MARCH 23//Fed UNLEASHED UNLIMITED BUYING OF GOVERNMENT BONDS, CORPORATE BONDS, MUNI BONDS: THE ONLY LEFT LEFT OFF WAS EQUITY STOCKS//WE NOW AWAIT THE TRUMP’S FISCAL PLAN AND TOGETHER THAT SHOULD BRING DOWN THE DOLLAR//GOLD SHOOTS UP $76.00 TO $1557..SILVER UP 71 CENTS TO $13.11//CORONAVIRUS UPDATE FROM MANY COUNTRIES//

GOLD::$1557.80  UP $76.00

 

 

 

Silver:$13.11//UP 71 CENTS (COMEX TO COMEX CLOSING)

Closing access prices:

 

 

 

Gold : $1554.00

 

SILVER:  $13.24

Well we received the first part of the QE equation today, with the Fed promising to buy unlimited government bonds, corporate bonds, munis etc.  The only left off were stocks but that will come

 

We now await the fiscal end:  how much Trump will add to the stimulus and together both will bring down the dollar

 

 

 

 

 

COMEX DATA

 

 

 

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

today RECEIVING:  56/260

DLV615-T CME CLEARING
BUSINESS DATE: 03/20/2020 DAILY DELIVERY NOTICES RUN DATE: 03/20/2020
PRODUCT GROUP: METALS RUN TIME: 21:58:19
EXCHANGE: COMEX
CONTRACT: MARCH 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,484.000000000 USD
INTENT DATE: 03/20/2020 DELIVERY DATE: 03/24/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
118 H MACQUARIE FUT 1
323 H HSBC 259
435 H SCOTIA CAPITAL 105
657 C MORGAN STANLEY 40
661 C JP MORGAN 56
737 C ADVANTAGE 1 11
905 C ADM 47
____________________________________________________________________________________________

TOTAL: 260 260
MONTH TO DATE: 2,126

 

NUMBER OF NOTICES FILED TODAY FOR  MAR CONTRACT: 260 NOTICE(S) FOR 26,000 OZ (0.8087 tonnes),

TOTAL NUMBER OF NOTICES FILED SO FAR:  2126 NOTICES FOR 212600 OZ  (6.6127 TONNES)

 

 

 

 

SILVER

 

FOR MARCH

 

 

55 NOTICE(S) FILED TODAY FOR 275,000  OZ/

total number of notices filed so far this month: 4217 for 21,085,000 oz

 

BITCOIN MORNING QUOTE  $5837 UP $30 

 

BITCOIN AFTERNOON QUOTE.: $6324 UP 506

GLD AND SLV INVENTORIES:

WITH GOLD UP $76.00 WE HAD A HUGE WITHDRAWAL OF 21.50 TONNES???

GLD: 908.19 TONNES OF GOLD//

 

 

WITH SILVER UP 71 CENTS TODAY: A STRONG DEPOSIT OF 2.332 MILLION OZ INTO THE SLV

 

 

RESTING SLV INVENTORY TONIGHT:

SLV: 375.779  MILLION OZ./

 

 

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI FELL BY A CONSIDERABLE SIZED 1764 CONTRACTS FROM 164,039 DOWN TO 157,918 AND FURTHER FROM OUR NEW RECORD OF 244,710, (FEB 25/2020.  THE LOSS IN OI OCCURRED DESPITE OUR HUGE 39 CENT GAIN IN SILVER PRICING AT THE COMEX. WE HAD ZERO LONG LIQUIDATION,  AS ALL OF THE LOSS IN OI IS DUE TO  BANKER SHORT COVERING PLUS AN ATMOSPHERIC EXCHANGE FOR PHYSICAL ISSUANCE AND A STRONG INCREASE IN AMOUNT STANDING AT THE COMEX. WE HAD A HUGE NET GAIN IN OUR TWO EXCHANGES OF 4245 CONTRACTS  (SEE CALCULATIONS BELOW)

 

 

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

; MARCH:  00 AND MAY: 6009 AND JULY: 0 ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  6009 CONTRACTS. WITH THE TRANSFER OF 6009 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 6009 EFP CONTRACTS TRANSLATES INTO 22.53 MILLION OZ  ACCOMPANYING:

1.THE 39 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

21.745  MILLION OZ INITIALLY STANDING FOR MAR

 

FRIDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE 38 CENTS).. AND, OUR OFFICIAL SECTOR/BANKERS  WERE   UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE  SILVER LONGS FROM THEIR POSITIONS. AS WE DID HAVE A HUGE NET GAIN OF 4245 CONTRACTS OR 3.855 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:

74,247 CONTRACTS (FOR 16 TRADING DAYS TOTAL 74,247 CONTRACTS) OR 371.235 MILLION OZ: (AVERAGE PER DAY: 4640 CONTRACTS OR 23.207 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR: 371.235 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 53.03% 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:          812.445 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…..          371.235 MILLION OZ (16 TRADING DAYS AND ALREADY SURPASSED FEB AND JAN MONTHLY TOTALS)

 

 

RESULT: WE HAD A CONSIDERABLE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1764, DESPITE THE $0.39 GAIN IN SILVER PRICING AT THE COMEX /FRIDAY… THE CME NOTIFIED US THAT WE HAD A HUMONGOUS SIZED EFP ISSUANCE OF 6009 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 HUMONGOUS :  4245 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: (WITH THE 39 CENT GAIN IN PRICE)

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 6009 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH DECREASE OF 1764 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH A  39 CENT GAIN IN PRICE OF SILVER/ AND A CLOSING PRICE OF $12.41 // FRIDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY AS WELL AS A HUGE INCREASE IN QUEUE JUMPING!! 

 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.7910 BILLION OZ TO BE EXACT or 113% of annual global silver production (ex Russia & ex China).

FOR THE NEW  MAR DELIVERY MONTH/ THEY FILED AT THE COMEX: 55 NOTICE(S) FOR  275,000 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: 21.745 MILLION OZ
  2. THE  RECORD PRIOR TO TODAY WAS SET IN FEB 25/2018:  244,710 CONTRACTS,  WITH A SILVER PRICE OF $18.90//.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017 RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

 

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

 

GOLD

 

IN GOLD, THE COMEX OPEN INTEREST FELL BY A TINY  148 CONTRACTS TO 553,030 AND FURTHER FROM OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE  LOSS OF COMEX OI OCCURRED WITH OUR CONSIDERABLE RISE IN PRICE OF $5.50 /// COMEX GOLD TRADING// FRIDAY// WE  HAD CONSIDERABLE BANKER SHORT COVERING ALONG WITH ZERO LONG LIQUIDATION ACCOMPANYING AN ATMOSPHERIC  EX. FOR PHYSICAL ISSUED AND YET THIS WAS COUPLED WITH THAT GOOD RISE IN PRICE ON THE TWO EXCHANGES , WE GAINED A HUGE 13,201 CONTRACTS  (41.66 TONNES)

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A HUMONGOUS AND CRIMINALLY SIZED 13,339 CONTRACTS:

CONTRACTS, FEB>  CONTRACTS; MARCH 00 APRIL: 13,276. MAY: 0, AND JUNE. 63 AND ALL OTHER MONTHS ZERO//TOTAL: 13,339.  The NEW COMEX OI for the gold complex rests at 553,030. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A STRONG INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 13,201 CONTRACTS: 187 CONTRACTS DECREASED AT THE COMEX AND 13,339 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 13,201 CONTRACTS OR 41.66 TONNES. FRIDAY, WE HAD A STRONG GAIN $5.50 IN GOLD TRADING...

AND WITH THAT STRONG GAIN IN  PRICE, SURPRISINGLY WE STILL HAD A HUMONGOUS SIZED GAIN IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 41.66  TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR WERE SUPPLYING INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON. THE BANKERS WERE SUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (GAIN $5.50). AND IT SEEMS THAT THEIR ATTEMPT TO FLEECE ANY GOLD LONGS FROM THE GOLD ARENA WERE UNSUCCESSFUL AS WE HAD A HUMONGOUS GAIN IN OUR TWO EXCHANGES:

SEE BELOW:

 WE HAD  A HUMONGOUS INCREASE IN EXCHANGE FOR PHYSICALS  (13,339) ACCOMPANYING THE TINY LOSS IN COMEX OI.(187 OI):  TOTAL GAIN IN THE TWO EXCHANGES:  13,201 CONTRACTS.  WE NO DOUBT HAD 1 )HUGE BANKER SHORT COVERING, 2.)STRONG INCREASE IN GOLD OZ STANDING AT THE COMEX, AND 3) NO LONG LIQUIDATION…..COUPLED WITH THAT GOOD GAIN IN PRICE

 

 

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.”

 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2020 INCLUDING TODAY

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAR : 290,873 CONTRACTS OR 29,087,300 oz OR 904.74* TONNES (16 TRADING DAYS AND THUS AVERAGING: 18,179 EFP CONTRACTS PER TRADING DAY  (*NEW ALL TIME RECORD FOR A MONTHLY EX. FOR PHYSICAL ISSUANCE)

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 16 TRADING DAY(S) IN  TONNES: 904.74 TONNES

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

THUS EFP TRANSFERS REPRESENTS 904.74/3550 x 100% TONNES =25.48% OF GLOBAL ANNUAL PRODUCTION

ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD HAS EXPLODED THIS MONTH.

 

 

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE   2128.71  TONNES

JANUARY 2220 TOTAL EFP ISSUANCE; : 570.19 TONNES

FEB 2020 TOTAL EFP ISSUANCE :            653.78 TONNES

MARCH TOTAL EFP ISSUANCE SO FAR   904.74  TONNES  (//(*16 TRADING DAYS//AND A NEW ALL TIME RECORD ISSUANCE)

 

 

 

 

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

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

1.Today, we had the open interest in SILVER FELL BY A FAIR SIZED 1764 CONTRACTS FROM 159,682 DOWN TO 157,918 AND FURTHER FROM OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

ALL OF THE LOSS IN COMEX OI WAS DUE TO 1) BANKER SHORT COVERING , 2) THE ISSUANCE OF AN ATMOSPHERIC NUMBER OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A HUGE INCREASE IN SILVER OZ STANDING AT THE COMEX WITH ZERO AMOUNT OF LONG LIQUIDATION

 

EFP ISSUANCE 6009

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: 6009; JULY: 0 CONTRACTS   AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 6009 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE OI LOSS AT THE COMEX OF 1764 CONTRACTS TO THE 6009 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A HUMONGOUS GAIN OF 4245 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES  21.275 MILLION  OZ!!! AND 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: 21.745 MILLION OZ

 

 

RESULT: A FAIR SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE 39 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// FRIDAY. WE ALSO HAD AN ATMOSPHERIC SIZED 6009 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)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED DOWN 85.45 POINTS OR 3.11%  //Hang Sang CLOSED DOWN 1,108.94 POINTS OR 4.86%   /The Nikkei closed UP 234.95 POINTS OR 2.02%//Australia’s all ordinaires CLOSED DOWN 5.98%

/Chinese yuan (ONSHORE) closed DOWN  at 7.1204 /Oil UP TO 22.19 dollars per barrel for WTI and 25.41 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.1204 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.1509 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//CORONAVIRUS  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

3A//NORTH KOREA/ SOUTH KOREA

 

3b) REPORT ON JAPAN

3C  CHINA

 

4/EUROPEAN AFFAIRS

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

6.Global Issues

 

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

9. PHYSICAL MARKETS

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

iii) Important USA Economic Stories

iv) Swamp commentaries)

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

 

LET US BEGIN:

 

 

Let us head over to the comex:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR 187 CONTRACTS TO 553,030 MOVING FURTHER FROM OUR  RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS TINY FALL IN OI WAS SET WITH A GOOD GAIN OF $5.50 IN GOLD PRICING //FRIDAY’COMEX TRADING//). HOWEVER WE ALSO HAD AN ATMOSPHERIC EFP ISSUANCE (13,339 CONTRACTS),.  THUS WE HAD 1) HUGE BANKER SHORT COVERING AT THE COMEX AND 2) ZERO LONG LIQUIDATION ……AS OUR TWO EXCHANGES ROSE STRONGLY IN TOTAL OPEN INTEREST..WITH OUR THE GOOD GAIN  IN PRICE....  BASICALLY LONGS JUST TRANSFERRED OVER TO LONDON COUPLED WITH CONSIDERABLE BANKER SHORT COVERING AT THE COMEX

 

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 13,339 EFP CONTRACTS WERE ISSUED:

 FEB: 0; MARCH 00 AND APRIL: 13,276, MAY: 0  JUNE : 63 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 13,339 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:  13,201 TOTAL CONTRACTS IN THAT 13,339 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A TINY SIZED 187 COMEX CONTRACTS.  THE BANKERS PROVIDED ALL THE NECESSARY SHORT PAPER TO WHICH OUR LONGS DUTIFULLY ACCEPTED AS THEY GOBBLED UP ATMOSPHERIC AMOUNTS OF EXCHANGE FOR PHYSICALS COUPLED WITH A HUGE BANKER SHORT COVERING.

 

 

 

THE BANKERS WERE  UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE BY $5.50). THEY WERE MOST DEFINITELY  UNSUCCESSFUL IN FLEECING ANY LONGS, AS THE TOTAL GAIN ON THE TWO EXCHANGES 41.06 TONNES WAS MAINLY DUE TO BANKER SHORT COVERING AND ISSUANCE OF EXCHANGE FOR PHYSICAL ISSUANCE. 

 

 

NET GAIN ON THE TWO EXCHANGES ::  13,201 CONTRACTS OR 1,320,100 OZ OR  41.06 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:  553,030 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 55.30 MILLION OZ/32,150 OZ PER TONNE =  1720 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1720/2200 OR 78.18% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 427,827 contracts

CONFIRMED COMEX VOL. FOR YESTERDAY:

334,093 contracts//

MARCH 23

 

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
6089.09 oz
Delaware
Int. Delaware
Deposits to the Dealer Inventory in oz 2065.255 oz

Scotia

 

 

 

 

Deposits to the Customer Inventory, in oz  

82,145.750 oz

BNS and Int Delaware

and includes 2500. kilobars

 

No of oz served (contracts) today
260 notice(s)
 26000 OZ
(0.8087 TONNES)
No of oz to be served (notices)
1 contracts
( 100 oz)
0.003215 TONNES
Total monthly oz gold served (contracts) so far this month
2126 notices
212600 OZ
6.6127 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 1 kilobar entries

 

i ) We had one deposit into the dealer Scotia:  2065.255 oz

 

total dealer deposits:2065.255 oz

total dealer withdrawals: nil oz

we had 2 deposit into the customer account

i) Into JPMorgan: 0  oz

 

ii) Into Int. Delaware;: 80,377.500 oz  (2500 kilobars) and a phony entry.

iii) Into BNS: 1768.250 oz

 

 

 

 

total deposits: 82,145.750  oz

 

 

we had 2 gold withdrawals from the customer account:

i) Out of Delaware: 298.910 oz

ii) Out of Int. Delaware:  5787.180 oz

 

total gold withdrawals;  6,086.09   oz

 

ADJUSTMENTS: 

Out of Brinks:  5005.24 oz was adjusted out of the CUSTOMER and this lands into the DEALER account of BRINKS

 

 

The front month of MARCH saw its open interest register 261 contracts for a LOSS of 14 contracts.. We had 16 notices filed on FRIDAY so we gained 2 contracts or an additional 200 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 HAD  a LOSS of 9707 contracts DOWN to 205,050 contracts

May saw its ANOTHER GAIN of 220 contracts to stand at 629.

June saw a GAIN of 7745 contracts up to 233,548

 

 

We had 260 notices filed today for 26,000 oz

 

 

 

FOR THE  MAR 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 260 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 56 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 (2126) x 100 oz , to which we add the difference between the open interest for the front month of  MAR. (261 CONTRACTS ) minus the number of notices served upon today (260 x 100 oz per contract) equals 212,700 OZ OR 6.6159 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 (2126)x 100 oz)  + (261 OI for the front month minus the number of notices served upon today (260 x 100 oz )which equals 212,700 oz standing OR 6.6159 TONNES in this active delivery month which is  a great amount for gold standing for a MAR. delivery month.

We gained 2 contracts or 200 oz will stand for delivery at the comex.

 

 

 

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

380,014.443 oz PLEDGED  MARCH 2020  JPMORGAN:  11.8200 TONNES

TOTAL PLEDGED GOLD NOW IN EFFECT:  556,225.90  OZ OR 17.3007  TONNES

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE ONLY 38.337 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………………………………………………………..              6.609 TONNES

 

total: 162.531 tonnes

 

ACCORDING TO COMEX RULES:

 

IF WE INCLUDE THE PAST 9 MONTHS OF SETTLEMENTS WE HAVE 25.88 TONNES SETTLED

 

 

IF WE ADD THE 9 DELIVERY MONTHS: 162.531  tonnes

 

Thus:

162.531 tonnes of delivery –

25.88 TONNES DEEMED SETTLEMENT

 

=136.651 TONNES STANDING FOR METAL AGAINST 38.557 TONNES OF REGISTERED OR FOR SALE COMEX GOLD! THIS IS WHY GOLD IS SCARCE AT THE COMEX.

 

total registered or dealer gold:   1,795.846.235 oz or  55.858 tonnes
which  includes the following:
a) pledged gold held at HSBC   which cannot settled upon   176,211.457 oz x ( 5.4807 TONNES)//
b) pledged gold held at JPMorgan (added March 2020) which cannot be settled upon:  380,014.443 oz (or 11.820 tonnes)
total pledged gold:  556,225.900 oz or 17.30 tonnes
thus:
registered gold that can be used to settle upon:1,239,620.3  (38.557 tonnes)
true registered gold  (total registered – pledged tonnes  1,239,620.3  (38.557 tonnes)

total registered, pledged  and eligible (customer) gold;   8,740,025.506 oz 271.85 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 the wild silver comex results

Total COMEX silver OI FELL BY A FAIR SIZED 1764 CONTRACTS FROM 159,682 DOWN TO 157,918 (AND MOVING FURTHER FROM THE NEW ALL TIME RECORD OI FOR SILVER SET ON FEB 25.2020(244,710) ECLIPSING OUR PREVIOUS RECORD, AUGUST 25/2018 RECORD (244,196).  THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9.2018/ 243,411 CONTRACTS) . OUR CONSIDERABLE OI COMEX LOSS TODAY OCCURRED DESPITE OUR 38 CENT INCREASE IN PRICING/THURSDAY.  THE LOSS IN OI WAS MITIGATED WITH 1)  A HUGE ISSUANCE OF EXCHANGE FOR PHYSICALS 2) HUGE INCREASE IN SILVER OZ STANDING AT THE COMEX, 3)  HUGE  BANKER SHORT COVERING COUPLED WITH WE ZERO LONG LIQUIDATION. 

 

 

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 187 CONTRACTS  WITH A LOSS OF 17 CONTRACTS. WE HAD 21 CONTRACTS ISSUED FRIDAY SO WE GAINED 4 CONTRACTS OR 20,000 ADDITIONAL OZ WILL STAND FOR DELIVERY AS THEY REFUSED TO  MORPH INTO LONDON BASED FORWARD CONTRACTS AS WELL AS NEGATING A FIAT BONUS. THEY AGAIN ARE TRYING TO FIND PHYSICAL SILVER ON THIS SIDE OF THE POND TO WHICH THERE IS NONE.

 

THE NEXT CONTRACT MONTH OF APRIL SAW A LOSS OF 1 CONTRACTS DOWN TO 428 CONTRACTS. THE BIG CONTRACT OF MAY SAW ITS OI FALL  BY 2274 DOWN TO 97,681

 

 

We, today, had  55 notice(s)  for 275,000, OZ for the MAR, 2019 COMEX contract for silver

MARCH 23/2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 922,614.165 oz
Delaware
HSBC
Loomis
Scotia

 

 

Deposits to the Dealer Inventory
NIL

 

Deposits to the Customer Inventory
106,654.290 oz
Scotia
No of oz served today (contracts)
55
CONTRACT(S)
(275,000 OZ)
No of oz to be served (notices)
132 contracts
 660,000 oz)
Total monthly oz silver served (contracts)  4217 contracts

21,085,000 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

**

total dealer deposits: 0 oz

total dealer withdrawals: 0 oz

i)we had  1 deposits into the customer account

into JPMorgan:   0

into Scotia: 106,654.290 oz

 

 

*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.

JPMorgan now has 160.819 million oz of  total silver inventory or 49.62% of all official comex silver. (160.819 million/323.442 million

total customer deposits today: 556,207.600   oz

we had 4 withdrawals:

i) Out of Delaware:  2006.75 oz

ii) Out of HSBC 20,120.025

iii) Out of Loomis:  300,196.280 oz

 

ii) Out of Scotia:  600,291.110  oz

 

 

 

 

 

 

total withdrawals; 922,614.165  oz

We had 2 adjustments:

i) Out of Delaware:  73,760.391 oz was adjusted out of the dealer and this landed into the customer of Delaware

ii) Out of Scotia: 2,409,816.910 oz was adjusted out of the customer and this landed into the dealer of Scotia

total dealer silver:  82.655 million

total dealer + customer silver:  320.371 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The total number of notices filed today for the MAR 2020. contract month is represented by 55 contract(s) FOR 275,000 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 4217 x 5,000 oz = 21,085,000 oz to which we add the difference between the open interest for the front month of MAR.( 187) and the number of notices served upon today 55 x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the MAR/2019 contract month: 4217 (notices served so far) x 5000 oz + OI for front month of MAR (187)- number of notices served upon today (55) x 5000 oz equals 21,745,000 oz of silver standing for the MAR contract month.

WE GAINED 4 CONTRACTS OR 20,000 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: 76,180 CONTRACTS //

 

 

 

CONFIRMED VOLUME FOR YESTERDAY: 95,011 CONTRACTS..,

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 95,011 CONTRACTS EQUATES to 475 million  OZ  67.7% 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

NPV for Sprott

 

1. Sprott silver fund (PSLV): NAV RISES TO -0.54% ((MARCH 23/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -0.95% to NAV:   MAR 23/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ 0.54%

(courtesy Sprott/GATA

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

NAV 14.06 TRADING 13.75///DISCOUNT 2.18

END

 

And now the Gold inventory at the GLD/

MARCH 23//WITH GOLD UP $76.00 TODAY: A  HUGE PAPER WITHDRAWAL OF 21.50 TONNES FROM THE GLD////INVENTORY RESTS AT 908.19 TONNES

MARCH 20//WITH GOLD UP $5.50//A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 7.46 TONNES FROM THE GLD////INVENTORY RESTS AT 922.23 TONNES

MARCH 19/WITH GOLD DOWN 90 CENTS: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 929.84 TONNES

MARCH 18/WITH GOLD DOWN $48.00: NO CHANGES IN GOLD INVENTORY AT THE GLD////INVENTORY RESTS AT 929.84 TONNES

MARCH 17/WITH GOLD UP $37.60: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.75 TONNES FROM GLD INVENTORY//INVENTORY RESTS AT 929.84 TONNES

MARCH  16/WITH GOLD DOWN $30.00/ A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 12.59 TONNES/INVENTORY RESTS AT 931.59 TONNES

MARCH 13//WITH GOLD DOWN $73.60: A HUGE WITHDRAWAL OF 9.02 TONNES OF PAPER GOLD FROM THE GLD//

INVENTORY RESTS AT 944.18 TONNES

MARCH 12/WITH GOLD DOWN $55.05 TODAY:  NO CHANGE IN GOLD INVENTORY AT THE GLD/953.26 TONNES

 

MAR 11/WITH GOLD DOWN $14.95?/A HUGE WITHDRAWAL OF 10.53 TONNES//INVENTORY RESTS AT 953.26 TONNES

MARCH 10/WITH GOLD DOWN $14.25//A HUGE 8.00 TONNES OF PAPER GOLD DEPOSIT INTO THE GLD//INVENTORY RESTS AT 963.79

MARCH 9//WITH GOLD UP $1.50 : NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 955.60 TONNES

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

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

MARCH 23/2020/Inventory rests tonight at 908.19 tonnes

*IN LAST 784 TRADING DAYS: -36.50 NET TONNES HAVE BEEN REMOVED FROM THE GLD

*LAST 684 TRADING DAYS;+ 129.63. TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

end

 

Now the SLV Inventory/

MARCH 23//WITH SILVER UP 70 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV; A DEPOSIT OF 2.332 MILLION OZ OF SILVER INTO THE SLV////INVENTORY RESTS AT 375.779 MILLION OZ

MARCH 20//WITH SILVER UP 39 CENTS TODAY: 2 HUGE CHANGES IN SILVER INVENTORY AT THE SLV; A PAPER WITHDRAWAL OF 1.026 MILLION OZ FROM THE SLV AND THEN A PAPER ADDITION OF 3.638 MILLION OZ INTO THE SLV.////INVENTORY RESTS AT 373.447 MILLION OZ//

MARCH 19/WITH SILVER UP 38 CENTS TODAY//A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: ANOTHER 5.597 MILLION OZ OF SILVER VAPOUR ADDED TO THE SLV INVENTORY//INVENTORY RESTS AT 370.835 MILLION OZ/

MARCH 18//WITH SILVER DOWN 75 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A MONSTROUS 12.035 MILLION PAPER OZ ADDED INTO INVENTORY//INVENTORY RESTS AT 365.238 MILLION OZ//

MARCH 17/WITH SILVER DOWN 20 CENTS TODAY; A BIG CHANGES IN SILVER INVENTORY AT THE SLV; A WITHDRAWAL OF 3.735 MILLION OZ FROM THE SLV INVENTORY: INVENTORY RESTS AT 353.203 MILLION OZ///

MARCH 16/WITH SILVER DOWN 177 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESETS AT 356.938 MILLION OZ//

MARCH 13//WITH SILVER DOWN 155 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.893 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 356.938 MILLION OZ;

MARCH 12/WITH SILVER DOWN 77 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.119 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 359.828 MILLION OZ

MARCH 11/SILVER DOWN 16 CENTS:  A SMALL WITHDRAWAL OF .467 MILLION OZ AT THE SLV/INVENTORY RESTS AT 360.947 MILLION OZ//

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

MARCH 9/NO CHANGE IN INVENTORY LEVELS: SLV INVENTORY RESTS AT 361.414 MILLION OZ//

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.

