MARCH 31//COMEX BROKEN AS PHYSICAL GOLD MUCH HIGHER THAN PAPER GOLD//PAPER GOLD DOWN $32.70 TO $1588.30//SILVER UP 2 CENTS TO $13.96// A MASSIVE 79.8 TONNES OF GOLD STANDING AT THE COMEX//NEW YORK, NEW ORLEANS, DETROIT ARE THE BIG HOT POINTS FOR THE CORONAVIRUS//RIOTING IS OCCURRING IN ITALY//.HUGE CORONAVIRUS STORIES FROM THE USA//SWAMP STORIES//

GOLD:$1588.30  DOWN $32.70   The quote is London spot price

 

 

 

 

Silver:$13.96//UP $0.02  London spot price  

Closing access prices:  London spot

 

 

 

 

 

Gold : $1574.00  LONDON SPOT

 

SILVER:  $14.96//LONDON SPOT

 

APRIL comex gold price CLOSE:  $1590.20

JUNE GOLD:  $1603.00

 

SILVER APRIL COMEX CLOSE:  $14.02

SILVER MAY COMEX CLOSE;   $14.13

 

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: 6875/17,302

 

AND ISSUING: 11,931 CONTRACTS

EXCHANGE: COMEX
CONTRACT: APRIL 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,622.000000000 USD
INTENT DATE: 03/30/2020 DELIVERY DATE: 04/01/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 H GOLDMAN 1236
099 H DB AG 990
104 C MIZUHO 3
118 H MACQUARIE FUT 1989
132 C SG AMERICAS 70
152 C DORMAN TRADING 37
190 H BMO CAPITAL 400
323 C HSBC 35
323 H HSBC 206
332 H STANDARD CHARTE 1232
355 C CREDIT SUISSE 23 348
357 C WEDBUSH 102
435 H SCOTIA CAPITAL 2351
624 C BOFA SECURITIES 562
657 C MORGAN STANLEY 388 367
657 H MORGAN STANLEY 720
661 C JP MORGAN 4931 6875
661 H JP MORGAN 7000
685 C RJ OBRIEN 52
686 C INTL FCSTONE 337
690 C ABN AMRO 55 1374
709 C BARCLAYS 172
737 C ADVANTAGE 119
800 C MAREX SPEC 56

DLV615-T CME CLEARING
BUSINESS DATE: 03/30/2020 DAILY DELIVERY NOTICES RUN DATE: 03/30/2020
PRODUCT GROUP: METALS RUN TIME: 00:48:48
878 C PHILLIP CAPITAL 13
880 C CITIGROUP 241 32
880 H CITIGROUP 1714
905 C ADM 574
____________________________________________________________________________________________

TOTAL: 17,302 17,302
MONTH TO DATE: 17,302

 

 

NUMBER OF NOTICES FILED TODAY FOR  MAR CONTRACT: 17,302 NOTICE(S) FOR 1,730,200 OZ (53.81 tonnes)* ALL TIME RECORD FOR A FIRST DAY NOTICE

TOTAL NUMBER OF NOTICES FILED SO FAR:  17302 NOTICES FOR 1,730,200 OZ  (53.81 TONNES)

 

 

 

 

SILVER

 

FOR MARCH

 

 

720 NOTICE(S) FILED TODAY FOR 3,600,000  OZ/

total number of notices filed so far this month: 720 for 3,600,000 oz

 

BITCOIN MORNING QUOTE  $6384 DOWN $24 

 

BITCOIN AFTERNOON QUOTE.: $6651 DOWN $85

 

GLD AND SLV INVENTORIES:

WITH GOLD DOWN $32.70: WITH NO PHYSICAL TO BE FOUND ANYWHERE:

WITH ALL REFINERS CLOSED WHERE ARE THEY GETTING THE “PHYSICAL”

WE HAD A STRONG DEPOSIT OF 10.84 TONNES

 

GLD: 964.38 TONNES OF GOLD//

 

 

WITH SILVER UP 2 CENTS TODAY: AND WITH NO SILVER AROUND

 

A HUGE CHANGE IN SILVER INVENTORY: A MONSTROUS PAPER DEPOSIT OF 1.679 MILLION OZ INTO THE SLV

 

 

RESTING SLV INVENTORY TONIGHT:

SLV: 395.181  MILLION OZ./

 

 

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI FELL BY A CONSIDERABLE SIZED 2336 CONTRACTS FROM 141,625 DOWN TO 139,289 AND FURTHER FROM OUR NEW RECORD OF 244,710, (FEB 25/2020.  THE CONSIDERABLE LOSS IN OI OCCURRED WITH OUR  44 CENT LOSS IN SILVER PRICING AT THE COMEX. WE MAY HAVE HAD SOME LONG LIQUIDATION. HOWEVER IT SEEMS THAT MOST OF THE LOSS IN OI IS DUE TO  BANKER SHORT COVERING PLUS A FAIR EXCHANGE FOR PHYSICAL ISSUANCE. WE HAD A CONSIDERABLE NET LOSS IN OUR TWO EXCHANGES OF 2087 CONTRACTS  (SEE CALCULATIONS BELOW)

 

 

WE HAVE ALSO WITNESSED A SMALL 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 SMALL SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:   MARCH:  00 AND MAY: 249 AND JULY: 0 ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  249 CONTRACTS. WITH THE TRANSFER OF 249 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 249 EFP CONTRACTS TRANSLATES INTO 14.795 MILLION OZ  ACCOMPANYING:

1.THE 44 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 FINAL STANDING FOR MAR

3.790  MILLION OZ INITIALLY STANDING FOR APRIL

 

MONDAY, 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 44 CENTS).. AND, OUR OFFICIAL SECTOR/BANKERS MAY HAVE BEEN UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE SOME  SILVER LONGS FROM THEIR POSITIONS, AS WE DID HAVE A STRONG NET LOSS OF 2087 CONTRACTS OR 10.435 MILLION OZ ON THE TWO EXCHANGES! YOU CAN BET THE FARM THAT OUR BANKER  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER.

 

 

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

90,456 CONTRACTS (FOR 22 TRADING DAYS TOTAL 90,456 CONTRACTS) OR 452.280 MILLION OZ: (AVERAGE PER DAY: 4111 CONTRACTS OR 20.558 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR: 452.280 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 64.43% 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:          893.49 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…..          452.280 MILLION OZ (22 TRADING DAYS AND ALREADY HUGELY SURPASSES FEB AND JAN MONTHLY TOTALS//AND A NEW RECORD FOR THE MONTH)

 

 

RESULT: WE HAD A CONSIDERABLE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2336, WITH THE   $0.44 LOSS IN SILVER PRICING AT THE COMEX /MONDAY… THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 249 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 STRONG  TOTAL OI CONTRACTS ON THE TWO EXCHANGES:  2087 CONTRACTS (WITH THE 44 CENT LOSS IN PRICE)

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 249 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH DECREASE OF 2336 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH A 44 CENT LOSS IN PRICE OF SILVER/ AND A CLOSING PRICE OF $13.94 // MONDAY’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. 0.710 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: 720 NOTICE(S) FOR  3600,000 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/APRIL 3.79 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 CONSIDERABLE 5132 CONTRACTS TO 518,054 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 COMEX LOSS IN PRICE  OF $6.10 /// COMEX GOLD TRADING// MONDAY// 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 FALL IN THE PAPER PRICE OF GOLD.  THE LOSS ON THE COMEX WAS DUE TO ENDING OF THE  LIQUIDATION OF OUR SPREADERS ( A MINUS),  CONSIDERABLE BANKER SHORT COVERING ( A POSITIVE) AND OUR NORMAL ATMOSPHERIC GAIN IN EXCHANGE FOR PHYSICALS (POSITIVE). WE GAINED A STRONG 6269 CONTRACTS  (19.49 TONNES) ON OUR TWO EXCHANGES.

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A HUMONGOUS AND CRIMINALLY SIZED 11,010 CONTRACTS:

CONTRACTS, FEB>  CONTRACTS; MARCH 00 APRIL: 00. MAY: 0, AND JUNE 11,401.; DEC 0 AND ALL OTHER MONTHS ZERO//TOTAL: 11,401.  The NEW COMEX OI for the gold complex rests at 518,054. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A STRONG INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 6269 CONTRACTS: 5,132 CONTRACTS DECREASED AT THE COMEX AND 11,401 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 6269 CONTRACTS OR 19.49 TONNES. MONDAY, WE HAD A CONSIDERABLE LOSS OF $6.10 IN GOLD TRADING…...

AND WITH THAT CONSIDERABLE FALL IN  PRICE, SURPRISINGLY WE  HAD A STRONG SIZED GAIN IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 19.49  TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR WERE SUPPLYING INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON. THE BANKERS WERE SUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (FALL $6.10). BUT IT SEEMS THAT THEIR ATTEMPT TO FLEECE ANY GOLD LONGS FROM THE GOLD ARENA WERE UNSUCCESSFUL  ( SEE BELOW) 

 

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

 WE HAD  A STRONG INCREASE IN EXCHANGE FOR PHYSICALS  (11,401) ACCOMPANYING THE CONSIDERABLE LOSS IN COMEX OI.(5,132 OI):  TOTAL GAIN IN THE TWO EXCHANGES:  6,269 CONTRACTS.  WE NO DOUBT HAD 1 )HUGE BANKER SHORT COVERING, 2.)A MONSTROUS  STANDING AT THE GOLD COMEX FOR THE FRONT APRIL MONTH,  3) NO LONG LIQUIDATION AND  4/ THE FINAL SPREADER LIQUIDATION (ENDS MARCH 31)///…ALL OF THIS WAS COUPLED WITH THAT  PAPER LOSS IN GOLD PRICE TRADING//MONDAY

 

 

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 : 353,308 CONTRACTS OR 35,330,800 oz OR 1,098.93* TONNES (22 TRADING DAYS AND THUS AVERAGING: 16,059 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 22 TRADING DAY(S) IN  TONNES: 1,098.93 TONNES

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

THUS EFP TRANSFERS REPRESENTS 1098.93/3550 x 100% TONNES =30.95% OF GLOBAL ANNUAL PRODUCTION

ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD HAS EXPLODED THIS MONTH.

 

 

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE   2322.90  TONNES

JANUARY 2220 TOTAL EFP ISSUANCE; : 570.19 TONNES

FEB 2020 TOTAL EFP ISSUANCE :            653.78 TONNES

MARCH TOTAL EFP ISSUANCE SO FAR   1,098.93  TONNES  (//(*22 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 CONSIDERABLE SIZED 2336 CONTRACTS FROM 141,625 DOWN TO 139,289 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) HUGE BANKER SHORT COVERING , 2) THE ISSUANCE OF A SMALL NUMBER OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A STRONG INCREASE IN SILVER OZ STANDING AT THE COMEX FOR APRIL AND 4) MAYBE A SMALL  AMOUNT OF LONG LIQUIDATION 

 

 

EFP ISSUANCE 249 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: 249; JULY: 00 CONTRACTS   AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 249 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 2336 CONTRACTS TO THE 249 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A VERY STRONG LOSS OF 2087 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES  10.435 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//APRIL 3.79 MILLION OZ//

 

 

RESULT: A CONSIDERABLE SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE 44 CENT LOSS IN PRICING THAT SILVER UNDERTOOK IN PRICING// MONDAY. WE ALSO HAD A VERY STRONG SIZED 249 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)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 3.08 POINTS OR 1.04%  //Hang Sang CLOSED UP 428.37 POINTS OR 1.85%   /The Nikkei closed DOWN 167.96 POINTS OR 0.88%//Australia’s all ordinaires CLOSED DOWN 1.61%

/Chinese yuan (ONSHORE) closed DOWN  at 7.1006 /Oil UP TO 21.66 dollars per barrel for WTI and 27.55 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.1006 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.1069 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

 

4/EUROPEAN AFFAIRS

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

6.Global Issues

 

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

9. PHYSICAL MARKETS

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

iii) Important USA Economic Stories

iv) Swamp commentaries)

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

 

 

LET US BEGIN:

Let us head over to the comex:

THE TOTAL COMEX GOLD OPEN INTEREST  FELL 5132 CONTRACTS TO 518,660 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 COMEX OI LOSS WAS SET WITH A STRONG PAPER LOSS OF $6.10 IN GOLD PRICING //MONDAY’S  COMEX TRADING//). HOWEVER WE ALSO HAD A VERY STRONG EFP ISSUANCE (11,401 CONTRACTS),.  THUS WE HAD 1) HUGE BANKER SHORT COVERING AT THE COMEX AND 2) FINALIZATION OF SPREADER LIQUIDATION WITH 3) ZERO LONG LIQUIDATION AND 4) MONSTROUS INCREASE IN GOLD OZ STANDING AT THE COMEX WITH THAT HUGE STANDING FOR FIRST DAY NOTICE APRIL/GOLD…  AS WE ENGINEERED A STRONG GAIN ON TWO EXCHANGES OF 6269 CONTRACTS.

 

 

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 11,401 EFP CONTRACTS WERE ISSUED:

 FEB: 0; MARCH 00 AND APRIL: 0, MAY: 0  JUNE : 11401 AND 0 FOR DEC AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 11,401 CONTRACTS.

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES:  6269 TOTAL CONTRACTS IN THAT 11,401 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A CONSIDERABLE SIZED 5132 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 SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL BY $6.10). THEY WERE MOST DEFINITELY  UNSUCCESSFUL IN FLEECING ANY LONGS, AS THE TOTAL GAIN ON THE TWO EXCHANGES 19.49 TONNES WAS MAINLY DUE TO BANKER SHORT COVERING, ISSUANCE OF EXCHANGE FOR PHYSICAL ISSUANCE AND THE FINALIZATION OF LIQUIDATION OF OUR SPREADERS..AND A MONSTROUS STANDING FOR GOLD IN APRIL 

 

 

NET GAIN ON THE TWO EXCHANGES :: 6269 CONTRACTS OR 626900 OZ OR 19.49 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:  518,054 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 51.80 MILLION OZ/32,150 OZ PER TONNE =  1613 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1613/2200 OR 73.32% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 159,751 contracts

CONFIRMED COMEX VOL. FOR YESTERDAY189,302 contracts//

MARCH 31

APRIL GOLD CONTRACT MONTH

 

 

 

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  

187,787.057

OZ

BRINKS

HSBC

 

LOOMIS

 

No of oz served (contracts) today
17,302 notice(s)
 1,730,200 OZ
(53.81 TONNES)
No of oz to be served (notices)
8363 contracts
(836300 oz)
26.01 TONNES
Total monthly oz gold served (contracts) so far this month
17,302 notices
1,730,200 OZ
53.81 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 0 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: 5260.38

 

III) Into brinks:  176,026.727 oz

iv) Into HSBC:  2499.500 oz

 

 

 

 

total deposits: 187,787.057  oz  or 5.84 tonnes

 

 

we had 0 gold withdrawals from the customer account:

 

 

 

total gold withdrawals;  NIL   oz

ADJUSTMENTS: 5

4 out of 5 are customer into the dealer account:

a)out of Brinks:  101,079.190 oz

b) Out of Delaware: 3299.820 oz

c) Out of JPMorgan:  400,113.594 oz

d) Out of Scotia:  68,195.779 oz

and the 5th:

out of Int Delaware:  4243.932 oz was adjusted out of the dealer and this landed into the customer account of Int. Del

net movement to the dealer: 18.18 tonnes

 

 

 

The front month of APRIL saw its open interest register 25,665 contracts.  And thus by definition, the initial amount of gold oz standing in this active delivery month of April is as follows:

25,665 contracts x 100 oz per contract  =  25,665 oz or 79.82 tonnes.  This is a record amount of gold to stand in any month at the comex from inception.

 

 

May saw its ANOTHER GAIN of 461 contracts to stand at  2334.

June saw a GAIN of 738 contracts up to 368,350

 

 

We had 17,302 notices filed today for 1,730,200 oz

 

FOR THE  APRIL 2020 CONTRACT MONTH)Today, 7000 notice(s) were issued from JPMorgan dealer account and 4931 notices were issued from their client or customer account. The total of all issuance by all participants equates to 17,302 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 6875 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 APRIL /2020. contract month, we take the total number of notices filed so far for the month (17,302) x 100 oz , to which we add the difference between the open interest for the front month of  APRIL. (25,665 CONTRACTS ) minus the number of notices served upon today (17,302 x 100 oz per contract) equals 2,566,500 OZ OR 79.82 TONNES) the number of ounces standing in this  active month of APRIL

thus the INITIAL standings for gold for the APRIL/2020 contract month:

No of notices served (17,302)x 100 oz)  + (25,665 OI for the front month minus the number of notices served upon today (17302 x 100 oz )which equals 2,566,500 oz standing OR 79.82 TONNES in this active delivery month which is  a great amount for gold standing for a APRIL. delivery month.

