MARCH 2/GOLD REBOUNDS 27.00 DOLLARS UP TO $1595.30//SILVER UP 18 CENTS TO $16.77//MASSIVE 23,000 GOLD ISSUANCE OF EXCHANGE FOR PHYSICALS IN AN OBVIOUS FRAUD/HUGE GAIN ON THE DOW OF 1200 POINTS DUE TO PROBABLE RATE CUT//CORONAVIRUS STORIES//SWAMP STORIES

GOLD:$1594.30  UP $27.00    (COMEX TO COMEX CLOSING

 

Silver:$16.77   UP 28 CENTS. (COMEX TO COMEX CLOSING)

 

 

 

Closing access prices:

 

 

COMEX DATA

 

ACCESS MARKETS

 

Gold : 1590.00

SILVER: 17.72

 

 

 

 

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

today RECEIVING:  20/186

 

we are coming very close to a commercial failure!!

 

 

NUMBER OF NOTICES FILED TODAY FOR  MAR CONTRACT: 186 NOTICE(S) FOR 18,600 OZ (0.5785 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:   NOTICES FOR 82200 OZ  (2.5567 TONNES)

 

 

 

 

SILVER

 

FOR MARCH

 

 

108 NOTICE(S) FILED TODAY FOR 540,000  OZ/

total number of notices filed so far this month: 3131 for 15,655,000 oz

 

BITCOIN MORNING QUOTE  8481 DOWN 330 dollars

 

BITCOIN AFTERNOON QUOTE.: 8872  UP 346 dollar

 

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Let us have a look at the data for today

 

 

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IN SILVER THE COMEX OI FELL  BY AN ATMOSPHERIC SIZED 17,487 CONTRACTS FROM 226,995 DOWN TO 200,883 MOVING AWAY FROM OUR NEW RECORD OF 744,710, (FEB 25/2020.  THE LOSS IN OI OCCURRED WITH OUR HUGE 122 CENT LOSS IN SILVER PRICING AT THE COMEX. A GOOD PERCENTAGE OF THE COMEX LOSS WAS DUE TO THE FINAL DAY OF LIQUIDATION OF THE SPREADERS..AND AN ATMOSPHERIC SIZED ISSUANCE OF EXCHANGE OF PHYSICALS.

 

ISSUANCE OF EXCHANGE FOR PHYSICALS:

 

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 AN ATMOSPHERIC  SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:,

; MARCH:  00 AND MAY: 11,640 AND JULY: 0 ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  11,640 CONTRACTS. WITH THE TRANSFER OF 11,640 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 11,640 EFP CONTRACTS TRANSLATES INTO 58.20 MILLION OZ  ACCOMPANYING:

1.THE 122 CENT FALL IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

20.635  MILLION OZ INITIALLY STANDING FOR MAR

 

FRIDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL 122 CENTS).. AND, OUR OFFICIAL SECTOR/BANKERS  WERE PROBABLY SUCCESSFUL IN THEIR ATTEMPT TO FLEECE  SOME SILVER LONGS.  HOWEVER THE MAJORITY OF THE COMEX LOSS IN OI WAS DUE TO THE FINAL DAY OF SPREADER LIQUIDATION AND MOVEMENT OF LONGS TO LONDON AS FORWARDS.  (11,640 CONTRACTS). WE THUS HAD ON BOTH EXCHANGES  A STRONG SIZED LOSS OF 5847 CONTRACTS. OR 29.235 MILLION OZ…..

 

 

 

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

51,920 CONTRACTS (FOR 20 TRADING DAYS TOTAL 51,920 CONTRACTS) OR 259.600 MILLION OZ: (AVERAGE PER DAY: 2596 CONTRACTS OR 12.98 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF FEB: 259.600 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 28.77% 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:          441.21 MILLION OZ.

JANUARY 2020 EFP TOTALS SO FAR: 181.61 MILLION OZ

FEB 2020 EFP’S TOTAL SO FAR:  ……     259.600 MILLION OZ

 

 

RESULT: WE HAD AN ATMOSPHERIC SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 17,487, WITH THE  122 CENT FALL IN SILVER PRICING AT THE COMEX /THURSDAY… THE CME NOTIFIED US THAT WE HAD A  HUMONGOUS SIZED EFP ISSUANCE OF 11,640 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 LOST A  STRONG SIZED  SIZED:  5847 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: (WITH THE 122 CENT FALL IN PRICE)//HOWEVER MOST OF THE COMEX LOSS WAS DUE OF LIQUIDATION OF THE SPREADERS AND THE MOVEMENT OF LONGS OVER TO LONDON

THE TALLY:

i.e 11,640 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH DECREASE OF 17,487 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH A  122 CENT LOSS IN PRICE OF SILVER/ AND A CLOSING PRICE OF $16.49 // FRIDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY!! 

 

In ounces AT THE COMEX, the OI is still represented by JUST OVER 1 BILLION oz i.e. 1.004 BILLION OZ TO BE EXACT or 143% of annual global silver production (ex Russia & ex China).

FOR THE NEW  FEB DELIVERY MONTH/ THEY FILED AT THE COMEX: 108 NOTICE(S) FOR  540,,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//TODAY’S RECORD OF 244,705 IS SET WITH A PRICE OF: 18.91 (FEB 25/2020)

 

.

 

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 1.480 MILLION OZ//MAR:20.630 MILLION OZ
  2. THE  RECORD PRIOR TO TODAY WAS SET IN FEB 25/2018:  244,710 CONTRACTS,  WITH A SILVER PRICE OF $18.90//.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017 RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

 

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

 

GOLD

 

IN GOLD, THE COMEX OPEN INTEREST FELL BY AN ATMOSPHERIC SIZED 23,917 CONTRACTS TO 698,203 AND MOVING FURTHER FROM OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE ATMOSPHERIC LOSS IN COMEX OI OCCURRED WITH OUR HUGE FALL OF $73.20 IN PRICING /// COMEX GOLD TRADING// FRIDAY// WE, MOST LIKELY HAD NO BANKER SHORT COVERING AND NO LONG LIQUIDATION DESPITE THAT FALL IN PRICE.  TOGETHER WITH THE VERY STRONG ISSUANCE OF EFP’S (SEE BELOW) OUR BANKER FRIENDS COULD NOT FLEECE  ANY APPRECIABLE LONGS FROM OUR TWO GOLD ARENAS. . AS  WE HAD A SLIGHT LOSS OF 609 CONTRACTS ON OUR 2 EXCHANGES.!!

 

 

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED AN ATMOSPHERIC AND CRIMINALLY SIZED 23,305 CONTRACTS:

CONTRACTS, FEB>  CONTRACTS; MARCH 00 APRIL: 23,305; JUNE. 0 AND ALL OTHER MONTHS ZERO//TOTAL: 723,305.  The NEW COMEX OI for the gold complex rests at 698,203 ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A SLIGHT LOSS IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 609 CONTRACTS: 23,917 CONTRACTS DECREASED AT THE COMEX  AND 23,305 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 609 CONTRACTS OR 60,900 OZ OR 1.894 TONNES. FRIDAY, WE HAD A LOSS OF $73.20 IN GOLD TRADING……

AND DESPITE THAT GIGANTIC LOSS IN  PRICE, WE STILL HAD A SLIGHT LOSS IN GOLD TONNAGE OF 1.894  TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR WERE SUPPLYING INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON. THE BANKERS WERE SUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (LOSS $73.20). AND IT SEEMS THAT THEIR ATTEMPT TO FLEECE  APPRECIABLE  GOLD LONGS FROM THE GOLD ARENA FAILED AGAIN AS WE HAD  A HUMONGOUS INCREASE IN EXCHANGE FOR PHYSICALS  (23,305) ACCOMPANYING THE ATMOSPHERIC LOSS IN COMEX OI.(23,917 OI):  TOTAL LOSS IN THE TWO EXCHANGES:  609 CONTRACTS.  WE  PROBABLY HAD NO BANKER SHORT COVERING AND NO APPRECIABLE LONG LIQUIDATION….. JUST A SLIGHT DECREASE IN TOTAL OI WITH THE HUGE INCREASE FROM EXCHANGE FOR PHYSICALS.

 

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

 

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

 

 

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

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

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

.

 

 

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES:

 

 

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

HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF 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 MAR.BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN GOLD WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (APRIL), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END  OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

 

 

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF FEB : 210,191 CONTRACTS OR 21,019,100 oz OR 653.78 TONNES (20 TRADING DAYS AND THUS AVERAGING: 10,509 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 20 TRADING DAY(S) IN  TONNES: 653.78 TONNES

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

THUS EFP TRANSFERS REPRESENTS 653.78/3550 x 100% TONNES =18.41% OF GLOBAL ANNUAL PRODUCTION

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

 

 

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE   1223.97  TONNES

JANUARY 2220 TOTAL EFP ISSUANCE; SO FAR: 570.19 TONNES

FEB 2020 TOTAL EFP ISSUANCE SO FAR:            653.78 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: AN ATMOSPHERIC SIZED DECREASE IN OI AT THE COMEX OF 23,917 WITH THE HUGE PRICING LOSS THAT GOLD UNDERTOOK THURSDAY($73.20)) //.HOWEVER WE ALSO HAD A STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 23,305 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 THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 23,305 EFP CONTRACTS ISSUED, WE  HAD A SLIGHT SIZED LOSS OF 609 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

23,305 CONTRACTS MOVE TO LONDON AND  23,917 CONTRACTS DECREASED AT THE COMEX. (IN TONNES, THE SLIGHT LOSS IN TOTAL OI EQUATES TO 609 TONNES). AND THIS INCREASE OF DEMAND OCCURRED DESPITE THE HUGE LOSS IN PRICE OF $73.20 WITH RESPECT TO FRIDAY’S TRADING/// AT THE COMEX.

 

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OUTLINE OF TOPICS TONIGHT

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

1.Today, we had the open interest in SILVER FELL BY A HUGE SIZED 17,487 CONTRACTS FROM 226,995 DOWN TO 200,883 AND MOVING AWAY FROM  OUR COMEX RECORD //244,710 (SET FEB 25/2020).  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.

ALL OF THE LOSS IN COMEX OI WAS DUE TO THE CRIMINAL LIQUIDATION OF SPREADERS EXPLAINED ABOVE AND THE ISSUANCE OF HUGE NUMBER OF EXCHANGE FOR PHYSICALS.

(BELOW)

EFP ISSUANCE 11,640

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  0:  AND MAY: 11,640; JULY: 0 CONTRACTS   AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 11,640 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE OI LOSS AT THE COMEX OF 17,487 CONTRACTS TO THE 11,640 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG LOSS OF 5847 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES  29.235 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: 1.480 MILLION OZ//MAR: 20.635 MILLION OZ

 

 

RESULT: A HUGE SIZED DECREASE IN SILVER OI AT THE COMEX WITH THE  122 CENT FALL IN PRICING THAT SILVER UNDERTOOK IN PRICING// FRIDAY. WE ALSO HAD A HUGE SIZED 11,640 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. THE ENTIRE LOSS OF COMEX OI WAS DUE TO SPREADER LIQUIDATION AND THAT HUGE ISSUANCE OF EX. FOR PHYSICALS.

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)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED DOWN 30.52 POINTS OR 1.04%  //Hang Sang CLOSED DOWN 131.51 POINTS OR 0.46%   /The Nikkei closed DOWN 422.94 POINTS OR 1.97%//Australia’s all ordinaires CLOSED DOWN .42%

/Chinese yuan (ONSHORE) closed DOWN  at 6.8807 /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 6.8807 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8834 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING 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

 

3b) REPORT ON JAPAN

3C  CHINA

 

4/EUROPEAN AFFAIRS

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

6.Global Issues

 

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

9. PHYSICAL MARKETS

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

iii) Important USA Economic Stories

iv) Swamp commentaries)

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

 

LET US BEGIN:

 

 

Let us head over to the comex:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A HUMONGOUS SIZED 23,917 CONTRACTS TO 701,001 MOVING FURTHER FROM 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 LOSS IN OI WAS SET WITH A HUGE  FALL OF $73.20 IN GOLD PRICING //FRIDAY’COMEX TRADING//). HOWEVER WE ALSO HAD ATMOSPHERIC EFP ISSUANCE,.  THUS WE HAD NO BANKER SHORT COVERING AT THE COMEX AND NO LONG LIQUIDATION ……AS OUR TWO EXCHANGES ROSE IN OPEN INTEREST..DESPITE THE MASSIVE LOSS IN PRICE.  BASICALLY LONGS JUST TRANSFERRED OVER TO LONDON.

 

 

WE ARE NOW IN THE  NON ACTIVE DELIVERY MONTH OF MARCH..  THE CME REPORTS THAT THE BANKERS ISSUED AN ATMOSPHERIC SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 23,305 EFP CONTRACTS WERE ISSUED:

  FEB: 0; MARCH 00 AND APRIL: 23,305,  JUNE : 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 23,305 CONTRACTS.

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

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SLIGHT LOSS OF 609 TOTAL CONTRACTS IN THAT 23,305 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST AN ATMOSPHERIC SIZED 23,917 COMEX CONTRACTS.  THE BANKERS PROVIDED ALL THE NECESSARY SHORT PAPER TO WHICH OUR LONGS DUTIFULLY ACCEPTED AS THEY GOBBLED UP ATMOSPHERIC AMOUNTS OF EXCHANGE FOR PHYSICALS DESPITE THE  HUMONGOUS DECREASE OF COMEX OPEN INTEREST CONTRACTS. 

 

THE BANKERS WERE  SUCCESSFUL IN LOWERING GOLD’S PRICE DRAMATICALLY //// (IT FELL BY $73.20). BUT THEY WERE MOST DEFINITELY  UNSUCCESSFUL IN FLEECING ANY LONGS, AS THE TOTAL ON THE TWO EXCHANGES FELL BY A SLIGHT 609 CONTRACTS ….(1.894 TONNES) WE HAD MINOR BANKER SHORT COVERING

 

NET LOSS ON THE TWO EXCHANGES ::  609 CONTRACTS OR 60900 OZ OR 1.894 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:  698,203 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 69.81 MILLION OZ/32,150 OZ PER TONNE =  2,177 TONNES

THE COMEX OPEN INTEREST REPRESENTS 2,177/2200 OR 98.5% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now for the wild silver comex results

Total COMEX silver OI FELL BY AN ATMOSPHERIC SIZED 17,487 CONTRACTS FROM 226,995 DOWN TO 200,853 (AND MOVING AWAY FROM THE NEW ALL TIME RECORD OI FOR SILVER SET ON FEB 25.2020(244,710) ECLIPSING OUR PREVIOUS RECORD, AUGUST 25/2018 RECORD (244,196).  THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9.2018/ 243,411 CONTRACTS) . OUR HUGE OI COMEX LOSS TODAY OCCURRED WITH OUR  HUGE $1.22 DECREASE IN PRICING/FRIDAY. A CONSIDERABLE PART OF THE LOSS ON THE COMEX WAS DUE TO THE FINAL DAY OF LIQUIDATION OF OUR SPREADERS. 

 

 

 

WE ARE NOW INTO THE  ACTIVE DELIVERY MONTH OF MAR.

MAR ACTIVE DELIVERY MONTH.

 

THE FRONT MONTH OF MAR HAS A TOTAL OPEN INTEREST OF 1104 CONTRACTS  WITH A LOSS OF 3047 CONTRACTS. WE HAD 3023 CONTRACTS SO WE LOST ONLY 24 CONTRACTS OR 120,000 OZ WILL NOT STAND FOR DELIVERY AS THEY MORPHED INTO A LONDON BASED FORWARD CONTRACTS AS WELL AS RECEIVING A FIAT BONUS FOR THEIR EFFORT.

THE NEXT CONTRACT MONTH OF APRIL SAW A LOSS OF 284 CONTRACTS DOWN TO 781 CONTRACTS. THE BIG CONTRACT OF MAY SAW ITS OI FALL BY 12,047 DOWN TO 148,228.

 

 

We, today, had  108 notice(s)  for 540.000, OZ for the MAR, 2019 COMEX contract for silver

 

Trading Volumes on the COMEX TODAY: 505,443 contracts..volume extremely high

 

 

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  713,206 contracts//high volume

 

 

 

INITIAL standings for  MARCH/GOLD

MARCH 2

 

 

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 201.07 oz

 

Delaware

 

 

Deposits to the Customer Inventory, in oz  

nil

 

No of oz served (contracts) today
186 notice(s)
 18,600 OZ
(0.5785 TONNES)
No of oz to be served (notices)
66 contracts
(6600 oz)
0.2052 TONNES
Total monthly oz gold served (contracts) so far this month
822 notices
82,200 OZ
2.5567 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 XX dealer entry:

We had XX kilobar entries

 

 

 

total dealer deposits:XX oz

total dealer withdrawals: XXX oz

 

we had XX deposit into the customer account

i) Into JPMorgan: XXX  oz

 

ii) Into everybody else XXX

oz

 

 

 

 

 

 

total deposits:  XX  oz

 

 

we had XX gold withdrawals from the customer account:

total gold withdrawals;  XX  oz

 

ADJUSTMENTS: XX

 

 

 

The front month of MARCH saw its open interest register 252 contracts,down 522 contracts. Surprisingly we had 636 notices filed on Friday so we gained 114 contracts or an additional 11400 oz will stand on this side of the pond as they refused to morph into London based forwards.  The bankers are seeking rapidly depleting physical supplies of gold.

 

APRIL saw a loss of 26,466 contracts down to 480,395 contracts

May saw its initial gain of 9 contracts to stand at 9.

June saw a gain of 4689 contracts up to 123,064

 

 

We had 186 notices filed today for 18,600 oz

 

 

 

FOR THE  MAR 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 636 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid  (Goldman Sachs)

 

To calculate the INITIAL total number of gold ounces standing for the March /2020. contract month, we take the total number of notices filed so far for the month (822) x 100 oz , to which we add the difference between the open interest for the front month of  MAR. (252 contracts) minus the number of notices served upon today (186 x 100 oz per contract) equals 88,800 OZ OR 2.76 TONNES) the number of ounces standing in this  active month of MAR

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

No of notices served (822 x 100 oz)  + (252 OI for the front month minus the number of notices served upon today (186 x 100 oz )which equals 88,800 oz standing OR 2.76 TONNES in this active delivery month which is  a great amount for gold standing for a MAR. delivery month.

 

 

 

 

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 37.485 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS.

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

SEPT:                                                                      5.4525 TONNES

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

NOV……                                                                5.3841 tonnes

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

JAN……………………                                                    8.448 TONNES

FEB……………………………………………..                             25.611 tonnes

MARCH………………………………………………………..              2.762 TONNES

 

total: 158.862 tonnes

ACCORDING TO COMEX RULES:

 

IF WE INCLUDE THE PAST 7 MONTHS OF SETTLEMENTS WE HAVE 25,645 TONNES SETTLED

 

 

IF WE ADD THE 8 DELIVERY MONTHS: 158.882  tonnes

 

Thus:

158.882 tonnes of delivery –

25.645 TONNES DEEMED SETTLEMENT

 

=133.175 TONNES STANDING FOR METAL AGAINST 36.6300 TONNES OF REGISTERED OR FOR SALE COMEX GOLD! THIS IS WHY GOLD IS SCARCE AT THE COMEX.

