MARCH 6/GOLD UP $6.25 TO $1673.50//SILVER DOWN 10 CENTS/BANKERS RAID AND IT FAILS MISERABLY//

GOLD:$1673.50  UP $ 6.25   (COMEX TO COMEX CLOSING

 

Silver:$17.29  DOWN 10 CENTS. (COMEX TO COMEX CLOSING)

 

quite a day!!It sure seems that our banker friends have lost control of the gold/silver market. They need a Friday in order to whack but due to the scarcity of physical metal, we have many trying to convert paper gold into real metal.

 

Take note of the huge gain of 21.37 tonnes of paper gold into the GLD , with only a gain of $6.25. With 15 minutes to go the crooks were successful in raising the Dow but also they lowered the price of gold from 1689.00down to 1674.00  (in the access market)

 

Gold will rise on Monday when  we turn again to the physical markets in London.

 

Closing access prices:

 

 

 

 

 

ACCESS MARKETS

 

Gold : 1674.70

SILVER: 17.31

 

the comex data is complete tonight

 

as well as currency/stock markets etc

 

 

 

 

 

 

 

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

today RECEIVING: 40/70

DLV615-T CME CLEARING
BUSINESS DATE: 03/05/2020 DAILY DELIVERY NOTICES RUN DATE: 03/05/2020
PRODUCT GROUP: METALS RUN TIME: 20:58:24
EXCHANGE: COMEX
CONTRACT: MARCH 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,666.400000000 USD
INTENT DATE: 03/05/2020 DELIVERY DATE: 03/09/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
435 H SCOTIA CAPITAL 4
657 C MORGAN STANLEY 2 10
661 C JP MORGAN 25 40
737 C ADVANTAGE 43 8
905 C ADM 8
____________________________________________________________________________________________

TOTAL: 70 70
MONTH TO DATE: 1,466

 

NUMBER OF NOTICES FILED TODAY FOR  MAR CONTRACT: 70 NOTICE(S) FOR 70,000 OZ (0.2171 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  1466 NOTICES FOR 146,600 OZ  (4.5598TONNES)

 

 

 

 

SILVER

 

FOR MARCH

 

 

2 NOTICE(S) FILED TODAY FOR 10,000  OZ/

total number of notices filed so far this month: 3334 for 16,670,000 oz

 

BITCOIN MORNING QUOTE  8816 up 82 dollars

 

BITCOIN AFTERNOON QUOTE.: 9104  UP 356 dollars

 

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Let us have a look at the data for today

 

 

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IN SILVER THE COMEX OI ROSE  BY A STRONG SIZED 2172 CONTRACTS FROM 195,198 UP TO 197,320 AND CLOSER TO OUR NEW RECORD OF 744,710, (FEB 25/2020.  THE GAIN IN OI OCCURRED DESPITE OUR 15 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: 600 AND JULY: 0 ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  600 CONTRACTS. WITH THE TRANSFER OF 600 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 600 EFP CONTRACTS TRANSLATES INTO 3.00 MILLION OZ  ACCOMPANYING:

1.THE 15 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

20.430  MILLION OZ INITIALLY STANDING FOR MAR

 

THURSDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE 15 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 2772 CONTRACTS OR 13.61 MILLION OZ ON THE TWO EXCHANGES!

 

 

 

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

9168 CONTRACTS (FOR 4 TRADING DAYS TOTAL 9168 CONTRACTS) OR 45.84 MILLION OZ: (AVERAGE PER DAY: 2292 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: 45.84 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:          487.05 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…..          45.84 MILLION OZ

 

 

RESULT: WE HAD AN STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2172, WITH THE  15 CENT GAIN IN SILVER PRICING AT THE COMEX /THURSDAY… THE CME NOTIFIED US THAT WE HAD A GOOD SIZED EFP ISSUANCE OF 600 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 STRONG SIZED :  2772 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: (WITH THE 15 CENT RISE IN PRICE)//

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 600 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH INCREASE OF 2172 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH A  15 CENT GAIN IN PRICE OF SILVER/ AND A CLOSING PRICE OF $17.47 // THURSDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY!! 

 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.987 BILLION OZ TO BE EXACT or 141% of annual global silver production (ex Russia & ex China).

FOR THE NEW  MAR DELIVERY MONTH/ THEY FILED AT THE COMEX: 2 NOTICE(S) FOR  10,000 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:20.430 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 ROSE BY STRONG SIZED 11,405 CONTRACTS TO 688,681 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 GAIN OF COMEX OI OCCURRED WITH OUR OUR STRONG GAIN OF $25.50 /// COMEX GOLD TRADING// THURSDAY// WE, MOST LIKELY HAD CONSIDERABLE BANKER SHORT COVERING AND PROBABLY ZERO LONG LIQUIDATION WITH THAT HUGE RISE IN PRICE.  ON THE TWO EXCHANGES WE GAINED 32,421 CONTRACTS  (100.84 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: 21,016 JUNE. 0 AND ALL OTHER MONTHS ZERO//TOTAL: 21,016.  The NEW COMEX OI for the gold complex rests at 688,681 ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE AN ATMOSPHERIC AND CRIMINALLY SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 32,421 CONTRACTS: 11,405 CONTRACTS INCREASED AT THE COMEX  AND 21,016 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 32,421 CONTRACTS OR 100.84 TONNES. THURSDAY, WE HAD A HUGE GAIN OF $25.50 IN GOLD TRADING……

AND WITH THAT HUGE GAIN IN  PRICE, WE STILL HAD AN ATMOSPHERIC SIZED GAIN IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 100.84  TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR WERE SUPPLYING INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON. THE BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (GAIN $25.50). AND IT SEEMS THAT THEIR ATTEMPT TO FLEECE  APPRECIABLE  GOLD LONGS FROM THE GOLD ARENA WERE UNSUCCESSFUL AS WE HAD A HUGE GAIN IN OUR TWO EXCHANGES

 WE HAD  A HUMONGOUS INCREASE IN EXCHANGE FOR PHYSICALS  (21,016) ACCOMPANYING THE STRONG GAIN IN COMEX OI.(11,405 OI):  TOTAL GAIN IN THE TWO EXCHANGES:  32,421 CONTRACTS.  WE  PROBABLY HAD HUGE BANKER SHORT COVERING AND ZERO LONG LIQUIDATION…..

 

 

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 : 59,823 CONTRACTS OR 5,982,300 oz OR 186.07 TONNES (4 TRADING DAYS AND THUS AVERAGING: 14,956 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 4 TRADING DAY(S) IN  TONNES: 186.07 TONNES

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

THUS EFP TRANSFERS REPRESENTS 186.07/3550 x 100% TONNES =5.24% OF GLOBAL ANNUAL PRODUCTION

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

 

 

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE   1410.04  TONNES

JANUARY 2220 TOTAL EFP ISSUANCE; : 570.19 TONNES

FEB 2020 TOTAL EFP ISSUANCE :            653.78 TONNES

MARCH TOTAL EFP ISSUANCE SO FAR   186.07  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 HUGE SIZED INCREASE IN OI AT THE COMEX OF 11,405 WITH THE HUGE GAIN THAT GOLD UNDERTOOK THURSDAY($25.50)) //.HOWEVER WE ALSO HAD A STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 11,405 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 21,016 EFP CONTRACTS ISSUED, WE  HAD A HUGE SIZED GAIN OF 32,421 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

21,016 CONTRACTS MOVE TO LONDON AND  11,405 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE HUGE GAIN IN TOTAL OI EQUATES TO 100.86 TONNES). AND THIS INCREASE OF DEMAND OCCURRED WITH THE HUGE GAIN IN PRICE OF $25.50 WITH RESPECT TO THURSDAY’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 ROSE BY A STRONG SIZED 2172 CONTRACTS FROM 195,198 UP TO 197,320 AND CLOSER TO 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 GAIN IN COMEX OI WAS DUE TO BANKER SHORT COVERING EXPLAINED ABOVE AND THE ISSUANCE OF HUGE NUMBER OF EXCHANGE FOR PHYSICALS.

