APRIL 3A//COMEX TOTALLY BROKEN; SPOT GOLD UP $7.80 TO $1620.80//SILVER DOWN 15 CENTS TO $14.35// HUGE SPREAD BETWEEN JUNE GOLD AND SPOT GOLD//RONAN MANLY ON THE COMEX A MUST READ TONIGHT//CORONAVIRUS UPDATE FOR USA AND THE GLOBE//JOBS REPORT: A MASSIVE -700,000 JOB LOSS//FED’S BALANCE SHEET RISES TO 6 TRILLION DOLLARS//OUR FALLEN ANGELS ARE NOW GAINING ATTENTION//MORTGAGE DEFAULTS ARE ON THE HORIZON/AND MANY MORE STORIES FOR YOU TONIGHT/.

GOLD::$1620.30  UP $7.80   The quote is London spot price

 

 

 

 

Silver:$14.35//DOWN $.15  London spot price

 

Closing access prices:  London spot

 

 

i)Gold : $1621.10  LONDON SPOT  4:30 pm

 

ii)SILVER:  $14.41//LONDON SPOT  4:30 pm

 

APRIL comex gold price CLOSE 1.30 PM:  $1631.0

JUNE GOLD:  $1645.50  CLOSE 1.30 PM

 

 

 

SILVER MAY COMEX CLOSE;   $14.48…1:30 PM.

 

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 $2100. usa per oz

and silver; $28.00 per oz//

 

 

 

COMEX DATA

 

 

 

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

today RECEIVING:  1083/2590

issued:  1271

EXCHANGE: COMEX
CONTRACT: APRIL 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,625.700000000 USD
INTENT DATE: 04/02/2020 DELIVERY DATE: 04/06/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 H GOLDMAN 456
104 C MIZUHO 1
118 H MACQUARIE FUT 231
132 C SG AMERICAS 8
152 C DORMAN TRADING 1
323 C HSBC 3
323 H HSBC 638
355 C CREDIT SUISSE 34
657 C MORGAN STANLEY 8 21
661 C JP MORGAN 1271 1083
661 H JP MORGAN 427
685 C RJ OBRIEN 8
686 C INTL FCSTONE 366 38
686 H INTL FCSTONE 20
690 C ABN AMRO 20 192
709 C BARCLAYS 12
800 C MAREX SPEC 11 24
880 H CITIGROUP 199
905 C ADM 1 87
____________________________________________________________________________________________

TOTAL: 2,580 2,580

 

 

NUMBER OF NOTICES FILED TODAY FOR  MAR CONTRACT: 2580 NOTICE(S) FOR 258,000 OZ (8.0254 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  24,489 NOTICES FOR 2,448,900 OZ  (76.170 TONNES)

 

 

 

 

SILVER

 

FOR APRIL

 

 

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

total number of notices filed so far this month: 753 for 3,765,000 oz

 

BITCOIN MORNING QUOTE  $6966 UP $170 

 

BITCOIN AFTERNOON QUOTE.: $6783 DOWN $14

 

GLD AND SLV INVENTORIES:

WITH GOLD UP $7.80: AND NO PHYSICAL TO BE FOUND ANYWHERE:

WITH ALL REFINERS CLOSED//MEXICO ORDERING ALL MINES SHUT:   WHERE ARE THEY GETTING THE “PHYSICAL”?

 

 

WE HAD ANOTHER STRONG DEPOSIT OF 3.22 TONNES

 

GLD: 971,97 TONNES OF GOLD//

 

 

WITH SILVER DOWN 15 CENTS TODAY: AND WITH NO SILVER AROUND

 

 

A BIG CHANGE IN SILVER INVENTORY TONIGHT//

A DEPOSIT: OF 746,000 OZ INTO THE SLV INVENTORY

 

 

 

RESTING SLV INVENTORY TONIGHT:

SLV: 395.572  MILLION OZ./

 

 

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE BY A CONSIDERABLE SIZED 1582 CONTRACTS FROM 138,473 UP TO 140,055 AND CLOSER TO OUR NEW RECORD OF 244,710, (FEB 25/2020.  THE CONSIDERABLE GAIN IN OI OCCURRED WITH OUR 65 CENT GAIN IN SILVER PRICING AT THE COMEX. WE  HAD ZERO LONG LIQUIDATION. IT SEEMS THAT THE GAIN IN OI IS DUE TO  BANKER SHORT COVERING PLUS A FAIR EXCHANGE FOR PHYSICAL ISSUANCE ALONG WITH A STRONG GAIN IN SILVER OZ STANDING. WE HAD A GOOD NET GAIN IN OUR TWO EXCHANGES OF 1990 CONTRACTS  (SEE CALCULATIONS BELOW)

 

 

WE HAVE ALSO WITNESSED A STRONG 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 FAIR SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:   MARCH:  00 AND MAY: 280 AND JULY: 0 ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  280 CONTRACTS. WITH THE TRANSFER OF 280 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 280 EFP CONTRACTS TRANSLATES INTO 1.400 MILLION OZ  ACCOMPANYING:

1.THE 65 CENT GAIN IN SILVER PRICE AT THE COMEX AND

2. THE STRONG AMOUNT OF SILVER OUNCES WHICH STOOD FOR DELIVERY IN THE LAST 12 MONTHS:

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR

4.015  MILLION OZ INITIALLY STANDING FOR APRIL

 

THURSDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE 65 CENTS).. AND, OUR OFFICIAL SECTOR/BANKERS WERE TOTALLY UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY  SILVER LONGS FROM THEIR POSITIONS, AS WE DID HAVE A STRONG NET GAIN OF 1862 CONTRACTS OR 9.310 MILLION OZ ON THE TWO EXCHANGES! YOU CAN BET THE FARM THAT OUR BANKER  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER.

OUR SPREADING OPERATION HAS NOW SWITCHED INTO SILVER…..

SPREADING OPERATION FOR OUR NEWCOMERS:

WE HAVE NOW COMMENCED IN SILVER 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 MAY.

 

 

FOR THOSE OF YOU WHO ARE NEW, HERE IS THE MODUS OPERANDI OF THE SPREADERS AND THE CRIMINAL ELEMENT BEHIND IT:

 HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR;

 

THE SPREADING LIQUIDATION OPERATION IS NOW OVER FOR GOLD..AND WE WILL NOW MORPH INTO AN ACCUMULATION PHASE OF SPREADING CONTRACTS FOR SILVER.  THEY WILL ACCUMULATE CONSIDERABLE AMOUNT OF THE CONTRACTS AND THEN LIQUIDATE ONE WEEK PRIOR TO FIRST DAY NOTICE

 

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 SILVER 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 APRIL HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF MAY FOR SILVER:

 

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE IN THIS NON ACTIVE MONTH OF APRIL. 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 (MAY), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END  OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

 

 

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

2199 CONTRACTS (FOR 3 TRADING DAYS TOTAL 2199 CONTRACTS) OR 10.995 MILLION OZ: (AVERAGE PER DAY: 733 CONTRACTS OR 3.665 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF APRIL: 10.995 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 1.57% 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:          904.48 MILLION OZ.

JANUARY 2020 EFP TOTALS SO FAR: 181.61 MILLION OZ

FEB 2020 EFP’S TOTAL :  ……     259.600 MILLION OZ

MARCH EFP’S …..                     452.280 MILLION OZ  //TOTALS//AND A NEW RECORD FOR THE MONTH)

APRIL EFP SO FAR                   10.995 MILLION OZ.

 

 

RESULT: WE HAD A CONSIDERABLE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1582, WITH THE   $0.65 GAIN IN SILVER PRICING AT THE COMEX /THURSDAY THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 280 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON  AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER

 

TODAY WE GAINED A STRONG  TOTAL OI CONTRACTS ON THE TWO EXCHANGES:  1862 CONTRACTS (WITH THE 65 CENT GAIN IN PRICE)

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 280 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH INCREASE OF 1582 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH A 65 CENT GAIN IN PRICE OF SILVER/ AND A CLOSING PRICE OF $14.50 // THURSDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY AS WELL AS A HUGE INCREASE IN QUEUE JUMPING!! 

 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.700 BILLION OZ TO BE EXACT or 100.0% of annual global silver production (ex Russia & ex China).

FOR THE NEW  MAR DELIVERY MONTH/ THEY FILED AT THE COMEX: 11 NOTICE(S) FOR  55,000 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 4.015 MILLION OZ//
  2. THE  RECORD PRIOR TO TODAY WAS SET IN FEB 25/2018:  244,710 CONTRACTS,  WITH A SILVER PRICE OF $18.90//.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017 RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

 

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

 

GOLD

 

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A SMALL 185 CONTRACTS TO 490,140 AND CLOSER TO OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE GAIN OF COMEX OI OCCURRED WITH OUR COMEX GAIN IN PRICE  OF $31.80 /// COMEX GOLD TRADING// THURSDAY// WE  HAD CONSIDERABLE BANKER SHORT COVERING ALONG WITH ZERO LONG LIQUIDATION ACCOMPANYING A FAIR  EX. FOR PHYSICAL ISSUANCE AND YET THIS WAS COUPLED WITH THAT STRONG ADVANCE IN THE PAPER PRICE OF GOLD. THUS THE GAIN ON THE COMEX WAS DUE TO  CONSIDERABLE BANKER SHORT COVERING, ZERO LONG LIQUIDATION, A STRONG INCREASE IN GOLD OZ STANDING  AND OUR NORMAL GAIN IN EXCHANGE FOR PHYSICALS (POSITIVE), . WE GAINED A FAIR 2,714 CONTRACTS  (8.441 TONNES) ON OUR TWO EXCHANGES.

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 2529 CONTRACTS:

CONTRACTS, FEB>  CONTRACTS; MARCH 00 APRIL: 0. MAY: 0, AND JUNE 2529.; DEC 0 AND ALL OTHER MONTHS ZERO//TOTAL: 2529.  The NEW COMEX OI for the gold complex rests at 490,140. 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 FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2,714 CONTRACTS: 185 CONTRACTS INCREASED AT THE COMEX AND 2529 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 2,714 CONTRACTS OR 8.441 TONNES. THURSDAY, WE HAD A CONSIDERABLE GAIN OF $31.80 IN GOLD TRADING……

AND WITH THAT CONSIDERABLE GAIN IN  PRICE, SURPRISINGLY WE  HAD A GOOD SIZED GAIN IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 8.441  TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR WERE SUPPLYING INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON. THE BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (ROSE $31.80). AND IT ALSO 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 FAIR SIZED INCREASE IN EXCHANGE FOR PHYSICALS  (2529) ACCOMPANYING THE TINY GAIN IN COMEX OI.(185 OI):  TOTAL GAIN IN THE TWO EXCHANGES:  2,714 CONTRACTS.  WE NO DOUBT HAD 1 )HUGE BANKER SHORT COVERING, 2.)A MONSTROUS  STANDING AT THE GOLD COMEX FOR THE FRONT APRIL MONTH,  3) ZERO LONG LIQUIDATION AND  …ALL OF THIS WAS COUPLED WITH THAT HUGE  GAIN IN GOLD PRICE TRADING//THURSDAY

 

 

 

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 APRIL : 14,737 CONTRACTS OR 1,473,700 oz OR 45.84 TONNES (3 TRADING DAYS AND THUS AVERAGING: 4912 EFP CONTRACTS PER TRADING DAY

 

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 3 TRADING DAY(S) IN  TONNES: 45.84 TONNES

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

THUS EFP TRANSFERS REPRESENTS 45.84/3550 x 100% TONNES =1.29% OF GLOBAL ANNUAL PRODUCTION

ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD HAS EXPLODED THIS MONTH.

 

 

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE   2368.74  TONNES

JANUARY 2220 TOTAL EFP ISSUANCE; : 570.19 TONNES

FEB 2020 TOTAL EFP ISSUANCE :            653.78 TONNES

MARCH TOTAL EFP ISSUANCE                1,098.93  TONNES  (//(*AND A NEW ALL TIME RECORD ISSUANCE)
APRIL TOTAL EFP. ISSUANCE:               45.84  TONNES

 

 

 

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

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

1.Today, we had the open interest in SILVER ROSE BY A CONSIDERABLE SIZED 1582 CONTRACTS FROM 138,473 UP TO 140,055 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 GAIN IN COMEX OI WAS DUE TO 1) HUGE BANKER SHORT COVERING , 2) THE ISSUANCE OF A FAIR SIZED NUMBER OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A STRONG INCREASE IN SILVER OZ STANDING AT THE COMEX FOR APRIL AND 4) ZERO LONG LIQUIDATION 

 

 

EFP ISSUANCE 280 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: 280; JULY: 00 CONTRACTS   AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 280 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE OI GAIN AT THE COMEX OF 1582 CONTRACTS TO THE 280 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG GAIN OF 1862 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES  9.330 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 4.015 MILLION OZ//

 

 

RESULT: A CONSIDERABLE SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 65 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// THURSDAY. WE ALSO HAD A VERY FAIR SIZED 280 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG  SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON. THE ENTIRE LOSS OF COMEX OI WAS DUE TO SPREADER LIQUIDATION AND THAT HUGE ISSUANCE OF EX. FOR PHYSICALS.

BOTH THE SILVER COMEX AND THE GOLD COMEX ARE IN STRESS AS THE BANKERS SCOUR THE BOWELS OF THE EXCHANGE FOR METAL

 

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

I)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED DOWN 16.65 POINTS OR 0.60%  //Hang Sang CLOSED DOWN 43.95 POINTS OR 0.19%   /The Nikkei closed UP 1.47 POINTS OR 0.01%//Australia’s all ordinaires CLOSED DOWN 1.57%

/Chinese yuan (ONSHORE) closed DOWN  at 7.0924 /Oil UP TO 57.21 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED DOWN // LAST AT 67.0924 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.1143 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/CORONAVIRUS  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

LET US BEGIN:

 

Let us head over to the comex:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A TINY 185 CONTRACTS TO 490,200 MOVING CLOSER TO OUR  RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS TINY COMEX OI GAIN WAS SET WITH A STRONG GAIN OF $31.80 IN GOLD PRICING //THURSDAY’S  COMEX TRADING//). HOWEVER WE ALSO HAD A FAIR EFP ISSUANCE (2529 CONTRACTS),.  THUS WE HAD 1) HUGE BANKER SHORT COVERING AT THE COMEX AND 2)    ZERO LONG LIQUIDATION AND 3)  ANOTHER MONSTROUS INCREASE IN GOLD OZ STANDING AT THE COMEX WITH THAT HUGE STANDING  APRIL/GOLD…  AS WE ENGINEERED A GOOD GAIN ON TWO EXCHANGES OF 2714 CONTRACTS.

 

 

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF APRIL..  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 2529 EFP CONTRACTS WERE ISSUED:

 FEB: 0; MARCH 00 AND APRIL: 0, MAY: 0  JUNE : 2529 AND 0 FOR DEC AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2529 CONTRACTS.

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

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES:  2714TOTAL CONTRACTS IN THAT 2529 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A SMALL SIZED 185 COMEX CONTRACTS.  THE BANKERS PROVIDED ALL THE NECESSARY SHORT PAPER TO WHICH OUR LONGS DUTIFULLY ACCEPTED AS THEY GOBBLED UP A FAIR AMOUNT OF EXCHANGE FOR PHYSICALS WITH A HUGE BANKER SHORT COVERING ACCOMPANYING OUR STRONG COMEX GOLD TONNAGE STANDING FOR DELIVERY.

 

 

 

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE BY $31.80). THEY WERE   UNSUCCESSFUL IN FLEECING ANY LONGS, AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 8.441 TONNES.

