FEB 14//GOLD UP $6.85 TO $1583.45//SILVER IS UP 10 CENTS TO $17.76/ANOTHER QUEUE JUMP FOR GOLD TODAY: 300 OZ//CORONAVIRUS UPDATE!//BILL BLAIR HAS HAD ENOUGH: CALLS ON AN OUTIDE PROSECUTOR TO LOOK AT ALL “POLITICIAL MOTIVATED CASES” INCLUDING THE MICHAEL FLYNN CASE AND ROGER STONE//MORE SWAMP STORIES FOR YOU TONIGHT.

GOLD:$1583.45 UP $6.85    (COMEX TO COMEX CLOSING

 

 

 

 

 

 

Silver:$17.76 UP 10 CENTS  (COMEX TO COMEX CLOSING)

 

 

Closing access prices:

 

GOLD: 1584.60

 

SILVER: 17.76

 

 

 

COMEX DATA

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

today RECEIVING:  22/33

EXCHANGE: COMEX
CONTRACT: FEBRUARY 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,575.100000000 USD
INTENT DATE: 02/13/2020 DELIVERY DATE: 02/18/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
355 C CREDIT SUISSE 2
435 H SCOTIA CAPITAL 3
657 C MORGAN STANLEY 9
661 C JP MORGAN 22
737 C ADVANTAGE 21 5
880 C CITIGROUP 1
905 C ADM 3
____________________________________________________________________________________________

TOTAL: 33 33
MONTH TO DATE: 7,238

we are coming very close to a commercial failure!!

 

 

NUMBER OF NOTICES FILED TODAY FOR  FEB CONTRACT: 33 NOTICE(S) FOR 3300 OZ (0.1026 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  7238 NOTICES FOR 723800 OZ  (22.513 TONNES)

 

 

 

 

SILVER

 

FOR FEB

 

 

1 NOTICE(S) FILED TODAY FOR 5000,000  OZ/

total number of notices filed so far this month: 234 for 1,170,000 oz

 

XXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE :  $ 10,264 UP 33 

 

 

 

 

Bitcoin: FINAL EVENING TRADE: $ 10,364 UP 130 

 

 

Let us have a look at the data for today

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE A HUGE SIZED 1883 CONTRACTS FROM 223,796 UP TO 225,679 WITH OUR 14 CENT GAIN IN SILVER PRICING AT THE COMEX.

 

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

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

; FEB 0; MARCH:  1221 AND MAY: 0 AND JULY: 0 ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1221 CONTRACTS. WITH THE TRANSFER OF 1221 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 1221 EFP CONTRACTS TRANSLATES INTO 6.105 MILLION OZ  ACCOMPANYING:

1.THE 14 CENT RISE 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

1.170    MILLION OZ INITIALLY STANDING IN FEB

 

THURSDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO CONTAIN SILVER’S PRICE…AND THEY WERE  UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE 14 CENTS).. AND, OUR OFFICIAL SECTOR/BANKERS  WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE  SOME SILVER LONGS AS THE TOTAL GAIN IN OI ON BOTH EXCHANGES TOTALED A STRONG 3150 CONTRACTS. OR 15.75 MILLION OZ…..   WE HAD NO LONG LIQUIDATION AND WE HAD NO BANKER SHORT COVERING, JUST A STRONG ACCUMULATION OF SILVER LONG CONTRACTS.

 

 

WE HAVE NOW COMMENCED IN SILVER THE ILLEGAL SPREADING OPERATION AND THAT EXPLAINS THE RISE IN COMEX OI DESPITE THE LOSS IN PRICE.  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:

11,538 CONTRACTS (FOR 10 TRADING DAYS TOTAL 11,538 CONTRACTS) OR 57.690 MILLION OZ: (AVERAGE PER DAY: 1153 CONTRACTS OR 5.765 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF FEB: 57.690 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 7.36% 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:          239,30 MILLION OZ.

JANUARY 2020 EFP TOTALS SO FAR: 181.61 MILLION OZ

FEB 2020 EFP’S TOTAL SO FAR:  ……     57.690 MILLION OZ

 

 

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1883, WITH THE 14 CENT RISE IN SILVER PRICING AT THE COMEX /THURSDAY… THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 1221 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 VERY STRONG SIZED  SIZED: 3104 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: (WITH THE GAIN IN PRICE)

i.e 1221 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH INCREASE OF 1883 OI COMEX CONTRACTS.AND ALL OF THIS HUGE DEMAND HAPPENED WITH A 14 CENT GAIN IN PRICE OF SILVER/ AND A CLOSING PRICE OF $17.66 // THURSDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY!! 

 

In ounces AT THE COMEX, the OI is still represented by JUST OVER 1 BILLION oz i.e. 1.128 BILLION OZ TO BE EXACT or 161% of annual global silver production (ex Russia & ex China).

FOR THE NEW  FEB DELIVERY MONTH/ THEY FILED AT THE COMEX: 1 NOTICE(S) FOR  5,000 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 1.170 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 GIGANTIC SIZED 17,601 CONTRACTS TO 674,264 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 HUGE GAIN IN COMEX OI OCCURRED WITH OUR STRONG ADVANCE OF $8.00 IN PRICING /// COMEX GOLD TRADING// THURSDAY// WE FOR SURE HAD NO BANKER SHORT COVERING AND NO LONG LIQUIDATION.   WITH THE STRONG ISSUANCE OF EFP’S THEY BASICALLY COULD NOT FLEECE LONGS ANYONE  FROM THE GOLD ARENA AND THUS WE HAD OUR ATMOSPHERIC GAIN IN OUR TWO EXCHANGES!  

 

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A STRONG SIZED 9128 CONTRACTS:

CONTRACTS, FEB>  0 CONTRACTS; MARCH 00 APRIL: 9128; JUNE. 0 AND ALL OTHER MONTHS ZERO//TOTAL: 9128.  The NEW COMEX OI for the gold complex rests at 674,073,.  ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE AN ATMOSPHERIC SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 26,729 CONTRACTS: 17,601 CONTRACTS INCREASED AT THE COMEX  AND 9128 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 26,729 CONTRACTS OR 2,672,900 OZ OR 83.13 TONNES. THURSDAY, WE HAD A STRONG GAIN OF $8.00 IN GOLD TRADING……

AND WITH THAT GAIN IN  PRICE, WE  HAD A GIGANTIC GAIN IN GOLD TONNAGE OF 83.13  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 $8.00). AND IT SEEMS THAT THEIR ATTEMPT TO FLEECE  GOLD LONGS FROM THE GOLD ARENA FAILED AGAIN AS WE HAD  AN ATMOSPHERIC INCREASE IN EXCHANGE FOR PHYSICALS  (26,729) ACCOMPANYING THE GAIN IN COMEX OI.(17,601):  TOTAL GAIN IN THE TWO EXCHANGES:  26,729 CONTRACTS

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF FEB : 91,392 CONTRACTS OR 9,139,200 oz OR 284.26 TONNES (10 TRADING DAYS AND THUS AVERAGING: 9139 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 10 TRADING DAY(S) IN  TONNES: 284.26 TONNES

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

THUS EFP TRANSFERS REPRESENTS 284.26/3550 x 100% TONNES =8.00% OF GLOBAL ANNUAL PRODUCTION

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

 

 

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE:    854.45  TONNES

JANUARY 2220 TOTAL EFP ISSUANCE; SO FAR: 570.19 TONNES

FEB 2020 TOTAL EFP ISSUANCE SO FAR:            284.26  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 GIGANTIC SIZED INCREASE IN OI AT THE COMEX OF 17,601 WITH THE  PRICING GAIN THAT GOLD UNDERTOOK THURSDAY($8.00)) //.WE ALSO HAD A  STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 9128 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 9128 EFP CONTRACTS ISSUED, WE  HAD AN ATMOSPHERIC SIZED GAIN OF 26,729 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

9128 CONTRACTS MOVE TO LONDON AND  17,601 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 83.13 TONNES). AND THIS  INCREASE OF DEMAND OCCURRED WITH THE GAIN IN PRICE OF $8.00 WITH RESPECT TO THURSDAY’S TRADING/// AT THE COMEX.

 

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

GLD...

 

 

WITH GOLD UP $6.85  TODAY

NO CHANGE IN GOLD INVENTORY AT THE GLD

 

FEB 14/2020/Inventory rests tonight at 622,23 tonnes

 

 

 

 

 

SLV/

 

 

WITH SILVER UP 10 CENTS TODAY

A BIG CHANGE IN SILVER INVENTORY AT THE SLV:

A WITHDRAWAL OF 746,000 OZ FROM THE SLV

 

FEB 14/INVENTORY RESTS AT 363.433 MILLION OZ.

 

 

 

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

 

 

end

 

OUTLINE OF TOPICS TONIGHT

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

1.Today, we had the open interest in SILVER ROSE BY A HUGE SIZED 1883 CONTRACTS from 223,796 UP TO 225,679 AND CLOSER TO  OUR NEW COMEX RECORD.  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

EFP ISSUANCE 1221

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  1221:  AND MAY: 0; JULY: 0 CONTRACTS   AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1221 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE OI GAIN AT THE COMEX OF 1883 CONTRACTS TO THE 1221 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A HUGE GAIN OF 3150 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 15.52 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: 1.70 MILLION OZ//

 

 

RESULT: A HUGE SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 14 CENT RISE IN PRICING THAT SILVER UNDERTOOK IN PRICING// THURSDAY. WE ALSO HAD A STRONG SIZED 1221 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)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 10.94 POINTS OR 0.38%  //Hang Sang CLOSED UP 85.60 POINTS OR 0.31%   /The Nikkei closed DOWN 140.14 POINTS OR 0.59%//Australia’s all ordinaires CLOSED UP .59%

/Chinese yuan (ONSHORE) closed DOWN  at 6.9869 /Oil UP TO 57.21 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.9869 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.9927 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/COVID 19  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

3A//NORTH KOREA/ SOUTH KOREA

North Korea

there is no question that North Korea has been infected with COVID 19 but they are mum on it.  They do not want to show any weakness.  The problem is that they have no medical equipment or masks or drugs to help those inflicted

(zerohedge)

3b) REPORT ON JAPAN

3C  CHINA

i)CHINA/COVID 19/THURSDAY NIGHT

China continues to fabricate numbers.  We know that the virus attaches onto ACE 2 receptors and these receptors are quite prevalent in smokers.  Men smoke more than women which will explain why men are getting hit in higher numbers than women.  The virus attacks ACE 2 receptors in the heart, lungs and kidneys

(zerohedge)

ii)CHINA/AUTO SALES

This is to be expected:  Chinese auto sales plunge in January

(zerohedge)

iii)CHINA/COVID 19 FRIDAY MORNING/UPDATE

This is frightening:  Nearly 2000 doctors and nurses are infected inside China as we witness huge shosrtages of medical supplies

(zerohedge)

iv)CHINA/USA/GLOBE

CDC director states that COVID 19 will be part of the USA scene late this year and beyond 2020

(zerohedge)

v)CHINA/NATIONAL HOCKEY LEAGUE/COVID 19

(GLOBE AND MAIL)

vi) Emails to me from Robert H on the spread of the coronavirus

vi CORONAVIRUS/MAN MADE RESEARCH

A very prestigious research centre in China has now come out and stated that the Killer coronavirus was made made from alaboratory in Wuhan

(zerohedge).

VII)CHINA/CORONAVIRUS

China is disintegrating by the day:  steel demand plummets to zero, property sales approaching zero..
(zerohedge)

4/EUROPEAN AFFAIRS

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)IRAN/YEMEN/USA

USA navy intercepts advanced Iranian weaponry bound for Yemen. The ship was seized in the Arabian sea

(zerohedge)

ii)TURKEY/SYRIA/RUSSIA/USA

The battle for Idlib commences: reasons why the final war has begun
(zerohedge)

iii)TURKEY/SYRIA RUSSIA USA/Southfront gives a good analysis of how we got where we are with respect to Idlib

(South Front)

6.Global Issues

i)VIETNAM/COVID 19

First mass quarantine outside China as VietNam puts an area with 10,000 residents under Coronavirus quarantine

(zerohedge)

ii)COVID 19/LESSONS LEARNED

Brandon Smith on lessons learned

Brandon Smith)

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

9. PHYSICAL MARKETS

i)Kim’s take on the JPMorgan manipulation of gold/silver scheme

(Kim/GATA)

ii)The war on Judy Shelton: a gold bug who wants to return to sound money

(Wall Street Journal/GATA)

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

i)Retail sales steady but the control group shows some disappointment

(zerohedge)

ii)USA manufacturing contracts for the 7th straight month.  Please note that this is before the onslaught of the coronavirus
(zerohedge)

iii) Important USA Economic Stories

iv) Swamp commentaries)

a)The nonsense behind the Roger Stone controversy

(zerohedge)

b)The fun begins:  Barr assigns an outside prosecutor to review the Flynn case plus others .  The Obama prosecutors are now sweating

(zerohedge)

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

 

LET US BEGIN:

 

 

Let us head over to the comex:

 

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY GIGANTIC SIZED 17,601 CONTRACTS TO 674,264 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 STRONG GAIN OF $8.00 IN GOLD PRICING //THURSDAY’S  COMEX TRADING//). ALSO WE HAD  ANOTHER STRONG EFP ISSUANCE, SO WE HAD ANOTHER FAILED ATTEMPT AT BANKER SHORT COVERING ……AS OUR TWO EXCHANGES ROSE HUGELY IN OPEN INTEREST..

 

 

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 4624 EFP CONTRACTS WERE ISSUED:

  FEB: 0; MARCH 00 AND APRIL: 9128,  JUNE : 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 9128 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: AN ATMOSPHERIC SIZED 26,729 TOTAL CONTRACTS IN THAT 9124 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A GIGANTIC SIZED 17,601 COMEX CONTRACTS.  THE BANKERS PROVIDED THE NECESSARY SHORT PAPER TO WHICH OUR LONGS DUTIFULLY ACCEPTED AS THEY GOBBLED UP ATMOSPHERIC AMOUNTS OF EXCHANGE FOR PHYSICALS AND COMEX OPEN INTEREST CONTRACTS. 

 

THE BANKERS WERE  SOMEWHAT UNSUCCESSFUL IN LOWERING GOLD’S PRICE //// (IT ROSE BY $8.00). AND THEY WERE MOST DEFINITELY  UNSUCCESSFUL IN FLEECING ANY LONGS, AS THE TOTAL ON THE TWO EXCHANGES ROSE BY AN ATMOSPHERIC SIZED 26,729 CONTRACTS ….(83.13 TONNES)

 

NET GAIN ON THE TWO EXCHANGES ::  26,729 CONTRACTS OR 2,672,900 OZ OR 83.13 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:  674,073 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 67.40 MILLION OZ/32,150 OZ PER TONNE =  2,091 TONNES

THE COMEX OPEN INTEREST REPRESENTS 2,091/2200 OR 95.06% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now for the wild silver comex results

Total COMEX silver OI ROSE BY A HUGE SIZED 1929 CONTRACTS FROM 223,799 UP TO 225,679 (AND CLOSER TO THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018 (244,196).  THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND OUR STRONG  OI COMEX GAIN OCCURRED WITH OUR GOOD 14 CENT INCREASE IN PRICING/THURSDAY.

 

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 1 CONTRACTS SHOWING A LOSS OF 9 CONTRACTS//THURSDAY TRADING. WE HAD 8 NOTICES SERVED YESTERDAY SO WE LOST 1 CONTRACT OR 5,000 OZ OF SILVER WILL NOT STAND AT THE COMEX AS THEY  MORPHED INTO LONDON BASED FORWARDS AND AS SUCH THEY ACCEPTED A FIAT BONUS FOR THEIR EFFORT.

 

 

March is a very active month and here we witness a LOSS of 6953 contracts  DOWN TO 112,465

APRIL saw a gain of 16 contracts up to 151.

MAY had a good 8146 gain in oi to stand at 74,419.

 

 

 

We, today, had  1 notice(s)  for 5,000, OZ for the FEB, 2019 COMEX contract for silver

Trading Volumes on the COMEX TODAY: 225,856 contracts??  low volume   

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  287,879 contracts//low volume

 

 

 

INITIAL standings for  FEB/GOLD

 

 

 

Let us head over to the comex:

 

 

FEB 14/2020

 

 

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

 

 

 

 

 

Deposits to the Customer Inventory, in oz  

6510.92 oz

Scotia

 

No of oz served (contracts) today
33 notice(s)
 3300 OZ
(0.1026 TONNES)
No of oz to be served (notices)
693 contracts
(69,300 oz)
2.155 TONNES
Total monthly oz gold served (contracts) so far this month
7238 notices
723,800 OZ
22.513 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 Scotia: 6510.92  oz

 

 

 

 

 

 

 

total deposits:  6510.92 oz

 

 

 

 

we had 0 gold withdrawals from the customer account:

 

 

total gold withdrawals;  nil oz

 

ADJUSTMENTS:  0

 

 

 

 

The front month of February saw its open interest fall by 150 contracts down to 726 contracts.  We had 153 notices filed upon yesterday, so we GAINED  3 contracts or an additional 300 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 104 contracts down to 2751.  The big April contract month saw its OI RISE by 15,915 contracts UP to 497,150.

 

We had 33 notices filed today for 3300 oz

 

 

 

FOR THE  FEB 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 33 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 22 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 (7238) x 100 oz , to which we add the difference between the open interest for the front month of  FEB. (726 contracts) minus the number of notices served upon today (33 x 100 oz per contract) equals 793,100 OZ OR 24.668 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 (7238 x 100 oz)  + (726)OI for the front month minus the number of notices served upon today (33 x 100 oz )which equals 792,800 oz standing OR 24.659 in this  active delivery month of FEB. which is a still a great opening for gold // amount standing.

 

We GAINED 3 contracts or 300 oz REFUSED TO LEAVE USA shores to visit the Queen in London.  They REFUSED TO ACCEPT A London based gold forwards as well as NEGATING a fiat bonus

 

 

 

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 38.458 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS.

HERE IS WHAT STOOD DURING THESE PAST 7 MONTHS:  AUGUST 27.153 TONNES

SEPT:                                                                      5.4525 TONNES

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

NOV……                                                                5.3841 tonnes

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

JAN……………………                                                    8.448 TONNES

FEB……………………………………………..                             24.668 tonnes

 

total: 155.007 tonnes

ACCORDING TO COMEX RULES:

 

IF WE INCLUDE THE PAST 7 MONTHS OF SETTLEMENTS WE HAVE 23.7447 TONNES SETTLED (includes the 1.4847 tonnes of today)

 

IF WE ADD THE 7 DELIVERY MONTHS: 155.007  tonnes

 

Thus:

155.007 tonnes of delivery –

23.7447 TONNES DEEMED SETTLEMENT

=131.2623 TONNES STANDING FOR METAL AGAINST 38.458 TONNES OF REGISTERED OR FOR SALE COMEX GOLD! THIS IS WHY GOLD IS SCARCE AT THE COMEX.

 

total registered or dealer gold:   1,412,651.644 oz or  43.940 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:1,236,440.2  (38.458 tonnes)
true registered gold  (total registered – pledged tonnes  1,236,440.2  (38.458 tonnes)
total registered, pledged  and eligible (customer) gold;   8,712,723.766 oz 271.00 tonnes

 

 

THE GOLD COMEX IS NOW IN STRESS AS
1. GOLD IS LEAVING THE COMEX 
2. GOLD IS LEAVING THE REGISTERED CATEGORY OF THE COMEX.
3. NO GOLD IS ENTERING THE COMEX

WHY ARE THEY NOT SETTLING?

 

THE COMEX IS AN ABSOLUTE FRAUD..

 

 

end

 

And now for silver

AND NOW THE  DELIVERY MONTH OF FEB.

INITIAL  standings/SILVER

IN TOTAL CONTRAST TO GOLD, HUGE ACTIVITY IN SILVER TODAY.
FEB 14 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 600,009.517 oz
CNT

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
600,069.500
oz
CNT
No of oz served today (contracts)
1
CONTRACT(S)
(5,000 OZ)
No of oz to be served (notices)
0 contracts
 NIL oz)
Total monthly oz silver served (contracts)  234 contracts

1,170,000 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

 

i) into  CNT:  600,069.500

 

 

 

 

 

 

 

 

 

 

*** 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 50.15% of all official comex silver. (161.3 million/321.578 million

 

 

 

 

total customer deposits today:  600,069.500   oz

 

we had 1 withdrawals out of the customer account:

 

 

i) Out of CNT:  600,009.517 oz

 

 

 

 

 

 

 

 

total withdrawals; 600,009.517  oz

We had 0 adjustment:

 

 

total dealer silver:  80.113 million

total dealer + customer silver:  321.386 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The total number of notices filed today for the FEB 2019. contract month is represented by 1 contract(s) FOR 5,000 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 234 x 5,000 oz = 1,170,000 oz to which we add the difference between the open interest for the front month of FEB. (1) and the number of notices served upon today 1 x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the FEB/2019 contract month: 234 (notices served so far) x 5000 oz + OI for front month of Feb (1)- number of notices served upon today (1) x 5000 oz equals 1,170,000 oz of silver standing for the Feb contract month.

