MARCH 3//FED GIVES AN EMERGENCY 1/2 POINT RATE CUT 2 WEEKS EARLIER THAN EXPECTED//GOLD UP $48.55/SILVER UP 44 CENTS TO $17.21//DOW PLUMMETS 785 POINTS DESPITE THE RATE CUT///

GOLD:$1642.85  UP $ 48.55   (COMEX TO COMEX CLOSING

 

Silver:$17.21  UP 44 CENTS. (COMEX TO COMEX CLOSING)

 

 

 

Closing access prices:

 

 

COMEX DATA

 

ACCESS MARKETS

 

Gold : 1638.00

SILVER: 17.18

 

the comex data is complete tonight

the dow and nasdaq  averages is finalized tonight

please forgive me but i did not have time to do currencies and interest rates

 

but at least i finished the comex

 

probably for the next 5 days, i will only do the comex data

 

final…

 

 

 

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

today RECEIVING: 6/125

EXCHANGE: COMEX
CONTRACT: MARCH 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,592.300000000 USD
INTENT DATE: 03/02/2020 DELIVERY DATE: 03/04/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
118 H MACQUARIE FUT 14
355 C CREDIT SUISSE 1
435 H SCOTIA CAPITAL 14
624 C BOFA SECURITIES 52
657 C MORGAN STANLEY 16
661 C JP MORGAN 6
737 C ADVANTAGE 64 66
800 C MAREX SPEC 8
905 C ADM 1 8
____________________________________________________________________________________________

TOTAL: 125 125
MONTH TO DATE: 947

we are coming very close to a commercial failure!!

 

 

NUMBER OF NOTICES FILED TODAY FOR  MAR CONTRACT: 125 NOTICE(S) FOR 12,500 OZ (0.38888 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  947 NOTICES FOR 94700 OZ  (2.9455TONNES)

 

 

 

 

SILVER

 

FOR MARCH

 

 

130 NOTICE(S) FILED TODAY FOR 650,000  OZ/

total number of notices filed so far this month: 3261 for 16,305,000 oz

 

BITCOIN MORNING QUOTE  8830 DOWN 84 dollars

 

BITCOIN AFTERNOON QUOTE.: 8767  down 146 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 5,496 CONTRACTS FROM 200,863 DOWN TO 195,388 MOVING AWAY FROM OUR NEW RECORD OF 744,710, (FEB 25/2020.  THE LOSS IN OI OCCURRED DESPITE OUR 18 CENT GAIN IN SILVER PRICING AT THE COMEX.  MOST OF THE LOSS IN COMEX OI TRAVELLED TO LONDON IN THE FORM OF LONDON BASED FORWARDS WITH THE REMAINDER BEING BANKER SHORT COVERING

 

 

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: 4326 AND JULY: 0 ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  4326 CONTRACTS. WITH THE TRANSFER OF 4326 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 4326 EFP CONTRACTS TRANSLATES INTO 21.63 MILLION OZ  ACCOMPANYING:

1.THE 18 CENT GAIN IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

20.635  MILLION OZ INITIALLY STANDING FOR MAR

 

MONDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE 18 CENTS).. AND, OUR OFFICIAL SECTOR/BANKERS  WERE PROBABLY SUCCESSFUL IN THEIR ATTEMPT TO FLEECE  SOME SILVER LONGS. AS WE DID HAVE A NET LOSS OF 1170 CONTRACTS OR 5.850 MILLION OZ.

 

 

 

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

4326 CONTRACTS (FOR 1 TRADING DAYS TOTAL 4326 CONTRACTS) OR 21.630 MILLION OZ: (AVERAGE PER DAY: 4326 CONTRACTS OR 21.63 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR: 21.63 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 3.09% 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 :  ……     259.600 MILLION OZ

MARCH EFP’S SO FAR…..          21.63 MILLION OZ

 

 

RESULT: WE HAD AN ATMOSPHERIC SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 5,496, DESPITE THE  18 CENT GAIN IN SILVER PRICING AT THE COMEX /THURSDAY… THE CME NOTIFIED US THAT WE HAD A  VERY STRONG SIZED EFP ISSUANCE OF 4,326 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 GOOD SIZED  SIZED:  1170 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: (DESPITE THE 18 CENT FALL IN PRICE)//

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 4326 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH DECREASE OF 5,496 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH A  18 CENT LOSS IN PRICE OF SILVER/ AND A CLOSING PRICE OF $17.21 // MONDAY’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 UNDER 1 BILLION oz i.e. 0.9765 BILLION OZ TO BE EXACT or 143% of annual global silver production (ex Russia & ex China).

FOR THE NEW  MAR DELIVERY MONTH/ THEY FILED AT THE COMEX: 130 NOTICE(S) FOR  650,,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 VERY STRONG SIZED 12,189 CONTRACTS TO 686,014 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 DESPITE OUR STRONG ADVANCE OF 27 DOLLARS /// COMEX GOLD TRADING// MONDAY// WE, MOST LIKELY HAD CONSIDERABLE BANKER SHORT COVERING AND PROBABLY LITTLE LONG LIQUIDATION DESPITE THAT HUGE RISE IN PRICE.  ON THE TWO EXCHANGES WE LOST 729 CONTRACTS

 

 

 

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A HUMONGOUS AND CRIMINALLY SIZED 11,460 CONTRACTS:

CONTRACTS, FEB>  CONTRACTS; MARCH 00 APRIL: 11,460 JUNE. 0 AND ALL OTHER MONTHS ZERO//TOTAL: 11,460.  The NEW COMEX OI for the gold complex rests at 686,014 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 729 CONTRACTS: 12,189 CONTRACTS DECREASED AT THE COMEX  AND 11,460 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 729 CONTRACTS OR 72,900 OZ OR 2.26 TONNES. MONDAY, WE HAD A STRONG GAIN OF $27.00 IN GOLD TRADING…...

AND DESPITE THAT GIGANTIC RISE IN  PRICE, WE STILL HAD A SLIGHT LOSS IN GOLD TONNAGE OF 2.26  TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR WERE SUPPLYING INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON. THE BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (GAIN $27.00). AND IT SEEMS THAT THEIR ATTEMPT TO FLEECE  APPRECIABLE  GOLD LONGS FROM THE GOLD ARENA WERE SUCCESSFUL ON A MINOR LEVEL BUT  WE HAD  A HUMONGOUS INCREASE IN EXCHANGE FOR PHYSICALS  (11,460) ACCOMPANYING THE STRONG LOSS IN COMEX OI.(12,189 OI):  TOTAL LOSS IN THE TWO EXCHANGES:  729 CONTRACTS.  WE  PROBABLY HAD HUGE BANKER SHORT COVERING AND MINIMAL LONG LIQUIDATION….. JUST A SLIGHT DECREASE IN TOTAL OI WITH THE HUGE INCREASE FROM EXCHANGE FOR PHYSICALS. THE LOSS IN OI WAS DUE TO MASSIVE BANKER SHORT COVERING

 

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 MAR : 11,460 CONTRACTS OR 1,146,000 oz OR 35.64 TONNES (1 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 1 TRADING DAY(S) IN  TONNES: 35.64 TONNES

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

THUS EFP TRANSFERS REPRESENTS 35.64/3550 x 100% TONNES =1.00% 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; : 570.19 TONNES

FEB 2020 TOTAL EFP ISSUANCE :            653.78 TONNES

MARCH TOTAL EFP ISSUANCE SO FAR   35.64  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 12,189 DESPITE THE HUGE PRICING GAIN THAT GOLD UNDERTOOK MONDAY($27.00)) //.HOWEVER WE ALSO HAD A STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 11,460 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 11,460 EFP CONTRACTS ISSUED, WE  HAD A SLIGHT SIZED LOSS OF 729 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

11,460 CONTRACTS MOVE TO LONDON AND  12,189 CONTRACTS DECREASED AT THE COMEX. (IN TONNES, THE SLIGHT LOSS IN TOTAL OI EQUATES TO 729 TONNES). AND THIS INCREASE OF DEMAND OCCURRED DESPITE THE HUGE GAIN IN PRICE OF $27.00 WITH RESPECT TO MONDAY’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 5496 CONTRACTS FROM 200,883 DOWN TO 195,388 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 BANKER SHORT COVERING EXPLAINED ABOVE AND THE ISSUANCE OF HUGE NUMBER OF EXCHANGE FOR PHYSICALS.