 

 

MARCH 23.2020:

SLV INVENTORY RESTS TONIGHT AT  375.779 MILLION OZ.

 

END

 

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

6 Month MM GOFO 1.67/ and libor 6 month duration 0.99

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

G0LD LENDING RATE: – .68  (NO GOLD AVAILABLE)

 

XXXXXXXX

12 Month MM GOFO
+ 0.00%

LIBOR FOR 12 MONTH DURATION: 0.93

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = -.93  (NO GOLD AVAILABLE)

end

 

 

 

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

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Goldman Sachs injects billions into its own money market funds after heavy withdrawals.  These guys are bleeding profusely

(Reuters)

Goldman injects billion into own money-market funds after heavy withdrawals, Reuters says

 Section: 

By Tim McLaughlin
Reuters
Saturday, March 21, 2020

Goldman Sachs Group Inc. poured more than $1 billion into two of its prime money-market portfolios this week due to heavy investor withdrawals, according to a filing with the U.S. securities regulator.

The Wall Street bank purchased $722.4 million in assets from its Goldman Sachs Financial Square Money Market Fund and $301.2 million from its Goldman Sachs Fund Square Prime Obligations Fund.

… 

Its support came as markets had another violently volatile week over concerns about the coronavirus pandemic, and represents an extraordinary move in the staid money-market fund industry.

Goldman, which disclosed the moves Friday in a filing with the U.S. Securities and Exchange Commission, did not have an immediate comment.

The bank repurchased securities from its two funds on Thursday after investors withdrew a net $8.1 billion from them during a four-day stretch, according to the disclosure. …

… For the remainder of the report:

https://www.reuters.com/article/us-health-coronavirus-goldman-mny-mkt-ex…

END

The dollar shortage shows that the world has failed to fix its flaws

(Bloomberg/GATA)

Dire dollar shortage shows world failed to fix key crisis flaw

 Section: 

By Christopher Anstey and Enda Curran
Bloomberg News
Sunday, March 22, 2020

The global rush for dollars that’s been roiling the $6.6 trillion-a-day foreign-exchange market has showcased a missing piece of financial-safety architecture that world policy makers never addressed in the aftermath of the 2008 crisis.

The financial system’s reliance on one keystone currency proved to be an amplifier of shocks more than a decade ago. Yet since then the greenback’s role has climbed even further as borrowers outside of America ramped up dollar-denominated debt. That’s again adding an enormous layer of stress on markets.

..

“It’s precisely what the global economy does not need at this moment,” Alexander Wolf, head of Asia investment strategy at JPMorgan Private Bank and a former U.S. diplomat in China, said of a strong dollar. “It tightens financial conditions, make servicing dollar debt more expensive, and can cause pass-through inflation just when that is not needed.”

As often occurs during bouts of extreme currency fluctuation, there’s been speculation about something akin to the 1985 Plaza Accord that sought to rein in a runaway dollar. Observers discount that possibility now. But one of the key takeaways from the current episode may be that one important currency finds itself burnished: China’s yuan.

The salve for emergency dollar demand that the Federal Reserve came up with during the global financial crisis — giving other central banks the power to deploy greenbacks abroad via swaps with the U.S. — has been applied again. The Fed broadened the group of counterparts on Thursday, including some emerging economies, though not China or India. …

“The dollar’s surge will renew calls for a shift from a dollar-centric global financial system,” said Eswar Prasad, who once led the International Monetary Fund’s China team and is now at Cornell University. “But the pandemic has also fractured global governance, making it harder to envision the G-20 devising a viable alternative.”

A similar surge in the dollar occurred back in 2008, prompting China’s then-central bank chief, Zhou Xiaochuan, to call for a super-sovereign reserve currency in early 2009. The following year South Korean officials tried to get the Group of 20 to consider permanent exchange-market architecture to address vulnerabilities. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-03-22/dire-dollar-shortage-…

END

A must read.. big Wall Street banks are bleeding out of the equity capital

Pam and Russ Marten

(Wall Street on Parade)

Pam and Russ Martens: Big Wall Street banks are bleeding out their equity capital

 Section: 

Five Mega Wall Street Bank Stocks Have Lost Average of 45% in Five Weeks

By Pam and Russ Martens
Wall Street on Parade
Sunday, March 22, 2020

Here is the chart that has the Federal Reserve and its Wall Street money funnel (also known as the New York Fed) chewing on their worry beads and rapidly rolling out their alphabet soup of Wall Street bailout programs in a replay of their playbook during the 2007-2010 Wall Street collapse:

https://wallstreetonparade.com/2020/03/five-mega-wall-street-bank-stocks…

While Fed and Treasury officials have been repeatedly assuring Americans that these Wall Street behemoth banks have plenty of capital, they’ve actually been bleeding their common equity capital faster than a snow cone in July. In just the past five weeks, from the close of trading on Friday, February 14, through the close of trading on Friday, March 20, five of the largest Wall Street banks have lost an average of 45 percent of their common equity capital.

Adding to the embarrassment for the Federal Reserve, Citigroup, the bank it propped up with $2.5 trillion in secret cumulative loans the last time around, is once again leading the herd with losses in its common equity capital. Citigroup’s market capitalization has lost a stunning 51.7 percent in just the past five weeks. And we are certainly in the early innings of this bank rout.

Morgan Stanley, which was second in line behind Citigroup at the Fed’s trough in the last financial crisis, receiving $2.04 trillion cumulative in secret revolving loans, has lost 46.9 percent of its common equity capital in just the past five weeks.

END

Ronan Manly explains the difference between the physical  and paper gold/silver markets

a must read..

(Ronan Manly/BullionStar)

Bullion Star’s Ronan Manly: Reuters misses disparity between physical and paper metals markets

 Section: 

8:40p ET Sunday, March 22, 2020

Dear Friend of GATA and Gold:

Bullion Star’s Ronan Manly shows tonight how a recent Reuters story about the monetary metals managed to miss the point about the disparity between the physical and paper markets for gold and silver, despite receiving a full description and explanation for it. Manly’s report is headlined “In Gold Market Coverage, Reuters Confuses Key Points on Demand, Supply, and Pricing” and it’s posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/in-gold-market-coverage-re…

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

ust last week alone the five Wall Street behemoths listed in the chart above lost a combined $154.45 billion in common equity capital. …

… For the remainder of the report:

https://wallstreetonparade.com/2020/03/five-mega-wall-street-bank-stocks…

END

 

iii) Other physical stories:

BREAKING: Egon von Greyerz Just Warned Swiss Refiners Have Halted Gold Production!

March 22, 2020
BREAKING: Egon von Greyerz Just Warned Swiss Refiners Have Halted Gold Production!

As the global collapse continues, today the man who has become legendary for his predictions on QE and historic moves in currencies and metals alerted King World News about something that will shock the gold world, the Swiss gold refiners, which produce 70% of the world’s gold, have just been ordered to halt production!

March 22 (King World News) – Egon von Greyerz, Founder of Matterhorn Asset Management: 

STOP PRESS – SWISS GOLD REFINERS CEASE PRODUCTION 

The Swiss Canton of Ticino, in the Italian part of Switzerland, has just ordered the gold refiners based there to close, initially to March 29th but this is expected to be extended.  Three of the world’s largest refiners – Argor, Valcambi and PAMP are based in Ticino. More later in this article. 

WHO WILL PAY? – THE PRINTING PRESS, STUPID
The world will now see massive handouts to individuals and corporations, rescues of over-leveraged banks and hedge funds plus rapidly surging government deficits. But who is going to pay for it? The printing press – stupid! Who else. The printing press has gotten the world into this financial disaster in the first place and all that is needed now is to speed it up 100x or more. 

But who is controlling the printing press? That is an irresponsible elite of central bankers, bankers, the Deep State, and governments who have all benefitted from the biggest financial bubble in history. 

CENTRAL BANKS TOLD US ABOUT THE CRISIS BACK IN AUG-SEP.
The first signals of the latest crisis in the financial system was clear in Aug-Sep when first the ECB said they will take whatever measures necessary and the Fed started desperate money printing that one Fed governor called plumbing and not QE. Of course it was plumbing since the system was leaking like a sieve. I wrote at the time that what will happen next will be as momentous for the world as Nixon closing the gold window in 1971. And here we are 6 months later with the Fed’s balance sheet having expanded by almost $1 trillion. In addition all central banks and governments are now committing trillions to prop up failing economies and a collapsing financial system. 

EUROPE IN LOCKDOWN
Most European economies are now at a standstill. Shops, hotels, restaurants, bars, and most offices, and many factories now closed. Virtually all European car manufacturing has come  to a halt. The airline and tourist industry is collapsing and most small businesses haven’t got cash flow for more than a couple of weeks. 

It is an unbelievably tragic catastrophe which is now hitting the world. I have talked about the coming collapse of the world economy for many years and done my best to tell people to protect themselves. Sadly, most people believe that good times will go on forever. Therefore the coming economic downturn will shock the world. 

Although, there is always a catalyst for a downturn, the world could not have been hit by a worse trigger. The biggest economic downturn in history was due anyway.

Global money printing will increase to $10s and $100s of trillions and when the derivative bubble blows up, it will reach $ quadrillions. There can be no other outcome.

STOCKS WILL GO DOWN BY 90% FASTER THAN IN 1929-32
In 1929, it took the Dow 2 1/2 years to go down by 90% and the depression lasted for many years. This time because of Coronavirus (CV), the collapse will be very fast. It could all happen in 9-18 months. By that time the financial system will be unrecognisable or nonexistent. All the printed money will be valued at its intrinsic value of zero. And so will all the assets that were bought or created by this printed money. Stocks will be down 99% and most bonds down by 100%.

But even if markets will collapse very quickly, the world economy will go along the bottom for years and maybe decades. 

Investors in property live under the false impression that bricks and mortar will always have a value. Sadly that won’t be the case. If there are no tenants or if they don’t pay the rent, the properties will be almost worthless. I have already heard from friends in the property business who say that the tenants can’t pay the rent. Governments in some countries have promised to help out with rent. But that help will consist of worthless printed money and therefore only have a very short term effect as its value declines daily. If printed money was wealth, we could all stop working. 

FAKE MONEY,  FAKE VALUATIONS,  FAKE MARKETS
So we are now entering the end of a 100 year phase of fake money, fake valuations, fake markets and unlimited debt, all leading to the biggest bubble in history. This has also led to false ethical and moral values and the breakup of family values. Too many people have been chasing the golden calf or material values. 

What makes the coming period particularly difficult is the combination of CV hitting many people combined with severe financial pressures. A very big percentage of the population  will experience extremely hard times both physically and financially. 

HOSPITALS FIGHTING A DESPERATE BATTLE WITH CV
As we have seen in many European countries, there are not enough intensive care units or ventilators even for a fraction of the patients who need it. Doctors and medical staff in for example Italy or the UK are fighting a desperate but losing battle and still working around the clock. Many elderly and severely ill people are not even admitted since there is no room and they are left to die. 

The situation is even made worse because most governments have waited much too long to take strong action. If you listened to most leaders of state in Europe and the US, everyone thought that they had it under control and their country wouldn’t be severely affected. And then for every day that passed, they gradually changed the tone as they realised that their country would be hit badly too. All a country needed to do is to look at Italy where CV started started only a few weeks ago but sadly is still growing exponentially. Just Saturday there were 800 fatalities making almost 5,000 total deaths.  Other countries can just with some delay extrapolate Italy’s figures to forecast what will hit them. Also, in many countries the population is not taking the advice or instructions seriously and openly mixing with other people…


Listen to the greatest Egon von Greyerz audio interview ever
by CLICKING HERE OR ON THE IMAGE BELOW.

end

Russia adds 12.44 tonnes of gold to its official reserves but it is all from their own production

(Lawrie Williams)

LAWRIE WILLIAMS: Russia ups gold reserve increase in Feb

The Russian Central Bank has just published its latest gold reserve information showing it has added some 400,000 ounces (12.44 tonnes) of gold to its reserves in February. This is double the amount it added in January when it was thought the nation might be cutting back its gold purchases this year. However this latest purchase suggests that the nation may still be on the path to adding perhaps somewhere between 100 and 200 tonnes in the full year – perhaps a similar increase to that reported last year of around 158 tonnes.

The addition takes its gold reserves to around 2,292 tonnes – only around 144 tonnes less than the world’s fourth biggest national gold holder – France. At this latest month’s rate of increase Russia could match, or even overtake, the French holding within the next year.

Tonnes

% of reserves**

1

United States

8,133.5

77.9%

2

Germany

3,366.5

74.0%

3

IMF

2,814.0

4

Italy

2,451.8

69.3%

5

France

2,436.0

63.6%

6

Russian Federation

2,292*

21%*

7

Mainland China

1,948.3

3.1%

8

Switzerland

1,040.0

6.2%

9

Japan

765.2

2.9%

10

India

635.0

7.0%

*Estimates

*Estimates

The reason we quote the Russian figures as estimates is because the monthly Russian central bank gold reserve announcements are reported only as rounded amounts and may differ from the more detailed figures as reported monthly to the IMF. For example the January figure this year as announced by the central bank a month ago was 200,000 ounces (6.22 tonnes) yet the amount reported to the IMF, according to figures from the World Gold Council, was 8.1 tonnes!

Thus Russia has been able to build its gold reserves substantially over the past few years while reducing its U.S. dollar related holdings down to an absolute minimum. As we reported last month this is due to fears that the U.S. might impose financial sanctions and freezing Russia’s dollar assets. The U.S. has shown its willingness to conduct financial warfare of this type against other states it feels are hostile to it (like North Korea and Iran), but Russia reckons now that it won’t be worth the U.S. making this kind of move against it if there is little in the way of U.S. related assets to attack.

Whether Russia can keep up its current rate of gold reserve purchases for the foreseeable future given the enormous fall in the oil price – oil and gas are the nation’s biggest export earners – remains to be seen. So next month’s announcement on gold reserve increases, if any, from the nation’s central bank will be awaited with particular interest. However the oil price fall is partly self-inflicted with Russia’s decision not cut oil deliveries in the light of a global over-supply situation, which in part may well be aimed at putting U.S. shale oil producers out of business by making their operations uneconomic.

Overall though, the Russian central bank policy of increasing its gold reserves virtually every month for more than 10 years now, looks to be paying off well, particularly if pundits predictions for the gold price to take off as the world dives into recession come about. In any case it will probably have been a better choice for a nation’s reserves than the Swiss National Bank’s purchases of equities which will have crashed in value enormously over the past couple of weeks. The gold price may have come down year to date, but only by around 1%, whereas the Dow is down by 36%.

21 Mar 2020

end

Three Swiss gold refineries suspend production due to virus threat

LONDON, March 23 (Reuters) – Three of the world’s largest gold refineries said on Monday they had suspended production in Switzerland for at least a week after local authorities ordered the closure of non-essential industry to curtail the spread of the coronavirus.

The refineries – Valcambi, Argor-Heraeus and PAMP – are in the Swiss canton of Ticino bordering Italy, where the virus has killed more than 5,000 people in Europe’s worst outbreak.

Switzerland is a global hub for precious metals refining. The three refineries between them process around 1,500 tonnes of gold a year in Ticino – a third of total global annual supply – as well as other precious metals such as silver.

Valcambi and PAMP said they would suspend operations until March 29. Argor said it would do so until April 5.

The Ticino local government order, issued on Friday, is in force until March 29.

-END-

 

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 MONDAY 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: 7.1204/ GETTING VERY DANGEROUSLY PAST TO 7:1

//OFFSHORE YUAN:  7.1509   /shanghai bourse CLOSED DOWN 85.45 POINTS OR 3.11%

HANG SANG CLOSED DOWN 1108.94 POINTS OR 4.86%

 

2. Nikkei closed UP 234.95 POINTS OR 2.02%

 

 

 

 

3. Europe stocks OPENED ALL RED/

 

 

 

USA dollar index DOWN TO 102.78/Euro RISES TO 1.0678

3b Japan 10 year bond yield: RISES TO. +.07/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 110.76/ 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:: 22.19 and Brent: 25.41

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.36%/Italian 10 yr bond yield UP to 1.66% /SPAIN 10 YR BOND YIELD UP TO 0.78%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 2,02: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 2.50

3k Gold at $1518.80 silver at: 12.86   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 75/100 in roubles/dollar) 80.76

3m oil into the 22 dollar handle for WTI and 25 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 110.76 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 .9871 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0547 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 0.36%

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 0.80% early this morning. Thirty year rate at 1.42%

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

6.  TURKISH LIRA:  UP  TO 6.6085..

Stocks Soar After Fed Announced Open-Ended QE

Update: ignore all of the below, because moments ago, with futures near limit down, the Fed announced it would pursue an unprecedented open-ended QE, which helped push futures sharply higher and are now green on the session.

Bonds are bid across the board…

… and investment grade credit is soaring, as the Fed – after every bank demanding it do so – finally caved, and announced it would buy corporate debt.

Finally, with the Fed promising to print literally an unlimited amount of dollar, gold is finally soaring

 

* * *

Friday’s quad-witching and gamma-decay action was supposed to ease some of the insane market volatility hit late last week, but alas it was not meant to be, and after hitting a session hit of 2,499 on Friday, only to close at the lows, on Monday Emini futures tumbled limit down to start the session after Senate Democrats blocked a mammoth $1.8 trillion Republican stimulus package in a 47-47 vote, as a number of GOP senators were either sick with covid (such as Rand Paul) or in self-quarantine (Mitt Romney and others). Another vote was initially scheduled for 9:45am this morning (just after markets opened) but that was pushed back to noon, which means that the market will have be on pins and needles to see if and what kind of stimulus package passes, while also contemplating that there are now 345,289 global coronavirus cases and almost 14,924 death.

In light of all that it is perhaps somewhat surprising that futures actually managed to rebound from the -5% limit down and were last trading at 2,215, about 200 points above Goldman’s near-term price target of 2,000…

… even as the Bloomberg dollar index rebounded to all time highs as all the Fed’s attempt to ease the dollar funding shortage, and the $12 trillion dollar margin call, appear to have failed to ease the scramble for dollars.

“Further deterioration in the COVID-19 outbreak is severely damaging the global economy,” Morgan Stanley analysts warned on Monday. “We expect global growth to dip close to GFC lows, and U.S. growth to a 74-year low in 2020.”

The latest breakdown of cases is as follows (via RanSquawk):

  • CHINA total cases 81,093 (prev. 81,054), death toll 3,270 (prev. 3,261).
  • ITALY total cases 59,138 (prev. 53,578), death toll 5,476 (prev. 4,825).
  • US total cases 35,070 (prev. 32,356), death toll 458 (prev. 414)
  • SPAIN total cases 29,909 (prev. 25,496), death toll 1,813 (prev. 1,381).
  • GERMANY total cases 26,198 (prev. 22,364), death toll 111 (prev. 84).
  • FRANCE total cases 16,018 (prev. 14,459), death toll 674 (prev. 562).
  • SOUTH KOREA total cases 8,961 (prev. 8,897), death toll 111 (prev. 104).
  • SWITZERLAND total cases 7,806 (prev. 6,863), death toll 100 (prev. 80).
  • UK total cases 5,683 (prev. 5,018), death toll 281 (prev. 233).
  • NETHERLANDS total cases 4,204 (prev. 3,631), death toll 179 (prev. 136).
  • CANADA total cases 1,470 (prev. 1,328), death toll 20 (prev. 19).

The panic quickly spread around the globe, with the Stoxx Europe 600 slumping led by health-care shares as the continent’s leaders scrambled to enforce more curbs on people’s movements and Italy began shutting most industrial production. Equities fell across most of Asia, where India’s benchmark plunged a record 13% while the rupee sank to the lowest ever amid moves to lock down widespread areas of the second-most populous country.

MSCI’s broadest index of Asia-Pacific shares outside Japan lost 5.01%, with New Zealand’s market shedding a record 10% as the government closed all non-essential businesses. Shanghai blue chips dropped 2.51%, though Japan’s Nikkei rose 2.0% aided by expectations of more aggressive asset buying by the Bank of Japan. In Australia, the S&P/ASX200 dropped 5.62% to take the index to a seven-year low.

UBS Australian head of equities distribution George Kanaan said global financial markets were currently gripped by fear, which seemed unlikely to ease any time soon, despite the co-ordinated efforts of governments and central banks around the world.

“I have been in the financial markets for 27 years and I have never seen anything like this,” he told Reuters by telephone from Sydney. This is unprecedented in terms of fears and there are two elements driving that.

“First is that this involves masses of people. In the GFC, that was an event that occurred in the investment banks around the world, it didn’t involve people on the street. The second is that social media is helping to drive this fear and panic.”

Globally, analysts are dreading data on weekly U.S. jobless claims due on Thursday amid forecasts they could balloon by 750,000, and maybe by more than a million. U.S. stocks have already fallen more than 30% from their mid-February peak and even the safest areas of the bond market are experiencing liquidity stress as distressed funds are forced to sell good assets to cover positions gone bad.

In contrast to the response by authorities to the global health crisis, however, are calls from some on Wall Street to ease restrictions as soon as possible to give the economy room to recover.

“Extreme measures to flatten the virus ‘curve’ is sensible-for a time-to stretch out the strain on health infrastructure,” former Goldman Sachs Chief Executive Lloyd Blankfein tweeted. “But crushing the economy, jobs and morale is also a health issue-and beyond. Within a very few weeks let those with a lower risk to the disease return to work.”

Quoted by Reuters, E.L.&C. Baillieu financial advisor James Rosenberg said investors would remain cautious as a growing numbers of cities around the world entered lockdown. The market is going to remain very volatile because nobody knows how to price a looming shutdown,” he said.

“The turning point will be a slowing in the rates of infection and we are probably weeks away from that happening – but it will happen with very tough social measures,” he said.

Elsewhere, Treasuries gained and core European bonds climbed. Yields on the benchmark U.S. 10-year note tumbled to 0.70% having dived all the way to 0.84% on Friday from a top of 1.28%.

In commodities, Brent crude extended losses after its 20% decline last week.

In New Zealand, the central bank announced its first outright purchase of government paper aiming to inject much-needed liquidity into the local market. In currency markets, the first instinct on Monday was to dump those leveraged to global growth and commodity prices, sending the Australian dollar down 0.8% to $0.5749.

Top Overnight News from Bloomberg

  • On a weekend in which more than 2,000 people were killed by the virus in Italy and Spain, Germany banned gatherings of more than two people. The U.K.’s Prime Minister Boris Johnson threatened “tougher measures” unless British people stop ignoring calls to avoid social gatherings. Officials in Rome decreed a halt to almost all domestic travel, while Spanish Prime Minister Pedro Sanchez extended the state of emergency in his country for another two weeks. German Chancellor Angela Merkel put herself in quarantine as a precaution after coming into contact with a doctor who tested positive for the virus
  • The Swiss National Bank appears to have waged the largest barrage of foreign exchange interventions in four years as amount of cash commercial banks hold with the central bank — called sight deposits — rose by 5.8 billion francs ($5.9 billion) last week, data on the SNB’s website on Monday showed
  • The impact of virus on the Italian economy will be strong even as measures by the European Central Bank and European governments help limit the intensity and length of the slump, Bank of Italy chief Ignazio Visco and Prime Minister Giuseppe Conte said in separate interviews in La Stampa newspaper.
  • Bank of France Governor Francois Villeroy de Galhau said Europe’s rescue fund should be activated to lend to states struggling with the coronavirus outbreak, a move that could pave the way for further sovereign bond purchases by the European Central Bank

Asian stock markets mostly traded with hefty losses amid further coronavirus-related disruptions and a rising death toll. As such, risk sentiment was spooked which was exacerbated as US equity futures hit limit down within a matter of minutes from the open to set the gloomy tone across the Asia-Pac region with ASX 200 (-5.6%) weighed heavily amid double digit losses across the big 4 banks and with NZX 50 (-7.6%) registering its worst intraday drop on record of more than 10% after the announcement of shutdown measures. Elsewhere, Hang Seng (-4.9%) and Shanghai Comp. (-3.1%) were lower as China conformed to the global coronavirus fears and after continued PBoC liquidity inaction. Nikkei 225 (+2.0%) bucked the trend on return from its extended weekend and with some finding comfort after Japanese PM Abe ruled out the cancellation of the Olympics but was instead open to a postponement, while SoftBank shares surged on the announcement of a JPY 4.5tln asset sale to fund a share buyback in which the Co. will retire 45% of stock. Finally, 10yr JGBs were higher amid the predominantly negative overnight risk tone and with the BoJ also present in the market today which includes unscheduled purchases of JPY 300bln in 3-5yr and JPY 500bln in 5yr-10yr JGBs.

