DEC 31/GOLD UP $4.55 TO $1512.30// SILVER DOWN 7 CENTS TO $17.87..JAN HAS 5.8 TONNES OF GOLD STANDING FOR DELIVERY//IRAQI PROTESTERS STORM THE USA EMBASSY IN IRAQ//SKRYM VS POSZAR: SEEMS CRISIS AVERTED FOR NOW BUT MUST WAIT TWO WEEKS TO SEE IF THE FED WILL DRAIN REPO MONEY THAT THEY PROVIDED//SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1520.40 UP $4.55    (COMEX TO COMEX CLOSING

 

 

 

 

 

 

Silver:$17.87 DOWN 7 CENTS  (COMEX TO COMEX CLOSING)

 

 

 

Closing access prices:

 

 

Gold :  $1518.65

 

silver:  $17.88

OT OPTIONS HAVE EXPIRED TODAY AND WE HAD NO DAMAGE TO OUR GOLD PRICE

THURSDAY SHOULD SEE A HUGE ADVANCE IN OUR PRECIOUS METALS

 

COMEX DATA

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

today RECEIVING:  143/1755

EXCHANGE: COMEX
CONTRACT: JANUARY 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,514.500000000 USD
INTENT DATE: 12/30/2019 DELIVERY DATE: 01/02/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
118 H MACQUARIE FUT 761
152 C DORMAN TRADING 25
355 C CREDIT SUISSE 64
435 H SCOTIA CAPITAL 651
624 C BOFA SECURITIES 539
657 C MORGAN STANLEY 489
661 C JP MORGAN 135 143
690 C ABN AMRO 44
732 C RBC CAP MARKETS 119
737 C ADVANTAGE 157 112
800 C MAREX SPEC 32
880 C CITIGROUP 213
905 C ADM 26
____________________________________________________________________________________________

TOTAL: 1,755 1,755
MONTH TO DATE: 1,755

we are coming very close to a commercial failure!!

 

 

NUMBER OF NOTICES FILED TODAY FOR  JAN CONTRACT: 1755 NOTICE(S) FOR 175500 OZ (5.4587 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  1755 NOTICES FOR 1,75500 OZ  (5.4587 TONNES)

 

 

 

 

SILVER

 

FOR JAN

 

 

84 NOTICE(S) FILED TODAY FOR 420,000  OZ/

total number of notices filed so far this month: 84 for 420,000 oz

 

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Bitcoin: OPENING MORNING TRADE :  $ 7239 DOWN 6 

 

 

 

 

Bitcoin: FINAL EVENING TRADE: $ 7273 DOWN 115

 

Let us have a look at the data for today

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IN SILVER THE COMEX OI ROSE BY A STRONG SIZED 1083 CONTRACTS FROM 225,666 UP TO 226,836 WITH THE 6 CENT GAIN IN SILVER PRICING AT THE COMEX.

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

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

; FEB 0; MARCH:  750 AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  750 CONTRACTS. WITH THE TRANSFER OF 750 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 750 EFP CONTRACTS TRANSLATES INTO 3.755 MILLION OZ  ACCOMPANYING:

1.THE 6 CENT GAIN IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

1.165     MILLION OZ INITIALLY STANDING IN JAN

MONDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO CONTAIN SILVER’S PRICE…AND THEY WERE  SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE 6 CENTS).. AND, OUR OFFICIAL SECTOR/BANKERS  WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE  SOME SILVER LONGS AS THE TOTAL GAIN IN OI ON BOTH EXCHANGES TOTALED 1833 CONTRACTS. OR 9.165 MILLION OZ…..

 

IT IS INTERESTING THAT THE SPREADING LIQUIDATION HAD NO EFFECT ON SILVER OI.  (FIRST TIME EVER)

 

 

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

36,177 CONTRACTS (FOR 23 TRADING DAYS TOTAL 36,177 CONTRACTS) OR 180.89 MILLION OZ: (AVERAGE PER DAY: 1572 CONTRACTS OR 8.051 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF DEC:  180.89 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 23.14% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)*  JUNE’S 345.43 MILLION OZ IS THE SECOND HIGHEST RECORDED ISSUANCE OF EFP’S AND IT FOLLOWED THE RECORD SET IN APRIL 2018 OF 385.75 MILLION OZ.

 

ACCUMULATION IN YEAR 2019 TO DATE SILVER EFP’S:          2,265.23   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.

DEC 2019  TOTAL EFP ISSUANCE;                                                   180.89 MILLION OZ..

TOTAL FOR THE YEAR:                                                                     2265.23 MILLION OZ

SPREADING LIQUIDATION HAS NOW STOPPED IN GOLD AS THEY MORPH INTO SILVER AS THEY HEAD TOWARDS THE NEW FRONT MONTH WILL BE JANUARY. THE CONTRACTION PHASE HAS ENDED 

 

 

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.”

 

 

 

 

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1083, WITH THE 6 CENT GAIN IN SILVER PRICING AT THE COMEX /MONDAY… THE CME NOTIFIED US THAT WE HAD A  STRONG SIZED EFP ISSUANCE OF 750 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON  AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA)

TODAY WE GAINED A STRONG SIZED: 1833 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 750 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH INCREASE OF 1083 OI COMEX CONTRACTS. AND ALL OF THIS STRONG DEMAND HAPPENED WITH A 6 CENT GAIN IN PRICE OF SILVER AND A CLOSING PRICE OF $17.94 WITH RESPECT TO MONDAY’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. 1.134 BILLION OZ TO BE EXACT or 162% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT JAN MONTH/ THEY FILED AT THE COMEX: 84 NOTICE(S) FOR 420,000 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 $14.70

 

.

 

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:  20.970 MILLION OZ; JAN: 1,165,000  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)

 

GOLD

 

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A  STRONG SIZED 6443 CONTRACTS TO 772,096 SETTING AN ALL TIME RECORD (SET DEC 31/2019)  AND THUS  ECLIPSING  OUR PREVIOUS ALL TIME RECORD OF 765,653 (SET DEC 30/2019).

THE RISE IN COMEX OI OCCURRED WITH A  $2.05 PRICING GAIN ACCOMPANYING COMEX GOLD TRADING// MONDAY// /

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A STRONG SIZED 6793 CONTRACTS:

DEC 2019: 0 CONTRACTS, FEB>  6793 CONTRACTS APRIL: 0 AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at A RECORD 772,096,,.  ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE AN ATMOSPHERIC AND CRIMINALLY SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 13,236 CONTRACTS: 6443 CONTRACTS INCREASED AT THE COMEX  AND 6793 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 13,236 CONTRACTS OR 1,323,600 OZ OR 42.99 TONNES.  MONDAY WE HAD A GAIN OF $2.05 IN GOLD TRADING….

AND WITH THAT GAIN IN  PRICE, WE  HAD A STRONG GAIN IN GOLD TONNAGE OF 41.17  TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR WERE SUPPLYING INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON. THE BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (UP $2.05) THEY WERE TOTALLY  UNSUCCESSFUL IN THEIR ATTEMPT TO  FLEECE  GOLD LONGS FROM THE GOLD ARENA AS WE HAD OUR STRONG GAIN IN OPEN INTEREST ON OUR TWO EXCHANGES (41.17 TONNES). THE SPREADING OPERATION HAS NOW SWITCHED OVER TO SILVER.

 

 

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF DEC : 155,048 CONTRACTS OR 15,504,800 oz OR 482.26 TONNES (23 TRADING DAY AND THUS AVERAGING: 6741 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 23 TRADING DAYS IN  TONNES: 482,26 TONNES

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

THUS EFP TRANSFERS REPRESENTS 482,26/3550 x 100% TONNES =13.58% 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:     6,208.51  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

DEC 2019 EFP ISSUANCE;                           482.26 TONNES.

TOTAL FOR THE YEAR:                                 6208.51 TONNES

 

 

 

 

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

 

Result: A STRONG SIZED INCREASE IN OI AT THE COMEX OF 6443 WITH THE  PRICING GAIN THAT GOLD UNDERTOOK MONDAY($2.05)) //.WE ALSO HAD A STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 6793 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 6793 EFP CONTRACTS ISSUED, WE  HAD AN ATMOSPHERIC AND CRIMINALLY SIZED GAIN OF 13,236 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

6793 CONTRACTS MOVE TO LONDON AND 6443 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 41.17 TONNES). ..AND THIS  INCREASE OF DEMAND OCCURRED WITH A GAIN IN PRICE OF $2.05 WITH RESPECT TO MONDAY’S TRADING AT THE COMEX.

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

 

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

GLD...

WITH GOLD UP $4.65 TODAY//(COMEX-TO COMEX)

NO CHANGE IN GOLD INVENTORY AT THE GLD

DEC 31/2019/Inventory rests tonight at 893.25 tonnes

 

 

 

 

 

SLV/

 

 

WITH SILVER DOWN 7 CENTS TODAY

 

NO CHANGE IN SILVER INVENTORY AT THE SLV

 

 

DEC 31/INVENTORY RESTS AT 363.830 MILLION OZ.

 

 

 

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

 

 

end

 

OUTLINE OF TOPICS TONIGHT

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

1.Today, we had the open interest in SILVER ROSE BY A STRONG SIZED 1083 CONTRACTS from 225,666 UP TO 226,836 AND CLOSER TO A NEW COMEX RECORD.  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 1/2 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

 

EFP ISSUANCE 750

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

 FOR FEB. 0; FOR MAR  750  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 750 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE OI GAIN AT THE COMEX OF 1083  CONTRACTS TO THE 750 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG GAIN OF 1833 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 9.165 MILLION OZ!!! AND YET WE ALSO HAVE A STRONG DEMAND FOR PHYSICAL AS WE WITNESSED A FINAL STANDING OF GREATER THAN 30 MILLION OZ FOR JULY, A STRONG 7.475 MILLION OZ FOR AUGUST..  A HUGE 39.505  MILLION OZ  STANDING FOR SILVER IN SEPTEMBER… OVER 2 million  OZ STANDING FOR THE NON ACTIVE MONTH OF OCTOBER.,  7.440 MILLION OZ FINALLY STANDING IN NOVEMBER.  21.925 MILLION OZ STANDING IN DECEMBER , 5.845 MILLION OZ STANDING IN JANUARY. 2.955 MILLION OZ STANDING IN FEBRUARY,  27.120 MILLION OZ FOR MARCH., 3.875 MILLION OZ FOR APRIL  18.765 MILLION OZ FOR MAY  NOW 2.660 MILLION OZ FOR JUNE WITH JULY AT 22.605 MILLION OZ AUGUST AT 10.025 MILLION OZ//  SEPT: 43.030 MILLION OZ///OCT: 7.32 MILLION OZ//NOV 2.63 MILLION OZ//DEC: 20.970 MILLION OZ//JAN: 1.165 MILLION OZ//

 

 

RESULT: A STRONG SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 6 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// MONDAY. WE ALSO HAD A VERY STRONG SIZED 750 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 10.10 POINTS OR 0.33%  //Hang Sang CLOSED DOWN 129.64 POINTS OR 0.46%   /The Nikkei closed DOWN 181.10 POINTS OR 0.76%//Australia’s all ordinaires CLOSED DOWN 1.72%

/Chinese yuan (ONSHORE) closed UP  at 69617 /Oil DOWN TO 60.96 dollars per barrel for WTI and 65.91 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED UP // LAST AT 6.9617 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9645 TRADE TALKS STALL///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 STRONGGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

3A//NORTH KOREA/ SOUTH KOREA

 

3b) REPORT ON JAPAN

3C  CHINA

i)CHINA

China’s service PMI slides back to multi year lows

(zerohedge)

ii)China/USA

Trump will sign is phase one deal on Jan 15 with China
(zerohedge)

4/EUROPEAN AFFAIRS

Seems that our EU friends are getting nervous that England is about to leave the EU

(Mish Shedlock/Mishtalk)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)IRAQ/USA

Tom Luongo on the USA strikes against Iranian backed militia.  His take on the middle east escalation

(courtesy Tom Luongo)

ii)TURKEY

A superb commentary outlining the strange behaviour of Turkey in its ambitions in the Middle East and how they will probably fail.  Turkey’s finances are not good and ths gambit could very well sink them

(Gatestone)

iii)

IRAQ/USA

Not good! Iraq protesters storm the USA embassy in Baghdad

(zerohedge)

6.Global Issues

 

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

9. PHYSICAL MARKETS

i)China’s gold imports from Hong kong is falling.  I guess the reason for that is all of its citizens are moving their gold to Singapore or Switzerland

(Reuters/GATA)

ii)Illegal mining in Indonesia

(New York Times/GATA)

iii)Craig Hemke’s thoughts on gold/silver as we enter the New Year(Craig Hemke/GATA)

iii)Kranzler is correct: the massive printing of paper money around the world will drive the price of gold higher

(Kranzler)

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

a)Home prices are accelerating again but not in rat infested San Francisco

(zerohedge)

b)This is not what the market expected:  consumer confidence disappoints as well as the hope index

(zerohedge)

iii) Important USA Economic Stories

a)More than more banks are admitting that the Fed is engaging in QE4.  The larger the increase of purchases on the Fed’s balance sheet the higher the stock market travels

(zerohedge)

b)For now the crisis has been averted but the real question is what will happen in two weeks when the Fed decides to withdrawal all of that 500 billion dollars of liquidity.  Probably the market crashes and then it is time for real QE4

(zerohedge)

c)Amazing, Fox crushes CNN and MSNBC with a record viewership.  In the news dept, Hannity and Tucker Carlson tramples the rest of the field

(zerohedge)

iv) Swamp commentaries)

a)Jonathan Turley’s 11th commandment thou shalt not testify for the Republicans.

