APRIL 24//GOLD DOWN $4.90 TO $1724.75//SILVER IS UP 3 CENTS TO $15.14//GOLD STANDING AT THE COMEX FOR APRIL: ALMOST 98 TONNES/MAY GOLD STANDING SO FAR: 24 TONNES//HUGE NUMBER OF CORONAVIRUS STORIES FOR YOU TONIGHT//

GOLD$1724.75  DOWN $4.90   The quote is London spot price

 

 

 

 

 

Silver:$15.14  UP 3 CENTS

 

Closing access prices:  London spot

 

i)Gold : $1727.15  LONDON SPOT  4:30 pm

 

ii)SILVER:  $15.24//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

APRIL comex gold price CLOSE 1.30 PM:  $XX

MAY COMEX GOLD:  1723.20 1:30 PM

JUNE GOLD:  $1735.90  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE JUNE: $16.05.//PREMIUMS WENT DOWN AGAIN

 

CLOSING SILVER FUTURE MONTH

SILVER APRIL COMEX CLOSE: XXX

SILVER MAY COMEX CLOSE;   $15.26-…1:30 PM.//SPREAD SPOT/FUTURE MAY:  9 CENTS  PER OZ//PREMIUMS DOWN AGAIN

 

 

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 $2800. usa per oz

and silver; $31.00 per oz//

 

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

DO NOT PAY ANY ATTENTION TO WHAT THE CROOKS ARE DOING AT THE COMEX AND LONDON LBMA..PHYSICAL IS THE NAME OF THE GAME AND NOTHING ELSE

 

COMEX DATA

 

 

 

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

today RECEIVING: 203/284

issued:  37

DLV615-T CME CLEARING
BUSINESS DATE: 04/23/2020 DAILY DELIVERY NOTICES RUN DATE: 04/23/2020
PRODUCT GROUP: METALS RUN TIME: 20:14:07
EXCHANGE: COMEX
CONTRACT: APRIL 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,733.300000000 USD
INTENT DATE: 04/23/2020 DELIVERY DATE: 04/27/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
104 C MIZUHO 3
132 C SG AMERICAS 19
657 C MORGAN STANLEY 8
661 C JP MORGAN 37 203
685 C RJ OBRIEN 26
686 C INTL FCSTONE 60 5
690 C ABN AMRO 155 23
737 C ADVANTAGE 11
905 C ADM 18
____________________________________________________________________________________________

TOTAL: 284 284
MONTH TO DATE: 31,291

 

 

NUMBER OF NOTICES FILED TODAY FOR  APRIL CONTRACT: 284 NOTICE(S) FOR 28400 OZ (0.8833 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  31,291 NOTICES FOR 3,129100 OZ  (97.328 TONNES)

 

 

SILVER

 

FOR APRIL

 

 

19 NOTICE(S) FILED TODAY FOR  95,000  OZ/

total number of notices filed so far this month: 826 for 4,130,000 oz

 

BITCOIN MORNING QUOTE  $7516 UP  35 

 

BITCOIN AFTERNOON QUOTE.: $7526 UP $45

 

GLD AND SLV INVENTORIES:

WITH GOLD DOWN $4.90: AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD//

 

 

GLD: 1,042.46 TONNES OF GOLD//

 

 

WITH SILVER UP 3 CENTS TODAY: AND WITH NO SILVER AROUND

 

 

ANOTHER HUGE CHANGE IN SILVER INVENTORY AT THE SLV:

 

A  DEPOSIT OF 2.891 MILLION OZ INTO THE SLV//

 

 

 

 

RESTING SLV INVENTORY TONIGHT:

SLV: 413.665  MILLION OZ./

 

 

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE  BY A STRONG SIZED 1436 CONTRACTS FROM 141,540 UP TO 142,976 AND CLOSER TO OUR NEW RECORD OF 244,710, (FEB 25/2020. THE GOOD SIZED GAIN IN OI OCCURRED WITH  OUR 0 CENT GAIN IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE GAIN IN COMEX OI IS DUE TO SOME  BANKER SHORT COVERING PLUS A CONSIDERABLE EXCHANGE FOR PHYSICAL ISSUANCE, ZERO LONG LIQUIDATION ALONG WITH OUR ZERO GAIN IN SILVER OZ STANDING. WE HAD A VERY GOOD NET GAIN IN OUR TWO EXCHANGES OF 3001 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: 700 AND JULY: 0  AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  700 CONTRACTS. WITH THE TRANSFER OF 700 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 700 EFP CONTRACTS TRANSLATES INTO 3.50 MILLION OZ  ACCOMPANYING:

1.THE 0 CENT GAIN IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR

4.140  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 0 CENTS).. BUT, OUR OFFICIAL SECTOR/BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE SOME  SILVER LONGS FROM THEIR POSITIONS, AS WE DID HAVE A GOOD NET GAIN OF 2136 CONTRACTS OR 10.68 MILLION OZ ON THE TWO EXCHANGES! YOU CAN BET THE FARM THAT OUR BANKER  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER

 

OUR SPREADING OPERATION HAS NOW SWITCHED INTO SILVER…..

SPREADING OPERATION FOR OUR NEWCOMERS:

WE HAVE NOW COMMENCED IN SILVER THE ILLEGAL SPREADING OPERATION \ FOR NEWCOMERS, HERE ARE THE DETAILS:

 

SPREADING LIQUIDATION HAS NOW STOPPED IN GOLD AS THEY NOW BEGIN TO MORPH INTO SILVER AS WE HEAD TOWARDS THE NEW FRONT MONTH WILL BE MAY.

 

 

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

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

 

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

 

MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:

.

 

 

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES:

 

 

“AS YOU WILL SEE, THE CROOKS WILL NOW SWITCH TO SILVER AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX SILVER OPEN INTEREST WILL RISE FROM NOW ON UNTIL ONE WEEK PRIOR TO FIRST DAY NOTICE AND THAT IS WHEN THEY START THEIR CRIMINAL LIQUIDATION.

HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF APRIL HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF MAY FOR SILVER:

 

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

 

 

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

16,026 CONTRACTS (FOR 16 TRADING DAYS TOTAL 16,026 CONTRACTS) OR 80.13 MILLION OZ: (AVERAGE PER DAY: 1001 CONTRACTS OR 5.008 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF APRIL: 80.13 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 11.44% 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:          973,62 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                   80.13 MILLION OZ.  (EX. FOR PHYSICALS BECOMING A LOT LESS)

EXCHANGE FOR PHYSICAL ISSUANCE THIS MONTH IS A LOT LESS.  NO DOUBT THAT THE COST TO CARRY THESE THINGS HAS EXPLODED AND AS SUCH CANNOT BE DONE AS FREQUENTLY AS BEFORE.

 

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1436, WITH OUR 0 CENT GAIN IN SILVER PRICING AT THE COMEX ///THURSDAY THE CME NOTIFIED US THAT WE HAD A GOOD SIZED EFP ISSUANCE OF 700 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:  2136 CONTRACTS (WITH OUR 0 CENT GAIN IN PRICE)

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 700 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A STRONG INCREASE OF 1436 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 0 CENT GAIN IN PRICE OF SILVER/ AND A CLOSING PRICE OF $15.14 // THURSDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.7050 BILLION OZ TO BE EXACT or 100.7% of annual global silver production (ex Russia & ex China).

FOR THE NEW  MAR DELIVERY MONTH/ THEY FILED AT THE COMEX: 19 NOTICE(S) FOR   95,000 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 4.145 MILLION OZ//
  2. THE  RECORD PRIOR TO TODAY WAS SET IN FEB 25/2018:  244,710 CONTRACTS,  WITH A SILVER PRICE OF $18.90//.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017 RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

 

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

 

GOLD

 

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A SMALL SIZED 1022 CONTRACTS TO 498,203 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 $10.00 /// COMEX GOLD TRADING// THURSDAY// WE  HAD CONSIDERABLE BANKER SHORT COVERING , A GOOD INCREASE IN GOLD OZ STANDING AT THE COMEX, ALONG WITH ZERO LONG LIQUIDATION ACCOMPANYING A GOOD  EX. FOR PHYSICAL ISSUANCE. THIS ALL HAPPENED WITH  OUR STRONG GAIN IN THE PAPER PRICE OF GOLD.

WE HAD NO ISSUANCE OF OUR NEW 4 GC CONTRACT

 

WE GAINED A STRONG 5189 CONTRACTS  (16.14 TONNES) ON OUR TWO EXCHANGES.

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A GOOD SIZED 4167 CONTRACTS:

CONTRACTS, FEB>  CONTRACTS; MARCH 00 APRIL: 0. MAY: 0, AND JUNE 4167.; DEC 0 AND ALL OTHER MONTHS ZERO//TOTAL: 4167.  The NEW COMEX OI for the gold complex rests at 498,203. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5189 CONTRACTS: 1022 CONTRACTS INCREASED AT THE COMEX AND 4167 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 5189 CONTRACTS OR 16.14 TONNES. THURSDAY, WE HAD STRONG GAIN OF $10.00 IN GOLD TRADING……

AND WITH THAT  GAIN IN  PRICE, WE HAD A STRONG SIZED GAIN IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 16.14 TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR WERE SUPPLYING INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON. THE BANKERS WERE SUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (ROSE $10.00). 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  (4167) ACCOMPANYING THE GAIN IN COMEX OI  (1022 OI): TOTAL GAIN IN THE TWO EXCHANGES:  5942 CONTRACTS.  WE NO DOUBT HAD 1 )HUGE BANKER SHORT COVERING, 2.)A STRONG INCREASE IN  STANDING AT THE GOLD COMEX FOR THE FRONT APRIL MONTH,  3) ZERO LONG LIQUIDATION AND  …ALL OF THIS WAS COUPLED WITH THAT STRONG 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 : 70,672 CONTRACTS OR 7,067,200 oz OR 219.82 TONNES (16 TRADING DAYS AND THUS AVERAGING: 4417 EFP CONTRACTS PER TRADING DAY

 

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 16 TRADING DAY(S) IN  TONNES: 219.82 TONNES

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

THUS EFP TRANSFERS REPRESENTS 219.82/3550 x 100% TONNES =6.19% OF GLOBAL ANNUAL PRODUCTION

ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD HAS DISSIPATED THIS MONTH…THE COST TO THE BANKERS TO CARRY THESE CONTRACTS IN LONDON IS BECOMING TOO GREAT FOR THEM.

 

 

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE   2542.72  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:               219.82  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 STRONG SIZED 1436 CONTRACTS FROM 141,540 UP TO 142,976 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) SOME BANKER SHORT COVERING , 2) THE ISSUANCE OF A GOOD SIZED NUMBER OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A ZERO INCREASE IN SILVER OZ STANDING AT THE COMEX FOR APRIL AND 4) ZERO LONG LIQUIDATION

 

 

EFP ISSUANCE 850 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: 700; JULY: 0 CONTRACTS   AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 700 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE STRONG COMEX OI GAIN  OF 1547 CONTRACTS TO THE 700 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG GAIN OF 2136 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES  10.68 MILLION  OZ!!! WITH THE 0 GAIN IN PRICE///

 

 

RESULT: A GOOD SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 0 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// THURSDAY. WE ALSO HAD A GOOD SIZED 700 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)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED DOWN 29.77 POINTS OR 1.06%  //Hang Sang CLOSED DOWN 145.99 POINTS OR 0.61%   /The Nikkei closed DOWN 167.44 POINTS OR 0.86%//Australia’s all ordinaires CLOSED UP .53%

/Chinese yuan (ONSHORE) closed DOWN  at 7.0792 /Oil UP TO 16.99 dollars per barrel for WTI and 21.89 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.0792 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.0926 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY PAST 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A GOOD 1022 CONTRACTS TO 498,203 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 GOOD COMEX OI GAIN WAS SET WITH OUR STRONG GAIN OF $10.00 IN GOLD PRICING //THURSDAY’S  COMEX TRADING//). WE ALSO HAD A GOOD EFP ISSUANCE (4167 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 STRONG GAIN ON TWO EXCHANGES OF 8263 CONTRACTS.

WE AGAIN HAD ZERO 4- GC CONTRACT ISSUANCE

 

 

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 4167 EFP CONTRACTS WERE ISSUED:

 FEB: 0; MARCH 00 AND APRIL: 0, MAY: 0  JUNE : 4167 AND 0 FOR DEC AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 4167 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:  5189 TOTAL CONTRACTS IN THAT 4167 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A GOOD SIZED 1022 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……(SEE CALCULATIONS BELOW)

 

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE BY A HUGE $10.00).  AND, THEY WERE UNSUCCESSFUL IN FLEECING ANY LONGS, AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 16.14 TONNES.

 

 

NET GAIN ON THE TWO EXCHANGES :: 5189 CONTRACTS OR 518,900 OZ OR 16.14 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:  498,203 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 49.82 MILLION OZ/32,150 OZ PER TONNE =  1549 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1549/2200 OR 70,43% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 173,253 contracts

CONFIRMED COMEX VOL. FOR YESTERDAY215,747 contracts//

APRIL 24

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 21,118.849 oz

Brinks

 

 

 

Deposits to the Customer Inventory, in oz  

264,498.092

OZ

BRINKS

HSBC

LOOMIS

SCOTIA

 

 

 

 

No of oz served (contracts) today
284 notice(s)
 28400 OZ
(.8833 TONNES)
No of oz to be served (notices)
122 contracts
(12200 oz)
0.3794 TONNES
Total monthly oz gold served (contracts) so far this month
31,291 notices
3,129100 OZ
97.328 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

 

We had 1 deposits into the dealer

I) Into the dealer Brinks: 32,118.849 OZ

 

 

total dealer deposits: 32,118.849  oz

total dealer withdrawals: NIL oz

we had 4 deposit into the customer account

i) Into Brinks:  101,335.842 oz

 

ii) Into HSBC:: 321,151.000 oz  999 KILOBARS//1 METRIC TONNE OF GOLD

iii) into LOOMIS:  114,936.25 oz  (3575 kilobars)

iv) Into Scotia: 16,075.000  (500 kilobars)

 

 

 

 

total deposits:  264,498.092   oz

 

 

we had 0 gold withdrawals from the customer account:

 

 

total gold withdrawals; nil   oz

We had 3  kilobar transactions  +

 

We had zero  4 KC bar transaction

 

ADJUSTMENTS: 1

out of Brinks:  100.000 oz was adjusted out of the dealer and this lands into the customer account of Brinks

 

The front month of APRIL saw its open interest register 407 contracts for a LOSS of 139 contacts. We had 432 notices filed yesterday so we GAINED A VERY STRONG 293 contracts or AN ADDITIONAL 29,300 oz will  stand at the comex as these guys refused to morph into London based forwards and they also negated a fiat bonus

 

 

May saw its ANOTHER GAIN of 719 contracts to stand at  7906…this has been relentless…May does not want to go down in oi//

we have 5 more reading days before first day notice and a huge 24 tonnes of gold is so far standing.