Top Asian News

  • Thailand’s Key Stock Index Plunges 8%, Triggering Trading Halt
  • Hong Kong Bans Tourist Arrivals, Says Bars Can’t Serve Alcohol
  • China Talks Up Post-Virus Rebound as World Economy Shuts Down
  • Indonesian Stocks Hit Circuit Breaker Amid Spike in Virus Cases

Another detrimental start to the week for European equities (Euro Stoxx 50 -3.0%), as the negative APAC sentiment reverberated to Europe after US Senate failed to reach the required number of votes to pass its coronavirus bill, although Senate Majority Leader McConnel stated that a re-vote of the motion will proceed 15 minutes after the US Cash open. US equity futures briefly hit the 5% limit down but clambered off lows, whilst major European bourses experience broad-based losses, with the DAX having briefly lost the 8500 level and the FTSE 100 south of 5000. Sectors again reside deep in negative territory, although Telecom names fare somewhat better given the increasing broadband demand as large parts of the world are forced to work from home. Travel & Leisure names meanwhile see more pronounced downside on continued decaying demand. In terms of individual movers, CAC-giant Airbus (-0.4%) fell as much as 10% at the open after withdrawing FY20 guidance, pulling FY19 dividend proposals whilst it also secured a EUR 15bln credit line which will not be covered by the French government’s guarantee scheme. Elsewhere, ITV (-11.0%) sees downside after withdrawing its respective FY20 guidance whilst also announcing cost-cutting measures. Finally, Swedbank (-3.8%) sees losses relatively in-line with the broader market following a report into its money laundering practices which noted that the bank’s Estonian and Latvian arms actively pursued high-risk customers, but the report stopped short of concluding that money laundering practices took place.

Top European News

  • Shell Axes Next Tranche of Buyback, Cuts Spending Forecast
  • Italy to Start Production Shutdown as Deeper Recession Looms
  • ECB’s Villeroy Backs Europe’s Rescue Fund for Virus Crisis
  • U.K. Steps in to Save Railways as Johnson Warns of Lockdown

In FX, the Greenback has resumed its march higher after a relatively brief bout of consolidation, with the DXY back above 102.50 and aiming for a retest of resistance just below 103.00 where it faded on Friday following the Fed’s enhanced and expanded liquidity lines to other global Central Banks. However, the ensuing recovery in rival currencies has been rather short-lived as the Kiwi retreats towards 0.5600 in wake of the RBNZ rolling out a Nzd30 bn asset purchase program for 12 months, while the Aussie is back below 0.5800 alongside renewed Yuan weakness circa 7.1400 and Loonie looks destined to test 1.4500 again ahead of Canadian wholesale trade and against the backdrop of waning WTI.

  • EUR/CHF/GBP – Also unwinding corrective gains vs the US Dollar as the nCoV pandemic prompts the ECB and BoE to pledge more stimulus via additional QE and/or funding, while the latest rise in Swiss sight deposit balances reveal the extent of heightened SNB intervention to curb the Franc’s appreciation. Eur/Usd has subsequently lost grip of the 1.0700 handle, Usd/Chf is approaching 0.9900 and Cable has recoiled through 1.1600 as Eur/Gbp hovers above 0.9200 in the run up to preliminary EU PMIs on Tuesday.
  • NOK/JPY – The G10 outperferformers, with the Norwegian Krona deriving a degree of protection from crude price erosion via heftier Norges Bank foreign currency selling, while the Yen has pared declines on renewed safe-haven demand. Eur/Nok has pulled back from 12.7400+ peaks and Usd/Jpy is meandering within a wide 111.24-109.68 band after another record amount of BoJ ETF buying and Japanese Government supplementary budget reports.
  • SEK/EM – Risk off sentiment and the Riksbank’s QE activity are keeping Eur/Sek afloat above 10.1500, while EM currencies are broadly weaker with Usd/Mxn, Usd/Rub and Usd/Try circa 24.8660, 80.6000 and 6.6000 after the Banxico’s pre-meeting ease, in advance of Russia’s next meeting with oil companies circa 14.00GMT and as the coronavirus toll jumps in Turkey.
  • FIXED
  • Bunds, Gilts and US Treasuries are all retaining the bulk of their latest recovery gains having topped out at 171.39, 134.56 and 138-02 respectively, but the big moves in debt markets of late have been at the Eurozone margins where Spanish bonds have erased all and a bit more of their hefty declines to trade at 154.00 vs 152.71 at one stage, while Italian BTPs have popped just over 140.00 from 138.74. Nothing to substantiate the notion, but it could be that ESCB management and intervention could have kept yields/spreads from spiking/diverging further, or simply the ECB steering QE in that direction according to market conditions. Ahead, the next round BoE APF buying and EZ preliminary consumer sentiment.

WTI and Brent front-month futures have been unable to escape the broader market selloff in the aftermath of a roadblock in the US Senate amid a failure among lawmakers to agree on a COVID financial aid package. WTI May contract briefly slipped below the USD 21/bbl mark to levels last seen in Q1 2002, whilst similarly, its Brent counterpart dipped below USD 25/bbl to hit Q1 2003 levels. Prices continue to feel underlying pressure from parts of the global economy coming to a halt amid coronavirus lockdowns, whilst OPEC+ indecision/uncertainty only adds further pain for the complex. On that front, Russian Energy Minister Novak will be convening with Russian oil producers (1400GMT/1700 local time) to discuss the current environment and low energy prices. This meeting is key to determine Moscow’s stance in OPEC+ and will give an insight as to how much longer Russia can tolerate the continuing slide in crude prices – with the Kremlin noting at the back-end of last week that low prices are unpleasurable but not a catastrophe. Meanwhile, Energyintel’s Bakr has played down the prospect of consensus being reached on an output cut ahead of the meeting. One thing to keep an eye on will be any reaction aimed at Saudi after the Kingdom’s output hike and OSP cuts. As a reminder, Russia’s government spokesperson Peskov on Friday said Moscow sees Saudi oil plan to ramp production as blackmail and will not back down but stated that the country remains ready for contact on prices. Elsewhere, spot gold continues to suffer from position liquidations as investors convert to cash/fund margins – with the yellow metal hovering below the USD 1500/oz mark ahead of last week’s USD 1451/oz low. Copper meanwhile, resumes its slide as COVID’s impact on fundamentals, supply chain and sentiment continues to pressure the red metal which hovered just above the USD 2/lb mark, having dipped below the figure last week.

US Event Calendar

This morning in the PDF (click “view report”) we have again published a sector and individual best and worst review of the last 4 weeks of this crisis and added the numbers from last week. This we’ve done for sectors and individual companies in the S&P 500 and Stoxx 600 and also for individual CDS names in the US and EU IG and HY CDS indices. In the text below at the end we do our usual weekly review of broad global asset performance from last week.

Also in what is a packed PDF we’ve shown the latest new cases update in graph and table form, and we have added mortality rates to account for a world where countries have different policies towards testing affecting confirmed case numbers. This provides added information on how far each country is along in the epidemic and possibly hints at stresses in their healthcare systems.

For now we are seeing a steady slowdown in new case growth across parts of Europe. In Italy for example the daily case growth has dropped to just over 10% from the 13-15% range of the last 5 days. The percentage increase in mortality is also starting to slow. New case numbers are exploding in the US as they start to test more widely, especially in NY State where 15K of the overall cases are. At this rate of growth, over the next few days the US will have the most number of cases worldwide, which given its population size shouldn’t be a huge surprise however the rate of change would be alarming if it continues as testing catches up. There is also some concern that HK and Singapore case numbers are rising again after being fairly flat for a while. It seems imported cases are the problem here. See the PDF for the exhibits.

In terms of how markets are kicking off the week this morning, we’ve seen the all-too familiar sight of US equity futures hitting limit. S&P 500 futures are currently -4.72% as we go to print while in Asia the Hang Seng (-4.17%), Shanghai Comp (-2.05%) and Kospi (-4.75%) are all down. Indian equities have also tumbled -10% and reached their limit down and the rupee slumped to the lowest level on record as the country moves towards to a nationwide lockdown amidst rising cases. The Nikkei (+2.55%) is the exception this morning having reopened following a public holiday on Friday. Meanwhile, the US dollar index is trading down -0.66% this morning and yields on 10y USTs are down -5.1bps to 0.794%. In commodities Brent crude oil is down -3.67% while most base metals are trading lower with Iron ore down -3.89%.

Not helping sentiment overnight was the news that Senate Democrats had blocked the $2tn stimulus bill. Just 47 votes were in favor with 60 needed for it to pass. Another vote has been scheduled for 9.45EST today. Senate Democratic leader Chuck Schumer argued that the “legislation had many, many problems” and that “At the top of the list, it included a large corporate bailout provision, with no protections for workers and virtually no oversight. It also significantly cut back on the money our hospitals, our cities, our states, our medical workers and so many others needed during this crisis”.

House Speaker Pelosi has said that she is planning on releasing her own bill to counter the Senate’s, which could be released as early as Monday. Regardless, any delays to getting stimulus into the economy can risk allowing the downturn to deepen and require even further policy intervention. The plan currently includes $350 billion for small businesses, $250 billion for unemployment insurance, and currently undisclosed billions in relief to distressed industries like airlines, as well as funding for hospitals to address the influx of patients. As discussed there was also talk of empowering the Fed with additional powers in times of market stress. There will be plenty of evidence early this week, when bills and motion come to the floor, to ascertain whether both sides drag this out or if they can quickly come together over an initial package to support the economy.

The Fed’s Bullard also hasn’t helped the mood overnight after suggesting numbers for Q2 US GDP that would make even the most bearish current forecasters’ eyes water. He suggested unemployment could reach -30% and GDP could fall -50%. Bullard also added that “everything is on the table” as far as additional lending programs go which is a view also shared by Kashkari who said overnight that “we’re far from out of ammunition”. He also added that “some people have suggested that we should be providing more support directly to the corporate bonds market, and I’m sympathetic with those views”.

In other news, the Reserve Bank of New Zealand announced a QE program overnight to support the economy of NZD 30bn ($17bn). The program will last over the next 12 months and central bank would buy NZD 750mn of government bonds a week across a range of maturities under the program. Elsewhere, Japanese Prime Minister Shinzo Abe said that a postponement of the Olympics may be inevitable.

In terms of scheduled events this week it’s all eyes on the PMIs tomorrow with the flash numbers for March coming out. It will likely be a bit too early to capture the full impact of all the lockdowns, but I’d imagine some of the numbers coming out tomorrow or in the final numbers a week later will be quite staggering. April’s numbers may still be a better guide to the problems ahead though. We’re going to publish a piece later that uses our PMI vs YoY equity change charts to give a rough approximation of what’s priced in and what the relationship would imply for equities under various PMI figures. Not really much point in saying much about the rest of the scheduled events this week as the unscheduled events will be far more important. Maybe Thursday’s US claims number is another good real time indicator after what was a big jump last week. See the day by day list at the end if you want to see what’s planned.

Also this week we should know a lot more about a stimulus package in Germany. The weekend press discussed how Germany was ready to this week pass through Parliament a €350bn (nearly 10% of GDP) package involving €150 borrowing and potential for another €200bn to buy stakes in companies or back loans.

Looking back at last week now, the S&P 500 saw its worst week since the Financial Crisis, falling -14.98% (-4.34% Friday), with every major sector of the index down over -11%. European equity markets performed remarkably better than their US counterparts, especially with the US selling off 3 out of 5 days in their afternoon session when Europe was closed. The STOXX 600 was down -2.05% on the week (+1.82% Friday, paring gains though after a +4.9% climb at the open). European stocks clearly saw a decent initial reaction to the large stimulus coming in the form of the ECB’s EU750bn bond buying program and the fiscal packages being deployed across the continent. In particular the Travel & Leisure sector saw a +9.8% rally on Friday, which is the sector’s best day since the daily data started in 1991, though the sector still remains -50.0% off its highs. The DAX fell -3.28% (+3.70% Friday), the IBEX slid -2.81% (+0.74% Friday) and Italy saw the FTSE MIB drop -1.39% over the 5 days (+1.71% Friday). Equities in Asia continued to sell off with the Nikkei declining -5.04% (closed Friday), while the CSI 300 dropped -6.21% on the week (+1.79% Friday). Lastly on equities, the VIX jumped on Monday and closed at a new all-time high before declining slightly through the week to finish at 66.0, but this was still up +8.2pts from the Friday prior. Brent and WTI crude oil fell -20.30% (-5.23% Friday) and -29.31% (-11.06% Friday) over the week as the price war between Russia and Saudi Arabia and the growing concern over a prolonged global recession weighed on the commodity from both the supply and demand side.

Even with risk selling off, sovereign bond performance was mixed over the week as correlations to equities have fluctuated and the dramatic fiscal/monetary policy implications of this crisis get digested. The 10yr U.S. Treasury yield ended the week at 0.845% (-29.5bps Friday, -11.5bps last week). 10yr Bund yields gained +22.3 bps on the week even while they fell -12.8bps on Friday to finish at -0.32%. After the miscommunication from the ECB about not being in the business of closing spreads was cleared up, concluding with the new ECB PEPP, markets saw French, Italian, and Spanish 10yr bonds all tighten to 10yr Bunds by -13bps, -38bps, and -11bps over the week respectively. This was a great turnaround for Italy as midweek we saw the BTP-Bund spread stretch to its widest since June 2019, before the policy action on Thursday saw one the biggest drops in spreads since December 2011. Credit spreads had a very bad week in the US. US HY was +278bps wider on the week (+27bps Friday), while IG was +158bps wider on the week (+36bps Friday). In Europe, HY was +203bps wider on the week (-2bps tighter Friday), while IG was +58bps wider on the week (+4bps Friday).

END

 

3A/ASIAN AFFAIRS

I)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED DOWN 85.45 POINTS OR 3.11%  //Hang Sang CLOSED DOWN 1,108.94 POINTS OR 4.86%   /The Nikkei closed UP 234.95 POINTS OR 2.02%//Australia’s all ordinaires CLOSED DOWN 5.98%

/Chinese yuan (ONSHORE) closed DOWN  at 7.1204 /Oil UP TO 22.19 dollars per barrel for WTI and 25.41 for Brent. Stocks in Europe OPENED RED//ONSHORE YUAN CLOSED DOWN // LAST AT 7.1204 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.1509 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//CORONAVIRUS  : /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 AFFAIRS

CHINA/AUTO SALES

I think that Chinese auto sales are misleading: the collapse is more like 95 -100%

(zerohedge)

China Auto Sales Continue Collapse, Plunging 50% And 44% In First And Second Week Of March, Respectively

The coronavirus has certainly wreaked havoc on an already dilapidated global auto industry – and it’s no more evident than in China, where the virus originated and home to the largest auto market in the world.

Continuing February’s trends, auto sales in March have continued to collapse: lower by 50% during the first week of March and down 44% the second week of March.

And that’s if you want to believe the numbers that are coming out of China, where the optics of a recovery may mean more to the government than an actual recovery.

 

China Auto Sales Through March 1, 2020

Cui Dongshu, secretary general of the China Passenger Car Association told Bloomberg that the “market is recovering” but that it is doing so at a “slower than expected pace”. He also called for the country to increase car purchase quota, lower purchasing taxes and continue to give subsidies to EV purchases, in an effort to create a tailwind for buyers.

The country is also reportedly considering the idea of relaxing emission curbs to help struggling automakers.

Recall, sales fell 79% in February, marking the biggest ever monthly plunge on record. We reported less than a week ago that automakers were asking the government for relief after the industry’s collapse, which occurred in the midst of an already-in-progress global recession for automakers. Specifically, they were asking at the time for cuts on the purchase tax for smaller vehicles and support for sales in rural markets, in addition to the easing of emission requirements.

It looks as though they may have gotten their wish.

 

 

China Auto Sales Y/Y Change Through March 1, 2020

Sales for February fell to just 310,000 vehicles from a year earlier, marking the 20th straight month of declines.

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

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

END

CHINA/HOUSING

That did not take long:  Now China’s housing bubble bursts

(zerohedge)

China’s Housing Bubble Bursts: Evergrande Cuts Earnings Guidance By 50%

Now that the world is firmly focusing on apocalyptic forecasts about the state of the US and global economy, with St Louis Fed president James Bullard the latest to pour gasoline into the fire with his worst-case prediction of a 50% GDP drop and 30% surge in unemployment in Q2, it is easy to forget that China, which started this whole pandemic, is still in economic lockdown. And while Beijing is pretending that the Shanghai Sniffles are now firmly behind it, and forcing people back to work while openly fabricating disease numbers  – because like Lloyd Blankfein it has realized that an economic depression is an even worse outcome than millions infected – the reality is that China’s economy is facing an unprecedented crisis of its own.

Today we got a stark reminder of that, when Evergrande Group – China’s second-largest property developer by sales – tumbled in early trading Monday after saying it expects full-year earnings to fall by half.

As Bloomberg first reported, the residential property developer said in an exchange filing Sunday that net profit for 2019 is expected to come in it around 33.5 billion yuan ($4.7 billion), a drop of about 50% from the previous year.

“The decrease in profit is mainly attributable to the delivery and settlement of the lower-priced clearance stock properties in 2019, which drove down the unit price of the property delivered,” Evergrande said.

That sent the firm’s Hong Kong-traded shares down as much as 17.4% on Monday, the biggest intraday drop since July 2015. And with the stock tumbling by more than two-thirds since its late 2017 highs, Citigroup downgraded the stock to “sell” and slashed its price target by 56%, as the expected decline in core profit was far below Citigroup’s estimate of a 27% year-on-year drop.

To be sure, there are plenty of reasons to dump the stock: Evergrande is one of China’s most-indebted developers with net debt of $88.5 billion as of June. As Bloomberg reminds us, the company has been pouring billions of dollars into acquisitions as its Chairman and major shareholder Hui Ka Yan pursues an ambition to make Evergrande the world’s biggest maker of electric cars in the next three to five years.

Yet while Evergrande did everything in its power to offset the current demand plunge, embarking on an aggressive marketing campaign as the coronavirus outbreak deepened, offering discounts of up to 25% on many of its projects, get-out clauses for buyers and price-match promises, its guidance indicates that the housing bubble in China has finally burst despite laughable government official data which saw an actual increase in average housing prices in February when the economy cratered.

The recent price cuts followed a surprise move all the way back in March 2019, when with the economy supposedly humming, Evergrande announced it first (of many) price cuts, offering properties at a 10% discount. It’s only been downhill from there.

In some ways, Evergrande’s liquidation campaign worked out: the firm’s contracted sales for Feburary jumped 108%, however this was achieved with firesale prices, and now that the entire Chinese house of cards is, literally, shaking it is only a matter of time before the ongoing economic malaise tears it to the ground.

This ia problem because as we said back in 2017, the “fate of the world economy is in the hands of China’s housing bubble“, and explained that for the Chinese population, and growing middle class, to keep spending vibrant and borrowing elevated, it had to feel comfortable and confident that its wealth would keep rising.

However, unlike the US where the stock market is the ultimate barometer of the confidence boosting “wealth effect”, in China it has always been about housing as three quarters of Chinese household assets are parked in real estate, compared to only 28% in the US, with the remainder invested in financial assets.

 

Source: Xinhua

 

Beijing knows this, of course, which is why China consistently reflates its housing bubble any time it feels the broader economy is slowing, hoping that any subsequent popping of the bubble, which happened in late 2011 and again in 2014, will be a controlled, “smooth landing” process.

Alas this time it appears to have failed, because while Beijing has been scrambling to indicate that it has again succeeded in maintaining price stability – per Beijing’s massively doctored official data – allowing the air out of the “Tier 1” home price bubble which peaked in early 2016, while preserving modest home price appreciation in secondary markets, the Evergrande profit cut clearly indicates that China’s housing market is now facing nothing short of a hard landing.

One final though: back in the global financial crisis of 2008 it wasn’t the US fiscal stimulus, nor was it even the Fed’s QE that sparked the global recovery that pulled the developed world out of a depression: it was China, which turned on the debt afterburners and issued trillions and trillions in new money, eventually reaching the absurd point in 2017 when China accounted for half of all global debt created since 2005.

Needless to say, much of this credit spree was contingent on continued stability in China’s housing market. However, now that that is gone, and with Chinese debt to GDP around 300%, or an all-time high, one can forget any hope for a massive Chinese credit-fueled recovery similar to what happened in 2008. In fact, if China’s housing bubble has indeed burst, and for validation of this keep a close eye on what Evergrande will say in the coming weeks, what the world should expect is a reversal of China’s epic debt firehose, which unfortunately means that just as China managed to pull the world out of its 2008 depression, payback time has arrived and this time it is China that will ensure that the depression of 2020 is truly one for the ages.

end

CHINA/USA

China declares “war” against USA as they order citizens to stop working at USA news outlets in Beijing

(zerohedge)

China Orders Citizens To Stop Working At US News Outlets In Beijing

China has escalated its war on US news outlets – ordering at least seven Chinese nationals in Beijing to stop working for American news outlets, according to the Committee to Protect Journalists.

Those ordered dismissed include employees for the New York Times, Voice of America and two other outlets, according to the report.

“China appears determined to crush the news gathering operations of major U.S. outlets in Beijing, this time by taking punishing measures against local Chinese employees, said CPJ’s Asia program coordinator. “This action will not stop the ongoing tit-for-tat between China and the United States, and may escalate it. China should stop trying to control and intimidate foreign news bureaus and allow them to hire Chinese staff freely and directly.”

Days earlier, Beijing officials expelled over a dozen US journalistsworking for the NY Times, Wall Street Journal and Washington Post – a counter to the US placing a cap on how many Chinese journalists can work in the United States, according to Bloomberg.

In addition, China’s foreign ministry ordered the publications to submit written declarations with information about their staff, finances, real estate and operations in China after the US ordered five Chinese state-owned media companies to be classified as “foreign missions.”

The tit-for-tat exemplifies how fraught U.S.-China ties have become despite the signing of a phase-one trade deal in January and calls for more global cooperation to contain the coronavirus. In addition to media, the countries have also feuded over the use of “Chinese virus by U.S. officials to describe the outbreak and an assertion by a Chinese official that the the U.S. military spread the virus.

Foreign news outlets in China are barred from directly employing Chinese nationals. They are instead employed through the Beijing Personnel Service Corporation for Diplomatic Missions, which is affiliated with the foreign ministry. It was this agency that dismissed members of U.S. media in the past few days, the Washington-based Committee to Protect Journalists said. –Bloomberg

During a Thursday briefing by the Chinese foreign ministry, spokesman Geng Shuang said that “relevant authorities manage the employees of foreign media in accordance with laws and regulations,” according to the report.

end

4. EUROPEAN AFFAIRS

ITALY/SUNDAY

Italian Doctor Implores Rest Of World: “Lock Your Nations Down Now… Or Face This!”

Judging by the following extremely disturbing news story from Sky News, hedge fund billionaire Bill Ackman was on to something when he warned President Trump that “hell is coming.

“America will end as we know it,” warned the infamous hedge fund manager, unless President Trump shuts down the country for 30 days to contain the fast-spreading coronavirus, calling it the only option to rescue the economy.

The crisis gripping the town at the centre of the global COVID-19 crisis in Italy has been witnessed by Sky News’ Chief Correspondent Stuart Ramsay., who exclaims: “they’re fighting a war here… and they’re losing.”

Italy has hit a grim milestone in its fight against the coronavirus pandemic… with deaths now soaring above China’s:

…and authorities there want to send a warning to the rest of the world:

“lock your nations down now… or face this!”

 

END

ITALY MONDAY//

this is good news:  we are finally seeing a slowdown in Italy’s new cases and deaths per day are coming down.  The virus outbreak may be peaking.

(zerohedge)

Finally Good News: Slowdown In New Cases, Deaths Suggests Italy’s Outbreak May Be Peaking

Italy’s Civil Protection Agency just reported a second straight drop in new cases, offering some hope to Italians, and the global community, as the government in Rome has been desperately struggling to slow the outbreak.

All of a sudden about three weeks back, Italy saw a sudden surge in cases that took it from just a handful to a serious outbreak in Lombardy, then across northern and central Italy, then finally into the Italian south.

And after cases seemed to hit a blow-off top over the last two weeks after a streak of grim consecutive numbers where Italy was reporting nearly 1,000 deaths a day, those numbers are finally coming down.

According to health officials, the number of new deaths reported on Monday dropped to 601, down from 651. The number of new cases climbed by 4,789 to 63,927, from 59,138, while the Italian death toll hit 6,078, a decline from the 5,560 new cases on March 22, which in turn was down from the 6,557 cases on March 21.

