FEB 10// CORONAVIRUS..THE BIG STORY OF THE DAY//GOLD UP $6.10 TO $1576.10//SILVER UP 8 CENTS TO $17.81//HUGE GOLD STORY AND SWAMP STORY RE BIDENS COURTESY OF GLENN BECK//MORE SWAMP STORIES FOR YOU TONIGHT//

FINALIZED!!

GOLD:$1576.10 UP $6.10    (COMEX TO COMEX CLOSING

 

 

 

 

 

Silver:$17.81 UP 8 CENTS  (COMEX TO COMEX CLOSING) :

 

 

 

 

Closing access prices:

 

GOLD: 1572.30

 

SILVER: 17.76

 

A new  attraction coming to a theatre close to you:

 

 

 

COMEX DATA

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

today RECEIVING:  120/198

EXCHANGE: COMEX
CONTRACT: FEBRUARY 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,568.600000000 USD
INTENT DATE: 02/07/2020 DELIVERY DATE: 02/11/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
355 C CREDIT SUISSE 13
435 H SCOTIA CAPITAL 15
624 C BOFA SECURITIES 10
657 C MORGAN STANLEY 5
661 C JP MORGAN 120
661 H JP MORGAN 145
686 C INTL FCSTONE 1
732 C RBC CAP MARKETS 2
737 C ADVANTAGE 41 23
800 C MAREX SPEC 9 3
880 C CITIGROUP 9
____________________________________________________________________________________________

TOTAL: 198 198
MONTH TO DATE: 6,133

 

 

we are coming very close to a commercial failure!!

 

 

NUMBER OF NOTICES FILED TODAY FOR  FEB CONTRACT: 198 NOTICE(S) FOR 19800 OZ (0.6158 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  6133 NOTICES FOR 613300 OZ  (19.076 TONNES)

 

 

 

 

SILVER

 

FOR FEB

 

 

6 NOTICE(S) FILED TODAY FOR 30,000  OZ/

total number of notices filed so far this month: 219 for 1095,000 oz

 

XXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE :  $ 9828 DOWN 325 

 

 

 

 

Bitcoin: FINAL EVENING TRADE: $ 9858 DOWN 295

 

Let us have a look at the data for today

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI FELL A CONSIDERABLE SIZED 1117 CONTRACTS FROM 225,019 DOWN TO 223,902 WITH OUR 11 CENT FALL IN SILVER PRICING AT THE COMEX.

 

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

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

; FEB 0; MARCH:  1796 AND MAY: 0 AND JULY: 0 ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1796 CONTRACTS. WITH THE TRANSFER OF 1796 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 1796 EFP CONTRACTS TRANSLATES INTO 8.93 MILLION OZ  ACCOMPANYING:

1.THE 11 CENT FALL 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

1.100    MILLION OZ INITIALLY STANDING IN FEB

 

FRIDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO CONTAIN SILVER’S PRICE…AND THEY WERE  SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL 11 CENTS).. BUT, 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 GOOD 679 CONTRACTS. OR 3.395 MILLION OZ….. WE MAY HAVE HAD SOME MINOR BANKER SHORT COVERING BUT ON TOTAL,  LONGS NEVER LEFT THE SILVER ARENA.

 

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:

6208 CONTRACTS (FOR 6 TRADING DAYS TOTAL 6208 CONTRACTS) OR 31.04 MILLION OZ: (AVERAGE PER DAY: 882.4 CONTRACTS OR 4.412 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF FEB: 31.04 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 4.43% 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:          212.65 MILLION OZ.

JANUARY 2020 EFP TOTALS SO FAR: 181.61 MILLION OZ

FEB 2020 EFP’S TOTAL SO FAR:  ……     31.04 MILLION OZ

 

 

RESULT: WE HAD A CONSIDERABLE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1117, WITH THE 11 CENT FALL IN SILVER PRICING AT THE COMEX /FRIDAY THE CME NOTIFIED US THAT WE HAD A VERY  STRONG SIZED EFP ISSUANCE OF 1796 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

 

TODAY WE GAINED A GOOD SIZED  SIZED: 679 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: (DESPITE THE LOSS IN PRICE)

i.e 1796 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH DECREASE OF 1117 OI COMEX CONTRACTS.AND ALL OF THIS   DEMAND HAPPENED WITH A 11 CENT FALL IN PRICE OF SILVER AND A CLOSING PRICE OF $17.74 // 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. 1.119 BILLION OZ TO BE EXACT or 159% of annual global silver production (ex Russia & ex China).

FOR THE NEW  FEB DELIVERY MONTH/ THEY FILED AT THE COMEX: 6 NOTICE(S) FOR  30,000 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 1.10 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 ROSE BY A GOOD SIZED 2380 CONTRACTS TO 654,637 AND MOVING CLOSER TO  OUR  NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE CONSIDERABLE RISE IN COMEX OI OCCURRED WITH OUR GAIN OF $3.20 IN PRICING /// COMEX GOLD TRADING// FRIDAY//  THE GAIN IN OI WAS DUE TO THE MASSIVE SUPPLY ISSUED BY THE BANKERS TO WHICH ARE LONGS DUTIFULLY ACCEPTED..  WE PROBABLY HAD MINIMAL BANKER SHORT COVERING YESTERDAY

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A VERY STRONG SIZED 8847 CONTRACTS:

CONTRACTS, FEB>  0 CONTRACTS; MARCH 00 APRIL: 8847; JUNE. 0 AND ALL OTHER MONTHS ZERO//TOTAL: 8847.  The NEW COMEX OI for the gold complex rests at 654,637,.  ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A STRONG SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 11,227 CONTRACTS: 2380 CONTRACTS INCREASED AT THE COMEX  AND 8847 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 11,227 CONTRACTS OR 1,122,700 OZ OR 34.92 TONNES. FRIDAY, WE HAD A CONSIDERABLE GAIN OF $3.20 IN GOLD TRADING……

AND WITH THAT GAIN IN  PRICE, WE  HAD A STRONG GAIN IN GOLD TONNAGE OF 34.92  TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR WERE SUPPLYING INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON. THE BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (GAIN $3.20).  IT SEEMS THAT THEIR ATTEMPT TO FLEECE  GOLD LONGS FROM THE GOLD ARENA FAILED AS WE HAD  A STRONG INCREASE IN EXCHANGE FOR PHYSICALS  (8847) ACCOMPANYING THE GOOD ADVANCE IN COMEX OI.

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF FEB : 68,609 CONTRACTS OR 6,860,900 oz OR 213.402 TONNES (6 TRADING DAYS AND THUS AVERAGING: 11,434 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 6 TRADING DAY(S) IN  TONNES: 213.402 TONNES

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

THUS EFP TRANSFERS REPRESENTS 213.402/3550 x 100% TONNES =6.01% OF GLOBAL ANNUAL PRODUCTION

ISSUANCE OF EXCHANGE FOR PHYSICAL /GOLD HAS EXPLODED THIS MONTH.

 

 

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:    783.59  TONNES

JANUARY 2220 TOTAL EFP ISSUANCE; SO FAR: 570.19 TONNES

FEB 2020 TOTAL EFP ISSUANCE SO FAR:            213.402  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 INCREASE IN OI AT THE COMEX OF 2380 WITH THE  PRICING GAIN THAT GOLD UNDERTOOK FRIDAY($3.20)) //.WE ALSO HAD A  VERY STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 8847 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 8847 EFP CONTRACTS ISSUED, WE  HAD A VERY STRONG SIZED GAIN OF 11,227 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

8847 CONTRACTS MOVE TO LONDON AND  2380 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 36.51 TONNES). ..AND THIS  INCREASE OF DEMAND OCCURRED WITH THE GAIN IN PRICE OF $3.20 WITH RESPECT TO FRIDAY’S TRADING/// AT THE COMEX.

 

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

GLD...

 

 

WITH GOLD $6.10  TODAY

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//

A DEPOSIT OF 1.17 TONNES INTO THE GLD

 

FEB 10/2020/Inventory rests tonight at 916.08 tonnes

 

 

 

 

 

SLV/

 

 

WITH SILVER UP 8 CENTS TODAY

NO CHANGE IN SILVER INVENTORY TODAY

 

FEB 10/INVENTORY RESTS AT 363.013 MILLION OZ.

 

 

 

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

 

 

end

 

OUTLINE OF TOPICS TONIGHT

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

1.Today, we had the open interest in SILVER FELL BY A CONSIDERABLE SIZED 1117 CONTRACTS from 225,019 DOWN TO 223,902 AND FURTHER FROM 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 1796

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  1796:  AND MAY: 0; JULY: 0 CONTRACTS   AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1796 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE OI LOSS AT THE COMEX OF 1117  CONTRACTS TO THE 1796 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A GOOD GAIN OF 679 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 3.395 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: 1.10 MILLION OZ//

 

 

RESULT: A GOOD SIZED DECREASE IN SILVER OI AT THE COMEX WITH THE 11 CENT FALL IN PRICING THAT SILVER UNDERTOOK IN PRICING// FRIDAY. WE ALSO HAD A STRONG SIZED 1796 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG  SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

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

 

 

 

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

I)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED UP 14.52 POINTS OR 0.50%  //Hang Sang CLOSED DOWN 162.93 POINTS OR 0.59%   /The Nikkei closed DOWN 142.00 POINTS OR 0.60%//Australia’s all ordinaires CLOSED DOWN .19%

/Chinese yuan (ONSHORE) closed UP  at 6.9804 /Oil UP TO 57.21 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED UP // LAST AT 6.9804 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9869 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING  STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL PHASE ONE COMPLETE BUT CORONAVIRUS BECOMES PANDEMIC..TRUMP  RAISED RATES TO 25%

 

 

 

3A//NORTH KOREA/ SOUTH KOREA

North Korea/Coronavirus

We now have confirmation that North Korea has a coronavirus outbreak whereby officials have been ordered to quickly dispose of bodies

(zerohedge)

3b) REPORT ON JAPAN

Coronavirus/Princess cruiseline// big story

3C  CHINA

huge number of coronavirus commentaries//must read all of them

4/EUROPEAN AFFAIRS

2 UK coronavirus commentaires

Germany//Merkel’s replacement quits

(zerohedge)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Turkey vs Cyprus et all

( must read)

6.Global Issues

2 Coronavirus commentaries

7. OIL ISSUES

Expect major “force majeure” moves as China just cannot purchase the oil/gas that they have contracted for

(Cunningham/Oil Price.com)

8 EMERGING MARKET ISSUES

 

9. PHYSICAL MARKETS

i)Chinese copper buyers cancel orders from around the world as the Chinese economy grinds to a halt

(zerohedge)

ii)This is a must read.  First the zero hedge article on the disappearance of 40 tonnes of gold..in Feb 2016 which happens to be around 1.8 billion dollars.  The second part that you must see is Glenn Beck’s narrative on the disappearance of 1.80 billion dollars that the USA gave the Ukraine.

(zerohedge)

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

iii) Important USA Economic Stories

iv) Swamp commentaries)

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

 

LET US BEGIN:

 

 

Let us head over to the comex:

 

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY GOOD SIZED 2380 CONTRACTS TO 654,637 MOVING CLOSER TO OUR  RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS GAIN IN OI WAS SET WITH A CONSIDERABLE GAIN OF $3.20 IN GOLD PRICING //FRIDAY’S  COMEX TRADING//).  WITH THE STRONG EFP ISSUANCE, WE HAD ANOTHER FAILED ATTEMPT AT BANKER SHORT COVERING ……NOBODY LEFT THE GOLD ARENA FRIDAY.

 

WE ARE NOW IN THE  NON ACTIVE DELIVERY MONTH OF FEB..  THE CME REPORTS THAT THE BANKERS ISSUED A ,STRONG SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 8847 EFP CONTRACTS WERE ISSUED:

  FEB: 0; MARCH 00 AND APRIL: 8847,  JUNE : 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 8847 CONTRACTS.

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A VERY STRONG SIZED 11,227 TOTAL CONTRACTS IN THAT 8847 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A GOOD SIZED 2380 COMEX CONTRACTS.  THE BANKERS PROVIDED THE NECESSARY SHORT PAPER TO WHICH OUR LONGS DUTIFULLY ACCEPTED. WE HAD NO BANKER SHORT COVERING.

 

THE BANKERS SUPPLIED THE NECESSARY AND INFINITE AMOUNT OF SHORT PAPER IN GOLD.  THE BANKERS WERE  SOMEWHAT UNSUCCESSFUL IN LOWERING GOLD’S PRICE //// (IT ROSE BY $3.20). AND THEY WERE MOST DEFINITELY  UNSUCCESSFUL IN FLEECING ANY LONGS, WITH ALMOST ALL OF THE GAIN IN COMEX DUE TO THE  BANKER ISSUANCE OF SHORT PAPER….AND IN TOTAL ON THE TWO EXCHANGES, WE GAINED A VERY STRONG SIZED 11,227 CONTRACTS ON OUR TWO EXCHANGES….(34.92 TONNES)

 

NET GAIN ON THE TWO EXCHANGES ::  11,227 CONTRACTS OR 1,122,700 OZ OR 34.92 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:  654,637 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 65.46 MILLION OZ/32,150 OZ PER TONNE =  2,037 TONNES

THE COMEX OPEN INTEREST REPRESENTS 2,037/2200 OR 92.60% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

 

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And now for the wild silver comex results

Total COMEX silver OI FELL BY A CONSIDERABLE SIZED 1117 CONTRACTS FROM 225,019 DOWN TO 223,902 (AND FURTHER FROM 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 STRONG 11 CENT DECREASE IN PRICING/FRIDAY.

 

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

FEB IS A NON ACTIVE DELIVERY MONTH.

 

THE FRONT MONTH OF FEBRUARY HAS A TOTAL OPEN INTEREST OF 7 CONTRACTS SHOWING A GAIN OF 1 CONTRACT//FRIDAY TRADING. WE HAD 5 NOTICES SERVED YESTERDAY SO WE GAINED 6 CONTRACTS OR 30,000 OZ OF SILVER WILL STAND AT THE COMEX AS THEY REFUSED TO MORPH INTO LONDON BASED FORWARDS AND AS SUCH THEY REFUSED TO ACCEPT A FIAT BONUS IF THEY WOULD HAVE PERFORMED THEIR DEED.

 

March is a very active month and here we witness a LOSS of 5001 contracts  DOWN TO 142,207

APRIL saw a gain of 8 contracts up to 96.

MAY had a good 4899 gain in oi to stand at 45,296, accepting basically all the rollover from March.

 

 

We, today, had  6 notice(s)  for 30,000, OZ for the FEB, 2019 COMEX contract for silver

Trading Volumes on the COMEX TODAY: 182,337 contracts??  low volume   

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  299,865 contracts//low volume

 

 

 

INITIAL standings for  FEB/GOLD

 

 

 

Let us head over to the comex:

 

 

FEB 10/2020

 

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

 

 

 

 

Deposits to the Customer Inventory, in oz  

nil

 

No of oz served (contracts) today
198 notice(s)
 198,000 OZ
(0.6158 TONNES)
No of oz to be served (notices)
1531 contracts
(153100 oz)
4.7620 TONNES
Total monthly oz gold served (contracts) so far this month
6133 notices
613,300 OZ
19.076 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

we had 0 dealer entry:

We had  0 kilobar entries

 

 

 

total dealer deposits:nil oz

total dealer withdrawals: nil oz

 

we had 0 deposit into the customer account

i) Into JPMorgan: nil  oz

 

ii) Into everybody else: 0

 

 

 

 

 

 

total deposits:  nil oz

 

 

 

 

we had 1 gold withdrawals from the customer account:

I ) Out of HSBC:  198.62 oz

 

 

total gold withdrawals;  198.62 oz

 

ADJUSTMENTS:  0

 

 

 

 

 

The front month of February saw its open interest fall by 333 contracts down to 1729 contracts.  We had 464 notices filed upon yesterday, so we GAINED a strong 91 contracts or an additional 9100 oz will  stand for delivery here and THUS THEY REFUSED TO MORPH into London based forwards and thus negate a fiat bonus. The March non active contract month saw its OI FALL by 51 contracts down to 2997.  The big April contract month saw its OI rise by 2157 contracts up to 479,129.

 

We had 198 notices filed today for 19,800 oz

 

 

 

FOR THE  FEB 2020 CONTRACT MONTH)Today, 145 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 198 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 120 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 (6133) x 100 oz , to which we add the difference between the open interest for the front month of  FEB. (1729 contracts) minus the number of notices served upon today (198 x 100 oz per contract) equals 766,400 OZ OR 23.838 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 (6133 x 100 oz)  + (1729)OI for the front month minus the number of notices served upon today (198 x 100 oz )which equals 766400 oz standing OR 23.838 TONNES in this  active delivery month of FEB. which is a still a great opening for gold // amount standing. (DATED CORRECTED FROM THURSDAY)

We GAINED 91 contracts or 9100 oz REFUSED TO LEAVE  USA shores to visit the Queen in London.  They FEFUSED TO ACCEPT A London based gold forwards as well as NEGATING a fiat bonus for their efforts.

 

 

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

 

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE ONLY 42.14 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……………………………………………..                                23.838 tonnes

 

total: 154.178 tonnes

ACCORDING TO COMEX RULES:

 

IF WE INCLUDE THE PAST 7 MONTHS OF SETTLEMENTS WE HAVE 20.853 TONNES SETTLED (includes the .7985 tonnes of today)

 

IF WE ADD THE FIVE DELIVERY MONTHS: 154.178  tonnes

 

Thus:

154.178 tonnes of delivery –

20.853 TONNES DEEMED SETTLEMENT

=133.325 TONNES STANDING FOR METAL AGAINST 42.149 TONNES OF REGISTERED OR FOR SALE COMEX GOLD! THIS IS WHY GOLD IS SCARCE AT THE COMEX.

 

total registered or dealer gold:   1,505,631.823 oz or  46.836 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:1,329,429.4  (41.350 tonnes)
true registered gold  (total registered – pledged tonnes  1,329,429.4  (41.35 tonnes)
total registered, pledged  and eligible (customer) gold;   8,714,075.028 oz 271.04 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

 

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..

We had 464  notices served upon today for 46400 oz

 

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 10 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
593,171.63
oz
CNT
jpm
Brinks

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
302,700.990 oz
BNS
No of oz served today (contracts)
6
CONTRACT(S)
(30,000 OZ)
No of oz to be served (notices)
1 contracts
 5,000 oz)
Total monthly oz silver served (contracts)  219 contracts

1,095,000 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 BNS    302,700.990 oz

 

 

 

 

 

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

JPMorgan now has 160.84 million oz of  total silver inventory or 50.23% of all official comex silver. (161.3 million/320.180 million

 

 

 

 

total customer deposits today:  302,700.990   oz

 

we had 3 withdrawals out of the customer account:

i) Out of JPMorgan: 500,185.300 oz

ii) Out of Brinks; 69,075.068 oz

iii) Out of CNT:  23,913.276 oz

 

 

 

 

 

 

total withdrawals; 593,173.63  oz

We had 0 adjustment:

 

 

 

total dealer silver:  79.510 million

total dealer + customer silver:  320.190 million oz

 

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The total number of notices filed today for the FEB 2019. contract month is represented by 6 contract(s) FOR 30,000 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 219 x 5,000 oz = 1,095,000 oz to which we add the difference between the open interest for the front month of FEB. (7) and the number of notices served upon today 6 x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the FEB/2019 contract month: 213 (notices served so far) x 5000 oz + OI for front month of Feb (7)- number of notices served upon today (5) x 5000 oz equals 1,100,000 oz of silver standing for the Feb contract month.

 

We gained 6 contracts or an additional 30,000 oz will stand at the comex as these guys refused to morph into London based forwards.

 

 

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

 

 

 

TODAY’S ESTIMATED SILVER VOLUME: 73,967 CONTRACTS //

 

 

CONFIRMED VOLUME FOR YESTERDAY: 93,712 CONTRACTS..

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 93,712 CONTRACTS EQUATES to 468 million  OZ 66.9% OF ANNUAL GLOBAL PRODUCTION OF SILVER..makes sense!!

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

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

 

end

 

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NPV for Sprott

 

1. Sprott silver fund (PSLV): NAV FALLS TO -1.42% ((FEB 10/2019)

2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.40% to NAV FEB 10/2019 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ 1.42%

(courtesy Sprott/GATA)

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

NAV 15.52 TRADING 15.17///DISCOUNT  2.23

 

END

 

 

And now the Gold inventory at the GLD/

FEB 10/WITH GOLD UP $6.10 TODAY:A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.17 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 916.08 TONNES

FEB 7/WITH GOLD UP $3.20 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS THIS WEEKEND AT; 914.91 TONNES

FEB 6/WITH GOLD UP $8.80: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.33 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 914.91 TONNES

FEB 4//WITH GOLD DOWN $26.10: A VERY STRANGE PHENOMENA: A MONSTROUS DEPOSIT OF 9.38 TONNES//INVENTORY RESTS AT 912.58 TONNES

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

 

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FEB 10/2019/Inventory rests tonight at 916.08 tonnes

*IN LAST 758 TRADING DAYS: 21.38 NET TONNES HAVE BEEN REMOVED FROM THE GLD

*LAST 658 TRADING DAYS: A NET 145.69. TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

end

 

Now the SLV Inventory/

FEB 10/WITH SILVER UP 8 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF //INVENTORY RESTS AT 363.013 MILLION OZ//

FEB 7/WITH SILVER DOWN 11 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 701,000//INVENTORY RESTS THIS WEEKEND AT 363.013 MILLION OZ//

FEB 6//WITH SILVER UP 24 CENTS TODAY:A SMALL  CHANGE IN SILVER INVENTORY: A WITHDRAWAL OF 154,000 OZ AT THE SLV/INVENTORY RESTS AT 362.312 MILLION OZ// AND GENERALLY THIS IS TO PAY FOR FEES LIKE INSURANCE/STORAGE

FEB 4//WITH SILVER DOWN 9 CENTS TODAY: NO CHANGE IN SILVER INVENTORY//SLV INVENTORY RESTS AT 362.466 MILLION OZ//

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 10.2020:  SLV INVENTORY

363.013 MILLION OZ

 

 

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

6 Month MM GOFO 1.75/ and libor 6 month duration 1.74

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

G0LD LENDING RATE: – .01

 

XXXXXXXX

12 Month MM GOFO
+ 1.84%

LIBOR FOR 12 MONTH DURATION: 1.83

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = -.01

end

 

 

end

 

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

Gold Consolidates Near Six Year Record Highs At $1574/oz; WHO’s ‘Tip of the Iceberg’ Virus Warning

via Bloomberg

Gold climbed for a fourth day as investors weighed the unfolding coronavirus crisis, including a stark warning from the head of the World Health Organization about the potential for more cases beyond China and signs the disease is spreading in the key Asian trading hub of Singapore.

