MARCH 27A//COMEX AND LBMA GOLD/SILVER MARKETS BROKEN//GOLD DOWN $16.03 TO $1627// CORONAVIRUS UPDATE FROM AROUND THE GLOBE//TROUBLE ON USA CARRIER, THEODORE ROOSEVELT WITH 23 SAILORS CONTRACTED VIRUS.HEADING TO SMALL ISLAND OF GUAM//CANADA LOWERS INTEREST RATE TO .25% AND BUYS 5 BILLION DOLLARS OF BONDS EVERY WEEK////SILVER DOWN 5 CENTS TO $14.38//CHRIS POWELL ON THE STRANGE EXCHANGE FOR PHYSICALS//RIOTING ON THE STREETS OF HUBEI CHINA AFTER THE QUARANTINE WAS LIFTED..WE WILL SEE A LOT OF THIS!!/

GOLD:$1627.10  DOWN $16.30   The quote is London spot price

 

 

 

Silver:$14.38//DOWN $0.05  London spot price  

 

Closing access prices:  London spot

 

 

 

Gold : $1630.00  LONDON SPOT

 

SILVER:  $14.50//LONDON SPOT

 

APRIL comex gold price 2:00 PM:  $1623.00

 

SILVER APRIL COMEX 2 PM:  $14.39

 

 

 

the gold market continues to be broken as future prices are much higher than spot prices.  The comex is desperate to fix things but they have no available gold.

If one is to buy gold and or gold coins, the price is around $1800. usa per oz

and silver; $26.00 per oz//

 

 

 

COMEX DATA

 

 

 

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

today RECEIVING:  0/3

EXCHANGE: COMEX
CONTRACT: MARCH 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,650.100000000 USD
INTENT DATE: 03/26/2020 DELIVERY DATE: 03/30/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
357 C WEDBUSH 1
661 C JP MORGAN 3
690 C ABN AMRO 1
905 C ADM 1
____________________________________________________________________________________________

TOTAL: 3 3
MONTH TO DATE: 2,914

 

 

NUMBER OF NOTICES FILED TODAY FOR  MAR CONTRACT: 3 NOTICE(S) FOR 300 OZ (0.00933 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  2914 NOTICES FOR 291,400 OZ  (9.0637 TONNES)

 

 

 

 

SILVER

 

FOR MARCH

 

 

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

total number of notices filed so far this month: 4601 for 23,005,000 oz

 

BITCOIN MORNING QUOTE  $6706 DOWN $28 

 

BITCOIN AFTERNOON QUOTE.: $6651 DOWN $85

 

GLD AND SLV INVENTORIES:

WITH GOLD DOWN $16.30: WITH NO PHYSICAL TO BE FOUND ANYWHERE:

WE HAD A STRONG DEPOSIT OF 4.39 TONNES

 

GLD: 953.54 TONNES OF GOLD//

 

 

WITH SILVER DOWN 5 CENTS TODAY: AND WITH NO SILVER AROUND

 

A HUGE CHANGE IN SILVER INVENTORY: A MONSTROUS PAPER DEPOSIT OF 8.115 MILLION OZ INTO THE SLV

 

 

RESTING SLV INVENTORY TONIGHT:

SLV: 393.502  MILLION OZ./

 

 

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI FELL BY A HUGE SIZED 4553 CONTRACTS FROM 146,036 DOWN TO 141,483 AND FURTHER FROM OUR NEW RECORD OF 244,710, (FEB 25/2020.  THE CONSIDERABLE LOSS IN OI OCCURRED DESPITE OUR SMALL  11 CENT LOSS IN SILVER PRICING AT THE COMEX. WE MAY HAVE HAD SOME LONG LIQUIDATION BUT THAT DOES NOT MAKE MUCH SENSE.  IT SEEMS THAT MOST OF THE LOSS IN OI IS DUE TO  BANKER SHORT COVERING PLUS A STRONG EXCHANGE FOR PHYSICAL ISSUANCE AND A STRONG INCREASE IN AMOUNT STANDING AT THE COMEX. WE HAD A SMALL NET LOSS IN OUR TWO EXCHANGES OF 1335 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 HUGE SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:,

; MARCH:  00 AND MAY: 2325 AND JULY: 0 ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  2325 CONTRACTS. WITH THE TRANSFER OF 2325 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 2325 EFP CONTRACTS TRANSLATES INTO 11.625 MILLION OZ  ACCOMPANYING:

1.THE 11 CENT LOSS 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

23.005  MILLION OZ INITIALLY STANDING FOR MAR

 

THURSDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL 11 CENTS).. AND, OUR OFFICIAL SECTOR/BANKERS MAY HAVE BEEN SUCCESSFUL IN THEIR ATTEMPT TO FLEECE SOME  SILVER LONGS FROM THEIR POSITIONS, AS WE DID HAVE A SMALL NET LOSS OF 2228 CONTRACTS OR 11.140 MILLION OZ ON THE TWO EXCHANGES! HOWEVER YOU CAN BET THE FARM THAT THE MAJORITY OF THE LOSS OF OI WAS DUE TO BANKER SHORT COVERING WHICH HAS BEEN GOING ON FOR THE PAST SEVERAL DAYS.

 

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

87,248 CONTRACTS (FOR 20 TRADING DAYS TOTAL 87,248 CONTRACTS) OR 436.240 MILLION OZ: (AVERAGE PER DAY: 4362 CONTRACTS OR 21.812 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR: 436.24 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 57.53% 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:          877.45 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…..          436.24 MILLION OZ (20 TRADING DAYS AND ALREADY HUGELY SURPASSES FEB AND JAN MONTHLY TOTALS)

 

 

RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 4553, DESPITE THE SMALL  $0.11 LOSS IN SILVER PRICING AT THE COMEX /THURSDAY… THE CME NOTIFIED US THAT WE HAD A LARGE SIZED EFP ISSUANCE OF 2325 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON  AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER

 

TODAY WE LOST A SMALL :  2228 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: (WITH THE TINY 11 CENT LOSS IN PRICE)

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 2325 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH DECREASE OF 4553 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH A  11 CENT LOSS IN PRICE OF SILVER/ AND A CLOSING PRICE OF $14.43 // THURSDAY’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. 0.707 BILLION OZ TO BE EXACT or 101% of annual global silver production (ex Russia & ex China).

FOR THE NEW  MAR DELIVERY MONTH/ THEY FILED AT THE COMEX: 108 NOTICE(S) FOR  540,000 OZ OF SILVER.

IN SILVER,PRIOR TO TODAY, WE  SET THE NEW COMEX RECORD OF OPEN INTEREST AT 244,196 CONTRACTS ON AUG 22.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $14.70//TODAY’S RECORD OF 244,705 IS SET WITH A PRICE OF: 18.91 (FEB 25/2020)

 

.

 

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

  1. HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY  (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ  MAY: 36.285 MILLION OZ ; JUNE/2018  (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ   )  FOR AUGUST 6.065 MILLION OZ. , SEPT:  A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz  NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ   JANUARY AT  5.825 MILLION OZ.AND FEB 2019:  2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/  APRIL AT 3.875 MILLION OZ/ A MAY:  18.845 MILLION OZ ..JUNE 2.660 MILLION OZ//JULY 22.605 MILLION OZ; AUGUST 10.025 MILLION OZ/ SEPT 43.030 MILLION OZ//OCT: 7.665 MILLION OZ//   NOV: 2.630 MILLION OZ//DEC:  20.970 MILLION OZ; JAN:  5.075 MILLION OZ.//FEB 1.480 MILLION OZ//MAR: 23.005 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 HUGE  15,797 CONTRACTS TO 526,665 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 VERY STRONG GAIN IN THE PAPER PRICE OF $24.00 /// COMEX GOLD TRADING// THURSDAY// 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 RISE IN THE PAPER PRICE OF GOLD.  ON THE TWO EXCHANGES.  ALL OF THE COMEX LOSS WAS DUE TO CONSIDERABLE  LIQUIDATION OF OUR SPREADERS HAVING ARRIVED RIGHT ON QUEUE..ONE WEEK BEFORE APRIL EXPIRY, PLUS CONSIDERABLE BANKER SHORT COVERING. WE LOST A SMALL 3895 CONTRACTS  (12.11 TONNES)

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A HUMONGOUS AND CRIMINALLY SIZED 11,902 CONTRACTS:

CONTRACTS, FEB>  CONTRACTS; MARCH 00 APRIL: 9469. MAY: 0, AND JUNE 2433.; DEC 0 AND ALL OTHER MONTHS ZERO//TOTAL: 11,902.  The NEW COMEX OI for the gold complex rests at 526,665. 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 HUGE DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3895 CONTRACTS: 15,797 CONTRACTS DECREASED AT THE COMEX AND 11,902 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 3895 CONTRACTS OR 12.11 TONNES. THURSDAY, WE HAD A CONSIDERABLE RISE OF $24.00 IN GOLD TRADING...

AND WITH THAT CONSIDERABLE RISE IN  PRICE, SURPRISINGLY WE  HAD A STRONG SIZED LOSS IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 12.11  TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR WERE SUPPLYING INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON. THE BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (GAIN $24.00). BUT IT SEEMS THAT THEIR ATTEMPT TO FLEECE ANY GOLD LONGS FROM THE GOLD ARENA WERE UNSUCCESSFUL AS THE ENTIRE LOSS AT THE COMEX WAS DUE TO HUGE SPREADER LIQUIDATION, COUPLED WITH A HUGE BANKER SHORT COVERING WITH NO INCREASE IN GOLD OZ STANDING AT THE COMEX. 

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

 WE HAD  A STRONG INCREASE IN EXCHANGE FOR PHYSICALS  (11,902) ACCOMPANYING THE  CONSIDERABLE LOSS IN COMEX OI.(15,797 OI):  TOTAL LOSS IN THE TWO EXCHANGES:  3895 CONTRACTS WE NO DOUBT HAD 1 )HUGE BANKER SHORT COVERING, 2.)ZERO INCREASE IN GOLD OZ STANDING AT THE COMEX,  3) NO LONG LIQUIDATION AND  4/ HUGE SPREADER LIQUIDATION///…..COUPLED WITH THAT HUGE PAPER GAIN IN GOLD PRICE TRADING//THURSDAY

 

 

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 : 330,897 CONTRACTS OR 33,089,700 oz OR 1,029.73* TONNES (20 TRADING DAYS AND THUS AVERAGING: 16,544 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 20 TRADING DAY(S) IN  TONNES: 1,029.73 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2019, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 1029.73/3550 x 100% TONNES =29.00% OF GLOBAL ANNUAL PRODUCTION

ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD HAS EXPLODED THIS MONTH.

 

 

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE   2253.7  TONNES

JANUARY 2220 TOTAL EFP ISSUANCE; : 570.19 TONNES

FEB 2020 TOTAL EFP ISSUANCE :            653.78 TONNES

MARCH TOTAL EFP ISSUANCE SO FAR   1,029.73  TONNES  (//(*20 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 HUGE SIZED 4553 CONTRACTS FROM 146,036 DOWN TO 141,483 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 2325 CONTRACTS

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: 2325; JULY: 00 CONTRACTS   AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2325 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 4553 CONTRACTS TO THE 2325 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A VERY SMALL LOSS OF 2228 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES  11.14 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: 23.005 MILLION OZ

 

 

RESULT: A HUGE SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE  TINY 11 CENT LOSS IN PRICING THAT SILVER UNDERTOOK IN PRICING// THURSDAY. WE ALSO HAD A VERY STRONG SIZED 2325 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)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 7.29 POINTS OR 0.26%  //Hang Sang CLOSED UP 131.94 POINTS OR 0.56%   /The Nikkei closed UP 724.83 POINTS OR 3.88%//Australia’s all ordinaires CLOSED DOWN 5.08%

/Chinese yuan (ONSHORE) closed DOWN  at 7.0933 /Oil DOWN   22.14 dollars per barrel for WTI and 25.54 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.0933 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.1068 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY PAST  7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

3A//NORTH KOREA/ SOUTH KOREA

 

3b) REPORT ON JAPAN

3C  CHINA

i)CHINA/INDUSTRIAL PRODUCTION

As expected Chinese Industrial production plunges

(zerohedge)

ii)CHINA/USA

USA WARSHIPS TRANSITS THROUGH THE TAIWAN STRAIT.

This angers the Chinese greatly.  It has been reported that if China’s economy goes into a depression the odds of a Taiwan assault by the Chinese is greatly enhanced

(zerohedge)

iii)CHINA/USA

A different tune:  this time it is China that is offering Trump help in fighting the virus.  Trump will take Xi up on his offer

(zerohedge)

iv)Late in the day:  Hubei folks along with their police force storm the next province and attack their police force.

Just the beginning
(zerohedge)

4/EUROPEAN AFFAIRS

UK/GLOBE/CORONAVIRUS UPDATE

(zerohedge)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAQ/FRANCE/CZECH REPUBLIC/OTHERS/CORONAVIRUS

Allies, France, the Czech Republic and others exit Iraq over coronavirus fears

(zerohedge)

6.Global Issues

i)CANADA

Canada follows the uSA in dropping its interest rate to close to zero.  The are going to buy 5 billion C$ 5 billion of treasuries  PER WEEK.

Canada is in a mess due to the coronavirus and the low oil prices

 

(zerohedge)

ii)Bill Blain on the Coronavirus

(Bill Blain

7. OIL ISSUES

Oil tumbles to the 21 handle after the Saudi crush all hope of detente with Russia

(zerohedge)

8 EMERGING MARKET ISSUES

 

9. PHYSICAL MARKETS

i)A must read..

Chris Powell explains beautifully what happens when Exchange for Physicals are created and sent to London.

(Chris Powell/GATA)

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

a)Two important points:  the Fed’s balance sheet now tops 5.5 trillion dollars and certain banks have gone to the Fed’s discount window to obtain $40 billion .

(zerohedge)

b)No wonder the repo operations has gone to zero because the Fed is buying 75 billion dollars of treasuries every single day and that is putting dollars into the hands of dealers

(zerohedge)

iii) Important USA Economic Stories

a)Insane: the rescue bill includes $350 million for migration and refugee assistance.  Just what the uSA needs..a huge influx from Mexico with the virus..brilliant

(Watson/Summit News)

b)The USA epicentre of the viral attack:  New York parks, subways as social distancing is defied and flaunted

(zerohedge)

c)this is troubling:  23 sailors confirmed for the virus abroad the USS Theodore Roosevelt.  The carrier is now heading to tiny Guam as workers in the island are now removing themselves from quarantine to setup medical facilities to house the victims

(zerohedge)

d)These guys are cooked:  Trump is unlikely to bailout the cruise lines due to the fact that they do not pay any USA tax

(zerohedge)

e)And now the next to topple:  Servicers to Major mortgage lenders. They need a bailout after major mortgage lenders slash their workforce by 70%

(zerohedge)

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 HUGE 15,797 CONTRACTS TO 526,665 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 CONSIDERABLE LOSS IN OI WAS SET WITH A STRONG PAPER GAIN OF $24.00 IN GOLD PRICING //THURSDAY’S  COMEX TRADING//). HOWEVER WE ALSO HAD A VERY STRONG EFP ISSUANCE (11,902 CONTRACTS),.  THUS WE HAD 1) HUGE BANKER SHORT COVERING AT THE COMEX AND 2) HUGE SPREADER LIQUIDATION WITH 3) ZERO LONG LIQUIDATION AND 4) ZERO INCREASE IN GOLD OZ STANDING AT THE COMEX…  AS WE ENGINEERED A LOSS ON TWO EXCHANGES DESPITE OUR HUGE PAPER PRICE GAIN 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 11,902 EFP CONTRACTS WERE ISSUED:

 FEB: 0; MARCH 00 AND APRIL: 9469, MAY: 0  JUNE : 2433 AND 0 FOR DEC AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 11,902 CONTRACTS.

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

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES:  3895 TOTAL CONTRACTS IN THAT 11,902 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A CONSIDERABLE SIZED 15,797 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 WITH A HUGE BANKER SHORT COVERING ACCOMPANYING A HUGE  LIQUIDATION OF OUR SPREADERS.

 

 

 

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE BY $24.00). THEY WERE MOST DEFINITELY  UNSUCCESSFUL IN FLEECING ANY LONGS, AS THE TOTAL LOSS ON THE TWO EXCHANGES 12.11 TONNES WAS MAINLY DUE TO BANKER SHORT COVERING, ISSUANCE OF EXCHANGE FOR PHYSICAL ISSUANCE AND A HUGE LIQUIDATION OF OUR SPREADERS.. 

 

 

NET LOSS ON THE TWO EXCHANGES :: 3895 CONTRACTS OR 389,500 OZ OR 12.11 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:  526,665 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 52.66 MILLION OZ/32,150 OZ PER TONNE =  1638 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1638/2200 OR 74.45% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 253,787 contracts

CONFIRMED COMEX VOL. FOR YESTERDAY398,391 contracts//

MARCH 25

 

 

 

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
nil oz
Deposits to the Dealer Inventory in oz NIL oz

 

 

 

Deposits to the Customer Inventory, in oz  

115,871.246

OZ

BRINKS

INT. DELAWARE

 

LOOMIS

INCLUDES  2500 KILOBAR ENTRY

AND 958 KILOBAR ENTRY

 

No of oz served (contracts) today
3 notice(s)
 300 OZ
(0.00933 TONNES)
No of oz to be served (notices)
0 contracts
(0 oz)
0.00 TONNES
Total monthly oz gold served (contracts) so far this month
2914 notices
291400 OZ
9.0637 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 3 kilobar entries

 

i ) We had 0 deposits into the dealer

 

 

total dealer deposits: nil oz

total dealer withdrawals: nil oz

we had 3 deposit into the customer account

i) Into JPMorgan: 0  oz

 

ii) Into LOOMIS: 30,799.700 OZ  (958 KILOBARS)

AND THIS IS A PHONY ENTRY..