 

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:  517,645.900  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 97.75 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS

total registered or dealer gold:   3,660,375.507 oz or  113.85 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: 3,142,729.6  (97,75 tonnes)
true registered gold  (total registered – pledged tonnes  3,142,729.6 oz (97.75 tonnes)

total registered, pledged  and eligible (customer) gold;   9,245,460.139 oz 287.57 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

MARCH 31/2019

And now for the wild silver comex results

Total COMEX silver OI FELL BY A CONSIDERABLE SIZED 2336 CONTRACTS FROM 141,483 DOWN TO 139,289 (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 LARGE 44 CENT DECREASE IN PRICING/MONDAY.  THE LOSS IN OI OCCURRED WITH 1)  A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS 2) STRONG INCREASE IN SILVER OZ STANDING AT THE COMEX, 3)  HUGE  BANKER SHORT COVERING COUPLED WITH PERHAPS SOME  LONG LIQUIDATION. 

WE ARE NOW INTO THE  ACTIVE DELIVERY MONTH OF APRIL

.APRIL ACTIVE DELIVERY MONTH.

 

THE FRONT MONTH OF APRIL HAS A TOTAL OPEN INTEREST OF 758 CONTRACTS AND THUS BY DEFINITION THE TOTAL AMOUNT OF SILVER STANDING IN THIS NON ACTIVE DELIVERY MONTH OF APRIL IS AS FOLLOWS:

 

758  X 5000 OZ PER CONTRACT  =  3,790,000 OZ

 

. THE BIG CONTRACT OF MAY SAW ITS OI FALL  BY 3581 DOWN TO 79,477.

 

 

We, today, had  720 notice(s) FILED  for 3,600,000, OZ for the MAR, 2019 COMEX contract for silver

MARCH 31/2019

 

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 186,476.507 oz
Brinks
Int. Delaware
Delaware
Scotia

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
601,332.340 oz
CNT
No of oz served today (contracts)
720
CONTRACT(S)
(3,660,000 OZ)
No of oz to be served (notices)
x contracts
 XX oz)
Total monthly oz silver served (contracts)  720 contracts

3,600,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

total dealer deposits: 0 oz

total dealer withdrawals: 0 oz

i)we had  1 deposits into the customer account

into JPMorgan:   0

ii)into CNT:  601,332.340 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/321.002 million

total customer deposits today: 1,188,164.380   oz

we had 3 withdrawals:

 

i) Out of  int Delaware:  4884.374  oz

ii) Out of Brinks; 421,400.914 oz

 

iii) Out of Delaware: 20,087.670 oz

 

 

 

 

total withdrawals;  446,372.958  oz

We had 4 adjustments: and all from the dealer to the customer:

Brinks:  46,446.500 oz

ii) Int Delaware: 129,987.197 oz

iii) Out of Scotia; 10,042.810

 

 

total dealer silver:  82.183 million

total dealer + customer silver:  321.002 million oz

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The total number of notices filed today for the MAR 2020. contract month is represented by 720 contract(s) FOR 3600,000 oz

To calculate the number of silver ounces that will stand for delivery in APRIL we take the total number of notices filed for the month so far at 720 x 5,000 oz = 3,600,000 oz to which we add the difference between the open interest for the front month of APRIL.( 758) and the number of notices served upon today 720 x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the APRIL/2019 contract month: 720 (notices served so far) x 5000 oz + OI for front month of APRIL (758)- number of notices served upon today (720) x 5000 oz equals 3,790,000 oz of silver standing for the APRIL contract month.

 

 

 

 

 

 

TODAY’S ESTIMATED SILVER VOLUME:  56,473 CONTRACTS //

 

 

 

CONFIRMED VOLUME FOR YESTERDAY:  70,435 CONTRACTS..,

 

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 70,435 CONTRACTS EQUATES to 352 million  OZ  50.3% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

 

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

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

end

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 -1.11% 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 31//WITH GOLD DOWN $32.70//A MONSTROUS PAPER DEPOSIT OF 10.84 TONNES INTO THE GLD//INVENTORY RESTS AT 964.38 TONNES

MARCH 30/WITH GOLD DOWN $6.10 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 953.54 TONNES

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 31/2020/Inventory rests tonight at 953.54 tonnes

*IN LAST 790 TRADING DAYS: +19.69 NET TONNES HAVE BEEN REMOVED FROM THE GLD

*LAST 690 TRADING DAYS;+ 194.67. TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

end

 

Now the SLV Inventory/

MARCH 31/WITH SILVER UP 2 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY: A DEPOSIT OF 1.679 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 375.181 MILLION OZ//

MARCH 30/WITH SILVER DOWN 44 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 393.502 MILLION OZ.

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 31.2020:

SLV INVENTORY RESTS TONIGHT AT  395.181 MILLION OZ.

 

END

 

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

6 Month MM GOFO 3.01/ and libor 6 month duration 1.09

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

G0LD LENDING RATE: – 1.92

GOLD NOWHERE TO BE FOUND

 

XXXXXXXX

12 Month MM GOFO
+ 1.68%

LIBOR FOR 12 MONTH DURATION: 1.01

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = -.67

GOLD NOWHERE TO BE FOUND

end

 

 

 

 

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

Gold Bar Shortage Deepens: Credit Suisse Tell Clients “Do Not Bother Asking” for Gold Bars

* GoldCore remains open for business and when they become available we are buying coins and bars from our government mint and large refinery suppliers and from our clients. Premiums have surged and we are paying 1.5% over spot to clients for gold kilo bars and higher premiums for smaller bars and bullion coins (1 oz). We are only selling to clients who have cleared funds on account and are on our Buyer’s List.

* ‘Epic’ gold shortage prompts preppers, bankers and high net worth alike to try and acquire ‘unaffordium and unobtanium’ gold but mints, refiners, banks and dealers globally are sold out.

* As the coronavirus pandemic takes hold, retail and institutional investors and banks are encountering severe shortages of gold bars and coins according to industry participants (see Wall Street Journal story below).

* Epic gold shortage prompts those concerned about systemic collapse including preppers, bankers and high net worth alike to try and acquire gold bullion which has become ‘unobtanium’.

* Credit Suisse Group AG, which has minted its own bars since 1856, told clients this week “not to bother asking” for gold bars.

* Dealers are sold out or closed for the duration and in London, bankers are chartering private jets and trying to finagle military cargo planes to get their bullion to New York exchanges, according to the WSJ.

* Gold prices are consolidating after the near 8% gain last week and remain one of the best performing assets in the last twelve months and year to date.

-END-

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Russia states that it will stop its purchases of gold from Russian owned gold mines. The country did not say whether they will sell their 200 tonnes of production

(Bloomberg)

Russia will stop purchases of domestic gold

 Section: 

By Yuliya Fedorinova and Elena Mazneva
Bloomberg News
Monday, March 30, 2020

Russia’s central bank, the world’s biggest bullion buyer, will stop domestic gold purchases starting next month.

The central bank didn’t explain the move, saying only that future decisions will depend on the state of financial markets, according to a statement released today.

… 

The coronavirus outbreak has upended the global gold market by grounding thousands of flights that deliver the metal to banks and dealers around the world, causing shortages in key markets. While there’s plenty of metal available, it’s not always in the right place.

More gold from Russia could ease the tightness in the market. Suppliers may turn to chartered flights as a way to reach key buyers, said Eduard Rybkin, deputy head of the precious metals division at Lanta Bank in Moscow. …

… For the remainder of the report:

https://www.bnnbloomberg.ca/russia-the-world-s-biggest-buyer-of-gold-wil…

end

This could be far reaching: an employee of the uSA mint at West Point has caught the virus and thus they are temporarily shutting down

(Silver Doctors/SDBullion/GATA)

Employee of U.S. Mint at West Point has virus, prompting temporary shutdown

 Section: 

From Silver Doctors / SD Bullion
Ottawa Lake, Michigan

Monday, March 30, 2020

A police officer at the U.S. Mint at West Point, New York, has tested positive for Covid-19 and now the mint has temporarily shut down.

In an email forwarded to us today, we can confirm that the mint is temporarily being shut down.

..Not only is no bullion being produced, but authorized purchasers are not able to get their “allocation” of West Point gold and silver bullion.

This is coming on the heels of the U.S. Mint’s closing stores and tours in various locations, and during the time when we’re halfway though a two week Royal Canadian Mint shutdown. …

… For the remainder of the report:

https://www.silverdoctors.com/headlines/world-news/us-mint-employee-test…

end

I have been saying this for years;

(GATA )First Majestic’s Keith Neumeyer: Miners should stop supplying the Comex

Submitted by cpowell on 05:21PM ET Tuesday, March 31, 2020. Section: Daily Dispatches

1:26p ET Tuesday, March 31, 2020

Dear Friend of GATA and Gold:

Interviewed last week by Bill Powers of Mining Stock Education, First Majestic Silver President and CEO Keith Neumeyer notes that Comex futures prices for gold and silver don’t come close to reflecting prices for real metal. Since the futures markets are so manipulated by central banks and bullion banks, Neumeyer said, miners should stop dealing with the futures markets. The interview is a half hour long and can be heard at YouTube here:

https://www.youtube.com/watch? v=mmOkpRYjIc8

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

iii) Other physical stories:

THE NEW FRAUDULENT 4 GC GOLD CONTRACT

(Ronan Manly)

COMEX Can’t Find Any 400 Oz Bars For Its New Gold Futures Contract

Submitted by Ronan Manly, BullionStar.com

With continuing problems besieging the tag team COMEX – LBMA paper gold markets where the front month gold futures contract (now June) continues to trade above the London spot price of price, the contango that emerged a week ago between the New York – London ‘gold price discovery’ duopoly shows no sign of abating.

NYLON (New York and London)

While the pricing suggests that the core ailment relates to bullion bank liquidity problems faced by market makers in the London ‘gold’ market, this didn’t stop the London Bullion Market Association (LBMA) rushing out a statement last Tuesday, March 24, in an attempt to shift focus to CME’s COMEX, saying that:

“The London gold market continues to be open for business. There has, however, been some impact on liquidity arising from price volatility in Comex 100oz futures contracts. LBMA has offered its support to CME Group to facilitate physical delivery in New York and is working closely with COMEX and other key stakeholders to ensure the efficient running of the global gold market.”

Notwithstanding that on Tuesday 23 March, the London market had seen gold bid-ask spot spreads blowing out to US$ 100 and LBMA market makers breaching their responsibility to actively provide two-way price quotations, the LBMA forged ahead with pinning the blame on COMEX, and bizarrely offered to support COMEX to ‘facilitate physical delivery in New York’.

What this meant, said LBMA-embedded news wire Reuters, was that:

“the LBMA and executives at major gold-trading banks asked CME to allow 400-ounce bars to be used to settle Comex contracts”

Next day, Wednesday March 25, the CME played out its part of the script, announcing the launch of a “new gold futures contract with expanded delivery options that include 100-troy ounce, 400-troy ounce and 1-kilo gold bars” but a contract which still has a unit size of 100 ounces, identical to the COMEX flagship GC 100 contract.

Enhanced Delivery – When Black is White

Who launches a new exchange traded product in the middle of the biggest financial crisis for generations? Only a set of panicking bankers it would seem. And who has a fully developed new gold futures contract waiting in the wings  to roll out the day after the gold market blows up? The same panicking bankers.

Unbelievably, the CME has christened this new contract as the ‘Gold (Enhanced Delivery) futures contract” (code 4GC) which will, according to the CME script “enable delivery in New York City of Kilo, 100 oz and 400 oz bar sizes for maximum flexibility.

 

COMEX, part of the CME Group

With COMEX gold futures de facto physically deliverable in name only and loco London gold never delivered on to the COMEX despite the disinformation campaign from the LBMA, the last thing on the minds of the CME-LBMA axis is ‘delivery in New York City’.

What is on the minds of  the LBMA bullion banks though is that, unable to control the COMEX gold price contango, they are now rushing to put in place a tighter leash for the existing GC 100 ounce contract, which they will now have with inter-commodity spreads between 4GC and GC, all under the control of unallocated gold in London.

COMEX ACEs vs Penn and Teller

While the mechanics of the new 4GC contract are left for future analysis, some people may be asking how can a 400 oz gold bar, the kind that are held by central banks, be used to physically settle a gold futures contract with a unit size of 100 ozs. For that the CME has rolled out one of its more sleight of hand tricks, introducing the CME’s Accumulated Certificates of Exchange (“ACE”) mechanism, an illusion which Penn and Teller would be proud of.

A 400 oz bar”, says the CME “cannot be used to facilitate delivery of a single contract with a unit size of 100 oz due to its larger size.

Therefore:

The ACE mechanism facilitates the conversion of 400 oz bars in fractional units which can be used for delivery. Once a 400 oz bar is warranted, it can be assigned to the Clearing House, and in return the Clearing House will issue four ACEs.

Each ACE will represent an equal share of ownership of the larger bar. That means that each 400 oz bar will result in the issuance of 4 ACEs. ACEs can only be issued against the 400 oz bars, not the smaller 100 oz or kilo bars.”

And just like that, when you thought bullion bankers and their frontmen, the CME and LBMA, could not create even more paper gold, they just went ahead and did. And it gets better, since according to the CME:

Once issued, ACEs can be held as long as necessary. A client can use ACEs to comply with short delivery requirements (1 ACEs reflecting one futures contract of 100 oz) or it can be swapped back against a 400 oz bar by exchanging 4 ACEs. A customer can comply with delivery requirements with ACEs or regular bars, or a combination of both.

A totally new meaning to holding all the ACEs.

‘COMEX – We have a Problem’

Fast forward March 30, and with the new ‘Gold Enhanced Delivery futures’ contract ready to start trading, the COMEX daily gold vault inventory report (which lists nine approved vaults in New York City and surrounding areas) has just been published showing a new set of lines items for 400 oz bars, but, and here is the punchline, there are absolutely no 400 oz gold bars listed on the entire report. Not one.

 

400 oz gold bar – Familiar to central banks but not to COMEX

This means there are ZERO ounces of gold in the COMEX vaults in the form of 400 oz gold bars. For example, while the JP Morgan vault (JP MORGAN CHASE BANK NA) shows positive quantities for gold ounces in the form of 100 oz bars or 1 kilo bars classified as ‘Registered’ or ‘Eligible’, the separate 400 oz line items under the heading ‘JP MORGAN CHASE BANK NA – ENHANCED DELIVERY (400 OZ AND BRANDS)’ shows just repeated 0.000s.

In COMEX parlance, registered gold means gold currently in the approved vaults that COMEX approved vault operators previously attached warrants to as part of the COMEX futures delivery process. On the other hand, eligible gold is unrelated to COMEX gold futures trading, and could be owned by anyone, for example mints, refineries, jewellery companies, investment funds, banks or individuals.

In addition to JP Morgan, the new line items for 400 oz gold bar vault holdings is repeated across six other vaults, namely the vaults of the three security transport carriers Brinks, Loomis and Malca-Amit, the two Delaware approved vaults of Delaware Depository and IDS of Delaware, and Manhattan based Manfra, Tordella, and Brookes (MTB).

 

Extract from COMEX gold inventory vault report, March 30 2020

But very suspiciously, and this is the other key point, the two other big vault operators that along with JP Morgan dominate COMEX vaulting in New York, namely HSBC and Bank of Nova Scotia, do not have new line items on the report for the new 400 oz gold bar category. HSBC  and Scotia are mysteriously absent. Does this mean these vaults are holding back on reporting 400 oz bars are have asked for an exclusion? Because any 400 oz bars would have to be reported under the Eligible gold category.

Conclusion

So what does all of this mean? Is there not even one vaulted 400 oz gold bar in the whole of New York? Why is COMEX rushing in a new contract deliverable in 400 oz gold bars when it is reporting that there are zero 400 oz gold bars in its approved vaults. Is this all just a smoke and mirrors exercise with the bullion bankers in London and New York laughing over champagne as mainstream new reports claim the very same bankers are scrambling to charter private jets laden with gold bars from London to New York?
And finally, are JP Morgan vault staff currently scrambling to rush 400 oz gold bars across the tunnel between the NY Fed gold vault and Chase Manhattan gold vault under Liberty Street in southern Manhattan? Inquiring minds would like to know.

This article was originally published on the Bullionstar.com website under a similar title ‘COMEX can’t find a 400 oz bar for its new 400 oz gold futures contract‘.

END

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 7.1006/ GETTING VERY DANGEROUSLY PAST TO 7:1

//OFFSHORE YUAN:  7.1069   /shanghai bourse CLOSED UP 3.08 POINTS OR 0.11%

HANG SANG CLOSED UP 428.37 POINTS OR 1.85%

 

2. Nikkei closed DOWN 167.96 POINTS OR 0.88%

 

 

 

 

3. Europe stocks OPENED ALL MIXED/

 

 

 

USA dollar index UP TO 99.89/Euro FALLS TO 1.0943

3b Japan 10 year bond yield: FALLS TO. –.01/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.70/ 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:: 21.66 and Brent: 27.55

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.49%/Italian 10 yr bond yield DOWN to 1.49% /SPAIN 10 YR BOND YIELD DOWN TO 0.60%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.98: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.62

3k Gold at $1608.50 silver at: 14.08   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 112/100 in roubles/dollar) 78.34

3m oil into the 21 dollar handle for WTI and 27 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 108.70 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 .9669 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0582 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 0.49%

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 0.69% early this morning. Thirty year rate at 1.31%

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

6.  TURKISH LIRA:  UP  TO 6.5774..

Rally Fizzles, Futures Slide As Dollar Surge Returns

The torrid quarter-end rally which many attributed to a flood of forced pension fund buying as part of aggressive rebalancing, reversed overnight as US index futures reversed all overnight gains even as European stocks headed for a fifth increase in six sessions amid ongoing debate whether the market meltdown has ended despite the accelerating spread of the coronavirus (spoiler alert: no), while treasury yields dipped below 0.7% while the disconcerting dollar rally is back front and center.

