JAN 28//RAID ON OUR PRECIOUS METALS AS TODAY IS OPTIONS EXPIRY ON THE COMEX//FRIDAY OTC AND LBMA OPTIONS EXPIRY//GOLD CLOSED DOWN $6.70 TO $1571.00//SILVER DOWN 59 CENTS TO $17.49..CORONAVIRUS CASES DOUBLE OVERNIGHT//DEATHS MOUNT//CBO PROJECTS THIS FISCAL YEAR’S BUDGETARY DEFICIT TO EXCEED 1 TRILLION DOLLARS AT 1.05 TRILLION (AND THIS IS NOT INCLUDING OFF BALANCE SHEET STUFF)//MORE SWAMP STORIES FOR YOU TONIGHT//

 

GOLD:$1571,00 DOWN $6.70    (COMEX TO COMEX CLOSING)

 

 

 

 

 

 

 

 

Silver:$17.49 DOWN 59 CENTS  (COMEX TO COMEX CLOSING)

 

Closing access prices:

Gold :  $1567.50

 

silver:  $17.47

 

TODAY IS COMEX OPTIONS EXPIRY AND THIS IS THE REASON FOR THE RAID. FRIDAY IS OTIC/LONDON LBA OPTIONS EXPIRY SO EXPECT PRICES OF OUR PRECIOUS METALS TO REMAIN SUBDUED FOR THE REMAINDER OF THE WEEK

 

 

 

COMEX DATA

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

today RECEIVING: 0/3

DLV615-T CME CLEARING
BUSINESS DATE: 01/27/2020 DAILY DELIVERY NOTICES RUN DATE: 01/27/2020
PRODUCT GROUP: METALS RUN TIME: 20:29:53
EXCHANGE: COMEX
CONTRACT: JANUARY 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,576.800000000 USD
INTENT DATE: 01/27/2020 DELIVERY DATE: 01/29/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
657 C MORGAN STANLEY 1
737 C ADVANTAGE 3 2
____________________________________________________________________________________________

TOTAL: 3 3
MONTH TO DATE: 2,706

 

we are coming very close to a commercial failure!!

NUMBER OF NOTICES FILED TODAY FOR  JAN CONTRACT: 3 NOTICE(S) FOR 300 OZ (0.00933 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  2706 NOTICES FOR 270600 OZ  (8.4167 TONNES)

 

 

 

 

SILVER

 

FOR JAN

 

 

0 NOTICE(S) FILED TODAY FOR nil  OZ/

total number of notices filed so far this month: 995 for  4,975,000 oz

 

XXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE :  $ 9054 UP $142 

 

 

 

Bitcoin: FINAL EVENING TRADE: $ 9078 UP 165

 

Let us have a look at the data for today

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IN SILVER THE COMEX OI ROSE A STRONG SIZED 1690 CONTRACTS FROM 236,395 UP TO 238,085 DESPITE OUR SMALL 3 CENT LOSS IN SILVER PRICING AT THE COMEX.

 

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

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

; FEB 0; MARCH:  592 AND MAY: 0 AND JULY: 0 ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  592 CONTRACTS. WITH THE TRANSFER OF 592 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 592 EFP CONTRACTS TRANSLATES INTO 2.860 MILLION OZ  ACCOMPANYING:

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

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

4.975     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 FELL 3 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 2262 CONTRACTS. OR 11.31 MILLION OZ…..

 

 

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

23,100 CONTRACTS (FOR 18 TRADING DAYS TOTAL 23,100 CONTRACTS) OR 115.50 MILLION OZ: (AVERAGE PER DAY: 1283 CONTRACTS OR 6.416 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JAN: 115.50 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 16.50% 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 2020 TO DATE SILVER EFP’S:          115.50 MILLION OZ.

JANUARY 2020 EFP TOTALS SO FAR: 115.50 MILLION OZ

 

 

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1690, DESPITE THE 3 CENT LOSS IN SILVER PRICING AT THE COMEX /MONDAY… THE CME NOTIFIED US THAT WE HAD A VERY  GOOD SIZED EFP ISSUANCE OF 572 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  SIZED: 2262 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 572 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH INCREASE OF 1690 OI COMEX CONTRACTS.AND ALL OF THIS STRONG DEMAND HAPPENED WITH A 3 CENT LOSS IN PRICE OF SILVER AND A CLOSING PRICE OF $18.08 // 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. 1.182 BILLION OZ TO BE EXACT or 169% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT JAN MONTH/ THEY FILED AT THE COMEX: 0 NOTICE(S) FOR  nil OZ OF SILVER.

IN SILVER,PRIOR TO TODAY, WE  SET THE NEW COMEX RECORD OF OPEN INTEREST AT 244,196 CONTRACTS ON AUG 22.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $14.70

 

.

 

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: 4.975,000  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 FELL BY A HUGE SIZED 37,607 CONTRACTS TO 749,458 AND MOVING AWAY FROM OUR  NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE HUGE FALL IN COMEX OI OCCURRED DESPITE OUR GAIN OF $6.15 IN PRICING ACCOMPANYING COMEX GOLD TRADING// MONDAY//  PARALLELING MONDAY WHEREBY ALL OF THE LOSS AT THE COMEX WAS DUE TO SPREADER LIQUIDATION..A TOTAL CRIMINAL OPERATION AS IT HAS NO LEGITIMATE FUNCTION. WE WILL HAVE TO ENDURE THIS NONSENSE UNTIL FRIDAY. 

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED HUMONGOUS SIZED 12,821 CONTRACTS:

JAN 2020: 0 CONTRACTS, FEB>  12,821 CONTRACTS; MARCH 00 APRIL: 0; JUNE. 0 AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 749,458,.  ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A HUGE SIZED LOSS IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 24,786 CONTRACTS: 37,607 CONTRACTS DECREASED AT THE COMEX  AND 12,821 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 24,786 CONTRACTS OR 2,478,600 OZ OR 77.09 TONNES.  MONDAY WE HAD A STRONG GAIN OF $6.15 IN GOLD TRADING….

AND WITH THAT LOSS IN  PRICE, WE  HAD A HUGE LOSS IN GOLD TONNAGE OF 77.09  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 $6.15)THEY WERE TOTALLY  UNSUCCESSFUL IN THEIR ATTEMPT TO  FLEECE  GOLD LONGS FROM THE GOLD ARENA AS THE ENTIRE LOSS IN COMEX OI WAS DUE TO SPREADER LIQUIDATION 

 

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

 

 

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 GOLD 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 NON  ACTIVE DELIVERY MONTH OF JAN HEADING TOWARDS THE  NON ACTIVE DELIVERY MONTH OF FEBRUARY FOR GOLD:

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES, HERE IS THE BANKERS MODUS OPERANDI:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE IN THIS NON  ACTIVE MONTH OF JAN.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  ACTIVE DELIVERY MONTH (FEB), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END  OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

 

 

 

 

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JAN : 162,732 CONTRACTS OR 16,273,200 oz OR 506.16 TONNES (18 TRADING DAYS AND THUS AVERAGING: 9040 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 18 TRADING DAY(S) IN  TONNES: 506.16 TONNES

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

THUS EFP TRANSFERS REPRESENTS 506.16/3550 x 100% TONNES =14.25% OF GLOBAL ANNUAL PRODUCTION

 

 

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:    506.16  TONNES

JANUARY 2220 TOTAL EFP ISSUANCE; SO FAR: 506.16 TONNES

 

 

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

 

Result: A HUMONGOUS SIZED DECREASE IN OI AT THE COMEX OF 37,607 DESPITE THE STRONG PRICING GAIN THAT GOLD UNDERTOOK MONDAY($6.15)) //.WE ALSO HAD A VERY STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 12,821 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 TH GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 12,821 EFP CONTRACTS ISSUED, WE  HAD A HUGE SIZED LOSS OF 24,786 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

12,821 CONTRACTS MOVE TO LONDON AND 37,607 CONTRACTS DECREASED AT THE COMEX. (IN TONNES, THE LOSS IN TOTAL OI EQUATES TO 77.09 TONNES). ..AND THIS  DECREASE OF DEMAND OCCURRED WITH THE GAIN IN PRICE OF $6.15 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 DOWN $6.70 TODAY

 

NO CHANGE IN GOLD INVENTORY AT THE GLD//

WITH THE RAID TODAY, OUR USUAL AND CUSTOMARY GOLD WITHDRAWAL:  1.17 TONNES

JAN 28/2019/Inventory rests tonight at 899.41 tonnes

 

 

 

 

 

SLV/

 

 

WITH SILVER DOWN 59 CENTS TODAY

NO CHANGE IN SILVER INVENTORY AT THE SLV//

JAN 28/INVENTORY RESTS AT 360.132 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 1690 CONTRACTS from 236,395 UP TO 238,085 AND CLOSER TO OUR 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 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

 

EFP ISSUANCE 2817

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  572:  AND MAY: 0; JULY: 0 CONTRACTS   AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 572 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 1690 CONTRACTS TO THE 572 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A VERY STRONG GAIN OF 2262 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 11.31 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: 4.975 MILLION OZ//

 

 

RESULT: A STRONG SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 3 CENT LOSS IN PRICING THAT SILVER UNDERTOOK IN PRICING// MONDAY. WE ALSO HAD A STRONG SIZED 572 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   //Hang Sang CLOSED    /The Nikkei closed DOWN 127.90 POINTS OR 0.55%//Australia’s all ordinaires CLOSED DOWN 1.46%

/Chinese yuan (ONSHORE) closedXX /Oil UP TO 53.26 dollars per barrel for WTI and 59.42 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED  // LAST AT XXX AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9734 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING XX LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING XXX AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR

 

 

 

3A//NORTH KOREA/ SOUTH KOREA

 

3b) REPORT ON JAPAN

3C  CHINA

 

i)CHINA/CORONAVIRUS/TUESDAY
No of cases double, deaths now reach 100.  The cases are rising exponentially
(zerohedge)

ii)CHINA/HONG KONG

China now crubs travel to Hong Kong…projections suggest that already 300,000 infected by the coronavirus which is now nicknamed the “devil virus”
(zerohedge)

4/EUROPEAN AFFAIRS

ITALY

Five star in complete collapse with Salvini’s right party league gaining.  They lost in perennial left leaning Emilia Romagna.

(Tom Luongo)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)IRAN

this is what happens when sanctions does not allow Iran to replace aging parts.  Iran has been having many accidents like this lately

(zerohedge)

 

ii)TURKEY
The truth behind the evil Erdogan
(Gatestone)

iii)TURKEY

Turkey is behind a major state backed cyber espionage targeting Europe and the Middle east.

(zerohedge)

6.Global Issues

i)Michael Every..what if we are on a exponential curve of coronavirus cases?

(Michael Every)

ii)3M/Global Sales

Despite soaring mask demand around the world, 3M slashes 1500 jobs
(zerohedge)

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

9. PHYSICAL MARKETS

i)Physical palladium prices is busting up the paper market. James |Turk states that the same will happen to gold and silver.

Turk/Kingworldnews)

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)With the Fed pumping money like crazy, we are now witnessing home prices rise at the fastest pace in 9 months

(zerohedge)

b)As promised, the CBO projects budget deficit surpassing one trillion this year…its debt is growing exponentially thereafter

(zerohedge)

iii) Important USA Economic Stories

i)San Francisco, home to many Chinese activates emergency operations center preparing for an onslaught of the coronavirus

(zerohedge)

ii)Prices for real estate in Manhattan especially luxury homes are plunging to 2013 levels

(zerohedge)

iii)Boeing

Implosion leads to worst aircraft orders in 11 years.  This will lead to a GDP collapse
(zerohedge)

iv) Swamp commentaries)

a)In the impeachment trial the Republicans nail the Bidens, Burisma

(zerohedge)

b)Hunter Biden temporarily settles his paternity case.  He still has to file his financial information to the court for a final settlement

(zerohedge)

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

 

 

Let us head over to the comex:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY HUGE SIZED 37,607 CONTRACTS TO 749,458 MOVING AWAY FROM OUR  RECORD THAT WAS SET LAST WEEK: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS LOSS IN OI WAS SET WITH A CONSIDERABLE GAIN OF $6.15 IN GOLD PRICING //MONDAY’S // COMEX TRADING). AGAIN, THE ENTIRE LOSS IN OI COMEX WAS DUE TO THE LIQUIDATION OF THE SPREADERS.  THIS OPERATION WILL CONTINUE UNTIL FIRST DAY NOTICE WHEN ALL SPREADS ARE NULLIFIED.

 

 

WE ARE NOW IN THE  NON ACTIVE DELIVERY MONTH OF JAN..  THE CME REPORTS THAT THE BANKERS ISSUED A ,HUMONGOUS SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 12,821 EFP CONTRACTS WERE ISSUED:

  FEB: 12,821; MARCH 00 AND APRIL: 0,  JUNE : 00 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 12,821 CONTRACTS.

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

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A CONSIDERABLE SIZED 24,786 TOTAL CONTRACTS IN THAT 12,821 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A HUGE 37,607 COMEX CONTRACTS. ALL OF THE LOSS WAS DUE TO THE LIQUIDATION OF THE SPREADERS.

THE BANKERS SUPPLIED THE NECESSARY AND INFINITE AMOUNT OF SHORT PAPER IN GOLD.  THE BANKERS WERUNSUCCESSFUL IN LOWERING GOLD’S PRICE //// (IT ROSE BY $6.15). AND THEY WERE MOST DEFINITELY UNSUCCESSFUL IN FLEECING ANY LONGS, WITH THE LOSS IN COMEX DUE TO THE SPREADERS…. IN TOTAL WE LOST A CONSIDERABLE SIZED  24,786 CONTRACTS ON OUR TWO EXCHANGES….

 

NET LOSS ON THE TWO EXCHANGES ::  24,786 CONTRACTS OR 2,478,600 OZ OR 77.09 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:  749,458 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 74.95 MILLION OZ/32,150 OZ PER TONNE =  2,331 TONNES

THE COMEX OPEN INTEREST REPRESENTS 2,331/2200 OR 105.95% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

We are now in the   NON 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 13 open interest left to be served upon, for a LOSS of 4 contracts.   We had 12 notices served up on yesterday so we GAINED 8 contracts or an additional 800 oz will  stand for delivery in this non active delivery month of January and by their actions they negated receiving a fiat bonus

 

The next active delivery month after January is February and here we witnessed a LOSS OF ONLY 48,455!!!!! in contracts DOWN to 185,161.  

March GAINED 544 contracts to stand at an open interest of, 2296.

The next active delivery month after March is April and here we witnessed a gain of 7266 contacts up to 414,922 oi contracts.

We had 3 open interest notices served upon today for 300 oz

the front month of February is not contracting enough (WITH RESPECT TO OI) and thus it seems we will have another strong amount of gold standing for delivery. We have just 3 more reading days before first day notice.  

 

 

 

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And now for the wild silver comex results

Total COMEX silver OI ROSE BY A STRONG SIZED 1690 CONTRACTS FROM 236,395 UP TO 238,085 (AND CLOSER TO THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018 (244,196).  THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND OUR  OI COMEX GAIN OCCURRED DESPITE A 3 CENT LOSS IN PRICING/MONDAY.

 

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

Here we have a LOSS of 228 contracts TO 0. We had 228 notices served on yesterday, so we LOST 0 CONTRACTS or NIL additional oz will stand at the comex for delivery  during this non active delivery month of January. Our resolute longs refused to morph into London based forwards.

 

 

After January, we have  the non active month of February and here we saw a loss of 65 contracts TO A LEVEL OF  261.  March is a very active month and here we witness a GAIN of 503 contracts  UP TO 174,097

WE ARE GOING TO HAVE A STRONG FEBRUARY SILVER STANDING FOR METAL.

 

 

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

Trading Volumes on the COMEX TODAY: 539,230 contracts    

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  555,252 contracts

 

 

 

INITIAL standings for  JAN/GOLD

 

 

 

Let us head over to the comex:

 

 

JAN 28/2020

 

 

 

 

 

 

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

 

 

 

 

Deposits to the Customer Inventory, in oz  

nil

 

No of oz served (contracts) today
3 notice(s)
 300 OZ
(0.00933 TONNES)
No of oz to be served (notices)
10 contracts
(1000 oz)
0.0311 TONNES
Total monthly oz gold served (contracts) so far this month
2706 notices
270600 OZ
8.4167 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 0 deposit into the customer account

i) Into JPMorgan: nil  oz

 

 

ii)into  everybody else: 0

 

 

total deposits:  nil  oz

 

 

 

we had 0 gold withdrawals from the customer account:

 

 

total gold withdrawals;  0 oz

 

ADJUSTMENTS:  0

 

 

 

NEW PLEDGED GOLD:  BRINKS

3027.500 OZ  ADDED TO THE PLEDGED ACCOUNT JAN 10.2020/Brinks

207,363.857 oz NOW PLEDGED  JAN 21.2020/HSBC

 

 

 

 

 

 

FOR THE JAN 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 3 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid  (Goldman Sachs)

 

To calculate the INITIAL total number of gold ounces standing for the JAN /2020. contract month, we take the total number of notices filed so far for the month (2706) x 100 oz , to which we add the difference between the open interest for the front month of  JAN. (13 contracts) minus the number of notices served upon today (3 x 100 oz per contract) equals 271,600 OZ OR 8.4479 TONNES) the number of ounces standing in this NON active month of JAN

Thus the INITIAL standings for gold for the JAN/2020 contract month:

No of notices served (2706 x 100 oz)  + (13)OI for the front month minus the number of notices served upon today (3 x 100 oz )which equals 271,600 oz standing OR 8.449 TONNES in this  NON active delivery month of JAN.

WE GAINED 8 CONTACTS OR AN ADDITIONAL 200 OZ WILL NOT STAND AT THE COMEX AND THUS THEY MORPHED  INTO LONDON BASED FORWARDS.