III) Into Brinks; 4,694.046 oz

iv) Into International Delaware:  80,377.500 oz (2500 kilobars)

and a phony entry

 

 

total deposits: 115,871.246  oz

 

 

we had 0 gold withdrawals from the customer account:

 

 

 

total gold withdrawals;  NIL   oz

ADJUSTMENTS: 

three:

a)out of HSBC:  312,949.207 oz was adjusted out of the customer account and this landed into the dealer account of HSBC

b) Out of JPMorgan:  792,366.954 oz was adjusted out of the customer account and this landed into the dealer account of JPM

c) Out of Scotia:  17,650.350 oz was adjusted out of the customer account and this landed into the dealer account of Scotia

(549 kilobars)

total adjusted to the dealer: 1,122,966.511 oz

 

 

The front month of MARCH saw its open interest register 3 contracts for a LOSS of 387 contracts.. We had 387 notices filed on WEDNESDAY so we gained  0 contracts or an additional NIL 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 on this side of the pond.

 

APRIL HAD  a LOSS of 50,085 contracts DOWN to 587,868 contracts.

WE HAVE TWO MORE READING DAYS BEFORE FIRST DAY NOTICE: MARCH 31/2020

 

May saw its ANOTHER GAIN of 16 contracts to stand at  1415.

June saw a GAIN of 30,839 contracts up to 345,366

 

 

We had 3 notices filed today for 300 oz

 

FOR THE  MAR 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 3 notices were issued from their client or customer account. The total of all issuance by all participants equates to 3 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the March /2020. contract month, we take the total number of notices filed so far for the month (2914) x 100 oz , to which we add the difference between the open interest for the front month of  MAR. (3 CONTRACTS ) minus the number of notices served upon today (3 x 100 oz per contract) equals 291,400 OZ OR 9.063 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 (2914)x 100 oz)  + (390 OI for the front month minus the number of notices served upon today (3 x 100 oz )which equals 291,400 oz standing OR 9.063 TONNES in this active delivery month which is  a great amount for gold standing for a MAR. delivery month.

We gained 0 contracts or AN ADDITIONAL  nil oz will stand for delivery at the comex.

 

the following data is nothing but fairy tales:  there is no gold 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

341,434.443 oz PLEDGED  MARCH 2020  JPMORGAN:  10.62 TONNES

TOTAL PLEDGED GOLD NOW IN EFFECT:  556,225.90  OZ OR 16.10  TONNES

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 73.6163 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS

total registered or dealer gold:   2,884,412.306 oz or  89.717 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:  341,434.443 oz (or 10.6200 tonnes)
total pledged gold:  517,645.900 oz or 16.10 tonnes
thus:
registered gold that can be used to settle upon: 2,366766.400  (73.6163 tonnes)
true registered gold  (total registered – pledged tonnes  2,366,766.400 oz (73.6163 tonnes)

total registered, pledged  and eligible (customer) gold;   8,862,001.789 oz 275.64 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..

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 CONSIDERABLE SIZED 4553 CONTRACTS FROM 146,036 DOWN TO 141,483 (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 WITH OUR SMALL 11 CENT DECREASE 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 ZERO (OR MAYBE SOME TINY) 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 108 CONTRACTS  WITH A LOSS OF 54 CONTRACTS. WE HAD 153 CONTRACTS ISSUED WEDNESDAY SO WE GAINED 99 CONTRACTS OR 495,000 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 GAIN OF 222 CONTRACTS UP TO 816 CONTRACTS. THE BIG CONTRACT OF MAY SAW ITS OI FALL  BY 5268 DOWN TO 85,675.  WE HAVE TWO MORE READING DAYS BEFORE FIRST DAY NOTICE, MARCH 31.2020.

 

 

We, today, had  108 notice(s) FILED  for 540,000, OZ for the MAR, 2019 COMEX contract for silver

MARCH 25/2019

 

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 159,428.220 oz
CNT

 

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
1,188,164.380 oz
CNT
Scotia
No of oz served today (contracts)
108
CONTRACT(S)
(540,000 OZ)
No of oz to be served (notices)
0 contracts
 NIL oz)
Total monthly oz silver served (contracts)  4601 contracts

23,005,000 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  2 deposits into the customer account

into JPMorgan:   0

ii)into CNT:  588,086.220 oz

ii) Into Scotia; 600,078.180 oz

 

 

 

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

JPMorgan now has 160.819 million oz of  total silver inventory or 50.04% of all official comex silver. (160.819 million/321/375 million

total customer deposits today: 1,188,164.380   oz

we had 1 withdrawals:

 

i) Out of  CNT:  159,428.220  oz

 

 

 

 

total withdrawals;  159,428.220  oz

We had 2 adjustments:

i) Out of Delaware: 4904.981 oz was adjusted out of the dealer and this lands into the customer of Delaware

ii) Out of Scotia:  140,363.920 oz was adjusted out of the dealer and this lands into the customer of Scotia.

 

 

total dealer silver:  82.499 million

total dealer + customer silver:  321.375 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The total number of notices filed today for the MAR 2020. contract month is represented by 108 contract(s) FOR 540,000 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 4601 x 5,000 oz = 23,005,000 oz to which we add the difference between the open interest for the front month of MAR.( 108) and the number of notices served upon today 108 x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the MAR/2019 contract month: 4601 (notices served so far) x 5000 oz + OI for front month of MAR (108)- number of notices served upon today (108) x 5000 oz equals 23,005,000 oz of silver standing for the MAR contract month.

WE GAINED 99 CONTRACTS OR AN ADDITIONAL 495,000 OZ WILL STAND FOR DELIVERY ON THIS SIDE OF THE POND

 

 

 

 

 

 

 

TODAY’S ESTIMATED SILVER VOLUME:  55,884 CONTRACTS //

 

 

 

CONFIRMED VOLUME FOR YESTERDAY:  60,476 CONTRACTS..,

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 60,476 CONTRACTS EQUATES to 302 million  OZ  43.1% 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 FALLS TO +.11% ((MARCH 27/2020)

2. Sprott gold fund (PHYS): premium to NAV  FALLS TO +1110% to NAV:   (MAR 27/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into POSITIVE/ 0.11%

(courtesy Sprott/GATA

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

NAV 14.90 TRADING 14.80///DISCOUNT 0.65

END

 

And now the Gold inventory at the GLD/

MARCH 27.WITH GOLD DOWN $16.40: A BIG  CHANGE IN GOLD INVENTORY AT THE GLD  A HUGE DEPOSIT OF 4.39 TONES INTO THE GLD/INVENTORY RESTS AT 953.54 TONES

MARCH 26//WITH GOLD UP $24.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 13.17 TONNES INTO THE GLD/INVENTORY RESTS AT 949.15 TONNES

MARCH 25/WITH GOLD DOWN $11.40 TODAY//A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 11.99 TONES INTO THE GLD INVENTORY////INVENTORY RESTS AT 935.98 TONNES

MARCH 24//WITH GOLD UP $67.00 TODAY: A HUGE  CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER DEPOSIT OF 15.80 TONNES OF GOLD INTO GLD////INVENTORY RESTS AT 923.99 TONNES..THIS PROVES THAT THE GLD IS A FRAUD AS LONDON SUSPENDED DELIVERY AS WELL AS ALL REFINERS.  THEY HAD NO WAY OF GETTING ANY PHYSICAL OZ INTO ITS INVENTORY//

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 tonnes

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 27/2020/Inventory rests tonight at 953.54 tonnes

*IN LAST 788 TRADING DAYS: +8.85 NET TONNES HAVE BEEN REMOVED FROM THE GLD

*LAST 688 TRADING DAYS;+ 183.83. TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

end

 

Now the SLV Inventory/

MARCH 27/WITH SILVER DOWN 5 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A MONSTROUS PAPER DEPOSIT OF 8.115 MILLION OZ INTO THE SLV../INVENTORY RESTS AT 393.502  MILLION OZ//

MARCH 26/WITH SILVER DOWN 11 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 385.387 MILLION OZ///

MARCH 25/WITH SILVER UP 44 CENTS TODAY: TWO HUGE CHANGES IN SILVER INVENTORY AT THE SLV: TWO DEPOSITS OF 7.369 MILLION OZ AND 2.239 MILLION OZ OF PAPER SILVER INTO THE SLV////INVENTORY RESTS AT 385.387 MILLION OZ//

MARCH 24//WITH SILVER UP 100 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 375.779 MILLION OZ///

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 27.2020:

SLV INVENTORY RESTS TONIGHT AT  393.502 MILLION OZ.

 

END

 

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

6 Month MM GOFO 2.42/ and libor 6 month duration 1.36

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

G0LD LENDING RATE: – .04

 

XXXXXXXX

12 Month MM GOFO
+ 1.48%

LIBOR FOR 12 MONTH DURATION: 0.97

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = -.51 (gold non existent

end

 

 

end

 

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

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

A must read..

Chris Powell explains beautifully what happens when Exchange for Physicals are created and sent to London.

(Chris Powell/GATA)

Gold traders are paid not to redeem Comex EFPs, London sources say

 Section: 

12:08p ET Friday, March 27, 2020

Dear Friend of GATA and Gold:

What the heck are those mysterious “exchange for physicals,” the mechanisms by which contracts to buy gold on the New York Commodities Exchange are neither fulfilled by delivery on the Comex nor settled for cash there but transported for supposed delivery elsewhere?

The mechanism long has been incorporated by the Comex trading system but was described as an “emergency” procedure undertaken upon agreement by buyer and seller — except that the use of this “emergency” procedure has exploded in the last year, involving tens of thousands of contracts and, nominally, hundreds of tonnes of gold.

… 

In one respect this is not so surprising, since there never has been much tonnage in Comex gold vaults, with nearly all Comex contracts settled for cash. But apparently physical demand over the last year has risen enough to cause sellers to need to source gold elsewhere.

The presumption is that the EFPs shift a seller’s delivery obligations off the Comex to bullion banks in London. But this raises another issue, since so many EFPs have been issued in the last year that if delivery really was being claimed for them, unallocated metal in London — metal available for sale, rather than metal being vaulted for exchange-traded funds and other institutions — would be wiped out. In January Bullion Star researcher Ronan Manly calculated that fewer than 1,200 tonnes of gold in London were really available for trade:

https://www.bullionstar.com/blogs/ronan-manly/lbma-claims-record-amount-…

Indeed, sources in the London gold market say that few EFPs ever claim delivery. Rather, these sources say, EFPs are usually cash-settled in London with their claimants paid cash bonuses that are never reflected in the gold price, which would be much higher if the bonuses were reflected.

But as the tightness of gold supply in London increasingly has been recognized in recent months, EFP claimants are said to have been demanding larger bonuses against the risk that the gold will run out, making their EFPs worthless.

Despite the “physicals” in their name, the vast increase in their use suggests that most EFPs have not been resolved by any delivery of metal. So those using and sustaining the mechanism must have other purposes — like sustaining the increasingly creaky fractional-reserve gold banking system.

Whatever is happening with the EFPs, their enormous use in the last year is new and indicates some big change in the gold market, and it must be an especially sensitive change because Comex operator CME Group, the U.S. Commodity Futures Trading Commission, and the U.S. Office of the Comptroller of the Currency — nominal regulators of the gold market and its bullion banks — refuse to explain what it means.

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

iii) Other physical stories:

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 7.0933/ GETTING DANGEROUSLY PAST TO 7:1

//OFFSHORE YUAN:  7.1068   /shanghai bourse CLOSED UP 7.29 POINTS OR 0.26%

HANG SANG CLOSED UP 131.94 POINTS OR 0.56%

 

2. Nikkei closed UP 724.83 POINTS OR 3.88%

 

 

 

 

3. Europe stocks OPENED ALL RED/

 

 

 

USA dollar index UP TO 99.40/Euro FALLS TO 1.1005

3b Japan 10 year bond yield: FALLS TO. +.01/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.67/ 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:: 22.18 and Brent: 25.54

3f Gold DOWN/JAPANESE Yen UP 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 -.45%/Italian 10 yr bond yield DOWN to 1.28% /SPAIN 10 YR BOND YIELD UP TO 0.50%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.73: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.52

3k Gold at $1419.50 silver at: 14.28   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 82/100 in roubles/dollar) 78.29

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 108.67 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 .9618 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0591 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 0.45%

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 0.77% early this morning. Thirty year rate at 1.36%

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

6.  TURKISH LIRA:  UP  TO 6.4438..

Futures Tumble As Best Rally Since Great Depression Crumbles

The market moves are coming fast and furious now, and after plunging 36% from its all time highs about a month ago, stocks staged a furious rebound, rising 20% in just the past four days and entering a new bull market, with the return in just the past 3 days a stunning 18%. The last time stocks were up so much, so fast? In 1931… the depths of the great depression.

But the euphoria is fading fast as the US becomes the new epicenter of the coronavirus, surpassing China, and after surging in the last 10 minutes of trading on Tuesday following a near record $7BN MOC amid a flood of pension rebalancing, futures have slumped and are down almost 3%, with Europe’s Stoxx 600 down over 3%, and the UK’s FTSE 100 down 4.1%, the drop accelerating following news that Boris Johnson tested positive for the coronavirus.

The drop takes place as debate on the fiscal stimulus bill aimed at flooding the country with cash in a bid to counter the economic impact of the intensifying coronavirus outbreak, is scheduled to start in the U.S. House of Representatives later on Friday.

On Thursday, the United States became the country with the most coronavirus cases, surpassing even China, where the flu-like illness first emerged late last year. Policymakers may need to offer more stimulus as the virus slams the brakes on economic activity and increases healthcare spending.

“I’m not sure what measures are left, but the reaction in stocks shows some people hoping for more stimulus thought the market was a little oversold,” said Yukio Ishizuki, FX strategist at Daiwa Securities in Tokyo. “Currencies tell a different story. The dollar is the lead actor. The mad rush to buy dollars due to liquidity concerns is starting to fade.

European stocks also slumped, dropping more than 3% and led lower by banks and real estate shares after the region’s leaders struggled to agree on a concrete strategy to contain the fallout of the pandemic, leaving key details to be ironed out in the coming weeks.

Earlier in the session, Asian stocks gained, led by industrials and utilities, although markets in the region were mixed, with Jakarta Composite and Japan’s Topix Index rising, and Australia’s S&P/ASX 200 and Taiwan’s Taiex Index falling. The Topix gained 4.3%, with Kaneko Seeds and Segue rising the most. The Shanghai Composite Index rose 0.3%, with Guirenniao and Shanghai La Chapelle posting the biggest advances.

The recent surge in risk appetite (which according to Morgan Stanley was just a furious short covering spree) will promptly be tested by the continuing spread of the coronavirus and the crippling effect of business closures. Tokyo is now seeing a surge in cases, while global deaths from the pandemic surpassed 24,000. The Reserve Bank of India on Friday became the latest central bank to step up emergency action to cushion the economic impact.

Meanwhile, traders argue that even with the jump in stocks, sentiment hasn’t reversed enough for the rally to be sustainable with the number of companies trading above the 200DMA still at crisis levels.

Leaders of the Group of 20 major economies pledged on Thursday to inject over $5 trillion into the global economy to limit job and income losses from the coronavirus.

In rates, the 10Y yield was about 10bps lower, trading to 0.75%, down from 0.85% overnight: “The market is pricing in a fairly short duration of weakness” for the economy, Priya Misra, global head of rates strategy at TD Securities, said on Bloomberg TV. “A month from now when we realize we are still stuck at home and the data is not looking any better, that is when you can get a further downside move in yields.”

In Europe, Italian bonds slid amid German opposition to coronabonds, underperforming euro-area peers which all advanced, as the latest stimulus figures fell short of its peers. BTPs bear-flattened, widening the spread to bunds by 16bps to 174bps; Rome’s latest stimulus figures, which fall short of peers, will have to be self-funded without the backstop of a euro-area bond. Elsewhere, bunds bull-flattened as equities slide, matching Treasury gains. Gilts bull-flatten ahead of next week’s BOE buyback schedule due at 4pm London time. German 10y yield -9bps to -0.45%; bund futures 126 ticks to 172.33; France 10y -8bps to -0.06%; Italy 10y +7bps at 1.30%.

Overnight, India’s RBI became the latest bank to slash rates by 75bps to 4.4%; voting 4-2 to cut rates as the reverse repo rate lowered to 4.15%. Governor Das said the move was designed to mitigate effects of the virus, revive growth and preserve financial stability. He added that the RBI’s response must involve conventional and unconventional measures. Das noted that inflation was running higher than projections in January and February, and that aggregate demand may weaken, and ease inflation further due to Covid-19. Das also said projections for growth and inflation will be dependent on how Covid progresses; he noted that uncertainties in the outlook and explained that is why the MPC has refrained from providing growth and inflation forecasts. Das also announced targeted long-term repo operations, offering up to INR 1trln.

In FX, the Bloomberg Dollar Spot Index headed for its biggest five-day drop on record, even as the gauge was set to gain for Friday’s session and appeared to be reversing upward, inversely proportional to risk sentiment. Traders pointed to a confluence of reasons, ranging from less stress in funding markets, the repatriation of funds as the quarter ends and the worsening coronavirus outbreak in the U.S. The dollar reversed Asia-session losses and advanced versus most Group-of-10 peers as month- and quarter-end flows came into play; the greenback traded around 1.10 per euro while the Norwegian krone led declines, slipping by almost 1%;

Elsewhere, Norway’s krone was set for its biggest weekly advance versus the U.S. dollar on record.The Yen rose on strong demand from Japanese exporters ahead of the country’s fiscal year end on March 31. The Aussie was set for the biggest weekly gain since 2011 as U.S. dollar weakness spurred early month-end hedging from exporters and momentum buying from investors.