 

We lost  1 contracts or an additional 5,000 oz will NOT stand at the comex as these guys  morphed into London based forwards and as such received a fiat bonus for their effort..

 

 

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: 67,515 CONTRACTS //

 

 

CONFIRMED VOLUME FOR YESTERDAY: 94,306 CONTRACTS..

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 94,306 CONTRACTS EQUATES to 471 million  OZ 67.2% OF ANNUAL GLOBAL PRODUCTION OF SILVER..makes sense!!

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

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

 

end

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

NPV for Sprott

 

1. Sprott silver fund (PSLV): NAV RISES TO -0.96% ((FEB 14/2019)

2. Sprott gold fund (PHYS): premium to NAV FALLS TO -0.28% to NAV FEB 14/2019 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ 0.96%

(courtesy Sprott/GATA)

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

NAV 15.59 TRADING 15.23///DISCOUNT 2.28

 

END

 

 

And now the Gold inventory at the GLD/

FEB 14/WITH GOLD UP $6.80 NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 922.23 TONNES

FEB 13/WITH GOLD UP $8.00 TODAY:NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 922.23 TONNES

FEB 12/WITH GOLD UP $1.80 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 6.15 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 922.23 TONNES

FEB 11/WITH GOLD DOWN $9.30 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 916.08 TONNES

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

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

FEB 14/2019/Inventory rests tonight at 922.23 tonnes

*IN LAST 762 TRADING DAYS: 15.23 NET TONNES HAVE BEEN REMOVED FROM THE GLD

*LAST 662 TRADING DAYS: A NET 151.84. TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

end

 

Now the SLV Inventory/

FEB 14/WITH SILVER UP 10 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 746,000 FROM THE SLV///INVENTORY RESTS AT 363.433 MILLION OZ.

FEB 13/WITH SILVER UP 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 364.179 MILLION OZ/

FEB 12//WITH SILVER DOWN 10 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 364.179 MILLION OZ/

FEB 11/ WITH SILVER DOWN 19 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER DEPOSIT OF 1.166 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 364.179 MILLION OZ//

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//

 

FEB 14.2020:  SLV INVENTORY

363.433 MILLION OZ

 

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

6 Month MM GOFO 1.65/ and libor 6 month duration 1.71

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

G0LD LENDING RATE: + .06

 

XXXXXXXX

12 Month MM GOFO
+1.77%

LIBOR FOR 12 MONTH DURATION: 1.80

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.03

end

 

 

end

 

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

Gold Surges To New All Time Record Highs In Euros At EUR 1,456 Per Ounce

Gold in Euros – 1 Year

◆ Gold prices surged to new all time record highs in euros today at €1,456 per ounce as the single currency came under selling pressure.

◆ The record highs are due to safe haven demand due to a weaker euro as the German and eurozone economies slow and on concerns about the impact of a slowing global economy on risk assets.

◆ Gold prices are up over 7% in euro terms so far in 2020, building on the 22.7% gains in euros seen in 2019 (see table below).

◆ Gold is consolidating near seven year highs in dollar terms as investors assess the risks to an already vulnerable debt saturated global economy from the coronavirus epidemic.

◆ Spot gold was flat at $1,576.60 an ounce in afternoon trading, having earlier touched its highest since February 4th at $1,577.90.

◆ This week, gold bullion has so far gained 0.4%, silver is flat, platinum is up 0.7% higher and palladium has surged another 7%.

NEWS and COMMENTARY

Gold prices finish higher as renewed coronavirus fears buoy haven assets

Gold eases from one-week peak as equities gain despite virus fears

German economy ‘flirts with recession’ as fourth-quarter output stagnates

European shares scale record even as coronavirus shows no signs of peaking

Yields tick down as traders balance virus, economic reports

Morgan trader’s spoofing case still could help liberate gold and silver markets

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

13-Feb-20 1575.00 1575.05 1213.54 1207.59 1447.27 1450.94
12-Feb-20 1566.75 1563.70, 1206.55 1206.55 & 1434.83 1434.54
11-Feb-20 1567.70 1570.50, 1212.77 1211.33 & 1436.01 1438.26
10-Feb-20 1574.05 1573.20, 1219.26 1215.93 & 1437.11 1439.64
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

 

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ii) Important gold commentaries courtesy of GATA/Chris Powell

Kim’s take on the JPMorgan manipulation of gold/silver scheme

(Kim/GATA)

John Kim: Morgan trader’s spoofing case still could help liberate gold and silver markets

 Section: 

What’s most needed is serious prison time for a few bankers.

* * *

By John Kim
Thursday, February 13, 2020

Five months ago I wrote that I had been very closely following the case of John Edmonds, the JPMorgan banker accused of manipulating gold prices lower with spoofing. Edmonds was scheduled to be sentenced for his crimes at the end of 2018, but before his sentencing he started squealing, so the judge delayed sentencing until “no later” than May 8, 2018.

That day came and went as well without any sentencing, and it was announced that Edmonds’s sentencing for gold spoofing was delayed for an additional six months, until June 2019. When June 2019 also passed without any sentencing, it was presumed that further delays in sentencing were due to Edmonds’ continued cooperation with the prosecution in fingering other senior bankers at JPMorgan involved with gold spoofing and perhaps even provision of detailed revelations about the methodology of gold spoofing Edmonds and other JPMorgan bankers employed.

… 

There is likely nothing that criminal senior bankers dislike more than a lower associate ratting them out, and consequently I speculated that Edmonds’ continued squealing about his gold spoofing may have placed him in line for retaliation. As a trader for 13 years, Edmonds was not a neophyte at JPMorgan. Still, he testified that more senior bankers at the firm trained him in how to manipulate gold prices lower and that senior advisers at JPMorgan were fully aware of and approved his criminal behavior.

Though much of the publicity about Edmonds’ case has been about his gold price manipulation, Edmonds also admitted to manipulating silver, palladium, and platinum prices from 2009 to 2015.

Assistant U.S. Attorney General Brian Benczkowski stated, “For years John Edmonds engaged in a sophisticated scheme to manipulate the market for precious metals futures contracts for his own gain by placing orders that were never intended to be executed.”

This case was of particular interest to me because to this day I do not believe that this criminal practice has ceased at JPMorgan and at other global banks. In fact, my patrons for the last 18-months have received weekly videos in which I repeatedly and accurately predicted gold price slams, sometimes to within a few dollars of the slam, which should be impossible to accomplish if bankers were still not manipulating gold prices.

Consequently, this practice has likely never stopped simply because the punishment has yet to match the enormity of the crime, with judges levying fines that amount to just a fraction of the profits generated from the spoofing, and no judge yet imposing considerable jail time.

With no real threat of serious prison time and with guaranteed profits many times the amount of the fines, there is no disincentive in the banking industry to cease manipulation of precious metal prices for profit.

Since Edmonds’ case was not resolved with the typical slap on the wrist and a fine of pennies on the dollars of criminal profit, I was truly interested to discover if Edmonds or any of his superiors at JPMorgan who were involved with his criminal activity would be sentenced to prison for the first time in the history of precious metal price manipulation.

If the FBI pursued this case aggressively and a few JPMorgan bankers were sent to prison for at least two or three years, then for the first time there would have been a substantial victory for all of us who desire fair pricing mechanisms in gold and silver all over the world.

Serious prison time in a maximum-security prison (and not preferential treatment like the well-connected sex trafficker Jeffery Epstei received) will be the only deterrent to criminal manipulation of gold and silver prices.

The Edmonds case still could free gold and silver prices from the grip of corrupt global bankers, especially if senior bankers JPMorgan are sentenced to long prison terms. Though I am not hopeful that we will see such a positive outcome, it is still important to watch the Edmonds case.

—–

J.S. Kim is founder and chief educational officer of SKWealthAcademy, a 20-course online academy devoted to critical thinking, applied business knowledge, investment knowledge (including gold and silver assets), and wealth building that uses untraditional techniques for learning and life improvement.

* * *

end

The war on Judy Shelton: a gold bug who wants to return to sound money

(Wall Street Journal/GATA)

Wall Street Journal: The war on Judy Shelton

 Section: 

From The Wall Street Journal
Thursday, February 13, 2020

https://www.wsj.com/articles/the-war-on-judy-shelton-11581525292

Judy Shelton finally gets her day in the Senate on Thursday, and if anyone has a coherent argument for denying her confirmation to a seat on the Federal Reserve Board of Governors we haven’t heard it. The caterwauling over her nomination confirms why her intellectual diversity is needed at the Fed.

Ms. Shelton, a long-time contributor to these pages, was bound to be controversial after a career challenging conventional monetary wisdom. Opposition to her nomination has congealed into two complaints. One is that Ms. Shelton has long supported a return to the gold standard. The other is that she has more recently abandoned that belief in monetary discipline for political reasons. Hey, no one said these critics are consistent. They’re also not honest.

… 

Under floating exchange-rate regimes, “entrepreneurs in countries with overvalued currencies are unable to attract the foreign investment that should logically flow in their direction, while scam artists in countries with undervalued currencies lure global financial resources into brackish puddles,” she wrote in our pages in 2008.

“The consequences of currency chaos affect the personal fortunes of millions of individual citizens; once unleashed, it can spawn social resentments and political upheavals that change the destiny of whole nations,” she wrote in a separate piece for us in 2008. Careful study of eras in which economies backed their currencies with gold, as Ms. Shelton has conducted, offers insights into the truth of this assessment, and also revealing contrasts with the catastrophic misfires of our era of floating rates.

Her critics claim this is revolutionary, but the late Fed Chairman Paul Volcker also recognized the benefits of stable exchange rates. Former Fed Governor Wayne Angell followed a price rule that included commodity prices and, before and after his tenure as Fed chairman, Alan Greenspan praised gold as a sometimes useful price signal.

The second complaint is that Ms. Shelton demanded higher interest rates and less monetary accommodation when President Obama was in office. But she supposedly has abandoned those principles now so the Fed can keep the Trump economy rolling.

The inconvenient truth is that central bankers seem to have no clear idea these days about when they should raise or cut rates. Conventional wisdom dictates that they cut when economies are weak and raise when they’re strong. But mounting evidence across the developed world after a decade (two, in Japan) suggests that sustaining low rates and quantitative easing beyond a crisis to goose growth is destructive.

Productivity suffers as zombie firms and bad investments proliferate and asset prices go haywire. Central bankers obsessed with the Phillips Curve trade-off between inflation and full employment can point to no rationale in their own theory for raising rates amid a strong economy if inflation still is on target.

Ms. Shelton was right to ask if the Fed should have stuck with low rates long after the immediate crisis of the financial panic and Great Recession had ended. More recently, Fed economists in December 2018 said a rate rise was necessary, only to quickly back off, without a clear theoretical basis for either decision.

Ms. Shelton calls the bluff on this by suggesting that if historically low unemployment and strong economic growth are not triggering rampant inflation, then perhaps the Fed should butt out for now. Especially if a consequence of a Fed rate hike would be to destabilize the exchange rate vis-a-vis other major central banks that remain staunchly dovish.

Markets agreed with her, going bonkers in the days after Fed Chairman Jerome Powell announced a rate hike and put an unwinding of quantitative-easing asset purchases on “autopilot” in December 2018. Investors recognized the Fed was operating on whim rather than any discernible economic logic, and their verdict was so brutal Mr. Powell had to reverse course a month later. Who was the crank then?

None of this is inconsistent with Ms. Shelton’s long-argued views. The inconsistency and confusion rest with her critics and the prevailing monetary establishment, and are dangerous for the U.S. economy.

Ms. Shelton is clearly qualified for the Fed role. The question for Senators is how much they trust Mr. Powell, or the academics and journalists who are trying to tank her nomination. If Senators really think these people are brilliant theorists capable of guaranteeing economic growth and financial stability — all evidence to the contrary—then go ahead and nix Ms. Shelton.

But the Fed is straying ever further into uncharted territory as it extends its low-rate regime and weighs whether or how to fully extricate itself from quantitative easing. If Senators harbor even a sliver of doubt over whether Ms. Shelton’s critics know what they’re doing, that’s all the more reason to confirm her as a distinctive voice in such crucial debates.

iii) Other physical stories:

www.jsmineset.com/2020/02/14/vietnam-is-following-chinas-lead-in-sequestrations/

Vietnam is Following China’s Lead in Sequestrations!

Posted February 14th, 2020 at 10:00 AM (CST) by J. Johnson & filed under General Editorial.

Great and Wonderful Friday Morning Folks,

      Gold is barely trading higher than its close with the price at $1,579.50 up 70 cents and inside a $5 trading range between $1,581.20 and $1,576.00. Silver is leading the rally (barely) with its trade at $17.68 up 6.1 cents after hitting $17.69 with the low at $17.595. The US Dollar finally broke thru and is now at 99.02 up 6.2 points after it reached up to 99.045 with the low at 98.950. Of course, all of this “hardly a trade” happened before 5 am pst, the Comex open, the London close, and after Harvard and Yale, are put under investigation, for not reporting their incoming foreign funds as we wonder what that money was truly sponsoring? Did they too, think she could not lose?

      Gold under the Venezuelan Bolivar is now priced at 15,775.26 proving an increase of 23.97 Bolivar with Silver at 176.579, it too gaining 0.749 of a Bolivar. In Argentina, Gold values sits at 96,845.44 Peso’s proving a gain of 382.90 overnight with Silver adding 7.25 to its value at 1,083.99 A-Peso’s. The Turkish Lira, which we feel is more closely tied to the Euro because of its proximity to that monster print machine, now has Gold valued at 9,573.97 Lira adding 19.27 with Silver at 107.160 it too, adding another 0.499 of a T-Lira.

     February Silver Delivery Demands has dropped from a 10 count to 1 during yesterday’s trades and with no price to offer what so ever, and even after a Volume of 3 was posted up on the board at the end of the trading day. Spread entry or exit, who really knows, with the exception of those that feel bad math is good for investing. The numbers behind the price is proving far more of the problem for the shorts than anything else. In fact, the Open Interest gained another 1,914 more shorts while the price went up 12.2 cents with the total count now at 225,725 Overnighters. The count is still highly elevated and only 18,471 pieces of paper off the all-time Brexit/Trump/Win high.

      February Gold’s Delivery Count now sits at 726 fully paid for contracts waiting for their 100-ounce receipts proving a drop of 150 obligations inside a trading range between $1,574.10 and $1,570.20 with the closing price adjusted higher at $1,575.10. Even though we like the higher close, this still points to the idea that the paper controls the price and not the real purchases. Gold’s Overall Open Interest now sits at 674,264 Overnighters showing an increase of 17,365 more shorts being added, proving our point, that if there really was a limit to how many contracts, in total can be used verses an outside, audited, and confirmed warehoused numbers, prices would be different than they are now, and more than likely, sharply higher. Gold’s Open interest is off the top by 124,277 Obligations.

      Our Petri Dish observation of the infected passengers sequestered on the cruise ship in Yokohama, Japan, has continued to rise. 44 more cases of the illness have been added since the last count bringing the total to 218. The effect of this event has caused the cruise line to cancels 18 future cruises because 30 countries and territories now have the virus and with the way people are stuck in place, most likely future passengers will cancel their plans and simply stay at home. There should be more cancelations coming if this spread continues. Also, of note and inside this report, Sydney, Australia, now has an infected ship to deal with, bringing the infected ship count to 5.

Vietnam is now following China’s lead as “villages” (plural) with 10,000 people or more, close to the nation’s capital, were placed under quarantine on Thursday after six cases of the deadly coronavirus were discovered there. It seems the virus is not slowing down one bit, instead, we see the spread gaining traction. It is truly unfortunate that governments can never be truthful about anything, it would really help here. We expect next week’s “end of the quarantine” which is scheduled for the 19th, to be extended until there really is a count drop.

      We pray to be wrong here, horribly wrong! At the same time, we are not taking things lightly. If the spread does not drop it will increase and with it, more and more travel, shipping, and international trade will be affected, period! What you have is what you are stuck with, we strongly suggest stocking up on things you will need, in order to stay in place. Please offer up a kind thought or prayer to all infected. Have a Happy Valentine’s Day, a wonderful weekend, and a good President’s Day on Monday, keep that smile on your face, and a positive thought in the head no matter what, and as always …

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 6.9869/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  6.9927   /shanghai bourse CLOSED UP 10.94 POINTS OR 0.38%

HANG SANG CLOSED UP 85.60 POINTS OR 0.31%

 

2. Nikkei closed DOWN 140,14 POINTS OR 0.59%

 

 

 

 

3. Europe stocks OPENED ALL MIXED/

 

 

 

USA dollar index UP TO 99.12/Euro  RISES TO 1.0843

3b Japan 10 year bond yield: FALLS TO. –.04/ !!!!(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:: 52.00 and Brent: 57.03

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.40%/Italian 10 yr bond yield DOWN to 0.91% /SPAIN 10 YR BOND YIELD DOWN TO 0.30%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.31: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.94

3k Gold at $1575.80 silver at: 17.70   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 9/100 in roubles/dollar) 63.57

3m oil into the 52 dollar handle for WTI and 55 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 109.85 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 .9815 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0641 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 1.59% early this morning. Thirty year rate at 2.04%

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

6.  TURKISH LIRA:  UP  TO 6.0608..

S&P Futures Hit New All Time High On Coronahope

And just like that, “Coronahope“, i.e., the market’s entirely unfounded and groundless optimism that the coronavirus pandemic is contained, is back, and pushing stocks to fresh record highs.

Until two days ago, the roughly 5,000 increase in official new Chinese infected cases would have been the biggest one day increase on record. However, since just a day earlier we had a 15,000 increase due to a revised “definition” of what infected means (which in addition to genetic tests also includes a CAT scan of those terminal patients who now have openly visible lung lesions), the sharp “drop” has sparked a fresh burst in hope that the infection is now slowing.

The irony is that markets are rallying on what is now openly fabricated Chinese data, because at the same time as China announced the sharp drop in new cases, it also reported that 108 of the 242 deaths “observed” the day before, had not actually been “observed”, and were mistakenly double-counted, without offering any explanation how one can double count a death, and instead is proof that Beijing is now openly making up numbers on the fly.

 

Of course, since algos have been buying stocks for the better part of the past decade on similar fake numbers, better known in the US as non-GAAP earnings and “adjusted EBITDA”, they didn’t care who or how massaged the numbers, and instead unleashed a buy program overnight that sent US equity futures to fresh all time highs, while European stocks rose, even as Treasuries advanced as some remaining human traders realized that none of this makes any sense and that a global recession is likely looming at China’s economy is now paralyzed and will slam global GDP to flat if not negative in Q1. In the premarket, chipmaker Nvidia and travel giant Expedia jumped after making strong forecasts. Tesla Inc. slipped after pricing a $2BN stock offering.

Europe’s Stoxx 600 index clawed up 0.1% to follow Asian markets higher in choppy early trading, even as indexes in Paris and London both fell modestly in early trading before rebounding. In both cases, corporate results weighed, with a 5% fall for AstraZeneca L) dragging London shares down as the drugmaker said it would take a hit from the coronavirus outbreak. Meanwhile, French auto giant (which in the days of Tesla’s 140BN market cap is a misnomer) Renault fell 4.2% on its first loss in 10 years as it set a lower operating margin goal for 2020, a crunch year for its planned reboot alongside partner Nissan after a scandal surrounding former boss Carlos Ghosn.

There was some good news for Germany which managed to avoid a contraction although it stagnated at the end of 2019, leaving it in a weakened state even before the emergence of the new coronavirus threat. Expansion last year was just 0.6% and 2020 may be far worse depending on how quickly China can contain coronavirus.

Earlier, Asian shares had earlier inched higher toward their second straight week of gains, helped by hopes governments will make provisions to soften the impact on their economies from the coronavirus epidemic. MSCI’s broadest index of Asia-Pacific shares ex-Japan ticked up 0.2% as gains in finance and technology shares offset losses in the industrials sector for weekly gain of 1.8%; Japan’s Topix fell for a fifth day, the longest streak this year, while China’s Shanghai Composite Index resumed its rising streak even as China’s economy remains almost entirely frozen. China’s blue-chip CSI300 shares rose 0.7%, having staged a stunning recovery to claw back 95% of their losses made  after the outbreak.

Shares of Nissan Motor sank to their lowest in more than a decade on Friday, after deep cuts to the troubled Japanese automaker’s earnings forecast and dividend raised questions about its future profitability. Japan’s No.2 automaker is reeling from a scandal surrounding former chairman Carlos Ghosn that has also had a knock-on effect on its French partner Renault SA, shares of which hit their lowest in more than seven years after it earlier posted its first quarterly and annual loss in almost ten years and warned that full-year operating profit would be its weakest in 11 years. It also slashed its full-year dividend outlook to the lowest since 2011.