June saw a  loss OF 1632 contracts UP to 337,341

 

 

We had 284 notices filed today for 28400 oz

 

FOR THE  APRIL 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 37 notices were issued from their client or customer account. The total of all issuance by all participants equates to 284 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 203 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 (31,291) x 100 oz , to which we add the difference between the open interest for the front month of  APRIL. (407 CONTRACTS ) minus the number of notices served upon today (284 x 100 oz per contract) equals 3,129,200 OZ OR 97.75 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 (31,291)x 100 oz + (407 OI) for the front month minus the number of notices served upon today (284) x 100 oz which equals 3,129,200 oz standing OR 97.75 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 293 contracts OR an additional 29300 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

144,088.952 oz NOW PLEDGED  JAN 21.2020/HSBC  5.4807 TONNES

322,144.443 oz PLEDGED  MARCH 2020  JPMORGAN:  10.02 TONNES

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

TOTAL PLEDGED GOLD NOW IN EFFECT:  508,78,.743  OZ OR 15.825  TONNES

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 137.252 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS ie. 97.75 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  4,921,410.345 oz or 153.07  tonnes
which  includes the following:
a) pledged gold held at HSBC   which cannot settled upon   144,088.952 oz x ( 4.4817 TONNES)//
b) pledged gold held at JPMorgan (added March 2020) which cannot be settled upon:  322,144.443 oz (or 10.0200 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:  508,781.703 oz or 15.825 tonnes
thus:
registered gold that can be used to settle upon: 4,412628.6  (137.25 tonnes)
true registered gold  (total registered – pledged tonnes  4,412628.6 (137.252 tonnes)
total eligible gold:  14,078,824.764 oz (435.703 tonnes)

total registered, pledged  and eligible (customer) gold;   19,000,239.19 oz 590.987 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   138.03 tonnes

total gold net of 4 GC:  452.96 tonnes

 

THE GOLD COMEX SEEMS TO BE  UNDER SEVERE ASSAULT FOR PHYSICAL

END

April 24/2019

And now for the wild silver comex results

Total COMEX silver OI ROSE BY A STRONG SIZED 1436 CONTRACTS FROM 141,858  UP TO 142,976 (AND 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 STRONG OI COMEX GAIN TODAY OCCURRED WITH OUR HUGE 0 CENT INCREASE IN PRICING//THURSDAY.  THE GAIN IN TOTAL OI (TWO EXCHANGES) OCCURRED WITH 1)  A GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS 2) ZERO INCREASE IN SILVER OZ STANDING AT THE COMEX, 3)  SOME BANKER SHORT COVERING AND ZERO LONG LIQUIDATION OCCURRING WITH OUR CONSIDERABLE SILVER GAIN IN PRICE. 

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 21 CONTRACTS, AND AS SUCH WE LOST 2 CONTRACTS.  WE HAD 0 NOTICES SERVED UPON YESTERDAY SO WE LOST 2 CONTRACTS OR 10,000 ADDITIONAL OZ WILL NOT STAND AT THE COMEX AS THEY MORPHED INTO LONDON BASED CONTRACTS AS THEY LOOK FOR METAL ON THE OTHER SIDE OF THE POND.

 

THE BIG CONTRACT OF MAY SAW ITS OI FALL  BY 2335  DOWN TO 33,192.

JUNE SAW A GAIN OF 18 CONTRACTS RISING TO 165.

 

 

We, today, had  19 notice(s) FILED  for 95,000, OZ for the APRIL, 2019 COMEX contract for silver

April 24/2019

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 772,355.850 oz
Brinks
CNT

 

Delaware

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
600,191.100 oz
CNT
No of oz served today (contracts)
19
CONTRACT(S)
(95,000 OZ)
No of oz to be served (notices)
2 contracts
 10,000 oz)
Total monthly oz silver served (contracts)  826 contracts

4,130,000 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: nil oz

total dealer withdrawals: nil oz

i)we had 1 deposits into the customer account

into JPMorgan:   0

ii)into  CNT:  600,191.100 oz

 

 

 

 

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

JPMorgan now has 160.819 million oz of  total silver inventory or 50.04% of all official comex silver. (160.819 million/321.170 million

 

total customer deposits today: 600,191.100   oz

we had 3 withdrawals:

i Out of Brinks: 47,476.67 oz

ii) Out of . Delaware:  56,743.57 oz

 

 

total withdrawals;  772,355.850   oz

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

 

 

total dealer silver:  81.137 million

total dealer + customer silver:  316.546 million oz

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The total number of notices filed today for the APRIL 2020. contract month is represented by 19 contract(s) FOR 95,000 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 826 x 5,000 oz = 4,130,000 oz to which we add the difference between the open interest for the front month of APRIL.(21) and the number of notices served upon today 19 x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the APRIL/2019 contract month: 826 (notices served so far) x 5000 oz + OI for front month of APRIL (21)- number of notices served upon today (19) x 5000 oz of silver standing for the APRIL contract month.equals 4,140,000 oz.

WE LOST 2 CONTRACTS OR AN ADDITIONAL 10,000 OZ  WILL NOT STAND AT THE COMEX..

 

TODAY’S ESTIMATED SILVER VOLUME: 55,207 CONTRACTS //

 

 

 

 

FOR YESTERDAY: 69,599 CONTRACTS..,CONFIRMED VOLUME

 

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 69,599 CONTRACTS EQUATES to 347 million  OZ  49.7% 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 -0.29% ((APRIL 24/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -0.01% to NAV:   (APRIL 24/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ 0.29%

(courtesy Sprott/GATA

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

NAV 15.77 TRADING 15.62///DISCOUNT 0.98

END

 

 

And now the Gold inventory at the GLD/

APRIL 24/WITH GOLD DOWN $4.90 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS TONIGHT AT 1042.46 TONNES

APRIL 23/WITH GOLD UP $10.00 TODAY:  NO CHANGES IN GOLD INVENTORY AT THE GLD///INVENTORY RESTS TONIGHT AT 1042.46 TONNES

APRIL 22/WITH GOLD UP $40.75 TODAY:; TWO HUGE CHANGES IN GOLD INVENTORY AT THE GLD//A)A MONSTROUS  3.8 PAPER TONNES WERE ADDED TO THE GLD INVENTORY AND B) ANOTHER HUGE 9.07 TONNES OF PAPER GOLD ADDED LATE IN THE DAY//INVENTORY RESTS AT 1042.46 TONNES

APRIL 21/WITH GOLD DOWN $21.60 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MONSTROUS ADDITION OF 7.9 PAPER TONNES TO THE GLD INVENTORY//INVENTORY RESTS AT 1029.59 TONNES

APRIL 20//WITH GOLD UP $10.00 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1021.69 TONNES

APRIL 17/WITH GOLD DOWN $27.80 TODAY: SURPRISINGLY NO CHANGES IN GOLD INVENTORY AT THE GLD///INVENTORY RESTS AT 1021.69 TONNES TONNES..THE STRING OF 12 STRAIGHT STRONG DEPOSITS ENDS..

APRIL 16/WITH GOLD DOWN $4.50 TODAY: ANOTHER HUGE CHANGE IN GOLD INVENTORY: A STRONG DEPOSIT OF 4.10 TONNES WAS ADDED TO THE GLD INVENTORY//INVENTORY RESTS AT 1021.69 TONNES/12TH STRAIGHT STRONG DEPOSIT

APRIL 15//WITH GOLD DOWN $19.10 TODAY; ANOTHER HUGE CHANGE IN GOLD INVENTORY; A STRONG 7.89 TONNES WAS ADDED TO THE GLD INVENTORY//INVENTORY RESTS AT 1117.59 TONNES.//11TH STRAIGHT STRONG DEPOSIT

APRIL 14/WITH GOLD UP $23.55 TODAY: ANOTHER HUGE CHANGE IN GOLD INVENTORY: A STRONG 15.51 TONNES WAS ADDED TO THE GLD INVENTORY/INVENTORY RESTS AT 1009.70 TONNES//THIS IS THE 10TH STRAIGHT STRONG DEPOSIT//THIS IS A FRAUDULENT VEHICLE..THEY HAVE NO PHYSICAL GOLD IN THE TRUST..

APRIL 13//WITH GOLD UP $27.65 TODAY: ANOTHER HUGE CHANGE IN GOLD INVENTORY: A STRONG 5.36 TONNES 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//

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at

APRIL 24/ GLD INV 1042.46 tonnes*

IN LAST 806 TRADING DAYS:   +96.12 NET TONNES HAVE BEEN REMOVED FROM THE GLD

 

LAST 706 TRADING DAYS;+271.10  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

APRIL 24//WITH SILVER UP 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 413.665 MILLION OZ

APRIL 23/WITH SILVER UP 0 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.891 MILLION OZ INTO THE SLV/////INVENTORY RESTS AT 413.665 MILLION OZ//

APRIL 22/WITH SILVER UP 42 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY: A PAPER WITHDRAWAL OF 1.865 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 410.774 MILLION OZ//

APRIL 21//WITH SILVER DOWN 60 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER ADDITION OF 1.398 MILLION OZ INTO THE SLV INVENTORY//INVENTORY RESTS AT 412.639 MILLION OZ//

APRIL 20//WITH SILVER UP 16 CENTS TODAY: A BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.797 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 414.038 MILLION OZ//

APRIL 17/WITH SILVER DOWN 24 CENTS TODAY; A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.3999 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 415.437 MILLION OZ//

APRIL 16/WITH SILVER UP 5 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV////INVENTORY RESTS AT 415.437 MILLION OZ//

APRIL 15//WITH SILVER DOWN 45 CENTS TODAY: TWO HUGE CHANGES IN SILVER INVENTORY AT THE SLV TWO HUGE DEPOSITS: A DEPOSIT OF 1.679 MILLION OZ AND ANOTHER 5.222 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 415.437 MILLION OZ//

APRIL 14./WITH SILVER UP 51 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//A MASSIVE PAPER DEPOSIT OF XXX MILLION OZ//INVENTORY RESTS AT 408.536 MILLION OZ//

APRIL 13//WITH SILVER DOWN 29 CENTS TODAY;  A HUGE CHANGE 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///

 

 

APRIL 24.2020:

SLV INVENTORY RESTS TONIGHT AT

413.665 MILLION OZ.

END

 

 

LIBOR SCHEDULE AND GOFO RATES:

 

 

YOUR DATA…..

6 Month MM GOFO 3.17 and libor 6 month duration 0.97

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

G0LD LENDING RATE: – 2.22

gold scarce//central banks calling in their leases

 

XXXXXXXX

12 Month MM GOFO
+ 1.79%

LIBOR FOR 12 MONTH DURATION: 0.96

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = -.83

end

 

 

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

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

A super interview of Jan Nieuwenhuijs  (Koos Jansen)

(Lars Schall.GATA)

Lars Schall interviews Jan Nieuwenhuijs: The world is going back to gold

 Section: 

By Lars Schall
Thursday, April 23, 2020

Jan Nieuwenhuijs, formerly known under the nom-de-plume Koos Jansen, is a precious metals analyst from the Netherlands who, among other things, has been intensively involved with the Chinese gold market. He used to be known for his regular contributions to his BullionStar blog. Now he publishes articles on precious metals topics on the website of Voima Gold Ltd., a company headquartered in Helsinki, Finland, that deals with the acquisition, distribution, and storage of gold.

* * *

Jan, you think that because of the new coronavirus we will end up in a deep global depression. Why?

Yes, because of the lockdowns in many countries large parts of the economy have ceased to operate, causing aggregate demand to collapse, which starts a domino effect of unemployment and bankruptcies all over the world. Obviously this is causing a depression.

… 

Since we have huge levels of debt in the world, is it of interest in this regard that gold has no counterparty risk?

It’s very important that gold has no counterparty risk. Debt levels relative to gross domestic product around the world are extremely high and unsustainable. The only way to lower the debt burden at this point is to default or generate inflation. Elevated inflation causes nominal debt to be cheaper to repay. Governments and central banks have spurred inflation many times before to get out of debt.

Because gold doesn’t have any counterparty risk and can’t be printed, it’s a safe haven for investors and savers who don’t want to hold bonds that can default, and instead want to hold an asset that is inflation-proof.

Since every other financial asset is subject to counterparty risk and gold is not, isn’t that in this age a top condition that will make gold, to paraphrase George Soros, the “ultimate bubble”?

I wouldn’t label gold as a bubble yet. In the short term the gold price can be volatile because initially there will be deflationary forces in this crisis. The gold price can react by going down. However, central banks will not tolerate deflation because it increases the overall debt burden, so they will print whatever is necessary to create inflation. When the gold price starts rising substantially, which I think will happen, it could happen that at some point it reaches “bubble territory.” After all, markets always overshoot.

However, this would be based on what we know happened in normal recessions in the previous decades. The current crisis, though, will likely result in a change of the international monetary system. I think it’s quite likely we will adopt a new gold standard. That doesn’t mean the classical gold standard we had at the end of the 19th century, or the Bretton Woods system from 1944 until 1973. There are many ways to incorporate gold in the financial system. So we will see if gold enters bubble territory or of it will rise in price and establish a new role in the financial system.

Is the gold market at a crossroads?

I think so. Since 1971, when President Nixon “temporarily” suspended convertibility of dollars into gold (which of course became permanent), we have witnessed the biggest monetary experiment on a global scale. Loose monetary policy, endless bailouts, financial deregulation, and financialization have created a perverse system that is now reaching its end. Historically, a system based on gold — although not perfect, since no system is — at least ensured some discipline. I would be very surprised if we would start over with exactly the same system that got us in this mess in the first place.

Do you think Western central bank policy will be friendlier toward gold than in the past?

Definitely. I think that Europe has been preparing for a new gold standard since the late 1990s. I will write an article on this soon because I have proof for it. Things accelerated after the crisis of 2008. European central banks started repatriating gold. The German, Swedish, and French central bank (that we know of) have upgraded all their gold reserves to wholesale market standards, so all their metal is liquid. European central banks started communicating differently about gold, calling it “the bedrock of stability for the international monetary system” and “the ultimate store of value.” The Dutch central bank has stated on its website since 2019, “If the system collapses, the gold stock can serve as a basis to build it up again.” Other countries, in Asia but also in eastern Europe, have bought gold, and to an extent repatriated it.

Do you foresee a currency crisis both in the United States and in Euroland?

In the eurozone there will be a lot of tension between the North and the South, due to much higher debt levels in Italy, Spain, and France than in the Netherlands and Germany. Southern countries want to share their debt burden with the Netherlands and Germany, but I don’t know if the electorate in northern Europe is willing to cooperate. It remains to be seen if the euro will survive this crisis.

If the euro survives, the debt of southern states will have to be restructured or inflated away, and the same applies for the United States. For many decades the whole world was willing to buy U.S. government bonds but that seems to have ended, which leaves the Federal Reserve as the buyer of last resort. The deficit being run by the U.S. government is breathtaking, and the Fed is already buying unprecedented amounts of government bonds and soon junk bonds as well. I have no idea how the Fed can ever unwind these positions in a controlled manner. Neither do I think these assets will ever start to perform. What the Fed can do is revalue gold, so that would make up for the losses on its balance sheet.

So, in short, yes, I’m expecting a currency crisis in the U.S. and Euroland.

With respect to European bailouts, where did the money sent to Greece really go? Who was actually rescued?

Most of the money went to Greece’s creditors, mainly German and French banks that were holding Greek government bonds. Additionally, a large share went to Greek banks through the Hellenic Financial Stability Fund. Only 5 percent of in total E284 billion was used for the Greek fiscal budget.

Basically, the whole operation was meant to bail out the banks and transfer Greek debt from the private sector to public sector—institutions like the European Stability Mechanism. The bailouts have been a colossal failure. In 10 years Greece’s GDP has contracted by 22 percent, from E238 billion in 2009 to E185 billion in 2018. In early 2009 Greece’s debt-to-GDP ratio was 109 percent. Now it’s 181 percent. The E244 billion Greece still owes to its European partners will never be repaid.

You are skeptical that the International Monetary Fund’s Special Drawing Rights can replace the dollar as world reserve currency. Please explain.

It’s because the SDR is not a currency and there is no free market for SDRs to be exchanged in. Many people think the SDR comprises a basket of currencies but this is not true. The SDR is a potential claim on “freely usable currencies” such as euros and dollars. The SDR is not backed by anything, nor is it a claim on the IMF.

Because SDRs can be held only by central banks and can’t be used to buy anything, SDRs are not a medium of exchange. So creating more SDRs doesn’t create liquidity. Furthermore, SDRs can be exchanged for usable currencies only at the IMF’s SDR department, and only if there is another central bank willing to buy SDRs. Trading at the SDR department is very illiquid.

In 2009 the IMF created another 182.7 billion SDRs. But in the following 12 months only 3.2 billion SDRs were exchanged for usable currency. That is very little. I don’t think that creating more SDRs in the current crisis will solve anything. The IMF will try, though.

When it comes to the question of acceptance of SDRs, would it help to back them with gold? The IMF is officially a large holder of gold, isn’t it?

If gold would be added to the basket of currencies used to calculate the SDR daily value, that still wouldn’t mean anyone can exchange SDRs for gold. Again, SDRs aren’t backed by anything. Of course the IMF can change what an SDR is, as it has done many times, but that only underlines its weaknesses. Think about it: What monetary authority would want to hold substantial value in an asset that can be changed every five years and is highly illiquid? The IMF can add gold to the basket, but it would merely change the SDR’s daily valuation.

Why did you start writing about gold? And why is this important now?

I started writing about gold because in 2013 I discovered that the Chinese were buying three times more physical gold than what was widely assumed in the West. I started a blog to write about these developments and inform the world. A year later journalists recognized I was right. At first no one believed me. Then I was offered a job as a gold analyst at a bullion dealer.

Former Bank of England Governor Mervyn King wrote a book in 2017 — after he resigned, of course, since no central banker can be honest when in office — titled “The End Of Alchemy.” He wrote that every participant in the economy should always be aware of “radical uncertainty.” Life in general, doing business, and investing involve risk. Politicians can control only so much, although to get your vote they like to tell you they have the solution for everything. Anyway, in my opinion in some periods there is more risk than in other periods, but in the current crisis “radical uncertainty” is at a peak. Gold has the longest track record of all currencies for preserving purchasing power, so I see it as an essential part of everyone’s savings or investment portfolio.

Thank you for your time, Jan.

—–

Lars Schall is a financial journalist based in Germany.

END

An excellent article by Ted Butler explaining why silver is rarer than gold right now.  He also delves into the crooked action of JPMorgan and company in the oil fiasco

Ted Butler…

 

Ted Butler: Only market rigging makes silver cheaper than ever relative to gold

 Section: 

8:18p ET Thursday, April 23, 2020

Dear Friend of GATA and Gold:

Silver, market analyst Ted Butler writes this week, is now cheaper relative to gold than at any time in the five-millennia history of the monetary metals, even as there is less of silver above ground than gold and silver has more and ever-increasing industrial uses.

The price disparity, Butler writes, can be explained only by the control imposed on the silver price in the futures markets by a small group of financial houses.

Butler’s analysis is headlined “Gold and Silver Relative Valuation” and it’s posted at GoldSeek’s companion site, SilverSeek, here:

http://silverseek.com/commentary/gold-and-silver-relative-valuation-1791…

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

Gold and Silver Relative Valuation

Theodore Butler

|

April 23, 2020 – 2:44pm

 

Particularly at times like these, when we’re experiencing things few would have imagined, it’s important to reach out for that which gives long term perspective and grounding. These days, it’s easy to get wrapped up in the short term and lose track of the long term. It’s no different for gold and silver. And I freely admit this is one of those “do as I say, not as I do” things, as it’s hard for me not to focus on the here and now in matters related to gold and silver.

Fortunately, there is something readily available that helps to filter out short term noise and provides long term perspective. That something is relative valuation. In fact, relative valuation is something widely followed and discussed in the form of the silver/gold price ratio and I’d like to take a closer look at it today.

One thing that makes the silver/gold price ratio so special is that it’s hard to come up with a measure of relative valuation between two highly comparable items that has a longer history. Quite literally, the silver/gold price ratio goes back to the dawn of civilization, some 5000 years ago. The great thing about relative price comparisons is that they eliminate all outside macroeconomic influences, like changes in currencies or rates of inflation. Both gold and silver, for instance, have witnessed the birth and death of every currency in history, as well as every economic boom and bust, great migration and pandemic ever recorded.

Gold and silver have been imbedded in the very fabric of the human existence, serving as money and objects of value since history has been recorded, providing the motivation for wars, to the search for new lands, to even the betrayal of Jesus Christ (for 30 pieces of silver). For 97% to 98% of the past 5000 years, both gold and silver were valued for the same reasons, namely, as money or stores of value or as objects of value, including jewelry and adornment.

As such, up until the past 100 or 150 years or so, the amount of gold and silver in existence and above ground accumulated in the world roughly parallel to the amount extracted each year from mining. After all, no one would willingly discard an ounce of either gold or silver. The ratio of each metal imbedded in the earth’s crust and mined was roughly 10 ounces of silver for every one ounce of gold. Therefore, up until a hundred some odd years ago, there were ten times as much silver above ground as there was gold, and it is somewhat curious that monetary officials, including Alexander Hamilton, the first Treasury Secretary of the US, set the value of silver to gold at closer to 15 to 1, rather than at 10 to1.

Regardless, something previously unimagined occurred to dramatically alter the relative amounts of gold and silver in the world. Remarkable new industrial and chemical usages were discovered for silver, such as photography and the discovery that silver was the best conductor of electricity and reflector for light known to man. Starting around the year 1900 and for the first time in history, silver started to be consumed for reasons away from serving as money or a store of value or in valuable objects.

So intense and growing was the industrial demand for silver that over the past 100 years or so, not only did the demand for silver exceed its annual mine production, it wasn’t enough and more than 90% of all the silver accumulated above ground over 5000 years was depleted in the need to balance supply with demand.  This surge of silver industrial demand radically altered the amounts of above ground silver compared to gold to the point where there is now less silver bullion in the world than there is gold.

Talk about a radical change in relative world inventories – from there being 10 times as much silver in the world for nearly 5000 years changing to there being less silver in the world than gold today. To be sure, there were new industrial applications discovered for gold as well, but since gold was so much more expensive than silver (averaging 50 or 60 times more expensive than silver over the past hundred years), industrial gold demand was kept in check and more gold was added to world inventories every year throughout history.

A reasonable person, therefore, would likely conclude that given the historical reality of silver going from being ten times more plentiful in world inventories relative to gold for 5000 years running, to being less plentiful than gold over the past hundred years or so that the price ratio between the two precious metals would reflect that radical physical inventory adjustment. Such a reasonable person would, as you know, be dead wrong, as not only has the price of silver not grown more expensive relative to gold as would be expected, it has actually gotten more undervalued relative to gold than at any time in history – hitting  120 to 1 recently and not yet adjusting much below that level.

That same reasonable person, therefore, would be compelled to uncover the reason why the price of silver would be cheaper relative to gold than at any time over the scope of world history in light of it being less plentiful and rarer in terms of above ground world inventories. He would likely ask if there was some sudden new supply of silver relative to gold, but would quickly discover there was no such increase in silver supply. He (or she) would then likely ask if there was some sudden surge in demand for gold relative to silver, but would uncover that public data (in the form of physical inflows into gold and silver ETFs) would show the opposite, namely, that roughly ten times as much physical silver has been demanded compared to gold over the past months or so.

At this point, a reasonable person would throw his (or her) arms up in the air and question the basic facts as I have laid them out – or conclude that something outside those facts was exerting an unnatural price force superseding  the basic facts. The facts as I’ve presented them are entirely accurate (and since I raised the point), please allow me to offer my explanation for why silver could be the cheapest it has ever been relative to gold when the most basic facts would call for silver being more expensive relative to gold than ever. I don’t know if there could be a greater disparity – something being the cheapest in history when I would contend it should be the most expensive.

My answer is simple and anticlimactic (since you likely anticipated it) – the price of silver has been and is artificially depressed in price on the world’s leading precious metal exchange, the COMEX (owned and operated by the CME Group). This manipulation has been long running (for more than 35 years) and is evidenced by the fact that silver has the largest concentrated short position of any commodity in terms of real world production and consumption. No commodity has a larger concentrated and uneconomic paper short position, held by an incredibly small number of traders than does COMEX silver futures.

As regular readers know, I have not stammered or half-stepped in my efforts to get the regulators to end the obvious manipulation and cause for silver’s super-depressed price. Those regulators have, in turn, done everything in their power to ignore the blatant manipulation in silver and have allowed the leading silver manipulator for the past decade, JPMorgan, to operate and manipulate at will. There’s not a doubt in my mind that if the concentrated short position of a handful of banks in COMEX silver futures did not exist, silver would be priced over $100 today.

I’ll not re-litigate the manipulation argument today, as my prime intent was simply to ask and answer the question that should be on the minds of every reasonable person with a modicum of interest in gold and silver.  And I would solicit any and all alternative explains for why silver is currently the cheapest it has ever been in 5000 years relative to gold when there is less silver bullion above ground compared to gold over that same time span.

But neither am I throwing my hands up in disgust and concluding that all hope is gone and woe to us all and that the silver manipulators on the COMEX will always prevail or even prevail for much longer. My second prime intent, next to providing the most plausible explanation for why silver is so darn cheap, is to urge everyone who is capable of buying silver (or buying more) to do so forthwith. When God gives you lemons, you make lemonade. When the crooks give you cheap silver, you buy it. Yes, it may go lower temporarily, either on an absolute or relative basis compared to gold, but since when has that not always been the case? And who will stand up and guarantee that it won’t go substantially higher and soon?

Turning to other matters, there was a fascinating segment on CNBC TV today (Wednesday, I’m sure you can look it up to retrieve it) that featured Harold Hamm, the CEO of Continental Resources and a regular guest on the network. Mr. Hamm turned some heads when he accused the crooks at the CME Group (my words, not his) of manipulating the price of oil down to an unbelievable negative $40 a barrel in the May NYMEX contract on Monday, very much along the lines of the article I wrote yesterday. Hamm openly called for an investigation into the CME’s role in the matter (presumably before beating them and the CFTC with a big stick, as I would urge).

Hamm’s call for an investigation resulted in an immediate statement from the CME and an appearance by Terry Duffy later that day that it did everything right, but despite that and given his public stature, I hope Hamm’s calls are heeded. There was something truly rotten about Monday’s unprecedented decline in crude oil futures to extreme negative numbers, which Hamm felt was as impossible to legitimately explain, as I contended in my article.

The only thing I regret about my article is not using the one word that summed up my feelings (it just got stuck in the jumble of thoughts in my head at the time and wouldn’t come out). That word was “ambush”.  Monday’s otherworldly move to extreme negative numbers in crude oil was nothing other than a deliberate ambush of unsuspecting and unprepared longs by extremely connected and crooked shorts.

Furthermore, there’s not a doubt in my mind that the leading beneficiary and instigator for the oil ambush was JPMorgan, based upon the Bank Participation Report data for April that I cited in my article. This JPMorgan is some crooked piece of garbage. First, it ambushes the unsuspecting longs in April gold futures on the day they had to exit positions by causing the April/June gold spreads to blowout to more than $30 and then JPM has the unmitigated gall to pull essentially the same dirty trick in May crude oil futures on Monday. The CME and CFTC will, undoubtedly, continue to ignore clear evidence of manipulation (by JPM) in all ways possible, but perhaps Hamm’s accusations will at least make them sweat a bit.

Ted Butler

April 23, 2020

www.butlerresearch.com

END

Your weekend reading material

(courtesy Alasdair Macleod..)

Alasdair Macleod: Anatomy of a fiat currency collapse

 Section: 

By Alasdair Macleod
GoldMoney, St. Helier, Jersey, Channel Islands
Thursday, April 23, 2020

This article asserts that infinite money-printing is set to destroy fiat currencies far quicker than might be generally thought. This final act of monetary destruction follows a 98% loss of purchasing power for dollars since the London gold pool failed.

And now the Fed and other major central banks are committing to an accelerated, infinite monetary debasement to underwrite their entire private sectors and their governments’ spending, to prop up bond markets and therefore all financial asset prices.

… 

It repeats the mistakes of John Law in France three hundred years ago almost to the letter, but this time on a global scale. History, economic theory, and even common sense tell us governments and their central banks will rapidly destroy their currencies.

So that we can see how to protect ourselves from this monetary madness, we dig into history for guidance to see who benefited from the Austrian and German hyperinflations of 1922-23 and how fortunes were made and lost. …

… For the remainder of the commentary:

https://www.goldmoney.com/research/goldmoney-insights/anatomy-of-a-fiat-…

iii) Other physical stories:

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 7.0792/ GETTING VERY DANGEROUSLY PAST 7:1

//OFFSHORE YUAN:  7.0926   /shanghai bourse CLOSED DOWN 29.97 POINTS OR 1.06%

HANG SANG CLOSED DOWN 145.99 POINTS OR 0.61%

 

2. Nikkei closed DOWN 167.44 POINTS OR 0.86%

 

 

 

 

3. Europe stocks OPENED ALL RED/

 

 

 

USA dollar index UP TO 100.42/Euro RISES TO 1.0786

3b Japan 10 year bond yield: FALLS TO. –.02/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 107.58/ 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:: 16.99 and Brent: 21.89

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 FALLS TO -.47%/Italian 10 yr bond yield DOWN to 1.96% /SPAIN 10 YR BOND YIELD DOWN TO 0.97%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 2.43: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 2.36

3k Gold at $1734.30.50 silver at: 15.34   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 10/100 in roubles/dollar) 74.43

3m oil into the 16 dollar handle for WTI and 21 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 107.58 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 .9744 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0524 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 0.47%

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 0.60% early this morning. Thirty year rate at 1.18%

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

6.  TURKISH LIRA:  UP  TO 6.9678..

Futures Rebound From Earlier Losses As Corona Optimism Returns

S&index futures reversed earlier losses as the U.S. House of Representatives passed a $484 billion coronavirus aid package, while China’s central bank cut another policy rate as expected. Sentiment was helped after US Covid-19 infections rose at the slowest pace in three weeks, and the potential easing of lockdowns in Europe.

Europe did not share US enthusiasm and the Stoxx 600 dropped after the region’s leaders failed to agree on a long-term stimulus package and news the Remdesivir coronavirus drug was a flop. Food and beverages was the only gaining industry group to advance after food giant Nestle reported its fastest sales growth since 2015 as consumers loaded up on frozen food. Travel, oil and bank shares led the decline.  The banking index led the declines in European stocks after S&P cut Commerzbank’s credit rating by a notch and lowered its outlook for Deutsche Bank to negative from stable.

German’s Ifo Business Climate index plunged in April to 74.3, below the 79.7 expected and down sharply from prev 85.9 previously. The Ifo Expectation print came in at an apocalyptic 69.4 (exp 75.0; R prev 79.5), while the Current Assessment was a bit stronger at Apr: 79.5 (exp 80.5; R prev 92.9).

“It’s a negative session,” said François Savary, chief investment officer at Swiss wealth manager Prime Partners. “The market for the last week has been under consolidation after a strong rally. A lot of good news has already been priced in and news that the number of deaths had increased in the U.S. was also a warning sign for investors.”

In the latest European failure to resolve the coronacrisis, EU leaders agreed on Thursday to build a trillion euro emergency fund to help recover from the coronavirus pandemic, while leaving divisive details until the summer. French President Emmanuel Macron said differences continued between EU governments over whether the fund should be transferring grant money, or simply making loans.

“The risk exists that a concrete decision on the creation of the recovery fund may not occur before September, thereby not being operational before early 2021,” Goldman Sachs European economist Alain Durre wrote in a note.

Earlier in the session, Asian stocks also fell, led by IT and industrials, after rising in the last session. Most markets in the region were down, with Jakarta Composite dropping 2.1% and South Korea’s Kospi Index falling 1.3%, while Australia’s S&P/ASX 200 gained 0.5%. The Topix declined 0.3%, with Legs and Meiji Shipping falling the most. The Shanghai Composite Index retreated 1.1%, with Jumpcan Pharma and Jiangsu Jiangnan High Polymer Fiber posting the biggest slides. There was limited reaction to the Chinese central bank’s partial roll-over of maturing medium-term funding to banks, at a lower interest rate.

The MSCI All Country World Index was down 0.3% and heading for its worst week in three, while MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.9%.

“The recent price action in global markets has highlighted the fragility of the risk rally in the face of deteriorating global economic data and weak commodity prices,” Valentin Marinov, the head of G10 FX strategy at Credit Agricole CIB in London, wrote in a note to clients. Still, “the recent global monetary and fiscal stimulus measures have put a ‘floor’ under the risky assets,” he said.

On Thursday, the S&P 500 and the Nasdaq turned negative at the close on Thursday in the wake of a report that Gilead Sciences’s antiviral drug remdesivir had failed to help severely ill COVID-19 patients in its first clinical trial. Gilead said the findings were inconclusive because the study conducted in China was terminated early. The markets’ sensitivity to news related to the medical treatment of COVID-19 reflected investors’ desperation for a sign of when the global economy might start returning to normal, said Tim Ghriskey, chief investment strategist at New York-based wealth management firm Inverness Counsel.

“Any piece of bad news is likely to rattle the market,” Ghriskey said. “Investors are keen for a semblance of hope that they can soon crawl out of their homes and get on with some form of normal life, even if with trepidation and fear.

Business activity in the US plumbed record lows in April, mirroring dire figures from Europe and Asia as strict stay-at-home orders crushed production, supply chains and consumer spending, a survey showed. Optimism, however, was boosted after the U.S. House of Representatives on Thursday passed a $484 billion bill to expand federal loans to small businesses and hospitals overwhelmed by patients. President Donald Trump, who has indicated he will sign the bill, said late Thursday he may need to extend social distancing guidelines to early summer.

In commodities, retained their recovery from a price collapse this week that pushed U.S. crude futures into negative territory for the first time ever, helped by producers such as Kuwait saying they would move to cut output. Brent crude was up 18 cents, or 0.9%, at $21.51, after jumping 5% on Thursday. U.S. oil was steady at $16.87 a barrel, having surged 20% in the previous session.

But prices were headed for their third weekly loss and the outlook remains dim because global energy demand has evaporated due to business closures and travel curbs aimed at slowing the pandemic. In addition, some countries are running out of space to store the crude oil that they are not using.

In rates, Italian bonds dropped while bunds lead euro-area gains after EU heads fail to agree on how to finance an economic aid package to fight the pandemic. Focus is on S&P’s review of Italy’s rating later Friday, while Germany releases IFO figures.  BTP-bund spread widens 12bps to 253bp, below this week’s high at 272bps. Bunds bull flattened, outperform Treasuries by 2bps. Gilts may look to an announcement at 12pm to see if BOE buyback buckets will be changed from the current GBP1.5b per operation, after Thursday’s revised bond remit was increased to GBP180b from May to July.

In FX, dollar reversed an earlier advance to trade flat as risk sentiment improved with stocks recovering ground. The Bloomberg Dollar Spot index was little changed and still set for a weekly gain of 0.9%; U.S. equity futures gained and European stocks pared losses. The euro recovered from dipping to a one-month low vs the dollar to trade up 0.1% at $1.0789; it was still set for a weekly drop of 0.8%. “USD switches between minor losses and minor gains,” said Shaun Osborne, chief FX strategist at Scotiabank, in a client note. “We look for relatively quiet trading on the session but equity trends will continue to shape intraday trading; if U.S. markets pick up, the USD should slide somewhat”

Looking at the day ahead, we get the US preliminary March durable goods orders and non-defence capital goods orders ex air, along with the final April University of Michigan consumer sentiment index. Meanwhile, the Russian central bank will be deciding on interest rates, and earnings releases include Verizon Communications, T-Mobile and American Express.

Market Snapshot

  • S&P 500 futures up 0.2% to 2,788.25
  • STOXX Europe 600 down 1.3% to 328.93
  • MXAP down 0.7% to 141.58
  • MXAPJ down 0.9% to 456.34
  • Nikkei down 0.9% to 19,262.00
  • Topix down 0.3% to 1,421.29
  • Hang Seng Index down 0.6% to 23,831.33
  • Shanghai Composite down 1.1% to 2,808.53
  • Sensex down 1.2% to 31,467.29
  • Australia S&P/ASX 200 up 0.5% to 5,242.62
  • Kospi down 1.3% to 1,889.01
  • German 10Y yield fell 3.9 bps to -0.463%
  • Euro down 0.2% to $1.0754
  • Italian 10Y yield fell 9.2 bps to 1.81%
  • Spanish 10Y yield rose 0.2 bps to 1.051%
  • Brent futures down 1.7% to $20.96/bbl
  • Gold spot little changed at $1,729.60
  • U.S. Dollar Index up 0.3% to 100.71

Top Overnight News

  • The U.S. House of Representatives passed a $484 billion package, replenishing funding to aid small businesses and provide support for hospitals and virus testing. U.S. infections rose at the slowest pace in three weeks, and China reported no deaths for a ninth straight day
  • German Ifo Insitute’s business confidence dropped to 74.3, more than economists predicted and a record low
  • Germany’s sick beds continued to empty, and France and Italy showed progress in slowing the coronavirus spread in a welcome sign for European leaders ahead of further steps to ease lockdowns
  • Stress in the commercial paper market is continuing to ease as prime fund inflows accelerate. The funds saw a third straight week of inflows through April 22. Total assets jumped by $19 billion — the most since October 2015 — helping to push rates lower and tighten spreads
  • With the Bank of Japan accumulating bonds at a slower pace than its 80 trillion yen ($745 billion) target for years, it has faced criticism for keeping the guideline in its policy statement
  • U.K. Prime Minister Boris Johnson plans to return to Downing Street as early as Monday following his bout with Covid-19, the Telegraph newspaper reported
  • Treasury Secretary Steven Mnuchin will require public companies deemed critical to national security that seek a share of $17 billion in virus-related relief to offer an equity stake to the government
  • China’s central bank rolled over some of the targeted funds due Friday while cutting interest rates on the loans, the latest in a string of measures aimed at ensuring sufficient liquidity. China’s 2020 economic growth is seen sliding below 2% in survey
  • Oil continued to claw back losses as attention turned to output cuts in response to the demand hit from coronavirus lockdowns. New York futures for June delivery rose for a fourth day to above $17 a barrel
  • New Zealand Finance Minister Grant Robertson has downplayed the prospect of the central bank monetizing government debt, saying its approach to quantitative easing is working

Asian equity markets traded mostly negative following the lacklustre handover from US where the major indices retraced their initial oil-inspired gains as sentiment soured following weak data and with anti-viral hopes dashed by disappointing results for Gilead’s Remdesivir drug in a clinical trial. ASX 200 (+0.5%) and Nikkei 225 (-0.9%) were mixed with energy front-running the gains in Australia after similar outperformance of the sector stateside due to the continued rebound in oil and as state governments are set to begin releasing a list of projects next week to spur the rebound in the domestic economy, while sentiment in Tokyo was subdued as exporters suffered from recent adverse currency flows and ongoing COVID-19 disruptions. Hang Seng (-0.6%) and Shanghai Comp. (-1.0%) conformed to the regional glum amid weak financial earnings from the likes of China Life Insurance and Ping An Insurance, while the PBoC’s CNY 56.1bln 1-Year Targeted Medium-term Lending Facility and respective 20bps rate cut failed to spur upside given that the injection was less than the CNY 267.4bln maturing and with the rate cut inline with the recent similar reductions in the 1-year MLF and PBoC Loan Prime Rate. The biggest losses in the region were seen in the Philippines PSEi (-2.2%) after President Duterte extended the lockdown for the national capital region to May 15th and warned the country was running out of funds which the Finance Secretary suggested was not the case, while India’s NIFTY Index (-1.2%) also slumped with financials pressured following the decision by Franklin Templeton Mutual Fund to wind up six of its credit funds in India. Finally, 10yr JGBs were higher amid the downbeat overnight risk tone and following recent source reports that suggested the BoJ could consider unlimited bond buying at next week’s policy meeting. Furthermore, the BoJ were present in the market today for a total of JPY 180bln of JGBs concentrated in the long to super-long end, while the Chinese 10yr yield also dropped to its lowest in 10yrs as markets had widely anticipated the PBoC’s TMLF actions.

Top Asian News

  • China Cuts Another Policy Rate, Replaces Some Maturing Loans
  • HSBC Pushes Back Against Claims the Yen Has Lost Haven Status
  • BOJ Has Perfect Cover to Ditch 80 Trillion Yen Bond Purchase Aim
  • Biotech Firm Akeso Surges 58% on Hong Kong Trading Debut

The downbeat APAC sentiment intensified as European players entered the fray (Euro Stoxx 50 -0.8%), with the failure of EU leaders to agree on a recovery package coupled with the Gilead Remdesivir pessimistic reports prompting an unwinding of recent gains. That being said, US equity futures outperform Europe after the latest coronavirus bill made smooth passage through the House. European bourses see broad-based losses, but have clambered off lows, albeit Spain’s IBEX (-1.3%) sees more pronounced downside after the country’s hopes for a grant and a joint EU debt issuance were dashed out the window at yesterday’s EU Summit. Sectors are in the red with the exception of Consumer Staples (amid Nestle earnings) and feature Energy as the laggard given the pullback in the complex. The breakdown also paints a downbeat picture as Oil & Gas, Banks, Autos, and Travel & Leisure all post losses of over 2%. Nestle’s (+3.0%) numbers see shares on a firmer footing after organic revenue topped estimates, FY20 was maintained and the Co. is exploring options for its Yinlu Peanut Milk and Canned Rice Porridge businesses in China, including a potential sale. The group expects continued improvement in organic sales growth and underlying trading operating profit margin and sees underlying EPS to increase in constant currency. As Nestle carries a 16.3% weighing in the SMI (+0.3%), the Swiss index fares better than its regional peers. Other movers are largely earnings-oriented: Air Liquide (+0.4%), Casino (-0.4%), Saint Gobain (-3.6%) and Sanofi (-0.6%); the latter conforming to the broad losses across health names induced by Gilead (-0.8% pre-mkt), despite a boost to earnings from COVID-19 stockpiling and an increase in Business EPS. Although Italy’s DiaSorin (+2.5%) bucks the trend on the back of its competitor’s failure in the COVID-19 antibody market. Signify (+14.3%) leads the gains the Stoxx 600 after announcing a strong cash position against the backdrop of the pandemic.

Top European News

  • Merkel’s Stimulus Vow Sets Up EU Battle for Recovery Funds
  • Italy Bonds Slide as EU Inaction Deepens Gloom Before S&P Review
  • German Business Confidence Plummets Further as Lockdowns Persist
  • Britons Under Lockdown Turn to Alcohol in Record Splurge

In FX, the single currency has pared some losses vs the Dollar after falling to fresh mtd lows and through a key Fib retracement level (1.0757), but remains weak overall following no breakthrough on an EU-wide fiscal recovery fund and yet more evidence of the fallout from COVID-19 via the keenly watched Ifo survey, as all metrics missed consensus and the institute described the mood of German businesses as ‘catastrophic’. Moreover, firms are said to be more pessimistic about the outlook for coming months than ever, while Germany’s IAB Labour Market Research group believes that unemployment could rise in excess of 3 mln this year. However, Eur/Usd is clinging to 1.0760, while Eur/Gbp holds above 0.8700 amidst a pull-back in the Pound from Thursday’s recovery peaks in wake of weak UK retail sales data and a broadly firmer Greenback, in part on the demise of others. Indeed, Cable has tested 1.2300 as the DXY rebounds from post-US jobless claims and Markit PMI lows to notch a new recent high at 100.860, closer to April’s best so far (100.931 on April 6).

  • CAD/AUD/NZD/JPY – All softer vs the Buck, but off worst levels as aversion and disappointment over the failure of Gilead’s Remdesivir coronavirus treatment at clinical trial abates. The Loonie is holding the bulk of it’s crude induced momentum on the 1.4000 handle alongside oil, while the Aussie is pivoting 0.6350 after failing to sustain 0.6400+ status yesterday and Kiwi is hovering close to 0.6000. Elsewhere, the Yen has returned to tight confines between 107.75-55 following knee-jerk depreciation on no holds barred BoJ QE with little independent impetus from in line Japanese inflation data overnight.
  • SCANDI – Somewhat mixed fortunes for the Crowns, as Eur/Sek maintains a downward bias close to 10.8500 ahead of the Riksbank policy meeting on the grounds that the repo rate looks set rigid regardless of more adverse nCoV contagion highlighted by the Swedish Finance Ministry downgrading its already recessionary assessment of Q2 GDP. Conversely, Eur/Nok is back up near 11.5000 as Stats Norway slashed its 2020 growth forecast with the entire economy already in contraction over Q1.
  • EM – Aside from the ongoing vigil for the Rouble in terms of tracking Brent, the looming CBR rate verdict will be in focus along with the post-meeting press conference amidst expectations that the benchmark will be lowered to 5.5% from 6%. Usd/Rub roughly flat in the run up circa 74.6750.
  • Mexico Central Bank Governor said will hold usual meeting on May 14th despite this week’s off-schedule cut and central bank will continue to evaluate as well as take actions it deems necessary, while he added the challenge is overcoming the short-term crisis and it will be important to provide liquidity and financing to those that need it as economy gradually returns to normal. (Newswires)

In commodities, WTI and Brent front month futures have yielded their gains seen in the APAC session, with both benchmarks extending losses as the final session of the week goes underway, but the complex has seen a recent pickup in-line with a improving overall risk tone. WTI posted +40% gains over the last two days as geopolitical risk premium pricing was induced by a ramp-up in US-Iranian tensions, while some argue prices were squeezed higher amid liquidation-only restrictions by some brokers. Again, there is little by way of any fresh fundamental developments to support a sustained move higher, but a relief rally may have been due given the recent detrimental losses across the complex. In terms of OPEC, despite reports of Algeria and Kuwait following the lead from Saudi to cut output early, desks believe this will do very little in the short term to offset the surplus in the market. ING analysts believe that “there is more downside risk to prices in the short term.” WTI futures rose to a whisker away from USD 18.00/bbl before receding to a current intraday low at USD 15.64/bbl, whilst its Brent counterpart printed an intraday roof at USD 22.70/bbl and base at USD 20.50/bbl thus far. Elsewhere, spot gold retraces some of its recent gains, but prices remain comfortably above USD 1700/oz at the time writing. The yellow metal is pressured by the rising Buck and sits within a USD 1721-31 intraday band, with much of the session spent at the lower end of this. Copper prices see similar price action amid the overall risk aversion across the market, alongside Dollar woes. The red metal threatens a break below USD 2.3/lb vs. yesterday’s 2.3505/lb high.

US Economic Calendar

  • 8:30am: Durable Goods Orders, est. -12.0%, prior 1.2%; Durables Ex Transportation, est. -6.5%, prior -0.6%
  • 8:30am: Cap Goods Orders Nondef Ex Air, est. -6.7%, prior -0.9%; Cap Goods Ship Nondef Ex Air, est. -7.0%, prior -0.8%
  • 10am: U. of Mich. Sentiment, est. 68, prior 71; Current Conditions, prior 72.4; Expectations, prior 70

DB’s Jim Reid concludes the overnight wrap
European leaders won’t be able to afford a lie down anytime soon as there is still much unfinished business to sort out post the leaders’ summit yesterday. Mark Wall published a blog last night (Link here) on the outcome. While he wasn’t expecting a full agreement on the EU recovery Fund yesterday, the progress was slower than feared. Mark remains confident there will be a Recovery Fund, but beyond that, the size, speed and structure remains undecided and unclear. What is clear is that the key battleground won’t be “joint bonds”. It will be the ratio of grants vs loans. See the note for what has been agreed but with 3-4 weeks now until the EC come up with a proposal, that leaves plenty of time for events to take over here. A notable positive was Conte’s positive reaction though. If activating the ESM is politically viable in Italy it could unlock more unlimited sub 3-year buying of BTPs by the ECB.

During these deliberations, Bloomberg reported that ECB President Lagarde had warned that the Euro Area economy could shrink by 15% this year in an extreme scenario, with her baseline scenario a 9% drop in output. Furthermore, she said that the leaders risked doing too little, too late in terms of their response.

The poor data (woeful PMIs, bad as expected US jobless claims) didn’t stop markets rallying for most of yesterday but the shine was taken off the session with the EU summit failing to agree on an immediate deal and also on news that a virus treatment did not do well in phase 1 trials. Equities earlier got a boost ahead of the summit by reports of Chancellor Merkel saying that the European response must be huge, which initially boosted the Euro before it fell (-0.43%) after the disappointing end to the summit – the fourth straight daily weakening of the currency. Equities peaked just before Europe went home, with the S&P 500 falling from +1.62% to close basically flat at -0.05%. This meant that the S&P 500 did not rise for the 5th Thursday in a row of multi-million jobless claim numbers. The retreat was also potentially on news that Gilead’s antiviral Remdesivir drug did not perform well in its first randomised covid-19 clinical trial. Before the US slip and the summit conclusion the STOXX 600 was up +0.92% with the FTSE MIB +1.45%.

Sovereign debt also had a strong day, with yields on 10yr Treasuries and bunds down by -1.8bps and -1.7bps respectively. Furthermore, European spreads narrowed ahead of the summit, with the gap between Italian (-7.6bps), Spanish (-7.1bps), Portuguese (-6.5bps), and Greek (-20.7bps) yields over bunds all falling, even if they still remained at elevated levels. Oil had a relatively quiet session by the standards set this week. WTI was up +19.74% to 16.50/barrel. Brent Crude was also up by +4.71% at $21.33/barrel, while the Russian Ruble powered forward, seeing its biggest 2-day gain against the US dollar (+3.25%) since December 2016.

While US equities reacted to the failure of a possible covid-19 treatment, we saw some interesting information out of New York State yesterday. The region has been one of the hardest hit in the entire world, with just over 10% of all confirmed cases globally. The state has also been very aggressive in ramping up testing capabilities over the past month. Yesterday, Governor Cuomo announced the results of testing roughly 3,000 people across 19 counties and 40 localities. In this survey, 13.9% of individuals tested positive for antibodies of covid-19. New York City had the highest rate, with 21.2% testing positive. The Governor cautioned that this may not be entirely representative of the state, because the survey was done at grocery stores and other big box stores and therefore was not necessarily fully random. Healthcare workers particularly, could have different and potentially higher rates. Also no one under the age of 18 was tested in this study. Regardless, if the infection rate is closer to 14%, then the number of New Yorkers infected would be near 2.7 million, bringing the overall mortality rate much lower than currently cited and closer to the 0.50% that we highlighted in our pandemic piece yesterday ( link here). This is closer to that of the recent Imperial College London study we mentioned which projected this kind of fatality rate if the virus were allowed to spread unmitigated. Many epidemiologists had cited a likely mortality rates of 0.5%-1% by the time the virus has run through, but seeing evidence of this sort of number may be encouraging to those that fear it’s far higher. Still a lot of studies and testing to back this up though.

Staying with the US, Treasury Secretary Steven Mnuchin said overnight that he is considering the creation of a government lending program for US oil companies following the huge decline in the price of oil. Mnuchin said that “investment-grade companies will be able to either access the normal capital markets or will be able to access the Fed’s investment-grade facility. That’s the priority” but for companies that aren’t IG, Mnuchin said that he is discussing “alternative structures with banks.” Bloomberg has reported that the program will run out of the Fed while the administration is also considering taking financial stakes in exchange for some loans, and some firms might be asked to reduce production. Separately, the Treasury Department said, in the 10-page loan application posted on its website overnight that public companies deemed critical to national security that seek a share of $17bn in virus-related relief may be required to offer an equity stake to the government while for private companies the department “may, at its discretion, accept senior debt instruments” or other financial interests.

A quick refresh of our screens show that most Asian markets are trading lower this morning with the Nikkei (-0.66%), Hang Seng (-0.28%), Shanghai Comp (-0.63%) and Kospi (-1.04%) all down. Elsewhere, futures on the S&P 500 are down -0.54% while June WTI oil prices are up a further +7.82% this morning to $17.80. In other news, the Nikkei reported that BoJ policy makers are likely to discuss unlimited JGB purchases at their meeting on Monday. The report has also added that the BoJ would double targets for purchases of commercial paper and corporate bonds at the meeting.

Onto the data and we got another truly dire set of PMI releases yesterday, especially in Europe with the indicators once again falling right across the board. As we have discussed, because it’s a diffusion index it will always look even more extreme on the down and upside in circumstance like this. In fact we could get a PMI in the 70s or 80s at some point this year without activity being anything close back to normal.

However for completeness, the Euro Area composite PMI fell to a record low of 13.5 (vs. 25.0 expected), with the services reading at 11.7 (vs. 22.8 expected) also at a record low. The manufacturing PMI was relatively stronger at 33.6 (vs. 38.0 expected), since it’s services sectors like hospitality and restaurants that have been the biggest victim of compulsory shutdowns, but it was still deep in contractionary territory and at its own lowest level since February 2009. The country-by-country breakdown didn’t provide much respite, with the composite PMIs in Germany (17.1), France (11.2) and the UK (12.9) all falling to record lows as well. The US composite PMI was “only” as bad as 27.4 however, suggesting that for now their economy has managed to hold up slightly better than their European counterparts with shutdowns less widespread.

Against this backdrop, the initial weekly jobless claims fell to 4.427m in the week up to April 18, slightly below the expected 4.5m reading and down from the revised 5.237m the previous month. If you’re looking for the bright spot amidst the gloom, this was actually the 3rd consecutive week that the number of claims has declined, down from its peak of 6.867m, so a sign that perhaps we’re past the most rapid period of job losses. Nevertheless, this brings the total number of claims over the last 5 weeks to a cumulative 26.453m, which compares to peak nonfarm employment back in February of 152.5m. So it’s looking likely that unemployment could get close to 20% when released on May 8th.

Wrapping up with the other data releases now. In France, the INSEE’s business climate composite indicator fell to 62 in April, its lowest level since the start of the series in 1980. Meanwhile, in Germany, the GfK’s consumer confidence reading for May fell to an all-time low of -23.4. Finally in the US, new home sales in March fell to an annual rate of 627k, with the -15.4% monthly decline being the largest since July 2013.

To the day ahead now, where the data releases include UK retail sales for March, Germany’s Ifo business climate indicator for April, the US preliminary March durable goods orders and non-defence capital goods orders ex air, along with the final April University of Michigan consumer sentiment index. Meanwhile, the Russian central bank will be deciding on interest rates, and earnings releases include Verizon Communications, T-Mobile and American Express.

 

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED DOWN 29.77 POINTS OR 1.06%  //Hang Sang CLOSED DOWN 145.99 POINTS OR 0.61%   /The Nikkei closed DOWN 167.44 POINTS OR 0.86%//Australia’s all ordinaires CLOSED UP .53%

/Chinese yuan (ONSHORE) closed DOWN  at 7.0792 /Oil UP TO 16.99 dollars per barrel for WTI and 21.89 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.0792 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.0926 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY PAST 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

The USA does not like this as China continues to deny USA request for access to the Wuhan Lab and the true source of the Pandemic

(zerohedge)

China Denies US Request For Access To Wuhan Lab Which May Be Source Of Coronavirus Pandemic

China has denied a request by US Secretary of State Mike Pompeo to grant international inspectors access to labs in order to assess whether dangerous pathogens might be accidentally released, according to Fox News.

The request comes amid a US investigation into whether the Wuhan coronavirus escaped from the Wuhan Institute of Virology, where they were conducting a host of experiments on bat coronavirus – and had collected bats in a cave over 1,000 miles away in Yunnan which carried COVID-19.

“There are multiple labs inside of China that are handling these things,” Pompeo said on Wednesday at the State Department. “It’s important that those materials are being handled in a safe and secure way such that there isn’t accidental release.”

“We have to make sure that the Chinese Government is handling those materials in an appropriate way not only in the Wuhan Institute of Virology but elsewhere,” Pompeo added, according to the report.

“Any objective person will see that some U.S. politicians have been peddling lies that discredit China’s anti-epidemic efforts to fuddle people’s minds and deflect attention from the fact that they fell short of fulfilling their own anti-epidemic responsibilities,” said Chinese Foreign Ministry spokesman Geng Shuang on Thursday in response to Pompeo’s call for inspections at the Wuhan Institute of Virology and other Chinese labs studying coronaviruses and other pathogens.

Beijing has refuted claims that COVID-19 originated in a laboratory. Intelligence operatives have begun gathering information about the Wuhan lab and are piecing together a timeline of the events following the outbreak.

U.S. officials told Fox News they have ruled out the possibility of a man-made coronavirus to be used as a bioweapon. Instead, they believe it was part of China’s attempt to demonstrate that its efforts to identify and combat viruses are equal to or greater than the capabilities of the United States,

Some officials believe China purposefully covered up the virus and that the World Health Organization (WHO) is complicit. President Trump took aim at the WHO over its role in the crisis and announced last week that the U.S. will halt all funding to the group, saying it had put “political correctness over lifesaving measures.” –Fox News

On Wednesday, Pompeo told “The Ingraham Angle” that the World Health Organization (WHO) had dropped the ball in helping the United States gather critical data from China.

“Look, we know it began at one [lab], but we need to figure this out,” he said, adding “There’s an ongoing pandemic. We still don’t have the transparency and openness we need in China.”

end

4/EUROPEAN AFFAIRS

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Iran

the country is a basket case as their economy spirals into oblivion

(Coughlin/Gatestone)

Iran’s Ayatollahs Will Struggle To Survive The Oil Slump

Authored by Con Coughlin via The Gatestone Institute,

At a time when Iran’s Islamic regime is already facing unprecedented pressure over its handling of the coronavirus outbreak, as well as its disastrous handling of the economy, the global slump in oil prices could well prove to be the final straw for the ayatollahs.

 

Even before this week’s dramatic collapse in global oil prices, which saw the key gauge of U.S. crude prices, the West Texas Intermediate benchmark, tumble into negative territory for the first time in history, the mullahs were already under intense pressure over their catastrophic running of the country during their four decades in power.

A combination of the regime’s clumsy attempts to cover up the true extent of the coronavirus outbreak in Iran, combined with the disastrous impact the US sanctions are having on the Iranian economy, have resulted in the regime facing the most sustained period of domestic dissatisfaction since the 1979 revolution.

With the collapse in the global oil market, the pressure on the ayatollahs is set to increase even further as they risk losing a vital income stream at a time when the country’s economy is already on its knees.

According to recent estimates by the International Monetary Fund (IMF), Iran needs global oil prices to reach the highly unlikely benchmark of $195 a barrel just in order to meet its budget requirements for 2020.

With current predictions suggesting oil prices are likely to remain around the $19 a barrel mark, the ayatollahs are facing the prospect of an economic Armageddon: the oil slump means there is little prospect of a revival in the country’s economic fortunes for the foreseeable future.

With inflation running at 35%, and the country facing widespread unemployment, the ayatollahs have become increasingly dependent on the country’s oil revenues to keep the economy functioning. Their ability to generate revenue from oil sales, though, has already been severely affected by the impact of US sanctions, with Iranian oil exports declining from their pre-sanctions level of two million barrels of oil per day to around 300,000 — a decline of more than 80%. Now, following this week’s slump, even that modest amount is under threat.

The scale of Iran’s deepening economic crisis is reflected in the regime’s recent decision to seek $5 billion in emergency funding from the IMF, its first request for outside help since the 1979 revolution.

Iranian President Hassan Rouhani has tried to put a brave face on the latest setback to hit the regime, claiming that Iran is unlikely to suffer as much as other countries from the oil price drop because it is less reliant than others on crude exports.

If that were truly the case, then Tehran would not be asking the IMF for a bailout, and Mr Rouhani, together with Javad Zarif, Iran’s Foreign Minister, would not be begging Washington to remove sanctions.

The truth of the matter is, for all the regime’s attempts to claim it has everything under control, that the country is teetering on the brink of collapse, and the ayatollahs are fast running out of options to save themselves.

One indication of the growing disconnect between the regime and ordinary Iranians is the claim by the Islamic Revolutionary Guard Corps (IRGC) that it has successfully launched a military satellite into orbit for the first time, an undertaking that seems completely inappropriate for a country teetering on the brink of bankruptcy.

In times of crisis, the regime has often resorted to stirring up tensions in the Gulf, and elsewhere in the Middle East, as a means of increasing pressure on the US and its allies. To that end, Iran’s IRGC have been accused of conducting a number of confrontational operations in the Gulf this month, including the temporary seizure of a Chinese tanker in the Strait of Hormuz, which proved to be deeply embarrassing for Tehran, as China is one of the few countries still buying its oil.

There has also been an increase in Revolutionary Guard patrol boats harassing US warships operating in the Gulf, a development which has prompted U.S. President Donald Trump to order the US Navy “to shoot down and destroy” Iranian gunboats if they continue with their provocative actions.

The ayatollahs may still believe they can survive the current crisis, but the reality is that their prospects of overcoming all the obstacles they face, from coronavirus to the collapse of the Iranian economy, become more challenging by the day.

end

6.Global Issues

 

7. OIL ISSUES

Goldman Sachs sees global oil storage full in three to 4 weeks

(zerohedge)

Goldman Sees Global Oil Storage Full In 3-4 Weeks; Expects Another Oil Price Crash

While it may be tempting to argue that the worst is behind us for oil price given the historic collapse in WTI which crashed to negative $40 on Monday as holders of May WTI futures panicked to sell their holdings at any price – even paying the “buyer” for taking possession of the deliverable barrels –  Goldman’s chief commodity strategist Jeffrey Currie reminds us that it is important to remember that unlike bonds and stocks, “commodities are spot assets, not anticipatory assets and must clear current supply and demand, which still remain extremely out of balance in all markets.

And since oil supply remains vastly greater than demand, we are merely in the eye of the hurricane at least until the June WTI maturity in one month, with Goldman expecting the market to test global storage capacity in the next 3-4 weeks – unlike WTI which was merely a Cushing event – which will likely create substantial volatility with more spikes to the downside until supply finally equals demand, as with nowhere to store the oil, supply has no other option but to be shut-in down in-line with the expected demand losses. Alternatively, we could see another “Monday massacre” with producers of oil willing to pay buyers to take physical possession right around the time all global capacity is full, unless of course US shale producers drastically cut output in the coming days, not weeks.

That’s the bad news: the good news is that slowly the market is rebalancing, and once production is well and truly shuttered, there is a potential for a violent price reversal – but remember, one can’t just “price it in” as commodities have to reprice through the spot, not forward channel. As Currie notes, “we have now entered the inflection phase where the rebalancing has started, but this period could take 4-8 weeks to resolve before we can comfortably argue a bottom has been carved out.” This timeline assumes that peak demand loss was likely last week with nascent restarts in Europe now underway, but as Goldman concedes substantial uncertainty still remains.

In conclusion, “while acknowledging that a balanced market is in eyesight, more forward-looking assets like equities can look past the next several weeks and begin to price a recovery; however, commodities simply do not have that luxury.”

end

8 EMERGING MARKET ISSUES

INDIA/GLOBE/CORONAVIRUS UPDATE

India Reports Record Jump In New Cases With US Death Toll Set To Pass 50k: Live Updates

Summary:

  • Singapore reports another alarming jump in new cases
  • Tokyo reports ~150 new cases, asks companies to extend “Golden Week” holiday
  • Sydney forced to shutter three newly reopened beaches
  • China rejects US request to examine Wuhan lab
  • India reports record single-day jump in cases
  • Matt Hancock says ‘no set date’ for BoJo to return
  • Chinese tests using blood of recovered patients show promising results
  • Some Muslim majority countries ease restrictions as Ramadan begins
  • Indonesia also reports jump in cases
  • Russia reports 5k+ new cases in a day; RenCap projects ‘peak’ next week

*         *         *

As of 6amET Friday morning, the number of deaths linked to the coronavirus in the US stood at 49,963. You probably don’t need to be an ‘epidemiological expert’ to suspect that the death toll will surpass 50k on Friday – probably before lunchtime, since Gov Cuomo typically releases the latest NY state-wide death count at around 11amET.

But before we get into the big US-focused stories of the day, we believe it’s worth noting some new developments in Asia overnight suggesting that despite Singapore’s strict new lockdown – and in Japan, despite PM Shinzo Abe’s decision to expand a ‘state of emergency’ countrywide – both countries, big and small, have continued to struggle.

In Singapore, authorities disclosed 897 new infections. That’s a slight decline from Thursday’s record 1,037, but still too many for a tiny island city-state with a population of only 5.7 million people. The numbers pushed Singapore’s total case count since the beginning of the outbreak past 12,000, with the “vast majority” of them migrant workers, whom Singapore’s PM has promised to care for as if they were naturalized Singaporeans, CNA reports.

Overnight, Tokyo confirmed 161 new cases,according to a report from Nikkei. That’s up from 134 on Thursday. The governments of Tokyo and the surrounding prefectures of Chiba, Saitama and Kanagawa have asked companies to extend the upcoming “Golden Week” holiday to 12 days.

In India, officials reported 1,684 new coronavirus cases, up from the 1,409 reported Thursday morning. That’s the biggest single-day spike yet for the outbreak in India, where the number of confirmed cases has reached 23,077, with 718 deaths, according to the Ministry of Health and Family Welfare, numbers that some epidemiologists fear are well below the true number of active infections. Indonesia reported 436 new cases during the last 24 hours, a new daily record, bringing the total to 8,211, with 689 deaths.

Beijing made a big decision this week by allowing a stream of foreign journalists back into Wuhan after allowing just a handful of ‘exclusive’ reports from the newly reopened city last week. However, there’s one place journalists – and US investigators – won’t be allowed to examine: the biolab suspected as the true source of the viral leak.

Russia reported another alarming jump in new cases last night, according to Moscow’s Interfax newswire:

More than 5,800 new Covid-19 cases have been identified in Russia in the past 24 hours, bringing the country’s coronavirus tally to 68,600, the coronavirus response headquarters said.

“A total of 5,849 new cases of the Covid-19 coronavirus infection have been confirmed in 82 regions of Russia in the past 24 hours, including contacts and patients without clinical symptoms standing at 2,697 (46.1%),” it said on Friday.

“Given the latest increase, Russia currently has 68,622 (+9.3%) cases of the coronavirus infection in 85 regions,” the headquarters said.

A total of 2,957 new Covid-19 cases have been recorded in Moscow, which has 36,897 cases as of Friday.

Renaissance Capital

Kenneth Rapoza@BRICBreaker

Renaissance Capital says will follow the Asian
scenario of suppressing the virus, given that the quarantine measures appear to be adequate and proportionate. Russia hits peak within a week.

As more governments rapidly expand their surveillance capabilities to aid in ‘contact tracing’ of people infected with the virus (even though casual contacts have the lowest chance of infection and the people typically infected are in many cases family members and close friends), Australian PM Scott Morrison said he plans to make it illegal for any workers not in the health-care field to access the surveillance data, leaving it ‘off limits’ to cops and the government – at least in theory.

While the global outcry over expanded governmental surveillance continues, many have gladly welcomed the expansion of the surveillance state, and celebrate stories of spooks turning their attention to tracking close encounters in grocery store aisles and mass transit.

mims

@mims

An Icelandic cop who normally tracks mobsters is now doing contact tracing of people infected with coronavirus.

He’s still using his cop skills — to track down people who try to evade quarantine.

Someone please option this:https://www.wsj.com/articles/a-cop-skilled-in-tracking-mobsters-is-now-focused-on-the-coronavirus-11586424602?mod=ig_makingitwork 

A Cop Skilled in Tracking Mobsters Is Now Focused on the Coronavirus

A Cop Skilled in Tracking Mobsters Is Now Focused on the Coronavirus

Ævar Pálmi Pálmason, who serves the Reykjavik Metropolitan Police force, heads a team of so-called contact tracers in Iceland, deployed to try to keep anyone potentially infected from spreading the…

wsj.com

Australia has started the process of reopening though most stores won’t reopen until the middle of next month, but local officials in Sydney decided to close three beaches that had been briefly opened because locals broke safety restrictions.

Moving on to the UK, Health Secretary Matt Hancock told Sky News that there are currently is no set date for PM Boris Johnson to return to work. Following yesterday’s failure of the EU to reach a consensus on how to finance a pan-bloc relief program, Germany on Friday reported that its coronavirus reproduction rate had increased to 0.9 according to the country’s CDC, the Robert Koch Institute, meaning every 10 people with the virus infect an average of nine others. That’s up from a reproduction rate of 0.7 a week ago.

In the Muslim world, Friday marks the beginning of the holy month of Ramadan. In observance of the holiday, some countries are easing restrictions and others are tightening them. Egypt is set to ease its coronavirus lockdown for the holy fasting month of Ramadan by allowing more businesses to reopen and shortening a night-time curfew. Meanwhile, the UAE has shortened a nationwide coronavirus curfew by two hours to now run daily from 10pm-6am, instead of starting at 8pm, per the Guardian.

Finally, before we go, CNN reported overnight that researchers in China have successfully cloned antibodies from recovered patients, a step toward developing a “new kind of treatment for the virus.” In test tubes, the antibodies prevented the binding of the novel coronavirus to its receptor, according to the researchers. Antibodies that block that step, which is critical for infection, could become a promising treatment.

Let’s ask Jim Cramer…

Jim Cramer

@jimcramer

I do not believe this gilead news. It is from the chinese trials …This is not from Gilead..

….Is this ‘fake’ trial news or the real kind?

END
Brazil in turmoil after its Justice Minister resigned over Bolsonaro’s political interference:
(zerohedge)

Brazil In Turmoil, Markets Plummet After Justice Minister’s Shock Resignation Over Bolsonaro “Political Interference”

Political chaos has struck the heart of the Jair Bolsonaro administration after the Friday shock resignation of his celebrity justice minister Sérgio Moro, angry over Bolsonaro’s sacking the head of Brazil’s federal police hours earlier.

Brazilian markets plunged immediately upon Moro’s fiery speech accusing President Jair Bolsonaro of “political interference” — coming also at an extremely sensitive moment in which the far-right populist president faces a torrent of anger over his handling of COVID-19.

 

Brazil’s Justice Minister Sergio Moro speaks during a news conference in Brasilia, Brazil, via Reuters.

“I was promised carte blanche to appoint all advisers, including judicial bodies,” Moro said hours after the sacking of federal police chief Mauricio Valeixo, who along with Moro became famous in the Car Wash corruption probe. “I can’t go on without ensuring the federal police its autonomy.”

Immediately upon Moro’s resignation protests erupted in major cities, even in areas of Rio de Janeiro previously vehemently pro-Bolsonaro, in which people shouted from balconies and through windows: “Fora Bolsonaro! Fora Bolsonaro!” (“Bolsonaro out!”).

The protests began even as his speech was ongoing, and strikes a deep nerve signaling that the very explosive “Trump-style” rhetoric and unpredictable behavior which spurred Bolsonaro’s rise as an ‘outsider’ in the first place is now a major liability amid the COVID-19 crisis.

Glenn Greenwald

@ggreenwald

Roughly one week after Bolsonaro fired his popular Health Minister for following science on the pandemic, his once-heroic Justice Minister, Sergio Moro, just quit on live TV, accusing Bolsonaro of trying to interfere in ongoing investigations of the Federal Police:

View image on Twitter

Markets immediately felt what could be the start of the unraveling of Bolsonaro’s administration, per Bloomberg:

Markets blew up as investors saw it as further proof that Bolsonaro’s administration is crumbling as it muddles its way through the coronavirus crisis, with speculation growing that Economy Minister Paulo Guedes may soon be out as well. The real sank more than 3% to as low as 5.73 per U.S. dollar. That was by far the worst performance among major currencies on Friday — and for the year. Stocks tumbled as much as 9.6%.

And the Real entered a nosedive:

“We see a government that’s collapsing in the middle of a pandemic,” a partner at financial adviser FB Wealth in Sao Paulo, Daniela Casabona, told Bloomberg.

Crucially Moro directly accused Bolsonaro, the populist ‘anti-corruption president’ of essentially seeking to erect of system of far-reaching corruption.

“The president said more than once, expressly, that he wanted a person he could be in touch with personally, whom he could call directly, from whom he could receive information, intelligence reports,” Moro said in his explosive speech, describing that Bolsonaro wanted a new police chief from whom he could receive direct intelligence on issues close to the president.

Moro’s charge is further so explosive and threatens to unravel the entire administration given that currently two of Bolsonaro’s own sons (and other allies) are under criminal investigation by federal prosecutors and the Supreme Court.

National newspaper reports have leveled the stinging accusation that Bolsonaro is seeking to directly interfere in their cases.

end

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

Euro/USA 1.0786 UP .0012 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 /ALL READ

 

 

USA/JAPAN YEN 107.58 DOWN 0.073 (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 1.2353   UP   0.0002  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.4051 DOWN .0015 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  FRIDAY morning in Europe, the Euro ROSE BY 12 basis points, trading now BELOW the important 1.08 level RISING to 1.0786 Last night Shanghai COMPOSITE CLOSED DOWN 29.97 POINTS OR 1.06% 

 

//Hang Sang CLOSED DOWN 145.99 POINTS OR 0.61%

/AUSTRALIA CLOSED UP 0,53%// EUROPEAN BOURSES ALL RED

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 145.99 POINTS OR 0.61%

 

 

/SHANGHAI CLOSED DOWN 29.77 POINTS OR 1.06%

 

Australia BOURSE CLOSED UP. 53% 

 

 

Nikkei (Japan) CLOSED DOWN 167.44  POINTS OR 0.86%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1733.60

silver:$15.31-

Early FRIDAY morning USA 10 year bond yield: 0.60% !!! DOWN 1 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.18 DOWN 1  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 100.42 DOWN 2 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 1.08% DOWN 12 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: -.02%  DOWN 2   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.95%//DOWN 9 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,88 DOWN 4 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 93 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.47% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 2.35% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.0799  UP     .0025 or 25 basis points

USA/Japan: 107.45 DOWN .209 OR YEN UP 21  basis points/

Great Britain/USA 1.2332 DOWN .0019 POUND DOWN 19  BASIS POINTS)

Canadian dollar DOWN 35 basis points to 1.4100

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 7.0819    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  7.0961  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  6.9911 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at -.102%

 

Your closing 10 yr US bond yield DOWN 1 IN basis points from THURSDAY at 0.61 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.19 UP 1 in basis points on the day

Your closing USA dollar index, 100.39 DOWN 5  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED DOWN 74.38  1.28%

German Dax :  CLOSED DOWN 177.70 POINTS OR 1.69%

 

Paris Cac CLOSED DOWN 57.68 POINTS 1.30%

Spain IBEX CLOSED DOWN 124.10 POINTS or 1.84%

Italian MIB: CLOSED DOWN 152.22 POINTS OR 0.89%

 

 

 

 

 

WTI Oil price; 16.91 12:00  PM  EST

Brent Oil: 21.49 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    74.69  THE CROSS LOWER BY 0.15 RUBLES/DOLLAR (RUBLE HIGHER BY 15 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.47 FOR THE 10 YR BOND 1.00 PM EST EST

END

 

This ends the stock indices, oil price, currency crosses and interest rate closes for today 4:30 PM

Closing Price for Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OIL PRICE 4:30 PM :  17.03//

 

 

BRENT :  21.82

USA 10 YR BOND YIELD: … 0.59..  down 2 basis points.

 

 

 

USA 30 YR BOND YIELD: 1.16…down 3 basis points..

 

 

 

 

 

EURO/USA 1.0809 ( UP 36   BASIS POINTS)

USA/JAPANESE YEN:107.39 DOWN .268 (YEN UP 27 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 100.29 DOWN 14 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2367 UP 16 POINTS

 

the Turkish lira close: 6.9853

 

 

the Russian rouble 74.60   UP 0.19 Roubles against the uSA dollar.( UP 19 BASIS POINTS)

Canadian dollar:  1.4093 DOWN 28 BASIS pts

 

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

 

The Dow closed UP 260.11 POINTS OR 1.11%

 

NASDAQ closed UP 139.77 POINTS OR 1.65%

 


VOLATILITY INDEX:  36.04 CLOSED DOWN 5.34

LIBOR 3 MONTH DURATION: 0.991%//libor dropping like a stone

libor/OIS:  .933

 

USA trading today in Graph Form

Gold & Cryptos Surge, Stocks & Oil Purge As Global Economy Crashes

Global economic data disappointed/crashed by the most on record this week, plunging to its weakest since the great financial crisis…

Source: Bloomberg

But, but, but… stocks are up over the last few weeks right…

 

Source: Bloomberg

And then there’s the ongoing increase in deaths from COVID…

Are you not entertained though?

However, on the week the mirage of gains in stocks faded – after two glorious weeks of “well the worst must be over” gains – and gold surged on the week…

Source: Bloomberg

Other safe-havens were also bid on the week with Bitcoin back above $7500… (NOTE this is the 6th weekly rise for Bitcoin in a row)…

Source: Bloomberg

And long-bond yields down 8bps on the week…

Source: Bloomberg

Small Cap stocks actually outperformed on the week as the Friday afternoon buying panic helped float all boats (ramping Nasdaq green on the week very briefly) but Dow Industrials and Transports were weakest…

As has become the norm, at 1550ET, there was an apparent sell imbalance and stocks suddenly reversed…

FANG stocks were higher on the week but were mostly rangebound…

Source: Bloomberg

Bank stocks tumbled on the week…

Source: Bloomberg

High yield bonds had an ugly week and IG bonds even dropped a little in price…

Source: Bloomberg

While the long-end of the yield curve was bid, the short-end was wider marginally on the week…

Source: Bloomberg

The Dollar was up on the week with rallies every day after Europe closed…

Source: Bloomberg

While Bitcoin was up on the week, Ethereum outperformed…

Source: Bloomberg

Oil was a shitshow this week (8th weekly drop in crude oil of the last 9, despite the rebound in the last two days)…

Gold was up for the 4th weekly rise in the last 5…

Finally, circling back to where we started, here’s a gloomy statistic from Bloomberg to close the week out: Friday’s U.S. durable goods report showed the inventory-to-sales ratio climbed to 1.82 months in March, the highest in almost 11 years.

Source: Bloomberg

Shipments dropped 4.5%, the most since early 2009, leaving producers with more in inventory and signaling production cutbacks in coming months. At the same time, orders for goods meant to last at least three months tumbled 14.4% — the most since 2014 — led by slumping demand for commercial aircraft, Commerce Department data show.

So buy stocks?

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

Ax expected USA durable good orders collapse

(zerohedge)

US Durable Goods Orders Collapse In Early March Data

After an armada of ugly data this week, US Durable Goods orders were expected to be the piece de resistance and it was  – with preliminary March orders crashing 14.4% MoM (far worse than the already bad 12% decline expected), sending year-over-year durable goods orders down 14.7% – the worst since the great financial crisis..

 

Source: Bloomberg

The biggest driver of the drop was Boeing order cancellations (New orders ex-defense fell 15.8% in March after 0.2% fall)… four times worse than during the great financial crisis.

Source: Bloomberg

Outside of extreme swings in airline orders that distort the data drastically, this is the worst MoM drop ever.

There is a lot of noise in these numbers so one must be careful with Orders ex-Transports only down a measly 0.2% MoM (against expectations of 6.5% plunge) and the Business Investment proxy (Cap Goods Shipments non-Defense, ex-Aircraft) fell just 0.2% MoM (against expectations of a 7.0% collapse).

We suspect by the time the final March data comes in, this will be a bloodbath.

end

UMich Consumer Sentiment Crashes By Most Ever, Home-Buying Conditions Worst In 37 Years

The preliminary April UMich confidence data was a bloodbath, and the final data (albeit very marginally better than the flash print) offered little hope for any change anytime soon…

The University of Michigan’s final sentiment index for April slumped 17.3 points to 71.8 from a month earlier after a preliminary reading of 71, according to data Friday. The measure, while the lowest since 2011, was higher than the median projection of 68 in a Bloomberg survey of economists.

The gauge of current conditions fell to 74.3, better than the 72.4 preliminary reading, while a measure of expectations dropped to 70.1.

Source: Bloomberg

Buying Conditions collapsed across the board with home-buying intentions at their lowest since 1983 (and buying conditions for large household durables are the worst ever…

Source: Bloomberg

While all income levels were affected, it appears the wealthiest suffered the biggest drop but the poorest are the worst levels since 2013…

Source: Bloomberg

Shutdowns of non-essential businesses across most U.S. states have resulted in an unprecedented 26.5 million applications for jobless benefits in the past five weeks. With thousands of storefronts closed as governments await some semblance of easing in the health crisis, consumer spending has weakened significantly.

“In the weeks ahead, as several states reopen their economies, more information will reach consumers about how reopening could cause a resurgence in coronavirus infections,’’ said Richard Curtin, director of the survey, in a statement.

“Consumers’ reactions to relaxing restrictions will be critical.’’

The share of respondents who reported improved finances fell to 38% this month, a sharp reversal since reaching an all-time high of 58% in February, the university said. A worsening economy was expected by 89% of all consumers, only below the peak of 96% in February 2009, during the last recession.

Euriobor rises to to increased stress in Europe.

(zerohedge)

Unintended Consequences: The Fed’s Record Liquidity Flood Has Broken Europe’s Funding Markets

Another week, another record in the Fed’s balance sheet, which as of April 22 hit an all time high $6.573 trillion, an increase of $205 billion on the week, up $2.644 trillion compared to a year ago and well on its way to $10 trillion.

Yet while the liquidity flood unleashed by the Fed’s balance sheet, and its expanded swap lines has calmed dollar funding markets which were paralyzed as recently as a month ago, and USD Libor dropped below 1% for the first time in a month, an unintended consequence of the Fed’s monetary flood is that it now appears to be paralyzing Europe’s interbank market.

This can be seen in Europe’s version of Libor, 3-Month Euribor, or the rate at which banks borrow from one another, which jumped another 2.9 bps to a fresh four-year high on Thursday, of just above -0.20% even after the ECB tried to ease funding pressures by moderating collateral restrictions for financial institutions seeking to borrow from the central bank.

A key driver behind the Euribor spike is that, in Bloomberg’s view, the Fed has helped bring down the cost of dollars to such an extent that they’re cheaper to borrow in cross-currency markets than any major currency.As a result, opportunistic players are tapping local markets to swap into dollars, elevating domestic borrowing costs.

Others have a more nuanced view, with Bank of America pointing out that the rise in EURIBOR to its highest level since 2016 “signals stress in the euro area’s interbank market.

According to BofA, the surge in Euribor means that the wholesale euro unsecured borrowing rate of 18 panel banks in the EU and European Free Trade Association (EFTA) countries has increased. As the bank explains, EURIBOR fixing submissions are based on a hybrid methodology that uses transactions to the extent possible. But eligible EURIBOR volumes are low, especially for tenors above 1W.

In February, between 48% and 66% of EURIBOR fixings were based on level 3 contributions, which are least dependent on eligible transactions.

EURIBOR’s Governance Framework states that level 3 contributions are based on additional transactions data in the underlying interest that were excluded from level 1 and level 2 contributions, and other data from a range of markets closely related to the unsecured euro money market.

The data should then be used through a combination of modeling techniques and/or the panel bank’s judgment. A particular model is not mandated by the administrator and panel banks should determine their contribution based on their own circumstances. This implies there is unlikely to be a one-size-fits-all model for level 3 contributions across panel banks and different markets could have varying influence over time.

BofA then suggests that the recent stress in key markets has impacted level 3 EURIBOR submissions via other data closely related to the unsecured euro money market.One such transmission mechanism involves the increase in bank bond yields, which could have put upward pressure on EURIBOR forwards.

It is at this point that the two narratives combine, because in picking up on Bloomberg’s story, BofA observes that the recent tightening (less negative) of the cross currency basis due to the FX swap lines established by the US Federal Reserve with central banks globally and high USD funding costs have also increased supply of, and decreased demand for, EUR-denominated bank paper swapped back into USD.

Indeed, the EUR FRA-OIS spread also increased to its highest level since 2012, which suggests the rise in bank bond yields is related to interbank stress (Chart 3). But BofA previously noted there were no liquidity concerns in the euro overnight repo market when the FRA-OIS spread first started to widen. Therefore its interpretation is that the increase in the FRA-OIS spread is driven by broad credit concerns due to developments in COVID-19 and in the oil market negatively affecting the global outlook. Furthermore, broad credit concerns may have also been reflected in the rise in non-financial CP issuance and yields (Chart 4).

Looking ahead, BofA is optimistic and believes that the ECB’s inclusion of non-financial CPs to its asset purchasing programme (APP) and Pandemic Emergency Purchasing Programme (PEPP) could act as a strong backstop for the rise in non-financial CP yields. A rebound in global oil prices would also help. But while these measures may address the negative consequences of COVID-19, they do not address the issue of COVID-19 itself. As such, the prospect of deterioration in the COVID-19 situation remains a key upside risk for EURIBOR.

Bloomberg is similarly optimistic, writing that some analysts view the latest ECB measures as helping, and Pictet’s Frederik Ducrozet who wrote that “it provides a backstop for the market not to be concerned about bank funding issues related to a shrinking collateral pool in case of rating downgrades.”

Meanwhile, early signs in the futures market already suggest Euribor will ease lower within the next couple of months. One such easing will impact dollar Libor, whose spreads over swaps are expected to tighten – as indicated by futures markets – at which point three-month cross-currency basis should drift lower to erode the funding advantage for local currencies, and reduce the incentive for opportunists to bid up the cost of funds in domestic markets, in other words, the market is confident that the ECB’s massive liquidity injection will offset a similar action by the Fed, and offset the cheapness of the dollar in cross fx.

While Euribor is soaring, US Libor appears to have gotten over its recent scare, and has been declining, falling by 2.9bps on Thursday, below 1% for the first time since the covid crisis, and driving its premium above OIS by a similar amount. As we have noted previously, some traders are even bracing for negative Libor prints as the Fed inches closer to NIRP.

Yet as the US inches to the monetary singularity of negative rates, sub-zero rates are already a reality in Japan, where the three-month euro-yen Tibor fixing dropped 6.6 bps to -0.048%, posting a negative fix for the first time ever, with Euroyen futures popping higher in response.

With yen-OIS rates steady, Bloomberg suggests that the move was unrelated to policy expectations, and instead, overseas banks could be in the driving seat, potentially a result of the same stress that is pushing Euribor higher.

Whatever the explanation behind this odd squeeze in European money market rates, one thing is clear: we have gotten to the point where overly aggressive intervention by one central bank immediately necessitates an equal and offsetting intervention by all other central banks, or else the entire domestic banking system of whichever bank isn’t debasing its current the fastest faces immediate peril. And another dire consequence: we may have gotten to the point where it is no longer possible to find an equilibrium funding level for global currencies, one which – by definition – exists in a world of positive rates; however when interest rates everywhere are negative (or expected to be), then all bets are off and every single day is a new struggle by the central bankers to keep the system from collapsing.

end

iii) Important USA Economic Stories

Fitch warns of record loan defaults on many public companies

(zerohedge)

Fitch Warns Of Record Loan Defaults In April As Economy Implodes

Over the past two weeks, we have observed several very ominous tactical shifts from the largest US commercial bank: after it first announced it would halt all non-government insured loan issuance for the foreseeable future, traditionally the bank’s “bread and butter” business, JPMorgan then said it would raise its mortgage standards, stating that customers applying for a new mortgage will need a credit score of at least 700, and will be required to make a down payment equal to 20% of the home’s value, a dramatic tightening since the typical minimum requirement for a conventional mortgage is a 620 FICO score and as little as 5% down. Then late last week, JPMorgan also said it was had stopped accepting new home equity line of credit, or HELOC, applications.

All this, of course, was happening around the time JPMorgan unveiled a 5x increase to its loan loss provisions, confirming that the bank was expecting a surge in loan defaults.

Overnight, Fitch validated all of Jamie Dimon’s worst fears – and his decision to effectively shut down JPM’s loan issuance machinery – when it warned that it expects the number of institutional term loan defaults in April to top the record of 15 set in 2009.

“Fitch anticipates the default rate will exceed 3% in May, which would be the highest since March 2015,” said Eric Rosenthal, Senior Director of Leveraged Finance. “The $7 billion of April default volume propelled the TTM default rate to 2.6% from 2.2% at March end.”

The 14 defaults registered this month impacted 10 separate sectors, led by three in healthcare/pharmaceutical which is perhaps a little odd with everyone focusing on the tsunami about to sweep through the energy sector. At least another $3 billion is projected to occur this month, with Neiman Marcus Group Inc. and Akorn Inc. expected to default imminently.

As reported previously, several other large companies have missed corresponding bond interest payments earlier this month and are likely to file bankruptcy including Intelsat Investments, JC Penney, and Ultra Resources.

According to Fitch, Neiman’s and JC Penney’s defaults would together lift the retail rate to 13% from the current 7% level. The default rate for retail is then forecast to jump to 19% by year end, led by anticipated defaults for Serta Simmons Bedding, J Crew, Ascena Retail Group, and Jo-Ann Stores.

Meanwhile, the energy default rate stands at 5.5%, but sizable expected defaults from Seadrill Partners, California Resources and Chesapeake Energy would push the rate to 18.0% by year end.

The telecommunications default rate reached 4.0% following Frontier Communications’ bankruptcy and would rise above 7.5% once Intelsat – which also missed a coupon payment – also files.

Fitch’s Top and Tier 2 Loans of Concern’s combined lists total $258.5 billion, exceeding 18% of the loan index. This is up from $233.6 billion last month and two and a half times above the $102.1 billion of February’s pre-pandemic total. The Top Loans of Concern total jumped to $69.4 billion from $54.8 billion in March. Retail, energy, healthcare/pharmaceutical and telecommunications together account for 60% of the Top Loans of Concern’s outstandings.

Last month, Fitch raised its 2020 default forecast to 5%-6% from 3%, equating to roughly $80 billion of volume which would top the record $78 billion from 2009. In addition, Fitch projects an 8%-9% default rate for 2021. If the expected recession becomes prolonged, a double-digit default rate is conceivable for 2021.

In a similar report last week, Moody’s warned that an “unprecedented jump” in its “B3 Negative and Lower” tally underscores the “sharp deterioration in credit conditions.”

Our B3 Negative and Lower Corporate Ratings List (B3N list) soared to its highest tally ever of 311 companies (see Exhibit 1), topping its old peak of 291 companies hit during credit crisis of 2009 and commodity-related downturn in April 2016. This spike is the result of the confluence of a coronavirus outbreak, tanking oil prices, and mounting recessionary conditions, which combined created severe and extensive credit shocks across many sectors, regions and markets, the effects of which are unprecedented.

Ironically, even as cash flows collapse, and a wave of bankruptcies hits corporations, which will add millions in unemployed workers to the tens of millions already laid off due to the coronavirus, stocks remains within spitting distance of all time highs. We only note that in case anyone still harbors any delusion that markets reflect anything but the trillions in liquidity that the Fed is injecting at any given moment.

END

MINNESOTA STAR TRIBUNE/

(courtesy Adam Belz)

and special thanks to Robert H for sending this to us:

 

Egg demand shifted, and 61,000 Minnesota chickens were euthanized

Contract farmer forced to lose his 61,000 chickens, and maybe his livelihood.

Kerry Mergen, a contract egg farmer near Albany, Minn., got word on a Wednesday the chickens in his barn would be euthanized. A crew showed up the next morning and started gassing the birds with carbon dioxide.

The sudden drop in demand for food at restaurants, school cafeterias and caterers shut down by the pandemic has ripped through farming. Milk has been dumped, eggs smashed and ripe lettuce plowed under.

Now, farms are killing animals sooner than planned.

Mergen said he initially couldn’t believe it when a field manager from Daybreak Foods, the Lake Mills, Wis.-based firm that owned and paid to feed the flock of 61,000 birds, said they might be killed early. His contract called for the flock to produce eggs until fall.

“I was wrong and the company decided to do it anyway,” Mergen said.

A primary destination for eggs from the flock — a Cargill Inc. fluid egg plant in Big Lake, Minn. — temporarily shut down last week and laid off 300 employees there. The company cited declining demand for the decision to idle the facility, which handles 800 million eggs a year and sends containers of fluid egg to food-service companies across North America.

“It is important to note that food-service orders have not stopped, but with the decline in food-service orders, Cargill and its egg suppliers are working diligently to rebalance supply to match these consumer and customer shifts,” Cargill said in a statement.

Demand for eggs in grocery stores is high and the price of a dozen eggs has risen. But much of the egg-production system is built to provide fluid eggs to food service companies and changing farms to provide eggs for retail is neither simple nor quick.

Mergen said his was one of five egg farms where chickens were euthanized in Minnesota in recent weeks, and that the other four were larger than his farm.

That figure couldn’t be independently confirmed, and an official at the Minnesota Board of Animal Health said livestock producers do not have to report euthanizing large numbers of animals.

The practice is not uncommon, particularly with hens whose egg-laying productivity is up after about two years. But the decision to cull animals while they are still productive is rare.

“It’s a very challenging time. It’s very stressful on farmers,” said Kevin Stiles of the Chicken & Egg Association of Minnesota.

On April 9 at 6:30 a.m., Mergen said, a crew of about 15 workers showed up with carbon dioxide to euthanize the chickens and semitrailers to haul away the carcasses.

“They come in with carts, put them all in carts, wheel them up to the end, put a hose in that cart and gas them, then dump them over the edge into a conveyor and convey them up into semis and the semis haul them out,” Mergen said. “I was in there for quite a while and the longer I was there the more disgusted and disappointed I was knowing that I’m not going to see anything put back in my checkbook again, so after a while I just simply left.”

By nightfall the chickens were gone, taken to a rendering plant to be turned into dog food, and so was the Mergens’ income from a business they’ve been running for 22 years.

The Mergens made 15.5 cents per dozen eggs and produced 4,500 dozen eggs a day. Mergen said he doesn’t qualify for unemployment insurance, and is on a waiting list for federal aid.

Barb Mergen, Kerry’s wife who works in food service in St. Cloud, said the deaths of the chickens isn’t what bothers her.

“Don’t sugarcoat it. It is what it is,” she said. “It’s painless for the birds. I don’t have a thing against that, but it’s just that someone can come in so quickly and when they euthanized the birds, that was our paycheck euthanized.”

Kerry Mergen, who also grows corn and soybeans, just turned 64. The couple could start an egg business that sells to grocery stores, but they don’t have the equipment to grade eggs for the retail market and there are other financial obstacles to building their own flock and feeding it.

“You can’t run that barn half-empty,” Barb said. “It has to be completely full, and that’s quite a large loan. To get someone to back that, we’re just not big enough. I wouldn’t want to take on that risk at this time.”

The swiftness of the decision to wipe out the flock is still shocking to the Mergens nearly two weeks later. A representative of Daybreak didn’t return a call for comment.

“They didn’t confide in us, they didn’t ask us, they didn’t care about what effect this would have on us,” Barb said. “Our contract says at least a seven-day written notice. That’s not much, but it’s more than this. We just feel like we’re a nobody at the end.”

Staff writer Evan Ramstad contributed to this story

iv) Swamp commentaries)

JCPenny and Lord and Taylor are preparing to file for bankruptcy protection

(zerohedge)

JCPenney Prepares To File For Bankruptcy

It’s finally here. After a decade of management turnover, near misses, last minute rescues, and one valeant (sic) if disastrous attempt at an activist turnaround, one of the most iconic US retailers and mall anchors, J.C. Penney, is preparping to file for bankruptcy.

According to the Journal, J.C. Penney is in advanced talks for bankruptcy funding with a group of lenders, a sign the troubled retailer about to make a visit to 1 Bowling Green. JCP is in discussions with existing lenders including Wells Fargo, Bank of America and JPMorgan for a debtor-in-possession loan that would keep the department-store chain’s operations funded during a court-supervised bankruptcy, according to people familiar with the matter.

The DIP loan would be roughly $800 million to $1 billion, with some of that money potentially including existing debt, and priming all the other unsecured creditors who will end up with a chunk of the post-petition equity, assuming of course it is not a Chapter 7.

The Journal sources said that a bankruptcy filing could take place within the next few weeks, and certainly before May 15 as JCP entered into a 30-day grace period after missing an interest payment due to bondholders on April 15. It is possible creditors enter into a forbearance agreement if the company needs additional time to iron out negotiations before filing, but the endgame is clear.

Along with Sears, J.C. Penney was one of the dominant department-store chains of the last century. But the 118-year-old company has been losing money for years. With its mall-based stores closed and unlikely to reopen any time soon, the company has been forced to put aside its latest turnaround strategy and face its creditors at the negotiating table.

While department stores were struggling before the pandemic, the coronavirus quarantine forced the closure of most U.S. stores. The result has been a deluge of imminent bankruptcy filings in the retail space, including that other stalwart, Neiman Marcus, which as we reported previously is planning to file for bankruptcy any day.

Retailers are far from alone in seeing their businesses walloped by the pandemic and the collapse of business activity. Energy companies have been pummeled in recent weeks by the combination of a market downturn and plummeting oil prices, leading several to seek restructuring advice or bankruptcy protection. A total of seven U.S. oil-and-gas drillers filed for bankruptcy in the first quarter of 2020, and more are expected to do so.

Should the shutdown of the economy last for several more months, or should a second wave of coronavirus infection strike the US, companies in all other industries are expected to follow suit.

end

 

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

Better than expected Initial Jobless Claims produced a strong rally early on Thursday.

The Street consensus for Initial Jobless Claims was 4.5 million.  However, the whisper number, the Street’s private estimate, was 5.043m.  Initial Jobless Claims were 4.472m.  ESMs rallied 44 handles from the 8:30 ET release of claims until 10:47 ET.

The rally was supercharged at 9:32 ET when the Bank of Japan said it would “discuss unlimited bond buying at its next meeting”… on April 27 from 9 a.m. local time

https://www.bloomberg.com/news/articles/2020-04-23/bank-of-japan-to-debate-unlimited-bond-buys-nikkei-reports

Antiviral Drug Remdesivir Flops in First Trial: FT   https://www.ft.com/content/0a4872d1-4cac-4040-846f-ce32daa09d99

Please recall that one week ago, someone leaked a report that remdesivir might be successful in treating Covid-19.  ESMs went ballistic.  We published articles that showed the report was old news.  We opined that the insane ESM rally was expiry manipulators doing the dirty deed, the Gilead report was an excuse.

So, the Gilead report from one week ago was probably leaked to aid and abet expiry manipulators.

China buys crude as prices collapse, adding to stockpiles

Imports rose 4.5% in March over a year earlier even as the world’s second-largest economy shut down to fight the virus and demand collapsed. For the first quarter of the year imports were up 5%.  The price collapse is battering state-owned oil producers and possibly disrupting official plans to develop the industry… It gives Beijing a chance to add to a strategic petroleum reserve that is meant to insulate the country against possible supply disruptions…As global prices fell, Chinese importers sent 84 tankers to Saudi Arabia in mid-March, each able to carry 2 million barrels of crude

The Communist Party commission said the plunge in prices gives Beijing a unique chance to build up that reserve but gave no indication the government was doing that. “This is a once-a-century opportunity!” the commission said…  https://apnews.com/948a49b76ccca7626164ade5e5410ec0

Would China have the Bank of China crush May WTI oil futures to manipulate cash oil prices lower?

Wuhan laboratory scientists ‘did absolutely crazy things’ to alter coronavirus and enabled it to infect humans, Russian microbiologist claims [But Dems & MSM blame bats]

  Professor Chumakov, chief researcher at the Engelhardt Institute of Molecular Biology in Moscow, said: ‘In China, scientists at the Wuhan Laboratory have been actively involved in the development of various coronavirus variants for over ten years.  ‘Moreover, they did this, supposedly not with the aim of creating pathogenic variants, but to study their pathogenicity… ‘For example, inserts in the genome, which gave the virus the ability to infect human cells… ‘There are several inserts, that is, substitutions of the natural sequence of the genome, which gave it special properties…[Others said this weeks ago]

https://www.dailymail.co.uk/news/article-8249875/Wuhan-laboratory-scientists-did-absolutely-crazy-things-alter-coronavirus.html

@ScottGottliebMD: Study of 318 outbreaks in China found transmission occurred out-of-doors in only one, involving just 2 cases. Most occurred in home or public transport. Raises key chance for states to move services outdoors (religious, gym classes, restaurants, etc). https://medrxiv.org/content/10.110

@bespokeinvest: Wow. Preliminary New York State study shows 13.9% of New Yorkers have COVID antibodies.  NYC rate was 21.2%!

Coronavirus spread silently through cities including New York, Chicago, Boston, San Francisco and Seattle in February when the world was focused only on China, new study claims

   Research by Northwestern University estimates that 28,000 people across five major cities were infected when only 23 cases had been confirmed…

https://www.dailymail.co.uk/news/article-8249753/Coronavirus-spread-silently-major-cities-February-world-watching-China.html

New York State rescinds DNR order for cardiac patients amid coronavirus crisis

New York State rescinded a blanket do-not-resuscitate order on Wednesday, that instructed first-responders not to revive patients without a pulse, in an effort to preserve resources during the novel coronavirus (COVID-19) outbreak… [Rescinded due to public outrage]

https://www.foxnews.com/us/new-york-state-instructs-paramedics-not-to-revive-cardiac-patients-amid-coronavirus-crisis-report

There’s a heck of a lot worst things occurring in the USA than oil trading with a minus sign.

Only a virtuous people are capable of freedom.  As nations become more corrupt and vicious, they have more need of master.” – Ben Franklin

Nearly all coronavirus patients on ventilators at Northwell Health died: study

The findings supported doctors’ conclusions that people who become severely ill with COVID-19 frequently have underlying medical issues. More than half, or 57 percent, had high blood pressure, 41 percent were obese and 34 percent suffered from diabetes, according to the study…

https://nypost.com/2020/04/23/88-of-northwell-health-coronavirus-patients-on-ventilators-died/

U.S. Views of China Increasingly Negative Amid Coronavirus Outbreak – Republicans more negative than Democrats toward China, though unfavorable ratings have climbed among both parties

Roughly two-thirds of Americans now have a negative opinion of China, the highest percentage recorded since Pew Research Center began asking the question in 2005. Only about a quarter in the U.S. report a favorable attitude… Roughly six-in-ten Democrats and Democratic-leaning independents have unfavorable views of China, as do roughly seven-in-ten Republicans and Republican-leaning independents…  https://www.pewresearch.org/global/2020/04/21/u-s-views-of-china-increasingly-negative-amid-coronavirus-outbreak/

John Durham expands investigative team amid coronavirus outbreak [larger conspiracy than known]

The top federal prosecutor for Connecticut selected additional team members for his investigative effort in recent weeks, adding agents from the FBI, as well as the chief of the violent crimes and narcotics trafficking section for the U.S. attorney’s office in Washington, D.C., Anthony Scarpelli… Durham, who has been running the operation out of Connecticut and D.C., drove down to Washington a few weeks ago to keep the investigation moving even as the COVID-19 virus hampered many law enforcement efforts nationwide.  The CNN report said Durham requested witness information in March and April…

https://www.washingtonexaminer.com/news/john-durham-expands-investigative-team-amid-coronavirus-outbreak

Consortium Linked To Steele Dossier Firms Paid $485K To Tech Company That Contributed To Senate Intel Report – Daniel J. Jones, the founder of ADI and TDIP, is a former FBI agent and Senate Intelligence Committee aide… He formed TDIP on Jan. 31, 2017, following a meeting with Fusion GPS co-founder Glenn Simpson. The goal of the initiative was to continue an investigation into President Donald Trump that Fusion GPS and Steele started during the 2016 campaign…

https://dailycaller.com/2020/04/22/new-knowledge-senate-intelligence-fusion-gps-daniel-jones-steele-dossier/

Dossier Author Testified His Emails Were ‘Wiped,’ He No Longer Has Documents Related To Primary Source- Christopher Steele told a British court last month that he no longer has key documents related to his infamous dossier… He also admitted he no does not have information related to debriefings he had in 2016 with his lone source of information for the dossier…

https://dailycaller.com/2020/04/23/christopher-steele-dossier-deleted-emails-source/

Usama bin Laden wanted to kill Obama so ‘totally unprepared’ Biden would be president, declassified docs show – according to documents seized from bin Laden’s Pakistan compound when he was killed in May 2011…“The reason for concentrating on them is that Obama is the head of infidelity and killing him automatically will make Biden take over the presidency,” bin Laden wrote to a top deputy. “Biden is totally unprepared for that post, which will lead the U.S. into a crisis… Petraeus… is the man of the hour … and killing him would alter the war’s path” in Afghanistan…[Obvious leaked to hurt Joe]

https://www.foxnews.com/politics/osama-bin-laden-wanted-to-kill-obama-so-biden-would-be-president-declassified-docs-show

Democrats plan to censure lawmaker who credited Trump for COVID-19 recovery [TDS, again!]

https://www.detroitnews.com/story/news/politics/2020/04/23/democrats-plan-censure-lawmaker-whitsett-credited-trump-covid-19-recovery/3010947001

Well that is all for today

Let us close with this offering courtesy of Greg Hunter

Bankruptcy & Inflation Begin, Record Unemployment, MSM Virus Treatment Lies

By Greg Hunter’s USAWatchdog.com (WNW 428 4.24.2020)

I’ve long said we would be seeing deflation (bankruptcy) and inflation (stimulus) before it was all over. It’s not going to be one or the other but both financial phenomenon at the same time. That is exactly what is happening now. Majority Leader of the Senate Mitch McConnell is saying indebted states should go bankrupt, and the President just signed yet another half trillion dollar stimulus package created from money out of thin air. That’s debt destruction and massive money creation. What could go wrong? It’s far from over, and we are just getting started.

In the Great Depression, it took nearly three years for the country to sink into a 25% unemployment rate, which would leave 12 million Americans out of work at the depths of the depression. Today, unemployment is standing at 26.4 million Americans who lost their job in little less than a month and a half. According to Shadowstats.com, the USA is already standing at an actual 23% unemployment rate. What will it be in three years?

The Trump hating mainstream media (MSM) is out with another lie about the top Covid 19 treatment hydroxychloroquine (HCQ). The MSM is quoting a “survey” that says HCQ does not work on the virus. This is a total bold face lie, and all of the MSM ran with it. A top infectious disease doctor calls this “scientific misconduct.” His latest study shows a 98.7 cure rate on more than a 1,000 patients in France. He recommends to give it early in the disease. Thousands of doctors are now using it because it works, and the FDA has already cleared it for use in Covid cases weeks ago.

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up.

 

After the Wrap-Up:

 

I will see you MONDAY night.

 

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