 

total registered or dealer gold:   1,353,869.021 oz or  42.111 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:1,177,657.6  (36.6300 tonnes)
true registered gold  (total registered – pledged tonnes  1,177657.6  (36.6300 tonnes)
total registered, pledged  and eligible (customer) gold;   8,663,541.978 oz 269.49 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 MARCH.

INITIAL  standings/SILVER

IN TOTAL CONTRAST TO GOLD, HUGE ACTIVITY IN SILVER TODAY.
MARCH 2 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 301,895.740 oz
CNT
Scotia

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
1,134,863.019 oz
No of oz served today (contracts)
108
CONTRACT(S)
(540,000 OZ)
No of oz to be served (notices)
996 contracts
 4,980,000 oz)
Total monthly oz silver served (contracts)  3131 contracts

15,655,000 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 XX inventory movement at the dealer side of things

 

 

total dealer deposits: XXX oz

total dealer withdrawals: XX oz

i)we had  XX deposits into the customer account

into JPMorgan:   xx

into everybody else:  xxx

 

 

*** 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 49.92% of all official comex silver. (161.3 million/323.167 million

 

 

 

 

total customer deposits today:  xxx   oz

 

we had xx withdrawals out of the customer account:

 

 

 

 

 

 

 

 

 

 

total withdrawals; xxx  oz

We had xx adjustment:

 

 

total dealer silver:  81.922 million

total dealer + customer silver:  323.167 million oz

 

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The total number of notices filed today for the MAR 2019. contract month is represented by 108 contract(s) FOR 15,665,000 oz

To calculate the number of silver ounces that will stand for delivery in MAR we take the total number of notices filed for the month so far at 3131 x 5,000 oz = 15,665,000 oz to which we add the difference between the open interest for the front month of MAR. (1104) and the number of notices served upon today 180x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the MAR/2019 contract month: 3131 (notices served so far) x 5000 oz + OI for front month of MAR (1104)- number of notices served upon today (180) x 5000 oz equals 20,635,000 oz of silver standing for the Feb contract month.

WE LOST 24 CONTRACTS OR 120,000 OZ WILL NOT STAND FOR DELIVERY AS THEY MORPHED INTO LONDON BASED FORWARDS.

 

 

 

 

 

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

 

 

 

TODAY’S ESTIMATED SILVER VOLUME: 209005 CONTRACTS //volume extremely high

 

 

CONFIRMED VOLUME FOR YESTERDAY: 289,034 CONTRACTS..,,volume extremely high

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 289,034 CONTRACTS EQUATES to 1,445 million  OZ  206.9% OF ANNUAL GLOBAL PRODUCTION OF SILVER..makes sense!!

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

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

 

end

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

NPV for Sprott

 

1. Sprott silver fund (PSLV): NAV FALLS TO -3.27% ((MARCH 2/2020)

2. Sprott gold fund (PHYS): premium to NAV FALLS TO -3.24% to NAV MAR 2/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ 1.54%

(courtesy Sprott/GATA)

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

NAV 15.28 TRADING 14.98///DISCOUNT 3.51

 

END

 

 

And now the Gold inventory at the GLD/

MARCH 2//WITH GOLD UP $27.00// no change in gold inventory at the gld//inventory remains  at 934.23 tonness

FEB 28/WITH GOLD DOWN $73.00 WE LOST NO GOLD FROM THE GLD/INVENTORY REMAINS 934.23 TONNES

FEB 27/WITH GOLD DOWN $3.45: A HUGE WITHDRAWAL OF 5.86 TONNES FROM THE GLD

FEB 26./WITH GOLD DOWN  TODAY/ GOLD INVENTORY INCREASES BY 6.15 TONNES//GLD INVENTORY AT 640.09 TONNES

FEB 24/with gold up $28.40//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 933.94 TONNES

FEB 21/WITH GOLD UP $28.40 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A HUGE PAPER DEPOSIT OF:2.34 TONNES   //INVENTORY RESTS AT 933.94 TONNES

FEB 20/WITH GOLD UP $9.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A HUGE 1.76 TONNES OF GOLD DEPOSIT//INVENTORY RESTS AT 931.60 TONNES

FEB 19/WITH GOLD UP $8.25 TODAY//A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER DEPOSIT OF 5.85 TONNES//GOLD INVENTORY RESTS AT 929.84 TONES

FEB 18. WITH GOLD UP $17.00//A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.76 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 923.99 TONNES

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

MARCH 2/2019/Inventory rests tonight at 934.23 tonnes

*IN LAST 772 TRADING DAYS: -3.00 NET TONNES HAVE BEEN REMOVED FROM THE GLD

*LAST 672 TRADING DAYS: A NET 16313. TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

end

 

Now the SLV Inventory/

MARCH 2//WITH SILVER UP 18 CENTS//NO CHANGE IN SILVER INVENTORY AT THE SLV..INVENTORY RESTS AT 367.632 MILLION OZ//

FEB 28/ WITH SILVER DOWN 18 CENTS: a loss of 1.867 million oz//inventory rests at 367.632 million oz

FEB 27/WITH SILVER DOWN TODAY: A STRONG GAIN OF 747000 OZ OF SILVER INTO THE SLV

FEB 26\WITH SILVER DOWN TODAY,A HUGE GAIN OF 5.319 MILLION OZ OF SILVER INTO THE SLV//INVENTORY RESTS AT 368.752 MILLION OZ

FEB 24/WITH SILVER UP 35 CENTS TODAY; NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 363.433 TONNES

FEB 21//WITH SILVER UP 22 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 363.433 TONNES

FEB 20/WITH SILVER DOWN 7 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 363.433 TONNES

FEB 19/WITH SILVER UP 23 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 363.433 MILLION OZ//

FEB 18/. WITH SILVER UP 42 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 363.433 MILLION OZ.

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 28.2020:  SLV INVENTORY

367.632 MILLION OZ

 

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

6 Month MM GOFO 1.47/and libor 6 month duration 1.40

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

G0LD LENDING RATE: – .07

 

XXXXXXXX

12 Month MM GOFO
+ 1.45%

LIBOR FOR 12 MONTH DURATION: 1.38

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = -.07

end

 

 

end

 

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

Why Gold Prices Fell and Why Gold Is “Going Much, Much Higher”

Gold in USD – 5 Years

Jim Rickards via The Daily Reckoning

The coronavirus continues to take its toll on the stock market.

For investors accustomed to “buying the dip,” this is quite a change. As noted macroeconomic analyst Mohamed El-Erian said earlier today:

I understand the inclination to buy on the dip. I understand that the path of least resistance in this market is to bounce up… but I stress, this is different.

Meanwhile, the all-important 10-year Treasury yield fell to a record low this morning as investors continue to pour into safe-haven assets.

The 10-year yield dropped to 1.32%, falling beneath its previous record low of 1.325%, which it set in July 2016 following Brexit.

That means the bond market is projecting a poor outlook for the global economy. And over the long haul, the bond market has an excellent track record of being right.

Gold was down big today, losing $45.20. But that’s not because of gold itself. It’s all about the falling stock market.

When you think about it, it doesn’t make sense.

After all, if investors are fleeing for safety, which we’re seeing in the Treasury market, why wouldn’t they be buying up gold as well?

Gold was up close to $30 yesterday, before the price began dropping late in the day.

Here’s the likely reason why gold is falling right now when it should be rising…

With the stock market plummeting, hedge funds and other institutional investors have had to suddenly raise cash to meet margin calls on their positions in the equity markets. And they had to get the cash from somewhere.

Gold is a very liquid asset that can quickly be traded for cash.

They can either sell the actual gold bullion they own or they can unload their positions in gold ETFs (like GLD).

So my estimate is that they dumped their gold positions to raise the money. And that’s been driving the listed gold price lower.

It has nothing to do with gold’s fundamentals, which are actually very strong. Demand is increasing, central banks are hoarding record amounts of gold and new supplies are dwindling.

That’s a recipe for skyrocketing prices, and the bull market in gold is still very much intact.

The latest selling is just a quirk of the market, in which institutions have to raise cash in order to cover their positions when the market’s dropping.

Again, it has really nothing to do with gold itself. This is just a temporary blip.

If you haven’t bought gold yet, this is an ideal opportunity to scoop up gold at a bargain-basement price. Or, if you already own gold, to stock up on more.

For gold at least, it’s an ideal opportunity to “buy the dip.”

Gold is going much, much higher.

I’m not sure how many more opportunities like this we’re going to see. I urge you to take advantage of it while you can.

Regards,

Jim Rickards
via The Daily Reckoning

See related content in News and Commentary below regarding the sell off and whether it was solely due to margin call selling or whether their was bank or official intervention and manipulation of gold prices via the futures market last week. Both are possible and investors and safe haven bullion buyers need to fade out the short term noise, take a long term view and own gold and silver coins and bars in the safest ways possible.

NEWS & COMMENTARY

Gold rises 1% as virus risks boost rate-cut hopes

Gold Stages a Fightback After Slump Last Week

China factory activity shrank at its fastest rate on record in February

Coronavirus: buying opportunity or end of the road?

Is gold falling along with coronavirus-afflicted global stocks due to margin calls?

Stocks and gold — what happened last week

Gold is said to have been sold to cover margin calls in other assets

Data suggests governments, not margin-call pressure, smashed gold last week

Turkey launches Operation Spring Shield against Assad regime

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

28-Feb-20 1626.35 1609.85, 1262.37 1254.88 & 1474.61 1468.18
27-Feb-20 1646.60 1652.00, 1278.58 1282.45 & 1505.32 1504.97
26-Feb-20 1647.95 1634.90, 1273.37 1264.76 & 1515.45 1505.42
25-Feb-20 1655.90 1650.30, 1275.54 1271.39 & 1528.06 1522.73
24-Feb-20 1682.35 1671.65, 1304.49 1293.69 & 1555.84 1540.26
21-Feb-20 1633.70 1643.30, 1264.81 1269.12 & 1512.48 1515.29
20-Feb-20 1610.35 1619.00, 1250.11 1258.45 & 1491.99 1496.77
19-Feb-20 1609.50 1604.20, 1239.80 1237.80 & 1490.40 1486.29
18-Feb-20 1588.20 1589.85, 1218.47 1220.37 & 1467.34 1470.77

Is Your Gold S.A.F.E.?

SIGN UP FOR OUR AWARD WINNING MARKET UPDATES HERE

 

Mark O’Byrne
Executive Director

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

James McShirley: Data suggests governments, not margin-call pressure, smashed gold last week

 Section: 

For a free two-week trial subscription to GATA Chairman Bill Murphy’s LeMetropoleCafe.com, visit:

https://www.lemetropolecafe.com/Guests.cfm

* * *

Data Suggests Governments, Not Margin-Call Pressure, Smashed Gold Last Week

By James McShirley
LeMetropoleCafe.com, Dallas
Saturday, February 29, 2020

http://lemetropolecafe.com/james_joyce_table.cfm?pid=15860

Whenever there is an equity market rout and gold is plundered along with stocks, the mainstream media drivel is always about margin call selling of unrelated “investments.” They say gold was sold to meet margin calls. But even if that was the case, it is derivatives being sold.

Physical gold has nothing to do with it, and in fact the evidence says the exact opposite.

… 

Gold was obviously being fiercely bought last Monday. It then got shellacked to the tune of $132 from that high to the low on Friday. Looking at each individual Crimex trading day Tuesday through Friday, we see a curious thing going on.

Tuesday: Open interest up 4,558, 11,119 exchange for physicals.

Wednesday: Open interest down 6,293, 10,342 exchange for physicals.

Thursday: Open interest down 4,504, 7,911 exchange for physicals.

Friday: Open interest down 21,119, 23,308 exchange for physicals.

Totals during the four-day gold smash: The open interest declined by 27,358 contracts and there were 43,352 exchanges for physicals.

The four-day decline in open interest was actually rather insignificant, nothing to indicate a $132 smash in gold’s price. We’ve seen twice that cumulative open interest decline in a single day and the price of gold barely budged. The total open interest declined by just a minuscule 3 1/2%.

At the exact same time a humongous 135.475 tonnes of fictitious paper gold was getting converted to physical at a notional value of approximately $47.15 billion.

Does this sound like a trading market that favored the shorts in any way? Where did the global gold market come up with 135 tonnes of gold in such short order? Hell, Germany needed a multi-year repatriation agreement just to get some of its gold back.

If indeed it was margin call pressure that forced traders to liquidate gold futures, why weren’t short sellers doing the same thing in spades?

It’s obvious that many of the bullion banks with huge equity exposure are also the relentless short sellers in the metals. If margin call pressure was the root problem, they were the ones who should be covering, producing the same effect each and every day as Monday when gold soared.

This week for gold was strictly a coordinated affair of the Working Group on Financial Markets, the Bank for International Settlements, and central banks. They monkey-hammered the gold market with unlimited offers. The message is always that government treasury bonds and things like the dollar are the only acceptable alternatives. Blaming margin call selling for gold’s decline is silly.

Pay attention to the exchanges for physicals and not the mainstream media excuses. Physical gold is reacting correctly and will continue to do so. Gold isn’t merely a competitor to Treasuries. It is the safe haven in times like these.

* * *

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

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

Here’s what the bottles look like:

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

end

Ronan Manly: Physical gold demand at record levels as paper gold price disconnects

 Section: 

6:17p ET Sunday, March 1, 2020

Dear Friend of GATA and Gold:

Last week’s smash in the gold price, Bullion Star researcher Ronan Manly writes today, was entirely a matter of derivatives trading, contradicting the physical market, which experienced rising demand and remains strong.

This kind of action, Manly contends, shows that the world’s price discovery mechanism for gold is broken and is leading to shortages of real metal.

iii) Other physical stories:

https://www.jsmineset.com/2020/03/02/the-threats-of-an-international-print-a-palooza/

The Threats Of An International Print-A-Palooza!

Posted March 2nd, 2020 at 10:17 AM (CST) by J. Johnson & filed under General Editorial.

This is a public article, the majority of my work is now posted for JSMineset subscribers.

Great and Wonderful Monday Morning Folks,

      A violent reversal has occurred in Gold with Sunday’s 3pm pst opening price for April Gold at $1,592.80 up $26.10 then raced to $1,612.10 (the high so far) with the right now price at $1,597.10 with the low at $1,576.30. The Red Headed Step Child – Silver is still taking the beatings (and is getting stronger because of it) with its opening price at $16.50, up only 11.3 cents from Friday’s closing price with the rally sending it to $17.06 before they settled it down with the low at $16.445 and the right now price at $16.80 up 33.7 cents. The US Dollar is finally losing some altitude with the trade at 97.605, down 47.6 points and recovering from the low of 97.460 with the high at 98.045. Of course, all this happened already, while we slept, before 5 am pst, the Comex open, the London close, and after 2 days of spike trades occurring in all US treasuries.

      Gold’s price under the Venezuelan Bolivar is still being sent lower with the trade at 15,951.04 Bolivar showing a loss of 239.70 over the weekend with Silver at 167.790 Bolivar, taking away another 3.396 in value. Argentina’s Peso has Gold’s value pegged at 99,227.88 showing a reduction of 1,365.08 Peso’s with Silver at 1,043.70 Peso’s as the currency took away another 19.90 A-Pesos off of Friday’s price. The Turkish Lira’s price for Gold now sits at 9,954.15 showing a 123.57 T-Lira takeaway from Friday with Silver also losing 1.85 T-Lira with today’s price pegged at 104.710. With the emerging markets still sinking the precious metals, one may wonder if we’re finally going to see the primary currencies rally the precious metals now like they did under these 3 currencies a few years ago? The “Sit tight and be right” mindset may all of a sudden have a much bigger meaning under the US Dollar.

      March Silver’s Delivery Count now sits at 1,104 fully paid for 5,000-ounce contracts waiting for receipts and with the Volume at 305 up on the board with a trading range between $16.975 and $16.390 with the last price at $16.74. Our starting count for the month in deliveries totals 5,520,000 Ounces of Silver standing the chance of being removed somewhere in between the real and the fake (real honest to God Comex take-out at the delivery window or the EFP’s going to London). Silver’s Overall Open Interest fell by 17,329 Overnighters from Friday mornings quote with the count now at 201,349 Obligations showing a huge removal as we witnessed a panic during last week’s beatings. The loss in Silver’s Open Interest count from Tuesday’s Option Expiration Day to Friday’s tally was 44,729 Overnighters, one of the biggest drops I’ve witnessed in a very short period of time.

      March Gold’s Delivery Count stands at 252 fully paid for 100 Ounce Contracts and with a Volume of 431 up on the board this morning with a trading range between $1,608.30 and $1,574.30 with the last Buy/Sell 5-lot at $1,601.00. Gold’s Overall Open Interest is now calculated at 701,001 Overnighters proving a reduction of 28,812 Obligations leaving the impression that only the Longs excited both precious metals on Friday. Btw, “leaving the impression” has many meanings and not necessarily just a “Long” exit. Keeping Watch!

      The Organization for Economic Co-operation and Development has sounded its alarm of concern after the US Treasuries started reversing slowly at first, then all of a sudden (Friday and today) as the Chinese import/export calamity starts to affect the global growth of the world’s economies. Then Goldman Sachs makes its statement claiming the possibility of 2 rate cuts in the next 2 weeks, with the expectations that a “coordinated” central bankers print-a-palooza may have to happen in order to keep things steady (but for who?).

      We’ve prepared to stay in place, hopefully you are too. That also means staying in our positions as well even though last weeks fight against the price proved even more so that the manipulations are real and are failing. The outcome of all of this will be a real price discovery in all things under fiat. So, keep the attitudes positive no matter what, have a smile on your face and a prayer in your heart, and as always …

Stay Strong!