“It is too early for a halt in the downward trend in Nissan’s share price in this environment,” Jefferies analyst Takaki Nakanishi wrote in a note to clients following the results on Thursday. Nissan shares closed down 9.6% at 513.7 yen in Tokyo on Friday, the lowest since mid-2009 and the biggest one-day fall since 2013.

So what’s really happening? Despite the burst in algo optimism, the virus outbreak showed no sign of peaking, with health authorities reporting more than 5,000 new cases, and China’s Hubei province reporting 4,823 additional cases, while “confirming” that the nearly 15,000 reported the previous day was a one-off situation due to a new method for counting infections. China’s National Health Commission said it had recorded 121 new deaths on the mainland on Feb. 13, taking the accumulated total infected to 63,851 people, while revising the previous day’s total deaths of 242 lower by 108 due to double counting.

Despite the lock down of hundreds of millions in China, some investors – the majority apparently – are betting that the economic impact of the outbreak will not be long-lasting, finding succors in a spread beyond China that is not as rapid as feared. Others have latched on to the possibility of further central bank stimulus measures in response to any slowdown. China’s central bank, for example, has already pumped liquidity into its economy.

Indeed, the biggest reason for the market’s relentless ascent remains the Fed, whose balance sheet just hit a new multi-year high this week.

“China is already easing its monetary policy and providing more liquidity while more stimulus is likely. Factories are starting to reopen albeit with some delays,” said Yukino Yamada, senior strategist at Daiwa Securities.

“We have actually taken some money out of equities this week,” said Rory McPherson, head of investment strategy at Psigma Investment Management, adding that it was temporarily holding cash instead. “Markets have been overly focused on the good, and not giving a balanced view on whether the stimulus from China isn’t effective, and if the coronavirus spreads and impacts the economy more.”

In FX, currency traders had matters beyond the cornovairus on their minds. The euro slumped to another near-three-year low, with worries lingering about slowing growth in the euro zone and rising political uncertainties in Germany. The single currency has lost 1% so far this week and is on track for its worst two-weekly performance since mid-2018, with Eurozone GDP coming in weak, up 0.9% Y/Y below the 1.0% expected. The euro fell to as low as $1.0827, and last stood flat at $1.0830.

Meanwhile, the dollar was steady after the DXY hit a four-month high, rising 1.8% so far this month. The pound hovered near its highest level in over a week as markets continued to digest the impact of U.K. Prime Minister Boris Johnson’s appointment of a new chancellor that could mean more fiscal spending.

In commodities, oil edged higher and was on track for its first weekly gain in six weeks, backed by expectations that producers will implement deeper output cuts to offset slowing demand in China. Brent crude futures were up 15 cents at $56.49 a barrel. Brent is 3.7% higher for the week, the first increase since the week of Jan. 3.

Expected data include retail sales and industrial production. PPL, Canopy Growth, and Enbridge are among companies reporting earnings

Market Snapshot

  • S&P 500 futures up 0.2% to 3,382.75
  • STOXX Europe 600 unchanged at 431.10
  • MXAP down 0.08% to 170.52
  • MXAPJ up 0.2% to 556.42
  • Nikkei down 0.6% to 23,687.59
  • Topix down 0.6% to 1,702.87
  • Hang Seng Index up 0.3% to 27,815.60
  • Shanghai Composite up 0.4% to 2,917.01
  • Sensex down 0.4% to 41,280.55
  • Australia S&P/ASX 200 up 0.4% to 7,130.21
  • Kospi up 0.5% to 2,243.59
  • German 10Y yield fell 1.3 bps to -0.399%
  • Euro up 0.06% to $1.0848
  • Italian 10Y yield fell 0.6 bps to 0.742%
  • Spanish 10Y yield fell 1.4 bps to 0.285%
  • Brent futures up 1% to $56.90/bbl
  • Gold spot little changed to $1,576.52
  • U.S. Dollar Index little changed at 99.07

Top Overnight News from Bloomberg

  • The Chinese province at the center of the novel coronavirus outbreak added 4,823 more confirmed cases on Friday, suggesting that a surprise surge in cases reported the day before was a one-off event. Friday’s increase in the Hubei case-load was much lower than the 14,840 added to the count on Thursday
  • The German economy stagnated at the end of 2019, leaving it in a weakened state even before the emergence of the new coronavirus threat. Expansion last year was just 0.6% and 2020 may be little better
  • HSBC Holdings Plc and Royal Dutch Shell Plc are sending staff home in Hong Kong and Singapore after contact with people infected by the coronavirus, adding to concerns the disease will spread more broadly across the two Asian financial hubs
  • Euro-area finance ministers are poised to acknowledge their economy faces the danger of protracted malaise, though they may stop short of calling for wholesale stimulus to address it for now
  • The lira crash came and went more than a year ago but the distortions it left behind are making for a surprising hedge against inflation and falling interest rates in Turkey. Millions of Turks have been snapping up used cars, sending their prices surging at a time when inflation and currency depreciation were eating away at savings
  • The Swiss National Bank is in a bind about how to rein in the franc’s unwanted strength without being labeled a currency manipulator by the U.S.

Asian equity markets were mostly higher following the near recovery seen on Wall St and as some coronavirus fears abated after the latest update from the epicentre of the outbreak showed a slowdown in the daily additional cases to 4823 and deaths at 116 vs. the prior day’s 14840 surge in new cases and 242 deaths. ASX 200 (+0.4%) was positive in which financials resumed their recent earnings-driven outperformance but with gains capped by weakness in gold miners and concerns of the potential ramifications after Australia extended the ban on foreign nationals travelling from its largest trading partner China. Nikkei 225 (-0.6%) was the laggard with attention fixated on a slew of earnings including Nissan. Hang Seng (+0.3%) and Shanghai Comp. (+0.4%) were kept afloat but with early indecision in the mainland due to the outbreak and with the rumour mill rife including reports that China is considering postponing its annual parliamentary meeting, as well as a tweet that Shanghai is banning all people and cars entering the city which was uncorroborated and later deleted. Finally, 10yr JGBs were subdued amid the improved risk appetite for most the region and after prices slipped through support at the 152.50 level, while the results of today’s enhanced-liquidity auction for longer-dated JGBs also pointed to weaker demand.

Top Asian News

  • NMC Vice Chairman Resigns From Ailing Mideast Hospital Operator
  • Kirin Rebuffs Investor’s Push for Asset Sales, Share Buyback
  • Kuwait, Saudi to Resume Production From Khafji by Month- End
  • Philippines May Cut Key Rate Anew in 2Q If Virus Worsens

European bourses are lacklustre this morning (Stoxx 50 U/C) with little in the way of over/underperformers thus far. Newsflow has been very limited, with opening movers earnings driven; similarly, sectors are mixed/flat aside from utilities which received a valentines gift from EDF’s (+8.0%) stellar earnings. Sticking with the CAC on earnings where Renault (+3.0%) metrics were mixed, but most notably they significantly cut their dividend by over EUR 2.00/shr as well as downbeat guidance which does not take into account the coronavirus. However, Co. shares have reversed course from a downbeat during their subsequent earnings call on interim CEO remarks. Turning to the FTSE 100 (+0.1%) which has had, compared to other bourses, a marginally more eventful morning driven by some mild Sterling choppiness after yesterday’s Chancellor induced surge. Individual UK movers are also earnings driven, with earnings from AstraZeneca (U/C) who missed on revenue and EPS while RBS (-6.0%) beat on operating profit but this was not enough to overcome projected negative impacts from regulation changes as well as planned balance sheet reductions. Additionally, they are to re-name themselves as Natwest Group this year, which isn’t too surprising as circa. 80% of RBS’ clients joined through the Natwest brand.

Top European News

  • Germany Avoids Contraction, But Remains in Weakened Position
  • Renault Slashes Dividend, Posts First Net Loss in Decade
  • Euro-Zone Malaise Exposes Eastern EU’s Economic Weak Spot
  • Wirecard Sales Jump While Legal Bill Weighs on Profit

In FX, the EUR is till out of favour in the G10 arena, but the single currency has regained some composure after extending losses across the board and perhaps deriving a degree of comfort from preliminary German Q4 GDP just evading contraction plus broadly firmer than forecast pan Eurozone prints alongside employment readings. Eur/Usd has clawed back from deeper sub-1.0900 lows after arresting its slide just above the next line of technical support ahead of 1.0800 around 1.0821, while Eur/Gbp has defended 0.8300 again. However, the headline pair needs to reclaim Fib retracement levels over 1.0850 to really become loved again.

  • USD – Amidst extremely narrow confines vs most major counterparts, the Dollar remains largely dependent on others for direction ahead of a raft of US data including retail sales and ip in advance of preliminary Michigan sentiment having derived little if any independent impetus via Thursday’s CPI metrics. Hence, the DXY is still tethered to the 99.000 anchor, albeit after inching to another fresh 2020/multi-month apex at 99.166 and slightly closer to next upside chart hurdle protecting last year’s peak (99.249 and 99.667 respectively).
  • CAD/AUD/GBP/JPY/NZD/CHF – The Loonie and Franc are marginal outliers flanking the aforementioned tightly bound trade against the Greenback, as Usd/Cad breaks below 1.3250 more convincingly against the backdrop of firmer oil prices that are also helping the NOK pare losses vs the recovering Eur more than the SEK. However, Usd/Chf has crossed 0.9800 and Eur/Chf is firmer above 1.0600 in wake of mixed Swiss producer/import price data. Meanwhile, the Aussie and Kiwi are both consolidating off this week’s post-RNBZ rebound highs and hovering near 200 HMAs (0.6720 and 0.6444 respectively), and similarly the Yen continues to meander between 109.90-75, but with decent options either side (1.7 bn from 109.70-80 and 1.1 bn at the 110.00 strike). Last, but by no means least, Sterling has paused for breath after yesterday’s UK cabinet reshuffle exertions with Cable respecting resistance again at 1.3070 and drifting back under 1.3050, partly on cross flows due to the Eur/Gbp bounce noted above.
  • EM – The Zar is clearly outperforming across the region and in wider circles with news that SA’s Eskom plans no load-shedding on Valentines Day appeasing investors and helping the Rand hold well above 15.0000 in contrast to the Turkish Lira that is still unloved despite more favourable macro news via a narrower than anticipated current account deficit, as the Try treads water close to worst levels vs the Buck circa 6.0600+.

In commodities, WTI and Brent front month futures are firmer by just over USD 0.50/bbl at present, as newsflow is light and coronavirus concerns appear to having a lesser impact as we end the week; with some upside seen in recent trade, perhaps as participants close positions heading into Monday’s US holiday. Crude related newsflow has been very minimal, as we continue to await confirmation as to whether Russian Energy Minister Novak will support the JTC’s H1 production cut recommendation; as well as any guidance around an earlier meeting, although the likelihood of this continues to diminish from a calendar-viability perspective. OPEC aside, ING note that Sublime China data indicated that independent refinery run rates in the Shandong province continue to decrease, now around 48%. Turning to metals, where spot gold is little changed at present and remains very much rangebound in directionless trade. In contrast to crude, base metals are continuing to experience mild heartbreak on virus updates, as Japan confirm their first fatality and the China total rises to over 63k infected and 1.3k deceased.

US Event Calendar

  • 8:30am: Import Price Index MoM, est. -0.2%, prior 0.3%; Import Price Index YoY, est. 0.2%, prior 0.5%
  • 8:30am: Export Price Index MoM, est. -0.1%, prior -0.2%; Export Price Index YoY, est. -0.2%, prior -0.7%
  • 8:30am: Retail Sales Advance MoM, est. 0.3%, prior 0.3%
  • 8:30am: Retail Sales Ex Auto MoM, est. 0.3%, prior 0.7%
  • 8:30am: Retail Sales Ex Auto and Gas, est. 0.3%, prior 0.5%
  • 8:30am: Retail Sales Control Group, est. 0.3%, prior 0.5%
  • 9:15am: Industrial Production MoM, est. -0.2%, prior -0.3%; Manufacturing (SIC) Production, est. -0.1%, prior 0.2%
  • 9:45am: Bloomberg Feb. United States Economic Survey
  • 10am: Business Inventories, est. 0.1%, prior -0.2%
  • 10am: U. of Mich. Sentiment, est. 99.5, prior 99.8; Current Conditions, est. 114, prior 114.4; Expectations, est. 90, prior 90.5

DB’s Jim Reid concludes the overnight wrap

Happy Valentine’s Day to all my readers. When I got home last night after a late work dinner back in London I saw a ginormous Moonpig (a personalised gift and card company) envelope in the kitchen and immediately deduced that my wife thinks I’m the best thing ever and when I get home from work tonight I’m going to be showered with love, appreciation and a very big card. As my head hit the pillow I had a warm glow. However just as I was nodding off it struck me that our wonderful nanny is leaving next week and it’s possible it could be a card for her. In fact, the more I thought about it the more I was convinced it was. The warm glow evaporated and I wasted half an hour of precious sleep trying to work out which it was. I’ll find out tonight but I’m not optimistic! Our nanny is emigrating to Canada which after helping to look after our kids for 18 months I can hardly blame her.

A reminder that we published the results of our fourth monthly market sentiment survey (link here)yesterday. A key takeaway this month is how different market expectations are from polling data on the upcoming US Presidential election. This could have major market ramifications going forward. A stunning 95% thought that President Trump would be re-elected in the November election vs. him being slightly behind in actual polling. All the data/graphs across many markets and variables are included in the full report.

Just after this hits your mailbox, one of the main highlights of the day will be the first look at Germany’s GDP reading for Q4, with the release out at 07:00 GMT. The consensus on Bloomberg is expecting growth to remain at +0.1% qoq, but in their latest Focus Germany publication earlier this week (link here), our economists here at DB wrote that following very weak December data, including on industrial production, retail sales and factory orders, “a small drop in Q4 GDP seems likely”. Moreover, thanks to the impact of the coronavirus, a technical recession is “quite probable during the winter half.” So definitely one to keep an eye out for before we then get the second estimate of Euro Area GDP at 10:00. US retail sales later is another interesting data point for today.

A quick look at markets this morning shows most bourses have recovered from yesterday’s slight dip with the exception of those in Japan. The Hang Seng (+0.50%), Shanghai Comp (+0.58%) and Kospi (+0.33%) are all up along with futures in the US while the Nikkei is down -0.59%. As for the latest on the coronavirus, the total number of deaths in China is now being reported at 1,380 with confirmed cases standing at 63,851. China’s National Health Commission revised the death count down by 108 saying it was due to double-counting in Hubei province. Speaking of Hubei, the number of confirmed cases has shown signs of stabilizing today after yesterday’s methodology change clouded the picture which is seemingly helping to lift markets again. The province reported only 4,823 new cases overnight and of this 3,095 were diagnosed using the new method of diagnosis. So, on a like-for-like basis the plateauing trend of cases still stands.

Also worth flagging from overnight is the news that Huawei has been hit with a racketeering charge by the US. The Justice Department said in a statement that Huawei broke the law “to drastically cut its research and development costs and associated delays, giving the company a significant and unfair competitive advantage,” while adding that the company even launched a bonus program to reward employees who got their hands on confidential information from competitors. The company has said in response that the new indictment “is part of the Justice Department’s attempt to irrevocably damage Huawei’s reputation and its business for reasons related to competition rather than law enforcement.”

With regards to risk yesterday, markets dragged themselves up from the European lows into the back end of the US session before dipping back into negative territory in the last hour after the NY Fed reduced its repo operations slightly more than expected. Obviously the market has liked the combination of the repo stress having been eased while liquidity has remained high and such Fed actions continue to slowly normalise liquidity to some degree. The initial and earlier risk off was due to the rise in the number of Coronavirus cases we discussed yesterday even if much of this was due to methodology changes in the counting technique. Net-net US equities came off their record highs, with the S&P 500 (-0.16%), the Dow Jones (-0.43%) and the NASDAQ (-0.14%) all falling back, as European equities finished largely flat after a much softer open, with the STOXX 600 (-0.02%) and the DAX (-0.03%) similarly just off records highs. Havens did well, with the Japanese Yen strengthening against the dollar and the euro, while both gold (+0.63%) and silver (+0.93%) also advanced. Meanwhile the euro continued its decline against the dollar, closing at its weakest level since April 2017, and recording its 8th decline in the last 9 sessions.

Sovereign debt made gains amidst the earlier risk-off mood, with 10yr Treasury yields down -1.6bps, and the 2s10s curve flattening by -1.8bps. Over in Europe, bunds (-0.8bps), OATs (-0.05xbps) and BTPs (-0.07xbps) all saw a modest decline in yields.

The most dramatic developments yesterday came from the UK, where the Chancellor of the Exchequer Sajid Javid resigned from the government. It came after Prime Minister Johnson demanded that Javid fire his advisors and replace them with others from Number 10. Javid refused and walked out instead. Javid’s replacement as Chancellor is his former number 2 at the Treasury, Rishi Sunak, who previously worked at Goldman Sachs and has only been an MP since 2015, marking a rapid ascent to high office. Unlike Javid, Sunak supported Brexit in the 2016 referendum, and his appointment also means that this is the first time since the referendum that all four of the Great Offices of State (PM, Chancellor, Home and Foreign Secretary) are now held by those who supported Brexit in that campaign.

In terms of the implications for economic policy, Sunak is seen as more of an ally of Johnson’s, and the market has taken this to mean that the chances of a larger fiscal stimulus have gone up and the need for interest rate cuts reduced. Indeed, the Prime Minister’s spokesman yesterday declined to confirm whether the government would stick to their fiscal rules, and also didn’t confirm whether the previously announced budget date of March 11th would still apply. The market reaction reflected this as gilts sold off following the decision, with yields on 10yr gilts ending the session up +4.0bps, in contrast to the rest of Europe where yields on sovereign debt fell back. The 2s10s curve in the UK also steepened by +1.2bps, while sterling strengthened following the news to close up +0.66% against the dollar, making it the strongest performing G10 currency. I’ve long been of the opinion that Brexit will see the U.K. open the fiscal chequebook and it will be an interesting to see whether this accelerates this. In a week where Greece, with a debt/GDP of c.180%, saw yields drop below 1% for the first time (0.93% last night), one can’t help thinking that the risk to levering up for many countries are going to be seen as low – in the near term at least. This must surely be tempting for politicians.

On the other side of the Irish sea, the Irish national broadcaster RTE reported that Fianna Fáil will not enter into talks with Sinn Féin about forming a government following last weekend’s elections, though they will talk to other parties. With Fine Gael also ruling out governing with Sinn Féin, it’ll be an upward struggle for Sinn Féin now if they want to form a government.

Staying with politics, one of President Trump’s nominees for the Federal Reserve Board, Judy Shelton, did not have a promising round of testimony yesterday as Republican Senators voiced concerns with her political independence and past views on a gold standard. Assuming no Democrats vote for the former campaign advisor to President Trump, any Republican defection would end her nomination and there were at least three senators that voiced concerns following her hearing. There is already chatter from reporters that the White House will pull the nomination before it can fail, though the White House has already denied this. Trump’s other Fed nominee, economist Christopher Waller, should get through the process as the Senate Banking Committee had fewer questions for the director of research at the St. Louis Fed.

In terms of the US data out yesterday, CPI rose to +2.5% (vs. +2.4% expected), which is its highest level since October 2018, while core CPI remained at +2.3% (vs. 2.2% expected). Initial jobless claims came in at 205k (vs. 210k expected), with the 4-week average remaining at 212k.

To the day ahead now, where data highlights include the aforementioned first look at German GDP in Q4, as well as the second estimate of Euro Area GDP. Aside from that, we’ll also get Euro Area employment data for Q4 as well as the trade balance for December. Over in the US, releases include January retail sales, industrial production and capacity utilisation, along with the University of Michigan’s preliminary sentiment reading for February. From central banks, we’ll hear from BoJ Deputy Governor Amamiya and Cleveland Fed President Mester. Elsewhere, the Munich Security Conference will be beginning.

 

3A/ASIAN AFFAIRS

I)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 10.94 POINTS OR 0.38%  //Hang Sang CLOSED UP 85.60 POINTS OR 0.31%   /The Nikkei closed DOWN 140.14 POINTS OR 0.59%//Australia’s all ordinaires CLOSED UP .59%

/Chinese yuan (ONSHORE) closed DOWN  at 6.9869 /Oil UP TO 57.21 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.9869 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.9927 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/COVID 19  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

North Korea

there is no question that North Korea has been infected with COVID 19 but they are mum on it.  They do not want to show any weakness.  The problem is that they have no medical equipment or masks or drugs to help those inflicted

(zerohedge)

Experts Say North Korea “Clearly Lying” About Coronavirus Outbreak – “They Don’t Want To Show Any Weakness”

Despite the “thaw” in relations with the US over the past few year (a thaw that former Trump chief of staff John Kelly recently claimed was simply an example Kim Jong Un “playing” the US), the flow of information out of the Hermit Kingdom is often pretty unreliable and inconsistent.