Prices rose as the death toll from the outbreak topped 900 and WHO Director-General Tedros Adhanom Ghebreyesus voiced concern over the spread from people with no travel history to China, saying “we may only be seeing the tip of the iceberg.” In Singapore, there are two confirmed cases in the central business district, according to a building manager and separate company.

Bullion’s trading near the highest since 2013 as investors assess the impact of the disease on global growth and appetite for risk, although concerns over weaker physical demand for gold in China is capping gains. The effects of the virus have presented a “new risk” to the outlook, according to the Federal Reserve, and the issue will probably be front and center when Chairman Jerome Powell kicks off two days of Congressional testimony on Tuesday.

“All the way through, gold has received good support, and the fact that we’re once again seeing it bubble upward does suggest those concerns are increasing,” said Michael McCarthy, chief market strategist at CMC Markets.

Spot gold rose as much as 0.4% to $1,576.71 an ounce and traded at $1,573.24 at 8:24 a.m. in London. Prices gained 1.1% in the last three days. The unfolding health emergency has seen holdings in global exchange-traded funds backed by bullion expand to a record.

The haven is in focus as the disease spreads around the globe and equities stumble. In Singapore, there are 43 confirmed cases of the virus — the largest number of infections outside China, excluding a quarantined ship in Japan. Those infected include a taxi driver, overseas worker, baby, and a teacher.

Among other main precious metals, silver added 0.3%, platinum climbed 0.5% and palladium advanced 1.3%.

NEWS and COMMENTARY

Gold steadies as markets weigh severity of coronavirus outbreak

Gold prices rise as coronavirus fears persist

Treasury yields move higher ahead of Trump’s 2021 budget

China slowly gets back to work as nearly 100 more die from coronavirus

U.S. dollar strengthens as traders see resilient US economy

Argentina won’t repay “even half a cent” of IMF debt till recession over, VP Fernandez says

U.S. President Trump to propose $4.8 trillion budget with large cuts in safety-nets

Experts fear IMF no longer has firepower to be world’s lender of last resort

‘I Felt Like a Pirate in a Grotto’: Gold Coins Found in Retiree’s Cottage Fetch £80,000

GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)
07-Feb-20 1568.30 1572.65, 1212.45 1214.56 & 1432.33 1433.63
06-Feb-20 1564.75 1563.30, 1205.95 1206.71 & 1421.89 1 422.45
05-Feb-20 1552.20 1553.30, 1189.30 1198.22 & 1407.53 1411.79
04-Feb-20 1571.20 1558.35, 1207.62 1196.66 & 1421.62 1411.09
03-Feb-20 1578.85 1574.75, 1207.98 1209.41 & 1426.65 1425.46
31-Jan-20 1580.85 1584.20, 1205.24 1204.63 & 1433.51 1431.96
30-Jan-20 1580.40 1578.25, 1213.75 1206.41 & 1435.16 1431.31
29-Jan-20 1571.20 1573.45, 1207.31 1209.20 & 1428.38 1429.95
28-Jan-20 1579.60 1574.00, 1212.19 1211.04 & 1433.33 1430.77

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ii) Important gold commentaries courtesy of GATA/Chris Powell

Ambrose Evans-Pritchard: Experts fear IMF no longer has firepower to be world’s lender of last resort

 Section: 

Well, there’s always gold revaluation. See the old Brodsky and Quaintance hypothesis:

http://www.gata.org/node/11373

* * *

By Ambrose Evans-Pritchard
The Telegraph, London
Sunday, February 9, 2020

https://www.telegraph.co.uk/business/2020/02/09/global-task-force-sounds…

Central banks have lost control of global liquidity. The dollarised international financial system has become treacherously unstable and vulnerable to a sudden reversal in capital flows.

Yet the International Monetary Fund is a diminished force and no longer has the firepower to act as the world’s lender of last resort in an emergency. That is the stark conclusion of a G20 task-force of leading currency experts.

… 

A surge in offshore dollar lending — increasingly through opaque security markets — has exploded to $18 trillion and has overwhelmed the safety buffers of the existing financial architecture. The concern is that a continued surge in the value of the US dollar — potentially triggered by the coronavirus epidemic, or any other black swan catalyst — could bring this to a head.

“The risk of an unexpected and unplanned reversal of abundant global liquidity hangs over the world economy. Strong contagion across markets could make the endogenous dynamics of global liquidity very dangerous,” the panel warned in an advisory report for G20 ministers, the Financial Stability Board and the IMF.

A decade of ultra-low interest rates and quantitative easing has flooded the globe with highly unstable forms of funding denominated in dollars, with no guarantor standing behind them. Glaring currency and maturity mismatches have accumulated.

This structure is prone to an abrupt “dollar crunch” should borrowers in China, east Asia, emerging markets, or even parts of Europe suddenly start scrambling for scarce US currency to repay bonds and loans in a crisis.

The report from the Robert Triffin International forum said the purely “private component of global liquidity” (defined as foreign currency credit to non-banks) has mushroomed to $12 trillion. This now dwarfs the shrunken $3 trillion pool of “official” liquidity, such as IMF resources, central bank swap lines, and even the eurozone bailout fund (ESM).

This private liquidity is highly geared to spasms of risk appetite and over-confidence, and even more geared to panic when trouble starts. It can snap back violently and set off potentially unstoppable chain reactions in a heartbeat. The liquidity is “destroyed” by forced deleveraging. Staircase up, escalator down.

“As the 2008 experience shows, the supply of private liquidity cannot be relied upon in periods of stress,” according to the document by Bernard Snoy, Andre Icard, and Philip Turner, former top officials at the World Bank and the Bank for International Settlements.

They warned that there is no clear backstop if anything goes wrong. This is the Achilles’ heel in the structure of globalised modern finance, the torment of regulators at their Swiss sanctum sanctorum in Basel.

The IMF cannot plausibly come to the rescue in a major upset. Its resources have dwindled to just 1 percent of global external liabilities, down from 4 percent in the 1980s, overtaken by the mushrooming scale of cross-border finance. “The IMF is not in a position to function as an international lender of last resort. The global financial safety net is too small,” they said.

This is ominous since the so-called “balance of payments disequilibria” has become completely unhinged. “Global imbalances have now reached 40 percent of world GDP, an historical peak and four times larger than in the 1990s,” they write.

Only the US Federal Reserve can print dollars and act as the guarantor of a deformed monetary regime at the mercy of dollar supremacy, or what the Bank for International Settlements calls the “global dollar system.” Other central banks rely on currency swap lines from the Fed to shore up their own financial systems in an emergency.

It took some $600 billion of Fed swap lines to halt contagion during the Lehman crisis in 2008 when the wholesale capital markets froze and offshore dollar funding vanished. In other words, the Fed rescued the European Central Bank and saved the euro from an impending cataclysm — though to this day few EU politicians understand what really happened.

However, Fed support — while in principle still available — ultimately requires the political assent of the U.S. Treasury and Congress. In Washington’s current “America first” mood these so-called FX lines are seen by many on Capitol Hill — and perhaps in the Oval Office — as bailing out foreigners. There may be critical blockages or delays in a fast-moving crisis, allowing a Lehmanesque event to spin out of control. The IMF has issued just a warning.

Furthermore, key Fed figures from the Lehman drama — including Tim Geithner and Ben Bernanke — warn that post-crisis legislation such as the Dodd-Frank Act prevent the Fed from repeating such a rescue in extremis. Specifically, new rules limit emergency help for foreign entities.

The core global problem is the disturbing level of dependence on fickle dollar flows and shadow funding outside U.S. jurisdiction. The dollar’s role has actually grown this century despite Europe’s monetary union and the rise of China. Neither the euro nor the yuan have made a dent on dollar hegemony where it matters.

“Banks outside the United States currently have dollar debts which exceed the total liabilities of banks operating within the United States. Their dollar funding is vulnerable to any dollar liquidity shock,” said the Triffin report. Under the IMF’s measure, the volume has reached $18 trillion including swaps.

The BIS has a different gauge but the message is the same. Dollar credit to non-banks outside the U.S. has risen to 14 percent of global GDP from 10 percent at the top of the financial bubble in 2007. “The sharp rise in this ratio was seen as very dangerous even then,” said the report.

This unstable regime is tested whenever the dollar strengthens, either because the U.S. economy is powering ahead faster than other big OECD economies (usually benign), or more treacherously when fear triggers a flight to dollar safety. U.S. Treasury bonds are the ultimate refuge, other than niche plays like the Swiss franc and the yen.

There are hints of this nervousness now as China’s coronavirus leads to supply-chain disruptions for global manufacturing and as the eurozone’s fragile recovery keeps disappointing. The dollar index (DXY) has spiked over the last five weeks to 98.70 and is nearing a 30-month peak. The Fed’s broad dollar index is even higher today than at the top of the dotcom/dollar bubble in 2002.

This dollar squeeze tightens conditions for corporate borrowers in emerging markets — often over-leveraged with short-term debt that must be repaid or rolled over. These debtors include Chinese developers with big dollar liabilities contracted on the Hong Kong funding markets but with no dollar revenues to act as a hedge. They are now being hit by a double whammy: a depreciating yuan and a financial shock within China from the virus lockdown.

While banks have stepped back since the Lehman crisis under draconian regulations and higher capital ratios, the risks have migrated to the offshore bond markets and opaque capital flows.

Huge sums are being channeled through exchange-traded funds and other instruments that promise investors liquid withdrawal at any time while locking the money into illiquid assets, a business model “built on a lie,” in the words of Mark Carney, the outgoing governor of the Bank of England.

“Bond funds have made investors complacent about liquidity risks: they buy illiquid and high-yielding paper but quote daily prices to provide liquidity assurance (‘liquidity illusion’) to investors,” said the Triffin report.

“The need to address the risk of a new dollar liquidity crunch is urgent. It is essential to develop adequate frameworks before trouble strikes,” it said.

Is anything being done? Not much.

* * *

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iii) Other physical stories:

This is a must read.  First the zero hedge article on the disappearance of 40 tonnes of gold..in Feb 2016 which happens to be around 1.8 billion dollars.  The second part that you must see is Glenn Beck’s narrative on the disappearance of 1.80 billion dollars that the USA gave the Ukraine.

(zerohedge)

It’s Time To Ask Again What Really Happened To Ukraine’s Missing Gold

Now that the Trump impeachment farce is finally over, vindicating the president and in the process for the first time boosting the president’s approval rating higher than where Obama was at this time in his first term much to the embarrassment of Nancy Pelosi, whose impeachment gambit has backfired spectacularly (just as Nancy knew it would, and is why she delayed triggering it until a critical mass of ultra left-wing demands in Congress made it impossible for her to ignore any longer)…

… the Democrats’ great diversion from Trump’s core question – did the Bidens willfully engage in, and benefit from corruption in the Ukraine, corruption which may have been enabled and facilitated by billions in taxpayer funds originating from the Obama administration no less – is over.

However, while Trump has finally moved on beyond what in retrospect was a remarkable, if failed presidential coup attempt, orchestrated by the Ukraine lobby in the US, backed by the Atlantic Council and various other “deep-state” institutions and apparatchiks, and implemented by Congressional democrats who are now watching the chances of the Democratic party winning the 2020 presidential election melt before their eyes, some long overdue questions surrounding the Bidens’ involvement in Ukraine – one of the world’s most corrupt nations according to the World Economic Forum – especially around the time of the 2014 presidential coup and the months immediately following, are about to be asked, and haunt Joe Biden and his son like a very angry and vengeful ghost, only this time there will be no Trump impeachment to distract from revealing the shocking answers.

 

Needless to say, we are delighted by this outcome because as regular readers will recall, there are many unanswered questions that emerged back in 2014, some from following the money both in and out of Ukraine, and some from following the country’s gold, much of which was put on board a plane headed to the US in one cold, wintry night in March 2014, never to come back again.

But before we get there, first we need to a rather lengthy detour into the history of Ukraine corruption since the February 2014 Euromadian revolution, for the background on why Trump had to be stopped at all costs from asking either Ukraine, or anyone else, questions that may expose corruption involving Joe Biden in particular, and the Obama administration in general. To do that, we need to follow some $1.8 billion in US taxpayer funds that quietly went missing back in 2014, and most likely ended up in the offshore bank account of some Ukrainian oligarch;conveniently PJ Media’s senior editor Tyler O’Neill did just that almost two years ago, in March 2018Here’s what he said back then, together with some additions from ZH:

In the last days of the Obama administration, then-Vice President Joe Biden took a “swan song” trip to Ukraine, a notoriously corrupt country where he had been the administration’s “point person.” On the eve of this trip, the country announced it would end a criminal investigation into an infamous company connected to the loss of $1.8 billion in aid funding — a company whose board of directors included Biden’s son Hunter.

The Biden family’s dealings with this Ukrainian company involved getting one of the country’s most notorious mob bankers, Ihor Kolomoiski, off the U.S. government visa ban list. Under Biden’s leadership, $3 billion in aid went to Ukraine, and his son’s company was implicated in the disappearance of $1.8 billion of that money. Peter Schweizer revealed the former vice president’s role in his new book “Secret Empires: How the American Political Class Hides Corruption and Enriches Family and Friends.”

 

Ihor Kolomoiski

Secretary of State John Kerry announced the U.S. support for Ukraine’s nationalist government in March 2014, a month after a mass uprising pushed pro-Russian President Viktor Yanukovych out of office and inspired a corresponding pro-Russian uprising in the east. It was also at this time that a leaked recording between US assistant secretary of state Victoria “Fuck the EU” Nuland and the US envoy to the Ukraine, Geoffrey Pyatt, emerged, a clip which as the FT said then  could also bolster [claims] that the protests that erupted against Ukraine’s President Viktor Yanukovich last November are being funded and orchestrated by the US.” In other words, the clip confirmed that the US was masterminding the entire “Euromaidan” process all along and deciding who should be in Ukraine’s next government. In short: what happened in Ukraine in February 2014 was another CIA-staged presidential coup. Finally, it was also the time that Biden became the Obama administration’s “point person” for the country.

On April 16, 2014, shortly after the February 2014 Ukrainian revolution which culminated with the overthrow of democratically-elected president Yanukovich, Biden met with Devon Archer, a former star fundraiser for John Kerry’s 2004 presidential run and business partner in Rosemont Capital with Biden’s son Hunter. (Federal agents would later arrest Archer in May 2016 for defrauding a Native American tribe.)

Less than a week later (April 22) came an announcement that Archer had joined the board of Burisma, a secretive Ukrainian natural gas company. On May 13, Hunter Biden would also join the company’s board.

On the day before Archer’s hiring, April 21, the vice president landed in Kiev for high-level meetings with Ukrainian officials. He spearheaded the effort to invest $1 billion from the U.S. and the International Monetary Fund (IMF) into Ukraine.

The vice president’s presence helps explain a conundrum. Burisma hired his son and Archer despite the fact that neither of them had any experience in the energy sector. Schweizer notes, “The choice of Hunter Biden to handle transparency and corporate governance of Burisma is curious, because Biden had little if any experience in Ukrainian law, or professional legal counsel, period.”

Furthermore, Hunter Biden “seemed undeterred by the fact that as he was joining the Burisma board the British government’s Serious Fraud Office (SFO) was seizing $23 million from [founder Mykola] Zlochevsky’s bank accounts.” Furthermore, a year after Biden joined the firm, “experienced industry observers warned investors that Burisma was still a company to be avoided.”

 

Mykola Zlochevsky

On the other hand, Ukraine is one of the most corrupt countries in the world. Out of 148 nations studied by the World Economic Forum, Ukraine ranks 143 for property rights, 130 for “irregular payments and bribes,” 133 for “favoritism in decisions of government officials,” and 146 for “protection of minority shareholders’ interests.”

Two major figures in this corruption feature prominently in Biden’s Ukraine investment.

Zlochevsky founded Burisma in Cyprus in 2006. He served as natural resources minister under Yanukovych, and gave himself the licenses to develop the country’s abundant gas fields. He also had a flare for lavishness, running a super-exclusive fashion boutique named after himself.

Burisma’s major subsidiaries ended up sharing the same business address as the natural gas firm controlled by Ukrainian oligarch Ihor Kolomoisky. He controlled the country’s largest financial institution, PrivatBank, through which the Ukrainian military and government workers got paid. He also owned media companies and airlines. In violation of Ukraine law, he maintained Ukrainian, Israeli, and Cypriot passports.

Kolomoisky gained a reputation for violence and brutality, along with lawlessness. Rival oligarchs have sued him for alleged involvement in “murders and beheadings” related to a business deal. He also allegedly used “hired rowdies armed with baseball bats, iron bars, gas and rubber bullet pistols and chainsaws” to take over a steel plant in 2006. He built his multibillion-dollar empire by “raiding” other companies, forcing them to merge with his own using brute force.

For these and other reasons, the U.S. government placed Kolomoisky on its visa ban list, prohibiting him from entering the country legally. In 2015, however, after Hunter Biden and Devon Archer had joined Burisma’s board, Kolomoisky was given admittance back into the U.S. According to a follow-up report in 2016, “today, the oligarch mainly resides in Switzerland. He spends much time in the United States and is getting less and less involved in the Ukrainian affairs.”

Archer and the younger Biden brought other benefits to Burisma, however. Archer represented the company at the Louisiana Gulf Coast Oil Exposition in 2015. Biden addressed the Energy Security for the Future conference in Monaco. The vice president’s son brought much-needed legitimacy to the shoddy gas company. Less than a month after Archer joined Burisma’s board, the company hired another Kerry lackey, David Leiter, as a lobbyist in Washington, D.C. He successfully lobbied for more aid to the country.

And Both Biden and Kerry championed $1.8 billion in taxpayer-backed loans given to Ukraine in September 2014 courtesy of the IMF. That money would go directly through Kolomoisky’s PrivatBank, and then it would disappear.  According to the Ukrainian anti-corruption watchdog Nashi Groshi, “This transaction of $1.8 billion … with the help of fake contracts was simply an asset siphoning operation.”

What is even more fascinating, is that in the chaos following the February 2014 revolution, Ukraine appears to have embezzled money from none other than the IMF (whose biggest source of funds is the US). As German newspaper Deutsche Wirtshafts Nachrichten reported in August 2015, a huge chunk of the $17 billion in bailout money the IMF granted to Ukraine in April 2014 was discovered in a bank account in Cyprus controlled by, who else, Ukrainian oligarch Kolomoisky. As the German publication went on to add, in April 2014, $3.2 billion was immediately disbursed to Ukraine, and over the following five months, another $4.5 billion was disbursed to the Ukrainian Central Bank in order to stabilize the country’s financial system. “The money should have been used to stabilize the country’s ailing banks, but $1.8 billion disappeared down murky channels,” DWN wrote.

DWN also reported that according to the IMF, in January 2015 the equity ratio of Ukraine’s banking system had dropped to 13.8 percent, from 15.9 percent in late June 2014. By February 2015 even PrivatBank had to be saved from bankruptcy, and was given a 62 million Euro two-year loan from the Central Bank. “So where have the IMF’s billions gone?”

The racket executed by Kolomoiski’s PrivatBank was first uncovered by the Ukrainian anti-corruption initiative ‘Nashi Groshi,’ meaning ‘our money’ in Ukrainian.

According to Nashi Groshi’s investigations, PrivatBank has connections to 42 Ukrainian companies, which are owned by another 54 offshore companies based in the Caribbean, USA and Cyprus. These companies took out loans from PrivatBank totaling $1.8 billion.

These Ukrainian companies ordered investment products from six foreign suppliers based in the UK, the Virgin Islands and the Caribbean, and then transferred money to a branch of PrivatBank in Cyprus, ostensibly to pay for the products.The products were then used as collateral for the loans taken out from PrivatBank – however, the overseas suppliers never delivered the goods, and the 42 companies took legal action in court in Dnipropetrovsk, demanding reimbursement for payments made for the goods, and the termination of the loans from Privatbank. The court’s ruling was the same for all 42 companies; the foreign suppliers should return the money, but the credit agreement with Privatbank remains in place.

“Basically, this was a transaction of $1.8 billion abroad, with the help of fake contracts, the siphoning off of assets and violation of existing laws,” explained journalist Lesya Ivanovna of Nashi Groshi.

Then in March 2015, Kolomoiski, whom some have described as the Tony Soprano of Ukraine, and increasingly a pariah in the country that made him a billionaire was dismissed from his position as governor of Dnipropetrovsk after a power struggle with Ukrainian President Petro Poroshenko; the fraud was carried out while he was governor of the region in East-Central Ukraine.

“The whole story with the court case was only necessary to make it look like the bank itself was not involved in the fraud scheme. Officially it now looks like as if the bank has the products, but in reality they were never delivered,” said Ivanovna.

Such business practices, which earned Kolomoskyi a fortune estimated by Forbes in March 2012 to be $3 billion, were known to investigators beyond Ukraine’s borders; Kolomoiski was once banned from entering the US due to suspicions of connections with international organized crime but then Biden’s involvement quietly lifted the visa ban.

Despite these suspicions, Kolomoiski is unlikely to face justice, as he is currently living in exile in Switzerland , Israel and the US, after he fled Ukraine in early 2015. Not long after Kolomoiski fled Ukraine, in December 2016, Ukraine’s government nationalize his Privatbank in order to shore up Ukrainians’ savings. A Ukrainian lawmaker called it the “greatest robbery of Ukraine’s state budget of the millennium.” A few months earlier, in February 2016, the government seized Burisma founder Zlochevsky’s assets and placed him on Ukraine’s wanted list. The Ukrainian Prosecutor General’s Office seized Burisma’s gas wells.