 

 

 

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE ONLY 34.956 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS.

HERE IS WHAT STOOD DURING THESE PAST 6 MONTHS:  AUGUST 27.153 TONNES

SEPT:                                                                      5.4525 TONNES

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

NOV……                                                                5.3841 tonnes

DEC………………………….                                              45.912 TONNES

JAN……………………                                                    8.449 TONNES

 

total: 130,340 tonnes

ACCORDING TO COMEX RULES:

 

IF WE INCLUDE THE PAST 6 MONTHS OF SETTLEMENTS WE HAVE 20.035 TONNES SETTLED

 

IF WE ADD THE FIVE DELIVERY MONTHS: 130.340  tonnes

 

Thus:

130.340 tonnes of delivery –

20.035 TONNES DEEMED SETTLEMENT

= 110.305 TONNES STANDING FOR METAL AGAINST 34.956 TONNES OF REGISTERED OR FOR SALE COMEX GOLD! THIS IS WHY GOLD IS SCARCE AT THE COMEX.

 

total registered or dealer gold:   1,309,048.830 oz or  40.716 tonnes
which  includes the following:
a) pledged gold held at HSBC + BRINKS  which cannot settled upon   210,391.357 oz x ( 6.54403 TONNES)//
b)registered gold that can be used to settle upon:1,098,657.5  (34.172 tonnes)
true registered gold  (total registered – pledged tonnes  1,098,657.5  (34.172 tonnes)
total registered, pledged  and eligible (customer) gold;   8,693,914.470 oz 270.42 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.
3. NO GOLD IS ENTERING 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.

INITIAL  standings/SILVER

IN TOTAL CONTRAST TO GOLD, HUGE ACTIVITY IN SILVER TODAY.
JAN 28 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 620,572.686 oz
CNT

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
nil
No of oz served today (contracts)
0
CONTRACT(S)
(nil OZ)
No of oz to be served (notices)
0 contracts
 NIL oz)
Total monthly oz silver served (contracts)  995 contracts

4,975,000 oz)

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

**

 

 

 

we had 0 inventory movement at the dealer side of things

 

 

 

total dealer deposits: nil  oz

total dealer withdrawals: nil oz

i)we had 1 deposits into the customer account

into JPMorgan:   0

 

ii) Into CNT:  620,572.686 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 50.0% of all official comex silver. (161.3 million/322.008 million

 

 

 

 

total customer deposits today:  620,572.686  oz

 

we had 0 withdrawals out of the customer account:

 

 

 

 

 

 

 

total withdrawals; 0   oz

We had 0 adjustment:

 

 

 

total dealer silver:  85.847 million

total dealer + customer silver:  321.388 million oz

 

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The total number of notices filed today for the JAN 2020. contract month is represented by 0 contract(s) FOR nil 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 995 x 5,000 oz =4,975,000 oz to which we add the difference between the open interest for the front month of JAN. (0) and the number of notices served upon today 0 x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the JAN/2019 contract month: 995 (notices served so far) x 5000 oz + OI for front month of JAN (0- number of notices served upon today (0) x 5000 oz equals 4,975,000 oz of silver standing for the JAN contract month.

WE GAINED 0 CONTRACTS OR AN ADDITIONAL nil OZ WILL STAND FOR METAL AT THE COMEX AND REFUSE TO MORPH INTO LONDON BASED FORWARDS. BY DOING THIS THEY ALSO NEGATED RECEIVING A FIAT BONUS.

 

 

LADIES AND GENTLEMEN:  THE COMEX IS UNDER ASSAULT FOR BOTH PHYSICAL GOLD AND SILVER WITH SILVER IN THE LEAD BY FAR. DESPITE  MASSIVE RAIDS, LONGS CONTINUE WITH THEIR HUNT AT THE COMEX FOR PHYSICAL METAL.. IT WILL NOT BE LONG BEFORE WE WITNESS A COMMERCIAL FAILURE..STAY TUNED..WE WITNESSED CONSIDERABLE BANKER SHORT COVERING IN SILVER TODAY AND AN ATTEMPTED BANKER SHORT COVERING IN GOLD WITH ZERO SUCCESS.

 

 

TODAY’S NUMBER OF NOTICES FILED:

 

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

 

 

TODAY’S ESTIMATED SILVER VOLUME:  105,311 CONTRACTS //

 

 

CONFIRMED VOLUME FOR YESTERDAY: 73,195 CONTRACTS..

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 73,195 CONTRACTS EQUATES to 369 million  OZ   52.2.% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

 

 

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

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

The previous record was 224,540 contracts with the price at that time of $20.44

 

end

 

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NPV for Sprott

 

1. Sprott silver fund (PSLV): NAV RISES TO -0.70% ((JAN 28/2019)

2. Sprott gold fund (PHYS): premium to NAV RISES TO +0.53% to NAV (JAN 28/2019 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ -0.70%

(courtesy Sprott/GATA)

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

NAV 15.40 TRADING 15.08///DISCOUNT  2.08

 

END

 

 

 

 

And now the Gold inventory at the GLD/

JAN 28/WITH GOLD DONE $6.70 TODAY: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 1.17 TONNES FROM THE GLD////INVENTORY RESTS AT 899.41 TONNES

JAN 27//WITH GOLD UP $6.15 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 900.58 TONNES

JAN 24//WITH GOLD UP $6.65 TODAY: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.76 TONNES INTO THE GLD//INVENTORY RESTS AT 900.58 TONNES

JAN 23/WITH GOLD UP $8.90 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 898.82 TONNES

JAN 22/WITH GOLD DOWN $1.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A MAMMOTH 19.33 TONNES OF PAPER GOLD ADDED//INVENTORY RESTS AT 898.82 TONES

JAN 21/2010//WITH GOLD DOWN $2.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 879.49 TONNES

JAN 17/WITH GOLD UP $9.60 TODAY: A BIG CHANGES IN GOLD INVENTORY AT THE GLD: ANOTHER PAPER DEPOSIT OF 1.17 TONNES//INVENTORY RESTS AT 879.49

JAN 16//WITH GOLD DOWN $3.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.80 TONNES OF GOLD INTO THE GLD./INVENTORY RESTS AT 878.32

JAN 15/WITH GOLD UP $9.55 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 874.52 TONNES

JAN 14/WITH GOLD DOWN $5.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 874.52 TONNES

JAN 13/WITH GOLD DOWN $8.75 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 7.6 TONNES OF GOLD WHICH WAS USED IN THE RAID TODAY////INVENTORY RESTS AT 874.52 TONNES

JAN 10/WITH GOLD UP $5.80 TODAY:NA HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 4.69 TONNES//INVENTORY RESTS AT 882.12 TONNES

JAN 9/WITH GOLD DOWN $5.50 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 886.81 TONNES

JAN 8/WITH GOLD DOWN $14.10 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 9.37 TONNES FROM THE GLD//INVENTORY RESTS AT 886.81 TONNES

JAN 7/WITH GOLD UP $7.00 A GOOD INVENTORY PAPER DEPOSIT OF 0.88 TONNES  IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 896.18 TONNES

JAN 6/WITH GOLD UP #15.40 NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 895.30 TONNES

JAN 3/WITH GOLD UP $24.60: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.05 TONES INTO THE GLD../INVENTORY RESTS AT 895.30

JAN 2/2020//WITH GOLD UP $5.20: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 893.25

DEC 31/WITH GOLD UP $4.65: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 893.25 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

 

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JAN 28/2019/Inventory rests tonight at 899.41 tonnes

*IN LAST 750 TRADING DAYS: 38.045 NET TONNES HAVE BEEN REMOVED FROM THE GLD

*LAST 650 TRADING DAYS: A NET 129.01. TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

end

 

Now the SLV Inventory/

JAN 28//WITH SILVER DOWN 59 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 360.132 MILLION OZ

JAN 27//WITH SILVER DOWN 3 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 327,000 OZ INTO THE SLV..//INVENTORY RESTS AT 359.805 MILLION OZ//

JAN 24//WITH SILVER UP 27 CENTS TODAY: A HUGE PAPER DEPOSIT OF 5.975 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 359.805 MILLION OZ//

JAN 23/WITH SILVER UP ONE CENT TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 353.830 MILLION OZ..

JAN 22/WITH SILVER DOWN ONE CENT: A HUGE CHANGE IN SILVER INVENTORY: A WITHDRAWAL OF 1.027 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 353.830 OZ

JAN 21/WITH SILVER DOWN 24 CENTS TODAY: NO CHANGES IN SILVER INVENTORY FROM THE SLV//INVENTORY RESTS AT 354.437 MILLION OZ//

JAN 17/WITH SILVER UP 12 CENTS TODAY: A SMALL WITHDRAWAL OF 420,000 OZ FROM THE SLV//INVENTORY RESTS AT 354.437 MILLION OZ.

JAN 16/WITH SILVER DOWN 2 CENTS TODAY: A CONSIDERABLE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 840,000 OZ FROM THE SLV//INVENTORY RESTS AT 354,857 MILLION OZ//

JAN 15/WITH SILVER UP 21 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 355.697 MILLION OZ//

JAN 14/WITH SILVER DOWN 23 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 355.697 MILLION OZ//

JAN 13/WITH SILVER DOWN 10 CENTS TODAY: A HUGE  CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER WITHDRAWAL OF 1.261 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 355.697 MILLION OZ//

JAN 10/WITH SILVER UP 16 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 356.958 MILLION OZ//

JAN 9/WITH SILVER DOWN 24 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A PAPER WITHDRAWAL OF 3.268 MILLION OZ////INVENTORY RESTS AT 356.958 MILLION OZ///

JAN 8/WITH SILVER DOWN 21 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 360.226 MILLION OZ//

JAN 7.//WITH SILVER UP 23  CENTS TODAY: ANOTHER MASSIVE PAPER WITHDRAWAL OF 1.214 MILLION OZ IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 360.226 MILLION OZ..

JAN 6/WITH SILVER UP 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 361.440 MILLION OZ///

JAN 3/2020//WITH SILVER UP 12 CENTS TODAY: ANOTHER HUGE PAPER WITHDRAWAL OF 1.176 MILLION OZ  IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 361.440  MILLION OZ///

SINCE DEC 23 WE HAVE HAD A 94 CENT GAIN CORRESPONDING TO A 2.39 MILLION OZ OF PAPER WITHDRAWALS..AN ABSOLUTE FRAUD!

JAN 2/2020/WITH SILVER UP 12 CENTS TODAY: A HUGE PAPER WITHDRAWAL OF 1.214 MILLION OZ FROM THE SLV INVENTORY: INVENTORY RESTS AT 362.616 MILLION OZ

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//

 

JAN 28.2020:  SLV INVENTORY

360.132 MILLION OZ

 

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

6 Month MM GOFO 1.84/ and libor 6 month duration 1.78

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

G0LD LENDING RATE: – .06

 

XXXXXXXX

12 Month MM GOFO
+ 1.84%

LIBOR FOR 12 MONTH DURATION: 1.84

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.00

end

 

 

end

 

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

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Hold on, London bullion banks — here comes a lot of Tanzanian gold for hypothecation from your friends at Barrick

 Section: 

$280 million X 100 = $280 billion.

* * *

Barrick to Sell Gold Worth Up to $280 Million as Export Ban Is Lifted

By Zandi Shabalala
Reuters
Monday, January 27, 2020

LONDON — Barrick Gold will start to ship gold worth up to $280 million from Tanzania, chief executive Mark Bristow said today, after the government lifted an export ban following the resolution of a three-year tax dispute.

The world’s second-largest gold miner signed a deal on Friday with Tanzania’s government, ending a row that dated back to when Acacia Mining ran the Tanzanian operations.

… 

Barrick fully acquired Acacia last year.

“The shipments will start immediately and, as we speak, we are mobilising the concentrates,” Mark Bristow told Reuters in a telephone interview. “It’s (worth) around $260-$280 million depending on the price of metal prices at the time of sale.” …

… For the remainder of the report:

https://www.reuters.com/article/us-barrick-gold-tanzania/barrick-to-sell…

* * *

Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA’s recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here’s what the bottles look like:

http://www.gata.org/files/GATA-4-wine-bottles.jpg

Buyers can compose their case by choosing as many as four varietals from the list here:

http://www.gata.org/files/FayJWineryVarietals.jpg

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.

* * *

Support GATA by purchasing
Stuart Englert’s “Rigged”

“Rigged” is a concise explanation of government’s currency market rigging policy and extensively credits GATA’s work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon —

https://www.amazon.com/Rigged-Exposing-Largest-Financial-History/dp/1651…

— or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.

* * *

Join GATA here:

Mining Investment Asia
InterContinental Hotel, Singapore
Tuesday-Thursday, March 17-19, 2020
https://www.mininginvestmentasia.com/

Mines and Money Asia
Conrad Hotel, Hong Kong
Tuesday-Wednesday, March 31-April 1, 2020
https://asia.minesandmoney.com/

* * *

Help keep GATA going:

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

http://www.gata.org

To contribute to GATA, please visit:

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

end

Physical palladium prices is busting up the paper market. James |Turk states that the same will happen to gold and silver.

Turk/Kingworldnews)

Palladium is busting its paper market, Turk tells KWN, and silver and gold will too

 Section: 

7p ET Monday, January 27, 2020

Dear Friend of GATA and Gold:

GoldMoney founder and GATA consultant James Turk, interviewed today by King World News, says physical demand for palladium as wealth insurance has overtaken paper supply, and he expects the same to happen with silver and then gold.

Turk’s interview is headlined “New Highs Are Coming for Gold and Silver” and it’s posted at KWN here:

https://kingworldnews.com/james-turk-new-highs-are-coming-for-gold-silve…

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

iii) Other physical stories:

B

https://www.jsmineset.com/2020/01/28/open-interest-is-still-proving-our-point-and-at-every-turn/

 

Open Interest Is Still Proving Our Point and At Every Turn!

Posted January 28th, 2020 at 9:42 AM (CST) by J. Johnson & filed under General Editorial.

 

Great and Wonderful Tuesday Morning Folks,

 

The money-maker called Options Expiration Day is here with Gold doing what it almost always does on this day, trade lower with the April contract at $1,578.10 down $5.60 and at the low with the high to beat at $1,588.50. Silver has been leading the charge lower, ever since yesterday, giving us “the signal” with its trade at $17.90, down 16.1 cents with the low at $17.87 and the high at $18.115. The US Dollar is still king of the currencies with the trade currently at 97.90, up 13.3 points and the high so far with the low at 97.715. Of course, all this happened already before 5 am pst, the Comex open, the London close, the start of the FOMC meeting, and a whole list of stories surrounding the coronavirus and quite possibly the largest quarantine ever in mankind’s history.

 

In Venezuela, Gold’s value dropped a bit with the current price at 15,761.27 Bolivar showing a loss of 118.86 with Silver at 178.776 Bolivar producing a 34.96 loss in value. In Argentina, Gold’s value is at 94,814.29 Peso’s, taking back 556.68 which is only a portion of yesterday’s gains with Silver at 1,075.52 Peso’s taking away 19.92 in value. The Turkish Lira has Gold priced at 9,383.71 Lira, a loss of 72.38 from yesterday’s gains with Silver at 106.434 T-Lira taking back 2.095.

 

January Silver Deliveries have all been settled out with absolutely all of the pending orders that were waiting for receipts, getting them and have left the arena of play leaving the Demand Count at Zero this morning and with no Volume either. Not sure if this is an oddity or not, I simply do not recall seeing zeros on Options Expiration Day before. Also, of note, we now have 1 more day of trade before the closeout of the January Cycle with this Friday being the first notice day for the February Deliveries. Will Mr. Resolute show up again today? Let’s face it, the past 4 days of trade brought in over 3 million ounces of demand making things uncomfortable for the shorts who have no choice but to deliver.

 

Silver’s Open Interest is still proving our point and at every turn. Where would the price be if it wasn’t for all this paper controlling the price? As of this moment, the Open Interest in Silver is at 238,088 Overnighters proving a gain of 4,652 more short contracts having to be added into the Comex in order to “stay the climb” during Sunday night and yesterday’s viral panic. This leaves the criminal element 6,111 more short contracts before breaking new ground in order to keep things static.

 

Gold’s Open Interest is also proving how precarious things are as its Overall Count dropped 36,281 Overnighters during yesterday’s fear trade leaving a total now at 751,981 Obligations proving what can happen when the rats jump ship as the ratio spread starts to wobble and the idea of a supposed unexpected fear surfaces right on time.

 

Coronavirus may be a worthy reason for worry, not only health wise, but supply chain wise as well. The viral airborne virus spread supposedly takes 2 weeks before the symptoms become noticeable. The “spread” has already happened several weeks ago with the chance of the virus widening the infected area and all over the world because of the way we travel. What needs to happen now is to see a slowing of the spread and absolute containment. Also, of note, when has anyone trusted what any government has to say, when what comes out of their mouth is “remain calm”? Especially China, and its truth ministry. A Global economic reversal could be around the corner, with frightening results for those who have no preparations.

 

We’ll pray for no more deaths, as the markets have no choice but to obey all supply and demand numbers, which have not been doing well at all even with all that Repo-Printing, and as the M2 money supply heads to new low territory.