Which is why rumors about cases of likely infection in the country have been met with guarded credulity.Did North Korea execute an infected patient who left a quarantine to visit a public bath? Sounds possible. And Kim Jong Un reportedly sealed the border with China, as we noted earlier. Kim has at times reportedly disobeyed his puppetmasters in Beijing before; but would he really go so far as to seal the border without China’s explicit permission?

It’s certainly possible. And after speaking to several experts, Fox News determined that, in all probability, COVID-19 has likely already crossed the Yalu River and is likely spreading in North Korea.

The story comes one day after the State Department said it was ‘deeply worried’ about “the vulnerability of the North Korean people.”

A former director of Korean studies at a prominent foreign policy think-tank said the North is probably concealing evidence of an outbreak because “they don’t want to show any weakness” at a time when their fraught negotiations with the US are slowly unraveling.

“There is no way that North Korea is not being impacted by the coronavirus – they are clearly lying as they don’t want to show any weakness or that there is any threat to the regime,” Harry Kazianis, director of Korean Studies at the Center for National Interest, told Fox News. “Considering how there are many porous sections of the North Korea-China border – and how the Kim regime depends on illegal trade to survive – it is clear the virus has come to North Korea.”

NK Health Ministry official Song In Bom told state media last week that while no cases of the virus have been identified in the country, the regime is prepared in case they are faced with an outbreak.

COVID-19 has infected more than 60,000 people across more than 26 countries and territories since it was discovered in China’s Hubei Province late last year. Yet somehow, North Korea, which shares a border with China, has remained infection-free, despite heavy cross-border trade with China, even as every other country in the region has reported infections?

The only major country in East Asia that hasn’t reported infections is Indonesia. And even Indonesia has been questioned by skeptical health officials about the possibility that it could be accidentally ignoring – or worse, suppressing – signs of an outbreak. However, health officials insisted that Indonesia has remained virus-free despite the huge number of Chinese visitors who traveled to the country after the outbreak began but before travel restrictions were put in place.

None of these countries depends on China to the extent that NK does (more than 90% of its foreign trade is with – you guessed it – China).

Yesterday, a lecturer at Harvard Medical School told the SCMP that North Korea’s “antiquated health-care system”, along with international sanctions targeting its nuclear program, would make it difficult for North Korea to suppress an outbreak.

“Perhaps they can manage to detect and treat small numbers, but an outbreak could likely easily overload the health system,” Park said.

“Critical medical supplies are hard to import and vital equipment is unable to be repaired due to the difficulty in procuring parts.”

The country would need international assistance to prevent the virus from ravaging its entire population. The country would need swift infusions of antivirals, facemasks and other medical supplies. And unfortunately, it’s go-to benefactor, China, is a little tied up with its own problems at the moment.

“North Korea’s health care system is devoid of the most basic treatments for any sort of medical problem,” he said. “Things like antibiotics, any sort of preventative care are unheard of in the countryside or rural areas and only reserved for the party elite in Pyongyang.”

If the North is currently suffering from an outbreak, we suspect it won’t be able to hide it for much longer. And given the country’s impoverished state, seeing the virus spread to between 60% and 80% of the North’s population isn’t out of the question. What if Kim Jong Un becomes the first head of state to be infected by COVID-19 and must be airlifted to a South Korean, or worse, an American hospital for treatment?

What kind of impact do you think that would have on future US-NK relations?

 

b) REPORT ON JAPAN

 

3 C CHINA

CHINA/COVID 19/THURSDAY NIGHT

China continues to fabricate numbers.  We know that the virus attaches onto ACE 2 receptors and these receptors are quite prevalent in smokers.  Men smoke more than women which will explain why men are getting hit in higher numbers than women.  The virus attacks ACE 2 receptors in the heart, lungs and kidneys

(zerohedge)

China Now Openly Fabricating Numbers: Beijing Lowers Coronavirus Deaths By 108 Due To “Double Counting”

Yesterday, when China shockingly reported a huge jump in new Coronavirus infections due to a “change in definition” of how it counted confirmed cases, resulting in a surge of nearly 15,000 new infections in Hubei alone, it made a mistake: it also reported a surge in new deaths, which more than doubled from under 100 to around 250, and which represent a state of existence (traditionally the final one) that is entirely definition independent.

As we pointed out at the time, while China “can now claim it wants to be more transparent (which is odd for a nation that is still refusing to admit the US CDC on the ground) and wants a more comprehensive definition of “infection” because it is suddenly so concerned about all those people it ordered to go back to work on Monday, it somehow also changed the definition of “death”, because at the same time as the explosion in new cases, which clearly indicates that the pandemic is now clearly out of control, the number of reported deaths in Hubei alone spiked by 242 to 1,310.

One day later China appears to have realized just how flagrant this “mistake” – which exposed the lie which Chinese officials had used until now to avoid a panic, and reset the infection count to a sharply higher number – was, because even as Hubei reported an additional 4,823 cases as of Thursday (and the Chinese National Health Commission said this number was up 5,090 for all of China), there was some major confusion about what the actual number of deaths was.

Here’s why.

In its official daily update on the coronavirus epidemic on Thursday, Feb 13 – the day of the great surge in infections and deaths – the NHC reported that across all of China, there was an increase of 242 death cases in China, of which 216 in Wuhan to 1,367 (link to original page here)….

… which is bizarre, because one day later, in its latest update from Friday, Feb 14, the NHC said that while the number of deaths – which as of Thursday recall were 1,367 (see above) – increased by 121, the total number of declared deaths across China was just 1,380 (link to original page here).

In other words, somehow the jump from 1,367 deaths to 1,380 was an increase of 121 deaths!?

But don’t take our word for it: here is JPMorgan’s official count of all related data as of this morning, showing that indeed, as of Feb 13 (so for Feb 12), there was a total of 1,367 deaths reported by the National Health Commission.

Is this just pro-forma, adjusted death math with Chinese characteristics?

As it turns out no, because recall that while China may have reset the number of new cases sharply higher, it certainly did not mean to also send the number of deaths surging, as it would means that this had nothing to do with a change in the definition of infection, and everything to do with undercounting the number of infected and dead.

So what did Beijing do?

Well, as the NHC “explained” in its Friday statementthat 242 increase in deaths officially reported on Thursday somehow also included 108 deaths that were “double counted.” There was no explanation how or why it was possible to “double count” a death. Which of course, it isn’t and what really happened is that China, having realized its glaring mistake which prompted us to mock its “data” yesterday, had to quickly cut by roughly half the surge in Thursday deaths to make the progression in the number of new deaths “smooth.” And sure enough, this is what the revised death chart looks like after the “double counting” revision: compare the chart up top of the number in new deaths before today’s “revision”, with what the death number looks like now, after the latest “data.”

Much better, right?

Well, no, because without an explanation as to how one can “double count” a dead body, all Beijing has succeeded in doing is validating that all of its so-called data is just fake, goalseeked bullshit meant to keep the mortality rate at 2.1% where it had been for weeks until the sudden burst higher into Thursday’s massive data revision.

Indeed, one wonders if the entire set of “statistics” used by China in its coronavirus reporting is merely goalseeked off keeping the mortality rate at 2.1%, while any excess, “double-counted” dead bodies, are promptly incinerated in the local crematorium (which in the past three weeks has been working 24/7), with the cause of death given simple as “pneumonia.”

In any case, the impressive revision lower in deaths was enough to boost US equity futures as algos saw the number and rushed to buy stocks because the fake Chinese data is once again giving the impression that the pandemic is being contained, even if the only place that’s happening is inside the computer of some communist party appartchik in Beijing tasked with a simple mission: massage and manipulate the report to avoid a panic while preserving some credibility.

Alas, today’s “double counting” of the dead was the straw that finally broke the camel’s back and going forward nothing the Chinese government says can ever again be trusted by humans. However, since algos are exempt, they will keep buying stocks as Beijing once again gives the impression – using carefully goalseeked numbers – that the pandemic is increasingly contained, even as China’s entire economy has ground to a halt, until one day the global recession unexpectedly hits and “nobody could have possibly seen it coming.”

END

CHINA/AUTO SALES

This is to be expected:  Chinese auto salesplunge in January

(zerohedge)

China Auto Sales Plunge In January; And February Could Be Much, Much Worse

Auto sales in China were crushed in January, declining 20.2% on a year over year basis, according to the government-backed China Association of Automobile Manufacturers. The country sold 1.94 million vehicles, according to the CAAM.

The decline is attributable, obviously, to the coronavirus outbreak in the country, combined with the lunar new year falling in late January, as opposed to early February, this year.

And, unfortunately, there is literally no reason for optimism coming into February, as it was the end of January and early February when China was placed essentially on a full lockdown due to the outbreak of the virus.

 

In fact, we just wrote yesterday that auto industry executives are admitting that the virus could “wreak havoc” on sales and production for the first quarter, according to the Asia Times. Automakers across the country have been forced to cancel sales targets and offer subsidies to hold over dealers during the outbreak.

The coronavirus has now killed over 1,300 people (if you are to believe the CCP’s likely understated numbers) and more than 60,000 people are now confirmed to be infected in China.

Just days ago, we reported about a major inventory glut looming in the Chinese auto market, as well.

Wuhan has become a ghost town
Accordingly, we noted, traffic to showrooms has collapsed across the country since late January. A China Automobile Dealer’s association poll shows that dealers predict a drastic drop in sales of 50% to 80% this month, compared to February 2019. 70% of dealers have said they have seen “almost no customers” since the end of January.  

The CADA said auto sales “show a cliff-like decline”.

Sales of EV vehicles also plunged in January, falling 54% as a result not only of the outbreak, but Beijing becoming more hawkish on their subsidy policies heading into the back end of 2019.

We noted in December that NEV sales plunged 42% in November after Beijing first backed away. The government is ostensibly dedicating all of its efforts to deal with the country’s ongoing outbreak, and so Beijing has not revisited its comments about EVs yet, and we are already halfway through Q1 2020.

END

CHINA/COVID 19 FRIDAY MORNING/UPDATE

This is frightening:  Nearly 2000 doctors and nurses are infected inside China as we witness huge shosrtages of medical supplies

(zerohedge)

China Says Nearly 2,000 Doctors & Nurses Infected As Shortages Of Medical Supplies Persist

Summary:

  • China says 1,716 medical workers have been infected
  • Singapore reports largest daily jump in cases
  • Hubei’s new party boss orders quarantine tightened
  • President Xi touts new “biosecurity law”
  • Hong Kong Disney land offers space for quarantine
  • Chinese company says blood plasma of recovered patients useful in combating the virus

* * *

Following Chinese health officials’ claim last night that it “double-counted” some deaths (while crematoriums in the country have been working 24/7 as the outbreak has worsened over the last few weeks), the good people at China’s NHC have disclosed for the first time that 1,716 medical workers have been infected across the country.

Does this figure seem a little underwhelming? Officials put the infected medical worker total at 3.8% of 60k+ total cases on the mainland, and added that six medical workers – including the martyr Dr. Li – have died as of Friday. Of course, even if they’re all wearing protective gear (which we know many aren’t especially in the hardest hit areas like Hubei) this number would still seem low for such an infectious disease, given that more than 65,000 cases have been confirmed across the world.

One expert who spoke to the New York Times said the number of infected medical workers is “concerning.”

“I think it’s quite concerning,” said Benjamin Cowling, a professor of epidemiology at the University of Hong Kong. “Healthcare workers face the challenge of caring for a substantial number of patients in Wuhan. It’s worrying to discover that a number of them have been infected.”

From what we’ve heard and read, it seems that shortages of supplies like facemasks, gloves, goggles and other protective gear have persisted, even in Hubei, according to the NYT. During the SARS outbreak, 961 medical workers were infected, representing some 18% of all infections. Since COVID-19 is even more contagious than SARS, we’d expect the number of medical workers infected to be even higher.

After expressing skepticism about Beijing’s response to the virus earlier in the week, it looks like the WHO is back to shilling for the Communist Party, claiming overnight that the jump in cases in China shouldn’t be characterized as a “spike,” and that it’s normal to change how cases are defined.

Across the mainland, the Chinese people, who have been frustrated by the government’s dissembling, have come up with jokes like this one.

曾錚 Jennifer Zeng@jenniferatntd

How many monkeys died?
26 caves collapsed.
How many monkeys died?
Only 5K trees ruined.
How many monkeys died?
All alive moneys transferred to safe places.
How many monkeys died?
Relatives of the dead monkeys are emotionally stable.
How many monkeys died?
We saved one today. https://twitter.com/jenniferatntd/status/1228131448311492614 

曾錚 Jennifer Zeng@jenniferatntd

唐僧:死了多少猴子? 悟空:26个洞坍塌。
唐僧:死了多少猴子? 悟空:只有5000颗桃树被毁。
唐僧:死了多少猴子? 悟空:活的猴子安全转移了。
唐僧急:死了多少猴子? 悟空:死亡猴子家属情绪稳定 ,
唐僧发飚:死了多少猴? 悟空:今天又救活了一只猴子#武汉肺炎 #新冠肺炎 #新冠病毒

Given everything we’ve learned about the virus, and all the reports about shortages of medical supplies like facemasks across the country, but especially in Hubei Province, we suspect that the real number is much, much larger. It’s just the latest evidence that Beijing hasn’t given up on doctoring its disease stats, even after its big non-admission on Thursday that its methods for confirming virus-linked cases and deaths hadn’t been sufficiently inclusive.

As we first pointed out yesterday, party officials said yesterday that the country would use “wartime measures” – a kind of public emergency declaration – to fight the virus, suggesting that the lockdowns will become even more widespread.

曾錚 Jennifer Zeng@jenniferatntd

China fights with ‘wartime’ measures; Infected patient’s daughter makes desperate plea http://bit.ly/37vBJsB

And as that happens, more scenes like these are playing out across the country.

曾錚 Jennifer Zeng@jenniferatntd

First, they covered up the truth, second, they said this disease was preventable and controllable, third, they locked you up. Now they terrify you like this. What a hell! Terrorists are on the go.

Embedded video

曾錚 Jennifer Zeng@jenniferatntd

A real time photo from David Ng’s friend in . Only 7 families have their lights on in a 30 level building; whilst usually every window was on. The friend’s own building has only 5 families’ lights on. How many have gone? You do your own math. https://twitter.com/andrewc86186/status/1228272062373826561 

David Ng@AndrewC86186

很多推友只靠推特上的信息,完全不知道目前武漢的恐怖!這張照片是我在武漢的朋友,即時拍攝給我的!他家對面一棟「30層」的高樓,現在竟然只有「7戶」亮燈!😨😱平常是整棟樓亮著的!現在武漢真的成了鬼城,浣熊市!他自己的家,竟然只有5戶有人!雖然是老房子,但也非常誇張!疫情多嚴重自己判斷!

View image on Twitter

In more immediately alarming news, Singapore reported nine new cases overnight, the largest daily increase yet in the city-state, which is now reporting a total of 67 cases, leaving it in third place after mainland China and the ‘Diamond Princess’ (cases quarantined off the ship are being counted separately from domestic Japanese cases).

Meanwhile, as the quest for a vaccine continues, Chinese state media is reporting that the China National Biotec Group has found virus-neutralizing antibodies in the plasma of recovered patients. Experiments have shown that these antibodies can help kill the virus, potentially speeding up the timeline for a successful vaccine.

The company said it had successfully prepared the plasma for clinical treatment after strict blood biological safety testing, virus inactivation and antiviral activity testing. The plasma had been used to treat 11 patients in critical condition, with significant results, it said.

Here’s more on that from SCMP:

 

Clinical tests showed that, after 12 to 24 hours of treatment, the main inflammatory indicators in the laboratory decreased significantly, the proportion of lymphocytes increased, key indicators such as blood oxygen saturation and viral load improved, and clinical signs and symptoms improved significantly.

“The plasma product to treat the novel coronavirus is made from plasma loaded with antibodies donated by recovered patients. It went through virus inactivation and was tested against virus-neutralising antibodies and multiple pathogenic microorganisms,” the company said, according to the report.

Following the scapegoating of two of the most senior party officials in Hubei, the province’s new party boss, Ying Yong, held his first meeting on the outbreak with staff late Thursday, and immediately proceeded to lay down the law: He ordered officials to redouble their efforts to tighten quarantine controls in communities and neighborhoods across the province. This includes making sure that every individual suspected of infection must be quarantined.

In other news, China’s zombie companies are breathing a sigh of relief after the Communist Party ordered the nation’s banks to implement a loan default ‘grace period’ to ensure that China’s mountain of bad debt doesn’t come tumbling down like a house of cards.

Banks are told to tolerate higher bad loans and further raise tolerance for regions and industries hit hard by the virus

As the outbreak rages unabated and China struggles to get its economy back to work, the leadership in Beijing have continued to parrot the party line that the backlash for China’s economy will remain minimal, with China’s foreign secretary becoming the latest to assure the public that the economy will swiftly recover after a brief pullback.

President Xi said Friday that the country must improve its responses to major public health crises, and added that a new “biosecurity law” would soon be passed.

Global Times

@globaltimesnews

Chinese President Xi Jinping on Friday urged an improvement in the preventive mechanism in response to major public health crises and the country’s public health emergency and management system. Xi also stressed the importance to roll out a biosecurity law as soon as possible.

View image on TwitterView image on TwitterView image on Twitter

Finally, readers who enjoy a little dark humor (we suspect that’s most of you) should get a kick out of this: Disneyland Hong Kong has agreed to let the city government use its land for quarantine space.

END

CHINA/USA/GLOBE

CDC director states that COVID 19 will be part of the USA scene late this year and beyond 2020

(zerohedge)

“It’s Coming”: CDC Director Warns Coronavirus To Become Widespread Throughout United States, ‘Probably Beyond 2020’

The extremely virulent coronavirus which is sweeping through China’s Hubei province like wildfire will eventually gain a foothold in the United States – becoming a ‘community virus’ this year or next, according to CDC Director Dr. Robert Redfield.

“We don’t know a lot about this virus,” Redfield told CNN‘s Dr. Sanjay Gupta. “This virus is probably with us beyond this season, beyond this year, and I think eventually the virus will find a foothold and we will get community-based transmission.”

Right now we’re in an aggressive containment mode,” said Redfield.

As of Thursday, 15 cases have been confirmed in seven states; eight in California, two in Illinois and one in Arizona, Washington, Massachusetts, Wisconsin and Texas, according to CNN.

Community virus

Redfield says that while more research is needed, the CDC is focused on containment strategies to isolate and slow the progression of the novel coronavirus, buying time to develop a vaccine and antiviral drugs.

“The containment phase is really to give us more time. This virus will become a community virus at some point in time, this year or next year,” said Redfield. “We don’t have any evidence that this coronavirus is really embedded in the community at this time, but with that said, we want to intensify our surveillance so that we’re basing those conclusions based on data.”

The containment strategy refers to efforts to prevent widespread transmission of the coronavirus in the United States, including having people with confirmed cases stay in isolation and placing restrictions on travel between affected areas in the world. Such containment measures were used widely during the SARS global outbreak of 2003, during which 8,098 people worldwide became sick and of those, 774 died, according to the CDC. –CNN

Controversial travel restrictions

While the World Health Organization has argued that travel restrictions on foreign nationals could backfire (on several industries?), the Trump administration has enacted travel restrictions which block foreign nationals who have visited China in the last 14 days from entering the United States. Anyone who has been to Hubei province within two weeks of their return will be subject to a mandatory 14-day quarantine.

WHO Director-General Tedros Ahanom Ghebreyesus opposed travel restrictions last week, saying “We reiterate our call to all countries not to impose restrictions that unnecessarily interfere with international travel and trade. Such restrictions can have the effect of increasing fear and stigma, with little public health benefit.”

So – According to Tedros, travel restrictions might lead to panic and racism.

The CDC’s Redfield couldn’t disagree more.

“Frankly, some people criticized when we decided that we wanted to temporarily suspend travel into the United States from individuals who were not Americans or permanent residents who had been in the hot zone in the last 14 days. Some people didn’t think that that was what they would do,” Redfield told Gupta on Thursday.

“Well, we felt very strongly that our obligation was to do all we can to protect the American public,” he added. “I would rather be criticized for over-protecting America than under-protecting America at this stage.

Gupta then asked a very CNN question; “Obviously, Dr. Redfield, the virus doesn’t discriminate based on race. Why do we?

Redfield, who didn’t take the bait, replied: “The issue here was first a strong commitment to take care of the Americans that are going to come back, whether they happen to potentially have this virus or not — and you saw that with the over 800 individuals that the State Department has repatriated and we’ve assisted in that.”