(Jonathan Turley)

b)What a joke! Strzok claims the FBI and the Dept of Justice violated his free speech andprivacy rights

(Sara Carter)

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

 

LET US BEGIN:

 

 

Let us head over to the comex:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY  STRONG SIZED 6443 CONTRACTS, UP TO A NEW RECORD OF 772,096 (SET DEC 31/2019) (ECLIPSING OUR PREVIOUS NEW RECORD OF 765,653 SET DEC 30/2019) WITH THE GAIN OF $2.05 IN GOLD PRICING // MONDAY’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 6793 EFP CONTRACTS WERE ISSUED:

DEC: 00 ; FEB: 6793  AND APRIL: 00  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 6793 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: A VERY STRONG 13,236 TOTAL CONTRACTS IN THAT 6793 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A VERY STRONG SIZED 7020 COMEX CONTRACTS.

THE BANKERS SUPPLIED THE NECESSARY AND INFINITE AMOUNT OF SHORT PAPER IN GOLD.  THE BANKERS WERE  UNSUCCESSFUL IN LOWERING GOLD’S PRICE //// (IT ROSE BY $2.05). AND THEY WERE MOST DEFINITELY UNSUCCESSFUL IN FLEECING ANY LONGS AS WE GAINED A VERY HUMONGOUS SIZED  13,236 CONTRACTS ON OUR TWO EXCHANGES…..

 

NET GAIN ON THE TWO EXCHANGES ::  13,236 CONTRACTS OR 1,323,600 OZ OR 41.17 TONNES.  

COMMODITY LAW SUGGESTS THAT COMMODITY FUTURES OPEN INTEREST SHOULD APPROXIMATE 3% OF TOTAL PRODUCTION.  IN GOLD THE WORLD PRODUCES AROUND 3500 TONNES PER YEAR BUT ONLY 2200 TONNES ARE AVAILABLE FROM THE WEST (THUS EXCLUDING RUSSIA, CHINA ETC..WHO KEEP 100% OF THEIR PRODUCTION)

THUS IN GOLD WE HAVE THE FOLLOWING:  772,096 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 77.21 MILLION OZ/32,150 OZ PER TONNE =  2,401 TONNES

THE COMEX OPEN INTEREST REPRESENTS 2,401/2200 OR 109.22% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

We are now in the  active contract month of JAN.  This month is generally one of the poorest of delivery months for the year.  Here we have a total of 1869 open interest  and thus by definition, the initial amount of gold standing is as follows:

1869 oi contracts x 100 oz per contract  =  186900 oz or 5.8133 tonnes

which is huge for a January.

The next active delivery month after January is February and here we witnessed A GAIN  OF 4767 in contracts UP to 547,205.  

The next active delivery month is April and here we witnessed a gain of 2490 contacts up to 116,028 oi contracts.

We had 1755 open interest notices served upon today.

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now for the wild silver comex results

Total COMEX silver OI ROSE BY STRONG SIZED 1083 CONTRACTS FROM 225,753 UP TO 226,836(AND CLOSER TO THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018.  THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND MONDAY’S STRONG  OI COMEX GAIN OCCURRED WITH A 6 CENT GAIN IN PRICING/.

WE ARE NOW INTO THE  NON-ACTIVE DELIVERY MONTH OF JAN.

Here we have a LOSS of 25 contracts DOWN to 232. Thus by definition, the initial amount of silver standing in this non active delivery month of January is as follows;

232 oi contracts x  5,000 oz per contract =  1,160,000 oz

which is also a pretty good showing for silver.

 

 

After January, we have  the non active month pf February and here we saw a LOSS of 5 contracts DOWN to 386.  March is a very active month and here we witness a GAIN of 902 contracts UP to 179,554

 

 

We, today, had 84 notice(s) filed for 420,000, OZ for the DEC, 2019 COMEX contract for silver

Trading Volumes on the COMEX TODAY: 227,456 contracts 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY: 190,329 contracts

 

 

 

 

INITIAL standings for  JAN/GOLD

DEC 31/2019

 

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
4822.65 oz
150 KILBOARS
BRINKS
32,118.596 OZ
HSBC
Deposits to the Dealer Inventory in oz NIL oz

 

 

 

 

Deposits to the Customer Inventory, in oz  

79,012.696 OZ

SCOTIA

 

No of oz served (contracts) today
1755 notice(s)
 175500 OZ
(5.4587 TONNES)
No of oz to be served (notices)
112 contracts
(11,200 oz)
0.3483 TONNES
Total monthly oz gold served (contracts) so far this month
1755 notices
1,75,500 OZ
5,4587 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

we had 0 dealer entry:

We had 1 kilobar entries

 

 

total dealer deposits: nil oz

total dealer withdrawals: 0 oz

 

we had 1 deposit into the customer account

i) Into JPMorgan: nil  oz

 

 

ii)into SCOTIA:  79,012.696 oz

 

total gold deposits: 79,012.696  oz

 

 

 

 

we had 2 gold withdrawals from the customer account:

 

i) Out of HSBC: 32,118.595 oz

II) OUT OF BRINKS:  4822.65 OZ  (150 KILOBARS)

 

 

 

 

total gold withdrawals; 36,941.246 oz

ADJUSTMENTS:  1

i) out of Scotia:  100,424.596 oz was adjusted up to the dealer account from the customer account

 

 

 

 

 

 

FOR THE JAN 2019 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 135 notices were issued from their client or customer account. The total of all issuance by all participants equates to 1755 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 143 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid  (Goldman Sachs)

 

To calculate the INITIAL total number of gold ounces standing for the JAN /2019. contract month, we take the total number of notices filed so far for the month (1755) x 100 oz , to which we add the difference between the open interest for the front month of  JAN. (1869 contracts) minus the number of notices served upon today (1755 x 100 oz per contract) equals 186,900 OZ OR 5.8133 TONNES) the number of ounces standing in this NON  active month of JAN

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

No of notices served (1755 x 100 oz)  + (1869)OI for the front month minus the number of notices served upon today (1755 x 100 oz )which equals 186,900 oz standing OR 5.8133 TONNES in this  NON active delivery month of JAN.

 

 

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE ONLY 34.141 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………………………….                                              45.912 TONNES

JAN……………………                                                    5.8133 TONNES

 

total: 121.892 tonnes

ACCORDING TO COMEX RULES:

 

IF WE INCLUDE THE PAST 6 MONTHS OF SETTLEMENTS WE HAVE 19.2540 TONNES SETTLED

 

IF WE ADD THE FIVE DELIVERY MONTHS: 127.7453  tonnes

 

Thus:

127.7453 tonnes of delivery –

19.2540 TONNES DEEMED SETTLEMENT

= 108.491 TONNES STANDING FOR METAL AGAINST 34.141 TONNES OF REGISTERED OR FOR SALE COMEX GOLD! THIS IS WHY GOLD IS SCARCE AT THE COMEX.

 

total registered or dealer gold:   1,335,197.153 oz or  41.53 tonnes
which  includes the following:
a) registered gold that can be used to settle upon: 109,764.35 oz (34.141 tonnes)
b) pledged gold held at HSBC  which cannot settle upon:  237,553.646 oz  ( 7.38989)//+
    total  7.38989 tonnes
true registered gold  (total registered – pledged tonnes  109,764.25  (34.141 tonnes)
total registered, pledged  and eligible (customer) gold;   8,699,019.551 oz 270.57 tonnes

 

 

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..

 

end

And now for silver

AND NOW THE  DELIVERY MONTH OF JAN.

FINAL  standings/SILVER

IN TOTAL CONTRAST TO GOLD, HUGE ACTIVITY IN SILVER TODAY.
DEC 31 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 611,601.780 oz
Delaware
Scotia

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
599,434.885 oz
CNT
No of oz served today (contracts)
84
CONTRACT(S)
(420,000 OZ)
No of oz to be served (notices)
148 contracts
 740,000 oz)
Total monthly oz silver served (contracts)  84 contracts

420,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

**

 

 

we had 0 inventory movement at the dealer side of things

 

 

 

total dealer deposits: nil oz

total dealer withdrawals: nil oz

i)we had  0 deposits into the customer account

into JPMorgan:   0

 

ii) Into CNT: 599,434.885 oz

 

 

 

 

 

 

 

 

 

 

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

JPMorgan now has 161.3 million oz of  total silver inventory or 50.77% of all official comex silver. (161.3 million/317.74 million

 

 

 

 

total customer deposits today:  599,434.885  oz

 

we had 2 withdrawals out of the customer account:

 

i) Out of Delaware:  10,790.900 oz

ii) Out of BNS: 600,810.890 oz

 

 

 

 

 

total withdrawals; 610,601.790  oz

We had 1 adjustment:

i) Out of CNT;

a huge 4,728,836.071 oz was adjusted out of the dealer and this landed into the customer account and no doubt that this is a settlement.

 

 

total dealer silver:  84.451 million

total dealer + customer silver:  317.165 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The total number of notices filed today for the JAN 2019. contract month is represented by 84 contract(s) FOR 420,000 oz

To calculate the number of silver ounces that will stand for delivery in  JAN, we take the total number of notices filed for the month so far at 84 x 5,000 oz = 420,000 oz to which we add the difference between the open interest for the front month of JAN. (232) and the number of notices served upon today 84 x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the JAN/2019 contract month: 84 (notices served so far) x 5000 oz + OI for front month of JAN (232)- number of notices served upon today (84) x 5000 oz equals 1,160,000 oz of silver standing for the JAN contract month.

 

 

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 84 notice(s) filed for 420,000 OZ for the DEC, 2019 COMEX contract for silver

 

 

TODAY’S ESTIMATED SILVER VOLUME:  63,566 CONTRACTS //

 

 

CONFIRMED VOLUME FOR YESTERDAY: 65,078 CONTRACTS..

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 65,078 CONTRACTS EQUATES to 325 million  OZ   46.5% 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

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

NPV for Sprott

 

1. Sprott silver fund (PSLV): NAV RISES TO -1.19% ((DEC 31/2019)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.89% to NAV (DEC 31/2019 )
Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ -1.19%

(courtesy Sprott/GATA)

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

NAV 15.20 TRADING 14.63///DISCOUNT  3,76

 

END

 

 

 

 

And now the Gold inventory at the GLD/

DEC 31/WITH GOLD UP $4.65: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 892.37 TONNES

DEC 30//WITH GOLD UP $2.05//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 892.37 TONNES

DEC 27/WITH GOLD UP $4.10 TODAY: A BIG  CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER DEPOSIT OF 3.51 PAPER TONNES INTO THE GLD////INVENTORY RESTS AT 892.37 TONNES

DEC 26/WITH GOLD UP $9.85 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER DEPOSIT OF 2.93 TONNES INTO THE GLD.///INVENTORY RESTS AT 888.86 TONNES

DEC 24/WITH GOLD UP $14.60//NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 885.93 TONNES

DEC 23/WITH GOLD UP $7.75: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.64 TONNES OF PAPER GOLD INTO THE GLD////INVENTORY RESTS AT 885.93 TONNES

DEC 20/WITH GOLD DOWN $3.15 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 883.29 TONNES

DEC 19/WITH GOLD UP $6.65 TODAY: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER DEPOSIT OF 2.65 TONNES INTO THE GLD///INVENTORY RESTS AT 883.29 TONNES

DEC 18/WITH GOLD DOWN $2.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 5.56 TONNES FROM THE GLD////INVENTORY RESTS AT 880.66 TONNES

DEC 17/WITH GOLD UP $.30 TODAY: 1 SMALL CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF .29 TONNES/INVENTORY RESTS AT 886.22 TONNES

DEC 16//WITH GOLD DOWN $.40 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 885.93 TONNES

DEC 13/ WITH GOLD UP $8.60 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 885.93 TONNES

DEC 12/WITH GOLD DOWN $2.65: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 885.93 TONNES

DEC 11/WITH GOLD UP $7.00: A SMALL CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .30 TONNES/INVENTORY RESTS AT 885.93 TONNES

DEC 10//WITH GOLD UP $3.00: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 886.23 TONNES

DEC 9//WITH GOLD DOWN $.60: A HUGE PAPER WITHDRAWAL OF GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.34 TONNES//INVENTORY RESTS AT 886.23 TONNES

DEC 6//WITH GOLD DOWN $16.75 NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 888.57 TONNES

DEC 5/2019: WITH GOLD UP $3.60 TODAY: A  SMALL CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF .59 TONNES/INVENTORY RESTS AT 888.57 TONNES

DEC 4/2019/WITH GOLD DOWN $4.00 TODAY//NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 889.16 TONNES

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//

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

DEC 31/2019/Inventory rests tonight at 892.37 tonnes

*IN LAST 735 TRADING DAYS: 44.20 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 635 TRADING DAYS: A NET 122.85 TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

end

 

Now the SLV Inventory/

DEC 31/WITH SILVER DOWN 7 CENTS TODAY NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 363.830 MILLION OZ

DEC 30/WITH SILVER UP 6 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 363.830 MILLION OZ//

DEC 27/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 363.830 MILLION OZ

DEC  26//WITH SILVER UP 16 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 363.830 MILLION OZ//

DEC 24/WITH SILVER UP 32 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 363.830 MILLION OZ///

 

DEC 23/WITH SILVER UP 26 CENTS TODAY: A HUGE PAPER WITHDRAWAL OF 1.028 MILLION PAPER OZ IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 363.830 MILLION OZ//

DEC 20/WITH SILVER UP 7 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 364.858 MILLION OZ//

DEC 19/WITH SILVER UP 11 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 364.858 MILLION OZ//

DEC 18/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 364.858 MILLION OZ//

DEC 17//WITH SILVER DOWN 5 CENTS TODAY: A FAIR SIZED CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 747,000 OZ FROM THE SLV/INVENTORY RESTS AT 364.858 MILLION OZ/?