S&P 500 futures rose as high as 2,640 before sliding back under 2,600 as politicians were said to contemplate a fourth round of stimulus, but they struggled to stay in the green as speculation the pension fund bid had faded. Oil producers Exxon Mobil Corp. and Occidental Petroleum Corp. jumped in the premarket thanks to a rebound in oil prices from 18-year lows after the United States and Russia agreed to discuss stabilizing energy markets.

In Europe, energy shares led gains in the Stoxx 600 Index after the World Health Organization said signs emerged of some stabilization in the region’s outbreak. A measure of European corporate-credit stress eased further. Even with today’s modest rebound Europe is still set for its worst quarter on record.

The US was no better, and despite the recent rally the slump from the mid February record highs has set the Dow Jones .on course for its worst first quarter ever, while the S&P 500 is on track for its worst since 1938.

Earlier in the session, Asian stocks were little changed, with energy rising and industrials falling despite China reported ridiculously strong manufacturing data, which saw the mfg PMI surge to three year highs, in what was a clear political message from Beijing that China’s economy had a V-shaped recovery and had put the coronavirus concerns behind it.

China’s official manufacturing purchasing managers’ index (PMI) bounced to 52.0 in March, up from a record-low 35.7 in February, but analysts cautioned that a durable near-term recovery is far from assured as the global coronavirus crisis knocks foreign demand.

As Bloomberg notes, signs of a recovery across equities worldwide have arrived at the end of their worst quarter since 2008, which has put investors in a quandary, questioning whether some $12 trillion in extraordinary monetary and fiscal stimulus by countries and central banks can counter further the global economy grinding to a halt as the outbreak spreads. New York City, which is emerging as the new epicenter of the pandemic, reported a 16% increase in deaths in six hours. Italy and the Netherlands are considering extending lockdowns, and Spain’s 849 deaths were the most in one day for the country.

“We just don’t know how long the lockdown or stasis of the world economy is going to be,” said Toby Lawson, head of global markets at Societe Generale Securities Australia, told Bloomberg TV. “It would be very premature to say that we’ve seen the bottom.”

In FX, the dollar rose at least 1% versus the euro and three other major peers. The yen sank as the end of Japan’s fiscal year brought positioning adjustments after suffering a mini flash crash at the Tokyo fixing. Japan’s ruling party proposed the country’s biggest-ever stimulus package worth 60 trillion yen ($554 billion). EUR/USD fell under 1.10 as the dollar extended gains for a second day, supported by month- and quarter-end flows; the Bloomberg Dollar Spot Index was set for its best quarter since 2016.

Elsewhere, Norway’s krone was the best performing currency of the day among Group-of-10 peers as oil prices rebound; the currency was still set for its worst quarter since 1992 against the greenback on the back of the worst quarter on record for oil. Yen declined on dollar demand from Japanese investors to re-balance their portfolios on the final day of the fiscal year. The Australian and New Zealand dollars gained with commodities after Chinese manufacturing activity rebounded strongly in March, boosting risk sentiment. The pound slumped and headed for its worst quarter since the 2016 Brexit referendum

Gilts fell after the U.K. Debt Management Office announced it will more than double its issuance to sell 45 billion pounds ($55 billion) of bonds in April, with four auctions being conducted per week. US Treasurys gained across the curve.

Expected data include Conference Board Consumer Confidence. Conagra, McCormick, and Blackberry are reporting earnings.

Market Snapshot

  • S&P 500 futures up 0.9% to 2,633.75
  • STOXX Europe 600 up 1.9% to 320.86
  • MXAP down 0.06% to 136.58
  • MXAPJ up 1.4% to 435.89
  • Nikkei down 0.9% to 18,917.01
  • Topix down 2.3% to 1,403.04
  • Hang Seng Index up 1.9% to 23,603.48
  • Shanghai Composite up 0.1% to 2,750.30
  • Sensex up 4% to 29,577.93
  • Australia S&P/ASX 200 down 2% to 5,076.83
  • Kospi up 2.2% to 1,754.64
  • German 10Y yield rose 1.3 bps to -0.477%
  • Euro down 0.5% to $1.0998
  • Italian 10Y yield rose 15.0 bps to 1.307%
  • Spanish 10Y yield fell 1.4 bps to 0.592%
  • Brent futures up 3% to $23.44/bbl
  • Gold spot down 0.9% to $1,607.97
  • U.S. Dollar Index up 0.3% to 99.45

Top Overnight News

  • Italy is discussing an extension of lockdown measures into May as European countries fight to contain the spread of the coronavirus, even as the outbreak shows signs of slowing
  • German unemployment rose by just 1,000 in March, significantly less than economists predicted, before far-reaching restrictions on business and movement sparked thousands of furloughs in Europe’s largest labor market
  • Stress is easing in dollar funding with key U.S. channels tentatively following overseas counterparts. The three-month dollar Libor fixing fell for the first time in over two weeks on Monday, while commercial paper rates — the yield on short-term notes issued by companies — also retreated
  • The worst quarter for credit markets since at least the global financial crisis is ending with some signs of improvement. Spreads on credit-default swaps and dollar bonds in Asia dropped Tuesday
  • Japan’s ruling party proposed the country’s biggest-ever stimulus package worth 60 trillion yen ($554 billion) as the spreading coronavirus locks the economy in a recession
  • A surge in hedging costs for Japanese investors has wiped out the attraction of a popular trade — French bonds. Yen investors had to pay as much as 0.7% to hedge their euro exposure for three months last week, surging from just above 0.2% last month, a Bloomberg gauge showed

Asia equity markets were mostly higher (before trimming some gains) as the region took its cue from the gains on Wall St following recent global stimulus efforts and with sentiment also underpinned by an improvement in the latest Chinese PMI figures. ASX 200 (-2%) and Nikkei 225 (-0.9%) were lifted from the open with early outperformance in Australia led by the largest weighted financials sector and with sentiment also boosted after yesterday’s record AUD 130bln stimulus announcement, while Japanese exporters initially benefitted from a weaker currency, although both indices then gave up the gains amid Q1-end rebalancing and amid some doubts regarding the Chinese data. Hang Seng (+1.3%) and Shanghai Comp. (+0.1%) conformed to the early constructive tone following encouraging Chinese PMI data in which headline Manufacturing and Non-Manufacturing PMI topped estimates and the Composite PMI also printed in expansion territory. However, gains in the mainland were somewhat limited as some downplayed the data given that it was a recovery from the prior month’s record low base and with China’s stats bureau warning the rebound does not mean the economy has returned to normal and that this month’s data alone cannot determine an improving trend. Finally, 10yr JGBs were pressured in a continuation of the pullback from the 153.00 level, with demand subdued by the early upbeat tone in risky assets and following weaker results at the 2yr JGB auction.

Top Asian News

  • Japan Plans Record 60 Trillion Yen Stimulus as Virus Spreads
  • Yunda Jumps After Report Alibaba Plans to Buy at Least 10% Stake
  • China Factory Rebound Hints Worst Is Over as Stimulus Lies Ahead
  • Hong Kong Retail Sales Plunge Record 44% in February on Virus

European equities trade on a firmer footing once again (Eurostoxx 50 +0.3%) as sentiment remains upbeat alongside quarter-end rebalancing flows and post-Chinese PMI metrics, albeit stocks have drifted off highs. On the data front, price garnered some support from the last survey data out of China in which headline Manufacturing and Non-Manufacturing PMI topped estimates and the Composite PMI also printed in expansion territory. However, it is worth noting that some desks have downplayed the data given that it was a recovery from the prior month’s record low base and with China’s stats bureau warning the rebound does not mean the economy has returned to normal and that this month’s data alone cannot determine an improving trend. In terms of sector specifics, energy names sit near the top of the pile in a bounce-back from some of the declines yesterday with WTI now back above USD 21/bbl and Shell (+4.0%) shares shrugging off expectations of a USD 400-800mln Q1 impairment charge and weak refining margins. Elsewhere, travel and leisure names have also seen support during today’s session as hopes continue to be pinned on government support measures, albeit, from a UK standpoint, Times’ Swinford noted comments from Transport Secretary Shapps that the “UK government is attempting to find the right solution for airlines”, something which Swinford inferred as meaning that it “doesn’t sound like a big bailout is coming”. The main theme in the pre-market was largely centered around the suspension of buybacks and dividends (details of which can be found in the European equity opening news) with particular focus on the UK banking sector with the latest reports via Sky News suggesting that the Prudential Regulation Authority will, on Tuesday or Wednesday, state that Barclays, HSBC, Lloyds and RBS will not be paying dividends as part of FY results. Notable individual movers include Imperial Brands (+12.4%) after signing a new revolving credit facility of EUR 3.5bln and noting no material impact on group performance, Bayer (+2.0%) has reached a settlement with US plaintiffs and WPP (+6.9%) are firmer despite suspending its buyback, dividend and outlook, whilst noting that it maintains a strong balance sheet.

Top European News

  • Euro-Area Inflation Slows More Than Forecast on Oil Slump
  • Nightmare Haunting Euro’s Founders May Now Be Reality With Italy
  • Smiths Delays Ventilator Unit Spinoff as Virus Roils Markets
  • Strong Start to Pandemic QE Raises Hopes of Credit Turnaround

In FX, the Buck has extended gains vs major counterparts, albeit to varying degrees as a sharp rebound in Chinese PMIs, some consolidation in crude and remaining asset rebalancing flows for the final trading session of March, Q1 and the current financial year help some rival currencies to resist the Greenback’s advances. However, the DXY looks more assured around 99.500 and certainly back on the 99.000 handle within a 99.694-99.100 range, and could continue its recovery towards resistance at 99.915 (prior 2020 high before the psychological 100.000 mark was breached precisely one month later on March 20 when the index hit 102.999).

  • NOK – The G10 outlier and outperformer, partly due to the aforementioned bounce in oil prices, but mainly as the Norges Bank plans to jack up foreign currency sales against the Norwegian Krona to the equivalent of Nok2 bn per day in April from Nok1.6 bn this month and only a quarter of the new daily total in February. Eur/Nok is hovering just above 11.5100, but has been under 11.5000 in contrast to Eur/Sek flat-lining between 11.1040-0610 parameters.
  • CAD/AUD/NZD/GBP/EUR/JPY/CHF – Firmer or more stable crude is also providing the Loonie with some underlying support around 1.4200 vs its US peer, while the Aussie and Kiwi are both holding off overnight pre-Chinese PMI flash crash lows of 0.6080 and 0.5948, though down from best levels reached (0.6200+ and 0.6037 respectively) when the headline prints exceeded consensus and regained 50+ growth rather than deep contraction levels. Elsewhere, the Pound has lost its grasp of 1.2400, but faring better against the Euro circa 0.8900 as the single currency retreats through 1.1000 vs the Buck on soft Eurozone inflation and the ongoing nCoV spread in Spain. Note, hefty Eur/Usd option expiries do not seem likely to impact at this stage, but for the record there are several ranging from 1 to 1.6 bn rolling off from 1.1000 to the 1.1100 strike and beyond. Meanwhile, the Yen and Franc are towards the bottom of 108.70-107.75 and 0.9649-0.9581 bands and hindered by safe-haven outflows, with the latter not deriving any support from considerably firmer than forecast Swiss retail sales.
  • EM – Some respite for the Rouble after a call between US President Trump and his Russian counterpart Putin aimed at stopping the dispute with Saudi Arabia over the price of oil and market share, but little joy for the Lira even though the CBRT has rolled out more liquidity provisions for Turkish banks.

In commodities, WTI and Brent front-month futures experience consolidation from the prior session’s hefty losses, in which prices tumbled to their lowest points in almost 20 years. The former outperforms on the prospect of potential US-Russia cooperation in the energy markets to stem the rotting prices. US President Trump conducted a phone call with his Russian counterpart yesterday with Kremlin noting that this was at the request of the US. The leaders agreed on the need for stability in the energy markets, albeit no further details were released. WTI front-month contracts have reclaimed USD 21/bbl to the upside having yesterday printed a base at around USD 19.30/bbl, whilst Brent touched a multi-year low at ~ USD 21.60/bbl, with prices now nearer to USD 23.50/bbl. Elsewhere, spot gold trades subdued amid a firmer USD and with portfolio rebalancing also in the fray. The yellow metal hovers just above the 1600/oz mark having hit an overnight peak at USD 1626/oz. Meanwhile, copper prices remain supported by the strong China NBS manufacturing PMIs which rose back into expansionary territory from last month’s detrimental print. Copper gains a firmer footing above USD 2/lb ahead of resistance at 2.5/lb from a technical standpoint.

US Event Calendar

  • 9am: Case Shiller 20-City MoM SA, est. 0.4%, prior 0.43%
  • 9am: Case Shiller 20-City YoY NSA, est. 3.23%, prior 2.85%
  • 9:45am: MNI Chicago PMI, est. 40, prior 49
  • 10am: Conf. Board Consumer Confidence, est. 110, prior 130.7; Expectations, prior 107.8; Present Situation, prior 165.1

DB’s Jim Reid concludes the overnight wrap

We’re straight to Asia this morning where the main story is the significant bounce back in China’s PMIs. The manufacturing PMI jumped to 52.0 for March which is relative to 44.8 expected and 35.7 last month, and is also the strongest print since September 2017. Meanwhile the services PMI printed at 52.3 versus 42.0 expected and 29.6 last month. That left the composite reading at 53.0 versus 28.9 in February. A sub-index of new manufacturing export orders also rose to 46.4 in March, up from 28.7 last month.

Despite the huge jump, the accompanying statement from the NBS said that “while manufacturing PMI rebounded rapidly in March, the survey showed companies still face relatively big operational pressures,” and added that more firms are reporting funding shortages and falling demand than in February. The statement also said that “the global virus spread will hit the world economy and trade seriously and bring new, severe challenges to the Chinese economy.” So the tone still remains understandably cautious but nonetheless the data does provide sliver of hope for expectations of a ‘V or U’ shaped recovery for markets in the aftermath of coronavirus induced lockdowns.

Chinese markets have posted small gains following the data with the Shanghai Comp and CSI 300 up +0.42% and +0.56%, while the Hang Seng has gained +1.09%. Elsewhere, it’s more mixed. The Kospi has risen +1.77% however the Nikkei (-0.48%) and ASX (-1.53%) are both down.

In other overnight news, Bloomberg has reported that the White House and congressional Democrats are preparing for a fourth round of economic stimulus to get the US through its coronavirus outbreak. The report added that the White House has already compiled lists of requests from government agencies totalling roughly $600bn towards this and the proposals include more state aid as well as financial assistance for mortgage markets and the travel industries. Futures on the S&P 500 are little changed.

Following on from this the main story in financial markets yesterday was the astonishing fall in oil prices – albeit one which has reversed this morning – where the combination of an impending global recession and the Saudi-Russia price war saw yet further declines. By the end of the session yesterday, WTI was down by -6.60% to just $20.09/barrel, which is its lowest level since 2002, and the 8th time this month alone that WTI has declined by more than 5% in a single day. With just one day left in the month to go, the price of WTI crude has now more than halved since the end of February (-54.69%), making this month for WTI even worse than the falls in October 2008 (-32.62%) and the biggest monthly decline in data going back to March 1983. Remember that in the first week of the year WTI hit $65.65 intra day after the US/Iranian military strike and escalation, so it’s down -69.11% since that peak.

The movements in the oil market have attracted the attention of global leaders, with President Trump telling Fox News yesterday that he planned to talk with Russian President Putin about oil, also saying that “I never thought I’d be saying that maybe we have to have an oil increase, because we do. The price is so low”.

Over in global equity markets it was a generally positive picture after Friday’s declines, with the S&P advancing +3.35%. The move continues the S&P’s run of having moved by at least 1% in either direction in 20 out of 21 sessions so far this month. In a further sign that some semblance of stability could be returning, the VIX index of volatility fell by -8.5pts yesterday to 57.08pts, which is its lowest level in over two weeks. In Europe, equities pared back losses to close higher, with the STOXX 600 recovering from an intraday low of -2.42% shortly after the open to close up +1.28%. Banks dragged on the index however, with the STOXX Banks index falling a further -5.69% yesterday as lower core rates in Europe have started to become a trend again.

Having said that 10yr Treasury yields were up +5.2bps yesterday to 0.73%, as large equity moves and general optimism saw long end rates rise, even as the short end yields went lower. In Europe, for a second session running there was a notable widening in peripheral spreads. The spread of Italian 10yr yields over bunds was up +16.7bps, bringing its 2-day rise to 37.8bps, while the spread of Spanish (+8.2bps), Portuguese (+8.7bps) and Greek (+6.3bps) yields over bunds also widened yesterday. Italian bonds may have been impacted by continuing concern at there not being any outline of assistance for the country at last week’s meeting of EU leaders and also Conte’s words over the weekend that anti-EU sentiment could increase in the country. Staying with fixed income, credit spreads broadly tightened in the US, with HY cash spreads -17bps tighter and IG tightening -9bps, while EUR spreads widened 11bps and IG widened 1bp.