(BELOW)

EFP ISSUANCE 600

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: 600; JULY: 0 CONTRACTS   AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 600 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 2172 CONTRACTS TO THE 600 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A VERY STRONG GAIN OF 2772 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES  13.61MILLION 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: 20.430 MILLION OZ

 

 

RESULT: A LARGE SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 15 CENT RISE IN PRICING THAT SILVER UNDERTOOK IN PRICING// WEDNESDAY. WE ALSO HAD A GOOD SIZED 600 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 ROSE BY A STRONG SIZED 11,405 CONTRACTS TO 690,010 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 RISE IN OI WAS SET DESPITE A HUGE GAIN OF $25.50 IN GOLD PRICING //THURSDAY’S  COMEX TRADING//). HOWEVER WE ALSO HAD ATMOSPHERIC EFP ISSUANCE,.  THUS WE HAD HUGE BANKER SHORT COVERING AT THE COMEX AND ZERO 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 21,016 EFP CONTRACTS WERE ISSUED:

  FEB: 0; MARCH 00 AND APRIL: 21,016,  JUNE : 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 21,016 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 HUGE GAIN OF 32,421 TOTAL CONTRACTS IN THAT 21,016 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A STRONG SIZED 11,405 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 WERUNSUCCESSFUL IN LOWERING GOLD’S PRICE DRAMATICALLY //// (IT ROSE BY $25.40). THEY WERE MOST DEFINITELY  UNSUCCESSFUL IN FLEECING ANY LONGS, AS THE TOTAL GAIN ON THE TWO EXCHANGES ROSE BY A HUMONGOUS  ….(100.86 TONNES)

 

NET GAIN ON THE TWO EXCHANGES ::  32,421 CONTRACTS OR 3,242,100 OZ OR  100.86 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:  688,681 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 68.86 MILLION OZ/32,150 OZ PER TONNE =  2,092 TONNES

THE COMEX OPEN INTEREST REPRESENTS 2,092/2200 OR 97.56% 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 2172 CONTRACTS FROM 195,198 UP TO 197,320 (AND MOVING CLOSER TO 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 GAIN TODAY OCCURRED WITH OUR  15 CENT INCREASE IN PRICING/THURSDAY.  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 770 CONTRACTS  WITH A LOSS OF 25 CONTRACTS. WE HAD 1 CONTRACT ISSUED YESTERDAY SO WE LOST 24 CONTRACT OR 120,000 OZ WILL NOT STAND FOR DELIVERY AS THEY MORPHED INTO LONDON BASED FORWARD CONTRACTS AS WELL AS ACCEPTING A FIAT BONUS FOR THEIR EFFORT

 

THE NEXT CONTRACT MONTH OF APRIL SAW A GAIN OF 45 CONTRACTS UP TO 608 CONTRACTS. THE BIG CONTRACT OF MAY SAW ITS OI RISE  BY 1510 UP TO 141,675

 

 

We, today, had  2 notice(s)  for 10,,000, OZ for the MAR, 2019 COMEX contract for silver

 

Trading Volumes on the COMEX TODAY: 665,764 contracts..

 

 

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:

400,739 contracts//

 

 

 

INITIAL standings for  MARCH/GOLD

MARCH 6

 

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
70 notice(s)
 7000 OZ
(0.2177 TONNES)
No of oz to be served (notices)
66 contracts
(6600 oz)
0.2052 TONNES
Total monthly oz gold served (contracts) so far this month
1466 notices
146600 OZ
4.5598 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 136 contracts for a LOSS of 319 contracts.. Surprisingly we had 383 notices filed on THURSDAY so we gained 64 contracts or an additional 6400 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 GAIN of 942 contracts UP to 446,525 contracts

May saw its ANOTHER gain of 47 contracts to stand at 91.

June saw a GAIN of 9674 contracts up to 142,729

 

 

We had 70 notices filed today for 7,000 oz

 

 

 

FOR THE  MAR 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 25 notices were issued from their client or customer account. The total of all issuance by all participants equates to 70 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 40 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 (1466) x 100 oz , to which we add the difference between the open interest for the front month of  MAR. (136 contracts) minus the number of notices served upon today (70 x 100 oz per contract) equals 153,200 OZ OR 4.765 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 (1466 x 100 oz)  + (136 OI for the front month minus the number of notices served upon today (70 x 100 oz )which equals 153,200 oz standing OR 4.765 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………………………………………………………..              4.765 TONNES

 

total: 160.866 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: 160.866  tonnes

 

Thus:

160.886 tonnes of delivery –

25.645 TONNES DEEMED SETTLEMENT

 

=135.221 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 6//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)
2
CONTRACT(S)
(10,000 OZ)
No of oz to be served (notices)
768 contracts
 3,840,000, oz)
Total monthly oz silver served (contracts)  3354 contracts

16,570,000 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 2 contract(s) FOR 10,000 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 3334 x 5,000 oz = 16,660,000 oz to which we add the difference between the open interest for the front month of MAR. 770) and the number of notices served upon today 2x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the MAR/2019 contract month: 3334 (notices served so far) x 5000 oz + OI for front month of MAR (770)- number of notices served upon today (2) x 5000 oz equals 20,410,000 oz of silver standing for the MAR contract month.

WE LOST 24 CONTRACT OR 120,000 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: 95,462 CONTRACTS //

 

 

CONFIRMED VOLUME FOR YESTERDAY: 59,,298 CONTRACTS..,,volume extremely high

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 59,298 CONTRACTS EQUATES to 296 million  OZ  42.3% 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 RISES TO -2.53% ((MARCH 6/2020)

2. Sprott gold fund (PHYS): premium to NAV RISES TO -1.91% to NAV MAR 6/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ 2.53%

(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 6/WITH GOLD UP $6.25 A MASSIVE 21.37 PAPER TONNES OF GOLD INTO THE GLD INVENTORY//INVENTORY RESTS AT 955.60 TONNES

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

 

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MARCH 6/2020/Inventory rests tonight at 955.60 tonnes

*IN LAST 774 TRADING DAYS: +18.37 NET TONNES HAVE BEEN REMOVED FROM THE GLD

*LAST 674 TRADING DAYS: A NET 184.50. TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

end

 

Now the SLV Inventory/

MARCH 6//WITH SILVER DOWN 10 CENTS: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 361.414 MILLION OZ

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 6//2020:  SLV INVENTORY

361.880 MILLION OZ

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

6 Month MM GOFO 1.07/ and libor 6 month duration 0.97

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

G0LD LENDING RATE: + .10

 

XXXXXXXX

12 Month MM GOFO
+ 1.06%

LIBOR FOR 12 MONTH DURATION: 0.94

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.08

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

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

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

HANG SANG CLOSED DOWN 131.51 POINTS OR 0.46%

 

2. Nikkei closed DOWN 422.94 POINTS OR 1.97%

 

 

 

 

3. Europe stocks OPENED ALL MIXED/

 

 

 

USA dollar index UP TO 97.24/Euro FALLS TO 1.1219

3b Japan 10 year bond yield: FALLS TO. –.13/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 107.85/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

 

3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 57.21 and Brent: 64.13

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

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

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

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

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

3j Greek 10 year bond yield FALLS TO : 2.09

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

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

3m oil into the 57 dollar handle for WTI and 64 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 107.85 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning .9875 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1077 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.32%

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

4. USA 10 year treasury bond at 2.05% early this morning. Thirty year rate at 2.57%

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

6.  TURKISH LIRA:  UP  TO 5.6988..

Blockbuster Jobs Report: Feb Payrolls Soar By 273,000, Smashing Expectations, As Unemployment Rate Drops… But Does Anyone Care?