 

 

NET LOSS ON THE TWO EXCHANGES :: 2714 CONTRACTS OR 2714 OZ OR 8.441 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:  490,140 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 49.01 MILLION OZ/32,150 OZ PER TONNE =  1524 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1524/2200 OR 69.30% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 76,860 contracts

CONFIRMED COMEX VOL. FOR YESTERDAY183,777 contracts//

APRIL 3

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  

471,575.354

OZ

BRINKS

HSBC

MALCA

INCLUDES 13,500 KILOBARS

 

 

 

No of oz served (contracts) today
2580 notice(s)
 258,000 OZ
(8.0248 TONNES)
No of oz to be served (notices)
1507 contracts
(150,700 oz)
4.6874 TONNES
Total monthly oz gold served (contracts) so far this month
24,489 notices
2,448,900 OZ
76.170 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

 

We had 1 kilobar entries

 

i ) We had 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 BRINKS:  35,077.394 OZ

ii) Into HSBC:  2499.96 oz

iii) Into Malca 433,998.000 oz or 13,500 kilobars

and a phony entry…

 

 

 

 

 

total deposits: 471,575.354  oz  (14.667 tonnes)

 

 

we had 0 gold withdrawals from the customer account:

 

 

 

total gold withdrawals;  NIL   oz

ADJUSTMENTS: 2

 

 

a)out of Brinks: 35,013.098 oz was adjusted out of the customer and this landed into the dealer of Brinks

b) Out of Malca:  62,879.532 oz was adjusted out of the dealer and this lands into the customer account of Malca

 

 

The front month of APRIL saw its open interest register 4087 contracts for a loss of 610 contacts. We had 1433 notices filed yesterday so we GAINED A VERY STRONG 873  contracts or 87,300 oz will  stand at the comex as these guys refused to morph into London based forwards and they also negated a fiat bonus

 

 

May saw its ANOTHER LOSS of 4 contracts to stand at  2148.

June saw a GAIN of 908 contracts up to 359,745

 

 

We had 2580 notices filed today for 258,000 oz

 

FOR THE  APRIL 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 1271 notices were issued from their client or customer account. The total of all issuance by all participants equates to 2580 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 1083 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 (24,489) x 100 oz , to which we add the difference between the open interest for the front month of  APRIL. (4087 CONTRACTS ) minus the number of notices served upon today (2580 x 100 oz per contract) equals 2,599,600 OZ OR 80.858 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 (24,489)x 100 oz)  + (4087 OI for the front month minus the number of notices served upon today (2580 x 100 oz )which equals 2,599,600 oz standing OR 80.858 TONNES in this active delivery month which is  a great amount for gold standing for a APRIL. delivery month.

We gained 873 contracts OR an additional 87,300 OZ WILL  STAND AT THE COMEX as these guys decided it best to look for metal on the this side of the pond, first before travelling to London..

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

42,548.308.00 PLEDGED  APRIL 3/2020: SCOTIA:            1.3234

TOTAL PLEDGED GOLD NOW IN EFFECT:  560,194.208  OZ OR 17.424  TONNES

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 109.15 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS

total registered or dealer gold:   4,069,518.145 oz or  126.579 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:
c)  pledged gold at Scotia: 1.3234 tonnes or 42,548.308 oz which cannot be settled  (1.3234 tonnes)
total weight of pledged:  560,194.208 oz or 17.424 tonnes
thus:
registered gold that can be used to settle upon: 3,509323.9  (109.15 tonnes)
true registered gold  (total registered – pledged tonnes  3,3509323.9 (109.15 tonnes)

total registered, pledged  and eligible (customer) gold;   10,968,097.143 oz 341.15 tonnes

 

THE GOLD COMEX IS NOW IN STRESS AS

 

1. GOLD IS LEAVING THE COMEX 

 

2. GOLD IS LEAVING THE REGISTERED CATEGORY OF THE COMEX.

 

3. NO GOLD IS ENTERING THE COMEX

WHY ARE THEY NOT SETTLING?

THE COMEX IS AN ABSOLUTE FRAUD..

 

end

 

 

April 3/2019

And now for the wild silver comex results

Total COMEX silver OI ROSE BY A CONSIDERABLE SIZED 1582 CONTRACTS FROM 138,501 DOWN TO 140,140 (AND MOVING CLOSER TO THE NEW ALL TIME RECORD OI FOR SILVER SET ON FEB 25.2020(244,710) ECLIPSING OUR PREVIOUS RECORD, AUGUST 25/2018 RECORD (244,196).  THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9.2018/ 243,411 CONTRACTS) . OUR CONSIDERABLE OI COMEX GAIN TODAY OCCURRED WITH OUR 65 CENT INCREASE IN PRICING/THURSDAY.  THE GAIN IN OI OCCURRED WITH 1)  A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS 2) STRONG INCREASE IN SILVER OZ STANDING AT THE COMEX, 3)  HUGE  BANKER SHORT COVERING COUPLED ZERO  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 61 CONTRACTS, AND AS SUCH GAINED 5 CONTRACTS.  WE HAD 18 NOTICES SERVED UPON YESTERDAY SO WE AGAIN, GAINED 23 CONTRACTS OR 115,000 OZ WILL STAND AT THE COMEX AS THEY REFUSED TO MORPH INTO LONDON BASED CONTRACTS AS THEY LOOK FOR METAL ON THIS SIDE OF THE POND.

 

THE BIG CONTRACT OF MAY SAW ITS OI RISE  BY 443  UP TO 77,779.

JUNE SAW A GAIN OF 0 CONTRACTS REMAINING AT 5.

 

 

We, today, had  11 notice(s) FILED  for 55,000, OZ for the MAR, 2019 COMEX contract for silver

APRIL 3/2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 372,352.885 oz
CNT
DELAWARE

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
299,871.140 oz
CNT
No of oz served today (contracts)
11
CONTRACT(S)
(55,000 OZ)
No of oz to be served (notices)
50 contracts
 250,000 oz)
Total monthly oz silver served (contracts)  753 contracts

3,765,000 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:  299,871.140 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/321.170 million

total customer deposits today: 600,971.200   oz

we had 2 withdrawals:

 

i) Out of CNT:  333,449.760 oz
ii) Out of Delaware: 38,903.125 oz

 

 

total withdrawals;  372,352.895  oz

We had 0 adjustments: and all from the dealer to the customer:

 

 

 

 

total dealer silver:  82.178 million

total dealer + customer silver:  321.097 million oz

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The total number of notices filed today for the APRIL 2020. contract month is represented by 11 contract(s) FOR 55,000 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 753 x 5,000 oz = 3,765,000 oz to which we add the difference between the open interest for the front month of APRIL.( 61) and the number of notices served upon today 11 x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the APRIL/2019 contract month: 753 (notices served so far) x 5000 oz + OI for front month of APRIL (61)- number of notices served upon today (11) x 5000 oz of silver standing for the APRIL contract month.equals 4,015,000 oz.

WE GAINED 23 CONTRACTS OR AN ADDITIONAL 115,000 OZ OF SILVER WILL STAND AT  THE COMEX.

 

 

 

 

 

TODAY’S ESTIMATED SILVER VOLUME: 22,705 CONTRACTS //

 

 

 

 

FOR YESTERDAY:  66,541 CONTRACTS..,CONFIRMED VOLUME

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 66,541 CONTRACTS EQUATES to 332 million  OZ  47.5% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

 

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

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

end

 

NPV for Sprott

1. Sprott silver fund (PSLV): NAV RISES TO +1.53% ((APRIL 3/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -0.03% to NAV:   (APRIL 3/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into POSITIVE/ 1.53%

(courtesy Sprott/GATA

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

NAV 14.82 TRADING 14.86///PREMIUM 0.25

END

 

 

And now the Gold inventory at the GLD/

APRIL 3//WITH GOLD UP $7.80 TODAY//ANOTHER STRONG DEPOSIT OF 3.22 TONNES INTO THE GLD/INVENTORY RESTS AT 971.97 TONNES

APRIL 2//WITH GOLD UP $31.80 TODAY: ANOTHER STRONG DEPOSIT OF 1.75 TONNES INTO THE GLD//INVENTORY RESTS AT 968.75 TONNES

APRIL 1/WITH GOLD DOWN $7.70 TODAY: ANOTHER CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.62 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 967.00 TONNES

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

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at

APRIL 3/2020/  971.97 tonnes*

IN LAST 792 TRADING DAYS:   +27.28 NET TONNES HAVE BEEN REMOVED FROM THE GLD

 

LAST 692 TRADING DAYS;+202.26  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

APRIL 3//WITH SILVER DOWN 15 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 746,000 OZ INTO THE SLV//INVENTORY RESTS AT 395.826 MILLION OZ

APRIL 2/WITH SILVER UP 65 CENTS;  A SMALL CHANGE TODAY..A WITHDRAWAL OF .335 MILLION OZ TO PAY FOR FEES//INVENTORY RESTS AT 394.826 MILLION OZ/

APRIL 1/WITH SILVER DOWN 11 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 395.181 MILLION OZ//

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

 

 

APRIL 3.2020:

SLV INVENTORY RESTS TONIGHT AT

395.572 MILLION OZ.

END

 

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

6 Month MM GOFO 1.93/ and libor 6 month duration 1.21

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

G0LD LENDING RATE: – .72

 

XXXXXXXX

12 Month MM GOFO
+ 1.09%

LIBOR FOR 12 MONTH DURATION: 1.06

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = -.03

end

 

 

 

 

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

Gold Bullion Coin and Bar Shortages Continue and Deepen

Editors Note: The shortage of gold bullion coins and bars continues and appears to be deepening. It is not just smaller one ounce bullion coins and bars that are sold out and increasingly unavailable but also larger gold and silver bars including gold kilo bars (32.15 ozs) worth and 1,000 oz silver bars. Refineries, government mints and brokers around the world have raised premiums.

We are selling Gold Britannias (1 oz) bought directly from the Royal Mint
at just $1,705 per coin based on a spot price of $1,612/oz

Gold Dealers Report Big Shortages of Small Bars and Coins

(Bloomberg) — When people are worried about the future they turn to gold to protect their savings. That’s rarely been more true than today.

Surging demand and disruptions from the coronavirus pandemic have created a shortage of the small gold bars most popular with consumers. Those who do manage to get their hands on metal have to pay up –- well above the per-ounce prices being quoted on financial markets in London and New York.

Some dealers are desperately contacting clients to see if anyone is willing to sell their gold bars and coins, and offering a rare premium over spot prices. Others have given up trying to trade altogether.

“People want to buy, not to sell gold,” said Mark O’Byrne, the founder of GoldCore, a dealer based in Dublin. “We have a buyers’ waiting list and we emailed our clients seeing who wished to sell their gold. At this time there is roughly only one or two sellers for every 99 buyers.”

Read on Bloomberg or on Yahoo Finance

Watch Yesterday’s Live Video Update
◆ Gold and Silver Coin and Bar Premiums – What Is Happening?

◆ Premiums are higher on gold and silver coins and bars, both when you buy and when you sell, and may stay higher in the “new normal.”

◆ Bullion coin and bar premiums are not commissions and brokers only make a small component of the premium in what is a very low margin business.

 Beware of aggressive pricing strategies on coins and bars and focus on getting value with regard to premiums.

◆ 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. While oremiums have surged, we have kept our premiums very competitive. We are paying 1.5% over spot gold 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 Buyers List as we simply cannot meet the demand we are experiencing.

Watch interview here

GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)

01-Apr-20 1594.25 1576.55, 1288.95 1270.23 & 1457.94 1442.86
31-Mar-20 1604.65 1608.95, 1299.61 1296.81 & 1461.52 1468.81
30-Mar-20 1624.35 1618.30, 1312.56 1305.97 & 1466.88 1466.02
27-Mar-20 1621.20 1617.30, 1325.33 1316.16 & 1473.18 1469.48
26-Mar-20 1620.10 1634.80, 1361.37 1358.19 & 1480.12 1487.01
25-Mar-20 1620.95 1605.45, 1357.22 1371.38 & 1494.84 1486.17
24-Mar-20 1599.50 1605.75, 1362.61 1371.47 & 1472.98 1489.49
23-Mar-20 1494.50 1525.40, 1288.86 1312.91 & 1399.60 1411.00
20-Mar-20 1504.45 1494.40, 1275.32 1258.28 & 1400.34 1391.59
19-Mar-20 1480.70 1474.25, 1285.54 1257.83 & 1369.94 1365.89
18-Mar-20 1506.00 1498.20, 1254.50 1271.22 & 1367.00 1378.04

Receive Our Award Winning Market Updates In Your Inbox – Sign Up Here

Mark O’Byrne
Executive Director

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

We brought this important development to your attention yesterday but it is worth repeating:  how on earth can these guys clear? How about naked shorting where they must obtain a certificate to engage in shorting?

 

(Chris Powell/GATA)

U.S. stock clearinghouse suspends certificate repatriation

 Section: 

7:33p ET Thursday, April 2, 2020

Dear Friend of GATA and Gold:

The Depository Trust & Clearing Corp., which stores most stock certificates and settles most securities transactions in the United States, has suspended all securities repatriation services since March 23 and announced on March 28 that these services will remain suspended until at least April 6. The suspension was attributed to difficulties arising from the virus epidemic sweeping the world.

So anyone who wants to take possession of stock certificates or transfer them to the possession of someone else is out of luck for the time being.

… 

This is a situation that gold advocate and mining entrepreneur Jim Sinclair of JSMineset.com often warned against years ago.

The DTCC says all the rest of its services remain operational, though in recent years some investors and corporate officials have complained that those services include facilitating naked short selling.

In an update on the DTCC’s internet site dated March 28 —

https://www.dtcc.com/dtcc-connection/articles/2020/march/18/continuing-t…

— DTCC President and Chief Executive Officer Michael C. Bodson says:

“Due to ongoing concerns related to the COVID-19 virus, we have taken the decision to extend the suspension of all physical processing services until, at the earliest, Monday April 6, 2020.

“DTC requests that participants and transfer agents not send certificates via messenger, courier services, or U.S. Postal Service to DTC until further notice as DTC will not have a mechanism to accept or perform any transaction processing.

“Further details are provided in Important Notice B13161-20: Temporary Suspension of All DTC Physical Securities Processing. This notice supersedes important notice B#13153-20 distributed on March 26, 2020, announcing the re-opening of physical processing, which is no longer accurate.

“All other DTC services remain business as usual. DTCC remains open and we continue to provide uninterrupted access to our products and services to our clients across the globe. Further details are provided in the Physical Securities Processing FAQ (3/30/2020).”

Of course this is hardly the only company that has been hobbled in some way by the virus epidemic, and with luck things will get back to normal everywhere in a few months. But in the meantime the ultimate proof of the ownership of most stock shares in the United States is not available and hypothecation and rehypothecation of shares may become even easier.

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

END

Mexico to all some projects to be mined deemed essential

(Reuters/GATA)

Mexican miners to keep working essential projects amid virus closures, sources tell Reuters

 Section: 

By Diego Ore
Reuters
Wednesday, April 1,

https://www.reuters.com/article/health-coronavirus-mexico-mining/mexican…

MEXICO CITY — Mexico’s mining sector, one of the country’s major industries, will be able to continue operating projects deemed to be essential during the public health crisis caused by the coronavirus, two government officials told Reuters.

President Andres Manuel Lopez Obrador’s administration this week declared a health emergency due to the viral outbreak which requires that non-essential work be shut down or minimized.

… 

But the mining sector, responsible for about 4 percent of Mexico’s gross domestic product, will be able to continue with some projects in an effort to avoid the “paralyzation” of future operations as well as to promote mine safety, the sources said.