Which brings us to January 2017, and when Joe Biden infamous arrived for his “swan song” visit and demanded, before the entire world, that the criminal investigation into Burisma was dropped.

Devon Archer left the scandal-plagued company at the end of 2016, although a clueless Hunter Biden remained on the board through October 2019 – well after his presence there sparked the biggest political scandal since the Bill Clinton impeachment – providing “legal assistance” in exchange for millions of dollars received from the gas giant. Archer and Biden have not been required to disclose their compensation from Burisma, but Bowling Green State University professor Oliver Boyd-Barrett wrote, “Potentially, the Biden family could become billionaires.”

So did Joe Biden get Burisma off the hook for $1.8 billion in lost aid funding? Did he or his son get Kolomoisky off the visa ban list? To be sure, many questions still remain and were all conveniently swept under the rug over the “faux outrage” over the Trump impeachment farce. But now that the great impeachment diversion is over, these all too pressing questions can and finally should be asked.

Incidentally, anyone who is confused by the narrative above, and how $1.8 billion in taxpayer dollars “disappeared” in Ukraine starting in September 2014 when the money was deposited in PrivatBank, is encouraged to watch the following video by Glenn Beck who does a surprisingly good job at connecting the confusing dots behind what may be one of the greatest sovereign corruption and money heist stories in history.

The good news is that there are so many loose threads in this narrative, that any real probe will have little difficulty in getting to the bottom of where and how the $1.8 billion in US taxpayer funding to Ukraine “disappeared” and whether Biden, both father and son, are indeed involved.

And just to help them out, one place where any serious probe can start is with a story we wrote in March 2014, when citing a local media report, we shone light on a mysterious operation in which a substantial portion of Ukraine’s gold reserves were loaded onboard an unmarked plane, and flown to the US, just weeks after the February 2014 revolution.From the source, March 7, 2014:

 

Tonight, around at 2:00 am, an unregistered transport plane took off took off from Boryspil airport.

According to Boryspil staff, prior to the plane’s appearance, four trucks and two cargo minibuses arrived at the airport all with their license plates missing. Fifteen people in black uniforms, masks and body armor stepped out, some armed with machine guns. These people loaded the plane with more than forty heavy boxes.

After this, several mysterious men arrived and also entered the plane. The loading was carried out in a hurry. After unloading, the plateless cars immediately left the runway, and the plane took off on an emergency basis.

Airport officials who saw this mysterious “special operation” immediately notified the administration of the airport, which however strongly advised them “not to meddle in other people’s business.”

Later, the editors were called by one of the senior officials of the former Ministry of Income and Fees, who reported that, according to him, tonight on the orders of one of the “new leaders” of Ukraine, all the gold reserves of the Ukraine were taken to the United States.

Needless to say there was no official confirmation of any of this taking place, and in fact our report, in which we mused if the “price of Ukraine’s liberation” was the handover of Ukraine’s gold to the Fed at a time when Germany was actively seeking to repatriate its own physical gold located at the bedrock of the NY Fed, led to the usual mainstream media mockery.

But then everything changed in November 2014, when in an interview on Ukraine TV, none other than the then-head of the Ukraine Central Bank, Valeriya Gontareva (who, became head of the Ukraine central bank in June 2014 when she replaced Stepan Kubiv and also presided over the nationalization of Kolomoiski’s PrivateBank in December 2016), made the stunning admission that “in the vaults of the central bank there is almost no gold left. There is a small amount of gold bullion left, but it’s just 1% of reserves.”

As Ukrainareported at the time, this stunning revelation means that not only has Ukraine been quietly depleting its gold throughout the year, but that the latest official number, according to which Ukraine gold was 8 times greater than the reported 1%, was fabricated, and that the real number is about 90% lower.

According to official statistics the NBU, the amount of gold in the vaults should be eight times more than is actually in stock. At the beginning of this month, the volume of gold was about $ 1 billion, or 8% of the total gold reserves. Now this is just one percent.

Assuming Gonaterva’s admission was true, it would imply that the official reserve data at the Central Bank was clearly fabricated, prompting questions about just how long ago the actual gold “displacement” took place. Could it have been during a cold night in March when “more than 40 heavy boxes” full of gold were loaded up on the plane and flown off to an unknown destination in the US?

To help out in this puzzle, we got some additional information from Rusila, which in Nov 2014 reported that “Ukraine’s gold reserves disappeared.”

According to recent data, the value of Ukraine gold should be $988.7 million. That is the value of gold proportion of gold in gold reserves is 8%. If you believe Gontareva, it turns out there is a mere $123.6 million in gold remaining. The figure is fantastic, considering that the amount of gold at the end of February (when the new authorities have already taken key positions) was $1.8 billion or 12% of the reserves.

In other words, since the beginning of the year gold reserves dropped almost 16 times. Gold stock in February were approximately 21 tons of gold, the presence of which was once proudly reported by Sergei Arbuzov, who led the NBU in 2010-2012. So what happened to 20.8 tons of gold?

Explaining the dramatic reduction in the context of the hryvnia devaluation through gold sales is impossible. After all, 92% of the reserves of the National Bank is in the form of a foreign currency that is much easier to use to maintain hryvnia levels and cover current liabilities. Besides since March the international price of gold has plummeted. Selling gold under such circumstances is a crime. In fact it would be more expedient to increase gold reserves through currency conversion in precious metals.

But apparently the result is not due to someone’s negligence or carelessness. The gold reserve has been actively carted out of the country, as a result of the very vague economic and political prospects of Ukraine. Something similar happened to the gold reserves of the USSR – when the Gorbachev elite realized that perestroika is leading the country to the abyss, gold simply disappeared in an unknown direction.

Oddly enough there was no official gold reduction just prior to the time when Victoria “Fuck the EU” Nuland was planning Yanukovich’s ouster, and as shown above, quite the contrary: Ukraine’s gold pile was increasing with every passing year… until it collapsed in early 2014. It is a little more odd that it was during the period when Ukraine was “supported” by its western allies that several billion dollars worth of physical gold – the people’s gold – just “vaporized.”

Which brings us to the $1.8 billion question: what happened to Ukraine’s gold, because if the now former central banker’s story is accurate, that’s roughly the amount of gold that quietly left the country just days after the US-backed presidential coup. And, it is also roughly how much taxpayer-funded Ukraine aid, procured by Joe Biden while his son was working at Burisma, is now missing.

At this point, there are certainly many pressing questions but one stands out: was the real “quid pro quo” not one of Trump holding up payments to Kiev in exchange for a probe of Biden – which after reading all of the above is more than warranted – but if the quo, namely US support for regime change in Ukraine and almost two billion in now missing taxpayer funds which ended up in an oligarch’s bank and mysteriously “vaporized” but not before said oligarch hired the son of the US vice president, wasn’t the quid to some 40 tons of Ukraine leaving forever to an unknown destination in the US.

We hope that Trump’s second term will provide ample time and opportunity to answer this critical question, and just to set off investigators on the right track, we believe that any investigation should begin with the former central bank head, Gontareva, who he also fled to London where she now lives in self-appointed exile and where she now “fears for her life” after one of her homes near Kiev was badly damaged in an arson attack, and was also injured in August when she was knocked down by a car in London. Failing that, one can always check the flight manifests and the cargo contents of all planes that left the Ukraine and arrived in the US on March 7, 2014 with a cargo consisting of billions of dollars in gold…

Attachments area

Preview YouTube video Glenn Beck Presents: Ukraine: The Final Piece

Glenn Beck Presents: Ukraine: The Final Piece

end

Chinese copper buyers cancel orders from around the world as the Chinese economy grinds to a halt

(zerohedge)

Chinese Copper Buyers Cancel Orders Around The Globe As Economy Grinds To A Halt

While Beijing has been doing everything in its power to keep equity markets artificially supported to avoid a collapse in the precious “wealth effect” and investor sentiment, throwing the kitchen sink at equities and in addition to a record liquidity injection

… rate and tax cuts, and various fiscal stimulus measures, outright banning the shorting of stocks, there is one indicator that Beijing has been unable to manipulate. Ominously, it is the one indicator that leads overall Chinese output and suggests that the world’s 2nd largest economy has hit a brick wall.

We are talking, of course, about Dr. copper, that age-old barometer for the health of the global economy, which after rebounding modestly from a record 13-day drop, has once again resumed sliding, in the process creating a gaping divergence with the US equity market, which so far has shown an immunity – so to speak – to any concerns about viruses or frankly anything else.

 

But why is the price of copper plunging, and why has this most popular barometer for the state of the global economy disconnected from both Chinese stocks and the S&P500?

Simple: while China’s “National Team” still has enough firepower to intervene in the stock market, where it can just outright ban selling and print any amount of liquidity it needs to push stocks higher, it lacks the funds to offset the collapse in demand from Chinese copper buyers on the ground, who have seen the writing on the wall for China’s economy – the world’s largest buyer of the orange metal – and have literally torn up contracts, or as the FT reports, “copper traders in China… have asked miners from Chile to Nigeria to cancel or delay shipments” due to a freefall in copper demand.

According to the report, “multiple Chinese copper buyers said they had scrapped or postponed overseas orders by declaring force majeure since the end of January, when Beijing began to report a surge in coronavirus infections.”

As for the reason why copper demand is collapsing, China’s efforts to contain the virus, ranging from restricting highway traffic to extending the lunar new year holiday, have affected industrial activity and raised concerns about growth in the world’s second-biggest economy. In fact, as we reported on Friday, according to JPMorgan China’s Q1 GDP is already set to plunge from 6% to 1%…

… and while a rebound in Q2 is expected as Beijing gets the pandemic under control, this may end up an overly optimistic assumption for a nation where some speculate as many as 1.5 million are now infected. Indeed, even JPM admits that unless the pandemic is contained in the next few weeks, China’s GDP may crash as much as -4% in Q1, ending all hopes for a quick rebound, and in the process potentially triggering a global recession, if not depression.

It’s not just copper that is seeing an implosion in demand: Chinese buyers of liquefied natural gas have also considered declaring force majeure, a clause that identifies natural disasters or other unavoidable catastrophes as cause for not fulfilling a contract.

Quoted by the FT, a manager at Guangzhou Zhongshan Trade, a non-ferrous metal trading firm in southern China that focuses on copper and antimony, said that “Coronavirus has had a huge impact on copper demand as downstream users [involved in processing raw copper] have stopped acquiring raw material.” Guangzhou Zhongshan this week asked suppliers in Chile and Somalia to delay shipments of 500 tonnes of copper worth about Rmb25m ($3.57m) for at least a week. It has also cancelled a preliminary contract with a seller in Somalia and has stopped placing new orders.

“The epidemic is not just a China issue, it is a global problem,” the manager said, adding that its customers had not objected to its decision, although there is a reason for that – they expect these orders to return shortly. If that doesn’t happen, and if the world’s largest buyer of copper fails to return to the market, the avalanche of upstream bankruptcies as one copper producer after another files, could result in the world’s biggest commodity shock since Lehman.

 

Copper users, ranging from car companies to home appliance makers, are suffering from a collapse in sales.

As for the port of Guangzhou (aka Canton), located in China’s Pearl river delta, one of the biggest in China for commodities trading, business activity has already plunged with fewer than a third of workers on duty, the manager added, even though Guangzhou is not yet officially under quarantine. As a result, at least a dozen other Chinese copper buyers could use force majeure in the coming weeks to try to renegotiate copper import contracts, said traders in the city, located about 1,000km south of Wuhan, the outbreak’s centre. One can only imagine what would happen if a burst of new cases were to be reported in this province which is key to China’s economy.

One thing is certain: the coronavirus fallout – which has led to nearly half a billion people living under lock down – is only just starting, as copper users, ranging from car companies to home appliance makers, face a sharp drop in sales if the outbreak continues to worsen. Consultancy Wood Mackenzie said demand for copper-related products could suffer “further disruptions” after more than a dozen provinces imposed restrictions on people’s movements in an attempt to contain the disease.

That, the FT reports,  has prompted copper traders to embrace the use of force majeure, even if it comes at the expense of their business partners. What it means is that the copper supply chain is now on the verge of collapse, and it’s every man for themselves. Ironically, Chinese end buyers will be ok, buffeted by the massive liquidity injections unleashed by the PBOC. But what about all those fragile upstream producers all of which are so dependent on Chinese purchases?

Well, they are none of China’s business: “Sellers have to accept our terms because the disease has made business contracts invalid,” said an executive at Shenzhen Yongfulu, a copper trader in southern China with annual revenues of about Rmb40m. Yongfulu imported 4,000 tonnes of copper last year. The company asked its suppliers in Chile and Somalia to postpone shipments of 400 tonnes of copper for at least two weeks.

Needless to say, a plunge in Chinese purchases – which has already led to a record drop in the price of copper – would send shockwaves through the global copper market. The nation accounts for half of global consumption of the metal, according to the International Copper Study Group. Copper futures traded in Shanghai have fallen 8 per cent since the beginning of this year. And even though many local Chinese smelters have continued to operate despite the breakout of the pandemic , the decision to shut down roads in key hubs and cities across China has caused delays in them receiving raw materials.

The practice of force majeure is controversial. Dan Harris, a lawyer who has worked on force majeure cases against Chinese firms, said an overuse of the clause will hurt Chinese copper importers in the long run. “Legally, these Chinese companies may be in the right,” said Mr Harris. “But [copper sellers] are going to remember that. A year from now they are not going to sell to those Chinese companies.”

Somehow we doubt that: after all who in the world, literally, can possibly replace the ravenous demand from Chinese buyers. The answer is rhetorical, which however leads to another question: what happens to China’s economy as the world realizes that countless just-in-time supply chains, all of which pass through China, are no longer working?

For the answer, read our article from 2012: “Trade-Off”: A Study In Global Systemic Collapse.

end

https://www.jsmineset.com/2020/02/10/the-petri-dish/

The Petri Dish

Posted February 10th, 2020 at 11:40 AM (CST) by J. Johnson & filed under General Editorial.

Great and Wonderful Monday Morning Folks,

        Gold is moving higher in the early morning with the trade at $1,575.30, up $1.90 after reaching $1,580.20 before the control was put in with the low at $1,571.50. Silver is following along with the trade at $17.755 up 6.3 cents after it reached $17.805 with the low at $17.665. The US Dollar is still way elevated with the last quote at 98.510, down 6.1 points and close to the low at 98.49 with the high up at 98.610. Of course, all of this happened already, after the ICE opening (Sunday 3pm pst), before the Comex open, the London close, and after Kyle Bass (imo) unleashed a proper twitter response towards China’s so called “Face Saving Love” it shows towards its own.

      We have nothing but green showing up in the Emerging Markets Currency Watch for the first currencies of mankind. For instance, in Venezuela, Gold is now valued at 15,733.31 Bolivar giving the holder a 57.93 gain over the weekend with Silver at 177.328 Bolivar, showing an increase of 0.399. Argentina’s currency now has Gold trading at 95,616.61 Peso’s, an increase of 523.53 with Silver gaining 3.63 Peso’s with its current price at 1,077.26. In Turkey, Gold’s value is now at 9,485.07 Lira, proving a strong gain of 88.76 with Silver proving a gain of 0.849 T-Lira with the early morning price at 106.904.

      February Silver’s Delivery Demands remain low and steady, that is if you believe what you are seeing, with the demand count now at 7, unchanged from Friday and after a Volume of 6 was posted up on the board Friday without any price. So far this morning there is no activity at all within the delivery system. Silver’s Overall Open Interest now sits at 223,933 Overnighters proving things may not be so comfortable for the shorts as 1,182 pieces of paper Silver left The Comex.

      February Gold’s Delivery requests now sits at 1,729 demands for physical and with a Volume of 44 up on the board with a trading range between $1,573.40 and $1,568.60 with the last trade at $1,571.60. This proves a drop in demand of 333 fully paid for contracts that either got receipts for physicals here, or in London, via the EFP express. Gold’s Overall Open Interest is now at 655,148 Overnighters proving the shorts had to add 2,658 more contracts to steady the trade like it did.

      China’s issues are many. At present they are the largest manufacturer on the planet and the largest in population. The Coronavirus, regardless of where it came from or who’s to blame for its release, now has a supposed total of 80 cities in lockdown and they’re starting to add China’s capital city Beijing to the shutdown mix with outside vehicles and personnel no longer allowed to enter “parts” of the city. There is no question in my mind that the official numbers are highly suspicious, and should be considered untrustworthy. We look for different ways to gauge what the true infection numbers are and with that there seems to be an experiment going on with a cruise ship that is sequestered, and in lockdown.

      The Diamond Princess cruise ship, which is quarantined off the coast of Yokohama, has a total count of 2,500 (?) people onboard with a supposed infection count of 136 after being out and about for 2 weeks. Those onboard are not allowed to leave, as the infection count went from 70 to 136 since they last reported the count proving an increase of 66, almost doubling the last count. The odds of Japan allowing those without the infection to leave the cruise ship is slipping day by day as the infections reached over 5%. The situation for those on board, and for the family members of those stuck in harm’s way, have to be trying to say the least and our prayers go out to all. Those of us who distrust any government stats can view the ships information as the infection unfolds. The cruise ship, in short, has become a petri dish. An enclosed and isolated situation that bears watching as the rest of the planet observes.

      We remain certain, that the creativity of mankind can find ways to contain the situation. At present, the supply system we are all used to, will start to go wonky in short order. Who now is willing to receive any package from China, let alone a cargo ship loaded with containers? Even though this issue is with us, we remain positive and steadfast. The first currencies of mankind should help keep ones purchasing power in order as we expect investors everywhere to start looking for ways to protect the retirements from the onslaught of supply disruptions and the possible wild currency swings. Keep the attitudes positive, a smile on your face, no matter what, and as always …

Stay Strong!

  1. Johnson

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 6.9804/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  6.9869   /shanghai bourse CLOSED UP 14.52 POINTS OR 0.50%

HANG SANG CLOSED DOWN 162.99 POINTS OR 0.59%

 

2. Nikkei closed DOWN 142.00 POINTS OR 0.60%

 

 

 

 

3. Europe stocks OPENED MOSTLY RED/

 

 

 

USA dollar index UP TO 98.64/Euro RISES TO 1.0951

3b Japan 10 year bond yield: FALLS TO. –.07/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 107.85/ 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:: 50.20 and Brent: 54.35

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.40%/Italian 10 yr bond yield DOWN to 0.94% /SPAIN 10 YR BOND YIELD DOWN TO 0.27%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.33: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.02

3k Gold at $1572.30 silver at: 17.78   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 17/100 in roubles/dollar) 62.99

3m oil into the 50 dollar handle for WTI and 54 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 109.76 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 .9773 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0772 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 0.40%

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 1.57% early this morning. Thirty year rate at 2.03%

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

6.  TURKISH LIRA:  UP  TO 6.0191..

Futures Hug The Flatline As Traders Try To Make Sense Of Latest Coronavirus Updates

Global shares dropped on Monday as the weekend death toll from a coronavirus outbreak even according to Chinese official numbers exceeded the SARS epidemic of two decades ago, though Chinese shares rose as authorities lifted some work and travel curbs, helping businesses to resume operations, and futures rebounded from a steep selloff early in the session following a Reuters report that Apple’s main iPhone supplier Foxconn would resume operations at its biggest Zhengzhou plant, although a subsequent report from Nikkei refuted the original Reuters report without any impact on futures. As a result US equity futures have hugged the flatline after Friday’s drop as fears that China is failing to contain the coronavirus sent risk sharply lower.

MSCI’s All Country World Index was down 0.2%, as European shares rebounded from an early selloff only to edge lower later in the session amid rising fears over the coronavirus’ economic impact still weighed on sentiment. The pan-European STOXX 600 index fell 0.3% in early deals, with the travel and leisure sector the biggest decliner. Ireland’s main index fell as much as 1.2%, dragged down by banks after Irish nationalists Sinn Fein secured almost a quarter of first-preference votes in a general election, while German Chancellor Angela Merkel’s succession plan collapsed when Annegret Kramp-Karrenbauer announced that she will step down as leader of Angela Merkel’s Christian Democratic Union and won’t run as the party’s candidate for chancellor in the next election. Kramp-Karrenbauer, widely known by her initials AKK, has struggled to stamp her authority on the party since taking over from Merkel in December 2018 and was humiliated last week when a local chapter in eastern Germany defied her orders and threw its lot in with the far-right Alternative for Germany.

Earlier in the session, Asian stocks fell with MSCI’s index of Asia-Pacific shares ex-Japan reversing some of losses but still down 0.4%. Japan’s Nikkei was off 0.6%, led by IT and energy companies, as investors puzzled over the impact to economic activity following the hit from the coronavirus. The MSCI Asia Pacific Index extended losses into a second day, with most markets in the region down. Declines were led by Japanese and Hong Kong stocks. Toyota Motor and Takeda contributed the most to the slide on the Topix Index, while AIA Group and Tencent dragged down the Hang Seng Index. South Korea’s KOSPI was 0.5% weaker while Australia’s benchmark index eased a shade. China’s Shanghai Composite dipped into the red before ending the day up 0.5% after the People’s Bank of China moved to keep liquidity ample Monday through reverse-repurchase agreements despite a surge in inflation which hit 11 year high, mostly on the back of soaring food prices but also as a result of higher core CPI. General Motors said it will restart production in China beginning Feb. 15.

For those who missed our latest viral wrap, the death toll from the coronavirus outbreak reached 910, higher than during SARS. Britain reported four more cases and warned of a serious, imminent threat to public health. Globally, 40,626 have been infected so far.

Having kept a low profile for weeks and sparking questions about his whereabouts, Chinese President Xi Jinping made his first public appearance since the outbreak began, visiting the Chaoyang district in Beijing Monday, according to state-run media Xinhua, which published photos of Xi wearing a mask and having his temperature taken.

Meanwhile, the number of infections among those aboard a cruise liner quarantined off Japan has almost doubled to more than 130, the biggest outbreak outside China.

The lack of containment did not phase some hard core bulls such as UBS Global Wealth Management CIO Mark Haefele, who wrote that “despite the ongoing uncertainty, we continue to filter out the short-term noise and remain overweight emerging market equities,” adding that “while we continue to monitor the risks to our position, we are optimistic that the decisive actions taken by governments will bring the outbreak under control.”

