MARCH 5

GOLD:$1667.25  UP $ 25.40   (COMEX TO COMEX CLOSING

 

Silver:$17.39  UP 15 CENTS. (COMEX TO COMEX CLOSING)

 

 

 

Closing access prices:

 

 

COMEX DATA

 

ACCESS MARKETS

 

Gold : 1672.00

SILVER: 17.43

 

the comex data is complete tonight

all data from 4 pm is accurate //disregard morning/12 noon data as it is totally inaccurate

 

 

 

final…

 

 

 

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

today RECEIVING:  221/383

EXCHANGE: COMEX
CONTRACT: MARCH 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,641.100000000 USD
INTENT DATE: 03/04/2020 DELIVERY DATE: 03/06/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
118 H MACQUARIE FUT 2
435 H SCOTIA CAPITAL 40
624 C BOFA SECURITIES 375
657 C MORGAN STANLEY 41
661 C JP MORGAN 221
737 C ADVANTAGE 8 43
905 C ADM 36
____________________________________________________________________________________________

TOTAL: 383 383
MONTH TO DATE: 1,396

 

NUMBER OF NOTICES FILED TODAY FOR  MAR CONTRACT: 383 NOTICE(S) FOR 383000 OZ (0.1191 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  1396 NOTICES FOR 139,600 OZ  (4.342TONNES)

 

 

 

 

SILVER

 

FOR MARCH

 

 

1 NOTICE(S) FILED TODAY FOR 5,000  OZ/

total number of notices filed so far this month: 3332 for 16,660,000 oz

 

BITCOIN MORNING QUOTE  8816 up 82 dollars

 

BITCOIN AFTERNOON QUOTE.: 9104  UP 356 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 A STRONG SIZED 1711 CONTRACTS FROM 196,909 DOWN TO 195,198 AND FURTHER FROM OUR NEW RECORD OF 744,710, (FEB 25/2020.  THE LOSS IN OI OCCURRED DESPITE OUR 3 CENT GAIN IN SILVER PRICING AT THE COMEX. WE HAD NO LONG LIQUIDATION JUST A MASSIVE SHORT COVERING PLUS A HUGE EXCHANGE FOR PHYSICAL ISSUANCE

 

 

ISSUANCE OF EXCHANGE FOR PHYSICALS:

 

 

 

ISSUANCE OF EXCHANGE FOR PHYSICALS:

 

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

; MARCH:  00 AND MAY: 2121 AND JULY: 0 ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  2382 CONTRACTS. WITH THE TRANSFER OF 2121 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 2121 EFP CONTRACTS TRANSLATES INTO 10.63 MILLION OZ  ACCOMPANYING:

1.THE 3 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

20.970  MILLION OZ INITIALLY STANDING FOR MAR

 

WEDNESDAY, 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 3 CENTS).. AND, OUR OFFICIAL SECTOR/BANKERS  WERE PROBABLY UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE  SOME SILVER LONGS. AS WE DID HAVE A NET GAIN OF 410 CONTRACTS OR 2.050 MILLION OZ.

 

 

 

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

8568 CONTRACTS (FOR 3 TRADING DAYS TOTAL 8568 CONTRACTS) OR 42.84 MILLION OZ: (AVERAGE PER DAY: 2856 CONTRACTS OR 14.28 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR: 42.84 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 5.92% 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:          483.79 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…..          42.58 MILLION OZ

 

 

RESULT: WE HAD AN GOOD SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1711, WITH THE  3 CENT GAIN IN SILVER PRICING AT THE COMEX /WEDNESDAY… THE CME NOTIFIED US THAT WE HAD A  VERY STRONG SIZED EFP ISSUANCE OF 2121 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON  AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER

 

TODAY WE GAINED A SMALL SIZED :  410 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: (WITH THE 3 CENT RISE IN PRICE)//

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 21221 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH DECREASE OF 1711 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH A  44 CENT LOSS IN PRICE OF SILVER/ AND A CLOSING PRICE OF $17.27 // WEDNESDAY’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: 1 NOTICE(S) FOR  5,000 OZ OF SILVER.

IN SILVER,PRIOR TO TODAY, WE  SET THE NEW COMEX RECORD OF OPEN INTEREST AT 244,196 CONTRACTS ON AUG 22.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $14.70//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 STRONG SIZED 14,206 CONTRACTS TO 677,276 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 STRONG LOSS COMEX OI OCCURRED WITH OUR OUR SMALL LOSS OF $1.00 /// COMEX GOLD TRADING// WEDNESDAY// WE, MOST LIKELY HAD CONSIDERABLE BANKER SHORT COVERING AND PROBABLY SOME LONG LIQUIDATION WITH THAT HUGE RISE IN PRICE.  ON THE TWO EXCHANGES WE LOST 2,470 CONTRACTS  (7.6 TONNES)

 

 

 

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A HUMONGOUS AND CRIMINALLY SIZED 11,236 CONTRACTS:

CONTRACTS, FEB>  CONTRACTS; MARCH 00 APRIL: 11,236 JUNE. 0 AND ALL OTHER MONTHS ZERO//TOTAL: 11,236.  The NEW COMEX OI for the gold complex rests at 677,276 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 SMALL DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2470 CONTRACTS: 14,206 CONTRACTS DECREASED AT THE COMEX  AND 11,236 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 2,470 CONTRACTS OR 247,000 TONNES. WEDNESDAY, WE HAD A SMALL LOSS OF ONE DOLLAR IN GOLD TRADING…...

AND WITH THAT SMALL FALL IN  PRICE, WE STILL HAD A SMALL LOSS IN GOLD TONNAGE OF 7.6  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 (LOSS $1.00). AND IT SEEMS THAT THEIR ATTEMPT TO FLEECE  APPRECIABLE  GOLD LONGS FROM THE GOLD ARENA WERE SOMEWHAT SUCCESSFUL AS WE HAD A SMALL LOSS IN OUR TWO EXCHANGES

BUT  WE HAD  A HUMONGOUS INCREASE IN EXCHANGE FOR PHYSICALS  (11,736) ACCOMPANYING THE STRONG LOSS IN COMEX OI.(1,711 OI):  TOTAL LOSS IN THE TWO EXCHANGES:  2,470 CONTRACTS.  WE  PROBABLY HAD HUGE BANKER SHORT COVERING AND SOME LONG LIQUIDATION….. WE ALSO HAD A SMALL LOSS OF 2470 CONTRACTS FROM OUR TWO EXCHANGES.

 

 

SPREADING OPERATION FOR OUR NEWCOMERS:

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 : 38,807 CONTRACTS OR 3,880,700 oz OR 120.71 TONNES (3 TRADING DAYS AND THUS AVERAGING: 12,935 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 3 TRADING DAY(S) IN  TONNES: 120.71 TONNES

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

THUS EFP TRANSFERS REPRESENTS 120,71/3550 x 100% TONNES =3.41% OF GLOBAL ANNUAL PRODUCTION

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

 

 

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE   1344.68  TONNES

JANUARY 2220 TOTAL EFP ISSUANCE; : 570.19 TONNES

FEB 2020 TOTAL EFP ISSUANCE :            653.78 TONNES

MARCH TOTAL EFP ISSUANCE SO FAR   120.71  TONNES

 

 

 

 

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS.  ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM.  IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE

 

Result: A GOOD SIZED DECREASE IN OI AT THE COMEX OF 14,206 DESPITE THE SMALL LOSS THAT GOLD UNDERTOOK WEDNESDAY($1.00)) //.HOWEVER WE ALSO HAD A STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 11,236 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 11,236 EFP CONTRACTS ISSUED, WE  HAD A SMALL SIZED LOSS OF 2,470 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

11,286 CONTRACTS MOVE TO LONDON AND  14,206 CONTRACTS DECREASED AT THE COMEX. (IN TONNES, THE HUGE GAIN IN TOTAL OI EQUATES TO 2.470 TONNES). AND THIS INCREASE OF DEMAND OCCURRED WITH THE SMALL LOSS IN PRICE OF ONE DOLLAR WITH RESPECT TO WEDNESDAY’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 STRONG SIZED 1711 CONTRACTS FROM 196,909 DOWN TO 195,198 AND FURTHER 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 2121

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: 2121; JULY: 0 CONTRACTS   AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2121 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE OI GAIN AT THE COMEX OF 5971 CONTRACTS TO THE 2182 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A SMALL GAIN OF 410 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES  2.25MILLION 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: 20.965 MILLION OZ

 

 

RESULT: A LARGE SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE 3 CENT RISE IN PRICING THAT SILVER UNDERTOOK IN PRICING// WEDNESDAY. WE ALSO HAD A HUGE SIZED 2121 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 STRONG SIZED 14,206 CONTRACTS TO 677,276 MOVING CLOSER TO OUR  RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS FALL IN OI WAS SET DESPITE A SMALL FALL OF $1.00 IN GOLD PRICING //WEDNESDAY’S  COMEX TRADING//). HOWEVER WE ALSO HAD ATMOSPHERIC EFP ISSUANCE,.  THUS WE HAD HUGE BANKER SHORT COVERING AT THE COMEX AND PROBABLY NO LONG LIQUIDATION ……AS OUR TWO EXCHANGES ROSE HUGELY IN  TOTAL OPEN INTEREST..WITH THE MASSIVE GAIN IN PRICE.  BASICALLY LONGS JUST TRANSFERRED OVER TO LONDON COUPLED WITH CONSIDERABLE BANKER SHORT COVERING AND CONSIDERABLE COMEX OI INCREASE.

 

EXCHANGE FOR PHYSICAL ISSUANCE

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 11,236 EFP CONTRACTS WERE ISSUED:

  FEB: 0; MARCH 00 AND APRIL: 11,236,  JUNE : 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 11,236 CONTRACTS.

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL LOSS OF 2,470 TOTAL CONTRACTS IN THAT 11,236 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A STRONG SIZED 14,206 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.(AND THE STRONG COMEX OI ADVANCE)

 

 

THE BANKERS WERE  SUCCESSFUL IN LOWERING GOLD’S PRICE DRAMATICALLY //// (IT FELL BY $1.00). THEY WERE MOST DEFINITELY  UNSUCCESSFUL IN FLEECING ANY LONGS, AS THE TOTAL LOSS ON THE TWO EXCHANGES FELL BY  ….(7.60 TONNES)

 

NET LOSS ON THE TWO EXCHANGES ::  2420 CONTRACTS OR 242,000 OZ OR  7.60 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:  677,276 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 67.28 MILLION OZ/32,150 OZ PER TONNE =  2,092 TONNES

THE COMEX OPEN INTEREST REPRESENTS 2,092/2200 OR 95.11% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

 

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And now for the wild silver comex results

Total COMEX silver OI FELL BY A STRONG SIZED 1711 CONTRACTS FROM 196,609 DOWN TO 195,198 (AND MOVING FURTHER 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 GOOD OI COMEX LOSS TODAY OCCURRED WITH OUR  3 CENT INCREASE IN PRICING/WEDNESDAY.  THE GAIN IN OI WAS DUE TO A HUGE ISSUANCE OF EXCHANGE FOR PHYSICALS COUPLED WITH HUGE BANKER SHORT COVERING .

 

ISSUANCE OF EXCHANGE FOR PHYSICALS

 

 

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 795 CONTRACTS  WITH A LOSS OF 69 CONTRACTS. WE HAD 70 CONTRACTS ISSUED YESTERDAY SO WE GAINED 1 CONTRACT OR 5,000 OZ WILL  STAND FOR DELIVERY AS THEY REFUSED TO ACCEPT TO MORPH INTO A LONDON BASED FORWARD CONTRACTS AS WELL AS NEGATING A FIAT BONUS

 

THE NEXT CONTRACT MONTH OF APRIL SAW A GAIN OF 4 CONTRACTS UP TO 5634 CONTRACTS. THE BIG CONTRACT OF MAY SAW ITS OI FALL  BY 2691 DOWN TO 140,165

 

 

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

 

Trading Volumes on the COMEX TODAY: 332,683 contracts..

 

 

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:

352,311 contracts//

 

 

 

INITIAL standings for  MARCH/GOLD

MARCH 5

 

 

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
383 notice(s)
 38300 OZ
(0.1191 TONNES)
No of oz to be served (notices)
72 contracts
(7200 oz)
0.2239 TONNES
Total monthly oz gold served (contracts) so far this month
1396 notices
139,600 OZ
4.342
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 455 contracts for a LOSS of 40 contracts.. Surprisingly we had 66 notices filed on WEDNESDAY so we gained 26 contracts or an additional 2600 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 15,284 contracts down to 445,583 contracts

May saw its initial gain of 0 contracts to stand at 44.

June saw a LOSS of 586 contracts up to 133,055

 

 

We had 383 notices filed today for 383,600 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 383 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 221 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 (1396) x 100 oz , to which we add the difference between the open interest for the front month of  MAR. (455 contracts) minus the number of notices served upon today (383 x 100 oz per contract) equals 146,800 OZ OR 4.5660 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 (1396 x 100 oz)  + (455 OI for the front month minus the number of notices served upon today (383 x 100 oz )which equals 146,800 oz standing OR 4.5660 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………………………………………………………..              4.5660 TONNES

 

total: 160.661 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: 160.661  tonnes

 

Thus:

160.661 tonnes of delivery –

25.645 TONNES DEEMED SETTLEMENT

 

=135.016 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 5//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)
1
CONTRACT(S)
(5,000 OZ)
No of oz to be served (notices)
794 contracts
3,970,000 oz)
Total monthly oz silver served (contracts)  3352 contracts

16,560,000 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 2020. contract month is represented by 1 contract(s) FOR 5,000 oz

To calculate the number of silver ounces that will stand for delivery in MAR we take the total number of notices filed for the month so far at 3332 x 5,000 oz = 16,660,000 oz to which we add the difference between the open interest for the front month of MAR. 795) and the number of notices served upon today 1x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the MAR/2019 contract month: 3332 (notices served so far) x 5000 oz + OI for front month of MAR (795)- number of notices served upon today (70) x 5000 oz equals 20,530,000 oz of silver standing for the MAR contract month.

WE GAINED 1 CONTRACT OR 5,000 OZ WILL  STAND FOR DELIVERY ON THIS SIDE OF THE POND

 

 

 

 

 

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: 52,099 CONTRACTS //

 

 

CONFIRMED VOLUME FOR YESTERDAY: 75,841 CONTRACTS..,,volume extremely high

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 75,841 CONTRACTS EQUATES to 379 million  OZ  54.17% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

 

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

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

 

end

 

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NPV for Sprott

 

1. Sprott silver fund (PSLV): NAV FALLS TO -2.88% ((MARCH 5/2020)

2. Sprott gold fund (PHYS): premium to NAV FALLS TO -2.36% to NAV MAR 5/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ 2.88%

(courtesy Sprott/GATA

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

NAV 15.77 TRADING 15.42///DISCOUNT 2.22

 

END

 

 

And now the Gold inventory at the GLD/

MARCH 5/WITH GOLD UP $25.40//NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS TONIGHT AT 934.23 TONNES

MARCH 4//WITH GOLD DOWN 1 DOLLAR: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 934.23 TONNES//

MARCH 3//WITH GOLD UP 48.55 TODAY; NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 934.23 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

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

MARCH 5/2020/Inventory rests tonight at 934.23 tonnes

*IN LAST 774 TRADING DAYS: -3.00 NET TONNES HAVE BEEN REMOVED FROM THE GLD

*LAST 674 TRADING DAYS: A NET 16313. TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

end

 

Now the SLV Inventory/

MARCH 5//WITH SILVER UP 15 CENTS TODAY; A SMALL WITHDRAWAL DUE TO FEES ETC//INVENTORY RESTS TONIGHT AT 361.414 MILLION OZ..

MARCH 4/SILVER SILVER UP 3 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 361.880 MILLION OZ//

MARCH 3/WITH SILVER UP 44 CENTS//A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/: A LOSS OF 5.75 MILLION OZ FROM THE SLV../INVENTORY RESTS AT 361.880 MILLION 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//

MARCH 5//2020:  SLV INVENTORY

361.880 MILLION OZ

 

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

6 Month MM GOFO 1.09/ and libor 6 month duration 0.99

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

G0LD LENDING RATE: – .10

 

XXXXXXXX

12 Month MM GOFO
+ 1.11%

LIBOR FOR 12 MONTH DURATION: 0.97

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = -0.14

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 6.8807/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

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

HANG SANG CLOSED DOWN 131.51 POINTS OR 0.46%

 

2. Nikkei closed DOWN 422.94 POINTS OR 1.97%

 

 

 

 

3. Europe stocks OPENED ALL RED/

 

 

 

USA dollar index UP TO 97.24/Euro FALLS TO 1.1219

3b Japan 10 year bond yield: FALLS TO. –.12/ !!!!(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:: 45.20 and Brent: 49.94

3f Gold UP/JAPANESE Yen PUP 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 -.69%/Italian 10 yr bond yield DOWN to 1.07% /SPAIN 10 YR BOND YIELD DOWN TO 0.21%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.76: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.09

3k Gold at $1640.00 silver at: 17.24   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 135/100 in roubles/dollar) 67.61

3m oil into the 45 dollar handle for WTI and 49 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 106.85 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning .9425 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0620 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 0.69%

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 1.55% early this morning. Thirty year rate at 0.92%

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

6.  TURKISH LIRA:  UP  TO 6.1164..

European Stocks, 

 

 

3A/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%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

JAPAN/THE GLOBE/CORONAVIRUS

“The Worst Is Yet To Come”: Nomura Now Sees As Many As 1.5 Million Covid Cases By June

“The worst is yet to come.”

That’s the self-explanatory title of Nomura’s latest analysis assessing the consequences from the coronavirus pandemic, and which comes just two weeks after the Japanese bank issued its first preliminary assessment on the fallout from the global pandemic, which as readers will recall we found unduly optimistic. Well, a lot has happened since then, and as the report’s title suggests, the outlook has deteriorated sharply.

In the bank’s new base case, it revises down further its Q1 2020 GDP growth forecast for China to 0% y-o-y, and for the world to 0.9%. While Nomura still envisages a V-shaped global recovery in Q2 in its new base case, it now has a “U” in its new “bad scenario” and a downright depressionary “L” (non) recovery in the new severe scenario.

Below are the details on how in just two short weeks, the situation went from bad to downright catastrophic, in the bank’s own words:

  • The positive news is the marked decline in the number of new daily confirmed COVID-19 cases in China, but it has also demonstrated the challenging trade-off other governments now face between public health security controls – ranging from adequate resources of health services to containment and mitigation measures – and economic growth.
  • China imposed draconian controls, sealing off Hubei’s nearly 60m inhabitants, blocking transport and locking down dozens of cities. China’s authoritarian state may have won the battle against the virus but at a huge short-run cost to economic growth. Our new base case assumes that China’s lockdowns end late this month, which will be too late to avoid our forecast of GDP growth slowing to 0% y-o-y this quarter, which translates to -4.4% q-o-q.
  • This contraction in China’s economy will have major negative spillover effects on the rest of the world, particularly in the rest of Asia – and this is only just starting to show up in the economic data. However, what has really spooked financial markets is the rapid contagion of COVID-19 outside China to 76 countries (and counting), with a handful of hotspots – South Korea, Italy and Iran. These hotspots are now experiencing the same severe simultaneous demand (public fear factor) and supply (business disruption) shocks as China in addition to the negative spillover effects from China’s contracting economy.
  • While COVID-19 has not been as deadly as SARS (the case fatality outside China and Iran is 1.5% vs 10% for SARs), what is now clear is that it spreads much more easily. As COVID-19 spreads, governments will need to weigh the trade-off between health security and economic growth and it remains to be seen whether they have the resources and wherewithal to increase their health security controls – and the public’s willingness to follow them – to the same force and effectiveness as China has done. If not, the rest of the world could, in the not too distant future, lose control in trying to contain COVID-19.

Separately, for those urging for a central bank response, Nomura’s economists caution that in this abnormal economic slump, “macroeconomic policies are less well equipped to help (or “can only help so much”). If health security controls fail to contain the spread of COVID-19, financial markets may soon have to accept that a global recession is a forgone conclusion.”

In short, the situation is bad, and could get much worse if the pandemic spreads unchecked even faster around the globe.

How much worse? To consider the magnitudes, Nomura crudely assumes COVID-19’s attack rate (the percent of the population infected) in the rest of the world ends up being, on average, similar to that in China – then number of world confirmed cases could peak at 445,000. But if the rest of the world’s security controls are half as rigorous (the attack rate is twice as high as China’s) the number of world confirmed cases could peak at 890,000, and if world’s controls are one-quarter as rigorous, the peak could be 1.78m.

Consider the 2009 H1N1 Influenza. It started in the US in late April 2009 and spread with great intensity. By 11 June, it had reached 74 countries with a total of 30,000 cases and it was on this date that the WHO declared a global pandemic (it has not declared one since); by early November it has reached over 200 countries with 0.5m cases. We estimate that over the same period since the initial outbreak, the number of COVID-19 cases is about 3x more than 2009 H1N1, and if it tracks the 2009 H1N1 case trajectory there could be 1.5m COVID-19 cases by June 2020.

* * *

Extending on the above analysis, to get a relative sense of which countries outside China are most vulnerable to becoming high infection hotspots from COVID-19, Nomura has expanded the scorecard in our earlier Anchor report to 40 countries (Figure 2). Of the nine indicators, higher values indicate a higher risk of contagion, except in the case of geographical proximity and the global health security index, where lower values indicate higher vulnerability. The bank then normalizes the values of each of the nine indicators across countries, by calculating Z-scores, and sums up the nine Z-scores for each country and add 100. The results line up reasonably well with the COVID-19 contagion so far with South Korea, Iran and Italy ranking as highly exposed.

Glancing at country temperatures, there is support for the notion that COVID-19 is weaker in warmer climates, but the analysis shows several countries with mild temperatures that are at risk of becoming hotspots. The two most exposed – Hong Kong and Singapore – have been relatively successful in containing COVID-19 so far.

And while there is much more in the full 64-page analysis, we can summarize the analysis with the following three somber warnings:

  • The COVID-19 shock is quickly morphing into a global crisis. In addition to major economic spillover effects from China’s large GDP contraction in Q1, an increasing number of countries are having to contend with their own local demand and supply-side shocks from the spread of COVID-19, plus a tightening in global financial conditions.
  • In terms of rapid policy response, the Fed is really the only game in town (we expect the Fed to cut rates by a further 50bp in our base case and 125bp in our bad scenario). The ECB and BOJ have limited room, and fiscal stimulus will take time to deploy.
  • This is an abnormal global economic slump. The most effective immediate policy response is not monetary or fiscal policies; it’s health security controls. If health security controls fail to contain the spread of COVID-19, financial

3 C CHINA

China Car Sales Crash 80% As Virus Paralyzes Auto Industry

Car sales in China fell 80% YoY in February, the sharpest monthly decline in nearly two decades amid the Covid-19 epidemic kept consumers away from dealerships, according to the China Passenger Car Association (CPCA).

The outbreak of the virus has had a significant impact on China’s automobile industry as it has been cycling down for the last two years. Global automakers have been pouring money into China, such as Tesla, to capture a robust consumer. Still, it could be seen as the wrong move at the moment, due in part to a collapse in consumption starting in mid-January.

The Business Source@GlobalTimesBiz

Retail sales of passenger vehicles in China dropped 80% y-o-y in February, the biggest fall in two decades, largely due to the outbreak, according to China Passenger Car Association (CPCA).

View image on Twitter

A twin shock has plagued the automobile industry in China, one where a supply shock has hit manufacturers, who can’t produce automobiles at full capacity because of labor shortages and lockdowns, along with a demand shock that has kept people away from dealerships. While supply woes could be resolved with near term factory restarts, demand woes are expected to linger through the first half of the year.

To illustrate the plunge in business activity, Caixin China Composite Output Index plunged to 27.5 in February from 51.9 in the previous month, one of the quickest drops on record. The virus outbreak has led to company closures and travel restrictions that have ground China’s economy to a halt.

As we’ve noted on several prior occasions, China’s “alternative,” high-frequency indicators have demonstrated traffic congestion across 100 major cities in the country is significantly below trend since the virus outbreak began, suggesting overall trade and commerce is at a standstill.

Since China is the world’s leading car producer and one of the top markets for sales, a continue plunge of such magnitude will not only be felt around the world, but could very well tip the global automaker recession into an outright depression.

END

A Beijing Hospital Confirms Covid-19 Attacks Central Nervous System

Via CNTechPost.com,

Beijing Ditan Hospital affiliated to the Capital Medical University said on March 4 that the first patient with novel coronavirus pneumonia complicated with encephalitis was discharged from the hospital on February 25.

Liu Jingyuan, director of the ICU at the Hospital, presided over the treatment of the patient. He reminded that patients with conscious disturbances must consider the possibility that the virus may attack the central nervous system.

At present, patients with new type of coronavirus pneumonia can be combined with multiple organ damages such as severe respiratory distress syndrome (ARDS), myocardial damage, abnormal coagulation function, kidney damage, liver damage, etc. However, no central nervous system involvement has been reported. The case report is the first in the world.

Previous studies on SARS (Severe Acute Respiratory Syndrome) and MERS (Middle East Respiratory Syndrome) have also shown that the coronaviruses that cause these two diseases also cause cases of central nervous system damage.

According to the introduction of Beijing Ditan Hospital, two suspected cases of new-type coronavirus pneumonia have been treated since January 12 this year (confirmed on January 20). As of 7:00 on March 4, the hospital has accumulatively received 150 patients with new-type coronavirus pneumonia, of which the above patient is the only patient with new type of coronavirus pneumonia and encephalitis.

The 56-year-old patient was admitted to the hospital on January 24 with new coronavirus pneumonia, critical illness, and respiratory failure. After admission, he was given a combination of interferon nebulization, antiviral treatment, prevention of bacterial infection, and TCM syndrome differentiation. No improvement, high fever, fatigue, and dyspnea gradually increased.

On January 27 (10th day of onset), a chest CT showed that the range of ground-glass density in both lungs was enlarged, and some of them were consolidating. Short-term nasal high-flow oxygen inhalation, no relief in breathing distress, irritability, breathing 50 breaths per minute, partial oxygen pressure of 85%, intubation in the ICU, mechanical ventilation in accordance with the principle of ARDS breathing ventilation.

After 96 hours of treatment (day 14 of the onset), the patient developed frequent twitching of the maxillofacial and mouth angles with persistent hiccups.

On examination, the doctor found positive neck resistance, bilateral pupils and other large contours, sluggish light reflection, increased limb muscle tension, bilateral knee reflexes, bilateral Pap sign and ankle clonus, and no intracranial CT scan. Abnormal, the cerebrospinal fluid pressure was greater than 330mmH2O, the appearance of the cerebrospinal fluid was colorless and clear, and the biochemical test was normal.

Beijing Ditan Hospital’s Department of Critical Medicine, Laboratory Medicine, and the China Centers for Disease Control and Prevention’s Infectious Diseases Joint Working Group performed metagenome second-generation sequencing of the collected cerebrospinal fluid specimens and identified possible infectious pathogens. Other pathogens were excluded and a new coronavirus was obtained. Genomic sequence.

Gene sequencing confirmed the existence of a new coronavirus in the cerebrospinal fluid and clinical diagnosis of viral encephalitis.

Subsequently, the medical staff treated the patients with viral encephalitis after 14 days of mechanical ventilation and mannitol to control intracranial pressure, midazolam to control convulsions, gamma globulin, and methylprednisolone anti-inflammatory treatment, and observed the patient’s lung disease imaging gradually. Improved, neurological symptoms disappeared.

On February 10 (day 24 of the onset of illness), the trachea was intubated and the nasal cannula was given oxygen after fully assessing the patient’s respiratory and neural function. On February 18 (the 32nd day after the onset of illness), he was transferred out of the intensive care unit and continued to receive treatment in the new coronavirus ward.

Liu Jingyuan reminded that in clinical observation, there were many cases of cervical resistance, positive pathological signs, sudden disturbance of consciousness and even coma.

He said that in the face of such patients, it is necessary to be vigilant to the new type of coronavirus infection that can affect the central nervous system, timely conduct relevant examinations such as cerebrospinal fluid, and improve the work on SARS-CoV-2 nucleic acid and gene sequencing of cerebrospinal fluid in order to better understand COVID-19. Explore and actively deal with related neurological complications, thereby further reducing the mortality of critically ill patients.

END

China hints at blocking the huge pharmaceutical exports if they do not allow its Chinese citizens to travel

This is serious

(zerohedge)

China Hints At Blackmail Over Pharmaceutical Exports, Would “Plunge US Into Mighty Sea Of Coronavirus”

China’s CCP media mouthpiece, Xinhua News, has published a new article titled “Be bold: the world owes China a thank you.”

 

Illustration: Dionne Gain

In it, the author suggests that the coronavirus outbreak is much worse in the United States than authorities are letting on – while noting that President Trump praised China’s measures to control the outbreak during a recent press conference. Xinhua also points out that the US stock market “has plummeted continuously, with a drop of more than 12% in just one week.

The article then suggests the travel ban imposed on China – including the restriction of people who have visited China – was ‘unkind,’ and has had a ‘great economic impact’ on the country.

US government officials, such as Secretary of Commerce Rose, US Secretary of State Pompeo, and US White House Economic Adviser Navarro, have publicly gloated over China’s new crown pneumonia epidemic, saying that the outbreak of the new crown pneumonia epidemic in China is good for the United States and will help companies return to the United States.

It also called on companies around the world to consider the risks of China’s supply chain. Even the infamous “Wall Street Journal” published an infamous article “China is a real patient in Asia”, and the “New York Times” in the United States also published a document condemning the closure of Wuhan in China as a violation of human rights. The American culture of falling rocks is really shameless. Today, Feng Shui is taking turns, and the United States has become a victim of the new crown pneumonia epidemic. At this time, China has not fallen into rocks and has not condemned the United States. At this time, the United States should recognize its mistakes. Apologize to China for your actions. -Xinhua (translated)

The punchline? If China retaliates against the United States at this time, including a travel ban or a strategic restriction over medical exports,  America would be “plunged into the mighty sea of coronavirus.”

Xinhua notes that “most of the drugs in the United States are imported,” and that “most masks in the United States are made in China and imported from China,” an that if restricted, the US won’t be able to take “the most basic measures to prevent the new coronavirus.”

Indeed (via F. William Engdahl of New Eastern Outlook):

80% of present medicines consumed in the United States are produced in China. This includes Chinese companies and foreign drug companies that have outsourced their drug manufacture in joint ventures with Chinese partners. According to Rosemary Gibson of the Hastings Center bioethics research institute, who authored a book in 2018 on the theme, the dependency is more than alarming.

Gibson cites medical newsletters giving the estimate that today some 80% of all pharmaceutical active ingredients in the USA are made in China.

It’s not just the ingredients. It’s also the chemical precursors, the chemical building blocks used to make the active ingredients. We are dependent on China for the chemical building blocks to make a whole category of antibiotics… known as cephalosporins. They are used in the United States thousands of times every day for people with very serious infections.”

The made in China drugs today include most antibiotics, birth control pills, blood pressure medicines such as valsartan, blood thinners such as heparin, and various cancer drugs. It includes such common medicines as penicillin, ascorbic acid (Vitamin C), and aspirin. The list also includes medications to treat HIV, Alzheimer’s disease, bipolar disorder, schizophrenia, cancer, depression, epilepsy, among others. A recent Department of Commerce study found that 97 percent of all antibiotics in the United States came from China.

* * *

Jack Posobiec 🇺🇸

@JackPosobiec

Should pharma companies be required to disclose the country of origin of their medicine – including ingredients?

Still, Xinhua suggests in their ‘blackmail’ article that there is “great love in the world,” and that  they would never do such a thing. As their own coronavirus infections are gradually controlled, “China’s ability to export masks and medicines will be greatly enhanced.”

END

4/EUROPEAN AFFAIRS

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

6.Global Issues

“It’s Getting ‘The Ugly'” – What Can We Really Do About Covid-19?

Submitted by Michael Every of Rabobank

Summary

  • Covid-19 has broken out of China and become a key global concern: most countries are now preparing for a serious virus epidemic.
  • All governments are faced with a series of unpalatable options over their next steps – yet all end with serious economic damage.
  • As a counterweight, we will see a reliance on several types of fiscal and monetary policy response: the conventional, the unconventional, and the ‘unconversational’ – steps that would not even have been talked about until very recently.
  • “The Conventional” response is already well underway with the RBA cutting rates 25bp to 0.50% and the Fed making an emergency cut of 50bp to takes Fed Funds to 1.25%: this was the first 50bp cut and the first out-of-meeting move since the Global Financial Crisis.
  • However, conventional policy is arguably of little impact, as initial reactions to the Fed surprise show – and the same is just as true for unconventional policy.
  • This takes us rapidly towards market conversations about the ‘unconversational’.

It’s getting “The Ugly”

A few weeks ago we published a special report on Covid-19 which projected four scenarios for the virus’s economic and market impact: “The Bad”, “The Worse”, “The Ugly”, and “The Unthinkable”.

“The Bad” scenario was based on the assumption that there would be virus containment within a few weeks within China, with limited spread to other countries. This was already seen as nastier than the market was pricing for, with Chinese 2020 GDP growth reduced by -0.5% to -1.0%, and global GDP by -0.2 percentage points. This was our base case at the time.

 

Source: @jodigraphics15

The Worse” scenario envisaged an ongoing Chinese lockdown and the virus spreading to parts of ASEAN. This would have a larger regional and global impact. Chinese GDP growth was seen grinding to a halt, with a severe slowdown in ASEAN too, and significant global supply-chain disruptions meaning a global recession closer to the likes of 2008/09.

The Ugly” scenario envisaged that the US, UK, and Europe were infected too. Naturally, this implied a deep global recession.

The Unthinkable” was a real-life version of a Hollywood movie.

At time of writing, major virus outbreaks in South Korea, Iran, and Italy, as well official warnings from the rest of Europe, the UK, the US, and Australia, show us that we risk entering into “The Ugly” scenario and that a deep global recession may be inevitable. (See Figure 1.)

What is to be done?

As a result, attention is rightly turning to that old Leninist question: what is to be done? Most developed economies have now set up government virus crisis teams (COBRA in the UK, a new unit under Vice-President Pence in the US, for example). The question is, what can they do? The answers are unpalatable. Although the messaging and rhetoric varies in each location, there are logically only three basic options:

Do nothing and tell people all is well.

This option was tried at first in most Western countries – as evidenced by the lack of serious virus preparation until recently. However, Iran–where the total death toll is unclear but the virus appears to have taken a terrible toll already–is a graphic illustration that telling people all is well is not an effective strategy. The Iranian economy, already struggling under sanctions, has understandably suffered another huge blow as people panic and stay at home. As we noted in our previous report, both supply and demand have collapsed in tandem.

Allow business as usual while telling people to prepare

For now this is still the option being pursued by Western countries, with normal movement still allowed – indeed, encouraged. Yes, there are some restrictions in place–France has banned indoor gatherings of more than 5,000 people–but generally people and businesses are free to operate as usual. The problem is that even so many people are nonetheless reacting with fear, cancelling holidays, stopping travel and having meals out, and/or panic buying and hoarding essentials such as pasta and toilet rolls, as well as hand sanitizer and face masks. In short, the economy is already taking a major virus hit anyway – look at airlines as an indicator.

Institute China-style lockdowns.

So far these steps have only been taken in specific virus hotspots in developed economies, for example Northern Italy. However, they are clearly ready to be more widely used if needed. Indeed, on 3 March the UK stated draconian action could be seen in its official worst-case scenario involving 1 in 5 of the population being infected and ill, requiring major cities to be locked down, public transport to be stopped, schools to close, workers to be told to work from home, the army on the streets, and the police told only to deal with serious crimes. Naturally, the impact on the economy of such a lockdown would be dramatic – as has been seen in the collapse in the Chinese manufacturing and services PMIs in February, the first real chance we have had to look at relevant official data since Covid-19 broke out. (See Figure 2.) However, there is broad recognition that the steps China took have played a key role in sharply reducing the number of new virus infections being seen in recent weeks. In other words, lockdowns do seem to work – and without them, this would already be a truly global pandemic.

The other key thing to note, however, is that whichever of the three options a government takes, the outcome is major damage to the economy.

Do nothing, and the economy is hit by the virus; act incrementally and a virus outbreak is likely to be larger – and the public to panic anyway, hitting the economy; lockdown the economy and be *guaranteed* a deep downturn.

Moreover, even if the last option were chosen, such action still needs to be coordinated between countries to be effective – yet effective international coordination can be very difficult to achieve, seeing countries resort to unilateral action instead.

For example, there is no use locking down one’s own economy, as in China’s case, if arrivals from another country that has not been taking virus precautions, like Iran, are free to enter and spread infection once again. Tellingly, China, the origin of Covid-19, is now putting travel restrictions in place for visitors from some other countries, such as Iran, after vociferously complaining that its own citizens were discriminated against by other states when it was still seeing the heaviest phase of the virus impact.

Slow burn not V-shape?

One other thing needs to be made clear, but which not many are expressing: at this stage, and regardless of the strategy pursued, there is a real risk that the virus will spread globally. In which case, the best that even quarantine measures can realistically hope to achieve is to spread out the impact of the virus so that not everyone gets sick at once, so reducing the strain on healthcare systems as well as economies. Yet this also means that this cannot be a quickly-resolved “V-shape” issue, but rather a slower burn with longer-lasting economic effects. The British government is now transparently assuming that this will be at least as 12-week cycle, hopefully beginning to be under control properly by June.

It is hard to square such thoughts with Bank of England Governor Carney’s recent message that in the UK Covid-19 will cause economic “disruption and not destruction”. For one, we have to stress that hysteresis is as important as hysteria: the longer the crisis lingers, either because of government actions or regardless of them, the deeper the economic damage that will be done on many fronts: how will many millions of the self-employed and small businesses owners, mortgage holders and credit-card borrowers survive for three months with little or no income. The impact of this crisis, even if managed well, may last well beyond what cynics would usually assume when dismissing panic-filled newspaper headlines.

Moreover, three months is an estimate. Even as UK (and US and European) summer eventually arrives, hopefully reducing the virus’s impact, it will be winter in Latin America and Sub-Saharan Africa, Australia, and New Zealand, all of whom have virus cases already, and the first two of which may not be in a positon to properly monitor or control going forwards. As such, unless economic connectivity between the northern and southern hemispheres is severed, doing even more damage, the risk is that there will be a fresh avenue of potential Covid-19 infection awaiting when summer turns back into autumn again. This is exactly what happened with the Spanish Flu in 1918-19, as we showed in another recent virus special report (“Fear and Trembling”). Slow-burn, not V-shape once again.

Of course, the nearest-term concern is with China as it tries to get hundreds of millions of workers back to work again without seeing a V-shape in virus infections too. Can this be done, or will it illustrate the damned-if-you-do, damned-if-you-don’t nature of this crisis?

So what IS to be done then?

The above is the key question and has been made all the more timely by the fact that 3 March saw an unprecedented gathering of the G7 and major central banks to discuss Covid-19 and the possible coordinated policy response. Expectations were high given how rare such meetings are: the outcome was pure disappointment, with the brief press release stating:

“We, G7 Finance Ministers and Central Bank Governors, are closely monitoring the spread of the coronavirus disease 2019 (COVID-19) and its impact on markets and economic conditions.

Given the potential impacts of COVID-19 on global growth, we reaffirm our commitment to use all appropriate policy tools to achieve strong, sustainable growth and safeguard against downside risks. Alongside strengthening efforts to expand health services, G7 finance ministers are ready to take actions, including fiscal measures where appropriate, to aid in the response to the virus and support the economy during this phase. G7 central banks will continue to fulfill their mandates, thus supporting price stability and economic growth while maintaining the resilience of the financial system.

We welcome that the International Monetary Fund, the World Bank, and other international financial institutions stand ready to help member countries address the human tragedy and economic challenge posed by COVID-19 through the use of their available instruments to the fullest extent possible.

G7 Finance Ministers and Central Bank Governors stand ready to cooperate further on timely and effective measures.”

Measure for measures

So what can the G7 actually do? Arguably, their possible “effective measures” above and beyond direct virus-fighting steps again come down to three broad areas: The Conventional; The Unconventional; and The “Unconversational” – things that were simply unspeakable in official circles until recently. Yet these three options all still sit within the normal axis of fiscal and monetary policy options.

Frisky Fiscal

The G7 statement openly mentioned “fiscal measures, where appropriate”. This suggests that there is no broad agreement on the need for fiscal stimulus right now. The US, with its past Trump tax cuts, and the UK, with its recent shift to a “leveling up” infrastructure budget, have already moved decisively towards larger fiscal deficits – but this can actually limit the extent to which further stimulus can be introduced above and beyond the automatic stabilizer effect that will naturally occur as the economy and tax-take decline in tandem. Moreover, in the Eurozone the room for fiscal maneuver is far more constrained by treaty, in Japan’s case by the government’s insistence on trying to reduce the fiscal deficit (given Covid-19, the timing of Japan’s last sales tax hike could not have been worse!), and in Australia’s case the fiscal constraint is also strong, even if it is entirely self-imposed.

However, there is a more general criticism of fiscal policy: it is slow to take effect, and in the case of the virus is unlikely to be of much short-term use. If consumers are locked away at home, what good does it do to start to build a new railway like High Speed 2 in the UK, for example? In some cases, one can make direct transfers to households or firms, such as the Trump tax cuts – but these would need to be better targeted at lower and middle-income groups and/or SMEs than the tax cuts seen to date in the US. At the same time, if one is bunkered away in fear of a virus, will a few extra dollars in one’s pocket incentivize going out to spend? Unlikely. That said, a liquidity-constrained SME could be hugely grateful for an emergency cash injection, especially if this can be used to pay salaries and prevent a domino effect of unemployment and/or demand destruction.

Naturally, China is taking the lead fiscally. It has already introduced tax cuts to try to offset the effects of Covid-19, and its semi-official Global Times has stated Beijing may be forced to embark on a major stimulus package larger than the CNY4 trillion (USD574bn) infrastructure stimulus package seen back in the 2008 financial crisis–“despite the side effects”–should the economic damage from Covid-19 prove too great. Understand that back in 2008 China’s GDP was USD4.7 trillion vs. USD14.3 trillion today, so if they imply a stimulus package larger as a percentage of GDP, which is not clear, then we are potentially talking about USD2.0 trillion stimulus package.

For China, that kind of thinking, incredibly, is still taken as within the conventional. In developed economies, it would be totally unconventional, as it implies a war-time level of fiscal deficit – but that does not mean that the political winds will not blow in that direction too; healthcare may take precedence over bombs, or over infrastructure, but the economic impact of massive deficit spending would be just as positive for developed economies.

Naturally, when talking of large-scale fiscal packages when public debt and/or fiscal deficits are already very high, we go beyond what was once the conventional and even the unconventional; we enter the realm of the ‘unconversational’, and of fiscal-monetary policy cooperation, or Modern Monetary Theory. We have discussed this several times in recent years (see here for example): might Covid-19 prove the political launch-pad for it outside China?

Mainly Monetary

Mainly Monetary
Central bank governors of course “stand ready”, a message that the Fed, ECB, BOE, and the PBOC, have already made clear to the public and markets. Conventionally, this first means rate cuts, even allowing for the very low level of rates to start with. These are already arriving:

The PBOC got in first, reducing their new benchmark 1-year Loan Prime Rate (LPR) by 10bp to 4.05%, while the fall in 3-month SHIBOR has been even steeper;

Other Asian central banks have been cutting for some time already, with Malaysia cutting 25bp on 3 March, for example. That said, the Bank of Korea (BOK) opted not to cut 25bp as expected last week, even though Korea has been very badly hit by Covid-19, as it did not see lower rates as an effective instrument to fight a virus (a point we shall return to);

The RBA were developed market trend-setters in cutting their overnight cash rate 25bp at their March meeting, taking the OCR to a new record low of just 0.50% – overtly over concerns about the supposedly short-term impact of Covid-19 on the services sector; and

this was then eclipsed by the Fed cutting rates 50bp at an inter-meeting move for the first time since the Global Financial Crisis (See Figure 3.)

With the Fed action in particular, the rates flood gates have now opened even if rates are already close to zero, or below: the BOC, BOE and BOJ, to say nothing of other smaller global central banks, are certain to follow rapidly. Yet as with tax cuts, what use is a lower cost of borrowing if there is no supply and no demand? If you afraid to go and eat in a restaurant for fear of infection and possible illness or even death, then a slightly cheaper mortgage-loan rate will not really change your mind. This is the same fundamental problem that we already see with ultra-low rates and business investment: it’s ultra-cheap to borrow, but why risk it when there is no demand? Tellingly, the immediate market reaction to the Fed’s “bazooka” 50bp cut was to see both equities and yields drop sharply – and at both ends of the curve, with 10-year yields now decisively lower than the psychological and unprecedented 1% level.

So what then? At this point, the conventional must become unconventional. We already know what this “emergency” policy toolkit looks like: central bank asset purchases (i.e., QE) and asset swaps (reverse repos). Both of these are already in large-scale use, and both of them are likely to see even greater escalation in scale and geographical breadth: Australia will join the QE club, for example.

Of course, as we have argued repeatedly in various reports for years, even in a ‘healthy’–if structurally distorted–economy, QE has failed to generate sustainable, equitable growth or inflation. In an economy about to suffer from Covid-19, it will be even less effective. Reverse repo is also just papering over cracks in asset quality rather than addressing fundamentals.

Yet if new QE goes into government bond purchases to fund productive fiscal spending that boosts the economy, so much the better; however, that takes us from the unconventional to the ‘unconversational’.

Purely political

Apart from the fiscal and the monetary, one needs to recall that all governments have a third channel for policy measures that can also be considered very “unconversational” – the Purely Political. We tend to think of real power sitting with central banks and little with our elected officials: this overlooks the fact that the elected officials gave their power away – and can take it back again.

The struggle against Covid-19 is, quite naturally, already being portrayed as a ‘battle’ or a ‘war’, and during wars politics always takes precedence over business (and markets) as usual. If that kind of ‘kitchen sink’ strategy was available for GFC 2008-09, why should it not be with Covid-19?

We have already seen the state impose lockdowns in various regions of various countries, and/or international travel bans totally at odd with traditional freedom of movement: more seem very likely.

In France the government has requisitioned protective masks, and the US is contemplating using Korean-war era legislation to compel the production of anti-virus equipment: again, this is completely normal in present circumstances – and completely opposite to what the Western political-economy trend has been for decades. If the virus outbreak gets worse, one could easily imagine the government acting even more significantly via price controls or rationing of key goods, or by compelling companies to act in certain ways. Temporary nationalizations may even be required. These steps would no doubt be widely supported by the public if it helps prevent profiteering and better health outcomes.

Financially, given the huge blow that airlines and other service-sector firms are likely to suffer, we are also certain to see state aid and/or bailouts to key firms, even if this is technically illegal in some countries currently. We might we also face some temporary quasi-nationalisations once again, as during 2008-09.

Meanwhile, companies will be told to keep paying workers regardless of their cash-flow. In turn, banks will be leaned on to maintain credit lines to businesses and households, or to even extend debt facilities despite it running contrary to usual risk metrics. China is already leading the way here. Indeed, as in China we could also see a possible suspension of mark-to-market pricing for some financial assets or, copying their experience of 2015, a ban on short selling of stocks to try to ensure that this crisis does not become a full-blown financial calamity. It cannot be ruled out.

In short, almost every key part of the economy could, in the worst case, be subject to some form of state interference and prevention of price discovery. That is exactly what happens during wars – which as Von Clausewitz infamously quipped, are an extension of politics by other means.

Again this would likely be popular with much of the public, no doubt, and perhaps even with markets if it saves them from any major downside risks. Yet some will also quote pithy US journalist H L Mencken: “The urge to save humanity is almost always only a false-face for the urge to rule it.” Extricating the state from markets after the virus has passed may prove difficult, especially when the pre-virus economy already had so many pressing socio-economic imbalances to deal with.

But that’s an “unconversation” for another day. Let’s get through Covid-19 safely first.

END

Scientists Discover More Aggressive Strain Of Coronavirus Responsible For 70% Of Current Infections

Chinese scientists studying the new coronavirus have found two new primary strains of the disease – one of which appears to be far more aggressive.

The researchers, from Peking University’s School of Life Sciences, discovered a milder “S-type” strain, and an “L-type” which is highly infectious and currently accounts for around 70% of cases, according to The Telegraph. The researchers cautioned that their preliminary findings looked at a limited number of cases (103), and that follow-up studies with larger data sets are needed to better understand the virus’s evolution.

A genetic analysis of the coronavirus found in a man who tested positive in the United States on January 21 also showed that it’s possible to be infected with both strains.

 

Via the Daily Mail

Coronavirus, which was first detected in December 2018 in Wuhan, China, has infected at least 94,000 people – officially, and killed more than 3,200 as of this writing.

And while there are now two major strains identified, scientist Trevor Bedford of Nextstrain has been tracking 161 strains of SARS-CoV-2 (the virus that causes COVID-19) in patients across the globe.

Bedford writes in a March 2 blog post that “The novel coronavirus which is responsible for the emerging COVID-19 pandemic mutates at an average of about two mutations per month.

Balaji S. Srinivasan

@balajis

Visualize the virus radiating out from China, mutating as it spreads.

Right: map with different strains color-coded
Left: phylogenetic tree, showing how individual strains mutate and diverge

Very impressive work by @trvrb and the group at Nextstrain. https://nextstrain.org/ncov?m=div 

Embedded video

Here is his latest situation report, and thread on the virus which provides a detailed analysis of what mutations have been found, and where (click the tweet to jump into the thread):

Trevor Bedford@trvrb

Incredibly, it appears that this cluster containing Germany/BavPat1/2020 is the direct ancestor of these later viruses and thus led directly to some fraction of the widespread outbreak circulating in Europe today. 5/7

View image on Twitter

Trevor Bedford@trvrb

Thus, I believe, similar to the case in Washington State (https://twitter.com/trvrb/status/1233970271318503426 ), we had a situation in which a cluster was identified via intensive screening of travelers, but containment failed shortly thereafter and a sustained transmission chain was initiated. 6/7

Trevor Bedford@trvrb

The team at the @seattleflustudy have sequenced the genome the #COVID19 community case reported yesterday from Snohomish County, WA, and have posted the sequence publicly to http://gisaid.org. There are some enormous implications here. 1/9

end

I

It’s Like A Ghost Town”: Major Cities All Over The Globe Are Paralyzed By Fear Of Covid-19

Authored by Michael Snyder via The Economic Collapse blog,

We haven’t seen anything cause this much worldwide fear in a really long time.  But even though there is so much fear, we still don’t know if this is going to evolve into the next great global pandemic that kills millions of people or not.  I wish that I had a definitive answer for you.  At this point we do know that the number of confirmed cases outside of China continues to rise at a very alarming rate, and we also know that this virus is about 34 times more deadly than the flu according to the latest numbers.  But in order for it to kill millions of people, a substantial percentage of the global population would have to be infected, and we don’t know if that is actually going to happen.

But in major cities around the globe where there has been an eruption of COVID-19 cases, we are seeing severe disruptions in normal activity.

For example, now that several coronavirus deaths have been reported in the area, the lack of tourists has turned downtown Seattle into “a ghost town”

In Seattle, bracing for the coronavirus also means preparing for what could be a devastating economic impact. Business owners and residents have already seen a drop-off in tourists in areas of the city that heavily depend on foot traffic.

It’s like a ghost town,” Francisco said about the famous Pike Place Market where she has her shop.

If you have ever been to Pike Place Market, then you know that it is normally bustling with activity.

But now virtually everyone wants to stay away, and you can’t exactly blame them.  With this virus on the loose, I wouldn’t want to venture down there either.

Seattle Mayor Jenny Durkan has already declared a state of emergency, and this will give her the power to cancel a wide range of public events…

As the death toll climbed Tuesday, Seattle Mayor Jenny Durkan, a Democrat, proclaimed a civil emergency. The declaration allows her to bypass regulations to increase city spending, contracting and borrowing to address the growing public health threat. It will also allow her office to close facilities and cancel events to prevent the virus from spreading further.

On the other side of the globe, the streets of Seoul are virtually empty right now

The streets of Seoul, the South Korean capital, stood nearly empty this week. Those who do venture out wear masks. The normally busy subways have few passengers and riders make sure to sit far away from one another. Many residents are relying on grocery and restaurant delivery apps.

Most Americans don’t realize this, but the population of Seoul actually exceeds the population of New York City.

Normally it is one of the busiest cities on the entire planet, but due to the fear that more than 5,700 confirmed cases in South Korea has caused, it has also become something of “a ghost town”.

Speaking of busy cities, Beijing’s 21 million residents continue to wait for life to return to normal.

Most people are staying home as much as possible, and those that do venture out risk having their temperatures scanned “at regular checkpoints”

Many shops are still closed in Beijing, and residents’ temperatures are scanned at regular checkpoints, as well as inside each store. On streets that are normally so crowded that people are forced to brush shoulders, those who are out keep a good distance from one another.

Could you imagine the uproar that would ensue if similar “checkpoints” were set up here in the United States?

Let us hope that we never get to that point.

In Milan, things are eerily quiet right now.  In fact, nobody has seen the city this quiet in the entire modern history of Italy

In Milan, Italy’s business capital and the center of the country’s outbreak, restaurants, bars and train stations are much less crowded than normal. The usually teeming Piazza del Duomo, home to the city’s cathedral and lined with shops and bars, was almost empty at points Monday.

Italian authorities are absolutely desperate to get this outbreak under control, and so they are implementing pretty extreme measures.

Incredibly, that even includes banning fans from all sporting events until April 3rd

The Italian government have taken drastic measures to help prevent the outbreak of coronavirus by closing all sport events to fans throughout the entire country until April 3. Italy has been the worst-hit European country from the coronavirus, with 107 deaths so far.

It is nice that they have set a deadline, but what are they going to do if we get to April 3rd and this outbreak has gotten even worse?

Could it be possible that Italian fans will not be able to attend sporting events for the foreseeable future?

And will other western countries soon follow suit?

Our lives could be about to change in ways that we couldn’t even imagine just a few weeks ago.

In the UK, residents are being warned that they may soon have to “put their lives on hold for three months”

Britons could be forced to put their lives on hold for three months under a ‘battle plan’ to combat Coronavirus amid warnings today that the deadly disease could incapacitate a fifth of the UK’s workforce.

Boris Johnson today set out the Government’s blueprint to deal with a mass outbreak of the bug that includes a raft of socially and economically costly contingency moves as a last resort.

Could you put your life on hold for three months?

Of course most major pandemics last longer than just three months.  In fact, the Spanish Flu pandemic lasted for three years and it killed tens of millions of people.

Hopefully this outbreak will not be anything like that.

But without a doubt, this is a truly horrible virus.  The following is an excerpt from the account of a 25-year-old British man that actually caught COVID-19

Day 12: I’ve had a relapse. Just as I thought the flu was getting better, it has come back with a vengeance. My breathing is laboured. Just getting up and going to the bathroom leaves me panting and exhausted. I’m sweating, burning up, dizzy and shivering. The television is on but I can’t make sense of it. This is a nightmare.

By the afternoon, I feel like I am suffocating. I have never been this ill in my life. I can’t take more than sips of air and, when I breathe out, my lungs sound like a paper bag being crumpled up. This isn’t right. I need to see a doctor. But if I call the emergency services, I’ll have to pay for the ambulance call-out myself. That’s going to cost a fortune. I’m ill, but I don’t think I’m dying — am I?

I certainly do not want to experience that, and I am sure that you do not want to either.

Coming into this year, I warned about what was ahead, but I definitely did not anticipate that we could potentially be facing a full-blown global pandemic by early March.

COVID-19 could change everything.  I know that many are attempting to downplay the severity of this virus, and that is a huge mistake.

For the foreseeable future, the entire globe is going to be gripped by fear of this virus, and that has very serious implications for all of us.

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

Indian Government Nationalizes 4th Largest Bank As Shadow Banking Crisis Looms

Two years ago we first noted the building crisis in the Indian banking system, and now, as Bloomberg reports, the Indian government has stepped in to organize a rescue plan for the nation’s fourth largest private bank as a long-running crisis among shadow lenders threatened to spill over into the banking system.

“After 18 months of shadow banking crisis, the government did not want another major turmoil to hit the financial sector,” said Ravikant Anand Bhat, a senior analyst at Indianivesh Securities Ltd.

The government’s plan – to create a State Bank of India-led consortium to inject new capital into Yes Bank Ltd – would throw a lifeline to the embattled lender, which has been struggling to raise capital to offset a surge in bad loans.

Moody’s Investors Service cut the bank’s credit ratings in December and in January said its “standalone viability is getting increasingly challenged by its slowness in raising new capital.”

“Yes Bank is currently in the intensive care unit, and a State Bank capital injection will provide much needed oxygen,” said Kranthi Bathini, a director at WealthMills Securities Ltd.

Additionally, the finance ministry imposes a limit of 50,000 rupees on withdrawals (around US$650) from accounts held in Yes Bank, according to a gazette notification.

But the market does not seem reassured as India’s sovereign credit risk has recently spiked as virus fears and this banking system crisis comes to a head…

The RBI has superseded the board of Yes Bank for a period of 30 days “owing to serious deterioration in the financial position of the Bank,” the central bank says in a statement.

Yes Bank is not the first – The government took over IL&FS in 2018 in an effort to reassure creditors after the defaults. And last year, the Reserve Bank of India seized control of another struggling shadow lender, Dewan Housing Finance Corp., and said it will initiate bankruptcy proceedings – and we suspect it will not be the last.

END

 

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

Euro/USA 1.1233 UP  .0095 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /RED

 

 

USA/JAPAN YEN 106.08 UP 1.644 (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 1.2962   UP   0.0091  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3413 UP .0027 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  THURSDAY morning in Europe, the Euro ROSE BY 95 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1219 Last night Shanghai COMPOSITE CLOSED UP 60.01 POINTS OR 1.99% 

 

//Hang Sang CLOSED UP 545.80 POINTS OR 2.08%

/AUSTRALIA CLOSED UP 1.16%// EUROPEAN BOURSES ALL RED

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 545.80 POINTS OR 2.08%

 

 

/SHANGHAI CLOSED DOWN 60.01 POINTS OR 1.99%

 

Australia BOURSE CLOSED UP1.16% 

 

 

Nikkei (Japan) CLOSED UP 229.06 POINTS OR 1.09%

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1640.00

silver:$17.42-

Early THURSDAY morning USA 10 year bond yield: 0.92% !!! DOWN 15 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.55 DOWN 16  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early THURSDAY morning: 96.63 DOWN 70 CENT(S) from  WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing THURSDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.30% UP 5 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: -.12%  DOWN 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.21%//UP 4 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,07 UP 5 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 86 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.69% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.78% 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 THURSDAY

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

Euro/USA 1.1233  UP     .0095 or 95 basis points

USA/Japan: 106.08 DOWN 1.64 OR YEN UP 164  basis points/

Great Britain/USA 1.2962 UP .0091 POUND UP 91  BASIS POINTS)

Canadian dollar DOWN 27 basis points to 1.3413

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 6.9370    ON SHORE  (UP)..

 

THE USA/YUAN OFFSHORE:  6.9443  (YUAN UP)..

 

TURKISH LIRA:  6.1164 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at -.12%

 

Your closing 10 yr US bond yield DOWN 15 IN basis points from THURSDAY at 0.92 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.55 DOWN 16 in basis points on the day

Your closing USA dollar index, 96.63 DOWN 70  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 THURSDAY: 12:00 PM

London: CLOSED DOWN 110.16  1.62%

German Dax :  CLOSED DOWN 182.97 POINTS OR 1.51%

 

Paris Cac CLOSED DOWN 103.79 POINTS 1.90%

Spain IBEX CLOSED DOWN 227.20 POINTS or 225%

Italian MIB: CLOSED DOWN 391.15 POINTS OR 1.785%

 

 

 

 

 

WTI Oil price; 45.90 12:00  PM  EST

Brent Oil: 49.94 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    67.61  THE CROSS LOWER BY 1.37 RUBLES/DOLLAR (RUBLE HIGHER BY 137 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.69 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 :  45.90//

 

 

BRENT :  49.94

USA 10 YR BOND YIELD: … 0.92  DOWN 15 BASIS PTS…

 

 

 

USA 30 YR BOND YIELD: 1.55..DOWN 16 BASIS PTS..

 

 

 

 

 

EURO/USA 1.1233 ( UP 95   BASIS POINTS)

USA/JAPANESE YEN:106.08 DOWN 1.64 (YEN UP 164 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 96.63 DOWN 70 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2962 UP 91 POINTS

 

the Turkish lira close: 6.1164

 

 

the Russian rouble 67.61   DOWN 1.34 Roubles against the uSA dollar.( DOWN 134 BASIS POINTS)

Canadian dollar:  1.3413 DOWN 27 BASIS pts

 

German 10 yr bond yield at 5 pm: ,-0.69%

 

The Dow closed DOWN 969.58 POINTS OR 3.58%

 

NASDAQ closed DOWN 279.49POINTS OR 1.09%

 


VOLATILITY INDEX:  39.49 CLOSED UP 8.0

LIBOR 3 MONTH DURATION: 1.000%//libor dropping like a stone

 

USA trading today in Graph Form

“Super Puke” – US Stocks Crash As Credit Markets & Yields Collapse

So much for the ‘Biden Bounce’. Watching the markets today  – as The Dow plunged 1000 points, Treasury yields collapsed to record lows, credit markets imploded, and demands for more Fed intervention exploded – has one veteran trader remarking, “this is becoming a super-puke.”

It seems the stock market is ‘stuffed’ with Fed intervention and ‘just one waffer-thin mint’ more may spark the total destruction of markets.

The market is in panic mode – demanding over 50bps more rate-cuts in March as stocks collapse…

Source: Bloomberg

Credit spreads are exploding wider (decompressing 9 of the last 11 days – the biggest blowout since June 2013) – now at their widest since 2016…

Source: Bloomberg

Sending an ugly message to stocks…

Source: Bloomberg

10Y Treasury yields plunged to new record lows…

Source: Bloomberg

And gold (safe-haven) was aggressively bid…

In fact, since The Fed enacted an emergency 50bps rate-cut, Gold is soaring as the dollar and stocks faded…

And before we dive into some of the details, this made us laugh – China – the epicenter of the collapse in global supply chains – has seen its stock market MIRACULOUSLY soar back to pre-Covid-19 levels… as Europe and US crash…

Source: Bloomberg

Amid all this chaos, Dow, Nasdaq, and S&P are still up 2-3% on the week, Small Caps and Trannies are red though…

Dow tumbled back below 26k and then the battle began for the algos…

Yesterday’s top was at an almost perfect 50% retrace of the initial crash…

Another 1000-point day for the Dow – just how crazy is this vol? It’s the most extreme since the very peak of Europe’s debt crisis…

Source: Bloomberg

On the week, Defensives have dominated with Cyclicals unchanged (although today saw both hit just as hard)…

Source: Bloomberg

Bank stocks entered a bear market today, tumbling to their weakest since Jan 2019…

Source: Bloomberg

Global Systemically Important Banks are collapsing…

Source: Bloomberg

The Big US Banks were clubbed like baby seals…

Source: Bloomberg

VIX smashed higher, back above 42 intraday…

The VIX term structure is its most inverted since Lehman…

Source: Bloomberg

While stocks feel like they have plunged, they have a long way to go to catch up to bonds’ reality…

Source: Bloomberg

Treasury yields crashed today down 10-15bps across the curve with the long-end outperforming…

Source: Bloomberg

Yields are hitting record or cycle lows across the entire curve…

Source: Bloomberg

The Dollar slipped back to post-Powell-cut lows – this is the lowest for the dollar since January…

Source: Bloomberg

Cryptos were bid today, lifting all the major coins into the green for the week…

Source: Bloomberg

Commodities were clearly divided today with gold and silver soaring and copper and crude crushed…

Source: Bloomberg

WTI plunged back to a $45 handle after OPEC+ talks did not seem to go well (damn you Putin!)…

Gold soared higher all day – to its highest close since Jan 2013

And also surged again Yuan…

Source: Bloomberg

Finally, with a h/t to John Lohman, the Coronavirus Fear Index is exploding… “Long panic-buying food, short travel and entertainment”

“Probably nothing!”

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

Stocks & Credit Crater As 10Y Treasury Yields Hit New Record Low

10Y Treasury yields have plunged back from yesterday small bounce, breaking to new record lows at 89bps…

And that has sent stocks reeling, erasing a majority of yesterday’s gains…

Small Caps and Trannies have erased all of yesterday’s gains…

Meanwhile, credit has quietly blown out to its widest since 2016…

This is not a good sign.

And the market is demanding 54bps MORE rate-cuts in March…

…or else!

ii)Market data/USA

US Factory Orders Tumble In January – Sixth Straight Month Of YoY Contraction

After a surprisingly large jump in December, US factory orders tumbled 0.5% MoM in January (considerably worse than the 0.1% drop expected).

This left Factory Orders -0.8% YoY – the sixth straight month of contraction…

Source: Bloomberg

Additionally, core factory orders (es-transports) dropped 0.1% MoM

And this was all before the coronavirus impacted the global economy…

 end

iii) Important USA Economic Stories

“People Have Just Gone Nuts”: Wealthy NY Suburb Gripped By Hysteria After Local Family Diagnosed With Covid-19

New Rochelle, NY is offering the rest of America a glimpse into what happens once Covid-19 has arrived in your home town.

New York Times reporter Sarah Maslin Nir visited New Rochelle yesterday and started reporting. She wandered around the mostly deserted down town, talking to restaurant workers and a handful of patrons brave enough to defy the rumors.

By Wednesday evening, it had become clear that the virus was spreading in the community: Gov. Andrew Cuomo had confirmed that the man’s wife son and daughter had all tested positive for the virus, as did a neighbor who drove him to the hospital last week. And just a few minutes ago, Cuomo confirmed the number of cases in the state had risen to 11, with ten of those 11 cases in Westchester.

But even before Cuomo’s first press conference on Tuesday, word had already gotten out: A local had been infected with the dangerous new flu-like virus from China. Nowhere outside would be safe.

By the time Cuomo held his first press conference yesterday, word had already gotten out.

Even before the latest news, worry had already seeped across New Rochelle. At Mikey Dubb’s Frozen Custard shop, the custard machines whirred idle, and at Eden Wok, a kosher Chinese restaurant, workers stood in a doorway, anxiously peering around for customers.

One diner customer who spoke with Nir said she would wash her hands carefully once she returned home. She added that she felt “terribly sorry” for the victim and his family.

“I recognize that the gentleman who is now in the hospital with coronavirus in New York was walking up and down this street,” said Vicky Sturner, 62, a landscape designer and one of the few customers dining at Maestro’s Italian restaurant on North Avenue on Tuesday evening.

“I’m going to wash my hands, I’m going to try never to ever touch my face, and I feel terribly sorry for the family that has coronavirus – it affects everybody, the entire community,” Ms. Sturner added. “But I can’t stop it and I can’t change it, and I’m going to live my life.”

Some congregants at a local temple were surprised to find it closed Tuesday afternoon. In fact, congregants who had attended certain events were asked to self-quarantine.

Shortly before dusk on Tuesday, Nathan Lindenbaum, an accountant, had walked up to the temple doors of Young Israel of New Rochelle for evening prayers. He was perplexed to find them locked, and the synagogue empty. The man with coronavirus had attended services there.

Hours before, the Westchester County health commissioner had ordered all services at the synagogue to halt, and the congregants who attended a funeral and a bat mitzvah there on Feb. 23 to self-quarantine in their homes. Over 100 families are under the order, according to the New Rochelle mayor, Noam Bramson.

The mayor of New Rochelle said the fact that a local family had caught the virus was “deeply concerning.”

“It is deeply concerning and distressing to see one’s own community, one’s own neighbors, dealing with a challenge of this scale and this intensity,” Mayor Bramson said after leaving City Hall at 8 p.m. Tuesday, where he said he spent the day huddling with faith leaders, officials and city staff to make sure that information like the town’s messaging was accurate.

The mayor told the NYT he has only just started planning with other local leaders for potentially ugly contingencies, like if the Police Department had to intervene to enforce mandatory self quarantines.

“It is deeply concerning and distressing to see one’s own community, one’s own neighbors, dealing with a challenge of this scale and this intensity,” Mayor Bramson said after leaving City Hall at 8 p.m. Tuesday, where he said he spent the day huddling with faith leaders, officials and city staff to make sure that information like the town’s messaging was accurate.

The mayor also hashed out thornier contingencies – including whether the New Rochelle Police Department would have to intercede if the self-quarantine had to be enforced. “The hope and expectation is that those subject to the quarantine will abide by its terms voluntarily,” Mr. Bramson said.

Meanwhile, one restaurant owner said he had already hired a PR team and started offering steep discounts. He also told the NYT that he had heard some…uh…interesting stories from fellow restaurant owners.

The same day as the man’s diagnosis on Tuesday, Josh Berkowitz, the owner of Eden Wok in New Rochelle, hired a public relations specialist and started offering 15-percent-off coupons to stem an anticipated drop in diners.

Tending to his single table of customers during what is usually the dinner rush, Mr. Berkowitz answered the phone. A fellow caterer was calling to express shock at an order he had just received.

“The customer wanted sushi, but told him…” Mr. Berkowitz said, his voice dropping to a whisper. “He didn’t want any Asians to touch it.”

Mr. Berkowitz shook his head. “People have just gone nuts,” he

Informed by the reporter that a local man and his family had caught the virus, a local delivery driver told the Times that he would probably start avoiding the man’s neighborhood.

“I can’t afford to get sick,” he said.

END
The most oversubscribed ever!! This is a huge story
(zerohedge)

Term Repo Record Oversubscribed As Market Liquidity Craters

Yesterday, when discussing the most oversubscribed overnight term repo operation yet, in which dealers scrambled to obtain $111.5BN in liquidity from the Fed’s $100BN overnight repo operation, we said that it was “the second day in a row the overnight funding repo operation was oversubscribed (and it is virtually certain that tomorrow’s downsized term-repo will be oversubscribed as well).

We were right, because moments ago not only did the Fed announce that the latest 14-day term repo was indeed oversubscribed, but it was in fact the most oversubscribed term-repo on record, surpassing even the funding needs indicated at the start of the repo crisis last September.

While the Fed tapered the size of the term-repo operation from $25BN to $20BN as we entered March, the demand for the liquidity it unlocks has not only refused to go down, but has in fact soared, and rose to an all time high of $72.6BN consisting of $45.25BN in Treasurys, $2.5BN in Agency and $24.8BN in MBS tendered to the Fed.

As a result, with the full amount of eligible liquidity, or $20BN, released, this meant that today’s term repo operation was 3.6x oversubscribed – the most on record.

This continuing liquidity crunch is bizarre, as it means that not only did the rate cut not unlock additional funding, it actually made the problem worse, and now banks and dealers are telegraphing that they need not only more repo buffer but likely an expansion of QE… which will come soon enough, once the Fed hits 0% rates in 2 months and restart bond buying.

Will that be enough to stabilize the market? We don’t know, but in light of the imminent corona-recession, on Tuesday Credit Suisse’s Zoltan Pozsar repo guru published a lengthy piece whose conclusion – at least on the liquidity front – is that the Fed should “combine rate cuts with open liquidity lines that include a pledge to use the swap lines, an uncapped repo facility and QE if necessary.

In short, a liquidity avalanche is coming to prevent a market crash. It’s only a matter of time.

END

Cali Governor Bars ‘Grand Princess’ Cruise Ship From Docking As Passengers Show Virus Symptoms

As we noted earlier, Cali Gov. Gavin Newsom has ordered the ‘Grand Princess’ cruise ship to remain offshore until all its passengers can be tested for the virus. We were one of the first media organizations to link the death of a 71-year-old man in California to the investigation into a previous voyage of the cruise ship and its connection to one of the patients.

Now, Fox 2 KTVU is reporting that several passengers aboard the ship are displaying flu-like symptoms.

In fact, two women have posted a YouTube video from their cabin, saying they are experiencing typical cold symptoms, but that they do not have a fever. They said in the video that they were tested for the virus, but told they didn’t have it.

In other news, Hawaii has become the fourth state to declare a state of emergency over the virus, even though no cases have been confirmed in Hawaii yet, despite several scares. But Hawaii Gov. David Ige said the declaration would allow the state to better prepare.

Regarding the latest case confirmed in California, that of an LAX airport screener, officials reportedly can’t tell if he contracted the virus at work, or “in the community” – which is extremely discouraging, if you ask us.

Cali has reported 53 cases so far.

The Grand Princess currently has 2,500 passengers. The number of crew is unclear.

In a statement, Princess Cruises said there are no confirmed cases and that only 100 individuals have been “identified for testing.”

“There are fewer than 100 guests and crew identified for testing, including all in-transit guests… those guests and crew who have experienced influenza-like illness symptoms on this voyage, and guests currently under care for respiratory illness,” the statement said.

So Newsom is going to let thousands de-board after testing a smattering of 100 people out of more than 3,000. Sounds like a great ‘containment’ plan.

We’re also starting to wonder how Carnival Cruise, which owns Princess cruises, is going to deal with this latest crisis?

END

iv) Swamp commentaries)

 

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

A factor in yesterday’s rally: Congress agreed to an $8.3B supplemental spending bill to fight Covid-19.

CBS: The $8.3 billion includes $7.8 billion in discretionary appropriations, plus $500 million in Medicare telehealth mandatory spending, which would allow Medicare providers to furnish telemedicine services to seniors…  https://www.cbsnews.com/news/congress-reaches-a-deal-to-provide-8-3-billion-in-response-to-coronavirus-outbreak/

Rep Kevin McCarthy @GOPLeader: What a scam—Speaker Pelosi held up the vote on coronavirus funding so that her campaign team could run ads against Republicans for Super Tuesday.  Instead of putting America first, she is putting politics first.

Lost in the euphoria of the robust equity rally on Wednesday: The US funding squeeze is back.

The NY Fed accepted $100B of the $111.48B in dealer bids for its O/N repo operation.  The $111.48B submitted was an all-time high of overnight funding needs

Chinese researchers say 2 types of coronavirus could be infecting people

The L type, which is more aggressive, was more prevalent during the early stages of the outbreak in Wuhan… The S type, which is considered an older, “ancestral version” of the coronavirus, has become more common since then…

https://nypost.com/2020/03/04/chinese-researchers-say-2-types-of-coronavirus-could-be-infecting-people/

Unhinged Chuck Schumer threatened Supreme Court Justices Gorsuch and Kavanaugh: “I want to tell you, Gorsuch, I want to tell you, Kavanaugh, You have released the whirlwind and you will pay the price.  You won’t know what hit you if you go forward with these awful decisions!”

@EdWhelanEPPC: You won’t know what hit you,” Senator Schumer thuggishly threatens Justice Gorsuch and Justice Kavanaugh. He actually calls them “Gorsuch” and “Kavanaugh,” without the honorific “Justice.”  https://twitter.com/BonillaJL/status/1235272766397583360

Imagine the MSM and Dem outrage if Trump said what Schumer said!

Chief Justice Roberts issues rare rebuke to Schumer, calling comments on Kavanaugh and Gorsuch ‘dangerous’ and ‘irresponsible’ – prompting Schumer’s office to slam Roberts and accuse him of bias…  

    Roberts continued: “Justices know that criticism comes with the territory, but threatening statements of this sort from the highest levels of government are not only inappropriate, they are dangerous. All Members of the Court will continue to do their job, without fear or favor, from whatever quarter.”…

https://www.foxnews.com/politics/chief-justice-roberts-rare-rebuke-schumer-calling-comments-kavanaugh-gorsuch-dangerous

@realDonaldTrump: This is a direct & dangerous threat to the U.S. Supreme Court by Schumer. If a Republican did this, he or she would be arrested, or impeached. Serious action MUST be taken NOW

There can be few things worse in a civilized, law abiding nation, than a United States Senator openly, and for all to see and hear, threatening the Supreme Court or its Justices. This is what Chuck Schumer just did. He must pay a severe price for this!

Schumer’s office tried to sell the bull crap that Chuckie was threatening Republicans with a political price.  Total BS!  Chuckie used specific names of justices that are unelected and appointed for life.

@JamesHasson20: Warren’s “question” about the Court’s legitimacy during impeachment, calls to pack the Court, Dem senators writing an amicus questioning the Court’s credibility, and Schumer’s threat are all part of the same campaign: to intimidate the Court into ruling a certain way on abortion.

Senator [Hawley, R-MO] to Bring Motion to Censure Schumer, Democrat Suggests He Step Down

https://www.dailywire.com/news/breaking-senator-to-bring-motion-to-censure-schumer-democrat-suggests-he-step-down/

Yesterday, Bloomberg suspended his campaign and endorsed Joe Biden.

GOP @RepMarkMeadows: Michael Bloomberg could barely win a delegate in a primary with $500+ million—but if you ask Washington Democrats, a few Russian trolls spending 100K on Facebook ads swung the entire 2016 election. Got it.

Warren will stay in the race, even with her horrid Super Tuesday.  She hurt Sanders on Super Tuesday by staying in the campaign while Biden-like candidates dropped out.  Was there another quid pro quo?

Now, Bernie and Biden will go head to head.  How dirty will it get?  How tainted will the winner be?

The Hill’s @JonEasley: Biden deputy campaign manager Kate Beddingfield tells reporters they’re worried that Bernie Sanders is preparing to go nuclear. “We’ve seen what kinds of campaigns Bernie Sanders runs and the impact it had on 2016.”

@2020Delegates: AT THIS HOUR – 6:38 AM, MAR 3 – DELEGATE ESTIMATE: BIDEN 675, SANDERS 641, WARREN 75, BLOOMBERG 73, BUTTIGIEG 26, KLOBUCHAR 7, GABBARD 2

[1991 are needed to win; Biden needs 53.1% of remaining delegates; Bernie needs 54.4%]

https://twitter.com/2020Delegates/status/1235213103450619905

@SteveGuest: Joe Biden confuses who his wife is and who his sister is during Super Tuesday speech.

https://twitter.com/SteveGuest/status/1235043689367392257

@MarkDice: Joe Biden loses his train of thought (again) during Los Angeles rally.

[“A pathway for 11 million citizens.  If the other guy had voted for the [pause], well, don’t you get [unintelligible], I don’t need to get into that…”] https://twitter.com/MarkDice/status/1235048944234708992

CNN noted that Biden mumbled even though he was using a Teleprompter.

Biden’s Super Tuesday speech was disrupted by Let Diary Die activists.  Some pundits noted that Biden was slurring his words more than usual in his Super Tuesday speech.

@thebradfordfile: If you watch Joe Biden speak and can’t tell something is seriously wrong with him—you definitely have Trump derangement syndrome. His family should end this disaster…

@Peoples_Pundit: “Biden is not going to beat Trump. Biden is either near senile or actually senile. And Biden lies non-stop. He’s going to get caught. Okay, the media is covering for him. But they’re not going to be able to cover when the Republicans come for him, and when Trump comes for him.” – Cenk Uygur, Democrat candidate (CA-25) for the House that lost on Tuesday night.

Maybe the big ESH rally on Tuesday night was due to the market’s belief that Trump will triumph easily over Biden, especially if Joe gains the nomination at a brokered convention.

The NYT: Democrats Decide That Joe Biden, as Risky as He Ever Was, Is the Safest Bet

Yet any suggestion that Mr. Biden is now a risk-free option would appear to contradict the available evidence.  He is no safer with a microphone, no likelier to complete a thought without exaggeration or bewildering detour…Democrats are very likely to nominate one of two septuagenarian white men with conspicuous political baggage. Any safety in that choice is relative

https://www.nytimes.com/2020/03/04/us/politics/joe-biden-super-tuesday.html

Hunter Biden Touted Connections in 2019 While Pitching UCLA Law on Letting Him Teach Drug Policy Course –emails show…  https://dailycaller.com/2020/03/04/hunter-biden-ucla-law-school-connections/

The Nation [very liberal]: A Brokered Convention Would Be an Ugly Act of Self-Sabotage

Are establishment Democrats really willing to destroy the party on live television?

   If the primary goal is to win the election, there is no clear or even plausible path from alienating Sanders’s base of supporters to winning the election in November

https://www.thenation.com/article/politics/brokered-convention-disaster/

@mtracey: 38% of Bernie voters in Minnesota say they will not “vote blue no matter who.” They decline to pledge they will vote for the eventual Democratic nominee

@Barnes_Law: The last nominee to get strongly passed over by both Iowa & New Hampshire, and still get the nomination, was a senator named George McGovern. [2nd worse prez defeat, 520 to 17 to Nixon]

@toddstarnes: Michelle Obama is hitting the campaign trail — but not for a specific candidate. Hmm

The under reported story of Super Tuesday: GOP turnout for meaningless primaries.  In Tennessee, Trump garnered more votes that any candidate in 30 years.

@charliekirk11: Republican turnout for Donald Trump in Texas last night—1,879,758.  Democrat turnout for all 4 top candidates combined—1,663,590.  An uncontested race inspired a larger turnout than Democrats’ second biggest Super Tuesday prize

@KamVTV: More people in Alabama voted for President Trump than ALL the Democrat presidential nominees.

@rww_gop: With 100% reporting in OK, @realDonaldTrump has received over 270,000 votes. The President has not only surpassed his own vote total of 130,267 votes in 2016, he has over quadrupled the vote totals received by President Obama in 2012 (59,577) and President Bush in 2004 (64,389).

@NicholasTrainer: In Maine, with 83% reporting, President Donald J. Trump has received the highest vote total of any Presidential Primary Candidate since before Reagan.

@Peoples_Pundit: Another less-cited result from tonight… Donald Trump drove turnout up so high in California, Democrats are either in trouble or even boxed out in swing congressional races.

@ChadPergram: Trump tweet on Sessions now facing runoff for Senate primary: “This is what happens to someone who loyally gets appointed Attorney General of the United States & then doesn’t have the wisdom or courage to stare down & end the phony Russia Witch Hunt

Well that is all for today

I will see you Friday night.

 

 

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