Focusing on Italy’s coronavirus epicenter, the hardest-hit region of Lombardy (where Milan is located) shows a similar decline in both new deaths and new cases, with the death toll from Covid-19 outbreak rising by 320 alongside 1,550 new cases, a slowdown from Sunday, which had 361 deaths and 1,691 new cases, and Saturday, when there were 546 deaths and 3,251 new cases.

Total cases stand just shy of 64,000 one day after the Italian government went “full Wuhan” and decided to shut down industrial production across the country to try and force wider compliance with its social distancing recommendations.

More encouraging videos are going viral as Italians rally their spirits to confront the virus. One video of opera singers entertaining a neighborhood caught the world’s attention on Twitter.

anand mahindra

@anandmahindra

I will never stop being amazed by the creativity of our people. In Italy, opera singers entertained their neighbours from their homes. But this is even more fun!

Embedded video

1,253 people are talking about this

Meanwhile, the Italian government thanked the government of Russian President Vladimir Putin for 9 plane loads of aid that were delivered to the country.

Sarah Abdallah@sahouraxo

“Italy is not alone…

I thank the Russian Federation, President Putin, and the government for all the support they are showing.”

— Italian Foreign Minister Luigi Di Maio

Russia sent 9 planes with medical aid to to help it fight the .

Embedded video

631 people are talking about this

Italians are a notoriously spicy people. In keeping with that reputation, a video of small town mayors threatening individuals who knowingly violate the government quarantine measures.

🌈@protectheflames

My new favourite thing is Italian mayors and regional presidents LOSING IT at people violating quarantine. Here’s an eng subtitled compilation. “I hear you wanna throw graduation parties. I’m gonna send the police over. With flamethrowers.”

Embedded video

Though these last two days have brought reason for cautious optimism, the situation in Italy remains unquestionably dire: The mortality rate in the country is significantly higher than anywhere else in the developed world. Despite a series of near-draconian measures gradually rolled out to halt the spread of the virus, including a nationwide lockdown and the shutdown all non-essential businesses, Italy has been unable to “flatten the curve,” as US officials put it. The country’s mortality rate is a world-leading 9.4% as of Monday. China, in contrast, reported a 3.4% though its stats are in doubt.

Hopefully for the country’s sake, the slowdown continues, and not just because the Italian government is preparing to tweak the stats to try and make the numbers look slightly less grim.

UK/CORONAVIRUS

‘Vague’ Legislation Gives British Police Powers To Detain “Suspected COVID-19 Carriers”

The Covid-19 outbreak is on the verge of hurling the UK into a nationwide lockdown, or maybe at least London for starters.

We warned on Monday that “the UK has missed the critical containment window to implement social distancing policies that would flatten the curve and slowdown infections, suggesting the country could see an exponential rise in Covid-19 cases over the next month.”

And wow, the epidemic curve is exponential (as of March 20, 0900ET, there are 3,269 confirmed cases and 144 deaths across the country):

 

Cumulative Confirmed UK Cases

 

UK Virus Map 

With that being said, we noted on Friday morning that upwards of 10,000 troops stand ready to be deployed if social order deteriorates, mostly because supermarkets are running out of food and the healthcare system is “on the brink of collapse.”

As a direct response to the chaos unfolding, the British government is now giving police, public health and immigration officers the right to arrest any suspected COVID-19 carriers under a new emergency bill, reported RT News.

The 329-page emergency bill was published on Thursday and is part of the government’s efforts to enforce more draconian measures to flatten the curve to slowdown infections.

 

UK Coronavirus Bill 

The bill reads, “public health officer, constables and (in some circumstances) immigration officers with the means to enforce sensible public health restrictions, including returning people to places that they have been required to stay. Where necessary and proportionate, constables and immigration officers will be able to direct individuals to attend, remove them to, or keep them at suitable locations for screening and assessment.”

The government also can limit social gatherings for the “purpose of preventing, protecting against, controlling” the virus outbreak.

These draconian measures come as a secret government document was leaked earlier this week that said 80% of Britons could be infected, and the virus would not clear out of the country until Spring 2021.

END
UK

Watch: “Youths” Looting, Fighting At Supermarkets In London & Paris

Authored by Paul Joseph Watson via Summit News,

Video footage out of London and Paris shows “youths” attempting to loot stores and start fights in response to the coronavirus outbreak.

A clip showing a Sainsbury’s shop front in central London shows youths attempting to smash down the supermarket’s doors in an effort to break in.

According to the Daily Mail, the video also “shows a number of young people sneaking out of the store on New Kent Road” after stealing alcohol.

“Police said that Sainsbury’s staff confronted the men, who became ‘hostile and threatening’ and fled outside before trashing the store front,” states the report.

Four men aged 20 to 22 were subsequently arrested by police.

Meanwhile, another clip from a branch of supermarket Lidl in Aubervilliers near Paris shows more “youths” fighting with each other with some of them wielding weapons.

It’s not known whether the individuals in the clip were looting the store or just brawling.

Another video clip shows shoppers at a supermarket in London screaming at each other and squabbling as they engage in panic buying.

Paul Joseph Watson

@PrisonPlanet

Diverse areas of the UK seem to be having problems with panic buying.

Embedded video

Another clip from a Tesco in London features a customer threatening to ‘bring his friends’ after the store refuses to allow him to bulk buy water.

Paul Joseph Watson

@PrisonPlanet

Tesco, London.

Customer threatens to ‘bring his friends’ after they refuse to allow him to bulk buy water.

Supermarkets have imposed limits on the number of items that can be purchased.

The videos all appear to have something in common; The protagonists seems to be very “diverse,” which as we all know is definitely a strength.

*  *  *

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END

 

GERMANY

Helicopter money begins in Germany as the “debt brake” ends.  Germany is to issue 356 billion euros in new debt or about 10% of old GDP

(zerohedge)

The Debt Brake Finally Breaks: “Austere” Germany To Issue €356BN In New Debt, Amounting To 10% Of GDP

On the same day that Larry Kudlow hinted that the US fiscal stimulus has now grown in size to $2 trillion, or around 10% of US GDP, Germany’s fascination with a balanced budget, aka the “black zero” brought about by the country’s bitter memories of Weimar hyperinflation, ended with a whimper when Angela Merkel announced on Saturday that Germany would issue or guarantee debt amounting to  €356 billion as part of the country’s emergency response to fight the coronavirus.

The amount, which is equivalent to to 10% of the country’s GDP, is similar in size to China’s fiscal response during the global financial crisis, which at the time was 9.7% of China’s GDP.

Finance minister Olaf Scholz will also present the German cabinet with plans to create a new €500bn bailout fund to rescue companies hit by the outbreak, according to three people familiar with the plans.

The anchor of the fiscal stimulus package will be over €150bn in new debt issuance as part of what the FT dubbed a “sweeping package of emergency measures to save its economy from the brutal effects of the coronavirus pandemic”, in what amounts to a radical break with the strict “black zero” fiscal policies of the past for which Germany had earned the nickname of the “austere” ruler of the Eurozone, and which helped push German debt to record low yields.

At a cabinet meeting on Monday, Scholz will present plans for a €156bn supplementary budget for 2020 and a new €100bn economic stabilisation fund, which will be known in German as the WSF, that can take direct equity stakes in impaired companies, an analog of which will soon be introduced in the US as well as part of the impending bailout of the airline/hotel/restaurant/movie theater sector. It will also be equipped with €400bn in state guarantees to underwrite the debts of companies affected by the turmoil, bringing its total firepower to €500bn.

Finally, Scholz also plans a €100bn government loan to the state development bank, KfW, which has been empowered to provide unlimited cash to businesses struggling with the fallout from the pandemic. Taken together, the supplementary budget, plus the €100BN for the WSF and the €100BN loan to the KfW amount to €356BN — or about 10% of Germany’s GDP.

According to the FT, the WSF will be in effect be a “reactivation” of Soffin, a government-backed vehicle set up in 2009 to bail out troubled banks. Soffin currently manages the government’s 15.6% stake in Commerzbank, which it is still holding since the bank’s rescue during the global financial crisis 12 years ago. We can only wonder what crap this fund will hold in another 12 years.

The massive bailout fund, which will not only underwrite companies’ debts but also recapitalize those experiencing financial difficulties due to the coronavirus turmoil, effectively paving the way for a wave of partial state takeovers.

Just as the government helped the banks after the collapse of Lehman Brothers, “we are now prepared to provide equity for the real economy,” Scholz told German radio on Friday. The state had to help companies “that employ an incredible number of men and women and which all of a sudden have no business.”

In effect, what Germany is doing is unleashing a massive quasi nationalization of every industry, with the hope of preserving businesses and avoiding a firesale of insolvent assets, and as such the WSF could presage an extraordinary intervention by the state in the private sector. “We will not allow a bargain sale of German economic and industrial interests,” economic affairs minister Peter Altmaier said on Friday. “There should be no taboos. Temporary state aid for a limited period, up to and including shareholdings and takeovers, must be possible.”

While it is now officially dead, Germany’s addiction to the “schwarze Null” and aversion to new debt was facing mounting  criticism even in the month before the coronavirus pandemic first struck: for months, leading economists both at home and abroad have been urging the government to take advantage of low interest rates to take on new debt and invest in Germany’s crumbling infrastructure.

Yet since the full scale of the outbreak became clear, Merkel has stressed that the survival of the German economy was a far bigger priority to her than her commitment to the black zero.

“We’re doing whatever is necessary,” she said on March 11. “And we won’t be asking every day what it means for our deficit.”

In addition to passing the supplementary budget and setting up the WSF, on Monday German ministers will meet to loosen one of the country’s most important fiscal rules — the constitutional debt brake. Introduced in 2009, it limits any new government borrowing to just 0.35 per cent of GDP, adjusted for the economic cycle. But exceptions are allowed, and the constitution says the Bundestag can relax the debt brake when the country is hit by emergencies such as natural catastrophes that “significantly impact the government’s fiscal position.”  Coronavirus is a clear example of such an eventuality. A Bundestag vote will then come in the days following.

“This essentially paves the way for unlimited borrowing,” said one of the people familiar with Mr Scholz’s plans. He said it fitted with the European Central Bank’s announcement last week that it would buy an extra €750bn of bonds in a bid to calm markets thrown into turmoil by the pandemic. “The ECB’s message to the EU member states was clear,” he said. “Fill your boots with debt.”

The good news is that thanks to its austere ways, in recent years Germany managed to bring its debt-to-GDP ratio to below 60%, while France is stuck around 99%, and Italy is at the forefront with 134.8%. “Even a few weeks ago people were saying we’d gone too far, that we were too focused on husbanding our resources,” Mr Scholz said on Friday. “Now you can see we acted correctly.”

Jens Weidmann, head of the Bundesbank and a member of the ECB’s governing council, and also a vocal proponent of living within one’s means , said that until recently there had been “passionate debate” in Germany about the wisdom of sound public finances. “Now we can see very clearly: it was exactly right that Germany consolidated its budget when the economy was doing well,” he told Die Welt on Saturday. “Now we have the latitude to deal with this crisis. Our starting position is advantageous.”

There is just one potential snag: the bond market is notoriously fickle, and while German yields plunged when the country had no intention of taking advantage of the unprecedented demand for its debt, it is only when plans change and Germany will now clearly splurge and have to fund these massive new bailouts with hundreds of billions in new debt, that yields will finally soar. Already the yield on the 10Y Bund has soared from -0.9% to -0.2% in just the past two weeks.

One can only imagine what happens when Germany – poster child for monetary prudence – starts the moneycopter. Or another way of saying it: the MMTers got what they wanted. Let’s see now if the bond market will allow them to execute their plans – absent central banks monetizing every last bond – or if the bond vigilantes which we taken for dead years ago, were only hibernating.

END

GERMANY/MONDAY

Finally Germany supports a rescue loan for Italy to which all member states will be part of the rescue pkg.  Italy wants the ECB is issue “coronabonds” because the virus that has inflicted Italy the most is not their fault

 

(zerohedge)

Germany Supports Rescue Loan For Italy Through Euro Area Bailout Fund

Who would have thought just one month ago, that “stingy, austere” Germany would emerge in just a few short weeks as a supporter of a European fiscal stimulus gusher.

After a weekend in which Germany’s “debt brake”, aka “black zero” balanced-budget policy was finally dealt a death blow, when we reported that Germany would issue or backstop a record €356 billion in new debt amounting to a whopping 10% of the country’s GDP, which was generally expected and sent Bund yields sharply higher..

… on Monday Bloomberg announced that Angela Merkel, whose close encounter with the coronavirus appears to have been successful testing negative, is willing to usher in even more debt as German officials are ready to help Italy get through the coronavirus pandemic and “are prepared to support an emergency loan from the euro area’s bailout fund.”

According to the report, Berlin’s preferred option would see Italy granted an enhanced credit line by the European Stability Mechanism which was created during the depths of the European sovereign debt crisis, with minimal conditionality. The bad news for a “federalized” Europe is that while Chancellor Angela Merkel previously said she’s happy to discuss Italy’s request for jointly issued coronavirus bonds to shore up euro members’ finances, the official said Germany isn’t ready to move forward with that idea. In short, so great is Germany’s resistance to backstopping its more profligate neighbors, that not even the biggest economic crisis in European history will be sufficient for Europe to issue jointly-backed debt.

The Germans are also said to be concerned that Italy already had substantial structural problems before the virus struck and they may need to be addressed once it has passed, the Bloomberg source added. Euro-area finance ministers will hold a videoconference on Tuesday to discuss the next steps.

Italy, already the metaphorical “sick man’ of Europe has become that literally, suffering the brunt of the pandemic so far, with its industrial engine room effectively shuttered since March 7 and more than 5,000 people dead.

Making matters more complicated, Italy’s public debt was already at 135% of GDP, the highest in the Eurozone (except for Greece of course) before the outbreak hit, so it has little room for new debt issuance.

Ahead of the German announcement, Prime Minister Giuseppe Conte announced a €25 billion stimulus plan, a effort that is dwarfed by the German program and likely to fall far short of what the economy needs. Bloomberg Economics forecast output could contract by 5.3% in the first quarter, and that was well before the government halted all non-essential activities on Saturday.

As Bloomberg adds, the Germans have already made one big concession to cushion the blow to the Italian economy by endorsing the European Commission’s recommendation to allow extraordinary leeway to struggling nations within its budget restrictions. Euro-area finance chiefs are optimistic that they’ll be able to secure another boost for Italy on Tuesday’s call, though success is not guaranteed, officials said. If they can get a deal, that would allow the bloc’s leaders to sign off during their videoconference on Thursday.

That said, when it comes to new debt, nothing in Europe is certain, and one sticking point may be the conditionality attached to a credit line.

Italian officials are arguing that since they weren’t responsible for the outbreak, European solidarity dictates that there should be no strings attached, according to two officials familiar with the negotiations. The Italians also want all member states to be given credit lines to ensure there is no stigma for them.

The Germans — along with the Dutch — insist that there need to be some conditions, even if they are largely symbolic.

A precautionary credit line from the ESM would pave the way for the European Central Bank to deploy its most powerful tool — unlimited purchases of a country’s debt. Known as Outright Monetary Transactions, the program was developed during the euro zone’s debt crisis in 2012 but has never been used. It requires a country already to have a credit line with the ESM.

But bigger than just the immediate response to the coronavirus, at the core of the debate over how to support Italy, “is a long running dispute at the heart of the euro project over how far member states should share their liabilities.”

Since the single currency was set up, Germany and several allies with robust public finances have tried to resist mutualizing their debts. The sovereign debt crisis forced them to accept some tighter financial integration with the ESM and the single banking regulator.

Italy, with the support of France and Spain, is pushing for the bloc to take a further step toward fiscal union by jointly issuing bonds for the first time in order to finance the virus stimulus program.

Following a conference call with leaders, Merkel said she would ask her finance chief Olaf Scholz to join talks on the proposal with the rest of the bloc. But as Bloomberg notes, “that is as far as Germany is prepared to go, the official said. EU officials are drafting plans for how a such a mechanism could work despite the German opposition.”

The official in Berlin argued that using the ESM is already a form of mutualized obligation because it can take on debt on behalf of the whole euro area.

Bank of France Governor Francois Villeroy de Galhau said in a newspaper interview published Monday that the rescue fund should be activated, and Bank of Portugal Governor Carlos Costa said jointly issued “coronabonds” should be considered.

“That could help,” Isabel Schnabel, a German member of the ECB executive board, told Frankfurter Allgemeine Sonntagszeitung in an interview published Saturday. “No country can be indifferent to what is going on in another European country — not only for the sake of solidarity, but also for economic reasons. I hope that this is understood by the politicians.”

Needless to say, it will be remarkable if the current existential crisis, which is now seen pushing the world into a brief depression for at least one quarter, is not sufficient to prompt a flood of debt in Europe. Because if Europe’s debt-starved politicians are unable to put this epic crisis to good use and issue hundreds of billions in debt, breaching virtually every “fiscal brake” that exists, what happens when normalcy returns – tentatively – in a few months?

 

FRANCE/CORONAVIRUS UPDATE/MONDAY

“They’ve Been Lying From The Start” – French Medics File Suit Against Prime Minister

COVID-19 has infected 328,275 people across the world and caused 14,366 deaths, according to the latest figures from Johns Hopkins. Europe has turned into the next China, with cases and deaths on an exponential curve in Italy, Spain, Germany, France, Switzerland, and the UK.

In France, the fast-spreading virus has killed 562 and led to more than 14,400 confirmed cases on Sunday. The French hospital system is on the brink of being overwhelmed by virus patients, with hospital beds and ICU-treatment capacity is quickly running out.

French hospitals are running out of protective gear, leaving medical staff susceptible to contracting the virus.

It has become entirely evident that the European country was not prepared to fight a pandemic. This is the claim that is being made by three French medics in a new lawsuit against Minister Edouard Philippe and former minister of solidarity and health, Agnes Buzyn. 

Lawyers for the medics told RT News that the complaint alleges the two senior officials failed to prepare the country for a health crisis that has paralyzed it.

The complaint said both officials were completely aware of the virus in January but “chose not to act.”

“At some point, the truth needs to be told, which is that these people have been lying to us from the start,” Fabrice di Vizio, the lawyer representing the three plaintiffs, told RT.

The complaint referenced an interview Buzyn gave the Le Monde newspaper, in which she regrets leaving her government post and running for mayor of Paris as the virus crisis was developing earlier this year:

“I knew that the tsunami wave was before us. “On January 30, I warned [Prime Minister] Edouard Philippe that the elections could probably not be held. “We should have stopped everything, it was a masquerade.”

The French government has rejected any wrongdoing and has said their response to the virus has been satisfactory.

Di Vizio told RT that the government is still unprepared and lacks critical protective gear for healthcare workers:

“Last week the government spoke about the masks. You remember those pompous speeches by the president, who was all commander-in-chief in tone and promised the masks?” he said. “Masks are a primary tool of war since they protect the health workers. Have those masks arrived?”

It would be an absolute disaster if French medics and healthcare workers joined the anti-government “Yellow Vest” protestors out of their disgust for the failure of the government. After all, last month, French firefighters joined the protests.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN

Despite being the enemy it is not good that so many in Iran has the coronavirus.  The USA must temporarily suspend sanctions and give badly needed drugs and medical equipment to the country.  Maybe one say the leaders will wake up

(zerohedge)

As Iran Hits 20,000 Cases, US Says ‘Coronavirus Won’t Save You From Sanctions’

Even amid a global pandemic that’s altering daily life as everyone knows it, and with borders shut, markets collapsing, and talk of mobilizing the military domestically, Secretary of State Mike Pompeo is keeping up the administration’s “maximum pressure” campaign on Iran.

“The United States sent Iran a blunt message this week: the spread of the coronavirus will not save it from U.S. sanctions that are choking off its oil revenues and isolating its economy,” Reuters reports.

Consider too the blunt headline to the report — U.S. to Iran: Coronavirus won’t save you from sanctionsThis as a top Iranian health expert warned his fellow citizens to brace for “millions” possibly killed as a result of the deadly pandemic. “Our policy of maximum pressure on the regime continues,” Brian Hook, the US Special Representative for Iranian Affairs, told reporters this week.

But as Spencer Ackerman reports, this policy will actually make the Covid-19 spread more dangerous for us all:

“We are not safe in any place until everyone all over the world is safe,” Paul Anatharajah Tambyah, the president of the Asia-Pacific Society of Clinical Microbiology and Infection, told the Wall Street Journal about a new wave of COVID-19 cases in east Asia.

“You have to facilitate these medical goods. Anyone who argues otherwise, or does otherwise, is a sociopath or a moron,” [bold mine-DL] said Jarrett Blanc, a former State Department official who monitored Iran’s compliance with the nuclear deal that the Trump administration abandoned. “The U.S. should be busting its ass to make sure permissible medical exports are available to Iran. It’s in our self-interest.”

The administration gleefully (and fanatically some would say) rolled out with new sanctions this week targeting over a dozen Iran-linked entities and individuals.

There is the ‘option’ of merely temporarily suspending the sanctions, aimed to broad humanitarian aid from the outside, especially concerning badly needed medicines and equipment necessary in fighting Covid-19, which on Friday approached 20,000 confirmed cases (19,644 as of Friday).

The American Conservative’s Daniel Larison writes:

The “maximum pressure” campaign is unjust, but to continue it in the midst of a public health disaster is truly sick and twisted. The administration’s refusal to offer sanctions relief at a time like this shows how irrational and malevolent this policy is, and it should make us all realize how senseless and destructive the economic war has been from the start.

It’s further worth noting that assuming the best case scenario of a quick containment of the pandemic in the rest of the world over the coming weeks or months…

It remains that if a large country of over 80 million people can’t be allowed to get it under control (with failed efforts exacerbated by Washington imposed economic isolation and the devastating sanctions regimen), this will only continue to put the rest of the globe in danger.

END

JORDAN

Jordan begins its lockdown: they order stay indoors or risk a year in prison

(zerohedge)

‘Stay Indoors Or Risk A Year In Prison’: Jordan Blows Sirens At Start Of Virus Lockdown

Jordan has imposed an unprecedented nation-wide curfew on Saturday to combat the spread of coronavirus at a moment its official confirmed number of cases approaches 100. As of Friday health officials said Jordan has 85 confirmed infections while emphasizing they expect numbers to rise rapidly.

“Jordan blew sirens at the start of a nationwide curfew on Saturday, limiting the mobility of its 10 million citizens indefinitely to combat the spread of coronavirus, witnesses and officials said,” Reuters reports.

The round-the-clock ban on residents going outside started at 7am with warning sirens literally sounding across Amman. The new curfew is being widely described as the most severe measure any country has imposed on a nation-wide level thus far in the crisis.

 

Jordanian soldiers in the capital Amman on March 18, 2020. Image source: AFP

As nations across the globe move to a militarized response, and with even the United States witnessing the rare deployment of National Guard units to city streets, such as in New York and Georgia, the government of Jordan is poised to impose perhaps the most draconian penalties for violating the newly announced measures.

The Jordanian Army announced Saturday curfew violators for all but authorized emergency personnel and vital services will face up to a year in jail. Thousands of soldiers have already been deployed to city streets and highways, especially in the sprawling capital of Amman.

“Anyone going outside will be subjecting themselves to punishment,” Justice Minister Bassam Talhouni said in an Arabic broadcast. Already at least 400 were arrested Saturday. “Nearly 400 people have been arrested in Jordan for violating an indefinite curfew introduced on Saturday that bans people from leaving their homes even to purchase food,” The Guardian reports.

Al Arabiya English

@AlArabiya_Eng

Watch: Sirens blared at the start of a curfew across earlier in the day, limiting the mobility of 10 million citizens indefinitely to combat the spread of .

The Jordanian army says 392 violations have been recorded so far.https://english.alarabiya.net/en/News/middle-east/2020/03/21/Coronavirus-Jordan-blows-sirens-at-start-of-nationwide.html 

Embedded video

The stringent measures immediately resulted in the following scene, as Reuters describes:

Armored police vehicles roamed the streets of main cities, calling on people to heed warnings not to leave their homes, witnesses said.

Streets across the capital and main cities were deserted, with shops shuttered as police patrolled neighborhoods and the army manned checkpoints, witnesses said.

Amman officials say they had to take drastic measures due to the “recklessness” of some elements among the population who refuse to take the pandemic threat seriously.

“Unfortunately we have seen recklessness in scenes of shopping and moving around in the streets. These pose a grave danger to our efforts to contain the epidemic,” Amjad Adailah, a cabinet minister and government spokesman said.

amandaorr@amandaorr

The air raid sirens at 7 am in Amman Jordan signaling the start of a three day curfew – that means, stay inside or risk jail.

Embedded video

Similar but arguably less draconian measures have been deployed in some communities and cities in neighboring Israel and the West Bank.

Also, Syria to the north is presenting an increasingly worrisome situation: the Assad government has ordered the closure of all schools, restaurants, theaters and public places, and has even sent many government workers home as of Saturday. Yet authorities in Damascus are still officially reporting zero cases. However, it could also be the case they acted quickly enough, with WHO officials looking on and administering tests, amid all but the Lebanese border being for years shutdown due to war.

