month after Dec, is  January and it saw its OI GAIN by 29 contracts UP to 4123 which is extremely high for a January delivery month.. The next active delivery month after January is February and here we witnessed a 288 LOSS in contracts up to 500,162.

 

 

TODAY’S NOTICES FILED:

 

WE HAD 480 NOTICES FILED TODAY AT THE COMEX FOR  48000 OZ. (1.4930 TONNES)

 

 

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And now for the wild silver comex results.

Total COMEX silver OI FELL BY A STRONG SIZED 1238 CONTRACTS FROM 204,547 DOWN TO 203,309 (AND FURTHER FROM THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018.  THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S SMALL  OI COMEX LOSS OCCURRED WITH A 9 CENT LOSS IN PRICING./YESTERDAY.

WE ARE NOW INTO THE  ACTIVE DELIVERY MONTH OF DEC.

Here we have a loss of 956 contracts down to 1465. We had 1026 notices served up on longs yesterday, so we SURPRISINGLY GAINED 70 contracts or an additional 350,000  oz will not stand in this active delivery month of December as they guys refused to morph into London based forwards and as well NEGATED a fiat bonus for their efforts.

 

After December we have the non active month of January and here we see that we lost 53 contracts down to 993.  FEBRUARY  saw its first addition of 6 contracts to stand at 6.  MARCH saw an decrease of 435 contracts down to 160,919.  March is a very active month for silver.

TODAY’S NUMBER OF NOTICES FILED:

 

We, today, had 262 notice(s) filed for 1,310,000 OZ for the DEC, 2019 COMEX contract for silver

Trading Volumes on the COMEX TODAY: 88,668  CONTRACTS 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  343,165  contracts

 

 

 

 

 

INITIAL standings for  DEC/GOLD

DEC 3/2019

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

 

Delaware

 

 

Deposits to the Customer Inventory, in oz  

nil

 

No of oz served (contracts) today
480 notice(s)
 48000 OZ
(1.4930 TONNES)
No of oz to be served (notices)
3357 contracts
(335,700 oz)
10.441
TONNES
Total monthly oz gold served (contracts) so far this month
6733 notices
673,300 OZ
20.94 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: 0 oz

total dealer withdrawals: 0 oz

 

we had 0 deposit into the customer account

i) Into JPMorgan:  nil oz

 

ii)everybody else:  nil

 

 

 

total gold deposits:

 

nil

 

 

we had 1 gold withdrawal from the customer account:

I) OUT OF  HSBC:  197.08 oz

total gold withdrawals; 197.08  oz

We had 0 adjustments

 

 

 

FOR THE DEC 2019 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 120 notices were issued from their client or customer account. The total of all issuance by all participants equates to 480 contract(s) of which 306 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)

 

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To calculate the INITIAL total number of gold ounces standing for the DEC /2019. contract month, we take the total number of notices filed so far for the month (6733) x 100 oz , to which we add the difference between the open interest for the front month of  DEC. (3837 contract) minus the number of notices served upon today (480 x 100 oz per contract) equals 1,009,000 OZ OR 31.38 TONNES) the number of ounces standing in this  active month of DEC

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

No of notices served (6733 x 100 oz)  + (3837)OI for the front month minus the number of notices served upon today (480 x 100 oz )which equals 1,009,000 oz standing OR 31.38 TONNES in this  active delivery month of DEC.

We gained 292 contracts or an additional 29200 oz will stand at the comex as they morphed into London based forwards.

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES.… WE HAVE ONLY 32.15 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS.

HERE IS WHAT STOOD DURING THESE PAST 5 MONTHS:  AUGUST 27.153 TONNES

SEPT:                                                                      5.4525 TONNES

 

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

NOV……                                                                5.3841 tonnes

DEC………………………….                                              31.38 TONNES

 

 

ACCORDING TO COMEX RULES:

 

IF WE INCLUDE THE PAST 5 MONTHS OF SETTLEMENTS WE HAVE 11.3124 TONNES SETTLED

 

IF WE ADD THE FIVE DELIVERY MONTHS: 110.35  tonnes

Thus:

110.35 tonnes of delivery –

11.3124 TONNES DEEMED SETTLEMENT

= 99.03 TONNES STANDING FOR METAL AGAINST 32.152 TONNES OF REGISTERED OR FOR SALE COMEX GOLD! THIS IS WHY GOLD IS SCARCE AT THE COMEX.

 

total registered or dealer gold:  1271,250.085 oz or  39.54 tonnes 
which  includes the following:
a) registered gold that can be used to settle upon: 103,369,64 oz (32.152 tonnes)
b) pledged gold held at HSBC which cannot settle upon:  237,553.646 oz  ( 7.38989) 
total registered pledged  and eligible (customer) gold;   8,827,829.54 oz 274.58 tonnes
WHY ARE THEY NOT SETTLING?
THE COMEX IS AN ABSOLUTE FRAUD..WE HAVE ZERO SETTLEMENTS.

 

 

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 DEC.

INITIAL  standings/SILVER

IN TOTAL CONTRAST TO GOLD, HUGE ACTIVITY IN SILVER TODAY.
DEC 3 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 735,601.968 oz
CNT
Scotia
Loomis

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
1,218,739.207 oz
CNT
Scotia
No of oz served today (contracts)
262
CONTRACT(S)
(1,310,000 OZ)
No of oz to be served (notices)
1203 contracts
 6,015,000 oz)
Total monthly oz silver served (contracts)  2373 contracts

11,865,000 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  2 deposits into the customer account

into JPMorgan:   nil

 

ii) Into SCOTIA: 619,547.800 oz

ii) Into CNT:  599,191.407  oz

 

 

 

 

 

 

*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.

JPMorgan now has 161.1 million oz of  total silver inventory or 51.4% of all official comex silver. (161.1 million/313.4 million

 

 

 

 

total customer deposits today:  1,218,739.207  oz

 

we had 3 withdrawals out of the customer account:

i) Out of CNT; 614,769.828 oz

ii) Out of HSBC:  20 019.360 oz

iii) Out of Loomis: 100,812.780 oz

 

 

 

total withdrawals; 735,601.968  oz

We had 1 adjustment:

i) CNT: 600,206.540 oz was adjusted out of the customer and this landed into the dealer account of CNT

 

 

total dealer silver:  83.377 million

total dealer + customer silver:  314.491 million oz

 

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The total number of notices filed today for the DEC 2019. contract month is represented by 262 contract(s) FOR 1,310,000 oz

To calculate the number of silver ounces that will stand for delivery in  DEC, we take the total number of notices filed for the month so far at 2373 x 5,000 oz = 11,865,000 oz to which we add the difference between the open interest for the front month of DEC. (1465) and the number of notices served upon today 262 x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the DEC/2019 contract month: 2373 (notices served so far) x 5000 oz + OI for front month of DEC (1465)- number of notices served upon today (262) x 5000 oz equals 17,880,000 oz of silver standing for the DEC contract month.

 

We gained 70 contracts or an additional 350,000 oz will  stand at the comex as they refused to morph into London based forwards. 

 

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 262 notice(s) filed for 1,310,000 OZ for the DEC, 2019 COMEX contract for silver

 

 

TODAY’S ESTIMATED SILVER VOLUME:  88,668 CONTRACTS //volume increases due to raid

 

 

CONFIRMED VOLUME FOR YESTERDAY: 74,950 CONTRACTS..

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 74,950 CONTRACTS EQUATES to 374 million  OZ 53.5% OF ANNUAL GLOBAL PRODUCTION OF SILVER..makes sense!!

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

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

 

end

 

 

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NPV for Sprott

1. Sprott silver fund (PSLV): NAV RISES TO -1.61% ((DEC 3/2019)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -1.41% to NAV (DEC 3/2019 )
Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ -1.61%

(courtesy Sprott/GATA)

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

NAV 14.74 TRADING 14.19///DISCOUNT  3,72

 

 

END

 

And now the Gold inventory at the GLD/

 

DEC 3/WITH GOLD UP $15.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 7.32 TONNES/INVENTORY RESTS AT 889.16 TONNES

 

DEC 2 /WITH GOLD DOWN $.40 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 895.60 TONNES

NOV 29/WITH GOLD UP $9.85//A SMALL  CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL TO PAY FOR FEES ETC./INVENTORY RESTS AT 895.60 TONNES

 

NOV 27//WITH GOLD DOWN $6.10 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 896.48 TONNES//

NOV 26/WITH GOLD UP $3.10 TODAY:: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER GOLD DEPOSIT OF 4.69 TONNES INTO THE GLD///INVENTORY RESTS AT 896.48 TONNES

NOV 25/WITH GOLD DOWN $6.45: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 891.79 TONNES

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

 

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DEC 3/2019/Inventory rests tonight at 889.16 tonnes

*IN LAST 716 TRADING DAYS: 48.09 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 616 TRADING DAYS: A NET 118.96 TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

 

 

end

 

Now the SLV Inventory/

DEC 3//WITH SILVER UP 25 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A APER WITHDRAWAL OF 1.512 MILLION OZ FROM THE SLV.//INVENTORY RESTS AT 368.969 MILLION OZ..

DEC 2/WITH SILVER DOWN 9 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 370.481 MILLION OZ

NOV 29/WITH SILVER UP 4 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER WITHDRAWAL OF 2.383 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 370.481 MILLION OZ//

 

NOV 27/WITH SILVER DOWN 8 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER WITHDRAWAL OF 1.868 MILLION OZ OF SILVER FROM THE SLV///INVENTORY RESTS AT 372.864 MILLION OZ//

NOV 26//WITH SILVER UP 14 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY REST AT 374.732 MILLION OZ/

NOV 25/WITH SILVER DOWN 12  CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV///INVENTORY RESTS AT 374.732 MILLION OZ//

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

 

 

DEC 3:  SLV INVENTORY

368.969 MILLION OZ

 

 

 

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

6 Month MM GOFO 1.90/ and libor 6 month duration 1.91

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

G0LD LENDING RATE: + .01

 

XXXXXXXX

12 Month MM GOFO
+ 1.96%

LIBOR FOR 12 MONTH DURATION: 1.96

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.00

end

 

 

 

 

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

New York Fed Adds Another $97.9 Billion In Liquidity Yesterday – Concerns Grow of Year-End Financial Crisis

40% Of Fed’s Balance Sheet Reduction Wiped Out In Just 2 Months

◆ The New York Fed added $97.9 billion in temporary liquidity to the financial system yesterday.

◆ The Federal Reserve Bank of New York continues to pump massive liquidity amid very heavy demand by banks for year-end funding; the $97.9 billion involved overnight repurchase agreements, or repos, worth $72.9 billion and the balance via 42-day repos.

 The repo market shook the financial world in September when an unexpected rate spike choked short-term lending, spurring the Federal Reserve to intervene.

 Interventions ensure markets have enough liquidity and short-term borrowing rates do not spike violently and create a liquidity crisis on Wall Street and the global financial system.

 The New York Fed has now pumped nearly $3 trillion into unnamed trading houses on Wall Street in just over two months to ease a liquidity crisis that has yet to be credibly explained.

 Massive currency injections signal there are significant problems in the plumbing of the interbank lending market and wider financial system

Overnight repo developments via WSJ

Watch Podcast Here

NEWS & COMMENTARY

Gold prices tread water despite Trump’s Latam tariffs

New York Fed Adds Liquidity Amid Heavy Demand for Year-End Funding

Investors snap up NY Fed loans as cash crunch fears linger

Trump to meet the queen and NATO allies after tariff threat to France

Australia surplus boosted by gold demand

These Are the Banks that Own the New York Fed and Its Money Button

Gold futures dumps since 2013 persuaded me of market manipulation

The path of least resistance for gold is up

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

02-Dec-19 1457.50 1461.15, 1130.00 1130.05 & 1323.26 1321.17
29-Nov-19 1456.35 1460.15, 1129.55 1131.32 & 1323.24 1327.42
28-Nov-19 1457.55 1454.65, 1127.27 1127.35 & 1323.60 1321.84
27-Nov-19 1459.80 1454.35, 1134.12 1129.74 & 1326.23 1322.30
26-Nov-19 1457.65 1454.65, 1133.76 1131.86 & 1322.96 1321.11
25-Nov-19 1459.45 1458.40, 1133.41 1130.84 & 1325.33 1323.35
22-Nov-19 1471.30 1464.45, 1143.05 1140.22 & 1330.35 1326.06
19-Nov-19 1464.90 1468.45, 1132.37 1134.23 & 1323.68 1325.86
18-Nov-19 1458.40 1467.65, 1124.86 1132.59 & 1318.10 1325.88
15-Nov-19 1465.60 1466.90, 1138.04 1136.41 & 1329.59 1327.84

SIGN UP FOR OUR AWARD WINNING MARKET UPDATES HERE

 

Mark O’Byrne

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Jan (Koos Jansen) discusses how much above ground silver is above ground

(Jan Nieuwenhuijs)

Jan Nieuwenhuijs: How much silver is above ground?