It was a strong day for the US dollar yesterday, with the Bloomberg dollar index snapping a run of 4 successive declines to strengthen by +0.71%. However, the oil-producing currencies suffered, with both the Canadian dollar (-1.28% against USD) and the Norwegian Krone (-0.57%) struggling yesterday against other major currencies.

Before we look at yesterday’s data with all of the uncertainty around making point forecasts in this environment, Justin Weidner on our US Economics team has built a simple model based on only five parameters (e.g., the length of containment measures, initial decline in output, etc.) to trace out the potential impact of the Covid-19 on US GDP growth over the next two years. Here’s the link to the model: DB US Eco Covid-19 GDP model . The team describes the model in a report out yesterday (see Tracing the economic fallout ) and also detail simulations. They find that the median path has growth falling 37% in Q2 on an annualized basis and -1.1% in 2020 (Q4/Q4). The interquartile range has outcomes ranging from -22% to -51% for Q2 annualized growth and from -4.4% to +0.5% for 2020 Q4/Q4 growth. Their own forecast (-33% in Q2 and -3.2% for 2020) fits well within these ranges.

Now to those economic data releases, the European Commission’s monthly economic sentiment indicator for the Euro Area fell by -8.2 points in March from 103.4 to 94.5. This is the largest monthly decline since records began in 1985. However, the survey responses were collected between 26 February-23rd March, and for many countries the vast majority of responses were collected before lockdown measures began, so further deterioration is still likely ahead of us. Over in the US meanwhile, the Dallas Fed manufacturing outlook survey saw the general business activity index fall to -70.0 in March, well below the -10.0 reading expected and the lowest level since the survey began in June 2004. Finally, we got the German inflation reading for March, where the preliminary estimate of HICP came in at 1.3%, down from February’s 1.7%.

To the day ahead now, and data releases include the flash estimate of Euro Area CPI for March, as well as the preliminary readings for France and Italy. Meanwhile we’ll get the change in German unemployment for March, along with the final reading of Q4 GDP in the UK and January’s GDP in Canada. Finally in the US, we’ll get the Conference Board’s consumer confidence indicator for March, along with the MNI Chicago PMI and the S&P/Case-Shiller US National Home Price Index

 

 

3A/ASIAN AFFAIRS

I)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 3.08 POINTS OR 1.04%  //Hang Sang CLOSED UP 428.37 POINTS OR 1.85%   /The Nikkei closed DOWN 167.96 POINTS OR 0.88%//Australia’s all ordinaires CLOSED DOWN 1.61%

/Chinese yuan (ONSHORE) closed DOWN  at 7.1006 /Oil UP TO 21.66 dollars per barrel for WTI and 27.55 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.1006 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.1069 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/CORONAVIRUS

China is not going to like this: Italian media expose biological experiments to infect humans with the coronavirus back in 2018

(Taietti/GreatGameIndia.com)

Chinese Biological Experiments To Infect Humans With Coronavirus Exposed In 2015 By Italian State Media

Authored by Guido Taietti via GreatGameIndia.com,

Five years ago, Italian state owned media Company, Rai – Radiotelevisione Italiana, exposed dark efforts by China on viruses. The video, which was broadcast in November, 2015, showed how Chinese scientists were doing biological experiments on a SARS connected virus believed to be Coronavirus, derived from bats and mice, asking whether it was worth the risk in order to be able to modify the virus for compatibility with human organisms.

Below is a transcription of the Italian broadcast translated in English…

Chinese Biological Experiments

Chinese scientists have created a pulmonary supervirus from bats and mice only for study reasons but there are many questionable aspects to this. Is it worth the risk? It’s an experiment, of course, but it is worrisome. It worries many scientists: It is a group of Chinese researchers attaching a protein taken from bats to the SARS virus, Acute Pneumonia, derived from mice. The output is a super coronavirus that could affect man. It remains closed in laboratories and it is only for study purposes, but is it worth the risk – creating such a great threat only for examination purposes?

The debate about the risks of research is as old as science itself. Like the myth of Icarus, who plunged from the Sky and perished in the sea, having gone too close to the Sun with the wings of wax designed by his father!

Chinese scientists experiment on SARS virus to infect humans. Rai – Radiotelevisione Italiana

Here is an experiment in China, in which a group of scientists has managed to develop a chimera – an organism modified by attaching the surface protein of a coronavirus found in bats of the common species called the Great Horseshoe Bat, to a virus that causes SARS in mice, although in a non-fatal form. It was suspected that the protein could make the chimeric hybrid organism suitable for affecting humans, and the experiment confirmed it.

It is precisely this molecule, called SHCO14, that allows the coronavirus to attach itself to our respiratory cells and to trigger the syndrome.According to researchers, the two organisms, the original and even more so the engineered one, can infect humans directly from bats, without going through an intermediate species like the mouse, and it is this eventuality that raises many controversies.

Just one year ago (this broadcast is of 2015), the U.S. government suspended research funding, which aimed to make viruses more contagious. The moratorium did not stop the work of the Chinese on SARS, which was already in advanced stages and looked relatively harmless.

According to a section of the scientific community, it is in fact not dangerous. The probability that the virus may pass to our species was insignificant compared to the benefits of the virus – an argument that many other experts rejected. First, because the relationship between risk and benefit is difficult to evaluate and second, because especially in these times, it is more prudent to not put into circulation an organism that can escape or be removed from the control of laboratories.

As soon that this broadcast went viral on the Italian social media, journalists and experts began explaining it away saying, that the virus in the video was not COVID-19. Even the British journal Nature, which wrote the very publication this Italian show was based on, clarified that the virus the broadcast talked about was not related to the “Natural” COVID-19.

However, that is beside the point. This is not to say that the viruses are literally the same. This is to say that the information presented in the video is consistent with the information that China is doing a lot of research on bioweapons, and that the impact of the virus in the broadcast has a lot in common with mainstream information about the symptoms of COVID-19.

The central monitor room at China’s National Bio-safety Laboratory. Nature

Moreover, Nature itself had done a piece in February, 2017, on the BSL-4 laboratory in Wuhan, the Wuhan Institute of Virology, raising valid concerns and theories, and wondering out loud whether experimentation with deadly viruses was a good idea.

“BSL-4 is the highest level of bio-containment: its criteria include filtering air and treating water and waste before they leave the laboratory, and stipulating that researchers change clothes and shower before and after using lab facilities. Such labs are often controversial….

Future plans include studying the pathogen that causes SARS, which also doesn’t require a BSL-4 lab, before moving on to Ebola and the West African Lassa virus, which do… Worries surround the Chinese lab… The SARS virus has escaped from high-level containment facilities in Beijing multiple times… The plan to expand into a network heightens such concerns. One BSL-4 lab in Harbin is already awaiting accreditation; the next two are expected to be in Beijing and Kunming.”

In January, 2020, Nature then sheepishly added an editor’s note to the top of the article, saying that there is in fact “no evidence” of this lab playing a role in the outbreak of coronavirus and that scientists believe that the source is likely “an animal market.”

Meanwhile, the Italian scientists at Milan University are investigating whether the coronavirus outbreak actually began in Italy in the last quarter of 2019. Milan and Lodi cities of Lombardy administrative region reported a “significant” increase in the number of people hospitalized for pneumonia and flu in October and December of 2019. Meanwhile, amidst worldwide criticism, a $20 trillion lawsuit has been filed against China for waging Biological war using Coronavirus.

END
CHINA/CINEMAS/CORONAVIRUS
Again, China shuts down all cinemas as they are fearing a second coronavirus wave
(zerohedge)

China Shuts Down All Cinemas, As Scientists Fear Second Coronavirus Wave 

China spent most of March attempting to normalize its economy after several months of virus-related shutdowns. There were reports of retail stores opening, people going outside, virus cases declining, factories restarting, and even movie theaters reopening.

The Hollywood Reporter noted that the government gave nearly 600 movie theaters across China the green light for phased reopening in the third week of March. Then by March 27, Beijing’s Film Bureau requested that all theaters go into lockdown.

“This second closure will not be a one or two-week issue,” an executive at a major exhibition company told The Hollywood Reporter. “They are going to be even more cautious when they attempt to reopen again—and this will set us back a long time.”

The Chinese government did not explicitly cite the reason for the latest theater closings. Still, scientists are now warning that a second coronavirus wave could be arriving by the end of April:

“It’s time to relax the lockdown, but we need to be alert for a potential second wave of infections,” says Ben Cowling, an epidemiologist at the University of Hong Kong.

Cowling warned that a second wave of the fast-spreading virus could hit China by the end of April.

China’s large network of 70,000 movie screens were all shuttered in January because of the COVID-19 outbreak that started in December and has since infected 741,000 people globally and killed 35,114.

Many Chinese theaters were closed on the weekend of the Chinese New Year, which is the most significant moviegoing time of the year. Box office sales in the country for the first two months were down $2 billion over the same period last year.

How China deals with the second round of the virus outbreak remains to be seen. If China delays normalcy and extends the quarantines of its citizens, it could damage movie theater chains, Hollywood studios, and the entire global film industry. This also comes as Europe and the US have shut down movie theaters, further amplifying the stress for the industry.

Major movie productions across the world have put filming on hold through spring. Warner Bros. delayed Wonder Woman 1984 from its June debut to mid-August, which suggests US theaters will be dormant through the summer months.

END

4/EUROPEAN AFFAIRS

ITALY/CORONAVIRUS

Italian citizens especially in the south are facing poverty to no end.  This is turning into a powder keg

(zerohedge)

“This Could Turn Violent” – Italian Officials Fear South Turning Into A Powder Keg

Signs of social unrest in major Western cities could be developing over the next few weeks, and as we previously warned last Friday, a global depression with high unemployment could unleash a “social bomb” in European countries and or North America.

At the moment, Italy is the most high-risk country in the West to experience a potential breakdown in society. The country is suffering from an explosion in COVID-19 cases and deaths, a collapsed hospital system, an economic depression, and high unemployment. Sounds a lot like Venezuela…

Italy has called up the military in recent weeks to enforce lockdowns across the country. There have also been reports of organized gangs operating in the Southern part of the country that are using social media to plot raids on businesses, reported Bloomberg.

It’s a race against time for Italian officials to prevent social unrest:

 

“We need to act fast, more than fast,” Mayor Leoluca Orlando of Palermo, a city of Southern Italy, told daily La Stampa. “Distress could turn into violence.”

Lockdowns in the country have entered the fourth week, Health Minister Roberto Speranza said in a statement on Monday recommending that the government must extend the countrywide lockdown through Easter. Prime Minister Giuseppe Conte has been injecting stimulus into the economy to prevent a complete economic crash, and the next round could hit as early as mid-April, worth $33 billion.

Italy is the epicenter of COVID-19 in Europe. As of Monday afternoon, 101,739 confirmed cases had been reported, with 11,591 deaths. The growth rates in deaths in Northern Italy is still on an exponential curve.

“Discomfort and malaise are growing, and we are recording worrying reports of protest and anger that is being exploited by criminals who want to destabilize the system,” said Orlando.

“The more time passes, the more resources are exhausted. The few savings people are running out. This tells us socio-economic issues will erupt.”

The most southern part of the country has the highest unemployment. Stories are already starting to surface of social unrest. People, with no money, are now starting to raid supermarkets.

peter patti@peterpatti

and food riots in South Italy! In and , where countless unemployed people live, supermarkets are being protected by police. The shelves are swept empty, customers carry home heavy shopping bags… that are snatched openly in the street.

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

According to La Repubblica daily, locals in Palermo have been raiding stores – telling cashiers they have no money to eat.

Descifrando la Guerra@descifraguerra

🇮🇹 Ayer se produjo un incidente en Palermo que ha hecho saltar las alarmas en el país. Una veintena de personas trató de sacar varios carros llenos de productos de un supermercado Lidl negándose a pagar. “Basta de estar en casa, no tenemos dinero para pagar, tenemos que comer”.

View image on Twitter

In other Sicilian towns, locals have intimidated shop owners for free food. The region is home to millions of people that could be weeks away from major social unrest.

 

Police officer in Palermo carrying a submachine gun 

“I am afraid that concerns shared by much of the population — about health, income, the future — will turn into anger and hatred if this crisis continues,” Giuseppe Provenzano, Italy’s minister overseeing southern regions, told La Repubblica.

Italy is further down the line in the outbreak than most other countries and threatens to unleash the next chapter of the crisis, that is, social unrest.

What’s happening in Italy could be coming to America.

 

END 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

6.Global Issues

Vitamin C is now widely used in large doses to treat the Coronavirus in New York hositals

(Organic Prepper blog)

 Vitamin C “Widely Used” To Treat COVID-19 In NY Hospitals

Authored by Cassius K via The Organic Prepper blog,

For years regulatory agencies like the FDA have subtly targeted the use of such things as intravenous vitamins.

One method they use to target the fabric of culture in which people utilize simple, naturopathic remedies is the stringent enforcement of any regulation they can think of. It seems that the FDA targets regulatory violations supposedly committed by those who deal in naturopathic medicine far more than violations from Big Pharma.

Almost 10 years ago, in 2011 it was reported that the FDA sent out a warning letter to a small pharmacy, urging them not to stock intravenous vitamin C. In Australia, the mainstream media has consistently inundated the discussion surrounding health with propaganda over the last 10 years, and vitamin C has been specifically scoffed at.

Despite an observable urge for the regulatory agencies to crush the culture of vitamins and erase their history, it’s leaking out into the mainstream that intravenous (IV) vitamin C in high doses is effective against COVID-19.

Now New York’s largest hospital system is using Vitamin C for Covid-19

In New York’s largest hospital system, urgently ill COVID-19 patients are now being given large doses of IV vitamin C, an article from the New York Post reported a couple of days ago.

Dr. Andrew G. Weber, a pulmonologist and critical-care specialist affiliated with two Northwell Health facilities on Long Island, said his intensive-care patients with the coronavirus immediately receive 1,500 milligrams of intravenous vitamin C.

Identical amounts of the powerful antioxidant are then readministered three or four times a day, he said.

Each dose is more than 16 times the National Institutes of Health’s daily recommended dietary allowance of vitamin C, which is just 90 milligrams for adult men and 75 milligrams for adult women.

The regimen is based on experimental treatments administered to people with the coronavirus in Shanghai, China, Weber said.

“The patients who received vitamin C did significantly better than those who did not get vitamin C,” he said.

“It helps a tremendous amount, but it is not highlighted because it’s not a sexy drug.” (source)

They say the decision to use IV C in New York was based on reports of its effectiveness in China, but vitamin C’s reputation in America far predates that info, although not specifically in response to this virus.

Intensive-care patients who tested positive for the virus immediately receive a dose of intravenous vitamin C measuring 1,500 milligrams, says pulmonologist Dr. Andrew G. Weber, a Long Island, New York critical-care specialist affiliated with two Northwell Health facilities in the area.

Up to 4 times a day, the same dose is re-administered. It was not specified what form of IV C was used, but it is likely to be either Ascorbic Acid (what you typically buy at the store) or Sodium Ascorbate (a popular form intended to be easier on the stomach or the body’s acidity).

Some vitamins, originally derived from the phrase “vital amines,” have different, beneficial effects at much higher doses. At the same time, some minerals or vitamins can throw bodily processes into a state of imbalance with doses too high.

Vitamin C seems to be one of those vitamins that is potent and extremely beneficial at high doses.

Vitamin C is being “widely used” to treat this virus “throughout the system,” a spokesman for Northwell confirmed, the institution that operates 23 hospitals including Lenox Hill Hospital in Manhattan.

This may be a better choice than the more pharmaceutical option.

On a different note, a pharmaceutical combination consisting of malaria drugs known for horrific side-effects, mixed with antibiotics that are known to have no ability to kill viruses (hydroxychloroquine and azithromycin) was promoted by Donald Trump recently.

Nevada recently banned the use of hydroxychloroquine and chloroquine to treat the virus. For someone who believes in freedom, any sort of ban would seem like a step in the wrong direction, but the side effects of hydroxychloroquine and related compounds are well documented.

This 2018 paper published in the Journal of Thoracic Disease examined “HCQ-induced cardiotoxicity,” and heart failure in twins born to a mother who took the drug.

Another paper published in the European Heart Journal of Acute Cardiovascular Care said cardiotoxicity is a “rare but serious complication of hydroxychloroquine.”

Not only that but as of March 24, some kind of federal permission was granted to New York hospitals to dose patients with a “cocktail” of hydroxychloroquine and azithromycin to patients who were considered desperately ill, “on a ‘compassionate care’ basis.”

Hopefully, this compassionate care mentality can be directed toward the firm belief in voluntary treatment, of whatever a hospital has, wherever in the world the person is, rather than involuntary treatment with whatever a hospital chooses to give.

NY is ahead of the curve

In contrast to what is happening in other places, the NY Post reported the Vitamin C is being “administered in addition to such medicines as the anti-malaria drug hydroxychloroquine, the antibiotic azithromycin, various biologics, and blood thinners.”

So why Vitamin C?

Weber, 34, said vitamin C levels in coronavirus patients drop dramatically when they suffer sepsis, an inflammatory response that occurs when their bodies overreact to the infection.

“It makes all the sense in the world to try and maintain this level of vitamin C,” he said.

A clinical trial on the effectiveness of intravenous vitamin C on coronavirus patients began Feb. 14 at Zhongnan Hospital in Wuhan, China, the epicenter of the pandemic. (source)

Let’s hope we see more hospitals using IV Vitamin C in the fight against Covid-19.

end
Michael Every explains what will happen next:  the assault on King dollar
(Michael Every)

Rabobank: “This Is The Dynamic That Will Trigger The Next Round Of Global Turmoil Ahead”

Submitted by Michael Every of Rabobank

Another day, another dollar.

Of course, that’s not strictly true. For the average market economist trying to predict that dollar on waking up it is more usually 0.99, 0.98, 1.01, 1.0, 1.01 – and then out of the blue minus 6 trillion.

For the epidemiologists at Imperial College it’s also a wild ride. To recall, first of all their model said the UK only needed to wash its hands and the herd would be immune to COVID-19; then the model was tweaked and 250,000 to 500,000 were going to die; then we all locked down and only 5,700 were going to die (leading some to scream “open the economy!”); and now, echoing the Oxford University team, they estimate that up to 2.7% of the UK population may already be infected, meaning 1.8 million people, and implying that the we are totally mismeasuring how many people have a symptomless and/or pain-free virus experience, and that the COVID-19 mortality rate is really very low.

Except that is isn’t 2.7%. It’s anywhere from 1.2% to 5.4% of the population, and once again this is based on guessing the R0 rate and the virus inception date and multiplying madly. And once again it fails to account for the fact that 90% of tests being done on people who already face virus symptoms and/or are at risk are coming back negative. Faulty tests, or is it just my Rebel Sum standing up to the might of the Imperials? (“Now witness the firepower of this fully armed and operational university!”) At least the thrust of their argument is that lockdowns are necessary rather than “open the economy!”

As they argue over how many viruses can fit on the head of a pin, the daily deaths in Italy and Spain number painfully close to 1,000 and New York’s fatalities are also rising rapidly – just like we normally see at this time of year in ‘flu season – not. Indeed, the latest data from China suggest that the mortality rate is 4% for those hospitalised in their 40s and 8% in their 50s.

Meanwhile, in China we are back to a familiar world of another day, another 1.06 dollars. The official Chinese PMI for March reported that manufacturing leaped from 35.7 all the way back to 52.0, vastly higher than the 44.8 expectation. All those stories you have read about factories being shuttered because export demand has dried up? Wrong. All those reports about local officials telling people to leave lights on to boost electricity demand and let foreign satellites see a ‘working’ plant? Wrong. All the data-trackers saying China is, at best, running at 80% of capacity, so down 20% y/y from where it should be? Wrong. Even the services PMI leaped to 52.3 from 29.6, which is interesting given all cinemas are still shut and reports are flying round talking about 18m people losing their jobs and Chinese consumers retrenching. (‘As Rest of World Locks Down, China Struggles to Get Shoppers Out’ says Bloomberg today; even the World Bank is saying the best case for China’s economy is 2.3% y/y growth)

When we saw the weak February PMI and associated terrible January-February retail sales, industrial production, and investment data it seemed we were getting accurate snapshots of what was going on in the Chinese economy for once. So, back to business as usual in more ways than one? Not quite. First, the PBOC just slashed its 7-day repo rate a record 20bp and the government are talking about more fiscal stimulus being needed: that is hardly cheer-leading. Second, these PMI surveys asked Chinese firms how they feel now compared to February – NOT to how they usually operate. The exercise is therefore incompatible with the normal PMI metric – which is where the consensus forecast of a recessionary 45-ish print rightly sat.

Once again, markets are going to have to pick their way through a data asteroid field to get to an accurate understanding of what is going on.

“Sir! The possibility of successfully navigating an asteroid field is approximately 3,720 to 1!”

“Never tell me the odds!”

Meanwhile, also showing how much success they are having against the virus, and in line with what I wrote yesterday, the White House and Congress are already planning the next phase of fiscal stimulus even before the current one hits anybody’s pockets. It appears help is on the way for the mortgage market, as mortgage firms complain the Fed’s action is wiping them out, for the travel industry, and for states and local governments. Some of that will be bailouts and some of it might even be actual economic stimulus, with the total package being talked about in the range of USD 600bn. Once upon a time that was a lot of money.

Allow me to repeat once again: the crucial factor for markets to consider imminently is that not all economies and currencies are created equal. Not everyone is going to be able to get away with 20% fiscal deficits paid for by central banks. Only the US is guaranteed to be able to do so without crushing its currency due to the USD reserve function. The vast majority won’t, and there will be a high price paid for any stimulus.

Let’s see how AUD and NZD and CAD and GBP, et al., ultimately fare as they go the zero rates and unlimited QE route as if there is natural market demand for them globally; and emerging markets are in a far deeper hole if they want to push back fiscally against the ‘rules of the game’ in the same way that developed economies are.

The underlying issue is still ‘another day, another US dollar’. And there aren’t that many to go round in EM space in particular, doubly so when export earnings evaporate ahead – which they willThat key dynamic is set to trigger the next round of global turmoil ahead. Coming soon: Imperial vs. Rebel sums fighting over the USD Death Star.

END

 

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.0943 DOWN .0086 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /MIXED

 

 

USA/JAPAN YEN 108.70 UP 0.628 (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 1.2344   DOWN   0.0024  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.4249 UP .0068 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  TUESDAY morning in Europe, the Euro FELL BY 86 basis points, trading now ABOVE the important 1.08 level FALLING to 1.0986 Last night Shanghai COMPOSITE CLOSED UP 3.08 POINTS OR 0.11% 

 

//Hang Sang CLOSED UP 428.37 POINTS OR 1.85%

/AUSTRALIA CLOSED DOWN 1,61%// EUROPEAN BOURSES ALL MIXED

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL MIXED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 428.37 POINTS OR 1.85%

 

 

/SHANGHAI CLOSED UP 3.08 POINTS OR 0.11%

 

Australia BOURSE CLOSED DOWN 1.61% 

 

 

Nikkei (Japan) CLOSED DOWN 167.96  POINTS OR 0.88%

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1600.36

silver:$13.94-

Early FRIDAY morning USA 10 year bond yield: 0.69% !!! UP 4 IN POINTS from MONDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.31 DOWN 3  IN BASIS POINTS from MONDAY night.

USA dollar index early TUESDAY morning: 99.89 UP 71 6 CENT(S) from  MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

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And now your closing  TUESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.86% UP 13 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: 0.66%//UP 10 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,53 UP 6 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 87 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: RISES TO –.46% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 2.00% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR TUESDAY

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

Euro/USA 1.0977  DOWN     .0053 or 53 basis points

USA/Japan: 107.76 DOWN .312 OR YEN UP 31  basis points/

Great Britain/USA 1.2381 DOWN .0001 POUND DOWN 1  BASIS POINTS)

Canadian dollar DOWN 28 basis points to 1.4208

 

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The USA/Yuan,CNY: AT 7.0824    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  7.0972  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  6.6084 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

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

 

Your closing 10 yr US bond yield DOWN 1 IN basis points from MONDAY at 0.65 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.30 DOWN 4 in basis points on the day

Your closing USA dollar index, 99.44 UP 25  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED UP 108.22  1.95%

German Dax :  CLOSED UP 119.87 POINTS OR 1.22%

 

Paris Cac CLOSED DOWN 17.61 POINTS 0.40%

Spain IBEX CLOSED DOWN 125.80 POINTS or 1.88%

Italian MIB: CLOSED UP 178.53 POINTS OR 1.06%

 

 

 

 

 

WTI Oil price; 20.28 12:00  PM  EST

Brent Oil: 26.28 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    78.27  THE CROSS LOWER BY 1.19 RUBLES/DOLLAR (RUBLE HIGHER BY 119 BASIS PTS)

 

TODAY THE GERMAN YIELD RISES  TO –.47 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 :  20.43//

 

 

BRENT :  26.00

USA 10 YR BOND YIELD: … 0.69…down 3 basis pts…

 

 

 

USA 30 YR BOND YIELD: 1.34..down one basis point..

 

 

 

 

 

EURO/USA 1.1021 ( DOWN 9   BASIS POINTS)

USA/JAPANESE YEN:107.56 DOWN .509 (YEN UP 51 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 99.09 DOWN 9 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2419 UP 50  POINTS

 

the Turkish lira close: 6.6142

 

 

the Russian rouble 78.53   UP 0.93 Roubles against the uSA dollar.( UP 93 BASIS POINTS)

Canadian dollar:  1.4090 UP 83 BASIS pts

USA/CHINESE YUAN (CNY) :  7.0824  (ONSHORE)/

 

USA/CHINESE YUAN(CNH): 7.0952 (OFFSHORE)

 

German 10 yr bond yield at 5 pm: ,-0.47%

 

The Dow closed DOWN 410.32 POINTS OR 1.84%

 

NASDAQ closed DOWN 74.05 POINTS OR 0.95%

 


VOLATILITY INDEX:  53.20 CLOSED DOWN 3.88

LIBOR 3 MONTH DURATION: 1.434%//libor RISING EXPONENTIALLY

LIBOR/OIS:  1.314/ TWO BANKS IN SERIOUS TROUBLE 

 

 

USA trading today in Graph Form

Stocks Suffer Worst Start To A Year Ever… As Trump Approval Reaches Record High

It’s Official…

Here’s a chart that no one suspected would happen (most of all not the media and the democrats)… as stocks crashed by record amounts in March, President Trump’s approval rating has soared to the highest of his presidency…

Source: Bloomberg

So how bad was Q1?

Q1 was the world’s biggest quarterly capitalization loss (in bonds and stocks) ever…

With bonds adding a modest $1.1 trillion while stocks lost a record-smashing 19.6 trillion…

Source: Bloomberg

This was The Dow’s worst Q1 ever

…and worst overall quarter since Q4 1987…

This was The S&P’s worst Q1 since 1938 (and worst overall quarter since Q4 2008) and March was worst month for S&P since Oct 2008.

Additionally, stocks suffered the first back-to-back-to-back monthly losses since Oct 2016.

30Y Yields fell in all three months in Q1. This is the biggest Q1 crash in 30Y Yields since 1986 (and biggest quarterly decline in yields since Q3 2011). 2Y Yields plunged 136bps in Q1 (down 6 quarters in a row) – the biggest yield drop since Q1 2008.

This is the 6th straight quarter of gains for gold (and up 12 of the last 14 Q1s)

Oil prices plunged all three months in Q1. Q1’s 66% crash in WTI is the worst quarter ever (worse than the 60% oil glut crash in Q1 1986).

But apart from that, Q1 was awesome!!

*  *  *

The Russell 2000 is the biggest (major) index loser in Q1 (down around 31%) and the Nasdaq the relative winner…

Source: Bloomberg

European stocks were down about as hard as US – 25-to-30% in Q1 led by UK’s FTSE…

Source: Bloomberg

But, in China, tech-heavy and small cap names have outperformed in Q1 (UP over 4%) as the rest of the Chinese stock market is down modestly…

Source: Bloomberg

So much for the month-/quarter-end rebalancing flows?

Source: Bloomberg

Directly-virus-affected sectors – airlines, cruiselines, hotels, restaurants – were a bloodbath in Q1…

Source: Bloomberg

The Virus-Fear Trade – long food, short leisure – has started to deteriorate again this week suggesting all is not well…

Source: Bloomberg

Bank stocks suffered their second worst quarter ever, crashing 41% (Q1 2009 was -44%) with Citi and Wells Fargo worst…

Source: Bloomberg

2020 has been a one-way street of long-momentum and short-value…

Source: Bloomberg

Q1 also saw the biggest quarterly spike in VIX ever…

And realized volatility in stocks has only been higher during the Black Mondays in 1987 and 1929…

Source: Bloomberg

Credit markets collapsed at a record pace in Q1 with IG taking the brunt (relatively speaking) until The Fed bailed them out…

Source: Bloomberg

High Yield was ugly though…

Source: Bloomberg

Bond yields collapsed in Q1 led by the short-end (2Y -135bps, 30Y -105bps)…

Source: Bloomberg

2Y Yields are once again back below The Fed Funds rate (even after the massive cuts this quarter)…

Source: Bloomberg

The Dollar surged in Q1 (its biggest quarter since Q4 2016)

 

 

Source: Bloomberg

Q1 was mixed for cryptos with Bitcoin down 9.5% and Bitcoin Cash up 9%…

Source: Bloomberg

While oil stole all the headlines in Q1 with its record-breaking crash, gold managed solid gains…

Source: Bloomberg

Among the precious metals, Palladium outperformed, Platinum was the biggest paggard…

Source: Bloomberg

While some (heavier) crudes actually traded with negative prices in Q1 (Wyoming Asphalt Sour), WTI traded down to a $19 handle at its lows… for now…

Source: Bloomberg

But crude’s contango is the largest its ever been as prices adjust down to desperately try and avoid storage gluts…

Source: Bloomberg

Finally, what happens next? Who knows? But Nomura’s Charlie McElligott has run the historical seasonals and this is what the ‘odds’ say:

Global index performance for the next 4 weeks, the outperformers are Eurostoxx +4.3% with a 81% hit rate, DAX +4.1% with a 73% hit rate, EM +2.6% with a 69% hit rate, RTY +2.5% with a 69% hit rate, worst performers are HSCEI +2.0% with a 58% hit rate, Japan +2.0% with a 73% hit rate, SPX +2.0% with a 77% hit rate, Korea +2.2% with a 69% hit rate, UKX +2.4% with a 73% hit rate

US sector performance for the next 4 weeks, the outperformers are Energy +3.8% with a 77% hit rate, Materials +3.2% with a 73% hit rate, Industrials +2.8% with a 73% hit rate, Utilities +2.6% with a 65% hit rate, Discretionary +2.5% with a 69% hit rate, worst performers are Telco +0.1% with a 50% hit rate, Staples +0.6% with a 58% hit rate, Healthcare +0.8% with a 62% hit rate, Fins +1.8% with a 73% hit rate, Reits +2.3% with a 72% hit rate, Technology +2.4% with a 69% hit rate

US industry performance for the next 4 weeks, the outperformers are Energy +3.8% with a 77% hit rate, Automobiles & Components +3.2% with a 81% hit rate, Materials +3.2% with a 73% hit rate, Capital goods +2.9% with a 73% hit rate, Software and Services +2.8% with a 73% hit rate, Utilities +2.6% with a 65% hit rate, Retailing +2.6% with a 65% hit rate, Transports +2.3% with a 81% hit rate, Real Estate +2.3% with a 72% hit rate, Media +1.9% with a 73% hit rate, Insurance +1.9% with a 77% hit rate, worst performers are Telecommunication  -0.4% with a 46% hit rate, Food and Staples Retail -0.1% with a 50% hit rate, Food Beverage & Tobacco +0.4% with a 69% hit rate, Healthcare equip +0.5% with a 58% hit rate, Household & Personal +0.9% with a 69% hit rate, Pharma, Biotech +0.9% with a 69% hit rate, Comm & Profess Services +1.2% with a 73% hit rate, Diversified Fins +1.4% with a 65% hit rate, Tech Hardware & Equip +1.5% with a 58% hit rate, Semiconductors +1.7% with a 65% hit rate, Banks +1.8% with a 77% hit rate, Consumer Durable +1.8% with a 73% hit rate

Factor performance for the next 4 weeks, the outperformers are Size Factor +0.8% with a 65% hit rate, Beta Factor +0.6% with a 61% hit rate, worst performers are Predicted P/E -0.6% with a 43% hit rate, Price Momentum +0.3% with a 52% hit rate.

Cross asset performance for the next 4 weeks, the outperformers are Crude +4.2% with a 65% hit rate, Gold +1.0% with a 58% hit rate, worst performers are US rates -0.5% with a 46% hit rate, Dollar -0.4% with a 27% hit rate.

However, the question is – do we replay 2008 after this bounce?

Source: Bloomberg

Remember, it’s about the fun-durr-mentals again…

Source: Bloomberg

And top-down macro is even worse…

Source: Bloomberg

As The Feds favorites (and only) tool seems to have stopped working…

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

ii)Market data/USA

The flood begins as the Treasury now sells over 1/4 trillion dollars of bills in the past 48 hrs

(zerohedge)

The Flood Begins: Treasury To Sell Over A Quarter Trillion Bills In 48 Hours

Having noticed the Treasury shortage forming in the bond market, which as we observed emerged both across the broader curve as manifested by the surging demand for the Fed’s reverse repo

… as well as the unprecedented demand for “cash-like” T-Bills resulting in negative yields  for all paper through 3 months…

… which has gifted bond traders with an arb that literally prints free money as described in “Here Is The Treasury’s (Not So) Secret Trade Printing Millions In Guaranteed, Risk-Free Profits Every Day“, the Treasury has taken decisive action and in order to prevent the Fed from becoming the money market fund of last resort, is literally flooding the market with T-Bills to satisfy the market’s panicked need for cash-equivalent paper by announcing an additional two cash management bills today in addition to the one that was revealed last week.