END

A must read:  Pat Heller collectedly states that both London and New York gold/silver markets defaulted on gold deliveries

(Pat Heller /Liberty Coin/GATA)

Pat Heller: Did the London/New York markets default on gold deliveries?

 Section: 

11:55p ET Thursday, April 2, 2020

Dear Friend of GATA and Gold:

Veteran coin and bullion dealer Pat Heller of Liberty Coin Service in Lansing, Michigan, today provides via Numismatic News an excellent summary of the critical tightness in the physical gold and silver markets and the scheming being done by the London Bullion Market Association and the New York Commodities Exchange to conceal what are effectively defaults on futures contracts.

… 

Of the mysterious “exchange for physicals” mechanism by which most Comex gold futures contracts now are settled — or, really, transferred off the exchange’s books for private resolution in London — Heller writes:

There are some logistical problems with delivering a London gold contract. First, London gold contracts are for 400-ounce bars whereas the Comex contracts are for 100-ounce bars.

“Second, like the Comex, the LBMA also has a huge shortage of physical gold to deliver against maturing contracts called for delivery. As a consequence, a higher percentage of London gold contracts is being settled for cash than in years past.

“Even worse from the standpoint of the LBMA is that the negotiated cash settlements now are for an increasing premium above the spot price than in the past. What that means is that short sellers of contracts in the London market were already suffering financially when the Comex passed along its gold contracts.

In response to the initial news of the lack of London market gold deliveries Tuesday last week, the physical gold market developed a large bid/ask spot-price spread — as much as $100 that day. The bid/ask spot-price spreads also widened for silver, platinum, and palladium. As of Wednesday this week these spot-price spreads are much slimmer, though those for gold and silver are still larger than they were before Tuesday last week.”

Heller concludes: “The sum total of all the developments at the LBMA and Comex last week reinforces that there is a huge shortage of physical gold (and, by extension, silver) inventories available to cover all promises for delivery. As more people are willing to pay ever-higher premiums to get their hands on bullion-priced physical coins and ingots, the risk of collapse — a formal default — of the “paper” gold and silver markets is also rising.”

Heller’s analysis is headlined “Did the London/New York Markets Default On Gold Deliveries?” and it’s posted at Numismatic News here:

https://www.numismaticnews.net/article/did-the-london-new-york-markets-d…

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

iii) Other physical stories:

 

The following is a must read..we are basically having another London Gold Pool fiasco as in London unalllocated holders are lining up to convert their unallocated gold/silver into real metal.  In New York, a massive 80 tonnes of gold is standing and you can bet the farm that they too will try to convert the paper gold into real metal.

 

a must read..

Ronan Manly.

“Panic Stations”: What Are The LBMA And COMEX Trying To Hide?

Submitted by Ronan Manly,

Between 1962 and 1968, a cartel of central banks from the US and Europe ran a price manipulation scheme in London, aiming to keep the price of gold at $35 per ounceThey did this by constant intervention into the market, pooling their gold reserves to sell down the market. Conceived and coordinated at the Bank for International Settlements (BIS) in Switzerland by the G10 central bank governors, the dirty work of actual gold market intervention was done by the Pool’s agent, the Bank of England gold trading desk in London.

The syndicate, known as the London Gold Pool was successful until it wasn’t, with the beginning of the end in early March 1968 as the huge run on gold became a tidal wave with sterling and US dollar weakness. On 10 March 1968, a Sunday, the consortium released a statement claiming that: “the London Gold Pool reaffirm their determination to support the pool at a fixed price of $35 per ounce”. At the same time, Fed chairman William McChesney Martin even vowed that the US would defend the Pool “to the last ingot”.

The Pool then proceeded to airlift hundreds of tonnes of gold bars from the US Treasury’s Fort Knox to RAF Mildenhall, which they dumped into the London market for the rest of the week (March 11 -14). With all the Good Delivery Gold siphoned off to the Market (actually a consortium of European merchant banks), the Rothschild and the Bank of England pulled the plug, and the London Gold Pool collapsed on the evening of 14 March 1968, ushering in an era of free market gold prices.

Moral of the story, don’t believe the pronouncements of the powers that be in the London and US gold markets, especially during a crisis.

Fast forward to today, and the parallels of the Pool with the modern bullion bank cartel, the London Bullion Market Association (LBMA) and CME’s Commodity Exchange (COMEX) are uncanny. In the space of a week, the LBMA – COMEX nexus, which together control price discovery in the global gold market through their combination of fractionally backed synthetic unallocated gold, and cash settled gold futures, has issued two statements to try to placate the gold market, each one more panic stricken.

Last week, as the contango between COMEX futures and London spot gold blew up to a nearly $100 differential, and London market maker bid-ask spot spreads blew out to $100, the LBMA in a rush to deflect attention, issued a statement claiming 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.”  

As we asked at the time last week:

  • Why is the LBMA colluding with the COMEX?
  • How can the London gold market be open for business if LBMA market makers are not providing liquidity in spot gold
  • Why is the LBMA deflecting attention from the London market and pinning the focus on the COMEX? 
  • Why does the LBMA want to facilitate physical delivery in New York when its remit is the London Gold Market (loco London)?
  • Who are the other key stakeholders that the LBMA and COMEX are colluding with?

Then yesterday, April 1, for a second the LBMA and CME issued an unprecedented second statement, more desperate than the first, with the pair seemingly running scared:

LBMA AND CME GROUP COMMENT ON HEALTHY GOLD STOCKS IN NEW YORK AND LONDON

CME Group and LBMA..will continue to coordinate efforts as market circumstances evolve. Together, both CME Group and LBMA are actively taking measures to ensure the continued efficient operation of global gold markets during this unprecedented time.

LBMA reports record gold stocks

Gold stocks in London remain healthy with the latest published numbers showing record stocks of 8,326 tonnes of gold, which is equivalent to 666,045 standard 400-ounce gold bars. Visit the LBMA website for more information.

CME Group depositories open and gold stocks near record high 

CME Group’s New York depositories are operating normally as they have been deemed essential businesses and deliveries are occurring as planned. As of March 30, 2020, our depositories currently hold 9.2 million ounces of gold (with 5.6 million ounces eligible), nearing a record high in terms of stock levels…” 

London Gold Pool – Bank for International Settlements (BIS), Basel

Never before has the gold market seen such panic from the paper gold conductors, and all this in the presence of record physical gold demand, cleared out gold bars and coin inventories across the entire gold supply chain, closed down precious metals mints and refineries, and a price disconnect between the physical and paper gold markets.

The fact that the LBMA – COMEX tag team which front for the modern bullion bank cartel have to comment not once, but twice in a week about the health of gold inventories in London and New York means they are panicking. It’s unprecedented.

And this comes after the bullion banks placed disinformation into the media last week about needing to physical deliver gold bars from London to New York (hint – In modern times the US never imports physical gold from the UK), and were panicked into moving the goalposts with the launch of a new CME COMEX futures contract that brazenly tries to prop up COMEX GC 100 trading with the figment of fractional delivery of 400 oz gold bars that sit in London. Not to mention that on Monday this week, after CME published a COMEX vault report that had 400 oz bar categories listed for all the vaults, but with absolutely no 400 oz gold bars listed, and we mentioned it here on ZeroHedge, the CME then panicked and pulled the 400 oz version of the report, reverting back within an hour to the original version

The entire LBMA – CME Group statement about healthy gold stocks is, in the words of Francis Bacon – “of Simulation and Dissimulation” – simulation being a pretense of what is not, and dissimulation being a concealment of what is.

The LBMA reference to 8326 tonnes of gold in its network of London vaults is completed misleading.

  1. This figure is from 31 December 2019, which is 3 months ago
  2. Of this 8326 tonnes figure, 5373 tonnes (65%) represents gold held by central banks at the bank of England, and another 1895 tonnes represents gold backing Exchange Traded Funds held in London LBMA vaults, such as the vaults of HSBC and JP Morgan. Subtracting these leaves 1057 tonnes (13% of total). This 1057 is just the maximum possible London float and does not itself exclude allocated gold held by entities such as sovereign wealth funds, investment institutions, ultra wealthy and family offices.   I am hearing from the London gold market sources that the real LBMA bullion bank float is less than 500 tonnes and maybe be as low as 200 – 300 tonnes.

Looking at the COMEX data and vaults, as always, COMEX has very low gold holdings. The 9.2 mn ozs number which CME refers to in the above statement (actually 9.245 mn ozs) is only 287 tonnes of gold. Of that figure (which refers to Tuesday 31 March), 114 tonnes was in the Registered, meaning there already are vault warrants issued against that.
The other 5.6 mn ozs (actually 5.85 mn ozs) is ‘Eligible gold’, but eligible just means any gold that happens to be in the approved COMEX vaults that is in the form of kilo bars or 100 oz bars. It could be anything. It is already owned by entities, which would include mints, refiners, and jewellery companies, and eligible gold may have nothing to do with COMEX or CME.

There are now over 2.19 mn ounces of Comex contracts standing for delivery in April (stops issued)  – that’s 68 tonnes..and increasing.

BullionStar@BullionStar

This LBMA statement is reminiscent of the empty reassurances of the London Gold Pool in early 1968 that it had adequate gold to cap (suppress) the gold price at $35 per oz. With colossal losses, the Pool collapsed on 15 March 1968, ushering in an era of free market gold prices. https://twitter.com/lbmaexecutive/status/1245430814143381509 

LBMA@lbmaexecutive

LBMA and @CMEGroup comment on healthy #gold stocks in New York and London. Read the latest gold market update here – https://bit.ly/2JtGrNB

View image on Twitter

From this latest April Fool’s Day statement, we can conclude that the LBMA is terrified that unallocated investors who have claims on LBMA bullion banks, will line up to take allocation of gold in London, while the CME is terrified that COMEX futures contract holders will increasingly try to take physical delivery of gold in New York (not just delivery of warrants but actually withdrawing the gold bars out of the COMEX vaults.

In March 1968 during the last days of the London Gold Pool, the cartel of central banks kept playing while the ship began to sink, brazenly saying that “the London Gold Pool reaffirm their determination to support the pool.

This time around, with their “healthy stocks of gold in London and New York” (you can be the judge of that), “the LBMA has offered its support to CME Group”. It therefore seems that while history doesn’t repeat itself, it often rhymes.

end
Kevin to me on the volumes of all futures contracts this morning:

Volume on all futures contracts after a jobs report

Kevin Wallien

9:55 AM (1 minute ago)

to me

Record low volumes in every financial, equity, metals and currency contracts today after a BLS.

Algos are reprogramming for sell or are broken and everyone that could change their models are not working
or the liquidity is so thin its like a avalanche waiting to happen

Kevin

end
Dave Kranzler is in our camp with respect to the comex being an absolute fraud…
Dave Kranzler…

The Comex Does Not Trade Gold

April 3, 2020Financial Markets, Gold, Market Manipulation, Precious MetalsComex, LBMA, silver

Unequivocally, gold does not trade on the Comex. The Comex trades paper gold derivatives. It is a futures and options exchange on which a small amount of 100 oz. gold bars change ownership each contract month. The transfer of title is facilitated by the creation of an electronic record called a “warrant.” But even these “warrants” which assign title to specific bars are derivatives. Presumably gold is “delivered” to the parties who stand for delivery (the “stopper”). But that “delivery” most commonly is the electronic transfer of a warrant from the entity short a paper gold contract to the entity who is long the same.

Because the CME and the CFTC do not place a limitation on the number of paper gold contracts – 100 ozs per contract – in relation to the amount of gold reported in Comex vaults – the price discovery function has been largely removed. As an example, as of Wednesday there were 489,955 open contracts representing 48.9mm ozs of gold, or 1531 tons (roughly 50% of the amount of gold annually produced globally). Lucky for the Comex, less than 1% of the open interest in any given month stands for delivery.

At the beginning of the contract “roll” period, there was well in excess of 200,000 April contracts open representing over 20 million ozs of gold. If 50% of these longs decided to stand for delivery because the Comex appears to be only entity with gold deliverable in quantities, not only would the gold determined to be free and clear of encumbrances and conforming to Comex delivery specs – i.e. “registered” gold – be wiped out but the entire Comex gold stock would be wiped out. But there’s just one problem. The “eligible” gold – gold not registered – belongs to someone else who does not want that gold loaned, leased or hypothecated.

If the Comex regulated the open interest such that the amount of open interest was tied to the amount of gold in Comex vaults – since theoretically eligible gold can be registered – the resultant introduction of price discovery would force the price of gold much higher – higher to a level at which the price functions to balance supply and demand – not paper supply/demand in the form of printed contracts – but physical supply/demand based on the amount of gold sitting in Comex vaults as reported by the Comex vault operators. Given that apparently there’s not much gold in London and a massive imbalance between paper gold and physical gold on the Comex, it would likely require a significantly higher gold price to balance the physical gold supply and demand.

Currently a run on Comex gold appears to be starting, notwithstanding the Comex’s attempt to kick this can down the road with the use of Exchange For Physicals (EFPs) and Privately Negotiated Transactions (PNTs). But EFPs/PNTs are nothing more than second order derivatives created to sidestep the delivery of Comex bars. In fact the EFPs were used largely to transfer the settlement liability of a Comex contract to the LBMA.

Physical gold thus in fact does not trade on the Comex. Rather, the Comex is nothing more than a derivatives exchange with a small amount of physical gold relative to the notional value of the derivatives created.

As with the rest of the paper Ponzi schemes created by the banks and Central Banks, the Comex’s derivatives house of cards has always been fated to collapse. Based on all indications plus the signs of desperation emanating from the Comex and the LBMA, the collapse has begun. This will ultimately lead to much higher prices for gold and silver. Note: this situation started to unfold well before the virus crisis.

***

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 7.0924/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  7.1143   /shanghai bourse CLOSED DOWN 16.65 POINTS OR 0.60%

HANG SANG CLOSED DOWN 43.95 POINTS OR 0.19%

 

2. Nikkei closed UP 1.47 POINTS OR 0.01%

 

 

 

 

3. Europe stocks OPENED MOSTLY RED/EXCEPT SPAIN

 

 

 

USA dollar index UP TO 100.72/Euro FALLS TO 1.0794

3b Japan 10 year bond yield: FALLS TO. –.01/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.46/ 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:: 26.45 and Brent: 32.68

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.44%/Italian 10 yr bond yield UP to 1.51% /SPAIN 10 YR BOND YIELD UP TO 0.73%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.95: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 1.98

3k Gold at $1617.10 silver at: 14.47   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 19/100 in roubles/dollar) 77.02

3m oil into the 26 dollar handle for WTI and 32 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 108.46 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 .9770 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0543 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 RISING to 0.44%

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 0.59% early this morning. Thirty year rate at 1.22%

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

6.  TURKISH LIRA:  UP  TO 6.7134..

Futures Slide As European Economy Craters, Dollar Surges: All Eyes On Payrolls

S&P futures have erased much of yesterday’s late day ramp alongside European stocks with investors awaiting data on non-farm payrolls and business activity to assess the extent of the economic hit from the coronavirus pandemic which has now infected more than a million people around the world. Bond yields dropped and the dollar surged as attempts to ease liquidity strains appear to be failing again as traders hunkered down ahead of March payrolls data that are expected to decline for the first time since 2010. And while the NFP will be bad, it is already old news in light of the last two initial jobless claims which showed 10 million layoffs in just the past two weeks.

The drop erased some of Wall Street’s Thursday 2% rally when oil soared on hints of a Saudi-Russia deal, but doubts returned on whether the rebound would last as demand tapers off due to the health crisis.  Walt Disney said on Thursday it would furlough some U.S. employees this month, while sources said luxury retailer Neiman Marcus was stepping up preparations to seek bankruptcy protection.