After January’s payrolls revision, which saw almost a million jobs wiped out from the historical record, many analysts were expecting that the BLS would take advantage of the ongoing market shock and “kitchen sink” even more bad news, missing the consensus payrolls expectations of a 175K print for February. They were extremely wrong, because moments ago the BLS reported that in February the US economy added a whopping 273K jobs, smashing the consensus expectation of 175K by one hundred thousand, and tied for the best monthly increase since May 2018.

But wait, there’s more good news, because despite some initial disappointment, the change in total nonfarm payroll employment for December was revised up by 37,000 from +147,000 to +184,000, and the change for January was revised up by 48,000 from +225,000 to +273,000. With these revisions, employment gains in December and January combined were
85,000 higher than previously reported. This means that after revisions, job gains have averaged 243,000 per month over the last 3 months after averaging 178,000 per month in January. Try explaining that to anyone who claims the economy is late cycle.

There were less fireworks in the average hourly earnings data, which increased by 0.3% M/M in February, as expected, and rose 3.0% compared to a year ago, also in line with expectations. That said, the trend in annual wage growth is clearly lower.

The unemployment rate also improved, sliding from 3.6% to 3.5%, the lowest since July 2018…

… while the participation rate rose to the highest since mid-2013, or 63.4%

Finally, a breakdown by industry reveals the following:

  • Employment in health care and social assistance increased by 57,000 in February. Health care added 32,000 jobs, with gains in offices of physicians (+10,000), home health care services (+10,000), and hospitals (+8,000). Employment in social assistance increased by 25,000, with a majority of the gain in individual and family services (+18,000). Over the past 12 months, employment increased by 368,000 in health care and by 191,000 in social assistance.
  • Food services and drinking places added 53,000 jobs in February. Employment in the industry has increased by 252,000 over the past 7 months, following a lull in job growth earlier in 2019.
  • In February, government employment increased by 45,000, led by a gain in state government education (+16,000). Federal employment increased by 8,000, reflecting the hiring of 7,000 temporary workers for the 2020 Census.
  • Construction added 42,000 jobs in February, following a similar gain in January (+49,000). In 2019, job gains averaged 13,000 per month. In February, employment gains occurred in specialty trade contractors (+26,000) and residential building (+10,000).
  • In February, employment in professional and technical services increased by 32,000. Job growth occurred in architectural and engineering services (+10,000) and in scientific research and development services (+5,000). Employment continued to trend up in computer systems design and related services (+8,000). Over the past 12 months, professional and technical services has added 285,000 jobs.
  • Employment in financial activities increased by 26,000 in February, with gains in real estate (+8,000) and in credit intermediation and related activities (+6,000). Over the past 12 months, financial activities has added 160,000 jobs.
  • Employment in other major industries, including mining, manufacturing, wholesale trade, retail trade, transportation and warehousing, and information, changed little over the month.

Overall, this was a blockbuster jobs report, the only question we have is does anyone care not only since this was the “most irrelevant jobs report ever” and failed to capture to second half of February slowdown, but also because now that a rate cut to 0%, and even negative, is very much priced in, does any good news matter?

 

 

3A/ASIAN AFFAIRS

I)FRIDAY MORNING/ THURSDAY NIGHT: 

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

/Chinese yuan (ONSHORE) closed DOWN  at 6.8807 /Oil UP TO 57.21 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.8807 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8834 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

4/EUROPEAN AFFAIRS

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Twin Suicide Bombings Target US Embassy In Tunisia 

The US Embassy in the Tunisian capital of Tunis was targeted in a twin suicide attack on Friday, described as the most serious attack on any US diplomatic building in months.

Tunisia’s interior ministry confirmed that two suicide bombers blew themselves up just outside the embassy, killing themselves and wounding five police officers and a civilian.

 

Suicide bomber targets US Embassy in Tunisia on 6 March 2020, via Middle East Monitor/Twitter.

“Witnesses said a man on a motorbike blew himself up near the diplomatic mission in the Berges du Lac district, causing panic among pedestrians at the site,” Al Jazeera reports of the details.

The street outside the embassy appeared littered with debris and destroyed vehicles in the attack aftermath. However, the attackers didn’t appear to get past the embassy’s external security perimeter.

“We heard a very powerful explosion … we saw the remains of the terrorist lying on the ground after he went on the motorbike towards the police,” a local shopkeeper was cited in Al Jazeera as saying.

Mogadishu Update@Magdashi3

BREAKING: Huge explosion reported in Tunis, the capital Tunisia, reports say embassy was targeted. No casualties reported so far.

View image on Twitter
See Mogadishu Update’s other Tweets

At least one militant on a motorbike blew himself up outside the US embassy in Tunisia today, wounding police officers, witnesses said, in the country’s most serious attack in months, Reuters reported.

The explosion took place near the embassy’s main gate, where a Reuters journalist saw a scorched, damaged motorbike and a damaged police vehicle lying amid debris as police gathered around and a helicopter whirled overhead. — Middle East Monitor

Since the 2011 Arab Spring swept away Tunisia’s hard line secular regime, Salafists and other Muslim fundamentalists have reportedly been more visible in public life.

 

Security forces inspect the blast site near the US embassy, via AFP.

The North African Mediterranean country has also witnessed sporadic terror attacks over the past years, including a major one last summer involving ISIS coordinating three blasts in the capital including near the French embassy.

 

A policeman had been killed in that prior attack last year, which also wounded five others.

Ruptly

@Ruptly

Five injured after suicide bombing near embassy in

Embedded video

While ISIS and al-Qaeda linked factions have been active over the past years in Tunisia and the region, and have typically been quick to own up to their attacks, there was no immediate claim of responsibility in the early aftermath of Friday’s embassy attack.

 end
Afghanistan/USA
the deal is basically dead!!

Massacre In Kabul Targeted Politicians, Leaves 27 Dead – Presidential Candidate Barely Escapes

At a crucial moment at which the historic US-Taliban peace deal appears hanging by a thread – if not already dead altogether – and as Pompeo is dubiously pledging to keep it alive and push forward, gunmen have carried out a massacre in Kabul which nearly killed top Afghan political leader, Abdullah Abdullah.

At a moment top national leaders were attending a Shia commemoration ceremony in the Afghan capital, gunmen unleashed a hail of bullets in a major coordinated attack, killing at least 27 people, according to a health ministry statement.

 

British soldiers responded to the massive Friday attack, via AP/CNN.

“Twenty-seven bodies and 29 wounded transported by … ambulance so far,” a health ministry spokesman told Reuters in the aftermath. The number of wounded was later updated to at least 55 injured in the attack.

Crucially, the country’s Chief Executive and presidential candidate Abdullah Abdullah escaped unharmed, as well as the chairman of the Afghan High Peace Council Karim Khalili  who was giving a speech at the very moment the attack started, said to include rockets fired toward the crowd.

Khalili is seen in video frantically leaving the stage mid-speech as gunfire rings out, fleeing for his life:

Tamana Ashna@tamanaashna

The video of attack when Mohammad Karim Khalili, was giving a speech.

Embedded video

“The attack started with a boom, apparently a rocket landed in the area, Abdullah and some other politicians … escaped the attack unhurt,” Abdullah’s spokesman, Fraidoon Kwazoon, told Reuters.

CNN describes that armed men began firing down on the crowd from a nearby high-rise building, and in the hours after security forces were described as still pursuing the attackers.

 

Afghanistan’s Chief Executive under President Ashraf Ghani, Abdullah Abdullah, via DW.