Starting tomorrow, the Treasury will sell just over $100 billion in Cash Management Bill, including a $60BN 42-day CMB and a $45BN 69-day security at 11:30am ET on Tuesday. This follows the sale of $60BN of 37-day CMBs at 0.025% Monday, which saw Indirects awarded 60.6% of the issue.

There’s more: the Treasury also sold $51BN of three-month bills at 0.085% (tailing the When-issued bid of 0.040%), and $42BN of six-month Bills which also tailed at 0.100% versus the WI bid of 0.085%. Why the tails? According to Jefferies economists Thomas Simons and Ward McCarthy, the morning announcement of a second $60BN CMB auction this week, plus quarter-end balance sheet pressure “necessitated some concession for the auctions.” Also, while the 4.5bps tail can be considered a bad thing, the market is “just starting to back off zero or negative yields” so the auctions are still coming in at “very, very low outright yield levels” according to the Jefferies duo.

In other words, inside of 48 hours we are looking at a gross deluge of $258BN gross in Bills and Cash Management Bills to satisfy what seems to be unprecedented demand for short-term paper. On a net basis, between Monday’s regularly schedule auctions, Tuesday’s four- and eight- week settlements and cash management bill sales, the Treasury will raise about $194BN of new cash this week, according to Bloomberg calculations.

And that’s just the beginning, as the Treasury does everything it can to alleviate the Treasury shortage. Considering it has a few trillion in stimulus payments it has to fund, we are confident the shortage won’t last too long

end

This is to be expected;  Consumer confidence tumbles to a 33 month low

(zerohedge)

Consumer Confidence Tumbles To 33-Month Lows As ‘Hope’ Plunges

The Conference Board’s consumer confidence survey slumped to the lowest level since June 2017 in March, as government efforts to mitigate the coronavirus pandemic shuttered many businesses and left millions of Americans unemployment.

The Conference Board’s index fell 12.6 points, the most since 2011, to 120 (still considerably better than the median estimate of 110).

  • Present situation confidence fell to 167.7 vs 169.3 last month
  • Consumer confidence expectations fell to 88.2 vs 108.1 last month

We suspect this has a long way to go..

Source: Bloomberg

Notably, the cutoff date for the results was March 19, before shit really started hitting the fan.

Finally, we note that just as in past cycles, the de-saving-induced euphoria in sentiment is reverting…

END
Despite global supply chain collapse, the National Economic Activity did fall but not as much as expected
The data is corrupt
(zerohedge)

Chicago PMI Corrupted By Global Supply Chain Collapse, National Economic Activity Collapses

Following yesterday’s record-smashing collapse in Dallas Fed’s manufacturing survey, expectations were for Chicago’s PMI to tumble after it’s surprising rebound in February (bucking the trend of all the other regional surveys).

But, in true WTF insanity, Chicago PMI printed 47.8 (smashing expectations of 40)…

Source: Bloomberg

The driver of this seemingly insane print is the same as has caused problems with aggregate PMIs – supplier delivery times rising at a faster pace – typically seen as a sign of expansion. However, in this case it is caused by collapsing global supply chains, and along with prices paid rising rapidly means a stagflationary collapse in global trade… not exactly the positive signal the index is trying to send.

  • Supplier deliveries rose at a faster pace, signaling expansion
  • Prices paid rose at a faster pace, signaling expansion

Everything else contracted…

  • New orders fell at a faster pace, signaling contraction
  • Employment fell at a slower pace, signaling contraction
  • Inventories fell at a faster pace, signaling contraction
  • Production fell and the direction reversed, signaling contraction
  • Order backlogs fell at a slower pace, signaling contraction

And thus, Chicago fed bucks the trend in the regional surveys once again…

Source: Bloomberg

Finally, we note a new measure from The New York Fed which aims to gather higher-frequency national data (weekly) to indicate economic progress.

Economists are well-practiced at assessing real activity based on familiar aggregate time series, like the unemployment rate, industrial production, or GDP growth. However, these series represent monthly or quarterly averages of economic conditions, and are only available at a considerable lag, after the month or quarter ends. When the economy hits sudden headwinds, like the COVID-19 pandemic, conditions can evolve rapidly. How can we monitor the high-frequency evolution of the economy in “real time”?

To address this challenge, we compute a Weekly Economic Index (WEI) to measure real economic activity at a weekly frequency. Few of the government agency data releases macroeconomists often work with are available at weekly or higher frequency. While financial data, like stock market prices and interest rates, are available at high frequency, we are particularly interested in real activity, not financial conditions. For our purpose, most weekly series come from private sources like industry groups, which collect data for the use of their members, or from commercial polling companies.

They might want to disband this series stat!

Source: Bloomberg

That is not a pretty picture.

end

iii) Important USA Economic Stories

Cash strapped banks are quietly asking firms not to draw down their loan facility

(zerohedge)

“Stop The Revolver Run”: Cash-Strapped Banks Quietly “Discourage” Companies From Drawing Down Their Loans

One week after the Fed expanded its “bazooka” by launching a “nuclear bomb” in the words of Paul Tudor Jones , at fixed income capital markets which it has now effectively nationalized by monetizing or backstopping pretty much everything, some signs of thaw are starting to emerge in the all important commercial paper market, where the spread to 3M USD OIS is finally starting to tighten, coming in by 60bps overnight.

But while the move will be welcomed by companies in dire need of short-term funding, it is nowhere near enough to unfreeze the broader commercial paper market, with the spread still precipitously high even for those companies that have access to commercial paper, which is why most companies continue drawing down on revolvers.

As we reported over the weekend, according to JPMorgan calculations, aggregate corporate revolver drawdowns represent 77% of the total facilities, with JPM noting that the total amount of borrowing by companies is likely significantly greater than this, well above 80%, as it only reflects disclosed amounts by large companies, and there are likely undisclosed borrowings by middle market companies.

In nominal terms, this means that corporates that have tapped banks for funding has risen further to a record $208 billion on Thursday, up $15 billion from $193 billion on Wednesday and $112BN on Sunday. That’s right: nearly $100 billion in liquidity was drained from banks in the past week; is there any wonder the FTA/OIS has barely eased indicating continued tensions in the interbank funding market.

Yet the bigger problem remains: with banks already pressed for liquidity, they are suffering a modern-day “bank run”, where instead of depositors pulling their money, corporations are drawing down on revolvers at unprecedented levels, something we first described three weeks ago “Banking Crisis Imminent? Companies Scramble To Draw Down Revolvers.”

Of course, at the end of the day, liquidity is liquidity, and banks are starting to fear when and if this revolver run will ever end, and just how much liquidity they need to provision, especially since many of these companies will have to file for bankruptcy in the coming months, sticking banks with a pre-petition claim (albeit secured).

As a result, and as Bloomberg reports, the biggest U.S. banks have been quietly discouraging some of America’s safest borrowers from tapping existing credit lines amid record corporate drawdowns on lending facilities.

To banks, this tidal wave of revolver demands is a two-edged sword. On one hand it impacts their profit margins, on the other it jeopardizes their overall liquidity levels:

as Bloomberg notes, investment-grade revolvers, “especially those financed in the heyday of the bull market,” are a low margin business, and some even lose money. The justification is that they help cement relationships with clients who will in turn stick with the lenders for more expensive capital-markets or advisory needs. While this is fine under normal circumstances when the facilities are sporadically used, “with so many companies suddenly seeking cash anywhere they can get it, they’re now threatening to make a dent in banks’ bottom lines.

The second issue is more nuances: while Bloomberg claims that the drawdown wave “is not an issue of liquidity for Wall Street” we disagree vehemently, and as proof of strained bank liquidity we merely highlight the fact that after $12 trillion in monetary and fiscal stimulus has been injected, it has failed to tighten the critical FRA/OIS spread which remains at crisis levels.

The good news is that at least some corporations – those who have the most alternatives – are willing to oblige bank requests, turning instead to new, pricier term loans or revolving credit lines rather than tapping existing ones. “McDonald’s  last week raised and drew a $1 billion short-term facility at a higher cost than an existing untapped revolver” Bloomberg notes, adding that while rationales will vary from borrower to borrower, analysts agree that for most, staying in the good graces of lenders amid a looming recession is important.

The bad news is that most companies remain locked out of other liquidity conduits – be they new credit facilities, or commercial paper – and are thus forced to keep drawing down on existing lines of credit, which puts bankers – especially relationship bankers – in a very tough spot.

“The banker is coming at it trying to manage two things — the relationship profitability and their portfolio of risks and assets,” said Howard Mason, head of financials research at Renaissance Macro Research. “Bankers have some cards to play because they can talk to their clients that have undrawn credit lines. The sense is that there’s a relationship involved so relationship pricing and good will applies.”

Meanwhile, as banks quietly scramble to raise liquidity of their own – because, again, liquidity is always and everywhere fungible – U.S. financial institutions have sold almost $50 billion of bonds over the past two weeks to bolster their coffers, ironically even as corporate bankers are advising companies not to hoard cash unless they urgently need it. Some are even telling certain clients to hold off on seeking new financing to avoid over-stressing a system already stretched to its limits operationally as bankers are inundated with requests while stuck at home due to the coronavirus pandemic.

“The banks are open but if everybody asks at the same time then it’s going to be difficult from a balance sheet perspective,” Bloomberg Intelligence analyst Arnold Kakuda said in an interview.

Kinda like the whole fractional reserve concept: banks have money in theory… as long as not all of their depositors demand to withdraw money at the same time. With revolvers, it more or less the same thing.

“The corporate banker doesn’t want everybody to take a hot shower at the same time in the house,” said Marc Zenner, a former co-head of corporate finance advisory at JPMorgan Chase & Co. “They want to use their capital where it’s most beneficial.”

Amusingly, even McDonald – right after it signed a new revolver – immediately tapped the full $1 billion as a “precautionary measure” to reinforce its cash position, the company said in a regulatory disclosure Thursday. It also priced $3.5 billion of bonds last week as part of its broader liquidity management strategy.

In short, it’s a liquidity free for all, and the bottom line is simple: those bigger companies that still have access to liquidity will survive; those that are cut off, will fail, giving the bigger companies even greater market share, and crushing the small and medium businesses across America.

As a result, the prevailing thinking across corporate America is is “it’s ‘better safe than sorry,” said Jesse Rosenthal, an analyst at CreditSights Inc. “They might believe with all their hearts that the bank has all the liquidity they need, but it’s just fiduciary duty, due diligence, and prudence in a totally unprecedented situation.” Ironically, we reported last week that a bankrupt energy company, EP Energy, listed a trolling risk factor in its annual report, in which the company mused that it may be challenged if one or more of its lender banks collapsed.

Meanwhile, confirming that this latest freakout is all about liquidity, bankers are now including provisions in new deals that ensure they’ll be among the first to be paid back when companies regain access to more conventional sources of financing, according to Bloomberg sources.

And for those insisting on drawing down revolvers now, Renaissance Macro’s Mason says banks will ultimately seek to recoup the costs down the line.

“The message to corporate clients is, ‘you can continue to do this, but we are looking at profitability on a relationship business, so if we don’t make our hurdles here we need to make them somewhere else,’” Mason said. Of course, those companies which have already drawn down on their revolvers and/or have anything to do with the energy sector… see you after you emerge from Chapter 11.

end
retailers prepare for civil unrest:  look at boarded up stores from San Francisco to Beverly Hills
(zerohedge)

Retailers Prepare For Civil Unrest; Boarded-Up Stores Seen From SoHo To Beverly Hills

High-end stores across the country have been boarding up their stores in anticipation of civil unrest due to the Chinese coronavirus pandemic.

In Beverly Hills, the Pottery Barn and West Elm stores near Rodeo Drive were spotted with boards across the windows according to TMZ.

Meanwhile, stores in New York, San Francisco, Seattle, Chicago, Paris, Vancouver and elsewhere were similarly boarded up.

Zingales@zingales

The “Magnificent Mile” in Chicago today. It looks like Chile in November. All fancy stores boarded up. Are they afraid of or of something else? @DMatamala

View image on TwitterView image on TwitterView image on Twitter

RT

@RT_com

Pausing Luxury | NY SoHo boutiques boarded up as cases surge

MORE: https://on.rt.com/adrh

Embedded video

David Politi@davidrpoliti

SF boarded up 👌🏻

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

🆘 Save Our #SOMA 🆘@EsmeAlaki

San Francisco looks like a town expecting a Hurricane, with storefronts boarded up, and people lining up at stores, while others wander around without any apparent destination or plan, as if propelled by Brownian motion.

Everyone is waiting for Hurricane Covid-19 to crest.

View image on TwitterView image on TwitterView image on Twitter

Simon Jones

@SimonJonesNews

Sad sight of a restaurant being boarded up in Canterbury.

View image on Twitter

❌🌍SUBWAH@QZomar

2020 @Hermes_Paris @Graff @Prada boarded up

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

1

Joyce Smith

@JoyceKC

Couple of @ThePlazaKC stores now boarded up during the shelter in place order

View image on TwitterView image on TwitterView image on Twitter

Thanks, China.

END

ZeroHedge
@govttrader

AirBnB is about to crash the US housing market. Thousands of super-hosts who bought 10, 20, 30 properties with mortgages and are heavily levered…are all about to default. Without travel there is no rental income to pay these mortgages. In 2-3 months – 2008 all over again Boom

end

CORONAVIRUS UPDATE/USA//GLOBE

US Reports 500+ Casualties In ‘Deadliest Day Yet’, Confirms Largest Jump In New COVID-19 Cases: Live Updates

Summary:

  • US reports more than 500 deaths for first time
  • US confirms largest one-day case jump
  • Russia reports jump in cases, deaths
  • Maryland, Virginia and DC all locked down
  • Thailand warns it will prosecute all “April Fools Day” coronavirus jokers
  • China plans to announce “asymptomatic” carriers of the novel coronavirus
  • Dr. Fauci warns he fears virus will return this fall
  • Ford, GE warn 100-day window for producing 50k ventilators doesn’t start until April 20
  • Tokyo reports another rash of new cases tied to travelers
  • Spain reports third straight ‘deadliest day yet;’
  • CDC weighs asking Americans to wear masks outside their homes at all times
  • Orban takes unilateral power in Hungary

*   *   *

Update (1015ET): The American public on Tuesday is expected to get its first look at the statistical models guiding the policy decisions that have led governors and mayors across the country to order more than 250 million people to  ‘just stay home’.

It is expected to be unsettling. Dr. Deb Birx, the White House coordinator for the virus response team, tried to brace both President Trump and the country for some tough weeks ahead: Even if all of the social distancing guidelines are followed “perfectly,” she said, the death toll in the nation could reach 100,000 to 200,000.

*    *   *

Update (0810ET): A WHO official said the coronavirus epidemic is far from over in Asia even if the focus of the epidemic has shifted to the US and Europe.

The official also stated that measures to reduce transmission will not remove risks as long as the pandemic continues and that steps to reduce transmission can buy time to prepare for large-scale community transmission, while the official added that there are more than 50 candidate vaccines for coronavirus and several trials are ongoing.

“Last night, Trump said we can save more than 1 million lives by following social distancing guidelines vigorously. President Trump also stated that there are challenging times ahead for the next 30 days and that 1 million Americans have now been tested.”

Sweden reports another batch of COVID-19 cases, bringing its total to 4,435.

*   *   *

Yesterday, the entire Washington DC area was shut down as the governors of Maryland and Virginia joined Muriel Bowser, the mayor of Washington, DC, in issuing “shelter in place” orders (with the threat of massive fines for scofflaws), as the region joined Greater New York, San Francisco and the rest of the Bay Area, Cook County, Greater Seattle and LA County in being completely locked down.

Still, the US case total climbed at an almost unbelievable rate, as the US case total passed 164,000 Tuesday morning, as stock futures traded mildly in the red, though they were essentially flat on the session.

On Sunday, France and Italy also reported their largest single-day jump in deaths, according to their official tallies, capping off a string of ever-higher highs.

On Monday, it was America’s turn, as the US reported more than 500 deaths for the first time, according to reports published early Tuesday.

But it’s not just that: The US has recorded the biggest daily jump in new cases of any country since the novel coronavirus first made the jump from animal to human (or…whatever) in Wuhan back in December. Even as the overall percentage rate slowed, the US still added more than 20,000 cases on Monday, with its daily rate slowing to 14% from 16%, per the FT. Monday also marked the first time that the US reported more than 500 deaths from COVID-19 in a single day, according to the Washington Post.

Worldwide, 61,404 people were diagnosed with COVID-19 on Monday, bringing the global total to 786,876, while the death toll increased by 3,723 to 37,839, on track to double in less than a week.

A day after the country started expanding a lockdown first rolled out in Moscow late last week, Russia reported 500 new cases of coronavirus on Tuesday, its largest daily increase by far, as the total number of infections surged 27% to 2,337. While the number of deaths recorded nearly doubled overnight to 17.

On Tuesday, Thailand warned on Tuesday that it would criminally prosecute anyone who claimed to have coronavirus as an April Fool’s Day prank, while, in the US, another individual has been arrested for making a terrorist threat by coughing on them and pretending to be carrying the coronavirus.

Most of the new cases reported in the US yesterday – cases and deaths, that is – happened in New York. In a tribute to medical workers battling the virus on the front lines, the Empire State Building flashed red and white on Monday night to symbolize “America’s heartbeat,” lighting up the top of the iconic building.

Rita J. King@RitaJKing

The @EmpireStateBldg reminding us that the city is in the middle of an emergency.

Embedded video

Amusingly, Beijing announced on Tuesday that it would start disclosing the number of patients who are asymptomatic but found to have contracted the virus. The decision to be more ‘transparent’ with its numbers makes one wonder why China is doing this now? After all, if China were testing on the level of, say, South Korea, it’s possible that you could have seen millions of cases. Is Beijing really going to try and retake the No. 1 spot as the US comes along and starts mass reporting? Or is this merely a ploy to try and make their accounting look more legitimate at a time when even mainstream medical experts are speculating that the true extent of the US outbreak likely won’t ever be known, according to the SCMP.

A new “coronavirus bill” passed by the Hungarian Parliament on Monday granted PM Viktor Orban sweeping new powers to lead the country, the Washington Post reported. Orban now has the power to govern “unchallenged for as long as he sees fit,” a move rights groups said effectively suspends democracy in the European Union member state in the name of fighting the virus, though this isn’t the first time that the “illiberal” whiners have accused Orban of “flexing” his authoritarian tendencies.

Japanese TV station NHK reported Tuesday that Tokyo had confirmed 78 more cases of coronavirus on Tuesday, citing an unidentified government person, marking the fourth or fifth day in a row that the city had reported a surprisingly large bump in new cases, mostly traced to foreigners.

Speaking of infections caused by foreigners, the NHC promised to start including the “asymptomatic” figures starting on Wednesday, as Beijing clarifies that it already asks health workers to record this data, which is…interesting, to say the least.

As of as of Monday, there were 1,541 asymptomatic carriers under medical observation on mainland China, including 205 imported cases, officials told SCMP. Data previously shared with the SCMP suggests that the ratio of so-called “silent” (asymptomatic) carriers to diagnosed sick could be as high as one to three, which would be enough to put China back in the lead for most cases worldwide.

With President Trump finally seeming to accept that hundreds of thousands of lives are depending on what he decides to do with the federal coronavirus response, Dr. Fauci warned Monday night that he is already bracing for a second coronavirus outbreak in the fall, when flu season starts again.

“In fact, I would anticipate that that would actually happen because of the degree of transmissibility,” Fauci responded when a reporter asked about the potential reemergence of the virus in a few seasons.

Also, a troubling caveat: After announcing yesterday plans to build some 50k ventilators in 100 days, Ford and GE, which will be working on a product model by Airon Corp., added that the 100-day clock won’t start until April 20, and it’s likely that most of the ventilators won’t be ready until after the US surge, if one still happens.

To the chagrin of its critics, the US is leaning into its sanctions against the Iranian regime at a time when the Iranian people are desperate, facing an outbreak that far outpaces the country’s ability to control or suppress it. The Europeans, meanwhile, have come up with a counterweight: the German Foreign Ministry confirmed Tuesday that a new ‘financial mechanism’ was used for the first time to export “medical goods from Europe to Iran.” The hope is that the new INSTEX – Instrument in Support of Trade Exchanges – system would shield the involved parties from US sanctions that have hampered Iranian efforts to import medicine and other medical supplies. It essentially operates as a clearing house for trade credit points.

The announcement came as Iran confirmed 141 new coronavirus deaths and over 3,000 new cases within the last 24 hours on Tuesday morning. At least 2,898 people have died in the country already, authorities said. INSTEX was a critical piece of EU efforts to preserve the JCPOA – better known as the Iran deal – following the Trump Administration’s decision to torpedo it.

In other news, WaPo reports that the DHS asked states in a Sunday memo that all gun shops be considered “essential” and should be allowed to continue working, while their workers should be considered “essential” workers.

The CDC is also reportedly considering a plan that would see them adjusting the official guidance to ask consumers to always wear masks when they leave their homes. According to WaPo, which first reported the issue, the issue is still “under review.”

For the third day in a row, Spain on Tuesday announced 849 coronavirus deaths over the last 24 hours, marking another record ‘deadliest day yet’ in an outbreak that has now taken 8,189 lives in the country.

Finally, Beijing has a message for uppity American politicians who expect China to pay any kind of penalty for unleashing this medical monstrosity on the world.

Hu Xijin 胡锡进

@HuXijin_GT

Want China to compensate for US’ losses in the pandemic? 1. It has no legal basis at all. 2. China today is no longer a country that the US can willfully coerce and extort. A few US politicians, they better stop dreaming.

As more hot spots emerge in Michigan, Louisiana and elsewhere, the FT followed up the NYT by publishing a lengthy feature about the outbreak in poverty-stricken Detroit. The FT story included the following quote, from the administrator of an area hospital, who offered a rare piece of optimism: his hospital is “nowhere near” having to ration ventilators, he said, adding: “I think it’s highly unlikely we will get there, I think the lockdown is working – even though some people still have no clue what’s going on. The $20m question is what happens in 2021. I think it smoulders all year and then comes back.”

END
CNN’s Chris Cuomo brother of the Governor of New York has the coronavirus
(zerohedge)

CNN’s Chris Cuomo Diagnosed With Coronavirus

CNN anchor Chris Cuomo has been diagnosed with COVID-19, the network said in a memo to employees on Tuesday.

“In these difficult times that seem to get more difficult and complicated by the day, I just found out that I am positive for coronavirus,” Cuomo wrote in a message on Twitter.

CNN reports that Cuomo was most recently at CNN’s offices in the Hudson Yards neighborhood of New York City last Friday. He anchored from his home on Monday, and interviewed his brother, New York Governor Andrew Cuomo.

“I have been exposed to people in recent days who have subsequently tested positive and I had fevers, chills and shortness of breath,” he wrote.

“I just hope I didn’t give it to the kids and Cristina. That would make me feel worse than this illness!”

Cuomo said Tuesday that he is “quarantined in my basement” and will “do my shows from here.”

“We will all beat this by being smart and tough and united!” he wrote on Twitter.

This is the third case of coronavirus involving CNN’s workspace in New York City. Employees were notified of another case in mid-March.

end

it begins: Tenants will withhold April rent and that will cause an unprecedented clash between tenants and landlords

(zerohedge)

“We’re Not Making Any April Payments” – Unprecedented Clash Erupts Between Tenants And Landlords

Even before the coronavirus pandemic ground the US economy to a halt, the US brick and mortar retail sector was facing an apocalypse of epic proportions with dozens of retailers filing for bankruptcy in recent years as Amazon stole everyone’s market share…

First Day by Reorg@ReorgFirstDay

Since June 2015, retail chains have accumulated more than $45 billion in aggregate chapter 11 liabilities in connection with over 80 bankruptcy filings:

View image on Twitter

… resulting in tens of thousands of stores across the nation shuttering.

So what has taken place in the retail sector in just the past few weeks is straight out of the the 9th circle of hell. As we reported last week, in just the span of two weeks, more than 47,000 chain stores across the US shut their doors temporarily, or so they hope – as retailers took extreme measures to help slow the spread of the coronavirus pandemic according to Bloomberg data. At least 90 nationwide retailers, ranging from Macy’s to GameStop to Michael Kors have temporarily gone dark. And while most have pledged to remain closed for at least two weeks, many if not all will likely have to stay closed for much longer, because as we showed earlier, the US is very early on the coronavirus curve, and many weeks have to pass before the peak is hit.

Needless to say, it has been an unprecedented moment for shopping in America, a country that contains more retail selling space than any other: “In the space of a week, the retail landscape has changed from being fairly normalized to being absolutely disrupted beyond what we’ve ever seen before outside of the Second World War,” Neil Saunders, managing director of GlobalData Retail, said.

With cash flows dwindling, and their survival in question every day, the total collapse in revenue has meant that firms such as (recently reorganized) Mattress Firm and Subway are among some of the major U.S. retail and restaurant chains telling landlords they will withhold or slash rent in the coming months after closing stores to slow the coronavirus, Bloomberg reports citing sources.  Best Buy, meanwhile, plans to pay rent, with the possible exception of locations it was forced to close.

Aware that one way (out of bankruptcy) or another (in bankruptcy), they will end up renegotiating their leases, retail chains are proactively calling for rent reductions through lease amendments and other measures starting in April.

However, since landlords have to meet monthly obligations of their own and pay their own lenders (who in turn are looking to the federal government for help), what is emerging is an epic clash is emerging between renters and landlords and no one knows when or how it will end.

And while it goes without saying, a lot is at stake: U.S. retail landlords collect more than $20 billion in rent in a typical month, according to Bloomberg citing data from CoStar Group.

“It’s three-dimensional chess,” said Tom Mullaney, a managing director in restructuring at Jones Lang LaSalle Inc. “The battlefield is foggy.”

The dynamics are well-known: with stores shuttered around the U.S., struggling retail chains and small businesses are laying off tens of thousands of workers and trying to figure out if they can make rent. And while landlords are expecting missed payments, they are also trying to assess whether their tenants are actually in trouble or just using the crisis to get a deal on rent. In short: landlords, for the most part, are still expecting payment and they will be disappointed.

Taubman Centers and Federal Realty Investment Trust, which operate millions in square feet of retail space, have told tenants they expect rent to be paid according to lease obligations, citing their own expenses. In statements to Bloomberg, both said they are talking to individual tenants about their specific situations.

“We are attempting to navigate through this situation in the best way we can, while being as flexible as we can with our tenants in light of our ongoing obligations,” Taubman, one of the largest U.S. mall operators, said in a statement. “The tenant memo does not replace our willingness to talk to each tenant about their respective challenges.”

Something tells us that in just a few weeks, the Taubmans of the world will become public enemy number one…

* * *

Meanwhile, as Bloomberg notes, the federal stimulus bill is expected to provide some relief, both for tenants and owners, but it will take time to get the program up and running. Even then, it’s not clear the money will be enough to keep retailers afloat with their stores dark.

“All the money coming into the system from the stimulus will be good, but it won’t be enough,” said Eric Anton, an associated broker at Marcus & Millichap. “There’s going to be real losers and pain. There’s already been a lot of pain and it’s only been two weeks. Six more weeks will only bring more pain, lots of hard negotiations.”

Take the case of Anne Mahlum, founder and CEO of the Washington-based fitness chain Solidcore, which recently shut down 72 studios and laid off most of her staff. She sent letters to her landlords asking for rent abatement. So far, only a few have agreed. She owes more than $600,000 in rent for April.

“The majority of them are at least offering deferment, but some have said rent is still due, which is ludicrous,” Mahlum said. “Even deferment doesn’t help. We’re just kicking the financial can down the road.”

Landlords are getting flooded with identical requests from frantic tenants across the nation demanding rent relief. Many are trying to work out deals in private on a case-by-case basis, to avoid getting inundated with demands for similar concessions.

“If everybody asks and everybody gets, it’ll just bankrupt the landlord,” said Chris Smith, a lawyer at DLA Piper. “Everyone’s hoping to buy some time to respond intelligently as the facts start coming out.”

The first wave of bankruptcies however, will hit the tenants first, many of whom plan to withhold rent payments for April even if it they haven’t received preapproval to do so from landlowds: “You can’t work through expenses and continue to pay operating ones when you have zero money,” Mahlum said. “We’re not making any April payments.”

Those who can afford rent on some locations will likely be strategic, paying for their best-performing stores while withholding payment on the ones that were hurting before the crisis, JLL’s Mullaney said. Same goes for landlords, who were already struggling to fill their space before the coronavirus shut down the economy. Many are likely to work out deals with credit-worthy tenants who will take on a longer lease.

That partly depends on how much flexibility they can get from their lenders: “Some are taking the high road,” Mullaney said. “But the more leveraged you are, the more liquidity is an issue, and it’s not so easy to take the high road.”

Which is of course ironic considering how many years the nation’s top economists were calming the country’s nerves repeating at every soundbite opportunity, just how strong the fundamentals of US businesses were. In retrospect, all that “strength” was just debt…

end

 

The world has a 12 to 13 trillion dollar short and as such the Fed has just launched a repo facility to provide massive dollars to foreign banks that are hugely short of those dollars.
(zerohedge)

Fed Launches Repo Facility To Provide Dollars To Foreign Central Bank

With US dealers no longer using the Fed’s repo facilities (this morning we had another “no bid” overnight repo with just $250MM in MBS submitted for a $500 billion op) as the Fed soaks up all securities via its aggressive QE which is still buying $75BN in paper each day, perhaps Powell felt a bit unloved and at 830am this morning the Fed unveiled yet another “temporary” emergency liquidity providing facility, this time to foreign central banks, in the form of a repo facility targeting “foreign and international monetary authorities”, i.e. foreign central banks which will be allowed to exchange Treasuries held in custody at the Fed for US dollars.

In other words, just a week after the Fed “enhanced” its swap lines with central banks and included a bunch of non G-5 central banks to the list of counterparties, it has found that this is not working – perhaps due to the prohibitive rates on the facility – and is now handing out dollars outright against US denominated securities. We wonder if the central bank uptake will be any higher than the repo facility aimed at US dealers and which is now redundant. Of course, when that fails the Fed can just offer to buy all central bank securities in what even reputable FX strategists now joke is a Fed on full tilt, and intent on buying out all foreign central banks.

And so, just as the financial situation was starting to stabilize, the Fed reminds everyone just how broken everything still is.

The full announcement is below.

Federal Reserve announces establishment of a temporary FIMA Repo Facility to help support the smooth functioning of financial markets

The Federal Reserve on Tuesday announced the establishment of a temporary repurchase agreement facility for foreign and international monetary authorities (FIMA Repo Facility) to help support the smooth functioning of financial markets, including the U.S. Treasury market, and thus maintain the supply of credit to U.S. households and businesses. The FIMA Repo Facility will allow FIMA account holders, which consist of central banks and other international monetary authorities with accounts at the Federal Reserve Bank of New York, to enter into repurchase agreements with the Federal Reserve. In these transactions, FIMA account holders temporarily exchange their U.S. Treasury securities held with the Federal Reserve for U.S. dollars, which can then be made available to institutions in their jurisdictions. This facility should help support the smooth functioning of the U.S. Treasury market by providing an alternative temporary source of U.S. dollars other than sales of securities in the open market. It should also serve, along with the U.S. dollar liquidity swap lines the Federal Reserve has established with other central banks, to help ease strains in global U.S. dollar funding markets.

The Federal Reserve provides U.S. dollar-denominated banking services to FIMA account holders in support of Federal Reserve objectives and in recognition of the U.S. dollar’s predominant role as an international currency. The FIMA Repo Facility, which adds to the range of services the Federal Reserve provides, will be available beginning April 6 and will continue for at least 6 months.

 

 END
The crooks are at it again:  they are now formulating a new lists ready for the next stimulus phase
(zerohedge)

Corona Cash Grab: Pelosi, US Agencies Compile Lists For Phase 4 Stimulus

Fresh on the heels of the largest stimulus in history, House Democrats and government agencies are already compiling their lists with what they say they need from the next package.

On Monday, House Speaker Nancy Pelosi unveiled Democratic demands for the phase-four coronavirus stimulus – which would include additional funds for workers on the front lines fighting coronavirus, and to keep essential businesses in operation via the Occupational Safety and Health Administration (OSHA). Democrats want to expand who’s covered by OSHA protections, including grocers and TSA employees.

Pelosi’s bill will also focus on infrastructure – with broadband and water resources a central focus, as well as more funds for state and local governments, paid family and medical leave, direct payments to the American public, and free treatment for coronavirus – not just free testing.

There are infrastructure needs that our country has that directly relate to how we are proceeding with the coronavirus. Many more people are teleworking, or tele-educating or really communicating with family and friends,” said Pelosi, according to te Washington Times.

In an interview Tuesday with MSNBC, Pelosi said negotiators had already agreed that “everything will be specific to the coronavirus” in the next round of legislation and that it wouldn’t become a “wish list.”

In an interview with the New York Times published on Monday, Pelosi indicated that another possible move was getting rid of the limit on state and local tax deductions, or SALT, that was part of the 2017 tax overhaul and affects California, Pelosi’s home state, and New York. –Bloomberg (via Yahoo!)

Senate Finance Committee Chairman Chuck Grassley (R-IA) says Pelosi’s SALT plan is “a nonstarter.”

Millionaires don’t need a new tax break as the federal government spends trillions of dollars to fight a pandemic,” said spokesman Michael Zona.

Pelosi claims she won’t rush to push the bill through and doesn’t expect the package to be ready befor Easter, according to the . Instead, it will be ready for a vote when Congress returns.

The White House, meanwhile, has compiled their own list based on what US agencies say they need totaling roughly $600 billion, according to Bloomberg.