Putting the past month in context, one month ago, on March 3, there were 92,000 coronavirus cases primarily in China. Today there are over one million cases worldwide, with the US and EU account for the biggest portions. In the US, over 75% of individuals and 90% of GDP is under a stay at home order, including 38 state-wide orders.

 

The Stoxx 600 index slumped following service PMI reports showing an unprecedented slump in the euro-area economy last month with insurers and energy shares pacing declines. Markit said its monthly measures of services and manufacturing points to an annualized economic contraction of about 10%. With new business, confidence and employment all down, there is “worse inevitably to come in the near future,” it said.

Markit’s composite Purchasing Managers Index fell to 29.7 in March, it said Friday, even lower than initially estimated. That’s down from 51.6 in February and far below the 50 line that divides growth from contraction. Almost every country in the survey had a record-low reading.

“No countries are escaping the severe downturn,” said Chris Williamson, chief business economist at IHS Markit. “But the especially steep decline in Italy’s service sector PMI to just 17.4 likely gives a taste of things to come for other countries as closures and lockdowns become more prevalent and more strictly enforced in coming months.

The reports capped a gloomy week for Europe’s economy, where figures showed manufacturing in a deep recession, huge jumps in jobless claims, and thousands of companies in Germany cutting hours for workers.
The measure for services, which includes hotels and restaurants, was at 26.4, with Italy dropping to just 17.4.

Earlier in the session, Asian stocks fell, led by consumer discretionary and finance, after falling in the last session. Markets in the region were mixed, with Singapore’s Straits Times Index and Australia’s S&P/ASX 200 falling, and Jakarta Composite and Thailand’s SET rising. The Topix declined 0.4%, with Insource and Helios Techno falling the most. The Shanghai Composite Index retreated 0.6%, with Qibu and Chimin Health Management posting the biggest slides.

Of note, China announced more stimulus when the PBOC unveiled another targeted (and expected) cut in the reserve requirement ratio (RRR) of 100bp for small-to-medium banks, unleashing RMB 400bn liquidity in total. It will also lower the interest paid on excess reserves to 0.35% from 0.72%, the first cut since November 2008. The announcement today followed Premier Li’s comments at the State Council meeting on March 31, in line with expectations

While economic data is now of secondary importance as the US descends into a (hopefully brief) depression, traders will be eyeing today’s jobs report which will end a historic 113 straight months of employment growth as stringent measures to control the coronavirus pandemic shuttered businesses and factories, confirming a recession is underway. However, as previewed earlier, today’s Payrolls report will not fully reflect the full extent of the layoffs as it covers data until March 12.

With lockdowns for many economies around the world expected to go on for longer, data are showing the severity of the impact. Nearly 10 million people in the U.S. have lost their jobs in the past two weeks, while the virus continues to pressure corporate balance sheets. American Airlines will slash international flying as far out as the end of August as the pandemic batters travel demand through the normally busy summer season.

After that, at 10 a.m. ET we will get the ISM’s non-manufacturing activity index which likely dropped to 44 in March from 57.3 in February. A reading below 50 indicates contraction in the services sector, which accounts for more than two-thirds of U.S. economic activity.

“We are not going to have the real recovery in the market until what we think is the peak in the amount of infections and deaths,” Stephen Dover, head of equities at Franklin Templeton, said on Bloomberg TV. “We are going to continue to have very wide volatility until we can get over this uncertainty.”

In rates, ten-year Treasury yields are steady around 0.6%, while German equivalents are little changed at minus 0.44%

In FX, the dollar surged against all Group-of-10 peers, heading for a weekly advance, on rising demand for the world’s reserve currency after global coronavirus cases surged past 1 million. The Bloomberg Dollar Spot Index rose 0.5% for the day, bringing its weekly advance to 2.2%. Antipodean currencies led losses in the basket, while the pound slid the most in two weeks. The yen weakened alongside the euro, pound and Swiss franc.

In commodities, crude oil fluctuated following the biggest jump on record a day earlier, but jumped over 10% on news the OPEC+ coalition will hold a virtual meeting on Monday.

Expected data include non-farm payrolls, unemployment, and PMIs. Constellation Brands is reporting earnings

Market Snapshot

  • S&P 500 futures down 1.3% to 2,484.50
  • STOXX Europe 600 down 0.6% to 310.07
  • MXAP down 0.5% to 132.75
  • MXAPJ down 0.5% to 429.35
  • Nikkei up 0.01% to 17,820.19
  • Topix down 0.4% to 1,325.13
  • Hang Seng Index down 0.2% to 23,236.11
  • Shanghai Composite down 0.6% to 2,763.99
  • Sensex down 1.8% to 27,753.84
  • Australia S&P/ASX 200 down 1.7% to 5,067.48
  • Kospi up 0.03% to 1,725.44
  • German 10Y yield fell 0.7 bps to -0.44%
  • Euro down 0.5% to $1.0805
  • Italian 10Y yield fell 4.2 bps to 1.296%
  • Spanish 10Y yield unchanged at 0.709%
  • Brent futures up 5.9% to $31.71/bbl
  • Gold spot down 0.2% to $1,611.34
  • U.S. Dollar Index up 0.5% to 100.68

Top Overnight News

  • The euro-area economy is in a slump of unprecedented scale, which may worsen further as lockdowns to contain the coronavirus are extended. IHS Markit said its monthly measure of services and manufacturing points to an annualized economic contraction of about 10%
  • Oil advanced above $32 a barrel in London as OPEC+ scheduled an urgent meeting next week to try and stem the crude market’s rout, with an output cut of 10% of global production being discussed
  • U.K. services industries shrank at the fastest pace in at least two decades as the destruction of the coronavirus took hold. IHS Markit’s Purchasing Managers Index for the sector fell to 34.5 last month, the steepest downturn since the survey began in 1996
  • The European Central Bank’s 750 billion euro ($811 billion) emergency bond-buying program is the “central pillar” of its response to the coronavirus crisis, but Europe also needs continent-wide fiscal action, Finnish governor Olli Rehn said on Friday
  • The People’s Bank of China needs to make a more complete evaluation before taking a decision to change the rate paid on bank deposits, a senior official said in Beijing Friday
  • The cost of the coronavirus pandemic could be as high as $4.1 trillion, or almost 5% of global gross domestic product, depending on the disease’s spread through Europe, the U.S. and other major economies, the Asian Development Bank said

Asian equity markets were mostly lower as the region failed to sustain the energy-led euphoria from Wall St where risk appetite was driven by the record surge in oil prices after comments from President Trump spurred hopes of a potential Saudi Arabia and Russia oil price truce, in which he noted that he spoke to the Saudi Crown Prince who spoke with Russian President Putin and expects them to announce an oil production cut of 10mln-15mln BPD. Nonetheless, the momentum lost steam overnight given Russia’s denial of any talks occurring between President Putin and the Saudi Crown Prince, with key data releases including Chinese Caixin PMIs and looming US NFPs adding to the cautiousness. ASX 200 (-1.7%) gave up early gains as the initial surge in the energy sector reversed course and amid continued weakness in financials, while Nikkei 225 (U/C) also deteriorated after failing to hold above the 18000 level. Hang Seng (-0.2%) and Shanghai Comp. (-0.6%) conformed to the overnight indecision as participants digested the latest PMI releases from China in which Caixin Services PMI topped estimates and Composite PMI improved, although both remained in contraction territory with the former at its 2nd weakest reading on record. Finally, 10yr JGBs were pressured as Japanese stocks initially traded positive and following the BoJ’s Rinban announcement in which it lowered purchases in the short-end, although this wasn’t much of a surprise given the increased frequency of purchases for this month and JGBs later rebounded off lows as the risk appetite waned.

Top Asian News

  • Indonesia Is Ready to Add to $25 Billion Stimulus, Minister Says
  • Singapore to Close Schools, Most Workplaces Amid Virus
  • Japan’s Airlines Seen Joining Global Carriers With Huge Losses

A relatively tame session thus far in the European equity space, albeit major cash bourses reside in negative territory (Euro Stoxx 50 -0.8%), after the optimism seen on Wall Street yesterday faded during the overnight session – in which APAC bourses lost steam and closed largely in the red. European sectors mostly with energy faring the worst amid yesterday’s pullback in energy prices, although financials stand as the marked laggard, whilst healthcare names outperform – potentially on the back of heavyweight Novartis (+1.6%) after the Co. announced it plans to initiate Phase III clinical trials to evaluate the use of Jakavi for treating a severe immune overreaction in coronavirus patient. In terms of individual movers, Tullow Oil (+25%) sees significant upside after noting it remains on production target, whilst shares also see tailwinds from the rising energy prices. H&M (+3.7%) rises after Q1 products were considerable above forecasts, whilst revenue, group sales and online sales saw YY increases – albeit the Co. warned that losses will be seen in Q2 amid material negative virus impacts. Adidas (-3.8%) falls amid reports the Co. is seeking EUR 1-2bln in government aid due to the fallout from COVID-19. Remy Cointreau (-2.6%) is similar subdued as the virus is to cause steeper Q1 2020 losses than the -26% YY figure seen in Q4 2019.  State-side, Tesla shares rose some 18% after-market after Q1 deliveries topped estimates and its Shanghai factory achieved record production.

Top European News

  • ECB’s Rehn Calls for Europe-Wide Systemic Solution to Crisis
  • U.K. Services Shrink Most on Record After Virus Lockdowns
  • AB InBev and Heineken Decline on Mexico Alcohol Ban Concerns
  • HNA’s Swissport Is Said to Hire Houlihan to Advise on Debt

In FX, the Dollar is back in the ascendancy after Thursday’s oil-induced stumble and regaining momentum as most other currencies flounder amidst the ongoing spread of COVID-19 and economic fallout evident in services PMIs. The DXY has extended above 100.000 and currently probing a relatively key upside chart level at 100.631 (50% retracement from 102.999 ytd peak to recent 98.270 trough) in the run up to NFP, the final US Markit PMI and non-manufacturing ISM.

  • GBP/AUD/NZD – The biggest G10 losers, with Sterling succumbing to all round selling pressure in wake of the weaker than prelim UK services PMI that nudged the composite reading further below 50.0 and pushing Cable back under 1.2400 then 1.2300 to circa 1.2263, while Eur/Gbp has rebounded to 0.8800 from around 0.8740 even though the Eurozone surveys were even bleaker, Spain and Italy in particular. Meanwhile, the Aussie and Kiwi have handed back all their recovery gains from 0.6075 and 0.5900+ to sub-0.6000 and almost 0.5850 despite slightly firmer than forecast Australian retail sales overnight and another PBoC RRR cut that has not helped the Yuan either (Usd/Cnh just under 7.1200 vs 7.1115 Usd/Cnh fix – highest midpoint since March 2008).
  • CHF/CAD/EUR/JPY – Also losing more ground vs the Greenback, as the Franc slips towards 0.9800 where a 1.1 bn option expiry resided and Loonie hands back gains forged from yesterday’s crude price spike within a 1.4208-1.4116 range. Meanwhile, the aforementioned dire Eurozone services PMIs and composite prints have precipitated a further pull-back in Eur/Usd to sub-1.0800 and the Yen has reversed from 108.00+ all the way back above the 200 DMA (108.33).
  • NOK/SEK – In contrast to their major counterparts, more upside for the Scandinavian Kronas as oil returns to the boil ahead of Monday’s hastily convened OPEC+ meeting to discuss an output cut and the Riksbank continues to rule out a repo reduction in favour of any other monetary stimulus that may be deemed necessary. On that note, more should be forthcoming after Sweden’s services sector slumped into contractionary territory alongside manufacturing in March, while Norway’s jobless rate jumped nigh on 5-fold to 10.7%, though not quite as high as anticipated (consensus 13.5%). However, Eur/Nok is hovering shy of 11.2500 and Eur/Sek near 10.9600.

In commodities, the Dollar is back in the ascendancy after Thursday’s oil-induced stumble and regaining momentum as most other currencies flounder amidst the ongoing spread of COVID-19 and economic fallout evident in services PMIs. The DXY has extended above 100.000 and currently probing a relatively key upside chart level at 100.631 (50% retracement from 102.999 ytd peak to recent 98.270 trough) in the run up to NFP, the final US Markit PMI and non-manufacturing ISM.

  • GBP/AUD/NZD – The biggest G10 losers, with Sterling succumbing to all round selling pressure in wake of the weaker than prelim UK services PMI that nudged the composite reading further below 50.0 and pushing Cable back under 1.2400 then 1.2300 to circa 1.2263, while Eur/Gbp has rebounded to 0.8800 from around 0.8740 even though the Eurozone surveys were even bleaker, Spain and Italy in particular. Meanwhile, the Aussie and Kiwi have handed back all their recovery gains from 0.6075 and 0.5900+ to sub-0.6000 and almost 0.5850 despite slightly firmer than forecast Australian retail sales overnight and another PBoC RRR cut that has not helped the Yuan either (Usd/Cnh just under 7.1200 vs 7.1115 Usd/Cnh fix – highest midpoint since March 2008).
  • CHF/CAD/EUR/JPY – Also losing more ground vs the Greenback, as the Franc slips towards 0.9800 where a 1.1 bn option expiry resided and Loonie hands back gains forged from yesterday’s crude price spike within a 1.4208-1.4116 range. Meanwhile, the aforementioned dire Eurozone services PMIs and composite prints have precipitated a further pull-back in Eur/Usd to sub-1.0800 and the Yen has reversed from 108.00+ all the way back above the 200 DMA (108.33).
  • NOK/SEK – In contrast to their major counterparts, more upside for the Scandinavian Kronas as oil returns to the boil ahead of Monday’s hastily convened OPEC+ meeting to discuss an output cut and the Riksbank continues to rule out a repo reduction in favour of any other monetary stimulus that may be deemed necessary. On that note, more should be forthcoming after Sweden’s services sector slumped into contractionary territory alongside manufacturing in March, while Norway’s jobless rate jumped nigh on 5-fold to 10.7%, though not quite as high as anticipated (consensus 13.5%). However, Eur/Nok is hovering shy of 11.2500 and Eur/Sek near 10.9600.

US Event Calendar

  • 8:30am: Change in Nonfarm Payrolls, est. -100,000, prior 273,000
    • Change in Private Payrolls, est. -131,500, prior 228,000
    • Change in Manufact. Payrolls, est. -10,000, prior 15,000
    • Average Hourly Earnings YoY, est. 3.0%, prior 3.0%
    • Average Weekly Hours All Employees, est. 34.1, prior 34.4
    • Average Hourly Earnings MoM, est. 0.2%, prior 0.3%
    • Unemployment Rate, est. 3.8%, prior 3.5%
    • Labor Force Participation Rate, est. 63.3%, prior 63.4%
    • Underemployment Rate, prior 7.0%
  • 9:45am: Markit US Services PMI, est. 38.5, prior 39.1
  • 9:45am: Markit US Composite PMI, prior 40.5
  • 10am: ISM Non-Manufacturing Index, est. 43, prior 57.3

DB’s Jim Reid concludes the overnight wrap

I came down from my upstairs home office for lunch yesterday and I’ve never seen my wife so stressed. After two weeks of looking after the kids without anywhere to take them she is at the end of her tether. The twins (2) are hitting, biting and kicking each other and crying all the time and Maisie (4) wants to be entertained 24/7 and can’t work out why she isn’t doing all her daily activities. The new trampoline gives them 30mins each day where they can all release energy but it’s very hard work to police. When I showed her our “The Exit Strategy” note link here where it suggested that it could be around mid-May before restrictions were lifted based on our Hubei-model she nearly walked out. Where she would be allowed to go in these times was a question I didn’t ask. However when I came down for dinner everyone was in a good mood as they have found this new augmented reality feature on google where it puts a wild animal in your house that you can then capture on photo or video with you (or your kids) in the frame. It is very funny. If your kids need 30mins of entertainment in these dull times and want to be in a shot with a live animal just type lion, panda, penguin or snake (there are other animals) into google on your phone and click on “see in 3D”.