 Section: 

11:59a ET Monday, December 2, 2019

Dear Friend of GATA and Gold:

Monetary metals researcher Jan Nieuwenhuijs writes today at Voima Gold that the world’s accessible stocks of silver are much greater than generally assumed, though the data is far from precise. Nieuwenhuijs tries to take account of all silver bullion, coins, jewelry, and silverware, as well as recoverable silver in industrial products.

His analysis is headlined “How Much Silver Is Above Ground?” and it’s posted at Voima Gold here:

https://www.voimagold.com/insight/how-much-silver-is-above-ground

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

END

A good one:

Russ and Pam Partens discuss the criminal activity behind the New York Fed

(Pam and Russ Martens)

Pam and Russ Martens: NY Fed has some explaining to do over Morgan Stanley’s unreported trading losses

 Section: 

By Pam and Russ Martens
Wall Street on Parade
Monday, December 2, 2019

James Gorman is the Chairman and CEO of Morgan Stanley. He also sits on the Board of Directors of the Federal Reserve Bank of New York, one of Morgan Stanley’s regulators. …

At 11:36 a.m. on Thanksgiving Day, when households across America were either watching the Macy’s Thanksgiving Day Parade on TV or hustling in the kitchen, Bloomberg News dropped the bombshell report that foreign currency traders at Morgan Stanley had hidden a trading loss of upwards of $140 million. Two of the traders involved in the losses were based in London, according to the Bloomberg report. …

… For the remainder of the report:

https://wallstreetonparade.com/2019/12/the-new-york-fed-has-some-explain.

The New York Fed Has Some Explaining to Do Over Morgan Stanley’s Unreported Trading Losses

By Pam Martens and Russ Martens: December 2, 2019 ~

James Gorman is the Chairman and CEO of Morgan Stanley. He also sits on the Board of Directors of the Federal Reserve Bank of New York (New York Fed), one of Morgan Stanley’s regulators.

James Gorman, Chairman and CEO Morgan Stanley, Testifying Before the House Financial Services Committee in April 2019

James Gorman, Chairman and CEO Morgan Stanley, Testifying Before the House Financial Services Committee in April 2019

 

The New York Fed is one of 12 regional Federal Reserve banks – but the only one willing to turn on a multi-trillion dollar money funnel to Wall Street’s mega banks when they need a secret bailout. Since September 17 of this year, the New York Fed has pumped upwards of $3 trillion in revolving loans to trading houses on Wall Street, without naming which firms are getting the money and why they’re getting it. From December 2007 to the middle of 2010, the New York Fed turned on its money funnel to Wall Street to the tune of $29 trillion – a fact it battled in court for years to keep secret.

Today, the New York Fed will only say that it’s making these new loans, which tally up to hundreds of billions of dollars each week, to some of its 24 “primary dealers.” For the most part, those “primary dealers” are the high-risk trading units of big commercial banks in the U.S. and abroad. (See list below.)

One of the primary dealers that is eligible to be taking these multi-billion dollar loans from the New York Fed is Morgan Stanley & Co. LLC. Morgan Stanley describes that unit as follows: “Its businesses include securities underwriting and distribution; financial advisory services, including advice on mergers and acquisitions, restructurings, real estate and project finance; sales, trading, financing and market-making activities in equity and fixed income securities and related products, and other instruments including foreign exchange and commodities futures; and prime brokerage services.”

At 11:36 a.m. on Thanksgiving Day, when households across America were either watching the Macy’s Thanksgiving Day Parade on TV or hustling in the kitchen, Bloomberg News dropped the bombshell report that foreign currency traders at Morgan Stanley had hidden a trading loss of upwards of $140 million. Two of the traders involved in the losses were based in London, according to the Bloomberg report.

There are a number of curious and noteworthy aspects to this report. First, only Bloomberg News was privy to this information. Morgan Stanley had not informed its shareholders via any public statement nor had it informed the Securities and Exchange Commission via a public filing. Thus it is also highly likely that it had not informed the New York Fed, another of its regulators, despite the fact that its CEO, James Gorman, sits on the Board of the New York Fed. The Bloomberg article suggests that the firm itself is just now investigating what actually happened, meaning that an outside news agency attempting to place a realistic figure on the amount of the losses is suspect at best.

In 2012, the Chairman and CEO of JPMorgan Chase, Jamie Dimon, called news reports of its derivative trading losses in London “a tempest in a teapot.” Those hidden trading losses turned out to be over $6.2 billion.

Morgan Stanley, however, can top JPMorgan’s historic trading loss. During the financial crisis, one of Morgan Stanley’s traders, Howie Hubler, lost $9 billion betting on subprime debt. But Morgan Stanley survived the financial crisis because the New York Fed secretly pumped more than $2 trillion into Morgan Stanley from 2007 to the middle of 2010 according to a Fed audit performed by the Government Accountability Office (GAO) and released to the public in July 2011. The audit occurred as the result of an amendment attached to the Dodd-Frank financial reform legislation of 2010 by Senator Bernie Sanders and others.

At the outset of the financial crisis, Morgan Stanley was predominantly an investment bank and a large retail brokerage firm which was not eligible to borrow from the Fed’s Discount Window, which was restricted to deposit-taking banks. In order to funnel trillions of dollars to the trading houses on Wall Street, the New York Fed created an alphabet soup of loan programs. One of those programs was called PDCF (Primary Dealer Credit Facility). For the first time in history, under that program, the New York Fed funneled $8.9 trillion to the trading houses on Wall Street, in many cases taking the unprecedented action of accepting stocks and junk bonds as collateral – at a time when both of those markets were in freefall.

In 2008, at the height of the financial crisis, both Morgan Stanley and Goldman Sachs became bank holding companies, subject to regulation by the New York Fed and with access to its Discount Window.

The Dodd-Frank financial reform legislation was supposed to put an end to the Federal Reserve’s unaccountable bailouts of Wall Street’s trading houses. The Federal Reserve’s mandate is to be a lender-of-last-resort to deposit-taking banks, not trading casinos. And yet, here we are again today dealing with secret trading losses and the Fed’s secret bailouts to unnamed trading houses on Wall Street.

Making the situation at Morgan Stanley even more dicey, it owns two Federally-insured deposit taking banks that the U.S. taxpayer is on the hook for. According to the Federal Deposit Insurance Corporation (FDIC), Morgan Stanley Bank, National Association holds $116 billion in deposits while Morgan Stanley Private Bank, N.A. holds another $70 billion in deposits.

If you’re thinking this is the banking structure from hell, you would be spot on.

Federal Reserve's 24 Primary Dealers as of October 7, 2019 (Source -- Federal Reserve Bank of New York)

Federal Reserve’s 24 Primary Dealers (Source: Federal Reserve Bank of New York)

END
Dave Kranzler on the direction for gold advance
(courtesy Dave Kranzler)

Dave Kranzler: The path of least resistance for gold is up

 Section: 

By Dave Kranzler
Investment Research Dynamics, Denver
Monday, December 2, 2019

The price of gold has held firm at the $1,460 (front-month contract basis, not the Kitco “spot” price) level despite the constant price attacks that have been occurring overnight and into the Comex floor trading hours since early November.

On an intra-day basis gold has managed to hold continuous aggressive attempts to push the price below $1,460 for the last 6 trading days, including today. Interestingly, last Tuesday (November 26) and Friday, gold shot up during the Comex floor trading hours in the absence of any news or event triggers.

… 

 

Zerohedge attributed Tuesday’s spike in gold to the jump offshore yuan vs the dollar. But that day gold started moving before the yuan moved. On Friday, gold soared as much as $14 from an intra-day low of $1459 while offshore yuan declined vs the dollar. Zerohedge’s explanation for the mysterious movement in the gold price on two days thus lacks evidence.… For the remainder of the analysis:

https://investmentresearchdynamics.com/the-path-of-least-resistance-for-…

END

Donate to GATA in December, double your contribution, and maybe win a case of GATA wine

 Section: 

8:47p ET, Monday, December 2, 2019

Dear Friend of GATA and Gold:

How good it is to have friends, especially when you’re up against nearly all the money and power in the world. GATA would not have lasted 20 years without our friends, and we won’t last another month without them. But because of them we will last until the struggle is won.

Almost as if to prove this, two of our friends popped up again the other day, each with a generous and brilliant proposal.

… 

Stefan Gleason, president of Money Metals Exchange (https://www.moneymetals.com), noticed your secretary/treasurer’s recent and rather clumsy effort at fundraising and wrote that he would donate another $5,000 to GATA as a matching grant. That is, Stefan and Money Metals Exchange will match every dollar GATA raises up to $5,000 during December.

Almost simultaneously another supporter, Fay “Jack” Durrant, proprietor of the Fay J Winery in Texarkana, Texas ( http://fayjwinery.com/), offered GATA three mixed cases of wine for use in a potential fundraising drawing. Not only that, but since he is in the private-label wine business, Fay offered to put a special GATA label on the bottles.

With the permission of GATA artist Alain Despert, who painted the emblem of our campaign in pursuit of free and transparent monetary metals markets, we sent Fay an image of Alain’s painting and he quickly adapted it to what may be the most colorful wine label ever. Here’s a photo of some of the GATA private-label wine:

http://www.gata.org/files/GATA-wine-bottles.jpg

Fay also shipped a few bottles to your secretary/treasurer and GATA Chairman Bill Murphy for us to sample the other night. When we awoke the bottles were empty and we couldn’t remember which ones we liked best, but then we realized that they are all that good.

So GATA will run a fundraising campaign throughout December. Every donor this month will receive credit with the Fay J Winery for one drawing ticket for every $10 donated. If you want to be entered in the wine drawing for your donation by credit card, please send a note to me at CPowell@GATA.org, or, if you donate by check via U.S. mail, include a note with your e-mail address or phone number.

Your secretary/treasurer will forward to Fay the amount of your donation and your e-mail address or phone number, Fay will enter you in the drawing, the winners will be drawn in the first week of January, and Fay will contact them to arrange shipment of their case of wine.

Fay can ship wine only within the continental United States, but if a drawing winner lives beyond those borders, he will be welcome to collect his case in person in Texarkana and drink it there or, more practically, sell it to GATA, whose board members will promise to find good use for it at their annual meeting, or maybe even before.

All this will be a lot of effort on Fay’s part, on top of his contribution of the wine, so GATA is very grateful to him. Indeed, if we can make this fundraising drawing work, we may try marketing GATA private-label wine through the Fay J Winery. A bottle of GATA wine on your dinner table when you’re entertaining guests or a bottle given to friends during the holidays might be a great way of showing your support for the cause.

So please consider making a donation to GATA this month. Your contribution will be doubled by Stefan Gleason and Money Metals Exchange, you’ll sustain our struggle, and you might win a case of great wine. With luck before too long you may be able to pop open a bottle to celebrate the defeat of the market riggers.

To help, please visit our internet site’s donation page here:

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

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

* * *

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

Technical analyst Savage explains that from 2013  (drive by shooting) proves market manipulation in the gold market

(Gary Savage/GATA)

Gary Savage: Gold futures dumps since 2013 persuaded me of market manipulation

 Section: 

9:26p ET Monday, December 2, 2019

Dear Friend of GATA and Gold:

In his nine-minute video commentary today, Gary Savage of the Smart Money Tracker newsletter explains how since 2013 the huge dumps of futures contracts by bullion banks convinced him that the gold market has been heavily manipulated to keep the price down. But Savage adds that he lately senses that well-provisioned longs may be setting the banks up for a dramatic short squeeze.

Savage’s analysis is headlined “Gold Manipulation” and it’s posted at Smart Money Tracker here:

https://blog.smartmoneytrackerpremium.com/2019/12/gold-manipulation.html

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

END

A good one; Lawrie Williams explores the analysis of Fraser Murrell on what happens to gold if the comex collapses

(Lawrie Williams/GATA)

Lawrie Williams: What happens to gold if the Comex collapses?

 Section: 

9:43p ET Monday, December 2, 2019

Dear Friend of GATA and Gold:

Sharps Pixley market analyst Lawrie Williams today explores the analysis of Fraser Murrell about the potential collapse of the gold futures market if physical demand overwhelms paper supply.