He wasn’t alone: “Whether the coronavirus-related relief is lasting depends on whether this epidemic can ultimately be contained. The new global infections numbers hint at some stabilization suggesting that the speed of the spreading of this virus has come down,” said Martin Wolburg, senior economist at Generali Investments in a note to clients. “The data imply that the spreading of the epidemic could stall by the end of February. Therefore, we view last week’s equity market improvement as backed by fundamentals and continue to see the epidemic as a buying opportunity.”

Not everyone was as optimistic, however: “This coronavirus seems to be going on for longer, is infecting more people and the hit to growth will be longer,” Diana Mousina, an economist at AMP Capital Investors told Bloomberg TV in Sydney. “You won’t be able to recoup all of the negative impacts in the first quarter.”

To contain the spread, China’s government had ordered lockdowns, canceled flights and shut schools in many cities. But on Monday, workers began trickling back to offices and factories though a large number of workplaces remain closed and many white-collar workers will continue to work from home.

The outbreak has killed more people than the SARS epidemic did globally in 2002/2003. The virus has also spread to at least 27 countries and territories, infecting more than 330 people overseas. Over the weekend, an American hospitalized in the central city of Wuhan became the first confirmed non-Chinese victim of the virus. A Japanese man who also died there was another suspected victim.

Also helping markets has been a record injection of stimulus from China’s central bank, which has taken a raft of measures to support the economy, including reducing interest rates, banning short sales and flushing the market with liquidity. From Monday, it will provide special funds for banks to re-lend to businesses working to combat the virus. Despite the measures, analysts expect the world economy to take a hit from an expected slowdown in China.

“For now, our best guess is that the economic disruption related to the coronavirus will cost the world economy over $280 billion in the first quarter of this year,” Capital Economics said in a note on Friday. “If we’re right, then this will mean that global (economic output) will not grow in q/q terms for the first time since 2009.”

In FX, the euro steadied after five losing sessions, even as the region was buffeted by political headlines. German Chancellor Angela Merkel’s succession plan collapsed, and polls put Sinn Fein in place for a possible role in Ireland’s government, depressing the country’s banking stocks. Greece’s 10-year bond yield dropped to a record low. The Bloomberg Dollar Spot index edged down after last week’s biggest five-day gain since August 2018; the euro fluctuated near a four-month low against the dollar. Norway’s krone jumped as much as 0.7% against the euro on the inflation surprise. The pound rose, snapping a three-day decline against the greenback, amid short-term profit-taking. The Aussie rallied after the People’s Bank of China said it’ll provide the first batch of special re-lending funds for combating the coronavirus on Monday. The onshore yuan traded higher after Reuters reported that FoxConn has received the nod to resume production at a key plant in Zhengzhou

In rates, Treasuries were slightly richer across the curve after erasing declines during European morning, led by bunds after weak Italian industrial production data. Gilts lagged slightly ahead of ultra long-dated syndication expected Tuesday. Losses during Asian session pushed 10-year yield as high as 1.597%, before dropping to 1.5696%. Treasuries were pressured in early trading after Reuters reported a key Apple supplier has permission to resume some Chinese production, but that report may have been wrong.

Earnings are due this week from major names like Alibaba Group Holding Ltd., Credit Suisse Group AG and Nestle, with Allergan set to report earnings today. There are no major economic releases on today’s calendar.

Market Snapshot

  • S&P 500 futures down 0.2% to 3,320.25
  • STOXX Europe 600 down 0.3% to 423.13
  • MXAP down 0.5% to 168.86
  • MXAPJ down 0.4% to 545.22
  • Nikkei down 0.6% to 23,685.98
  • Topix down 0.7% to 1,719.64
  • Hang Seng Index down 0.6% to 27,241.34
  • Shanghai Composite up 0.5% to 2,890.49
  • Sensex down 0.5% to 40,925.34
  • Australia S&P/ASX 200 down 0.1% to 7,012.53
  • Kospi down 0.5% to 2,201.07
  • German 10Y yield fell 1.1 bps to -0.397%
  • Euro up 0.04% to $1.0950
  • Italian 10Y yield fell 2.1 bps to 0.777%
  • Spanish 10Y yield fell 1.2 bps to 0.271%
  • Brent futures down 0.8% to $54.04/bbl
  • Gold spot up 0.3% to $1,574.35
  • U.S. Dollar Index little changed at 98.63

Top Overnight News

  • The death toll from the coronavirus outbreak reached 910, higher than during SARS. The number of infections among those aboard a cruise liner quarantined off Japan has almost doubled to 136, the biggest outbreak outside China. The new virus might have infected at least 500,000 people in Wuhan, the Chinese city at the epicenter of the global outbreak, by the time it peaks in coming weeks. But most of those people won’t know it.
  • China’s central bank will provide the first batch of special re-lending funds for combating the coronavirus on Monday and will offer the facility weekly to banks later this month. Under the funding facility, nine major national banks and some local banks in ten provinces and cities are qualified for the special funding, according to PBOC Deputy Governor Liu Guoqiang
  • Oil briefly fell past the psychologically important $50 a barrel mark as hopes for an extraordinary OPEC+ meeting to decide on further production cuts to deal with the demand hit from the coronavirus diminished
  • German Chancellor Angela Merkel will try to pick up the pieces this week after her party’s flirtation with the far right in eastern Germany led to a political fiasco. Merkel and other leaders of her Christian Democratic Union are now trying to exclude the nationalist Alternative for Germany party from the region’s government
  • A surge in Sinn Fein’s support upended the Ireland’s traditional two-party power structure. Counting through Sunday confirmed the nationalists’ strength after an exit poll showed a virtual dead heat between Irish Prime Minister Leo Varadkar’s Fine Gael as well as the biggest opposition party, Fianna Fail, and Sinn Fein
  • Accounts at Japanese banks that typically handle investments for pension funds bought a record amount of overseas bonds last month as a strengthening yen boosted their purchasing power
  • President Donald Trump’s $4.8 trillion budget for the upcoming fiscal year proposes billions more in funding for defense and a U.S. mission to Mars, but would bring steep cuts to social programs despite almost $1 trillion in deficit spending
  • The race to lead Germany was thrown wide open on Monday when Annegret Kramp-Karrenbauer announced that she will step down as leader of Angela Merkel’s Christian Democratic Union and won’t run as the party’s candidate for chancellor in the next election
  • Turkey sent hundreds of tanks, armored personnel carriers and commandos to the Syrian province of Idlib as preparations continue for a likely attempt to break the siege of some of its outposts by Bashar al-Assad’s forces
  • American forces have started withdrawing from 15 bases in Iraq, Sky News Arabia reported, citing its reporter
  • Denmark and Switzerland have long shared the world record in negative interest rates, at minus 0.75%. But that may be about to change

Asia-Pac stocks began the week with a sombre tone due to concerns regarding the ongoing coronavirus epidemic which has surpassed the death toll from the SARS outbreak, and following last Friday’s losses on Wall St where markets pulled back from record highs but still notched the best weekly performance since June last year. ASX 200 (-0.1%) and Nikkei 225 (-0.6%) were subdued with underperformance seen in Australia’s tech and energy sectors although downside in the index was stemmed by resilience in gold miners and defensives, while the Tokyo benchmark recouped some of the opening losses on favourable currency flows. Elsewhere, Hang Seng (-0.6%) and Shanghai Comp. (+0.5%) were cautious due to the rising infected numbers and as some businesses resumed operations, although the mainland showed some early resilience amid continued PBoC efforts including the first round of special re-lending funds for tackling the coronavirus and CNY 900bln of reverse repo operations to sustain liquidity levels. Finally, 10yr JGBs were higher amid the cautious risk appetite in the region and with the BoJ present in the market in which it upped the purchases in 10yr-25yr maturities.

Top Asian News

  • PBOC to Offer First Batch of Special Lending Funds on Monday
  • Singapore Press Is Said to Pick Banks for Student House REIT IPO
  • Turkey Deploys Tanks, Commandos to Break Sieges in Syria’s Idlib
  • Turkey Tightens Grip on Swap Market as Lira Comes Under Fire

Overall a lacklustre start to the week for European equities [Eurostoxx 50 -0.2%] following on from a gloomy APAC session as investors continued to weigh ramifications of the nCoV outbreak in which the death toll exceeded that of the SARS outbreak. Some desks note that this week will be crucial to see if the outbreak morphs into a pandemic (a global epidemic). Back to Europe, bourses are mixed with some mild impetus derived from headlines which reaffirmed China’s commitment to find a breakthrough in drugs for the pathogen (although price action was somewhat fleeting), whilst sectors also broadly mixed with no clear reflection of the overall sentiment. In terms of individual movers, NMC Health (+11.0%) leads the gains in the pan-European index after sources noted that the Co. is in talks with KKR regarding a potential deal, albeit KKR is having trouble fixing a price amid the recent volatility in NMC share prices – a ballpark figure of GBP 2bln is touted. Further, the source added that KKR might face competition from other US-based PE firms. Italian-listed Exor (+6.0%) remains a top gainer in the Stoxx 600 after source reports that Covea is reportedly in discussions regarding the acquisition of the Exor-controlled PartnerRe in an all-cash deal valued at USD 9bln – subsequently, Scor (-2.8%) shares trade lower as Covea hold some 8.5% of Scor. Elsewhere on the downside, Roche (-0.5%) shares are subdued as its top-line results for an Alzheimer’s treatment did not reach a primary endpoint.

Top European News

  • Storm Hits Parts of Europe With Hurricane-Strength Winds
  • Atlas Buys Isra for $1.2 Billion as It Moves Into Software
  • Sinn Fein Ballot Box ‘Revolution’ Rocks Irish Establishment
  • Italian Banking Mergers Nowhere in Sight as Risks Seen Too High

In FX, the clear G10 outperformers and both fuelled by CPI data, albeit indirectly in the case of the latter. Eur/Nok has recoiled sharply on the back of significantly stronger than expected Norwegian headline and core inflation that was boosted by higher food prices, transport costs and other services items, while Aud/Usd has rebounded on the coat-tails of the Yuan in wake of Chinese CPI beating consensus by some distance and PPI printing positive in y/y terms for the first time in 7 years. The Norwegian Krona is hovering around 10.1300 against the Euro within circa 10.1930-10.1090 parameters and the Aussie is trying to regain grip of the 0.6900 handle vs its US counterpart, as Usd/Cnh pulls back a bit further from recent 7.0000+ peaks despite the PBoC’s firmer Usd/Cny midpoint fix overnight.

  • GBP/NZD – Sterling has recovered pretty well from another bout of selling pressure that pushed Cable back below 1.2900 and Eur/Gbp over 0.8500 again, but the rationale for the recovery appears as uncertain as the catalyst for the early EU session declines, suggesting technical factors and/or spec positioning looking for sustained Pound weakness that simply failed to materialise. Elsewhere, the Kiwi is pivoting 0.6400 against its US rival, but lagging in Aud/Nzd cross terms ahead of Wednesday’s RBNZ policy meeting even though the prospect of any change in the benchmark rate is deemed remote, and an element of caution could be warranted given a greater chance that guidance may be skewed towards further easing, if warranted and China’s coronavirus causes more widespread contagion.
  • EUR/CAD/JPY/CHF – All narrowly mixed and rangebound vs the Greenback, as the DXY holds just shy of last Friday’s 97.722 post-NFP high and between 97.709-599, with Eur/Usd tightly bound around 1.0950 irrespective of more poor Eurozone data and political angst (only this time roles somewhat reversed as Italian IP plummeted and Germany’s CDU party leader opts not to run for Chancellor). Similarly, the Loonie is straddling 1.3300 ahead of Canada’s LEI and housing data, while the Yen is holding off recent lows and rebound highs amidst latest reports of a potential anti nCoV ‘breakthrough’ and Franc flitting either side of 0.6775/1.0700 against the Euro after mixed Swiss CPI reads vs expectations and weekly sight deposits.
  • EM – Broad rebounds against the Dollar, but with the Lira only really stopping the rot with the aid of intervention and capital controls following Turkey’s BDDK lowering bank currency swap and FX forward limits to 10% from 25% previously. Usd/Try meandering from 6.0145 to 5.9775 or thereabouts.

US Event Calendar

  • Nothing major scheduled

Central Banks

  • 8:15am: Fed’s Bowman to Speak on Community Banks
  • 1:45pm: Fed’s Daly Speaks in Dublin
  • 3:15pm: Fed’s Harker Discusses Economic Outlook

DB’s Jim Reid concludes the overnight wrap

This morning we have launched our 4th monthly market sentiment survey. The link is here. The poll will stay open until around 4pm London time on Wednesday with results out before the EMR on Thursday assuming we’re not using the same app as that used last week in Iowa. Given the primary race is hotting up, the answers to the Presidential questions will be a focus for us this month as will your responses to whether the market has passed the peak point of concern for the Coronavirus or not. We also add back a long term inflation expectations survey we’re going to do every quarter. Most of the other questions remain the same so we’ll be looking at the trends relative to the last three months. We would appreciate as many of you as possible filling it in. You don’t have to answer all the questions, only the ones you’re able to. Many thanks.

I’m about to fly to the US immediately after pressing send on this but given the direction and the intensity of the storm over the last 24 hours here in Europe it might take me until Friday to arrive. Indeed yesterday saw the quickest ever subsonic flight from NY to London due to the jet stream influenced storm. The storm was so wild yesterday that my kids had their noses plastered up to the windows all day at home. By the time it got dark I relented and let them back in.

As we start the new week sentiment has been a little more mixed over the weekend relative to last week as there are some concerns about the spread of the Coronavirus outside of China. The death toll in China has reached 908 (vs 636 on Friday), surpassing the SARS total. The confirmed cases now stands at 40,171 (vs. 31,161 on Friday). The WHO Director-General Tedros Adhanom Ghebreyesus said in a tweet on Sunday that there have been concerning instances of the virus being spread from people with no travel history to China, saying that “we may only be seeing the tip of the iceberg” when it comes to the virus. He also tweeted that “the detection of a small number of cases may indicate more widespread transmission in other countries.” The tweet comes in the light of multiple cases in Europe and Asia being traced to a business meeting in Singapore raising concerns of a super-spreader event. Elsewhere, the quarantined ship in Japan is said to have 60 more cases of the virus adding to the 70 already confirmed. Meanwhile the PBoC have provided the first batch of special re-lending funds post virus and will offer the facility weekly to banks. On a relatively brighter note, Reuters has reported that Hon Hai Precision Industry (Apple’s main local production partner) has received China’s approval to resume some production even if other big companies have further delayed their return from holidays.

Net net, Asian markets are trading lower this morning with the Nikkei (-0.61% ), Hang Seng (-0.62% ), Shanghai Comp (-0.13% ) and Kospi (-0.62% ) all down. However, most markets are off their earlier lows on the Hon Hai news mentioned above. Futures on the S&P 500 are trading flat having been over -0.5% soon after the open. As for overnight data releases, China’s January CPI came in at +5.4% yoy (vs. + 4.9% yoy expected), the highest since October 2011 due to elevated food prices likely around the LNY. PPI stood at +0.01% (vs. 0.0% expected).

We also had elections in Ireland over the weekend and state broadcaster RTE projected late last night that Fianna Fail would win 45 seats, Sinn Fein 37 seats, and Prime Minister Leo Varadkar’s Fine Gael 36 seats — all short of the 80 needed for a majority. It will be interesting to see how the government formation takes place given that both Fine Gael and Fianna Fail have pledged not to enter government with Sinn Fein, which favours higher spending and many more anti mainstream policies.

Moving on, the week after payrolls is often a bit light for macro events but the second Democratic primary in New Hampshire tomorrow will be an additional focus. Meanwhile, attention will also be on Fed Chair Powell, who’ll be testifying before congressional committees on Tuesday and Wednesday. Data highlights include the release of US CPI (Thursday), US retail sales (Friday), and Q4 GDP readings from Germany (Friday) and the UK (tomorrow). Earnings season slows a bit but will still be important.

Going into the New Hampshire primary tomorrow, the RealClearPolitics polling average puts Bernie Sanders in the lead on 26.6%, ahead of Pete Buttigieg on 21.3%. It’s worth remembering that Sanders actually won the New Hampshire primary in 2016 against Hillary Clinton, and it also neighbours his home state of Vermont, which he represents in the US Senate. Nationally the latest poll of polls still have Biden narrowly ahead of Sanders in the race for the nomination but most of the polls are prior to the middle of last week. The last one from Wednesday had Sanders 1pp ahead. In betting markets (PredictIt) Sanders has odds of 46% against Biden who has collapsed to 13% – down over 20pp over the last week.

Staying with the US, the main central bank highlight this week will come from Federal Reserve Chair Powell, who’ll be appearing before the House Financial Services Committee tomorrow, and then the Senate Banking Committee on Wednesday. He’ll be delivering the Fed’s semi-annual monetary policy report to Congress, so it’ll be interesting to hear his latest views on the outlook even if they are unlikely to deviate much from the last FOMC. Another event to watch out for on Thursday will be the hearing held by the Senate Banking Committee regarding the nomination of Judy Shelton and Christopher Waller to be governors on the Federal Reserve Board.

Turning to data releases, they will all be a little backward looking given the Coronavirus but will show the direction of travel pre outbreak. In the US a key highlight will be CPI on Thursday, which is expected to increase to +2.5%, up from +2.3% previously, to what would be its highest level since October 2018. However, the core reading is expected to fall slightly to +2.2%. Other important readings to watch out for include January’s retail sales and industrial production releases on Friday, as well as the preliminary reading of the University of Michigan consumer sentiment index, which rose to an 8-month high in January.

One of the main highlights from Europe will be the preliminary estimate of German GDP for Q4 on Friday. The consensus is expecting a +0.1% increase, following the +0.1% growth in Q3. However it comes against the backdrop of unexpectedly poor German data out this week on factory orders as well as industrial production for December, so an important release to keep an eye out for. In terms of other GDP releases from Europe, tomorrow sees the preliminary Q4 GDP reading from the UK, which is expected to show a flat reading following growth of +0.4% in Q3. Finally, there’ll be the second release of GDP for the Euro Area on Friday, though this is expected to be in line with the first estimate, which saw the region’s economy expand by +0.1%.

Earnings season slows down (148 S&P 500 and Stoxx 600 companies) but in terms of what to look out for this week, Daimler will be reporting tomorrow, then on Wednesday, we’ll hear from Cisco Systems, CVS Health and CME Group. It’s a busy day on Thursday, with companies reporting including Nestle, PepsiCo, Nvidia, Airbus, Linde, Zurich Insurance Group, AIG, Barclays, Credit Suisse and Nissan. Then on Friday, we’ll hear from AstraZeneca, Credit Agricole, Royal Bank of Scotland.

We are now 64% of the way through the S&P 500 Q4 earnings season. 71% of companies are beating estimates which is slightly below the five-year average of 75%. In aggregate, companies are currently beating by +4.6% above the estimates, above the longer-run historical average rate (+3.4%) but below the five year average (+5.4%). Our Asset Allocation team has pointed out that the decline in margins has been led by the Energy and Materials sector. This is likely a reflection of lower commodity prices, but the trend has been broad based with margins down across all sectors.

Recapping last week now, Global equities reversed a two week slide as fears surrounding the coronavirus subsided significantly, especially in US and European markets. The S&P 500 had its best week in 8 months, gaining +3.17% (-0.54% Friday), even with a slight pullback into the weekend. The risk resurgence came on the back of news of stimulus in China, signs that the pace of virus infections were slowing, further tariff cuts on the US, and solid economic data. Europe and Asia saw similar reactions, where the STOXX 600 erased last week’s losses and gained +3.32% (-0.26% Friday), while in Asia, Hong Kong’s Hang Seng rallied +4.15% (-0.33% Friday). Commodities had a more mixed week on the risk front. Copper broke out of a 13 day streak of losses midweek, with 3 up-days a row before retreating -1.77% on Friday, but the industrial metal rallied +2.64% on the week. Even while risk markets recovered around the world, Brent crude continued to fall, retreating -6.29% (-0.78% Friday), its 5th consecutive weekly move lower and its lowest weekly close since December 2018. Gold closed -1.19% lower on the week (+0.23% Friday), as markets rotated away from safe havens particularly in the early part of the week.

As equities rallied, sovereign debt partially reversed its gains from the last few weeks, with 10yr Treasury yields up +7.7bps (-5.9bps Friday) to 1.583%, its largest weekly rise in seven weeks. 30yr Treasury yields closed back over 2%, gaining +4.9bps on the week (-6bps Friday to 2.048%). With German industrial production in December underperforming expectations bund yields fell -1.6bps on Friday, even as they sold off +5.0bps on the week. That was their first weekly rise in yields in four weeks.

In Europe, German industrial production fell -3.5% in December, versus a +1.2% increase in November. Similarly, French industrial production dropped -2.8% in December, after registering no change in November. The US jobs report showed nonfarm payrolls grow by +225K jobs (+164k expected) in January, the unemployment rate rose to 3.6% and average hourly earnings rose by +0.2%. Our Economists believe the outsized print pointed to a warm-weather related boost as construction outperformed, while the unemployment rate was up but mainly due to participation being up. In other data, wholesale inventories fell by -0.2% in December.

 

3A/ASIAN AFFAIRS

I)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED UP 14.52 POINTS OR 0.50%  //Hang Sang CLOSED DOWN 162.93 POINTS OR 0.59%   /The Nikkei closed DOWN 142.00 POINTS OR 0.60%//Australia’s all ordinaires CLOSED DOWN .19%

/Chinese yuan (ONSHORE) closed UP  at 6.9804 /Oil UP TO 57.21 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED UP // LAST AT 6.9804 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9869 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING  STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL PHASE ONE COMPLETE BUT CORONAVIRUS BECOMES PANDEMIC..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

North Korea/Coronavirus

We now have confirmation that North Korea has a coronavirus outbreak whereby officials have been ordered to quickly dispose of bodies

(zerohedge)

North Korea Concealing Coronavirus Outbreak; Officials Ordered To ‘Quickly Dispose Of Bodies’

While Coronavirus has officially reached 28 countries, with over 40,000 people officially infected and over 900 fatalities, North Korea – which has a woefully ill-prepared medical infrastructure, is concealing a massive outbreak of the disease, according to the Daily Beast.