To the day ahead now, and data releases out include personal income and personal spending data for February, along with that month’s PCE core deflator. The US will also see the final University of Michigan sentiment reading for March, and over in Washington, the House of Representatives are scheduled to vote on the coronavirus rescue package.

Market Snapshot

  • S&P 500 futures down 1.5% to 2,569.75
  • STOXX Europe 600 down 1.9% to 315.34
  • MXAP up 1.7% to 137.67
  • MXAPJ down 0.06% to 432.76
  • Nikkei up 3.9% to 19,389.43
  • Topix up 4.3% to 1,459.49
  • Hang Seng Index up 0.6% to 23,484.28
  • Shanghai Composite up 0.3% to 2,772.20
  • Sensex up 0.3% to 30,040.00
  • Australia S&P/ASX 200 down 5.3% to 4,842.43
  • Kospi up 1.9% to 1,717.73
  • German 10Y yield fell 6.5 bps to -0.426%
  • Euro down 0.09% to $1.1022
  • Italian 10Y yield fell 31.5 bps to 1.057%
  • Spanish 10Y yield fell 4.5 bps to 0.524%
  • Brent futures down 0.3% to $26.25/bbl
  • Gold spot down 0.7% to $1,619.67
  • U.S. Dollar Index up 0.2% to 99.50

Top Overnight News

  • U.S. President Donald Trump and China’s Xi Jinping pledged in a phone call to cooperate in the fight against the coronavirus pandemic, signaling a fresh detente between the two countries after weeks of rising tensions
  • President Donald Trump offered a plan to restore normal business by ranking counties by their virus risk. China seals borders to most foreigners starting Saturday
  • European leaders struggled to agree on a concrete strategy to contain the fallout from the deadly coronavirus, leaving key details to be hammered out in the weeks ahead
  • Treasury Secretary Steven Mnuchin reiterated that he wants U.S. financial markets to remain open even as the coronavirus fuels wild volatility, while adding that he’s focused on helping mortgage firms expected to be hit hard by the pandemic’s spreading economic pain
  • Oil was buoyed by a wider risk rally driven by monetary and fiscal responses to the coronavirus to head for its first weekly gain in five, despite a continued deterioration in demand
  • S&P Global Ratings cut its sovereign credit score for Mexico by one notch to BBB, saying shocks from the spread of coronavirus and an oil price rout will harm the country’s already grim economic outlook
  • The Federal Reserves dollar swap lines were tapped for more than $206 billion by other central banks as of March 25, while Europe and Japan took another $100 billion in three-month operations which settled March 26. This helped to cool cross-currency basis markets, one of the key borrowing channels

Major APAC indices initially took their cues from Wall Street, rising firmly at the open, amid optimism that policymakers will continue to roll-out stimulus measures to guard economies against covid-induced downside. However, as the European day comes into focus, the picture is mixed, as Aussie shares turned negative, and other bourses off highs. US indices finished up around 6%, with the Dow seeing its strongest three day run since 1931 and re-entering a bull-market, while the S&P had its best three-day performance since 1933. Gains were led by defensive sectors (utilities, telecoms, health care). Equities shrugged-off the highest weekly jobless claims print on record. Some desks also noted that month/quarter-end rebalancing will see 850bln of flows into equities. US equity futures opened firmer, though subsequently gave up gains, and are trading lower, albeit off worst levels. ASX 200 (-5.3%) was led lower by its heavyweight financial and mining sectors, while the Nikkei 225 (+3.8%) shrugged off a firmer JPY, with some optimism in the country emanating from Japanese Economy Minister Nishimura who stated that there was no need to declare a state of emergency over the outbreak. Elsewhere, Hang Seng (+0.6%) and Shanghai Comp. (+0.3%) remained in positive territory and were buoyed by increased efforts from Chinese officials to stem a substantial second wave of the virus in the country, with reports yesterday noting that airport tests will be ramped up for people arriving from abroad.

Top Asian News

  • The Second Virus Shockwave Is Hitting China’s Factories Already
  • WeDoctor Mandates Banks for $1b Hong Kong IPO, IFR Reports
  • A Grocery Tycoon Races to Keep India Fed and His Company Afloat
  • India’s RBI Unleashes $50 Billion of Liquidity, Slashes Rate
  • Fearing Next Wave, China Doesn’t Want Its Diaspora Coming Back

A downbeat session thus far for European equities (Euro Stoxx 50 -3.3%) as the bourses look set to snap its three-day rally heading into another risky virus-focused weekend. US equity futures follow suit from Europe with losses currently tallying to around 2% per index – with eyes State-side on the virus bill which is poised to make its passage through the House later today. Back to Europe, UK’s FTSE 100 (-3.9%) underperforms the region with a number of its stocks at the foot of the Stoxx 600 index as caution arises from the prospect of delayed UK/EU FTA negotiations, despite the already-tight schedule – whilst housing and banks names also see headwinds from the UK govt calling for the halt of home purchases/sales.  Meanwhile, Italy’s FTSE MIB (-2.3%) continues to feel some support from the ECB dismissing the 33% issuer limit for its emergency program purchases. European sectors reside largely in the red but reflect risk aversion, whilst underperformance is seen in the Energy sector on account of the downside in Brent prices. The sector breakdown meanwhile sees Travel & Leisure pressured on the ongoing virus-induced demand woes for the sector. Looking at individual movers, ProsiebentSat1 (+7.0%) sees upside amid the immediate resignation of its CEO, and with potential tailwinds from work-from-home flows. LafargeHolcim (-3.5%) and Safran (-2.3%) shares are pressured after the Cos withdrew their respective FY targets.

Top European News

  • Europe Bonds Get $340 Billion Orders as Cheap Prices Allay Virus
  • ProSieben Jumps After Ousting CEO To Restore Focus on German TV
  • Domino’s Pizza to Suspend Final Dividend; Deliveries Accelerate
  • Merkel Pleads With Germans for Patience on Lockdown Measures
  • Housebuilders Slump as U.K. Government Urges Suspending Deals

In FX, the Greenback has regained an element of composure after yesterday’s slide and extended losses across the board, with some analysts suggesting that the DXY eventually found technical respite in the form of Fib support around 98.840 and others noting that the index is correlating quite well with moves in the VIX. Both theories appear credible and are backed up by price developments given the DXY’s subsequent recovery to 99.500+ and the so called fear gauge climbing to 67 from around 61 at settlement on Thursday. Certainly, traditional fundamentals and data do not seem to be driving sentiment or direction as the focus remains firmly on COVID-19 amidst the backdrop of swings in global stock markets and risk assets vs safe-havens.

  • JPY/GBP/AUD – Bucking the overall trend, or resisting the broad Dollar revival to be more precise, as the Yen retains its renowned safe-haven allure above 109.00, while Sterling appears to have formed another higher platform on the 1.2100 handle to probe above 1.2300 and match a key chart resistance level (50% retracement of reversal from 1.3200 to 1.1412), albeit with the aid of Eur/Gbp tailwinds as the cross recoils from almost 0.9100 to sub-0.9000, with month/quarter end positioning cited on top of possible official Pound buying interest. Elsewhere, the Aussie is holding up relatively well and again month-end demand has been touted alongside exporter bids, leverage stops and momentum accounts joining the break of 0.6100 to the overnight highs.
  • CAD/EUR/NZD/CHF – The Loonie is underperforming after failing to sustain momentum through 1.4000 and record low Canadian crude prices may be weighing along with contagion from the coronavirus after the huge spike in US weekly claims that is expected to be evident in domestic data given reports that 500k people applied for benefits last week. Similarly, the Euro topped out ahead of 1.1100 and is waning on the ongoing spread of pandemic cases and fatalities across the common currency community, with particular focus on Italy and Spain. However, decent option expiries at the 1.1000 strike (1 bn) may provide a buffer for Eur/Usd. In contrast, the Franc and Kiwi are both rangebound within 0.9645-0.9587 and 0.6126-0.5921 respective bands.
  • EM – Broad retracements as the Usd consolidates off its lows, but the Zar also conceding ground in the run up to Moody’s SA ratings review that could well see the sovereign lose its last non-junk standing. Note also, the Rand has been ruffled by the first COVID-19 deaths as the country starts a 3 week lockdown.

In commodities, WTI and Brent front-month futures see divergence, with outperformance seen in the former after yesterday’s -7.7% settlement, whilst ICE Brent closed lower by around 4% yesterday. Today’s narrowing in spread seems to be more of a consolidation of the prior session’s widening – which emanated from reports that the US Department of Energy suspended its SPR refill after the DoE failed to secure funding. ING notes that “The US government was keen to fill up the SPR in a bid to help domestic producers, however, news of the suspension has weighed heavily on WT.” Meanwhile, on the OPEC front, the Algerian Oil minister has called for an extraordinary meeting of the OPEC economic panel to assess current conditions and immediate prospects of the oil market, whilst Russia noted that its oil output could decline by 1.5mln BPD this year if prices meander around USD 30-35/bbl – levels above current oil prices, although communication with OPEC+ members remain. Desks note that production cuts needed to counter the sharp decline in demand would be too much for OPEC+ producers to cope with. WTI futures pulled back from ~USD 23/bbl whilst its Brent counterpart treads water just under USD 26/bbl. Elsewhere, spot gold remains lacklustre above USD 1600/oz as the Dollar recoups some of yesterday’s losses. Copper meanwhile remained largely uneventful around USD 2.2/lb following a mixed APAC session.

US Event Calendar

  • 8:30am: Personal Spending, est. 0.2%, prior 0.2%
  • 8:30am: Personal Income, est. 0.4%, prior 0.6%
  • 8:30am: Real Personal Spending, est. 0.2%, prior 0.1%
  • 8:30am: PCE Deflator MoM, est. 0.1%, prior 0.1%; PCE Deflator YoY, est. 1.7%, prior 1.7%
  • 10am: U. of Mich. Sentiment, est. 90, prior 95.9; Current Conditions, est. 106, prior 112.5; Expectations, est. 77, prior 85.3
  • 10am: U. of Mich. 1 Yr Inflation, prior 2.3%; 5-10 Yr Inflation, prior 2.3%

DB’s Jim Reid concludes the overnight wrap

So the second week of working from home comes to an end, and to be honest it’s flown by and I haven’t noticed that I’ve hardly left the perimeter of my house. We’ve been on self-isolation for a week as all three children now have coughs and a slight fever. As a result of the isolation, my wife, who is far more sociable than me, is struggling as she is only interacting with a 4 year old, two terrible two-year old twins and a dog! At least I have numerous conference calls. I pop down for food and drink occasionally and she usually appears frazzled. Thankfully the new trampoline arrived yesterday and my job is to erect it tomorrow. I think this might be even more stressful than the last two weeks as it’s in lots of boxes and when built extends to 16 foot. I’m not sure what’s more likely by Monday, an injury from erecting it or from bouncing on it.

Staying with the remarkable times we operate in, at the start of 2020 if you’d had pulled up a chart of US weekly jobless claims through history (data back to 1967) and seen that we were at around 200k with the highest ever being 695k back in 1982, I wonder what event you would have thought had to happen for there to be a weekly print of 3.28 million less than three months later. All answers welcome! This number yesterday was a more than ten-fold increase on the previous week’s revised 282k reading. We cannot stress enough how unprecedented numbers like this in a single week are. Even in the financial crisis, the peak week in March 2009 was at 665k.

Looking at the state-by-state data, the 2 states that saw the biggest increase in claims were Pennsylvania and Ohio, with a surge of 363k and 181k respectively compared with the prior week. Both are states in the US rust belt and are traditionally swing states in presidential campaigns. Indeed Pennsylvania, where there was the biggest increase in claims, was won by President Trump in 2016 by a margin of less than 1 percentage point. So the fact that they’re seeing the biggest increases in the country is certainly not something that’ll be welcomed by his campaign. Our economist’s previous work has found that jobless claims are the single best real-time indicator of recession (see “Jobless claims claim title for best recession indicator”), so this rise leaves no doubt that the US economy is currently in the midst of a recession. Consistent with the sharp rise in claims, their summary index of these high-frequency indicators has essentially gone into free fall indicating data which is about twelve standard deviations worse than average and consistent with -4% year-over-year GDP growth. This is worse than any readings during the financial crisis.

Given yesterday’s numbers, it was no surprise that Fed Chair Powell said in an interview on NBC’s Today show (a non-business channel) that the US “may well be in a recession”. His address was aimed at Main Street and he added that “When it comes to this lending we’re not going to run out of ammunition.”

Speaking of economic support, the House of Representatives are scheduled to vote on the $2 trillion coronavirus rescue plan today. In a Bloomberg TV interview yesterday, Speaker Nancy Pelosi said that she had “no doubts whatsoever” the package would pass today, which would set up the bill to go to President Trump’s desk for signature. However, overnight, House leader Hoyer has suggested that the legislature may not pass today by voice vote and instead the house could pass the bill by a Roll Call vote but will need quorum for that of typically 218 members. This is a potential thorn which we highlighted yesterday that can result in delaying the passage of bill. Futures on the S&P 500 are trading down -1.69% this morning.

With financial markets hopeful on the prospects for stimulus, global equities moved higher for a third straight day, a phrase that we haven’t said for a while (since February 12th in fact, according to the MSCI all-world index), with the S&P 500 up a further +6.24%. The index’s latest advance means it’s up over 17% from its closing low on Monday. The large gain adds to the run where 16 out of the 19 sessions so far this month have seen the S&P move by at least 2% in either direction. The Dow Jones hit a remarkable milestone of its own yesterday, after its +6.38% advance left the index +21.30% above its Monday low and in technical “bull market” territory!!! European equities also advanced on the day, with the STOXX 600 up +2.55% and nearly +15% since Monday, with every sector gaining on the day led by the most beaten up sector of late namely Travel and Leisure – up +7.47% on the day.

This morning Asian markets are a mixed bag with the Nikkei (+1.95%), Hang Seng (+1.21%) and Shanghai Comp (+1.41%) up while the Kospi is little changed and ASX (-5.30%) is down. In FX, the US dollar index (-0.36%) is on course for its fifth daily decline while in commodities, Brent crude oil is up +0.84%. As for overnight data releases China’s Jan-Feb industrial profits came in at -38.3% yoy, the lowest on record.

In other news, The Reserve Bank of India became the latest central bank overnight to cut rates as it lowered the key lending rate by 75bps to 4.40% from 5.15%. The central bank also reduced the reverse repo rate, the rate at which banks park funds with the RBI, by 90bps to 4% in order to incentivize lending by the banks. Elsewhere, S&P cut Mexico’s credit rating by one notch to BBB, saying shocks from the spread of coronavirus and an oil price rout will harm the country’s already grim economic outlook. The Mexican peso is down -1.23% this morning to 23.2305.

Back yesterday where sovereign debt also rallied strongly, with European sovereign bonds in particular gaining as a result of the ECB news that the limits on buying more than a third of a country’s bonds would not apply to their pandemic emergency purchase programme in certain conditions. For more details on this news see our rates team’s publication from last night here. Spreads narrowed in response, with the Italian 10yr spread over bunds down by -21.8bps to a 3-week low, while Spanish (-20.5bps) and Portuguese (-23.9bps) spreads also saw significant reductions. The biggest outperformer was Greece however, with the spread there falling by a massive -61.4bps. US Treasuries advanced as well, with 10yr yields down by -2.3bps (and a further -4.8bps this morning). Credit continued to rally with US HY cash spreads tightening -82bps, while IG tightened -21bps and Europe HY cash tightened -31bps although IG was flat.

Staying with credit, with all the big announcements of central bank support and fiscal stimulus packages over the last couple of weeks, all eyes in the credit world have been on corporate bond funds, hoping that their recent heavy outflows would finally stop. After the latest weekly fund flow data release overnight, we have published the report “Corporate Bond Fund Outflows Go On But More Slowly” which provide an update and commentary on the latest flows. It also attempts to explain some vastly different headline numbers on US IG corporate bond fund outflows based on data from different providers. You can download the report here.

Moving on. Although the ECB news was a positive, the EU leaders‘ summit late last night didn’t appear to be. A 2-hour scheduled meeting lasted 6 hours with no clear plan for a joint EU response to the crisis. There was no mention of the ESM in the communique which hints at Italy refusing to accept the conditionality this would bring. Italy believes that the virus is a common problem and can’t accept conditionality – which is a legal necessity. In addition “Coronabonds” seem to have hit an early dead end even as nine EU member states (including France, Italy and Spain) had earlier jointly written to the head of the EC requesting for it to be considered. The Eurogroup now has two weeks to come up with alternative proposals. It seems the age old problem for Europe has struck again. The more the ECB do, the less pressure there is on Governments to burden share. In fact the emergency ECB bazooka deployed last week probably helped cause the impasse.

Earlier and across the Channel, the Bank of England also announced their latest rate decision yesterday, voting unanimously to keep rates on hold at 0.1%, in line with expectations. To be honest though, the main BoE action already happened earlier in the month after the two emergency rate cuts saw rates lowered by 65bps in total, as well as the announcement of a further £200bn in QE. A notable line from the monetary policy summary released by the BoE was that “there is a risk of longer-term damage to the economy, especially if there are business failures on a large scale or significant increases in unemployment.” In terms of policy looking forward, there was also the line in the minutes that “If needed, the MPC could expand asset purchases further”, as well as the fact that the MPC “stood ready to respond further as necessary to guard against an unwarranted tightening in financial conditions, and support the economy.”