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

Your early 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: 6.8807/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  6.8834   /shanghai bourse CLOSED DOWN 30.52 POINTS OR 1.04%

HANG SANG CLOSED DOWN 131.51 POINTS OR 0.46%

 

2. Nikkei closed DOWN 422.94 POINTS OR 1.97%

 

 

 

 

3. Europe stocks OPENED ALL MIXED/

 

 

 

USA dollar index UP TO 97.24/Euro FALLS TO 1.1219

3b Japan 10 year bond yield: FALLS TO. –.13/ !!!!(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:: 57.21 and Brent: 64.13

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.32%/Italian 10 yr bond yield DOWN to 1.53% /SPAIN 10 YR BOND YIELD DOWN TO 0.39%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.85: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 2.09

3k Gold at $1421.50 silver at: 16.13   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

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

3m oil into the 57 dollar handle for WTI and 64 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 107.85 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 .9875 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1077 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 0.32%

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 2.05% early this morning. Thirty year rate at 2.57%

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

6.  TURKISH LIRA:  UP  TO 5.6988..

European Stocks, 

 

 

3A/ASIAN AFFAIRS

I)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED DOWN 30.52 POINTS OR 1.04%  //Hang Sang CLOSED DOWN 131.51 POINTS OR 0.46%   /The Nikkei closed DOWN 422.94 POINTS OR 1.97%//Australia’s all ordinaires CLOSED DOWN .42%

/Chinese yuan (ONSHORE) closed DOWN  at 6.8807 /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 6.8807 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8834 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING 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

South Korea//USA/ITALY/SUNDAY

Illinois Reports Another “Presumptive” Case Of Coronavirus, Bringing US Total To 24; Washington Declares State Of Emergency After 1st US Death: Live Updates

Summary:

  • CDC says “no national spread of coronavirus in US”
  • Cook County reports “presumptive” coronavirus case
  • S.Korea reports another 376 new cases
  • Another Chinese doctor dies in Wuhan
  • China reports 573 new cases.
  • US reports first death from Covid-19 (in Washington State)
  • Washington declares state of emergency
  • US Surgeon General says “stop buying masks”
  • Trump blasts media/Dems for ‘hoax’-gate
  • South Korea’s Shincheonji Church members found 1557 out of 1900 tested positive for virus
  • Germany boosts border controls
  • Italy tops 1000 cases (1,128, with 29 possible virus-linked deaths)
  • France bans large gatherings

* * *

Update (2200ET): Public health officials in Illinois said Saturday night that they had a new “presumptive case” , what would be the state’s third case of coronavirus since the outbreak began. If confirmed by the CDC, the case would increase the total in the US to 24 (aside from the evacuees, who are all in quarantine right now).

Quoth the Raven@QTRResearch

CHICAGO: Cook County, State Health Officials Confirm Coronavirus Case https://www.nbcchicago.com/news/local/cook-county-state-health-officials-confirm-coronavirus-case/2228843/?_osource=db_npd_nbc_wmaq_twt_shr 

Cook County, State Health Officials Confirm Coronavirus Case

Cook County and Illinois health officials confirmed a coronavirus case in Illinois Saturday, officials said in a news release. Public health officials are working to identify and actively monitor…

nbcchicago.com

The case was confirmed in Cook County, the second-largest county in the US, which includes the city of Chicago, where about half of its residents live. All three of the state’s cases now will have been confirmed in Cook County, with the prior two cases being a husband and wife who had recently traveled to Wuhan. It’s unclear whether this is another case of ‘unknown transmission’.

The positive test results must still be confirmed in a CDC lab in Atlanta. Until then, the patient is being hospitalized in isolation and CDC protocols are being implemented, according to NBC News.

Yesterday, Illinois Gov. Jay Pritzker requested that hospitals across the state implement additional testing to improve surveillance for coronavirus.

* * *

Update (2030ET): And here comes the NHC with China’s numbers from Saturday. Mainland China reported 573 new coronavirus cases. Note the ~150 case increase from 427 on Friday. 51,856 are still under “medical observation” across China. In all, there have been 79,824 confirmed cases in mainland China, though most experts believe the true total could be much higher.

Here’s the rest of the NHC press release,  translation courtesy of the NHC:

On Feb 29, 31 provincial-level regions on the Chinese mainland as well as the Xinjiang Production and Construction Corps reported 573 new cases of confirmed infections, 132 new cases of suspected infections, and 35 deaths (34 in Hubei province and 1 in Henan province). 2,623 patients were released from hospital after being cured. 8,620 people who had had close contact with infected patients were freed from medical observation. Serious cases decreased by 299.

As of 24:00 on Feb 29, the National Health Commission had received 79,824 reports of confirmed cases and 2,870 deaths in 31 provincial-level regions on the Chinese mainland and the Xinjiang Production and Construction Corps, and in all 41,625 patients had been cured and discharged from hospital. There still remained 35,329 confirmed cases (including 7,365 in serious condition) and 851 suspected cases. So far, 660,716 people have been identified as having had close contact with infected patients. 51,856 are now under medical observation.

On Feb 29, Hubei reported 570 new cases of confirmed infections (including 565 in Wuhan), 64 new cases of suspected infections (including 50 in Wuhan), and 34 deaths (including 26 in Wuhan). 2,292 patients were released from hospital after being cured, including 1,675 in Wuhan.

As of 24:00 on Feb 29, Hubei had reported 66,907 cases of confirmed infections (including 49,122 in Wuhan) and 2,761 deaths (including 2,195 in Wuhan). In all, 31,187 patients had been cured and discharged from hospital, including 19,227 in Wuhan.There still remained 32,959 confirmed cases (including 27,700 in Wuhan), with 7,107 in serious condition (including 6,393 in Wuhan), and 646 suspected cases (including 393 in Wuhan).

As of 24:00 on Feb 29, 144 confirmed infections had been reported in the Hong Kong and Macao special administrative regions and Taiwan province: 95 in Hong Kong (2 had been dead and 33 had been cured and discharged from hospital), 10 in Macao (8 had been cured and discharged from hospital) and 39 in Taiwan (1 had been dead and 9 had been cured and discharged from hospital).

In other news, the Korea Times just reported that a 45-day-old baby has been infected with the virus. Another tragic story – this time out of China: Another doctor has died in Wuhan, making him at least the fourth or fifth to die since the death of Dr. Li Wenliang a month ago.

The doctor’s name was Jiang Xueqing. He was 55.

Global Times

@globaltimesnews

RIP. Jiang Xueqing, 55, doctor at the Wuhan Central Hospital, died of on Sunday.

View image on Twitter

* * *

Update (2000ET): Yonhap just reported the latest numbers out of South Korea: the country reported another 376 new cases on Saturday, raising the countrywide total to 3,526. Most of the cases reported so far have been concentrated in the city of Daegu, particularly among members of a strange cult-like church that has become entangled in the outbreak.

It doesn’t look like any new deaths were reported – at least not yet.

To review: three new cases of the virus were announced Saturday in Washington State bring the total number of infections in the US to 23, excluding repatriations, according to the CDC. 47 of the evacuees from Wuhan and the Diamond Princess are also being quarantined.

As part of its virus-suppression efforts, South Korea has sent its troops to disinfect the streets of Daegu.

In Mexico, the government hit back at President Trump’s comment Saturday that it might be necessary to close the border to prevent transmission of coronavirus, with the Foreign Ministry reminding the administration that “there are four cases of covid-19 registered in our country and 22 in the U.S.”

Trump said closing the border probably wouldn’t be necessary.

 

*  *  *

Update (19120ET): We’re moving into a ‘twilight zone’ of sorts for coronavirus-related news: It’s still early in the morning in Asia, and it’s the middle of the night in Europe.

But, while we have time, we’d just like to point out that Singapore, a city that has been praised as a role model (ignore what the WHO said about China) for outbreak suppression.

But as we reported below, the four new cases reported out of Singapore on Saturday put the total over 100. As the Straits-Times pointed out, eight recent cases have been linked to one e-learning solutions company that might be the center of a new outbreak.

Meanwhile, over in Thailand, health officials reported a new case yesterday that brought its total to 42.

Going forward, it will be a question of whether governments succeed in mimicking Bangkok, or Daegu. Will public health officials succeed in suppressing the outbreak before things get out of hand? Or will we see a flood of videos on social media showing citizens collapsing in the streets?

* * *

Update (1630ET): The BBC reports that in Daegu, South Korea, 1900 Shincheonji Church members have been tested for coronavirus. 1300 had symptoms & 600 did not. Among those 1300 with symptoms, 87.5% were confirmed with the virus . BUT out of the 600 WITHOUT symptoms, 70% were confirmed with coronavirus.

*  *  *

Update (1530ET): Following the first death of a Coid-19-infected person in the US, Washington state has declared a state of emergency.

King County official Jeff Duchin says that 27 patients and 25 staff members at the long-term care facility in Kirkland, WA are showing symptoms.

Deedee Sun

@DeedeeKIRO7

: @WADeptHealth CONFIRMS a first death here.

That would make this case the first -19 death in the United States. @KIRO7Seattle

View image on Twitter

Deedee Sun

@DeedeeKIRO7

Here’s the letter @KIRO7Seattle got from a source.

It’s the notice from @EvergreenHosp sent to patients and families about the death in the Seattle area.

View image on Twitter

CDC’s Messonnier stated that “there is not a national spread of the virus in the US,” and adds that US has capacity to test 75,000 people.

CDC erroneously identified the patient as a female in a briefing earlier today with the President and Vice President.

*  *  *

Update (1515ET): President Trump has finally wrapped up a lengthy press conference that most agreed was more convincing than his previous effort on Wednesday. Trump confirmed that there are now 22 cases in the US outside of the evacuees from Wuhan and the ‘Diamond Princess’.

Read more about it here.

Washington State is expected to hold a press conference of its own at 4 pm ET.

* * *

Update (1350ET): Trump is officially 20 minutes late, and following reports about Trump tightening the border with Mexico, the governor of the northern Mexican state of Coahuila has confirmed what appears to be the country’s fourth case.

Here’s more on the border reports from Reuters.

The administration is also weighing possible restrictions on the entry of travelers from South Korea, Italy and Japan. The White House instructed DHS to draft a range of options about travel restrictions related to those countries.

Yesterday, Hugo Lopez-Gatell, Mexico’s assistant health secretary, confirmed a case in Mexico City and at least one other case in the cartel-dominated region of Sinaloa. He also encouraged Mexicans to hold back on hearty greetings involving kisses and hugs and close contact.

* * *

Update (1325ET): Trump is set to start speaking in a few minutes, but a rash of important virus-related headlines just hit, including a Reuters report that the administration is considering imposing restrictions at the Mexican border as part of its effort to suppress the outbreak.

France just confirmed roughly 30 new cases, raising its total from 73 to north of 100, according to the latest reports.

One more thing: We neglected to mention earlier that Washington State discovered another case of coronavirus, which it announced at press conference late last night: The state’s third coronavirus patient overall had recently traveled to South Korea.

Meg Tirrell

@megtirrell

New case of just announced in Snohomish County, WA. School-aged individual. Went to HS before learning of diagnosis, but left before classes started. Currently in home isolation. No travel history. Source of infection still being identified, per health officials

Also, the CDC has announced a press conference of its own at 3 pm, while Washington State is planning a press conference at 4 pm.

In other words, it’s gonna be a busy Saturday afternoon.

  • FRANCE RAISES NUMBER OF CONFIRMED CORONAVIRUS CASES TO 100 – HEAD OF FRENCH PUBLIC HEALTH SERVICE
  • TRUMP ADMINISTRATION CONSIDERING IMPOSING ENTRY RESTRICTIONS AT BORDER WITH MEXICO OVER CORONAVIRUS THREAT – U.S. OFFICIALS
  • CDC PRESS CONFERENCE AT 3 PM

While we wait to hear from Trump, who will almost inevitably begin late, here’s a graphic showing the history of pandemics for you to ponder.

Meanwhile, here’s a chart showing the France:

And Italy:

* * *

Update (1310ET): As we wait for President Trump’s latest update, here’s another roundup of updates from across the Middle East and Europe, via Al Jazeera.

  • Two more people in the Netherlands have been diagnosed with the coronavirus, increasing the total number of the cases to six, according to health agency RIVM.
  • Iraq has detected five new cases of coronavirus, four in Baghdad and one in Babel province, the health ministry said, taking the total number of cases there to 13.
  • Azerbaijan shuts its border with Iran after the country confirmed its first case yesterday; two patients have been placed in quarantine after testing positive.
  • Lebanon has confirmed three new cases, bringing its total to 7.
  • Pakistan has confirmed two new cases, bringing its total to 4.

Over in the US, more colleges are cancelling their study abroad programs: UConn just joined a growing list of schools, which CNN is tracking here.

* * *

Update (1250ET): Minutes after President Trump announced his 130pmET press conference to discuss the latest coronavirus developments, Washington State health officials have reported the first death from the coronavirus in the US.

No details yet, but it’s probably reasonable to suspect that the death is the state’s latest case (remember, it was also home to the first confirmed case in the US, a case that reportedly recovered) of ‘unkown origin’ which it announced last night.

Of course, it’s also possible that this could have been a post-mortem confirmation…meaning it would also constitute a new case.

Washington State health officials are also planning to hold a press conference shortly.

So much for routing all information through the VP’s office…

In Italy, officials confirmed that the number of confirmed cases has passed 1,000. The number of confirmed deaths in the country climbed to 21 on Friday.

The US isn’t the only country struggling with a rash of unexplained cases. The same phenomenon has frustrated public health officials in Japan, Italy and the UK.

The BBC reports that the UK’s 20th case is also believed to be the first person who was infected inside the UK, since they hadn’t traveled abroad recently.

As we wait to learn more, here’s some more information about the latest FDA announcement, courtesy of the NYT’s virus live feed:

The U.S. Food and Drug Administration announced Saturday that it was authorizing American laboratories to develop their own coronavirus tests, which should significantly increase the country’s testing capacity.

The effect could be rapid. About 80 labs and private companies have applied for emergency approval for tests they have already created. If they have submitted evidence that the tests work, the labs and companies will be able to use them immediately, rather than wait for the F.D.A. to complete reviews and issue approvals.

“This action today reflects our public health commitment to addressing critical public health needs and rapidly responding and adapting to this dynamic and evolving situation,” the F.D.A.’s commissioner, Stephen M. Hahn, said in a statement.

Experts have been frustrated with the limited availability of coronavirus tests in the U.S., which until now could only be provided by the Centers for Disease Control and Prevention. Broader testing will enable more rapid detection and isolation of people who have the coronavirus to help contain the spread of disease.

* * *

Update (1235ET): President Trump will hold another press conference to discuss “the latest CoronaVirus developments” at 1:30pm.

* * *

The unceasing 24/7 flood of coronavirus news yielded some disturbing developments last night as public health officials in Oregon and Washington State confirmed the third and fourth coronaviruses of “unknown origin” in the US.

To President Trump’s chagrin, public health officials on the west coast warned that the cases are evidence that community outbreaks have already begun in Northern Cali, Oregon and Washington State. So if you were planning on traveling to the Pacific Northwest any time soon…you might want to reconsider.

In Europe, the Middle East and the Far East, we saw a rash of new cases overnight (including the first case in Qatar) nearly doubled on Friday to  along with news of more cancellations of sports games, concerts and public events. France has temporarily banned all public events involving more than 5,000 people. Health Minister Olivier Véran announced the decision after an emergency government meeting on Saturday.

Veran also confirmed 16 new cases of coronavirus on Saturday, bringing the country’s total taking to 73 since the outbreak began. Two patients have died, a 60-year-old French teacher and an 80-year-old Chinese tourist. On Friday alone, the number of confirmed cases nearly doubled.

Across France, all gatherings of more than 5,000 people in confined spaces will be cancelled.” The same applies to events “in an open environment where people can mix with others from areas where the virus is possibly circulating,” according to France24.

France’s decision follows Switzerland, which announced a similar ban on Friday. In Italy’s three virus-hit northern provinces, schools and universities are preparing to remain shut for a second week.

South Korea reported more than 800 new coronavirus cases on Saturday, the biggest jump of any country, and twice the number reported yesterday by Chinese authorities in Hubei. Unsurprisingly, the increase was mostly concentrated in Daegu, the epicenter of the outbreak in South Korea.

But the biggest news Saturday morning was in the US, where the FDA released sweeping new guidelines speeding up hospitals’ ability to test for the virus, appearing to resolve an issue about which public health officials, epidemiologists and labs from NYC to Cali had loudly complained. According to WaPo, some experts are worried that these new measures will still fall short. We suspect we will soon know for certain if the changes were effective, or not.

Read the full briefing below:

Virus by Zerohedge on Scribd

Elsewhere in the US, while much of the focus so far has been on the west coast, local media outlets reported on Saturday that a suspected coronavirus patient has been isolated at Bayshore Medical Center in Holmdel, New Jersey, as the hospital awaits the results of a test, which could take a few days.

The patient has yet to test positive, but is showing suspicious symptoms, the hospital said. It continues to screen all patients who have recently visited hot zones, or who are showing suspicious symptoms.

END
SOUTH KOREA SUNDAY/UPDATE/CORONAVIRUS//

81% Of South Korean ‘End Of Days’ Worshippers Test Positive For Coronavirus

Last week we noted an in-depth report by Bloomberg on how a 61-year-old Korean ‘typhoid Mary‘ spread coronavirus throughout her doomsday religious cult after praying with at least a thousand other adherents.

What made this case so much worse was that this person spent a considerable amount of time in a very crowded area,” said Seoul National University professor of health policy, Kim Chang-yup. “There’s growing fear and resentment among the people right now.”

As a result, over 1,900 members of the Shincheonji Church have been screened for coronavirus, of which 1,551 – or 81%, tested positive according to the BBC‘s Laura Bicker.

Laura Bicker

@BBCLBicker

In Daegu, 1900 Shincheonji Church members have been tested for coronavirus.

1300 had symptoms & 600 did not.

Among those 1300 with symptoms, 87.5% were confirmed with the virus .

BUT out of the 600 WITHOUT symptoms, 70% were confirmed with coronavirus.

Jay Reynolds@jaycreynolds

Put another way:

Out of a population of 1,900
1,300 were symptomatic
600 asymptomatic

420 tested positive but asymptomatic
1,131 tested positive and symptomatic

= 1,551 infections out of 1,900 = 81%

Of note, because the church’s leader (who believes he’s an immortal prophet sent by Jesus Christ) preaches about the end-of-days, followers have been accused of purposefully spreading the disease – however those reports are unconfirmed and there is no evidence to suggest this is occurring.

What is known is that the church held religious gatherings in the Chinese city of Wuhan – the epicenter of the current outbreak.

In short, expect similar results – assuming reports of purposeful infection are false – at similar places of worship around the world.

b) REPORT ON JAPAN

 

3 C CHINA

China reports a huge drop in PMI..and that is to be expected.

(zeroedge)

China Reports Catastrophic Data: PMIs Crash To Record Low, Confirming Coronavirus Collapse

One week ago, ahead of today’s Chinese data release which would for the first time capture the devastation from the coronavirus pandemic, we wrote that “to those who have been following our series of high-frequency, daily indicators of China’s economy, it will probably not come as a surprise that the world’s second biggest economy has ground to a halt, its GDP set to post the first negative print in modern history. To everyone else who is just now catching up, we have some news: it’s going to be bad.”

Specifically, we said that ahead of official Chinese economic data which will soon start capturing the period when the coronavirus crippled the country’s economy, Nomura’s Chief China economist Ting Lu pointed out that China’s Emerging Industries PMI (EPMI), which gauges momentum in the country’s high-tech industries and is closely correlated with official manufacturing PMI, slumped to 29.9 in February (from 50.1 in January!), its lowest-print on record, which was a “pure reflection of the devastating impact of the COVID-19 outbreak.

What would this mean for the closely followed China manufacturing PMI? As Nomura added, “even adjusting for seasonality and expected progress in business resumption in the coming week, we estimate the official manufacturing PMI could drop to a range of 30-40 in Feb.”

In retrospect, it turns out that Nomura’s dire forecast was optimistic, because moments ago China’s National Statistics Bureau reported the latest, February PMIs and they were absolutely catastrophic:

  • Manufacturing PMI crashed to 35.7 in Feb, far below the 45.0 consensus estimate, and sharply down from 50.0 in January. A record low.
  • Non-Manufacturing PMI plummets to 28.9, also far below the 50.5 consensus, estimate, and down nearly 50% from the 54.1 in Jan. This too was a record low.

Putting these numbers in context, they are far, far worse than the prints for both series reported during the financial crisis, when the mfg PMI dropped to “only” 38.8, while the non-manufacturing PMI never even contracted.

What is even more ominous is that while China’s non-mfg PMI has traditionally been stronger, in February not only did it collapse into deep contraction, but it plunged to 5 points below where the manufacturing sector currently finds itself, a catastrophic 20-handle. This means that China’s service industries, long seen as the guiding light to China’s successful transition away from a manufacturing-led economy, is now devastated.

Commenting on the unprecedented number, Bloomberg’s China economist Tom Orlik said that “the first credible gauge of how China’s economy is fairing under virus lock down – the official PMI – is pointing to a brutal drop into contraction.” Well, no: anyone who read our recent series analyzing “high-frequency”, real-time Chinese data already was already aware of the catastrophic collapse in China’s economy.

Of course, we are confident that as so often happens, the market will take these numbers in stride, as they will be an indication that China is “kitchen sinking” the collapse, and a V-shaped recovery will follow. Alas, it won’t because while not only has China’s economy not picked up even modestly, but it is only a matter of time before Beijing, which has forced people to go to work against their will, succumbs to a second wave of coronavirus infections, one which will result in a far worse economic collapse than the current one, which incidentally has yet to show any actual recovery!

Finally, for all those expecting that Beijing will unleash another massive stimulus to kick-start the economy at any cost, we give the last word to Nomura’s Ting Lu, who not only correctly predicted the plunge in PMIs, but also says that “the likelihood of another round of massive stimulus appears low as policy space remains limited.””

“We believe markets might underestimate the scale of the current growth slump. Due to a slower-than-expected rate of business resumption, we have cut our year-on-year Q1 real GDP growth forecast to 3.0% and expect Beijing to ramp up policy easing measures in coming months. That said, the likelihood of another round of massive stimulus appears low as policy space remains limited.

In short, for China – which was the world’s growth dynamo during the global financial crisis and helped the world rebound from the 2009 global depression while raking up tens of trillions in debt – the end of the economic road may finally be here.

end

Robert to me’

China Orders Owners Of Closed Factories To Boost Electricity Usage, Pretend Economy Is Back To Normal | Zero Hedge

Great article, worth reading.
Weeks ago, I wrote about the likelihood of cover up by China as to the true extent of their problems with the virus. And I cautioned that in 90-100 days the average business will run out of cash, making any recovery non existent as the state cannot fund the factories the working capital to restart. That is why I said astute parties will work around the clock to source parts elsewhere as supply volume to replace the China workshop is not possible without capital, time and qualified people.  So it is best to be first to source replacements rather than wait in queue.
Beijing is afraid of the public as it is known that the public does not trust them to help nor believe them. And given a chance they would ditch them in a New York minute. Regime change is not without question anymore in China, especially as their army forces suffer the virus.
Using electricity in non functioning factories is not going to fool anyone for long. It will only create more distrust and angst in the longer term.
The supply chain must look beyond China as their problems have a long way to go to level out. To wait in hope for China is fool’s errand. And to act in 90-100 days, will be time too late.https://www.zerohedge.com/economics/china-orders-owners-closed-factories-crank-electricity-usage-pretend-economy-back-normal
END
China/Shanghai lab
Why did the government shut down the first lab to sequence the genome of Covid 19?  because they knew the spikes on the corona were identical to hIV and thus this coronavirus had to be man made
(zerohedge)

Did China Close First Lab To Sequence Covid-19 Out Of Fear It Would Lose Bat Soup Narrative? 

The question we all should be asking: Why was the first medical research lab, located in Shanghai, to sequence the whole genome of Covid-19 and publicly share the data shut down?

The Shanghai Public Health Clinical Center & School of Public Health at Fudan University was the first lab in the world to sequence the whole genome of the virus on Jan 11. Then, the Shanghai Health Commission, one day later, on Jan 12, shuttered the lab for “rectification.”

“The center was not given any specific reasons why the laboratory was closed for rectification. [We have submitted] four reports [asking for permission] to reopen, but we have not received any replies,” a source from the lab told the South China Morning Post (SCMP).

The source said it wasn’t clear if the closure of the Level 3 biosafety facility was a direct result of the lab publishing virus sequence data on virological.org, an open-access virus discussion forum, and GenBank, an open-access data repository.

The release of the genome data on the public domain allowed researchers to develop a new test kit to diagnose the virus. By Feb 3, the lab’s Professor Zhang Yongzhen, who was responsible for the sequencing, found his data published in Nature.

“It was not about any individual’s achievements. It’s about having biological test kits ready in the face of a previously unknown respiratory disease, especially when a large part of the population [was] moving [across the country] during the Lunar New Year holidays,” said the source.

The source warned that the closure of the lab slowed down scientists and their research when they should have been developing new tools and vaccines to manage the virus outbreak, but for some reason, and it’s still unknown, the government immediately closed the lab after the genome sequence was published in the public domain.

“There have been applications from research institutes and universities to try drugs and compare the effects of different treatment and the development of vaccines, but [all these will have] to be turned down. Closing down the laboratory also affects the studying of the virus,” the source added.

China’s lack of transparency since the outbreak began late last year is a significant concern. The likely reason behind the lab’s closure early last month was pressure by the Chinese government on Shanghai Health Commission to prevent the spread of scientific data to the international community that would likely debunk the official narrative that the virus came from a food market in Wuhan, China. But as we noted last week, it’s too late, and the Global Times had to admit that a “New Chinese study indicates novel coronavirus did not originate in the Huanan seafood market.”

Even China has had to question its official narrative; the NY Post published an article which sounds very familiar to ours: “Don’t buy China’s story: The coronavirus may have leaked from a lab” in which the author writes “the evidence points to SARS-CoV-2 research being carried out at the Wuhan Institute of Virology.”

As to why China pressured Shanghai to close the lab that first sequenced the virus and published it on open-access sites for the world’s scientific community to observe is that it attempted to limit information about the virus so its official narrative wouldn’t be debunked; oops too late.

end

Were Coronavirus Samples Destroyed By China To Coverup The Outbreak?

Via GreatGameIndia.com,

Since the outbreak of Coronavirus in Wuhan, the Chinese Communist Party has concealed the epidemic from the local government to the central government and shirked from its responsibility. Recently, Caixin, a Beijing-based media group published a shocking report that the Hubei Provincial Health and Medical Commission ordered the destruction of Coronavirus samplesSoon after the story was gagged with the article subsequently taken down.

Were Coronavirus Samples Destroyed By Chinese Health Commission?

Gene sequence detected and reported at the end of December

On February 26, Caixin published a shocking article titled “Tracking the Source of New Coronavirus Gene Sequencing“. Caixin sources told GreatGameIndia on condition of anonymity that the article was taken down due to mounting pressure from the Chinese authorities. The article was archived on the web but even the archived version redirects to an error page. So, we decided to publish the Caixin report in full translated into English from Chinese (found at the above link).

Archived version of the deleted Caixin report “Tracking the Source of Novel Coronavirus Gene Sequencing” also redirects to an error page

The Caixin report said:

As of February 24, more than 2660 people have died and more than 77,000 people have been diagnosed with the novel coronavirus, a novel coronavirus similar to SARS. When was it found? Caixin reporters conducted interviews from various sources and sorted out relevant papers and database materials. By piecing together all sorts of information, the full picture is gradually emerging.

The Caixin article stated that there were no less than 9 unknown pneumonias before the end of December last year. Samples of the cases were collected from various hospitals in Wuhan. Gene sequencing showed that the pathogen was a SARS-like Coronavirus (similarity is about 80% and infectious). These test results were returned to the hospital and reported to the Health and Medical Commission and the Center for Disease Control.

A private enterprise in Huangpu district of Guangzhou, analysed the gene sequence of the virus on December 26. The results of the study found that it was most similar to the bat SARS Coronavirus, with an overall similarity of about 87% and a similarity with SARS of about 81%.

The company officials communicated with the hospital and CDC by telephone on December 27 and 28, and even went to Wuhan to report all the results of the analysis in person to the hospital management and CDC on December 29 and 30.

Zhang Jixian, director of the Department of Respiratory and Critical Care Medicine, Xinhua Hospital of Hubei Province, received four consecutive unexplained pneumonia cases on December 26. On December 27, Zhang Jixian reported the discovery of four “unknown viral pneumonias” to the hospital, which was inturn reported by the hospital to Jiang Han District Center for Disease Control.

From December 28th to 29th, Xinhua Hospital treated 3 patients from the South China Seafood Market. They had similar symptoms of viral pneumonia. At 1 pm on December 29th, Xia Wenguang, deputy director of Xinhua Hospital, convened ten experts to discuss the seven cases. The experts agreed that the situation was unusual. Xia Wenguang reported directly to the disease control department of the provincial and municipal health committees.

On December 29, the industry leader Huada Gene (Shenzhen, China) completed a case of gene sequencing, and the results showed that the virus and SARS gene sequence similarity was as high as 80%. On January 1, the company’s three sample test reports were reported to the Wuhan Municipal Health Commission.

On December 30, Beijing Boao Medical Laboratory reported the patient report to the doctor, and the test result was – “SARS Coronavirus”.

Health and Medical Commission of Hubei Province ordered destruction of Coronavirus case samples

The Caixin report said that it was not until January 9th that the Chinese Communist Party officially declared the pathogen a “new Coronavirus.”

The report also quoted a person from a gene sequencing company who disclosed that on January 1, 2020, he “received a phone call from an official of the Health and Medical Commission of Hubei Province, informing him that samples of cases of new Coronavirus in Wuhan could not be re-examined. Existing case samples must be destroyed and sample information cannot be disclosed. Relevant papers and related data cannot be released to the public. If you detect it in the future, you must report to us.”

This article from Caixin has now been deleted, but has been circulated widely overseas and in Chinese social media attracting a strong response from the administration.

Beijing authorities concealed the epidemic

In fact, not only the authorities in Wuhan and Hubei provinces and related medical units were involved in the Coronavirus coverup, but also the National Health and Medical Committee of the Communist Party of China and the Chinese authorities concealed the epidemic.

On January 5th, the Shanghai Public Health Clinical Center detected a new SARS-like Coronavirus and sequenced it to obtain the entire genome sequence of the virus. On the same day, the center immediately reported to the National Health Commission of the Communist Party of China and “suggested to take corresponding prevention and control measures in public places.”

The report states that the virus shares 89.11% homology with SARS Coronavirus and is named Wuhan-Hu-1 Coronavirus.

On January 5, the Shanghai Public Health Clinical Center reported to the National Health Commission of the Communist Party of China, asking for the prevention of Coronavirus

Numerous such internal circulars, notifications and reports of studies warning the Chinese administrations were sent out in the weeks leading to the outbreak which were not only ignored but actively suppressed from reaching to people. We have cataloged these findings in our scientific investigation on the origin of Coronavirus – the COVID19 Files – from five major areas, including epidemiological investigation, virus gene comparison, cross-species infection research, key “intermediate hosts” and the findings on the Wuhan P4 lab.

However, the Wuhan Centers for Disease Control and Prevention and the National Health Commission of the Communist Party of China declared that the epidemic was “preventable and controllable” until January 19, and “the possibility of limited transmission from person to person was not ruled out”.

On February 3rd, Chinese Ministry of Foreign Affairs spokesperson Hua Chunying said that since January 3rd, the Chinese Communist Party has notified the United States of a total of 30 outbreak information and control measures. Immediately after the remarks were published, it was strongly condemned.

When Chinese Ministry of Foreign Affairs spokesperson Hua Chunying’s remarks appeared in the press, it immediately aroused the anger of the Chinese people

However, it was not until January 20th that Xi Jinping and Li Keqiang made public statements on the prevention and control of the epidemic for the first time. Zhong Nanshan, a CCP expert, acknowledged for the first time that the new Coronavirus was “person-to-person.”

On January 26, the Communist Party of China set up a task force for epidemic prevention and control with Li Keqiang as the leader. It was after more than two months since the outbreak.

Wuhan pneumonia cases were discovered by the Communist Party of China CDC, Wuhan Centers for Disease Control and Prevention, the CPC Health and Medical Committee, and the Hubei Health and Medical Committee by December 1st, and the relevant results were published in international journals.

However, the Chinese Communist Party has been concealing the epidemic, suppressing doctors and people who spread the truth of the epidemic, and spreading a false narrative that the epidemic is “preventable and controllable” and is not “person-to-person”.

GreatGameIndia@GreatGameIndia

EXCLUSIVE Bioweapon Thread

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

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

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

greatgameindia.com

The claims of the Caixin report that gene sequencing studies carried out by the Chinese administration found that COVID-19 Coronavirus is almost 80% similar to SARS gives further credence to GreatGameIndia‘s report on how Chinese Biowarfare agents smuggled SARS Coronaviruses from Canada and weaponized it – Coronavirus Bioweapon. Further, the Canadian Scientist Frank Plummer who received these SARS Coronavirus samples of the first patient from Saudi Arabia was found dead in mysterious conditions in Nairobi, Kenya within 11 days of the publication of our report.

*  *  *

We need your support to carry on our independent and investigative research based journalism on the external and internal threats facing India. Your contribution however small helps us keep afloat. Kindly consider donating to GreatGameIndia.

end

4/EUROPEAN AFFAIRS

ITALY CORONAVIRUS/UPDATE/SUNDAY

Italian Death Toll Surges To 34 As Confirmed Cases Jump 42% Overnight; Six Suspected Cases Isolated In NYC: Virus Updates

Summary:

  • Rhode island announces “presumptive” case; patient recently visited Italy
  • Italy reports 42% jump in cases overnight to nearly 1,700
  • France reports 30 new cases, bringing total to 130
  • Czech Republic, Dominican Republic report first cases
  • Chinese health officials report first ‘double lung’ transplant connected to virus case
  • Iraq, Bahrain confirm 6 new cases; Lebanon confirms 3
  • 6 being tested in NYC for coronavirus
  • South Korea confirms 18th death, officials seek murder charges for founder of church at epicenter of outbreak
  • American Physical Society cancels major scientific conference
  • Juventus quarantines U23 squad
  • Iran death toll hits 54 as Trump offers aid
  • Thailand, Australia report first deaths
  • Spain case count hits 73; France hits 100
  • Independent scientist says it could have been spreading in WA for six weeks, with hundreds infected
  • Italian cases number more than 1,100; South Korea reports more than 3,700
  • Italian death toll hits 29
  • Luxembourg reports first cases, says it’s linked to Italy
  • UK cases rise to 35 as 12 new cases confirmed; 2 cases infected inside UK
  • UK health secretary says China-style lockdowns “an option”

* * *

Update (1500ET): Chinese health officials reported that a patient in serious condition has undergone a “double-lung transplant” in the city of Wuxi. Even after testing negative for the virus, the 59-year-old patient’s lungs failed to recover, so doctors decided to go ahead with the transplant.

* * *

Update (1330ET): French health officials have confirmed another 30 cases on Sunday, bringing France’s total to 130.

Meanwhile, the list of countries confirming their first cases of the virus on Sunday continues to grow: The Czech Republic and Dominican Republic each have confirmed their first cases, joining Australia and Luxembourg.

The Czech Republic has actually confirmed three cases on Sunday, according to Health Minister Adam Vojtech.

Qatar has reported 2 new cases, bringing its total to 3, while Iraq just reported six new cases.

Iraq reported six new coronavirus cases, bringing the total number to 19. Two of the newly confirmed cases were in Baghdad, the other four were in Sulaimaniya.  All cases in the country are travelers who just returned from Iran.

Bahrain also confirmed six new cases: five Bahraini citizens, and a Saudi national who traveled on an “indirect” flight routed to Iran.

Earlier, Lebanon confirmed 3 new cases, bringing its total to 10.

Though it hasn’t confirmed any cases yet, Morocco is set to postpone sports and cultural events over coronavirus fears, the government health committee has announced.

Meanwhile, Global Times editor Hu Xijin tweeted that Europe and the US will eventually have to accept the coronavirus, arguing that “if the epidemic emerges repeatedly, it would have a “profound impact.”

Hu Xijin 胡锡进

@HuXijin_GT

It’s very likely that Europe and the US can’t stop the spread of COVID-19 and will have to accept it eventually. People will view its higher-than-flu mortality rate with a new attitude. If, for a long time, epidemic emerges repeatedly, it will have a profound, overall impact.

What about China?

* * *

Update (1230ET): Italian health authorities have reported more than 500 new coronavirus cases, bringing Italy’s total to 1,694, a 42% surge overnight, and raising the death toll to 34, the second-highest outside mainland China (after Iran).

Despite reporting less than half of the number of cases confirmed in South Korea, Italy has recorded significantly more deaths, suggesting that the virus is much more widespread than officials realize.

Meanwhile, NBC News reports that 2 more people in New York City are being tested for the coronavirus, according to the Department of Health. Since yesterday, another suspected cases was deemed negative, bringing the total of negative cases in NYC to nine so far.

* * *

If there’s one thing we’ve learned since the coronavirus outbreak went global in January, it’s that a lot can change in 24 hours. Seemingly overnight, the viral hysteria has apparently arrived in the US, alongside the news of the first virus-related death in Washington State.

Hoarding has already begun. President Trump has issued “do not travel” warnings affecting ‘hot zones’ in Italy and South Korea. In Italy, the Level 4 State Department advisory affects the hardest-hit provinces of Lombardy and Veneto, where ‘community transmission’ has already been confirmed.

In South Korea, it affects the city of Daegu. In Europe, France and Switzerland have banned large gatherings over 5,000, and cancelled all sporting events. Games, events and conferences across the world have been cancelled as airlines continue to cut back on routes, with the focus turning to Italy and South Korea.

Adding to the growing list of cancellations, the American Physical Society has cancelled one of the world’s major international scientific conferences just a day before it was supposed to begin.

In South Korea, Samsung announced that a worker at its smartphone plant in Gumi had contracted the virus. The pace of newly confirmed cases is growing so rapid, it’s becoming difficult to keep up: The number of confirmed cases worldwide has reached nearly 87,000, with more than 7,000 cases outside mainland China. The virus has now been detected in at least 60 countries and/or territories. South Korea remains home to the biggest outbreak outside of China with more than half of all cases outside the mainland. As of Sunday afternoon in Rome, Italian health authorities had reported 1,128 cases, while the death toll climbed to 29, according to Al Jazeera.

As frustration against a strange cult-like church at the center of the country’s outbreak intensifies, officials are pushing for the leaders of a church at the center of the country’s outbreak be investigated on murder charges as the country’s death toll hit 18.

With 71 cases confirmed in the US (73 if you count the “presumptive” case announced by Illinois public health officials late last night and a new case in Rhode Island), the outbreak has spread much more quickly than most Americans had realized, though we should also point out that the bulk of these cases were already quarantined when they were confirmed, since they were evacuees from either the ‘Diamond Princess’, or ‘Wuhan’.

Perhaps the most shocking news out of Italy on Sunday was that Juventus, the Serie A soccer club based in the northern city of Turin, has quarantined its entire under-23 squad after 3 players on an opposing team and their coach tested positive for the virus. The team has also cancelled training and suspended matches, including amatch against Inter Milan, a team that recently played a match before an empty stadium has been postponed.

According to the Daily Mail, the Serie A outfit announced the decision after their youth team played Serie C Pianese, a team that has seen three players and a manager test positive for the virus, causing an uproar in European soccer.

Following President Trump’s Saturday press conference, where he and Vice President Mike Pence acknowledged the virus coronavirus-related death outside Seattle in Washington State (note: the deceased was identified as a male, following earlier inaccurate reports claiming the victim was female), the president attended CPAC’s annual conference, where he claimed during his keynote address that the US would be willing to help the Iranians contain their brutal outbreak, the NYT reports. Officials in Washington State fear the virus may have been circulating in the state for weeks.

“If we can help the Iranians, we have the greatest health care professionals in the world,” he said, adding that “we would love to be able to help them.”

“All they have to do is ask,” he said.

Trevor Bedford, a cancer researcher, claimed that the virus may have been spreading in Washington for as long as six weeks, and said that hundreds of people may already be infected.

Trevor Bedford@trvrb

An update, because I see people overly speculating on total outbreak size. Our best current expectation is a few hundred current infections. Expect more analyses tomorrow.

Over in Iran, officials said the total number of confirmed cases had climbed to 978, with 54 confirmed deaths, just days after government officials denied reports that 50 had died in the city of Qom. Recently, the BBC reported that the true death toll has already surpassed 200.

Hoping to quell the growing sense of panic following a brutal week for US stocks, Trump appealed to the press and politicians in Washington to “not do anything to incite a panic” during his press conference, where he also said he was ‘considering’ closing the southern border, a remark that elicited a frustrated response from the Mexican foreign ministry.

Courtesy of NYT

During separate Sunday appearances on Fox News, HHS Secretary Alex Azar said 75,000 test kits are now available to detected cases of the virus, while VP Pence said a vaccine won’t be available this season (some experts are saying it won’t be ready for next season, either). More cases are expected, Azar said, adding that “we don’t know where this will go,” as public health officials in Washington, California, Oregon, Illinois and Rhode Island scramble to trace the contacts and movements of the newest cases.

About 90 minutes ago, public health officials in Rhode Island announced the state’s first “presumptive” case of the virus, reporting that the individual is in their 40s and recently returned from a trip to Italy in mid-February, before the outbreak in that country had accelerated, Boston 25 News reports. That’s a relief: The clear path of origin means that the latest American patient isn’t another case of “unknown origin”. Health officials are still assuming the worst: That the lack of a clear source of transmission for at least 4 American patients indicates that potentially dozens of others might also be infected, even if they aren’t yet exhibiting symptoms.

After emerging as a model of outbreak suppression, Thailand reported its first virus-linked death on Sunday.

Elsewhere, Australia, a country with only 25 confirmed cases (several from the ‘Diamond Princes’), has reported its first COVID-19-linked death: An elderly man from the remote city of Perth who had traveled aboard the Diamond Princess became the first Australian to die from the virus. The 78-year-old man and his 79-year-old wife were among the 164 Australians who traveled aboard the ‘Diamond Princess’. According to the Australian Broadcasting Corporation, the elderly couple were initially flown to Howard Springs in the Northern Territory where Australia’s Diamond Princess evacuees were sent.

Speaking of the Diamond Princess, Japan’s Health and Labor Minister Katsunobu Kato said Sunday that the last passengers and crew, including the captain, had disembarked on Sunday.

Mark B. Spiegel@markbspiegel

Great, now go out and find that thing an iceberg! https://twitter.com/PDChina/status/1234077341027979264 

People’s Daily, China

@PDChina

All that were onboard the #DiamondPrincess cruise ship, including the captain, have disembarked as of Sunday: Japan’s Health and Labor Minister Katsunobu Kato.

View image on Twitter

While Italy remains the uncontested epicenter of the outbreak in Europe, twelve more people have tested positive for the virus in the UK, including a second case of an individual believed to have caught the virus inside the country, bringing the total to 35. Health officials are trying to trace a 35-year-old man from Shenzhen who had reportedly been working in Bristol, the Guardian reports.

 

During an appearance on the Andrew Marr, the UK’s premier political talk show, on Sunday, UK Health Secretary Matt Hancock confirmed that the NHS is bringing doctors out of retirement to fight a potential outbreak, before adding that the UK is leaving the option of China-style, city-wide lockdowns on the table, saying the government needs to consider all available tools:

Marr asked Hancock: “China, of course, isolated entire cities. Is it conceivable under any circumstance, you try and cut off the city in this country?”

Hancock replied: “There’s clearly a huge economic and social downside to that. But we don’t take anything off the table at this stage, because you’ve got to make sure that you have all the tools available, if that is what’s necessary. But I want to minimise the social and economic disruption.”

As of Sunday, Spain has confirmed 73 cases, according to Fernando Simón, the head of the country’s Center for the Coordination of Health Emergencies and Alerts. He added that 90% of the cases were imported or related to imported cases of the virus.

In France, which has reported 100 cases, the Louvre Museum closed on Sunday, and said it would remain shut as workers objected to the risk of catching the virus while working among the millions of visitors who pass through the museum, the AP reports.

Around 300 Louvre staff met Sunday morning and voted “almost unanimously” not to open, according to Christian Galani of the CGT labor union, who spoke with AFP.

Luxembourg has reported its first case, a traveler who recently returned from Italy. Health Minister Paulette Lenert told reporters the patient is a man in his 40s, per Al Jazeera.

As Brazil confirms a second case, international health authorities pointed out that the fact Africa has only reported 3 cases so far, one in Egypt, one in Algeria and one in Nigeria, is something of a miracle, even as the Nigerians have identified 100 people who may have come into contact with the sick individual, as France 24 reports.

Finally, we’d like to leave readers with a glimpse of levity before we go: We’d like to draw readers’ attention to the front page of the Saturday Star, a Canadian daily.

Chase Mitchell

@ChaseMit

This is the only way Canadians can process any type of information

View image on Twitter

You know it’s bad when the Canadian newspaper editors start whipping out the Wayne Gretzky comparisons.

end

GREECE/MIGRANTS

Greece’s answer to the growing migrant situation:  move them all to 4 islands, all close to Turkey. Citizens on those islands are furious

(Gatestone)

Greece’s Migrant Crisis: “A Powder Keg Ready To Explode”

Authored by Soeren Kern via The Gatestone Institute,

A plan by the Greek government to build new migrant camps on five Aegean islands has sparked violent opposition from local residents, who fear that the facilities will encourage yet more mass migration from Africa, Asia and the Middle East.

The government says that the new camps, expected to be operational by July 2020, are needed to alleviate overcrowding at other locations that have been the focus of international criticism. Local residents counter that the migrants should be transferred to mainland Greece.

On February 25, more than 500 locals prevented construction workers from accessing the site of a proposed new migrant camp at Karava Mantamadou on Lesbos. Riot police used tear gas and stun grenades to disperse the crowds.

Similar clashes occurred on Chios, a large Greek island located less than 20 kilometers from Turkey, from where tens of thousands of migrants depart each year in hopes of eventually reaching mainland Europe.

The new site on Lesbos will be a so-called closed camp that tightly controls access and will replace the current open-access camp at Moria. The closed camps will allow migrants to go out during the day but will require them to be locked in at night. The objective is to control their movements and prevent them from escaping to the mainland.

In addition to Lesbos, Greek authorities plan to build closed facilities on the islands of Chios, Kos, Leros and Samos. The islands are all close to Turkey.

The camp at Moria — a sprawling facility built for no more than 3,000 migrants but which is now accommodating at least 20,000, approximately one-third of whom are under the age of 18 — has attracted widespread international criticism for its squalid living conditions.

A spokesperson for Doctors Without Borders (Médecins Sans Frontières, MSF), Sophie McCann, explained:

“They are living in squalid, medieval-like conditions… with barely any access to basic services, including clean and hot water, electricity, sanitation and healthcare. On a daily basis our medical teams are treating the consequential deterioration of health and wellbeing.”

In 2016, Greek authorities, with backing from the EU, introduced a so-called containment policy aimed at deterring migrants from crossing to Greece from Turkey. The policy requires migrants to remain on the islands — with no hope of reaching the Greek mainland — until their asylum requests are processed. With a backlog of tens of thousands of applicants, the asylum system has come to a standstill. Approximately 40,000 migrants are effectively trapped on the islands.

The containment policy has angered local residents, who complain that migrants are responsible for a spike in crime.

“People have seen their properties destroyed, their sheep and goats have been slaughtered, their homes broken into,” said Nikos Trakellis, a community leader in Moria.

“A few years back, when there were 5,000 migrants on the island, things seemed bad enough. Now there’s a sense that the situation has really got out of hand.”

In October 2019, the Greek government announced a plan to transfer 20,000 migrants from the islands to the mainland. A subsequent surge in new migrant arrivals from Turkey, however, has left the migrant camps on the islands as overcrowded as ever.

Greek authorities say that they are doing their best to satisfy locals, migrants and human rights groups. “The government is making an effort to change something, to implement a plan,” a government official told the Reuters news agency. “If we don’t construct new facilities, living conditions won’t improve.”

North Aegean Regional Governor Kostas Moutzouris, who opposes the government’s plan to build permanent migrant camps on the islands, described the situation on Lesbos as a “powder keg ready to explode.” He added: “It’s crucial that a state of emergency is called.” He also warned:

I fear for the safety of our people, the residents of Lesbos. For the situation to change, many refugees have to be transferred to the mainland and new arrivals from Turkey must be stopped. If not, we are doomed.”

Government spokesperson Stelios Petsas, who described the existing facilities as “public health bombs,” said:

“We are asking the local communities to understand that these closed facilities will benefit the country and their communities. There’s a trust deficit right now that has been cultivated over previous years, and this needs to be restored. We will build these closed centers but also close the existing open ones. That is the government’s promise.

“The new camps will make it much easier to speed up the asylum process so that those who are entitled to asylum can be transferred west and those who are not can be returned to Turkey.”

Greece’s center-right government, led by Greek Prime Minister Kyriakos Mitsotakis, who took office after parliamentary elections in July 2019, has taken a more hardline approach toward migration than did the previous left-wing government led by Alexis Tsipras:

  • July 2019. The new government revoked access to public health care for asylum seekers and undocumented migrants arriving in Greece.
  • September 2019. The government raised the criteria for both the application and approval of asylum status applications. It also vowed to strengthen border security and return 10,000 illegal migrants back to Turkey by the end of 2020.
  • October 2019. The Greek parliament passed a new asylum law, which introduced sweeping changes to the national asylum system, including cutting options for appeal and facilitating the deportation of failed asylum seekers.
  • November 2019. The government said that it would tighten controls at Greece’s borders and clear bottlenecks in asylum vetting procedures.
  • January 2020. The government announced the construction of a floating fence to deter migrants arriving by sea. The 2.7-kilometer (1.7 mile) barrier will be set up off coast of Lesbos. It will rise 50 centimeters above sea level and have lights that will make it visible at night. If the barrier is effective at reducing migration, it could be extended to 15 kilometers or more.
  • February 2020. The Greek parliament approved a law to regulate all non-governmental organizations (NGOs) dealing with migration issues. The objective is to ensure that NGOs are not profiting from mass migration “in a faulty and parasitic manner.”

Mitsotakis recently said that, unlike under the previous government, Greece is no longer open to anyone who wants to come:

Welcome in Greece are only those we choose. Those who are not welcome will be returned. We will permanently shut the door to illegal human traffickers, to those who want to enter even though they are not entitled to asylum.”

Since 2015, more than a million migrants from Africa, Asia and the Middle East have entered the European Union through Greece.

A March 2016 agreement between the EU and Turkey reduced the flow, but the number of arrivals resurged in 2019, after Turkish President Recep Tayyip Erdoğan and other members of his government threatened to flood Europe with Muslim migrants.

Greek officials have said that Erdoğan personally controls the migration flows to Greece and turns them on and off to extract more money and other political concessions from the European Union.

Greek Immigration Minister Giorgos Koumoutsakos noted that when Turkey “keeps repeating that we’re going to open the floodgates, what migrants do is they move closer to the floodgates waiting for them to open.” He added:

“Europe cannot act under threats or blackmail. As Europeans should understand the situation that the Turks are faced with, Ankara should on its part realize that this is not the way to deal with Europe.”

In 2019, approximately 60,000 migrants — an average of 164 per day — reached Greece, according to UNHCR, the UN refugee agency. Nearly 80% arrived on Chios, Lesbos and Samos.

The trend continues: More than 6,000 migrants — an average of 133 per day — reached Greece during the first six weeks of 2020, according to the UNHCR. The top countries of origin: Afghanistan (50%); Syria (21%); Congo (6%) and Iraq (3.5%).

Recent fighting in Idlib, a war-torn province in northwestern Syria, has uprooted nearly one million people — most of them women and children — who have sought sanctuary near the Turkish border.

Turkey, which currently hosts nearly four million Syrian refugees, has said it cannot handle a new influx. It has repeatedly threatened to re-open the floodgates of mass migration to Europe.

end
ITALY
A picture is worth a thousand words.  An Italian series A match with Milan saw a completely empty stadium.. yes,,, zero fans… Italy’s GDP will follow China to absolute zero
(zerohedge)

Italian Soccer Club Plays First Match In An Empty Stadium

Sports fans might want to get used to this.

Italian Serie A soccer team Inter Milan cemented its spot in the next round of the Europa League last night, but not a single fan was present at San Siro Stadium to watch, according to CNN.

As Lombardy, Italy’s hardest-hit region, struggles to contain the virus before a cluster emerges in Milan, Italy’s most densely populated city, the Milanese football club was forced to play the match without anybody there to witness it, as Italians wrestle with the fact that these ’emergency measures’ will likely remain in place for some time.

Across the world, in Japan, China, South Korea and elsewhere, sporting events have been cancelled as part of containment measures targeting large crowds and gatherings where the virus could easily spread.

This weekend, five more Serie A matches will be contested before empty stadiums.

Inter Milan triumphed over Bulgaria’s Ludogorets in the match, 2-1.

END
LONDON//UK
We are back to the 1660’s..London’s worst case plan is to use Hyde Park. In 1666 during the bubonic plague, the same park was used trying to contain the disease.
(zerohedge)

“This Is A Nightmare”: London’s Worst-Case Plan For Coronavirus Includes Giant Morgue In Hyde Park

London plans to turn Hyde Park into a giant morgue in the event of a worst-case coronavirus scenario, reports Bloomberg.

“We have contingency plans to open up a morgue in Hyde Park, in tents,” said MP Nickie Aiken, whose district includes the 350-acre open space which was used as a refuge from the plague in the 17th century. “We would run the morgue for most of central London.”

As of Friday, 19 cases of the coronavirus, known as COVID-19, have been confirmed in the UK since it began spreading from China in January – where 78,000 cases have been confirmed.

The message from central government is to avoid panic, while behind the scenes officials are making just-in-case plans for a mass outbreak.

If it does turn into a pandemic, the U.K. is the best country to be in, because “we are so on it for contingency planning,” Aiken, an MP for Prime Minister Boris Johnson’s Conservative Party, said in an interview on Friday. But Aiken, who is also a councilor for the Westminster area which includes the park, said she’s alert to the risk of contagion in the U.K. capital. –Bloomberg

“I was on the Tube yesterday going to the City, and I was thinking this is a nightmare,” said Aiken. “In the worst-case scenario, it’s going to be horrendous.”

END

GREECE/TURKEY

Greece sends 50 naval vessels and commandos trying to block entrance of refugees coming from Turkey

(zerohedge)

Greece Sends 50 Naval Vessels & Commandos To Block Refugee Wave Out Of Turkey

Greece sealed its key land Kastanies border crossing with Turkey Friday after Ankara declared it’s allowing refugees to flee Idlib and on to Europe for at least 72 hours, in response to Syrian-Russian airstrikes killing 33 Turkish troops Thursday.

Germany’s Bild newspaper reported Friday that Greece is taking further emergency measures to prevent Erdogan from effectively “opening the gates” on new waves of refugee and migrant hordes seeking entry to the EU, noting the country “completely closed off its borders with Turkey: not just for refugees, but for EVERYONE.”

The newspaper said 50 naval ships, likely most of them small patrol vessels, have been deployed by the Hellenic Navy to ensure those coming out of Turkey don’t get through.

 

Hellenic Navy file image

Citing a top Greek government official, Bild reported further this will include air support.

“According to BILD information, the government sent 50 warships to the Greek islands to protect the EU’s external borders,” the German tabloid said. “Ten helicopters are also supposed to secure the transitions to Turkey on land.”

Greece’s Ekathimerini newspaper said military commandos were being sent to key crossings following an emergency meeting of key government officials Friday to deal with the crisis:

Patrols along the land and river border in northeastern Evros have been bolstered since Friday morning, when the first large groups of migrants began to arrive following an announcement on Thursday night by a Turkish government official saying that Ankara would no longer try to prevent Syrians fleeing war in their country from attempting the crossing to the European Union.

The army has also dispatched two commando units to help the Hellenic Police guards at the border, and particularly to patrol the more dangerous sections of the Evros River.

Ragıp Soylu

@ragipsoylu

Turkish TVs broadcast footages showing migrants are boarding boats off Turkish coast, departing to Greek islands

Embedded video

And The Guardian reported further early Friday: “Hundreds of Syrian refugees in Turkey have begun preparing to travel towards the country’s borders with Greece and Bulgaria after Ankara’s sudden decision to no longer impede their passage to Europe.”

“Turkish police, coastguard and border security officials were ordered to stand down overnight on Thursday, Turkish officials briefed reporters,” the report added.

 

Bild: Greece uses tear gas against refugees at the Pazarkule border crossing Photo. Image: Anadolu Agency via Getty Images

As European officials mull whether this is but more of Erdogan’s threats or perhaps an early “taste” of what’s to come, or whether the flood has begun, Bulgaria has begun taking extra security action as well, bolstering patrols along border areas with Turkey

Greek Prime Minister Kyriakos Mitsotakis vowed that “no illegal entries into Greece will be tolerated” – noting greatly tightened security along the EU’s external borders.

Ibrahim Hamidi@ibrahimhamidi

official tv tell 3.5 million refuges how to go to

View image on Twitter

Turkey’s communications director Fahrettin Altun had earlier said Turkey had “no choice” but to relax border controls after its pleas for greater European help in assisting with the over 3 million refugees on its territory went unheeded.

However, Foreign Minister Mevlut Cavusoglu sought to downplay new reports of Turkey encouraging refugees exit toward Europe, saying Turkey’s policy hasn’t changed. But footage coming out of Turkey and the Greece-Turkey main crossing throughout Friday speaks otherwise.

END
Hungary/Turkey/Migrants
Orban vows to protect Hungarians as Turkey opens the refugee floodgate
(zerohedge)

Orbán Vows To Protect Hungarians As Turkey Opens “Refugee” Floodgate

Authored by Paul Joseph Watson via Summit News,

Hungarian Prime Minister Viktor Orbán has vowed to protect his people as Turkey once again opened the floodgates of refugees heading to Europe.

Amid an escalation in Syria following an airstrike which killed 33 Turkish troops, Ankara announced that it would no longer hold back the wave of people attempting to reach Europe.

Almost immediately, videos showed migrants heading towards the borders of Greece and Bulgaria as well as Turkey’s Aegean coast.

Paul Joseph Watson

@PrisonPlanet

Can’t wait for all these new doctors and lawyers to arrive in Europe!

Embedded video

RT

@RT_com

Syrian refugees run towards European border as will no longer stop them

Embedded video

ANADOLU AGENCY (ENG)

@anadoluagency

[VIDEO] Drone footage shows migrants flock to border

Irregular migrants are walking towards northwestern Turkey to cross into Europe after airstrike by Assad regime in Syria’s Idlib

Embedded video

Ankara is once again using migrants as a weapon in a bid to accomplish its geopolitical goals, illustrating how so-called “refugees” can only have a massively negative impact on the countries they enter.

Orbán responded by vowing to stand strong against the threat.

“Despite all the attention the coronavirus is attracting, migration remains a historical challenge,” he said. “The upward flow [of migrants] from the south is a historical trend, and we stand in the way.”

“Where will the flow from the south be stopped?” asked Orbán. ” I have always maintained that the invasion of migratory masses is wave-like.”

“We must expect another migratory wave and mass attack on the Hungarian border fence, [and] the Hungarian border must be protected,” he added.

With the migrants also representing another possible vector for the spread of coronavirus, Europe is facing a massive twin threat.

“Hungary’s border and the Hungarian people must be protected,” a spokesman for the Hungarian government told Breitbart.

Meanwhile, as Coronavirus continues to spread around Europe, Hungary is testing arrivals from Italy for symptoms of the illness.

Paul Joseph Watson

@PrisonPlanet

One of the few European countries to have zero coronavirus cases is Hungary.

Strange, it’s almost like having strong border controls is a good thing.

Paul Joseph Watson

@PrisonPlanet

Hungary testing arrivals from Italy. Meanwhile, in London, they just walk straight in, no tests. https://twitter.com/NickDixonITV/status/1233037276654993413 

View image on Twitter

Nick Dixon

@NickDixonITV

Just arrived at Heathrow T5 after 4 days in Milan – was fully expecting a thermal temperature check. Nothing. Straight through. #CoronaVirus #COVID @GMB

Embedded video

That differs from the UK, where arrivals from Italy just walk straight into the country with no tests whatsoever.

So far, there have been zero cases of coronavirus in Hungary, unlike the rest of Europe where numerous countries recorded their first cases of the virus as a result of carriers entering from Italy.

*  *  *

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end

 MAR, 14:40
Tass/Turkey/Greece
This is terrible for the EU//100,000 refugees cross the Turkey border with Greece
(Tass)

Over 100,000 refugees cross Turkey’s border with EU – Turkish interior minister

Earlier Reuters reported that Ankara had decided not to stop Syrian refugees seeking to reach Europe either by sea or by land

ANKARA, March 1. /TASS/. More than 100,000 refugees have crossed Turkey’s border with the European Union after Ankara took a decision to open it for them, Turkish Interior Minister Suleyman Soylu said on Sunday.

“As of 19:40, the number of refugees who left our country via Edirne was 100,577 people,” he wrote on his Twitter account.

Reuters reported on Friday that Ankara had decided not to stop Syrian refugees seeking to reach Europe either by sea or by land. The decision came as a response to the incident overnight to Friday when 36 Turkish soldiers were killed in Syria’s Idlib governorate.

ITALY/CORONAVIRUS/Sunday
Italy in a mess as the coronavirus cases climb above 800

“We’re All Going To Get It”: Life In Italy’s Coronavirus ‘Red Zone’ Getting ‘A Little Crazy’

With Italian cases of coronavirus surpassing 800 on Friday and 21 dead, life inside northern Italy’s so-called ‘red zone’ has ‘taken on a surreal air,’ according to the Washington Post.

 

Italian soldiers and police control the traffic in a checkpoint in the red area near Lodi, Italy on Wednesday. (Marco Ottico/EPA-EFE/REX/Shutterstock)

With 50,000 people under a quarantine 40 miles southeast of Milan – stretching across 11 villages and towns – a network of dozens of roadblocks are operated by the police and army in order to keep residents from traveling, and prohibit visitors from entering. The situation has caused residents obvious distress.

Outside a small bar on the edge of northern Italy’s coronavirus “red zone,” patrons watch as paramedics head-to-toe in protective suits, gloves and face masks attend a house call across the street.

One of the figures in white describes the patient’s cough to a colleague over the phone. The bar flies with rumors.

We’re all going to get it,” said 22-year-old Claudi Ghidoni, sitting at a plastic table with two friends, the first time she said she’s been out of the house since Italian cases of covid-19 dramatically jumped last week. –WaPo

Disturbingly, however, the Post notes that the checkpoints “have become handover points with the outside world. Some come to give their relatives or friends gifts of cheese, other hand over documents caught up on the other side. A woman comes to collect specialist cat food dropped off by a friend.”

The Post interviewed 20 residents inside the quarantine zone by phone or across roadside checkpoints, some of whom said that the initial panic had morphed into ongoing concern and confusion.

In San Fiorano village, the mayor announced three elderly deaths from coronavirus but that he’s unable to find out how many people in the village have tested positive. He added that with funerals and burials suspended, the dead are still awaiting proper burials.

Only the most necessary stores, like pharmacies and supermarkets, remain open and have limits on the number of customers that can enter at a time. Residents are asked to avoid gatherings and crowds.

With post offices closed, the elderly are unable to pick up their pensions.

Everyone struggles,” said Mario Ghidelli, the San Fiorano mayor, saying other mayors are frustrated with the level of information they were receiving. “We need to give answers to our citizens.”

He said that last blessings were given for the three residents who died, all over the age of 69, in the presence of a few family members, but the coffins had to be placed in a municipal crypt until undertakers are available. –WaPo

People are getting a little crazy,” said 49-year-old Guiseppe Malusardi as he rode his bicycle past a police checkpoint in the village of Casalpusterlengo. “Everything’s closed.

Still, some Italians are making the best of the situation.

“It’s fantastic,” said 54-year-old Ambrogio Pezzi as he walked along with his golden retriever – adding that he’s enjoyed the two-week break from his dentistry work and more time with his family. “We are like hamsters in a wheel, running around and around and not realizing we are always running in the same spot. Maybe this is a lesson to slow down and enjoy things.

Read the rest of the report here.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN/SUNDAY//coronavirus
Iran is now the hardest hit country outside of China.  As promised several members of the government and parliament have been infected with one death of a parliamentarian.
(zerohedge)

Iran’s Official Covid-19 Infected Rises To Nearly 600 As US Slightly Eases Sanctions

A nationwide lock-down in Iran continues, or we could say at this point merely that the Iranian Health Ministry is urging people to stay home, after Friday prayers were canceled in 23 cities across the nation, and as the official death toll acknowledged by Tehran has risen to 43, with total number of infected jumping to 593

This after on Friday a team of journalists working for BBC Persia said they had confirmed at least 210 virus-linked deaths in Iran after canvassing workers at dozens of hospitals around the country, further suggesting a cover-up on a massive scale in the works.

Other reports poking holes in Iran’s downplayed official coronavirus narrative suggest the number of total infected could be as high as 18,000, such as this bombshell Daily Beast report. Iran has firmly denied that it’s withholding information, and it also may be due to lack of widespread testing, among other reports the elite IRGC is cracking down on doctors, saying to keep their mouths shut.

 

Image source: AFP

Tellingly, at least seven high government officials were reported infected this week, including the vice president, as well as a well-known former ambassador to the Vatican and Egypt, who died of the disease.

Reports on Saturday suggested that number has grown to at least 8, after it was reported overnight that an Iranian member of parliament, Mohammad Ali Ramazani, had also died of Covid-19.

However, the Iranians are now vehemently denying his death or that he was ever confirmed with the infection, according to The Independent.

Regardless, The Independent reports further that the situation remains dire, also as governments in the gulf region struggle to prevent Iranians or anyone who’s been traveling in Iran from entering their borders:

It came as a health ministry spokesman said the new coronavirus had killed 43 people in the Islamic Republic, with 593 confirmed cases.

“Unfortunately nine people died of the virus in the last 24 hours,” Kianush Jahanpur told state TV. “The death toll is 43 now.

“The new confirmed infected cases since yesterday is 205 that makes the total number of confirmed infected people 593.”

Currently, schools remain closed nationwide until at least Tuesday, with a further ban on mass gatherings such as concerts and sporting events for the next week.

Meanwhile, a number of reports have analyzed the impact of US sanctions on Iran’s coronavirus crisis – the hardest hit country outside of China. The National Interest reported that the White House has responded to this criticism.

“The Trump administration is partially reversing course on economic sanctions that have slowed down Iran from importing coronavirus test kits as the country faces down the most deadly COVID-19 outbreak outside of East Asia,” according to the report.

Iranian leaders have blamed Washington for the worsening crisis, given the limited ability to import virus testing kits and equipment and medicines.

“The U.S. Treasury announced on Thursday morning that it was lifting some terrorism-related sanctions on the Central Bank of Iran, which re-opens a channel for humanitarian trade that had been closed since September 2019,” The National Interest said further.

 

end
TURKEY/GREECE BORDER
With Turkey ready to open its gates for migrants to cross over to to Europe, spells trouble for the EU as they can  ill afford to pay for them and suffer the accompanying crimes that they commit
(zerohedge)

Chaos As Thousands Of Refugees Charge Greek Border En Masse; 15,000 Surge Into EU Border Town

True to Erdogan’s prior threat that Europe would see 18,000 to as many as 30,000 refugees pour across European Union borders on Saturday after Turkey ‘opened the gates,’ it’s being reported that the number of migrants at Evros — a key land border between Turkey and Greece —  has now reached 15,000.

Throughout Saturday the area became a war zone as thousands of refugees, urged on by Turkish authorities, attempted to cross into Greece en masse.

In places like the now completely closed Kastanies crossing (sealed by the Greek side as Turkish guards stood down and let migrants pass freely), thousands are stuck in ‘no man’s land’ between the borders, with the situation fast descending into chaos.

Giorgos Christides@g_christides

: Number of migrants at has now reached c. 15.000. Frontex to redeploy forces from other points to assist Greece in guarding EU external border with Turkey, @derspiegel has learned. Frontex Rapid response also a possibility but not yet https://www.spiegel.de/politik/ausland/tuerkei-schickt-fluechtlinge-nach-europa-schreie-der-verzweiflung-am-grenzzaun-a-c1df665a-62d9-47c8-a1cf-dc74defaf644 

Zwischen Türkei und Griechenland: Schreie der Verzweiflung am Grenzzaun – DER SPIEGEL – Politik

Rund 15.000 Migranten stehen am türkisch-griechischen Grenzübergang inzwischen den Polizisten gegenüber. Die griechischen Beamten treiben die Geflüchteten mit Tränengas zurück. Premier Mitsotakis…

spiegel.de

According to the Greek daily Ekathimerini:

This is the first time such a large group of migrants and refugees has attempted a crossing en masse at Evros, a move that Greek authorities are treating as a consequence of the announcement from the Turkish government on Thursday night that it would no longer prevent migrants trying to reach the European Union.

Germany’s Der Spiegal published footage showing migrants hurling tear gas grenades at Greek police, reportedly canisters provided by Turkish security themselves.

Giorgos Christides@g_christides

now: Videos obtained by ⁦⁦@derspiegel⁩ show migrants throwing tear gas used (and acc to GR officials and simple logic provided) by Turkish Gendarmerie at Greek police preventing them from crossing the fence, near Kastanies. Human beings shamelessly weaponized

Embedded video

Greek Prime Minister Kyriakos Mitsotakis earlier vowed that “no illegal entries into Greece will be tolerated” – and has authorized a militarized response to seal border crossings with Turkey, which has included naval patrols in the Aegean to thwart migrant boats from passing.

At the Kastanies crossing Greek guards were seen firing tear gas on tightly packed groups of hundreds of migrants:

Guards on Greece’s northeastern land border with Turkey made “deterrent use” of tear gas to disperse some 500 refugees and migrants trying to enter the country and the European Union after Ankara loosened controls on migrant flows.

Turkish border guards “have disappeared since this morning,” the mayor of the Greek border town of Orestiada, Vassilis Mavridis, said, adding that the group tried to enter through the Kastanies crossing.

 

Via AFP/Al Jazeera: Buffer zone on the Turkey-Greece border, at Pazarkule, in Edirne district, on February 29, 2020.

It’s been confirmed that well over 30,000 mostly Syrian refugees and migrants on the their way to European border areas.

Unconfirmed reports say Athens may now even be sending tanks in support of commandos and helicopters already said to be there assisting in sealing the Evros border area.

Liz Sly

@LizSly

36,776 migrants & refugees have left Turkey for Greece since the 33 Turkish soldiers were killed in Syria on Thursday. Turkey carrying out its threat to open up the migrant trail again in response to lack of Western support for its Syria fight https://www.aa.com.tr/en/turkey/number-of-migrants-leaving-turkey-reaches-36-776/1750216 

‘Number of migrants leaving Turkey reaches 36,776’

Migrants departing from Turkey via northwestern border province of Edirne, says country’s interior minister – Anadolu Agency

aa.com.tr

Angry over Thursday’s Russian-Syrian airstrike on Turkish troop positions in Idlib, which killed 33 Turkish soldiers, President Erdogan warned Europe to brace itself:

We will not close these doors in the coming period and this will continue.”

Erdogan continued: “Why? The European Union needs to keep its promises. We don’t have to take care of this many refugees, to feed them,” he said.

Jenan Moussa

@jenanmoussa

1000s of migrants/refugees today again flock to Turkish-Greek border near Edirne. Crowd is growing by the hour.

You can see in this video by @egemengok_ that there are no guards on Turkish side.

People walking freely into no man’s land only to be blocked by Greek border guards.

Embedded video

By all accounts of the increasingly chaotic and strained situation on the ground, things are about to break. It does appear we’re seeing Erdogan’s “open the floodgates” in action or at least the very early beginnings.

Max Zander@The_Max_Zander

Happening in Thermis, right now.

Migrants have reached the port in a rubber boat. A crowd is now stopping them from disembarking.

There are reports of violence against journalist. Some roads around camp are being blocked by locals. No authorities on the scene.

Embedded video

We could soon see disastrous 2015 levels at the worst time imaginable, considering the worldwide threat of the Coronavirus pandemic, health officials’ response to which is based precisely on keeping borders closed and/or tightly monitored.

END

6.Global Issues

The Coronavirus seems to be reappearing weeks later from discharged paients. Howeer there is evidence that antibodies to the disease is released

(zerohedge)

Coronavirus Reappearing Weeks Later In Discharged Patients

An alarming number of coronavirus patients in China and around the world are testing positive after ‘recovering’ and being discharged from the hospital – with the disease reappearing weeks later in some cases, according to Reuters.

On Wednesday, Japan’s Osaka prefectural government revealed that a female tour-bus guide had tested positive for coronavirus for a second time – which comes on the heels of Chinese reports that discharged patients throughout the country were testing positive after their release from the hospital.

That said, China’s National Health Commission said on Friday that reinfected patients were not transmitting the disease to others. The two running theories is that COVID-19 is “biphasic” and lies dormant before reappearing, or that patients are not building sufficient antibodies to fight a new infection.

Experts say there are several ways discharged patients could fall ill with the virus again. Convalescing patients might not build up enough antibodies to develop immunity to SARS-CoV-2, and are being infected againThe virus also could be “biphasic”, meaning it lies dormant before creating new symptoms.

But some of the first cases of “reinfection” in China have been attributed to testing discrepancies.

On Feb. 21, a discharged patient in the southwestern Chinese city of Chengdu was readmitted 10 days after being discharged when a follow-up test came back positive. –Reuters

Deputy director of the infectious diseases center at the West China Hospital, Lei Xuezhong, told People’s Daily that hospitals had been using nose and throat samples to test patients, while new tests were finding the virus in the lower respiratory tract.

A study by the Journal of the American Medical Association which analyzed four infected medical personnel treated in Wuhan found that it was likely that some recovered patients would remain carriers even after meeting discharge criteria.

In China, for instance, patients must test negative, show no symptoms and have no abnormalities on X-rays before they are discharged.

Allen Cheng, professor of infectious diseases epidemiology at Monash University in Melbourne, said it wasn’t clear whether the patients were re-infected or had remained “persistently positive” after their symptoms disappeared. But he said the details of the Japan case suggested the patient had been reinfected.

Song Tie, vice director of the local disease control center in southern China’s Guangdong province, told a media briefing on Wednesday that as many as 14% of discharged patients in the province have tested positive again and had returned to hospitals for observation.

He said one good sign is that none of those patients appear to have infected anyone else.

“From this understanding … after someone has been infected by this kind of virus, he will produce antibodies, and after these antibodies are produced, he won’t be contagious,” he said. –Reuters

Meanwhile, a “low level” of the virus was found in the pet dog of a patient in Hong Kong, throwing a “weak positive” when tested.

Typically patients will develop specific antibodies which will protect them from reinfection, however this does not appear to be the case with a certain percentage of coronavirus patients, similar to HIV.

“In most cases though, because their body has developed an immune response to the first infection, the second infection is usually less severe,” said Adam Kamradt-Scott, an infectious diseases specialist at the University of Sydney.

Other experts have suggested that the disease may even feature “antibody-dependent enhancement,” meaning that exposure to viruses could make patients more at risk of further infections and worse symptoms.

This confirms a report from several weeks ago from the Taiwan Times that reinfection may be deadlier than the initial infection in some patients, causing sudden death from heart failure in several instances.

END
EMAILS FROM ROBERT TO ME
1.This week a number forces combined to give pause to economic outlook as it relates to value and opportunity, and desirability.
Over $ 5 trillion was wiped out in stock market declines missing no one’s portfolio, or holdings. And COVID-19 continued its’ global march affecting countries like Iran and Italy with many reported cases causing much angst; while China struggles with its’ impact, effectively offline as the world’s workshop. Causing many companies to issue warnings about supply chain disruptions and profit warnings. What also became clear this week is that global credit expansion is actually declining. While at the same time global output is in decline as evidenced in reports of continued lackluster car sales and declines in everything from oil consumption to meat to soybeans. This is reflected in the lower prices that have declined all week. We have also seen meaningful action taken by the “bug out crowd” who hope to escape the passing storm.
One thinks that this has all makings of a rogue wave. It is well canvassed that the world was short on liquidity last year. The fall in China output will place them in negative growth for a period, not yet known. However, with car sales down some 90% and many businesses running short of capital liquidity the outcome is clear. China will need to bailout not just many of their banks but whole industry segments. The question is with what capital? Printing money to prop industry in a world not consuming is a recipe for failure. Many loans China has made globally will fall short on payment. And the human impact on China is not really known and it will take several more weeks before a truthful picture emerges. And there are many theories out there as to the hastened impact of 5G on the virus spread. The truth will come out on this theory over time. What is clear is 5G from Huawei will be banned in the US shortly.
When you couple this with global angst over the virus, people become worried and tend to tighten their spending behavior and already it is quite clear that typical social norms are changing. Just go to any Chinatown anywhere to find a lack of people. Spending will be redirected, perhaps to paying down debt as optimism declines. Now add to this supply chain disruptions which will manifest in lowered employment, another decline in spending is introduced. People not working or sick do not spend.
This the lack of liquidity combines with lessened demand and credit creation, human angst over the virus, and lower asset values to create a situation whereby confidence is lacking not just in consumers but in bank lending who see their own woes of liquidity to corporations who question their businesses and in some cases their survival through difficult times as declining sales, regardless of why, lower both values and expectations.
This combined rogue wave of a lack of confidence has come together this week to affect everything and everyone. We should expect and will experience more volatility in the coming weeks as the combined impact takes hold. And phrases like “no bid” will become more common as what we will see in days ahead will make 2008 feel like a walk in the park.
Buckle up!
2.This rogue wave will change everything leaving nothing unscathed. What makes it unstoppable is the combination of elements. What efforts Central Banks make will be momentary as no interest rate  reduction can over come the lack of actual capital in system. For years the banks have issued derivatives using their on balance cash to pay fees and expenses to the point where cash balances are already leveraged for the Benefit  of past expenses leaving little if anything to create new credits. This will be the actual link that will hang the bankers out to dry. I will wager there are many a asset manager this morning wondering about what they will be doing.
The one thing I did not mention is that one reason credit is negative is that when companies stopped creating business in bricks and mortar value and in new products choosing stock buybacks to create value the impetus of industrial value creation was stopped. This caused declining employment and asset values outside of inflation. Depreciation did the rest. Today these companies are caught with extreme debt without manpower or capital or credit to create new employment and thus growth.
Cheers
Robert
end
end
The shipping industry is in chaos and losing a billion dollars per month and sees no rebound in sight
(zerohedge)

‘Losing A Billion Dollars A Month’ – No Rebound In Sight Amid Global Shipping Slump 

America’s seaports are now starting to feel the chilling effects of supply chain disruptions from China, warned Noel Hacegaba, the Deputy Executive Director of Administration and Operations for the Port of Long Beach, California.

Hacegaba said the Port of Long Beach, the second-largest containerized port in the US – is experiencing weakness in volume, down 6% YoY in January, and down another 6% YoY in February. For the quarter, he said the port could see a decline of 12% YoY.

He warned that economic paralysis in China has led to blank sails of containerships across shipping lanes between China and the US.

World Maritime News adds more color onto blank sailings and economic loss that is shocking the global shipping industry right down to the haul.

So far, 105 blank sailings between Asia to North America and Europe have been recorded from January 20 to February 10. The shuttering of dozens of manufacturing hubs in China for virus containment purposes has left the country’s factory output well below full capacity in February, and likely depressed into March.

Data from the UK-based maritime research consultancy, Drewry, said, “the cancellation of 105 sailings per month represents a shortfall in revenue of roughly USD 1 billion (105 x 10,000 TEU x USD 1,000), of which a portion will be made up later via full ships and extra loaders, but the short term damage to carrier profits is large.”

Drewry said port operations in China remained down 20 to 40% during the period. It said ports in the US are only now starting to feel the shock, which is what Hacegaba described last week was beginning at West Coast ports.

Drewry warned that the plunge in container volume in China would severely weigh on global port volumes for the quarter:

“Cargo owners and shipping lines are desperate for a swift resolution that will see Chinese factories resume production and start churning out the goods and parts that grease the global supply chain. It is inevitable that world port throughput will suffer a large contraction in 1Q20, but the question is now whether we can expect a v-shaped recovery later this year or something else entirely?”

For some color on why container volumes in China and likely the rest of the world will collapse this quarter, we specifically outlined in semi-official data from China that business conditions are printing at depression levels (as a reminder, China has been responsible for 60% of the world’s credit creation in the last decade – if China’s catches the flu – so does everyone):

And for confirmation of China’s economic paralysis, China’s National Statistics Bureau reported Friday night the latest, February PMIs and they were absolutely catastrophic:

  • Manufacturing PMI crashed to 35.7 in Feb, far below the 45.0 consensus estimate, and sharply down from 50.0 in January. A record low.
  • Non-Manufacturing PMI plummets to 28.9, also far below the 50.5 consensus, estimate, and down nearly 50% from the 54.1 in Jan. This too was a record low.

Putting these numbers in context, the collapse in China’s economy will continue to weigh on global supply chains that are entirely dependent on the Asian country as a manufacturing source.

“Whatever the outcome, COVID-19 has exposed the fragility of global supply chains that are overly dependent on a single manufacturing source. We suspect that shippers will look to broaden their sourcing options as a form of insurance,” Drewry said.

The nightmare scenario is that the virus outbreak shocks the world into recession as containerized volumes collapse along with trade growth would be devastating for the shipping industry:

“Under this scenario, we anticipate a prolonged downturn for freight rates and an elevated risk of a carrier bankruptcy. To avoid such a prospect, carriers would be forced to revisit the playbook from the financial crash of a decade before and undertake large scale capacity withdrawal in the form of mass idling and demolitions,” Drewry concludes.

And for all those expecting that Beijing will unleash another massive stimulus to kick-start the economy at any cost, it seems that the likelihood of another round of massive stimulus appears low, which means markets are underestimating the scale of the growth slump.

The outbreak in South Korea and Japan may be the next big concern for American ports, as creaking global supply chains has underlined the fragility of the global economy.

end

7. OIL ISSUES

The coronavirus is causing major problems for oil as GDP around the world  tanks

(zerohedge)

Coronavirus Panic Is Causing A Worst-Case Scenario For Oil

Authored by Julianne Geiger via OilPrice.com,

As the World Health Organization on Friday upgraded its global risk assessment for the coronavirus to “very high”, anxious oil markets are wondering when might be a good time to panic about the oil demand and its effect on inventories, investment dollars, and ultimately, oil prices.

Now could be as good of a time as any.

Where We Stand

So far, the coronavirus has infected more than 80,000 people worldwide, claiming nearly 3,000 lives. It has spread to 49 different countries in just a few short weeks, and continues to disrupt airline travel on a massive scale. In California, one possible case of community transmission reared its head—bringing awareness of what the virus can do to a whole new level.

And make no mistake, there is more pain coming.  

Already, COVID-19 is disrupting manufacturing and industrial output, specifically in China, and the FDA said this week that the world is experiencing its first drug shortage from these coronavirus-induced manufacturing disruptions.

China’s massive oil refiners have felt the pain too, scaling back their petroleum products output, resulting in a big gaping hole in the demand side of the now precarious supply and demand equation for crude oil. Some suggest that China’s fuel demand now has a 4-million-barrel-per-day hole, and China’s imports of crude oil is expected to have dropped by 160,000 bpd in February. March may be worse, if Saudi’s oil exports to China next month are any indication.

This decreased fuel demand has caused at least one trading arm of independent Chinese refiner Tianhong Chemical Co to go into receivership this week after feeling the coronavirus pinch. While this is just a single instance of an oil trader going under due unfavorable market conditions courtesy of COVID-19, the development is cause for alarm. Is this just the first of many in China’s independent oil arena to go under?

This would spell disaster for China, and be painful for any of China’s many crude oil suppliers. After all, it is these independent refiners—the teapots—that have driven most of China’s oil import growth in recent years. Crude suppliers that would feel the pain of China’s refining industry meltdown would naturally be Russia, Saudi Arabia, Angola, and Iraq—who together represented 55% of all China’s crude oil imports as of 2018.

Saudi Arabia, for example, typically ships between 1.8 million bpd and 2 million bpd, but already for March the Kingdom is cutting its oil exports to China by 500,000 bpd as refineries are throttling output.

But smaller suppliers, too, would be hit, particularly countries that ship most of their oil to China—countries like Iran, for example, which ships 50-70% of its oil to China.

Where We’re Headed

So things are bad, but surely the virus has run its course?

Nothing could be further from the truth. US health officials warned Americans this week to roll up their sleeves, pull up their bootstraps and settle in, because the coronavirus is on its way.

“It’s not so much a question of if this will happen anymore but rather more of a question of exactly when this will happen,” Nancy Messonnier, director of the National center for Immunization and Respiratory Diseases said in a press briefing this week.

And if you want a preview of what’s to come, you only need to look at how major institutions such as the federal reserve are behaving.  

The Federal Reserve and other central banks are expected to act soon—as early as this weekend—to staunch the market bleeding in the financial markets. The Fed’s have suggested that they will indeed cut rates “if” a global pandemic were to develop.

About that “if” scenario, Moody’s Analytics yesterday suggested that the risk of the current coronavirus outbreak turning into a pandemic has actually doubled from 20% to 40%, calling their previous assumptions that COVID-19 would be contained to China as “optimistic”.

This pandemic, Moody’s said, would result in a global recession during H1 2020.

““The economy was already fragile before the outbreak and vulnerable to anything that did not stick to script. COVID-19 is way off script,” Moody’s said.

And Moody’s isn’t the only one who is rethinking their former optimism about the deadly virus.

The IMF is likely to downgrade its global growth projections due to the virus, according to an IMF spokesperson on Thursday. And no doubt, because lethal viruses tend to scare people away from mingling among the potentially sick at places such as malls and other public areas—a situation that naturally lends itself to serious stifling of economic activity. And all that economic stifling will have a profound effect on industry, and industry in turn will have an effect on oil demand.

The IMF is now warning that there is the potential for greater economic fallout, and it is cutting its forecast for 2020 global growth by 0.1%.

Rystad, too, stepped into the doom-spreader game on Friday, warning that the virus outbreak could cut oil and gas industry investments by $30 billion and could delay oil platform deliveries slated for Asia by three to six months. Those hit hardest would likely be shale operators in the US, and offshore E&P companies, according to Rystad.

Rystad doesn’t see the situation on the road to improvement. In fact, it sees the situation worsening in March, and affecting the entire global service industry.

Overall, travel restrictions, reduced industrial throughput, people staying home because they’re scared—these factors have not peaked, and when they do, they will dent oil demand even further. Already WTI has sunk below $45, with Brent below $50. And OPEC may lack the fortitude to cut enough production to offset the major demand losses.

It’s not out of the realm of possibility to suggest that more pain is on its way to the oil industry in the months that follow. The only question is, how painful will it be.

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1141 UP .01156 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /GREEN

 

 

USA/JAPAN YEN 108.40 UP .427 (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 1.2765   DOWN   0.0045  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3332 UP .0063 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  MONDAY morning in Europe, the Euro ROSE BY 116 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1219 Last night Shanghai COMPOSITE CLOSED UP 90.63 POINTS OR 3.15% 

 

//Hang Sang CLOSED UP 161.75 POINTS OR 0.62%

/AUSTRALIA CLOSED DOWN 0,77%// EUROPEAN BOURSES ALL GREEN

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 161.75 POINTS OR 0.62%

 

 

/SHANGHAI CLOSED UP 90.63 POINTS OR  3.15%

 

Australia BOURSE CLOSED DOWN. 77% 

 

 

Nikkei (Japan) CLOSED UP 201.12  POINTS OR 0.95%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1601.00

silver:$16.73-

Early MONDAY morning USA 10 year bond yield:1.15% !!! DOWN 1 IN POINTS from FRIDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 2.70 UP 2  IN BASIS POINTS from FRIDAY night.

USA dollar index early MONDAY morning: 97.49 DOWN 64 CENT(S) from  FRIDAY’s close.

This ends early morning numbers MONDAY MORNING

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And now your closing MONDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.36% DOWN 0 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: -.13%  UP 10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.29%//DOWN 0 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1.14 DOWN 3 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 177 points higher than Spain

GERMAN 10 YR BOND YIELD: FALLS TO –.63% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.77% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR MONDAY

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

Euro/USA 1.1141  UP     .01156 or 116 basis points

USA/Japan: 108.40 UP .427 OR YEN DOWN 43  basis points/

Great Britain/USA 1.2765 DOWN .0045 POUND DOWN 45  BASIS POINTS)

Canadian dollar DOWN 63 basis points to 1.3332

 

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The USA/Yuan,CNY: AT6.9602    ON SHORE  (UP)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.9637  (YUAN UP)..GETTING REALLY DANGEROUS

TURKISH LIRA:  6.1752 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at -.13%

 

Your closing 10 yr US bond yield UP 1 IN basis points from FRIDAY at 1.15 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.70 UP 2 in basis points on the day

Your closing USA dollar index, 97.149 DOWN 64  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED UP 33.22  0.90%

German Dax :  CLOSED DOWN 32.48 POINTS OR .27%

 

Paris Cac CLOSED UP 23.62 POINTS 0.44%

Spain IBEX CLOSED UP 18.30 POINTS or 0.21%

Italian MIB: CLOSED DOWN 329.150 POINTS OR 0.12%

 

 

 

 

 

WTI Oil price; 47.24 12:00  PM  EST

Brent Oil: 52.80 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    66.26  THE CROSS LOWER BY 0.58 RUBLES/DOLLAR (RUBLE HIGHER BY 58 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.24 FOR THE 10 YR BOND 1.00 PM EST EST

END

 

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

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

WTI CRUDE OIL PRICE 4:30 PM :  47,24//

 

 

BRENT :  52.80

USA 10 YR BOND YIELD: …1.15…DOWN ONE BASIS PT

 

 

 

USA 30 YR BOND YIELD: 21.70..PLUS 2 BASIS PTS.

 

 

 

 

 

EURO/USA 1.1141 ( UP116   BASIS POINTS)

USA/JAPANESE YEN:108.80 UP .427 (YEN DOWN 43 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 97.49 DOWN 64 cent(s)/

The British pound    Britain Pound/USA:1.27 DOWN .0045  POINTS OR 45 PTS

 

the Turkish lira close: 6.1752

 

 

the Russian rouble 66.26   UP 0.55 Roubles against the uSA dollar.( UP 58 BASIS POINTS)

Canadian dollar:  1.3332 UP 63 BASIS pts

 

 

German 10 yr bond yield at 5 pm: ,-0.63%

 

The Dow closed UP 1296.50 POINTS OR 5.10%

 

NASDAQ closed UP 394.80 POINTS OR 4.49%

 


VOLATILITY INDEX:  32.90 CLOSED DOWN 7.21

LIBOR 3 MONTH DURATION: 2.302%//libor dropping like a stone

 

USA trading today in Graph Form

Panic-Buying Sends Dow To Best Point-Gain Ever On Hopes Of Intervention

The BoJ bought a bucketload of ETFs overnight,and lifted Japanese stocks. The PBOC‘s National Team performed miracles lifting Chinese stocks amid collapsing PMIs. The IMF/World Bank promised “help” and everyone is now anticipating the G7 – because they’ve always been so great at agreeing on a unifying action!

And all of that (along with Jay Powell‘s brief statement on Friday and Kudlow/Mnuchin’s calls for an emergency rate cut) was enough to lift US stocks, but a ton of worsening US virus headlines sparked some weakness as the day wore on, only to be rescued by Trump’s optimistic tone on vaccines and treatments… That is 1850 points off the overnight lows.

Today’s stunning 1293 point gain by the Dow was by far the greatest point gain ever!

Notably, S&P and Nasdaq broke above critical technical levels in the last few panic-buying minutes…

The market priced in 75bps of cuts in March earlier today, but slipped back to just 25bps (one rate cut) as stocks soared into the close…

Source: Bloomberg

Chinese markets were aggressively bid last night by someone…

Source: Bloomberg

And Japanese markets went vertical after the Sunday night open…

European markets were mostly higher today (ex Italy)…

Source: Bloomberg

S&P topped 3,000; Dow topped 26,000 (and led the day). Trannies were unable to stay positive…

This was The Dow’s biggest percentage gain since March 2009 (QE1 announced)…

AND bigger than the last time the PPT saved the world in Dec 2018 (Dow +1086 points that day)…

AAPL helped lift markets today with its buyback program raising the stock 7%!!

The big banks bounced after their bloodbath…

Source: Bloomberg

But while airlines bounced off opening lows, they ended red again (7th down day in a row, 11th drop in last 12)…

Source: Bloomberg

VIX fell today by the most since XIVmageddon in Feb 2018…

Stocks notably decoupled from bonds today, until the last hour when it seemed like more pension rebalancing sparked bond-selling, stock-buying…

Source: Bloomberg

Treasury yields collapsed today – led by the short-end, before blowing out late on…

Source: Bloomberg

The long-end bond yields broke a 7-day compression streak…

Source: Bloomberg

The yield spike stalled at the same level 3 times now…

Source: Bloomberg

Yield curve steepened dramatically…

Source: Bloomberg

The Dollar was clubbed like a baby seal today, plunging most since Sep 2019…

Source: Bloomberg

Bitcoin rallied for the first day in the last 8…

Source: Bloomberg

Commodities were all higher as the dollar plunged with crude soaring and PMs barely clinging on…

Source: Bloomberg

Gold slipped back below $1600 after breaking above it earlier…

Source: Bloomberg

WTI roared over 4% back above $47 after opening down over 3% at around $43.25…

Notably stocks and crude were tick for tick today…

Source: Bloomberg

Finally, we’re not cheap!

Source: Bloomberg

And The Hindenburg Omen struck again…

Source: Bloomberg

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

iii) Important USA Economic Stories

WASHINGTON STATE/USA

This is not good: it is now believed that instead of only 150 cases in Washington state, it is now believed that 1500  are infected

(zerohedge)

Coronavirus Was Spreading In Washington State For 6 Weeks, Infecting Up To 1,500, Study Finds

Last night the US got its first dose of really bad coronavirus news, when Washington State announced it was the site of the country’s first coronavirus death on Saturday, while additionally reporting that two confirmed cases of covid-2019 were confirmed at a long-term care facility in Kirkland, Washington, prompting the state to declare a state of emergency, even as President Trump issued new foreign travel warnings and restrictions on Saturday afternoon in an effort to stop the spread of the virus, while also urging calm among members of the public.

There was worse news: researchers who studied two cases in the state say that the virus may have been spreading there for weeks, suggesting the possibility that up to 1,500 people in the state may have been infected. Specifically, the researchers compared two cases to learn more about how the coronavirus spreads. The viral mutations suggest that it has been spreading in the state for close to six weeks, according to one of the scientists who compared the sequences, Trevor Bedford, an associate professor at the University of Washington.

If that is true, it could mean that 150 to 1,500 people “have either been infected and recovered or currently are infected now,” said Mike Famulare, a researcher at the Institute for Disease Modeling in Bellevue, Wash., who performed the analysis. Those cases, if they exist, have thus far been undetected.

And most problematic of all, many of those people might not yet have symptoms even if they are contagious. Dr, Famulare characterized his estimate of community cases as a “best guess, with broad uncertainty.” Another method, based on census data and estimated sampling, produced similar results, he said.

Trevor Bedford@trvrb

The team at the @seattleflustudy have sequenced the genome the community case reported yesterday from Snohomish County, WA, and have posted the sequence publicly to http://gisaid.org. There are some enormous implications here. 1/9

Trevor Bedford@trvrb

This case, WA2, is on a branch in the evolutionary tree that descends directly from WA1, the first reported case in the USA sampled Jan 19, also from Snohomish County, viewable here: https://nextstrain.org/ncov?f_division=Washington  2/9

View image on Twitter

Trevor Bedford@trvrb

This strongly suggests that there has been cryptic transmission in Washington State for the past 6 weeks. 3/9

Trevor Bedford@trvrb

It’s possible that this genetic similarity is a coincidence and these are separate introductions. However, I believe this is highly unlikely. The WA1 case had a variant at site 18060. This variant is only present in 2/59 viruses from China. 4/9

View image on Twitter

Trevor Bedford@trvrb

I’d assess the p-value for this coincidence at 2/59=0.03 and so is statistically significant. Additionally, these two cases are geographically proximal, both residing in Snohomish County. 5/9

Trevor Bedford@trvrb

I believe we’re facing an already substantial outbreak in Washington State that was not detected until now due to narrow case definition requiring direct travel to China. 6/9

Trevor Bedford@trvrb

We will be working closely with @KCPubHealth and @WADeptHealth to investigate the full extent of the outbreak. 7/9

Trevor Bedford@trvrb

We’re hoping to update soon with better estimates of the number of infections in Washington State using available data. 8/9

Trevor Bedford@trvrb

Thank you to the @seattleflustudy team, and particularly to @lea_starita, for exceptionally fast turnaround from diagnostic assay at @WADeptHealth to sequenced genome. 9/9

Trevor Bedford@trvrb

An update, because I see people overly speculating on total outbreak size. Our best current expectation is a few hundred current infections. Expect more analyses tomorrow.

Through Sunday, there were only 71 confirmed cases in the United States, although that is mostly a function of testing limitations; over the weekend the Food and Drug Administration announced that testing for the coronavirus would be greatly expanded in the country, a move that is expected to improve the pace of detecting infections and help identify patterns of suspected or confirmed cases. It may also result in hundreds if not thousands of new confirmed cases, and has already prompted a furious hoarding of provisions in what may be a harbinger of the panicked response that could descend upon the nation once the CDC admits there are thousands of domestic cases.

end

iv) Swamp commentaries)

Hillary Clinton Ordered To Give Sworn Deposition After Judge Tosses ‘Preposterous’ Defense

Hillary Clinton has been ordered to give a sworn deposition to Judicial Watch regarding her emails and documents related to the attack on the US consulate in Benghazi, Libya while she was Secretary of State.

The ruling is in response to the conservative legal group’s lawsuit, “Judicial Watch v. U.S. Department of State” – specifically regarding “talking points or updates on the Benghazi attack.”

Judicial Watch famously uncovered in 2014 that the “talking points” that provided the basis for Susan Rice’s false statements were created by the Obama White House. This Freedom of Information Act (FOIA) lawsuit led directly to the disclosure of the Clinton email system in 2015. –Judicial Watch

Discovery in the case began in December, 2018, when Judge Royce C. Lamberth allowed Judicial Watch to explore whether Clinton’s use of a private email server was intended to circumvent the Freedom of Information Act (FOIA). JW also sought to determine: “whether the State Department’s intent to settle this case in late 2014 and early 2015 amounted to bad faith; and whether the State Department has adequately searched for records responsive to Judicial Watch’s request.”

The court also authorized discovery into whether the Benghazi controversy motivated the cover-up of Clinton’s email. The court ruled that the Clinton email system was “one of the gravest modern offenses to government transparency.” The State and Justice Departments continued to defend Clinton’s and the agency’s email  conduct. –Judicial Watch

On Monday, Judge Lamberth overruled Clinton and the State Department’s objections to limited additional discovery, writing “Discovery up until this point has brought to light a noteworthy amount of relevant information, but Judicial Watch requests an additional round of discovery, and understandably so. With each passing round of discovery, the Court is left with more questions than answers.”

Lamberth also said that he is troubled by the fact that both Clinton and the State Department want discovery to end.

[T]here is still more to learn. Even though many important questions remain unanswered, the Justice Department inexplicably still takes the position that the court should close discovery and rule on dispositive motions. The Court is especially troubled by this. To argue that the Court now has enough information to determine whether State conducted an adequate search is preposterous, especially when considering State’s deficient representations regarding the existence of additional Clinton emails. Instead, the Court will authorize a new round of discovery -Judge Lamberth

Furthermore, Lamberth found that Clinton’s prior testimony in the case – mostly given through sworn answers, was insufficient.

The Court has considered the numerous times in which Secretary Clinton said she could not recall or remember certain details in her prior interrogatory answers. In a deposition, it is more likely that plaintiff’s counsel could use documents and other testimony to attempt to refresh her recollection. And so, to avoid the unsatisfying and inefficient outcome of multiple rounds of fruitless interrogatories and move this almost six-year-old case closer to its conclusion, Judicial Watch will be permitted to clarify and further explore Secretary Clinton’s answers in person and immediately after she gives them. The Court agrees with Judicial Watch – it is time to hear directly from Secretary Clinton. -Judge Lamberth

“Judicial Watch uncovered the Clinton email scandal and we’re pleased that the court authorized us to depose Mrs. Clinton directly on her email conduct and how it impacted the people’s ‘right to know’ under FOIA,” said JW President Tom Fitton.

 

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

White House adviser Larry Kudlow tells Stuart Varney the CDC, FDA are speeding up coronavirus treatment approvals   https://www.foxbusiness.com/markets/coronavirus-treatments-sped-up-cdc-fda-kudlow

“People should not overreact,” NEC Director Larry Kudlow says as global fears about the coronavirus have sent stocks plummeting this week.  “I just don’t think anybody ought to panic right now.” https://cnb.cx/39kKMhm

Once again, St. Louis Fed President Bullard helped save stocks.  PS – Bullard is NOT a voting member.

Fed’s James Bullard Says Rates Cuts Possible If Virus Becomes Pandemic

His remarks go a bit further than other recent Fed commentary, opening the door for action if needed even though policy makers are signaling they have not yet reached that point. Fed No. 2 Richard Clarida said Tuesday that “it is still too soon to even speculate” about the scale or persistence of the impact from the virus on the U.S. economy. Chicago Fed chief Charles Evans echoed that sentiment on Thursday…

https://www.bloomberg.com/news/articles/2020-02-28/fed-s-bullard-says-rates-cuts-possible-if-virus-becomes-pandemic

The Covid-19 panic was the pin this time.

Also in retrospect, Chinese equities crashed in January due to the Covid-19 virus.  In the US, the MSM and politicians were fixated on Trump’s impeachment trial.  Trump implemented the travel ban on China on January 31.  The Senate acquitted Trump on February 5, the same day that Schumer slammed Trump for the travel ban on China.

The S&P 500 Index fell 15.8% (from its high on 2/19 to low on Friday) over the past 7 sessions.

Gold plunged, like it usually does when equities tank, on liquidity-crunch liquidation by hedge funds, investors and foreign holders as well as the regular month end manipulation by gold shorts.  When margin calls come, you must sell something; some have to sell most everything.  Some will sell the vehicle that still has gains when the crunch appears.  This occurred in Q4 2008, October 1987 & Q1 2000.

The Covid-19 panic was the pin this time.

Also in retrospect, Chinese equities crashed in January due to the Covid-19 virus.  In the US, the MSM and politicians were fixated on Trump’s impeachment trial.  Trump implemented the travel ban on China on January 31.  The Senate acquitted Trump on February 5, the same day that Schumer slammed Trump for the travel ban on China.

The S&P 500 Index fell 15.8% (from its high on 2/19 to low on Friday) over the past 7 sessions.

Gold plunged, like it usually does when equities tank, on liquidity-crunch liquidation by hedge funds, investors and foreign holders as well as the regular month end manipulation by gold shorts.  When margin calls come, you must sell something; some have to sell most everything.  Some will sell the vehicle that still has gains when the crunch appears.  This occurred in Q4 2008, October 1987 & Q1 2000.

WaPo on Friday night: Second coronavirus case of unknown origin confirmed in California, indicating virus is spreading in the state – The patient is a 65-year-old person from Santa Clara County, with no known history of travel to places hit hard by the outbreak, and no contact with a known case of the virus. Santa Clara is about 90 miles from Solano County, where the first case of community transmission in the United States was confirmed this week…

https://www.washingtonpost.com/world/2020/02/28/coronavirus-live-updates/

 

Caixin Global @caixin: Chinese scientists found that the new coronavirus was similar to SARS in December. Authorities later ordered them to destroy their samples and not to speak about it.

As early as Dec. 27, test results from labs suggested there was an outbreak of a highly infectious virus in Wuhan. That was more than three weeks before Chinese authorities confirmed publicly that the virus was spreading between people…

https://www.caixinglobal.com/2020-02-28/in-depth-how-early-signs-of-a-sars-like-virus-were-spotted-spread-and-throttled-101521745.html

China’s Feb Manufacturing PMI is 35.7, a record low.  The 2008 financial crisis low was 38.8.

 

On Saturday, Washington State health officials said one person has died from coronavirus.  Trump said the patient was a “medically high-risk” woman in her late 50s.

 

Dr. Drew: “The press is overreacting… You’re more likely to die from influenza…It’s a mild illness… I bet there are hundreds of thousands cases… More people died on the streets in Los Angeles from homelessness… The press does not know how to report on medical issues.”  Commentator: “The CDC made it very clear that 5,000 people just in the last two weeks died from the flu here in America alone.” https://twitter.com/lawyer4laws/status/1233501837627658242

WaPo: ‘I have the coronavirus. And it hasn’t been that bad,’ writes a man who was evacuated from the Diamond Princess cruise ship. My treatment has largely consisted of drinking gallons and gallons of Gatorade… “No chills, no body aches,” writes Carl Goldman…“If I were at home with similar symptoms, I probably would have gone to work as usual.”

https://www.washingtonpost.com/outlook/2020/02/28/i-have-coronavirus-so-far-it-isnt-that-bad/

The H1N1 flue of April 2009 to April 2010 killed an estimated “151,700-575,400 people worldwide”.  Obama waited six months to call a ‘national emergency’.

In the spring of 2009, a novel influenza A (H1N1) virus emergedIt was detected first in the United States and spread quickly across the United States and the world. This new H1N1 virus contained a unique combination of influenza genes not previously identified in animals or people… CDC estimated that 151,700-575,400 people worldwide died from (H1N1) pdm09 virus infection during the first year the virus circulated.  Globally, 80 percent of (H1N1)pdm09 virus-related deaths were estimated to have occurred in people younger than 65 years of age. This differs greatly from typical seasonal influenza epidemics, during which about 70 percent to 90 percent of deaths are estimated to occur in people 65 years and older…  https://www.cdc.gov/flu/pandemic-resources/2009-h1n1-pandemic.html

On Friday, Trump called Dem and media criticism of his response to Covid-19, “the new hoax”.  Media types and Dems quickly claimed that Trump called the Covid-19 virus “a hoax”.  Where are the adults?

 

NY Post Editorial Board: Democrats’ disgraceful dissembling only increases coronavirus threat

Joe Biden chimed in: “He cut the funding for the entire effort.” It’s a lie that can only sow fear: The CDC budget is higher than when Trump took office. Same for the National Institutes of Health. And top career officials from both have been working with the White House for weeks to direct the US response…

    The AP also quotes John Auerbach, president of the nonpartisan Trust for America’s Health: “The CDC’s response has been excellent, as it has been in the past.” Auerbach also notes that CDC’s top scientific ranks have remained stable during the past three years…

https://nypost.com/2020/02/28/democrats-disgraceful-dissembling-only-increases-coronavirus-threat/

 

On Friday, the US Appellate Court ruled that WH counsel Don McGhan can’t be forced to testify to Congress due to Executive Privilege. This is precisely why Pelosi and Schiff did NOT go to the courts to compel testimony of Trump advisors. The Appellate ruling abrogates the 2nd article of impeachment, Obstruction of Congress, and makes those that advocated and voted for the article look…

 

Law Prof: @JonathanTurley: The DC ruling further demonstrates that Article 2 on obstruction of congress was premature, as I testified.  The White House is vindicated in showing that it had valid  constitutional arguments to make  — arguments ridiculed at the Senate trial . . .

 

Bloomberg: Xi isn’t a dictator because China doesn’t want democracy

He continued by saying that if democracy is an electoral process in which citizens elect their leader, “that is not what China is about, and they don’t seem to want it.”…

https://nypost.com/2020/02/27/bloomberg-xi-isnt-a-dictator-because-china-doesnt-want-democracy/

 

@CBSNews: @MikeBloomberg: “I have been training for this job since I stepped on the pile that was still smoldering on 9/11.” [Giuliani was NY Mayor on 9/11.  Stolen Valor, Mike?]

 

Leaked Audio Exposes Bloomberg Saying He’ll “Drone” His Critics & Protect the Banks

But seriously… somebody’s gotta stand up and do what we need. A healthy banking system that’s going to take risks because that’s what creates the jobs for everybody. And nobody’s willing to say that. The trouble is, these campaigns in this day and age, really are about slogans and not about issues anymore,” he went on, lamenting that voters cast ballots based on the candidate they “hate the least.”…

    “It would have been a great job. No, I mean, you think about it, you have Predators, and the Predators have missiles, and I have a list of everybody that’s annoyed me or screwed me for the last 74 years, and bang-bang-bang-bang.” -Michael Bloomberg

https://www.zerohedge.com/political/leaked-audio-exposes-bloomberg-saying-hell-drone-his-critics-protect-banks

 

Joe Biden Says He ‘Became a Professor’ After Leaving White House — He Never Taught a Class

https://dailycaller.com/2020/02/28/biden-penn-professor-south-carolina/

 

Team Trump’s @AZachParkinson: It’s two days before South Carolina, and Joe Biden’s closing pitch somehow involves “indecent exposure” at a campaign event. “If someone in this room got up, took off all her clothes, and walked out the door, no man has the right to touch her.”

https://twitter.com/AZachParkinson/status/1233226469964468224

 

@realDonaldTrump: Sleepy Joe Biden’s victory in the South Carolina Democrat Primary should be the end of Mini Mike Bloomberg’s Joke of a campaign. After the worst debate performance in the history of presidential debates, Mini Mike now has Biden split up his very few voters, taking many away!

 

@TrumpWarRoom: Joe Biden gets confused [after victory], touts South Carolina Democrat candidate for Senate as “the next president of the United [States]” https://twitter.com/TrumpWarRoom/status/1233939924174299136

 

@Barnes_Law: Tonight, the theft of the nomination from @BernieSanders begins again in earnest

 

Former Vice President Joe Biden said Sunday he would contest the presidential primary nomination at the Democratic  convention if Sen. Bernie Sanders (I-Vt.) is leading in delegates without securing a majority. “The rules have been set,” Biden said on CNN’s “State of the Union.” [wud be Dem suicide]

https://thehill.com/homenews/campaign/485345-biden-said-he-would-contest-nomination-even-if-sanders-leads-in-delegates

 

Tom Steyer reportedly spent $240 million on his campaign for President.  He dropped out on Saturday.  Peter Buttigieg dropped out of the presidential race on Sunday night.  Buttigieg’ s sudden departure, after he appeared on Sunday TV shows, makes us wonder if he cut a deal with Biden ahead of Super Tuesday.

 

Dem Delegates: Sanders 60, Biden 54, Buttigieg 25, Warren 8, Klobuchar 7 – Super Tuesday on deck.

 

Of the 14 states voting on Super Tuesday, Sanders is leading in 10.  Biden is a tad above Bernie in North Carolina.  Bernie is third in Oklahoma and Arkansas.  Please note the Bernie is doing badly in conservative states.  However, in California Bernie leads Warren by 18.3 and Biden by 24.3 for the 415 delegates.  https://www.realclearpolitics.com/epolls/2020/president/SuperTuesday.html

 

Reportedly, Steyer and Bloomberg have spent a total of $700 million dollars on their campaigns.  They have a grand total of 0 delegates.

 

@ABCPolitics: While Michael Bloomberg wasn’t on the ballot, a broad 66% of South Carolina voters in preliminary exit polls expressed an unfavorable opinion of him—far more than any of the other six candidates tested.   https://t.co/HSd2WXZjtk

 

Black Voters Turn Their Backs on Bloomberg during [Selma, AL] Church Servichttp://bit.ly/2Im5K3X

 

Sanders raised $46.5 million in February, Warren $29 million, Biden $18 million https://reuters.com/article/us-usa

 

While the world is transfixed on Covid-19 Turkey has escalated its attacks on Russian and Syrian forces in Syria.  We’re elated that US troops left the area.

 

@BeholdIsrael: Turkey announced the beginning of a military operation to remove Assad’s forces from the Idlib area and bring the parties to comply with the 2018 Sochi agreement.  The Russian defense ministry announced that it can’t promise that Turkey’s fighter jets won’t get hit as Syria closed its airspace above Idlib and Russian teams will man from now on the air defense systems in that area.

    Erdogan’s frustration is translated into actions! The Turkish interior ministry announced that 76,000 Syrian refugees were allowed to leave Turkey on their way to Europe! If February wasn’t catastrophic enough for Europe with coronavirus, March just started with a storm!

 

@ZeinakhodrAljaz: Erdogan says he asked Putin for Russia to step aside in Syria and leave Turkey to deal with Syrian government alone  [Unless Russia intervenes militarily in a significant manner or Erdogan backs down, this could be the end of the Assad dynasty in Syria.]

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Well that is all for today

I will see you Tuesday night.

 

 

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