Asymptomatic transmission is highly concerning

One of the more concerning aspects of the hyper-virulent coronavirus is that a person can transmit it to others while showing no symptoms.

“There’s been good communication with our colleagues to confirm asymptomatic infection, to confirm asymptomatic transmission, to be able to get a better handle on the clinical spectrum of illness in China. What we don’t know though is how much of the asymptomatic cases are driving transmission,” said Redfield.

“What I’ve learned in the last two weeks is that the spectrum of this illness is much broader than was originally presented. There’s much more asymptomatic illness,” he added. “A number of the confirmed cases that we confirmed actually just presented with a little sore throat.”

Meanwhile, CNN notes that while the outbreak has been affecting China since at least December, the CDC has not been invited into the country to help despite offering assistance six weeks ago.

“There’s a lot of information we don’t know — that’s why I offered to provide assistance, direct assistance, and send our CDC folks over there back on January 6 to really help them gather that information and also to help us see the information first hand that we need to help make the right public health recommendations for our nation,” said Redfield.

“That letter has not been responded to yet by the official Chinese government,” he added. “We do believe that we’re the best in the world in this space and we’re ready to help and assist them, but they’re an independent nation that has to make that decision that they’re going to invite us in.”

end

(GLOBE AND MAIL)

 

Tyler Seguin drove to Brampton to visit his mother on Wednesday night. The Dallas Stars centre, who grew up in Southern Ontario, rummaged around in the garage and unearthed four hockey sticks while he was there.

“As it is right now, you have to use whatever you’ve got,” Seguin said Thursday as he sat at his stall in the visitors’ locker room at Scotiabank Arena before the Stars met the Maple Leafs. Two Bauer sticks, last year’s model, were propped up beside him.

He has 10 new sticks remaining from a batch of about three dozen that he ordered earlier this year to go along with three holdovers from last season and the four he found scavenger-hunting at his mom’s.

“I’m concerned about a shortage,” Seguin said, adding that he goes through one stick each game. “I might be screwed for a little bit.”

Seguin is worried because the inventory of sticks used at hockey’s most elite levels is drying up. The NHL players’ sticks, all custom-designed, cost at least $300 each and are not available at retail stores. The factories in China that produce them for Bauer and CCM, the two biggest manufacturers, have been shut down for three weeks as a measure to slow the spread of coronavirus.

Nearly 1,400 deaths in China have been attributed to the flu-like illness since it emerged in the central part of the country in December. Health officials confirmed 242 deaths on Thursday alone. That is twice as many as the previous day.

Ed Kinnaly, the chief executive of Bauer, said the company hopes to resume production on Feb. 17. It had expected to restart operations on Feb. 10, but the government extended mandated work stoppages for another week.

“We are in regular communication with our team members in China to help ensure their well-being and understand their need to follow safety guidelines to help minimize this public-health issue,” Kinnaly said in a statement. “Understanding this is a very fluid and dynamic global situation, we are in close contact with our suppliers and other partners to stay on top of any changes that may occur.” Kinnaly said a majority of sticks for the retail market are shipped in the summer so that should not be affected. Bauer manufactures and ships the high-performance sticks to NHL players throughout the season, however, and that has been interrupted.

A backup supply exists, and sales representatives are checking with team-equipment managers to determine their inventory levels and identify any players that are running low.

“This is unique in a few ways,” said Tory Mazzola, a spokesman for the New Hampshire-based company. “The situation is widespread and at a point in the season where the playoffs are on people’s minds. If it happened in summer, nobody would worry.”

 

If Bauer’s factory reopens on Feb. 17, sticks could be shipped from the factory within two days. It takes approximately two weeks for them to land in a player’s hands.

Between them, Bauer and Montreal-based CCM furnish about three-quarters of the sticks used by players in the NHL. CCM did not respond to multiple telephone messages and queries directed by e-mail.

The next largest market share is held by Warrior Hockey, which is owned by Massachusetts-based New Balance. Warrior uses carbon-fibre material from the United States and manufactures its sticks in Tijuana, Mexico, so its output has not been affected by the coronavirus outbreak.

“We are ready and committed to help the NHL and its players meet hockey-stick demand if the need arises,” the company said in a statement. It currently has 300 employees working to make sticks six days a week.

If Bauer and CCM are unable to keep up with the demand, it is possible that some players could switch to Warrior.

Frédérik Gauthier, a Maple Leafs winger, said Thursday that a Bauer sales representative gave a briefing to him and some of his teammates recently.

“He told me to be mindful of how many sticks you use,” Gauthier said.

He said he usually orders a dozen sticks at a time and is not overly concerned yet.

“I’m good,” he said. “I still have a bunch.”

Jason Spezza uses a Bauer/Easton stick, and orders two to three dozen at once several times a season.

“I’ve gone through a lot of breakage lately so I am using a lot more than usual,” Toronto’s veteran centre said.

He said he would resort to using some of his old sticks if necessary.

“As long as this dozen lasts three or four months, I should be fine,” he said.

Like Seguin, Tyson Barrie, the Maple Leafs defenceman, expressed some concern. He uses a model manufactured by CCM.

“I’m not sure where my stock is right now,” Barrie said.

He uses a new stick in each game, so he did some math as he stood at his dressing stall Thursday.

“We have 25 games left, so that’s 25 sticks,” he said. “I better look into this.”

Not far from him, Travis Dermott stood smiling.

“I’m not worried,” he said.

He is a Warrior guy

 

END

 

A very prestigious research centre in China has now come out and stated that the Killer coronavirus was made made from alaboratory in Wuhan

(zerohedge).

Smoking Gun? Chinese Scientist Finds “Killer Coronavirus Probably Originated From A Laboratory In Wuhan”

The uncertainty and the debate over the origins of the coronavirus pandemic are growing with each passing day.

One week after the White House asked scientists to finally investigate whether the Covid-19 virus was bio-engineered (i.e., created in a lab), none other than CNBC jumped on the bandwagon and echoing a similar question by Senator Tom Cotton – and of course, Zero Hedge – said “maybe the coronavirus was man made.”

All this is taking place as the mainstream media, whose purpose is similar to that of Beijing in minimizing public concerns and panic even if it means fabricating reality, presses on with the popular theory that the virus emerged from the Huanan seafood market in Wuhan (we recently showed why this appears very unlikely) while branding anyone who suggests that the coronavirus might have originated as a bioweapon developed in a secretive Wuhan lab as deranged conspiracy theorist  (a propaganda approach first popularized in the 1960s by the CIA to discredit controversial views).

Indeed, just today, the FT reported that Trevor Bedford, of the Fred Hutchinson Cancer Research Center in Seattle, “rubbished stories circulating on social media that Covid-19 was created at Wuhan Institute of Virology or elsewhere in China.” Bedford is of course entitled to his opinion, which was only reinforced by the lack of any dissenting views from the scientific community, especially in “ground zero”, China.

That has now changed, however, with what may be a “smoking gun” report, first noted by Harvard to the big house, from a scientist at the prestigious South China University of Technology in Guangzhou China. A pre-print published by Botao Xiao and Lei Xiao, titled “The possible origins of 2019-nCoV coronavirus” whose abstract is the following…

The 2019-nCoV has caused an epidemic of 28,060 laboratory-confirmed infections in human including 564 deaths in China by February 6, 2020. Two descriptions of the virus published on Nature this week indicated that the genome sequences from patients were almost identical to the Bat CoV ZC45 coronavirus. It was critical to study where the pathogen came from and how it passed onto human. An article published on The Lancet reported that 27 of 41 infected patients were found to have contact with the Huanan Seafood Market in Wuhan. We noted two laboratories conducting research on bat coronavirus in Wuhan, one of which was only 280 meters from the seafood market. We briefly examined the histories of the laboratories and proposed that the coronavirus probably originated from a laboratory. Our proposal provided an alternative origin of the coronavirus in addition to natural recombination and intermediate host.

… and an especially ominous conclusion:

In summary, somebody was entangled with the evolution of 2019-nCoV coronavirus. In addition to origins of natural recombination and intermediate host, the killer coronavirus probably originated from a laboratory in Wuhan.

Who is Botao and should anyone listen to him? Well, yes: this is what we find about the research group of the Harvard post-doc:

The Xiao group study mainly in the fields of cellular and molecular biomechanics, single molecule biophysics and engineering. Current research areas are: protein-ligand interactions, DNA and RNA assembly, high-throughput nanometer measurements and manipulation, mathematical modeling and quantitative analysis. The experimental techniques include: magnetic tweezers, optical tweezers, biomembrane force probe, fluorescent microscopy, genetic engineering, and chromatography. An project example is using high-throughput single molecule techniques to study the modulation of protein drugs on interactions of integrins and their ligands such as TGF-beta. We also study von Willebrand Factor and glycoproteins on platelets. We collaborate with a number of well-known universities and institutions, and a few enterprises. Our research will be of relevance for the prevention and treatment of cancer, immune and cardiovascular diseases.

But what is far more interesting, and important, is that the paper was supported by China’s National Natural Science Foundation, which means that the paper would likely never see the light of day if someone in Beijing did not stand to gain politically by endorsing the contrarian theory that a Wuhan biolab was indeed the source of the infection.

Which begs the question: is China’s political elite set to change the narrative it has been spinning since day one about the origins of the coronavirus, and in order to appease an increasingly angry population, points the finger to one or more scientists at the Wuhan Center for Disease Control and Prevention and/or Wuhan Institute of Virology. Perhaps even the same scientists we highlighted two weeks ago, and which led to our twitter ban?

And until we eagerly await the answer, here is the gist of Botao’s paper, which we repost here just in case it does disappear after all (ResearchGate link here):

The possible origins of 2019-nCoV coronavirus

Botao Xiao1,2* and Lei Xiao3

1 Joint International Research Laboratory of Synthetic Biology and Medicine, School of Biology and Biological Engineering, South China University of Technology, Guangzhou 510006, China

2 School of Physics, Huazhong University of Science and Technology, Wuhan 430074, China

3 Tian You Hospital, Wuhan University of Science and Technology, Wuhan 430064, China

Corresponding author: xiaob@scut.edu.cn

Tel / Fax: 86-20-3938-0631

 

The 2019-nCoV coronavirus has caused an epidemic of 28,060 laboratory-confirmed infections in human including 564 deaths in China by February 6, 2020. Two descriptions of the virus published on Nature this week indicated that the genome sequences from patients were 96% or 89% identical to the Bat CoV ZC45 coronavirus originally found in Rhinolophus affinis 1,2. It was critical to study where the pathogen came from and how it passed onto human.

An article published on The Lancet reported that 41 people in Wuhan were found to have the acute respiratory syndrome and 27 of them had contact with Huanan Seafood Market 3. The 2019-nCoV was found in 33 out of 585 samples collected in the market after the outbreak. The market was suspected to be the origin of the epidemic, and was shut down according to the rule of quarantine the source during an epidemic.

The bats carrying CoV ZC45 were originally found in Yunnan or Zhejiang province, both of which were more than 900 kilometers away from the seafood market. Bats were normally found to live in caves and trees. But the seafood market is in a densely-populated district of Wuhan, a metropolitan of ~15 million people. The probability was very low for the bats to fly to the marketAccording to municipal reports and the testimonies of 31 residents and 28 visitors, the bat was never a food source in the city, and no bat was traded in the market. There was possible natural recombination or intermediate host of the coronavirus, yet little proof has been reported.

Was there any other possible pathway? We screened the area around the seafood market and identified two laboratories conducting research on bat coronavirus. Within ~280 meters from the market, there was the Wuhan Center for Disease Control & Prevention (WHCDC) (Figure 1, from Baidu and Google maps).

WHCDC hosted animals in laboratories for research purpose, one of which was specialized in pathogens collection and identification 4- 6. In one of their studies, 155 bats including Rhinolophus affinis were captured in Hubei province, and other 450 bats were captured in Zhejiang province 4. The expert in collection was noted in the Author Contributions (JHT). Moreover, he was broadcasted for collecting viruses on nation-wide newspapers and websites in 2017 and 2019 7,8. He described that he was once attacked by bats and the blood of a bat shot on his skin. He knew the extreme danger of the infection so he quarantined himself for 14 days 7. In another accident, he quarantined himself again because bats peed on him. He was once thrilled for capturing a bat carrying a live tick8.

Surgery was performed on the caged animals and the tissue samples were collected for DNA and RNA extraction and sequencing 4, 5. The tissue samples and contaminated trashes were source of pathogens. They were only ~280 meters from the seafood marketThe WHCDC was also adjacent to the Union Hospital (Figure 1, bottom) where the first group of doctors were infected during this epidemic. It is plausible that the virus leaked around and some of them contaminated the initial patients in this epidemic, though solid proofs are needed in future study.

The second laboratory was ~12 kilometers from the seafood market and belonged to Wuhan Institute of Virology, Chinese Academy of Sciences 1, 9, 10This laboratory reported that the Chinese horseshoe bats were natural reservoirs for the severe acute respiratory syndrome coronavirus (SARS-CoV) which caused the 2002-3 pandemic 9The principle investigator participated in a project which generated a chimeric virus using the SARS-CoV reverse genetics system, and reported the potential for human emergence 10A direct speculation was that SARS-CoV or its derivative might leak from the laboratory.

In summary, somebody was entangled with the evolution of 2019-nCoV coronavirus. In addition to origins of natural recombination and intermediate host, the killer coronavirus probably originated from a laboratory in Wuhan. Safety level may need to be reinforced in high risk biohazardous laboratories. Regulations may be taken to relocate these laboratories far away from city center and other densely populated places.

 

Acknowledgements

This work is supported by the National Natural Science Foundation of China (11772133, 11372116).

Declaration of interests

All authors declare no competing interests.

References

1. Zhou P, Yang X-L, Wang X-G, et al. A pneumonia outbreak associated with a new coronavirus of probable bat origin. Nature 2020. https://doi.org/10.1038/s41586-020-2012-7.
2. Wu F, Zhao S, Yu B, et al. A new coronavirus associated with human respiratory disease in China. Nature 2020. https://doi.org/10.1038/s41586-020-2008-3.
3. Huang C, Wang Y, Li X, et al. Clinical features of patients infected with 2019 novel coronavirus in Wuhan, China. The Lancet 2019. https://doi.org/10.1016/S0140– 6736(20)30183-5.
4. Guo WP, Lin XD, Wang W, et al. Phylogeny and origins of hantaviruses harbored by bats, insectivores, and rodents. PLoS pathogens 2013; 9(2): e1003159.
5. Lu M, Tian JH, Yu B, Guo WP, Holmes EC, Zhang YZ. Extensive diversity of rickettsiales bacteria in ticks from Wuhan, China. Ticks and tick-borne diseases 2017; 8(4): 574-80.
6. Shi M, Lin XD, Chen X, et al. The evolutionary history of vertebrate RNA viruses. Nature 2018; 556(7700): 197-202.
7. Tao P. Expert in Wuhan collected ten thousands animals: capture bats in mountain at night. Changjiang Times 2017.
8. Li QX, Zhanyao. Playing with elephant dung, fishing for sea bottom mud: the work that will change China’s future. thepaper 2019.
9. Ge XY, Li JL, Yang XL, et al. Isolation and characterization of a bat SARS-like coronavirus that uses the ACE2 receptor. Nature 2013; 503(7477): 535-8.
10. Menachery VD, Yount BL, Jr., Debbink K, et al. A SARS-like cluster of circulating bat coronaviruses shows potential for human emergence. Nature medicine 2015; 21(12): 1508-13.

The original pre-print is below (link):

end
CHINA/CORONAVIRUS
China is disintegrating by the day:  steel demand plummets to zero, property sales approaching zero..
(zerohedge)

China Is Disintegrating: Steel Demand, Property Sales, Traffic All Approaching Zero

In our ongoing attempts to glean some objective insight into what is actually happening “on the ground” in the notoriously opaque China, whose economy has been hammered by the Coronavirus epidemic, yesterday we showed several “alternative” economic indicators such as real-time measurements of air pollution (a proxy for industrial output), daily coal consumption (a proxy for electricity usage and manufacturing) and traffic congestion levels (a proxy for commerce and mobility), before concluding that China’s economy appears to have ground to a halt.

That conclusion was cemented after looking at some other real-time charts which suggest that there is a very high probability that China’s GDP in Q1 will not only flatline, but crater deep in the red for one simple reason: there is no economic activity taking place whatsoever.

We start with China’s infrastructure and fixed asset investment, which until recently accounted for the bulk of Chinese GDP. As Goldman writes in an overnight report, in the Feb 7-13 week, steel apparent demand is down a whopping 40%, but that’s only because flat steel is down “only” 12% Y/Y as some car plants have ordered their employee to return to work (likely against their will as the epidemic still rages).

However, it is the far more important – for China’s GDP – construction steel sector where apparent demand has literally hit the bottom of the chart, down an unprecedented 88% Y/Y or as Goldman puts it, “construction steel demand is approaching zero.”

But wait, there’s more.

Courtesy of Capital Economics, which has compiled a handy breakdown of real-time China indicators, we can see the full extent of just how pervasive the crash in China’s economy has been, starting with familiar indicator, the average road congestion across 100 Chinese cities, which has collapsed into the New Year and has since failed to rebound.

 

Average Road Congestion across 100 Cities in China

Parallel to this, daily passenger traffic has also flatlined since the New Year and has yet to post an even modest rebound.

 

Daily Passenger Traffic

And the biggest shocker: a total collapse in passenger traffic (measured in person-km y/y % change), largely due to the quarantine that has been imposed on hundreds of millions of Chinese citizens.

 

Passenger Traffic (person-km, % y/y)

And while we already noted the plunge in coal consumption in power plants as Chinese electricity use has cratered…

 

Coal Consumption at Power Plants

… what is perhaps most striking, is the devastation facing the Chinese real estate sector where property sales across 30 major cities have basically frozen.

 

Daily Property Sales in 30 Major Cities (Thousand Units)

Finally, and most ominously perhaps, as the economy craters and internal supply chains fray, prices for everyday staples such as food are soaring as China faces not only economic collapse, but also surging prices for critical goods, such as food as shown in the wholesale food price index chart below…

 

Daily Property Sales in 30 Major Cities (Thousand Units)

… which in a nation of 1.4 billion is a potentially catastrophic mix.

As the coronavirus pandemic spreads further without containment, and as the charts above continue to flatline, so will China’s economy, which means that not only is Goldman’s draconian view of what happens to Q1 GDP likely optimistic as China now faces an outright plunge in Q1 GDP…

… but any the expectation for a V-shaped recovery in Q2 and onward will vaporize faster than a vial of ultra-biohazardaous viruses in a Wuhan virology lab.

END

Robert H to me: on what will happen to the banking systems globally

 

China contagion is penetrating the banking world globally

Most people have got this China virus matter all wrong, in thinking it is a problem for China. As the saying goes, when you owe a buck to bank, you have a problem; when you owe many billions the bank has a problem. Today, many banks all over the world have a problem.

Contrary to the official narrative, the virus outbreak in China is anything but under control or contained. Wuhan is the center of it all with spreading tentacles much like a slow moving octopus. The tentacles are the 5 million people who fled before the quarantine. No one knows how many were infected nor whether they are silent carriers. It is partially why now you see former residents from there getting sick across the world. One cannot blame them for wanting to find refugee abroad, but at what cost?

The cost is almost too terrible to voice. Economic activity has almost come to a standstill in China as major businesses and investors remain fearful about the future impact of the coronavirus outbreak. Officially coronavirus has already claimed over 1,300 lives and caused over 48,000 infections. Major retail chains to automobile and smartphone manufacturing firms have been shut down in mainland China. The problem is that this is simply not believable as we see more and more infections and resultant deaths.

Analysts at S&P have said that Chinese production activities are likely to remain subdued for nearly two quarters before a revival. They also said the virus outbreak in China could also reduce global GDP by almost 0.3%. Humbly, I suggest this is a whitewash narrative of severe contraction economically and financially.

The reality is that when an economy comes to a standstill the banking also falls short of what is needed to survive. The velocity of trade activity directly affects the wheel of capital flow with a bank and a country placing people in a untenable situation as the same money cannot be used by a number of people in quick succession. One suspects the Chinese economy is already negative, and no talk of minor decline is believable. Today, no one is certain of when the economy will even commence in China. One thing for sure, when ever that day comes likely 50-60% of all banks in China will need to be bailed out. But by who, the Bank  of China ? All they can do is print and we all know how that ends. The days of Chinese global hegemony and imperialist ambitions are simply at an end for a time. Banks like HSBC will see terrible losses in China and Hong Kong. There are already so many stories of cancelled commodities contracts and like to the lack of accessible port access for inbound goods that are sitting on the credit lines of banks outside of China and their respective customers.  This is the real time contagion that no one wants to touch. Couple that with DBS shutting down in Singapore the other day and Deutsche apparently following suit and one can safety suggest that that market is shut for the time being. This is not without economic fallout which acts to hasten a decline in real value exchange locally and internationally. This affects other banks like Standard Chartered who has a large operation there. And we have no real indication of whether the shut down is short or longer term as we wait to see the escalating virus contagion.

For a time other Asian countries like India and Indonesia will race to fill the void in part supply at China’s expense with existing plants. But to find new money from banks watching their balance sheets? Watching the implosion of global trade, one can only wonder what happens next, as the virus and perhaps even the Locust swarms invade India. These swarms have ALREADY cross from the Arabic countries to Pakistan. It will take much capital to contain this taking away from banking credit. While in Africa, they simply have not the money to fight, so starvation and economic activity is already in decline affecting companies and banks. In a short time this will cause a huge global migration of humanity looking for the dignity of life. But from who, and whose pocket, for what length of time is the question. So forget Africa and banking exposure, it going off the cliff with losses.

The EU banks are poorly equipped to handle the cash calls coming let alone the credit line impairment occurring in real time each day. Solvency is most questionable. Add to that the impact of Brexit to the tune of a $15B budget shortfall and one clearly sees the reason they have gone after the Caymans who hold the enormous bank trading profits in Euro’s is they need the taxation and on February 18th when the Finance Ministers meet I will be surprised if they do not push ahead. This will crush the Caymans as a Tax haven and serve as notice others. The hunt is for cash by the EU and they will take where ever possible. So China contagion is a deadly broadside to an already weakened vessel. And as weeks turn to months, credit will become increasing difficult to attain for companies saddled with inventory made and not sold or delivered to China. It matters not whether it is a scarf or a car or a watch, it all adds up to existing credit erosion making bankers most uneasy and unwilling to finance anything. Better than 50% of the banks there will fall and fail, it is only a matter of time.

At the end, there will only be 2 banking centers that make it in whatever battered form they find themselves and that is London and New York. And they have enough problems evident above surface and not to think that bank failures will not  result aided by a lack of product from China and export by China to US customers. And some cases, the Chinese diaspora will have a huge impact by reallocated spending.  It is only a matter of time before retailers start to run down the inventories and bare shelves produce little in the way of revenue. Why would anyone think that the big box retailers will not see enormous losses which will castrate their ability to service existing and incurring debt. The London banks in general will have a better time as their leverage and exposure to derivatives is much smaller than most people think. The real question will be their trading activity in real goods with customers who can pay.

The result is the world is witnessing a true bank run on credit and a actual credit contraction at the same time and this will not end well for anyone. The only question is who will be left standing.

Cheers

Robert
AND THEN THIS:
This company is the exclusive retailer of the Canadian winter jacket brand Moose Knuckles in China.
And this is just one example of how the virus affects local business in China and will affect a Canadian coronary. Whatever inventory sits in China will remain unsold and have to wait for next season. One can bet the sales by Moose Knuckle will be far lower for next season which will translate into lower employment, higher per unit cost, and possible credit impairment as material for next season is likely already committed to in forward purchases. And this is no certainty that the company in China will still be there in several months.
This example is being repeated in real time may times over as all manner of exporters to China feel the impact of the virus economically.

Cheers

Robert
and then this:

Virus spreading

8 planes arriving in London today had passengers with symptoms. Planes were quarantined on outer runways. It’s time to stop inbound traffic before it overwhelms the medical system in North America killing god knows how many and creating mind boggling economic fallout.

I do not understand the crews and their unions; they on mass  should tell the airlines to stuff it. It is not like the airlines have abundant replacements and as is they are losing crews anyway due to quarantine.

Why are passengers not screened prior to bordering by the airlines? It is like they have no regard for their employees. You would think there are health and safety regulations for this kind of stupid.

Cheers

Robert

4/EUROPEAN AFFAIRS

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN/YEMEN/USA

USA navy intercepts advanced Iranian weaponry bound for Yemen. The ship was seized in the Arabian sea

(zerohedge)

US Navy Intercepts Advanced Iranian Weapons Bound For Yemen In Arabian Sea

On Thursday the US Navy announced it has seized a vessel in the Arabian Sea bound for Yemen that was transporting advanced weaponry to Shia Houthi rebels.

Crucially, a CENTCOM statement described the weapons as “of Iranian design and manufacture” and included such advanced arms as Iranian Dehlavieh anti-tank missiles, as well as at least three surface-to-air missiles, drone parts, and weapon scopes.

The defense department statement said the intercepted weapons were similar or identical to prior shipments seized in the area, bolstering the US charge that Tehran has long been using Yemen’s Houthis to wage a proxy war against the Yemeni government and the Saudis.

“Many of these weapons systems are identical to the advanced weapons and weapon components seized” in the Arabian Sea in November 2019, the statement continued. “The weapons seized include 150 ‘Dehlavieh’ anti-tank guided missiles (ATGM), which are Iranian-manufactured copies of Russian Kornet ATGMs,”

“Other weapons components seized aboard the dhow were of Iranian design and manufacture and included three Iranian surface-to-air missiles, Iranian thermal imaging weapon scopes, and Iranian components for unmanned aerial and surface vessels” the statement described.

“Those weapons were determined to be of Iranian origin and assessed to be destined for the Houthis in Yemen,” it said.

Jeff Seldin

@jseldin

Per @CENTCOM, the operation is ongoing, but some images of the dhow and the -made weaponry has been released

View image on TwitterView image on TwitterView image on Twitter

CENTCOM began releasing news of the weapons intercept even as the operation was still said to be “ongoing” by the USS Normandy. The vessel boarded was described as a small to medium-sized vessel.

Importantly, the major haul comes after the Sept.14 Saudi Aramco oil facility attacks, which briefly crippled Saudi oil production, which Washington had promptly blamed on Iran. That attack had involved drones and surface-to-air missiles as well.

Yemen’s Houthis had claimed responsibility at the time, but the US blamed Iran for being directly behind the attack. But Washington has also long described the Houthis as taking direct orders from the Islamic Revolutionary Guard Corps – while some independent regional analysts have argued the Shia group is more independent than most in the West believe.

END
TURKEY/SYRIA/RUSSIA/USA
The battle for Idlib commences: reasons why the final war has begun
(zerohedge)

Tent Cities, Troop Surge & Tanks Pouring In: Reasons Why The ‘Final War’ For Idlib Has Begun

In the next weeks and months, Idlib is set to be front and center once again in world headlines. Not only have the Turkish and Syrian armies engaged in direct clashes since the weekend  with dozens of casualties on each side  ready for what increasingly looks like the final showdown over Idlib, but superpowers Russia and the US have again lined up on either side. Here are some indicators that dramatic escalation is on the immediate horizon.

An impressive, perhaps unprecedented build-up of seemingly endless columns of Turkish armored vehicles and tanks were seen amassing on the border this week:

1) Turkey announced Thursday more soldiers are being deployed to Idlibafter already previously amassing troops at the border.

According to Turkey’s Daily Sabah:

The Turkish military has dispatched more soldiers and stationed multiple rocket launchers on the Syrian border as it continues to reinforce units and equipment at Turkey’s observation posts in northwestern Idlib province.

The rocket launchers were deployed in Hatay province, while commando squads headed to their units in armored vehicles.

2) Turkish tanks, armored columns, and elite commandos are pouring in as state powers are on a collision course:

Turkish President Recep Tayyip Erdogan has put NATO’s second-largest army on a collision course with Russian-backed forces loyal to Syrian President Bashar al-Assad to try to prevent the fall of Idlib province, Syria’s last rebel stronghold.

The Turkish military ordered hundreds of tanks and armored cars dispatched to Idlib and struck about 170 targets in Syria in retaliation for attacks by Syrian forces that killed at least 12 Turkish soldiers in the northwestern province this month. Russia demanded a halt to attacks on Russian forces and their allies in the northwestern province, who’ve been conducting a months-long advance on the opposition bastion. — Bloomberg

3) Erdogan is erecting new “refugee cities” along Turkish-occupied Syrian border territory, in line with his ‘solution’ for the refugee crisis at a moment he’s also threatened Europe with “opening the gates” if he doesn’t receive EU funding to alleviate the burden:

Mark Cutts

@MarkCutts

New camps in NW Syria (near the Turkish border) being erected following the displacement of 600,000 civilians in last 2 months

But finding suitable land is a major challenge & more resources urgently needed

Meanwhile airstrikes & shelling continue to devastate towns & villages

Embedded video

4) The United Nations is warning Idlib civilian displacement is now the worst over the nine-year total period of war in Syria.

President Assad is being assisted by Russia in the fight to liberate all of Idlib province and insurgent holdout pockets of neighboring Aleppo from al-Qaeda faction Hayat Tahrir al-Sham. In the process pro-Assad forces are clashing with Turkish troops, which maintains ‘observation posts’ in and along Idlib provinces border areas.

All of this has created a massive refugee outflow toward the Turkish border:

A wave of displacement that has seen around 700,000 people flee a regime offensive in Syria’s Idlib region is the biggest of the nine-year-old conflict, the United Nations said Tuesday.

“In just 10 weeks, since 1 December, some 690,000 people have been displaced from their homes in Idlib and surrounding areas,” a spokesman for the Office for the Coordination of Humanitarian Affairs said.

“This is, from our initial analysis, the largest number of people displaced in a single period since the Syrian crisis began almost nine years ago,” David Swanson said.

Mark Cutts

@MarkCutts

Exodus continues. Pictures from yesterday. Biggest single mass displacement since war in Syria began 9 yrs ago

Humanitarians responding but crisis far bigger than current capacity to respond. More resources urgently needed. World failed to prevent exodus. We can’t fail again now

Embedded video

5) The United States said it will “stand with its NATO ally Turkey” after the Syrian and Turkish armies engage in direct clashes, and after Erdogan threatened to begin downing Syrian aircraft.

This brings the world back to a major international proxy war centered on Idlib, as almost happened before (especially in 2018).

Joshua Landis

@joshua_landis

US seeks to pivot to Turkey-first policy on Syria – by @sfrantzman

Jeffrey & Pompeo seek to pivot the US back to a Turkey-first foreign policy ion Syria. They hope to jettison their erstwhile Kurdish partners and eastern Syria to rollback Iran.https://www.jpost.com/Middle-East/US-seeks-to-pivot-to-Turkey-first-policy-on-Syria-617341 

US seeks to pivot to Turkey-first policy on Syria

The US hopes to push Turkey to greater action against the Syrian regime and Russia in Syria’s northern Idlib province

jpost.com

Remember too, that Washington taking a strong “Turkey-first policy” on Syria means the US and Russia could be right back on the war path in Syria, as was the case in prior years.

END

 

TURKEY/SYRIA RUSSIA USA/

Southfront gives a good analysis of how we got where we are with respect to Idlib

(South Front)

Battle Of Idlib And Prospects Of Turkish-Syrian War

Submitted by SouthFront

 

In February 2020, the Syrian Army reached the vicinity of the main stronghold of anti-government forces in Syria, the city of Idlib. This development plunged into shock supporters and the leadership of Idlib armed groups and became a visual confirmation of something that Western powers and their media structures do not want to admit. The government of President Bashar al-Assad not only survived the 9 years of the bloody war but also appeared on the winning side.

Idlib city is the capital of Idlib Governotare. It is located 59km southwest of Aleppo, and about 22km from the Turkish border. The city is divided into six main districts: Ashrafiyeh, Hittin, Hejaz, Downtown, Hurriya, and al-Qusur. Before the war, Idlib city was a rapidly growing urban center. From 2004 to 2010, its population grew from approximately 99,000 to 165,000. The majority of inhabitants was Sunni Muslims. Additionally, there was a significant Christian minority that almost completely disappeared by 2020, for obvious reasons.

 

In 2011, Idlib and its countryside became one of the main the centers of violence. Anti-government armed groups seized the city for the first time in the same year.

The key role was played by members of Ahrar al-Sham, a radical Islamist militant group declaring the aim of creating an Islamic state ruled under Sharia law. Ahrar al-Sham gained a wide prominence as the key ally of Jabhat al-Nusra, the official al-Qaeda offshoot in Syria. Their fruitful cooperation continued until 2017, when the relations between the groups became colder. Their funding base started crumbling after militants had suffered a devastating defeat in Aleppo city. This caused a series of contradictions between the formal allies that even turned in some local clashes. In 2020, the coalition of Ahrar al-Sham and several other groups armed and funded by Turkey are known as the National Front of Liberation. It still maintains a significant relationship with Jabhat al-Nusra that changed the brand to Hayat Tahrir al-Sham in an attempt to hide its al-Qaeda backbone from the international audience.

In February 2012, anti-government groups lost the city to the Syrian Army, which launched a large-scale military operation in the area. Idlib once again fell into the hands of militants in April 2015 after the united forces of Jabhat al-Nusra, Ahrar al-Sham, Jund al-Aqsa and several other al-Qaeda-linked groups had assaulted the city from 3 directions. After this, militants captured another important urban center in Idlib province – Jisr al-Shughur, the prewar population – about 44,000 people.

Since then, Idlib and Jisra al-Shughur have consistently evolved into the two key centres of attraction of radicals in the region. These include both members of various militant groups defeated by the Syrian Army across Syria, and multiple foreign nationals seeking to join some powerful Middle Eastern terrorist group. This impacted the balance of power within militant groups operating in the region. Ahrar al-Sham lost a large part of its previous influence. As a part of the National Front for Liberation (NFL), it receives additional funding and supplies from Turkey, but the entire alliance is no more a competitor to Jabhat al-Nusra. The NFL played the role of auxiliary forces in most of the recent battles involving Jabhat al-Nsura. Its main strong side is the access to a constant flow of Turkish military supplies, including anti-tank guided missiles. Through the NFL, Turkish-supplied weapons regularly appear in the hands of Jabhat al-Nusra. The NFL claims that it has up to 70,000 members. Nonetheless, local sources say that the real number of active fighters can be estimated at no more than 25,000.

Despite the setbacks suffered in Aleppo city, northern Hama and southern Idlib, Jabhat al-Nusra remains the most powerful force in Greater Idlib. Its main political and military HQs are located in Idlib city. The group also created several weapon depots and equipment maintenance facilities inside the city. It intentionally puts own infrastructure in a close proximity to civilian targets using locals as human shields from air and artillery strikes. Large known al-Nusra weapon depots are also located in Khan and Sarmada. The Khan weapon depot is set up right near the camp for displaced civilians. On November 20, 2019, several civilians from the camp were killed, when a Syrian Army missile hit the weapon depot area. A number of smaller weapon depots were moved to the Turkish border area following the militants’ withdrawal from Maarat al-Numan and Khan Shaykhun. The number of militants fighting under the current brand of Jabhat al-Nusra – Hayat Tahrir al-Sham – is estimated at over 30,000.

Jisr al-Sughur and its countryside turned into the nest of the Turkistan Islamic Party, another al-Qaeda-linked militant group. It mostly consists of ethnic Uyghurs and other foreigners. The group’s ideology declares an aim to create a Caliphate in China’s Xinjiang region, and eventually in the entire Central Asia. Meanwhile, they are using Syria’s Idlib as a foothold to gain combat experience and resources for attacks in China and the Central Asia. Ankara, which uses various radical forms of pan-Turkism as a tool to expand own influence, turned a blind eye to the influx of foreign terrorists to the Idlib de-escalation zone. The number of fighters of the Turkistan Islamic Party with their families is estimated between 10,000 and 20,000.

The total manpower of groups operating in Greater Idlib is estimated around 110,000. Nonetheless, a majority of small groups are polarized and demoralized even more than their big brothers.

The Syrian Army operation in Idlib, which started in December 2019, allowed the Damascus government to retake over 1,200km2 from Hayat Tahrir al-Sham and its allies, and the advance is ongoing. Pro-government forces captured the largest subdistrict of the Idlib district of the province – Saraqib Nahiyah (population about 88,000), and took control of the crossroad of the M4 and M5 highways. Thus, Idlib groups lost a key logistical hub, which they had used to supply its forces and move reinforcements between northern Lattakia, southern Idlib and northern Aleppo. The loss of Saraqib also exposed the southwestern flank of Al-Eis, the main Hayat Tahrir al-Sham strongpoint in southwestern Aleppo. The army diversionary attack in the area immediately turned into a real offensive. Government troops took control of a number of settlements, including the militant stronghold of al-Eis.

The Syrian Army currently has two main priorities:

  • To secure the entire M5 highway, which links the cities of Hama and Aleppo. This will allow government forces to freely redeploy troops and equipment just along the current frontline. Thus, they will have an additional advantage in maneuverability;
  • To increase pressure on the Hayat Tahrir al-Sham hive, Idlib city, which is now located in about 8km from the active frontline. This is an unprecedented situation, which had not happened since 2015. All the previous year the city remained in a permanent safety from any ground offensive by government forces. So, its current rulers did not bother itself with creating strong fortifications. The same approach explains why the speed of the Syrian Army’s offensive increased after it had passed the main defense line of Hayat Tahrir al-Sham and its allies near Khan Shaykhun.

The rapid advances by the Syrian Army caused a strong negative reaction among the powers not interested in removing the Idlib point of instability, including Turkey. Ankara is an official participant of the Astana format and a state guarantor of the Idlib de-escalation deal. The issue is that Ankara did not comply with the key point of the Astana agreements – it did not separate Turkish-backed “moderate rebels” from the Al-Qaeda-linked terrorists that are excluded from the ceasefire regime. Any such attempt will inevitably reveal that terrorists control over 80% of the opposition-held part of Greater Idlib. Ankara will have to confirm officially that the Syrian Army operation against them goes in the framework of the Astana agreements. This is unacceptable for the Turkish leadership, which has been for a long time using a variety of military and diplomatic measures to prevent the Assad government from retaking the northwest of Syria and consolidate own influence in the areas where Turkish forces are present. Under the demilitarization agreement (September 2018), the Turkish Army also established 12 observation supposedly intended to monitor the ceasefire. Mr. Recep Tayyip Erdogan likely thought that by this move he claimed the entire Idlib for own geopolitical games.

In the course of the Idlib operations (2019-2020), Syrian forces besieged 5 Turkish observation posts and even several shelled the Turkish military several times. In response, the Turkish leadership announced that its forces had delivered strong blows to the ‘Assad regime’. However, the strikes did not stop the Syrian Army advance. This is why the Turkish military has been steadily increasing its military presence across the militant-held part of the Greater Idlib region, including the countryside of Idlib city. According to some reports, up to 1,000 pieces of Turkish military equipment have been deployed in this part of Syria.

On February 5, President Erdogan presented an ultimatum to Syria. He demanded the Syrians to halt military operations against Idlib militant groups and withdraw from Turkish observation posts abandoning the area liberated from terrorists in the recent months. The Turkish leader gave the Damascus government time until the end of February. If Syria rejects the ultimatum, Erdogan vowed to launch a full-scale military action against the Syrian Army. This was not first such threat by the Turkish leadership and all the previous ones appeared to be empty words. Nonetheless, this time the situation could develop under another scenario. Many will depend on the state of relations among Turkey, the United States, Israel and Russia.

Erdogan will not risk with a direct military confrontation with Russia. This will cost too much for Turkey. Nevertheless, if the Turkish leadership is sure that Russia provides no real answer to a full-scale attack on the Syria Army, there will be a strong chance that Turkey will carry out such an attack. The Erdogan government already has an experience of carrying out a direct aggression against Russia. In November 2015, the Turkish Air Force shot down a Russian S-24 fighter-bomber in the Syrian province of Lattakia. The Kremlin left this action unanswered in the military sphere.

After all, the fully-fledged Turkish war with Syria is unlikely because Ankara does not have enough resources for such a move. The more possible scenario is a large military operation by the Turkish Armed Forces. Even this move would require means and forces that would be many folds larger than those involved in Operations Euphrates Shield, Olive Branch and Peace Spring. If Erdogan decided to approve this military operation in Syria, it will undermine the already weakened economy of Turkey, undermine positions of Turkey in the region and significantly complicate its relations with the European Union. Therefore, the Turkish military action will likely take a form of the quasi-military PR action (like the US strikes on Syria in 2017 and 2018).

The Turkish plans could be undermined by the further collapse of Hayat Tahrir al-Sham’s defense in Idlib. Militants appeared to be unable to the Syrian Army breakthrough into the operational depth of their defense, where they have no needed defense infrastructure. So, pro-government forces have a chance to deliver a devastating blow to militants and at least reach the suburbs of the city of Idlib until the end of the month.

END

6.Global Issues

VIETNAM/COVID 19

First mass quarantine outside China as VietNam puts an area with 10,000 residents under Coronavirus quarantine

(zerohedge)

First Mass Quarantine Outside Of China: Vietnam Puts Area With 10,000 Residents Under Coronavirus Quarantine

For most of the past decade, Vietnam had benefited from China’s rising standard of living, higher wages, as companies seeking the lowest cost producer quietly but firmly transferred supply chains to originate out of China and into lower-cost locales such as Vietnam, whose devaluing currency (aptly named the dong) only helped boosting exports. Which is why it is painfully ironic that the same nation that indirectly helped Vietnam become a prominent player in global trade, now appears set to cripple Vietnam’s fledgling export powerhouse. The culprit? Covid-19.

With China’s economy grinding to a halt as tens of thousands of people are infected and hundreds of millions are under quarantine from the coronavirus pandemic, a new viral hub may be emerging near Vietnam’s capital, Hanoi.

According to the Bangkok Postvillages in Vietnam with 10,000 people close to the nation’s capital were placed under quarantine on Thursday after six cases of the deadly new coronavirus were discovered there, authorities said.

The locking down of the commune of Son Loi, about 40 kilometres from Hanoi, is the first mass quarantine outside of China since the virus emerged from Wuhan.

“As of February 13, 2020, we will urgently implement the task of isolation and quarantine of the epidemic area in Son Loi commune,” said a health ministry statement. “The timeline… is for 20 days”.

 

Vietnamese police stand guard at a checkpoint set up at the Son Loi commune in Vinh Phuc province amid concerns about a Covid-19 coronavirus outbreak.

The health ministry previously said five people in Son Loi – which is a farming region made up of several villages – had been infected with the virus, and on Thursday reported a sixth case. At that time, checkpoints were set up around the commune, in Binh Xuyen, a district on the outskirts of Son Loi, according to AFP reporters .

Health officials wearing protective suits sprayed disinfectant on vehicles by the checkpoints.

Even ahead of the quarantine, local resident Tran Van Minh told AFP that authorities had already advised residents to avoid large gatherings. “Life has been badly affected,” he told AFP by phone, adding that much of the labor force is reliant on jobs in construction and house painting.

“Now we cannot get out and even if we do, clients don’t welcome us that much as before.”

If this is a harbinger of things to come, very soon all of Vietnam may be under lockdown. Recall that China has imposed unprecedented quarantines across Hubei and the entire country, locking in several hundred million people, in a bid to stop it spreading. Tens of millions of residents in cities far from the epicentre are also enduring travel restrictions.

The virus has also had massive ramifications globally, with many countries banning travellers from China in a bid to stop people spreading the disease.

Vietnam, which shares a porous border with China, has 16 confirmed cases of the coronavirus, including those in Son Loi.

In a bid to stop the virus from spreading, Vietnam had banned all flights to and from mainland China and has also suspended new tourist visas for Chinese nationals or foreigners who had been in China over the past two weeks. It remains to be seen if it will be enough.

END

COVID 19/LESSONS LEARNED

Brandon Smith on lessons learned

Brandon Smith)

The Lessons We Have Learned From The Coronavirus So Far…

Authored by Brandon Smith via Alt-Market.com,

Every disaster contains a lesson or a message that needs to be examined. Every tragedy, no matter how terrible, should be absorbed into the public consciousness and adopted as a cautionary tale; a part of our mythos. These events should not be cast into the memory hole to make life less stressful, they need to be taken seriously. Otherwise, the damage done and the lives lost are all for nothing.

Refusing to examine the dark side of life and its dangers has become a staple of our society, to the point that it has given birth to a kind of religious cult. Naive optimism has become a virtue, a misplaced form of faith that encourages people to remain oblivious in the face of adversity. And the more precarious our system becomes, the more these people see unicorns and rainbows. It is truly bizarre.

Some of us understand the mechanics of our economic, political and social machine and recognize that they are broken. The system cannot be fixed because it has been corrupted by people with evil intent (globalists); it is designed to fail. The agenda? To crash almost everything and then replace it with a centralized behemoth, a global empire. The intent is to force the masses to accept this “new world order” using a false choice – We can have chaos and death, or “order” through total Orwellian control. Peace, sovereignty and freedom are not offered as choices.

As Richard N. Gardner, former deputy assistant Secretary of State for International Organizations under Kennedy and Johnson, and a member of the Trilateral Commission, wrote in the April, 1974 issue of the Council on Foreign Relation’s (CFR) journal Foreign Affairs (pg. 558) in an article titled ‘Hard Road To World Order’:

In short, the ‘house of world order’ will have to be built from the bottom up rather than from the top down. It will look like a great ‘booming, buzzing confusion,’ to use William James’ famous description of reality, but an end run around national sovereignty, eroding it piece by piece, will accomplish much more than the old-fashioned frontal assault.”

The answer offered to every disaster is always more centralization, even if centralization was part of the problem from the beginning. The coronavirus pandemic event will be no different.

As was hinted at during Event 201, a coronavirus pandemic exercise run by Johns Hopkins, the Bill and Melinda Gates Foundation and the World Economic Forum only three months before a REAL coronavirus outbreak took place in China, the goal will be to use the event to create a central economic authority to distribute resources to “counter the virus”. You see, the elites never let a good crisis go to waste.

But this plan requires complicity and apathy among the public. It requires our consent in order to work. For if we continue to undermine and resist it the globalists will never feel safe and secure. Like a cancer, they will eventually have to be cut out and removed if the system is to ever be truly fixed.

The pandemic might be an opportunity for the elites, but it is also a learning experience for the rest of us, and it might even bring some clarity to issues that have been hotly debated for several years. But what are some of these lessons?

Lesson #1: The Prepper Movement Was Right All Along

Over the past decade I have seen some extremely odd responses to the prepper movement, including a lot of aggression and hostility not to mention numerous hit pieces and hatchet jobs in the media. What is it about individuals being prepared for a potential crisis that sends so many snowflakes into a meltdown? Why do they care?

If you think that survivalism is all “conspiracy” and “doom and gloom” then why not ignore it like you ignore everything else? If preppers were wrong, then nothing happens, and all we did is spend some of our money on supplies that we will use anyway over time. No harm no foul. Yet, the mainstream acts as if the preparedness mindset is a criminal action that damages the rest of society.

Of course, as we can see from the coronavirus event in China, preppers were right all along. Almost every single potential problem we have warned about and written about over the years is now plaguing the Chinese citizenry, and most of these problems could have been solved by prepared citizenry.

Over 600 million people in China are now under lockdown; essentially martial law. Supply lines are dwindling in some areas, food is limited, medical treatment is nonexistent for many. The people in quarantine are completely dependent on the government for their survival and that same government has been systematically dragging people out of their homes and forcing them into makeshift “hospitals” (prisons) where they are almost certain to become infected. If ever there was a scenario where prepping was called for, this is it.

I can’t recall how many times I’ve heard people argue that prepping is “pointless” and that all our concerns over a crisis event are “overblown”, but we are now facing a pandemic in modern times, not to mention possible economic collapse. The only argument these people can make now is that the virus “won’t spread to the West”, but that is an assumption based on blind faith rather than science or logic.  And even if it ends up being correct, what does it hurt to prepare anyway?

Lesson #2: Supply Lines Will Be Damaged Or Restricted

As noted above, preparedness is the first step to solving most problems, because most crisis events tend to result in similar consequences. In China, food and other goods are being rationed and supply lines in some areas are shut down completely. The only option is to have what you need BEFORE a breakdown occurs.

In the US, retailers are dependent on highly coordinated “just in time” freight networks that supply only what a store needs for normal shopping traffic for the week. In the wake of a calamity, stores will empty in a matter of a couple days. If freight lines are slowed down or cut off because travel is restricted due to viral outbreak, then what you have in your home is basically all you will have until the restrictions are lifted. After studying the history of plagues and pandemics, I would conclude that the average viral event will last at least 1 year, sometimes longer. The Spanish Flu of 1918 did not burn out in the US for two years.

Anyone who claims the coronavirus will be gone in a matter of a couple of months is probably lying, or is making ignorant assumptions. Prepare for the long haul if the pandemic hits US shores hard.

Lesson #3: Never Trust Government

All governments lie. They will claim they do this to “protect us from ourselves” and to “avoid panic”, but politicians and elites do not care about this. They do not lie to protect society, they lie to maintain power and control, and sometimes, they lie because they want to keep the public docile and vulnerable. For, the more inactive and vulnerable we are, the more dependent we will all be on them when disaster strikes.

The viral outbreak in China has thoroughly illustrated why governments cannot be trusted. China has consistently lied about the infection and death rate surrounding the coronavirus. Numerous health officials in China have leaked information indicating the threat is FAR larger than the government admits. Some of these brave people been punished or have died in the process of trying to warn the rest of the world.

Currently, China is claiming a minimal and slowing infection rate, but on the Japanese cruise ship Diamond Princess, we have a large scale example of the coronavirus in action.  The 3700 passengers of the Diamond Princess are being slowly tested for the virus, and authorities have found at least 175 people infected out of 490 tested so far.  That’s an infection rate of at least 35%!  Some people may argue that a cruise ship is close quarters and so the infection rate would be higher, but your average Chinese city is also very close quarters.  The data coming from the Diamond Princess suggests that the Chinese are lying extensively about the scale of the outbreak.

With hospitals completely overwhelmed by a 30% to 35% infection rate, the quality of care would collapse and many people would die.

The Chinese government has resorted to censorship and threats in order to keep the citizenry quiet. This includes punishing people who are accused of “posting rumors” about the true extent of the damage caused by the virus and the threats have been specifically directed at medical staff that are the closest witnesses to the outbreak. The overall purpose of the lockdown appears to be an attempt to suppress the real infection rate and death rate.  The mass quarantine itself allows the government to streamline the cover-up; they can more easily imprison the sick and then dispose of their bodies with less public observation, and they never have to report the real death statistics.

If the government has nothing to hide, then why try to restrict all information coming from professionals on the ground? They claim they want “transparency” after the debacle that was their response to the SARS outbreak in 2003, but obviously this is not true.

Do not think for one second that this would not happen here in the US or in Europe either. We have already heard Donald Trump dismiss the virus threat on multiple occasions, and if it does strike here, do not be surprised if Trump’s response is as draconian as China’s. To understand why, read my article ‘Trump Cannot Be Anti-Globalist While Working With Global Elites’.

Lesson #4: Expect The Virus To Eventually Arrive In Your Country

In the US, the argument from the apathetic crowd is that we only have 12 cases, so what is there to worry about? I would remind those folks that the ONLY people that have actually been tested for coronavirus in the US are people that have arrived specifically from China in the past few weeks, who are showing symptoms and who voluntarily bring up this fact to health officials.

This means that people who come from Singapore, Thailand or any other nation in Asia that has also been exposed to the virus have likely not been tested at all. With a dormancy period of two weeks (and according to some studies up to 24 DAYS), the coronavirus has no symptoms yet it can still be highly contagious.

I would also point out that hospitals nationwide have been given a very limited supply of coronavirus tests (only 200 tests nationwide), some of which have been proven faulty, so, if the outbreak becomes prominent, they won’t be able to give an accurate number of infection cases anyway.

We are in the early stages of this pandemic. I definitely would not give the all clear yet. Unless the US government plans to shut down ALL flights into the US right now, there is no way to prevent the outbreak from coming here in the long run.

Lesson #5: Enforced Quarantine Is Not Necessarily For Your Benefit

As I noted in my article ‘How Viral Pandemic Benefits The Globalist Agenda’, there are many times in which the establishment creates crisis events deliberately, or, they exploit natural crisis events to further their agenda. In the midst of a viral outbreak, most people given the proper information and warning would prepare.  They would stock supplies and self isolate (or group isolate if they are organized) until the infection burns out. But this is not what the establishment wants. They do not want people who are independent and self reliant during a disaster; they want people that are completely unprepared and dependent.

This is why they will continue to lie about the extent of the danger until it is too late. This is why it took the UN’s World Health Organization at least two months of the coronavirus spreading through China before they finally admitted there might be a crisis in the making. And, this why forced quarantine will be used to push people out of their homes and into centralized areas where they will be more susceptible to infection, not less.

Take the example in China to heart, because it may be exactly what we face in the near future. The point being – If you and your neighborhood or community already have a plan in place to survive an outbreak, do not allow government to interfere with it, because your chances of getting sick or dead grow with every moment of government involvement. Remember, these are the same people that tried to keep you in the dark about the danger; they are not to be relied upon or cooperated with.

Lesson #6: Expect Martial Law

If a viral outbreak spreads through the west, do not be surprised if martial law measures are implemented. If you live in a major city and you see or hear about checkpoints being set up, get out immediately. As we’ve seen in China, once the walls are put up you will not be able to get out.

Rural areas are less likely to be effectively locked down by authorities because it would require too many personnel to achieve this. Major population centers on the other hand will be easily cut off.

There is a question here of how to respond. Should Americans go along with martial law? Would it be for the “greater good”? I am highly skeptical. Like I said, all governments lie and they lie to control, not to help. If martial law measures are interfering with an effective quarantine that individuals or communities have already put in place, and if the government is putting you at risk, then you might have to fight back.

At least in the US we have the means to do this if necessary. You will not be seeing many people dragged from their homes as easily as they are in China right now. Frankly, if I was a CDC or FEMA employee trying to force people into centralized quarantine I would fear for my life as last I checked those hazmat suits are not bullet proof.

Hopefully, we will get lucky, this will not be the case and the coronavirus stays primarily overseas. If it doesn’t, though, then expect that everything that is happening in China today will happen here tomorrow.

*  *  *

If you would like to support the work that Alt-Market does while also receiving content on advanced tactics for defeating the globalist agenda, subscribe to our exclusive newsletter The Wild Bunch Dispatch.  Learn more about it HERE

END

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.0843 UP .0002 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//COVID 19 /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /MIXED

 

 

USA/JAPAN YEN 109.85 UP 0.064 (Abe’s new negative interest rate (NIRP), a total DISASTER/NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3029   DOWN   0.0016  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3247 DOWN .0019 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  FRIDAY morning in Europe, the Euro ROSE BY 2 basis points, trading now ABOVE the important 1.08 level RISING to 1.0843 Last night Shanghai COMPOSITE CLOSED UP 10.94 POINTS OR 0.38% 

 

//Hang Sang CLOSED UP 85.60 POINTS OR 0.31%

/AUSTRALIA CLOSED UP 0,31%// EUROPEAN BOURSES ALL MIXED

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL MIXED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 85.60 POINTS OR 0.31%

 

 

/SHANGHAI CLOSED UP 10.94 POINTS OR 0.38%

 

Australia BOURSE CLOSED UP. 31

 

 

Nikkei (Japan) CLOSED DOWN 140.14  POINTS OR 0.57%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1576.30

silver:$17.70-

Early FRIDAY morning USA 10 year bond yield: 1.59% !!! DOWN 3 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.04 DOWN 3  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 99.12 UP 5 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.29% DOWN 1 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: -.04%  UP 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.29%//DOWN 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.92 UP 1 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 63 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.40% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.32% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.0839  DOWN     .0003 or 3 basis points

USA/Japan: 109.77 UP .007 OR YEN DOWN 1  basis points/

Great Britain/USA 1.3036 DOWN .0008 POUND DOWN 8  BASIS POINTS)

Canadian dollar UP 15 basis points to 1.3251

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 6.9869    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.9954  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  6.0488 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

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

 

Your closing 10 yr US bond yield DOWN 3 IN basis points from THURSDAY at 1.58 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.04 DOWN 3 in basis points on the day

Your closing USA dollar index, 99.12 UP 6  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED DOWN 42.90  OR  0.58%

German Dax :  CLOSED DOWN 1.22 POINTS OR .01%

 

Paris Cac CLOSED DOWN 23.79 POINTS 0.39%

Spain IBEX CLOSED DOWN 47.00 POINTS or 0.47%

Italian MIB: CLOSED UP 25.14 POINTS OR 0.10%

 

 

 

 

 

WTI Oil price; 52.00 12:00  PM  EST

Brent Oil: 57.05 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    63.62  THE CROSS LOWER BY 0.04 RUBLES/DOLLAR (RUBLE HIGHER BY 4 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.40 FOR THE 10 YR BOND 1.00 PM EST EST

END

 

This ends the stock indices, oil price, currency crosses and interest rate closes for today 4:30 PM

Closing Price for Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OIL PRICE 4:30 PM :  52.05//

 

 

BRENT :  57.29

USA 10 YR BOND YIELD: … 1.59.. down 3 basis pts…

 

 

 

USA 30 YR BOND YIELD: 2.04..down 3 basis pts..

 

 

 

 

 

EURO/USA 1.0835 ( DOWN 6   BASIS POINTS)

USA/JAPANESE YEN:109.77 DOWN 0 (YEN UP 0 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 99.14 UP 7 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3049 UP 6  POINTS

 

the Turkish lira close: 6.0568

 

 

the Russian rouble 63.53   UP 0.13 Roubles against the uSA dollar.( UP 13 BASIS POINTS)

Canadian dollar:  1.3249 UP 17 BASIS pts

USA/CHINESE YUAN (CNY) :  6.9869  (ONSHORE)/

 

 

USA/CHINESE YUAN(CNH): 6.9932 (OFFSHORE)

 

German 10 yr bond yield at 5 pm: ,-0.40%

 

The Dow closed DOWN 25.23 POINTS OR 0.09%

 

NASDAQ closed UP 19.21 POINTS OR 0.20%

 


VOLATILITY INDEX:  13.68 CLOSED DOWN .47

LIBOR 3 MONTH DURATION: 1.691%//libor dropping like a stone

 

USA trading today in Graph Form

Bonds, Bitcoin, & Bullion Bid As ‘Quantitative Easing’ Hopes Send Stocks Soaring

Deaths (and Cases) from the Covid-19 virus exploded higher this week…

And so did global stocks…

As hope for renewed liquidity has maintained stocks…

Source: Bloomberg

Spot The Odd One Out!

And while stocks surged, bonds, commodities, yuan, and cryptos are all ignoring the equity market’s “risk-on” panic-bid…

Source: Bloomberg

“It’s a mad mad world”…

Chinese stock market indices were all higher on the week but have largely gone nowhere for the last three days…

Source: Bloomberg

European markets were all higher on the week (despite a total bloodbath in economic data)…

Source: Bloomberg

US market were mostly higher with Trannies the laggards and Nasdaq the major winners…

Source: Bloomberg

Today’s closing ramp saw machines lift the dow back to its VWAP…

 

 

Source: Bloomberg

Defensive stocks outperformed cyclicals this week…

Source: Bloomberg

Treasury yields tumbled today as the long bond was bid back to green on the week…

Source: Bloomberg

30Y ended the week where it started, not buying the hype from stocks…

Source: Bloomberg

The yield curve is stuck right at the inversion line…

Source: Bloomberg

The dollar was flat on the week (after its biggest weekly rise since Aug 2018 last week)

Source: Bloomberg

Cryptos exploded higher this week…

Source: Bloomberg

Bitcoin holding firm above $10,000…

Source: Bloomberg

And Ethereum surged back above $275 – to its highest in 7 months…

Source: Bloomberg

And while crude surged on the week (OPEC hopes), gold was also safe-haven bid…

Source: Bloomberg

Gold was strong this week…

And while oil was also positive, it is once again struggling at resistance…

 

As global negative-yielding debt resurges once again on virus fears, so the relative attractiveness of gold and crypto are renewed…

Source: Bloomberg

Finally, this is just funny shit…

Source: Bloomberg

And Global shipping data and Dr.Copper both think it’s about to hit the fan and is not pricing in any v-shaped recovery anytime soon…

Source: Bloomberg

And for anyone who still thinks China has it all under control!!!

曾錚 Jennifer Zeng@jenniferatntd

Whatever you have done, or whoever you are , do you deserve being treated like this? One of the many scenes in during 一场#武汉肺炎 疫情,将多少的丑陋展现在世人眼前。

Embedded video

end

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

Retail sales steady but the control group shows some disappointment

(zerohedge)

Headline Retail Sales Steady In January, Control Group Disappointment Sparks GDP Growth Anxiety

After December’s massive surge in consumer revolving debt (i.e. credit card spending), one might have expected a retail spending ‘hangover’ of sorts in January but headline data came in up 0.3% MoM, as expected.

Source: Bloomberg

Core retail sales (es autos/gas) rose 0.4% MoM, slightly better than the 0.3% expected.

December saw huge spikes in headline and core retail sales YoY (thanks to the stock-market-induced plunge seen in Dec 2018), and as expected the YoY gains slowed dramatically in January as the favorable comps evaporated…

Source: Bloomberg

Under the hood, 8 categories were higher, 4 lower, and notably clothing stores slumped 3.1% (due to the warm weather)…

Finally, we note that the Retail Sales Control Group – that is used for GDP calculation purposes, disappointed significantly, flat in January against expectations of a 0.3% rise…

 

Source: Bloomberg

The trend in that retail spending data is not good

end

USA manufacturing contracts for the 7th straight month.  Please note that this is before the onslaught of the coronavirus
(zerohedge)

US Manufacturing Production Contracts For 7th Straight Month, Capacity Utilization Tumbles

After falling for 3 of the last 4 months, and following Germany’s disastrous January print, US Industrial Production was expected to drop by 0.2% but yet again it disappointed, falling 0.3% MoM.