DEC 16/WITH SILVER UP 12 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 365.605 MILLION OZ//

DEC 13//WITH SILVER UP 7 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 365.605 MILLION OZ//

DEC 12/WITH SILVER UP 9 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 365.605 MILLION OZ

DEC 11/WITH SILVER UP 13 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 365.605 MILLION OZ//

DEC 10//WITH SILVER UP 5 CENTS TODAY:  A BIG CHANGE IN SILVER INVENTORY: A PAPER WITHDRAWAL OF 1.495 MILLION OZ//// INVENTORY RESTS  AT 365.605 MILLION OZ//

DEC 9/WITH SILVER UP 3 CENTS TODAY: A HUGE PAPER WITHDRAWAL OF 1.869 MILLION OZ FROM SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 367.100 MILLION OZ/

DEC 6/WITH SILVER DOWN 42 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 368.969 MILLION OZ//

DEC 5//WITH SILVER UP 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 368.969 MILLION OZ//

DEC 4/WITH SILVER DOWN 31 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 368.969 MILLION OZ//

DEC 3//WITH SILVER UP 25 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER 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//

 

 

DEC 31:  SLV INVENTORY

363.830 MILLION OZ

we had 0 inventory movement at the dealer side of things

 

 

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

6 Month MM GOFO 1.95/ and libor 6 month duration 1.91

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

G0LD LENDING RATE: – .04

 

XXXXXXXX

12 Month MM GOFO
+ 1.94%

LIBOR FOR 12 MONTH DURATION: 2.00

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.06

end

 

 

end

 

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

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

China’s gold imports from Hong kong is falling.  I guess the reason for that is all of its citizens are moving their gold to Singapore or Switzerland

(Reuters/GATA)

China’s gold imports from Hong Kong fall, but what about Shanghai and Beijing?

 Section: 

China’s November Gold Imports from Hong Kong Fall Near 9-Year Low

From Reuters
Monday, December 30, 2019

China’s net gold imports via Hong Kong in November plunged 72% from the previous month to their lowest in nearly nine years, data from the Hong Kong Census and Statistics Department showed today, mainly due to subdued demand.

Net imports via Hong Kong to China, the world’s top consumer of gold, fell to 3.052 tonnes in November — the lowest since February 2011 — from 10.846 tonnes in October, the data showed.

… 

Total gold imports via Hong Kong slumped 58% to 5.563 tonnes last month, also the lowest since February 2011, from 13.353 tonnes in October. …China does not provide trade data on gold and the Hong Kong data may not provide a complete picture of Chinese purchases as gold is also imported via Shanghai and Beijing. …

… For the remainder of the report:

https://www.reuters.com/article/china-gold-imports/update-1-chinas-nov-n…

* * *

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

Illegal mining in Indonesia
(New York Times/GATA)

With a higher, free-market price for gold, there will be money for mining remediation

 Section: 

In Indonesia, Outlaw Gold Miners Poison Themselves to Survive

By Richard C. Paddock
The New York Times
Monday, December 30, 2019

TALIWANG, Indonesia — The wildcat miner had something to prove: processing gold ore with liquid mercury was perfectly safe. So he drank some of the toxic chemical, choosing the promises of gold fever over the pain of mercury poisoning.

“I have no worry about mercury,” bragged the fast-talking Syarafuddin Iskandar, 58. “I drank it. We gave it to the cows and the buffalos. They drank it. Nothing happened. There’s no problem.”

… 

His stunt has made him famous in the gold fields of Sumbawa, an Indonesian island 100 miles east of Bali where makeshift mining camps dot the jungle hills. But it also illustrated the stark choice the illegal miners here face. To earn a living they effectively poison themselves, their communities, and the environment by using mercury, an outlawed but popular way to extract gold from ore.

For decades, Mr. Syarafuddin and thousands of small-scale miners like him have worked illegally in West Sumbawa on land the government leases to large mining companies. The outlaw miners pay nothing for rights to the land but reap as much as $6 million a month in gold. …

… For the remainder of the report:

https://www.nytimes.com/2019/12/30/world/asia/indonesia-gold-environment…

end

Craig Hemke’s thoughts on gold/silver as we enter the New Year

(Craig Hemke/GATA)

Craig Hemke: Into year-end with gold and silver

 Section: 

1:55p ET Monday, December 30, 2019

Dear Friend of GATA and Gold:

The TF Metals Report’s Craig Hemke observes today — more in relief than satisfaction, he writes — that the monetary metals have done as well this year as he predicted they would, for the factors he envisioned supporting them. He plans to issue an outlook for 2020 shortly but expects it to be a good year as well, if not as good as this year.

Hemke’s analysis is headlined “Into Year-End with Gold and Silver” and it’s posted here:

https://www.tfmetalsreport.com/blog/9838/year-end-gold-and-silver

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

end

Kranzler is correct: the massive printing of paper money around the world will drive the price of gold higher

(Kranzler)

Dave Kranzler: Money printing and physical demand will drive gold higher

 Section: 

By Dave Kranzler
Investment Research Dynamics, Denver
Monday, December 30, 2019

I’m growing more confident that we’re on the cusp of a big move higher in the precious metals sector because of the Federal Reserve’s massive money printing. Also, because the money printing and near-zero interest rates are visibly not stimulating economic growth, we’re at the point at which unless the Fed continues increasing the money it puts into the system, the melt-up in the stock market is completely unsustainable.

This is very similar to late 1999/early 2000 when Fed Chairman Alan Greenspan tried to reverse his Fed’s massive money-printing operation ahead of that notorious boogieman, the Y2k bug. Not only did the tech stocks collapse then, but also the precious metals sector transitioned from the end of a 19-year bear market into the current secular bull market.

… 

From what I’m hearing — and something that’s been referenced by Alasdair Macleod and Egon von Greyerz — a shortage of physically deliverable gold is developing in London. The action this past week fits the information. Given the size of the derivative short position (futures, LBMA forwards, leased gold, OTC derivatives, hypothecated gold) in London and New York, if obligated counterparties begin to default on delivery demands, the precious metals sector could become explosive next year. …

… For the remainder of the analysis:

https://investmentresearchdynamics.com/money-printing-and-physical-deman…

end

iii) Other physical stories:

More Paper is Applied to the Lie We Call a Price!

Great and Wonderful Last Day of 2019 Folks!

We have a good start for the last day of the year with Gold up $5.20 with the trade at $1,523.80 after being driven up to $1,529.00 before the “calming down” affect was put into play with the low at $1,517.50. Silver is tagging along as usual with the trade at $18.075, up 7.4 cents after reaching $18.20 with the low at $17.965. The US Dollar, which is the only reason why precious metals has not exploded in price (here), is still losing steam, and more than precious metals are rising, with its value pegged at 96.105, down 30.2 points and at the low of 97.085 with the high way up at 96.415. Of course, all this happened already before 5 am pst, the Comex open, the London close, and still not a peep from California’s Nancy Squad who is making sure they win against the majority vote by “Any Means Possible”, even if it’s unfair or illegal.

Venezuela’s Bolivar now has Gold gauged at 15,218.95 Bolivar proving a gain of 85.89 Bolivar overnight with Silver gaining 1.598 Bolivar with the price pegged at 180.524. Argentina’s Peso, which has yet to have their currency digits reduced (like Venezuela), now has Gold priced at 91,254.18 Pesos showing a gain of 594.45 in A-Peso value with Silver now priced at 1,082.35 Pesos, a gain of 9.15 in the overnight. Over in the lands of Turkey the Lira, which has a closer value to the Dollar’s peg, now has Gold priced at 9,067.31 Lira showing a gain of 51.80 with Silver gaining 1.044 overnight with its last price of the year at 107.551 T-Lira.

January Silver Deliveries are now in full swing with the Demand Count now at 233 fully paid for contracts (dropping 24 from yesterday) waiting for receipts to either take delivery here at the Comex, or get their pieces of paper sent over the trusting lands of London. Yesterday’s activity in January ended with a Volume of 82 and with a trading range between $17.91 and $17.85 with the last trade at $17.89 ending with an adjusted settlement price of $17.908.

Over the past 4+ years, Silver’s Overall Open Interest has remained elevated, with the prices subdued because the burden of paper overwhelms real price discovery, and that has yet to lapse with this morning’s count at 226,858 Overnighters proving 1,067 more shorts had to be “applied to the lie” we call the price. When it’s all said and done, the solution will present itself at the Comex!

By law, the Comex is obligated to find these products at the prices they claim, or the entire Commodity Complex will melt Up/Down! The increased prices will include Precious Metals, Foods, Energy, Softs, everything physical that is traded at the Exchanges which in turn will leave all the bankers play toys (all debts, treasuries, currencies, et al) looking like paper-chaff on a windy day. The Crossfire Hurricane phrase may be an applicable expression when this happens. We’ll all be in it when the prices really move, and whether we like it or not. Preparation is why we write our missives.

Gold is another one of those commodities that has a CFTC approved overbearing amount of paper applied to the price with last night’s World Record closing Comex Count at 772,683 Overnighters proving a paper increase of 5,606 more shorts as Gold gained only 50 cents. One has to wonder how many other commodity markets have this overbearing; paper shorts applied to the price we know is a lie? We must keep in the back of our heads the Q-Quote #2619; Yes. Gold shall destroy FED. How? Maybe by letting the criminal element have its way at first, then not allowing them to change the rules when they run out of product, like they did in 1980 with Silver.

Happy New Year Everyone! Keep the attitudes positive, have a smile on your face no matter what, and as always …

Stay Strong!

J. Johnson

 

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 6.9617/ 

//OFFSHORE YUAN:  6.9645   /shanghai bourse CLOSED UP 10.10 POINTS OR 0.33%

HANG SANG CLOSED DOWN 129.64 POINTS OR 0.46%

 

2. Nikkei closed DOWN 181.10 POINTS OR 0.76%

 

 

 

 

3. Europe stocks OPENED ALL RED/

USA dollar index UP TO 97.24/Euro FALLS TO 1.1219

3b Japan 10 year bond yield: FALLS TO. –.01/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.54/ 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:: 60.96 and Brent: 65.91

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.19%/Italian 10 yr bond yield UP to 1.41% /SPAIN 10 YR BOND YIELD DOWN TO 0.39%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.60: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 1.47

3k Gold at $1520.70 silver at: 18.02   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 20/100 in roubles/dollar) 62.21

3m oil into the 60 dollar handle for WTI and 65 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 108.54 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 .9668 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0858 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year RISING to 0.19%

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 2.05% early this morning. Thirty year rate at 2.35%

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

6.  TURKISH LIRA:  UP  TO 5.9489..

Futures Slide On Last Day Of Stellar Year, Dollar Tumble Accelerates

Global markets and US index futures dipped on the last day of the year after retreating from record highs in the previous session, as a spectacular Wall Street rally which saw the S&P return almost 29% in 2019 fizzled out in the final days of the decade.

 

Indeed, with a handful of major markets already shuttered and trading volumes dismal, the dominant moves on Tuesday reflected common investor expectations for 2020: caution that the remarkable rally of 2019 is now over and dollar weakness.

The market slide came despite the capitulation of even the staunchest trade hawks in Trump’s circle: on Monday, White House trade adviser Peter Navarro said the Phase 1 China-U.S. trade deal will likely be signed in the next week, hours after South China Morning Post reported that Chinese Vice Premier Liu He would travel to Washington this week. However, for once trade deal optimism failed to boost spirits, and Emini futures completely ignored Navarro’s comments to post their worst day in over four weeks. The benchmark S&P 500 closed Monday at its lowest level since Dec. 20, and the weakness continued on the last day of the year.

 

Still, despite Monday’s dip, the S&P 500 is still on track for its best year since 2013 and its best December in nine years, driven by a fresh burst of ultra loose monetary policy by the Federal Reserve and other central banks. The question for today is whether the S&P can rise 1.1% to post a 29.6% full year return: that would surpass the S&P’s annual performance of 2013 making it the best year for stocks since 1997.