Looking at the new virus cases and fatalities we may be looking at alternative ways to distract ourselves for sometime yet in certain countries even if light at the end of the tunnel continues to appear in those earliest infected in Europe. With global cases rising over 1 million and fatalities above 50,000, the US, UK, and Turkey (recent addition to the top 10 and now included in our tables) are the only countries in the top 10 of total cases that still have double digit daily growth in new cases. Italy and Spain continue to offer hope though, with still slowing new case and death rates. For the full tables as well as case growth and fatality charts see our new Corona Crisis Daily.

Straight to China now where this morning we’ve had the March Caixin services PMI which printed at a better than expected 43.0 (vs. 39.0 expected and 26.5 in the previous month). This backs up the jump observed in the state PMIs but still remains in contractionary territory unlike the state one. In the details, the employment index fell to 48.0 from 48.5 in February, the lowest on record since the series began. So while there are signs that China is stabilizing it still continues to reel under the after effects of the virus induced lockdown. The composite reading came in at 46.7 (vs. 27.5 last month). Elsewhere, Japan’s final services PMI was confirmed at 33.8 versus the 32.7 flash while Australia’s services PMI printed at 38.5 and readings in Hong Kong (34.9) and Singapore (33.3) were both sub-35.

In other overnight news, the PBoC Deputy Governor Liu Guoqiang has said that the PBoC needs to make a more complete evaluation before taking a decision to change the rate paid on bank deposits. These comments counter the market expectations that the PBoC would act soon to alleviate the pressure on bank profit margins, amid reductions on lending rates in recent weeks. He added, that above all, a deposit rate cut needs to consider the public’s feeling. Meanwhile, Zhu Jun, head of PBOC’s International Department has said in an interview that countries need to take more powerful measures to prevent and control the coronavirus epidemic, and more proactive fiscal policies to stabilize market confidence. Elsewhere, Washington Governor Inslee has extended the states “Stay Home, Stay Healthy” order to May 4.

Asian markets are closing out the week on a slight down note with the Nikkei (-0.14%), Hang Seng (-0.58%), Shanghai Comp (-0.33%) and Kospi (-0.13%) all down. Meanwhile, futures on the S&P 500 are down -0.97% and yields on 10y USTs are down -1.1bps with the US dollar index trading largely flat. The price of Brent crude has fallen -3.77% this morning and thus paring some of yesterdays big gain (more below).

Indeed the main news item from markets yesterday was the massive move in oil prices, which surged after President Trump tweeted that he expected and hoped that Saudi Arabia and Russia would be cutting back oil production by “approximately 10 Million Barrels, and maybe substantially more”. He then said it “Could be as high as 15 Million Barrels.” In response, Brent crude was up by +21.02% in its largest move higher in data that goes back all the way back to 1988, and exceeding the +14.61% increase back in September after the strike on Saudi oil facilities. Meanwhile WTI was also up by +24.67%, even more than the +23.81% increase we saw on March 19th, and is now the largest one day in either direction on record since 1983 when the data starts. The +24.67% rally is slightly more than the largest one day decline of -24.59% on March 9th, showing just how extreme oil moves have been over the last month. It would have been nice to hear the response from the Saudis to verify, but for the day Mr Trump had a profound impact. Meanwhile, US Treasury Secretary Steven Mnuchin has said overnight that energy companies impacted by the oil-price war can turn to the Federal Reserve’s lending facilities for aid but won’t get direct loans from his department. He said, “Our expectation is the energy companies, like all our other companies, will be able to participate in broad-based facilities, whether it’s the corporate facility or whether it’s the main street facility, but not direct lending out of the Treasury.”

Even before the President’s tweet, oil was earlier around +10% higher thanks to reports that China was planning to buy oil for its emergency reserves, with Bloomberg saying that Beijing had set an initial target of holding government stockpiles equivalent to 90 days of net imports. The moves helped support the currencies of oil-producing nations, with the Norwegian Krone the top-performing G10 currency yesterday, up+0.63% against the dollar and the Canadian dollar close behind, up +0.37% against USD.

With the massive moves in oil prices, it was energy stocks that led equity markets higher yesterday, with the S&P 500 energy index up +9.08%, and the STOXX 600 Oil & Gas index up +5.22%. In terms of the broader market, the S&P 500 ended the session up +2.28% (after a strong last 90 mins), while the STOXX 600 rose +0.42%. For the S&P, this meant it was the 23rd out of the last 24 sessions in which the index has moved by at least 1% in either direction. By comparison, back round the turn of the year when things were rather calmer, we went all the way from mid-October until late January where the S&P didn’t move more than 1% at all.

With risk assets rallying, sovereign bonds were relatively quiet with the main action being tighter peripheral spreads as hope is returning over a pan EU aid scheme for the likes of Italy and Spain. 10yr Bund yields rose +2.5bps to -0.43% while Italian, Portuguese and Spanish bonds tightened to bunds by -6.8bps, -4.8bps and -2.0bps. Meanwhile, credit lagged the rally slightly yesterday. In the US, HY cash was +6bps wider, with IG spreads+1bp wider. In Europe HY spreads were 4bps tighter and IG was unchanged.

Speaking of credit, as we have noted in the past several weeks, there have been some heavy outflows from corporate bond funds since the crisis broke out. To add some positive news, this morning we have published the report Corporate Bond Funds Finally See Some Inflows. This has been a welcome reprieve, partly due to the announced central bank support. You can download the full report here.

Before the bulk of the oil moves that seemed to kick start a risk rally, investor sentiment was hampered by some truly unprecedented jobless numbers yesterday, with figures from a range of countries giving an alarming indication of the scale of the coming employment crisis. The US was the most notable, where the weekly initial jobless claims rose to 6.648m in the week to March 28th, which is more than double the previous week’s record 3.307m reading. That’s 10m in two weeks. To put this into perspective, the total number of employees on nonfarm payrolls totaled 152.5m in February, so this is consistent with some serious rises in unemployment. No one was expecting such a huge number, and it exceeded even the highest estimate on Bloomberg’s survey of economists. As mentioned previously, the worst week in the financial crisis was “only” 665k in March 2009 and the worst week in 53 years of data was 695k in October 1982, which gives a sense of how massive these numbers are.

It wasn’t just the US facing this problem though. In Spain, the number of people filing for jobless claims rose by 302,265 in March (a big miss considering the consensus was at 30,000), the biggest increase on record, and that doesn’t include those who’ve only been laid off temporarily. In Ireland, the Live Register, which measures demand for jobless benefits, rose to a seasonally adjusted 207.2k in March, while a further 283k claimed the pandemic unemployment payment and 25.1k claimed the new coronavirus wage subsidy. And in France, Labour minister Muriel Penicaud said that 400,000 businesses had applied for temporary unemployment for 4 million workers. To put that in context, the INSEE’s data for the total employment number in France stood at 28.5m in Q4.

Looking ahead to today, many will be paying attention to the US jobs report for March to give further colour on the situation. However, given how fast-paced things are moving it’s worth noting that the March survey actually cut off before the recent spike in jobless claims. So take the reading with a pinch of salt, as it won’t fully reflect the deterioration we saw towards the end of the month. The other release to watch out for will be the services and composite PMIs from around the world for March, which follow the manufacturing releases on Wednesday. The flash numbers saw numbers in the 29 to 40 range so worse than manufacturing.

Turning elsewhere now, and the coronavirus is continuing to wreak havoc on the plans of central banks, with the ECB announcing yesterday that they were extending the timeline for their monetary policy strategy review. Having previously said that it would conclude by the end of the year, they’ve now extended this until mid-2021. Unsurprisingly, they also announced that the annual ECB Forum on Central Banking in Sintra is being postponed until November. In terms of other delays thanks to the virus, reports came through from the US that the DNC were going to postpone the Democratic convention from July until August 17.

To the day ahead now, and the data highlights out today will be the release of the services and composite PMIs for March from around the world, along with the US jobs reports for March this afternoon. Elsewhere we’ll also get the ISM non-manufacturing index for March from the US, as well as Euro Area retail sales for February.

 

3A/ASIAN AFFAIRS

I)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED DOWN 16.65 POINTS OR 0.60%  //Hang Sang CLOSED DOWN 43.95 POINTS OR 0.19%   /The Nikkei closed UP 1.47 POINTS OR 0.01%//Australia’s all ordinaires CLOSED DOWN 1.57%

/Chinese yuan (ONSHORE) closed DOWN  at 7.0924 /Oil UP TO 57.21 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED DOWN // LAST AT 67.0924 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.1143 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/CORONAVIRUS  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

4/EUROPEAN AFFAIRS

UK

BORIS JOHNSON does not look good:  He needs hydroxychloroquin in combination with azithromycin fast.  It is stated that his condition is grave…maybe should administer AID drugs to him as well.

A Feverish Boris Johnson Will Continue To Isolate As COVID-19 Symptoms Worsen

UK Prime Minister Boris Johnson does not look good.

In a short video posted to twitter, the British Prime Minister urged Britons to stay at home, lauding those who have obeyed the national lockdown orders for “saving lives.”

Boris Johnson #StayHomeSaveLives

@BorisJohnson

Another quick update from me on our campaign against .

You are saving lives by staying at home, so I urge you to stick with it this weekend, even if we do have some fine weather.

Embedded video

During the video, Johnson also urged Britons to stay home this weekend, despite what’s expected to be nice weather (an extremely rare occurrence in Britain).

But with UK and European stocks already in the red, the video did nothing to lift investor confidence, as Johnson, pale as a sheet and shiny with sweat, appears to be extremely ill.

For a virus that has infected the rich and powerful as much as the poorest of the poor, Johnson is one of dozens of public officials, including dozens in Iran and a handful in Brazil, who have contracted the virus. At least three US lawmakers have also contracted the virus.

Johnson’s condition has reportedly grown so grave, that there are rumors about him temporarily ceding power to Michael Gove, who, like Johnson, started his career as a journalist in the British press. Gove also lost to Gove and May during two Tory leadership contests. But he remains a member of the cabinet and one of the most visible and trusted conservatives in the UK.

Tim Walker

@ThatTimWalker

I’m hearing more and more about Gove being lined up to take over from an ‘ill’ Johnson and what a result that will be. One unscrupulous chancer journalist with rich pals replaced by another one.

As if this wasn’t enough, Johnson has been under assault by the British press, who have been attacking everything from his reluctance to take heavy handed measures early in the crisis, to the continuing shortage of COVID-19 tests for frontline medical workers, an issue that has become a huge scandal for his government, as CNBC explains.

END

Michael Every on how the UK and the uSA is coping with the virus..

(Michael Every)

A Grim Milestone

Submitted by Michael Every of Rabobank

As this working week comes to a close we pass one grim milestone: over a million people world-wide are now infected with COVID-19, and likely already many millions given how poor global testing efforts have been. The disaster is probably only just getting started in countries with poor public health systems, where social distancing and regular hand-washing are sick jokes for those living ten to a shack without running water.

 

Tellingly, even as far, far richer Wuhan moves towards lifting its travel ban on 8 April, all its residents have been told to stay indoors and strengthen protection measures. The Caixin services PMI likewise printed at just 43.0 today, above consensus at 39.0, but far below the manufacturing measure’s just-over-50, underlining that even when using a helpful month-to-month measure of sentiment, smaller services businesses still feel terrible (though last month’s 26.5 print is thankfully behind us). A long, hard road lies ahead of us yet on many fronts.

As such, the RBNZ have just underlined that borrowing costs are staying low for a long time and that there is much more they can do to boost liquidity. (Presumably more QE.) Fiscally, we also continue to see billions being thrown around from those who can afford it. Japan is planning to hand over JPY200,000 (USD1,851) to households who have seen their incomes fall, for one example. For another, yesterday’s daily COVID-19 press briefing saw newly-recovered Health Secretary Matt Hancock state that GBP13.4bn in pre-existing NHS debt would be written off. Once upon a time that was a lot of money in the UK budget – now it’s a rounding error.

We at least saw the beginnings of a UK plan to win the war based on mass testing, and the gradual emergence of an “immunity passport” – based on the assumption that reinfection can’t happen, which is not yet scientifically verified. As in all wars, having a plan to win is crucial, but it being realistic helps. And implementing it rapidly and effectively is vital.

On the latter front, in the US the White House again invoked the Defence Production Act to compel six US firms to produce medical equipment such as N95 masks and ventilators. It helps to have the right equipment, after all (and the UK is also painfully short there, as are others). US banks are doing their part too – refusing to lend to struggling small businesses at 0.5% with no credit risk at all due to a government backstop as the USD349bn part of the USD2.2 trillion fiscal package; they have successfully lobbied to make the loans at 1.0% instead. Yet banks are also reported as far from ready to start rolling out liquidity to SMEs as from today as scheduled. Details of the loan scheme are apparently unclear: is due diligence required? And can the loans be sold on again? Because, having had regulatory requirements loosened and funding costs slashed, they don’t want to actually keep these low-yielding assets on their balance sheets. Is there a financial equivalent of the Defence Production Act, one wonders?

Clearly,, the need for action not talk or questions was underlined dramatically with the US initial claims print of 6.65 million, up from 3.3 million the week before. These kind of readings are, literally, off the chart. That is a Great Depression happening in the blink of an eye.

Yet, the major market mover yesterday was oil, which just after I had floated the hypothetical idea of the US imposing energy tariffs to set a price floor to match the ceiling that US shale already brings, heard Trump claim that the Saudis and Russia were set to slash output by up to 15m barrels per day. Initially, oil rallied hard. Then it gradually dawned that Trump’s talk of output cuts was an aspiration in line with reopening the US economy for Easter. Oil has fallen around 4% again, and we should probably expect it to continue to slump as the market tries to force the Kremlin and Riyadh to agree to something thought up in the White House.

Who is going to be the next market mover? Perhaps mortgages, where Moody’s warns that 30% of US home loans may stop being serviced, which seems entirely logical if everyone is out of work and small business aren’t getting the lifelines they need. But, frankly, who knows where the damage will spread to, and when, if we are going to see 25% unemployment across much of the developed world for an extended period?  

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN/CORONAVIRUS UPDATE

The coronavirus is a much greater threat to the regime than the USA sanctions

 

(Gatestone)

COVID-19 Poses A Greater Threat To Iran’s Ayatollahs Than US Sanctions Do

Authored by Con Coughlin via The Gatestone Institute,

The Iranian regime’s disastrous handling of the coronavirus pandemic could ultimately pose a greater threat to the survival of the ayatollahs than the impact of Washington’s uncompromising sanctions regime.

Up until the coronavirus outbreak, the main challenge facing the clerical regime was the devastating impact the Trump administration’s hard-hitting sanctions were having on the Iranian economy.

With the economy shrinking at the rate of 10 percent a year, and unemployment hovering around the 20 percent mark, the regime was under increasing pressure from anti-government protesters angry at the regime’s mishandling of the economy.

Opposition groups claimed that more than 600 protesters were killed as regime hardliners tried to crush opposition to the regime.

Now the anger of ordinary Iranians at the regime’s economic mismanagement has been replaced by outrage at the clerics’ attempts to conceal the true extent of Iran’s coronavirus outbreak, which has spread to all of the country’s 31 provinces.