The potential for an outbreak inside squalid and over-crowded refugee camps in the region is also alarming international health officials. The WHO is reportedly attempting to set up urgent testing inside camps along the Syrian-Turkish border, after a handful of cases appeared in an internally displaced persons (IDP) camp in Iraq.

END

6.Global Issues

CORONAVIRUS UPDATE/THE GLOBE/RABOBANK’S MICHAEL EVERY…

Rabobank: Over 100 Million Could Be In Lockdown In India

Submitted by Michael Every of RaBOBANK

bobank

Police State

The headlines continue to shock.

Firstly, the number of coronavirus cases surged past 300,000 on Sunday with more than 13,000 deaths now reported worldwide.

Secondly, predictions about the fall out on the global economic outlook have rapidly gone from bad to worse over the past few days.

  • In the US over 80 million people are now in a lockdown,
  • over 100 million could be in similar circumstances in India.
  • In Italy, controls on movement have been stepped up with all internal travel now banned and in numerous other countries social gatherings have been forbidden and businesses have been closed in an attempt to prevent the spread of the virus.

In just over a fortnight or so, the debate among economists has shifted from whether the US will suffer recession to how big the downturn is likely to be. Our baseline base case now is a global pandemic as outlined by our colleagues here.

Central banks and governments around the world have moved quickly to staunch the wounds, but more policy support will likely be forthcoming.

On Friday, the UK Chancellor jacked-up the size of the fiscal relief offered to the UK economy aggressively – just over a week since he delivered his budget. The new measures include a pledge by the state to pay 80% of the wages of workers, up to GBP2,500 per month. Germany has announced it will raise EUR150 bln in new debt to bolster the economy, which is an abrupt departure from its culture of fiscal discipline. By contrast the US’s Republican’s Coronavirus Rescue Package failed to pass through the Senate yesterday. Shortly after the vote DJIA futures were again limit down. Democrats argued that the package overly favoured corporations and didn’t go far enough to support individuals facing joblessness and a loss of income. Democrats warned that they would introduce their own legislation which suggests that it could be some time before Congress passes a bill. The Fed proved last week that its decision making was far less cumbersome than its government’s. On Friday afternoon the Federal Reserve Bank of New York pledged to continue offering $1 trn a day in overnight repo operations for the rest of the month. As a consequence of the central bank’s activity, measures of stress in the money market started to abate. This bled into the spot market where USD strength took a step back.

The firefighting has continued at other central banks. The BoJ continues to use its balance sheet aggressively. This morning it has purchased JPY201 bln of ETFs, matching the daily record it set on Thursday. As the New Zealand government takes further measures aimed at self-isolating the whole country, the RBNZ today announced a large scale asset purchases programme through which it will purchase up to NZD30 bln of government bonds over the next 12 months. Bank of France Governor Villeroy has called for the Eurozone’s rescue fund to be activated to lend directly to states struggling to contain the economic impact of the virus. This could pave the way for additional sove

reign bond purchases by the ECB. Eurozone officials are currently considering a plan that would see the European Stability Mechanism set up multiple credit line for member states. A substantial widening of peripheral yields forced the ECB to take step up its policy reaction in an emergency meeting late last Wednesday. Fragmentation risks surfaced particularly in Italian BTPs – partly because Ms Lagarde had stated during a press conference following the regular policy meeting that “the ECB was not here to close spreads”. Despite subsequent damage control, saying “whatever it takes” had lost its value, and so the Council had to put their money where their mouth is. The EUR 750bn ‘pandemic purchase programme’ was certainly the action that the market needed to see, re-establishing the ECB’s commitment to do whatever it needs to. Italian spreads tightened from highs around 300bp back to around 200bp. While this is still quite a bit higher than the levels seen in February, the actions certainly stemmed the bleeding.

After the Fed’s policy announcement on Friday, the strength of the USD ebbed and severely battered EM currencies trimmed their substantial losses amid signs of stabilisation in stocks (the S&P 500 Index closed above its weekly’s low on Friday). This, however, was short-lived as the early hours of trading on Monday morning have indicated. While sentiment remains negative at the beginning of a new week of trading, a period of respite/consolidation seems to be long overdue – especially after such a brutal sell-off as witnessed since the beginning of March. Also, various EM currencies have already reached levels considered as substantially overdone and somewhat disconnected with economic fundamentals. It does look grim and the outlook is negative, but if the US Congress approves without any further delay a comprehensive package to support the economy, the selling pressure on the EM FX may finally ease and we may even witness modest gains. Such a period should be considered as a short-term respite within the bearish trend across the EM that we anticipate to last for at least three months. We are nowhere near the turning point for the EM as the coronavirus continues to spread rapidly and the number of cases continues to rise exponentially outside Asia.

The Bank of Russia refused to put its signature on a rapidly expanding list of central banks to have slashed interest rates and opted instead to keep its policy rate unchanged at 6.00% on Friday. While it was in line with market expectations, we argued that a 50bps cut would be a more rational decision given that Russia is heading for a recession. The official statement included comments supporting our view that the CBR may seriously consider a rate cut due to worsening global growth prospects that will have negative implications for the Russian economy. Crucially, the central bank anticipates both domestic and external environment to be disinflationary. Unless USD/RUB rises well above the all-time high at 85.9573 to 100 or even higher – this would require urgent action including an emergency rate hike – we remain of the view that a cut would be a more rational response to the challenges the Russian economy faces in the coming months of a synchronised global recession.

CORONAVIRUS/USA//MICHAEL SNYDER

More Than 70 Million Americans Have Been Locked Down So Far, And This Is Just The Beginning…

Authored by Michael Snyder via The End of The American Dream blog,

It seems like just yesterday that I was warning that the same sort of lockdowns that were occurring in Italy and China would soon be instituted here, and now it is actually happening.  As you will see below, more than 70 million Americans have already been locked down, and more states will likely follow suit in the days ahead.  Of course our politicians are attempting to put a positive spin on their directives by referring to them as “shelter-in-place” orders, and they are promising us that they are only “temporary”.  But less than 300 Americans have died during this pandemic so far, and many medical experts are warning that this is only the very beginning of this crisis. 

As long as the number of confirmed cases and the death toll are both rising at an exponential rate, these “shelter-in place” orders will remain in effect, and Americans will become increasingly frustrated about having to remain in their own homes.

On Friday, two of the biggest states in the entire country decided that it was time to shut virtually everything down

The Governor of Illinois has announced a stay at home order, making it the latest state to shut down after New York and California as President Trump refuses to issue a national quarantine in the battle against coronavirus.

On Friday, NY Gov. Andrew Cuomo issued a total ban on non-essential businesses and warned there would be strict fines for any businesses that do not comply. It will go into effect on Sunday evening and is indefinite.

But of course some businesses will remain open.  The following is a list of some of the businesses in New York that are exempt from the order

  • Hospitals and medical services
  • Grocery Stores
  • Pharmacies
  • Government workers
  • Mass transit
  • Some food services and restaurant delivery
  • News organizations
  • Cuomo said he does not know if laundromats apply

The effectiveness of such an order is definitely open to debate.  As thousands upon thousands of New Yorkers circulate through local grocery stores and pharmacies, it is inevitable that the virus will continue to spread.

But at least doing this is better than nothing.

These orders by the governors of New York and Illinois came about 24 hours after California instituted similar measures

The stay home order is in place till further notice.

All dine-in restaurants, bars and clubs, gyms and fitness studios will be closed, according to the order. Public events and gatherings are also not allowed. Essential services will stay open, however, such as pharmacies, grocery stores, takeout and delivery restaurants, and banks.

This means that in just those three states alone, approximately 70 million Americans “are now under stay-at-home orders”

It means that between the three states, 70 million Americans are now under stay-at-home orders.

They are being told to only go out for exercise, to the grocery store or to seek medical care, and can pick up take-out from restaurants – so long as those restaurants can keep themselves afloat. Many have already closed their doors.

Wow.

In addition to California, New York and Illinois, the state of Connecticut has decided to lock down their citizens starting on Monday night, and Pennsylvania has ordered all businesses that are not “life-sustaining” to completely shut down.

We haven’t reached the point of a total “national lockdown” just yet, but it will sure start to feel like it as one state after another issues similar orders.

I am really struggling to find the words to describe how utterly devastating that this is going to be for the U.S. economy.  The number of people filing for unemployment benefits is absolutely exploding all over the country, and financial markets have been plunging as investors anticipate the economic nightmare that is coming.  For much more on this please see the article that I just posted entitled “This Was The Worst Week For The Stock Market Since 2008, And “Jobless Filings Are Growing Geometrically”.

Andy Puzder

@AndyPuzder

What’s happening in the US economy in one chart. Year- over-year change in seated diners at restaurants for 38 states, as provided by OpenTable. The median state is down 95%. Hopefully, today’s Republican Senate bill will helps before these restaurants are gone.

View image on Twitter

Many are hoping that the lockdowns that are being instituted now will last for only a few weeks and then life can start to get back to normal.

But Italy has already been locked down for an extended period of time, and the number of people dying in that country just hit another daily record

Italy has recorded its highest day-to-day-rise in the number of deaths of people infected with the new coronavirus.

Civil Protection Chief Angelo Borrelli said Friday the country recorded 627 more deaths in the 24 hours since Italy surpassed China on Thursday as the nation with the most COVID-19-related deaths. The total now stands at 4,032.

And many Americans are simply too stubborn to follow these lockdown orders.

In fact, many Americans are too stupid to even use basic common sense.  Just check out the following example

The latest incident occurred in the Washington exurb of Purcellville, Virginia, some 55 miles from the White House.

According to a Purcellville Police Department report, “An incident occurred at a local grocery store involving juveniles reportedly coughing on produce, while filming themselves and posting it on social media.”

Are you kidding me?

Coughing on produce and then posting it on social media?

Some people will do anything to get attention.

I really do hope that more Americans start taking this pandemic seriously.  The number of confirmed cases in the U.S. will pass the 20,000 mark this weekend, and we just learned that a member of Vice-President Mike Pence’s staff has tested positive

A member of Vice President Mike Pence’s staff has tested positive for coronavirus, the White House said Friday, marking the first such infection within the top rungs of the administration.

Katie Miller, a spokeswoman for Pence, did not identify the staffer, nor did she say specifically where the individual worked. Pence is leading the administration’s coronavirus task force and has been a regular presence at the president’s side in recent weeks.

This pandemic is going to change life in America permanently, and the truth is that COVID-19 is just one element of “the perfect storm” that is now upon us.

Economic activity is coming to a screeching halt all over the nation, anger and frustration were already at extremely dangerous levels before this pandemic started, and if these lockdown orders stretch on for many months to come it is only a matter of time before we see tremendous civil unrest start to erupt.

Everything that we have been warning about for so long is starting to come to fruition, and the days ahead are going to be extremely challenging for all Americans.

end

So Far, The Number Of Americans That Have Died From COVID-19 Is Greater Than The Number That Have Recovered

Authored by Michael Snyder via TheMostImportantNews.com,

The information that I am about to share with you is quite disturbing, and it has some very alarming implications.  One of the great mysteries of this coronavirus pandemic has been the widely varying death rates that we have been witnessing all over the world.  For example, South Korea has had 8,981 confirmed cases so far.  Of those cases that have been resolved one way or the other, 111 victims have died and 3,166 victims have recovered.  So that would seem to indicate a very low death rate in that nation.  But in Italy, things are very different.  Up to this point, there have been 59,138 confirmed cases.  Of the cases that have been resolved, 5,476 victims have died and 7,024 have recovered.  Needless to say, that would seem to indicate a very, very high death rate in Italy.

Nobody really knows why this is happening.  Scientists in China claim that there is more than one strain of the coronavirus and that one is more deadly than the other.  So it has been theorized that the strain hitting Italy and other European countries is different than the strain that is affecting South Korea.

Alternatively, there are some that believe that certain pain killers used in the western world greatly accelerate the multiplication of the virus, and this is something that I wrote about a few days ago.

But the truth is that we really don’t know for sure why death rates in different countries are so vastly different.

With that being said, let me share with you the latest numbers from the United States.

At this moment, there are 34,717 confirmed cases, but the vast majority of them will not be resolved for some time.

Of those cases that have reached a final resolution, 452 have died, and only 178 have recovered.

Over time, I expect the number that have recovered to eventually greatly surpass the number that have died, and there are a couple of reasons why I believe this.

  • For one, it can take many weeks to recover, but those that die can do so relatively quickly.
  • Secondly, expanded testing will ultimately reveal a lot more mild cases, and most of those mild cases will eventually recover.

Having said that, the numbers that the U.S. is reporting so far are nothing short of horrifying.

If most of the country eventually catches this virus, it looks like the death toll could be in the millions.  And at this point, New York Governor Andrew Cuomo is warning that 80 percent of the population of his state will eventually become infected…

NEW York Governor Andrew Cuomo has warned that 80% of New York state’s population could become infected with the coronavirus and said the crisis could last as long as nine months.

Cuomo’s stark assessment came hours after Treasury Secretary Steve Mnuchin warned that the lockdown, currently impacting 80 million people across the country, could last 12 weeks.

Over the past few days, victims in New York City have been dying at a rate of more than one person an hour, and we are being told that New York hospitals are “like a war zone” right now.

Sadly, this is just the beginning.

Over on the west coast, things have gotten so bad in L.A. County that they have mostly given up on testing people

Los Angeles County health officials advised doctors to give up on testing patients in the hope of containing the coronavirus outbreak, instructing them to test patients only if a positive result could change how they would be treated.

The guidance, sent by the Los Angeles County Department of Public Health to doctors on Thursday, was prompted by a crush of patients and shortage of tests, and could make it difficult to ever know precisely how many people in L.A. County contracted the virus.

In other words, we will no longer really have any idea how bad the outbreak is in the Los Angeles area from now on.

And without identifying those that are infected and making sure they are isolated, all hope of containing the pandemic in California is completely dead.

Of course many are hoping that the current “shelter-in-place” order in California will help slow down the spread of COVID-19, but what will happen when it ends?

At this point, many Californians are already getting restless.  In fact, Governor Gavin Newsom’s wife seems quite concerned that her family will “run out of toilet paper, paper towels, and Kleenex tomorrow”

Jennifer Siebel Newsom, the actress wife of Democratic California Gov. Gavin Newsom, sent out a tweet on Wednesday complaining that “we run out of toilet paper, paper towels, and Kleenex tomorrow.”

Her husband on Thursday ordered that all Californians stay in their homes except for certain essential excursions—on pain of being arrested.

The truth is that most Americans are simply not equipped to handle any sort of an extended crisis, and that appears to be what we are heading for.

On Sunday, the entire country was stunned when we learned that U.S. Senator Rand Paul has tested positive.  Let us be in prayer for him and his entire family.

But pretty soon so many famous people will be testing positive that we won’t be able to keep track of them all.  The attending physician of Congress believes that up to 150 million Americans will eventually become infected, and if that happens the virus will literally be everywhere.

That doesn’t mean that you should give up on trying to avoid COVID-19.  If you doubt the deadliness of this virus, I would like for you to consider what a medical worker in Louisiana is saying

“Reading about it in the news, I knew it was going to be bad, but we deal with the flu every year so I was thinking: Well, it’s probably not that much worse than the flu. But seeing patients with COVID-19 completely changed my perspective, and it’s a lot more frightening.”

“I have patients in their early 40s and, yeah, I was kind of shocked. I’m seeing people who look relatively healthy with a minimal health history, and they are completely wiped out, like they’ve been hit by a truck. This is knocking out what should be perfectly fit, healthy people. Patients will be on minimal support, on a little bit of oxygen, and then all of a sudden, they go into complete respiratory arrest, shut down and can’t breathe at all.”

I have heard from so many people out there that believe that this coronavirus is about the same as the flu.

What a huge mistake.

Coronavirus victims have told us stories of being curled up in a fetal position crying for mercy as “blinding pain” roars through their bodies.  As their lungs fill up with fluid, many report feeling like they can barely breathe for days on end.

The unlucky ones end up dead, but even many of the “lucky ones” end up with permanent lung damage.

Please do whatever you possibly can to boost your immune system now, because it looks like a large percentage of the population will be grappling with this virus at some point.

When New Jersey Health Commissioner Judith Persichilli was asked if she was worried about catching the virus, she warned that everyone will be infected eventually

“Are you worried,” I ask, “that you’ll get the coronavirus eventually?”

She smiles.

“I’m definitely going to get it. We all are,” Persichilli says matter-of-factly. “I’m just waiting.”

I don’t believe that is true, and I believe that there are many Americans that will never catch the virus.

But without a doubt it is sweeping across America at a speed that is absolutely breathtaking, and the death toll is ahead of even the most pessimistic projections that were originally issued.

A great plague has hit America, and we are still only in the very early chapters.

This is the moment in our history when everything starts changing, and the days ahead are going to be exceedingly challenging.

END

Global production is heading for disaster because of the Coronavirus 19 supply chain shock..and yes it will trigger a global depress.ion.  We basically have a lack of demand coming in contact with a lack of supply or a twin shock on the global economies.

(zero hedge)

“Rolling Natural Disaster” – COVID-19 Supply Chain Shock Could Trigger Global Depression 

Evidence of creaking global supply chains is fast emerging, at risk of triggering the next global depression amid the COVID-19 pandemic.

A supply chain crisis that began earlier this year, one that we warned from the very start, has now spread across Asia to the Middle East to Europe, and now to the Americas.

“This is kind of a rolling natural disaster,” said Ethan Harris, head of global economic research at Bank of America. “In terms of the impact on global production, the shutdown outside of China will likely become bigger than the impact from China.”

Harris warned that the shock to global supply chains is deep and broad and could easily last through the next quarter. He estimates that factory shutdowns in many regions could last until May.

He describes a twin shock, one where a supply chain shock has been combined with a demand shock, culminating into a perfect storm, will likely tip many countries into recession, if not depression during the second quarter.

Bloomberg piecemeals current supply chain disruptions seen across the world:

Apple has had the most exposure to a China shutdown, with manufacturing plants in the country still operating well below full capacity in late March. Virus-related closings have hammered several of the company’s key suppliers operating in South Korea, Italy, Germany, and Malaysia.

In late January, Freeport-McMoRan’s CEO Richard Adkerson warned that the virus outbreak in China is a “real black swan event” for the global economy. The company’s mining operations in Peru have recently been halted. Other mining facilities in Chile, Canada, and Mongolia have also been shuttered.

Across Europe, Airbus and Volkswagen AG have closed production plants amid severe virus outbreaks in Italy, Spain, Germany, France, Switzerland, and the UK. Major transportation networks on the continent have come to a standstill as nonessential travel has been banned in many regions.

Europe’s car industry has been absolutely devastated by virus disruptions in China and elsewhere.

Germany’s Schaeffler Group, a major supplier for European carmakers, announced this week that it would reduce hours for thousands of employees and slash production.

“As we have to reduce production in our plants in the light of the crisis, it was important to us that flexible solutions be quickly established,” said Juergen Wechsler, who represents Schaeffler workers for union IG Metall.

Across the Atlantic, we noted as early as the start of March, that China’s supply chain meltdown reached US West Coast ports and was about to unleash economic doom on “the greatest economy ever.” Several weeks later, GDP estimates for the second quarter are apocalyptic via JPM’s chief economist Michael Feroli, expecting an unprecedented -14%, a drop the kinds of which have never before been seen.

As the US economy grinds to a halt, General Motors Co., Ford Motor Co., and Fiat Chrysler Automobiles NV are shutting down plants, resulting in steel and aluminum manufacturers to reduce capacity as well.

“We have ships loading steel in Europe next week headed for the US, but will there be shipments beyond that with industry shutting down?” Anton Posner, CEO of supply-chain management and consulting company Mercury Resources, asked. “Who’s going to hold inventory if there’s no consumption?”

As creaking supply chains are seen across the world, the second quarter will most likely be one of the biggest crashes in economic data the world has ever seen.

end

CORONAVIRUS/THE GLOBAL PICTURE/MONDAY UPDATE

1 In 3 Americans Ordered To Stay Inside As Global COVID-19 Infections Pass 350K: Live Updates

For millions of Americans, the full weight of the novel coronavirus outbreak, and its ensuing crisis, finally became apparent over the weekend as governors from New York, to Ohio, to Delaware warned that all “non-essential” employees will soon be required to shelter in place.

Additionally, though hundreds of thousands of cases around the world likely remain undiagnosed, global health authorities revealed on Monday that the acceleration in new cases over the last 48 hours was the fastest on record, according to the FT’s calculations: According to the paper, the total number of confirmed cases around the world increased by a record magnitude this weekend as the situation worsened, particularly in the US.

Health authorities reported an additional 61,872 cases over the 48-hour period, while the number of fatalities increased by 3,260 to 14,748, the largest two-day jump in new cases on record.

The US was the hardest hit on Sunday, adding 9,339 cases, nearly 4,000 more than the 5,560 new cases that Italy added. For the first time in nearly 2 weeks, Italy saw a slowdown over the weekend. In Spain, meanwhile, the situation has been the opposite: 450 people have died in Spain over the past 24 hours after contracting the coronavirus, while there has been a surge in intensive care patients.

The ministry of health in Madrid said on Monday that 2,172 have died, a 26% increase on Sunday’s total of 1,720. Spain, with more than 33,000 infected, is the worst-hit European country after Italy.

Across the US, the scale of the crisis was finally laid bare when the total number of confirmed cases surged to almost 30,000 and New York emerged as an international hotspot. As of Monday morning, the total number of cases around the world had climbed to 349,211, per Johns Hopkins.

During a press conference on Sunday, New York State Gov. Andrew Cuomo warned that he expected up to 80% of the state’s population to ultimately contract the virus, and told residents to brace for disruptions to daily life that could last for as long as nine months.

As more governors ordered their citizens to stay home beginning on Monday, Reuters counted that roughly one in three Americans is now under orders to stay home to slow the spread of the coronavirus pandemic as Ohio, Louisiana and Delaware became the latest states to enact broad restrictions, along with the city of Philadelphia, according to Reuters.

We reported last night that Ohio, Louisiana and Delaware are now the latest states to enact broad restrictions (along with the city of Philadelphia), joining New York, California, Illinois, Connecticut and New Jersey, home to 101 million Americans combined.

Ohio’s order will go into effect at midnight EDT on Monday and stay in effect until April 6. Louisiana’s order goes into effect at 5 pm CDT on Monday and lasts through April 12. Delaware’s order begins at 8 am on Tuesday.

Texas’s Dallas County, home to more than 2.5 million people, and Philadelphia, with 1.6 million residents, told non-essential businesses on Sunday to close and residents to stay home.

In Kentucky, non-essential businesses must close by 8pm on Monday, but authorities stopped short of ordering residents to stay home.

The orders come as the US cracks 35k cases, leaving it on track to surpass other developed countries given the scope of its outbreak.

While confirming to the public that he had tested negative for the virus, Vice President Mike Pence said 254,000 Americans had been tested for the coronavirus as of Sunday, and that 10% were positive.

Source: Reuters

Last week, the New York Times reported that the virus total in India was surprisingly low, especially when factoring in the country’s endemic poverty and massive population. But as the country suspends public transit on Monday, hampering medical workers in their quest to get to work, many are beginning to wonder: If the situation in India is so optimistic, why is the government bothering with all of thee closures.

After a total suspension of services on Sunday, city buses began running again on Monday, but are only operating infrequent skeletal services.

“How are staff supposed to attend the hospital with no public transport,” said one doctor at a 595-bed private hospital in New Delhi.

“Hospitals are not run by doctors alone. Doctors all reached because they have their cars. But the electrician couldn’t reach because he didn’t have a scooter. All the staff nurses were calling saying, there is no bus how do we come?”

“Where was the planning for this?” the doctor asked.

It’s certainly curious…considering the country is also shutting down domestic air travel on Monday.

In other news, Australia joined Canada in withdrawing its athletes from the Tokyo 2020 Olympics, placing further pressure on the IOC to cancel the games. Japanese Prime Minister Shinzo Abe said Monday that the Tokyo Games “cannot be held” under the current circumstances.

“If I’m asked whether we can hold the Olympics at this point in time, I would have to say that the world is not in such a condition,” Abe told a parliamentary session, adding he hopes to hold talks with International Olympic Committee President Thomas Bach over the issue.

“It’s important that not only our country but also all the other participating countries can take part in the games fully prepared,” Abe said, according to Kyodo News.

Tokyo Olympic organizing committee President Yoshiro Mori said he supports the IOC’s decision to review plans to hold the Olympics.

END

7. OIL ISSUES

RUSSIA VS SAUDI ARABIA

RUSSIA WILL WIN HANDS DOWN AND SAUDI ARABIA WILL GO BANKRUPT
Russia’s long term strategy..a must read..

(Oil Price.com)

The Inevitable Outcome Of The Oil Price War

Authored by Simon Watkins via OilPrice.com,

One might reasonably posit that when Crown Prince Mohammed bin Salman (MbS) signalled that Saudi Arabia was once again going to produce oil to the maximum to crash oil prices in a full-scale oil price war, Russian President Vladimir Putin probably fell off the horse he was riding bare-chested somewhere in Siberia because he was laughing so much. There is a phrase in Russian intelligence circles for clueless people that are ruthlessly used without their knowledge in covert operations, which is ‘a useful idiot’, and it is hard to think of anyone more ‘useful’ in this context to the Russians than whoever came up with Saudi’s latest ‘plan’. Whichever way the oil price war pans out, Russia wins.

In purely basic oil economics terms, Russia has a budget breakeven price of US$40 per barrel of Brent this year: Saudi’s is US$84. Russia can produce over 11 million barrels per day (mbpd) of oil without figuratively breaking sweat; Saudi’s average from 1973 to right now is just over 8 mbpd. Russia’s major oil producer, Rosneft, has been begging President Putin to allow it to produce and sell more oil since the OPEC+ arrangement was first agreed in December 2016; Saudi’s major oil producer, Aramco, only suffers value-destruction in such a scenario. This includes for those people who were sufficiently trusting of MbS to buy shares in Aramco’s recent IPO. Russia can cope with oil prices as low as US$25 per barrel from a budget and foreign asset reserves perspective for up to 10 years; Saudi can manage 2 years at most.

A key reason why Russia can survive for so much longer than Saudis is actually thanks to MbS himself. Underlining this – and the fact that the Russians do have a very impish sense of humour, as they do – was that Russia’s Energy Minister, Alexander Novak, last week praised the co-operation of the OPEC+ grouping over the past three years, which, he added “had earned Russia 10 trillion rubles [US$140 billion].” Presumably just to highlight the irony of this further, Russia’s Finance Ministry then helpfully chipped in that the accumulated funds from the previous OPEC+ agreements will help Russia to support the ruble and will also help Russia to cope with oil prices as low as US$25 per barrel for up to 10 years. The metaphorical icing on the cake, though, was Novak adding that “we may reach new agreements [with OPEC] if needed”. In practical terms this means that if, in fact, it takes longer than originally thought by Russia for Saudi to go bankrupt and it starts to have any negative impact on Russia, then Moscow will just click its fingers together and Riyadh will come running to sign a new OPEC+ output cap deal.

But surely, some may say, Saudi stands no chance of going bankrupt? In fact, as highlighted above, Saudi will absolutely go bankrupt if it continues this oil price war. As Saudi Arabia’s own deputy economic minister, Mohamed Al Tuwaijri, stated unequivocally in October 2016 last time that the Saudis tried this exact same ‘strategy’ from 2014 to 2016:

“If we [Saudi Arabia] don’t take any reform measures, and if the global economy stays the same, then we’re doomed to bankruptcy in three to four years.”

That is to say, that if Saudi kept overproducing to push oil prices down – just as it is doing right now, yet again – then it would be bankrupt within three to four years. The timeframe has halved for a variety of reasons outlined in my recent piece on this very subject here.

But what has Russia to gain from Saudi going bankrupt? Economically, it means that Saudi will default on sovereign and corporate debt, will not be able to service its key industries, and will be unable to meet the requirements for its major oil and gas contracts. Simply having less Saudi oil and gas competing in the same space as Russia and its allies – notably Iran and Iraq – would be benefit enough for Russia but there are even bigger added benefits too. One of these is the destruction of the already strained relationship between the U.S. and Saudi Arabia that has endured since 1945. At that time, as analysed in depth in my new book on the global oil markets, the deal that was struck between the then-U.S. President Franklin D. Roosevelt and the Saudi King at the time, Abdulaziz, onboard the U.S. Navy cruiser Quincy in the Great Bitter Lake segment of the Suez Canal was that the U.S. would receive all of the oil supplies it needed for as long as Saudi had oil in place, in return for which the U.S. would guarantee the security both of the country and of the ruling House of Saud.

Support in the U.S. for the continuation of this relationship has already diminished markedly in the past few years. This change in attitude began in earnest when it came to the U.S. public’s attention that 15 of the 19 hijackers who flew the aeroplanes involved in the ‘9/11’ terrorist atrocity on the U.S. were Saudi nationals. The extent of the Saudi government’s involvement in funding such terrorism appeared front and centre following the overriding on 28 September 2017 by the U.S Congress of former President Barack Obama’s veto of the Justice Against Sponsors of Terrorism Act. That made it possible for families of the victims of the ‘9/11’ terrorist attack to sue the government of Saudi Arabia for damages. Within a short space of time after this reversal, there were seven major lawsuits in federal courts alleging Saudi government support and funding for the ‘9/11’ attack, and more lawsuits are expected.

 

Subsequent events have not softened this negative view, with ongoing pressure from the U.S. Congress over the Saudi-led war in Yemen, the cosying up of Saudi to Russia in the OPEC+ grouping, and Lebanese President Michel Aoun’s allegation in 2017 that then-Prime Minister Saad al Hariri had been kidnapped by the Saudis and forced to resign. Matters grew worse with the murder of dissident Saudi journalist, Jamal Khashoggi, on 2 October 2018 at the Saudi consulate in Istanbul, Turkey, which even the CIA concluded was personally ordered by MbSSuch was the shift in sentiment away from Saudi over these years that the U.S. Presidential Administration has come under growing pressure to finally implement the  ‘No Oil Producing and Exporting Cartels Act’ (NOPEC). This bill – which can still be implemented, incidentally (apparently something else that MbS has not taken into consideration) – would make it illegal to artificially cap oil (and gas) production or to set prices, as OPEC and Saudi Arabia do.

The bill would also immediately remove the sovereign immunity that presently exists in U.S. courts for OPEC as a group and for its individual member states. This would leave Saudi Arabia open to be sued under existing U.S. anti-trust legislation with its total liability being its estimated US$1 trillion of investments in the U.S. This, and all of the other aforementioned events, resulted in MbS being completely unable to find any international listing destination for the Aramco IPO. As highlighted ahead of the IPO in previous articles published in OilPrice.com, Aramco shares are now hemorrhaging value for precisely the key reason cited: that the company would be used as an instrument of government policy – however ill-considered – regardless of the considerations of shareholders.

Moreover, at the weekend, Aramco posted figures showing a 21 per cent fall in 2019 ‘due to a drop in oil prices’ – and this is before the new price-crashing strategy was put in place by MbS! After the ‘strategy’ announcement, the shares were trading at 15 per cent less than the offer price. In addition, again making a lie of its previous statements, it emerged at the end of last week that, despite its proven ridiculous claims by the Kingdom to boost supplies to levels never before even vaguely attained. Aramco rejected at least three Asian refiners’ (one Korean, one Taiwanese, and one Chinese) requests for additional crude for April, on top of their long-term supply deal.

So Russia, with Saudi Arabia either in the oil price war or better still bankrupt, benefits either way. The long-term goal of Russia is to control directly or indirectly all of the key players in the Shia crescent of power in the Middle East, including most immediately Lebanon, Syria, Iraq, Iran, and Yemen (via Iran). All of these countries have vast oil and gas reserves and/or useful coastlines for Russian military and commercial needs (Mediterranean access or access to the Arabian Sea). To do this, Russia’s core foreign policy strategy is to create chaos and then project Russian solutions and therefore power into that chaos. In this respect, again, MbS is being very ‘useful’ to the Russians.

end

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.0683 UP .0005 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 110.76 UP 0.085 (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 1.1519   DOWN   0.0057  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.4471 UP .0005 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  MONDAY morning in Europe, the Euro ROSE BY 5 basis points, trading now ABOVE the important 1.08 level RISING to 1.0683 Last night Shanghai COMPOSITE CLOSED DOWN 85.45 POINTS OR 3.11% 

 

//Hang Sang CLOSED DOWN 1108.94 POINTS OR 4.86%

/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 1108.94 POINTS OR 4.86%

 

 

/SHANGHAI CLOSED DOWN 85.45 POINTS OR 3.11%

 

Australia BOURSE CLOSED DOWN. 5.98% 

 

 

Nikkei (Japan) CLOSED UP 234.98  POINTS OR 2.02%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1493.70

silver:$12.53-

Early MONDAY morning USA 10 year bond yield: 0.80% !!! DOWN 5 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 1.42 UP 0  IN BASIS POINTS from FRIDAY night.

USA dollar index early MONDAY morning: 102.78 DOWN 3 CENT(S) from  FRIDAY’s close.

This ends early morning numbers MONDAY MORNING

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And now your closing MONDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.96% UP 2 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.07%  UP 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.76%//UP 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,62 DOWN 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 –.39% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 2.02% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR MONDAY

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

Euro/USA 1.0744  UP     .0063 or 63 basis points

USA/Japan: 111.39 UP .732 OR YEN DOWN 74  basis points/

Great Britain/USA 1.1480 DOWN .0096 POUND DOWN 96  BASIS POINTS)

Canadian dollar DOWN 198 basis points to 1.4538

 

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The USA/Yuan,CNY: AT 7.0921    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  7.1283  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  6.6007 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at +.07

 

Your closing 10 yr US bond yield DOWN 11 IN basis points from FRIDAY at 0.75 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield:1.37 DOWN 5 in basis points on the day

Your closing USA dollar index, 80.22 UP 39  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED DOWN 213.9  OR    4.12%

German Dax :  CLOSED DOWN 221.66 POINTS OR 2.48%

 

Paris Cac CLOSED DOWN 149.76 POINTS 3.70%

Spain IBEX CLOSED DOWN 246.50 POINTS or 3.83%

Italian MIB: CLOSED DOWN 160.10 POINTS OR 1.02%

 

 

 

 

 

WTI Oil price; 21.91 12:00  PM  EST

Brent Oil:25.59   12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    80.22  THE CROSS HIGHER BY 0.29 RUBLES/DOLLAR (RUBLE LOWER BY 29 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.39 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 :  23.55//

 

 

BRENT : 27.21

USA 10 YR BOND YIELD: …0.77  down 8 basis points…

 

 

 

USA 30 YR BOND YIELD: 1.33  down 10 basis points..

 

 

 

 

 

EURO/USA 1.0732 ( UP 51   BASIS POINTS)

USA/JAPANESE YEN:111.32 UP .637 (YEN DOWN 64 BASIS POINTS/..

 

 

USA DOLLAR INDEX:102.48 DOWN 34 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.1495 DOWN 79  POINTS

 

the Turkish lira close:6.5587

 

 

the Russian rouble 79.58   UP 0.26 Roubles against the uSA dollar.( UP 26 BASIS POINTS)

Canadian dollar:  1.4541 DOWN 202 BASIS pts

USA/CHINESE YUAN (CNY) :  7.0920  (ONSHORE)/

 

USA/CHINESE YUAN(CNH): 7.1219 (OFFSHORE)

 

German 10 yr bond yield at 5 pm: ,-0.39%

 

The Dow closed DOWN 582.05 POINTS OR 3.04%

 

NASDAQ closed DOWN 18.85 POINTS OR 0.27%

 


VOLATILITY INDEX:  62.14 CLOSED DOWN 3.90

LIBOR 3 MONTH DURATION: 1.204%//libor dropping like a stone

 

USA trading today in Graph Form

Gold Surges Most Since 2009 After Fed Unveils QEternity, Stocks & Bond Yields Tumble

The Fed unveiled its ultimate bazooka today – unlimited buying of pretty much any- and every-thing until this all calms down. The problem is – it didn’t reassure investors as they’ve had 10 years of knowing that whatever The Fed ‘creates’ is simply money-printed delusion that does not reflect any real economic progress.

MONETARY MAYHEM™@MONETARY_MAYHEM

Fed announces unlimited QE and sets up several new lending programs

Embedded video

Stocks knee-jerked higher thanks to their conditioned behavior – but that did not last as a rally is the last thing we need to force Washington to vote for the bailout bill, and stocks fell…

Erasing all of the gains in The Dow since Trump was elected…

Source: Bloomberg

Treasury yields tumbled on the headlines, spiked, then fell back to the lows…

Source: Bloomberg

But gold surged on the news, and kept surging…

For the precious metal’s best day since The Fed expanded QE1 in March 2009….

Source: Bloomberg

It appears it’s time to “turn the machines back on”…

US stocks were panic-bid into the close sending Nasdaq into the green… BUT right at the close, everything puked back into the red…

Source: Bloomberg

Nasdaq tried and failed to get green numerous times…

European markets all ended lower despite the brief surge on QEternity…

Source: Bloomberg

Meanwhile, there has been more volume in VIX calls with strikes 100+ this year than in the prior history of VIX options

Source: Goldman Sachs

IG credit crashed 30bps tighter today as VIX was steady and HY blew out further…

Source: Bloomberg

HY credit made new cycle lows (price), highs in spread as IG credit was bid on the QEternity headlines…

Source: Bloomberg

This was LQD’s biggest day since Sept 2008…

Source: Bloomberg

Treasury yields were very volatile around The Fed news but ended lower today with the belly outperforming…

Source: Bloomberg

10Y ended back below 80bps and 30Y back at its lowest close in 10 days…

Source: Bloomberg

The dollar rose for the 10th day in a row, rebounding off weakness on the Fed QEternity news…

Source: Bloomberg

The Mexican Peso continued its collapse to fresh record lows – it has been utterly destroyed in recent weeks…

Source: Bloomberg

In fact the entire EM FX space has collapsed to record lows as the dollar has soared…

Source: Bloomberg

Cryptos rollercoastered over the weekend, and rallied today…

Source: Bloomberg

Bitcoin bounced back above $6500 intraday…

Source: Bloomberg

Commodities were notably mixed with copper down hard but crude and the PMs popping…

Source: Bloomberg

Silver surged almost 7%, back above $13…

Gold spiked…

WTI Crude was down most of the day then was panic-bid into settlement…

While oil prices manged gains, Gasoline prices puked to 50c – the lowest since 2001…

Source: Bloomberg

Signaling lower pump prices ahead…

Source: Bloomberg

Finally, U.S. companies most inclined to buy back stock have rarely shown as much weakness as they have lately. That’s evident from the ratio between the S&P 500 Buyback Index and the S&P 500 Index.

Source: Bloomberg

The buyback gauge, tracking S&P 500 companies that spend the most on repurchases relative to market value, fell Wednesday to its lowest level versus the S&P 500 since May 2010. The low followed a 17% drop from a peak in November, according to data compiled by Bloomberg.

And, in case you were hoping it was nearly over…

Source: Bloomberg

It isn’t!

Guggenheim’s Scott Minerd offered a very insightful tweet to explain how we know there is more pain to come:

“How do we know when we have not reached the bottom? When the talking heads on CNBC are buying.”

Whatever The Fed is trying is not working…

Source: Bloomberg

And we give Sven Henrich the last word…

Sven Henrich

@NorthmanTrader

2019: There is no bull market without central bank intervention.
2020: There is no bull market even with central bank intervention.

end

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

MARKET TRADING//USA

a)Market trading/EARLY THIS MORNING/USA

The Fed just broke:  the Fed unveils unlimited buying of everything!!

Stocks, Gold, & Bonds Surge As Fed Unveils Unlimited Buying-Of-Everything Bailout Facility

Just as we expected – given the political cover they have been provided – The Fed has this morning unveiled more programs, this time enabling The Fed to buy corporates bonds (primary and secondary).

Additionally, in addition to Treasuries, The Fed will buy Agency Commercial MBS all in unlimited size.

The market – for now – is loving the news

 

Bonds are bid..

Investment Grade credit is exploding higher…

And gold is spiking…

Full details below…

Federal Reserve announces extensive new measures to support the economy

The Federal Reserve is committed to using its full range of tools to support households, businesses, and the U.S. economy overall in this challenging time. The coronavirus pandemic is causing tremendous hardship across the United States and around the world. Our nation’s first priority is to care for those afflicted and to limit the further spread of the virus. While great uncertainty remains, it has become clear that our economy will face severe disruptions. Aggressive efforts must be taken across the public and private sectors to limit the losses to jobs and incomes and to promote a swift recovery once the disruptions abate.

The Federal Reserve’s role is guided by its mandate from Congress to promote maximum employment and stable prices, along with its responsibilities to promote the stability of the financial system. In support of these goals, the Federal Reserve is using its full range of authorities to provide powerful support for the flow of credit to American families and businesses. These actions include:

  • Support for critical market functioning. The Federal Open Market Committee (FOMC) will purchase Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy.
  • The FOMC had previously announced it would purchase at least $500 billion of Treasury securities and at least $200 billion of mortgage-backed securities. In addition, the FOMC will include purchases of agency commercial mortgage-backed securities in its agency mortgage-backed security purchases.
  • Supporting the flow of credit to employers, consumers, and businesses by establishing new programs that, taken together, will provide up to $300 billion in new financing. The Department of the Treasury, using the Exchange Stabilization Fund (ESF), will provide $30 billion in equity to these facilities.
  • Establishment of two facilities to support credit to large employers – the Primary Market Corporate Credit Facility (PMCCF) for new bond and loan issuance and the Secondary Market Corporate Credit Facility (SMCCF) to provide liquidity for outstanding corporate bonds.
  • Establishment of a third facility, the Term Asset-Backed Securities Loan Facility (TALF), to support the flow of credit to consumers and businesses. The TALF will enable the issuance of asset-backed securities (ABS) backed by student loans, auto loans, credit card loans, loans guaranteed by the Small Business Administration (SBA), and certain other assets.
  • Facilitating the flow of credit to municipalities by expanding the Money Market Mutual Fund Liquidity Facility (MMLF) to include a wider range of securities, including municipal variable rate demand notes (VRDNs) and bank certificates of deposit.
  • Facilitating the flow of credit to municipalities by expanding the Commercial Paper Funding Facility (CPFF) to include high-quality, tax-exempt commercial paper as eligible securities. In addition, the pricing of the facility has been reduced.

In addition to the steps above, the Federal Reserve expects to announce soon the establishment of a Main Street Business Lending Program to support lending to eligible small-and-medium sized businesses, complementing efforts by the SBA.

The PMCCF will allow companies access to credit so that they are better able to maintain business operations and capacity during the period of dislocations related to the pandemic. This facility is open to investment grade companies and will provide bridge financing of four years. Borrowers may elect to defer interest and principal payments during the first six months of the loan, extendable at the Federal Reserve’s discretion, in order to have additional cash on hand that can be used to pay employees and suppliers. The Federal Reserve will finance a special purpose vehicle (SPV) to make loans from the PMCCF to companies. The Treasury, using the ESF, will make an equity investment in the SPV.

The SMCCF will purchase in the secondary market corporate bonds issued by investment grade U.S. companies and U.S.-listed exchange-traded funds whose investment objective is to provide broad exposure to the market for U.S. investment grade corporate bonds. Treasury, using the ESF, will make an equity investment in the SPV established by the Federal Reserve for this facility.

Under the TALF, the Federal Reserve will lend on a non-recourse basis to holders of certain AAA-rated ABS backed by newly and recently originated consumer and small business loans. The Federal Reserve will lend an amount equal to the market value of the ABS less a haircut and will be secured at all times by the ABS. Treasury, using the ESF, will also make an equity investment in the SPV established by the Federal Reserve for this facility. The TALF, PMCCF and SMCCF are established by the Federal Reserve under the authority of Section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary.

These actions augment the measures taken by the Federal Reserve over the past week to support the flow of credit to households and businesses. These include:

  • The establishment of the CPFF, the MMLF, and the Primary Dealer Credit Facility;
  • The expansion of central bank liquidity swap lines;
  • Steps to enhance the availability and ease terms for borrowing at the discount window;
  • The elimination of reserve requirements;
  • Guidance encouraging banks to be flexible with customers experiencing financial challenges related to the coronavirus and to utilize their liquidity and capital buffers in doing so;
  • Statements encouraging the use of daylight credit at the Federal Reserve.

Taken together, these actions will provide support to a wide range of markets and institutions, thereby supporting the flow of credit in the economy.

The Federal Reserve will continue to use it full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals.

*  *  *

So it seems The Fed’s “infinite” balance sheet is being put to use, as Kashkari said they would, never mind the consequences…

“This is literally why Central Banks exist. We’re the lender of last resort. This is literally why Central Banks exist. If everybody gets scared at the same time and they demand their money back, that’s why the Federal Reserve is here. We will absolutely meet those demands.”

Finally, remember just a month ago, Janet Yellen suggested that The Fed should buy stocks in the next crisis.

We wonder how long before that is added to The Fed’s mandate explicitly? Of course, buying stocks worked out really well for The Bank of Japan which now faces trillions in losses on its insane ETF buying program.

So, do we go full-Einsteinian-madness – repeating the mistakes (that have not worked at all) of Japan and Europe and expect a different result, or is now the time to bite the bullet, peel off the bandaid, liquidate what has failed and – at the cost of massive political upheaval – embrace the creative destruction and prepare for a new world?

Don’t answer: that was rhetorical.

endand then this:

Unprecedented Intervention: The Fed Will Purchase $125 Billion In Securities Every Day

At the same time as the Federal Reserve announced open-ended QE, which also included purchases of corporate bonds and loans in both the primary (as the ECB does now) and directly in the secondary market (a new twist), as well as expanding its municipal bond purchases while also reactivating the old Lehman-era favorite, TALF facility, the NY Fed announced the specific details of what the Fed’s unprecedented QEternity would look like, and they were a doozy.

In short, every single day, the Fed will purchase $75BN in Treasurys and an additional $50BN in BMS, for a total of $125BN every day, or an unprecedented $625BN for the week, or more than the Fed’s entire QE2 which was just over $500BN in purchases over 7 months.

Here is the announcement from the NY Fed:

Statement Regarding Treasury Securities and Agency Mortgage-Backed Securities Operations

Effective March 23, 2020, the Federal Open Market Committee (FOMC) directed the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York to increase the System Open Market Account (SOMA) holdings of Treasury securities and agency mortgage-backed securities (MBS) in the amounts needed to support the smooth functioning of markets for Treasury securities and agency MBS.  The FOMC also directed the Desk to purchase agency commercial mortgage-backed securities (CMBS).

Consistent with this directive, the Desk has updated its plans regarding purchases of Treasury securities and agency MBS during the week of March 23, 2020.  Specifically, the Desk plans to conduct operations totaling approximately $75 billion of Treasury securities and approximately $50 billion of agency MBS each business day this week, subject to reasonable prices.  The Desk will begin agency CMBS purchases this week.

The Desk stands ready to adjust the size and composition of its purchase operations as appropriate to support the smooth functioning of the Treasury, agency MBS, and agency CMBS markets.

And since the Fed is purchasing securities across the entire curve, it will take no less than 7 separate operations every single day to purchase the full amount every day as per the following schedule.

Adding to this calendar, the already purchased $375BN or so by the Fed since the resumption of QE, means that starting Friday the 13th, and ending this coming Friday, the Fed will have purchased just over $1 trillion in Treasurys and MBS securities!

And visually, the Fed’s takeover of the market will look as follows:

end
THEN THIS:

Did The Fed’s QEternity Just Kill A Fiscal Stimulus Deal?

US equity and bond markets have reversed their initial exuberance at The Fed’s monetary policy lunacy as investors realize that soaring stocks will dramatically reduce the urgency from The Senate to cut a deal, which once again leaves The Fed shouldering the bulk of the burden (and given that, the fiscal stimulus may not come at all).

And it’s gone…

And bonds erased their gains…

However, gold is not giving anything back…

Just like TARP, to get this bailout vote through, markets are going to need to crash to force Washington’s hand.

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

iii) Important USA Economic Stories

USA/SAN FRANCISCO/CORONAVIRUS UPDATE//WOW!

“Unparalleled Challenge” – Inside America’s First Locked-Down Major City, “Everything’s Out Of Our Control”

The number of confirmed COVID-19 cases in the US has more than doubled in the last several days. California Governor Gavin Newsom has issued a state-wide “stay at home” order amid the virus outbreak – the strongest and most restrictive measure passed by a governor yet.

On Tuesday, there were about 5,700 confirmed cases in the US. But by Thursday the number exploded to 11,500. Now, on Friday morning, confirmed cases stand at 14,000.

The announcement comes after San Francisco and the surrounding Bay Area issued ‘shelter in place’ orders after a surge of deaths and confirmations in the state. As of Friday morning, there are 18 virus-related deaths.

Several days into one of the most extreme lockdowns, Bay Area residents have been forced to stay at home, only allowed to leave for essential travel, such as shopping for groceries, medications, fuel, caring for others, and exercise.

NBC News spoke with one resident, Trish Tracey, who had to shutter her restaurant on Tuesday in the Mission district. She laid off her entire kitchen staff of 17 employees and has tried to renegotiate her lease.

“Everything is out of our control,” Tracey said.

The uncertainty of where the city is in the pandemic curve has left everyone confused. Strict social distancing rules have been enforced to slowdown infections to prevent local hospitals from becoming overburden with virus patients.

“The goal is to get up and running again and put all my employees back to work,” Tracey said. “I wish I could say with certainty that would happen, and I’m very determined, and I lasted five years because of that, but everything is on pretty shaky ground right now.”

The mass lockdown in San Francisco is serving as the blueprint of how other local governments in the state might have to resort to Martial law-style lockdowns. Other states, such as New York and Maryland, could be days or weeks away from a major lockdown to flatten the curve.

 

Bay Area hospitals have started seeing an influx of COVID-19 patients in recent weeks:

“This is a challenge unparalleled to any challenge I have faced in the last 28 years of my career,” Dr. Baldev Singh, a pulmonary critical care physician in nearby San Jose.

Singh warned that the local hospital system could experience a worker shortage.