 

European stocks were down modestly after paring an early selloff, and the Stoxx 600 was down -0.1% as of 2pm local time with many of the top European markets such as Germany, Switzerland and UK closed.

Earlier in the session, Asian stocks fell on the last trading day of 2019. Shares dropped in Australia and Hong Kong but gained in China. Hong Kong’s Hang Seng Index closed 0.5% lower, led by technology and basic materials stocks. Markets in Indonesia, Japan, the Philippines, South Korea and Thailand were closed for the year-end holiday. Australia, Hong Kong, New Zealand and Singapore closed early Tuesday.

As reported last night, the latest data from China showed manufacturing activity expanded for a second straight month in December, even as Services missed badly. The manufacturing PMI was flat at 50.2 (better than the expected 50.1) and non-manufacturing PMI lower at 53.5 (from 54.4) and below expectations of 54.2. New non-manufacturing orders slowed as prices (selling and buying fell), pushing employment further into contraction (48.3). The data aligns with other early signs of stabilization in the Asian economy, including last week’s figures that showed profits at China’s industrial firms grew at the fastest pace in eight months in November.

While trading in stocks remained subdued on the last day of the year, the same can not be said for currencies, where the dollar’s recent hammering accelerated. The Bloomberg Dollar index dropped to its lowest level since March, taking its losing streak to four days. As a result, the euro, the pound and a handful of trade-sensitive currencies rallied as the dollar slid to a six-month low on Tuesday, with investors confident that global growth prospects are improving and U.S.-China trade relations significantly better. The pound led G-10 gains to head for its best quarter since 2009; the Canadian dollar is the best G-10 performer this year.

After staying strong for much of 2019 thanks to the relative outperformance of the U.S. economy and investors’ preference for a safe-haven currency amid the trade dispute between Washington and Beijing, the dollar’s gains for the year have shrivelled in December. The buoyant end-of-year sentiment enocouraged investors to buy up currencies linked to trade and global growth, sending many such as the Australian dollar, Chinese yuan and Scandinavian crowns to multi-month or multi-week highs against the greenback.

The Taiwan dollar strengthened past 30 versus the greenback for the first time in 18 months. Meanwhile, as the dollar slumped, China’s yuan jumped offshore after Peter Navarro said Monday that a preliminary trade deal with Beijing is completed.

Analysts did not attribute the moves to any specific new developments: “I can’t see much reason for the movement in the FX market except end-year position squaring, or just being careful and cutting positions ahead of the New Year’s holiday and the start of 2020. As a result I wouldn’t draw any big conclusions from it,” said Marshal Gittler, currency analyst at ACLS Global.

As Bloomberg writes this morning, investors are sifting through outlooks for 2020 as a weakening dollar, stabilizing global economy and easing of U.S.-China trade tensions all set a different scene from just a few months ago. The lull across markets on Tuesday draws a line under a year of spectacular returns for many asset classes.

“Politics has to remain front and center for investors” in 2020, wrote JPM Asset Management strategist Hannah Anderson. “The U.S.-China trade war is far from resolved. Returns will depend on just how tolerant investors can be of their fears in a low growth world.”

In rates, the 10-year Treasury followed the dollar and also drifted lower, though it is on track to end the year yielding about 1.89%, down around 80 basis points from where it began; U.K. gilts steadied after Monday’s sell-off.

Meanwhile, West Texas oil futures declined following a report that Iran detained a fuel tanker. Gold rose, headed for its biggest annual advance since 2010.

Looking ahead, economic data include home prices, consumer confidence. Most global markets will be closed on Jan. 1. U.S. fixed-income markets also close early at 2 p.m. EST Tuesday.

Market Snapshot

  • S&P 500 futures up 0.1% to 3,226.00
  • STOXX Europe 600 down 0.04% to 416.00
  • MXAP down 0.2% to 170.78
  • MXAPJ down 0.4% to 553.12
  • Nikkei down 0.8% to 23,656.62
  • Topix down 0.7% to 1,721.36
  • Hang Seng Index down 0.5% to 28,189.75
  • Shanghai Composite up 0.3% to 3,050.12
  • Sensex down 0.6% to 41,296.86
  • Australia S&P/ASX 200 down 1.8% to 6,684.10
  • Kospi down 0.3% to 2,197.67
  • German 10Y yield rose 7.1 bps to -0.185%
  • Euro up 0.1% to $1.1214
  • Brent Futures up 0.1% to $66.74/bbl
  • Italian 10Y yield rose 3.8 bps to 1.241%
  • Spanish 10Y yield rose 5.9 bps to 0.468%
  • Brent Futures up 0.1% to $66.74/bbl
  • Gold spot up 0.5% to $1,523.39
  • U.S. Dollar Index down 0.1% to 96.61

Top Overnight News from Bloomberg

  • China’s manufacturing output continued to expand in December, adding to evidence that the economy is stabilizing. The manufacturing purchasing managers’ index remained at 50.2, according to data released Tuesday
  • Chinese President Xi Jinping is expected to deliver his annual New Year’s Eve address amid mounting pressure at home and abroad on issues from economic slowdown to protests against Beijing’s rule in Hong Kong and a looming “phase one” trade deal with the U.S.
  • As Japan enters a six-day New Year break, a sense of anxiety over the possibility of another flash crash is gripping currency traders. The Financial Futures Association of Japan has already warned of market instability as the holidays create a liquidity vacuum
  • European gas and power prices extended declines after a last-gasp Russia-Ukraine accord on natural gas flows averted a winter supply crisis
  • Carlos Ghosn, the former head of Nissan Motor Co. and Renault SA facing trial in Japan for financial crimes, fled to Lebanon to escape what he described as a “rigged Japanese justice system.” Lebanon, where he grew up and has citizenship, has no extradition agreement with Japan

Top Asian News

  • India Curbs Year-End Spending by Ministries Amid Fiscal Worries
  • Billionaire Hinduja Brothers Said to Prepare Bid For Jet Air
  • China Set to Approve Local GMO Corn to Boost Food Security
  • Acme International Slumps 80% Within an Hour in Hong Kong

Top European News

  • French Strikes May Be Starting to Fade as Train Crews Return
  • Italy Bank Rescues Keep Coming With Bailout Set for Bari Lender
  • European Gas Prices Fall as Ukraine, Russia Deal Averts Crisis
  • Turkish Stocks Extend Winning Streak to End Best Year Since 2017

In currencies, the Bloomberg Dollar Spot Index declined 0.3%. The British pound increased 0.7%. The euro advanced 0.3% to $1.123. The Japanese yen gained 0.3% to 108.53 per dollar. The offshore yuan climbed 0.3% to 6.965 per dollar.

In commodities, West Texas Intermediate crude declined 0.7% to $61.24 a barrel. Gold increased 0.6% to $1,523.70 an ounce.

 

 

3A/ASIAN AFFAIRS

I)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 10.10 POINTS OR 0.33%  //Hang Sang CLOSED DOWN 129.64 POINTS OR 0.46%   /The Nikkei closed DOWN 181.10 POINTS OR 0.76%//Australia’s all ordinaires CLOSED DOWN 1.72%

/Chinese yuan (ONSHORE) closed UP  at 69617 /Oil DOWN TO 60.96 dollars per barrel for WTI and 65.91 for Brent. Stocks in Europe OPENED RED/ONSHORE YUAN CLOSED UP // LAST AT 6.9617 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9645 TRADE TALKS STALL///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 STRONGGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

CHINA

China’s service PMI slides back to multi year lows

(zerohedge)

China Non-Manufacturing PMI Slides Back Near Multi-Year Lows

Following a big, surprise jump in November, China’s official PMIs were expected to fall back a little in December (but remain – handily – above 50 and the ‘expansion/contraction’ divide), helped by an improvement in industrial production and hopes after the ‘phase one’ trade deal was (allegedly) completed.

A mixed bag though with manufacturing PMI flat at 50.2 (better than the expected 50.1) and non-manufacturing PMI lower at 53.5 (from 54.4) and below expectations of 54.2.

Source: Bloomberg

 

New manufacturing orders picked up (the last time the reading was above 50 was May 2018), but the improvement in manufacturing was concentrated in large- and medium-sized enterprises with small enterprises plunging deeper into contraction (at 47.2).

New non-manufacturing orders slowed as prices (selling and buying fell), pushing employment further into contraction (48.3).

The slide in Services dragged the composite PMI for China overall lower (but still well above the rest of the major world economies)…

Source: Bloomberg

We wonder how long this re-excitement of hope about Chinese economic growth will last given the massive amount of stimulus has produced a very meager credit impulse…

Source: Bloomberg

“The potential de-escalation of China-U.S. trade tension, improved global manufacturing demand, inventory restocking driven by lessening demand headwinds, and accelerated infrastructure investment growth in China may continue to support a moderate cyclical recovery,” China International Capital Corp. economist Eva Yiwrote in a note.

“Gross domestic product growth in the fourth quarter may pick up on a sequential basis compared with the third quarter.”

The government is also reportedly rolling out a range of policies to support the economy in 2020.

end
China/USA
Trump will sign is phase one deal on Jan 15 with China
(zerohedge)

Trump Will Sign “Very Large, Comprehensive” Phase One China Trade Deal On Jan 15th

It appears they have completed the much-anticipated translation.

Following White House Trade Adviser Peter Navarro’s comments on the likelihood of Phase Two and Phase Three China trade deals, President Trump has confirmed the date for the historic signing of Phase One…

Donald J. Trump

@realDonaldTrump

I will be signing our very large and comprehensive Phase One Trade Deal with China on January 15. The ceremony will take place at the White House. High level representatives of China will be present. At a later date I will be going to Beijing where talks will begin on Phase Two!

At the end of the tweet, Trump, most likely attempting to excite equity futures after a rather sour mood on Wall Street to end the year, said that he will go to Beijing to begin talks for the Phase 2 trade deal.

And while the initial reaction was muted, the US cash open seems to have provided a lift…

We do wonder what the brouhahah was earlier in the week about senior Chinese officials coming to Washington this weekend for a signing?

end

4/EUROPEAN AFFAIRS

Seems that our EU friends are getting nervous that England is about to leave the EU

(Mish Shedlock/Mishtalk)

EU Trade Commissioner Pokes Boris Johnson In The Eye

Authored by Mike Shedlock via MishTalk,

The EU is playing a dangerous and disingenuous game with the UK.

Here we go again…

 

The EU trade commissioner Phil Hogan tells the world Boris Johnson will cave in. What’s that supposed to accomplish?

The EU failed to learn anything from Brexit, any step of the way.

  1. Had the EU given a bone to then Prime Minister David Cameron, the referendum would have gone the other way.
  2. Had the EU not played extreme hardball with Theresa May, the UK would likely be trapped in a customs union.
  3. Now, the EU is poking a stick in Boris Johnson’s eye.

EU Trade Commissioner Phil Hogan says Johnson will Abandon Pledge on Brexit Transition Period.

“In the past, we saw the way the prime minister promised to die in the ditch rather than extend the deadline for Brexit, only for him to do just that,” said the recently appointed EU trade commissioner. “I don’t believe prime minister Johnson will die in the ditch over the timeline for the future relationship either,” Mr Hogan said in an interview with The Irish Times, referring to the need to negotiate the terms of the UK and EU’s future relationship within a transition period.

The former minister described as “very odd” the British government’s decision to include a clause in legislation ruling out an extension of the transition period beyond the end of 2020, suggesting the move was a political “stunt”.

“As things stand the UK wants to leave the single market and customs union. This move still baffles me because the full consequences of that decision are still not understood in the UK. Why trade a Rolls Royce for a second-hand saloon?”

Poke in the Eye

With those comments, Hogan just grabbed a stick and poked into Johnson’s eye.

Johnson made a political statement about a Brexit extension when he was not in position to deliver. It’s long over. There is no need to bring that up as a taunt.

And let’s not equate that with statements he has made since he became Prime Minister in a Blowout Victory and is now in complete control of the UK side.

Who’s the Bigger Liar?

The EU said it would never change the political declaration and it would not change the Withdrawal Agreement. In fact it did both.

So , who’s the bigger liar?

Arrogant Tones

Why trade a Rolls Royce for a second-hand saloon?” is pure arrogance.

The EU is not a Rolls Royce. It is a mindless customs unions with masses of idiotic regulations.

Moreover, the organization is totally unwieldy, requiring 100% agreement among 27 nations to get anything done.

Deal Still Possible

Irresponsible tones makes a hard WTO fallback more likely.

However, I still expect a deal.

Why?

  • Because it is in everyone’s best interest to negotiate one.
  • The EU, especially Germany, will lose more than the UK in the event of no deal.

Straw Man Arguments

One of the things I keep reading is that it is impossible to negotiate a comprehensive agreement in a year.

I agree. But that is a strawman. Nobody pledged to negotiate a comprehensive agreement in that time frame. The WTO allows for a basic agreement with and long as 10 years to finalize it.

Perhaps there is some small, say 6-month extension to ratify a basic deal. So what?