There have been reports filtering out about North Koreans falling prey to coronavirus despite Kim Jong Il sealing its 880-mile border with China, “most of it along the Yalu River into the Yellow Seat to the west,” as well as its 11-mile border with Russia.

One sure sign of the regime’s fears is that it failed to stage a parade in central Pyongyang on Saturday, the 72nd anniversary of the founding of the country’s armed forces. Last year, Kim Jong Un himself presided over the procession that displayed the North’s latest missiles and other fearsome hardware along with goose-stepping soldiers in serried ranks.

This year, nothing about the nation’s nuclear warheads, much less the “new strategic weapon” that Kim has vowed to unveil. Rodong Sinmum, the newspaper of the ruling Workers’ Party, merely cited the armed forces’ supposed success combating “severe and dangerous difficulties”—and said nothing at all about the parade. –Daily Beast

 

South Korean news outlet Daily NK, meanwhile, reported that five people had died in the northwestern city of Sinuiju – which borders the key trade border town of Dandong, the largest Chinese city in the region located along the Yalu River. The Daily, relying on sources within North Korea, reports that authorities had “ordered public health officials in Sinuiju to quickly dispose of the bodies and keep the deaths secret from the public.

The novel Coronavirus is suspected to have crossed into North Korea via the porous Yalu River border despite attempts to quarantine the country.

One of the first patients in North Korea reportedly was hospitalized in Sinuiju “with symptoms similar to a cold and was given fever reducers and antibiotics,” said Daily NK, but the patient died as the fever rose. Two more patients died two days later in another hospital in Sinuiju and another two in a nearby town.

North Korea’s worries about an epidemic are all the more intense because of its shortage of basic medicine and equipment. As cases mount, authorities are working feverishly to contain a disease that, if unchecked, could undermine Kim’s grip over his 25 million people, most of whom live in poverty worsened by hunger. –Daily Beast

Because health conditions and health care in North Korea are so bad,” according to Rand corporation analyst Bruce Bennett, who added “they cannot allow the replication process to develop without severe intervention” – i.e. they need to take drastic measures to halt the spread, now.

According to Bennett, North Korea has to “rapidly contain any leakage—exactly what they are trying to do by preventing people-to-people contacts.”

That’s virtually impossible, however, as long as people move illicitly across the border, carrying on low-level commerce in the need to survive a decrepit system. JoongAng Ilbo, a leading South Korean newspaper, cited anonymous source saying that a woman had been diagnosed in the capital and that all those with whom she had had contact had been quarantined.

Unlike in China, North Korea officially has denied any cases while attempting to get people to cooperate in stopping the spread of the disease.  JoongAng Ilbo quoted a North Korean health official, Song In Bom, as having called on North Korean TV for “civil awareness” and unity in dealing with the disease while assuring his audience there had so far been no cases. –Daily Beast

According to Rodong Sinmun, the regime has just streamlined an operational headquarters to battle the disease, and have activated 30,000 workers to combat the epidemicNK’s Central News Agency has reported that the headquarters have ordered coronavirus tests for everyone entering Pyongyang via road, and anyone who has traveled outside the country. Foreign-workers in Pyongyang, including diplomats or NGOs, have been temporarily banned from venturing outside or shopping.

“I believe absolutely nothing of what I’m hearing from Pyongyang,” said former senior US diplomat, Evans Reverre, who specializes in North Korea issues.

“It simply defies credibility that a country with a grossly inadequate public health infrastructure and a malnourished population, a country that depends on China for some 90 percent of its trade, and a country that had until recently opened itself up to a major influx of Chinese tourists in order to earn foreign exchange has avoided having a lot of victims,” he added. “The total closure of the border and other measures Pyongyang has taken reflect a real sense of emergency in the North about the threat.”

“I can’t help but think it may also reflect panic if the number of patients is growing,” he said.

 

Victor Cha and Marie DuMond of the Center for Strategic and International Studies – a DC think tank, wrote that “the coronavirus arguably poses a unique threat to North Korea” because while “The regime’s relative isolation from the international community hinders the widespread penetration of many diseases from abroad … the porous nature of the border with China and frequent travel is a clear vector for the virus’ transmission.”

Thus, “If there are reports of the virus inside of North Korea, we should expect that the virus would spread rapidly given the state’s inability to contain a pandemic.

It may be too late, however:

“Several suspected coronavirus infections have occurred in North Korea even though it shut all its borders,” said Chosun Ilbo, South Korea’s biggest-selling newspaper, citing anonymous sources. “The infections most likely spread through porous parts of the border with China that see plenty of smuggling and other clandestine traffic,” said the paper, reporting suspected cases among those “engaged in smuggling between the North and China.”

“Bottom line,” said Steve Tharp, who’s been analyzing North Korean affairs as both an army officer and civilian expert for many years here, “the coronavirus has tightened up sanctions enforcement more than any other measure over the years because the North Koreans are actually self-enforcing the sanctions, against their will, through the tight closing of their borders in order to save the regime from being wiped out by this human pandemic coming.”

According to Tharp, North Korean leaders “understand very well that this pandemic would rip through their population and be much more dangerous in North Korea than other places because of their inadequate medical infrastructure and the low resistance disease of the general population after so many years of surviving under near-starvation conditions.”

end

b) REPORT ON JAPAN

JAPAN/CORONAVIRUS

The “Diamond Princess” cruise ship which has been docked in Yokohama Japan has 66 new coronavirus infections, bringing the total to 136. The quarantine started when they noticed that one passenger disembarked and later was found to have the virus.  All 136 transmissions came about from this patient zero

(zerohedge)

‘Diamond Princess’ Reports 66 New Coronavirus Infections, Bringing Total Onboard To 136

The nightmare cruise from hell just got even worse for the thousands of passengers still aboard.

The Diamond Princess, the cruise ship that has been quarantined off the coast of Yokohama, Japan for roughly a week now, saw the total number of confirmed nCoV infections climb to 136 on Monday, cementing its position as the host of the largest outbreak outside China.

Japanese health authorities have been extremely careful in dealing with the ship, which has become a massive albatross for the government of PM Shinzo Abe. While Hong Kong let a cruise ship sail yesterday following a 4-day quarantine (the ship was reportedly found to be free of viral infections), the ‘Diamond Princess’, and the 2,500+ remaining passengers and crew, will be stuck in place until mid-February. The NYT chronicled the growing sense of unease and paranoia aboard the ship, which we cited yesterday.

 

The ship’s captain Stefano Ravera announced Monday that 66 new cases of the virus had been confirmed, bringing the infection total of passengers and crew to 136, roughly equal to all the other cases in Asia outside China. Media reports have claimed more than 2,500 passengers and crew remain aboard the ship.

According to CNBC, the nationalities of the newly infected are Japanese (45), American (11), Australian (four), Filipino (three), Canadian (one), English (one) and Ukrainian (one). Notably, all of these infections occurred person to person, since they were all spread from ‘patient zero’ to others aboard the ship.

Princess Cruises, the Carnival Japan unit that owns the ship, told NBC News that it was continuing to follow guidance from Japan’s health ministry regarding plans for providing medical care and passengers ultimately disembarking. Meanwhile, one passenger told the NYT yesterday that those aboard the ship are being left in the dark, and have resorted to tracking the comings and goings of ambulances to try to keep abreast of what’s going on. Many suspect the virus has been spread through the ship’s ventilation system.

The ship was quarantined for two weeks after a passenger who disembarked in Hong Kong on Jan. 25 tested positive for the virus six days after leaving. After initially finding no cases aboard the ship, the cruise line copped to the first ten cases, prompting more intense scrutiny by the Japanese government. Princess Cruises said it didn’t expect new cases to be confirmed after the beginning of the quarantine, though that has clearly happened.

So far, it doesn’t look like the virus has made the jump from the ship to the surrounding area. If that happens, expect Japanese authorities to resort to the same types of draconian quarantine measures that have been imposed in China.

END

3 C CHINA

CHINA/FRIDAY NIGHT

A Doctor warns that in the major Wuhan hospital up to 30% of the medical staff are now infected with the coronavirus

(zerohedge)

Doctor Warns Up To 30% Of Medical Staff Working In Wuhan Hospital Now Infected With nCoV

As we noted earlier, the death of Dr. Li Wenliang, which was confirmed early Friday by Wuhan City Central Hospital, the same hospital where Dr. Li worked, and where he was punished for warning medical students about the novel coronavirus in a private chatroom.

Li and seven others were punished for their early warnings about the virus.Now, Li he has joined the more than 600 other Chinese who have succumbed to the virus’s pneumonia-like symptoms and his death has ignited nationwide morning and demands for more free speech.

巴丢草 Badiucao

@badiucao

1/ Portrait collection of Dr whistle blower of from
搜集关于 大夫画像,包括我自己,应该都是一夜间赶出来。大家不约而同取了这张带口罩照片,或多或少在口罩上下了功夫,大家都明口罩阻挡的是病毒,阻挡不了言说。

可我担心明天还有人说话么?

View image on TwitterView image on TwitterView image on TwitterView image on Twitter

His portrait has become a symbol of resistance during an extremely difficult time on mainland China, where nearly 1/3 of the country’s population is being held captive in their homes by China’s sprawling security apparatus.

Russian Market

@russian_market

Video shows Wuhan checkpoint now manned by the Chinese Army. The Chinese government put the quarantined zones under military control.

Embedded video

Lists of heroes who have been censored or punished for speaking the truth about the virus are circulating on Twitter.

曾錚 Jennifer Zeng@jenniferatntd

A list of 203 people who got punished for spreading information about in China. 事件相关因言获罪案例(持续更新)http://bit.ly/37e8xWU

Amnesty International weighed in on Dr. Li Wenliang death, calling it a “tragic reminder” of how Beijing’s “preoccupation with stability” inspired it to suppress vital information.

Over the last two days, Beijing has made a big show of opening two new hospitals in Wuhan that were built in under two weeks. Videos like this one have circulated widely in the western press – China’s target audience.

BBC News (World)

@BBCWorld

Time-lapse video shows new hospital being built in China in just 10 days

Huoshenshan hospital in Wuhan has been built to help deal with coronavirus patientshttp://bbc.in/3b9Em6n

Embedded video

We’ve already reported how the hospitals look more like prisons with medical equipment. But come to find out that most of the hospitals are actually being run by their patients. Dr. Feigl-Ding, the Harvard epidemiologist who is one of many academics slammed as an alarmist for telling the truth, tweeted that nearly one-third of the patients in one hospital in Wuhan are also medical staff. There’s a common trope to describe this: something about lunatics running the asylum?

Eric Feigl-Ding@DrEricDing

29% — that’s the % of the 138 infected patients who are actually infected medical staff in one Wuhan hospital. Almost 1 in 3 patients being hospital healthcare workers is just insane. New case series report in JAMA: https://jamanetwork.com/journals/jama/fullarticle/2761044 

View image on Twitter

Eric Feigl-Ding@DrEricDing

2) In addition to 29% medical staff, 12% of patients had gotten as hospital-acquired🦠. Quote: “Hospital-associated transmission was suspected as the presumed mechanism of infection for affected health professionals (40 [29%]) and hospitalized patients (17 [12.3%]).”

Eric Feigl-Ding@DrEricDing

3) Astute readers added 29%+12% and asked if it means 41% of the 138 patients got 🦠 as a hospital-acquired infection… yes but maybe not one’s personal risk walking into a hospital. 12% maybe weak/susceptible, and 29% medical staff have much closer contact than normal patients.

We wonder how many more doctors will need to die before the mainland really does ‘import Hong Kong’s sickness’?

This is huge:  The very important southern city of Shenzhen located just opposite to Hong Kong is witnessing a mad rush of citizens fleeing their city entering Hong kong. Thus many are infecting Hong Kong citizens.  You can imagine how the supply side of world goods is being affected

BREAKING: China to quarantine city of Shenzhen in Guangdong Province, causing “mad rush” to Hong Kong as (infected) citizens flee to other nations

Image: BREAKING: China to quarantine city of Shenzhen in Guangdong Province, causing “mad rush” to Hong Kong as (infected) citizens flee to other nations

(Natural News)

This is a breaking news update from Natural News, translated from the Chinese language Liberty Times Net website, which has produced some of the best reporting on the coronavirus pandemic outbreak.

According to the report, the communist Chinese government has just announced the imminent quarantine of the city of Shenzhen in the Guangdong Province, causing a “mad rush” of Chinese citizens fleeing to Hong Kong to try to escape the quarantines before the international community blocks all flights from Hong Kong. This effort will, of course, only serve to accelerate the spread of the virus internationally.

There are roughly 25 million people in the greater Shenzhen municipal area, so this is a significant increase in the number of Chinese citizens who will soon be living under military-enforced quarantine.

 

Here’s the translated text that explains this. Just remember, automated machine translations from Chinese to English are very difficult, so the English appears quite broken:

Shenzhen News Network reported that the Shenzhen Municipal People’s Government said on the 7th, all communities will be 100% closed management, if there are confirmed cases of residential “hard isolation” for 14 days, and organize “regulatory service team” to do key ethnic groups tracking, where there is a history of close contact with the case 100% of the implementation of centralized isolation, households also want to take temperature and other measures.

According to Hong Kong’s “Position News” reported that Shenzhen city from the 8th began to seal the city after the announcement of the news, 7 days from the emergence of a large number of people want to pour into Hong Kong, from the scene film can be seen at 10:28 p.m., shenzhen port before the appearance of long lines of taxis, are to load the people of Shenzhen into Hong Kong, long car long about 1 km.

The same story also reports that the hard quarantine of Shenzhen begins on Feb. 8th (tomorrow), which is why people are panic fleeing today, while they can still get out: (another important reminder to always have a bugout bag)

Comprehensive Chinese media reports, the Shenzhen Municipal Government announced that from February 8 on the city’s people’s vehicles fully implement control, in the “vehicle epidemic control checkpoint” vehicle control, and foreign vehicles to sacrifice “advance declaration measures”, the first time the public driving through the “vehicle epidemic prevention checkpoint”, must be at least 1 day in advance of the Internet registration declaration, approval before passing.

 

The Wuhan quarantine has been breached… “Hong Kong is finished”

Shenzhen, in Southern China, is very close to Hong Kong. This explains why Shenzhen residents are fleeing to Hong Kong, no doubt bringing more infections with them. Many residents will attempt to take flights out of Hong Kong in order to escape the draconian quarantine, which means of course that some of these people will be inadvertently spreading the coronavirus pandemic to yet more countries, including the United States, which still accepts flights from Hong Kong and China.

According to the Liberty Times Net story, observers in Taiwan are now saying, “Hong Kong is finished” and are demanding that flights from Hong Kong be cut off in order to protect Taiwan and other Asian countries from the exploding pandemic. Some of the quotes in the story include, “”The people of Hong Kong are dead, Taiwan will soon be cut off…” and “next week becomes the crazy influx of Hong Kong people into Taiwan.”

We pray for the people of Hong Kong in this desperate time. They are good people, and they don’t deserve this madness from communist China.

China’s quarantine efforts now accelerating the spread of the pandemic

It brings up an important point in all this. As China is chasing the outbreak with ever-expanding quarantines, the citizens who live in those areas are attempting to flee before the quarantine, causing a mass exodus of infected individuals who would have otherwise probably just stayed home if not for the draconian quarantine measures enacted by the Chinese government. In effect, the quarantines are accelerating the spread of the virus to other countries due to this “fleeing” effect.

Much of this likely stems from the fact that China is now running door-to-door roundups of citizens, medically kidnapping them and throwing them into “quarantine prison camps” with bars on the windows of each room. Nobody wants to end up a prisoner in one of these “death hospitals.”

The coronavirus pandemic is currently spreading at the rate of roughly a 20% increase per day, achieving sustained, exponential growth that has spread to three cruise ships, dozens of countries and an ever-expanding list of mainland Chinese cities.

The initial attempt to quarantine the Wuhan region in order to stop the coronavirus has clearly failed. Yet the WHO, the CDC and the totally discredited mainstream media are still lying to the public, falsely claiming this outbreak is “under control” and “poses no risk to America.” Those claims are malicious, dangerous lies that even the CDC’s own scientists are contradicting in their public statements.

In addition, multiple health experts are now on the record confirming this pandemic has broken containment and will spread globally.

Any media source saying this is “no big deal” is actually trying to make the pandemic worse by keeping people uninformed and unprepared.

Stay informed. Read NaturalNews.com for frequent updates, and watch uncensored videos on Brighteon.com.

end
CHINA/USA/CORONAVIRUS/SATURDAY
First American citizen dies of the coronavirus in Wuhan.  Five Brits are diagnosed in a French ski town
(zerohedge)

First American Citizen Dies Of Coronavirus In Wuhan; 5 Britons Diagnosed In French Ski Town

Summary:

  • Fatalities in China reached a single-day high of 86 on Friday, raising the national death toll to 724
  • WHO reported 31,481 confirmed global cases on Friday, up by 3,000+ cases from Thursday; SCMP says total cases closer to 35k
  • First American citizen has died
  • First Japanese citizen suspected of succumbing to virus
  • France elevates travel advisory to orange after 5 Britons fall ill in ski resort

* * *

With roughly a dozen cases confirmed in the US, all of which are reportedly expected to pull through, news of the first American death from the coronavirus outbreak initially sounded like a mistake. But it’s now been confirmed by both the New York Times and WSJOne of the Americans who decided to stay behind in Wuhan has died.

 

Few details about the woman were immediately available, other than her age – 60 – and the location where she died. Though the NYT reported, citing two sources, that she had underlying health issues.

Few details about the American, who died on Thursday, were immediately available. According to the United States Embassy in Beijing, the person was 60 years old and died at Jinyintan Hospital in Wuhan, the inland metropolis at the center of the epidemic. Two people familiar with the matter said the person was a woman and had underlying health conditions.

It’s unclear whether the woman who died made any attempt to leave the city on one of the evacuation flights that has ferried Americans to safety.

News of the American woman’s death come as the world grows increasingly skeptical about the numbers being released by the Chinese government, with some suggesting that the number of new cases reported every day reflects China’s limited screening abilities, not the actual number of new infections. And as we pointed out last night, over the past two weeks, what was initially an exponential curve in the number of new cases has quietly shifted into a quadratic one, where the number of new cases is largely unchanged day after day.

We also noted that the number of confirmed deaths (all except for 3 have been recorded inside China) has topped 700 (the most recent total is 724), and is now closing in on the 800 number – aka the total number of cases from the SARS outbreak.

SCMP

Washington is especially frustrated with Beijing right now because, for the last month, the CDC has been offering to send a team of experts to help China combat the outbreak (remember when President Trump promised whatever help would be necessary?). But the Chinese have refused to accept them (though they have accepted shipments of facemasks and other supplies). A similar offer from the WHO has also been refused (though its top officials – who know the deal with Beijing – have met with the Chinese leadership).

Alex Azar, the United States secretary of health and human services, said at a news briefing on Friday that he had recently reiterated the C.D.C. offer to his Chinese counterpart, Dr. Ma Xiaowei.

Asked about the holdup, Mr. Azar said: “It’s up to the Chinese. We continue to expect fully that President Xi will accept our offer. We’re ready and willing and able to go.”

Hmm….we wonder why?

Interestingly, Japan also claimed that one of its citizens may have succumbed to the virus in Wuhan, though they can’t be sure because Chinese officials never confirmed whether the patient had contracted nCoV.

Japan also said on Saturday that one of its citizens had died in a Wuhan hospital from a suspected case of the coronavirus. But the Japanese Foreign Ministry said that based on information it received from the Chinese authorities, it could not confirm whether the man, who was in his 60s, had been infected with the new virus. The ministry called the cause of death viral pneumonia

 

Per WSJ, Chinese officials said the man died of “viral pneumonia” in Wuhan, meaning it was almost certainly nCoV.

China’s Foreign Ministry said this past week that as of noon on Thursday, 19 foreign nationals in the country had been confirmed to be infected with the coronavirus, and only two have been discharged from the hospital.

In other disturbing news, 5 British nationals have reportedly been diagnosed with the virus in a French ski town, according to the Telegraph. The group was reportedly infected when one of its members came into contact with an individual who had been infected in Singapore.

Think about that: Five Britons have been infected with the virus (which can cause life-threatening pneumonia) after contracting it via aerosol exposure from a traveler who had recently been to Singapore, and was (presumably) infected there. The French government has raised its travel restriction to orange.

Does that sound like a ‘China’ problem? All the while, China is growing more isolated as the US and dozens of other countries either close their borders to Chinese citizens, or implement strict controls. Meanwhile, across the mainland, millions are mourning the death of Dr. Li, a doctor who succumbed to the virus in Wuhan after being punished for trying to warn the public about it. According to the SCMP, his death could inspire demands for free speech to coalesce into a movement, similar to what just transpired in Hong Kong.

For the hundreds of Americans who were rescued and are now being quarantined on American military bases, news of the death, though said, likely helped put things in perspective: Yes, they’re stuck in this military camp for two weeks. But at least one of them must be thinking: ‘there but for the grace of God go I.’

end
Canada/CHINA/CORONAVIRUS/FRANK PLUMMER
Interesting:  Frank Plummer, the head of the Winnipeg based lab that had the coronavirus stolen, collapsed and died
No other details of his death…
(zerohedge)

Canadian Scientist At Center Of Chinese Bio-Espionage Probe Found Dead In Africa?

Update (1135ET): It seems that Mr. Plummer made a habit of getting the biological material he was working on “stolen,” as we found a report from 2009 in the Winnepeg Free Press that details the theft of 22 vials of biological material was “confirmed by scientific director Dr. Frank Plummer.”

Plummer, allegedly, alerted authorities to the missing material on the same day a former vaccine researcher was arrested by FBI special agents after U.S. Customs discovered the vials stuffed in a glove in the trunk of his car at the Manitoba-North Dakota border crossing.

Some of the vials included genes from the deadly Ebola virus, but local scientists say the material is not infectious.

But more than a week after the theft came to light, police said no one from the lab has reported the incident.

Plummer has said the researcher signed a form declaring he did not steal anything from the lab and understood he was not allowed to. The national lab does not conduct searches of staff when they exit the lab and does not routinely take inventory of the thousands of vials containing non-infectious biological substances.