Regardless of the events of the day, we remain vigilant and confident. We’ll keep a smile on our face and a positive attitude in our heads no matter what, because we are prepared, hopefully you are too. Stay Resolute and …

 

Stay Strong

  1. Johnson

end

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

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

//OFFSHORE YUAN:  6.9734   /shanghai bourse CLOSED

HANG SANG CLOSED

 

2. Nikkei closed DOWN 127.90 POINTS OR 0.55%

 

 

 

 

3. Europe stocks OPENED ALL GREEN/

 

 

 

USA dollar index UP TO 98.09/Euro FALLS TO 1.1006

3b Japan 10 year bond yield: FALLS TO. –.04/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.05/ 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:: 53.26 and Brent: 59.42

3f Gold DOWN/JAPANESE Yen DOWN CHINESE YUAN:   ON -SHORE XX/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 -.37%/Italian 10 yr bond yield DOWN to 1.02% /SPAIN 10 YR BOND YIELD DOWN TO 0.29%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.39: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 1.18

3k Gold at $1573.90 silver at: 17.88   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 39/100 in roubles/dollar) 62.58

3m oil into the 53 dollar handle for WTI and 59 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 109.05 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 .9719 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0698 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 0.37%

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

4. USA 10 year treasury bond at 1.63% early this morning. Thirty year rate at 2.08%

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

6.  TURKISH LIRA:  UP  TO 5.9395..

Futures Rebound On Apple Hail Mary Leak Despite Mounting Coronavirus Fears

After yesterday’s global stock selloff, the worst since early October, US index futures and European stocks staged a comeback and edged higher as investors digested the latest international efforts to contain the Coronavirus like virus from spreading, including curbs on travel between China and Hong Kong.

With all eyes on Apple today ahead of its earnings report, the world’s biggest company which single-handedly carried the weight of the S&P ascent for the past 5 months, leaked a report via the Nikkei that it had asked its suppliers to make up to 80 million iPhones over the first half of this year, a 10% increase over on last year’s production schedule that, as the Nikkei tactically added “could boost the company’s near-record share price.”

Sure enough, the news helped send AAPL stock rebound over 1% from yesterday’s rout and pushed both S&P and Nikkei future after the report hit, just before midnight.

 

However, much of the gains were promptly lost after Hong Kong Chief Executive Carrie Lam said the city will close some border checkpoints and restrict flights and train services from the mainland. The outbreak has shattered a calm in markets that hadn’t seen a 1% up-or-down move in the S&P 500 since early October. The latest surge in demand for havens also sent bond yields tumbling, with the global supply of notes with negative rates surpassing $13 trillion, to the highest since November according to Bloomberg.

 

After rising as much as 0.5% in early trading on the Apple news following a Monday pullback that wiped out around 180 billion euros of market capitalization from the European companies index, the European Stoxx 600 index gave up the as miners extend a decline and travel-and-leisure shares turn negative after news that China will stop individual travelers to Hong Kong to curb the spread of coronavirus.

Airbus was the biggest boost to the benchmark index, after the planemaker agreed to reach a settlement with French, British and U.S. authorities regarding a probe into allegations of bribery and corruption. “It’s just a rebound as markets await further information on what’s happening with the virus situation in China,” said Russ Mould, investment director at broker AJ Bell. “We’re moving into the results season with some European heavyweights slated for today, central bank meetings this week and Brexit on Friday. There is lots to keep people occupied.”

Shares of Europe’s most valuable technology company SAP dropped 2.5% as the software provider’s in-line results failed to impress investors. Some analysts also pointed to the company’s slowing cloud revenue growth. Dutch firm Philips slipped 1.3% after the health technology company’s quarterly sales fell short of estimates. The company is also said it was looking to sell its domestic appliances division. Among lenders, Swedish bank Swedbank gained 3.3% after a better-than-expected fourth quarter profit while Spain’s state-owned lender Bankia slipped 3.3% after a wider-than-expected quarterly loss.

Earlier in the session, Asian stocks declined, led by materials and energy, as investors weighed the fallout from the spread of the deadly coronavirus. The MSCI Asia Pacific Index fell for the fourth-straight day, its longest run of losses since September.  Japanese shares fell for a second day and South Korean stocks sank as that market reopened after holidays. Most markets in the region were down, with South Korea’s Kospi Index plunging the most since October 2018, led by tourism-related stocks. Singapore’s Straits Times Index had its biggest drop since August. Investors who took holidays yesterday returned to a further increase in the coronavirus death toll, infections and geographic spread. Trading is set to resume in Hong Kong Wednesday; the latest guidance from China, where the outbreak is still concentrated, is for markets to reopen Monday.

“Risk appetite is unlikely to improve until we start getting news that the virus is under control,” DBS Group Holdings Ltd. strategists Philip Wee and Eugene Leow wrote in a note. “For now, the lack of positive news flow is likely to keep investors on the defensive.”

In FX, the Bloomberg Dollar Spot Index steadied and haven currencies reversed losses after China restricted travel to Hong Kong. The pound slipped with commodity-related currencies while currency volatility extended gains for near-term options. The offshore yuan fluctuated after a sharp slide the previous day while the yen nudged higher for a sixth session.

In rates, Treasuries first gained, with the yield on the 10Y sliding as low as 1.57% before reversing, and the 10Y was trading at 1.62% last.

In commodities, crude oil declined.

In addition to keeping a close watch on Coronavirus headlines – because even as containment efforts intensify, the likelihood of the virus disrupting global businesses and the world’s second-largest economy appears to be growing – investors are keeping an eye out for a slew of earnings due this week including from Apple, Pfizer, United Technologies and Lockheed on Tuesday.  Durable goods orders and consumer confidence are among economic data due.

Market Snapshot

  • S&P 500 futures up 0.3% to 3,249.00
  • STOXX Europe 600 up 0.01% to 414.11
  • MXAP down 0.9% to 169.09
  • MXAPJ down 1% to 549.15
  • Nikkei down 0.6% to 23,215.71
  • Topix down 0.6% to 1,692.28
  • Hang Seng Index up 0.2% to 27,949.64
  • Shanghai Composite down 2.8% to 2,976.53
  • Sensex down 0.5% to 40,939.43
  • Australia S&P/ASX 200 down 1.4% to 6,994.46
  • Kospi down 3.1% to 2,176.72
  • German 10Y yield fell 1.6 bps to -0.401%
  • Euro down 0.04% to $1.1015
  • Brent Futures down 1% to $58.74/bbl
  • Italian 10Y yield fell 19.3 bps to 0.871%
  • Spanish 10Y yield fell 1.5 bps to 0.266%
  • Brent futures down 0.6% to $58.69/bbl
  • Gold spot down 0.2% to $1,579.52
  • U.S. Dollar Index up 0.04% to 98.00

Top Overnight News from Bloomberg

  • The outbreak of the deadly coronavirus threatens to derail a fragile stabilization in the world economy, which had appeared poised to benefit from the phase one U.S.-China trade deal, and signs of a tech turnaround.
  • The director-general of the World Health Organization is visiting Beijing to assess China’s response to the coronavirus as the death toll climbs to at least 100. Global efforts to curb the spread of the disease have intensified. Companies including Honda Motor Co. are evacuating workers from areas of China hardest hit by the outbreak. The U.S. said citizens should reconsider travel to China, while Hong Kong announced the temporary closing of all sports and cultural facilities starting Wednesday
  • President Donald Trump’s lawyers avoided the explosive allegation in former National Security AdvisorJohn Bolton’s book that the president tied aid to Ukraine to an investigation of a political rival as they sought to undermine the House impeachment case. Sen. Mitt Romney says four GOP senators may back Bolton testimony, according to Reuters
  • Oil extended declines after closing at the lowest level since mid-October as the coronavirus hits China’s economy and threatens to crimp worldwide energy demand. Libya says oil output may almost fully halt within days
  • The Taliban claimed responsibility for the downing of a “special American aircraft” flying over Afghanistan on what it described as an intelligence mission, while the U.S. military said there was no indication the plane was hit by hostile fire
  • Prime Minister Shinzo Abe nominated economist Seiji Adachi to the Bank of Japan policy board amid growing attention over his stance on monetary easing
  • America’s longest-serving secretary of state, Cordell Hull, is best known for winning the Nobel Peace Prize for his role in establishing the United Nations at the end of World War II. Today, 75 years later, another important piece of his legacy, the World Trade Organization, looks increasingly at risk as President Donald Trump realigns the U.S.’s relationships.
  • One way the rich get richer is through inheritance, and they’re barely paying taxes on it. Americans are projected to inherit $764 billion this year and will pay an average tax of just 2.1% on that income, New York University law professor Lily Batchelder estimates in a paper published Tuesday by the Brookings Institution.

Hefty losses were suffered across Asia-Pac bourses as virus-induced fears caught up to several indices on their return from the extended weekend and which followed Wall St’s worst performance in nearly 4 months. ASX 200 (-1.4%) traded subdued as the energy and mining related sectors led the declines due to concerns of the impact to demand and growth from the virus epidemic, although gold stocks bucked the trend after the recent safe-haven bid for the precious metal and defensives were also resilient in the downturn. Nikkei 225 (-0.5%) was pressured by the outbreak jitters as the number of confirmed cases in China rose to 4515 and total deaths at 106, considering that the Chinese account for around 30% of foreign tourists to Japan. KOSPI (-3.1%) and Singapore Straits (-2.5%) slumped in their first trading session after the Lunar New Year in reaction to the increased number of virus cases confirmed in China and their individual countries, while India’s NIFTY Index (Unch.) was indecisive with earnings the main driver for domestic stocks. Finally, 10yr JGBs were flat amid slight fatigue from the recent extended rally and after mixed results at today’s 40yr JGB auction, although downside was also restricted due to the sell-off across regional stocks.

Top Asian News

  • Abe Taps Seiji Adachi to Replace BOJ Board Member Harada
  • Afghan Troops Clash With Taliban to Access U.S. Plane Crash Site
  • Carrie Lam Says China to Stop Individual Travelers to Hong Kong
  • Japan Finds Coronavirus in Person With No Wuhan Contact: Jiji

Overall a mixed session thus far in the European equity space [Eurostoxx 50 +0.1] following on from a predominantly downbeat APAC handover as coronavirus jitters hit multiple bourses on their return from holidays. For reference, Hong Kong confirmed that its stock markets will trade as normal on January 29th, whilst Shanghai and Shenzen return on February 3rd. Back to Europe, FTSE MIB (+0.5%) outperforms its peers amid further tailwinds from the weekend’s regional election which diminished the chance of a snap election in the country. Meanwhile, Netherland’s AEX (-0.2%) modestly lags following earnings from Philips (-2.7%) after reporting sub-par earnings, albeit the company noted that it is reviewing options for its domestic appliances’ business. Philips holds a 6.2% weighting in the Dutch bourse. Sectors are mixed with no clear reflection of the overall risk-tone, although the IT sector (-0.9%) underperforms on account of earnings from SAP (-2.7%), despite what seemed to be positive on the surface. The DAX-giant (accounts for 10.5% of the index) raised profit revenue guidance but narrowed its all-important 2020 cloud sales to the range of EUR 8.7-9.0bln from the prior EUR 8.6-9.1bln. In terms of stock specifics – Airbus (+1.2%) rose in excess of 2% at the open the Co. reached a deal to settle corruption probes. Meanwhile, Bayer (+0.6%) shares remain supported amid a positive broker move at MainFirst Bank. As a reminder, 14 DJIA companies will be reporting this week, with today’s slate including 3M (4.17% weighting), Pfizer (0.95% weighting) and United Technologies (3.59% weighting) before market open followed by Apple (7.3% weighting) after the bell.

Top European News

  • Swedbank Promises Dividends Won’t Fall as Compliance Costs Swell
  • Greece to Issue 15-Year Debt for First Time in More Than Decade
  • Johnson Walks Huawei Tightrope as U.K. Sets Up Clash With Trump
  • Turkey Stocks Reverse Gains as Risk-Off Sentiment Halts Recovery

In FX, The traditional safe havens are back in vogue following a transitory and tame recovery in risk sentiment, as the Chinese coronavirus continues to unnerve markets amidst reports of the outbreak reaching further beyond the region. The Dollar is in demand almost across the board as a result, with the DXY pivoting 98.000 and briefly crossing Fib resistance just above the big figure at 98.011 before topping out at 98.035 in part due to fractional outperformance in the Franc and Yen that are holding above 0.9700 and 109.00 respectively. Conversely, Gold has handed back some of yesterday’s gains, but remains relatively well bid within a tight Usd1577-1583/oz range and technically bullish around 20 Bucks over last Friday’s circa Usd1566.62 low.

  • AUD/NZD/GBP – The major losers on a combination of contagion from China and cross flows for month end as the Aussie teeters around 0.6750 and not far from deeper troughs posted last October ahead of 0.6700, Kiwi hovers close to the base of 0.6550-22 parameters and Sterling skirts 1.3000. Aud/Usd and Nzd/Usd are still inversely correlated to moves in Usd/Cnh-Cny on breaking virus updates in the absence of official daily PBoC settings during the Lunar New Year break, with the Yuan inching nearer the 7.0000 mark again having reached peaks beyond 6.8500 only 8 days ago on the crest of the Phase 1 trade deal signing. Meanwhile, Cable is trading cautiously into Thursday’s BoE/MPC rate announcement and Brexit the day after, as market contacts note RHS interest in Eur/Gbp for month end that has lifted cross through 0.8450.
  • EUR/CAD/SEK/NOK – The Euro has survived another test of bids/support into the 1.1000 level, partly on the purported orders for January 31 noted above, but perhaps also benefiting from the common currency’s semi-safe haven status, while the Loonie has extended losses alongside the Norwegian Krona amidst yet another decline in crude prices. Usd/Cad has absorbed more offers at 1.3200, though not all and supply is said to be stacked up to 1.3210, while Eur/Nok has been up to 10.1155 and higher than Eur/Sek in percentage terms after mixed Swedish data in the form of retail sales, trade and ppi saw the latter briefly breach a Fib (10.6121), but not really threaten the 200 DMA (circa 10.6400).

In commodities, another subdued European session for WTI and Brent font-month futures, as the benchmarks pare overnight gains amid the overhang of the coronavirus outbreak. WTI Mar’20 futures have given up their 53/bbl+ status (vs. overnight high of 53.25/bbl) and drifts towards mild support at 52.70/bbl. Meanwhile, its Brent counterpart hovers around 58.75/bbl (vs. overnight high of 59.35/bbl) ahead of yesterday’s low of ~58.50/bbl. OPEC sources noted that Russia has been keen to exit from the agreed upon OPEC+ cuts, but they would be prepared to stay on-board in the event that prices drop below USD 60/bbl. Heading into tonight’s weekly API private crude inventory release, desks note that the complex will likely focus more on the virus developments. Nonetheless, the release is expected to show a build of 300k barrels in crude stocks, gasoline a build of 1.5mln and distillates a draw of 1mln – according to some data vendors. For reference, Barclays note that the further virus woes could see a USD 2/bbl impact on oil process on the potential economic fallout, meanwhile, UBS retains its positive outlook on oil prices in H2 2020, with Brent recovering to USD 64/bbl – recommends investors with high-risk tolerance to sell downside in Brent from USD 50/bbl. Elsewhere, spot gold trades relatively lacklustre around the 1580/oz mark ahead of mild support ~1577/oz – ABN AMRO warn investors of a possible price correction in the coming weeks, while remaining bullish on the lustrous metal in the longer-term. Copper prices have continued bleeding amid the global-growth implications of the virus outbreak – as prices remain sub 2.60/lb (vs. Jan high of 2.87/lb) and around levels seen last October.

US Event Calendar

  • 8:30am: Durable Goods Orders, est. 0.35%, prior -2.1%; Durables Ex Transportation, est. 0.3%, prior -0.1%
  • 8:30am: Cap Goods Orders Nondef Ex Air, est. 0.15%, prior 0.2%; Cap Goods Ship Nondef Ex Air, est. 0.2%, prior -0.3%
  • 9am: S&P CoreLogic CS US HPI YoY NSA, prior 3.34%; CS 20-City YoY NSA, est. 2.4%, prior 2.23%
  • 9am: S&P CoreLogic CS 20-City MoM SA, est. 0.4%, prior 0.43%; 20-City NSA Index, prior 218.4
  • 10am: Conf. Board Consumer Confidence, est. 128, prior 126.5; Expectations, prior 97.4; Present Situation, prior 170
  • 10am: Richmond Fed Manufact. Index, est. -3, prior -5

DB’s Jim Reid concludes the overnight wrap

Morning from Brussels, after a day in Luxembourg yesterday. If you’re meeting me today, I apologise for my appearance as I stupidly left my luggage on the train yesterday. I decided to get the train and tube to City Airport from home rather than a taxi. This meant I was getting my normal commuting train. The big difference is that I had a suitcase and rucksack whereas I’d normally only have my rucksack. Rather cleverly I worked out as I got on the train that I’m a man of routine and as such if I just put my suitcase in the rack above the seats I wouldn’t remember it. I therefore put my rucksack there as well. Normally my rucksack stays at my feet and I would never forget it. I patted myself on the back and got on with emails. It wasn’t until I got to security at the airport an hour later that I realised that I’d left my suitcase on the train and just took my rucksack down and ignored my suitcase. Muscle memory and routine took over. So if you see me shopping for smalls in Brussels this morning you’ll know why. As soon as it happened I texted my wife to tell her and she texted back and said “well that’s a bit annoying but can’t talk as the twins have just taken my car keys from the armrest console and locked themselves in the car and are giggling at me trying to get in”. As usual my problems were trumped by our two little identical terrors.

Yesterday was the day that most major equity markets from around the world dipped into negative territory YTD – a far cry from the melt-up thesis of two weeks ago. The notable exception is the US where the S&P 500 remains +0.40% YTD even after yesterday’s -1.57% fall – the worst day since October 2nd last year and the first 1% or more daily move in either direction over the same period. The NASDAQ remains +1.86% YTD (-1.89% yesterday) and faces the start of a big week for tech earnings today with Apple leading the charge. S&P futures are up +0.48% this morning, partly on news ahead of earnings that 10% more phones are being produced than last year.

So can the micro help offset the bigger picture challenges? The Coronavirus is of course the main short-term driver of markets but as we’ve discussed of late, we think markets have been priced for perfection whereas the reality is that positioning and valuations are stretched and the data still has a lot to prove. Also the market risk of a Bernie Sanders Presidential victory has been completely underplayed (more later).