By the way, the chief negotiator for the EU will once again be Michel Barnier, not Hogan. Thus, it is not Hogan’s place to be running his mouth.

 

Delivering Brexit

Mike “Mish” Shedlock@MishGEA

1. If BJ wins, Brexit happens. I expect a basic WTO agreement, revised over time.

2. There may be a 3-6 month extension. So what?

3. The WTO allows for a 10 year “temporary deal”.

4. If BJ does not agree to customs union or give up fishing rights, it will be Brexit.

As long as Johnson does not give up fishing rights or agree to let the European Court of Justice (ECJ), be the arbiter in disputes, Johnson will have delivered Brexit.

I expect that outcome and was one of the few who did all along.

My friend Pater Tenebrarum at the Acting Man Blog offered this pertinent insight in a comment to my post Labour Slaughtered, Corbyn Refuses to Admit He is the Reason.

Assuming Johnson does get Brexit done (and it seems he will), this will be the first time ever that a popular vote that went against the EU is actually respected (as opposed to “repeated until the result is to the EU’s liking”). It is actually quite a monumental event for that reason alone. And I think its importance is still underestimated. The EU now loses one of its biggest net payers. The remaining net payers henceforth will have to shoulder a far bigger financial burden to continue subsidizing the have-nots (and French farmers). I cannot imagine that this will be a friction-free affair. Particularly as the UK is bound to unleash the kind of tax and regulatory competition that is anathema to the socialist high tax “harmonizers” and centralizers running the bureaucratic Moloch in Brussels.

Counterproductive Comments

If Johnson takes offense at idiotic eye-poking maneuvers, especially if Barnier starts making similar statements, it increases the odds of not negotiating even a basic agreement.

If Hogan wants a deal, and he should, then he would be advised to shut his big mouth.

Finally, and to put Hogan’s “Rolls Royce” arrogance into proper perspective, please consider Margaret Thatcher’s Amazing Prophecy on the EU.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAQ/USA

Tom Luongo on the USA strikes against Iranian backed militia.  His take on the middle east escalation

(courtesy Tom Luongo)

Did Pompeo Go Off Reservation In Iraq Attack?

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

I have to wonder who Secretary of State Mike Pompeo is actually loyal to. Because, the U.S. strike of Kata’ib Hizbullah forces near the Al Qaim border crossing with Syria in Iraq is a dangerous escalation there.

And it’s completely at odds with Trump’s goals of wanting us out of the Middle East. The Al Qaim border crossing is a particular red line for Israel and their allies in the U.S. State and Defense Departments.

It represents the normalization of commerce between Syria, Iraq and Iran over time. This is the so-called Shia Crescent which is the stuff of nightmares for Benjamin Netanyahu.

And the U.S. has been hopping mad for months since now caretaker Iraqi Prime Minister Adil Abdel Mahdi opened the border because it undermines U.S. presence in Syria.

The entire point of U.S. occupation of the Al-Tanf border crossing into Jordan and the oil fields in Deir Ezzor province is about starving the Syrian government of any reliable energy and revenue.

When Al Qaim/Al Bukamai was opened it was only a matter of time before a major skirmish would occur over it. Israel staged a series of air attacks previously using U.S. assets and air bases to launch them back in September.

Now, we have the convenient excuse for attacking these forces which are part of the Popular Mobiliztion Units, PMU, which Pompeo despises by ‘retaliating’ for a rocket attack on the K1 base near Kirkuk where one U.S. mercenary was killed and a handful of others injured.

The response from the U.S. Air Force was completely out of line with the initial attack and occurred without any attempt by Pompeo and Secretary of Defense Mark Esper to justify it.

They just invoked the phrase, “Iran-backed forces” and then bombed troops over 200 miles away where they wanted to strike anyway.

And what’s important is what both Elijah Magnier and Moon of Alabama pointed out immediately, the U.S. struck member of Shia militias who were made official part of the Iraqi defense forces.

In other words the U.S. just attacked and killed dozens of Iraqi military personnel.

Elijah J. Magnier@ejmalrai

32 killed and 45 wounded the count of violent aggression on security forces brigades 45 and 46 last night on a military position established to counter-attack and raid remnant at al-Qaem, the borders between Iraq and Syria.https://twitter.com/ejmalrai/status/1211373749766950913 

Elijah J. Magnier@ejmalrai
Replying to @ejmalrai @AdilAbdAlMahdi

This is the images of the #US attacks on #Iraq positions deployed against #ISIS.

View image on Twitter
View image on Twitter

And the U.S. can get away with this because the Iraqi government is in a total state of flux, thanks to a President, Barham Salih, refusing to honor the constitution, obstructing the selection of a new Prime Minister.

His actions remind me of Italy’s Sergio Mattarella who inserts himself into the process of government formation there to suit his EU partners-in-crime.

In Iraq the U.S. has been officially silent on the government turmoil there but the circumstances are pretty clear that the chaos works as a cover for what was an egregious violation of Iraq’s sovereignty.

Remember, the U.S. forces there are at the invitation of the Iraqi government and with Salih keeping the Shia political forces from uniting to choose a Prime Minister, the likelihood of that invitation being rescinded now is remote.

Color me not shocked that this attack on PMU forces occurred. Pompeo has been itching for an excuse to attack them for months. He tried his version of diplomacy with Prime Minister Mahdi to rescind their official status and was unsuccessful.

Mahdi was livid after Israel’s air attack and made noises about rescinding the U.S. invitation. No shock then that protests against his government spun up quickly after that.

So at some point this attack was going to happen. Netanyahu in serious political trouble facing a third election in a year, unable to form a government.

Pompeo coming to his rescue to keep the dream of warring with Iran should be obvious to all.

The question is whether President Trump is engaged with this policy at all or did Pompeo and Defense Secretary Mark Esper go off on their own, pull this trigger and then inform Trump and get him to accept this post hoc?

Everywhere Pompeo goes one week winds up in flames the next anymore. When he visits a trouble spot which Israel and the neoconservatives he represents want destabilized, a miracle occurs the next week.

Before this it was Lebanon and Iraq. This week it’s Ukraine. There is the threat of peace breaking out there with Russia and Ukraine agreeing to terms on both a gas and oil transit contract into Europe which Pompeo is dead set against.

Will we see some attack on Ukrainian forces which break the peace and can be blamed on Russia?

Trump has to know that escalation from here ends with U.S. forces coming home in body bags as PMU forces themselves, go off the reservation during this power vacuum in Baghdad and attack U.S. troops directly.

But I think this is exactly what Bibi and Pompeo want. This attack was a clear provocation to escalate and give Israel and the neocons all the ammunition they need to force Trump into the wider conflict with Iran they’ve been angry about not getting for six months now.

They failed with the Global Hawk incident back in June. That operation got John Bolton fired as National Security Director. Now we have a clearly disproportionate strike designed to inflame passions of Iran-backed Shia forces.

And it looks like it worked.

 

The entirety of Iraq’s leadership seems to be of the same mind, and even rejected the US plan to strike when they were tipped off immediately before it happened, per NBC:

In a statement, [former PM] Abdul-Mahdi said Secretary of Defense Mark Esper had called him about a half-hour before the U.S. strikes Sunday to tell him of U.S. intentions to hit the bases of the militia suspected of being behind Friday’s rocket attack. Abdul-Mahdi saidhe asked Esper to call off the U.S. plan.

One byproduct of the major US strikes on Sunday is sure to be that more and more of the Iraqi population will view the Americans, and not the Iranians, as the foreign occupiers.

This dramatic escalation by Washington is only likely to push more popular support toward the Shia PMF, and strengthen the movement in parliament to have US forces legally expelled, especially with the demise of the ISIS threat.

Any strike by the PMU here on U.S. forces will be music to Pompeo’s and Netanyhahu’s ears. And it will put Trump in a real bind with his base during an election year and an impeachment process Speaker Nancy Pelosi is purposefully dragging out to build a stronger case.

What stronger case could there be at this point if Trump were to not declare war or fire back on our troops getting attacked in Iraq or Syria? He’s derelict as Commander-in-Chief. It’s part of their stupid Ukraine narrative that Trump withheld aid weakens our national security.

I speculated in the past that Trump was getting ready to fire Pompeo.

As Secretary of State Pompeo has been nothing short of a disaster, undermining President Trump’s strong instincts to get the U.S. out of the Middle East and solve the myriad of open geopolitical wounds around the world.

Unlike his former-partner-in-neoconservatism, John Bolton, Pompeo is more adept at playing at being loyal to Trump while always seeming to move U.S. diplomacy in a more belligerent direction in the wake of any of Trump’s ‘impulses’ to act on his conscience and/or instincts.

It doesn’t matter if we’re talking Iran (Pompeo’s demands of Iran are off-the-charts insane), Lebanon (outright blackmail of the Lebanese government) or North Korea (making demands in negotiations which overstep Trump’s promises to Kim Jong-un) Pompeo is always there doing his thinly-veiled Israeli loyalty dance with the subtlety of a freight-train but somehow always framing it as making it Trump’s policy.

This move by Pompeo looks like a classic pre-emptive move to bind Trump down force him into a war which will be unpopular back home. The only one who wins with this attack is Israel.

U.S. troops are now less safe, effective forces fighting ISIS have been neutered and the Iraqi government is in shambles. Good job Mike.

Mike wants his golden parachute back to the Senate where he can continue doing god’s work for the Israelis, one more voice in a U.S. Senate seemingly without a limit on its thirst for power and the blood of the world.

This won’t end well and Trump better get his Flying Monkeys under control quick or he won’t be President much longer. Because when the body bags start, he’ll be the one who gets blamed.

*  *  *

end

TURKEY

A superb commentary outlining the strange behaviour of Turkey in its ambitions in the Middle East and how they will probably fail.  Turkey’s finances are not good and ths gambit could very well sink them

(Gatestone)

Turkey’s Gunboat Gambit In The Mediterranean

Authored by Burak Bekdil via The Gatestone Institute,

Turkey, since 2011, has been waging a pro-Sunni proxy war in Syria, in the hope of one day establishing in Damascus a pro-Turkey, Islamist regimeThis ambition has failed, costing President Recep Tayyip Erdoğan’s Turkey violent political turmoil on both sides of Turkey’s 911-km border with Syria and billions of dollars spent on more than 4 million Syrian refugees scattered across the Turkish soil.

In Egypt, in 2011-2012, Erdoğan aggressively supported the failed Muslim Brotherhood government and deeply antagonized the incumbent — then-general but now president — Abdel Fattah al-Sisi. Since Erdoğan’s efforts in Syria and Egypt failed, his Sunni Islamist ambitions have found a new proxy-war theater: Libya.

On December 10, Erdoğan said he could deploy troops in Libya if the UN-backed Government of National Accord (GNA) in Tripoli (which Turkey supports) requested it. Erdoğan’s talks with GNA’s head, Fayez al-Sarraj, who is fighting a war against the Libyan National Army (LNA) of General Khalifa Haftar, produced two ostensibly strategic agreements: a memorandum of understanding on providing the GNA with arms, military training and personnel; and a maritime agreement delineating exclusive economic zones in the Mediterranean waters.

Greece and Egypt protested immediatelywhile the European Council unequivocally condemned the controversial accords. Meanwhile, the deals apparently escalated a proxy competition between Turkey’s old (Greece) and new (Egypt and the United Arab Emirates) rivals.

With the al-Sarraj handshake, Erdoğan is apparently aiming to:

  • minimize Turkey’s isolation in the Mediterranean, one which has gradually worsened since 2010, following one diplomatic crisis after another with Israel;
  • counter strategic cooperation between Cyprus, Greece, Egypt and Israel, including joint diplomatic, energy and military initiatives;
  • cut into the emerging Cypriot-Greek-Egyptian-Israeli maritime bloc;
  • push back against Arab (Egyptian and UAE) pressure on al-Sarraj;
  • fill the European vacuum in Libya; and
  • emerge as a deal-breaker in the Mediterranean rather than a deal-maker.

All that ambition requires military hardware as well as diplomatic software. Since 2011, a year after the Mavi Marmara incident ruptured relations with Israel, Turkey has been investing billions of dollars in naval technologies, in an apparent effort to build up the hardware it would one day require.

In the eight years since then, Turkey has built four Ada-class corvettes; two Landing Ship Tank (LST) vessels; eight fast Landing Craft Tank (LCT) vessels; 16 military patrol ships; two deep-sea rescue ships; one submarine rescue ship; and four assault boats.

The jewel in the naval treasury box is a $1 billion Landing Platform Dock (LPD), now being built under license from Spain’s Navantia shipyards, to be operational in 2021. The TCG Anadolu, Turkey’s first amphibious assault ship, will carry a battalion-sized unit of 1,200 troops and personnel, eight utility helicopters and three unmanned aerial vehicles; it also will transport 150 vehicles, including battle tanks. It also may be able to deploy short takeoff and vertical landing STOVL F-35 fighter jets. Turkey will be the third operator in the world of this ship type, after Spain and Australia.

Erdoğan’s naval ambitions, however, are not limited just to an emerging fleet of conventional vessels. In 2016, he said that the LPD program would hopefully be the first step toward producing a “most elite” aircraft carrier. He also said he “sees it as a major deficiency that we still do not have a nuclear vessel.”