However, court documents allege the former researcher stole the vials on his last day of work at the virology lab in January because “he did not want to start his research over from the beginning when he entered into his next fellowship” with the National Institutes of Health at the Biodefense Research Laboratory in Maryland.

All very curious.

*  *  *

As GreatGameIndia.com detailed earlier, in a very strange turn of events, renowned scientist Frank Plummer who received Saudi SARS Coronavirus sample and was working on Coronavirus (HIV) vaccine in the Winnipeg based Canadian lab from where the virus was smuggled by Chinese Biowarfare agents and weaponized as revealed in GreatGameIndia investigation, has died in mysterious conditions.

Frank Plummer was the key to the Chinese Biological Espionage case at Winnipeg’s National Microbiology Laboratory.

According to CBC, Plummer, 67, was in Kenya, where he was a keynote speaker at the annual meeting of the University of Nairobi’s collaborative centre for research and training in HIV/AIDS/STIs.

Dr. Larry Gelmon, who helped set up that meeting, said Plummer collapsed and was taken to hospital in Nairobi, where he was pronounced dead on arrival.

No confirmed cause of death has yet been released.

Plummer was born and raised in Winnipeg, where he headed up Canada’s National Microbiology Laboratory for several years.

He was also involved in an innovative research partnership between the University of Manitoba and the University of Nairobi, established before the world was very aware of HIV/AIDS.

“He helped to identify a lot of the key factors that are involved in HIV transmission in the early days,” said Keith Fowke, a professor in the medical microbiology and infectious diseases department at the University of Manitoba.

“He was so hopeful that he was on the path that would end with discovery of the HIV vaccine — the road he had started down almost 30 years ago,” said Plummer’s colleague, Dr. Allan Ronald.

What is not mentioned in the CBC report however is that Plummer worked in the same National Microbiology Laboratory (NML) in Winnipeg, Canada from where Chinese Biowarfare agent Xiangguo Qiu and her colleagues smuggled SARS Coronavirus to China’s Wuhan Institute of Virology where it is believed to have been weaponized and leaked.

GreatGameIndia@GreatGameIndia

EXCLUSIVE Bioweapon Thread

How China Stole Coronavirus From Canada And Weaponized Ithttps://greatgameindia.com/coronavirus-bioweapon/ 

Coronavirus Bioweapon – How China Stole Coronavirus From Canada And Weaponized It | GreatGameIndia

Coronavirus Bioweapon : How Chinese agents stole Coronavirus from Canada’s National Microbiology Laboratory and weaponized it into a Bioweapon.

greatgameindia.com

Infact, as GreatGameIndia reported in our exclusive report on Coronavirus Bioweaponas Scientific Director Frank Plummer was the one who acquired the SARS Coronavirus sample of the Saudi patient at the NML Winnipeg Lab from Ron Fouchier, a leading virologist at the Erasmus Medical Center (EMC) in Rotterdam, the Netherlands who was sent the virus by Egyptian virologist Dr. Ali Mohamed Zaki who isolated and identified a previously unknown type of Coronavirus from the Saudi patient’s lungs.

Fouchier sequenced the virus from a sample sent by Zaki using a broad-spectrum “pan-coronavirus” real-time polymerase chain reaction (RT-PCR) method to test for distinguishing features of a number of known coronaviruses known to infect humans.

This Coronavirus sample arrived at Canada’s NML Winnipeg facility on May 4, 2013 from the Dutch lab received by Frank Plummer. The Canadian lab grew up stocks of the virus and used it to assess diagnostic tests being used in Canada. Winnipeg scientists worked to see which animal species can be infected with the new virus.

Research was done in conjunction with the Canadian Food Inspection Agency’s national lab, the National Centre for Foreign Animal Diseases which is housed in the same complex as the National Microbiology Laboratory.

This Winnipeg based Canadian lab was targeted by Chinese agents in what could be termed as Biological Espionage. The viruses was reportedly stolen from the Canadian lab by Chinese Biowarfare agent Xiangguo Qiu and her colleagues and smuggled to none other than the Wuhan Institute of Virology where the virus is believed to be weaponized and leaked.

Further, Frank Plummer was also working on HIV vaccine and interesting recently published study be Indian scientists found HIV-like injections in Wuhan Coronavirus – the key that made the jump to people possible. The Indian Scientists came under massive online criticism by Social Media experts and were  forced to withdraw their study, in retaliation of which now the Indian authorities have opened an investigation against China’s Wuhan Institute of Virology. Although it should be noted that now China has started using HIV vaccine to cure Coronavirus.

Frank Plummer was the key to the entire investigation on the origins of Coronavirus Bioweapon. But will the Canadian government open an investigation into this matter? Unlike their American counterparts who have charged the Chinese Biowarfare agents trying to smuggle deadly viruses from Harvard University, the deatils of the Canadian investigation on the Winnipeg Biological Espionage case is shrouded in secrecy.

*  *  *

end

Mish reports that one individual super spreader infects a huge 57 in a Wuhan hospital.  China continues to refuse CDC help

Mish Shedlock)

Coronavirus ‘Super-Spreader’ Infects 57 In Hospital As China Continues To Refuse CDC Help

Authored by Mike Shedlock via MishTalk,

One of the coronavirus fears was the possibility of super-spreaders. That possible fear is now reality…

Disturbing Details

 

New Report on 138 Coronavirus Cases Reveals Disturbing Details including the emergence of a super-spreader.

One patient, admitted to a hospital in Wuhan, China, infected at least 10 health care workers and four other patients [actual suspect total is 57 see study below].

The patient who infected so many health workers had been placed in a surgical ward because of abdominal symptoms, and the coronavirus was not initially suspected. Four other patients in that ward also contracted the disease, presumably from the first patient.

The incident was a chilling reminder of the “super-spreaders” in outbreaks of other coronavirus diseases, SARS and MERS — patients who infected huge numbers of other people, sometimes dozens. The phenomenon is poorly understood and unpredictable, an epidemiologist’s nightmare. Super-spreaders led to considerable transmission of MERS and SARS inside hospitals.

Super-Spreader Infects 40 Health Care Workers

The JAMA Report, published on Friday, is among the most comprehensive articles to date about people infected with the newly identified virus.

Of the 138 patients, 57 (41.3%) were presumed to have been infected in hospital, including 17 patients (12.3%) who were already hospitalized for other reasons and 40 health care workers (29%). Of the hospitalized patients, 7 patients were from the surgical department, 5 were from internal medicine, and 5 were from the oncology department. Of the infected health care workers, 31 (77.5%) worked on general wards, 7 (17.5%) in the emergency department, and 2 (5%) in the ICU. One patient in the current study presented with abdominal symptoms and was admitted to the surgical department. More than 10 health care workers in this department were presumed to have been infected by this patient. Patient-to-patient transmission also was presumed to have occurred, and at least 4 hospitalized patients in the same ward were infected, and all presented with atypical abdominal symptoms. One of the 4 patients had fever and was diagnosed as having nCoV infection during hospitalization. Then, the patient was isolated. Subsequently, the other 3 patients in the same ward had fever, presented with abdominal symptoms, and were diagnosed as having nCoV infection.

The data in this study suggest rapid person-to-person transmission of 2019-nCoV may have occurred. The main reason is derived from the estimation of the basic reproductive number (R0) based on a previous study.

In this single-center case series of 138 hospitalized patients with confirmed NCIP in Wuhan, China, presumed hospital-related transmission of 2019-nCoV was suspected in 41% of patients, 26% of patients received ICU care, and mortality was 4.3%.

JAMA Video

Fatality rate in a normal Flu is about 0.1%. When you get into the pandemics, of 1957 and 1968, it goes up to 0.8% to 1.2%. The 1918 pandemic, the famous Spanish Flu, you go up to as much as 2.0%…

I think I can say we don’t know everything about this virus, but it is evolving in a way that it looks like it is adapting itself to infecting much better but we are going to start seeing a diminution in the overall death rate…

The r0 of this one is supposedly somewhere around 2.0, 2.5, 3.0 depending upon how you model it. Which means that it is a virus that is quite good at transmitting from one person to another.

Massaged Numbers?

22@Charlie_Box

is master of math!
1/30: 170/7821 = 2,1%,
1/31: 213/9800 = 2,1%,
2/01: 259/11880 = 2,1%,
2/02: 304/14401 = 2,1%,
2/03: 361/17238 = 2,1%,
2/04: 429/20471 = 2,1%,
2/05: 493/24441 = 2,1%
2/06: 564/28605 = 2,1%

Right now: 724/34677 AGAIN = 2,1%…

View image on Twitter

You have to laugh… China’s virus mortality data is as massaged as its GDP and PMIs…

Or Not Enough Test Kits?

Scott Gottlieb, MD

@ScottGottliebMD

The numbers of new cases out of China remain relatively linear, varying from day to day within a narrow band. Tonight’s update is no different. It suggests that testing capacity may be influencing the reported cases more than epidemiology.

Terminal 3 in Copenhagen Closed

AIRLIVE

@airlivenet

ALERT Terminal 3 of Copenhagen Airport closed after Chinese woman picked up by ambulance with Coronavirus symptoms https://www.airlive.net/alert-terminal-3-of-copenhagen-airport-closed-after-chinese-woman-picked-up-by-ambulance-with-coronavirus-symptoms/ 

ALERT Terminal 3 of Copenhagen Airport closed after Chinese woman picked up by ambulance with…

A Chinese woman has been picked up by ambulance at Copenhagen Airport with Coronavirus symptoms. After arriving at Copenhagen Airport, a Chinese woman was picked up by an ambulance The plane landed…

airlive.net

Shanghai Empty

Alvaro Tallada@tallada12

Downtown of Shanghai, a city with 24 million people and it is totally empty. More stories in my Instagram @tallada12 pic.twitter.com/N7fABfb0JT

Embedded video

Downtown of Shanghai, a city with 24 million people and it is totally empty!

China ignores offers of help from the C.D.C. and W.H.O.

China probably wants and needs US assistance, but it absolutely does not want US reporting or any investigation into the alleged number of deaths.

The streets in Shanghai, population 24 million, are empty.

60 million people are quarantined not even able to leave their houses. That is equivalent to no one in California, Illinois, and Wisconsin being locked in, unable to go to work. The economic hit will be enormous.

I just cannot believe this would happen over the reported 700 dead.

In case you missed it, please see 50,000 New Coronavirus Infections Per Day in China.

 end
China/USA/Coronavirus
Angry Chinese Ambassador vs Tom Cotton:
is the coronavirus a bio weapon?
Please read…

Angry Chinese Ambassador Slams US Senator For “Absolutely Crazy” Theory Coronavirus Is Biological Weapon

Shortly after Zero Hedge asked in the last week of January if the nVoC-2019 Coronavirus pandemic was not, as some early reports claimed, the product of a Wuhan seafood market, where people were allegedly eating infected bats (which we now know never happened) but instead a Chinese biological weapon that had escaped from the Wuhan Institute of Virology (and one lab in particular), which in turn led to an immediate and permanent suspension of our account by the publisher also known as Twitter (and which should thus be subject to Section 230 of the Communications Decency Act), none other than Arkansas Senator Tom Cotton echoed our concerns, tweeting that “China claimed—for almost two months—that coronavirus had originated in a Wuhan seafood market. That is not the case. @TheLancet  published a study demonstrating that of the original 40 cases, 14 of them had no contact with the seafood market, including Patient Zero.”

Senator Cotton followed up this tweet with another, in which he effectively suggested that the coronavirus had in fact escaped from China’s only level four biohazard superlab (located conveniently in Wuhan), stating that “we still don’t know where coronavirus originated. Could have been a market, a farm, a food processing company.  I would note that Wuhan has China’s only biosafety level-four super laboratory that works with the world’s most deadly pathogens to include, yes, coronavirus.”

And despite China’s best efforts to downplay this scary possibility with countless articles written in China’s state-owned press “disproving” that the virus was in fact an escaped Chinese bioweapon, such as this one from Caixin “Shi Zhengli responds to questioning experts agree that the new crown virus is not artificial“, while censoring any allegation across its social medias that the Wuhan Institute was the origin of the virus, last Friday the White House finally stepped in and with more than a month’s delay, and one week after Cotton’s controversial tweet, the Trump administration formally asked scientists if the virus was indeed a Chinese man-made bioweapon (needless to say, an affirmative answer would put whoever it is at twitter that suspended our account in a rather unpleasant position).

That did not prevent China from theatrically getting increasingly more angry at the mere suggestion that the virus which some claim has now infected over 1.5 million people, was a product of the Wuhan Institute of Virology – as if by simply feigning outrage it could convince the world’s population that it had nothing to do in the spread of nCoV despite clear and glaring evidence to the contrary – and on Sunday, the Chinese Ambassador to the U.S. Cui Tiankai slammed Senator Cotton for doing just what we did first, namely suggesting the coronavirus could have been created in a Chinese biological warfare lab.

“I think it’s true that a lot is still unknown and our scientists, Chinese scientists, American scientists, scientists of other countries, are doing their best to learn more about the virus, but it’s very harmful, it’s very dangerous, to stir up suspicion, rumors and spread them among the people,” he said.

It wasn’t clear if the “suspicion” would be more dangerous than the consequences of arresting your own Wuhan whistleblower doctor who tried to warn the world of the imminent danger from the Coronavirus (and who later died after a brief and unsuccessful battle with the virus)? Or maybe it was more dangerous than urging the world to ignore the fact that China has put 400 million of its own in people in over 60 cities on lockdown, and continue flying commercial to China, pretending nothing is happening and ignoring video clips from Wuhan showing local crematoria working 24/7 to dispose of bodies killed by the viral pandemic (without being add to the list of diseases casualties).

No, you see, what Tiankai was concerned about is that the possibility that China created a plague that is now killing its own population, could cause a panic: “For one thing, this will create panic,” Cui said, adding that it would also “fan up racial discrimination and xenophobia.”

Here one also wonders what will create a bigger panic: the fact that China is arresting “whistleblower doctors”, drags away and sequesters anyone who refuses to be put under forced quarantine, and appears to fabricate data involving the epidemic, or cracks down on anyone asking the most reasonable question – did China’s top bioweapon institute, located in Wuhan, spark the deadliest pandemic in decades, which started in… Wuhan?

But yes, we are delighted to see that China has now also stooped to using the oldest trick in the liberal playbook: “…but it’s racist.”

And just like that, anyone accusing China’s Level-4 lab, which as Nature wrote in 2017 was studying the “world’s most dangerous pathogens”, of sparking what may be the world’s worst pandemic in decades, is now a racist, and subject to immediate and permanent suspension by the free speech overlords at twitter such as the company’s associate General Counsel, Jeff Rich (his LinkedIn page is here) who one week ago urged his 1,400 followers to “cull” and “excise” the “cancerous” president Trump from the herd. One wonders, Rich, does this violate Twitter’s “Abuse and harassment” rules?

Anyway, back to China’s rather sensitive ambassador who, instead of promising to look into whether any of the allegations that China created the Coronavirus, simply lashed out at anyone daring to ask the question: “There are all kinds of speculation and rumors,” he added, noting that there were also conspiracy theories about the virus originating in the United States. “How can we believe all these crazy things?”

Well, Cui, “we can believe all these crazy things”, because China has yet to reveal just what animal was responsible for the spread of the virus at the Huanan Seafood Market, as per the official Chinese narrative. Maybe the reason why it can’t is that as scientists have already observedno animal was capable of actually spreading the virus in such a way as to put the blame on a meat market that had existed for decades and never sparked a deadly pandemic.

Or maybe China can finally allow members of the US CDC to go to Wuhan and inspect the Virology Institute and observe just what went on in there, and whether, as so many have now speculated, it wasn’t one of your public workers who accidentally (or not) spread the virus?

But that wasn’t all: Cui also defended how the Chinese government handled the case of Li Wenliang, the Chinese doctor who died last week after warning about the virus weeks before the government, with the government arresting him and forcing him to retract his warnings.

“He was a doctor, and a doctor could be alarmed by some individual cases, but as for the government, you have to base your decisions on more solid evidence and signs,” Cui said. “I don’t know who tried to silence him, but there was certainly disagreement…on what exactly the virus, is how it is affecting people.”

Here is a guess who “tried to silence” him – your government, the same government that was responsible for the disappearance of Chen Qiushi, a citizen journalist who has covered the outbreak in China and has since vanished. Asked about Cui responded “I have never heard of this guy, so I don’t have any information to share with you.”

Right.

We’ll conclude with what we said earlier today, namely that “there have been serious questions on whether this Wuhan coronavirus outbreak was due to a leak or mishandling of laboratory animals used in coronavirus studies. This is a reasonable public inquiry regarding the source of the outbreak and it warrants a transparent investigation from the Chinese authorities and foreign disease control and laboratory operation experts. This is not just about the accountability of medical ethics or laboratory safety operations, it is directly related to the current endeavors to contain the virus outbreak.

While the animal host of 2019-nCoV is yet to be identified, the data and information from possible animal hosts and potential zoonic infection is imperative for prevention and controlling disease on an international scale.

The Huanan seafood market has a high potential of harboring the animal host. Animal data and profiling results from the Huanan seafood market need to be disclosed immediately by Chinese authorities even if they are negative results. It is imperative for U.S. CDC and WHO officers to demand that Chinese authorities release the information about animal testing data.

If Chinese authorities refuse to disclose testing data for animal samples, it could imply an intentional cover-up of the true origin of the 2019-nCoV outbreak.

Sadly, we doubt we will ever get an answer to this question, because – as the Chinese ambassador made it clear – any line of inquiry into whether there was an “intentional cover-up of the true origin of the 2019-nCoV outbreak” is now, well… racist.

end

CHINA/GLOBE/CORONAVIRUS/ECONOMY

The coronavirus is causing massive manufacturing disruptions all over the world.

This is a must read..

(zerohedge)

 

Expect “Cascading Global Impact” As Coronavirus Causes Massive Manufacturing Disruptions Worldwide

China has now placed hundreds of millions of its citizens under quarantine, leaving its economy grinding to a halt.

Workers can’t leave their homes. Factories are idle. Most (if not all) of China’s ports are no longer shipping. International flights are increasingly banned from the country.

As PeakProsperity.com’s Chris Martenson details belowwhen the world’s #2 economy hangs up a big “CLOSED” sign, that’s going to result in a major negative impact on global trade.

As the manufacturing powerhouse to the world, you’ll be challenged to think of ANY industry that won’t experience serious supply chain interruptions and shortages from China’s woes. For instance, did you know China makes the vast majority of our prescription pharmaceuticals?

A MASSIVE hit to the global economy will directly result from the damage the Wuhan coronavirus is currently doing. And it may get worse, a lot worse, as The Telegraph’s Ambrose Evens Pritchard points out, “the longer Beijing enforces curbs on work and travel, the greater the global economic shock.”

The Chinese economy is 17pc of the world economy and deeply integrated into international supply chains. It was just 4.5pc of world GDP during the SARS epidemic 2003, which some like to use as a reassuring template. You cannot shut down China for long these days without shutting down the world.

Wednesday’s investor euphoria at reports of two new wonder drugs from Zhejiang University show how badly unhinged the market has become. This is not the way that medical science advances. Nor could these anti-virals possibly be ready, in time and at scale, to avert serious economic upheaval.

The open question is whether the coronavirus shock is enough to abort the fragile economic recovery underway since last summer’s near miss, when frightened central bankers in the US, Europe and 47 other jurisdictions cut rates in a drastic monetary U-turn.

Personally, I think the glacial SARS episode tells us little about the fast-spreading Wuhan virus. The 2019-nCoV variant is more akin to the Spanish Flu pandemic of 1918.

In fact, as Goldman noted here, the overall impact on global growth is about a 2% cut in Q1…

Of course, Goldman’s baseline assumption is that the “aggressive response from the authorities in China and elsewhere will bring the rate of new infections down sharply by the end of Q1.” If so, global economic activity should normalize in subsequent quarters.

… it will be another two weeks or so before we start to receive traditional macro data that could show a direct impact from the coronavirus outbreak and associated containment measures. Until then, market participants will need to continue to rely on sector-specific information such as news reports on factory closures and high frequency trackers of things like passenger travel and utility consumption.

But what if the virus is not “cured” by then? And what if the money-printing can’t save the world’s workshop?

As AEP points out, there is no global economic safety margin.

Both the US Federal Reserve and the European Central Bank have already relaunched quantitative easing – a bizarre thing to do if the US economy is really doing as well as Donald Trump claimed in his State of the Union address. Clearly US strength is a late-cycle illusion. Exhaustion has been masked by both by a blast of monetary stimulus and a fiscal deficit near 5pc of GDP.

The scale of disruption in China is already staggering and is already spreading worldwide… and fastas Mike Shedlock details belowChina is effectively shut down and goods are now stranded in floating quarantines.

Nearby countries like Japan and South Korea are hit hardest but Global Shipping Disruptions will spread fast.

About 80% of world goods trade by volume is carried by sea and China is home to seven of the world’s 10 busiest container ports, according to the United Nations Conference on Trade and Development. Nearby Singapore and South Korea each have a mega port too.

“A closure of the world’s manufacturing hub impacts container shipping at large, as it is a vital facilitator of the intra-Asian and global supply chains,” said Peter Sand, chief shipping analyst at BIMCO, an international shipping association. “This will affect many industries and limit demand for containerized goods transport,” Sand told CNN Business.

The shutdowns mean that some ships can’t get into Chinese ports, as the loading and discharging of goods slows, said Guy Platten, secretary general of the International Chamber of Shipping, a trade body. Others are stuck in dock, waiting for workers to return to ports so that construction and repairs can be completed, Platten added.

Still more vessels are idling in “floating quarantined zones,” as countries such as Australia and Singapore refuse to allow ships that have called at Chinese ports to enter their own until the crew has been declared virus-free, added Sand. Platten said he knew of at least one crew that is running low on food because their ship has been idled for so long.

Giant shipping companies such as Maersk, MSC Mediterranean Shipping, Hapag-Lloyd and CMA-CGM have said that they have reduced the number of vessels on routes connecting China and Hong Kong with India, Canada, the United States and West Africa.

Not Just Shipping

IAG Cargo, the air cargo arm of British Airways parent IAG, on Monday canceled all services to and from mainland China for at least the remainder of the month, citing a UK government travel advisory, according to a statement on its website.