Of course in such circumstances the gold price would explode, since, as Williams acknowledges, “the huge volume of paper gold traded on the Comex … certainly acts as a price control mechanism on the physical metal” — which is just what the Comex was created to do in 1974:

http://www.gata.org/node/17081

Williams’ commentary is headlined “What Happens to Gold if Comex Collapses?” and it’s posted at Sharps Pixley here:

https://www.sharpspixley.com/articles/lawrie-williams-what-happens-to-go…

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

iii) Other physical stories:

Nicholas does a thorough analysis of the phony Exch. for physicals and phony comex deliveries

(Nicholas)

Nicholas Biezanek

1:57 AM (5 hours ago)
to William, me

Hi Bill/Harvey,

November 2019 has now closed so we again have the opportunity to review the insanity that surrounds the suppression of the paper gold price. The trading volume of naked short, unrecoverable manipulative and criminal paper gold contracts on the COMEX can exceed 700,000 (2,177 tonnes) in a single day. The data ,however, indicates that THE COMEX IS NOW EFFECTIVELY DEAD as a mechanism for delivery of physical gold.My sample period started on 12th July 2019,so now encompasses 142 days.NO GOLD IS EVER DELIVERED FROM THE REGISTERED GOLD INVENTORY AT THE COMEX (and it is exactly the same in respect of silver). 28.09 tonnes of various net paper transfers within the same depositories are meaningless within the context of quantifying physical delivery. I also ignore a transfer of 2.21 tonnes on 9th October from HSBC to JP Morgan.On 2nd October 2019, 1.79 tonnes of gold was withdrawn from Brinks but otherwise only a minuscule 3.02 tonnes is the grand total of all other withdrawals from all depositories in this 142 day period..

 

As at 30th November 2019, the COMEX Open Interest was 2,100 tonnes. The COMEX at that date held 39 tonnes of registered gold and 235 tonnes of eligible gold. HSBC hold 65% of the total COMEX inventory ( JP Morgan 20%) ;additionally HSBC is the sole custodian of GLD’s 895.6 tonnes as at 30th November 2019. Jim Willie recently speculated that up to 600 tonnes of GLD’s inventory is not where it should be (thus reinforcing Harvey Organ’s daily warnings) .On 11th July 2019,HSBC recorded only one single tonne of registered gold which has risen to 26.45 tonnes as at 30th November 2019.

Nevertheless, on 12th November, a line item of 7.39 tonnes of pledged gold also appeared in the HSBC COMEX inventory report, which gold is not held in New York (this line item is not incorporated into the NY COMEX report’s totals).The Regulators have plausible deniability about the provenance of this pledged gold (probably rehypothecated from the heavily diminished GLD) so this pledge is utterly meaningless, but why is HSBC being forced to make this additional disclosure of pledged gold now? Is the gold suppression scheme beginning to bear intolerable strain and.Is HSBC now vulnerable, over extended and not quite so impenetrable and untouchable as JP Morgan? (Search HSBC and drugs and money laundering).

 

Harvey Organ has recorded 7,310 tonnes of Exchange for Physical Contracts (EFPs) in 2018 and 5,760 tonnes YTD 2019,(Total:13,070 tonnes).The regulators on both sides of the Atlantic refuse to even acknowledge queries as to the nature of these EFP contracts.We are forced to accept a totally vague,superficial explanation that these EFP transfers close out obligations for physical gold delivery on the COMEX and somehow LBMA participants accept commensurate obligations for physical delivery. The now metronomic daily massive utilization of these EPF transfers has clearly prevented the complete implosion of the COMEX (the open interest would otherwise exceed 5 million contracts). If we,however, examine the information made available by the LBMA (refer below), the notion of physical delivery of 13,070 tonnes of physical gold in less than two years insults the intelligence even of a congenital idiot. Poland repatriates 100 tonnes and it generates headlines and yet this 13,070 tonnes is tomorrow’s insolvable problem and hence universal silence. The informed speculation is that these liabilities for13,070 tonnes of gold are merely dangling as serial forward obligations, perpetually rolled over within 14 day cycles and out of sight of complicit regulators (but not our perpetual watcher, Harvey Organ).The Regulators have totally abdicated from any pretense of fulfilling their mandates and this grotesque dereliction of duty renders them as co conspirators under the doctrine of common purpose. Jeffrey Epstein’s corpse was discovered within hours of his death which renders those wretched guards as personifying extreme vigilance compared to the inertia of these Regulators.

 

This morning ,the LBMA disclosed loco London vault gold holdings as at 31st August 2019.The BOE held 5,055 tonnes,which figure never materially fluctuates.GLD allegedly holds about 895 tonnes, leaving a core residual of only 2,078 tonnes.The LBMA is a magnified version of the COMEX fraud. The stratospheric monthly trading volumes of up to 7,000 tonnes per week merely relate to the perpetual churning of paper contracts with very little net settlement in physical gold.This core residual of 2,078 tonnes is fairly constant and is the only physical gold available to support many tens of thousands of tonnes of allocated gold liabilities,which total liability is never ever disclosed.The liability for 13,070 tonnes of EFP gold contracts presumably hovers in the ether until the counter parties elect to invoke gravitational forces. Then what?

 

There are increasing reports that.all of China.Russia,India,Turkey, Iran and UAE and others are all restless at the lack of physical gold price discovery embodied in the farcical, obscene, manipulative COMEX/LBMA collaboration.Watch out for developments. With 13,070 tonnes of COMEX gold paper promises undelivered in the last 23 months and the COMEX reduced merely to leaking gossamer physical gold driblings of about one tonne per month, the final denouement could be nigh.

end

India

This is huge:  India legitimately imported 71 tones of gold last night. As for smuggled gold you can safely say another 71 tones same through that corridor. India is buying a huge amount of gold

(Reuters)

India’s Nov gold imports jump to 5-month high – govt source

MUMBAI, Dec 3 (Reuters) – India’s gold imports in November jumped 78% from a month earlier to the highest level in 5 months as jewellers in the world’s second- biggest consumer of the metal restocked after a fall in prices, a government source said on Tuesday.

New Delhi imported 71 tonnes of gold in November, compared with 40 tonnes in October, the source said on condition of anonymity as he was not authorised to speak to media.

Imports were down 16% from November 2018, however, he said.

In value terms, November imports totalled $2.94 billion, slightly higher than last year’s $2.76 billion, he added.

-END-

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 67.0581/ GETTING VERY DANGEROUSLY PAST  7:1

//OFFSHORE YUAN:  7.0640   /shanghai bourse CLOSED UP 8.89 POINTS OR 0.31%

HANG SANG CLOSED DOWN 53.42 POINTS OR 0.20%

 

2. Nikkei closed DOWN 149.69 POINTS OR 0.64%

 

 

 

 

3. Europe stocks OPENED ALL MIXED/

 

 

 

USA dollar index down TO 97.82/Euro riseS TO 1.1076

3b Japan 10 year bond yield: FALLS TO. –.02/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.82/ 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:: 55.82 and Brent: 60.70

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.30%/Italian 10 yr bond yield UP to 1.33% /SPAIN 10 YR BOND YIELD DOWN TO 0.46%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.67: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 1.67

3k Gold at $1469.30 silver at: 16.97   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 10/100 in roubles/dollar) 64.10

3m oil into the 55 dollar handle for WTI and 60 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 108.82 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 .9886 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0948 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 0.30%

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 1.79% early this morning. Thirty year rate at 2.24%

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

6.  TURKISH LIRA:  UP  TO 5.7372..

Trump Torpedoes Global Markets As Trade War Returns

Last week, when Trump signed the Hong Kong bill, we asked if Trump was willing to reignite the trade war now that the S&P hit an all time high of 3,150.

That question was especially apt this morning, when European shares slumped back into the red on Tuesday, reversing an earlier attempt to claw their way back from three days of falls, US equity futures tumbled for the second day in a row and the Chinese yuan sank on renewed trade tensions after President Trump said at the start of his British NATO summit visit that a that a trade deal with China might be delayed until after November 2020 elections, denting hopes of a quick resolution to a dispute that has weighed on the world economy.

“I have no deadline, no. In some ways, I think I think it’s better to wait until after the election with China,” Trump told reporters in London, where he was due to attend a meeting of NATO leaders. “In some ways, I like the idea of waiting until after the election for the China deal. But they want to make a deal now, and we’ll see whether or not the deal’s going to be right; it’s got to be right.”

Those comments, made as Trump landed in Britain for a NATO summit, also sent the offshore-traded Chinese yuan to near five-week lows.

 

France, the latest U.S. trade war target, saw shares tumble more than 0.6% to a one-month low, and dragged Europe’s Stoxx 600 index down 0.2%, giving up earlier modest gains and extending Monday’s 1.6% tumble which was its biggest one-day loss in two months.

 

U.S. stock futures also turned negative, with S&P 500 futures down 0.4%.

 

“The markets were spooked because they didn’t expect Trump to be that severe on China,” said WisdomTree researcher Aneeka Gupta. “It’s worrying for Europe too, because it was waiting for a decision on the auto tariffs from the U.S. Investors weren’t expecting Trump to be launching trade wars on all fronts.”

Trump’s willingness to open new fronts in the trade war – with Argentina, Brazil and France – despite signs of economic damage and less than two weeks away from the China tariff deadline, spooked markets. Indeed, his latest comments dashed hopes that an agreement with China could be reached before another round of tariff hikes kicks in on Dec. 15, and suggests talks could in fact could drag on for another year.

As Reuters notes, markets had fallen sharply on Monday after Trump tweeted he would slap tariffs on Brazil and Argentina for what he saw as both countries’ “massive devaluation of their currencies.” The United States then threatened duties of up to 100% on French goods from champagne to handbags because of a digital services tax that Washington says harms U.S. tech companies.

“Each step back and each step forward is just part of a slow trend toward increased barriers to international trade,” said Jonathan Bell, CIO of Stanhope Capital. “The market’s taken an optimistic view so far this year on the likelihood of a successful outcome to trade negotiations and we worry … the market may turn back to being more concerned.”

Shares in some French luxury goods firms had been hit hard, with LVMH shedding almost 2% to one-month lows and champagne maker Vranken Pommery down 0.5%. “If history is any guide the Europeans are likely to find U.S. crosshairs start to move increasingly their way, the closer to next year’s U.S. election we get,” CMC Markets told clients.

As a result, the MSCI world equity index was down for the fourth day in a row to one-week lows. There were also hefty losses across Asian bourses earlier in the day, led by consumer staples firms, tracking U.S. declines. Most markets in the region were down, with Australia leading losses and China advancing. Japan’s Topix slid, dragged down railway companies and automakers. The Shanghai Composite Index reversed morning losses to close higher, as Ping An Insurance Group and Will Semiconductor offered support. Two Chinese companies failed to repay bonds worth a combined half a billion dollars Monday, as debt risks rose in a slowing economy. India’s Sensex declined, with ICICI Bank and HDFC Bank among the biggest drags.

Meanwhile, investors were waiting for even more shoes to drop and China’s next response: Beijing has already barred U.S. military ships and aircraft from Hong Kong in response to U.S. support for pro-democracy protesters in the Chinese-ruled territory. Fears that the prolonged tariff spat will snuff out any upturn in global growth were fanned on Monday when the U.S. ISM report said manufacturing had contracted for a fourth straight month as new orders slid. That crippled the cheer from upbeat Chinese factory surveys as well as higher-than-expected manufacturing and inflation readings from the euro zone.

So with trade suddenly in limbo, hopes are now being pinned on the U.S. consumer to keep the economy afloat. Cyber Monday sales were expected to hit a record following $11.6 billion in online sales during the Thanksgiving and Black Friday shopping bonanza.

In rates, Trump’s hints of trade deal delays sent bond yields tumbling as investors dumped stocks, however, with 10-year U.S. Treasury yields falling 5 basis points to 1.79% from the previous day’s two-week high, despite a sharp selloff in Japanese bonds following a report that Tokyo is preparing a 25 trillion yen fiscal package, which in turn resulted in the worst bid to cover in the Japanese 10Y auction in three years.

 

German bond yields slipped off three-week highs but bond prices are likely to stay under pressure amid renewed risks of early elections or a minority government in the biggest euro zone economy.

The safe-haven bid was seen across FX too, with the yen at a one-week high to the dollar. The euro edged away from a near two-week peak versus the greenback, while the dollar reversed losses after Trump’s statement. “This may have run its course, but there’s no reason to chase the dollar’s upside from here,” Daiwa Securities’ foreign exchange strategist Yukio Ishizuki said, noting that the weak manufacturing data had forced many to cut long dollar positions. “Trade friction remains a lingering threat, which is not good for market sentiment.”

Elsewhere, oil fluctuated as traders gauge the probability of OPEC and allied producers tightening supplies when they meet later this week. Australia’s dollar rose after upbeat comments on the global economy by its central bank, while its government bonds dropped.

Looking at the day ahead in the US, the only data due out are the November vehicle sales numbers. Away from the data, we’re due to hear from the ECB’s Coeure and Hernandez de Cos. Elsewhere the NATO conference kicks off in London. Salesforce and Workday are among companies reporting earnings.