Abdullah Abdullah said after escaping: “I will not blame anybody for this because I don’t have a full picture from our security forces, but we need to know who is, or who were, behind it,” according to CNN.

Crucially, the Taliban denied any involvement in the attack, and it’s as yet unclear just who was behind it, though the same commemoration event of a prior Shia national unity figure has in past been subject of armed attack.

6.Global Issues

WHO: Coronavirus Is More Deadly Than Originally Thought

Authored by Mac Slavo via SHTFplan.com,

The World Health Organization has announced that the death rate for those who contract the coronavirus is higher than originally thought.  Even though getting the coronavirus only comes with a 3.4% mortality rate, the virus’ rapid spread could bump that number even higher.

Originally, WHO assumed the death rate from those who get infected with the COVID-19 virus, was only 2%.  That has been revised upwards to 3.4%.

“Globally, about 3.4% of reported COVID-19 cases have died,” WHO Director-General Tedros Adhanom Ghebreyesus said during a press briefing at the agency’s headquarters in Geneva.

In comparison, the seasonal flu generally kills far fewer than 1% of those infected, he said.

Again, it’s not like this is a huge jump considering the number of people who have been infected, yet as this virus lingers, it has the unintended consequence of killing more than previously thought.

Additionally, a Harvard scientist claimed that the coronavirus could infect 70% of the population. That means 5.3 billion people could catch it and if the mortality rate is now 3.4%, almost 180 million people globally could die. That’s more than Joe Biden claims were killed by guns in the U.S. since 2007.

All joking aside, this could end up being a pretty serious debaclePrepping supplies are selling out, face masks that will actually help are selling out, and people are panicking over the stock market.  Unless you’ve prepared in advance, you are also likely feeling some anxiety.

World “authorities” admit they don’t know much about this virus, yet are hopeful it can be contained. Dr. Mike Ryan, executive director of WHO’s health emergencies program, said Monday that the coronavirus isn’t transmitting the same exact way as the flu and health officials have been given a “glimmer, a chink of light” that the virus could be contained.

“Here we have a disease for which we have no vaccine, no treatment, we don’t fully understand transmission, we don’t fully understand case mortality, but what we have been genuinely heartened by is that unlike influenza, where countries have fought back, where they’ve put in place strong measures, we’ve remarkably seen that the virus is suppressed,” Ryan said, according to CNBC

In other words: “no, it’s not ‘just like the flu, bro!”

END

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1297 UP .0075 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS //CORONAVIRUS/AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /RED

 

 

USA/JAPAN YEN 105.40 DOWN 0.867 (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 1.3048   UP   0.0098  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3423 UP .0031 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  FRIDAY morning in Europe, the Euro ROSE BY 75 basis points, trading now ABOVE the important 1.08 level RISING to 1.1297 Last night Shanghai COMPOSITE CLOSED DOWN 37.17 POINTS OR 1.21% 

 

//Hang Sang CLOSED DOWN 621.20 POINTS OR 2.32%

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

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 621.20 POINTS OR 2.32%

 

 

/SHANGHAI CLOSED DOWN 37.17 POINTS OR 1.21%

 

Australia BOURSE CLOSED DOWN.2.86% 

 

 

Nikkei (Japan) CLOSED DOWN 597.37  POINTS OR 2.72%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1674.

silver:$17.34-

Early FRIDAY morning USA 10 year bond yield: 0.785% !!! DOWN 13 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.31 DOWN 24  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 96.00 DOWN 82 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

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And now your closing FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.30% DOWN 0 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: -.12%  DOWN 0   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.21%//DOWN 0 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,07 UP 1 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 –.73% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.80% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.1297 UP     .0075 or 75 basis points

USA/Japan: 105.40 DOWN .867 OR YEN UP 87  basis points/

Great Britain/USA 1.3048 UP .0098 POUND UP 98  BASIS POINTS)

Canadian dollar DOWN 31 basis points to 1.3423

 

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The USA/Yuan,CNY: AT 6.9329    ON SHORE  (UP)..

 

THE USA/YUAN OFFSHORE:  6.9276  (YUAN UP)..

 

TURKISH LIRA:  6.0852 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

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

 

Your closing 10 yr US bond yield DOWN 13 IN basis points from THURSDAY at 0.785 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.31 DOWN 24 in basis points on the day

Your closing USA dollar index, 96.00 DOWN 92  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED DOWN 130.54  3.50%

German Dax :  CLOSED DOWN 402.85 POINTS OR 3.37%

 

Paris Cac CLOSED DOWN 221.99 POINTS 4.14%

Spain IBEX CLOSED DOWN 307.46 POINTS or 3.54%

Italian MIB: CLOSED UP 754.99 POINTS OR 3.50%

 

 

 

 

 

WTI Oil price; 41.52 12:00  PM  EST

Brent Oil: 45.45 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    68.57  THE CROSS HIGHER BY 1.00 RUBLES/DOLLAR (RUBLE LOWER BY 100 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.73 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 :  41.52//

 

 

BRENT :  45.45

USA 10 YR BOND YIELD: … 0.785… down 13 pts

 

 

 

USA 30 YR BOND YIELD: 1.31..down 24 basis pts.

 

 

 

 

 

EURO/USA 1.1297 ( UP 75   BASIS POINTS)

USA/JAPANESE YEN:105.40 DOWN .867 (YEN UP 87 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 96.00 DOWN 82 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3048 UP 98  POINTS

 

the Turkish lira close: 6.0852

 

 

the Russian rouble 68.57   DOWN 1.00 Roubles against the uSA dollar.( DOWN 100 BASIS POINTS)

Canadian dollar:  1.3423 DOWN 31 BASIS pts

 

German 10 yr bond yield at 5 pm: ,-0.73%

 

The Dow closed DOWN 256.50 POINTS 

 

 

NASDAQ closed DOWN162.98 POINTS

 


VOLATILITY INDEX:  41.94 CLOSED UP 2.32

LIBOR 3 MONTH DURATION: 0.9988%//libor dropping like a stone

 

USA trading today in Graph Form

Carnage: Credit, Crude, & The Yield Curve Crushed As Fed Admits “Credibility Eroding”

The global equity market cap collapsed by a record $9tn – or two-thirds of China’s GDP – in 9 days, while global; sovereign 10-year bond yields crashed below 1.00% for the first time ever…

Source: Bloomberg

Even the veteran-ist of veteran traders were shocked by this week’s moves…

“Panic moved up a few notches from already extremely high levels,” said one trader today,

“I thought last Friday was the blow off top and then a few times this week before today but now its beyond belief,” he said, noting the rally in 30-yr to all- time lows.

The flip from Extreme-est Greed to Extreme-est Fear was unprecedented…

Or put another way…

But the real shock was from Federal Reserve Bank of St. Louis President James Bullard, who admitted central banks are losing their credibility rapidly: “Many central banks have consistently missed their stated inflation targets to the low side for many years… Critically, the central bank has to be able to actually deliver the required.” Which means…

“Credibility of central banks, instead of improving over time based on the achievement of stated goals, seems to be eroding instead.”

