JAN 31/CORONAVIRUS PANDEMONIUM: DOW JONES DROPS 603 POINTS/NASDAQ DROPS 148 POINTS//GOLD/SILVER WITHSTAND LAST NIGHT’S RAID TO CLOSE WITH ONLY A TINY LOSS OF 95 CENTS//SILVER UP 5 CENTS// GOLD UP ANOTHER 6 DOLLARS IN ACCESS MARKET TO $1589//IN ACCESS MARKET SILVER UP TO $18.04//WE HAVE A STRONG 25 TONNES OF GOLD STANDING AT THE COMEX AND 1.1 MILLION OZ OF SILVER//HUGE NUMBR OF SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1583.50  DOWN $0.95    (COMEX TO COMEX CLOSING)

 

 

 

 

 

 

Silver:$17.98  UP 5 CENTS  (COMEX TO COMEX CLOSING)

 

Closing access prices:

Gold :  $1589.50

 

silver:  $18.04

 

 

 

 

COMEX DATA

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

today RECEIVING:

 

we are coming very close to a commercial failure!!

NUMBER OF NOTICES FILED TODAY FOR  FEB CONTRACT: 2918 NOTICE(S) FOR 291800 OZ (9.076 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  2918 NOTICES FOR 291800 OZ  (9.076 TONNES)

 

 

 

 

SILVER

 

FOR FEB

 

 

100 NOTICE(S) FILED TODAY FOR 590,000  OZ/

total number of notices filed so far this month: 100 for  500,000 oz

 

XXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE :  $ 9295 DOWN $235

 

 

 

Bitcoin: FINAL EVENING TRADE: $ 9317 DOWN  195

 

Let us have a look at the data for today

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IN SILVER THE COMEX OI ROSE A STRONG SIZED 1425 CONTRACTS FROM 227,424 DOWN UP 228,849 WITH OUR HUGE 47 CENT GAIN IN SILVER PRICING AT THE COMEX.

 

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

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

; FEB 0; MARCH:  3406 AND MAY: 0 AND JULY: 0 ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  3406 CONTRACTS. WITH THE TRANSFER OF 3406 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 3406 EFP CONTRACTS TRANSLATES INTO 17.03 MILLION OZ  ACCOMPANYING:

1.THE 47 CENT GAIN IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.105    MILLION OZ INITIALLY STANDING IN FEB

 

THURSDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO CONTAIN SILVER’S PRICE…AND THEY WERE  UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE 47 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 A GIGANTIC 4831 CONTRACTS. OR 26.165 MILLION OZ…..

IT SURE LOOKS LIKE WE  HAD SOME ATTEMPTED MAJOR BANK SHORT COVERING YESTERDAY WHICH FAILED MISERABLY.  DEMAND FOR PHYSICAL SILVER IS GOING THROUGH THE ROOF.

 

 

 

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

36,322 CONTRACTS (FOR 21 TRADING DAYS TOTAL 36,322 CONTRACTS) OR 181.61 MILLION OZ: (AVERAGE PER DAY: 1729 CONTRACTS OR 8.648 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JAN: 181.61 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 25.94% 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:          181.61 MILLION OZ.

JANUARY 2020 EFP TOTALS SO FAR: 181.61 MILLION OZ

 

 

RESULT: WE HAD A GIGANTIC SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1425, WITH THE 47 CENT GAIN IN SILVER PRICING AT THE COMEX /THURSDAY… THE CME NOTIFIED US THAT WE HAD A VERY  HUGE SIZED EFP ISSUANCE OF 3406 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 GIGANTIC SIZED  SIZED: 4831 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 3406 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH INCREASE OF 1425 OI COMEX CONTRACTS.AND ALL OF THIS  DEMAND HAPPENED WITH A 47 CENT GAIN IN PRICE OF SILVER AND A CLOSING PRICE OF $17.98 // THURSDAY’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. 1.142 BILLION OZ TO BE EXACT or 163% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT JAN MONTH/ THEY FILED AT THE COMEX: 100 NOTICE(S) FOR  500,000 OZ OF SILVER.

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

 

.

 

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

  1. HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY  (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ  MAY: 36.285 MILLION OZ ; JUNE/2018  (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ   )  FOR AUGUST 6.065 MILLION OZ. , SEPT:  A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz  NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ   JANUARY AT  5.825 MILLION OZ.AND FEB 2019:  2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/  APRIL AT 3.875 MILLION OZ/ A MAY:  18.845 MILLION OZ ..JUNE 2.660 MILLION OZ//JULY 22.605 MILLION OZ; AUGUST 10.025 MILLION OZ/ SEPT 43.030 MILLION OZ//OCT: 7.665 MILLION OZ//   NOV: 2.630 MILLION OZ//DEC:  20.970 MILLION OZ; JAN:  5.075 MILLION OZ.//FEB 1.105 MILLION OZ//
  2. THE  RECORD WAS SET IN AUGUST 22/2018:  244,196 CONTRACTS,  WITH A SILVER PRICE OF $14.78//.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017 RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

 

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

 

GOLD

 

IN GOLD, THE COMEX OPEN INTEREST FELL BY A HUGE SIZED 12,837 CONTRACTS TO 681,868 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 $13.05 IN PRICING ACCOMPANYING COMEX GOLD TRADING// THURSDAY// THERE IS NOW , NO DOUBT THAT THE LOSS IN COMEX OPEN INTEREST WAS DUE TO BANKER SHORT COVERING AS PHYSICAL DEMAND IS OVERTAKING THE HUGE INFLUX OF SHORT PAPER. 

 

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED STRONG SIZED 7790 CONTRACTS:

 CONTRACTS, FEB>  0 CONTRACTS; MARCH 00 APRIL: 6409; JUNE. 1381 AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 681,868,.  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 CONSIDERABLE SIZED LOSS IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5047 CONTRACTS: 12,837 CONTRACTS DECREASED AT THE COMEX  AND 7790 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 5047 CONTRACTS OR 594,700 OZ OR 15.90 TONNES.  THURSDAY WE HAD A STRONG GAIN OF $13.05 IN GOLD TRADING.

AND WITH THAT GAIN IN  PRICE, WE  HAD A CONSIDERABLE LOSS IN GOLD TONNAGE OF 15.70  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 $13.05).  IT SEEMS THAT THEIR ATTEMPT TO FLEECE  GOLD LONGS FROM THE GOLD ARENA FAILED AS ALMOST ALL LOSS IN COMEX OI WAS DUE TO BANKER SHORT COVERING

 

 

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 : 183,318 CONTRACTS OR 18,331,800 oz OR 570.19 TONNES (21 TRADING DAYS AND THUS AVERAGING: 8776 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 21 TRADING DAY(S) IN  TONNES: 570.19 TONNES

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

THUS EFP TRANSFERS REPRESENTS 570.19/3550 x 100% TONNES =16.06% OF GLOBAL ANNUAL PRODUCTION

 

 

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:    570.19  TONNES

JANUARY 2220 TOTAL EFP ISSUANCE; SO FAR: 570.19 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 HUGE SIZED DECREASE IN OI AT THE COMEX OF 12,837 DESPITE THE  PRICING GAIN THAT GOLD UNDERTOOK THURSDAY($13.05)) //.WE ALSO HAD A  STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 7790 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 7790 EFP CONTRACTS ISSUED, WE  HAD A CONSIDERABLE SIZED LOSS OF 5047 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

7790 CONTRACTS MOVE TO LONDON AND 12,837 CONTRACTS DECREASED AT THE COMEX. (IN TONNES, THE LOSS IN TOTAL OI EQUATES TO 15.70 TONNES). ..AND THIS  DECREASE OF DEMAND OCCURRED DESPITE THE GAIN IN PRICE OF $13.05 WITH RESPECT TO THURSDAY’S TRADING/// AT THE COMEX.

 

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

GLD...

 

 

WITH GOLD DOWN $.95 TODAY

 

NO CHANGE IN GOLD INVENTORY AT THE GLD//

 

JAN 31/2019/Inventory rests tonight at 903.50 tonnes

 

 

 

 

 

SLV/

 

 

WITH SILVER UP 5 CENTS TODAY

STRANGE:  A WITHDRAWAL OF 840,000 OZ FROM THE SLV

 

JAN 31/INVENTORY RESTS AT 361.906 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 1425 CONTRACTS from 227,424 DOWN TO 228,849 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 3406

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  3406:  AND MAY: 0; JULY: 0 CONTRACTS   AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 3406 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 1425 CONTRACTS TO THE 3406 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A HUGE GAIN OF 4831 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 23.34 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: 5.075 MILLION OZ//FEB: 1.105 MILLION OZ//

 

 

RESULT: A STRONG SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 47 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// THURSDAY. WE ALSO HAD A STRONG SIZED 3406 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)

 

 

(report Harvey)

 

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

I)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED   //Hang Sang CLOSED    /The Nikkei closed UP 237.43 POINTS OR 0.99%//Australia’s all ordinaires CLOSED UP .18%

/Chinese yuan (ONSHORE) closed XXX/Oil DOWN TO 52.42 dollars per barrel for WTI and 57.73 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED XXX // LAST AT XXXAGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.9874 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 XXX LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING XXX AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

3A//NORTH KOREA/ SOUTH KOREA

 

3b) REPORT ON JAPAN

3C  CHINA

i)CHINA

Rigged data:  China’s economy is imploding due to the coronavirus.  The government is asking that the lunar holiday be extended to Feb 10

(zerohedge)

ii)CHINA

Burning bodies in secret….the official numbers are much greater than reported
(zerohedge)

4/EUROPEAN AFFAIRS

i)EU/GREAT BRITAIN/BREXIT

Funny: EU Vice president cuts off Farage by turning his mic. off after he bids the EU farewell

(Watson/Summit News)

ii)EU:  Growth

First estimates of last quarter 2019 is below estimates

(Reuters)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

a)RUSSIA/CORONAVIRUS

Even after Russia cut off its border with China, it did not help as Russia confirms its first coronavirus case.

JPM and Goldman Sachs cut growth rates for the globe.  MARVELOUS SENSE OF DEDUCTION!!

(ZEROHEDGE)

 

6.Global Issues

THE GLOBE/MASKS/CORONAVIRUS

a) I can certainly vouch for this:  there is a global run for virus masks.  I urge everyone to get a N95 or N98 viral mask

(see below)/zerohedge

b)Dr Chris Martenson is a toxicologist and specialist in neurotoxicology (post doctoral/Duke).  However his true love is economics.  He is a specialist in viral diseases  etc so please pay attention to what he says

(Chris Martenson)

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

9. PHYSICAL MARKETS

i)A powerful open letter to the LBMA outlining the fraud that this association is doing with respect to gold

(Paul Mylchreest//GATA

ii)The BIS is very active in the gold market

Robert Lambourne//.GATA

iii)Interesting:  China imports a huge 41 tonnes of gold form Hong Kong

(Reuters/GATA)

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

a)Income  growth weak, savings slump but spending jumps with the income growth

(zerohedge)

b)Chicago area PMI plummets

(zerohedge)

iii) Important USA Economic Stories

a)This was inevitable:  The Trump tax plan sparks an exoddus of middle class citizens to move from California and New York to jurisdictions like Florida Texas, Idaho etc.

(zerohedge)

b)The fight for chicken supremacy between Chick Fil A  and Popeye’s is depleting the uSA if all of its supply of little chickens

(zerohedge)

iv) Swamp commentaries)

a)This is going to be fun:  A Tennessee State Rep files a bill to officially designate CNN and the Washington post as fake news

(Watson/Summit News)

b) It begins:  Carter Page sues the DNC and the legal firm Perkins Coie over the phony Steele Dossier

(zerohedge)

c)We may see a vote tonight for acquittal after L|amar Alexander says no. Collins is roasted

(zerohedge)

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

 

LET US BEGIN:

 

 

Let us head over to the comex:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY GIGANTIC SIZED 12,837 CONTRACTS TO 683,578 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 GAIN OF $13.05 IN GOLD PRICING //WEDNESDAY’S // COMEX TRADING). NOW WE KNOW FOR SURE THAT THE LOSS IN OI WAS PREDOMINATELY BANKER SHORT COVERING AS SOMETHING HAS SCARED THEM TO DEATH

 

 

 

WE ARE NOW IN THE  NON ACTIVE DELIVERY MONTH OF FEB..  THE CME REPORTS THAT THE BANKERS ISSUED A ,STRONG SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 7790 EFP CONTRACTS WERE ISSUED:

  FEB: 0; MARCH 00 AND APRIL: 6409,  JUNE : 1381 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 7790 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 5047 TOTAL CONTRACTS IN THAT 7790 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A HUGE 12,837 COMEX CONTRACTS. ALL OF THE LOSS IN OI WAS DUE TO   BANKER SHORT COVERING AS THEY ARE NOW IN PANIC MODE.

THE BANKERS SUPPLIED THE NECESSARY AND INFINITE AMOUNT OF SHORT PAPER IN GOLD.  THE BANKERS WERUNSUCCESSFUL IN LOWERING GOLD’S PRICE //// (IT ROSE BY $13.05). AND THEY WERE MOST DEFINITELY  UNSUCCESSFUL IN FLEECING ANY LONGS, WITH ALMOST ALL OF THE LOSS IN COMEX DUE TO THE  HUGE BANKER SHORT COVERING OPERATION…. IN TOTAL WE LOST A CONSIDERABLE SIZED  35047 CONTRACTS ON OUR TWO EXCHANGES….

 

NET LOSS ON THE TWO EXCHANGES ::  5047 CONTRACTS OR 504700 OZ OR 15.70 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:  681,868 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 68.36 MILLION OZ/32,150 OZ PER TONNE =  2,120 TONNES

THE COMEX OPEN INTEREST REPRESENTS 2,120/2200 OR 96.40% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

We are now in the  active contract month of FEB.  This month is a very strong delivery month following December and June.  The front month has an open interest of 8,160 contracts  which is very strong.  We had a strong initial notices served equal to 2918 contracts.

THUS BY DEFINITION, THE INITIAL AMOUNT OF GOLD WILLING TO STAND FOR DELIVERY IN THIS FRONT MONTH OF FEBRUARY IS AS FOLLOWS:

8160 X 100 OZ PER CONTRACT  =   816000 OZ OR 25.38 TONNES OF GOLD

 

 

 

The next active delivery month after February is the non active delivery month of March.

 

March GAINED 247 contracts to stand at an open interest of, 3774.

The next active delivery month after March is April and here we witnessed a gain of 13,970 contacts up to 510,546 oi contracts.

We had 2918  notices served upon today for 291,800 oz

 

 

 

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And now for the wild silver comex results

Total COMEX silver OI ROSE BY A STRONG SIZED 1425 CONTRACTS FROM 227,424 UP TO 228,849 (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 WITH A 47 CENT GAIN IN PRICING/THURSDAY.

 

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

FEB IS A NON ACTIVE DELIVERY MONTH.  HERE WE SAW ON FIRST DAY NOTICE  221 OI CONTRACTS  STAND FOR DELIVERY. WE HAD AN INITIAL TOTAL OF 100 NOTICES SERVED UPON ON FIRST DAY NOTICE.

THUS BY DEFINITION THE INITIAL AMOUNT OF SILVER STANDING IN THIS NON ACTIVE DELIVERY MONTH OF FEBRUARY IS AS FOLLOWS:

221 X 5000 OZ PER CONTRACT  = 1,105,000 OZ WHICH IS A GOOD START FOR FEBRUARY.

 

 

March is a very active month and here we witness a LOSS of 1407 contracts  DOWN TO 159,390

MAY had a good 2663 gain in oi to stand at 33,422.

 

 

We, today, had  100 notice(s)  for 500,000, OZ for the JAN, 2019 COMEX contract for silver

Trading Volumes on the COMEX TODAY: 299,064 contracts    

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  469,475 contracts

 

 

 

INITIAL standings for  FEB/GOLD

 

 

 

Let us head over to the comex:

 

 

JAN 31/2020

 

 

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

 

 

 

 

 

Deposits to the Customer Inventory, in oz  

15,110.500 oz

 

Delaware

Scotia

 

24 and

446 kilobars

 

total  460 kilobars

 

No of oz served (contracts) today
2918 notice(s)
 291800 OZ
(9.076 TONNES)
No of oz to be served (notices)
5242 contracts
(524.200 oz)
16.304 TONNES
Total monthly oz gold served (contracts) so far this month
2918 notices
291800 OZ
9.076 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  2 kilobar entries

 

 

 

total dealer deposits: nil oz

total dealer withdrawals: 0 oz

 

we had 2 deposit into the customer account

i) Into JPMorgan: nil  oz

 

 

i)into Delaware:  771.60..24 kilobars

ii) into Scotia:  14,338.900 oz  … 446 kilobars

 

 

 

 

total deposits:  15,110.500  oz 460 kilobars

 

 

 

we had 1 gold withdrawals from the customer account:

i) Out of Brinks: 351.661  oz

 

 

total gold withdrawals;  351.661 oz

 

ADJUSTMENTS:  0

 

 

 

 

NEW PLEDGED GOLD:  BRINKS

3027.500 OZ  REMOVED TO THE PLEDGED ACCOUNT JAN 10.2020/Brinks

176,211.457 oz NOW PLEDGED  JAN 21.2020/HSBC  5.4807 TONNES

 

 

 

 

 

 

FOR THE  FEB 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 1335 notices were issued from their client or customer account. The total of all issuance by all participants equates to 2918 contract(s) of which 1081 notices were stopped (received) by j.P. Morgan dealer and 926 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 FEB /2020. contract month, we take the total number of notices filed so far for the month (2918) x 100 oz , to which we add the difference between the open interest for the front month of  FEB. (8160 contracts) minus the number of notices served upon today (2918 x 100 oz per contract) equals 816,000 OZ OR 25.381 TONNES) the number of ounces standing in this  active month of FEB

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

No of notices served (2918 x 100 oz)  + (8160)OI for the front month minus the number of notices served upon today (2918 x 100 oz )which equals 816,000 oz standing OR 25.381 TONNES in this  active delivery month of FEB. which is a great opening for gold // amount standing.

 

 

 

 

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 7 MONTHS:  AUGUST 27.153 TONNES

SEPT:                                                                      5.4525 TONNES

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

NOV……                                                                5.3841 tonnes

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

JAN……………………                                                    8.448 TONNES

FEB……………………………………………..                                25.477 tonnes

 

total: 155.817 tonnes

ACCORDING TO COMEX RULES:

 

IF WE INCLUDE THE PAST 6 MONTHS OF SETTLEMENTS WE HAVE 20.055 TONNES SETTLED

 

IF WE ADD THE FIVE DELIVERY MONTHS: 155.817  tonnes

 

Thus:

155.817 tonnes of delivery –

20.055 TONNES DEEMED SETTLEMENT

=135.762TONNES STANDING FOR METAL AGAINST 40.704 TONNES OF REGISTERED OR FOR SALE COMEX GOLD! THIS IS WHY GOLD IS SCARCE AT THE COMEX.

 

total registered or dealer gold:   1,484,875.674 oz or  46.185 tonnes
which  includes the following:
a) pledged gold held at HSBC + BRINKS  which cannot settled upon   176,211.457 oz x ( 5.4807 TONNES)//
b)registered gold that can be used to settle upon:1,308,664.2  (40.704 tonnes)
true registered gold  (total registered – pledged tonnes  1.308664.2  (40.704 tonnes)
total registered, pledged  and eligible (customer) gold;   8,712,773.660 oz 271.00 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 FEB.

INITIAL  standings/SILVER

IN TOTAL CONTRAST TO GOLD, HUGE ACTIVITY IN SILVER TODAY.
JAN 31 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 550,147.826 oz
brinks
HSBC

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
1,1184,983.200 oz
CNT
Scotia
No of oz served today (contracts)
100
CONTRACT(S)
(500,000 OZ)
No of oz to be served (notices)
121 contracts
 605,000 oz)
Total monthly oz silver served (contracts)  100 contracts

500,000 oz)

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

**

 

 

*

 

 

 

we had 0 inventory movement at the dealer side of things

 

 

 

total dealer deposits: nil  oz

total dealer withdrawals: nil oz

i)we had 2 deposits into the customer account

into JPMorgan:   0

 

ii) Into  CNT:  600,802.000 ???

iii) Into BNS: 584,181.200 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 50.2% of all official comex silver. (161.3 million/321.311 million

 

 

 

 

total customer deposits today:  1,184,983.200  oz

we had 2 withdrawals out of the customer account:

 

i) Out of BRINKS: 2925.400 OZ

ii)  Out of HSBC 547,222.426 oz

 

 

 

 

 

 

 

total withdrawals; 550,147.826   oz

We had 0 adjustments:

 

 

 

total dealer silver:  79.549 million

total dealer + customer silver:  321.311 million oz

 

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The total number of notices filed today for the FEB 2020. contract month is represented by 100 contract(s) FOR 500,000 oz

To calculate the number of silver ounces that will stand for delivery in  FEB, we take the total number of notices filed for the month so far at 100 x 5,000 oz =500,000 oz to which we add the difference between the open interest for the front month of FEB. (221) and the number of notices served upon today 100 x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the FEB/2019 contract month: 100 (notices served so far) x 5000 oz + OI for front month of FEB (221- number of notices served upon today (100) x 5000 oz equals 1,105,000 oz of silver standing for the FEB contract month.

 

 

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

 

 

TODAY’S NUMBER OF NOTICES FILED:

 

We, today, had 100 notice(s) filed for 500,000 OZ for the FEB, 2019 COMEX contract for silver

 

 

TODAY’S ESTIMATED SILVER VOLUME:  62,967 CONTRACTS //

 

 

CONFIRMED VOLUME FOR YESTERDAY: 106,106 CONTRACTS..

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 106,106 CONTRACTS EQUATES to 530 million  OZ   53.0.% 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 FALLS TO -1.30% ((JAN 31/2019)

2. Sprott gold fund (PHYS): premium to NAV FALLS TO -0.84% to NAV (JAN 31/2019 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ -1.30%

(courtesy Sprott/GATA)

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

NAV 15.71 TRADING 15.42///DISCOUNT  1.85

 

END

 

 

 

 

And now the Gold inventory at the GLD/

JAN 31/WITH GOLD DOWN  $0.95 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 903.50 TONNES

JAN 30/WITH GOLD UP $13.05 TODAY: A BIG CHANGES IN GOLD INVENTORY AT THE GLD: A PAPER DEPOSIT OF 4.09 TONNES INTO THE GLD/INVENTORY RESTS AT 903.50 TONES

JAN 29/WITH GOLD UP 0.40 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 899.41 TONNES

JAN 28/WITH GOLD DOWN $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 31/2019/Inventory rests tonight at 903.50 tonnes

*IN LAST 754 TRADING DAYS: 33.96 NET TONNES HAVE BEEN REMOVED FROM THE GLD

*LAST 654 TRADING DAYS: A NET 133.10. TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

end

 

Now the SLV Inventory/

JAN 31/WITH SILVER UP 5 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV; A WITHDRAWAL OF 840,000 OZ FROM THE SLV//INVENTORY RESTS AT 361/906 MILLION OZ//

JAN 30/WITH SILVER UP 47 CENTS TODAY: A BIG CHANGES IN SILVER INVENTORY AT THE SLV: A PAPER DEPOSIT OF 1.027 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 362.746 MILLION OZ

JAN 29/WITH SILVER UP 2 CENTS TODAY: A BIG  CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER DEPOSIT OF 1.587 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 361.719 MILLION OZ//

 

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 31.2020:  SLV INVENTORY

361.906 MILLION OZ

 

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

6 Month MM GOFO 1./ and libor 6 month duration 1,76

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

G0LD LENDING RATE: + .05

 

XXXXXXXX

12 Month MM GOFO
+ 1.86%

LIBOR FOR 12 MONTH DURATION: 1.82

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.04

end

 

 

end

 

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

Gold Consolidates Near All Time Highs in Euros; Set For Weekly Gain and Monthly Gain Of 4% In USD

Gold in EUR – 5 Years (GoldCore,com)

◆ Gold has rallied 0.4% to $1,581.70/oz today and is at £1,204.60/oz and €1,431/oz, very close to the all time record high in euros seen on January 8th

◆ Concerns about the coronavirus are leading to risk aversion which is impacting economically sensitive, risk assets in the form of stocks and benefiting safe haven gold

◆ The risk that the epidemic becomes a global pandemic is leading to economic slowdown concerns, despite the World Health Organization’s confidence that the outbreak could be controlled

◆ A combination of technical and fundamental forces has gold hitting new seven-year highs in dollars and trading near all time record highs in euros and Australian dollars.

◆ Inflows into gold exchange-traded funds (ETFs) have hit seven-year highs as investors diversify into gold due to increasing financial and economic risks and the very uncertain outlook

NEWS and COMMENTARY

Gold inches higher on virus concerns; set for monthly gain

Gold prices settle at highest since 2013 as coronavirus worries feed haven demand

Investors flee to safe havens as virus burgeons

China’s December Net Gold Imports via Hong Kong Surge in December

Euro zone GDP falls short of expectations, rose 0.1% quarter-on-quarter, inflation picks up

Shares struggle for footing after virus-battered week

U.S. warns citizens against travel to China as virus toll tops 200

Coronavirus live updates: China says death toll hits 213, Britain reports first two cases

Gold Price Poised to Knock Out Another 7-Year High: 3 Reasons Why

Watch Podcast Here

In this special podcast to celebrate GoldCore’s appointment as an Approved Distributor of The Royal Mint, the GoldCore team discuss the ‘3 Key Things to Protect Your Finances in the 2020s’

Exclusive Gold Offer – For Retail, Pension and HNW Investors

Distributor_colour_RGB

To celebrate our appointment as a Royal Mint Approved Distributor, we are offering newly minted 2020 Gold Britannias and Gold Sovereigns at incredibly reduced premiums for all lump sum and pension investments worth more than £10,000, €12,000 or $14,000.

We are also giving 12 months of Secure Storage free of charge. Investors must trade before March 20th to qualify for the Exclusive Offer.

Key benefits and information here

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

30-Jan-20 1580.40 1578.25, 1213.75 1206.41 & 1435.16 1431.31
29-Jan-20 1571.20 1573.45, 1207.31 1209.20 & 1428.38 1429.95
28-Jan-20 1579.60 1574.00, 1212.19 1211.04 & 1433.33 1430.77
27-Jan-20 1583.45 1580.10, 1209.28 1210.04 & 1436.66 1433.94
24-Jan-20 1561.85 1564.30, 1192.63 1194.19 & 1415.04 1418.04
23-Jan-20 1554.05 1562.90, 1182.94 1191.24 & 1401.91 1411.77
22-Jan-20 1558.10 1556.90, 1193.19 1186.20 & 1404.78 1406.04
21-Jan-20 1556.25 1551.30, 1192.87 1188.14 & 1401.25 1397.26
20-Jan-20 1559.25 1560.15, 1200.93 1200.38 & 1406.76 1407.72

SIGN UP FOR OUR AWARD WINNING MARKET UPDATES HERE

Mark O’Byrne
Executive Director

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

A powerful open letter to the LBMA outlining the fraud that this association is doing with respect to gold

(Paul Mylchreest//GATA

Paul Mylchreest: LBMA disconnects gold’s price from metal’s fundamentals

 Section: 

12:52p Thursday, January 30, 3030

Dear Friend of GATA and Gold:

Our friend Paul Mylchreest, now an analyst for financial research firm Hardman & Co. in London, demolishes the London Bullion Market Association with an “open letter” released today, blaming the group’s trading and reporting systems for suppressing the offtake of gold to about 5 percent of what it would be otherwise. These systems, Mylchreest suggests, benefit primarily the LBMA’s major members, bullion banks that short the metal, as well as central banks.

LBMA operations, Mylchreest writes, contrive a price for gold credit and derivatives rather than for the metal itself, and as a result the nominal price of gold has been declining for years even as fundamental factors in favor of gold have been strengthening.

Mylchreest writes: “We believe that the reason the price of gold can defy fundamentals is due to structural trading practices in London. The LBMA estimates that 95 percent of trades are in unallocated gold contracts, which are ‘gold credit,’ not gold bullion, meaning that the London over-the-counter market has been almost entirely derivative-ized.

“This has virtually eliminated the need to deliver gold bullion.

“With only 5 percent of gold trades requiring metal delivery, demand for actual gold bullion is diluted by a factor of around 20. On the supply side, therefore, the number of short contracts can theoretically be expanded in an almost elastic fashion without commensurate bullion delivery risk.

“It’s logical that diluting bullion demand by substituting it with gold credit, in combination with an elastic supply of this gold credit, will lead to a ‘gold price’ disconnected from bullion fundamentals.

“Consequently, the source of gold mining company revenue and value of investors’ assets has been crowded out of price setting by the sheer volume of gold credit.

“Some will see this derivative-ization as creating an uneven ‘playing field,’ since it dramatically increases the capacity to sell/short unallocated gold. Commentators might conclude that the main beneficiaries are major banks/short sellers.

We estimate that the aggregate loss in cash flow to gold mining companies worldwide from the fall in the gold price during October 2012 to December 2015 was more than $157.5 billion. Many mining executives and investors remain unaware of their plight. …”

Mylchreest notes central bank participation in the LBMA’s trading scheme. He continues: “After analyzing trading volumes, we conclude, that, at this time, for much of the typical trading day central banks might be heavily influencing London gold trading. This has been widely speculated in the past, but perhaps not the scale.”

If gold credits and derivatives did not dominate the gold market in London, Mylchreest concludes, London could run out of real metal “in a matter of hours.”

Mylchreest asks the LBMA to consider reforming itself.

“We would welcome being part of this debate and, in short, our recommendations for reform would include, but are not limited to, the following, with the goal of transitioning to accurate price discovery for gold bullion:

“– The LBMA should be reformed from a trade body into an exchange.

“– Regulation should cover the entire London trading day and have statutory backing.

“– Level the playing field by removing the advantages to banks/short sellers by eliminating the convention of trading gold credit/derivatives in the form of unallocated gold.

“– Volume and price of all trades should be reported shortly after execution.

“– And vault data should be provided not later than one month in arrears.”

Mylchreest appends to his open letter a report detailing the fundamental factors arguing for a substantial increase in the gold price.

His open letter is titled “Price Gold Bullion, Not Gold Credit” and it’s posted at the Hardman & Co. internet site here:

https://www.hardmanandco.com/wp-content/uploads/2020/01/Gold-Hardman-Jan…

Of course investors should send the link to the executives of the gold-mining companies whose shares they own and ask for comment, as if most such executives don’t already know all about the LBMA’s racket and are too scared to complain about it. But with enough clamor the executives might learn how to spell “fiduciary responsibility.”

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

end

The BIS is very active in the gold market

Robert Lambourne//.GATA

Gold market intervention by BIS rose sharply in December

 Section: 

By Robert Lambourne
Thursday, January 30, 2020

Since May 2019 the Bank for International Settlements, which represents most central banks, has increased its use of gold swaps and other gold-related derivatives from an estimated 78 tonnes to an estimated 303 tonnes as of December 2019.

The bank’s total gold swaps and derivatives stood at 250 tonnes in November 2019.

The BIS uses gold swaps and other gold derivatives to gain access to gold held by commercial banks. As of December 31 the bank’s swaps and derivatives were at their highest level since February 2019. But the recent levels are still reduced compared to several months in the second half of 2018.

… 

There is not enough information in the BIS’ monthly reports to calculate the exact amount of swaps, but based on the information in the bank’s statement for December, posted today —https://www.bis.org/banking/balsheet/statofacc191231.pdf

— its month-end gold swaps of about 303 tonnes compare with 250 tonnes at November 30, 2019, 186 tonnes at October 31, 128 tonnes at September 30, 162 tonnes at August 31, 95 tonnes at July 31, 126 tonnes at June 30, 78 tonnes at May 31, 88 tonnes at April 30, 175 tonnes at March 31, 303 tonnes at February 28, 247 tonnes at January 31, 275 tonnes at December 31, 2018, and 308 tonnes in November, 372 tonnes in October, 238 tonnes in September, and 370 tonnes in August 2018.

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

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

On February 3, 2019, GATA published comments from a former gold industry executive describing the activities of the BIS in gold swaps in earlier decades:

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

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

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

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

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

—–

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

* * *

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
Interesting:  China imports a huge 41 tonnes of gold form Hong Kong
(Reuters/GATA)

China’s gold imports via Hong Kong rebounded sharply in December

 Section: 

China’s December Net Gold Imports via Hong Kong Surge in December

By K. Sathya Narayanan
Reuters
via Nasdaq.com, New York
Thursday, January 30, 2020

https://www.nasdaq.com/articles/chinas-december-net-gold-imports-via-hon…

China’s net gold imports via Hong Kong in December surged to 41.361 tonnes from the previous month, Hong Kong Census and Statistics Department data showed Thursday.

Net imports via Hong Kong to China, the world’s top consumer of gold, rose from 3.052 tonnes in November, the data showed.

… 

Total gold imports via Hong Kong rose to 46.68 tonnes from 5.563 tonnes in November.

The Hong Kong data may not provide a complete picture of Chinese purchases as gold is also imported via Shanghai and Beijing.

* * *

END

Jay Johnson’s Express

 

11:11 AM (7 minutes ago)
to JB

https://www.jsmineset.com/2020/01/31/the-boy-scout-hedge-always-be-prepared/

 

The Boy Scout Hedge//Commodity Report; Always Be Prepared!

Posted January 31st, 2020 at 10:09 AM (CST) by J. Johnson & filed under General Editorial.

Great and Wonderful Friday Morning Folks,

 

Gold did wonderful during yesterday’s trade, yet before the very restart of the night session, Gold was pushed lower than the Comex close. Comex uses the 10:20 am pst price as a closing number as ICE (International Commodity Exchange) closes much later in the day at 3 pm pst. That being said, Comex’s April Gold CLOSING price was set at $1,589.20, up $13.20 yet ICE’s last trade for yesterday is at $1,578.70 taking the price down $10.50 off the Comex close. So, when the markets reopened for the night trade, people who do not know this trick, would think something negative happened. Now, let’s look at what happened since.

 

April Gold is now trading at $1,583.50, down $5.70 from the Comex close yet up from the last trade in the continuing saga of “prices are not manipulated”. The high so far is $1,586.60 with the low at $1,575.00. Silver did the same, closed up strong on Comex, yet brought back down lower after that closing price was posted, when the “after the Comex close” shorts stepped in with March Silver’s price at $17.825, down 16.7 cents from the Comex close yet up ½ penny from the ICE close. All this was done inside a trading range between $17.895 and $17.790. The US Dollar doesn’t seem to suffer like precious metals (since the G7 currencies close at 12pm pst) with its trade down 10.1 points from the close with its high at 97.790 a low of 97.595 with the current price at 97.610. Of course all of this was done already, before 5 am pst, the Comex open, the London close, after Carter Page Sues DNC Over the fake Steele Dossier, the Brexit day of relief, and as we wait to see how many more coronavirus infections were spread out after 5 million Wuhanese flew out to see family before their holiday and, as we wait for more info on their extended market shut down.

 

Our emerging markets currency watch on precious metals is split, with Gold’s price in Venezuela now at 15,815.21 Bolivar showing a loss of 19.97 with Silver at 178.027 Bolivar showing a gain of 0.899. In Argentina, Gold’s price is now at 95,257.53 Peso’s proving a loss of 138.39 overnight with Silver at 1,072.23 Peso’s giving those that hold a gain of 5.19. The Turkish Lira has Gold priced at 9,473.81 Lira losing 14.14 over the past 24 hours with Silver at 106.647, a gain of 0.516.

 

February Silver’s First Notice Day is here meaning all speculators have to leave this month’s contract or have 100% of the margin to hold the trade with the count at 221, with a Volume of 1, and no price for that one lot order. Silver’s Overall Open Interest gained 1,118 more shorts to stay the price (were these added after the Comex close?) with the count now at 229,251 Overnighters.

 

February Gold’s delivery count is now at 8,191 dropping 25,759 contracts as we wait for Monday’s delivery count and as we consider the changes in Deliveries and Positions Limits recently sent in from above (CFTC). Not surprising, is the example in the letter using all grains and a single sentence regarding precious metals, yet I loved the “silver bullet” descriptor used and, in a way, saying there is more needed to control the manipulation monster within. I would love for this to have a secondary meaning for a certain criminal element currently under investigation.

 

The Coronavirus, that came out of nowhere, has issues on many sides, including the reporting of it all. The last time a communist country told the world nothing was wrong, we got Chernobyl. Russia’s Communist party collapsed after that event because everyone in Russia and abroad, all of a sudden, lost absolute faith in their Government and the media reports stating all was well while at the same time a Radioactive Cloud started sweeping across foreign lands. It may not be radioactivity this time, but the leadership is exactly the same. I think it’s safe to consider not only the “official” words, but also the words coming out from below. the people in the mix that are suffering right now because they did not do the Boy Scout Hedge (always be prepared).

Ironically the Boy Scout Hedge is something we all have discussed in different ways like holding precious metals as the reset may be upon us and to have enough food stored at home to last a few months in case the “Just In Time Delivery System” gets shut down. This is not a gloat post; this is a head’s up for those that are ill prepared and a pat on the back for those that have Boy Scouted their future.

 

Please offer up a prayer for those in harms way. It’s proper and human to do so. Please Please Please consider Boy Scouting your future if you haven’t already. Enjoy your weekend, keep a smile on your face and a positive attitude in your head no matter what, and as always…

 

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

end

Crooks!

CFTC proposes speculative position limits for commodities traders

Jan 30, 2020 2:28 p.m. ET

MarketWatch

The Commodity Futures Trading Commission on Thursday proposed position limits on 25 commodities derivatives, including gold, crude oil and sugar, according to a report from The Wall Street Journal. The move would cap the number of contracts that a single participant can hold, in a bid to prevent speculators from causing unjustified swings that would impact consumers, the WSJ report said. The CFTC proposed commodities position limits of up to 25% of the deliverable supply of each commodity. Federal position limits on oil and grain, and other raw materials, were set by the Dodd-Frank financial reform law of 2010, but the CFTC’s past attempts to impose them had been previously thrown out by the court, according to the Financial Times.

-END-

Instead of lowering position limits the crooks raised the level for gold and silver:

gold goes up to 6,000 contracts from 3,000

and silver: up to 3,000 from 1500

 

looks like our shorts are in trouble and thus the need to raise position limits.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 6XXX/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  6.9874   /shanghai bourse CLOSED

HANG SANG CLOSED

 

2. Nikkei closed  UP 227.43 POINTS OR 0.99%

 

 

 

 

3. Europe stocks OPENED ALL RED/

 

 

 

USA dollar index DOWN TO 97.80/Euro RISES TO 1.1044

3b Japan 10 year bond yield: FALLS TO. –.07/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.95/ 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:: 52.42 and Brent: 57.73

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.42%/Italian 10 yr bond yield DOWN to 0.93% /SPAIN 10 YR BOND YIELD DOWN TO 0.25%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.35: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.17

3k Gold at $1579.00 silver at: 17.84   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

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

3m oil into the 52 dollar handle for WTI and 57 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 108.95 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 .9688 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0699 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.42%

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 1.56% early this morning. Thirty year rate at 2.03%

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

6.  TURKISH LIRA:  UP  TO 5.9826..

WHOphoria Fades, Stocks Slide As Virus Pandemic Nears 10,000 Cases

Yesterday, shortly after the WHO managed to unleash a torrid stock rally that sent the Dow over 350 points higher when it declared the coronavirus outbreak and international health emergency and a “global pandemic” yet underscored its faith that China will be able to contain the spread of the disease, we predicted that “Stocks are amping on WHO promoting tourism to China, before reversing after China announces over 10,000 cases at 6pm”

zerohedge@zerohedge

Stocks ramping on WHO promoting tourism to China, before reversing after China announces over 10,000 cases at 6pm

That’s precisely what happened, with futures spiking to just shy of 3,300 as algos were enthused by the WHO’s optimism, only to slide as China reported that nearly 10,000 people are now infected and 100,000 are under observation.

 

On Thursday, the World Health Organization on Thursday labeled the virus a global emergency. Tedros Adhanom Ghebreyesus, WHO director-general, best known for the 2017 NYT article “Candidate to Lead the W.H.O. Accused of Covering Up Epidemics“, said the greatest worry was the potential for the virus to infect countries with weaker health systems, though his bizarre, travel agency-like praise for China’s response steadied markets, although ironically just after the World Health Organization tried to assure people that things are under control, the U.S. State Department told Americans not to travel to China and said those visiting or living there should to leave.

Not even the WHO’s full court press to avoid selling was enough to prevent the latest overnight drop though in Eminis, which was more contained than previous days, as investors still clutched at hopes that China could contain the coronavirus, even as headlines spoke of more cases and deaths, travel bans, evacuations and factory shutdowns. Even so, US equity futures dropped even as Amazon.com soared above $1 trillion in market cap in the pre-market after reporting blow-out earnings. On the other hand, Caterpillar fluctuated in early trading after its 2020 profit outlook trailed analysts’ expectations. The dollar drifted versus a basket of its major peers.

To be sure, sentiment received a boost when Amazon’s sales blew past forecasts and sent its stock soaring 11% after hours, adding over $100 billion in market value. Still, the flow of news on the virus remained bleak with China’s Hubei province reporting deaths from the disease had risen by 42 to 204 as of the end of Jan. 30. More airlines curtailed flights into and out of China and companies temporarily closed operations, while Washington told citizens not to travel to any part of China.

JPMorgan shaved its forecast for global growth by 0.3% points for this quarter: “Based on the patterns observed from other epidemics, we assume that the outbreak will likely run its course over 2-3 months, meaning the hit to activity happens in the current quarter,” JPMorgan analysts said in a note. “Also in line with historical experience, we expect a full recovery to follow.”

Europe opened 0.3% higher following a bounce in Tokyo, but European shares have since slumped into the red across the board and are headed for their worst weekly loss in three months, after the U.K. confirmed its first cases of the coronavirus…

… and following disappointing economic data in Europe, including the worst Euro Area GDP print in almost seven years…

… and an outright drop in Italy.

Earlier in the session, Asia-Pacific shares outside Japan extended their fall, dropping 0.4%, and appeared set for their worst weekly loss in a year, of 4.6%. Thursday’s 2.3% dive was the sharpest one-day loss in six months.  Asian stocks reversed earlier gains, with a regional gauge heading to its worst start to the year since 2016. The region’s benchmark MSCI Asia Pacific Index declined as much as 0.2% in afternoon, led by energy and utilities shares. Hong Kong shares erased gains and closed 0.5% lower, while Japan was the best-performing market on the last day of January. India’s Sensex index was little changed before Finance Minister Nirmala Sitharaman outlines India’s annual budget on Saturday. Asian shares are set to finish the first month of 2020 with a decline of 3%, the worst January since 2016, as the spreading coronavirus prompted a sell-off in riskier assets.

Overnight China reported its latest Manufacturing PMI for January, which mysterious came out at 50.0, right on top of the expected  50.0 (down from 50.2), despite nearly 60 million people under quarantine. Pure magic! At the same time, Chinese Non-Manufacturing PMI jumped to 54.1 vs. Exp. 53.0 (Prev. 53.5). That said, even China National Bureau of Statistics admitted the number was purely an estimation and noted the January PMI data does not fully reflect impact of coronavirus and future trend needs to be observed, with the figures said to reflect data as of January 20th.

Reports that some Chinese provinces were asking companies not to re-start until Feb. 10 after the New Year holiday suggested activity would take a hard knock this month.

“Some shorts covered after the director gave the WHO’s stamp of approval to China’s aggressive containment effort,” said Stephen Innes, Asia Pacific market strategist at AxiCorp.

“The coronavirus is outweighing everything else,” said Francesca Fornasari, head of currency solutions at Insight Investments. “We have seen quite a position unwind and … whatever is coming out in terms of data is for the period when the virus hadn’t become quite such a big issue. For now, the market’s risk lights have shifted from flickering on red to a steady shade of amber.”

As risk sold off, safe havens gained, with bonds well bid, and yields on U.S. 10-year Treasuries down 9 basis points for the week so far and near four-month lows. The yield curve between three-month bills and 10-year notes has inverted twice this week, a bearish economic signal.

In FX, sterling extended gains after jumping on Thursday when the Bank of England confounded market expectations by not getting anywhere near an interest rate cut. The pound was last at $1.3128, a relatively solid performance given that Friday is the day the UK officially leaves the European Union after years of political turmoil.

The dollar took a knock overnight when data showed the U.S. economy had grown at its slowest annual pace in three years and personal consumption weakened sharply. Yet it was up a fraction on the yen on Friday at 109.03 and stronger on the euro at $1.1016. Most of the action this week has been nervous investors selling emerging currencies for dollars and yen, leaving the majors little changed against each other.

In commodities, oil bounced on short covering, after hitting its lowest in three months as the global spread of the coronavirus threatened to curb demand for fuel. WTI regained 89 cents to $53.03 a barrel, while Brent crude futures rose 83 cents to $59.12. Spot gold was only just up for the week at $1,573.72 per ounce, having failed to get much of a safe-haven bid as a range of other commodities, from copper to soy beans, were hammered by worries over Chinese demand.

Expected data include personal income and spending. Caterpillar, Chevron, Exxon and Honeywell are among companies reporting earnings.

Market Snapshot

  • S&P 500 futures down 0.6% to 3,269.50
  • STOXX Europe 600 up 0.03% to 415.27
  • MXAP down 0.2% to 165.51
  • MXAPJ down 0.6% to 532.45
  • Nikkei up 1% to 23,205.18
  • Topix up 0.6% to 1,684.44
  • Hang Seng Index down 0.5% to 26,312.63
  • Shanghai Composite closed
  • Sensex down 0.4% to 40,765.88
  • Australia S&P/ASX 200 up 0.1% to 7,017.20
  • Kospi down 1.4% to 2,119.01
  • German 10Y yield unchanged at -0.405%
  • Euro down 0.03% to $1.1029
  • Italian 10Y yield fell 1.1 bps to 0.776%
  • Spanish 10Y yield fell 0.4 bps to 0.267%
  • Brent futures up 0.3% to $58.47/bbl
  • Gold spot up 0.4% to $1,580.96
  • U.S. Dollar Index little changed at 97.91

Top Overnight News from Bloomberg

  • The U.K. confirmed two cases of coronavirus in England on Friday, while the U.S. and Japan advised citizens to avoid traveling to China
  • The U.S. and Japanese governments advised their citizens to avoid travel to China as the spread of the coronavirus showed few signs of abating. The travel warnings came hours after the World Health Organization declared the outbreak a global health emergency. Global cases of the disease has now grown to surpass the number officially reported during the SARS epidemic
  • The first official indicator of the Chinese economy in 2020 signaled the nation’s factories were struggling even before the country shut down for the Lunar New Year holidays and the coronavirus outbreak worsened
  • U.K. consumer confidence improved for a second month in January as Britons became more optimistic about their personal financial situation and the wider economy in the wake of Boris Johnson’s election victory
  • Japan’s industrial production rebounded more than expected in December, but failed to prevent factory output weighing on the economy in a dismal quarter
  • Oil jumped after the WHO said there’s no need for travel and trade bans due to the coronavirus, but was still set for its worst month since May as the outbreak sapped the demand outlook. Oil traders in Asia are expecting refineries to cut operating rates and extend shutdowns as the spread of coronavirus stops people from flying or traveling by road
  • Republican Senator Lamar Alexander said he will vote against calling witnesses in President Donald Trump’s impeachment trial, all but closing off chances that Democrats can secure new evidence and making it increasingly likely the trial will wrap up as soon as Friday
  • Japanese Prime Minister Shinzo Abe says he will consider the use of reserve funds if needed as he monitors developments in the spread of coronavirus and its effect on tourism.
  • Investors are bracing for potential losses in Chinese stocks and commodities when financial markets reopen Monday for the first time since Jan. 23. A gauge of January manufacturing signaled Friday that China’s factories were struggling even before it shut down for the extended Lunar New Year holidays
  • More than a dozen Chinese provinces announced an extension of the current Lunar New Year holiday by more than a week as the nation attempts to halt the spread of the novel coronavirus that has killed hundreds of people and sickened thousands
  • The U.K. Financial Conduct Authority said it’s examining the spike in the British pound in the minute before Thursday’s Bank of England’s interest-rate decision
  • The euro area economy barely grew at the end of 2019 as unexpected contractions in France and Italy dragged it to its weakest quarter in almost seven years

Asian equity markets traded mixed as early relief rolled over from US following a “soft” declaration by the WHO on coronavirus and with US equity futures also underpinned by after-market earnings including Amazon – whose shares rose almost 10% after-hours. The World Health Organization declared the coronavirus a Public Health Emergency of International Concern but also stated that there has been progress made in developing a vaccine and believes measures taken by China “will reverse the tide”, while it opposed any measures or restrictions on travel or trade to China. ASX 200 (+0.1%) and Nikkei 225 (+1.0%) followed suit to the Wall St rebound with outperformance seen in Australia’s tech and healthcare sectors, while sentiment in Tokyo was underpinned by favourable currency flows and with the biggest stock gainers driven by earnings releases. Elsewhere, Hang Seng (-0.5%) initially conformed to the early stock market rebound but then steadily wiped out the gains as coronavirus infections and deaths continued to expand, while Chinese PMI data was inconclusive in which Manufacturing PMI printed in-line with estimates at the 50.0 benchmark level and Non-Manufacturing PMI topped expectations at 54.1 vs. Exp. 53.0, although the Stats Bureau noted this was taken based on data on January 20th and therefore doesn’t fully reflect the impact from the coronavirus outbreak. Finally, 10yr JGBs were relatively uneventful and held on to the prior day’s gains but with further upside limited amid the broad improvement in risk sentiment and overnight retreat in T-notes.

Top Asian News

  • India Refutes ‘Unfounded’ Criticism About Government’s GDP Data
  • Tourism Businesses Worldwide Brace for a Hit Worse Than SARS
  • Biggest Indian Bank’s Profit Rises on Improvement in Bad Loans

European stocks have given up gains seen at the open [Eurostoxx 50 -0.6%] as the region failed to piggyback on the modest recovery seen in APAC sentiment, amid further reports the coronavirus spread – with the UK also confirming its first two cases. Major bourses are in the red with underperformance seen in the FTSE MIB (-1.5%), following a Q4 QQ contraction in the Italian economy. Thus, the Italian financial names lead the losses in the index. Elsewhere, UK’s FTSE 100 (-0.8%) saw early pressure due to a firmer Sterling in early trade, with renewed downside seen after the aforementioned virus contagion in the UK. Sectors opened in positive territory with a reflection of the risk appetite at the time, thereafter sentiment shifted to the other end of the scale with sectors now all in the red and reflecting risk-aversion – energy, once again, lags on renewed pressured in the oil complex. In terms of individual movers, Signify (+5.4%) leads the gains in the pan-European (despite slight revenue and net misses) as the group sees further improvement in adj. EBITDA margin. On the other end, Banco de Sabadell (-11.0%) rests at the foot of the Stoxx 600 in light of dismal earnings. Elsewhere, Thyssenkrupp (-5.0%) share slumped after noting that they are in a tight financial situation and confirmed the value of its elevator unit at EUR 15bln, vs. top-end estimates of EUR 20bln.

Top European News

  • U.K. Mortgage Approvals Climb to Highest Level Since 2017
  • Ferrexpo Falls as Ukraine Court Restricts Poltava Mining Shares
  • K+S Jumps as Investment Newsletter Speculates About Takeover
  • Sabadell Slumps as Provisions, TSB Loss Fuel Fresh Worries

In FX, the Pound remains relatively firm, but off best levels forged in the aftermath of super Thursday amidst positive month end vibes via a German bank flagging stock-hedge demand vs the Dollar and Franc in particular, albeit with the bulk of the buying anticipated from 3 to 4 pm London time. Cable reached 1.3140 or so before topping out and Eur/Gbp crossed 0.8400 to circa 0.8387 at one stage before Sterling lost some momentum in tandem with, if not specifically on reports of 2 confirmed cases of China’s coronavirus in the UK.

  • AUD/NZD/NOK/SEK – The clear G10 underperformers and extending losses against the Greenback and Euro respectively, as Aud/Usd recoils further from fairly restrained recovery highs through the 0.6700 level to expose the 2019 low (0.6671). The Aussie gleaned scant impetus from mixed Chinese PMIs overnight, supposedly large expiry related hedging at the big figure or the so called ‘soft’ WHO classification of the deadly Chinese disease as a health emergency of international concern in recognition of the strenuous efforts to contain the outbreak and cure the growing number of those contaminated. Similarly, Nzd/Usd has plumbed deeper below 0.6500 towards 0.6450, ignoring more theoretically supportive Kiwi impulses via Westpac upgrading its RBNZ policy views to a possible shift from easing to neutral at the February meeting. Meanwhile, the Scandi Kronas continue to weaken on bearish fundamentals, techs and broad risk sentiment that has also scuppered a pretty tame rebound in crude prices.
  • CAD – The Loonie derived enough leverage from hawkish sounding BoC rhetoric to regain 1.3200+ status vs its US counterpart, but the Beaudry reservations about looser policy have already lost impact with Usd/Cad breaching the 200 DMA that had been capping rallies and now eyeing 1.3250 ahead of 1.3270 that represents December 6’s peak. However, impending Canadian GDP and perhaps even PPI could provide some independent direction.
  • CHF/JPY/EUR – In keeping with recent trends, underlying safe haven buying has helped the Franc, Yen and Euro to an extent (not to mention Gold) limit declines vs the Buck during periods of improved risk appetite, as Usd/Chf and Usd/Jpy stay tethered to 0.9700 and 109.00 anchors, while Eur/Usd repels attempts to break decisively below 1.1000 despite weak Eurozone data. Note, also mild to strong Dollar selling signals for month end may also be a factor as the DXY struggles to keep sight of 98.000 and threatens to close under a key chart level at 98.011 (50% Fib retracement of pull-back from 99.967 to 96.355 in Q4 last year).
  • EM – No real or lasting respite for regional currencies even though the Yuan is keeping afloat above 7.0000, as SA’s Eskom warns about more power outages and wants to discuss a strategy with the Government to meet financial obligations. Usd/Zar now nudging up close to 14.9000 as a result.

In commodities, WTI and Brent front-month futures have given up most of its overnight gains which were spurred by the World Health Organisation’s verdict which did not recommend limiting trade and movements due to the outbreak – thus digested as a “softer” announcement. The declaration revived some demand relief against the backdrop of mass flight cancellations to and from China. However, WTI and Brent futures have waned off highs, with prices now weighed on by the coronavirus’ spread to the UK. WTI hovers just under 52.50/bbl at time of writing, whilst its Brent counterpart breached 57.50/bbl to the downside. Elsewhere, spot gold retains an underlying bid amid the pathogen outbreak and as DXY remains below 98.000. Copper prices resume its downwards trajectory and trade ongoing demand/global growth concerns arising from the spread of virus.

US Event Calendar

  • 8:30am: Employment Cost Index, est. 0.7%, prior 0.7%
  • 8:30am: Personal Income, est. 0.3%, prior 0.5%;Personal Spending, est. 0.3%, prior 0.4%
  • Real Personal Spending, est. 0.1%, prior 0.3%
  • PCE Deflator MoM, est. 0.2%, prior 0.2%; PCE Deflator YoY, est. 1.6%, prior 1.5%
  • PCE Core Deflator MoM, est. 0.1%, prior 0.1%; PCE Core Deflator YoY, est. 1.6%, prior 1.6%
  • 9:45am: MNI Chicago PMI, est. 49, prior 48.9
  • 10am: U. of Mich. Sentiment, est. 99.1, prior 99.1; Current Conditions, prior 115.8; Expectations, prior 88.3

DB’s Jim Reid concludes the overnight wrap

So the big day is here. At 11pm GMT tonight we will all move on with our lives. Many will be delighted with the outcome and be optimistic about the future with some even confident that will give them a chance to move ahead of their European counterparts. On the other hand many will feel outraged and furious with the people in charge for letting things get this bad and will claim this is a huge exercise in shooting ones-self in the foot. Yes it’s the close of the transfer window in European football tonight where hopes and dreams fade or get resurrected. It’s also the last chance to see if there’s anyway your team can stop Liverpool winning both the Premier League and the Champions League. Bonne chance!! As a side piece of curiosity, the U.K. leaves the EU at exactly the same time.

Having returned from the EU last night for the last time as an EU citizen it also wrapped up my main 2020 outlook tour that has been going on for over 2 months now. I’m still travelling every week this quarter but the trips now take on a slightly different purpose. Being in Madrid yesterday it’s fair to say that they were generally typical of the audiences I have encountered for the last couple of months. The majority is expecting a year of carry. Not much more but certainly not notably worse than that. I have been more circumspect than virtually all clients as I’m not convinced the risks are fully priced. So no certainty of more difficult times ahead but a challenged risk/reward profile at these valuations. Spreads and equities (US at least) are priced for near perfection and the reality is that global data is still mixed, we’re still in the shadow of 2019’s yield curve inversion, and we have a potentially game changing US election this year. I’ve deliberately left out the Coronavirus as that’s clearly not been part of my calculus and will still have to develop substantially from here to be game changing for the medium-term economic outlook.

On the US election, Monday will see the start of primary season in Iowa where we’ll see the first evidence as to where the Democrats are heading nomination wise. In terms of background the Democratic primary process is based on delegates (need to get to 1990 out of 3979). Pledged delegates (41 in Iowa – only c.1% of national total) are selected under proportional representation, which requires a candidate have a minimum of 15% of a state’s popular vote to receive them. This is important in the narrative game (i.e. “I lost by 1% of the vote, but we got the same number of delegates so we are still in this”). Also big wins mean more delegates. This is why Super Tuesday on March 3rd is a big event as 1360 delegates or 34% of the pie is up for grabs that day.

Iowa on Monday appears very close with RealClearPolitcs’s polling average showing Sanders at 24.2% vs Biden at 21% but with both swapping leads in different polls in recent times. This is a state where Sanders has the demographics to do well, but it’s a primary rife with uncertainty, because it is a caucus, not a straight vote like in New Hampshire (8 days later). During a caucus vote, there is a first round, where – in each district all over the state – people literally walk around a large room and stand in their candidate’s corner. Then, after everyone is tallied, all candidates without 15% of the total voters present are then forced to quickly pick another candidate, this is done repeatedly until no candidate has fewer than 15% of the vote. Also, once your candidate has over 15%, you are not allowed to realign. e.g. Buttigieg is currently on 16.8% in the polls. If he gets past the first round, his voters cannot leave for a more popular candidate even if he is losing but they can if he gets less than 15%. At current polling this could hurt Biden the most as he and Buttigieg have shared the more moderate lane of the Democratic primary so far. This makes predicting the outcome perilous.

So candidates polling under 15% will likely have their votes distributed – therefore a big swing could be based around Warren who is averaging 14.7% currently. If she can’t get to 15%, her voters have a more natural home with Sanders over Biden. On the other hand Klobuchar is sitting at 9%, which is likely going to Biden. The 14% “other” will likely be spread around, with no single ideology among the other candidates. From a Monmouth University poll yesterday, when likely caucus-goers were asked to choose from the top four candidates, the race stands at 29% Biden, 25% Sanders, 20% Buttigieg, and 19% Warren. This follows a lot of polls showing that Biden is a lot of people’s 2nd choice. So in caucuses often the headline poll may not tell the full story.

Overall, Iowa on Monday should be viewed as too close to call and highly dependant on late swings, whether fringe candidates get to 15%, and how second preferences span out. Given that Sanders is favourite in New Hampshire (Feb 11th) and is closing the gap between himself and Biden in polling in Nevada (the 3rd primary on Feb 22 -also a caucus), the possibility of a win here means he could gain a lot of momentum going into Super Tuesday (March 3rd) even if the number of delegates are small. We’ll know more early next week but whatever your politics you would be hard pressed not to acknowledge the fact that markets are not set up for any kind of Sanders momentum.

The primaries have been drowned out from the news cycle by the Coronavirus over the last week but as of Monday it should more than compete for headlines. Meanwhile the latest on the virus is there have been 213 confirmed deaths now (up from 170 yesterday) while, number of confirmed cases stand at 9,692 (up from 7,783). The number of confirmed cases have now topped the official recordings of the SARS epidemic (8,096 cases). In other news related to this, the US State Department updated the travel advisory to level 4 saying that the US citizens should not travel to China. It added that travelers should be prepared for travel restrictions to be put into effect with little or no advance notice and added that those in China should consider departing using commercial means. Also, more and more Chinese provinces and cities are extending the holiday period overnight to February 10 from February 2. Russia also announced yesterday that it is closing its land border with China. Even though the Russian border with China was already closed due to the NY holidays, the Russian decision extended the closure until March 1.

Global markets actually reversed losses late in the US session immediately after the World Health Organization declared the Coronavirus outbreak in China a Public Health Emergency of International Concern (PHEIC). Officials cited an increased number of cases outside of China and clear human-to-human transmission now abroad – eight cases across Germany, Japan, Vietnam and the first in the United States yesterday. However, they did not recommend restrictions on trade or travel. Overnight, Hong Kong also confirmed its first case of human to human transfer of the virus. By declaring a Public Health Emergency, the WHO allows global health authorities to aid countries with less-robust health systems to stop the spread of the virus. The WHO reported that there had been 98 cases in 18 countries outside of China, but no deaths so far. However, even though some companies and governments have taken measures to cut off service to China, the WHO Director said there’s no need at this time for measures that interfere with travel and trade.

Yesterday our China economists put out a piece on the coronavirus (link here), asking when the number of new cases would peak. They believe that the turning point is not far away, and that assuming the measures taken are effective at containing the outbreak, the peak of new cases outside Hubei province (where Wuhan is located) will likely happen at some point next week. See their report for more.

Overnight, China’s January PMIs came surprisingly strong with manufacturing printing in line with consensus at 50 while services printed at 54.1 (vs. 53.0 expected) brining the composite read to 53.0 (vs. 53.4 last month). The survey was conducted before January 20, the day we started receiving reported numbers of cases of the virus. So this will be seen as largely meaningless. Our Asia strategists believe that the Caixin PMIs next week will also have a similar problem.

A quick refresh of our screens this morning shows that Asian markets are mostly higher with the Nikkei (+1.10%) and Hang Seng (+0.24%) up but with the Kospi (-0.32%) lower. Markets are off their earlier peaks as the news of US travel advice for China filtered in (see above). Elsewhere, Brent crude oil prices are up c. +2% this morning erasing part of yesterday’s loses (more below). As for other overnight data releases, Japan’s December retail sales printed at +0.2% mom (vs. +1.0% mom expected) while preliminary December industrial production came in at +1.3% mom (vs. +0.7% mom expected). In other overnight news, The Times has reported that UK PM Boris Johnson will call next week for a basic trade deal based on that between the EU and Canada.

Before this, large cap earnings continued to push US equities higher after the bell following the late session turnaround after the WHO report. Amazon surged c.10% after the close, with their holiday-quarter revenues and profits blowing out expectations. The e-commerce giant moved to join Apple, Microsoft, and Google as S&P 500 companies with market values over $1tr in after hours trading. NASDAQ and S&P 500 futures are up +0.21% and +0.12% respectively.

The Asian session comes after US equity markets recovered from earlier losses following the WHO declaration, with the S&P 500 recovering from an intraday low of -0.93% to close up +0.31%. The NASDAQ (+0.26%) and the Dow Jones (+0.43%) also pared back earlier losses to advance on the day. Europe closed before the pullback however, with the STOXX 600 and the DAX ending the session down -1.01% and -1.41% respectively. Brent crude also continued its decline, falling -2.54% to its lowest level in over 3 months. Also, the continued falls in the oil price saw oil and gas stocks underperform, with the STOXX Oil and Gas index in Europe closing down -2.36% at a 5-month low.

In terms of bonds the 3m10y yield curve in the US inverted on an intraday basis again yesterday, though it steepened into the close to finish at +2.7bps. Elsewhere, 10yr Treasury yields also pared back losses to close +0.01bp higher. Once again however, with Europe’s earlier close, bunds (-2.9bps), OATs (-2.3bps) and BTPs (-1.2bps), all saw yields fall. Gilts underperformed, with 10-year yields rising +2.6bps, as the BoE decided to keep rates on hold in what was for the market a knife-edge decision.

It wasn’t so close for the BoE though, with the vote at 7-2, the same as at the previous meeting. Given expectations that the Bank might cut, the fact that no further members voted for a cut compared with last time was taken by the market as relatively hawkish. The statement said that “some modest tightening of policy may be needed to maintain inflation sustainably at the target” were the economy to recover in line with their projections. However, they removed from the previous statement that this modest tightening would be “at a gradual pace and to a limited extent”. Furthermore, the statement sounded a note of optimism on the global and domestic outlook. For example, it mentioned that business activity surveys domestically had picked up, noting this was “quite markedly in some cases”. Nevertheless, the BoE cut their growth forecasts, now seeing 0.75% growth this year, compared with 1.25% back in November. They also revised down their 2021 and 2022 forecast by 25bps, to 1.5% and 1.75% respectively.

In terms of the market reaction, sterling strengthened against other major currencies following the decision, being the best performer among the G10 currencies yesterday. The pound ended a run of 5 successive declines against the dollar to close up +0.55%.

The main data highlight from yesterday was the advance reading of Q4 GDP in the US, which grew at an annualised rate of +2.1% (vs. +2.0% expected), meaning that the full year-on-year GDP growth for 2019 as a whole was at +2.3%. The surprise from the release came with the core PCE reading however, which surprised to the downside with an annualised +1.3% qoq (vs. +1.6% expected), something that will be important to the Fed. We also got the weekly initial jobless claims, which came in at 215k (vs. 216k expected), though the previous month was revised up by +12k. Nevertheless, the 4-week moving average fell to 214.5k, its lowest level since early October.

On the other side of the Atlantic, the Euro Area unemployment rate fell to 7.4% in December, its lowest level since May 2008. In a further sign of a possible economic rebound, the European Commission’s economic sentiment indicator rose for a 3rd consecutive month, up to 102.8 (vs. 101.8 expected) and a 5-month high. Finally, unemployment in Germany fell by -2k (vs. +5k expected), while the EU harmonised CPI reading rose to +1.6% (vs. +1.7% expected), its highest level since April but a touch disappointing.

To the day ahead now, and as mentioned the UK will be leaving the EU at 11pm GMT tonight. There’s also an array of economic data out, including the advance reading of Q4 Euro Area GDP and January’s CPI estimate. Elsewhere in Europe, there’s also German retail sales for December, France’s CPI inflation for January, Italy’s Q4 GDP, and UK consumer credit and mortgage approvals for December. On the other side of the Atlantic, we’ll get US personal income and personal spending data for December, as well as the Q4 employment cost index, the January MNI Chicago PMI and the final University of Michigan sentiment reading for January. Finally from Canada there’ll be November’s GDP reading. And earnings out today include Exxon Mobil, Chevron and Caterpillar.

 

3A/ASIAN AFFAIRS

I)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED   //Hang Sang CLOSED    /The Nikkei closed UP 237.43 POINTS OR 0.99%//Australia’s all ordinaires CLOSED UP .18%

/Chinese yuan (ONSHORE) closed XXX/Oil DOWN TO 52.42 dollars per barrel for WTI and 57.73 for Brent. Stocks in Europe OPENED RED/ONSHORE YUAN CLOSED XXX // LAST AT XXXAGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.9874 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 XXX LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING XXX AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

CHINA

Rigged data:  China’s economy is imploding due to the coronavirus.  The government is asking that the lunar holiday be extended to Feb 10

(zerohedge)

Rigged? China PMI Shows Services Industry Accelerated As Coronavirus Put Tens Of Millions Under Quarantine

Over most of January, the situation in China has gone from bad to worse to worst-nightmare with factories and stores shuttered for weeks, citizens in every province under martial-law lockdowns, and coronavirus cases (and deaths) soaring at faster-than-prior-pandemic rates.

So it should be no surprise then that China’s Service Economy expanded at an accelerating rate in January according to the latest government-provided PMI data.

Yes, you heard that right, against expectations of a slowdown (as would be expected with most of the nation hunkering down in terror), the National Bureau of Statistics reports that the non-manufacturing gauge improved to 54.1, compared with 53.5 the previous month (and better than the 53.0 expected).

 

Reportedly, due to the Lunar New Year holiday, the surveys were conducted between Jan. 15 and Jan. 20, rather than between the 20th and 25th of each month as normal.

And you know how badly manipulated this survey is when the China’s National Bureau of Statistics issues an additional statement admitting that “the impact of coronavirus is not fully reflected in January’s PMI survey,” suggesting that “future trends need to be observed.”

However, if that is the case then what is more problematic is the fact the first official indicator of the Chinese manufacturing economy in 2020 signaled the nation’s factories were struggling even before the country shut down for the Lunar New Year and the coronavirus outbreak worsened.

We suspect, judging by the record collapse in (Dr.) Copper, that the manipulated-ly perfect 50.0 – neither expanding or contracting – will need to be adjusted for some sense of reality soon…

However, while the overall manufacturing survey dipped, the Steel industry PMI index surged to 47.1 from 43.1 in December.

 

So to sum up – China’s worst ever epidemic, killing hundreds and putting 10s of thousands in hospital, shutting down factories, stores, and all transportation across the entire nation at one of its busiest most consumption-heavy times of year prompted a tiny drop in Manufacturing, a rise in the Services industry, and a surge in the Steel Industry!!!!

As a reminder, Nomura economists led by Lu Ting wrote in a recent report to clients that:

…the economic hit to China could exceed that seen during the SARS outbreak of 2003.

Gross domestic product growth could “materially drop” this quarter from the 6% pace at the end of 2019, maybe even more than the 2 percentage point deceleration seen in the second quarter of 2003.

Just don’t tell the survey respondents!!

end
CHINA
Burning bodies in secret….the official numbers are much greater than reported
(zerohedge)

‘Burning Bodies In Secret’ – New Accounts From Wuhan Detail Coronavirus Outbreak

Almost 2,000 new cases of coronavirus were confirmed in China on Thursday, lifting the country’s total to approximately 9,692, surpassing all of the 2002-03 SARS epidemic in a matter of weeks. All of the deaths have been in China, now at 213. Globally, there are 9,816 cases of the deadly virus.

There have been doubts about the officially confirmed cases and deaths in China – could be much higher some claim.

The New Zealand Herald has published a new report that alleges Chinese authorities have resorted to cremating bodies in secret.

DW News East Asia correspondent William Yang cited a report from Chinese-language news outlet Initium, which said cremation facilities in Wuhan, the epicenter of the deadly virus, were receiving bodies directly from hospitals without proper identification and were excluded from the official record

 

William Yang

@WilliamYang120

Just to add a bit more to what was mentioned in the show but I wasn’t able to elaborate on – ’s state media has been reporting about building new hospitals dedicated to treating patients in multiple provinces and cities, which I think reflect the … https://twitter.com/ajstream/status/1222603556970254349 

The Stream

@AJStream

Can coronavirus be stopped? Join our LIVE discussion now on @AJEnglish and YouTube. https://youtu.be/te2AZikNVFc

William Yang

@WilliamYang120

… seriousness of the spread in , but also the lack of facilities that can handle the rising number of patients.

William Yang

@WilliamYang120

Also, one thing that is hiding is the number of death caused by the virus. Credible Chinese media outlet @initiumnews interviewed people working at local cremation centers, confirming that many dead bodies were sent directly from the hospitals to the cremation centers…

“So, there are reasons to remain skeptical about what China has been sharing with the world because while they have been more transparent about certain things related to the virus, they continue to be sketchy and unreliable in other aspects,” said Yang.

William Yang

@WilliamYang120

So there are reasons to remain skeptical about what has been sharing with the world because while they have been more transparent about certain things related to the virus, they continue to be sketchy and unreliable in other aspects

“Without properly identifying these patients, which means there are patients who died from the virus but not adding to the official record. That shows the current death toll of 133 that we are seeing is way too low,” he said.

William Yang

@WilliamYang120

… without properly identifying these patients, which means there are patients who died from the virus but not adding to the official record. That shows the current death toll of 133 that we are seeing is way too low.

We noted Thursday night that over 100,000 Chinese had been placed under observation for suspected coronavirus.

The virus has uncontrollably spread across China, forcing the U.S. State Department to evacuate diplomats and citizens from certain parts of the country, but has also warned Americans not to travel to the region because of the outbreak.

The new travel advisory was issued hours after the World Health Organization declared the outbreak a global health emergency. “Those currently in China should consider departing using commercial means,” the department said in the advisory.

Putting the coronavirus in the context of the deadly SARS epidemic, the coronavirus pandemic has now officially exceeded SARS in cumulative cases in just two weeks.

New accounts are showing that things have gotten so severe in Wuhan, that officials are locking people inside their own apartments.

沉默的力量The power of silence@2mmbPkM00IJwIUV

朋友圈看到大量封门视频,这样是要把人闷死在里面吗?!如果没有食物了怎么办?如果有急事生病了怎么办!!

Embedded video

Another video shows officials locking “infected residents” inside their homes, using metal beams to bolt doors shut.

And here’s an alleged video of a crematorium in Wuhan via Twitter handle Harry Chen Ph.D. – showing trash cans “filled with ashes.”

Harry Chen PhD@IsChinar

A crematorium in Wuhan (note that one of the crematoriums in Wuhan) was filled with ashes, and this was just one day of a crematorium.

There are 7 crematoriums in Wuhan. How many people have to burn on this day? 🤔

Embedded video

END
CHINA/TRUE NUMBERS~
Michael Snyder on the true number of coronavirus victims and cases
(courtesy Michael Snyder)

Is The True Number Of Coronavirus Victims Far Larger Than We Are Being Told?

Update (1015ET): Just minutes ago, The Lancet just noted that this new modelling study estimates 75,800 individuals in the Chinese city of Wuhan may have been infected with 2019 novel coronavirus (2019-nCoV) as of January 25, 2020 – but authors caution that the true size of the epidemic remains unclear:

“Not everyone infected with 2019-nCoV would require or seek medical attention. During the urgent demands of an expanding epidemic of a new virus, especially when system capacity is getting overwhelmed, some of those infected may be undercounted in official register.”

*  *  *

Authored by Michael Snyder via The Economic Collapse blog,

The World Health Organization says that we are facing an “unprecedented outbreak”, and they are basing that assessment on the official numbers that we have been given so far.  But what if those numbers are not accurate and this outbreak is actually much, much worse than we have been led to believe?  According to the Chinese government, there are now 9,692 confirmed coronavirus cases in China, and the official death toll has risen to 213.

But the Wall Street Journal has already documented the fact that the death toll is being artificially suppressed.  As I discussed the other day, many of those that have died are being categorized as dying from “severe pneumonia” so that they won’t count as coronavirus deaths.  Meanwhile, it is becoming exceedingly clear that the number of confirmed cases is also much lower than it should be.  Large numbers of victims are being classified as “suspected cases” even after it is quite obvious that they have the virus.

CNN spoke to a Chinese woman named Shi Muying who has been told by her doctor that she has the coronravirus, but because a fourth test has not been administered yet she is still considered to be a “suspected case”

By January 26, Shi began to have a fever — one of the symptoms of the novel coronavirus. She went to the hospital’s fever clinic where she found over 20 patients, all waiting to be tested by one doctor.

She says she was given three tests — a nasal swipe to rule out the flu, a CT scan to compare her lungs against those of infected patients, and a blood test. After nine hours of tests and waiting for results she says the doctor told her that she had coronavirus, but because he could not give her the fourth and most definitive test, she could only be considered a suspected patient. Her 67-year-old father is in the same situation.

So this woman and her father do not count as confirmed cases at this point.  Instead, they are among the 12,100 suspected cases that are still supposedly waiting to be confirmed.

Of course Shi and her father were quite fortunate to actually be tested in the first place.  Many others have visited hospital after hospital only to be turned away each time.

The truth is that the Chinese medical system is simply unable to handle an outbreak of this magnitude.  The hospitals are being absolutely flooded by very sick people, and there aren’t enough doctors or enough resources to deal with them all.

According to a nurse that works at a hospital in Wuhan, what they are facing is truly a very desperate situation

According to a nurse in Wuhan who asked not to be identified for fear of professional repercussions, staff are overwhelmed, resources are running low, and there are no beds. There are so few hazmat suits that staff disinfect them at the end of their shift to wear again the next day, she said. Around 30 of the 500 medical staff at her hospital are now sick and admitted to hospital, and others — including her — have self-quarantined at home.

There really are a lot of people who can’t get admitted, but there’s no point in blaming the nurses. There are no beds, no resources. Are we supposed to just fight this battle bare-handed?” she said. “Right now, loads of medical staff are at breaking point … I see my sisters charging toward the front line and I feel so powerless.”

Will similar things start happening in other countries all over the globe?

On Thursday, the number of confirmed cases outside of China surpassed 100 for the first time.  The World Health Organization finally declared a global health emergency, and the head of the WHO warned that this is truly “an unprecedented outbreak”

“Over the past few weeks we have witnessed the emergence of a previously unknown pathogen that has escalated into an unprecedented outbreak,” WHO Director-General Tedros Adhanom Ghebreyesus said during a news conference at the organization’s Geneva headquarters on Thursday. “We must act together now to limit the spread.”

Of course there has only been a handful of cases in the United States so far, and so most Americans are not really overly concerned about this crisis at this point.

But if this virus continues to spread, that will soon change.

Reuters interviewed a 21-year-old American-born college student that is living in Wuhan named Nicholas Schneider, and he told Reuters that he has been trying to find a way out of the city.  Now that Wuhan has been totally locked down, he says that he feels “like I’m in an apocalypse somehow”

An eerie calm has descended on the normally bustling streets of the city of 11 million people, where Schneider has been studying geodesy – a branch of applied mathematics – at Wuhan University, about 10 miles (16 km) from where experts believe the new coronavirus originated in a market illegally trading in wildlife.

“It’s like a ghost town, barely any people and cars. It’s a weird feeling. I feel like I’m in an apocalypse somehow,” said Schneider in a phone interview with Reuters on Wednesday.

If this virus starts spreading like wildfire in the U.S., it is just a matter of time before U.S. cities are locked down in a similar manner.

And will our medical system be able to handle a large scale outbreak?

Certainly our system has more resources than China’s does, but the truth is that there aren’t enough hospital beds for all of us.

In fact, right now there are less than a million hospital beds in the entire country.

And there won’t be enough test kits for everyone either.  So far, all testing in the U.S. has been done at the CDC, and officials are hoping to make test kits available to local communities soon.

But what if thousands of sick people showed up at your local hospital demanding to be tested?

Would there be enough test kits?

In China, one journalist tried to get tested, and he was told there are only “100 or several hundred test-kits per hospital per day”

I tried getting tested at a hospital to see what the process was like. They asked me questions and told me to queue for testing. I went with a patient to Tongji Hospital. Lots of patients had been to multiple hospitals. I was genuinely scared.

The corridors in the out-patients department were all full of beds, lots of people were breathing with masks and oxygen tanks. In the corridors. They had to be seriously ill.

Dr said we need to select which patients to do the test on. There are only I was told 100 or several hundred test-kits per hospital per day. There aren’t enough, so doctors need to select those to check. So some people have been to 5-6 hospitals trying to get tested.

So a lot of sick people in Wuhan may never get tested at all.  Instead, many of them will just sit at home “and wait to die”.

Ultimately, we really do not know how many coronavirus victims there are in China right now.  As I discussed yesterday, researchers at the University of Hong Kong are estimating that there could be 44,000 victims at this point, but they have no way of knowing for sure.

But what we do know is that this pandemic is getting worse with each passing day.  Even if you just look at the official numbers, they are growing at an exponential rate.  Mysterious pandemics are one element of “the perfect storm” that we have been anticipating, and it looks like this current pandemic is only going to intensify in the months ahead.

And the more this pandemic grows, the more fear we are going to see.  Large numbers of people are going to be desperately afraid of getting sick and dying, and that has the potential to paralyze our society to an extent that we have never seen before.

END

4/EUROPEAN AFFAIRS

EU/GREAT BRITAIN/BREXIT

Funny: EU Vice president cuts off Farage by turning his mic. off after he bids the EU farewell

(Watson/Summit News)

EU Vice President Orders British Flags Removed From Parliament After Rousing Farage Brexit Speech

Authored by Paul Joseph Watson via Summit News,

EU Vice-President Mairead McGuinness cut off Nigel Farage’s mic and ordered British flags to be removed from the European Parliament in a moment that was emblematic of why the UK voted to leave in the first place.

The incident occurred during the formal vote to rubber stamp Britain’s departure from the globalist body.

Farage gave a rousing speech to mark his final appearance in the chamber just two days before Brexit is finally completed on Friday.

“We love Europe, we just hate the European Union,” said Farage, labeling the EU an “anti-democratic” institution that gave technocrats “power without accountability.”

The Brexit Party leader then spoke of a “historic” battle taking place in the west.

“It is globalism against populism and you may loathe populism, but I’ll tell you a funny thing, it’s becoming very popular,” said Farage.

“I know you want to ban our national flags, but we’re going to wave you goodbye,” said Farage before his audio was cut.

Shortly after Brexit Party MEPs began waving the flags, McGuinness cut Farage’s microphone and ordered the Union Jacks to be removed.

“If you disobey the rules, you get cut off, could we please remove the flags,” said McGuinness.

And that in a nutshell is the very reason why Britain is leaving the EU.

*  *  *

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end

EU:  Growth

First estimates of last quarter 2019 is below estimates

(Reuters)

Euro zone growth below expectations, core inflation slows

BRUSSELS, Jan 31 (Reuters) – The euro zone economy grew less than expected in the last quarter of 2019, a first estimate showed on Friday, while core inflation slowed in January, a worrying sign for the European Central Bank.

Gross domestic product in the 19 countries sharing the euro rose 0.1% quarter-on-quarter for a 1.0% year-on-year gain, according to Eurostat, the European Union’s statistics office. Economists polled by Reuters had expected a 0.2% quarterly and a 1.1% annual increase.

“The ECB will not like today’s data. This is because it is counting on stronger economic growth to drive inflation up. In fact, the economy actually lost momentum in autumn,” said Christoph Weil, an economist at Commerzbank.

The disappointing growth for the euro zone was mainly caused by GDP contractions in France and Italy, its second and third biggest economies.

The ECB targets inflation below but close to 2% over the medium term, but it has been struggling to hit that target for years, despite its programme of government purchases to inject more cash into the economy.

Eurostat said consumer prices fell 1.0% month-on-month in January for a 1.4% year-on-year rise, accelerating from a 1.3% rate in December and 1.0% in November.

But the pick-up in headline price growth was mainly caused by a jump in the volatile prices of food, alcohol and tobacco, which rose 2.2% year-on-year. Energy prices were also up 1.8%.

Without unprocessed food and energy — what the ECB calls core inflation — prices grew 1.3% year-on-year, decelerating from 1.4% in December.

An even narrower inflation measure watched by many market economists also excludes alcohol and tobacco, which can move if excise taxes change. It decelerated even more, to 1.1% from 1.3% in December, year-on-year.

“Headline inflation ticked up, but core inflation fell to 1.1%,” said Bert Colijn, senior euro zone economist at ING bank. “Core was always likely to come back down again as it had trended higher than price pressures warranted at 1.3% over the past two months.”

-END-

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA/CORONAVIRUS

Even after Russia cut off its border with China, it did not help as Russia confirms its first coronavirus case.

JPM and Goldman Sachs cut growth rates for the globe.  MARVELOUS SENSE OF DEDUCTION!!

(ZEROHEDGE)

Russia Confirms First Coronavirus Cases As JPM, Goldman Cut Growth Forecasts

Summary:

  • UK confirms first two coronavirus cases after multiple scares
  • Confirmed cases in China rise to 9,692 from 7,700 a day earlier
  • Risk-off mood hits stocks
  • Impact of virus “not fully reflected” in rigged China PMI number
  • At least two-thirds of China’s economy to stay shut.
  • Goldman disagrees with Ross, says virus blowback will wipe 0.4% off US GDP growth
  • ‘The U.K. health department confirmed two cases of coronavirus in England on Friday, while the U.S. and Japan advised citizens to avoid traveling to China.
  • Hong Kong schools shuttered until March 2
  • Singapore closes borders to Chinese travelers, first southeast Asian nation to do so.
  • 43 airlines cancel flights to China
  • France successfully evacuates citizens
  • 1,000 suspected virus cases ‘under observation’ in India
  • Confirmed cases near 10,000 as Russia confirms 2
  • JPM cuts global growth forecast

* * *

Update (0745ET): Like the UK, after several false alarms, Russia has now confirmed its first coronavirus cases, Deputy PM Tatiana Golikova confirmed, according to RT. Russian media said two cases have been confirmed, and are now in isolation.

 

Two Chinese citizens have been diagnosed with the coronavirus in Russia’s Zabaikalsky Krai and Tyumen Oblast in Siberia, Golikova said on Friday.

In other news, analysts at JPM have released their own projections for how the outbreak will hurt global growth: analysts at the biggest US bank shaved its forecast for global growth by 0.3% points for Q1.  “Based on the patterns observed from other epidemics, we assume that the outbreak will likely run its course over 2-3 months, meaning the hit to activity happens in the current quarter,” JPMorgan analysts wrote in a note to clients. “Also in line with historical experience, we expect a full recovery to follow.”

Goldman, meanwhile, forecast that the outbreak would shave 0.4% off Q1 growth in the US. After shuttering its land border with China, Russia said it’s weighing whether to temporarily halt working visas for Chinese nationals, in the latest repudiation of the WHO’s insistence that traveling to China is still ‘safe.’ The Vampire Squid also cut China’s 2020 GDP growth expectations to 5.5% from 5.9%

These, added to the latest count of confirmed cases from China, has sent the number of confirmed cases over 10,000.

* * *

Update (0650ET): India has only confirmed a single case of the virus, and the victim’s condition is said to be improving, But the Guardian just noted that there are 1,000 people under observation in various parts of Kerala. 15 are in isolation wards in various hospitals.

Authorities were attempting to contact all the passengers who traveled on a flight from Kolkata to Cochin on Jan. 23 that the infected patient had been on, a day after she traveled from Beijing.

Meanwhile, earlier, Carrie Lam, Hong Kong’s chief executive, offered some insight into the WHO’s insistence that countries don’t need to curtail travel to China, when she insisted that a complete border closure is “not the right answer.”

* * *

For a few hours on Friday, the global community will turn away from obsessively following outbreak news to acknowledge the UK finally leaving the EU. But with US stocks on track to open in the red once again now that the first cases have been confirmed in the UK after multiple scares, all other news on Friday will be more or less irrelevant.

Though the WHO insisted that restricting travel to China during the outbreak simply wouldn’t be necessary, airlines and governments continued to cancel flights and tighten border restrictions. American Airlines has acquiesced to the pilots union, which filed a lawsuit demanding that flights to China be cancelled, and cancelled two of its routes. According to Business Insider, 43 airlines – Lufthansa, British Air, United, American, Air Canada, Air Seoul, Air France, etc. – have cancelled some or all routes to China, with some of the cancellations stretching out until late March. Most have cited a drop in demand as the reason as passenger plane traffic has plummeted. Russia has closed its border, Italy has cancelled flights to China, while the US and Japan have implemented the most urgent travel warnings advising citizens not to travel to China. Other governments, including the UK, have warned against travel to Hubei.

Singapore has also closed its borders to all Chinese travelers, becoming the first southeast Asian country to do so.

The number of cases and the death toll haven’t budged from late Thursday in New York, when we filed our last update. However, speculation about underreporting by the Chinese government has intensified in recent days. Though the total number of cases of the novel coroanvirus outbreak has already surpassed the total from the entire 2002-2003 SARS outbreak.

Research suggesting (though not confirming) that the virus can spread asymptomatically – meaning that individuals are contagious before they’re even aware they have contracted the virus.

Roughly half of Chinese will stay home from work next week, and indefinitely until the virus is contained, according to local officials. This is tantamount to two-thirds of the economy – the second-largest economy in the world – virtually guaranteeing that knock-on impact to global growth will be severe.

Now to the big news on Friday: UK health officials have confirmed two cases of the virus in England. The victims are being treated at a hospital in Newcastle.

Kate Proctor

@Kate_M_Proctor

BREAKING: two cases of coronavirus being treated at Newcastle’s infectious disease unit.
New Gov advice: anyone coming back from China with respiratory symptoms should self isolate for 14 days.
Anyone coming back from Wuhan, with symptoms or not, should self isolate for 14 days.

As Beijing scrambles to contain the outbreak, the contagion has spread to all 31 of mainland China’s provinces, municipalities and autonomous regions, and at least 19 other countries or territories. After confirming its first cases on Thursday and cancelling all flights to China, Italy has declared a state of emergency to last six months.

Though officials are touting unexpectedly strong progress on their two slap-dash coronavirus hospitals – Huoshenshan and Leishenshan – being erected in Wuhan to house another 2,300 patients, Beijing has sent more than 7,000 medical workers to the province to help fight the disease. As of Thursday, the province had reported 5,806 confirmed cases, with 32,340 people still under observation for infection. A total of 804 patients were in severe condition and 290 in critical condition. Across China, there were more than 100,000 people under observation as of Friday morning, according to Bloomberg.

France is the latest country to complete a chartered evacuation flight has rescued dozens of citizens from virus-plagued Wuhan.

As mask shortages led to absurd price gouging, China is importing more than 56.228 million masks in the past week, according to the General Administration of Customs. Some 290 million yuan (US$41.8 million) worth of protective gear was imported between Jan. 24 and Jan. 30. That included the masks, 69,000 pairs of goggles, and 738,000 items of protective clothing, according to the SCMP.

Shocking photos published by the Guardian that were allegedly smuggled out of Wuhan show nurses at a hospital making their own makeshift facemasks out of cloth.

Hong Kong schools have announced that they will remain closed until March 2. Many countries, including Vietnam and the US, have suspended some or all visa processing for Chinese citizens, or residents of Hubei.

Goldman said it expects the outbreak to wipe 0.4 percentage point off US GDP growth during Q1. However, the investment bank believes growth will rebound in Q2, and that the long-term impact would be negligible. Labor Secretary Wilbur Ross disagrees, arguing that the outbreak will help bring more jobs back to the US.

One thing’s for sure: The total economic fallout will be difficult to gauge until we figure out how long it will take to implement a vaccine. If a vaccine really is a whole year away, that could become a problem.

END

TURKEY/LIBYA

Turkey has broken its promise made in Berlin and has sent in two warships as well as Syrian terrorists into the capital city of Tripoli.  Libya is now a “dog’s breakfast”

(AlMasdarNews)

Turkey Deploys Warships, Air Defenses & Heavy Armor To Libya

Via AlMasdarNews.com,

The Libyan National Army (LNA) announced that Turkey had deployed two Turkish warships, anti-aircraft missiles and air defense systems to the capital city of Tripoli.

In addition to this accusation, the LNA said the Turkish military sent at least 3,000 Syrian militants to Libya since late December.

 

Widely circulated photographs which appeared online this week amid charges by Macron that Turkey has violated the Berlin agreement.

“The number of Syrian mercenaries transported by Turkey to Libya exceeded three thousand,” the Libyan National Army spokesman, Major General Ahmed al-Mesmari said at a press conference yesterday evening, noting that “Ankara transported dangerous terrorists from Syria to Libya through the Misrata and Mitiga airports and Port of Tripoli.”

Weeks after the Turkish government announced plans to send various forces to Libya to support that country’s internationally recognized government, there are now indications that those deployments are well underway. Two Turkish Navy Gabya class frigates have appeared off the coast of Tripoli, the official Libyan capital, and there are reports emerging now that Turkish troops and heavy armor are arriving in that city, too.

The French President, Emmanuel Macron, accused Turkey of violating the pledges it had made during the Berlin conference held on January 19 to settle the Libyan crisis, noting that France had monitored during the past days ships transporting Syrian mercenaries to Libya. — The Drive

James Wheeler@wheelertweets

Big News: Turkish Frigates Appear Off Tripoli, Libya amid Reports of Turkish Troops and Tanks Landing Ashore

Islamist Erdogan’s warships, soldiers & tanks arrive from Turkey to support GNA militias & Syrian mercenaries against Libyan Parliament-backed LNA https://www.thedrive.com/the-war-zone/32002/two-turkish-frigates-appear-of-libya-amid-reports-of-troops-and-armor-landing-ashore 

Two Turkish Frigates Appear Off Libya Amid Reports Of Troops And Armor Landing Ashore

These developments point to a major escalation in Turkey’s involvement in the conflict following abortive attempts to broker a ceasefire.

thedrive.com

Macron said, during a press conference with Greek Prime Minister Kyriakos Mitsotakis in Paris, that “Turkey has broken its promises it made during the Berlin conference.”

Macron further said, “In recent days, we detected Turkish ships carrying Syrian mercenaries who arrived in Libya.”

Yörük Işık

@YorukIsik

⚠️ If the picture is real, then Turkish Navy frigates TCG Göksu or TCG Gökova , (O.H. Perry frigates) is in Tripoli https://twitter.com/libyapro2/status/1222268972185391104 

Ali Ahmed@LibyaPro2

Tripoli coast

View image on Twitter
View image on Twitter

The Turkish Foreign Ministry for its part criticized Macron’s statements, saying that “France is responsible for the problems that Libya has experienced since the crisis began in 2011.”

END

6.Global Issues

THE GLOBE/MASKS/CORONAVIRUS

I can certainly vouch for this:  there is a global run for virus masks.  I urge everyone to get a N95 or N98 viral mask

(see below)

“It’s Crazy” – Global Run On Virus Masks Leaves US And Europe With No Supply

The first human-to-human transmission of coronavirus in the U.S. was confirmed on Thursday, hitting all media outlets, which will drive fears and push consumers to purchase virus masks online and or at brick and mortar stores. There’s just one big problem: virus masks are all sold out.

The run on virus masks started several weeks ago. We first documented the run seven days ago, noting how Google searches for “n95 mask” were exponentially rising across the world.

Six days ago, we documented how the 3M N95 Medical Mask was sold out in Asia as the deadly virus spread across China and surrounding countries.

Then four days ago, we started to notice “virus mask” and “n95 mask” searches in the U.S. were continuing to rise.

While searching for 3M N95 masks at Home Depot stores across the country, we found that many of the stores from New York to California were sold out.

Now the Financial Times has joined in the reporting on updating on the mask situation in the U.S. and Europe.

Their report notes “online retailers, manufacturers and pharmacies in the EU and U.K. selling out of the products in the past week,” which is in-line with our reporting. 

In a statement from 3M, which supplies the N95 mask, the company said it expanded production and is “working with distributors to help ensure they have inventory to meet end-user demand.”

S.P. Services, a UK-based medical supplier, said it just experienced several years’ worth of demand in the last two weeks as a huge run on masks is underway thanks to coronavirus fears.

Simon Leggett, managing director of S.P. Services, told the Times that “3M brand is the hot one, the one that everybody wants at the moment.”

Again, F.T.’s report is in-line with our reporting, as many in Asia have only demanded 3M N95 masks. We noted in one instance, prices of 3M N95 masks in Japan skyrocketed many folds last week as a shortage was seen.

“It’s crazy — it’s the first time I’ve seen a global scale mask event,” said Chris Dobbing, CEO of Cambridge Mask Company, a UK-based group which makes masks.

Dobbing said its production facilities in Xiamen,China, and Batam, Indonesia, had been ramped up to the highest production output to meet the unprecedented demand.

China said on Thursday that is has urged domestic manufacturers to increase mask output as confirmed cases jumped to 8,200 worldwide, with 170 fatalities.

CVS, a major US pharmacy chain with 9,000 stores, said that it requested more virus masks from suppliers as they’re flying off the shelves in all 50 states.

“They’re sold out everywhere,” said a manager at a CVS pharmacy in Manhattan’s SoHo district.

Yellow Red Sparks 🌕

@yellowredsparks

One minute from my house in OC, Ca. The panic is real.

View image on Twitter

“I have never experienced anything this significant,” said Ray Scott, owner of ATC Medical in Tennessee, an online medical products company.

“[Consumers] are buying any type of mask. At first, they were particular about a certain kind, but inventory went to zero. Then they started looking at other types of masks, and that all went to zero,” said Scott.

Boots, one of the largest pharmacy retailers in the U.K., said many of its virus masks have sold out in the last several weeks.

The company said it was “working to make additional stock available for customers to purchase in store and on boots.com which we hope will land over the next week.”

Amazon sellers in the U.S. and Europe have also sold out of certain virus masks, as the confirmed cases have now exceeded the entire SARS epidemic.

END
Dr Chris Martenson is a toxicologist and specialist in neurotoxicology (post doctoral/Duke).  However his true love is economics.  He is a specialist in viral diseases  etc so please pay attention to what he says
(Chris Martenson)

Martenson Fumes: The W.H.O. Just Prioritized Money Over Human Life

Authored by Adam Taggart via PeakProsperity.com,

Yesterday, the World Health Organization (W.H.O.) declared that the Wuhan coronavirus is indeed now a pandemic.

Scary news, right?

Well…not if you kept listening. The W.H.O. then proceeded to downplay the risk to public health and took pains to make it clear it doesn’t recommend placing restrictions on global trade & travel at this time.

What?!? When we may be in dealing with a viral outbreak as (or more!) virulent than the Spanish Flu? (aka The Great Influenza)

Folks, this is nothing less than a political decision to keep business/commerce flowing without regard to public health.

The W.H.O. has chosen money over people’s lives:

As an aside, this is not the first time that WHO Director-General Tedros Adhanom Ghebreyesus has potentially not told the ‘whole truth’. As The NY Times reportshe was accused in 2017 of covering up three cholera epidemics in his home country, Ethiopia, when he was health minister.

end

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1044 UP .0015 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /RED

 

 

USA/JAPAN YEN 108.95 UP 0.055 (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 1.3126   DOWN   0.0041  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TODAY  JAN 31/2020//

USA/CAN 1.3229 UP .0017 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  FRIDAY morning in Europe, the Euro ROSE BY 15 basis points, trading now ABOVE the important 1.08 level RISING to 1.1044 Last night Shanghai COMPOSITE CLOSED  

 

//Hang Sang CLOSED 

/AUSTRALIA CLOSED DOWN 0,42%// EUROPEAN BOURSES ALL RED

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED 

 

 

/SHANGHAI CLOSED 

 

Australia BOURSE CLOSED UP .18% 

 

 

Nikkei (Japan) CLOSED UP 227.43  POINTS OR 0.99%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1579.00

silver:$17.84-

Early FRIDAY morning USA 10 year bond yield: 1.56% !!! DOWN 3 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.03 DOWN 2  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 97.80 DOWN 7 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.27% DOWN 4 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: -.07%  DOWN 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.24%//DOWN 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD: 94  DOWN 1 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 70 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.43% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.33% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.1081  UP     .0053 or 53 basis points

USA/Japan: 108.48 DOWN .413 OR YEN UP 41  basis points/

Great Britain/USA 1.3189 UP .01050 POUND UP 105  BASIS POINTS)

Canadian dollar DOWN 19 basis points to 1.3231

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: ATXX     ON SHORE  (XX)..

THE USA/YUAN OFFSHORE:  6.9974  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  5.9804 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

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

 

Your closing 10 yr US bond yield DOWN 3 IN basis points from THURSDAY at 1.53 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.01 DOWN 4 in basis points on the day

Your closing USA dollar index, 97.47 DOWN 47   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 FRIDAY: 12:00 PM

London: CLOSED DOWN 495.95  1.30%

German Dax :  CLOSED DOWN 175.15 POINTS OR 1.33%

 

Paris Cac CLOSED DOWN 65.43 POINTS 1.11%

Spain IBEX CLOSED DOWN 110.00 POINTS or 1.16%

Italian MIB: CLOSED DOWN 549.09 POINTS OR 2.29%

 

 

WTI Oil price; 51.41 12:00  PM  EST

Brent Oil: 56.54 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    63.83  THE CROSS HIGHER BY 0.63 RUBLES/DOLLAR (RUBLE LOWER BY 63 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.43 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 :  51.49//

 

 

BRENT :  56.66

USA 10 YR BOND YIELD: … 1.51 down 8 basis pts…

 

 

 

USA 30 YR BOND YIELD: 1.99..down 6 basis pts..

 

 

 

 

 

EURO/USA 1.1089 ( UP 61   BASIS POINTS)

USA/JAPANESE YEN:108.37 DOWN .514 (YEN UP 51 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 97.39 DOWN 48 cent(s)/

The British pound at 4 pm   Britain Pound/USA:13202 UP 117  POINTS

 

the Turkish lira close: 5.9848

 

 

the Russian rouble 63.94   DOWN 0.74 Roubles against the uSA dollar.( DOWN 76 BASIS POINTS)

Canadian dollar:  1.3232 DOWN 20 BASIS pts

USA/CHINESE YUAN (CNY) :  6XX  (ONSHORE)/

 

USA/CHINESE YUAN(CNH): 6.9995 (OFFSHORE) we need to watch these levels/anything greater than 7.09 will be deadly/

German 10 yr bond yield at 5 pm: ,-0.43%

 

The Dow closed DOWN 603.41 POINTS OR 0.01%

 

NASDAQ closed DOWN 148.00 POINTS OR  1.48%

 


VOLATILITY INDEX:  18.84 CLOSED UP 3.35

LIBOR 3 MONTH DURATION: 1.763%//libor dropping like a stone

 

USA trading today in Graph Form

Pandemic-onium Sparks Global Market Meltdown, Bonds Soar Most In 5 Years

After months of cool, calm, and collected risk-on rallies, January saw traders shit the bed as BTFD strategies faltered across every asset-class…

…as The Fed balance sheet stopped expanding…

Source: Bloomberg

How bad was January?

  • US Stocks worst start to a year since 2016
  • China stocks (futures) worst start to a year since 2016
  • UK Stocks worst start to a year since 2014
  • Biggest January jump in VIX since 2014
  • Treasury yields biggest January drop since 2015
  • Yield curve flattened 2nd most in four years
  • Copper’s worst start to a year since 2015 (and worst losing streak in history)
  • WTI’s worst start to a year since 1991
  • Gold’s best start to a year since 2017

And as stocks and industrial commodities plunged, so the rates market panicked and started to price in almost 2 rate-cuts in 2020 – Please Jay Powell, save us!!

Source: Bloomberg

Chinese markets have been shut all week but judging by A50 futures, the Shanghai Composite is set to open down 350 points (about a 12% drop)

Source: Bloomberg

Europe was red across the board with UK’s FTSE worst as Brexit Day finally arrives…

Source: Bloomberg

“Dead-Bat-Bounce” Dies.

zerohedge@zerohedge

Dear investors, unfortunately we have some bad news. Going into Friday we used 50x leverage, so…https://www.youtube.com/watch?v=TGwZVGKG30s 

S&P, Dow Industrials, Dow Transports, and Russell 2000 suffered their biggest daily drop since August…

US markets ended the month on an escalatingly ugly note with The Dow joining Trannies and Small Caps in the red for the month and the S&P clinging to unchanged…

The final pumpathon from the Task Force was desperate to get the S&P back above 3230.78 – positive for the year…

Things could have been worse – AMZN saved the Nasdaq and S&P from worse days, and IBM saved The Dow from being even uglier.

AMZN joined the ‘cuattro comas’ club…

Source: Bloomberg

Notably, 2020’s top-five S&P 500 gainers contributed more points to the index than in any other January going back to 1999.

Source: Bloomberg

Notably stocks really accelerated as prices dropped through their peak exposure and gamma flipped negative…

All the US majors fell back through to to crucial technical levels…

Dow futures plunged over 600 points back near the Iran Missile Strike spike lows from early January…the Strike Force press conference at the end of the day was used to manipulate prices off the lows

Defensives ended the month in the green while cyclicals were hit hard late on…

Source: Bloomberg

VIX soared above 19 today – highest since October 10th…

Source: Bloomberg

And the VIX term structure inverted today…

Source: Bloomberg

And both equity and credit protection costs soared in the last week…

Source: Bloomberg

HY Bond prices had their worst month since May 2019…

Source: Bloomberg

But the decoupling between bond yields and stocks this month was farcical…

Source: Bloomberg

Treasury yields tumbled this week (and month)…

Source: Bloomberg

Don’t worry though…

  • Clarida: Drop in Long-Term U.S. Treasury Yields Reflects Global Uncertainty
  • Clarida: “I’m Not Today Concerned About the Inverted Yield Curve”

30Y Yields broke below 2.00%…

Source: Bloomberg

2Y Yields plunged to their lowest since Sept 2017…

Source: Bloomberg

The yield curve flattened massively in January – the second biggest monthly drop since Jan 2016 – 3m10Y flattened 40bps and is back inverted…

Source: Bloomberg

And finally, January saw negative yielding debt jump over 20% (almost $2.3 trillion) – most since Aug 2017…

Source: Bloomberg

The Dollar dumped today but ended the month higher…

Source: Bloomberg

Offshore Yuan fell on the month, its first monthly drop since August, back to the crucial 7.00 level…

Source: Bloomberg

Cryptos had a huge January with Bitcoin up over 30% – best month since June…

Source: Bloomberg

Crude and Copper were clubbed like baby seals in January, Gold managed gains…

Source: Bloomberg

Lean Hogs collapsed…

Source: Bloomberg

Soybeans crashed…

Source: Bloomberg

Copper Carnage…

Source: Bloomberg

WTI tumbled to a $50 handle intraday – a critical support level…

Source: Bloomberg

Gold jumped back up near $1600…to its highest close since March 2013

Source: Bloomberg

Finally, don’t forget that none of this decline should surprise you – did it really take a global pandemic to reintroduce some market rationality?

Source: Bloomberg

And if Dr.Copper is right, the global economy is in for some serious turbulence…

Source: Bloomberg

Reminder – one week ago in Davos, Ray Dalio told the world that “cash is trash!”

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

Dow Dumps As ‘Dead-Bat-Bounce’ Dies, 30Y Yield Tumbles Near 1 Handle

It would appear, once again, that the stunning ignorance of the machines in believing ‘this’ is over has been proven wrong by the reality on the ground and in bond markets…

The Dow is down over 300 points (would be more if IBM wasn’t helping), erasing the constant BTFD ‘Dead-Bat-Bounce’ ramps we have seen this week…

And 30Y Yields are testing a 1 handle for the first time since October

Source: Bloomberg

Yuan also dumped, erasing yesterday’s spike…

Source: Bloomberg

So what will be the idiotic catalyst for a ramp today into the close to keep The Dow green for 2019?

end

Dow Drops 400 Points, Turns Red For 2020, Tests Critical Technical Level

Well that escalated quickly…

Dow down over 400 points as reality bites on the the global pandemic

The Dow joins Trannies and Small Caps in the red for the year…

 

Testing its 50DMA for the first time since October…

And 30Y broke to a 1 handle…

 

ii)Market data/USA

Income  growth weak, savings slump but spending jumps with the income growth

(zerohedge)

Savings Slump As US Spending Jumps With Income Growth Weakest In 2 Years

After surging higher in November, analysts expected US personal income and spending growth to slow modestly in December and it did with income growth disappointing.

Personal Spending rose 0.3% MoM (as expected) in December, slightly slower than November’s 0.4% MoM jump.

Personal Income disappointed, rising 0.2% MoM against expectations of a 0.3% rise (and November’s data was revised down from +0.5% to +0.4%).

Source: Bloomberg

But on a YoY basis, the good ‘ol American consumer refused to be restricted by weaker growth in their income (+3.9% – slowest since Jan 2017) and surged spending at a 5.9% YoY rate…

Source: Bloomberg

Sending the savings rate to 6-month lows…

Income gains accelerated for government workers in December but slowed for non-government workers…

After adjusting for

 

endinflation, spending climbed 0.1%. That gain was driven by prescription drugs and health care, suggesting that discretionary outlays may be less robust than the headline figures indicate.

Finally, we note that The Fed’s favorite inflation indicator – The PCE Deflator – ticked up in December to its highest in 12 months…

Source: Bloomberg

end

Chicago area PMI plummets

(zerohedge)

Chicago PMI Plunges To Lowest In 4 Years

After slumping into year-end, Regional Fed surveys have (surprisingly) exploded higher this month with Richmond and Philly surveys spiking almost by the most on record.

Today’s Chicago PMI was expected to follow suit – though less excitedly – with a modest gain but instead it missed massively, plunging to its lowest since Dec 2015 – printing 42.9 vs 48.9 expectations.

Source: Bloomberg

None of the underlying components rose in December:

  • Business barometer fell at a faster pace, signaling contraction
  • Prices paid rose at a slower pace, signaling expansion
  • New orders fell at a faster pace, signaling contraction
  • Employment fell at a faster pace, signaling contraction
  • Inventories fell at a faster pace, signaling contraction
  • Supplier deliveries rose at a slower pace, signaling expansion
  • Production fell at a faster pace, signaling contraction
  • Order backlogs fell at a faster pace, signaling contraction

Having tumbled by the most in 39 years last year, Chicago PMI has no been in contraction (sub-50) for 7 months in a row – something it has not done outside of recession… ever

Source: Bloomberg

As a reminder Dec 2015 was the last time China’s economy was in freefall.

end

iii) Important USA Economic Stories

This was inevitable:  The Trump tax plan sparks an exoddus of middle class citizens to move from California and New York to jurisdictions like Florida Texas, Idaho etc.

(zerohedge)

“It Was The Final Bucket Of Straw” – Trump Tax Plan Sparks Middle-Class Exodus From California, New York

Years of mismanagement by unaccountable Democrats in Sacramento has made it practically impossible to build new homes in the state of California. And even with the minimum-wage hikes, affordable homes are still few and far between.

Over the years, we’ve closely followed the trend of frustrated Californians seeking greener (or at least cheaper) pastures in Nevada, Idaho, Texas and other states in the West, Midwest and the South, because it’s a great example of how high-tax states sacrifice economic growth for the ability to finance generous benefits to state workers, as well as other generous giveaways.

But not only is this trend ultimately a threat to the local economy, which, to be fair, is still roaring, even if fewer and fewer residents are reaping the spoils, but just as we highlighted a few weeks back, the net population decline might cost the Golden State a few seats in Congress once the 2020 census is completed.

While most tax-paying Americans saw their overall tax bill decline under President Trump’s tax-reform package – and American corporations pay substantially less as well – there’s no question that homeowners in blue states, a group that includes some of the most affluent people in the county, lost out. By capping how much of an individual’s property and income taxes can be written off their federal tax bill, as well as lowering the threshold for mortgages that qualify for interest deductions to $750,000 from $1 million (one reason why the luxury market in places like Greenwich has gotten whacked), Trump managed to exact his revenge on the blue-staters who supported his presidential rival back in 2016.

 

Now, Trump has said offhandedly that there’s been talk of reinstating the deductions and raising the mortgage cap. But for the most part, this seems like idle talk. The federal budget deficit has exploded, but Trump and his team are still talking up their tax-reform part 2 (though it’s likely this chatter mostly a ruse to pump the market). But suspect any tax cuts between now and November will be focused squarely on aiding the midwestern states who handed Trump the presidency.

Since the tax-reform package was passed, what was once a trickle of blue-staters fleeing places like California, New York, New Jersey, Connecticut and even Texas over the past two years has become a flood.

And after a smattering of stories detailing the gradual migration from high-cost blue states and cities like San Francisco and New York (we’ve paid close attention to the trend over the years), two WSJ banking reporters have published a deep dive on the trend, signaling its arrival as a major national issue.

Just like Carl Icahn and David Tepper left New York and New Jersey for Florida, millions of Americans are following suit, swapping Connecticut for Florida, Nevada or Arizona.

Two years after President Trump signed the tax law, its effects are rippling through local economies and housing markets, pushing some people to move from high-tax states where they have long lived. Parts of Florida, for example, are getting an influx of buyers from states such as New York, New Jersey and Illinois.

Though the exact figures have probably changed since the tax reform was passed, this map helps illustrate how capping SALT and lowering threshold for mortgages impacted each state.

While President Trump, Secretary Mnuchin and the rest of the administration have insisted that they capped the deductions to end what they described as an unfair subsidy for blue states. The average US property tax bill in 2018 was about $3,500, according to Attom Data Solutions, a real-estate data firm cited by WSJ. But in New York, New Jersey and Connecticut, hundreds of thousands of residents make annual property tax payments well above that level. In New York’s tony Westchester County, the average property tax bill is more than $17,000.

Most of the people interviewed by WSJ said they had long considered moving to a more tax-friendly state. But for many, Trump’s tax plan was the catalyst to actually act on these impulses.

“It was another bucket of straw on the back of the camel,” said John Lee, a wealth-management executive and longtime resident of the Sacramento, Calif., area. Mr. Lee and his wife, Tracy, moved their primary residence last winter to Incline Village, a resort community on the Nevada side of Lake Tahoe.

The Lees kept their California home, where one of their six adult children is living. That means they are still paying California property taxes. But Mr. Lee estimates the move to Nevada, which has no state income tax, whacked his state tax bill by 90%.

The impact on housing markets in the ten most heavily taxed states has been impossible to ignore. The Manhattan luxury housing market is showing signs of serious distress that’s provoking anxieties among the wealthy developers who were expecting a boom in demand. According to Fitch Ratings, home-price appreciation in these states declined almost immediately after the tax reform package was passed. By comparison, home-price appreciation was steady for the 10 states with the lowest property taxes and levels of mortgage interest.

Among Gen Xers and Boomers who have only recently achieved empty-nest status, plotting an escape from taxation hell has become a simple tenant of good retirement planning.

Rick Bechtel, head of U.S. residential lending at TD Bank, lives in the Chicago area and said he recently went to a party where it felt like everyone was planning their moves to Florida. “It’s unbelievable to me the number of conversations that I’m listening to that begin with ‘When are you leaving?’ and ‘Where are you going?'” he said.

Even some states known for having relatively low taxes are being affected by this trend, as some residents opt for states with no income tax, like Florida or Nevada.

The dynamic is affecting even states typically thought to have low taxes. Mauricio Navarro and his family left Texas last year for Weston, Fla. Neither state collects its own income tax, but Mr. Navarro was paying more than $25,000 annually in property taxes in the Houston area, he said. Texas ranks among the states with the highest share of taxpayers who pay more than $10,000 in property taxes, according to the National Association of Home Builders.

Filling out his 2018 tax returns helped motivate him to move with his wife and two children, said Mr. Navarro, who owns a software-development business.

“It was not that we were struggling,” he said. “It’s that we did some analysis.”

Mr. Navarro is renting but plans to eventually buy a home in Florida. He expects his property tax bill will be lower than it was in Texas.

Another angle to this story that wasn’t really discussed in the WSJ piece is how this migration will impact state budgets. Particularly in California’s case, many of those leaving are homeowners and taxpayers, people who bear a disproportionate burden in financing the state budget. With pension funds in Illinois already dangerously underfunded thanks to the unsustainable benefits lavished on state employees.

A few days ago, the Chicago Tribune published an interesting editorial on the subject of pension reform that gets right to the heart of the problem:

You and your neighbor have a decade of familiarity and own similarly comfortable homes. You drive similarly fuel-efficient family SUVs.

You even cut your lawns in similar stripe patterns each Saturday, nodding to one another as you sweep the clippings and wrestle giant paper bags.

But when it comes to retirement, the similarities end. Your neighbor, who pulled in a similar salary, worked for the state. You didn’t.

The thought of retirement terrifies you as you prepare to live on a fixed 401(k) — one close to the American average of $195,000 for people close to retirement. Most of it comes from earnings that you’ve socked away over the years. Combined with a meager Social Security check, which maxes out at a little over $45,400 per year, it’ll have to last you for the rest of your life.

Your neighbor, meanwhile, is expected to receive more than $1.5 million in pension benefits during the course of his retirement. He personally contributed less than $60,000 to the pot. He gets to retire at 56. You? 70, if you’re lucky.

If a huge chunk of Illinois middle class decamps for Florida, what then?

But we digress. Another issue with this new great American migration is that sometimes the transplants clash with the locals – not only because of their ultra-liberal California values, but also because they’re inconveniently driving up home prices and rents for everybody else. As more Californians flood into Nevada, the locals have greeted them with a whiff of suspicion. “I just hope all the Californians going to Nevada don’t turn Nevada into a California,” said one recent transplant.

After watching how they bungled things in their former home state, that would indeed be a tragedy.

end

 

The fight for chicken supremacy between Chick Fil A  and Popeye’s is depleting the uSA if all of its supply of little chickens

(zerohedge)

The Fast Food Sandwich War Is Depleting The US Of Its Entire Supply Of Little Chickens

The war between chicken companies Popeye’s and Chick-Fil-A – most recently in the news for various fights and arguments in Popeye’s drive-thru lines – carries with it another negative consequence: the two companies are using up the world’s supply of little chickens.

Both companies use little chickens because the size of the quarter pound breasts fits perfectly inside of a bun.

A shortage of the little chickens was the cause of Popeye’s having to halt their challenge to Chick-Fil-A last summer. The supply is going to be further put to the test as McDonald’s is now also entering the fray, testing fried chicken sandwiches in four U.S. cities. Wendy’s is also spending $30 million to “beef up” its chicken supply chain.

Scott Sechler, owner of poultry producer Bell & Evans, said: “Consumers don’t want tough and tasteless big chickens. There’s increasing consumer demand for smaller, premium-quality birds.”

Chickens have been the most popular meat in the U.S. for a long time and more chicken is eaten in the U.S. than anywhere else in the world. The average person in the U.S. eats 93.5 pounds of chicken per year, according to the National Chicken Council (yes, apparently this is actually an organization).

Today’s chickens raised for meat average about 6 pounds, compared to the 2.5 pounds they weighed on average in 1925. But birds lighter than 4.25 pounds are the ones now in demand by restaurants in the chicken sandwich market.

David Maloni, executive vice-president of analytics at supply-chain consultant ArrowStream said: “It’s getting harder and harder to get that smaller bird, so they’re paying a premium. The fast-food chains won’t settle for bigger birds.”

Chick-Fil-A total sales were up 13% last year on the backbone of its flagship chicken sandwich, leading analysts to believe it poses “the largest competitive threat” to McDonald’s in the U.S. 

Popeye’s said the demand for its chicken sandwich was so overwhelming last year that it went through several months of supply in just 14 days. The sandwich, which debuted in the summer, didn’t come back until November. In the 3rd quarter, it helped propel Popeye’s same store sales to rise 10%, the highest it has risen in decades. 

McDonald’s and Wendy’s are now targeting the same success. In 2017, Wendy’s said it was cutting its average chicken size by 20%.

“We saw instant feedback from our customers, who told us our sandwiches across the entire chicken lineup were juicier and more tender,” said Liliana Esposito, chief communications officer for Wendy’s.

The demand has redlined production for suppliers.

Will Sawyer, an animal-protein economist at Colorado-based rural lender CoBank ACB said: “Whatever demand growth we might have on smaller breasts, there’s no new supply to meet that demand. Everyone wants a bite out of that market.”

iv) Swamp commentaries)

This is going to be fun:  A Tennessee State Rep files a bill to officially designate CNN and the Washington post as fake news

(Watson/SummitNews)

 

Tennessee State Rep. Files Bill To Officially Designate CNN As ‘Fake News’

Authored by Steve Watson via Summit News,

In a move that is sure to please President Trump, a State Representative in Tennessee has introduced legislation that would officially designate CNN, as well as The Washington Post, as fake news.

Republican Rep. Micah Van Huss filed the bill Wednesday, with the summary describing it as “A RESOLUTION to recognize CNN and The Washington Post as fake news and condemn them for denigrating our citizens.”

 

Taking to social media, Van Huss, a former Marine who served tours in Iraq and Afghanistan, declared “I’ve filed HJR 779 on behalf of a constituency that’s tired of fake news and Republicans who don’t fight.”

View image on Twitter

The legislation insists that The Washington Post and CNN have drawn a “line between Trump opponents and Trump supporters” by describing Trump voters as “cultists.”

The bill describes a specific instance where a CNN talking head “suggested that Trump supporters belong to a cult and that our president is using mind control.”

Infowars reported on the segment, aired last November on CNN, where Brian Stelter brought on ‘cult expert’, Steven Hassan, author of a book titled The Cult of Trump.

The pair urged viewers that the President is a ‘pathological liar’, and displays ‘the characteristics of destructive cult leader’.

They further suggested that ‘mind controlled’ Trump supporters need to be ‘deprogrammed’ and broken out of their ‘bubbles’.

The Tennesee bill continues:

“WHEREAS, it is fascinating to see this latest ‘cult-of-Trump’ meme coming from the left, because they are the true masters of deploying mobs to demand total conformity and compliance with their agenda; and WHEREAS, any thoughtful observer can see the cult-of-Trump meme as a classic case of psychological projection; after all, accusing someone’s perceived opponent of exactly what one intends to do is a very old tactic; and WHEREAS, the mainstream media is in a panic because President Trump has opened the eyes of many average Americans who are tired of politics as usual.”

The crux of the legislation argues that all of this “oversimplifies the way people think and feel about their own beliefs and those on the other side of that line.”

The bill reasons that therefore the media outlets pushing this agenda should be recognised as “fake news and part of the media wing of the Democratic Party.”

“BE IT FURTHER RESOLVED, that we condemn them for denigrating our citizens and implying that they are weak-minded followers instead of people exercising their rights that our veterans paid for with their blood,” the bill asserts.

end
it begins:  Carter Page sues the DNC and the legal firm Perkins Coie over the phony Steele Dossier
(zerohedge)

Carter Page Sues DNC Over Steele Dossier In “Opening Salvo”

Carter Page is suing the DNC and the Perkins Coie law firm for their roles in funding the infamous Steele dossier, which was used as the foundation for controversial surveillance warrants used by the Obama administration to spy on him during and after the 2016 US election.

The former Trump campaign adviser filed a lawsuit Thursday in the Northern District of Illinois’ Eastern Division, which his attorneys described as the “first of multiple actions in the wake of historic” Foreign Intelligence Surveillance Act (FISA) abuse, according to Fox News.

“Defendants developed a dossier replete with falsehoods about numerous individuals associated with the Trump campaign—especially Dr. Page. Defendants then sought to tarnish the Trump campaign and its affiliates (including Dr. Page) by publicizing this false information,” reads the lawsuit, which adds “Even the DOJ and the FISC have recognized that the false information spread by Defendants led to invalid FISA warrants against Dr. Page.

Justice Department Inspector General Michael Horowitz announced in a December report that the FBI made repeated errors and misrepresentations to the FISA court in the agency’s ham-handed efforts to surveil Page and those in his orbit in 2016 and 2017.

Horowitz confirmed that the FBI’s FISA applications to monitor Page heavily relied on the dossier and news reports rooted in Steele’s unverified research.

Just last week, the FISC released a newly declassified summary of a Justice Department assessment revealing at least two of the FBI’s surveillance applications to monitor Page lacked probable cause. -Fox News

This is a first step to ensure that the full extent of the FISA abuse that has occurred during the last few years is exposed and remedied,” said attorney John Pierce on Thursday, adding “Defendants and those they worked with inside the federal government did not and will not succeed in making America a surveillance state.”

This is only the first salvo. We will follow the evidence wherever it leads, no matter how high. … The rule of law will prevail.

 

Page first filed a defamation suit on his own against the parties in October 2018 in federal court in Oklahoma, but that suit was dismissed in January 2019 after the judge ruled the court lacked jurisdiction over the case because neither Page nor the DNC had strong enough ties to the state.

Page is now represented by Pierce, the global managing partner of Pierce Bainbridge Beck Price & Hecht LLP. They filed in Illinois because they allege the relationship with the firm behind the dossier, Fusion GPS, was “orchestrated” through law firm Perkins Coie’s Chicago office.The suit also claims the DNC “has a historical pattern” of making Chicago its principal place of business. –Fox News

end
We may see a vote tonight for acquittal after L|amar Alexander says no. Collins is roasted
(zerohedge)

Friday Trump Acquittal Eyed After Lamar Alexander Says ‘No’ To Witnesses; Collins Roasted Over ‘Yes’ Vote

It looks like Hunter Biden can sleep well at night in his $12,000 per month Hollywood home after Politico reports that the GOP has enough Republican Senators to block witnesses in President President Trump’s impeachment trial.

Democrats needed at least four Republicans to defect – two of which they found in Sens. Mitt Romney of Utah and Susan Collins of Maine (who was mercilessly flamed by conservatives over social media) – however an 11th hour ‘no’ decision by Lamar Alexander (R-TN)means that the decision would fall to Chief Justice John Roberts in the event of a tie. And Roberts may not even have to weigh in if the fourth potential GOP defector, Sen. Lisa Murkowski of Alaska, votes ‘no’ as well.

In a Thursday night Twitter thread, Alexander says “There is no need for more evidence to prove that the president asked Ukraine to investigate Joe Biden and his son, Hunter…” and that “the president withheld United States aid, at least in part, to pressure Ukraine to investigate the Bidens.”

 

Still, Alexander argues that while Trump acted inappropriately, “the Constitution does not give the Senate the power to remove the president from office and ban him from this year’s ballot simply for actions that are inappropriate.” He also reasons that “The framers believed that there should never, ever be a partisan impeachment. That is why the Constitution requires a 2/3 vote of the Senate for conviction. Yet not one House Republican voted for these articles.”

If this shallow, hurried and wholly partisan impeachment were to succeed, it would rip the country apart, pouring gasoline on the fire of cultural divisions that already exist,” Alexander continued. “It would create the weapon of perpetual impeachment to be used against future presidents whenever the House of Representatives is of a different political party.”

Sen. Lamar Alexander

@SenAlexander

But the Constitution does not give the Senate the power to remove the president from office and ban him from this year’s ballot simply for actions that are inappropriate. 7/15

Sen. Lamar Alexander

@SenAlexander

The question then is not whether the president did it, but whether the United States Senate or the American people should decide what to do about what he did. 8/15

While the outcome will allow Republicans to put a bow on the affair, expect Democrats and their MSM amplifiers to cry foul  over the ‘rigged farce’ while parroting distributed talking points.

And while Democrats may fume over not being able to hear from John Bolton, Mick Mulvaney and other current and former White House employees regarding Trump’s conduct with Ukraine, Republicans hoping for a nervous Hunter Biden and a CIA operative ‘whistleblower’ to take the stand, will be equally disappointed.

Meanwhile, Susan Collins has taken a ration of flack over social media for essentially virtue signaling to the Democrats when she (likely) knew Alexander would be a ‘no’ – and the battle over Bolton and the Bidens was never going to happen.

Catherine 🌊🐈🌷🌼🌺@CatSkoor

Mitch gave you the hall pass, huh? Alexander just announced he’s voting no, which I’m sure you knew in advance. 85% of Americans will become so cynical, we will never believe any Republican again. Coward.

PeaceLove&Outrage ☮️💕😡@1980Dorothy

It’s a ruse. I’m over her. I don’t trust her.

Jack Posobiec🇺🇸

@JackPosobiec

No one in your state is being served by dragging this out further

Do the right thing for the people, Senator

Rosie memos@almostjingo

The Democrats will still campaign furiously against you, and now you’ll lose Republicans dumb move. Respected your thoughtful decision with Kavanaugh but apparently you’ve lost that spine sad to see.

Helsingor@Helsingor

The fact that Collins needed weeks of soul-searching and melodrama to decide that dorky teen Brett Kavanaugh probably didn’t mastermind a human trafficking ring was a big warning sign.

☤𝓢𝒌𝓪𝓲☤@Ravagiing

EPIC FAIL!

You have FAILED in your duty to protect the constitution and 63 Million people.

The fact that you felt the need to put out a statement to justify your ridiculous BS is in itself pathetic and weak!

Let’s see how Maine Republicans feel about Collins in November.

END

You will enjoy this story:  Hillary tweets that “no one is above the Law” then she refuses to accept Tulsi Gabbard’s lawsuit against her for defaming her.

(Steve Watson)

Hillary Tweets “No One Is Above the Law” Then Refuses To Accept Lawsuit Against Her

Authored by Steve Watson via Summit News,

In an hilarious hypocritical display, Hillary Clinton tweeted out “In America, no one is above the law,” on the same day that she used her secret service detail to turn away legal documents attempting to be served to her as part of a lawsuit.

Hillary Clinton

@HillaryClinton

Richard Nixon once made this argument: “When the president does it, that means that it is not illegal.”

He was forced to resign in disgrace.

In America, no one is above the law. https://twitter.com/ABC/status/1222600255369359362 

ABC News

@ABC

Trump attorney Alan Dershowitz: “If a president does something which he believes will help him get elected in the public interest, that cannot be the kind of quid pro quo that results in impeachment.” https://abcn.ws/2S37weJ 

Embedded video

So no one is above the law, except if it’s Hillary Clinton, who has now TWICE refused to accept service from Rep. Tulsi Gabbard’s lawyers, as part of a $50 million defamation suit relating to Clinton’s accusations that Gabbard is a “Russian asset”.

Gabbard’s attorney, Brian Dunne told The New York Post, “I find it rather unbelievable that Hillary Clinton is so intimidated by Tulsi Gabbard that she won’t accept service of process. But I guess here we are.”

The Post notes that “Dunne said their process server first attempted to effect service at Clinton’s house in Chappaqua on Tuesday afternoon — but was turned away by Secret Service agents.”

The report continues, “The agents directed the server to Clinton’s lawyer, David Kendall, who on Wednesday claimed at his Washington, DC, firm, Williams & Connolly, that he was unable to accept service on Clinton’s behalf, said Dunne.”

NBC News

@NBCNews

Rep. Gabbard on her new $50M lawsuit against Hillary Clinton:

“It should have been for $50B. What is your life worth to you? What is your honor and loyalty, your identity, worth to you?” https://nbcnews.to/38yF9LZ 

Embedded video

Of course, Hillary is no stranger to considering herself above the law:

“What difference does it make?”

“With a cloth, or something?”

Oh Hillary we miss you!

end

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

WaPo: First person-to-person transmission of coronavirus confirmed in U.S.; patient infected by Chicago woman is the sixth U.S. case – The patient is a Chicago resident who was infected after being in close contact with his wife, who had traveled to the central Chinese city of Wuhan. The Chicago woman was the second confirmed case in the United States…

https://www.washingtonpost.com/world/asia_pacific/china-coronavirus-live-updates/2020/01/30/1da6ea52-4302-11ea-b5fc-eefa848cde99_story.html

:

WaPo: World Health Organization declares coronavirus outbreak a ‘public health emergency’

The designation marks an escalation of the global response to an outbreak… It sets in motion a plan for global coordination to stem the spread of the virus, which originated last month in central China…

https://www.washingtonpost.com/world/asia_pacific/china-coronavirus-live-updates/2020/01/30/1da6ea52-4302-11ea-b5fc-eefa848cde99_story.html

15 minutes before the close, @CNBCnow: Union representing 15,000 American Airlines pilots sues company to get “temporary restraining order to immediately halt the carrier’s U.S.-China service

Jay Sekulow Drops Nuke On Schiff’s Impeachment Demands

Sekulow: “After 31 or 32 times you said you proved every aspect of your case… [pauses for response] That’s what you said.”  Schiff: “We did.” Sekulow: “Well then I don’t think we need any witnesses.”

https://thegreggjarrett.com/jay-sekulow-drops-nuke-on-schiffs-impeachment-demands/

 

FIRESTORM: Adam Schiff told the Senate it could not have witnesses and documents relating to the whistleblower.   https://www.breitbart.com/politics/2020/01/30/day-1-of-impeachment-qa-schiff-undermines-his-case-for-witnesses/

 

CNN’s John King: “Republicans make a good point the whistleblower started all this; why has the whistleblower never been questioned...”

How did Justice Roberts know the name of the Whistleblower?  Who told Roberts and why?

 

Justice Roberts blocks Sen. Paul from naming whistleblower, source says – and Paul may force the issue – Fox News has learned Roberts may soon lose his grip on the proceedings amid a torrent of criticism both inside and outside the Senate…

    The Federalist co-founder Sean Davis condemned what he called Roberts’ “arbitrary and unilateral censorship of senators and Senate business,” and reported that Roberts had initially sought to block even general questions of the intelligence community whistleblower. When Republicans threatened a vote rebuking Roberts on the record, Davis reported, Roberts backed down and decided only to prohibit mentioning the whistleblower’s name

      Federal law protects whistleblowers only from retaliation in the workplace, and does not ensure their anonymity; and Republicans have disputed whether this particular whistleblower would even qualify for those limited protections, saying his complaint concerns a policy dispute and does not allege criminal or civil wrongdoing by the president…

https://www.foxnews.com/politics/justice-roberts-blocks-sen-paul-from-naming-whistleblower-source-says-and-paul-may-force-the-issue

 

@BryanDeanWright: America is being told that a CIA officer with documented political bias who lied on his whistleblower complaint to kick off the impeachment of a duly elected president is somehow beyond questioning.

 

@ByronYork: The Rand Paul-John Roberts fight over whistleblower identity stems from one basic fact: Democrats are demanding Senate remove the president but insisting that precise origins of impeachment inquiry remain secret. Astonishingly brazen. Roberts supports.    http://ow.ly/Bqgo50y8XLD

 

@CBSNews: Chief Justice Roberts refuses to read a question submitted by Sen. Rand Paul (R-Ky), which likely included the name of the whistleblower [for the 2nd time] https://cbsn.ws/2OaoSVy

 

Senator Rand Paul  @RandPaul: My exact question was: Are you aware that House intelligence committee staffer Shawn Misko had a close relationship with Eric Ciaramella while at the National Security Council together and are you aware and how do you respond to reports that Ciaramella and Misko may have worked together to plot impeaching the President before there were formal house impeachment proceedings?

     My question is not about a “whistleblower” as I have no independent information on his identity. My question is about the actions of known Obama partisans within the NSC and House staff and how they are reported to have conspired before impeachment proceedings had even begun.

 

@ChadPergram: GOP KY Sen Paul on whistleblower: Manager Schiff says he has no knowledge. If he has no knowledge, the rest of us can have no knowledge of who the whistleblower is. The President’s team says they have no knowledge of who the whistleblower is.

 

@seanmdav: And Chief Justice John Roberts is actively helping Democrats in their attempts to cover-up the behavior of the “whistleblower,” whom @RCInvestigates identified as Eric Ciaramella, to prevent the American people from learning the full extent of his actions.

      John Roberts did nothing while the FISA court which he personally oversees illegally spied on an American citizen. He did nothing when DOJ determined the court was defrauded.  But when a senator asked a question? Roberts shut that down. Twice. What a disgraceful coward.

 

@julie_kelly2: Can we add John Roberts to the witness list? I mean, he appointed the judges who authorized the unlawful warrants to spy on the Trump campaign. In fact, why isn’t he recused on that very basis? The IC IG worked for the agency that submitted all 4 applications to the court...

 

Roberts is prohibiting Trump from confronting his accuser, which is a violation of the Constitution and centuries of American and British law.  What do Dems have on Roberts?

 

Brennan and Clapper Accused of Hacking John Roberts to Blackmail Him

Roberts, who reportedly was investigated at one time for illegally adopting his sons, betrayed the Republican base that initially celebrated his Bush appointment when he confirmed the supposed constitutionality of Obamacare during Obama’s re-election campaign…

https://bigleaguepolitics.com/brennan-and-clapper-accused-of-hacking-john-roberts-to-blackmail-him/

 

@ChadPergram: Impeachment Rule IV indicates that the Chief Justice is “the Presiding Officer” over the Senate. Senate Impeachment Rule V grants the Chief Justice the power “to make and enforce other regulations and orders in the premises as the Senate may authorize or provide.”

      If you appeal the ruling of the chair, that immediately triggers a vote to either overrule or sustain the ruling of the chair. 51 votes would override the presiding officer, ostensibly compelling Roberts to read the question. [McConnell does not want to slowdown the trial by getting into the “WB” issue.]

 

Dem Sen. Richard Blumenthal demands “serious sanctions” against Sen. Rand Paul for his attempts to name the “whistleblower” in the Senate trial.  How does Blumenthal know the identity of the “WB”?

 

@RealSaavedra: Rand Paul’s question was brilliant because the question did *not* reveal the alleged identity of the whistleblower.  The media claiming that Paul revealed the identity of the whistleblower proves 1-thing: That they knew who the whistleblower was and hid it from the American public

 

Swipe at Romney? Utah lawmaker introduces bill to recall US senators

https://www.foxnews.com/politics/utah-rep-introduces-bill-to-recall-u-s-senators-romney

 

Mitt Romney violated Senate rules by drinking chocolate milk out of a bottle during the impeachment trial      https://www.msn.com/en-us/news/politics/mitt-romney-violated-senate-rules-by-drinking-chocolate-milk-out-of-a-bottle-during-the-impeachment-trial/ar-BBZpR9a

 

Huge news eclipsed by the impeachment and the coronavirus:

 

AP Exclusive: Barr names new U.S. attorney in DC

Shea will lead the largest U.S. attorney’s office in the country, which has been historically responsible for some of the most significant and politically sensitive cases the Justice Department brings in the U.S…

    As the U.S. attorney in the District of Columbia, Shea would oversee some of the lingering cases from special counsel Robert Mueller’s Russia investigation, along with a number of politically charged investigations. The office is also generally responsible for handling potential prosecutions if Congress finds a witness in contempt…

https://wtop.com/local/2020/01/ap-exclusive-barr-names-new-u-s-attorney-in-dc/

end

Let us close with this commentary courtesy of Greg Hunter of USAWatchdog

 

China Virus Sinks Economy, Impeachment Disaster Continues, Everything Fake

The World Health Organization (WHO) has declared a global emergency because of the Coronavirus outbreak. Who knows how bad this will be, but the damage to China’s economy as well as the global economy will be significant. The longer this goes on the worse it will be. Is this the financial black swan that can cause a financial disaster? The longer this goes on, the more chances increase for real economic problems.

The Senate impeachment trial on the removal of President Trump continues, and it continues to be a disaster to the Democrats who brought the case. The case is beyond weak, it is a fraud and shows House Democrats to be in opposition to the law and the Constitution. Many legal experts have called the case a fraud and a Deep State operation to remove a duly elected President on false made up charges.

Is there anything that is real? The impeachment case against the President is a “hoax.” The financial numbers on every stock and commodity are fake with zero real price discovery. Even the federal government does not have to keep accurate books. Do we live in an age of delusion where nobody believes or tells the truth?

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

-END-

Well that is all for today

I will see you Monday night.

 

 

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