“Protecting your teammates is as important as ever, as the number of infected individuals needing support is anticipated to exceed the number of healthy providers able to serve those in need.”

Another problem for local hospitals is an influx of virus patients could lead to a shortage of hospital beds and ICU-level treatment for the most vulnerable, and this is the point when mortality rates could surge.

On Thursday, Newsom estimated 56% of the state’s population, about 25.5 million people, will become infected.

Office of the Governor of California

@CAgovernor

Governor Gavin Newsom makes a major announcement on California’s response to the COVID-19 outbreak. https://twitter.com/i/broadcasts/1BdGYQNBzAyGX 

Major Announcement on CA’s Response to COVID-19

Office of the Governor of California @CAgovernor

As the local economy grinds to a halt, tens of thousands of people have already lost their jobs, grocery stores run out of food, millions forced to shelter in place and watch Netflix, and the hospital system at risk of being overrun with patients, here are some views inside America’s first locked-down city:

SF TESLA CLUB@sfteslaclub

Downtown San Francisco Financial District rn. It’s a ghost town 😟

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Mike Snodgrass@water_boy01235

San Francisco airport. Ghost town. Most shops and services closed. We also did not get screened or asked a question about our health or where we came from.

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Apex@Apex_WW

San Francisco a ghost town.

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Jeanette@JeanetteRoc

South Market is absolutely empty. San Francisco is definitely a ghost town.

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Amber Eikel@AmberEikelKTVU

The @KTVU helicopter was over San Francisco around 2:30 this afternoon and it was a ghost town. All the busy spots were empty, and we couldn’t find any traffic in the city

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ABC7 News

@abc7newsbayarea

What does a “typical” day in the Bay Area look like right now? From a ghost town in Jack London Square to an empty movie theatre in San Francisco, here’s what we found in different cities. How are you passing the time? http://abc7news.com/coronavirus

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Michelle Tuegel@michelle_tuegel

Currently the empty streets of downtown San Francisco!we are a ghost town! Not my photos shared by a group member of our San Francisco natives group on fb.

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Jason Greene@jason_c_greene

. Crazy empty San Francisco – ghost town. No one flying . Not like Chicago

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Jack Hutton@jackhutton

Outside the apartment- 5pm Rush hour Bay Street – normally packed w cars – commuters— like a ghost town

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Chuck Austin@Giant_Chuck

Iconic San Francisco landmark Ghirardelli Square. Normally swamped by tourist & SF residents alike. Today, a ghost town in broad daylight as we shelter in place.

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Reggie, DoT@Thot_Cop_69

The coronavirus has actually made San Francisco a damn near ghost town. You can finally find parking. But on a serious note, seeing so many empty streets and buildings is so weird.

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And as we’ve noted before, when a city or region misses the containment window by implementing social distancing measures too late, cases and deaths tend to surge, residents become anxious, and what happens next just like what’s about to occur in the UK, is that the Bay Area could soon see troop deployment on streets to maintain order.

END

SATURDAY/SEATTLE/CORONAVIRUS//UPDATE

“I Lost 100%” Of My Business – Seattle Transforms Into ‘Ghost Town’ Amid Covid-19 Crisis

An epic collapse of the gig and service economy is underway, Treasury Secretary Steve Mnuchin warned if a trillion-dollar-plus bailout for Americans isn’t seen, tens of millions of Americans could lose their jobs. This collapse is most visible in Downtown Seattle, which has transformed into a ghost town amid strict social distancing measures enforced by the government to flatten the curve to slow down the spread of the virus.

The Seattle area has become ground zero for Covid-19. Washington state has recorded upwards of 1,000 confirmed cases with 55 deaths. As a result of the outbreak, all bars, entertainment, and recreational facilities have been closed. Restaurants have been shuttered except for take-out food.

Governor Jay Inslee has banned gatherings of 250 or more in three counties, including Seattle’s King County, which means all large events and sports seasons have been canceled or postponed; education systems, libraries, and zoos have been closed as well.

Governor Jay Inslee

@GovInslee

Most Washingtonians are helping slow COVID-19’s spread by practicing strong social distancing.

To those of you that can be but are choosing not to: Your actions could kill someone.

Stop it.

11K people are talking about this

Retail outlets, including gas stations, banks, hardware, stores, and shopping centers, will operate with a reduced workforce and shorter hours.

What this all means is that Seattle’s economy has come to a standstill. A usually vibrant city is nothing more than a ghost town.

“It’s a ghost town,” Melissa Paulen, 37, a gynecologist at the University of Washington Medical Center, told The Wall Street Journal. “It feels kind of eerie.”

Using OpenTable restaurant data, customers started avoiding restaurants in early March as virus cases and deaths started to surge.

Downtown Seattle is home to more than 300,000 jobs, a 50% increase over the last decade. Many of these jobs are in the service and gig economy.

One of the most famous areas of all of downtown is Pike Place Market, a farmers’ market and tourist attraction with dozens of shops, had a member of the marketplace test positive for the virus earlier this week. Foot traffic in the marketplace has collapsed in the last several weeks as many avoided the densely trafficked area.

Traci Calderon, the owner of Atrium Kitchen in the marketplace, said all of her bookings are canceled through July.

“Some people were talking about losing 70% of their business,” Calderon said, tearing up. “I lost 100%.”

Near the University of Washington, public parks were full of people to start the week. Social distancing has allowed many people to work at home and take breaks outside.

Julie Ramone and Nick Vukmer said their neighborhood is vibrant, with millennials forced to work from home.

“Last week we went to a coffee shop, and it was packed,” Ramone, 30, said.

Katie Enarson and her husband have spent several weeks at home with their two kids. Enarson said she’s avoiding social gatherings and has been ordering food online.

Here are some pictures of Downtown Seattle (courtesy Politico):

 

Downtown Seattle

 

Pike Marketplace 

 

Downtown Seattle View via Drone

 

Seattle Starbucks 

Twitter describes Seattle as a “coronapocolypse:” 

me_sanchez@me_sanchez

Pike Place Market Monday at Noon

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Tracy@Tracy312

Just running along a normally busy road during rush hour 😳

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Naveed Jamali

@NaveedAJamali

8 days ago was alive and vibrant, children were in schools, roads were packed, and residents and tourists were abound. Now it is a ghost town, empty of people and cars. Residents are hunkered down, worried and waiting. Remember, we are 10 days ahead of where NYC will be.

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jrandles@jrandles

5:15 pm, downtown Seattle, ghost town.

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What’s happening in Seattle is coming to a major metro area near you…

END
NY CITY//CORONAVIRUS/UPDATE//SATURDAY

Army Deploys To New York As NYC Reports 1 Coronavirus Death Per Hour On Friday: Live Updates

For nearly a week now, New York Gov. Andrew Cuomo has been begging the White House or the Pentagon to send in the Army Corp of Engineers to quickly transform existing businesses into coronavirus hospitals where patients from the impending surge can be isolated and treated.

If the state doesn’t quickly make up for its twin shortages of hospital beds and medical equipment, Cuomo warned, it could lead to thousands of preventable deaths.

Now, a few days after President Trump and Defense Secretary Mark Esper dispatched a Navy hospital ship to New York to help with the outbreak, President Donald Trump formally approved FEMA aid to the state late Friday night after declaring New York the nation’s first “major disaster area” since the start of the national outbreak.

Billions of dollars in emergency funding are now available to help combat the outbreak in the state, FEMA said in a statement.

“Federal funding is also available to state, tribal, and eligible local governments and certain private nonprofit organizations on a cost-sharing basis for emergency protective measures,” FEMA said in a statement.

President Trump’s national emergency declaration earlier this month activated FEMA, and made a pot of $42 billion in disaster-relief funds available.

The decision comes after New York City Mayor Bill de Blasio claimed that his city has become the epicenter of the national outbreak, as public health authorities in the city counted at least one coronavirus-linked death per hour on Friday.

Between just 10 am and 6 pm, 14 people in NYC died from the virus, raising the death toll in America’s largest city to 43. It was the first time NYC’s daily death toll hit double-digits.

NYC Health Commissioner Dr. Oxiris Barbot warned on Saturday morning that double-digit increases in deaths may become the new normal for New Yorkers, for at least a time.

“I wouldn’t be surprised if we get to a day when we have double-digits new people dying every day,” she said at a City Hall press conference Friday afternoon.

“With more and more cases confirmed here each day, it’s imperative that the federal government does everything within its power to stem the spread of the deadly coronavirus.”

In another rare moment of political unity, Senate Minority Leader Chuck Schumer praised the president’s decision.

Chuck Schumer

@SenSchumer

Pres. Trump just approved a major disaster declaration for New York to fight coronavirus.

Sen. @GillibrandNY and I pushed for this!

FEMA needs to get to work NOW to open these MANY billions in direct aid for New York and individuals to help save lives and protect public health.

Yesterday, Cuomo ordered 100% of the state’s workforce to stay home, effective Sunday evening. Only essential businesses are allowed to stay open. And that’s not a request, that’s an order.

“These are not helpful hints…they will be enforced,” as Cuomo said during his Friday press conference, as we reported.

The latest data show 8,299 confirmed cases in New York State. And as the state runs out of hospital beds and precious ventilators, Trump is sending in the military, which is now working on plans to takeover hotels, college dormitories and sports arenas and turn them into ICU-like medical facilities, as the Daily Mail reports.

According to the latest federal data, at least 19,624 people have been diagnosed with the virus, and at least 260 deaths have been recorded. So far, 147 people have recovered. Globally, there have been at least 275,000 diagnosed cases and more than 11,000 coronavirus-related deaths.

With billions in federal funding flowing into New York, Trump’s decision to declare New York a “major disaster” will open up money available to eligible local and tribal governments and even nonprofits who meet the criteria, so long as they operate in areas affected by COVID-19 in New York State.

Initially, it seemed like the outbreak was developing in the suburbs,

Public health officials in New York State were gripped with anxiety earlier this month as a cluster of cases was confirmed in New Rochelle, including the town’s “patient zero”, a lawyer who commuted into Manhattan into his wife, also a lawyer. Both contracted the virus, kicking off a wave of infections in a Jewish community in and around New Rochelle.

Now, it appears swift action in wealthy Westchester County has brought the outbreak under control (or so it seems, at least).

The bigger problem now is an outbreak in Jewish communities in Brooklyn, based in the neighborhoods of Williamsburg and Borough Park. The clusters, though so far not explicitly acknowledged as such by the state, appear to be the biggest centers of infection in the city. De Blasio even admitted that Brooklyn is seeing the worst of the outbreak.

Switzerland reported another batch of new cases, bringing its total to 6,100 infections and 56 deaths.

As the global panic deepens, and the number of cases continues to multiply at an alarming rate, more officials are calling for the 2020 Tokyo Games to be postponed – an unprecedented event that would probably rattle confidence in global markets, at least momentarily, as the world grapples with the unprecedented situation at hand. The IOC chief rebutted these calls again Saturday morning, according to reports in the Japanese press, but it definitely makes one wonder: If things keep getting worse, how much longer can they hold off?

END
NY/CORONAVIRUS UPDATE SUNDAY

“We Don’t Have A Crystal Ball”: Cuomo Warns Lockdowns Could Last For 9 Months Or Longer, 80% Will Be Infected: Live Updates

Update (1150ET): Gov. Andrew Cuomo’s daily press briefings have become high-priority events as the coronavirus outbreak spreads across the US. After winning early approval from the FDA to ramp up testing in state labs, Cuomo’s star has risen alongside the state’s tally of positive tests.

He and Trump appeared to have declared a truce, with the two men acknowledging their intention to cooperate, and as the White House shifts its focus to passing the critical second installment of its economic rescue package, which is expected to include rescue packages for small businesses and helicopter money for individuals.

Cuomo started the press conference by chiding New Yorkers, primarily those in the city, who took advantage of nice weather over the past few days to crowd into the city’s parks, inadvertently helping to spread the virus.

At one point, Cuomo declared that the city had confirmed 374 deaths, taking the assembled reporters by surprise. The statement was soon corrected, as a graphic on the screen displayed the updated national death toll, meaning that 14 more Americans had succumbed to the virus over the last few hours.

Across the state, Cuomo reported 4,812 new cases, bringing the total to 15,168, with 9,045 of those in NYC.

These new numbers have brought the US total to just shy of 30k.

As Trump continues to battle with the FDA, Cuomo said New York will start implementing the trial drugs to treat Coronavirus and that they have acquired 70,000 Hydroxychloroquine, 10,000 Zithromax, and 750,000 Chloroquine from the Federal Government.

The governor then launched into a breakdown of the data that researchers have collected so far. Of those who have passed away from COVID-19-related complications, 70% are either 70 or older. Of those who passed that were under the age of 70, 80% had underlying health issues.

 

Though young people have a higher chance of survival, “young people can get it, young people can get sick, young people can transfer it,” Cuomo said.

But just because an individual catches the virus, and meets the high-risk criteria, doesn’t mean they’re doomed, Cuomo explained.

“But even within that population the capacity of our health care system can save those lives it doesn’t mean that just because you’re 80 and you have an underlying health condition, you must pass away,” he said. Nothing is pre-ordained, and New York State’s health-care system has the capacity to save the lives of people whose lives are seriously imperiled by the infection.

The fear, as Cuomo explained, is that the virus makes it to places like nursing homes, and other places where concentrations of high-vulnerability people.

The importance, as has been said many times before, is that the government tries to smooth the ‘peak’ of the outbreak – which Cuomo’s models projected would arrive in roughly 45 days – as much as possible, given the shortage of beds, ICU beds and critical medical equipment, which Cuomo is scrambling to buy up for New York State, taking Trump’s advice to do what states can to secure equipment to heart.

“Up to 80% of the population will get this virus. We will try to slow the spread but it will spread,” Cuomo said.

*  *  *

Update (1100amET): NY Gov Andrew Cuomo is delivering his daily press conference. Watch live below:

Andrew Cuomo

@NYGovCuomo

Holding a briefing with updates on . WATCH LIVE: https://www.pscp.tv/w/cUYkVDIyNjcxMDN8MVlxSkRFRExQbUR4Vub3GMnQDurEk13VL9eraWYoncDaoyZdySI_9pAOEaaO 

Andrew Cuomo @NYGovCuomo

Holding a briefing with updates on #Coronavirus. WATCH LIVE:

pscp.tv

*  *  *

The surge in newly confirmed cases in the US and Europe continued overnight, as roughly 7,000 new cases were reported in the US, according to Johns Hopkins data, vaunting the US total above 25k while most Americans were asleep.

According to the latest numbers, as of 11amET on Sunday, 26,747 Americans have tested positive for COVID-19. 340 have died (and some of these were posthumously diagnosed).

New York State, where the Army Corp of Engineers has arrived to start outfitting school gyms and other buildings into COVID-19 hospitals, the picture of the outbreak continues to expand as testing capabilities in the state rapidly accelerate. 9 million New Jerseyans are now under ‘shelter in place’ restrictions following the mandatory lockdown order signed by Gov. Phil Murphy last night, although it’s still not exactly clear how the order will be enforced. In Connecticut, Gov. Ned Lamont has asked residents to stay at home and ordered non-essential businesses – including restaurants, gyms, theaters and the like – to close.

Keep in mind: Four days ago, there were fewer than 300 cases of the virus in the country, and only a few dozens deaths.

And globally, the total number of cases has passed 315,000, and is rapidly closing in on 320,000. We’ll likely hit 350,000 by noon on Monday.

Across Europe and the Middle East, governments tightened travel restrictions and lockdowns, even as the WHO whined that these measures were now somehow not enough to contain the outbreak , when this very same organization for weeks denied that border closures were necessary to stop the spread in an obvious sop to the NGOs Chinese backers.

Following in Italy’s footsteps, one week after Spain adopted nationwide lockdown measures and as the number of cases soars to 28,572, with 1,720 deaths, Spanish media says the  government of PM Pedro Sanchez is planning to ask Congress to approve the nationwide lockdown for an additional 15 days.

Afghanistan, Kosovo and Romania all reported their first confirmed deaths from COVID-19 on Sunday, while Albania closed flights as the virus continues to spread north through the Balkans from Greece, which has been turning away asylum seekers as it struggles to suppress its domestic outbreak.

 

After invoking the Defense Production Act last week, one of the most useful tools in the White House arsenal, granting Trump the power to act unilaterally and marshal the nation’s factories to the “war” effort, the president has yet to use the power, even as Democratic leaders like Nancy Pelosi and Chuck Schumer hammer him on the delay.

As it turns out, Trump might have a point. Though FEMA Administrator Peter Gaynor contradicted Trump during an appearance Sunday on CNN’s “State of the Union”, saying the administration hadn’t yet ordered factories to produce critical medical supplies, as Trump had claimed earlier in the week. But he clarified that the only reason Trump hasn’t actively used the power is because companies are voluntarily taking these steps so as to deter the administration from seizing control of their operations. He described the act as “leverage”.

Gaynor added that companies and countries around the world are offering help and support to the US.

With multiple officials making the Sunday show rounds, Treasury Secretary Steven Mnuchin once again upped the ante of the administration’s ‘helicopter money’ stimulus package (now that the Fed’s balance-sheet expansion is back in full swing and the administration is preparing to issue 50-year bonds to back the stimulus), raising the amount to be doled out to individuals to $3,000. As we observed yesterday, the stimulus-bill figures continue to climb faster than the number of confirmed cases.

It’s unclear when – or even if – the plan will make it into law, but Mnuchin said it’s intended to sustain out-of-work Americans and suffering small-businesses for the next 10-12 weeks.

And with 7k new cases confirmed since VP Pence announced to the world last night that he had tested negative, and hundreds of thousands more layoffs announced overnight, we suppose it’s only fitting.

Last night, Italy shuttered much of the country’s industrial production (at least whatever was still operating) in a desperate attempt to contain the outbreak as it extends its national lockdown in the face of lackluster results. In Jordan, meanwhile, authorities are responding with a heavy hand, warning residents they will risk a year in jail if caught outside without permission.

Which approach do you think would work better in the US?

Whatever happens, any NYC-based bankers growing bored with their doomsday stash and willing to splurge on some high-quality meats can get takeout from Peter Lugar’s.

Sam Ro 📉

@SamRo

Get takeout from Peter Luger https://bit.ly/2J7X0yw

View image on TwitterView image on Twitter
END
USA/STIMULUS PKG EQUAL TO 10% OF GDP OR $2 TRILLION DOLLARS/SATURDAY
Hyperinflation will be upon us in short order.
(zero hedge)

“10% Of GDP”: US Coronavirus Stimulus Package To Total $2 Trillion

First it was $850 billion. Then $1 trillion. Then $1.2 trillion. Then $1.3 trillion and the market still didn’t care, even as Round 3 of the proposed fiscal stimulus package grew faster than the number or coronavirus cases.

So in the Trump admin’s scramble to impress investors, on Saturday morning Trump’s top economic advisor Larry Kudlow said that the latest and greatest financial package being assembled to offset the crippling economic impact from the coronavirus pandemic which according to Goldman will wipe out 24% of GDP in Q2 would total more than $2 trillion.

The package is coming in at about 10% of GDP,” Larry Kudlow told reporters as he headed into a meeting with Republican senators. He said that would work out to a bit more than $2 trillion. “We’re just trying to cover the right bases,” he added.

 

Larry Kudlow headed to a meeting to discuss emergency economic relief legislation; Photo Shutterstock.

As a reminder when TARP was originally unveiled (by serial bailout fanatic Neel Kashkari) it was a “back of the napkin” calculation which estimated US bank needs at $700 billion or 5% of the total $14 trillion in residential and commercial mortgages. Fast forward a little over a decade when we are now up to 10% of total GDP, and rising fast.

Kudlow also said that small businesses would get a payroll-tax holiday, without clarifying whether that component had been agreed to or merely was an item on the Trump administration’s wish list.

He declined to say whether the package would include more direct government spending, or appropriations, than thought. “We’ll see,” he said.

end

NEW JERSEY/CORONAVIRUS

Add New Jersey to lock downs.

New Jersey Orders 9 Million Residents To ‘Stay At Home’; 86 Million Americans Now On Lockdown

Following a hint from New York Gov. Andrew Cuomo, who suggested during a press conference earlier this week that Connecticut and New Jersey might follow suit with lockdowns of their own, NJ Gov. Phil Murphy on Saturday signed an executive order barring citizens from leaving their homes unless they’re part of the “essential” workforce.

The stay-at-home order covers all of the state’s 9 million residents, and follows similar mandates that have been handed down in California, Illinois, New York and Pennsylvania.

Murphy insisted that residents practice social distancing when they leave the house to buy food or pick up medicine, or go to perform ‘nonessential’ jobs.

“We must flatten the curve and ensure residents are practicing social distancing,” New Jersey Gov. Phil Murphy said in announcing the new restrictions. But, he added, “Even with this order in effect…life in New Jersey does not have to come to a complete standstill.”

He told residents not to panic, but added “we are at war.”

Starting at 9 p.m. Saturday, New Jersey residents must stay home and all nonessential businesses have to close indefinitely. All gatherings including weddings, in-person services and parties, are canceled until further notice, Murphy said. He added that  the rules he laid out supersede all those set by towns or cities or counties in his state,  The governor made the announcement during his Saturday press conference. “We need you to just stay home,” he said, adding that, as of 12:30 pm, the state had counted 1,327 positive tests and 16 deaths.

Including New Jersey’s 9 million people, 86 million Americans are under a China- or Italy-style lockdown, or something closely approximating that.

Here’s a breakdown of cases by county as of 12:30 pm.

We suspect CT Governor Ned Lamont will soon follow up with a similar order of his own, perhaps staggered by a day or so to not provoke more panic.

Read the full order below:

Microsoft Word – EO-107 by Zerohedge on Scribd

(zerohedge)

iv) Swamp commentaries

the Democrats are crooks

(zerohedge)

Democrats Holding COVID-19 Bill Hostage Over Unrelated Demands

As the country slips into economic chaos, Democratic gatekeepers to a $1.8 trillion stimulus package have made several demands which have nothing to do with coronavirus before they’ll sign off on the legislation.

According to Town Hall‘s Guy Benson, Senate Minority Leader Chuck Schumer (D-NY) and House Speaker Nancy Pelosi (D-CA) are demanding massive collective bargaining powers for unionsmore stringent fuel emissions standards for airlines, and an expansion of wind and solar tax credits.

Guy Benson

@guypbenson

Via senior GOP aide, Schumer/Pelosi now pushing these demands amid pandemic-fueled economic collapse:

1) Unprecedented collective bargaining powers for unions
2) Increased fuel emissions standards for airlines
3) Expansion of wind and solar tax credits

Guy Benson

@guypbenson

Source writes, “not only are these completely unrelated to the coronavirus epidemic, they could prevent companies from participating in the loan programs altogether—directly causing unnecessary layoffs.”

Benson then directs our attention to a Thursday article from The Hill, in which House Democrats indicated that they wanted to go “bigger and broader than the already massive economic stimulus package offered by Senate Republicans to blunt the coronavirus pandemic.

This is a tremendous opportunity to restructure things to fit our vision,” said Majority Whip James Clyburn (D-SC) on a Thursday conference call with over 200 members of the House Democratic caucus.

Senate Majority Leader Mitch McConnell (R-KY) is not a fan.

“Anything that doesn’t address that pandemic, it seems to me, should not be considered,” he said.

Kevin Barnard@KevyB1990

I’m not an expert, but what does ANY of that have to do with the and small businesses and their employees taking the brunt of the economic collapse?

Kevin Davis@kevindavis338

What do Airline Emissions have to do with

A re-vote on the package is expected on Monday at noon.

END

 

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

Reuters: Coronavirus aid bill includes $3,000 for families, $4 trillion liquidity for Fed: Mnuchin

WaPo: No deal yet on vast coronavirus stimulus bill as bipartisan talks appear to falter

One key sticking point is $500 billion for loans and loan guarantees that Republicans want, which some Democrats are labeling a “slush fund” because the Treasury Department would have broad discretion over who receives the money… [Reportedly, abortion funding & buybacks are factors for Dems. McConnell: “This is not a political opportunity. It’s a national emergency.”]

https://www.washingtonpost.com/us-policy/2020/03/22/vast-coronavirus-stimulus-bill-limbo-crunch-times-arrives-capitol-hill/

A Democratic aide said that the small business provision was drafted to exclude non-profits… would impact Planned Parenthood but also community health centers, rape crisis centers and disability service providers… https://thehill.com/homenews/senate/488883-hopes-for-quick-coronavirus-stimulus-deal-break-down

@henryrodgersdc House Speaker Pelosi said she will halt negotiations with the Senate and move to pass her own coronavirus package in the House, which could drag things out longer than many expected

@guypbenson: Talking to some Senate GOP sources. They seem stunned and angry. I’m told there was lots of bipartisan input into the legislative outline & emerging specifics — including an agreement in principle on broad strokes. Then Pelosi showed up and threw a partisan grenade.