Before we discuss markets in more detail, in terms of the latest on the virus, total number of confirmed cases now stand at 4,515 (up from 2,774 yesterday) with around 47,833 (up from 30,000) people under observation. Globally, Thailand and Hong Kong have reported 8 cases each, 7 in Macau, 5 in the US, Australia, Taiwan and Singapore, 4 in South Korea, Japan and Malaysia, 3 in France, and 2 in Vietnam and Canada while, Germany, Sri Lanka and Nepal all have 1 confirmed case. However, there have been no fatalities outside of China. Meanwhile, Starbucks and WeWork have decided to shut locations in China while most other companies are enacting measures to shield employees in the areas hardest hit. Elsewhere, the US has issued a level 3 warning for China saying the citizens should avoid all nonessential travel to China. Futures on China’s stock market are down -0.72% this morning after declining by -5.64% yesterday. Also, the Dow Jones reported that as per current guidance Chinese stock markets are slated to re-open on February 3rd.

Something we’ve been thinking about on my team is how much should we be worrying about this from a macro standpoint. Without downplaying the very tragic human effects, a confirmed death toll of 106 so far (vs. 80 yesterday) is but a fraction of the hundreds of thousands of people who die each year globally from seasonal flu. On the other hand of course, this is a new virus that’s seen the number of confirmed cases double every 2 days (nearly doubled overnight) and at this rate is on the brink of passing the number of recorded cases of SARS back in 2003 in China and HK which eventually killed 774 people globally. Many experts suggest that by far the biggest issue in this episode is the long contagious period where there are no symptoms which makes the virus much harder to isolate and different from SARS. SARS had a higher mortality rate of 9.6% though against c.2.8% for Coronavirus so far. For reference the famous 1918 flu outbreak had a fatality rate of 2.5% with normal flu often no more than 0.1%. China’s reaction has been a lot more rapid than for SARS so a different template and this makes analysing it hard. In doing the research the thing that stood out for me was how many people die of flu globally in normal years even if the fatality rate is low. Anyway as a minimum Chinese data is going to take a notable hit for many weeks and getting a true read of underlying momentum is going to be hard.

Asia markets are continuing to trade lower this morning with the Kospi, which opened after the NY holiday, leading the declines at -3.22%. The Nikkei (-0.84%) and Australia’s ASX (-1.35%) are also down. The Nikkei is on track to make worst consecutive losses since the peak of trade war in August. Chinese and Hong Kong markets continue to remain close on account of holidays. As we discussed earlier US futures are up suggesting some break to the selling for now. As for overnight data releases, Japan’s December services PPI came in line with expectations at +2.1% yoy.

Amidst the virus’ spread, and as already mentioned, yesterday saw equity markets suffer on both sides of the Atlantic. The trade-sensitive Philadelphia semiconductor index had its worst day since August 23rd last year, down -3.91% (-0.04% YTD), while the losses were pretty severe in Europe too, with the STOXX 600 down -2.26% (-0.43% YTD) and the DAX down -2.74% (-0.33% YTD). Oil continued its decline on fears of plummeting economic demand, and Brent crude fell for a 5th consecutive session, down -2.95% to close below $59 a barrel for the first time since October and close to 13-month lows. Gold was the beneficiary as investors fled from risk, ending the session up +0.75% at its highest level since April 2013.

Investors also moved into sovereign debt, with 10yr Treasury yields down -8.6bps to 1.598%, their lowest level since October and only 25bps from all time lows, while the 2s10s curve flattened by c.-3bps to 15.5bps – its flattest level since November. Notably the Fed’s preferred yield curve measure (18m3m-3m) when assessing recession risks has returned back to being inverted.

Over in Europe, bunds (-5.0bps and -20bps YTD now), OATs (-4.8bps) and gilts (-5.5bps) also made gains. The real outperformances came in the periphery though, which had an incredibly strong day. Firstly in Italy, the spread of 10yr BTPs over bunds fell by -14.5bps, which is its biggest daily decline since September, and brings the spread to its lowest level in over two months. The outsized move follows the weaker-than-expected performance for Matteo Salvini’s right-wing Lega party in regional elections at the weekend, which is expected to strengthen the national government in the near term. DB’s Clemente De Lucia put out a note on the issue yesterday (link here) where he writes that the results from the regional elections push back the risks of an early election. The other big move came from Greek debt, which also rallied strongly with 10yr yields down -13.1bps, though pulling back from their intraday lows in which they looked on track to close at a record low. The moves there come after Fitch upgraded the country’s credit rating to BB with a positive outlook.

Speaking of politics, as we highlighted yesterday, something the market should definitely keep an eye on over the coming days is the Democratic primary in the US, where the first voting takes place this coming Monday in Iowa. This will be a key risk event for markets as the polling is tightly bunched there, and whoever comes out ahead is likely to take that momentum into the states ahead. Going into the caucuses, the national race seems to be settling around the two polling frontrunners of Joe Biden and Bernie Sanders, and right now Bernie Sanders has actually edged ahead of Biden on both Betfair and PredictIt. However, when we asked who was most likely to be the Democratic nominee in our EMR survey a couple of weeks ago, Biden was the most popular choice, with 49% of respondents, while Sanders was selected by just 10%, which suggests that many market participants (or at least the ones who answered our survey) could be completely underestimating the chances that Sanders might be selected as the nominee especially as 90% said his Presidential victory would be a negative for markets.

Adding to the downbeat mood yesterday, the Ifo survey from Germany surprised on the downside, with the business climate indicator falling to 95.9 in January (vs. 97.0 expected), the first decline for the reading since August. The expectations reading also fell to 92.9 (vs. 94.8 expected), though the current assessment did see a modest increase to 99.1, in line with expectations.

Over in the US, December’s new home sales also came in below expectations at a seasonally-adjusted annual rate of 694k in December (vs. 730k expected), with the previous month’s figure revised down by -22k. However, the Dallas Fed manufacturing activity did rise to -0.2 in January (vs. -2.0 expected), with the new orders indicator rising to 17.6, the highest since October 2018.

Turning to the day ahead now, and there are a number of US data releases, including December’s preliminary reading for durable goods orders, January’s consumer confidence reading from the Conference Board, and the Richmond Fed manufacturing index. Earlier in the UK, we’ll also get the CBI’s distributive trades survey for January. From central banks, we’ll hear from the ECB’s Villeroy, Lane and Hernandez de Cos, while earnings releases out today include Apple, LVMH, Pfizer and SAP. Finally the U.K. will today decide whether to allow Huawei a role in building its 5G network. This decision and those for other countries in a similar situation will have major geo-political consequences for years to come.

 

3A/ASIAN AFFAIRS

I)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED   //Hang Sang CLOSED    /The Nikkei closed DOWN 127.90 POINTS OR 0.55%//Australia’s all ordinaires CLOSED DOWN 1.46%

/Chinese yuan (ONSHORE) closedXX/Oil UP TO 53.26 dollars per barrel for WTI and 59.42 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED  // LAST AT XXXAGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9734 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING XX LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING XXX AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

CHINA/CORONAVIRUS/TUESDAY
No of cases double, deaths now reach 100.  The cases are rising exponentially
(zerohedge)

China Virus Cases Almost Double Overnight, Deaths Top 100 As North Korea Closes Border

Summary

  • 4295 Cases confirmed worldwide
  • 106 Dead worldwide
  • 2714 Cases in Hubei (up 1291 overnight – a stunning 91% surge)
  • 100 Dead in Hubei (up 24 overnight – a 24% surge)
  • North Korea closes Chinese border.
  • German reports first case
  • US raises travel alert for China to Level 3 (2nd highest).

Worldwide Cases:

China:

*  *  *

Update (2000ET)According to the Health Commission of Hubei Province, there was a massive jump in cases and deaths overnight in China. The death toll from a coronavirus outbreak in China has soared to 106 while nearly 1,300 new cases have been confirmed, authorities said Tuesday.

The health commission in central Hubei province, the epicentre of the epidemic, said 24 more people had died from the virus and 1,291 more people were infected, raising the total number of confirmed cases to more than 4,000 nationwide.

Source: BNO

Additionally, KCNA reports that North Korea has officially closed its border crossing with China to prevent Coronavirus from entering the country.

Source: BNO

*  *  *

Update (1830ET): While China currently has about 3,000 total cases as reported earlier, according to the latest report from China’s Center for Disease Control, the real number of infections may be substantially higher, because as of Jan 26 (the update for Jan 27 is due shortly) some 30,453 people are currently under observation for the coronavirus. Needless to say, it is very likely that a substantial number of these people will end up positive for the disease, even as the total of people under observation grows by thousands every single day.

Earlier in the day, the epicenter of the coronavirus outbreak, China’s Hubei Province, is opening up 100,000 hospital beds in an effort to contain the disease, the province’s vice governor announced on Jan. 27. In a press conference on Jan. 27 evening, Hubei vice governor Yang Yunyan said authorities have designated 112 medical institutions to treat patients with the deadly novel coronavirus, according to Chinese state media. They have freed up around 100,000 hospital beds in the province, with 3,000 of them in Wuhan city alone, where the disease first broke out. As the Epoch Times observes, “The urgency and scale of the authorities’ orders have raised fears that the outbreak has spread far more widely than authorities admit.”

Meanwhile, in the latest news on the coronavirus global spread, Germany’ DPA news agency reported that the first coronavirus case was confirmed in Germany. According to the infectious diseases task force of the Bavarian Health and Food Safety Authority, the male patient from the district of Starnberg is clinically in “good condition” and is being monitored while in isolation. Those who have been in close contact with him have been informed and infection control measures have been implemented. Naturally, the Task Force and the Robert Koch Institute (RKI) have said they consider the infection risk to the Bavarian population to be low.

Finally, looking at the US where so far 5 cases have been confirmed, late on Monday the Maryland Department of Health confirmed a state resident was being tested for possibly having the coronavirus. They say the person is in “good condition” as they await results from the CDC laboratory. Similarly, the San Diego County Health Department also said it was investigating a possible case of the coronavirus. Test samples from the patient have been sent to the Centers for Disease Control for confirmation.

* * *
Update (1415): The novel coronavirus has arrived in Cambodia and Sri Lanka, according to local health officials cited by Reutersand the Bangkok Post.

The virus has now been detected in a total of 17 countries/autonomous regions…

Fears that the outbreak will take a sizable chunk out of global GDP have festered amid reports that China’s “manufacturing nerve center” is shutting down as Beijing “extends” the Lunar New Year holiday, according to the Nikkei Asian Review.

During the CDC press conference on Monday (which we covered in full below) the State Department announced an updated travel warning advising US citizens to avoid all non-essential travel to Hubei province, where the virus is believed to have originated, and to take necessary precautions when traveling in China.  While the warning maintained a Level 3 for China as a whole, the State Department raised the advisory to Level 4 for Hubei, the most severe warning possible. 

Though it doesn’t exactly take a genius-level intellect to ascertain that now isn’t a great time to travel to virus-plagued Hubei. 

* * *

Update (1150ET): Dr. Nancy Messonnier, the Director of the Center for the National Center for Immunization and Respiratory Diseases (NCIRD), spoke on behalf of the CDC. During the press conference, she said that the US had identified 110 people who are under observation and being tested for the virus. While 5 cases have already been identified in the US, another 32 have definitively tested negative.

Though a vaccine remains elusive, the Messonnier said the CDC had developed a diagnostic test that can quickly confirm cases of the virus. So far, CDC researchers have seen no signs of “mutation” in the virus. If the virus does mutate, as Chinese scientists suggested it might, that could create problems for those trying to develop the exam. On Friday, a “blueprint” for the test was uploaded and shared with the world. All governments can now follow this blueprint to develop their own tests..

Right now, the CDC is focused on providing tests to “priority” states (presumably, Cali, Washington, Arizona and Illinois, the states where cases have been confirmed). But soon they will expand the program to supply governments in need.

The CDC has also uploaded the entire genome of the virus from the first two cases. From what the CDC can tell so far, the virus doesn’t appear to be “mutating”, as some Chinese officials had suggested.

Messonnier stressed that this is a “rapidly changing situation” both here and abroad, adding that the virus has spread to 16 countries from China.

“Our thoughts are with the people on the front lines of this emerging health threat in China,” she said.

US airports are now screening passengers from Wuhan. The purpose of this is not just preventative: It’s intended to educate passengers about symptoms of the virus, and how to mitigate risk of infection while traveling abroad. The CDC recommends that travelers avoid all non-essential travel to Hubei province, and that anybody traveling to China should take certain precautions.

Returning travelers with symptoms may be asked to take precautionary measures.

Battered US stocks briefly spiked when Messonnier said that although a handful of cases have been identified in the US, the overall general health risk to the community remains “low at this time.” Still, she caveated this by insisting that the situation remains very much in flux.

Meanwhile, in China, more indications of the economic fallout from the outbreak have emerged: Zheijang, the country’s fourth-largest province by GDP, won’t allow companies to return to work until Feb. 8. Shanghai, an independent municipality within the province, announced similar measures earlier. The potential costs here in terms of lost productivity could measure in the hundreds of billions of dollars.

* * *

Update (1030ET): Chinese state media have just confirmed that Beijing has suffered its first confirmed death from the novel coronavirus. They also confirmed 8 new confirmed cases.

Macau has just confirmed its seventh case.

The total number of confirmed cases has climbed to 2882, though the true number of cases out there is likely much higher, as experts have warned.

* * *

Update(1000ET): US stocks are deep in the red Monday morning, on track for their worst day in four months, thanks to the fact that the market and the world realized over the weekend that the extremely infectious novel coronavirus has overwhelmed China’s capacity to contain it.

And right on time, here comes President Trump, with a weak attempt to pump the market.

Minutes ago, the president tweeted that the US had offered China “any help that is necessary”, while advising that the US is “strongly on watch” for signs that the virus is spreading.

Unfortunately, the reaction in the market was muted, and stocks remain slightly above their session lows.

* * *

Update (0700ET): Chinese health officials have confirmed an additional fatality tied to the virus.

Here’s the latest roundup from Chinese state media:

Meanwhile, the FT reports that OPEC and its allies are weighing deeper production cuts in response to the fallout from the virus, which has hammered oil prices. The Brent international benchmark tumbled below $60 a barrel on Monday. The cartel’s next meeting is set for early March in Vienna.

As the world enters panic mode, a team of analysts at JP Morgan assured their clients that the epidemic – which will likely soon qualify as a pandemic assuming the WHO changes course – is merely an “interruption to the narrative” and that the fallout would be confined to China and the broader region – not the entire planet.

Meanwhile, Australia has confirmed its fifth case of the virus: a 21-year-old woman who arrived in Australia on the last flight out of Wuhan to Sydney. In the UK, 52 people have been tested for the virus, but no cases have been confirmed, per ITV.

Earlier, we mentioned that Chinese scientists had reversed their earlier findings and determined that the Hunan Fish Market in Wuhan was, in fact, the epicenter of the outbreak (it’s believed that the market’s trade in wild animals, like bats and snakes, is to blame). Bloomberg has offered a clarification, reporting that the market is one of several sources being investigated.

With US stocks still on track for a brutal open, investors around the world are turning to Jay Powell and the FOMC, which will meet later this week.

* * *

Investors who dismissed the threat to their P&Ls posed by China’s coronavirus outbreak are suddenly realizing that they’ve made a grave miscalculation. What few Asian markets were open on Monday (most were closed for the LNY holiday) saw equities tank, and in the US, futures are pointing to a steep drop at the open – a sign that the market has found the excuse it needed to give back some of its torrid January gains.

With so much going on – the Bolton revelations, the deaths of Kobe Bryant and his daughter, the busiest week of earnings season, and the upcoming Fed meeting – the virus remains the most dominant theme – and with good reason.

As we reported late last night, the number of confirmed cases in China has tripled over the weekend. Health officials have confirmed 2,804 cases in China, where the deal toll has climbed to 80 – giving the virus a roughly 5% mortality rate. Over the weekend, we joked that the scapegoating was already beginning, citing a rash of public outrage directed at health officials and Wuhan, as well as the city’s mayor, Zhou Xianwang.

In typically communist fashion, Zhou accepted responsibility for botching the initial response to the virus, and said he and the local party chief, Ma Guoqiang, would be willing to step down to quiet the public outrage. The government is scrambling to build not one, but two new hospitals in under two weeks to house coronavirus patients in Wuhan, yet doctors and nurses claim that they are still struggling with a shortage of supplies, even after local officials implored neighboring provinces to send assistance. Shortages of everything from beds to facemasks to personnel are still hurting the city’s ability to treat new cases. That lockdown has obviously interfered with shipments of new supplies.

Zhou also conceded that information about the virus was not disclosed in a “timely manner”. In reality, Chinese officials waited a whole month to inform the world about the outbreak after the first cases were discovered in early December. According to the FT, this was a “rare instance of self-criticism” by a senior local party official.

During a press conference on Sunday, Wang Xiaodong said in a press conference that the government was reinforcing medical supplies, but he triggered even more public anger as he Wang corrected himself twice about the number of face masks being made available in the province, initially putting the number at 10.8 billion, then changed it to 1.8 billion before correcting himself again to say that the real number was 1.8 million masks. Public anger was also directed at Wang because he neglected to wear a face mask during the presser, while Mayor Zhou appeared to wear his mask upside down.

After appointing Premier Li Keqiang to head the party’s committee to oversee the crisis response over the weekend, Li arrived in Wuhan on Monday, the SCMP reports. In a PR coup for the government, reporters followed Li as he visited patients and medical personnel fighting on the front lines of the outbreak and delivered some inspired speeches.

“You are trying every means to save lives,” Li told medical staff at Jinyintan hospital, one of the designated institutions in Wuhan for treating infected patients. “When you are putting your efforts to save lives, you have to protect yourselves too.”

Li will apparently remain on the ground in the province, where he will direct the effort to combat the virus’s spread.