Market Snapshot

  • S&P 500 futures down 0.3% to 3,103.50
  • STOXX Europe 600 up 0.4% to 402.40
  • MXAP down 0.4% to 164.17
  • MXAPJ down 0.4% to 522.79
  • Nikkei down 0.6% to 23,379.81
  • Topix down 0.5% to 1,706.73
  • Hang Seng Index down 0.2% to 26,391.30
  • Shanghai Composite up 0.3% to 2,884.70
  • Sensex down 0.3% to 40,676.21
  • Australia S&P/ASX 200 down 2.2% to 6,712.29
  • Kospi down 0.4% to 2,084.07
  • German 10Y yield fell 0.4 bps to -0.285%
  • Euro down 0.01% to $1.1078
  • Italian 10Y yield rose 11.7 bps to 1.002%
  • Spanish 10Y yield fell 0.9 bps to 0.481%
  • Brent futures little changed at $60.96/bbl
  • Gold spot up 0.6% to $1,470.47
  • U.S. Dollar Index little changed at 97.78

Top Overnight News from Bloomberg

  • ECB officials face increasing pushback against their negative interest-rate policy in private engagements with the region’s finance ministers, according to people with knowledge of the matter
  • Pacific Investment Management Co. has become the latest high-profile critic of negative interest rates, warning that one of the key central-bank tools in economically beleaguered Europe and Japan may do more harm than good
  • The ECB’s shift in net asset purchases to corporate bonds may become a more lasting and self- fulfilling feature of this QE leg, as it expands the shopping list while encouraging new issuance
  • France’s government said the EU would retaliate if the U.S. follows through on a threat to hit about $2.4 billion of French products with tariffs over a dispute concerning how large tech companies are taxed
  • At a summit in Brussels next week, EU leaders will commit to cutting net greenhouse-gas emissions to zero by 2050, according to a draft of their joint statement for the Dec. 12-13 meeting. To meet this target, the EU will promise more green investment and adjust all of its policy making accordingly
  • After five years of negative rates imposed by the ECB, German lenders are breaking the last taboo: Charging retail clients for their savings starting with very first euro in the their accounts
  • The Bank of Thailand said measures taken so far to curb capital inflows are “baby steps” and policy makers have plenty of tools available to deploy to curb the currency’s strength

Asian equity markets retreated amid headwinds from the US where the major indices all but wiped out last week’s gains due to fresh trade concerns with lacklustre ISM Manufacturing data also adding to downbeat tone. ASX 200 (-2.2%) and Nikkei 225 (-0.6%) were lower with underperformance in Australia due to hefty losses across its sectors including financials amid continued Westpac-related woes and with life insurers facing increased capital penalties, while sentiment in Tokyo was dragged by the adverse currency flows. Hang Seng (-0.2%) and Shanghai Comp. (+0.3%) also weakened on the trade uncertainty (although the latter pared losses heading into the close) with some analysts reading in between the lines of the metal tariff resumption on Brazil and Argentina, suggesting that it could be another front in the trade war following the nations’ recent agricultural deals with China. In addition, China’s retaliation to the Hong Kong bill by sanctioning US non-profit groups and barring US military visits to Hong Kong, as well as expectations for the US House to pass a Xinjiang-related bill further exacerbated the already-opaque trade environment. Finally, 10yr JGBs failed to take advantage of the widespread risk averse tone, as prices remained dejected following the recent bond rout and with selling also triggered after the 10yr JGB auction showed weaker results across all metric including the lowest b/c since August 2016.

Top Asian News

  • Japan’s GPIF Stops Lending Shares in Blow to Short Sellers
  • Dalio Out of Favor at Asia Wealth Manager as Flagship Fund Falls
  • Hong Kong Economist Says His Views on China Cost Him His Job
  • Nomura Sets Ambitious China Hiring Plans as Rebound Persists

Major European bourses (Euro Stoxx 50 Unch) are mixed, having reversed earlier gains US President Trump said that there was no deadline on a China deal, and that it may be better to wait until after the November 2020 Presidential Election to strike a deal. Elsewhere, some underperformance is being seen in the FTSE 100 on unfavourable currency effects, while the CAC 40 is being weighed by under performance in some of its heavy weight luxury names, Kering (-1.4%), LVMH (-1.4%) and Hermes (-1.9%), on US/EU trade concerns after the US responded to France’s digital sales tax.Meanwhile, sectors are mostly in the red, apart from Utilities (+0.4%), Tech (+0.5%) and Healthcare (+0.1%). In terms of individual movers of note; easyJet (-0.5%) shares were initially higher on the news that the Co. is set to return to the FTSE 100 and will replace Hiscox (-1.3%), although gains have since reversed. Elsewhere, Telenor (+1.2%) was buoyed by an upgrade at Citigroup. Laggards include Aston Martin (-5.5%), who sunk after being downgraded to neutral from buy at Goldman Sachs.

Top European News

  • German Banks Open Floodgates to Negative Rates for all Savers
  • ECB Sub-Zero Rate Policy Faces Pushback From Finance Ministers
  • Italy’s Agnellis Add La Repubblica Publisher to Media Assets

In FX, both outperforming in the G10 FX sphere, more-so the Aussie in the aftermath of the RBA’s latest monetary policy meeting in which the Cash Rate was left unchanged. Key themes in the statement were largely a copy-and-paste job from recent meetings which repeated the gentle turning point in the economy but reaffirmed data dependency and the readiness to inject further stimulus if needed. However, desks note of a slightly more positive tone in the statement which linked rising house prices to a potential lift in spending and residential construction. AUD/USD extends its gains above the 0.6800 level and surpassed its 100 and 21 DMA (at 0.6818 and 0.6820 respectively) to a current high of 0.6860 (vs. low of 0.6815) with clean air until the psychological 0.6900 mark. The Kiwi piggybacks on its antipodean partner’s gains and covers more ground above the recently claimed 0.6500 level vs. the USD to a high of 0.6530 ahead of its 200 DMA at 0.6544.

  • GBP, EUR – Sterling rose in the G10 ranks in early European hours after the retrieval of 1.2950+ status vs the Dollar spurred upside momentum (amid potential stops/orders), and with tailwinds from the latest election Kantar poll (showing a widening gap between Tories and Labour) underpinning the currency in recent trade. Cable rose to a current high of 1.2994 after eclipsing its Nov 18th high (1.2985) with eyes remaining on election developments as election day looms. Meanwhile, the Single Currency held onto most of its gains vs. the Buck despite France’s growing trade tension with the US which prompted the latter to propose duties of up to 100% on certain French imports. EUR/USD meanders around the middle of a tight 1.1072-1.1086 intraday band, ahead of potential resistance at 1.1097 (Nov 21st high), with little impetus derived from ECB Board nominees and sources reports of pushback on the ECB’s NIRP by EZ finance ministers.
  • DXY, JPY, CNH – The broad Dollar and Index resumes their downward trajectories following yesterday’s dismal manufacturing prints and with little by way of fresh fundamental catalysts. DXY hovers around the bottom of today’s current 97.74-94 range with little on the today’s docket in terms of tier 1 data. Meanwhile, USD/JPY convincingly fell below the 109.00 mark (to a low of 108.84 vs. high 109.20) after US President Trump signalled no rush for a US-Sino trade deal. USD/JPY also sees hefty options of around USD 1bln expiring between strikes 109.00-10 and a further USD 1bln at 109.50. Subsequently, USD/CNH was bolstered to fresh session highs of 7.0690 (vs. low of 7.0360) in light of Trump’s comments on trade.
  • EM – The EM space trades mostly on the backfoot with the Rand underperforming as South Africa’s economy contracted on a QQ basis, missing expectations for modest growth. USD/ZAR took out its 200 DMA to the upside (14.5772) to a high of 14.6900 with little seen by way of resistance ahead of 14.7000. Meanwhile, the Lira recovered from initial loses which emanated from US senators urging Secretary of State Pompeo to sanction Turkey over its purchase and testing of the Russian-made S-400 system. The TRY has since pared back a bulk of its losses as President Trump continues to support Turkey.

In commodities, crude markets are flat/higher and off best levels, as risk assets take a hit following the latest US President Trump’s trade comments. However, price action remains well within yesterday’s ranges; technicians will be eyeing resistance at the USD 56.65/bbl and USD 62.10/bbl levels and support at the USD 55.65/bbl and USD 60.78/bbl levels for WTI Jan’ 20 and Brent Feb’ 19 futures (yesterday evening’s trading range). Crude specific news flow has been light; Russian Energy Minister Novak said that Russia is yet to finalise their position for OPEC+ meeting in Vienna, which takes place at the end of the week. Amid rumours that OPEC+ are considering up to an additional 400k bpd in production cuts, the Russians are known to have been resistant to further cuts, instead preferring an extension of existing cuts until mid-2020. In terms of the metals, gold gained as risk soured, with the yellow metal briefly advancing above USD 1,470/oz from overnight lows of USD 1,460/oz. Meanwhile, trade concerns are hitting copper; the red metal has slumped from overnight highs of USD 2.6550/lbs to near USD 2.6300/lbs lows. , Iron Ore prices gained overnight after its largest miner, Vale, lowered its production outlook. On Monday, the miner said that it would cut output from it Brucutu mine in Brazil for up to two months while the stability of the nearby Laranjeiras dam in assessed.

US Event Calendar

  • Wards Total Vehicle Sales, est. 16.9m, prior 16.6m

DB’s Jim Reid concludes the overnight wrap

In the last 24 hours we’ve gone from a potential Santa Claus rally to a more Scrooge-like environment as the ghost of trade wars past came back to haunt the market. Indeed sentiment took a hit following President Trump’s tweet that tariffs would be reinstated on steel and aluminium from Argentina and Brazil and then on Commerce Secretary Ross telling Fox that President Trump will increase tariffs on China if nothing happens between now and December 15th. That undid some of the good work from the majority of global PMIs released earlier in the day. However, a weaker US ISM manufacturing print did bring in an element of doubt and confusion to the picture.

More on the data shortly but first off President Trump’s tweet that “Brazil and Argentina have been presiding over a massive devaluation of their currencies which is not good for our farmers” and that “effective immediately, I will restore the tariffs on all steel and aluminium that is shipped into the US from those countries”. The President followed with the Fed “should likewise act so that countries, of which there are many, no longer take advantage of our strong dollar by further devaluing their currencies”.

The implications of President Trump’s tweet is important less for the direct economic impact and more because it shows the current state of President Trump’s thinking on tariffs, and thus the read-through to China. The latter came into play after Ross’ comments with the markets taking another leg down after the headlines hit. These were partially alleviated by subsequent comments from White House advisor Kellyanne Conway, who said that a deal is possible before year-end. So a fair bit resting on the next couple of weeks ahead of the December 15 tariff increase deadline. However, some reports have suggested they could still be suspended even without a deal, as long as productive talks are continuing. Nevertheless, this date is creeping up on us and something has to happen before it one way or another. Later in the day, and separately, the USTR said that it will consider higher tariffs on the EU to compensate for subsidies given to Airbus, citing a WTO ruling, though the dollar amounts under consideration are small.

After all this, the NASDAQ and trade-sensitive semi-conductor indices closed down -1.12% and -1.46%, respectively. The S&P 500 and DOW fared slightly better but still closed down -0.85% and -0.96%, while the VIX climbed to 14.64 and to the highest level since mid-October. European equities fared even worse, with the STOXX 600 ending -1.58%, its worst session since 2nd October. The DAX and CAC were down -2.05% and -2.01%, and the V2X mirrored the VIX by rising +2.72pts to 15.89.

Overnight the Global Times said that the Chinese government will soon publish a list of “unreliable entities” that could lead to sanctions against US companies. China had originally threatened to publish the list in May in response to the restrictions the US placed on Huawei. The timing seems to be linked to an accelerated US House of Representatives vote – expected today – on the Xinjiang bill, which was passed by the Senate in September. This could put sanctions on officials linked to alleged abuses of Uighur Muslims. It remains to be seen whether this will impede the path towards the Phase 1 deal, which according to President Trump yesterday has already been complicated by the signing of Hong Kong bill into law.

Elsewhere, after the US markets closed last night, Bloomberg reported that the US is proposing tariffs on roughly $2.4 bn in French products, in response to a tax on digital revenues that hits large American tech companies including Google, Apple, Facebook and Amazon. The office of the United States Trade Representative said in a statement that “France’s digital services tax discriminates against U.S. companies.” USTR Robert Lighthizer added that the agency is also exploring whether to open investigations into similar digital taxes by Austria, Italy and Turkey before saying that, “the USTR is focused on countering the growing protectionism of EU member states, which unfairly targets US companies.” The tariffs would be imposed after a public comment period concludes in early 2020. As we write this on a cold December morning it doesn’t feel like the global trade problems are going to thaw anytime soon.