Turning to yesterday’s other data releases, in France the INSEE’s business confidence measure fell to by 10 points to 95 in March (vs. 97 expected), which was a 5-year low for the reading and the largest monthly decline since the series began. Meanwhile the Kansas City Fed’s manufacturing index in March fell to -17 (vs. -10 expected), which was the lowest reading since April 2009. Other data was more backward looking, with UK retail sales falling by -0.3% mom in February (vs. +0.2% expected). The effect of the coronavirus wasn’t generally visible at that point, though the ONS did remark that “a small number of retailers suggested that online orders shipped from China were reduced because of the impact of COVID-19.” The third reading of Q4 2019’s GDP growth in the US was also confirmed at an annualised 2.1%, unchanged from the second estimate.

To the day ahead now, and data releases out include French and Italian consumer confidence for March, while from the US there’s personal income and personal spending data for February, along with that month’s PCE core deflator. The US will also see the final University of Michigan sentiment reading for March, and over in Washington, the House of Representatives are scheduled to vote on the coronavirus rescue package.

 

3A/ASIAN AFFAIRS

I)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 7.29 POINTS OR 0.26%  //Hang Sang CLOSED UP 131.94 POINTS OR 0.56%   /The Nikkei closed UP 724.83 POINTS OR 3.88%//Australia’s all ordinaires CLOSED DOWN 5.08%

/Chinese yuan (ONSHORE) closed DOWN  at 7.0933 /Oil DOWN   22.14 dollars per barrel for WTI and 25.54 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.0933 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.1068 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY PAST  7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

CHINA/INDUSTRIAL PRODUCTION

As expected Chinese Industrial production plunges

(zerohedge)

China Industrial Profits Plunge Most On Record

On Friday morning local time, China reported that industrial profits crash the most on record in January-February, both due to the Lunar new year, but mostly due to the virus outbreak and the government’s restrictive measures to contain the virus. In year-over-year terms, profit growth was -38.3%, the biggest drop on record, and far worse from the -6.3%Y/Y decline in December. On a seasonally adjusted basis, the average level of profits in January-February also declined materially by 22% (non-annualized) from the December level.

The decline in profits was bigger than the decline in industrial production in January to February, likely due to the fact that while production and sales were suspended, certain costs (such as labor and depreciation costs) remained.

Here are the key numbers:

Industrial profits:-38.3% yoy in January-February (-22.0% growth mom non-annualized, seasonally adjusted by GS); December: -6.3% yoy (-14.6% mom sa).

Industrial revenue:-17.7% yoy in January-February (-7.9% growth mom non-annualized, seasonally adjusted by GS); December: -3.3% yoy (-9.7% mom sa).

Commenting on the plunge in profits, Goldman notes that all major industries saw lower profits, led by automobile manufacturing where profits shrank by 79.6% yoy, and computer manufacturing industry where profits declined by 87%. Ferrous metal smelting and pressing profits dropped by 34.4% yoy.

Profit margins (total profits divided by revenues) for industrial companies narrowed to 3.9%, vs 5.2% in the same period last year based on our calculation. Sales slowed while certain costs such as labor and depreciation cost remained. The increased hygiene standard and disinfection needs could also have pushed up costs. The implied real industrial sales growth in January-February was -17.6% yoy, down from -2.8% yoy in December and weaker than the industrial production growth of -13.5% yoy in January to February. Travel and logistics control might have lowered the sales to production ratio and caused the divergence between these two indicators.

Looking forward, it is very likely that profits will stay weak until industrial activities fully rebound, and the high base in March 2019 may also put downward pressure on year-over-year profit growth in March.

END

CHINA/USA

USA WARSHIPS TRANSITS THROUGH THE TAIWAN STRAIT.

This angers the Chinese greatly.  It has been reported that if China’s economy goes into a depression the odds of a Taiwan assault by the Chinese is greatly enhanced

(zerohedge)

US Warship Transits Taiwan Strait As Virus Blame-Game Escalates

The Wall Street Journal’s Jacky Wong pretty much sums it up: “World War 3 during a pandemic wasn’t something I expected.”

Jacky Wong

@jackycwong

World War 3 during a pandemic wasn’t something I expected https://twitter.com/firstsquawk/status/1243055058909986816 

First Squawk@FirstSquawk

US WARSHIP HAS SAILED THROUGH THE TAIWAN STRAIT IN A MOVE CERTAIN TO ANGER BEIJING AS THE TWO COUNTRIES TRADE BARBS OVER THE CORONAVIRUS.

A US warship transited through the Taiwan Strait on Wednesday, angering Beijing as both countries are fighting wars of their own against COVID-19 and escalating the blame-game for exactly who is ultimately responsible for the spread of the deadly virus.

The US Pacific Fleet tweeted that the Arleigh Burke-class guided-missile destroyer, USS McCampbell (DDG 85), conducted operations through the Taiwan Strait on Wednesday.

U.S. Pacific Fleet

@USPacificFleet

Sailors stand watch aboard as the forward-deployed @US7thFleet guided-missile destroyer transits the Taiwan Strait on Wednesday.

View image on TwitterView image on TwitterView image on TwitterView image on Twitter

Taiwan’s armed forces said in a statement that the US warship sailed through the region on an “ordinary mission,” indicating that there was no need for alarm, reported Reuters.

The transit comes at a time when President Trump has repeatedly called COVID-19, the “Chinese virus,” as social distancing and mass quarantines have led to the collapse of not just China’s economy but a depression that will likely unfold in the US in the second quarter.

Anthony Junco, a spokesman for the US Seventh Fleet, said the USS McCampbell conducted “a routine Taiwan Strait transit on March 25 (local time) in accordance with international law.”

“The ship’s transit through the Taiwan Strait demonstrates the US commitment to a free and open Indo-Pacific. The US Navy will continue to fly, sail and operate anywhere international law allows,” Junco said.

The cross-Strait relations between China and Taiwan could be heating up again. China slammed the US on Thursday for its latest stunt in the region.

Ren Guoqiang, the spokesperson for the Chinese Ministry of National Defense, said the “US’s recent actions concerning Taiwan, such as dispatching warships across the Taiwan Strait and passing of the TAIPEI Act, were tantamount to interference in China’s internal affairs and undermined cross-strait peace and stability.”

“The Chinese armed forces have firm will, full confidence and sufficient capability to thwart any form of separatist acts and will take all necessary measures to safeguard national sovereignty and territorial integrity,” Guoqiang said.

We noted back in November that if China’s economy were to crash for any reason, then the threat of war between China and Taiwan would increase.

So what happens next? China’s economy crashed, the world is swamped in a pandemic, Trump is increasingly calling COVID-19, the “Chinese flu,” is the next move military conflict?

END

CHINA/USA

A different tune:  this time it is China that is offering Trump help in fighting the virus.  Trump will take Xi up on his offer

(zerohedge)

A Different Tune: Xi Offers Trump Help After China ‘Shutting Down The Borders’ To Foreigners

Well this is surprising given the past week’s war of words between Washington and Beijing centered on the White House’s lambasting the Chinese Foreign Ministry’s ‘propaganda and disinformation’ over the coronavirus pandemic, which it should be noted Trump and Pompeo still insist on calling “the Chinese virus”, per Reuters:

Chinese President Xi Jinping told U.S. President Donald Trump during a phone call on Friday that he would have China’s support in fighting the coronavirus, as the United States faces the prospect of becoming the next global epicentre of the pandemic.

It seems everyone’s now singing a different tune from a mere few days ago.

 

Image: AFP via Getty/Bloomberg

On the one hand Reuters confirms China’s ‘controversial’ and even supposedly “racist” policy of drastically cutting flights to the mainland while also barring foreigners’ entry — and on the other with the United States now soaring past China in confirmed cases, surpassing 86,000 by Friday morning, Trump appears ready to momentarily play nice with Xi, perhaps now more willing to gain something from China’s experience in fighting the virus.

“China has been through much & has developed a strong understanding of the virus,” Trump said. “We are working closely together. Much respect!”

Donald J. Trump

@realDonaldTrump

Just finished a very good conversation with President Xi of China. Discussed in great detail the CoronaVirus that is ravaging large parts of our Planet. China has been through much & has developed a strong understanding of the Virus. We are working closely together. Much respect!

As we detailed yesterday Beijing now claims it has its domestic outbreak under control and that the new cases are ONLY from foreigners, and in a stunning piece of total and utter hypocrisy, they have decided to… Suspend entry of all foreigners’ entry to China.

The foreign ministry can now present local containment and declining numbers while touting its own version of a ‘foreign virus’ narrative: Shanghai now has 125 patients who arrived from overseas, including 46 from Britain and 27 from the United States, Reuters reports based on Chinese numbers.

 

Via EPA-EFE

Apparently ‘draconian measures’ to lock down borders and keep foreigners out is no longer a unique form of “OrangeManBad White House racism”. Here’s the break down of China’s new measures:

In effect from Sunday, China has ordered its airlines to fly only one route to any country, on just one flight each week. Foreign airlines must comply with similar curbs on flights to China, although many had already halted services.

About 90% of current international flights into China will be suspended, cutting arrivals to 5,000 passengers a day, from 25,000, the civil aviation regulator said late on Thursday.

From Saturday, China will temporarily suspend entry for foreigners with valid visas and residence permits, in an interim measure, the foreign ministry added.

It was only two months ago, as deaths from China’s virus were rapidly escalating and spreading across the nation, that Beijing expressed outrage at the measures enacted by the global community to limit the spread of the deadly virus, saying they went way beyond standards accepted worldwide.

Chinese Foreign Minister Wang Yi had said in biting criticisms issued the first week of February that Beijing “does not agree with the approach adopted by individual countries to create tension or even panic” by closing borders, trade, and flights to and from China. He pointed out at the time that the WHO “did not approve of travel or trade restrictions on China.”

Remember too the very public charge of hypocrisy! aimed at the US during that crucial time when the outbreak was clearly fast spreading far outside mainland China:

“Just as the WHO recommended against travel restrictions, the U.S. rushed to go in the opposite way. Certainly not a gesture of goodwill,” another Chinese official angrily denounced at the time.

And now we are still awaiting the grand denunciations from leftist pundits of China’s supposed xenophobic move to ban outsiders from entry. We won’t hold our breath.

end
Late in the day:  Hubei folks along with their police force storm the next province and attack their police force.
Just the beginning
(zerohedge)

Hubei Residents Riot After Quarantine Lifted; Police Beaten With Their Own Shield, Cop Cars Overturned

Residents of Hubei province in China teamed up with their local police force to battle the police from neighboring Jiangxi province – who set up a roadblock on the Yangtze River Bridge to prevent the people of Hubei from crossing and returning to work.

Footage of Hubei residents overturning Jingxi police vehicles was captured and uploaded to Chinese social media – where Chinese authorities have reportedly already scrubbed it.

Things China Doesn’t Want You To Know@TruthAbtChina

There are MASSIVE protests developing right now on the Jiujiang Yangtze River Bridge that joins the Hubei and Jiangxi provinces in Eastern China.

The situation is rapidly evolving.

THREAD 👇

Embedded video

Things China Doesn’t Want You To Know@TruthAbtChina

Civilians overturning a police vehicle…

Embedded video

Things China Doesn’t Want You To Know@TruthAbtChina

…and another.

Embedded video

Things China Doesn’t Want You To Know@TruthAbtChina

More police arriving.

Embedded video

Things China Doesn’t Want You To Know@TruthAbtChina

These videos have already been removed from WeChat and Weibo, presumably by the .

Embedded video

Things China Doesn’t Want You To Know@TruthAbtChina

Protests are definitely becoming violent.

This is happening RIGHT NOW and the videos are being taken down from Chinese social media almost as fast as they are going up!

⚠️ THE WORLD NEEDS TO KNOW WHAT IS HAPPENING IN CHINA ⚠️

SPREAD this thread far and wide!☝️

Embedded video

At one point rioters snatched a police shield and began beating Jiangxi officers with it.

Things China Doesn’t Want You To Know@TruthAbtChina

The civilians from Hubei stole a riot shield from Jiangxi police and are beating them with it!

Embedded video

This man explains the situation:

Things China Doesn’t Want You To Know@TruthAbtChina

This man confirms the riots were sparked by Jiangxi police crossing into Hubei’s jurisdiction.

Embedded video

More:

Things China Doesn’t Want You To Know@TruthAbtChina

Here is another view of Hubei residents flipping over a Jiangxi police van.

What’s nice about this view is that it clearly shows the Hubei police simply watching, if not helping, the Hubei civilians destroy Jiangxi police vehicles.

Embedded video

Things China Doesn’t Want You To Know@TruthAbtChina

SUMMARY:

1️⃣ Lockdown in Hubei was lifted 2 days ago and people wanted to go back to work in Jiangxi. Jiangxi police would not let them in. People from Hubei got mad.

2️⃣ Jiangxi police invaded Hubei police jurisdiction, causing fights between the police.

3️⃣ Riots ensued.

end

4/EUROPEAN AFFAIRS

UK/GLOBE/CORONAVIRUS UPDATE

(zerohedge)

UK Prime Minister, Health Secretary Test Positive For COVID-19 As Russia, Hungary Expand Lockdowns: Live Updates

Summary:

  • Boris Johnson, Matt Hancock test positive
  • US stock futures turn lower after 3-day rebound
  • Global case total nears 538k
  • US case total nears 86k, with ~1300 deaths
  • China border closure begins
  • 1 in 10 Americans say they know somebody with the virus
  • South Africa lockdown begins as country confirms first 2 deaths
  • Netherlands reports ~1k new cases, 112 new deaths
  • Hong Kong reports 65 new cases, largest daily jump
  • Singapore makes standing too close to somebody else illegal
  • North Korea says 2,280 people still in quarantine
  • All of Russia placed on lockdown
  • Hungary PM announces lockdown plans
  • Israel mobilizes army to enforce lockdowns
  • President Xi, Trump promise to “unite” to fight virus during call

*  *   *

Update (0920ET): UK Health Secretary Matt Hancock, aka the guy who has been reminding everybody in the UK to wash their hands for the past month, has also tested positive for COVID-19.

In hindsight, all those group hugs with BoJo probably weren’t a good idea…

Meanwhile, the number of cases in the Netherlands has climbed by 1,172 to 8,603, with 112 new deaths, as the Netherlands joins the group of European countries regularly reporting +~1,000 cases and +~100 deaths a day.

*  *   *

Update (0720ET): Just days after placing his entire country on a strict lockdown, UK Prime Minister Boris Johnson has reportedly tested positive for COVID-19.

“Over the last 24 hours I have developed mild symptoms and tested positive for coronavirus,” Johnson tweeted. “I am now self-isolating, but I will continue to lead the government’s response via video-conference as we fight this virus. Together we will beat this.”

Johnson was tested on the advice of England’s chief medical officer, a spokesman  said.

His symptoms are said to be ‘mild’ and he will continue to run the country while self-isolating, just as Canadian PM Justin Trudeau has done.

  • UK PM JOHNSON HAS MILD SYMPTOMS AND WILL SELF ISOLATE
  •  UK PM JOHNSON WILL STILL BE IN CHARGE OF UK GOVT HANDLING OF CRISIS

In a twitter message, Johnson seems to be doing okay. “We will get through it,” he said in a tweeted video message.

Boris Johnson #StayHomeSaveLives

@BorisJohnson

Over the last 24 hours I have developed mild symptoms and tested positive for coronavirus.

I am now self-isolating, but I will continue to lead the government’s response via video-conference as we fight this virus.

Together we will beat this.

Embedded video

Johnson is the most high-profile politician to have contracted the virus so far…

Infographic: Coronavirus reaction boosts key UK politicians' popularity | StatistaYou will find more infographics at Statista

…But will his diagnosis help bolster his popularity even more?

*  *  *

Just a few short days ago, the Dow was still trading below 20k, Italy still had a higher COVID-19 case count than the US and New York City hospitals still had a few available beds. Just a few days later, everything has changed. US stocks have rallied back, erasing roughly half of their losses since they dropped from record highs, and New York has cemented its position as the worst outbreak in the country, as the virus spread widely during the month of February, when US officials were still sitting on their hands.

Though one Republican Congressman from Kentucky is threatening to delay a vote until the weekend by throwing up another procedural hurdle, by all accounts, the House is preparing to vote on Friday on a $2 trillion stimulus package that will dole out money to out-of-work Americans. At the same time, President Trump has continued to press for parts of the country to “re-open” in the coming days.

According to Johns Hopkins data, the global case total has passed 537,000, meaning more than half a million people around the world have contracted the virus, while the US reported nearly 86k as of Friday morning after the size of the US outbreak surpassed China’s for the first time.

Now, Italy, China and the US together have reported more than half of the cases of the virus around the world.

For the last two weeks, China has reported either no new domestic infections, or just one or two domestic infections. Earlier this week, China shut its borders to foreigners to try and prevent a second wave of the outbreak. China’s  travel ban affecting all non-resident foreigners is set to begin at midnight local time, or in roughly six hours.

Eunice Yoon

@onlyyoontv

For 2 weeks, reports new cases infected locally as zero or single digits. Health authority says 1 such case in Zhejiang, 54 cases traveled from abroad. http://www.nhc.gov.cn/xcs/yqfkdt/202003/c521093a01734df3b3fbc156064ba19f.shtml  (Concerns high of 2nd wave from overseas & if asymptomatic cases properly reported.)

The global death total was nearing 26K as of Friday morning, with more than 1,300 deaths counted across the US. According to an ABC News/Washington Post poll 77% of Americans said their lives had been disrupted by the outbreak, while 41% said that somebody in their own community had been impacted, and one in ten Americans claim to personally know somebody who has been infected. Still, Italy’s death toll, at roughly 8,200, remains by far the highest in the world. Iran’s official death toll, thought to be only a fraction of the real number, is still only ~2,300, after announcing another 144 new deaths Friday morning.

Africa has seen the virus spread far more slowly than many health officials feared, but as of Friday, COVID-19 had been detected in nearly every country on the continent.