But the Chinese premier wasn’t the only major figure to travel to Wuhan on Monday: The WHO director-general is traveling to the city to try and assess the situation on the ground in Wuhan after meeting with senior officials in Beijing.

Wuhan Mayor Zhou’s announcement over the weekend that roughly 5 million people had already left Wuhan before the lockdown began made it seem like combating the virus’s spread at this point would be virtually impossible. In Beijing on Monday, He Qinghua, the first-degree inspector of the Disease Prevention and Control Bureau, confirmed what many – including on CNBC reporter – suspected. In addition to the 11 million ‘official’ residents of Wuhan, the city is also host to millions of migrant workers from the countryside. Almost all of those workers have already returned home, threatening to spread the virus across China’s impoverished rural areas where awareness of prevention strategies is minimal.

To fight this, China must mobilize a “grass roots” campaign of party officials.

“The awareness [of prevention and control] is relatively low in the countryside. We will need to fill the gap of this weak link,” He said. “The most important thing now is mobilizing our cadres at the grass-roots level so we can do better in our prevention and control work at the community level.”

Here’s the latest roundup of cases, courtesy of the SCMP, which has consistently maintained the most accurate figures.

 

 

Even though researchers reportedly cast doubt on the virus’s connection to the Wuhan food market illegally trading in wild animals, scientists on Monday said they had, in fact, found evidence of the virus at the market. A strain of the virus was isolated from samples taken at the market. The strain was isolated from environmental samples taken from the Huanan seafood market in Wuhan. A phot of the virus, known as 2019-nCoV, can be found below.

Per the SCMP, the virus was detected in 35 of the 585 environmental samples collected on Jan. 1 and Jan. 12, with 33 of the positive samples taken from the market’s western zone, where the wildlife trading business was concentrated.

Outside of the mainland, Taiwan reported its fifth case on Monday.

Several neighboring countries announced precautions to prevent the virus from crossing over from China: Mongolia has closed all educational institutions until at least March 2, and has closed its border with China to all pedestrian and vehicle crossings. Kazakhstan has suspended its 72-hour visa-free program for holders of Chinese passports. In Myanmar, the United Wa State Army, a political group for the Wa people, said it would shut down all entertainment in the autonomous territory, while imposing strict border checks on all outsiders. The group has also barred all large public gatherings and instructed the population to cease eating wild animals.

In Seoul, South Korean President Moon Jae-in said Monday that his administration was preparing a “complete enumeration” of people entering the country from Wuhan. And any travelers entering the country from China will need to fill out a ‘health questionnaire’. Even Iran is taking precautions, prohibiting Chinese and people from Southeast Asia from bringing food into the country. Russian tour operators have stopped selling tours in China, and are only bringing Russian citizens back from the country.

According to Feng Luzhao, a researcher with the Chinese CDC, insisted that the most effective way to stop the spread of the disease would be to reduce travel.

“[We have decided] to extend the Lunar New Year holidays because [we want] to encourage people to stay home and avoid going to areas where infection may be prevalent and places with large crowds of people,” Feng said. “[We believe] this can help curb the spread of the disease.”

To try and stop the spread, China has ordered an ‘extension’ of the Lunar New Year Holiday, with several manufacturing hubs and other centers of industry deciding to stay closed into February.

Meanwhile, more health researchers in China are warning that the state is woefully undercounting the number of cases. A researcher at HKU med school announced that his new estimate for active cases in China is closer to 25,000. 

Over in the US, a fifth case of coronavirus was confirmed in Arizona. With the trajectory of the virus confirming the worst fears of epidemiologists, we suspect this won’t be the last case in the US.

END
CHINA/HONG KONG
China now crubs travel to Hong Kong…projections suggest that already 300,000 infected by the coronavirus which is now nicknamed the “devil virus”
(zerohedge)

China Curbs Travel To Hong Kong As Projections Suggest 300,000 Already Infected By “Devil Virus”

Update (0700ET): Minutes ago, CNBC reported that the White House has held multiple meetings about the coronavirus led by Deputy National Security Advisor Matt Pottinger.

Kayla Tausche

@kaylatausche

NEW: The White House has been convening multiple meetings on in recent days, convened by deputy national security adviser Matt Pottinger.

Readout from an admin official: Consensus that the issue is worsening but the extent to which is unclear.

The consensus: The problem is getting worse, though the true extent is unclear.

Are we about to learn about a new rash of infections inside the US? Considering that more than 100 people were under observation as recently as yesterday, we wouldn’t be surprised.

* * *

On Tuesday morning, China’s top health officials shared some grim statistics essentially confirming that the novel coronavirus believed to have emerged from a shady food market in Wuhan is on track to confirm some of the more dire projections shared by epidemiologists.

As we reported late yesterday, the death toll in China has soared past 100 while the number of confirmed cases doubled overnight. Health officials around the world have confirmed more than 4,500 cases, more than triple the number from Friday. All but a few of the deaths recorded so far have been in Wuhan or the surrounding Hubei province, per the SCMP.

Panic has swept across the region as border closures appear to be the overarching theme of Tuesday’s sessions. Even North Korea, which relies on China for 90% of its foreign trade, has closed the border with its patron. More than 50 million remain on lockdown in Hubei, and transit restrictions have been imposed by cities and regions around the country. An ‘extension’ of the Lunar New Year holiday is threatening GDP growth, as economists try to size up the knock-on potential impact on the global economy. The virus has now spread across China and another 17 countries/autonomous territories globally, according to BBG.

But the most important announcement made overnight – at least as far as global markets are concerned – was Hong Kong Chief Executive Carrie Lam’s decision to suspend high-speed rail and ferry service, while halving the number of flights between HK and the mainland. This news helped send US stock futures higher in early trade, after health experts yesterday urged Lam to use ‘draconian’ measures to curb the spread, for fear of a repeat of the SARS epidemic, which killed some 300 people, according to the BBC.

“The flow of people between the two places needs to be drastically reduced” amid the outbreak, Ms Lam told the South China Morning Post.

China, meanwhile, said it would stop individuals from traveling to Hong Kong to try and curb the virus.

Hong Kong Free Press

@HongKongFP

Travel between mainland & is to be restricted, but borders will remain open, says Chief Exec. Carrie Lam, in light of the .

Embedded video

Jiao Yahui, deputy head of the NHC’s medical administration bureau, said during a press conference Tuesday that shortages of medical supplies in Wuhan were still a serious problem.

CDC has issued new travel recommendations urging people to avoid all non-essential trips. But officials remained reluctant to declare a global emergency, instead insisting that this is merely an emergency “in China”. Of course, after yesterday’s brutal pullback, that’s to be expected.

The big piece of evidence that the WHO is purportedly looking for is human-to-human transmission outside China. However, while several cases of H2H transmission outside China have been documented in Vietnam, Japan, as well as possibly Canada and Germany, the WHO said it only recognizes the Vietnam case.

Zhong Nanshan, a leading expert on SARS and other communicable diseases in China, confirmed human-to-human transmission in at least one case in Wuhan and two cases in Guangdong Province.

During a meeting in Beijing, President Xi told World Health Organization Director-General Tedros Adhanom Ghebreyesus that the safety of the people is his government’s first priority, and that he recognizes the situation is “very serious,” but that he’s confident his government will defeat the “devil virus,” Reuters reports.

“This was supposed to be a time for rest, but because of the pneumonia outbreak caused by the novel coronavirus, the Chinese people right now are faced with a very serious battle,” Xi said. “This is something we take very seriously because in our view nothing matters more than people’s safety and health. That is why I myself have been personally deploying, planning, and guiding all the efforts related to containment and mitigation of the outbreak.”

That’s ironic, considering Beijing’s sluggish response after the first cases were discovered in December. After all, Wuhan Mayor Zhou Xianwang on Tuesday spoke out against the deluge of criticism he has faced to accuse Beijing of tying his hands. This comes after President Xi and the party tried to scapegoat him and other local party officials for the crisis.

This was supposed to be a time for rest, but because of the pneumonia outbreak caused by the novel coronavirus, the Chinese people right now are faced with a very serious battle,” Chinese President Xi Jinping tells in Beijing.

 

Speaking at a press briefing in Beijing on Tuesday, Jiao Yahui, deputy head of the NHC’s medical administration bureau, said shortage of medical supplies was a major constraint in China’s efforts to contain the outbreak and treat infected people.

Tens of thousands of patients are under observation in China after displaying one or more symptoms of the virus. In the US, roughly 100 people are in isolation. But former FDA Commissioner Scott Gottlieb told CNBC that China is obscuring the true number of cases – a suspicion that’s widely held among American infectous-disease experts.

According to some projections, there might be up to 300,000 cases in China, and there are likely dozens of people who have died of pneumonia who in reality died from nCoV – but those deaths will never be recorded. Although China is “behaving better” than it did during the SARS outbreak, they’re still concealing information from the international community.

“They’re still not behaving well. They’re concealing information, including the spread to health care workers, which we didn’t know until last week” Gottlieb said.

China is already in a “full-blown epidemic.” The US will likely face some limited outbreaks, but Gottlieb said we have the tools to suppress the virus and prevent the same thing from happening in the US. The FDA, meanwhile, announced plans to advance development of “medical countermeasures” against the virus.

Jiao said China was sending about 6,000 medical personnel to Hubei from around the country – with more than 4,000 already there and 1,800 more due to arrive by Tuesday evening – to work in Wuhan and seven other cities in the province. In Wuhan, more than 10,000 hospital beds have been made available for patients, he said, while another 100,000 are being prepared.

In Beijing, CNBC’s Eunice Yoon reported that the local government is strongly encouraging the wearing of facemasks in public. Police guarding Beijing’s public transit are wearing full hazmat suits, and anybody hoping to board a train must be wearing a mask, and must submit to a temperature check via infrared thermometer. If an individual is found to have a fever, they’re sent to a hospital to be quarantined.

As Beijing tries to telegraph to the world that it has the situation under control, health experts have raised new questions about the government’s response. One infectious disease specialist told the NYT that they were skeptical about the Wuhan quarantine’s ability contain the virus (unsurprising considering that 5 million left the city before the lockdown began). Beijing and Guangzhou, a port city northwest of Hong Kong, have broken ground on new hospitals, mimicking the speedy construction of not one but two new hospitals in Wuhan to treat patients infected with the virus. Beijing is also reopening a hospital used to fight the SARS outbreak in 2003, while 6,000 medical staff have been sent to Hubei.

“At this stage of the outbreak, the things that make the most difference are finding people, diagnosing people, and getting them isolated,” said Dr. Tom Inglesby, an infectious diseases specialist and director of the Johns Hopkins Center for Health Security. “If you isolate the city, then my question and my concern is that you’re making it harder in a number of ways to do those things you need to do,” including ferrying critical supplies and ensuring that infected victims receive adequate treatment.

END

4/EUROPEAN AFFAIRS

ITALY

Five star in complete collapse with Salvini’s right party league gaining.  They lost in perennial left leaning Emilia Romagna.

(Tom Luongo)

The EU Survives In Emilia-Romagna But Five Star Won’t

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

There was real fear in Europe over what could have happened this weekend in Italy. Regional elections in Emilia-Romagna and Calabria could have been terrible for the tenuous ruling coalition between PD and Five Star Movement.

But the center-left held serve against the insurgent campaign of Matteo Salvini and his Lega-led coalition.

View image on Twitter

Emilia-Romagna is the birthplace of Italian Communism and has been a stronghold for the political left for decades. Even though Salvini et.al. failed to win the day this is a clear case of failing falling forward.

It’s a massive improvement for the center-right in Italy and will effect how the region is governed. But the big story here is Five Star.

It is also clear that Five Star is now in complete collapse as an opposition party, garnering only 3.5% in E-M and just 7.3% in Calabria.

Nationally, Five Star is now polling between 15-17%, flirting with political irrelevance if the numbers drop much lower than this. But, where will those voters go?

Five Star was born as an opposition party to entrenched and corrupt Italian political elites. It was decidedly Euroskeptic and it’s not handled the transition from outsider gadfly channeling voter frustration into an effective governing force at all.

Mattia Zulianello has a great article up on the London School of Economics and Political Science blog about how Five Star’s lack of internal cohesion has doomed it to an Icarus-like flight too close to the sun and crashing back down to earth while Salvini’s Lega continues to be a force capable of transforming Italian politics for a generation.

Five Star originally emerged (and remained until 2018) as an anti-system party that rejected cooperation with the other parties in the system and presented itself as a separate pole in opposition to both the centre-right and centre-left. At that time, it declared that it would only cooperate with the other parties on a strict issue-by-issue (and law-by-law) basis. The M5S rejected the legitimacy of the other parties in the strongest terms and fully-fledged cooperation was out of the question.

However, anti-system parties often eventually integrate into the system they previously opposed. This is especially true for populist parties as they are the ‘new normal‘ in European party systems and governments today. The integration and legitimation of populist parties can be a long or short process, according to the various incentives of the political system and electoral results, and is usually accompanied by a series of programmatic and organisational reforms.

The zenith of the integration of populist parties is represented by their eventual entry into national office. In many cases, populist parties are indeed able to survive office, and even to gain votes in subsequent elections. Italy’s Lega is a case in point. After a first disastrous experience in office (1994), the Lega, over time, benefited from a ‘learning process’. It now has a long record of government participation and dominates the Italian agenda. According to all the polls, the party led by Matteo Salvini is by far the strongest in the country today (estimated at 32%).

This is why Lega’s support in E-M has steadily risen over the course of the last three elections there and was nearly capable, in just a three-year time horizon to unseat the establishment there. Only a bitter fight driving massive turnout, nearly 59%, kept E-M from turning “blue.”

Previous elections saw turnout drop as low as 30%. Who turns up to vote when the outcome is predetermined?

View image on Twitter

Look at the results closely and you’ll see the thing disquieting the Italian plutocrats. Five Star and PD’s support dropped a combined twenty points. Not only is Five Star in freefall but it looks like PD may be as well. The next government in E-M will not take the voters for granted like they have been.

Lega and the Brothers of Italy scooped up the 7 seats in the government lost by PD, who no longer rule with a massive majority.

The results for Calabria were even worse. The Center-Left coalition lost more than thirty-two points over the 2014 election. And while that outcome wasn’t in doubt beforehand it shouldn’t be discounted either. Like Umbria’s election last fall, these results are telling everyone that big change is on Italy’s horizon.

The markets today are breathing a sigh of relief. Salvini has been beaten back for a bit. But for how long? Yes, the ruling coalition survives another day. Yes, it’s a little stronger than it was yesterday. But, Five Star as a party is in the early stages of collapse and the infighting among its high-ranking members will continue until such time as the coalition breaks.

Salvini was right back in August to dissolve the coalition. As Italy sinks economically and politically he is in the position to rally the populists, secure their support and gain support while the government takes all the blame.

And, as Zulianello suggests, since Lega is a properly constituted and functional organization, when it returns to government it will do so with a clear mandate and clearly-defined goals.

These are two things Five Star could never deliver on.

*  *  *

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END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN

this is what happens when sanctions does not allow Iran to replace aging parts.  Iran has been having many accidents like this lately

(zerohedge)

Iran Airline Passengers Escape ‘Crashed’ Plane In Middle Of Busy Highway

Surreal and shocking footage has emerged Monday from the Iranian city of Mahshahr after a Caspian Airlines commercial jet carrying 135 people skidded off a runway before coming to a stop on a busy highway.

Miraculously, no one was killed or seriously injured, and all passengers and crew disembarked as the plane remained on its belly in the middle of vehicle traffic, with the aircraft itself appearing relatively undamaged, according to semi-official news agency Fars.

Bahman Kalbasi

@BahmanKalbasi

Dramatic footage of a passenger plane belonging to ’s Caspian airline landing in the middle of the street in Mahshahr (same city that many were killed in Nov. protest) this happened in the last hour. Witness who got the footage didn’t know if there were any casualties.

Embedded video

Iran’s Tasnim News identified the airliner as national carrier Caspian Airlines Flight 6936, which left Tehran at around 6:44am local time on its way to southwestern Khuzestan Province.

Men, women and children were seen emerging from the plane unharmed through the main exit, with others crawling out of emergency exits and walking across the wings.

 

Image source: ISNA/AFP via Getty Images

Emergency crews quickly showed up on the scene and dowsed the aircraft with water, as a surprising number of onlookers stood close to the possibly smoldering plane in what was a dangerous situation.

Some independent pundits and analysts in the West were quick to point out that recently ratcheted up Washington sanctions are likely to blame Iran’s ongoing domestic airline woes, given its aviation industry has been hit hard by US punitive measures, which actually prevent Iran from obtaining badly needed aircraft parts and mechanical updates through international companies.

asad abukhalil أسعد أبو خليل

@asadabukhalil

All airplane crashes in Iran are directly the responsibility of successive US administrations which—under the guise of sanctions—have denied Iran the opportunity to upgrade its civilian airline fleet. https://twitter.com/hamedihami/status/1221656570771255296 

Hami Hamedi@HamediHami

Another airplane crash in Mahshahr airport #caspinairline #iran #crash #USSanctions

Embedded video

Iranian airlines have suffered a rising number of crashes thanks to their aging infrastructure, and as we predicted in 2018, the problem is only set to get worse as the internationally isolated country’s fleet grows older and more worn.

SaMpAtH@SaMpAtH34753881

Caspian airlines plane lands in middle of the street in Mahshahr, Iran
🛫✈️🛬🛣🚥🚥🚥

Embedded video

The United States has justified the sanctions, which has included targeting specific companies along with broader blanket parts bans, by saying Iranian airlines had transported weapons, fighters and money to proxies in Syria and Lebanon, as well as Iraq.