A quick refresh of our screens this morning shows that most Asian markets are trading lower with the Nikkei (-0.72%), Hang Seng (-0.18%), Shanghai Comp (-0.04%) and Kospi (-0.43%) all down. However, most indices are off their intraday lows. As for FX, the Australian dollar is up +0.41% this morning after the RBA held its key interest rate unchanged and highlighted that past easing is having an impact. Yield on 10y USTs are up +2.1bps while those on 10y JGBs are up +3.3bps to -0.028% as demand for the benchmark debt fell at an auction. Elsewhere, futures on the S&P are up +0.18%.

In other news, Hong Kong’s Chief Executive Carrie Lam said overnight that the government would soon announce new moves to prop up the city’s flagging economy without giving any details of what those measure would be. She just mentioned that the measures would be “targeted.” Yesterday, Financial Secretary Paul Chan said that he expected the first fiscal year budget deficit since the early 2000s, and said that the turmoil has dragged down economic growth by some 2pp this year. Elsewhere, North Korea reiterated overnight that the US has until the end of the year to make a better offer in nuclear negotiations, saying the “Christmas gift” the US receives will depend on what it brings to the table.

The bond sell-off overnight follows a similar move yesterday where 10y Treasury yields rose +4.5bps. Front-end rates rallied though, possibly pricing in slightly higher odds that the Fed will end up having to cut again next year. Two-year yields fell -1.0bps, taking the yield curve +5.7bps steeper to 21.7bps. Bunds sold off +8.0bps to -0.284% after the shock weekend SPD news (updates below). Other European bond markets followed the German move, with OATs and Gilts +7.8bps and +4.1bps, respectively. BTPs underperformed, with 10-year yields up +11.9bps, as investors de-risked.

Alongside the SPD news, the earlier decent PMIs seemed to kick start the bond sell-off. In terms of the PMIs, after China’s beat, the PMIs in Europe saw the Euro Area manufacturing print revised up 0.3pts to 46.9. That is the second consecutive monthly increase – something that hasn’t happened since 2017, which is a stunning stat – and also to the highest reading since August. Half of the increase came from Germany and France – the former revised up to 44.1 and the latter to 51.7. Also encouraging was the fact that all of the key components – including new orders, new export orders and employment – saw slight upward revisions. The outright level of the PMI is still clearly a concern but it still lends an argument to seeing a stabilisation in the data.

In the afternoon the US manufacturing PMI was revised up 0.4pts to 52.6, which matches the April levels once again. However, to complicate the picture, 15 minutes later the November ISM manufacturing missed at 48.1 (vs. 49.2 expected). You could argue that the data has stabilised somewhat – the reading was only down 0.2pts from 48.1 and remains above the 47.8 low print from September. That being said, the gap to the PMI (and regional fed surveys) is muddying the waters. In addition, the details didn’t add much encouragement with new orders down to 47.2, employment down to 46.6 and new export orders down to 47.9.

Coming back to yesterday where the fallout from the SPD leadership election in Germany played out with German Finance Minister Scholz, despite losing the leadership bid, announcing that he will still attend a meeting of Eurozone finance ministers tomorrow. Our German economists published their thoughts post the election in a note yesterday, which you can find here . In their view, the vote for Walter-Borjans and Esken increased the probability of the Groko falling apart but does not translate into an automatic or immediate collapse of the government coalition. Their baseline view remains that the new party leaders and delegates at the SPD’s December 6-8 party conference will support a (possibly conditional) continuation of the Groko until the 2021 elections and that the SPD will not pull out of Groko immediately. Still, as the CDU/CSU are reluctant to renegotiate the Groko treaty, non-negligible risks of a premature end to the government coalition remain. It must be said that the internal debate within DB continues to be around how much more likely it is that fiscal spending eventually increases as a result of this political shockwave. There is little doubt that the chances have increased but the timing and scale of any policy changes are still up for much debate.

Elsewhere, new ECB President Lagarde testified to the European Parliament for the first time in her new position, but did not reveal any major policy details. She promised that policy will “continue to support the economy and respond to future risks in line with our price stability mandate.” She refused to prejudge the planned policy review, saying that the “direction and timeline” of the process is still to be determined. This tempers any expectations for near-term policy moves by the ECB, including at this month’s meeting. Notably, Lagarde did talk more about “the side effects of our policies,” which has thus far been the biggest departure from Draghi’s rhetoric and likely signals reduced appetite to cut the deposit facility rate deeper into negative territory.

To the day ahead now, which this morning includes Q2 labour costs and the November construction PMI in the UK and October PPI for the Euro Area. In the US the only data due out are the November vehicle sales numbers. Away from the data, we’re due to hear from the ECB’s Coeure and Hernandez de Cos. Elsewhere the NATO conference kicks off in London.

 

3A/ASIAN AFFAIRS

I)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 8.89 POINTS OR 0.31%  //Hang Sang CLOSED DOWN 53.42 POINTS OR 0.20%   /The Nikkei closed DOWN 149.69 POINTS OR 0.64%//Australia’s all ordinaires CLOSED DOWN 2.11%

/Chinese yuan (ONSHORE) closed DOWN  at 7.0581 /Oil DOWN TO 55.82 dollars per barrel for WTI and 60.70 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.0581 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.0640 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY PAST 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

North Korea

I am a little surprised that the crooks did not whack gold down on this news:  Trump hints at use of military force if North Korea backtracks on commitments.

(zerohedge)

Trump Hints At Use Of Military Force If North Korea Backtracks On Commitments

President Trump hinted on Tuesday that the United States may be forced to use military force against North Korea if Pyongyang doesn’t temper their rhetoric, according to Yonhap.

Trump revived the threat of military action as negotiations between Washington and Pyongyang have stalled over how to match the North’s denuclearization steps with U.S. concessions.

But the U.S. president also emphasized his close personal relationship with North Korean leader Kim Jong-un, saying he hopes Kim will abide by his commitment to dismantle his country’s nuclear weapons program. –Yonhap

After Trump said Kim Jong Un “likes sending rockets up, doesn’t he?” adding “That’s why I call him Rocket Man,” Trump told reporters at this week’s NATO gathering:

“Now we have the most powerful military we’ve ever had and we’re by far the most powerful country in the world,” adding “And, hopefully, we don’t have to use it, but if we do, we’ll use it. If we have to, we’ll do it.”

In 2017, Trump threatened to “totally destroy” the communist regime, before he and Kim conducted several summits aimed at salvaging the increasingly contentious relationship between the two nations.

Earlier Tuesday, North Korea’s Vice Foreign Minister Ri Thae-song urged the United States increase efforts to mend fences.

Since the collapse of Trump and Kim’s second summit in Vietnam in February, the North has warned that it will seek a “new way” if the U.S. fails to come up with an acceptable proposal by the year-end.

The DPRK has done its utmost with maximum perseverance not to backtrack from the important steps it has taken on its own initiative,” Ri said, referring to North Korea by its official name, the Democratic People’s Republic of Korea. He was apparently alluding to the North’s suspension of nuclear and long-range missile tests since 2017.

“What is left to be done now is the U.S. option and it is entirely up to the U.S. what Christmas gift it will select to get,” Ri continued, in an apparent warning that unless the U.S. comes up with a new offer this month, Pyongyang could restart its nuclear weapons and long-range missile tests. –Yonhap

North Korea has conducted a series of short-range ballistic missile tests since May – with some experts suggesting they are covertly advancing their weapons technology while simultaneously pressuring the Trump administration to grant sanctions relief and security guarantees in exchange for partial denuclearization.

The most recent test involved a super-large multiple rocket launcher.

“My relationship with Kim Jong-un is really good, but that doesn’t mean he won’t abide by the agreement we signed,” said Trump. “You have to understand. You have to go and look at the first agreement that we signed. It said he will denuclearize. That’s what it said. I hope he lives up to the agreement, but we’re going to find out.

end

 

 

b) REPORT ON JAPAN

 

3 C CHINA

China

China is furious at the USA. They now ban USA military ships from visiting Hong Kong.  They also sanction USA NGO’s and all of this due to the uSA support for the protesters

(zerohedge)

 

China Bans US Military Visits To Hong Kong, Sanctions US NGOs Over Support For Protests 

China’s Foreign Ministry said Monday that it had suspended all US warships and military aircraft from visiting Hong Kong, and also declared sanctions against several US non-government organizations (NGOs) for their support of pro-democracy protesters, reported Bloomberg.

“In response to the unreasonable behaviors of the US side, the Chinese government decides to suspend the review of requests by US military ships and aircraft to visit Hong Kong as of today,” Chinese Foreign Ministry spokeswoman Hua Chunying said.

China Daily

@ChinaDaily

Beijing has suspended requests by US military ships and aircraft to visit . MOFA Spokeswoman Hua Chunying said that a number of US-based non-governmental organizations, including NED, will be subjected to sanctions from China, in today’s press briefing.

Embedded video

China last week announced that it would make firm countermeasures to President Trump’s signed Hong Kong Human Rights and Democracy Act that went into law.

The new law permits Washington to impose new sanctions or revoke Hong Kong’s special trading status over China’s human rights violations.

The Foreign Ministry’s response to the signing of the bill last week accused Washington of “bullying behavior,” “disregarding the facts,” and “publicly supporting violent criminals.”

Chunying said that “we urge the US to correct the mistakes and stop interfering in our internal affairs. China will take further steps if necessary to uphold Hong Kong’s stability and prosperity and China’s sovereignty.”

About a year ago, on positive signs that a deal was likely at the 2018 G20 Buenos Aires summit, China allowed the USS Ronald Reagan and other ships in its strike group to dock in Hong kong. Now it seems that China will force Hong Kong to deny port calls attempted by the US.

Chunying also said the sanctioned NGOs include the National Endowment for Democracy, the National Democratic Institute for International Affairs, the International Republican Institute, Human Rights Watch, and Freedom House.

“They shoulder some responsibility for the chaos in Hong Kong, and they should be sanctioned and pay the price,” said added.

China’s yuan weakened to 7.04 per dollar, the lowest level in at least a week, following the statement from the Foreign Ministry on Monday morning.

And as we noted last week, China spares trade in the first and second retaliations to the Hong Kong bill. Though that might not be the case in upcoming retaliations as the trade war is likely to

END

China Huawei

Trump seems willing to risk everything with China has he proposes to ban Huawei from using dollars

(zerohedge)

 

Tech War: Trump Admin Considered Nuclear Option In Banning Huawei From US Banking System

A trade deal between the U.S. and China becomes less likely by the day… A decoupling of the world’s largest economies is underway.

Sources told Reuters that the Trump administration considered banning Huawei from using the U.S. financial system as a nuclear option to crush the company.

The strategy by the White House National Security Council was to place China’s Huawei Technologies Co Ltd. on the Treasury Department’s Specially Designated Nationals (SDN) list. This would’ve meant Huawei would’ve been barred from the U.S. financial system and banned from using U.S. dollars in transactions, along with prohibiting it from transacting with any U.S. entities or persons.

One source, who supports the move, said Huawei could be placed on the SDN list in the coming months, depending on trade war developments.

Considering President Trump’s statements on Tuesday morning of how a trade deal might be delayed until after the 2020 election, it seems that Huawei could be imminently placed on the list.

Another source said White House officials drafted a memo and held several meetings on the issue, which shows the extent the Trump administration is willing to damage China’s economy in the trade war.

Instead of the nuclear option, President Trump opted to blacklist Huawei on trade over the summer, which forces U.S. suppliers to obtain individual licenses to do business with the Chinese company. But this leaves the door open for Trump to use the nuclear option to pressure China into signing a deal.

Annie Fixler, a cyber expert at the Foundation for Defense of Democracies think tank, told Reuters that placing Huawei on the SDN list “would have broad, widespread implications for Huawei across the globe.”

Fixler noted that banning the company from using dollars in the global financial system would be devastating for the company. It would also open the doors for Beijing to unleash countermeasures on U.S. firms, like Apple, etc…

Huawei understands that more sanctions are coming, and the trade war could quickly deepen in 2020. To avoid having their assets frozen in the U.S., the company has announced that it will shift a U.S. research center to Canada.

“The research and development center will move from the United States, and Canada will be the center,” Huawei’s CEO Ren Zhengfei told Toronto’s Global and Mail newspaper.

Judging by the headlines on Tuesday from the Trump administration, the likelihood of a trade deal between the U.S. and China before the 2020 election is slim. This means that an escalation in the trade war could be seen as soon as Dec. 15.

end

4/EUROPEAN AFFAIRS

FRANCE

Trump on the warpath today…angry at Macron for initiating in July a tax on digital imprints.  This hurts firms like Google, Facebook, Apple and Amazon

(zerohedge)

 

US Threatens 100% Tariffs On $2.4 Billion In French Goods Including Champagne Over Digital Tax

The Trump administration has threatened to impose 100% tariffs on up to $2.4 billion of French imports, including champagne, after concluding that the country’s tax on digital revenues that hits large American tech companies including Google, Apple, Facebook and Amazon.com unfairly discriminated against US tech companies.