In its first public reference to the outbreak on February 19, the regime told people not to worry about the virus. Supreme Leader Ayatollah Ali Khamenei accused Iran’s “enemies” of exaggerating the threat.

A week later, as the number of cases and deaths surged, President Hassan Rouhani echoed the Supreme Leader’s words and warned against the “conspiracies and fear-mongering of our enemies”.

He said these were designed to bring the country to a standstill and urged Iranians to continue their everyday lives. More recently, state-controlled Iranian television channels have claimed the coronavirus could be a US-manufactured “bio-weapon”, with the Supreme Leader tweeting about a “biological attack”.

Consequently, as Iran’s ruling elite have been in a state of denial about the scale of the outbreak, the epidemic has spread to the extent that Iran is currently suffering from the worst coronavirus outbreak in the Middle East. The latest official death toll by Iran’s health ministry claims there had been 2,898 fatalities at the end of March, with more than 44,000 confirmed cases.

Other reports say the death toll could be much higher, and claim 4,762 people had died as of March 31.

The Iranian regime’s failure to grasp the significance of the outbreak in its own country has led 16 other countries in the region to claim that their own outbreaks originated in Iran. These include Iraq, Afghanistan, Bahrain, Kuwait, Oman, Lebanon, the United Arab Emirates.

The scale of the coronavirus crisis in Iran has resulted in increased tensions between the hardline supporters of Ayatollah Khamenei and the government of President Rouhani.

While the hardliners have flatly rejected offers of assistance from Washington to combat the outbreak, Mr Rouhani has adopted a more pragmatic approach which has resulted in Tehran receiving its first shipments of humanitarian aid from Britain, Germany and France — the so-called E3, which are also the European signatories to the controversial nuclear deal with Iran.

The European aid package, which is said to be worth $548,000, is the first transaction conducted under a trade mechanism known as the Instrument In Support Of Trade Exchanges, or Instex, which has been set up by the Europeans to enable them to barter humanitarian goods and food with Tehran after the US withdrawal from the 2015 nuclear deal

Britain, Germany and France said last month they had offered a 5 million-euro ($5.5 million) package to Iran to help fight the coronavirus outbreak, and are also planning to send medical material, including equipment for laboratory tests, protective body suits and gloves.

Tehran would be well-advised, though, not to regard the aid delivery as raising the prospect of the sanctions being eased. The new trading arrangements set up by Europe have been designed not to breach the Trump administration’s policy of applying “maximum pressure” against Iran, so that Instex can only be used for the delivery of humanitarian aid and food.

This means that, while the aid delivery might help to fight the coronavirus pandemic, it will do little to alleviate the pressure on Iran’s incompetent, and increasingly unpopular, leadership.

END

6.Global Issues

 

7. OIL ISSUES

Oil rises on bogus headline:  Russia will only cut if the USA and the Saudis will cut and that will not happen

(zerohedge)

Oil Extends Record Surge After OPEC+ Said To Discuss 10MM Bpd Cut

Update (0800ET): Minutes after this post, headlines screamed across Bloomberg, sending prices even higher, proclaiming “Russian Producers Ready for Oil Cuts in Bid to Stop Price Rout.”

Sounds very bullish right?

Except they buried the lead…

“the Russian producers are ready for coordinated action,” said the people, who spoke on condition of anonymity because the matter isn’t yet public.

“Russia may agree to a three-way arrangement with Saudi Arabia and the U.S.,” said four people at Russian oil producers.

In other words – Russia will cut if US and Saudis also cut – which is the issue to start with.

*  *  *

Following yesterday’s record surge, oil prices are rebounding from an overnight fade on the heels of yet more hope-filled supply-cut headlines from the OPEC+ coalition.

The Organization of Petroleum Exporting Countries and allies, a group led by Saudi Arabia and Russia, will reportedly discuss a possible oil output reduction by 10m b/d on April 6. However, as RIA Novosti reports, there are no quotas yet.

That didn’t stop the algos BTFDing…

Source: Bloomberg

As OilPrice.com’s Tom Kool noted, even if Saudi Arabia gets the UAE, Iraq and other non-OPEC members such as Brazil, Canada, Kazakhstan, Norway, Mexico, and Azerbaijan to make additional output cuts, this will still not be enough to counter the coronavirus impact on the markets in the short term.

All of this seems highly unlikely unless US producers will agree to force production cuts upon themselves (like Canadian producers did last year), something that US President Trump did not mention in his tweet.

Some smaller and larger US producers are happy to voluntarily cut back production, but oil majors such as ExxonMobil and Chevron have shown no interest in reducing production. Industry organizations such as the API and TXOGA also remain opposed to forced output cuts.

With global oil demand potentially crashing 30 million bpd in April/May, every producer is feeling the pain, but even a multilateral output cut that would involve all G20 producers isn’t likely to keep inventories from ballooning and prices from falling.

In fact, Russian Energy Minister Novak signaled very early this morning that Russia, instead of cutting supply, will wait for demand to come back in the next couple of months (though we note that President Putin will be meeting with Russian oil execs today: “the reason for this meeting is clear,” and President Trump is meeting oil executives later on Friday.)

Trade (fade) accordingly.

end

8 EMERGING MARKET ISSUES

SINGAPORE/ USA/SPAIN/ITALY/GERMANY//CORONAVIRUS UPDATE

In Major Reversal, Singapore Imposes Month-Long Lockdown As Asia Faces “Second Wave” Of COVID-19: Live Updates

As we arrive at the end of another week, In NYC, subway trains are still crowded with commuters as the MTA is forced to reduce trains and cars as more of its workforce falls ill or simply refuses to show up. As the number of hospitalized patients surges, the city’s hospital system has already run out of ICU beds, forcing Gov. Cuomo to move coronavirus patients to the Javits Center, which was initially intended for hospital overflow patients. Amid all of this, the state’s unemployment fund is in worrisome shape, meaning New Yorkers will soon need to depend solely on federal benefits if the state well runs dry.

After the global number of confirmed coronavirus cases topped 1 million on Thursday, several Asian territories and countries, including Singapore and Hong Kong, are struggling with a second wave of COVID-19 cases that health officials claim is mostly travel-related. As we reported a few days back, China has reimposed lockdowns as begins to disclose “asymptomatic” cases that government functionaries explained were left out of China’s initial case totals.

Professor Gabriel Leung, an epidemiologist at the University of Hong Kong, warned on Friday that the pandemic would likely last a few more months, even if heavy-handed prevention strategies are adopted. He also said the warmer weather would give the world no respite from the virus: “Is warmer weather going to give us some respite? The answer is maybe, but probably not,” Leung said during a live-streamed forum, pushing back against prognostications made by the mainland’s leading respiratory disease expert, who assured the public that this would all be over by late April, even as Beijing continues to impose a near-moratorium on international and domestic flights.

In Singapore, Prime Minister Lee Hsien Loon on Friday announced a major shift as Singapore shutters workplaces and schools for a month, beginning next week, with the government calling the more aggressive containment measures a “circuit breaker” to avoid using the word “lockdown.’

As Nikkei explains, Lee’s decision marks a major shift in strategy for the city-state. Until now, Singapore had focused on strict border controls, thorough contact tracing of patients as well as extensive “social distancing” campaigns. While it encouraged telecommuting, it tried to keep life for businesses as normal as possible.

One major change that could foreshadow a similar move by the White House: The Singaporean government is now advising citizens to wear facemasks in public.

Katerina Ang

@katerinareports

Big shift: Singapore government says due to some unexplained community transmissions of , it will no longer discourage the wearing of face masks.

Lee also addressed the “psychological toll” of the “circuit-breaker” (don’t call it a lockdown), in what one reporter described as a surprisingly thoughtful and forward-thinking change.

Katerina Ang

@katerinareports

I like the fact that he talked about the psychological toll involved. Something I can’t imagine his predecessors doing. https://twitter.com/ChannelNewsAsia/status/1245984656572350465 

CNA

@ChannelNewsAsia

TUNE IN NOW: PM Lee is addressing the nation on the #COVID19 situation. Watch live on CNA YouTube http://cna.asia/pmleeaddress 

View image on Twitter

Despite the new measures, Singaporeans will need to continue sharing all their cell phone location data with the government as part of a sweeping program of monitoring and contract tracing that has alarmed privacy advocates.

Ghim-Lay Yeo@ghimlay

This is how seriously Singapore takes contact tracing in the fight against COVID-19 – My dad, a taxi driver in Singapore, said his friend recently drove a passenger who subsequently tested positive. Hours within the ride, Singapore’s health ministry called him on his cell phone

Singaporean Manpower Minister Josephine Teo told reporters that “all of the workplace activities will have to come to a stop, meaning that everyone will have to work from home and at the work premises, there will be no one.” Unless a business has special permission or is deemed an essential service, “it will be an offense to still have operations at the workplace” and any violators will be punished.

Singapore’s decision comes after more local transmission and new clusters have been identified in recent days, including cases of undetermined origin. As of Friday morning, Singapore had reported 1,049 infections with five deaths. Additionally, China, Hong Kong, Singapore and Taiwan have barred foreigners from entering in recent days. Meanwhile, Japan has barred visitors from dozens of countries, including South Korea and the US. South Korea is mandating that foreign visitors spend 14-days in a government lockdown facility.

In other international news, a British-made invention that can reduce the spread of coronavirus is being bought up by governments around the world, but not by the NHS, the FT reported Friday. In Germany, health officials recorded more than 6,174 new coronavirus cases over the past 24 hours, the latest sign that the growth rate of the virus is slowing. Spain also reported an encouraging slowdown in new cases.

 

Russia reported 601 new cases of coronavirus on Friday, a 17% jump in total cases that marks a slight slowing in the spread of the outbreak in the country. So far, Russia has reported 4,149 cases and 34 deaths from the virus, a much lower per-capita rate than many of its European peers.

Meanwhile, in Brazil, where President Jair Bolsonaro has continued to dismiss the risks of the virus. During a recent visit to a gas station in Sao Paolo covered by WSJ, Bolsonaro empathized with a worker to whom he spoke in the crowd.

“Sometimes, the cure is worse than the disease,” he told him, according to the report. “People should go back to work.” But 25 of 27 of Brazil’s governors feel differently, and have been pushing Bolsonaro to endorse their safety guidelines. After Brazil’s case total ballooned to nearly 8,000 cases and 299 deaths, officials confirmed that a woman who died on Jan. 23 had been infected, more than a month before South America’s first confirmed case. It’s just the latest sign that the virus may have spread more widely across Latin America than many had previously believed.

end

 

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

Euro/USA 1.0794 DOWN .0053 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 /MOSTLY RED EXCEPT SPAIN

 

 

USA/JAPAN YEN 108.46 UP 0.431 (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 1.2294   DOWN   0.0097  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.4187 UP .0057 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  FRIDAY morning in Europe, the Euro FELL BY 53 basis points, trading now BELOW the important 1.08 level FALLING to 1.0794 Last night Shanghai COMPOSITE CLOSED DOWN 16.65 POINTS OR 0.60% 

 

//Hang Sang CLOSED DOWN 43.95 POINTS OR 0.19%

/AUSTRALIA CLOSED DOWN 1,57%// EUROPEAN BOURSES MOSTLY RED

 

Trading from Europe and Asia

EUROPEAN BOURSES MOSTLY RED EXCEPT SPAIN 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 43.95 POINTS OR 0.19%

 

 

/SHANGHAI CLOSED DOWN 16.65 POINTS OR 0.60%

 

Australia BOURSE CLOSED DOWN 1.57% 

 

 

Nikkei (Japan) CLOSED UP 1.47  POINTS OR 0.01%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1612.90

silver:$14.42-

Early FRIDAY morning USA 10 year bond yield: 0.59% !!! DOWN 1 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.22 DOWN 2  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 100.72 UP 54 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.88% UP 4 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: -.01%  DOWN 0   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.73%//UP 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,53 UP 4 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 80 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.44% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.97% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.0794  DOWN     .0052 or 52 basis points

USA/Japan: 108.47 UP .445 OR YEN DOWN 46  basis points/

Great Britain/USA 1.2248 DOWN .01435 POUND DOWN 144  BASIS POINTS)

Canadian dollar UP 9 basis points to 1.4121

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 7.0899    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  7.1130  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  6.7056 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

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

 

Your closing 10 yr US bond yield DOWN 2 IN basis points from THURSDAY at 0.58 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.23 DOWN 2 in basis points on the day

Your closing USA dollar index, 100.66 UP 48  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED DOWN 64.72  1.18%

German Dax :  CLOSED DOWN 45.05 POINTS OR .47%

 

Paris Cac CLOSED DOWN 66.38 POINTS 1.57%

Spain IBEX CLOSED UP 7.50 POINTS or 0.11%

Italian MIB: CLOSED DOWN 449.68 POINTS OR 2.67%

 

 

 

 

 

WTI Oil price; 26.88 12:00  PM  EST

Brent Oil: 33.11 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    77.02  THE CROSS LOWER BY 0.19 RUBLES/DOLLAR (RUBLE HIGHER BY 19 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.44 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 :  28.78//

 

 

BRENT :  34.85

USA 10 YR BOND YIELD: … 0.60.. plus one basis pt…

 

 

 

USA 30 YR BOND YIELD: 1.22…down 2 basis points..

 

 

 

 

 

EURO/USA 1.08080 ( DOWN 38   BASIS POINTS)

USA/JAPANESE YEN:108.48 UP .454 (YEN DOWN 45 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 100.61 UP 43 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2260 DOWN 131  POINTS

 

the Turkish lira close: 6.7279

 

 

the Russian rouble 76,64   UP 0.57 Roubles against the uSA dollar.( UP 57 BASIS POINTS)

Canadian dollar:  1.3034 UP 21 BASIS pts

USA/CHINESE YUAN (CNY) :  7.0923  (ONSHORE)/

USA/CHINESE YUAN (CNH):   7.1056 (OFF SHORE

 

 

 

German 10 yr bond yield at 5 pm: ,-0.44%

 

The Dow closed DOWN 360.91 POINTS OR 1.69%

 

NASDAQ closed DOWN 114.23 POINTS OR 1.53%

 


VOLATILITY INDEX:  46.80 CLOSED DOWN 4.11

LIBOR 3 MONTH DURATION: 1.295%// dropping a bit

libor/OIS: 1.295//DROPPED A BIT

 

 

USA trading today in Graph Form

Oil Jumps, Stocks Dump As ‘Helicopter Money’ Sends USA Risk Soaring

The story of the week is fourfold:

  1. Helicopter money begins… and the sovereign risk of the USA soars
  2. Oil has best week ever on hopes of supply cut.
  3. Stocks sink as any rebalance flow support evaporated.
  4. Lockdown effects are starting to be seen in labor and survey data

‘Helicopter Ben’ unleashed hell…

Source: Bloomberg

As the trillions in bailout booty starts to get handed out to the public, markets did not “love the smell of helicopter money in the morning”…

As USA Sovereign risk accelerated further…

Source: Bloomberg

Hopes of a supply-cut sparked the single-biggest daily gain ever and the biggest weekly gain ever in crude oil

Source: Bloomberg

But in context, there’s a long way to go…

Source: Bloomberg

And despite energy’s gains, US equity markets were carved up this week, with Small Caps clubbed like a baby seal (5th weekly loss of last 6), as any month-/quarter-end rebalance flow support evaporated entirely… (NOTE broiadly speaking US markets rallied into the EU close then sold off every day this week),,,

Over the past two weeks however, The Dow is still up around 9% and Small Caps just over 2%…

And finally, the impact of the lockdowns is starting to hit as US Macro Surprise Index crashes by the most ever

Source: Bloomberg

*  *  *

The ‘Virus-Fear’ Trade is back in a big way…

Source: Bloomberg

After last week’s hope-filled bounce, big banks bloodbath’d this week…

Source: Bloomberg

And virus-impacted sectors were also slammed…

Source: Bloomberg

“Most Shorted” stocks are down 6 days in a row

Source: Bloomberg

VIX and the market decoupled this week (VIX notably lower as stocks sank)…

Source: Bloomberg

Credit markets were sold all week, despite The Fed’s support…

Source: Bloomberg

Treasuries were bid this week with 10Y outperforming, 2Y underperforming…

Source: Bloomberg

10Y Yields fell back below 60bps…

Source: Bloomberg

Note – yields did spike at the end of the day after The Fed announced another taper…

Source: Bloomberg

The week’s yield drop pushed everything across the curve back near cycle yield closing lows…

Source: Bloomberg

The Dollar was up 4 of the 5 days this week (and 3rd week of last 4)

Source: Bloomberg

A late-week bid pushed most of the cryptospace into the green with Bitcoin Cash leading the week…

Source: Bloomberg

Commodities were practically unchanged on the week despite the dollar gains, but obviously oil was the outlier with its best week ever…

Source: Bloomberg

Interestingly, oil’s surge coincides with its price relative to silver dropping below 2x (2 ounces of silver / barrel of oil) once again…

Source: Bloomberg

Gold Spot and Futures have started to decouple again as physical delivery fears resurface…

Source: Bloomberg

Where does gold go next?