Africa CDC

@AfricaCDC

COVID-19 : MAP OF AFRICAN COUNTRIES WITH TRAVEL RESTRICTIONS, 27 MARCH 2020 – 8:00 am EAT

View image on Twitter

South Africa started its official lockdown as of midnight on Friday: the shutdown will impact roughly 57 million citizens in the country. The country, which boasts the most industrialized economy in Africa, reported its first 2 deaths on Friday as well. With more than 1,000 confirmed cases, SA is also home to the largest outbreak in Africa.

Hong Kong reported 65 new coronavirus infections on Friday, its largest daily increase yet, bringing its total confirmed cases to 518, with 41 of the new cases being ‘travel-related’. It’s the latest disappointing news as the China-ruled city hopes to prevent a travel-related resurgence. In Singapore, which has also seen a jump in travel-related cases, intentionally standing or sitting too close to someone has been made a crime punishable by up to six months in jail or a fine of nearly $7,000.

Russia reported 196 new cases of coronavirus, a daily record, taking its official total for those infected with the disease to 1,036. the country reported another death over the last 24 hours, bringing its total to 4. A lockdown that had been imposed on Moscow earlier this week has now been expanded to cover the entire country. Russia’s Interfax news agency cited Prime Minister Mikhail Mishustin as asking all Russians to avoid all “non-essential” trips, and to avoid leaving their homes.

As Israel – which has reported roughly 3k cases and 10 deaths – scrambles to stave off an outbreak, the country has deployed about 500 army soldiers to assist police in enforcing the lockdown.

To reduce the number of social contacts, Hungary is joining the ‘lockdown’ club, imposing restrictions on citizens leaving their homes between March 28 and April 11, PM Viktor Orban said he will present a plan of action to restart the economy in the first half of April.

In North Korea, the government said late Thursday that about 2,280 citizens and two foreigners remain under coronavirus quarantine after authorities released thousands of people in past weeks who were confirmed to have no symptoms.

Chinese President Xi Jinping and President Trump participated in a call Thursday evening where they agreed to “unite to fight” the coronavirus, according to Chinese state media. Xi told Trump China “wishes to continue sharing all information and experience with the US” according to state broadcaster CCTV, while Trump tweeted that the two leaders were “working closely together”.

Donald J. Trump

@realDonaldTrump

Just finished a very good conversation with President Xi of China. Discussed in great detail the CoronaVirus that is ravaging large parts of our Planet. China has been through much & has developed a strong understanding of the Virus. We are working closely together. Much respect!

Finally, Spain reported 769 deaths on Friday, its largest daily jump in deaths since the beginning of the outbreak. The country also reported 7,871 new cases, with the total climbing to 64,059.

Meanwhile, as US hospitals prepare to face an onslaught of new severe cases and deaths, many while also dealing with shortages of critical equipment like ventilators, as well as personal protective equipment, a Detroit area health system has developed a contingency plan to deny ventilators and intensive care treatment to coronavirus patients with a poor chance of surviving, according to the Washington Post.

In a rare piece of good news, the suburban Washington State hospital that handled the first onslaught of coronavirus patients weeks ago – a crush of seriously ill and dying nursing home residents that signaled the beginning of the national crisis in the US – is now cautiously optimistic that local officials have succeeded in “flattening the curve”, as the number of new cases has finally tapered off.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAQ/FRANCE/CZECH REPUBLIC/OTHERS/CORONAVIRUS

Allies, France, the Czech Republic and others exit Iraq over coronavirus fears

(zerohedge)

France, Czechs, & Other US Allies Exit Iraq Over COVID-19 Fears

The United States has shown itself willing to both keep up its ‘maximum pressure’ campaign on Iran and its proxies while riding roughshod over Iraqi sovereignty by remaining in the country even as Baghdad leaders and the broader population demand a final exit.

But in another sign Europe is ready to divorce itself from US aims in the region, France has abruptly withdrawn its forces from the country after being there for five years. Interestingly the prime reason given was troop safety concerns over the coronavirus outbreak, but we imagine European leaders likely now see an opportunity to make a swift and easy exit without provoking the ire of their US counterparts.

International correspondents say this includes French withdrawal from six bases, with a small contingent of about 100 troops remaining in the country. The Czech Ministry of Defense also announced the exit of its forces Wednesday, which followed a large contingent of British forces leaving last week, also on fears of coronavirus exposure during the mission.

 

Macron visiting a military hospital in Mulhouse, France this week, via Reuters.

“British, French, Australian and Czech troops who were coaching Iraqi counterparts were being temporarily sent home as Baghdad had put a hold on training operations to prevent the spread of COVID-19,” reports the AFP this week.

All had been there to support coalition anti-ISIL operations led by Washington. But as the US mission to defeat the Islamic State has lately become less relevant given the demise of the terror group, Washington’s focus became Iranian influence inside Iraq – far beyond the original mission scope.

The US itself had been reportedly drawing down from certain bases, but is not expected to ultimately depart given the current high state of tensions with Iran-backed militias in the country.

But Iran and Iraq’s ‘counter-pressure’ campaign is only set to continue, as on Thursday two rockets slammed into the Iraqi capital’s high-security Green Zone early in the morning, in an incident that’s become almost a monthly occurrence. There were no reports of injuries.

Middle East regional correspondent and analyst Elijah Magnier observes of the rapid draw down: “Coronavirus is offering an opportunity for the world to detach itself from US dominance and reshuffle alliances.”

Indeed this will likely be the outcome in geopolitical hot spots and even economies around the globe.

END

6.Global Issues

CANADA

Canada follows the uSA in dropping its interest rate to close to zero.  The are going to buy 5 billion C$ 5 billion of treasuries  PER WEEK.

Canada is in a mess due to the coronavirus and the low oil prices

 

(zerohedge)

Loonie Dips After Bank Of Canada Emergency Rate-Cut, Launches QE

The Bank of Canada has just gone full-Fed-tard by slashing rates to just 0.2% and launching a commercial-paper-buying program and has committed to buy C$5bn Canadian Treasuries per week...

Negative rates next? Today, the Bank of Canada says its policy rate has reached its effective lower bound.

But in 2015

“We now believe that the effective lower bound for Canada’s policy rate is around minus 0.5%

In other words, we’ll make it up as we go along.

Full Bank of Canada Statement:

The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. This unscheduled rate decision brings the policy rate to its effective lower bound and is intended to provide support to the Canadian financial system and the economy during the COVID-19 pandemic.

The spread of COVID-19 is having serious consequences for Canadians and for the economy, as is the abrupt decline in world oil prices. The pandemic-driven contraction has prompted decisive fiscal policy action in Canada to support individuals and businesses and to minimize any permanent damage to the structure of the economy.

The Bank is playing an important complementary role in this effort. Its interest rate setting cushions the impact of the shocks by easing the cost of borrowing. Its efforts to maintain the functioning of the financial system are helping keep credit available to people and companies. The intent of our decision today is to support the financial system in its central role of providing credit in the economy, and to lay the foundation for the economy’s return to normalcy.

The Bank’s efforts have been primarily focused on ensuring the availability of credit by providing liquidity to help markets continue to function.  To promote credit availability, the Bank has expanded its various term repo facilities. To preserve market function, the Bank is conducting Government of Canada bond buybacks and switches, purchases of Canada Mortgage Bonds and banker’s acceptances, and purchases of provincial money market instruments. All these additional measures have been detailed on the Bank’s website and will be extended or augmented as needed.

Today, the Bank is launching two new programs.

  • First, the Commercial Paper Purchase Program (CPPP) will help to alleviate strains in short-term funding markets and thereby preserve a key source of funding for businesses. Details of the program will be available on the Bank’s web site.
  • Second, to address strains in the Government of Canada debt market and to enhance the effectiveness of all other actions taken so far, the Bank will begin acquiring Government of Canada securities in the secondary market. Purchases will begin with a minimum of $5 billion per week, across the yield curve. The program will be adjusted as conditions warrant, but will continue until the economic recovery is well underway. The Bank’s balance sheet will expand as a result of these purchases.

The Bank is closely monitoring economic and financial conditions, in coordination with other G7 central banks and fiscal authorities, and will update its outlook in mid-April. As the situation evolves, Governing Council stands ready to take further action as required to support the Canadian economy and financial system and to keep inflation on target.

While the Loonie dipped on the news, it was hardly notable…

Source: Bloomberg

Governor Stephen Poloz will hold a press conference at 9:30 a.m. Ottawa time to explain how he still has lots of bullets left… we are sure.

END
Bill Blain on the Coronavirus
(Bill Blain)

Blain: “The Shortest Bear Market In History Ain’t Over”

Authored by Bill Blain via MorningPorridge.com,

Good Or Bad News?

“It’s got nothing to do with your Vorsprung Durch technique, you know..”

What do you want to hear first? The good new or the bad news? 

The Good News

It now looks like the economic catastrophe the Virus has triggered could be shorter than we envisaged.

One of things I’ve come to understand though what we laughingly call my financial career is:“Things are never as great as you hope they will be, but they are never as bad as you fear they might be.” That looks likely to prove true with Coronavirus.

It remains vital governments force the R transmission number down through lockdown to drop the peak of infection curve so hospitals aren’t swamped.

But, the policy is working – the epidemiologists from Imperial College, whose report triggered the UK response, now say deaths could be less than 20,000 because the social distancing polices are working.

Sadly, global health services will still be tested to their limits over the next few weeks. There will still be a terrible crisis – and I stood on our balcony and clapped the NHS last night to show solidarity with them.

It now appears the disease may be far more widespread than thought – and that’s a good thing. It means immunity is building up – as a report from Oxford suggested earlier this week. There will still be a large number of people who get a very serious and life-threatening disease, but that’s a fall smaller proportion of the population than originally feared. The maths is not our friend – 1% of 50mm infected people being hospitalised is the same number as 5% of 10mm people.

It’s all down to testing – or the lack of it. Most of the modelling thus far has come up against the same problem: We have absolutely no idea of the number of people around the global actually infected.In the West testing has been pitifully slow and is weighted towards testing only those obviously exposed to, or suffering from the Covid-19 symptoms.

The result has been a bias towards the expectation of a high mortality rates – which although the bias has been factored in, clearly influences policy. The Italy number of around 80,000 cases and 8,000 desks suggests a 10% death rate – which we know is overly high because of the delay factor between infection and outcome, and the high numbers of elderly. In China we see around 3000 deaths against 81,000 cases, suggesting a much lower rate of 3.7%.

This is where it gets interesting. Korea comes in at 139 death against 9,300 cases, a 1.5% mortality rate, while Germany has 228 deaths agains 40,500 cases, a 0.5% mortality rate. Testing in Germany has been more rigorous in the run up than in any other European country – but the German papers are still full of how difficult it is to get tested, suggesting even Germany has also under-tested. (We’re looking to see if we can get numbers for positive versus negative tests – but that will still be biased.)

Once we get more data on just how wide the infection is – then governments will be able to reassess the effectiveness of lockdown as against other policies to ensure against future waves. If we have a high number of infected people, say 30% plus, then it’s possible we could see government allow many workers to return to work, but with many social distancing measures remaining in place. Activity could pick up quickly.

This is all supposition at this point. There are rumours of more cases breaking out in China but being under-reported. We won’t know for sure till we get proper testing in place.

Whats the Bad News? 

If you bought the rally of the last few days, then I think you are in for disappointment. The shortest bear market in history ain’t over yet. There is too much noise and consequences to come. Just watch the jobs queue.

The economic reality – brought into painful context by yesterday’s US Initial Claims report showing US 3.2 million workers losing their jobs – remains dire. Every single country is publishing massive economic activity downgrades. Every finance minister is apologising for not being able to save everyone. The outlook wavers between a deep recession and outright global depression.

Yet the markets have rallied hard on the back of kitchen sink government and central banking support – ignoring the dire reality. You can’t fault markets for arbing the support packages. If the ECB is willing to be unlimited amounts of Italy paper – what’s not to like. If they want to buy copies of The Daily Mail at £1 each, then I am a buyer at 99p. (I don’t know which is fundamentally more worthless…. an Italian bond or the Mail?)

Some analysts say there isn’t much more left in the authorities ammunition cupboard if sentiment drops again. Yes there is. The authorities have gone this far – why not just start buying equities as well?

There are going to be consequences… 

As always, I look to the bond market for clues. When it comes to corporate bonds, its really manky. Soaring defaults, downgrade escalation, chronic illiquidity. Excellent. Despite QE Infinity, the corporate bond market is close to breaking – which means massive opportunities!

I was amused by a piece in the FT about the “Doom Loop” in ETF bond funds. I still get “puff advertising” from firms telling me how ETFs are great liquid way to invest in markets. Yet, they are proving chronically illiquid with the ETFs dealers now arguing the definition of liquid actually is “as liquid as the underlying securities” which is as liquid as set concrete in the bond markets. Anyone who bought ETFs without question the dealer blandishments about liquidity should really be considering a different career.

The chap writing the article for the FT – an ETF dealer – suggests the massive discounts to NAV on ETFs should be addressed directly by the ECB. It should – apparently – be buying ETFs to solve illiquidity in bond markets caused by EFT sales.. Doh! “This would improve corporate funding rates and preserve the integrity of ETFs to the end-investor, breaking the doom loop.” Thus speaks a dealer desperate to keep his job. Is there no end to the madness… ?  

Right now, I just want to go back to sleep. I will write more next week about just how vulnerable markets remain. Topics might include some of the following danger areas:

1) Headline Coronavirus Shock Threats

2) Cash crisis across Globe

3) What a bond market meltdown means for all financial assets

4) Unintended Consequences of Rescue Policies

5) Policy Deliverables – the risk of failure to deliver economic rescue likely to destabilise sentiment

6) Fundamentals – demand and supply shocks to continue longer rather than abate.

7) Recession vs Depression

8) China vs US

end

7. OIL ISSUES

Oil tumbles to the 21 handle after the Saudi crush all hope of detente with Russia

(zerohedge)

WTI Tumbles To $21 Handle After Saudis Crush Hopes Of Russia Detente

While oil prices were already sliding, headlines from the Saudis that there are no talks with Russia ongoing sent prices tumbling with WTI back to a $21 handle…

“There have been no contacts between Saudi Arabia and Russia energy ministers over any increase in the number of OPEC+ countries, nor any discussion of a joint agreement to balance oil markets,” the Saudi Ministry of Energy said in a statement.

Not pretty…

The last three months have been quite a ride for crude…

 

Maybe The Bank of Canada and The Fed should start buying (and storing) oil?

end

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1005 DOWN .0042 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 108.67 DOWN 0.456 (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 1.2262   UP   0.0071  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.4065 UP .0026 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  FRIDAY morning in Europe, the Euro FELL BY 42 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1219 Last night Shanghai COMPOSITE CLOSED UP 7.29 POINTS OR 0.26% 

 

//Hang Sang CLOSED DOWN 131.51 POINTS OR 0.46%

/AUSTRALIA CLOSED DOWN 5,08%// EUROPEAN BOURSES ALL RED

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 131.94 POINTS OR 0.56%

 

 

/SHANGHAI CLOSED UP 7.29 POINTS OR 0.26%

 

Australia BOURSE CLOSED DOWN. 5.08% 

 

 

Nikkei (Japan) CLOSED DOWN 724.83  POINTS OR 3.88%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1620.75

silver:$14.26-

Early FRIDAY morning USA 10 year bond yield: 0.77% !!! DOWN 8 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 1.36 DOWN 8  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 99.40 UP 5 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.65% DOWN 5 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.01%  UP 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.52%//DOWN 6 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,31 UP 8 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 79 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.48% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.79% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.1051  UP     .0002 or 2 basis points

USA/Japan: 107.88 DOWN 1.250 OR YEN UP 125  basis points/

Great Britain/USA 1.2374 UP .0182 POUND UP 182  BASIS POINTS)

Canadian dollar DOWN 4 basis points to 1.4046

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 7.0964    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  7.1076  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  6.4408 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at +.01%

 

Your closing 10 yr US bond yield DOWN 12 IN basis points from THURSDAY at 0.73 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.32 DOWN 11  in basis points on the day

Your closing USA dollar index, 99.07 DOWN 28  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED DOWN 307.80  5.29%

German Dax :  CLOSED DOWN 339.83 POINTS OR 3.40%

 

Paris Cac CLOSED DOWN 199.68 POINTS 4.37%

Spain IBEX CLOSED DOWN 275.80 POINTS or 3.92%

Italian MIB: CLOSED DOWN 524.95 POINTS OR 3.02%

 

 

 

 

 

WTI Oil price; 21.37 12:00  PM  EST

Brent Oil: 24.54 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    79.16  THE CROSS HIGHER BY 1.69 RUBLES/DOLLAR (RUBLE LOWER BY 169 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.48 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 :  51.58//

 

 

BRENT :  24.75

USA 10 YR BOND YIELD: … 0.68  down 17 basis points.  (this is really bad)…

 

 

 

USA 30 YR BOND YIELD: 1.26….down 18 basis points and this is also very bad..

 

 

 

 

 

EURO/USA 1.1129 ( UP 82   BASIS POINTS)

USA/JAPANESE YEN:107.88 DOWN 1.257 (YEN UP 126 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 98.40 DOWN 95 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2465 UP 274  POINTS

 

the Turkish lira close: 6.4466

 

 

the Russian rouble 78.97   down 1.49 Roubles against the uSA dollar.( down 149 BASIS POINTS)

Canadian dollar:  1.3990 UP 51 BASIS pts

USA/CHINESE YUAN (CNY) :  7.0964  (ONSHORE)/

 

USA/CHINESE YUAN(CNH): 7.0902 (OFFSHORE)

 

German 10 yr bond yield at 5 pm: ,-0.48%

 

The Dow closed DOWN 915.39 POINTS OR 4.06%

 

NASDAQ closed DOWN 295.16 POINTS OR 3.79%

 


VOLATILITY INDEX:  61.02 CLOSED UP 5.02

LIBOR 3 MONTH DURATION: 1.374%//libor rising big time

 

USA trading today in Graph Form

Stocks Soar To Best Week Since The ’30s As Dollar & Bond Yields Crash

After an unprecedented explosion in fiscal largesse…

Led by USA…

And the greatest easing of monetary policy ever…

Which, for The Fed, looks like this…

Source: Bloomberg

Who would be surprised that we saw stocks dead-cat-bounce this week…

Source: Bloomberg

Exactly on cue with the 1930s analog…

Source: Bloomberg

In fact, after last week’s worst performance since Lehman (2008), this week’s gains were the greatest stock market week (Friday’s drop included) since August 1932

Source: Bloomberg

Meanwhile, as stocks soared, this was the worst week for USD since September 1985 – which just happens to be the signing the Plaza Accord (which is intriguing as it happened out of nowhere right after the G-20 meeting – did they ‘agree’ a Shanghai Accord? A Plaza Accord 2.0?)

Source: Bloomberg

And the plunge in the USD, rather oddly, was accompanied by a continued surge in FRA-OIS (signaling dollar shortages remain extreme)…

Source: Bloomberg

And something is spooking interbank markets – LIBOR-OIS is screaming higher as if banks are frightened of one another once again…

Source: Bloomberg

And amid all this chaos, USA sovereign credit risk has been notched notably higher…

Source: Bloomberg

This seemed to sum things up nicely…

Stocks bounced globally this week…

Source: Bloomberg

US markets were ugly at today’s open but the machines went wild in the last hour try and get back to green until news that The Fed was reducing its bond buying package next spoiled the party…

But the week was extremely impressive – the best week for Dow since 1932…

Helping stocks dead-cat-bounce was the fact that this was the biggest short-squeeze week in history (even with today’s losses)… but still, in context, it’s a drop in the ocean!

Source: Bloomberg

Notably cruise line stocks crashed as it appears their non-US domicile rules out the rescue aid…

The week saw gains for both defensives and cyclicals but Friday was dominated by cyclical weakness…

Source: Bloomberg

And for one thing, bonds were not buying it at all…

Source: Bloomberg

And VIX is not playing along either…

Source: Bloomberg

Nor is market breadth…

Source: Bloomberg

Investment Grade credit screamed higher this week thanks to the promise of The Fed’s new bond-buying program. This is the best week for LQD (the IG Corp bond ETF) ever…

Leveraged Loans also managed a bounce… barely…

Source: Bloomberg

Treasury yields plunged on the week with the belly and longer-end outperforming…

Source: Bloomberg

 

10Y Yields puked back below 70bps today to their 2nd lowest yield close ever after The Fed headlines hit…

Source: Bloomberg

Cryptos had a big week with Ripple outperforming as The Fed’s massive bailout sparked some flows into non-infinite currencies…

Source: Bloomberg

Oil was the biggest loser on the week in commodity-land and Silver the leader…

Source: Bloomberg

WTI tumble to a $21 handle…

And while WTI and Brent are plunging, Western Canada Select crashed to record lows below $5 a barrel!!!!

Source: Bloomberg

Silver surged on the week, testing $15…

As the dollar tumbled, precious metals all ripped this week dominated by Palladium…

Source: Bloomberg

Gold’s spot and futures markets have normalized…

Source: Bloomberg

And finally, this was the US economy’s most disappointing week since June 2011 as real data dashed the optimistic expectations that so many analysts hoped for a v-shaped blip…

Source: Bloomberg

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

House Passes $2 Trillion COVID-19 Bill For Trump’s Signature

After holding up the process for over a week, the House has finally passed the $2 trillion coronavirus stimulus package via voice vote, despite a Republican lawmaker’s insistence that his colleagues go on record in favor of, or against the legislation.

It will be sent to President Trump’s desk next for his signature, where he will sign it ‘as soon as possible.’

The Senate had already passed the $2 trillion stimulus on Wednesday.

Leaders from both parties expressed a desire to quickly pass the legislation via voice vote – while aides suggested that the House could overcome objections and avoid a roll-call vote, according to the Wall Street Journal. Lawmakers who appeared sat far apart, spilling into the gallery typically reserved for the public.

Congresswoman Mary Gay Scanlon

@RepMGS

A surreal scene today.

Legislating during .

View image on Twitter

With no quorum required, a GOP member’s demand for a recorded vote failed.

Via the Wall Street Journal:

The House was hoping to pass quickly a $2 trillion stimulus package despite a Republican lawmaker’s insistence that his colleagues go on record in favor or against the legislation, a vote that would delay passage.

Rep. Thomas Massie (R., Ky.) tweeted that he would object to a voice vote and try to force a formal roll-call vote, following a threat he had made a day earlier that sent lawmakers scrambling to get back to Washington in an effort to assemble the 216 members needed for a quorum. That threshold was reached Friday morning.

“I swore an oath to uphold the constitution, and I take that oath seriously,” Mr. Massie tweeted. “Is it too much to ask that the House do its job, just like the Senate did?” –Wall Street Journal

Thomas Massie

@RepThomasMassie

It’s pretty clear now, with enough members here to pass the bill, that Pelosi and McCarthy are still working together to block a recorded vote just to insulate members of Congress from ACCOUNTABILITY.

Biggest spending bill in the history of mankind, and no recorded vote?

Thomas Massie

@RepThomasMassie

Are they afraid of the truth? I’ve been told that they don’t even have 1 minute available for me to speak against this bill during the 4 hour debate. The fix is in. If this bill is so great for America, why not allow a vote on it? Why not have a real debate?

END
then late in the day the market reacts to this:

Stocks Tumble After Fed Announces It Will Reduce Treasury QE From $75BN to $60BN Per Day

After desperately trying to ramp to green, stocks are tumbling (along with bond yields) right after the Fed implicitly confirmed there is now a shortage of bonds as demonstrated by the recent repo ops that saw zero submissions – as discussed earlier as instead of using repo to park bonds with the Fed Dealers merely sell them back to the Fed – … 

… when it announced it would start cutting back, or tapering, its “unlimited QE” bond-buying next week.

Specifically, after buying $75BN in bonds daily through Wednesday – as it has since March 19 – the Fed said it would reduce the amount to $60BN on April 2 and 3, with the assumption that this – or lower – is the number going forward.

But wait there’s more, because after buying $50BN in MBS every day since Monday, the Fed’s schedule now also shows a decline in MBS purchases going forward from $50BN to $40BN daily next week.

These cuts are summarized below:

Stocks are unhappy…

And bonds are bid with 10Y tumbling to 67bps…

end

ii)Market data/USA

Two important points:  the Fed’s balance sheet now tops 5.5 trillion dollars and certain banks have gone to the Fed’s discount window to obtain $40 billion .

(zerohedge)

Fed Balance Sheet Hits $5.5 Trillion As Discount Window Usage Soars

As previewed last night when we showed that in the past week the Fed has bought a staggering $587BN in Treasuries and MBS, we calculated that as of March 25, the Fed’s balance sheet would rise to a record $5.3 trillion, a phenomenal increase of $1.2 trillion in just the past two weeks, equivalent to roughly 5.6% of US GDP.

Today, the release of the latest weekly H.4.1 statement from the Fed confirmed our math, and that as of close on Wednesday, March 25, the Fed’s total asset were indeed $5.3 trillion. Which, sadly, is now a stale number because we now live in a world where the Fed buys a record $125 billion in bonds (and who knows what else either directly or via Blackrock) every single day,which means that as of the Friday’s close, the Fed will have added a record $625 billion to its balance sheet...

… and more specifically, $250 billion to the total as of March 25. In other words, in just a few short hours, the Fed’s balance sheet will be $5.5 trillion…

… an increase of $1.3 trillion in two weeks (6% of GDP), which was the amount the Fed monetized during all of QE1 in response to the financial crisis, but which took place over a period of almost 2 years.

And as an aside, the Fed’s push to get banks to use the discount window appears to have worked: after more than a decade of stigma associated with any bank caught within 100 feet of the Primary Credit Facility, also known as the Discount Window, and with zero usage since mid-2010, last week borrowings under the Discount Window surge to $40 billion.

And while the Fed’s attempts to legitimize and de-stigmatize Discount Window usage are noble, we doubt it will be public just which bank(s) had to resort to this “Plan Z” source of funding.

END
No wonder the repo operations has gone to zero because the Fed is buying 75 billion dollars of treasuries every single day and that is putting dollars into the hands of dealers
(zerohedge)

“No Bid”: In Stunning Development, Dealers Run Out Of Securities To Use In Fed Repo Operations

Two weeks ago, just after the Fed first announced its massive overnight and term repo operation expansion which now amounts to some $1 trillion in daily repo capacity (and before Powell expanded this bazooka to included ZIRP and unlimited QE), we said that this is a big mistake as the Fed was targeting the wrong liquidity conduit.

Then, after the Fed launched QE across the entire curve and expanded it to include MBS, the Fed’s monetary police became outright bizarre: on one hand the Fed was offering to buy Treasurys and MBS held by Dealers (at a hefty, unknown premium to market), on the other it was offering Dealers to park those securities at the Fed either overnight or on a term basis in exchange for cash while incurring modest capital charges.

After all, why would anyone pick repo over QE in the current market was a total mystery.

Why indeed, and as we expected, after several repo operations that saw zero Treasury submissions in the Fed’s overnight and term repo operations at the start of this week…

 

… we finally got a failing repo operation, when this morning the Fed saw no bids (i.e., submissions) in either Treasurys, MBS and Agency securities in its $500BN 3-month repo operation!

Today’s other repo operation, the $500BN overnight repo saw just $1.5BN in TSYs submitted (the remaining $5.25BN were MBS) into the $500BN operation.

For those who haven’t been following the Fed’s repo operations, this was the first time since the bank restarted its repo operations that it received no bids on its term offerings. But it’s not just term: as the charts below show, ever since the Fed announced unlimited QE concurrently with massive repos, the amount of securities submitted into repos has collapsed and for Treasurys has been $0 on most of this week’s operations…

… with MBS catching up fast.

To be sure, having predicted this outcome, it is now obvious – if only in retrospect – to everyone:  according to Bloomberg, “the lack of interest may stem from the fact that the central bank is buying $75b of Treasury securities a day.”

Well, duh.

So what can the Fed do to unbreak the repo market? Why undo some of its massive QE!

According to Barclays’ Joseph Abate, the scale of the Fed’s asset purchases may be “inadvertently creating dislocations” in the repo market (inadvertently because it was perfectly obvious to everyone what would happen, except the Fed of course). “The increase in specials volumes, their spread widening to GC, and the pick-up in fails are all symptoms of a distribution problem”, adds Abate who suggests that the Fed might consider increasing counterparty lending caps in its securities program.

“Why on Earth you would tie something up for three months in repo with the Fed buying,” said Ian Burdette, managing director at Academy Securities, who followed up with a very apt observation:

“I think people are getting wise to the fact that an absolute tsunami of global sovereign debt issuance is on its way. Best to sell it all to the fed now probably.”

That is indeed, spot on, however it also means that going forward the Fed’s repo operations will be a “fail” virtually every time as Dealers chose not to park their securities with the Fed but instead sell them to the Fed, a contradictory outcome which was obvious to most people as far back as two weeks ago.

All… except the Fed of course which is just making things up as it goes along and no longer ever realizes what it is doing.

end

Here Is The Treasury’s (Not So) Secret Trade Printing Millions In Guaranteed, Risk-Free Profits Every Day

When the Senate unanimously passed a $2 trillion economic rescue plan late last night, it was targeting tens of millions of middle-class American households many of whom had lost their jobs, and whose lives had ground to a halt due to the global coronavirus pandemic and lockdown. It certainly wasn’t targeting Wall Street bankers.

Naturally, the Congressional stimulus plan which is set for House passage tomorrow, received much publicity – after all, some of those trillions in stimulus payments will end up going into the pockets of America’s workers, and while the final amount is a modest $1,200 per month, both Democrats and Republicans – and the President of course – will take full credit for the handout (while blaming each other for the far bigger corporate bailouts that are at the core of the package).

What has received far less coverage is that to fund this plan, the Treasury will have to issue trillions and trillions in new debt, much of which will be quickly monetized by the Fed (whose balance sheet is now $5.5 trillion and exploding), in what is essentially the arrival of helicopter money in the United States. As a result of the ongoing panic among capital markets participants who are scrambling to respond to this tsunami of new debt, there has been a surge in demand for cash and cash-equivalent products, including gold – which as we discussed earlier this week can not be found at virtually any merchant at a price remotely close to spot – and short-term Treasury Bills, those maturing in 3 months or less.

In fact, so intense is the scramble for near-term Bills that they are all now trading with a negative yield all the way to the 3 month mark, and in some cases, further out.

 

It is this unexpected drop in hundreds of billions in US Treasury Bills into the monetary twilight zone of negative interest rates that represents a far more secretive if far more generous handout amounting to millions in virtually guaranteed handouts to Wall Street’s bond traders.

But wait, the US doesn’t have negative yields, at least not yet, so why are Bills trading below zero. There are several answers, but the key one is traders’ preference to park cash not in their bank – which suddenly may have the dreaded “counterparty risk” thanks to some $40 billion in borrowings on the Fed’s Discount Window…

… and a bizarre surge in Libor that is hinting at one or more banks suffering from a liquidity crunch…

… but in the safety of debt instruments backstopped by Uncle Sam. After all, if the US were to default, which judging by the recent surge in US CDS is something quite a few are considering….

… investors would have far bigger problems than withdrawing their money.

And it is here that a fantastically profitable arbitrage has emerged, one which is far more generous to Wall Street bond traders than the fiscal bailout is to the middle class, as it is literally handing out billions in risk-free money to pretty much anyone who figures it out.

You see, unlike Germany, Switzerland or Japan, the US Treasury is prohibited from issuing debt with negative yields. Why? There is no one specific reason, but as Bloomberg, which first noticed this arb, points out “one reason the government might not want to allow negative-rate bidding is that it risks signaling to investors that negative rates are here to stay. Of course, since it is only a matter of time now before the Fed follows the ECB, BOJ and SNB by sinking into NIRP, this arb may soon disappear, but for now read on.

Effectively what the arb boils down to is taking advantage of the maximum price, or rather minimum yield limit of Bills sold to the public (but mostly to Wall Street traders) and the unlimited yields these Bills can trade in the open market.

Take the following example picked by Boomberg: on Thursday, the Treasury sold $60 billion of four-week bills at the minimum allowed rate of 0% (at a price of par, or 100 cent on the dollar).

But because the current yield on this security is roughly -0.14%, dealers can turn around and sell those bills at a premium to par, and pocket an immediate windfall of about $7 million. While that might not sound like much, with over $2.5 trillion of bills outstanding, and rolling every single month, it could add up very quickly, amounting to over $100 million every month in risk-free handouts directly from Uncle Sam if the yield on the short-end remains negative!

Another example: in addition to the four-week bill auction above, Treasury sold $50 billion of eight-week bills on Thursday at an auction rate of 0%. But in the open market, eight-week bills now trade at -0.1%, yielding a price that is above par, or over 100 cents on the dollar. (A quick BBG refresher: T-bills don’t actually pay a coupon, but are instead sold at a discount to par, which reflects the effective interest rate on the security. At 0%, the price would be 100 cents on the dollar. If the Treasury allowed negative-rate bidding, the securities would be sold at a premium.)

As Bloomberg notes, the presence of this risk-free trade “has the potential to cost U.S. taxpayers billions of dollars if rates stay lower for longer, particularly as the U.S. is poised to issue more debt after the Senate passed a $2 trillion rescue package this week.”

The Treasury absolutely, categorically, right now has to be thinking about this,” UBS economist and a former Treasury official and adviser to the Fed, Seth Carpenter, told Bloomberg, as this trade is “essentially just transferring wealth to other people. The Treasury is in a bind and they have to make a decision on this with bill rates being negative as they are.

Curiously, it turns out that the systems to eliminate this unprecedented arb are already in place. In 2015, when bills also traded at persistently negative levels amid supply cuts to keep the U.S. under its statutory debt limit, Treasury adjusted its systems to allow it to handle a negative auction rate, according to former Treasury officials familiar with the matter. However, according to Bloomberg, it never followed through and changed its policy.

One can only imagine why “nothing changed” in this dark corner of the Treasury market that allows bond traders to literally print free, guaranteed and perfectly legal money with the full blessing of the US Treasury. It is also hardly a surprise why virtually nobody would talk about this trade: after all if you have a golden goose, why bring attention to it?

And yet now that everyone knows about this trade, there may be little the Treasury can do to stop savvy traders from collecting millions every single day, absent permitting negative-rate bidding to eliminate the primary-secondary market arb.

As noted above, the Fed may not want to give the impression negative rates are here to stay and that negative Bill yields are just an abberation (that “explanation” may have worked before, but now that helicopter money is here, it no longer will). Then there are political considerations: while the Fed has made clear it doesn’t see negative rates as a viable policy tool, President Trump, has been pushed Powell to follow the ECB and cut its benchmark rate to below zero.

“It’s a political hot potato,” said Ward McCarthy, chief financial economist at Jefferies and a former senior economist at the Richmond Fed. And “philosophically, I am just opposed to investors paying the U.S. government to hold their debt. Especially since small investors tend to be especially involved in the Treasury bill market.”

We agree Ward, but unless you can tell us where we can buy physical gold in size and at spot, Bills it is especially once a depository institution fails and the bank runs begin: at that moment, negative yields will go well into coupon territory.

Incidentally, Bloomberg points out that this is not the first time the issue of negative-rate auctions has come up. In August 2012, in a statement presented at its quarterly debt-refunding operation, the Treasury’s then-assistant secretary for financial markets said the government was “in the process of building the operational capabilities to allow for negative-rate bidding in Treasury bill auctions, should we make the determination to allow such bidding in the future.”

Mysteriously, those capabilities never came online. Maybe because the “then assistant secretary” planned to work at a bank that is now making tens of millions from precisely this trade?

Yet even with bill demand as high as it’s been, competing priorities could keep the Treasury from pulling the trigger, at least for now.

“Selling bills at negative yields would benefit the taxpayers, but would put the Treasury at odds with the Fed, which hasn’t sanctioned negative rates,” said Mary Miller, the Treasury’s former undersecretary for domestic finance in the Obama administration, who is now running for mayor of Baltimore. The current situation “may just be a temporary disruption, so it’s worth watching to see if this rights itself with the big economic rescue steps.”

“Temporary” maybe. But what happens when, not if, the crisis returns and investors have no choice but to park trillions into the “safety” of the Bill market sending yields far below zero and on a rather “permanent” basis. Which brings up another question: just how much undisclosed taxpayer subsidies do the banks get courtesy of Uncle Sam every single day, and what happens when the current crisis fully spills over into the banking sector?

 

iii) Important USA Economic Stories

Insane: the rescue bill includes $350 million for migration and refugee assistance.  Just what the uSA needs..a huge influx from Mexico with the virus..brilliant

(Watson/Summit News)

Coronavirus Rescue Bill Includes $350 Million For “Migration And Refugee Assistance”

Authored by Paul Joseph Watson via Summit News,

The $2 trillion coronavirus crisis bill that passed the Senate includes a $350 million dollar injection of cash for “Migration and Refugee Assistance,” despite the fact that open borders contributed to the spread of the COVID-19 pandemic in the first place.

According to the bill, the money will be used to “prevent, prepare for, and respond to coronavirus.”

Quite how facilitating further migration, something that worsened the spread of coronavirus, will help “prevent” coronavirus is anyone’s guess.

The original House bill asked for $300 million, but apparently Republicans were happy for another $50 million to be added.

Rep. Matt Gaetz called the measure a “poison pill” that put “America LAST.”

The spending bill also includes numerous other unrelated pork, including $25 million in funding for the John F. Kennedy Center for the Performing Arts in Washington, D.C.

“If there is one thing this whole coronavirus debacle should have taught us, it’s that we need to bring in people with exotic diseases from all over the world at levels greater than ever before,” comments Chris Menahan.

If every western country had followed the example of Russia and ended ‘migration and refugee assistance’ back in January by closing their borders and keeping them closed until a vaccine was available, the scale of the COVID-19 pandemic would be significantly less horrific.

*  *  *

END

The USA epicentre of the viral attack:  New York parks, subways as social distancing is defied and flaunted

(zerohedge)

At US Epicenter: NY Parks Bustle, Subway Packed, Social Distancing Defied & Flaunted

New York’s explosion of confirmed coronavirus case numbers over the past several days — with the state’s total at 37,258 cases, with 5,327 currently hospitalized, and 1,290 patients in the ICU — 20,011 among these in New York City alone, is downright scary.

This makes the below scenes of ‘brave’ New Yorkers still willing to go about their daily lives oblivious to the ‘apocalyptic’ surge in hospitalizations from the virus all around them in what’s clearly become the nation’s epicenter all the more stunning and arguably reckless.

ABC7 Eyewitness News

@ABC7

Despite restrictions, NYC subway cars are still PACKED. This video, taken YESTERDAY, shows passengers in an overcrowded train with little evidence of social distancing https://abc7.la/2y3yhco

Embedded video

Case in point: the New York subway has proudly never completely shut down in the over century of its existence, though it’s this week reduced service as rising numbers of MTA employees catch Covid-19, but maybe it’s time for drastic action given the above scene.

Some took to social media to argue that trains are getting packed because the MTA doesn’t have enough personnel to run more, also as the newly announced 25% reduction in service goes into effect, creating a more dangerous situation.

socially distant vaper@victor_mifsud

D train this morning. Even more crowded.

Embedded video

Despite Gov. Andrew Cuomo’s issuing a ‘stay at home’ order for New Yorkers, which further mandates any businesses not deemed “essential” keep their employees at home, there are plenty this week willing and ready to defy those orders.

People have to go to jobs still operating under the ‘essential’ exemption, yet by all appearances there’s still been examples of of deniers and disbelievers gathering around the city, determined to carry on with daily routines.

Hordes of locals apparently took the ‘stay at home’ mandate as an opportunity to soak up the sun at public parks and to catch up on team sports, while often ignoring the 6-feet distance advisory.

NPR

@NPR

New York City is now the center of the worst COVID-19 outbreak in the United States, but @Gothamist reports that it hasn’t stopped people from crowding city parks, even right outside the mayor’s home. https://trib.al/1wOiVKM

Photos Show NYers Failing Miserably At Social Distancing Just Steps From Mayor De Blasio’s Home

Mayor de Blasio said today that he thought people were following the new guidelines, but it doesn’t appear that way at the park outside of his front door.

gothamist.com

Cuomo seemed to anticipate this when he earlier said“This is not life as usual. Accept it, realize it, and deal with it.” 

Another case in point Wednesday, at a moment New York accounts for roughly half of all US Covid-19 cases:

New York Post

@nypost

NYPD disperses Hasidic crowds at Brooklyn Yeshiva amid coronavirus outbreak https://trib.al/tjunNEj

View image on Twitter

“The NYPD dispersed crowds of Hasidic Jews who showed up to get free food at a Brooklyn Yeshiva amid the coronavirus outbreak in New York on Wednesday afternoon, police said,” according to The New York Post.

“The free-food offer at the Yeshiva on Keap Street near Division Avenue in Williamsburg drew long lines of people from the community when they opened their doors from 9 a.m. to 11 a.m., police said,” according to the report.

Phillip Carter

@Carter_PE

“All of those people, in such a small space, appear to have helped the virus spread rapidly through packed subway trains, busy playgrounds and hivelike apartment buildings, forming ever-widening circles of infections” https://www.nytimes.com/2020/03/23/nyregion/coronavirus-nyc-crowds-density.html  via @brianmrosenthal

Outside of a check-cashing business in Brooklyn on Sunday. Officials have recommended that people stand six feet apart to avoid spreading the coronavirus. 

This Is New York City’s Big ‘Enemy’ in the Coronavirus Fight

New York is more dense than any large city in the country. That helps explain why it is the U.S. epicenter of the outbreak.

nytimes.com

NYC Mayor Bill de Blasio has so far resisted calls to close public parks, playgrounds, and popular promenades, but said the issue may have to be revisited in coming days.

 

Image source: Gothamist

“The promenade was more crowded than any other park I’ve been to these last few days: Central Park, Washington Square Park, McCarren Park, Domino Park. More crowded than any street I’ve been to,” Gothamist photographer Scott Lynch said in a Wednesday report.

“Even taking into account couples and families, who naturally are going to bunch together, the six-feet rule was flaunted left and right,” he added of still bustling scenes in the city’s public spaces.

 

Image source: Gothamist

Farmer’s markets were still bustling as of this past weekend and are still in most states with ’emergency’ declarations and restrictions considered ‘essential’.

Gov. Cuomo at the start of the week slammed what he called “arrogant” New Yorkers for continuing to ignore social distancing guidelines, though generally main streets have largely emptied of traffic since he lashed out with those words.

Brooklyn’s McCarren Park is bustling even as the state goes “on pause” over coronavirus.

“It’s kind of stupid,” a Greenpoint resident said. “I wish people would take it more seriously. Unless they act on closing parks, people will just keep coming.”https://trib.al/TCVCd83

Brooklyn’s McCarren Park bustles even as state goes ‘on pause’ over coronavirus

Friends played touch football and shared sweaty exercise equipment while others kept their distance from others

nydailynews.com

But some swelling crowds have been unintentional and perhaps unavoidable:

Twice in the past week, police officers have had to manage the large crowds waiting for delivery and takeout orders outside Major Food Group’s famed fancy restaurant Carbone in Greenwich Village

 

Image source: NY Eater

“You’re not superman and you’re not superwoman, you can get this virus and you can transfer the virus and you can wind up hurting someone who you love or hurting someone wholly inadvertently,” Cuomo said in the middle of the week.

“It has to be stopped,” the governor urged.

 

Via The Daily Mail: A farmer’s market at Grand Army Plaza outside Prospect Park in Brooklyn this past weekend.

Now that case numbers are exploding nationwide, expected to reach 70,000 by Friday morning, it’s likely even public parks across New York and elsewhere will begin to thin out.

The average American will tend to brush off numbers in the ‘thousands’ – but with the potential of hitting six figures in terms of confirmed infections in the coming days and weeks, the catastrophic crisis will at that point be impossible for anyone to ignore.

END

this is troubling:  23 sailors confirmed for the virus abroad the USS Theodore Roosevelt.  The carrier is now heading to tiny Guam as workers in the island are now removing themselves from quarantine to setup medical facilities to house the victims

(zerohedge)

Pandemonium In The Pacific: US Carrier Diverts To Guam As COVID-19 Cases Spike Among Crew

An absolute disaster is fast unfolding aboard the aircraft carrier USS Theodore Roosevelt in the Western Pacific causing emergency contingency plans to be put in place.

By Wednesday eight sailors aboard the carrier tested positive for COVID-19, but clearly the outbreak aboard the ship is nowhere near being contained as on Thursday the US Navy said that number has jumped to 23 sailors confirmed for the virus.

Pentagon officials further admitted the ability to conduct widespread testing aboard the ship is limited in a situation so dangerous that the carrier has been diverted from it’s original course, though Acting Navy Secretary Thomas B. Modly sought to stress “the ship is operationally capable and can do it’s mission if required” — no doubt a message ultimately meant for America’s rivals and enemies in the region.

 

The aircraft carrier USS Theodore Roosevelt, US Navy image.

The outbreak has sent ship crew and US troops in Guam scrambling, reports The Daily Beast, as it appears a nightmare outbreak among military service-members is unfolding:

U.S. Navy and Marine Corps service members in Guam were ordered on Wednesday to break their own quarantine to set up makeshift shelters for U.S. troops coming off a nuclear-powered aircraft carrier, where an outbreak of the novel coronavirus is rapidly spreading within the hulls of the ship.

Some of the U.S. troops at Naval Base Guam, located on the western side of the U.S. territory at Apra Harbor, were assembled into 100-man working parties to begin transforming some of the base’s facilities into temporary quarantine shelters for some of the 5,000 service members arriving from the aircraft carrier U.S.S. Theodore Roosevelt, a naval vessel where COVID-19 is spreading.

The nature of the emergency is unprecedented, causing one unidentified US service member to tell The Daily Beast“We’re fucked” — given obvious concerns that base personnel will be potentially exposed to coronavirus via the disembarking USS Roosevelt crew.

The Pentagon did not try to downplay the situation. Acting Secretary Modly said it’s urgent enough to conduct tests on 100% of the crew, presumably in Guam.

We found several more cases aboard the ship, we are in the process now of testing 100 percent of the crew of that ship to ensure that we are able to contain whatever spread that might have occurred there… but I also want to emphasize that the ship is operationally capable and can do it’s mission if required,”  Modly said at the Pentagon on Thursday.

On average, about 7,000 American troops are more are stationed among Guam’s multiple US bases (three major bases plus smaller HQs). The Roosevelt had recently been on deployment in the Persian Gulf and Indian Ocean region as part of the Trump administration’s “maximum pressure” campaign against Iran.

 

Navy vessels are moored in port at the U.S. Naval Base Guam at Apra Harbor, Guam. Via Reuters.

“But in Guam on Wednesday, both Navy and Marine Corps service members set up roughly 140 military beds in a basketball gymnasium,” the Daily Beast report continues. “To squeeze more troops into the gym, Navy medical professionals recommended measuring the six-foot distance per guidance from the CDC from the center of the bed rather than from the outer edges, meaning, that the beds are actually 3-feet apart.”

All of this means that some ten to twelve-thousand plus US personnel will be squeezed onto Guam’s bases at a moment the Navy is dealing with an alarming development of 133 cases total of COVID-19 branch-wide this week.

END
These guys are cooked:  Trump is unlikely to bailout the cruise lines due to the fact that they do not pay any USA tax
(zerohedge)

Cruise Stocks Sink After COVID-19 Bailouts Unlikely

Shares in cruise line stocks fell sharply Friday morning after a change to the coronavirus stimulus package blocking companies that aren’t incorporated in the US will prevent them from receiving aid, according to a Dow Jones report.

Despite the three largest cruise companies being headquartered in Miami, Florida – they are all registered in other countries to avoid paying US taxes; Carnival is registered in Panama, Royal Caribbean in Liberia, and Norwegian Cruise Lines in Bermuda.

Despite the fact that all three of their corporate headquarters are in Miami, annual filings show that these companies are part of an industry that paid an average tax rate of under 1%, which is well below the required 21% corporate tax rate in the United States. –OCCRP.org

Shares were down more than 10% each in early Friday trade.

 

The Miami Herald notes that the industry is responsible for “nearly $9 billion in annual economic impact to Florida.”

Two congressional sources confirmed to the Miami Herald that the bill currently does not allow cruise lines to access the money. The bill is expected to pass the House of Representatives on Friday or Saturday without significant changes from the version that passed the U.S. Senate 96-0 on Wednesday night, and President Donald Trump is expected to sign it into law. –Miami Herald

President Trump, meanwhile, said on Thursday that he wants cruise lines to be based in the United States and pay US taxes.

I do like the concept of, perhaps, coming in and registering here. Coming into the United States,” he said during yesterday’s coronavirus briefing. “It’s very tough to make a loan to a company when they’re based in a different country.”

Conservative US Senators, meanwhile, are lobbying against relief for cruise lines – Including Florida Republican Sen. Rick Scott and Missouri Sen. Josh Hawley, who say they should not get bailouts if they aren’t based in the US.

“I was very clear about my opposition to bailouts for big corporations,” said Scott in a statement. “While I still fear this bill could be used to provide relief to companies that can afford to take care of their workers without government assistance, I’m glad to see it requires a return on investment for the taxpayers.”

Florida Democratic Congresswoman Rep. Debbie Wasserman Schultz, meanwhile, expressed hope that the industry could receive funds in a future bailout, while Rep. Ted Deutch (D-FL) said on Thursday that “it’s important” to provide economic relief because the industry employs so many people from Miami-Dade counties,

end
And now the next to topple:  Servicers to Major mortgage lenders. They need a bailout after major mortgage lenders slash their workforce by 70%
(zerohedge)

Ginnie Mae Weighs Bailout For Servicers After Major Mortgage-Lender Slashes 70% Of Workforce

Update (1500ET): A top U.S. regulator is exploring whether to throw a lifeline to mortgage servicers stressed by the coronavirus pandemic by tapping a program meant to address natural disasters.

Bloomberg reports that, in order to prepare for an expected wave of missed payments as borrowers deal with the economic fallout from the virus, officials at Ginnie Mae are considering using relief programs most often activated in the wake of hurricanes, floods and other calamities, according to people familiar with the matter.

Mortgage-industry lobbyists unsuccessfully tried to get Congress to include some sort of liquidity facility for servicers in the stimulus bill. Still, many servicers expect the Treasury Department and the Federal Reserve to create a lifeline for servicers out of other money in the $2 trillion package.

*  *  *

 

Earlier this week, we highlighted the fact that numerous mortgage-related companies were facing considerable – and in some cases existential – crises in their day-to-day operations amid margin calls, illiquidity, and a drying up of demand for non-agency products thanks to The Fed’s intervention.

First, its was AG Mortgage Investment Trust which last Friday said it failed to meet some margin calls and doesn’t expect to be able to meet future margin calls with its current financing. Then it was TPG RE Finance Trust which also hit a liquidity wall and could not repay its lenders. Then, on Monday it was first Invesco, then ED&F Man Capital, and then  the mortgage mayhem took down MFA Financial, which stated “due to the turmoil in the financial markets resulting from the global pandemic of the COVID-19 virus, the Company and its subsidiaries have received an unusually high number of margin calls from financing counterparties, and have also experienced higher funding costs in respect of its repurchase agreements.”

And now that mortgage-mayhem has impacted one of the largest U.S. mortgage firms catering to riskier borrowers.

Earlier in the week, we mentioned Angel Oak Mortgage Solutions – which specializes in so-called non-qualified mortgages that can’t be sold to Fannie Mae or Freddie Mac – pointing out that the company would pause all originations of loans for two weeks “due to the constant shifts and the inability to appropriately evaluate credit risk.”

And now Sreeni Prabhu, co-chief executive officer of the firm’s parent, Angel Oak Cos., is slashing 70% of the comany’s workforce (almost 200 of its 275 employees).

“The world has dramatically changed,” Prabhu said.

“We have to slow down and re-underwrite in the new world that we’re in. That’s going to take some time.”

Bloomberg reports that Angel Oak is primarily known for its riskier lending arm, which is one of the leaders in funding non-qualified mortgages. Such loans include those made to borrowers who verify their incomes with bank statements instead of tax returns and others who may have recently filed for bankruptcy or had a previous foreclosure that hurt their credit scores.

Angel Oak Mortgage Solutions funded some $3.3 billion of non-QM loans in 2019, making it one of the biggest lenders in the space. In January, Angel Oak’s mortgage units said they planned to fund more than $8 billion of home loans in 2020, but the total is now likely to be perhaps a quarter of that, Prabhu said.

The coronavirus pandemic has brought non-QM lending to a virtual standstill industrywide. Many non-QM borrowers are self-employed, making them among the hardest hit by a broad slowdown in business activity.

Citadel Servicing Corp., another top non-QM lender, said it was halting originations for 30 days, and Mega Capital Funding Inc. told brokers last week that it was suspending its programs for those mortgages “for the foreseeable future,” according to a notice seen by Bloomberg.