That’s quite an admission but 100% correct and this week’s carnage after an emergency 50bps rate-cut did nothing to calm fears is a perfect example…

And despite a huge resurgence in the Fed’s balance sheet, stocks were not playing along at all…

Source: Bloomberg

Today was quite a day across every asset class. We gathered some of the most shocking market move headlines of the day for some perspective:

  • GLOBAL CONFIRMED CORONAVIRUS CASES SURPASS 100,000
  • EUROPE DEBT RISK GAUGE EXTENDS RISE TO HIGHEST SINCE JUNE 2016
  • GERMANY’S 10-YEAR BOND YIELD FALLS TO RECORD LOW
  • GERMANY’S 30-YEAR BOND YIELDS FALL TO ALL-TIME LOW
  • EUROPE SENIOR FINANCIAL DEBT-RISK JUMPS MOST SINCE 2018
  • JPMORGAN EMBIG DIVERSIFIED SOVEREIGN SPREAD RISES ABOVE 400 BPS
  • EMERGING-MARKET USD SOV.-BOND PREMIUM JUMPS MOST SINCE 2011
  • U.S. TREASURY 5-YEAR YIELD FALLS BELOW 0.50%
  • U.S. 30-YEAR YIELD FELL AS MUCH AS 30BP ON INTRADAY BASIS
  • U.S. 30-YEAR YIELD SET FOR BIGGEST ONE-DAY DROP SINCE 2009
  • U.S. CREDIT MARKET FEAR GAUGE SURGES MOST SINCE AT LEAST 2011
  • VIX’S 3-WEEK CHANGE IS BIGGEST EVER – BIGGER THAN LEHMAN
  • WTI CRUDE FUTURES DOWN 10.% – BIGGEST FALL SINCE 2014

For some context – the recent bond market collapse has never, ever happened before…

George Goncalves@bondstrategist

If you can tell from my tone, this troubles me, so I went back and looked into this, we have never had a 50% change in 10y yield levels in either direction over a 2-wk window. We have had larger rallies (yup in 4Q08) but nothing comes close to cutting rates in half this fast… https://twitter.com/bondstrategist/status/1235850520188694528 

View image on Twitter
George Goncalves@bondstrategist

US 10 year – halved since the Corona virus hit the world, from 1.6% to 0.797% in 15 sessions https://themarketear.com/posts/cyrBtawhLU 

62 people are talking about this

And as The Fed cut rates, the 30Y Yield chased it down, along with the rest of the curve…

Source: Bloomberg

As Nomura’s Charlie McElligott details, panic moves in US Rates as Duration / Convexity goes “offer-less,” with 10Y yields hitting a fresh record low of 0.6932%, multiple “limit-UP” halts in UST Ultra bond futures and 30Y UST yields crashing down -22bps at the extremes (5s30s was flatter by -14bps at one point) in an investor climate that is fixated on “imminent global recession” via pandemic “lock-down”-NYT piece stating that over 2700 people have quarantined themselves in New York City, while new cases in S Korea frighteningly re-accelerate

This obviously has the look of a Rates “convexity-event” (forced hedging / buying at the highs from mortgage investors, insurance companies and those who are “short options”—i.e. all the Vol dealer desks selling low-strike receivers for the past few years, or the market makers short those 350k ED$ “Par Calls” for Jun expiry!)

but this is also a simple function of OIS markets now pricing-in a full ADDITIONAL 50bps rate cut on March 18th from the Fed already, as well as the obvious dynamic where “Rates are your everything hedge” from cross-asset investors (i.e. Equity L/S investors buying ED$ upside).

Source: Bloomberg

Today was also the biggest single-day jump in the Ultra Bond Future ever…which prompted fears of a major macro fund blowing up.

Source: Bloomberg

China is still massively outperforming US and Europe since the start of the Covid-19 crisis…

Source: Bloomberg

Today’s US equity market carnage sent all the majors into the red for the week, but the last 30 minutes saw the machines work ultra-hard to get the Dow, S&P, and Nasdaq green…

Was The PPT in the house again?

Somebody do something!

Another late-Friday panic-buy?

The Elon Musk Ramp? “The coronavirus panic is dumb”

So are we due for a bounce now?

Source: Bloomberg

US Banks have now crashed over 27% from their early Jan highs…

Source: Bloomberg

The biggest US banks have been bloodbath’d…

Source: Bloomberg

But, more worryingly, Global Systemically Important Banks stocks have crashed to their lowest since 2016…

Source: Bloomberg

While energy stocks were already getting clubbed like baby seals, the last two weeks have seen them collapse 22%…

Source: Bloomberg

MAGA Stocks have now lost over $750 billion in market cap (Note that the Q4 2018 collapse wiped just over $1 trillion)…

Source: Bloomberg

The week saw defensives dominate as cyclicals were hammered…

Source: Bloomberg

VIX topped 54 intraday for the first time since 2009…

This is the biggest 3-week surge in VIX… ever…

Source: Bloomberg

The VIX term structure is in massive backwardation…

Source: Bloomberg

The VIX Term structure hasn’t been this inverted since Lehman…

Source: Bloomberg

Europe’s VIX exploded this week, closing at its highest since the 2011 crisis…

Source: Bloomberg

Treasury ‘VIX’ surged today to its highest since 2011…

Source: Bloomberg

Credit markets were a bloodbath this week, with both HY and IG blowing out in US and EU…

Source: Bloomberg

And if you thought that credit’s biggest blowout ion a decade was notable, it’s nothing if it starts to catch up to its capital structure colleague on risk…

Source: Bloomberg

US Treasury yields collapse this week was nothing short of stunning with the entire curve down 40-50bps!!

Source: Bloomberg

10Y Yields crashed to a stunning 65bps overnight…

Source: Bloomberg

The 30Y Yield accelerated lower in the last hour, crashing below the Fed Funds Rate!

Source: Bloomberg

The yield curve flattened drastically,,,

Source: Bloomberg

Some perspective to where were just over a month ago…

Source: Bloomberg

The Dollar Index fell for the 2nd straight week (down 6 of the last 7 weeks)…

Source: Bloomberg

On a broad trade-weighted basis, the dollar has been gaining against the rest of its fist peers, but crashing relative to hard money…

Source: Bloomberg

Cryptos rallied on the week led by Bitcoin Cash…

Source: Bloomberg

Crude was obviously the week’s biggest commodity loser , copper went nowhere as PMs were bid…

Source: Bloomberg

WTI crashed over 10% today after the collapse of OPEC+ talks, its biggest drop since 2014…

Source: Bloomberg

Brent was worse, with its biggest drop since Jan 2009…

Source: Bloomberg

Oil ‘VIX’ has exploded higher…

Source: Bloomberg

This is the worst start to a year for crude since 1986…

Spot Gold soared up to $1690 – the highest since Jan 2013

Source: Bloomberg

Finally, there’s this…

Matthew Boyle@bizboyle

That’s quite a serious out of stock at Costco….

View image on Twitter
70 people are talking about this

And here is the stunning punchline:  out of the five historical instances of this week’s pattern of trading (leaving out the present case for obvious reasons), Nomura finds that the only instance that was followed by a sustained market rally was that of April 1933, when the US abandoned the gold standard in the midst of the Great Depression.

And while it would be next to impossible to confiscate gold, a massive dollar devaluation against the yellow metal may be just what the Fed is planning next (as Harley Bassman suggested in 2016)

As Sven Henrich tweeted into the close:

“A world without central banks in control is a scary world indeed. People actually have to actively think about their investments.”

Trade, or hoard, accordingly!

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

Ja-Panic? – Stocks & Bond Yields Are Collapsing As Asia Opens

10Y Treasury yields are collapsing to new record lows as Asian markets open – down to a stunning 82bps…

Source: Bloomberg

2Y TSY yields are back below 50bps…

Source: Bloomberg

For the first time since 2016…

Source: Bloomberg

China’s 10Y Yields just fell to a record low…

Source: Bloomberg

And Dow futures are down over 200 points, accelerating lower as no apparent imminent intervention from The BoJ is seen…

AsiaPac stocks are a sea of red…

And the dollar continues to get dumped…

 

But don’t worry, a good jobs print tomorrow will bring the machines back on line in dip-buying, must confirm all is well mode… or not!

The market is now pricing in 3 more rate-cuts to the April Fed meeting…

That will save us for sure! Right?

 

 end
LATE MORNING

US Stocks Crash Into Red On Week, Treasury Yields Are Utterly Collapsing

A disastrous opening for US stocks – the worst yet during the crisis – has sent all US major equity indices into the red for the week…

The Dow is down 800 points…

VIX has exploded back to nearly 49…

But it is the bond markets that are utterly mind-blowing.

30Y Yields are down 30bps today!!

This is utterly unprecedented.

But it is the stress in funding markets – USD FRA/OIS is blowing out – that should worry people most…

Buckle Up.

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

iii) Important USA Economic Stories

Negative Rates In The US Are Virtually Guaranteed Now

Authored by Simon Black via SovereignMan.com,

On October 19, 1987, the US stock market suffered the worst crash in its more than 200 year history, dropping more than 23% in a matter of hours.

It wasn’t just in the United States, either. More than 20 major stock markets around the world, from London to Hong Kong to Australia, fell by similar amounts.

And economists estimate that stocks worldwide lost roughly $1.7 trillion of value (approximately 10% of global GDP at the time) during the October 1987 crash.

The next morning on October 20th, the Federal Reserve announced that they would do whatever it takes to support the economy.

And ten days later they cut interest rates by 0.5%.

Yesterday the Federal Reserve did the same thing. Stock markets worldwide have been jittery lately due to Corona Virus fears, so the Federal Reserve stepped in and cut interest rates by 0.5%.

Honestly there are so many things that are remarkable about this—

First, the Fed already has a regularly scheduled meeting coming up in two weeks on March 17th. But apparently they thought the situation was so severe that they held an emergency meeting yesterday and hastily voted to cut interest rates by 0.5%.

Just think about what that means: 30+ years ago, the Fed cut rates by half a percent after, literally, the worst day in the history of the stock market.

Today’s stock market turmoil is nowhere near as bad as it was in 1987. Sure, the market is down around 10% over the past two weeks.  But where is the law that says the stock market isn’t allowed to fall? Capitalism is all about risk and reward. There are supposed to be periods of decline.

But to the Fed, a 10% correction is catastrophic… SOOOOO catastrophic, in fact, that they couldn’t even wait two more weeks for their regularly scheduled meeting. They had to take immediate action to prop up the stock market.

Ironically, this interest rate cut caused investors to panic even more. After the Fed made its announcement, the Dow Jones Industrial Average plummeted another 800 points.

It’s as if the entire market collectively thought, “Holy cow, if the Fed is taking EMERGENCY action, things must be even worse than we thought.” So the rate cut had the opposite effect as intended.

The Fed also managed to confuse the hell out of everyone… which is something they’ve been doing a lot of lately.

Last year, for example, even when they insisted that the US economy was booming and the unemployment rate was at a record low, they still cut rates by 0.75%… which is typically something they would only do when there’s economic weakness.

And then, yesterday at 10am, the Fed announced that “the fundamentals of the US economy remain strong. . .” But just an hour later they changed their tune and said, “risks to the US outlook have changed materially.”

Go figure, the market tanked even more.

Perhaps most comical is that the entire episode was forgotten by this morning… and the only story that seems to be driving the market is the resurrection of Joe Biden.

So the Fed basically blew a 0.50% rate cut and has absolutely nothing to show for it.

Here’s why that matters…

In the crash of 1987 when the Fed cut interest rates, its benchmark rate was 7.25%. So a half-percent cut was not especially significant.

In 2000 when the US economy entered recession (and the stock market started to fall from its peak), the Fed’s benchmark rate was 6.5%.  So they had plenty of room to cut rates.

In 2007 when the US economy entered recession yet again (and the stock market started to fall from its peak), the Fed’s benchmark rate was 5.25%– still plenty of room to cut rates.

But as of yesterday morning, the Fed’s benchmark interest was just 1.75%. So a 0.5% cut is pretty huge. Do the math– they cut interest rates by nearly a third, down to 1.25%.

[ZH: The market is already demanding another 50bps-plus cut in March…]

This gives them VERY little room to cut rates further when the US economy enters recession, virtually guaranteeing that interest rates in the Land of the Free will go negative.

[ZH: in fact, the market is already pricing that rates will be just 37bps by Dec 2020]

Remember that, in a typical recession, the Fed cuts interest rates by an average of 5%.

Rates right now are only 1.25%… so we could easily see rates at MINUS 3 to 4%.

[ZH: Traders are rapidly ramping up their bets on The Fed going negative]

Just imagine paying money to deposit your savings at the bank (Wells Fargo will have so much fun), or being paid to borrow money…

That is now a very likely possibility in the most advanced economy in the world.

I probably don’t have to tell you this, but negative interest rates will almost certainly be very positive for gold prices, and gold-related investments.

More on that soon… because this emotional roller coaster is far from over.

*  *  *

And to continue learning how to ensure you thrive no matter what happens next in the world, I encourage you to download our free Perfect Plan B Guide.

END

Another ‘Nightmare At Sea’: California Scrambles To Test Passengers Aboard ‘Grand Princess’ Cruise Ship

It’s like the world’s most horrifying case of de ja vu. A cruise ship carrying 3,500 passengers and crew (2,700 passengers, roughly 800 crew) is floating listlessly in the waters off San Francisco after Cali Gov. Gavin Newsom barred it from docking in the Bay Area city, which reported its first two “presumptive” cases just last night.

California officials on Thursday confirmed that four others who traveled during a previous voyage of the ship have been sickened, and another passenger died in California, becoming the first US death outside the Seattle area earlier this week. The 71-year-old man from Sacramento was said to have had other underlying health issues. Two of the four passengers mentioned above are among the patients who have been hospitalized with the virus in Northern California.

The other two have been asked to self-quarantine at home.

A military helicopter delivered test kits to the ship on Thursday after reports claimed 35 passengers had shown suspicious symptoms. Newsom has said he won’t allow the ship to dock until its passengers have all been “properly assessed.” As of last night, officials had identified 100 people as priorities for testing, and as President Trump said during a press conference Friday morning as he signed the $8.3 billion aid package into law, people are being tested “as we speak.” The results from the first batch of tests are expected Friday afternoon.

Another American passenger who traveled with the other five during the prior voyage in question told the BBC that she and her husband had fallen ill after returning home, but hadn’t given it much thought until reading about the passenger who died. The two complained that they “couldn’t get a straight answer” about how to get tested.

“They’re telling us to stay home, but nobody told me until yesterday to stay home,” she said.

“We were in Sacramento, we were in Martinez, we were in Oakland. We took a train home from the cruise. I really hope that we’re negative so nobody got infected.”

Of course, the cruise ship situation immediately brings to mind the ‘Diamond Princess’, another ship, owned by the same Carnival Cruise subsidiary, that was for weeks home to the largest outbreak outside China, eventually, just over 700 cases were confirmed among its passengers and crew, and several governments, including the US, evacuated citizens from a quarantine overseen by the Japanese government. Six people eventually died. Several passengers have died, and the Japanese and the State Department have been criticized over their handling of the situation.

END

Stockman: “Hey, Jay, Enough Of Your Stinkin’ Easy Money!”

Authored by David Stockman via LewRockwell.com,

It doesn’t get any more pathetic than this. The Fed cuts the absurdly low money market rate by another 50 basis points at 10AM and before noon the Donald is banging the podium for more.

So if you ever needed a final warning to get out of the casino, today’s back-to-back eruption of financial insanity from the two most powerful economic actors on the planet should be it.

Even then, we might be inclined to give the Donald a tad bit of slack. After all, he’s an absolute dunderhead on economics and spent a lifetime as a leveraged real estate speculator, where, in fact, lower rates are always, but always, to be welcomed when you’re rolling the dice with other people’s money.

Still, it doesn’t get any more primitive or dangerous than the Donald’s current conviction that the price of money should be graduated lower based on the current year international league tables of GDP growth or the level of presidential braggadocio, as the case may be.