END
TURKEY
The truth behind the evil Erdogan
(Gatestone)

Turkey’s ‘Truthophobia’

Authored by Burak Bekdil via The Gatestone Institute,

In 2014 the government of Turkey’s strongman Recep Tayyip Erdoğan banned YouTube and Twitter, fearing that millions of young Turks could otherwise read “dangerous content” on social media. The Constitutional Court declared the bans unconstitutional. In 2017, the Turkish government banned Wikipedia. That ban was removed only recently, after two and a half years. It is not that Wikipedia is a reliable source of information. Banning it altogether is a rogue state behavior. It is not, however, only about Wikipedia: in Turkey, truth, regardless of its source, is feared and often banned.

The World Report 2020, released by the Human Rights Watch, drew a realistic yet gloomy picture of civil liberties in Turkey:

“Executive control and political influence over the judiciary in Turkey has led to courts systematically accepting bogus indictments, detaining and convicting without compelling evidence of criminal activity individuals and groups the Erdoğan government regards as political opponents. Among these are journalists, opposition politicians, and activists and human rights defenders…

“Authorities continue to block websites and order the removal of online content while thousands of people in Turkey face criminal investigations, prosecutions, and convictions for their social media posts. There has been a dramatic rise in the number of prosecutions and convictions on charges of ‘insulting the president’ since Erdoğan’s first election as president in 2014…

“An estimated 119 journalists and media workers at time of writing are in pretrial detention or serving sentences for offenses such as “spreading terrorist propaganda” and ‘membership of a terrorist organization.’ Hundreds more are on trial though not in prison. Most media, including television, conforms to the Erdoğan presidency’s political line.”

Hence the nationwide lack of confidence in the judiciary as a constitutional institution, a sad reality that even Erdoğan’s government had to admit. Vice President Fuat Oktay said that only 38% of Turks had confidence in judiciary. The problem of trust is probably much worse than portrayed by the vice president. A survey by the Turkish pollsters ORC revealed that only 11.7% of Turks fully trusted the judiciary.

The ways through which the Turkish state silences dissent are typical of the unfree world. According to the findings of the Monitoring and Advocating Media Freedom project, the Erdoğan government resorted to three most frequently used ways to target journalists in 2019:

“Vexatious charges: Journalists were repeatedly charged with ‘insulting a public official’ or ‘insulting the president’ under Articles 125 and 299 respectively of the Turkish penal code…

“Physical attacks: Physical attacks on journalists took place throughout 2019… The violence was largely attributed to political divisions, specifically between nationalists and conservatives…

“Internet restrictions: The government continued to obstruct freedom of expression online… On 1 August, a regulation mandating online content providers, including all online news outlets, to obtain a broadcasting license from the radio and television watchdog RTUK, was published…”

(According to the left-wing Birgün newspaper, 5,223 people — including 128 children — stood trial on the charge of “insulting the president” in 2018, with journalists often being singled out and the charge being especially damaging.)

Part of the problem is the Turks’ notorious indifference to undemocratic practice — not that they are unaware of the rights violations; it is just that Erdoğan controls most media.

recent survey released jointly by the Amnesty International’s Turkey chapter and Metropoll, a polling company, revealed the bitter truth about Turkish attitudes.

According to the survey 82.3% of Turks believe fundamental rights and liberties are violated in Turkey. In addition, only a third of them think that someone detained by the police is likely a criminal. Worse, only 37.7% of Turks think everyone is equal before the state.

A clear majority of Turks think that their rights are systematically violated and that they are not equal before law. Then half of them keep voting for Erdoğan (and his allies). These two facts point to a third, and unpleasant conclusion: Millions of Turks know that their country is not free and just, but they keep voting for the leader who is responsible for the gross democratic deficit Turkey has undergone over the past 18 years.

This is a bad message to Erdoğan: You will keep winning votes no matter how maliciously you crush dissent. We are with you and your undemocratic rule.

It was another bad year for Turkish democracy. A worse one may be in the offing.

END

TURKEY

Turkey is behind a major state backed cyber espionage targeting Europe and the Middle east.

(zerohedge)

Turkey Behind Major ‘State-Backed Cyber-Espionage’ Targeting Europe & Middle East

After prior widespread state cyber-espionage operations were revealed connected to both Iran and Saudi Arabia in the past months, a new bombshell Reutersinvestigation has exposed a new alleged Turkish government-linked hacking operation which has targeted organizations across Europe and the Middle East for the past two years.

Citing multiple senior Western defense and security officials as well as public internet records the new report concludes at least 30 organizations ranging from government ministries to embassies to international companies have been targeted by hackers who appear to be doing the bidding of Turkey. Notably the Greek and Cypriot governments and their state email services have topped the list of targets.

 

File image via Arab Weekly news.

The Cypriot government confirmed it was targeted as part of the operation but did not give details. Iraq’s government, specifically national security offices, were also identified in the report as a prime target.

 

Security officials said that infrastructure registered in Turkey was used in the hacks, but did not reveal further details related to confidential intelligence assessments.

But interestingly, at least one entity inside Turkey itself was allegedly hacked – a Turkish chapter of the Freemasons said to have ties to US-based Turkish opposition cleric Fethullah Gulen.

The DNS-hijacking campaign is said to be similar in methodology detailed in separate prior reporting related to Iran known as DNSpionage. Reuters explains and summarizes the alleged Turkish hackers’ methods as follows:

The hackers used a technique known as DNS hijacking, according to the Western officials and private cybersecurity experts. This involves tampering with the effective address book of the internet, called the Domain Name System (DNS), which enables computers to match website addresses with the correct server.

By reconfiguring parts of this system, hackers were able to redirect visitors to imposter websites, such as a fake email service, and capture passwords and other text entered there.

Reuters reviewed public DNS records, which showed when website traffic was redirected to servers identified by private cybersecurity firms as being controlled by the hackers. All of the victims identified by Reuters had traffic to their websites hijacked – often traffic visiting login portals for email services, cloud storage servers and online networks — according to the records and cybersecurity experts who have studied the attacks.

The new hacking revelations also come as tensions between Turkey and its longtime enemies Greece and Cyprus are soaring over Turkey oil and gas exploration and drilling in the eastern Mediterranean, which the EU says has illegally cut into both countries’ Exclusive Economic Zones (EEZ).

SentinelOne

@SentinelOne

A diplomatic row between Greece and Turkey has broken out into cyberspace, and hacktivists are on the warpath. Will enterprises end up as collateral damage? By Yotam Gutmanhttps://lnkd.in/gifm7Mp

Battle for Supremacy | Hacktivists from Turkey and Greece Exchange Virtual Blows | SentinelOne

A diplomatic row between Greece and Turkey has broken out into cyberspace, and hacktivists are on the warpath. Will enterprises end up as collateral damage?

sentinelone.com

Investigators took particular note of the victims and targets — all who appeared to be geopolitical enemies of Turkey, and in the case of Turkish-related groups targeted, they happened to be linked to the exiled Fethullah Gulen and/or his supporters.

Gulen has remained an official enemy of the Turkish state under President Erdogan, who has consistently put pressure on Washington to arrest and transfer the opposition cleric back to Turkey.

END

6.Global Issues

Michael Every..what if we are on a exponential curve of coronavirus cases?

(Michael Every)

Rabobank: “What If We Are On The Brink Of An Exponential Increase In Coronavirus Cases?”

Submitted by Rabobank’s Michael Every

The beginning of 2020 starts to look alarmingly similar to 2018. Back then the US stocks extended their impressive 2017 gains in the first few weeks of trading only to plunge at the end of January and sustain heavy losses in the first half of February. In that period the S&P 500 Index plunged almost 12% from the peak to trough on the back of rising concerns that inflation may rise much faster than initially anticipated forcing the Fed to accelerate the pace of monetary policy tightening. It was just a taste of what was to come as 2018 proved to be a tumultuous year for the US equities which set record highs in September only to end the year deep in the red.

Back to 2020, global stocks are in a risk off mode amid escalating concerns about the coronavirus. The S&P 500 Index plunged 1.57% on Monday trimming its year-to-date gains to just 0.40%. One could argue that this is just a correction from seriously stretched levels that will ultimately prove as an opportunity to buy stocks on the back of an assumption that the Chinese officials will, eventually, get on top of the coronavirus.

However, it is extremely difficult to estimate the negative impact on the Chinese economy at a time when the death toll is rising sharply (106 so far) and the number of confirmed cases is soaring (4,515 as of today). More than 50 million people in China are now in a lockdown.

It is also worth considering the following: what if we are on the brink of an exponential increase in the number of people affected by the deadly virus? One could argue that we have already reached this stage given that confirmed cases reportedly increased by 65% over the past few days.

There is more evidence that the coronavirus has an incubation period of about two weeks before those infected start to show signs of the illness in a country where half a billion people travel at this time of the year. While travel restrictions have been put in place, it could be too late. The worst may yet to come despite the best efforts by the Chinese authorities to contain the virus.

Market concerns about severe impact on China and the global economy are reflected in rising demand for safe haven assets. The yield on the 10-year US Treasury plunged below the trendline support from the September low. The October low at 1.5051% is the next level to watch ahead of 1.4272% (2019 low).

The US dollar is the beneficiary of growing demand for Treasuries. The Bloomberg Dollar Index is on the cusp of breaking above the trendline resistance at 1200. A bullish breakout in the USD Index would provide USD/EM crosses with even strong upside momentum. Commodity currencies have been the most impacted so far. The plunge in oil prices to the lowest level so far this year provided USD/RUB with sufficient upside traction to revisit the December 23 high at 63.1057. USD/RUB was leaning lower this morning, but the upside bias is likely to prevail in the coming days with 64.49 as the next potential target for USD/RUB.

Looking more broadly at the EM space, the pace of capital inflows into risky assets slowed down last week when concerns about the coronavirus increased. Exchange-traded funds focused on emerging markets attracted USD 311.7mn in the week ending January 14 – this was significantly lower than USD 3.16bn in the previous week, Bloomberg reported. The impressive run of 16 consecutive weeks of inflows may come to an end if risk aversion continues to rise.

end
3M/Global Sales
Despite soaring mask demand around the world, 3M slashes 1500 jobs
(zerohedge)

Despite Soaring Mask Demand, 3M Slashes 1,500 Jobs In Global Restructuring

Despite soaring demand for their products (anti-virus masks are sold out worldwide), shares of 3M are slipping after the company will slash 1,500 jobs in a global restructuring program as its auto parts and electronics segments come under pressure amid slowing global growth.

In a statement, the company said the restructuring program would span across “all business groups, functions, and geographies.” The company expects pretax savings of $110 to $120 million from the changes.

The company reduced its profit forecast several times last year as the global synchronized slowdown showed limited signs of abating, along with continued deceleration in China and imploding automotive and electronics markets.

CEO Mike Roman said the restructuring would create a soft-landing for the company to capitalize on a rebound.

Roman said 3M would “continue to manage challenges in certain key end markets.” He added that today’s results were in line with the company’s expectations.

The coronavirus could be a massive boost for 3M Medical, as their masks are in high demand across the world.

Still, China shutting down cities and factories across industrial zones could spark a more pronounced slowdown for the global economy in the first quarter, ultimately weighing on aggregate future 3M earnings.

end
CHRIS MARTENSON AND MISH SHEDLOCK ON THE CORONAVIRUS
(Mish Shedlock/Chris Martenson)

Hundreds Of Virus Carrying Planes Headed For US, London, Paris, Vancouver

Authored by Mike Shedlock via MishTalk,

Lockdowns are for the peasants, not those with money.

What Does Halt All Traffic Mean?

This morning, I Decided to Research this Question:

Mike “Mish” Shedlock@MishGEA

I don’t Know Jim, good question.

China statements say “tours”

Other sources suggest “individuals”

So … Is it Tours or Individuals?

And what about those who visited China from other countries?

Not covered at all IMO. https://twitter.com/biancoresearch/status/1221573171515678722 

Jim Bianco@biancoresearch
Replying to @MishGEA

So does “halt all traffic exactly mean?

Results below.

Lockdown? What Lockdown?

There is no lockdown in China, if you are wealthy.

Check out this Beijing Flight Schedule for today. Here’s the Wuhan Flight Schedule for today.

Lockdowns are for those with no money, not the wealthy.

Beijing Departures

  • 25 flights on a page
  • 5 pages for the 00:00-06:00 departures
  • 26 pages for 06:00-12:00 departures
  • 22 pages for the 12:00-18:00 Beijing departures
  • 20 pages for the 18:00-00:00 departures

That’s about 1825 flights out of Beijing.

Wuhan Departures Today

How easy is it to escape Wuhan?

You can still catch a flight from Wuhan to Anchorage, Tokyo, Seoul, Bangkok, Singapore, Taipei and countless cities in China including Beijing and Shanghai.

  • There are 8 pages of flights out of Wuhan today. That’s about 200 flights. Most of the flights are within China, but that hardly stops containment.
  • In the 00:00-06:00 slot one flight left for Anchorage. Another left for Bangkok, Thailand and another went to Tokyo.
  • In the 06:00-12:00 slot, two planes left for Tokyo and three to Hong Kong.
  • In the 12:00-18:00 slot, three planes left for Seoul, South Korea and two went to Taipei, Taiwan.
  • In the 18:00-00:00 slot, one plane went to Bangkok , three went to Taipei, three went to Hong Kong,

Wuhan Departures Tomorrow

Tomorrow, there are four flights from Wuhan to Singapore, three to Taipei, two to Bangkok, three to Tokyo, three to Paris, and six to Hong Kong, three to San Francisco,

The rest headed for other parts of China including Beijing. Then where?​ Here are international possibilities from Beijing.

US and Canada Destinations From Beijing Today

New York, Boston, Los Angeles, San Francisco, Detroit, Anchorage, Newark, Vancouver

European Destinations From Beijing Today

Amsterdam, Istanbul, Paris, Prague, Milan, Moscow, Frankfort, Munich, Athens, Barcelona, Warsaw, Rome, Stockholm, London

Other International Destinations From Beijing Today

Sydney, Singapore, Melbourne, Abu Dahabi, Manila, Auckland, Hong Kong, Seoul, Macau, Osaka, Bangkok, Ho Chi Minh, Taipei.

Flight Ban Starting Today?

Mike “Mish” Shedlock@MishGEA

Starting Monday
Bit too late.https://moneymaven.io/mishtalk/economics/chris-martenson-s-must-see-video-on-the-coronavirus-nI5jtlKxLUiCdTtqMX5-oQ  https://twitter.com/HayekAndKeynes/status/1221207300830105602 

Chris Martenson’s Must See Video on the Coronavirus

The media, the CDC, and the World Health Organization aren’t telling you what you need to know about the coronavirus.

moneymaven.io

THE LONG VIEW ⚫️@HayekAndKeynes

Why haven’t global governments banned Chinese inbound tourists?

Because they didn’t have to. China already did that for them to make it less awkward. https://www.businessinsider.com/wuhan-coronavirus-china-bans-citizens-booking-overseas-tours-2020-1 

No, that was a blatant lie by China.

Dereliction of Duty Everywhere

​Earlier today Chris Martenson proclaimed “WHO is Derelict” on Coronavirus

WHO is the World Health Organization. Add to that list, the Center for Disease Control (CDC), Chinese officials, and other US health officials.

The sane thing to do was ban all flights from China days ago.

But more landed today and far more are scheduled for tomorrow. And that’s just from two cities. I did not check departures from Shanghai or other large Chinese cities.

Many of you know Chris Martenson from his economic website, Peak Prosperity.

But even those who do know him, may not be aware that his background includes a PhD in pathology.

If you have not done so already, please do yourself a favor and watch Chris Martenson’s Must See Video on the Coronavirus.

Addendum – Monday Departures From China

I can confirm arrivals in Hong Kong, Bangkok, VancouverToronto, Seul, Delhi (India), Moscow, Viena, Macau, London, Taipei, New York, Osaka (Japan), Stockholm, Boston, Frankfort, Los Angeles, Singapore, Frankfort, Tokyo, Paris, San Francisco, and Amsterdam from Beijing.

Some planes to Los AngelesNewark, Singapore, Addis Ababa (Ethiopia), Istanbul, and Sydney are in the air.

I only located 1 cancelled departure from Beijing out of roughly 1,800 flights. It was to Detroit. There could be more.

Many flights from Wuhan are cancelled. Others are marked as “unknown“. I now believe these unknown flights are cancelled.

I can confirm planes from Shanghai have arrived in Singapore, Bangkok, Manila, Paris, Prague, Amsterdam, Melbourne, Auckland, Sydney, Perth, Munich, Moscow, Tokyo, London, Seul, Osaka, Anchorage, Hong Kong, Ho Chi Minh City, Phnom Penh, Paris, Viena, London, DetroitChicagoNew YorkToronto.

Wuhan may be locked down. The rest of China isn’t yet.

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 1.1006 DOWN .0014 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /ALL GREEN

 

 

USA/JAPAN YEN 109.05 UP 0.121 (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 1.3016   DOWN   0.0043  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TO JAN 31/2020//

USA/CAN 1.3191 UP .0003 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 FELL BY 8 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1219 Last night Shanghai COMPOSITE CLOSED //HOLIDAY

 

//Hang Sang CLOSED DOWN/HOLIDAY

/AUSTRALIA CLOSED DOWN 1,46%// EUROPEAN BOURSES ALL GREEN

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED 

 

 

/SHANGHAI CLOSED 

 

 

Australia BOURSE CLOSED DOWN 1.46% 

 

 

Nikkei (Japan) CLOSED DOWN 127.80  POINTS OR 0.55%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1573.00.10

silver:$17.90-

Early TUESDAY morning USA 10 year bond yield: 1.63% !!! UP 2 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 2.08 UP 2  IN BASIS POINTS from MONDAY night.