The plan was announced by the US trade representative, Robert Lighthizer, on Monday at the conclusion of an investigation into the French digital services tax, which has pitted Donald Trump against Emmanuel Macron, the French president, for months. The action is designed to pressure France to reach a new agreement on taxing digital services that doesn’t disadvantage American companies according to the WSJ. Under the process outlined by the USTR, the tariffs wouldn’t take effect until January at the earliest, giving the two sides a window to continue negotiations.

“USTR’s decision today sends a clear signal that the United States will take action against digital tax regimes that discriminate or otherwise impose undue burdens on U.S. companies,” Lighthizer said in a statement. “The USTR is focused on countering the growing protectionism of EU member states, which unfairly targets U.S. companies, whether through digital services taxes or other efforts that target leading U.S. digital services companies.”

The USTR also said that the French tax “discriminates against U.S. digital companies, such as Google, Apple, Facebook and Amazon. ”

France’s digital-tax measure is the first in a series of proposed national taxes on digital services being debated across Europe.

Meanwhile, on Monday French Finance Minister Bruno Le Maire said that after asking for an international solution at the OECD level, the U.S. was backtracking. “They are now telling us that they don’t want this solution and are simply going to impose new sanctions on France,” Mr. Le Maire said, speaking on the radio. “My message is clear: We will never, never, never abandon our will to tax fairly tech giants.”

The USTR said it would hold public hearings on January 7 of 2020 and wait to receive public comments through at least January 14, giving France and the other members of the OECD more time to negotiate.

END

France

Trump correctly states that France is trying to tax other countries products. He is very angry so he is going todo a 100% tax of French products including champagne.

(zerohedge)

Trump Unloads On “Very Nasty” Macron, Insists France “Is Not Doing Well Economically At All”

With his allies up in arms over his latest tariff threats directed at France, President Trump landed in London early Tuesday, accompanied by First Lady Melania Trump, for a two-day summit marking the 70th anniversary of the military alliance’s birth. Trump is notorious for blaming America’s NATO partners for not paying their fair share when it comes to financing the military alliance.

Sitting alongside NATO General Secretary Jens Stoltenberg at Winfield House in London, Trump delivered a rambling address that marked the beginning of the summit, bragging about his progress with China, and claiming that the US is doing ‘very well’ when it comes to the still-unsigned ‘Phase One’ trade agreement.

There was talk of arms control progress, with Trump insisting that “Russia wants to do something badly and so do we.”

During previous administrations, summits like this one would have been a snoozefest. But President Trump has spiced up several NATO summits by starting drama with one or more of his fellow Nato leaders.

Justin Trudeau and Angela Merkel have been favorite targets of his in the past; but Trump is focusing his ire on French President Emmanuel Macron.

The problem is that Macron apparently told The Economist Magazine that Nato was experiencing “brain death,” and warned that members of the alliance could no longer rely on the US.

Unsurprisingly, Trump took umbrage at this, and dedicated a few minutes of his opening press conference to trashing Macron, accusing him of being “very, very nasty” and that it was “very insulting” for the French president to label Nato “brain dead.”

Watch a clip of Trump’s remarks below:

CNN International

@cnni

“I think that’s very insulting.”

US President Donald Trump condemns French President Emmanuel Macron’s “nasty” statement about NATO being “brain dead” https://cnn.it/2r87XuD

Embedded video

Trump added that relations between the US and European Nato members were not causing any divide, except with France. He could even envision France ‘breaking’ away from the military alliance.

“I do see France breaking off. I’m looking at him and I’m saying he [Macron] needs protection more than anybody and I see him breaking off, so I’m a little surprised at that,” Trump said.

Returning to the tariffs once more, Trump slammed France for trying to raise money via a “digital tax” levy on US tech giants like Facebook and Google.

They are starting to tax other people’s products, so we are going to tax them,” Trump said

He also took a swipe a France’s economy, with its high unemployment rate, claiming that the country was “not doing well economically at all.” There’s some truth to that: The Q3 unemployment rate climbed o 8.6%.

Of course, some of the most scathing criticism of Nato has come from President Trump, with the president repeatedly declaring the alliance obsolete.

The president also made some comments about the possibility of delaying notifications.

UK

My goodness:  UK retail sales collapse. It seems that the entire world’s demand just stpooed on a dime

(zerohedge)

UK Retail Sales Collapse In November By Most On Record

Retail sales in Britain crashed by 4.9% YoY (on a like-for-like basis) in November – the biggest drop in the 25 year history of The British Retail Consortium’s reporting…

Source: Bloomberg

However, as Paul Martin, Partner, UK Head of Retail, KPMG, notes:

At first glance, November’s decline in like-for-like retail sales of -4.9% will leave retailers reaching for the smelling salts, but context is key. If adjusted for the later timing of Black Friday and Cyber Monday, sales are more likely to have increased by a more palatable 0.4% like-for-like.”

But added that:

“The key question will be whether demand can rebound enough to make up for several disappointing months of trading this year.”

Susan Barratt, CEO, IGD, notes that “Food and grocery sales saw a continued slowdown in November and it is unclear if it will pick back up as the festive season approaches…”

Shoppers’ financial confidence remains subdued, with a slight improvement recently as the focus moves away from Brexit to Christmas.”

 

Finally, Helen Dickinson, Chief Executive of the British Retail Consortium, warned that:

If the next Government wishes to see retail spending remain healthy in 2020 it is essential they clarify our future relationship with the EU as soon as possible. If consumers are to avoid price rises, and reduced availability, politicians must put frictionless, tariff-free trade at the top of their new agenda. “

Retailers have their foot to the floor during this critical trading period, but it won’t be until Christmas trading reports land in January that we’ll truly know whether their strategies have proved fruitful.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Iran

Iran ins rare acknowledgement tells of the killings of rioters during the gasprice hike protests

(zerohedge)

 

Iranian State TV Acknowledges Killings Of “Rioters” During Gas Price-Hike Protests

In a rare moment of transparency for Iran’s state-run media, a domestic television station reported that Iranian security forces shot and killed protesters – whom they described as dangerous “rioters” conspiring to undermine national stability – in several Iranian cities during a wave of unrest sparked by a massive hike in gasoline prices.

The report is the first time the Iranian government has even acknowledged the killings, which were largely carried out by state security forces.

As Bloomberg explains, Iranians have come to regard cheap gasoline as a birthright, since low gas prices are one of the few sops that the government can throw the impoverished Iranian people. Many underemployed Iranians work as cab drivers, an easy, low-cost gig that can quickly line the pockets of any impoverished Iranians.

At least 208 people were killed during the protests, according to Amnesty International, though Iran’s UN delegation insisted this claim was inaccurate.

Iran infamously blocked access to the Internet during the unrest that gripped the country, cutting off the flow of information from non-official sources.

According to the state TV report, many of those killed during the unrest were “rioters who have attacked sensitive or military centers with firearms or knives, or have taken hostages in some areas.” Others killed were described as passers-by, security forces and peaceful protesters, though the report didn’t attempt to assign blame for their deaths.

In one case, the report said security forces confronted a separatist group in the city of Mahshahr armed with “semi-heavy weapons.”

“For hours, armed rioters had waged an armed struggle,” the report alleged. “In such circumstances, security forces took action to save the lives of Mahshahr’s people.”

Separately, state TV acknowledged confronting “rioters” in Tehran, as well as in the cities of Shiraz, Sirjan and Shahriar, a suburb of Tehran, where Amnesty said there had been “dozens of deaths.” The suburb was one of the areas that saw one of the highest death tolls during the protests.

Amnesty didn’t offer much of a breakdown of deaths across the country, saying only that “the real figure is likely to be higher” than what it reported.

“The authorities have been threatening families, some have been forced to sign undertakings that they won’t speak to the media,” she said. “Families have been forced to bury their loved ones at night under heavy security presence.”

Thanks to President Trump’s sanctions, Iran’s economy has taken a nosedive. Recently, the World Bank estimated Iranian GDP at $6,000 per person, compared with more than $62,000 in the US.

Prior to this latest report, Iranian leaders denounced the protests as a “conspiracy”, and also announced that more than 700 banks were torched.

end

6.Global Issues

Important:  global news that will certainly have an effect on the price of gold through the eyes of Michael Every of Rabobank

(Michael Every)

Hold The Champagne Corks

Submitted by Michael Every of Rabobank

Positive Chinese PMI data (which we are sceptical of representing the true state of the economy) and a potential future fiscal shift in Germany (which our rates strategy team do not see heralding upwards pressure on Bund yields) both saw global bond yields up markedly yesterday, even when local data tanked, as in Australia. That lasted right the way through to a series of blows that saw some of the sting come out of bonds (10-year US Treasuries closed up 6bp having been as high as +10bp), but equities still started December in poor form.

First, China countered the US HKHRDA legislation with a banning on US naval vessels making shore-leave in Hong Kong, and banned five US-based NGOs, including Human Rights Watch and Freedom House, from the Special Administrative Region “for inciting separatist activities”. While a relatively mild response in practical terms, the bilateral atmosphere is further strained.

Second, the US ISM data tanked, dropping to a recessionary 48.1 with new orders down to the August low of 47.2 and employment at 46.6. Recall that with US imports from the world ex-China up y/y and Chinese imports from the world ex-US down in most cases, a slight pick-up in China, even if true, is more than outweighed by a down-turn in the US.

 

Third, US President Trump re-imposed 15% steel and aluminium tariffs on both Brazil and Argentina, claiming that they had both allowed their currencies to depreciate too much. The direct economic effects of that move are limited on all fronts – but at the same time the message is that excess FX weakness vs. the USD will not go unanswered by the White House, even when national security is not being blamed. Factor that in when you think what is bound to happen to CNY at some point if China carries on down its present growth and debt path: yesterday was interesting in that CNY slipped to around 7.04 despite the good Chinese data,…yet the broad DXY saw the USD drop markedly too and JPY gain. In other words, stocks down, bonds down, USD down and CNY down, and risk-off JPY up. Merry Xmas!

Fourth, US Commerce Secretary Wilbur Ross (who for those who recall these things, always looks like John Gielgud’s Spitting Image puppet, having to be woken with a stick at the start of each sketch) stated that Trump is prepared to levy more duties on China if the phase one trade deal is not agreed. That gives us what Ross called “a logical deadline” of 15 Decemberunless things move or are moved. Trump himself stated “The Chinese want to make a deal, we’ll see what happens.” Do they, now Bloomberg suddenly says that China is once again ‘winning the trade war’? (I wish the authors of these puff piece would go to sleep in a corner like John Gielgud.) CNY and CNH will be watching closely, of course, and market chatter is if 15% tariffs go up, then both crosses will be at 7.15 shortly afterwards – and from there….well, let’s see.

Fifth, the US stated it will impose USD2.4bn of 100% tariffs on French products, including champagne and *cheese*, in response to France’s imposition of a digital tax on US tech giants. These measures will happily not take place until well after 1 January, giving us all a chance to enjoy New Year first, but this will of course not go down well in La Belle France. What fun the NATO 70th birthday bash in London today and tomorrow will be, as we noted yesterday: it is likely to have as many fireworks as October’s 70th anniversary of the People’s Republic of China did – but for all the wrong reasons.

Indeed, all the points above, perhaps the market will now hold the champagne corks that it has been popping for months now in expectation that all is well and yields should be going up, not down?

And over in the US, the Republicans are reportedly set to release a rebuttal of impeachment charges against President Trump even before they are levelled: expect the Democrats to conclude the complete opposite, and they have the numbers to impeach; but hold the champagne yet again, as it’s and then it’s off to the Senate, where the Republicans have the numbers, and then to the 2020 election, where many talking heads, and the market, are still saying Trump has the numbers.

And this morning starts on the kind of note the Chinese PMI data singularly fail to suggest should be happening: two more bond defaults after non-payment by the close yesterday, totalling around USD500m, following another last week. With the surge in China’s debt in recent years, and the ongoing structural slowdown in growth, this is just the tip of the iceberg.

END

7. OIL ISSUES

BANKRUPTCIES GALORE IN THE SHALE PATCH.  WE ARE NOW WITNESSING THE DEATH OF SHALE

(courtesy Alic/OilPrice.com)

Meet The Biggest Losers Of The US Shale Bust

Authored by Anes Alic via OilPrice.com,

After a decade of unprecedented growth and seemingly endless investments, the writing is now on the wall: the Great American Shale Boom is slowing down and this could have some grave consequences both the industry and the financial markets.

A total of 32 oil and gas drillers have filed for bankruptcy through the third quarter, with the total number of bankruptcy filings since 2015 now clocking in at more than 200.