Source: Bloomberg

This means US Industrial Production has contracted year-over-year for 5 straight months.

  • Utilities fell 4% in Jan. after falling 6.2% in Dec. (warm weather-related?)
  • Mining rose 1.2% in Jan. after rising 1.5% in Dec.

In the manufacturing segment, production slipped 0.1% MoM, matching expectations, but is down year-over-year for the seventh straight month…

Source: Bloomberg

Finally, we note that Capacity Utilization slumped to 76.8% – the lowest since

Source: Bloomberg

And this is before the impact of the virus had fully hit global supply chains.

end

iii) Important USA Economic Stories

iv) Swamp commentaries)

The nonsense behind the Roger Stone controversy

(zerohedge)

Dems Demand Barr Resign, Float Second Trump Impeachment Over Roger Stone Controversy

While Attorney General William Barr continues his investigation into Russiagate for which Sen. Lindsey Graham (R-SC) said ‘half the people are going to jail‘ if we ‘just hang tight,’ Democrats across the board are calling for his resignation – or impeachment, following his decision to overrule federal prosecutors on their recommended sentence for former Trump adviser Roger Stone.

 

There’s also been talk of second Trump impeachment over allegations that he interfered in Stone’s case, according to Fox News.

From members of Congress to members of the media, political operatives to law professors, Barr is under intense scrutiny from the left for alleged “misuse of the criminal justice system” involving not only the Stone case, but for the removal of a U.S. Attorney and accepting Ukraine-related information from Trump’s personal lawyer, Rudy Giuliani. –Fox News

In a Friday tweet, Trump quoted Barr’s highly-publicized comments Thursday that he’s never been asked to intervene in a criminal case – saying “This doesn’t mean that I do not have, as President, the legal right to do so…”

Donald J. Trump

@realDonaldTrump

“The President has never asked me to do anything in a criminal case.” A.G. Barr This doesn’t mean that I do not have, as President, the legal right to do so, I do, but I have so far chosen not to!

ABC News Politics

@ABCPolitics

“I’m not going to be bullied or influenced by anybody….whether it’s Congress, newspaper editorial boards, or the president,” Bill Barr tells @ABC News.

“I cannot do my job here at the department with a constant background commentary that undercuts me.” http://abcn.ws/39yd9bE

Embedded video

Barr has agreed to answer questions during a March 31 hearing in front of Rep. Jerry Nadler’s (D-NY) House Intelligence Committee, after Nadler wrote “you have engaged in a pattern of conduct in legal matters relating to the President that raises significant questions for this Committee,” in a letter confirming that Barr would testify.

House Judiciary Dems

@HouseJudiciary

READ IT HERE: Letter from @HouseJudiciary confirming AG Barr will testify before the Committee on March 31st to address concerns regarding his leadership of the DOJ and the President’s improper influence over the Department and our criminal justice system.

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After Barr took the unprecedented step to soften a recommended 7 to 9 year sentence for lying, witness tampering and other process crimes, four DOJ prosecutors resigned their posts, while Democrats called the move “without precedent.”

Rep. Val Demings

@RepValDemings

Attorney General Barr is trying to argue that the decision to interfere with the Roger Stone trial wasn’t political, and wasn’t related to the president’s corrupt request.

If that’s true, why did all four prosecutors resign in protest? https://twitter.com/KristenClarkeJD/status/1228070696196202515 

Kristen Clarke

@KristenClarkeJD

“I’m not going to be bullied or influenced by anybody”

Trump’s tweets “make it impossible for me to do my job”

These statements from Barr strain credulity. Barr is clearly getting push-back for his political interference in the Roger Stone matter and is now trying to save face. https://twitter.com/Susan_Hennessey/status/1228068596322099201 

“This situation has all the indicia of improper political interference in a criminal prosecution,” said Senate Majority Leader Chuck Schumer (D-NY) in a letter to DOJ Inspector General Michael Horowitz regarding Stone’s sentencing. “I therefore request that you immediately investigate this matter to determine how and why the Stone sentencing recommendations were countermanded, which Justice Department officials made this decision, and which White House officials were involved.”

Sen. Richard Blumenthal, D-Conn., said Barr “ought to be ashamed and embarrassed and resign as a result of this action directly interfering in the independent prosecution of Roger Stone.” He also said the controversy was yet another example of “political interference by the president to alter the independent decisions of the Department of Justice.”

Nadler didn’t answer a question on whether Barr should resign but said: “I think the behavior is extremely egregious.” -Fox News

Democrats’ freakout over Barr’s intervention in the Stone case comes on the heels of their last freakout over Barr’s willingness to accept information from Rudy Giuliani gathered during the course of his independent Ukraine investigation.

Nadler openly posited that Barr might be “in league with Mr. Giuliani and his associates.”

House Judiciary Dems

@HouseJudiciary

NEW: @RepJerryNadler sent a letter to AG Barr to demand answers after @LindseyGrahamSC and Barr admit that Rudy Giuliani is sending information concerning Ukraine to the Department of Justice through a special intake process.

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MSNBC legal analyst Glenn Kirschner has called for Barr’s impeachment, saying that the AG has lied “to Congress, he lied about the Mueller report, he refuses to investigate obvious crimes by the administration, he is conflicted out of many matters but refuses to recuse.”

Others to mention impeachment include Sen. Elizabeth Warren, D-Mass., liberal Harvard law professor Laurence Tribe and self-labeled conservative Washington Post columnist Jennifer Rubin. House Speaker Rep. Nancy Pelosi, D-Calif., condemned Barr on Thursday and called for an investigation but did not outright call for impeachment. Sen. Cory Booker joined calls for an investigation. -Fox News

Sen. Cory Booker

@SenBooker

Justice in America should not depend on your wealth and connections. I agree with @SenSchumer — DOJ OIG should open an investigation into potential improper political interference in the Stone case.

No one is above the law, that includes Trump’s friends.

Indeed, there is no shortage of triggerings for Democrats who seek to dismantle the Trump administration by any means possible.

Meanwhile, maybe someone needs to get to the bottom of the decision to recommend 7-9 years for Stone in the first place.

Will Chamberlain 🇺🇸@willchamberlain

If this report from @KimStrassel is true then the prosecutors who pulled this stunt should be fired for cause

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end
The fun begins:  Barr assigns an outside prosecutor to review the Flynn case plus others .  The Obama prosecutors are now sweating
(zerohedge)

Barr Assigns Outside Prosecutor To Review Case Against Flynn

A week of two-tiered legal shenanigans was capped off on Friday with a New York Times report that Attorney General William Barr has assigned an outside prosecutor to scrutinize the government’s case against former Trump national security adviser Michael Flynn, which the Times suggested was “highly unusual and could trigger more accusations of political interference by top Justice Department officials into the work of career prosecutors.”

Notably, the FBI excluded crucial information from a ‘302’ form documenting an interview with Flynn in January, 2017. While Flynn eventually pleaded guilty to misleading agents over his contacts with the former Russian ambassador regarding the Trump administration’s efforts to oppose a UN resolution related to Israel, the original draft of Flynn’s 302 reveals that agents thought he was being honest with them – evidence which Flynn’s prior attorneys never pursued.

His new attorney, Sidney Powell, took over Flynn’s defense in June 2019 – while Flynn withdrew his guilty plea in January, accusing the government of “bad faith, vindictiveness, and breach of the plea agreement.”

In addition to a review of the Flynn case, Barr has hired a handful of outside prosecutors to broadly review several other politically sensitive national-security cases in the US attorney’s office in Washington, according to the Times sources.

Of particular interest will be cases overseen by now-unemployed former US attorney for DC, Jessie Liu, which includes actions against Stone, Flynn, the Awan brothers, James Wolfe and others. Notably, Wolfe was only sentenced to leaking a classified FISA warrant application to journalist and side-piece Ali Watkins of the New York Times – while prosecutors out of Liu’s office threw the book at former Trump adviser Roger Stone – recommending 7-9 years in prison for process crimes.

Jack Posobiec 🇺🇸

@JackPosobiec

Stone – Charged

Flynn – Charged

Papadopoulos – Charged

Gates – Charged

Cohen – Charged

McCabe – Pass

Comey – Pass

Brennan – Pass

Clapper – Pass

Podesta – Pass

Earlier this week, Barr overruled the DC prosecutors recommendation for Stone, resulting in their resignations. The result was the predictable triggering of Democrats across the spectrum.

According to the Times, “Over the past two weeks, the outside prosecutors have begun grilling line prosecutors in the Washington office about various cases — some public, some not — including investigative steps, prosecutorial actions and why they took them, according to the people. They spoke on condition of anonymity to discuss the sensitive internal deliberations.”

The moves amounted to imposing a secondary layer of monitoring and control over what career prosecutors have been doing in the Washington office. They are part of a broader turmoil in that office coinciding with Mr. Barr’s recent installation of a close aide, Timothy Shea, as interim United States attorney in the District of Columbia, after Mr. Barr maneuvered out the Senate-confirmed former top prosecutor in the office, Jessie K. Liu.

Mr. Flynn’s case was first brought by the special counsel’s office, who agreed to a plea deal on a charge of lying to investigators in exchange for his cooperation, before the Washington office took over the case when the special counsel shut down after concluding its investigation into Russia’s election interference. -New York Times

What’s next on the real-life House of Cards?

END
So what else is new??
(zerohedge)

Fired FBI Deputy Director McCabe Won’t Face Charges For Lying

Update (1230ET): In a statement from McCabe’s legal counsel, Michael R. Bromwich and David Schertler, the NYT report appears to have been confirmed:

“We learned this morning through a phone call from the D.C. U.S. Attorney’s Office that was followed by a letter that the Justice Department’s criminal investigation of Andrew McCabe has been closed. This means that no charges will be brought against him based on the facts underlying the Office of the Inspector General’s April 2018 report. At long last, justice has been done in this matter. We said at the outset of the criminal investigation, almost two years ago, that if the facts and the law determined the result, no charges would be brought. We are pleased that Andrew McCabe and his family can go on with their lives without this cloud hanging over them.”

And the letter from the DoJ confirms it:

NewsMax’s John Cardillo summed things up rather well…

John Cardillo

@johncardillo

I’m retracting my earlier tweets giving benefit of the doubt to Barr and Durham

If anyone should have been made an example of, it was McCabe. He was literally fired for a 1001 criminal violation.

This is unacceptable, and has shaken my confidence in both of them.

Cardillo goes on to exclaim:

McCabe was literally fired for lying to the FBI.

Roger Stone and General Flynn were destroyed for same.

President Trump needs to pardon them now. Today. Don’t wait another second.

If Barr has an issue, he can resign. He dropped the ball here. I’m more furious by the minute.”

*  *  *

With General Flynn battling the system (and his previous legal team), and Roger Stone’s case jumping from re-trial to a now-withdrawn reccomendation of up to nine years in jail, it will come as no surprise that, according to  The New York Times, former deputy F.B.I. director Andrew McCabe will not face charges in an investigation into whether he lied to investigators about a media leak.

As a reminder, the investigation into Mr. McCabe grew out of findings from the Justice Department inspector general, Michael E. Horowitz. He faulted Mr. McCabe in 2018 for misleading investigators when asked about the disclosure of information in 2016 to a Wall Street Journal reporter about an investigation into the Clinton Foundation.

According to the ubiquitous “people familiar with the matter,” NYT claims that a day after AG Barr complained about President Trump’s tweets, the decision not to charge McCabe appears to be a sign that Barr wants to show that the Justice Department is independent from Mr. Trump.

We strongly suggest that is a false assumption, but Mr. McCabe’s supporters viewed the investigation as politically motivated and inextricably tainted by Mr. Trump’s relentless attacks…. whereas, of course, probes into everyone whoever even breathed in the same room as Trump (or Putin) is not?

Of course, this anonymously sourced rumor-mongery – as usual – but we look forward to Barr’s strong denial, and/or Trump’s angry tweet at this decision.

end

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

 

Bloomberg @business: U.S. stocks erased losses after the WHO said a spike in coronavirus diagnoses doesn’t necessarily reflect a sudden surge in new infections   https://trib.al/qwaBEWM

The above WHO statement is misleading at best.  The robust US morning rally was the typical trader buying that has appeared after every equity market decline on disturbing Covid-19 news.

@jenniferatntd: Rumor: US intelligence community says the death toll in China is over 100k…From someone who has connections in the US intelligence community.

White House does not have ‘high confidence’ in China’s coronavirus information, official says

https://www.cnbc.com/2020/02/13/white-house-does-not-have-high-confidence-in-chinas-coronavirus-information-official-says.html

US accuses Huawei of scheme to steal trade secrets in new charges

The U.S. district court in Brooklyn filed the indictment against the smartphone maker after The Wall Street Journal reported Wednesday that U.S. officials have intelligence to prove China has backdoor access to the tech giant’s mobile devices

https://www.foxbusiness.com/technology/us-huawei-new-charges-trade-secrets

@realDonaldTrump: Now it looks like the fore person in the jury, in the Roger Stone case, had significant bias. Add that to everything else, and this is not looking good for the “Justice” Department.

 

Barr blasts Trump’s tweets on Stone case: ‘Impossible for me to do my job’: ABC News Exclusive

Barr told ABC News on Thursday that President Donald Trump “has never asked me to do anything in a criminal case” but should stop tweeting about the Justice Department because his tweets “make it impossible for me to do my job… I think it’s time to stop the tweeting about Department of Justice criminal cases… “I’m not going to be bullied or influenced by anybody … whether it’s Congress, a newspaper editorial board, or the president,” Barr said. “I’m gonna do what I think is right. And you know … I cannot do my job here at the department with a constant background commentary that undercuts me.”…   https://abcnews.go.com/Politics/barr-blasts-trumps-tweets-stone-case-impossible-job/story?id=68963276

 

Barr effectively told Trump to STFU!  Good for Mr. Barr!  The AG knows some really serious stuff is about to hit the fan.  Barr is the best hope to drain The Swamp.

 

@Gingrich_of_PA: Someone had to say it…and trust me, Barr told the President beforehand he was going to…but Barr is the only one who has the chutzpah & authority to do so

 

Alan Dershowitz @AlanDersh: All civil libertarians who care about non partisan justice should support a new trial for Roger Stone based on this new information about a biased juror.  Let’s hear from real, non partisan, civil libertarian [Stone should get a new trial; but evidence shows he lied & obstructed.]

 

[Liberal law] Prof Jonathan Turley: Major Controversy Erupts over Undisclosed Alleged Bias of Foreperson in Stone Trial – New information has emerged that the foreperson of the trial has a long history of highly critical postings against President Donald Trump and his administration. Former Memphis City Schools Board President Tomeka Hart recently went public with her support of the prosecutors who resigned from the case. However, there are now questions of why Hart was allowed on the jury, let alone made the foreperson given her highly critical view of Trump and his associates before being called for jury service. Not only has Hart called Trump supporters like Stone racists but she celebrated a protest that projected profanities on the Trump hotel with the words “Gotta Love It.”…

U.S. District Judge Amy Berman Jackson refused to bar witnesses due to their past political associations or viewpoints. This included a former Obama-era press secretary for the Office of Management and Budgetwho admitted to having negative views of Trump and whose husband worked at the Justice Department division

    What concerns me is that a high-profile case of this kind comes with the added burden for the court to assure both sides of a divided nation that the trial was conducted without even the hint of bias or animus from either the court or the jury. The selection of this juror clearly does not meet that burden…

https://jonathanturley.org/2020/02/13/gotta-love-it-major-controversy-erupts-over-undisclosed-alleged-bias-of-foreperson-in-stone-trial/

 

@HowleyReporter: Stone head juror Tomeka Hart tweeted anti-Trump stuff and also pro-Clinton material DURING the Stone trial. Jury selection was on November 5, 2019. Opening arguments started November 6. Verdict November 15.

 

@Barnes_Law: This tweet from a reported juror in the #RogerStone trial is why it was wrong for the Judge to hide the identity of jurors from public scrutiny, and also likely means #RogerStone is entitled to a new trial. The juror likely lied to get on the jury, aided by Judge’s actions.  FYI: it appears the #RogerStone judge already denied a new trial despite evidence of the juror bias, demanded the motions be filed under seal to keep key details hidden from the public, and implicitly threatened Stone with prison if he talked about it.  By the way, the rigging started here with a bogus “related case” designation that circumvented the random assignment of judges so that the case was assigned to a Judge who had already shown her willingness to help the prosecution convict Trump associated defendants.

@RoscoeBDavis1: I said this yesterday, but was following along with the trial, it’s in the transcripts. Amy Berman Jackson crossed the line during Voir Dire.  I followed along with @CharlieGileNBC

https://threadreaderapp.com/thread/1191712

Roger Stone Russian Set-Up Agent Was an FBI Informant under Mueller

Court documents obtained by NATIONAL FILE show that a Russian national who used the fake name “Henry Greenberg” when meeting with Roger Stone in 2016 admitted under oath to being a longtime FBI informant …

Special counsel Robert Mueller’s report claimed that Mueller’s office could not locate Alexei Rasin, the Ukrainian who tried to sell supposed Hillary Clinton opposition research to Roger Stone alongside a Russian using the fake name “Henry Greenberg.”  I located Alexei Rasin and spoke to him by phone. Rasin did not know that he was in the Mueller report. When told that he appeared in the report, Rasin said, “Wow, quite interesting.” He declined to be interviewed or to state whether or not Mueller ever contacted him…Mueller claimed he could not find Rasin during his investigation, even though Rasin has a current condo address in Naples, Florida, a mailbox address in North Miami, and recently appeared pro se in court to file bankruptcy on loans including a loan from the U.S. Department of Education. Rasin’s court date occurred in November 2017 while the Mueller investigation was active.

https://nationalfile.com/court-documents-roger-stone-russian-set-up-agent-was-an-fbi-informant-under-mueller/

 

Instead of being appalled at the Stone irregularities, top Dems called for the resignation of Barr. Buttigieg demanded a special counsel to investigate Barr.  Pelosi accused Barr of lying to Congress and Trump of “abuse of power”.  The risible Rep. Swalwell said Trump could be impeached for Stone.

 

Dems’ palpable fear of Barr is due to the fact that they know much evil has been done and Barr is about to expose and prosecute the evil doers in what could be the biggest criminal political conspiracy in US history.  Judges and Congress people, including Republicans could be implicated.

 

Ex-CIA operations officer @MarkAugustine6Democrats have chosen the path of scorched-earth war against this president, and by extension our Constitutional framework.  They will not relent until either he or they are removed from office.

 

Obama Intervened, Repeatedly, in Ongoing Trials and Investigations

https://www.breitbart.com/politics/2020/02/13/obama-intervened-repeatedly-in-ongoing-trials-and-investigations/

 

Ocasio-Cortez Unloads On Bloomberg: Engaged In ‘Cover Up,’ Had ‘Most Racist Policies’ https://buff.ly/2Hl4jC3

 

@JackPosobiec: Bernie Sanders supporter breaks into GOP office in California, flammable liquid chemical found inside, attempted to burn it down. Now allowed out on bail

end

Let us conclude the week with this offering courtesy of Greg Hunter/USAWatchdog

(Greg Hunter0

 

Dem Attacks Continue, Dems Desperate, China Virus Chaos Coming

By Greg Hunter’s USAWatchdog.com (WNW 419 2.14.2020)

The Democrat attacks on President Trump continue with what appears to be a much more intense volume. This includes the mainstream media (MSM), which we all realize is nothing more than socialist Democrat New World Order Globalist propaganda. Why the intensified attacks? They are afraid of losing their power, kickback scams and freedom because some of them are going to jail for their crimes and hoaxes to remove a duly elected President from Office. Nothing is working to dump Trump. Trump is now beginning to fight back on all sorts of levels including mass firings of Obama holdovers at the White House.

Dems are desperate after the Iowa and New Hampshire primaries. They don’t have a leading candidate that can beat President Donald Trump. They are also afraid of Bernie Sanders because he threatens the crooked establishment. If they screw him out of the Democrat nomination again, look for a huge split in the party which is to Trump’s advantage.

The Wuhan Coronavirus is bringing China to its knees in terms of business activity. The economy and its exports are in the process of grinding to a halt. How is that going to play globally? Are debts going to be defaulted on? Can the Fed continue to save the day? Is China’s brutal communist regime finally going to be exposed for what it really is? All the answers are not good, and you should brace for impact no matter what the lying MSM is telling you.

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

(To Donate to USAW Click Here)  (This video was not monetized by YT or will only run long commercials. Enjoy! )

After the Wrap-Up:

 

Well that is all for today

I will see you Monday night.

 

 

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