Add this halting of originations to the margin calls of the fund side, and it all sounds ominously similar to July 2007, when two Bear Stearns hedge funds (Bear Stearns High-Grade Structured Credit Fund and the Bear Stearns High-Grade Structured Credit Enhanced Leveraged Fund) – exposed to mortgage-backed securities and various other leveraged derivatives on same – crashed and burned and started the dominoes falling…

end

iv) Swamp commentaries)

 

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

The primary reason for Thursday’s early equity surge is the people from Imperial College that generated the Covid-19 panic (by forecasting 2.2m US fatalities] now believe Covid is much less lethal than they initially forecasted (more below). Instead of 500k UK fatalities, they now say the UK is likely to have <20k deaths.  We have opined recently that Covid data shows it is more widespread than thought but far less lethal.  Each day, more evidence appears to prove this notion.

The Senate voted 96-0 to pass the $2 Trillion Covid-19 stimulus package (The Cares Act) minutes before midnight ET on Wednesday. The House will vote on the legislation Friday after it convenes at 9:00 ET.  The bill is expected to pass on a voice vote by the House.

After a quick but modest rally when the Senate passed the bailout bill about 15 minutes before midnight ET on Wednesday, ESMs declined 65 handle over the next 1.75 hours.  Traders were ‘selling the news’.  After a modest rally during the Nikkei’s 2nd Session, ESMs rolled over again and fell into and after the European open.  A rally germinated at the 5:00 ET reversal window.  But ESMs retreated when the US repo market opened.  ESMs hit their session low of 2402.25 (-65.00) at 8:28 ET.  Things were looking negative for ESMs and stocks.

ESMs suddenly rallied vertically to 2573 (+171 handles) by 10:20 ET.  There was no other impact news.

@AlexBerenson: This is a remarkable turn from Neil Ferguson, who led the @imperialcollege

authors who warned of 500,000 UK deaths – and who has now himself tested positive for COVID.  He now says both that the U.K. should have enough ICU beds and that the coronavirus will probably kill under 20,000 people in the U.K. – more than 1/2 of whom would have died by the end of the year in any case bc they were so old and sick. Essentially, what has happened is that estimates of the viruses transmissibility have increased – which implies that many more people have already gotten it than we realize – which in turn implies it is less dangerous… Ferguson now predicts that the epidemic in the U.K. will peak and subside within “two to three weeks” – last week’s paper said 18+ months of quarantine would be necessary Not surprisingly, this testimony has received no attention in the US – I found it only in UK papers. Team Apocalypse is not interested. [Full story at ensuing link]

UK deaths from the disease are now unlikely to exceed 20,000, he said, and could be much lower…

https://www.newscientist.com/article/2238578-uk-has-enough-intensive-care-units-for-coronavirus-expert-predicts/

The above Alex Berenson tweets began at 8:10 ET.  The key tweet (Covid peak in 2-3 weeks) appeared at 8:26 ET.  Two minutes later, ESMs jumped 35 handles from their low, a vertical rally had commenced.

By the late morning in the US, the non-MSM heralded the Imperial College team’s Covid-19 reversal.

Imperial College scientist who predicted 500K coronavirus deaths in UK revises to 20K or fewer

https://www.washingtonexaminer.com/news/imperial-college-scientist-who-predicted-500k-coronavirus-deaths-in-uk-revises-to-20k-or-less

@IngrahamAngle: Cuomo is still contending he needs 30,000 vents even after this study, which US also relied on, was corrected: “Imperial College scientist who predicted 500K coronavirus deaths in UK revises to 20K or fewer”… On Tuesday, I asked Dr Fauci about strong potential for incorrect modeling for ICU beds and vents—numbers were based on the Imperial College study, not the newest Wuhan and Italy data.  He didn’t really answer this point.

 

White House Takes New Line after Dire Report on Death Toll    March 16, 2020

Sweeping new federal recommendations announced on Monday for Americans to sharply limit their activities appeared to draw on a dire [Imperial College] scientific report warning that, without action by the government and individuals to slow the spread of coronavirus and suppress new cases, 2.2 million people in the United States could die…      https://www.nytimes.com/2020/03/16/us/coronavirus-fatality-rate-white-house.html

Horowitz: WHEN did coronavirus begin in the US? And why it matters

Given that the virus was discovered in Wuhan on November 17 (at the latest), when did coronavirus really begin in this country? Roughly how many cases do we think occurred before we began testing during the first week in March…?

     If we really had hundreds of thousands, if not millions, of cases, along with several thousand more fatalities prior to testing, that would mean that the mortality rate is even lower than the 1.2% post-testing average so far. It would also mean we are farther along in the epidemic and that many have already been exposed to it, thereby making a categorical and nationwide lockdown counterintuitive at this point…

    What led our government and the governments of many other countries into panic was a single Imperial College of U.K. study, funded by global warming activists, that predicted 2.2 million deaths if we didn’t lock down the country…

    It’s truly inconceivable that it would take so long for the virus to come here after it broke out in China in November… Congress’ proposals will bankrupt us, but if our governments continue demanding indefinite lockdown, no amount of money in the world could solve this problem…  https://www.conservativereview.com/news/horowitz-coronavirus-begin-us-matters/?fbclid=IwAR15XN5qMoviDyTuGXMw-nI6rZYvleh_HSdJv1Z-LPPMVpJyuJnv5oFmCAw

DeItaOne: Italian scientists investigate possible earlier emergence of coronavirus

*Study probes higher number of Lombardy pneumonia cases last year

*Looks at whether virus emerged in Italy earlier than though

@LizRNC: Very important point from Dr. Birx.  Models with zero controls lead to inaccurate projections and unnecessary fear. That is nowhere close to the numbers you see people putting out there. I think it has frightened the American people.”  https://twitter.com/LizRNC/status/1242952507778912257

Oxford-Based Group Stops Using WHO Data for Coronavirus Reporting, Citing Errors

Since March 18 it became unfortunately impossible to rely on the WHO data to understand how the pandemic is developing over time… We found many errors in the data published by the WHO when we went through all the daily Situation Reports… include discrepancies from nearly a dozen situation reports filed by WHO between February 5 and March 16…

    A Stanford University epidemiologist and professor of medicine, in a widely circulated Stat article, recently said the COVID-19 pandemic could end up being “a once-in-a-century evidence fiasco.”

    “The data collected so far on how many people are infected and how the epidemic is evolving are utterly unreliable,” said John P.A. Ioannidis, who co-directs Stanford’s Meta-Research Innovation Center… https://fee.org/articles/oxford-based-group-stops-using-who-data-for-coronavirus-reporting-citing-errors/

Hospitals Overwhelmed by Flu Patients Are Treating Them in Tents – Time mag, January 18, 2018

    The 2017-2018 influenza epidemic is sending people to hospitals and urgent-care centers in every state, and medical centers are responding with extraordinary measures: asking staff to work overtime, setting up triage tents, restricting friends and family visits and canceling elective surgeries, to name a few… “I’ve been in practice for 30 years, and it’s been a good 15 or 20 years since I’ve seen a flu-related illness scenario like we’ve had this year.”…

    The flu has especially affected hospital patients with other health issues, says Braciszewski, who works with cardiac patients. “Almost every patient in the hospital has the flu, and it’s making their pre-existing conditions worse,” she says. “More and more patients are needing mechanical ventilation due to respiratory failure from the flu and other rampant upper respiratory infections.”…

https://time.com/5107984/hospitals-handling-burden-flu-patients/

Why didn’t officials shutdown businesses and institute ‘stay in shelter’ edicts?  Because Americans understand the flu and flu season – and they wouldn’t have put up with police-state tactics.  As we warned in recent missives, Covid-19 data was screaming that the MSM-abetted panic was unwarranted.

 

Medieval Diseases Are Infecting California’s Homeless   MARCH 8, 2019

Typhus, tuberculosis, and other illnesses are spreading quickly through camps and shelters.

People in Washington State have been infected with Shigella bacteria, which is spread through feces and causes the diarrheal disease shigellosis, as well as Bartonella quintana, or trench fever, which spreads through body lice… California Governor Gavin Newsom said in his State of the State speech in February, citing outbreaks of hepatitis A in San Diego County, syphilis in Sonoma County, and typhus in Los Angeles County.  “Typhus,” he said. “A medieval disease. In California. In 2019.”

https://www.theatlantic.com/health/archive/2019/03/typhus-tuberculosis-medieval-diseases-spreading-homeless/584380/

 

Where was the outrage/panic over the appearance of medieval diseases in the US? [PC prevented it]

 

Xi Jinping was aware of the deadly coronavirus much earlier than believed, a new speech reveals

A speech Xi Jinping made earlier this month has just been published – and it reveals something crucial about the rampant spread of the deadly coronavirus.

     “I issued demands during a Politburo Standing Committee meeting on January 7 for work to contain the outbreak. On January 20, I gave special instructions about the work to prevent and control the outbreak and I have said we have to pay high attention to it,” Mr Xi said…

https://www.news.com.au/world/asia/xi-jinping-was-aware-of-the-deadly-coronavirus-much-earlier-than-believed-a-new-speech-reveals/news-story/ed27370709c906b77bb7ae00e2b38ed8

The 2nd impetus for the rally is another, probably larger bailout for states and municipalities, whose revenues are collapsing due to shutdowns, is already being plotted.

@ChadPergram: Pelosi says both bodies of Congress should work on the phase 4 coronavirus response. “Four corners,” as she said… Pelosi says the coronavirus bill will pass tomorrow. Says she urged Mnuchin to do the direct payments more quickly

@IngrahamAngle: Pelosi, who turns 80 today, says MORE money will be needed for state and local govt, then says we need to be prayerful.

Pelosi also said she hopes the 4th Covid-19 bailout bill includes infrastructure spending.

GOP @RepLeeZeldin: Gov. Cuomo said the stimulus package could’ve & should’ve provided additional support for the NYS budget. He is right. Here’s the context not mentioned: McConnell offered the FMAP language Cuomo asked for & Schumer blocked it, resulting in the loss of SIX BILLION for NY.

   NY recently pursued reforms to save $ in Medicaid. The 2nd coronavirus bill that passed Congress had a technical error where if NY enacts reforms saving even just $1 in Medicaid, it loses $6 BIL. That’s absurd!  McConnell proposed fixing it. Schumer said no. Let’s fix this!

The clamor for more trillions of dollars to be spent and monetized generated a massive dollar decline.  This is the most ignored and under-reported dynamic on Thursday.

The third reason for the rally, and it is a minor factor, is Q1 performance gaming.

@thehill: Sen. Lindsey Graham: “Under this proposal that they agreed to last night, on unemployment you would be making $24.07 an hour in South Carolina. There are a lot of jobs in South Carolina that do not pay $24.07… This bill pays you more not to work than if you were working.”

@RepMattGaetz: Why in the world would we set aside $350,000,000 for “Migration and Refugee Assistance” before we restore the economic condition of every American in our country?  Democrats are doing everything they can to socially engineer our country during this crisis.

Gallup Poll: 60% to 38% Trump approval on crisis; Media 44% to 55% approval on crisis

https://news.gallup.com/poll/300680/coronavirus-response-hospitals-rated-best-news-media-worst.aspx

US Initial Jobless Claims soared to 3.283m.  Unfathomably, the consensus was only 1.7m.  Q4 GDP was the expected 2.1%.

After Trump announced his first step to resurrect the US economy, hell froze over!  NY Gov. Cuomo admitted that it was a mistake to shut down the NY economy. The US MSM ignored this for the obvious reasons but also because the NY echo chamber was promoting Cuomo to replace Biden.

Cuomo admits his decision to quarantine everyone at once was ‘not the best strategy’ and that he is ‘working on’ release of coronavirus antibody test that will allow people to go back to work

    He predicts that it will peak in a matter of weeks…

https://www.dailymail.co.uk/news/article-8156457/Cuomo-says-probably-not-best-strategy-quarantine-once.html

The MSM, Dems and Trump haters commanded Trump to listen to the scientific evidence in regard to shutting down the economy and opening it.  What will they say now?  They are all soooo screwed!!!

As of 20:00 ET, the MSM still had not mentioned the Imperial College reversal.  The MSM is loath to admit they are wrong, and they know that many Americans will believe that they facilitated the Covid-19 panic ‘to get Trump’.  The MSM knows the public will not easily forgive or forget the elements that caused them to lose jobs and wealth as well as suffer emotional distress and outright fear over the virus.

Early last night, the panic purveyors, tried to mitigate their egregious fear mongering by saying the 5 or 6 day shutdowns saved the world.  Good luck selling that to your victims.

Mount Sinai Hospital [NYC] emergency department is a ‘war zone,’ workers say December 9, 2019

They blamed staffing shortagesThree medical directors spent a day in the department on April 15, 2016, and were horrified… https://nypost.com/2019/12/09/mount-sinai-hospitals-emergency-department-is-a-war-zone-workers-say/

Fed Balance Sheet as of March 25, 2020 – Could get near $6 Trillion next week!  It’s clear what to do.

 

Those paying attention to RELIABLE data saw that the credit market was forecasting doom for stocks.  Those heeding RELIABLE this week saw that Covid-19 was not as lethal as initially forecasted.

 

@AlexBerenson: If one point has become obvious in the last 48 hours it is that we desperately need widespread COVID antibody testing to know how many people have already been exposed and help the modelers predict the future course. Fortunately they are coming soon.

 

While NIH failed to test coronavirus drugs, it studied drunk monkeys, soap operas, and tailgating

One expert told NIH 87.5% of studies may have been wasted…

https://justthenews.com/politics-policy/coronavirus/while-nih-failed-test-coronavirus-drugs-it-studied-drunk-monkeys-soap

 

@seanmdav: Pay attention to who’s rooting for America, and who’s rooting for a pandemic virus

   The corrupt corporate media who spent years lying to you about the 2016 election, non-existent Russian collusion, tax cuts, net neutrality, Brett Kavanaugh, and Ukraine didn’t magically start telling you the truth about the Wuhan coronavirus.

 

@JordanSchachtel: Everywhere that COVID-19 hits hardest, this is a very common theme.  Multi-generational families living together: Wuhan, Lombardy, Spain, Queens, etc. Remember, COVID-19 spreads in confined spaces. Lockdown is the antithesis to stopping the spread.

WaPo: Joe Biden: When a woman alleges sexual assault, presume she is telling the truth   9/17/18

Biden added, “For a woman to come forward in the glaring lights of focus, nationally, you’ve got to start off with the presumption that at least the essence of what she’s talking about is real, whether or not she forgets facts, whether or not it’s been made worse or better over time. But nobody fails to understand that this is like jumping into a cauldron.”…  https://www.washingtonpost.com/politics/joe-biden-when-a-woman-alleges-sexual-assault-presume-she-is-telling-the-truth/2018/09/17/7718c532-badd-11e8-a8aa-860695e7f3fc_story.html

Biden Sexual Assault Accuser Rocks His Campaign: ‘To Him I’m Nothing’

This accuser says that Biden placed his hands underneath her clothing and…

https://nationalfile.com/biden-sexual-assault-accuser-rocks-his-campaign-to-him-im-nothing/

@bespokeinvest: Biden has seen a 10-point drop in the last month in his odds for the Democratic nomination on both @maximlott and @PredictIt

BIDEN: Haunted By Son’s China Dealings; Donor Steered Missile Technology to China

Democrat presidential candidate Joe Biden is propped up by donor Bernard Schwartz, whose donations to former President Bill Clinton’s political infrastructure in the 1990’s allowed Schwartz to sell his U.S. satellite technology to China to use on Chinese rockets… [GOP Senate leaders prohibited Chief Counsel Schippers from prosecuting Clinton on this at his Senate trial.  You can guess as to why.]

    Schwartz donated between $500,000 to $999,999 to the now defunct Biden Foundation…Schwartz was instrumental in pressuring Nancy Pelosi and Chuck Schumer to engineer the plot that led to Biden becoming the presumptive nominee instead of insurgent socialist Bernie Sanders…Schwartz’s China dealings should also come under scrutiny…

    “In June 1994, the CEO of Loral Space and Communications, Bernard Schwartz, made a $100,000 contribution to the Democratic National Committee. He then joined a Ron Brown trip to China that led to a $250 million telecommunications deal for Loral’s satellites to be launched by Chinese rockets.

    In October 1994, Clinton lifted the sanctions he had imposed on China for selling missile technology to Pakistan. In early 1995, Schwartz sent a letter to Clinton urging that responsibility for satellite-export licenses be shifted from the State Department to the Commerce Department. Meanwhile, both Schwartz and Johnny Chung made more huge donations, in excess of $100,000, to the Democratic Party…

   On February 6, 1996, despite reports that China continued to export nuclear technology to Pakistan and missiles to Iran, and over the objections of our State and Defense Departments, Clinton signed waivers for four U.S. satellites to be launched by Chinese rockets…

https://nationalfile.com/biden-haunted-by-sons-china-dealings-donor-steered-missile-technology-to-china/

 

Judicial Watch: House Lawyers for Adam Schiff Assert Privilege over Schiff Subpoenas of Impeachment Phone Records   https://www.judicialwatch.org/press-releases/judicial-watch-house-lawyers-for-adam-schiff-assert-privilege-over-schiff-subpoenas-of-impeachment-phone-records/

Fox legal analyst @GreggJarrett: ‘Ya gotta admire the hypocrisy (and stupidity) of Adam Schiff. It’s okay for him to assert a government privilege. But when Trump does it, it’s an Article of Impeachment. Schiff reminds me of what Holden Caulfield said, “All morons hate it when you call them a moron.”…

Professors Worry Their Bias Will Be Exposed by Online Classes – Kirk’s call to action [record bias] https://www.breitbart.com/tech/2020/03/26/professors-worry-their-bias-will-be-exposed-by-online-classes/amp/

 

Well that is all for today

I will see you MONDAY night.

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: