APRIL 13A//COMEX IS BROKEN/LONDON LBMA IS BROKEN/GOLD UP ANOTHER $27.65//SILVER IS DOWN 21 CENTS TO $15.29//AT THE GOLD COMEX 90 TONNES IS STANDING FOR DELIVERY//HUGE CORONAVIRUS STORIES FROM AROUND THE GLOBE//JAPAN IS RELOCATING PRODUCTION FROM CHINA TO OTHER JURISDICTIONS//VANCOUVER IS CLOSE TO BANKRUPTCY//USA DEFICIT TO CLIMB TO 6.8 TRILLION THIS YEAR//SWAMP STORIES//

GOLD:$1714.95  UP $27.65   The quote is London spot price

 

 

 

 

Silver:$15.29//DOWN $.21  London spot price

 

Closing access prices:  London spot

i)Gold : $1716.00  LONDON SPOT  4:30 pm

 

ii)SILVER:  $15.40//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

APRIL comex gold price CLOSE 1.30 PM:  $1742.20

MAY COMEX GOLD:  1747.00 1:30 PM

JUNE GOLD:  $1761.60  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE JUNE: $46.65

 

CLOSING SILVER FUTURE MONTH

SILVER APRIL COMEX CLOSE: XX/ O  TRADES

SILVER MAY COMEX CLOSE;   $15.54…1:30 PM.//SPREAD SPOT/FUTURE MAY:  25 CENTS  PER OZ

 

 

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 $2600. usa per oz

and silver; $29.00 per oz//

 

LADIES AND GENTLEMEN: YOU ARE NOW WITNESSING FIRST HAND THE DIFFERENCE BETWEEN PAPER GOLD/SILVER AND THE REAL PHYSICAL STUFF!!

 

COMEX DATA

 

 

 

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

today RECEIVING: 135/454

issued: 72

EXCHANGE: COMEX
CONTRACT: APRIL 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,736.200000000 USD
INTENT DATE: 04/09/2020 DELIVERY DATE: 04/14/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
132 C SG AMERICAS 10
657 C MORGAN STANLEY 30
657 H MORGAN STANLEY 271
661 C JP MORGAN 72 135
661 H JP MORGAN 242
686 C INTL FCSTONE 5 11
690 C ABN AMRO 19 11
737 C ADVANTAGE 61 20
800 C MAREX SPEC 13 5
905 C ADM 2 1
____________________________________________________________________________________________

TOTAL: 454 454
MONTH TO DATE: 28,120

NUMBER OF NOTICES FILED TODAY FOR  APRIL CONTRACT: 454 NOTICE(S) FOR 45,400 OZ (1.4121 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  28,120 NOTICES FOR 2,812,000 OZ  (87.465 TONNES)

 

 

SILVER

 

FOR APRIL

 

 

12 NOTICE(S) FILED TODAY FOR 60,000  OZ/

total number of notices filed so far this month: 801 for 4,005,000 oz

 

BITCOIN MORNING QUOTE  $6706 DOWN  211  

 

BITCOIN AFTERNOON QUOTE.: $6770 DOWN $130

 

GLD AND SLV INVENTORIES:

WITH GOLD UP $27.65: 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 5.36 TONNES (PAPER TONNES/NOT REAL STUFF)

 

GLD: 994.19 TONNES OF GOLD//

 

 

WITH SILVER DOWN 29 CENTS TODAY: AND WITH NO SILVER AROUND

 

A HUGE DEPOSIT OF SILVER WAS ADDED TO OUR SLV INVENTORY TONIGHT: 6.155 MILLION OZ

 

 

 

RESTING SLV INVENTORY TONIGHT:

SLV: 408.536  MILLION OZ./

 

 

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE  BY A FAIR SIZED 862 CONTRACTS FROM 138,918 UP TO 139,780 AND CLOSER TO OUR NEW RECORD OF 244,710, (FEB 25/2020. THE FAIR SIZED GAIN IN OI OCCURRED WITH  OUR STRONG 60 CENT RISE IN SILVER PRICING AT THE COMEX. WE  HAD ZERO LONG LIQUIDATION. IT SEEMS THAT THE GAIN IN COMEX OI IS DUE TO  BANKER SHORT COVERING PLUS A CONSIDERABLE EXCHANGE FOR PHYSICAL ISSUANCE ALONG WITH A STRONG GAIN IN SILVER OZ STANDING. WE HAD A VERY STRONG NET GAIN IN OUR TWO EXCHANGES OF 2392 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  STRONG SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:   MARCH:  00 AND MAY: 1530 AND JULY: 0 ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1530 CONTRACTS. WITH THE TRANSFER OF 1530 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 1530 EFP CONTRACTS TRANSLATES INTO 7.650 MILLION OZ  ACCOMPANYING:

1.THE 60 CENT RISE 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

4.125  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 60 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 2392 CONTRACTS OR 11.96 MILLION OZ ON THE TWO EXCHANGES! YOU CAN BET THE FARM THAT OUR BANKER  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER JUDGING BY THE HUGE GAIN IN PRICE.

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:

8773 CONTRACTS (FOR 7 TRADING DAYS TOTAL 8773 CONTRACTS) OR 43.865 MILLION OZ: (AVERAGE PER DAY: 1253 CONTRACTS OR 6.266 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF APRIL: 43.865 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 5.17% 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:          937.36 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                   43.865 MILLION OZ.  (EX. FOR PHYSICALS BECOMING A LOT LESS)

 

 

RESULT: WE HAD A FAIR SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1862, WITH THE CONSIDERABLE $0.60 GAIN IN SILVER PRICING AT THE COMEX /THURSDAY THE CME NOTIFIED US THAT WE HAD A VERY STRONG SIZED EFP ISSUANCE OF 1530 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON  AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER

 

TODAY WE GAINED A STRONG SIZED OI CONTRACTS ON THE TWO EXCHANGES:  2392 CONTRACTS (WITH OUR 60 CENT GAIN IN PRICE)

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 1530 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH INCREASE OF 862 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH A 60 CENT GAIN IN PRICE OF SILVER/ AND A CLOSING PRICE OF $15.50 // THURSDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY AS WELL AS A GOOD INCREASE IN QUEUE JUMPING//AMOUNT STANDING!! 

 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.7005 BILLION OZ TO BE EXACT or 100.2% of annual global silver production (ex Russia & ex China).

FOR THE NEW  MAR DELIVERY MONTH/ THEY FILED AT THE COMEX: 12 NOTICE(S) FOR  60,000 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 4.125 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 STRONG SIZED 10,362 CONTRACTS TO 488,918 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 STRONG COMEX GAIN IN PRICE  OF $37.30 /// COMEX GOLD TRADING// THURSDAY// WE  HAD CONSIDERABLE BANKER SHORT COVERING ALONG WITH ZERO LONG LIQUIDATION ACCOMPANYING A GOOD  EX. FOR PHYSICAL ISSUANCE AND THIS WAS COUPLED WITH OUR STRONG GAIN IN THE PAPER PRICE OF GOLD.

 

WE GAINED A HUGE 15,239 CONTRACTS  (47.39 TONNES) ON OUR TWO EXCHANGES.

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A GOOD SIZED 4877 CONTRACTS:

CONTRACTS, FEB>  CONTRACTS; MARCH 00 APRIL: 0. MAY: 0, AND JUNE 4877.; DEC 0 AND ALL OTHER MONTHS ZERO//TOTAL: 4877.  The NEW COMEX OI for the gold complex rests at 488,918. 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 VERY STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 15,239 CONTRACTS: 10,362 CONTRACTS INCREASED AT THE COMEX AND 4877 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 15,239 CONTRACTS OR 47.39 TONNES. THURSDAY, WE HAD A HUGE GAIN OF $37.30 IN GOLD TRADING……

AND WITH THAT HUGE GAIN IN  PRICE, WE  HAD A VERY STRONG SIZED GAIN IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 47.39 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 $37.30). AND IT ALSO SEEMS THAT THEIR ATTEMPT TO FLEECE ANY GOLD LONGS FROM THE GOLD ARENA WERE  UNSUCCESSFUL  (SEE BELOW).

4 GC ISSUANCE:  ZERO

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD  A GOOD SIZED INCREASE IN EXCHANGE FOR PHYSICALS  (4877) ACCOMPANYING THE STRONG GAIN IN COMEX OI  (10,239 OI): TOTAL GAIN IN THE TWO EXCHANGES:  15,239 CONTRACTS.  WE NO DOUBT HAD 1 )HUGE BANKER SHORT COVERING, 2.)A MONSTROUS INCREASE IN  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 : 41,841 CONTRACTS OR 4,184,100 oz OR 130.14 TONNES (7 TRADING DAYS AND THUS AVERAGING: 5977 EFP CONTRACTS PER TRADING DAY

 

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 7 TRADING DAY(S) IN  TONNES: 130.14 TONNES

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

THUS EFP TRANSFERS REPRESENTS 130.14/3550 x 100% TONNES =3.66% OF GLOBAL ANNUAL PRODUCTION

ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD HAS EXPLODED THIS MONTH.

 

 

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE   2453.04  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//22 DAYS)
APRIL TOTAL EFP. ISSUANCE:               130.14  TONNES  (EFP ISSUANCE BECOMING A LOT LESS)

 

 

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 at the comex, in SILVER, ROSE BY A FAIR SIZED 862 CONTRACTS FROM 138,918 UP TO 139,780 AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

ALL OF THE GAIN IN COMEX OI WAS DUE TO 1) HUGE BANKER SHORT COVERING , 2) THE ISSUANCE OF A CONSIDERABLE SIZED NUMBER OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A GOOD INCREASE IN SILVER OZ STANDING AT THE COMEX FOR APRIL AND 4) ZERO LONG LIQUIDATION

 

 

EFP ISSUANCE 81530 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: 1530; JULY: 00 CONTRACTS   AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1530 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE FAIR COMEX OI GAIN  OF 862 CONTRACTS TO THE 1530 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A VERY STRONG GAIN OF 2750 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES  11.96 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 4.125 MILLION OZ//

 

 

RESULT: A STRONG SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE 60 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// THURSDAY. WE ALSO HAD A STRONG SIZED 1530 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.

 

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

(report Harvey)

 

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

I)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED DOWN 13.58 POINTS OR 0.49%  //Hang Sang CLOSED UP 329.96 POINTS OR 1.38%   /The Nikkei closed DOWN 455.10 POINTS OR 2.44%//Australia’s all ordinaires CLOSED

/Chinese yuan (ONSHORE) closed DOWN  at 7.0538 /Oil UP TO 22.64 dollars per barrel for WTI and 31.27 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.0538AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.0567 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%

 

COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG 10,362 CONTRACTS TO 488,918 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 STRONG COMEX OI GAIN WAS SET WITH OUR GAIN OF $37.30 IN GOLD PRICING //THURSDAY’S  COMEX TRADING//). WE ALSO HAD A GOOD EFP ISSUANCE (4877 CONTRACTS),.  THUS WE HAD 1) HUGE BANKER SHORT COVERING AT THE COMEX AND 2)   ZERO LONG LIQUIDATION AND 3)  ANOTHER STRONG INCREASE IN GOLD OZ STANDING AT THE COMEX WITH THAT HUGE STANDING  APRIL/GOLD…  AS WE ENGINEERED A HUGE GAIN ON TWO EXCHANGES OF 15,239 CONTRACTS.

 

 

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF APRIL..  THE CME REPORTS THAT THE BANKERS ISSUED A GOOD SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 4877 EFP CONTRACTS WERE ISSUED:

 FEB: 0; MARCH 00 AND APRIL: 0, MAY: 0  JUNE : 4877 AND 0 FOR DEC AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 4877 CONTRACTS.

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES:  15,239 TOTAL CONTRACTS IN THAT 4877 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A STRONG SIZED 10,362 COMEX CONTRACTS.  THE BANKERS PROVIDED ALL THE NECESSARY SHORT PAPER TO WHICH OUR LONGS DUTIFULLY ACCEPTED AS THEY GOBBLED UP A GOOD AMOUNT OF EXCHANGE FOR PHYSICALS WITH A HUGE BANKER SHORT COVERING ACCOMPANYING OUR STRONG COMEX GOLD TONNAGE STANDING FOR DELIVERY.

 

 

 

THE BANKERS WERUNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE BY $37.30). THEY WERE  UNSUCCESSFUL IN FLEECING ANY LONGS, AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 47.39 TONNES.

 

 

NET GAIN ON THE TWO EXCHANGES :: 15,239 CONTRACTS OR 1,523,900 OZ OR 47.39 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:  488,918 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 48.89 MILLION OZ/32,150 OZ PER TONNE =  1521 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1521/2200 OR 69.12% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 157,240 contracts

CONFIRMED COMEX VOL. FOR YESTERDAY244,741 contracts//

APRIL 13

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  

454,108.446

OZ

BRINKS

jpmorgan

HSBC

DELAWARE

 

 

 

No of oz served (contracts) today
454 notice(s)
 45400 OZ
(1.4121 TONNES)
No of oz to be served (notices)
783 contracts
(78,300 oz)
2.43 TONNES
Total monthly oz gold served (contracts) so far this month
28,120 notices
2,812,000 OZ
87.465 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

i ) We had 0 deposits into the dealer

 

 

total dealer deposits: nil  oz

total dealer withdrawals: NIL oz

we had 4 deposit into the customer account

i) Into HSBC 64,052.514 oz

ii) Into Brinks: 64,302.000 oz  2,000 KILOBARS

iii)Into JPMorgan:  321,510.000 oz (10,0000 kilobars)

iv) Into Delaware:  4,243.932 oz

the deposit into Brinks and into JPMorgan are phony entries

 

 

 

 

 

 

 

total deposits: 454,108.446   oz

 

 

 

we had 2 gold withdrawals from the customer account:

i) Out of HSBC:  964.53 oz 30 kilobars

ii) Out of HSBC enhanced:  2,422.225 oz

 

total gold withdrawals;  3386,755   oz

We had 3  kilo transactions

 

We had only 0 4 KC bar transaction

WE HAD ONE REMOVAL OF 2,422.225 OZ INTO HSBC 400 OZ ENHANCED CATEGORY 4 GC

ADJUSTMENTS: 1

:  dealer to the customer:

HSBC: 46,033.418 oz was adjusted up to the dealer from the customer account

 

 

The front month of APRIL saw its open interest register 1237 contracts for a GAIN of  426 contacts. We had 265 notices filed yesterday so we GAINED A VERY STRONG 691  contracts or AN ADDITIONAL 69,100 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 GAIN of 799 contracts to stand at  3592.

June saw a  GAIN OF 3781 contracts UP to 351,632

 

 

We had 265 notices filed today for 26,500 oz

 

FOR THE  APRIL 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 72 notices were issued from their client or customer account. The total of all issuance by all participants equates to 454 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 135 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 (28,120) x 100 oz , to which we add the difference between the open interest for the front month of  APRIL. (1237 CONTRACTS ) minus the number of notices served upon today (454 x 100 oz per contract) equals 2,890,300 OZ OR 89.90 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 (28,120)x 100 oz)  +1237 OI for the front month minus the number of notices served upon today (454 x 100 oz which equals 2,890,300 oz standing OR 89.90 TONNES in this active delivery month which is  a great amount for gold standing for a APRIL. delivery month.

THIS GREATLY SURPASSES THE PREVIOUS RECORD OF 42. TONES OF GOLD STANDING IN ANY MONTH

We gained 691 contracts OR an additional 69,100 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 121.77 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS

total registered or dealer gold:   4,475,102.412 oz or  139.194 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: 3,914,908.2  (121.77 tonnes)
true registered gold  (total registered – pledged tonnes  3,914908.2 (121.77 tonnes)
total eligible gold:  13,217,268.864 oz (411.11 tonnes)

total registered, pledged  and eligible (customer) gold;   17,692,371.276 oz 550.30 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:  without a  doubt… held in London not N.Y.:  150.255 tonnes

total gold net of 4 GC:  400.045 tonnes

 

THE GOLD COMEX SEEMS TO BE  UNDER SEVERE ASSAULT FOR PHYSICAL

 

 

 

 

April 13/2019

And now for the wild silver comex results

Total COMEX silver OI ROSE BY A FAIR SIZED 862 CONTRACTS FROM 138,918 UP TO 139,780 (AND MOVING CLOSER TO  OUR 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 FAIR OI COMEX GAIN TODAY OCCURRED WITH OUR STRONG 60 CENT INCREASE IN PRICING/THURSDAY.  THE GAIN IN TOTAL OI (TWO EXCHANGES) OCCURRED WITH 1)  A CONSIDERABLE ISSUANCE OF EXCHANGE FOR PHYSICALS 2) STRONG INCREASE IN SILVER OZ STANDING AT THE COMEX, 3)  HUGE BANKER SHORT COVERING ZERO LONG LIQUIDATION OCCURRING WITH OUR HUGE SILVER ADVANCE. 

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 36 CONTRACTS, AND AS SUCH WE GAINED 7 CONTRACTS.  WE HAD 5 NOTICES SERVED UPON YESTERDAY SO WE GAINED 12 CONTRACTS OR 60,000 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 FALL  BY 6122  DOWN TO 57,739.

JUNE SAW A GAIN OF 9 CONTRACTS RISING TO 37.

 

 

We, today, had  12 notice(s) FILED  for 60,000, OZ for the APRIL, 2019 COMEX contract for silver

APRIL 13/2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 391,245.080 oz
CNT
Delaware

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
258,071.002 oz
Delaware
No of oz served today (contracts)
12
CONTRACT(S)
(60,000 OZ)
No of oz to be served (notices)
24 contracts
 120,000 oz)
Total monthly oz silver served (contracts)  801 contracts

4,005,,000 oz)

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

total dealer deposits: 0 oz

total dealer withdrawals: 0 oz

i)we had  0 deposits into the customer account

into JPMorgan:   0

ii)into Delaware: 258,071.002 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: 607,477.800   oz

we had 2 withdrawals:

 

i) Out of CNT:  381,214.400 oz
ii) Out of Delaware: 10,030.680 oz

 

 

total withdrawals;  391.245.080  oz

We had 1 adjustments: and all from the dealer to the customer:

CNT

i) 5221.600 oz adjusted out of the dealer and this lands into the customer account of CNT

 

 

 

total dealer silver:  82.147 million

total dealer + customer silver:  319.925 million oz

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The total number of notices filed today for the APRIL 2020. contract month is represented by 12 contract(s) FOR 60,000 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 801 x 5,000 oz = 4,005,000 oz to which we add the difference between the open interest for the front month of APRIL.(36) and the number of notices served upon today 12 x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the APRIL/2019 contract month: 801 (notices served so far) x 5000 oz + OI for front month of APRIL (37)- number of notices served upon today (12) x 5000 oz of silver standing for the APRIL contract month.equals 4,125,000 oz.

WE GAINED 12 CONTRACTS OR AN ADDITIONAL 60,000 OZ OF SILVER WILL STAND AT  THE COMEX.

 

TODAY’S ESTIMATED SILVER VOLUME: 157,240 CONTRACTS //

 

 

 

 

FOR YESTERDAY:  244,741 CONTRACTS..,CONFIRMED VOLUME

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 244,741 CONTRACTS EQUATES to 467 million  OZ  66.7% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

 

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

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

end

 

NPV for Sprott

1. Sprott silver fund (PSLV): NAV RISES TO +0.51% ((APRIL 13/2020)

2. Sprott gold fund (PHYS): premium to NAV  FALLS TO -0.53% to NAV:   (APRIL 13/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into POSITIVE/ 0.51%

(courtesy Sprott/GATA

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

NAV 15.73 TRADING 15.70///DISCOUNT 0.21

END

 

 

And now the Gold inventory at the GLD/

APRIL 13//WITH GOLD UP $27.65 TODAY: ANOTHER HUGE CHANGE IN GOLD INVENTORY: A STRONG 5.36 WAS ADDED TO THE GLD//INVENTORY RESTS AT 994.19 TONNES

APRIL 9 WITH GOLD UP $37.30 TODAY: ANOTHER HUGE CHANGE IN GOLD INVENTORY: A STRONG 2.92 TONNES WAS ADDED TO THE GLD//GOLD INVENTORY RESTS TONIGHT AT..988.63 TONNES

APRIL 8/WITH GOLD DOWN $.60//ANOTHER HUGE CHANGE IN GOLD INVENTORY/;; A STRONG 1.45 TONNES WAS ADDED TO THE GLD/GOLD INVENTORY RESTS AT 985.71 TONNES

APRIL 7/WITH GOLD UP $.30: ANOTHER HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 5.27 TONNES OF GOLD INTO THE GLD INVENTORY//INVENTORY RESTS AT 984.26 TONNES

APRIL 6//WITH GOLD UP $32.00//ANOTHER STRONG DEPOSIT INTO THE GLD; A HUGE 7.02 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT : 978.99 TONNES

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 13/2020/  988.63 tonnes*

IN LAST 797 TRADING DAYS:   +47.85 NET TONNES HAVE BEEN REMOVED FROM THE GLD

 

LAST 697 TRADING DAYS;+222.83  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

APRIL 13//WITH SILVER DOWN 29 CENTS TODAY;  A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A MASSIVE PAPER DEPOSIT OF 6.155 MILLION OZ////INVENTORY RESTS AT 408.536 MILLION OZ//

APRIL 9/WITH SILVER UP 60 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A HUGE DEPOSIT OF 1.84 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 402.381 MILLION OZ.

APRIL 8//WITH SILVER DOWN 21 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 401.541 MILLION OZ///

APRIL 7/WITH SILVER UP 26 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 5.766 MILLION OZ INTO THE SLV..//INVENTORY RESTS AT 395.826 MILLION OZ

APRIL 6/WITH SILVER UP 50 CENTS TODAY: ANOTHER BIG CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 395.826 MILLION OZ.

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 13.2020:

SLV INVENTORY RESTS TONIGHT AT

408.536 MILLION OZ.

END

 

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

6 Month MM GOFO 5.04/ and libor 6 month duration 1.23

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

G0LD LENDING RATE: – 3.81

GOLD NON EXISTENT: ONLY GOLD VAPOUR EXISTS

 

XXXXXXXX

12 Month MM GOFO
+ 2.67%

LIBOR FOR 12 MONTH DURATION: 1.05

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = -1.62

GOLD NOT EXISTENT

end

 

 

end

 

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

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

JPMorgan is generating false data to calm gold futures market states Ted Butler

(Ted Butler)

Ted Butler: Comex, JPMorgan are generating false data to calm gold futures market

 Section: 

8:27p ET Thursday, April 9, 2020

Dear Friend of GATA and Gold:

The New York Commodities Exchange and bullion bank JPMorganChase are generating misleading data in the gold and futures market to maintain the illusion of normality, silver market analyst Ted Butler writes today. His commentary is headlined “Strange Things Are Happening” and it’s posted at GoldSeek’s companion site, SilverSeek, here:

http://silverseek.com/commentary/strange-things-are-happening-17900

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

END

Tom Luongo discusses why gold has soared as the Fed goes fully MMT

(Tom Luongo)

Tom Luongo: Gold soars as the Fed goes full MMonTy

 Section: 

By Tom Luongo
Money & Markets, Delray Beach, Florida
Friday, April 10, 2020

https://moneyandmarkets.com/gold-soars-as-the-fed-goes-full-mmonty-tom-l…

If you’re like me and you follow gold closely, you’ve been waiting for this moment for a long time. It’s the moment where the Federal Reserve finally gave up the charade of being an independent actor and the lie that gold is not an important part of the global monetary system was shattered.

For the past couple of weeks gold has been screaming that there is a problem with the physical market, that demand at current prices far outstripped available supply. The hint has been in the huge premium between the front month futures price and the spot price as gold trades in the forex markets.

It started before the end of March where the premium blew out to nearly $54 and was driven relentlessly down into the end of he month to suppress as many longs standing for delivery on the COMEX as possible. …

… For the remainder of the commentary:

https://moneyandmarkets.com/gold-soars-as-the-fed-goes-full-mmonty-tom-l…

* * *

END

With the Fed buying junk bonds and going full mMT, all price discovery on bonds has been killed. Thus the Fed is killing two of Wall Street’s main functions in pricing

(Pam and Russ Martens/Wall Street on Parade//GATA)

Pam and Russ Martens: The Fed is killing Wall Street’s two main functions

 Section: 

Price Discovery and Prudent Capital Allocation

By Pam and Russ Martens
Wall Street on Parade
Saturday, April 11, 2020

On Thursday, knowing that a three-day Easter weekend was coming and the attention of the public would be elsewhere, the Federal Reserve announced that it would allow two of its emergency lending programs to begin buying junk bonds. Those are bonds with less than an investment-grade credit rating, meaning they have a greater likelihood of defaulting.

The Fed is not simply accepting junk bonds as collateral for loans, it will actually be buying junk bonds — potentially hundreds of billions of dollars of them.

… 

Two of the popular junk bond ETFs, iShares iBoxx High Yield Corporate Bond ETF (symbol HYG) and SPDR Bloomberg Barclays High Yield Bond ETF (symbol JNK) closed the trading day on Thursday up 6.55 and 6.71 percent, respectively, on the announcement. Those ETFs had been plunging in price for most of March.

For years now prudent investors have been forgoing risky investments like junk bond ETFs and accepting a much tinier yield on U.S. Treasury securities. Now high rollers like hedge funds that bought junk bonds and junk bond ETFs and received the higher yields are getting bailed out of these risky bets. The markets now will price junk bonds on a closer plane with Treasury securities, assuming the Fed will not let them fail.

This is effectively killing the pricing mechanism of Wall Street. …

… For the remainder of the report:

https://wallstreetonparade.com/2020/04/the-fed-is-killing-the-two-main-f…

END

Bill Murphy is interviewed and states that banks have run out of metal for price suppression

(Bill Murphy/GATA/Robert Kientz)

Banks have run out of metal for price suppression, GATA chairman says

 Section: 

9:30p ET Saturday, April 11, 2020

Dear Friend of GATA and Gold:

GATA Chairman Bill Murphy, interviewed by Robert Kientz for GoldSilverPros.com, says the banks that long have been suppressing gold and silver prices have run out of metal and the futures market has become a joke as its increasing attempts at deception fail. The interview is 16 minutes long and can be viewed at GoldSilverPros.com here:

https://goldsilverpros.com/2020/04/11/gold-supression-scheme-finally-end…

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

END

iii) Other physical stories:

https://www.jsmineset.com/2020/04/13/mr-resolute-steps-into-comex-gold-deliveries/

Mr. Resolute Steps Into Comex Gold Deliveries

Posted April 13th, 2020 at 8:57 AM (CST) by J. Johnson & filed under General Editorial.

Great and Wonderful Monday Morning Folks,

     Gold is trading at $1,743.00, down $9.80 after being forced to $1,724.20 with the high nearby at $1,747.70. Silver is leading the decline, like always, with its trade at $15.685 down 36.8 cents after hitting a low of $15.510 with the high up at $15.975. The US Dollar, the most printed and used currency on the planet, refuses to move lower, not because of the print, but because the centrals are supporting the currency in the only way possible, by buying it up on the exchanges (until?), with the trade at 99.455, down 4.9 points after dipping down to 99.110 with the high at 99.615. Of course all this happened already before 5 am pst, the Comex open, the London close, and just before all those stimulus checks hit more American accounts this week.

      In Venezuela, Gold’s value sits at 17,220.45 Bolivar, showing a gain of 206.74 over the extended weekend with Silver at 156.654 proving an increase of 2.447 Bolivar. Argentina’s currency now has Gold’s value pegged at 111,626.97 Peso’s showing a 785.47 gain with Silver adding 10.89 with its value now pegged at 1,015.47 A-Peso’s. The Turkish Lira’s price for Gold continues to gain as well with the value now priced at 11,690.15 Lira showing a gain of 215.71 with Silver gaining 2.38 T-Lira’s with its early morning quote at 106.381.

      April Silver’s Delivery Demands gained 7 more purchases during Thursday’s trade with the count now at 36 fully paid for contracts and with no trades up on the board so far today. Thursday’s Volume reached 15 with a trading range between $15.865 and $15.140 with the last 5 lot purchase at $15.865 along with the adjusted close at $15.995. Thursday proved to be more than the writers could control as the Open Interest proved a gain of 1,301 more sold contracts, which had to be added in order to keep Silver from breaking $16 with the total count now at 140,139 Overnighters still in the trade as we wait for what we know will happen when that last bar leaves the Comex.

      April Gold’s Delivery Demands now sit at 1,237 fully paid for contracts and with a Volume of 54 up on the board so far this morning with a trading range between $1,722.00 and $1,710.70 with the last trade at $1,713.90. Thursday, we witnessed a final count in the Volume column at 825 with a trading range between $1,732.50 and $1,662.70 with the last purchase at $1,715.50 with a much higher adjusted close at $1,736.20. Thursday’s trades raised the April physical demand count by 426 contracts. This is an amazing level of purchase and while the markets remain controlled. Gold’s deliveries were so strong that another 11,503 short contracts had to be added in order to control the price making our Overall Open Interest count now at 491,133 Overnighters as we wait for Mr. Resolute to step in again while the prices are consistently maintained.

      Deutsche Bank macro head, George Saravelos, is now complaining about the markets with the same old “there is no such thing as a free market anymore” after years of manipulating our precious metals, and our Treasuries, and as we witness more and more nefarious activity coming out as we wait for 2 trillion reasons (plus a lot more) to come into play, and as the G20 group is nearing a critical “action plan” to freeze debt servicing payments. Delaying the emerging markets won’t do a damn thing but cause more disruptions as those that only see more printing as the cure, continue to follow what they were taught totally missing our arguments that more print solves nothing. Virus Hysteria has already added $10 Trillion to our National Debt now making us the 21st century Weimar, as we wait for the hyperinflation to come next.

      We remain focused, because the world’s central players are mucking up everything in order to stay in place. The demands for physicals are picking up and will in time cause the breakout as more and more information becomes confirmable and as the centrals lose out because the debt is totally uncollectable, which in turn should bankrupt many centrals. So, hang in there, keep the faith, and hold on tight to the real. It is what keeps us grounded while everything else is in a whirlwind! As Always …

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

END

Why The Price Of Silver Could Skyrocket

Authored by Simon Black via SovereignMan.com,

By the mid-6th century BC, Darius the Great was ‘King of Kings’, ruling over the vast Achaemenid Empire.

By that tim

e, gold and silver had already been in use by earlier civilizations for thousands of years.

There are cuneiform tablets that are nearly 4,000 years old from ancient Sumeria which record commercial transactions made in gold and silver.

And subsequent civilizations – the Babylonians, Egyptians, Lydians, etc. all used gold or silver in commerce.

But Darius had a unique idea.

He borrowed the idea of minting gold and silver coins from the Lydians… but then established a fixed exchange rate between the two metals.

Darius decreed that one gold “daric” was worth 13.5 silver coins– one of the first examples in history of a fixed, bimetallic standard.

His idea caught on. And for thousands of years afterward, later civilizations established a fixed gold/silver ratio.

In ancient Greece during the age of Pericles, gold was valued at 14x silver. In ancient Rome, Julius Caesar valued gold at 12x silver.

It remained this way for centuries.

Even in the earliest days of the United States, eighteen centuries after Caesar, The Coinage Act of 1792 established a ratio of 15:1.

(According to the law, one US dollar is supposed to be 24.1 grams of silver, or 1.6 grams of gold. So those pieces of paper in your wallet are not dollars– they are technically “Federal Reserve Notes”.)

In modern times there is no longer a fixed ratio between gold and silver, though its long-term average over the last several decades has been between 50:1 and 80:1.

This is a lot higher than in ancient times… but the circumstances are obviously different.

Today, gold is still widely used as a reserve by central banks and governments around the world.  And investors still buy gold as a hedge against inflation and uncertainty.

Silver, on the other hand, has countless industrial applications; it’s a critical component in everything from mobile phones to automobiles to solar panels.

Like gold, silver is also a hedge against inflation and uncertainty.

But silver’s demand fundamentals are more heavily influenced by overall economic health. If the economy is in recession, silver prices can fall because there’s less demand from industry.

Gold, on the other hand, doesn’t follow that pattern. In 5 out of the last 6 recessions, in fact, gold has increased in price.

That’s why recessions, and extreme turmoil, can lead to a massive spike in the gold/silver ratio. Gold goes up, and silver stays flat (or falls).

  • Just prior to World War II as Hitler launched his invasion of Poland, the ratio spiked to 98:1.
  • In 1991 as the first Gulf War began, the ratio again reached 100:1.
  • Today we’re back again in that territory; as of this morning, the ratio is 110:1, and it’s been as high as 120 or more in recent weeks.

Source: MacroTrends.net

Now, there are very few things about this pandemic that we can be certain about.

Things that were unthinkable even a month ago are now part of our daily lives. And so as I’ve written over and over again, EVERY possible scenario is on the table right now.

But one thing that does seem very clear is that central banks around the world are going to print an extraordinary amount of money.

Many of them already have.

The Federal Reserve in the US, for example, has already expanded its balance sheet to SIX TRILLION DOLLARS.

That’s a nearly 50% increase from last month. And they’re just getting started.

Why does something so mundane as a central bank balance sheet even matter?

Because a rising balance sheet means they’re conjuring trillions of dollars out of thin air to bail everyone out.

This is the way they solve problems: they print money and debase the currency, something that policymakers have been doing for thousands of years.

But you can o

 

endnly get away with doing that a limited number of times before the currency starts to lose value.

And whenever that happens, gold and silver tend to rise as a result.

There’s a lot we don’t know about this pandemic.

We don’t know how long it will last, how much destruction it will cause, or what the world will look like once this is over.

But we can be pretty sure that central banks are going to print a ridiculous amount of money, and that governments will go into a ridiculous amount of debt.

They’ve told us this much. And they’ve already started to do it. So this seems pretty obvious.

The price of gold is up significantly over the last several months, and since the start of this crisis.

But the price of silver has declined… leading to a record-high gold/silver ratio.

This ratio may stay elevated for a while, or even go higher.

But in the past, the ratio has always returned to more traditional levels. Always. Even when the world was facing Adolf Hitler or the Great Depression.

So it stands to reason that, if they keep printing money (which they already are), and the ratio eventually returns to its historical range, the price of silver could really skyrocket.

We’ll spend some time this week talking about some interesting ways to take advantage of this.

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

end

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 7.0558/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  7.0567   /shanghai bourse CLOSED DOWN 13.58 POINTS OR 0.49%

HANG SANG CLOSED UP 329.96 POINTS OR 1.34%

 

2. Nikkei closed DOWN 455.10 POINTS OR 2.33%

 

 

 

 

3. Europe stocks OPENED ALL GREEN/

 

 

 

USA dollar index UP TO 97.24/Euro FALLS TO 1.1219

3b Japan 10 year bond yield: RISES TO. +.01/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 107.82/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

 

3c Nikkei now JUST BELOW 17,000

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

3e WTI:: 22.64 and Brent: 31.27

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.35%/Italian 10 yr bond yield DOWN to 1.60% /SPAIN 10 YR BOND YIELD DOWN TO 0.78%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.95: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO :1.77

3k Gold at $1689.60 silver at: 15.27   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 23/100 in roubles/dollar) 73.56

3m oil into the 22 dollar handle for WTI and 31 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 107.82 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 .9663 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0558 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.35%

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 0.73% early this morning. Thirty year rate at 1.34%

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

6.  TURKISH LIRA:  UP  TO 6.7778..

Futures Slide With Dismal Earnings On Deck

S&P index futures declined as much as 1% on Monday along with Asia stocks (Europe was still closed for Easter) after a torrid 27% rally last week, with investors bracing for what will be the worst earnings season since the financial crisis. Even if EPS do not drop by as much as the catatrophic 30% that Goldman is expecting…

… the decline will last well into 2021 making the S&P now more overvalued than it was at the February all time highs…

… and traders may be starting to realize that.

The benchmark index ended a holiday-shortened week on Thursday with its biggest weekly percentage gain in more than four decades as the Federal Reserve rolled out trillions of dollars to backstop businesses. Exxon Mobil Corp fell about 1%, while Chevron rose 0.5% and Apache Corp shed 3% in thin premarket trading.

Earlier in the session, the MSCI’ index of Asia-Pacific shares ex-Japan lost 0.3%. The Nikkei fell 1.9%, South Korean shares dropped 1.3% while China’s CSI300 index lost 0.5%.

Asia’s main ex-Japan stocks gauge is up 18% from a four-year low struck around mid-March following unprecedented global stimulus. But the index is off about 18% so far this year as investors are unconvinced that the worst is over for the markets.

Most markets in the region were down, with South Korea’s Kospi Index dropping 1.9% and India’s S&P BSE Sensex Index falling 1.7%, while Thailand’s SET gained 0.2%. The Topix declined 1.7%, with Pipedo and Hokko Chem falling the most. The Shanghai Composite Index retreated 0.5%, with Jiangsu Chengxing Phosph-Chemicals and Join. in Holding posting the biggest slides

Meanwhile, over the weekend, major oil producers agreed to their biggest-ever output cut, which however traders also now realize will not be enough (as Goldman calculated, it only pulls out a little over 4mmb/d in supply in a market that has over 30mmb/d less demand) and crude prices were subdued – trading unchanged from Friday’s close – on concerns even that would not be enough to head off oversupply with the health crisis hammering demand.


Brent futures were unchanged, trading around $31.30 or largely unchanged from Friday’s close; oil prices have slumped more than 50% from their January peak as the novel coronavirus pandemic brought the global economy to a standstill and hit fuel demand.

“The combined OPEC+ and G-20 cuts should set in place a bottoming process for oil prices and significantly limit the tail risk of free-falling into the single digits in our view,” Bank of Singapore, the private banking arm of OCBC, said in a report.

Elsewhere, US Congress faces intense pressure to negotiate an interim rescue package this week as the pandemic’s impact accelerates across the country. Seventy coronavirus vaccines are in development globally, with three already being tested in human trials, the World Health Organization said.

Notably, Dr. Anthony Fauci said that parts of the U.S. may be ready in May to ease emergency measures taken so far. But there’s also the possibility of a Covid-19 rebound in the fall which could be a factor in November’s elections, he said.

“While panic selling we saw last month has faded, not many investors would want to chase stock prices higher given we are about to see more evidence of economic downturns,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

With earnings season kicking off this week, investors will be hoping to get a sense of how bad the hit to global earnings could be as the coronavirus upends the world’s economies. Without an effective therapy or a vaccine for the novel coronavirus, the U.S. economy could face 18 months of rolling shutdowns as the outbreak recedes and flares up again, Federal Reserve Bank of Minneapolis President Neel Kashkari said. JPMorgan Chase and Wells Fargo will kick off the corporate earnings season on Tuesday, with analysts expecting first-quarter earnings at S&P 500 firms to fall 9% compared with a Jan. 1 forecast of a 6.3% rise.

Companies are only now adjusting their behaviour to deal with an expected global recession, which the International Monetary Fund (IMF) has said will be “way worse” than the global financial crisis a decade ago.

In FX, commodity currencies were softer while the safe-haven yen strengthened while the dollar erased earlier declines against other major currencies. The Australian dollar fell 0.2% to $0.63337. The euro stood steady at $1.0937 and the yen gained 0.5% to 107.91 to the dollar.

Market Snapshot

  • S&P 500 futures down 1.1% at 2,748.50
  • MXAP down 0.6% to 140.65
  • MXAPJ down 0.2% to 454.93
  • Nikkei down 2.3% to 19,043.40
  • Topix down 1.7% to 1,405.91
  • Hang Seng Index up 1.4% to 24,300.33
  • Shanghai Composite down 0.5% to 2,783.05
  • Sensex down 1.5% to 30,707.55
  • Kospi down 1.9% to 1,825.76
  • Brent Futures down 1.4% at $30.99/bbl
  • Gold spot down 0.3% at $1,691.46
  • U.S. Dollar Index down 0.1% at 99.39

 

  • The world’s top oil producers pulled off a historic deal to cut global petroleum output by nearly a 10th, putting an end to the devastating price war that brought the energy industry to its knees
  • The world’s ability to check the coronavirus contagion and fully recover from the worst peacetime recession since the Great Depression may depend on what international economic policy makers decide this week
  • U.K. Prime Minister Boris Johnson praised doctors for saving his life during his week-long hospitalization for Covid-19 treatment that has left him too weakened to resume immediate leadership of the government
  • The Bank of Thailand is studying a number of unconventional policy options, including a large-scale asset purchase program and some form of yield-curve control, if they become necessary, a senior official said

Asian equity markets were subdued amid the holiday-thinned conditions and oil price volatility, while coronavirus concerns also lingered after the US recently suffered the highest number of coronavirus daily casualties and surpassed Italy with the largest total death toll of more than 22k. US equity futures were also lacklustre after they shrugged off opening gains alongside fluctuations in oil prices following the OPEC+ breakthrough with Mexico in which producers agreed to cuts of 9.7mln bpd for May-June and suggested that total global oil cuts effective next month will total more than 20mln bpd, although oil prices briefly turned negative as some were not convinced including Goldman Sachs which suggested the deal was insufficient and that the cuts were too little too late. In terms of the regional indices, Nikkei 225 (-1.1%) was lacklustre amid the coronavirus-related disruptions to industries and unfavourable currency moves, while KOSPI (-1.0%) and Shanghai Comp. (-0.3%) were also downbeat with the latter not helped by PBoC liquidity inaction and the absence of participants in Hong Kong, which alongside Australia, New Zealand, UK and EU all observe Easter Monday holidays. Finally, 10yr JGBs were relatively unchanged despite the humdrum tone in the region and BoJ’s presence in the market for nearly JPY 1tln of JGBs with 1yr-10yr maturities.

Top Asian News

  • The World’s Biggest Pork Producer Is Warning of Meat Shortfalls
  • Hedge Funds Stay Bearish on Aussie Dollar as Recession Looms
  • China Startups Tumble After Regulator Says Investors Misled
  • Japanese Stocks Slide on Stronger Yen, Lower Hope for BOJ Move

Europe remained closed for Eeaster

US Event Calendar

  • Nothing major scheduled

 

3A/ASIAN AFFAIRS

I)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED DOWN 13.58 POINTS OR 0.49%  //Hang Sang CLOSED UP 329.96 POINTS OR 1.38%   /The Nikkei closed DOWN 455.10 POINTS OR 2.44%//Australia’s all ordinaires CLOSED

/Chinese yuan (ONSHORE) closed DOWN  at 7.0538 /Oil UP TO 22.64 dollars per barrel for WTI and 31.27 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.0538AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.0567 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

Extremely worrisome that 100 recovered Coronavirus patients have tested positive again.

(zerohedge)

South Korea Says Nearly 100 Recovered COVID-19 Patients Tested Positive Again

There’s been growing concern that patients who previously tested positive for COVID-19 and eventually recovered could actually ‘relapse’ or also be ‘reinfected’ for the virus, after prior reports out of China suggested this could be possible.

Disease experts have speculated over the nightmare possibility, but now the World Health Organization (WHO) is looking into nearly one hundred cases in South Korea which may be instances of just this feared scenario. 

“South Korean officials on Friday reported 91 patients thought cleared of the new coronavirus had tested positive again,” Reuters reports. “Jeong Eun-kyeong, director of the Korea Centers for Disease Control and Prevention, told a briefing that the virus may have been reactivated rather than the patients being re-infected.”

 

Infected person being moved from an ambulance to a hospital in Seoul, Getty Images. 

The practice of health officials internationally, based on WHO guidelines, is that a patient can be discharged from the hospital and is considered free of the virus after testing negative twice. The tests must be administered at least 24 hours apart.

“We are aware of these reports of individuals who have tested negative for COVID-19 using PCR (polymerase chain reaction) testing and then after some days testing positive again,” a WHO official said from Geneva regarding the South Korea cases.

 

“We are closely liaising with our clinical experts and working hard to get more information on those individual cases. It is important to make sure that when samples are collected for testing on suspected patients, procedures are followed properly,” the statement said.

As global cases are now passed 1.7 million, with most concentrated in the United States, which over the weekend surpassed Italy for the first time in deaths from the disease – at over 20,600 – the possibility of the virus being “reactivated” in people would be an extremely worrisome scenario, also as world leaders look to open economies back up again based at least in part on the hoped-for assurance that already infected people would not get it again.

b) REPORT ON JAPAN

Japan is now spending billions of dollars relocating production out of China

(zerohedge)

Japan To Spend Billions Relocating Production Out Of China

Japan has allocated $2.2 billion (US) of its $993 billion emergency stimulus package to help manufacturers relocate production out of China amid the COVID-19 pandemic which began in the communist nation.

According to SCMP$2 billion (US) will be set aside for companies shifting production back to Japan, while roughly $223.5 million will be spent on helping companies move production to other countries, according to SCMP.

Under normal circumstances, China is Japan’s largest trading partner – however imports from China plummeted nearly 50% in February as the coronavirus pandemic resulted in closed factories and unfilled orders. Meanwhile, a planned visit by Chinese President Xi Jinping to Japan early this month – the first such trip in a decade – was postponed with no date rescheduled.

It remains to be seen how the policy will affect Prime Minister Shinzo Abe’s years-long effort to restore relations with China.

We are doing our best to resume economic development,” Foreign Ministry spokesman Zhao Lijian told a briefing Wednesday in Beijing, when asked about the move. “In this process, we hope other countries will act like China and take proper measures to ensure the world economy will be impacted as little as possible and to ensure that supply chains are impacted as little as possible.” –SCMP

China’s production trainwreck has revived discussion among Japanese firms over reducing their reliance on China as a manufacturing base – while the government’s panel on future investment recommended last month that manufacturing of high-value products should shift back to Japan – while other goods should be diversified across Southeast Asia.

“There will be something of a shift,” according to Japan Research Institute economist Shinichi Seki, who noted that Japanese companies were already considering moving out of China. “Having this in the budget will definitely provide an impetus.” That said, certain industries such as automotive will likely stay put.

Japan exports a far larger share of parts and partially finished goods to China than other major industrial nations, according to data compiled for the panel. A February survey by Tokyo Shoko Research found 37 per cent of the more than 2,600 companies that responded were diversifying procurement to places other than China amid the coronavirus crisis. –SCMP

In an early sign of mended fences, Japan provided masks and protective gear to China at the beginning of the outbreak – with one shipment even accompanied by a fragment of ancient Chinese poetry. Beijing praised the gesture, and later declared an antiviral produced by Japan’s Fujufilm Holdings to be an effective treatment against the coronavirus despite its lack of approval by Japanese authorities.

Still, Japanese citizens have largely blamed China for fumbling the ball during the early stages of the outbreak, while Prime Minister Abe has been blamed for not restricting inbound travel from China sooner.

end

3 C CHINA

This is a must view..Yang/Epoch times/Joshua Phillip

(You will discover that Patient zero is Huang Yangli//and she has disappeared!!)

Epoch Times

“This Should Trouble Us Deeply” – Chilling Documentary Maps Out Likely Origin Of COVID-19

Authored by Catherine Yang via The Epoch Times,

While The Epoch Times began publishing reports of the CCP (Chinese Communist Party) virus on Jan. 2, most outlets had yet to pick up on the story because of the CCP’s lockdown on information. Three months later, over 200 countries and territories have been infected and the CCP virus has caused over 85,000 deaths infecting at least 1.4 million, but information is murkier than ever.

“We’ve pretty much heard every rumor under the sun. We’ve heard every theory, every crazy rumor, we’ve heard all these different narratives,” said Joshua Philipp, award-winning investigative reporter and host of the show “Crossroads.”

The rumors aren’t by accident: The CCP has been actively engaging in a disinformation campaign, and media outlets around the world have parroted the propaganda. As a result, entire nations have been operating under false information as they try to battle the pandemic within their borders.

Screenshot of the documentary “Tracking Down the Origin of Wuhan Coronavirus.” (Courtesy Epoch Times)

Philipp and his colleages at The Epoch Times and NTD Television thought it their responsibility to sift through all the information available, verify it, and put it into one place. The result is the just-premiered documentary “Tracking Down the Origin of the Wuhan Coronavirus,” which is available to watch online. Less than two days after its premiere, the documentary has around 1.6 million views across different platforms.

The film “really tries to sift through all of the rumors, all of the truths, all of the falsehoods, and show people as accurate a picture as possible of what really happened and where this virus actually came from,” Philipp said.

In it, Philipp pieces together the development of the virus and includes interviews that shed light on the Chinese regime’s actions and intentions.

Lives at Stake

 

It should be very telling that the nine-person panel the CCP created to address the pandemic, once it finally acknowledged the virus in January, is filled with propaganda officials, said China affairs columnist Gordon Chang in the documentary.

Many countries have accepted or bought faulty equipment from China, for example, and “they’re getting duped,” Philipp said.

“And, of course, this is because they don’t understand the Chinese Communist Party, they don’t understand how [the CCP] works, and, even as we speak right now, the Chinese Communist Party is claiming it’s over in China when it’s not.” 

China affairs columnist Gordon Chang. (Courtesy of Epoch Times)

“And what that means is, as they open things up and reopen flights, there’s a major risk to other countries,” Philipp said.

“If [these countries] don’t have accurate information, then what can they base their information on?”

As the documentary shows, the CCP’s delay in sharing information about the virus with other countries was not mere oversight. And beyond covering up the epidemic, China’s current actions and disinformation continues to endanger lives around the globe. The CCP has gone from denying the existence of the virus to spreading as many lies as it can to obscure the truth.

“This is an issue of human life,” Philipp said.

Why Would the CCP Lie?

From the beginning, the CCP has not been forthcoming.

“We don’t know what’s there, but the fact that the Communist Party is covering this up should trouble us deeply,” Chang said.

Those unfamiliar with the CCP will likely be shocked to discover the regime’s motives.

Philipp’s investigation of the CCP virus in this documentary goes back to the outbreak of SARS nearly two decades ago. The CCP tried to cover up the SARS outbreak as well, and The Epoch Times was one of the few media to expose this. There is precedent of the regime being untrustworthy in the event of an epidemic.

Philipp has been researching the CCP since 2008, and gave an example of its military approach to shed light on how the CCP can profit off this pandemic most consider a tragedy.

“One important thing to understand is they talk about war without morals. They talk about ‘unrestricted warfare’: war that does not take into account any concept of human rights, human dignity, human life. It is victory by any means. There is nothing they will not do, and we see the same thing in many parts of their system, including the medical system where altering the human genome is not a big deal to them,” Philipp said.

The documentary’s experts remind us: this is a nation that currently holds at least 1 million of its own people in concentration camps.

“They don’t care about human life when it comes to this regime—we’ve seen that in their human rights abuses,” Philipp said.

Epoch Times investigative journalist Joshua Philipp. (Courtesy of Epoch Times)

The documentary shows another link to SARS, and how one of China’s top virus experts’ study of SARS at the Wuhan Institute of Virology led to breakthroughs in creating a coronavirus to infect humans. But to what end?

“The Chinese Communist Party has been very open about its biological warfare ambitions, they don’t even try to hide it. And it’s been a huge injustice that people have not held them to stronger account than they should have, because the Chinese Communist Party is able to act with impunity and nobody criticizes what they do,” Philipp said.

The documentary is a comprehensive look at what the virus is and what has happened, and Philipp hopes it can allow nations to make better-informed decisions.

Dr. Sean Lin, former lab director of the viral disease branch at Walter Reed Army Institute of Research. (Courtesy of Epoch Times)

At the very least, we can provide this as a package of information that will inform the entire world exactly where this virus came from, and exactly what needs to be done going forward,” he said.

“And at the very least, they will be more cautious when dealing with the Chinese Communist Party, especially at this time.”

“People’s lives are at stake and we find it very necessary to do this kind of work,” he said.

Talking Points

The information is perhaps more vital than ever, because while countries are turning to the World Health Organization for information, WHO is turning to the CCP.

General Robert Spalding, senior fellow at the Hudson Institute and former National Security Council senior strategy director, was in China when SARS broke out; he was evacuated, but he knows what a cover-up looks like. How the CCP handled the SARS cover-up is exactly how they have handled this one. He is among several experts who say the CCP clearly has no intention of ending the epidemic or curing the virus.

Senior investigative Epoch Times reporter Joshua Philipp in New York City. (Courtesy of Epoch Times)

“You can see that the WHO is essentially following the Chinese Communist Party’s guidelines,” Spalding said.

The WHO isn’t the only organization doing so; international organizations to individual academic institutions around the world are afraid to say something that may anger the CCP. In recent weeks, Philipp had reached out many well-known scientists who once suggested the virus causing this mysterious COVID-19 disease was created in a lab, but they no longer wanted to talk.

From the beginning, the CCP prevented organizations like the Centers for Disease Control and Prevention from studying the origin of COVID-19, Gordon Chang said.

The CCP’s actions speak to a problem deeper than the virus.

“Every country has diseases, but in China they become national emergencies and global emergencies, because the real disease here is communism,” Chang said.

*  *  *
Watch the complete documentary below:

 

*  *  *
Watch the complete documentary below:

 
end
China begins mass deletion of online research on the Coronavirus origins.
(zerohedge)

China Begins Mass Deletion Of Online Research On Coronavirus Origins

From perfectly-natural Chinese bat-soup to American bio-engineered depopulation bombs, the origins of COVID-19 (Kung Flu, the Chinese Virus, CCPandemic, or whatever name is now politically-correct) remain a riddle, wrapped in a propagandized mystery, inside an increasingly opaque enigma of facts and fallacies.

However, one thing seems clear, as The Epoch Times specifically notedthe rumors aren’t by accident and are a one-way street from Chinese officials mouths to western media’s ears: The CCP has been actively engaging in a disinformation campaign, and media outlets around the world have parroted the propaganda. As a result, entire nations have been operating under false information as they try to battle the pandemic within their borders.

Many countries have accepted China’s narrative and “they’re getting duped,” Joshua Philipp said.

“And, of course, this is because they don’t understand the Chinese Communist Party, they don’t understand how [the CCP] works, and, even as we speak right now, the Chinese Communist Party is claiming it’s over in China when it’s not.” 

And just in case you were in any doubt about China’s efforts to hide the truth – whatever that truth may be – none other than the western establishment’s most righteous mouthpiece, The Guardian, is reporting that mass deletions of online research related to the origins of the coronavirus suggest China’s efforts to control the narrative are escalating wildly:

China is cracking down on publication of academic research about the origins of the novel coronavirus, in what is likely to be part of a wider attempt to control the narrative surrounding the pandemic, documents published online by Chinese universities appear to show.

Two websites from leading Chinese universities appear to have recently published and then removed pages that reference a new policy requiring academic papers dealing with Covid-19 to undergo extra vetting before they are submitted for publication.

Research on the origins of the virus is particularly sensitive and subject to checks by government officials, the notices posted on the websites of Fudan University and the China University of Geosciences (Wuhan) said. Both the deleted pages were accessed from online caches.

From the beginning, the CCP has not been forthcoming:

“We don’t know what’s there, but the fact that the Communist Party is covering this up should trouble us deeply,” China affairs columnist Gordon Chang said.

Additionally, Prof Steve Tsang, director of the SOAS China Institute in London, said the Chinese government had had a heavy focus on how the evolution and management of the virus is perceived since the early days of the outbreak.

“In terms of priority, controlling the narrative is more important than the public health or the economic fallout,” he said. “It doesn’t mean the economy and public health aren’t important. But the narrative is paramount.”

“If these documents are authentic it would suggest the government really wants to control the narrative about the origins of Covid-19 very tightly,” said Tsang of the reports of new regulations.

It goes deeper, however, as  a separate document obtained by the Guardian, which could not be independently verified, appears to be from the Renmin Hospital of Wuhan University and also said publication of research into the origins of Covid-19 would need approval from the science and technology ministry.

Another notice, which appears to have been published on 9 April by the school of information science and technology at Fudan University in Shanghai, called for “strict and serious” management of papers investigating the source of the outbreak.

A source who alerted the Guardian to cached versions of the websites, and who spoke on the condition of anonymity, said they were concerned by what appeared to be an attempt by Chinese authorities to intervene in the independence of the scientific process. The person said researchers submitting academic papers on other medical topics did not have to vet their work with government ministries before seeking publication.

A technical analysis of the cached websites indicated that the posts were published on verified university websites before they were removed.

As The Guardian’s Beijing bureau chief Lily Kuo tweeted:

“Where the coronavirus originated is becoming more and more political…”

Finally, this escalation is notable in the context of comments from now outspoken China critic Kyle Bass, who tweeted:

Secretary Xi is in trouble within China. According to my sources within, the party elite want Xi gone. The Guangdong elite (Uncle Deng’s family) are beginning to rattle the cages of change against the supposed ’emperor for life’. #XiJinping #china #ChinaLiedAndPeopleDied”

And, to be brutally frank, if China is now anxiously deleting (or banning before issuance) any research on the origins of the deadly pandemic, it appears to be pretty clear what those origins are likely to have been… no matter how many people get permanently banned from social media for mentioning such a blasphemy.

Kevin Carrico, a senior research fellow of Chinese studies at Monash University, said:

“There is a desire to a degree to deny realities that are staring at us in the face… that this is a massive pandemic that originated in a place that the Chinese government really should have cleaned up after SARS.”

END
Wow!! We now a report showing that the Wuhan biolab captured bats 1000 kms away from Wuhan and these bats traced to the Covid 19
received USA funding for their ill fated experiments.
(zero hedge)

Explosive Report: Wuhan Biolab Captured Bats From Caves Traced To COVID-19 Outbreak, Had US Funding

Recent findings regarding the origin of COVID-19 continue to support our January reporting that the disease may have originated from the Wuhan Institute of Virology – which was experimenting with bat coronavirus found to be 96% genetically identical to COVID-19.

On Saturday, the Daily Mail added an important piece to the puzzle; the institute was experimenting on mammals captured over 1,000 miles away in Yunnanwhich is particularly notable because genetic analysis of COVID-19’s genome has traced it to horseshoe bats found in Yunnan’s caves.

 

Horseshoe Bat

Also disturbing is that the lab had been operating in part on a $3.7 million grant from the US government.

The Mail on Sunday has learned that scientists there experimented on bats as part of a project funded by the US National Institutes of Health, which continues to licence the Wuhan laboratory to receive American money for experiments.

Results of the research were published in November 2017 under the heading: ‘Discovery of a rich gene pool of bat SARS-related coronaviruses provides new insights into the origin of SARS coronavirus.’

The exercise was summarised as: Bats in a cave in Yunnan, China were captured and sampled for coronaviruses used for lab experiments. All sampling procedures were performed by veterinarians with approval from the Animal Ethics Committee of the Wuhan Institute of Virology.’ –Daily Mail

“Bat samplings were conducted ten times from April 2011 to October 2015 at different seasons in their natural habitat at a single location (cave) in Kunming, Yunnan Province, China. Bats were trapped and faecal swab samples were collected,” the paper continues.

In April, 2018, a similar study was published by the institute titled “fatal swine acute diarrhoea syndrome caused by an HKU2-related coronavirus of bat origin,” which reveals “Following a 2016 bat-related coronavirus outbreak on Chinese pig farms, bats were captured in a cave and samples were taken. Experimenters grew the virus in a lab and injected it into three-day-old pigletsIntestinal samples from sick piglets were ground up and fed to other piglets as well.

 

Via the Daily Mail

According to the Mail, Senior Ministers can no longer rule out that the virus first spread to humans after leaking from a Wuhan laboratory.

It comes after this newspaper revealed last week that Ministers here now fear that the pandemic could have been caused by a virus leaking from the institute.

Senior Government sources said that while ‘the balance of scientific advice’ was still that the deadly virus was first transmitted to humans from a live animal market in Wuhan, an accident at the laboratory in the Chinese city was ‘no longer being discounted’.

According to one unverified claim, scientists at the institute could have become infected after being sprayed with blood containing the virus, and then passed it on to the local community. –Daily Mail

Meanwhile, Cao Bin, a soon-to-be-disappeared doctor at the Wuhan Jinyintan Hospital has highlighted research showing that 13 of the first 41 patients diagnosed in Wuhan had zero contact with the ‘wet market’ commonly described as ground zero for the outbreak. “It seems clear that the seafood market is not the only origin of the virus,” he said.

In response to news that the US was partially funding the institute, Rep. Matt Gaetz (R-CA) said “I’m disgusted to learn that for years the US government has been funding dangerous and cruel animal experiments at the Wuhan Institute, which may have contributed to the global spread of coronavirus, and research at other labs in China that have virtually no oversight from US authorities.”

We’re sure the Daily Mail will be banned from Twitter any moment now.

end
CHINA/USA/FORMER FDA COMMISSIONER GOTTLIEB

Watch: Former FDA Head Says China’s Lies Over COVID-19 Should Be Investigated

(COURTESY WATSON/SUMMIT NEWS)

Authored by Steve Watson via Summit News,

The former head of the FDA declared Sunday that China’s misinformation over the spread of the coronavirus needs to be investigated, while also noting that the World Heath Organisation validated Chinese lies in January, which ultimately doomed the globe into a pandemic.

Appearing on CBS’ “Face the Nation,” ex FDA Commissioner Dr. Scott Gottlieb discussed President Trump’s threat to defund the WHO, saying that while now is not the time to do it, “the President raised a lot of valid concerns.”

China was not truthful with the world at the outset of this. Had they been more truthful with the world, which would have enabled them to be more truthful with themselves, they might have actually been able to contain this entirely.” Gottlieb noted.

“There is some growing evidence to suggest that, as late as January 20th, they were still saying that there was no human-to-human transmission, and the WHO was validating those claims on January 14th, sort of enabling the obfuscation from China.” he added.

It has been continually noted that the WHO was parroting Chinese claims into late January that the coronavirus was no threat to humans:

World Health Organization (WHO)

@WHO

Preliminary investigations conducted by the Chinese authorities have found no clear evidence of human-to-human transmission of the novel (2019-nCoV) identified in , 🇨🇳.

View image on Twitter

The former FDA head also noted that “China didn’t share the viral strains, and the WHO should have made them do that. Had they shared those early on we could have developed a diagnostic test earlier, validated [it] earlier.”

“I think going forward, the WHO needs to commit to an after-action report that specifically examines what China did or didn’t tell the world, and how that stymied the global response to this.” Gottlieb urged.

President Trump last week vowed to look “very carefully” into the inaction of both China and the WHO, saying that “They could have called it months earlier. They would have known, and they should have known, and they probably did know.”

ForAmerica

@ForAmerica

President Trump rightfully calls out the World Health Organization for getting so many things wrong. W.H.O. also better get ready for that ‘stop check’ notice from the U.S.

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China has also continued to disgustingly profit from the spread the killer virus.

Government officials in both the US and Britain have said that there will be a ‘reckoning’ for China when all is said and done.

END
CHINA/THE GLOBE
Nice try China:  until they supply patient zero and come up with all of those who disappeared, then they are guilty
(zerohedge)

Chinese Embassy Blasts “Hasty, Reckless” Western Claims That Virus Originated In Wuhan

In a simply stunning piece of propaganda following a weekend of extremely high level officials across the world’s (non-Chinese-rotation) nation, the Chinese Embassy in the UK has unleashed a statement of pure farce proclaiming there is no evidence that the virus originated in Wuhan… let alone China.

Read on if you dare… (emphasis ours)

Last week, The Mail on Sunday carried an article propagating a groundless theory that links the origin of Covid-19 to a lab in Wuhan.

The article also discredits China’s effective efforts in combating Covid-19 and promoting international co-operation.

There has been no scientific or medical conclusion yet on the origin of Covid-19, as relevant tracing work is still under way.

The World Health Organisation has made repeated statements that what the world is experiencing now is a global phenomenon, the source is undetermined, the focus should be on containment and any stigmatising language referring to certain places must be avoided.

The name Covid-19 was chosen by the WHO for the purpose of making no connections between the virus and certain places or countries.

The origin of a virus is a complicated, scientific issue. It should be left to scientists and doctors to find out through studies and research.

Hasty and reckless allegations, such as naming China as the origin in an attempt to shift the blame, before any scientific conclusion is reached, is totally irresponsible and will definitely do harm to international co-operation at this critical time.

China and the UK exchanged views seriously on the origin of the virus and reached consensus.

In his telephone conversation with Foreign Secretary Dominic Raab, State Councillor and Foreign Minister Wang Yi pointed out that ‘alarmingly, some people are attempting to politicise the epidemic, label the virus and stigmatise China.

‘Such moves are extremely harmful to international co-operation and solidarity, and will only disrupt the joint efforts of various parties to tackle the virus.

‘It is believed that the world, including the UK, will respond in an objective and fair manner and reject such narrow-minded actions’.

Mr Raab expressed the UK’s firm opposition to politicising the outbreak and fully agrees with China that the source of the virus is a scientific issue that requires professional and science-based assessment.

Covid-19 is a global challenge. The right thing to do for every responsible stakeholder, including the media, is to work together and leave no place for rumours or prejudice.

This pure propaganda comes after former FDA Commissioner Scott Gottlieb blasted China’s lies (and WHO’s complicity):

China was not truthful with the world at the outset of this. Had they been more truthful with the world, which would have enabled them to be more truthful with themselves, they might have actually been able to contain this entirely.” Gottlieb noted.

“There is some growing evidence to suggest that, as late as January 20th, they were still saying that there was no human-to-human transmission, and the WHO was validating those claims on January 14th, sort of enabling the obfuscation from China.” he added.

And Director of the National Institute of Allergy and Infectious Diseases Dr. Anthony Fauci said on Saturday that:

“… the incorrect information was propagated right from the beginning because you know when the first cases came out, that were identified I think on December 31st in China and we became aware of this, they said this was just animal to human period.”

And also follows reports that China has begun deleting (and banning) any research focused on the origins of the virus.

“We don’t know what’s there, but the fact that the Communist Party is covering this up should trouble us deeply,” China affairs columnist Gordon Chang said.

But, apart from that, why wouldn’t we trust China?

end

CHINA/GILEAD/REMDESIVIR

Gilead was stupid to supply their Remdesivir.  Now China knows the formula and will use it for their people. China has shut down the study, no doubt because it is good and they do not want to share with it with the rest of the world.

(zerohedge)

China Obstructs Hunt For COVID-19 Cure By Canceling “Promising” Gilead Study

As China continues its push to conceal and crack down on coronavirus-related research happening inside its borders, Gilead’s CEO reported over the weekend that Beijing had shut down a branch of its closely watched global remdesivir that was studying patients in ‘severe’ condition in Wuhan. After showing early promise, the study was allegedly shuttered by the government because there weren’t enough patients who qualified.

Beijing would love it if the world truly believed that there aren’t anymore COVID-19 patients in Wuhan who are still in serious condition. But even as the city opens up (with Beijing promising Monday to institute stricter checks on people attempting to leave the city), suspicions about China undercounting cases make this claim extremely hard to believe.

So, why did China shut down a study where preliminary data appeared to show progress in healing moderately sick patients in the West? It’s almost as if they don’t want the rest of the world to develop a treatment.

We know that there is tremendous interest around when the data from these trials will be available and what they will tell us about remdesivir. We feel the urgency as we wait for the science to speak. With every day that goes by, the desperate need to equip healthcare workers and their patients with a safe, effective treatment becomes more pressing. We are working with intense speed to determine whether remdesivir could be an option and we are committed to sharing information when it becomes available to us.

We expect that we will have preliminary data from the study of remdesivir in severe patients at the end of April and will work quickly to interpret and share the findings. The publication of data from the China remdesivir trials rests with the Chinese investigators, but we have been informed that the study in patients with severe symptoms was stopped due to stalled enrollment. We look forward to reviewing the published data when available. In May, we anticipate the initial data from the placebo-controlled NIAID trial as well as data from the Gilead study of patients with moderate symptoms of COVID-19.

Wuhan has been conducting the research in Wuhan for more than 2 months.

In his letter, O’Day made the cancellation seem like no big deal. We suspect that framing was intended to placate Beijing.

Still, CNBC was still touting on Monday results from a different branch of preliminary remdesivir study in the West being supervised by Gilead. If this data are still so promising, why would China shut this trial down? The decision will likely delay the start of the next, more intensive, phase of clinical trials with control groups allowing for more definitive data, even as a more intensive study at the NIH in the US continues, with talk of ‘approval’ as early as May.

Referring to the preliminary results cited last week, analysts at RBC said “the data are likely not sufficient to convince people that this could substantially end the crisis, but enough to believe there is some chance remdesivir, along with other meds in development, could play a potential role helping somewhat blunt morbidity/mortality.”

But why would Beijing want to block the US from developing an effective treatment for COVID-19? If party officials truly want the world to stop blaming them for the outbreak, shouldn’t they be doing everything they can to help the world find a cure?

We’ll let you figure that one out.

4/EUROPEAN AFFAIRS

UK

Boris Johnson is now released from the hospital.

(Zerohedge)

Britain Cheers As Boris Johnson Released From Hospital

Though he hasn’t yet made a full recovery, Boris Johnson was released from St. Thomas’ Hospital in London where he was being treated for severe symptoms of COVID-19, giving Britons one more thing to celebrate on Easter Sunday, even as millions adjusted to spending the holiday alone and on lockdown.

Last week, Johnson was briefly moved to the ICU and reportedly received some oxygen support, though he was never put on a ventilator (a process that would’ve required placing the PM in a medically induced coma).

The PM released a statement last night thanking the NHS for their service and for his treatment, saying he “owes his life” to the NHS.

According to the BBC, it’s unclear when Johnson will return to work. In the mean time, Foreign Secretary Dominic Raab will continue to run the country while the PM rests at Chequers, the PM’s country estate.

Now, get ready for a wave of “Boris is dead” conspiracy theories, as one twitter wit pointed out.

🤖

View image on Twitter

As the Washington Post explained a few days ago, Johnson’s hospitalization has made him more popular than ever, and helped sooth public anger directed at his initial handling of the outbreak, which recent reporting has shown was largely directed by government scientists.

Unseen in his hospital bed, Johnson dominates the news. He’s the absent leader at Britain’s darkest hour. He is the master orator, silenced.

And yet at this moment, the prime minister is somehow at his most human. He’s a middle-aged everyman bloke struggling to get out of the virus ward alive. And the people are pulling for him.

In a touching column, the Telegraph – the newspaper where Johnson once worked as just another hack writer – insisted that Johnson’s health is “the health of the nation” and that all of Britain has been wondering: “How is Boris?”

As Twitter blue-checks sneered about Johnson’s misfortune, the Telegraph explained that Johnson has for years been loved by Britons in a way that the “metropolitan media class” has never really understood.

It’s rare for a politician to inspire such emotion, but Boris is loved – really loved – in a way that the metropolitan media class has never begun to understand. Hearing reporters and doctors on TV talking about the PM’s admission to the ICU at St Thomas’s Hospital, discussing the likely effect on his lungs and “other vital organs”, was horrible; the picture of naked vulnerability it painted so entirely at odds with our rambunctious hero barrelling into a room with a quizzical rub of that blond mop and a booming: “Hi, folks!”

The column continued: “All 66 million of us are metaphorically pacing the hospital corridor, desperate for news.”

 

END

UK/GLOBE/CORONAVIRUS UPDATE/SUNDAY AFTERNOON

UK Deaths Pass 10K As Bill Gates Warns “We’re In Uncharted Territory”: Live Updates

Summary:

  • UK death toll passes 10,000
  • Boris Johnson released from hospital, says “I owe my life to the NHS”
  • Pope delivers Easter blessing at an empty St. Peter’s Basilica
  • Pope says debts of poor nations should be ‘forgiven’
  • Japanese report record single-day jump in cases for 5th day running
  • FDA’s Hahn, Dr. Fauci say US will begin reopening on May 1.
  • Asian nations worry about Indonesia being “weak link”
  • Bill Gates warns we’re in “uncharted territory”
  • Spain leads rebound in European deaths, cases, snapping streak of declines

*     *     *

As millions of Christians wake up to an Easter Sunday largely devoid of cherished holiday traditions (Easter Egg hunts, baskets filled with candy, gathering to celebrate with family), the UK Health Department reported some more grim news: As expected, the COVID-19 death toll in the country passed 10k over the last 24 hours, according to numbers released Sunday morning.

The UK Department of Health and Social Care revealed that the death toll rose in England by 657 to 9,594 on Sunday, bringing the total across the UK to more than 10,500. Unfortunately, the daily deaths have become part of the world’s grim routine in the coronavirus era. But at least the British people received some good news: PM Boris Johnson has left the hospital in London where he was briefly moved to the ICU about a week ago.

After Italy reported a sudden jump in deaths yesterday, ending a promising streak of declines, Spain on Sunday reported a daily death toll of 16,972, up 619 on Sunday, compared with a jump of 510 yesterday. The Saturday number was a nearly three-week low, and marked the third day in a streak of declines.

So much for that trend of leveling off that experts hailed as signs of a possible peak. On Saturday, both the Spanish and Italian governments celebrated what looked like progress in combating the virus, and assured the population that the transition back to “normalcy” would begin soon.

In the Vatican, Pope Francis spoke before an empty St. Peter’s Basilica for the annual Easter Vigil. This year, he urged Catholics celebrating the holiday weekend in lockdown to “not yield to fear”. More controversially, the pope called on the debts of poor nations to be ‘forgiven’ to help them deal with the virus.

For the fifth day in a row, health authorities in Japan confirmed yet another daily record of new cases. Japan is roughly one week into a state of emergency that can’t be enforced by law, but appears to be setting in nonetheless, as non-essential businesses close and Japan’s students reckon they won’t return to a classroom until the fall, at the earliest. Like Trump, Japanese PM Shinzo Abe has been criticized for not ramping up testing, and for getting complacent after the “Diamond Princess” fiasco.

In the US, FDA Commissioner Stephen Hahn said the White House had targeted May 1 as the date to start relaxing stay-at-home restrictions. “We see light at the end of the tunnel,” he told ABC’s “This Week.”

Hahn, however, warned that there were many factors to take into account in finally determining when it would be safe to lift restrictions, he said

This Week

@ThisWeekABC

President Trump is considering May 1 as a new target for opening the country, sources tell ABC News.

Asked if May 1 is a “good target,” FDA Commissioner Stephen Hahn tells @MarthaRaddatz it’s “a target” but “it’s too early to be able to tell that.” http://abcn.ws/2ybDMWM

Embedded video

Dr. Fauci said something similar during an appearance on CNN’s “State of the Union”.

CNN

@CNN

Dr. Anthony Fauci expresses “hopeful… cautious optimism” as signs emerge that the coronavirus curve may have begun to flatten. https://cnn.it/3b3QPbe

Embedded video

Meanwhile, more attention is being paid to several other European countries, including the Netherlands, where the number of confirmed coronavirus cases has topped 25,000, health authorities said on Sunday, with the number of deaths rising by 94 to 2,737. Belgium reported 1,629 new cases and 268 new deaths on Sunday, for a total of29,647 cases and 3,600 deaths.  Portugal reported 598 new cases of coronavirus and 34 new deaths, for a total of 16,585 cases and 504 deaths.

Yesterday, Sweden reported 77 new deaths and 544 new cases, bringing the country’s case total north of 10k to 10,151. Its death toll, meanwhile, is about to cross 1k. As time goes on, how things play out in Sweden offers an interesting contrast to the US and the rest of Europe.

While Japan deals with its resurgence, across Asia, media reports and governments are looking at Indonesia, which engaged in some short-lived denialism before finally acknowledging that the virus had arrived, as the weak link in the neighborhood. A riot in a prison in Indonesia’s North Sulawesi province where at least one guard is reportedly exhibiting COVID-19-like symptoms has highlighted the risk as prisoners in overcrowded jails take matters into their own hands to avoid being infected – a phenomenon that has also played out in Italy and China.

Finally, in an interview with the BBC, Microsoft founder Bill Gates said “we find ourselves in uncharted territories” after the international community failed to properly prepare for a pandemic. Gates has emerged as a major critic of government responses, saying very few countries warrant “an A” grade for their coronavirus responses.

Gates has also advocated a mandatory 10-week strict lockdown to eradicate the virus that would likely cause immense suffering among the poorest and most vulnerable among us.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Moscow,Russia

Now Moscow witnesses a huge increase of cases

(zerohedge)

Watch Dozens Of Ambulances Line Up Outside Moscow Hospital As Russian COVID-19 Cases Soar

Russian President Vladimir Putin has imposed a national lockdown across Russia until the end of the month to try and fight the coronavirus, after Russia’s bold attempt to block transmission including border closures and severe travel restrictions that were at the time some of the most aggressive in the world, it seems the country’s effort either fell apart, or the virus managed to sneak inside anyway.

Now, Russia has roughly 13,584 cases, and 106 confirmed deaths on its hands, many of them in Moscow.

Yesterday, the New York Times published a story about the increasingly dire situation in the country. Hospitalizations related to COVID-19 in Moscow alone have doubled in the past week to 3,000, and that number continues to rapidly rise.

Moscow’s mayor, Sergei Sobyanin, sounded a further alarm, saying that the virus “is gaining momentum” and that “the situation is becoming increasingly problematic.”

The latest numbers show a troubling spike in new cases that is making some local officials fear Russia might be heading down the same path as Italy and Spain.

The capital city’s ambulance service and hospitals have been “stretched to the limit,” according to one Moscow health official. And if the world had any doubts about just how bad things are getting, they need only watch this clip of the line of ambulances waiting to drop patients (presumably mostly COVID-19 related) off at a hospital in Moscow.

The line appears to include dozens of ambulances potentially the majority running inside the city.

Olga Lautman@olgaNYC1211

Line of ambulances at the hospital in Moscow. Wow https://twitter.com/Kirilenko_a/status/1248655623912382465 

Алексей Кириленко@Kirilenko_a

Пиздец. Очередь в больницу в Москву!!! #москва

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Moscow alone reported 1,124 new cases of confirmed coronavirus infections on Friday, bringing the city-wide total to 7,822, Moscow accounts for 2/3  of Russia’s cases.

END
RUSSIA/CHINA/THE GLOBE/MONDAY/CORONAVIRUS UPDATE

China, Russia See Distressing Jump In New Cases As Outbreak Slows In Europe, US: Live Updates

Summary:

  • Smithfield foods closes world’s largest pork plant
  • US, Europe see decline in new cases
  • China, Russia report concerning increases in new cases
  • China ends Gilead drug trial hailed as ‘highly successful’ a few days ago
  • South America, Africa see acceleration in new cases
  • Senior Israeli rabbi succumbs to virus
  • EU competition regulator warns about risk of corporate takeovers from China
  • In Ecuador, police move to collect 800 bodies from a hard hit village
  • Trump likely to cut money for WHO
  • Iran reports 1,600+ new cases, 100+ deaths
  • Putin warns outbreak getting worse
  • Australia, New Zealand keep restrictions in place despite drop in new cases

*     *     *

Update (0830ET): Iran reported 1,617 new COVID-19 cases and 111 new deaths, for a total of 73,303 cases and 4,585 deaths.

*     *     *

After reporting another promising slowdown in the rate of COVID-19-linked deaths yesterday, Spain reported only 517 deaths on Sunday, the lowest number since the country’s lockdown began. Now, with much of Western Europe observing a holiday on Monday, the Spanish government is beginning the process of reopening in the economy, despite still being roughly around the ‘peak of the curve’.

Spain wasn’t the only embattled European country to report some encouraging progress on Sunday: Italy reported its lowest number of new deaths since March 19, as the number of people in intensive care continues to decline.

Yesterday was the first day in weeks that Spaniards were allowed to leave their homes and travel to see family for the Easter holiday. Now, on Monday, construction workers in Spain are returning to work after a two-week pause on their activities, though the government has warned that it could reimpose the lockdown if the spread starts to accelerate once again.

Globally, the number of confirmed infections rose by 72,523 on Sunday, the lowest number of additional cases in seven days. According to Johns Hopkins, roughly 1,859,011 have been confirmed worldwide as of Monday morning. Additionally, the daily death toll on Sunday also dropped to 5,417, as the rate of growth slowed to just 5%, its slowest rate since March 9. The US also saw a significant slowdown in deaths on Sunday, with just 1,528 Americans losing their lives. This is down sharply from a peak of more than 2,000 just two days earlier, and represents a daily growth rate of just 7%, the slowest since March.

The FT

But more concerning, as the lockdown drags on in the US, are situations like the closure of the world’s largest pork producing plant, which is owned by Smithfield Foods, and is situation in Sioux Falls, South Dakota. Slaughterhouse shutdowns are disrupting the supply of US food, and harshly undermine governors’ assurances that the food supply is safe and consumers shouldn’t hoard supplies. The plant was closed for a few days last week for a deep clean after several employees tested positive for the virus. But worries about the outbreak have prompted management to close the plant ‘indefinitely’.

Europe and the US weren’t the only places to report slowdowns in new cases and deaths. Australia and New Zealand plan to keep coronavirus-inspired restrictions on movement in place despite the two countries reporting roughly 50 new cases combined over the weekend.

However, outbreaks in certain regions are only just beginning to accelerate.

As China abruptly ends a Gilead drug trial that had been hailed as ‘extremely promising’ just days ago, the Indian Council for Medical Research is stepping its own race for a cure after announcing plans for a clinical trial using plasma from recovered coronavirus patients to treat those who are still critically ill, as the country’s caseload continues to rise steadily.

Last night, we reported that China reported its largest number of new cases in weeks, as Beijing’s claimed that practically all of the 108 new cases involve foreigners or traveling Chinese nationals returning home ring particularly hollow when one considers that China has reduced the number of people crossing its borders by 90% as part of its efforts to contain the virus. According to Al Jazeera, Liu Haitao, an official with the National Immigration Administration, said the number of cases was still on the rise in the countries along China’s borders, per Al Jazeera.

The world’s wariness of China has continued to intensify, as EU competition regulator Margrethe Vestager urged EU member-states to prevent China from taking advantage of low valuations to launch takeovers of critical companies during an interview with the FT.

The BBC’s Robin Brant had some more thoughts on China’s ‘imported’ case problem.

Imported cases have been China’s focus for several weeks now. It believes the main threat now to be people bringing the virus back to the country.

Most of these people are Chinese returning home. The arc of China’s efforts to tackle, contain and end the outbreak went like this: local officials knew about an emerging outbreak but didn’t act; the national government imposed a draconian lockdown of Wuhan; China imposed domestic travel restrictions but insisted that international travel to and from China should not be cut; the virus spread abroad; China believed it had successfully contained the outbreak then switched its focus to people bringing it back here from abroad.

Something like a cat and mouse chase has emerged – despite drastically reducing international flights into China, barring any direct arrivals into Beijing and insisting that passengers now undergo strict quarantine, people found a weak point.

The usually obscure land crossing between Russia and China in the northern province of Heilongjiang has seen a persistent cluster of travellers bringing the virus with them. New ‘imported’ cases there are almost all Chinese coming home. And they appear to be spreading it. The latest official figures reveal 10 new domestic cases, seven of which are in Heilongjiang, home to that land crossing.

After the total number of confirmed coronavirus cases in Russia doubled last week, Russia reported 2,558 new cases of the novel coronavirus on Monday, representing a 16% acceleration over the previous day, a record daily rise, bringing its overall nationwide tally to 18,328. 18 new deaths brought the death toll to 148. In a rare move, Vladimir Putin warned Monday that the outbreak is getting worse.

A former chief rabbi of Israel has died of COVID-19 – the highest profile death from the disease in Israel. The rabbi, Eliyahu Bakshi-Doron, 79, was chief rabbi of the Sephardi community, which includes Jews or their descendants from the Iberian Peninsula, North Africa and the Middle East, from 1993 to 2003.

In Ecuador, one of the worst-hit countries in South America, police removed almost 800 bodies in recent weeks from homes in Guayaquil, the epicenter of the country’s coronavirus outbreak, which has completely overwhelmed its meager health system, per Al Jazeera.

And finally, the Washington Post reports that President Trump is likely to announce restrictions on US funding for the WHO later this week over its handling of the coronavirus pandemic and its persistent kowtowing to Beijing, which Trump argued has jeopardized global health.

END

6.Global Issues

CORONAVIRUS UPDATE/THE GLOBE/SATURDAY

Global Coronavirus Death Toll Nears 100k As Thousands Die In Britain & America: Live Updates

The number of new coronavirus cases confirmed worldwide climbed at a rate of roughly 85k overnight yesterday, a rate that was roughly consistent with the prior two days. That would lead scientists to believe that the global outbreak might finally have “plateaued” – word that’s been thrown a lot lately.

Unfortunately, while the number of new cases remained stable, deaths in the US and UK continued to climb. But while thousands of families bid a distant farewell to their loved ones, the Fed’s latest intervention – couched as a lifeline for small business – has sent badly beaten junk bonds on their strongest daily rally since 2009 as spreads collapsed.

Now that the Fed has apparently extinguished credit risk from the market, ensuring that thousands of “zombie” firms will continue to borrow at extremely attractive rates, allowing them to lumber on through another day as ‘moral hazard’ is extinguished. What’s worse, almost, is that no one seems to care.

With markets around the world closed for Good Friday, and millions of Christians around the world observing the holiday while stuck inside their homes, the biggest story of the day is the fact that the global death toll will likely top 100k before midnight on the East Coast of the US. Roughly 17k – about 20% – of those deaths are from the US.

Then again, it’s extremely likely that the true number of deaths has already passed that number, as more reports are finding that Americans are almost certainly being left out of the counted dead, just like many Italians and Chinese probably were.

With Easter just two days away, the notion of reopening the American economy before the holiday now seems laughable. But with millions of Americans struggling to hang on without their jobs or the unemployment promised by states, Congress and the president, the administration appears to still be working diligently on its plan to start reopening the economy by the beginning of next month.

The news was met with the same hysterical warnings by health experts and anxious liberals insisting that a “premature” reopening would be disastrous because restrictions have barely had time to work. Of course, these sample people spent Thursday celebrating the wisdom of Dr. Anthony Fauci after he lowered his expectations for American fatalities by 75% from 240k to just 60k.

We’re not trying to criticize the good doctor, or assign blame; we’re merely trying to make the point that starting to plan out the eventual reopening of the economy is probably prudent, and by May 1, most of the US will have been shut down for almost 6 weeks. Even with money from the government, the $1,200 stimulus checks plus ramped up unemployment benefits still won’t be enough to save millions of Americans from the worst effects of the coming depression.

In New York, deaths have soared over the past week, but the unfortunate upside of that is that space in the city’s hospitals has opened up pretty rapidly. The Javits Center, which has been converted to a COVID-19 hospital, is almost empty, as is the USNS Comfort, the Navy ship docked at Manhattan’s Pier 90. While contract workers have been brought on the bury the dead victims on Hart Island, Cuomo says that the curve may already be starting to flatten – but, of course, that doesn’t mean we should let up on the social distancing measures.

Elsewhere, the feud between Taiwan and the WHO is getting so bitter as the NGO continues to ignore the amazing success Taiwan has had containing the outbreak. President Trump’s harsh words for the WHO have prompted many Taiwanese to praise Trump, even as American liberals – the same ones who purportedly supported the Hong Kong protesters – cringe. WHO Director General Tedros Adhanom Ghebreyesus has accused the Taiwanese government of trying to smear him.

Meanwhile, in the latest sign that the Trump administration’s heavy-handed approach to handling Iran is working, the regime said it plans to accelerate the privatization of certain state-run assets as the Trump administration moves to block $5 billion of IMF aid that it has asked for.

As Japanconfronts a surprising resurgence in new cases, it’s looking like it’s not the only East Asian nation having trouble containing the outbreak as a ‘second wave’ looms over the Continent. Even as Abe struggles against the strictures of the Japanese Constitution, which protects individual liberty to an extremely high degree, a big data analysis shared by WaPo shows Tokyo’s state of emergency (a state of emergency has been declared by Abe in 7 prefectures, but most of the restrictions are voluntary) is having an impact on life in one of the world’s busiest cities. But it’s still far from having the kind of effect needed to curb the spread of the novel coronavirus.

Malaysia has once again extended its national lockdown for two weeks as the country tries to slow the rate of coronavirus infection. As a result of this second extension, the restrictions on daily life and business will run until April 28. At 4,346, Malaysia has the highest number of confirmed cases in southeast. Asia and counts 70 deaths. Indonesia, meanwhile, reported 219 new cases of coronavirus and 26 new deaths, bringing its confirmed-case total to 3,512 and 306 deaths. The Indonesian government has already publicly acknowledged lying about the outbreak, and it’s extremely likely that the virus is far more widepsread in the country of more than 200 million.

In Spain, figures released on Friday showed that 15,843 people have diedso far after contracting coronavirus in the country, with 605 of them in the last 24 hours. That compares with a peak of 950 daily deaths just over a week ago and is the lowest death toll for over two weeks. But such figures are likely to undercount the number of mortalities, since they include only proven rather than probable cases of Covid-19, the illness caused by coronavirus.

Before we end, as Chicago’s Mayor Lori Lightfoot tries to convince residents of her hard-hit city to follow the ‘social distancing’ directives, she shared a story with one interviewer about personally breaking up what she described as “an underage drinking party” on the North Side of the city.

“We pulled by and I told the driver, ‘Back up,’ [and] rolled down the window,” she said, before telling the group: “Hey, you’re too close. Separate yourself. Social distancing!'”

 

END
CORONAVIRUS THE GLOBE/SUNDAY UPDATE

US Coronavirus Outbreak Officially World’s Deadliest As Total Killed Tops 20k: Live Update

Summary:

  • US death toll passes Italy to become No. 1.
  • More than 20k US deaths recorded
  • Cuomo says “all trends pointing down” as curve flattens
  • NY reports 783 deaths over last 24 hours
  • For 1st time, all 50 US states under disaster declaration
  • UK death toll nears 10k
  • Italy reports jump in new cases, deaths
  • Belgium case total passes 10k
  • Russia case total doubles in a week
  • Spain extends lockdown but begins planning to reopen economy
  • UK Health Secretary “signs that curve is slackening”
  • 8 million French workers sign up for Macron’s benefits plan
  • SBA says banks have lent nearly $200 billion of $350 billion ‘PPP’ money
  • India extends lockdown 2 weeks as cases, deaths accelerate
  • Iran says plans to reopen economy soon fearing all-out collapse

*    *    *

Update (1711ET): President Trump has just approved a disaster declaration for Wyoming, and now, for the first time in history, all 50 states plus the US Virgin Islands, the Northern Mariana Islands, Washington DC, Guam and Puerto Rico all have had disaster declarations approved by the Feds, allowing them access to federal resources through FEMA.

Since the start of the outbreak, Trump has issued 55 disaster declarations.

*    *    *

Update (1425ET): According to JHU, the death toll in the US just topped 20,000 as it extends its lead over Italy.

Meanwhile, Russia reports 1,667 new cases of coronavirus and 12 new deaths for a total of 13,584 cases and 106 deaths.

*    *    *

Update (1415ET): Remember Beijing’s insistence that President Trump’s decision to bar Chinese travelers (and any foreigner who had been to China in the last two weeks) from entering the US was racist?

Pot, meet kettle.

Vincent Lee

@Rover829

Reuters: A rise in coronavirus infections has prompted authorities in Guangzhou to step up scrutiny of foreigners, ordering bars and restaurants not to serve clients who appear to be of African origin, the U.S. consulate in the southern city said.

Provincial authorities in Guangzhou just ordered bars and restaurants not to serve people who “appear to be African.” And Trump is the racist?

*    *    *

Update (1334ET): Just to clarify, there’s some debate about whether Italy or the US has the No. 1 body count in the world as of Saturday. It changes depending on whose numbers one is using.

AFP news agency

@AFP

US tops Italy as worst-hit country in pandemic with 18,860 dead, according to tracker

View image on Twitter

AFP news agency

@AFP

Italy’s virus toll rises to 19,468, higher than US, officials say

View image on Twitter

 

Update (1312ET): New Jersey Gov. Phil Murphy reported an increase of 3,599 new cases, bringing the total to 58,151, and 251 new deaths, bringing the state-wide death toll to 2,183, as the US surpasses Italy as the country with the highest death toll, according to some counts. As Murphy tries to tighten the lockdown, he ordered public and private transit in the state to cut capacity by 50%. He also expanded the order for all residents to wear face masks in public, even when briefly entering restaurants to pick up their food. All food service personnel will also be required to wear gloves and masks.

As of 10 pm last night, 7,618 New Jersey residents were hospitalized with COVID-19, while 1,746 of these were listed in critical or intensive care; 1,650 ventilators were in use. During his press briefing, Murphy said the state was winning the war against COVID-19, adding that the state had slowed the rate at which its total case count would double.

France also reported new cases, bringing its total to 129,654 and its death toll to 635 new cases to 13,832, a deceleration in new deaths since yesterday.

*    *    *

Update (1225ET): Italy’s Civil Protection service reported 4,694 new cases of coronavirus and 619 new deaths on Saturday, bringing its total cases to 152,271 cases and deaths to 19,468.

As of Saturday morning, the last few states to report out of the US (including, most notably, New York) have pushed the national death toll past 19,489, according to BNO News. And with this, ‘officially counted’ deaths in the US have surpassed Italy’s for the first time, though questions about undercounting in both countries remain.

Still, after a week of declines, Italy reported the most new deaths since April 6, and the most new cases since April 4, helping to contradict the narrative that Europe is already on the ‘downward slope’

Will Italy retake the lead on Sunday? At least one chart we cited below seems to suggest that the US will hang on to the No. 1 spot for a little bit.

And of course, it’s still possible that the accurate death toll across China is actually higher than both countries’.

On a different note, CNN reported Saturday that police in Kentucky are using license-plate readers to keep of track of those who attend funerals for COVID-19 victims to ensure that they don’t violate their mandatory 14-day quarantines.

Meanwhile, as the virus spreads through America’s federal prisons, and roughly 20% of the NYPD is calling out sick, there are now 237 members of the Chicago Police Department who have tested positive for coronavirus, interim Chicago Police Superintendent Charlie Beck said at a press conference Saturday morning.

*     *     *

With millions trapped inside their homes for the holiday weekend on Saturday, New York Governor Andrew Cuomo kicked things off in the US with his usual daily press conference, revealing that hospitalizations and ICU admissions remained well below worst-case levels.

As the press briefing began, Cuomo said New York had recorded 783 deaths over the past 24 hours. While New York’s death toll is still accelerating faster than practically every other state in the country, Cuomo insisted that all of the state’s numbers – new cases, deaths, hospitalizations, ICU admission etc. – were now “on the down slope.”

In other words, the peak has come and gone, and even as NYC cancels school for the rest of the year (something Mayor de Blasio announced earlier), Cuomo has suggested that the light at the end of the tunnel is now in sight – and that New Yorkers just need to hang on for a little bit longer.

While New York and the surrounding area continues to struggle with the brunt of the outbreak in the US, the SBA reported on Saturday that more than half of the $350 billion earmarked for the $2.2 trillion stimulus bill’s “Paycheck Program Program” had finally been allocated in loans to small businesses after the program encountered some initial complications that slowed disbursements down for nearly a week. Meanwhile, Americans around the country are starting to receive their stimulus checks.

Unfortunately, while Republicans in the Senate tried to pass a $250 billion extension to the PPP this past week, Democrats ended up blocking it, claiming it didn’t go far enough, an excuse that we imagine every small business owner forced to shutter their business because they didn’t get a loan in time will appreciate.

Cuomo praised the fact that the numbers finally seem to have stabilized in his state, but lamented the fact that NY is still seeing nearly 1,000 deaths a day from the virus as it supplants heart disease and car accidents as the third-biggest killer in America.

“You can see that the number is somewhat stabilizing, but it is stabilizing at a horrific rate,” Cuomo said. “These are just incredible numbers depicting incredible loss and pain.”

Still, “the curve is continuing to flatten,” Cuomo added.

As we noted last night, the global count of confirmed deaths linked to COVID-19 has surpassed 100k.

And while Europe has continued to contribute more than half the daily total, the US is on track to surpass that number in short order, as illustrated by the FT.

To get a better picture of how the global outbreak has evolved, it’s helpful to look at the trend excluding China.

Over in Spain, meanwhile, PM Pedro Sanchez was in high spirits as he announced that the government was preparing plans to lift its lockdown. His government reported 510 new deaths over the last 24 hours on Saturday, bringing the national death toll to 16,353. However, the figure of new deaths represented the lowest daily total in weeks. While Spain’s restrictions are likely to remain in effect until mid-May, the government plans to begin the process of lifting them later this week. It has published a manual of best practices as people return to work, and the government has also promised to distribute masks to citizens.

In the UK, Health Minister Matt Hancock reported 5,233 new cases of coronavirus and 917 new deaths, bringing the country’s totals to 78,991 cases and 9,875 deaths. As the national death toll nears 10k, Health Secretary Matt Hancock said that there were “signs that the curve is slackening” and urged people to stay at home over the Easter weekend despite the warm weather.

A handful of other European countries have reached important milestones on Saturday. Belgium saw the number of confirmed cases pass 10k on Saturday as health officials promise to ramp up testing in managed-care facilities to fight the outbreak.

In France, officials reported that more than 8 million workers are now enrolled in the government’s benefits program designed to continue paying salaries to keep families eating during the outbreak.

Indian PM Modi announced on Saturday that his nation of ~1.4 billion would extend its lockdown, which was set to end Tuesday, for another two weeks, an announcement that was met with groans from the Indian public. So far, new cases and deaths have continued to accelerate despite the restrictive measures, which have now been extended until April 30.

Iran reported 1,837 new cases and 125 new deaths on Saturday, for a total of 70,029 cases and 4,357 deaths. As the Iranian economy buckles under the weight of the virus, officials said on Saturday that Iran might start reopening its economy as soon as next week, since millions of workers can simply no longer afford to stay home and not work.

Once that happens, the world will watch closely as Iran becomes a guinea pig for re-opening an economy after a serious outbreak of the novel coronavirus.

END
CDC/CORONAVIRUS
Not good: a new CDC study shows the coronavirus can survive for hours on floors, walls and shoes
(zerohedge)

New CDC Study Shows Coronavirus Can Survive For Hours On Floors, Walls, Shoes

A preview of a new study by the US Centers for Disease Control and Prevention – the CDC, for short – released last night offers some distressing news for health-care workers, as well as their families, partners and friends: New research suggests that nurses, doctors and others can track the virus out of the ward and into another – perhaps a more public, or less well-protected – environment, helping to spread the disease in a new way that public health officials haven’t really considered.

The study, entitled “Aerosol and Surface Distribution of Severe Acute Respiratory Syndrome Coronavirus 2 in Hospital Wards, Wuhan, China, 2020”, was conducted in two wards at Wuhan’s Huoshenshan Hospital by large team of Chinese researchers back in February and March. Though the team insisted that “respiratory droplets and close contact” remain the primary vectors for the disease, the possibility for hospital workers to transmit the virus on their shoes and clothes wasn’t really well understood, until now.

 

According to the research, “94% of swabs taken from the ICU floor and 100% of swabs taken from one of the general wards used to treat patients with severe symptoms tested positive for coronavirus.”

Here’s a summary of the research that describes how the GW and ICU were found to have the highest levels of the virus present on the floors and walls, as well as in the air. The rate of positivity was higher for the ICU than the GW, which makes sense.

Even samples taken from the floor in the nearby hospital pharmacy showed ‘weak positive’ for the virus. Patients are not allowed in the pharmacy, meaning there’s only one way the samples could have gotten there.

From February 19 through March 2, 2020, we collected swab samples from potentially contaminated objects in the ICU and GW as described previously. The ICU housed 15 patients with severe disease and the GW housed 24 patients with milder disease. We also sampled indoor air and the air outlets to detect aerosol exposure. Air samples were collected by using a SASS 2300 Wetted Wall Cyclone Sampler at 300 L/min for of 30 min. We used sterile premoistened swabs to sample the floors, computer mice, trash cans, sickbed handrails, patient masks, personal protective equipment, and air outlets. We tested air and surface samples for the open reading frame (ORF) 1ab and nucleoprotein (N) genes of SARS-CoV-2 by quantitative real-time PCR.

Almost all positive results were concentrated in the contaminated areas (ICU 54/57, 94.7%; GW 9/9, 100%); the rate of positivity was much higher for the ICU (54/124, 43.5%) than for the GW (9/114, 7.9%) (Tables 1, 2). The rate of positivity was relatively high for floor swab samples (ICU 7/10, 70%; GW 2/13, 15.4%), perhaps because of gravity and air flow causing most virus droplets to float to the ground. In addition, as medical staff walk around the ward, the virus can be tracked all over the floor, as indicated by the 100% rate of positivity from the floor in the pharmacy, where there were no patients. Furthermore, half of the samples from the soles of the ICU medical staff shoes tested positive. Therefore, the soles of medical staff shoes might function as carriers. The 3 weak positive results from the floor of dressing room 4 might also arise from these carriers. We highly recommend that persons disinfect shoe soles before walking out of wards containing COVID-19 patients.

The authors suggested that “air flow” and the forces of gravity might be responsible for moving the samples to the floors and the walls.But this certainly doesn’t bode well for anybody arguing that the subway and restaurants will be able to go quickly back to normal, since an asymptomatic diner can leave the virus at their table for the next customer to pick up even if the table sits empty for hours – or even overnight.

END
A must read…there is where we are heading!! Brandon Smith prepares us for the coming collapse of the dollar bubble
(Brandon Smith)

The Elites Are Already Prepared For The Coming Collapse Of The Dollar Bubble

Authored by Brandon Smith via Alt-Market.com,

Today, stock market investors are hoping desperately for Weimar-style hyperinflation to boost equities prices to dizzying heights in what some call a “crack-up boom”. In terms of money creation, we are not there yet, but such levels of fiat printing could happen within the next year. Unfortunately for investors, this “boom” in stocks may not happen again. In fact, it already happened over the course of the past several years, and now the party is over.

In the past few months, the U.S. dollar has entered a massive liquidity crisis, and despite all expectations, the Fed’s attempts to compensate with stimulus measures have done little to boost markets back to their previous glory.

In Weimar Germany, stocks did get an epic rally, until it all came crashing down in 1924 and then again in 1927. The notion of the endless fiat-driven bull market is a lie perpetuated by central bankers and their cheerleaders.

[ZH: And then there’s the more recent example of Venezuela… just think how well their economy must be doing for stocks to be soaring so high…]

As I warned in past articleswhen the Fed finally decided to step in to “stall the crash”, it was after it was far too late. The Fed has no intention of stopping the crash, they WANT a crash; they created all the conditions necessary for the collapse of the Everything Bubble to happen. Their goal now is only to make it appear as though they “did everything they could” to save the economy while staging the collapse of the final bubble: the U.S. dollar and its global reserve currency status.

The problem for markets is not just the coronavirus pandemic, but I’ll get to that. The real issue is that the primary support pillar for equities has disappeared; namely corporate stock buybacks. The new bailouts might actually create a ban on the practice in the future, which guarantees declining market values unless the central banks step in to purchase stocks directly. Even then, asset values will probably still fall over time, but at a slower pace.

Keep in mind that the trillions of dollars in loans that have been feeding corporate share prices through buybacks over the past few years just went up in smoke due to the downturn. Companies have been using central bank repo loans to juice stocks beyond all reason. In the past three years, the valuations have been ridiculous compared to the dismal earnings of the same businesses. All that cash was wasted, and these corporations remain in debt up to their eyeballs.

But perhaps they don’t care anymore. I’m sure many CEOs understand that while their companies might flounder in the midst of a pandemic crisis and economic crash, they as individuals will be well taken care of. No banker, no CEO, no high-level politician is going to be punished for the financial calamity that is on our doorstep. Just as in the 2008 crash, they will all be given a seat at the table and their sabotage of the economy will be ignored. The only consequences they might face will be if the public becomes enraged enough that the torches and pitchforks are finally brought out.

For now, the populace is absorbed in the drama of the viral outbreak, and I don’t think economic concerns have quite struck the majority yet. They will soon, though, as people begin to realize this event is going to last a lot longer than they have been told. Even if the infection numbers diminish over the course of this month, as many assume, the greater threat at hand is that governments will assert that this is because the “lockdowns work”. If the lockdowns “work”, then the lockdowns will continue.

Using the wave model of conditioning, governments will allow the public brief moments of breathing room in which lockdowns are lifted for a short time; maybe a month or less, followed by a resurgence of infections and then hard lockdowns return for another couple of months. This process is not going away anytime soon. Understand that there are over seven billion people on the planet, and we have a long way to go before the majority of the population has either recovered from the virus or died from it.

This means endless cycles of suppressed business activity, supply chain breakdowns, business closures and job losses. The central banks and governments have created an environment in which the ONLY source of relief is monetary policy and Universal Basic Income (UBI). Ultimately, nationalization of most “essential businesses” will have to occur under this model. Eventually the Defense Production Act will be fully implemented. This means that dollar devaluation will accelerate beyond anything we saw during the credit crisis ten years ago, as governments bond completely with corporations to form a megalith of socialist production control.

To summarize: The Fed will have to finance corporations directly through stock purchases, or the government will have to take control of them outright, and the Fed will have to finance government to an unprecedented level of debt creation.

Foreign central banks are dumping U.S. Treasuries on a large scale right now, partially because the liquidity crisis has forced them to sell assets to accumulate dollars, but also because with the Fed moving into what looks to be an infinite stimulus model, U.S. Treasuries are no longer a viable means to protect wealth or make a profit. This means the only buyer left to fund the U.S. government will be the central bank.

In 2008, this process took place, but never on a scale that is needed today. With so many small businesses closing shop, corporations drowning in historic levels of debt, and the average consumer losing their jobs and their income, the establishment is about to become the sugar daddy to everyone that is not self-sufficient. The level of dollar creation that will be needed just to keep the system running for the next six months will be staggering; I am talking tens of trillions of dollars.

Will the dollar as we know it survive this? No, not a chance. The dollar will continue to lose value, causing painful price inflation, and eventually its global reserve status will be destroyed. But the elites already have all this figured out. Indeed, they actually benefit from it.

First, small businesses will be crushed, and all assets absorbed into the banks and major corporationsSmall business loans under the new government bailout will in most cases only cover payroll for employees for a short time during the lockdowns and will not necessarily ensure business survival. Just as in the Great Depression, when thousands of small private banks defaulted and were devoured by JP Morgan, trade and production during Great Depression II will be gobbled up and centralized into very few hands. Get ready for the big box stores like Walmart and Costco to become the only options in your area.

Second, the crash will allow the establishment to test out their “Modern Monetary Theory” model and entice the public into accepting the idea of monthly UBI. This money will not be enough to keep many people afloat for very long without reversion to third world standards, but if the economic situation becomes desperate enough, large portions of the public might see it as “better than the alternative”, which would be starvation on the level of a refugee camp.

Third, the collapse of the dollar along with the pandemic opens the door to implementation of a cashless society, a goal long desired by the elites. Even now, there are bills being presented in the Senate which call for a digital dollar and digital wallet policy to be instituted in the U.S., the Fed is considering the prospect on their own, and other central banks around the world are increasing their pace of cash removal in the name of “preventing the spread of the virus”.

With the amount of fiat creation that is necessary to support almost the entirety of the U.S. economy for the next several months, I suspect the dollar’s global reserve status will come under question before the end of the year. In the meantime, the establishment will attempt to force the idea of a digital currency system into daily public discussion.

With a dollar collapse, the populace will have little choice but to either bow down to the new digital system or go rogue and start building their own systems using their own production, barter, local scrip, and gold and silver. This is the world we are heading into, make no mistake. Be ready for it.

*  *  *

With global tensions spiking, thousands of Americans are moving their IRA or 401(k) into an IRA backed by physical gold. Now, thanks to a little-known IRS Tax Law, you can too. Learn how with a free info kit on gold from Birch Gold Group. It reveals how physical precious metals can protect your savings, and how to open a Gold IRA. Click here to get your free Info Kit on Gold.

end

GUAM/CORONAVIRUS/USA

Not good:  A sailor on our stricken USS Theodore Roosevelt has been found unresponsive and now over 400 crew members are infected

(zerohedge)

Sailor From Virus-Stricken Carrier Found Unresponsive As Over 400 Crew Infected

The nuclear carrier USS Theodore Roosevelt coronavirus disaster has gotten worse, as on Thursday more than 400 sailors tested positive for COVID-19. Alarmingly, one sailor was found unresponsive as the ship was docked at a naval base in Guam and immediately transported to a military intensive care unit at the base.

The sailor tested positive for coronavirus on March 30 and was found unconscious Thursday, he has been admitted to the intensive care unit of the US Navy Hospital on Guam,” a Navy statement said, according to CNN.

It’s being described as the first hospitalization after the crisis aboard the ship caused the USS Roosevelt to divert its mission from the Western Pacific two weeks ago.

 

USS Theodore Roosevelt in Guam. Image via US Navy

The Navy says at this point 97% of the ship’s some 4,000+ crew members have been tested. “We’ve tested almost the whole crew now. We still have about 1,000 tests to report out,” the Vice Chairman of the Joint Chiefs of Staff Gen. John Hyten said during a Pentagon briefing Thursday. “But 3,170 tested negative, 416 tested positive, 187 of those were symptomatic, 229 were asymptomatic. We still have 1,164 pending results.”

This means nearly ten percent of the crew is infected with COVID-19. “Sadly this morning we had our first hospitalization of the one sailor,” Hyten added. “We’re hoping that that sailor recovers, we are praying for him and his family and his shipmates.”

“I think it’s not a good idea to think the Teddy Roosevelt is a one-of-a-kind issue. We have too many ships at sea, we have too many deployed capabilities. There’s 5,000 sailors on a nuclear-powered aircraft carrier. To think it will never happen again is not a good way to plan. What we have to do is figure out how to plan in these kind of Covid environments,” Hyten said of the unprecedented crisis aboard the vessel, which has taken the multi-billion dollar nuclear carrier essentially out of commission for the time being.

 

Via AP: Navy Secretary Thomas Modly, right, said the ship’s commander, Capt. Brett Crozier, left, “demonstrated extremely poor judgement” in the middle of a crisis.

The crisis led to an embarrassing public controversy over the Navy’s handling the outbreak. After the ship’s captain penned a fiery letter demanding greater action from top brass, subsequently leaked to the media, the captain was relieved of command of the ship.

Capt. Brett Crozier, wrote an impassioned memo emailed to superiors on March 30 – which leaked to the press – describing an “accelerating” crisis as coronavirus swept through the ship. Crozier – who himself has contracted the virus – received a round of applause from crewmembers as he departed the ship.

Acting Navy Secretary Thomas Modly later resigned early this week over comments he made the ship’s crew calling Crozier’s actions “too stupid”.

But here’s the kicker:“Modly’s trip to Guam cost the Defense Department an estimated $243,000, according to a Navy official,” reports CNN.

 

END

USS Nimitz//Coronavirus

The Pentagon warns of a new coronavirus breakout aboard the USS Nimitz

(zerohedge)

Pentagon Warns Of New Coronavirus ‘Breakouts’ Aboard USS Nimitz Supercarrier

After a disastrous couple of weeks for the US Navy which not only saw a nuclear aircraft carrier be diverted from its mission over coronavirus aboard the ship, but witnessed an embarrassing public spat over the dismissal of the USS Theodore Roosevelt’s Captain Brett Crozier, itself leading to the resignation of Acting Secretary of the Navy Thomas Modly, an outbreak may have struck another major carrier crew.

On Thursday the vice chairman of the Joint Chiefs of Staff Gen. John Hyten warned ofa new coronavirus outbreak aboard the USS Nimitz nuclear supercarrier at a moment the vessel is scheduled for deployment to the Pacific region.

“There’s been a very small number of breakouts on the Nimitz, and we’re watching that very closely,” Gen. Hyten said during a Pentagon briefing, indicating the sailors had “been isolated on the ship.”

 

USS Nimitz aircraft carrier, lead ship in the Nimitz class, file image.

Given the very public crisis the much bigger outbreak aboard the USS Roosevelt created, now with at least 416 COVID-19 positive cases, it will be interesting to see whether the Nimitz actually delays embarking on its mission from Bremerton, Washington – which is where the ship is based.

At this point it appears only two of the ship’s crew have been treated for COVID-19 symptoms, while a third has also been tested but as yet unconfirmed. Hyten expressed the Navy is extremely wary and is taking heightened precautions given the tight close-quarters aboard its vessels, with sometimes up to two dozen sailors bunking in a single room.

Alarmingly, Gen. Hyten had discussed contingency plans should the outbreak spread among the crew: “Not enough local hotel space exists in Bremerton, Washingtonwhere the ship is based, for its commanders to quarantine crew members, so they’re attempting to isolate them on board, the general said.”

Military Times reports that commanders have already slightly altered the carrier’s operations out of an abundance of caution:

On April 1, the ship went into what the Navy calls “fast cruise” status, in which no one on board was allowed to disembark for any reason. Anyone who must come aboard – such as a specialist to fix a broken piece of equipment – must first undergo medical testing and wear a protective mask while on the ship.

Other ships are also being monitored, after at the end of last month the USS Ronald Reagan also reportedly had at least two sailors that tested positive for COVID-19.

 

USS Nimitz at Puget Sound Naval Shipyard & Intermediate Maintenance Facility in Bremerton, Wash. File image via Naval Sea Systems Command.

In that case Fox News cited unnamed US officials while the Pentagon was not forthcoming in acknowledging the reported cases.

It was also unclear whether the individuals were actually part of the Yokosuka base in Japan, which had earlier gone on lockdown over outbreak fears.

 

end

Carnivals action may be extreme negligence and thus criminal

(zerohedge)

How Carnival’s Unconscionable Negligence Made “The Ruby Princess” A Floating Death Trap

A few days ago, we reported that Australian authorities had launched a criminal probe into Carnival, the world’s largest travel company, over its handling of the “Ruby Princess”, a cruise ship that became a floating death trap, then contributed greatly to spreading the novel coronavirus across Australia as hundreds of infected passengers were allowed to disembark, fifteen of whom later died.

While Carnival has tried to play down the criminal investigation by insisting that it would cooperate with Australian authorities, prosecutors in the country have made it clear that this is an extremely serious issue: Australian police have put together a 30-person team under the leadership of an experienced homicide detective to investigate the ship and its corporate parent.

On Friday, the Washington Post published an extensive investigation exposing what appears to be unconscionable negligence on the part of Carnival and the ship’s management.

On Thursday, detectives wearing head-to-foot protective clothing raided the “Ruby Princess”, seizing evidence in the form of documents and data, including the voyage data recorder that records conversations on the bridge.

In what has become a depressingly familiar narrative of carelessness and neglect, one of WaPo’s sources said that despite the international catastrophe unfolding around them, little effort was taken by the ship’s crew to keep passengers separated. Measures that were taken, including “health questionnaires” that kept some international passengers from boarding, were almost laughably inadequate in hindsight.

What’s almost worse, is that patients who complained about what ended up being COVID-19 symptoms were charged outrageous amounts of money for basic medication like advil and cough medicine. One passenger who nearly succumbed to a case of COVID-19 she acquired on board the ship was charged $300 for cough medicine and headache pills that probably cost less than $5 at a pharmacy. Talk about price gouging…

When Kiri-Lee Ryder, 41, complained to the ship’s medical team at 1 a.m. one day that she was suffering body aches and severe headaches, she was given headache pills and cough medicine, according to her mother, Carlene Brown. She was also charged about $300.

A week later, the Australian mother of three was diagnosed with covid-19. Ryder spent more than two weeks in intensive care, much of it in an induced coma. Before going under, she phoned her children and mother from the ward, which had banned all visitors.

It’s silly, but she calls me mommy and she just said, ‘They are going to put me to sleep,'” Brown said in an interview. “And she wanted to say that she loved us. You could hear the struggle for breath in her voice.

“I said, ‘We love you darling, and we will see you when you wake up.'”

But even more alarming than the company’s negligence, was the willingness of passengers to totally disregard any semblance of responsible behavior once the ship’s management said that the odds of outbreak were very low (since the crew had purportedly been “tested” and passengers had been given those “health questionnaires”).

Unfortunately, that wasn’t the case, and 15 people are death because of this error in judgment. But it’s just another example of the extent to which people will believe what they want to believe – that they would be safe at sea while the virus raged on land – if given even the slightest pretext.

Several of WaPo’s sources described passengers failing to cover their mouths and noses when they sneezed, passengers crowding into over-full elevators. As one woman said – “people just didn’t care.”

Hunt, whose mother and father-in-law were infected, said she blamed her fellow passengers, many of whom did not realize that they could pass on the virus without showing symptoms.

“People were selfish and thought they were safe being away on a boat,” she said. “I had people sneeze all over me. I had people squeeze themselves into lifts that were already too full.

“At the end of the day, we knew what was going on around the world. We knew how quickly it spread in ships. People just didn’t care.”

A Princess cruises spokesman said anyone displaying covid-19 symptoms or who had been in contact with an infected person was not allowed on board and that crew members were tested by health authorities before the ship left.

“There was therefore no reason to believe there was covid-19 on the ship,” he said.

At the time, cruise ships worldwide did not conduct onboard covid-19 tests but were expected to provide swabs to health authorities for onshore testing, he added.

But unlike other incidents involving cruise ships, once the “Ruby Princess” returned to port, passengers were allowed to exit. Instead of the “thorough health screening” they were supposed to receive, they were reportedly given pamphlets explaining how to self-quarantine for 2 weeks. Many of those from Europe and the US couldn’t get on a plane right away and fly home. Many waited around in Sydney, renting hotel rooms, while they waited to catch a flight back home. One family that spoke to WaPo eventually flew back to Perth, a city in the far-west of Australia.

A day after they disembarked, the first 13 passengers tested positive, setting off a race to test hundreds of others. Four days after that, the first passengers started to die. Meanwhile, Carnival seemed to make a point of not informing customers that anybody on the ship had been sickened. When cases started to emerge, it took many by surprise.

The Ruby Princess arrived back in Sydney on March 19, three days early. Passengers were told they would be screened by state health officials, Hunt said. Instead, they were given a leaflet explaining how to isolate themselves for two weeks.

Many could not return home right away. About one-third were from the United States or Europe. Ryder and her family spent two days in a hotel, and then took a five-hour commercial flight to Perth.

It took five days after disembarking for the first passenger to die. Another who followed was 75-year-old Karla Lake, whose husband Graeme Lake accused Carnival of allowing passengers to believe they were not at risk.

“They made a point of not letting anyone know at all that anyone was sick,” he told Australia’s Seven television network. “Good as gold, we thought it’s fine.”

Local and federal authorities in Australia have traded blame over who was responsible for clearing the passengers to disembark that day in Sydney, but now that the criminal probe has been launched, it looks like responsibility will ultimately be borne by Carnival. While the government probably deserves some of the blame, it’s worth noting that the “Ruby Princess” response blighted what was otherwise praised as an effective response by the Australian government.

The ship’s former passengers represent the largest share of positive cases in the country, and the largest share of deaths. 15 passengers have died, and more than 660 have tested positive out of the 2,600+ passengers aboard. Australia has confirmed a total of ~6,200 cases and 55 deaths.

And now this company wants a bailout from the US government? We’ll let Chamath Palihapitiya explain why this is such a bad idea.

Carnival is definitely in hot water, a fact that was reflected by a recent move higher in CDS spreads as the cost of insuring Carnival corporate debt against default soared, before legging lower again on Thursday after Jay Powell unveiled his plan to backstop the high-yield debt market.

end

Vancouver is at risk of bankruptcy as many will not pay their property taxes this year.  Calgary is not far behind Vancouver

(special thanks to Don J. for sending this to us)

{courtesy, the Province}

 

COVID-19: City of Vancouver at risk of bankruptcy, says mayor

Records show the city’s overall financial position improved by $300.8 million in 2019 with accumulated surplus totalling $7.9 billion.

The City of Vancouver is at risk of going bankrupt, says the mayor, citing a recent poll showing more than half of property owners are not expecting to pay full property taxes this year as COVID-19 financial woes take hold.

In a press release issued on Sunday afternoon, Mayor Kennedy Stewart said his earlier claim that the city would lose up to $189 million in revenue and fee shortfalls in 2020 could be $325 million short of the mark. The city has already laid off 1,500 workers.

“If 25 per cent of homeowners do end up defaulting on their property taxes, we could shed up to an additional $325 million in revenues,” Stewart said. “Losing more than half-a-billion dollars in operating funds in 2020 would devastate the city’s financial position, forcing us to liquify assets and exhaust every reserve fund we have — just to avoid insolvency.”

Property taxes make up the bulk of the city’s revenues at $874 million in 2019.

Stewart said that Research Co. polling commissioned by his office found that a quarter of all property owners would not be able to pay more than half their property tax owed in 2020 and that six per cent were not expecting to pay anything at all.

The poll also found that 68 per cent of Vancouver home owners did not pay their full mortgage on April 1, and that 55 per cent were not expecting to make their full mortgage payment on May 1.

According to the Canadian Bankers Association, over 500,000 Canadians have asked for mortgage deferrals in the wake of the COVID-19 crisis. This comes are banks are increasing interest rates.

The Research Co. survey also found Vancouver renters were being hit hard, with 30 per cent not able to make their full April rents and 63 per cent not expecting to make full rent in May.

Over one million Canadians have so far applied for the federal government’s $2,000 a month COVID-19 emergency benefit.

The survey found that 46 percent of those living in the city had either lost their jobs or experienced a reduction in hours. This has led to half of all households reporting an overall decrease in income, with 24 percent experiencing a significant decrease.

“The research is clear — the city’s finances are going to be negatively affected by COVID-19 due to lost revenues and hard-hit homeowners defaulting on their property taxes,” Kennedy said.

“It’s illegal for Vancouver and other local governments to run deficits, so the only way we can stay afloat is with the help of the federal and provincial governments. Otherwise, local governments will be forced to take drastic measures that will hurt residents and businesses, and significantly slow any post-pandemic economic recovery.”

According to the city’s financial records, the city’s overall financial position improved by $300.8 million in 2019 with accumulated surplus totalling $7.9 billion. The city is carrying $1 billion in  debt and last year received an extra $40 million in property tax, as payments from developers plunged. City expenses climbed over $300 million a year between 2015 and 2019.

The city has $1.28 billion in reserves, including $146 million set aside for catastrophic events.

Last week, Mayor Stewart called on the provincial government to give the city $200 million.

The online survey was conducted by Research Co. between April 9 and April 10, 2020. The results for employed residents are based on a sample of 421 Vancouver residents, the results for homeowners were based on a sample of 278 Vancouver residents and the results for renters were based on a sample of 301 Vancouver residents.

dcarrigg@postmedia.com

END

I am aware of lung damage and heart damage.  Now we find out that we may have liver damage caused by the coronavirus

(zerohedge)

Doctors Fear Coronavirus Survivors May Have Lasting Damage To Multiple Organs

Doctors treating coronavirus patients have begun to worry that survivors may sustain lasting damage to several organs – not just the lungs, according to the Los Angeles Times.

For the sickest patients, infection with the new coronavirus is proving to be a full-body assault, causing damage well beyond the lungs. And even after patients who become severely ill have recovered and cleared the virus, physicians have begun seeing evidence of the infection’s lingering effects.

In a study posted this week, scientists in China examined the blood test results of 34 COVID-19 patients over the course of their hospitalization. In those who survived mild and severe disease alike, the researchers found that many of the biological measures had “failed to return to normal.” –Los Angeles Times

One alarming observation have been test results indicating that recovered patients continue to have impaired liver function after patients had been cleared for discharge.

Another concern from cardiologists are the immediate effects of COVID-19 on the heart, raising questions over how long the damage may last. As the Times notes, “In an early study of COVID-19 patients in China, heart failure was seen in nearly 12% of those who survived, including in some who had shown no signs of respiratory distress.

Heart damage can easily occur when the lungs cannot deliver sufficient oxygen to the body, however when this happens without respiratory distress, “doctors have to wonder whether they have underestimated COVID-19’s ability to wreak lasting havoc,” according to the report.

“COVID-19 is not just a respiratory disorder,” according to Yale cardiologist Dr. Harlan Krumholtz, who added “It can affect the heart, the liver, the kidneys, the brain, the endocrine system and the blood system.”

Of course, there are no long-term survivors of the disease – which was unknown to mainstream science less than five months ago. Even its first victims in China are just over three months removed from their ordeal, while physicians swamped with the ongoing pandemic have been too busy treating critical patients to closely monitor the some 370,000 patients classified as ‘recovered.’

Still, doctors are worried that in its wake, some organs whose function has been knocked off kilter will not recover quickly, or completely. That could leave patients more vulnerable for months or years to come.

I think there will be long-term sequelae,” said Yale cardiologist Dr. Joseph Brennan, using the medical term for a disease’s downstream effects.

“I don’t know that for real,” he cautioned. “But this disease is so overwhelming” that some of the recovered are likely to face ongoing health concerns, he said. –Los Angeles Times

Meanwhile, questions have emerged over whether COVID-19 actually leaves the body – possibly lying dormant for years only to re-emerge later in a different form.

Several viruses already do this such as chicken pox – which can come back as shingles, and hepatitis B, which can cause liver cancer years after the primary infection clears up. Ebola is another example – hiding in the vitreous fluid of victims’ eyeballs in some cases, causing blindness or impaired vision in 40% of survivors.

Of course, then there’s the lungs – which the novel coronavirus tends to target first. In another closely related coronavirus, severe acute respiratory syndrome (SARS), around 1/3 of recovered patients had impaired lung function after three years – though they largely resolved over the next 15 years. And, 1/3 of those who survived Middle East Respiratory Syndrome (MERS) had permanent scarring of the lungs known as fibrosis.

According to a mid-March publication which tracked a dozen COVID-19 patients discharged from a Hong Kong hospital, two or three reported having difficulties with activities they had no problem performing in the past.

Dr. Owen Tsang Tak-yin, director of infectious diseases at Princess Margaret Hospital in Hong Kong, told reporters that some patients “might have around a drop of 20 to 30% in lung function” after their recovery.

Citing the history of lasting lung damage in SARS and MERS patients, a team led by UCLA radiologist Melina Hosseiny is recommending that patients who have recovered from COVID-19 get follow-up lung scans “to evaluate long-term or permanent lung damage including fibrosis.”

As doctors try to assess organ damage after COVID-19 recovery, there’s a key complication: Patients with disorders that affect the heart, liver, blood and lungs face a higher risk of becoming very sick with COVID-19 in the first place. That makes it difficult to distinguish COVID-19 after-effects from the problems that made patients vulnerable to begin with — especially so early in the game. –Los Angeles Times

And while doctors and researchers are still discovering COVID-19’s secrets, what they do know is that when patients show signs of infection, several organ systems are affected – and that when one begins to fail, others often follow. This is all wrapped in an inflammatory response, which can pry “plaques and clots from the walls of blood vessels and causing strokes, heart attacks and venous embolisms,” according to the report.

Dr. Krumholtz, the cardiologist, says the infection can cause damage to the heart and the sac which encases it, causing heart failure and arrhythmias in some patients during the acute phase. This means that former COVID-19 patients can become lifelong cardiology patients after they ‘recover’ from the primary illness.

What’s worse, blood abnormalities that can make clots more likely can persist as well.

In a case report published this week in the New England Journal of Medicine, Chinese doctors described a patient with severe COVID-19, clots evident in several parts of his body, and immune proteins called antiphospholipid antibodies.

A hallmark of an autoimmune disease called antiphospholipid syndrome, these antibodies sometimes occur as a passing response to an infection. But sometimes they linger, causing dangerous blood clots in the legs, kidneys, lungs and brain. In pregnant women, antiphospholipid syndrome also can result in miscarriage and stillbirth. –Los Angeles Times

Yale’s Dr. Brennan says that at the end of the day, we just don’t have enough data to make a long term prognosis for coronavirus patients.

end

7. OIL ISSUES

Thursday night:  Mexico still will not concede to a 23% production cut

(zerohedge)

In Late Thriller, OPEC Production Cut Deal Collapses After Mexico Gives Crown Prince The Finger

Earlier today we reported that following a dramatic objection to the OPEC+ production cut which was agreed upon by Russia and Saudi Arabia (but few other OPEC members), Mexico had initially threatened to quit OPEC as it refused to comply with the imposed 23% cut forced on all members, but less than an hour later the southern US neighbor reportedly had changed its mind as Reuters reported that Mexico had in fact agreed to the OPEC+ production cut deal after all.

Well, scratch all that because it appears the Reuters “news” was fake, sourced from some conflicted Saudi minister who wanted to put Mexico in a position where it had no choice but to accept the reality that had been imposed upon it. Unfortunately for the Saudis, this “plan” was laughable and late on Thursday, Mexico logged off the OPEC+ alliance’s videoconference emergency meeting after nine hours of talks Thursday, without agreeing to the landmark 10 million b/d production cut accord that members were hoping could stem a bruising rout in oil prices caused by the coronavirus pandemic and send the price of oil surging, S&P Global Platts reported, whose sources we can now confirm are far more credible than those of Reuters.

The rest of the coalition, led by Saudi Arabia and Russia, were in discussions over how to proceed, with many ministers angry over the potential blow-up of the deal.  The coalition will likely try to convince Mexico again Friday at a G20 energy ministerial that was originally scheduled to seek the participation of the US, Canada, Brazil and other key producers outside of OPEC+ to join its efforts.

But while the participation of G-20 non-OPEC members in the production cut deal is optional, Mexico’s isn’t and in fact has veto power, with Bloomberg reporting that unless Mexico agrees to be bound by the deal (something about a cartel and what not), the rest of OPEC+ wont’ cut oil production, threatening to send the price of oil crashing on Friday if oil exporters fail to agree on removing 10MM b/d from the market, an outcome that would result in storage spaces running out as soon as May and sending landlocked oil prices negative.

So what does Mexico want?

Well, it wants to have its cake, and eat almost all of it too: Mexico proposed an oil production cut of just 100k b/d over the next 2 months to help stabilize oil prices, Energy Secretary Rocio Nahle Garcia said in a statement on Twitter.

This is a problem because it means that while all OPEC+ members are equal – all those who are cutting production by roughly 23% – some are more equal than others, namely Mexico, whose production would have dropped to 1.681m b/d from 1.781m b/d in March, while under the OPEC plan, Mexico was required to cut production by 400,000 barrels a day, from a starting point of 1,753 million barrels a day to 1,353m barrels a day.

And if Mexico is granted a loophole, then all other OPEC members – at least the non-Saudi ones – would demand similar treatment, forcing Saudi Arabia to shoulder all of the production cuts, which would then nearly double from 4MMb/d to 8MMb/d. Needless to say that is a nonstarter, and explains why OPEC was quick to balk and warn that unless Mexico also agrees to cut by 23%, then the entire deal is off, and Brent, which was last trading at $32 would plunge 30%, maybe 40% overnight as the massive oversupply into a world which has 35MMb/d less oil demand, would continue indefinitely.

As we reported earlier, under the proposed deal, the 10 million b/d OPEC+ cuts would cover the months of May and June, and then be rolled back to 8 million b/d for the rest of 2020, and then down to 6 million b/d for all of 2021 through April 22.

Each member would lower its output 23% from its October 2018 levels, except for Saudi Arabia and Russia, who would make their cuts from a baseline of 11 million b/d. That means both countries would limit their production to 8.5 million b/d for the initial two months of the deal.

Saudi Arabia, the world’s largest crude exporter, said it had ramped up its crude output to a record 12 million b/d this month. Russia, meanwhile, pumped 10.5 million b/d of crude in March, according to S&P Global Platts Analytics.

But Mexico balked at its new quota of 1.353 million b/d, as the country plans to unveil a $13.5 billion energy investment package to help state oil company Pemex raise its production to 2 million b/d by the end of the year, according to Platts. In other words, the country’s entire budget depends on pumping as much oil as possible. Furthermore, with Mexico’s industrial production now imploding even as domestic coronavirus cases rise exponentially, the last thing AMLO will do is accept a world in which the country’s much needed dollar-denominated revenues are cut by almost a quarter.

In the end it was AMLO who killed the deal: Mexico initially agreed to the cut and the coalition was on the verge of finalizing the deal, before its delegation asked for time to consult with President Andres Manuel Lopez Obrador, sources said. Those consultations and continued haggling over its cut went on for almost four hours, but Mexico stayed firm.

As the impasse lingered, US President Donald Trump, who had convinced Saudi Arabia and Russia to set aside their oil price war and come to the negotiating table, made a phone call with Saudi King Salman and Russian President Vladimir Putin, according to Dan Scavino Jr., a White House aide.

After speaking with the leaders for 90 minutes, he told reporters that he believed the OPEC+ coalition was close to a deal but did not reveal any details.

“We had a really good talk, but we’ll see what happens,” Trump said. “As you know, OPEC met today and I would say they are getting close to a deal and we will soon find out.”

Little did he know that his southern neighbor president had different plans, and now the entire deal is on the verge of collapse.

Today’s OPEC webcast came after a week of furious petrodiplomacy and back channel pressure by Trump for a deal that could rescue ailing US shale producers, even as Trump is reluctant to commit US companies to participating in any OPEC+ pact, despite urging by Saudi Arabia and Russia, and antitrust laws make any collective action legally impossible.

Instead, US Energy Secretary Dan Brouillette is expected to tell the G20 ministerial meeting Friday that some 2 million b/d of US production is forecast to be shut in over the next year, according to a person briefed on his plans; this was a non-starter for Russia and the Saudis until yesterday, but then the two nations quietly conceded to the US position.

And then, Mexico’s unexpected objection could make it all moot.

Meanwhile, the price of oil is one flashing red headline from cratering. The OPEC secretariat has forecast a 6.8 million b/d contraction in global oil demand for the whole of 2020, including close to 12 million b/d “and expanding” for the second quarter, Barkindo told the ministers who earlier told the group that the market outlook was “horrifying” and explained that at current rates of supply and demand, global crude oil storage capacity will fill up in the month of May, he said.

“These are staggering numbers,” he said, adding that the coronavirus outbreak had “upended market supply and demand fundamentals.”

Sources said Saudi Arabia had sought an even bigger OPEC+ cut of 15 million b/d but could not get Russia to agree. The two countries had feuded at the last OPEC+ meeting on March 6, when the impact of the coronavirus was already forcing analysts to downgrade their demand forecasts, with Russia balking at a Saudi-led proposal for cuts totaling 3.2 million b/d.

Back at the table again this time, they first agreed a deal between themselves, then spent most of Thursday’s meeting trying to convince smaller producers and tweaking the numbers.

Mexico was the last holdout, and with the deal requiring unanimous agreement, the relatively small oil producer suddenly had infinite leverage to demand its own deal. The problem is that unless AMLO concedes to the terms of the deal, it is about to get exponentially worse for Mexico and the rest of the cartel.

One last point: even a 10mmb/d production cut – the best the world can expect at this point – is nothing considering the 35mmb/d plunge in oil demand. According to Goldman, even with a 10mmb/d cut – the biggest in history – shut ins will still be required until June to balance the market. We doubt anyone will volunteer…

Which means it all depends on tomorrow’s Friday’s G20 meeting which will be chaired by Saudi energy minister Prince Abdulaziz bin Salman and is scheduled to begin at 1400 GMT: either Mexico agrees to the cut, or oil is about to crater (even more), while the Mexican peso will plunge to new all time lows. Finally, as Platts reports, with Mexico not the only country needing convincing, the G20 summit promises to be another test of geopolitical wills.

END
Friday//OPEC MEETING
So far a “fudged deal”.. with the rest of the cartel members unaware

Mexican Standoff Continues: AMLO Claims US-Mexico Oil Deal At G-20, OPEC+ Denies Knowledge

After last night’s dramatic Mexican standoff, headlines this morning are as confused and disorienting as ever.

In a speech delivered from Mexico City, Mexican President Andrés Manuel López Obrador (AMLO) told the G-20 that it has a new deal… and the ‘standoff’ is over.

AMLO began by noting that it’s very difficult to cut output (just as it is for every nation we suspect) and explained how he has managed to reverse a 14-year decline in oil production.

Mexico will cut production by 100,000 barrels a day, as it argued for yesterday, and the U.S. will make an additional contribution of 250,000 barrels a day.

As Bloomberg’s Javier Blas notes, AMLO gave no indication of what the “contribution” of 250,000 barrels a day from the U.S. means – it could be an undertaking to buy that volume of Mexican crude for the Strategic Petroleum Reserve. Either way, it seems there’s a diplomatic fudge, with lots of creative math, to unlock the deal.

“It’s a done deal,” AMLO said.

The only problem with all this “we have a deal” talk…

Several OPEC+ delegations were completely unaware of AMLO’s “deal” with the group, delegates tell Bloomberg’s Javier Blas, who adds that AMLO claims he reached a deal with Trump and immediately informed OPEC+ at 7:30 p.m. yesterday.

“Now they know how we are contributing.”

It seems very unclear whether any deal has been agreed to… and furthermore, if Mexico has moved in any way from its position overnight (a 100k cut – which is around a quarter of the 400k cut that OPEC has demanded.. or is the US “contribution” supposed to make up for that?).

Did Trump, following his “great call” with Putin and MbS overnight, tell AMLO top say anything just to get a deal done? The question now is will the Saudis back down and accept whatever fudged compromise Trump, Putin, and AMLO may have cooked up?

And, as we noted last night, if Mexico is granted this exception, then all other OPEC members – at least the non-Saudi ones – would demand similar treatment, forcing Saudi Arabia to shoulder all of the production cuts, which would then nearly double from 4MMb/d to 8MMb/d.

While futures markets are closed across the world on this Good Friday, IG’s spread markets (as illiquid as they may be) are open, and there has been negligible reaction to these headlines so far…

END
Mexico has puts on oil and that is their secret weapon and enough to defy giant Saudi Arabia
(zerohedge)

Here Is The “Secret Weapon” That Allowed Tiny Oil Producer Mexico To Defy Giant Saudi Arabia

It wasn’t meant to be like this.

After the Saudis and Russia cobbled a historic OPEC+ oil production cut which at 10 million b/d was the biggest ever, and one which received the blessing – if not the participation – of Donald Trump, the rest of OPEC+ was supposed to applaud the two oil exporting giants who agreed to cut 23% of their, and everyone else’s output, and fall in line agreeing to the terms that were imposed upon them in hopes of sending the price of oil slightly higher, because as a reminder even the agreed upon 10 million cut would do nothing to balance an oil market crushed by what Trafigura calculates was a record 36 million b/d drop in oil demand.

However, that did not happen because one country dared to stand up to not just Saudi Arabia, but also Russia and the rest of the OPEC cartel, and even forced Trump to bend to its will with the US president – desperate to get the price of WTI higher in hopes of avoiding mass defaults for the US shale industry – saying he would be responsible for Mexico’s production cut balance.

That country is the southern US neighbor, Mexico, which pumps a relatively tiny 1.75 million b/d and which would have been forced to cap its output some 400,000 barrels lower to comply with the deal, however the most Mexico would agree to was a a minuscule 100kb/d cut – a number that is completely meaningless in the grand scheme of the oil market – yet one which openly defies Saudi Arabia which staked its reputation as OPEC’s most powerful nation by guaranteeing that every OPEC member would agree to the 23% production cut.

What followed has been the most surreal “Mexican standoff”, one which started during the OPEC teleconference on Thursday, continued on Friday when the G-20 was supposed to also join the production cut yet failed to do so over the confusion over Mexico’s ongoing intransigence, and has not yet been resolved as of late on Saturday, with Mexico’s Energy Minister Rocio Nahle refusing to budge from her insistence that the country could only cut output by 100,000 barrels a day, 300,000 less than its fair share of 23% reductions by everyone in the OPEC+ group. On Friday morning, Mexican President Andres Manuel Lopez Obrador said he had resolved the matter in a phone call with Trump. The U.S. would make an additional 250,000 barrels a day of cuts on Mexico’s behalf. But such a theatrical sleight of hand was not enough for the Saudis who would appear weak, and unable to reign in the cartel’s members, would risk cheating and excess production by virtually every smaller OPEC member who would feel, rightfully so, that it is unfair for Mexico to get preferential treatment.

As a result, two days after oil surged on hopes of (at least) a 10mmb/d cut, the deal that was supposedly finalized on Thursday has yet to emerge, with the that come Sunday evening when trading reopens, Brent could plunge as the production cut ends in disarray.

But why is Mexico risking the collapse of OPEC, and another sharp plunge in oil prices, by refusing to comply with the deal –  after all if Mexico cuts just another 250K barrels in output from its adjusted total it will unlock if not higher prices, then at least avoid an even sharper plunge in the price of oil. Sure, it may not balance the market, and $50 Brent won’t come back for a long time, but avoiding another dramatic plunge in oil would be worth the cut, right?

Well, no because while that would be the reasonable economic equation for all other OPEC members, Mexico has always had what Bloomberg dubbed a “sector weapon” up its sleeve, one which incentivizes Mexico’s president to either get his way, or watch as oil craters… and get paid billions.

We are talking of course about Mexico’s famous annual oil hedge, which in recent years has manifested itself mostly in the form of billions of dollars spent on oil puts, which we profiled extensively back in 2016 and 2017.

As Bloomberg’s Javier Blas, who has closely followed Mexico’s oil hedgers in the recent past writes, for the last two decades, Mexico has bought “Asian” style put options from some of the most prominent US investment banks and oil companies, in what’s considered Wall Street’s largest – and most closely guarded – annual oil deal. The options give Mexico the right to sell its oil at a predetermined price. They are the equivalent of an insurance policy: the country banks all gains from higher prices but enjoys the security of a minimum floor. So – unlike all of its OPEC peers – if oil prices remain weak or plunge even further, Mexico will still book higher prices.

In 2016, Mexico spent $1.03 billion to protect itself from a downturn in prices, according to data released in the quarterly budget balance. In recent years, Mexico has spent an average $1 billion buying the hedges. The hedge first appeared in 2001, when Mexico made a tentative showing, spending just $217.3 million on put options, a fraction of the approximately $1 billion a year it would spend later. In 2003 and 2004, with oil prices rising, the country opted not to hedge at all.  The strategy came into its own in 2005: Mexico has hedged every year since without interruption, giving it a unique peace of mind that should a worst case scenario happen, it would be able to sleep soundly a t night. Agustín Carstens, who later became head of the central bank, was finance minister when a massive $5.1 billion payout came in 2009; some government officials also refer to the annual oil bet as “the Agustínian hedge”; then in 2015, after the OPEC Thanksgiving massacre of 2015, the hedge made $6.4 billion and another $2.7 billion in 2016 after Saudi Arabia waged another failed price war aimed to crushing US shale producers.

Mexico’s annual spending on its hedge with Wall Street banks is shown in the chart below.

Unfortunately for the rest of the world’s oil producers, only Mexico had the foresight to hedge an outcome such as the one we are seeing now, and that is giving Mexico unprecedented leverage to demand… pretty much anything, even preferential treatment from its OPEC peers.

To be sure, the hedge isn’t the only reason Mexico is holding out, but it strengthens the country’s hand and makes it less desperate for a deal than countries whose budgets have been ravaged by the collapse in oil prices since the start of the year. As we reported on Thursday, the biggest reason driving leftwing populist President Andres Manuel Lopez Obrador to resist the deal, was his pledge to revive oil production via state-owned Pemex. Slashing 400,000 barrels a day to comply with the OPEC+ deal, rather than the 100,000 barrels a day that Mexico has counter-offered to Saudi Arabia, would put on hold his ambitious plan to return Pemex to its former glory.

But a token 100,000 cut – one which flaunts the Saudi demands for equal sacrifice by all the cartel members – is unacceptable to Crown Price MbS, hence the Mexican standoff continues.

“The insurance policy isn’t cheap,” Mexican Finance Minister Arturo Herrera told broadcaster Televisa on March 10. “But it’s insurance for times like now. Our fiscal budget isn’t going to be hit.” Pemex, the state-owned company, has its own separate, smaller oil hedge.

As Bloomberg reports, Mexico has disclosed very few details about its insurance for 2020 after it declared the sovereign hedge a state secret. However, based on limited public information, alongside historical data about previous years, it’s possible to make a rough estimate of the potential payout if prices remain low. The government told lawmakers it has guaranteed revenues to support the assumptions for oil prices made in the country’s budget – of $49 a barrel for the Mexican oil export basket, equivalent to about $60-$65 a barrel for Brent crude.

Mexico locks in that revenue via two elements: the hedge, and the country’s oil stabilization fund. The fund historically has only provided $2-$5 a barrel, so one can assume that Mexico hedged at $45 a barrel at least for its crude. In the past, Mexico has hedged around 250 million barrels, equal to nearly all its net oil exports in an operation that runs from Dec. 1 to Nov. 30.

Putting these calculations together suggests that if the Mexican oil export basket were to remain at current levels, the country would receive a multi-billion dollar payout. Since December, the Mexican oil basket has averaged $42 a barrel.
In other words, if current low prices for Mexican oil continue until the end of November, the average would drop to just above $20 a barrel, and the hedge would pay out close to $6 billion, according to Bloomberg News calculations.

In short, Mexico may be far more incentivized to see oil prices stay low, or drop lower, than rebound modestly while also losing out on an additional 250kb/d in potential output.

It is this math that is threatening to collapse not only the production cut deal, but OPEC itself because if the Saudis are seen as too weak to get even tiny oil exporters Mexico to heel – and absent MbS paying AMLO billions they won’t be able to – then all bets are off as Riyadh loses what little respect it had before the deal. and the “cartel” becomes an every oil producer for himself free for all.

END
SUNDAY/AFTERNOON; DEAL ANNOUNCED//MEXICO WINS

OPEC Reaches Historic Deal To Cut Oil Production As Mexico Wins “Mexican Standoff” With Saudis

Update: just moments after our write up on how much depends on OPEC+ getting a deal done (including, among other things, Trump’s re-election chances) there was virtual white smoke pouring out of OPEC+’s virtual chimneys, when Bloomberg reported that after a week-long marathon of bilateral talks and four days of video conferences with government ministers from around the world, an agreement finally emerged to cut oil production in a world suffering an unprecedented plunge in energy demand.

Just hours before oil resumed trading on Sunday, energy ministers of global oil producers agreed to cut oil productionbut not by the 10MMb/d announced previously, but rather by 9.7MMb/d as Mexico won the long-running standoff, and will be required to only cut 100,000 despite Saudi Arabia’s vocal objections, with the US somehow contributing the balance..

“OPEC+ will cut 9.7 million barrels a day — just below the initial plan of 10 million. Mexico appeared to have won a diplomatic victory as it will only be required to cut 100,000 barrels — less than its pro-rated share”, Bloomberg reported. This means that the 4-day Mexican standoff between Mexico and pretty much every other nation, has ended with Mexico victorious and Saudi Arabia’s reputation to enforce a deal in tatters, in no small part thanks to Mexico’s “secret weapon” a multi-billion oil price put that insulated Mexico from further oil price declines.

It also means that starting May 1, the world’s oil production will look like this:

Or rather, it won’t look like that because the table assumes non-OPEC nations – besides Mexico – cut by 23%. That won’t happen, as we now learn that the US will cut 300,000 bps on behalf of Mexico, but not pursue any of its own cut.

And while Bloomberg has blasted the following headline:

  • U.S., BRAZIL, CANADA TO CONTRIBUTE 3.7MBD TO OUTPUT REDUCTION

That said, we doubt the US will contribute anythingin the next few months, as the US position has long been that it will have no choice but to cut as much as 2mmb/d but organically, and not immediately, as it is unable to do so from a legal basis.

The question now for the oil market is whether the cuts will be enough to throw a floor under prices as demand for energy craters. Amid a record plunge in demand, the result of the global economic shutdown, the oil market is now far more worried about consumption than supply. OPEC itself acknowledged the challenge, with its chief warning ministers demand fundamentals were “horrifying.”

OPEC+ was also seeking 5 million barrels a day of output reductions from producers in the Group of 20. The group, however, didn’t mention any curbs in its communique following a meeting on Friday, only saying it would take measures to ensure stability.

In other words, the math is that if one ignores the diplomatic sleight of hand and math gimmicks, the production cuts amount to just over 7mmb/d, which while still a record amount, are hardly enough to put an even modest dent in today’s massively oversupplied market.

* * *

EARLIER:

Perhaps due to ideological principles, perhaps due to its massive oil hedge that stands to make billions in profits if oil stays at its current depressed prices or drops further, perhaps because Mexico’s president AMLO plans to revive Pemex and so is unable to cut oil output, but four days after OPEC+ announced it had “reached a deal” in which all oil producing nations, including non-OPEC G-20 members would cut production by 23%, Mexico is still refusing to sign the dotted line and is threatening to trigger another oil price crash when the black gold reopens for trading in a few hours.

To be sure, there were some signs of progress with Bloomberg reporting that as diplomatic wrangling between Mexico and Saudi Arabia entered a fourth day, a group of OPEC+ ministers were due to speak at 5 p.m. London time and delegates said two possible fixes would be discussed. However, as Energy Intel deputy bureau chief Amena Bakr, writes, almost an hour after the scheduled call, Mexico’s energy minister Rocio Nahle had yet to join the call.

Amena Bakr@Amena__Bakr

Sources say that Mexico’s minister isn’t on the call yet

And as the world wait, the stakes are getting higher by the hour: oil prices have already collapsing under the weight of an oil glut that amounts to about a third of the market’s overall size, as the coronavirus pandemic has shut down the global economy and sent India’s oil demand plunging 70%. That’s threatening the U.S. shale industry, wrecking the budgets of oil-dependent nations and making it harder for central banks to respond to the virus shock; it has also made Trump an especially activist participant in this negotiation which he is hoping works out as Trump knows very well that without Texas his reelection odds will follow the price of oil.

That has not escaped the Kremlin, which earlier today warned of “unmanageable chaos” if negotiations fail. “The whole world needs this deal,” Dmitry Peskov, spokesman of President Vladimir Putin, said in comments broadcast on Sunday, while also hinting that Trump may have the most to lose if a deal is not reached: “With layoffs looming for the U.S. oil industry and shale oil companies on the brink of bankruptcy, the nosedive in crude prices acquires political significance as U.S. elections approach”,Peskov added ominously.

The OPEC+ alliance on Thursday agreed a plan to cut its output by 23%, or 10 million barrels a day, equal to a 10th of global supply. The deal would end the month-long price war between Saudi Arabia and Russia. However, it still needs the approval of Mexico, which is part of the alliance, but until Sunday had yet to endorse it. Mexico has agreed to cut just

On Sunday’s call delegates expected a compromise solution proposed by President Donald Trump last week – initially rejected by Saudi Arabia – would be discussed again. Another idea has also emerged, to focus on Mexico’s exports rather than production. Negotiations then escalated to the highest level, with Trump intervening to speak to leaders including Crown Prince Mohammed bin Salman.

Late last week, a deal looked close until Mexico raised objections. Populist president Andres Manuel Lopez Obrador has pledged to restore his country’s oil-pumping prowess with its politically symbolic state oil firm, and so he is reluctant to cut output. Trump offered a compromise – by which U.S. cuts would count as Mexican – but it was rejected by Saudi Arabia. Talks between the kingdom and Mexico continued through the weekend as no a single nation was willing to back down from the Mexican standoff.

Confirming that Trump is especially invested in getting some deal done today, in an attempt to break the impasse, the US president offered a diplomatic solution that includes some “creative accounting” with Mexico counting some of the U.S. market-driven supply decline as its own. According to delegates, most OPEC+ countries back the Trump compromise – even if they acknowledge it’s a face-saving mechanism that doesn’t translate into actual cuts. But Saudi Arabia insisted that Mexico cut its production as much as everyone else.

That said, even if a deal is reached – and one likely will be – it may not be enough to put a floor under oil prices. While a 10% reduction in worldwide crude output would be unprecedented, it would barely dent the surplus that continues to build and has reached as much as 36 mmb/d  of global demand according to Trafigura.

Needless to say, traders will inspect any agreement for details of where real cuts are coming from, and how much of the headline figure might come from moving baselines and reductions that have already been forced on producers by the market.

On Friday, G-20 nations followed the OPEC+ meeting and said they would take “all the necessary measures” to maintain a balance between oil producers and consumers, but made no commitment toward specific steps on production cuts.

Riyadh had wanted the G-20 meeting to yield at least 5 million barrels a day of cut commitments from producers outside OPEC+, however it is now clear that the only production cuts the US is willing to shoulder – besides what the administration has defined as organic cuts over the next two years as some 2mmb/d in shale production are eliminated – are those to backstop Mexico. The reality, as shown in the table above, is that real cuts when ignoring accounting gimmicks, amount to just over 7mmb/d, still a record amount, but hardly enough to put an even modest dent in today’s massively oversupplied market.

END
Sunday night:
oil initially rises then falls:

Oil & Stocks Crash Into Red After Big Opening ‘OPEC+ Deal’ Gains Evaporate

A mixture of good (European daily virus death count growth slowing) and bad (US virus death count growth not slowing) news mixed with an ‘odd’ but ‘historic’ deal with OPEC+ and G20 debt restructuring chatter has sparked an instant bid in stocks and oil prices but just as quickly those bids are disappearing…

Dow futures were up almost 300 points at the open but is now down 500 points…

Oil opened up over 8% after the OPEC+ deal…

But, as one major brokerage platform wrote to clients today:

Due to potential market volatility, OPEC meetings and the upcoming holiday weekend, Crude Oil (CL & QM) will require 150% of initial margin for today’s trading session.

At 3pm ET, initial margin will increase to 200%.

Any client wishing to hold a position after today’s close must have 200% of the maintenance margin requirement.

Which may help explain why WTI is now trading back below Thursday’s lows…

Clearly, the so-called “biggest production cut deal in history” was nothing of the sort and nothing like big enough… no matter what the narrative being spun from Moscow, The White House, and The Kingdom.

In a world where there is now up to 36MMb/d less oil demand, the world’s oil producers have agreed to cut production by…  9.7MMb/d…

Gold is marginally higher…

We’re gonna need a bigger oil deal!

end

MONDAY//OIL

Trump scrambles to jawbone oil prices higher…one complete joke

(zerohedge)

 

Trump Scrambles To Jawbone Oil Price Higher, Says OPEC+ Looking At Cutting 20MM Barrels, Not 10MM

Shortly after Mexico won a historic “Mexican standoff” with Saudi Arabia on Sunday afternoon, and was exempt from a historic 9.7mmb/d oil production cut by OPEC+ member states (which Mexico had held up for the previous 4 days after refusing to agree to the across the board 23% cut), we said that “OPEC Reaches “Historic” Deal To Cut Oil Production As Mexico Wins “Mexican Standoff” With Saudis… But It’s Not Enough.”

A few hours later, Goldman echoed what we said in a note titled “A historic yet insufficient cut“, writing that “taking into account updated core-OPEC production guidance from April, this 9.7 mb/d “headline” deal represents a 12.4 mb/d cut from claimed  April OPEC+ production (given the Saudi, UAE, Kuwait ongoing surge) but an only 7.2 mb/d cut from 1Q20 average production levels.” Doing the math, the Goldman analyst calculated that “the OPEC+ voluntary cut would only lead to an actual 4.3 mb/d reduction in production from 1Q20 levels” adding that “based on our updated oil balances, such OPEC+ voluntary cuts would still require an additional 4.1 mb/d cut in May  production at the binding storage capacity constraint” which means that “at the 35% compliance level outside of core-OPEC, the necessary production cuts need would need to be 0.5 mb/d larger.”

In short, and as we have been repeating all along, the 10 9.7mmb/d production cut is nowhere near enough to offset the plunge in demand which based on various estimates is anywhere between 20 and 36mmb/d.

It’s also why after knee-jerking higher, oil – which had priced in a 10mmb/d production cut as far back as the middle of last week – has been drifting lower…

… in the process infuriating the US president who had hoped the OPEC+ deal would send oil sharply higher. Alas, even algos can do math now, and everyone by now understands that a 9.7mmb/d supply cut is nowhere near enough to offset 36mmb/d in less demand.

The result: after watching Brent drift lower, Trump finally snapped this morning and in hopes of doing OPEC’s job for them, the US president tired his best to jawbone oil higher by saying that “the number that OPEC+ is looking to cut is 20 Million Barrels a day, not the 10 Million that is generally being reported.”

Donald J. Trump

@realDonaldTrump

Having been involved in the negotiations, to put it mildly, the number that OPEC+ is looking to cut is 20 Million Barrels a day, not the 10 Million that is generally being reported. If anything near this happens, and the World gets back to business from the Covid 19…..

Donald J. Trump

@realDonaldTrump

….disaster, the Energy Industry will be strong again, far faster than currently anticipated. Thank you to all of those who worked with me on getting this very big business back on track, in particular Russia and Saudi Arabia.

Trump has a point… the only problem is that 20 million b/d number also includes several million in US production cuts, which Trump refuses to order! In fact Trump believes that between covering Mexico’s 300kb/d shortfall (which will be met with organic production declines not an actual supply stop as of May 1), the US does not need to cut further.

So if Trump really wants to send the price of oil higher – and he does to avoid mass layoffs in the re-election critical state of Texas even if it means much higher gas prices at the pump – it is up to Trump to somehow find 2-3 or more million barrels in US production cuts. Without those, Brent will keep drifting lower because while the US president may not do supply/demand math, everyone else in the energy sector now does.

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.0925 DOWN .0005 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /GREEN

 

 

USA/JAPAN YEN 107.92 DOWN 0.428 (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 1.2481   UP   0.0047  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3963 UP .0013 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  MONDAY morning in Europe, the Euro FELL BY 5 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1219 Last night Shanghai COMPOSITE CLOSED DOWN 13.58 POINTS OR 0.49% 

 

//Hang Sang CLOSED UP 329.96 POINTS OR 1.34%

/AUSTRALIA CLOSED // EUROPEAN BOURSES ALL GREEN

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 329.96 POINTS OR 1.36%

 

 

/SHANGHAI CLOSED DOWN 13.58 POINTS OR 0.49%

 

Australia BOURSE CLOSED 

 

 

 

Nikkei (Japan) CLOSED DOWN 455.10  POINTS OR 2.33%

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1692.80

silver:$15.46-

Early MONDAY morning USA 10 year bond yield: 0.73% !!! UP 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 1.34 UP 1  IN BASIS POINTS from THURSDAY night.

USA dollar index early MONDAY morning: 99.41 DOWN 9 CENT(S) from  THURSDAY’s close.

This ends early morning numbers MONDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  MONDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.90% DOWN 0 in basis point(s) yield from YESTERDAY/

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

SPANISH 10 YR BOND YIELD: 0.79%//DOWN 0 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,60 DOWN 0 points in basis points yield from yesterday./

 

 

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

 

GERMAN 10 YR BOND YIELD: FALLS TO –.35% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.95% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR MONDAY

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

Euro/USA 1.0905  DOWN     .0024 or 24 basis points

USA/Japan: 107.61 DOWN .735 OR YEN UP 74  basis points/

Great Britain/USA 1.2518 UP .0085 POUND UP 85  BASIS POINTS)

Canadian dollar DOWN 4 basis points to 1.3945

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 67.0526    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  7.0562  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  6.7847 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

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

 

Your closing 10 yr US bond yield UP 0 IN basis points from THURSDAY at 0.73 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.34 UP 0 in basis points on the day

Your closing USA dollar index, 99.51 DOWN 1  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED UP 164.93  2.93%

German Dax :  CLOSED UP 231.85 POINTS OR 2.24%

 

Paris Cac CLOSED UP 64.10 POINTS 1.44%

Spain IBEX CLOSED UP 118.80 POINTS or 1.71%

Italian MIB: CLOSED UP 240.80 POINTS OR 1.39%

 

 

 

 

 

WTI Oil price; 23.06 12:00  PM  EST

Brent Oil: 32.18 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    73.59  THE CROSS LOWER BY 0.19 RUBLES/DOLLAR (RUBLE HIGHER BY 19 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.35 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 :  $22.70//

 

 

BRENT :  $32.06

USA 10 YR BOND YIELD: .0.76 % up 3 basis

 

 

 

USA 30 YR BOND YIELD: 1.39..up 5 basis points

 

 

 

 

 

EURO/USA 1.0918 ( DOWN 12   BASIS POINTS)

USA/JAPANESE YEN:107.67 DOWN .675 (YEN UP 68 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 99.39 UP 6 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2518 UP 85  POINTS

 

the Turkish lira close: 6.7902

 

 

the Russian rouble 73.60   UP 0.19 Roubles against the uSA dollar.( UP 19 BASIS POINTS)

Canadian dollar:  1.3863 UP 87 BASIS pts

 

 

German 10 yr bond yield at 5 pm: ,-0.35%

 

The Dow closed DOWN 328.60 POINTS OR 1.39%

 

NASDAQ closed UP 38.85 POINTS OR 0.48%

 


VOLATILITY INDEX:  42.08 CLOSED UP .41

LIBOR 3 MONTH DURATION: 1.218%//libor dropping like a stone

LIBOR/OIS  1.148  (DROPPING AS WELL)

 

USA trading today in Graph Form

Gold Jumps As Stocks & Oil Dump From Exuberant Open

After the best week in decades for stocks…

Consumer sentiment just suffered the largest single-month decline on record as Americans became increasingly rattled by thousands of business closings and millions of layoffs across the country. Not only did the University of Michigan’s main gauge of confidence take a big hit from the swift reversal of fortunes, but so did a measure of buying conditions. The share of respondents who said times were “good” plunged in April to the lowest level since May 1980… despite the biggest surge in The Fed Balance Sheet ever…

Source: Bloomberg

What a let-down!

The message from the markets for “interventionists” is clear…

A “historic” OPEC+ deal utterly failed to inspire…

And The Fed’s “unprecedented” action from Thursday has now been completely erased from The Dow’s memory…

Nasdaq And Small Caps managed to hold on to gains, Trannies and The Dow were worst… a late-day liftathon helped rescue some of the gains but the last few minutes saw an ugly hit…

Nasdaq was the only major index to close the day green, Small Caps were ugly…

Virus-Fear was resurrected today…

Source: Bloomberg

Notable plunge in ‘value’ factor today…

Source: Bloomberg

Last week was the biggest weekly short squeeze ever and so it is perhaps not a total surprise that the rampers ran out of ammo…

Source: Bloomberg

Even Fed-Sponsored junk debt fell further today…

Treasury yields rose today, steepening with the long-end up 4-5bps, short-end up 1-2bps…(NOTE – bonds were bid into the EU close)…

Source: Bloomberg

Gold prices surged to new cycle highs…

And the decoupling between London spot (physical) and COMEX futures continues…

Source: Bloomberg

Copper outperformed on the day while silver ended lower…

Source: Bloomberg

The dollar ended lower for the 5th day in a row…

Source: Bloomberg

Cryptos took a dive overnight…

Source: Bloomberg

Finally, we return full-circle to the start of today’s wrap. Bloomberg notes that as stocks posted their biggest weekly gain since 1974, skeptical Wall Street veterans shook their heads in amazement. But exchange-traded fund investors did what they always do – they piled in.

Source: Bloomberg

In only seven trading days this month, equity ETFs took in more than $16.5 billion, according to data compiled by Bloomberg. The torrid pace puts inflows on track to exceed the monthly total of $42.5 billion in December, when stocks rallied during what ended up being the tail end of an 11-year bull market.

And, as Bloomberg details, assuming a bear market in U.S. stocks has ended because the S&P 500 Index has rallied 25% from its March low, a milestone reached Thursday, flies in the face of recent history. Gains of more than 20% interrupted the 2000-2002 and 2007-2009 bear markets, according to data compiled by Bloomberg.

Source: Bloomberg

The S&P 500 climbed 21% between September 2001 and January 2002, and then tumbled 34% from January’s peak before reaching a low nine months later. There was a 24% advance between November 2008 and January 2009, followed by a two-month drop of 28%. LPL Financial looked at bear-market rallies in a report last week.

And don’t forget earnings start tomorrow with the big banks…“We’re in for a tough year,” said Savita Subramanian, head of U.S. equity and quantitative strategy at Bank of America Corp. in a Bloomberg Television interview. Earnings are going to be down “by about 30%,” she added.

Source: Bloomberg

END

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

MARKET TRADING//USA

a)Market trading/THIS MORNING/USA

Dow Dumps 800 Points From Sunday Open – Erases Fed “All-In” Spike

All the gains from The Fed going “all in” on Thursday have been erased…

Nasdaq and S&P are holding very modest gains for now…

 

Time for The Fed to “surprise” the market again… this time buying stocks?

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

US Deficit To Quadruple To $3.8 Trillion; Total Debt Will Surpass World War II Record: CRFB

Two weeks ago, with US CDS surging ever since the arrival of “helicopter money”…

Fitch became the first rating agency to warn that the US AAA rating was at “risk of a near-term negative action” due to a damning set of reasons including

soaring debt, shrinking GDP, and the “helicopter-money” anti-virus actions.

Moments ago, the Committee for a Responsible Federal Budget (CRFB) issued a report which is sure to pour gasoline on that particular dumpster fire, when it projected that the US budget deficits will total more than $3.8 trillion this year, another $2.1 trillion in 2021, and will total just over $11 trillion by the end of 2025.

And, as we pointed out a few days ago, the CRFB now projects total debt held by the public will exceed the size of the economy, or 100% of GDP, by the end of the year, and will eclipse the record set after World War II by 2023.

* * *

In its report, the CRFB writes that the United States entered the current public health and economic crisis facing high levels of debt and trillion-dollar deficits. Due to the effects of the crisis and legislation enacted to combat it, debt and deficits will now grow much higher, to never-before-seen levels both in dollars and as a share of Gross Domestic Product (GDP).

The CRFB’s latest projections find that under current law, budget deficits will total more than $3.8 trillion (18.7 percent of GDP) this year and $2.1 trillion (9.7 percent of GDP) in 2021. Meanwhile, debt held by the public will exceed the size of the economy by the end of Fiscal Year 2020 and eclipse the prior record set after World War II by 2023.

The final result will likely be even worse. As the CRFB admits, “These projections almost certainly underestimate deficits, since they assume no further legislation is enacted to address the crisis and that policymakers stick to current law when it comes to other tax and spending policies. The projections also assume the economy experiences a strong recovery in 2021 and fully returns to its pre-crisis trajectory by 2025. Assuming a slower and weaker recovery (but no changes in law), we estimate debt would grow to 117 percent of GDP by 2025.”

Parroting the Fed, every politician and every recipient of bailout funds, the CRFB writes that like the record levels of borrowing undertaken during World War II, “a large share of today’s massive deficits are both inevitable and necessary in light of the current pandemic crisis.” As CRFB president Maya MacGuineas explained recently, “combating this public health crisis and preventing the economy from falling into a depression will require a tremendous amount of resources – and if ever there were a time to borrow those resources from the future, it is now.” But just as World War II was followed by years of fiscal responsibility to restore debt to historic levels, it will be important after the crisis and recovery to ensure that debt and deficits return to more sustainable levels.

Some more from the report:

Deficits Might Quadruple This Year

Last year, the budget deficit totaled $984 billion. Under current law, we project the deficit will be nearly four times as large this year, exceeding $3.8 trillion. Our projections show the deficit will total $2.1 trillion in 2021 and roughly $1.3 trillion per year after that, through 2025. As a share of the economy, we project the deficit will total 18.7 percent of GDP in 2020, 9.7 percent in 2021, and roughly 5.6 percent per year thereafter.

By way of comparison, the previous record for nominal deficits was set in 2009, when borrowing reached $1.4 trillion. As a share of GDP, deficits never rose above 10 percent during the Great Recession. The only time deficits have ever exceeded our projection for 2020 of 18.7 percent of GDP was in a three-year span during World War II – reaching a high of 29.6 percent in 1943.

Our $3.8 trillion deficit estimate builds off of the Congressional Budget Office’s (CBO) pre-crisis baseline projection of $1.1 trillion in borrowing for 2020 and its $134 billion cost estimate for the 2020 effect of the Families First Coronavirus Response Act. On top of that, we estimate the Coronavirus Aid, Relief, and Economic Security (CARES) Act will cost nearly $2.1 trillion in fiscal year 2020 – though the cost could differ depending on spendout rates and amounts for various provisions, the share of loan payments that are recovered, and the budgetary treatment of certain provisions. Finally, we estimate nearly $600 billion in additional deficit spending as a result of feedback effects from lower economic output, slower inflation, higher unemployment, and lower interest rates. Our economic assumptions were generated by averaging a variety of third-party estimates and assuming economic output returns to previously projected levels by 2025.

Through 2025, we estimate deficits will total $11.3 trillion – the sum of $6.8 trillion in previously projected deficits, nearly $200 billion from the Families First Coronavirus Response Act, $2.1 trillion from the CARES Act, $1.8 trillion from economic feedback, and $350 billion from debt service. We estimate economic feedback could be as low as $900 billion or as high as $3.2 trillion under different sets of economic assumptions.

Debt Could Exceed the Size of the Economy This Year

During the Great Recession, debt grew by 21 percent of GDP between the end of 2008 and the end of 2010. Under current law, we estimate debt will grow a similar amount over just a seven month period. Specifically, we estimate debt will grow from just under 80 percent of GDP prior to the crisis to over 100 percent of GDP by the end of Fiscal Year 2020, on October 1. Our projections show debt will continue to grow as a share of GDP thereafter, exceeding the prior record of 106 percent set just after World War II by 2023 and exceeding 107 percent of GDP by 2025. The estimates assume a robust recovery in 2021 and a full recovery to pre-crisis projections by 2025.

Though we have not updated our debt projections beyond 2025, the latest projections from CBO suggest debt of 107 percent of GDP in 2025 could grow to between 115 and 120 percent of GDP by 2030. This assumes large parts of the Tax Cuts and Jobs Act expire after 2025.

If that wasn’t bad enough, the CRFB warns that “Debt and Deficits are Likely to Be Far Higher than We Project”

Our updated debt and deficit projections are based on current law and assume a robust and ultimately full economic recovery. In theory, our projections could be too high or too low, but in reality, deficits and debt are likely to be much higher than we project.

On the economic side, we project that a faster recovery (and a full recovery of price levels) could result in deficits of $10.3 trillion through 2025 as opposed to $11.3 trillion, holding debt levels to 102 percent of GDP by 2025. On the other hand, a deeper contraction and a much slower economic recovery could result in deficits of $12.7 trillion through 2025 and debt as high as 117 percent of GDP.

Neither of these scenarios account for the (extremely likely) possibility that further legislation will be enacted to combat the current public health and economic crisis. Policymakers are already considering proposals to extend various parts of the CARES Act and pass further measures to support states, hospitals, businesses, and households. They may also enact more traditional stimulus measures once lockdowns end in an effort to jumpstart the economy.

These policies would further increase deficit and debt levels. For example, if policymakers end up spending another $1 trillion per year over the next three years on additional stimulus measures, debt as a percentage of GDP would be about 12 percentage points higher by 2025. If policymakers use the current crisis as an excuse to enact a number of permanent and unrelated policies, debt could grow even higher and larger deficits would persist in perpetuity.

At some point, such high and rising deficits and debt levels will prove unsustainable, and corrective action will be needed. Putting long-term deficit reduction measures in place sooner rather than later would allow policymakers to phase in changes more gradually and give those affected more warning and ability to prepare.

At this point someone should inform the beancounters at the CRFB about the wondrous thing called the Magic Money Tree (MMT) why explains why becoming the next Weimar Republic/Zimbabwe/Venezuela does miracles for one’s fiscal outlook and confidence in the world’s reserve currency.

And now we look forward to the Congressional Budget Office updating its long-term debt chart which before the Coronavirus pandemic looked like this…

iii) Important USA Economic Stories

Farmers are tossing thousands of acres of fruits and vegetables as sales plummet

(zerohedge)

“We Can’t Give Our Product Away” – Farmers Toss Thousands Of Acres Of Fruits, Veggies As Sales Plummet

As some misguided liberals complain about fruits “left rotting on the trees” because Trump’s immigration crackdown has left no undocumented migrants to pick the vegetables (a demonstrably false assumption), the Associated Press has offered an explanation for this phenomenon that also illustrates how disruptions in the businesses like the hospitality and food-service industry work their way through the supply chain, ultimately sticking farmers in the American Farm Belt with fields of vegetables that they can’t sell, or even donate as local food pantries are now full-up with donations from restaurants.

The AP started its story in Palmetto, Fla. a city in Manatee County on the Gulf Coast, where a farmer had dumped piles of zucchini and other fresh vegetables to rot.

As the AP reported, thousands of acres of fruits and vegetables grown in Florida are being plowed over or left to rot because farmers who had grown the crops to sell to restaurants or other hospitality-industry buyers like theme parks and schools have been left on the hook for the crops.

As the economy shuts down across the country, injecting what the Fed described as massive levels of uncertainty, farmers in the state are now begging Ag Secretary Sonny Purdue to get some of that farm bailout money. Without some kind of industry-specific bailout, these farmers might go out of business.

The problem – in a nutshell – is that these farmers have longstanding sales relationships, but suddenly, those customers have disappeared. And many other companies in the US that are still buying produce already have contracts with foreign suppliers.

It would be great if Trump could come in with agricultural tariffs that would effectively cut off foreign competition, but such a move would likely be widely panned by the establishment, who would sooner watch every small farmer commit hari-kari than see continued pullback in globalization and more limits on free trade.

“We gave 400,000 pounds of tomatoes to our local food banks,” DiMare said. “A million more pounds will have to be donated if we can get the food banks to take it.”

Farmers are scrambling to sell to grocery stores, but it’s not easy. Large chains already have contracts with farmers who grow for retail — many from outside the U.S.

“We can’t even give our product away, and we’re allowing imports to come in here,” DiMare said.

He said 80 percent of the tomatoes grown in Florida are meant for now-shuttered restaurants and theme parks.

And the problem isn’t unique to farmers in Florida. Other states are having similar issues. Agricultural officials said leafy greens grown in California have no buyers, and dairy farmers in states like Vermont have been hit especially hard. Dairy farmers in VT and Wisconsin told the AP they’ve had to dump surplus loads of milk.

An association for farmers in Florida asked the administration if their veggies could be donated to food-stamp or other federal welfare programs, but reportedly, they never heard back.

Among states that harvest in the winter, California has a lot of leafy green veggies that are about to come out of the ground.

“The tail end of the winter vegetable season in Yuma, Arizona, was devastating for farmers who rely on food service buyers,” said Cory Lunde, spokesman for Western Growers, a group representing family farmers in California, Arizona, Colorado and New Mexico. “And now, as the production shifts back to Salinas, California, there are many farmers who have crops in the ground that will be left unharvested,” particularly leafy greens.

He said a spike in demand for produce at the beginning of the outbreak has now subsided.

“People are staying home and not visiting the grocery stores as often,”  Lunde said. “So the dominoes are continuing to fall.”

Some farmers have experimented with selling crops directly to customers, with one Florida farmer in Palmetto selling boxes of roma tomatoes for just $5 a box, an amazing bargain in a time of tremendous need. But the sales are well short of what he needs and likely won’t do more than put a dent in his losses. But at least it’s something.

“This is a catastrophe,” said tomato grower Tony DiMare, who owns farms in south Florida and the Tampa Bay area. “We haven’t even started to calculate it. It’s going to be in the millions of dollars. Losses mount every day.”

Florida leads the US in harvesting tomatoes, green beans and cabbage. Can you imagine what life would be like if tomatoes and tomato sauce prices soared because all of these medium-sized and small farmers around the country have gone out of business? Or if you walked into the grocery store a year from now and there simply weren’t any tomatoes.

It could happen much more easily than you might believe – that is, if not enough is done.

end
Missed rent and mortgage payments will spell catastrophe for months and even years.
(zerohedge)-

“Everyone Is Blameless”: Missed Rent & Mortgages Could Spell Real Estate Catastrophe For ‘Months Or Years’

Previously we described that over 30% of US renters didn’t pay their April apartment rent as the fallout of coronavirus-induced mass unemployment claims continues to ripple across various key sectors. Despite that some tenants will receive temporary protection from evictions “by a patchwork of federal and local laws” the reality is that as unpaid rents pile up, so will mortgage defaults as landlords struggle to satisfy their obligations – which will in turn affect fixed-income investments backed by said mortgages.

On the commercial side, Bloomberg estimates that about $81 billion in commercial rent comes due on average each month, but of course this is anything but a typical month, resulting in “The delay of a sizable portion of that will put an enormous strain on the complex systems for financing real estate and highlight how quickly the pain caused by social distancing has spread,” as Bloomberg observes.

The domino effect presents the broader question of not only carnage across real estate financing, but lasting pain felt for the individual home-owners: “It won’t be much better for homeowners. Roughly 15 million households — about 30% of mortgage borrowers — could miss payments if the economy stays shuttered through the summer, according to Mark Zandi, chief economist at Moody’s Analytics.”

 

File image via Summit Real Estate

The report casts a dire long-term outlook, underscoring that local, state and federal initiatives to temporarily halt all foreclosures and evictions will not be enough based on a policy aimed at “pausing” punitive measures a mere month or two:

“The initial thinking behind it seems like it was that this is going to last a month or two, and things will go back to normal,” says Tomasz Piskorski, a professor at Columbia Business School, who favors forgiving some interest payments for affected mortgage borrowers. “It buys us some time. But it’s going to take months or years to get back to a new normal.”

But Americans will have to pay the piper eventually even if in this crisis they perceive that ‘everyone is blameless’.

“Rents must be paid eventually, and landlords will have claims even in bankruptcy. In cases where businesses shut down because of government order, tenants will pursue claims of force majeure, arguing that their contractual agreement has been superseded by social-distancing decrees. Landlords may make the same case to lenders,” Bloomberg describes of what’s coming.

 

Via Bloomberg/CoStar Portfolio Strategy

But the music has to stop somewhere.

The blameless nature of the crisis could make some problems easier to solve, lowering resistance to government bailouts. A bigger challenge may be mustering a strong response during a crisis in which officials worldwide have repeatedly been slow to take decisive action.”

“It’s almost like we’re watching this unfold in slow motion,” Scott Rechler, CEO of RXR told Bloomberg. “We know the bad part is coming, but we don’t know how long it will last or how resilient we’ll be.”

 end
Breadlines erupting throughout the uSA as the lockdowns crush America’s working poor.
(zerohedge)

‘Breadlines’ Erupt Across America As Lockdowns Crush America’s “Working Poor”

The economy has crashed into a depression, 16.78 million Americans have applied for unemployment benefits, and consumer sentiment crashed the most on record. This American horror story has taken only three weeks to play out, the fastest and most severe economic crash in the country’s history, and still, we don’t know the true extent of the damage until the second half of the year.

However, the one thing we do know is that food bank networks across the country have reported unprecedented demand as a hunger crisis unfolds. Here’s our reporting on the evolution of the virus pandemic, has morphed into a financial crash, and now social crisis:

And how do we know food bank networks are becoming “overwhelmed” across the country? Well, citizen journalists have launched their Chinese DJI drones overhead food banks to figure out why there are miles-long traffic jams of hungry people. And it appears that these lines are America’s new breadlines, similar to what was seen nine decades ago in the Great Depression.

“Hundreds of cars” waiting in line at a food bank in Duquesne, Pennsylvania, on March 30.

Andrew Rush@andrewrush

Hundreds of cars wait to receive food from the Greater Community Food Bank in Duquesne. Collection begins at noon. @PghFoodBank @PittsburghPG

Embedded video

Here’s footage from April 2, documenting long lines of cars trying to get into the Feeding South Florida food bank, located in Broward County.

On Thursday, the San Antonio Food Bank, located in San Antonio, Texas, aided about 10,000 households with food.

“It was a rough one today,” said Food Bank president and CEO Eric Cooper after the largest distribution day in the nonprofit’s 40-year history. “We have never executed on as large of demand as we are now.”

Helicopter footage, courtesy of KENS 5 San Antonio News, shows the shocking aerial view of thousands of cars lined up at the food bank, waiting to receive a care pack.

Also, on Thursday, the Los Angeles Regional Food Bank saw a “line of cars waiting for free groceries stretched about a mile,” reported Reuters. Hundreds of other people, many the working-class poor, lined the streets waiting for food:

Organizers of the food bank said 2,500 families were given a 36-pound box of rice, lentils, frozen chicken, oranges, and other food.

“I have six kids and it’s difficult to eat. My husband was working in construction but now we can’t pay the rent,” said Juana Gomez, 50, of North Hollywood, as she waited in line.

Press TV

@PressTV

Hundreds queue in rain for free food in as impact bites

Embedded video

 

“This food saves me money because my little income goes to my rent,” said Daniel Jimenez, 40, an independent contractor for golf tournaments.

“I haven’t been working for three weeks. I have a little money saved but I’m paying rent, gas, and cellphone bills. I don’t even know when we’re going back to work,” Jimenez said.

“For a lot of people, they are new to the situation of needing help and not knowing where to turn,” said Michael Flood, president of LA Regional Food Bank, noting that many of these people had just been laid off and are waiting for government assistance.

“But that may take some time for them to get those benefits. We want to do what we can to get food in the hands of families, just so they can eat,” he said.

Here’s another long line of cars at a food bank in Pittsburgh from earlier in the week.

KDKA

@KDKA

BACKED UP OVER A MILE: Hundreds of Pittsburgh residents waited in line for hours to receive boxes of food from the Greater Community Food Bank amid the Coronavirus pandemic. More: https://cbsloc.al/34fR2Fs

Embedded video

On Friday, a long line was developing at the San Diego Food Bank.

Ed Lenderman@EdLendermanKUSI

Another big food distribution by San Diego Food Bank, this involving South Bay: Southwestern College, 9 am, entrance off of H St, a thousand vehicles, many already here

Embedded video

And another one in NYC…

RT

@RT_com

Foodbank helps residents amid surge

Embedded video

These are America’s new breadlines. As food banks become inundated with hungry Americans, what happens when these nonprofits run out of food to feed people? Could a hunger crisis lead to social unrest?

end

iv) Swamp commentaries)

Former Flynn Defense Counsel “Just Now Found Additional Docs” In File

Via SaraACarter.com,

Former National Security Advisor Michael Flynn’s previous defense team turned over recently discovered emails and handwritten notes Wednesday to his new counsel, suggesting that the delay in turning over the documents were due to technical issues since being ordered by the presiding federal judge six months ago to turn over all documents.

On July 25, 2019 presiding Federal Judge Emmet T. Sullivan, ordered the well-known law firm of Covington and Burling LLP to ‘promptly turn over the entire file’ on Flynn to his new defense attorney Sidney Powell. The order was made under threat of a hearing before the District of Columbia Ethics Counsel. The law firm turned over what is described as a ‘voluminous’ amount of documents but it apparently wasn’t all the documents.

On Wednesday, the law firm turned over more documents and suggested in a supplemental notice filed with the court that there may be even be more documents not yet produced.

“In reviewing materials in response to the Court’s March 6, 2020 Order (Doc. 174) to respond to Mr. Flynn’s specific allegations in his Supplemental Motion to Withdraw Plea of Guilty, however, we have found emails and two pages of handwritten notes that were not previously transferred to successor counsel,” the notice submitted by Flynn’s former lawyers Robert Kelner and Stephan P. Anthony stated.

“With respect to the emails, this appears to have resulted from errors in the process of collecting and searching electronic materials that were not contained in the working case file. The two pages of notes appear to have been inadvertently missed during the file transfer process.”

Techno Fog@Techno_Fog

New Flynn filing:

Flynn’s former lawyers have “found emails and two pages of handwritten notes that were not previously transferred” to Flynn’s new counsel

[They should have been produced last summer]

Full doc: https://www.scribd.com/document/455734472/US-v-Flynn-CB-Notice 

View image on Twitter

Flynn’s new defense team is combing through the new trove of documents, suggesting that the appropriate action by the DOJ would be to dismiss Flynn’s case entirely based on egregious government misconduct.

“It’s an interesting new production of documents from the Flynn file. It will be even more interesting to see what the firm has to say about them. We are really looking forward to a hearing in court on all the issues that will exonerate General Flynn,” said Powell, who spoke to SaraACarter.com.

“Meanwhile, the government still refuses to produce the original 302 and the DOJ memo of January 30, 2017 that exonerated him of any Russia issue, and it still refuses to dismiss the case because of the egregious government misconduct from the inception of this persecution—including slipping an FBI Agent secretly into a presidential briefing in August 2016—before the election—to collect information on nominee Trump and General Flynn,” she added.

The country and Justice would be best served if the DOJ would take responsibility for these outrageous actions and the deliberate attempted destruction of an honorable man. The agents who interviewed him knew he was honest with them.  They later altered the 302 until it was approved by Andrew McCabe.”

Last week, a status report was filed by prosecutors to delay the anticipated April 3 status report hearing to April 24. Justice Department prosecutors contend that the documents provided by Flynn’s former legal counsel “are voluminous, span numerous topics that arose during Covington’s 30-month representation of Mr. Flynn, and include many pages of sometimes difficult-to-decipher handwritten notes.”

“The government needs additional time to digest this information and any additional information that Covington may provide,” the status report stated.

“In order to allow the government adequate time to review the materials that have been produced and to request, receive, and review any follow-up information or documents, the government respectfully asks this Court to allow the government three additional weeks to provide a further status update and, if feasible, a proposed briefing schedule,” the prosecutors stated.

end

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

Roseland Hospital phlebotomist: 30% [to 50%] of those tested have coronavirus antibody

A phlebotomist working at Roseland Community Hospital said Thursday that 30% to 50% of patients tested for the coronavirus have antibodies while only around 10% to 20% of those tested have the active virus… Owaynat said the number of patients coming through the testing center who appear to have already had coronavirus and gotten over it is far greater than those who currently have the disease…

    If accurate, this means the spread of the virus may have been underway in the Roseland community – and the state and country as a whole – prior to the issuance of stay at home orders and widespread business closures have crippled the national economy…Roseland Community Hospital, located on the far south side of Chicago, has 138 beds serving a majority minority population with over 96% of the community’s residents identifying as African-American.

https://chicagocitywire.com/stories/530092711-roseland-hospital-phlebotomist-30-of-those-tested-have-coronavirus-antibody

If the above results are accurate, it implies Covid-19 was around a lot longer than realized; infections are far greater; the fatality rate for Covid-19 is far lower than computed or projected and the economic and financial destruction from shutdowns was not necessary.

Well that is all for today

I will see you TUESDAY night.

 

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