Source: Bloomberg

Finally, the question is – is this bounce still viable?

Source: Bloomberg

Not if fun-durr-mentals have anything to do with it…

Source: Bloomberg

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

MARKET TRADING//USA

a)Market trading/THIS MORNING/FOMC /JOBS REPORT/USA

March Jobs Disaster: 701,000 Jobs Lost As Unemployment Rate Soars

Just like that the 113 record straight months of employment growth is over with a bang.

While today’s payrolls report was expected to be not quite as terrible as the recent initial claims suggested, especially since the March survey week took place around March 13 or ahead of the big shutdown and layoff announcements, it ended up being catastrophic nonetheless, with the BLS reporting moments ago that a whopping 701K jobs were lost in March, 7x more than the 100K expected, and just shy of the worst payrolls prints recorded during the financial crisis.

Developing

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

Our fallen angels are still in on a freefall.  It looks like a total of 1/2 trillion dollars worth of these bonds will enter into the junk category and that is when the real pain will come.

 

(zerohedge)

The Angels Are Freefalling: Q1 Saw Record Downgrades To Junk And The Real Pain Is Coming

Back in November of 2017, this website was the first to suggest that a flood of “fallen angels”, or the lowest, BBB-rated investment grade bonds that are downgraded to junk, will be the event that triggers the next corporate debt crisis. In “Hunting Angels: What The World’s Most Bearish Hedge Fund Will Short Next“, we quoted from the IMF’s Oct 2017 “Global Financial Stability Report”  which issued an ominous warning:

BBB bonds now make up nearly 50% of the index of investment grade bonds, an all time high. BBB bonds are only one notch above high yield, and are at the greatest risk of becoming fallen angels, that is bonds that were investment grade when issued, but subsequently get downgraded to below investment grade, or what is known these days as high yield. It then points out that investors have never been more at risk of capital loss if yields were to rise. In addition, it notes volatility targeting investors will mechanically increase leverage as volatility drops, with variable annuities investors having little flexibility to deviate from target volatility

Following this article, the topic of a tsunami in “fallen angel” credits took on greater urgency, because with over $3 trillion in bonds on the cusp of downgrade, as we discussed in “The $6.4 Trillion Question: How Many BBB Bonds Are About To Be Downgraded“, countless asset managers warned (herehere and herethat this was the biggest threat to the credit pillar of both the US economy and stock market (recall the bulk of BBB rated issuance was used to fund the trillions in buybacks that levitated the stock market over the past few years).

However, despite a few close scares, and the downgrades of some massive IG names to junk such as Ford and more recently, Macy’s, there never emerged a clear catalyst that would trigger a wholesale downgrade of IG names to junk, especially since the Fed ending its monetary tightening in late 2018 and unleashed another rate cut cycle coupled with QE4 in 2019 sent IG and HY yields and spreads to record lows, even though as Morgan Stanley pointed out no less than 55% of BBB-rated investment grade bonds, would have a junk rating based on leverage alone.

But the bandwagon of fallen angel optimism that prompted the mockery of anyone who warned about the risk of a fallen angel tsunami resulting a corporate bond crash, came to screeching halt last month when Saudi Arabia started an all-out price war with Russia and US shale producers, destroying the OPEC cartel overnight and causing the biggest one-day drop in oil prices in almost 30 years. As a result, more than $140 billion of bonds issued by North American energy companies are at risk of losing (or have already lost) their investment grade status, while a prolonged downturn could affect an additional $320 billion of triple-B rated midstream debt.

And oil is just the beginning. As the full extent of the coronavirus forced shutdown coma emerges, with the US economy locked down indefinitely, the long awaited moment when the corporate bubble bursts has finally arrived, appropriately enough with a bang, and as thousands of companies suffered an unprecedented cash flow collapse and slowly make their way toward their nearest bankruptcy court, they first have to be downgraded.

And that’s exactly what is happening as the pace of rating downgrades has materially accelerated over the past few weeks. As shown below, Goldman analysts find that the amount outstanding of newly minted fallen angel bonds has jumped to $149 billion this quarter, a higher amount than the previous peak reached in the second quarter of 2009 (though comparable when scaled back by the overall size of the IG market). The downgrades have been quite concentrated, with three issuers out of seventeen (Occidental Petroleum, Kraft Heinz, and Ford) accounting for roughly three quarters of the overall amount of downgraded bonds.

At the same time, the pick-up in negative rating actions has also been visible within the broader IG and HY markets. In total, over $765 billion worth of IG and HY-rated bonds have experienced at least a single notch downgrade by at least one of the three major ratings agencies, so far this year.

Now that the angels are in freefall, just how bad could it get? To assess how much fallen angel risk remains in the IG market, here are some observations:

  • First, focusing on bonds with a notch rating of BBB or BBB-. Historically, 97% of the bonds downgraded from IG to HY were rated BBB or BBB in the quarter prior to the downgrade. This initial step results in a universe of bonds worth $2.2 trillion (including both index eligible and non-eligible bonds).
  • Second, Goldman classifies industry groups into two categories: “distressed” and “non-distressed”. Examples of distressed sectors include Oil & Gas, Retail, Airlines, and Autos. Examples of non-distressed sectors include Tech, Pharma, Telecoms, and Utilities. While not every firm in a given distressed sector will necessarily be downgraded to HY (and vice versa), it is helpful to differentiate between sectors based on their sensitivity to the oil-virus twin shock.
  • Third, for each rating bucket and industry category, the bonds that are either on Downgrade Watch or Negative Outlook are isolated .

With this final iteration, each rating bucket is divided into four subcategories based on the industry type (distressed vs. non-distressed) and Downgrade Watch/Negative Outlook (Yes or No). Using the above decomposition, Goldman assigns a subjective probability of downgrade into HY over a six-month horizon, for each subcategory. These probabilities range from 90%, for bonds in distressed sectors, on Downgrade Watch/Negative Outlook and rated BBB-, to 5% for those in non-distressed sectors, not on Downgrade Watch/Negative Watch and rated BBB. In assigning these subjective probabilities, we rely on some empirical stylized facts. For example, while unexpected downgrades do happen, the bank finds that around 75% of fallen angel bonds were on outlook negative or downgrade watch just prior to downgrade (though that figure has only been 67% in 2020).

As shown in the next chart, summing up across all the subcategories implies that a total $555 billion worth of bonds (in notional value) would migrate from IG into HY over the next six months, in addition to the $149 billion that have already been downgraded year-to-date. This amount represents 7.6% of the $7 trillion outstanding of IG-rated bonds, and 15.7% of the BBB bucket (again including both index-eligible and non-eligible bonds).  For context, over the seven-quarter period encompassing the global financial crisis, from fourth quarter of 2007 to the second quarter of 2009, there were a total of $260 billion of fallen angels, representing 7.4% of the overall IG market.

That said there is some good news: recent policy measures, especially the Fed’s newly announced corporate credit facilities have reduced the risk of a substantial contraction in credit availability, however the persistence of the current downturn remains a key source of upside risk to Goldman’s $555 billion estimate of fallen angel bonds. On the positive side, government support for distressed issuers could result in a lower amount. Moreover, past experience shows that most managements on the verge of losing their coveted investment grade status typically fight hard to retain it by slashing dividends, suspending share buybacks, selling assets, etc..

END

iii) Important USA Economic Stories

The Pentagon fires the navy captain who leaked his own letter telling the USA of the grave conditions aboard the USS Roosevelt

(zerohedge)

Pentagon Fires Navy Captain Who Spoke Out About Response To Aircraft Carrier Outbreak Of COVID-19

This is turning into a major sh*tstorm…

The Pentagon has relieved Navy Capt. Brett Crozier, the commander of the USS Theodore Roosevelt, from command of the aircraft carrier after he allegedly leaked a copy of a scathing letter he wrote to top brass requesting that all but the bare minimum (he said 10% ) of the sailors on his boat be let off to prevent a brutal outbreak of COVID-19.

Reports about the sailors, the first aboard a ship on active duty to test positive for COVID-19, first emerged last week, and the situation has become a growing hot potato as the White House and Pentagon have resisted allowing the sailors to disembark.

Similar to how Trump initially wanted to keep the passengers of the ‘Diamond Princess’ from leaving the ship, it’s believed Trump pressured the Pentagon not to let the sailors off because it would look bad for the administration. There are 4,865 sailors on board, and

But Acting Secretary of the Navy Thomas Modly replied that he didn’t believe leaving only 10% behind would be appropriate. “Our plan has always been to remove as much of the crew as we can while maintaining for the ship’s safety,” he said. “This ship has weapons on it, it has munitions on it, it has expensive aircraft, and it has a nuclear power plant. It requires a certain number of people on that ship to maintain the safety and security of the ship.”

Capt. Crozier

Even writing the request was probably out of line for Crozier, who clearly felt obligated to act to stop his crew from being infected en masse as part of a PR strategy. But the obvious leaking of the letter was clearly a bridge too far.

“I recognize that there’ve been a lot of questions about the Teddy Roosevelt, particularly over the last 24 hours,” Modly said during a recent Pentagon press conference. “We have accelerated testing and are deep cleaning all the spaces on the ship. We are providing the commanding officer what he has requested and we are doing our best to accelerate the pace wherever we can.”

Whispers about Crozier’s imminent firing emerged shortly before the news was confirmed. The firing has unleashed a torrent of criticism against Trump, while others argued that in the military, following your conscience often means losing your stripes.

DoodleMom@SnowflakePeg

Navy Captain Brett Crozier was removed from the USS Theodore Roosevelt I’m sure because he wrote a letter to his superiors imploring them for help. In my mind as a former Navy wife (husband USN/Ret) he’s a hero!

It’s unclear whether he will face any additional punishment.

Read the letter below:

TR COVID 19 Assistance Request by Zerohedge on Scribd

END
USA FED’S BALANCE SHEET
The USA’s Fed balance sheet now hits $6 trillion dollars:  a big rise of 1.6 trillion in 3 weeks
(zerohedge)

Fed’s Balance Sheet Hits $6 Trillion: Up $1.6 Trillion In 3 Weeks

“We’re going to need a bigger chart.”

That’s all one can say when seeing what happened to the Fed’s balance sheet in the past week.

According to the Fed’s latest weekly H.4.1 (i.e., balance sheet) update, as of April 1 the Fed’s balance sheet hit a record $5.811 trillion, an increase of $557 billion in just one week. And when one adds the $88.5BN in TSY and MBS securities bought by the Fed today…

… we can calculate that as of close of business Thursday, the Fed’s balance sheet was an unprecedented $5.91 trillion, an increase of $1.6 trillion since the start of the Fed’s unprecedented bailout of everything on March 13 when the Fed officially restarted QE. And since we know that tomorrow the Fed will buy another $90 billion, we can conclude that as of Friday’s close, the Fed’s balance sheet will be a nice, round $6 trillion.

Finally, here is what the Fed’s balance sheet looks like over a longer timeframe: it shows that in just the past 3 weeks, the Fed’s balance sheet has increased by a ridiculous $1.6 trillion – the same amount as all of QE3 did over 15 months  – and equivalent to an insane 7.5% of US GDP.

One more insane statistic: the Fed’s balance sheet was $3.8 trillion in August 2019 when the shrinkage in reserves supposedly triggered the repo crisis. Fast forward, 6 months, when the Fed’s balance sheet is now 60% higher.

Last Saturday we said that according to former NY Fed staffer, the Fed’s balance sheet will double to $9 trillion by the end of the year.

Just three weeks after the Fed restarted its “all in” gamble, the balance sheet is already one third of the way there.

end

MORTGAGE DEFAULTS ON THE HORIZON

 

If this is not resolved soon, this will be a huge tsunami: mortgage defaults are coming

(zerohedge)

 

Here Comes The Next Crisis: Up To 30% Of All Mortgages Will Default In “Biggest Wave Of Delinquencies In History”

Unlike in the 2008 financial crisis when a glut of subprime debt, layered with trillions in CDOs and CDO squareds, sent home prices to stratospheric levels before everything crashed scarring an entire generation of homebuyers, this time the housing sector is facing a far more conventional problem: the sudden and unpredictable inability of mortgage borrowers to make their scheduled monthly payments as the entire economy grinds to a halt due to the coronavirus pandemic.

And unfortunately this time the crisis will be far worse, because as Bloomberg reports mortgage lenders are preparing for the biggest wave of delinquencies in history. And unless the plan to buy time works – and as we reported earlier there is a distinct possibility the Treasury’s plan to provide much needed liquidity to America’s small businesses may be on the verge of collapse – an even worse crisis may be coming: mass foreclosures and mortgage market mayhem.

Borrowers who lost income from the coronavirus, which is already a skyrocketing number as the 10 million new jobless claims in the past two weeks attests, can ask to skip payments for as many as 180 days at a time on federally backed mortgages, and avoid penalties and a hit to their credit scores. But as Bloomberg notes, it’s not a payment holiday and eventually homeowners they’ll have to make it all up.

According to estimates by Moody’s Analytics chief economist Mark Zandi, as many as 30% of Americans with home loans – about 15 million households – could stop paying if the U.S. economy remains closed through the summer or beyond.

“This is an unprecedented event,” said Susan Wachter, professor of real estate and finance at the Wharton School of the University of Pennsylvania. She also points out another way the current crisis is different from the 2008 GFC: “The great financial crisis happened over a number of years. This is happening in a matter of months – a matter of weeks.”

Meanwhile lenders – like everyone else – are operating in the dark, with no way of predicting the scope or duration of the pandemic or the damage it will wreak on the economy. If the virus recedes soon and the economy roars back to life, then the plan will help borrowers get back on track quickly. But the greater the fallout, the harder and more expensive it will be to stave off repossessions.

“Nobody has any sense of how long this might last,” said Andrew Jakabovics, a former Department of Housing and Urban Development senior policy adviser who is now at Enterprise Community Partners, a nonprofit affordable housing group. “The forbearance program allows everybody to press pause on their current circumstances and take a deep breath. Then we can look at what the world might look like in six or 12 months from now and plan for that.”