GOP Sen. @ChuckGrassley: Senate Dems just blocked a major move to turn this economy around &get ppl back 2work Phase 3 relief package incl recovery checks to help families pay their bills +very strongly beefed up unemployment insurance +resources for our health care system This is NO time 4 politics

GOP Sen. @JohnCornyn: D Senators blocking emergency assistance to American workersMarkets will tank tomorrow and along with it the savings of millions.   It’s incomprehensible that in the midst of a national crisis Democrats have chosen to block this bill. Texans need help now

Fox’s @ChadPergram: McConnell tears into Democrats on the floor. Specifically calls out Pelosi. Rare to see that on floor, as angry as we’ve ever seen him on the floor.[ESMs hit limit down, -5%].Urgent: Schumer [panics] says Mnuchin was in his office a half hour ago… they are closer to an agreement. Says McConnell shouldn’t have gone ahead with the vote [Schumer knows Pelosi & Dems screwed up; he is now trying to mitigate the political damage, especially after ESMs limit down last night.]

The UK will buy equity in airlines, including British Airways to prevent collapse – FT

Chancellor Rishi Sunak steps in to save workers with historic rescue package – The state would pay 80 per cent of wages up to £2,500 a month for workers who would otherwise have been made redundant… the chancellor put another £7 billion into the welfare system… funded from borrowing…https://www.thetimes.co.uk/article/chancellor-rishi-sunak-steps-in-to-save-workers-with-historic-rescue-package-9xbl2hz6m

The Times’ @Steven_Swinford: EU has blown big hole in Rishi Sunak’s bailout package under state aid rules  Grants & ‘tax advantages’ capped at €800,000 *per company*Big retailers & hotel chains will see little benefit from Sunak’s pledged £20bn business rates holiday

@Nigel_Farage: The EU has become irrelevant in this crisis as countries make their own decisions.

Their attempt to interfere with our rescue package shows why we must fully leave. Enough, a WTO deal is better than being liable when the Euro falls apart. [The end of the EU is a high probability.]

@dlacalle_IA: Italy shuts down almost all industrial production and services for 15 days. Most companies have less than 1 month of cash. Spain will likely be next. And the EU wants to solve a massive health-driven mandatory supply shutdown with demand-side policies… Seriously

Germany may raise up to €350bn in new borrowing to fight coronavirus – A new €600bn bailout fundto rescue companies The €356bn in new debt includes €156bn for a supplementary budget for 2020, €100bn for a new economic stabilization fund… that can take direct equity stakes in stricken companies; and €100bn to cover a loan to KfW, the state development bank… https://www.marketwatch.com/story/germany-may-raise-up-to-350bn-in-new-borrowing-to-fight-coronavirus-2020-03-21

@TeddyVallee: 55% of small businesses would fold if sales stopped completely for 1-3 months. Small business accounts for 47% of US employment and 45% of GDP.  The biggest threat to US right now is closure of small business over the next 1-3 months, and then we get a cure / numbers slow significantly, and small biz is not there to hire back on the rebound.

@IngrahamAngle: The more we test, the lower the mortality rate. In the meantime, many see a nationwide shutdown, rather than targeted action, is destroying our economy.

U.S. COVID-19 Fatality Rate Steady: About 1 Percent – There are bound to be country-to-country variationsThe fatality rate for flu and related pneumonia is 16 times higher in Saudi Arabia than it is in Finlandhttps://www.nationalreview.com/corner/coronavirus-pandemic-us-fatality-rate-steady-about-1-percent/#slide-1

City Hall didn’t secure 1st order of COVID-19 supplies for NYC until March 6

Mayor Bill de Blasio has blamed President Trump for the city’s severe shortage of COVID-19 supplies even though City Hall didn’t secure its first order for emergency protective gear until March 6…   https://nypost.com/2020/03/20/city-hall-didnt-order-covid-19-supplies-for-nyc-until-march-6/

MZHemingway: Cuomo absolutely ripping on NYC and its people for what he calls their arrogance and disrespect in crowding public spaces…[‘People are not taking this seriously.’]

New York’s Cuomo asks federal government to take over coronavirus response – “We are competing against other states… New York has been the hardest hit state, with 76 virus-related deaths…https://justthenews.com/government/state-houses/new-yorks-cuomo-ask-federal-government-take-over-coronavirus-response#.XneWYyRde08.twitter

@LisaMarieBoothe: Gov. Cuomo again touts hydroxychloroquine + azithromycin. He said he is optimistic about the potential results. Yet, the media has been beating President Trump up for saying the same thing [for giving people “false hope”]. Biased much? [More on this later in this missive]

@LizRNC: [Cuomo]: “I want to thank the FDA for moving very expeditiously to get us this supply. The president ordered the FDA to move and the FDA moved.  The president is optimistic about this, about these drugs, and we are all optimistic that it could work.”

@AFP: Germany bans gatherings of more than two to control virus spread: Merkel

Merkel in quarantine after meeting virus-infected doctor: spokesman

@RandPaul: Senator Rand Paul has tested positive for COVID-19. He is feeling fine and is in quarantine.

Expiration and the Fed were the major factors in Friday’s early rally.  On Friday, the Fed was scheduled to monetize $75B of US Treasuries and $32B of MBS (mortgage-backed securities).  The $107B QE was a one-day record for Fed debt monetization.  Also, the Fed was scheduled to do $1.1 trillion of repos.

At 10:00 ET, the Fed announced that it would coordinate with central banks to enhance dollar swap lines.  Swaps would be daily instead of weekly.  The dollar tumbled on the report. However, by the end of the US session, the dollar was even for the day.  At 11:00 ET, the Fed announced that it would monetize highly-rated, short-term municipal debt.  Munis and muni-funds have been in collapse.

ESMs and stocks peaked with the Fed announcement that it would monetize munis.  ESMs slid 67 handles by the European close (11:30 ET).  The tumble ended when Europe closed.  Apparently European traders wanted to flatten out for the weekend.  The post-European close reversal quickly aborted on this:

New York must stay home, Cuomo mandates as coronavirus cases spike

https://www.foxnews.com/us/new-york-must-stay-home-cuomo-mandates-as-coronavirus-cases-spike

As ESMs and US stocks hit session lows, Trump’s daily Covid-19 briefing began (12:10 ET).  Trump says he had a “very good” discussion with Senate Minority Leader Chuck Schumer and spoke “at length with Mitch McConnell” on the stimulus package.  A big focus of the package is small businesses.  “There’s been a week of resolute action… thanks to the spirit of our people, we will win this war.”

DJT on share repurchases: Trump is “fine” with restricting share buybacks if companies are bailed out.

OAN’s @jennfranconews: Pres. Trump spars with NBC’s Peter Alexander when asked about his response to Americans who are scared: “I say that you’re a terrible reporter. That’s what I say… And I think it’s a very bad signal… Coming together is much harder when we have dishonest journalists.”

One reason that some reporters went after DJT, and he returned fire, is because DJT is surging in polls.

@KellyannePolls: Big jump for Trump ABC poll “55% of Americans approve of the president’s management of the crisis, compared to 43% who disapprove.”

[Friday]Mnuchin Sees GOP Bill as too Small, Wants Broader Cash Payments – BBG

[Stocks hit a bottom on Mnuchin’s assertion that “you’re gonna need a bigger boat!”]

@CNBCnow: Federal Reserve says it will conduct $1 trillion in daily repo operations for the rest of the month.  UK PM Boris Johnson announces lockdown measures in London, telling cafes, pubs and restaurants to close

ESMs & stocks dipped after the Fed’s $1T repo notice.  The liquidation for the weekend that we feared occurred.  ESMs & stocks tumbled into the close.

@lisaabramowicz1: U.S. investment-grade bonds have plunged 13.2% so far this month. Calling that a record monthly loss understates just how severe this decline is. In September 2008, as Lehman was collapsing, the debt fell 7.8%. Spreads on the debt have gone vertical.

US junk bonds keep getting pummeled, with March’s losses of 16.5% poised to be the worst monthly decline on record. The entire $1 trillion market is being treated as if it were close to default, with average spreads now less than 25bps away from being considered distressed

     A daunting forecast from GS: Filings for U.S. unemployment benefits are poised to surge to a record 2.25 million this week, vs the prior peak of 695,000 in 1982. via @jeffkearns @TheTerminal

Before Fed Acted, Leverage Burned Hedge Funds in Treasury Market

Basis traders were borrowing as much as 50 times their wagers – The firms use borrowed money from the repurchase market for the popular basis trade… differences between cash Treasuries and futures… Leveraged funds’ exposure to the basis strategy could be as much as $650B… Investors seeking safety rushed into Treasury futures on March 12, and hedge funds got hammered. A difficulty in completing trades ensued, and was a contributing factor to the Federal Reserve’s decision to pledge $5 trillion to keep markets running smoothly….[Fed bailed out over-levered hedge funds with its $1T repo panic.]

https://www.bloomberg.com/news/articles/2020-03-19/before-fed-acted-leverage-burned-hedge-funds-in-treasury-trade

The funding crisis in Q4 2019 was due to either a big bank or two in trouble or over-levered hedge funds.  The powers that be discarded the lessons and pain of the 2008 Crisis.  The Fed and Congress allowed financial entities to leverage up to obscene levels – and then the Fed applied financial repression on the masses to enable the egregious speculation – once again!  And once again, the financial terrorism card was played to the detriment of Americans.  Bail us out or we’ll crash and burn the system & economy.

Goldman Sachs CEO get 19% raise, bumping his pay to $27.5 million [You can’t make this up!]

https://www.businessinsider.com/goldman-sachs-ceo-gets-19-percent-raise-27-million-compensation-2020-3

Goldman injects $1 billion into own money-market funds after heavy withdrawals https://www.reuters.com/article/us-health-coronavirus-goldman-mny-mkt-ex-idUSKBN21810A

GOP Sen. Josh Hawley @HawleyMO: To any multinational corporations that come to Congress asking for taxpayer $$$, you better come prepared to explain how you will move supply chains and jobs back to America if you want my vote

@BenKTallmadge: Boeing says it needs $60B to stay afloat, Congress should ask it to shut down its factory in China.  US taxpayer money shouldn’t be used to save jobs of workers in China.

A Coronavirus Explosion Was Expected in Japan. Where Is It?

Japan has imposed no lockdown… The government contends it has been aggressive in identifying clusters and containing the spread…Critics argue Japan has been lax in testing… In Tokyo, among the world’s most densely packed metropolitan areas, cases made up 0.0008% of the populationTwo possibilities: that Japan has contained the spread by focusing on outbreak clusters, or that there are outbreaks yet to be found… https://www.bloomberg.com/news/articles/2020-03-19/a-coronavirus-explosion-was-expected-in-japan-where-is-it

New York Times:  How the virus got out.

Many of the first known cases clustered around a seafood market in Wuhan, China… Four cases grew to dozens by the end of December… The true size of the outbreak was much larger even thenIt wasn’t until Dec. 31 that they alerted the World Health Organization and released a statement — and a reassurance. “The disease is preventable and controllable,” the government said… The timing of the outbreak could not have been worse. Hundreds of millions of people were about to travel back to their hometowns for the Lunar New Year…   https://nytimes.com/interactive/2020/03/22/world/coronavirus-spread.html

China and the WHO’s chief: Hold them both accountable for pandemic

The organization’s director-general, Tedros Adhanom Ghebreyesus… apparently turned a blind eye to what happened in Wuhan and the rest of China and, after meeting with Xi in January…

     When President Trump took a critical step to stop the coronavirus at U.S. borders by issuing a travel ban as early as Jan. 31, Tedros said widespread travel bans and restrictions were not needed to stop the outbreak and could “have the effect of increasing fear and stigma, with little public health benefit.” He warned that interfering with transportation and trade could harm efforts to address the crisis, and advised other countries not to follow the U.S. lead… Tedros instead was politicizing the crisis and helping Xi to shirk his responsibility for a series of wrongdoings in addressing the outbreak…

https://thehill.com/opinion/international/487851-china-and-the-whos-chief-hold-them-both-accountable-for-pandemic

@jennfranconews [Saturday]: VP Pence on COVID-19 response: “Testing is expanding rapidly across the U.S. of America…more than 195,000 Americans and more who have been symptomatic have been tested…only 19,343, at this moment, have tested positive…if you don’t have symptoms, don’t do a test.”

Evidence over hysteria — COVID-19 [long, comprehensive article, will infuriate people losing big $]

According to their report if you come in contact with someone who tests positive for COVID-19 you have a 1–5% chance of catching it as well…This finding indicates the high transmissibility of COVID-19 in enclosed spaces…these transmission rates are very similar to the seasonal flu

    The Department of Ecology and Evolutionary Biology at Princeton University said, “The current scientific consensus is that most transmission via respiratory secretions happens in the form of large respiratory droplets … rather than small aerosols. Droplets, fortunately, are heavy enough that they don’t travel very far and instead fall from the air after traveling only a few feet.”…

    To summarize, China, Singapore, and South Korea’s containment efforts worked because community-based and airborne transmission aren’t commonThe most common form of transmission is person-to-person or surface-based…  COVID-19 is very vulnerable to UV light and heat… COVID-19 will likely “burn off” in the summer… https://medium.com/six-four-six-nine/evidence-over-hysteria-covid-19-1b767def5894

@AnnCoulter: Latest figures out of Italy: Under 30: No deaths; Under 60: 4% of deaths; In their 60s: 10% of deathsOver 70: 85% of deaths https://epicentro.iss.it/coronavirus/bollettino/Report-COVID-2019_20_marzo.pdf

Why have so many coronavirus patients died in Italy? [Italy greatly overstating Covid-19 deaths?]

Only 12 per cent of death certificates have shown a direct causality from coronavirus, while 88 per cent of patients who have died have at least one pre-morbidity – many had two or three,” he says…

https://www.telegraph.co.uk/global-health/science-and-disease/have-many-coronavirus-patients-died-italy/

Pompeo says China, Russia, Iran are spreading disinformation about coronavirus… to sow fear and confusion…  https://thehill.com/policy/national-security/488659-pompeo-says-china-russia-iran-are-spreading-disinformation-about

 

Gen. Joseph Lengyel @ChiefNGB: I hear unfounded rumors [on Twitter Friday] about National Guard troops supporting a nationwide quarantine. Let me be clear: There has been no such discussion

 

Trump Rips NBC Journalist Who Suggested He Was Offering a “False Sense of Hope” to Americans  https://newsthud.com/watch-trump-rips-nbc-journalist-who-suggested-he-was-offering-a-false-sense-of-hope-to-americans/

 

NBC News White House correspondent Peter Alexander insisted that his question to President Donald Trump — suggesting his briefings on the Chinese coronavirus were offering “false hope” to Americans — had no ill intent… [Backtracking due to huge public outrage and blowback]

https://www.breitbart.com/the-media/2020/03/20/nbc-news-peter-alexander-defends-false-hope-question-at-virus-briefing-was-a-softball-for-trump/

 

NBC article touted ‘promising’ drug as its reporter bashed Trump for ‘false sense of hope’

https://www.washingtontimes.com/news/2020/mar/21/nbc-article-touted-promising-drug-its-reporter-bas/

 

KABC’s @LarryOConnor: “President Roosevelt, NBC News… Aren’t you giving false hope to Americans when you tell them ‘we have nothing to fear but fear itself’?”

 

@jsolomonReports: The big disconnect: lots of media negativism toward Trump over virus response yet his approval rating soars with real people.

 

China News 中国新闻网 @Echinanews: Former U.S. Secretary of State Hillary Clinton on Wednesday critiqued President Donald Trump’s recent usage of “Chinese Virus” to refer to the #COVID19 as “racist rhetoric,” which is an attempt to eclipse his poor response in curbing the virus outbreak.

 

GOP Rep. @RepGosar: Communist China literally thanking Hillary Clinton for her support…

 

Hillary Clinton @HillaryClinton Mar 18: The president is turning to racist rhetoric to distract from his failures to take the coronavirus seriously early on, make tests widely available, and adequately prepare the country for a period of crisis.  Don’t fall for it. Don’t let your friends and family fall for it.

 

Because DJT’s polls are surging, the MSM & Dems are panicked.  Biden will do Covid-19 briefings to refute DJT.  Trump haters are demanding that the MSM quit covering Trump’s virus briefings.

 

Trump needs to stop the daily press briefings – Dem strategist and high official Maria Cardona

https://thehill.com/opinion/white-house/488721-trump-needs-to-stop-the-daily-press-briefings#.XnZiA7VBxU8.twitter

 

Washington Post Publishes Call for End to Live Broadcasts of Trump’s Coronavirus Briefings as Four New Polls Show Majority Approval for President’s Handling of Crisis

https://www.thegatewaypundit.com/2020/03/washington-post-publishes-call-for-end-to-live-broadcasts-of-trumps-coronavirus-briefings-as-four-new-polls-show-majority-approval-for-presidents-handling-of-crisis/

 

@ChanelRion: Media complaining the President is overly available. Dante’s 9 circles just froze over.

 

Biden, blasting Trump, vows dueling daily briefing during coronavirus crisis

https://www.foxnews.com/politics/democracy-2020-digest-biden-blasting-trump-vows-dueling-daily-briefing-during-coronavirus-crisis

 

A Mere 8 Days Ago Joe Biden Was Still Attacking Trump’s Travel Bans

https://www.breitbart.com/politics/2020/03/20/nolte-mere-8-days-ago-joe-biden-still-attacking-trumps-travel-bans/

 

Biden and the left: Too many excuses for China – DJT press secretary Kayleigh McEnany

On Jan. 31, when President Trump put in place unprecedented travel restrictions on Chinese citizens… Biden resorted to his favorite word, labeling the restrictions as “xenophobic” and calling it “fear-mongering” and “hysteria.”… On Wednesday, Biden campaign adviser Ron Klain called for the U.S. to act “with kind of the same tempo” as China in combating the disease. On the same day, Biden criticized “Trump’s misguided trade war with China” in a campaign statement about the coronavirus

     In October 2019, Biden said that China’s “not a problem.” In January, he said “we should be helping” China. And, just last month, he said that thinking of China as a competitor is “bizarre.”…

https://thehill.com/opinion/campaign/488668-trump-leads-the-battle-against-coronavirus-while-biden-makes-excuses-for

 

Joe has a huge 2nd Amendment problem.  Americans are panic buying firearms and ordinance in case the MSM-projected dystopia occurs.  Good luck telling Americans that you will take their guns now.

 

Meanwhile, back at the ranch, Biden is still lost – and even the WaPo jumped on his latest faux pas.

 

WaPo’s Matt Viser @mviser: Joe Biden says he is “desperately” looking to be in regular contact with the American public, perhaps with regular press conferences in Wilmington, Del., or using technology. “They tell me there’s ways we can do teleconferencing via us all being in different locations,” he says.

 

Former Warren, Clinton aides leading ‘coronavirus war room’ targeting Trump’s response to pandemic     https://www.foxnews.com/politics/warren-clinton-aides-coronavirus-war-room

Democratic Michigan Sen. Gary Peters on Friday praised the Chinese government as the deadly disease which started in China continues to spread throughout the world…

https://dailycaller.com/2020/03/20/gary-peters-chinese-government-coronavirus/

@paulsperry_: I recall a few weeks ago Dr. Fauci pooh-poohing the idea that we could test a vaccine right away, that it was a year out. But we’re doing it now, in record time. Now he’s pooh-poohing Trump’s optimism over chloroquine as a treatment…

 

Fauci throws cold water on Trump’s declaration that malaria drug chloroquine is a ‘game changer’

Fauci says chloroquine hasn’t been studied on coronavirus… said signs of the drug’s promise were purely “anecdotal.”…  https://abcnews.go.com/Politics/fauci-throws-cold-water-trumps-declaration-malaria-drug/story

@paulsperry_: Dr. Fauci is mistaken. There in fact have been “clinical trials” on the efficacy of using Chloroquine for treating patients w COVID-19. Trials w control groups conducted last month on 100 patients in 10 Chinese hospitals. Results: Chloroquine far superior to the control treatments

@bennyjohnson: Dr. Fauci pushes back on the idea that he dismissed that Chloroquine could be effective against Coronavirus: “I’m not dismissing it at all and I hope that interpretation wasn’t widespread.”

https://twitter.com/bennyjohnson/status/1241094723256844294

@realDonaldTrump: HYDROXYCHLOROQUINE & AZITHROMYCIN, taken together, have a real chance to be one of the biggest game changers in the history of medicine. The FDA has moved mountains – Thank You! Hopefully they will BOTH (H works better with A, International Journal of Antimicrobial Agents) be put in use IMMEDIATELY. PEOPLE ARE DYING, MOVE FAST, and GOD BLESS EVERYONE! @US_FDA @SteveFDA @CDCgov @DHSgov

Combination of antimalarial medication and antibiotics could shorten COVID-19, researchers say

A study in France suggests that treating COVID-19 patients with antimalarial medication and antibiotics could prove a useful weapon in the battle against the novel coronavirus.  Researchers prescribed the antimalarial hydroxychloroquine and the antibiotic azithromycin to patients earlier this month, according to the research, which is published in the International Journal of Antimicrobial Agents.

https://www.foxnews.com/science/coronavirus-combination-antimalarial-antibiotics-could-shorten-duration-covid-19

 

@bennyjohnson: New York will start implementing the trial drugs to treat Coronavirus.  NY has acquired: 70,000 Hydroxychloroquine, 10,000 Zithromax, 750,000 Chloroquine from the Federal Government. Trials will start Tuesday. [MSM hero Dr. Fauci wrong, again!]

 

A week ago, CNN praised Fauci for contradicting Trump’s claim that Covid-19 vaccination testing could occur in coming months.  Fauci said it would take a year.  Vaccine tests will occur in April.

 

CNN: Trump was asked last week about a timeline for a novel coronavirus vaccine during a White House meeting opened up to reporters. “I don’t know what the time will be. I’ve heard very quick numbers, that of months. And I’ve heard pretty much a year would be an outside number. So, I think that’s not a bad range. But if you’re talking about three to four months in a couple of cases, a year in other cases,” Trump said.  But Fauci, who was in the room, immediately corrected the President: “Let me make sure you get the … information. A vaccine that you make and start testing in a year is not a vaccine that’s deployable.“… https://www.cnn.com/2020/03/14/politics/anthony-fauci-trump-coronavirus/index.html

 

Time: COVID-19 Vaccine Shipped, and Drug Trials Start

Moderna Therapeutics, a biotech company based in Cambridge, Mass., has shipped the first batches of its COVID-19 vaccine. The vaccine was created just 42 days after the genetic sequence of the COVID_19 virus, called SARS-CoV-2, was released by Chinese researchers in mid-January. The first vials were sent to the National Institute of Allergy and Infectious Diseases (NIAID)… which will ready the vaccine for human testing as early as Aprilhttps://time.com/5790545/first-covid-19-vaccine/

 

Dr. Fauci is a staunch Hillary Clinton supporter whose devotion was captured by Wikileaks.

 

To: Mills, Cheryl D [January 23, 2013]

Subject: Today’s performance [Benghazi Hearings]

   Cheryl: Anyone who had any doubts about the Secretary’s stamina and capability following her illness had those doubts washed away by today’s performance before the Senate and the House. She faced extremely difficult circumstances at the Hearings and still she hit it right out of the park. Please tell her that we all love her and are very proud to know her.

    Warm regards, Tony   Anthony S. Fauci, MD   https://wikileaks.org/clinton-emails/emailid/4379

@paulsperry_:Zinc may be key to stopping novel coronavirus from replicating. In vitro study found increasing intracellular Zn2+ (mineral) concentration w zinc- ionophores can efficiently impair the replication of coronaviruses. In vitro, chloroquine was found to be a zinc ionophore

Can Vitamin C Prevent and Treat Coronavirus?

The study description notes that vitamin C is an antioxidant that may help prevent cytokine-induced damage to the lungs… Participants in the experimental group will receive 24 grams of IV vitamin C per day for 7 days… https://www.medicinenet.com/script/main/art.asp?articlekey=228745

DEM Sen. Feinstein Dumps $6 MILLION in Biotech Stock before Company Chairman and Co-Founder QUARANTINED WITH CORONAVIRUS     https://truepundit.com/exclusive-dem-sen-feinstein-dumps-6-million-in-biotech-stock-before-company-chairman-and-co-founder-quarantined-with-coronavirus/

Sen. Dianne Feinstein (D-CA), 3 Senate colleagues sold off stocks before coronavirus crash: reports

Rich Burr of No Carolina, Kelly Loeffler of Georgia and James Inhofe of Oklahoma, all Republicans….

https://www.msn.com/en-us/news/politics/dianne-feinstein-3-senate-colleagues-sold-off-stocks-before-coronavirus-crash-reports/ar-BB11rIYo?li=BBnb7Kz

 

NYT’s @ShaneGoldmacher: Mike Bloomberg’s campaign spent far more than we previously knew — more than $900 million, according to his new FEC filing.

 

The tone-deaf Bloomberg verified why his campaign was an unmitigated disaster and he is so unlikeable.

 

Bloomberg lays off hundreds as coronavirus bears down

Campaign staffers who were promised jobs through November no matter what are left high and dry.

https://www.politico.com/news/2020/03/20/bloomberg-campaign-layoffs-coronavirus-139362

@BloombergAsia: Michael Bloomberg said Friday he is transferring $18 million to the Democratic National Committee from his presidential campaign to help defeat Trump in November

 END

SEE YOU TOMORROW

H

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