On Monday, President Trump said that he’s considering giving healthcare professionals hazard pay in a future bill, while on Sunday, he said that he’s ordered the Treasury and Labor secretaries to work on restoring a tax break for spending on corporate restaurants which was repealed in his 2017 tax overhaul, according to the report – a move which Bloomberg kindly points out would benefit the Trump Organization, which rents space to restaurants.

Sen. Ted Cruz (R-TX) told Bloomberg Television on Monday “if the crisis continues for substantially longer I have no doubt that the Congress will have to act again.”

That said, the outlet notes that “there’s lingering friction between Trump and Pelosi over the $2 trillion stimulus, which may shadow negotiations on a fourth round.”

Democrats are angry that the president issued a statement Friday saying he’d gag a new inspector general intended to watchdog the distribution of $500 billion in aid to companies. Several White House aides were unhappy that Treasury Secretary Steven Mnuchin agreed to the oversight in the first place, according to two people familiar with the matter.

And Trump on Monday criticized Pelosi for seeking to win some Democratic priorities in the legislation he signed Friday, such as airline pollution controls. –Bloomberg

“We want to change the voting laws, we want to change this, we want windmills all over the place to ruin everybody’s house and farm. We want to do all sorts of things,” Trump told “Fox & Friends,” adding “They wanted things that were so ridiculous and had nothing to do with putting people that just essentially lost their jobs putting them back to work.”

In order to oversee the spending, the Department of Defense has appointed Glenn Fine – acting inspector general, to oversee a nine-member Pandemic Response Accountability Committee which was established under the most recent law.

That’s separate from the special inspector general the law creates at the Treasury Department, who will be nominated by Trump and confirmed by the Senate. That office, to sit inside of Treasury, will have an operating budget of about $25 million for five years and submit quarterly reports to Congress.

Trump said in his signing statement he wouldn’t allow the new IG to tell Congress it’s been stonewalled for information by government agencies without his permission, an effort by the White House to curb the watchdog’s powers. –Bloomberg

So – Democrats and US agencies are compiling their list of demands for the next coronavirus bailout as the economy continues to grind to a screeching halt – and the DoD is providing oversight. What could go wrong?

END
Fresh on the heels of our last 2.2 trillion dollar stimulus, Trump calls for another  2Trillion dollar infrastructure pkg.  Why not: states Trump.  Interest rates are zero.
(zerohedge)

Trump Calls For $2T Infrastructure Package In Phase 4 Stimulus

President Trump has called for $2 trillion in infrastructure spending in the upcoming ‘phase 4’ coronavirus stimulus.

“With interest rates for the United States being at ZERO, this is the time to do our decades long awaited Infrastructure Bill. It should be VERY BIG & BOLD, Two Trillion Dollars, and be focused solely on jobs and rebuilding the once great infrastructure of our Country! Phase 4,” Trump tweeted on Tuesday.

Donald J. Trump

@realDonaldTrump

With interest rates for the United States being at ZERO, this is the time to do our decades long awaited Infrastructure Bill. It should be VERY BIG & BOLD, Two Trillion Dollars, and be focused solely on jobs and rebuilding the once great infrastructure of our Country! Phase 4

As we noted earlier, Congressional Democrats and the White House have been compiling their lists of what they say is needed in the next package.

Prime among them is “our infrastructure needs,” according to House Speaker Nancy Pelosi, who told MSNBC on Tuesday that “Many more people are teleworking, or tele-educating or really communicating with family and friends.”

There are infrastructure needs that our country has that directly relate to how we are proceeding with the coronavirus. Many more people are teleworking, or tele-educating or really communicating with family and friends,” said Pelosi, according to te Washington Times.

In an interview Tuesday with MSNBC, Pelosi said negotiators had already agreed that “everything will be specific to the coronavirus” in the next round of legislation and that it wouldn’t become a “wish list.”

In an interview with the New York Times published on Monday, Pelosi indicated that another possible move was getting rid of the limit on state and local tax deductions, or SALT, that was part of the 2017 tax overhaul and affects California, Pelosi’s home state, and New York. –Bloomberg (via Yahoo!)

Senate Finance Committee Chairman Chuck Grassley (R-IA) says Pelosi’s SALT plan is “a nonstarter.”

Millionaires don’t need a new tax break as the federal government spends trillions of dollars to fight a pandemic,” said spokesman Michael Zona.

Also being pushed by Pelosi is a vote-by-mail system amid the ongoing coronavirus pandemic.

“In terms of the elections, I think that we will probably be moving to vote by mail,” she told MSNBC‘s “Morning Joe” on Tuesday, adding that it’s a “reality of life” now.

Pelosi claims she won’t rush to push the bill through and doesn’t expect the package to be ready befor Easter, according to the . Instead, it will be ready for a vote when Congress returns.

The White House, meanwhile, has compiled their own list based on what US agencies say they need totaling roughly $600 billion, according to Bloomberg.

end

iv) Swamp commentaries)

 

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

Dr. Fauci once again caused panic selling, driving ESMs to a 79.00 tumble when they opened on Sunday night.  Fauci said US Covid-19 deaths could hit 100k to 200k according to some model.  Two weeks ago, Fauci instigated the nation-wide panic when he reportedly told Trump that the Imperial College model showed the US could have 2.2 million Covid-19 deaths.

Of course, the model has reduced its UK death forecast from 500k to 5,700 – and the MSM still has not reported this.  Furthermore a couple, three weeks ago, experts said the US Covid-19 crisis should peak in 2-3 weeks, which is now.  This is why last week Trump said he hoped that the US economy would be back running by Easter.  ‘Experts’ now say the peak will occur near Easter.

Last week, Fauci stridently broadcasted that he opposes reopening the economy any time soon.  Fauci’s latest dire projection reportedly compelled Trump to extend Covid-19 guidelines until April 30.

Fauci says task force “argued strongly” with Trump to extend coronavirus guidelines: “He did listen” http://hill.cm/ILj8RZV

Fauci has already been very wrong on Covid-19 severity and HPQ efficacy to treat the virus.  Fauci critics claim his very close relationship with Bill Gates, whose mission in life appears to be vaccination development & dissemination, is influencing Fauci’s view on HPQ and Covid-19.  PS – On Sunday night, the US FDA issued an emergency authorization for HPQ to be prescribed for COVID-19 patients.             

 

Fauci Outlines Ambitious Plan to Scale up Covid-19 Vaccine

The vaccine candidate, which is being developed by scientists at Fauci’s institute, entered into a phase I clinical trial earlier this month… the federal government and those companies would assume the risk of producing a vaccine that might not go anywhere, Fauci said… [Can you say ‘conflict of interest’?]

https://news.bloomberglaw.com/pharma-and-life-sciences/fauci-outlines-ambitious-plan-to-scale-up-covid-19-vaccine

 

President Trump vs. Bill Gates on Treatment: Fauci Has a $100 Million Conflict of Interest

The President Is Racing to Save Lives [with Chloroquine/hydroxychloroquine]

   The truth is that President Donald Trump is locked in an intense power struggle with Bill Gates, who is pushing his vaccines… Gates… has a multi-million dollar relationship with Dr. Fauci, and Fauci originally took the Gates line supporting vaccines and casting doubt on Chloroquine…

    Dr. Anthony Fauci, who is represented by the Aurumn Speakers Bureau, initially criticized Trump’s hopeful assessment of Chloroquine, saying…“There’s no magic drug for coronavirus right now,” and lectured, “Let me put it into perspective for the viewers… there has been anecdotal non-proven data that it [chloroquine] works… but when you have an uncontrolled trial you can never definitely say that it works.”… But now… Fauci said that he would definitely prescribe Chloroquine for patients…

https://nationalfile.com/president-trump-vs-bill-gates-on-treatment-fauci-has-a-100-million-conflict-of-interest/

Novartis CEO says Malaria drug [hydroxychloroquine] is biggest hope against coronavirus

https://finance.yahoo.com/news/novartis-ceo-says-malaria-drug-072752054.html

 

Dr. Doug Deibele @DougDeibele: My out-patient treatment [Covid] regimen: 1. Hydroxychloroquine 200mg twice a day for 5 days 2. Azithromycin 500mg once a day for 5 days 3. Zinc sulfate 220mg daily. We treated 500 patients in New York with above regimen ZERO deaths, ZERO hospitalizations. https://docs.google.com/document/d/1SesxgaPnpT6OfCYuaFSwXzDK4cDKMbivoALprcVFj48/mobilebasic

@RoscoeBDavis1: Where does Fox find these idiot doctors at? This current idiot Murthy is saying crap like unknown long term side effects of Chloroquine and chloroquine phosphatePeople have been taking it for 40 years. The side effects are well known and minimal

Trump Slams MSM and ‘Sick Puppy’ Pelosi; Says COVID-19 to Peak ‘Around Easter’

https://www.zerohedge.com/political/trump-slams-msm-and-sick-puppy-pelosi-wide-ranging-interview-says-covid-19-peak-around

Italy reported its lowest increase of new Covid-19 cases in two weeks.

Due to the above items, traders aggressively bought the ESM tumble on Sunday night.  Thereafter, ESMs and European stocks vacillating wildly as newly panicked sellers were absorbed by traders and investors who: A) aren’t buying Fauci’s dire projections/warnings or MSM panic peddling; B) Q1 performance gamers that desperately need to force stuff higher; and C) Investors returning to the markets.

CBS News Caught Using Footage from an Italian Hospital to Describe Conditions in New York City

[Is there any other reason to do something like this besides to foment fear?]

https://www.thegatewaypundit.com/2020/03/cbs-news-caught-using-footage-from-an-italian-hospital-to-describe-conditions-in-new-york-city-video/

Liberal Law Prof @JonathanTurley: CNN is running a headline that Trump now claims Easter was aspirational…The unrelentingly negative spin on stories makes it difficult for viewers to trust the media.

@SteveGuest: 3/20 MSNBC’s Rachel @maddow: “The president made such a big deal of, the Comfort and the Mercy, there’s no sign that they’ll be anywhere on-site helping out anywhere in the country for weeks yet.”   [The “Comfort” arrived in NYC yesterday; the “Mercy” docked in LA on Friday.]

@CNBCJulianna: Talk about a wild ride for stock markets  In case you missed it, we actually started the day in positive territory in Europe before slumping >2% at one point. Now Stoxx 600 stands relatively directionless down -0.8%; similar swings in US futures.

More Coronavirus Stimulus? Pelosi’s Case for Adding On

Pelosi envisions a fourth bill to aid economic recovery, invest in health and digital infrastructure

https://www.wsj.com/articles/more-stimulus-heres-the-case-for-adding-on-11585587075?mod=e2tw

New York has 1,218 deaths, up from 965 yesterday, Gov. Cuomo says.  The rate of hospitalizations has slowed, from doubling every two days to doubling every six days now. “While the overall number is going up, the rate of doubling is actually down,” Cuomo says. http://abcn.ws/2yfE2nn

 

Doctor recommended no action for U.S.’ Pelosi after coronavirus contact – The U.S. Congress’ attending physician recommended U.S. House Speaker Nancy Pelosi take no particular action after she was in contact with Representative Nydia Velazquez, who has been diagnosed with coronavirus infection…[If Pelosi doesn’t need to self-quarantine after contact with Covid, why all the shutdowns?]

https://www.reuters.com/article/us-health-coronavirus-pelosi-idUSKBN21H3EL

 

@fox5dc: Virginia’s new stay-at-home order… through June 10, 2020DETAILShttps://bit.ly/3buEpZM

 

Tampa Bay pastor arrested, accused of violating social distancing guidelines amid coronavirus pandemic   https://www.wfla.com/news/hillsborough-county/deputies-tampa-bay-church-violates-social-distancing-guidelines/

 

Some state and municipal officials are in very, very big trouble for the over-reach and violation of Constitutional rights.  Unless Covid-19 fatalities exceed normal flu fatalities, there will be culture-changing retribution against tyrannical officials that employed police-state tactics & MSM fear mongers.

 

@charliebilello: Spain reported 5,085 new COVID-19 cases today, the lowest daily number since March 22.  Germany reported 3,690 new COVID-19 cases today, the lowest daily increase since March 22.

Covid-19 US stats 3/30: 20,353 new cases and 573 new deaths; 3/29: 19,913 new cases and 363 new deaths; 3/28: 19,452 new cases and 525 new deaths.  With the increase in testing to 100k/per day, news cases are almost flat for the past three dayshttps://www.worldometers.info/coronavirus/country/us/

@paulsperry_: Now both Drs. Birx & Fauci are predicting BEST-case scenario of 100k-200k deaths in US from COVID-19! With current US death rate of 1.7%, we can extrapolate from their death projection a 5.9 mil-11.8 mil caseload projection. We’re now nowhere near w 140,904 cases & 2,405 deaths

The No. 1 factor most street pundits’ (GS report today) have for stocks to bottom/rallyProof that Covid-19 infections and fatalities are slowing.

April Gasoline futures hit a low of 48.94 (cents) at 10:11 ET.  It closed at 58.55.  Today is expiration!

@business: Trump says he discussed nationwide stay-at-home order but it’s “unlikely”

Trump said the US might expand the travel ban affecting Europe and China to other nations.

@JerryDunleavy: The My Pillow Guy is sending 10,000 masks per day to doctors & nurses in the frontlines in the battle against the coronavirus and says he hopes to ramp that up to 50,000 masks per day

@EricBalchunas: SPY volume is plummeting, ‘only’ $44b today, its least active day in about 5 wks, almost back to pre-freak out levels. Too shell shocked to call this thing over, but a good sign IMO.

Today – The big question: How much of Monday’s rally was Q1 performance gaming and the usual Monday rally and how much was due to changing attitudes about the severity of the Covid-19 virus?

 

Prudent operators will NOT make a guess to the above question.  Let the market and events play out for a while.  The stakes are EXTREMELY high.  Arrest your prejudices & biases; let the facts unfold.

Face masks in national stockpile have not been… replenished since 2009 [depleted by ’09 bird flu]

https://www.washingtonpost.com/investigations/face-masks-in-national-stockpile-have-not-been-substantially-replenished-since-2009/2020/03/10/57e57316-60c9-11ea-8baf-519cedb6ccd9_story.html

@ProfMJCleveland: Here’s a timeline:1/21 CDC “The current risk from this virus to the general public is low” and “for a family sitting around the dinner table tonight this is not something that they generally need to worry about.” 1/26:“… CDC continues to believe immediate risk to U.S. general public is low at this time… no additional precautions are recommended at this time… 1/30 Virus is not spreading widely across community.  At this time, we are not recommending people in general public to take additional precautions, such as canceling activities or avoiding going out…”Again, this is not spreading widely in communities, and general public is believed to be at low risk.”  1/31:  Trump China ban… 2/5: “… the current risk to the American public is low, but as we project outward with the potential for this to be a much longer situation.” 2/5:  Trump acquitted in Senate in impeachment hoax… 3/8: @GovWhitmer out and about glad-handing in the now hot-spot of Detroit for @JoeBiden…

OP @RepLeeZeldin: The Speaker should sit this one out trying to spend this critical time playing the coronavirus blame game. I vividly remember that the same day Pres Trump first met with his coronavirus Task Force on January 29, 2020, Congress was being hijacked with her sham impeachment trial.

Democrat Governor’s Coronavirus Aide Spreads False Rumors about Rationing

Last weeka lawyer reportedly serving as a special counsel to Michigan Gov. Gretchen Whitmer published a leaked letter that falsely indicated a shortage of ventilators and intensive-care beds at the Henry Ford Health System had forced staff to leave some Wuhan virus patients to die. While the hospital has since made clear that it has ventilators and beds at all of its Michigan locations… https://thefederalist.com/2020/03/30/democrat-governors-coronavirus-aide-spreads-false-rumors-about-rationing/

Pandemic of Neglect: How U.S. health care failed to heed repeated warnings of supply shortages

More than a dozen government reports dating to the 1990s warned of the sort of medical supply shortages now being experienced in the coronavirus pandemic.

https://justthenews.com/politics-policy/coronavirus/pandemic-neglect-how-us-health-care-failed-heed-warnings-supply#.XoHR-SMXlJc.twitter

DOJ probing stock transactions made by lawmakers ahead of coronavirus crisis

https://thehill.com/homenews/senate/490104-doj-probing-stock-transactions-made-by-lawmakers-ahead-of-coronavirus-crisis

Attorney Requests All Documents Related to Seth Rich from FBI after New Testimony from former DOJ Asst. US Attorney [Deborah Sines] Discloses the FBI DID Examine Seth Rich’s Computer

https://www.thegatewaypundit.com/2020/03/exclusive-attorney-requests-all-documents-related-to-seth-rich-from-fbi-after-new-testimony-from-former-doj-asst-us-attorney-discloses-the-fbi-did-examine-seth-richs-computer/

Hundreds of journalists are being laid off, right when the public needs them the most [for what?]

https://www.cnn.com/2020/03/27/media/media-layoffs/index.html

END

Well that is all for today

I will see you WEDNESDAY night.

 

One comment

  1. […] prices in New York ended up became skewed This had a lot of people freaking out, so trading slowed. Because of this CME, the New York trade operator started out pushing for a change of guidelines on s… This has led to some marketplace commentators airing concerns about a possibility of a shortage in […]

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