Effectively, however, the tiny posse of fools who run the ECB and the BOJ are burning down the financial foundations of their own economies. So the Donald insists we burn down ours, too.

Folks, that’s the sum, substance and full extent of his “thinking”:

“As usual, Jay Powell and the Federal Reserve are slow to act. Germany and others are pumping money into their economies. Other Central Banks are much more aggressive,” Trump said, referring to the Fed chairman.

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

By contrast, the empty suite and sniveling coward who announced this week’s emergency 50 basis point cut deserves no quarter whatsoever. The man is so petrified of a hissy fit by the boys, girls and robo-machines in the trading pits that he has just plain abandoned any pretense of rational financial thought.

In fact, you could dismiss his meandering comments at the post-announcement presser as risible drivel and be done with it.

Except, except….Powell and his merry band are so drunk with financial power that they now believe any ragged, threadbare, illogical excuse to display their muscle and placate the crybabies and bullies of Wall Street is all that’s required. That is, there are no tradeoffs, no risks – just cut and print, rinse and repeat.

Thus, spake Pusillanimous Powell, averring that the central bank’s action would provide –

“….a meaningful boost to the economy” by loosening financial conditions and shoring up business and household confidence.

“We saw a risk to the outlook for the economy and chose to act,” Powell said, noting the impact on tourism and travel and on company supply chains. “I do know that the U.S. economy is strong…I fully expect that we will return to solid growth and a solid labor market as well.”

“We do recognize that a rate cut will not reduce the rate of infection, it won’t fix a broken supply chain; we get that, we don’t think we have all the answers,” Powell said. Still, he said, it will help support “overall economic activity.”

Needless to say, this is group think run amuck. There is apparently no longer a single Fed head who understands that interest rates are not merely one-way control dials, which exist solely to enable the FOMC to fine-tune the path of the nation’s $22 trillion GDP.

Somewhere over the last decades of Keynesian central banking, the truth that savers are being harmed every time the Fed pleasures Wall Street speculators with another rate cut has been lost completely. So has the notion that rate signals intended to encourage homeowners to buy a house or businesses to build a plant also foster ever more carry trade speculation on Wall Street and reward C-suites for investing in Wall Street pleasing buybacks and M&A deals, not productive investment in plant, equipment, technology, intellectual capital and human resources.

Accordingly, we have now reached the point were the Fed is no longer even in the business of safeguarding sound money and financial system efficiency and stability. Instead, it’s morphed into a grand macroeconomic underwriter, purporting to insure the US economy against any and all bumps in the road, regardless of their origin.

We already had them insuring against the Donald’s Trade War madness with 3 rate cuts last summer. Then with their repo facility madness in the fall, they were essentially insuring against the adverse rate and growth impacts of Washington’s borrowing binge.

And now they are throwing the untoward impacts of plagues and flood onto their underwriter’s table. So presumably anything could be next – even a mass outbreak of hangnails and toe fungus.

In fact, the true nature of central bank intervention in financial markets is just the opposite. To wit, tampering with asset prices is the most dangerous and potentially destructive thing any agency of the state could undertake because it fuels greed, recklessness, speculation, malinvestment and economic errors throughout the length and breadth of the system; and, to paraphrase Keynes’ famous observation about inflation, in ways that not one in a million central bankers could possibly comprehend.

In other words, what was announced this morning had nothing to do with central banking by any even loose historical definition of the term. It was actually another, even more over-the-top exercise in monetary central planning of the GDP and all that is subsumed under its $22 trillion girth.

But why in the world would anyone – even arrogant, self-regarding Fed heads – believe they can comprehend the infinite complexities and feedback loops of the GDP? That is, the $22 trillion here and the $85 trillion worldwide economy in which it is intricately and intimately intermeshed.

Yet if you presume to know that a 1.05% money market rate rather than a 1.55% rate will produce optimum economic outcomes under the shadow of Covid-19 uncertainty and disruption, then you positively do need to comprehend all the highways and bi-ways weaving through $22 trillion of input/output tables that only crudely comprehend the blooming, buzzing mass of activity which is actually the US economy.

Self-evidently, the Fed heads no longer even try to explain the macroeconomics of rate-cutting when they are cheek-by-jowl with the zero bound. They just assert ex cathedra that it will do some good – and not even from the actual quantitative flow economics that the Fed historically avowed.

That is, back in the day, if credit was not flowing to homeowners because high rates made borrowing prohibitive, it turned the rate dials lower in order to reduce bank disintermediation and thereby give S&Ls the means to lend, home-buyers the incentive to borrow and home-builders a boost to their order books.

And, by contrast, if rates got so low as to cause building activity to skyrocket, thereby fueling rampant wage, lumber and building lot inflation, they proceeded to dial up rates to cool things down.

We think the powers of the free market were always up to the task of credit flow regulation on their own: Freely mobilized interest rates always clear markets and bring forth more savings if needed, and more credit demand where economics require.

So central bank regulation of credit flows was never really necessary, but here’s the thing: In the present regime of massively subsidized and mispriced capital which the world’s central banks have fostered, there simply isn’t any credit flow channel to regulate.

Debt capital has become virtually unlimited and tantamount to free so there simply are no interest rate or credit supply barriers to spending and investment.

Likewise, the world economy has become so over-invested and malinvested in physical production capacity that the old-fashioned “demand-pull’” inflation just doesn’t happen. Or at least until now it hasn’t because the subsistence rice paddies and villages of the developing world had not yet been drained of cheap labor.

That’s why today’s monetary central planners don’t even talk about credit flows to the main street economy any more. There is no problem there for their ministrations to solve.

Instead, they talk about “easing financial conditions” and “supporting financial confidence”. That is to say, monetary policy is no longer even about money or credit; it’s an exercise in state-directed psy-ops.

And when you look into the real purpose of Fed psy-ops, which was the explicitly acknowledged purpose of today’s emergency rate cut, you quickly come to understand why Wall Street has morphed into a casino and the Fed its dutiful handmaid.

To wit, “easier” financial conditions mean low credit spreads and high stock prices or “risk on”. By contrast,”tighter” financial conditions are defined by widening credit spreads and falling stock prices and PE multiples and “risk off”.

Needless to say, in today’s debt-entombed main street economy, the Fed’s psy-ops with respect to “financial conditions” are neither here nor there. No wannabe homebuyer is influenced by the Fed’s psy-ops and no businessman stocks or destocks inventories or adds or subtracts from CapEx budgets based on whether the casino has been coaxed into a temporary risk-on or risk off mood by the Fed heads.

Stated differently, Fed policy is now almost exclusively about keeping stock prices high and rising, and nipping any even half-assed effort at correction in the bud, and violently so.

Self-evidently, this week’s grand exercise in psy-ops failed spectacularly and like never before. The casino shifted by 1200 Dow Points between the post-cut announcement high and the intra-day low. And in the wrong direction!

Moreover, that bust comes on top of the 4800 Dow point plunge from the February 19th high to the February 28th intra-day low, which was followed by a 2000 point rise from last Friday’s low to Monday’s insane closing high.

In other words, the Fed long ago exited the sound money business. After the great financial crisis and its balance sheet pumping spree thereafter it also existed the credit flow control business.

And with today’s monumental error, it has now, apparently, euthanized its psy-ops tool, as well.

In the days ahead we will elaborate on the truly dangerous new financial world that now exists in the wake of the Fed’s self-defenestration. But in the meanwhile, Gary Kaltbaum captured the madness now loose in the land in his trenchant commentary issued immediately after the Fed’s announcement:

Powell lowered rates in the past few minutes because the market was heading lower today. He wasn’t going to make the move today until he saw the DOW down 300 early. This is not about a virus. This is not about an economy. This is about the markets…AGAIN! This is about the Bernanke, Yellen, Powell, Kuroda, Carney, Draghi, LaGarde markets that have made markets addicted to their easier money moves with an unaccountable and limitless amount of conjured up money. Do you not think he sees what we have reported to you? That like a well-trained dog, markets react to his every whim?

