FEB 3//CORONAVIRUS SPREADS TO MANY COUNTRIES AND NOW IT IS LABELLED A PANDEMIC//GOLD AND SILVER RAID TODAY WITH GOLD DOWN $5.40 TO $1578.10//SILVER DOWN 30 CENTS TO $17.68//HUGE NUMBER OF CORONAVIRUS STORIES//GOOD NUMBER OF SWAMP STORIES//

GOLD:$1578.10  DOWN $5.40    (COMEX TO COMEX CLOSING)

 

 

 

 

Silver:$17.68  DOWN 30 CENTS  (COMEX TO COMEX CLOSING)

 

Closing access prices

 

GOLD:  1776.75

 

 

SILVER:17.68

 

COMEX DATA

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

today RECEIVING: 868/1282

EXCHANGE: COMEX
CONTRACT: FEBRUARY 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,582.900000000 USD
INTENT DATE: 01/31/2020 DELIVERY DATE: 02/04/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 H GOLDMAN 33
118 H MACQUARIE FUT 870
132 C SG AMERICAS 17
355 C CREDIT SUISSE 77
357 C WEDBUSH 4 1
624 C BOFA SECURITIES 6 60
657 C MORGAN STANLEY 87 28
661 C JP MORGAN 105 462
661 H JP MORGAN 404
685 C RJ OBRIEN 3
686 C INTL FCSTONE 35 7
690 C ABN AMRO 79 33
730 C PTG DIVISION SG 1
732 C RBC CAP MARKETS 4
737 C ADVANTAGE 31
800 C MAREX SPEC 21 15
880 C CITIGROUP 52
880 H CITIGROUP 72
905 C ADM 57
____________________________________________________________________________________________

TOTAL: 1,282 1,282
MONTH TO DATE: 4,200

 

we are coming very close to a commercial failure!!

NUMBER OF NOTICES FILED TODAY FOR  FEB CONTRACT: 1282 NOTICE(S) FOR 128200 OZ (3.987 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  4200 NOTICES FOR 420,000 OZ  (13.063 TONNES)

 

 

 

 

SILVER

 

FOR FEB

 

 

9 NOTICE(S) FILED TODAY FOR 45,000  OZ/

total number of notices filed so far this month: 109 for  545,000 oz

 

XXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE :  $ 9364 UP $24

 

 

 

Bitcoin: FINAL EVENING TRADE: $ 9324 DOWN  9

 

Let us have a look at the data for today

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IN SILVER THE COMEX OI ROSE A GOOD SIZED 463 CONTRACTS FROM 228,849 DOWN UP 229,312 WITH OUR  5 CENT GAIN IN SILVER PRICING AT THE COMEX.

 

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

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

; FEB 0; MARCH:  1227 AND MAY: 0 AND JULY: 0 ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1227 CONTRACTS. WITH THE TRANSFER OF 1227 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 1227 EFP CONTRACTS TRANSLATES INTO 6.135 MILLION OZ  ACCOMPANYING:

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

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     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

 

FRIDAY, 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 5 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 VERY STRONG 1690 CONTRACTS. OR 8.45 MILLION OZ…..

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

WE HAVE NOW COMMENCED IN SILVER THE ILLEGAL SPREADING OPERATION.  FOR NEWCOMERS, HERE ARE THE DETAILS:

 

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

 

 

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

 

THE SPREADING LIQUIDATION OPERATION IS NOW OVER FOR GOLD..AND WE WILL NOW MORPH INTO AN ACCUMULATION PHASE OF SPREADING CONTRACTS FOR SILVER.  THEY WILL ACCUMULATE CONSIDERABLE AMOUNT OF THE CONTRACTS AND THEN LIQUIDATE ONE WEEK PRIOR TO FIRST DAY NOTICE

FOR THOSE OF YOU WHO ARE NEWCOMERS HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR;

MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:

.

 

 

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES:

 

 

“AS YOU WILL SEE, THE CROOKS WILL NOW SWITCH TO SILVER AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX SILVER OPEN INTEREST WILL RISE FROM NOW ON UNTIL ONE WEEK PRIOR TO FIRST DAY NOTICE AND THAT IS WHEN THEY START THEIR CRIMINAL LIQUIDATION.

HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF FEB HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF MARCH FOR SILVER:

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

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE IN THIS NON  ACTIVE MONTH OF FEB .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 (MAR), 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 FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF FEB:

1227 CONTRACTS (FOR 1 TRADING DAYS TOTAL 1227 CONTRACTS) OR 6.135 MILLION OZ: (AVERAGE PER DAY: 1227 CONTRACTS OR 6.135 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 0.876% 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:          187.74 MILLION OZ.

JANUARY 2020 EFP TOTALS SO FAR: 181.61 MILLION OZ

FEB 2020 EFP’S TOTAL SO FAR:  ……     6.135 MILLION OZ

 

 

RESULT: WE HAD A GOOD SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 463, WITH THE 5 CENT GAIN IN SILVER PRICING AT THE COMEX /FRIDAY… THE CME NOTIFIED US THAT WE HAD A VERY  STRONG SIZED EFP ISSUANCE OF 1227 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON  AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA)

TODAY WE GAINED A STRONG SIZED  SIZED: 1690 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: 

i.e 1227 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH INCREASE OF 463 OI COMEX CONTRACTS.AND ALL OF THIS  DEMAND HAPPENED WITH A 5 CENT GAIN IN PRICE OF SILVER AND A CLOSING PRICE OF $18.03 // FRIDAY’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  FEB DELIVERY MONTH/ THEY FILED AT THE COMEX: 9 NOTICE(S) FOR  45,000 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 CONSIDERABLE SIZED 3,051 CONTRACTS TO 678,817 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 CONSIDERABLE FALL IN COMEX OI OCCURRED DESPITE OUR TINY LOSS OF $0.95 IN PRICING ACCOMPANYING COMEX GOLD TRADING// FRIDAY// 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. TO FURTHER BOOST OUR CONTENTION ON THIS, THE EXCHANGE FOR PHYSICALS WAS ENORMOUS…. 

 

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED AN ATMOSPHERIC SIZED 16,501 CONTRACTS:

 CONTRACTS, FEB>  0 CONTRACTS; MARCH 00 APRIL: 16,501; JUNE. 0 AND ALL OTHER MONTHS ZERO//TOTAL: 16,501.  The NEW COMEX OI for the gold complex rests at 678,817,.  ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A HUGE SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 13,450 CONTRACTS: 3051 CONTRACTS DECREASED AT THE COMEX  AND 16,501 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 13,450 CONTRACTS OR 1,345,000 OZ OR 41.83 TONNES.  FRIDAY WE HAD A TINY LOSS OF $0.95 IN GOLD TRADING.

AND WITH THAT LOSS IN  PRICE, WE  HAD A HUGE GAIN IN GOLD TONNAGE OF 41.83  TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR WERE SUPPLYING INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON. THE BANKERS WERE SUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (DOWN $0.95).  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 AND WE HAD A MASSIVE INCREASE IN EXCHANGE FOR PHYSICALS  (16,501)

 

 

 

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF FEB : 16,501 CONTRACTS OR 1,650,100 oz OR 51.32 TONNES (1 TRADING DAYS AND THUS AVERAGING: 16,501 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 1 TRADING DAY(S) IN  TONNES: 51.32 TONNES

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

THUS EFP TRANSFERS REPRESENTS 51.32/3550 x 100% TONNES =1.44% OF GLOBAL ANNUAL PRODUCTION

 

 

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:    621.51  TONNES

JANUARY 2220 TOTAL EFP ISSUANCE; SO FAR: 570.19 TONNES

FEB 2020 TOTAL EFP ISSUANCE SO FAR:            51.32  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 CONSIDERABLE SIZED DECREASE IN OI AT THE COMEX OF 3051 DESPITE THE TINY  PRICING LOSS THAT GOLD UNDERTOOK FRIDAY($0.95)) //.WE ALSO HAD A HUMONGOUS SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 16,501 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 16,501 EFP CONTRACTS ISSUED, WE  HAD A HUGE SIZED GAIN OF 13,450 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

16,501 CONTRACTS MOVE TO LONDON AND 3051 CONTRACTS DECREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 41.83 TONNES). ..AND THIS HUGE  INCREASE OF DEMAND OCCURRED DESPITE THE LOSS IN PRICE OF $0.95 WITH RESPECT TO FRIDAY’S TRADING/// AT THE COMEX.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD...

 

 

WITH GOLD DOWN $5.40 TODAY

 

A TINY CHANGE IN GOLD INVENTORY AT THE GLD//

A WITHDRAWAL OF .29 TONNES AND THAT IS USED TO PAY FOR FEES.

 

FEB 3/2020/Inventory rests tonight at 903.21 tonnes

 

 

 

 

 

SLV/

 

 

WITH SILVER DOWN 30 CENTS TODAY

A SMALL DEPOSIT OF 560,000 OZ

 

FEB 3/INVENTORY RESTS AT 362.466 MILLION OZ.

 

NO CHANGE IN SILVER INVENTORY AT THE SLV//

 

 

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 SMALL SIZED 463 CONTRACTS from 228,849 UP TO 229.312 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 1227

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  1227:  AND MAY: 0; JULY: 0 CONTRACTS   AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1227 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 630 CONTRACTS TO THE 1227 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG GAIN OF 1857 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 9.285 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 GOOD SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 5 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// FRIDAY. WE ALSO HAD A STRONG SIZED 1227 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)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED DOWN 229.92 POINTS OR 7.72%  //Hang Sang CLOSED UP 44.35 POINTS OR 0.12%   /The Nikkei closed DOWN 233.24 POINTS OR 1.01%//Australia’s all ordinaires CLOSED DOWN 1.42%

/Chinese yuan (ONSHORE) closed DOWN  at 7.0200 /Oil UP TO 57.21 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.0200 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.0159 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY PAST 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

 

3A//NORTH KOREA/ SOUTH KOREA

 

3b) REPORT ON JAPAN

3C  CHINA

i)CHINA/SATURDAY

A second Chinese city has barred residents from leaving their homes.  Apple closes all of its offices and stores in China

(zerohedge)

ii)CHINA/SURROUNDING COUNTRIES TO CHINA

China becomes outraged as the entire world cancels flights and shuts their borders as the coronavirus outbreaks spreads to other countries
(zerohedge)

iii)CHINA/BIRD FLU

As if China does not have enough to deal with: they are now facing another viral plague; the return of the deadly bird flu

(zerohedge)

iv)CHINA/USA

China to exempt taxes on 3M 95//98 viral masks , ambulances etc in their fight against the coronavirus
(zerohedge)

v)China/Chinese Hospitals

We now have accounts showing that Chinese authorities are directly taking corpses to the crematorium.

(zeorhedge/Sunday)

4/EUROPEAN AFFAIRS

i)GERMANY

Negative rates are forcing German banks to hoard cash so they would not have to pay the penalty

(zerohedge)

ii)UK/USA

Tom Luongo ties in perfectly, what is going to happen inside Great Britain now that Brexit has happened.  Great Britain is now in the transition stage and now doubt Johnson will demand a hard Brexit.  The USA is waiting in the wings to provide that free trade deal that will propel both nations.  The EU is stuck with mountains of rules making business almost impossible.  England is the big winner and they will join the uSA in eliminating the corrupt democrat Deep state that wanted Trump out..
a great. read…
(courtesy Tom Luongo)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)ISRAEL/PALESTINE/ARAB LEAGUE/USA

Arab league formally reject Trump’s deal of the century and stupidly Abbas cuts ties with the uSA..who then will provide aid?? Iran?  who is broke!!

(zerohedge)

ii)Turkey/Syria

Turkey may have escalated their problems in Syria by a huge margin as there was a direct class between Turkish and Syrian forces leaving many dead andwounded.
Erdogan is such a nut case
(zerohedge)

6.Global Issues

CORONAVIRUS/ HIV INSERTIONS//HUGE STORY

on Saturday we have reports that the coronavirus may been been bio weaponized in a Wuhan laboratory.  The spikes on the virus is laden with stretches of HIV amino acid strings.

i)(zerohedge)

ii)THE GLOBE/CORONAVIRUS/BALTIC DRY INDEX

The coronavirus has basically shut down world trade: the Baltic Dry Index crashes.  China fears  a hard landing.

(zerohedge)

iii)Dr Chris Martenson discusses the coronavirus and how wit will impact markets

(Dr Chris Martenson/Peak Prosperity)

iv)Michael Snyder weighs in on the spreading of the coronavirus globally

(Michael Snyder)

v)Adam Taggart of Peak Prosperity discusses the national emergency of the spreaking of the coronavirus. Are we too late?

(Adam Taggart/Peak Prosperity)

VI)CARNIVAL SHIPS/CORONAVIRUS/

This will do wonders for the cruiseline industry

(zerohedge)

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

9. PHYSICAL MARKETS

i)What a riot:  socialist candidate Warren asks Judy Shelton on her views of using the gold standard as a better path for price stability.  And this doorknob Warren calls Shelton  “radical” with her thoughts on how to save the Fed

(Reuters)

ii)Foreigners no longer wish to buy uSA debt so the USA must monetize its budgetary deficit ….it is for this reason that central banks around the globe are buying gold.

(Hathway/Sprott)

iii)Gangs in South Africa toting AK 47’s are now outgunning police..they just raid the big South Deep Mine inm Jo’berg

(Bloomberg/GATA)

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

iii) Important USA Economic Stories

Boeing

More troubles for Boeing as a aircraft made an emergency landing in Madird after parts of itslanding gear falls off and parts of that landed in the engine

(zerohedge)

iv) Swamp commentaries)

Lawyer Craig Murray asks: has the FBI been lying about the murder of Seth Rich?

(Craig Murray)

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 CONSIDERABLE SIZED 3051 CONTRACTS TO 678,817 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 TINY LOSS OF $0.95 IN GOLD PRICING //FRIDAY’S // COMEX TRADING). NOW WE KNOW FOR SURE THAT THE LOSS IN COMEX 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 ,GIGANTIC SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 16,501 EFP CONTRACTS WERE ISSUED:

  FEB: 0; MARCH 00 AND APRIL: 16,501,  JUNE : 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 16,501 CONTRACTS.

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A HUGE SIZED 13,450 TOTAL CONTRACTS IN THAT 16,501 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A CONSIDERABLE 3051 COMEX CONTRACTS. ALL OF THE LOSS IN COMEX 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 WERE  SOMEWHAT SUCCESSFUL IN LOWERING GOLD’S PRICE //// (IT FELL BY $0.95). BUT 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..AND IN TOTAL ON THE TWO EXCHANGES, WE GAINED A HUGE SIZED 13,450 CONTRACTS ON OUR TWO EXCHANGES….(41.83 TONNES)

 

NET GAIN ON THE TWO EXCHANGES ::  13,450 CONTRACTS OR 1,345,000 OZ OR 41.83 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:  678,817 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 67.88 MILLION OZ/32,150 OZ PER TONNE =  2,111 TONNES

THE COMEX OPEN INTEREST REPRESENTS 2,111/2200 OR 96.00% 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.

 

…. Today with respect to our front month of February we had an open interest of 4979 contracts for loss of 3181 contracts. We had 2918 notices served on Friday, so we lost ONLY 263 contracts or 26,300 oz will not stand for delivery as these guys morphed into London based forwards and received a fiat bonus for their effort. We generally see a bigger migration over to London on the second day notice…so it looks like more guys are staying around on this side of the pond looking for physical metal.

 

 

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

 

March LOST 426 contracts to stand at an open interest of, 3248.

The next active delivery month after March is April and here we witnessed a loss of 3348 contacts down to 505,547 oi contracts.

We had 1282  notices served upon today for 128,200 oz

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now for the wild silver comex results

Total COMEX silver OI ROSE BY A SMALL SIZED 463 CONTRACTS FROM 228,949 UP TO 229,312 (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 5 CENT INCREASE IN PRICING/FRIDAY.

 

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.

THE FRONT MONTH OF FEBRUARY HAS A TOTAL OPEN INTEREST OF 121 CONTRACTS SHOWING A LOSS OF 100 CONTRACTS FROM FRIDAY. WE HAD 100 NOTICES SERVED ON FRIDAY SO WE GAINED 0 CONTRACTS OR NIL OZ OF SILVER WILL MORPH INTO LONDON BASED FORWARDS

 

March is a very active month and here we witness a LOSS of 864 contracts  DOWN TO 158,526

MAY had a good 1374 gain in oi to stand at 34,796.

 

 

We, today, had  9 notice(s)  for 45,000, OZ for the FEB, 2019 COMEX contract for silver

Trading Volumes on the COMEX TODAY: 302,492 contracts    

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  365,037 contracts

 

 

 

INITIAL standings for  FEB/GOLD

 

 

 

Let us head over to the comex:

 

 

FEB 3/2020

 

 

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
nil oz
Deposits to the Dealer Inventory in oz 675.171 oz

 

int.Delaware

 

 

Deposits to the Customer Inventory, in oz  

nil

 

No of oz served (contracts) today
1282 notice(s)
 128,200 OZ
(3.98 TONNES)
No of oz to be served (notices)
3697 contracts
(369,700 oz)
11.499 TONNES
Total monthly oz gold served (contracts) so far this month
4200 notices
420,000 OZ
13.063 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

we had 0 dealer entry:

We had  1 kilobar entries

 

 

 

total dealer deposits: nil oz

total dealer withdrawals: 0 oz

 

we had 0 deposit into the customer account

i) Into JPMorgan: nil  oz

 

 

 

 

 

 

 

total deposits:  0

 

 

 

 

we had 1 gold withdrawals from the customer account:

i) Out of  Int Delaware: 675.17 oz or 21 kilobars

 

 

total gold withdrawals;  675.17 oz

 

ADJUSTMENTS:  1

out of Scotia:  27,909.302 oz was adjusted from the customer and this landed into the dealer account of Scotia

 

 

 

 

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 105 notices were issued from their client or customer account. The total of all issuance by all participants equates to 1282 contract(s) of which 462 notices were stopped (received) by j.P. Morgan dealer and 404 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 (4200) x 100 oz , to which we add the difference between the open interest for the front month of  FEB. (4979 contracts) minus the number of notices served upon today (1282 x 100 oz per contract) equals 789,700 OZ OR 24.562 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 (4200 x 100 oz)  + (4979)OI for the front month minus the number of notices served upon today (1282 x 100 oz )which equals 789,700 oz standing OR 24.562 TONNES in this  active delivery month of FEB. which is a still a great opening for gold // amount standing.

We lost only 263 contracts or 26300 oz left USA shores to visit the Queen in London.  They received London based gold forwards as well as accepting a fiat bonus for their travels.

 

 

 

 

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……………………………………………..                                24.562 tonnes

 

total: 154.901 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: 154.901  tonnes

 

Thus:

154.901 tonnes of delivery –

20.055 TONNES DEEMED SETTLEMENT

=134.865 TONNES STANDING FOR METAL AGAINST 41.57 TONNES OF REGISTERED OR FOR SALE COMEX GOLD! THIS IS WHY GOLD IS SCARCE AT THE COMEX.

 

total registered or dealer gold:   1,512,784.976 oz or  47.053 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:1,336,573.35  (41.57 tonnes)
true registered gold  (total registered – pledged tonnes  1.336573.35  (41.57 tonnes)
total registered, pledged  and eligible (customer) gold;   8,712,098.489 oz 270.98 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.
FEB 3 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 20,141.732 oz
CNT

 

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
5960.15 oz
CNT
No of oz served today (contracts)
9
CONTRACT(S)
(500,000 OZ)
No of oz to be served (notices)
112 contracts
 560,000 oz)
Total monthly oz silver served (contracts)  109 contracts

545,000 oz)

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

**

 

 

we had 0 inventory movement at the dealer side of things

 

 

 

total dealer deposits: nil  oz

total dealer withdrawals: nil oz

i)we had 1 deposits into the customer account

into JPMorgan:   0

 

ii) Into  CNT: 5960.15 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/321.297 million

 

 

 

 

total customer deposits today:  5960.15  oz

we had 1 withdrawals out of the customer account:

 

i) Out of CNT   27,909.302 oz

 

 

 

 

 

 

 

 

total withdrawals; 27,909.302   oz

We had 0 adjustments:

 

 

 

total dealer silver:  79.549 million

total dealer + customer silver:  321.297 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The total number of notices filed today for the FEB 2020. contract month is represented by 9 contract(s) FOR 45,000 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 109 x 5,000 oz =545,000 oz to which we add the difference between the open interest for the front month of FEB. (121) and the number of notices served upon today 9 x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the FEB/2019 contract month: 109 (notices served so far) x 5000 oz + OI for front month of FEB (121- number of notices served upon today (9) x 5000 oz equals 1,105,000 oz of silver standing for the FEB contract month.

We lost 0 contracts or 0 oz morphed into London based forwards as they decided to stick around here looking for metal.

 

 

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 9 notice(s) filed for 45,000 OZ for the FEB, 2019 COMEX contract for silver

 

 

TODAY’S ESTIMATED SILVER VOLUME:  85,754 CONTRACTS //

 

 

CONFIRMED VOLUME FOR YESTERDAY: 72,025 CONTRACTS..

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 72,025 CONTRACTS EQUATES to 360 million  OZ   51.4% 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

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

NPV for Sprott

 

1. Sprott silver fund (PSLV): NAV RISES TO -1.26% ((FEB 3/2019)

2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.54% to NAV (JAN 30/2019 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ 1.26%

(courtesy Sprott/GATA)

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

NAV 15.52 TRADING 15.22///DISCOUNT  1.95

 

END

 

 

And now the Gold inventory at the GLD/

FEB 3/WITH GOLD DOWN $5.40 TODAY: A SMALL CHANGE: A TINY WITHDRAWAL OF .29 TONNES OF GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 903.21 TONNES( TO PAY FOR FEES LIKE STORAGE INSURANCE ETC)

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

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

FEB 3/2019/Inventory rests tonight at 903.21 tonnes

*IN LAST 755 TRADING DAYS: 34.25 NET TONNES HAVE BEEN REMOVED FROM THE GLD

*LAST 655 TRADING DAYS: A NET 132.81. TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

end

 

Now the SLV Inventory/

FEB 3/WITH SILVER DOWN 30 CENTS TODAY; A SMALL DEPOSIT OF 560,000 OZ INTO SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 362.466 MILLION OZ/

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

 

 

FEB 3.2020:  SLV INVENTORY

362.466 MILLION OZ

 

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

6 Month MM GOFO 1.75/ and libor 6 month duration 1.75

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

G0LD LENDING RATE: – .01

 

XXXXXXXX

12 Month MM GOFO
+ 1.83%

LIBOR FOR 12 MONTH DURATION: 1.81

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = -.02

end

 

 

end

 

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

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Foreigners no longer wish to buy uSA debt so the USA must monetize its budgetary deficit ….it is for this reason that central banks around the globe are buying gold.

(Hathway/Sprott)//GATA

John Hathaway: No way out of debt monetization

 Section: 

12:03p ET Friday, January 31, 2020

Dear Friend of GATA and Gold:

Now writing his market letter now Sprott, which has incorporated the Tocqueville Gold Fund into the Sprott Gold Equity Fund, portfolio manager John Hathaway says the Federal Reserve must monetize the U.S. government’s budget deficits because foreign investors are losing interest in U.S. debt and interest rates are too low to compensate for currency risks.

This, Hathaway continues, is pushing central banks into record purchases of gold.

… 

But he adds: “Until mainstream investment strategies run aground, interest in precious metals will continue to simmer on low, notwithstanding the likelihood that 2020 may be another very good year for the precious metals complex.

“The many reasons why mainstream investment strategies could unravel are not difficult to imagine. They include the emergence of meaningful inflation, further slippage of the U.S. dollar’s nearly exclusive reserve currency status, and market-driven interest rate increases or a recession. Any or all of these could disrupt the continued expansion of the Fed’s balance sheet, triggering a rapid reversal in financial asset valuations.”

Hathaway’s letter is headlined “No Way Out” and it’s posted at Sprott here:

https://sprott.com/insights/sprott-gold-report-no-way-out/?

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

END

What a riot:  socialist candidate Warren asks Judy Shelton on her views of using the gold standard as a better path for price stability.  And this doorknob Warren calls Shelton  “radical” with her thoughts on how to save the Fed

(Reuters)//GATA

Warren raises ‘significant concerns’ in letter to Trump’s Fed pick Shelton

 Section: 

By Ann Saphir
Reuters
Friday, January 31, 2020

SAN FRANCISCO — U.S. Sen. Elizabeth Warren today released a letter she sent to economist Judy Shelton, one of President Donald Trump’s two planned nominees for seats on the Federal Reserve, raising “significant concerns” and posing a series of questions about her views.

Warren is among those vying to be the Democrat selected to take on Trump in the U.S. presidential elections in November. Polling for primaries kicks off Monday with caucuses held in Iowa, with other states holding their contests in coming months.

Shelton, Warren wrote in the letter citing the former Trump adviser’s own writings among others, has made a number of “radical” statements on economic policy, including her embrace as recently as 2012 of the gold standard as a better path to the price stability and full employment that are the Fed’s mandates.

“While you have downplayed that position since your nomination was announced, I’m concerned that your change of heart reflects a political calculation rather than a true evolution in your thinking,” wrote Warren, one of 12 Democrats on the Republican-dominated Senate banking committee, the first stop for any Fed nominee seeking the necessary Senate approval.

Warren asked Shelton to clarify her views on the gold standard, along with a number of other questions, including whether she believes the Fed should defer to the president’s wishes should that person’s views on how to achieve a certain goal differ from those of the Fed. Trump has been a fierce critic of the Fed for not delivering the steep rate cuts that he believes the economy needs.

Shelton in an opinion piece in The Wall Street Journal last year called for the Fed to coordinate with the president and Congress on policy.

Shelton did not immediately respond to a request for comment from Reuters.

end

Gangs in South Africa toting AK 47’s are now outgunning police..they just raid the big South Deep Mine inm Jo’berg

(Bloomberg/GATA)

Gold mine gangs tote AK-47s to outgun South African police

 Section: 

By Felix Njini
Bloomberg News
Sunday, February 2, 2020

At 10 p.m. on the second Sunday in December, a criminal platoon armed with AK-47 and R6 assault rifles stormed one of the largest gold mines still operating on South Africa’s fabled Witwatersrand basin.

Moving with military precision, the 15 attackers took hostages and plundered the smelting plant at Gold Fields Ltd.’s South Deep mine. While failing to break into the main vault, the gang escaped three hours later with gold concentrate worth as much as $500,000.

… 

Violent crime soared through a decade of kleptocracy and graft under South Africa’s former President Jacob Zuma. Gold mines offer soft targets for syndicates that previously specialized in cash-in-transit heists. Their foot-soldiers outgun a demoralized police force and pile woes on a gold industry in the final stages of a decades-long death spiral.

“Mining companies are being attacked by thugs and armed gangs and there is a lack of police response,” said Neal Froneman, chief executive officer of Sibanye Gold Ltd., which repelled an attack on its Cooke mine two weeks ago. “It eventually has a knock-on impact into society, it’s lawlessness, it’s anarchy.”

There were 19 attacks on gold facilities last year, almost double the number in 2018, according to South Africa’s Minerals Council. More than 100 kilograms (3,527 ounces) of gold was stolen in 2019 as bullion rose to a five-year high, although not all companies disclose their losses, said the council, which represents the nation’s largest miners.

The attacks are part of a wave of violent crime. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-02-02/gold-mine-gangs-tote-…

* * *

iii) Other physical stories:

https://www.jsmineset.com/2020/02/03/remain-calm-is-the-markets-story/

“Remain Calm” Is The Market’s Story!

Posted February 3rd, 2020 at 9:55 AM (CST) by J. Johnson & filed under General Editorial.

Great and Wonderful Monday Morning Folks,

     The precious metals algo’s are doing their very best to tell you there is nothing to worry about with Gold trading at $1,583.90 down $4 and recovering after being knocked down to $1,577.70 which occurred only after Gold spiked at the open, reaching $1,598.50, that is before the calming down was applied. Silver is, of course, leading the calming with its trade at $17.805 down 20.7 cents after hitting a low of $17.705 with the opening spiked high at $18.125. The US Dollar is all the rage this morning with its trade up 29.2 points at 97.505, close to the high at 97.550 with the low to beat at 97.230. Of course, all of this happened already before 5 am pst, the Comex open, the London close, the first day of England’s divorce from a very bad union, and the 49ers beating that took place after a rather pathetic Hollywood halftime show with the worst commercials ever.

     Our emerging markets currency watch is producing mostly higher precious metal prices. In Venezuela Gold is trading at 15,819.20 Bolivar proving a gain of 3.99 over the weekend with Silver at 177.827 showing a loss of 0.20 of a Bolivar. In Argentina, the Peso has Gold’s value at 95,445.00 showing the nobel metal gaining 197.47 A-Pesos with Silver trading at 1,073.00 Peso’s, a gain of 0.77. Gold, in Turkey, now costs 9,478.59 Lira showing a gain of 4.78 with Silver at 106.548 Lira, losing 0.099 of a T-Lira since Friday’s early morning post.

      Today is the start of the February Deliveries for precious metals with the demand count for Silver at 121 fully paid for contracts (5,000 ounces each) waiting for receipts and with a Volume of 4 up on the board with a trading range between $17.80 and $17.785 with the last trade, of course, being the lower price giving the Resolute buyer an 18.7 cent discount from Friday’s early morning post. Silver’s Overall Open Interest remains elevated and gained another 228 more shorts to stay the price from Friday with a total count of 229,479 Overnighters, as we wait to find out what else was needed to calm things down at the Comex today.

      February Gold Delivery Demands now stand at 4,979 fully paid for contracts (100 ounces each) waiting for receipts and with a Volume of 770 up on the board with its trading range between $1,593.30 and $1,573.50 with the last trade close to the low at $1,576.50, down $6.40. Gold’s Overall Open Interest now stands at 679,118 Overnighters, down sharply from last month’s life of contract paper high but still highly elevated as we wait for the last bars inside Comex to leave.

      China is accusing the US of ‘inciting panic’ over the Coronavirus outbreak that happened in their country, apparently blaming everyone else for exposing how they treat their people, who are posting underground videos that go against the government sanctioned story, and at the same time, supplying more newly printed cash in an Emergency PBOC infusion in “remain calm” fashion. Then its neighbor India, did the same, as it announced a $40 Billion Emergency Fiscal Injection as its economy plunges with the Indian government starting an investigation against China’s Wuhan Institute of Virology. Like we mentioned last week, the truth is somewhere in the middle and hopefully nowhere near the worst-case scenario.

      The Shanghai Exchange did open after the delay and thankfully so too. The “Just In Time Supply System” that the entire planets population is now under, has not been challenged since it was introduced. That is until this virus got out and now, we are hearing two sides of the story and very far apart from each other. One from the leadership, the other from their population stuck in place and forced to live with what is available without the JIT supplies or ways of getting supplies into Wuhan. If it’s really that bad why not do airdrops?

      “Remain Calm” is this morning’s start up story, with both the markets and media pointing the way. Also noted, the global printing never seems to stop. Timing is everything and with that, we’re all given more time to get supplied in case the lie is further from the communist government’s side and not the people forced to stay in place. Keep the attitude’s positive, have smile in place no matter what, and as always …

Stay Strong!

JJohnson

end

We have been harping on the question “are you prepared?” for years. We have asked if you were prepared financially, mentally, physically, and with your maker? The potential boogeyman as we suggested could come from anywhere or any angle but the end result would affect the economy and thus finance (credit) and would then spill over socially.

I have to admit, a “pandemic” was low on my list of possible sparks, but after thinking it through, a pandemic is a financial disaster. Yes it is a human disaster and many will die, but the odds of dying from the virus are and will remain quite low. The real problem is what the human response will be. I say this because we live in a world of just in time inventory AND production. We also live in a financial world with more debt and financial leverage (and thus monthly debt service) than ever before. So much so that even a small hiccup (which this does not appear to be) where business slows and contracts will be enough to quickly default some credits. The problem is not the initial defaults, rather, it is the “contagion” throughout the system because our world is so inter connected (globalism).

We saw this back in 2008 where one entity (Lehman) going down had the ability to torpedo the entire system if it were not for $10’s of trillions mobilized from the central banks. Remember, back then “liquidity” was shoved into the system so the banking system could withstand the shock of a small handful (but large) of upside down institutions. I would use the analogy that 2008 was a snapshot event which lead to the motion picture of what they called “recovery” …expansion never came. Today is different, because back then the central banks and sovereign treasuries had the ability to print/borrow in an effort to reflate …which they have continually done since then. Now, in a world with a debt to GDP ratio of 332%, who has the ability to step up and reflate?

That last question is a real BIGGIE! Why? Because the financial system AND the debt outstanding is far larger (maybe close to double) what it was in 2008 …do central banks even have the ability to forestall another 2008? Probably not but that is not the question in this instance because China and the coronavirus is not a snapshot in time, it IS the movie! By this I mean there are far more ramification than some bank with $ trillions in derivatives blowing up.

China is the largest trading partner/manufacturer in the world. 60 million quarantined people are not working from home, the factory floors are closed. Which means final products/components of all sorts are not being produced, shipped or delivered. Can you think of any ripple effects this might cause?
The next question is how long will this last? Are we already at peak infection spread or does it continue and expand for some time? I am not knowledgeable in this area so I will not speculate but it has already been a week++. My point is this, we are talking about real products not making it to market and the question is “time” because in a system levered as it is, “down time” is the arch enemy to a system requiring timely payments …because EVERYBODY OWES EVERYBODY ELSE!

From the human standpoint, China has already lost their pork stocks and look like they may also lose their chicken stock. As far as I can tell, grocery stores and markets in the affected areas have been picked clean and with quarantine, nothing in and nothing out is the situation. I don’t believe we are at the point where starvation is the grave problem but in a few more weeks, this will become the case.

Thinking from a US standpoint, the danger is a credit meltdown caused by contagion or even just a break in confidence. A credit seizure will be just as bad as a quarantine because nothing will “work”. I have told you we live in a world where everything runs on credit. Production, supply, shipping and distribution all depend on credit to be able to perform …not to mention buyers using credit because that’s all they have left to spend? Ask yourself, how many individuals or businesses can weather little or no cash flow for a month. Or two?? Or more??? https://www.cnbc.com/2020/02/01/coronavirus-more-of-china-extend-shutdown-accounting-for-80percent-of-gdp.html Off topic a little, but how smart will all the corporations look who have levered their balance sheets to buyback stock? Would keeping larger cash balances maybe be better in this situation?

So we ask, are you ready for the contagion? Not so much from the virus but from credit markets seizing up? Do you really believe that without credit, your grocery store will magically stock their shelves each night from little elves growing apples to zucchini? Do you really believe your fuel supplier will come fill your diesel tank if you cannot pay or they cannot pay their supplier? How about water or electric utilities, will they still run without credit? Lots and lots more questions and any single one answered “no” means you will do without. Can you do without or have you prepared for the possibility …and for how long? We are not trying to scare you. We attempt to make you ask yourself questions because whether the corona virus is the spark or not, a very bad credit event is mathematically baked into the cake …because there is simply more credit outstanding than can ever be paid back!

Standing a fearful watch,

Bill Holter

Holter-Sinclair collaboration

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 7.0200/ GETTING VERY DANGEROUSLY PAST  7:1

//OFFSHORE YUAN:  7.0159   /shanghai bourse CLOSED DOWN 229.92 POINTS OR 7.72%

HANG SANG CLOSED UP 44.35 POINTS OR 0.12%

 

2. Nikkei closed DOWN 233.24 POINTS OR 1.01%

 

 

 

 

3. Europe stocks OPENED ALL GREEN/

 

 

 

USA dollar index UP TO 97.67/Euro FALLS TO 1.1064

3b Japan 10 year bond yield: RISES TO. –.06/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.52/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

 

3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 51.54 and Brent: 56.42

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.43%/Italian 10 yr bond yield DOWN to 0.95% /SPAIN 10 YR BOND YIELD UP TO 0.25%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.48: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.20

3k Gold at $1580.00 silver at: 17.82   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 24/100 in roubles/dollar) 63.72

3m oil into the 51 dollar handle for WTI and 56 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 108.52 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning .9640 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0666 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 0.43%

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 1.54% early this morning. Thirty year rate at 2.03%

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

6.  TURKISH LIRA:  UP  TO 5.9848..

Futures Rebound Despite Historic Bloodbath In China Where 3,257 Stocks Hit Limit Down

While Beijing’s emergency intervention in Chinese markets which included a short sale ban, a dramatic liquidity injection and a cut in reverse repo rates, failed to prevent a rout, it certainly helped stabilize stocks in Europe and US equity futures, which have staged a modest rebound after plunging on Friday in their worst drop since August.

First the good news: European shares opened on apparent relief that the UK had finally exited the European Union (even as cable tumbled amid renewed fears about the ongoing negotiation between Boris Johnson and Brussels), however fears about the coronavirus kept buying in check. Having risen 0.2% in early deals, the pan-European STOXX 600 index was flat by midday in London. Blue-chip British stocks added 0.35%, helped by a fall in sterling

Futures for U.S. stocks were higher by 0.4% in early trading, and contracts on the three main American equity indexes all climbed, with Gilead Sciences rising in the premarket as China prepares to test one of the company’s new anti-viral drugs.

 

Asian markets more broadly continued to sell off. MSCI’s broadest index of Asia-Pacific shares outside Japan was down for an eighth straight day, falling 0.85% at 527.61 points, its lowest since early December. Japan’s Nikkei dropped 1% to the lowest since November and Australia’s benchmark index ended down 1.3%. But it was China that was the highlight of the overnight session.

Aiming to prevent a market panic, China’s government took emergency steps to shore up an economy hit by travel curbs and business shut-downs, including a short sale ban. In a bid to soften the blow to China’s economy, the country’s central bank also unexpectedly cut reverse repo rates by 10 basis points and injected 1.2 trillion yuan ($173.8 billion) of liquidity into the markets on Monday, of however 1 trillion yuan was to rollover maturing liquidity.

It wasn’t enough, however, and Chinese shares closed deep in the red, with the blue-chip index down 7.8% – the worst return from a Chinese lunar new year for the index in 13 years and the biggest one day drop since the 2015 market rash – to a 4-1/2 month low, wiping out 12 months worth of gains!

Monday’s declines were particularly severe. The CSI 300 Index sank as much as 9.1% – a slump rarely seen in its almost 15-year history.

It was even uglier at the single-stock level, because even though investors tried to log their sell orders order, many of them couldn’t exit the market fast enough, as all but 162 of the almost 4,000 stocks in Shanghai and Shenzhen recorded losses, with about 90% dropping the maximum allowed by the country’s exchanges, and a whopping 3,257 Chinese stocks were closed limit down. Health-care shares comprised most of Monday’s gainers on speculation they will benefit from the virus outbreak. The huge number of stocks trading limit down means it could take days for investors to execute their orders, prolonging the sell-off.

“The sell-off was so quick and intense,” said Li Changmin, managing director at Snowball Wealth in Guangzhou. “We’ll be busy dealing with risk controls and even liquidation pressure if stocks keep falling.”

“I was anxious before the market opened, and had made plans on what to sell and by how much last Friday,” said Bruce Yu, a fund manager with Franklin Templeton SinoAm Securities Investment Management Inc. in Taipei. “Some of my trades weren’t made today — we’ll see if we can sell them tomorrow.”

Fund managers hit the phones to calm investors, seeking to avoid the kind of redemptions and forced selling seen as recently as 2018. China’s securities regulator took steps to support the stock market, telling some brokerages that their proprietary traders aren’t allowed to be net sellers of equities this week, according to people familiar with the matter.

“My biggest concern was that investors would rush to redeem their holdings in private and mutual funds,” said Jiang Liangqing, a money manager at Ruisen Capital Management in Beijing whose team is working from home across China. “A key task for us is to reassure our fund holders and ask them to stay calm.”

The benchmark $7.5 trillion Shanghai Composite index lost $420 billion in value and the yuan opened at its weakest level of 2020, tumbling past 7 per dollar, a level which may spark fresh accusations by the US Treasury that Beijing is manipulating its currency lower.

The sell-off was widespread on Monday: in addition to thousands of stocks, commodity futures from iron ore to crude also sank by the daily limit. That said, while China’s losses were heavy, they were mostly a product of selling pressure that had built up over the Lunar New Year break, not a reflection of new fears among investors.

“The market seems to have reacted quite reasonably,” said David Nietlispach, PM at Pala Asset Management. “There is no panic and no selloff of securities that are unrelated to the coronavirus. The government interventions have been so heavy, though, that you will see an impact on the global economy.”

“The impact in Chinese equity markets has been in line with what futures were suggesting, so the market has taken the slump in its stride,” said Rodrigo Catril, Sydney-based strategist at National Australia Bank. “There was also some cushion from the new measures.”

And so, even with the rebound in US futures, an index of global stocks hovered near seven-week lows on Monday as Asian stocks plunged on their first trading day after a long break, amid growing fears the coronavirus epidemic would hit China’s economy and cripple Chinese supply-chains and demand. MSCI’s All Country World Index, which tracks shares in 47 countries, was down 0.2% on the day, touching its lowest since Dec. 16. The index is down 1.3% this year.

Meanwhile, as we noted yesterday, all attention remains on China, and overnight a raft of banks, including Citigroup, Nomura and JPMorgan, downgraded their forecasts for China’s economic growth.

“Given that we’re 10 years into a global equity bull market, the potential for the virus to trigger a significant market correction is much greater now than it has been during previous epidemics,” said Neil Shearing, chief economist at Capital Economics in a note to clients.

As Chinese markets opened after the 10-day break, Shanghai copper hit its daily selling limit as did Shanghai crude oil while yields on the country’s 30-year government bonds traded in the interbank market were down 18.5 basis points.

In commodities, oil pared early losses after Brent slumped into a bear market since hitting a high in early January following a Bloomberg report Chinese oil demand is down by 20%, while the safe-haven Japanese yen and gold stepped back from recent highs. Chinese commodities were especially hard hit: Shanghai copper hit its daily selling limit as did Shanghai crude oil while yields on the country’s 30-year government bonds traded in the interbank market were down 18.5 basis points. Dalian soymeal plunged 4.1% while Dalian iron ore hit limit down as steel prices fell.

Gold, which posted its best month in five in January, slipped as much as 1% to $1,574.5 an ounce. Yields on U.S. debt came off lows.

In currencies, the yen fell but remained near a 3-1/2 week high against the dollar at 108.50. The euro was 0.25% lower at $1.1066. The dollar gained as the market unwound some of the month-end trades from last week. Norway’s krone fell to a three-month low versus the euro after Norway’s manufacturing PMI data came in weaker than expected and on news that Chinese oil demand has dropped by about three million barrels a day, or 20% of total consumption, amid the coronavirus crisis. The pound slipped by more than 1% against the dollar on fears of a new cliff edge in trading arrangements between Britain and the European Union, as the two sides prepare to negotiate their future relationship.