On December 22, Turkey’s first Type 214 class submarine, the TCG Piri Reis, hit the seas with a ceremony attended by Erdoğan. “Today,” he said, “we gathered here for the docking of Piri Reis. As of 2020, a submarine will go into service each year. By 2027, all six of our submarines will be at our seas for service.”

Unsurprisingly the docking ceremony reminded Erdoğan of his Libyan gambit: “We will evaluate every opportunity in land, sea and air. If needed, we will increase military support in Libya.”

Erdoğan seems to think that his best defense in the Mediterranean power game is an offense. On December 15, Turkish Naval Forces intercepted an Israeli research ship, the Bat Galim, in Cypriot waters and escorted it away, as tension over natural resource exploration continued to rise in the region.

 

On December 16, Turkey dispatched a surveillance and reconnaissance drone to the Turkish-controlled north of the divided island of Cyprus. A week before the drone deployment, Turkish Foreign Minister Mevlüt Çavuşoğlu said that Ankara could use its military forces to halt gas drilling in waters off Cyprus that it claims as its own.

Libya is another risky proxy war theater for Turkey. Its deals with the al-Sarraj government over troop deployment and maritime borders will become null and void if the Libyan civil war, begun in 2014, ends with Gen. Haftar’s victory. The chief of staff of the LNA, Farag Al-Mahdawi, announced that his forces would sink any Turkish ship approaching the Libyan coast. “I have an order; as soon as the Turkish research vessels arrive, I will have a solution. I will sink them myself,” Al-Mahdawi warned, noting that the order was coming from Haftar. On December 21, Haftar’s forces seized a Grenada-flagged ship with Turkish crew aboard, on the suspicion that it was carrying arms. The ship was later released.

The European Union is another factor why Erdoğan, once again, is probably betting on the wrong horse. Technically speaking, Turkey is a candidate for full EU membership, but it is an open secret that accession talks have not moved an inch during the past several years, and with no prospects of progress in sight. Making membership prospects even gloomier, EU foreign ministers in November agreed on economic sanctions for Ankara for violating Cyprus’ maritime economic zone by drilling off the island.

The Mediterranean chess game leaves Turkey in alliance with the breakaway Turkish Cypriot statelet and one of the warring factions in Libya, versus a strategic grouping of Greece, Cyprus, Egypt (and the UAE), Israel, and the other warring Libyan group.

One emerging power in Libya, however, is not a Western state actor. After controlling Syria in favor of President Bashar al-Assad and establishing permanent military bases inside and off the coast of the country, Russia has the potential to step into the Libyan theater with a bigger proxy and direct force, to establish its second permanent Mediterranean military presence. As in Syria, where divergent interests did not stop Turkey from becoming a remote-controlled Russian player, Moscow can once again make use of the Turkish card to undermine Western interests in Libya.

Also as in Syria, Turkey’s Islamist agenda will probably fail in Libya, but by the time Erdoğan understands that, it might be too late to get out of Moscow’s orbit.

END

IRAQ/USA

Not good! Iraq protesters storm the USA embassy in Baghdad

(zerohedge)

Iraq Protestors Storm US Embassy In Baghdad

Thousands of Iraqi protestors attacked various parts of the US embassy in Baghdad on Tuesday after US airstrikes killed dozens of Iran-backed Iraqi militia over the weekend. The attack on the embassy has been widely documented on Twitter with videos and pictures showing the destruction.

Aurora Intel@AuroraIntel

Protestors are currently breaking into the Embassy in , . Kata’ib supporters have managed to break through the first security gate (photo via @thestevennabil) flags can be seen.

View image on TwitterView image on TwitterView image on Twitter

One freelance journalist recorded the moment when the angry mob chanted, “No, no to America, no, no to Israel” outside of the embassy in Baghdad’s Green Zone.

Sinan Salaheddin Mahmoud@sinansm

“No, no to America, no, no to Israel.” outside the in Baghdad’s Green Zone.

Embedded video

The Times of Israel’s Mina Bai tweeted a video of what appears to be part of the embassy on fire.

mina bai@bai_mina

BREAKING: footages of Iran backed Shii militia setting firing to embassy wall in

Embedded video

More videos show protestors are burning the outer walls of the embassy.

nonouzi@Gerrrty

Protestors are burning the outer walls of the Embassy in Baghdad.

Embedded video

It appears thousands of protesters are currently outside the embassy chanting anti-American slogans, throwing objects over the embassy wall, and burning things at the main gate.

DoC©@DocPakistan

Green Zone Outside US Embassy

Embedded video

Protesters are attempting to storm the main gate of the embassy.

ISCR Intel.@ISCR_com

🚨 : Footage showing protesters storming the main gate of the US Embassy in ‘s .

Embedded video

Demonstrators took a video of the embassy’s security forces behind bulletproof glass.

Sinan Salaheddin Mahmoud@sinansm

The man here asks the protesters to step back. From outside the in Baghdad’s Green Zone.

Embedded video

The US airstrike on Sunday on Hezbollah bases in Iraq and Syria were in response to attacks on US troops in the region.

ABC News said there had been no reports of any embassy staff hurt in the current rampage.

All security forces have been withdrawn to the inner areas of the embassy with US troops on top of the main embassy building with assault rifles pointed at protestors.

Reuters noted that the US ambassador and other staff members have been evacuated from the embassy. One official said few embassy protection staff remained as the risk of the compound being overrun was high.

Seven armored vehicles with 30 Iraqi troops arrived outside the embassy to assist US forces.

President Trump likely received a briefing on the developments of the embassy on Tuesday morning. He tweeted around 7 am est. saying “Iran killed an American contractor, wounding many. We strongly responded, and always will. Now Iran is orchestrating an attack on the U.S. Embassy in Iraq. They will be held fully responsible. In addition, we expect Iraq to use its forces to protect the embassy, and so notified!”

Donald J. Trump

@realDonaldTrump

Iran killed an American contractor, wounding many. We strongly responded, and always will. Now Iran is orchestrating an attack on the U.S. Embassy in Iraq. They will be held fully responsible. In addition, we expect Iraq to use its forces to protect the Embassy, and so notified!

END

6.Global Issues

 

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1229 UP .0028 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /ALL RED

 

 

USA/JAPAN YEN 108.54 DOWN 0.327 (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 1.32005   UP   0.0088  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TO JAN 31/2020//

USA/CAN 1.3015 DOWN .0046 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 8 basis points, trading now ABOVE the important 1.08 level RISING to 1.1229 Last night Shanghai COMPOSITE CLOSED UP 10.10 POINTS OR 0.33% 

 

//Hang Sang CLOSED DOWN 129.64 POINTS OR 0.46%

/AUSTRALIA CLOSED DOWN 1,72%// EUROPEAN BOURSES ALL RED

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 129.64 POINTS OR 0.46%

 

 

/SHANGHAI CLOSED UP 10.10 POINTS OR 0.33%

 

Australia BOURSE CLOSED DOWN 1.72% 

 

 

Nikkei (Japan) CLOSED DOWN 181.10  POINTS OR 0.76%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1520.75

silver:$18.03-

Early MONDAY morning USA 10 year bond yield: 1.89% !!! UP 1 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 2.57 UP 1  IN BASIS POINTS from MONDAY night.

USA dollar index early TUESDAY morning: 97.16 DOWN 6 CENT(S) from  MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

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And now your closing TUESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.44% UP 6 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: -.01%  DOWN 0   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.47%//UP 6 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,41 UP 4 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 94 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.19% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.60% 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 1.1225  UP     .0024 or 24 basis points

USA/Japan: 108.67 DOWN .206 OR YEN UP 21  basis points/

Great Britain/USA 1.3256 UP .01446 POUND UP 145  BASIS POINTS)

Canadian dollar UP 95 basis points to 1.29666

 

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The USA/Yuan,CNY: AT 6.8832    ON SHORE  (UP)..

 

THE USA/YUAN OFFSHORE:  6.9847  (YUAN UP)..

 

TURKISH LIRA:  5.9502 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at -.01%

 

Your closing 10 yr US bond yield UP 2 IN basis points from MONDAY at 1.90 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.36 UP 3 in basis points on the day

Your closing USA dollar index, 96.45 DOWN 29  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 42.61  0.59%

German Dax :  CLOSED DOWN 88.10 POINTS OR .66%

 

Paris Cac CLOSED DOWN 4.16 POINTS 0.07%

Spain IBEX CLOSED DOWN 63.40 POINTS or 0.66%

Italian MIB: CLOSED DOWN 251.23 POINTS OR 1.06%

 

 

 

 

 

WTI Oil price; 61.38 12:00  PM  EST

Brent Oil: 66.24 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    62.06  THE CROSS HIGHER BY 0.05 RUBLES/DOLLAR (RUBLE LOWER BY 05 BASIS PTS)

 

TODAY THE GERMAN YIELD RISES  TO –.19 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 :  61.38//

 

 

BRENT :  66.24

USA 10 YR BOND YIELD: … 1.90…  PLUS 2 BASIS PTS

 

 

 

USA 30 YR BOND YIELD: 2.36..PLUS TWO BASIS POINTS..

 

 

 

 

 

EURO/USA 1.1225 ( UP 25   BASIS POINTS)

USA/JAPANESE YEN:108.67 DOWN .206 (YEN UP 21 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 96.45 DOWN 29 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3256 UP 145  POINTS

 

the Turkish lira close: 5.9502

the Russian rouble 62.06   DOWN 0.05 Roubles against the uSA dollar.( DOWN 5 BASIS POINTS)

Canadian dollar:  1.2966 UP 95 BASIS pts

USA/CHINESE YUAN (CNY) :  6.9832  (ONSHORE)/

 

 

USA/CHINESE YUAN(CNH): 6.9847 (OFFSHORE)

 

 

The Dow closed UP 76.30 POINTS OR 0.27%

 

NASDAQ closed UP 26.61 POINTS OR 0.30%

 


VOLATILITY INDEX:  13.89 CLOSED DOWN .93

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

 

USA trading today in Graph Form

2019 – The Year Of Buying Everything

The global bond and stock markets added $24 trillion in market value ($17.5 tn stocks, $6.5 tn in bonds)

Source: Bloomberg

The Dollar ended 2019 at the same level it started – but stocks, bonds, and gold all rallied on the heels of an unprecedented surge in global liquidity…

Source: Bloomberg

Remember, correlation is not causation, especially when your career depends on people thinking you’re a guru stock-picker…

Source: Bloomberg

And as central banks spewed liquidity, they stomped on the throat of all risk in all asset classes…

Source: Bloomberg

In global equity land…

  • FTSEMIB (Italy) – best year since 1998
  • CAC – best year since 1999
  • Europe 500 – best year since 2009
  • MSCI World – best year since 2009
  • DAX – best year since 2012
  • IBEX (Spain) – best year since 2013
  • S&P – best year since 2013
  • SHCOMP (China) – best year since 2014
  • FTSE – best year since 2016
  • Dow – best year since 2017

In the US, Trannies lagged as Nasdaq soared (but everything was green)…

Source: Bloomberg

All of which makes perfect sense, because fun-durr-mentals…

Source: Bloomberg

And it’s not just 2019…

Source: Bloomberg

This won’t end well…

Defensives modestly outperformed Cyclicals in 2019…

Source: Bloomberg

Amid considerable intra-year vol, Momo and Value ended only marginally lower…

Source: Bloomberg

Apple added a stunning $550 Billion in market cap in 2019 (best year since 2009)…

Source: Bloomberg

…as its Fwd EPS tumbled…

Source: Bloomberg

Credit protection dramatically outperformed equity protection (thanks to a late collapse in spreads)…

Source: Bloomberg

Bonds were bought with both hands and feet as treasury yields collapsed in 2019…

Source: Bloomberg

  • 30Y Yields fell their most since 2014
  • 2Y Yields fell their most since 2008
  • 2s30s yield curve steepened 29bps – the first year the curve has steepened since 2013

Source: Bloomberg

In FX-land, the Loonie was the year’s best performer… and the Swedish Kroner was the worst

Source: Bloomberg

The Dollar tumbled into year-end, erasing its gains against a broad trade-weighted basket of fiat malarkey…And the three legs lower all started as the “Phased One” deal with China was ‘completed’

Source: Bloomberg

Cryptos broadly speaking had a yuuge year, but it was a tale of two halves with gains halved after peaking around late June…

Source: Bloomberg

Commodities had a big year

  • Gold had it best year since 2010
  • Silver had its best year since 2010
  • Oil had its best year since 2016

Source: Bloomberg

But Palladium was the year’s big commodity/precious metal winner…

Source: Bloomberg

And while the dollar’s slide is accelerating into year-end against global fiat currencies, it has a long way to catch down to its weakness against hard assets…

Source: Bloomberg

 

Finally, in case you wondered, “you are here”…

Source: Bloomberg

And with a huge h/t to CNBC’s Joumanna Bercetche, an ode to 2019:

‘Twas the Night before Xmas
Stock markets at record highs
Tech sector breaking into new territory
Brushing off trade war & recession cries

But what a year 2019 was,
Let’s rewind back to last December
The world was looking a little different
One last hike the Fed would rather not remember

Only took 7 months to reverse course
“A mid cycle adjustment” Powell mumbled
followed by two step September and October cuts
“Where did I find this guy” the President grumbled

But of course there was another battle front
The China US trade war raged on
In April a deal was “about 90% done”
Took another 8 months to get to Phase One

Tariffs went up on both sides
a terrible year for manufacturing and trade
PMIs slumped into contractionary territory
“95% Republican approval rating, I get top grades!”