Unlike Phase 1 of the oil bust that featured shale production declining due to an epic global price collapse, the current slowdown is being driven partly by industry-wide core operational issues, including declining production due to wells being drilled too close to one another as well as production sweet spots running out too soon.

Yet, the most important underlying theme precipitating the collapse is a growing financial squeeze as banks and investors pull in the reins and demand that shale drillers prioritize profitability over production growth.

The shale industry has been built on mountains of debt and the day of reckoning is finally here.

As many company executives who hoped to drill their way out of debt are belatedly discovering, trying to squeeze a profit from shale-fracking operations is akin to trying to draw blood from stone with the industry having racked up cumulative losses estimated at more than a quarter of a trillion dollars.

From the Permian of the Southwest to the Eagle Ford in Texas and the Bakken of central North America, the future is looking decidedly bleak for shale companies that racked up the most debt and expanded too aggressively.

Bingeing on debt

Chesapeake Energy Corp. (NYSE:CHK) is widely considered the posterchild of debt-fueled shale investments gone woefully wrong. A decade ago, the company’s deceased CEO, Aubrey McClendon (aka the Shale King), was the highest paid Fortune 500 CEO. McClendon had a rather unusual modus operandi: instead of trying to sell oil and gas, he was essentially flipping real estate using borrowed money to acquire leases to drill on land, then reselling them for 5x- 10x more.

He was unapologetic about it, too, claiming it was far more profitable than the drilling business.

McClendon’s aggressive leasing tactics finally landed him in trouble with the Oklahoma authorities before he was killed in a car crash shortly after being indicted.

He left the company that he founded in a serious liquidity crunch and corporate governance issues from which Chesapeake has never fully recovered–CHK stock has crashed from an all-time high of $64 a share under McClendon in 2008 to $0.60 currently.

The shares plunged 30% in early November after management fired a warning that the company was at risk of defaulting on an important leverage covenant, something that would trigger the entire balance immediately coming due:

‘‘If continued depressed prices persist, combined with the scheduled reductions in the leverage ratio covenant, our ability to comply with the leverage ratio covenant during the next 12 months will be adversely affected, which raises substantial doubt about our ability to continue as a going concern.’’

Unmitigated disaster for shareholders 

Yet, if shale companies are having it rough, shale investments have been nothing short of disastrous for individual shareholders and investors.

As Steve Schlotterbeck, former CEO of largest natural gas producer EQT, has attested:

“The shale gas revolution has frankly been an unmitigated disaster for any buy-and-hold investor in the shale gas industry with very few limited exceptions. In fact, I’m not aware of another case of a disruptive technological change that has done so much harm to the industry that created the change.”

According to Schlotterbeck, the scale of value destruction has been mind-boggling with the average shale company obliterating 80% of its value (excluding capital) over the past decade.

Chesapeake and the 200+ companies that have gone under should serve as a cautionary tale for an industry that’s big on promises and loves to finance its big ambitions on borrowed dimes with little to show for it in the way of profits.

Yet, the vicious cycle of high debt, high cash burn and poor returns refuses to go away. Starved for cash, energy companies have devised a new instrument with which to court investors and continue bankrolling their operations: shale bonds. These companies are now floating asset-backed securities wherein producers transfer ownership interests to investors with proceeds from the wells used to pay off the bonds.

A good case in point is Denver-based oil and gas company Raisa Energy LLC, which closed the first shale bond offering in September. Raisa will pay nearly 6% interest on the best quality wells, with higher rates offered on riskier assets.

After years of low interest rates, fixed-income investors are finding junk bonds increasingly attractive and might find the lure of shale bonds irresistible. But these bonds are a potentially high-risk investment considering that modeling future production remains an inexact science due to the complex geology of shale basins.

Investors will only have companies’ estimates when trying to model potential returns, never mind the fact that there are literally thousands of shale wells that are pumping well below forecasts.

To get a better grasp of the underlying risks, consider Whiting Petroleum (NYSE: WLL) whose June 2018 unsecured bonds recently traded as low as 57.8 cents on the dollar.

It’s not just retail investors getting torched in this shale snafu.

Bloomberg has reported that former shale billionaires Farris and Dan Wilks have seen their Permian shale investments decimated in the latest oil bust.

Energy independence

As Schlotterbeck deadpanned:

“Nearly every American has benefited from shale gas, with one big exception–the shale gas investors.”

No one can deny that the US shale industry has been highly beneficial to the country in a number of ways. For starters, it has helped to lower gas and energy prices for the consumer while freeing the nation from over-dependence on oil imports. Indeed, in November, the US posted its first full month as a net exporter of crude oil in 70 years, with Rystad Energy predicting the country is only months away from achieving total energy independence.

But unless these companies can figure a way to drill profitably and stem the ballooning debts, this is going to continue being a race to the bottom with investors at the bottom of the totem pole paying the highest price.

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1076 UP .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 108.82 DOWN 0.197 (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 1.2485   UP   0.0059  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TO JAN 31/2020//

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

Early THIS  TUESDAY morning in Europe, the Euro ROSE BY 4 basis points, trading now ABOVE the important 1.08 level RISING to 1.1076 Last night Shanghai COMPOSITE CLOSED UP 8.89 POINTS OR 0.31% 

 

//Hang Sang CLOSED DOWN 53.42 POINTS OR 0.20%

/AUSTRALIA CLOSED DOWN 2.11%// EUROPEAN BOURSES ALL MIXED

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL MIXED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 53.42 POINTS OR 0.20%

 

 

/SHANGHAI CLOSED UP 8.89 POINTS OR 0.31%

 

Australia BOURSE CLOSED DOWN 2.11% 

 

 

Nikkei (Japan) CLOSED DOWN 149.69  POINTS OR 0.64%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1469.20

silver:$16.99-

Early TUESDAY morning USA 10 year bond yield: 1.79% !!! DOWN 3 IN POINTS from MONDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.24 DOWN 3  IN BASIS POINTS from MONDAY night.

USA dollar index early MONDAY morning: 97.82 DOWN 4 CENT(S) from  MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing TUESDAY NUMBERS \1: 00 PM

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

JAPANESE BOND YIELD: -.02%  UP 3   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.41%//DOWN 8 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,28 DOWN 7 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 87 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.35% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.63% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR TUESDAY

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

Euro/USA 1.1087  UP     .0011 or 11 basis points

USA/Japan: 108.53 DOWN .496 OR YEN UP 50  basis points/

Great Britain/USA 1.2999 UP .0057 POUND UP 62  BASIS POINTS)

Canadian dollar UP7 basis points to 1.3299

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 7.0613    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  7.0706  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  5.7536 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

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

 

Your closing 10 yr US bond yield DOWN 12 IN basis points from MONDAY at 1.70 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.15 DOWN 12 in basis points on the day

Your closing USA dollar index, 97.71 DOWN 16  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED DOWN 127.18  1.75%

German Dax :  CLOSED UP 24.61 POINTS OR .19%

 

Paris Cac CLOSED DOWN 59.52 POINTS 1.03%

Spain IBEX CLOSED DOWN 20.60 POINTS or 0.22%

Italian MIB: CLOSED UP 7.93 POINTS OR 0.03%

 

 

 

 

 

WTI Oil price; 55.97 12:00  PM  EST

Brent Oil: 60.88 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    64.24  THE CROSS HIGHER BY 0.03 RUBLES/DOLLAR (RUBLE LOWER BY 3 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 :  56.25//

 

 

BRENT :  60.95

USA 10 YR BOND YIELD: … 1.71 DOWN 11 BASIS PTS…

 

 

 

USA 30 YR BOND YIELD: 2.17..DOWN 10 BASIS PTS…..

 

 

 

 

 

EURO/USA 1.1083 ( UP 7   BASIS POINTS)

USA/JAPANESE YEN:108.62 DOWN .419 (YEN UP 42 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 97.74 DOWN 12 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2995 UP 56  POINTS

 

the Turkish lira close: 5.7442

 

 

the Russian rouble 64.15   UP 0.05 Roubles against the uSA dollar.( UP 5 BASIS POINTS)

Canadian dollar:  1.3295 UP 12 BASIS pts

USA/CHINESE YUAN (CNY) :  7.0613  (ONSHORE)/

 

USA/CHINESE YUAN(CNH): 7.0680 (OFFSHORE)

 

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

 

The Dow closed DOWN 280.23 POINTS OR 1.01%

 

NASDAQ closed DOWN 47.34 POINTS OR 0.55%

 


VOLATILITY INDEX:  15.96 CLOSED UP 1.05

LIBOR 3 MONTH DURATION: 1.900%//libor dropping like a stone

 

USA trading today in Graph Form

Tariff-Tantrum Sparks Worst Start To December For S&P Since 2008

Trump’s trade-deal-related comments, combined with Pence and Ross confirmations that Dec 15th tariffs are still on the table unless a deal is struck imminently, sent the market’s expectations for a trade deal tumbling….

Source: Bloomberg

Sparking the worst start to December since 2008…

Source: Bloomberg

As US equities caught down to bond-land’s all-knowing levels…

Source: Bloomberg

Dow Transports are suffering most since the start of December (and Small Caps are relative outperformers, but still down hard)…

Source: Bloomberg

Trannies briefly broke below their 200DMA…

Notably, today’s bounce took the S&P futs back to VWAP (and tried to get back to the critical 3100 gamma level, after bouncing off the 3070/75 gamma-flip level)…

Source: Bloomberg

Cyclicals were monkeyhammered today…

Source: Bloomberg

European markets slid as Trump raises the threat of tariffs of EU exports…

Source: Bloomberg

VIX spiked to 17.99 intraday before fading back (and the short-end term structure inverted briefly intraday)…

Source: Bloomberg

Are stocks getting ready to catch down to credit?

Source: Bloomberg

Treasury yields plunged today (biggest daily drop since mid-August)…

Source: Bloomberg

With 30Y Yields tumbling to their lowest since early October

Source: Bloomberg

And the yield curve flattened dramatically (most since early August)…

Source: Bloomberg

The Dollar dived again to its lowest in a month…

Source: Bloomberg

And offshore yuan suffered its biggest drop in 2 months to 7 week lows…

Source: Bloomberg

Cryptos dumped and pumped intraday but remain lower on the week…

Source: Bloomberg

Gold and Silver soared intraday and copper was clubbed like a baby seal…

Source: Bloomberg

WTI ended higher on OPEC production extension hopes…

 

Source: Bloomberg

Silver surged higher (best day in 2 months)…

And gold rallied back to a key resistance level (best day on over a month)…

 

Finally, this seemed appropriate…

Of course, one wonders if Trump’s delay comments might be a way to force The Fed back to its Dovish ways – and the market has added half a rate-cut to expectations in the last two days….

Source: Bloomberg

And the real QE4 continues to placate the repo markets – for now…

And don’t forget this is, by far, the longest bull market without a 20% correction in history…

Source: Goldman Sachs

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

Futures Tumble After Trump Says “Better To Wait Until After The Election” For China Trade Deal

Welcome to the funhouse.

On Tuesday morning, President Trump tells reporters in London that his administration is progressing “very well with China right now” in formulating a trade deal. Futures jump on the news then fade it hard. Then moments later, he punks all the algos and crushes the upward momentum when he spills the beans that there is actually no trade deal in sight.

  • TRUMP SAYS WE ARE DOING VERY WELL WITH CHINA RIGHT NOW
  • TRUMP SAYS CHINA TRADE DEAL IS DEPENDENT ON WHETHER I WANT TO MAKE IT
  • TRUMP SAYS I HAVE NO DEADLINE ON TRADE

Equity futures in Europe and the US slide after Trump says, “better to wait until after the election for the China trade deal.

 

  • TRUMP SAYS PROBABLY BETTER TO WAIT UNTIL AFTER THE ELECTION FOR THE CHINA DEAL
  • TRUMP SAYS WE WILL SEE WHETHER THE CHINA DEAL IS GOING TO BE RIGHT
  • TRUMP SAYS I HAVE NO DEADLINE ON CHINA DEAL AND IT MIGHT BE BETTER TO WAIT UNTIL AFTER NOVEMBER 2020 ELECTION

E mini S&P500, Nasdaq, and Russell 2000 slide on the news that a trade deal could occur after the 2020 election.

E mini S&P500 testing 20ema on the daily timeframe.

USD/CNH soars .30% on Trump’s comments to the highest level since Oct.

We finally figured out Trump’s E Mini S&P500 target: 3100

A record short VIX reflects a vicious unwind could be nearing.

then:

Futures Take Another Leg Lower After China’s Global Times Accuses US Of Backpedaling In Trade Talks

Late last Wednesday, with hours left until the Thanksgiving holiday, Trump signed the controversial Hong Kong bill, knowing well it would upset Beijing and risk an escalation in the trade war, however as we said, “it appears the president was confident enough that a collapse in trade talks won’t drag stocks too far lower” with the S&P just hitting an all time high above 3,150. Since then, the assessment that Trump was confident enough that a resumption in trade hostilities wouldn’t have too negative of an impact on the market has only been borne out, resulting in Trump launching new trade war fronts in both Latin America and Europe, and this morning, appearing to hammer the final nail in any trade deal with China in 2019, and perhaps ever, when he said it may be better to wait for a trade deal until after the 2020 election.

The news promptly sent US equity futures tumbling below the critical 3,100 level where there is a mountain of dealer gamma, and where negative convexity means selling will beget more selling.

Meanwhile, China also decided to remind Trump that it would have a say in the matter, and moments ago the Global Times directly accused the US of “backpedaling”, but noting that it was prepared for such as “worst case scenario”, to wit:

The US appears to be backpedaling in #tradetalks as officials threaten tariff hikes, but that will have zero effect on China’s stance because Chinese officials have long prepared for even the worst scenario: Mei Xinyu, an expert close the Chinese Commerce Ministry.

Global Times

@globaltimesnews

The US appears to be backpedaling in as officials threaten tariff hikes, but that will have zero effect on China’s stance because Chinese officials have long prepared for even the worst scenario: Mei Xinyu, an expert close the Chinese Commerce Ministry pic.twitter.com/P7Ai3NYXdO

٧٥ من الأشخاص يتحدثون عن ذلك

 

And just in case the complete collapse in diplomatic relations was lost on someone, moments ago the director of the Chinese foreign ministry Hua Chunying compared Mike Pompeo to a mentally ill woman.

Toni (but what’s your *real* name?)@tony_zy

CN Spokeswoman Hua Chunying called Pompeo “Xianglin Auntie” (祥林嫂) today, quoting a character from Lu Xun novel to paint Pompeo, who criticized IP theft, as a mentally illed woman who keeps repeating stories. It’s tone deaf af even by China standards. Literature breakdown: 1/n

View image on Twitter

In any case, the rapidly deteriorating back and forth sent futures to another sharp leg lower, now well below 3,100…

… and the risk is that the record VIX short position we have been warning about, is about to see a historic squeeze.

end
Then late morning:

Stocks, Yuan, Bond Yields Crash On Reports Dec 15th Tariffs “Going Forward”

Well that escalated quickly…

Stocks are accelerating their losses after reports from Fox News that the December 15th tariffs are still going forward

Yuan is collapsing…

Source: Bloomberg

And Treasury yields are plunging…

Source: Bloomberg

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

Pondering Yesterday’s Gigantic Miss On Construction Spending

Authored by Mike Shedlock via MishTalk,

Yesterday’s Oct construction spending report was much weaker than expected. That’s on top of huge negative revisions for Sept.

Gigantic Miss

Economists at Econoday expected construction spending to rise 0.4% in October. Instead, spending fell 0.8%.

Worse yet, the Census Department revised september spending from 0.5% to -0.3%.

All told that is a gigantic economic estimate miss of a full 2.0 percentage points.

Residential Construction

Despite glowing new home sales reports, residential construction spending peaked in February of 2018.

Government spending has kept total construction spending flat.

If this was a single report, I would suspect an outlier. But the key chart lines point to early 2018.

New Home Sales Highest in 12 Years

Six days ago I reported New Home Sales Highest in 12 Years.

 

Q: Does today’s report make sense?

A: Actually, it does.

Median Sales Price of Houses Sold for the United States

The median home sales price peaked in the fourth quarter of 2017.

Builders are building cheaper homes because no one can afford anything else.

end

iii) Important USA Economic Stories

iv) Swamp commentaries)

Barr disputes the Horowitz Finding on the origins of the case. In hindsight he already has the stuff from Durham

(zerohedge)

Barr Disputes Major Horowitz Finding Based On Durham, CIA Evidence

Attorney General William Barr will dispute a fundamental finding in the upcoming Inspector General report – namely that the FBI was justified in launching an operation Crossfire Hurricane, the agency’s official covert counterintelligence investigation into links between the Trump campaign and Russian officials, according to the Washington Post.

While IG Michael Horowitz is said to have concluded that the agency had enough information to launch the probe on July 31, 2016 after Trump campaign aide George Papadopoulos repeated a rumor that Russia had dirt on Hillary Clinton, Barr has reportedly told associates that Horowitz does not know about – or did not include – potentially exculpatory evidence held by other US agencies such as the CIA, which could alter his report’s conclusion.

In July, Fox News reported that exculpatory evidence existed which the FBI failed to include in surveillance warrant applications in which Papadopoulos denies having any contact with the Russians, when he was in fact told about the ‘Clinton dirt’ byJoseph Mifsud, a mysterious Maltese professor (and self-professed member of the Clinton foundation) who has ties to George Soros’ Open Society Foundation.

 

Many believe Papadopoulos was the victim of an entrapment scheme, by which Mifsud would seed him with information that Australian diplomat would later extract from him in a London bar, which made its way to the FBI – officially leading to the launch of Operation Crossfire Hurricane.

And the exculpatory evidence? Downer – a Clinton ally – likely recorded Papadopoulos saying he had no Russian contacts.

George Papadopoulos@GeorgePapa19

Have been contacted by about a dozen Australian journalists for comment on Clinton errand boy, Alexander Downer, and him being idiotic enough to spy on me with his phone. The transcript of my meeting with him will show Australia was willfully trying to sabotage Donald Trump.

Barr’s information also comes from a concurrent, ongoing investigation into the Obama DOJ conducted by Connecticut US Attorney John Durham.

Part of Barr’s reluctance to accept that finding is related to another investigation, one being conducted by Connecticut U.S. Attorney John Durham, into how intelligence agencies pursued allegations of Russian election tampering in 2016. Barr has traveled abroad to personally ask foreign officials to assist Durham in that work. Even as the inspector general’s review is ending, Durham’s investigation continues. –Washington Post

Barr, through Durham, has been investigating Mifsud – who told Italian media “I never got any money from the Russians: my conscience is clear,” adding “I am not a secret agent.” The Maltese professor is currently MIA.

As the Post‘s Devlin Barrett (who spoke with former FBI lawyer Lisa Page) notes, Barr’s disagreement with Horowitz not only sets the stage for a showdown within the DOJ, it will spark partisan outrage among Democrats who have already accused the AG of being Trump’s personal lawyer.

House Speaker Nancy Pelosi (D-Calif.) charged in September that Barr had “gone rogue.”

In recent weeks, Democrats have charged that Barr’s Justice Department was too quick to decide not to investigate Trump over his efforts to convince Ukraine’s president, Volodymyr Zelensky, to announce an investigation of Democratic presidential candidate Joe Biden. The Ukraine controversy has led to an impeachment inquiry. –Washington Post

Barr, meanwhile, has slammed Democrats for abusing legal procedures and Congressional standards in their pursuit of Donald Trump, saying earlier this month “In waging a scorched-earth, no-holds-barred war against this administration, it is the left that is engaged in shredding norms and undermining the rule of law.”

In April, Barr used the term “spying” to describe what the Obama DOJ did to the Trump campaign.

“I think spying on a political campaign is a big deal,” he told lawmakers. “I think spying did occur, but the question is whether it was adequately predicated and I’m not suggesting it wasn’t adequately predicated, but I need to explore that.

George Papadopoulos@GeorgePapa19

It’s not difficult to understand why the Attorney General is objecting to Australia’s version. Truth is Australia was spying on me in London to set up Trump. Durham has been interviewing both Israeli and Australian officials who know EXACTLY who Alexander Downer’s handlers were!

Jack Posobiec 🇺🇸

@JackPosobiec

PapaD is the key

END

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

China to suspend US Navy visits to Hong Kong over bill

https://www.foxnews.com/world/china-to-suspend-us-navy-visits-to-hong-kong-over-bill

@realDonaldTrump [3:59 ET]: Brazil and Argentina have been presiding over a massive devaluation of their currencies. which is not good for our farmers. Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries. The Federal Reserve should likewise act so that countries, of which there are many, no longer take advantage of our strong dollar by further devaluing their currencies. This makes it very hard for our manufactures & farmers to fairly export their goods. Lower Rates & Loosen – Fed!

It probably did not initially register with investors that when Trump imposed tariffs on Brazil and Argentina steel and aluminum, he tied Brazil and Argentina to unfair China trade practices.  This is a new joker in the deck.  DJT’s tariff gambit also strongly suggests that unfair trade and the imposition of tariffs on other nations could be a key strategy for the 2020 Campaign.

Trump Ties Brazil, Argentina Steel Tariffs to U.S. Farm Woes

Countries hit sell soybeans to China, have devalued currency

    President Donald Trump is reinstating tariffs on steel and aluminum from Argentina and Brazil, nations he criticized for cheapening their currencies to the detriment of U.S. farmers, and he again called on the Federal Reserve to loosen monetary policy…

   In the first 10 months of the year, Brazil has shipped $25.5 billion in farm products including soybeans and pork to China. That’s more than 10 times the value of steel and iron product sold to the U.S…

   In the case of Argentina, soybean shipments to China totaled $2.4 billion in 2017, more than triple the value of the South American nation’s aluminum and iron pipe exports to the U.S. As the trade war between Beijing and Washington escalated, China boosted imports of the oilseed to $2.5 billion in the first 10 months of 2019, Chinese customs data show…

https://www.bloomberg.com/news/articles/2019-12-02/trump-to-restore-tariff-on-steel-shipped-from-brazil-argentina-k3obsetn

U.S. Restores Steel, Aluminum Tariffs on Argentina and Brazil – President on Twitter accuses both countries of massively devaluing their currencies, saying such moves hurt U.S. farmers

https://www.wsj.com/articles/trump-restores-tariffs-on-steel-and-aluminum-shipped-from-argentina-brazil-11575288359?mod=e2twe

With Brutal Crackdown, Iran Is Convulsed by Worst Unrest in 40 Years

What started as a protest over a surprise increase in gasoline prices turned into widespread demonstrations met with a systematic repression that left at least 180 people dead.

https://www.nytimes.com/2019/12/01/world/middleeast/iran-protests-deaths.html

Attorney general disputes inspector general’s finding that FBI was justified in opening probe of Trump’s 2016 campaign    https://www.washingtonpost.com/national-security/barr-doesnt-accept-key-inspector-general-finding-about-fbis-russia-investigation/2019/12/02/4464f018-154d-11ea-a659-7d69641c6ff7_story.html

@ByronYork: Many note Lisa Page has decided to talk on eve of IG report release. True. But IG has already written (in 2018) that Page & Strzok caused damage that ‘goes to the heart of the FBI’s reputation for neutral fact finding and political independence.‘     http://ow.ly/IcWP50xpd7t

@realDonaldTrump: When Lisa Page, the lover of Peter Strzok, talks about being “crushed”, and how innocent she is, ask her to read Peter’s “Insurance Policy” text, to her, just in case Hillary loses. Also, why were the lovers’ text messages scrubbed after he left Mueller. Where are they Lisa?

John Podesta Set up Fundraising Meetings for Fusion GPS after Trump’s Election Victory

Former Clinton campaign chairman John Podesta was one of Fusion GPS’s “most helpful” resources in an effort to raise money after the 2016 election to continue investigating President Donald Trump, the co-founders of the opposition research firm revealed in a book released on Nov. 26…

https://dailycaller.com/2019/12/02/john-podesta-fusion-gps/

@CNBC: Trump campaign revokes credentials for Bloomberg reporters over decision not to probe 2020 Dems

@TeamTrumpOur full statement on Bloomberg News from Campaign Manager Brad @Parscale

“Since [Bloomberg has] declared their bias openly, the Trump campaign will no longer credential representatives of Bloomberg News for rallies or other campaign events…”

https://twitter.com/TeamTrump/status/1201554241623605250

@MarkSimoneNY: Nutty, world class hypocrite, Michael Bloomberg has 3 planes, 2 helicopters, 6 boats, 11 houses, 42 cars, and says you should take the bus to help fight climate change!

Hunter Biden’s ‘Corrupt’ Actions Will ‘Dominate’ Debates if Joe Biden Wins Nomination: Trump

https://www.theepochtimes.com/hunter-bidens-corrupt-actions-will-dominate-debates-if-joe-biden-wins-nomination-trump_3160601.html

Hunter Biden blows off court hearing over child support as his lawyer abruptly quits while glam baby mama Lunden Roberts leaves court after judge demanded three years of his tax returns

    Biden is said to have met Roberts when she was a stripper working in a ‘gentlemen’s club’ in Washington D.C… Roberts is suing Biden for $11K in legal fees as well as child support payments…

https://www.dailymail.co.uk/news/article-7747647/Hunter-Biden-blows-court-hearing-child-support-lawyer-abruptly-quits.html

Well that is all for today

I will see you Wednesday night.

 

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