While Brexit is now in the history books, remarks from UK PM Johnson on post-Brexit talks have been largely in-line with reports via UK press over the weekend; with Johnson saying there is no need to accept various EU rules in a trade deal. In related news, UK will begin free trade negotiations immediately after Brexit and is reportedly aiming to have 80% of trade covered by FTA’s within 3 years, while there were separate comments from DUP’s Foster that it is difficult to see how there will not be new checks between Britain and Northern Ireland.

On the calendar today, expected data include PMIs. Sysco and Alphabet are reporting earnings

Market Snapshot

  • S&P 500 futures up 0.4% to 3,237.75
  • STOXX Europe 600 up 0.1% to 411.21
  • MXAP down 0.9% to 164.32
  • MXAPJ down 0.9% to 527.16
  • Nikkei down 1% to 22,971.94
  • Topix down 0.7% to 1,672.66
  • Hang Seng Index up 0.2% to 26,356.98
  • Shanghai Composite down 7.7% to 2,746.61
  • Sensex up 0.4% to 39,905.62
  • Australia S&P/ASX 200 down 1.3% to 6,923.25
  • Kospi down 0.01% to 2,118.88
  • German 10Y yield rose 0.4 bps to -0.43%
  • Euro down 0.3% to $1.1063
  • Italian 10Y yield fell 0.7 bps to 0.769%
  • Spanish 10Y yield rose 0.4 bps to 0.239%
  • Brent futures down 3.1% to $56.37/bbl
  • Gold spot down 0.6% to $1,579.13
  • U.S. Dollar Index up 0.3% to 97.66

Top Overnight News from Bloomberg

  • China cut some borrowing costs and injected cash into the financial system to ensure ample liquidity as the nation’s stocks tumbled 9%. The central bank set its daily yuan reference rate stronger than the key 7-per-dollar level as onshore markets resumed trading for the first time since Jan. 23
  • The dollar advanced and Japan’s currency snapped a three-day winning run as markets took some comfort in the measures the Chinese government were taking, while the 10-year Treasury yield climbed as much as three basis points from an almost five-month low reached on Friday
  • Norway’s krone fell to a three-month low versus the euro after Norway’s manufacturing PMI data came in weaker than expected and on news that Chinese oil demand has dropped by about three million barrels a day, or 20% of total consumption, amid the coronavirus crisis
  • The pound slipped by more than 1% against the dollar on fears of a new cliff edge in trading arrangements between Britain and the European Union, as the two sides prepare to negotiate their future relationship
  • Chinese stocks plummeted by the most since an equity bubble burst in 2015 as they resumed trading to the worsening virus outbreak. The CSI 300 Index dropped 9.1%. China’s benchmark iron ore contract fell by its daily limit of 8%, while copper, crude and palm oil also sank by the maximum allowed
  • OPEC and its allies considered how to respond to a plunge in oil prices, with Russia signaling for the first time it was open to Saudi Arabia’s push for an emergency meeting. Potential dates being discussed are Feb. 8-9 and Feb. 14-15, though for now the next regular meeting on March 5-6 remains on the schedule, a delegate said
  • Chinese oil demand has dropped by about three million barrels a day, or 20% of total consumption, as the coronavirus squeezes the economy, according to people with inside knowledge of the country’s energy industry. Fatalities top 360 as China returns from holiday: virus update
  • The U.K. and the European Union begin their battle over a future trade deal on Monday. In a major speech in London, Prime Minister Boris Johnson will threaten to walk away from talks with the EU rather than accept demands from Brussels to sign up to the bloc’s single market regulations and the rulings of its court
  • New Zealand Treasury expects economic growth to ease through 2020. Domestic data over December and January showed tentative signs of an improving economy with measures of business sentiment improving but still in negative territory

Asian equity markets mostly traded with heavy losses as markets braced themselves for China’s return from the Lunar New Year holiday in which mainland bourses opened with losses of nearly 9% and several Shanghai commodity prices hit limit down, despite efforts by China to cushion the blow. ASX 200 (-1.3%) was lower in which energy and mining sectors underperformed the broad weakness across Australia sectors aside from the gold miners due to recent safe-haven plays, while Nikkei 225 (-1.0%) traded subdued but off its lows after finding mild relief from currency flows. Elsewhere, a blood bath was seen at the reopen in mainland China as the Shanghai Comp. (-7.7%) played catch up to the global market rout brought on by the coronavirus and with sentiment not helped by a contraction in Industrial Profits, although mainland bourses were slightly off their worst levels and the Hang Seng (+0.2%) recovered into positive territory after several supportive measures including efforts to restrict short selling and the PBoC’s CNY 1.2tln reverse repo operation in which the central bank also lowered repo rates by 10bps. Finally, 10yr JGBs consolidated overnight and although prices eventually retreated back below the 153.00 level, they still held on to the majority of last week’s advances amid the rout in stocks and after the BoJ kept February purchase intentions mostly in line with the previous month.

Top Asian News

  • Risks Mount for Hong Kong After Economy Shrank in 2019
  • Billionaire Razon Buys 25% Stake in Ayala’s Manila Water
  • Turkey’s Real Rates as Low as in Japan After Inflation Surprises

A relatively tame session for European equities thus far [Eurostoxx 50 +0.2%], following on from the frantic Chinese sell-off in which its markets wiped some USD 420bln in its catch-up play, with Shanghai Comp closing with losses of almost 8%. Sectors are mixed with no clear reflection of the current risk tone as defensives and cyclicals remain varied, albeit energy is underperforming amid losses in the complex. In terms of individual stocks Ingenico (+11.4%) shares spiked higher to the top of the Stoxx 600 at the open amid M&A induced moves with Wordline set to acquire the company in a deal value at EUR 7.8bln. Ryanair (+4.6%) shares follow closely behind amid earnings in which the group announced an extension to its share buyback programme. On the flip side, Siemens Heathineers (-4.6%) shares fell to the foot of the pan-European index following double-digit YY declines in adj. EBIT and net income.

Top European News

  • U.K. Manufacturing Avoids Contraction in Post-Election Bounce
  • Avast Roller Coaster Exposes Frailty of Sleepy Czech Bourse
  • Euro-Area Manufacturing Sees Green Shoots at Start of 2020
  • Macron Seeks Poland Reset as Warsaw Tightens Grip on Courts

In FX, the Yuan suffered from revived angst/catch-up play upon Mainland’s return following its extended Lunar New Year holiday and having had its first opportunity to react to the escalating threats from the outbreak. Moreover, China took a barrage of measures, including lowering rates on its 7- and 14-day reverse repos by 10bps each, in an attempt to cushion losses in the markets amid expectations for a tumultuous session. USD/CNY was propelled at the onshore open as the pair breached 7.00 to the upside (vs. 6.9364 close on Jan 23rd) and eclipsed its 100 DMA at 7.0223 before closing around 7.0250 – the weakest close since December 12th, USD/CNH remains comfortably above 7.00. Subsequently, DXY gained and resides above 97.500 (vs. 97.429 open and low) with the index supported amid weakness in some peers. DXY sees its 200 DMA around 97.720 and 100 DMA at 97.832 ahead of the psychological 98.000 – with traders eyeing the ISM Manufacturing release for influence, whilst the Iowa caucus will also be followed to give a lens into the Democratic presidential candidate.

  • GBP – The marked G10 underperformer heading into PM Johnson’s speech, the content of this was predominantly flagged by UK press over the weekend; taking a hard stance regarding post-Brexit trade negotiations with the EU – with one of the pledges being to not align the UK with the EU alongside a willingness to leave on WTO terms if necessary. Meanwhile, EU’s Chief Brexit Negotiator was expected to warn that a FTA is unlikely should the UK misalign itself with EU standards. Barnier noted that the EU is not seeking UK regulatory alignment, but “we do want consistency”, which is similar in essence. GBP/USD saw some support around 1.3100, having retreated from Friday’s 1.3200 close and with limited reaction seen by the UK manufacturing PMI being revised higher to neutral from a mild contraction. Thereafter, GBP/USD breached 1.3100 to the downside, breaching Friday’s low (1.3080) and its 50 DMA (1.3075) to a low of 1.3055 ahead of the psychological 1.3050.
  • AUD, NZD, JPY, EUR – All softer vs. the Buck as DXY gains traction. Antipodeans were supported in overnight trade but have since trimmed gains and reside around flat territory – AUD/USD briefly topped 0.6700 before reversing and finding mild support around 0.6680, whilst its Kiwi counterpart fell back below its 100 DMA (0.6466) having reached an overnight high of 0.6476 and with 0.6450 seen as psychological support. Similarly, the safe-haven currencies succumb to the firmer Dollar, with USD/JPY meandering around 108.50 ahead of its 100 DMA at 108.75. EUR/USD was largely unreactive to a modest revision higher in the EZ manufacturing PMI, which also came with an optimistic accompanying statement from the IHS, noting that economy could see growth strengthen in the period ahead. EUR/USD trades just above the 1.1050 mark (vs. high 1.1095) with the pair eyeing EUR 927mln of options expiring around 1.1075 at today’s NY cut.
  • EM – Mild reprieve across the EM-sphere, but potentially more-so consolidation following last-week’s hefty losses. TRY saw little reaction as the country’s real rates were dragged further into negative territory amid the uptick in January YY inflation – with participants noting that this may prompt a pause in the CBRT’s easing cycle, although not a cessation given the Turkish President’s pledge to bring rates back to single digits this year. USD/TRY remains flat intraday around 5.9850. Meanwhile, USD/ZAR has retreated back below 15.000 with some noting a correction from last week’s losses alongside profit taking.

In commodities, overall mixed with WTI front month futures firmer but Brent subdued on the demand implications of the cornonavirus outbreak. Furthermore, reports noted that Chinese oil demand is seen falling some 20% on the coronavirus lockdown, which does not bode well for its largest suppliers Saudi and Russia. On the OPEC front, sources noted that OPEC and allies are mulling further output reductions of ~500k BPD, with a meeting reportedly scheduled for February 14th/15th. Note: some desks highlight that a bulk of the “new cuts” could factor in the disruptions in Libya, which net-net may end up in a lower aggregate output reduction. The Joint Technical Committee will be convening on February 4th/5th to assess impacts of the virus and are likely to make a recommendation around any further action to support the market, according to sources. Further sources via journalist Summer Said noted that Saudi Arabia are reportedly considering a drastic temporary cut of up to 1mln BPD in response to the coronavirus. WTI and Brent futures reside under USD 52/bbl and just north of USD 56/bbl with fleeting support seen from the OPEC sources. Elsewhere, spot gold saw early losses amid a firming USD in which prices briefly dipped below 1575/oz. Meanwhile, panic selling seen at the resumption of Chinese commodities trading saw Shanghai copper, crude oil and Dalian iron ore futures all hit limit down in catch-up action from the Lunar New Year holiday.

US Event Calendar

  • 9:45am: Markit US Manufacturing PMI, est. 51.7, prior 51.7
  • 10am: Construction Spending MoM, est. 0.5%, prior 0.6%
  • 10am: ISM Manufacturing, est. 48.5, prior 47.2
  • 10am: ISM New Orders, est. 47.7, prior 46.8
  • 10am: ISM Prices Paid, est. 51.5, prior 51.7
  • 10am: ISM Employment, prior 45.1
  • Wards Total Vehicle Sales, est. 16.8m, prior 16.7m

DB’s Jim Reid concludes the overnight wrap

Before we get to a busy week ahead, including the start of US primaries in Iowa today, all eyes on this morning’s first Chinese market opening since the extended holiday ended. The CSI 300 (-7.50%), Shanghai Comp (-7.63%) and Shenzhen Comp (7.84%) are all down heavily but are off their earlier deeper loses. Meanwhile, the Nikkei (-0.98%) is also trading down while the Hang Seng (+0.53%) and Kospi (+0.11%) are up. As for fx, the onshore Chinese yuan is down -1.49% to 7.0157, the weakest since December 12, as it also reopened post the holiday. Elsewhere, futures on the S&P 500 are up +0.75% while 10yr USTs yields are +1.7bps higher this morning which shows that the sell-off hasn’t accelerated with the China re-opening. In commodities, Shanghai Iron ore futures are down c. -7.50% today while those on copper are -6.60% with brent oil prices -0.23%. As for overnight data releases, China’s January Caixin manufacturing PMI came in at 51.1 (vs. 51.0 expected) but the survey covers the period before the virus concerns mounted. Japan’s final manufacturing PMI came in at 48.8 vs. 49.3 in the initial release.

The latest on the virus is that there are now 17,205 confirmed cases (up from 9,692 on Friday) and the death toll now stands at 361 (up from 170). Philippines reported the first Coronavirus death outside of China and more cases have been confirmed globally including in the US. Lots more travel restrictions to and from China have been put into place.

This is after the PBoC and other Chinese bodies announced numerous measures over the weekend to try to keep markets orderly at the re-open including a 10bps cut for both the 7- and 14-day repo rates overnight. Yesterday, the central bank had announced the injection of a net 150 billion yuan ($21.7 billion) into money markets this morning with an additional trillion yuan netting off money market redemptions today. Meanwhile, the securities regulator also said yesterday that it would halt night sessions for futures trading from today until further notice, and will allow some share pledge contracts to be extended by as long as 6 months as part of measures to improve market expectations and prevent irrational behaviour. It’s likely more intervention will come if required in the days ahead.

Back here in the UK, Bloomberg reported overnight that the UK PM Boris Johnson will say in a speech today that he wants a comprehensive trade agreement at least as good as the one the EU has reached with Canada but is likely to insist that “Britain will prosper” even without such a deal. He is also likely to say that the UK is not willing to accept demands from the EU to sign up to the bloc’s single market regulations and the rulings of its court. His speech will be followed by a speech from the EU chief Brexit negotiator Michel Barnier in Brussels, where he is due to set out his planned negotiating position with the UK. Sterling is trading down -0.31% at 1.3166 this morning on the news. Expect lots of headlines today.

Overnight we also heard from the ECB Chief Economist Philip Lane and he said that rising labour costs will eventually reignite inflation in the euro zone and that the ECB is on track toward its goal. On the strategic review he said that suggestions so far have included making the target more specific at precisely 2% – instead of the current “below, but close to, 2%” – and possibly adding a band of tolerance around it. He also acknowledged that the ECB will consider whether its measures of inflation should take better account of housing costs, which are currently severely under-weighted.

So a busy start to the week as we kick off a potentially turbulent February. In terms of the rest of this week the highlight could be today’s first US democratic primary in Iowa – the first of four this month. There’ll also be a number of data releases, including PMIs from around the world (today and Wednesday), before the US jobs report comes out on Friday. Earnings season will also continue to be in full flow.

While Iowa only makes up c.1% of nationwide delegates, we will start to see some sign as to momentum of the various candidates. Technically there will also be Republican primaries, but these are widely considered a foregone conclusion in favour of President Trump. In terms of what to expect, the national polling average from RealClearPolitics shows former Vice President Joe Biden still in the lead at the moment, with 27.2%, followed by Senator Bernie Sanders on 23.5% and Senator Elizabeth Warren on 15.0%. However, in Iowa, the polling average shows Sanders in the lead, with 24.7%, and Biden in second on 21.0%. Furthermore, both former Mayor Pete Buttigieg (16.3%) and Warren (15.2%) are around the crucial 15% mark that is important when it comes to accumulating the delegates required to win the nomination.

In terms of what will happen, the race remains competitive, with FiveThirtyEight’s model at time of writing giving Sanders a 40% chance of winning the most votes in Iowa, followed by Biden on 34%, with Buttigieg on 18% and Warren on a 16% chance. It’s true that often the winner of the Iowa caucuses don’t actually go on to be the nominee – indeed on the Republican side the winners in 2008, 2012 and 2016 all lost out to someone else. Nevertheless, it’s the first indicator of real votes we have, and very important in terms of momentum for each of the candidates, as it’s only 8 days later that the next primary takes place in New Hampshire, and between the two votes there’ll be another TV debate between the candidates on the Friday.

The week ahead also has a number of data highlights, with the main ones likely to be the release of manufacturing (today), services and composite (Wednesday) PMIs from around the world. We have already had the preliminary PMIs from a number of countries, so those countries such as Italy where we haven’t had the preliminary numbers will take on added interest. Also of note will be the ISM manufacturing and nonmanufacturing indices from the US, out today and Wednesday respectively. Back in December, the ISM manufacturing reading fell to 47.2, its lowest level since June 2009, though the consensus is expecting an uptick for January to 48.4, so that’s one to keep an eye out for.

On Friday, we’ll also get the US jobs report for January. The current consensus expectation is for a +160k increase in nonfarm payrolls in January, up from the +145k increase in December, with the unemployment rate remaining at 3.5%, and average hourly earnings growth ticking up a tenth to +3.0% year-on-year. Other key data out this week will come with the Euro Area’s retail sales for December on Wednesday, while in Germany, there’ll be the release of December’s factory orders on Thursday and industrial production on Friday.

Earnings season continues next week, with another raft of companies reporting. Looking at things so far, of the 225 S&P 500 companies that have reported, 74.4% have reported a positive surprise on earnings and 64.1% have reported a positive surprise on sales. Looking to the week ahead, today sees Alphabet report. Then tomorrow we’ll hear from Walt Disney, BP and Sony. On Wednesday, there’s Merck, Novo Nordisk, GlaxoSmithKline, Siemens, Qualcomm, BNP Paribas and General Motors. Thursday sees reports from L’Oréal, Bristol-Myers Squibb, Philip Morris International, Total, Sanofi, Enel, Nordea Bank, UniCredit, Société Générale, Twitter and Toyota. And finally on Friday, we’ll hear from AbbVie.

Finally on US politics, tomorrow sees President Trump give his State of the Union address to Congress. The full day by day calendar is published at the end.

Recapping last week now, and global equities continued to fall thanks to the impact from the coronavirus. The S&P 500 ended the week down -2.12% (-1.77% Friday) in its worst weekly performance since early August, and moving the index into negative YTD territory. It came as industrial bellwether Caterpillar fell -2.97% on Friday after it reported a worse-than-expected outlook, with 2020 EPS at $8.50-$10.00, which was below the Bloomberg consensus for $10.55. Furthermore, the VIX climbed +4.3pts to its highest level since October. It was a similar story in Europe, where the STOXX 600 fell -3.05% (-1.07% Friday), while in Asia, Hong Kong’s Hang Seng was down -5.86% (-0.52% Friday), its worst weekly performance since February 2018. The move away from risk assets was also reflected in commodity markets, where Brent crude fell -4.17% (-0.22% Friday), its 4th consecutive weekly move lower. Meanwhile copper fell for a 12th consecutive day, ending the week down -6.22% (-0.28% Friday), its worst weekly performance since December 2011. On the other hand, gold rose +1.12% (+0.95% Friday) to a fresh 6-year high.

Sovereign debt continued its advance last week, with 10yr Treasury yields down -17.7bps (-7.9bps Friday) to 1.507%, their lowest since early September, and 30yr Treasury yields closed below 2% for the first time since early September too. A notable development on Friday came from the yield curve, where the 3m10y curve saw an inverted close for the first time since October, having flattened by -20.3bps over the course of the week (-6.8bps Friday). Over in Germany, 10yr bund yields closed down -9.9bps (-2.8bps Friday), while the spread of Italian ten-year yields over bunds fell by -19.8bps (+2.1bps Friday) as investors reacted to the previous weekend’s regional election results.

Poor European data on Friday really didn’t help the mood for markets, with the flash GDP estimate for the Euro Area showing that the economy grew by just +0.1% qoq in Q4 (vs. +0.2% expected). This was the weakest quarterly growth since Q1 2013, and brings year-on-year growth down to +1.0% (vs. +1.1% expected), the lowest since Q4 2013. We also got the flash inflation estimate, which rose to +1.4% as expected, though the core reading fell to +1.1% (vs. +1.2% expected). In terms of the country-specific data, the French economy unexpected contracted by -0.1% (vs. +0.2% expected), the first quarterly contraction since Q2 2016 and the first of President Macron’s term of office. Meanwhile in Italy, the economy contracted by -0.3% (vs. +0.1% expected), the worst quarter since Q1 2013.

Elsewhere, German retail sales surprised to the downside, with a -3.3% mom decline in December (vs -0.5% expected), which was the biggest monthly decline since May 2007. In the UK however, mortgage approvals surprised to the upside in December, coming in at 67.2k (vs. 65.6k expected), which was the most since July 2017.

 

3A/ASIAN AFFAIRS

I)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED DOWN 229.92 POINTS OR 7.72%  //Hang Sang CLOSED UP 44.35 POINTS OR 0.12%   /The Nikkei closed DOWN 233.24 POINTS OR 1.01%//Australia’s all ordinaires CLOSED DOWN 1.42%

/Chinese yuan (ONSHORE) closed DOWN  at 7.0200 /Oil UP TO 57.21 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.0200 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.0159 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY PAST 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

CHINA/SATURDAY

A second Chinese city has barred residents from leaving their homes.  Apple closes all of its offices and stores in China

(zerohedge)

Second Chinese City Bars Residents From Leaving Their Homes, Apple Closes All Offices & Stores In China

Since our last update Friday evening, the situation on the ground in China has reportedly gone from bad to worse. The true extent of Beijing’s ‘quarantine’ has been exposed – and not just the ridiculously oppressive tactics exercised on sick people simply out trying to buy food so they don’t starve, but the even more bizarre notion that the WHO has decided to try and validate Beijing’s response when all evidence suggests that public relations is and always will be Beijing’s No. 1 concern.

By most recent count, total cases have eclipsed 12,000, while confirmed deaths inside China have hit 259. More than 100,000 people are still under observation, as we reported last night. The 46 new deaths announced last night (Saturday morning in China) was the largest daily death toll (that was the total from Friday) since the start of the crisis.

To that end, a report reportedly signed by hundreds of doctors blaming the Communist Party’s leadership for waiting a month to inform the Chinese public and the international community that the virus could spread from human-to-human contact. The leadership was apparently aware of this fact as early as mid-December, yet they actively concealed it until the situation started getting out of hand and cases were being confirmed in neighboring countries.

 

China’s finance ministry has finally announced that it’s going to lift import taxes on American-made medical products needed to help combat the outbreak (it’s interesting how it took them nearly – checks notes – two months since the start of the outbreak to lift the trade-war tariffs).

ABC News is the latest American media outlet to collect footage from Wuhan via drone. The haunting footage clearly shows the scope of the lockdown. An entire city as big as New York, with almost nobody outside or in the streets.

This is becoming an increasingly common sight across China.

We got some interesting corporate news overnight: Apple announced early Saturday that it would close all of its stores and offices in China at least through Feb. 9. Already, the factories of many of its suppliers (like Foxconn) have been impacted by holiday “extensions” that will keep them closed through at least early Feb.

As of midday on Saturday, at least 19 provinces, municipalities and regions have told businesses not to resume work before Feb. 10 at the earliest, according to CNBC, which also noted that Disney, Tesla several US airlines and myriad other American business have suspended operations in China. Hubei, the center of the outbreak, has reportedly extended its Lunar New Year holiday until Feb. 13.

Mark Gurman

@markgurman

Apple is closing ALL stores, corporate offices, and contact centers in China due to Coronavirus through Feb. 9, company says in statement. https://twitter.com/markgurman/status/1223503366929563648 

View image on Twitter

Mark Gurman

@markgurman

Apple is closing most of its stores in mainland China through Feb. 9 on coronavirus https://www.bloomberg.com/news/articles/2020-02-01/apple-to-close-stores-in-china-through-feb-9-on-coronavirus 

On Saturday, Huanggang, a city of 6 million people near Wuhan, has banned residents from leaving their homes in an effort to stop the coronavirus. The ban states that 1 person per family can leave every other day to buy basic needs.

It’s the first city to declare a lockdown on par with Wuhan’s total ban of people leaving their homes. Meanwhile Huanggang’s mayor warned on Saturday that a “significant” increase in the number of confirmed cases on Saturday or Sunday.

Here’s a video of a doctor from Huanggang saying the media won’t dare report the true infection totals from Huanggang, adding that it’s almost as bad as Wuhan.

JASON CHEN@ajasonchen

A doctor was filmed saying the media does not dare to report the true figures of infections in the city of Huanggang, which is near , repeating that 3 local hospitals were filled with patients presented with fever.

Embedded video

The scapegoating of local officials by Beijing continued on Saturday, when more than 300 party officials from Huanggang were punished for failing in their duty.

Global Times

@globaltimesnews

, a city neighboring , which records the second-largest number of infections, punished 337 officials for slacking off from their duty in combating the . Six of them were dismissed from their positon. http://bit.ly/3aUbGOF

View image on TwitterView image on Twitter

Though we’re hearing labels like these used far less often than we were just last week, it appears the “fearmongers” and “alarmists” were once again correct to be skeptical of the information coming out of Beijing. A few days ago, Zero Hedge was declared alarmists for discussing the possibility that nCoV could metastasize into a particularly deadly seasonal illness, like the flu. The mainstream press has now apparently decided to take the warnings of epidemiologists seriously.

Selina Wang

@selinawangtv

Latest stats: 11,949 cases, 259 deaths. Still too early to gauge death rate, but this @businessinsider chart puts into perspective. The 2009 H1N1 flu eventually became one of the seasonal flu strains. It could happen to this one as well.

View image on Twitter

When the WHO first declared that travel restrictions on China simply weren’t necessary, even as Beijing quarantined more than 50 million of its own people, we wondered how the organization could possibly expect the world to listen, considering that Russia had already closed its border with China, and dozens of countries had already imposed some kind of restriction, while more than 40 airlines had suspended routes to China.

On Saturday morning, Australia joined the US in temporarily blocking all foreigners who have recently visited China. Japan said it would bar visitors who had been to Hubei in the last 2 weeks, or had passports issued in Hubei, according to the New York Times.

Then we heard Hong Kong Chief Executive Carrie Lam tell the people that complete shutdown of travel to China wouldn’t be necessary. Once again, Lam was doing the leadership’s bidding to the detriment of her local popularity. By doing so, Lam has handed the workers all the ammunition they need to successfully challenge, and defeat, the city government.

Carrie Lam

Thousands of Hong Kong doctors, nurses and hospital employees have voted for a strike which could begin as early as Monday. The reason? To pressure the city government to close all borders with mainland China. This isn’t the first bout of virus-related unrest to rock Hong Kong. Last week, a group of locals set fires and rioted in response to rumors that the government planned to transform a newly built housing project nearby into a quarantine, according to SCMP.

Reports that the Hong Kong government has found 49 people from Hubei after searching about 500 hotels has only ratcheted up public anxiety. The individuals are reportedly being moved to quarantine centers.

 

The pledge of action by thousands of nurses and hospital workers is picking up steam as more local unions are joining the movement. Pretty soon, Lam will have no choice but to close the border with China, which would be a major blow to global confidence in Beijing.

The alliance of health care workers have a few other demands: that the government make clear policies to ensure a supply of surgical masks, a halt on non-emergency services and an increase in the number of isolation wards at hospitals, as well as better support for medical practitioners and an open promise not to punish those who participate in the strike.

Back on the mainland, local authorities have taken to using drones to ‘name and shame’ anybody who disobeys the isolation orders. Here are a few examples:

Global Times

@globaltimesnews

Walking around without a protective face mask? Well, you can’t avoid these sharp-tongued drones! Many village and cities in China are using drones equipped with speakers to patrol during the outbreak.

Embedded video

Across China, drones are being loaded with disinfectant to spray public streets (another shock-and-awe measure with little real-world advantage).

Before we go, here’s a complete list of countries that have confirmed cases of the virus: Thailand, Japan, Hong Kong, Singapore, Taiwan, Australia, Malaysia, Macau, Russia, France, the United States, South Korea, Germany, the United Arab Emirates, Canada, Britain, Vietnam, Italy, India, the Philippines, Nepal, Cambodia, Sri Lanka, Finland and Sweden.

Meanwhile, Thailand, Taiwan, Germany, Vietnam, Japan, France and the US has confirmed human-to-human transmission involving at least one person who hadn’t been to China.

The timing of this outbreak could not be worse: China confirms a case of H5N1 bird flu in Hunan, prompting authorities to cull 17,828 chickens as a precaution. Though we doubt mainlanders will be seeing many stories about that.

END

CHINA/SURROUNDING COUNTRIES TO CHINA
China becomes outraged as the entire world cancels flights and shuts their borders as the coronavirus outbreaks spreads to other countries
(zerohedge)

China Outraged As World Cancels Flights And Shuts Borders Amid Coronavirus Outbreak

Countries that surround China have closed their border crossings and halted trade this week, air carriers across the world have also suspended flights to and from the country because of the novel coronavirus outbreak. Beijing has responded with outrage, by saying the measures enacted by the global community to limit the spread of the deadly virus goes way beyond standards accepted worldwidereported R.T. News.

Chinese Foreign Minister Wang Yi told his Indian counterpart Subrahmanyam Jaishankar on Saturday that “we have adopted the most comprehensive and strictest prevention and control measures, and many of them go far beyond the requirements of the International Health Regulation.”

“China’s efforts are [aimed at] not only protecting the health of its own people but also safeguarding the health of people worldwide. Governments and the World Health Organization (WHO) have given full recognition to this,” Wang said.

The minister also said that Beijing “does not agree with the approach adopted by individual countries to create tension or even panic” by closing borders, trade, and flights to and from China. 

He pointed out that the WHO “did not approve of travel or trade restrictions on China.”

For anyone who didn’t listen to officials at Thursday’s emergency conference, it sounded like they were reading a script from Beijing, with consistent praises of the Chinese regime for their efforts in “containing” coronavirus.

WHO officials during the meeting also emphasized that global flights, borders, and trade must remain open with China, again it sounds like these officials were widely pressured by Beijing to keep the global economy open for business despite the known fact of a deadly virus outbreak.

RT

@RT_com

outbreak across the world

1.China
2.Thailand
3.Japan
4.Singapore
5.Hong Kong
6.Malaysia
7.Macau
8.Australia
9.United States
10.Vietnam
11.France
12.Germany
13.UAE
14.Canada
15.Finland
16.Sri Lanka
17.Nepal
18.India
19.Philippines
20.Cambodia

Also, on Saturday, China’s foreign ministry spokeswoman Hua Chunyin criticized President Trump’s travel ban on foreign nationals, who traveled to China within the last several weeks.

Hua said Trump’s order to limit travel to and from China to the U.S. contradicted the WHO’s request to avoid travel bans.

“Just as the WHO recommended against travel restrictions, the U.S. rushed to go in the opposite way. Certainly not a gesture of goodwill,” he said.

The decision by the U.S. to restrict travel to China was followed by Japan, Germany, Britain, Hong Kong, Macao, Russia, North Korea, Australia, Thailand, Singapore, South Korea, and others, to name a few.

Airline carriers across the world also closed direct and indirect flights to China.

On Friday, Delta Airlines, American Airlines, and United Airlines said they were suspending flights to much of China.

British Airways, KLM Airlines, Cathay Pacific, Finnair, Turkish Airlines, Air France, Air Seoul, EgyptAir, Lion Air, Austrian Airlines, Kenya Airways, Vietjet, and Lufthansa have also cut flights to the country.

*Walter Bloomberg@DeItaOne

List of airlines suspending flights to china due to

View image on Twitter

China’s anger towards the world for closing borders, trade, and flights as a “devil virus” persists, is likely driven by the fact that its economy could implode if the shutdown is prolonged.

END

CHINA/BIRD FLU

As if China does not have enough to deal with: they are now facing another viral plague; the return of the deadly bird flu

(zerohedge)

Bird Flu Is Back – China Faces Yet Another Viral Plague

It’s been a tough few months for China…

First, they faced food shortages (and soaring food costs) as African Swine Fever swept across the nation cutting China’s pork production in half and slaughtering hundreds of millions of their porcine pals.

Then, they faced total economic shutdown and social lockdown as the deadly Wuhan Coronavirus spread across the nation faster than a Buzzfeed ‘which cat suits your social justice needs best’ article, killing hundreds and leaving 10s of thousands sick.

 

And now, as if things weren’t bad enough, according to the website of the Ministry of Agriculture and Rural Affairs, the Information Office of the Ministry of Agriculture and Rural Affairs, bird flu is back!

As Reuters reports, the highly pathogenic avian influenza outbreak of H5N1 subtype of poultry occurred in Shuangqing District, Shaoyang City, Hunan Province.

The case reportedly occurred on a farm with 7,850 chickens, 4,500 of which have died of the bird flu.

Authorities have culled 17,828 poultry following the outbreak.

As a reminder, Avian influenza is deadly to most birds, and it’s deadly to humans and to other mammals that catch the virus from birds. Since the first human case in 1997, H5N1 has killed nearly 60% of the people who have been infected.

But unlike human flu bugs, H5N1 bird flu does not spread easily from person to person. The very few cases of human-to-human transmission have been among people with exceptionally close contact, such as a mother who caught the virus while caring for her sick infant.

What next?

END

CHINA/USA
China to exempt taxes on 3M 95//98 viral masks , ambulances etc in their fight against the coronavirus
(zerohedge)

China To Exempt Taxes For Certain U.S. Products To Win Fight Against “Devil Virus”

The Ministry of Finance of the People’s Republic of China published a statement Saturday, reviewed by Reuters, noting that tax exemptions for imported products from the U.S. will be enacted to help the country combat the deadly outbreak of coronavirus.

According to the statement, all products that will be tax-exempt must be directly for the use of “epidemic control” and will be exempt from import tariffs through the end of March.

Some of these products include 3M face masks, Ford or Chevy ambulances and disinfectant products.

There was no mention by the finance ministry whether Beijing would continue to honor the phase one trade deal signed with the U.S. last month.

In three weeks’ time from the signing of the trade agreement, two-thirds of China’s economy has virtually ground to a halt, major manufacturing hubs have been shuttered, more than 50 million people are quarantined, and transportation networks across the country have come to a standstill.

About 12,000 cases of coronavirus have so far been reported in China (as of Friday night), with 259 deaths, along with a new report from Hong Kong scientists that estimate at least 75,000 people in Wuhan might be infected.

China accounts for 17% of global GDP, up from 4% in 2003, with much of the world’s supply chains are deeply rooted in the country and are currently shutdown. Growth perspectives for China and the world are plunging, the bond market and commodities say so, which means demand for products from the U.S. will decline, this makes it hard for China to meet hard targets of the phase one trade agreement.

So about that $200 billion in goods, China has to buy from the U.S…

end

China/Chinese Hospitals

We now have accounts showing that Chinese authorities are directly taking corpses to the crematorium.

(zeorhedge/Sunday)

‘Corpses Taken Directly To Crematorium’ – New Accounts Detail Grisly Operation At Wuhan’s Fifth Hospital

 

Radio Free Asia (RFA) has tweeted a disturbing video on its Twitter account on Saturday morning detailing how those who died of coronavirus in Wuhan, the outbreak area in China, were loaded up on a bus and taken “directly to the crematorium.”

RFA said (in a translated tweet): “[Latest Situation of Wuhan Fifth Hospital] Some Wuhan citizens entered Wuhan Fifth Hospital on February 1st and found many patients who died of pneumonia. The corpses were packed directly to the crematorium. Paramedics are busy rescuing the dying patient.”

自由亚洲电台

@RFA_Chinese

【武汉市第五医院最新情况】

有武汉市民2月1日进入武汉第五医院,发现多具因肺炎死亡的病人,尸体就地打包直接送去火葬场。医护人员忙于抢救垂死的病人。

Embedded video

RFA’s video is in line with our report from Friday that said those who died of the deadly virus were hauled off to a crematorium in Wuhan by Chinese authorities.

DW News East Asia correspondent William Yang cited a report from the Chinese-language news outlet Initium, which said cremation facilities in Wuhan 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

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

The closet funeral home/ alleged crematorium is right down the street from Wuhan Fifth Hospital.

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 Trump administration on Friday to restrict entry into the US from the outbreak area.

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.

4/EUROPEAN AFFAIRS

GERMANY

Negative rates are forcing German banks to hoard cash so they would not have to pay the penalty

(zerohedge)

Negative Rates Are Forcing German Banks To Hoard So Much Cash They’re Running Out Of Space

The increasingly unstable and unpredictable world isn’t the only reason why betting on safe-makers and security companies might not seem like a bad idea to some savvy investors. But those aren’t the only reasons.

In the era of NIRP, “cashless societies” like Sweden are at a clear disadvantage. When banks are charging wealthy customers additional fees for storing their cash on deposit, the option to transition a chunk of one’s fortune to cash suddenly makes sense. And as Bloomberg reported Friday, this phenomenon hasn’t been lost on German banks.

To help them keep as little money in reserve accounts as possible, banks in Germany are reportedly stuffing vaults with euro banknotes in to keep them handy for customers (and avoid the additional NIRP tax on deposits). Some banks have hoarded so much cash that they’re running out of room and are searching for more storage. This behavior has been going on for years, practically since Draghi introduced negative rates almost six years ago.

But the trend has gotten so out of hand German banks are running out of space to stash the notes.

The physical cash holdings of German banks rose to a record 43.4 billion euros ($48 billion) in December, according to Bundesbank data published on Friday. That’s almost triple the amount at the end of May 2014, the month before the European Central Bank started charging for deposits and raising the pressure on Germany’s already beleaguered banks.

By the end of last year, German banks were holding a record amount of physical cash.

In theory, negative interest rates are supposed to spur inflation and economy growth by encouraging businesses to borrow, however, the policy has arguably failed in Europe, as growth has remained sluggish over the last five years, while the eurozone’s savers and bankers have suffered.

“These days it’s better to keep funds in cash rather than park them at the ECB,” said Andreas Schulz, who runs a savings bank close to Berlin. “That’s despite the risk, insurance costs and logistical hassle involved. It’s a ludicrous demonstration of the consequences of the ECB’s interest-rate policy.”

Munich-based precious metals trader Pro Aurum said it has received several requests from banks to store notes in its vaults, but the company had to turn them down.

“The ECB’s negative interest rates make hoarding cash attractive,” said Frank Schaeffler, a German member of parliament with the opposition Free Democrats. “This is just the beginning. If it continues, we’ll see a boom for vault makers and security companies.”

European banks have repeatedly warned that they can’t pass on all the liquidity they have as credit, but holding cash won’t help banks escape the entirety of the burden of negative rates. In fact, the volume of notes that banks are hoarding is still small compared with their overall deposits. But the trend has become grist for German critics of the ECB, who argue that negative interest rates are causing more harm than good.

 

Demand for safe deposit boxes has been growing for “months” according to one business owner.

“We’re seeing increased demand for our safe deposit boxes, frequently for storing cash,” said Markus Weiss, a managing director at Degussa Goldhandel. “That high demand has lasted for months now and we’re continuously expanding our capacities,” said Weiss, whose company sells gold and offers clients space to store their valuables.

German banks have been especially hard hit (look at Commerzbank and Deutsche Bank), as Germans tend to keep most of their savings in low-yielding investments.

Unfortunately for them, the ECB selected Christine Lagarde as its new leader, a former finance minister who has given every indication that she intends to continue with Mario Draghi’s unprecedented monetary stimulus.

END
UK/USA
Tom Luongo ties in perfectly, what is going to happen inside Great Britain now that Brexit has happened.  Great Britain is now in the transition stage and now doubt Johnson will demand a hard Brexit.  The USA is waiting in the wings to provide that free trade deal that will propel both nations.  The EU is stuck with mountains of rules making business almost impossible.  England is the big winner and they will join the uSA in eliminating the corrupt democrat Deep state that wanted Trump out..
a great. read…
(courtesy Tom Luongo)

On Brexit Day, The Times They Are A’Changing

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

It’s finally here after three and a half years, Brexit Day. The U.K. is formally out of the European Union.

And from where I’m sitting it looks like they are only just getting started.

For now though, on Saturday the transition period begins where nothing traumatic changes except that there is no longer the threat of Nigel Farage giving the odious European Parliament what for on a regular basis.

I will miss this. It’s been some of my most favorite television of the last fifteen years. And watching him get cut off is that moment when, for the first time, the mask finally slipped.

Farage was singing and for once they didn’t hear the Swedish National Anthem. They heard him loud and clear.

And the most stirring thing in that speech was Farage’s promise to keep going, to continue opposing the European Union.

Because Brexit is just the beginning of something larger and it’s savvy of Farage to note it in his farewell two fingers up to the EU.

The European Union just lost its first major battle against the people it rules with a disdainful technocratic fist.

It’s in damage control mode, telling us that no one else will be able to achieve what the U.K. has. Good luck with that. There are a lot of newly-minted populists in the world today than there were yesterday.

So, even if this is the acme of Farage’s political career, he’s achieved more by never personally winning an election for himself than any man in modern political history.

The establishment hates him for it. And they will downplay his role in it, but it is a truly astonishing accomplishment, this Brexit thing, no matter how it turns out in the end.

Most importantly, it proves that working within the system is the wrong way to go about societal change. You change things by going directly to the people and building your case from the ground up.

You don’t change anything except yourself by commanding the heights and trickling freedom down to the masses.

When you take a step back it’s also clear there’s more changing within and outside the U.K. that has been sparked by Farage’s calling than The Davos Crowd wants to admit.

Mission Improbable

Since Boris Johnson secured a deal with French President Emmanuel Macron to finally put the Remainer parliament in the U.K. out to pasture back in October, the signs have been building for a kind of reformation in British politics that points to a much different future.

Brexit, symbolically, is about the people finally beating back the long march of the institutions towards global tyranny. That’s what the EU is, a vehicle for global regulatory alignment and governance that is fundamentally, as Farage points out, anti-democratic and anti-individual.

But it is also the cancer that lies at the heart of the corruption we see all across the West. And breaking it down means also breaking down the cabal of oligarchs who have been charting its rise since the end of World War II.

They may be spinning up their latest bribe in the form of combating Climate Change, but that may be the biggest tell yet of how utterly out of touch they are with their reality.

Because none of this was supposed to happen. The EU is inevitable. The EU is eternal. The EU is all-powerful. Just ask them!

As I said previously, a cynical read of the recent British election should have seen Boris Johnson secure BRINO – Brexit in Name Only — for the global establishment. He’s got his Farage-proof majority and a very flawed withdrawal treaty.

But something odd has happened. And I think that cynical read is one that didn’t properly take into account just how much damage has been done to the institution of the British government over the past two years, in particular.

And it looks to me that the Queen is finally making her voice heard, through her proxies.

Let’s start Brexit itself. Johnson’s amendments to the Withdrawal Act put him in a very strong negotiating position with the EU for a trade deal. He enshrined in law that no extension to trade talks will occur.

He left No Deal on the table.

As Mike Shedlock pointed out earlier in the week, Michel Barnier, the chief negotiator for the EU, should be fired for incompetence. But Barnier continues to front he has the whip hand in trade talks.

He doesn’t. Johnson has all the leverage in trade negotiations because Trump stands ready to cut a deal the moment the transition period is over.

The Return of the Queen

The U.K. is not just leaving the EU. The U.K. is leaving on hostile terms. Johnson and the Queen have to re-establish themselves at the top of the competence hierarchy of British society if they are to stave off a political revolution.

And the best way to do that is to play hard ball with the EU whose humiliation tactics hardened British sentiment towards Brexit over time.

I think it’s hard for Americans to wrap their head around how much the British monarchy means to them, and I wouldn’t presume to guess, but it seems clear that if there was ever a time for the Queen to come in and restore faith in the British way of doing things, that time is now.

Embracing a hard Brexit, at least in theory, starts this process. Ignoring the whinging of the globalist Remainer camp and refusing to give them any ground is, in my opinion, the right path to take.

And the commanding rejection of them in the election gives both Johnson and the Queen the mandate to clean house, to drain their swamp, as it were.

This is why Prince Harry was allowed to leave his duties to the Royal Family. He’s an embarrassment. So is Prince Andrew, who needs to be shunted out of sight. And it’s why it’s very possible Prince Charles will be skipped in the succession and William handed the crown.

The British crown has been a captured piece for generations to British globalists and Communists, but I repeat myself. They have dominated British foreign and domestic policy for decades.

And if there is one thing we know about Elizabeth, she hates Commies.

But Brexit, along with the growing relationship between Johnson, the Queen and President Trump, created an opportunity to expose the rot that’s been on display for the past three and a half years.

The people see it now with stunning clarity and going forward will have less tolerance for it than they have in generations.

Steele Wheels

The signs have been building for weeks. But, the event that solidified for me that things are changing fundamentally is the Times of London story that former MI6 agent Christopher Steele “fabricated” most of the infamous Trump Dossier which spawned three years of political turmoil surrounding Donald Trump.

Watch The Duran’s immense video breaking this down to see the further implications here.

That Times article clearly leaves Steele out to hang and that doesn’t happen if there hasn’t been a complete change of scenery at the top of British governance.

The timing on this was note perfect. As the Senate waffled on whether to prolong this sham, the lynch pin to the case against the Trump campaign is cast aside by British Intelligence.

And, to me, taken with everything happening within the Royal Family tells me the Queen has finally returned to the board.

If Britain is sovereign again, then the Sovereign should be a factor again. Don’t think Trump treating her with deference and EU leadership with open disdain isn’t a factor here.

If there is a quid pro quo involving Donald Trump, look no further than his chat with the Queen last fall which the crazies tried so hard to stop. I’m sure Trump pledged an easy path to a trade deal in exchange for support in defeating the CIA coup against him.

And oh, look, right on time when the Democrats were about to drag this thing out into a circus, MI6 is leaving Steele out to hang.

Trump now beats the impeachment. No more witnesses he’s free to begin indicting everyone involved.

The coup has failed just like Remain did.

The Democrats will have no choice but to shift into full on insurrection against this “impeached and illegitimate” president. The next ten months will be off the charts weird.

But for the Brits it’s all downhill from here. They won the big fight. They have an irrepressible former commodities trader to thank for giving them a voice long suppressed.

And they can lead the rest of Europe out of its current nightmare. Because once they begin to succeed on their own terms, the EU emperor will truly stand naked before the world.

*  *  *

Join my Patreon if you think Brexit is the beginning of a new story.  Install the Brave Browser to help combat the media’s grip on what story we’re allowed to tell.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL/PALESTINE/ARAB LEAGUE/USA

Arab league formally reject Trump’s deal of the century and stupidly Abbas cuts ties with the uSA..who then will provide aid?? Iran?  who is broke!!

(zerohedge)

Arab League Formally Rejects Trump’s “Deal Of The Century” – Abbas Cuts Ties With US

Well that didn’t take long. Despite President Trump previously touting support from some Gulf Arab states like Bahrain and United Arab Emirates for his ‘deal of the century’ Mideast peace plan unveiled at the White House Tuesday, the Arab League on Saturday declared it has officially rejected the plan.

Meeting in an emergency session in Cairo the pan-Arab bloc stated it “rejects the US-Israeli ‘deal of the century’ considering that it does not meet the minimum rights and aspirations of Palestinian people.”

Simultaneously Mahmoud Abbas announced in a scathing speech before the assembly of Arab leaders that the Palestinian Authority (PA) is cutting all ties with the US and Israel.

 

Palestinian Authority President Mahmoud Abbas addressing the Arab League in Cairo on Saturday, via APF.

“They told me Trump wants to send me the deal of the century to read, I said I would not,” Abbas told the meeting. “Trump asked that I speak to him over the phone, so I said ‘no’, and that he wants to send me a letter, so I refused to receive it.”

Holding up a map produced by the White House of the envisioned future ‘two-state solution’ and what the proposed new state of Palestine will look like, Abbas said further: “I challenge any of you, if you can even see us on the map.”

“If you ask a child in first grade to draw Trump’s map he will never know how to.” He added, “This is a disgrace.”

Abbas said he refused to go down in history as the person who “sold out Jerusalem”. The deal controversially cuts Palestinians out of control over holy sites of the Old City in Jerusalem, while claiming to offer parts of the city’s eastern sector to serve as capital of a future Palestinian state, but only if certain “conditions are met” long term.

The Arab League further agreed “not to… cooperate with the US administration to implement this plan” while emphasizing that a two-state solution must include a Palestinian state based on the pre-1967 borders recognized by the UN with the capital being East Jerusalem, according to Al Jazeera.

 

Arab League emergency session in Cairo on Saturday, via AFP.

From the start both the PA and Hamas indicated the plan would be dead on arrival as they were not even privy to negotiations related to key components of the plan. Especially the crucial part of the White House plan giving Israel ‘annexation’ rights over at least 30% of West Bank territory, which Netanyahu has said parliament will move to vote on Sunday.

However, a number of commentators have noted the 181-page US-Israel proposal was almost designed to fail in the sense that it concedes all that Israel desires with little significant in the way of concessions to the Palestinians. Israel can then move forward with taking West Bank and Jordan Valley territory while claiming it extended an ‘open hand’ as part of the deal.

END
Turkey/Syria
Turkey may have escalated their problems in Syria by a huge margin as there was a direct class between Turkish and Syrian forces leaving many dead andwounded.
Erdogan is such a nut case
(zerohedge)

Rare Direct Clash Between Turkish & Syrian Armies Leaves Scores Dead & Wounded

Turkey has accused the Syrian Army of shelling Turkish positions in Idlib, killing six troops and a civilian, and wounding an additional seven soldiers, according to Al Jazeera.

Turkey’s Defense Ministry said its military immediately hit back against Syrian positions, destroying the source of fire; however, it’s unclear the extent to which the Syrian side suffered casualties. Turkey claims it’s defensive attack killed and wounded scores of Syrian troops.

Defense officials further condemned the aggression given they say Turkey gave advanced notice of their coordinates as part of a cooperative agreement with Russia. But Russia responded Monday to the criticisms by saying the Turkish positions were hit out of a lack of information.

 

Turkey heavy armored units in Syria, file image.

Though disputed by Syrian sources, President Erdogan subsequently claimed the Turkish counterattack killed between 30 and 35 Syrian troops, which involved fighter jets and artillery unleashed on Syria’s military.

“Those who test Turkey’s determination with such vile attacks will understand their mistake,” he said, suggesting further Russia authorized such defensive strikes when needed. “It is not possible for us to remain silent when our soldiers are being martyred,” Erdogan added.

However, Syrian Army statements and sources still say despite the Turkish interference they’ve advanced on the flashpoint town of Saraqeb, considered crucial to liberating Idlib.

In an alarming sign that the Syrian and Turkish armies could be on the brink of broader war in Idlib and northern Syria, the Britain-based opposition group Syrian Observatory for Human Rights, said Turkey shelled Syrian Army positions across three provinces, killing a total of eight soldiers as of Monday.

Ankara has said Damascus’ push to take Idlib province is forcing hundreds of thousands of civilians to flee the assault towards the Turkish border, adding to Turkey’s refugee woes, which it claims has now reached 3.5 million it is hosting in its borders.

Erdogan has threatened to act militarily against pro-Assad forces if they don’t cease their destructive offensive in war-torn Idlib. It now appears he’s making good on that threat, and we could see things escalate quickly — though it remains that Idlib is still recognized by the UN as sovereign Syrian soil (now occupied by al-Qaeda linked Hayat Tahrir al-Sham), which Assad has vowed to liberate “every inch” of.

6.Global Issues

CORONAVIRUS/ HIV INSERTIONS//HUGE STORY

on Saturday we have reports that the coronavirus may been been bio weaponized in a Wuhan laboratory.  The spikes on the virus is laden with stretches of HIV amino acid strings.

(zerohedgeO

Coronavirus Contains “HIV Insertions”, Stoking Fears Over Artificially Created Bioweapon

Over the past few days, the mainstream press has vigorously pushed back against a theory about the origins of the coronavirus that has now infected as many as 70,000+ people in Wuhan alone (depending on whom you believe). The theory is that China obtained the coronavirus via a Canadian research program, and started molding it into a bioweapon at the Institute of Virology in Wuhan. Politifact pointed the finger at Zero Hedge, in particular, though the story was widely shared across independent-leaning media.

The theory is that the virus, which was developed by infectious disease experts to function as a bio-weapon, originated in the Wuhan-based lab of Dr. Peng Zhou, China’s preeminent researcher of bat immune systems, specifically in how their immune systems adapt to the presence of viruses like coronavirus and other destructive viruses. Somehow, the virus escaped from the lab, and the Hunan fish market where the virus supposedly originated is merely a ruse.

Now, a respected epidemiologist who recently caught flack for claiming in a twitter threat that the virus appeared to be much more contagious than initially believed is pointing out irregularities in the virus’s genome that suggests it might have been genetically engineered for the purposes of a weapon, and not just any weapon but the deadliest one of all.

In “Uncanny similarity of unique inserts in the 2019-nCoV spike protein to HIV-1 gp120 and Gag“, Indian researchers are baffled by segments of the virus’s RNA that have no relation to other coronaviruses like SARS, and instead appear to be closer to HIV. The virus even responds to treatment by HIV medications.

For those pressed for time, here are the key findings from the paper, which first focuses on the unique nature of 2019-nCoV, and then observe four amino acid sequences in the Wuhan Coronavirus which are homologous to amino acid sequences in HIV1:

Our phylogentic tree of full-length coronaviruses suggests that 2019-nCoV is closely related to SARS CoV [Fig1].

In addition, other recent studies have linked the 2019-nCoV to SARS CoV. We therefore compared the spike glycoprotein sequences of the 2019-nCoV to that of the SARS CoV (NCBI Accession number: AY390556.1). On careful examination of the sequence alignment we found that the 2019- nCoV spike glycoprotein contains 4 insertions [Fig.2].To further investigate if these inserts are present in any other corona virus, we performed a multiple sequence alignment of the spike glycoprotein amino acid sequences of all available coronaviruses (n=55) [refer Table S.File1] in NCBI refseq (ncbi.nlm.nih.gov) this includes one sequence of 2019-nCoV[Fig.S1]. We found that these 4 insertions [inserts 1, 2, 3 and 4] are unique to 2019-nCoV and are not present in other coronaviruses analyzed. Another group from China had documented three insertions comparing fewer spike glycoprotein sequences of coronaviruses . Another group from China had documented three insertions comparing fewer spike glycoprotein sequences of coronaviruses (Zhou et al., 2020).

We then translated the aligned genome andfound that these inserts are present in all Wuhan 2019-nCoV viruses except the 2019-nCoV virus of Bat as a host[Fig.S4]. Intrigued by the 4 highly conserved inserts unique to 2019-nCoV we wanted to understand their origin. For this purpose, we used the 2019-nCoV local alignment with each insert as query against all virus genomes and considered hits with 100% sequence coverage. Surprisingly, each of the four inserts aligned with short segments of the Human immunodeficiency Virus-1 (HIV-1) proteins. The amino acid positions of the inserts in 2019-nCoV and the corresponding residues in HIV-1 gp120 and HIV-1 Gag are shown in Table 1.

The first 3 inserts (insert 1,2 and 3) aligned to short segments of amino acid residues in HIV-1 gp120. The insert 4 aligned to HIV-1 Gag. The insert 1 (6 amino acid residues) and insert 2 (6 amino acid residues) in the spike glycoprotein of 2019-nCoV are 100% identical to the residues mapped to HIV-1 gp120. The insert 3 (12 amino acid residues) in 2019- nCoV maps to HIV-1 gp120 with gaps [see Table 1]. The insert 4 (8 amino acid residues) maps to HIV-1 Gag with gaps.

Why do the authors think the virus may be man-made? Because when looking at the above insertions which are not present in any of the closest coronavirus families, “it is quite unlikely for a virus to have acquired such unique insertions naturally in a short duration of time.” Instead, they can be found in cell identification and membrane binding proteins located in the HIV genome.

Since the S protein of 2019-nCoV shares closest ancestry with SARS GZ02, the sequence coding for spike proteins of these two viruses were compared using MultiAlin software. We found four new insertions in the protein of 2019-nCoV- “GTNGTKR” (IS1), “HKNNKS” (IS2), “GDSSSG” (IS3) and “QTNSPRRA” (IS4) (Figure 2). To our surprise, these sequence insertions were not only absent in S protein of SARS but were also not observed in any other member of the Coronaviridae family (Supplementary figure). This is startling as it is quite unlikely for a virus to have acquired such unique insertions naturally in a short duration of time.

The insertions were observed to be present in all the genomic sequences of 2019-nCoV virus available from the recent clinical isolates. To know the source of these insertions in 2019-nCoV a local alignment was done with BLASTp using these insertions as query with all virus genome. Unexpectedly, all the insertions got aligned with Human immunodeficiency Virus-1 (HIV-1). Further analysis revealed that aligned sequences of HIV-1 with 2019-nCoV were derived from surface glycoprotein gp120 (amino acid sequence positions: 404-409, 462-467, 136-150) and from Gag protein (366-384 amino acid) (Table 1). Gag protein of HIV is involved in host membrane binding, packaging of the virus and for the formation of virus-like particles. Gp120 plays crucial role in recognizing the host cell by binding to the primary receptor CD4.This binding induces structural rearrangements in GP120, creating a high affinity binding site for a chemokine co-receptor like CXCR4 and/or CCR5.

A good recap of the findings was provided by Dr. Feigl-Ding, who started his explanatory thread by pointing out that the transmission rate outside China has surpassed the rate inside China.

Dr. Eric Feigl-Ding@DrEricDing

A graph is worth a thousand letters. . Source: NYTimes https://www.nytimes.com/interactive/2020/world/asia/china-coronavirus-contain.html 

Dr. Eric Feigl-Ding@DrEricDing

2) Whoa- the rate of increase ***outside of China*** is steeper than inside of China or Wuhan! Figure 1A. From: @TheLancet “Nowcasting and forecasting the potential domestic and international spread of 2019-nCoV http://bit.ly/2GF6gZP”)

View image on Twitter

Dr. Eric Feigl-Ding@DrEricDing

2) Whoa- the rate of increase ***outside of China*** is steeper than inside of China or Wuhan! Figure 1A. From: @TheLancet “Nowcasting and forecasting the potential domestic and international spread of 2019-nCoV http://bit.ly/2GF6gZP”)

View image on Twitter

Dr. Eric Feigl-Ding@DrEricDing

3) “An estimated 75815 individuals have been infected in Wuhan” —> this is substantially higher than current reports or ~10k reports by China 🇨🇳 media. (75k estimate from above Lancet article)

Dr. Eric Feigl-Ding@DrEricDing

4) …”On the present trajectory, 2019-nCoV could be about to become a global epidemic in the absence of mitigation…substantial, even draconian measures that limit population mobility should be seriously and immediately considered in affected areas…” 🤢

But the ‘smoking gun’ in this case are pieces of the virus’s genetic code that Indian researchers, led by Prashant Pradhan at the Indian Institute of Technology, found may have been ’embedded’ from HIV, which belongs to an entirely different family of viruses.

Dr. Eric Feigl-Ding@DrEricDing

16. UPDATE ON 🦠 GENOME 🧬: a very intriguing new paper investigating the aforementioned mystery middle segment w/ “S” spike protein: likely origin from HIV. “Uncanny similarity of unique inserts in the 2019-nCoV spike protein to HIV-1 gp120 and Gag” from https://www.biorxiv.org/content/10.1101/2020.01.30.927871v1 

View image on Twitter

Dr. Eric Feigl-Ding@DrEricDing

17. …WHOA- the authors said the finding was “Unexpectedly” related to genes from HIV virus. Notably there were 4 gene insertions (see figure in above post #16). And so, which HIV gene proteins were found in the new ? Gag protein and Gp120- key HIV proteins…

View image on Twitter

Dr. Eric Feigl-Ding@DrEricDing

18. Notably, in 🦠S 🧬, authors say for HIV🧬insertions: “Gag protein of HIV is involved in host membrane binding, packaging of the virus and for the formation of virus-like particles. Gp120 plays crucial role in recognizing the host cell by binding to the primary receptor CD4”

Dr. Eric Feigl-Ding@DrEricDing

19. Again, these are new express published findings and not peer reviewed yet. Let’s not draw conclusions yet. But evidence suggest that 2 different HIV genes 🧬 are present in the S gene region (that didn’t map to any other coronavirus, according to other studies).

Dr. Eric Feigl-Ding@DrEricDing

20. Further the authors add that “This indicates that these insertions have been preferably acquired by the 2019-nCoV, providing it with additional survival and infectivity advantage. Delving deeper we found that these insertions were similar to HIV-1.” 🤔

110 people are talking about this

Dr. Eric Feigl-Ding@DrEricDing

21. Paper piles on: “these 🧬insertions are present at binding site of 2019-nCoV. Due to presence of gp120 motifs in 2019-nCoV spike glycoprotein at its binding domain, we propose that these motif insertions could have provided an enhanced affinity towards host cell receptors.”🤒

Dr. Eric Feigl-Ding@DrEricDing

22. The authors dunked this final conclusion: “This uncanny similarity of novel inserts in the 2019- nCoV spike protein to HIV-1 gp120 and Gag is unlikely to be fortuitous”. Wow, they sure just went straight there! 😱 What a bold paper… I don’t know what to say 🤷🏻‍♂️

View image on Twitter

The punchline:

Dr. Eric Feigl-Ding@DrEricDing

9. BOTTOMLINE: 1) Seafood market not the source. 2) This RNA mutates really fast. 3) 🧬 has unusual middle segment never seen before in any coronavirus. 4) Not from recent mixing. 5) That mystery middle segment encodes protein responsible for entry into host cells.

To be sure, Dr. Feigl-Ding insists that he’s not trying to promote any ‘conspiracies’ about the virus being a bioweapon developed by the Chinese, although it is difficult to find a proper name for what appears to be an artificial, weaponized virus.

Dr. Eric Feigl-Ding@DrEricDing

10. TO BE CLEAR: I am absolutely not saying it’s bioengineering, nor am I supporting any conspiracy theories with no evidence. I’m simply saying scientists need to do more research + get more data. And finding the origin of the virus is an important research priority. Goodnight😴

Embedded video

Another doctor chimed in with what he thought was a solid explanation for the virus’s irregularities…

Shankara@fondoflinux

Dr. @ARanganathan72 might explain. https://twitter.com/MRVChennai/status/1223092872095752192 

MRV@MRVChennai

I guess Corona virus is some bio synthetic weaponry that has exploded. In the alternative it is a mutant form of a deadly virus. Any one in the know can explain.

Anand Ranganathan

@ARanganathan72

Sure. 2019-nCoV is a +ve strand RNA virus that enters human cell and first encodes its RNA-replicase to make -ve stranded RNA that serves a template to make +ve strand RNA that is then translated for daughter nCoV. Drugs Lopinavir and Remdesivir target its protease and replicase.

…Until he realized something disturbing.

Anand Ranganathan

@ARanganathan72

Oh my god. Indian scientists have just found HIV (AIDS) virus-like insertions in the 2019-nCov virus that are not found in any other coronavirus. They hint at the possibility that this Chinese virus was designed [“not fortuitous’]. Scary if true. https://www.biorxiv.org/content/10.1101/2020.01.30.927871v1.full.pdf 

View image on Twitter

“Scary”… but relax, it’s just another ridiculous “conspiracy.”

END

 

THE GLOBE/CORONAVIRUS/BALTIC DRY INDEX

The coronavirus has basically shut down world trade: the Baltic Dry Index crashes.  China fears  a hard landing.

(zerohedge)

 

Virus Shock Crashes Baltic Dry, Sparks China Hard-Landing Fears

The Baltic Exchange’s main sea freight index plunged on Friday, with rates for capsize vessels hitting a record low as an economic shock could be developing in China as two-thirds of its economy has been shut down because of the coronavirus outbreak.

The Baltic Dry Index, which tracks rates for capesize, panamax and supramax vessels, ferry dry bulk commodities across the world slipped 11 points, or about 2.2%, to 487, the lowest level since April 2016, reported Reuters.

Karel Mercx@KarelMercx

The Baltic Dry Index is the most important indicator for the rates of bulk shipping. The rate is determined based on the rates that are paid to transport raw materials on the 25 busiest shipping routes. Prices are falling sharply due to the cooling global economy: -80,2%!!!

View image on Twitter

The Baltic index has plunged 10.5% this week as coronavirus cases in China soared, and factories and cities in some of the largest industrial hubs in the world ground to a halt. This in itself is producing an economic shock, first seen in industrial metals and energy prices plummeting in the last several weeks.

The capesize index has fallen by more than 99% this week, the sharpest drop on record as demand for large-sized bulk carriers and tankers typically above 150,000 deadweight tonnage, comes to an abrupt stop.

The panamax index declined 3.5% on Friday, down 14% on the week.

The supramax index lost 4 points to 524 on Friday.

We’ve noted that the “frontloading” effect ahead of tariff deadlines ended in late 3Q19 when the first signs of a trade resolution emerged between the U.S. and China.

In the last four months, the Baltic index has crashed the most since 2008 and has confirmed our slowbalisation thoughts.

And now, the situation is much worse, and the reason is that the global economy was already weakening and susceptible to a shock.

The Federal Reserve’s tightening cycle, coupled with President Trump’s trade war blowing up complex supply chains around China and the world, did immense damage to the global economy and world trade. It opened up something cycle folks call a “period of vulnerability,” and it’s in this timeframe that the global economy could be tilted into recession if an exogenous shock is seen. That shock, as per the former Morgan Stanley Asia chairman Stephen Roach said this week, happens to be coronavirus outbreak shutting down China’s economy, and the shock may vibrate across the world in the weeks or months ahead.

“With the world economy operating dangerously close to stall speed, the confluence of ever-present shocks and a sharply diminished trade cushion raises serious questions about financial markets’ increasingly optimistic view of global economic prospects,” Roach said via his op-ed in Project Syndicate.

The coronavirus shock from China has already sent commodities tumbling; for instance, copper futures are on the longest losing streak since 1986. Dr. Copper suggests China’s economy is headed for a hard landing, along with continued deceleration across the world. 

“The global economy continues to show declining rates of economic growth, originating from a US-based tightening cycle and a private sector deleveraging in China. The slowdown was exacerbated by a US-China trade spat, denting business confidence.

The global PMI heatmap shows over the last 18 months, the industrial economy has been weakening with the average and median reading below the 50 expansion-contraction line. The Baltic Dry Index has declined a staggering 80% since September 2019.

Historically, recessions occur when an organic economic slowdown clashes with a negative economic shock. Should the employment market weaken further, and job losses continue to spread throughout cyclical sectors of the global economy, a recessionary shock becomes an increasingly large concern,” noted Eric Basmajian, Founder of EPB Macro Research.

The collapse in the Baltic index, happened well in advance of the coronavirus outbreak, suggests that the virus shock will start reversing global economic data and lead to another episode of falling bond yields and soaring negative-yielding debt.

And the chatter on Twitter in the last several months as the stock market roared higher, was that the Baltic index had lost its predictive powers of suggesting economic doom. Though, the reason for it was due to the “frontloading of tariffs,” and with that widely over, now comes the payback period with a coronavirus shock that could tilt the world into recession.

END

Dr Chris Martenson discusses the coronavirus and how wit will impact markets

(Dr Chris Martenson/Peak Prosperity)

‘Calm Before The Storm’ – How Will The Coronavirus Really Impact The Markets?

PeakProsperity’s Adam Taggart that, officials, the media, and globalist-driven organisations are downplaying Wuhan coronavirus risk, even as models suggest infections will soon soar.

The sudden slowdown in new information coming out of China has Chris Martenson spooked.

He walks us through the math here, showing how if the coronavirus follows its current geometric growth, over 100 million people could be infected by the end of February:

Don’t take the recent lack of ‘news’ as meaning the threat from this virus is dying down. This could very likely just be the calm before the storm.

In fact, as Martenson explains, it’s a true Black Swan event that stocks haven’t yet priced in.

The 2019-nCoV “coronavirus” outbreak remains serious and fluid.

Over the past several days, we’ve been publishing a steady stream of videos, reports and podcasts to keep you as up-to-date and informed as possible on the science behind this fast-developing situation. You can follow our full coverage of the coronavirus here.

But the TL;DR version is this:

The first order of business is stopping the spread of the disease, which means prevention.  Your immediate and top concern should be readying yourself and your household and loved ones for the arrival of 2019-nCoV. We cover the most useful practices in this report.

Second, help your co-workers and students, passengers, or other such dependents become aware and prepared by practicing good hygiene and educating them about how the virus spreads.

IMPORTANT:  Anyone who is sick, whether with nCoV or a standard flu/cold, needs to be isolated for the duration of the disease, which means 24 hours after their last fever. They should always, always, always wear a surgical mask to block virus particles before they are expelled into the air.   Masks can be worn by everyone, but do the most good when worn by those who are ill.

But in addition to presenting a major public health risk, the coronavirus is already doing serious economic damage. China, the world’s second-largest economy, is essentially “closed for business” right now.

The disruption to global trade the coronavirus is likely to cause is going to be material, perhaps severe. And that will have serious negative consequences for the financial markets, which have been (and is still!) trading at the highest valuations in history.

The coronavirus has all the hallmarks of a true Black Swan event.

Markets & Global Economy Already Impacted

Note:  This is an extremely fast-moving situation and the data is coming in so quickly that it has to be presented as a mosaic.  I’ll do my best to make sense of it for you, but I really want you to allow yourself to trust your own assessment of what pattern the dots make. Much of this data has just been gathered this morning (1/28/20).

Remember: it’s not the fall that harms you, it’s how fast you stop.

For years now, the global economy has been debt-strangled and limping along, kept alive by constant central bank interventions and money printing. Like any weakened victim, the last thing it needs is any kind of serious shock.

The coronavirus has all the features of the proverbial Black Swan event we’ve long been worried about.  Nobody saw it coming, it hit hard and fast, and is spreading far faster than government bureaucracies and the markets can adjust.

It’s the equivalent of slipping an iron bar into the front spokes of a moving bicycle.

We can’t possibly predict how all the implications of this will manifest. Our globalized economy is just too complex.  We have a world-wide, just-in-time manufacturing and delivery system.  Which just got a huge stick shoved between its spokes.

What does it mean to completely shut down the normal business activities of cities with 5, 10 and even 25 million inhabitants?  Particularly in a country with massive property bubbles, where the median price-to-income ratio can be as sky-high as 40(!!)?

Shanghai has a population of 24 million and Suzhou another 10.7 million.  Both are now all but completely shut down.

Shanghai is China’s equivalent of New York City.  It hosts the main stock exchange and is where the Shanghai Gold Exchange (SGE) is located.  Suzhou is a vital manufacturing hub.

I can’t express just how crazy it is to see the videos and pictures from these towns showing empty 8-lane roads, which are normally crammed 24/7 with cars and trucks.  Empty subway cars.  Nearly abandoned railway stations.  Empty sidewalks.

Like literal ghost towns. ‘Ghost cities’ in this case.

Shanghai

(Source)

No cars, no trucks, no people, no commerce.

If that isn’t a stick in the spokes, I don’t know what is.  There’s just no way to plan for such an event. You just have to brace for the impact.

Once people self-isolate (which is exactly what they should be doing, and what I will do myself should the virus makes it to my town), economic activity just… stops.

And this is being woefully underappreciated by the global equity markets right now.

Of course, I’ve long ranted that we now have bastardized ““markets””, deformed by the terribly misguided and ultimately destructive actions of the world’s central banks and their misguided money printing.

Well, good luck trying to print your way past a virus. Or of a nation’s bus drivers and factory workers staying home.

Below is a graphic showing the location of Apple’s Foxconn plants relative to the coronavirus outbreak:

And yet Apple stock is still trading within a whisker of its all-time high, up nearly 3% as I’m typing this.

See any disconnect?

Beijing

Jierui Shi@JerryAnakin

I never saw such few people in Beijing West Railway Station before.

Embedded video

I can’t really wrap my head around this cavernous train station being all but completely deserted.  Anyone who’s been to Beijing knows that this place is usually furiously humming with commuters like a beehive. The contrast is really stunning.

Wuhan

The above is a usually completely crammed intersection. All we see now is a single parked car.

(Source)

A few people just strolling across the equivalent of 5th Ave NY in the middle of the day without even bothering to look either way. There’s no one about.

Global Travel

Whether for business or pleasure, global travel is being impacted.  Tourism is taking a huge hit.  Again, there are almost too many data points to process.  But here are a few:

Too Much To Process

I have too many other such data points to present.  I don’t want to overload you or make this article encyclopedic.  But hopefully I’ve provided enough examples above to give you a sense of the near-instantaneous halt the coronavirus has placed on China’s domestic economy and travel.

The data on its impact on manufacturing and trade won’t be known for a little longer, but it’s safe to guess it will be ‘significant.’

This is the nature of fast-moving situations.  You have to rapidly grasp a lot of fragmentary data and turn it into something actionable.

And I’ll give you my sense: This is already a massive shock to the Chinese economy.  Which in this hyper-connected world, will quickly translate into a shock to the entire global economy. 

That hasn’t fully registered yet for most people, and therefore, the markets. But that’s coming.  Soon.

The US Is Especially Vulnerable

In the US, healthcare costs are the #1 economic threat to households.  More families go bankrupt due to our predatory and inhumane medical care system that any other cause.

Because people can’t afford to call an ambulance or dare to go to the emergency room for fear of being financially destroyed, they will resist seeking treatment until the very last minute.  This means detecting people infected with the coronavirus will be slower than in many other countries. Which means the illness will be able to spread farther and faster as the unhospitalized sick and untreated infect more people.

“If The Dow Is Up, Everything’s OK. Right?”

Financial price bubbles require two things to sustain themselves: ample credit and a compelling story.

Ample credit has been supplied by increasingly desperate central banks willing to do “whatever it takes” to keep stock and bond prices elevated.

A normal market confronted with all the above evidence and uncertainty would be experiencing a sell-off here. Markets are supposed to based on future earnings. Less economic activity = less future earnings. Some sort of downwards repricing would be prudent, healthy and mathematically sound at this point.

But what are they doing?

 

Being bought furiously in the overnight ““markets””.  Here’s a  chart of the last week:

This is how silly and stupid things have become.  The Fed and the Plunge Protection team (PPT) are now on a daily mission to keep stocks from selling off.

This is wrong, perhaps even evil. As it keeps people from appreciating the gravity of the situation. Falling markets would signal that maybe, possibly, something is wrong. That investors should start adopting more caution.

Which they should at this time. Current stock prices simply can’t be justified given what the coronavirus is doing to the world economy. No way, no how.

What Happens If….?

As I said, bubbles need two things: ample credit and a good story.  The main “story” of the markets over the past few years has become almost entirely this; “The Fed won’t let them fall.”

There’s been a lot of truth to that sentiment.  It’s not wrong.  Or at least it hasn’t been.

But can Fed printing and market-propping make China’s empty mega-highways and grounded flights start burning more oil?  No, it can’t.  So, oil prices will fall. And US oil companies will suffer.

Can Fed printing and market-propping compel the Chinese workers to return to their factories? No.

Can Fed printing and market-propping make tourists return when no one wants to be around crowds?  Again, no.

These and a dozen other such questions all end in “no.”

Which is why the story that has been driving the stock market bubble suddenly is breaking.

So, what will happen when the Fed is revealed to be impotent?

Well, then that’s the end.  No narrative = no bubble.

And at today’s record highs?

A painful market correction, perhaps even a full-blown crash (stocks down 30-50%), will be the inevitable result.

Conclusion

Today markets are still clinging to the idea that the Fed “has got this.”  The sell-off on Monday (just -1.5% on the S%P 500) was entirely too minor to count as anything at all. The vigorous futures buying the next morning says the same thing.

The market doesn’t yet believe that the coronavirus risk is real.

Which means that this may be one of those very rare moments in market history where the immediate future is briefly visible to us, just a little bit before everyone else.

Once you’ve taken the necessary steps to protect your family’s health against the coronavirus threat, then do the same for your money.

Minimize risk. Reduce your exposure to a market crash. And, for those with the risk tolerance, possibly position yourself to profit from one. (Full disclosure I am net short the US equity markets at present)

There are many ways to reduce risk in your portfolio. In this report for our premium readers, Positioning For A Downturn we detail out the wide range of options that investors have for both protecting against a downturn and, for the more courageous, profiting from one.

Again, we are in a rare and likely very brief moment where we see the risks from the coronavirus that the market does not. Use this time wisely.

Click here to read the report (free executive summary, enrollment required for full access).

 

END

Michael Snyder weighs in on the spreading of the coronavirus globally

(Michael Snyder)

Fear Of The Coronavirus Is Spreading Like Wildfire All Over The Globe

Authored by Michael Snyder via The End of The American Dream blog,

We haven’t seen an outbreak like this in any of our lifetimes, and it is really starting to frighten a whole lot of people.  This virus has an incubation period of up to 14 days, it spreads very easily from person to person, and it also appears to be mutating very rapidly.  For now, the vast majority of the confirmed cases are still in China, but the virus continues to pop up in more locations around the globe. 

In fact, on Friday we learned that the U.K. and Russia have both confirmed their very first cases.  This is obviously a very dangerous disease, and nobody is quite sure what is going to happen next.  But videos that are circulating on social media are fueling speculation that this could become a horrifying global pandemic of epic proportions.  In particular, a brand new video that shows a man that suddenly dropped dead on a street in Wuhan is causing quite a bit of fear and speculation

Police in hazmat suits yesterday surrounded the body of a man who was found dead on the pavement at ground zero of China’s virus epidemic.

The grey-haired man collapsed and died while wearing a face mask on a street in Wuhan, a city of 11million people which is under quarantine amid the coronavirus crisis.

It is feared that the virus caused the man’s death, and the reaction of police and medical staff in forensic suits highlighted the fear pervading the city.

It is very important to stress the fact that we don’t know why this man died.  He could have just had a heart attack.  But when authorities showed up to collect the body, they were wearing “protective suits” and the entire street “was thoroughly disinfected”

Although it’s not known if the grey-haired man died of the killer bug, it is clear from these pictures the authorities were taking no chances.

After being inspected the body was eventually zipped into a medical bag and carried into a van before the street was thoroughly disinfected.

Those who examined him were also sprayed down by colleagues after removing their protective suits.

Other videos that have come out of China have shown trucks spraying an unknown liquid on the streets of Wuhan.  Apparently authorities believe that this is going to do some good in fighting the virus.

Meanwhile, fear is also spreading rapidly in parts of the globe where only a few cases have been confirmed so far.

In the United Kingdom, surgical masks are almost totally sold out at this point.  The following comes from Paul Joseph Watson

Surgical masks have almost sold out across the United Kingdom over fears of coronavirus despite the fact that there hasn’t been a single confirmed case of it in the country.

Pharmacy retailer Boots says that its six-pack of “safe & sound” surgical face masks is sold out, as is another box of 50 masks.

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.”

Of course a case has now been confirmed in the U.K., and that is only going to make the fear even worse.

In Australia, an argument between two mothers about the coronavirus became so heated that both of them ended up in the hospital

The fight started between a pair of moms on a Sydney mothers’ group chat site and ended with the two in the hospital, according to police.

“The argument quickly escalated from verbal to physical; pushing, slapping, hair pulling and finally both on the ground, briefly unconscious, all despite the efforts of bystanders trying to intervene,” Northern Beaches Police said on Facebook Thursday.

As this outbreak intensifies, the amount of bizarre behavior that we are going to witness is only going to increase.

Fear is a very strong motivator, and an invisible killer virus that spreads very easily from person to person is going to cause a lot of people to really freak out.

Here in the United States, an entire school district in the state of Ohio was completely shut down on Thursday and Friday

An entire school district in Ohio was shut down for two days this week after nearly 600 students called in sick, the district’s superintendent said.

All classes and after school activities at Three Rivers Local School District in Cleves were cancelled for Thursday, Jan. 30 and Friday, Jan. 31. because of a major flu outbreak.

We aren’t just talking about one school.  An entire school district kept students away for two days, and I can’t recall ever hearing about such a thing happen due to a flu outbreak before.

Could it be possible that 600 students all had the flu?

Sure, it is possible.

But what is more likely is that a lot of parents decided that their kids should “call in sick” once rumors started to fly.  Some of the students exhibited symptoms including “high fever, vomiting and body aches”, and those exact same symptoms are also associated with the coronavirus outbreak.  Cases of the virus are already starting to pop up all over the country, and it is certainly understandable that many parents would be overly cautious in this sort of an environment.

And the federal government has finally decided that being overly cautious is the right move for the nation as a whole.  In fact, just moments ago the Trump administration declared a public health emergency in the United States

The Trump administration on Friday declared the coronavirus a public health emergency in the United States, and announced that certain foreign nationals deemed to pose a risk of transmitting the disease will temporarily be denied entry to the U.S. Some returning American citizens potentially at risk will be quarantined.

Health and Human Services Secretary Alex Azar said that President Donald Trump signed an order for the U.S. to deny entry to any foreign nationals who have traveled in China within the past two weeks, aside from the immediate family of U.S. citizens.

This should have probably been done a week or two ago, but nobody really knew how bad this outbreak was going to become.  Over the last two weeks, the number of confirmed cases has gotten 236 times larger.  At this point it has become quite clear that something really big is happening, and governments around the world are starting to act.

Initially, the Trump administration didn’t want to alarm the public, but now it is safe to say that the public is definitely alarmed.  In fact, it is being reported that a lot of people are actually buying face masks for their dogs.

For several years we had been enjoying a period of relative peace, prosperity and stability, but now things are starting to change in a major way.

During the Spanish flu pandemic of 1918, approximately 500 million people got sick and tens of millions of people died.

Hopefully this current outbreak will not evolve into that sort of pandemic, but if you want to see something that will really freak you out, just read what Zero Hedge just posted.

This does not appear to be an ordinary virus.

Global authorities are not disclosing everything that they know, and this is another reason why fear is spreading like wildfire.  Most people just want accurate information so that they can make good decisions, and from the very beginning of this crisis the information that we have been getting has definitely not been accurate.

end

Adam Taggart of Peak Prosperity discusses the national emergency of the spreaking of the coronavirus. Are we too late?

(Adam Taggart/Peak Prosperity)

Coronavirus: Now That It’s A National Emergency, Is It “Too Late”?

Authored by Adam Taggart via PeakProsperity.com,

Late Friday, the US officially declared coronavirus a “national health emergency”.

Some are starting to claim that it’s “too late” to do anything to stop the spread of coronavirus.

Is it?

 

Well, even if it’s too late to stop it, we may still be able to slow the spread substantially.

The latest numbers from China may be offering our first hope of that. At ~12,000, they are our first sign the virus may no longer be spreading at a geometric rate.

China’s quarantine efforts may be starting to pay off. (Or, we may just be getting bad data. It’s simply too early to tell.)

Yes, it’s important to prepare for coronavirus to arrive in your community. That’s just prudent given what we know right now.

But don’t lose hope. We all have a role to play in limiting the damage this outbreak can cause.

end
China/India/Wuhan Institute of Virology
It seems that the coronavirus may have been bio weaponized. India is now probing the Wuhan Institute of Virology especially looking for evidence of an injection of HIV into the older type of coronavirus
(zerohedge)

India To Probe Wuhan Institute Of Virology

It appears that around the time we suggested someone reach out to the Wuhan Institute of Virology to get some answers about the origin of the deadly Coronavirus epidemic (which Twitter decided was sufficient to get us barred from the platform), India was doing just that.

According to The Hindu and Great Game India, after Indian scientists were forced to withdraw their study concluding Coronavirus was injected with HIV AIDS virus amidst massive online criticism from Social Media experts, now Indian authorities have launched an investigation against China’s Wuhan Institute of Virology.

The Indian government has ordered an inquiry into a study conducted in the Northeastern state of Nagaland (close to China) by researchers from the U.S., China and India on bats and humans carrying antibodies to deadly viruses like Ebola, officials confirmed to The Hindu.

The study came under the scanner as two of the 12 researchers belonged to the Wuhan Institute of Virology’s Department of Emerging Infectious Diseases, and it was funded by the United States Department of Defense’s Defense Threat Reduction Agency (DTRA). They would have required special permissions as foreign entities.

The study, conducted by scientists of the Tata Institute of Fundamental Research, the National Centre for Biological Sciences (NCBS), the Wuhan Institute of Virology, the Uniformed Services University of the Health Sciences in the U.S. and the Duke-National University in Singapore, is now being investigated for how the scientists were allowed to access live samples of bats and bat hunters (humans) without due permissions.

The results of the study were published in October last year in the PLOS Neglected Tropical Diseases journal, originally established by the Bill and Melinda Gates Foundation.

Bill Gates, the man who tops the Forbes richest person in the world list had issued a grave warning about a potential Coronavirus-like catastrophe that could kill 30 million people at the Munich Security Conference held in Germany in 2017:

“Whether it occurs by a quirk of nature or at the hand of a terrorist, epidemiologists say a fast-moving airborne pathogen could kill more than 30 million people in less than a year. And they say there is a reasonable probability the world will experience such an outbreak in the next 10 to 15 years.”

“The Indian Council of Medical Research (ICMR) sent a five-member committee to investigate. The inquiry is complete, and a report has been submitted to the Health Ministry,” a senior government official told The Hindu.

The U.S. Embassy and the Union Health Ministry declined to comment on the inquiry. In a written reply to questions from The Hindu, the U.S. Centre for Disease Control (CDC) in Atlanta said it “did not commission this study and had not received any enquiries [from the Indian government] on it.” An American official, however, suggested that the U.S. Department of Defense might not have coordinated the study through the CDC.

The study, ‘Filovirus-reactive antibodies in humans and bats in Northeast India imply Zoonotic spillover’, published in PLOS Neglected Tropical Diseases states the researchers found “the presence of filovirus (e.g. ebolavirus, marburgvirus and dianlovirus) reactive antibodies in both human (e.g. bat hunters) and bat populations in Northeast India, a region with no historical record of Ebola virus disease.”

It adds: “Ebola has posed a global health threat several times, most notably from 2013 to 2016. It is a deadly disease, with a fatality rate of roughly 50 percent.” Now, according to health officials, 2019-nCoV, too, has acquired the ability to pass between people and can do so before symptoms appear.

The Nagaland study suggests bats in South Asia act as a reservoir host of a diverse range of filoviruses, and filovirus spillover occurs through human exposure to these bats. For the study done in 2017, 85 individuals participating in an annual bat harvest at Mimi, Nagaland, were picked. The majority of bat hunters were male, aged between 18 and 50, and participated at least eleven times in the harvest. The study says the potential virus present in the bats may not be an exact copy of the virus responsible for various outbreaks.

Given the widespread challenges from the newly discovered viruses, officials say they want to take no chance on their spread and will take action to ensure all medical studies in the country adhere to strict norms.

Indian military believes that the U.S. Center for Disease Control in Atlanta was involved in the 1994 plague in the Indian city of Surat which killed 52 people and close to a quarter of the city’s citizens fled the area for fear of being quarantined. Even the origin of 1994 plague is mired in controversy to this day.

R. Prasannan, the New Delhi Bureau Chief of The Week magazinein his piece questioning whether Coronavirus was created in a lab wrote,

During the 1994 plague outbreak in Surat and Beed, it was found that the germs had an extra protein ring which could only have been inserted artificially. Indian scientists had raised concerns about a US biowar experiment having gone awry. THE WEEK had carried reports giving details of germ war reseach being carried on in labs under the Centre for Disease Control in Atlanta and about a newly developed germ detector being tested. The US embassy had denied the allegations. There were also reports that the Surat germ could have been developed in a lab in Almaty, Kazakhstan.

Mr. Prasannan is one of many experts from different fields who have raised doubts over the narrative being paddled by certain sections of the media. Among them is American Senator Tom Cotton who questioned mainstream media’s narrative on the origin of 2019 Wuhan Coronavirus, instead hinting that a biosafety laboratory in Wuhan working with the deadliest pathogens in the world could be the true source.

Even Dr. Francis Boyle who drafted the Biological Weapons Act in an explosive  interview said that the 2019 Wuhan Coronavirus is an offensive Biological Warfare Weapon and that the World Health Organization (WHO) already knows about it.

end
CHINA/WUHAN/USA/GILEAD
Monday
Gilead is already beginning with human trials with their new drug hoping will will help in this huge pandemic
(zerohedge)

Wuhan Begins Human Trials Of New Gilead Coronavirus Vaccine

Last week, scientists in Hong Kong warned that it might take up to a year for them to produce and test a vaccine to fight the deadly coronavirus that has now killed more people than SARS in mainland China. But on Monday, shares of drug company Gilead climbed following reports that it’s conducting a human trial for a drug to fight the outbreak, according to Bloomberg.

Gilead shares have already faded their gains…

…but we suspect that news about the trials is contributing to the forgiving market sentiment in the US, where shares look set to open higher following the bloodbath overnight in Chinese markets.

Here’s more from the Bloomberg report about the clinical trials, which will reportedly be carried out in Wuhan, the epicenter of the viral outbreak. As many as 270 infected patients will be recruited for the study.

Remdesivir, a new antiviral drug by Gilead Sciences Inc. aimed at infectious diseases such Ebola and SARS, will be tested by a medical team from Beijing-based China-Japan Friendship Hospital for efficacy in treating the deadly new strain of coronavirus, a hospital spokeswoman told Bloomberg News Monday.

Trial for the drug will be conducted in the central Chinese city of Wuhan — ground zero of the viral outbreak that has so far killed more than 360 people, sickened over 17,000 in China and spread to more than a dozen nations. As many as 270 patients with mild and moderate pneumonia caused by the virus will be recruited in a randomized, double-blinded and placebo-controlled study, Chinese news outlet The Paper reported on Sunday.

China has kick-started a clinical trial to speedily test a drug for the novel coronavirus infection as the nation rushes therapies for those afflicted and scours for vaccines to protect the rest.

The task of finding a workable vaccine has taken on added urgency now that the outbreak is set to cost the global economy up to 4x what SARS did during the 2002-2003 outbreak, which is why so many companies are racing to develop the vaccine. JNJ is also working on a coronavirus vaccine.

Drugmakers such as GlaxoSmithKline Plc. as well as Chinese authorities are racing to crash develop vaccines and therapies to combat the new virus that’s more contagious than SARS and could cost the global economy four times more than the $40 billion sapped by the 2003 SARS outbreak. The decision to hold human trials for remdesivir shows it’s among the most promising therapies against the virus that so far has no specific treatments or vaccines.

Gilead’s experimental drug hasn’t been approved by any regulators, but it’s being tested on the front lines of the outbreak in the absence of any approved remedies.

All of this begs the question: is ‘we found a workable vaccine’ the new ‘trade deal secured’? Will confirmation be enough to send US stocks to fresh record highs?

END

CARNIVAL SHIPS/CORONAVIRUS/

This will do wonders for the cruiseline industry

(zerohedge)

The Ship Has Literally Sailed: Carnival Admits To Coronavirus Case 6 Days After Cruise

Minutes before the CDC sent markets reeling by confirming a couple of additional coronavirus cases in the US, Japan authorities confirmed that they’re quarantining a cruise ship after a Hong Kong man who sailed on it last month tested positive for coronavirus.

The cruise ship is set to dock in Yokohama on Monday, according to Reuters.

The 80-year-old man flew to Japan and boarded the ship, the Diamond Princess run by Carnival Japan Inc, in Yokohama on Jan 20 and disembarked on Jan. 25, NHK public broadcaster said.

He developed a cough the day before embarking but did not develop a fever until Jan. 30, a day before he was confirmed to have the virus in Hong Kong, NHK reported.

It was not immediately clear if any of the unknown number of passengers currently on the ship were aboard at the same time as the infected man, but Japan’s Chief Cabinet Secretary Yoshihide Suga told a news conference on Monday that Japanese authorities would quarantine the vessel based on the law.

However, since the infected passenger disembarked nearly a week ago, the ship is undergoing an intensive public health inspection as experts demand that every single person who traveled alongside the infected be quarantined and tested.

The incident is reminiscent of a similar dilemma last week as several suspected cases of the virus led the quarantine of a cruise ship in Italy that was carrying 6,000 passengers.

  • CARNIVAL FALLS 1.2% ON CORONAVIRUS COMMENTS
  • PRINCESS CRUISES SAYS TEST CONFIRMED VIRUS SIX DAYS POST-CRUISE
  • PRINCESS: SHIP IN JAPAN UNDERGOING PUBLIC HEALTH INSPECTION
  • PRINCESS: FORMER PASSENGER TESTED POSITIVE FOR CORONAVIRUS
  • PRINCESS CRUISES COMMENTS ON DELAY OF SHIP IN JAPAN
  • PRINCESS CRUISES SAYS TEST CONFIRMED VIRUS SIX DAYS POST-CRUISE
  • PRINCESS CRUISES COMMENTS ON DELAY OF SHIP IN JAPAN

The news hit shares Carnival since the cruise ship was run by Carnival Japan. The company’s shares also took a hit last week thanks top virus-related fears.

Royal Caribbean is set to report earnings on Tuesday, and with it we should get a hint at how cruise lines are mitigating all ‘rona-related risks.

INDIA

India announces a 40 billion dollar emergency fiscal injection as their economy plunges

(zerohedge)

India Announces $40 Billion Emergency Fiscal Injection As Economy Plunges

India’s economy is rapidly decelerating and could be headed for a financial crisis.

As an emergency response to plunging growth rates and falling energy consumption, along with a manufacturing hub grinding to a halt, the government has just announced a massive $40 billion fiscal injection in its budget for 2020/21 to prevent a hard landing, reported Reuters.

Emergency fiscal measures by government are typically for an economy that is in a recession or certainly headed towards one.

However, India isn’t in a recession, but growth rates are rapidly decelerating and now being referred to as “great slowdown.”

 

“Look at electricity generation growth, it’s falling off the bottom, and it’s never been like this ever. So this is the sense in which I would say this is not just any slowdown, this is the great slowdown that India is experiencing and we should look at it with all seriousness …and the economy seems headed for the intensive care unit,” former Indian Chief Economic Adviser Arvind Subramanian warned last month.

Economic growth in the country is expected to fall under the 5-handle this year, will be the weakest since the global financial crisis in 2008-09.

Industrial production growth is collapsing:

Business confidence is also crashing:

Subramanian also warned that as the economy stalls, corporate debt and increasing non-performing assets could produce shocks in the country’s banking sector that may lead to slower growth rates in credit, thus slowing the economy even further.

Finance Minister Nirmala Sitharaman announced Saturday that 2.83 trillion Indian rupees ($39.82 billion) would be allocated for agriculture, farming, alternative energy, and infrastructure projects for the 2020/21 fiscal year.

Sitharaman also said the government would spend $50.65 billion on federal water projects that provide more freshwater access to the population.

 

She said the increased deficit spending could pressure public finances and lead to a deficit that would widen to 3.8% of GDP, up from 3.3% from earlier estimates for the current year.

As we noted Friday, January 31, 2020, Prime Minister Narendra Modi rode the wave of fake GDP data from 2014 through 2017, but growth has since collapsed; he has since been heavily criticized for a slumping economy by national media

“India’s 2020/21 budget highlights the challenges to fiscal consolidation from slower real and nominal growth, which may continue for longer than the government forecasts,” said Gene Fang, Associate Managing Director, Sovereign Risk, Moody’s Investors Service.

And what does this mean for Indian NIFTY 50 futures, well, possibly a correction from the 16.5% run-up from August.

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1064 DOWN .0024 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /ALL GREEN

 

 

USA/JAPAN YEN 108.52 UP 0.222 (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 1.3059   DOWN   0.01350  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT ACCOMPLISHED//

USA/CAN 1.3234 UP .0004 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  MONDAY morning in Europe, the Euro FELL BY 24 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1064 Last night Shanghai COMPOSITE CLOSED DOWN 229.92 POINTS OR 7.72%

 

//Hang Sang CLOSED UP 44.35 POINTS OR 0.12%

/AUSTRALIA CLOSED DOWN 1,42%// EUROPEAN BOURSES ALL MIXED

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL MIXED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 44.35 POINTS OR 0.12%

 

 

/SHANGHAI CLOSED DOWN 229.92 POINTS OR 7.72%

 

Australia BOURSE CLOSED DOWN 1.42% 

 

 

Nikkei (Japan) CLOSED DOWN 233.24  POINTS OR 1.01%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1579.10

silver:$17.80-

Early MONDAY morning USA 10 year bond yield: 1.54% !!! UP 3 IN POINTS from FRIDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.03 UP 3  IN BASIS POINTS from FRIDAY night.

USA dollar index early MONDAY morning: 97.67 UP 28 CENT(S) from  FRIDAY’s close.

This ends early morning numbers MONDAY MORNING

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And now your closing MONDAY NUMBERS \1: 00 PM

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

JAPANESE BOND YIELD: -.06%  UP 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

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

ITALIAN 10 YR BOND YIELD:0.95 UP 2 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 71 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.44% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.39% 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 MONDAY

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

Euro/USA 1.1064  DOWN     .0025 or268 basis points

USA/Japan: 108.54 DOWN .237 OR YEN UP 20  basis points/

Great Britain/USA 1.3007DOWNUP .01871 POUND DOWN   187  BASIS POINTS)

Canadian dollar DOWN 69 basis points to 1.3299

 

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The USA/Yuan,CNY: AT 7.0215    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  7.0194 (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  5.9841 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at -.06%

 

Your closing 10 yr US bond yield UP 1 IN basis points from FRIDAY at 1.52 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.00 UP 0 in basis points on the day

Your closing USA dollar index, 97.79 DOWN 16  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED UP 40.30  0.55%

German Dax :  CLOSED UP 63.22 POINTS OR .49%

Paris Cac CLOSED UP 26.17 POINTS 0.45%

Spain IBEX CLOSED UP 38.80 POINTS or 0.39%

Italian MIB: CLOSED UP 222.98 POINTS OR 0.96%

 

 

 

 

WTI Oil price; 50.32 12:00  PM  EST

Brent Oil: 54.43 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    63.79  THE CROSS LOWER BY 0.156RUBLES/DOLLAR (RUBLE HIGHER BY 15 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.24 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 :  50.10//

 

 

BRENT :  54.25

USA 10 YR BOND YIELD: … 1.52..up 2 basis pts…

 

 

 

USA 30 YR BOND YIELD: 2.00…up 0 basis pts..

 

 

 

 

 

EURO/USA 1.177 ( UP 49   BASIS POINTS)

USA/JAPANESE YEN:107.27 DOWN .667 (YEN UP 67 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 97.84 UP 45 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2993 DOWN 201  POINTS

 

the Turkish lira close: 5.9851

 

 

the Russian rouble 63.;71   UP 0.25 Roubles against the uSA dollar.( UP 25 BASIS POINTS)

Canadian dollar:  1.3296 DOWN 65 BASIS pts

USA/CHINESE YUAN (CNY) :  7.0215  (ONSHORE)/

 

 

USA/CHINESE YUAN(CNH): 7.0142 (OFFSHORE)

 

German 10 yr bond yield at 5 pm: ,-0.44%

 

The Dow closed UP 143.78 POINTS OR 0.51%

 

NASDAQ closed UP 122.47 POINTS OR 1.34%

 


VOLATILITY INDEX:  17.97 CLOSED DOWN .87

LIBOR 3 MONTH DURATION: 1.751%//libor dropping like a stone

 

USA trading today in Graph Form

Crude, Copper, & Credit Crushed As Stocks ‘Dead-Bat-Bounce’ (Again)

Another day, another ‘dead-bat-bounce’ on absolutely nothing…

Makes you wonder eh?

 

China’s cash markets reopened and collapsed as expected…

Source: Bloomberg

European markets were all higher, thanks to a lurch upwards at the US open…

Source: Bloomberg

US markets ramped overnight, ramped more at the open, dipped on CDC headlines, then rebounded after Europe closed…

Big short-squeeze at the open today…

Source: Bloomberg

S&P futs were glued around the 3254 level – the gamma flip

Momentum and Value continue to diverge year-to-date – rather stunningly serially…

Source: Bloomberg

TSLA went full-retard…surging over 20% today!…

…and up 80% YTD…

Source: Bloomberg

Credit markets refused to play along with the equity bounce today…

Source: Bloomberg

Treasury yields tumbled intraday after rising overnight…

Source: Bloomberg

With 30Y back below 2.00%…

Source: Bloomberg

The yield curve briefly uninverted but pushed back into inversion as the US day session wore on…

Source: Bloomberg

And at the short-end, the market is now pricing in at least 2 rate cuts in 2020… (there is now a 75% chance of a rate-cut in June, up from 8% on 1/20)

Source: Bloomberg

Jeffrey Gundlach

@TruthGundlach

It took less than 2 days for the bond market to nullify the Fed’s “we’re firmly on hold” message this week. Now a 90% chance of a 2020 cut.

Negative-yielding debt has soared $3 trillion in the last 12 days…

Source: Bloomberg

The Dollar soared back, reversing all of Friday’s losses today…

Source: Bloomberg

Yuan tumbled…

Source: Bloomberg

Huge roundtrip in Cable today…

Source: Bloomberg

Cryptos are broadly higher since Friday, but Bitcoin is the laggard…

Source: Bloomberg

Bitcoin has been hovering around $9200-$9400 for a week…

Source: Bloomberg

Commodities were all lower today as the dollar jumped with oil worst…

Source: Bloomberg

Copper’s collapse relative to gold signal a dramatic decline in yields is due…

Source: Bloomberg

WTI Crude fell below $50 for the first time since Jan 2019…

Source: Bloomberg

And in an ominous sign, Brent time-spreads have collapsed negative…

Source: Bloomberg

Finally, we wonder if the market is fearsome of the coronavirus, Fed balance sheet deflation, or Sanders surging into the lead?

Source: Bloomberg

So to sum up – copper, crude, credit, rates, the yield curve, and the yuan are all down today… but US equities are higher.

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

Stocks, Yuan, Bond Yields Tumble As CDC “Prepares For Pandemic”

After an overnight ramp for absolutely no good reason, US equity markets are fading fast after the CDC said it “was preparing as if Coronavirus was the next pandemic.”

The number of confirmed coronavirus cases in the US is starting to increase at a rather concerning pace, and moments ago, the CDC confirmed in a telebriefing that there are 11 cases in the US.

More ominously, the CDC said that the new Coronavirus case is close contact of other California case, and was spread person-to-person.

Futures erased overnight gains…

And 30Y Yields are back at 2.00%…

so “not contained” then?

ii)Market data/USA

iii) Important USA Economic Stories

Boeing

More troubles for Boeing as a aircraft made an emergency landing in Madird after parts of itslanding gear falls off and parts of that landed in the engine

(zerohedge)

Boeing 767 Makes Emergency Landing After Part Of Landing Gear Falls Off; Stock Slides

Facing dire, if not terminal, issues with its 737 MAX which may or may not return to the sky one day, while cutting production on the 787 Dreamliner due to slumping demand, at least Boeing’s legacy long haul workhorse, the 767 had emerged unscathed until now.

No more. Moments ago Boeing stock promptly dropped into the red after Spanish airport operator AENA said that a Boeing 767 aircraft flown by Air Canada was returning to Adolfo Suarez Madrid-Barajas airport for an emergency landing on Monday after reporting a “technical issue”. The airliner called air traffic control 30 minutes after takeoff and requested a slot for an emergency landing, an AENA spokeswoman told Reuters.

A subsequent report clarified that the technical issue involved a part of landing gear falling off and entering the airplane’s engine.

Spain’s main pilots union Sepla posted a tweet saying a Boeing 767 aircraft flown by Air Canada was returning to Madrid airport for an emergency landing after part of its landing gear fell off and entered its engines

Matthew Bennett@matthewbennett

Another video of the Air Canada flight flying very low over Madrid city centre earlier. https://twitter.com/rodriguezcoello/status/1224351652972519429 

Enrique Rodríguez@rodriguezcoello
Replying to @rodriguezcoello

Este usuario ha podido grabar desde la Calle Génova de Madrid el paso del avión por el centro de Madrid

Embedded video

Rompetechos@1Rompetechos

AMPLIACIÓN | El Boeing 767-300 tendría problemas en el motor izquierdo tras haber absorbido piezas del tren de aterrizaje cuando despegaba por la 36L del aeródromo madrileño, según informa @sepla_pilotos @aeropuertoMAD

Más imágenes: https://youtu.be/ymfitsPmQP0

Spain’s air navigation manager Enaire confirmed: “A flight with a technical problem is circling Madrid before returning to Adolfo Suarez Madrid Barajas airport.”

A spokesman for a regional government-run emergency services coordinator said: “We have sent various emergency

end

iv) Swamp commentaries)

Lawyer Craig Murray askis: has the FBI been lying about the murder of Seth Rich?

(Craig Murray)

Has The FBI Been Lying About Seth Rich?

Authored by Craig Murray,

A persistent American lawyer has uncovered the undeniable fact that the FBI has been continuously lying, including giving false testimony in court, in response to Freedom of Information requests for its records on Seth Rich. The FBI has previously given affidavits that it has no records regarding Seth Rich.

A Freedom of Information request to the FBI which did not mention Seth Rich, but asked for all email correspondence between FBI Head of Counterterrorism Peter Strzok, who headed the investigation into the DNC leaks and Wikileaks, and FBI attorney Lisa Page, has revealed two pages of emails which do not merely mention Seth Rich but have “Seth Rich” as their heading. The emails were provided in, to say the least, heavily redacted form.

Before I analyse these particular emails, I should make plain that they are not the major point. The major point is that the FBI claimed it had no records mentioning Seth Rich, and these have come to light in response to a different FOIA request that was not about him. What other falsely denied documents does the FBI hold about Rich, that were not fortuitously picked up by a search for correspondence between two named individuals?

To look at the documents themselves, they have to be read from the bottom up, and they consist of a series of emails between members of the Washington Field Office of the FBI (WF in the telegrams) into which Strzok was copied in, and which he ultimately forwarded on to the lawyer Lisa Page.

The opening email, at the bottom, dated 10 August 2016 at 10.32am, precisely just one month after the murder of Seth Rich, is from the media handling department of the Washington Field Office. It references Wikileaks’ offer of a reward for information on the murder of Seth Rich, and that Assange seemed to imply Rich was the source of the DNC leaks. The media handlers are asking the operations side of the FBI field office for any information on the case. The unredacted part of the reply fits with the official narrative. The redacted individual officer is “not aware of any specific involvement” by the FBI in the Seth Rich case. But his next sentence is completely redacted. Why?

It appears that “adding” references a new person added in to the list. This appears to have not worked, and probably the same person (precisely same length of deleted name) then tries again, with “adding … for real” and blames the technology – “stupid Samsung”. The interesting point here is that the person added appears not to be in the FBI – a new redacted addressee does indeed appear, and unlike all the others does not have an FBI suffix after their deleted email address. So who are they?

(This section on “adding” was updated after commenters offered a better explanation than my original one. See first comments below).

The fourth email, at 1pm on Wednesday August 10, 2016, is much the most interesting. It is ostensibly also from the Washington Field Office, but it is from somebody using a different classified email system with a very different time and date format than the others. It is apparently from somebody more senior, as the reply to it is “will do”. And every single word of this instruction has been blanked. The final email, saying that “I squashed this with …..”, is from a new person again, with the shortest name. That phrase may only have meant I denied this to a journalist, or it may have been reporting an operational command given.

As the final act in this drama, Strzok then sent the whole thread on to the lawyer, which is why we now have it. Why?

It is perfectly possible to fill in the blanks with a conversation that completely fits the official narrative. The deletions could say this was a waste of time and the FBI was not looking at the Rich case. But in that case, the FBI would have been delighted to publish it unredacted. (The small numbers in the right hand margins supposedly detail the exception to the FOIA under which deletion was made. In almost every case they are one or other category of invasion of privacy).

And if it just all said “Assange is talking nonsense. Seth Rich is nothing to do with the FBI” then why would that have to be sent on by Strzok to the FBI lawyer?

It is of course fortunate that Strzok did forward this one email thread on to the lawyer, because that is the only reason we have seen it, as a result of an FOI(A) request for the correspondence between those two.

Finally, and perhaps this is the most important point, the FBI was at this time supposed to be in the early stages of an investigation into how the DNC emails were leaked to Wikileaks. The FBI here believed Wikileaks to be indicating the material had been leaked by Seth Rich who had then been murdered. Surely in any legitimate investigation, the investigators would have been absolutely compelled to check out the truth of this possibility, rather than treat it as a media issue?

We are asked to believe that not one of these emails says “well if the publisher of the emails says Seth Rich was the source, we had better check that out, especially as he was murdered with no sign of a suspect”. If the FBI really did not look at that, why on earth not? If the FBI genuinely, as they claim, did not even look at the murder of Seth Rich, that would surely be the most damning fact of all and reveal their “investigation” was entirely agenda driven from the start.

In June 2016 a vast cache of the DNC emails were leaked to Wikileaks. On 10 July 2016 an employee from the location of the leak was murdered without obvious motive, in an alleged street robbery in which nothing at all was stolen. Not to investigate the possibility of a link between the two incidents would be grossly negligent. It is worth adding that, contrary to a propaganda barrage, Bloomingdale where Rich was murdered is a very pleasant area of Washington DC and by no means a murder hotspot. It is also worth noting that not only is there no suspect in Seth Rich’s murder, there has never been any semblance of a serious effort to find the killer. Washington police appear perfectly happy simply to write this case off.

I anticipate two responses to this article in terms of irrelevant and illogical whataboutery:

Firstly, it is very often the case that family members are extremely resistant to the notion that the murder of a relative may have wider political implications. This is perfectly natural. The appalling grief of losing a loved one to murder is extraordinary; to reject the cognitive dissonance of having your political worldview shattered at the same time is very natural. In the case of David Kelly, of Seth Rich, and of Wille Macrae, we see families reacting with emotional hostility to the notion that the death raises wider questions. Occasionally the motive may be still more mixed, with the prior relationship between the family and the deceased subject to other strains (I am not referencing the Rich case here).

You do occasionally get particularly stout hearted family who take the opposite tack and are prepared to take on the authorities in the search for justice, of which Commander Robert Green, son of Hilda Murrell, is a worthy example.

(As an interesting aside, I just checked his name in the Wikipedia article on Hilda, which I discovered describes Tam Dalyell “hounding” Margaret Thatcher over the Belgrano and the fact that ship was steaming away from the Falklands when destroyed with massive loss of life as a “second conspiracy theory”, the first of course being the murder of Hilda Murrell. Wikipedia really has become a cesspool.)

We have powerful cultural taboos that reinforce the notion that if the family do not want the question of the death of their loved one disturbed, nobody else should bring it up. Seth Rich’s parents, David Kelly’s wife, Willie Macrae’s brother have all been deployed by the media and the powers behind them to this effect, among many other examples. This is an emotionally powerful but logically weak method of restricting enquiry.

Secondly, I do not know and I deliberately have not inquired what are the views on other subjects of either Mr Ty Clevenger, who brought his evidence and blog to my attention, or Judicial Watch, who made the FOIA request that revealed these documents. I am interested in the evidence presented both that the FBI lied, and in the documents themselves. Those who obtained the documents may, for all I know, be dedicated otter baiters or believe in stealing ice cream from children. I am referencing the evidence they have obtained in this particular case, not endorsing – or condemning – anything else in their lives or work. I really have had enough of illogical detraction by association as a way of avoiding logical argument by an absurd extension of ad hominem argument to third parties.

*  *  *

Unlike his adversaries including the Integrity Initiative, the 77th Brigade, Bellingcat, the Atlantic Council and hundreds of other warmongering propaganda operations, Craig’s blog has no source of state, corporate or institutional finance whatsoever. It runs entirely on voluntary subscriptions from its readers – many of whom do not necessarily agree with the every article, but welcome the alternative voice, insider information and debate. Subscriptions to keep Craig’s blog going are gratefully received.

\END

And the fun begins

(zerohedge)

Senate To Call ‘Whistleblower’ As Part Of Three-Pronged Investigation Into Impeachment Origins

Senate Republicans are gearing up for a three-pronged investigation into the origins of Congressional Democrats’ impeachment of President Trump, according to the Washington Examiner.

I want to understand how all this crap started,” Sen. Lindsey Graham (R-SC) on Fox News’s Sunday Morning Futures, who added that the Senate would begin their investigations “within weeks.”

“The Senate Intel Committee under Richard Burr has told us that they will call the whistleblower,” said Graham.

Whether it’s a legitimate search for the truth or a convenient way to assuage frustrated Republicans who wanted fireworks during the Senate impeachment trial has yet to be seen.

Let’s recall what Senate Republicans plan to unravel;

The Whistelblower, outed by investigative reporter Paul Sperry as Eric Ciaramella, is a registered Democrat who worked for then-VP Joe Biden, former CIA Director John Brennan, and was appointed by former National Security Adviser H.R. McMaster in June, 2017 as his personal aide according to RedState. Ciaramella, who radio host Rush Limbaugh called “essentially a spy for John Brennan,” was also a frequent visitor to the Obama White House.

In November, the Washington Examiner reported: “It is likely that the whistleblower traveled on Air Force Two at least one of the six visits that Biden made to Ukraine.

If the whistleblower is a former employee of — associate of Joe Biden, I think that would be important. If the whistleblower was working with people on Schiff’s staff that wanted to take Trump down a year-and-a-half ago, I think that would be important. If the Schiff staff people helped write the complaint, that would be important. We’re going to get to the bottom of all of this to make sure this never happens again,” said Sen. Graham.

After hearing second-hand about a July 25 call between President Trump and Ukrainian President Volodomyr Zelensky in which Trump asked for investigations into the Bidens, Ciaramella approached impeachment chieftain Rep. Adam Schiff (D-CA)’s office (which hired two of Ciaramella’s colleagues last year, including Sean Misko, who was hired in August).

Schiff’s teamdirected Ciaramella to “Coup has started” Democratic operative attorney Mark Zaid (who vowed to “get rid of” Trump in July of 2017), who helped the CIA ‘whistleblower’ file a complaint on a form which had been altered to allow hearsay.

Sean Davis

@seanmdav

Interesting that the anti-Trump complainant’s lawyer (not the one who worked for Clinton or Schumer–that’s a different one!) vowed to “get rid” of Trump ahead of his client secretly coordinating with House Democrats to go after Trump. https://twitter.com/MarkSZaidEsq/status/881327979917438976 

View image on Twitter

Mark S. Zaid

@MarkSZaidEsq

Replying to @Vbarnett323 @realDonaldTrump

It’s very scary. We will get rid of him, and this country is strong enough to survive even him and his supporters. We have to.

Robert Barnes@Barnes_Law

He also bragged about his connections to John Podesta with an organization he set up for litigation.

What’s more, at least two of Ciaramella’s colleagues from the National Security Counsel were hired by Schiff’s office last year – including Sean Misko, who was hired in August.

And Schiff continues to deny knowledge of the whistleblower’s identity.

Democrats, pointing to the Trump administration placing a hold on US military aid to Ukraine, unbeknownst to Zelensky, argued that President Trump abused his office and obstructed Congress’ investigation. During last week’s Senate trial, Trump’s attorneys argued that his actions fell far short of impeachable offense.

END

John Solomon’s Laptop Stolen Near White House Using ‘Sophisticated Device’; Contained Sensitive Data On Ukraine, Bidens

A thief absconded with John Solomon’s laptop on the eve of the Senate impeachment trial, snatching the evidence-filled device out of the investigative journalist’s car which was parked near the White House, according to RealClearInvestigations, citing a report by the D.C. Metropolitan Police Department.

Solomon told RCI‘s Paul Sperry that the laptop – which has since been recovered – contained ‘notes on Ukraine and former Vice President Joe Biden and other sensitive information.’

The case is currently under investigation by a MPD detective.

The Secret Service is also involved in the matter, which appears suspicious. Break-ins are rare in the high-security area where the crime occurred, just outside the White House perimeter, and a sophisticated device appears to have been used to get into the vehicle.

In the early evening of Jan. 20, the police report states, Solomon’s Apple MacBook laptop and computer bag, valued at around $1,800, were stolen from his 2019 Toyota SUV parked at 1776 F St. NW, across from the White House’s Eisenhower Executive Office Building. No windows were broken, and there were no other signs of forced entry. Authorities suspect the thief or thieves used an electronic jamming device to open the car door lock.

Nothing else was stolen from the vehicle, according to Solomon, including his US Capitol press security badge.

The computer bag was discovered the next day a block away from where his car was parked, with the contents dumped out on a picnic bench near the FDIC building – a location with no security cameras which authorities described as one the rare “dark spots” in the area.

Solomon says he is working with a computer forensics experty to determine whether any of the information on his laptop was exploited, or if his hard drive was scanned.

“It’s a pretty professional job,” said Solomon, adding “but it’s probably just a coincidence.”

“It was probably just a street criminal searching for pass codes,” he expounded. “Or it could be someone searching for my Ukraine stuff. We don’t know at this point.”

Solomon targeted by Democrats

As Sperry notes, Solomon’s private phone number was published by House Intel Chair Adam Schiff (D-CA) in December, while citing the journalist at least 35 times in his impeachment report over Solomon’s involvement in reporting Ukrainegate from the perspective of the prosecutor who former Vice President Joe Biden had fired while he was investigating Ukrainian energy giant Burisma – whose board Hunter Biden sat on.

“I’m the only [reporter] who ends up having his records released,” Solomon told Fox Business News recently.

“It makes me wonder whether it’s a political payback, because a few months ago, I wrote a story exposing the fact that Chairman Schiff had met with Glenn Simpson at the sidelines of the Aspen Institute at a time when he shouldn’t have been having contact with Glenn Simpson,” he added. “It feels like a political payback.

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

Coronavirus Contains “HIV Insertions”, Stoking Fears over Artificially Created Bioweapon

In “Uncanny similarity of unique inserts in the 2019-nCoV spike protein to HIV-1 gp120 and Gag”, Indian researchers are baffled by segments of the virus’s RNA that have no relation to other coronaviruses like SARS, and instead appear to be closer to HIV. The virus even responds to treatment by HIV medications…But the ‘smoking gun’ in this case are pieces of the virus’s genetic code that Indian researchers, led by Prashant Pradhan at the Indian Institute of Technology, found may have been ’embedded’ from HIV, which belongs to an entirely different family of viruses…

https://www.zerohedge.com/geopolitical/coronavirus-contains-hiv-insertions-stoking-fears-over-artificially-created-bioweapon

OAN’s @JackPosobiec: Schumer cut deal with McConnell to end impeachment Wednesday only after the SOTU meant as payback for Clinton’s 1999 SOTU delivered during his impeachment

In the House Managers’ closing remarks on Friday, they once again stated that Trump must prove his innocence.  It’s revealing and troubling that the MSM never took Dems to task for this egregious usurpation of the Constitution and an elemental foundation of the US legal system.

@RepAndyBiggsAZ: There the Democrats go again – President Trump is guilty UNLESS he proves his innocence.  That’s NOT how justice in America works.

Schumer, Pelosi, Kamala Harris and host of Dems and their MSM appendages asserted that Trump’s acquittal, like his election and Kavanaugh’s confirmation, is illegitimate.  This is very dangerous!

The Vindman Twins Are Creatures of John Bolton

In July 2018, three months or so after becoming President Trump’s national security adviser, Bolton hired both Army Lt. Col. Alexander Vindman as a Ukraine policy specialist for the National Security Council and his identical twin brother, Army Lt. Col. Yevgeny Vindman, as deputy legal counsel in the NSC’s “ethics” office…

     Acting on his own, without authorization, Alexander Vindman reported his jaundiced view of President Trump’s July 25 phone call with Ukrainian president Volodymyr Zelensky to friends in the State Department and intelligence agencies whom Vindman—unilaterally and going over the head of his superiors—asserted had a “need to know.” This led directly to the “whistleblower” complaint that ignited the impeachment conflagration…

President Trump fired the insubordinate Bolton on September 10.During the week that followed, the “whistleblower” complaint emerged in the news, at first connected to a communication between President Trump and an unidentified foreign leader. On September 18, the Washington Post reported that Trump had made some kind of “promise” to the foreign leader. On September 19, the IC inspector general gave a secret briefing to Schiff and other congressional leaders. The same day, the Washington Post reported that the whistleblower complaint involved Ukraine…

https://amgreatness.com/2020/01/30/the-vindman-twins-are-creatures-of-john-bolton/

@johncardillo: When the smoke clears from this, @realDonaldTrump needs to sit down and think about who advised him to hire all those who leaked and/or joined the coup, then immediately fire those advisers.

Real Clear News’ @susancrabtree: Bolton’s Security Clearance in Jeopardy in Wake of Book Leaks + Profits Could Be Confiscated — Legal headaches abound for former national security adviser

https://www.realclearpolitics.com/articles/2020/01/31/boltons_security_clearance_in_jeopardy_in_wake_of_book_leaks__142285.html

Was Schiff’s reluctance to enforce a subpoena for John Bolton due to the fact that Bolton was involved in holding up the aid to Ukraine in order to halt the Chinese acquisition of a Ukrainian Aerospace company? As the following articles show, Ukraine was cozying up to China; Bolton went to Ukraine to stop a strategic Chinese defense acquisition and most importantly, Ukraine thought the US aid suspension was due to the Chinese acquisition of its aerospace company.

U.S. Aims to Block Chinese Acquisition of Ukrainian Aerospace Company Aug. 23, 2019

Washington objects to pending sale of Motor Sich on national-security grounds

     U.S. national-security adviser John Bolton is seeking to scuttle the pending Chinese acquisition of a Ukrainian aerospace company on grounds that it will give Beijing vital defense technology, according to senior U.S. administration officials familiar with the matter. Mr. Bolton’s personal interest and involvement in the deal, acknowledged by the senior administration officials, underscores the growing importance of this case to the U.S. national-security establishment…

https://www.wsj.com/articles/u-s-aims-to-block-chinese-acquisition-of-ukrainian-aerospace-company-11566594485

Trump holds up Ukraine military aid meant to confront Russia   08/28/2019

The senior administration official, who asked to remain anonymous in order to discuss internal matters, said the president wants to ensure U.S. interests are being prioritized when it comes to foreign assistance, and is seeking assurances that other countries are “paying their fair share.”  Defense Secretary Mark Esper and national security adviser John Bolton are among the officials who were asked to review the Ukraine security funding…  https://www.politico.com/story/2019/08/28/trump-ukraine-military-aid-russia-1689531

Ukraine Saw ‘No Connection’ Between U.S. Aid and Trump Request on Biden, Official Says

Zelensky and his advisers believed that the White House may have frozen the aid package to Ukraine because of the proposed sale of Motor Sich, a Ukrainian factory that produces engines for missiles and jets, to a Chinese company. The U.S. has objected to that sale on national security grounds, and Trump’s then-National Security Adviser John Bolton urged Zelensky and his government to stop the sale during a visit to Kiev in August. “At the time China was more acute,” as an issue in U.S.-Ukrainian relations, than was the question of investigating Biden, says the official…

https://time.com/5686788/ukraine-no-connection-aid-biden/

Ukraine: China Flexes Its Investment Muscle June 27, 2018 – “If China wants to come here and improve our ports and railways and build our roads, why would we stop them?…  Prospective foreign investors from Western countries cite corruption and political instability as their biggest obstacle to bringing their business here.  But against this backdrop, China steps up with billions of dollars worth of investment and low-interest loans, demanding very little in return but access to a country that is, for them, strategically vital… https://thediplomat.com/2018/06/ukraine-china-flexes-its-investment-muscle/

@paulsperry_: Did the presiding justice consult with Schiff or other House managers, in camera, to hammer out a no-whistleblower-questions rule prior to the 16-hour question period? If so, did Roberts violate his own impartiality oath?

On the night before the Senate impeachment trial began, someone broke into veteran Washington investigative journalist John Solomon’s car parked near the White House and stole his laptop…The computer contained notes on Ukraine and former Vice President Joe Biden and other sensitive information…https://www.realclearinvestigations.com/articles/2020/02/02/paul_sperrys_notebook_theft_near_white_house_of_investigative_reporter_john_solomons_laptop_122236.html

Hunter, Sam and the Sheikh: Hunter Biden’s Alleged Connection to Middle East Shakedown Artists – also met with a corrupt sheikh, who has illegally given massive contributions to Democrats, about working on a project to unfreeze Libyan assets in 2015…

https://www.thegatewaypundit.com/2020/02/hunter-sam-and-the-sheik-hunter-bidens-alleged-connection-to-middle-east-shakedown-artists/

The Dems’ attempt to stop Bernie again intensified on Friday when the DNC changed its rules to allow Bloomberg to participate in the February 19 debate.

OAN’s @ElmaAksalic: The party [DNC] scrapped — for the first time — the grassroots donor threshold, which has required candidates in every other debate thus far to receive donations from tens of thousands of supporters to qualify.

DNC members discuss rules change to stop Sanders at convention

In conversations on the sidelines of a DNC executive committee meeting and in telephone calls and texts in recent days, about a half-dozen members have discussed the possibility of a policy reversal to ensure that so-called superdelegates can vote on the first ballot at the party’s national convention. Such a move would increase the influence of DNC members, members of Congress and other top party officials, who now must wait until the second ballot to have their say if the convention is contested…

https://www.politico.com/news/2020/01/31/dnc-superdelegates-110083

A visibly upset Joe Biden, when told Bloomberg will be allowed to participate in the February 19 debate in Nevada: “He’s not even on the ballot in Nevada!” https://twitter.com/emilyelarsen/status/1223430107064389636

@ABC: Billionaire Michael Bloomberg spent roughly $180 million in the month after his late entry into the Democratic presidential primary, a staggering sum that’s drastically more than all other leading contenders spent during much of the past year combinedhttps://abcn.ws/2GV0fIN

Billionaire Bloomberg just bought the DNC.” – Dem Rep & Prez Candidate Tulsi Gabbard

Ex-DJT advisor Steve Bannon: Mike Bloomberg is doing a leveraged buyout of the Democratic Party.

@JordanSchachtel: Now that Mike Bloomberg is in spotlight, it’s worth mentioning his top pol. adviser, Doug Schoen, was up until 11/19 an active foreign lobbyist for Ukrainian oligarch Victor Pinchuk…who, btw, has donated a reported $25 million to the Clinton Foundation… Schoen worked for Pinchuk for 20yrs (!) before abruptly terminating & joining Team Bloomberg.

Renowned law prof @JonathanTurley: Gabbard Blocked by CNN from Town Hall Events as CNN Analyst Calls Her a “Russian Puppet

Gabbard Blocked by CNN from Town Hall Events despite Greater Support than Invited Candidates    https://jonathanturley.org/2020/02/01/gab

CNN’s Jake Tapper slammed Joe Biden for not appearing on Sunday interview shows.

Des Moines Register poll scrapped after apparent mishap

One interviewer at the call center used for the survey enlarged the font size on their monitor, potentially cutting off some names on the randomized list of candidates — including Buttigieg’s in the interview in question…  https://www.politico.com/news/2020/02/01/des-moines-register-poll-not-released-after-apparent-mishap-110284

Sanders supporters allege that DMR poll was withheld because Bernie had surged to a solid lead.

‘F***ING FALSE’: John Kerry Explodes Over Report Indicating He May Jump In 2020 Race

Former Secretary of State John Kerry exploded on Sunday over a [NBC News] report suggesting that he was thinking about jumping into the 2020 Democrat primary race due to fears that socialist Sen. Bernie Sanders (I-VT) could ruin the party…

    Kerry quickly responded to the report on Twitter, writing: “As I told the reporter, I am absolutely not running for President. Any report otherwise is f***ing (or categorically) false. I’ve been proud to campaign with my good friend Joe Biden, who is going to win the nomination, beat Trump, and make an outstanding president.” Kerry later deleted the tweet…

https://www.dailywire.com/news/fing-false-john-kerry-explodes-over-report-indicating-he-may-jump-in-2020-race/

Kerry a few weeks ago heartily endorsed his good buddy Joe Biden.  If the NBC report is true, it suggests that Kerry thinks Biden is finished.

Joe had a rough Saturday in Iowa.  He forgot what city he was in and another time confessed, “I’ve forgotten what the hell I was going to say.”

@charliekirk11: One day before the Iowa Caucus, it’s been revealed that EIGHT Iowa counties have more adults registered to vote than voting-aged adults living there

@realDonaldTrump: Many of the ads you are watching were paid for by Mini Mike Bloomberg. He is going nowhere, just wasting his money, but he is getting the DNC to rig the election against Crazy Bernie, something they wouldn’t do for @CoryBooker and others. They are doing it to Bernie again, 2016.

    Mini Mike is now negotiating both to get on the Democrat Primary debate stage, and to have the right to stand on boxes, or a lift, during the debates. This is sometimes done, but really not fair!

Trump played the media like a fiddle with his jibe at Bloomberg.  The Sunday morning talking heads shows slammed Trump over his ‘Mini Mike negotiating to stand on boxes during debates’.  But, the nation heard the putdown and now will be watching to see if Bloomberg looks small at the debates or if he is indeed standing on a box or platform.

END

Well that is all for today

I will see you TUESDAY night.

 

 

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