German logistics group DHL has reported “severe disruptions to inbound and outbound air cargo shipments, trucking and rail cargo services.”

Shipping Down 20% in China Ports

The Wall Street Journal reports Coronavirus Hits Shipping as China Port Traffic Slides

“The full impact of the Chinese coronavirus outbreak on container volumes will not be fully measurable until ports announce their throughput numbers for the first quarter, but data collected on weekly container vessel calls at key Chinese ports already shows a reduction of over 20% since 20 January,” Paris-based Alphaliner said in the report, released late Tuesday.

“As far as box volumes in China, we see a fall of around 23% over the past three weeks as the country is gradually shutting down,” said Wang Lei, a broker in Shanghai, the main gateway for Chinese exports and the world’s busiest seaport with some 42 million containers a year.

“Workers from crane operators to customs officials and truck drivers are staying home,” Mr. Lei said. “It’s always slower during the Lunar New Year holidays, but this is something else. People are afraid to interact and it’s killing business.”

Supply Chain Disruption to Japan and South Korea

Harald Malmgren@Halsrethink

Am informed from my industry network in Asia about 2/3 of Chinese industrial supply chains to Japan already shut down, almost complete shutdown to So.Korea. Impact on Taiwan, Germany, other big manufacturing exporters must also be severe. Hit to Q1 global GDP? https://twitter.com/Halsrethink/status/1225430038327123976 

Harald Malmgren@Halsrethink

Coronavirus seasonal&limited by heat&sunlight location. Chinese govt struggling to determine incidence. Greater market attention should be on mandated immobility paralyzing Chinese production, severely disrupting global supply chains. e.g. SoKorea automakers facing shutdown

Germany Coming Up

Gary Haubold@GaryHaubold

German factory orders in December were down significantly & that’s before nCoV virus hit China visibly.

1Q factory orders in Germany & Europe will likely get it much harder. China is Germany’s #3 export market . . .

View image on Twitter

Nothing Moving

Mr Nobody. FAO SNP cockwombles – drop dead.@nobodytoknow

I know a small business owner who imports from China, nothing has moved from the warehouses over there for 4 weeks now.

Permanent Relocation?

Tomasz Deptuch, PhD@TomekDeptuch

Nobody knows how long would 2019-nCoV pandemia last, but it might be long enough to make end manufacturers trigger permanent relocation of supply chains, rather than consider it a temporary interruption.

And most stunning of all, The Baltic Capsize Index is Negative…

Index tracking freight rates for world’s largest cargo ships plunges deep into negative territory as coronavirus slows global trade.

The Baltic Exchange’s capesize index, which constitutes part of the Baltic Dry Index—an important proxy for the world’s shipping market—extended deeper into negative territory Monday, after slipping below zero for the first time ever on Friday.

Capesize vessels move products such as iron ore and coal from mines in Latin America and Australia to Europe and China. The index tracking them plunged from minus 21 points to an all-time low of minus 102 on Monday, a Baltic Exchange spokesperson said.

The broader Baltic Dry Index, which tracks global shipping rates, fell to 466 on Monday, its lowest level in four years.

If the rate is negative, someone is paying you to take the ship.

For now, The Telegraph’s AEP concludesglobal markets remain in Pavlovian mode. There will always be more Chinese stimulus. Uncle Xi will always look after everybody. Close China-watchers – and some very sharp scientists – suspect that this latest flurry of optimism is just a lull before the thunderstorm.

“It’s now clear that coronavirus is a serious event risk to the entire world and that financial conditions are tightening very quickly,” said Edward Harrison from Credit Writedowns.

The channel of financial contagion runs from the epidemic through the oil price to a “bear market rout” in the broader energy sector, and from there to overstretched US junk bonds. “High yield is where the rubber hits the road,” he said.

Supply chain disruptions are starting to hurt big time.

The airlines, carmakers, and phone makers are already in trouble, especially Hyundai and Apple. The list of companies that so far have indicated that Q1 business operations will be impacted cut across a number of industriesSo far the list includes – Delta, American, United, GM, Ford, Tesla, Google, Starbucks, McDonalds, Boeing, Nike, Wynn Resorts, Hilton Hyatt and Marriott – and the list will undoubtedly grow in coming months.

Shipping disruptions to the US will hit the West coast ports no later than March.

But hey, let’s pretend this is no worse than an average flu…

end

Hong Kong

None members of one family become infected with the coronavirus after sharing a meal in Hong Kong.  The coronavirus targets ACE 2 receptors not only in the lungs but also other organs.

This is why this virus is deadly

a must read..

(zerohedge)

 

Nine Members Of Hong Kong Family Infected With Coronavirus After Sharing Meal

One of the biggest clinical surprises involving the coronavirus epidemic in recent days was the discovery that in addition to targeting ACE2 (angiotensin converting enzyme 2) receptors in the respiratory tract, resulting in an aggravated “cytokine storm” in the lungs and lethal pneumonia as the cause of death, the virus which increasingly appears as if it was developed in a the Wuhan Institute of Virology, also targets ACE2 receptors in other organs such as heart, kidney, liver, intestine, etc., which in turn explains why the first Hong Kong death from coronavirus was the result of heart failure and not pneumonia.

Greg Folkers@greg_folkers

.@SSRN SSRN: More Than , The Potential Occurrence of Multiple Organ Failure in 2019 Novel Infection http://bit.ly/2OujUDq

View image on Twitter

This discovery also hints at air passage as a likely form of viral transmission, which in addition to the discovery that the virus can survive as long as a week on any surface, has dramatically raised the odds of widespread distribution.

Concerns about the way the virus spreads are likely to surge following a report that nine members of the same Hong Kong family have been infected with the deadly new coronavirus after sharing a hotpot and barbecue meal.  A hotpot – also known as a steamboat – is a bubbling cauldron of stock shared communally, to which diners add ingredients.

It wasn’t immediately clear if the food was contaminated with the virus, or if one of those present for dinner was a carrier.

According to the SCMP, the nine made up almost all of the 10 positive cases reported in the city on Sunday after seven people – all members of the family – were confirmed late in the evening as having the infection. Earlier in the day, a 24-year-old male member of the family and his grandmother were confirmed to have the virus. The man’s mother and father, two aunts and three cousins were the others infected. Their ages range from 22 to 68.

Adding to the mystery of the viral spread, the other case confirmed earlier was a 70-year-old man who had not travelled out of Hong Kong since January 9, spending most of his time at home.

With the 10 new cases, the number of people infected in the city jumped by more than a third to 36, heightening fears of a community outbreak. The development came as health authorities warned of “major difficulties” in tracing possible virus carriers because some might only show mild flu-like symptoms at an early stage.

In response to the increasing number of cases, the Hospital Authority, which runs the city’s public health facilities, also said it would drastically adjust non-urgent services in the coming four weeks.

“We’re facing major difficulties in isolating the suspected cases and tracing those who had close contact with the confirmed patients,” Dr Chuang Shuk-kwan, head of the communicable disease branch of the Centre for Health Protection, said, adding that it was because some people would only show mild symptoms and thus it was hard to tell who might have the virus.

Nine of the new cases had been to a family gathering on January 19 at the Lento Party Room in Kwun Tong. Nineteen people had joined the dinner, including two relatives from mainland China who left the city at the end of last month.

“I suggest the public cuts down on these gatherings. If they are necessary, try to reduce the time spent together,” said Chuang, who also urged citizens not to share chopsticks with those they dine with.

Ironically, even as authorities warned that the virus may spread even as carriers show mild, or no symptoms, about 3,600 passengers and crew members on board the World Dream cruise ship quarantined in Hong Kong for four days finally left the vessel on Sunday after control measures were completed. According to the report, all of the 1,800 crew members, who possibly had contact with eight passengers infected with the new virus on a previous trip, tested negative for the disease.

Commenting on whether Hong Kong could stop the spread of the virus in the community, Chuang said it depended on how many virus carriers there were who showed little or no symptoms.

“If there are many people who have no symptoms or only mild symptoms, and they have infected many others, then there isn’t much we can do to stop the spread,” she said. “We will do all we can.”

Two medical sources, meanwhile, said a 69-year-old man with diabetes had also tested positive for the coronavirus, possibly raising the total tally further. He remained in critical condition on Sunday at Pamela Youde Nethersole Eastern Hospital’s intensive care unit. He travelled to the mainland more than a month ago, so well before China scrambled to quarantine hundreds of millions of people across more than 60 cities, a move that in retrospect now appears to have been moot.

Pursuing its own quarantine, the number of people entering Hong Kong dropped sharply as a 14-day mandatory quarantine scheme to tackle the coronavirus outbreak took effect on Saturday.

On that day, only 23,399 people entered the city through the airport, Hong Kong-Zhuhai-Macau Bridge and Shenzhen Bay Port, the three control points that remain open, down from 95,982 on Friday. Of these, only 1,430 came through land crossings on Saturday from Macau and the mainland.

From Saturday to 7pm on Sunday, 918 people were put under mandatory quarantine. They included 814 Hong Kong residents.

end

 

CHINA/CPI//

We knew that this would happen.  The virus is causing soaring food prices inside China

(zerohedge)

China Suddenly Has Another Major “Virus” Problem, As Soaring Food Prices Put A Lid On Central Bank Intervention

Soon the only food that will be affordable in China, is coronabat stew.

With over 400 million people across dozens of Chinese cities living in lock down as a result of the Coronavirus pandemic, crippling global supply chains and grinding China’s economy to a halt, it is easy to forget that China has been battling another major viral epidemic for the past two years: namely the African Swing Fever virus, aka “pig ebola” which killed off over half of China’s pig population in the past year, sending pork prices soaring, and unleashing a tidal wave of inflation.

Well, moments ago, the world got a stark reminder of this when China reported that in January, its CPI jumped by whopping 5.4% Y/Y, the highest print in nine years…

… driven by a surge in pork prices, which reversed a rare drop in December when the slid by 5.6%, rising 8.5% in just ont month, and a record 116% compared to a year ago.

This unprecedented surge in pork CPI meant that China’s food CPI rose a record 20.6% in January, also the highest on record, as China’s population, now ordered to live under self-imposed quarantine, suddenly finds it can no longer afford to buy food .

Needless to say, this is suddenly a major problem for China, whose central bank has in the past two weeks unleashed an unprecedented liquidity tsunami, including the biggest ever reverse repo injection…

… in hopes of stabilizing the stock market. Well, oops, because some of this liquidity now appears to be making its way into the broader economy, and is making already scarce food (aside from bat stew of course) even more unaffordable, and the already depressed and dejected Chinese population even more hungry, and angry.

There was one silver lining in today’s data: after spending half a year in deflation, China’s Production Prices, a proxy for industrial profits and overall price leverage, finally printed in the positive, rising 0.1% Y/Y, and better than the expected 0.0%

So far so good, however, with China’s economy now on indefinite lock down, expect the correlation shown in the chart above to break any moment now, with industrial profits crashing as a result of the coronavirus putting countless Chinese factories on lock down at least until the coronavirus is contained. When that happens is anyone’s guess, but one thing is certain: at the rate food prices are exploding, soon the only food China’s population will be able to afford will be the experimental bats used by the Wuhan Institute of Virology, one of which may or may not have been accidentally sold to the local fish market last December triggering what is now the worst viral pandemic in decades.

Just as concerning, if only for Beijing, is that if the surge in food prices isn’t “contained” very soon the arms of the PBOC will be tied and any hopes that China will reflate its economy – and the world – to offset the economic crunch resulting from the coronavirus, will be weaponized and vaporize right through the HVAC, just like any number of manmade viruses currently being developed in Wuhan, as pretty soon China’s population – starving and quarantined – will have no choice but take matters into its own hands.

END

SUNDAY NIGHT//CHINA

The latest on the coronavirus transmission

(zerohedge)

“Tip Of The Iceberg” – WHO Director Warns Of More Widespread Transmission As Virus Death Toll Tops 900 And 40,000 Confirmed Cases

Summary:

  • Virus death toll hits 902, vastly surpassing all of  SARS (813) in only three weeks
  • The number of global confirmed cases hits 40,553 in China (40,171) and offshore (382)
  • WHO Director-General warns “we may only be seeing the tip of the iceberg”
  • Exiled Chinese billionaire says true death toll closer to 50k, 1.5 million infected
  • New cases confirmed in UK, Spain, Singapore
  • Passengers aboard ‘Diamond Princess’ warn authorities aren’t doing enough to protect them – and others
  • Officials in Shenzen say they won’t block Foxxconn factory reopening
  • Cruise ship quarantined in Hong Kong allowed to leave after 4 days

* * *

Update (1900ET): The latest official “numbers” from China’s National Health Commission are out and they confirm that after a modest slowdown in the past few days, the number of new cases has once again rebounded.

Here’s what we know: the total number of mainland cases has risen from 37,198 to 40,171, with 97 new deaths overnight, the most yet in one day, bringing the total death tally in China to 908.

And, as has been the case for the past weeks, the number of cases remains within spitting distance of 3,000, rising from yesterday’s 2,652 to 2,973, however this number is largely irrelevant: as Dr. Scott Gottlieb   the increase in the number of confirmed cases is likely a function of China’s “testing reporting capacity”, which is roughly 3,000 per day . This means that every suspected case eventually becomes a confirmed cases, and only logistics limit how many new cases are actually being added any given day. As such, any change in the number of new cases is not only irrelevant but misleading for all those who actually trade on this as an indicator of whether the Coronavirus has peaked.

As for the now utterly meaningless death rate, one only wonders what goalseek model China is using ot keep the death rate within +/- 0.1% of 2.1% for the past two weeks.

And here we get into the part where China openly fabricates numbers. First, as discussed several days ago, the number of people receiving medial attention unexpectedly peaked at just under 190,000 after increasing by about 15,000-20,000 daily until then, in a truly mysterious “kink” on the chart below.

And finally, in the latest entrant to the “goalseeked” race, we have the number of suspects coronavirus cases, which after rising consistently by about 1,000-2,000 for the past two weeks, suddenly collapsed by over 5,000 overnight, resulting in a sharp drop in the total number of suspects cases from 28,942 to 23,589. On the surface this would be great, the only problem is that this violates virtually every aspect of viral epidemiology, and if anything only confirms how aggressively China is now fudging the data.

* * *

Update (1725ET): China’s Hubei Province reports 2,618 additional Coronavirus cases overnight with a stunning 91 new Coronavirus deaths – the biggest daily jump yet.

This pushes the officially-reported “confirmed cases” to 29,631 as China’s official death toll rises to at least 902.

While that is bad enough, the WHO Director-General warned ominously…

FOR REST OF COMMENTARY:

https://www.zerohedge.com/geopolitical/were-totally-dark-japan-not-doing-enough-contain-outbreak-diamond-princess-passengers?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29

END

China/rigging of numbers/coronavirus

As we have told you, the Chinese have rigged the numbers

(zerohedge)

This Is How China Is Rigging The Number Of Coronavirus Infections

We knew something was off a few days ago when China’s National Health Commission reported that the number of people receiving medical attention over the Coronavirus unexpectedly peaked after rising at roughly 15,000-20,000 each day, and flatlined ever since, even posting three days of declines in the past week.

The sense that China was manipulating the data only grew overnight when according to the latest NHC data, the number of suspected coronavirus cases suddenly plunged by more than 5,000 to 23,589 from 28,942 the day before.

All of this emerged even as China reported a welcome, if suspicious tapering in the number of new cases, which had plateaued at just over 3,000 (a number which Dr. Scott Gottlieb was not indicative of the actual infection spread but merely China’s ability to conduct at most 3,000 successful tests per day) and have since been declining.

In retrospect it turns out that China indeed “took steps” to demonstrate to the world that it was winning the war against the coronavirus. And since it wasn’t doing so in the real world, it decided to do so by engaging in the oldest trick in the Chinese book: by moving the goal posts and changing the definition of what an “infection” means.

As reported by local media this morning, the Chinese National Health Commission quietly changed its definition of Coronavirus “confirmed case” in the latest guideline dated 7/2. As a result, going forward patients who tested positive for the virus but have no symptoms will no longer be regarded as confirmed. As Alex Lam observes, “this inevitably will lower the numbers.”

Alex Lam 林偉聰@lwcalex

Chinese National Health Commission has changed their definition of “confirmed case” in their latest guidelines dated 7/2. Patients tested positive for the virus but have no symptoms will no longer be regarded as confirmed. This inevitably will lower the numbers.

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As Apple Daily reports, in the latest, fourth edition of the NHC protocol, “mild” is classified as “confirmed cases” but “asymptomatic infected persons” is defined as “persons with no clinical symptoms, respiratory tract specimens, etc. who are positive for new coronavirus pathogenic tests.” As a result, “asymptomatic infection” no longer counts as confirmed cases.

Conveniently, the new rule has triggered provinces “to find cases that can be deducted from the total number of confirmed cases.” For example, Heilongjiang has axed 13 cases from their tally stating the new definition. Hubei has deducted 87 cases today, but authorities did not explain why.”

In total, over 100 cases have been deducted from the running “confirmed case” total over the past 2 days, while also impacting the number of suspected cases. The concerning problem, however, is that authorities do not disclose the number of symptom-less infected patients after they count them separately, and as Alex Lam cautions, “there will be no way of knowing the exact magnitude of the outbreak.”

This, of course, is a problem because as a recent article written by a team led by Dr. Zhong Nanshan, suggested the WuhanCoronavirus can be transmitted by infected patients even they without them showing symptoms, which is what makes the virus so infectious, as “sick people could be spreading it without knowing.”

One final note: China’s bizarre change in definition conflicts with that of the WHO itself which put out an interim guidance on the Wuhan Coronavirus last month, when it present a definition for Confirmed Case: “person with laboratory confirmation irrespective of clinical signs and symptoms. It is very clear. ”

Alex Lam 林偉聰@lwcalex

Full article on @appledaily_hk https://hk.news.appledaily.com/local/20200210/4R4BTUH4UYOUBPWF4SXT4WHC5E/ 

【Fact Check】強國搬龍門!「無症狀」唔當確診 兩日即減過百病例

武漢肺炎全國爆發,全國確診總數突破4萬宗,但近日有多個省市都在紀錄上減去確診病例,有省分解釋是因國家衞健委日前公佈的《新型冠狀病毒肺炎方案》將有發病的確診病例和「無症狀感染者」分開統計;過去兩日全國已減去超過100宗案例。不過《蘋果》核對數據發現,中央和地方公佈的減例數字不一…

hk.news.appledaily.com

Alex Lam 林偉聰@lwcalex

@WHO has put out an interim guidance on surveillance last month and it has a definition for Confirmed Case: person with laboratory confirmation irrespective of clinical signs and symptoms. It is very clear. https://www.who.int/publications-detail/global-surveillance-for-human-infection-with-novel-coronavirus-(2019-ncov) 

View image on Twitter

This shocking “change in definition” of a coronavirus infection naturally prompts the question: just how is China gaming the other infection data to make the disease appear more contained, and more manageable, and can one even remotely trust the official coronavirus numbers published by the National Health Commission?

end
Not  very smart:  China gives the OK to resume production in two plants with one in full production and the other in partial production in Shenzhen.
(zeorhedge)

Stocks Surge After FoxConn Receives Approval To Resume Production In Shenzhen

Following last night’s confusion whether the world’s largest electronics maker, Taiwan’s Foxconn, would resume operation at its Zhengzhou and Shenzhen plants, with Reuters stating the iPhone producer had been allowed to return to work to its Zhengzhou plant sending futures to overnight highs, even as the Nikkei countered shortly after that that was not the case, moments ago Reuters once again chimed in, reporting that in addition to approval to restore operations at its main plant in Zhengzhou, which employs over 350,000 workers and makes half the world’s iPhones, Foxconn has also received approval to resume partial production at its Shenzhen plant:

  • FOXCONN HAS RECEIVED APPROVAL TO RESUME PARTIAL PRODUCTION FOR KEY PLANT IN CHINESE SOUTHERN CITY OF SHENZHEN ON TUESDAY – SOURCE WITH DIRECT KNOWLEDGE: RTRS

The two factories together make up the bulk of Foxconn’s assembly lines for Apple’s iPhones, and the delays are likely to impact global shipments. Ahead of the news, market research firm Trendforce on Monday cut its March-quarter forecast for iPhone production by about 10% to 41 million handsets.

That said, it wasn’t necessarily clear what “resuming production” actually means, because in a separately headline, Reuters said that only about 10% of the workforce had returned to Shenzhen (it was unclear what percetnage of Zhenghou workers had returned):

  • ABOUT 10% OF WORKFORCE HAS RETURNED TO FOXCONN’S PLANT IN SHENZHEN AS OF MONDAY-SOURCE WITH DIRECT KNOWLEDGE: RTRS

Similarly, under 10% of Foxconn’s workforce in Zhengzhou had returned to the plant, the Reuters source said, adding that company executives were trying very hard to negotiate with authorities to resume production in other parts of China, including Kunshan, in southeastern Jiangsu province.

Lack of details aside, the government’s permission for Foxconn to resume production and thus keep supply chains alive was quickly interpreted by the market as a stamp of confidence by Beijing that it would contain the virus. As for the return of just 10% of workers to the factory, Rabobank’s Michael Every put it best: “it was enough to fool the algos, but not enough to mean much to supply chains.” Then again, fooling the algos is all that matters and the Emini is now trading at session highs and rapidly approaching its all time highs:

A similar dynamic was observed earlier in Tesla shares which soared as much as 8% in early trading after the electric-car maker resumed production at its China factory with the help of the Shanghai government. As Bloomberg notes, Shanghai government officials said during a briefing Saturday that it would make all efforts to help key companies including Tesla return to normal production. Tesla shares lost some steam toward the end of last week after analysts at RBC Capital Markets and Canaccord Genuity warned that the shutdown of the factory posed risk to its business plans, including a target for at least 500,000 vehicle deliveries in 2020.

Automakers including Volkswagen, Toyota Motor Corp. and Honda Motor Co.have meanwhile extended shutdowns, with several of their China factories now scheduled to resume production no sooner than Feb. 17.

END

Does A Sudden Surge In SO2 Levels Suggest A Huge Surge In Cremations Across China?

Authored by Mike Shedlock via MishTalk,

A sudden rise sulphur dioxide (SO2) levels is associated with sudden burning of organic matter including human bodies.

Massive Release of Sulphur Dioxide

We now have further evidence of hidden coronavirus cremations in China.

INTELWAVE🌊@inteldotwav

Data from http://windy.com  shows a massive release of sulfur dioxide gas from the outskirts of Wuhan, commonly associated with the burning of organic matters. Levels are elevated, even compared with the rest of China.

View image on Twitter

Tweet Chain

  • Data from http://windy.com shows a massive release of sulfur dioxide gas from the outskirts of Wuhan, commonly associated with the burning of organic matters. Levels are elevated, even compared with the rest of China.
  • From the same time, using the same scale – notice that the emissions are heightened across the board. Only other city that comes near to it is Chongquing, which is also afflicted by the coronavirus.
  • A few distinct possibilities:
  1. This is a power plant releasing all this gas. Unlikely, considering how deviant the numbers are from the norm. No other city comes close to how much SO2 is being released from Wuhan.
  2. A second one: Wuhan is burning municipal trash and possibly contaminated animal carcasses. Possible, but why would they not just dump it where they usually do?
  3. And the third and most morbid: Dead bodies are being burned on the outskirts of the city, the death numbers are way higher than the CCP is letting on about, and things are really, really bad.
  • I don’t know the relative probabilities of these events, make up your own mind as to which is most likely.
  • Also note that I changed the scale displayed to view only the peaks, look at concentrations above 500ug/m^3 to see the real story.
  • Current SO₂ levels are extremely elevated, at 1700ug/m^3, where 80ug/m^3 is considered dangerously high.

Sign of Mass Cremations in Wuhan

Also consider Rise in Sulfur Dioxide Could be Sign of Mass Cremations in Wuhan

The article refers to the above Tweets and also mentions two other possibilities.

  1. According to the Department of Public Health of the U.S. state of Georgia, crematories release a wide variety of chemicals besides SO2, such as “mercury, dioxin, hydrochloric acid, nitrogen oxide, carbon monoxide, and dioxins.” Twitter user Vet Watching pointed out that the elevated SO2 levels could also be explained by the burning of tons of contaminated medical waste.
  2. Environmental scientist Dr. Jorge Emmanuel was cited by Health Care Without Harm as saying that the burning of medical supplies releases a number of pollutants, including “fly ash; heavy metals such as arsenic, chromium, copper, mercury and lead; acid gases such as hydrogen chloride, hydrogen fluoride, sulfur dioxides, and nitrogen oxides; carbon monoxide; and organic compounds. “

Chris Martenson Takes That Data Seriously

I highly recommend playing that video.

Bullet Trains

Travel China reports on the Chongqing – Wuhan Train

  • Thirty-one pairs of bullet trains run between Chongqing and Wuhan
  • Duration: around 5.5 – 7.5 hours
  • Running Distance: about 900 kilometers (559 miles)
  • Top Speed: G type: 300 km/h (186 mph), D type: 250 km/h (155 mph)
  • Major Stations along the way: Yichang East, Jingzhou, Enshi
  • Operated at: Chongqing North Railway Station, Wuhan / Hankou Railway Station

Those trains are no longer in service. Wuhan is locked down.

5 Million Leave Wuhan

Flashback January 26, Global Coronavirus Cases Jump 50% Overnight, 5 Now in US

Mr. Zhou said more than five million people have left Wuhan, leaving about nine million. Many residents hail from around the region and normally leave town for Lunar New Year, and it isn’t known how many specifically fled because of the virus.

My Jan 26 Comments

  • “5 Million Potentially Infected Fled Wuhan”
  • “Let that stat sink in along with the fact that the incubation period is up to two weeks and mutations could be higher.”

For that observation, I was accused of fear mongering.

Escape From Wuhan by Plane

On January 28, I noted Many Planes Actually Made it Out of Wuhan Yesterday and Today.

Coronavirus May Infect Up to 500,000 in Wuhan Before It Peaks

Bloomberg reports Coronavirus May Infect Up to 500,000 in Wuhan Before It Peaks

“That would potentially mean at least 1 in 20 people would have been infected in the city by the time the epidemic peaks.”

Jim Bianco’s Latest

Jim Bianco@biancoresearch

Feb 7 – Hubei, 6K tests/day. 30% neg. So 1.4 tests for a pos result. Also need 2 neg tests to be cleared as “recovered”

Hubei hit their test limit in Feb 4, same day the virus growth rate peaked.

Detailshttps://www.biancoresearch.com/__trashed-5/ @MishGEA @ErikSTownsend @chrismartenson

View image on Twitter

Wuhan Coronavirus Testing Capacity

Bianco’s Key Ideas

  • On February 4 they hit the ceiling on the number of tests that can perform. This assumes no tests are no mistakes, no patients having multiple tests, and it assumes the negative test rate of 30% is constant every day.
  • In other words, the officials in Hubei province cannot keep up and are reporting what they can do, not how much the coronavirus is actually growing.

Economic Impact

The Economic Impact is Massive due to supply chain disruptions.

Apple, travel companies, and carmakers are among those hardest hit right now.

Wuhan Crematory 127 Yesterday, This is 4-5 Times Normal Rate

Yesterday, I posted Wuhan Crematory 127 Yesterday, This is 4-5 Times Normal Rate

Two days ago I commented Coronavirus Super-Spreader Infects 57 in Hospital

If I am not mistaken, this data all seems to fit together nicely.

I would rather be mistaken.

END

4/EUROPEAN AFFAIRS

UK/CORONAVIRUS

MONDAY MORNING/

UK  declares the coronavirus and serious and imminent threat to the public health and allows them to detain and or order immediate quarantine

(London’s Guardian)

and special thanks to both Robert and G for sending this to us

Coronavirus: UK declares ‘serious and imminent threat’ to public health – latest news

Declaration gives UK government additional powers as death toll inside China jumps to 908 with more than 40,000 infections

LIVE Updated 
People carry signs in support of Wuhan, China, at the center of the coronavirus outbreak, during the Lunar New Year parade in New York
People carry signs in support of Wuhan, China, at the center of the coronavirus outbreak, during the Lunar New Year parade in New York Photograph: Ted Shaffrey/AP

end

UK/Cruise ship Westerdam/Super spreader/Coronavirus

We now have aupdate on the Westerdam who was refused docking from 3 countries.  It looks like Thailand will alow docking this Thursday. The super spreader has returned from Singapore to London and that put london on the defensive as they warn of an imminent threat

(zerohedge)

 

UK Warns Coronavirus Is “Imminent Threat” After Suspected “Super Spreader” Returns From Singapore

Summary:

  • China reports 97 deaths on Sunday bringing death toll to 910
  • Westerdam cruise ship to dock in Thailand after being turned away from 3 countries
  • Stocks are in the red as coronavirus worries return to rattle investor confidence
  • WHO designates 10 Chinese provinces ‘hot spots’
  • UK confirms 4 more cases tied to possible ‘super spreader’
  • Extended LNY holiday ends but millions still too afraid to return to office
  • WeWork Chairman says 100 buildings temporarily closed in China

* * *

Update (0850ET): Carnival cruise’s PR crisis team just hit it out of the park with this one. After the NYT reported on the growing sense of paranoia among the 3,600 people stuck onboard the Diamond Princess – including their ‘deranged conspiracies’ about the virus spreading through their food and air ducts – another passenger participated in a remote live interview on CNBC to defend the cruise line’s handling of the incident.

“I personally believe it’s run very well…getting us into quarantine and keeping us in the cabin as much as possible in the circumstances…the only people they’ve bee letting out are in small groups to get some air.”

“I recognize the situation…I’m maintaining my confidence that they will conclude that we’re asymptomatic and we’ll be allowed to leave after the 14 days.”

“Though after you think about how many days remain…it can get a little depressing.”

“I give Princess Cruises and the captain of this vessel an A++ in handling this.”

In other words, everything is fine. There’s nothing to see here people. Hopefully, if we play ball, the Japanese health officials will take pity on us and let us go after 14 days, instead of keeping us trapped on this ship forever.

* * *

Update (0815ET): Listening to WeWork’s Executive Chairman Marcelo Claure during a Monday morning interview with CNBC, we heard him say that WeWork has temporarily closed 100 buildings in China due to the coronavirus.

While the virus has been an unequivocal disaster for the Chinese economy, at least WeWork now has a scapegoat for when its already floundering China business goes completely belly-up (dragging the rest of the company down with it).

Meanwhile, CNBC’s Eunice Yoon, whose early-morning reports have become a lodestone for investors following the situation inside China’s borders, just shared an update on China’s big ‘return to work’, essentially confirming that the global supply chain remains frozen.

Eunice Yoon

@onlyyoontv

struggled to reopen today- especially firms in the . Manufacturers dealing with a tangle of conflicting requirements that vary province to province, city to city. Most being asked to provide extensive prevention of before they can reopen.

Finally, here’s some more food for thought that we included in one of our earlier posts:

Antonio Gramsci@timeofmonsters_

So what do we know that is reliable about the virus? Well, for one thing, a single cruise ship has  more infected people than any COUNTRY outside China. In fact, almost DOUBLE the number of infected people of any country outside of China.

Antonio Gramsci@timeofmonsters_

How many deaths have there been from the virus outside of China? 2. Yep, 2.

China reported and we see photos of “super hospitals” in Wuhan built in just days. Photos look like a jails with bars on windows. The explanation, which we accept, is there are just so many infected.

Antonio Gramsci@timeofmonsters_

China locks down many cities in the mainland we are told, but we know China does not allow Hong Kong to close its border with China. People flood into Hong Kong from Shenzhen.

Antonio Gramsci@timeofmonsters_

Antonio Gramsci@timeofmonsters_

So we know not long ago Hong Kong was a major nuisance for China. But now everyone is in their homes. Very little communication. The military in China is fighting the virus. Perhaps there is something else going on. I do not have the answers at all. Just posing this question.

Antonio Gramsci@timeofmonsters_

Want to throw this out there. This is only a theory. It may be wrong. No one knows. When you have a ruin-type exposure to an event with an unknown probability it is wise to take all precautions. But “purge” is a possibility.

More food for thought…

Meanwhile, Peter Navarro told Fox Busines that the outbreak in China might inspire more drug and medical supply manufacturers to the US, building on Wilbur Ross’s claim that the outbreak could help bring more jobs back to North America. More ominously, he also claimed that China will have to pay for how the virus started.

* * *

Monday was supposed to mark the official ‘return to work’ for many companies around China. That hasn’t exactly panned out…

Russian Market

@russian_market

China is going back to work.

Embedded video

…though the image presented by state controlled media was somewhat more optimistic.

Global Times

@globaltimesnews

Along with many other Chinese cities, Monday marked the first working day in Shanghai after the long Spring festival break. The flow of commuters and traffic amid the outbreak increased significantly compared to previous days. http://bit.ly/31FfYFe

View image on TwitterView image on TwitterView image on TwitterView image on Twitter

Western media like CNN reported that “millions” returned to work on Monday, even if large swaths of the Chinese economy remained shut down. many will be working from home if possible, as quarantines leave millions stuck in their homes and millions more terrified to go outside. After Chinese health authorities reported 97 deaths on Sunday, the total number of cases worldwide has now topped 40,000, while the death toll has hit 910, according to the most up-to-date data from the SCMP:

But even as workers started to log back in, or even returned to the office in some rare cases, nearly 100 more were declared dead from the outbreak, a daily record. Meanwhile, as we noted last night, the WHO – which previously had aggressively kowtowed to Beijing – said the number of cases outside China could be  “just the tip of the iceberg,” according to Reuters.

Across mainland China, 3,062 new infections were confirmed on Sunday, bringing the total number to 40,171, according to the National Health Commission (NHC).

Wu Fan, vice-dean of Shanghai Fudan University Medical school, said there was hope the spread might soon reach a turning point.

“The situation is stabilising,” she told a briefing when asked about the spread in Shanghai, which has had nearly 300 cases and one death.

But WHO chief Tedros Adhanom Ghebreyesus, speaking in Geneva, said there had been “concerning instances” of transmission from people who had not been to China.

“The detection of a small number of cases may indicate more widespread transmission in other countries; in short, we may only be seeing the tip of the iceberg,” he said.

Dr. Tedros added that the WHO is monitoring 10 Chinese provinces as possible virus ‘hot spots’.

But outside China, the viral outbreak is beginning to take on more characteristics of a global pandemic. An outbreak at a ski chateau in the French Alps has reawakened anxieties about an uncontrolled outbreak in Western Europe, as government health officials in Britain and France scramble to trace everybody who had contact with a British citizen who apparently picked up the virus during a visit to Singapore.

Authorities worry that this unnamed ‘patient zero’ might be a ‘super spreader’: The man unknowingly carried the virus across continents, and at least six people have already been sickened after coming into contact with him. Research released last week suggested that the virus can spread before symptoms are present. on Monday, the British secretary of state declared the virus “a serious and imminent threat to public health.” This gave the government new powers to forcibly quarantine people after one infected patient tried to leave Arrowe Park, where the British government has quarantined some of those who just returned from Wuhan. In Hong Kong, two people appear to have escaped from a mandatory quarantine, prompting police to issue wanted notices.

“The Secretary of State declares that the incidence or transmission of novel Coronavirus constitutes a serious and imminent threat to public health,” the U.K. health ministry said in a statement on Monday.

“Measures outlined in these regulations are considered as an effective means of delaying or preventing further transmission of the virus.”

All rescued Britons signed a contract agreeing to a 14-day quarantine period at a place of the government’s choosing. On Monday, EasyJet has confirmed that a passenger who recently flew aboard one of its flights had been diagnosed with the coronavirus. The airline said Public Health England is reaching out to passengers.

Source: Johns Hopkins

Public Health England said Monday that anyone who has had contact with the newly confirmed cases should seek help immediately. Dr Nick Phin, deputy director of National Infection Service at Public Health England, said the following, according to the Guardian:

These new cases are all closely linked and were rapidly identified through Public Health England’s comprehensive contact tracing approach and tested quickly.

Our priority is speaking to those people who have had close and sustained contact with confirmed cases so that we can advise them on what they can do to limit the spread of the virus.

Back in China, Reuters reports that more than 300 Chinese firms, including Meituan Dianping, China’s largest food-delivery company, and Xiaomi, the smartphone-making giant, have sought bank loans of at least #8.2 billion (5.4 billion yuan). The PBOC has said it will offer special lending facilities, providing the first batch of re-lending fundings on Monday. It plans to offer the facility weekly until the outbreak subsides. Reuters also reported that Apple supplier Foxconn was ultimately not allowed to resume production at its plant in Shenzen, which had been shuttered by authorities during the outbreak. In another blow to Beijing, Mongolia, China’s impoverished northern neighbor, has suspended exports of coal to China until March 2, according to the country’s National Emergency Commission. The Commission has also recommended cancelling the Mongolian Tsagaan Sar Lunar New Year celebrations set for later in the month, Bloomberg reports.

Picking up from where JPM left off, research firm Capital Economics said Monday that based on forecasts for global GDP, the outbreak could cost the world more than $280 billion during the first quarter of 2020.

Airbnb has suspended Beijing bookings until at least the end of February while promising to “refund and support guests who had cancelled reservations. And we will continue to work diligently to build programs that support our community of hosts.”

Fitch ratings warned overnight that China’s international profile “could diminish” because of the outbreak for two reasons: One, China might once again turn inwards as policymakers focus on maintaining social order and fighting the virus, two, foreigners might start to turn away from China (or maybe even move jobs back to North America, as Wilbur Ross suggested).

Authorities said they would inspect the plant “later this week” to ensure virus-control measures are being properly implemented. This after authorities initially denied reports that the plant wouldn’t reopen, though they said the plant’s reopening would be contingent on it passing an inspection.

But China isn’t the only country feeling the blowback. Sony said earlier that it wouldn’t attend the Mobile World Congress conference in Barcelona later this month because of virus-related fears. After all, the Japanese already have enough on their hands with the ‘Diamond Princess’ and the two dozen-plus infected patients scattered around the country.

CNN reports that the Westerdam, a cruise ship with no confirmed cases of the virus, will dock in Thailand on Thursday after being turned away by Japan, Taiwan and the Philippines.

More countries are planning evacuation missions to rescue citizens trapped in Wuhan and other parts of China. Reuters has put together a list (text courtesy of the Guardian) of countries that have carried out at least one evacuation mission so far…

Kazakhstan will send two planes to China on 10 and 11 February to evacuate its citizens. Kazakhstan has already evacuated 83 people from Wuhan. Of the 719 Kazakhs remaining in China, 391 have asked to be repatriated.

Singapore: A second evacuation flight is bringing back another 174 Singaporeans and their family members from Wuhan to the city-state on 9 February, Singapore’s foreign ministry said.

Philippines: Thirty Filipinos returned to the Philippines on 9 February from Wuhan, the department of foreign affairs said. The returning passengers and a 10-member government team will be quarantined for 14 days.

UK: Britain’s final evacuation flight from Wuhan, carrying more than 200 people, landed at a Royal Air Force base in central England on 9 February. A plane carrying 83 British and 27 European Union nationals from Wuhan landed in Britain last week.

Brazil: The 34 Brazilians evacuated from Wuhan landed in Brazil on 9 February, where they will begin 18 days of quarantine.

US: Two planes with about 300 passengers, mostly US citizens, took off from Wuhan on 6 February bound for the US. It was the third group of evacuees from the heart of the coronavirus outbreak, the US state department said.

Taiwan: About 500 Taiwanese stranded in Wuhan are the first batch to be evacuated

Uzbekistan: 251 people from China and quarantined them on arrival in Tashkent, the Central Asian nation’s state airline said on 6 February.

Italy: The country flew back 56 nationals from Wuhan to Rome on 3 February. The group will spend two weeks in quarantine in a military hospital, the government said.

Saudi Arabia: 10 students from Wuhan have been evacuated, Saudi state television reported on 2 February.

A plane-load of New Zealanders, Australians and Pacific Islanders evacuated from Wuhan arrived in Auckland, New Zealand on 5 February, officials said.

Thailand: A plane brought 138 Thai nationals home from Wuhan last week. They will spend two weeks in quarantine.

France: Some nationals have been evacuated from Wuhan and would be placed in quarantine. It said it would first evacuate nationals without symptoms and then those showing symptoms at a later, unspecified date.

Canada: The first group of 176 citizens were evacuated from Wuhan to an Ontario air force base early on 5 February, according to the Globe and Mail newspaper. All evacuees will be quarantined on the base for two weeks.

Japan: The country has repatriated 565 nationals since the end of January.

South Korea: About 368 people were flown home on a charter flight that arrived on 31 January. A second chartered flight departed Seoul for Wuhan on the same day, with plans to evacuate around 350 more South Korean citizens.

Indonesia: The government flew 243 Indonesians from Hubei on 2 February and placed them under quarantine at a military base on an island north-west of Borneo.

…and a (much shorter) list of countries that are still in the ‘planning stages’:

Netherlands: The country is preparing the voluntary evacuation of 20 Dutch nationals and their families from Hubei, Stef Blok, the Dutch foreign minister, said. The Netherlands is finalising arrangements with EU partners and Chinese authorities.

Spain: The government is working with China and the European Union to repatriate its nationals.

* * *

So far, two foreigners have died within China, one Japanese, one American, news we reported last week.

Those who have already been rescued from Wuhan in the US, UK and other countries are nearing the end of their 2-week quarantine detentions. Unfortunately, Chinese scientists are now saying 14 days might not be long enough for symptoms to appear. At least one patient exhibited no symptoms for 17 days – a full 2.5 weeks.

That’s bad news for the cruise ship that was allowed to sail away from Hong Kong after just a four-day hold.

Speaking of Hong Kong, CNA reports that a 24-year-old man and his grandmother, 91, were initially confirmed to have the virus, but later spread it to seven other family members, including the boy’s father, mother, two aunts and three cousins were also infected.-

Officials said the family was part of a gathering of 19 who shared the hotpot meal over the Lunar New Year holiday at the end of January. A hotpot – also known as a steamboat – is a bubbling cauldron of stock shared communally, to which diners add ingredients.

Hoarding that started in Hong Kong last week has already spread to Singapore, where CNBC reports shelves are running bare as hundreds of thousands of people scramble to brace for a worsening outbreak.

First found in the city of Wuhan in central China last December, the new coronavirus has infected nearly 37,200 people on the mainland and at least 36 in Hong Kong.

One day after the New York Times published a story asking “Where’s Xi?” in the headline, the President/God-Emperor of China has finally appeared in public, wearing his facemask in the correct fashion (several local officials in Hubei elicited an avalanche of public criticism for appearing in public without masks, or with their masks worn incorrectly).

State Broadcaster CCTV aired a brief segment featuring Xi visiting a neighborhood in Beijing. In keeping with the Chinese state’s propaganda narrative, Xi “investigated and directed” the ongoing virus prevention work and asked after residents and workers.

Global Times

@globaltimesnews

Video: Chinese President Xi Jinping inspected the pneumonia prevention and control work in Beijing on Monday afternoon. Xi visited residents and staff in a community in Chaoyang District to learn about the situation of the frontline work. http://bit.ly/2uxpzSp

Embedded video

Xi said Monday that China would take “more decisive” measures to suppress the virus. Those words should send a shudder of anxiety through a population that had expected to return to work on Monday, only to find that one most offices and factories remain closed.

Xi visited the Chaoyang district, according to state-run media Xinhua

As we reported earlier, the number of confirmed cases aboard the ‘Diamond Princess’ cruise ship under quarantine in Japan has climbed to 136.

Across China, public anger over the death of Dr. Li, a martyr who was one of eight doctors punished by local authorities for speaking out about the virus. He succumbed to the virus last week, making him the first outbreak martyr. While his portrait has circulated on the Internet, and in fliers, Weibo has introduced a new emoji on the Chinese Internet to commemorate Li: A chicken drumstick.

Global Times

@globaltimesnews

“Give Dr Li a fried chicken drumstick!” A new emoji featuring a fried chicken drumstick was added to ‘s Twitter-like platform, Weibo, to commemorate “whistleblower” doctor , who was believed to love eating fried chicken