USA dollar index early TUESDAY morning: 98.09 UP 13 CENT(S) from  MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing TUESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.34% UP 3 in basis point(s) yield from YESTERDAY/

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

SPANISH 10 YR BOND YIELD: 0.31%// UP 3 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,03 DOWN 1 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 72 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: RISES TO –.37% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.37% 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 1.1009  DOWN     .0009 or 9 basis points

USA/Japan: 109.16 UP .230 OR YEN DOWN 23  basis points/

Great Britain/USA 1.2995 DOWN .0065 POUND DOWN 65  BASIS POINTS)

Canadian dollar UP 15 basis points to 1.3174

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxXxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT XXX    ON SHORE  (XCX)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.9708  (YUAN UP)..GETTING REALLY DANGEROUS

TURKISH LIRA:  5.9446 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

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

 

Your closing 10 yr US bond yield UP 4 IN basis points from MONDAY at 1.65 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.10 UP 4 in basis points on the day

Your closing USA dollar index, 98.10 UP 15  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED UP 69.87  0.94%

German Dax :  CLOSED UP 106.17 POINTS OR .85%

 

Paris Cac CLOSED UP 62.14 POINTS 1.06%

Spain IBEX CLOSED UP 117.40 POINTS or 1253%

Italian MIB: CLOSED UP 574.73 POINTS OR 2.45%

 

 

 

 

 

WTI Oil price; 53.56 12:00  PM  EST

Brent Oil: 59.98 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    62.94  THE CROSS LOWER BY 0.57 RUBLES/DOLLAR (RUBLE HIGHER BY 57 BASIS PTS)

 

TODAY THE GERMAN YIELD RISES  TO –.37 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 :  53.77//

 

 

BRENT :  59.64

USA 10 YR BOND YIELD: … 1.65..plus 4 basis pts…

 

 

 

USA 30 YR BOND YIELD: 2.10  plus 4 basis pts..

 

 

 

 

 

EURO/USA 1.1021 ( UP 2   BASIS POINTS)

USA/JAPANESE YEN:109.14 up .204 (YEN DOWN 20 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 97.99 UP 4 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3019 DOWN 39  POINTS

 

the Turkish lira close: 5.9498

 

 

the Russian rouble 62.20   UP 0.78 Roubles against the uSA dollar.( UP 78 BASIS POINTS)

Canadian dollar:  1.3164 UP 24 BASIS pts

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

 

USA/CHINESE YUAN(CNH): 6.9682 (OFFSHORE)

 

German 10 yr bond yield at 5 pm: ,-0.37%

 

The Dow closed UP 187.05 POINTS OR 0.66%

 

NASDAQ closed UP 130.37 POINTS OR 1.43%

 


VOLATILITY INDEX:  16.28 CLOSED DOWN 1.95

LIBOR 3 MONTH DURATION: 1.774%//libor dropping like a stone

 

USA trading today in Graph Form

Stocks Soar To Best Day In 4 Months As “Devil”-Virus Death-Count Spikes

The death toll in China has soared past 100 while the number of confirmed cases doubled overnight. Health officials around the world have confirmed more than 4,500 cases, more than triple the number from Friday.

And domestically, while ‘soft’ data improved – headline consumer confidence ticked up and Richmond Fed saw its 2nd biggest rebound in its 27 year history, ‘hard’ data collapsed as Durable Goods orders were a disaster

All of which explains (not in any way whatsoever) why the S&P surged to its best day since October 4th (filling the gap from Friday’s lows)… We saw a similar “all clear” reaction last week – let’s see how this ends…

There was some chatter that headlines about a vaccine being produced in Hong Kong were the catalyst – who knows, anything is possible in this machine-driven malarkey – but one thing is for sure, waiting at least four months for any vaccine will not stop a collapse in global supply chains if this virus continues to spread like it is.

With China cash markets still closed, A50 Futures stabilized (near 6-month lows)…

Source: Bloomberg

European markets soared today led by a 2.5% spike in Italian stocks, erasing all of yesterday’s losses…

Source: Bloomberg

All US Majors were notably higher today, but none managed to erase yesterday’s losses (Small Caps got closest)… (NOTE – most of the gains today were once again at the opening ramp, then markets traded sideways after EU closed)…stocks closed on the weak side…

Source: Bloomberg

Of course, all this was accompanied by a major short-squeeze…

Source: Bloomberg

Big rebound in cyclicals today, but defensives remain the winners on the week..

Source: Bloomberg

Credit markets rebounded massively today – after a record outflow…

Source: Bloomberg

Bond yields rose in line with stocks today but remain notably decoupled…

Source: Bloomberg

Treasury yields jumped higher today (up 3-4bps across the curve) along with stocks, but remain notably lower on the week still…

Source: Bloomberg

30Y traded to as low as a 2.02% yield today before bouncing higher…

Source: Bloomberg

The Dollar roundtripped from overnight gains to close marginally lower…

Source: Bloomberg

Bitcoin spiked up to almost $9200…

Source: Bloomberg

 

Copper slipped again today but it was silver (slammed) and oil (gained) that stood out…

Source: Bloomberg

Silver was clubbed like baby seal back to 5-week lows (even as gold only drifted modestly lower)…

WTI lifted back near $54 handle but could noit quite fill the gap from Friday…

 

Finally, Dr.Copper’s historic 10-day decline suggests some major ugly surprises for the Chinese economy are on their way…

Source: Bloomberg

And while it’s ridiculousness, we note that today’s bounce continues to perfectly fit with the Fed’s Y2K liquidity surge analog…

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

MARKET TRADING//USA

a)Market trading/this morning/USA

Doctor Copper Catches Coronavirus With Worst Performance In 34 Years

Copper prices are down 9 straight days – the longest streak of losses for the commodity with an economics PhD since 1986!

And as stocks rebound – for no reason whatsoever – copper continues to fall…

Source: Bloomberg

This is the worst 9-day drop since early 2015’s global growth scare…

Source: Bloomberg

And, it appears that other lifeblood of the global economy is also not buying what stocks are selling…

Source: Bloomberg

And bonds continue to disagree with stocks’ exuberance…

Source: Bloomberg

Still – if Powell promises to save the world by printing more money – potentially to use as homemade masks – then why not keep buying stocks? What could go wrong?

end

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

With the Fed pumping money like crazy, we are now witnessing home prices rise at the fastest pace in 9 months

(zerohedge)

US Home Prices Accelerate At Fastest Pace In 9 Months

Case-Shiller home price gains have re-accelerated over the last 3 months and analysts expected another acceleration in November (the latest data set) and were right as the 20-City Composite surge 2.55% YoY (better than the +2.40% YoY expectation).

This is the biggest YoY rise since Feb 2019…

Source: Bloomberg

Home prices climbed 0.5% from the previous month – also topping forecasts – matching the October increase for the best back-to-back gains since early 2018.

All 20 cities in the index showed year-over-year home-price gains, led by Phoenix; Charlotte, North Carolina; and Tampa, Florida.

After dropping YoY in September and October, the mecca of all things socially just and tech-savvy – San Francisco – saw prices adjust higher and back into the green YoY…

Source: Bloomberg

Finally, a broader national index of home prices was up 3.5% from a year earlier, the most since April.

end
As promised, the CBO projects budget deficit surpassing one trillion this year…its debt is growing exponentially thereafter
(zerohedge)

CBO Projects Budget Deficit Surpassing $1 Trillion This Year, Sees US Debt Growing Exponentially After

For those who have been following the trajectory of the US budget deficit in fiscal 2020, which as we showed two weeks ago blew out to a nine year high in the first quarter of 2020…

… it will come as no surprise that according to the latest, just released CBO forecast, in 2020 the US budget deficit will rise above $1 trillion, or $1.05TN to be specific when the fiscal year ends on Sept 30, 2020, the biggest deficit since 2011, which is $31BN more than the deficit reached in 2019. Relative to GDP, this year’s deficit would be about the same as last year’s shortfall—4.6 percent of GDP—which is the difference between revenues equal to 16.4 percent of GDP and outlays equal to 21.0 percent of GDP.

As the CBO writes, the US will spend $1 trillion more than it collects in 2020 and deficits will exceed that amount every year for the foreseeable future, in other words in perpetuity. As a share of GDP, the deficit will be at least 4.3% every year through 2030, and will only grow higher after that. That would be the longest stretch of budget deficits exceeding 4% of GDP over the past century, according to CBO, to wit:

CBO currently projects a federal deficit of $1.0 trillion in 2020; in its baseline budget projections, deficits average $1.3 trillion per year and total $13.1 trillion over the 2021–2030 period. Relative to the size of the economy, deficits would remain above 4.3 percent of gross domestic product (GDP) in every year between 2020 and 2030. Other than a six-year period during and immediately after World War II, the deficit over the past century has not exceeded 4.0 percent for more than five consecutive years.

Over the next decade, the CBO whose forecasts are traditionally overly optimistic, expects cumulative deficits to hit $13.1 trillion. And with spending now officially out of control, debt held by the public will be 81% of GDP this year and is projected to reach 98% by 2030. That stems from the combination of tax cuts and projected increases in spending—particularly on safety-net programs such as Medicare and Social Security.

The CBO’s projections assume that Congress will allow current spending and tax law to occur without any changes. Deficits and debt would be larger than projected if Congress extends individual tax cuts beyond their scheduled expiration at the end of 2025.

The biggest irony, however, is when one recalls that during his 2016 campaign, President Trump talked about paying off the federal debt within eight years. In reality, the CBO now expects that by 2030, total Federal debt will rise from $16.8TN currently (excluding debt paid in to Social Security), to a staggering $31.447 trillion in 2030…

… and to grow literally exponentially after that.

In other words, the MMT that will be launched after the next financial crisis, and which will see the Fed directly monetize US debt issuance from the Treasury until the dollar finally loses its reserve currency status, is now factored in.

Source: CBO

iii) Important USA Economic Stories

San Francisco, home to many Chinese activates emergency operations center preparing for an onslaught of the coronavirus

(zerohedge)

San Francisco Activates Emergency Operations Center To Prepare For Coronavirus 

Increasing fears of coronavirus spreading across the U.S. have resulted in San Francisco Mayor London Breed to activate the city’s emergency operations center, reported the San Francisco Chronicle.

“It’s, so we have a centralized location and process to prepare for what we need to do, to share public information, and to take any action if necessary,” said Jeff Cretan, a spokesman for Breed.

So far, there have been no confirmed cases in the Bay Area, but there are new reports that at least ten people have been tested for the deadly virus in Alameda County.

On Monday, the CDC said 110 people are under observation and being tested for the virus across the U.S. While 5 cases have already been confirmed, another 32 have tested negative.

The emergency center is also coming online one day before a Boeing 767, filled with 230 Americans, is expected to depart from Wuhan Tianhe International Airport on Tuesday for California.

There are more than 1,000 Americans trapped in the epidemic-stricken Chinese city of Wuhan, in which the U.S. State Department launched an emergency evacuation operation over the weekend.

The plane is expected to land in Ontario, California, which is about 400-miles south of the Bay Area.

The CDC has stepped up screening for air travelers for the deadly virus arriving from Asia at West Coast airports.

San Francisco activating its emergency center comes at a time when the University of Hong Kong’s med school revealed during a Monday presser that the deadly virus has likely infected more than 44,000 people in China. Meanwhile, Professor Neil Ferguson, at least the second UK academic to publicly share his projections, said over the weekend that 100,000 people could already be infected with the virus around the world, according to the Guardian.

If the coronavirus continues to spread across the world at its current rate, then it could become a global epidemic in the weeks or months ahead. It seems Bay Area officials are taking no chances with immediate preparations for the worst possible outcome.

end

USA/Wuhan

USA begins emergency evacuations from Wuahan

(zerohedge)

Emergency Evacuation Of Americans Begins From Epidemic-Stricken Chinese City

Update (Jan. 27):  The Wall Street Journal has provided an update on the emergency charter flight to evacuate Americans from the epidemic-stricken Chinese city of Wuhan.

The Boeing 767, with about 230 seats, is preparing to depart from Wuhan Tianhe International Airport on Tuesday for California, amid new fears that coronavirus has uncontrollably spread across the country.

The U.S. State Department’s rapid response operation to evacuate Americans from the region is due to the expected increase in the number of cases in the days ahead.

There are at least 1,000 Americans in Wuhan, and only 230 will get seats on the chartered flight. 

We noted on Sunday that U.S. diplomats and their families were likely first on the list to receive seats.

People with tickets told the Journal that the chartered flight is expected to land in Ontario, California.

Vermont native Priscilla Dickie, 35, told the Journal that she and her daughter, 8, have seats on the plane but might not be able to get to the airport since transportation has come to a standstill. She said she’s 20 miles from the airport without a means of transportation.

Benjamin Wilson told the Journal he’s preparing for the worse and hunkering down with his Wuhan native wife and 7-year-old daughter.

“I would consider sending my daughter, if that were an option,” Wilson said.

But I wouldn’t leave my wife. But if my wife and daughter could travel together, then absolutely yes.”

A U.S. official told the Journal over the weekend that additional emergency evacuation operations would be conducted this week, which would include the bussing of Americans from the outbreak zone to other cities for outbound flights to the U.S.

Besides the U.S., Reuters reports the following countries have already announced evacuation plans for their citizens trapped in Wuhan:

  • France expects to repatriate up to a few hundred of its 800 citizens living in the Wuhan area. Evacuees will have to spend 14 days in quarantine to avoid spreading the virus in France.
  • The German air force repatriating 90 Germans living in the area, Der Spiegel magazine reported on Monday.
  • Japan is expected to arrange charter flights as early as Tuesday for any of its citizens who wish to return from Wuhan, two sources familiar with the matter said. Foreign Minister Toshimitsu Motegi said about 430 Japanese nationals have been confirmed to be in Hubei province.
  • Spain’s government is working with China and the European Union to repatriate Spanish nationals from the Wuhan area, Foreign Minister Arancha Gonzalez Laya said.
  • Britain is talking to international partners to find solutions to help British and other foreign nationals leave Wuhan, a spokesman for Prime Minister Boris Johnson said.
  • Canada has about 167 nationals in the Wuhan area, Foreign Minister Francois-Philippe Champagne said on Monday, and eight people have sought consular assistance, which is being provided. While the minister did not rule out possible evacuations, he did not indicate there were any planned at the moment, adding that each consular request would be evaluated on a “case by case basis”.
  • Russia has been in talks with China about evacuating its nationals from Wuhan and Hubei province, Russia’s embassy in China said.
  • The Dutch government is assessing ways to evacuate 20 Dutch citizens from Wuhan, press agency ANP reported.
  • Authorities in Myanmar said they had canceled a planned evacuation of 60 students from Mandalay who were studying in Wuhan. Kyaw Yin Myint, a spokesman for the Mandalay municipal government, told Reuters that a “final decision” had been made to send them back after 14 days, once the virus’ incubation period had passed.

The total number of confirmed cases has climbed to 2882, though the actual number of cases out there is likely much higher, as experts have warned.

20200127scmp.JPG (712×570)

* * *

Update (1154ET): Yesterday it was the U.S. and Russia arranging charter flights to evacuate their citizens from the epidemic-stricken Chinese city of Wuhan.

Now Thailand has four Lockheed C-130 Hercules transport planes on standby to airlift its citizens from the city as the coronavirus outbreak spreads uncontrollably, reported the Bangkok Post.

Royal Thai Air Force Chief Maanat Wongwat told the Post that four C-130s, carrying medical teams, students, and medical professionals, are ready to take off from the Chinese city.

“The air force is ready” to evacuate its citizens, Wongwat said.

Evacuations from the city are already underway for the U.S., France, and Japan, as confirmed cases in China could exceed over 3,000 by the end of the weekend.

Thailand’s evacuation plan also comes as a quarter-million people across China could be infected with the deadly disease in the next several weeks.

At the moment, four countries have initiated evacuation plans for their citizens trapped in Wuhan.

* * *

A new report from The Wall Street Journal indicates the U.S. government is preparing an emergency charter flight to evacuate Americans from the epidemic-stricken Chinese city of Wuhan.

The operation comes after the death toll jumped 60% on Friday night to 41, with more than 1,400 confirmed infections.

China has restricted travel for 46 million people across 16 cities as the death toll surges, and the spread becomes uncontrollable.

New cases were also reported in Europe and Australia on Friday night.

 

In the U.S., there are 63 suspected cases, with at least three confirmed, with two reported so far in Illinois and California, and two suspected in Minnesota.

The Journal said about 1,000 Americans reside in Wuhan, but the official number has yet to be confirmed.

U.S. officials have contacted known Americans in the region with an offer for a seat on a Boeing 767 jet that holds approximately 230 people.

Confirmed passengers already include diplomats from the U.S. Consulate Wuhan as well as their families.

The Journal noted that medical personnel would be on the plane to examine passengers for potential cases of the deadly virus.

The emergency evacuation is planned for Sunday, but limited details were given on where the plane would land in the U.S.

A U.S. official told The Journal that additional emergency evacuation operations would be conducted in the coming days, which would include the bussing of Americans from the outbreak zone to other cities for outbound flights to the U.S.

Russia is also planning emergency evacuations of its citizens from Wuhan and Hubei province, reported RIA news agency on Saturday.

Emergency evacuations are coming at a time when upwards of 250,000 Chinese could contract the deadly virus in the next ten days, said Jonathan Read, a U.K. expert on the transmission and evolutionary dynamics of infectious diseases.

Evacuations by the U.S. are likely in response to Read’s warning that suggests the outbreak could exponentially increase in the next several weeks.

end
Prices for real estate in Manhattan especially luxury homes are plunging to 2013 levels
(zerohedge)

“Prices Start To Sink At Record Paces” – Manhattan Luxury Home Prices Plunge To 2013 Levels

Luxury home prices in Manhattan continue to decline, pressured by Bill de Blasio’s “Mansion Tax” and the capping of SALT deductions included in President Trump’s tax deal. Prices of these luxury homes, which constitute the top 20% of the market, fell to their lowest levels since 2013, according to a new report via StreetEasy.

Luxury homes, priced at or above $3,816,835, dropped 6.1% in the fourth quarter over the previous year. Sellers are beginning to accept a declining market that has shifted to buyers — where prices are being negotiated to the low end – in return, this has created downward momentum in prices.