(BELOW)

EFP ISSUANCE 4326

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: 4326; JULY: 0 CONTRACTS   AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 4326 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 5496 CONTRACTS TO THE 4326 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG LOSS OF 1170 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES  5.850 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 DESPITE THE 18 CENT RISE IN PRICING THAT SILVER UNDERTOOK IN PRICING// MONDAY. WE ALSO HAD A HUGE SIZED 4326 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 12,189 CONTRACTS TO 686,014 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 FALL IN OI WAS SET DESPITE A HUGE  RISE OF $27.00 IN GOLD PRICING //MONDAYS  COMEX TRADING//). HOWEVER WE ALSO HAD ATMOSPHERIC EFP ISSUANCE,.  THUS WE HAD HUGE BANKER SHORT COVERING AT THE COMEX AND PROBABLY MINIMAL LONG LIQUIDATION ……AS OUR TWO EXCHANGES FELL IN OPEN INTEREST..DESPITE THE MASSIVE GAIN IN PRICE.  BASICALLY LONGS JUST TRANSFERRED OVER TO LONDON COUPLED WITH CONSIDERABLE BANKER SHORT COVERING.

 

 

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 11,460 EFP CONTRACTS WERE ISSUED:

  FEB: 0; MARCH 00 AND APRIL: 11,460,  JUNE : 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 11,460 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 729 TOTAL CONTRACTS IN THAT 11,460 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST AN ATMOSPHERIC SIZED 12,189 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 COUPLED WITH A HUGE BANKER SHORT COVERING.

 

 

THE BANKERS WERUNSUCCESSFUL IN LOWERING GOLD’S PRICE DRAMATICALLY //// (IT ROSE BY $27.00). BUT THEY WERE MOST DEFINITELY  UNSUCCESSFUL IN FLEECING ANY LONGS, AS THE TOTAL ON THE TWO EXCHANGES FELL BY A SLIGHT 729 CONTRACTS ….(2.26 TONNES) AS WE HAD HUGE BANKER SHORT COVERING

 

NET LOSS ON THE TWO EXCHANGES ::  729 CONTRACTS OR 72,900 OZ OR  2.26 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:  686,014 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 68.60 MILLION OZ/32,150 OZ PER TONNE =  2,133 TONNES

THE COMEX OPEN INTEREST REPRESENTS 2,133/2200 OR 96.9% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

 

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And now for the wild silver comex results

Total COMEX silver OI FELL BY AN ATMOSPHERIC SIZED 5496 CONTRACTS FROM 200,853 DOWN TO 195,388 (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 DESPITE OUR  STRONG $0.18 INCREASE IN PRICING/MONDAY.  THE LOSS IN OI WAS DUE TO A HUGE ISSUANCE OF EXCHANGE FOR PHYSICALS COUPLED WITH HUGE BANKER SHORT COVERING

 

 

 

 

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 1061 CONTRACTS  WITH A LOSS OF 43 CONTRACTS. WE HAD 108 CONTRACTS SO WE GAINED 65 CONTRACTS OR 325,000 OZ WILL  STAND FOR DELIVERY AS THEY REFUSED TO MORPH INTO A LONDON BASED FORWARD CONTRACTS AS WELL AS NEGATING A FIAT BONUS

 

THE NEXT CONTRACT MONTH OF APRIL SAW A LOSS OF 108 CONTRACTS DOWN TO 673 CONTRACTS. THE BIG CONTRACT OF MAY SAW ITS OI FALL BY 5850 DOWN TO 142,378

 

 

We, today, had  130 notice(s)  for 650.000, OZ for the MAR, 2019 COMEX contract for silver

 

Trading Volumes on the COMEX TODAY: 456,244 contracts..volume  high

 

 

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  477,349 contracts//high volume

 

 

 

INITIAL standings for  MARCH/GOLD

MARCH 3

 

 

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
125 notice(s)
 12500 OZ
(0..3888 TONNES)
No of oz to be served (notices)
28 contracts
(2800 oz)
0.08709 TONNES
Total monthly oz gold served (contracts) so far this month
947 notices
94700 OZ
2.9455 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 153 contracts, down 99 contracts. Surprisingly we had 186 notices filed on MONDAY so we gained 87 contracts or an additional 8700 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 13,616 contracts down to 466,779 contracts

May saw its initial gain of 17 contracts to stand at 26.

June saw a gain of 227 contracts up to 123,291

 

 

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 126 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 6 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 (947) x 100 oz , to which we add the difference between the open interest for the front month of  MAR. (153 contracts) minus the number of notices served upon today (125 x 100 oz per contract) equals 97500 OZ OR 3.032 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 (947 x 100 oz)  + (125 OI for the front month minus the number of notices served upon today (186 x 100 oz )which equals 97,500 oz standing OR 3.032 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………………………………………………………..              3.032 TONNES

 

total: 159.132 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: 159.132  tonnes

 

Thus:

159.132 tonnes of delivery –

25.645 TONNES DEEMED SETTLEMENT

 

=133.487 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 3//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
CNT
Delaware
Scotia
No of oz served today (contracts)
130
CONTRACT(S)
(650,000 OZ)
No of oz to be served (notices)
931 contracts
 4,655,000 oz)
Total monthly oz silver served (contracts)  3261 contracts

16,305,000 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 130 contract(s) FOR 650,000 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 3261 x 5,000 oz = 16,305,000 oz to which we add the difference between the open interest for the front month of MAR. (1061) and the number of notices served upon today 130x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the MAR/2019 contract month: 3261 (notices served so far) x 5000 oz + OI for front month of MAR (1061)- number of notices served upon today (130) x 5000 oz equals 20,960,000 oz of silver standing for the Feb contract month.

WE LOST 65 CONTRACTS OR 325,000 OZ WILL STAND FOR DELIVERY

 

 

 

 

 

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: 108,643 CONTRACTS //volume extremely high

 

 

CONFIRMED VOLUME FOR YESTERDAY: 114,195 CONTRACTS..,,volume extremely high

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 114195 CONTRACTS EQUATES to 570 million  OZ  81.56% OF ANNUAL GLOBAL PRODUCTION OF SILVER..makes sense!!

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

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

 

end

 

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NPV for Sprott

 

1. Sprott silver fund (PSLV): NAV FALLS TO -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 3.WITH GOLD UP $48.55/ A SURPRISING 3.22 TONNES WITHDRAWAL..SUCH CROOKS..THIS IS A PAPER WITHDRAWAL..GLD INVENTORY RESTS TONIGHT AT 931.01 TONNES

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

 

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MARCH 2/2019/Inventory rests tonight at 931.01 tonnes

*IN LAST 772 TRADING DAYS: -6.22 NET TONNES HAVE BEEN REMOVED FROM THE GLD

*LAST 672 TRADING DAYS: A NET 159.91. TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

end

 

Now the SLV Inventory/

MARCH 3.WITH SILVER UP 44 CENTS TONIGHT: A MASSIVE PAPER CHANGE IN SILVER INVENTORY AT THE SLV//A WITHDRAWAL OF 5.752 MILLION OZ OF PAPER OZ WITHDRAWN FROM THE SLV.

INVENTORY RESTS// TONIGHT:  931.01 MILLLION OZ

 

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//

MAR 3.2020:  SLV INVENTORY

361.880 MILLION OZ

 

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

6 Month MM GOFO 2.24/ and libor 6 month duration 2.20

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

G0LD LENDING RATE: – .04

 

XXXXXXXX

12 Month MM GOFO
+ 2.21%

LIBOR FOR 12 MONTH DURATION: 2.22

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.01

end

 

 

end

 

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

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

iii) Other physical stories:

 

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 TUESDAY 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: 6.9706/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  6.9690   /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. –.11/ !!!!(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:: 47.86 and Brent: 52.73

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.63%/Italian 10 yr bond yield DOWN to 1.14% /SPAIN 10 YR BOND YIELD DOWN TO 0.29%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.85: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 1.45

3k Gold at $1699.00 silver at: 16.90   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 47 dollar handle for WTI and 52 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 107.50 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 .9578 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0670 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 0.63%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 1.12% early this morning. Thirty year rate at 1.68%

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

6.  TURKISH LIRA:  UP  TO 6.1821..

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 UP  at 6.9705 /Oil DOWN TO 47.86 dollars per barrel for WTI and 52.73 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 6.9690 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 STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

China Warns Of Looming “Locust Invasion” As Coronavirus Outbreak Fades

Is the world’s largest constitutionally atheist state facing a revival of the 10 biblical plagues of Egypt? It’s starting to look that way.

Just days after Beijing promised to send a a 1,000-duck “army” to Pakistan to help farmers fend off one of the largest locust swarms in decades, senior government officials warned that China could soon face an “invasion” of desert locusts and urged local authorities to prepare for battle, even as the country struggles to get back on its feet after being shut down for so long.

The locusts are reportedly approaching China via Pakistan and India. Swarms could enter Tibet from Pakistan and India, or the southwestern province of Yunnan through Myanmar, depending on climate conditions, the notice said. Swarms could also fly across Kazakhstan and into China’s Xinjiang region, according to Reuters.

To be sure, the National Forestry and Grassland Administrations said on its website that the risk of the swarm entering China and attacking farms is “low”. But if the swarms do arrive, Beijing will be limited by a paucity of knowledge about the locusts’ migratory patterns and techniques to fight them (aside from the ducks, apparently).

Swarms could also attack the southwestern province of Yunnan via Myanmar. It all depends on climate conditions. Swarms could also fly across Kazakhstan and into China’s Xinjiang region.

Chinese customs officials at Khunjerab, a crossing between China and Pakistan in southwestern Xinjiang, have started monitoring the surrounding 2 km for locusts. They inspect vehicles crossing the border and, if they find locusts or locust eggs hidden, they destroy them.

The desert locusts have already ravaged crops and pastures in several countries in Africa, as well as India and Pakistan.

Thankfully, as we mentioned above, Beijing has a secret weapon:

END

Is China’s Economy Finally Starting To Recover? Here Is What The Real Data Shows

Over the weekend, China-watchers – or at least the ones who don’t really watch China all that closely and instead rely on others’ “hot takes” – were shocked to learn that in February both the Chinese manufacturing and non-manufacturing PMIs had crashed far below consensus expectations, tumbling to record low levels, surpassing even the economic contraction observed at the peak of the global financial crisis.

Meanwhile, anyone who was following out periodic updates of China’s “alternative”, high-frequency indicators demonstrating the real state of the economy was hardly surprised, because as we showed over the past few weeks, after China’s catastrophic post-Lunar New Year collapse the economy has yet to stage a material rebound as profiled previously:

And yet, judging by the market’s torrid surge on Monday, it appears that – as so often happens – traders took China’s latest numbers in stride, and specifically as an indication of Beijing “kitchen sinking” the collapse in February, with a V-shaped recovery sure to follow.

Or maybe not, 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 an even worse economic slump than the current one, which incidentally has yet to show any actual recovery!

So what do the latest high-frequency economic indicators show? It may come as a surprise to some that not only has China’s economy barely posted any improvement since our last update on this topic a week ago, but it has in fact lost ground in some metrics. Courtesy of Goldman, here is the latest “alternative” data:

First, daily coal consumption has barely rebounded from the recent lows, and is in fact where it was when the Lunar Near Year started, and tracking almost 30% Y/Y:

In line with the reduced daily coal consumption, railway-loaded coal volumes are also tracking substantially below the average level of the past three years, and what’s worse, the 2020 series appears to have slowed down in recent days.

An even more ominous indicator is China’s traffic congection index – a proxy of overall trade and commerce – which has barely budged since its new year lows and remains far below the same period in previous years.

With commerce frozen and amid fears that the government is lying about the true extent of the coronavirus spread, it will hardly come as a surprise that passenger traffic has failed to stage even a modest rebound from its new year lows, and is about a quarter of where it was one year.

One of Wall Street’s favorite real-time indicators, traffic congestion in major Chinese cities, has seen a modest rebound in recent days, however even it remains just barely above its level at the start of the lunar new year, and is below half where it has been in recent years.

It’s not just passenger traffic that is moribund: the load factor on domestic flights remains a fraction of where it has been in recent years.

Even the one area where there was been a modest rebound in recent days, daily property sale, remains in dire territory, or about 68% down compare to last year.

Looking at end markets for commodities used in construction, the operating rate of rebar  slumped further on both weak demand and high inventories. Likewise, the operating rate of HRC and galvanized steel, mainly used in the manufacturing sector, is now at just 50% of capacity and shows no signs of recovery.

And, as Goldman points out, while the bank has found increased orders from cable and wires fabricators while, operating rate of copper rod producers remained as low as 50% for big companies and 30% for medium-sized producers. What’s more, some small producers have not restarted yet at all, according to a Goldman survey with onshore contacts.

There is a silver lining to China’s ongoing economic paralysis: anyone who ventures into one of the country’s thousands of cinemas will have the building all to themselves.

The failure of China’s economy to reboot comes even as authorities have ordered owners of closed factories – whose employees are scared to return to work – to boost electricity usage to pretend that the economy is back to normal, and to fool those people who look at the charts above, into getting the impression that China’s economy is humming again. We described this bizarre example of central planning on Saturday, and here is Rabobank’s Michael Every commenting on this very phenomenon on Monday morning:

Saturday’s China PMI data were frankly shocking. Manufacturing was at 35.7 and services at 28.9: these are not recessionary levels, but outright depressionary. The private Caixin PMI was also awful at 40.3, again saying a deep downturn is biting. Of course, the real issue is if we get a V-shaped recovery in output – or in virus infections. Optimists, and Chinese stocks this morning, are cheering the former – and Chinese stocks are always freely traded and never, ever manipulated by the authorities, as well all know. Realists, and NASA satellite imagery of no pollution over China, lean towards the latter: as does one anecdotal, unsubstantiated report trending over the weekend that China has been ordering factories to leave the lights on to make them look busier from space and to boost electricity output in case pesky foreigners start trying to use that as a GDP proxy.

Finally, for all those expecting that Beijing will unleash another massive stimulus to kick-start the economy which remains paralyzed at a time when most analysts said activity would be back to normal by the first week of March, we give the last word to Nomura’s China economist Ting Lu, who not only correctly predicted the plunge in PMIs, but also said 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.

4/EUROPEAN AFFAIRS

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

6.Global Issues

 

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1147 UP .0002 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS //CORONAVIRUS/AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /MIXED

 

 

USA/JAPAN YEN 107.50 DOWN 0.752 (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 1.2782   UP   0.0016  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3340 UP .0016 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  TUESDAY morning in Europe, the Euro ROSE BY 2 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1219 Last night Shanghai COMPOSITE CLOSED DOWN 30.52 POINTS OR 1.04% 

 

//Hang Sang CLOSED DOWN 131.51 POINTS OR 0.46%

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

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL MIXED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 131.51 POINTS OR 0.46%

 

 

/SHANGHAI CLOSED DOWN 30.52 POINTS OR 1.04%

 

Australia BOURSE CLOSED DOWN. 42% 

 

 

Nikkei (Japan) CLOSED DOWN 422.94  POINTS OR 1.97%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1698.80

silver:$16.90-

Early TUESDAY morning USA 10 year bond yield: 1.12% !!! DOWN 3 IN POINTS from MONDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.68 DOWN 4 IN BASIS POINTS from MONDAY night.

USA dollar index early TUESDAY morning: 97.43 UP 7 CENT(S) from  MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing TUESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.47% DOWN 4 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: -.13%  DOWN 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.41%//DOWN 3 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,56 DOWN 3 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 111 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.31% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.87% 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 TUESDAY

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

Euro/USA 1.1276  DOWN     .0008 or 8 basis points

USA/Japan: 107.74 DOWN .199 OR YEN UP 20  basis points/

Great Britain/USA 1.2491 UP .0057 POUND UP 57  BASIS POINTS)

Canadian dollar DOWN 32 basis points to 1.3086

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 6.8800    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.8872  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  5.6842 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 MONDAY at 2.06 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.59 UP 3 in basis points on the day

Your closing USA dollar index, 97.15 UP 81  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 TUESDAY: 12:00 PM

London: CLOSED DOWN 42.37  0.56%

German Dax :  CLOSED DOWN 113.18 POINTS OR .92%

 

Paris Cac CLOSED DOWN 21.16 POINTS 0.38%

Spain IBEX CLOSED DOWN 58.50 POINTS or 0.63%

Italian MIB: CLOSED UP 11.43 POINTS OR 0.05%

 

 

 

 

 

WTI Oil price; 54.92 12:00  PM  EST

Brent Oil: 61.83 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    63.05  THE CROSS HIGHER BY 0.15 RUBLES/DOLLAR (RUBLE LOWER BY 15 BASIS PTS)

 

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

END

 

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

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

WTI CRUDE OIL PRICE 4:30 PM :  55.66//

 

 

BRENT :  62.41

USA 10 YR BOND YIELD: … 2.03…

 

 

 

USA 30 YR BOND YIELD: 2.57..

 

 

 

 

 

EURO/USA 1.177 ( UP 49   BASIS POINTS)

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

 

 

USA DOLLAR INDEX: 97.69 DOWN 53 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2554 UP 119  POINTS

 

the Turkish lira close: 5.6298

 

 

the Russian rouble 62.86   UP 0.03 Roubles against the uSA dollar.( UP 3 BASIS POINTS)

Canadian dollar:  1.3034 UP 21 BASIS pts

USA/CHINESE YUAN (CNY) :  6.8800  (ONSHORE)/we need to watch these levels/anything greater than 6.95 will be deadly./

 

USA/CHINESE YUAN(CNH): 6.8740 (OFFSHORE) we need to watch these levels/anything greater than 6.95 will be deadly/

German 10 yr bond yield at 5 pm: ,-0.32%

 

The Dow closed DOWN 785.91 POINTS OR 2.94%

 

NASDAQ closed DOWN 268.048POINTS OR 2.97%

 


VOLATILITY INDEX:  36.82 CLOSED UP 3.40

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

 

USA trading today in Graph Form

Fed Capitulates To Stock Vigilantes: Goldman Sees Two More Rate Cuts In Next Month

It’s damage control time for Jerome Powell: having cut 50bps on Tuesday, it’s first 50bps emergency, intermeeting rate cut since Oct 8, 2008, the peak of the financial crisis (which in turn followed another panicked, 75bps rate cut when Jerome Kerviel put on a couple of terrible trades and blew up SocGen), stocks jumped… for about 10 minutes and then crashed, leading to an outcome which BMO politely said was “not what Powell had in mind.”

A less polite observation is that Powell’s Fed – which for a few months appeared ready to undo the idiotic boom-bubble-bust policies of previous Fed chairs only to fold like a Made in Wuhan lawn chair after a little pressure from markets – finally shat the bed, and not only deployed a “bazooka” which turned out to be a sad water pistol, but the central bank now has about half the dry ammo it had this morning and stocks are tumbling.

And now, in just two short weeks the Committee will be faced with an even more difficult decision of either underwhelming investors’ expectations or quickly utilizing the limited rate-cutting potential afforded by the low outright yield environment.

Sure enough, having once again capitulated to the stock vigilantes, the market has already spoken and it will keep tantruming until it gets another 40bps, or almost two full rate cuts, in the March meeting, resulting in a fed funds rate of just above 0 entering April.

Goldman agrees: commenting on today’s shocking Fed announcement and market reversal, the bank’s chief economist Jan Hatzius writes that Fed Chairman Jerome Powell stated that risks from the coronavirus outbreak had “changed materially” after he cut by 50bps. He also termed the current policy stance “appropriate,” he also said “we are prepared to use our tools and act appropriately.” And while the near-term policy implications were somewhat ambiguous, in Goldman’s view, “the press conference was consistent with further Fed easing in coming months. We retain our forecast of another 50bp but are now penciling in 25bp moves on March 18 and April 29 (versus April and June previously).”

The full Goldman note confirming that the Fed has now capitulated to the stock vigilantes:

1. At the press conference following the Fed’s intermeeting decision to cut the funds rate by 50bp, Chairman Powell stated that the risks from the coronavirus outbreak to the US outlook had “changed materially,” and that the virus would “weigh on economic activity here and abroad for some time.” With regard to future policy moves, his message was somewhat ambiguous. On the one hand, he said that “we do like our current policy stance…we think it’s appropriate to support our dual mandate goals.” On the other hand, he noted that the Fed was “prepared to use our tools and act appropriately,” echoing the official statement. In response to a question on whether rate cuts would be effective in response to a supply shock, Chair Powell argued that Fed action would “provide a meaningful boost to the economy” and would help avoid a tightening in financial conditions. Chair Powell stated that the Fed would do its part to “keep the US economy strong as we meet this challenge” and that it was “possible” that there would be more formal coordination from policymakers going forward.

2. The mixed signals in the statement and press conference left the timing of future rate cuts somewhat ambiguous. Historically, a promise by the Fed to “act as appropriate” in response to a growth shock is a very strong signal of imminent cuts, especially when inflation is low. But Powell also described the current policy stance as “appropriate,” and he said that future changes depend on “the flow of events” and “a range of things.” Uncertainty is high across several dimensions—the Fed’s reaction function, the number of US cases to be reported in coming weeks, the extent of the weakness in upcoming US and global data, and financial conditions. But all things considered, our baseline expectations are an additional 25bp cut at the March 17-18 meeting followed by a 25bp cut in April (previously, we had expected both of these cuts in Q2).

Needless to say, if Powell does miraculously grow a spine by March 18 and for once surprises the market by refusing to be pushed around by stock bulls demanding ever more from the Fed, then watch out below.

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

MARKET TRADING//USA

a)Market trading/this morning/USA

FED CAVES WITH EMERGENCY 1/2 POINT RATE CUT: Gold Soars $50 While Dow Trades Negative, But Here Is The Big Surprise

March 03, 2020
On the heels of an emergency Fed 1/2 point rate cut, gold soars $50 while the Dow trades negative, but here is the big surprise.

Classic Rant

March 3 (King World News) – Sven Henrich:  “The Fed has lost all credibility. Whatever was left of it anyways.

February: The economy is strong. There’s no reason to cut.
In one week stocks drop 15%: Here’s a 50b rate cut.

Just f*** off.”

Emergency Fed Rate Cut

Peter Schiff:  “As the stock market was selling off, threatening to erase yesterday’s Fed inspired record point gain, the Fed came to the rescue with an intra-meeting emergency 50 basis point rate cut. Not only will this cut not cure the Coronavirus, but it will make the U.S. economy sicker.”…

 


Gold, Silver, G7 Coming To The Rescue?
Ole Hansen, Head of Commodity Strategy at Saxo Bank:  “The market is betting on G7 coming to the rescue later today. If that was the case the gold – silver ratio should trade lower after hitting a 40-year high last week. So far it hasn’t (see below).

Gold/Silver Ratio Should Come Way Down
If G7 Rides To The Rescue

Fed Caves With Emergency Rate Cut

Peter Boockvar:  “So they gave into the peer pressure, unable to wait until the meeting in two weeks. The statement was short. “The fundamentals of the US economy remain strong. However, the coronavirus poses evolving risks to economic activity. In light of these risks and in support of achieving its maximum employment and price stability goals, the FOMC decided today to lower the target range for the fed funds rate by 1Ž2 percentage point, to 1-1.25%. The Committee is closely monitoring developments and their implications for the economic outlook and will use its tools and act as appropriate to support the economy.” There were no dissents from the voters. Powell will hold a press conference at 11am.

Bottom line, the key question here is WHEN the virus goes away and it will, does the Fed take any of this back. Also, the Fed now has just 4 cuts left before it gets back to zero. QE and its rate suppression goals would then follow but with a 10 yr yield where it is, would it matter? I know the Fed has good intentions, I just think they are overly panicking with measures that don’t address the current challenges and are needlessly wasting ammunition. Their worst nightmare is a sell on the news and we’re back to where we started focusing on the direction of the virus.

I do want to throw out something to watch with respect to the virus and I have no idea the answer. Singapore and Hong Kong, two warm weather climates right now (Singapore always at 85 degrees and humid) have been stuck at only 100 people infected for weeks now? Does it give hope that this will go away this Spring/Summer when it gets warmer most other places? Is it because of the experience of SARS, they are best prepared? Is it because of their very advanced medical systems?”

Earlier today from Boockvar…

Peter Boockvar:  If you had any wonder what drove yesterday’s incredible rally, just look at all the travel and tourism stocks which were essentially flat to down implying that it was all about hopes for the Fed and other central banks. Between the Treasury market over the past week and stocks yesterday, markets have so intimidated the Fed into acting that they now have no choice but to act. As for the ECB, while they have good intentions too, they found a way yesterday to say with a straight face that in response to the “fast developing situation” of the coronavirus spread, “We stand ready to take appropriate and targeted measures, as necessary and commensurate with the underlying risks.”

Australia Cuts
The Reserve Bank of Australia cut rates by 25 bps to just .50% and left the door open for more. They of course cited the virus spread and said “The uncertainty that it is creating is also likely to affect domestic spending. The board is prepared to ease monetary policy further to support the Australian economy.”

Malaysia Cuts
Malaysia’s central bank also cut interest rates by 25 bps to 2.50% as expected. Wouldn’t it be nice to have that many rates to cut.

Also today ahead of the G7 conference call this morning, the soon to be departing BoE head Mark Carney said:

“The bank will take all necessary steps to support the UK economy and the financial system.”

They currently have their benchmark rate at just .75%. He also said that the combined impact of both fiscal and monetary stimulus globally would be “both powerful and timely.” The more important question is whether its effective and sustainable in its impact.

Room To Cut Rates In India
Lastly here, the Reserve Bank of India head reiterated “there’s room to cut interest rates…in response to the virus impact.”

“Shooting Blanks Is A Real Risk”
The risk again with all of this is that the help to financial markets ends up being fleeting as investors focus instead on the economic situation and not a slightly lower cost of capital and I’ll argue that is a much worse potential situation here for central bankers and the markets than instead disappointing the markets by being honest and saying rate cuts won’t help fight the economic impact of the virus. Don’t forget about the last two rate cutting cycles where the fundamentals dominated no matter how many times the Fed tried to fight it. Bottom line, shooting blanks is the real risk.

end

b)MARKET TRADING/USA/AFTERNOON

Fed Impotence Exposed: TSY Yields Are Collapsing, Dow -1400Pts From Post-Powell Highs

Did The Fed just swing from omnipotence to impotence?

It seems an emergency rate-cut of 50bps has done more to damage confidence that rebuild it… “what do they know?”

Did The Fed get an early glimpse of this week’s payrolls data?

The Dow is down 1400 points from the post-Powell rate-cut spike high…

The S&P and Nasdaq have broken back below key technical levels…

And bond yields are crashing…with 10Y Yield breaking below 1.00% handle for the first time ever…

Gold is soaring back towards recent highs…

Dan Ivascyn, group chief investment officer of Pacific Investment Management Co., said in an email Tuesday:

“Rate cuts don’t stop virus spread. May help support risk assets short term but highly imperfect solution to what is ultimately a health concern.”

We wonder what Powell and Trump are thinking?

One thing is for sure, the market is not satisfied – it is now demanding at least another 25bps cut in March…

As Dave Collum tweeted, “That the Federal Reserve is explicitly stating their job is to support the asset markets, showing how unmoored to reality they have become. No price discovery? No fear of losing all credibility? No problem. That ship has sailed anyway. You guys are feckless.

*  *  *

Fed Chair Powell just attempted to explain how his 50bps rate-cut will ‘ease’ any fears (health, social, financial, economic).

“My colleagues and I took this action to help the U.S. economy keep strong in the face of new risks to the economic outlook.”

Powell started by saying that the fundamentals of the economy are strong, which is seriously unfortunate given it exposes his actions as purely market-driven. Remember, that’s also what John McCain said on the day after the Lehman bankruptcy.

Powell says fundamentals “remain strong” but the spread of the coronavirus “has brought new challenges and risks.”

We’ve come to the view now that it is time for us to act in support of the economy, and once you reach that decision, we decided to go ahead.”

Powell noted that the outbreak and measures to contain it will weigh on activity “for some time.”

“I don’t think anybody knows how long it will be.”

Powell on fiscal policy: Not our role, we have a full plate with monetary policy.

“We’re in active discussions with central banks around the world on an ongoing basis.”

Powell says G-7 statement was “a statement of general support” at a high level.

Powell, asked about possibility of more rate cuts, says:

“As I said in my statement, we’re prepared to use our tools and act appropriately depending on the flow of events.

As Rabo noted earlier, in order to decide what to do after The Fed cut, answer this first, key question:

what level of interest rates is required to incentivize you to risk the death of yourself and your family?

I am sure that there are policy wonks out there who believe they can correctly capture that precise equilibrium level on monetary policy. The point is that lower rates don’t help in this situation at all. If demand is destroyed by people bunkering down at home for weeks, and supply chains being disrupted, all lower borrowing costs can do is help tide businesses over if banks agree to extend loans and credit cards, etc. (as China is already now doing) – and all that does paint us further into the corner we are already in, because those rates won’t be able to rise again.

Of course, if we don’t see any major fiscal stimulus then it’s hard to imagine how one can remain too optimistic either.

President Trump is demanding more though

The Federal Reserve is cutting  but must further ease and, most importantly, come into line with other countries/competitors. We are not playing on a level field. Not fair to USA. It is finally time for the Federal Reserve to LEAD. More easing and cutting!

 

Trump wins? … but what is The Fed so afraid of?

Shortly after the G-7 meeting promised to do whatever it takes, and the biggest demand for Fed repo liquidity since the program began…

A desperate Fed has once again met market expectations, The Fed has just announced an emergency 50bps rate-cut.

The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity.

In light of these risks and in support of achieving its maximum employment and price stability goals, the Federal Open Market Committee decided today to lower the target range for the federal funds rate by 1/2 percentage point, to 1 to 1‑1/4 percent.

The Committee is closely monitoring developments and their implications for the economic outlook and will use its tools and act as appropriate to support the economy.

This is the largest rate-cut since the fall of 2008, and just the ninth emergency rate cut in history…

So you have to wonder, just how huge a deal is the virus’ impact on the global economy – despite consensus that this dip in economic activity will almost immediately v-shaped recover back to the new normal?

Stocks are spiking…

But, we note, that stocks are losing their initial gains…

Gold is jumping…

And the dollar is dumping…

But hey, The Fed managed to un-invert the yield curve…

It seems the current Fed is ignoring the risks that former Dallas Fed head warned of last week

“Does The Fed really want to have a put every time the market gets nervous? …Coming off all-time highs, does it make sense for The Fed to bail the markets out every single time… creating a trap?”

The Fed has created this dependency and there’s an entire generation of money-managers who weren’t around in ’74, ’87, the end of the ’90s, anbd even 2007-2009.. and have only seen a one-way street… of course they’re nervous.

“The question is – do you want to feed that hunger? Keep applying that opioid of cheap and abundant money?

the market is dependent on Fed largesse… and we made it that way…

…but we have to consider, through a statement rather than an action, that we must wean the market off its dependency on a Fed put.”

The market is now pricing in no more rate-cuts in March but a high probability of at least one rate-cut in April.

At 11amET, Powell will hold a press conference.

end

ii)Market data/USA

iii) Important USA Economic Stories

Fox News Crushes Prime-Time With Highest Ratings In 24-Year History 

Fox News dominated the basic cable news industry in February, according to a new report, which specifies the conservative news network hit the highest ratings in its 24-year history.

A meltdown of leftist cable news networks has allowed Fox News to obtain the highest ratings ever to become the most-watched channel in all of basic cable for the 44th consecutive month, reported Nielsen Media Research.

Fox averaged 3.53 million viewers, followed by MSNBC’s 1.78 million, and CNN’s 1.05 million for the month.

Fox’s prime time hosts, Sean Hannity, Tucker Carlson, and Laura Ingraham, had the top shows in all of cable.

Hannity had the most-watched show, finishing the month with about 4.3 million viewers, while Carlson was second with 4.115 million and Ingraham third with 3.6 million.

Ingraham is the first woman in all of cable news to reach an average viewership of more than 3 million views on any given month.

Coverage of President Trump’s State of the Union address on Feb 4 was impressive for Fox, averaged an audience of more than 11.6 million viewers.

Fox had 13 of the highest-rated shows for the month in all of cable.

Year-over-year trends show Fox’s viewership increased by 35% this month while CNN fell 3%, and MSNBC plunged 9%.

The increase in viewership for Fox suggests more and more people are turning off liberal media and gravitating towards conservative networks.

Fox is dominating all of cable news as its primary left-leaning competitors are imploding.

“CNN is suffering a credibility crisis as viewership is in a mass exodus, fleeing the fake news network to more conservative networks, such as Fox News. There appears to be no plan of action by CNN or liberal media to fix the hemorrhaging of viewership, indicating the trend will persist through 2020,” we noted several months ago.

END

“It’s Sad” – First Chinatowns, Now LA’s Koreatown, ‘Asianphobia’ Crashes Food Sales Amid Coronavirus Fears

Pandemic fears grip the world as cases and deaths surge ex-China. Last month, we reported that Chinatowns around the globe were struck with a demand shock as consumers ditched Chinese restaurants for fear they could catch Covid-19. Eater LA says Los Angeles’ Koreatown has also seen plunging food sales as ‘Asianphobia’ rises with increasing virus cases in the US.

General Tso’s chicken has left a sour taste among consumers’ mouths as eating habits rapidly shift because of virus fear. From Australia to New York City to Toronto to England to San Francisco, Chinatowns around the world have had their food sales halved in the last month. Some restaurants warned if low traffic continues into the next quarter, their operations would have to be shuttered.

It’s not just Sinophobia that has consumers absolutely terrified that they could contract the virus if they are near a Chinese person, it’s now anyone who looks Asian, otherwise known as ‘Asianphobia.’

Eater LA notes that on Friday a KBS America’s news story on Tuesday detailed how a Korean Airlines flight attendant with symptoms of the virus recently visited LA’s Koreatown turned out to be entirely false. Though, in the wake of the story, food sales of restaurants in the Central LA neighborhood centered near Eighth Street and Irolo Street, west of MacArthur Park, plunged.

LA County Public Health Department stated in a presser on Thursday that no information suggests the flight attendant visited Koreatown.

Food sales at Han Bat Shul Lung Tang were halved last week because of the rumor. Hangari Kalguksu, a popular restaurant offering various noddle dishes, made a statement on Instagram that they hired a professional cleaning company to sanitize the restaurant, dismissing the virus rumor.

A trade group representing LA’s Koreatown restaurants said business conditions deteriorated last week on the rumor, contributed to a 50% decline in food sales.

“In the Korean American community here, it [the rumor] went like wildfire,” Alex Won told AP News on Friday as he chowed down on a bowl of beef brisket soup at Han Bat Shul Lung Tang. “It’s sad.”

Punjabi Radio Los Angeles@lapunjabiradio

Restaurants in LA’s Koreatown Reel Amid Coronavirus Rumor In a Koreatown restaurant known for its beef bone broth soup, the lunchtime crowd Friday was half its normal size. The reason was a virulent rumor about a customer with coronavirus. Han Bat Shul Lung Tang was one of fi…

View image on Twitter

Won said he’s never seen Han Bat Shul Lung Tang “this empty, “adding that “there are always people here.”

AP News notes that their interactions with various shop owners in Koreatown said business died overnight because of the rumor.

“It’s a bad rumor, but people like bad rumors,” said Jay Choi, manager of Hanshin Pocha.

The streets of Koreatown last week and this weekend had people wearing masks, out of fear the virus is stealthily spreading on the West Coast.

State Assemblyman Kansen Chu, D-San Jose, said Chinatowns had taken severe economic losses as a result of Sinophobia. Now it appears, Asianphobia has claimed its next victim: LA’s Koreatown.

If community spreading across the US erupts, could the virus lead a bust of Asian eateries?

END

Visa Slashes Q2 Revenue Outlook By 2.5-3.5% On Lower Asia Travel; Microchip Pulls Guidance

With stocks desperate to put the coronavirus crisis behind them, and pretend as if the earnings impact will be non-existant, moments ago the world’s largest payments processor, Visa, joined the guide-down crew including its competitor Mastercard which cut guidance just last week, when it announced that it now sees 2Q net revenue growth to be about 2.5% to 3.5% percentage points lower than the outlook shared just one month ago, on January 30.

In an announcement after the close, Visa said that “cross-border growth rates have deteriorated week by week since the coronavirus outbreak in China, and trends through February 28, 2020 do not yet fully reflect the impact of the coronavirus spreading outside of Asia.” As a result, Visa anticipates “that this deteriorating trend has not bottomed out yet.” Full statement below:

“Visa has been actively monitoring the coronavirus, or COVID-19, situation and its impact globally. Our priority has been the safety of our employees, including comprehensive plans to support employee wellness, as well as support for our clients and the communities affected.

Through February 28, 2020, the most significant impact has been on travel to and from Asia. This has resulted in a sharp slowdown of our cross-border business, in particular travel related spending in both card present and card not present. Cross-border eCommerce unrelated to travel has thus far not been significantly impacted, except in some Asian markets. In markets where Visa processes the majority of our transactions, domestic spending growth, both credit and debit, remains largely stable with the exception of some impact in Hong Kong and Singapore.

Cross-border growth rates have deteriorated week by week since the coronavirus outbreak in China, and trends through February 28, 2020 do not yet fully reflect the impact of the coronavirus spreading outside of Asia. As such, we anticipate that this deteriorating trend has not bottomed out yet. Because the situation remains fluid, it is not possible to accurately forecast the growth trend for the rest of our second fiscal quarter or the remainder of fiscal 2020.

Based on trends through the end of February, and assuming some continuing deterioration in March, Visa expects second fiscal quarter net revenue growth to be approximately 2.5-3.5 percentage points lower than the outlook we shared on our January 30, 2020 earnings call.

Given the uncertainty surrounding the magnitude, duration and geographic reach of the coronavirus impact, we will update our views for future quarters and the fiscal full year 2020 on our second quarter earnings call in April.”

Following the news, Visa shares slumped and were trading down about 2% after the close.

 

And just to make sure investor ire wasn’t targeted on Visa alone, Microchip Technology also pulled the corona card when it announced that it is withdrawing its prior EPS guidance, and now sees 4Q net sales about flat sequentially down sharply from the previous guidance which saw net sales up 2% to up 9%.

end
the big news today:  a huge 1/2 point cut,2 weeks ahead of scheduled.
zerohedge

“It Smells Like Panic”: This Is Not What Powell Had In Mind…

Commenting on the Fed’s emergency rate cut, which while expected was extremely unusual and only the first one since the financial crisis, Obama’s chief economic advisor Larry Summers laid out the problem Powell is facing, especially now that the Fed appears to have lost much of its remaining credibility:

Fed Risks ‘Scaring People’ With Rate Cut. My interview today on the Fed’s emergency rate-cut on @BloombergTV.

When you have limited ammunition you have to conserve it. The Fed has limited ammunition with interest rates so low.  Interest rates don’t cure the #coronovarius and interest rates don’t repair supply chains.

While Larry Summers’ opinion has been repeatedly discredited over the years, he does bring up a valid point: why is the Fed wasting half of all of its ammo just to delay what is now an inevitable crash, and why scramble with an “intermeeting” cut when it could have jawboned for the next two weeks and waited until the regular March 18 FOMC meeting. If anything, it would at least eliminate the sense of Fed panic from the equation.

Instead, as it stands “it smells like panic” as more than one Wall Street veteran put it.

Worse, as BMO’s Ian Lyngen puts it, what happened after the Fed’s emergency 50bps rate cut, the biggest since Jerome Kerviel blew up SocGen, “the situation didn’t play out exactly as Powell might have envisioned.

So just how bad is it? Well, as plunging stocks demonstrate, the Fed is this close from losing all credibility…. and since the market has been held up for the past 11 years on nothing but Fed faith – and trillions in Fed liquidity – this could be a very, very big problem.

Lyngen explains:

The Fed’s emergency 50 bp rate cut brought 10-year yields to fresh record lows and a 0-handle was realized. To a
great extent, we’ll argue the situation didn’t play out exactly as Powell might have envisioned. It’s doubtful that
when JP left home this morning he thought ‘50 bp will really crush the stock market.’ So it goes.

The precipitous slide in equities was the driver behind the ease to begin with – as the spike in equity vol translated to tighter financial conditions via this now well-traveled path. This is where it becomes problematic; while stocks initially rallied on the ‘good news’ of rate cuts, the optimism quickly faded as the intermeeting nature of the move raised more questions than it answered. On one hand, the Fed is willing to be proactive but on the other, how much more will rates ultimately need to be cut?

If the FOMC wanted this exercise to be a ‘one-and-done’ event, that message wasn’t correctly communicated to the futures market which presently has roughly 60% odds of another move in two short weeks priced in. Admittedly, the 100% probability for the next cut being a quarter-point is worth a nod. Given the way in which risk markets are responding to today’s half-point, it’s challenging to imagine a 25 bp move would be met by the warm risk-on embrace to which monetary policymakers have become accustomed. We’ll stop shy of labeling it a ‘face-in-hand’ day for the Fed; if nothing else the question of whether or not just 50 bp would suffice has been answered… hint: it was ‘no’.

The biggest risk was always that by acting too proactively and aggressively Powell would signal that the situation is worse than initially feared. Check.

With 10-year yields on a slippery slope to 75 bp (there, we said it) and 2s conceivably poised to touch 50 bp, it’s somewhat concerning that the 2s/10s curve hasn’t steepened out any more – 34.5 bp remains the line in the sand. The rationale for the reluctance to steepen is sound; lower rates cannot cure the coronavirus and are unlikely to fully offset the hit to consumption, confidence, and inflation. As a result, the accommodation only creates a muted inflationary impulse.

It gets worse:

In two short weeks the Committee will be faced with a very difficult decision of either underwhelming investors’ expectations or quickly utilizing the limited rate-cutting potential afforded by the low outright yield environment.

Once the effective lower-bound is established, expanding the balance sheet will become topical and if risk sentiment isn’t restored by dropping rates, the next tool in the policy box will be expanding the balance sheet. As the Fed determines the next installment of accommodation, the signaling power for responding to Tuesday’s stock selloff will undoubtedly be a consideration; after all, the takeaway from the first 50 bp was that another will quickly follow and there is information held at the Fed which investors can only utilize by following the lead of central bankers.

Said differently, if Powell’s nervous, perhaps we all should be. At least that was the sentiment behind the flight-to-quality that brought 10-year yields to just 89 bp intraday.

 end
Repo liquidity back…Fed’s repos massively oversubscribed.  The market missed this news
(zerohedge)

Liquidity Panic Is Back: Fed’s Repos Massively Oversubscribed Amid Market Turmoil

Update: Just in case we needed another confirmation that there was a sudden, unexpected liquidity clog in the interbank market, Dealers submitted a record $108.6BN in overnight repo, resulting in the first oversubscribed overnight repo operation since October (recall the total size of the overnight repo was reduced from $125BN to $100BN).

This means that, if going solely by the amount of securities submitted between the term and overnight repo, the overall liquidity shortage today was nearly $180BN, the highest since the start of the repo crisis, and a clear signal to the Fed that it needs to do something to further ease interbank lending conditions.

* * *

It did not take long for shock and awe of last week’s market turmoil to hit the interbank market.

One day after the overnight general collateral repo rate unexpectedly soared to 1.80%, far above the effective Fed Funds rate, and an indication that last week’s record market drop was once again causing interbank liquidity plumbing to clog up as banks had to pay far higher market rates to obtain overnight liquidity as the Fed’s monetary policy was once again not making its way to the repo market…

… moments ago we got a confirmation of just how bad the liquidity shortage really was, when the Fed announced that in its first term repo operation for the month of March, which as a reminder was also the first $20BN term repo as the Fed shrank February’s $25BN term repos by another $5BN as part of its repo operation tapering, the operation was massively oversubscribed, with the submitted to accepted ratio soaring to a record 3.5x, the highest since the launch of the Fed’s term repo operations in September, and confirming that there was once again a sharp drop in dealer funding prompting US financial institutions to scurry to the liquid generosity of the Fed.

To be sure, the oversubcription number was somewhat distorted due to the drop in the amount of accepted securities, yet even so, the notional of TSY and MBS securities tendered, at $71BN, was the second highest since September.

What does this mean? Simple: in addition to cutting rates, banks are now forcefully telling the Fed that it will also have to either boost the size of its repos, or expand its ongoing QE4 indefinitely as the plumbing issues in the US financial system have still not been resolved, some 6 months after the repo crisis started in September. It also means that a rate cut alone may not be enough to push stocks higher if indeed there remains a structural liquidity shortage in the US banking system, a shortage which today’s repo result confirmed is still shockingly there.

iv) Swamp commentaries)

Senate Homeland Committee To Issue First Subpoena In Biden-Burisma Probe

Senate Homeland Security Committee chairman Ron Johnson (R-WI) plans to force a vote to issue the first subpoena linked to his probe involving Hunter Biden and Ukrainian energy firm, Burisma Holdings.

Johnson sent a letter to members of his committee on Sunday saying that it is his “intention to schedule a business meeting to consider a committee subpoena” of a former consultant for Blue Star Strategies, which Johnson noted worked as a U.S. representative for Burisma.

“As part of the committee’s ongoing investigation, it has received U.S. government records indicating that Blue Star sought to leverage Hunter Biden’s role as a board member of Burisma to gain access to, and potentially influence matters at, the State Department,” Johnson wrote in the letter to committee members. –The Hill

Catherine Herridge

@CBS_Herridge

SCOOP: Chairman Senate Homeland Security and Governmental Affairs committee @RonJohnsonWI wants to subpoena witness tied to US firm and Burisma where the former Vice President’s son sat on the board. Letter obtained @CBSNews says government records indicate concerns warranted

View image on TwitterView image on TwitterView image on Twitter

Specifically, Johnson wants to subpoena Andrii Telizhenko, a former Blue Star consultant who has indicated that he wants to “cooperate fully” with Johnson, but is limited by a nondisclosure agreement.

“Because Mr. Telizhenko’s records and information would be responsive to the committee’s requests, and Blue Star has refused to provide them, a subpoena to Mr. Telizhenko for these records is appropriate at this time,” reads Johnson’s letter. “Accordingly, I will be scheduling a vote in the near future to approve issuing the enclosed subpoena.”

Johnson noted in his letter that the subpoena was “narrowly drafted,” and would only pertain to documents related to Burisma and Blue Star.

“Blocking the receipt of relevant records, as any committee member voting against this subpoena would be doing, only heightens the risk of ‘disinformation’ because Congress would not have access to all pertinent information,” he added.

Objecting to the subpoena is Sen. Gary Peters (D-MI), the top Democrat on Johnson’s committee, who says doing so could bolster Russian disinformation efforts. With a GOP majority in the Senate, however, Johnson can tell Peters to go pound sand.

The subpoena would be the first in relation to the months-long GOP investigation into Burisma and Hunter Biden.

Biden, who has reinvented himself as an artist in a slobberingly fellacious New York Times PR puff piece, was paid upwards of $50,000 per month to sit on Burisma’s board while his father was Vice President, and Obama’s point-man on Ukraine policy – where he notoriously forced the country’s prior administration to fire a prosecutor investigating the energy giant.

 

Hunter Biden, artist

He is currently living in a $12,000 per month rental in the Hollywood Hills while engaged in an ongoing paternity battle with an Arkansas stripper he impregnated.

Raheem Kassam

@RaheemKassam

Would @DonaldJTrumpJr be able to work for a foreign oligarch, Europe’s most corruption corporate, and for the Chinese… THEN be afforded a 2000-word hagiography by the New York Times to discuss his new painting hobby?

Nah.

But then again, nor would he.https://thenationalpulse.com/news/new-york-times-journalistic-malpractice-hunter-biden/ 

New York Times Journalistic Malpractice Reaches Dizzying New Heights with Fawning Hunter Biden…

The journalistic malpractice at the New York Times has reached dizzying new heights, with the paper publishing a groveling article about the notorious Hunter Biden and his new hobby: painting. The…

thenationalpulse.com

 

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

CNBC:  “We’ve asked them to accelerate whatever they’re doing in terms of a vaccine.” President Trump will be meeting later today with the CEOs of some pharmaceutical companies. https://cnb.cx/3ajMzU5

When the afternoon in the US arrived, ESHs and stocks retreated. The drop ended on this:

Coronavirus Could Be the End of China as Global Manufacturing Hub

The most frightening aspect of this crisis is not the short-term economic damage it is causing, but the potential long-lasting disruption to supply chains…

    Retail pharmacies in parts of Europe reported that couldn’t get surgical masks because they’re all made in China… If Trump wins re-election, it will only speed up this process as companies will fear what happens if the phase two trade deal fails…

    “Our survey shows that a large majority of executives are moving or have moved portions of their operations from another country to Mexico,” says Christopher Swift, Foley partner and litigator in the firm’s Government Enforcement Defense & Investigations Practice… Mexico replaced China as the U.S. leading trading partner…

https://www.forbes.com/sites/kenrapoza/2020/03/01/coronavirus-could-be-the-end-of-china-as-global-manufacturing-hub/#4663bf0b5298

After the close, Trump said he is considering new travel restrictions for Covid-19 infected countries.

@realDonaldTrump: I was criticized by the Democrats when I closed the Country down to China many weeks ahead of what almost everyone recommended. Saved many lives. Dems were working the Impeachment Hoax. They didn’t have a clue! Now they are fear mongering. Be calm & vigilant!

@bespokeinvest: It’s only the second time that the S&P 500 was up over 1% in final 15 minutes on back to back days (10/22/08 and 10/23/08).

Kudlow, Mnuchin Favor Emergency Rate Cut by Federal Reserve – BBG

The Kudlow/Mnuchin rally was modest; the retreat turned into a decline after the VIX Fix.  The decline was led by trading sardines.  This implies that the rally was largely traders and short covering.

Barr Taking over Antitrust Probes of Silicon Valley Tech Companies – a move that could spell trouble for Google, Facebook, and other Silicon Valley tech giants… The move makes good on a promise Barr made during his confirmation hearing, when he vowed antitrust issues would be a priority for him…

https://www.nationalreview.com/news/barr-taking-over-antitrust-probes-of-silicon-valley-tech-companies/amp/

The last-hour upward manipulation, abetted by hope of market at or near close buying to start the month,  thrust ESHs and stocks to new highs at the close.  The DJTA was negative for most of the session.

Amy Klobuchar ended her Democratic presidential campaign on Monday and endorsed Joe Biden.  Pete Buttigieg also endorsed Joe Biden.

@TheJordanRachel: That makes 3 democrats that have dropped out just hours before Super Tuesday, after an entire YEAR of campaigning. What is the DNC promising them? It’s not even a secret that they’re trying to rig the election away from Bernie again

LA Times: [Former Sen. Majority Leader] Harry Reid endorses Joe Biden for president…

Reid’s endorsement comes at a time of growing establishment embrace of Biden as moderate Democrats’ only hope of stopping Vermont Sen. Bernie Sanders’ march to the nomination…

https://www.latimes.com/politics/story/2020-03-02/joe-biden-endorsements-harry-reid-klobuchar

@johncardillo: IMHO, Biden’s VP pick is the actual nominee the party wants.  Biden citing medical reasons can drop out in Aug or Sept, and the party gets who they want.

@ABC: They are really getting nervous that working people are standing up.”  Sen. Bernie Sanders claims “there is a massive effort trying to stop” him as moderate candidates drop out of the 2020 race. https://abcn.ws/2wqb8jO

@Barnes_Law: The appearance of establishment collusion against Trump was expertly used by Trump to boost his support. Bernie is trying to same tactic for his bid. This is why it is far from clear the Buttigieg/Klobuchar exits are going to work out like the establishment thinks it will.

Trump accuses Buttigieg, Klobuchar of ‘quid pro quo’ with Biden  https://trib.al/1NmIaAf

The Dem establishment knows Biden cannot win. They are trying to salvage control of the House; or they are trying to craft a brokered convention to anoint someone else – or something more nefarious – a late substitution for Biden if he wins or is drafted.  Bernie Sanders has the most supporters and the most fervid supporters.  If they feel betrayed, Bernie supporters will stay home on Election Day.  Ergo, this is an extremely high-risk Dem strategy.

Joe Biden yesterday: “Tomorrow is Super Thursday – Tuesday… I’m rushing ahead aren’t I?”

https://twitter.com/SteveGuest/status/1234570453081034757

Biden in Texas: “We hold these truths to be self-evident.  All men and women created by [pause] though you know the, you know the thing…” [This clip went viral yesterday.  The MSM will ignore it.]

https://twitter.com/mattdizwhitlock/status/1234578328423673857

@thebradfordfile: If President Trump didn’t know the day of the week, what city he was in, who he is speaking with, and what office he is running for—it would be the top story on every network in America.

But it’s Joe Biden, so the media is pretending everything we see is not happening.

Trump on Biden: “I honestly don’t think he knows what office he’s running for… Maybe he gets in… but he’s not going to running it, other people are going to.  They’re gonna put him into a home and other people are gonna be running the country…  https://twitter.com/alx/status/1234641601609203712

@TruthGundlach: Bloomberg just said [at town hall meeting on Fox] he largely agrees with Trump’s policies, just not the way he is going about them.  Whatever that means.

Audience member: “How do justify pushing for more gun control when you have an armed security detail… Does your life matters more than mine or my family’s or these people’s?”  Bloomberg: “I probably get 40 to 50 threats every week…”   https://twitter.com/SteveGuest/status/1234634964945326085

When asked to justify his climate change agenda with all his private jets flights, Bloomberg said by flying all over the world he’s been able to close coal plants and he’s “just to controversial” to fly commercial.

https://twitter.com/SteveGuest/status/1234639416825729025

Protesters disrupted Mike Bloomberg’s town hall event last night.

https://twitter.com/SteveGuest/status/1234637277101543425

CBS: Top GOP senator seeks subpoena for witness related to probe into Ukraine and Biden

Senator Ron Johnson of Wisconsin sent a letter to committee members Sunday informing them of his intent to schedule a meeting during which they would consider a subpoena to Andrii Telizhenko, a former consultant for the U.S.-based government affairs firm Blue Star, for documents related to his work there. Blue Star “was a U.S. representative” for Burisma, Johnson said.  Telizhenko is a former Ukrainian diplomat at the center of claims Ukraine interfered in the 2016 presidential election…

@Barnes_Law: Trump’s margin is 30 points better amongst 3rd generation Latinos in California than 1st generation Latinos. This is a flaw in the Democrats’ “demographics is destiny” claims.

Federal judge orders Hillary Clinton deposition to address private emails: ‘Still more to learn’

https://www.foxnews.com/politics/federal-judge-orders-hillary-clinton-deposition-to-address-private-emails-there-is-still-more-to-learn

Calls Grow to Quarantine Senator Chris Murphy after Secret Meeting with Coronavirus Carriers from Iranian Regime – In February Senator Murphy was caught meeting with Iranian Foreign Minister Mohammad Zarif in a secret meeting in Munich. Also present were Sen. Menendez, Sen. Van Hollen and John Kerry…     https://www.thegatewaypundit.com/2020/03/calls-grow-to-quarantine-senator-chris-murphy-after-secret-meeting-with-coronavirus-carriers-from-iranian-regime/

@AnnCoulter: Steyer spent nearly $200 million in SC and won ZERO delegates. Trump showed it’s not money, but popular issues that win. But Dems have forsaken their most powerful attack on Trump: That he hasn’t delivered on immigration.

Chicago released previously-deported felon who went on to sexually assault toddler [3yrs old]

Puente had two felony convictions for forced-entry burglary and forgery.  Despite his background, Chicago declined ICE’s June 2019 request to detain Puente, raising more concerns about a jurisdiction already under fire for defying ICE…Chicago police did not immediately respond to Fox News’ request for comment…  https://www.foxnews.com/us/ice-chicago-released-previously-deported-felon-who-went-on-to-sexually-assault-toddler

@KTHopkins: DISTRESSING “Migrants deliberately harming babies so they cry for the cameras in Greece & throughout Europe… jihadists & fake news using them as props to pimp & exploit emotions from public” Amy Mek.  https://twitter.com/KTHopkins/status/1234442983572897800

@j_gelling: Benjamin Netanyahu wins at least 60 seats in Israeli elections, w/more expected, giving his conservative bloc the majority that eluded him in two prior elections. Netanyahu has been subject to Trump-like persecution from the left in Israel and triumphed.

Well that is all for today

I will see you wednesday night.

 

 

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