The President tweeted, with one eye on the election
“It’s all one big witch hunt, am fully exonerated”
Not everyone agreed, as Democrats pressed on
“The evidence suggests, he is NOT fully exculpated”

Meanwhile, we sat glued watching the House of Commons,
an equally tumultuous year back in the UK
“Order Order” no one really understood the amendments
But could the bill with the Irish Backstop pass? Three times Nay..

After multiple cabinet resignations and brexit deadlock
The writing was clearly etched on the wall,
Prime Minister May , resigned in May,
and of course Tory Euroskpetics were enthralled.

Then commenced the Tory leadership contest
Ten eager contenders, to be whittled down to one
Never mind trust issues,
“Let’s get Brexit done”

But first PM Johnson had a cunning plan ,
proroguing Parliament and giving unlawful advice to the queen
“Don’t worry its a do or die Brexit,
We will be out by Halloween!”

Back from Brussels, brandishing a deal
Deadlock in Parliament persisted,
“Time for a General Election” all parties squealed
Even Jeremy Corbyn who had resisted

And so it was on December 12th
The Conservative party secured its biggest majority in 30 years
The withdrawal bill now passed with flying colours
Brexit on January 31st with no free trade deal yet… Cheers.

2020 will also see a new BOE governor
Andrew Bailey confirmed in the seat,
Will the Bank hike or cut we wonder,
Managing brexit will be no easy feat

But in all of this let’s not forget about Europe,
Caught in a brexit quagmire and manufacturing slump
“Europe treats us worse than China”
Perpetual threat of tariffs being dangled by Trump

Trouble in paradise with the German coalition:
new SPD leadership want to re-negotiate the terms
“while we poll low, we want rules of our volition”
As CDU’s fiscal campaign made us all squirm

And oh the Italians kept us on our toes
The 5-Star Lega coalition fell apart
Another political crisis as the economy slows?
PD theatrically swept in with 5 Star : “it’s a new start”

What about NATO the transatlantic alliance
“Braindead” declared French President Macron
“This isn’t just a spending partnership but a political one”
We shook our heads, where did this all go wrong

Meanwhile OPEC+ continued with production cuts
Oil apparently too oversupplied
“we want full compliance this time: no if , no buts”
Aramco went for a local listing, not quite $2T (but they tried)

And of course the central banks, still standing firm,
The ECB unleashed its latest round of easing
A month before the end of Draghi’s term
Now it’s up to Lagarde to do the hawks appeasing

“We will do whatever it takes” Draghi’s words
Echoing forever in the annals of history
“I am neither a dove nor a hawk
but an owl” Lagarde said fervently

Another memorable speech at the UN
“How dare you, you stole my dreams”
Green warrior Greta Thunberg
Warning of climate change in its extreme

A 2019 that was hectic to say the least:
The US President impeached
Hong Kong riots in the East
Codes of civility breached

While we don’t know what 2020 has in store
Perhaps one of less uncertainty
Happy New Year to you all
and thank you for watching CNBC! – Jou

*  *  *

Happy New Year!

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

Home prices are accelerating again but not in rat infested San Francisco

(zerohedge)

US Home Price Gains Accelerate Again (But Not In San Francisco)

Following September’s (the last data point) modest reacceleration in home prices (the first since March 2018), Case-Shiller’s October data is expected to stabilize at +2.10% YoY.

But instead, the 20-City Composite accelerated significantly – rising 2.23% YoY – the fastest since May…

Source: Bloomberg

Prices rose on an annual basis in 19 of the 20 cities in the composite measure. Phoenix led with a 5.8% increase, followed by a 4.9% gain in Tampa and 4.8% advance for Charlotte. San Francisco was the lone city to post a year-over-year decline.

With mortgage rates having tumbled, and accounting for the lag in Case-Shiller data and sentiment shifts, one might expect house price appreciation to re-accelerate further as next year begins…

Source: Bloomberg

Finally, some food for thought from Alhambra’s Jeffrey Sniderthe Fed didn’t cause the housing slump with its “rate hikes.” Just like 244 bps fed funds didn’t put the economy into its downturn.

And if the Fed didn’t break it, then the Fed won’t be able to fix it with a few rate cuts. The bond market has already supplied the equivalent of six of them to the average mortgage rate, and so far the real estate data is more about price sensitivity than that positive swing in payment-related buying power.

The continuing depressiveness of housing suggests that as 2019 draws to a close the downside risks remain for a lot more than this one part of the economy. Despite a double dose of unintentional aid (prices and rates), there must be serious countervailing forces more than balancing those out. Ironically, that’s what the price trends and persistently low interest rates suggest, too.

end

 

This is not what the market expected:  consumer confidence disappoints as well as the hope index

(zerohedge)

Consumer Confidence Disappoints As Hope Fades

Following the headline decline for Conference Board Consumer Confidence in November, analysts are expecting an exuberant bounce in December as every asset class rose majestically (despite retail sales slowing).

But, despite record high stocks, the headline consumer confidence data disappointed, printing 126.5 (down from the upwardly revised 126.8) and well below the hopeful 128.5 expected.

While the Present Situation picked up modestly, the Future Outlook weakened:

  • Present situation confidence rose to 170.0 vs 166.6 last month
  • Consumer confidence expectations fell to 97.4 vs 100.3 last month

Combining for the 4th monthly headline drop in the last 5…

Source: Bloomberg

Interestingly, this is the 4th straight month of YoY declines in confidence…

Source: Bloomberg

And expectations for stock market gains also faded…

Source: Bloomberg

Isn’t the whole point of The Fed to pump enthusiasm up “by whatever means”?

Source: Bloomberg

It’s not working!

iii) Important USA Economic Stories

More than more banks are admitting that the Fed is engaging in QE4.  The larger the increase of purchases on the Fed’s balance sheet the higher the stock market travels

(zerohedge)

 

A Major Bank Admits QE4 Has Started, And That Stocks Are Rising Because Of The Fed’s Soaring Balance Sheet

There was a period of about two months when some of the more confused, Fed sycophantic elements, would parrot everything Powell would say regarding the recently launched $60 billion in monthly purchases of T-Bills, and which according to this rather vocal, if always wrong, subsegment of financial experts, did not constitute QE. Perhaps one can’t really blame them: after all, unable to think for themselves, they merely repeated what Powell said, namely that  “growth of our balance sheet for reserve management purposes should in no way be confused with the large-scale asset purchase programs that we deployed after the financial crisis. Neither the recent technical issues nor the purchases of Treasury bills we are contemplating to resolve them should materially affect the stance of monetary policy. In no sense, is this QE.

As it turned out, it was QE from the perspective of the market, which saw the Fed boosting its balance sheet by $60BN per month, and together with another $20BN or so in TSY and MBS maturity reinvestments, as well as tens of billions in overnight and term repos, and soared roughly around the time the Fed announced “not QE.”

And so, as the Fed’s balance sheet exploded by over $400 billion in under four months, a rate of balance sheet expansion that surpassed QE1, QE2 and Qe3…

… stocks blasted off higher roughly at the same time as the Fed’s QE returned, and are now up every single week since the start of the Fed’s QE4 announcement when the Fed’s balance sheet rose, and are down just one week since then: the week when the Fed’s balance sheet shrank.

The result of this unprecedented correlation between the market’s response to the Fed’s actions – and the Fed’s growing balance sheet – has meant that it gradually became impossible to deny that what the Fed is doing is no longer QE. It started with Bank of America in mid-November (as described in “One Bank Finally Admits The Fed’s “NOT QE” Is Indeed QE… And Could Lead To Financial Collapse“), and then after several other banks also joined in, and even Fed fanboy David Zervos admitted on CNBC that the Fed is indeed doing QE, the tipping point finally arrived, and it was no longer blasphemy (or tinfoil hat conspiracy theory) to call out the naked emperor, and overnight none other than Deutsche Bank joined the “truther” chorus, when in a report by the bank’s chief economist Torsten Slok, he writes what we pointed out several weeks back, namely that “since QE4 started in October, a 1% increase in the Fed balance sheet has been associated with a 1% increase in the S&P500, see chart below.” Not that DB has absolutely no qualms about calling what the Fed is doing QE4 for the simple reason that… it is QE4.

The chart in question, which is effectively the same as the one we created above, shows the weekly change in the Fed’s balance sheet and the S&P500 as a scatterplot, and concludes that all it takes to push the S&P higher by 1% is to grow the Fed’s balance sheet by 1%.

 

And just to underscore this point, the strategist points out that such a finding is “consistent with this new working paper, which finds that QE boosts stock markets even when controlling for improving macro fundamentals.” Which, of course, is hardly rocket science – after all when you inject hundreds of billions into the market in months, and this money can’t enter the economy, it will enter the market. The result: the S&P trading at an all time high in a year in which corporate profits actually decreased and the entire rise in the stock market was due to multiple expansion.

In short: the Kool Aid is flowing, the party is in full force and everyone has to dance, because the Fed will continue to perform QE4 at least until Q2 2020. Which reminds us of what we wrote last week, namely that another big bank, Morgan Stanley, has already seen through the current meltup phase, and predicts the “Melt-Up Lasting Until April, After Which Markets Will “Confront World With No Fed Support“.”

end

For now the crisis has been averted but the real question is what will happen in two weeks when the Fed decides to withdrawal all of that 500 billion dollars of liquidity.  Probably the market crashes and then it is time for real QE4

(zerohedge)

 

Year-End Repo “Crisis” Ends With A Whimper Amid Massive Liquidity Glut

It was supposed to usher in a market crisis that would prompt the Fed to launch QE4 according to repo guru Zoltan Pozsar. In the end, the preemptive liquidity tsunami unleashed by the Fed in mid-December which backstopped just shy of $500 billion in liquidity, proved enough to keep any latent repo market crisis at bay.

The year’s final overnight repo operation, which the Fed expanded to as much as $150 billion ended up being just 17% subscribed, as Dealers submitted only $25.6 billion in securities ($15.2BN in TSYs, $2BN in Agencies, $8.35BN in MBS) in the year, and decade’s, final overnight repo meant to bridge the financial system’s short-term funding needs into 2020.

As a result of the Fed’s massive, preemptive liquidity backstop, the overnight G/C term repo rate quickly dropped back to a subdued, and quite normal, 1.55% after starting the day north of 1.80%.

One thing is certain: last New Year’s firework, which saw the overnight G/C repo rate shoot up as high as 5% into Jan 1, 2019, will not repeat itself.

The final hint that a repo crisis would be averted came on Dec 30, when the Turn repo rate dropped another 75 basis points from 2.75% down to 2.00%, confirming that dealers had lost all fears of a year-end funding squeeze. This happened after only $8.3 billion showed up for the 15 day term operation out of a possible $35 billion On Monday. And, as Curvature’s Scott Skyrm explained yesterday, turn rates rallied and the Fed RP term operation was well undersubscribed.

And so, with the “turn” collapsing and today’s overnight repo confirming that all funding needs were met, Skyrm summarized the current, non-crisis state of the repo market as follows:

  • There is no more Repo market fear of a year-end rate explosion
  • Year-End is now trading more like a quarter-end
  • Given the rally in Turn rates, undersubscribed Fed RP operations can be considered to be due to banks getting funded and NOT to full balance sheets

And while a year-end repo crisis was averted thanks to a historic surge in the Fed’s balance sheeet…

… two questions emerge: i) would this have been the outcome had Pozsar not published his report warning about a repo market fireworks had the Fed not unleashed an unprecedented $500 billion liquidity backstop, and ii) will the Fed be able to successful drain the hundreds of billions in excess liquidity it injected to avoid a funding paralysis, while sending stocks to all time highs? While we will never know the answer to the first question, the answer to #2 will be made apparent in the first weeks of 2020 when the Fed decides to either keep rolling its repo operations or end them, cold Turkey, risking another funding crisis for one simple reason: the true level of cash in the market, excluding Fed intervention, has collapsed and once again the entire financial system is living on Fed generosity.

END

Amazing, Fox crushes CNN and MSNBC with a record viewership.  In the news dept, Hannity and Tucker Carlson tramples the rest of the field

(zerohedge)

Fox Crushes Cable News With Record High Viewership As CNN Implodes

Fox News dominated the basic cable news industry in 2019, according to a new report, which specifies the network has hit record high viewership.

Nielsen Media Research said Fox News averaged 2.5 million viewers during primetime in 2019, far outpacing any other news network. The network’s viewership hit a 23-year high this year, blowing out its competitors, CNN and MSNBC, by a long shot.

Fox News even beat out ESPN with its 1.78 million viewers during primetime. It seems the American people under a Trump administration are more concerned about politics and the economy than sports. MSNBC trailed ESPN for the third spot at 1.75 viewers during primetime. This is the fourth consecutive year Fox News has blown out its competitors.