StreetEasy said inventory soared last quarter by 12.2% over the previous year, with at least 4,354 luxury homes sitting on the market.

“With so much new construction saturating the Manhattan real estate market, we were bound to see prices start to sink at record paces,” said StreetEasy Economist Nancy Wu.

“This is happening across all price points and boroughs, as prospective buyers wait out the market from the comfort of their rentals. Market dynamics in 2020 will continue to favor the buyer across all price tiers, and many sellers will have to face the fact that if they want to sell, it may very well be for less than their initial asking price,” Wu said.

For all homes in the borough, the StreetEasy Manhattan Price Index fell 3.7% last quarter over the prior year, to $1,086,217. Inventory for homes in the district rose 3%, with homes staying on the market for at least 96 days, ten more than the prior year. The report notes that it’s a buyer’s market as inventory continues to build.

The Median Asking Price Per Square Footage (PPSF) for Manhattan homes jumped 80% from $1,000 in 2010 to $1,800 in 2015 – has since declined 14% to $1,550.

Total Sales Inventory for Manhattan homes has been surging in the last five years.

With a decade-long economic boom starting to wane as the Federal Reserve cuts rates three times and injects hundreds of billions of dollars in emergency funds into REPO markets, sparking potential blow-off tops in stocks– everybody’s anxieties about a persistent slowdown could continue to weigh on luxury real estate in New York and elsewhere.

end
Boeing
Implosion leads to worst aircraft orders in 11 years.  This will lead to a GDP collapse
(zerohedge)

Boeing Implosion Leads To Worst Aircraft Orders In 11 Years, With GDP Collapse On Deck

After November’s big downside surprise in Durable Goods Orders, analysts hoped for a modest rebound in December but preliminary data showed a huge rebound (up 2.4% MoM vs +0.3% MoM expected).

Additionally the 2.1% drop in November was revised even further down to -3.1% MoM.

Source: Bloomberg

Motor Vehicles and Parts orders plunged YoY..

However, if we remove Defense spending (a 168.3% surge in Defense Aircraft New Orders), durable goods orders remain ugly…

Source: Bloomberg

Thanks to a 75% collapse in Non-Defense Aircraft New Orders…its lowest level since 2009 as Boeing implodes.

Source: Bloomberg

There goes GDP!

None of which should be a surprise, as we noted previously, Boeing’s production cuts will cut Q1 GDP growth by a third.

iv) Swamp commentaries)

In the impeachment trial the Republicans nail the Bidens, Burisma

(zerohedge)

Impeachment: Trump Team Nails Bidens, Burisma, And Obama’s Hot-Mic Moment With Russia

President Trump’s defense team cut straight to the heart of the impeachment on Monday, insisting that Democrats have to prove beyond a reasonable doubt that the Bidens didn’t engage in textbook corruption in Ukraine – and that President Trump’s request to investigate it was out of line.

Former Florida attorney general Pam Bondi, a recent addition to the White House communications team, walked the Senate through the entire malarkey for 30 minutes, including Hunter Biden’s ‘nepotistic at best, nefarious at worst’ board seat at Ukrainian gas giant Burisma.

“All we are saying is that there was a basis to talk about this, to raise this issue, and that is enough,” said Bondi, who noted that Hunter Biden was paid over $83,000 per month to sit on Burisma’s board even though he had zero experience in natural gas or Ukrainian relations while his father was Vice President and in charge of Ukraine policy for the United States.

RNC Research

@RNCResearch

Pam Bondi explains the Bidens’ connection to the corrupt Ukrainian gas company Burisma https://youtu.be/neK3Y-q8UqM 

Embedded video

Senator Ted Cruz

@SenTedCruz

Why should the American people care about Hunter Biden & ?

The answer is simple: there is significant evidence of corruption.

WATCH Pam Bondi break down . ⤵️

Embedded video

Even CNN had to give it to the Trump team…

RNC Research

@RNCResearch

CNN’s Toobin: Bondi showed Hunter Biden’s “sleazy” hiring by Burismahttps://youtu.be/TlkW3KwT-5g

Embedded video

Trump attorney Eric Herschmann said that Democrats have been “circling the wagons” to protect the Bidens – and are refusing to investigate the Bidens, claiming without conducting an investigation that all allegations against them are ‘debunked.’

RNC Research

@RNCResearch

Herschmann: Democrats “circling the wagons” to protect Joe Biden during impeachment proceedingshttps://youtu.be/-hFKF0oevRs 

Embedded video

Herschmann then laid into former President Obama, who was caught on a hot mic asking Russian President Dmitry Medvedev for “space” until after his election.

Rep Andy Biggs

@RepAndyBiggsAZ

One can only imagine what would happen if the Left & the media applied their manufactured outrage to Obama’s actions & statements.

Remember when Obama was caught asking Russian President Dmitry Medvedev for “space” until after his election?

Democrats hope you don’t remember.

Embedded video

Attorney Jay Sekulow argued that Democrats have been trying to “interfere with the President’s capability to govern” since he was elected.

Ronna McDaniel

@GOPChairwoman

.@JaySekulow is spot on.

Democrats have been trying to “interfere with the President’s capability to govern” since the day @realDonaldTrump was elected.

Embedded video

end
Hunter Biden temporarily settles his paternity case.  He still has to file his financial information to the court for a final settlement
(zerohedge)

Hunter Biden Settles Paternity Case; Avoids Courtroom Confrontation Over Financial Info

Hunter Biden reached a temporary settlement agreement in his child support case just 48 hours before a deadline for a mandatory court appearance to explain why he shouldn’t be held in contempt for failing to submit overdue financial information.

Biden’s baby-mama, an Arkansas stripper, filed the paternity suit last May. On Monday afternoon, Arkansas Circuit Court Judge Holly Meyer approved the tentative agreement – postponing Biden’s in-court appearance originally scheduled for Wednesday.

Child support payments will begin on Feb 1, according to a copy of the order filed in the Independence County Circuit Court, which redacted the monthly amount. The final figure, however, will be determined after Biden turns over relevant financial records. He also agreed to pay support dating back to November, 2018.

Buck Sexton

@BuckSexton

dunno guys, but feels like if Trump had a son driving around in a new Porsche while pretending he didn’t have money for child support for a baby he lied about fathering with a stripper, the media in general might make a bigger deal of it https://twitter.com/pagesix/status/1221585148820492288 

Page Six

@PageSix

Hunter Biden snapped grabbing lunch with pregnant wife at Waldorf Astoria https://trib.al/qTkRJrK 

View image on Twitter

“He’s doing the right thing by finally stepping up and paying what he should’ve been paying,” said Roberts’ lawyer, Clint Lancaster, in a Monday statement to the Arkansas Democrat-Gazette on Monday, adding “He’s going to begin paying monthly child support. He’s going to pay retroactive child support back to November of 2018. And he’s going to pay attorney’s fees and costs.”

If Biden turns over financial documents by March 1st, the contempt motions will be withdrawn.

The agreement delayed a hearing on motions to hold Biden in contempt that were filed by Roberts’s attorneys last week. Her attorneys claim Biden has failed to provide information ordered by the court, including the names of any of his businesses, tax documents, and all sources of income for the past five years. The contempt motions will be considered during the next scheduled pretrial hearing on Mar. 13 and will be withdrawn if Biden turns over the relevant documents by Mar. 1, according to the deal.

Biden also agreed to pay an undisclosed sum to Roberts for her “attorneys fees and costs.” –Washington Examiner

Biden – who has been living in a $12k/month rental home in the Hollywood Hills, has denied that he’s the child’s father despite a court-ordered DNA test determining he was. His attorney, Brent Langdon, told the Gazette that the agreement would “avoid the necessity of a hearing on Wednesday.”

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

Fed Officials Weigh New Recession-Fighting Tool: Capping Treasury Yields

Yield caps would be a cousin to quantitative easing

   From 1942 until 1951, the Fed capped yields on Treasury securities—first on short-term bills and later on longer-term bonds—to help finance war spending and the recovery… At their October meeting, officials said they thought capping yields on short-to-intermediate-term securities could be an effective way to augment their other tools. “Short-term yield-curve control is something that is worth looking at,” said Fed Chairman Jerome Powell at a moderated discussion shortly before that meeting…

https://www.wsj.com/articles/fed-officials-weigh-new-recession-fighting-tool-capping-treasury-yields-11580050800?mod=hp_major_pos2

Dershowitz to the Senate: “I respectfully urge you not to let your feelings about one man—strong as they may be—establish a precedent that would undo the work of our founders, injure the constitutional future of our children, and cause irreparable damage to the delicate balance of our system of separation of power and checks and balances.”  http://abcn.ws/37zBayz

We won’t detail Team Trump’s presentation to the Senate because bottom line, they eviscerated Hunter Biden, Joe Biden and President Obama.  Trump’s attorneys, using MSM reports and videos, delineated the suspicious activities of the Bidens and Obama in regard to Russia and Ukraine.  We warned months ago, that if impeachment occurs, Obama would get dragged into the trial.  Team Trump played a tape of Obama asking Russian President Medvedev for “space” to benefit his re-election.  This is why Obama warned Joe Biden to not run in 2016 and to this day advocates quietly for other Dem candidates.

CNN Chief Legal Analyst Jeffrey Toobin: [Bondi] “did an effective job of showing how sleazy the hiring of Hunter Biden was. The only reason he got” the job “is because he was the Vice President’s son”

@paulsperry_: All Big 3 networks ABC, CBS, NBC blacked out Trump defense lawyer Pam Bondi’s presentation this afternoon of Ukraine corruption related to Joe Biden, son Hunter Biden & Burisma. In contrast, Big 3 carried Schiff’s p.m. presentations live, preempting regular programming

Sen. @LindseyGrahamSC [Who admits to loving Joe Biden]: If one can find a scintilla of evidence about Biden corruption in Ukraine, the House case falls apart.  Today we have heard a tsunami.

GOP @RepAndyBiggsAZ: One can only imagine what would happen if the Left & the media applied their manufactured outrage to Obama’s actions & statements. Remember when Obama was caught asking Russian President Dmitry Medvedev for “space” until after his election? [Team Trump noted that Obama didn’t give Poland or Eastern Europe missile defense systems as a part of a quid pro quo.]

NYT: Trump Tied Ukraine Aid to Inquiries He Sought, Bolton Book Says

President Trump told his national security adviser in August that he wanted to continue freezing $391 million in security assistance to Ukraine until officials there helped with investigations into Democrats including the Bidens, according to an unpublished manuscript by the former adviser, John R. Bolton…

    Mr. Bolton also said that after the president’s July phone call with the president of Ukraine, he raised with Attorney General William P. Barr his concerns about Mr. Giuliani, who was pursuing a shadow Ukraine policy encouraged by the president, and told Mr. Barr that the president had mentioned him on the call. A spokeswoman for Mr. Barr denied that he learned of the call from Mr. Bolton; the Justice Department has said he learned about it only in mid-August…

    Mr. Bolton and Mr. Trump soured on each other over several global crises, including Iranian aggression, Mr. Trump’s posture toward Russia and, ultimately, the Ukraine matter. Mr. Bolton was also often at odds with Mr. Pompeo and Mr. Mulvaney throughout his time in the administration…

    In his August 2019 discussion with Mr. Bolton, the president appeared focused on the theories Mr. Giuliani had shared with him, replying to Mr. Bolton’s question that he preferred sending no assistance to Ukraine until officials had turned over all materials they had about the Russia investigation that related to Mr. Biden and supporters of Mrs. Clinton in Ukraine…

https://www.nytimes.com/2020/01/26/us/politics/trump-bolton-book-ukraine.html

Reportedly, the NY Times has not seen the Bolton manuscript. The story is anonymous hearsay.

On Monday afternoon, the NYT reporter who penned the Bolton story appeared to try to moonwalk from her story.  Maggie Haberman @maggieNYT: Bolton left the White House on terrible terms and was not always seen as a reliable narrator by colleagues. The he said/he said of him versus Trump on tying the aid to investigations is testing that in a pronounced way

Our guess is that new information came to her.  So, she’s trying to walk back the story.  There is no reason for her now to impeach the integrity of Bolton, which debases her story.

Dems and the MSM went wild on the story; but they distorted it, saying Trump withheld assistance unless Ukraine investigated the Bidens.  That’s false.  Bolton claims Trump wanted “all materials they had about the Russia investigation that related to Mr. Biden and supporters of Mrs. Clinton in Ukraine…”  There is nothing about Burisma or Hunter Biden.  Plus, Bolton does not say Trump ‘ordered’ aid be withheld.  Bolton says Trump ‘preferred sending no assistance.”

Mulvaney Denies Leaked Bolton Account

“John Bolton never informed Mick Mulvaney of any concerns surrounding Bolton’s purported August conversation with the president,” Driscoll said. “Nor did Mr. Mulvaney ever have a conversation with the president or anyone else indicating that Ukrainian military aid was withheld in exchange for a Ukrainian investigation of Burris, the Bidens, or the 2016 election.”…

https://www.bloomberg.com/news/articles/2020-01-27/trump-senate-trial-heads-into-pivotal-week-impeachment-update

EX-NSC official @RichHiggins_DC: After that testimony yesterday, Bolton Inc. realized that they needed to hurry up the sales before their market evaporates.  Folks – WH has had the manuscript for almost 4 weeks.  This was leaked today – by the publisher – because the WH lawyers DESTROYED the need for additional witnesses yesterday.  All their sales will come this week…..because who cares what Bolton has to say otherwise?  And their pre-order site went live minutes after this “leak

OAN’s @ChanelRion: SHOCKER. Bolton Advisor tells Jonathan Swan the Ambassador passed his manuscript on to the NSC and ONLY the NSC… Next thing you know… it’s a NYSlimes headline.

   SHOCKER 2.0: Leaker apparently lied about what they read in the manuscript but the NYT ran with it anyways.

@realDonaldTrump: I NEVER told John Bolton that the aid to Ukraine was tied to investigations into Democrats, including the Bidens. In fact, he never complained about this at the time of his very public termination. If John Bolton said this, it was only to sell a book. With that being said, the transcripts of my calls with President Zelensky are all the proof that is needed, in addition to the fact that President Zelensky & the Foreign Minister of Ukraine said there was no pressure and no problems. Additionally, I met with President Zelensky at the United Nations (Democrats said I never met) and released the military aid to Ukraine without any conditions or investigations – and far ahead of schedule. I also allowed Ukraine to purchase Javelin anti-tank missiles. My Administration has done far more than the previous Administration.

GOP @RepAndyBiggsAZ: Last night’s leak about Bolton’s alleged statements do NOT change the substance of the facts in the #ImpeachmentTrial.  Zelensky said there was no pressure from President Trump. The aid was delivered on time & w/o any preconditions other than those required by law.

@ByronYork: The Bolton reports make it all the more mystifying that the House did not even issue a subpoena to him during the impeachment inquiry. Democrats cannot argue that they did much of anything to compel his testimony. Republicans increasingly see impeachment trial as possible Kavanaugh situation; Democrats produce new ‘revelations,’ pressure Republicans for more investigation, witnesses; extend trial

@VicToensing: It matters NOT AT ALL what @realDonaldTrump told John Bolton. We do not prosecute people for thoughts or words. Only for conduct.  Ukraine got aid but did not announce investigation. Nothing wrong there.

@MarkSimoneNY: Remember how much the Media/Democrats trashed John Bolton for years, going nuts when President trump hired him, screaming that he’s a lunatic, an unstable, unreliable, war monger? Watch them now tell you he’s brilliant, a foreign policy genius, a heroic truth teller.

@seanmdav: John Bolton is running the exact same revenge playbook against Trump that James Comey used. He’s even using the same agent and leaking to the same reporters. All because he’s mad Trump fired him for leaking and trying to start new wars. It’s so boring and predictable.

    Mark Meadows on John Bolton’s latest regime change ploy: “We’re talking about an unpublished manuscript that only ‘anonymous sources’ have seen, leaked by someone at the 11th hour, just as Democrats are losing what little impeachment momentum they had… We’ve seen this playbook used before. Americans won’t buy it.”

George W. Bush Blasted John Bolton in 2008: ‘I Don’t Consider Bolton Credible’

After Bolton trashed Bush in an op-ed, the former president complained that he had expended political capital on Bolton and got little in return.

https://thefederalist.com/2020/01/27/george-w-bush-blasted-john-bolton-in-2008-i-dont-consider-bolton-credible/#.Xi9WzGa6gGo.twitter

We are confident that Saddam Hussein has hidden weapons of mass destruction.”  John Bolton 11/12/02

OAN’s @JackPosobiec: Reminder that Bolton was spotted on a secret trip to Qatar last week

After Urging Bolton Testimony, Romney Refuses to Say if He Supports Calling Biden, Schiff, Whistleblower as Witnesses [If Trump wins in 2020, we can’t fathom his retribution on Romney!]

https://thefederalist.com/2020/01/27/after-urging-bolton-testimony-romney-refuses-to-say-if-he-supports-calling-biden-schiff-whistleblower-as-witnesses/

GOP @SenatorLoeffler [Kelly]: After 2 weeks, it’s clear that Democrats have no case for impeachment. Sadly, my colleague @SenatorRomney wants to appease the left by calling witnesses who will slander the @realDonaldTrump during their 15 minutes of fame. The circus is over. It’s time to move on!

Patrick Howley @HowleyReporter: Republicans should call Mitt Romney as a witness to testify regarding his senior adviser Joseph Cofer Black’s work with Hunter Biden on the board of Burima…

Reporter to Sen. Cruz: “Hunter Biden got a job. His dad was Vice President. If that’s a crime, shouldn’t half your children be in prison?”   Cruz: “My children are 9 and 11 so I’m sorry you want to put a 9-year-old in prison... so stop playing the nasty Washington game…”

We win because I make them crazy.” – Paul Newman as Reggie Dunlop in “Slap Shot”

Well that is all for today

I will see you Friday night.

 

 

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