So what did Powell just do…or at least try to do:

He screwed Aunt Mary and Uncle Bob…AGAIN! Yes…how dare you want risk-less income investments! How dare you want a decent money market rate! Screw you Mr. and Mrs. Saver.

The continuation of the asset bubble. (SEE A CHART OF ANY INDEX PAST 11 YEARS)

A widening of the wealth gap. Yes…all these politicians complaining about the wealth gap? Look no further.

The continuation of the distorting or price and yield in bond markets.

BOTTOM LINE:
Another in a long line of moves to stanch any bleeding in the markets. Mr. Powell is easily Mr. Obvious. By the way, do you know how pundits and futures markets give percentage chances of rate cuts in the future? Since we have nailed these rate cuts all the way down, here is our latest.

WE GIVE IT A 100% CHANCE THAT WE WILL NOT ONLY EVENTUALLY BE BACK AT 0% BUT WE WILL EVENTUALLY DO THE NEGATIVE RATE DANCE. BOOK IT NOW!

LASTLY:
If we ever get to the day where markets do indeed shoot the middle finger back at these market interlopers…head for the hills. If we ever get to the day where the markets see these moves as desperation…head for the hills. Initial reaction…rally 700 points in minutes…drop 600 points in minutes…rally back 300 points in minutes. Welcome to your central bank markets.

He got that last bit right. It may well have happened within minutes after he hit the send button.

*  *  *

Originally posted at David Stockman’s Contra Corner.

iv) Swamp commentaries)

 

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

How coronavirus chaos is affecting payroll in China

Consultant Gary Dvorchak has lived in Beijing for the past 6 ½ years. He’s back in the US right now but only because of the coronavirus chaos…. “Last Friday was payday. Employees were to get their monthly pay. Landlords were to receive rent. Banks were to receive monthly payments,” says Dvorchak… “Businesses with reserves may face severe issues at the end of March, when the next payday hits,” he says. “March is a make-or-break month for the Chinese economy.”… The impact of people having no money is only beginning to be felt,” Dvorchak said…

https://nypost.com/2020/03/04/how-coronavirus-chaos-is-affecting-payroll-in-china/

The Fed has clearly panicked.  Its balance sheet soared $83B to $4.242T as of Wednesday, the highest level since 8/8/18.  The sideways consolidation since mid-December has broken out to the upside.

There is no way to predict the impact of the Covid-19 virus on the February Employment Report.  Sampling usually occurs during the second week of the month.  So, it’s uncertain if the BLS was able to capture the true impact of the economic ebbing.

For February 2019, the BLS’s hokey Birth/Death Model crafted 137k jobs.

https://www.bls.gov/web/empsit/cesbdhst.htm

The Fed could inject a $1 trillion and cut rates to zero, but that will not induce people to fly more, travel more, take more cruises, dine out more, mingle with crowds more, etc., etc., etc.

The current situation is unlike 1987, 1989, 2000, 2008, 2011, 2012 or Christmas Eve 2018.  No amount of rate cuts or asset purchases will persuade the masses to act against their personal health interests.

JP Morgan CEO Jamie Dimon had emergency heart surgery last night.  JPM is the key repo market force.

Well that is all for today

Due to her horrid Super Tuesday, Elizabeth Warren dropped out of the race on Thursday.

 

@realDonaldTrump: Elizabeth “Pocahontas” Warren, who was going nowhere except into Mini Mike’s head, just dropped out of the Democrat Primary…THREE DAYS TOO LATE. She cost Crazy Bernie, at least, Massachusetts, Minnesota and Texas. Probably cost him the nomination! Came in third in Mass.

Another big Super Tuesday loser: Hunter Biden – He’s back on the radar screen.

 

Joe Biden: “I promise you cures for cancer, Alzheimer’s and diabetes.”

https://twitter.com/shereeny/status/1235365241833369600

 

ABC: McConnell criticizes Schumer over remarks about two Supreme Court justices. “I would suggest that my Democratic colleagues spend less time trying to threaten impartial judges, and more time coming up with ideas that are actually constitutional.”   https://abcn.ws/2TrBr1K

 

Senate Majority Leader McConnell on Schumer: “astonishingly reckless and completely irresponsible

 

ChadPergram: McConnell on Schumer: An unhinged and unstable left-wing activist attempted a mass murder of congressional Republicans at a baseball field… A Senate leader appearing to threaten or incite violence on the steps of the Supreme Court could literally be a matter of deadly seriousness

 

@realDonaldTrump: Schumer has brought great danger to the steps of the United States Supreme Court!

 

@TomBevanRCP: We’ve spent hours this morning combing sites across the political spectrum putting together the RCP front page. We could only find 1 piece from a center-left/progressive columnist condemning Schumer over his remarks yesterday. So kudos to @RuthMarcus [in WaPo]

.

Note to Schumer: 18 U.S.C. § 115 – U.S. Code – Unannotated Title 18. Crimes and Criminal Procedure § 115.  Influencing, impeding, or retaliating against a Federal official by threatening or injuring a family member – Whoever… (B) threatens to assault, kidnap, or murder, a United States official, a United States judge, a Federal law enforcement officer, or an official whose killing would be a crime under such section, with intent to impede, intimidate, or interfere with such official, judge, or law enforcement officer while engaged in the performance of official duties, or with intent to retaliate against such official, judge, or law enforcement officer on account of the performance of official duties, shall be punished as provided in subsection (b)… (4) A threat made in violation of this section shall be punished by a fine under this title or imprisonment for a term of not more than 10 years, or both, except that imprisonment for a threatened assault shall not exceed 6 years…

https://codes.findlaw.com/us/title-18-crimes-and-criminal-procedure/18-usc-sect-115.html

 

Even LAURENCE TRIBE is hammering Chuck Schumer for his unhinged rant about Kavanaugh and Gorsuch    https://twitchy.com/dougp-3137/2020/03/04/beneath-him-and-his-office-even-laurence-tribe-is-hammering-chuck-schumer-for-his-unhinged-rant-about-kavanaugh-and-gorsuch/

 

Democrats, apparently to protect Biden, are again changing debate rules.  The change could prevent Tulsi Gabbard from appearing at the next debate.  Sen. Kamala Harris was an early favorite for the Dem Presidential nomination.  Reportedly she was the pick of Team Obama.  Gabbard eviscerated her at the July debate and ended Harris’s campaign.  Dems fear she could do the same to Biden.

 

DNC says debate ‘threshold will go up’ after Gabbard clears previous mark

Candidates who had at least one pledged delegate automatically qualified for the debates that took place in New Hampshire, Nevada, and South Carolina earlier this year. Hinojosa did not elaborate on what the new requirements will be, but if Gabbard fails to secure more delegates in next week’s primaries, she could be left out of the next debate in Arizona on March 15… Gabbard was a star of one of the early debates, when she took Sen. Kamala Harris, D-Calif., to task for her record as a prosecutor…

https://www.foxnews.com/politics/dnc-says-debate-threshold-will-go-up-after-gabbard-clears-previous-mark

 

Romney could block subpoena in Hunter Biden probe

The Utah senator said that the investigation “appears political”

https://justthenews.com/government/congress/romney-could-block-subpoena-hunter-biden-probe#.XmGnt1NA2pM.twitter

 

Romney is deceitful and conflicted. A Romney ex-adviser, Joseph Cofer Black, was on the Burisma board with Hunter Biden.  Plus, Romney had no problem with the politics of Trump’s impeachment.

 

I will see you Monday night.

 

 

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