 

Nielsen said CNN came in 22nd place, recorded just 972,000 viewers during primetime.

The gap in viewership between Fox News and CNN on a nightly basis is nearly 1.5 million viewers daily during primetime.

 

Fox News’ “Hannity” was the most popular news show with 3.3 million viewers during primetime. The second was “Tucker Carlson Tonight” with 3.1 million, and MSNBC’s “Rachel Maddow Show” was third with 2.78 million.

To sum up, CNN is suffering a credibility crisis as viewership is in a mass exodus, fleeing the fake news network to more conservative networks, such as Fox News. There appears to be no plan of action by CNN or liberal media to fix the hemorrhaging of viewership, indicating the trend will persist through 2020.

end

iv) Swamp commentaries

Jonathan Turley’s 11th commandment thou shalt not testify for the Republicans.

(Jonathan Turley)

Jonathan Turley: The 11th Commandment – Thou Shalt Not Testify For Republicans

Authored by Jonathan Turley,

American journalist H.L. Mencken once observed, “Say what you will about the Ten Commandments, you must always come back to the pleasant fact that there are only ten of them.” Despite an unending respect for Mencken, this is an occasion in which I found him mistaken, after I violated the Eleventh Commandment, “Thou shalt not testify for Republicans.”

Worse yet, I am a recidivist sinner, after testifying as a constitutional expert in both the Clinton and Trump impeachment hearings. Like all mortal sins, the violation of the Eleventh Commandment comes with not just eternal but immediate damnation. What is most striking about this commandment is that it does not matter if your testimony is made in good faith. For example, under the Ninth Commandment, you are only guilty if you give false evidence against your neighbor. Under the Eleventh Commandment, it does not matter if your testimony is true or false. A law-fearing academic must not give any testimony for Republicans.

 

In my recent testimony before the House Judiciary Committee regarding President Trump’s impeachment, I opposed the position of my fellow witnesses that the definition of actual crimes is immaterial to their use as the basis for impeachment – and I specifically opposed impeachment articles based on bribery, extortion, campaign finance violations or obstruction of justice. The committee ultimately rejected those articles and adopted the only two articles I felt could be legitimately advanced: abuse of power, obstruction of Congress. Chairman Jerrold Nadler even ended the hearing by quoting my position on abuse of power. Our only disagreement was that I opposed impeachment on this record as incomplete and insufficient for submission to the Senate.

None of that matters under the Eleventh Commandment, however. It is the act of testifying for Republicans that is a sin against the legal academy. Indeed, what followed was a series of false stories attacking not my testimony but me, personally. The falsity of these stories is a warning to any academic who considers straying from the Democratic path.

Turley flipped his testimony from the Clinton impeachment.

One of the most bizarre false stories was that I testified differently on my views of impeachment during the Clinton and Trump impeachments. Given the 21-year gap, it might not be strange for views to change. However, my views in the two cases were the same.

In both hearings, I said a president could be impeached for noncriminal conduct, including abuse of public office. Yet stories on CNN and other outlets objected that, in the Clinton case, I warned Congress, “If you decide that certain acts do not rise to impeachable offenses, you will expand the space for executive conduct.” Somehow this was portrayed as a “flip-flop” since I was arguing against impeachment in the Trump hearings on this record. It doesn’t matter that the Judiciary Committee did precisely what I suggested in dropping the four criminal theories for the articles or going forward with the two I said would be legitimate. I was not arguing against impeaching on the two articles adopted — only that a completed record was absent.

More importantly, the statement in the Clinton case referred to perjury. Democrats argued back then that a president could commit perjury on some subjects, such as sexual relations, and not face impeachment; they argued that an impeachment crime must be tied to the office, not to personal interests. That was ridiculous and would allow a president to kill a lover but not face impeachment. Indeed, the Democratic position would allow a presidential Harvey Weinstein to abuse countless interns and then pressure them to lie to an independent counsel.

Turley thought Justice Sotomayor wasn’t smart enough.

Perhaps the most vile false story can be traced to a tweet sent out by a University of Baltimore law professor asking, “Does anybody else remember @JonathanTurley appearing on MSNBC to explain that Sonia Sotomayor didn’t have the intellect to serve on the Supreme Court?” I certainly didn’t remember that — because I never said anything like that. No matter: Soon, from MSNBC to liberal websites, the story was all the rage, with titles such as “Jonathan Turley thought Sonia Sotomayor wasn’t smart enough to be on the Supreme Court.”

When then-Judge Sotomayor was nominated, I was asked as a legal commentator to review her opinions and give my view of what that body of work suggested about her potential on the Supreme Court. The issue at the time was whether President Obama was appointing an intellectual counterweight to conservative Justice Antonin Scalia. I noted that her opinions were narrow and offered few insights into her potential as an intellectual force on the court. My comments were directed to her opinions, not her intellect. And I was not alone in this conclusion: Adam Liptak in The New York Times noted that her opinions were “narrow” and “reveal no larger vision, seldom appeal to history and consistently avoid quotable language.”

In the interview cited by the Baltimore professor, I gave my view of 30 of Sotomayor’s opinions, which did not contain anything particularly deep or profound in judging her possible impact on the court. However, I immediately stated that this is not unique and that other justices have had similarly short, unremarkable appellate opinions yet proved to be profound on the Supreme Court. I expressly compared Sotomayor to Justice John Paul Stevens, whom I have long praised; I also said that Sotomayor could prove to be a truly great justice but that her opinions did not offer any glimpse into how she might emerge in such a role.

In my analysis of Justice Sotomayor’s nomination, I returned to these points and specifically objected to those who said her narrow decisions were evidence of a lack of intellectual depth. I wrote, “This is demonstrably absurd. These opinions are little different from those of [Justices] Alito, Souter, or the limited writings of [Justice] Thomas. Clearly, Sotomayor is quite intelligent. This record is little different from records of Republican nominees who enthralled these same critics.” And I repeatedly stressed that she could prove to be a great nominee in finding voice and depth in her opinions on the court.

Some articles objected that, in an “unprompted” comment, I raised Sotomayor’s gender and race. I did so to praise the selection of the first Latina to the court, a nomination that I said was “rightfully” a point of pride. Moreover, the vast majority of news stories also referenced that historic aspect of her nomination. However, that was separate from the analysis of her opinions and the question of her intellectual legacy. What also was omitted is that, before Sotomayor’s nomination, I wrote a column on intellectual leaders on the courts and pushed for the nomination of Diane Wood of the 7th Circuit, a liberal powerhouse.

None of that matters, however, because heresy demands condemnation — whether or not it is based in reality. After all, this is all meant to get people not to seriously consider the flaws in the impeachment, including the proposed articles that ultimately were dropped. So, for any academic tempted to testify for Republicans in an impeachment proceeding, I can only caution that Romans 12:19 may say that “vengeance is mine … sayeth the Lord” – but judgment will be more immediate for anyone who strays from the chosen professorial path.

Jonathan Turley is the Shapiro Professor of Public Interest Law for George Washington University and served as the last lead counsel during a Senate impeachment trial. He testified as a witness expert in the House Judiciary Committee hearing during the impeachment inquiry of President Trump.

end

What a joke! Strzok claims the FBI and the Dept of Justice violated his free speech andprivacy rights

(Sara Carter)

Fired Anti-Trump Agent Strzok Claims FBI, DOJ Violated His Free Speech, Privacy Rights

Authored by Sara Carter via SaraACarter.com,

Fired FBI agent Peter Strzok– who played a central role into the now debunked investigation into President Donald Trump’s campaign and Russia – is now arguing that his politically charged anti-Trump text messages are protected under the First Amendment.

This argument is so weak, considering his texts were mainly made on the bureau’s government issued phones, which require FBI agents to use them for  work purposes only.

Strzok, who once was deputy head of the FBI’s counterintelligence office, is suing the Department of Justice for reinstatement into the FBI. He stressed in a new court filing Monday, with the federal district court that “firing an employee for the content of his or her non-public communications is unconstitutional, irrespective of any balancing interests,” which would include damage to the FBI’s reputation and other mitigating factors.

In his claim against the DOJ he argues that he didn’t leak his texts, instead it was the DOJ,  therefore he argues, his texts should be considered private speech. He then argues that he shouldn’t be held to a higher legal standard, using the 1968 Supreme Court case Pickering v. Board of Education. The Pickering case applied to public statements by government employees.

Strzok said he was entitled to “develop a full factual record through discovery.” He said it would be premature to dismiss the case at this early stage.

Strzok’s filing was a response to the DOJ’s motion to dismiss his lawsuit to be reinstated to the FBI by November. The Justice Department slammed Strzok in its motion to dismiss Strzok’s case stating that the embattled former FBI agent admitted to conducting official FBI business on his personal iMessage account and violated FBI regulations in use of his work issued cell phone.

For example, the DOJ included a letter from the Office of Professional Responsibility (OPR) regarding its own investigation of Strzok that stated in part that “the investigation uncovered numerous occasions on which you used your personal email account to conduct FBI business…you claimed your ‘usual practice’ was to double delete the work emails after you sent them. You acknowledged you had been issued an FBI laptop to work from home but claimed you did not know how to properly log on to use the machine.”

Unbelievable that Strzok gave these excuses to OPR, considering he was the top of the bureau’s counterintelligence division.

First of all, Strzok played a central role both in the investigation into the Trump campaign and Hillary Clinton’s use of an unsecured server to send classified emails. His text messages were sent on his government issued phone, which is not his private phone but owned by the government.  Those text messages revealed exactly how biased the FBI agents conducting the investigation felt about their subject: President Trump.

In fact, when his anti-Trump texts were first discovered by Inspector General Michael Horowitz, Strzok was removed in the summer of 2017, from then-Robert Mueller’s Special Counsel investigation. Mueller’s team felt his texts were biased enough to remove Strzok from the investigation and they were right to do so.

Remember these texts messages sent Strzok’s sent on his FBI issued unsecured cell phone to his then lover FBI Attorney Lisa Page.

Strzok called Trump “abysmal” “idiot” and a “disaster” in texts he sent to Page.

At the time, she was working for then FBI Deputy Director Andrew McCabe. McCabe was also fired from the FBI after the DOJ’s Inspector General caught him in a multitude of lies and leaking to the media.

In August 2016, after Page wrote to Strzok that Trump was “not ever going to become president, right? Right?!”

Strzok then responded with “No. No he’s not. We’ll stop it.” Page, who was recently interviewed by Rachael Maddow, couldn’t make a logical explanation for the “We’ll stop it” part of the text and wanted to give the impression that Strzok (let me reiterate: he was central to the investigation into Trump) was making the statement in general terms and that the electorate wouldn’t vote for him. Right!

I really do believe Strzok and Page think Americans are plain dumb and can’t see the forest through the trees.

Further, Strzok was also one of two FBI special agents to interview former National Security Advisor Army Lt. Gen. Michael Flynn, who is now awaiting sentencing on Jan. 28. Remember what former FBI Director James Comey said about sending Strzok and FBI Special Agent Joe Pientka to conduct the surprise interview of Flynn at the White House in Jan. 24, 2017.

Comey had told NBC’s Nicole Wallace that he sent the two FBI agents because he believed he could get away with it.

“I sent them,” said Comey to Wallace. “Something we’ve — I probably wouldn’t have done or maybe gotten away with in a more organized investigation — a more organized administration. In the George W. Bush administration, for example, or the Obama administration.”

Strzok, Comey, Page and McCabe, among others involved in the investigation continue to act as if the world owes them something and they play out this crazy narrative in public appearances that stray far from the reality of the evidence that has been compiled against them.

These former senior federal law enforcement officials have been caught lying, leaking to the media, weaponizing the tools of their agency all in an attempt to stop then candidate Trump from becoming president and then to create a false narrative once he did become President.

They are doubling down on all their malfeasance and attempting to find any loop hole or explanation that they can muster to try to change the reality that we all know to be true.

Can you imagine doing this much damage to your company or being this callous with an investigation that effected the lives of the American people and then after being caught acting like you did nothing wrong? Worse, Strzok and the rest of his former FBI cohorts want to play the victim role. It’s actually really disgusting.

Think about this, if the FBI came to your house to question you on anything and you lied, manipulated data, leaked information, tried to explain the unexplainable despite the facts the FBI had against you what do you think would happen?

I can tell you what would happen, the FBI agents would walk you out of the house in handcuffs.

Strzok wasn’t fired because someone accidentally exposed text messages that had nothing to do with his performance on the job, he was fired because he lied and had extraordinary bias against a sitting president he despised. He lied to everyone, including his wife, who by chance discovered his affair with Page after seeing text messages on his phone.

Strzok doesn’t care about anyone but himself. He doesn’t care about the harm he’s done to the FBI and from his lawsuit he doesn’t seem to care about what he’s done to the American people.

It doesn’t seem to matter. He’s doubling down. What he doesn’t realize is that the American people are tired of it and frankly tired of him.

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

Well that is all for today

I wish everyone a very Happy New Year

I will see you THURSDAY night.

 

 

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