But if the economic turmoil is long-lasting, the government will have to find a way to prevent foreclosures – which could mean forgiving some debt, said Tendayi Kapfidze, Chief Economist at LendingTree. And with the government now stuck in “bailout everyone mode”, the risk of allowing foreclosures to spiral is just too great because it would damage financial markets and that could reinfect the economy, he explained.

“I expect policy makers to do whatever they can to hold the line on a financial crisis,” Kapfidze said hinting at just a trace of a conflict of interest as his firm may well be next to fold if its borrowers declare a payment moratorium. “And that means preventing foreclosures by any means necessary.”

Take for example Laura Habberstad, a bar manager in Washington, D.C., who got a reprieve from her lender but needs time to catch up. The coronavirus snatched away her income, as it has for millions, and replaced it with uncertainty. The restaurant and beer garden where she works was forced to temporarily shut down. Laura has no idea when she’ll get her job back, nor does she have any idea how to look for a new job. After all, how do you search for another hospitality job during a global pandemic? Now she’s living in Oregon with her mother, whose travel agency was also forced to close.

“I don’t know how I’m going to pay my mortgage and my condo dues and still be able to feed myself,” Habberstad said. “I just hope that, once things open up again, we who are impacted by Covid-19 are given consideration and sufficient time to bring all payments current without penalty and in a manner that does not bring us even more financial hardship.”

Borrowers must contact their lenders to get help and avoid black marks on their credit reports, according to provisions in the stimulus package passed by Congress last week. Bank of America said it has so far allowed 50,000 mortgage customers to defer payments. That includes loans that are not federally backed, so they aren’t covered by the government’s program.

Meanwhile, Treasury Secretary Steven Mnuchin has convened a task force to deal with the potential liquidity shortfall faced by mortgage servicers, which collect payments and are required to compensate bondholders even if homeowners miss them. The group was supposed to make recommendations by March 30.

“If a large percentage of the servicing book – let’s say 20-30% of clients you take care of – don’t have the ability to make a payment for six months, most servicers will not have the capital needed to cover those payments,” QuickenChief Executive Officer Jay Farner said in an interview. But not Quicken, of course.

Quicken, which serves 1.8 million borrowers, and in 2018 surpassed Wells Fargo as the #1 mortgage lender in the US, has a strong enough balance sheet to serve its borrowers while paying holders of bonds backed by its mortgages, Farner said,  although something tells us that in 6-8 weeks his view will change dramatically. Until then, the company plans to almost triple its call center workers by May to field the expected onslaught of borrowers seeking support, he said.

Ironically, as Bloomberg concludes, “if the pandemic has taught us anything, it’s how quickly everything can change. Just weeks ago, mortgage lenders were predicting the biggest spring in years for home sales and mortgage refinances.”

Habberstad, the bar manager, was staffing up for big crowds at the beer garden, which is across from National Park, home of the World Series champions. Then came coronavirus. Now, she’s dependent on her unemployment check of $440 a week.

“Everybody wants to work but we’re being asked not to for the sake of the greater good,” she said.

iv) Swamp commentaries)

 

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

The computers that run disease models grind through calculations that reflect researchers’ best estimates of factors that two Scottish researchers identified a century ago as shaping the course of an outbreak: how many people are susceptible, how many are infectious, and how many are recovered (or dead) and presumably immune… In the autumn of 2014, modelers at CDC projected that the Ebola outbreak in West Africa could reach 550,000 to 1.4 million cases in Liberia and Sierra Leone by late January if nothing changed. As it happened, heroic efforts to isolate patients, trace contacts, and stop unsafe burial practices kept the number of cases to 28,600 (and 11,325 deaths)…

https://www.statnews.com/2020/02/14/disease-modelers-see-future-of-covid-19/

When CDC’s dire projections don’t occur, they get credit for the ‘heroic efforts’ to stem the outbreak.

Current disease models are based on assumptions from a century ago?  Ya think there are material differences in living conditions, medical care, genetics, etc. from a century ago?

@AlexBerenson: Update on the @IHME_UW model versus reality in New York STATE: reality is still winning. 56,000 hospitalizations and 11,000 ICU beds projected for April 2; 13,400 hospitalizations and 3,400 beds used. Reminder: this model was released ONE WEEK AGO.

https://twitter.com/AlexBerenson/status/1245748387359711234

@seanmdav: The IMHE model for the Wuhan coronavirus that the White House is relying on is garbage. It is using NY/NJ data and applying it to the rest of the U.S. It predicted that over 121,000 Americans would be hospitalized yesterday over the coronavirus. The actual number? 31,142.

@AlexBerenson: A reader pointed me to Oregon, which has released clear and detailed data. Here’s the statewide update from Monday. Two crucial points: no lockdown measures seem to have had significant effect. New infections have bounced almost randomly since mid-March… Even more importantly, the state’s own prediction is now that it would face NO crisis even if the lockdown was liftedBy early May, all of Oregon would have ~90 people in ICU beds if all businesses reopened, as opposed to ~30 if the lockdown continued. See for yourself.   https://twitter.com/AlexBerenson/status/1245686483589226496

@MQSullivan: With a population of 28.9 million, Texas has had 70 fatalities from the Chinese  coronavirus as of 12 noon today.

The Covid-19 panic fomented by the usual suspects has prevented a cost-benefit analysis on shutting down the US economy.  After the crisis, this analysis will occur.  There will be a reckoning for many.

Will the usual suspects spew doom for coming flu seasons?  Should the US economy shut down?

@1776Stonewall: 80,000 Americans died of the flu in 2018. 35,000 have already died of the flu this year. Worldwide about 500,000-600,000 people die of the flu each year.  And that’s WITH a flu shot.

@DineshDSouza: Medical personnel typically focus on one dimension: the health dimension. Statesmen, however, must also consider the economic dimension and the threats to constitutional freedom. Statesmen, not epidemiologists, must chart the course of public policy

The only means to fight the plague is honesty.” — Albert Camus, The Plague (published in 1947)

Oil went vertical at 10:27 ET on this Trump tweet: Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry…Could be as high as 15 Million Barrels. Good (GREAT) news for everyone!

The 25% oil rally was its best rally day ever.  There is a very important tradeoff between lower energy prices for US consumers and the economic destruction from a depression in the US energy sector.

Pelosi continues to appear on TV.  Polling must be very bad for her and Dems; and/or she knows that the impeachment during January, when Covid-19 started blossoming in the US, is hurting Dems.

@bennyjohnson: Pelosi claims the threat posed by Coronavirus was “Self Evident” while Democrats pursued Impeachment. Why would Democrats knowingly focus on removing the leader of a country that was about to face a Pandemic?  https://twitter.com/bennyjohnson/status/1245787850341220353

Pelosi goes on to blame McConnell for doing nothing about the virus – a risible and obvious attempt to divert attention from her & Dems’ impeachment focus and inaction on Covid-19 in January.

The latest WaPo/ABC, which typically oversamples Dems (30% vs. 24% in this poll) shows Trump has jumped from a 7-point deficit with Biden to even.  The latest Gallup poll (3/22) has voters identifying themselves as GOP or Dems at 30% each.  https://context-cdn.washingtonpost.com/notes/prod/default/documents/5ff24ba7-0686-4393-b2fe-86c39447bc9d/note/943d692c-f812-4ec3-a0a7-cabd64d36d4b.#page=1

Pelosi forms select committee on spending of coronavirus stimulus money

House Speaker also backs independent 9/11 style commission for coronavirus ‘after action review’

    Pelosi said the congressional committee would have “subpoena power” and exercise oversight of the federal government’s handling of the coronavirus pandemic

https://justthenews.com/government/congress/pelosi-backs-independent-911-style-commission-coronavirus#.XoYNiEsme8U.twitter

Republicans charge Pelosi’s committee is redundant.   She & Schumer insisted that an oversight com be included in the Covid-19 bill.  It’s obvious what she is doing.  Clyburn, the Dem Rep in charge of the committee, said the bailout bill is “a tremendous opportunity to restructure things to fit our vision.”

With virus crisis raging, Pelosi, Schiff ramp up new Trump investigations

Pelosi also gave Democrats room to go after Trump for whatever reason they choose

https://www.washingtonexaminer.com/opinion/columnists/with-virus-crisis-raging-pelosi-schiff-ramp-up-new-trump-investigations

Pelosi and Dems are very vulnerable for delaying the Covid 19 bailout bill, packing it with goodies for the friends, and most importantly, for running the impeachment when Covid-19 was germinating in the US in January.  Pelosi thinks that running another inquiry will hurt DJT.  It will only infuriate swing voters who will perceive this to be a ploy to hurt DJT as he is fighting the Covid-19 crisis and trying to resurrect the US economy.  Pelosi is giving Trump yet another gift/foil.  Who is advising her and Dem leadership?

Pittsburgh scientists develop possible coronavirus vaccine, hope FDA can fast-track it – When tested in mice, produces antibodies specific to the coronavirus SARS-CoV-2 that could be enough to fight off the virus… https://triblive.com/local/pittsburgh-allegheny/pittsburgh-scientists-say-coronavirus-vaccine-could-be-fast-tracked-after-key-animal-testing/

Hydroxychloroquine rated ‘most effective therapy’ by doctors for coronavirus: Global survey

https://www.washingtontimes.com/news/2020/apr/2/hydroxychloroquine-rated-most-effective-therapy-do/

@IngrahamAngle: Big Pharma makes no money off cheap generics. Hydroxychloroquine is cheap and easy to make, yet we’re running out here bc we don’t produce it…

@LizRNC: Great news! FDA approves new antibody test for COVID-19 “It has a really important role to play…this virus is different…we suspect that there’s a large contingent of people who are asymptomatic.  “The antibody test is going to help us identify that”

The antibody test will reveal if Covid-19 entered the US earlier than expected and how many people had the virus.  If the virus is/was more pervasive than now known, it will be devastating for the WHO, CDC, NIH as well as their scientists, apologists, funding benefactors and their gloomy models.

@realDonaldTrump: Somebody please explain to Cryin’ Chuck Schumer that we do have a military man in charge of distributing goods, a very talented Admiral, in fact. New York has gotten far more than any other State, including hospitals & a hospital ship, but no matter what, always complaining….. It wouldn’t matter if you got ten times what was needed, it would never be good enough. Unlike other states, New York unfortunately got off to a late start. You should have pushed harder. Stop complaining & find out where all of these supplies are going. Cuomo working hard!

     Massive amounts of medical supplies, even hospitals and medical centers, are being delivered directly to states and hospitals by the Federal Government. Some have insatiable appetites & are never satisfied (politics?). Remember, we are a backup for them. The complainers shouldhave been stocked up and ready long before this crisis hit. Other states are thrilled with the job we have done…

Trump says “the states should have been building their stockpile” before the coronavirus outbreak: “We’re not an ordering clerk. We’re a backup”    https://cbsn.ws/2V1xqRg

Fed up with Schumer’s chirping, DJT released a snarky & mocking letter that he sent to Schumer.

If you would have spent less time on your ridiculous impeachment hoax… and instead and focused on helping the people of New York, then New York would not have been so completely unprepared for the ‘invisible enemy”’… You have been missing in action, except when it comes to the ‘press’.  While you have stated that you don’t like Andrew Cuomo you ought to start working alongside him for the good of all New Yorkers.  I have known you for many years, but I did not know how bad a Senator you are for the State of New York, until I became president…  https://twitter.com/SteveGuest/status/1245836620089221122

Pres. Trump: “Today, I have issued an order under the Defense Production Act to more fully ensure that domestic manufacturers can produce ventilators needed to save American lives.” https://abcn.ws/39HmugV

@bennyjohnson: NAVARRO: “One of the things that this crisis has taught us, sir, is that we are dangerously over dependent on a global supply chain… Never again should we depend on the rest of the world for essential medicines and countermeasures.”

BBG’s @lisaabramowicz1: Companies in the S&P 500 re-purchased $5.3 trillion of their own shares from 2010 through 2019, creating a massive buying pressure that has now basically evaporated

Barring enormous dollar destruction, major stock indices are unlikely to hit new highs for the foreseeable future.  Gold would perform far better if the dollar is crushed by even more US fiscal & monetary stimuli.

The Fed balance sheet inflated $557.329B to $5.812 T as of 4/1/20. https://www.federalreserve.gov/releases/h41/current/

CNN: Fauci says U.S. should issue nationwide stay-at-home order

“I don’t understand why that’s not happening,” Fauci said, per CNN

https://www.axios.com/fauci-coronavirus-trump-stay-at-home-995de778-d9f4-4d56-a596-40f55b734cf5.html

@JordanSchachtel: Fauci is exposing himself as way out of his league on this. He considers destruction of US society & economy an “inconvenience.”He & all his friends are still getting a paycheck, still living their best lives. He has no idea what’s happening around him.

From Wednesday’s King Report: A big conflict in the market now: US Covid-19 data that is NOT tracking with Drs. Fauci & Birx’s troubling projections.  Their forecasts have induced Trump, as well as [mostly Blue State] governors and mayors, to impose or extend ‘stay in shelter’ orders.

Remember, Team Trump loves to issue verbal intervention on Friday.

The Director of Florida’s Division of Emergency Management, @JaredEMoskowitz, said he is trying to purchase masks for Florida from 3M, but 3M is selling masks to foreign countries instead.

@realDonaldTrump: We hit 3M hard today after seeing what they were doing with their masks. “P Act” all the way. Big surprise to many in government as to what they were doing – will have a big price to pay!

Michael Flynn lawyer says client was prepared to ‘audit’ Obama spy officials before getting ‘set up’

“He was going to audit the intel agencies because he knew about the billions Brennan and company were running off books… There’s no telling how many billions of taxpayer dollars they’re running off books for the different intel agencies … Powell alleged…

https://www.washingtonexaminer.com/news/michael-flynn-lawyer-says-client-was-prepared-to-audit-obama-spy-officials-before-getting-set-up

 

Trump campaign donating meals to hospitals during coronavirus crisisto feed doctors, nurses and first responders on the front lines of the coronavirus battle…   https://fxn.ws/3aGsfx0

 

CBS’s @BoKnowsNews: After earlier statement on US unemployment, @JoeBiden says the US needs to do more to help IRAN.  [Even a CBS reporter is stunned by Biden’s latest pap.]

 

@NRA: 2.5 MILLION GUNS WERE SOLD IN MARCH – the highest sales volume in recorded history… what do they expect when they are releasing inmates while closing gun shops during a pandemic. Americans don’t want to be defenseless.

Well that is all for today

i will leave you with this commentary care of Greg Hunter

Hydroxychloroquine Works on Virus, Unemployment Explodes, Economy Plunges

By Greg Hunter On April 3, 2020

  

I keep yelling at the TV to give sick people hydroxychloroquine every time I see medical experts concentrating on pleading for masks, hospital beds and ventilators to combat the coronavirus. Why give hydroxychloroquine? It has been proven in small tests around the world that it works with little to no side effects. In countries like China and Turkey, it is given at the first sign of trouble, and their results are clear— it works and actually removes the China virus.

We got more bad numbers from the Bureau of Labor Statistics. Unemployment shot up again this week to 6.6 million. Add that to last week’s numbers, and you get about 10 million new unemployment claims in the last two weeks alone. It’s going to get worse.

As unemployment spikes, the economy plunges, and we are hearing huge downward numbers with car sales. Real estate has also hit a wall in terms of sales. On top of that, it is projected as much as 30% of all mortgages will default soon. Money manager Michael Pento is predicting the worst economic news in history to be reported in April, and it is only the third day of the month.

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up.  (This video has been demonetized.)

-END-:

I will see you MONDAY night.

 

Leave a Reply

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

WordPress.com Logo

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

Google photo

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

Twitter picture

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

Facebook photo

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

Connecting to %s

%d bloggers like this: